Revenue flow

Margins

Stage	NWN	% of rev	ATO	% of rev	Gap · A − B
Revenue	$244M	100.00%	$879M	100.00%	ATO ×3.61
Gross profit	$101M	41.65%	$871M	99.07%	ATO +57.4pp
Operating income	$33M	13.61%	$320M	36.45%	ATO +22.8pp
Pre-tax income	$1M	0.50%	$303M	34.50%	ATO +34.0pp
Net income	$600,000	0.25%	$243M	27.61%	ATO +27.4pp

Stage	NWN	ATO	Gap · A − B
Revenue	$244M100.00%	$879M100.00%	ATO ×3.61
Gross profit	41.65%$101M	99.07%$871M	ATO +57.4pp
Operating income	13.61%$33M	36.45%$320M	ATO +22.8pp
Pre-tax income	0.50%$1M	34.50%$303M	ATO +34.0pp
Net income