Table:
| 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 | 2,331,820 | 2,147,404 | 8.6 | 6.8 | 37,433 |
| Operating Expenses | 1,203,980 | 1,121,625 | 7.3 | 5.4 | 21,636 |
| Management fees – Cogeco Inc. | 19,900 | 18,961 | 5.0 | 5.0 | - |
| Adjusted EBITDA | 1,107,940 | 1,006,818 | 10.0 | 8.5 | 15,797 |
| Adjusted EBITDA margin | 47.5% | 46.9% |  |  |  |
Paragraphs:
3.1 OPERATING RESULTS
(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued
operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.
Question:
What was the adjusted EBITDA margin in 2019?
Answer: 47.5%