Abm Industries Incorporated · NYSE:ABM
Abm Industries — Investor Day (January 2018)
83 slides from Abm Industries's investor day presentation, Jan 18, 2018
Slide 1: ABM Investor Day 2018: Building Value, 2020 Vision
ABM INVESTOR DAY 2018 ABM Building Value 2020 Vision January 18, 2018
Slide 2: 2018 Investor Day Agenda
2018 Investor Day Agenda Time Speaker & Topic 9:00 a.m. NYSE – Welcome & Ceremony Continental Breakfast 9:30 a.m. NYSE – Opening Bell 9:45 a.m. Susie A. Choi, Investor Relations Introductions, Agenda, and Moment for Safety 9:50 a.m. Scott Salmirs, President and Chief Executive Officer 2020 Vision -
Slide 3: Moment for Safety
Moment for Safety @ ABM. Building Value
Slide 4: Safe Harbor Statement
Safe Harbor Statement Cautionary Statement under the Private Securities Litigation Reform Act of 1995 Our Investor Day presentation and discussions during our Investor Day presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Thes
Slide 5: Non-GAAP Financial Information
Non-GAAP Financial Information The presentations and discussions during our Investor Day include references to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). These adjustments have been made with the intent of providing fina
Slide 6: 2020 Vision Making History
2020 Vision Making History Scott Salmirs President & Chief Executive Officer 6
Slide 7: From 1909 to Today...
From 1909 to Today...
Slide 8: Growth to $6B+
Growth to $6B+ Lighting Sold Mechanical Government Electrical Janitorial (UK) business 2010 2014 2017 $3B $6B 2007 2012 2015 2015 2017 Aviation Janitorial Sold Security Education and business Technical Solutions (UK) Commercial Healthcare *Dates based on calendar year 8
Slide 9: Services We Perform
Services We Perform Janitorial Parking & Transportation Electrical & Mechanical Energy Solutions Building Cleaning & Maintenance On and Off-Street Parking Management Repairs, Replacements and Upgrades HVAC, Central Plants, Lighting and Controls Green Cleaning and Recycling Services Shuttle and Trans
Slide 10: Unparalleled Clientele
Unparalleled Clientele GP cevars-sinat. 3 Flowers!oods Heathrow CBRE John F. Kennedy Making every journey better es g2 Lye World Airports GANNETT Ges N Brookfield American Airlines & ™ Northwestern Memorial” Northeastern Yale Ss Hospital (JILL Google (@) Hur" SS é KUEHNE+NAGEL AT&T HARLEY- SS AUBURN
Slide 11: 2015: An Organizational Structure That Did Not Meet Our Clients' Needs
2015: An Organizational Structure That Did Not Meet Our Clients’ Needs Onsite BESG Other ABES Aviation Multiple (Tech Svcs) service lines Passenger BESG Govt Services MW | NE | W | SC BESG Healthcare Facility Services 11
Slide 12: 2015: An Inefficient Operating Framework
2015: An Inefficient Operating Framework ‒ 14 accounting centers ‒ No central procurement ‒ Inconsistent IT approach ‒ No operating leverage 12
Slide 13: 2015: The Start of Our 2020 Vision Journey
2015: The Start of Our 2020 Vision Journey FY2015 Revenue $4.9B Adj. EBITDA Margin 3.8% Market Cap $1.6B Cash Returned to Shareholders $155M (Past 3 Years) FY15 adjusted EBITDA margin recast to reflect insurance reset and bonus accrual reversal from fiscal 2015 Cash Returned to Shareholders calculat
Slide 14: Today: 2020 Vision Reorganization
14 Business Business & Industry & Industry Aviation Education Technical Solutions Healthcare Shared Services, Support Functions Today: 2020 Vision Reorganization Technology & Manufacturing
Slide 15: Today: 2020 Vision Process Improvements Underway
Today: 2020 Vision Process Improvements Underway Shared Services in Houston Centralized procurement initiative Strategic investments in cloud-based HRIS, CRM, Financial Analytics The ABM Way (SOPs) 15
Slide 16: Today: 2020 Vision Progress
