| Stage | TER | % of rev | AMC | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.3B | 100.00% | $1.7B | 100.00% | AMC ×1.31 |
| Gross profit | $771M | 59.06% | $1.1B | 65.89% | AMC +6.8pp |
| Operating income | $402M | 30.78% | $249M | 14.53% | TER +16.2pp |
| Pre-tax income | $404M | 30.96% | $119M | 6.94% | TER +24.0pp |
| Net income | $348M | 26.63% | $109M | 6.39% | TER +20.2pp |
| Stage | TER | AMC | Gap · A − B |
|---|---|---|---|
| Revenue | $1.3B100.00% | $1.7B100.00% | AMC ×1.31 |
| Gross profit | 59.06%$771M | 65.89%$1.1B | AMC +6.8pp |
| Operating income | 30.78%$402M | 14.53%$249M | TER +16.2pp |
| Pre-tax income | 30.96%$404M | 6.94%$119M | TER +24.0pp |
| Net income |
| 26.63%$348M |
| 6.39%$109M |
| TER +20.2pp |
None
No disclosed counterparties: TER.