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 second quarter ended March 31, 2019.

“Strong Maintenance Segment revenue and profitability highlighted our second quarter results and drove growth at the consolidated level. In fact, we delivered one of our best ever March quarters, with notable performance in Adjusted EBITDA and Adjusted EBITDA margin. In addition to gains in our Maintenance business, the quarter included lower corporate expenses, and more normalized levels of snowfall,” said Andrew Masterman, BrightView President and Chief Executive Officer. “With the beginning of the ‘green’ season, we’re pleased with the trends in our Maintenance landscape revenue and have built a robust book of business for the remainder of the fiscal year in our Development Segment. We remain confident in our full-year outlook and are maintaining our guidance ranges for both total revenue and Adjusted EBITDA for the full-year fiscal 2019.”

Read the full report here.

BrightView Holdings, Inc. (NYSE: BV) (“BrightView”), the nation’s leading commercial landscaping services company, today announced the acquisition of Benchmark Landscapes, LLC, a commercial landscaping company headquartered in Austin, Texas. Terms of the transaction were not disclosed.

Benchmark was founded in 2002 and today is a leading provider of commercial landscaping services in Texas, including landscape maintenance, design, installation, hardscapes, irrigation and tree care. Benchmark’s 240 employees cover a service area from Austin to San Antonio, inclusive of the San Marcos and New Braunfels areas, and Corpus Christi. The company operates six branches in four markets.

“With the acquisition of Benchmark, we expand our footprint in one of the country’s fastest-growing markets and bring passionate and skilled team members into the BrightView family,” said BrightView President and Chief Executive Officer Andrew Masterman. “This transaction further strengthens our position in Texas and supports our ‘strong-on-strong’ acquisition strategy.”

Benchmark founder and owner Casey Vickrey agreed that Benchmark represents a good fit for BrightView’s expanding portfolio. “I am proud of the business and relationships our team at Benchmark has built. We are excited to join the BrightView team and continue to grow the business, strengthen relationships and make new ones, all while taking care of the team that has been instrumental to making us who we are,” he said.

K&L Gates LLP served as legal advisor to BrightView; Shepherd Law LLC served as legal advisor to Benchmark.

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, 2018.

“Our financial results reflect the challenging prior-year hurricane comparisons, our strategic Managed Exit initiative and other operating conditions that we highlighted in our guidance on our November 2018 earnings conference call, as well as a slow start to the season for our snow removal services. Since we planned for these seasonal and episodic factors, we are not changing our outlook for full fiscal 2019. Our net new sales, which will benefit the upcoming ‘green’ maintenance season, are the highest they have been in three years; our development project bookings are ahead of last year’s pace and our strong-on-strong acquisition strategy already has added three companies with enough expected revenue impact to reach our full year fiscal 2019 target of $75 million,” said Andrew Masterman, BrightView President and Chief Executive Officer. “As we move through the year we will build on our best-in-class operating foundation by executing against our key growth drivers of maximizing existing customer relationships, adding new customers to our portfolio, and expanding our national footprint.”

Read the full report here.

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 fourth quarter and full fiscal year ended September 30, 2018.

“I am very pleased with the progress we made last year to support sustainable topline growth, capture efficiencies in our cost structure and generate substantial adjusted free cash flow. We delivered the highest revenue and profitability in our history, meaningfully reduced our balance sheet leverage, and successfully completed our IPO. Moving forward now as a public company, we will remain focused on growing our existing customer relationships, continuing our 'strong on strong’ acquisition strategy, and driving further cash flow generation,” said Andrew Masterman, BrightView Chief Executive Officer. “As we begin our 2019 fiscal year, industry trends remain favorable, our acquisition pipeline is strong, and I am confident that we have the right strategy in place to create significant stockholder value as we continue consolidating our position as the Nation’s Landscaper.”

Read the full report here.

Creating a workplace that aids employee recruitment, increases productivity, reduces healthcare costs, and saves money may be more achievable than many property managers realize; if they are willing to shift their focus outdoors. “Facility Executive Magazine” highlights companies that are adding multi-use green spaces, organic gardens, barbecue patios, and more to increase the appeal and utility of their campuses.

The National Association of Landscape Professionals reports 7 percent higher rental rates for commercial offices with high-quality landscapes, which can be achieved through simple enhancements such as walking paths, shade canopies, comfortable seating, and attractive plant materials. 

