Company reports $82 million revenues, $0.14 diluted EPS; Raises full-year earnings guidance
THE WOODLANDS, Texas--(BUSINESS WIRE)--July 29, 2026--
NPK International Inc. (NYSE: NPKI) ("NPK" or the "Company") today announced results for the three and six months ended June 30, 2026.
SECOND QUARTER 2026 RESULTS
(all comparisons versus the prior year period unless otherwise noted)
-- Revenues of $81.6 million, +20%
-- Operating income from continuing operations of $16.1 million, 19.7%
operating margin
-- Income from continuing operations of $12.0 million, or $0.14 per
diluted share
-- Adjusted EBITDA from Continuing Operations of $25.7 million, 31.5%
Adjusted EBITDA margin
-- Total cash of $8.4 million and total debt of $10.6 million as of June
30, 2026
Second Quarter
------------------------------- -------------------- ------ ---
(In millions) 2026 2025 Change
------------------------------- --------- --------- ------ ---
Revenues $81.6 $68.2 $13.4
Operating income from
continuing operations $16.1 $11.6 $ 4.5
Income from continuing
operations per common share -
Diluted $0.14 $0.10 $0.04
Adjusted EBITDA from continuing
operations $25.7 $18.8 $ 6.9
Operating margin from
continuing operations (%) 19.7% 17.0% 270 bps
Adjusted EBITDA margin from
continuing operations (%) 31.5% 27.5% 400 bps
Net cash provided by operating
activities $21.9 $21.4 $ 0.5
Free Cash Flow $ 5.9 $11.2 $(5.3)
MANAGEMENT COMMENTARY
"We are pleased with the strong financial results for the second quarter of 2026, reflecting consistent execution by our team members across the organization, continued momentum in our core power transmission markets, and efficient margin realization," stated Matthew Lanigan, President and CEO of NPK International. "During the second quarter, we successfully navigated the demobilization of several large-scale projects and delivered 20% year-over-year revenue growth, highlighted by another quarter of record rental revenue and robust demand for product sales, while adjusted EBITDA grew 37%. Supported by sustained market strength and an ongoing focus on operational excellence, we are well positioned for continued strength in the second half of 2026 and have raised our full year earnings guidance.
Lanigan continued, "We have continued to make important progress on our strategic initiatives, as evidenced by our strong operating momentum. Notably, we have advanced our Carencro, Louisiana manufacturing expansion effort, which remains on track to start up by mid-2027, expanding capacity by approximately 50%. During the second quarter, we invested more than $4 million of the expected $40 million to $45 million required to complete the project, and we are confident that this expansion and our continuing debottlenecking initiatives will both enhance margins through reduced usage of cross-rental mats while also supporting our longer-term growth objectives.
"Our capital allocation strategy continues to prioritize investments in the growth of our rental fleet and our manufacturing capacity expansion to support sustained organic growth, strategic acquisitions, and the return of capital through our disciplined share repurchase program. With minimal net debt and nearly $150 million of availability under our bank facility, we are well positioned to pursue our strategic growth and capital allocation priorities.
"The outlook for utility transmission spending remains robust, driven by projected load growth, an aging infrastructure, and the need to connect new capacity to the grid. While timing of large projects is difficult to predict, we remain confident in the near-term outlook and our ability to continue generating double-digit rental growth in the coming years. We continue to be encouraged by the opportunities ahead and remain confident in our ability to execute on our strategic priorities and create durable value for our shareholders," concluded Lanigan.
BUSINESS UPDATE
NPK's business plan is designed to drive organic commercial growth within targeted, higher-margin product and rental markets; improve asset optimization and organizational efficiency; and pursue a capital allocation strategy that prioritizes investments with superior return profiles, together with a programmatic return of capital program.
Second quarter 2026 highlights include:
-- Strong customer demand for matting rental and related services.
Revenues from specialty rental and related services increased to $54
million in the second quarter of 2026, with record rental revenues driven
by strong demand from key customer accounts in support of power
transmission projects and the impact of our recent acquisition. Revenues
from product sales were $28 million for the second quarter of 2026, our
highest quarterly level in two years, primarily reflecting the continued
strong demand from utility companies.
-- Improved operating efficiency. NPK remains focused on efficiency
improvements and operating cost optimization across every aspect of its
business. In the second quarter of 2026, NPK's Adjusted EBITDA Margin was
31.5%, a 400 basis improvement from the prior year period, and SG&A as a
percentage of revenue was 17.4%, a 260 basis point improvement versus the
prior year period. In May 2026, the Compensation Committee of our Board
of Directors modified the retirement eligibility terms applicable to our
long-term incentive awards, including unvested grants from 2024 and 2025.
