Abm Industries Inc (ABM) 10-Q Quarterly Report June 2021

New York, NY - June 8, 2021 - ABM (NYSE: ABM), a leading provider of facility solutions, today announced financial results for the second quarter of fiscal 2021.

Scott Salmirs, President and Chief Executive Officer of ABM Industries commented, “This was another quarter of significant operating progress for ABM, driven by excellent execution and improved business conditions. We continued to see high work order volumes for virus protection cleaning services in the second quarter. As a leader in facility solutions, ABM-branded services have become increasingly important to our customers, and we expect demand to remain strong in a post-pandemic environment. Favorable second quarter business trends, together with continued efficient labor management, resulted in considerable operating leverage, as expanded margins led to 37% year-over-year growth in adjusted earnings per diluted share on slightly higher revenues.”

Mr. Salmirs continued, “Our success in navigating the challenges of the past year reflects the resilience of our business, the dedication of our team members and the investments we have made in our people and in our capabilities. In the periods ahead, we intend to further invest in our business to better serve our customers and employees and support future growth.”

The following information was filed by Abm Industries Inc (ABM) on Tuesday, June 8, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Abm Industries Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
The decrease was due to a lower intangible assets balance resulting from the impairment loss recorded in the second quarter of 2020 and to certain intangible assets being amortized using the sum-of-the-years'-digits method, which results in declining amortization expense over the useful lives of the assets.