Today: 2020 Vision Progress 2-Year FY2015 FY2017 Change Revenue $4.9B $5.5B +12% Adj. EBITDA $ $185 $237 +28% % of Revenue 3.8% 4.3% Market Cap $1.6B $2.4B +50% Cash Returned to Shareholders $155M $198M +28% (Prior 3 Years) FY15 adjusted EBITDA margin recast to reflect insurance reset and bonus accr
Slide 17: Management Team
WHO ARE WE TODAY? Management Team Scott Salmirs President and Chief Executive Officer Scott Giacobbe D. Anthony Scaglione Andrea Newborn Dave Goodes Chief Operating Officer Chief Financial Officer General Counsel and Chief Human Resources Officer Corporate Secretary Cary Bainbridge Anthony Piniella
Slide 18: Understanding The New ABM
Understanding The New ABM Scott Giacobbe Chief Operating Officer 18
Slide 19: ABM Purpose, Vision, Mission
ABM PURPOSE To take care of the people, spaces and places that are important to you VISION To be the clear choice in the industries we serve through engaged people MISSION To make a difference, every person, every day 19
Slide 20: First 100 Days
First 100 Days STRENGTHS OPPORTUNITIES 2020 Vision Excitement Accelerate and Scale Best Practices Core Capabilities Underscore Differentiation & Unique Solutions Client Loyalty Leverage Cross-Selling/Up-Selling Leadership Focus Commit to Results & Growth 20
Slide 21: Alignment of Key Priorities
Alignment of Key Priorities The ABM Way Grow ABM ̶ Account Planning ̶ Establish a Sales Culture ̶ Labor Management ̶ Cross-Sell & Up-Sell ̶ Safety & Risk ̶ Pursue National Accounts ̶ Manager Development ̶ Track Performance Scorecards Engaged People Client Focused ̶ Recruit – Onboard – Retain ̶ Excee
Slide 22: Strategically Focused on Industries Where We Can Win
Strategically Focused on Industries Where We Can Win 22
Slide 23: Business & Industry
Business & Industry ABM Business & Industry: Enhancing the workplace experience through end-to-end solutions Approx. Revenue Size $2.8B Market Size Employees $100B 50,000+ Fortune 500 ABM clients 50%+ Sports & Entertainment events serviced 4,000+ Commercial properties serviced (sq. ft.) 1B+ Sources:
Slide 24: Business & Industry: Services We Offer
Business & Industry: Services We Offer Parking & Transportation (15%) − Shuttle & Transportation Services 15% 15% IFS & Facilities Engineering (15%) − Valet Parking & Special Event Services − Facility Operations & Maintenance − On & Off-Street Parking Management − Central Plant Operations & Maintena
Slide 25: Business & Industry: Industry Dynamics
Business & Industry: Industry Dynamics MARKET TRENDS COMPETITIVE LANDSCAPE Predominantly outsourced market Smaller, regional 3rd party, multi-tenant facilities service providers continue to prioritize cost Single service providers Owner-occupied and owner-managed facilities focus on employee/ Global
Slide 26: Business and Industry: Long-Term Strategic Priorities to Win
Business and Industry: Long-Term Strategic Priorities to Win Priorities Goals Strategy − Target growth in margin-accretive industry segments Focus on healthy − Leverage IFS capabilities to expand services in Growth existing accounts organic growth − Focus on targeted growth of Parking business − Exp
Slide 27: Education
Education ABM in Education: Enhancing the learning environment through end-to-end solutions Approx. Revenue Size $800M Market Size Employees $25B 25,000+ K-12 schools cleaned annually (sf) 500M+ Higher Education campuses serviced 150+ Reduced avg. energy use in schools we serve 29% Source: Parthenon
Slide 28: Education: Services We Offer
Education: Services We Offer 5% Other (5%) Janitorial (95%) ̶ Facility Operations ̶ Custodial Services ̶ Grounds Maintenance ̶ Recycling Services ̶ Plumbing ̶ General Maintenance ̶ Carpet & Floor Care ̶ Staffing & Specialty Services ~$800m 95% 28
Slide 29: Education: Industry Dynamics
Education: Industry Dynamics MARKET TRENDS COMPETITIVE LANDSCAPE Aging infrastructures and budget pressures are driving increased desire to outsource Food-based service providers Sustainability and technology Local and regional companies continue to be a focus 29
