What changed in this filing

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Item 1. Financial Statements

2025-10-30 compared with 2025-07-31 · 167 added, 145 removed, 1024 unchanged (23% of the section changed)

3 unchanged sentences

(In millions, except share and per share data)

September 30,

2025 December 31,

1 unchanged sentence

Cash and cash equivalents $ 555 $ 499

Accounts receivable, net of allowances of $ 13 and $ 9 at June 30, 2025 and December 31, 2024, respectively

Accounts receivable, net of allowances of $ 15 and $ 9 at September 30, 2025 and December 31, 2024, respectively

Inventories 148 143

31 unchanged sentences

7,000,000 authorized shares;

4,000,000 shares issued and outstanding at June 30, 2025 and December 31, 2024

4,000,000 shares issued and outstanding at September 30, 2025 and December 31, 2024

Common stock, $ 0.0001 par value;

1,000,000,000 authorized shares and 500,000,000 authorized shares at June 30, 2025 and December 31, 2024, respectively;

415,324,653 shares and 412,167,491 shares issued at June 30, 2025 and December 31, 2024, respectively (excluding 11,916,156 shares declared for stock dividend at December 31, 2024)

1,000,000,000 authorized shares and 500,000,000 authorized shares at September 30, 2025 and December 31, 2024, respectively;

415,905,916 shares and 412,167,491 shares issued at September 30, 2025 and December 31, 2024, respectively (excluding 11,916,156 shares declared for stock dividend at December 31, 2024)

Additional paid-in capital 3,284 3,305

7 unchanged sentences

(In millions, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

25 unchanged sentences

(In millions)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

1 unchanged sentence

Other comprehensive income:

Fair value change - derivatives, net of tax benefit (expense) of $ 8 , $( 1 ), $ 12 , and $( 6 ), respectively

Fair value change - derivatives, net of tax benefit of $ 0 , $ 7 , $ 12 , and $ 1 , respectively

5 ( 22 ) ( 33 ) ( 5 )

26 unchanged sentences

Balance, June 30, 2025 4,000,000 $ — 415,324,653 $ — $ 3,262 $ 327 $ ( 418 ) $ 3,171

Net income — — — — — 93 — 93

Fair value change - derivatives — — — — — — 5 5

Foreign currency translation adjustment — — — — — — ( 15 ) ( 15 )

Share-based compensation and other, net — — 581,263 — 22 — — 22

Balance, September 30, 2025 4,000,000 $ — 415,905,916 $ — $ 3,284 $ 420 $ ( 428 ) $ 3,276

Preferred Stock Issued

24 unchanged sentences

Balance, June 30, 2024 4,000,000 $ — 411,479,481 $ — $ 3,280 $ 79 $ ( 524 ) $ 2,835

Net income — — — — — 69 — 69

Fair value change - derivatives — — — — — — ( 22 ) ( 22 )

Foreign currency translation adjustment — — — — — — 69 69

Gain on dedesignated derivatives amortized from AOCI into income — — — — — — ( 4 ) ( 4 )

Share-based compensation and other, net — $ — 662,849 $ — $ 20 $ — $ — $ 20

Balance, September 30, 2024 4,000,000 $ — 412,142,330 $ — $ 3,300 $ 148 $ ( 481 ) $ 2,967

See notes to condensed consolidated financial statements.

2 unchanged sentences

(In millions)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

36 unchanged sentences

Effect of foreign currency exchange rate change on cash, cash equivalents, and restricted cash 25 4

Net decrease in cash, cash equivalents, and restricted cash ( 68 ) ( 154 )

Net increase in cash, cash equivalents, and restricted cash 55 9

Cash, cash equivalents, and restricted cash, beginning of period 501 480

27 unchanged sentences

The Company holds investments in joint ventures, the majority of which are accounted for under the equity method of accounting as the Company does not exercise control over the joint ventures.

The Company exercises control over one joint venture that is consolidated into the Company's financial statements and the results for that joint venture for the three and six months ended June 30, 2025 and 2024 were immaterial.

The Company’s share of earnings from the non-consolidated joint ventures was $ 5 and $ 2 during the three months ended June 30, 2025 and 2024, respectively, and $ 8 and $ 4 during the six months ended June 30, 2025 and 2024, respectively.

The earnings are recorded within investment expense and other, net in the condensed consolidated statements of operations.

The investment balances were $ 1 and $ 4 as of June 30, 2025 and December 31, 2024, respectively, and are recorded within other assets in the condensed consolidated balance sheets.

On June 30, 2025, the Company executed a three-for-two stock split by a payment of a stock dividend of one-half of one share of common stock for each share of common stock.

The Company exercises control over one joint venture that is consolidated into the Company's financial statements and the results for that joint venture for the three and nine months ended September 30, 2025 and 2024 were immaterial.

The Company’s share of earnings from the non-consolidated joint ventures was $ 2 during the three months ended September 30, 2025 and 2024, and $ 10 and $ 6 during the nine months ended September 30, 2025 and 2024, respectively.

The earnings are recorded within investment (income) expense and other, net in the condensed consolidated statements of operations.

The investment balances were $ 2 and $ 4 as of September 30, 2025 and December 31, 2024, respectively, and are recorded within other assets in the condensed consolidated balance sheets.

During the second quarter of 2025, the Company executed a three-for-two stock split by issuing a stock dividend of one-half of one share of common stock for each share of common stock.

The Company retained the current par value of $ 0.0001 per share for all common shares.

All references to the number of shares outstanding, issued shares, and per share amounts of the Company’s common shares have been restated to reflect the effect of the stock split for all periods presented in the Company’s accompanying condensed consolidated financial statements and footnotes thereto.

All references to the number of shares outstanding, issued shares, and per share amounts of the Company’s common shares have been restated to reflect the effect of the stock split for all historical periods presented in the Company’s accompanying condensed consolidated financial statements and footnotes thereto.

RECENT ACCOUNTING PRONOUNCEMENTS

The Company has not adopted any additional accounting pronouncements since the 2024 audited consolidated financial statements.

See the Company's Form 10-K filed on February 26, 2025 for information pertaining to the effects of recently adopted and other recent accounting pronouncements.

