Segments (Tables)

6 Months Ended

Mar. 31, 2021

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,
	2021			2020			2021			2020
Maintenance Services	$	535.7		$	413.5		$	953.8		$	832.4
Development Services		117.1			146.3			254.4			299.1
Eliminations		(0.9	)		(0.7	)		(1.9	)		(1.7	)
Net service revenues	$	651.9		$	559.1		$	1,206.3		$	1,129.8
Maintenance Services	$	72.3		$	40.7		$	121.9		$	88.4
Development Services		10.9			14.2			27.9			33.3
Corporate		(16.4	)		(16.0	)		(30.5	)		(31.2	)
Adjusted EBITDA⁽¹⁾	$	66.8		$	38.9		$	119.3		$	90.5
Maintenance Services	$	15.3		$	14.3		$	24.2		$	26.1
Development Services		2.0			5.9			2.3			7.9
Corporate		0.9			0.4			1.4			1.1
Capital expenditures	$	18.2		$	20.6		$	27.9		$	35.1

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

	Three Months Ended March 31,					Six Months Ended March 31,
	2021		2020			2021			2020
Net income (loss)	$	6.3	$	(20.5	)	$	(5.7	)	$	(33.1	)
Interest expense		9.6		17.1			23.1			34.5
Income tax expense (benefit)		2.3		(6.7	)		(1.4	)		(11.6	)
Depreciation expense		20.7		19.3			42.3			39.5
Amortization expense		12.5		13.6			26.4			27.1
Establish public company financial reporting compliance (a)		—		—			—			0.9
Business transformation and integration costs (b)		6.2		8.9			12.8			17.3
Offering-related expenses (c)		—		1.2			0.2			1.5
Equity-based compensation (d)		5.3		4.9			10.2			13.3
COVID-19 related expenses (e)		3.9		1.1			11.4			1.1
Adjusted EBITDA	$	66.8	$	38.9		$	119.3		$	90.5

(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 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) vehicle fleet rebranding costs; (iii) business integration costs and (iv) information technology infrastructure, transformation costs, and other.

	Three Months Ended March 31,				Six Months Ended March 31,
(In millions)	2021		2020		2021		2020
Severance and related costs	$	—	$	0.4	$	0.2	$	0.6
Business integration (f)		2.1		3.5		5.7		8.9
IT infrastructure, transformation, and other (g)		4.1		5.0		6.9		7.8
Business transformation and integration costs	$	6.2	$	8.9	$	12.8	$	17.3

(c)	Represents transaction related expenses incurred for IPO related litigation and subsequent registration statements.

(d)	Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding.

(e)	Represents expenses related to the Company’s response to the COVID-19 pandemic, principally temporary and incremental salary and related expenses, personal protective equipment and cleaning and supply purchases, and other.

(f)

Represents isolated expenses specifically related to the integration of acquired companies such as one-time employee retention costs, employee onboarding and training costs, and fleet and uniform rebranding costs. 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.