Revenue flow

Margins

Stage	ROOT	% of rev	GO	% of rev	Gap · A − B
Revenue	$389M	100.00%	$1.2B	100.00%	GO ×3.06
Gross profit	$149M	38.36%	$361M	30.24%	ROOT +8.1pp
Operating income	$35M	8.89%	$16M	1.32%	ROOT +7.6pp
Pre-tax income	$26M	6.58%	$9M	0.77%	ROOT +5.8pp
Net income	$25M	6.53%	$6M	0.47%	ROOT +6.1pp

Stage	ROOT	GO	Gap · A − B
Revenue	$389M100.00%	$1.2B100.00%	GO ×3.06
Gross profit	38.36%$149M	30.24%$361M	ROOT +8.1pp
Operating income	8.89%$35M	1.32%$16M	ROOT +7.6pp
Pre-tax income	6.58%$26M	0.77%$9M	ROOT +5.8pp
Net income