Segments (Tables)

12 Months Ended

Sep. 30, 2024

Summary of Certain Financial Data For Each of Segments

The following is a summary of certain financial data for each of the segments:


	Fiscal Year Ended
	September 30, 2024			September 30, 2023			September 30, 2022
Maintenance Services	$	1,964.0		$	2,066.5		$	2,082.0
Development Services		808.8			758.0			698.8
Eliminations		(5.7	)		(8.5	)		(6.2	)
Net Service Revenues	$	2,767.1		$	2,816.0		$	2,774.6
Maintenance Services	$	279.7		$	277.9		$	278.8
Development Services		106.3			82.8			73.7
Corporate		(61.3	)		(62.0	)		(64.6	)
Adjusted EBITDA(1)	$	324.7		$	298.7		$	287.9
Maintenance Services	$	61.3		$	56.1		$	82.9
Development Services		12.8			8.2			12.5
Corporate		4.3			7.0			11.9
Capital Expenditures	$	78.4		$	71.3		$	107.3

(1) Presented below is a reconciliation of Net (loss) income to Adjusted EBITDA:


	Fiscal Year Ended
	September 30, 2024			September 30, 2023			September 30, 2022
Net income (loss)	$	66.4		$	(7.7	)	$	14.0
Interest expense, net		62.4			97.4			53.3
Income tax expense		30.1			4.6			5.6
Depreciation expense		108.4			105.2			98.9
Amortization expense		35.8			44.5			51.5
Business transformation and integration costs (a)		44.1			23.7			21.5
Gain on divestiture (b)		(43.6	)		—			0.1
Equity-based compensation (c)		20.5			22.3			19.0
COVID-19 related expenses (d)		—			0.4			11.4
Debt extinguishment (e)		0.6			8.3			12.6
Adjusted EBITDA	$	324.7		$	298.7		$	287.9

(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.


	Fiscal Year Ended
(in millions)	September 30, 2024			September 30, 2023		September 30, 2022
Severance and related costs (f)	$	16.6		$	8.9	$	1.6
Business integration (g)		(0.4	)		6.2		8.2
IT infrastructure, transformation, and other (h)		27.9			8.6		11.7
Business transformation and integration costs	$	44.1		$	23.7	$	21.5

(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. Additionally, fiscal year 2022 includes refunds related to employee retention credits allowed under the CARES Act.

(e)

Represents losses on the extinguishment of debt related to Amendments No. 6, No. 7, and No. 8 to the Credit Agreement, in the fiscal years ended September 30, 2022, 2023, and 2024 respectively, and includes accelerated amortization of deferred financing fees and original issue discount as well as fees paid to lenders and third parties.

(f)

Represents severance and related costs incurred in connection with the Company's One BrightView initiative and CEO transition.

(g)

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 non-GAAP 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.