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