Slide 30: Education: Long-Term Strategic Priorities to Win
Education: Long-Term Strategic Priorities to Win Priorities Goals Strategy − Establish post-acquisition strategy as the “Industry Leader” Leverage GCA to drive Growth − Focus on cross-selling of Technical Solutions in key higher organic growth markets − Leverage GCA playbook and establish/standardiz
Slide 31: Aviation
Aviation ABM in Aviation: Enhancing the passenger experience through end-to-end solutions Approx. Revenue Size $1B Market Size US/UK Employees $45B+ 25,000+ Serving Airports Globally 100+ Aircrafts Cleaned Annually 1M+ Annual Wheelchair Requests 5M+ Airport Operations Bus Fleet 800+ Source: ACI, Fir
Slide 32: Aviation: Services We Offer
Aviation: Services We Offer Airport/Airline Services (55%) ̶ Passenger/Wheelchair Services ̶ Cabin Services 30% Parking & Transportation (30%) ̶ Baggage Services ̶ Parking Management ̶ Travel Retail ̶ Valet Parking ̶ Catering Services ̶ Ground Transportation & Taxi Dispatch ̶ Cargo/Security ̶ Shuttl
Slide 33: Aviation: Industry Dynamics
Aviation: Industry Dynamics MARKET TRENDS COMPETITIVE LANDSCAPE Predominantly outsourced market Smaller, regional airline service providers Increasing focus on passenger experience Single service providers Emerging innovations Global IFS companies to drive traffic 33
Slide 34: Aviation: Long-Term Strategic Priorities to Win
Aviation: Long-Term Strategic Priorities to Win Priorities Goals Strategy Increase market share by ̶ Capitalize on existing domestic presence for cross- selling in key airports Growth expanding domestic and ̶ Build on UK presence to expand airline client and global density service portfolio ̶ Establ
Slide 35: Technology & Manufacturing
ABM Technology & Technology & Manufacturing Manufacturing: Enhancing innovation through end-to-end solutions Approx. Revenue Size Market Size $900M $20B Employees 20,000+ Technology clients serviced (sf) 80M+ U.S. Nuclear Power Stations serviced 25% Data Centers maintained (sf) 35M+ Source: Boston C
Slide 36: Technology & Manufacturing: Services We Offer
Technology & Manufacturing: Services We Offer Janitorial (80%) − General Maintenance − Cleaning & Recycling Services − Clean Room and Specialized Facility Cleaning − Sanitation Services − Managed Staffing − Landscape & Grounds 80% ~$900M 20% Facility Services (20%) − Facility Operations & Maintenanc
Slide 37: Technology & Manufacturing: Industry Dynamics
Technology & Manufacturing: Industry Dynamics MARKET TRENDS COMPETITIVE LANDSCAPE Greater demand for onsite presence National and regional Increasing demand for facility service providers Integrated Facilities Services Engineering and Increased focus on construction firms modernization and complianc
Slide 38: Technology & Manufacturing: Long-Term Strategic Priorities to Win
Technology & Manufacturing: Long-Term Strategic Priorities to Win Priorities Goals Strategy Accelerate organic growth − Establish post-acquisition, new operational structure Growth through targeted to build strong growth culture and sales pipeline sub-segments − Identify & execute cross selling init
Slide 39: Healthcare
ABM Healthcare: Healthcare Approx. Revenue Size Enhancing the patient experience through end-to-end solutions $275M Employees Market Size 5,000+ $20B+ Hospitals & Medical offices serviced 300+ and 700+ Cars parked annually 22.8M+ Healthcare space cleaned (sf) 125M Laundry processed annually (lbs.) 1
Slide 40: Healthcare: Services We Offer
Healthcare: Services We Offer Patient Experience Services (85%) − Environmental Services − Food & Nutrition Services//Senior Dining Technical Services (15%) − Patient Transportation − Facility Management − Laundry/Linen − Healthcare Technologies 15% − Parking/Valet/Shuttle (Clinical Engineering) ~$2
Slide 41: Healthcare: Industry Dynamics
