BrightView Reports First Quarter Fiscal 2022 Results

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, 2021.

“We are pleased with Maintenance Land revenue growth of 11.0% and Land organic revenue growth of 7.3%. Combined with the results of BrightView’s strong-on-strong acquisition strategy, and the benefits of the investments we are making in our expanded sales team and sales enablement technologies, we realized continued healthy growth in spite of continued pandemic impacts,” said Andrew Masterman, BrightView President and Chief Executive Officer. “Increased land revenue delivered $3.2 million improved EBITDA, driven by 7.3% organic growth, giving optimism for future quarters that our teams are executing despite significant labor and material inflationary pressures. Historically low snowfall totals across our geographic footprint and material cost inflation impacted the quarter, but the fundamentals of our business and industry remain vibrant and we continue to have a resilient business model. During the quarter we authorized a $250 million share repurchase program and in January completed the repurchase of approximately $82.5 million of BrightView shares. Additionally, continued positive net new sales in our Maintenance Segment and robust backlogs and proactive initiatives to offset inflation in our Development Segment are why I am confident in our ability to deliver continued profitable growth.”

Read the full report here.