Brightview Holdings, Inc. · NYSE:BV
Brightview — Loop Capital Markets 2025 Investor Conference
45 slides from Brightview's conference presentation, March 2025
Slide 1: Investor Presentation
Investor Presentation March 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains "forward- looking statements" within the meaning of the safe harbor provision generate sufficient cash flow to satisfy our significant debt service obligations; the incurrence of substantially more debt, of the U.S. Private Securities Litigation
Slide 3: BrightView Today
BrightView Today • Founded in 1939 • Headquartered: Blue Bell, PA States with BrightView Branches • Employees: ~20,000 Corporate Headquarters Maintenance Branches • Revenue: $2.8B Development Branches Shared Branches • Jobs: ~20,000 • Branch Locations: 280 Note: Branch locations include satellites B
Slide 4: BrightView – Much More Than Just Mowing
BrightView – Much More Than Just Mowing Maintenance Mowing Gardening Mulching Snow Services Tree Care Water Mgmt. & Irrigation Lake & Pond Landscape Disaster Sports Golf Course Landscape Management Installation Recovery Fields Maintenance Design Development Design & Pre- Landscape Masonry + Hardscap
Slide 5: BrightView's Early Days…
BrightView’s Early Days… Not Growing Profitability, Combined Two Limited Cash, Legacy Stuck In Place Companies to Create a National Presence Initial Public Offering Focused on Revenue Growth, but not Profitable Growth 5
Slide 6: …Led to These Financial Results
…Led to These Financial Results 380 15.0 370 14.5 Revenue ($Ms) 360 Adj. EBITDA ($Ms) 14.0 +~$420M or 350 & EBITDA % (~$12M) & +18% 340 (240bps) 13.5 2,775 330 12.8% 13.0 12.7% 320 2,554 12.5 310 305 300 302 300 12.0 2,405 2,354 290 11.8% 288 11.5 280 11.0 270 260 10.4% 10.5 250 10.0 2018 2019 2021
Slide 7: BrightView's Refreshed Focus…
BrightView’s Refreshed Focus… Increased Employee & Customer Focus, While Delivering Record EBITDA Not Growing Results Profitability, Combined Two Limited Cash, Legacy Stuck In Place Top-Line Growth Companies Fueling to Create a Transformation National Presence New Leadership, One Rock Partnership, N
Slide 8: …Positions BrightView for Long Term Profitable Growth
…Positions BrightView for Long Term Profitable Growth Prioritizing our employees and a customer-centric focus producing momentum Revenue ($Ms) Adj. EBITDA ($Ms) 380 & EBITDA % 15.0 +~$45M & 14.5 ~Flat 360 +170bps 2,816 345 14.0 2,767 2,795 340 13.5 325 320 13.0 12.5 299 12.3% 300 12.0 11.7% 280 11.5
Slide 9: Key Investment Highlights
Key Investment Highlights KEY INVESTMENT HIGHLIGHTS Unifying BrightView Market leader with size, scale and strategy to compound competitive advantages Prioritizing our employees to become employer and service provider of choice Sustainable business model with recurring revenue and intense customer f
Slide 10: Opportunity Abounds in Large & Highly Fragmented Market
Opportunity Abounds in Large & Highly Fragmented Market U.S. Market Structure BrightView 2024 Revenue: $2.8B ~$130B U.S. Commercial Landscaping, Snow and Development Development ~$113B U.S. Commercial Landscaping and Snow ~30% ~70% Maintenance U.S. Commercial ~$88B Landscaping Services BrightView: ~
Slide 11: Prioritizing Our Frontline Employees
Prioritizing Our Frontline Employees Investments in Our Frontline Employees Have Yielded Significant Momentum in Turnover Affordable Trucks Mowers PTO Benefits Service Flexible Boots HRIS* Hours Schedules Frontline Turnover Trend (TTM) Savings Turnover down ~20% from Reduced Turnover over 5 quarters
