Years ended August 31,
2019 (1)
2018 (2)
Change
Change in constant currency (3)
Foreign exchange impact (3)
(in thousands of dollars, except percentages)
$
$
%
%
$
Revenue
1,036,853
847,372
22.4
17.9
37,433
Operating expenses
571,208
478,172
19.5
15.2
20,522
Adjusted EBITDA
465,645
369,200
26.1
21.5
16,911
Adjusted EBITDA Margin
44.9%
43.6%
Acquisitions of property, plant and equipment
192,605
212,580
(9.4)
(12.4)
6,332
Capital intensity
18.6%
25.1%

text: OPERATING AND FINANCIAL RESULTS
text: (1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.
text: (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.
text: (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.
text: REVENUE Fiscal 2019 revenue increased by 22.4% (17.9% in constant currency). In local currency, revenue amounted to US$782.3 million compared to US$662.3 million for fiscal 2018. The increase resulted mainly from: • the impact of the MetroCast acquisition completed on January 4, 2018 which was included in revenue for only an eight-month period in the prior year; • rate increases; • 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. Excluding the MetroCast and FiberLight acquisitions, revenue in constant currency increased by 5.2% for fiscal 2019.
text: OPERATING EXPENSES Fiscal 2019 operating expenses increased by 19.5% (15.2% in constant currency) mainly as a result of: • the impact of the MetroCast acquisition which was included in operating expenses for only an eight-month period in the prior year; • 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; partly offset by • the prior year's non-recurring costs of $3.1 million (US$2.5 million) related to hurricane Irma.
text: ADJUSTED EBITDA Fiscal 2019 adjusted EBITDA increased by 26.1% (21.5% in constant currency). In local currency, adjusted EBITDA amounted to US$351.3 million compared to US$288.4 million for fiscal 2018. The increase was mainly due to the impact of the MetroCast and FiberLight acquisitions combined with strong organic growth. Excluding the MetroCast and FiberLight acquisitions and the prior year's non-recurring costs of $3.1 million ($US2.5 million) related to hurricane Irma, adjusted EBITDA in constant currency increased by 5.7% for fiscal 2019.
text: CAPITAL INTENSITY AND ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 acquisitions of property, plant and equipment decreased by 9.4% (12.4% in constant currency) mainly due to: • the acquisition of several dark fibres throughout south Florida from FiberLight, LLC for a consideration of $21.2 million (US$16.8 million) during the second quarter of fiscal 2018; partly offset by • additional capital expenditures related to the impact of the MetroCast acquisition; and • additional capital expenditures related to the expansion in Florida. Fiscal 2019 capital intensity reached 18.6% compared to 25.1% for fiscal 2018 mainly as a result of lower capital expenditures combined with revenue growth.

Questions:
question: What was the average exchange rate in 2019?
answer: 1.3255 USD/CDN.
question: What was the average exchange rate in 2018?
answer: 1.2773 USD/CDN.
question: What was the increase in the operating expenses in 2019?
answer: 19.5%
question: What was the increase / (decrease) in the revenue from 2018 to 2019?
answer: 189481
derivation: 1,036,853 - 847,372
scale: thousand
question: What was the average operating expenses between 2018 and 2019?
answer: 524690
derivation: (571,208 + 478,172) / 2
scale: thousand
question: What was the increase / (decrease) in the Adjusted EBITDA from 2018 to 2019?
answer: 96445
derivation: 465,645 - 369,200
scale: thousand