Revenue flow

Margins

Stage	BX	% of rev	TROW	% of rev	Gap · A − B
Revenue	$5.0B	100.00%	$2.0B	100.00%	BX ×2.52
Gross profit	$5.0B	100.00%	$1.3B	64.91%	BX +35.1pp
Operating income	$2.7B	52.90%	$770M	38.40%	BX +14.5pp
Pre-tax income	$2.8B	55.68%	$787M	39.27%	BX +16.4pp
Net income	$2.4B	46.71%	$597M	29.78%	BX +16.9pp

Stage	BX	TROW	Gap · A − B
Revenue	$5.0B100.00%	$2.0B100.00%	BX ×2.52
Gross profit	100.00%$5.0B	64.91%$1.3B	BX +35.1pp
Operating income	52.90%$2.7B	38.40%$770M	BX +14.5pp
Pre-tax income	55.68%$2.8B	39.27%$787M	BX +16.4pp
Net income