使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good morning, and welcome to today's BrightView Holdings, Inc. Third Quarter Fiscal 2020 Results Call. My name is Bailey, and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Faten Freiha, Vice President of Investor Relations. Please go ahead.
早上好,歡迎參加今天的 BrightView Holdings, Inc. 2020 財年第三季度業績電話會議。我的名字是貝利,我將擔任今天電話會議的主持人。 (操作員說明)我現在想將會議轉交給我們的主持人,投資者關係副總裁 Faten Freiha。請繼續。
Faten Freiha - VP of IR
Faten Freiha - VP of IR
Thank you, operator, and good morning, everyone. Thank you for joining BrightView's Third Quarter Fiscal 2022 Earnings Conference Call. Andrew Masterman, Chief Executive Officer; John Feenan, Chief Financial Officer; and Brett Urban, incoming Chief Financial Officer, are on the call.
謝謝接線員,大家早上好。感謝您參加 BrightView 的 2022 財年第三季度收益電話會議。安德魯·馬斯特曼,首席執行官;約翰·費南,首席財務官;即將上任的首席財務官 Brett Urban 正在電話會議中。
Please remember that some of the comments made today, including responses to questions and information reflected on the presentation slides are forward-looking, and actual results may differ materially from those projected. Please refer to the company's SEC filings for more details on the risks and uncertainties that could impact the company's future operating results and financial condition.
請記住,今天發表的一些評論,包括對問題的回答和演示幻燈片上反映的信息是前瞻性的,實際結果可能與預測結果大不相同。有關可能影響公司未來經營業績和財務狀況的風險和不確定性的更多詳細信息,請參閱公司向美國證券交易委員會提交的文件。
Comments made today will also include a discussion of certain non-GAAP financial measures. Reconciliations to comparable GAAP financial measures are provided in today's press release. Disclaimers on forward-looking statements and non-GAAP financial measures apply both to today's prepared remarks as well as the Q&A.
今天發表的評論還將包括對某些非公認會計原則財務措施的討論。今天的新聞稿中提供了與可比 GAAP 財務指標的對賬。關於前瞻性陳述和非公認會計原則財務措施的免責聲明適用於今天準備好的評論以及問答。
I'll now turn the call over to Brightview's CEO, Andrew Masterman.
我現在將把電話轉給 Brightview 的首席執行官 Andrew Masterman。
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Thank you, Faten, and good morning, everyone. We are delighted to report on another strong quarter, demonstrating momentum in our fundamental business drivers and the resiliency of our model. Before we start, let me take the opportunity to thank the BrightView team for their hard work and dedication in a rapidly changing and challenging environment. Their efforts help fuel our performance and enable us to remain poised for long-term success.
謝謝你,法騰,大家早上好。我們很高興地報告另一個強勁的季度,展示了我們基本業務驅動因素的勢頭和我們模型的彈性。在開始之前,讓我藉此機會感謝 BrightView 團隊在瞬息萬變和充滿挑戰的環境中的辛勤工作和奉獻精神。他們的努力有助於提高我們的業績,使我們能夠保持長期成功的準備。
On today's call, I will review the third quarter performance at a high level, discuss execution against our key growth drivers, elaborate on external headwinds facing our durable business and outline the confidence underpinning our optimistic long-term view. Let me start with Q3 performance.
在今天的電話會議上,我將高水平回顧第三季度的業績,討論我們關鍵增長動力的執行情況,詳細說明我們耐用業務面臨的外部不利因素,並概述支持我們樂觀的長期觀點的信心。讓我從第三季度的表現開始。
We delivered strong land organic growth for the fifth consecutive quarter, implemented our strategic pricing initiatives and managed through multiple external headwinds with tenacity and focus on positioning BrightView for long-term success. We continue to execute on our successful Strong-on-Strong M&A strategy, made progress on ESG initiatives and enhance our value proposition to customers through technology investments, all while managing through rising fuel costs as well as continued inflation of material and labor expenses.
