ABM INDUSTRIES INC /DE/

Previous wording

•We had an increase in operating profit of $1.0 million, to $82.3 million, during the three months ended April 30, 2025, as compared to the prior year period. The increase was primarily attributed to:

Current wording

•We had an increase in operating profit of $46.0 million, to $83.4 million, during the three months ended July 31, 2025, as compared to the prior year period. The increase was primarily attributed to:

Previous wording

Our effective tax rates for the three months ended April 30, 2025 and April 30, 2024 were not impacted by any significant discrete items.

Current wording

•Our effective tax rates for the three months ended July 31, 2025, and July 31, 2024, were 29.6% and 74.0%, respectively. Our effective tax rate for the three months ended July 31, 2025, was not impacted by any significant discrete items. Our effective tax rate for the three months ended July 31, 2024, was impacted by discrete items related to energy efficiency incentives and the non-taxable change in the fair value of the contingent consideration related to the RavenVolt Acquisition

Previous wording

•Net cash used in operating activities was $73.9 million during the six months ended April 30, 2025, as compared to net cash provided by operating activities of $116.9 million during the prior year period. The change was primarily driven by an increase in working capital due to the transition to the Company’s new ERP systems for our Business and Industry and Manufacturing and Distribution segments that temporarily delayed invoicing to certain clients within these industry groups. We anticipate continued improvement in our operating cash flows and full normalization in the second half of fiscal year 2025.

Current wording

•Net cash provided by operating activities was $101.0 million and $196.3 million during the nine months ended July 31, 2025, and July 31, 2024, respectively. The decrease was primarily driven by an increase in working capital requirements due to the transition to the Company’s new ERP system for our B&I and M&D segments that temporarily delayed invoicing to certain clients within these industry groups in the first half of 2025. There has been significant improvement in operating cash flows during the third quarter, and we anticipate full normalization in the fourth quarter.

Previous wording

•Dividends of $32.9 million were paid to shareholders, and dividends totaling $0.530 per common share were declared during the six months ended April 30, 2025.

Current wording

•Dividends of $49.4 million were paid to shareholders, and dividends totaling $0.795 per common share were declared during the nine months ended July 31, 2025. Additionally, in August 2025 we repurchased 0.49 million shares for $23.0 million, excluding excise taxes, making our total share purchases in 2025 1.46 million shares for $71.3 million, excluding excise taxes.

Previous wording

•At April 30, 2025, total outstanding borrowings under our Amended Credit Facility were $1.6 billion. At April 30, 2025, we had up to $599.1 million of borrowing capacity.

Current wording

•At July 31, 2025, total outstanding borrowings under our Amended Credit Facility were $1.5 billion. At July 31, 2025, we had up to $621.7 million of borrowing capacity.

Previous wording

Operating expenses increased by $77.5 million, or 4.4%, to $1,841.0 million during the three months ended April 30, 2025, as compared to the prior year period. Gross margin increased by 19 bps to 12.8% in the three months ended April 30, 2025, from 12.6% in the prior year period. The increase in gross margin was primarily driven by contract and service mix and operational efficiencies within Aviation and Education as well as an absence of a $4.3 million unfavorable self-insurance reserve adjustment related to prior year claims from actuarial evaluations completed in the three months ended April 30, 2024 within Corporate. The increase in gross margin was partially offset by base wage increases within Aviation and Education.

Current wording

Operating expenses increased by $118.6 million, or 6.5%, to $1,949.6 million during the three months ended July 31, 2025, as compared to the prior year period. Gross margin decreased by 23 bps to 12.3% in the three months ended July 31, 2025, from 12.6% in the prior year period. The decrease in gross margin was primarily driven by strategic pricing decisions for contract rebids within B&I and select new wins within M&D as well as the management of contract escalation timing to maintain and expand certain customer accounts within B&I. This was partially offset by operational efficiencies within Aviation and Education and a decrease in the prior year insurance adjustment.

