DOUGLAS DYNAMICS, INC (PLOW) [Rocket]

In millions, except per share items	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21	Mar-31-21	Dec-31-20	Sep-30-20
	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q
Revenues:
Work Truck Attachments	355.2	329.5	325.7	311.0	306.5	275.7	252.8	249.8
Work Truck Solutions	215.5	211.2	215.7	235.7	246.3	239.6	227.3	232.5
Total revenues	570.7	540.7	541.5	546.7	552.8	515.3	480.2	482.3
Revenue growth [+]	3.2%	4.9%	12.8%	13.3%	12.7%	-5.7%	-16.0%	-14.4%
Work Truck Attachments	15.9%	19.5%	28.8%	24.5%	23.3%	-3.9%	-13.9%	-14.2%
Work Truck Solutions	-12.5%	-11.9%	-5.1%	1.4%	1.8%	-7.8%	-18.3%	-14.6%
Cost of goods sold	431.6	404.0	399.6	393.2	393.2	372.5	351.9	355.5
Gross profit	139.1	136.7	141.9	153.5	159.6	142.8	128.3	126.8
Gross margin	24.4%	25.3%	26.2%	28.1%	28.9%	27.7%	26.7%	26.3%
Selling, general and administrative [+]	81.4	80.3	78.8	76.7	75.5	67.4	64.6	66.0
Sales and marketing	62.0	61.0		59.5	58.3	50.2		47.4
General and administrative			19.4				17.2
Adjusted EBITDA	72.6	72.0	78.5	92.4	99.6	87.9	75.3	79.0
Adjusted EBITDA margin	12.7%	13.3%	14.5%	16.9%	18.0%	17.1%	15.7%	16.4%
Stock-based compensation	4.8	5.7	5.8	6.1	6.3	3.4	2.8	2.9
EBITDA [+]	67.7	66.3	72.7	86.3	93.4	84.4	72.5	76.0
EBITDA growth	-27.5%	-21.5%	0.3%	13.5%	19.4%	-16.2%	-35.5%	-27.8%
EBITDA margin	11.9%	12.3%	13.4%	15.8%	16.9%	16.4%	15.1%	15.8%
Depreciation and amortization	10.0	9.9	9.6	9.5	9.3	9.0	8.8	8.6
EBITA	57.8	56.4	63.0	76.8	84.1	75.5	63.7	67.4
EBITA margin	10.1%	10.4%	11.6%	14.0%	15.2%	14.6%	13.3%	14.0%
Amortization of intangibles	10.5	10.6	10.7	10.8	10.9	10.9	10.9	11.0
EBIT [+]	47.2	45.8	52.3	66.0	73.2	64.6	52.7	56.4
EBIT growth	-35.5%	-29.1%	-0.7%	17.0%	24.5%	-20.7%	-43.4%	-34.5%
EBIT margin	8.3%	8.5%	9.7%	12.1%	13.2%	12.5%	11.0%	11.7%
Non-recurring items			1.2
Interest expense	9.1	11.0	11.8	14.0	16.9	18.2	20.2	19.9
Interest expense	9.1	11.0	11.8	14.0	16.9	18.2	20.2	19.9
Other income (expense), net [+]	0.2	-4.6	-4.7	-4.8	-4.9	-3.3	-3.5	-10.2
Gain (loss) on debt retirement					-5.3		-3.5	-3.4
Other	0.2	0.4	0.2	0.2	0.4	0.2	0.1	-0.2
Pre-tax income	37.2	29.0	34.6	47.2	51.4	-84.8	-98.8	-108.1
Income taxes	7.5	3.0	3.9	7.2	9.2	-9.1	-12.3	-15.0
Tax rate	20.2%	10.2%	11.3%	15.2%	17.9%		12.4%	13.9%
Net income	29.7	26.0	30.7	40.0	42.2	-75.7	-86.6	-93.2
Net margin	5.2%	4.8%	5.7%	7.3%	7.6%	-14.7%	-18.0%	-19.3%

Basic EPS [+]	$1.29	$1.13	$1.34	$1.75	$1.85	($3.31)	($3.79)	($4.08)
Growth	-30.0%	-134.2%	-135.3%	-142.8%	-146.8%	-291.8%	-275.5%	-277.5%
Diluted EPS [+]	$1.29	$1.13	$1.34	$1.75	$1.84	($3.31)	($3.79)	($4.08)
Growth	-29.9%	-134.2%	-135.3%	-142.8%	-146.8%	-291.8%	-275.6%	-277.6%

Dividends per share [+]	$1.15	$1.15	$1.15	$1.15	$1.14	$1.13	$1.12	$1.11
Growth	0.9%	1.8%	2.7%	3.6%	3.6%	3.7%	3.7%	3.7%

Shares outstanding (basic) [+]	23.0	23.0	22.9	22.9	22.9	22.9	22.8	22.8
Growth	0.3%	0.5%	0.5%	0.4%	0.3%	0.3%	0.3%	0.3%
Shares outstanding (diluted) [+]	23.0	23.0	23.0	22.9	22.9	22.9	22.8	22.8
Growth	0.2%	0.5%	0.5%	0.4%	0.4%	0.3%	0.2%	0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.