| Stage | ECL | % of rev | PG | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $4.7B | 100.00% | $23.3B | 100.00% | PG ×4.96 |
| Gross profit | $2.1B | 44.08% | $11.6B | 49.83% | PG +5.8pp |
| Operating income | $811M | 17.26% | $5.9B | 25.51% | PG +8.2pp |
| Pre-tax income | $695M | 14.79% | $6.0B | 25.88% | PG +11.1pp |
| Net income | $554M | 11.81% | $4.8B | 20.44% | PG +8.6pp |
| Stage | ECL | PG | Gap · A − B |
|---|---|---|---|
| Revenue | $4.7B100.00% | $23.3B100.00% | PG ×4.96 |
| Gross profit | 44.08%$2.1B | 49.83%$11.6B | PG +5.8pp |
| Operating income | 17.26%$811M | 25.51%$5.9B | PG +8.2pp |
| Pre-tax income | 14.79%$695M | 25.88%$6.0B | PG +11.1pp |
| Net income |
| 11.81%$554M |
| 20.44%$4.8B |
| PG +8.6pp |
None
No disclosed counterparties: ECL.