我們連續第五個季度實現了強勁的土地有機增長,實施了我們的戰略定價計劃,並頑強地克服了多重外部不利因素,並專注於定位 BrightView 以獲得長期成功。我們繼續執行我們成功的強對強併購戰略,在 ESG 舉措方面取得進展,並通過技術投資提升我們對客戶的價值主張,同時通過不斷上漲的燃料成本以及持續上漲的材料和勞動力費用進行管理。
Our focus on organic growth and profitability improvements will enable us to leverage our scale to further power our growth and deliver exceptional shareholder value. Let's review a few financial highlights for the quarter on Slide 4. Revenue grew by 11% for the quarter, reflecting strong total organic growth of 5.6% and continued benefits from M&A transactions.
我們對有機增長和盈利能力改善的關注將使我們能夠利用我們的規模來進一步推動我們的增長並提供卓越的股東價值。讓我們在幻燈片 4 上回顧本季度的一些財務亮點。本季度收入增長了 11%,反映了強勁的 5.6% 的總有機增長和併購交易的持續收益。
Strong net new growth, ancillary penetration, snow removal services, and pricing initiatives or total maintenance organic growth of 3.1% on top of a prior year organic growth rate of 11%. The -- due to a late spring and extended snow season, our maintenance business benefited from significant growth in snow removal services relative to the prior year.
強勁的淨新增長、輔助滲透、除雪服務和定價舉措或總維護有機增長 3.1%,高於去年 11% 的有機增長率。 - 由於春末和雪季延長,我們的維護業務受益於除雪服務相對於上一年的顯著增長。
In addition, our land business delivered 2.3% organic growth, which resulted in total maintenance organic growth of 3.1%, in line with our expectations. This dynamic demonstrates the agility of our business and how our service mix, snow and land allows us to manage through seasonality. A robust rebound in our backlog drove development organic growth of 14%, demonstrating a continuation of our strong performance. Development organic growth continues to exceed our expectations. And looking at the bidding pipeline, we remain optimistic about the momentum in the business.
此外,我們的土地業務實現了 2.3% 的有機增長,這導致總維護有機增長 3.1%,符合我們的預期。這種動態展示了我們業務的敏捷性,以及我們的服務組合、雪地和土地如何使我們能夠管理季節性。我們積壓的強勁反彈推動了 14% 的發展有機增長,表明我們繼續保持強勁表現。發展有機增長繼續超出我們的預期。從招標渠道來看,我們對業務的發展勢頭保持樂觀。
It is clear from our top line results that we transform the business to focus on driving sustainable organic growth. Importantly, we anticipate this momentum to continue over the near and long term. As a result, we expect fourth quarter maintenance land organic growth to be approximately 3%, in line with long-term plans and development organic growth to be about 8%. Furthermore, we are confident that our robust sales engine will continue to drive solid organic growth in fiscal year 2023 and beyond.
從我們的營收結果可以清楚地看出,我們將業務轉型為專注於推動可持續的有機增長。重要的是,我們預計這種勢頭將在近期和長期內持續下去。因此,我們預計第四季度維護用地有機增長約為 3%,符合長期計劃,開發有機增長約為 8%。此外,我們相信,我們強勁的銷售引擎將繼續推動 2023 財年及以後的穩健有機增長。
Adjusted EBITDA was $94 million in the quarter, up about 1% year-over-year. Our profitability was impacted by the unexpected level of increase in fuel costs. Fuel expense increased by about $10 million year-over-year. Roughly $1 million of that was driven by volume, and the remaining $9 million was price. We began implementing fuel surcharges in April, which enabled us to offset approximately $2 million of that rise in fuel costs. As a result, fuel costs had a net impact of approximately $7 million on adjusted EBITDA.
