Highlights
- Fourth quarter 2025 revenue of
$209.8 million was consistent with fourth quarter 2024 revenue, but grew 4% year-over-year when excluding the previously discussed headwind1 of$8.1 million . - Full year 2025 revenue of
$824.5 million decreased 2% year-over-year. Excluding headwinds2, full year 2025 revenue grew 2% year-over-year. - Drivers of fourth quarter 2025 test volume growth year-over-year include Prolaris prostate cancer test at 12%, Hereditary cancer testing at 9%, and GeneSight at 9%.
- Fourth quarter 2025 gross margin was 70.0% and in-line with third quarter 2025.
- Fourth quarter 2025 GAAP net loss of
$7.9 million , or$0.08 per share, while adjusted EPS was$0.04 per share and adjusted EBITDA was$14.3 million .
"We ended 2025 with positive momentum in a number of key areas, including within the Cancer Care Continuum where we drove another quarter of high single-digit volume growth in Hereditary cancer testing year-over-year and recognized improving volume growth for our Prolaris prostate cancer test. I'm also pleased to report improving volume growth in our GeneSight mental health test. We attribute this momentum to strengthened execution across the commercial team and the enterprise overall. Prenatal testing has been uneven through 2025 but we continue to make progress and expect growth to reaccelerate in the coming quarters,” said
_________________________________
1 Attributable to UNH discontinuation of coverage (commercial and managed Medicaid) of GeneSight.
2 Attributable to UNH discontinuation of coverage (commercial and managed Medicaid) of GeneSight and the divestiture of the European EndoPredict business.
Financial and Operational Highlights
- Test volumes of 382,000 in the fourth quarter of 2025 increased 2% year-over-year.
- The following table summarizes year-over-year testing volume changes in the company's core product categories:
| Three months ended | Twelve Months Ended | ||||||||||||
| (in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||
| Product volumes: | |||||||||||||
| Hereditary cancer | 82 | 75 | 9 | % | 315 | 294 | 7 | % | |||||
| Tumor profiling(1) | 12 | 12 | — | % | 48 | 53 | (9 | )% | |||||
| Prenatal | 150 | 160 | (6 | )% | 637 | 666 | (4 | )% | |||||
| Mental Health | 138 | 127 | 9 | % | 537 | 507 | 6 | % | |||||
| Total | 382 | 374 | 2 | % | 1,537 | 1,520 | 1 | % | |||||
| (1) Tumor Profiling decreased for the twelve months ended | |||||||||||||
- The following table summarizes year-over-year revenue changes in the company's core product categories:
| Three months ended | Twelve Months Ended | ||||||||||||||||
| (in millions) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||
| Product revenues: | |||||||||||||||||
| Hereditary cancer | $ | 96.8 | $ | 94.3 | 3 | % | $ | 372.4 | $ | 364.5 | 2 | % | |||||
| Tumor profiling(1) | 31.5 | 30.8 | 2 | % | 121.7 | 125.8 | (3 | )% | |||||||||
| Prenatal | 44.9 | 44.9 | — | % | 186.3 | 177.1 | 5 | % | |||||||||
| Mental Health | 36.6 | 40.6 | (10 | )% | 144.1 | 170.2 | (15 | )% | |||||||||
| Total | $ | 209.8 | $ | 210.6 | — | % | $ | 824.5 | $ | 837.6 | (2 | )% | |||||
| (1) Tumor Profiling decreased for the twelve months ended | |||||||||||||||||
- Operating expenses in the fourth quarter of 2025 were
$152.5 million , decreasing$37.4 million year-over-year. Adjusted operating expenses in the fourth quarter of 2025 decreased$7.0 million year-over-year to$139.0 million , reflecting the company's commitment to disciplined cost management while maintaining investments in key strategic areas. - Operating loss in the fourth quarter of 2025 was
$5.7 million .
Cash Flow and Liquidity
Fourth quarter 2025 cash flow provided by operations was
As of the end of the fourth quarter of 2025, the company had cash and cash equivalents of
Business Performance and Highlights
Oncology
The Oncology business delivered revenue of
- Fourth quarter 2025 hereditary cancer testing revenue in Oncology increased 2% year-over-year driven by a 9% year-over-year increase in volume.
