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Segments (Tables)
 9 Months Ended
Jun. 30, 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

June 30,

 

 

Nine Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Maintenance Services

 

$

492,105

 

 

$

474,581

 

 

$

1,357,952

 

 

$

1,341,375

 

Development Services

 

 

166,319

 

 

 

157,379

 

 

 

424,692

 

 

 

433,620

 

Eliminations

 

 

(1,215

)

 

 

(1,630

)

 

 

(2,785

)

 

 

(3,195

)

Net service revenues

 

$

657,209

 

 

$

630,330

 

 

$

1,779,859

 

 

$

1,771,800

 

Maintenance Services

 

$

91,138

 

 

$

91,349

 

 

$

204,800

 

 

$

210,241

 

Development Services

 

 

26,966

 

 

 

21,953

 

 

 

55,018

 

 

 

55,284

 

Corporate

 

 

(16,196

)

 

 

(15,469

)

 

 

(46,687

)

 

 

(49,649

)

Adjusted EBITDA(1)

 

$

101,908

 

 

$

97,833

 

 

$

213,131

 

 

$

215,876

 

Maintenance Services

 

$

24,434

 

 

$

14,292

 

 

$

54,449

 

 

$

33,759

 

Development Services

 

 

3,242

 

 

 

2,182

 

 

 

9,902

 

 

 

3,955

 

Corporate

 

 

6,940

 

 

 

11,174

 

 

 

12,874

 

 

 

34,029

 

Capital expenditures

 

$

34,616

 

 

$

27,648

 

 

$

77,225

 

 

$

71,743

 

 

(1)

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30,

2019

 

 

June 30,

2018

 

 

June 30,

2019

 

 

June 30,

2018

 

Net income (loss)

 

$

31,709

 

 

$

(1,397

)

 

$

19,276

 

 

$

(4,139

)

Interest expense

 

 

18,360

 

 

 

27,499

 

 

 

54,429

 

 

 

77,481

 

Income tax expense (benefit)

 

 

11,033

 

 

 

1,247

 

 

 

6,582

 

 

 

(58,150

)

Depreciation expense

 

 

20,884

 

 

 

17,839

 

 

 

61,851

 

 

 

56,642

 

Amortization expense

 

 

13,936

 

 

 

29,247

 

 

 

42,873

 

 

 

89,611

 

Establish public company financial reporting compliance (a)

 

 

1,140

 

 

 

555

 

 

 

2,832

 

 

 

3,372

 

Business transformation and integration costs (b)

 

 

4,431

 

 

 

2,466

 

 

 

13,354

 

 

 

21,402

 

Expenses related to initial public offering (c)

 

 

108

 

 

 

4,678

 

 

 

108

 

 

 

6,808

 

Equity-based compensation (d)

 

 

307

 

 

 

14,951

 

 

 

11,826

 

 

 

20,753

 

Management fees (e)

 

 

—

 

 

 

748

 

 

 

—

 

 

 

2,096

 

Adjusted EBITDA

 

$

101,908

 

 

$

97,833

 

 

$

213,131

 

 

$

215,876

 

 

(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 in fiscal 2018 and subsequent registration statements.

(d)

Represents equity-based compensation expense recognized for equity incentive plans outstanding, including $7,328 related to the IPO during the nine months ended June 30, 2019.

(e)

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