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    "markdown": "| | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2023 |\n| --- | --- | --- | --- | --- |\n| Revenues | $ 697.0 | $ 709.7 | $ 2,696.4 | $ 2,842.5 |\n| Costs and expenses: | | | | |\n| Direct costs, exclusive of depreciation and amortization (including costs incurred from related parties of $48.8 during the twelve months ended December 31, 2023) | 556.1 | 577.9 | 2,162.2 | 2,251.9 |\n| Selling, general and administrative expenses, exclusive of depreciation and amortization | 148.1 | 126.7 | 560.7 | 448.1 |\n| Depreciation and amortization | 20.8 | 22.2 | 85.3 | 89.3 |\n| Restructuring and other charges | 27.6 | 6.9 | 50.1 | 21.2 |\n| Total costs and expenses | 752.6 | 733.7 | 2,858.3 | 2,810.5 |\n| Operating income (loss) | (55.6) | (24.0) | (161.9) | 32.0 |\n| Other income (expense): | | | | |\n| Interest expense | (21.9) | (34.5) | (123.8) | (69.7) |\n| Foreign exchange gain (loss) | (3.6) | 1.5 | (10.6) | 0.3 |\n| Other, net | 6.2 | 2.3 | 21.3 | 6.9 |\n| Income (loss) from continuing operations before income taxes | (74.9) | (54.7) | (275.0) | (30.5) |\n| Income tax (benefit) expense | (1.0) | (6.1) | (3.5) | 1.2 |\n| Income (loss) from continuing operations | (73.9) | (48.6) | (271.5) | (31.7) |\n| Income (loss) from discontinued operations, net of tax | 12.7 | (5.9) | (57.0) | 6.5 |\n| Net income (loss) | $ (61.2) | $ (54.5) | $ (328.5) | $ (25.2) |\n| Earnings (loss) per common share | | | | |\n| Basic and diluted earnings (loss) per share from continuing operations | $ (0.82) | $ (0.55) | $ (3.03) | $ (0.36) |\n| Basic and diluted earnings (loss) per share from discontinued operations | 0.14 | (0.07) | (0.64) | 0.07 |\n| Basic and diluted earnings (loss) per share | $ (0.68) | $ (0.62) | $ (3.67) | $ (0.29) |",
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    "markdown": "| (unaudited) | December 31, 2024 | December 31, 2023 |\n| --- | --- | --- |\n| ASSETS |  |  |\n| Current assets: |  |  |\n| Cash and cash equivalents | $ 118.5 | $ 108.6 |\n| Accounts receivable and unbilled services, net | 659.5 | 988.5 |\n| Prepaid expenses and other | 170.2 | 84.6 |\n| Current assets of discontinued operations |  | 69.1 |\n| Total current assets | 948.2 | 1,250.8 |\n| Property, plant and equipment, net | 156.3 | 172.6 |\n| Goodwill, net | 1,710.4 | 1,739.4 |\n| Intangible assets, net | 655.7 | 728.1 |\n| Deferred income taxes | 5.2 | 3.2 |\n| Other assets, net | 103.4 | 69.7 |\n| Long-term assets of discontinued operations |  | 368.8 |\n| Total assets | $ 3,579.2 | $ 4,332.6 |\n| LIABILITIES AND EQUITY |  |  |\n| Current liabilities: |  |  |\n| Accounts payable | $ 138.2 | $ 132.9 |\n| Accrued expenses and other current liabilities | 369.8 | 335.5 |\n| Unearned revenue | 353.3 | 214.2 |\n| Current portion of long-term debt | 74.8 | 26.1 |\n| Short-term operating lease liabilities | 13.4 | 17.2 |\n| Current liabilities of discontinued operations |  | 52.5 |\n| Total current liabilities | 949.5 | 778.4 |\n| Long-term debt, less current portion | 1,049.7 | 1,565.9 |\n| Operating lease liabilities | 60.6 | 62.8 |\n| Deferred income taxes and other tax liabilities | 121.7 | 147.7 |\n| Other liabilities | 35.3 | 32.1 |\n| Long-term liabilities of discontinued operations |  | 31.6 |\n| Total liabilities | 2,216.8 | 2,618.5 |\n| Commitments and contingent liabilities |  |  |\n| Equity: |  |  |\n| Common stock, 89.7 and 88.8 shares outstanding at December 31, 2024 and December 31, 2023, respectively | 0.1 | 0.1 |\n| Additional paid-in capital | 2,042.2 | 1,998.0 |\n| Accumulated deficit | (397.0) | (68.5) |\n| Accumulated other comprehensive loss | (282.9) | (215.5) |\n| Total equity | 1,362.4 | 1,714.1 |\n| Total liabilities and equity | $ 3,579.2 | $ 4,332.6 |",
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    "title": "Twelve Months Ended December 31,",
