BrightView Announces Record Adjusted EBITDA for Fourth Quarter and Full Year Fiscal 2024; Projects Fiscal 2025 Revenue and Adjusted EBITDA Growth
BrightView Holdings reported mixed Q4 and full-year 2024 results. Q4 revenue decreased 2.0% to $728.7M, while net income increased 56.1% to $25.6M. Q4 Adjusted EBITDA reached a record $105.2M, up 3.5%. Full-year revenue declined 1.7% to $2.77B, but net income improved significantly from a loss of $7.7M to a profit of $66.4M. Operating cash flow increased 58.3% to $205.6M. The company provided FY2025 guidance projecting revenue of $2.75-2.84B and Adjusted EBITDA of $335-355M. Total net financial debt decreased to $736.9M, with debt-to-EBITDA ratio improving to 2.3x.
BrightView Holdings ha riportato risultati misti per il quarto trimestre e l'intero anno 2024. Le entrate del quarto trimestre sono diminuite del 2,0% a $728,7 milioni, mentre l'utile netto è aumentato del 56,1% a $25,6 milioni. L'EBITDA rettificato del quarto trimestre ha raggiunto un record di $105,2 milioni, in crescita del 3,5%. Le entrate totali per l'anno sono diminuite dell'1,7% a $2,77 miliardi, ma l'utile netto è migliorato notevolmente, passando da una perdita di $7,7 milioni a un profitto di $66,4 milioni. Il flusso di cassa operativo è aumentato del 58,3% a $205,6 milioni. L'azienda ha fornito previsioni per l'anno fiscale 2025, prevedendo entrate tra $2,75-2,84 miliardi e un EBITDA rettificato di $335-355 milioni. Il debito finanziario netto totale è diminuito a $736,9 milioni, con il rapporto debito-EBITDA che è migliorato a 2,3x.
BrightView Holdings reportó resultados mixtos para el cuarto trimestre y el año completo 2024. Los ingresos del cuarto trimestre disminuyeron un 2,0% a $728,7 millones, mientras que la utilidad neta aumentó un 56,1% a $25,6 millones. El EBITDA ajustado del cuarto trimestre alcanzó un récord de $105,2 millones, un 3,5% más. Los ingresos del año completo cayeron un 1,7% a $2,77 mil millones, pero la utilidad neta mejoró significativamente, pasando de una pérdida de $7,7 millones a una ganancia de $66,4 millones. El flujo de caja operativo aumentó un 58,3% a $205,6 millones. La empresa proporcionó orientación para el año fiscal 2025, proyectando ingresos de $2,75-2,84 mil millones y EBITDA ajustado de $335-355 millones. La deuda financiera neta total disminuyó a $736,9 millones, con una mejora en la relación deuda-EBITDA a 2,3x.
BrightView Holdings는 2024년 4분기 및 연간 실적을 혼합하여 보고했습니다. 4분기 매출은 2.0% 감소하여 7억 2870만 달러에 이르렀으며, 순이익은 56.1% 증가하여 2560만 달러에 달했습니다. 4분기 조정된 EBITDA는 기록적인 1억 520만 달러에 도달하여 3.5% 증가했습니다. 전체 연간 매출은 1.7% 감소하여 27억 7000만 달러로 줄었지만, 순이익은 770만 달러의 손실에서 6640만 달러의 이익으로 크게 개선되었습니다. 운영 현금 흐름은 58.3% 증가하여 2억 560만 달러에 달했습니다. 이 회사는 2025 회계연도에 대해 27억 5000만~28억 4000만 달러의 매출과 3억 3500만~3억 5500만 달러의 조정된 EBITDA를 예상하는 가이드를 제공했습니다. 총 순 금융 부채는 7억 3690만 달러로 감소했으며, 부채 대비 EBITDA 비율은 2.3배로 개선되었습니다.
BrightView Holdings a reporté des résultats mitigés pour le quatrième trimestre et l'année entière de 2024. Le chiffre d'affaires du quatrième trimestre a diminué de 2,0% pour atteindre 728,7 millions de dollars, tandis que le bénéfice net a augmenté de 56,1% pour atteindre 25,6 millions de dollars. L'EBITDA ajusté du quatrième trimestre a atteint un niveau record de 105,2 millions de dollars, en hausse de 3,5%. Les revenus de l'année entière ont diminué de 1,7% à 2,77 milliards de dollars, mais le bénéfice net s'est considérablement amélioré, passant d'une perte de 7,7 millions de dollars à un profit de 66,4 millions de dollars. Le flux de trésorerie d'exploitation a augmenté de 58,3% pour atteindre 205,6 millions de dollars. L'entreprise a fourni des prévisions pour l'exercice 2025, prévoyant des revenus entre 2,75 et 2,84 milliards de dollars et un EBITDA ajusté de 335 à 355 millions de dollars. La dette financière nette totale a diminué à 736,9 millions de dollars, avec un ratio dette/EBITDA amélioré à 2,3x.
BrightView Holdings hat gemischte Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Die Einnahmen im vierten Quartal gingen um 2,0 % auf 728,7 Millionen US-Dollar zurück, während der Nettogewinn um 56,1 % auf 25,6 Millionen US-Dollar stieg. Das bereinigte EBITDA für das vierte Quartal erreichte mit 105,2 Millionen US-Dollar einen Rekord und stieg um 3,5 %. Die Gesamterlöse für das Jahr gingen um 1,7 % auf 2,77 Milliarden US-Dollar zurück, aber der Nettogewinn verbesserte sich erheblich von einem Verlust von 7,7 Millionen US-Dollar auf einen Gewinn von 66,4 Millionen US-Dollar. Der operative Cashflow stieg um 58,3 % auf 205,6 Millionen US-Dollar. Das Unternehmen gab eine Prognose für das Geschäftsjahr 2025 bekannt und erwartet Einnahmen zwischen 2,75 und 2,84 Milliarden US-Dollar sowie ein bereinigtes EBITDA von 335 bis 355 Millionen US-Dollar. Die gesamte Nettoverschuldung ging auf 736,9 Millionen US-Dollar zurück, wobei das Verhältnis von Schulden zu EBITDA auf 2,3x verbessert wurde.
