BrightView reports third quarter financial results

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BLUE BELL, Pa. – BrightView recently reported unaudited results for the third quarter ended June 30, 2020.

“Our quarterly results highlight the resiliency of our contract-based business and reflect the positive underlying trends of our strong-on-strong acquisition strategy, cash generation and liquidity, and our on-going focus on working capital and reducing capital expenditures,” said Andrew Masterman, BrightView President and CEO. “Despite ancillary softness and project delays, COVID-19 impacts to date have been modest due to our resilient contract revenue base and our earnings have benefited from cost management actions. Cash generation remains exceptional, margins strong, our capex requirements are modest, and we expect our M&A pipeline to continue to be a reliable and sustainable source of revenue growth,” Masterman said.

Masterman added that BrightView expects COVID-19 impacts to be felt "over the next few quarters as conditions remain fluid."

Third Quarter Fiscal 2020 Highlights

  • Net cash provided by operating activities of $76.2 million, an increase of 71.2% compared to $44.5 million in the prior year.
  • Free Cash Flow of $66.5 million, an increase of 385.4% compared to prior year of $13.7 million.
  • Total revenue of $608.1 million; a 7.5% decrease compared to prior year of $657.2 million.
  • Maintenance revenue of $460.0 million; a 6.5% decrease compared to prior year of $492.1 million;
    • Land revenue of $454.9 million; 6.5% decrease compared to prior year of $486.4 million.
  • Development revenue of $149.1 million, a 10.3% decrease compared to prior year of $166.3 million.
  • Net Loss of $2.4 million, or $(0.02) per share, and a net loss margin of 0.4%, compared to Net Income of $31.7 million, or $0.31 per share, and a net income margin of 4.8%, in the prior year.
  • Adjusted EBITDA of $91.0 million and Adjusted EBITDA margin of 15.0%, compared to Adjusted EBITDA of $101.9 million and Adjusted EBITDA margin of 15.5% in the prior year.

Nine Months Fiscal 2020 Highlights

  • Net cash provided by operating activities of $161.9 million, an increase of 48.3% compared to $109.2 million in the prior year.
  • Free Cash Flow of $119.8 million, an increase of 208.8% compared to prior year of $38.8 million.
  • Total Revenues for the nine months were $1,737.9 million, a 2.4% decrease compared to $1,779.9 million in the prior year.
  • Maintenance revenue of $1,295.1 million; a 4.6% decrease compared to prior year of $1,358.0 million;
    • Land revenue of $1,132.0 million; 1.7% growth compared to prior year of $1,112.6 million;
    • Snow revenue of $163.1 million; a 33.5% decrease compared to prior year of $245.4 million.
  • Development revenue of $445.5 million, a 4.9% increase compared to prior year of $424.7 million.
  • Net Loss of $35.5 million, or $(0.34) per share, and a net loss margin of 2.0%, compared to Net Income of $19.3 million, or $0.19 per share, and a net income margin of 1.1%, in the prior year.

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