Financial Performance - Revenue for Q3 2025 was $701.3 million, a 3.9% increase from $674.9 million in Q3 2024[5] - GAAP net loss for Q3 2025 was $(15.9) million, improving from a loss of $(18.5) million in Q3 2024[6] - Adjusted net income for Q3 2025 was $11.7 million, down from $20.7 million in Q3 2024, with diluted income per share of $0.12 compared to $0.23[6] - Adjusted EBITDA for Q3 2025 was $50.7 million, a decrease from $64.2 million in Q3 2024[6] - Year-to-date revenue for 2025 was $2,062.9 million, compared to $1,999.4 million in the same period of 2024[8] - The company raised its 2025 revenue guidance to a range of $2,700 million to $2,750 million[9] - Year-to-date adjusted net income for 2025 was $31.2 million, up from $13.5 million in the same period of 2024[10] - Year-to-date adjusted EBITDA for 2025 was $135.9 million, compared to $146.5 million for the same period of 2024[10] - Net loss for the nine months ended September 30, 2025, was $953.7 million, compared to a net loss of $267.3 million for the same period in 2024, indicating a significant increase in losses[26] - Adjusted EBITDA from continuing operations for the nine months ended September 30, 2025, was $135.9 million, down from $146.5 million in 2024, reflecting a decrease of about 7.3%[28] - Adjusted diluted EPS from continuing operations for the nine months ended September 30, 2025, was $0.34, compared to $0.15 for the same period in 2024[34] Asset and Liability Management - Total assets decreased from $3,579.2 million on December 31, 2024, to $2,742.1 million on September 30, 2025, representing a decline of approximately 23.4%[24] - Total liabilities decreased from $2,216.8 million on December 31, 2024, to $2,161.3 million on September 30, 2025, a reduction of approximately 2.5%[24] - The total current liabilities decreased from $949.5 million at the end of 2024 to $914.4 million at the end of September 2025, a decrease of about 3.7%[24] Impairment and Charges - The company experienced a non-cash goodwill impairment charge of $797.9 million recognized in prior quarters, impacting diluted loss per share by $(8.81)[10] - The company reported a significant impairment charge of $797.9 million related to goodwill and other assets during the nine months ended September 30, 2025[28] Cash Flow and Investments - Cash and cash equivalents increased from $118.5 million at the beginning of the period to $131.3 million at the end of the period, marking a net change of $12.8 million[26] - The company generated net cash provided by investing activities of $21.9 million for the nine months ended September 30, 2025, compared to $248.1 million in 2024[26] - Net cash used for operating activities for the nine months ended September 30, 2025, was $(15.6) million[41] - Capital expenditures for the same period totaled $(17.7) million[41] - Free cash flow for the nine months ended September 30, 2025, was $(33.3) million[41] Backlog and Book-to-Bill Ratio - Backlog as of September 30, 2025, was $7,644 million, with a book-to-bill ratio of 1.13x for the quarter[7] Foreign Exchange Impact - The company recorded a foreign exchange loss of $28.1 million for the nine months ended September 30, 2025[34]
Fortrea (FTRE) - 2025 Q3 - Quarterly Results