Revenue flow

Margins

Stage	IR	% of rev	TT	% of rev	Gap · A − B
Revenue	$2.1B	100.00%	$6.8B	100.00%	TT ×3.27
Gross profit	$924M	44.76%	$2.4B	35.28%	IR +9.5pp
Operating income	$783M	37.90%	$1.3B	19.87%	IR +18.0pp
Pre-tax income	$725M	35.12%	$1.3B	19.01%	IR +16.1pp
Net income	$672M	32.52%	$1.1B	15.59%	IR +16.9pp

Stage	IR	TT	Gap · A − B
Revenue	$2.1B100.00%	$6.8B100.00%	TT ×3.27
Gross profit	44.76%$924M	35.28%$2.4B	IR +9.5pp
Operating income	37.90%$783M	19.87%$1.3B	IR +18.0pp
Pre-tax income	35.12%$725M	19.01%$1.3B	IR +16.1pp
Net income