TAT Technologies (NASDAQ: TATT) Q2 2026 profit jumps on $52.9M sales
Rhea-AI Filing Summary
TAT Technologies, a dual-listed aerospace thermal management and MRO provider, highlights growth across thermal solutions, APU and landing gear services. As of Q2 2026, the company serves over 300 customers and reports Long-Term Agreements and backlog totaling $615M, supported by partnerships with Honeywell, Gulfstream, Embraer and ATR.
For Q2 2026, revenue was $52.9M, up 22.8% from Q2 2025, with gross margin at 25.2%. Operating income reached $5.6M and net income $8.1M, lifting net margin to 15.2%; diluted EPS was $0.61. Adjusted EBITDA was $7.4M, a 14.0% margin. Results include a $3.4M net-of-tax, non-operating gain from selling a minority interest in an unconsolidated entity. Cash and cash equivalents were $54.63M, with shareholders’ equity of $188.9M, total assets of $246.6M, equity-to-assets ratio of 0.77, and net cash of $43.2M, indicating a balance sheet positioned to support future growth initiatives.
Positive
- Q2 2026 revenue grew 22.8% year over year to $52.9M, while net income increased 134.5% to $8.1M and diluted EPS rose to $0.61, reflecting materially stronger profitability.
- Long-Term Agreements and backlog reached $615M as of Q2 2026, providing multi-year revenue visibility across thermal solutions, APU services, trading and leasing, and landing gear MRO.
Negative
- None.
Filing Explained
The company’s
Key Figures
Key Terms
Adjusted EBITDA financial
Maintenance, Repair & Overhaul (MRO) technical
Auxiliary Power Unit technical
Equity-to-Assets Ratio financial
Operating Working Capital financial
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
TAT TECHNOLOGIES LTD.
(Name of Registrant)
9335 Harris Corners Pkwy, Charlotte, NC 28269
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ____________
TAT Technologies Ltd.
TAT Technologies Ltd. (the “Company”) hereby furnishes the following documents:
| Item/Exhibit No. | Description | |
| 99.1 |
Company presentation dated August 5, 2026, re: TAT Technologies Ltd. Second quarter of 2026 results. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TAT TECHNOLOGIES LTD. (Registrant) | |
By: /s/ Ehud Ben-Yair Ehud Ben-Yair Chief Financial Officer |
Date: August 5, 2026
Exhibit 99.1
INVESTOR PRESENTATION - August 2026 1 August 2026
INVESTOR PRESENTATION - August 2026 2 DISCLAIMER Forward - Looking Statements This presentation may contain certain forward - looking statements about us and our industry that involve substantial risks and un certainties. All statements other than statements of historical facts contained in this presentation, including statements regarding our strategy, future financial condition, fut ure operations, projected costs, prospects, plans, objectives of management, and expected market growth (both generally and with respect to our company), are forward - looking statements within t he meaning of the “ safe harbor ” provisions of the Private Securities Litigation Reform Act of 1995 . Generally, the words “ expects, ” “ anticipates, ” “ targets, ” “ goals, ” “ projects, ” “ intends, ” “ plans, ” “ believes, ” “ seeks, ” “ estimates, ” or variations of such words and similar expressions identify forward - looking statements. These forward - looking statements involve c ertain risks and uncertainties, including those described in the section titled “ Risk Factors ” and elsewhere in our Annual Report on Form 20 - F for the year ended December 31 , 2025 and future quarterly reports. Any forward - looking statements in this presentation are not guarantees of future results, levels of activity, performance or eve nts and circumstances, and actual results, developments and business decisions may differ materially from those contemplated by those forward - looking statements. The forward - looking st atements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward - looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, ex cep t as required by law.