本季度調整後的 EBITDA 為 9400 萬美元,同比增長約 1%。我們的盈利能力受到燃料成本意外增長的影響。燃料費用同比增加約 1000 萬美元。其中大約 100 萬美元是由數量驅動的,剩下的 900 萬美元是價格。我們從 4 月開始實施燃油附加費,這使我們能夠抵消大約 200 萬美元的燃油成本上漲。因此,燃料成本對調整後的 EBITDA 產生了約 700 萬美元的淨影響。
Excluding this incremental fuel headwind, our adjusted EBITDA would have been $101 million or up about 8% prior to relative to the prior year, above the high end of our guidance range. The strength of our performance demonstrates the outsized execution of our team across our 280-plus branches. Adjusted EPS came in at $0.43 per share for the quarter, reflecting the benefit of recent share repurchases, strong top line performance and effective management of our direct costs, labor and materials.
排除這種增加的燃料逆風,我們調整後的 EBITDA 為 1.01 億美元,比上一年增長約 8%,高於我們指導範圍的高端。我們強大的業績證明了我們團隊在 280 多個分支機構中的出色執行力。本季度調整後每股收益為 0.43 美元,反映了近期股票回購、強勁的頂線業績以及對直接成本、勞動力和材料的有效管理的好處。
Let's move to Slide 5 to discuss our growth drivers. We are intently focused on executing on our strategy, which is validated by the momentum in our business and centered around 3 main pillars. First, delivering robust organic growth through our dedicated locally driven sales force of 200-plus team members focused on customers and new opportunities. Second, investing in technology, digital services and marketing to continue to drive a significantly differentiated customer value proposition and expand our market share. Third, executing on our strategic and accretive M&A transactions, enabling efficient expansion in the high-growth markets. Let me dive into each pillar with some details.
讓我們轉到幻燈片 5 來討論我們的增長動力。我們專注於執行我們的戰略,該戰略得到了我們業務發展勢頭的驗證,並以 3 個主要支柱為中心。首先,通過我們專注於客戶和新機會的 200 多名團隊成員的本地驅動銷售團隊實現強勁的有機增長。其次,投資於技術、數字服務和營銷,以繼續推動顯著差異化的客戶價值主張並擴大我們的市場份額。第三,執行我們的戰略和增值併購交易,實現在高增長市場的有效擴張。讓我深入探討每個支柱的一些細節。
Starting on Slide 6. Our strong organic growth performance over the last 5 quarters was powered by significant growth in net new sales as our sales force continued to attract new and larger customers. Over the last several years, we have increased average job size by more than 40% in the maintenance business as we attracted customers with larger demands and expanded share of wallet with existing customers. Our land maintenance business generated more than $150 million of organic revenue growth over the last 5 consecutive quarters.
從幻燈片 6 開始。由於我們的銷售隊伍繼續吸引新的和更大的客戶,我們在過去 5 個季度的強勁有機增長表現得益於淨新銷售額的顯著增長。在過去幾年中,我們在維護業務中的平均工作量增加了 40% 以上,因為我們吸引了更多需求的客戶並擴大了現有客戶的錢包份額。我們的土地維護業務在過去連續 5 個季度產生了超過 1.5 億美元的有機收入增長。
Importantly, our growth is ahead of the industry, which is projected to grow at 0.9% for 2022, according to IBIS reporting. This compares to our projected land organic growth of 4% to 5% and our total projected growth of approximately 8% for fiscal 2022. Despite the headwinds we are facing, we are significantly outgrowing the industry. Furthermore, we have and continue to gain market share. Despite the scope reductions, we are seeing across the landscaping industry. These scope reductions are driven by 2 factors.
重要的是,根據 IBIS 報告,我們的增長領先於行業,預計 2022 年將增長 0.9%。相比之下,我們預計的土地有機增長率為 4% 至 5%,我們預計 2022 財年的總增長率約為 8%。儘管我們面臨逆風,但我們的增長速度大大超過了該行業。此外,我們已經並將繼續獲得市場份額。儘管範圍縮小了,但我們在整個園林綠化行業都看到了。這些範圍縮小是由兩個因素驅動的。
First, there is natural desilting that occurs as plant life takes [group of soil] requiring less maintenance over time. Second, the current inflationary environment and some customers -- we've led some customers to actively reduce scope. As a result, we are seeing modest growth in the market that is certainly below today's inflationary levels. However, landscape maintenance continues to be a sizable marketplace with massive opportunities given our share of approximately 3%.
