Revenue flow

Margins

Stage	TT	% of rev	ETN	% of rev	Gap · A − B
Revenue	$6.8B	100.00%	$8.9B	100.00%	ETN ×1.32
Gross profit	$2.4B	35.28%	$3.1B	34.70%	TT +0.6pp
Operating income	$1.3B	19.87%	$1.6B	17.76%	TT +2.1pp
Pre-tax income	$1.3B	19.01%	$1.4B	15.31%	TT +3.7pp
Net income	$1.1B	15.59%	$1.1B	12.06%	TT +3.5pp

Stage	TT	ETN	Gap · A − B
Revenue	$6.8B100.00%	$8.9B100.00%	ETN ×1.32
Gross profit	35.28%$2.4B	34.70%$3.1B	TT +0.6pp
Operating income	19.87%$1.3B	17.76%$1.6B	TT +2.1pp
Pre-tax income	19.01%$1.3B	15.31%$1.4B	TT +3.7pp
Net income