Healthcare: Industry Dynamics MARKET TRENDS COMPETITIVE LANDSCAPE Consolidation among large Nutrition-led, global facilities acute care hospital systems services providers Non-acute segment Non-acute, smaller regional continues to grow specialty healthcare service providers Traditional competitors r
Slide 42: Healthcare: Long-Term Strategic Priorities to Win
Healthcare: Long-Term Strategic Priorities to Win Priorities Goals Strategy − Target growth at smaller to mid-size hospital systems Target growth as and University systems Growth − Expand market share in emerging non-acute markets a niche player in select regions − Customize standard operating proce
Slide 43: Technical Solutions
ABM Technical Technical Solutions Solutions: Providing end-to-end solutions Approx. Revenue Size $450M Market Size Employees $100B 1,000+ Service and maintain heating and cooling systems 78,000+ Installed EV Charging ports across the U.S. 8,000+ Reduced clients’ avg. energy use by Supported by finan
Slide 44: Technical Solutions: Services We Offer
Technical Solutions: Services We Offer Mechanical & Energy (65%) − Preventive & Proactive Maintenance Electrical & Lighting (15%) − Repairs, Retrofits & Replacements − Repairs, Replacements, & Upgrades − Guaranteed Energy Saving Programs − High Efficiency Lighting 15% Improvements − Energy Efficient
Slide 45: Technical Solutions: Long-Term Strategic Priorities to Win
Technical Solutions: Long-Term Strategic Priorities to Win Priorities Goals Strategy − Invest in salespeople to build pipeline − Identify and target cross-sell opportunities among Growth Expand growth legacy ABM clients and post-acquisition Education market − Focus on employee engagement to attract
Slide 46: Summary
Summary Sales – Organic Growth Leverage Enterprise & Unique Offerings Implement Standard Operating Practices Technology Leadership The People Business 46
Slide 47: ABM Investor Day 2018
47 ABM INVESTOR DAY 2018 2020 Vision January 18, 2018 ABM Building Value
Slide 48: Strength Through Our People
Strength Through Our People Dave Goodes Chief Human Resources Officer 48
Slide 49: ABM Has ~130K+ Employees
ABM Has ~130K+ Employees WA 3,036 ME MT ND 22 50 19 MN OR VT NH 1,058 2,783 3 194 ID WI NY UK 590 SD MA 1,481 10,879 CT 5,500 WY 56 MI 1,859 1,362 140 2,692 RI PA 261 NE IA NJ NV 3,001 924 OH 465 IL IN MD 3,988 1,174 2,845 UT 8.078 943 WV 1,283 DE 621 CO VA 594 CA MO 113 1,991 KS KY 3,437 19,583 868
Slide 50: Labor Trends Differ on National and Local Level
Labor Trends Differ on National and Local Level We have historically Local trends can be navigated federal policy more impactful than changes and national federal and national labor trends National Local trends NATIONAL LANDSCAPE LOCAL LANDSCAPE Lower unemployment Changing labor policies Immigration
Slide 51: Industry Group Dynamics Exist for Labor
Industry Group Dynamics Exist for Labor Business & Technology & Technical Aviation Education Healthcare Industry Manufacturing Solutions CHALLENGE Increasing Increasing Longer Cycle Complex Large Union Demand Demand Background Lower Wage TSA Clearance Presence for Skilled for Skilled Check Workforce
Slide 52: We Are Better Equipped to Address Labor Under our 2020 Vision
We Are Better Equipped to Address Labor Under our 2020 Vision Job Align Sterling Talent Solutions Oracle HCM Reduce time to hire Centralizes and streamlines Faster and more efficient Best-in-class, cloud-based application process tied pre-employment screening HRIS system Drive productivity earlier o
Slide 53: Improving Employee Engagement
Improving Employee Engagement Engagement driver Role clarity Career management Performance management Networks Reward Work environment Organizational values A B M ’ S C U LT U R E , P R O G R A M S A N D P R O C E S S E S 53
Slide 54: 2020 Vision: HR Priority
2020 Vision: HR Priority Enablers to achieve our 2020 Vision Objectives ̶ Scale to stay ahead of market dynamics ̶ Best-in-class HR processes ̶ Tools and technology ̶ Fully engaged workforce 54