- Fourth quarter 2025 Prolaris testing revenue grew 16% year-over-year. The company continues to make progress and intends to commercially launch its first AI-enabled prostate cancer test, in partnership with PATHOMIQ, in the first half of 2026.
- The company advanced personalized breast cancer risk assessment through the launch of the first integrated AI and genetic risk platform, developed in partnership with
Clairity and MagView. The company believes this solution enhances its leadership in precision breast health. - The company showcased nine new oncology and Molecular Residual Disease (MRD) research abstracts at the 2025 San Antonio Breast Cancer Symposium, highlighting continued progress in its precision oncology pipeline. The company believes these data reinforce the scientific strength behind the company's MRD and hereditary cancer programs and underscore Myriad Genetics’ commitment to advancing clinically meaningful innovations for patients and providers.
- In
January 2026 , at the 2026American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium , collaborators from theNational Cancer Center Hospital East inJapan reported positive interim key outcomes from MONSTAR-SCREEN-3, a multi-center, prospective study of patients with resectable Stage I-IV colorectal cancer that incorporates Precise MRD. These outcomes include 100% baseline sensitivity and highly sensitive detection of residual disease post-surgery.
Women’s Health
The Women’s Health business delivered revenue of
- Fourth quarter 2025 hereditary cancer testing revenue and volume for the unaffected population increased 3% and 11% year-over-year, respectively, demonstrating progress with implementing the company's electronic medical records (EMR) solutions and breast cancer risk assessment programs.
- Prenatal testing revenue in the fourth quarter of 2025 was stable year-over-year, while volume decreased 6% year-over-year reflecting transition dynamics following the second quarter 2025 implementation of the company's new order management system.
- The multi-site CONNECTOR study, using the company's FirstGene Multiple Prenatal Screen, continues to see meaningful progress in enrollment and the Company expects this study to support future commercial launch activities and expand capabilities in prenatal testing.
Mental Health
GeneSight test revenue was
- Fourth quarter 2025 revenue continues to reflect the impact of UnitedHealthcare's discontinuation of coverage of multi-gene panel pharmacogenetic testing, including GeneSight, effective in the first quarter of 2025.
- GeneSight test volume in the fourth quarter of 2025 grew 9% year-over-year, reflecting ongoing improvement in the year-over-year volume growth through 2025.
Financial Guidance
Below is a table summarizing
| (in millions, except percentages) | 2026 Guidance | FY 2026 Comments | ||
| Revenue | Reiterate the full year 2026 revenue range. Q1’26 revenue is expected to be between Expect 2H’26 revenue to be greater than 1H’26 | |||
| Adjusted Gross Margin %** | 68% - 69% | Gross margins expected to fluctuate quarter to quarter given product mix and pricing trends. | ||
| Adjusted EBITDA*** | Q1’26 adjusted EBITDA is expected to be near breakeven | |||
| * | Assumes currency rates as of | |||
| ** | Adjusted Gross Margin is defined as Gross Margin plus non-cash cost of sales, such as amortization of intangible assets and share-based compensation expense, and non-recurring one-time expenses. | |||
| *** | Adjusted EBITDA is defined as Net income (loss) plus income tax expense (benefit), total other income (expense), non-cash operating expenses, such as amortization of intangible assets, depreciation, impairment of long-lived assets, and share-based compensation expense, and one-time expenses such as expenses from strategic realignment, legal settlements, and divestitures and acquisitions. | |||
These projections are forward-looking statements and are subject to the risks summarized in the safe harbor statement at the end of this press release.
