Revenue flow

Margins

Stage	V	% of rev	FIS	% of rev	Gap · A − B
Revenue	$11.6B	100.00%	$3.5B	100.00%	V ×3.37
Gross profit	$9.2B	78.87%	$1.3B	37.03%	V +41.8pp
Operating income	$6.9B	59.12%	$660M	19.11%	V +40.0pp
Pre-tax income	$6.8B	58.74%	$447M	12.94%	V +45.8pp
Net income	$5.6B	48.38%	$357M	10.34%	V +38.0pp

Stage	V	FIS	Gap · A − B
Revenue	$11.6B100.00%	$3.5B100.00%	V ×3.37
Gross profit	78.87%$9.2B	37.03%$1.3B	V +41.8pp
Operating income	59.12%$6.9B	19.11%$660M	V +40.0pp
Pre-tax income	58.74%$6.8B	12.94%$447M	V +45.8pp
Net income