As a result, SG&A for the second quarter of 2026 includes a $0.9 million
charge reflecting the acceleration of compensation expense for such
awards for retirement eligible executive officers and other employees.
-- Manufacturing efficiency and capacity expansion. NPK continues to
execute on its recently approved plans to expand our Carencro, Louisiana
manufacturing capacity by approximately 50% from current levels. The
Company expects to invest $40 million to $45 million by mid-2027,
including $4.1 million invested in the second quarter, with additional
production expected to start up by mid-2027.
FINANCIAL PERFORMANCE
In the second quarter of 2026, NPK generated revenue of $81.6 million, an increase of 20%, compared to $68.2 million in the prior year period. Rental and service revenue increased 16% to $53.6 million, while product sales increased 28% to $28.0 million.
Gross margin was 37.0% in the second quarter of 2026, compared to 36.9% in the prior year period.
Selling, general and administrative expenses were $14.2 million (17.4% of revenues) in the second quarter of 2026, compared to $13.7 million (20.0% of revenues) in the second quarter of 2025. SG&A for the second quarter of 2026 includes a $0.9 million charge related to acceleration of long-term incentive compensation expense due to the modification of our retirement eligibility terms.
NPK generated income from continuing operations of $12.0 million, or $0.14 per diluted share, compared to $8.8 million, or $0.10 per diluted share, in the second quarter of 2025. Second quarter 2026 adjusted income from continuing operations was $12.8 million, or $0.15 per diluted share.
The Company reported Adjusted EBITDA from Continuing Operations of $25.7 million in the second quarter of 2026, or 31.5% of total revenue, compared to $18.8 million, or 27.5% of total revenue, in the prior year period.
BALANCE SHEET AND LIQUIDITY
As of June 30, 2026, NPK had total cash of $8.4 million, total debt of $10.6 million, and available liquidity under its senior secured revolving credit facility of $148 million.
Operating cash flow was $21.9 million in the second quarter of 2026. Capital investments used $16.0 million, net, with the substantial majority funding the growth of the mat rental fleet and the manufacturing expansion project.
FINANCIAL GUIDANCE
The following forward-looking guidance reflects the Company's current expectations and beliefs as of July 29, 2026, and is subject to change. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.
For the full year 2026, NPK currently anticipates the following:
-- Revenues in a range of $313 million to $323 million
-- Adjusted EBITDA in a range of $97 million to $103 million
-- Capital expenditures in a range of $65 million to $80 million, which
includes $20 million to $25 million from manufacturing expansion; Our
capex plan for 2026 has been reduced, primarily reflecting changes in the
timing of manufacturing expansion expenditures. The change in expenditure
timing will not impact our anticipated mid-year 2027 completion date
SECOND QUARTER 2026 RESULTS CONFERENCE CALL
A conference call will be held Thursday, July 30, 2026 at 9:30 a.m. ET to review the Company's financial results and conduct a question-and-answer session.
A webcast of the conference call will be available in the Investor Relations section of the Company's website at npki.com. Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: 833-461-5787 International Live: 365-657-4084 Conference ID: 374346665
After the webcast, a replay will be available on the Company's website.
ABOUT NPK INTERNATIONAL
NPK International Inc. is a worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. The Company delivers superior quality and reliability across critical infrastructure markets, including electrical power transmission, oil and gas exploration, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at npki.com.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as "will," "may," "could," "would, " "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," "guidance," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by NPK, particularly its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to our ability to generate organic growth; economic and market conditions that may impact our customers' future spending; customer concentration; the effective management of our fleet, including our ability to properly manufacture, safeguard, and maintain our fleet; international operations; manufacturing capacity expansion projects; operating hazards present in our and our customers' industries and substantial liability claims; our contracts that can be terminated or downsized by our customers without penalty; our product offering and market expansion; our ability to attract, retain, and develop qualified leaders, key employees, and skilled personnel; expanding our services in the utilities sector, which may require unionized labor; the price and availability of raw materials; inflation; capital investments and business acquisitions; market competition; technological developments and intellectual property; severe weather, natural disasters, and seasonality; public health crises, epidemics, and pandemics; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity incidents or business system disruptions; complications with the design or implementation of our updated enterprise resource planning system; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; share repurchases; and our amended and restated bylaws, which could limit our stockholders' ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. NPK's filings with the Securities and Exchange Commission can be obtained at no charge at sec.gov, as well as through our website at npki.com.
