Revenue flow

Margins

Stage	IR	% of rev	SW	% of rev	Gap · A − B
Revenue	$2.1B	100.00%	$8.0B	100.00%	SW ×3.89
Gross profit	$924M	44.76%	$1.4B	17.42%	IR +27.3pp
Operating income	$783M	37.90%	$309M	3.85%	IR +34.0pp
Pre-tax income	$725M	35.12%	$128M	1.59%	IR +33.5pp
Net income	$672M	32.52%	$88M	1.10%	IR +31.4pp

Stage	IR	SW	Gap · A − B
Revenue	$2.1B100.00%	$8.0B100.00%	SW ×3.89
Gross profit	44.76%$924M	17.42%$1.4B	IR +27.3pp
Operating income	37.90%$783M	3.85%$309M	IR +34.0pp
Pre-tax income	35.12%$725M	1.59%$128M	IR +33.5pp
Net income