Revenue flow

Margins

Stage	HLIO	% of rev	PH	% of rev	Gap · A − B
Revenue	$232M	100.00%	$5.8B	100.00%	PH ×24.82
Gross profit	$80M	34.58%	$2.2B	39.04%	PH +4.5pp
Operating income	$33M	14.01%	$1.4B	23.86%	PH +9.8pp
Pre-tax income	$28M	12.12%	$1.3B	23.28%	PH +11.2pp
Net income	$22M	9.44%	$1.1B	18.97%	PH +9.5pp

Stage	HLIO	PH	Gap · A − B
Revenue	$232M100.00%	$5.8B100.00%	PH ×24.82
Gross profit	34.58%$80M	39.04%$2.2B	PH +4.5pp
Operating income	14.01%$33M	23.86%$1.4B	PH +9.8pp
Pre-tax income	12.12%$28M	23.28%$1.3B	PH +11.2pp
Net income