Revenue flow

Margins

Stage	V	% of rev	ACN	% of rev	Gap · A − B
Revenue	$12.1B	100.00%	$18.7B	100.00%	ACN ×1.54
Gross profit	$10.3B	84.59%	$6.0B	32.04%	V +52.5pp
Operating income	$7.3B	59.82%	$2.9B	15.33%	V +44.5pp
Pre-tax income	$7.4B	60.63%	$2.8B	14.98%	V +45.7pp
Net income	$6.0B	49.44%	$2.0B	10.89%	V +38.6pp

Stage	V	ACN	Gap · A − B
Revenue	$12.1B100.00%	$18.7B100.00%	ACN ×1.54
Gross profit	84.59%$10.3B	32.04%$6.0B	V +52.5pp
Operating income	59.82%$7.3B	15.33%$2.9B	V +44.5pp
Pre-tax income	60.63%$7.4B	14.98%$2.8B	V +45.7pp
Net income