| Stage | LVS | % of rev | MAR | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $3.2B | 100.00% | $7.0B | 100.00% | MAR ×2.18 |
| Gross profit | $1.4B | 44.96% | $1.5B | 22.03% | LVS +22.9pp |
| Operating income | $618M | 19.22% | $1.3B | 18.19% | LVS +1.0pp |
| Pre-tax income | $454M | 14.12% | $1.1B | 15.13% | MAR +1.0pp |
| Net income | $352M | 10.95% | $794M | 11.33% | MAR +0.4pp |
| Stage | LVS | MAR | Gap · A − B |
|---|---|---|---|
| Revenue | $3.2B100.00% | $7.0B100.00% | MAR ×2.18 |
| Gross profit | 44.96%$1.4B | 22.03%$1.5B | LVS +22.9pp |
| Operating income | 19.22%$618M | 18.19%$1.3B | LVS +1.0pp |
| Pre-tax income | 14.12%$454M | 15.13%$1.1B | MAR +1.0pp |
| Net income |
| 10.95%$352M |
| 11.33%$794M |
| MAR +0.4pp |
None
No disclosed counterparties: LVS.