BrightView Holdings, Inc. (NYSE:BV) Q1 2021 Earnings Conference Call February 4, 2021 10:00 AM ET Company Participants John Shave – Vice President-Investor Relations Andrew Masterman – Chief Executive Officer John Feenan – Chief Financial Officer Conference Call Participants Shlomo Rosenbaum – Stifel Tim Mulrooney – William Blair George Tong – Goldman Sachs Andrew Wittmann – Baird Hamzah Mazari – Jefferies Kevin McVeigh – Crédit Suisse Sam England – Berenberg Bob Labick – CJS Securities Operator Ladies and ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements of BrightView Holdings, Inc. for the quarter ended December 31, 2020, including balance sheets, statements of operations, comprehensive income (loss), stockholders' equity, and cash flows, along with detailed notes explaining accounting policies, revenue recognition, debt, equity, and segment information [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets (In millions) | Assets/Liabilities (In millions) | Dec 31, 2020 | Sep 30, 2020 | |:---------------------------------|:-------------|:-------------| | **Assets:** | | | | Cash and cash equivalents | $81.6 | $157.1 | | Accounts receivable, net | $346.2 | $319.2 | | Unbilled revenue | $74.6 | $94.6 | | Total current assets | $567.6 | $633.1 | | Property and equipment, net | $255.8 | $251.5 | | Intangible assets, net | $223.9 | $221.3 | | Goodwill | $1,900.3 | $1,859.3 | | Total assets | $3,057.2 | $3,071.0 | | **Liabilities:** | | | | Accounts payable | $117.4 | $116.8 | | Current portion of long-term debt| $10.4 | $12.3 | | Deferred revenue | $67.1 | $57.1 | | Total current liabilities | $432.3 | $450.1 | | Long-term debt, net | $1,125.8 | $1,127.5 | | Total liabilities | $1,788.5 | $1,799.5 | | **Stockholders' Equity:** | | | | Total stockholders' equity | $1,268.7 | $1,271.5 | | Total liabilities and equity | $3,057.2 | $3,071.0 | - Total assets decreased from **$3,071.0 million** to **$3,057.2 million**, primarily due to a decrease in cash and cash equivalents from **$157.1 million** to **$81.6 million**[15](index=15&type=chunk) - Goodwill increased from **$1,859.3 million** to **$1,900.3 million**, reflecting recent acquisitions[15](index=15&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations (In millions, except per share data) | (In millions, except per share data) | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | |:-------------------------------------|:--------------------------------|:--------------------------------| | Net service revenues | $554.4 | $570.7 | | Cost of services provided | $420.8 | $427.7 | | Gross profit | $133.6 | $143.0 | | Selling, general and administrative expense | $123.3 | $130.3 | | Amortization expense | $13.9 | $13.5 | | (Loss) from operations | $(3.6) | $(0.8) | | Interest expense | $13.6 | $17.4 | | Net (loss) | $(12.0) | $(12.6) | | Basic and diluted (Loss) per share | $(0.11) | $(0.12) | - Net service revenues decreased by **$16.3 million** (**2.9%**) from **$570.7 million** in **2019** to **$554.4 million** in **2020**[17](index=17&type=chunk) - Net loss improved slightly from **$(12.6) million** in **2019** to **$(12.0) million** in **2020**, and loss per share improved from **$(0.12)** to **$(0.11)**[17](index=17&type=chunk) [Consolidated Statements of Comprehensive (Loss) Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20(Loss)%20Income) Consolidated Statements of Comprehensive (Loss) Income (In millions) | (In millions) | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | |:--------------|:--------------------------------|:--------------------------------| | Net (loss) | $(12.0) | $(12.6) | | Other comprehensive income | $3.6 | $2.1 | | Comprehensive (loss) | $(8.4) | $(10.5) | - Comprehensive loss improved from **$(10.5) million** in **2019** to **$(8.4) million** in **2020**, primarily due to higher other comprehensive income[20](index=20&type=chunk) [Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Consolidated Statements of Stockholders' Equity (In millions) | (In millions) | Balance, Sep 30, 2020 | Net (loss) | Other comprehensive income, net of tax | Capital contributions and issuance of common stock | Equity-based compensation | Repurchase of common stock and distributions | Balance, Dec 31, 2020 | |:--------------|:----------------------|:-----------|:---------------------------------------|:---------------------------------------------------|:--------------------------|:---------------------------------------------|:----------------------| | Common Shares | 104.9 | — | — | 0.2 | — | — | 105.1 | | Stock Amount | $1.0 | — | — | $0.1 | — | — | $1.1 | | Additional Paid-In Capital | $1,467.8 | — | — | $1.7 | $4.9 | — | $1,474.4 | | Accumulated Deficit | $(187.9) | $(12.0) | — | — | — | — | $(199.9) | | Accumulated Other Comprehensive Loss | $(6.9) | — | $3.6 | — | — | — | $(3.3) | | Treasury Stock | $(2.5) | — | — | — | — | $(1.1) | $(3.6) | | Total Stockholders' Equity | $1,271.5 | $(12.0) | $3.6 | $1.8 | $4.9 | $(1.1) | $1,268.7 | - Total stockholders' equity decreased slightly from **$1,271.5 million** at September **30**, **2020**, to **$1,268.7 million** at December **31**, **2020**, primarily due to net loss and stock repurchases, partially offset by other comprehensive income and equity-based compensation[23](index=23&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (In millions) | (In millions) | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | |:--------------|:--------------------------------|:--------------------------------| | Operating activities | $5.1 | $7.3 | | Investing activities | $(71.4) | $(31.9) | | Financing activities | $(9.2) | $(4.2) | | Net change in cash and cash equivalents | $(75.5) | $(28.8) | | Cash and cash equivalents, end of period | $81.6 | $10.3 | - Net cash provided by operating activities decreased from **$7.3 million** in **2019** to **$5.1 million** in **2020**[28](index=28&type=chunk) - Net cash used in investing activities significantly increased from **$(31.9) million** in **2019** to **$(71.4) million** in **2020**, primarily due to higher business acquisitions[28](index=28&type=chunk) - Cash and cash equivalents at period-end increased substantially from **$10.3 million** in **2019** to **$81.6 million** in **2020**, despite a larger net change in cash and cash equivalents[28](index=28&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) [1. Business and Basis of Presentation](index=10&type=section&id=1.%20Business%20and%20Basis%20of%20Presentation) - BrightView Holdings, Inc. provides landscape maintenance, enhancements, development, and snow removal services for commercial customers across the U.S., operating through two segments: Maintenance Services and Development Services[31](index=31&type=chunk) - The financial statements are unaudited and prepared in accordance with GAAP for interim reporting, with management making estimates and assumptions that affect reported amounts[32](index=32&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) [2. Recent Accounting Pronouncements](index=10&type=section&id=2.%20Recent%20Accounting%20Pronouncements) - The Company adopted ASU No. **2016**-**13** (Credit Losses) and ASU No. **2018**-**13** (Fair Value Measurement) in Q**1** fiscal **2021**, neither of which had a material impact on financial statements[36](index=36&type=chunk)[39](index=39&type=chunk) - The Company is evaluating ASU No. **2019**-**12** (Income Taxes), effective Q**1** fiscal **2022**, and has applied hedge accounting expedients from ASU No. **202

