Brightview Holdings, Inc. · NYSE:BV
Brightview — Q2 2025 Earnings Presentation
26 slides from Brightview's earnings presentation, May 8, 2025
Slide 1: Second Quarter Fiscal 2025 Earnings Call
Second Quarter Fiscal 2025 | Earnings Call May 8, 2025 NYSE: BV
Slide 2: Introductory Information
Introductory Information 2Q FY2025 Earnings Presentation | 2
Slide 3: Introductory Information (con’t.)
Introductory Information (con’t.) 2Q FY2025 Earnings Presentation | 3
Slide 4: Executive Summary
Executive Summary Dale Asplund | President & Chief Executive Officer 2Q FY2025 Earnings Presentation | 4
Slide 5: Key Highlights & Strategic Priorities
Key Highlights & Strategic Priorities Raising FY25 Adjusted EBITDA, Margin & Free Cash Flow Guidance Business Update Delivered record EBITDA and margin with margin expansion of +150bps Resilient business model positions us to drive profitable growth One BrightView transformation progressing Strategi
Slide 6: Resilient Business Against Macro Backdrop
Resilient Business Against Macro Backdrop Highly Resilient Our Inflationary Revenue Base Workforce Environment • Resilient & diversified • E-Verify implemented 2016 • Price escalators and recurring contract base protections in contracts • Reduced turnover = less • Robust backlog = future hiring & tr
Slide 7: Continued Execution of Key Strategies
Continued Execution of Key Strategies BECOMING THE EMPLOYER OF CUSTOMER CENTRIC CHOICE FOCUS Employer of Choice + Customer Centric Focus = Service Provider of Choice Crew PTO Trucks / Mowers Service Hours Improved Communication Best-in-class service Efficient / Unified 2Q FY2025 Earnings Presentatio
Slide 8: The Winning Formula is in Motion
The Winning Formula is in Motion Execution against our Strategy Creates Long-term Shareholder Value Employee Customer Turnover = Retention Customer Growing Retention = Branches More Bigger Branches = Profitable Branches 2Q FY2025 Earnings Presentation | 8
Slide 9: Financial Review & Outlook
Financial Review & Outlook Brett Urban | Chief Financial Officer 2Q FY2025 Earnings Presentation | 9
Slide 10: 2Q25 Revenue
2Q25 Revenue $MMs +3% Increase 693 * 8 8 673 22 23 9 663 ~ 50/50 Core v. Non-Core Estimated Snow Impact ~$6M or ~2% 2Q24 Core Land Core Snow Development Core Business Non Core BES - Snow 2Q25 Land Impact *Totals may not sum due to intercompany eliminations $MMs 2Q25 2Q24 Commentary Total Revenue $66
Slide 11: Highly Resilient Revenue Mix
Highly Resilient Revenue Mix Revenue well-positioned against macroeconomic uncertainties Resilient Land Development Maintenance Revenue Revenue Development • Predictable & diversified ~30% • Strong backlog; selling work recurring contract base that will be completed in fiscal 2026 & beyond • Portion
Slide 12: 2Q25 Adjusted EBITDA
2Q25 Adjusted EBITDA Continued Margin Expansion Across all Segments $MMs +410bps Margin 73 7 +60bps Margin 65 1 7.4% 14.4% 2Q24 Maintenance Development 2Q25 Minor differences may exist due to rounding $MMs 2Q25 2Q24 Commentary Total Adjusted EBITDA $73.5 $64.8 ~ 13% increase and margin expansion +
Slide 13: Continuing to Transform our Business
Continuing to Transform our Business Record 1st half EBITDA & EBITDA margin while continuing to make investments $MMs +13% or +$15M +140bps 126 10 +230bps 111 5 Margin +100bps Margin 8.6% Margin 10.0% Margin 1H24 Maintenance Development 1H25 Minor differences may exist due to rounding 1) Continued i
Slide 14: CapEx, Adj. Free Cash Flow, and Leverage
CapEx, Adj. Free Cash Flow, and Leverage Capital Expenditures1 Adj. Free Cash Flow2 Leverage $MMs Gross 92 89 2.4x Net 85 2.1x 67 23 20 1H24 1H25 1H24 1H25 2Q24 2Q25 CapEx Spend2 Adj. Free Cash Flow Net Financial Debt3 Accelerating Fleet Strategy Improved operating performance and net 2Q24 $754M wor
Slide 15: Strategic Capital Priorities
Strategic Capital Priorities STRATEGIC CAPITAL ALLOCATION Fortified balance sheet enables execution of capital allocation priorities Fortified Balance Sheet • Favorable debt structure & ample liquidity • No Long-Term Maturities until 2029 Accelerate Fleet Strategy Share Repurchase • 2025 will be hig
Slide 16: FY25 Updated Guidance
FY25 Updated Guidance Raising FY25 Adjusted EBITDA, Margin & Free Cash Flow Guidance Metric Prior Guidance Updated Guidance Total Revenue $2.750B to $2.840B Unchanged Adjusted EBITDA $335M to $355M $345M to $365M Adj. EBITDA Margin +50bps to +80bps +80bps to +110bps Adj. Free Cash Flow1 $40M to $60M
Slide 17: One BrightView Driving Long-Term Profitable Growth
One BrightView Driving Long-Term Profitable Growth Positioned to drive sustainable profitable growth and deliver meaningful shareholder value BECOMING CUSTOMER UNLOCKING STRATEGIC INVESTMENT THE CENTRIC SIZE AND CAPITAL OF CHOICE EMPLOYER FOCUS SCALE ALLOCATION OF CHOICE KEY INVESTMENT HIGHLIGHTS Ma
Slide 18: Questions & Answers
2Q FY2025 Earnings Call QUESTIONS & ANSWERS 1Q FY2025 Earnings Presentation | 18 2Q
Slide 19: Appendix
Appendix 2Q FY2025 Earnings Presentation | 19
Slide 20: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation *Amounts may not total due to rounding 2Q FY2025 Earnings Presentation | 20
Slide 21: Non-GAAP to GAAP Reconciliation (con’t.)
Non-GAAP to GAAP Reconciliation (con’t.) *Amounts may not total due to rounding 2Q FY2025 Earnings Presentation | 21
Slide 22: Non-GAAP to GAAP Reconciliation (con’t.)
Non-GAAP to GAAP Reconciliation (con’t.) 2Q FY2025 Earnings Presentation | 22
Slide 23: Share Repurchase Reconciliation: Q2
Share Repurchase Reconciliation: Q2 2Q FY2025 Earnings Presentation | 23
Slide 24: Revenue Guidance Reconciliation
Revenue Guidance Reconciliation Guidance Reconciliation Land Snow Dev't Total FY'24 1,743 221 809 2,767 Non-Core (28) (33) 0 (61) FY'24 Core 1,715 188 809 2,706 Low-End 1% N/A 3% N/A Ranges High-End 3% N/A 6% N/A Low-End 1,730 205 830 2,765 Implied Math High-End 1,765 205 855 2,825 Low-End 2,750 Cur
Slide 25: Adjusted Free Cash Flow Guidance Reconciliation
Adjusted Free Cash Flow Guidance Reconciliation Guidance Range: Range (ex. 2024 Capex timing1): $50M to $70M $101M to $121M $111 $51 $60 FY25 FCF - MP Payment of 2024 FY25 FCF 1 As Guided accrued equipment 1 MP 120 $111 36 100 $94 34 $80 80 31% 32 60 29% 30 40 27% 28 20 26 0 1 24 2023 2024 FY25 FCF
Slide 26: 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 2Q FY2025 Earnings Presentation | 26