Revenue flow

Margins

Stage	IEX	% of rev	XYL	% of rev	Gap · A − B
Revenue	$952M	100.00%	$2.2B	100.00%	XYL ×2.31
Gross profit	$430M	45.13%	$907M	41.21%	IEX +3.9pp
Operating income	$208M	21.86%	$385M	17.49%	IEX +4.4pp
Pre-tax income	$193M	20.25%	$365M	16.58%	IEX +3.7pp
Net income	$144M	15.13%	$288M	13.08%	IEX +2.0pp

Stage	IEX	XYL	Gap · A − B
Revenue	$952M100.00%	$2.2B100.00%	XYL ×2.31
Gross profit	45.13%$430M	41.21%$907M	IEX +3.9pp
Operating income	21.86%$208M	17.49%$385M	IEX +4.4pp
Pre-tax income	20.25%$193M	16.58%$365M	IEX +3.7pp
Net income