# EDGAR Filing Document

**Accession Number:** 0001902314
**File Stem:** 0001437749-25-026271
**Filing Date:** 2025-8
**Character Count:** 23914
**Document Hash:** 31d7d190d89a5152e45f754413b5e4f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-026271.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001437749-25-026271

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250812

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** M-tron Industries, Inc.
- **CENTRAL INDEX KEY:** 0001902314
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC COMPONENTS, NEC [3679]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 460457994
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41391
- **FILM NUMBER:** 251207767

**BUSINESS ADDRESS:**
- **STREET 1:** 2525 SHADER ROAD
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32804
- **BUSINESS PHONE:** (407) 298-2000

**MAIL ADDRESS:**
- **STREET 1:** 2525 SHADER ROAD
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32804

?xml version='1.0' encoding='ASCII'? mpti20250522_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): **August 12, 2025**

![logo-mtronnotagsmall.jpg](logo-mtronnotagsmall.jpg)

---

| |
|:---|
| **M-tron Industries, Inc.** |
| (Exact Name of Registrant as Specified in Charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41391** | **46-0457994** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **2525 Shader Road, Orlando, FL** | **32804** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: <u>(<u>407</u>) <u>298-2000</u></u>

(Former Name or Former Address, If Changed Since Last Report)<br>

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 | MPTI | NYSE American |
| Warrants to Purchase Shares of Common Stock, Expiring on or before April 25, 2028 | MPTI WS | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition** |

---

On August 12, 2025, M-tron Industries, Inc. ("Mtron" or the "Company") reported its financial results for the three and six months ended June 30, 2025. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure** |

---

Management, including Mtron's Interim Chief Executive Officer, Cameron Pforr, will host a conference call with the investment community on Wednesday August 13, 2025, to discuss the Company's second quarter 2025 results and to answer investor questions.

The call will begin at 10:30 am Eastern Time (U.S. and Canada) on Wednesday August 13, 2025, and can be accessed using the dial-in details below:

---

| | |
|:---|:---|
| Toll Free Dial-in Number: | (800) 715-9871 |

---

---

| | |
|:---|:---|
| Toll Dial-in Number: | +1 (646) 307-1963 |

---

---

| | |
|:---|:---|
| Conference ID: | 4709075 |

---

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Exhibits*

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | [Press Release of M-tron Industries, Inc. dated August 12, 2025](ex_822498.htm). |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

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 hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **M-TRON INDUSTRIES, INC.** | **M-TRON INDUSTRIES, INC.** | **M-TRON INDUSTRIES, INC.** |
|  | (Registrant) | (Registrant) | (Registrant) |
| Date: August 12, 2025 | By: | /s/ Cameron Pforr | /s/ Cameron Pforr |
|  |  | Name: | Cameron Pforr |
|  |  | Title: | Interim Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo-mtronnotagsmall.jpg](logo-mtronnotagsmall.jpg)

**M-tron Industries, Inc. Reports Continued Strength in Second Quarter 2025 Results**

• Revenues increased 12.5% , or $1.5 million , to $13.3 million for the three months ended June 30, 2025 from $11.8 million for the three months ended June 30, 2024

• Net income per diluted share decreased 15.9% , or $0.10 , to $0.53 for the three months ended June 30, 2025 from $0.63 for the three months ended June 30, 2024

• Backlog increased 35.0% , or $15.9 million , to $61.2 million as of June 30, 2025 from $45.3 million as of June 30, 2024

**ORLANDO, Florida (August 12, 2025)** — M-tron Industries, Inc. (NYSE American: MPTI, MPTI WS) ("Mtron" or the "Company"), a U.S.-based designer and manufacturer of highly-engineered electronic components and solutions for the aerospace and defense, avionics, and space industries, announced strong financial results for the three and six months ended June 30, 2025.

"We're pleased to report strong revenue growth, an indicator of the value our products and solutions are delivering to our customers," said Cameron Pforr, Interim Chief Executive Officer. "Even more encouraging is the significant increase in our backlog, which reflects the strength of our pipeline and growing demand across our markets. This momentum positions us well for sustained performance in the second half of 2025 and beyond."

