Answer
The press‑release tells us two key figures for the second quarter of 2025:
| Metric (Q2 2025) | Value |
|---|---|
| Net service revenues | $349.4 million |
| Adjusted EBITDA | $43.9 million (up 24.5 % YoY) |
From these numbers we can calculate the adjusted‑EBITDA margin for the quarter:
[
\text{Adjusted‑EBITDA margin} = \frac{\text{Adjusted EBITDA}}{\text{Net service revenues}} \times 100
= \frac{43.9}{349.4}\times 100 \approx 12.6 %.
]
How the margin changed versus the prior quarter
The release does not provide the adjusted‑EBITDA amount (or the net‑service‑revenue amount) for the preceding quarter (Q1 2025), so we cannot compute the exact Q1 2025 margin or the quarter‑over‑quarter change in margin. Without those prior‑quarter figures, any statement about the margin change from Q1 2025 to Q2 2025 would be speculative.
How the margin changed year‑over‑year (vs. Q2 2024)
The release does give the percentage change in adjusted EBITDA YoY (up 24.5 %). Because the margin is EBITDA divided by revenue, the YoY margin change depends on both the EBITDA growth and the revenue growth.
- Adjusted EBITDA: +24.5 % YoY (to $43.9 M).
- Net service revenues: +21.8 % YoY (to $349.4 M).
If we apply the same growth rates to the 2024 figures, we can back‑solve an approximate 2024 adjusted‑EBITDA and margin:
- 2024 net service revenues ≈ $349.4 M / 1.218 ≈ $286.7 M.
- 2024 adjusted EBITDA ≈ $43.9 M / 1.245 ≈ $35.3 M.
- 2024 adjusted‑EBITDA margin ≈ 35.3 / 286.7 ≈ 12.3 %.
Thus, the adjusted‑EBITDA margin improved from roughly 12.3 % in Q2 2024 to about 12.6 % in Q2 2025, a YoY increase of about 0.3 percentage points (≈ 2.5 % relative to the 2024 margin).
Summary
| Comparison | Adjusted‑EBITDA margin |
|---|---|
| Current quarter (Q2 2025) | ≈ 12.6 % |
| Prior quarter (Q1 2025) | Not disclosed → cannot calculate |
| Year‑over‑year (Q2 2024 → Q2 2025) | ↑ ≈ 0.3 pp (from ~12.3 % to ~12.6 %) |
Key take‑away: The company’s adjusted‑EBITDA margin is roughly 12.6 % for Q2 2025 and has modestly improved versus the same quarter a year earlier, driven by slightly faster EBITDA growth (24.5 %) than revenue growth (21.8 %). The quarter‑over‑quarter margin change cannot be determined from the information provided.