Financial - Expense Highlight
This decrease was due to the lower intangible assets balance resulting from the impairment loss recorded in the second quarter of 2020 and to certain intangible assets being amortized using the sum-of-the-years'-digits method, which results in declining amortization expense over the useful lives of the assets.
Financial - Expense Highlight
The increase in corporate expenses was primarily attributable to: a $32.0 million increase in legal costs and settlements, of which $30 million was attributed to the accrual of a legal reserve for the Bucio case; a $14.5 million increase in certain technology projects and other enterprise initiatives including marketing events; and a $13.7 million increase in compensation and related expenses, primarily driven by updated assessments regarding financial performance target achievements in connection with certain performance share awards; during the three months ended April 30, 2020, we recorded a reversal of shared-based compensation expense based upon our then current assessment of probable financial achievements for such awards.
Financial - Expense Highlight
The increase in corporate expenses was primarily attributable to: a $32.6 million increase in legal costs and settlements, of which $30 million was attributed to the accrual of a legal reserve for the Bucio case; an $18.3 million increase in compensation and related expenses, primarily driven by updated assessments regarding financial performance target achievements in connection with certain performance share awards; during the six months ended April 30, 2020, we recorded a reversal of shared-based compensation expense based upon our then current assessment of probable financial achievements for such awards; and a $17.2 million increase in certain technology projects and other enterprise initiatives, including marketing events.
Financial - Expense Highlight
The increase in selling, general and administrative expenses was primarily attributable to: a $32.2 million increase in legal costs and settlements, of which $30 million was attributed to the accrual of a legal reserve for the Bucio case; 26 a $14.5 million increase in certain technology projects and other enterprise initiatives, including marketing events; and an $11.7 million increase in compensation and related expenses, primarily driven by updated assessments regarding financial performance target achievements in connection with certain performance share awards; during the three months ended April 30, 2020, we recorded a reversal of shared-based compensation expense based upon our then current assessment of probable financial achievements for such awards.
Financial - Expense
The increase in selling, general...Read more
Financial - Shares
Share Repurchases Effective December 18,...Read more
Financial - Cash Flow
Cash Flows In addition to...Read more
Financial - Shares
We have taken and continue...Read more
Financial - Earnings
36 Additionally, the increase in...Read more
Financial - Earnings
The increase in operating profit...Read more
Financial - Earnings
Operating profit margin increased by...Read more
Financial - Earnings
Operating profit margin increased by...Read more
Financial - Earnings
Operating profit margin increased by...Read more
Financial - Earnings
Operating profit margin increased by...Read more
Financial - Expense
Interest Expense Interest expense decreased...Read more
Financial - Expense
Interest Expense Interest expense decreased...Read more
Financial - Expense
Restructuring and Related Expenses Restructuring...Read more
Financial - Expense
Restructuring and Related Expenses Restructuring...Read more
Financial - Earnings
Additionally, the increase in operating...Read more
Other - Other
Amortization of Intangible Assets Amortization...Read more
Other - Other
Amortization of Intangible Assets Amortization...Read more
Financial - Earnings
The increase in operating profit...Read more
Financial - Cash Flow
Liquidity, Cash Flows, and Financial...Read more
Financial - Earnings
Additionally, operating margin increased due...Read more
Financial - Earnings
Additionally, operating margin increased due...Read more
Legal - Other
The claims management strategies and...Read more
Financial - Earnings
Operating margin increased to 6.3%...Read more
Financial - Earnings
Operating margin increased to 3.9%...Read more
Financial - Earnings
Operating margin increased to 8.2%...Read more
Financial - Earnings
Operating margin increased to 8.3%...Read more
Financial - Earnings
Operating margin increased to 3.1%...Read more
Financial - Earnings
Operating margin increased by 684...Read more
Financial - Earnings
Gross margin increased by 220...Read more
Financial - Earnings
Gross margin increased by 371...Read more
Other - Other
Operating Activities Net cash provided...Read more
Other - Other
The increase was primarily attributable...Read more
Other - Other
Investing Activities Net cash used...Read more
Other - Other
This ASU was effective upon...Read more
Other - Other
These priorities and measures include,...Read more
Financial - Earnings
This change was also positively...Read more
Financial - Expense
Operating Expenses Operating expenses decreased...Read more
Financial - Expense
Operating Expenses Operating expenses decreased...Read more
Financial - Earnings
The increase in gross margin...Read more
Financial - Earnings
The increase in gross margin...Read more
Other - Other
At April 30, 2021, the...Read more
Legal - Other
Based on the results of...Read more
Other - Other
Our effective tax rate for...Read more
Financial - Expense
Management of Direct Labor As...Read more
Legal - Other
In addition to normal working...Read more
Financial - Expense
We have also actively managed...Read more
Other - Other
These financial covenants were effective...Read more
Other - Other
This ASU was effective upon...Read more
Other - Other
At April 30, 2021, total...Read more
Financial - Earnings
Operating margin was negatively impacted...Read more
Financial - Earnings
Operating margin was negatively impacted...Read more
Financial - Expense
Selling, General and Administrative Expenses...Read more
Financial - Expense
Selling, General and Administrative Expenses...Read more
Other - Other
IFM is part of our...Read more
Revenue - Product
The increase was partially offset...Read more
Financial - Earnings
Additionally, the increase in operating...Read more
Other - Other
The difference between the effective...Read more
Financial - Earnings
Operating profit increased by $26.1...Read more
Financial - Earnings
Operating profit increased by $7.2...Read more
Other - Other
The difference between the effective...Read more
Financial - Earnings
Operating profit increased by $73.6...Read more
Financial - Earnings
Operating profit increased by $17.5...Read more
Revenue - Product
25 Results of Operations Three...Read more
Financial - Earnings
The increase in gross margin...Read more
Financial - Earnings
The increase in gross margin...Read more
Revenue - Product
28 Segment Information Financial Information...Read more
Revenue - Product
29 T&M revenues increased by...Read more
Revenue - Product
*Not meaningful Education revenues increased...Read more
Revenue - Product
*Not meaningful Technical Solutions revenues...Read more
Revenue - Product
T&M revenues increased by $27.9...Read more
Revenue - Product
*Not meaningful Education revenues increased...Read more
Legal - Other
These benefits were partially offset...Read more
Other - Other
42 Critical Accounting Policies and...Read more
Financial - Expense
Corporate expenses increased by $51.3...Read more
Financial - Expense
38 Corporate expenses increased by...Read more
Revenue - Product
These increases were partially offset...Read more
Revenue - Product
These increases were partially offset...Read more
Financial - Income
Our effective tax rate on...Read more
Other - Other
Due to the market and...Read more
Financial - Debt
The Amendment modified the financial...Read more
Other - Other
Our effective tax rate for...Read more
Other - Other
The effective tax rate for...Read more
Other - Other
Our effective tax rate for...Read more
Other - Other
The effective tax rate for...Read more
Revenue - Product
24 Key Financial Highlights Revenues...Read more
Financial - Income
The rate difference between periods...Read more
Financial - Income
The rate difference between periods...Read more
Other - Other
The decrease was primarily attributable...Read more
Other - Other
The decrease was primarily attributable...Read more
Other - Other
These purchases may take place...Read more
Other - Other
The decrease was primarily attributable...Read more
Financial - Cash Flow
We believe that the Pandemic...Read more
Financial - Earnings
Additionally, the increase in profit...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Abm Industries Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 10.5: Material Contract

Exhibit 10.6: Material Contract

Exhibit 10.7: Material Contract

Exhibit 10.8: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: ABM
CIK: 771497
Form Type: 10-Q Quarterly Report
Accession Number: 0000771497-21-000016
Submitted to the SEC: Wed Jun 09 2021 4:34:00 PM EST
Accepted by the SEC: Wed Jun 09 2021
Period: Friday, April 30, 2021
Industry: To Dwellings And Other Buildings