brightview holdings, inc. (nyse: bv)s22.q4cdn.com/142468460/files/doc_presentations/...product...
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BrightView Holdings, Inc.
(NYSE: BV)
4th Quarter Fiscal 2019 Results
Investor Presentation
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Investor Presentation | 2
This presentation contains forward looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding our financial outlook, industry, strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “outlook,” “guidance,” “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates,” or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. 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. The forward-looking statements contained in this presentation reflect our current views with respect to future events, and we assume no obligation to update any forward-looking statements.
Factors that could cause actual results to differ materially from those projected include, but are not limited to the following: general economic and financial conditions; competitive industry pressures; the failure to retain certain current customers, renew existing customer contracts and obtain new customer contracts; a determination by customers to reduce their outsourcing or use of preferred vendors; the dispersed nature of our operating structure; our ability to implement our business strategies and achieve our growth objectives; acquisition and integration risks; the seasonal nature of our landscape maintenance services; our dependence on weather conditions; increases in prices for raw materials and fuel; product shortages and the loss of key suppliers; our ability to accurately estimate costs of a contract; the conditions and periodic fluctuations of real estate markets, including residential and commercial construction; our ability to retain our executive management and other key personnel; our ability to attract and retain trained workers and third-party contractors and re-employ seasonal workers; any failure to properly verify employment eligibility of our employees; subcontractors taking actions that harm our business; our recognition of future impairment charges; laws and governmental regulations, including those relating to employees, wage and hour, immigration, human health and safety and transportation; environmental, health and safety laws and regulations; the distraction and impact caused by litigation, of adverse litigation judgments or settlements resulting from legal proceedings; increase in on-job accidents involving employees; any failure, inadequacy, interruption, security failure or breach of our information technology systems; any failure to protect the security of personal information about our customers, employees and third parties; our ability to adequately protect our intellectual property; occurrence of natural disasters, terrorist attacks or other external events; our ability to generate sufficient cash flow to satisfy our significant debt service obligations; our ability to obtain additional financing to fund future working capital, capital expenditures, investments or acquisitions, or other general corporate requirements; restrictions imposed by our debt agreements that limit our flexibility in operating our business; increases in interest rates increasing the cost of servicing our substantial indebtedness; and counterparty creditworthiness risk or risk of non-performance with respect to derivative financial instruments.
Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under “Item 1A. Risk Factors” in our Form 10-K for the fiscal year ended September 30, 2019 as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
This presentation also contains non-GAAP financial measures, as defined in Regulation G and adopted by the SEC. We provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure within this presentation and in our Form 8-K announcing our quarterly earnings, which can be found on the SEC’s website at www.sec.gov and our website at www.brightview.com. We are not providing a quantitative reconciliation of our outlook to the corresponding GAAP information because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items that would be included in GAAP results.
Disclaimer
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Company Overview
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Investor Presentation | 4
70+ Years of Best-in-Class Service
• Founded in 1939 by Theodore Brickman
• Primarily landscape maintenance and snow
removal services
• Strong national presence
• Founded in 1949 by Burton Sperber
• Provider of landscape maintenance and
development services
• Strong evergreen market presence
Founded in 2014
Industry-Defining,
Route-Based
Services
Company
Strong Local
Market Presence
and Brand
Reputation
Large, Highly-
Fragmented and
Stable
Addressable
Market
Consolidation
Strategy
Leveraging
Resources and
Scale
Operational
Improvements
Driving Strong
Margins
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Investor Presentation | 5
Providing Holistic Solutions Across the Full Spectrum of Services
Landscape Maintenance Landscape Development
FY’19
Revenue
$2.40B
Revenues: $1.8 Billion
75% of Revenues
Revenues: $0.6 Billion
25% of Revenues
Business
Overview &
Highlights
• Commercial landscaping and snow removal services
• Need-based, essential services business
• Landscape architecture and development
services for new landscapes / large-scale
redesign projects
• Expands BrightView’s customer base
• Horticultural thought-leadership
• Complex and high-profile projects
• Many contracts include ongoing maintenance
upon project completion
Selected
Services Landscape
Services
Snow
Services
Tree Care
Services
Sweep
Services Irrigation Fertilization
Disaster
Recovery
Landscape
Architecture
Nursery &
Tree Moving Pool & Water Sports Fields
Selected
Customers
Commercial Landscaping
• Non-discretionary service
• Predictable recurring revenue
model
• Broad offering of ancillary
services
Snow Removal
• Counter-seasonal revenue stream
• Utilizes existing infrastructure
• Year-to-year variability,
modulated around 30-year avg.
