BrightView Holdings, Inc.

Previous wording

We are the largest provider of commercial landscaping services in the United States, with revenues approximately 5 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 280 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary.

Current wording

We are the largest provider of commercial landscaping services in the United States, with revenues approximately 4 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 265 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary.

Previous wording

Our Maintenance Services segment delivers a full suite of recurring commercial landscaping services in both evergreen and seasonal markets, ranging from mowing, gardening, mulching and snow removal, to more horticulturally advanced services, such as water management, irrigation maintenance, tree care, golf course maintenance and specialty turf maintenance. In addition to contracted maintenance services, we also have a strong track record of providing value-added landscape enhancements. We primarily self-perform our maintenance services through our national branch network, which are route-based in nature. Our maintenance services customers include Fortune 500 corporate campuses and commercial properties, HOAs, public parks, leading international hotels and resorts, airport authorities, municipalities, hospitals and other healthcare facilities, educational institutions, restaurants and retail, and golf courses, among others.

Current wording

Our Maintenance Services segment delivers a full suite of recurring commercial landscaping services in both evergreen and seasonal markets, ranging from mowing, gardening, mulching and snow removal, to more horticulturally advanced services, such as water management, irrigation maintenance, tree care, and golf course maintenance. In addition to contracted maintenance services, we also have a strong track record of providing value-added landscape enhancements. We primarily self-perform our maintenance services through our national branch network, which are route-based in nature. Our maintenance services customers include Fortune 500 corporate campuses and commercial properties, HOAs, public parks, leading international hotels and resorts, airport authorities, municipalities, hospitals and other healthcare facilities, educational institutions, restaurants and retail, and golf courses, among others.

Previous wording

Through our Development Services segment, we provide landscape architecture and development services for new facilities and significant redesign projects. Specific services include project design and management services, landscape architecture, landscape installation, irrigation installation, tree moving and installation, pool and water features and sports field services, among others. Our development services are comprised of sophisticated design, coordination and installation of landscapes at some of the most recognizable corporate, athletic and university complexes and showcase highly visible work that is paramount to our customers’ perception of our brand as a market leader.

Current wording

Through our Development Services segment, we provide landscape architecture and development services for new facilities and significant redesign projects. Specific services include project design and management services, landscape architecture, landscape installation, irrigation installation, tree moving and installation, pool and water features, sports field services, and specialty turf maintenance, among others. Our development services are comprised of sophisticated design, coordination and installation of landscapes at some of the most recognizable corporate, athletic and university complexes and showcase highly visible work that is paramount to our customers’ perception of our brand as a market leader.

Previous wording

Cost of services provided is comprised of direct costs we incur associated with our operations during a period and includes employee costs, subcontractor costs, purchased materials, and operating equipment and vehicle costs. Employee costs consist of wages and other labor-related expenses, including benefits, workers compensation and healthcare costs, for those employees involved in delivering our services. Subcontractor costs consist of costs relating to our qualified service partner network in our Maintenance Services segment and subcontractors we engage from time to time in our Development Services segment. When our use of subcontractors increases, we may experience incrementally higher costs of services provided. Operating equipment and vehicle costs primarily consist of depreciation related to branch operating equipment and vehicles and related fuel expenses. A large component of our costs are variable, such as labor, subcontractor expense and materials.

Current wording

Cost of services provided is comprised of direct costs we incur associated with our operations during a period and includes employee costs, subcontractor costs, purchased materials, and operating equipment and vehicle costs. Employee costs consist of wages and other labor-related expenses, including benefits, workers compensation and healthcare costs, for those employees involved in delivering our services. Subcontractor costs consist of costs relating to our qualified service partner network in our Maintenance Services segment and subcontractors we engage from time to time in our Development Services segment. When our use of subcontractors increases, we may experience incrementally higher costs of services provided. Operating equipment and vehicle costs primarily consist of depreciation related to branch operating equipment and vehicles and related fuel expenses. A large component of our costs are variable, such as labor, subcontractor expense, fuel and materials.

