Revenue flow

Margins

Stage	PPL	% of rev	NI	% of rev	Gap · A − B
Revenue	$2.1B	100.00%	$1.3B	100.00%	PPL ×1.56
Gross profit	$837M	39.65%	$714M	52.88%	NI +13.2pp
Operating income	$475M	22.50%	$340M	25.22%	NI +2.7pp
Pre-tax income	$286M	13.55%	$152M	11.27%	PPL +2.3pp
Net income	$230M	10.90%	$139M	10.30%	PPL +0.6pp

Stage	PPL	NI	Gap · A − B
Revenue	$2.1B100.00%	$1.3B100.00%	PPL ×1.56
Gross profit	39.65%$837M	52.88%$714M	NI +13.2pp
Operating income	22.50%$475M	25.22%$340M	NI +2.7pp
Pre-tax income	13.55%$286M	11.27%$152M	PPL +2.3pp
Net income