Core Insights - Bureau Veritas has transitioned its liquidity contract from BNP Paribas Exane to Rothschild Martin Maurel, effective January 7, 2025 [2][3] Group 1: Liquidity Contract Overview - As of December 31, 2025, the liquidity account included various assets, with a notable cash balance of €10,905,867 [2][5] - In the second half of 2025, a total of 3,031,487 shares were purchased through 8,026 transactions, amounting to €82,209,497.39, while 3,046,487 shares were sold across 10,887 transactions for €82,605,150.06 [2][5] - The previous liquidity contract with BNP Paribas Exane was terminated on December 31, 2024, to allow for a change in the investment services provider [2] Group 2: Transaction Details - From January 7, 2025, to June 30, 2025, the liquidity account saw the purchase of 3,880,181 shares through 6,726 transactions, totaling €111,320,894, and the sale of 4,001,491 shares across 13,631 transactions for €114,949,282 [2][5] - The liquidity account also reported a cash balance of €10,510,215 and included 15,000 Bureau Veritas shares [5] - Additionally, there were 95,649 Bureau Veritas shares with a cash balance of €7,009,256 noted in the report [5]

Group 1 - The Goldman Sachs Small Cap Value Fund underperformed its benchmark, the Russell 2000 Value Index (net), during the quarter [3]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - Manatuck Hill Partners has fully exited its position in BrightView Holdings, indicating a reassessment of exposure to specialty services businesses facing valuation pressure [2][11]. Company Overview - BrightView Holdings provides commercial landscaping services, including mowing, gardening, irrigation, snow removal, tree care, and landscape architecture [9][10]. - The company operates through two segments: Maintenance and Development, generating revenue primarily from recurring maintenance contracts and project-based development services [9][10]. - As of November 14, 2025, BrightView's market capitalization is $1.16 billion, with a revenue of $2.70 billion and a net income of $53.90 million [5]. Recent Performance - BrightView's stock price was $12.18 as of November 14, 2025, reflecting a 30% decline over the past year, significantly underperforming the S&P 500, which increased by 13% during the same period [4]. - The company reported a 3.6% decline in fourth-quarter sales to $702.8 million, with full-year revenue slipping by 3.4% [12]. - Despite operational progress, including record fourth-quarter adjusted EBITDA of $113.5 million and margin expansion of 170 basis points, the stock remains below its 2018 post-IPO highs [11][12]. Strategic Insights - The exit by Manatuck suggests a shift away from slower-growing service names towards higher-conviction positions, although there may still be potential opportunities in BrightView for investors willing to endure multi-year turnarounds [11][13].

Financial Data and Key Metrics Changes - Fiscal 2025 Adjusted EBITDA reached $352 million, an increase of $28 million or 8% compared to fiscal 2024, with a margin of 13.2%, representing a 260 basis point improvement from fiscal 2023 [14][15] - Adjusted EBITDA margin expanded by 150 basis points year-over-year, marking consecutive years of margin expansion [15][20] - SG&A expense as a percentage of revenue improved by 180 basis points since 2023, reflecting operational efficiencies [12][16] Business Line Data and Key Metrics Changes - Customer retention improved to approximately 83%, a 400 basis point increase since the start of the transformation two years ago [8][4] - The company added about 100 new sellers in fiscal 2025, with plans to continue expanding the sales force by approximately 500 net new hires through 2030 [9][10] - The land maintenance revenue is expected to grow by 1%-2% in fiscal 2026, driven by the growing sales force and improved customer retention [21] Market Data and Key Metrics Changes - The development segment is expected to see revenue growth in the range of flat to +2%, supported by a healthy backlog and benefits from cold starts [22] - Snow revenue is anticipated to be between $190 million and $220 million, reflecting a shift to more fixed fee contracts [22] Company Strategy and Development Direction - The company is focused on delivering sustainable and profitable top-line growth by investing in frontline employees and expanding the sales force [6][11] - A disciplined approach to capital allocation is emphasized, with an increased share repurchase authorization from $100 million to $150 million [4][19] - The fleet management strategy has been a key focus, with over $300 million