NPK Reports Fourth Quarter 2025 Results
THE WOODLANDS, Texas--( BUSINESS WIRE)--NPK International Inc. (NYSE: NPKI) (“NPK” or the “Company”) today announced results for the three and twelve months ended December 31, 2025.
FOURTH QUARTER 2025 RESULTS
(all comparisons versus the prior year period unless otherwise noted)
FULL-YEAR 2025 RESULTS
(all comparisons versus the prior year period unless otherwise noted)
Fourth Quarter
(In millions)
2025
2024
Change
Revenues
$
75.2
$
57.5
$
17.7
Operating income from continuing operations
$
12.6
$
11.6
$
1.0
Adjusted EBITDA from continuing operations
$
21.7
$
17.1
$
4.6
Operating margin from continuing operations (%)
16.7 %
20.2 %
-350
bps
Adjusted EBITDA margin from continuing operations (%)
28.8 %
29.7 %
-90
bps
Net cash provided by operating activities
$
18.0
$
(4.1)
$
22.1
Free Cash Flow
$
5.9
$
(15.9)
$
21.8
Full Year
(In millions)
2025
2024
Change
Revenues
$
277.0
$
217.5
$
59.5
Operating income from continuing operations
$
46.8
$
32.4
$
14.4
Adjusted EBITDA from continuing operations
$
75.5
$
54.9
$
20.6
Operating margin from continuing operations (%)
16.9 %
14.9 %
200
bps
Adjusted EBITDA margin from continuing operations (%)
27.3 %
25.2 %
210
bps
Net cash provided by operating activities
$
73.0
$
38.2
$
34.8
Free Cash Flow
$
30.3
$
(0.4)
$
30.7
MANAGEMENT COMMENTARY
“We were extremely pleased with our strong fourth quarter performance, which capped a record year and underscored the strength of our long-term strategy and the continued momentum across our key end-markets,” said Matthew Lanigan, President and CEO of NPK International. “Fourth quarter revenue increased 9% sequentially and 31% year over year, driven by sustained strength in rental fleet utilization and continued robust demand for our DURA-BASE products from utility customers. As expected, profitability rebounded meaningfully from the third quarter, with fourth quarter Adjusted EBITDA increasing 41% sequentially and 27% year over year.
Lanigan continued, “Looking at full-year 2025, we made significant progress across each of the strategic priorities we outlined at the start of the year. Our top focus was accelerating organic rental growth, which we believe is our most durable long-term value driver. For the year, rental revenue increased 39%, contributing to total revenue growth of 27%. Importantly, Adjusted EBITDA margin expanded by more than 200 basis points in 2025, reflecting the operating leverage inherent in our model and driving Adjusted EBITDA growth of 38% compared with the prior year.
“A key pillar of our organic growth strategy remains our focus on manufacturing capacity expansion. Production volumes increased more than 15% year-over-year in 2025, and the initiatives implemented during the year are anticipated to provide sufficient production capacity to support our growth needs in 2026. Looking longer-term, our team is wrapping up the evaluation of manufacturing expansion alternatives. We are very encouraged by the team’s progress and expect to finalize our investment details and timelines within the next few months, with an expectation of bringing additional production capacity online in the first half of 2027.
“As part of our disciplined capital allocation strategy, an important priority coming into 2025 was the focused pursuit of core inorganic growth. We were pleased to complete the acquisition of Grassform Plant Hire Limited in November, which strengthens our capabilities and enhances our scale as a top tier worksite access provider in the U.K. market. We ended the year in a strong financial position and remain committed to our balanced capital allocation framework that prioritizes organic growth investments, the pursuit of strategic acquisitions, and the return of excess capital to shareholders.
“We remain optimistic regarding the long-term outlook for power transmission spending, supported by an aging utility infrastructure and the continued electrification of the economy. Our industry-leading matting fleet provides the scale and flexibility to capitalize on these trends, as reflected by the strength in our commercial pipeline, with our quoted volumes up approximately 30% from year-end 2024. Based on this momentum, we are introducing full-year 2026 guidance which reflects year-over-year revenue and Adjusted EBITDA growth of 14% and 25%, respectively, at the midpoint of our range, driven primarily by anticipated low-to-mid teens percentage growth in rental and service revenues.
“As we look ahead, our strategic priorities remain unchanged - delivering consistent organic growth, driving organizational efficiencies, and enhancing returns on invested capital through a disciplined approach to capital allocation,” concluded Lanigan. “We are excited about the opportunities ahead and remain confident in our ability to execute on our objectives in 2026 and beyond.”
