Revenue flow

Margins

Stage	LII	% of rev	WSO	% of rev	Gap · A − B
Revenue	$1.6B	100.00%	$2.1B	100.00%	WSO ×1.34
Gross profit	$497M	31.62%	$579M	27.50%	LII +4.1pp
Operating income	$312M	19.85%	$238M	11.32%	LII +8.5pp
Pre-tax income	$293M	18.65%	$242M	11.49%	LII +7.2pp
Net income	$221M	14.07%	$191M	9.09%	LII +5.0pp

Stage	LII	WSO	Gap · A − B
Revenue	$1.6B100.00%	$2.1B100.00%	WSO ×1.34
Gross profit	31.62%$497M	27.50%$579M	LII +4.1pp
Operating income	19.85%$312M	11.32%$238M	LII +8.5pp
Pre-tax income	18.65%$293M	11.49%$242M	LII +7.2pp
Net income