Federal Signal Completes Record Year with Impressive Fourth Quarter Results, including 15% Net Sales Growth, 35% Operating Income Increase and Strong Cash Generation; Issues 2024 Outlook
Fourth Quarter Highlights
- Net sales of
$448 million , up$57 million , or 15%, from last year; organic growth of$42 million , or 11% - Operating income of
$63.1 million , up$16.5 million , or 35%, from last year - Operating cash flow of
$103 million , up$64 million , or 162%, from last year - GAAP EPS of
$0.75 , up$0.18 , or 32%, from last year - Adjusted EPS of
$0.74 , up$0.17 , or 30%, from last year - Orders of
$465 million , up$21 million , or 5%, from last year - Backlog of
$1.03 billion , up$146 million , or 17%, from last year
Full-Year Highlights
- Net sales of
$1.72 billion , up$288 million , or 20%, from last year; organic growth of$220 million , or 15% - Operating income of
$224.5 million , up$63.7 million , or 40%, from last year - Operating cash flow of
$194 million , up$123 million , or 171%, from last year - GAAP EPS of
$2.56 , up$0.59 , or 30%, from last year - Adjusted EPS of
$2.58 , up$0.62 , or 32%, from last year - Orders of
$1.87 billion , up$178 million , or 11%, from last year
2024 Outlook
- Adjusted EPS* of
$2.85 to$3.05 - Net sales of
$1.85 billion to$1.90 billion - Capital expenditures of
$35 million to$40 million
Consolidated net sales for the fourth quarter were
Consolidated net sales for the year ended
Strong Fourth Quarter Performance Wraps up Record Year; Customer Demand at Unprecedented Levels
"Our record-setting fourth quarter performance represented a strong finish to a year in which we delivered the highest net sales and adjusted EPS in our history," commented
In the
Consolidated operating income for the fourth quarter was
Consolidated adjusted earnings before interest, tax, depreciation and amortization ("adjusted EBITDA") for the fourth quarter was
Adjusted EBITDA in the
Orders for the fourth quarter were
Increased Operating Cash Flow Further Strengthens Financial Position, Providing Flexibility to Fund Growth Opportunities and Cash Returns to Stockholders
Operating cash flow during the fourth quarter was
At
"Our operating cash flow generation this quarter was outstanding, enabling us to pay down approximately
The Company funded dividends of
The Company also funded stock repurchases of
Outlook
"Conditions in our end markets remain strong, and with the ongoing execution against our strategic initiatives and opportunities to drive improved efficiencies, we are confident that we will have another record year in 2024," noted Sherman. "Although seasonal effects typically result in our first quarter earnings being lower than subsequent quarters, we are anticipating full-year net sales of between
CONFERENCE CALL
About
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This release contains unaudited financial information and various forward-looking statements as of the date hereof and we undertake no obligation to update these forward-looking statements regardless of new developments or otherwise. Statements in this release that are not historical are forward-looking statements. Such statements are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. Such risks and uncertainties include but are not limited to: direct and indirect impacts of the coronavirus pandemic and the associated government response, risks and adverse economic effects associated with emerging geopolitical conflicts, product and price competition, supply chain disruptions, work stoppages, availability and pricing of raw materials, cybersecurity risks, risks associated with acquisitions such as integration of operations and achieving anticipated revenue and cost benefits, foreign currency exchange rate changes, interest rate changes, increased legal expenses and litigation results, legal and regulatory developments and other risks and uncertainties described in filings with the
* Adjusted earnings per share ("EPS") is a non-GAAP measure, which includes certain adjustments to reported GAAP net income and diluted EPS. In 2023, we made adjustments to exclude the impact of acquisition and integration-related expenses (benefits), environmental remediation costs of a discontinued operation and purchase accounting effects. In prior years, we have also made adjustments to exclude the impact of debt settlement charges and certain other unusual or non-recurring items. Should any similar items occur in 2024, we would expect to exclude them from the determination of adjusted EPS. However, because of the underlying uncertainty in quantifying amounts which may not yet be known, a reconciliation of our Adjusted EPS outlook to the most applicable GAAP measure is excluded based on the unreasonable efforts exception in Item 10(e)(1)(i)(B).
