Revenue flow

Margins

Stage	MO	% of rev	PM	% of rev	Gap · A − B
Revenue	$6.1B	100.00%	$11.4B	100.00%	PM ×1.87
Gross profit	$3.9B	64.27%	$7.9B	68.67%	PM +4.4pp
Operating income	$3.3B	54.03%	$4.9B	42.54%	MO +11.5pp
Pre-tax income	$3.3B	53.65%	$4.6B	40.16%	MO +13.5pp
Net income	$2.5B	41.00%	$3.5B	30.79%	MO +10.2pp

Stage	MO	PM	Gap · A − B
Revenue	$6.1B100.00%	$11.4B100.00%	PM ×1.87
Gross profit	64.27%$3.9B	68.67%$7.9B	PM +4.4pp
Operating income	54.03%$3.3B	42.54%$4.9B	MO +11.5pp
Pre-tax income	53.65%$3.3B	40.16%$4.6B	MO +13.5pp
Net income