Brightview Holdings, Inc. · NYSE:BV
Brightview — Q1 2025 Earnings Presentation
22 slides from Brightview's earnings presentation, Feb 6, 2025
Slide 1: First Quarter Fiscal 2025 | Earnings Call
First Quarter Fiscal 2025 | Earnings Call February 6, 2025 NYSE: BV
Slide 2: Introductory Information
Introductory Information 1Q FY2025 Earnings Presentation | 2
Slide 3: Introductory Information (continued)
Introductory Information (continued) 1Q FY2025 Earnings Presentation | 3
Slide 4: Executive Summary
Executive Summary Dale Asplund | President & Chief Executive Officer 1Q FY2025 Earnings Presentation | 4
Slide 5: Key Highlights
Key Highlights One BrightView Transformation Progressing – Reiterating FY25 Guidance Business Update Delivered double-digit EBITDA growth and expanded margins by 120 bps Reiterating FY25 guidance and reaffirming our commitment to deliver a second record EBITDA Well positioned to return to land growt
Slide 6: Executing on our Strategic Priorities: Employees First
Executing on our Strategic Priorities: Employees First Prioritizing our employees translates to enhanced service levels… Service Mowers Employer of Choice Hours Benefits Trucks Cost Frontline Employee Turnover Continued 95.0% Improvement 90.0% 85.0% 80.0% 75.0% 70.0% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1
Slide 7: Executing on our Strategic Priorities: Customers First
Executing on our Strategic Priorities: Customers First Continued positive momentum in custom retention Improved communication Service Provider of Choice Providing best-in-class service Deliver efficient, collaborative & unified service 83.0% 82.9% 82.8% 82.7% Maintenance Customer Retention ~ +210 bp
Slide 8: Path to Long-term Profitable Growth
Path to Long-term Profitable Growth Remain focused on our strategic priorities to drive sustainable profitable growth Operating as Improved customer One BrightView retention & cross-selling Strategic Route Capital Density Employer of Choice Allocations L/T Profitable Growth Customer First Centralize
Slide 9: Financial Review & Outlook
Financial Review & Outlook Brett Urban | Chief Financial Officer 1Q FY2025 Earnings Presentation | 9
Slide 10: 1Q25 Revenue
1Q25 Revenue $MM’s 627 628* 6 7 2 20 9 599 ~ 50/50 Core v. Non-Core 1Q24 Core Land Core Snow Development Core Business BES/USL BES - Snow 1Q25 Land Impact *Totals may not sum due to intercompany eliminations $MM’s 1Q25 1Q24 Commentary Total Revenue $599.2 $626.7 • ~4% decrease, all driven by non-cor
Slide 11: Core Land Revenue Growth Building Momentum
Core Land Revenue Growth Building Momentum ~300bps of Land Frontline Turnover Improvement Improvement YoY (~1%) ~ 50/50 Core v. Non-Core Customer Retention Improvement (~2%) Investments in Fleet (~3%) Investments in Sellers (~4%) (~4%) Development Conversions Improvement Q1’24 Q2’24 Q3’24 Q4’24 Q1’2
Slide 12: 1Q25 Adjusted EBITDA
1Q25 Adjusted EBITDA Continued Margin Expansion Across all Segments $MM’s ~ +120 bps 53 2 1 52 4 47 7.4% 14.4% 1Q24 Core Maintenance Development Core Business USL Impact 1Q25 Minor differences may exist due to rounding $MM’s 1Q25 1Q24 Commentary Total Adjusted EBITDA $52.1 $46.7 ~ 12% increase and
Slide 13: CapEx, Adj. Free Cash Flow, and Leverage
CapEx, Adj. Free Cash Flow, and Leverage 2 3 Capital Expenditures1 Adj. Free Cash Flow Leverage Gross Net $MM’s $59 $56 2.9x $17 2.3x $10 $9 $4 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 CapEx Spend Adj, Free Cash Flow Net Financial Debt Levels reflect timing of spend Improved operating performance and net 1Q24
Slide 14: Balance Sheet Fortified
Balance Sheet Fortified Ample Liquidity to support future investments in employees & growth $738M $625M No Long-Term Maturities until 2029 $300M Unused Revolver Facility Term Loan B Liquidity of $550M (1) Average Cost of Capital: ~6% (2) Fixed vs Floating Debt Ratio ~75%/25% $256M Unused A/R Facilit
Slide 15: Reaffirming FY25 Guidance
Reaffirming FY25 Guidance Total Revenue Assumptions for Revenue & EBITDA Margins Assumptions Maintenance Land Revenue1 +1% to +3% excl. Non-Core $2.750B to $2.840B Snow Revenue2 $160M - $200M Development Revenue ~+3% to +6% Adjusted EBITDA Maintenance EBITDA Margin 12.6% to 13.0% Margin expansion of
Slide 16: Transforming BrightView for Long-Term Profitable Growth
Transforming BrightView for Long-Term Profitable Growth Operating as One BrightView to generate profitable growth and unlock significant long-term shareholder value Leverage Strategic Employer Customer Size & Capital of Choice Focus Scale Allocations Investment of Choice Delivering upon our commitme
Slide 17: Questions & Answers
1Q FY2025 Earnings Call QUESTIONS & ANSWERS 1Q FY2025 Earnings Presentation | 17
Slide 18: Appendix
Appendix 1Q FY2025 Earnings Presentation | 18
Slide 19: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation *Amounts may not total due to rounding 1Q FY2025 Earnings Presentation | 19
Slide 20: Non-GAAP to GAAP Reconciliation (cont.)
Non-GAAP to GAAP Reconciliation (cont.) *Amounts may not total due to rounding 1Q FY2025 Earnings Presentation | 20
Slide 21: Non-GAAP to GAAP Reconciliation (cont.)
Non-GAAP to GAAP Reconciliation (cont.) 1Q FY2025 Earnings Presentation | 21
Slide 22: Investor Relations and Media Contacts
INVESTOR RELATIONS CONTACT: MEDIA CONTACT: Chris Stoczko David Freireich VP of Finance & Investor Relations VP of Communications & Public Affairs IR@BrightView.com David.Freireich@BrightView.com investor.brightview.com 1Q FY2025 Earnings Presentation | 22