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
|
|||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in millions of dollars, except per share data and percentages) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Net sales |
$ 448.4 |
|
$ 391.5 |
|
$ 1,722.7 |
|
$ 1,434.8 |
Cost of sales |
329.0 |
|
294.9 |
|
1,272.5 |
|
1,089.9 |
Gross profit |
119.4 |
|
96.6 |
|
450.2 |
|
344.9 |
Selling, engineering, general and administrative expenses |
54.1 |
|
46.2 |
|
210.1 |
|
171.7 |
Amortization expense |
3.8 |
|
3.3 |
|
15.2 |
|
12.9 |
Acquisition and integration related (benefits) expenses |
(1.6) |
|
0.5 |
|
0.4 |
|
(0.5) |
Operating income |
63.1 |
|
46.6 |
|
224.5 |
|
160.8 |
Interest expense, net |
4.3 |
|
4.4 |
|
19.7 |
|
10.3 |
Other expense (income), net |
0.3 |
|
0.2 |
|
1.8 |
|
(0.4) |
Income before income taxes |
58.5 |
|
42.0 |
|
203.0 |
|
150.9 |
Income tax expense |
12.1 |
|
7.4 |
|
45.6 |
|
30.5 |
Net income |
$ 46.4 |
|
$ 34.6 |
|
$ 157.4 |
|
$ 120.4 |
Earnings per share: |
|
|
|
|
|
|
|
Basic |
$ 0.76 |
|
$ 0.57 |
|
$ 2.59 |
|
$ 1.99 |
Diluted |
$ 0.75 |
|
$ 0.57 |
|
$ 2.56 |
|
$ 1.97 |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
60.8 |
|
60.5 |
|
60.7 |
|
60.5 |
Diluted |
61.6 |
|
61.2 |
|
61.5 |
|
61.2 |
Cash dividends declared per common share |
$ 0.10 |
|
$ 0.09 |
|
$ 0.39 |
|
$ 0.36 |
|
|
|
|
|
|
|
|
Operating data: |
|
|
|
|
|
|
|
Operating margin |
14.1 % |
|
11.9 % |
|
13.0 % |
|
11.2 % |
Adjusted EBITDA |
$ 77.5 |
|
$ 61.1 |
|
$ 286.0 |
|
$ 215.0 |
Adjusted EBITDA margin |
17.3 % |
|
15.6 % |
|
16.6 % |
|
15.0 % |
Total orders |
$ 465.0 |
|
$ 444.2 |
|
$ 1,870.1 |
|
$ 1,692.2 |
Backlog |
1,025.1 |
|
879.2 |
|
1,025.1 |
|
879.2 |
Depreciation and amortization |
15.3 |
|
14.0 |
|
60.4 |
|
54.7 |
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
|||
|
|||
|
As of |
||
(in millions of dollars, except per share data) |
2023 |
|
2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 61.0 |
|
$ 47.5 |
Accounts receivable, net of allowances for doubtful accounts of |
186.2 |
|
173.8 |
Inventories |
303.4 |
|
292.7 |
Prepaid expenses and other current assets |
19.6 |
|
17.4 |
Total current assets |
570.2 |
|
531.4 |
Properties and equipment, net of accumulated depreciation of |
190.8 |
|
179.3 |
Rental equipment, net of accumulated depreciation of |
134.8 |
|
109.1 |
Operating lease right-of-use assets |
21.0 |
|
24.7 |
|
472.7 |
|
453.4 |
Intangible assets, net of accumulated amortization of |
207.5 |
|
208.2 |
Deferred tax assets |
12.0 |
|
8.8 |
Deferred charges and other long-term assets |
11.5 |
|
9.4 |
Total assets |
$ 1,620.5 |
|
$ 1,524.3 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Current portion of long-term borrowings and finance lease obligations |
$ 4.7 |
|
$ 1.5 |
Accounts payable |
66.7 |
|
72.4 |
Customer deposits |
27.1 |
|
25.4 |
Accrued liabilities: |
|
|
|
Compensation and withholding taxes |
42.3 |
|
31.1 |
Current operating lease liabilities |
6.8 |
|
6.9 |
