1Q FY2025 Earnings Presentation | 2 First Quarter Fiscal 2025 | Earnings Call February 6, 2025 NYSE: BV Introductory Information Introductory Information (continued) 1Q FY2025 Earnings Presentation | 3 Executive Summary Dale Asplund | President & Chief Executive Officer 1Q FY2025 Earnings Presentation | 4 Key Highlights Continue to embrace a unified One BrightView culture One BrightView Transformation Progressing – Reiterating FY25 Guidance Delivered double-digit EBITDA growth and expanded margins by 120 bp ...

BrightView Holdings, Inc. (NYSE:BV) Q1 2025 Earnings Conference Call February 6, 2025 8:30 AM ET Company Participants Chris Stoczko - Vice President of Finance and Investor Relations Dale Asplund - President and Chief Executive Officer Brett Urban - Chief Financial Officer Conference Call Participants Tim Mulrooney - William Blair Bob Labick - CJS Securities Greg Palm - Craig-Hallum Capital Group Jeffrey Stevenson - Loop Capital George Tong - Goldman Sachs Andy Wittmann - Baird Harold Antor - Jefferies Alex ...

BrightView Holdings (BV) came out with quarterly earnings of $0.04 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this investment company would post earnings of $0.31 per share when it actually produced earnings of $0.30, delivering a surprise of -3.23%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.BrightView, which ...

Revenue Performance - Total revenue for Q1 fiscal 2025 decreased 4.4% year-over-year to $599.2 million, impacted by a $25.7 million decrease in commercial landscaping and a $7.3 million decrease in snow removal revenue [4]. - Net service revenues decreased to $599.2 million in Q4 2024 from $626.7 million in Q4 2023, representing a decline of approximately 4.5% [33]. - Development services revenue increased 3.5% year-over-year to $191.8 million, driven by higher project volumes [11]. Profitability Metrics - Net loss improved 36.6% year-over-year to $10.4 million, reflecting a 90-basis point increase in net loss margin to 1.7% [4]. - Gross profit for the quarter was $126.8 million, down from $133.8 million year-over-year, indicating a decrease of about 5.2% [33]. - Adjusted EBITDA increased 11.6% to $52.1 million, with an adjusted EBITDA margin expansion of approximately 120 basis points to 8.7% [4]. - Adjusted EBITDA increased to $52.1 million in Q4 2024, compared to $46.7 million in Q4 2023, reflecting a growth of approximately 9.6% [41]. - The net loss attributable to common stockholders improved to $19.4 million in Q4 2024 from $25.3 million in Q4 2023, a reduction of about 23.2% [33]. - Adjusted earnings per share improved to $0.04 in Q4 2024, compared to $0.02 in Q4 2023, reflecting a growth of 100% [41]. Cash Flow and Capital Expenditures - Year-to-date net cash provided by operating activities increased 130.9% to $60.5 million, up from $26.2 million in the prior year [14]. - Adjusted free cash flow decreased 74.6% to $4.4 million, down from $17.3 million in the prior year due to increased capital expenditures [15]. - Capital expenditures for Q1 fiscal 2025 were $58.7 million, significantly up from $10.1 million in the prior year, reflecting a 481.2% increase [15]. - Capital expenditures rose significantly to $58.7 million in Q4 2024, compared to $10.1 million in Q4 2023, marking an increase of approximately 480.2% [35]. - Cash flows provided by operating activities were $60.5 million in Q4 2024, up from $26.2 million in Q4 2023, representing an increase of about 130.5% [41]. Debt and Financial Position - Total financial debt as of December 31, 2024, was $864.4 million, a decrease from $877.3 million as of September 30, 2024 [16]. - Total net financial debt increased to $766.1 million, up $29.2 million from $736.9 million as of September 30, 2024 [16]. - Total net financial debt decreased to $766.1 million as of December 31, 2024, from $859.6 million a year earlier, a reduction of approximately 11% [47]. - The company reported a total financial debt of $864.4 million as of December 31, 2024, down from $924.1 million a year earlier, a decrease of about 6.5% [47]. - Long-term debt, net, slightly decreased from $802.5 million to $796.5 million, a decrease of approximately 0.5% [31]. - Total current liabilities decreased from $543.3 million to $479.3 million, a reduction of about 11.8% [31]. - Total assets decreased from $3,391.8 million as of September 30, 2024, to $3,307.6 million as of December 31, 2024, representing a decline of approximately 2.5% [31]. - Total stockholders' equity decreased from $1,275.3 million to $1,265.5 million, a decline of about 0.8% [31]. Guidance and Definitions - The company reaffirmed fiscal year 2025 guidance with total revenue expected between $2.750 billion and $2.840 billion and adjusted EBITDA between $335 million and $355 million [3]. - Adjusted EBITDA is defined as net income before interest, taxes, depreciation, and amortization, adjusted for certain non-cash and non-recurring items [23]. - Adjusted Free Cash Flow is defined as cash flows from operating activities less capital expenditures, net of proceeds from the sale of property and equipment [26]. - Total Net Financial Debt to Adjusted EBITDA ratio is calculated as Total Net Financial Debt divided by the trailing twelve-month Adjusted EBITDA [27]. - The company utilizes non-GAAP financial measures to provide a clearer understanding of its operating performance and financial position [22].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2024 OR Commission File Number: 001-38579 Securities registered pursuant to Section 12(g) of the Act: None BrightView Holdings, Inc. (Exact name of Registrant a ...

