Revenue flow

Margins

Stage	EOG	% of rev	PROP	% of rev	Gap · A − B
Revenue	$8.6B	100.00%	$99M	100.00%	EOG ×86.61
Gross profit	$7.4B	86.65%	$83M	83.76%	EOG +2.9pp
Operating income	$3.5B	41.21%	$45M	45.88%	PROP +4.7pp
Pre-tax income	$3.5B	40.87%	$129M	130.32%	PROP +89.5pp
Net income	$2.7B	31.81%	$109M	110.28%	PROP +78.5pp

Stage	EOG	PROP	Gap · A − B
Revenue	$8.6B100.00%	$99M100.00%	EOG ×86.61
Gross profit	86.65%$7.4B	83.76%$83M	EOG +2.9pp
Operating income	41.21%$3.5B	45.88%$45M	PROP +4.7pp
Pre-tax income	40.87%$3.5B	130.32%$129M	PROP +89.5pp