BrightView(BV)2025-02-05 21:22Revenue 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].