Revenue flow

Margins

Stage	IDR	% of rev	NEM	% of rev	Gap · A − B
Revenue	$11M	100.00%	$6.4B	100.00%	NEM ×592.88
Gross profit	$6M	56.20%	$4.2B	66.32%	NEM +10.1pp
Operating income	$4M	34.13%	$3.2B	49.71%	NEM +15.6pp
Pre-tax income	$4M	40.58%	$3.2B	50.45%	NEM +9.9pp
Net income	$4M	33.80%	$2.5B	39.51%	NEM +5.7pp

Stage	IDR	NEM	Gap · A − B
Revenue	$11M100.00%	$6.4B100.00%	NEM ×592.88
Gross profit	56.20%$6M	66.32%$4.2B	NEM +10.1pp
Operating income	34.13%$4M	49.71%$3.2B	NEM +15.6pp
Pre-tax income	40.58%$4M	50.45%$3.2B	NEM +9.9pp
Net income