Revenue flow

Margins

Stage	DE	% of rev	LNN	% of rev	Gap · A − B
Revenue	$12.6B	100.00%	$161M	100.00%	DE ×78.43
Gross profit	$4.7B	37.03%	$48M	29.75%	DE +7.3pp
Operating income	$2.6B	20.56%	$19M	11.52%	DE +9.0pp
Pre-tax income	$1.9B	14.93%	$21M	12.80%	DE +2.1pp
Net income	$1.4B	10.92%	$16M	9.84%	DE +1.1pp

Stage	DE	LNN	Gap · A − B
Revenue	$12.6B100.00%	$161M100.00%	DE ×78.43
Gross profit	37.03%$4.7B	29.75%$48M	DE +7.3pp
Operating income	20.56%$2.6B	11.52%$19M	DE +9.0pp
Pre-tax income	14.93%$1.9B	12.80%$21M	DE +2.1pp
Net income