Revenue flow

Margins

Stage	NOW	% of rev	TT	% of rev	Gap · A − B
Revenue	$4.1B	100.00%	$6.8B	100.00%	TT ×1.65
Gross profit	$2.9B	70.51%	$2.4B	35.28%	NOW +35.2pp
Operating income	$385M	9.38%	$1.3B	19.87%	TT +10.5pp
Pre-tax income	$370M	9.01%	$1.3B	19.01%	TT +10.0pp
Net income	$277M	6.75%	$1.1B	15.59%	TT +8.8pp

Stage	NOW	TT	Gap · A − B
Revenue	$4.1B100.00%	$6.8B100.00%	TT ×1.65
Gross profit	70.51%$2.9B	35.28%$2.4B	NOW +35.2pp
Operating income	9.38%$385M	19.87%$1.3B	TT +10.5pp
Pre-tax income	9.01%$370M	19.01%$1.3B	TT +10.0pp
Net income