INVESTOR PRESENTATION - August 2026 3 DISCLAIMER (cont.) Non - U.S. - GAAP Financial Measures This presentation includes certain financial information that is not presented in accordance with The U.S. GAAP, including Ad jus ted EBITDA and Adjusted EBITDA Margin. We refer to these measures as “ non - U.S. GAAP ” financial measures. We present these non - U.S. GAAP measures as we believe that their presentation of these enhances an investor ’ s understanding of our financial performance. Although these non - U.S. GAAP measures are frequently used by investors and securities analysts in their evaluations of companies in industries similar to ours, these non - U.S. GAAP measures have limitations as analytical tools, are not measurements of our performance under U.S. GAAP and should not be considered as alte rna tives to net income or any other performance measures derived in accordance with U.S. GAAP and should not be used by investors or other users of our financial statements in isolation for for mul ating decisions, as such non - U.S. GAAP measures exclude a number of important cash and non - cash charges. You should be aware that our presentation of these and other non - U.S. GAAP financial measures in this presentation may not be co mparable to similarly titled measures used by other companies. A reconciliation of each of these non - U.S. GAAP measures to its most directly comparable financial measure calculated in accordanc e with U.S. GAAP is provided in the Appendix to this presentation. Industry and Market Data Within this presentation, we reference information and statistics regarding the market for our products and services. We have ob tained some of this statistical data, market data and other industry data from public filings, industry publications and studies conducted by third - party sources. Some data and other information contain ed in this presentation are also based on management ’ s estimates and calculations, which are derived from our review and interpretation of internal surveys and independent sources. Data regardin g t he industries in which we compete and our market position and market share within these industries are inherently imprecise and are subject to significant business, economic and competitive unce rta inties beyond our control, but we believe they generally indicate size, position and market share within this industry. In addition, assumptions and estimates of our and our industries ’ future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause our future performance to differ materially from our assumptions an d estimates. Trademarks, Trade Names, Service Marks and Copyrights We own or have rights to use various trademarks, tradenames, service marks and copyrights, which are protected under applicab le intellectual property laws. This presentation also contains trademarks, tradenames, service marks and copyrights of other companies, which are, to our knowledge, the property of their r esp ective owners. Solely for convenience, certain trademarks, tradenames, service marks and copyrights referred to in this presentation may appear without the ©, ®, and symbols, but such ref erences are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, tradena mes , service marks and copyrights. We do not intend our use or display of other parties ’ trademarks, tradenames, service marks or copyrights to imply, and such use or display should not be construed to imply a rela tio nship with, or endorsement or sponsorship of us by, these other parties. ACRONYM GUIDE OEM: Original Equipment Manufacturer MRO: Maintenance, Repair & Overhaul APU: Auxiliary Power Unit LTA: Long - Term Agreement LG: Landing Gear HX: Heat Exchanger