Conference Call and Webcast
A conference call will be held today,
About
Myriad, the Myriad logo, BRACAnalysis, BRACAnalysis CDx, Colaris, MyRisk, Myriad myRisk, MyRisk Hereditary Cancer, MyChoice, Tumor BRACAnalysis CDx, MyChoice CDx, Prequel, Prequel with Amplify, Amplify, Foresight, Foresight Universal Plus, Precise Tumor, Precise Oncology Solutions, Precise Liquid, Precise MRD, FirstGene, SneakPeek, SneakPeek Early Gender DNA Test, SneakPeek Snap, Urosuite, myGeneHistory, Health.Illuminated., RiskScore, Prolaris, and GeneSight are registered trademarks or trademarks of
Revenue by Product (Unaudited)
| Three months ended | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | ||||||||||||||||||
| WH | ONC | MH | Total | WH | ONC | MH | Total | % Change | ||||||||||||
| Hereditary Cancer | $ | 43.6 | $ | 53.2 | $ | — | $ | 96.8 | $ | 42.3 | $ | 52.0 | $ | — | $ | 94.3 | 3 | % | ||
| Tumor Profiling | — | 31.5 | — | 31.5 | — | 30.8 | — | 30.8 | 2 | % | ||||||||||
| Prenatal | 44.9 | — | — | 44.9 | 44.9 | — | — | 44.9 | — | % | ||||||||||
| Mental Health | — | — | 36.6 | 36.6 | — | — | 40.6 | 40.6 | (10 | )% | ||||||||||
| Total Revenue | $ | 88.5 | $ | 84.7 | $ | 36.6 | $ | 209.8 | $ | 87.2 | $ | 82.8 | $ | 40.6 | $ | 210.6 | — | % | ||
| Twelve months ended | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | ||||||||||||||||||
| WH | ONC | MH | Total | WH | ONC | MH | Total | % Change | ||||||||||||
| Hereditary Cancer | $ | 164.4 | $ | 208.0 | $ | — | $ | 372.4 | $ | 163.1 | $ | 201.4 | $ | — | $ | 364.5 | 2 | % | ||
| Tumor Profiling | — | 121.7 | — | 121.7 | — | 125.8 | — | 125.8 | (3 | )% | ||||||||||
| Prenatal | 186.3 | — | — | 186.3 | 177.1 | — | — | 177.1 | 5 | % | ||||||||||
| Mental Health | — | — | 144.1 | 144.1 | — | — | 170.2 | 170.2 | (15 | )% | ||||||||||
| Total Revenue | $ | 350.7 | $ | 329.7 | $ | 144.1 | $ | 824.5 | $ | 340.2 | $ | 327.2 | $ | 170.2 | $ | 837.6 | (2 | )% | ||
Business Units:
WH = Women’s Health
ONC = Oncology
MH = Mental Health
Product Categories:
Hereditary Cancer – MyRisk, BRACAnalysis, BRACAnalysis CDx
Tumor Profiling – myChoice CDx, Prolaris, Precise Tumor, EndoPredict
Prenatal – Foresight, Prequel, SneakPeek
Mental Health – GeneSight
| AND SUBSIDIARIES | |||||||||||||||
| Condensed Consolidated Statements of Operations (unaudited) | |||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 209.8 | $ | 210.6 | $ | 824.5 | $ | 837.6 | |||||||
| Cost of revenue | 63.0 | 59.7 | 247.9 | 252.2 | |||||||||||
| Gross profit | 146.8 | 150.9 | 576.6 | 585.4 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development expense | 25.5 | 29.7 | 106.8 | 113.4 | |||||||||||
| Sales and marketing expense | 68.7 | 72.0 | 280.8 | 284.1 | |||||||||||
| General and administrative expense | 55.6 | 66.5 | 256.8 | 275.9 | |||||||||||
| Legal settlements | — | (21.3 | ) | — | (21.3 | ) | |||||||||
| 2.7 | 43.0 | 319.4 | 56.8 | ||||||||||||
| Total operating expenses | 152.5 | 189.9 | 963.8 | 708.9 | |||||||||||
| Operating loss | (5.7 | ) | (39.0 | ) | (387.2 | ) | (123.5 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 0.8 | 0.3 | 1.8 | 1.7 | |||||||||||
| Interest expense | (4.4 | ) | (0.7 | ) | (10.5 | ) | (2.8 | ) | |||||||
| Other | 0.4 | 0.3 | 0.8 | 1.1 | |||||||||||
| Total other expense | (3.2 | ) | (0.1 | ) | (7.9 | ) | — | ||||||||
| Loss before income tax | (8.9 | ) | (39.1 | ) | (395.1 | ) | (123.5 | ) | |||||||
| Income tax (benefit) expense | (1.0 | ) | 3.4 | (29.2 | ) | 3.8 | |||||||||
| Net loss | $ | (7.9 | ) | $ | (42.5 | ) | $ | (365.9 | ) | $ | (127.3 | ) | |||
