Revenue flow

Margins

Stage	MWA	% of rev	PH	% of rev	Gap · A − B
Revenue	$396M	100.00%	$5.8B	100.00%	PH ×14.54
Gross profit	$156M	39.35%	$2.2B	39.04%	MWA +0.3pp
Operating income	$81M	20.36%	$1.4B	23.86%	PH +3.5pp
Pre-tax income	$80M	20.16%	$1.3B	23.28%	PH +3.1pp
Net income	$67M	17.00%	$1.1B	18.97%	PH +2.0pp

Stage	MWA	PH	Gap · A − B
Revenue	$396M100.00%	$5.8B100.00%	PH ×14.54
Gross profit	39.35%$156M	39.04%$2.2B	MWA +0.3pp
Operating income	20.36%$81M	23.86%$1.4B	PH +3.5pp
Pre-tax income	20.16%$80M	23.28%$1.3B	PH +3.1pp
Net income