| Stage | ALG | % of rev | IPAR | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $451M | 100.00% | $341M | 100.00% | ALG ×1.32 |
| Gross profit | $111M | 24.59% | $224M | 65.54% | IPAR +40.9pp |
| Operating income | $46M | 10.15% | $49M | 14.35% | IPAR +4.2pp |
| Pre-tax income | $42M | 9.23% | $48M | 14.15% | IPAR +4.9pp |
| Net income | $31M | 6.86% | $37M | 10.81% | IPAR +4.0pp |
| Stage | ALG | IPAR | Gap · A − B |
|---|---|---|---|
| Revenue | $451M100.00% | $341M100.00% | ALG ×1.32 |
| Gross profit | 24.59%$111M | 65.54%$224M | IPAR +40.9pp |
| Operating income | 10.15%$46M | 14.35%$49M | IPAR +4.2pp |
| Pre-tax income | 9.23%$42M | 14.15%$48M | IPAR +4.9pp |
| Net income |
| 6.86%$31M |
| 10.81%$37M |
| IPAR +4.0pp |
No disclosed counterparties: ALG, IPAR.