Previous wording

Selling, general and administrative expenses increased by $15.2 million, or 9.5%, to $175.1 million during the three months ended April 30, 2025, as compared to the prior year period. The increase in selling, general and administrative expenses was primarily attributable to:

Current wording

Selling, general and administrative expenses decreased by $34.3 million, or 16.2%, to $177.5 million during the three months ended July 31, 2025, as compared to the prior year period. The decrease in selling, general and administrative expenses was primarily attributable to:

Previous wording

Amortization of intangible assets decreased by $0.4 million, or 2.5%, to $13.2 million during the three months ended April 30, 2025, as compared to the prior year period. The decrease was primarily due to the lower amortization of intangibles, primarily intangibles acquired as part of the Able Acquisition, partially offset by amortization of intangibles from the Quality Uptime Acquisition.

Current wording

Amortization of intangible assets decreased by $0.6 million, or 4.2%, to $13.4 million during the three months ended July 31, 2025, as compared to the prior year period. The decrease was primarily due to the lower amortization of intangibles, primarily intangibles acquired as part of the Able and GCA acquisitions, partially offset by amortization of intangibles from the Quality Uptime and LMC acquisitions.

Previous wording

Interest expense increased by $3.3 million, or 16.1%, to $23.9 million during the three months ended April 30, 2025, as compared to the prior year period, and was driven by higher borrowings from our Amended Credit Facility to fund working capital requirements.

Current wording

Interest expense increased by $4.1 million, or 19.5%, to $25.3 million during the three months ended July 31, 2025, as compared to the prior year period, and was driven by higher borrowings from our Amended Credit Facility to fund working capital requirements due to the transition to the Company’s new ERP system for our B&I and M&D segments that temporarily delayed invoicing to certain clients within these industry groups in the first half of 2025, and payment of the $75.0 million contingent consideration liability related to the RavenVolt Acquisition.

Previous wording

Our effective tax rates from income on operations for the three months ended April 30, 2025, and April 30, 2024, were 29.4% and 29.9%, respectively, resulting in provisions for taxes of $17.6 million and $18.7 million, respectively.

Current wording

Our effective tax rates from income on operations for the three months ended July 31, 2025, and July 31, 2024, were 29.6% and 74.0%, respectively, resulting in provisions for taxes of $17.6 million and $13.3 million, respectively.

Previous wording

We had a loss of $5.4 million on interest rate swaps during the three months ended April 30, 2025, as compared to a gain of $10.3 million during the three months ended April 30, 2024, primarily due to underlying changes in the fair value of our interest rate swaps.

Current wording

We had a gain of $0.8 million on interest rate swaps during the three months ended July 31, 2025, as compared to a loss of $12.4 million during the three months ended July 31, 2024, primarily due to underlying changes in the fair value of our interest rate swaps.

Previous wording

We had a foreign currency translation gain of $14.3 million during the three months ended April 30, 2025, as compared to a foreign currency translation loss of $1.7 million during the three months ended April 30, 2024. This change was due to fluctuations in the exchange rate between the U.S. dollar (“USD”) and the British pound sterling (“GBP”). Future gains and losses on foreign currency translation will be dependent upon changes in the relative value of foreign currencies to the USD and the extent of our foreign assets and liabilities.

Current wording

We had a foreign currency translation loss of $1.5 million during the three months ended July 31, 2025, as compared to a foreign currency translation gain of $2.7 million during the three months ended July 31, 2024. This change was due to fluctuations in the exchange rate between the U.S. dollar (“USD”) and the British pound sterling (“GBP”). Future gains and losses on foreign currency translation will be dependent upon changes in the relative value of foreign currencies to the USD and the extent of our foreign assets and liabilities.

Previous wording

B&I revenues increased by $25.9 million, or 2.6%, to $1,015.5 million during the three months ended April 30, 2025, as compared to the prior year period. The revenue increase was primarily driven by the client expansions both domestic and international. Management reimbursement revenues for this segment totaled $71.8 million and $68.6 million for the three months ended April 30, 2025 and 2024, respectively.