snowfall rates
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Investor Presentation | 6
Leveraging Breadth of Coverage to Serve Customers Across the Country
#1 Player in a ~$70B Market
~10xNext Largest Competitor
Strong Margins and Free Cash Flow
~27% annual FCF growth over last three years
Modest Capex Needs~2.5%-3.0% of Revenue
Robust M&A Pipeline16 companies and more than
$260 million in revenue acquired since 1/1/17
National Footprint
States with BrightView Branches
Extended Coverage via Qualified Service Partners
Maintenance Location
Development Location
Key Statistics
by Region
Branches Employees
Evergreen ~65% ~75%
Seasonal ~35% ~25%
Total > 220 ~ 21,500
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Investor Presentation | 7
Capitalizing on Scale Advantages at both the National and Local Levels
National Scale Advantages
Local Market Scale Advantages
Investments in landscaping-related technologies
Customized leadership and skills-based training
across all levels of the company
Purchasing power on equipment and materials
Differentiated talent acquisition from leading
academic institutions
E-Verified, legal-to-work team members in all markets
Industry-leading safety practices shared across all
regions, driving performance
Network of service providers to support large,
multi-site national networks
National response to local emergencies
Local leaders with local teams engaged in
their communities and peer networks
Often the only local “one-stop” provider of
all landscaping services
Greater route density, reducing travel times
and improving customer response times
Multiple local branches provide back-ups for
critical, time-sensitive customer needs
Key Supplier Relationships
Investments in Technology
Training & Professional Development
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Investor Presentation | 8
• Nation’s largest user of zero-emission equipment
• Millions of tons of carbon consumed by BrightView trees
• Leaders in water conservation technology
• Experts in xeriscaping and native plant design
ESG: Protecting the World We Share
• Support for historic, military, civic, educational and family organizations nationwide
