| Stage | CMC | % of rev | VMC | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $2.7B | 100.00% | $2.2B | 100.00% | CMC ×1.22 |
| Gross profit | $502M | 18.87% | $666M | 30.47% | VMC +11.6pp |
| Operating income | $205M | 7.70% | $525M | 24.01% | VMC +16.3pp |
| Pre-tax income | $229M | 8.63% | $471M | 21.57% | VMC +12.9pp |
| Net income | $213M | 7.99% | $363M | 16.61% | VMC +8.6pp |
| Stage | CMC | VMC | Gap · A − B |
|---|---|---|---|
| Revenue | $2.7B100.00% | $2.2B100.00% | CMC ×1.22 |
| Gross profit | 18.87%$502M | 30.47%$666M | VMC +11.6pp |
| Operating income | 7.70%$205M | 24.01%$525M | VMC +16.3pp |
| Pre-tax income | 8.63%$229M | 21.57%$471M | VMC +12.9pp |
| Net income |
| 7.99%$213M |
| 16.61%$363M |
| VMC +8.6pp |
No shared counterparties.