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Mar 31, 2024
BrightView Q2 2024 Earnings Report
BrightView's Q2 2024 financial performance showcased revenue growth, substantial net income increase, and significant gains from the divestiture of U.S. Lawns, alongside reaffirming EBITDA guidance and raising free cash flow expectations.
Key Takeaways
BrightView reported a 3.5% increase in total revenue to $672.9 million, a 253% increase in net income to $33.7 million, and a 38.5% increase in Adjusted EBITDA to $64.8 million. The company reaffirmed its EBITDA guidance for fiscal year 2024 and raised its free cash flow guidance.
Total revenue increased by 3.5% year-over-year to $672.9 million.
Net income saw a significant increase of 253% year-over-year, reaching $33.7 million.
Adjusted EBITDA increased by 38.5% year-over-year to $64.8 million.
The company recorded a $43.9 million gain from the divestiture of its non-core U.S. Lawns Business.
BrightView
BrightView
BrightView Revenue by Segment
Revenue by Segment
Maintenance Services Revenue
CapyFin.comDevelopment Services Revenue
CapyFin.com Forward Guidance
BrightView updated its fiscal year 2024 guidance, narrowing the total revenue expectation to $2.740 - $2.800 billion, adjusting Adjusted EBITDA to $315 - $335 million, increasing Adjusted EBITDA Margin to +90bps to +130bps, and maintaining Free Cash Flow at $55 - $75 million.
Positive Outlook
- Reaffirming breakthrough EBITDA guidance for fiscal 2024.
- Raising Free Cash Flow guidance.
- Investing in employees.
- Prioritizing the customer.
- Enhancing operating structure, including unwinding of non-core businesses.
Challenges Ahead
- General business, economic, and financial market conditions.
- Increases in raw material costs, fuel prices, wages and other operating costs, and changes in our ability to source adequate supplies and materials in a timely manner.
- Competitive industry pressures.
- The failure to retain current customers, renew existing customer contracts and obtain new customer contracts.
- The failure to enter into profitable contracts, or maintaining customer contracts that are unprofitable.
Revenue & Expenses
Visualization of income flow from segment revenue to net income