Fortrea Holdings Inc. · NASDAQ:FTRE
Fortrea — Q1 2025 Earnings Presentation
10 slides from Fortrea's earnings presentation, May 12, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation 05.12.2025 Learn more at fortrea.com. ©2025 Fortrea Inc. All rights reserved. Fortrea Q1’2025 Earnings presentation
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements Disclosure. Certain information in this presentation contains “forward-looking” statements. You should not place undue reliance on these statements. Forward-looking statements include information concerning our possi
Slide 3: Fortrea's Q1 2025 Highlights
Fortrea’s Q1 2025 Highlights Book-to-Bill of 1.02x in Q1 with key wins in both Large Pharma and Biotech Trailing 12 months Book-to-Bill of 1.14x Q1 Revenue and Adj. EBITDA in-line Q1 Adj. EBITDA increased 11.8% year over year Reaffirming 2025 Guidance Shifting from transition to transformation post
Slide 4: Q1'25 Key Financial Highlights
Q1’25– Key Financial Highlights Continuing Operations ($ in millions, except per share data) Q1 2024 Q1 2025 % Change Revenue $662.1 $651.3 (1.6)% Adj. EBITDA 1 $27.1 $30.3 11.8% % Adj. EBITDA Margin 1 4.1% 4.7% Net (Loss) $(79.8) $(562.9) 2 605.4% Net (Loss) / diluted share $(0.89) $(6.25) 602.2% A
Slide 5: Cash Flow and Liquidity Profile
Cash Flow and Liquidity Profile Cash Flow and Liquidity Q1 Debt and Leverage March 31 ($ in millions) 2025 ($ in millions) 2025 Operating Cash Flow $(124.2) Gross Debt 3 $1,231.0 Less: CAPEX ($2.9) Cash and cash equivalents $101.6 Free Cash Flow 1 $(127.1) Net Debt 4 $1,129.4 Liquidity 2 $462.6 Net
Slide 6: 2025 Financial Guidance
2025 Financial Guidance Continuing Operations Q1’25 Actuals FY’25 Guidance 1 FX as of December 31, 2024 ($ in millions) Revenue $651.3 $2,450 - $2,550 Adj. EBITDA2 $30.3 $170 - $200 1 Full-year 2025 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to t
Slide 7: Backlog & Burn Rate Metrics
Backlog & Burn Rate Metrics 9.0 20.0% 8.0 18.0% 7.0 7.6 7.7 7.7 16.0% 7.4 7.4 14.0% 6.0 12.0% 5.0 $Bn 9.0% 8.9% 9.2% 9.2% 10.0% 4.0 8.5% 8.0% 3.0 6.0% 2.0 4.0% 1.0 2.0% 0.0 0.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Closing Backlog Burn Rate Learn more at fortrea.com. ©2025 Fortrea Inc. All rights
Slide 8: Net Income to Adjusted EBITDA Reconciliation (Non-GAAP)
Net Income to Adjusted EBITDA Reconciliation (Non-GAAP) Continuing Operations Three Months Ended March 31, Trailing Twelve Months Ended ($ in millions) 2025 2024 March 31, 2025 Adjusted EBITDA from continuing operations: Net loss from continuing operations $(754.6) $(562.9) $(79.8) Income tax expens
Slide 9: Net Income to Adjusted Net Income Reconciliation (Non-GAAP)
Net Income to Adjusted Net Income Reconciliation (Non-GAAP) Continuing Operations Three Months Ended March 31, ($ in millions) 2025 2024 Adjusted net income (loss) from continuing operations: Net loss from continuing operations $(562.9) $(79.8) Foreign exchange loss 5.6 5.3 Amortization 1 14.5 15.3
Slide 10: Reconciliation of Non-GAAP Measures Notes (slides 8 and 9)
Reconciliation of Non-GAAP Measures Notes (slides 8 and 9) 1. Includes amortization of intangible assets acquired as part of business acquisitions. 2. Restructuring and other charges represent amounts incurred in connection with the elimination of redundant positions to reduce overcapacity, align re