- Record Q4 Adjusted EBITDA of $105.2M, up 3.5%
- Net income increased 56.1% to $25.6M in Q4
- Full-year net income improved from -$7.7M to +$66.4M
- Operating cash flow increased 58.3% to $205.6M
- Debt-to-EBITDA ratio improved from 2.9x to 2.3x
- Q4 revenue declined 2.0% to $728.7M
- Full-year revenue decreased 1.7% to $2.77B
- Maintenance Services revenue dropped 6.6% in Q4
- Landscape Maintenance revenue fell 6.7% in Q4
Insights
BrightView's Q4 results show significant financial improvements despite a slight revenue decline. Key highlights include a
The Development Services segment shows strong momentum with
The strategic transformation at BrightView is yielding positive results, particularly in operational efficiency and margin expansion. The company's focus on core business optimization and cost management has led to improved profitability despite revenue headwinds. The Development Services segment's strong performance (
The reduction in non-core businesses and emphasis on profitable growth suggests a more sustainable business model. With net cash from operations increasing
-
Fourth quarter total revenue decreased
2.0% year-over-year to$728.7 million -
Fourth quarter net income increased
56.1% year-over-year to$25.6 million -
Fourth quarter Adjusted EBITDA2 increased
3.5% year-over-year to a fourth quarter record$105.2 million -
Full year net cash provided by operating activities increased
58.3% year-over-year to$205.6 million -
Full year free cash flow2 increased
$65.1 million $145.3 million
Company Provides Fiscal Year 2025 Guidance1
|
2025 |
Total Revenue |
|
Adjusted EBITDA2 |
|
Free Cash Flow2 |
|
“Fourth quarter results reconfirmed the delivery of a breakout year in fiscal 2024 as we continue to transform this business. Our One BrightView culture is gaining traction, and we are positioned for fiscal 2025 to be a second consecutive record year,” said BrightView President and Chief Executive Officer Dale Asplund. “Our multi-faceted transformation has positioned us to prioritize our employees and customers and reinvest in our business, ultimately leading to sustainable growth and value creation for all of our stakeholders.”
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1For assumptions underlying the 2025 guidance, see the Q4 2024 presentation at investor.brightview.com
2 Adjusted EBITDA, Adjusted EBITDA margin and free cash flow are non-GAAP measures. Refer to the “Non-GAAP Financial Measures” section for more information. The Company is not providing a quantitative reconciliation of its financial outlook for Adjusted EBITDA to net income (loss) or free cash flow to net cash provided by operating activities, their corresponding GAAP measures, because the respective GAAP measures that are excluded from the non-GAAP financial outlook is difficult to reliably predict or estimate without unreasonable effort due to the dependence on future uncertainties, such as items discussed below. Additionally, information that is currently not available to the Company could have a potentially unpredictable and potentially significant impact on its future GAAP financial results.
Fiscal 2024 Results – Total BrightView
Total BrightView - Operating Highlights |
|
|||||||||||||||||||
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||||||
($ in millions, except per share figures) |
|
2024 |
|
2023 |
|
Change |
|
|
2024 |
|
2023 |
|
Change |
|
||||||
Revenue |
|
$ |
728.7 |
|
$ |
743.7 |
|
|
(2.0 |
%) |
|
$ |
2,767.1 |
|
$ |
2,816.0 |
|
|
(1.7 |
%) |
Net Income (Loss) |
|
$ |
25.6 |
|
$ |
16.4 |
|
|
56.1 |
% |
|
$ |
66.4 |
|
$ |
(7.7 |
) |
|
962.3 |
% |
Net Income (Loss) Margin |
|
|
3.5 |
% |
|
2.2 |
% |
|
130 |
bps |
|
|
2.4 |
% |
|
(0.3 |
%) |
|
270 |
bps |
Adjusted EBITDA |
|
$ |
105.2 |
|
$ |
101.6 |
|
|
3.5 |
% |
|
$ |
324.7 |
|
$ |
298.7 |
|
|
8.7 |
% |
Adjusted EBITDA Margin |
|
|
14.4 |
% |
|
13.7 |
% |
|
70 |
bps |
|
|
11.7 |
% |
|
10.6 |
% |
|
110 |
bps |
Net income (loss) available to common shareholders |
|
$ |
10.6 |
|
$ |
11.0 |
|
|
(3.6 |
%) |
|
$ |
19.5 |
|
$ |
(10.9 |
) |
|
278.9 |
% |
Weighted average number of common shares outstanding |
|
|
94.7 |
|
|
93.4 |
|
|
1.4 |
% |
|
|
94.7 |
|
|
93.4 |
|
|
1.4 |
% |
Basic Earnings (Loss) per Share |
|
$ |
0.11 |
|
$ |
0.12 |
|
|
(8.3 |
%) |
|
$ |
0.20 |
|
$ |
(0.12 |
) |
|
266.7 |
% |
Adjusted Net Income |
|
$ |
44.8 |
|
$ |
27.9 |
|
|
60.6 |
% |
|
$ |
113.1 |
|
$ |
61.4 |
|
|
84.3 |
% |
Adjusted weighted average number of common shares outstanding |
|
|
148.9 |
|
|
146.7 |
|
|
1.5 |
% |
|
|
148.8 |
|
|
146.7 |
|
|
1.4 |
% |
Adjusted Earnings per Share |
|
$ |
0.30 |
|
$ |
0.19 |
|
|
57.9 |
% |
|
$ |
0.76 |
|
$ |
0.42 |
|
|
81.0 |
% |
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Free Cash Flow, Adjusted Earnings per Share and Adjusted weighted average number of common shares outstanding are non-GAAP measures. Refer to the “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” sections for more information.
