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Segments (Tables)
12 Months Ended
Sep. 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:

 

 

Fiscal Year Ended

 

 

Fiscal Year Ended

 

 

Nine Months Ended

 

 

 

September 30, 2019

 

 

September 30, 2018

 

 

September 30, 2017

 

Maintenance Services

 

$

1,813.4

 

 

$

1,774.8

 

 

$

1,278.3

 

Development Services

 

 

595.4

 

 

 

583.3

 

 

 

437.7

 

Eliminations

 

 

(4.2

)

 

 

(4.5

)

 

 

(2.4

)

Net Service Revenues

 

$

2,404.6

 

 

$

2,353.6

 

 

$

1,713.6

 

Maintenance Services

 

$

282.0

 

 

$

289.8

 

 

$

210.3

 

Development Services

 

 

81.7

 

 

 

78.7

 

 

 

52.9

 

Corporate

 

 

(58.6

)

 

 

(68.4

)

 

 

(46.0

)

Adjusted EBITDA(1)

 

$

305.1

 

 

$

300.1

 

 

$

217.2

 

Maintenance Services

 

$

65.4

 

 

$

45.5

 

 

$

40.3

 

Development Services

 

 

10.6

 

 

 

4.9

 

 

 

5.1

 

Corporate

 

 

13.9

 

 

 

36.0

 

 

 

5.2

 

Capital Expenditures

 

$

89.9

 

 

$

86.4

 

 

$

50.6

 

 

(1)

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

 

 

 

Fiscal Year Ended

 

 

Fiscal Year Ended

 

 

Nine Months Ended

 

 

 

September 30, 2019

 

 

September 30, 2018

 

 

September 30, 2017

 

Net income (loss)

 

$

44.4

 

 

$

(15.1

)

 

$

(14.0

)

Interest expense

 

 

72.5

 

 

 

97.8

 

 

 

73.7

 

Income tax provision (benefit)

 

 

12.8

 

 

 

(66.2

)

 

 

(9.2

)

Depreciation expense

 

 

80.1

 

 

 

75.3

 

 

 

56.5

 

Amortization expense

 

 

56.3

 

 

 

104.9

 

 

 

92.9

 

Establish public company financial reporting

   compliance (a)

 

 

4.8

 

 

 

4.1

 

 

 

0.8

 

Business transformation and integration costs (b)

 

 

17.5

 

 

 

25.5

 

 

 

10.8

 

Expenses related to initial public offering (c)

 

 

1.0

 

 

 

6.8

 

 

 

 

Debt extinguishment (d)

 

 

 

 

 

25.1

 

 

 

 

Equity-based compensation (e)

 

 

15.7

 

 

 

28.8

 

 

 

3.8

 

Management fees (f)

 

 

 

 

 

13.1

 

 

 

1.9

 

Adjusted EBITDA

 

$

305.1

 

 

$

300.1

 

 

$

217.2

 

 

(a)

Represents costs incurred to establish public company financial reporting compliance, including costs to comply with the requirements of Sarbanes-Oxley, 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) rebranding of vehicle fleet; (iii) business integration costs and (iv) information technology infrastructure transformation costs and other.

(c)

Represents transaction related expenses incurred in connection with the IPO and subsequent registration statements.

(d)

Represents losses on the extinguishment of debt.

(e)

Represents equity-based compensation expense recognized for equity incentive plans outstanding, including $19.6 related to the IPO in the fiscal year ended September 30, 2018.

(f)

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