Previous wording

Other (income) expense consists primarily of investment gains related to investments held in Rabbi Trust.

Current wording

Other (income) consists primarily of investment gains related to investments held in Rabbi Trust.

Previous wording

Income tax expense includes U.S. federal, state and local income taxes. Our effective tax rate differs from the statutory U.S. income tax rate due to the effect of state and local income taxes, tax credits and certain nondeductible expenses. Our effective tax rate may vary from quarter to quarter based on recurring and nonrecurring factors including, but not limited to, the geographical distribution of our pre-tax earnings, changes in the tax rates of different jurisdictions, the availability of tax credits and nondeductible items. Changes in judgment due to the evaluation of new information resulting in the recognition, derecognition or remeasurement of a tax position taken in a prior annual period are recognized separately in the period of the change.

Current wording

Income tax (benefit) includes U.S. federal, state and local income taxes. Our effective tax rate differs from the statutory U.S. income tax rate due to the effect of state and local income taxes, tax credits and certain nondeductible expenses. Our effective tax rate may vary from quarter to quarter based on recurring and nonrecurring factors including, but not limited to, the geographical distribution of our pre-tax earnings, changes in the tax rates of different jurisdictions, the availability of tax credits and nondeductible items. Changes in judgment due to the evaluation of new information resulting in the recognition, derecognition or remeasurement of a tax position taken in a prior annual period are recognized separately in the period of the change.

Previous wording

In fiscal year 2024, the Company launched its One BrightView initiative. The One BrightView initiative represents a cultural change and encapsulates the Company’s effort to refocus our core service lines and position ourselves for long-term profitable growth by streamlining our operating structure, leveraging our size and scale, and becoming the employer of choice. As part of the initiative, the Company has introduced transformational changes designed to unite the organization as one comprehensive team, and drive a renewed focus on the Company’s profitable core businesses. The actions taken under the One BrightView initiative have resulted in improved customer and employee retention and contributed to sustainable improved profitability.

Current wording

In fiscal year 2024, the Company launched its One BrightView initiative. The One BrightView initiative represents a cultural change and encapsulates the Company’s effort to refocus our core service lines and position ourselves for long-term profitable growth by streamlining our operating structure, leveraging our size and scale, and becoming the employer of choice. As part of the initiative, the Company introduced transformational changes designed to unite the organization as one comprehensive team, and drive a renewed focus on the Company's profitable core businesses. The actions taken under the One BrightView initiative have resulted in improved customer and employee retention and contributed to sustainable improved profitability.

Previous wording

Based on our most recent annual analysis as of July 1, 2024, the fair values for all identified reporting units exceeded the carrying values, and therefore no indicators of impairment existed for the reporting units; however, the fair value of the Maintenance reporting unit exceeded the carrying value by 9.6%. Since the Maintenance reporting unit fair value did not substantially exceed the carrying value, we may be at risk for an impairment loss in the future if interest rates and market conditions continue to trend unfavorably or if our forecasts assumed in the fair value calculation are not realized. As of June 30, 2025, there was $1,797.6 million of goodwill recorded related to the Maintenance reporting unit.

Current wording

Based on our most recent annual analysis as of July 1, 2025, the fair values for all identified reporting units exceeded the carrying values, and therefore no indicators of impairment existed for the reporting units; however, the fair value of the Maintenance reporting unit exceeded the carrying value by 15.4%. Since the Maintenance reporting unit fair value did not substantially exceed the carrying value, we may be at risk for an impairment loss in the future if interest rates and market conditions continue to trend unfavorably or if our forecasts assumed in the fair value calculation are not realized. As of December 31, 2025, there was $1,797.7 million of goodwill recorded related to the Maintenance reporting unit.