INVESTOR PRESENTATION - August 2026 4 KEY STRATEGIC PRODUCT & SERVICE OFFERINGS Thermal Solutions Market Leader MRO & OEM 60 + years of experience Thermal Solutions Partnership with Gulfstream Landing Gear MRO 10 - year exclusive contract with Honeywell APU Honeywell Licensee MRO APU MRO • Honeywell Leasing & Trading Strong presence in APU leasing and parts trading Landing Gear Authorized MRO • Gulfstream • Embraer • ATR Note: Charts based on % contribution for Q 2 - 2026 revenue Other non - strategic product lines represent 13 % of the total revenue
INVESTOR PRESENTATION - August 2026 5 Experienced senior management team with significant depth, longevity and industry experience. EXPERIENCED AND PROVEN LEADERSHIP TAT Technologies is dually listed on NASDAQ and on the Tel Aviv Stock Exchange AMOS MALKA IGAL ZAMIR EHUD BEN YAIR JASON LEWANDOWSKI CHAIRMAN OF THE BOARD Since 2016 PRESIDENT & CHIEF EXECUTIVE OFFICER Since 2016 CHIEF FINANCIAL OFFICER Since 2018 CHIEF OPERATING OFFICER Since 2022 Major General (ret.) Former Head of the Israeli Defense Intelligence and Commander of the IDF Ground Forces Command. Retired 2002 . Previous Positions: Chairman of the Board, Logic Industries, Ltd. Chairman of the Boards, Plasan Sasa, Ltd. CEO, Elul Technologies, Ltd. Previous Positions: President, Mapco Express (subsidiary of Delek US Holdings, Inc) CEO, Metrolight, Ltd. CEO, Rostam, Ltd Previous Positions: CFO, SHL Telemedicine (SHLTN) CFO & Vice CEO, Opgal Optronics (Subsidiary of Elbit Systems and Rafael) CFO, Orad Hi Tech Systems (OHT) Previous Positions: GM, VP Manufacturing, Proterra Sr. Director Operations, Honeywell Aerospace Surface Warfare Officer, US NAVY
INVESTOR PRESENTATION - August 2026 6 TAT SUBSTANTIAL OFFERINGS Thermal components for Environmental Control Systems THERMAL SOLUTIONS Thermal components for galley THERMAL SOLUTIONS Thermal components for power electronics THERMAL SOLUTIONS Thermal components for fuel inerting system THERMAL SOLUTIONS LANDING GEAR Thermal components for hydraulic systems THERMAL SOLUTIONS MRO APU MRO 6
7 GREENSBORO, NC APU, Landing Gear, MPG, MRO TULSA, OK OEM & MRO Thermail Solutions CHARLOTTE, NC Group Office KIRYAT GAT, ISRAEL OEM & MRO Thermal Solutions Other Capabilities SHENZHEN, CHINA Thermal Components MRO in partnership with LTS - Lufthansa Shenzhen
VALUE PROPOSITION High Growth Rates Strategic Capabilities Supporting Future Growth Strong Demand for Products & Services Proven Leadership Team ON AN UPWARD TREND ($M) Including Tier 1 aircraft manufacturers, system integrators and airlines Trusted Partner with 300 + Customers $ 615 M Backlog (Q 2 - 2 ) & Long - term Agreements 8 ( 1 ) Adjusted EBITDA is a non - U.S. GAAP measure. Please see the appendix for a reconciliation of Adjusted EBITDA to the most compar able U.S. GAAP measures. * 1 Quarterly figures may not sum to annual totals due to rounding
INVESTOR PRESENTATION - August 2026 9 Sources: Oliver Wyman. Note: New aircraft production includes B 737 , B 787 , B 777 , B 767 , A 320 , A 220 , A 330 and A 350 models AEROSPACE MARKET OUTLOOK High Global Demand for Component MRO ($B) New Aircraft Production on an Upward Trend *
SEVERAL PILLARS WILL SUPPORT THE COMPANY ’ S CONTINUED STRONG GROWTH APU – + $ 2 . 5 B Addressable market with OEM certifications . With a new distribution agreement and a large leasing fleet . Thermal Solutions – MRO leadership with certified OEM capabilities, benefiting from strong global demand for MRO and growth in new aircraft production, fleet conversions, and emerging eVTOL aviation . Trading & Leasing – Enable clients to overcome supply chain challenges and benefit from TAT ’ s in - house MRO capabilities across all products . 10 INVESTOR PRESENTATION - August 2026 KEY GROWTH ENGINES DRIVE NEAR - TERM AND FUTURE GROWTH M&A – Well - positioned with the infrastructure ready to execute our M&A strategy — driving market share, expanded capabilities, and value for customers and shareholders .