首先,隨著植物生命需要[土壤組],隨著時間的推移需要較少的維護,會發生自然清淤。第二,當前的通脹環境和一些客戶——我們已經引導一些客戶積極縮小範圍。因此,我們看到市場溫和增長,肯定低於今天的通脹水平。然而,鑑於我們大約 3% 的份額,景觀維護仍然是一個擁有大量機會的龐大市場。
Similar to maintenance, our development business is relationship based with the majority of our customer relationships exceeding 10 years. Repeat customers make up more than 85% of our development business. And retaining these repeat marquee clients remains our goal through our intense customer focus. Our model is project-based, and we learned over decades of experience that highly repeatable customers tend to be more profitable in nature.
與維護類似,我們的開發業務是基於與我們大多數超過 10 年的客戶關係的關係。回頭客占我們開發業務的 85% 以上。通過我們強烈的客戶關注,保留這些回頭客仍然是我們的目標。我們的模型是基於項目的,並且我們從數十年的經驗中了解到,高度可重複的客戶在本質上往往更有利可圖。
Our end markets are diverse with a balanced distribution of contract sizes and verticals, including commercial, hospitality, parks and public facilities. Furthermore, we are increasing workload in the public sector, a market that will benefit from increased infrastructure spending. All of these efforts have helped power the recovery of our development business and the strength of its organic growth.
我們的終端市場多樣化,合同規模和垂直領域分佈均衡,包括商業、酒店、公園和公共設施。此外,我們正在增加公共部門的工作量,這個市場將受益於增加的基礎設施支出。所有這些努力都有助於推動我們開發業務的複蘇及其有機增長的力量。
Let's turn to technology on Slide 7. Strategic investments in technology provide a differentiated customer value proposition across all verticals. Technology investments directly support our maintenance book with new and bigger accounts and enhance retention. Technology also drives efficiency and engagement, including many of the tools we've discussed, BrightView or HOA Connect, quality site assessments, Salesforce CRM and service confirmation. Each has been implemented as digital tools to engage customers while supporting property enhancement and increased ancillary penetration.
讓我們轉向幻燈片 7 中的技術。對技術的戰略投資在所有垂直領域提供了差異化的客戶價值主張。技術投資通過新的和更大的帳戶直接支持我們的維護賬簿並提高保留率。技術還提高了效率和參與度,包括我們討論過的許多工具、BrightView 或 HOA Connect、質量站點評估、Salesforce CRM 和服務確認。每個都作為數字工具實施,以吸引客戶,同時支持物業增強和增加輔助滲透。
By the end of this calendar year, we will be upgrading our customer portal and launching BrightView Connect 2.0. This enhanced portal will be available to all customers and will put the entire relationship online similar to online banking. Once this portal is launched, our customers' quality site assessments, monthly reviews, enhancement proposals, contact points and maintenance schedules will all be digitally available. Through this service, customers can engage with us in an efficient manner, and we can readily address their needs. Importantly, we will be the only landscaping company that offers this customized service, which is aligned with our customers' demands.
到本日曆年年底,我們將升級我們的客戶門戶並推出 BrightView Connect 2.0。這個增強的門戶將可供所有客戶使用,並將整個關係在線化,類似於網上銀行。一旦啟動此門戶,我們客戶的質量站點評估、月度審查、改進建議、聯絡點和維護計劃都將以數字方式提供。通過這項服務,客戶可以有效地與我們互動,我們可以輕鬆滿足他們的需求。重要的是,我們將成為唯一一家提供這種定制服務的園林綠化公司,該服務符合我們客戶的需求。
All of these digital advancements have driven net new growth and is one of the reasons we continue to see it for the fifth consecutive quarter, solid land organic growth, exceeding our industry. In addition, our integrated suite of applications enable efficiency, seamless acquisition, integration and robust data analytics and operational efficiencies delivered cost savings, along with better service quality and safety.