Slide 12: Driving Profitable Growth…
Driving Profitable Growth… Profitable Growth New Sales Development Development Ancillary National Growth Growth Conversions Offerings Accounts CUSTOMER RETENTION 12
Slide 13: …by Operating as One BrightView
…by Operating as One BrightView Early in the Journey of Transforming BECOMING CUSTOMER UNLOCKING STRATEGIC INVESTMENT BrightView THE CENTRIC SIZE AND CAPITAL OF CHOICE EMPLOYER FOCUS SCALE ALLOCATION OF CHOICE 13
Slide 14: This is the Winning Formula…
This is the Winning Formula… Adjusted Employee Customer Turnover = Retention FCF Generation, Strategic Customer Growing Capital Retention = Branches Allocations, Long-Term Shareholder More Bigger Value Branches = Profitable Branches 14
Slide 15: 2030 Aspirational Targets (from February '25 Investor Day)
2030 Aspirational Targets (from February ’25 Investor Day) Clear path to KEY INVESTMENT HIGHLIGHTS achieve long-term ~$4B*+ ~$650M+ Market leader with size, Prioritizing our employees targets and drive Total Revenue Adjusted EBITDA scale and strategy to to become employer and shareholder value compo
Slide 16: Appendix
Appendix 16
Slide 17: FY25 Guidance (from November '24 earnings call)
FY25 Guidance (from November ’24 earnings call) 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 12.6% to 13.0% Maintenance EBITDA Marg
Slide 18: Leadership
Leadership Inspiring & Unifying ~20,000 Employees to Operate as One BrightView DALE ASPLUND BRETT URBAN MANDY ORDERS MICHAEL DOZIER JONATHAN GOTTSEGEN Chief Executive Officer Chief Financial Officer Chief Human Chief Commercial Officer Chief Legal Officer & Resources Officer Corporate Secretary Sale
Slide 19: Our People are Our Differentiator
Our People are Our Differentiator Building a Strong, Dedicated & Unified One BrightView Reduced Seasonal ~20,000 Total Hiring Needs Due Employees to Improvement in Frontline Turnover Tenured Frontline Competitive Wages Crew Leader: ~8 Yrs. with Reliable Work Crew: ~4 Yrs. Schedules BrightView is the
Slide 20: Putting the Customer at the Center of what we do
Putting the Customer at the Center of what we do Scale and Go-to-Market Technology Strategy Advantages CUS S CU TO FO M ER C C EN TRI Capturing Revenue Share of Wallet Growth Drivers 20
Slide 21: How We'll Win Moving Forward: Growing Profitably
How We’ll Win Moving Forward: Growing Profitably 1 Improved Retention Customer Intense customer focus and proactive service delivery to reduce turnover New Maintenance 2 Sales Invest in sellers and give them meaningful tools to sell profitable land business 3 New Development Sales Continue to build
Slide 22: Opportunities Abound within Customer Retention
Opportunities Abound within Customer Retention 90%+ ~85% ~84% ~83% ~83% ~81% ~80% ~79% First Year of Improvement Since IPO 2018 2019 2020 2021 2022 2023 2024 BV Best in-Class Drivers of Success Quality of Service Communication Leverage AI for Prioritizing our employees so Proactively responding to c
Slide 23: Employee Turnover Remains Key Catalyst to Drive Customer Retention
Employee Turnover Remains Key Catalyst to Drive Customer Retention Customer Retention % by Turnover Quartile ~600bps Difference 140 85 120 84% 100 80 80 60 78% 75 40 20 0 70 4th Quartile 3rd Quartile 2nd Quartile 1st Quartile Customer Retention Frontline Turnover* *Excludes involuntary turnover 23
