Revenue flow

Margins

Stage	TT	% of rev	IR	% of rev	Gap · A − B
Revenue	$6.8B	100.00%	$2.1B	100.00%	TT ×3.27
Gross profit	$2.4B	35.28%	$924M	44.76%	IR +9.5pp
Operating income	$1.3B	19.87%	$783M	37.90%	IR +18.0pp
Pre-tax income	$1.3B	19.01%	$725M	35.12%	IR +16.1pp
Net income	$1.1B	15.59%	$672M	32.52%	IR +16.9pp

Stage	TT	IR	Gap · A − B
Revenue	$6.8B100.00%	$2.1B100.00%	TT ×3.27
Gross profit	35.28%$2.4B	44.76%$924M	IR +9.5pp
Operating income	19.87%$1.3B	37.90%$783M	IR +18.0pp
Pre-tax income	19.01%$1.3B	35.12%$725M	IR +16.1pp
Net income