See discussion below for information pertaining to the effects of recent accounting pronouncements as updated from the discussion in the Company's Form 10-K filed on February 26, 2025.

In July 2025, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2025-05, Financial Instruments - Credit Losses (Topic 326):

Credit Losses for Accounts Receivable and Contract Assets ,

which provides a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under FASB Accounting Standards Codification ("ASC") 606.

ASU 2025-05 is effective for the Company's annual and interim periods in fiscal years beginning January 1, 2026, with early adoption permitted.

The Company is currently evaluating the potential impact of adopting this ASU on its consolidated financial statements and disclosures but does not expect the impact to be material.

BUSINESS COMBINATIONS

8 unchanged sentences

2025 Acquisitions

During the six months ended June 30, 2025, the Company completed seven acquisitions for aggregated consideration transferred of $ 128 , made up of cash paid at closing of $ 106 , cash deposited into escrow of $ 13 , and accrued consideration of $ 9 .

During the nine months ended September 30, 2025, the Company completed eleven acquisitions for aggregated consideration transferred of $ 214 , made up of cash paid at closing of $ 170 , cash deposited into escrow of $ 13 , and accrued consideration of $ 31 .

The results of operations of these acquisitions are included in the Company's condensed consolidated statements of operations from their respective dates of acquisition and were not material.

6 unchanged sentences

Accounts receivable 24

Contract assets 1

Other current assets 1

Property and equipment 2

29 unchanged sentences

Net assets acquired $ 578

The Company finalized its accounting for the Elevated acquisition during the six months ended June 30, 2025.

The Company finalized its accounting for the Elevated acquisition during the nine months ended September 30, 2025.

The total amount of goodwill from the Elevated acquisition expected to be deductible for tax purposes is $ 19 .

11 unchanged sentences

During 2024, the Company completed nine individually immaterial acquisitions for aggregate consideration transferred of $ 77 , made up of cash paid at closing of $ 63 and accrued consideration of $ 14 .

The Company has not finalized its accounting for acquisitions A24, B24, C24, and two of the immaterial acquisitions completed during 2024, and will make appropriate adjustments to the purchase price allocation prior to completion of the measurement periods, as required.

Based on preliminary estimates, the total amount of goodwill from acquisitions expected

to be deductible for tax purposes is $ 84 .

The Company has not finalized its accounting for acquisition C24 and two of the immaterial acquisitions completed during 2024, and will make appropriate adjustments to the purchase price allocation prior to completion of the measurement periods, as required.

Based on preliminary estimates, the total amount of goodwill from acquisitions expected to be deductible for tax purposes is $ 84 .

The results of operations of these acquisitions are included in the Company’s condensed consolidated statements of operations from their respective dates of acquisition and were not material.

11 unchanged sentences

Goodwill 10 52 16 43

Other assets — 2 — —

Accounts payable ( 2 ) ( 4 ) ( 2 ) —

2 unchanged sentences

Deferred tax liabilities — ( 2 ) ( 2 ) ( 2 )

Other noncurrent liabilities — ( 3 ) — —

Net assets acquired $ 33 $ 101 $ 33 $ 77

For the three months ended June 30, 2025, net revenues and operating income from the Company's material acquisitions that closed over the previous twelve months was $ 112 and $ 2 , respectively.

For the six months ended June 30, 2025, net revenues and operating income from the Company's material acquisitions that closed over the previous twelve months was $ 210 and $ 3 , respectively

For the three months ended September 30, 2025, net revenues and operating income from the Company's material acquisitions that closed over the previous twelve months was $ 50 and $ 10 , respectively.

For the nine months ended September 30, 2025, net revenues and operating income from the Company's material acquisitions that closed over the previous twelve months was $ 142 and $ 19 , respectively.

Accrued consideration

5 unchanged sentences

Deferred payments are not contingent on any future performance or employment obligations and can be offset for working capital true-ups and representations and warranty items.

The total contingent compensation arrangement liability was $ 2 and $ 0 as of June 30, 2025 and December 31, 2024, respectively.

The maximum payout of these arrangements upon completion of the future performance periods was $ 16 and $ 2 , inclusive of the $ 2 and $ 0 , accrued as of June 30, 2025 and December 31, 2024, respectively.

The total contingent compensation arrangement liability was $ 4 and $ 0 as of September 30, 2025 and December 31, 2024, respectively.

The maximum payout of these arrangements upon completion of the future performance periods was $ 16 and $ 2 , inclusive of the $ 4 and $ 0 , accrued as of September 30, 2025 and December 31, 2024, respectively.

The contingent compensation liability is included in contingent consideration and compensation liabilities in the condensed consolidated balance sheets for all periods presented.

The Company primarily determines the contingent compensation liability based on forecasted cumulative earnings compared to the cumulative earnings target set forth in the arrangement.

The Company primarily determines the contingent compensation liability based on

forecasted cumulative earnings compared to the cumulative earnings target set forth in the arrangement.

Compensation expense associated with these arrangements is recognized ratably over the required employment period.

1 unchanged sentence

For additional considerations regarding the fair value of the Company's contingent consideration liabilities, see Note 7 – "Fair Value of Financial Instruments."

The total liability for deferred payments was $ 37 and $ 28 as of June 30, 2025 and December 31, 2024, respectively, and is included in contingent consideration and compensation liabilities in the condensed consolidated balance sheets for all periods presented.

The total liability for deferred payments was $ 38 and $ 28 as of September 30, 2025 and December 31, 2024, respectively, and is included in contingent consideration and compensation liabilities in the condensed consolidated balance sheets for all periods presented.

RESTRUCTURING

1 unchanged sentence

The Chubb restructuring program included expenses related to workforce reductions, lease termination costs, and other facility rationalization costs.

As of June 30, 2025, the Chubb restructuring program has ended and no additional expenses are expected.

During the six months ended June 30, 2025 the Company incurred no pre-tax restructuring costs within the Safety Services segment in connection with the Chubb restructuring program.

As of June 30, 2025, the Company had $ 16 in restructuring liabilities recorded in other accrued liabilities on the condensed consolidated balance sheets for this plan.

In addition, the Company has incurred $ 3 of related costs during the six months ended June 30, 2025, which include lease impairment charges, asset write-downs, and consulting fees.