INVESTOR PRESENTATION - August 2026 11 BACKLOG Value of Long - Term Agreements (LTAs) and Backlog LTAs and Backlog ($M) ( 1 ) Q 2 - 2026 LTAs & BACKLOG ( 1 ) Value of LTAs calculated by taking the average annual order quantity for OEM components and MRO services for each customer and multiplying by prior year average revenue per order and remaining years in the agreement, adjusting for any forward guidance from customers
INVESTOR PRESENTATION - August 2026 12 Q 2 2026 Key Indicators ( 1 ) Adjusted EBITDA and Adjusted EBITDA Margin are non - U.S. GAAP measures. Please see the appendix for a reconciliation of Adjuste d EBITDA and Adjusted EBITDA Margin to the most comparable U.S. GAAP measures TAT ($M) Q2-26 Q2-25 ∆ Q2-26 YOY H1-26 H1-25 ∆ H1-26 YOY Revenue 52.9 43.1 ↑ 22.8% 94.1 85.2 ↑ 10.4% Gross Profit 13.3 10.8 ↑ 23.0% 23.4 20.8 ↑ 12.4% Gross Margin 25.2% 25.1% ↑ 10bp 24.8% 24.4% ↑ 40bp Operating Income 5.6 4.4 ↑ 26.8% 8.6 8.6 ↑ 0.0% Operating Margin 10.6% 10.3% ↑ 30bp 9.1% 10.1% ↓ (100)bp Net Income 8.1 3.4 ↑ 134.5% 11.5 7.3 ↑ 58.1% Net Margin 15.2% 8.0% ↑ 720bp 12.2% 8.5% ↑ 370bp EPS (diluted, $) 0.61 0.30 ↑ 106.8% 0.87 0.64 ↑ 36.6% Adjusted EBITDA 7.4 6.1 ↑ 22.7% 12.3 11.8 ↑ 4.1% Adjusted EBITDA Margin 14.0% 14.0% 13.1% 13.8% ↓ (70)bp ( 1 ) ( 1 )
INVESTOR PRESENTATION - August 2026 13 APPENDIX
INVESTOR PRESENTATION - August 2026 14 PRODUCT AND SERVICE OFFERINGS
INVESTOR PRESENTATION - August 2026 15 THERMAL SOLUTIONS OVERVIEW OEM Solutions & MRO Services Delivers end - to - end thermal solutions: • D esign and manufacturing of high - performance OEM - certified systems and products for tier 1 aircraft and system manufacturers • S pecialized MRO services for both U.S. and international airlines and the majority of government a erospace & defense contractors in the U.S. REVENUE ($M) KEY CUSTOMERS
INVESTOR PRESENTATION - August 2026 16 THERMAL SOLUTIONS Short Term : • The “ After COVID ” effect increased demand for flights, and a constrained supply of new aircraft is creating strong demand for Aviation MRO services • Close and long - lasting relationships with clients and our multi - product offering as an OEM and MRO service provider enable us to gain market share by increasing our value proposition to customers • R&D capabilities as an OEM enable us to participate in bids for new types of engines, aircraft platforms and technologies Long Term : • Intellectual capital from decades of experience in providing thermal components and solutions for integrators enables us to offer a holistic solution as a Thermal System OEM and MRO service provider • Market - leading R&D capabilities in thermal solutions put us on the front line for future aviation designs, such as electrification of aircraft and eVTOL Addressable Market INVESTOR PRESENTATION - March 2026
INVESTOR PRESENTATION - August 2026 17 Maintenance, Repair & Overhaul (MRO) OEM and licensed MRO service provider for multiple APU platforms representing over 25,000 aircrafts still in production As a Honeywell authorized service partner, the Company is one of a few licensed providers, creating a significant commercial advantage and competitive position in the market REVENUE ($M) APU SERVICES OVERVIEW KEY CUSTOMERS Quarterly figures may not sum to annual totals due to rounding