The article in “Facility Executive Magazine” expands on current trends in commercial landscaping, including experiential landscape design, climate-cognizant landscaping, productivity, connectivity, and water management/conservation. 

BrightView’s work at Oracle’s Redwood City and Santa Clara facilities achieved a savings of $573,000 in the first three months after 50 conventional controllers were converted to smart controllers. The campuses went on to save 91 million gallons of potable water in the first year. 

In addition to saving water with smart irrigation controllers, several landscaping products are being enhanced to make tasks less time consuming, including the use of mobile apps to track and plan services in real time. 

“Anything that can help you understand, track, manage, and analyze your site certainly is valuable,” said Megan Horn, Principal at BrightView Design Group. “Long-term data collection will deepen your understanding of the site and be highly informative for maintenance planning and evaluation. I suspect it would also assist in management and overall facility planning.” 

To read the full article, visit Facility Executive Magazine.

Governors Island has undergone significant transformations over its lifetime, from a fort during the American Revolution and a Civil War prison to a base for the U.S. Army and U.S. Coast Guard before shutting its doors in 1996 and leaving the 172 acres abandoned.

“The island used to be closed off to the public,” said David Opferkuch, Project Manager with BrightView Landscape Development. “Military service members were the only people who could experience it, and then it was just empty when they left.”

Seven years later, the island was transferred to New York with a portion of the top becoming a National Park and the bottom being redeveloped as a public park. One of the most notable features of the park at The Hills, four themed mounds on the southern portion of the island with breathtaking views of the Statue of Liberty and the New York skyline. BrightView left a major mark on the island, designing and installing Slide Hill, landscaping all four hills, installing the pathway on Discovery Hill, installing two baseball fields, and turned an old golf course into the Parade Grounds.

“We can sit here and watch [the plants and trees] grow over the years and become places where people can relax and enjoy the shade provided,” Opferkuch said. “Unlike buildings, which remain the same, a park like this gets better with age. It’s the best part of being in the landscaping industry.”

To read the full article, visit Parks & Rec Business.

Many landscapers across the United States are facing the harsh reality of having to cancel thousands of dollars worth of contracts because they simply cannot find enough workers to handle all their business. Some landscaping companies are even having to close down their business due to the shortage.

The severe labor shortage the industry faces is brought on by the lowest levels of American unemployment in two decades, combined with a high volume of requests for H-2B visas for only a limited number being released. There are several other industries being impacted by the visa shortage, but none more than the landscape industry, which accounts for 50 percent of all H-2B visas certified this year. 

BrightView, the largest commercial landscaping company in the country, is also the biggest user of H-2B visas in the industry. However, it is often smaller companies that are hit the hardest by the shortage, resulting in less revenue and sometimes in a closed business. 

To read the full article, visit the Wall Street Journal.

Barron’s magazine summarized BrightView’s first quarter as a publicly traded company and provided an outlook “far sunnier than its stock price suggests.” This year’s weather included the largest April snowstorm in decades for the East Coast, followed by record rainfall this summer in many states. BrightView CEO Andrew Masterman told Barron’s that the early April storms cost BrightView nearly $5 million in sales.

Barron’s also mentions how BrightView made eight acquisition deals since 2017 for a total of $161 million. One analyst estimated another $2 billion worth of potential acquisitions that could double BrightView’s size, putting a price target of $25 on BrightView shares.

To read the full article, visit the www.Barrons.com.

BrightView Holdings, Inc. (NYSE: BV) (“BrightView” or the “Company”) today reported results for the third fiscal quarter ended June 30, 2018.

BrightView Chief Executive Officer, Andrew Masterman stated: “Our third quarter was another strong period for us. We successfully grew top-line revenue from the same period of 2017, recognizing $630.3 million in revenues which is the highest revenue generating quarter in our history, led by growth in our Maintenance Services segment. We generated Adjusted EBITDA of $97.8 million during the quarter and had a 15.5% Adjusted EBITDA Margin. We also continue to execute on our ‘strong-on-strong’ acquisition strategy, successfully acquiring two landscape service companies during the quarter enabling us to further expand our business. Since the quarter end we successfully completed our IPO, generating net proceeds of $501.2 million. We are excited to embark on this new chapter for the Company.”

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, and Adjusted Free Cash Flow are not measures recognized under generally accepted accounting principles (“GAAP”). Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below for more information.

