Revenue flow

Margins

Stage	SUI	% of rev	UDR	% of rev	Gap · A − B
Revenue	$558M	100.00%	$425M	100.00%	SUI ×1.31
Gross profit	$387M	69.35%	$266M	62.41%	SUI +6.9pp
Operating income	$169M	30.29%	$116M	27.23%	SUI +3.1pp
Pre-tax income	$130M	23.25%	$74M	17.42%	SUI +5.8pp
Net income	$128M	22.90%	$74M	17.31%	SUI +5.6pp

Stage	SUI	UDR	Gap · A − B
Revenue	$558M100.00%	$425M100.00%	SUI ×1.31
Gross profit	69.35%$387M	62.41%$266M	SUI +6.9pp
Operating income	30.29%$169M	27.23%$116M	SUI +3.1pp
Pre-tax income	23.25%$130M	17.42%$74M	SUI +5.8pp
Net income