BrightView Holdings, Inc. (NYSE:BV) Q4 2023 Earnings Call Transcript

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Dale Asplund: Yeah, that’s a quick summary. But just as we think about moving forward, and we get on our net to talk about One BrightView. This is the way we’re going to operate the business. So we are morphing a project that had a sticker tag on it of $20 million to we operate the business. And the way we operate their business will be included in our future guides. And we did our best to include that in our full year guide this go around the $310 million to $340 million. So yes, I would say that includes somewhere around $15 million of, call it, legacy Project Accelerate, Project Liberty. But the remainder of the improvement in that guide is going to just be the way we run the business.

Andy Wittmann: Yeah. Okay. That’s helpful. And I guess stepping way back, I guess, just philosophically, Dale being the new leader of this company, it’s always such an opportune time when things can use a change to kind of step back and take stock of the situation. As it comes to the guidance philosophy, I guess, it seems like this would be a time where you guys put out a guidance, which has very little expectations or low bar knowing that you’ve got the opportunity to kind of clear the ducts and reset things. Is that the way we should kind of think about this guidance from here? Or is this — is there a different approach in terms of how you formulated the approach in putting this guidance together?

Dale Asplund: No. I definitely think our guidance is a guidance that we feel comfortable with, with an EBITDA range that’s well above the $299 million we delivered this year. So I don’t see by any means that being a conservative range. Going from $310 million to $345 million is — $340 million is very realistic and $345 million is very realistic. So I think somewhere around that $325 million is good starting point for us. Now to be fair, we don’t know how much it’s going to snow and we don’t know when it’s going to snow and we gave you a guide on that range. If it snows at the high end, of that expected $210 million to $270 million, we can come in end of that range. If it doesn’t snow, like it didn’t snow last year, there’s a chance we’ll come in towards the low end.

But I wouldn’t look at guide as a complete, we’re trying to be conservative as we come out. We feel that where our plan is this year with what we felt in Q4, we’re realistic to get into this range where we came out with the start of the year. And shifting from given quarterly guidance to giving an annual guidance, that’s a big shift. I think we are going to start helping people, see what we plan on doing for the full year versus just running the business tactically quarter-by-quarter.

Andy Wittmann: Okay. That’s helpful context. Thank you very much.

Dale Asplund: Thanks, Andy.

Operator: We currently have no further questions. So I’d like to hand the call back to Dale Asplund for closing remarks. Please go ahead.

Dale Asplund: Thank you, operator. And thank you to everyone for your interest in BrightView. As you can tell by our tone, we are very excited about the opportunity ahead for Brightview, and I’m thrilled to be leading this great company through this improvement period. Our objectives are clear. We are committed to becoming One Brightview, growing profitably and creating meaningful shareholder value. I look forward to getting to know many of you in the weeks and months to come. There’s a lot of work ahead of us. But for the future is bright for One for — BrightView. Thank you. Operator, you can now end the call.

Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines. Thank you.

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