Revenue flow

Margins

Stage	BAM	% of rev	BX	% of rev	Gap · A − B
Revenue	$1.7B	100.00%	$5.0B	100.00%	BX ×2.89
Gross profit	$1.7B	97.48%	$5.0B	100.00%	BX +2.5pp
Operating income	$1.1B	62.66%	$2.7B	52.90%	BAM +9.8pp
Pre-tax income	$1.3B	76.40%	$2.8B	55.68%	BAM +20.7pp
Net income	$1.2B	67.12%	$2.4B	46.71%	BAM +20.4pp

Stage	BAM	BX	Gap · A − B
Revenue	$1.7B100.00%	$5.0B100.00%	BX ×2.89
Gross profit	97.48%$1.7B	100.00%$5.0B	BX +2.5pp
Operating income	62.66%$1.1B	52.90%$2.7B	BAM +9.8pp
Pre-tax income	76.40%$1.3B	55.68%$2.8B	BAM +20.7pp
Net income