BLUE BELL, Pa. – BrightView Holdings, a nationwide commercial landscaping services company, recently reported its unaudited financial results for the first quarter ended December 31, 2019.
First quarter fiscal 2020 highlights:
- Total revenues for the quarter were $570.7 million, an 8.5% increase versus the prior year, with 6.7% higher maintenance services segment revenues and 13.7% higher development services segment revenues;
- Net loss of $12.6 million, or $(0.12) per share, and a net loss margin of 2.2%, compared to net loss of $8.8 million, or $(0.09) per share, and a net loss margin of 1.7%, in the prior year;
- Adjusted EBITDA of $51.7 million and Adjusted EBITDA margin of 9.1%, compared to adjusted EBITDA of $50.1 million and adjusted EBITDA margin of 9.5% in the prior year;
- Adjusted net income of $10.6 million, or $0.10 per share, compared to adjusted net income of $10.4 million, or $0.10 per share, in the prior year.
“We are pleased with our start to fiscal 2020. We saw another quarter of solid revenue growth in both operating segments and overall adjusted EBITDA growth for the enterprise. Our net new sales, which will benefit the upcoming ‘green’ maintenance season, are the highest ever generated; our development project bookings are ahead of last year’s pace and our strong-on-strong acquisition strategy already has to date added four companies with enough expected revenue impact to reach our full year fiscal 2020 targets,” said Andrew Masterman, BrightView president and CEO.
For the first quarter of fiscal 2020, total revenue increased 8.5% to $570.7 million due to increases in both maintenance services segment and development services segment revenues. Net loss was $12.6 million compared to $8.8 million in the 2018 period, attributable to lower income from operations, partially offset by an increase in other income and an increase in the income tax benefit. Total Adjusted EBITDA increased 3.2% driven by an increase in development services segment adjusted EBITDA, coupled with lower corporate expenses, partially offset by a decrease in maintenance services segment adjusted EBITDA.
For the full fiscal report, click here.