Revenue flow

Margins

Stage	V	% of rev	SEZL	% of rev	Gap · A − B
Revenue	$12.1B	100.00%	$167M	100.00%	V ×72.91
Gross profit	$10.3B	84.59%	$150M	89.91%	SEZL +5.3pp
Operating income	$7.3B	59.82%	$64M	38.59%	V +21.2pp
Pre-tax income	$7.4B	60.63%	$61M	36.89%	V +23.7pp
Net income	$6.0B	49.44%	$48M	28.72%	V +20.7pp

Stage	V	SEZL	Gap · A − B
Revenue	$12.1B100.00%	$167M100.00%	V ×72.91
Gross profit	84.59%$10.3B	89.91%$150M	SEZL +5.3pp
Operating income	59.82%$7.3B	38.59%$64M	V +21.2pp
Pre-tax income	60.63%$7.4B	36.89%$61M	V +23.7pp
Net income