所有這些數字化進步都推動了新的淨增長,也是我們連續第五個季度繼續看到它的原因之一,土地有機增長穩健,超過了我們的行業。此外,我們的集成應用程序套件可實現高效、無縫採集、集成和強大的數據分析和運營效率,從而節省成本,以及更好的服務質量和安全性。
Let's turn now to our acquisitions and move to Slide 8. We continue to execute on our Strong-on-Strong M&A strategy, a strategy we have developed, refined and effectively deployed over the last 5 years. Our 30-plus acquisitions over that period position us as market leaders in key high-growth MSAs enable us to further extend our reach and grow market share. Importantly, our pipeline remains robust with attractive valuations of more than $700 million of opportunity.
現在讓我們轉向我們的收購併轉到幻燈片 8。我們繼續執行我們的強對強併購戰略,這是我們在過去 5 年中製定、完善和有效部署的戰略。在此期間,我們進行了 30 多次收購,使我們成為關鍵高增長 MSA 的市場領導者,使我們能夠進一步擴大業務範圍並增加市場份額。重要的是,我們的管道仍然強勁,估值超過 7 億美元,極具吸引力。
Recently, we acquired SGS Hawaii, a premier commercial landscaping provider headquartered in Wailuku, Hawaii, with operations on Maui, the Big Island and Kauai. SGS focuses primarily on the hotel and resort sector with services ranging from ground management and lawn maintenance to irrigation, tree trimming, arbor care, soil testing and fertilization. Importantly, SGS sustainability characteristics aligned with our ESG priorities, SGS utilizes electric powered equipment across all of its operations and its business is entirely supported by a modern, specialized electric fleet.
最近,我們收購了 SGS Hawaii,這是一家總部位於夏威夷懷盧庫的一流商業景觀供應商,業務遍及毛伊島、大島和考艾島。 SGS 主要專注於酒店和度假村行業,服務範圍從地面管理和草坪維護到灌溉、樹木修剪、喬木護理、土壤測試和施肥。重要的是,SGS 的可持續性特徵與我們的 ESG 優先事項相一致,SGS 在其所有運營中都使用電動設備,其業務完全由現代化的專業電動車隊提供支持。
SGS's expertise in the hotel and resort industry strengthens our portfolio, while its commitment to reducing carbon emissions through the use of electric powered equipment is the perfect complement to our environmental sustainability strategy. With SGS, we now have presence on all major islands in Hawaii, which solidifies our presence in this attractive market.
SGS 在酒店和度假村行業的專業知識增強了我們的產品組合,而其通過使用電動設備減少碳排放的承諾是對我們環境可持續發展戰略的完美補充。通過 SGS,我們現在在夏威夷的所有主要島嶼都有業務,這鞏固了我們在這個有吸引力的市場中的存在。
Let's now move to Slide 9. Our successful execution comes in a challenging and dynamic environment with sustained uncertainty associated with notably -- most notably with inflationary trends. Let me address 3 external factors that are influencing our business: Material cost inflation, labor challenges, and rising fuel costs. And how our team is responding to position the company for long-term profitable growth.
現在讓我們轉到幻燈片 9。我們的成功執行是在一個充滿挑戰和動態的環境中進行的,其中持續的不確定性與顯著相關 - 尤其是與通貨膨脹趨勢相關。讓我談談影響我們業務的 3 個外部因素:材料成本膨脹、勞動力挑戰和燃料成本上升。以及我們的團隊如何應對公司的長期盈利增長。
Let's start with material cost inflation, which has mainly impacted the profitability in our development business. Development has been impacted by material price increases that has put significant pressure on margins over the last 5 quarters. Historically, contracts had 3 to 6 months and sometimes 9-month lead times. We have shifted now to allow 10 to 15 days of pricing commitments in our contracts, which shortens the time line and mitigates the impact of rising material costs.