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| **U.S. GAAP Financial Measures** |  |  |  |  |  |  |
| Revenues | $13282 | $11808 | 12.5% | $26014 | $22993 | 13.1% |
| Gross margin | 43.6% | 46.6% | -6.4% | 43.0% | 44.7% | -3.7% |
| Net income | $1560 | $1744 | -10.6% | $3190 | $3230 | -1.2% |
| Net income per diluted share | $0.53 | $0.63 | -15.9% | $1.09 | $1.16 | -6.2% |
| **Non-GAAP Financial Measures <sup>(a)</sup>** |  |  |  |  |  |  |
| Adjusted EBITDA | $2419 | $2523 | -4.1% | $4921 | $4785 | 2.8% |

---

<sup>(a)</sup> A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release.

------

**Results from Operations**

***Second Quarter 2025***

*Revenu*e was $13.3 million for the three months ended June 30, 2025 compared with $11.8 million for the three months ended June 30, 2024. The increase was primarily due to continued strong defense program product and solution shipments.

*Gross margin* was 43.6% for the three months ended June 30, 2025 compared with 46.6% for the three months ended June 30, 2024. The decrease was primarily due to product mix and the impact of tariffs partially offset by higher revenues.

*Net income* was $1.6 million, or $0.53 per diluted share, for the three months ended June 30, 2025 compared with $1.7 million, or $0.63 per diluted share, for the three months ended June 30, 2024. The decrease was primarily due to lower gross margins discussed above as well as higher Engineering, selling and administrative expenses from increased investment in research and development, higher sales commissions related to an increase in revenues, and an increase in administrative and corporate expenses consistent with the overall growth in the business.

*Adjusted EBITDA* was $2.4 million for the three months ended June 30, 2025 compared with $2.5 million for the three months ended June 30, 2024. The decrease was primarily due to lower gross margins as well as the increase in Engineering, selling and administrative discussed above.

***Fiscal Year to Date 2025***

*Revenue* was $26.0 million for the six months ended June 30, 2025 compared with $23.0 million for the six months ended June 30, 2024. The increase was primarily due to continued strong defense program product and solution shipments.

*Gross margin* was 43.0% for the six months ended June 30, 2025 compared with 44.7% for the six months ended June 30, 2024. The decrease was primarily due to product mix and the impact from tariffs partially offset by higher revenues.

*Net income* was $3.2 million, or $1.09 per diluted share, for the six months ended June 30, 2025 compared with $3.2 million, or $1.16 per diluted share, for the six months ended June 30, 2024. The decrease was primarily due to lower gross margins discussed above as well as higher Engineering, selling and administrative expenses from increased investment in research and development, higher sales commissions related to an increase in revenues, and an increase in administrative and corporate expenses consistent with the overall growth in the business.

*Adjusted EBITDA* was $4.9 million for the six months ended June 30, 2025 compared with $4.8 million, or $1.72 per diluted share, for the six months ended June 30, 2024. The increase was primarily due to a substantial increase in revenue partially offset by reduced gross margins and increase in Engineering, selling and administrative discussed above.

**Backlog**

Backlog was $61.2 million as of June 30, 2025 compared to $47.2 million as of December 31, 2024 and $45.3 million as of June 30, 2024. The increase in backlog reflects broad demand for our products including continued purchasing under several large aerospace and defense programs, the initiation of orders for new aerospace and defense programs, and a recent uptick in avionics and space industry orders.

**Investor Call**

Management, including Mr. Pforr, will host a conference call with the investment community on Wednesday, August 13, 2025, to discuss the Company's second quarter 2025 results and to respond to investor questions.

The call will begin at 10:30 a.m. Eastern Time (U.S. and Canada) on Wednesday August 13, 2025, and can be accessed using the dial-in details below:

Toll-Free Dial-in Number: (800) 715-9871

Toll Dial-in Number: +1 (646) 307-1963

Conference ID: 4709075

An archive will be available after the call on the Investor Relations section of Mtron's website at ir.mtron.com, along with Mtron's earnings release.

------

**About Mtron**

M-tron Industries, Inc. (NYSE American: MPTI) designs, manufactures, and markets highly engineered, high reliability frequency and spectrum control products and solutions. As an engineering-centric company, Mtron provides close support to its customers throughout our products' entire life cycle, including product design, prototyping, production, and subsequent product upgrades. Mtron has design and manufacturing facilities in Orlando, Florida, and Yankton, South Dakota, a sales office in Hong Kong, and a manufacturing facility in Noida, India. For more information, visit www.mtron.com.

**Cautionary Note Concerning Forward Looking Statements**

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the uncertain financial impact of COVID-19 and the Company's financial condition, results of operations, business strategy and financial needs. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words "believe," "expect," "anticipate," "should," "plan," "will," "may," "could," "intend," "estimate," "predict," "potential," "continue" or the negative of these terms and similar expressions, as they relate to Mtron, are intended to identify forward-looking statements.

These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by Mtron with the Securities and Exchange Commission, including those risks set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K as filed with the SEC on March 27, 2025. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.

These forward-looking statements speak only as of the date of this press release. Mtron undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

###

**Contact:**

M-tron Industries, Inc. Investor Relations

ir@mtron.com

Cameron Pforr

Interim Chief Executive Officer

------

**M-tron Industries, Inc.**

**Quarterly Summary**

***(Unaudited)***

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *(in thousands)* | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** |
| Revenues | $7691 | $7064 | $8417 | $8673 | $9367 | $10140 | $10888 | $10773 | $11185 | $11808 | $13214 | $12805 | $12732 | $13282 |
| Y/Y |  |  |  |  | 21.8% | 43.5% | 29.4% | 24.2% | 19.4% | 16.4% | 21.4% | 18.9% | 13.8% | 12.5% |
| Gross margin | 37.3% | 37.5% | 32.4% | 35.7% | 34.1% | 41.6% | 42.8% | 43.6% | 42.7% | 46.6% | 47.8% | 47.2% | 42.5% | 43.6% |
| Y/Y |  |  |  |  | -8.6% | 10.9% | 32.1% | 22.1% | 25.2% | 12.0% | 11.7% | 8.3% | -0.5% | -6.4% |
| Net income <sup>(a)</sup> | $619 | $486 | $503 | $190 | $553 | $1277 | $1586 | $73 | $1486 | $1744 | $2267 | $2139 | $1630 | $1560 |
| Y/Y |  |  |  |  | -10.7% | 162.8% | 215.3% | -61.6% | 168.7% | 36.6% | 42.9% | 2830.1% | 9.7% | -10.6% |
| Adjusted EBITDA <sup>(b)</sup> | $1177 | $841 | $876 | $1114 | $1028 | $1931 | $2336 | $2397 | $2262 | $2523 | $3300 | $3056 | $2502 | $2419 |
| Y/Y |  |  |  |  | -12.7% | 129.6% | 166.7% | 115.2% | 120.0% | 30.7% | 41.3% | 27.5% | 10.6% | -4.1% |

---

<sup>(a)</sup> Q1 2022 - Q3 2022 do not include any public company costs as these periods were pre-IPO.

<sup>(b)</sup> A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release.

------

**M-tron Industries, Inc.**

**Condensed Consolidated Statements of Operations**

***(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in thousands, except share data)* | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | $**13282** | $**11808** | $**26014** | $**22993** |
| **Costs and expenses:** |  |  |  |  |
| Manufacturing cost of sales | 7490 | 6307 | 14816 | 12713 |
| Engineering, selling and administrative | 3948 | 3394 | 7341 | 6384 |
| **Total costs and expenses** | **11438** | **9701** | **22157** | **19097** |
| **Operating income** | **1844** | **2107** | **3857** | **3896** |
| **Other income (expense):** |  |  |  |  |
| Interest income, net | 124 | 44 | 235 | 76 |
| Other income (expense), net | 27 | (5) | 17 | 37 |
| **Total other income, net** | **151** | **39** | **252** | **113** |
| **Income before income taxes** | **1995** | **2146** | **4109** | **4009** |
| Income tax expense | 435 | 402 | 919 | 779 |
| **Net income** | $**1560** | $**1744** | $**3190** | $**3230** |
| **Income per common share:** |  |  |  |  |
| Basic | $0.55 | $0.64 | $1.12 | $1.19 |
| Diluted | $0.53 | $0.63 | $1.09 | $1.16 |
| **Weighted average shares outstanding:** |  |  |  |  |
| Basic | 2853383 | 2728599 | 2848419 | 2723293 |
| Diluted | 2934594 | 2779802 | 2931053 | 2783739 |