Slide 55: Driving our Future
Driving our Future D. Anthony Scaglione Chief Financial Officer 55
Slide 56: Supporting the New ABM and Driving our Future
Supporting the New ABM and Driving our Future FINANCE SHARED SERVICES PROCESS TECHNOLOGY ̶ Incentive Alignment ̶ Centralized Back Office ̶ Procurement ̶ Customer Relationship ̶ Capital Allocation Operations Management (CRM) ̶ Safety & Risk ̶ Focus on End-to-End ̶ Proprietary vs. Third Process Party
Slide 57: Financial Incentives to Drive Behavior
Financial Incentives to Drive Behavior FINANCE SHARED SERVICES PROCESS TECHNOLOGY B U ILD IN G A PAY-FOR -PER FOR MA N CE C U LTU R E Executive Alignment ̶ Organic Growth ̶ Adj. EBITDA Industry Group & Corporate Alignment ̶ ROIC ̶ Safety ̶ Organic Growth Field Alignment ̶ Gross Profit ̶ Adj. EBITDA
Slide 58: Prioritized Capital Allocation Framework
Prioritized Capital Allocation Framework FINANCE SHARED SERVICES PROCESS TECHNOLOGY ORGANIC INVESTMENTS Investments to support our core business, driving profitable organic growth LEVERAGE Utilize FCF to deleverage while continuing dividend policy EXCESS CAPITAL Excess capital to shareholders and ex
Slide 59: Establishing a Shared Services Center
Establishing a Shared Services Center FINANCE SHARED SERVICES PROCESS TECHNOLOGY Functions Scattered in the Field Shared Services Center Billing Payroll Accounts Payable Accounting (e.g. transactions) ̶ Non-Dedicated Resources ̶ Singular Focus ̶ Poor Job Mobility ̶ Career Pathing ̶ Multiple Invoice
Slide 60: Further Optimizing the Shared Services Center
Further Optimizing the FINANCE SHARED SERVICES PROCESS TECHNOLOGY Shared Services Center How we identify, Segment, Develop Walk Develop the Close the 1 Lead-to-sale qualify and win Identify leads target & leads the site bid / pricing sale customers qualify leads How we perform Quote, agree & Perform
Slide 61: A Multi-Year Procurement Process with Increasing Benefits
A Multi-Year Procurement Process FINANCE SHARED SERVICES PROCESS TECHNOLOGY with Increasing Benefits World-class Procurement function across all Verticals Scenario analysis, procurement Phase 4 portfolio optimization, risk mitigation Integrated metrics, SPM – Supplier Supplier development Performanc
Slide 62: Risk & Safety
Risk & Safety FINANCE SHARED SERVICES PROCESS TECHNOLOGY Risk and Safety Culture From the CEO to our front-line employees, we are committed to “walking the risk and Measurable Accountability safety talk.” Every day. ̶ Enhanced accountability program for WC; new programs for GL and AL ̶ Portion of in
Slide 63: Evolving Technology to Support the New ABM
Evolving Technology to FINANCE SHARED SERVICES PROCESS TECHNOLOGY Support the New ABM Capex Opex New ABM 63
Slide 64: Internal Development of Tools Unique to ABM
Internal Development of FINANCE SHARED SERVICES PROCESS TECHNOLOGY Tools Unique to ABM IN TR OD U C IN G TH E TA G PR IC ER Scope, cost, Create work price new TAG order for billing Send proposal Manage to client TAG pipeline 64
Slide 65: Introducing the Tag Pricer
Introducing the Tag Pricer FINANCE SHARED SERVICES PROCESS TECHNOLOGY VIDEO #1: WHAT IS TAG PRICER – could also click from phone in previous slide instead but leave separate for replay deck 65 MKTG TO PROVIDE
Slide 66: Evolving Technology to Support the New ABM
Evolving Technology to FINANCE SHARED SERVICES PROCESS TECHNOLOGY Support the New ABM Capex Opex New ABM 66
Slide 67: Financial Outlook
Financial Outlook D. Anthony Scaglione Chief Financial Officer 67
Slide 68: Fiscal 2018 Outlook (Pre-Tax Reform)
Fiscal 2018 Outlook (Pre-Tax Reform) Metric Amount Income from Continuing Operations per Diluted Share¹ $1.33 - $1.43 Adjusted Income from Continuing Operations per Diluted Share¹ $1.70 - $1.80 Depreciation $50m - $60m Amortization* $60m - $70m Interest Expense $50m - $53m Capital Expenditures $55m
