Revenue flow

Margins

Stage	HSIC	% of rev	BV	% of rev	Gap · A − B
Revenue	$3.5B	100.00%	$718M	100.00%	HSIC ×4.82
Gross profit	$1.1B	31.84%	$152M	21.17%	HSIC +10.7pp
Operating income	$171M	4.95%	$32M	4.50%	HSIC +0.4pp
Pre-tax income	$137M	3.96%	$8M	1.17%	HSIC +2.8pp
Net income	$102M	2.95%	$6M	0.85%	HSIC +2.1pp

Stage	HSIC	BV	Gap · A − B
Revenue	$3.5B100.00%	$718M100.00%	HSIC ×4.82
Gross profit	31.84%$1.1B	21.17%$152M	HSIC +10.7pp
Operating income	4.95%$171M	4.50%$32M	HSIC +0.4pp
Pre-tax income	3.96%$137M	1.17%$8M	HSIC +2.8pp
Net income