Current wording

B&I revenues increased by $28.1 million, or 2.8%, to $1,038.7 million during the three months ended July 31, 2025, as compared to the prior year period. The revenue increase was primarily driven by client expansions both domestic and international. This includes strategic pricing decisions for contract rebids and proactive extensions, as well as higher volumes in our sports and entertainment business. Management reimbursement revenues for this segment totaled $75.4 million and $69.9 million for the three months ended July 31, 2025 and 2024, respectively.

Previous wording

M&D revenues increased by $9.5 million, or 2.4%, to $398.1 million during the three months ended April 30, 2025, as compared to the prior year period. The increase was primarily attributable to the expansion of business with existing clients and new business wins, partially offset by a loss of a certain customer in the first quarter of 2025.

Current wording

M&D revenues increased by $31.8 million, or 8.4%, to $408.9 million during the three months ended July 31, 2025, as compared to the prior year period. The increase was primarily attributable to the expansion of business with existing clients and new business wins, including strategic pricing decisions for select new wins. This was partially offset by a loss of a certain customer in the first quarter of 2025.

Previous wording

Operating profit decreased by $3.7 million, or 8.5%, to $39.9 million during the three months ended April 30, 2025, as compared to the prior year period. Operating profit margin decreased by 120 bps to 10.0% in the three months ended April 30, 2025, from 11.2% in the prior year period. The decrease in operating profit margin was primarily attributable to contract mix and investments made in the fourth quarter of 2024 to hire certain technical expertise to support future growth.

Current wording

Operating profit decreased by $4.5 million, or 11.1%, to $36.4 million during the three months ended July 31, 2025, as compared to the prior year period. Operating profit margin decreased by 196 bps to 8.9% in the three months ended July 31, 2025, from 10.9% in the prior year period. The decrease in operating profit margin was primarily attributable to strategic pricing on select new wins, and investments made in the fourth quarter of 2024 to hire certain technical expertise to support future growth.

Previous wording

Aviation revenues increased by $21.9 million, or 9.2%, to $260.1 million during the three months ended April 30, 2025, as compared to the prior year period. The increase was primarily attributable to new business and scope expansions with the existing clients both domestically and internationally. Management reimbursement revenues for this segment totaled $12.6 million and $8.2 million for the three months ended April 30, 2025 and 2024, respectively.

Current wording

Aviation revenues increased by $23.4 million, or 8.7%, to $291.8 million during the three months ended July 31, 2025, as compared to the prior year period. The increase was primarily attributable to new business and scope expansions with the existing clients both domestically and internationally. Management reimbursement revenues for this segment totaled $13.3 million and $9.6 million for the three months ended July 31, 2025 and 2024, respectively.

Previous wording

Operating profit increased by $3.4 million, or 26.2%, to $16.5 million for the three months ended April 30, 2025, as compared to the prior year period. Operating profit margin increased by 85 bps to 6.3% in the three months ended April 30, 2025. The operating profit margin increased primarily due to contract mix and operational efficiencies, particularly in managing overhead costs, partially offset by base wage increases.

Current wording

Operating profit increased by $1.9 million, or 11.0%, to $19.7 million for the three months ended July 31, 2025, as compared to the prior year period. Operating profit margin increased by 14 bps to 6.8% in the three months ended July 31, 2025. The operating profit margin increased primarily due to contract mix and operational efficiencies, particularly in managing overhead costs, partially offset by weather-related inefficiencies.

Previous wording

Operating profit increased by $2.3 million, or 19.4%, to $13.8 million for the three months ended April 30, 2025, as compared to the prior year period. Operating profit margin increased by 93 bps to 6.0% in the three months ended April 30, 2025, from 5.1% in the prior year period. The increase in operating profit margin was primarily attributable to operational efficiencies, particularly in managing overtime, materials and supplies, and general and administrative headcount, partially offset by base wage increases.

