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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Reconciliation of Reportable Segment Revenues, Other Income, Net, and Adjusted EBITDA to Net (Loss) Income

The following table presents a reconciliation of reportable segment revenues, other income, net, and Adjusted EBITDA to net income before income taxes:

		Three Months Ended March 31,
(in millions)		2025				2024
Revenues
Connections Segment		$	138.3			$	123.4
All Other Category			9.4				10.0
Total revenues		$	147.7			$	133.4
Other income, net
Connections Segment		$	—			$	1.0
Total other income, net		$	—			$	1.0
Connections Segment expenses
Cost of Revenues		$	48.8			$	45.3
Selling, general and administrative			23.4				23.0
Total expenses		$	72.2			$	68.3
Adjusted EBITDA
Connections Segment		$	66.2			$	56.1
Segment Adjusted EBITDA		$	66.2			$	56.1
All Other Category Adjusted EBITDA		$	0.7			$	0.2
General corporate and other expenses(1)			(13.3	)			(15.5	)
Interest expense, net			(15.1	)			(9.8	)
Depreciation and amortization expense			(6.4	)			(7.1	)
Stock-based compensation expense			(2.6	)			(2.5	)
Other items(2)			(8.8	)			(6.9	)
Income before income taxes		$	20.7			$	14.5

(1)General corporate and other expenses are primarily related to corporate level expenditures.

(2)Other items for the three months ended March 31, 2025 included: (i) $3.7 million in acquisition-related transaction costs; (ii) $0.6 million in acquisition-related integration and restructuring-related transition costs; (iii) $1.4 million in non-recurring legal, audit and consulting fees; and (iv) $3.1 million in expense related to the remeasurement of contingent consideration. Other items for the three months ended March 31, 2024 included: (i) $0.3 million in acquisition-related transaction costs; (ii) $4.8 million in transition expenses; (iii) $0.3 million in non-recurring legal, audit and consulting fees; and (iv) $1.5 million in expense related to the remeasurement of contingent consideration.

Schedule of Reportable Segment Revenues Cost of Revenues and Selling General and Administrative Expenses

The following table presents reportable and non-reportable segment cost of revenues and selling, general and administrative expenses:

		Three Months Ended March 31,
		2025				2024
(in millions)
Cost of revenues
Connections Segment		$	48.8			$	45.3
All Other Category			2.6				2.2
Total cost of revenues		$	51.4			$	47.5
Selling, general and administrative expenses
Connections Segment		$	23.4			$	23.0
All Other Category			6.1				7.6
Corporate			13.3				15.5
Other items(1)			11.3				9.4
Total selling, general and administrative expenses		$	54.1			$	55.5

(1)Other items included in cost of revenues and selling, general and administrative expenses relate to one-time adjustments that are considered to not be indicative of ongoing segment operative performance.

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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