BrightView Reports Third Quarter Fiscal 2019 Results
Total revenue reached $657.2 million, up 4.3% versus the prior year period, which included 1% growth in the underlying Commercial Landscaping services revenue
GAAP Net Income of $31.7 million, or $0.31 per share, Adjusted EBITDA of $101.9 million and Adjusted Net Income of $47.0 million, or $0.46 per share
Adjusted EBITDA exceeded $100 million in a quarter for the first time in the Company's history
The Company expects full year fiscal 2019 results to be near the low end of the previously issued guidance for both Total Revenue and Adjusted EBITDA of $2.4 billion and $310 million, respectively
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 third quarter and nine months ended June 30, 2019.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190807005123/en/
(Graphic: Business Wire)
Third Quarter Fiscal 2019 Highlights
- Total Revenues for the quarter totaled $657.2 million, a 4.3% increase versus the prior year quarter, with 3.7% higher Maintenance Services Segment revenues and 5.7% higher Development Services Segment revenues;
- Net Income of $31.7 million, or $0.31 per share, and a net income margin of 4.8%, compared to Net Loss of $1.4 million, or ($0.02) per share, and a net loss margin of 0.2%, in the prior year quarter;
- Adjusted EBITDA of $101.9 million, or 4.2% growth over the prior year quarter, with an Adjusted EBITDA margin of 15.5%, representing the first time the Company delivered more than $100 million of Adjusted EBITDA in a quarter;
- Adjusted Net Income of $47.0 million, or $0.46 per share, up from Adjusted Net Income of $33.2 million, or $0.43 per share, in the prior year quarter.
Nine Months Fiscal 2019 Highlights
- Total Revenues for the nine months totaled $1,779.9 million, a 0.5% increase versus the prior year period, with 1.2% higher Maintenance Services Segment revenues and 2.1% lower Development Services Segment revenues;
- Net Income of $19.3 million, or $0.19 per share, and a net income margin of 1.1%, compared to Net Loss of $4.1 million, or ($0.05) per share, and a net loss margin of 0.2%, in the prior year period;
- Adjusted EBITDA of $213.1 million, or 1.3% below the prior year period, with an Adjusted EBITDA margin of 12.0%;
- Adjusted Net Income of $73.1 million, or $0.71 per share, up from Adjusted Net Income of $54.1 million, or $0.70 per share, in the prior year period.
"Today we are reporting the highest quarterly revenue and adjusted EBITDA results in BrightView's history. Our Maintenance Services Segment increased its base contract revenue, demonstrating that we are pursuing the right strategy to build a strong foundation for sustainable, future organic growth. Our Development Services Segment capitalized on a robust book of business to deliver meaningful growth in both revenue and profitability, despite the challenging wet weather conditions faced by both segments throughout the quarter and across much of the country," said Andrew Masterman, BrightView President and Chief Executive Officer. "Moving forward, we will continue to invest in generating profitable, long-term growth. Results in our existing business are starting to show the benefits of our reorganized sales team and the initiatives we've implemented to "digitize" the Company by leveraging technology. Finally, our M&A pipeline remains attractive as we continue driving growth through our strong-on-strong acquisition strategy."
Unless indicated otherwise, the information in this release has been adjusted to give effect to a 2.33839-for-one reverse stock split of the Company's common stock effected on June 8, 2018. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Free Cash Flow and Adjusted Earnings per Share are non-GAAP measures. Refer to the "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" sections for more information.
Fiscal 2019 Results – Total BrightView
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Total BrightView - Operating Highlights |
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|
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Three Months Ended June 30, |
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Nine Months Ended June 30, |
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($ in millions, except per share figures) |
|
2019 |
|
|
2018 |
|
|
Change |
|
2019 |
|
|
2018 |
|
|
Change |
||||
|
Revenue |
|
$ |
657.2 |
|
|
$ |
630.3 |
|
|
4.3% |
|
$ |
1,779.9 |
|
|
$ |
1,771.8 |
|
|
0.5% |
|
Net income (loss) |
|
$ |
31.7 |
|
|
$ |
(1.4 |
) |
|
nm |
|
$ |
19.3 |
|
|
$ |
(4.1 |
) |
|
nm |
|
Adjusted EBITDA |
|
$ |
101.9 |
|
|
$ |
97.8 |
|
|
4.2% |
|
$ |
213.1 |
|
|
$ |
215.9 |
|
|
(1.3%) |
|
Adjusted EBITDA Margin |
|
|
15.5 |
% |
|
|
15.5 |
% |
|
0 bps |
|
|
12.0 |
% |
|
|
12.2 |
% |
|
-20 bps |
|
Adjusted Net Income |
|
$ |
47.0 |
|
|
$ |
33.2 |
|
|
41.6% |
|
$ |
73.1 |
|
|
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