Revenue flow

Margins

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

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