| Stage | MD | % of rev | SBH | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $501M | 100.00% | $935M | 100.00% | SBH ×1.87 |
| Gross profit | $501M | 100.00% | $490M | 52.41% | MD +47.6pp |
| Operating income | $65M | 13.01% | $86M | 9.24% | MD +3.8pp |
| Pre-tax income | $65M | 12.96% | $73M | 7.77% | MD +5.2pp |
| Net income | $47M | 9.37% | $54M | 5.78% | MD +3.6pp |
| Stage | MD | SBH | Gap · A − B |
|---|---|---|---|
| Revenue | $501M100.00% | $935M100.00% | SBH ×1.87 |
| Gross profit | 100.00%$501M | 52.41%$490M | MD +47.6pp |
| Operating income | 13.01%$65M | 9.24%$86M | MD +3.8pp |
| Pre-tax income | 12.96%$65M | 7.77%$73M | MD +5.2pp |
| Net income |
| 9.37%$47M |
| 5.78%$54M |
| MD +3.6pp |
No disclosed counterparties: MD, SBH.