• Lowest employee injury rate in commercial landscaping
• 6,300 man hours daily devoted to employee safety
• Established GROW, an internal advocacy program for women
• Safeguard the investment of BrightView stockholders
• Setting the highest ethical standard
• Team members certified on comprehensive Code of Conduct
• Board of Directors and leadership diversity is a priority
For more, visit: investor.brightview.com/esg
ENVIRONMENTALSUSTAINABILITY
CORPORATEGOVERNANCE
SOCIALRESPONSIBILITY
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Investor Presentation | 9
Tom Donnelly
President, Landscape Development
Brian Bruce
EVP, Chief Information Officer
Todd Chambers
EVP, Chief Marketing Officer
Jonathan Gottsegen
EVP, Chief Legal Officer
Amanda Orders
EVP, Chief Human Resources Officer
Proven Management and Experienced Local Leadership Teams
Andrew Masterman
President and Chief Executive Officer
John Feenan
EVP, Chief Financial Officer
Jeff Herold
COO & President Seasonal Markets, Landscape Maintenance
Michael Dozier
President Evergreen East, Landscape Maintenance
Ed Marcil
President Evergreen West, Landscape Maintenance
Senior Leadership Team
Position Number of EmployeesAvg. BrightView Tenure
(yrs.)¹
Senior Vice President 13 17
Vice President / General Manager 100 12
Branch Manager 231 12
Account Manager / Business Developer 895 7
Local Leadership Team
1 As of 9/30/19 and including tenure with companies acquired by BrightView.
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Investor Presentation | 10
Duke University
Durham, NC
Colonial Williamsburg
Williamsburg, VA
Consistently Executing Across Complex Engagements
ExxonMobil Headquarters
Spring, TX
Getty Museum
Los Angeles, CAFour Seasons Hualalai
Kona, HI
Ritz Carlton
Key Biscayne, FL
Marlins Park
Miami, FL
Beacon Park
Irvine, CA
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Growth Drivers
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Investor Presentation | 12
Sustainable Revenue Growth Levers
Dedicated, Locally-
based Salesforce to
Generate New Sales
Accretive Acquisitions
with Strong-on-Strong
M&A Strategy
Multi-Channel
Approach to Expand
Customer Base
Investing in 180+ person
business development team
solely focused on securing
new customers
Expanding footprint in
high-growth geographies
that exhibit favorable weather
and economic characteristics
Outgrowing regional
competitors through
targeted segmentation to
take market share
21 3
2.6% Market Share
CA
CA
TXFL
NCVA
GA
AZ
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Investor Presentation | 13
Strong-on-Strong Acquisition Strategy & Robust Pipeline Support Future Growth
$260M+Annualized revenue
2017 to 2019
2017
2018
2019
Anaheim, CA
Vista, CA
Sanford, FL
Dallas, TX
Danville, CA
Bay Area, CA
Austin, TX
South Florida
Phoenix, AZ
Hartford, CTTucson, AZ
Shamong, NJPortland, OR
Syracuse, NY
Mesa, AZ
San Diego, CA
2020
1Aquisitions realized in 2020 for the fiscal year-to-date as of 11/21/19.
1
Strategic Objectives
Increase Density
Develop Underpenetrated Geographies
Expand Landscape Enhancement Business
Improve Technical Capabilities
The Leading Acquirer in the Commercial Landscaping Industry
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Investor Presentation | 14
Center of Excellence Initiatives
Streamline/
Centralize
Procurement
Invest in Executive/
Branch-Level Talent
Leverage
Technology
Standardize
Quality
Optimize Asset and
Resource Mgmt.
Driving Operational Efficiencies to Support Enhanced Customer Service
$
Intense
Customer Focus
Strong
LeadersNot Accepting
Mediocrity
Ready, Trained,
Safe and Enabled
Crews
Superior
Financial
Performance
Consistency in
Quality,
Service and
Productivity
Culture of
accountabilityLeadership training and
development programs
Locally-led and empowered organization
Field Marketing driven
by Client segmentation
Strong-on-Strong
M&A Strategy
Salesforce
CRM
Estimating
& Production
Planning
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Industry Overview
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Investor Presentation | 16
~10x
The Size of Next
Largest Direct
Competitor
Industry Leader
Across a Number of
Service Lines
Differentiated Scale
in a Highly-
Fragmented Market Serves 4 of the 5
Largest U.S. Banks4
Contracts with 4 of the 5
Largest U.S. Companies5
Serves 9 of the Top 10 3rd Party
Hotel Management Firms
Serves 11 of the Top 15
Health Systems
Scope to Service a
Diverse Set of End
Markets ~13,000 Office Buildings /
Corporate Campuses
9,000 Residential
Communities
~3,400 Shopping
Environments
450+ Education
Institutions
High-Profile
Bespoke
Assignments Turf Restoration for
the National Mall
Official Field Consultant
for Major League Baseball
Renovated Independence
National Historical Park
Designed / Built Field for
3 Olympic Games
Maintenance for Colonial
Williamsburg
1 Per Lawn and Landscape magazine and company press releases, based on 2018 revenue. Excludes tree care focused companies. 2 Per Snow Magazine. 3 Per Management estimates. 4 Ranking based on total publicly reported assets. 5 Per Forbes, based on total revenues.
#1 Commercial Landscaping Services Provider
#1 Commercial
Landscaper in the U.S.
#1 Snow Removal
Company in the U.S.2Leading
Tree Nursery3
Leading Provider of Golf
Course Maintenance3
Leading Water Irrigation
Service Provider3
Top 10 North American Landscaping Companies1
~10x
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Investor Presentation | 17
Large, Growing and Highly-Fragmented Commercial Landscaping Industry
1 Landscaping services in the U.S. (August 2019), IBISWorld – Snowplowing Services in the U.S. (December 2018) presents
commercial landscaping services and commercial snowplowing services as a share of the overall U.S. market at rates consistent
with IBISWorld figures for 2018.
