• First Horizon average gross margin for 2023 was 77.91%, a 17.26% decline from 2022.
• First Horizon average gross margin for 2022 was 94.16%, a 0.51% decline from 2021.
• First Horizon average gross margin for 2021 was 94.64%, a 7.07% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.