Financial Performance - Q1 2024 - Revenue decreased by 4.6% from $693.9 million in Q1 2023 to $662.1 million in Q1 2024[38] - Adjusted EBITDA decreased by 29.3% from $41.7 million in Q1 2023 to $29.5 million in Q1 2024[38] - Adjusted EBITDA margin decreased from 6.0% in Q1 2023 to 4.5% in Q1 2024[38, 47] - Net income saw a significant decrease of 1,217.8%, going from $7.3 million in Q1 2023 to a loss of $81.6 million in Q1 2024[38] - Adjusted net income decreased by 112.0%, from $29.1 million in Q1 2023 to a loss of $3.5 million in Q1 2024[38] - Free cash flow was negative $34.9 million in Q1 2024[27] Financial Position - The company's debt stood at $1.646 billion, with cash at $92.8 million, resulting in a net debt of $1.5532 billion as of March 31, 2024[39] Strategic Initiatives and Outlook - The company is progressing towards the divestiture of Endpoint and Patient Access businesses in Q2[13] - Approximately 50% of Transition Services Agreements (TSAs) were exited by the end of Q1 2024[13] - The company is focused on cost structure and margin expansion, executing against SG&A reduction roadmap[13] - The company's full-year 2024 revenue guidance is $2.785 billion to $2.855 billion, and adjusted EBITDA guidance is $240 million to $260 million[20, 30]
Fortrea (FTRE) - 2024 Q1 - Earnings Call Presentation