Previous wording

Gross profit for the three months ended June 30, 2025 decreased $6.7 million, or 3.8%, to $170.9 million, from $177.6 million in the 2024 period. Gross margin increased 10 basis points, to 24.1%, in the three months ended June 30, 2025, from 24.0% in the comparable 2024 period. The decreases in gross profit was primarily driven by the decrease in Net Services revenues described above combined with increased depreciation expense.

Current wording

Gross profit for the three months ended December 31, 2025 decreased $12.5 million, or 9.9%, to $114.3 million, from $126.8 million in the 2024 period. Gross margin decreased 260 basis points, to 18.6%, in the three months ended December 31, 2025, from 21.2% in the comparable 2024 period. The decreases in gross profit was primarily driven by increased depreciation expense.

Previous wording

Selling, general and administrative expense for the three months ended June 30, 2025 decreased $13.9 million, or 11.6%, to $106.2 million, from $120.1 million in the 2024 period. As a percentage of revenue, Selling, general and administrative expense decreased 130 basis points for the three months ended June 30, 2025 to 15.0% from 16.3% in the 2024 period. The decrease was driven primarily by a decrease in business transformation and integration costs combined with a decrease in compensation-related costs as a result of the Company's cost management initiatives.

Current wording

Selling, general and administrative expense for the three months ended December 31, 2025 decreased $4.1 million, or 3.4%, to $115.2 million, from $119.3 million in the 2024 period. As a percentage of revenue, Selling, general and administrative expense decreased 120 basis points for the three months ended December 31, 2025 to 18.7% from 19.9% in the 2024 period. The decrease was primarily driven by a decrease in business transformation and integration costs combined with increased efficiencies as a result of the Company's cost management initiatives, partially offset by increased selling costs driven by the company’s investment in new sellers.

Previous wording

Amortization expense for the three months ended June 30, 2025 decreased $1.5 million, or 17.4%, to $7.1 million from $8.6 million in the 2024 period. The decrease was principally due the decrease in the amortization of intangible assets, based on the pattern consistent with expected future cash flows calculated at the time the assets were acquired.

Current wording

Amortization expense for the three months ended December 31, 2025 decreased $1.9 million, or 23.5%, to $6.2 million from $8.1 million in the 2024 period. The decrease was principally due the decrease in the amortization of intangible assets, based on the pattern consistent with expected future cash flows calculated at the time the assets were acquired.

Previous wording

Interest expense, net for the three months ended June 30, 2025 decreased $1.7 million, or 11.3%, to $13.4 million from $15.1 million in the 2024 period. The decrease was driven by lower interest expense caused by the decrease in interest rates as a result of the repricing of our Series B Term Loans in fiscal 2024 and the decrease in the Company's long-term debt balance partially offset by a decrease in interest income.

Current wording

Interest expense, net for the three months ended December 31, 2025 decreased $0.7 million, or 4.9%, to $13.5 million from $14.2 million in the 2024 period. The decrease was driven by lower interest expense caused by the decrease in interest rates as a result of the repricing of our Series B Term Loans in fiscal 2025 partially offset by a decrease in interest income.

Previous wording

For the three months ended June 30, 2025, Income tax expense was $12.6 million compared to $9.9 million in the 2024 period. The increase was primarily attributable to the mix of pre-tax book income amongst separate state filers.

Current wording

For the three months ended December 31, 2025, Income tax benefit was $5.2 million compared to $4.2 million in the 2024 period. The increase was primarily attributable to the increase in net loss relative to the prior year.

Previous wording

Adjusted EBITDA increased $5.3 million for the three months ended June 30, 2025, to $113.2 million, from $107.9 million in the 2024 period. Adjusted EBITDA as a percentage of revenue was 16.0% and 14.6% for the three months ended June 30, 2025 and 2024, respectively. The increase in Adjusted EBITDA was primarily driven by an increase of $1.3 million, or 1.6%, in Maintenance Services Segment Adjusted EBITDA, combined with an increase of $4.0 million, or 14.5%, in Development Services Segment Adjusted EBITDA, as discussed further below in Segment Results.