For the three months ended September 30, 2024, total revenue decreased
For the three months ended September 30, 2024, Adjusted EBITDA increased
For the fiscal year ended September 30, 2024, total revenue decreased
For the fiscal year ended September 30, 2024, Adjusted EBITDA increased
Fiscal 2024 Results – Segments
Maintenance Services - Operating Highlights |
|
|||||||||||||||||||
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||||||
($ in millions) |
|
2024 |
|
2023 |
|
Change |
|
|
2024 |
|
2023 |
|
Change |
|
||||||
Landscape Maintenance |
|
$ |
487.0 |
|
$ |
521.7 |
|
|
(6.7 |
%) |
|
$ |
1,743.2 |
|
$ |
1,857.5 |
|
|
(6.2 |
%) |
Snow Removal |
|
$ |
(0.5 |
) |
$ |
(0.9 |
) |
|
44.4 |
% |
|
$ |
220.8 |
|
$ |
209.0 |
|
|
5.6 |
% |
Total Revenue |
|
$ |
486.5 |
|
$ |
520.8 |
|
|
(6.6 |
%) |
|
$ |
1,964.0 |
|
$ |
2,066.5 |
|
|
(5.0 |
%) |
Adjusted EBITDA |
|
$ |
81.8 |
|
$ |
81.7 |
|
|
0.1 |
% |
|
$ |
279.7 |
|
$ |
277.9 |
|
|
0.6 |
% |
Adjusted EBITDA Margin |
|
|
16.8 |
% |
|
15.7 |
% |
|
110 |
bps |
|
|
14.2 |
% |
|
13.4 |
% |
|
80 |
bps |
Capital Expenditures |
|
$ |
29.3 |
|
$ |
10.1 |
|
|
190.1 |
% |
|
$ |
61.3 |
|
$ |
56.1 |
|
|
9.3 |
% |
For the fourth quarter of fiscal 2024, revenue in the Maintenance Services Segment decreased by
Adjusted EBITDA for the Maintenance Services Segment for the three months ended September 30, 2024 increased by
For the fiscal year ended September 30, 2024, revenue in the Maintenance Services Segment decreased by
Adjusted EBITDA for the Maintenance Services Segment for the fiscal year ended September 30, 2024 increased by
Development Services - Operating Highlights |
|
|||||||||||||||||||
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||||||
($ in millions) |
|
2024 |
|
2023 |
|
Change |
|
|
2024 |
|
2023 |
|
Change |
|
||||||
Revenue |
|
$ |
244.1 |
|
$ |
224.7 |
|
|
8.6 |
% |
|
$ |
808.8 |
|
$ |
758.0 |
|
|
6.7 |
% |
Adjusted EBITDA |
|
$ |
41.2 |
|
$ |
29.1 |
|
|
41.6 |
% |
|
$ |
106.3 |
|
$ |
82.8 |
|
|
28.4 |
% |
Adjusted EBITDA Margin |
|
|
16.9 |
% |
|
13.0 |
% |
|
390 |
bps |
|
|
13.1 |
% |
|
10.9 |
% |
|
220 |
bps |
Capital Expenditures |
|
$ |
2.6 |
|
$ |
1.0 |
|
|
160.0 |
% |
|
$ |
12.8 |
|
$ |
8.2 |
|
|
56.1 |
% |
For the fourth quarter of fiscal 2024, revenue in the Development Services Segment increased by
Adjusted EBITDA for the Development Services Segment for the three months ended September 30, 2024 increased
For the fiscal year ended September 30, 2024, revenue in the Development Services Segment increased by
Adjusted EBITDA for the Development Services Segment fiscal year ended September 30, 2024 increased
Total BrightView Cash Flow Metrics |
||||||||
|
|
Year Ended
|
||||||
($ in millions) |
|
2024 |
|
2023 |
|
Change |
||
Net Cash Provided by Operating Activities |
|
$ |
205.6 |
|
$ |
129.9 |
|
|
Free Cash Flow |
|
$ |
145.3 |
|
$ |
80.2 |
|
|
Capital Expenditures |
|
$ |
78.4 |
|
$ |
71.3 |
|
|
Net cash provided by operating activities for the fiscal year ended September 30, 2024 increased
Free Cash Flow increased
For the fiscal year ended September 30, 2024, capital expenditures were
Total BrightView Balance Sheet Metrics |
|
|||||||||
($ in millions) |
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|||
Long-term debt, net |
|
$ |
802.5 |
|
$ |
888.1 |
|
$ |
1,330.7 |
|
Total Financial Debt1 |
|
|
877.3 |
|
|
937.5 |
|
|
1,400.0 |
|
Minus: |
|
|
|
|
|
|
|
|||
Total Cash & Equivalents |
|
|
140.4 |
|
|
67.0 |
|
|
9.6 |
|
Total Net Financial Debt2 |
|
$ |
736.9 |
|
$ |
870.5 |
|
$ |
1,394.7 |
|
Total Net Financial Debt to Adjusted EBITDA ratio3 |
|
2.3x |
|
2.9x |
|
4.8x |
|
|||
1Total Financial Debt includes total long-term debt, net of original issue discount, and finance lease obligations |
|
|||||||||
2Total Net Financial Debt equals Total Financial Debt minus Total Cash & Equivalents |
|
|||||||||
3Total Net Financial Debt to Adjusted EBITDA ratio equals Total Net Financial Debt divided by the trailing twelve month Adjusted EBITDA. |
|
|||||||||
As of September 30, 2024, the Company’s Total Net Financial Debt was
Conference Call Information
A conference call to discuss the fourth quarter and full year fiscal 2024 financial results is scheduled for November 14, 2024, at 8:30 a.m. ET. The
About BrightView
BrightView (NYSE: BV), the nation’s largest commercial landscaper, proudly designs, creates, and maintains some of the best landscapes on Earth and provides the most efficient and comprehensive snow and ice removal services. With a dependable service commitment, BrightView brings brilliant landscapes to life at premier properties across
Forward Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements relating to our fiscal 2025 guidance and other statements related to our goals, beliefs, business outlook, business trends, expectations regarding our industry, strategy, future events, future operations, future liquidity and financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as “outlook,” “guidance,” “projects,” “continues,” “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates,” or the negative variations of these words or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which are subject to risks, uncertainties, assumptions, changes in circumstances or other factors outside of the Company’s control that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Factors that could cause actual results to differ materially from those projected include, but are not limited to:; competitive industry pressures; the failure to retain current customers, renew existing customer contracts and obtain new customer contracts; a determination by customers to reduce their outsourcing or use of preferred vendors; the dispersed nature of our operating structure; our ability to implement our business strategies and achieve our growth objectives; the possibility that the anticipated benefits from our business acquisitions will not be realized in full or at all or may take longer to realize than expected; the possibility that costs or difficulties related to the integration of acquired businesses’ operations will be greater than expected and the possibility that integration efforts will disrupt our business and strain management time and resources; the seasonal nature of our landscape maintenance services; our dependence on weather conditions and the impact of severe weather and climate change on our business; any failure to accurately estimate the overall risk, requirements, or costs when we bid on or negotiate contracts that are ultimately awarded to us; the conditions and periodic fluctuations of real estate markets, including residential