Revenue flow

Margins

Stage	BX	% of rev	ARES	% of rev	Gap · A − B
Revenue	$5.0B	100.00%	$1.4B	100.00%	BX ×3.53
Gross profit	$5.0B	100.00%	$740M	51.80%	BX +48.2pp
Operating income	$2.7B	52.90%	$249M	17.40%	BX +35.5pp
Pre-tax income	$2.8B	55.68%	$386M	27.02%	BX +28.7pp
Net income	$2.4B	46.71%	$151M	10.54%	BX +36.2pp

Stage	BX	ARES	Gap · A − B
Revenue	$5.0B100.00%	$1.4B100.00%	BX ×3.53
Gross profit	100.00%$5.0B	51.80%$740M	BX +48.2pp
Operating income	52.90%$2.7B	17.40%$249M	BX +35.5pp
Pre-tax income	55.68%$2.8B	27.02%$386M	BX +28.7pp
Net income