Revenue flow

Margins

Stage	AWK	% of rev	YORW	% of rev	Gap · A − B
Revenue	$1.5B	100.00%	$24M	100.00%	AWK ×64.21
Gross profit	$979M	64.83%	$17M	72.63%	YORW +7.8pp
Operating income	$641M	42.45%	$10M	41.71%	AWK +0.7pp
Pre-tax income	$499M	33.05%	$8M	33.09%	0.0pp
Net income	$387M	25.63%	$8M	32.38%	YORW +6.8pp

Stage	AWK	YORW	Gap · A − B
Revenue	$1.5B100.00%	$24M100.00%	AWK ×64.21
Gross profit	64.83%$979M	72.63%$17M	YORW +7.8pp
Operating income	42.45%$641M	41.71%$10M	AWK +0.7pp
Pre-tax income	33.05%$499M	33.09%$8M	0.0pp