讓我們從材料成本膨脹開始,這主要影響了我們開發業務的盈利能力。過去 5 個季度,材料價格上漲對利潤率造成了巨大壓力,從而影響了發展。從歷史上看,合同的交貨期為 3 到 6 個月,有時甚至為 9 個月。我們現在已經轉變為在我們的合同中允許 10 到 15 天的定價承諾,這縮短了時間線並減輕了材料成本上升的影響。
By the end of this current fiscal year, the impact of the contracts with longer lead times and fixed pricing should be behind us. As a result, we expect our margins in the development business to improve over the coming quarters. Labor cost inflation continues to be a headwind similar to many other companies. Historically, we have seen on average wages increase in the 4% to 5% range, and now we are seeing increases in the 6% to 7% range. Our pricing, volume and operating efficiencies have helped to offset this wage pressure.
到本財年末,交貨時間較長且定價固定的合同的影響應該已經過去。因此,我們預計開發業務的利潤率將在未來幾個季度有所改善。與許多其他公司類似,勞動力成本上漲仍然是不利因素。從歷史上看,我們看到平均工資在 4% 到 5% 範圍內增長,現在我們看到在 6% 到 7% 範圍內增長。我們的定價、數量和運營效率有助於抵消這種工資壓力。
The teams in the field have done an outstanding job of attracting labor to execute on our customers' demands usually during this busy summer season. In addition, the influx of H2B workers continues to support our labor needs. The combination of this influx and the ability of our teams to recruit and step up has put us in a great position to ensure that we can execute on our customers' demands this year.
通常在這個繁忙的夏季,該領域的團隊在吸引勞動力以執行我們客戶的需求方面做得非常出色。此外,H2B 工人的湧入繼續支持我們的勞動力需求。這種湧入加上我們團隊招聘和提升的能力使我們處於有利位置,以確保我們能夠在今年執行客戶的需求。
Lastly, rising fuel costs have significantly impacted our business this quarter. As I mentioned earlier, fuel costs had a net impact of approximately $7 million on our adjusted EBITDA. While we have been able to offset inflationary pressure on wages through pricing initiatives, fuel costs have presented more of a challenge given the rapid escalation in costs. Although we instituted food fuel surcharges, they were based on lower gasoline prices back in fiscal Q2. Also keep in mind that these are customers we reached out to a few months back for significant price increases.
最後,不斷上漲的燃料成本對我們本季度的業務產生了重大影響。正如我之前提到的,燃料成本對我們調整後的 EBITDA 產生了大約 700 萬美元的淨影響。雖然我們已經能夠通過定價舉措來抵消工資的通脹壓力,但鑑於成本的迅速上升,燃料成本帶來了更多挑戰。儘管我們制定了食品燃料附加費,但它們是基於第二財季較低的汽油價格。還要記住,這些是我們幾個月前就大幅提價聯繫過的客戶。
It's important to note that the dialogue with customers has been constructive and the majority have accepted the fuel surcharges. We have elected to take a balanced approach, absorb some of the incremental fuel costs in the near term and focus on strategic pricing initiatives, improving ancillary penetration and attracting larger clients. Ultimately, we believe the impact of rising fuel cost is transitory, either costs will normalize or we will further adjust our pricing in the upcoming renewal season to reflect the continued rising costs.
值得注意的是,與客戶的對話是建設性的,大多數人都接受了燃油附加費。我們選擇採取平衡的方法,在短期內吸收一些增量燃料成本,並專注於戰略定價舉措,提高輔助滲透率並吸引更大的客戶。最終,我們認為燃料成本上漲的影響是暫時的,要么成本將正常化,要么我們將在即將到來的更新季節進一步調整定價以反映成本的持續上漲。
Let's turn to Slide 10. Despite these external headwinds, business fundamentals remain strong and give us confidence that we continue to be poised for long-term profitable growth. First, commercial landscaping is a resilient business that has withstood various economic cycles and environments. We have over 80 years of experience in this business and have navigated countless cycles. Our team is prepared and focused on achieving our goals.