Current wording

Adjusted EBITDA increased $1.4 million for the three months ended December 31, 2025, to $53.5 million, from $52.1 million in the 2024 period. Adjusted EBITDA as a percentage of revenue was 8.7% for the three months ended December 31, 2025 and 2024, respectively. The increase in Adjusted EBITDA was primarily driven by an increase of $0.8 million, or 2.3%, in Maintenance Services Segment Adjusted EBITDA, combined with an increase of $0.6 million, or 3.4%, in Development Services Segment Adjusted EBITDA, as discussed further below in Segment Results.

Previous wording

In addition to our GAAP financial measures, we review various non-GAAP financial measures including Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings per Share (“Adjusted EPS”) and Adjusted Free Cash Flow.

Current wording

In addition to our GAAP financial measures, we review various non-GAAP financial measures including Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted (Loss) Earnings per Share (“Adjusted EPS”) and Adjusted Free Cash Flow.

Previous wording

We believe that Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are helpful supplemental measures to assist us and investors in evaluating our operating results as they exclude certain items whose fluctuations from period to period do not necessarily correspond to changes in the operations of our business. Adjusted EBITDA represents net income before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. Adjusted Net Income is defined as net income including interest and depreciation and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions and the removal of the discrete tax items. Adjusted EPS is defined as Adjusted Net Income divided by the (i) weighted average number of common shares outstanding used in the calculation of basic earnings per share plus (ii) shares of common stock related to the Series A Preferred Stock on an as-converted basis, assumed to be converted for the entire period. We believe that the adjustments applied in presenting Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that we do not expect to continue at the same level in the future.

Current wording

We believe that Adjusted EBITDA, Adjusted Net (Loss) Income and Adjusted EPS are helpful supplemental measures to assist us and investors in evaluating our operating results as they exclude certain items whose fluctuations from period to period do not necessarily correspond to changes in the operations of our business. Adjusted EBITDA represents net (loss) before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. Adjusted Net (Loss) Income is defined as net (loss) including interest and depreciation and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions and the removal of the discrete tax items. Adjusted EPS is defined as Adjusted Net (Loss) Income divided by the (i) weighted average number of common shares outstanding used in the calculation of basic earnings per share plus (ii) shares of common stock related to the Series A Preferred Stock on an as-converted basis, assumed to be converted for the entire period. We believe that the adjustments applied in presenting Adjusted EBITDA, Adjusted Net (Loss) Income and Adjusted EPS are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that we do not expect to continue at the same level in the future.

Previous wording

Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Adjusted Free Cash Flow are not recognized terms under GAAP and should not be considered as an alternative to net income as a measure of financial performance or cash flows provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to the same or other similarly titled measures of other companies and can differ significantly from company to company.

Current wording

Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted EPS and Adjusted Free Cash Flow are not recognized terms under GAAP and should not be considered as an alternative to net (loss) as a measure of financial performance or cash flows provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to the same or other similarly titled measures of other companies and can differ significantly from company to company.

Previous wording

Set forth below are the reconciliations of net income to Adjusted EBITDA and Adjusted Net Income, and cash flows from operating activities to Adjusted Free Cash Flow. Adjusted EPS is defined as Adjusted Net Income (shown below) divided by the Adjusted Weighted Average Number of Common Shares Outstanding for the period used in the calculation of basic EPS which is presented in Note 14 “Earnings Per Share of Common Stock” in the Notes to our unaudited consolidated financial statements.

Current wording

Set forth below are the reconciliations of net (loss) to Adjusted EBITDA and Adjusted Net (Loss) Income, and cash flows from operating activities to Adjusted Free Cash Flow. Adjusted EPS is defined as Adjusted Net (Loss) Income (shown below) divided by the Adjusted Weighted Average Number of Common Shares Outstanding for the period used in the calculation of basic EPS which is presented in Note 14 “(Loss) Per Share of Common Stock” in the Notes to our unaudited consolidated financial statements.