Other current liabilities |
48.2 |
|
43.2 |
Total current liabilities |
195.8 |
|
180.5 |
Long-term borrowings and finance lease obligations |
294.3 |
|
361.5 |
Long-term operating lease liabilities |
14.9 |
|
18.5 |
Long-term pension and other post-retirement benefit liabilities |
44.2 |
|
38.9 |
Deferred tax liabilities |
53.2 |
|
51.0 |
Other long-term liabilities |
16.2 |
|
13.0 |
Total liabilities |
618.6 |
|
663.4 |
Stockholders' equity: |
|
|
|
Common stock, $1 par value per share, 90.0 shares authorized, 70.0 and 69.5 shares issued, respectively |
70.0 |
|
69.5 |
Capital in excess of par value |
291.1 |
|
271.8 |
Retained earnings |
915.8 |
|
782.2 |
|
(193.7) |
|
(178.6) |
Accumulated other comprehensive loss |
(81.3) |
|
(84.0) |
Total stockholders' equity |
1,001.9 |
|
860.9 |
Total liabilities and stockholders' equity |
$ 1,620.5 |
|
$ 1,524.3 |
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
|
|||
|
For the Years Ended |
||
(in millions of dollars) |
2023 |
|
2022 |
Operating activities: |
|
|
|
Net income |
$ 157.4 |
|
$ 120.4 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
60.4 |
|
54.7 |
Deferred financing costs |
0.5 |
|
0.4 |
Stock-based compensation expense |
13.1 |
|
10.2 |
Pension-related expense, net of funding |
(1.8) |
|
(1.4) |
Changes in fair value of contingent consideration |
(2.1) |
|
— |
Amortization of interest rate swap settlement gain |
(2.4) |
|
— |
Deferred income taxes, including change in valuation allowance |
(0.3) |
|
(4.2) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
(6.1) |
|
(38.0) |
Inventories |
9.8 |
|
(61.0) |
Prepaid expenses and other current assets |
(1.7) |
|
(0.5) |
Rental equipment |
(44.8) |
|
(26.0) |
Accounts payable |
(8.5) |
|
8.3 |
Customer deposits |
1.1 |
|
1.3 |
Accrued liabilities |
15.8 |
|
1.1 |
Income taxes |
(0.5) |
|
8.0 |
Other |
4.5 |
|
(1.5) |
Net cash provided by operating activities |
194.4 |
|
71.8 |
Investing activities: |
|
|
|
Purchases of properties and equipment |
(30.3) |
|
(53.0) |
Payments for acquisition-related activity, net of cash acquired |
(55.0) |
|
(49.8) |
Other, net |
1.6 |
|
3.1 |
Net cash used for investing activities |
(83.7) |
|
(99.7) |
Financing activities: |
|
|
|
(Decrease) increase in revolving lines of credit, net |
(64.1) |
|
81.2 |
Payments on long-term borrowings |
(0.8) |
|
— |
Payments of debt financing fees |
— |
|
(1.9) |
Purchases of treasury stock |
(5.5) |
|
(16.1) |
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation |
(7.0) |
|
(6.2) |
Payments for acquisition-related activity |
(0.5) |
|
— |
Cash dividends paid to stockholders |
(23.8) |
|
(21.8) |
Proceeds from stock compensation activity |
3.9 |
|
0.2 |
Other, net |
(0.1) |
|
0.1 |
Net cash (used for) provided by financing activities |
(97.9) |
|
35.5 |
Effects of foreign exchange rate changes on cash and cash equivalents |
0.7 |
|
(0.6) |
Increase in cash and cash equivalents |
13.5 |
|
7.0 |
Cash and cash equivalents at beginning of year |