讓我們轉到幻燈片 10。儘管存在這些外部不利因素,但業務基本面依然強勁,讓我們相信我們將繼續為長期盈利增長做好準備。首先,商業園林綠化是一項經受住了各種經濟周期和環境的彈性業務。我們在該行業擁有 80 多年的經驗,並經歷了無數個週期。我們的團隊已做好準備並專注於實現我們的目標。
Second, our customers span across a number of diverse verticals. We serve marquee customers across various end markets, including corporate and commercial properties, HOAs, public parks, hotels and resorts, hospitals and other health care facilities, educational institutions, restaurants and retail, and golf courses, among others. Our business and customer mix give us the agility to continue to thrive in a rapidly changing environment.
其次,我們的客戶跨越多個不同的垂直領域。我們為各種終端市場的大型客戶提供服務,包括企業和商業物業、HOA、公園、酒店和度假村、醫院和其他醫療保健設施、教育機構、餐廳和零售店以及高爾夫球場等。我們的業務和客戶組合使我們能夠靈活地在瞬息萬變的環境中繼續蓬勃發展。
Third, we have a differentiated customer value proposition, powered by technology, a focus on sustainability and an unparalleled network of expertise. Fourth, secular trends, including moving towards greener equipment and irrigation and maintenance are in our favor and position us very well competitively. We have invested heavily behind our environmental efforts and have made great progress in moving towards using greener handheld equipment as well as technology-powered water systems that reduce usage.
第三,我們擁有差異化的客戶價值主張,以技術為動力,專注於可持續發展和無與倫比的專業知識網絡。第四,長期趨勢,包括轉向更環保的設備以及灌溉和維護,對我們有利,並使我們在競爭中處於有利地位。我們在環保方面投入了大量資金,並在使用更環保的手持設備以及減少使用量的技術驅動供水系統方面取得了巨大進展。
Lastly, we have multiple opportunities, organic and M&A that will power our growth and fuel long-term profitability. Our organic growth will be driven by technology enhancements as well as our powerful sales engine and expertise across various ancillary services. Our M&A pipeline remains robust, and we are well positioned to attract M&A candidates.
最後,我們有多種機會,有機和併購將推動我們的增長並推動長期盈利能力。我們的有機增長將受到技術改進以及我們強大的銷售引擎和各種輔助服務的專業知識的推動。我們的併購渠道仍然強勁,我們有能力吸引併購候選人。
Before turning the call over to John, I'd like to speak to our environmental sustainability efforts on Slide 11. As a company dedicated to designing, developing and maintaining the best landscape on earth, we have continually focused on seeking and investing behind sustainable solutions that minimize our impact on the environment. Our customers have understood the value of sustainability for many years.
在將電話轉給 John 之前,我想在幻燈片 11 上談談我們在環境可持續發展方面所做的努力。作為一家致力於設計、開發和維護地球上最佳景觀的公司,我們一直專注於尋求和投資可持續解決方案最大限度地減少我們對環境的影響。多年來,我們的客戶已經了解可持續發展的價值。
In addition to reducing carbon emissions, water conservation remains at the forefront for many of our clients, particularly as we continue to face drought conditions across several regions in the United States. As the leader in irrigation services, we are thrilled to partner with customers to help them reduce water usage through smart irrigation technology and turf conversion into native landscapes, which are less water-intensive. Let me illustrate with a couple of examples.
除了減少碳排放外,節水仍然是我們許多客戶的首要任務,特別是當我們繼續面臨美國多個地區的干旱條件時。作為灌溉服務的領導者,我們很高興與客戶合作,通過智能灌溉技術和將草皮轉化為耗水較少的原生景觀來幫助他們減少用水量。讓我用幾個例子來說明。
A few years ago, we partnered with Oracle to maintain 2 of their California locations. We installed smart irrigation controllers and planted native plants to help reduce water consumption, enabling them to achieve savings of more than $0.5 million and 91 million gallons of water in 1 year. Both sites were recognized for efficient water use by the Silicon Valley Water Conservation Awards Coalition.