Current wording

Operating profit increased by $3.1 million, or 17.2%, to $21.1 million for the three months ended July 31, 2025, as compared to the prior year period. Operating profit margin increased by 109 bps to 9.0% in the three months ended July 31, 2025, from 7.9% in the prior year period. The increase in operating profit margin was primarily attributable to operational efficiencies, particularly in managing overtime, materials and supplies, and general and administrative headcount.

Previous wording

Technical Solutions revenues increased by $34.0 million, or 19.3%, to $210.2 million during the three months ended April 30, 2025, as compared to the prior year period. Revenue growth was comprised of organic growth of 9.8% and acquisition growth of 9.5%. The organic revenue growth was primarily driven by higher project revenues due to the higher microgrid projects as well as certain infrastructure solutions projects, partially offset by a decrease in electric vehicle charging station revenues. Acquisition growth was driven by a $16.6 million revenue increase from the Quality Uptime Acquisition, which was completed in June 2024.

Current wording

Technical Solutions revenues increased by $39.8 million, or 19.0%, to $249.5 million during the three months ended July 31, 2025, as compared to the prior year period. Revenue growth was comprised of organic growth of 6.8% and acquisition growth of 12.2%. The organic revenue growth was primarily driven by higher project revenues due to the microgrid projects as well as certain infrastructure solutions projects, partially offset by a decrease in electric vehicle charging station revenues. Acquisition growth was driven by a $25.5 million revenue increase from the Quality Uptime and LMC acquisitions.

Previous wording

Corporate expenses increased by $3.2 million, or 4.0%, to $82.9 million during the three months ended April 30, 2025, as compared to the prior year period. The increase in corporate expenses was primarily attributable to:

Current wording

Corporate expenses decreased by $44.9 million, or 34.4%, to $85.7 million during the three months ended July 31, 2025, as compared to the prior year period. The decrease in corporate expenses was primarily attributable to:

Previous wording

Six Months Ended April 30, 2025, Compared with the Six Months Ended April 30, 2024

Current wording

Nine Months Ended July 31, 2025, Compared with the Nine Months Ended July 31, 2024

Previous wording

Operating expenses increased by $106.3 million, or 3.0%, to $3,696.1 million during the six months ended April 30, 2025, as compared to the prior year period. Gross margin increased by 37 bps to 12.6% in the six months ended April 30, 2025, from 12.2% in the six months ended April 30, 2024. The increase in gross margin was primarily driven by operational efficiencies within Aviation and Education and an absence of a $9.7 million unfavorable self-insurance reserve adjustment from actuarial evaluations completed in the six months ended April 30, 2024 within Corporate. The increase in gross margin was partially offset by change in contract mix within M&D.

Current wording

Operating expenses increased by $224.9 million, or 4.1%, to $5,645.7 million during the nine months ended July 31, 2025, as compared to the prior year period. Gross margin increased by 16 bps to 12.5% in the nine months ended July 31, 2025, from 12.3% in the nine months ended July 31, 2024. The increase in gross margin was primarily driven by operational efficiencies within Aviation and Education and a decrease in prior year insurance adjustment, partially offset by strategic pricing decisions for contract rebids and proactive extensions combined with managing contract escalation timing to maintain and expand certain customer accounts within B&I and strategic pricing on select new wins within M&D.

