Revenue flow

Margins

Stage	SCI	% of rev	UNF	% of rev	Gap · A − B
Revenue	$1.1B	100.00%	$645M	100.00%	SCI ×1.72
Gross profit	$272M	24.59%	$241M	37.38%	UNF +12.8pp
Operating income	$253M	22.84%	$42M	6.46%	SCI +16.4pp
Pre-tax income	$189M	17.05%	$43M	6.71%	SCI +10.3pp
Net income	$141M	12.76%	$35M	5.38%	SCI +7.4pp

Stage	SCI	UNF	Gap · A − B
Revenue	$1.1B100.00%	$645M100.00%	SCI ×1.72
Gross profit	24.59%$272M	37.38%$241M	UNF +12.8pp
Operating income	22.84%$253M	6.46%$42M	SCI +16.4pp
Pre-tax income	17.05%$189M	6.71%$43M	SCI +10.3pp
Net income