Revenue flow

Margins

Stage	CSW	% of rev	DOV	% of rev	Gap · A − B
Revenue	$361M	100.00%	$2.2B	100.00%	DOV ×6.18
Gross profit	$152M	42.03%	$903M	40.44%	CSW +1.6pp
Operating income	$76M	20.90%	$419M	18.77%	CSW +2.1pp
Pre-tax income	$63M	17.46%	$421M	18.83%	DOV +1.4pp
Net income	$48M	13.25%	$333M	14.92%	DOV +1.7pp

Stage	CSW	DOV	Gap · A − B
Revenue	$361M100.00%	$2.2B100.00%	DOV ×6.18
Gross profit	42.03%$152M	40.44%$903M	CSW +1.6pp
Operating income	20.90%$76M	18.77%$419M	CSW +2.1pp
Pre-tax income	17.46%$63M	18.83%$421M	DOV +1.4pp
Net income