For the restructuring program, employee-related costs consist of termination benefits provided to employees who have been involuntarily terminated and voluntary early retirement benefits.

As of the second quarter of 2025, the Chubb restructuring program ended and no additional expenses are expected.

During the nine months ended September 30, 2025 the Company incurred no pre-tax restructuring costs within the Safety Services segment in connection with the Chubb restructuring program.

As of September 30, 2025, the Company had $ 13 in restructuring liabilities recorded in other accrued liabilities on the condensed consolidated balance sheets for this plan.

In addition, the Company incurred $ 3 of related costs during the nine months ended September 30, 2025, which include lease impairment charges, asset write-downs, and consulting fees.

For the restructuring program, employee-related costs consisted of termination benefits provided to employees who were involuntarily terminated and voluntary early retirement benefits.

Program related costs include costs incurred as a direct result of the restructuring program such as consulting fees and facility relocation costs.

The following tables summarize the Company's restructuring liabilities for the six months ended June 30, 2025 and 2024:

The following tables summarize the Company's restructuring liabilities for the nine months ended September 30, 2025 and 2024:

December 31, 2024 $ 15

1 unchanged sentence

Currency translation adjustment 1

June 30, 2025 $ 16

In addition to the costs noted above, the Company incurred no asset write-down costs for the three and six months ended June 30, 2025.

The Company incurred program related costs of $ 1 and $ 3 for the three and six months ended June 30, 2025.

September 30, 2025 $ 13

In addition to the costs noted above, the Company incurred no asset write-down costs for the three and nine months ended September 30, 2025.

The Company incurred program related costs of $ 0 and $ 3 for the three and nine months ended September 30, 2025.

December 31, 2023 $ 32

Payments ( 19 )

Currency translation adjustment ( 1 )

June 30, 2024 $ 22

In addition to the costs noted above, the Company incurred asset write-down costs of $ 1 for the three and six months ended June 30, 2024.

The Company also incurred program related costs of $ 3 and $ 7 for the three and six months ended June 30, 2024.

September 30, 2024 $ 18

In addition to the costs noted above, the Company incurred $ 0 and $ 1 asset write-down costs for the three and nine months ended September 30, 2024.

The Company also incurred program related costs of $ 4 and $ 11 for the three and nine months ended September 30, 2024.

Contracts with customers

The Company derives net revenues primarily from contracts with a duration of less than one week to three years (with the majority of contracts with durations of less than six months ), which are subject to multiple pricing options, including fixed price, unit price, time and material, or cost plus a markup.

Net revenues are primarily recognized by the Company over time utilizing the cost-to-cost measure of progress.

Net revenues are primarily recognized by the Company over time

utilizing the cost-to-cost measure of progress.

Net revenues recognized at a point in time primarily relate to distribution contracts and short-term time and material contracts.

1 unchanged sentence

The Company disaggregates its net revenues primarily by segment, service type, and country from which revenues are invoiced, as the nature, timing, and uncertainty of cash flows are relatively consistent within each of these categories.

The following tables provide disclosure of disaggregated net revenues by segment for the three and six months ended June 30, 2025 and 2024.

During 2025, in conjunction with the movement of the Heating, Ventilation, and Air Conditioning ("HVAC")

business from the Safety Services segment to the Specialty Services segment, the Company reassessed the categories by which it disaggregates net revenues.

The following tables provide disclosure of disaggregated net revenues by segment for the three and nine months ended September 30, 2025 and 2024.

During 2025, in conjunction with the movement of the Heating, Ventilation, and Air Conditioning ("HVAC") business from the Safety Services segment to the Specialty Services segment, the Company reassessed the categories by which it disaggregates net revenues.

The Company determined the nature, timing, and uncertainty of the cash flows of the HVAC business are consistent with the cash flows of the Specialty Contracting businesses.

3 unchanged sentences

Disaggregated net revenues information is as follows:

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Services Specialty

2 unchanged sentences

Infrastructure/Utility — 291 291

Fabrication — 99 99

Fabrication and Distribution — 103 103

Specialty Contracting — 289 289

1 unchanged sentence

Net revenues $ 1,403 $ 683 $ 2,085

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Services Specialty

2 unchanged sentences

Infrastructure/Utility — 283 283

Fabrication — 63 63

Fabrication and Distribution — 82 82

Specialty Contracting — 247 247

1 unchanged sentence

Net revenues $ 1,216 $ 612 $ 1,826

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Services Specialty

6 unchanged sentences

Net revenues $ 4,032 $ 1,765 $ 5,794

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Services Specialty

6 unchanged sentences

Net revenues $ 3,509 $ 1,653 $ 5,157

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Services Specialty

5 unchanged sentences

Net revenues $ 1,403 $ 683 $ ( 1 ) $ 2,085

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Services Specialty

5 unchanged sentences

Net revenues $ 1,216 $ 612 $ ( 2 ) $ 1,826

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Services Specialty

5 unchanged sentences

Net revenues $ 4,032 $ 1,765 $ ( 3 ) $ 5,794

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Services Specialty

5 unchanged sentences

Net revenues $ 3,509 $ 1,653 $ ( 5 ) $ 5,157

For in-process contracts, the aggregate amount of transaction price allocated to the unsatisfied performance obligations at June 30, 2025 was $ 3,808 .

For in-process contracts, the aggregate amount of transaction price allocated to the unsatisfied performance obligations at September 30, 2025 was $ 3,594 .

The Company expects to recognize revenue on approximately 74 % of the remaining performance obligations over the next twelve months .

1 unchanged sentence

Contract assets and contract liabilities are classified as current in the condensed consolidated balance sheets as all amounts are expected to be relieved within one year.

The balances of accounts receivable, net of allowances, contract assets, and contract liabilities from contracts with customers as of June 30, 2025 and December 31, 2024 are as follows:

The balances of accounts receivable, net of allowances, contract assets, and contract liabilities from contracts with customers as of September 30, 2025 and December 31, 2024 are as follows:

allowances Contract

assets Contract

Balance at June 30, 2025 $ 1,510 $ 542 $ 644

Balance at September 30, 2025 $ 1,562 $ 577 $ 672

Balance at December 31, 2024 1,444 453 590

1 unchanged sentence

In accordance with industry practice, accounts receivable includes retentions receivable, a portion of which may not be received within one year.