INVESTOR PRESENTATION - August 2026 18 APU SERVICES 331 - 20 X 331 - 500 131 STRATEGIC AGREEMENTS Addressable Market ( 1 ) ( 1 ) ( 1 ) ( 1 ) ( 2 ) ( 1 ) (1) From publicly available data provided by Boeing and Airbus, accessed as of April 2025 , and Company management estimates 331-20X B767, B757, C17 $85M ~45% 331-500 B777 $290M ~2% 131 B737, A319-20-21 $2,200M <1% Current Annual Market Share Current Annual Market Size PlatformEngine
INVESTOR PRESENTATION - August 2026 19 LANDING GEAR OVERVIEW MRO Services Provider of landing gear MRO services for systems across multiple platforms utilized in commercial airline, business jet and military markets Maintain strategic agreements with and certifications from OEMs that ensure access to the landing gear market and ongoing opportunities within the following fleets of aircraft: AUTHORIZED Embraer – E 170 / 175 aircraft • OEM authorized U.S. provider Gulfstream – G 400 and G 500 • Exclusive provider to Gulfstream ATR – 42 / 72 aircraft REVENUE ($M) Quarterly figures may not sum to annual totals due to rounding
INVESTOR PRESENTATION - August 2026 20 LANDING GEAR Growing demand for MRO services in landing gear • Full in - house capabilities in MRO - Machining services - Plating services • Resulting in lower cost Addressable Market
INVESTOR PRESENTATION - August 2026 21 TRADING & LEASING Leasing : Lease i nventory of 29 APU engines, including 331 - 500 utilized on the Boeing 777 aircraft This service enables the Company to meet growing demand of our customers by helping them overcome the market shortage for APUs and related parts Trading : Trade APU parts, heat e xchangers, landing g ear and other parts across all TAT product lines and service offerings Allows the Company to manage inventory efficient ly as well as maintain an on going supply of the most in - demand parts REVENUE ($M) Quarterly figures may not sum to annual totals due to rounding
INVESTOR PRESENTATION - August 2026 22 TRADING & LEASING • Leasing – With a large and diversified pool of 29 APUs, we provide leasing solutions to our customers while leveraging our in - house MRO capabilities to support their ongoing operational needs and ensure high fleet availability • Trading – As the industry suffers from supply c hain challenges, our variety of solutions and in - house engineering capabilities, from small components such as valves and pumps through heat e xchangers (OEM/MRO) to APU and landing g ear MRO services, gives us a wide market reach to meet industry needs
INVESTOR PRESENTATION - August 2026 23 OTHER CAPABILITIES • Nearly 50 years of experience developing fluid controls and accessories for defense and commercial platforms • P rovides highly qualified, durable and affordable Environmental Control Systems (ECS) for defense applications • U tilizes advanced technologies to repair and recondition turbine components for both commercial and military applications as well as ground turbines • O ne - stop - shop offering a multitude of specialized services for repair, refurbishment or remanufacturing of components REVENUE ($M) Quarterly figures may not sum to annual totals due to rounding
INVESTOR PRESENTATION - August 2026 24 NEW TECHNOLOGIES Future Growth Drivers ADDITIVE MANUFACTURING & 3 D PRINTING THERMAL SYSTEMS FOR ELECTRIC AIRCRAFT & AUTONOMOUS AIRCRAFT FULL THERMAL SOLUTIONS TO ENGINE HEADS
INVESTOR PRESENTATION - August 2026 25 Financial