BUSINESS UPDATE
NPK’s business plan is designed to drive organic commercial growth within targeted rental and product sale markets; improve asset optimization and organizational efficiency; and pursue a capital allocation strategy that prioritizes investments with superior return profiles, together with a programmatic return of capital program.
Fourth quarter and full-year 2025 highlights include:
FINANCIAL PERFORMANCE
In the fourth quarter of 2025, NPK generated income from continuing operations of $10.7 million, or $0.13 per diluted share, on total revenue of $75.2 million, compared to $8.0 million, or $0.09 per diluted share, on total revenue of $57.5 million, in the fourth quarter of 2024. Income from continuing operations for the fourth quarter of 2025 and 2024 included income tax benefits of $1.5 million and $1.3 million, respectively, primarily reflecting the release of valuation allowances on U.S. state net operating losses. Gross margin was 37.7% in the fourth quarter of 2025, compared to 39.2% in the prior year period. The Company reported Adjusted EBITDA from Continuing Operations of $21.7 million in the fourth quarter of 2025, or 28.8% of total revenue, compared to $17.1 million, or 29.7% of total revenue, in the prior year period.
Selling, general and administrative expenses were $15.4 million (20.4% of revenues) in the fourth quarter of 2025, compared to $10.7 million (18.6% of revenues) in the fourth quarter of 2024. SG&A in the fourth quarter of 2025 includes approximately $1.1 million in acquisition-related transaction costs primarily attributable to the Grassform acquisition and $0.8 million of severance costs. Full year selling, general and administrative expenses were $54.0 million (19.5% of revenues), compared to $46.0 million (21.2% of revenues) in the prior year. SG&A in 2025 includes elevated costs for performance-based incentives tied to 2025 performance targets and longer-term shareholder return metrics as well as approximately $1.1 million in acquisition-related transaction costs primarily attributable to the Grassform acquisition, $1.2 million of severance costs, and $0.5 million of ERP implementation costs.
BALANCE SHEET AND LIQUIDITY
As of December 31, 2025, NPK had total cash of $5.1 million, total debt of $16.9 million, and available liquidity under its senior secured revolving credit facility of $139 million.
Operating cash flow was $18.0 million in the fourth quarter of 2025. Capital investments used $12.1 million, net, primarily funding the expansion of the mat rental fleet to support increased customer demand. Operating cash flow was $73.0 million in 2025. Capital investments used $42.7 million, net, primarily funding the expansion of the mat rental fleet to support increased customer demand. During 2025, the Company used $20.4 million of cash to repurchase 3 million (4%) of outstanding shares under the repurchase program.
FINANCIAL GUIDANCE
The following forward-looking guidance reflects the Company’s current expectations and beliefs as of February 25, 2026 and is subject to change. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.
For the full year 2026, NPK currently anticipates the following:
FOURTH QUARTER 2025 RESULTS CONFERENCE CALL
A conference call will be held Thursday, February 26, 2026 at 9:30 a.m. ET to review the Company’s financial results and conduct a question-and-answer session.
A webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.npki.com. Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
To participate in the live teleconference:
Domestic Live:
800-715-9871
International Live:
646-307-1963
Conference ID:
8869084
To listen to a replay of the teleconference, which subsequently will be available through March 5, 2026:
Domestic Replay:
800-770-2030
International Replay:
647-362-9199
ABOUT NPK INTERNATIONAL
NPK International Inc. is a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. As a geographically diversified company, the Company delivers superior quality and reliability across critical infrastructure markets, including electrical transmission and distribution, oil and gas exploration, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.npki.com.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as “will,” “may,” “could,” “would,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “guidance,” and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by NPK, particularly its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to our ability to generate organic growth; economic and market conditions that may impact our customers’ future spending; customer concentration; the effective management of our fleet, including our ability to properly manufacture, safeguard, and maintain our fleet; international operations; manufacturing capacity expansion projects; operating hazards present in our and our customers’ industries and substantial liability claims; our contracts that can be terminated or downsized by our customers without penalty; our product offering and market expansion; our ability to attract, retain, and develop qualified leaders, key employees, and skilled personnel; expanding our services in the utilities sector, which may require unionized labor; the price and availability of raw materials; inflation; capital investments and business acquisitions; market competition; technological developments and intellectual property; severe weather, natural disasters, and seasonality; public health crises, epidemics, and pandemics; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity incidents or business system disruptions; complications with the design or implementation of our updated enterprise resource planning system; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; share repurchases; and our amended and restated bylaws, which could limit our stockholders’ ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. NPK’s filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.npki.com.
