Revenue flow

Margins

Stage	AWK	% of rev	HTO	% of rev	Gap · A − B
Revenue	$1.5B	100.00%	$250M	100.00%	AWK ×6.03
Gross profit	$979M	64.83%	$240M	95.94%	HTO +31.1pp
Operating income	$641M	42.45%	$60M	24.17%	AWK +18.3pp
Pre-tax income	$499M	33.05%	$48M	19.28%	AWK +13.8pp
Net income	$387M	25.63%	$43M	17.20%	AWK +8.4pp

Stage	AWK	HTO	Gap · A − B
Revenue	$1.5B100.00%	$250M100.00%	AWK ×6.03
Gross profit	64.83%$979M	95.94%$240M	HTO +31.1pp
Operating income	42.45%$641M	24.17%$60M	AWK +18.3pp
Pre-tax income	33.05%$499M	19.28%$48M	AWK +13.8pp