At June 30, 2025 and December 31, 2024, retentions receivable were $ 166 and $ 160 , respectively, while the portions that may not be received within one year were $ 40 and $ 38 , respectively.

At September 30, 2025 and December 31, 2024, retentions receivable were $ 182 and $ 160 , respectively, while the portions that may not be received within one year were $ 43 and $ 38 , respectively.

GOODWILL AND INTANGIBLES

The following table provides disclosure of goodwill by segment as of June 30, 2025 and December 31, 2024.

The following table provides disclosure of goodwill by segment as of September 30, 2025 and December 31, 2024.

During 2025, the Company moved the HVAC business from the Safety Services segment to the Specialty Services segment, and segment-related amounts have been recast to reflect this adjustment as of the beginning of the period presented.

1 unchanged sentence

See Note 17 – “Segment Information” for additional information.

The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2025 are as follows:

The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2025 are as follows:

Services Specialty

3 unchanged sentences

Foreign currency translation and other, net (1)

Goodwill as of June 30, 2025 $ 2,890 $ 236 $ 3,126

(1) Other includes immaterial measurement period adjustments recorded during the six months ended June 30, 2025 related to acquisitions for which the measurement period was open during the six months ended June 30, 2025 (see Note 3 – "Business Combinations").

The Company’s identifiable intangible assets are comprised of the following as of June 30, 2025 and December 31, 2024:

June 30, 2025

Goodwill as of September 30, 2025 $ 2,914 $ 236 $ 3,150

(1) Other includes immaterial measurement period adjustments recorded during the nine months ended September 30, 2025 related to acquisitions for which the measurement period was open during the nine months ended September 30, 2025 (see Note 3 – "Business Combinations").

The Company’s identifiable intangible assets are comprised of the following as of September 30, 2025 and December 31, 2024:

September 30, 2025

Weighted Average Remaining

18 unchanged sentences

Amortization expense recognized on identifiable intangible assets is as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

17 unchanged sentences

In the condensed consolidated balance sheets, derivative instruments are primarily included in other assets and other noncurrent liabilities and contingent consideration obligations are primarily included in contingent consideration and compensation liabilities.

The following tables summarize the fair values and levels within the fair value hierarchy in which the measurements fall for assets and liabilities measured on a recurring basis as of June 30, 2025 and December 31, 2024:

Fair Value Measurements at June 30, 2025

Fair Value Measurements at September 30, 2025

Financial assets:

44 unchanged sentences

The contingent consideration obligations are measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings.

The table below presents a reconciliation of the fair value of the Company’s contingent consideration obligations that use unobservable inputs (Level 3), as well as other information about the contingent consideration obligations:

Six Months Ended

June 30, 2025

The table below presents a reconciliation of the fair value of the Company’s contingent consideration obligations that use unobservable inputs, as well as other information about the contingent consideration obligations:

Nine Months Ended

September 30, 2025

Balance as of December 31, 2024 $ 13

Settlements ( 4 )

Balance as of June 30, 2025 $ 17

Balance as of September 30, 2025 $ 18

Number of open contingent consideration arrangements at the end of the period 11

Maximum potential payout at the end of the period $ 18

At June 30, 2025, the remaining open contingent consideration arrangements are set to expire at various dates through 2026.

At September 30, 2025, the remaining open contingent consideration arrangements are set to expire at various dates through 2026.

Level 3 unobservable inputs were used to calculate the fair value adjustments shown in the table above.

The fair value adjustments and the related unobservable inputs were not considered significant for the three and six months ended June 30, 2025.

The fair value adjustments and the related unobservable inputs were not considered significant for the three and nine months ended September 30, 2025.

Fair value estimates

2 unchanged sentences

The interest rates of the variable interest rate long-term debt instruments are generally reset monthly.

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Carrying Value Fair Value Carrying Value Fair Value

16 unchanged sentences

Certain of the Company’s derivative transactions are subject to master netting arrangements that allow the Company to net settle contracts with the same counterparties.

These arrangements do not call for collateral and no cash collateral had been received or pledged related to the underlying derivatives as of June 30, 2025.

These arrangements do not call for collateral and no cash collateral had been received or pledged related to the underlying derivatives as of September 30, 2025.

The following table presents the fair value of derivative instruments:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Outstanding Gross

19 unchanged sentences

Derivatives Location of (income) expense

recognized in the condensed consolidated statements of operations Three Months Ended June 30,

recognized in the condensed consolidated statements of operations Three Months Ended September 30,

Cash flow hedging relationships:

12 unchanged sentences

Derivatives Location of (income) expense

recognized in the condensed consolidated statements of operations Six Months Ended June 30,

recognized in the condensed consolidated statements of operations Nine Months Ended September 30,

Cash flow hedging relationships:

11 unchanged sentences

Currency Effects

The (income) expense from derivatives designed to offset foreign currency exposure and recorded in investment (income) expense and other, net were offset by foreign currency transaction gains and losses resulting in a net (gain) loss of $( 1 ) and $ 1 for each of the three months ended June 30, 2025 and 2024, respectively, and $( 1 ) and $ 2 for the six months ended June 30, 2025 and 2024, respectively.

The (income) expense from derivatives designed to offset foreign currency exposure and recorded in investment (income) expense and other, net were offset by foreign currency transaction gains and losses resulting in a net loss (gain) of $ 2 and $( 1 ) for each of the three months ended September 30, 2025 and 2024, respectively, and $ 1 for the nine months ended September 30, 2025 and 2024.

The following table presents the effect of cash flow and fair value hedge accounting on accumulated other comprehensive loss (income) ("AOCI"):

5 unchanged sentences

AOCI into income

Three Months Ended June 30, Three Months Ended June 30,

Three Months Ended September 30, Three Months Ended September 30,

Derivatives 2025 2024 2025 2024

14 unchanged sentences

AOCI into income

Six Months Ended

June 30, Six Months Ended

Nine Months Ended

September 30, Nine Months Ended

September 30,

Derivatives 2025 2024 2025 2024

20 unchanged sentences

Upon commencement, the 2029 Interest Rate Swap will cover the remainder of the interest payments starting in October 2026 to the maturity of the 2021 Term Loan.