NPK International Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
---------------- ---------------------------- ----------------------
(In thousands, March
except per share June 30, 31, June 30, June 30, June 30,
data) 2026 2026 2025 2026 2025
---------------- -------- -------- -------- --------- -----------
Revenues $81,585 $75,070 $68,233 $156,655 $133,010
Cost of revenues 51,426 47,884 43,052 99,310 82,579
Selling, general
and
administrative
expenses 14,160 13,191 13,657 27,351 25,403
Other operating
(income) loss,
net (91) (428) (105) (519) (129)
------ ------ ------ ------- -------
Operating
income from
continuing
operations 16,090 14,423 11,629 30,513 25,157
Foreign currency
exchange (gain)
loss (154) 145 (626) (9) (940)
Interest
(income)
expense, net 347 323 1 670 (47)
------ ------ ------ ------- -------
Income from
continuing
operations
before
income
taxes 15,897 13,955 12,254 29,852 26,144
Provision for
income taxes
from continuing
operations 3,908 3,597 3,470 7,505 6,985
------ ------ ------ ------- -------
Income from
continuing
operations 11,989 10,358 8,784 22,347 19,159
Income (loss)
from
discontinued
operations,
net of tax (22) 100 (106) 78 (478)
------ ------ ------ ------- -------
Net income $11,967 $10,458 $ 8,678 $ 22,425 $ 18,681
====== ====== ====== ======= =======
Income (loss)
per common share
- basic
Income from
continuing
operations $ 0.14 $ 0.12 $ 0.10 $ 0.26 $ 0.22
Income (loss)
from
discontinued
operations -- -- -- 0.01 --
------ ------ ------ ------- -------
Net income $ 0.14 $ 0.12 $ 0.10 $ 0.27 $ 0.22
====== ====== ====== ======= =======
Income (loss)
per common share
- diluted
Income from
continuing
operations $ 0.14 $ 0.12 $ 0.10 $ 0.26 $ 0.22
Income (loss)
from
discontinued
operations -- -- -- -- --
------ ------ ------ ------- -------
Net income $ 0.14 $ 0.12 $ 0.10 $ 0.26 $ 0.22
====== ====== ====== ======= =======
Weighted average
shares:
Basic 84,526 84,416 84,480 84,471 85,264
Diluted 85,844 85,852 85,423 85,848 86,205
NPK International Inc.
Operating Segment Results
(Unaudited)
Three Months Ended Six Months Ended
--------------- ------------------------------------- --------------------------
June 30, March 31, June 30, June 30, June 30,
(In thousands) 2026 2026 2025 2026 2025
--------------- ----------- ----------- ----------- ------------ ------------
Revenues
Rental
revenues $37,208 $35,625 $31,654 $ 72,833 $ 59,764
Service
revenues 16,344 16,328 14,658 32,672 29,941
Product
sales
revenues 28,033 23,117 21,921 51,150 43,305
------ ------ ------ ------- -------
Total revenues $81,585 $75,070 $68,233 $156,655 $133,010
====== ====== ====== ======= =======
Operating
income from
continuing
operations $16,090 $14,423 $11,629 $ 30,513 $ 25,157
Operating
margin from
continuing
operations 19.7% 19.2% 17.0% 19.5% 18.9%
NPK International Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, December 31,
(In thousands, except share data) 2026 2025
------------------------------------------- --------- ----------------
ASSETS
Cash and cash equivalents $ 8,351 $ 5,140
Receivables, net 60,276 59,806
Inventories 11,503 11,500
Prepaid expenses and other current
assets 4,866 5,046
------- ---------
Total current assets 84,996 81,492
Property, plant and equipment, net 250,037 233,048
Operating lease assets 10,018 11,195
Goodwill 75,971 76,341
Other intangible assets, net 18,647 21,297
Deferred tax assets 1,603 5,535
Other assets 8,458 12,850
------- ---------
Total assets $449,730 $ 441,758
======= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current debt $ 5,183 $ 5,170
Accounts payable 23,370 22,327
Accrued liabilities 24,125 29,647
------- ---------
Total current liabilities 52,678 57,144
Long-term debt, less current portion 5,383 11,692
Noncurrent operating lease liabilities 8,630 9,877
Deferred tax liabilities 9,685 7,476
Other noncurrent liabilities 1,977 4,413
------- ---------
Total liabilities 78,353 90,602
Common stock, $0.01 par value
(200,000,000 shares authorized and
89,969,464 and 90,134,477 shares
issued, respectively) 900 902
Paid-in capital 487,744 489,632
Accumulated other comprehensive loss (2,723) (1,610)
Retained earnings (deficit) (78,102) (100,527)
Treasury stock, at cost (5,059,570 and
5,616,798 shares, respectively) (36,442) (37,241)
------- ---------
Total stockholders' equity 371,377 351,156