Previous wording

Selling, general and administrative expenses increased by $29.6 million, or 9.4%, to $344.1 million during the six months ended April 30, 2025, as compared to the six months ended April 30, 2024. The increase in selling, general and administrative expenses was primarily attributable to:

Current wording

Selling, general and administrative expenses decreased by $4.6 million, or 0.9%, to $521.7 million during the nine months ended July 31, 2025, as compared to the nine months ended July 31, 2024. The decrease in selling, general and administrative expenses was primarily attributable to:

Previous wording

•a $2.1 million increase in compensation and related expenses primarily due to higher salaries and headcount expansion from recent acquisitions and ongoing business growth; and

Current wording

•a $24.8 million increase in compensation and related expenses primarily due to higher salaries, certain incentive plans, headcount expansion from recent acquisitions, and ongoing business growth; and

Previous wording

Amortization of intangible assets decreased by $1.7 million, or 6.1%, to $26.5 million during the six months ended April 30, 2025, as compared to the six months ended April 30, 2024. This decrease was due to lower amortization of intangibles, primarily intangibles acquired as part of the Able Acquisition, partially offset by amortization of intangibles from the Quality Uptime Acquisition.

Current wording

Amortization of intangible assets decreased by $2.3 million, or 5.5%, to $39.9 million during the nine months ended July 31, 2025, as compared to the nine months ended July 31, 2024. This decrease was due to lower amortization of intangibles, primarily intangibles acquired as part of the Able and GCA acquisitions, partially offset by amortization of intangibles from the Quality Uptime and LMC acquisitions.

Previous wording

Interest expense increased by $4.9 million to $46.8 million during the six months ended April 30, 2025, as compared to the six months ended April 30, 2024. The increase was driven by higher borrowings from our Amended Credit Facility to fund working capital requirements.

Current wording

Interest expense increased by $9.0 million to $72.1 million during the nine months ended July 31, 2025, as compared to the nine months ended July 31, 2024. The increase was driven by higher borrowings from our Amended Credit Facility to fund working capital requirements.

Previous wording

Our effective tax rates on income from operations for the six months ended April 30, 2025, and April 30, 2024, were 25.6% and 24.0%, respectively, resulting in provisions for taxes of $29.5 million and $28.0 million, respectively.

Current wording

Our effective tax rates on income from operations for the nine months ended July 31, 2025, and July 31, 2024, were 26.9% and 30.7%, respectively, resulting in provisions for taxes of $47.0 million and $41.3 million, respectively.

Previous wording

Our effective tax rate for the six months ended April 30, 2025 benefited from discrete items, primarily from $4.2 million for return to provision adjustments related to our non-U.S. operations. Our effective tax rate for the six months ended April 30, 2024, benefited from discrete items, primarily from $2.4 million for uncertain tax positions, $2.2 million for share-based compensation, and $2.2 million for return to provision adjustments related to our non-U.S. operations.

Current wording

Our effective tax rate for the nine months ended July 31, 2025, benefited from discrete items, primarily from a return to provision adjustments related to our non-U.S. operations. Our effective tax rate for the nine months ended July 31, 2024, was impacted by discrete items, primarily from a change for uncertain tax positions, energy efficiency incentives, a return to provision adjustment related to our non-U.S. operations, a benefit for share-based compensation, and the non-taxable change in fair value of the contingent consideration related to the RavenVolt Acquisition.

Previous wording

We had a loss of $6.5 million during the six months ended April 30, 2025, as compared to a loss of $5.7 million during the six months ended April 30, 2024, primarily due to underlying changes in the fair value of our interest rate swaps.

Current wording

We had a loss of $5.7 million during the nine months ended July 31, 2025, as compared to a loss of $18.1 million during the nine months ended July 31, 2024, primarily due to underlying changes in the fair value of our interest rate swaps.

Previous wording

We had a foreign currency translation gain of $6.7 million during the six months ended April 30, 2025, as compared to a foreign currency translation gain of $3.7 million during the six months ended April 30, 2024. This change was due to fluctuations in the exchange rate between the USD and the GBP. Future gains and losses on foreign currency translation will be dependent upon changes in the relative value of foreign currencies to the USD and the extent of our foreign assets and liabilities.

