Revenue flow

Margins

Stage	SD	% of rev	CTRI	% of rev	Gap · A − B
Revenue	$51M	100.00%	$962M	100.00%	CTRI ×18.82
Gross profit	$41M	79.85%	$69M	7.19%	SD +72.7pp
Operating income	$26M	50.78%	$24M	2.51%	SD +48.3pp
Pre-tax income	$27M	52.22%	$12M	1.28%	SD +50.9pp
Net income	$27M	52.22%	$6M	0.64%	SD +51.6pp

Stage	SD	CTRI	Gap · A − B
Revenue	$51M100.00%	$962M100.00%	CTRI ×18.82
Gross profit	79.85%$41M	7.19%$69M	SD +72.7pp
Operating income	50.78%$26M	2.51%$24M	SD +48.3pp
Pre-tax income	52.22%$27M	1.28%$12M	SD +50.9pp
Net income