Slide 24: Retention Accelerates Profitable Top-Line Growth
Retention Accelerates Profitable Top-Line Growth Customer Retention is the Primary Catalyst That Fuels Profitable Top-line Growth Branch Segmentation* Branches with Higher Retention Have Higher Contract Growth ~+9% ~20% ~20% ~+6% ~20% ~(4%) ~40% ~(8%) < 70% 70% - 80% 80% - 90% 90+% *Based on 2024 re
Slide 25: A Go-to-Market Strategy Designed to Deliver
A Go-to-Market Strategy Designed to Deliver Legacy Sales Strategy Current Sales Strategy Reporting Sales and Ops siloed Sales and Ops aligned Structure Sub-optimal alignment Selling Focused on profitable Incentives growth/retention Less technology-based Tools Route Density / BV Connect Environmental
Slide 26: Equipping Our Sellers with Tools to Drive Route Density
Equipping Our Sellers with Tools to Drive Route Density Route Density Tool Enables Teams to Target New Customers Along Existing Routes = Profitable Growth Branch Existing Customer Vetted Target Unvetted Target 26
Slide 27: Development Business as a Catalyst for Growth
Development Business as a Catalyst for Growth Development Business Leads Growth Charge; Remains Stable Foundation for Future Maintenance Growth Development Services Snapshot Development Backlog Revenue #1 Nationwide Landscape/Irrigation Installation Provider ($MS) ($MS) 30 Branches 1,000+ Active Job
Slide 28: Key Untapped Opportunity in Development Conversions
Key Untapped Opportunity in Development Conversions Opportunity Notable Wins CUSTOMER A CUSTOMER B $1 Development Job Development Job ~$4M ~$1.6M ~$.07 Recurring Contract Maintenance Annual Maintenance $250K $200K 70% Conversion Rate implies ~$50M Future Opportunity in Annual Maintenance Revenue ~70
Slide 29: Capturing Share of Wallet
Capturing Share of Wallet Higher Retention = Better Relationships = Better Share of Wallet Average Ancillary Penetration* % by Customer Tenure ~62% ~55% ~40% ~25% < 1 Year 1 - 3 Years 3 - 5 Years 5+ Years Moving Each Customer Up One Tranche Represents ~$75M in Annual Revenue *Average Ancillary Penet
Slide 30: National Accounts: A Significant Strategic Growth Opportunity
National Accounts: A Significant Strategic Growth Opportunity Tech Enablement Measure Progress Single Point of Contact Key Accounts Aligned Partnership Targeted Accounts Leveraging our Self-Perform National Branch Network 30
Slide 31: Capital Allocation and Long-Term Value Creation
Capital Allocation and Long-Term Value Creation Maximize Core Business Shareholder Foundation Return (Fleet & Technology) STRA N TIO CA TE G IC O L L CA P I TA L A Accretive Revenue Mergers & Growth Acquisitions Acceleration 31
Slide 32: Fortified Balance Sheet
Fortified Balance Sheet Robust Adjusted Free Cash Flow Coupled with Lower Debt and Leverage Provides Significant Opportunity for Additional Value Creation Adjusted Free Cash Flow Net Debt / Leverage Ratio 1,500 5.5 4.8x 5.0 3.8x 3.7x 4.5 3.5x 4.0 1,000 3.5 2.9x 2.3x 3.0 $145 $1,375 2.5 $106 $1,149 $
Slide 33: Path to ~$4B in Revenue
Path to ~$4B in Revenue 1 Land Maintenance ~3% to ~6% Growth per Annum (Retention, Route Density, Cross Selling, Ancillary Offerings) 2 Development ~4% to ~5% Growth per Annum (Continued momentum in backlog) 3 Accretive M&A ~$400M to ~$500M in Accretive Mergers & Acquisitions 6.3% CAGR 4.2% CAGR ~$4
Slide 34: Land Maintenance Growth Trajectory
