| Stage | APC | % of rev | APP | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.9B | 100.00% | $2.2B | 100.00% | APP ×1.16 |
| Gross profit | $787M | 41.67% | $1.9B | 88.98% | APP +47.3pp |
| Operating income | $25M | 1.34% | $1.7B | 78.22% | APP +76.9pp |
| Pre-tax income | $18M | 0.94% | $1.7B | 79.82% | APP +78.9pp |
| Net income | $13M | 0.71% | $1.4B | 65.86% | APP +65.2pp |
| Stage | APC | APP | Gap · A − B |
|---|---|---|---|
| Revenue | $1.9B100.00% | $2.2B100.00% | APP ×1.16 |
| Gross profit | 41.67%$787M | 88.98%$1.9B | APP +47.3pp |
| Operating income | 1.34%$25M | 78.22%$1.7B | APP +76.9pp |
| Pre-tax income | 0.94%$18M | 79.82%$1.7B | APP +78.9pp |
| Net income |
| 0.71%$13M |
| 65.86%$1.4B |
| APP +65.2pp |