Revenue flow

Margins

Stage	IR	% of rev	DTE	% of rev	Gap · A − B
Revenue	$2.1B	100.00%	$3.4B	100.00%	DTE ×1.63
Gross profit	$924M	44.76%	$1.7B	51.91%	DTE +7.2pp
Operating income	$783M	37.90%	$458M	13.59%	IR +24.3pp
Pre-tax income	$725M	35.12%	$241M	7.15%	IR +28.0pp
Net income	$672M	32.52%	$282M	8.37%	IR +24.2pp

Stage	IR	DTE	Gap · A − B
Revenue	$2.1B100.00%	$3.4B100.00%	DTE ×1.63
Gross profit	44.76%$924M	51.91%$1.7B	DTE +7.2pp
Operating income	37.90%$783M	13.59%$458M	IR +24.3pp
Pre-tax income	35.12%$725M	7.15%$241M	IR +28.0pp
Net income