BrightView Holdings, Inc.  (BV) posted fourth-quarter fiscal 2024 results, wherein the top line declined year over year but surpassed the Zacks Consensus Estimate. The bottom line increased year over year but lagged the Consensus Estimate.However, the company’s fourth-quarter results confirm fiscal 2024 as a breakthrough year, highlighting continued business transformation. The One BrightView culture is gaining momentum, positioning the company for fiscal 2025 to be another record-setting year.More on BV’s ...

For the quarter ended September 2024, BrightView Holdings (BV) reported revenue of $728.7 million, down 2% over the same period last year. EPS came in at $0.30, compared to $0.19 in the year-ago quarter.The reported revenue represents a surprise of +0.12% over the Zacks Consensus Estimate of $727.81 million. With the consensus EPS estimate being $0.31, the EPS surprise was -3.23%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to dete ...

BrightView Holdings (BV) came out with quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.23%. A quarter ago, it was expected that this investment company would post earnings of $0.31 per share when it actually produced earnings of $0.32, delivering a surprise of 3.23%.Over the last four quarters, ...

Financial Performance - Fourth quarter total revenue decreased 2.0% year-over-year to $728.7 million, while full year revenue decreased 1.7% to $2,767.1 million[2][6] - Fourth quarter net income increased 56.1% year-over-year to $25.6 million, with a net income margin expansion of 10 basis points[2][4] - Fourth quarter Adjusted EBITDA increased 3.5% year-over-year to a record $105.2 million, with an Adjusted EBITDA margin expansion of 70 basis points[2][4] - Full year net cash provided by operating activities increased 58.3% year-over-year to $205.6 million, and free cash flow increased $65.1 million year-over-year to $145.3 million[2][14] - BrightView Holdings reported a net income of $66.4 million for the fiscal year ended September 30, 2024, compared to a net loss of $7.7 million in the previous year[28] - Adjusted EBITDA for the fiscal year 2024 was $324.7 million, an increase from $298.7 million in fiscal year 2023[29] - The company generated $205.6 million in net cash from operating activities, up from $129.9 million in the prior year[28] - Free cash flow for the fiscal year 2024 was $145.3 million, compared to $80.2 million in fiscal year 2023[29] Revenue Breakdown - Maintenance Services revenue decreased by $102.5 million, or 5.0%, for the fiscal year, while Development Services revenue increased by $50.8 million, or 6.7%[10][13] - Maintenance Services revenue decreased to $486.5 million for the three months ended September 30, 2024, down from $520.8 million in the prior year, a decline of 6.5%[26] - Development Services revenue increased to $244.1 million for the three months ended September 30, 2024, compared to $224.7 million in the same period last year, an increase of 8.0%[26] Debt and Financial Ratios - As of September 30, 2024, the Company's Total Net Financial Debt was $736.9 million, a decrease of $133.6 million from $870.5 million as of September 30, 2023[15] - The Total Net Financial Debt to Adjusted EBITDA ratio improved to 2.3x as of September 30, 2024, compared to 2.9x in the previous year and 4.8x in 2022[15] - The decrease in Total Net Financial Debt and the improvement in the debt to EBITDA ratio were primarily driven by an increase in Cash and Equivalents and repayment of $87.3 million under the receivable Financing Agreement[15] - Total Financial Debt as of September 30, 2024, is $877.3 million, down from $937.5 million in 2023[37] - Total Net Financial Debt decreased to $736.9 million in 2024 from $870.5 million in 2023, reflecting a significant reduction[37] - The Total Net Financial Debt to Adjusted EBITDA ratio improved to 2.3x in 2024, compared to 2.9x in 2023[37] - Long-term debt, net, was reported at $802.5 million for September 30, 2024, down from $888.1 million in the previous year[37] Cash and Assets - The company’s cash and cash equivalents increased significantly to $140.4 million as of September 30, 2024, compared to $67.0 million in the prior year, a growth of 109.7%[22] - Total current assets increased to $780.1 million as of September 30, 2024, compared to $742.1 million in the previous year, representing a growth of 5.4%[22] - Cash and cash equivalents at the end of the period increased to $140.4 million from $67.0 million year-over-year[28] Guidance and Future Outlook - Fiscal year 2025 guidance projects total revenue between $2.750 billion and $2.840 billion, and Adjusted EBITDA between $335 million and $355 million[3] - Forward-looking statements indicate potential risks including competitive pressures and the ability to retain customers, which could impact future performance[18] Company Strategy and Operations - The company emphasized a multi-faceted transformation aimed at sustainable growth and value creation for stakeholders[3] - The Company emphasizes sustainable solutions and best practices in its operations, aiming to engage clients and inspire communities[17] Non-GAAP Measures - The Company utilizes non-GAAP financial measures such as Adjusted EBITDA and Free Cash Flow to provide a clearer picture of its operational performance[20] - Adjusted EBITDA is defined as net income before interest, taxes, depreciation, and amortization, adjusted for non-cash and non-recurring items[21] - Total Financial Debt includes long-term debt and finance lease obligations, while Total Net Financial Debt is calculated by subtracting cash and equivalents[21] Other Financial Metrics - The company incurred business transformation and integration costs of $44.1 million for the fiscal year 2024, compared to $23.7 million in the previous year[31] - Equity-based compensation expenses were $20.5 million for the fiscal year 2024, slightly down from $22.3 million in fiscal year 2023[29] - The company reported a realized gain on divestiture of $43.6 million during the fiscal year 2024[29] - Cash paid for interest decreased to $67.7 million from $82.1 million year-over-year[28] - Adjusted earnings per share for the fiscal year 2024 were $0.76, compared to $0.42 in the previous year[29] - The tax impact of pre-tax income adjustments for the year ended September 30, 2024, was $12.8 million, compared to $34.1 million in 2023[34] - The Company experienced losses on the extinguishment of debt related to amendments to the Credit Agreement in fiscal years 2024 and 2023[33]

