Revenue flow

Margins

Stage	MMM	% of rev	KLAC	% of rev	Gap · A − B
Revenue	$6.6B	100.00%	$4.1B	100.00%	MMM ×1.59
Gross profit	$2.8B	42.27%	$2.6B	61.85%	KLAC +19.6pp
Operating income	$1.6B	23.66%	$1.9B	45.01%	KLAC +21.3pp
Pre-tax income	$1.7B	25.36%	$1.8B	44.10%	KLAC +18.7pp
Net income	$1.4B	21.42%	$1.5B	37.44%	KLAC +16.0pp

Stage	MMM	KLAC	Gap · A − B
Revenue	$6.6B100.00%	$4.1B100.00%	MMM ×1.59
Gross profit	42.27%$2.8B	61.85%$2.6B	KLAC +19.6pp
Operating income	23.66%$1.6B	45.01%$1.9B	KLAC +21.3pp
Pre-tax income	25.36%$1.7B	44.10%$1.8B	KLAC +18.7pp