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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38579

 

BrightView Holdings, Inc.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

46-4190788

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

980 Jolly Road

Blue Bell, Pennsylvania

19422

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (484) 567-7204

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol

 

Name of exchange on which registered

Common Stock, Par Value $0.01 Per Share

 

BV

 

New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

The number of shares of Registrant’s Common Stock outstanding as of April 30, 2022 was 93,000,000.

 


Table of Contents

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

5

Item 1.

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

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

38

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3.

Defaults Upon Senior Securities

38

Item 4.

Mine Safety Disclosures

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

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,” 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, uncertainties and other important factors that could cause actual results to differ include, among others, the risks, uncertainties and factors set forth under the heading “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Form 10-Q. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Some of the key factors that could cause actual results to differ from our expectations include risks related to:

general business economic and financial conditions;
the duration and extent of the novel coronavirus (COVID-19) pandemic and its resurgence, and the impact of federal, state and local governmental actions and customer behavior in response to the pandemic, including possible additional or reinstated restrictions as a result of a resurgence of the pandemic;
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;
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 and the impact of severe weather and climate change on our business;
increases in prices for raw materials and fuel;
changes in our ability to source adequate supplies and materials in a timely manner;
any failure to accurately estimate the overall risk, requirements, or costs when we bid on or negotiate contracts that are ultimately awarded to us;
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 field and hourly employees, trained workers, and third-party contractors and seasonal workers;
any failure to properly verify employment eligibility of our employees;
subcontractors taking actions that harm our business;

3


Table of Contents

 

our recognition of future additional 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, including regulatory costs, claims and litigation related to the use of chemicals and pesticides by employees and related third-party claims;
the distraction and impact caused by litigation, of adverse litigation judgments and 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;
our ability to adequately protect our intellectual property;
restrictions imposed by our debt agreements that limit our flexibility in operating our business;
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;
increases in interest rates governing our variable rate indebtedness increasing the cost of servicing our substantial indebtedness including changes related to LIBOR reform;
ownership of our common stock;
occurrence of natural disasters, terrorist attacks, geopolitical events, hostilities or other external events;
changes in generally accepted accounting principles in the United States; and
costs and requirements imposed as a result of maintaining the requirement of being a public company.

We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, any change in assumptions, beliefs or expectations or any change in circumstances upon which any such forward-looking statements are based, except as required by law.

4


Table of Contents

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

BrightView Holdings, Inc.

Consolidated Balance Sheets

(Unaudited)

(In millions, except par value and share data)

 

 

 

 

March 31,
2022

 

 

September 30,
2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

45.5

 

 

$

123.7

 

Accounts receivable, net

 

 

411.4

 

 

 

378.9

 

Unbilled revenue

 

 

97.1

 

 

 

111.2

 

Other current assets

 

 

110.0

 

 

 

97.0

 

Total current assets

 

 

664.0

 

 

 

710.8

 

Property and equipment, net

 

 

301.3

 

 

 

264.4

 

Intangible assets, net

 

 

189.0

 

 

 

197.6

 

Goodwill

 

 

2,017.8

 

 

 

1,950.8

 

Operating lease assets

 

 

80.0

 

 

 

69.5

 

Other assets

 

 

42.5

 

 

 

44.5

 

Total assets

 

$

3,294.6

 

 

$

3,237.6

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

158.1

 

 

$

144.4

 

Current portion of long-term debt

 

 

10.4

 

 

 

10.4

 

Deferred revenue

 

 

81.5

 

 

 

48.2

 

Current portion of self-insurance reserves

 

 

47.9

 

 

 

50.2

 

Accrued expenses and other current liabilities

 

 

203.0

 

 

 

220.9

 

Current portion of operating lease liabilities

 

 

24.8

 

 

 

22.0

 

Total current liabilities

 

 

525.7

 

 

 

496.1

 

Long-term debt, net

 

 

1,259.3

 

 

 

1,130.6

 

Deferred tax liabilities

 

 

57.7

 

 

 

70.8

 

Self-insurance reserves

 

 

104.6

 

 

 

