Revenue flow

Margins

Stage	DVA	% of rev	AGL	% of rev	Gap · A − B
Revenue	$3.6B	100.00%	$1.5B	100.00%	DVA ×2.35
Gross profit	$1.1B	31.50%	$1.5B	100.00%	AGL +68.5pp
Operating income	$499M	13.95%	$24M	1.59%	DVA +12.4pp
Pre-tax income	$359M	10.02%	$39M	2.56%	DVA +7.5pp
Net income	$269M	7.53%	$35M	2.30%	DVA +5.2pp

Stage	DVA	AGL	Gap · A − B
Revenue	$3.6B100.00%	$1.5B100.00%	DVA ×2.35
Gross profit	31.50%$1.1B	100.00%$1.5B	AGL +68.5pp
Operating income	13.95%$499M	1.59%$24M	DVA +12.4pp
Pre-tax income	10.02%$359M	2.56%$39M	DVA +7.5pp
Net income