Revenue flow

Margins

Stage	SD	% of rev	EOG	% of rev	Gap · A − B
Revenue	$51M	100.00%	$8.6B	100.00%	EOG ×167.50
Gross profit	$41M	79.85%	$7.4B	86.65%	EOG +6.8pp
Operating income	$26M	50.78%	$3.5B	41.21%	SD +9.6pp
Pre-tax income	$27M	52.22%	$3.5B	40.87%	SD +11.4pp
Net income	$27M	52.22%	$2.7B	31.81%	SD +20.4pp

Stage	SD	EOG	Gap · A − B
Revenue	$51M100.00%	$8.6B100.00%	EOG ×167.50
Gross profit	79.85%$41M	86.65%$7.4B	EOG +6.8pp
Operating income	50.78%$26M	41.21%$3.5B	SD +9.6pp
Pre-tax income	52.22%$27M	40.87%$3.5B	SD +11.4pp
Net income