Revenue flow

Margins

Stage	QNST	% of rev	V	% of rev	Gap · A − B
Revenue	$374M	100.00%	$11.6B	100.00%	V ×31.11
Gross profit	$50M	13.32%	$9.2B	78.87%	V +65.5pp
Operating income	$19M	5.11%	$6.9B	59.12%	V +54.0pp
Pre-tax income	$17M	4.55%	$6.8B	58.74%	V +54.2pp
Net income	$19M	5.11%	$5.6B	48.38%	V +43.3pp

Stage	QNST	V	Gap · A − B
Revenue	$374M100.00%	$11.6B100.00%	V ×31.11
Gross profit	13.32%$50M	78.87%$9.2B	V +65.5pp
Operating income	5.11%$19M	59.12%$6.9B	V +54.0pp
Pre-tax income	4.55%$17M	58.74%$6.8B	V +54.2pp
Net income