| Stage | ECL | % of rev | WM | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $4.7B | 100.00% | $6.8B | 100.00% | WM ×1.46 |
| Gross profit | $2.1B | 44.08% | $2.8B | 40.21% | ECL +3.9pp |
| Operating income | $811M | 17.26% | $1.3B | 18.68% | WM +1.4pp |
| Pre-tax income | $695M | 14.79% | $1.0B | 15.25% | WM +0.5pp |
| Net income | $554M | 11.81% | $820M | 11.98% | WM +0.2pp |
| Stage | ECL | WM | Gap · A − B |
|---|---|---|---|
| Revenue | $4.7B100.00% | $6.8B100.00% | WM ×1.46 |
| Gross profit | 44.08%$2.1B | 40.21%$2.8B | ECL +3.9pp |
| Operating income | 17.26%$811M | 18.68%$1.3B | WM +1.4pp |
| Pre-tax income | 14.79%$695M | 15.25%$1.0B | WM +0.5pp |
| Net income |
| 11.81%$554M |
| 11.98%$820M |
| WM +0.2pp |
None
No disclosed counterparties: ECL.