Financial Performance - For the fiscal year ended September 30, 2024, the company generated net service revenues of $2,767.1 million, with a net income of $66.4 million and an Adjusted EBITDA of $324.7 million, resulting in a net income margin of 2.4% and an Adjusted EBITDA margin of 11.7%[20]. - In the Maintenance Services segment, the company achieved net service revenues of $1,964.0 million, including $220.8 million from snow removal services, with a Segment Adjusted EBITDA of $279.7 million and a Segment Adjusted EBITDA Margin of 14.2%[25]. - The Development Services segment generated net service revenues of $808.8 million and a Segment Adjusted EBITDA of $106.3 million, with a Segment Adjusted EBITDA Margin of 13.1%[26]. - The company’s business model is characterized by stable, recurring revenues, strong operating margins, and significant Free Cash Flow, with limited capital expenditures and low working capital requirements[20]. Market Overview - The company operates in a highly competitive $113 billion commercial landscape maintenance and snow removal market, emphasizing its ability to provide a single-source solution for diverse commercial customers[20]. - The commercial landscaping services industry is projected to reach $113 billion in 2024, with a stable growth rate of 2.3% CAGR from 2020 to 2029[29]. - BrightView holds a 1.7% market share in a highly fragmented industry with over 660,000 enterprises providing landscape maintenance services in the U.S.[30]. - The private non-residential construction sector is expected to grow at an annualized rate of 1.3% from 2022 to 2027, supporting the demand for commercial landscape maintenance services[32]. Workforce and Employment - As of September 30, 2024, BrightView employed approximately 19,600 employees, including 15,750 in Maintenance Services and 2,950 in Development Services[35]. - The company utilized approximately 2,000 seasonal workers through the H-2B visa program in 2024[36]. - BrightView's maintenance services branches typically generate between $2 million and $22 million in annual revenues, serving 25-100 customers across 50-250 sites[33]. - The company aims for zero injuries and has implemented robust safety training and risk reduction activities to enhance employee wellbeing[37]. - BrightView's total rewards philosophy includes comprehensive health and wellness plans, retirement savings plans, and opportunities for incentive awards to attract and retain employees[38]. Operational Efficiency - BrightView has invested significantly in technology to enhance operational efficiencies and customer service, positioning itself as a leader in the commercial landscaping industry[51]. - The company has implemented an electronic time capture system for crew leaders, providing insights into job costing and crew productivity[51]. - BrightView maintains over 665 branch-level account managers responsible for customer satisfaction and contract renewals[52]. - The company employs over 200 business developers focused on acquiring new customers and a separate 34-member team targeting high-value opportunities[52]. - BrightView's marketing efforts include digital marketing and local field marketing teams to enhance brand awareness and customer referrals[52]. Risks and Variability - The company’s snow removal services are subject to variability based on snowfall levels, with performance benchmarks against ten- and thirty-year averages[24]. - Seasonal variability affects revenue, with higher earnings typically in the spring and summer months, while winter services are driven by snow removal[42]. - The company’s operations are impacted by various risks, including competitive pressures, customer outsourcing reductions, and compliance with environmental regulations[9]. Debt and Fuel Costs - As of September 30, 2024, BrightView had variable rate debt of $809.0 million at a weighted average interest rate of 8.1%[208]. - A 100 basis point change in interest rates on the variable rate debt would result in a change of approximately $2.7 million in fiscal 2024 interest expense[208]. - During the year ended September 30, 2024, BrightView purchased approximately 21.1 million gallons of fuel[209]. - A ten percent change in fuel prices would have resulted in a change of approximately $6.2 million in annual fuel costs[209]. Strategic Initiatives - The company launched the One BrightView initiative in November 2023 to enhance customer-centric operations and streamline its organizational structure for sustained profitable growth[28]. - BrightView has a fleet of approximately 15,500 trucks and trailers, believed to be the largest in the commercial landscape maintenance industry[53].