47.5 |
|
40.5 |
Cash and cash equivalents at end of year |
$ 61.0 |
|
$ 47.5 |
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES GROUP RESULTS |
|||||||||||
|
|||||||||||
The following tables summarize group operating results as of and for the three and twelve months ended |
|||||||||||
|
|||||||||||
Environmental Solutions Group |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
(in millions of dollars, except percentages) |
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
Net sales |
$ 373.1 |
|
$ 325.3 |
|
$ 47.8 |
|
$ 1,437.9 |
|
$ 1,190.6 |
|
$ 247.3 |
Operating income |
58.2 |
|
44.7 |
|
13.5 |
|
209.2 |
|
144.5 |
|
64.7 |
Adjusted EBITDA |
73.3 |
|
57.6 |
|
15.7 |
|
267.2 |
|
194.9 |
|
72.3 |
Operating data: |
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
15.6 % |
|
13.7 % |
|
1.9 % |
|
14.5 % |
|
12.1 % |
|
2.4 % |
Adjusted EBITDA margin |
19.6 % |
|
17.7 % |
|
1.9 % |
|
18.6 % |
|
16.4 % |
|
2.2 % |
Total orders |
$ 398.8 |
|
$ 383.5 |
|
$ 15.3 |
|
$ 1,578.0 |
|
$ 1,444.2 |
|
$ 133.8 |
Backlog |
966.5 |
|
824.4 |
|
142.1 |
|
966.5 |
|
824.4 |
|
142.1 |
Depreciation and amortization |
14.2 |
|
12.8 |
|
1.4 |
|
56.0 |
|
50.3 |
|
5.7 |
|
|||||||||||
|
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
(in millions of dollars, except percentages) |
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
Net sales |
$ 75.3 |
|
$ 66.2 |
|
$ 9.1 |
|
$ 284.8 |
|
$ 244.2 |
|
$ 40.6 |
Operating income |
14.9 |
|
12.1 |
|
2.8 |
|
54.8 |
|
40.8 |
|
14.0 |
Adjusted EBITDA |
16.0 |
|
13.2 |
|
2.8 |
|
59.0 |
|
45.0 |
|
14.0 |
Operating data: |
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
19.8 % |
|
18.3 % |
|
1.5 % |
|
19.2 % |
|
16.7 % |
|
2.5 % |
Adjusted EBITDA margin |
21.2 % |
|
19.9 % |
|
1.3 % |
|
20.7 % |
|
18.4 % |
|
2.3 % |
Total orders |
$ 66.2 |
|
$ 60.7 |
|
$ 5.5 |
|
$ 292.1 |
|
$ 248.0 |
|
$ 44.1 |
Backlog |
58.6 |
|
54.8 |
|
3.8 |
|
58.6 |
|
54.8 |
|
3.8 |
Depreciation and amortization |
1.1 |
|
1.1 |
|
— |
|
4.2 |
|
4.2 |
|
— |
Corporate Expenses
Corporate operating expenses were
Corporate operating expenses were
SEC REGULATION G NON-GAAP RECONCILIATION
The financial measures presented below are unaudited and are not in accordance with
Adjusted net income and adjusted earnings per share ("Adjusted EPS"):
The Company believes that modifying its 2023 and 2022 net income and diluted earnings per share ("EPS") provides additional measures which are representative of the Company's underlying performance and improve the comparability of results between reporting periods. Adjusted net income and Adjusted EPS are both non-GAAP measures. During the three and twelve months ended
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in millions of dollars) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
$ 46.4 |
|
$ 34.6 |
|
$ 157.4 |
|
$ 120.4 |
Add: |
|
|
|
|
|
|
|
Income tax expense |
12.1 |
|
7.4 |
|
45.6 |
|
30.5 |
Income before income taxes |
58.5 |
|
42.0 |
|
203.0 |
|
150.9 |
Add: |