104.5

 

Long-term operating lease liabilities

 

 

61.7

 

 

 

54.2

 

Other liabilities

 

 

32.1

 

 

 

38.7

 

Total liabilities

 

 

2,041.1

 

 

 

1,894.9

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares
   issued or outstanding as of March 31, 2022 and September 30, 2021

 

 

 

 

 

 

Common stock, $0.01 par value; 500,000,000 shares authorized; 105,700,000 
   and
105,200,000 shares issued and 98,900,000 and 105,200,000 shares
   outstanding as of March 31, 2022 and September 30, 2021, respectively

 

 

1.1

 

 

 

1.1

 

Treasury stock, at cost; 6,800,000 and 287,000 shares as of
   March 31, 2022 and September 30, 2021, respectively

 

 

(95.2

)

 

 

(4.4

)

Additional paid-in-capital

 

 

1,499.9

 

 

 

1,489.1

 

Accumulated deficit

 

 

(153.7

)

 

 

(141.6

)

Accumulated other comprehensive income (loss)

 

 

1.4

 

 

 

(1.5

)

Total stockholders’ equity

 

 

1,253.5

 

 

 

1,342.7

 

Total liabilities and stockholders’ equity

 

$

3,294.6

 

 

$

3,237.6

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Table of Contents

 

BrightView Holdings, Inc.

Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

 

 

 

Three Months Ended
March 31,

 

 

Six Months Ended
March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net service revenues

 

$

711.9

 

 

$

651.9

 

 

$

1,303.8

 

 

$

1,206.3

 

Cost of services provided

 

 

554.8

 

 

 

493.8

 

 

 

1,006.8

 

 

 

914.6

 

Gross profit

 

 

157.1

 

 

 

158.1

 

 

 

297.0

 

 

 

291.7

 

Selling, general and administrative expense

 

 

133.4

 

 

 

127.9

 

 

 

268.2

 

 

 

251.3

 

Amortization expense

 

 

12.0

 

 

 

12.5

 

 

 

25.5

 

 

 

26.4

 

Income from operations

 

 

11.7

 

 

 

17.7

 

 

 

3.3

 

 

 

14.0

 

Other (expense) income

 

 

(1.0

)

 

 

0.5

 

 

 

(0.4

)

 

 

2.0

 

Interest expense

 

 

10.1

 

 

 

9.6

 

 

 

19.7

 

 

 

23.1

 

Income (loss) before income taxes

 

 

0.6

 

 

 

8.6

 

 

 

(16.8

)

 

 

(7.1

)

Income tax (benefit) expense

 

 

(0.1

)

 

 

2.3

 

 

 

(4.7

)

 

 

(1.4

)

Net income (loss)

 

$

0.7

 

 

$

6.3

 

 

$

(12.1

)

 

$

(5.7

)

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

0.01

 

 

$

0.06

 

 

$

(0.12

)

 

$

(0.05

)

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Table of Contents

 

BrightView Holdings, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(In millions)

 

 

 

Three Months Ended
March 31,

 

 

Six Months Ended
March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss)

 

$

0.7

 

 

$

6.3

 

 

$

(12.1

)

 

$

(5.7

)

Net derivative gains and other costs arising during the period, net of tax expense of $0.7; $0.5; $1.1; and $0.5, respectively (1)

 

 

1.9

 

 

 

1.6

 

 

 

2.8

 

 

 

1.3

 

Reclassification of losses into net income (loss), net of tax benefit (expense) of $0.2; $(0.1); $0.0; and $(1.5), respectively

 

 

0.5

 

 

 

0.2

 

 

 

0.1

 

 

 

4.1

 

Other comprehensive income

 

 

2.4

 

 

 

1.8

 

 

 

2.9

 

 

 

5.4

 

Comprehensive income (loss)

 

$

3.1

 

 

$

8.1

 

 

$

(9.2

)

 

$

(0.3

)

(1)
Other costs include the effects of foreign currency translation adjustments which were immaterial during the periods presented.

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Table of Contents

 

BrightView Holdings, Inc.