As of June 30, 2025, the Company had $ 1,840 notional amount outstanding in the 2026 Interest Rate Swap, the 2028 Interest Rate Swap, and the 2029 Interest Rate Swap.

As of September 30, 2025, the Company had $ 1,840 notional amount outstanding in the 2026 Interest Rate Swap, the 2028 Interest Rate Swap, and the 2029 Interest Rate Swap.

The Company has designated these swaps as cash flow hedges of the interest rate risk attributable to forecasted variable interest (SOFR) payments for its SOFR based term loan of $ 2,157 .

As of June 30, 2025, the weighted average fixed rate of interest on these swaps was approximately 3.52 %.

As of September 30, 2025, the weighted average fixed rate of interest on these swaps was approximately 3.52 %.

Variations in the assets and liability balances related to the swaps are primarily driven by changes in the applicable forward yield curves related to SOFR.

12 unchanged sentences

In 2024, a AUD swap ($ 16 USD equivalent, maturing June 2029) was added to the existing GBP, CAD, and EUR swaps (totaling $ 721 USD equivalent, maturing January 2027).

In the first half of 2025, the Company partially terminated its CAD swap, resulting in the reclassification of a portion of losses totaling $ 2 from AOCI to interest expense, net in its condensed consolidated statements of operations.

During the nine months ended September 30, 2025, the Company partially terminated its CAD swap, resulting in the reclassification of a portion of losses totaling $ 2 from AOCI to interest expense, net in its condensed consolidated statements of operations.

Following the partial termination of the CAD swap, there was $ 689 USD equivalent notional outstanding.

The Company measures the effectiveness of fair value hedges on a spot-to-spot basis.

4 unchanged sentences

The Company has net investments in foreign subsidiaries subject to changes in foreign currency exchange rates.

During the three months ended June 30, 2025, the Company entered into a $ 701 notional foreign currency swap designated as a net investment hedge ("2025 net investment hedge") for a portion of the Company’s net investments in Euro-denominated subsidiaries.

In 2021, the Company entered into a $ 230 notional foreign currency swap designated as a net investment hedge

("2021 net investment hedge") for a portion of the Company’s net investments in Euro-denominated subsidiaries.

During the second quarter of 2025, the Company entered into a $ 701 notional foreign currency swap designated as a net investment hedge ("2025 net investment hedge") for a portion of the Company’s net investments in Euro-denominated subsidiaries.

In 2021, the Company entered into a $ 230 notional foreign currency swap designated as a net investment hedge ("2021 net

investment hedge") for a portion of the Company’s net investments in Euro-denominated subsidiaries.

Gains and losses resulting from a change in fair value of the net investment hedges are offset by gains and losses on the underlying foreign currency exposure and are included in AOCI in the condensed consolidated balance sheets.

The Company evaluates the effectiveness of its net investment hedges at inception and on an ongoing basis.

If a net investment hedge is no longer expected to be effective, the Company discontinues hedge accounting prospectively.

In 2021, the Company amended the critical terms of the 2021 net investment hedge by extending the maturity date to July 2029 and modifying the U.S.

6 unchanged sentences

These forward contracts are undesignated for hedge accounting purposes.

The changes in fair value of these contracts are recorded in investment expense and other, net .

The changes in fair value of these contracts are recorded in investment (income) expense and other, net .

PROPERTY AND EQUIPMENT, NET

The components of property and equipment as of June 30, 2025 and December 31, 2024 are as follows:

(In Years) June 30,

The components of property and equipment as of September 30, 2025 and December 31, 2024 are as follows:

(In Years) September 30,

2025 December 31,

7 unchanged sentences

Property and equipment, net $ 393 $ 379

Depreciation expense related to property and equipment, including finance leases, was $ 22 and $ 20 during the three months ended June 30, 2025 and 2024, and $ 42 and $ 39 during the six months ended June 30, 2025 and 2024, respectively.

Depreciation expense related to property and equipment, including finance leases, was $ 21 during the three months ended September 30, 2025 and 2024, and $ 63 and $ 60 during the nine months ended September 30, 2025 and 2024, respectively.

Depreciation expense is included within cost of revenues and selling, general, and administrative expenses in the condensed consolidated statements of operations.

Debt obligations consist of the following:

Maturity Date June 30,

Maturity Date September 30,

2025 December 31,

13 unchanged sentences

Term loan facility

As of June 30, 2025, the Company had $ 2,157 of principal outstanding under the incremental term loan (the "2021 Term Loan") with a maturity date of January 3, 2029.

As of September 30, 2025, the Company had $ 2,157 of principal outstanding under the incremental term loan (the "2021 Term Loan") with a maturity date of January 3, 2029.

The interest rate applicable to the 2021 Term Loan is, at the Company's option, either (1) a base rate plus an applicable margin equal to 0.75 % or (2) Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal to 1.75 %.

The interest rate applicable to borrowings under the $ 750 five-year senior secured revolving credit facility (the “Revolving Credit Facility”) is, at the Company’s option, either (1) a base rate plus an applicable margin equal to 0.50 %, or (2) a Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal to 1.50 %.

As of June 30, 2025 and December 31, 2024, the Company had no amounts outstanding under the Revolving Credit Facility, and $ 744 and $ 494 was available at June 30, 2025 and December 31, 2024, respectively, after giving effect to $ 6 of outstanding letters of credit.

During the second quarter of 2025, the Company completed its Eighth Amendment to its credit agreement, refinancing and upsizing the Revolving Credit Facility.

The amendment increased the Revolving Credit Facility by $ 250 , from $ 500 to $ 750 , and extended the maturity date to the fifth anniversary of the Eighth Amendment.

The amendment also reduced the applicable margin by 75 basis points and removed the credit spread adjustment ("CSA").

As of September 30, 2025 and December 31, 2024, the Company had no amounts outstanding under the Revolving Credit Facility, and $ 744 and $ 494 was available at September 30, 2025 and December 31, 2024, respectively, after giving effect to $ 6 of outstanding letters of credit.

