| Stage | MCS | % of rev | PTLO | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $238M | 100.00% | $199M | 100.00% | MCS ×1.20 |
| Gross profit | $114M | 47.79% | $129M | 65.03% | PTLO +17.2pp |
| Operating income | $30M | 12.74% | $14M | 6.92% | MCS +5.8pp |
| Pre-tax income | $28M | 11.72% | $9M | 4.49% | MCS +7.2pp |
| Net income | $19M | 7.89% | $7M | 3.60% | MCS +4.3pp |
| Stage | MCS | PTLO | Gap · A − B |
|---|---|---|---|
| Revenue | $238M100.00% | $199M100.00% | MCS ×1.20 |
| Gross profit | 47.79%$114M | 65.03%$129M | PTLO +17.2pp |
| Operating income | 12.74%$30M | 6.92%$14M | MCS +5.8pp |
| Pre-tax income | 11.72%$28M | 4.49%$9M | MCS +7.2pp |
| Net income |
| 7.89%$19M |
| 3.60%$7M |
| MCS +4.3pp |
None
No disclosed counterparties: MCS.