| Stage | CTAS | % of rev | ECL | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $3.0B | 100.00% | $4.7B | 100.00% | ECL ×1.56 |
| Gross profit | $1.6B | 51.54% | $2.1B | 44.08% | CTAS +7.5pp |
| Operating income | $712M | 23.62% | $811M | 17.26% | CTAS +6.4pp |
| Pre-tax income | $690M | 22.89% | $695M | 14.79% | CTAS +8.1pp |
| Net income | $552M | 18.31% | $554M | 11.81% | CTAS +6.5pp |
| Stage | CTAS | ECL | Gap · A − B |
|---|---|---|---|
| Revenue | $3.0B100.00% | $4.7B100.00% | ECL ×1.56 |
| Gross profit | 51.54%$1.6B | 44.08%$2.1B | CTAS +7.5pp |
| Operating income | 23.62%$712M | 17.26%$811M | CTAS +6.4pp |
| Pre-tax income | 22.89%$690M | 14.79%$695M | CTAS +8.1pp |
| Net income |
| 18.31%$552M |
| 11.81%$554M |
| CTAS +6.5pp |
No disclosed counterparties: CTAS, ECL.