| Stage | TECH | % of rev | VMI | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $300M | 100.00% | $1.1B | 100.00% | VMI ×3.68 |
| Gross profit | $197M | 65.60% | $331M | 30.02% | TECH +35.6pp |
| Operating income | $37M | 12.21% | $173M | 15.66% | VMI +3.4pp |
| Pre-tax income | $35M | 11.58% | $163M | 14.79% | VMI +3.2pp |
| Net income | $28M | 9.44% | $121M | 11.00% | VMI +1.6pp |
| Stage | TECH | VMI | Gap · A − B |
|---|---|---|---|
| Revenue | $300M100.00% | $1.1B100.00% | VMI ×3.68 |
| Gross profit | 65.60%$197M | 30.02%$331M | TECH +35.6pp |
| Operating income | 12.21%$37M | 15.66%$173M | VMI +3.4pp |
| Pre-tax income | 11.58%$35M | 14.79%$163M | VMI +3.2pp |
| Net income |
| 9.44%$28M |
| 11.00%$121M |
| VMI +1.6pp |