Revenue flow

Margins

Stage	MC	% of rev	BX	% of rev	Gap · A − B
Revenue	$409M	100.00%	$5.0B	100.00%	BX ×12.32
Gross profit	$409M	100.00%	$5.0B	100.00%	0.0pp
Operating income	$73M	17.79%	$2.7B	52.90%	BX +35.1pp
Pre-tax income	$75M	18.39%	$2.8B	55.68%	BX +37.3pp
Net income	$55M	13.47%	$2.4B	46.71%	BX +33.2pp

Stage	MC	BX	Gap · A − B
Revenue	$409M100.00%	$5.0B100.00%	BX ×12.32
Gross profit	100.00%$409M	100.00%$5.0B	0.0pp
Operating income	17.79%$73M	52.90%$2.7B	BX +35.1pp
Pre-tax income	18.39%$75M	55.68%$2.8B	BX +37.3pp
Net income