In the second quarter of 2025, the Company completed its Eighth Amendment to its credit agreement, which increased the Revolving Credit Facility from $ 500 to $ 750 , extended the facility's maturity to five years from the date of the Eighth Amendment, reduced the applicable margin by 75 basis points, and eliminated the credit spread adjustment ("CSA").

During the first quarter of 2025, the Company completed its Seventh Amendment to its credit agreement, repricing the 2021 Term Loan.

The repricing reduced the applicable margin on the 2021 Term Loan by 25 basis points.

During 2024, the Company completed its Sixth Amendment to its credit agreement, refinancing the 2021 Term Loan through an upsizing and repricing and repaying the 2019 Term Loan.

The repricing reduced the applicable margin on the 2021 Term Loan by 50 basis points and removed the CSA.

As part of the transaction, the Company incurred approximately $ 550 of incremental principal on the 2021 Term Loan.

The proceeds were used to repay the remaining $ 330 of the 2019 Term Loan, repay $ 100 of the Revolving Credit Facility outstanding, and for general corporate purposes, including to partially fund the Elevated acquisition.

During 2024, the Company completed its Sixth Amendment to its credit agreement, refinancing the 2021 Term Loan by increasing its principal amount and lowering the interest margin by 50 basis points.

The amendment also removed the CSA.

In connection with this transaction, the Company added approximately $ 550 of incremental principal to the 2021 Term Loan.

The proceeds were used to fully repay the remaining $ 330 balance of the 2019 Term Loan, to pay down $ 100 outstanding under the Revolving Credit Facility, and for general corporate purposes, including partial funding of the Elevated acquisition.

During 2024, the Company completed its Fifth Amendment to its credit agreement, upsizing its 2021 Term Loan by an aggregate principal amount equal to $ 300 .

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For additional information regarding the Series B Preferred Stock Conversion, see Note 15 – "Shareholders' Equity and Redeemable Convertible Preferred Stock."

As of June 30, 2025 and December 31, 2024, the Company was in compliance with all applicable debt covenants.

As of September 30, 2025 and December 31, 2024, the Company was in compliance with all applicable debt covenants.

Swap activity

As of June 30, 2025, the Company had the 2026 Interest Rate Swap with $ 720 of notional value, exchanging one-month SOFR for a fixed rate of 3.59 % per annum and the 2028 Interest Rate Swap with aggregate $ 400 notional value, exchanging one-month SOFR for a rate of 3.41 %.

Accordingly, the Company's fixed interest rate per annum on the swapped $ 720 notional value of the term loans is 5.34 % and the swapped $ 400 notional value of the term loans is 5.16 % through their maturity.

As of September 30, 2025, the Company had the 2026 Interest Rate Swap with $ 720 of notional value, exchanging one-month SOFR for a fixed rate of 3.59 % per annum and the 2028 Interest Rate Swap with aggregate $ 400 notional value, exchanging one-month SOFR for a rate of 3.41 %.

The remaining $ 1,037 of the term loan balance will bear interest based on one-month SOFR plus 175 basis points, and the rate will fluctuate as SOFR fluctuates.

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The 4.125 % Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company’s subsidiaries.

The balance as of June 30, 2025 was $ 337 .

The balance as of September 30, 2025 was $ 337 .

4.750 % Senior Notes

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The 4.750 % Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company's subsidiaries.

The balance as of June 30, 2025 was $ 277 .

The Company was in compliance with all covenants contained in the indentures for the 4.125 % Senior Notes and 4.750 % Senior Notes as of June 30, 2025, and December 31, 2024.

The balance as of September 30, 2025 was $ 277 .

The Company was in compliance with all covenants contained in the indentures for the 4.125 % Senior Notes and 4.750 % Senior Notes as of September 30, 2025, and December 31, 2024.

Other obligations

As of June 30, 2025 and December 31, 2024, the Company had $ 5 in notes outstanding for working capital purposes and the acquisition of equipment and vehicles.

As of September 30, 2025 and December 31, 2024, the Company had $ 5 in notes outstanding for working capital purposes and the acquisition of equipment and vehicles.

The Company’s quarterly income tax provision is measured using an estimate of its consolidated annual effective tax rate, adjusted in the current period for discrete income tax items, within the periods presented.

The comparison of the Company’s income tax provision between periods may be impacted by the level and mix of earnings and losses by tax jurisdiction, foreign income tax rate differentials, and discrete items.

The Company’s effective tax rate was 28.7 % and 22.4 % for the three months ended June 30, 2025 and 2024, and 27.1 % and 24.7 % for the six months ended June 30, 2025, and 2024, respectively.

The Company’s effective tax rate was 28.2 % and 30.9 % for the three months ended September 30, 2025 and 2024, and 27.6 % and 27.2 % for the nine months ended September 30, 2025, and 2024, respectively.

The difference between the effective tax rate and the statutory U.S.

federal income tax rate of 21.0 % for the three and six months ended June 30, 2025 and 2024 is due to nondeductible permanent items, taxes on foreign earnings in jurisdictions that have higher tax rates, state taxes, and discrete items.

As of June 30, 2025, the Company’s deferred tax assets included a valuation allowance of $ 100 primarily related to certain net operating loss, capital loss, and tax credit carryforwards of the Company’s foreign subsidiaries.

federal income tax rate of 21.0 % for the three and nine months ended September 30, 2025 and 2024 is due to nondeductible permanent items, taxes on foreign earnings in jurisdictions that have higher tax rates, state taxes, and discrete items.

As of September 30, 2025, the Company’s deferred tax assets included a valuation allowance of $ 97 primarily related to certain net operating loss, capital loss, and tax credit carryforwards of the Company’s foreign subsidiaries.

The factors used to assess the likelihood of realization were the past performance of the related entities, forecasts of future taxable income, future reversals of existing taxable temporary differences, and available tax planning strategies that could be implemented to realize the deferred tax assets.

The ability or failure to achieve the forecasted taxable income in these entities could affect the ultimate realization of deferred tax assets.

As of June 30, 2025, the Company had gross federal, state, and foreign net operating loss carryforwards of approximately $ 1 , $ 21 , and $ 99 , respectively.