| Net loss per share: | |||||||||||||||
| Basic and Diluted | $ | (0.08 | ) | $ | (0.47 | ) | $ | (3.95 | ) | $ | (1.41 | ) | |||
| Weighted average shares outstanding: | |||||||||||||||
| Basic and Diluted | 93.3 | 91.1 | 92.6 | 90.6 | |||||||||||
| AND SUBSIDIARIES | |||||||
| Condensed Consolidated Balance Sheets (unaudited) | |||||||
| (in millions, except per share amounts) | |||||||
2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 149.6 | $ | 102.4 | |||
| Trade accounts receivable | 115.3 | 121.2 | |||||
| Inventory | 30.6 | 27.5 | |||||
| Prepaid taxes | 12.0 | 16.4 | |||||
| Prepaid expenses and other current assets | 25.1 | 30.5 | |||||
| Total current assets | 332.6 | 298.0 | |||||
| Operating lease right-of-use assets | 49.4 | 55.0 | |||||
| Property, plant and equipment, net | 114.0 | 117.4 | |||||
| Intangible assets, net | 153.4 | 262.4 | |||||
| 51.6 | 286.3 | ||||||
| Other assets | 5.6 | 8.5 | |||||
| Total assets | $ | 706.6 | $ | 1,027.6 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 30.0 | $ | 32.3 | |||
| Accrued liabilities | 96.9 | 119.0 | |||||
| Current maturities of operating lease liabilities | 6.9 | 12.8 | |||||
| Total current liabilities | 133.8 | 164.1 | |||||
| Unrecognized tax benefits | 0.2 | 32.7 | |||||
| Long-term debt | 119.9 | 39.6 | |||||
| Noncurrent operating lease liabilities | 83.0 | 87.9 | |||||
| Other long-term liabilities | 1.7 | 2.2 | |||||
| Total liabilities | 338.6 | 326.5 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock, 93.5 and 91.3 shares outstanding at | 0.9 | 0.9 | |||||
| Additional paid-in capital | 1,489.0 | 1,457.8 | |||||
| Accumulated other comprehensive income (loss) | 0.8 | (0.8 | ) | ||||
| Accumulated deficit | (1,122.7 | ) | (756.8 | ) | |||
| Total stockholders' equity | 368.0 | 701.1 | |||||
| Total liabilities and stockholders’ equity | $ | 706.6 | $ | 1,027.6 | |||
| AND SUBSIDIARIES | |||||||||||||||
| Condensed Consolidated Statements of Cash Flows (unaudited) | |||||||||||||||
| (in millions) | |||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 10.6 | $ | 6.6 | $ | 1.8 | $ | (8.7 | ) | ||||||
| Net cash used in investing activities | (6.0 | ) | (5.9 | ) | (27.4 | ) | (11.9 | ) | |||||||
| Net cash provided by (used in) financing activities | (8.2 | ) | 2.1 | 64.2 | (7.4 | ) | |||||||||
| Effect of foreign exchange rates on cash, cash equivalents, and restricted cash | 0.1 | (0.7 | ) | 0.8 | (1.0 | ) | |||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (3.5 | ) | 2.1 | 39.4 | (29.0 | ) | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of the period | 154.8 | 109.8 | 111.9 | 140.9 | |||||||||||
| Cash, cash equivalents, and restricted cash at end of the period | $ | 151.3 | $ | 111.9 | $ | 151.3 | $ | 111.9 | |||||||
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including (i) the company's full-year 2026 financial guidance, (ii) the company's continued progress in prenatal testing and expectation that prenatal testing growth will reaccelerate in the coming quarters, (iii) the company's intention to launch, and the expected timing thereof, three significant new tests, including an alpha phase launch of Precise MRD, full commercial launches of its AI-enabled Prolaris prostate cancer test and the multiple prenatal screen test, FirstGene, and (iv) the expected benefits of the CONNECTOR study. These “forward-looking statements” are management’s present expectations of future events as of the date hereof and are subject to a number of known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated.
