Revenue flow

Margins

Stage	MSA	% of rev	PSA	% of rev	Gap · A − B
Revenue	$536M	100.00%	$1.4B	100.00%	PSA ×2.55
Gross profit	$244M	45.53%	$989M	72.41%	PSA +26.9pp
Operating income	$88M	16.45%	$317M	23.20%	PSA +6.8pp
Pre-tax income	$82M	15.28%	$363M	26.59%	PSA +11.3pp
Net income	$58M	10.89%	$378M	27.69%	PSA +16.8pp

Stage	MSA	PSA	Gap · A − B
Revenue	$536M100.00%	$1.4B100.00%	PSA ×2.55
Gross profit	45.53%$244M	72.41%$989M	PSA +26.9pp
Operating income	16.45%$88M	23.20%$317M	PSA +6.8pp
Pre-tax income	15.28%$82M	26.59%$363M	PSA +11.3pp
Net income