| Stage | BMI | % of rev | VNT | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $236M | 100.00% | $757M | 100.00% | VNT ×3.21 |
| Gross profit | $99M | 41.90% | $365M | 48.24% | VNT +6.3pp |
| Operating income | $48M | 20.23% | $147M | 19.39% | BMI +0.8pp |
| Pre-tax income | $48M | 20.33% | $44M | 5.79% | BMI +14.5pp |
| Net income | $36M | 15.22% | $27M | 3.62% | BMI +11.6pp |
| Stage | BMI | VNT | Gap · A − B |
|---|---|---|---|
| Revenue | $236M100.00% | $757M100.00% | VNT ×3.21 |
| Gross profit | 41.90%$99M | 48.24%$365M | VNT +6.3pp |
| Operating income | 20.23%$48M | 19.39%$147M | BMI +0.8pp |
| Pre-tax income | 20.33%$48M | 5.79%$44M | BMI +14.5pp |
| Net income |
| 15.22%$36M |
| 3.62%$27M |
| BMI +11.6pp |
None
No disclosed counterparties: BMI.