BrightView Holdings, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>BrightView Holdings, Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

BrightView Holdings, Inc. (BV) filed a Quarterly Report (10-Q) with the SEC on January 31, 2024. Filing is a 10-Q for BrightView Holdings, Inc. for the period ending December 31, 2023. The company's fiscal year ends on September 30. Incorporated in Delaware. Business address is 980 Jolly Road, Suite 300, Blue Bell, PA 19422. Phone number is (484) 567-7204.

Why It Matters

For investors and stakeholders tracking BrightView Holdings, Inc., this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of its fiscal year. Investors and analysts can use this report to assess the company's operational status, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: medium — BrightView Holdings, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine report for publicly traded companies. While it contains important financial information, it does not indicate any immediate or severe risks beyond the typical operational and market risks inherent in the business.

Analyst Insight

Monitor BrightView Holdings' financial statements and disclosures in this 10-Q for trends in revenue, expenses, and debt levels to assess its financial health and future prospects.

Key Numbers

• 2023-12-31 — Period End Date (Quarterly report period)
• 2024-01-31 — Filing Date (Date the report was filed)
• 0930 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• BrightView Holdings, Inc. (company) — Filer name
• 2023-12-31 (date) — Period of report
• 2024-01-31 (date) — Filed as of date
• 0000950170-24-009414 (other) — Accession Number
• 980 Jolly Road, Suite 300, Blue Bell, PA 19422 (address) — Business address
• 484) 567-7204 (phone) — Business phone

Forward-Looking Statements

• BrightView's profitability will remain under pressure in the near term due to elevated interest rates. (BrightView Holdings, Inc.) — medium confidence, target: 2024-09-30

FAQ

Industry Context

BrightView Holdings operates in the agriculture services sector, specifically focusing on landscaping and related services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q to understand revenue, expenses, and profitability for the quarter.
2. Analyze any disclosed risk factors or management's discussion and analysis (MD&A) for insights into operational challenges and strategies.
3. Compare the reported figures with previous periods to identify performance trends and assess the company's trajectory.

Key Dates

• 2023-12-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-01-31: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ending December 31, 2023. Specific comparative data from the previous filing (likely a 10-Q for the quarter ending September 30, 2023, or an annual 10-K) would be needed for a direct comparison.

Key Financial Figures

• $0.01 — ch registered Common Stock, Par Value $0.01 Per Share BV New York Stock Exchang

Filing Documents

• bv-20231231.htm (10-Q) — 1608KB
• bv-ex10_1.htm (EX-10.1) — 180KB
• bv-ex10_2.htm (EX-10.2) — 45KB
• bv-ex10_3.htm (EX-10.3) — 180KB
• bv-ex10_4.htm (EX-10.4) — 244KB
• bv-ex10_5.htm (EX-10.5) — 17KB
• bv-ex31_1.htm (EX-31.1) — 12KB
• bv-ex31_2.htm (EX-31.2) — 14KB
• bv-ex32_1.htm (EX-32.1) — 6KB
• bv-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-009414.txt (&nbsp;) — 8200KB
• bv-20231231.xsd (EX-101.SCH) — 1156KB
• bv-20231231_htm.xml (XML) — 1302KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Consolidated Statements of Comprehensive Income (Loss) 7 Consolidated Statements of Stockholders' Equity 8 Consolidated Statements of Cash Flows 9 Notes to Unaudited Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

Signatures

Signatures 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Form 10-Q") contains "forward-looking statements" within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts included in this Form 10-Q, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, may be forward-looking statements. Words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates," "continues," or "anticipates," and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, or guarantees of future performance and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-Q. Such risks, un

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. BrightView Holdings, Inc. Consolida ted Balance Sheets (Unaudited) (In millions, except par value and share data) December 31, 2023 September 30, 2023 Assets Current assets: Cash and cash equivalents $ 64.5 $ 67.0 Accounts receivable, net 418.9 442.3 Unbilled revenue 107.8 143.5 Other current assets 99.7 89.3 Total current assets 690.9 742.1 Property and equipment, net 302.8 315.2 Intangible assets, net 122.1 132.3 Goodwill 2,021.5 2,021.4 Operating lease assets 86.0 86.1 Other assets 40.2 55.1 Total assets $ 3,263.5 $ 3,352.2 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 120.2 $ 136.2 Deferred revenue 90.9 68.2 Current portion of self-insurance reserves 53.4 54.8 Accrued expenses and other current liabilities 129.5 180.2 Current portion of operating lease liabilities 27.2 27.3 Total current liabilities 421.2 466.7 Long-term debt, net 879.8 888.1 Deferred tax liabilities 41.0 51.1 Self-insurance reserves 108.1 105.1 Long-term operating lease liabilities 65.2 65.1 Other liabilities 33.0 34.6 Total liabilities 1,548.3 1,610.7 Mezzanine equity: Series A convertible preferred shares, $ 0.01 par value, 7 % cumulative dividends; 500,000 shares issued and outstanding as of December 31, 2023 and September 30, 2023, aggregate liquidation preference of $ 512.0 and $ 503.2 as of December 31, 2023 and September 30, 2023, respectively 507.1 498.2 Stockholders' equity: Preferred stock, $ 0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding as of December 31, 2023 and September 30, 2023 — — Common stock, $ 0.01 par value; 500,000,000 shares authorized; 107,800,000 and 106,600,000 shares issued and 94,400,000 and 93,600,000 shares outstanding as of December 31, 2023 and September 30, 2023, respectively 1.1

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) (In millions, except per share and share data) 1 . Business BrightView Holdings, Inc. (the "Company" and, collectively with its consolidated subsidiaries, "BrightView") provides landscape maintenance and enhancements, landscape development, snow removal and other landscape related services for commercial customers throughout the United States. BrightView is aligned into two reportable segments: Maintenance Services and Development Services. Prior to its initial public offering completed in July 2018 (the "IPO"), the Company was a wholly-owned subsidiary of BrightView Parent L.P. ("Parent"), an affiliate of KKR & Co. Inc. ("KKR"). The Parent and Company were formed through a series of transactions entered into by KKR to acquire the Company on December 18, 2013 (the "KKR Acquisition"). The Parent was dissolved in August 2018 following the IPO. Basis of Presentation These consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim reporting and are unaudited. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, including normal, recurring accruals that are necessary for a fair presentation of the Company's operations for the periods presented in conformity with GAAP. All intercompany activity and balances have been eliminated from the consolidated financial statements. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The Consolidated Balance Sheet as of September 30, 2023, presented herein, has been derived from the Company's audited consolidated financial statements as of and for the fiscal year ended September 30, 2023, but does not include all disclosures required by GAAP, for annual financial statements. For a more complete discuss

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