Revenue flow

Margins

Stage	PSA	% of rev	MSA	% of rev	Gap · A − B
Revenue	$1.4B	100.00%	$536M	100.00%	PSA ×2.55
Gross profit	$989M	72.41%	$244M	45.53%	PSA +26.9pp
Operating income	$317M	23.20%	$88M	16.45%	PSA +6.8pp
Pre-tax income	$363M	26.59%	$82M	15.28%	PSA +11.3pp
Net income	$378M	27.69%	$58M	10.89%	PSA +16.8pp

Stage	PSA	MSA	Gap · A − B
Revenue	$1.4B100.00%	$536M100.00%	PSA ×2.55
Gross profit	72.41%$989M	45.53%$244M	PSA +26.9pp
Operating income	23.20%$317M	16.45%$88M	PSA +6.8pp
Pre-tax income	26.59%$363M	15.28%$82M	PSA +11.3pp
Net income