Revenue flow

Margins

Stage	RYZ	% of rev	RS	% of rev	Gap · A − B
Revenue	$2.2B	100.00%	$5.2B	100.00%	RS ×2.39
Gross profit	$374M	17.16%	$1.5B	27.89%	RS +10.7pp
Operating income	$52M	2.36%	$552M	10.59%	RS +8.2pp
Pre-tax income	$36M	1.67%	$532M	10.20%	RS +8.5pp
Net income	$33M	1.49%	$403M	7.74%	RS +6.2pp

Stage	RYZ	RS	Gap · A − B
Revenue	$2.2B100.00%	$5.2B100.00%	RS ×2.39
Gross profit	17.16%$374M	27.89%$1.5B	RS +10.7pp
Operating income	2.36%$52M	10.59%$552M	RS +8.2pp
Pre-tax income	1.67%$36M	10.20%$532M	RS +8.5pp
Net income