Revenue flow

Margins

Stage	BX	% of rev	AMP	% of rev	Gap · A − B
Revenue	$5.0B	100.00%	$5.1B	100.00%	AMP ×1.01
Gross profit	$5.0B	100.00%	$5.1B	100.00%	0.0pp
Operating income	$2.7B	52.90%	$1.4B	27.89%	BX +25.0pp
Pre-tax income	$2.8B	55.68%	$1.4B	27.89%	BX +27.8pp
Net income	$2.4B	46.71%	$1.1B	22.01%	BX +24.7pp

Stage	BX	AMP	Gap · A − B
Revenue	$5.0B100.00%	$5.1B100.00%	AMP ×1.01
Gross profit	100.00%$5.0B	100.00%$5.1B	0.0pp
Operating income	52.90%$2.7B	27.89%$1.4B	BX +25.0pp
Pre-tax income	55.68%$2.8B	27.89%$1.4B	BX +27.8pp
Net income