Revenue flow

Margins

Stage	BX	% of rev	RPC	% of rev	Gap · A − B
Revenue	$5.0B	100.00%	$81M	100.00%	BX ×62.34
Gross profit	$5.0B	100.00%	$42M	52.12%	BX +47.9pp
Operating income	$2.7B	52.90%	$18M	21.90%	BX +31.0pp
Pre-tax income	$2.8B	55.68%	$11M	13.49%	BX +42.2pp
Net income	$2.4B	46.71%	$8M	10.49%	BX +36.2pp

Stage	BX	RPC	Gap · A − B
Revenue	$5.0B100.00%	$81M100.00%	BX ×62.34
Gross profit	100.00%$5.0B	52.12%$42M	BX +47.9pp
Operating income	52.90%$2.7B	21.90%$18M	BX +31.0pp
Pre-tax income	55.68%$2.8B	13.49%$11M	BX +42.2pp
Net income