invested to refresh aging equipment, leading to improved operational efficiency and employee morale [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return of discretionary spending in ancillary services and the overall growth potential for the business in 2026 [28][29] - The company is confident in its ability to grow, citing improvements in employee and customer retention as critical factors [84][85] - Management acknowledged potential challenges from seasonal fluctuations but remains focused on leveraging improvements in service delivery and operational efficiencies [28][29] Other Important Information - The company has a strong balance sheet with net leverage remaining at 2.3x and no long-term maturities until 2029, providing ample liquidity for investments [19][20] - The midpoint of the margin guidance implies a 310 basis point improvement over the last three years, reinforcing the commitment to expanding margins [23] Q&A Session Summary Question: How did performance in discretionary areas of land maintenance trend in Q4? - Management noted optimism in discretionary spending returning, with positive feedback from frontline workers and customers regarding new fleet investments [27][28] Question: What is the expected productivity ramp for new sales hires? - New sellers typically see limited productivity in the first six months, with improved performance expected after a year, targeting $1.5 million in annual sales for seasoned sellers [30][31] Question: How far along is the company in improving employee retention? - Employee retention has improved significantly, with further potential for enhancement, aiming for a more normalized level for the high-turn workforce [41][43] Question: What impact has the new tax bill had on capital investment? - The company benefited from tax savings to accelerate fleet refresh investments, with expectations to normalize capital expenditures in the coming years [45][46] Question: What is the timeline for the rollout of the field service management system? - The rollout is expected to be completed in the first quarter of the new year, aimed at increasing efficiency and capacity rather than cost savings [68][69] Question: How are project delays in the development business being managed? - Management indicated that while there have been delays, they expect to see growth in the development business as new branches open and backlogs are addressed [71][72]

Financial Data and Key Metrics Changes - Fiscal 2025 adjusted EBITDA reached a record $352 million, an increase of $28 million or 8% compared to fiscal 2024, with an adjusted EBITDA margin of 13.2%, expanding 150 basis points year-over-year [11][12] - The company improved SG&A expense as a percentage of revenue by 180 basis points since 2023, reflecting substantial overhead cost reductions [12] - Net leverage remained at 2.3 times, with a strong balance sheet supporting capital allocation strategies [17] Business Line Data and Key Metrics Changes - Customer retention improved to approximately 83%, a 400 basis point increase since the start of the transformation two years ago [7][4] - The company added about 100 new sellers in fiscal 2025, with plans to increase the sales force by approximately 500 net new hires through 2030 [8][3] - Land maintenance revenue is expected to grow by 1%-2% in fiscal 2026, driven by a growing sales force and improved customer retention [18] Market Data and Key Metrics Changes - The development segment is expected to see revenue growth in the range of flat to positive 2%, supported by a healthy backlog and cold starts, despite some project delays early in the fiscal year [19] - Snow revenue is anticipated to be in the range of $190-$220 million, reflecting a shift to more fixed fee contracts [19] Company Strategy and Development Direction - The company is focused on delivering sustainable and profitable top-line growth, emphasizing investments in frontline employees and expanding the sales force [5][6] - A disciplined approach to capital allocation is being maintained, with an increase in share repurchase authorization from $100 million to $150 million [4][17] - The company aims to leverage its size and scale to unlock additional efficiencies and drive long-term shareholder value [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return of discretionary spending in ancillary services and the positive momentum observed in customer engagement [24][26] - The company is confident in its ability to grow the business in 2026, despite potential seasonal noise, due to the foundational improvements made over the past two years [25][59] - Management highlighted the importance of employee retention in driving customer satisfaction and overall business growth [33][57] Other Important Information - The company has invested over $300 million in refreshing its fleet, significantly reducing the average age of core production vehicles to five years and mowers to one year [15][16] - The implementation of a new field service management system is expected to enhance operational efficiency and capacity creation [46][48] Q&A Session Summary Question: How did performance in discretionary areas of land maintenance trend in Q4? - Management noted optimism in the return of discretionary spending and positive customer feedback regarding new fleet investments [24][26] Question: What is the productivity ramp for new sales hires? - New sellers typically see limited productivity in the first six months, with improved performance expected after one year, targeting $1.5 million in annual sales for seasoned sellers [27][29] Question: How far along is the company in improving employee retention? - Employee retention has improved significantly, with potential for further progress, aiming to make frontline workers feel valued and engaged [33] Question: What is the impact of the new tax bill on capital investment? - The company benefited from tax savings to accelerate fleet refresh investments, with plans to normalize capital expenditures in the coming years [34][35] Question: How is the company addressing project delays in the development business? - Management indicated that while there have been delays, they expect to see growth in the development segment as backlogs clear and new branches open [54][55]

Financial Performance & Growth - BrightView achieved a record full-year Adjusted EBITDA of $352.3 million, an increase of 8.5% compared to the previous year[10,28] - The Adjusted EBITDA margin also reached a record high of 13.2%, a 150 basis point improvement year-over-year[10,28] - The company anticipates total revenue between $2.670 billion and $2.730 billion for FY2026[41] - Adjusted EBITDA for FY2026 is projected to be between $363 million and $377 million, with margin expansion of approximately 40 to 60 basis points[41] - Adjusted Free Cash Flow for FY2026 is expected to be in the range of $100 million to $115 million[41] Operational Efficiency & Investments - BrightView is reinvesting G&A savings into expanding its salesforce[17] - The company's streamlined operations have resulted in meaningful cost savings[31] - Strategic fleet investments are delivering multi-faceted benefits, contributing to EBITDA growth and margin expansion[34,37] Capital Allocation & Debt Management - BrightView has increased its share repurchase authorization to $150 million[10,40] - The company's leverage ratio has improved to 2.3x Net Debt to Adjusted EBITDA[40,58] - Total Net Financial Debt was $802.9 million as of September 30, 2025[58] Customer & Employee Focus - Customer retention has improved by approximately 200 basis points year-over-year[10] - The company is prioritizing and investing in its front-line employees, leading to sequential employee turnover improvement[11]

Core Insights - BrightView Holdings (BV) reported revenue of $702.8 million for the quarter ended September 2025, reflecting a year-over-year decline of 3.6% and an EPS of $0.27, down from $0.30 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $721.69 million, resulting in a surprise of -2.62%, while the EPS surprise was -15.63% against a consensus estimate of $0.32 [1] Revenue Breakdown - Maintenance Services revenue was $480.4 million, below the three-analyst average estimate of $491.25 million, marking a year-over-year decline of 1.3% [4] - Development Services revenue reached $224.1 million, compared to the average estimate of $232.41 million, representing an 8.2% year-over-year decrease [4] - Snow Removal Services under Maintenance Services reported revenue of $0.1 million, significantly lower than the average estimate of -$0.67 million, indicating a drastic year-over-year change of -120% [4] - Landscape Maintenance Services generated $480.3 million, compared to the estimated $491.91 million, reflecting a 1.4% decline year-over-year [4] - Revenue from Eliminations was -$1.7 million, slightly better than the two-analyst average estimate of -$1.95 million, with a year-over-year change of -10.5% [4] Adjusted EBITDA - Adjusted EBITDA for Development Services was reported at $40.7 million, exceeding the average estimate of $34.62 million from three analysts [4] - Adjusted EBITDA for Maintenance Services was $72.8 million, falling short of the