These risks include, but are not limited to: the risk that sales and profit margins of the company’s existing tests may decline; the risk that the company may not be able to operate its business on a profitable basis; risks related to the company’s ability to achieve certain revenue growth targets and generate sufficient revenue from its existing product portfolio or in launching and commercializing new tests to be profitable; risks related to recent changes in the company's senior management team and the successful implementation of the company's strategic plan; risks related to changes in governmental or private insurers’ coverage and reimbursement levels for the company’s tests or the company’s ability to obtain reimbursement for its new tests at comparable levels to its existing tests; risks related to increased competition and the development of new competing tests; the risk that the company may be unable to develop or achieve commercial success for additional tests in a timely manner, or at all; the risk that the company is not able to secure additional financing to fund its business, if needed, in a timely manner or on favorable terms, if it all; the risk that the company may not successfully develop new markets or channels for its tests; the risk that licenses to the technology underlying the company’s tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating the company’s laboratory testing facilities; risks related to public concern over genetic testing in general or the company’s tests in particular; risks related to regulatory requirements or enforcement in
Investor Contact
(801) 584-3532
matt.scalo@myriad.com
Media Contact
Kate Schraml
(224) 875-4493
PR@myriad.com
Statement regarding use of non-GAAP financial measures
In this press release, the company’s financial results and financial guidance are provided in accordance with accounting principles generally accepted in
The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, if available, to more fully understand its business. Non-GAAP financial results are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
The company does not forecast GAAP gross margin or GAAP net income (loss) because it cannot predict certain elements that are included in reported GAAP results. Please see above under “Financial Guidance” for a full explanation.
Reconciliation of GAAP to Non-GAAP Financial Measures
for the Three and Twelve Months Ended
(unaudited data in millions, except per share amounts)
| Three months ended | Twelve months ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Adjusted Operating Expenses | ||||||||||||||||
| Operating Expenses | $ | 152.5 | $ | 189.9 | $ | 963.8 | $ | 708.9 | ||||||||
| Acquisition - amortization of intangible assets(1) | (6.4 | ) | (9.6 | ) | (29.8 | ) | (40.2 | ) | ||||||||
| (2.7 | ) | (43.0 | ) | (319.4 | ) | (56.8 | ) | |||||||||
| Equity compensation(3) | (2.6 | ) | (10.7 | ) | (34.1 | ) | (48.3 | ) | ||||||||
| Real estate optimization(4) | — | (1.7 | ) | (5.2 | ) | (7.2 | ) | |||||||||
| Transformation initiatives(5) | — | — | — | (6.6 | ) | |||||||||||
| Strategic realignment(6) | (2.1 | ) | — | (12.2 | ) | — | ||||||||||
| Legal settlements(7) | — | 21.1 | — | 20.6 | ||||||||||||
| Other adjustments(8) | 0.3 | — | 0.3 | (3.5) | ||||||||||||
| Adjusted Operating Expenses | $ | 139.0 | $ | 146.0 | $ | 563.4 | $ | 566.9 | ||||||||
| (1) | Represents recurring amortization charges resulting from the acquisition of intangible assets. | |||||||||||||||
| (2) | Expense related to goodwill and long-lived asset impairment. For the twelve months ended | |||||||||||||||
| (3) | Consists of the non-cash equity-based compensation provided to | |||||||||||||||
| (4) | Costs related to real estate initiatives. For the twelve months ended | |||||||||||||||
