v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
3. Segment Information

The Company is organized geographically into three operating segments: (i) Americas and Asia-Pacific, (ii) United Kingdom and Ireland, and (iii) Continental Europe. The Company’s reporting unit results are regularly provided to the Chief Operating Decision Maker (“CODM”). The CODM is our Chief Executive Officer, who assesses the Company’s performance and allocates resources.

The CODM evaluates the Company’s performance and allocates resources primarily based on adjusted earnings before interest, taxes, depreciation and amortization, adjusted for transaction and integration costs, restructuring costs and other, regulatory matters, net loss on divestiture of business and unrealized gain/loss on foreign currency contracts (“Adjusted EBITDA”). The CODM uses Adjusted EBITDA to communicate performance targets to the segment managers, to allocate resources to the segments, and to monitor segment performance. Additionally, the CODM considers the performance of this measure against planned and forecasted amounts to make investing and resource allocation decisions. The actual results are used in assessing the performance of the Company and in establishing management’s compensation.

For disclosure purposes, we aggregate these three operating segments into one reportable segment due to the similar nature of their operations and economic characteristics.
The Company’s segment results were as follows:

Three Months Ended June 30, Six Months Ended June 30,
(In millions)2026202520262025
Revenue$3,441 $3,299 $6,739 $6,276 
Direct operating expense2,933 2,813 5,741 5,371 
Selling, general and administrative expense(1)
281 257 561 503 
Other income (expense), net(2)(3)
(6)2 (12)(3)
Segment Adjusted EBITDA$233 $227 $449 $405 
Less:
Corporate expenses(4)
14 15 30 30 
Depreciation expense89 80 175 160 
Amortization of intangible assets acquired28 30 57 59 
Transaction and integration costs12 14 28 36 
Restructuring costs and other5 2 8 19 
Regulatory matter— (1)— 65 
Net loss on divestiture of business2 — 23 — 
Unrealized (gain) loss on foreign currency contracts(3)
— 8 (4)18 
Interest expense, net35 36 67 68 
Income (loss) before income taxes48 43 65 (50)
Income tax expense(21)(15)(33)(17)
Net income (loss)$27 $28 $32 $(67)
(1) Excludes unallocated corporate expenses.
(2) Other income (expense), net, excluding unrealized (gain) loss on foreign currency contracts.
(3) Included in Other income (expense), net in the Condensed Consolidated Statements of Operations.
(4) Corporate expenses include unallocated costs related to corporate functions such as salaries and benefits, rent, and professional fees, which are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.