Exactly. Revenue quality matters more than revenue quantity. When growth is driven by pass-through or system-level dollars, the P&L optically improves while margins quietly deteriorate. The market usually tolerates that for a quarter or two. Eventually, it reprices the mix, not the headline.
Exactly. Revenue quality matters more than revenue quantity. When growth is driven by pass-through or system-level dollars, the P&L optically improves while margins quietly deteriorate. The market usually tolerates that for a quarter or two. Eventually, it reprices the mix, not the headline.