Brightview Holdings, Inc. · NYSE:BV
Brightview — Q4 2024 Earnings Presentation
23 slides from Brightview's earnings presentation, Nov 14, 2024
Slide 1: Fourth Quarter Fiscal 2024 Earnings Call
Fourth Quarter Fiscal 2024 | Earnings Call November 14, 2024 NYSE: BV
Slide 2: Introductory Information
Introductory Information 4Q FY2024 Earnings Presentation | 2
Slide 3: Executive Summary
Executive Summary Dale Asplund | President & Chief Executive Officer 4Q FY2024 Earnings Presentation | 3
Slide 4: Key Highlights
Key Highlights Delivered Breakout Year and Positioned for Continued Profitable Growth Business Update Delivered record Q4 & full-year EBITDA while expanding margins FY25 Guidance reaffirms our commitment to continued profitable growth Significant improvement in the balance sheet enabling reinvestmen
Slide 5: Executing on our Strategic Initiatives
Executing on our Strategic Initiatives Delivering on our Commitments while transforming our business... Positioned to Continue Momentum of Profitable Growth Prioritizing our Employees Customer First Operate as One BrightView Improved communication Streamlined Ops Structure & Sales integrated into th
Slide 6: BrightView's Evolution
BrightView’s Evolution Transforming this business…Poised for another Breakthrough Year in 2025 2018 - 2022 2023 2024 2025 & Beyond • Over-levered • CEO Change • Focus on our • Return to top-line balance sheet Employees & Land growth Customers • New Strategic • Continued focus on • Non-Accretive Part
Slide 7: Financial Review & Outlook
Financial Review & Outlook Brett Urban | Chief Financial Officer 4Q FY2024 Earnings Presentation | 7
Slide 8: 4Q24 Revenue
4Q24 Revenue Core Revenue Growth of ~2% $MM’s ~ +2% 756 744 19 ~ 50/50 Core v. 27 7 Non-Core 729 4Q23 Core Maintenance Development Core Business BES/USL Impact 4Q24 Totals may not sum due to intercompany eliminations $MM’s 4Q24 4Q23 Commentary Total Revenue $728.7 $743.7 • 2.0% decrease, ~ 2% increa
Slide 9: 4Q24 Adjusted EBITDA
4Q24 Adjusted EBITDA Record Quarter with Continued Margin Expansion Across all Segments $MM’s ~ +70 bps 9 12 107 2 105 102 2 13.7% 14.4% 4Q23 Core Maintenance Development Corporate Core Business BES/USL Impact 4Q24 Minor differences may exist due to rounding $MM’s 4Q24 4Q23 Commentary Total Adjusted
Slide 10: FY24: Executing upon our Commitments
FY24: Executing upon our Commitments Executed on our Commitments and Delivered a Transformational Year EBITDA % 2024 Segment Margins: Maintenance: 14.2% (+80 bps) EBITDA $ Development: 13.2% (+220 bps) 12.8% 12.7% 11.8% 11.7% 10.6% 10.4% $325 $300 $305 $302 $299 $288 2018 2019 2021 2022 2023 2024 1)
Slide 11: Cash Flow, CapEx, and Leverage
Cash Flow, CapEx, and Leverage $MM’s 1 3 Free Cash Flow Capital Expenditures 2 Leverage Gross Net $145 $78 $71 $51 2.9x Capex1 $60 Timing $50 2.3x $94 $80 2023 2024 2023 2024 2023 2024 Free Cash Flow CapEx Spend Net Financial Debt Improved operating performance and Levels reflect timing of spend 202
Slide 12: FY25 Revenue and Adjusted EBITDA Guidance
FY25 Revenue and Adjusted EBITDA Guidance Total Revenue Adjusted EBITDA $2.750B to $2.840B $335M to $355M FY2025 Assumptions Assumptions for Revenue & EBITDA Margins Assumptions Maintenance Land Revenue1 +1% to +3% excl. Non-Core Revenue Snow Revenue2 $160M - $200M Development Revenue ~+3% to +6% 12
Slide 13: Corporate Segment Elimination
Corporate Segment Elimination Continued Focus on Centralization and Driving Efficiencies Adjusted EBITDA & Margin (as Reported) 2022 2023 2024 2022 2023 2024 2022 2023 2024 Maintenance Development Corporate Adjusted EBITDA & Margin (Recast) Allocation Splits: 2022: M: ~75% | D: ~25% 2023: M: ~72% |
Slide 14: FY25 Free Cash Flow Guidance
FY25 Free Cash Flow Guidance Guidance Range: Range (ex. 2024 Capex timing1): $40M to $60M ~$90M to ~$110M $101 $51 $50 FY25 FCF - MP Payment of 2024 FY25 FCF As Guided accrued equipment1 MP1 Assumptions Net Capex: $140M to $160M (includes $51M as referenced in footnote 2) Free Cash Interest: $55M to
Slide 15: FY25 positioned for another Record Year
FY25 positioned for another Record Year Strategic Pivots & Increased Liquidity Enable Long-Term Profitable Growth & Value Creation Adj. EBITDA ($Ms) Free Cash Flow ($Ms) & EBITDA % & Leverage Ratio 345 325 106 4.8 101 3.8 97 94 87 305 80 302 300 299 3.7 3.5 12.3% 11.8% 288 12.8% 11.7% 2.9 12.7% 2.3
Slide 16: Path to Long-Term Profitable Growth
Path to Long-Term Profitable Growth Significant value creation opportunity by leveraging our position as #1 player in the industry and continuing to prioritize our employees and customers Improved Operating as customer One BrightView retention & cross-selling Strategic Route Capital Employer of Choi
Slide 17: 4Q FY2024 Earnings Call Questions & Answers
4Q FY2024 Earnings Call QUESTIONS & ANSWERS 4Q FY2024 Earnings Presentation | 17
Slide 18: Appendix
Appendix 4Q FY2024 Earnings Presentation | 18
Slide 19: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation *Amounts may not total due to rounding 4Q FY2024 Earnings Presentation | 19
Slide 20: Non-GAAP to GAAP Reconciliation (cont.)
Non-GAAP to GAAP Reconciliation (cont.) *Amounts may not total due to rounding 4Q FY2024 Earnings Presentation | 20
Slide 21: Non-GAAP to GAAP Reconciliation (cont.)
Non-GAAP to GAAP Reconciliation (cont.) 4Q FY2024 Earnings Presentation | 21
Slide 22: Historical Recast Segments
Historical Recast Segments 2018 - Recast 2019 - Recast Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Adjusted EBITDA $ N/A - Public Company $80.2 $66.0 $240.3 $37.3 $54.1 $79.5 $68.7 $239.6 Maint Adjusted EBITDA % beginning Q3 2018 17.0% 15.3% 13.6% 9.5% 11.5% 16.2% 15.1% 13.2% Adjusted EBITDA $ N/A - Public Compan
Slide 23: Investor Relations Contact
INVESTOR RELATIONS CONTACT: MEDIA CONTACT: Chris Stoczko David Freireich VP of Finance & Investor Relations VP of Communications & Public Affairs IR@BrightView.com 484.567.7244 David.Freireich@BrightView.com investor.brightview.com 4Q FY2024 Earnings Presentation | 23