| Stage | MOD | % of rev | VSEC | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $874M | 100.00% | $449M | 100.00% | MOD ×1.95 |
| Gross profit | $182M | 20.82% | $76M | 17.02% | MOD +3.8pp |
| Operating income | $75M | 8.56% | $49M | 10.90% | VSEC +2.3pp |
| Pre-tax income | $69M | 7.85% | $39M | 8.74% | VSEC +0.9pp |
| Net income | $74M | 8.50% | $29M | 6.35% | MOD +2.1pp |
| Stage | MOD | VSEC | Gap · A − B |
|---|---|---|---|
| Revenue | $874M100.00% | $449M100.00% | MOD ×1.95 |
| Gross profit | 20.82%$182M | 17.02%$76M | MOD +3.8pp |
| Operating income | 8.56%$75M | 10.90%$49M | VSEC +2.3pp |
| Pre-tax income | 7.85%$69M | 8.74%$39M | VSEC +0.9pp |
| Net income |
| 8.50%$74M |
| 6.35%$29M |
| MOD +2.1pp |
None
No disclosed counterparties: MOD.