INVESTOR PRESENTATION - August 2026 26 Q 2 2026 RESULTS Key Indicators ( 1 ) Adjusted EBITDA and Adjusted EBITDA Margin are non - U.S. GAAP measures. Please see the appendix for a reconciliation of Adjuste d EBITDA and Adjusted EBITDA Margin to the most comparable U.S. GAAP measures ( 1 ) ( 1 ) TAT ($M) Q2-26 Q1-26 Q4-25 Q3-25 Q2-25 ∆ Q2-26 YOY H1-26 H1-25 ∆ H1-26 YOY Revenue 52.9 41.1 46.5 46.2 43.1 ↑ 22.8% 94.1 85.2 ↑ 10.4% Gross Profit 13.3 10.0 11.7 11.6 10.8 ↑ 23.0% 23.4 20.8 ↑ 12.4% Gross Margin 25.2% 24.4% 25.2% 25.1% 25.1% ↑ 10bp 24.8% 24.4% ↑ 40bp Operating Income 5.6 3.0 4.9 5.3 4.4 ↑ 26.8% 8.6 8.6 ↑ 0.0% Operating Margin 10.6% 7.3% 10.6% 11.4% 10.3% ↑ 30bp 9.1% 10.1% ↓ (100)bp Net Income 8.1 3.4 4.7 4.8 3.4 ↑ 134.5% 11.5 7.3 ↑ 58.1% Net Margin 15.2% 8.3% 10.2% 10.5% 8.0% ↑ 720bp 12.2% 8.5% ↑ 370bp EPS (diluted, $) 0.61 0.26 0.36 0.37 0.30 ↑ 106.8% 0.87 0.64 ↑ 36.6% Adjusted EBITDA 7.4 4.9 6.9 6.8 6.1 ↑ 22.7% 12.3 11.8 ↑ 4.1% Adjusted EBITDA Margin 14.0% 11.8% 14.8% 14.6% 14.0% 13.1% 13.8% ↓ (70)bp
INVESTOR PRESENTATION - August 2026 27 REVENUE BY PRODUCT Quarterly figures may not sum to annual totals due to rounding Heat Exchange 19.1 18.5 16.6 17.5 17.7 7.8% 37.6 36.1 4.2% APU 17.4 11.6 13.9 14.6 11.5 51.8% 29.0 23.8 22.2% Trading & Leasing 6.9 2.7 6.1 4.3 5.9 16.9% 9.6 8.0 20.1% Landing Gears 2.8 2.0 3.3 3.8 2.0 45.1% 4.9 5.3 -8.2% Others 6.7 6.2 6.6 6.0 6.1 9.8% 12.9 12.0 7.1% Total Revenue 52.9 41.1 46.5 46.2 43.1 22.8% 94.1 85.2 10.3% H1-26 YOY % Revenue By Product ($M) Q2-26 YOY %Q2-25 H1-25Q3-25Q2-26 H1-26Q1-26 Q4-25
INVESTOR PRESENTATION - August 2026 28 UPWARD TRENDING REVENUE
INVESTOR PRESENTATION - August 2026 29 GROSS PROFIT AND GROSS PROFIT MARGIN
INVESTOR PRESENTATION - August 2026 30 OPERATING INCOME
INVESTOR PRESENTATION - August 2026 31 NET INCOME The second quarter of 2026 included a $ 3.4 million net of tax, non - operating gain from the sale of a minority interest in an unconsolidated entity.
INVESTOR PRESENTATION - August 2026 32 CASH FLOW Cash Flow ($M) Q2-26 Q2-25 H1-26 H1-25 Net cash provided by (used in) operating activities (0.56) 6.95 1.39 1.91 Net cash used in investing activities 3.35 (3.31) 1.93 (6.17) Net cash provided by financing activities 0.29 34.50 (0.26) 40.29 Net increase (decrease) in cash and cash equivalents3.08 38.14 3.06 36.04 Cash and cash equivalents at the beginning of the year51.55 5.34 51.57 7.43 Cash and cash equivalents at the end of the year 54.63 43.47 54.63 43.47
INVESTOR PRESENTATION - August 2026 33 BALANCE SHEET HIGHLIGHTS Strong Balance Allows Future Leverage Leverage Metrics ($M) Q2-26 Q1-26 FY 2025 Shareholder's Equity 188.9 180.5 176.4 Total Assets 246.6 232.8 226.7 Equity-to-Assets Ratio 0.77 0.78 0.78 Net (Debt) cash 43.2 40.0 39.6 Operating Working Capital Q2-26 Q1-26 FY 2025 Current Assets Accounts Receivable 38.8 30.5 33.4 Inventory 85.2 81.7 75.5 Current Liabilities Accounts Payable 18.5 15.5 13.0 Operating Working Capital 105.5 96.7 96.0
INVESTOR PRESENTATION - August 2026 34 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON - GAAP) (UNAUDITED) $M Q2-26 Q1-26 Q4-25 Q3-25 Q2-25 Net Income 8.07 3.40 4.73 4.84 3.44 Adjustments: Affiliated Companies (0.59) (0.52) (0.51) (0.37) (0.32) Taxes on Income 1.91 0.15 0.52 0.82 0.21 Financial Expense net 0.55 (0.04) 0.21 (0.03) 1.10 D&A 1.45 1.37 1.39 1.33 1.33 Share base compensation 0.36 0.49 0.55 0.17 0.29 Gain on sale of equity investment -4.32 Adjusted EBITDA 7.43 4.85 6.88 6.76 6.05 Adjusted EBITDA Margin 14.0%11.8%14.8%14.6%14.0%