How did FTRE's revenue and expenses trend in Q4 2024?

**Fortrea Holdings Inc. (FTRE) experienced a decline in revenue and certain expense categories in Q4 2024, while others saw increases.** Here's a detailed analysis: 1. **Revenue Trend**: - Fortrea's revenue for Q4 2024 was $674.9 million, down from $713.8 million in the same quarter of the previous year, indicating a decline of approximately 5.4% year-on-year. - This decline was primarily driven by lower service fee revenues and decreased pass-through costs. 2. **Expense Trends**: - Net Interest Expense decreased to $22.4 million compared to $34.6 million in the previous year, indicating a reduction of approximately $12.2 million. - Selling, General, and Administrative (SG&A) expenses increased to $136.3 million from $106.8 million, reflecting a rise of approximately 27.6% year-on-year. - Research and Development (R&D) expenses and Operating Expenses are not provided, but the overall trend of increased SG&A costs suggests that these categories may also have seen some level of growth. 3. **Cash Flow and Financial Position**: - Despite the revenue decline, Fortrea maintained a solid book-to-bill ratio of 1.23, indicating strong demand and successful project acquisitions. - The company's cash flow from operating activities was $245.7 million for the nine months ended September 30, 2024. - Fortrea's net loss for the quarter was $27.9 million, compared to a net loss of $14.0 million in the previous year, reflecting a wider loss. In summary, Fortrea Holdings Inc. faced a challenging quarter with a notable decline in revenue and a widening net loss. However, the company managed to reduce net interest expenses and maintain a positive book-to-bill ratio, suggesting potential for future growth despite the current difficulties.