Financial Performance & Guidance - Total revenue for FY2020 was $2346 million, a decrease from $2404.6 million in FY19[26] - Adjusted EBITDA for FY2020 was $271.6 million, compared to $305.1 million in FY19[26] - Free cash flow increased to a record $197.2 million in FY2020, up from $86.6 million in FY19[4, 29] - The company expects $525 million - $550 million in total revenue and $45 million - $49 million in adjusted EBITDA for 1Q FY2021[5] Revenue Streams - Maintenance contract-based revenue grew 3% in FY2020[3] - Development revenue grew 2.6% in FY2020[3] - Maintenance services revenue was $1739.1 million in FY20, down from $1813.4 million in FY19[26] - Development services revenue was $610.6 million in FY20, up from $595.4 million in FY19[26] Strategic Initiatives - The company deployed over $300 million in 22 acquisitions since January 2017[3] - The acquisition pipeline has over $400 million in revenue[3] - Net capital expenditures were 2.0% of revenue in FY2020, down from 3.5% in FY2019[3]

BrightView Holdings, Inc. (NYSE:BV) Q4 2020 Earnings Conference Call November 18, 2020 10:00 AM ET Company Participants John Shave - Vice President, Investor Relations Andrew Masterman - President and Chief Executive Officer John Feenan - Executive Vice President and Chief Financial Officer Conference Call Participants Andrew Wittmann - Baird Tim Mulrooney - William Blair Shlomo Rosenbaum - Stifel George Tong - Goldman Sachs Judah Sokel - JPMorgan Mario Cortellacci - Jefferies Gunnar Hansen - RBC Kevin McVe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38579 BrightView Holdings, Inc. (Exact name of Registrant as specified in its Charter) Delaware 46-4190788 ( State or other jurisdic ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|---------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Third Quarter Fiscal 2020 | | | | | | | | Earnings Call | | | | | | | | | | | | | | | | NYSE: BV | | | | | | | | August 5, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | Introductory Information This presentation contains forward looking statements that involve substantial risks and uncertainties. All statements, other ...

BrightView Holdings, Inc. (NYSE:BV) Q3 2020 Earnings Conference Call August 5, 2019 10:00 AM ET Company Participants John Shave - VP, IR Andrew Masterman - President, CEO, and Director John Feenan - EVP and CFO Conference Call Participants Andy Wittmann - Robert W. Baird Judah Sokel - JPMorgan George Tong - Goldman Sachs Sam Kusswurm - William Blair Ryan Gunning - Jefferies Shlomo Rosenbaum - Stifel Nicolaus Kevin McVeigh - Credit Suisse Gunnar Hansen - RBC Capital Markets Sam England - Gossler & Company Op ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38579 BrightView Holdings, Inc. (Exact name of Registrant as specified in its Charter) Delaware 46-4190788 ( State or other juri ...

BrightView Holdings, Inc. (NYSE:BV) Q2 2020 Earnings Conference Call May 7, 2020 10:00 AM ET Company Participants Andrew Masterman - President, CEO & Director John Feenan - EVP & CFO John Shave - VP, IR Conference Call Participants Judah Sokel - JPMorgan Chase & Co. Andrew Wittmann - Robert W. Baird & Co. George Tong - Goldman Sachs Group Shlomo Rosenbaum - Stifel, Nicolaus & Company Hamzah Mazari - Jefferies Operator Good morning, and welcome to BrightView's 2020 Second Fiscal Quarter Earnings Conference C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of Each Class Trading Symbol Name of exchange on which registered Common Stock, Par Value $0.01 Per Share BV New York Stock Exchange 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 March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File ...