3. Calculate the EBITDA margin for each year. EXHIBIT 1 2010 2011 2012 2013 REVENUES COGS GROSS PROFIT SG&A DEPRECIATION OPERATING INCOM INTEREST EXPENSE 42,000 44,500 47,000 51,000 31,200 32,500 34,000 36,800 10,800 12,000 13,000 14,200 4,450 1,350 8,400 1,300 4,000 1,200 5,600 4,100 1,270 6,630 1,900 4,300 1,300 7,400 1,700 CAP EX 2,200 2,300 2,300 2,400 DEBT 0 31,600 26,600 18,000