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v3.24.2

Segments (Tables) | 9 Months Ended
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Jun. 30, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Maintenance Services |  | $ | 524.7 |  |  | $ | 564.6 |  |  | $ | 1,477.5 |  |  | $ | 1,545.7 |
Development Services |  |  | 215.0 |  |  |  | 203.4 |  |  |  | 564.8 |  |  |  | 533.3 |
Eliminations |  |  | (0.9 | ) |  |  | (2.0 | ) |  |  | (3.9 | ) |  |  | (6.7 | )
Net Service Revenues |  | $ | 738.8 |  |  | $ | 766.0 |  |  | $ | 2,038.4 |  |  | $ | 2,072.3 |
Maintenance Services |  | $ | 89.3 |  |  | $ | 94.0 |  |  | $ | 197.8 |  |  | $ | 196.2 |
Development Services |  |  | 31.1 |  |  |  | 24.1 |  |  |  | 65.1 |  |  |  | 53.6 |
Corporate |  |  | (12.5 | ) |  |  | (16.3 | ) |  |  | (43.4 | ) |  |  | (52.7 | )
Adjusted EBITDA(1) |  | $ | 107.9 |  |  | $ | 101.8 |  |  | $ | 219.5 |  |  | $ | 197.1 |
Maintenance Services |  | $ | 15.4 |  |  | $ | 9.3 |  |  | $ | 31.9 |  |  | $ | 46.0 |
Development Services |  |  | 5.8 |  |  |  | 2.5 |  |  |  | 10.2 |  |  |  | 7.2 |
Corporate |  |  | 2.0 |  |  |  | 3.4 |  |  |  | 3.9 |  |  |  | 4.7 |
Capital Expenditures |  | $ | 23.2 |  |  | $ | 15.2 |  |  | $ | 46.0 |  |  | $ | 57.9 |
(1) Presented below is a reconciliation of Net income (loss) to Adjusted EBITDA:
|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income (loss) |  | $ | 23.5 |  |  | $ | 16.8 |  |  | $ | 40.8 |  |  | $ | (24.1 | )
Interest expense, net |  |  | 15.1 |  |  |  | 27.4 |  |  |  | 48.2 |  |  |  | 78.3 |
Income tax expense (benefit) |  |  | 9.9 |  |  |  | 7.6 |  |  |  | 17.5 |  |  |  | (5.5 | )
Depreciation expense |  |  | 28.1 |  |  |  | 26.4 |  |  |  | 79.8 |  |  |  | 80.9 |
Amortization expense |  |  | 8.6 |  |  |  | 10.8 |  |  |  | 27.4 |  |  |  | 33.7 |
Business transformation and integration costs (a) |  |  | 17.1 |  |  |  | 8.9 |  |  |  | 33.9 |  |  |  | 17.5 |
Gain on divestiture (b) |  |  | (0.1 | ) |  |  | — |  |  |  | (44.0 | ) |  |  | — |
Equity-based compensation (c) |  |  | 5.1 |  |  |  | 3.9 |  |  |  | 15.3 |  |  |  | 15.9 |
COVID-19 related expenses (d) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.4 |
Debt extinguishment (e) |  |  | 0.6 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Adjusted EBITDA |  | $ | 107.9 |  |  | $ | 101.8 |  |  | $ | 219.5 |  |  | $ | 197.1 |
(a) Business transformation and integration costs consist of (i) severance and related costs; (ii) business integration costs and (iii) information technology infrastructure, transformation, and other costs.
|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Severance and related costs |  | $ | 4.3 |  |  | $ | 4.1 |  |  | $ | 10.5 |  |  | $ | 6.0 |
Business integration (f) |  |  | 0.4 |  |  |  | 2.8 |  |  |  | (0.5 | ) |  |  | 5.3 |
IT infrastructure, transformation, and other (g) |  |  | 12.4 |  |  |  | 2.0 |  |  |  | 23.9 |  |  |  | 6.2 |
Business transformation and integration costs |  | $ | 17.1 |  |  | $ | 8.9 |  |  | $ | 33.9 |  |  | $ | 17.5 |
(b) Represents the realized gain on sale and transaction related expenses from the divestiture of U.S. Lawns on January 12, 2024. (c) Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding. (d) Represents expenses related to the Company’s response to the COVID-19 pandemic, principally temporary and incremental salary and related expenses, personal protective equipment, cleaning and supply purchases, and other. (e) Represents losses on the extinguishment of debt related to Amendment No. 8 to the Credit Agreement and includes the write-off of deferred finance fees and original issue discount. (f) Represents isolated expenses specifically related to the integration of acquired companies such as one-time employee retention costs, employee onboarding and training costs, fleet and uniform rebranding costs, and adjustments to performance based contingent consideration. 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. (g) 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.

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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