| Stage | VMC | % of rev | HL | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $2.2B | 100.00% | $334M | 100.00% | VMC ×6.54 |
| Gross profit | $666M | 30.47% | $217M | 64.87% | HL +34.4pp |
| Operating income | $525M | 24.01% | $146M | 43.64% | HL +19.6pp |
| Pre-tax income | $471M | 21.57% | $137M | 40.93% | HL +19.4pp |
| Net income | $363M | 16.61% | $118M | 35.31% | HL +18.7pp |
| Stage | VMC | HL | Gap · A − B |
|---|---|---|---|
| Revenue | $2.2B100.00% | $334M100.00% | VMC ×6.54 |
| Gross profit | 30.47%$666M | 64.87%$217M | HL +34.4pp |
| Operating income | 24.01%$525M | 43.64%$146M | HL +19.6pp |
| Pre-tax income | 21.57%$471M | 40.93%$137M | HL +19.4pp |
| Net income |
| 16.61%$363M |
| 35.31%$118M |
| HL +18.7pp |