BrightView(BV) - 2026 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 fiscal 2026 increased by 2.6% year-over-year to $614.7 million, driven by a $36 million increase in snow removal revenue[6] - Net loss for Q1 fiscal 2026 expanded to $15.2 million, a 46.2% increase year-over-year, resulting in a net loss margin of 2.5%[5] - Adjusted EBITDA for Q1 fiscal 2026 increased by 2.7% to $53.5 million, maintaining an adjusted EBITDA margin of 8.7%[5] - Maintenance Services revenue increased by 6.6% to $436.4 million, primarily due to a 111.1% increase in snow removal revenue[8] - Development Services revenue decreased by 6.6% to $179.2 million, attributed to the timing and mix of projects[10] - Net service revenues for the three months ended December 31, 2025, were $614.7 million, an increase of 2.9% from $599.2 million in the same period of 2024[35] - Adjusted EBITDA for the three months ended December 31, 2025, was $53.5 million, slightly up from $52.1 million in the same period of 2024[39] Cash Flow and Debt - Net cash provided by operating activities decreased by 40.3% to $36.1 million compared to the prior year[13] - Adjusted Free Cash Flow for Q1 fiscal 2026 was an outflow of $15.4 million, a decrease of $19.8 million from the prior year[14] - Total financial debt as of December 31, 2025, was $881.2 million, with total net financial debt increasing to $844.2 million[16] - Total net financial debt increased to $844.2 million as of December 31, 2025, compared to $766.1 million a year earlier, reflecting a 10.2% rise[50] - The total net financial debt to adjusted EBITDA ratio was 2.4x for Q4 2025, up from 2.3x in the previous quarter[50] Assets and Liabilities - Total assets decreased from $3,392.0 million on September 30, 2025, to $3,316.3 million on December 31, 2025[33] - Cash and cash equivalents dropped from $74.5 million to $37.0 million during the same period[33] - Accounts receivable decreased from $393.1 million to $367.7 million[33] - Total liabilities decreased from $1,591.9 million to $1,554.9 million[33] - Long-term debt increased from $790.2 million to $801.1 million[33] Guidance and Projections - The company reaffirmed its fiscal year 2026 guidance, projecting total revenue between $2.670 billion and $2.730 billion[4] Stock and Earnings - The Series A Preferred Stock has a liquidation preference of $512.0 million as of December 31, 2025[33] - The company reported a basic and diluted loss per share of $0.26 for Q4 2025, compared to a loss of $0.20 per share in Q4 2024[35] - Adjusted net loss income for Q4 2025 was $(2.2) million, a significant decrease from $5.6 million in Q4 2024[44] - The net loss attributable to common stockholders for Q4 2025 was $24.2 million, compared to a net loss of $19.4 million in Q4 2024, representing a 24.5% increase in losses[37] Definitions - Adjusted EBITDA is defined as net income before interest, taxes, depreciation, and amortization, adjusted for non-cash and non-recurring items[25] - Adjusted Free Cash Flow is calculated as cash flows from operating activities less capital expenditures, net of proceeds from the sale of property and equipment[28] - Total Net Financial Debt to Adjusted EBITDA ratio is a key measure for evaluating financial performance[29]