• Stable growth due to non-discretionary nature of service
• Resilient revenue from focus on industry’s Top Quartile
• BrightView is the only company with >1% market share
• Growth supported by outsourcing and procurement
centralization trends
• Quality demands drive engagement complexity and
criticality of execution
~$70BU.S. Commercial
Landscaping and Snow
BrightView: ~$1.80B
Market Share: 2.6%
~$55BU.S. Commercial
Landscaping
Services
Market Opportunity
Commercial Landscaping and Snow Removal Services Industry
$46 $48 $47 $44 $45 $46 $50 $53
$60 $62 $65 $68 $70 $70 $71 $72 $73 $74
'06A '07A '08A '09A '10A '11A '12A '13A '14A '15A '16A '17A '18E '19E '20E '21E '22E '23E
CAGR: 0%
$ Billion1
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Investor Presentation | 18
High Retention, Limited Concentration & Low Relative Cost of Service
$5.57 $5.32
$2.14 $2.15 $1.68
$0.58 $0.24
Fixed Taxes Utilities R&M Cleaning Parking Grounds
Recurring
Maintenance
Services
Anchor business that provides
predictable recurring revenue and
high degree of visibility on future
performance (75% of FY2019 revenue)
Evergreen
Sites
Significant presence in evergreen
regions, which require year-round
maintenance
Limited
Customer Concentration¹
7%
93%
Top 10
Customers
All Other
Customers
1 Reflects BrightView’s customer concentration based upon FY2019 revenue contribution.2 Other includes: Hospitality, Hospitals, Education, Public Spaces and Other sectors.3 Building Owners and Managers Association International estimate of 2018 average operating expenses per square foot.
Private Sector Office Building Expenses ($/sq.ft.)3
Stability of Business Model Amplified by Relative Low Cost of Landscaping Services
Nature
of Services…
No Customer >2%
40%
26%
34%
Other 2
HOA Corporate
Diversified
Customer Base1
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Investor Presentation | 19
Snow Services Support Counter-Seasonal Revenue and Employee Retention
Efficient utilization of existing assets
High value-add to customers (combination with landscape)
Balanced mix of fixed price contracts with guaranteed minimums
(reduce year-to-year volatility) and upside from pay-per-plow contracts
Additional tool for employee retention given year-round demand
U.S. Snowfall Amounts Modulate Around 10- and 30-Year Averages¹
1 Reflects cumulative annual snowfall at locations where BrightView has a presence.
Inherent Benefits of Snow Services Offering
Avg. Inches as of 9/30/19
10-Year 2,999”
30-Year 2,775”
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Financial Highlights
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Investor Presentation | 21
Full Year 2020 Assumptions
Revenue: expect 1% to 3% growth in Underlying Landscape Maintenance and
1% to 2% growth in Development revenue
Acquisitions: expect contribution of approximately $60 million to fiscal 2020 revenue
Adj. EBITDA Margin: expect 10 to 30 basis points higher versus full year fiscal 2019
Net Debt / Adj. EBITDA ratio: expect to be at or below 3.5x by fiscal year end 2020
FY2020 Financial Guidance1
Total Revenue Adjusted EBITDA Net Capital Expenditures
$2,465M - $2,525MPredictable Drivers
$312M - $320MProfitable Growth
~2.5%-3.0% of RevenueLong-Term Average
Cash Generation Combined with Modest Capital Needs Drives Stockholder Value
1Our financial guidance, which was updated on 11/21/19, contains forward-looking statements and is subject to risks and uncertainties.
See “Introductory Information”.
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Investor Presentation | 22
Full Year 2019 Results
(Numbers $M) Revenue Adjusted EBITDA
2019 2018 2019 2018
Total BrightView $2,404.6 $2,353.6 $305.1 $300.1
Maintenance Services $1,813.4 $1,774.8 $282.0 $289.8
Development Services $595.4 $583.3 $81.7 $78.7
Corporate Expenses - - ($58.6) ($68.4)
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Investor Presentation | 23
Growing at Nearly Double Industry Pace
IBIS estimates4 that the US Commercial Landscape and Snow Removal Industry will grow 2.2% from 2016 through 2020.
2020 Guidance assumes a return to long-term averages in both snow removal services revenue as well as precipitation levels.
Figures in $ millions Guidance Range
1CAGR is calculated from 2016 to the top of the 2020 Guidance range.22016 reflects reported Calendar Year results. 32017 figures are derived from reported unaudited quarterly results.4IBISWorld—Landscaping Services in the U.S. (December 2018), IBISWorld—Snowplowing Services in the U.S. (December 2018)
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Investor Presentation | 24
Healthy Long-Term Adj. EBITDA Growth
1CAGR is calculated from 2016 to the top of the 2020 Guidance range.22016 reflects reported Calendar Year results. 32017 figures are derived from reported unaudited quarterly results.