| (5) | Costs related to transformation initiatives including consulting and professional fees for the twelve months ended | |||||||||||||||
| (6) | Costs related to strategic realignment of the company including severance and consulting fees for the three and twelve months ended | |||||||||||||||
| (7) | Costs related to one-time legal expenses. For the three and twelve months ended | |||||||||||||||
| (8) | Other one-time non-recurring adjustments for the three and twelve months ended | |||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Adjusted Net Income(1) | ||||||||||||||||
| Net Loss | $ | (7.9 | ) | $ | (42.5 | ) | $ | (365.9 | ) | $ | (127.3 | ) | ||||
| Acquisition - amortization of intangible assets(2) | 6.5 | 10.0 | 30.5 | 41.5 | ||||||||||||
| 2.7 | 43.0 | 319.4 | 56.8 | |||||||||||||
| Equity compensation(4) | 2.8 | 10.9 | 35.2 | 49.8 | ||||||||||||
| Real estate optimization(5) | — | 1.7 | 5.2 | 7.2 | ||||||||||||
| Transformation initiatives(6) | — | — | — | 6.6 | ||||||||||||
| Strategic realignment(7) | 2.1 | — | 12.2 | — | ||||||||||||
| Legal settlements(8) | — | (21.1 | ) | — | (20.6 | ) | ||||||||||
| Other adjustments(9) | (0.6 | ) | 0.8 | (0.2 | ) | 3.3 | ||||||||||
| Uncertain tax benefit(10) | (0.4 | ) | — | (29.4 | ) | — | ||||||||||
| Tax adjustments(11) | (1.3 | ) | 0.4 | (1.2 | ) | (4.8 | ) | |||||||||
| Adjusted Net Income | $ | 3.9 | $ | 3.2 | $ | 5.8 | $ | 12.5 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Diluted | 94.6 | 92.1 | 93.4 | 92.1 | ||||||||||||
| Adjusted Earnings Per Share | ||||||||||||||||
| Diluted | $ | 0.04 | $ | 0.03 | $ | 0.06 | $ | 0.14 | ||||||||
| (1) | To determine Adjusted Earnings Per Share, or adjusted EPS. | |||||||||||||||
| (2) | Represents recurring amortization charges resulting from the acquisition of intangible assets. | |||||||||||||||
| (3) | Expense related to goodwill and long-lived asset impairment. For the twelve months ended | |||||||||||||||
| (4) | Consists of the non-cash equity-based compensation provided to | |||||||||||||||
| (5) | Costs related to real estate initiatives. For the twelve months ended | |||||||||||||||
| (6) | Costs related to transformation initiatives including consulting and professional fees for the twelve months ended | |||||||||||||||
| (7) | Costs related to strategic realignment of the company including severance and consulting fees for the three and twelve months ended | |||||||||||||||
| (8) | Costs related to one-time legal expenses. For the three and twelve months ended | |||||||||||||||
| (9) | Other one-time non-recurring adjustments for the three and twelve months ended | |||||||||||||||
| (10) | Consists of the release of unrecognized tax benefits and the recognition of valuation allowances for the three and twelve months ended | |||||||||||||||
| (11) | Tax expense or benefit due to non-GAAP adjustments, differences between stock compensation recorded for book purposes as compared to the allowable tax deductions, and valuation allowance recognized against federal and state deferred tax assets in | |||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Adjusted EBITDA | ||||||||||||||||
| Net Loss | $ | (7.9 | ) | $ | (42.5 | ) | $ | (365.9 | ) | $ | (127.3 | ) | ||||
| Acquisition - amortization of intangible assets(1) | 6.5 | 10.0 | 30.5 | 41.5 | ||||||||||||
| Depreciation expense(2) | 4.7 | 4.7 | 19.5 | 17.9 | ||||||||||||
| 2.7 | 43.0 | 319.4 | 56.8 | |||||||||||||
| Equity compensation(4) | 2.8 | 10.9 | 35.2 | 49.8 | ||||||||||||
| Real estate optimization(5) | — | 1.7 | 5.2 | 7.2 | ||||||||||||
| Transformation initiatives(6) | — | — | — | 6.6 | ||||||||||||
| Strategic realignment(7) | 2.1 | — | 12.2 | — | ||||||||||||
| Legal settlements(8) | — | (21.1 | ) | — | (20.6 | ) | ||||||||||
