BrightView releases first-quarter financials

BrightView Holdings recently reported a jump in its total revenue, particularly the maintenance department, when it released unaudited results for the first quarter (ended December 31, 2021).

BrightView declared a total revenue of $591.8 million, nearly a 7% increase compared to the prior year. Meanwhile, the company earned $438.2 million in maintenance revenue, a 5% increase compared to what the company earned last year.

They also revealed:

• Development revenue of $154.7 million, a 13% increase compared to $137.4 million in the prior year.
• Adjusted EBITDA of $42.6 million, a decrease of $9.8 million or 18.7% compared to Adjusted EBITDA of $52.4 million in the prior year; Adjusted EBITDA margin of 7.2%, a decrease of 230 basis points compared to Adjusted EBITDA margin of 9.5% in the prior year.
• Net cash used in operating activities of $22.4 million and Free Cash Flow usage of $49.9 million.

“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 CEO. “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," Masterman said. "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.”