BLUE BELL, Pa.--(BUSINESS WIRE)--BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today reported unaudited results for the first quarter ended December 31, 2024.
FIRST QUARTER FISCAL 2025 SUMMARY
- Total revenue decreased 4.4% year-over-year to $599.2 million, driven by the strategic reduction of non-core businesses, partially offset by an increase in revenue from core businesses.
- Net loss improved 36.6% year-over-year to $10.4 million; reflects approximately 90-basis point increase in Net Loss margin.
- Adjusted EBITDA2 increased 11.6% to $52.1 million; Adjusted EBITDA margin2 expansion of approximately 120-basis points.
- Year-to-date net cash provided by operating activities of $60.5 million, an increase of $34.3 million.
- Year-to-date adjusted free cash inflow2 of $4.4 million, a decrease of $12.9 million compared to $17.3 million in the prior year.
COMPANY REAFFIRMS FISCAL YEAR 2025 GUIDANCE1
| 2025 Guidance | |
| Total Revenue | $2.750 - $2.840 billion |
| Adjusted EBITDA2 | $335 - $355 million |
| Adjusted Free Cash Flow2 | $40 - $60 million |
"We are off to a strong start to the fiscal year, fueled by the growing momentum of our evolving One BrightView culture,” said BrightView President and Chief Executive Officer Dale Asplund. “Our strong first quarter results position us to achieve our second consecutive full-year EBITDA record, while continuing to prioritize our employees and putting the customer at the center of everything we do. We are doing this while maintaining a continued focus on cash flow and our balance sheet, as evidenced by our recent term loan refinancing, which allows us to continue to reinvest in the business, explore acquisitions, and pave the way for sustainable, profitable growth.”
1 For assumptions underlying the fiscal year 2025 guidance, see the Q1 2025 presentation at investor.brightview.com
2 Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Free Cash Flow are non-GAAP measures. Refer to the “Non-GAAP Financial Measures” section for more information. The Company is not providing quantitative reconciliations of its financial outlook for Adjusted EBITDA to net (loss), or Adjusted Free Cash Flow to Cash flows provided by operating activities, the corresponding GAAP measures, because the GAAP measures that are excluded from the non-GAAP financial outlook are difficult to reliably predict or estimate without unreasonable effort due to their dependence on future uncertainties, such as items discussed below. Additionally, information that is currently not available to the Company could have a potentially unpredictable & potentially significant impact on its future GAAP financial results.
Fiscal 2025 Results – Total BrightView
| Total BrightView - Operating Highlights | ||||||||
| ($ in millions, except per share figures) | 2024 | 2023 | Change | |||||
| Revenue | $ | 599.2 | $ | 626.7 | (4.4%) | |||
| Net (Loss) | $ | (10.4 | ) | $ | (16.4 | ) | 36.6% | |
| Net (Loss) Margin | (1.7 | ) | (2.6 | ) | 90 bps | |||
| Adjusted EBITDA | $ | 52.1 | $ | 46.7 | 11.6% | |||
| Adjusted EBITDA Margin | 8.7 | % | 7.5 | % | 120 bps | |||
Adjustments:
(a) Expenses related to the integration of acquired companies.
(b) Equity-based compensation expense and related taxes recognized for equity incentive plans outstanding.