Revenue flow

Margins

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

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