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Segment Data
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Data
Note 3: Segment Data
The Company reports its operations through the following segments: (1) Americas, (2) Europe, Middle East and Africa (“EMEA”) and (3) Asia Pacific (“APAC”). The Americas consists of operations located in the United States, Canada and other markets in North and South America. EMEA includes operations in the U.K., France, Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, India and other markets in the Asia Pacific region.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is the profitability metric reported to the chief operating decision maker (“CODM”), the Chief Executive Officer, for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company does not use other measures of segment profit or loss. The CODM uses Adjusted EBITDA to evaluate operating performance, develop budgets and forecasts, and to assist our investors in analyzing the underlying performance of our business. Adjusted EBITDA is also used to determine future allocation of financial and capital resources, including compensation.
The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before unrealized loss on investments, net, loss on dispositions, integration and other costs related to merger, acquisition related costs and efficiency initiatives, cost savings initiatives, CEO transition costs, servicing liability fees and amortization, certain legal and compliance matters, gains from insurance proceeds and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization.
As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.
The following tables present financial information for each reportable segment including segment revenue, significant segment expenses, Adjusted EBITDA and related reconciliations (in millions):

Year Ended December 31, 2024
Americas
EMEA
APAC
Total
Revenue$6,998.0 $953.2 $1,495.3 $9,446.5 
Less:
Cost of gross contract reimbursables$2,314.8 $125.7 $416.8 $2,857.3 
Direct employment costs3,015.0 390.4 422.5 3,827.9 
Other direct costs
480.2 119.2 435.6 1,035.0 
Indirect and overhead employment costs426.9 125.2 110.0 662.1 
Other indirect and overhead costs
377.2 120.6 64.2 562.0 
Other segment items(1)
(52.5)(2.4)(24.8)(79.7)
Adjusted EBITDA$436.4 $74.5 $71.0 $581.9 
Year Ended December 31, 2023
Americas
EMEA
APAC
Total
Revenue$7,129.0 $973.7 $1,391.0 $9,493.7 
Less:
Cost of gross contract reimbursables$2,506.9 $115.2 $340.2 $2,962.3 
Direct employment costs2,857.7 394.4 427.5 3,679.6 
Other direct costs
615.6 163.4 420.7 1,199.7 
Indirect and overhead employment costs449.3 137.0 111.0 697.3 
Other indirect and overhead costs
382.8 120.1 62.6 565.5 
Other segment items(1)
(112.9)(33.8)(34.1)(180.8)
Adjusted EBITDA$429.6 $77.4 $63.1 $570.1 
Year Ended December 31, 2022
Americas
EMEA
APAC
Total
Revenue$7,751.0 $1,030.1 $1,324.6 $10,105.7 
Less:
Cost of gross contract reimbursables$2,462.1 $102.7 $292.8 $2,857.6 
Direct employment costs3,225.7 426.6 401.2 4,053.5 
Other direct costs
676.3 168.8 397.3 1,242.4 
Indirect and overhead employment costs431.4 121.2 103.1 655.7 
Other indirect and overhead costs
372.0 147.0 86.6 605.6 
Other segment items(1)
(132.0)(42.2)(33.7)(207.9)
Adjusted EBITDA$715.5 $106.0 $77.3 $898.8 
(1) Other segment items in the tables above include, for each reportable segment, earnings from equity method investments, which is included in Adjusted EBITDA, as well as certain non-GAAP adjustments for unusual or non-recurring items used to calculate Adjusted EBITDA. See reconciliation of Net income (loss) to Adjusted EBITDA below.
Adjusted EBITDA is calculated as follows (in millions):
Year Ended December 31,
202420232022
Net income (loss)
$131.3 $(35.4)$196.4 
Adjustments:
Depreciation and amortization122.2 145.6 146.9 
Interest expense, net of interest income229.9 281.1 193.1 
Provision for income taxes44.5 5.4 141.6 
Unrealized loss on investments, net0.8 27.8 84.2 
Loss on dispositions
18.4 1.8 — 
Integration and other costs related to merger4.9 11.2 14.0 
Pre-IPO stock-based compensation— — 3.1 
Acquisition related costs and efficiency initiatives— 14.2 93.8 
Cost savings initiatives28.9 55.6 — 
CEO transition costs1.9 8.3 — 
Servicing liability fees and amortization(1.7)11.7 7.9 
Legal and compliance matters— 23.0 — 
Gain from insurance proceeds, net of legal fees
(16.5)1.1 — 
Other17.3 18.7 17.8 
Adjusted EBITDA
$581.9 $570.1 $898.8 
Geographic Information
Revenue in the table below is allocated based upon the country in which services are performed (in millions):
Year Ended December 31,
202420232022
United States$6,680.1 $6,810.7 $7,447.4 
Australia466.2 472.5 447.8 
United Kingdom359.4 369.4 365.3 
All other countries1,940.8 1,841.1 1,845.2 
Total revenue
$9,446.5 $9,493.7 $10,105.7