Revenue flow

Margins

Stage	UE	% of rev	CBRE	% of rev	Gap · A − B
Revenue	$120M	100.00%	$11.5B	100.00%	CBRE ×96.33
Gross profit	$99M	82.76%	$2.1B	18.45%	UE +64.3pp
Operating income	$38M	31.85%	$561M	4.87%	UE +27.0pp
Pre-tax income	$55M	45.73%	$611M	5.31%	UE +40.4pp
Net income	$54M	45.00%	$480M	4.17%	UE +40.8pp

Stage	UE	CBRE	Gap · A − B
Revenue	$120M100.00%	$11.5B100.00%	CBRE ×96.33
Gross profit	82.76%$99M	18.45%$2.1B	UE +64.3pp
Operating income	31.85%$38M	4.87%$561M	UE +27.0pp
Pre-tax income	45.73%$55M	5.31%$611M	UE +40.4pp
Net income