Revenue flow

Margins

Stage	EXE	% of rev	ZIP	% of rev	Gap · A − B
Revenue	$3.3B	100.00%	$118M	100.00%	EXE ×27.83
Gross profit	$1.6B	47.23%	$105M	89.34%	ZIP +42.1pp
Operating income	$640M	19.48%	$4M	3.50%	EXE +16.0pp
Pre-tax income	$608M	18.50%	$60M	50.70%	ZIP +32.2pp
Net income	$519M	15.79%	$43M	36.78%	ZIP +21.0pp

Stage	EXE	ZIP	Gap · A − B
Revenue	$3.3B100.00%	$118M100.00%	EXE ×27.83
Gross profit	47.23%$1.6B	89.34%$105M	ZIP +42.1pp
Operating income	19.48%$640M	3.50%$4M	EXE +16.0pp
Pre-tax income	18.50%$608M	50.70%$60M	ZIP +32.2pp
Net income