------- ---------
Total liabilities and stockholders'
equity $449,730 $ 441,758
======= =========
NPK International Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
---------------------------------------------- ----------------------
(In thousands) 2026 2025
---------------------------------------------- --------- -----------
Cash flows from operating activities:
Net income $ 22,425 $ 18,681
Adjustments to reconcile net income to net
cash provided by operations:
Gain on divestitures (500) --
Depreciation and amortization 16,545 11,974
Stock-based compensation expense 4,125 2,596
Provision for deferred income taxes 6,284 6,164
Credit loss expense 64 19
Gain on sale of assets (1,212) (1,557)
Amortization of original issue discount and
debt issuance costs 158 313
Change in assets and liabilities:
Increase in receivables (1,472) (6,283)
Decrease in inventories 25 3,596
Increase in other assets (736) (1,924)
Increase in accounts payable 3,708 1,823
Decrease in accrued liabilities and
other (6,387) (5,134)
------- -------
Net cash provided by operating activities 43,027 30,268
Cash flows from investing activities:
Capital expenditures (33,215) (21,705)
Proceeds from divestitures 5,490 14,485
Proceeds from sale of property, plant and
equipment 1,019 3,320
Other investing activities -- 3,089
------- -------
Net cash used in investing activities (26,706) (811)
Cash flows from financing activities:
Borrowings on lines of credit 12,600 --
Payments on lines of credit (17,900) --
Debt issuance costs -- (797)
Purchases of treasury stock (5,882) (19,291)
Proceeds from employee stock plans 528 --
Other financing activities (2,416) (1,704)
------- -------
Net cash used in financing activities (13,070) (21,792)
Effect of exchange rate changes on cash (40) 110
------- -------
Net increase in cash, cash equivalents, and
restricted cash 3,211 7,775
Cash, cash equivalents, and restricted cash at
beginning of period 5,140 18,237
------- -------
Cash, cash equivalents, and restricted cash at
end of period $ 8,351 $ 26,012
======= =======
NPK International Inc.
Non-GAAP Reconciliations
(Unaudited)
To help understand the Company's financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles ("GAAP") with non-GAAP financial measures. Such financial measures include Adjusted Income from Continuing Operations, Adjusted Income from Continuing Operations Per Common Share, earnings before interest, taxes, depreciation and amortization ("EBITDA") from Continuing Operations, Adjusted EBITDA from Continuing Operations, Adjusted EBITDA Margin from Continuing Operations, and Free Cash Flow.
We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP.
Adjusted Income from Continuing Operations and Adjusted Income from Continuing Operations Per Common Share
The following tables reconcile the Company's income from continuing operations and income from continuing operations per common share calculated in accordance with GAAP to the non-GAAP financial measures of Adjusted Net Income from Continuing Operations and Adjusted Net Income from Continuing Operations Per Common Share:
Consolidated Three Months Ended Six Months Ended
----------------------- ---------------------------- --------------------
March
June 30, 31, June 30, June 30, June 30,
(In thousands) 2026 2026 2025 2026 2025
----------------------- -------- -------- -------- -------- ----------
Income from continuing
operations (GAAP) $11,989 $10,358 $ 8,784 $22,347 $19,159
Acquisition-related
transaction costs -- 32 -- 32 --
Modification of
retirement terms 858 -- -- 858 --
Plant expansion
expenses 226 -- -- 226 --
Severance costs -- -- 359 -- 386
Tax on adjustments (228) (7) (75) (234) (81)
------ ------ ------ ------ ------
Adjusted Income from
Continuing Operations
(non-GAAP) $12,845 $10,383 $ 9,068 $23,229 $19,464
====== ====== ====== ====== ======
Adjusted Income from
Continuing Operations
(non-GAAP) $12,845 $10,383 $ 9,068 $23,229 $19,464
Weighted average common
shares outstanding -
basic 84,526 84,416 84,480 84,471 85,264
Dilutive effect of
stock options and
restricted stock
awards 1,318 1,436 943 1,377 941
------ ------ ------ ------ ------
Weighted average common
shares outstanding -
diluted 85,844 85,852 85,423 85,848 86,205
------ ------ ------ ------ ------
Adjusted Income from
Continuing Operations
Per Common Share -