average estimate of $78.21 million based on three analysts [4] Stock Performance - BrightView's shares have returned -10.1% over the past month, contrasting with the Zacks S&P 500 composite's -0.6% change, and the stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - BrightView Holdings reported quarterly earnings of $0.27 per share, missing the Zacks Consensus Estimate of $0.32 per share, and down from $0.30 per share a year ago, representing an earnings surprise of -15.63% [1][2] - The company posted revenues of $702.8 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 2.62%, and down from $728.7 million year-over-year [2] - BrightView shares have declined approximately 25.6% since the beginning of the year, contrasting with the S&P 500's gain of 12.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $619.38 million, and for the current fiscal year, it is $0.86 on revenues of $2.76 billion [7] - The Agriculture - Products industry, to which BrightView belongs, is currently ranked in the top 18% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - Fourth quarter net income increased 8.2% year-over-year to $27.7 million, with a net income margin expansion of 40 basis points[5]. - Fourth quarter Adjusted EBITDA reached a record $113.5 million, up 7.9% year-over-year, with an Adjusted EBITDA margin expansion of 170 basis points to 16.1%[5]. - Total revenue for the fourth quarter decreased 3.6% year-over-year to $702.8 million, driven by a 1.3% decrease in Maintenance Services and an 8.2% decrease in Development Services[5][7]. - For the fiscal year ended September 30, 2025, gross profit was $621.7 million, down from $645.6 million in 2024, reflecting a decrease of 3.7%[40]. - Net income for the fiscal year ended September 30, 2025, was $56.0 million, a decrease of 15.5% from $66.4 million in 2024[49]. - Adjusted EBITDA increased to $352.3 million for the fiscal year 2025, up 8.5% from $324.7 million in 2024[49]. - Adjusted Free Cash Flow decreased to $65.2 million in 2025 from $145.3 million in 2024, representing a decline of 55.2%[49]. - Basic earnings per share for the fiscal year ended September 30, 2025, was $0.13, compared to $0.21 in 2024, representing a decline of 38.1%[40]. - Adjusted Earnings per Share for the fiscal year 2025 was $0.76, consistent with $0.76 in 2024[49]. Revenue and Services - Maintenance Services revenue for the fiscal year decreased by 3.7% to $1.891 billion, primarily due to strategic reductions in non-core businesses[12]. - Development Services revenue for the fiscal year decreased by 2.4% to $789.1 million, impacted by the timing of development projects[17]. - Net service revenues for the three months ended September 30, 2025, were $702.8 million, a decrease of 3.9% from $728.7 million in the same period of 2024[40]. Cash Flow and Debt - Full year net cash provided by operating activities increased 41.9% year-over-year to $291.8 million[19]. - As of September 30, 2025, the Company's Total Net Financial Debt was $802.9 million, an increase of $66.0 million from $736.9 million in 2024[23]. - Total Financial Debt as of September 30, 2025, was $877.4 million, slightly up from $877.3 million in 2024[23]. - Total Cash & Equivalents decreased to $74.5 million in 2025 from $140.4 million in 2024[23]. - The Total Net Financial Debt to Adjusted EBITDA ratio was 2.3x for both 2025 and 2024, down from 2.9x in 2023[23]. Capital Expenditures - For the fiscal year ended September 30, 2025, capital expenditures were $254.2 million, a significant increase from $78.4 million in 2024[22]. - Capital expenditures rose significantly to $254.2 million in 2025, compared to $78.4 million in 2024[57]. - Net capital expenditures represented 8.5% of revenue in 2025, compared to 2.2% in 2024[22]. Strategic Initiatives - The company increased its share repurchase authorization to $150 million as part of its capital allocation strategy[2]. - The Company emphasizes sustainable solutions and best practices in its operations, aiming to engage clients and inspire communities[25]. - Business transformation and integration costs amounted to $26.1 million in 2025, down from $44.1 million in 2024[53]. Future Projections - For fiscal year 2026, the company projects total revenue between $2.670 billion and $2.730 billion, representing a growth of approximately 0% to 2%[4]. - Adjusted EBITDA for fiscal year 2026 is projected to be between $363 million and $377 million, with a margin expansion of 40 to 60 basis points[4]. - The Company is scheduled to discuss the fourth quarter and full year fiscal 2025 financial results on November 20, 2025[24].