| Schedule of financial information for each of the Company's business segments |
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| Table 3.1: Results of Operation by Business Segment (1) |
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For the Year Ended September 30, |
|
2021 |
|
2020 |
|
2019 |
|
Amount |
|
% (2) |
|
Amount |
|
% (2) |
|
Amount |
|
% (2) |
|
(dollars in thousands) |
| Revenue: |
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| U.S. Services |
$ |
1,662,110 |
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|
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$ |
1,329,274 |
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|
$ |
1,176,488 |
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|
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| U.S. Federal Services |
1,893,284 |
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|
|
1,633,337 |
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|
|
1,111,197 |
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|
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| Outside the U.S. |
699,091 |
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|
498,926 |
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|
599,130 |
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| Revenue |
$ |
4,254,485 |
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$ |
3,461,537 |
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$ |
2,886,815 |
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| Gross profit: |
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| U.S. Services |
$ |
408,050 |
|
|
24.6 % |
|
$ |
360,272 |
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|
27.1 % |
|
$ |
344,109 |
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29.2 % |
| U.S. Federal Services |
432,551 |
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|
22.8 % |
|
318,925 |
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19.5 % |
|
242,070 |
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|
21.8 % |
| Outside the U.S. |
106,374 |
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|
15.2 % |
|
31,805 |
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|
6.4 % |
|
85,005 |
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|
14.2 % |
| Gross profit |
$ |
946,975 |
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|
22.3 % |
|
$ |
711,002 |
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|
20.5 % |
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$ |
671,184 |
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|
23.2 % |
| Selling, general, and administrative expenses: |
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| U.S. Services |
$ |
153,609 |
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9.2 % |
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$ |
132,489 |
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10.0 % |
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$ |
123,275 |
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10.5 % |
| U.S. Federal Services |
243,485 |
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|
12.9 % |
|
186,023 |
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11.4 % |
|
126,128 |
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|
11.4 % |
| Outside the U.S. |
86,248 |
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12.3 % |
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65,938 |
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13.2 % |
|
68,944 |
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|
11.5 % |
| Gain on sale of business (4) |
— |
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|
NM |
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(1,718) |
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|
NM |
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— |
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|
NM |
| Other (3) |
10,746 |
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NM |
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4,358 |
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NM |
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2,676 |
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NM |
| Selling, general, and administrative expenses |
$ |
494,088 |
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|
11.6 % |
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$ |
387,090 |
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11.2 % |
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$ |
321,023 |
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|
11.1 % |
| Operating income: |
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| U.S. Services |
$ |
254,441 |
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|
15.3 % |
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$ |
227,783 |
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|
17.1 % |
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$ |
220,834 |
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|
18.8 % |
| U.S. Federal Services |
189,066 |
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|
10.0 % |
|
132,902 |
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|
8.1 % |
|
115,942 |
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|
10.4 % |
| Outside the U.S. |
20,126 |
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|
2.9 % |
|
(34,133) |
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|
(6.8) % |
|
16,061 |
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|
2.7 % |
| Amortization of intangible assets |
(44,357) |
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|
NM |
|
(35,634) |
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|
NM |
|
(33,054) |
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|
NM |
| Gain on sale of business (4) |
— |
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|
NM |
|
1,718 |
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|
NM |
|
— |
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|
NM |
| Other (3) |
(10,746) |
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|
NM |
|
(4,358) |
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|
NM |
|
(2,676) |
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|
NM |
| Operating income |
$ |
408,530 |
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|
9.6 % |
|
$ |
288,278 |
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|
8.3 % |
|
$ |
317,107 |
|
|
11.0 % |
| Depreciation and amortization: |
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| U.S. Services |
$ |
20,350 |
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|
1.2 % |
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$ |
20,951 |
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1.6 % |
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$ |
18,466 |
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|
1.6 % |
| U.S. Federal Services |
12,986 |
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|
0.7 % |
|
25,153 |
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1.5 % |
|
16,802 |
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1.5 % |
| Outside the U.S. |
13,025 |
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|
1.9 % |
|
18,423 |
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3.7 % |
|
17,136 |
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|
2.9 % |
| Depreciation and amortization |
$ |
46,361 |
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|
1.1 % |
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$ |
64,527 |
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|
1.9 % |
|
$ |
52,404 |
|
|
1.8 % |
(1)Expenses that are not specifically included in the segments are included in other categories, including amortization of intangible assets and the direct costs of acquisitions. These costs are excluded from measuring each segment's operating performance.
(2)Percentage of respective segment revenue. Percentages not considered meaningful are marked "NM."
(3)Other selling, general, and administrative expenses includes credits and costs that are not allocated to a particular segment. This includes expenses incurred as part of our acquisitions, as well as potential acquisitions which have not been or may not be completed. Our results for the year ended September 30, 2021, included $9.5 million of expenses relating to the acquisitions of Attain, LLC, and VES Group, Inc. For more information, see "Note 6. Business Combinations."
(4)During fiscal year 2020, we sold Q2 Administrators LLC, a subsidiary within our U.S. Federal Services Segment, resulting in a gain.
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