Revenue flow

Margins

Stage	WTS	% of rev	PH	% of rev	Gap · A − B
Revenue	$763M	100.00%	$5.8B	100.00%	PH ×7.54
Gross profit	$374M	49.02%	$2.2B	39.04%	WTS +10.0pp
Operating income	$154M	20.18%	$1.4B	23.86%	PH +3.7pp
Pre-tax income	$154M	20.14%	$1.3B	23.28%	PH +3.1pp
Net income	$118M	15.50%	$1.1B	18.97%	PH +3.5pp

Stage	WTS	PH	Gap · A − B
Revenue	$763M100.00%	$5.8B100.00%	PH ×7.54
Gross profit	49.02%$374M	39.04%$2.2B	WTS +10.0pp
Operating income	20.18%$154M	23.86%$1.4B	PH +3.7pp
Pre-tax income	20.14%$154M	23.28%$1.3B	PH +3.1pp
Net income