Financial Performance - Q4 2023 - Revenue increased to $775.4 million, a 1.8% increase compared to $761.7 million in 2022[17] - Clinical Services revenue increased to $709.7 million, a 1.7% increase compared to $697.8 million in 2022[17] - Enabling Services revenue increased to $65.7 million, a 2.8% increase compared to $63.9 million in 2022[17] - Adjusted EBITDA decreased to $67.2 million, a 38.8% decrease compared to $109.8 million in 2022[17] - Adjusted EBITDA Margin was 8.7%, compared to 14.4% in 2022[17] - Adjusted Net Income decreased to $16.6 million, a 79.7% decrease compared to $81.6 million in 2022[17] Cash Flow and Liquidity - Free Cash Flow was $127.1 million[20] - Free Cash Flow Conversion was 76.0%[20] - Net Debt was $1,516.1 million[20] 2024 Financial Guidance - Revenue is projected to be between $3,140 million and $3,205 million, representing a growth rate of 1.0%-3.1% compared to FY2023[25] - Adjusted EBITDA is projected to be between $280 million and $320 million, representing a growth rate of 4.8%-19.7% compared to FY2023[25]
Fortrea (FTRE) - 2023 Q4 - Earnings Call Presentation