| Stage | ABG | % of rev | LAD | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $4.4B | 100.00% | $9.9B | 100.00% | LAD ×2.25 |
| Gross profit | $732M | 16.57% | $1.5B | 15.04% | ABG +1.5pp |
| Operating income | $207M | 4.68% | $420M | 4.22% | ABG +0.5pp |
| Pre-tax income | $139M | 3.15% | $391M | 3.93% | LAD +0.8pp |
| Net income | $105M | 2.38% | $293M | 2.94% | LAD +0.6pp |
| Stage | ABG | LAD | Gap · A − B |
|---|---|---|---|
| Revenue | $4.4B100.00% | $9.9B100.00% | LAD ×2.25 |
| Gross profit | 16.57%$732M | 15.04%$1.5B | ABG +1.5pp |
| Operating income | 4.68%$207M | 4.22%$420M | ABG +0.5pp |
| Pre-tax income | 3.15%$139M | 3.93%$391M | LAD +0.8pp |
| Net income |
| 2.38%$105M |
| 2.94%$293M |
| LAD +0.6pp |
None
No disclosed counterparties: ABG.