Third Fiscal Quarter Results

For the third quarter of fiscal 2018, the Company’s consolidated revenues increased 0.4% to $630.3 million compared to the same period in 2017 due to 2.9% revenue growth within the Maintenance Services segment primarily driven by incremental revenues from businesses acquired of $26.1 million. Revenues from the Development Services segment declined 5.7% compared to the same period last year due to winding down production on certain large projects that reached substantial completion during the quarter, coupled with the timing of commencing work on new projects.

On a GAAP basis, net loss was $1.4 million, compared to net income of $15.4 million for the third quarter of fiscal 2017, primarily driven by an increase in equity-based compensation costs incurred in connection with our IPO and other one-time IPO expenses.

Adjusted EBITDA for the third fiscal quarter was $97.8 million, compared to $98.5 million for the third quarter of fiscal 2017. Adjusted Net Income was $33.2 million, compared to $35.2 million in the 2017 period.

Net cash provided by operating activities for the nine months ended June 30, 2018 was $123.7 million, compared to $69.0 million for the same period last year. Adjusted Free Cash Flow for the nine months ended June 30, 2018 was $77.5 million, an increase in cash generation of $54.2 million over the same period last year. The increases are reflective of improvements in working capital management. For the nine months ended June 30, 2018, capital expenditures were $71.7 million, compared with $51.0 million last year, driven by the purchase of legacy ValleyCrest facilities for $21.6 million in October 2017.

Recent Developments

On July 2, 2018, the Company completed an IPO in which it issued and sold 24,495,000 shares of common stock at an offering price of $22.00 per share, which generated net proceeds of approximately $501.2 million after deducting underwriting discounts and commissions and other offering expenses.

Proceeds from the IPO were used exclusively to pay down debt, resulting in a total debt to Adjusted EBITDA leverage ratio post-IPO of 4.0x, compared with 5.7x pre-IPO.

Conference Call Information

A conference call to discuss the third fiscal quarter 2018 financial results is scheduled for August 9, 2018, at 10 a.m. Eastern Daylight Time. The U.S. toll free dial-in for the conference call is 866-393-4306 and the international dial-in is 734-385-2616. The conference passcode is 3147928. A live audio webcast of the conference call will be available on the Company’s investor website https://investor.brightview.com, where presentation materials will be posted prior to the call.

A telephone replay will be available shortly after the broadcast through Thursday, August 16, 2018, by dialing 800-585-8367 from the U.S., and entering conference passcode 3147928. A replay of the audio webcast also will be archived on the Company’s investor website.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180808005772/en/

BrightView Holdings, Inc. (“BrightView”) today announced the pricing of its initial public offering of 21,300,000 shares of its common stock at $22.00 per share.  Shares of BrightView’s common stock are expected to begin trading on the New York Stock Exchange on June 28, 2018 under the symbol “BV,” and the offering is expected to close on July 2, 2018, subject to customary closing conditions.  BrightView has granted the underwriters a 30-day option to purchase up to an additional 3,195,000 shares of its common stock.

BrightView will receive net proceeds of approximately $435.1 million after deducting underwriting discounts and commissions and estimated offering expenses and intends to use the net proceeds from the offering to repay borrowings outstanding under its second lien term loan facility and its revolving credit facility and, with all remaining proceeds, to repay borrowings outstanding under its first lien term loan facility. 

Goldman Sachs & Co. LLC, J.P. Morgan, KKR Capital Markets and UBS Investment Bank are acting as joint bookrunning managers for the proposed offering, and Baird, Credit Suisse, Macquarie Capital, Jefferies, Mizuho Securities, Morgan Stanley and RBC Capital Markets are also acting as bookrunners for the proposed offering. Nomura, Stifel, William Blair, Moelis & Company and SMBC Nikko are acting as co-managers for the proposed offering. 

A registration statement, including a prospectus, relating to the offering has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”).  This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities will be made only by means of a prospectus. Copies of the prospectus may be obtained from Goldman Sachs & Co. LLC, Prospectus Department at 200 West Street, New York, NY 10282 or by telephone at 866-471-2526 or by facsimile at 212-902-9316, or by email at [email protected]; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204.

Forward Looking Statements 

This press release includes certain disclosures which contain “forward-looking statements.” You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements are based on BrightView’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in BrightView’s filings with the SEC, including its registration statement on Form S-1, as amended from time to time, under the caption “Risk Factors.” Any forward-looking statement in this release speaks only as of the date of this release. BrightView undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.