DOUGLAS DYNAMICS, INC (PLOW) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Work Truck Attachments	325.7	252.8	293.6	275.2	238.9		399.9
Work Truck Solutions	215.7	227.3	278.1	248.8	236.0
Specialty Attachments								303.2
Corporate & Eliminations							0.5	0.3
Total revenues	541.5	480.2	571.7	524.1	474.9	416.3	400.4	303.5
Revenue growth [+]	12.8%	-16.0%	9.1%	10.3%	14.1%	4.0%	31.9%	56.2%
Work Truck Attachments	28.8%	-13.9%	6.7%	15.2%
Work Truck Solutions	-5.1%	-18.3%	11.8%	5.4%
Corporate & Eliminations							50.5%
Cost of goods sold	399.6	351.9	402.9	369.2	331.8	282.3	267.5	187.2
Gross profit	141.9	128.3	168.8	154.9	143.1	134.0	132.9	116.3
Gross margin	26.2%	26.7%	29.5%	29.6%	30.1%	32.2%	33.2%	38.3%
Selling, general and administrative	78.8	64.6	71.3	70.0	60.9	53.6	48.2	38.3
Other operating expenses			-6.6			10.6	7.4	5.8
Adjusted EBITDA	78.5	75.3	115.6	97.1	92.9	89.4	92.9	84.3
Adjusted EBITDA margin	14.5%	15.7%	20.2%	18.5%	19.6%	21.5%	23.2%	27.8%
Stock-based compensation	5.8	2.8	3.2	4.6	3.5	2.9	3.3	2.9
EBITDA [+]	72.7	72.5	112.4	92.5	89.4	86.6	89.6	81.4
EBITDA growth	0.3%	-35.5%	21.4%	3.5%	3.3%	-3.4%	10.1%	125.0%
EBITDA margin	13.4%	15.1%	19.7%	17.7%	18.8%	20.8%	22.4%	26.8%
Depreciation and amortization	9.6	8.8	8.3	7.6	7.2	6.1	4.9	3.4
EBITA	63.0	63.7	104.1	84.9	82.2	80.4	84.7	78.0
EBITA margin	11.6%	13.3%	18.2%	16.2%	17.3%	19.3%	21.2%	25.7%
Amortization of intangibles	10.7	10.9	11.0	11.5	11.4	10.6	7.4	5.8
EBIT [+]	52.3	52.7	93.2	73.5	70.8	69.8	77.4	72.2
EBIT growth	-0.7%	-43.4%	26.8%	3.7%	1.4%	-9.8%	7.1%	162.5%
EBIT margin	9.7%	11.0%	16.3%	14.0%	14.9%	16.8%	19.3%	23.8%
Non-recurring items [+]	1.2	127.9	6.6
Asset impairment	1.2	127.9
Interest expense	11.8	20.2	16.8	16.9	18.3	15.2	10.9	8.1
Interest expense	11.8	20.2	16.8	16.9	18.3	15.2	10.9	8.1
Other income (expense), net [+]	-4.7	-3.5	-7.2	-0.8	0.4	9.1	-0.2	-2.1
Litigation settlement					1.3	10.1
Gain (loss) on debt retirement	-4.9	-3.5						-1.9
Other	0.2	0.1	-0.6	-0.8	-0.8	-1.0	-0.2	-0.2
Pre-tax income	34.6	-98.8	62.6	55.8	52.9	63.7	66.3	62.0
Income taxes	3.9	-12.3	13.5	11.9	-2.4	24.7	22.1	22.0
Tax rate	11.3%	12.4%	21.5%	21.3%		38.8%	33.3%	35.5%
Net income	30.7	-86.6	49.2	43.9	55.3	39.0	44.2	39.4
Net margin	5.7%	-18.0%	8.6%	8.4%	11.6%	9.4%	11.0%	13.0%

Basic EPS [+]	$1.34	($3.79)	$2.16	$1.94	$2.45	$1.74	$1.98	$1.78
Growth	-135.3%	-275.5%	11.5%	-21.0%	41.2%	-12.3%	11.5%	241.2%
Diluted EPS [+]	$1.34	($3.79)	$2.16	$1.94	$2.45	$1.74	$1.98	$1.77
Growth	-135.3%	-275.5%	11.5%	-21.0%	41.2%	-12.2%	11.5%	241.5%

Dividends per share [+]	$1.14	$1.12	$1.09	$1.06	$0.96	$0.94	$0.89	$0.87
Growth	1.8%	2.8%	2.8%	10.4%	2.1%	5.6%	2.3%	3.6%

Shares outstanding (basic) [+]	23.0	22.8	22.8	22.7	22.6	22.5	22.3	22.2
Growth	0.5%	0.3%	0.4%	0.5%	0.4%	0.7%	0.7%	0.6%
Shares outstanding (diluted) [+]	23.0	22.8	22.8	22.7	22.6	22.5	22.3	22.2
Growth	0.5%	0.3%	0.4%	0.5%	0.4%	0.6%	0.7%	0.6%

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