v3.26.1
Segment Data
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Data
Note 3: Segment Data
The Company reports its operations through the following segments: (1) Americas, (2) Europe, Middle East and Africa (“EMEA”) and (3) Asia Pacific (“APAC”). The Americas consists of operations located in the United States, Canada and other markets in North and South America. EMEA includes operations in the United Kingdom (“U.K.”), France, the Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, India and other markets in the Asia Pacific region.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is the profitability metric reported to the chief operating decision maker (“CODM”), the Chief Executive Officer, for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company believes that investors find this measure useful in comparing its operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before unrealized loss (gain) on investments, net; impairment of investments; A/R Securitization (as defined below) servicing liability, fees and amortization; pension buy-out settlement loss; non-operating items related to the Greystone JV (as defined below); and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization.
As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.
Effective January 1, 2026, the Company revised the definition of “Cost of gross contract reimbursables” to include reimbursed costs including client-dedicated labor, subcontractor costs and third-party consumables specific to cost-based client contracts. Such costs are now being reported as “Gross contract costs”. The changes are intended to better align the Company’s reporting of financial performance with industry competitors and enhance decision making by the Company’s CODM. In addition, the Company refined the allocation of corporate costs to better align with results from its reportable segments, which impacted previously reported Adjusted EBITDA by segment with no impact to consolidated results. The reporting changes have no impact on the Company’s total revenue, consolidated net income, earnings per share or cash flows for any of the previously reported periods. Following these changes to the segment expense information regularly provided to the CODM, historical financial information for each reportable segment in this and future periodic filings have been, or will be, recast to conform with the revised presentation and definition.
The following tables present financial information for each reportable segment including segment revenue, significant segment expenses, Adjusted EBITDA and related reconciliations (in millions):
Three Months Ended June 30, 2026
AmericasEMEAAPACTotal
Revenue$1,997.8 $295.1 $469.7 $2,762.6 
Less:
Gross contract costs
882.5 52.0 192.2 1,126.7 
Direct employment costs714.7 110.6 114.2 939.5 
Other direct costs47.5 42.0 94.9 184.4 
Indirect and overhead employment costs126.8 33.2 35.8 195.8 
Other indirect and overhead costs105.0 30.9 17.6 153.5 
Add: Other segment items(1)
14.7 1.6 4.6 20.9 
Adjusted EBITDA$136.0 $28.0 $19.6 $183.6 
Three Months Ended June 30, 2025
AmericasEMEAAPACTotal
Revenue$1,804.1 $259.8 $420.0 $2,483.9 
Less:
Gross contract costs
818.2 37.5 175.7 1,031.4 
Direct employment costs615.1 99.7 105.4 820.2 
Other direct costs60.8 34.3 69.9 165.0 
Indirect and overhead employment costs120.5 30.0 31.7 182.2 
Other indirect and overhead costs92.1 17.6 26.4 136.1 
Add: Other segment items(1)
12.9 (6.5)6.3 12.7 
Adjusted EBITDA$110.3 $34.2 $17.2 $161.7 
Six Months Ended June 30, 2026
AmericasEMEAAPACTotal
Revenue$3,826.8 $565.2 $906.4 $5,298.4 
Less:
Gross contract costs
$1,737.9 $105.0 $373.5 $2,216.4 
Direct employment costs1,337.7 217.7 224.4 1,779.8 
Other direct costs101.5 81.8 186.2 369.5 
Indirect and overhead employment costs249.1 67.3 67.9 384.3 
Other indirect and overhead costs201.3 62.1 38.4 301.8 
Add: Other segment items(1)
33.0 5.5 9.8 48.3 
Adjusted EBITDA$232.3 $36.8 $25.8 $294.9 
Six Months Ended June 30, 2025
AmericasEMEAAPACTotal
Revenue$3,492.5 $464.7 $811.3 $4,768.5 
Less:
Gross contract costs
$1,626.8 $71.4 $312.9 $2,011.1 
Direct employment costs1,171.3 191.6 204.2 1,567.1 
Other direct costs106.3 58.4 174.0 338.7 
Indirect and overhead employment costs238.0 58.1 60.0 356.1 
Other indirect and overhead costs186.1 41.7 40.2 268.0 
Add: Other segment items(1)
23.9 (5.6)12.1 30.4 
Adjusted EBITDA$187.9 $37.9 $32.1 $257.9 
(1) Other segment items in the tables above include, for each reportable segment, earnings (loss) from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA. See reconciliation of Net income to Adjusted EBITDA below.

The following table includes a reconciliation of Net income to Adjusted EBITDA (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income$52.7 $57.3 $40.1 $59.2 
Adjustments:
Depreciation and amortization28.5 26.2 53.8 52.9 
Interest expense, net of interest income59.6 53.2 108.7 105.5 
Provision for income taxes24.6 18.9 27.6 22.0 
Unrealized loss (gain) on investments, net3.1 (0.3)4.2 0.4 
Impairment of investments— — — 6.5 
Servicing liability, fees and amortization(0.4)— 10.8 — 
Pension buy-out settlement loss0.6 — 17.2 — 
Non-operating items related to the Greystone JV10.6 10.6 23.5 10.6 
Other4.3 (4.2)9.0 0.8 
Adjusted EBITDA$183.6 $161.7 $294.9 $257.9