Slide 69: Tax Reform Update
Tax Reform Update Current FY18 Outlook (Pre-Tax Reform) Amount Current Tax Rate1 38% - 40% Preliminary Assessment of New Tax Legislation in FY18 Amount Potential Revised Tax Rate1 28% - 30% Potential Impact to Current Outlook for GAAP Income from Continuing $0.40 - $0.50 Operations per Diluted Share
Slide 70: GCA Integration Update
GCA Integration Update Approximate Revenue Mapping T&M B&I PROGRESS TO DATE 20% 15% - Remapped operations to new Industry Group format OTHER¹ 5% - Targeted organizational realignment by end-Q1/early-Q2 - Initiated rebranding of GCA to ABM - Aligned on systems and back-office convergence EDUCATION -
Slide 71: Fiscal 2018 – Preliminary Segment Structure
Fiscal 2018 – Preliminary Segment Structure SEGMENT DESCRIPTIONS B&I, our largest segment, encompasses janitorial, facilities engineering, and parking services for B&I commercial real estate properties, and sports and entertainment venues. Aviation includes services supporting airlines and airports
Slide 72: Diversified Portfolio with Differing Profit Profiles
Diversified Portfolio with Differing Profit Profiles 20% Fixed Price Cost-Plus 45% 10% Management Reimbursement Project-based 25% 72
Slide 73: Fiscal 2018 – Preliminary Segment Structure
Fiscal 2018 – Preliminary Segment Structure ($ in millions) FY18 Operating Segment FY17 Revenues1 Profit Margin %² Business & Industry ~ $2.8B low 5% Aviation ~ $1.0B mid 3% Education ~ $800M low 5% Healthcare³ ~ $275M low 5% Technology & Manufacturing ~ $900M low 8% Technical Solutions ~ $450M high
Slide 74: Reaching Our 2020 Vision
Reaching Our 2020 Vision Over FY19 - FY20 ORG. REVENUE GDP+ ADJ. EBITDA % +50bps-60bps Expansion ADJ. EPS Mid-Teens Growth ANNUAL FCF CONVERSION ~40%-50% of Adj. EBITDA LEVERAGE ~2.5x to ~3.0x 74
Slide 75: Key Takeaways
Key Takeaways Leading market positions and technical know-how underpin durable growth; overall business conditions in our served markets remain strong Fragmented competitive landscape provides significant opportunity for organic and acquisitive growth potential Focused business development and struc
Slide 76: Closing
Closing Scott Salmirs President & Chief Executive Officer 76
Slide 77: Looking Beyond 2020
Looking Beyond 2020 Diversified end markets and contract structures, along with a balanced array of services provide visibility and resilience to changes in the macro environment In each of our chosen verticals, there is substantial runway to capture incremental revenue growth, pairing organic oppor
Slide 78: ABM Investor Day 2018 Q&A
ABM INVESTOR DAY 2018 ABM Building Value Q&A 2020 Vision January 18, 2018 78
Slide 79: Appendix
Appendix Unaudited Reconciliation of Non-GAAP Financial Measures 79
Slide 80: Unaudited Reconciliation of non-GAAP Financial Measures
Unaudited Reconciliation of non-GAAP Financial Measures ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) ($ in millions) Years Ended October 31, 2017 2015 Reconciliation of Income from Continuing Operations to Adjusted Income from Continuing Ope
Slide 81: Unaudited Reconciliation of non-GAAP Financial Measures
Unaudited Reconciliation of non-GAAP Financial Measures ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) ($ in millions) Years Ended October 31, 2017 2015 Reconciliation of Net Income to Recasted Adjusted EBITDA Net income $ 3.8 $ 76.3 Items imp
Slide 82: Unaudited Reconciliation of non-GAAP Financial Measures
Unaudited Reconciliation of non-GAAP Financial Measures ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES 2018 GUIDANCE (Excluding 2017 Tax Reform Act impact) Year Ending October 31, 2018 Reconciliation of Estimated Income from Continuing Operations per Diluted Share to Estimated Adjusted Income from Con
Slide 83: ABM Investor Day 2018
ABM INVESTOR DAY 2018 ABM Building Value 2020 Vision January 18, 2018