Previous wording

Represents the tax effect of pre-tax items excluded from Adjusted Net Income and the removal of the applicable discrete tax items, which collectively result in a reduction of income tax expense. The tax effect of pre-tax items excluded from Adjusted Net Income is computed using the statutory rate related to the jurisdiction that was impacted by the adjustment after taking into account the impact of permanent differences and valuation allowances. Discrete tax items include tax impact of the gain on divestiture of U.S. Lawns, changes in laws or rates, changes in uncertain tax positions relating to prior years and changes in valuation allowances.

Current wording

Represents the tax effect of pre-tax items excluded from Adjusted Net (Loss) Income and the removal of the applicable discrete tax items, which collectively result in a reduction of income tax (benefit). The tax effect of pre-tax items excluded from Adjusted Net (Loss) Income is computed using the statutory rate related to the jurisdiction that was impacted by the adjustment after taking into account the impact of permanent differences and valuation allowances. Discrete tax items include tax impact of the gain on divestiture of U.S. Lawns, changes in laws or rates, changes in uncertain tax positions relating to prior years and changes in valuation allowances.

Previous wording

Segment Adjusted EBITDA for the three months ended June 30, 2025 increased $4.0 million, to $31.5 million, compared to the 2024 period. Segment Adjusted EBITDA Margin increased 280 basis points to 15.6% for the three months ended June 30, 2025, from 12.8% in the 2024 period. The increases in Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin were primarily driven by reductions in overhead costs due to the Company's cost management initiatives combined with the timing and mix of projects in the period.

Current wording

Segment Adjusted EBITDA for the three months ended December 31, 2025 increased $0.6 million, to $18.1 million, compared to the 2024 period. Segment Adjusted EBITDA Margin increased 100 basis points to 10.1% for the three months ended December 31, 2025, from 9.1% in the 2024 period. The increases in Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin were primarily driven by the timing and mix of projects in the period.

Previous wording

Our principal sources of liquidity are existing cash and cash equivalents, cash generated from operations and borrowings under the Credit Agreement and the Receivables Financing Agreement. Our principal uses of cash are to provide working capital, meet debt service requirements, fund capital expenditures and finance strategic plans, including acquisitions and share repurchases under the share repurchase program announced in March 2025. We may also seek to finance capital expenditures under finance leases or other debt arrangements that provide liquidity or favorable borrowing terms. We continue to consider acquisition opportunities, but the size and timing of any future acquisitions and the related potential capital requirements cannot be predicted. While we have in the past financed certain acquisitions with internally generated cash, in the event that suitable businesses are available for acquisition upon acceptable terms, we may obtain all or a portion of the necessary financing through the incurrence of additional long-term borrowings.

Current wording

Our principal sources of liquidity are existing cash and cash equivalents, cash generated from operations and borrowings under the Credit Agreement and the Receivables Financing Agreement. Our principal uses of cash are to provide working capital, meet debt service requirements, fund capital expenditures and finance strategic plans, including acquisitions and share repurchases under the share repurchase program announced in March 2025, and updated in November 2025 to increase the authorized amount of repurchases to a total of $150 million. We may also seek to finance capital expenditures under finance leases or other debt arrangements that provide liquidity or favorable borrowing terms. We continue to consider acquisition opportunities, but the size and timing of any future acquisitions and the related potential capital requirements cannot be predicted. While we have in the past financed certain acquisitions with internally generated cash, in the event that suitable businesses are available for acquisition upon acceptable terms, we may obtain all or a portion of the necessary financing through the incurrence of additional long-term borrowings.

