Revenue flow

Margins

Stage	GRMN	% of rev	NOC	% of rev	Gap · A − B
Revenue	$2.0B	100.00%	$11.1B	100.00%	NOC ×5.60
Gross profit	$1.3B	63.33%	$2.4B	21.15%	GRMN +42.2pp
Operating income	$612M	30.80%	$1.3B	11.41%	GRMN +19.4pp
Pre-tax income	$661M	33.29%	$1.3B	11.67%	GRMN +21.6pp
Net income	$542M	27.27%	$1.1B	10.11%	GRMN +17.2pp

Stage	GRMN	NOC	Gap · A − B
Revenue	$2.0B100.00%	$11.1B100.00%	NOC ×5.60
Gross profit	63.33%$1.3B	21.15%$2.4B	GRMN +42.2pp
Operating income	30.80%$612M	11.41%$1.3B	GRMN +19.4pp
Pre-tax income	33.29%$661M	11.67%$1.3B	GRMN +21.6pp