Diluted (non-GAAP): $ 0.15 $ 0.12 $ 0.11 $ 0.27 $ 0.23
NPK International Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
EBITDA from Continuing Operations, Adjusted EBITDA from Continuing Operations, and Adjusted EBITDA Margin from Continuing Operations
The following table reconciles the Company's income from continuing operations calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA from Continuing Operations, Adjusted EBITDA from Continuing Operations, and Adjusted EBITDA Margin from Continuing Operations:
Consolidated Three Months Ended Six Months Ended
----------------------- ------------------------------------- --------------------------
June 30, March 31, June 30, June 30, June 30,
(In thousands) 2026 2026 2025 2026 2025
----------------------- ----------- ----------- ----------- ------------ ------------
Revenues $81,585 $75,070 $68,233 $156,655 $133,010
Operating income from
continuing operations
(GAAP) $16,090 $14,423 $11,629 $ 30,513 $ 25,157
Income from continuing
operations (GAAP) $11,989 $10,358 $ 8,784 $ 22,347 $ 19,159
Interest expense,
net 347 323 1 670 (47)
Provision for income
taxes 3,908 3,597 3,470 7,505 6,985
Depreciation and
amortization 8,378 8,167 6,172 16,545 11,974
------ ------ ------ ------- -------
EBITDA from Continuing
Operations (non-GAAP) 24,622 22,445 18,427 47,067 38,071
Acquisition-related
transaction costs -- 32 -- 32 --
Modification of
retirement terms 858 -- -- 858 --
Plant expansion
expenses 226 -- -- 226 --
Severance costs -- -- 359 -- 386
------ ------ ------ ------- -------
Adjusted EBITDA from
Continuing Operations
(non-GAAP) $25,706 $22,477 $18,786 $ 48,183 $ 38,457
====== ====== ====== ======= =======
Operating Margin from
Continuing Operations
(GAAP) 19.7% 19.2% 17.0% 19.5% 18.9%
====== ====== ====== ======= =======
Adjusted EBITDA Margin
from Continuing
Operations (non-GAAP) 31.5% 29.9% 27.5% 30.8% 28.9%
====== ====== ====== ======= =======
Free Cash Flow
The following table reconciles the Company's net cash provided by operating activities calculated in accordance with GAAP to the non-GAAP financial measure of Free Cash Flow:
Consolidated Three Months Ended Six Months Ended
---------------- ------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
(In thousands) 2026 2026 2025 2026 2025
---------------- --------- --------- --------- --------- -----------
Net cash
provided by
operating
activities
(GAAP) $ 21,916 $ 21,111 $ 21,440 $ 43,027 $ 30,268
Capital
expenditures (16,531) (16,684) (11,694) (33,215) (21,705)
Proceeds from
sale of
property,
plant and
equipment 536 483 1,502 1,019 3,320
------- ------- ------- ------- -------
Free Cash Flow
(non-GAAP) $ 5,921 $ 4,910 $ 11,248 $ 10,831 $ 11,883
======= ======= ======= ======= =======
NPK International Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
Trailing Twelve Months ("TTM")
Consolidated Three Months Ended TTM
----------------------- --------------------------------------------------- ------------
September December March 31, June 30, June 30,
(In thousands) 30, 2025 31, 2025 2026 2026 2026
----------------------- ------------ ----------- ----------- ----------- ------------
Revenues $68,838 $75,195 $75,070 $81,585 $300,688
Operating income from
continuing operations
(GAAP) $ 9,057 $12,565 $14,423 $16,090 $ 52,135
Income from continuing
operations (GAAP) $ 6,063 $10,723 $10,358 $11,989 $ 39,133
Interest (income)
expense, net (47) 107 323 347 730
Provision (benefit)
for income taxes
from continuing
operations 3,010 1,710 3,597 3,908 12,225
Depreciation and
amortization 6,261 7,302 8,167 8,378 30,108
------ --- ------ ------ ------ -------
EBITDA from Continuing
Operations (non-GAAP) 15,287 19,842 22,445 24,622 82,196
Acquisition-related
transaction costs -- 1,088 32 -- 1,120
Modification of
retirement terms -- -- -- 858 858
Plant expansion
expenses -- -- -- 226 226
Severance costs 69 763 -- -- 832
------ --- ------ ------ ------ -------
Adjusted EBITDA from
Continuing Operations
(non-GAAP) $15,356 $21,693 $22,477 $25,706 $ 85,232
====== === ====== ====== ====== =======
Operating Margin from
Continuing Operations
(GAAP) 13.2% 16.7% 19.2% 19.7% 17.3%
====== ====== ====== ====== =======
Adjusted EBITDA Margin
from Continuing
Operations (non-GAAP) 22.3% 28.8% 29.9% 31.5% 28.3%
====== ====== ====== ====== =======
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