| Interest expense, net of interest income(9) | 3.6 | 0.4 | 8.7 | 1.1 | ||||||||||||
| Other adjustments(10) | 0.8 | 0.1 | 3.3 | 3.6 | ||||||||||||
| Uncertain tax benefits(11) | (0.4 | ) | — | (29.4 | ) | — | ||||||||||
| Income tax (benefit) expense(12) | (0.6 | ) | 3.4 | 0.2 | 3.8 | |||||||||||
| Adjusted EBITDA | $ | 14.3 | $ | 10.6 | $ | 38.9 | $ | 40.4 | ||||||||
| (1) | Represents recurring amortization charges resulting from the acquisition of intangible assets. | |||||||||||||||
| (2) | Depreciation expense excludes depreciation included in real estate optimization of | |||||||||||||||
| (3) | Expense related to goodwill and long-lived asset impairment. For the twelve months ended | |||||||||||||||
| (4) | Consists of the non-cash equity-based compensation provided to | |||||||||||||||
| (5) | Costs related to real estate initiatives. For the twelve months ended | |||||||||||||||
| (6) | Costs related to transformation initiatives including consulting and professional fees for the twelve months ended | |||||||||||||||
| (7) | Costs related to strategic realignment of the company including severance and consulting fees for the three and twelve months ended | |||||||||||||||
| (8) | Costs related to one-time legal expenses. For the three and twelve months ended | |||||||||||||||
| (9) | Derived from interest expense and interest income from the Condensed Consolidated Statements of Operations. | |||||||||||||||
| (10) | Other one-time non-recurring expenses. For purposes of adjusted EBITDA, this includes Other adjustments described in the Adjusted Net Income table above as well as the amounts reported as Other income (expense) in the Condensed Consolidated Statement of Operations. | |||||||||||||||
| (11) | Consists of the release of unrecognized tax benefits and the recognition of valuation allowances for the three and twelve months ended | |||||||||||||||
| (12) | Derived from income tax (benefit) expense from the Condensed Consolidated Statement of Operations, net of the adjustment for unrecognized tax benefits described above in Note 11 above. | |||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Adjusted operating and free cash flow | ||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 10.6 | $ | 6.6 | $ | 1.8 | $ | (8.7 | ) | |||||||
| Real estate optimization(1) | 0.5 | 2.7 | 9.2 | 14.4 | ||||||||||||
| Transformation initiatives(2) | — | — | — | 6.6 | ||||||||||||
| Strategic realignment(3) | 6.8 | — | 10.9 | — | ||||||||||||
| Legal settlements(4) | — | 6.1 | — | 6.7 | ||||||||||||
| Contingent consideration payment(5) | — | — | — | 5.8 | ||||||||||||
| Other adjustments(6) | — | — | 0.2 | 3.5 | ||||||||||||
| Adjusted operating cash flow | $ | 17.9 | $ | 15.4 | $ | 22.1 | $ | 28.3 | ||||||||
| Capital expenditures(7) | (4.7 | ) | (3.6 | ) | (15.6 | ) | (19.0 | ) | ||||||||
| Capitalization of internal-use software costs(7) | (1.3 | ) | (2.3 | ) | (11.8 | ) | (10.7 | ) | ||||||||
| Adjusted free cash flow | $ | 11.9 | $ | 9.5 | $ | (5.3 | ) | $ | (1.4 | ) | ||||||
| (1) | The cash flow effect of real estate optimizations, excluding non-cash items such as accelerated depreciation. | |||||||||||||||
| (2) | Transformation initiatives includes the cash paid for those costs in the related periods. | |||||||||||||||
| (3) | Strategic realignment includes the cash paid for those costs for the three and twelve months ended | |||||||||||||||
| (4) | The cash flow effect of legal expense in the related period. | |||||||||||||||
| (5) | The payment of contingent consideration related to the previous acquisition of | |||||||||||||||
| (6) | The cash flow effect of executive personnel changes and severance for the twelve months ended | |||||||||||||||
| (7) | Derived from the Condensed Consolidated Statements of Cash Flows. | |||||||||||||||