NPK International Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
Twelve Months Ended
(In thousands, except per share data)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenues
$
75,195
$
68,838
$
57,524
$
277,043
$
217,489
Cost of revenues
46,834
46,870
35,001
176,283
140,359
Selling, general and administrative expenses
15,352
13,279
10,713
54,034
46,048
Other operating (income) loss, net
444
(368
)
166
(53
)
(1,269
)
Operating income from continuing operations
12,565
9,057
11,644
46,779
32,351
Foreign currency exchange (gain) loss
25
31
699
(884
)
869
Interest (income) expense, net
107
(47
)
9
13
2,621
Income from continuing operations before income taxes
12,433
9,073
10,936
47,650
28,861
Provision (benefit) for income taxes from continuing operations (1)
1,710
3,010
2,888
11,705
(6,738
)
Income from continuing operations
10,723
6,063
8,048
35,945
35,599
Discontinued operations:
Income (loss) from discontinued operations before income taxes
(229
)
(593
)
(712
)
(1,412
)
4,360
Gain (loss) on sale of discontinued operations before income taxes
2,176
—
—
2,176
(195,729
)
Provision (benefit) for income taxes from discontinued operations
(1,934
)
(184
)
(1,367
)
(2,230
)
(5,508
)
Income (loss) from discontinued operations
3,881
(409
)
655
2,994
(185,861
)
Net income (loss)
$
14,604
$
5,654
$
8,703
$
38,939
$
(150,262
)
Income (loss) per common share - basic:
Income from continuing operations
$
0.13
$
0.07
$
0.09
$
0.42
$
0.41
Income (loss) from discontinued operations
0.04
—
0.01
0.04
(2.17
)
Net income (loss)
$
0.17
$
0.07
$
0.10
$
0.46
$
(1.75
)
Income (loss) per common share - diluted:
Income from continuing operations
$
0.13
$
0.07
$
0.09
$
0.42
$
0.41
Income (loss) from discontinued operations
0.04
—
0.01
0.03
(2.13
)
Net income (loss)
$
0.17
$
0.07
$
0.10
$
0.45
$
(1.72
)
Weighted average shares:
Basic
84,406
84,359
86,416
84,820
85,819
Diluted
85,414
85,066
87,222
85,719
87,395
(1) Includes income tax benefits of $1.5 million for the three and twelve months ended December 31, 2025, and $1.3 million and $15.9 million for the three months and twelve months ended December 31, 2024, respectively, primarily reflecting the release of valuation allowances on U.S. net operating losses and other tax credit carryforwards following the sale of the Fluids Systems business.
NPK International Inc.
Operating Results
(Unaudited)
Three Months Ended
Twelve Months Ended
(In thousands)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenues
Rental revenues
$
34,816
$
29,591
$
25,725
$
124,171
$
89,512
Service revenues
14,909
14,688
16,075
59,538
56,273
Product sales revenues
25,470
24,559
15,724
93,334
71,704
Total revenues
$
75,195
$
68,838
$
57,524
$
277,043
$
217,489
Operating income from continuing operations
$
12,565
$
9,057
$
11,644
$
46,779
$
32,351
Operating margin from continuing operations
16.7
%
13.2
%
20.2
%
16.9
%
14.9
%
NPK International Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
December 31,
2025
December 31,
2024
ASSETS
Cash and cash equivalents
$
5,140
$
17,756
Receivables, net (1)
59,806
74,841
Inventories
11,500
14,659
Prepaid expenses and other current assets
5,046
5,728
Total current assets
81,492
112,984
Property, plant and equipment, net
233,048
187,483
Operating lease assets
11,195
11,793
Goodwill
76,341
47,222
Other intangible assets, net
21,297
10,331
Deferred tax assets
5,535
15,593
Other assets
12,850
8,276
Total assets
$
441,758
$
393,682
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt
$
5,170
$
2,900
Accounts payable
22,327
19,459
Accrued liabilities
29,647
22,300
Total current liabilities
57,144
44,659
.