As of September 30, 2025, the Company had gross federal, state, and foreign net operating loss carryforwards of approximately $ 1 , $ 21 , and $ 88 , respectively.

The state net operating losses have carryforward periods of five to twenty years and begin to expire in 2029.

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for income taxes in the condensed consolidated statements of operations.

As of June 30, 2025, and December 31, 2024, the total gross unrecognized tax benefits were $ 10 and $ 9 , respectively.

The Company accrued gross interest and penalties as of June 30, 2025 and December 31, 2024 of $ 4 and $ 3 , respectively.

During the three and six months ended June 30, 2025 and 2024, the Company recognized net interest expense of less than $ 1 for both periods.

If all of the Company’s unrecognized tax benefits as of June 30, 2025 were recognized, $ 13 would impact the Company’s effective tax rate.

As of September 30, 2025, and December 31, 2024, the total gross unrecognized tax benefits were $ 10 and $ 9 , respectively.

The Company accrued gross interest and penalties as of September 30, 2025 and December 31, 2024 of $ 4 and $ 3 , respectively.

During the three and nine months ended September 30, 2025 and 2024, the Company recognized net interest expense of less than $ 1 for both periods.

If all of the Company’s unrecognized tax benefits as of September 30, 2025 were recognized, $ 13 would impact the Company’s effective tax rate.

The Company expects $ 1 of unrecognized tax benefits to expire in the next twelve months due to lapses in the statute of limitations.

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federal jurisdiction, and various state, local, and foreign jurisdictions.

As of June 30, 2025, with few exceptions, neither the Company nor its subsidiaries are subject to examination prior to tax year 2015.

As of September 30, 2025, with few exceptions, neither the Company nor its subsidiaries are subject to examination prior to tax year 2015.

There are various other audits in state and foreign jurisdictions.

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Certain provisions will be effective for 2025, while others will be effective for tax years beginning after December 31, 2025.

The Company is currently evaluating the impact on the consolidated financial statements.

The Company has evaluated the impact of the legislation and incorporated the applicable tax provisions into its consolidated financial statements for the current reporting period.

EMPLOYEE BENEFIT PLANS

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The components of the net periodic pension cost for the defined benefit pension plans are as follows:

Three Months Ended June 30,

Three Months Ended September 30,

Service cost $ 1 $ 1

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Net periodic pension cost $ 6 $ 6

Six Months Ended June 30,

Nine Months Ended September 30,

Service cost $ 3 $ 4

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Expected return on plan assets ( 51 ) ( 47 )

Amortization of pension loss 11 10

Amortization of actuarial losses 16 16

Net periodic pension cost $ 17 $ 18

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Union payrolls cannot be determined for future periods because the number of union employees employed at a given time and the plans in which they participate vary depending upon the location, the number of ongoing projects, and the need for union resources in connection with those projects.

Total consolidated contributions to multiemployer plans were $ 26 and $ 25 during the three months ended June 30, 2025 and 2024, respectively, and $ 47 and $ 44 during the six months ended June 30, 2025 and 2024, respectively.

Total consolidated contributions to multiemployer plans were $ 26 and $ 25 during the three months ended September 30, 2025 and 2024, respectively, and $ 73 and $ 69 during the nine months ended September 30, 2025 and 2024, respectively.

Profit sharing plans

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The Profit Sharing Plans provide for annual discretionary contributions in amounts based on a performance grid as determined by the Company’s directors, which may be settled in shares of the Company's common stock or in cash.

In connection with these plans, the Company recognized $ 5 in expense for shares distributed to eligible employees during the three months ended June 30, 2025 and 2024, and $ 14 and $ 11 in expense during the six months ended June 30, 2025 and 2024, respectively.

In connection with these plans, the Company recognized $ 9 in expense for shares distributed to eligible employees during the three months ended September 30, 2025 and 2024, and $ 23 and $ 20 in expense during the nine months ended September 30, 2025 and 2024, respectively.

Employee stock purchase plan

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Participants are subject to eligibility requirements and may not purchase more than 500 shares in any offering period or more than ten thousand dollars of common stock in a year under the ESPP.

The Company recognized $ 2 of expense during the three months ended June 30, 2025 and 2024, and $ 4 and $ 3 of expense during the six months ended June 30, 2025 and 2024, respectively.

The Company recognized $ 2 and $ 1 of expense during the three months ended September 30, 2025 and 2024, respectively and $ 6 and $ 4 of expense during the nine months ended September 30, 2025 and 2024, respectively.

RELATED-PARTY TRANSACTIONS

The Company incurred advisory fees of $ 1 during both the three months ended June 30, 2025 and 2024, and $ 2 during each of the six months ended June 30, 2025 and 2024, in each case payable to Mariposa Capital, LLC, an entity owned by a co-chair of the Company’s Board of Directors.

The Company incurred advisory fees of $ 1 during both the three months ended September 30, 2025 and 2024, and $ 3 during each of the nine months ended September 30, 2025 and 2024, in each case payable to Mariposa Capital, LLC, an entity owned by a co-chair of the Company’s Board of Directors.

In addition, dividends for Series A Preferred Stock declared as of December 31, 2024 and December 31, 2023 were settled in 3,815,493 shares and 11,916,156 shares, respectively, issued during January 2025 and January 2024, respectively.

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and Viking Global Equities II LP ("Viking Purchasers"), which is the aggregate owner of more than 5 % of the Company's outstanding stock, for an aggregate purchase price of $ 200 .

During the six months ended June 30, 2024, the Company issued dividends of 232,589 shares of common stock on the Series B Preferred Stock held by Viking Purchasers, with 106,197 shares declared in February 2024 and 126,392 shares declared in December 2023.

During the nine months ended September 30, 2024, the Company issued dividends of 232,589 shares of common stock on the Series B Preferred Stock held by Viking Purchasers, with 106,197 shares declared in February 2024 and 126,392 shares declared in December 2023.

During the three months ended March 31, 2024, the Company executed an agreement with the Viking Purchasers which allowed the exercise of their right to convert all of their Series B Preferred Stock into common stock.

For additional information regarding the Series B Preferred Stock Conversion, see Note 15 – "Shareholders' Equity and Redeemable Convertible Preferred Stock."

