Brightview Holdings Stock Price, News & Analysis

BrightView Holdings (NYSE: BV), the leading U.S. commercial landscaping services company, has announced a $9.0 million cash dividend on its Series A Preferred Stock. This dividend covers the period from June 30, 2024 to September 29, 2024, and will be paid on October 1, 2024 to holders of record as of September 15, 2024. This marks the third consecutive quarterly cash payment, demonstrating the company's balance sheet flexibility and commitment to avoid dilutive impact.

BrightView issued 500,000 shares of Series A Convertible Preferred Stock on August 28, 2023, for a total of $500 million. These shares are convertible into common stock at $9.44 per share and carry a 7.0% annual dividend, compounding quarterly, which can be paid in kind or cash at the company's discretion.

BrightView Holdings (NYSE: BV) reported Q3 fiscal 2024 results with total revenue decreasing 3.6% year-over-year to $738.8 million. However, net income increased 39.9% to $23.5 million, and Adjusted EBITDA rose 6% to $107.9 million. The company reaffirmed the midpoint of its full-year guidance for revenue, EBITDA, and margin, while raising free cash flow guidance. Key highlights include:

- Net income margin expansion of 100 basis points
- Adjusted EBITDA margin expansion of 130 basis points
- Year-to-date free cash flow of $120.2 million, an increase of $82.0 million
- Strengthened liquidity by refinancing Term loan and AR securitization facility

BrightView's CEO Dale Asplund noted progress with One BrightView initiatives and margin improvement across all segments for both Q3 and year-to-date results.

BrightView Holdings, Inc. (NYSE: BV) has announced its upcoming third quarter fiscal year 2024 earnings release and conference call schedule. The company will release its earnings results after market close on Wednesday, July 31, 2024. A conference call to discuss the results will be held the following morning, Thursday, August 1, 2024, at 8:30 a.m. EDT.

Investors can join the conference call using the provided dial-in numbers and access code. The call will be recorded and available for replay until August 15, 2024. Additionally, a live webcast of the call will be accessible on the company's investor website. BrightView's President and CEO Dale Asplund, along with EVP and CFO Brett Urban, will host the conference call and webcast.

BrightView Holdings (NYSE: BV), the leading commercial landscaping services firm in the U.S., has announced its participation in the CJS Securities 24th Annual New Ideas Summer Conference. Key members of the management team, including CEO Dale Asplund and VP of Finance Chris Stoczko, will represent the company.

The conference is scheduled for July 10, 2024, at 9:20 a.m. ET in White Plains, New York. Management will refer to an investor presentation available on BrightView's investor website.

BrightView Holdings announced an update to its receivables financing agreement, increasing the facility from $275 million to $325 million and extending its maturity to June 2027. The new structure includes an accordion feature allowing an additional $100 million increase in borrowing capacity. Improvements include better leverage-based pricing tiers, reduced interest margins, and fees for unused capacity. These adjustments are expected to save over $5 million in interest expenses annually. BrightView will also use excess cash to pay down $75 million of its debt under this facility, enhancing balance sheet flexibility and reducing costs.

BrightView Holdings (NYSE: BV), a leader in commercial landscaping services in the US, has declared a cash dividend of $8.91 million for its Series A Preferred Stock. This dividend covers the period from March 31, 2024, to June 30, 2024, and will be paid on July 1, 2024, to shareholders of record as of June 15, 2024. This marks the second consecutive quarterly cash dividend, showcasing the company's financial stability and commitment to avoiding shareholder dilution. Earlier, on August 28, 2023, BrightView entered into an investment agreement with One Rock Capital Partners, raising $500 million through the issuance of 500,000 shares of Series A Convertible Preferred Stock. This stock offers a 7% annual dividend, payable in kind or cash, and is convertible to common stock at $9.44 per share.

BrightView announced its role in transforming Rickwood Field for MLB's historic game featuring the San Francisco Giants and St. Louis Cardinals on June 20. As MLB's Official Field Consultant, BrightView renovated the century-old ballpark, replacing the entire field surface with new Bermuda Turfgrass and upgrading features while preserving historical elements. The overhaul involved removing 5,000 tons of material, installing 120,000 square feet of sod, and adding new clay, padded walls, and lighting. BrightView will maintain the field for three events, including an MLB game. This project is part of BrightView's extensive collaboration with MLB on high-profile games globally.

BrightView Holdings announced the successful repricing of its $738 million senior secured term loan, now due in 2029. The interest rate has been reduced from Term SOFR plus 3.00%-3.25% to Term SOFR plus 2.50%, with no substantial changes to other terms. This adjustment is expected to save the company approximately $3.7 million annually in cash interest expenses. CFO Brett Urban emphasized that this move is part of BrightView's ongoing strategy to manage its balance sheet and drive profitable growth by leveraging current market conditions for term loan pricing.

BrightView Holdings (NYSE: BV) announced the pricing of an underwritten secondary offering of 17,500,000 shares by a selling stockholder affiliated with KKR & Co. The offering will close on May 23, 2024, subject to customary conditions, with no shares sold by BrightView itself. The proceeds will go entirely to the selling stockholder. The shares will be distributed to institutional investors led by T. Rowe Price Investment Management. Underwriters include KKR, Craig-Hallum, CJS Securities, Morgan Stanley, and Loop Capital Markets. The registration statement for the securities has been filed and is effective with the SEC.