Three months ended August 31,
2019(1)
2018(2)
Change
Change in constant currency(3)
Foreign exchange impact(3)
(in thousands of dollars, except percentages)
$
$
%
%
$
Revenue
263,738
246,443
7.0
6.0
2,427
Operating expenses
148,215
136,506
8.6
7.6
1,370
Adjusted EBITDA
115,523
109,937
5.1
4.1
1,057
Adjusted EBITDA margin
43.8%
44.6%
Acquisitions of property, plant and equipment
65,967
72,914
(9.5)
(10.5)
704
Capital intensity
25.0%
29.6%

text: (1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the "Accounting policies" section. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
text: REVENUE Fiscal 2019 fourth-quarter revenue increased by 7.0% (6.0% in constant currency). In local currency, revenue amounted to US$199.5 million compared to US$188.1 million for the same period of fiscal 2018. The increase resulted mainly from: • rate increases; • activation of bulk properties in Florida during the fourth quarter of fiscal 2019; • continued growth in Internet service customers; and • the FiberLight acquisition completed in the first quarter of fiscal 2019; partly offset by • a decrease in video service customers.
text: OPERATING EXPENSES Fiscal 2019 fourth-quarter operating expenses increased by 8.6% (7.6% in constant currency) mainly as a result of: • programming rate increases; • the FiberLight acquisition completed in the first quarter of fiscal 2019; • higher compensation expenses due to higher headcount to support growth; and • higher marketing initiatives to drive primary service units growth.
text: ADJUSTED EBITDA Fiscal 2019 fourth-quarter adjusted EBITDA increased by 5.1% (4.1% in constant currency). In local currency, adjusted EBITDA amounted to US$87.4 million compared to US$83.9 million for the same period of fiscal 2018. The increase was mainly due to organic growth combined with the impact of the FiberLight acquisition.
text: ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 9.5% (10.5% in constant currency) mainly due to: • lower purchases of customer premise equipment due to the timing of certain initiatives; and • lower capital expenditures due to the timing of certain initiatives; partly offset by • additional capital expenditures related to the expansion in Florida.

Questions:
question: What was the exchange rate in 2019?
answer: 1.3222 USD/CDN
question: What was the exchange rate in 2018?
answer: 1.3100 USD/CDN
question: What was the revenue increase in 2019?
answer: 7.0%
question: What was the increase / (decrease) in revenue from 2018 to 2019?
answer: 17295
derivation: 263,738 - 246,443
scale: thousand
question: What was the increase / (decrease) in operating expenses from 2018 to 2019?
answer: 11709
derivation: 148,215 - 136,506
scale: thousand
question: What was the average Adjusted EBITDA?
answer: 112730
derivation: (115,523 + 109,937) / 2
scale: thousand