Consolidated Statements of Changes in Stockholders’ Equity

Three and Six Months Ended March 31, 2022 and 2021

(Unaudited)

(In millions)

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Treasury

 

 

Total
Stockholders’

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Stock

 

 

Equity

 

Balance, December 31, 2021

 

105.7

 

 

$

1.1

 

 

$

1,495.3

 

 

$

(154.4

)

 

$

(1.0

)

 

$

(6.5

)

 

 

1,334.5

 

Net income

 

 

 

 

 

 

 

 

 

 

0.7

 

 

 

 

 

 

 

 

 

0.7

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

2.4

 

 

 

 

 

 

2.4

 

Equity-based compensation

 

 

 

 

 

 

 

4.6

 

 

 

 

 

 

 

 

 

 

 

 

4.6

 

Repurchase of common stock and distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88.7

)

 

 

(88.7

)

Balance, March 31, 2022

 

105.7

 

 

$

1.1

 

 

$

1,499.9

 

 

$

(153.7

)

 

$

1.4

 

 

$

(95.2

)

 

$

1,253.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30,
2021

 

105.2

 

 

$

1.1

 

 

$

1,489.1

 

 

$

(141.6

)

 

$

(1.5

)

 

$

(4.4

)

 

$

1,342.7

 

Net (loss)

 

 

 

 

 

 

 

 

 

 

(12.1

)

 

 

 

 

 

 

 

 

(12.1

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

2.9

 

 

 

 

 

 

2.9

 

Capital contributions and issuance of common stock

 

0.5

 

 

 

 

 

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

1.5

 

Equity-based compensation

 

 

 

 

 

 

 

9.3

 

 

 

 

 

 

 

 

 

 

 

 

9.3

 

Repurchase of common stock and distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(90.8

)

 

 

(90.8

)

Balance, March 31, 2022

 

105.7

 

 

$

1.1

 

 

$

1,499.9

 

 

$

(153.7

)

 

$

1.4

 

 

$

(95.2

)

 

$

1,253.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Treasury

 

 

Total
Stockholders’

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance, December 31, 2020

 

105.1

 

 

$

1.1

 

 

$

1,474.4

 

 

$

(199.9

)

 

$

(3.3

)

 

$

(3.6

)

 

$

1,268.7

 

Net income

 

 

 

 

 

 

 

 

 

 

6.3

 

 

 

 

 

 

 

 

 

6.3

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

1.8

 

 

 

 

 

 

1.8

 

Capital contributions and issuance of common stock

 

0.1

 

 

 

 

 

 

(0.3

)

 

 

 

 

 

 

 

 

 

 

 

(0.3

)

Equity-based compensation

 

 

 

 

 

 

 

5.3

 

 

 

 

 

 

 

 

 

 

 

 

5.3

 

Repurchase of common stock and distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2021

 

105.2

 

 

$

1.1

 

 

$

1,479.4

 

 

$

(193.6

)

 

$

(1.5

)

 

$

(3.6

)

 

$

1,281.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2020

 

104.9

 

 

$

1.0

 

 

$

1,467.8

 

 

$

(187.9

)

 

$

(6.9

)

 

$

(2.5

)

 

$

1,271.5

 

Net (loss)

 

 

 

 

 

 

 

 

 

 

(5.7

)

 

 

 

 

 

 

 

 

(5.7

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

5.4

 

 

 

 

 

 

5.4

 

Capital contributions and issuance of common stock

 

0.3

 

 

 

0.1

 

 

 

1.4

 

 

 

 

 

 

 

 

 

 

 

 

1.5

 

Equity-based compensation

 

 

 

 

 

 

 

10.2

 

 

 

 

 

 

 

 

 

 

 

 

10.2

 

Repurchase of common stock and distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.1

)

 

 

(1.1

)

Balance, March 31, 2021

 

105.2

 

 

$

1.1

 

 

$

1,479.4

 

 

$

(193.6

)

 

$

(1.5

)

 

$

(3.6

)

 

$

1,281.8

 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

8


Table of Contents

 

BrightView Holdings, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(In millions)