Revenue flow

Margins

Stage	BX	% of rev	APO	% of rev	Gap · A − B
Revenue	$5.0B	100.00%	$11.2B	100.00%	APO ×2.21
Gross profit	$5.0B	100.00%	$10.2B	91.69%	BX +8.3pp
Operating income	$2.7B	52.90%	$2.4B	21.63%	BX +31.3pp
Pre-tax income	$2.8B	55.68%	$2.5B	22.28%	BX +33.4pp
Net income	$2.4B	46.71%	$2.1B	18.73%	BX +28.0pp

Stage	BX	APO	Gap · A − B
Revenue	$5.0B100.00%	$11.2B100.00%	APO ×2.21
Gross profit	100.00%$5.0B	91.69%$10.2B	BX +8.3pp
Operating income	52.90%$2.7B	21.63%$2.4B	BX +31.3pp
Pre-tax income	55.68%$2.8B	22.28%$2.5B	BX +33.4pp
Net income