From time to time, the Company also enters other immaterial related-party transactions.

From time to time, the Company also enters into other immaterial related-party transactions.

COMMITMENTS AND CONTINGENCIES

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Management believes that the likelihood of incurring losses materially in excess of the amounts accrued is remote.

The outstanding liability for these obligations of $ 16 and $ 15 was included in other noncurrent liabilities as of June 30, 2025 and December 31, 2024, respectively.

The outstanding liability for these obligations of $ 14 and $ 15 was included in other noncurrent liabilities as of September 30, 2025 and December 31, 2024, respectively.

SHAREHOLDERS’ EQUITY AND REDEEMABLE CONVERTIBLE PREFERRED STOCK

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Series A Preferred Stock

The Company had 4,000,000 shares of Series A Preferred Stock issued and outstanding as of June 30, 2025 ("Series A Preferred Stock").

The Company had 4,000,000 shares of Series A Preferred Stock issued and outstanding as of September 30, 2025 ("Series A Preferred Stock").

The Series A Preferred Stock will be convertible into 6,000,000 shares of Common Stock upon conversion pursuant to the Company’s Certificate of Incorporation.

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This new authorization replaces the Company's previous share repurchase authorization announced in 2024.

During the six months ended June 30, 2025 and 2024, the Company repurchased 3,095,573 and 24,390,240 shares of common stock for approximately $ 75 and $ 600 , respectively.

As of June 30, 2025, the Company had $ 1,000 of authorized repurchases remaining under the SRP.

During the nine months ended September 30, 2025 and 2024, the Company repurchased 3,095,573 and 24,390,240 shares of common stock for approximately $ 75 and $ 600 , respectively.

As of September 30, 2025, the Company had $ 1,000 of authorized repurchases remaining under the SRP.

Authorized Shares

During the second quarter of 2025, upon the recommendation of the Company's Board of Directors, the Company's shareholders approved an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of the Company's common stock, par value $ 0.0001 per share, from 500,000,000 to 1,000,000,000 shares.

During the second quarter of 2025, the Company executed a three-for-two stock split by a payment of a stock dividend of one-half of one share of common stock for each share of common stock.

During the second quarter of 2025, the Company executed a three-for-two stock split by issuing a stock dividend of one-half of one share of common stock for each share of common stock.

No shares of common stock were issued to the holders of the Company’s Series A Preferred Stock in connection with the stock split.

The Company retained the current par value of $ 0.0001 per share for all common shares.

All references to the number of shares outstanding, issued shares, and per share amounts of the Company’s common shares have been restated to reflect the effect of the stock split for all historical periods presented in the Company’s accompanying condensed consolidated financial statements and footnotes thereto.

Redeemable Convertible Preferred Stock

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(Amounts in millions, except share and per share amounts.)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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For additional information regarding the stock split, see Note 15 – "Shareholders' Equity and Redeemable Convertible Preferred Stock."

For the six months ended June 30, 2024, the year-to-date impact of 187,500 stock options to purchase the same number of common shares.

For the six months ended June 30, 2024, 1,741,200 time-based, performance-based, and market-based restricted stock units.

(2) For the three and six months ended June 30, 2025, and the three months ended June 30, 2024, dilutive securities include common share equivalents which represent the annual dividend, payable in the form of common shares or cash at the Company's sole option, that Series A Preferred Shares would be entitled to receive assuming that the volume weighted average price of the Company’s common shares for the last ten trading days of the period would be the same average price during the last ten trading days of the calendar year.

For the nine months ended September 30, 2024, the year-to-date impact of 187,500 stock options to purchase the same number of common shares.

For the nine months ended September 30, 2024, 1,919,375 time-based, performance-based, and market-based restricted stock units.

(2) For the three and nine months ended September 30, 2025, dilutive securities include common share equivalents which represent the annual dividend, payable in the form of common shares or cash at the Company's sole option, that Series A Preferred Shares would be entitled to receive assuming that the volume weighted average price of the Company’s common shares for the last ten trading days of the period would be the same average price during the last ten trading days of the calendar year.

The holders of the Series A Preferred Stock are entitled to receive an annual dividend based on the increase in the market price of the Company’s common stock (the "Annual Dividend Amount").

The Annual Dividend Amount is equal to 20 % of the increase in the volume-weighted average market price per share of the Company’s common shares for the last ten trading days of the calendar year, multiplied by 211,791,957 shares.

During 2025, the Annual Dividend amount was calculated based on the appreciation of the Company’s share price over the highest

previously used share price of $ 24.8713 .

During 2024, the Annual Dividend amount was calculated based on the appreciation of the Company’s share price over the highest previously used share price of $ 22.6310 .

During 2024, the Annual

Dividend amount was calculated based on the appreciation of the Company’s share price over the highest previously used share price of $ 22.6310 .

SEGMENT INFORMATION

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Adjustments include expenses that management deems are non-recurring in nature and not indicative of the Company’s core operating results.

These adjustments include business transformation and other expenses for the integration of acquired businesses, the impact and results of businesses classified as held-for-sale and divested, and one-time and other events such as impairment charges, restructuring costs, transaction and other costs related to acquisitions, amortization of intangible assets, and non-service pension cost or benefit.

These adjustments include expenses related to business transformation and other expenses for the integration of acquired businesses, the impact and results of businesses classified as held-for-sale and divested, and one-time and other events such as impairment charges, restructuring costs, transaction and other costs related to acquisitions, amortization of intangible assets, and non-service pension cost or benefit.

The CODM establishes budgets for the segments, including growth of segment earnings.

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Summarized financial information for the Company’s reportable segments are presented and reconciled to consolidated financial information in the following tables, including a reconciliation of segment earnings to income before income taxes:

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Services Specialty

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(d) Corporate/other profit/(loss) includes amounts related to corporate functions such as administrative costs, professional fees, and other discrete items.

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Services Specialty

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(d) Corporate/other profit/(loss) includes amounts related to corporate functions such as administrative costs, professional fees, and other discrete items.

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Services Specialty

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(d) Corporate/other profit/(loss) includes amounts related to corporate functions such as administrative costs, professional fees, and other discrete items.

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Services Specialty

100 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements