Segment Data

3 Months Ended

Mar. 31, 2025

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 United Kingdom, France, the 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 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, impairment of investments, acquisition related costs, cost savings initiatives and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes 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):

	Three Months Ended March 31, 2025
	Americas		EMEA		APAC		Total
Revenue	$	1,688.3	$	205.0	$	391.3	$	2,284.6
Less:
Cost of gross contract reimbursables	$	589.5	$	32.4	$	122.0	$	743.9
Direct employment costs	712.4		92.7		99.0		904.1
Other direct costs	108.3		24.9		119.1		252.3
Indirect and overhead employment costs	116.4		29.1		28.3		173.8
Other indirect and overhead costs	93.2		25.0		13.8		132.0
Other segment items(1)	(10.8)		(1.1)		(5.8)		(17.7)
Adjusted EBITDA	$	79.3	$	2.0	$	14.9	$	96.2

	Three Months Ended March 31, 2024
	Americas		EMEA		APAC		Total
Revenue	$	1,621.0	$	222.4	$	341.4	$	2,184.8
Less:
Cost of gross contract reimbursables	$	575.6	$	28.5	$	83.1	$	687.2
Direct employment costs	671.3		94.9		97.3		863.5
Other direct costs	131.0		33.9		116.9		281.8
Indirect and overhead employment costs	108.5		30.6		27.4		166.5
Other indirect and overhead costs	89.1		25.4		15.0		129.5
Other segment items(1)	(18.9)		0.1		(3.0)		(21.8)
Adjusted EBITDA	$	64.4	$	9.0	$	4.7	$	78.1

(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):

	Three Months Ended March 31,
	2025		2024
Net income (loss)	$	1.9	$	(28.8)
Adjustments:
Depreciation and amortization	26.7		32.5
Interest expense, net of interest income	52.3		58.7
Provision for income taxes	3.1		2.3
Unrealized loss on investments, net	0.7		1.0
Impairment of investments	6.5		—
Acquisition related costs	0.4		—
Cost savings initiatives	—		7.2
Other	4.6		5.2
Adjusted EBITDA	$	96.2	$	78.1