Revenue flow

Margins

Stage	LNN	% of rev	DE	% of rev	Gap · A − B
Revenue	$161M	100.00%	$12.6B	100.00%	DE ×78.43
Gross profit	$48M	29.75%	$4.7B	37.03%	DE +7.3pp
Operating income	$19M	11.52%	$2.6B	20.56%	DE +9.0pp
Pre-tax income	$21M	12.80%	$1.9B	14.93%	DE +2.1pp
Net income	$16M	9.84%	$1.4B	10.92%	DE +1.1pp

Stage	LNN	DE	Gap · A − B
Revenue	$161M100.00%	$12.6B100.00%	DE ×78.43
Gross profit	29.75%$48M	37.03%$4.7B	DE +7.3pp
Operating income	11.52%$19M	20.56%$2.6B	DE +9.0pp
Pre-tax income	12.80%$21M	14.93%$1.9B	DE +2.1pp
Net income