Revenue flow

Margins

Stage	PLOW	% of rev	CAT	% of rev	Gap · A − B
Revenue	$218M	100.00%	$20.7B	100.00%	CAT ×94.87
Gross profit	$60M	27.44%	$7.3B	35.54%	CAT +8.1pp
Operating income	$31M	14.35%	$4.2B	20.38%	CAT +6.0pp
Pre-tax income	$28M	13.01%	$4.2B	20.40%	CAT +7.4pp
Net income	$21M	9.70%	$3.3B	15.89%	CAT +6.2pp

Stage	PLOW	CAT	Gap · A − B
Revenue	$218M100.00%	$20.7B100.00%	CAT ×94.87
Gross profit	27.44%$60M	35.54%$7.3B	CAT +8.1pp
Operating income	14.35%$31M	20.38%$4.2B	CAT +6.0pp
Pre-tax income	13.01%$28M	20.40%$4.2B	CAT +7.4pp