and commercial construction; the level, timing and location of snowfall; our ability to retain or hire our executive management and other key personnel; our ability to attract and retain field and hourly employees, trained workers and third-party contractors and re-employ seasonal workers; any failure to properly verify employment eligibility of our employees; subcontractors taking actions that harm our business; our recognition of future impairment charges; laws and governmental regulations, including those relating to employees, wage and hour, immigration, human health and safety and transportation; environmental, health and safety laws and regulations, including regulatory costs, claims and litigation related to the use of chemicals and pesticides, herbicides and fertilizers by employees and related third-party claims; the distraction and impact caused by litigation, of adverse litigation judgments and settlements resulting from legal proceedings; tax increases and changes in tax rules; increase in on-job accidents involving employees; any failure, inadequacy, interruption, security failure or breach of our information technology systems whether owned by us or outsourced or managed by third parties; our failure to comply with data privacy regulations; our ability to adequately protect our intellectual property; our substantial indebtedness; increases in interest rates governing our variable rate indebtedness increasing the cost of servicing our substantial indebtedness; exposure to counterparty credit worthiness or non-performance with respect to the derivative financial instruments we utilize; restrictions imposed by our debt agreements that limit our flexibility in operating our business; our ability to generate sufficient cash flow to satisfy our significant debt service obligations; incurrence of substantially more debt by us or our subsidiaries; failure by the financial institutions that are part of the syndicate of our revolving credit facility to extend credit under the facility or reduce our borrowing base; any future sales, or the perception of future sales, by us or our affiliates, which could cause the market price for our common stock to decline; the ability of KKR BrightView Aggregator L.P., Birch-OR Equity Holdings, LLC and Birch Equity Holdings, LP to exert significant influence over us; the impact of holders of Series A Preferred Stock having certain voting and other rights that may adversely affect holders of our common stock; general business, economic and financial conditions; increases in raw material costs, fuel prices, wages and other operating costs; disruptions in our supply chain and changes in our ability to source adequate supplies and materials in a timely manner; risks related to natural disasters, terrorist attacks, public health emergencies, including pandemics, heightened inflation, geopolitical conflicts, recession, financial market disruptions, other economic conditions, and other external events; our reputation and/or business could be negatively impacted by environmental, social and governance (ESG) matters and our reporting of such matters; and costs and requirements imposed as a result of maintaining compliance with the requirements of being a public company.
Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under “Item 1A. Risk Factors” in our Form 10-K for the fiscal year ended September 30, 2024, and such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any forward-looking statement made in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Non-GAAP Financial Measures
To supplement the Company’s financial information presented in accordance with GAAP and aid understanding of the Company’s business performance, the Company uses certain non-GAAP financial measures, namely “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Adjusted Net Income”, “Adjusted Earnings per Share”, “Free Cash Flow”, “Total Financial Debt”, “Total Net Financial Debt” and “Total Net Financial Debt to Adjusted EBITDA ratio”. We believe Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings per Share, Free Cash Flow, Total Financial Debt, Total Net Financial Debt, and Total Net Financial Debt to Adjusted EBITDA ratio assist investors in comparing our results across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management regularly uses these measures as tools in evaluating our operating performance, financial performance and liquidity. Management uses Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings per Share, Free Cash Flow, Total Financial Debt, Total Net Financial Debt, and Total Net Financial Debt to Adjusted EBITDA ratio to supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare our performance against that of other peer companies using similar measures. In addition, we believe that Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings per Share, Free Cash Flow, Total Financial Debt, Total Net Financial Debt, and Total Net Financial Debt to Adjusted EBITDA ratio are frequently used by investors and other interested parties in the evaluation of issuers, many of which also present Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings per Share, Free Cash Flow, Total Financial Debt, Total Net Financial Debt, and Total Net Financial Debt to Adjusted EBITDA ratio when reporting their results in an effort to facilitate an understanding of their operating and financial results and liquidity. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.
Adjusted EBITDA: We define Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, as further adjusted to exclude certain non-cash, non-recurring and other adjustment items.
Adjusted EBITDA Margin: We define Adjusted EBITDA Margin as Adjusted EBITDA, defined above, divided by Net Service Revenues.
Adjusted Net Income: We define Adjusted Net Income as net income (loss) including interest and depreciation, and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions and the removal of the discrete tax items.
Adjusted Earnings per Share: We define Adjusted Earnings per Share as Adjusted Net Income divided by the (i) weighted average number of common shares outstanding used in the calculation of basic earnings per share plus (ii) shares of common stock related to the Series A Preferred Stock on an as-converted basis, assumed to be converted for the entire period. The addition of shares of common stock related to the Series A Convertible Preferred Stock on an as-converted basis reflects the dilutive impact of the potential conversion of the Series A Preferred Stock and is expected to provide comparability in future periods.
