Adjusted operating profit in the third quarter grew 35.2% to $137.4 million, with a corresponding margin improvement of 170 basis points to 16.3%, driven by the same positive factors that I just mentioned that led to gross margin improvement, but partially offset by increased travel and entertainment activity, and the initial absorption of fixed cost of new acquisitions.

Nov 2, 2021 / CFO / receipt, needs a key / John Peterson, CFO | earnings call 2021-11-02 | transcript 3e0081f4-9eac-4f61-a455-40ccceb96df7 | chars 9444-9817 | segment 9

The year-over-year decrease as a percentage of sales was primarily the result of higher sales partially offset by increased travel and entertainment and the initial absorption of fixed cost of acquisitions.

Nov 2, 2021 / CFO / receipt, needs a key / John Peterson, CFO | earnings call 2021-11-02 | transcript 3e0081f4-9eac-4f61-a455-40ccceb96df7 | chars 10454-10660 | segment 10

Both adjusted operating and EBITDA margin improvements were driven by the previously mentioned factors impacting gross margin, as well as lower stock-based compensation expense, reduced travel and entertainment activity, lower legal fees, and continued good leverage on our fixed overhead.

May 6, 2021 / CFO / receipt, needs a key / John Peterson, CFO | earnings call 2021-05-06 | transcript c419f8f7-93eb-4875-abbc-71ae0b1fc6c4 | chars 9722-10011 | segment 9

Both adjusted operating and EBITDA margin improvements were driven by the previously mentioned factors impacting gross margin, as well as cost reductions initiated in the second quarter and lower travel and entertainment expenses.

Feb 23, 2021 / CFO / receipt, needs a key / John Peterson, CFO | earnings call 2021-02-23 | transcript 8fbaabbe-3427-4df4-a7f5-621cb0db89b9 | chars 10294-10524 | segment 10