| Stage | VATE | % of rev | VMI | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $422M | 100.00% | $1.1B | 100.00% | VMI ×2.62 |
| Gross profit | $80M | 18.86% | $331M | 30.02% | VMI +11.2pp |
| Operating income | $35M | 8.18% | $173M | 15.66% | VMI +7.5pp |
| Pre-tax income | $26M | 6.05% | $163M | 14.79% | VMI +8.7pp |
| Net income | $12M | 2.94% | $121M | 11.00% | VMI +8.1pp |
| Stage | VATE | VMI | Gap · A − B |
|---|---|---|---|
| Revenue | $422M100.00% | $1.1B100.00% | VMI ×2.62 |
| Gross profit | 18.86%$80M | 30.02%$331M | VMI +11.2pp |
| Operating income | 8.18%$35M | 15.66%$173M | VMI +7.5pp |
| Pre-tax income | 6.05%$26M | 14.79%$163M | VMI +8.7pp |
| Net income |
| 2.94%$12M |
| 11.00%$121M |
| VMI +8.1pp |