Land Maintenance Growth Trajectory 4.6% CAGR 5-7% 2,283 3-6% Revenue Growth Drivers 1-3% 1,743 FY24 FY25/ FY27/ FY29/ FY30 (As Reported) FY26 FY28 FY30 Land Maintenance Revenue acceleration underpinned by profitable growth initiatives 34
Slide 35: Shift in M&A Approach to Drive Accretive Deals
Shift in M&A Approach to Drive Accretive Deals Near-Term Strategic Focus Areas Service-Line Density Adjacent Services Market Expansion Market Density Markets BV operates, Complimentary services Markets where BV Markets where BV is but outsources to core business is not present well established core
Slide 36: Path to 16%+ EBITDA Margins
Path to 16%+ EBITDA Margins 1 Top-Line Growth ~20%+ Flowthrough on Top-Line Growth Drivers 2 Efficiencies +~250bps margin expansion driven by FSM*, procurement, fleet & SG&A leverage 3 Accretive M&A Flowthrough on ~$450M of Accretive Mergers & Acquisitions 12.3% CAGR 10.3% CAGR ~$100 FSM, ~$650 Flee
Slide 37: Driving Efficiencies in Frontline Labor Management
Driving Efficiencies in Frontline Labor Management Proactive Communication & Improved Service Levels = Customer Retention & Margin Gains Current Manual Approach Future Tech-Driven Approach Opportunity Efficiencies on ~20K+ Jobs Routing/ Density Proactive & Improved Real-time with Customer Crews & Re
Slide 38: BrightView Spend Composition
BrightView Spend Composition Fleet ~10% ~$2.6 Billion* ~20% ~ 40% Frontline in annualized spend… SG&A Labor significant untapped opportunities to drive efficiencies and expand margins ~ 30% Materials & Commodities * ~$2.5B Operating Costs (excludes EBITDA Add-backs) and ~$100M Net CapEx 38
Slide 39: Unlocking Our Purchasing Power
Unlocking Our Purchasing Power Refining Our Strategic Vendor Network & Driving Better Utilization to Unlock Purchasing Power and Gain Margin Efficiencies Legacy Buying Habits Future Buying Strategy ILLUSTRATIVE CASE STUDY Per Unit Job Material ~20K+ Vendors; <1% Preferred ~1K Vendors; Primarily Pref
Slide 40: Fleet Management Strategy
Fleet Management Strategy Execution of Our Fleet Management Strategy will Drive Employee Satisfaction, Improved Customer Retention & Enhanced Brand Reputation Average Age (Years) 2023 2025E 2026E ASE UT IL ~9 ~6 ~5 H C IZE PUR Average Age (Years) Optimal Time to 2023 2025 Dispose of an Asset IN ~3 ~
Slide 41: Revenue Growth Acceleration: Sales Force Investments
Revenue Growth Acceleration: Sales Force Investments Rebalance SG&A: Investment in Sales Force, offset by leverage in G&A SG&A % of Revenue 19.9% 19.3% 18.9% ~65% 2030 ~35% 17.9% Target* ~50% ~50% ~16.0% - 16.5% 2021 2022 2023 2024 2030 Selling General & Administrative *2024 SG&A: ~80% G&A / ~20% Se
Slide 42: Unlocking Size & Scale Through Larger & More Profitable Branches
Unlocking Size & Scale Through Larger & More Profitable Branches Bigger Branches = More Profitable Branches 16% 14% 12% 11% Best In-class Branches at $17 ~20%+ $11 Margin $8 $5 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Average Maintenance Branch Revenue EBITDA Margin % SG&A % Note: in Mill
Slide 43: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation Refer to the appropriate Form 10-Ks filed with the SEC for additional details regarding the adjustments to reconcile net income to EBITDA. 43
Slide 44: Non-GAAP to GAAP Reconciliation (cont.)
Non-GAAP to GAAP Reconciliation (cont.) 44
Slide 45: Thank you
BrightView P Inspiring People. Nurturing Landscapes. Thank you BV LISTED NYSE
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