Current wording

We had a foreign currency translation gain of $5.2 million during the nine months ended July 31, 2025, as compared to a foreign currency translation gain of $6.4 million during the nine months ended July 31, 2024. This change was due to fluctuations in the exchange rate between the USD and the GBP. Future gains and losses on foreign currency translation will be dependent upon changes in the relative value of foreign currencies to the USD and the extent of our foreign assets and liabilities.

Previous wording

B&I revenues increased by $15.6 million, or 0.8%, to $2,038.4 million during the six months ended April 30, 2025, as compared to the prior year period. The revenue increase was primarily driven by client expansions both domestic and international, partially offset by attrition of certain engineering clients. Management reimbursement revenues for this segment totaled $143.1 million and $139.1 million for the six months ended April 30, 2025 and 2024, respectively.

Current wording

B&I revenues increased by $43.8 million, or 1.4%, to $3,077.2 million during the nine months ended July 31, 2025, as compared to the prior year period. The revenue increase was primarily driven by client expansions both domestic and international, partially offset by strategic pricing decisions for contract rebids and attrition of certain engineering clients. Management reimbursement revenues for this segment totaled $218.4 million and $209.0 million for the nine months ended July 31, 2025 and 2024, respectively.

Previous wording

M&D revenues increased by $2.9 million, or 0.4%, to $792.4 million during the six months ended April 30, 2025, as compared to the prior year period. The increase was primarily attributable to the expansion of business with existing customers, partially offset by a loss of a certain customer in the first quarter of 2025.

Current wording

M&D revenues increased by $34.6 million, or 3.0%, to $1,201.2 million during the nine months ended July 31, 2025, as compared to the prior year period. The increase was primarily attributable to the expansion of business with existing clients and new business wins, including strategic pricing decisions for select new wins. This was partially offset by a loss of a certain customer in the first quarter of 2025.

Previous wording

Operating profit decreased by $5.7 million, or 6.7%, to $79.3 million during the six months ended April 30, 2025, as compared to the prior year period. Operating profit margin decreased by 76 bps to 10.0% in the six months ended April 30, 2025, from 10.8% in the six months ended April 30, 2024. The decrease in operating profit margin was primarily attributable to the change in the contract mix and investments made in the fourth quarter of 2024 to hire certain technical expertise to support future growth.

Current wording

Operating profit decreased by $10.3 million, or 8.1%, to $115.6 million during the nine months ended July 31, 2025, as compared to the prior year period. Operating profit margin decreased by 116 bps to 9.6% in the nine months ended July 31, 2025, from 10.8% in the nine months ended July 31, 2024. The decrease in operating profit margin was primarily attributable to strategic pricing on select new wins and investments made in the fourth quarter of 2024 to hire certain technical expertise to support future growth.

Previous wording

Aviation revenues increased by $42.4 million, or 8.7%, to $530.2 million during the six months ended April 30, 2025, as compared to the prior year period. The increase was primarily attributable to new business and scope expansions with the existing clients both domestically and internationally. Management reimbursement revenues for this segment totaled $23.2 million and $17.7 million for the six months ended April 30, 2025 and 2024, respectively.

Current wording

Aviation revenues increased by $65.9 million, or 8.7%, to $822.0 million during the nine months ended July 31, 2025, as compared to the prior year period. The increase was primarily attributable to new business and scope expansions with the existing clients both domestically and internationally. Management reimbursement revenues for this segment totaled $36.5 million and $27.3 million for the nine months ended July 31, 2025 and 2024, respectively.

Previous wording

Operating profit increased by $5.9 million, or 26.1%, to $28.7 million during the six months ended April 30, 2025, as compared to the prior year period. Operating profit margin increased by 75 bps to 5.4% in the six months ended April 30, 2025, from 4.7% in the six months ended April 30, 2024. The increase was primarily attributable to contract mix and operational efficiencies, particularly in managing overhead costs, partially offset by base wage increases.

