Revenue flow

Margins

Stage	GD	% of rev	ALG	% of rev	Gap · A − B
Revenue	$14.6B	100.00%	$451M	100.00%	GD ×32.32
Gross profit	$2.2B	15.44%	$111M	24.59%	ALG +9.2pp
Operating income	$1.5B	10.48%	$46M	10.15%	GD +0.3pp
Pre-tax income	$1.5B	10.20%	$42M	9.23%	GD +1.0pp
Net income	$1.2B	8.44%	$31M	6.86%	GD +1.6pp

Stage	GD	ALG	Gap · A − B
Revenue	$14.6B100.00%	$451M100.00%	GD ×32.32
Gross profit	15.44%$2.2B	24.59%$111M	ALG +9.2pp
Operating income	10.48%$1.5B	10.15%$46M	GD +0.3pp
Pre-tax income	10.20%$1.5B	9.23%$42M	GD +1.0pp
Net income