| Stage | HLI | % of rev | CAKE | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $692M | 100.00% | $1.0B | 100.00% | CAKE ×1.49 |
| Gross profit | $266M | 38.44% | $678M | 65.86% | CAKE +27.4pp |
| Operating income | $154M | 22.25% | $79M | 7.63% | HLI +14.6pp |
| Pre-tax income | $159M | 22.98% | $77M | 7.47% | HLI +15.5pp |
| Net income | $110M | 15.90% | $68M | 6.64% | HLI +9.3pp |
| Stage | HLI | CAKE | Gap · A − B |
|---|---|---|---|
| Revenue | $692M100.00% | $1.0B100.00% | CAKE ×1.49 |
| Gross profit | 38.44%$266M | 65.86%$678M | CAKE +27.4pp |
| Operating income | 22.25%$154M | 7.63%$79M | HLI +14.6pp |
| Pre-tax income | 22.98%$159M | 7.47%$77M | HLI +15.5pp |
| Net income |
| 15.90%$110M |
| 6.64%$68M |
| HLI +9.3pp |
No shared counterparties.