Revenue flow

Margins

Stage	LIN	% of rev	LXU	% of rev	Gap · A − B
Revenue	$9.4B	100.00%	$159M	100.00%	LIN ×59.29
Gross profit	$4.4B	47.24%	$43M	27.18%	LIN +20.1pp
Operating income	$2.1B	22.86%	$27M	16.90%	LIN +6.0pp
Pre-tax income	$2.1B	22.63%	$22M	13.80%	LIN +8.8pp
Net income	$1.7B	18.50%	$16M	10.31%	LIN +8.2pp

Stage	LIN	LXU	Gap · A − B
Revenue	$9.4B100.00%	$159M100.00%	LIN ×59.29
Gross profit	47.24%$4.4B	27.18%$43M	LIN +20.1pp
Operating income	22.86%$2.1B	16.90%$27M	LIN +6.0pp
Pre-tax income	22.63%$2.1B	13.80%$22M	LIN +8.8pp
Net income