Long-term debt, less current portion
11,692
4,827
Noncurrent operating lease liabilities
9,877
10,896
Deferred tax liabilities
7,476
1,203
Other noncurrent liabilities
4,413
5,602
Total liabilities
90,602
67,187
Common stock, $0.01 par value (200,000,000 shares authorized and 90,134,477 and 111,669,464 shares issued, respectively)
902
1,117
Paid-in capital
489,632
633,239
Accumulated other comprehensive loss
(1,610
)
(2,871
)
Retained earnings (deficit)
(100,527
)
(139,466
)
Treasury stock, at cost (5,616,798 and 25,114,978 shares, respectively)
(37,241
)
(165,524
)
Total stockholders’ equity
351,156
326,495
Total liabilities and stockholders’ equity
$
441,758
$
393,682
(1) Receivables, net as of December 31, 2025 and December 31, 2024, includes $1 million and $23 million, respectively, for amounts due from the purchaser including estimated deferred consideration related to the sale of the Fluids Systems business.
NPK International Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Twelve Months Ended
December 31,
(In thousands)
2025
2024
Cash flows from operating activities:
Net income (loss)
$
38,939
$
(150,262
)
Adjustments to reconcile net income (loss) to net cash provided by operations:
(Gain) loss on divestitures
(2,176
)
195,729
Depreciation and amortization
25,537
27,530
Stock-based compensation expense
5,527
5,247
Provision for deferred income taxes
8,923
(20,304
)
Credit loss expense
35
698
Gain on sale of assets
(1,864
)
(4,297
)
Gain on insurance recovery
—
(874
)
Amortization of original issue discount and debt issuance costs
472
983
Change in assets and liabilities:
Increase in receivables
(3,921
)
(28,012
)
Decrease in inventories
3,377
9,746
Increase in other assets
(3,521
)
(3,913
)
Increase (decrease) in accounts payable
(2,576
)
12,488
Increase (decrease) in accrued liabilities and other
4,236
(6,590
)
Net cash provided by operating activities
72,988
38,169
Cash flows from investing activities:
Capital expenditures
(46,671
)
(43,531
)
Business acquisitions, net of cash acquired
(42,352
)
—
Proceeds from divestitures, net of cash disposed
16,603
48,499
Proceeds from sale of property, plant and equipment
4,014
4,997
Proceeds from insurance property claim
—
1,385
Other investing activities
3,089
(3,089
)
Net cash provided by (used in) investing activities
(65,317
)
8,261
Cash flows from financing activities:
Borrowings on lines of credit
27,300
177,541
Payments on lines of credit
(22,000
)
(224,292
)
Debt issuance costs
(1,241
)
(50
)
Purchases of treasury stock
(22,695
)
(4,505
)
Proceeds from employee stock plans
1,517
139
Other financing activities
(3,826
)
(15,715
)
Net cash used in financing activities
(20,945
)
(66,882
)
Effect of exchange rate changes on cash
177
(212
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
(13,097
)
(20,664
)
Cash, cash equivalents, and restricted cash at beginning of period
18,237
38,901
Cash, cash equivalents, and restricted cash at end of period
$
5,140
$
18,237
NPK International Inc.
Non-GAAP Reconciliations
(Unaudited)
To help understand the Company’s financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles (“GAAP”) with non-GAAP financial measures. Such financial measures include Adjusted Income (Loss) from Continuing Operations, Adjusted Income (Loss) from Continuing Operations Per Common Share, earnings before interest, taxes, depreciation and amortization (“EBITDA”) from Continuing Operations, Adjusted EBITDA from Continuing Operations, Adjusted EBITDA Margin from Continuing Operations, and Free Cash Flow.
We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP.
Adjusted Income (Loss) from Continuing Operations and Adjusted Income (Loss) from Continuing Operations Per Common Share
The following tables reconcile the Company’s income from continuing operations and income from continuing operations per common share calculated in accordance with GAAP to the non-GAAP financial measures of Adjusted Net Income from Continuing Operations and Adjusted Net Income from Continuing Operations Per Common Share:
Consolidated
Three Months Ended
Twelve Months Ended
(In thousands)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Income from continuing operations (GAAP)
$
10,723
$
6,063
$
8,048
$
35,945
$
35,599
Gain on insurance recovery
—
—
—
—
(67
)
Gain on legal settlement
—
—
—
—
(550
)
Acquisition-related transaction costs
1,088
—
—
1,088
—
Severance costs
763
69
416
1,218
1,337
Tax on adjustments
(389
)
(14
)
(87
)
(484
)
(151
)
Unusual tax items (1)
(1,471
)
—
(1,280
)
(1,471
)
(15,897
)
Adjusted Income from Continuing Operations (non-GAAP)
$
10,714
$
6,118
$
7,097
$
36,296
$
20,271
Adjusted Income from Continuing Operations (non-GAAP)
$
10,714
$
6,118
$
7,097
$
36,296
$
20,271
Weighted average common shares outstanding - basic
84,406
84,359
86,416
84,820
85,819
Dilutive effect of stock options and restricted stock awards
1,008
707
806
899
1,576
Weighted average common shares outstanding - diluted
85,414
85,066
87,222
85,719
87,395
Adjusted Income from Continuing Operations Per Common Share - Diluted (non-GAAP):
$
0.13
$
0.07
$
0.08
$
0.42
$
0.23
(1) Unusual tax items primarily reflects the release of valuation allowances on U.S. net operating losses and other tax credit carryforwards that are expected to be realized following the sale of the Fluids Systems business.
