Revenue flow

Margins

Stage	WINA	% of rev	BRC	% of rev	Gap · A − B
Revenue	$28M	100.00%	$437M	100.00%	BRC ×15.66
Gross profit	$23M	82.89%	$231M	52.90%	WINA +30.0pp
Operating income	$16M	56.60%	$60M	13.76%	WINA +42.8pp
Pre-tax income	$15M	55.28%	$56M	12.72%	WINA +42.6pp
Net income	$12M	42.37%	$46M	10.44%	WINA +31.9pp

Stage	WINA	BRC	Gap · A − B
Revenue	$28M100.00%	$437M100.00%	BRC ×15.66
Gross profit	82.89%$23M	52.90%$231M	WINA +30.0pp
Operating income	56.60%$16M	13.76%$60M	WINA +42.8pp
Pre-tax income	55.28%$15M	12.72%$56M	WINA +42.6pp