Revenue flow

Margins

Stage	KRO	% of rev	LIN	% of rev	Gap · A − B
Revenue	$558M	100.00%	$9.4B	100.00%	LIN ×16.85
Gross profit	$103M	18.42%	$4.4B	47.24%	LIN +28.8pp
Operating income	$38M	6.74%	$2.1B	22.86%	LIN +16.1pp
Pre-tax income	$23M	4.10%	$2.1B	22.63%	LIN +18.5pp
Net income	$15M	2.72%	$1.7B	18.50%	LIN +15.8pp

Stage	KRO	LIN	Gap · A − B
Revenue	$558M100.00%	$9.4B100.00%	LIN ×16.85
Gross profit	18.42%$103M	47.24%$4.4B	LIN +28.8pp
Operating income	6.74%$38M	22.86%$2.1B	LIN +16.1pp
Pre-tax income	4.10%$23M	22.63%$2.1B	LIN +18.5pp
Net income