Revenue flow

Margins

Stage	FTV	% of rev	DHR	% of rev	Gap · A − B
Revenue	$1.1B	100.00%	$6.6B	100.00%	DHR ×5.92
Gross profit	$711M	64.16%	$3.8B	58.54%	FTV +5.6pp
Operating income	$236M	21.30%	$1.2B	19.00%	FTV +2.3pp
Pre-tax income	$202M	18.27%	$1.1B	17.27%	FTV +1.0pp
Net income	$173M	15.58%	$1.2B	18.84%	DHR +3.3pp

Stage	FTV	DHR	Gap · A − B
Revenue	$1.1B100.00%	$6.6B100.00%	DHR ×5.92
Gross profit	64.16%$711M	58.54%$3.8B	FTV +5.6pp
Operating income	21.30%$236M	19.00%$1.2B	FTV +2.3pp
Pre-tax income	18.27%$202M	17.27%$1.1B	FTV +1.0pp
Net income