Revenue flow

Margins

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

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