Revenue flow

Margins

Stage	KAI	% of rev	PNR	% of rev	Gap · A − B
Revenue	$313M	100.00%	$976M	100.00%	PNR ×3.12
Gross profit	$137M	43.79%	$395M	40.48%	KAI +3.3pp
Operating income	$51M	16.26%	$196M	20.06%	PNR +3.8pp
Pre-tax income	$46M	14.71%	$173M	17.75%	PNR +3.0pp
Net income	$33M	10.50%	$145M	14.86%	PNR +4.4pp

Stage	KAI	PNR	Gap · A − B
Revenue	$313M100.00%	$976M100.00%	PNR ×3.12
Gross profit	43.79%$137M	40.48%$395M	KAI +3.3pp
Operating income	16.26%$51M	20.06%$196M	PNR +3.8pp
Pre-tax income	14.71%$46M	17.75%$173M	PNR +3.0pp
Net income