Revenue flow

Margins

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

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