NPK International Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
EBITDA from Continuing Operations, Adjusted EBITDA from Continuing Operations, and Adjusted EBITDA Margin from Continuing Operations
The following table reconciles the Company’s income from continuing operations calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA from Continuing Operations, Adjusted EBITDA from Continuing Operations, and Adjusted EBITDA Margin from Continuing Operations:
Consolidated
Three Months Ended
Twelve Months Ended
(In thousands)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Revenues
$
75,195
$
68,838
$
57,524
$
277,043
$
217,489
Operating income from continuing operations (GAAP)
$
12,565
$
9,057
$
11,644
$
46,779
$
32,351
Income from continuing operations (GAAP)
$
10,723
$
6,063
$
8,048
$
35,945
$
35,599
Interest (income) expense, net
107
(47
)
9
13
2,621
Provision (benefit) for income taxes
1,710
3,010
2,888
11,705
(6,738
)
Depreciation and amortization
7,302
6,261
5,724
25,537
22,656
EBITDA from Continuing Operations (non-GAAP)
19,842
15,287
16,669
73,200
54,138
Gain on insurance recovery
—
—
—
—
(67
)
Gain on legal settlement
—
—
—
—
(550
)
Acquisition-related transaction costs
1,088
—
—
1,088
—
Severance costs
763
69
416
1,218
1,337
Adjusted EBITDA from Continuing Operations (non-GAAP)
$
21,693
$
15,356
$
17,085
$
75,506
$
54,858
Operating Margin (GAAP)
16.7
%
13.2
%
20.2
%
16.9
%
14.9
%
Adjusted EBITDA Margin from Continuing Operations (non-GAAP)
28.8
%
22.3
%
29.7
%
27.3
%
25.2
%
Free Cash Flow
The following table reconciles the Company’s net cash provided by (used in) operating activities calculated in accordance with GAAP to the non-GAAP financial measure of Free Cash Flow:
Consolidated
Three Months Ended
Twelve Months Ended
(In thousands)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net cash provided by (used in) operating activities (GAAP)
$
18,004
$
24,716
$
(4,127
)
$
72,988
$
38,169
Capital expenditures
(12,252
)
(12,714
)
(13,591
)
(46,671
)
(43,531
)
Proceeds from sale of property, plant and equipment
195
499
1,809
4,014
4,997
Free Cash Flow (non-GAAP)
$
5,947
$
12,501
$
(15,909
)
$
30,331
$
(365
)
NPK International Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
Trailing Twelve Months (“TTM”)
Consolidated
Three Months Ended
TTM
(In thousands)
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
December 31,
2025
Revenues
$
64,777
$
68,233
$
68,838
$
75,195
$
277,043
Operating income from continuing operations (GAAP)
$
13,528
$
11,629
$
9,057
$
12,565
$
46,779
Income from Continuing Operations (GAAP)
$
10,375
$
8,784
$
6,063
$
10,723
$
35,945
Interest expense, net
(48
)
1
(47
)
107
13
Provision (benefit) for income taxes
3,515
3,470
3,010
1,710
11,705
Depreciation and amortization
5,802
6,172
6,261
7,302
25,537
EBITDA from Continuing Operations (non-GAAP)
19,644
18,427
15,287
19,842
73,200
Acquisition-related transaction costs
—
—
—
1,088
1,088
Severance costs
27
359
69
763
1,218
Adjusted EBITDA from Continuing Operations (non-GAAP)
$
19,671
$
18,786
$
15,356
$
21,693
$
75,506
Operating Margin (GAAP)
20.9
%
17.0
%
13.2
%
16.7
%
16.9
%
Adjusted EBITDA Margin from Continuing Operations (non-GAAP)
30.4
%
27.5
%
22.3
%
28.8
%
27.3
%