BrightView(US:BV)2025-11-19 21:15Financial 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].