Revenue flow

Margins

Stage	EE	% of rev	ATO	% of rev	Gap · A − B
Revenue	$329M	100.00%	$879M	100.00%	ATO ×2.67
Gross profit	$194M	58.90%	$871M	99.07%	ATO +40.2pp
Operating income	$81M	24.57%	$320M	36.45%	ATO +11.9pp
Pre-tax income	$56M	17.01%	$303M	34.50%	ATO +17.5pp
Net income	$62M	18.82%	$243M	27.61%	ATO +8.8pp

Stage	EE	ATO	Gap · A − B
Revenue	$329M100.00%	$879M100.00%	ATO ×2.67
Gross profit	58.90%$194M	99.07%$871M	ATO +40.2pp
Operating income	24.57%$81M	36.45%$320M	ATO +11.9pp
Pre-tax income	17.01%$56M	34.50%$303M	ATO +17.5pp
Net income