Figures in $ millions Guidance Range
By driving operational efficiencies and leveraging fixed costs, Adjusted EBITDA growth has out-paced Total Revenue growth.
2020 Guidance assumes a return to long-term averages in both snow removal services revenues and precipitation levels.
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Investor Presentation | 25
Capital Expenditures and Allocation
1 Net capital expenditures excludes the acquisition of legacy ValleyCrest land and buildings for $21.6mm in 1Q18 and is net of proceeds from sale of property & equipment. 2 Net Debt includes total long-term debt, net of original issue discount, and capital lease obligations net of cash and equivalents
Net CapEx / Total Revenue:
2.2% at FY18 vs. 3.5% at FY19
Expect to be 2.5% to 3.0%
in 2020
Annualized Revenue Acquired
$117.6 million in FY 2018
$83.1 million in FY 2019
Net Debt / Adjusted EBITDA
3.8x at FYE18 vs. 3.7x at FYE19
Expect to be at or below 3.5x
by FYE 2020
Capital
Expenditures
M&A
Cash Deployed Net Debt
$1,149.2
$1,131.1
Sep. 30, '18 Sep. 30, '19
2
$52.8
$83.1
$21.6
$12.0 $6.8
FY18 FY19
1
1
Asset Disposals
Legacy
Assets
Generating Cash to Continue M&A and Reduce Debt
Net
Capex
Net
Capex
$86.4$89.9
$104.4
$64.0
FY18 FY19
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Investor Presentation | 26
Substantial Free Cash Flow Generation
Figures in $ millions Guidance Range
Free Cash Flow generation is expected to nearly triple from 2016 to 2020.
Headwinds in 2019 were largely due to the timing of certain investments and working capital.
2020 Guidance assumes normalized investments and working capital, with free cash flow funding the Company’s capital allocation priorities.
1CAGR is calculated from 2016 to the top of the 2020 Guidance range.22016 reflects reported Calendar Year results. 32017 figures are derived from reported unaudited quarterly results.
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AppendixFull Year 2019 Results & Non-GAAP Reconciliations
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Non-GAAP to GAAP Reconciliation
(*) Amounts may not total due to rounding.
(in millions)* 2019 2018 2019 2018
Adjusted EBITDA
Net income (loss) 25.1$ (10.9)$ 44.4$ (15.1)$
Plus:
Interest expense, net 18.1 20.3 72.5 97.8
Income tax expense (benefit) 6.3 (8.1) 12.8 (66.2)
Depreciation expense 18.3 18.7 80.1 75.3
Amortization expense 13.4 15.3 56.3 104.9
Establish public company financial reporting compliance (a) 1.9 0.8 4.8 4.1
Business transformation and integration costs (b) 4.0 4.0 17.5 25.5
Expenses related to initial public offering (c) 0.9 — 1.0 6.8
Debt extinguishment (d) — 25.1 — 25.1
Equity-based compensation (e) 3.9 8.0 15.7 28.8
Management fees (f) — 11.0 — 13.1
Adjusted EBITDA 91.9$ 84.2$ 305.1$ 300.1$
Fiscal Year Ended
September 30,
Three Months Ended
September 30,
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Non-GAAP to GAAP Reconciliation (cont.)
(*) Amounts may not total due to rounding.
