| Stage | FELE | % of rev | VMI | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $634M | 100.00% | $1.1B | 100.00% | VMI ×1.74 |
| Gross profit | $224M | 35.36% | $331M | 30.02% | FELE +5.3pp |
| Operating income | $87M | 13.65% | $173M | 15.66% | VMI +2.0pp |
| Pre-tax income | $81M | 12.75% | $163M | 14.79% | VMI +2.0pp |
| Net income | $61M | 9.63% | $121M | 11.00% | VMI +1.4pp |
| Stage | FELE | VMI | Gap · A − B |
|---|---|---|---|
| Revenue | $634M100.00% | $1.1B100.00% | VMI ×1.74 |
| Gross profit | 35.36%$224M | 30.02%$331M | FELE +5.3pp |
| Operating income | 13.65%$87M | 15.66%$173M | VMI +2.0pp |
| Pre-tax income | 12.75%$81M | 14.79%$163M | VMI +2.0pp |
| Net income |
| 9.63%$61M |
| 11.00%$121M |
| VMI +1.4pp |