Free Cash Flow: We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from the sale of property and equipment.
Total Financial Debt: We define Total Financial Debt as total long-term debt, net of original issue discount, and finance/capital lease obligations.
Total Net Financial Debt: We define Total Net Financial Debt as Total Financial Debt minus total cash and cash equivalents.
Total Net Financial Debt to Adjusted EBITDA ratio: We define Total Net Financial Debt to Adjusted EBITDA ratio as Total Net Financial Debt divided by the trailing twelve month Adjusted EBITDA.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings per Share, Free Cash Flow, Total Financial Debt, Total Net Financial Debt, and Total Net Financial Debt to Adjusted EBITDA ratio are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or the ratio of net income (loss) to net revenue as a measure of financial performance, cash flows provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use as they do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to the same or other similarly titled measures of other companies and can differ significantly from company to company.
BrightView Holdings, Inc. Consolidated Balance Sheets (Unaudited) |
||||||||
(in millions)* |
|
September 30,
|
|
|
September 30,
|
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
140.4 |
|
|
$ |
67.0 |
|
Accounts receivable, net |
|
|
415.2 |
|
|
|
442.3 |
|
Unbilled revenue |
|
|
137.8 |
|
|
|
143.5 |
|
Other current assets |
|
|
86.7 |
|
|
|
89.3 |
|
Total current assets |
|
|
780.1 |
|
|
|
742.1 |
|
Property and equipment, net |
|
|
391.9 |
|
|
|
315.2 |
|
Intangible assets, net |
|
|
95.8 |
|
|
|
132.3 |
|
Goodwill |
|
|
2,015.7 |
|
|
|
2,021.4 |
|
Operating lease assets |
|
|
81.3 |
|
|
|
86.1 |
|
Other assets |
|
|
27.0 |
|
|
|
55.1 |
|
Total assets |
|
$ |
3,391.8 |
|
|
$ |
3,352.2 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
144.1 |
|
|
$ |
136.2 |
|
Deferred revenue |
|
|
83.8 |
|
|
|
68.2 |
|
Current portion of self-insurance reserves |
|
|
52.8 |
|
|
|
54.8 |
|
Accrued expenses and other current liabilities |
|
|
237.7 |
|
|
|
180.2 |
|
Current portion of operating lease liabilities |
|
|
24.9 |
|
|
|
27.3 |
|
Total current liabilities |
|
|
543.3 |
|
|
|
466.7 |
|
Long-term debt, net |
|
|
802.5 |
|
|
|
888.1 |
|
Deferred tax liabilities |
|
|
43.9 |
|
|
|
51.1 |
|
Self-insurance reserves |
|
|
112.8 |
|
|
|
105.1 |
|
Long-term operating lease liabilities |
|
|
62.6 |
|
|
|
65.1 |
|
Other liabilities |
|
|
44.3 |
|
|
|
34.6 |
|
Total liabilities |
|
|
1,609.4 |
|
|
|
1,610.7 |
|
Mezzanine equity: |
|
|
|
|
|
|
||
Series A convertible preferred shares, |
|
|
507.1 |
|
|
|
498.2 |
|
Stockholders’ equity: |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
1.1 |
|
|
|
1.1 |
|
Treasury stock, at cost; 13,400,000 and 13,000,000 shares as of September 30, 2024 and September 30, 2023, respectively |
|
|
(173.5 |
) |
|
|
(170.4 |
) |
Additional paid-in capital |
|
|
1,518.1 |
|
|
|
1,530.8 |
|
Accumulated deficit |
|
|
(68.9 |
) |
|
|
(135.3 |
) |
Accumulated other comprehensive (loss) income |
|
|
(1.5 |
) |
|
|
17.1 |
|
Total stockholders’ equity |
|
|
1,275.3 |
|
|
|
1,243.3 |
|
Total liabilities, mezzanine equity and stockholders’ equity |
|
$ |
3,391.8 |
|
|
$ |
3,352.2 |
|
(*) Amounts may not total due to rounding.
BrightView Holdings, Inc. Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Fiscal Year Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
(in millions)* |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net service revenues |
|
$ |
728.7 |
|
|
$ |
743.7 |
|
|
$ |
2,767.1 |
|
|
$ |
2,816.0 |
|
Cost of services provided |
|
|
546.6 |
|
|
|
558.1 |
|
|
|
2,121.5 |
|
|
|
2,137.1 |
|
Gross profit |
|
|
182.1 |
|
|
|
185.6 |
|
|
|
645.6 |
|
|
|
678.9 |
|
Selling, general and administrative expense |
|
|
121.5 |
|
|
|
120.5 |
|
|
|
496.5 |
|
|
|
533.4 |
|
Gain on divestiture |
|
|
0.3 |
|
|
|
- |
|
|
|
(43.6 |
) |
|
|
- |
|
Amortization expense |
|
|
8.4 |
|
|
|
10.7 |
|
|
|
35.8 |
|
|
|
44.5 |
|
Income from operations |
|
|
51.9 |
|
|
|
54.4 |
|
|
|
156.9 |
|
|
|
101.0 |
|
Other (income) expense |
|
|
(0.6 |
) |
|
|
8.7 |
|
|
|
(2.0 |
) |
|
|
6.7 |
|
Interest expense, net |
|
|
14.3 |
|
|
|
19.2 |
|
|
|
62.4 |
|
|
|
97.4 |
|
Income (loss) before income taxes |
|
|
38.2 |
|
|
|
26.5 |
|
|
|
96.5 |
|
|
|
(3.1 |
) |
Income tax expense |
|
|
12.6 |
|
|
|
10.1 |
|
|
|
30.1 |
|
|
|
4.6 |
|
Net income (loss) |
|
$ |
25.6 |
|
|
$ |
16.4 |
|
|
$ |
66.4 |
|
|
$ |
(7.7 |
) |
Less: dividends on Series A convertible preferred shares |
|
|
9.0 |
|
|
|
3.2 |
|
|
|
35.7 |
|
|
|
3.2 |
|
Net income (loss) attributable to common stockholders |
|
$ |
16.6 |
|
|
$ |
13.2 |
|
|
$ |
30.7 |
|
|
$ |
(10.9 |
) |
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings (loss) per share |
|
$ |
0.11 |
|
|
$ |
0.12 |
|
|
$ |
0.21 |
|
|
$ |
(0.12 |
) |
Diluted earnings (loss) per share |
|
$ |
0.11 |
|
|
$ |
0.12 |
|
|
$ |
0.20 |
|
|
$ |
(0.12 |
) |
BrightView Holdings, Inc. Net Income (Loss) Available to Common Shareholders (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Fiscal Year Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
(in millions)* |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
25.6 |
|
|
$ |
16.4 |
|
|
$ |
66.4 |
|
|
$ |
(7.7 |
) |
Less: dividends on Series A convertible preferred shares |
|
|
(9.0 |
) |
|
|
(3.2 |
) |
|
|
(35.7 |
) |
|
|
(3.2 |
) |
Net income (loss) attributable to common stockholders |
|
$ |
16.6 |
|
|
$ |
13.2 |
|
|
$ |
30.7 |
|
|
$ |
(10.9 |
) |
Less: Earnings allocated to Convertible Preferred Shares |
|
|
(6.0 |
) |
|
|
(2.2 |
) |
|
|
(11.2 |
) |
|
|
- |
|
Net income (loss) available to common shareholders |
|
$ |
10.6 |
|
|
$ |
11.0 |
|
|
$ |
19.5 |
|
|
$ |
(10.9 |
) |
(*) Amounts may not total due to rounding.
BrightView Holdings, Inc. Segment Reporting (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Fiscal Year Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
(in millions)* |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maintenance Services |
|
$ |
486.5 |
|
|
$ |
520.8 |
|
|
$ |
1,964.0 |
|
|
$ |
2,066.5 |
|
Development Services |
|
|
244.1 |
|
|
|
224.7 |
|
|
|
808.8 |
|
|
|
758.0 |
|
Eliminations |
|
|
(1.9 |
) |
|
|
(1.8 |
) |
|
|
(5.7 |
) |
|
|
(8.5 |
) |
Net Service Revenues |
|
$ |
728.7 |
|
|
$ |
743.7 |
|
|
$ |
2,767.1 |
|
|
$ |
2,816.0 |
|
Maintenance Services |
|
$ |
81.8 |
|
|
$ |
81.7 |
|
|
$ |
279.7 |
|
|
$ |
277.9 |
|
Development Services |
|
|
41.2 |
|
|
|
29.1 |
|
|
|
106.3 |
|
|
|
82.8 |
|
Corporate |
|
|
(17.8 |
) |
|
|
(9.2 |
) |
|
|
(61.3 |
) |
|
|
(62.0 |
) |
Adjusted EBITDA(1) |
|
$ |
105.2 |
|
|
$ |
101.6 |
|
|
$ |
324.7 |
|
|
$ |
298.7 |
|
Maintenance Services |
|
$ |
29.3 |
|
|
$ |
10.1 |
|
|
$ |
61.3 |
|
|
$ |
56.1 |
|
Development Services |
|
|
2.6 |
|
|
|
1.0 |
|
|
|
12.8 |
|
|
|
8.2 |
|
Corporate |
|
|
0.5 |
|
|
|
2.4 |
|
|
|
4.3 |
|
|
|
7.0 |
|
Capital Expenditures |
|
$ |
32.4 |
|
|
$ |
13.5 |
|
|
$ |
78.4 |
|
|
$ |
71.3 |
|
(*) Amounts may not total due to rounding.
BrightView Holdings, Inc. Consolidated Statements of Cash Flows (Unaudited) |
||||||||
|
|
Fiscal Year Ended |
|
|||||
|
|
September 30,
|
|
|
September 30,
|
|
||
(in millions)* |
|
|
|
|
|
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
66.4 |
|
|
$ |
(7.7 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
108.4 |
|
|
|
105.2 |
|
Amortization of intangible assets |
|
|
35.8 |
|
|
|
44.5 |
|
Amortization of financing costs and original issue discount |
|
|
2.8 |
|
|
|
3.5 |
|
Loss on debt extinguishment |
|
|
0.6 |
|
|
|
8.3 |
|
Deferred taxes |
|
|
1.7 |
|
|
|
(21.5 |
) |
Equity-based compensation |
|
|
20.2 |
|
|
|
22.1 |
|
Realized gain on hedges |
|
|
(11.1 |
) |
|
|
(15.2 |
) |
Gain on divestiture |
|
|
(43.6 |
) |
|
|
— |
|
Other non-cash activities |
|
|
(8.6 |
) |
|
|
(5.3 |
) |
Change in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
19.9 |
|
|
|
(52.6 |
) |
Unbilled and deferred revenue |
|
|
22.1 |
|
|
|
(5.4 |
) |
Other operating assets |
|
|
11.4 |
|
|
|
17.1 |
|
Accounts payable and other operating liabilities |
|
|
(20.4 |
) |
|
|
36.9 |
|
Net cash provided by operating activities |
|
|
205.6 |
|
|
|
129.9 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchase of property and equipment |
|
|
(78.4 |
) |
|
|
(71.3 |
) |
Proceeds from sale of property and equipment |
|
|
18.1 |
|
|
|
21.6 |
|
Business acquisitions, net of cash acquired |
|
|
— |
|
|
|
(13.8 |
) |
Proceeds from divestiture |
|
|
51.0 |
|
|
|
— |
|
Other investing activities |
|
|
3.7 |
|
|
|
2.1 |
|
Net cash (used) by investing activities |
|
|
(5.6 |
) |
|
|
(61.4 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Repayments of finance lease obligations |
|
|
(36.3 |
) |
|
|
(27.6 |
) |
Repayments of term loan |
|
|
— |
|
|
|
(459.0 |
) |
Repayments of receivables financing agreement |
|
|
(87.3 |
) |
|
|
(554.5 |
) |
Repayments of revolving credit facility |
|
|
— |
|
|
|
(33.5 |
) |
Proceeds from receivables financing agreement, net of issuance costs |
|
|
0.5 |
|
|
|
