• Service average gross margin for 2023 was 26.49%, a 11.85% decline from 2022.
• Service average gross margin for 2022 was 30.05%, a 5.83% decline from 2021.
• Service average gross margin for 2021 was 31.91%, a 26.03% 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.