---

------

**M-tron Industries, Inc.**

**Condensed Consolidated Balance Sheets**

***(Unaudited)***

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **June 30, 2025** | **December 31, 2024** |
| **Assets:** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $15529 | $12641 |
| Accounts receivable, net of reserves of $218 and $182, respectively | 6261 | 6842 |
| Inventories, net | 9116 | 9509 |
| Prepaid expenses and other current assets | 874 | 760 |
| Total current assets | 31780 | 29752 |
| Property, plant and equipment, net | 5939 | 5061 |
| Right-of-use lease asset | 242 | 9 |
| Intangible assets, net | 40 | 40 |
| Deferred income tax asset | 1691 | 1623 |
| Other assets |  | 3 |
| **Total assets** | $**39692** | $**36488** |
| **Liabilities:** |  |  |
| Total current liabilities | 4689 | 5216 |
| Non-current liabilities | 190 |  |
| **Total liabilities** | **4879** | **5216** |
| **Total stockholders' equity** | **34813** | **31272** |
| **Total liabilities and stockholders' equity** | $**39692** | $**36488** |

---

------

**Non-GAAP Financial Measures**

Throughout this press release, including the results from operations, the Company presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements the Company uses are "Non-GAAP financial measures" under SEC rules and regulations. The non-GAAP financial measures the Company presents are listed below and may not be comparable to similarly-named measures reported by other companies. the reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.

The Company uses the following operating performance measure because the Company believes it provides both management and investors with a more complete understanding of the underlying operational results and trends and our marketplace performance

**Adjusted EBITDA** is derived by excluding the items set forth below from Income before income taxes. Excluded items include the following:

• Interest income

• Interest expense

• Depreciation

• Amortization

• Non-cash stock-based compensation

• Other discrete items that might have a significant impact on comparable GAAP measures and could distort the evaluation of our normal operating performance

***Reconciliation of GAAP Income Before Income Taxes to Non-GAAP Adjusted EBITDA***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in thousands, except share data)* | **2025** | **2024** | **2025** | **2024** |
| **Income before income taxes** | $**1995** | $**2146** | $**4109** | $**4009** |
| Adjustments: |  |  |  |  |
| Interest income | (124) | (44) | (235) | (76) |
| Depreciation | 270 | 220 | 520 | 439 |
| Amortization |  |  |  | 5 |
| Total adjustments | 146 | 176 | 285 | 368 |
| **EBITDA** | **2141** | **2322** | **4394** | **4377** |
| Non-cash stock compensation | 278 | 201 | 527 | 408 |
| **Adjusted EBITDA** | $**2419** | $**2523** | $**4921** | $**4785** |

---

------

The following table is a reconciliation of Adjusted EBITDA to Income before income taxes:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** |
| *(in thousands)* | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** | **Q1** | **Q2** |
| **Revenues** | $**7691** | $**7064** | $**8417** | $**8673** | $**9367** | $**10140** | $**10888** | $**10773** | $**11185** | $**11808** | $**13214** | $**12805** | $**12732** | $**13282** |
| **Income before income taxes** | $**794** | $**592** | $**614** | $**595** | $**719** | $**1582** | $**2046** | $**53** | $**1863** | $**2146** | $**3008** | $**2758** | $**2114** | $**1995** |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest expense (income) | 3 | 2 | 1 | 5 | 2 | 5 | (1) | (13) | (32) | (44) | (63) | (104) | (111) | (124) |
| Depreciation | 148 | 165 | 173 | 185 | 195 | 190 | 192 | 220 | 219 | 220 | 278 | 251 | 250 | 270 |
| Amortization | 13 | 14 | 13 | 14 | 13 | 14 | 13 | 13 | 5 |  |  |  |  |  |
| Total adjustments | 164 | 181 | 187 | 204 | 210 | 209 | 204 | 220 | 192 | 176 | 215 | 147 | 139 | 146 |
| **EBITDA** | **958** | **773** | **801** | **799** | **929** | **1791** | **2250** | **273** | **2055** | **2322** | **3223** | **2905** | **2253** | **2141** |
| Non-cash stock compensation | 219 | 68 | 75 | 96 | 71 | 140 | 86 | 2124 | 207 | 201 | 77 | 151 | 249 | 278 |
| Excess Spin-off costs |  |  |  | 219 | 28 |  |  |  |  |  |  |  |  |  |
| **Adjusted EBITDA** | $**1177** | $**841** | $**876** | $**1114** | $**1028** | $**1931** | $**2336** | $**2397** | $**2262** | $**2523** | $**3300** | $**3056** | $**2502** | $**2419** |
| Adjusted EBITDA margin | 15.3% | 11.9% | 10.4% | 12.8% | 11.0% | 19.0% | 21.5% | 22.3% | 20.2% | 21.4% | 25.0% | 23.9% | 19.7% | 18.2% |

---