Financial Performance - Q2 2025 revenue increased to $710.3 million, a 7.2% increase compared to $662.4 million in Q2 2024 [13] - Adjusted EBITDA for Q2 2025 was $54.9 million, a 0.5% decrease compared to $55.2 million in Q2 2024 [13] - Net loss for Q2 2025 was $(374.9) million, including a non-cash goodwill impairment charge of $309.1 million [13] - Adjusted net income for Q2 2025 was $17.6 million, compared to a loss of $(2.3) million in Q2 2024 [13] - The company is raising 2025 revenue guidance to $2.6 billion - $2.7 billion and reaffirming Adjusted EBITDA guidance of $170 million - $200 million [7, 20] Cash Flow and Liquidity - Free cash flow for QTD Q2 2025 was $14.3 million [16] - Gross debt as of June 30, 2025, was $1.192 billion [16] - Net debt as of June 30, 2025, was $1.1108 billion [16] - Net leverage was 5.4x based on a TTM Adjusted EBITDA of $205.4 million [16, 18] Other Key Metrics - Q2 Book-to-Bill was 0.79x, impacted by the CEO transition period [7] - Trailing 12 months Book-to-Bill was 1.10x [7]
Fortrea (FTRE) - 2025 Q2 - Earnings Call Presentation