Revenue flow

Margins

Stage	CSW	% of rev	FSS	% of rev	Gap · A − B
Revenue	$361M	100.00%	$656M	100.00%	FSS ×1.81
Gross profit	$152M	42.03%	$189M	28.86%	CSW +13.2pp
Operating income	$76M	20.90%	$111M	16.99%	CSW +3.9pp
Pre-tax income	$63M	17.46%	$105M	16.03%	CSW +1.4pp
Net income	$48M	13.25%	$80M	12.14%	CSW +1.1pp

Stage	CSW	FSS	Gap · A − B
Revenue	$361M100.00%	$656M100.00%	FSS ×1.81
Gross profit	42.03%$152M	28.86%$189M	CSW +13.2pp
Operating income	20.90%$76M	16.99%$111M	CSW +3.9pp
Pre-tax income	17.46%$63M	16.03%$105M	CSW +1.4pp
Net income