Revenue flow

Margins

Stage	MTZ	% of rev	ITG	% of rev	Gap · A − B
Revenue	$5.2B	100.00%	$405M	100.00%	MTZ ×12.73
Gross profit	$661M	12.83%	$72M	17.81%	ITG +5.0pp
Operating income	$275M	5.35%	$23M	5.58%	ITG +0.2pp
Pre-tax income	$220M	4.27%	$2M	0.51%	MTZ +3.8pp
Net income	$168M	3.26%	$2M	0.44%	MTZ +2.8pp

Stage	MTZ	ITG	Gap · A − B
Revenue	$5.2B100.00%	$405M100.00%	MTZ ×12.73
Gross profit	12.83%$661M	17.81%$72M	ITG +5.0pp
Operating income	5.35%$275M	5.58%$23M	ITG +0.2pp
Pre-tax income	4.27%$220M	0.51%$2M	MTZ +3.8pp
Net income