|
|
|
|
|
|
|
Acquisition and integration-related (benefits) expenses |
(1.6) |
|
0.5 |
|
0.4 |
|
(0.5) |
Environmental remediation costs of a discontinued operation (a) |
— |
|
— |
|
0.8 |
|
— |
Debt settlement charges (b) |
— |
|
0.1 |
|
— |
|
0.1 |
Purchase accounting effects (c) |
0.7 |
|
— |
|
0.7 |
|
— |
Adjusted income before income taxes |
$ 57.6 |
|
$ 42.6 |
|
$ 204.9 |
|
$ 150.5 |
Adjusted income tax expense (d) |
(11.9) |
|
(7.6) |
|
(46.1) |
|
(30.4) |
Adjusted net income |
$ 45.7 |
|
$ 35.0 |
|
$ 158.8 |
|
$ 120.1 |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in dollars per diluted share) |
2023 |
|
2022 |
|
2023 |
|
2022 |
EPS, as reported |
$ 0.75 |
|
$ 0.57 |
|
$ 2.56 |
|
$ 1.97 |
Add: |
|
|
|
|
|
|
|
Income tax expense |
0.20 |
|
0.12 |
|
0.74 |
|
0.50 |
Income before income taxes |
0.95 |
|
0.69 |
|
3.30 |
|
2.47 |
Add: |
|
|
|
|
|
|
|
Acquisition and integration-related (benefits) expenses |
(0.03) |
|
0.01 |
|
0.01 |
|
(0.01) |
Environmental remediation costs of a discontinued operation (a) |
— |
|
— |
|
0.01 |
|
— |
Debt settlement charges (b) |
— |
|
0.00 |
|
— |
|
0.00 |
Purchase accounting effects (c) |
0.01 |
|
— |
|
0.01 |
|
— |
Adjusted income before income taxes |
$ 0.93 |
|
$ 0.70 |
|
$ 3.33 |
|
$ 2.46 |
Adjusted income tax expense (d) |
(0.19) |
|
(0.13) |
|
(0.75) |
|
(0.50) |
Adjusted EPS |
$ 0.74 |
|
$ 0.57 |
|
$ 2.58 |
|
$ 1.96 |
|
|
(a) |
Environmental remediation costs of a discontinued operation in the twelve months ended |
(b) |
Debt settlement charges in the three and twelve months ended |
(c) |
Purchase accounting effects in the three and twelve months ended |
(d) |
Adjusted income tax expense for the three and twelve months ended |
Adjusted EBITDA:
The Company uses adjusted EBITDA and the ratio of adjusted EBITDA to net sales ("adjusted EBITDA margin"), at both the consolidated and segment level, as additional measures which are representative of its underlying performance and to improve the comparability of results across reporting periods. We believe that investors use versions of these metrics in a similar manner. For these reasons, the Company believes that adjusted EBITDA and adjusted EBITDA margin, at both the consolidated and segment level, are meaningful metrics to investors in evaluating the Company's underlying financial performance.
Consolidated adjusted EBITDA is a non-GAAP measure that represents the total of net income, interest expense, acquisition and integration-related (benefits) expenses, purchase accounting effects, other expense/income, income tax expense, and depreciation and amortization expense, as applicable. Consolidated adjusted EBITDA margin is a non-GAAP measure that represents the total of net income, interest expense, acquisition and integration-related (benefits) expenses, purchase accounting effects, other expense/income, income tax expense, and depreciation and amortization expense, as applicable, divided by net sales for the applicable period(s).