Previous wording

Net cash provided by operating activities for the nine months ended June 30, 2025 increased $55.3 million to $207.4 million, from $152.1 million in the 2024 period. This increase was due to a decrease in net income, more than offset by increases in non-cash adjustments to reconcile net income to net cash provided by operating activities, combined with an increase in cash provided by accounts receivable. This was partially offset by a decrease in cash provided by other operating assets.

Current wording

Net cash provided by operating activities for the three months ended December 31, 2025 decreased $24.4 million to $36.1 million, from $60.5 million in the 2024 period. This decrease was due to a decrease in cash provided by unbilled and deferred revenue and an increase in net loss. The decrease was partially offset by increases in non-cash adjustments to reconcile net loss to net cash provided by operating activities, combined with a decrease in cash used by other operating liabilities.

Previous wording

Net cash used by investing activities increased $202.1 million to $179.2 million for the nine months ended June 30, 2025 from Net cash provided by investing activities of $22.9 million in the 2024 period. The increase was driven by a $149.8 million increase in capital expenditures, and a $51.6 million decrease in proceeds from divestiture in comparison to the prior period.

Current wording

Net cash used by investing activities decreased $3.5 million to $51.8 million for the three months ended December 31, 2025 from $55.3 million in the 2024 period. The decrease was primarily driven by a $4.0 million decrease in capital expenditures in comparison to the prior period.

Previous wording

Net cash flows used by financing activities of $89.5 million for the nine months ended June 30, 2025 included repayments of finance lease obligations of $38.4 million, Series A preferred stock dividends of $26.9 million, repayments of our Receivables Financing Agreement of $27.9 million, and repurchase of common stock and distributions of $14.5 million. These uses of cash were partially offset by proceeds from our receivables financing agreement of $14.5 million.

Current wording

Net cash flows used by financing activities of $21.8 million for the three months ended December 31, 2025 included repurchase of common stock and distributions of $18.8 million, repayments of finance lease obligations of $13.9 million, and Series A preferred stock dividends of $9.0 million. These uses of cash were partially offset by proceeds from our receivables financing agreement of $10.1 million and increase in book overdrafts of $9.5 million.

Previous wording

Adjusted Free Cash Flow decreased $94.4 million to $25.8 million for the nine months ended June 30, 2025 from $120.2 million in the 2024 period. The decrease in Adjusted Free Cash Flow was due to an increase in cash used for capital expenditures, partially offset by an increase in net cash provided by operating activities, each as described above.

Current wording

Adjusted Free Cash Flow decreased $19.8 million to an outflow of $15.4 million for the three months ended December 31, 2025 from an inflow of $4.4 million in the 2024 period. The decrease in Adjusted Free Cash Flow was due to a decrease in net cash provided by operating activities, partially offset by a decrease in cash used for capital expenditures, each as described above.

Previous wording

Net working capital is defined as current assets less current liabilities. Net working capital decreased $80.8 million to $156.0 million as of June 30, 2025, from $236.8 million as of September 30, 2024, primarily driven by a decrease in cash and cash equivalents of $61.3 million, decrease in unbilled revenue of $28.9 million, decrease in accounts receivable of $19.0 million, increase in deferred revenue of $15.9 million, decrease in other current assets of $5.6 million and increase in the current portion of self-insurance reserves of $4.4 million. This was partially offset by a decrease in accrued expenses and other current liabilities of $30.5 million and a decrease in accounts payable of $23.7 million.

Current wording

Net working capital is defined as current assets less current liabilities. Net working capital decreased $28.5 million to $123.3 million as of December 31, 2025, from $151.8 million as of September 30, 2025, primarily driven by a decrease in cash and cash equivalents of $37.5 million, decrease in accounts receivable of $25.4 million, decrease in unbilled revenue of $14.5 million, and an increase in deferred revenue of $14.1 million. This was partially offset by a decrease in accrued expenses and other current liabilities of $30.1 million, a decrease in accounts payable of $23.7 million, and an increase in other current assets of $9.9 million.