(in millions)* 2019 2018 2019 2018
Adjusted Net Income
Net income (loss) 25.1$ (10.9)$ 44.4$ (15.1)$
Plus:
Amortization expense 13.4 15.3 56.3 104.9
Establish public company financial reporting compliance (a) 1.9 0.8 4.8 4.1
Business transformation and integration costs (b) 4.0 4.0 17.5 25.5
Expenses related to initial public offering (c) 0.9 — 1.0 6.8
Debt extinguishment (d) — 25.1 — 25.1
Equity-based compensation (e) 3.9 8.0 15.7 28.8
Management fees (f) — 11.0 — 13.1
Income tax adjustment (g) (4.2) (17.5) (21.7) (103.1)
Adjusted Net Income (h) 45.0$ 35.8$ 118.0$ 90.0$
Free Cash Flow and
Adjusted Free Cash Flow
Cash flows from operating activities 60.5$ 56.7$ 169.7$ 180.4$
Minus:
Capital expenditures 12.7 14.7 89.9 86.4
Plus:
Proceeds from sale of property and equipment — 8.0 6.8 12.0
Free Cash Flow 47.8$ 50.1$ 86.6$ 105.9$
Plus:
ValleyCrest land and building acquisition (i) — — — 21.6
Adjusted Free Cash Flow 47.8$ 50.1$ 86.6$ 127.6$
Fiscal Year Ended
September 30,
Three Months Ended
September 30,
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Non-GAAP to GAAP Reconciliation (cont.)
(in millions)* 2019 2018 2019 2018
Severance and related costs 1.0$ 2.5$ 3.0$ 5.7$
Rebranding of vehicle fleet 0.1 0.1 0.5 12.5
Business integration 1.5 1.3 8.2 1.7
IT Infrastructure transformation and other 1.4 0.1 5.8 5.5
Business transformation and integration costs 4.0$ 4.0$ 17.5$ 25.5$
Fiscal Year Ended
September 30,
Three Months Ended
September 30,
(in millions)* 2019 2018 2019 2018
Tax impact of pre-tax income adjustments 3.4$ 16.1$ 19.8$ 59.6$
Discrete tax items 0.8 1.4 1.9 43.5
Income tax adjustment 4.2$ 17.5$ 21.7$ 103.1$
Fiscal Year Ended
September 30,
Three Months Ended
September 30,
(a) Represents costs incurred to establish public company financial reporting compliance, including costs to comply with the requirements of
Sarbanes-Oxley and the accelerated adoption of the revenue recognition standard (ASC 606 – Revenue from Contracts with Customers and other
miscellaneous costs.
(b) Business transformation and integration costs consist of (i) severance and related costs; (ii) vehicle fleet rebranding costs; (iii) business integration
costs and (iv) information technology infrastructure transformation costs and other.
(c) Represents transaction related expenses incurred in connection with the IPO and subsequent registration statements.
(d) Represents losses on the extinguishment of debt.
(e) Represents equity-based compensation expense recognized for equity incentive plans outstanding, including $19.6 million related to the IPO in the
fiscal year ended September 30, 2018.
(f) Represents fees paid pursuant to a monitoring agreement terminated on July 2, 2018 in connection with the completion of the IPO.
(g) Represents the tax effect of pre-tax items excluded from Adjusted Net Income and the removal of the applicable discrete tax items, which
collectively result in a reduction of income tax. The tax effect of pre-tax items excluded from Adjusted Net Income is computed using the statutory
rate related to the jurisdiction that was impacted by the adjustment after taking into account the impact of permanent differences and valuation
allowances. Discrete tax items include changes in laws or rates, changes in uncertain tax positions relating to prior years and changes in valuation
allowances. The fiscal year ended September 30, 2018 amount includes a $43.4 million benefit recognized as a result of the reduction in the U.S.
corporate income tax rate from 35% to 21% under the 2017 Tax Cut and Jobs Act.
(h) Adjusted EPS is defined as Adjusted Net Income divided by the weighted average number of common shares outstanding for the period used in
the calculation of basic EPS.
(i) Represents the acquisition of legacy ValleyCrest land and buildings in October 2017.
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Non-GAAP to GAAP Reconciliation (cont.)
(*) Amounts may not total due to rounding.
(in millions)* September 30,
2019
September 30,
2018
Long-term debt, net 1,134.2$ 1,141.3$
Plus:
Current portion of long-term debt 10.4$ 13.0$
Financing costs, net 17.1 20.0
Present value of net minimum payment - capital lease obligations 8.5 10.1
Total Financial Debt 1,170.2$ 1,184.4$
Less: Cash and cash equivalents (39.1) (35.2)
Total Net Financial Debt 1,131.1$ 1,149.2$
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Thank You
Investor Relations Contact:
Daniel SchleinigerVP, Investor Relations
484.567.7148
Media Contact:
Fred JacobsVP, Communications & Public Affairs
484.567.7244
investor.brightview.com