Revenue flow

Margins

Stage	BEN	% of rev	BX	% of rev	Gap · A − B
Revenue	$2.4B	100.00%	$5.0B	100.00%	BX ×2.14
Gross profit	$1.4B	59.36%	$5.0B	100.00%	BX +40.6pp
Operating income	$216M	9.15%	$2.7B	52.90%	BX +43.8pp
Pre-tax income	$371M	15.73%	$2.8B	55.68%	BX +40.0pp
Net income	$255M	10.83%	$2.4B	46.71%	BX +35.9pp

Stage	BEN	BX	Gap · A − B
Revenue	$2.4B100.00%	$5.0B100.00%	BX ×2.14
Gross profit	59.36%$1.4B	100.00%$5.0B	BX +40.6pp
Operating income	9.15%$216M	52.90%$2.7B	BX +43.8pp
Pre-tax income	15.73%$371M	55.68%$2.8B	BX +40.0pp
Net income