Revenue flow

Margins

Stage	NEM	% of rev	IDR	% of rev	Gap · A − B
Revenue	$6.4B	100.00%	$11M	100.00%	NEM ×592.88
Gross profit	$4.2B	66.32%	$6M	56.20%	NEM +10.1pp
Operating income	$3.2B	49.71%	$4M	34.13%	NEM +15.6pp
Pre-tax income	$3.2B	50.45%	$4M	40.58%	NEM +9.9pp
Net income	$2.5B	39.51%	$4M	33.80%	NEM +5.7pp

Stage	NEM	IDR	Gap · A − B
Revenue	$6.4B100.00%	$11M100.00%	NEM ×592.88
Gross profit	66.32%$4.2B	56.20%$6M	NEM +10.1pp
Operating income	49.71%$3.2B	34.13%$4M	NEM +15.6pp
Pre-tax income	50.45%$3.2B	40.58%$4M	NEM +9.9pp
Net income