The Company’s segment results were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (In millions) | | 2026 | | 2025 | | 2026 | | 2025 | | Revenue | | $ | 3,590 | | | $ | 3,395 | | | $ | 10,329 | | | $ | 9,671 | | | Direct operating expense | | 3,064 | | | 2,857 | | | 8,805 | | | 8,228 | | Selling, general and administrative expense(1) | | 270 | | | 266 | | | 831 | | | 769 | | Other (income) expense, net(2)(3) | | (10) | | | 2 | | | (22) | | | (1) | | | Segment Adjusted EBITDA | | $ | 266 | | | $ | 270 | | | $ | 715 | | | $ | 675 | | | Less: | | | | | | | | | Corporate expenses(4) | | 15 | | | 19 | | | 45 | | | 49 | | | Depreciation expense | | 88 | | | 87 | | | 263 | | | 247 | | | Amortization of intangible assets acquired | | 27 | | | 31 | | | 84 | | | 90 | | | Transaction and integration costs | | 26 | | | 14 | | | 54 | | | 50 | | | Restructuring costs and other | | 3 | | | 3 | | | 11 | | | 22 | | | Regulatory matter | | — | | | — | | | — | | | 65 | | | Net loss on divestiture of business | | 1 | | | — | | | 24 | | | — | | Unrealized (gain) loss on foreign currency contracts(3) | | (2) | | | (7) | | | (6) | | | 11 | | | Interest expense, net | | 36 | | | 35 | | | 103 | | | 103 | | | Income before income taxes | | 72 | | | 88 | | | 137 | | | 38 | | | Income tax expense | | (7) | | | (28) | | | (40) | | | (45) | | | Net income (loss) | | $ | 65 | | | $ | 60 | | | $ | 97 | | | $ | (7) | |
(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.
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