Current wording

Operating profit increased by $7.8 million, or 19.5%, to $48.4 million during the nine months ended July 31, 2025, as compared to the prior year period. Operating profit margin increased by 53 bps to 5.9% in the nine months ended July 31, 2025, from 5.4% in the nine months ended July 31, 2024. The increase was primarily attributable to contract mix and operational efficiencies, particularly in managing overhead costs, partially offset by base wage increases.

Previous wording

Education revenues increased by $7.5 million, or 1.7%, to $453.2 million during the six months ended April 30, 2025, as compared to the prior year period. The increase was primarily attributable to net new business and expansion of business with existing customers and increase in work orders.

Current wording

Education revenues increased by $14.2 million, or 2.1%, to $688.2 million during the nine months ended July 31, 2025, as compared to the prior year period. The increase was primarily attributable to net new business and expansion of business with existing customers.

Previous wording

Operating profit increased by $3.5 million, or 14.4%, during the six months ended April 30, 2025, as compared to the prior year period. Operating profit margin increased by 68 bps to 6.1% in the six months ended April 30, 2025, from 5.4% in the six months ended April 30, 2024. The increase in operating profit margin was primarily attributable to operational efficiencies, particularly in managing overtime, materials and supplies, and general and administrative headcount, partially offset by base wage increases.

Current wording

Operating profit increased by $6.6 million, or 15.6%, during the nine months ended July 31, 2025, as compared to the prior year period. Operating profit margin increased by 83 bps to 7.1% in the nine months ended July 31, 2025, from 6.3% in the nine months ended July 31, 2024. The increase in operating profit margin was primarily attributable to operational efficiencies, particularly in managing overtime, materials and supplies, and general and administrative headcount, partially offset by base wage increases.

Previous wording

Technical Solutions revenues increased by $70.3 million, or 20.5%, to $412.4 million during the six months ended April 30, 2025, as compared to the prior year period. Revenue growth was comprised of organic growth of 12.0% and acquisition growth of 8.5%. The organic revenue increase was primarily driven by higher project revenues due to the higher microgrid systems projects, partially offset by a decrease in electric vehicle charging station revenues. Acquisition growth was driven by an $29.3 million revenue increase from the Quality Uptime Acquisition, which was completed in June 2024.

Current wording

Technical Solutions revenues increased by $110.1 million, or 20.0%, to $662.0 million during the nine months ended July 31, 2025, as compared to the prior year period. Revenue growth was comprised of organic growth of 10.0% and acquisition growth of 10.0%. The organic revenue increase was primarily driven by higher project revenues due to the higher microgrid systems projects, partially offset by a decrease in electric vehicle charging station revenues. Acquisition growth was driven by a $54.8 million revenue increase from the Quality Uptime and LMC acquisitions.

Previous wording

Corporate expenses increased by $11.7 million, or 7.6%, to $166.1 million during the six months ended April 30, 2025, as compared to the prior year period. The increase in corporate expenses was primarily attributable to:

Current wording

Corporate expenses decreased by $33.2 million, or 11.6%, to $251.8 million during the nine months ended July 31, 2025, as compared to the prior year period. The decrease in corporate expenses was primarily attributable to:

Previous wording

During the six months ended April 30, 2025, we made principal payments under the term loan of $8.1 million. At April 30, 2025, the total outstanding borrowings under our Amended Credit Facility in the form of cash borrowings and standby letters of credit were $1.6 billion and $29.7 million, respectively, and our weighted average interest rate on all outstanding borrowings, excluding letters of credit, was 6.07%. At April 30, 2025, we had up to $599.1 million of borrowing capacity.

Current wording

During the three and nine months ended July 31, 2025, we made principal payments under the term loan of $7.5 million and $15.6 million, respectively. At July 31, 2025, the total outstanding borrowings under our Amended Credit Facility in the form of cash borrowings and standby letters of credit were $1.5 billion and $29.7 million, respectively, and our weighted average interest rate on all outstanding borrowings, excluding letters of credit, was 6.09%. At July 31, 2025, we had up to $621.7 million of borrowing capacity.