BrightView(BV) - 2026 Q1 - Quarterly Report

Financial Performance - Net service revenues for Q4 2025 increased to $614.7 million, up from $599.2 million in Q4 2024, representing a growth of 0.9% year-over-year[17] - Gross profit decreased to $114.3 million in Q4 2025, down from $126.8 million in Q4 2024, reflecting a decline of 9.8%[17] - The net loss for Q4 2025 was $15.2 million, compared to a net loss of $10.4 million in Q4 2024, indicating a worsening of 46.2%[17] - Basic and diluted loss per share for Q4 2025 was $0.26, compared to $0.20 in Q4 2024, an increase of 30%[17] - The company reported a comprehensive loss of $15.8 million for Q4 2025, compared to a comprehensive loss of $2.2 million in Q4 2024[20] - For the three months ended December 31, 2025, net service revenues increased to $614.7 million, up from $599.2 million in the same period of 2024, representing a growth of 2.3%[40] - The Company reported a net loss of $15.2 million for the three months ended December 31, 2025, compared to a net loss of $10.4 million in the same period of 2024[40] - Adjusted Net (Loss) Income decreased by $7.8 million to $(2.2) million for the three months ended December 31, 2025, compared to $5.6 million in the prior year[145] Assets and Liabilities - Total current assets decreased to $598.8 million as of December 31, 2025, down from $666.3 million as of September 30, 2025, a decline of 10.2%[15] - Total liabilities decreased to $1,554.9 million as of December 31, 2025, compared to $1,591.9 million as of September 30, 2025, a reduction of 2.3%[15] - Stockholders' equity decreased to $1,254.3 million as of December 31, 2025, down from $1,293.0 million as of September 30, 2025, a decline of 3%[15] - Cash and cash equivalents decreased to $37.0 million as of December 31, 2025, down from $74.5 million as of September 30, 2025, a decline of 50.3%[15] - Accounts receivable as of December 31, 2025, totaled $367.7 million, net of an allowance for doubtful accounts of $10.9 million[48] - As of December 31, 2025, net property and equipment totaled $534.4 million, a decrease from $541.6 million as of September 30, 2025[49] - Intangible assets, net, amounted to $689.3 million as of December 31, 2025, down from $715.9 million as of September 30, 2025, with accumulated amortization of $629.0 million[51] - Long-term debt, net, increased to $801.1 million as of December 31, 2025, compared to $790.2 million as of September 30, 2025[53] Revenue Segments - Landscape Maintenance revenues were $368.0 million, a decrease of 2.4% from $376.9 million in the prior year, while Snow Removal revenues increased significantly to $68.4 million from $32.4 million, reflecting a growth of 111.1%[40] - The Maintenance Services segment generated $436.4 million in net service revenues for Q4 2025, up from $409.3 million in Q4 2024, indicating a growth of approximately 6.5%[94] - The Development Services segment reported net service revenues of $179.2 million in Q4 2025, down from $191.8 million in Q4 2024, a decline of about 6.5%[94] - Maintenance Services net service revenues increased by $27.1 million, or 6.6%, to $436.4 million in Q4 2025, driven by a $36 million increase in snow removal services revenue[162] - Development Services net service revenues decreased by $12.6 million, or 6.6%, to $179.2 million in Q4 2025, attributed to the timing and mix of projects[165] Cash Flow and Expenditures - Net cash provided by operating activities for the three months ended December 31, 2025, was $36.1 million, down from $60.5 million in the prior year[40] - Capital expenditures for Q4 2025 totaled $54.7 million, a decrease from $58.7 million in Q4 2024, indicating a reduction of approximately 6.8%[94] - Net cash used by investing activities decreased by $3.5 million to $51.8 million for the three months ended December 31, 2025, from $55.3 million in the 2024 period, primarily due to a $4.0 million decrease in capital expenditures[177] - Adjusted Free Cash Flow decreased by $19.8 million to an outflow of $15.4 million for the three months ended December 31, 2025, from an inflow of $4.4 million in the 2024 period[179] Shareholder Actions - The company declared a cash dividend of $9.0 million on Series A Preferred Stock in December 2025, which was paid in January 2026[97] - The company repurchased a total of 1,067,705 shares during the three months ended December 31, 2025, at an average price of $12.64 per share[194] - The company announced an increase in its share repurchase program to authorize up to $150 million of common stock[194] Operational Initiatives - The One BrightView initiative launched in fiscal year 2024 aims to streamline operations and improve profitability through cultural changes and a focus on core service lines[118] - The company plans to pursue selective acquisitions to enhance market density and expand service offerings in strategic markets[122] - Weather conditions and seasonality significantly impact the company's landscape maintenance services, affecting revenue and operational performance throughout the year[116] Risk and Compliance - As of December 31, 2025, the company was in compliance with all debt covenants, with no events of default occurring[181] - There were no material changes to the company's market risk during the three months ended December 31, 2025[186] - There have been no material changes to the risk factors included in the Annual Report for the fiscal year ended September 30, 2025[193]