Brightview Holdings, Inc. · NYSE:BV
Brightview — Q2 2020 Earnings Presentation
21 slides from Brightview's earnings presentation, May 7, 2020
Slide 1: Second Quarter Fiscal 2020 Earnings Call
Second Quarter Fiscal 2020 Earnings Call NYSE: BV May 7, 2020
Slide 2: Introductory Information
Introductory Information This presentation contains forward looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding our industry, strategy, future operations, future
Slide 3: Quarter Highlights and Business Update
Quarter Highlights and Business Update Andrew Masterman | President and Chief Executive Officer 2Q FY2020 Earnings Presentation | 3
Slide 4: COVID-19: Health & Safety
COVID-19: Health & Safety We are grateful for first responders and healthcare professionals Keeping our employees, their families and our customers safe is our number one operating principle Implemented branch based hygiene and sanitization operating procedures and social distancing protocols Team m
Slide 5: COVID-19: Business Continuity
COVID-19: Business Continuity Landscaping recognized as essential service Executing downturn playbook and moving quickly to protect revenue and margins and to preserve cash Our team has navigated difficult cycles in the past Cost containment actions to partially offset softness in revenue 2Q FY2020
Slide 6: 2Q FY2020 Revenue
2Q FY2020 Revenue (Numbers $M) 2Q20 2Q19 Commentary • (6.3)% Decrease Total Revenue $559.1 $596.6 • (+) Underlying organic, M&A & Bookings • (-) Snow fall volumes • (12.1)% Decrease Maintenance Services $416.2 $473.3 • (+) Underlying organic & M&A • (-) Snow fall volumes • 15.8% Increase Development
Slide 7: "Strong-on-Strong" Acquisitions
“Strong-on-Strong” Acquisitions Napa, CA Rock Hill, SC Austin, TX 1 2020 San Diego, CA Bay Area, CA Syracuse, NY 2019 Mesa, AZ Norcross, GA Tucson, AZ Hartford, CT Phoenix, AZ Danville, CA 2018 Fort Lauderdale, FL Shamong, NJ Portland, OR Vista, CA Dallas, TX $350M+ 2017 Annualized revenue Sanford,
Slide 8: Financial Review and Outlook
Financial Review and Outlook John Feenan | EVP and Chief Financial Officer 2Q FY2020 Earnings Presentation | 8
Slide 9: 2Q FY2020 Revenue
2Q FY2020 Revenue (Numbers $M) 2Q20 2Q19 Commentary • (6.3)% Decrease Total Revenue $559.1 $596.6 • (+) Underlying organic, M&A & Bookings • (-) Snow • 11.3% Increase Maintenance - Land $313.7 $281.8 • 1.9% underlying organic & $26.6M M&A • (46.5)% Decrease Maintenance - Snow $102.5 $191.5 • Histori
Slide 10: 2Q FY2020 Adjusted EBITDA
2Q FY2020 Adjusted EBITDA (Numbers $M) 2Q20 2Q19 Commentary • (36.3)% Decrease Total Adj. EBITDA $38.9 $61.1 • 7.0% Adjusted EBITDA margin • 320 basis point contraction • (36.6)% Decrease Maintenance Services $41.2 $65.0 • 9.9% Adjusted EBITDA margin • 380 basis point contraction • 24.5% Increase De
Slide 11: 1H FY2020 Results
1H FY2020 Results (Numbers $M) Revenue Adjusted EBITDA 1H20 1H19 1H20 1H19 Total BrightView $1,129.8 $1,122.7 $90.5 $111.2 Maintenance Services $835.1 $865.8 $88.9 $113.7 Development Services $296.4 $258.4 $32.8 $28.1 Corporate Expenses - - ($31.2) ($30.6) 2Q FY2020 Earnings Presentation | 11
Slide 12: Capital Expenditures, Net Debt & Adjusted Free Cash Flow
Capital Expenditures, Net Debt & Adjusted Free Cash Flow 2 Capital Net Debt Adjusted 3 Expenditures Free Cash Flow $1,174.1 $53.3 $42.6 $1,166.4 $3.0 $35.1 $2.7 1 $25.1 $39.6 1 Net $32.4 Capex Net Capex 1 1H19 1H20 1H19 1H20 1H19 1H20 Asset Disposals Net CapEx / Total Revenue Net Debt / Adjusted EBI
Slide 13: Liquidity Update
Liquidity Update $(M) As of 3/31/2020 Revolving Credit Facility $124.0 Receivables Financing Agreement 23.5 Total Credit Available 147.5 Cash and Cash Equivalents 88.0 Total Liquidity $235.5 Debt Maturities: Receivables Financing Agreement Maturity: February 2022 Revolving Credit Facility Te
Slide 14: Closing Remarks
Closing Remarks Andrew Masterman | President and Chief Executive Officer 2Q FY2020 Earnings Presentation | 14
Slide 15: Key Takeaways
Key Takeaways Q2 Maintenance Land and Development Growth Strongest Since IPO COVID-19 Impacting Near-Term Revenues, but Fundamentals of Business and Industry Remain Strong Continued Success Executing “Strong-on-Strong” M&A Sales Opportunity Pipeline at its Highest Level in the Company’s History Main
Slide 16: Questions & Answers
Second Quarter Fiscal 2020 Earnings Call QUESTIONS & ANSWERS 2Q FY2020 Earnings Presentation | 16
Slide 17: Appendix
BrightView P Inspiring People. Nurturing Landscapes. Appendix
Slide 18: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation (*) Amounts may not total due to rounding. 2Q FY2020 Earnings Presentation | 18
Slide 19: Non-GAAP to GAAP Reconciliation (cont.)
Non-GAAP to GAAP Reconciliation (cont.) (*) Amounts may not total due to rounding. 2Q FY2020 Earnings Presentation | 19
Slide 20: Non-GAAP to GAAP Reconciliation (cont.)
Non-GAAP to GAAP Reconciliation (cont.) (*) Amounts may not total due to rounding. 2Q FY2020 Earnings Presentation | 20
Slide 21: Thank You
Thank You Investor Relations Contact: Media Contact: John E. Shave Fred Jacobs VP of Investor Relations VP of Communications & Public Affairs 484.567.7148 484.567.7244 John.Shave@BrightView.com Fred.Jacobs@BrightView.com investor.brightview.com