549.5 |
|
Proceeds from revolving credit facility |
|
|
— |
|
|
|
33.5 |
|
Debt issuance and prepayment costs |
|
|
(2.5 |
) |
|
|
(1.8 |
) |
Series A preferred stock dividend |
|
|
(17.8 |
) |
|
|
— |
|
Proceeds from issuance of Series A preferred stock, net of issuance costs |
|
|
— |
|
|
|
495.0 |
|
Proceeds from issuance of common stock, net of share issuance costs |
|
|
3.0 |
|
|
|
1.2 |
|
Repurchase of common stock and distributions |
|
|
(3.1 |
) |
|
|
(2.2 |
) |
Contingent business acquisition payments |
|
|
(5.1 |
) |
|
|
(22.1 |
) |
Increase in book overdrafts |
|
|
20.1 |
|
|
|
— |
|
Other financing activities |
|
|
1.9 |
|
|
|
(0.1 |
) |
Net cash (used) by financing activities |
|
|
(126.6 |
) |
|
|
(21.6 |
) |
Net change in cash and cash equivalents |
|
|
73.4 |
|
|
|
46.9 |
|
Cash and cash equivalents, beginning of period |
|
|
67.0 |
|
|
|
20.1 |
|
Cash and cash equivalents, end of period |
|
$ |
140.4 |
|
|
$ |
67.0 |
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
||
Cash (received) paid for income taxes, net |
|
$ |
34.4 |
|
|
$ |
(9.8 |
) |
Cash paid for interest |
|
$ |
67.7 |
|
|
$ |
82.1 |
|
Non-cash Series A Preferred Stock dividends |
|
$ |
8.9 |
|
|
$ |
3.2 |
|
Accrual for property and equipment |
|
$ |
50.7 |
|
|
$ |
— |
|
(*) Amounts may not total due to rounding.
BrightView Holdings, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) |
||||||||||||||||
|
|
Fiscal Year Ended September 30, |
|
|
Three Months Ended
|
|
||||||||||
(in millions)* |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
66.4 |
|
|
$ |
(7.7 |
) |
|
$ |
25.6 |
|
|
$ |
16.4 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
|
62.4 |
|
|
|
97.4 |
|
|
|
14.2 |
|
|
|
19.2 |
|
Income tax expense |
|
|
30.1 |
|
|
|
4.6 |
|
|
|
12.6 |
|
|
|
10.1 |
|
Depreciation expense |
|
|
108.4 |
|
|
|
105.2 |
|
|
|
28.6 |
|
|
|
24.3 |
|
Amortization expense |
|
|
35.8 |
|
|
|
44.5 |
|
|
|
8.6 |
|
|
|
10.7 |
|
Business transformation and integration costs (a) |
|
|
44.1 |
|
|
|
23.7 |
|
|
|
10.2 |
|
|
|
6.2 |
|
Gain on divestiture (b) |
|
|
(43.6 |
) |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
Equity-based compensation (c) |
|
|
20.5 |
|
|
|
22.3 |
|
|
|
5.1 |
|
|
|
6.4 |
|
COVID-19 related expenses (d) |
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
Debt extinguishment (e) |
|
|
0.6 |
|
|
|
8.3 |
|
|
|
— |
|
|
|
8.3 |
|
Adjusted EBITDA |
|
$ |
324.7 |
|
|
$ |
298.7 |
|
|
$ |
105.2 |
|
|
$ |
101.6 |
|
Adjusted Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
66.4 |
|
|
$ |
(7.7 |
) |
|
$ |
25.6 |
|
|
$ |
16.4 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization expense |
|
|
35.8 |
|
|
|
44.5 |
|
|
|
8.6 |
|
|
|
10.7 |
|
Business transformation and integration costs (a) |
|
|
44.1 |
|
|
|
23.7 |
|
|
|
10.2 |
|
|
|
6.2 |
|
Gain on divestiture (b) |
|
|
(43.6 |
) |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
Equity-based compensation (c) |
|
|
20.5 |
|
|
|
22.3 |
|
|
|
5.1 |
|
|
|
6.4 |
|
COVID-19 related expenses (d) |
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
Debt extinguishment (e) |
|
|
0.6 |
|
|
|
8.3 |
|
|
|
— |
|
|
|
8.3 |
|
Income tax adjustment (f) |
|
|
(10.7 |
) |
|
|
(30.1 |
) |
|
|
(5.0 |
) |
|
|
(20.1 |
) |
Adjusted Net Income |
|
$ |
113.1 |
|
|
$ |
61.4 |
|
|
$ |
44.8 |
|
|
$ |
27.9 |
|
Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash flows provided by operating activities |
|
$ |
205.6 |
|
|
$ |
129.9 |
|
|
$ |
53.5 |
|
|
$ |
40.6 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
78.4 |
|
|
|
71.3 |
|
|
|
32.4 |
|
|
|
13.4 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from sale of property and equipment |
|
|
18.1 |
|
|
|
21.6 |
|
|
|
4.0 |
|
|
|
14.8 |
|
Free Cash Flow |
|
$ |
145.3 |
|
|
$ |
80.2 |
|
|
$ |
25.1 |
|
|
$ |
42.0 |
|
Adjusted Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Net Income (Loss) |
|
$ |
113.1 |
|
|
$ |
61.4 |
|
|
$ |
44.8 |
|
|
$ |
27.9 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding – basic |
|
|
94,673,000 |
|
|
|
93,412,000 |
|
|
|
94,687,000 |
|
|
|
93,420,000 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dilutive impact of Series A convertible preferred stock as-converted |
|
|
54,242,000 |
|
|
|
53,301,000 |
|
|
|
54,242,000 |
|
|
|
53,301,000 |
|
Adjusted weighted average number of common shares outstanding |
|
|
148,915,000 |
|
|
|
146,713,000 |
|
|
|
148,929,000 |
|
|
|
146,721,000 |
|
Adjusted Earnings per Share |
|
$ |
0.76 |
|
|
$ |
0.42 |
|
|
$ |
0.30 |
|
|
$ |
0.19 |
|
(*) Amounts may not total due to rounding.
