Revenue flow

Margins

Stage	PSA	% of rev	PCG	% of rev	Gap · A − B
Revenue	$1.4B	100.00%	$6.2B	100.00%	PCG ×4.53
Gross profit	$989M	72.41%	$2.6B	42.53%	PSA +29.9pp
Operating income	$317M	23.20%	$1.2B	20.18%	PSA +3.0pp
Pre-tax income	$363M	26.59%	$681M	11.01%	PSA +15.6pp
Net income	$378M	27.69%	$776M	12.54%	PSA +15.2pp

Stage	PSA	PCG	Gap · A − B
Revenue	$1.4B100.00%	$6.2B100.00%	PCG ×4.53
Gross profit	72.41%$989M	42.53%$2.6B	PSA +29.9pp
Operating income	23.20%$317M	20.18%$1.2B	PSA +3.0pp
Pre-tax income	26.59%$363M	11.01%$681M	PSA +15.6pp