Revenue flow

Margins

Stage	VS	% of rev	ADP	% of rev	Gap · A − B
Revenue	$1M	100.00%	$5.5B	100.00%	ADP ×3680.54
Gross profit	$1M	100.00%	$2.8B	50.57%	VS +49.4pp
Operating income	$594,273	39.84%	$1.5B	26.64%	VS +13.2pp
Pre-tax income	$594,273	39.84%	$1.5B	26.50%	VS +13.3pp
Net income	$594,273	39.84%	$1.1B	20.49%	VS +19.3pp

Stage	VS	ADP	Gap · A − B
Revenue	$1M100.00%	$5.5B100.00%	ADP ×3680.54
Gross profit	100.00%$1M	50.57%$2.8B	VS +49.4pp
Operating income	39.84%$594,273	26.64%$1.5B	VS +13.2pp
Pre-tax income	39.84%$594,273	26.50%$1.5B	VS +13.3pp
Net income