XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.21.2

Segments (Tables) | 9 Months Ended
--- | ---
Jun. 30, 2021
Segment Reporting [Abstract] |
Summary of Certain Financial Data For Each of Segments | The following is a summary of certain financial data for each of the segments:
|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Maintenance Services |  | $ | 524.6 |  |  | $ | 456.3 |  |  | $ | 1,478.4 |  |  | $ | 1,288.7 |
Development Services |  |  | 150.3 |  |  |  | 152.8 |  |  |  | 404.7 |  |  |  | 451.9 |
Eliminations |  |  | (1.3 | ) |  |  | (1.0 | ) |  |  | (3.2 | ) |  |  | (2.7 | )
Net service revenues |  | $ | 673.6 |  |  | $ | 608.1 |  |  | $ | 1,879.9 |  |  | $ | 1,737.9 |
Maintenance Services |  | $ | 90.6 |  |  | $ | 83.3 |  |  | $ | 212.5 |  |  | $ | 171.7 |
Development Services |  |  | 18.7 |  |  |  | 21.8 |  |  |  | 46.6 |  |  |  | 55.1 |
Corporate |  |  | (15.7 | ) |  |  | (14.1 | ) |  |  | (46.3 | ) |  |  | (45.2 | )
Adjusted EBITDA(1) |  | $ | 93.6 |  |  | $ | 91.0 |  |  | $ | 212.8 |  |  | $ | 181.6 |
Maintenance Services |  | $ | 13.3 |  |  | $ | 8.0 |  |  | $ | 37.5 |  |  | $ | 34.0 |
Development Services |  |  | 2.7 |  |  |  | 1.6 |  |  |  | 5.0 |  |  |  | 9.5 |
Corporate |  |  | 0.8 |  |  |  | 1.2 |  |  |  | 2.2 |  |  |  | 2.4 |
Capital expenditures |  | $ | 16.8 |  |  | $ | 10.8 |  |  | $ | 44.7 |  |  | $ | 45.9 |
(1) Presented below is a reconciliation of Net income (loss) to Adjusted EBITDA:
|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net income (loss) |  | $ | 25.2 |  |  | $ | (2.4 | ) |  | $ | 19.5 |  |  | $ | (35.5 | )
Interest expense |  |  | 9.4 |  |  |  | 15.4 |  |  |  | 32.5 |  |  |  | 49.9 |
Income tax expense (benefit) |  |  | 9.5 |  |  |  | (0.3 | ) |  |  | 8.1 |  |  |  | (11.9 | )
Depreciation expense |  |  | 21.3 |  |  |  | 20.9 |  |  |  | 63.6 |  |  |  | 60.4 |
Amortization expense |  |  | 12.6 |  |  |  | 13.6 |  |  |  | 39.0 |  |  |  | 40.6 |
Establish public company financial reporting compliance (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.9 |
Business transformation and integration costs (b) |  |  | 7.2 |  |  |  | 8.2 |  |  |  | 20.0 |  |  |  | 25.8 |
Offering-related expenses (c) |  |  | 0.3 |  |  |  | 2.6 |  |  |  | 0.5 |  |  |  | 4.1 |
Equity-based compensation (d) |  |  | 5.3 |  |  |  | 4.9 |  |  |  | 15.5 |  |  |  | 18.2 |
COVID-19 related expenses (e) |  |  | 2.8 |  |  |  | 4.0 |  |  |  | 14.1 |  |  |  | 5.0 |
Changes in self-insured liability estimates (f) |  |  | — |  |  |  | 24.1 |  |  |  | — |  |  |  | 24.1 |
Adjusted EBITDA |  | $ | 93.6 |  |  | $ | 91.0 |  |  | $ | 212.8 |  |  | $ | 181.6 |
(a) Represents costs incurred to establish public company financial reporting compliance, including costs to comply with the requirements of Sarbanes-Oxley and the accelerated adoption of the revenue recognition standard (ASC 606 – Revenue from Contracts with Customers) and other miscellaneous costs. (b) Business transformation and integration costs consist of (i) severance and related costs; (ii) vehicle fleet rebranding costs; (iii) business integration costs and (iv) information technology infrastructure, transformation costs, and other.
|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
(In millions) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Severance and related costs |  | $ | 0.1 |  |  | $ | 2.7 |  |  | $ | 0.3 |  |  | $ | 3.3 |
Business integration (g) |  |  | 3.4 |  |  |  | 1.8 |  |  |  | 9.2 |  |  |  | 10.6 |
IT infrastructure, transformation, and other (h) |  |  | 3.7 |  |  |  | 3.7 |  |  |  | 10.5 |  |  |  | 11.9 |
Business transformation and integration costs |  | $ | 7.2 |  |  | $ | 8.2 |  |  | $ | 20.0 |  |  | $ | 25.8 |
(c) Represents transaction related expenses incurred for IPO related litigation and completed or contemplated subsequent registration statements. (d) Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding. (e) Represents expenses related to the Company’s response to the COVID-19 pandemic, principally temporary and incremental salary and related expenses, personal protective equipment and cleaning and supply purchases, and other. (f) Represents expenses related to changes in estimates and actuarial assumptions associated with the Company’s self-insured liability amounts for workers’ compensation, general liability, auto liability, and employee health care insurance programs, to reflect uncertainties associated with the current environment, including the COVID-19 pandemic. (g) Represents isolated expenses specifically related to the integration of acquired companies such as one-time employee retention costs, employee onboarding and training costs, and fleet and uniform rebranding costs. The Company excludes Business integration costs from the measures disclosed above since such expenses vary in amount due to the number of acquisitions and size of acquired companies as well as factors specific to each acquisition, and as a result lack predictability as to occurrence and/or timing, and create a lack of comparability between periods. (h) Represents expenses related to distinct initiatives, typically significant enterprise-wide changes. Such expenses are excluded from the measures disclosed above since such expenses vary in amount based on occurrence as well as factors specific to each of the activities, are outside of the normal operations of the business, and create a lack of comparability between periods.

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration