Revenue flow

Margins

Stage	ED	% of rev	EXC	% of rev	Gap · A − B
Revenue	$4.1B	100.00%	$7.2B	100.00%	EXC ×1.78
Gross profit	$2.1B	51.78%	$3.0B	41.43%	ED +10.4pp
Operating income	$552M	13.57%	$1.6B	22.16%	EXC +8.6pp
Pre-tax income	$408M	10.03%	$1.1B	15.45%	EXC +5.4pp
Net income	$308M	7.57%	$919M	12.69%	EXC +5.1pp

Stage	ED	EXC	Gap · A − B
Revenue	$4.1B100.00%	$7.2B100.00%	EXC ×1.78
Gross profit	51.78%$2.1B	41.43%$3.0B	ED +10.4pp
Operating income	13.57%$552M	22.16%$1.6B	EXC +8.6pp
Pre-tax income	10.03%$408M	15.45%$1.1B	EXC +5.4pp
Net income