| Summary of Revenues and Significant Expenses by Segment |
Revenues and significant expenses by segment are as follows:
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|
Year Ended December 31, 2025 |
|
(in thousands) |
Branded Services |
|
|
Experiential Services |
|
|
Retailer Services |
|
|
Total Company |
|
Revenues |
$ |
1,163,672 |
|
|
$ |
1,435,297 |
|
|
$ |
943,673 |
|
|
$ |
3,542,642 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
644,587 |
|
|
|
696,910 |
|
|
|
589,976 |
|
|
|
1,931,473 |
|
Reimbursable expenses (1) |
|
133,287 |
|
|
|
411,709 |
|
|
|
— |
|
|
|
544,996 |
|
Other segment items (2) |
|
281,920 |
|
|
|
248,046 |
|
|
|
292,204 |
|
|
|
822,170 |
|
Impairment of goodwill and indefinite-lived asset |
|
77,797 |
|
|
|
53,086 |
|
|
|
72,802 |
|
|
|
203,685 |
|
Depreciation and amortization |
|
125,807 |
|
|
|
42,751 |
|
|
|
33,700 |
|
|
|
202,258 |
|
Income from investment in European joint venture and other |
|
(7,491 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,491 |
) |
Gain on divestiture |
|
(27,983 |
) |
|
|
— |
|
|
|
— |
|
|
|
(27,983 |
) |
Total segment operating expenses from continuing operations |
|
1,227,924 |
|
|
|
1,452,502 |
|
|
|
988,682 |
|
|
|
3,669,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment operating loss from continuing operations |
$ |
(64,252 |
) |
|
$ |
(17,205 |
) |
|
$ |
(45,009 |
) |
|
$ |
(126,466 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Year Ended December 31, 2024 |
|
(in thousands) |
Branded Services |
|
|
Experiential Services |
|
|
Retailer Services |
|
|
Total Company |
|
Revenues |
$ |
1,306,336 |
|
|
$ |
1,295,029 |
|
|
$ |
964,959 |
|
|
$ |
3,566,324 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
719,089 |
|
|
|
701,906 |
|
|
|
619,387 |
|
|
|
2,040,382 |
|
Reimbursable expenses (1) |
|
171,766 |
|
|
|
349,991 |
|
|
|
— |
|
|
|
521,757 |
|
Other segment items (2) |
|
330,736 |
|
|
|
201,149 |
|
|
|
289,624 |
|
|
|
821,509 |
|
Impairment of goodwill and indefinite-lived asset |
|
275,170 |
|
|
|
— |
|
|
|
— |
|
|
|
275,170 |
|
Depreciation and amortization |
|
130,212 |
|
|
|
41,728 |
|
|
|
32,613 |
|
|
|
204,553 |
|
Income from investment in European joint venture and other |
|
(2,064 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,064 |
) |
Total segment operating expenses from continuing operations |
|
1,624,909 |
|
|
|
1,294,774 |
|
|
|
941,624 |
|
|
|
3,861,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment operating (loss) income from continuing operations |
$ |
(318,573 |
) |
|
$ |
255 |
|
|
$ |
23,335 |
|
|
$ |
(294,983 |
) |
|
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|
Year Ended December 31, 2023 |
|
(in thousands) |
Branded Services |
|
|
Experiential Services |
|
|
Retailer Services |
|
|
Total Company |
|
Revenues |
$ |
1,758,417 |
|
|
$ |
1,159,449 |
|
|
$ |
982,259 |
|
|
$ |
3,900,125 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
1,009,334 |
|
|
|
638,081 |
|
|
|
630,484 |
|
|
|
2,277,899 |
|
Reimbursable expenses (1) |
|
179,029 |
|
|
|
307,610 |
|
|
|
— |
|
|
|
486,639 |
|
Other segment items (2) |
|
417,320 |
|
|
|
173,879 |
|
|
|
304,334 |
|
|
|
895,533 |
|
Impairment of goodwill and indefinite-lived asset |
|
43,500 |
|
|
|
— |
|
|
|
— |
|
|
|
43,500 |
|
Depreciation and amortization |
|
140,932 |
|
|
|
36,584 |
|
|
|
31,340 |
|
|
|
208,856 |
|
Deconsolidation of European joint venture |
|
(58,891 |
) |
|
|
— |
|
|
|
— |
|
|
|
(58,891 |
) |
Total segment operating expenses from continuing operations |
|
1,731,224 |
|
|
|
1,156,154 |
|
|
|
966,158 |
|
|
|
3,853,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment operating income from continuing operations |
$ |
27,193 |
|
|
$ |
3,295 |
|
|
$ |
16,101 |
|
|
$ |
46,589 |
|
|
|
(1) |
Reimbursable expenses are costs incurred in the delivery of services to the Company's clients that the client has agreed to reimburse, including media, sample, retailer fees and other marketing and production costs. |
(2) |
The “other segment items” category primarily consists of costs incurred in the execution of service obligations, including supplies, technology, and other direct expenses such as travel and indirect general and administrative expenses such as professional fees. These costs align with the segment-level information regularly provided to the CODM and represent the difference between revenue and the significant expense categories above in determining segment profitability. |
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| Summary of Revenues by Geographic Region |
Revenues by geographic region are as follows:
|
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|
Year Ended December 31, |
|
(in thousands) |
2025 |
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
North America |
$ |
3,368,209 |
|
|
$ |
3,412,947 |
|
|
$ |
3,393,718 |
|
Asia Pacific |
|
163,209 |
|
|
|
145,574 |
|
|
|
125,569 |
|
Europe |
|
11,224 |
|
|
|
7,803 |
|
|
|
6,472 |
|
European Joint Venture (1) |
|
— |
|
|
|
— |
|
|
|
374,366 |
|
Total revenues |
$ |
3,542,642 |
|
|
$ |
3,566,324 |
|
|
$ |
3,900,125 |
|
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|
(1) |
The Company’s European joint venture was deconsolidated during fiscal year 2023. For further details, see Note 2 — Discontinued Operations, Divestitures and Deconsolidation of European Joint Venture. |
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