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Segments (Tables)
6 Months Ended
Mar. 31, 2019
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

March 31,

 

 

Six Months Ended

March 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Maintenance Services

 

$

473,314

 

 

$

460,105

 

 

$

865,847

 

 

$

866,795

 

Development Services

 

 

123,977

 

 

 

131,018

 

 

 

258,373

 

 

 

276,241

 

Eliminations

 

 

(654

)

 

 

(741

)

 

 

(1,570

)

 

 

(1,565

)

Net service revenues

 

$

596,637

 

 

$

590,382

 

 

$

1,122,650

 

 

$

1,141,471

 

Maintenance Services

 

$

64,957

 

 

$

58,282

 

 

$

113,663

 

 

$

118,892

 

Development Services

 

 

11,033

 

 

 

12,881

 

 

 

28,051

 

 

 

33,331

 

Corporate

 

 

(14,888

)

 

 

(19,542

)

 

 

(30,491

)

 

 

(34,180

)

Adjusted EBITDA(1)

 

$

61,102

 

 

$

51,621

 

 

$

111,223

 

 

$

118,043

 

Maintenance Services

 

$

18,932

 

 

$

12,805

 

 

$

30,014

 

 

$

19,467

 

Development Services

 

 

3,466

 

 

 

862

 

 

 

6,660

 

 

 

1,773

 

Corporate

 

 

2,883

 

 

 

640

 

 

 

5,936

 

 

 

22,855

 

Capital expenditures

 

$

25,281

 

 

$

14,307

 

 

$

42,610

 

 

$

44,095

 

 

(1)

Presented below is a reconciliation of Net loss to Adjusted EBITDA:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

March 31,

2019

 

 

March 31,

2018

 

 

March 31,

2019

 

 

March 31,

2018

 

Net loss

 

$

(3,606

)

 

$

(22,064

)

 

$

(12,433

)

 

$

(2,740

)

Interest expense

 

 

18,945

 

 

 

25,069

 

 

 

36,069

 

 

 

49,982

 

Income tax benefit

 

 

(1,315

)

 

 

(7,858

)

 

 

(4,451

)

 

 

(59,397

)

Depreciation expense

 

 

21,687

 

 

 

17,731

 

 

 

40,968

 

 

 

38,803

 

Amortization expense

 

 

13,807

 

 

 

29,318

 

 

 

28,938

 

 

 

60,364

 

Establish public company financial reporting compliance (a)

 

 

1,308

 

 

 

185

 

 

 

1,692

 

 

 

2,816

 

Business transformation and integration costs (b)

 

 

4,664

 

 

 

2,125

 

 

 

8,921

 

 

 

18,934

 

Expenses related to initial public offering (c)

 

 

 

 

 

2,130

 

 

 

 

 

 

2,130

 

Equity-based compensation (d)

 

 

5,612

 

 

 

4,276

 

 

 

11,519

 

 

 

5,802

 

Management fees (e)

 

 

 

 

 

709

 

 

 

 

 

 

1,348

 

Adjusted EBITDA

 

$

61,102

 

 

$

51,621

 

 

$

111,223

 

 

$

118,043

 

 

(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 new revenue recognition standard (ASU 2014-09 – Revenue from Contracts with Customers) and other miscellaneous costs.

(b)

Business transformation and integration costs consist of (i) severance and related costs; (ii) rebranding of vehicle fleet; (iii) business integration costs and (iv) information technology infrastructure transformation costs and other.

(c)

Represents expenses incurred for the IPO.

(d)

Represents equity-based compensation expense recognized for equity incentive plans outstanding, including $3,058 and $7,015 related to the IPO during the three and six months ended March 31, 2019, respectively.

(e)

Represents management fees paid pursuant to a monitoring agreement terminated on July 2, 2018 in connection with the completion of the IPO.