Revenue flow

Margins

Stage	GENC	% of rev	CAT	% of rev	Gap · A − B
Revenue	$34M	100.00%	$20.7B	100.00%	CAT ×611.80
Gross profit	$9M	27.91%	$7.3B	35.54%	CAT +7.6pp
Operating income	$6M	17.16%	$4.2B	20.38%	CAT +3.2pp
Pre-tax income	$7M	21.35%	$4.2B	20.40%	GENC +1.0pp
Net income	$6M	16.81%	$3.3B	15.89%	GENC +0.9pp

Stage	GENC	CAT	Gap · A − B
Revenue	$34M100.00%	$20.7B100.00%	CAT ×611.80
Gross profit	27.91%$9M	35.54%$7.3B	CAT +7.6pp
Operating income	17.16%$6M	20.38%$4.2B	CAT +3.2pp
Pre-tax income	21.35%$7M	20.40%$4.2B	GENC +1.0pp