BrightView Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(a) |
Business transformation and integration costs consist of (i) severance and related costs; (ii) business integration costs and (iii) information technology infrastructure, transformation and other costs. |
|
|
Fiscal Year Ended September 30, |
|
|
Three Months Ended September 30, |
|
||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Severance and related costs (g) |
|
$ |
16.6 |
|
|
$ |
8.9 |
|
|
$ |
6.1 |
|
|
$ |
2.9 |
|
Business integration (h) |
|
|
(0.4 |
) |
|
|
6.2 |
|
|
|
0.1 |
|
|
|
0.9 |
|
IT infrastructure, transformation, and other (i) |
|
|
27.9 |
|
|
|
8.6 |
|
|
|
4.0 |
|
|
|
2.4 |
|
Business transformation and integration costs |
|
$ |
44.1 |
|
|
$ |
23.7 |
|
|
$ |
10.2 |
|
|
$ |
6.2 |
|
(b) |
Represents the realized gain on sale and transaction related expenses from the divestiture of |
|
(c) |
Represents equity-based compensation expense and related taxes recognized for equity incentive plans outstanding. |
|
(d) |
Represents expenses related to the Company’s response to the COVID-19 pandemic, principally temporary and incremental salary and related expenses, personal protective equipment, cleaning and supply purchases, and other. Additionally, fiscal year 2022 includes refunds related to employee retention credits allowed under the CARES Act. |
|
(e) |
Represents losses on the extinguishment of debt related to Amendments No. 8 and No. 7 to the Credit Agreement, in the fiscal years ended September 30, 2024 and 2023, respectively, and includes accelerated amortization of deferred financing fees and original issue discount as well as fees paid to lenders and third parties. |
|
(f) |
Represents the tax effect of pre-tax items excluded from Adjusted Net Income and the removal of the applicable discrete tax items, which collectively result in an increase or decrease in income tax. The tax effect of pre-tax items excluded from Adjusted Net Income is computed using the statutory rate related to the jurisdiction that was impacted by the adjustment after taking into account the impact of permanent differences and valuation allowances. Discrete tax items include changes in laws or rates, changes in uncertain tax positions relating to prior years and changes in valuation allowances. |
|
|
Year Ended
|
|
|
Three Months Ended
|
|
||||||||||
(in millions)* |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Tax impact of pre-tax income adjustments |
|
$ |
12.8 |
|
|
$ |
34.1 |
|
|
$ |
(6.5 |
) |
|
$ |
23.4 |
|
Discrete tax items |
|
|
(2.1 |
) |
|
|
(4.0 |
) |
|
|
11.5 |
|
|
|
(3.3 |
) |
Income tax adjustment |
|
$ |
10.7 |
|
|
$ |
30.1 |
|
|
$ |
5.0 |
|
|
$ |
20.1 |
|
(g) |
Represents severance and related costs incurred in connection with the Company's One BrightView initiative and CEO transition. |
|
(h) |
Represents isolated expenses specifically related to the integration of acquired companies such as one-time employee retention costs, employee onboarding and training costs, and fleet and uniform rebranding costs. The Company excludes Business integration costs from the non-GAAP measures disclosed above since such expenses vary in amount due to the number of acquisitions and size of acquired companies as well as factors specific to each acquisition, and as a result lack predictability as to occurrence and/or timing, and create a lack of comparability between periods. |
|
(i) |
Represents expenses related to distinct initiatives, typically significant enterprise-wide changes. Such expenses are excluded from the measures disclosed above since such expenses vary in amount based on occurrence as well as factors specific to each of the activities, are outside of the normal operations of the business, and create a lack of comparability between periods. |
BrightView Holdings, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) |
||||||||||||
Total Financial Debt and Total Net Financial Debt |
|
|
|
|
|
|
|
|
|
|||
(in millions)* |
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|||
Long-term debt, net |
|
$ |
802.5 |
|
|
$ |
888.1 |
|
|
$ |
1,330.7 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|||
Current portion of long term debt |
|
|
— |
|
|
|
— |
|
|
|
12.0 |
|
Financing costs, net |
|
|
6.5 |
|
|
|
6.6 |
|
|
|
10.6 |
|
Present value of net minimum payment - finance lease obligations (j) |
|
|
68.3 |
|
|
|
42.8 |
|
|
|
41.7 |
|
Total Financial Debt |
|
|
877.3 |
|
|
|
937.5 |
|
|
|
1,395.0 |
|
Less: Cash and cash equivalents |
|
|
(140.4 |
) |
|
|
(67.0 |
) |
|
|
(20.1 |
) |
Total Net Financial Debt |
|
$ |
736.9 |
|
|
$ |
870.5 |
|
|
$ |
1,374.9 |
|
Total Net Financial Debt to Adjusted EBITDA ratio |
|
2.3x |
|
|
2.9x |
|
|
4.8x |
|
|||
(j) |
Balance is presented within Accrued expenses and other current liabilities and Other liabilities in the Consolidated Balance Sheet. |
|
(*) |
Amounts may not total due to rounding |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113164687/en/
For More Information:
Investor Relations
Chris Stoczko, Vice President of Finance
IR@brightview.com
News Media
David Freireich, Vice President of Communications & Public Affairs
David.Freireich@brightview.com
Source: BrightView Landscapes
FAQ
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