Supply Management Operating Margin Expansion

2.15

2.05

2.09

1.97

2.09

1.90

2.13

1.75%

1.80%

1.85%

1.90%

1.95%

2.00%

2.05%

2.10%

2.15%

Q1

Q2

Q3

Q4

+4 bp

+12 bp

+25 bp

Operating profit as a % of SMB Revenues

YTD: +14bp

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