Revenue flow

Margins

Stage	SW	% of rev	IR	% of rev	Gap · A − B
Revenue	$8.0B	100.00%	$2.1B	100.00%	SW ×3.89
Gross profit	$1.4B	17.42%	$924M	44.76%	IR +27.3pp
Operating income	$309M	3.85%	$783M	37.90%	IR +34.0pp
Pre-tax income	$128M	1.59%	$725M	35.12%	IR +33.5pp
Net income	$88M	1.10%	$672M	32.52%	IR +31.4pp

Stage	SW	IR	Gap · A − B
Revenue	$8.0B100.00%	$2.1B100.00%	SW ×3.89
Gross profit	17.42%$1.4B	44.76%$924M	IR +27.3pp
Operating income	3.85%$309M	37.90%$783M	IR +34.0pp
Pre-tax income	1.59%$128M	35.12%$725M	IR +33.5pp
Net income