Revenue flow

Margins

Stage	SM	% of rev	CRC	% of rev	Gap · A − B
Revenue	$2.5B	100.00%	$1.3B	100.00%	SM ×1.93
Gross profit	$1.9B	77.76%	$1.2B	95.76%	CRC +18.0pp
Operating income	$1.5B	59.84%	$511M	39.40%	SM +20.4pp
Pre-tax income	$1.4B	55.56%	$458M	35.31%	SM +20.2pp
Net income	$1.1B	42.84%	$514M	39.63%	SM +3.2pp

Stage	SM	CRC	Gap · A − B
Revenue	$2.5B100.00%	$1.3B100.00%	SM ×1.93
Gross profit	77.76%$1.9B	95.76%$1.2B	CRC +18.0pp
Operating income	59.84%$1.5B	39.40%$511M	SM +20.4pp
Pre-tax income	55.56%$1.4B	35.31%$458M	SM +20.2pp
Net income