| Stage | ARHS | % of rev | TREE | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $385M | 100.00% | $313M | 100.00% | ARHS ×1.23 |
| Gross profit | $172M | 44.71% | $302M | 96.40% | TREE +51.7pp |
| Operating income | $54M | 14.10% | $22M | 6.95% | ARHS +7.1pp |
| Pre-tax income | $55M | 14.39% | $14M | 4.51% | ARHS +9.9pp |
| Net income | $40M | 10.30% | $10M | 3.05% | ARHS +7.2pp |
| Stage | ARHS | TREE | Gap · A − B |
|---|---|---|---|
| Revenue | $385M100.00% | $313M100.00% | ARHS ×1.23 |
| Gross profit | 44.71%$172M | 96.40%$302M | TREE +51.7pp |
| Operating income | 14.10%$54M | 6.95%$22M | ARHS +7.1pp |
| Pre-tax income | 14.39%$55M | 4.51%$14M | ARHS +9.9pp |
| Net income |
| 10.30%$40M |
| 3.05%$10M |
| ARHS +7.2pp |
None
No disclosed counterparties: ARHS.