BrightView Holdings Inc (NYSE:BV) Q3 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 10:00 am ET


BrightView Holdings Inc (NYSE:BV) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to BrightView's 2020 Third Fiscal Quarter Earnings Conference Call. [Operator Instructions]

The earnings press release is available on the company's website, Additionally, the online webcast includes the presentation slides that will be referenced as part of today's discussion, and a downloadable copy is also available online.

I will now turn the call over to Brightview's Vice President of Investor Relations, John Shave. Please go ahead.

John E. Shave

Thank you, operator, and good morning. Before we begin, I would like to remind listeners that some of the comments made today, including responses to questions and information reflected in the presentation slides will be forward-looking and the actual results may differ materially from those projected. Please refer to the company's SEC filings for more detail on the risks and uncertainties that could impact the company's future operating results and financial condition. Comments made today will also include a discussion of certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and other associated disclosures are contained in the earnings release on the company's website. Disclaimers on forward-looking statements and non-GAAP financial measures apply to today's prepared remarks as well as the Q&A. Finally, unless otherwise stated, all references to quarterly, year-to-date or annual results or periods refer to our fiscal years ending September 30 in each respective year.

Today, the company is presenting the unaudited results for the third quarter and nine month period ended June 30, 2020. For more context, Brightview is the leading and largest provider of commercial landscaping services in the United States with annual revenues in excess of over $2 billion, approximately 10 times our next largest competitor. Together with our legacy companies, Brightview has been operating for more than 80 years, and our field leadership team has an average tenure of over 17 years. We provide commercial landscaping services ranging from landscape maintenance and enhancement to tree care to landscape development. We operate through a differentiated and integrated national service model which systematically deliver services at the local level by combining our network of more than 270 maintenance and development branches with a qualified service partner network.

Our branch delivery model underpins our position as a single source end-to-end provider to a diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We also believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be the essential and nondiscretionary.

I will now turn the call over to Brightview's CEO, Andrew Masterman.

Andrew Masterman

Thank you, John. Good morning, everyone, and thank you for joining us today. Starting on Slide four. Let me start by providing you with an overview of our third fiscal quarter, the nine-month period ended June 30 and expectations for our fourth fiscal quarter. First, I'm pleased to report all BrightView branches are operational with no limitation on the scope of services. Second, free cash flow generation continues to be strong. During