Revenue flow

Margins

Stage	PH	% of rev	HLIO	% of rev	Gap · A − B
Revenue	$5.8B	100.00%	$232M	100.00%	PH ×24.82
Gross profit	$2.2B	39.04%	$80M	34.58%	PH +4.5pp
Operating income	$1.4B	23.86%	$33M	14.01%	PH +9.8pp
Pre-tax income	$1.3B	23.28%	$28M	12.12%	PH +11.2pp
Net income	$1.1B	18.97%	$22M	9.44%	PH +9.5pp

Stage	PH	HLIO	Gap · A − B
Revenue	$5.8B100.00%	$232M100.00%	PH ×24.82
Gross profit	39.04%$2.2B	34.58%$80M	PH +4.5pp
Operating income	23.86%$1.4B	14.01%$33M	PH +9.8pp
Pre-tax income	23.28%$1.3B	12.12%$28M	PH +11.2pp
Net income