Segment adjusted EBITDA is a non-GAAP measure that represents the total of segment operating income, acquisition and integration-related expenses, purchase accounting effects, and depreciation and amortization expense, as applicable. Segment adjusted EBITDA margin is a non-GAAP measure that represents the total of segment operating income, acquisition and integration-related expenses, purchase accounting effects, and depreciation and amortization expense, as applicable, divided by net sales for the applicable period(s). Segment operating income includes all revenues, costs and expenses directly related to the segment involved. In determining segment income, neither corporate nor interest expenses are included. Segment depreciation and amortization expense relates to those assets, both tangible and intangible, that are utilized by the respective segment.
Other companies may use different methods to calculate adjusted EBITDA and adjusted EBITDA margin.
Consolidated
The following table summarizes the Company's consolidated adjusted EBITDA and adjusted EBITDA margin and reconciles net income to consolidated adjusted EBITDA for the three and twelve months ended
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in millions of dollars, except percentages) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
$ 46.4 |
|
$ 34.6 |
|
$ 157.4 |
|
$ 120.4 |
Add (less): |
|
|
|
|
|
|
|
Interest expense, net |
4.3 |
|
4.4 |
|
19.7 |
|
10.3 |
Acquisition and integration-related (benefits) expenses |
(1.6) |
|
0.5 |
|
0.4 |
|
(0.5) |
Purchase accounting effects |
0.7 |
|
— |
|
0.7 |
|
— |
Other expense (income), net |
0.3 |
|
0.2 |
|
1.8 |
|
(0.4) |
Income tax expense |
12.1 |
|
7.4 |
|
45.6 |
|
30.5 |
Depreciation and amortization |
15.3 |
|
14.0 |
|
60.4 |
|
54.7 |
Consolidated adjusted EBITDA |
$ 77.5 |
|
$ 61.1 |
|
$ 286.0 |
|
$ 215.0 |
|
|
|
|
|
|
|
|
Net sales |
$ 448.4 |
|
$ 391.5 |
|
$ 1,722.7 |
|
$ 1,434.8 |
|
|
|
|
|
|
|
|
Consolidated adjusted EBITDA margin |
17.3 % |
|
15.6 % |
|
16.6 % |
|
15.0 % |
Environmental Solutions Group
The following table summarizes the
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in millions of dollars, except percentages) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Operating income |
$ 58.2 |
|
$ 44.7 |
|
$ 209.2 |
|
$ 144.5 |
Add: |
|
|
|
|
|
|
|
Acquisition and integration-related expenses |
0.2 |
|
0.1 |
|
1.3 |
|
0.1 |
Purchase accounting effects |
0.7 |
|
— |
|
0.7 |
|
— |
Depreciation and amortization |
14.2 |
|
12.8 |
|
56.0 |
|
50.3 |
Adjusted EBITDA |
$ 73.3 |
|
$ 57.6 |
|
$ 267.2 |
|
$ 194.9 |
|
|
|
|
|
|
|
|
Net sales |
$ 373.1 |
|
$ 325.3 |
|
$ 1,437.9 |
|
$ 1,190.6 |
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
19.6 % |
|
17.7 % |
|
18.6 % |
|
16.4 % |
The following table summarizes the
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in millions of dollars, except percentages) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Operating income |
$ 14.9 |
|
$ 12.1 |
|
$ 54.8 |
|
$ 40.8 |
Add: |
|
|
|
|
|
|
|
Depreciation and amortization |
1.1 |
|
1.1 |
|
4.2 |
|
4.2 |
Adjusted EBITDA |
$ 16.0 |
|
$ 13.2 |
|
$ 59.0 |
|
$ 45.0 |
|
|
|
|
|
|
|
|
Net sales |
$ 75.3 |
|
$ 66.2 |
|
$ 284.8 |
|
$ 244.2 |
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
21.2 % |
|
19.9 % |
|
20.7 % |
|
18.4 % |
SOURCE