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    "markdown": "| | 2024 | 2023 |\n| --- | --- | --- |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | |\n| Net income (loss) | $ (328.5) | $ (25.2) |\n| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | |\n| Depreciation and amortization | 86.9 | 98.0 |\n| Stock compensation | 58.4 | 42.7 |\n| Credit loss expense | 22.2 | 27.8 |\n| Operating lease right-of-use asset expense | 14.0 | 27.4 |\n| Operating lease right-of-use asset impairment | 4.8 | |\n| Goodwill and other asset impairments | 24.0 | 13.4 |\n| Deferred income taxes | (24.6) | (41.6) |\n| Loss on sale of business | 19.6 | |\n| Write-off of debt issuance costs | 12.2 | |\n| Other, net | 9.3 | (1.0) |\n| Change in assets and liabilities: | | |\n| Decrease (increase) in accounts receivable and unbilled services, net | 309.9 | (53.4) |\n| (Increase) in prepaid expenses and other | (78.1) | (3.4) |\n| Increase in accounts payable | 7.2 | 55.3 |\n| Increase (decrease) in deferred revenue | 140.0 | (2.2) |\n| (Decrease) increase in accrued expenses and other | (14.5) | 30.6 |\n| Net cash provided by operating activities | 262.8 | 168.4 |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | |\n| Capital expenditures | (25.5) | (40.3) |\n| Proceeds from sale of business, net | 276.6 | |\n| Proceeds from sale of assets | 0.5 | 8.5 |\n| Net cash provided by (used for) investing activities | 251.6 | (31.8) |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | |\n| Proceeds from revolving credit facilities | 826.5 | 164.0 |\n| Payments on revolving credit facilities | (826.5) | (164.0) |\n| Proceeds from term loans | | 1,061.4 |\n| Proceeds from issuance of senior notes | | 570.0 |\n| Debt issuance costs | (0.7) | (26.4) |\n| Principal payments on long-term debt | (482.7) | (15.4) |\n| Payments for taxes related to net share settlement of stock awards | (14.4) | |\n| Special payment to Former Parent | | (1,595.0) |\n| Net transfers to Former Parent | | (135.4) |\n| Net cash used for financing activities | (497.8) | (140.8) |\n| Effect of exchange rate changes on cash and cash equivalents | (6.7) | 2.4 |\n| Net change in cash and cash equivalents | 9.9 | (1.8) |\n| Cash and cash equivalents at beginning of period | 108.6 | 110.4 |\n| Cash and cash equivalents at end of period | $ 118.5 | $ 108.6 |",
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    "title": "RECONCILIATION OF NON-GAAP MEASURES",
    "subtitle": "FORTREA HOLDINGS INC. NET INCOME TO ADJUSTED EBITDA RECONCILIATION (unaudited)",
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    "title": "Adjusted net income (loss) from continuing operations",
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    "markdown": "| | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2023 |\n| --- | --- | --- | --- | --- |\n| Net income (loss) from continuing operations | $ (73.9) | $ (48.6) | $ (271.5) | $ (31.7) |\n| Foreign exchange loss | 3.6 | (1.5) | 10.6 | (0.3) |\n| Amortization (a) | 15.2 | 15.0 | 60.8 | 60.7 |\n| Restructuring and other charges (b) | 27.9 | 6.9 | 51.2 | 23.8 |\n| Stock based compensation | 15.3 | 14.8 | 57.2 | 40.4 |\n| Disposition-related costs (c) | 6.1 |  | 13.4 |  |\n| One-time spin related costs (d) | 32.1 | 25.2 | 130.0 | 31.3 |\n| Customer matter (e) | 0.8 | 8.7 | 6.0 | 8.7 |\n| Enabling Services Segment costs (f) |  | 5.1 | 7.3 | 19.2 |\n| Other (g) | 2.4 | (2.3) | (7.3) | (5.8) |\n| Income tax impact of adjustments (h) | (12.9) | (10.6) | (27.6) | (34.4) |\n| Adjusted net income (loss) from continuing operations | $ 16.6 | $ 12.7 | $ 30.1 | $ 111.9 |\n| Basic shares | 89.7 | 88.8 | 89.5 | 88.8 |\n| Diluted shares | 90.2 | 89.7 | 90.3 | 89.0 |\n| Adjusted basic EPS from continuing operations | $ 0.18 | $ 0.14 | $ 0.34 | $ 1.26 |\n| Adjusted diluted EPS from continuing operations | $ 0.18 | $ 0.14 | $ 0.33 | $ 1.26 |",
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