| Stage | MLM | % of rev | VMC | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.9B | 100.00% | $2.2B | 100.00% | VMC ×1.12 |
| Gross profit | $495M | 25.42% | $666M | 30.47% | VMC +5.0pp |
| Operating income | $372M | 19.11% | $525M | 24.01% | VMC +4.9pp |
| Pre-tax income | $320M | 16.44% | $471M | 21.57% | VMC +5.1pp |
| Net income | $251M | 12.89% | $363M | 16.61% | VMC +3.7pp |
| Stage | MLM | VMC | Gap · A − B |
|---|---|---|---|
| Revenue | $1.9B100.00% | $2.2B100.00% | VMC ×1.12 |
| Gross profit | 25.42%$495M | 30.47%$666M | VMC +5.0pp |
| Operating income | 19.11%$372M | 24.01%$525M | VMC +4.9pp |
| Pre-tax income | 16.44%$320M | 21.57%$471M | VMC +5.1pp |
| Net income |
| 12.89%$251M |
| 16.61%$363M |
| VMC +3.7pp |