幾年前,我們與 Oracle 合作維護了他們在加利福尼亞的 2 個地點。我們安裝了智能灌溉控制器並種植了本地植物,以幫助減少用水量,使他們能夠在一年內節省超過 50 萬美元和 9100 萬加侖的水。這兩個地點都被矽谷節水獎聯盟認可為高效用水。
We continue to work with Oracle, along with several other large companies across the country with corporate campuses to maintain native landscapes, track and monitor water usage and enhance irrigation helping them save millions of gallons of water and significant reduced facility costs. Importantly, we support customers across a diverse set of end markets, including golf course, municipalities and HOA communities.
我們將繼續與 Oracle 以及全國其他幾家擁有企業園區的大公司合作,以維護原生景觀、跟踪和監控用水量並加強灌溉,幫助他們節省數百萬加侖的水並顯著降低設施成本。重要的是,我們為各種終端市場的客戶提供支持,包括高爾夫球場、市政當局和 HOA 社區。
For instance, earlier this year, in Nevada, legislation was put into place that requires turf removal in cases where grass exists for purely aesthetic purposes. As a result, we are now working closely with a number of HOAs in Las Vegas to help them convert decorative or nonfunctional turf into less water-intensive native landscapes. Our expertise in water management enables us to drive water conservation efforts and allows us to expand our relationship with existing customers through additional ancillary irrigation services. We are privileged to work with a diverse mix of customers who continue to embrace environmentally conscious practices, particularly in the area of water conservation.
例如,今年早些時候,在內華達州制定了立法,要求在草的存在純粹出於審美目的的情況下清除草皮。因此,我們現在正與拉斯維加斯的一些 HOA 密切合作,幫助他們將裝飾性或非功能性草皮轉化為水資源密集度較低的原生景觀。我們在水資源管理方面的專業知識使我們能夠推動節水工作,並使我們能夠通過額外的輔助灌溉服務擴大與現有客戶的關係。我們很榮幸能夠與繼續採用環保意識實踐的多元化客戶合作,特別是在節水領域。
To wrap up, we are pleased with our results and proud of our financial and strategic progress amid a challenging environment. We are executing on our key growth drivers, investing in our sales team and technology with power net new customers and improved ancillary penetration, leading to solid organic growth. Our M&A strategy continues to be a reliable and sustainable source of growth. Our disciplined pricing efforts build on that growth and support our ability to offset cost headwinds. Importantly, we are dedicated to positioning the business to thrive in the face of external macro headwinds, changing secular trends and regulatory requirements. I'm confident that our efforts will continue to position us for long-term profitable growth.
最後,我們對我們的業績感到滿意,並為我們在充滿挑戰的環境中取得的財務和戰略進展感到自豪。我們正在執行我們的主要增長動力,投資於我們的銷售團隊和技術,擁有強大的新客戶並提高輔助滲透率,從而實現穩健的有機增長。我們的併購戰略仍然是可靠且可持續的增長來源。我們嚴格的定價努力建立在這種增長的基礎上,並支持我們抵消成本逆風的能力。重要的是,我們致力於將業務定位為在面對外部宏觀逆風、不斷變化的長期趨勢和監管要求時蓬勃發展。我相信,我們的努力將繼續為我們的長期盈利增長奠定基礎。
I'll now turn it over to John, who will discuss our financial performance in greater detail.
我現在將把它交給約翰,他將更詳細地討論我們的財務業績。
John A. Feenan - Executive VP & CFO
John A. Feenan - Executive VP & CFO
Thank you, Andrew, and good morning to everyone. I'm pleased to report on another solid quarter. We delivered strong organic growth in our Maintenance and Development businesses, and our team navigated through a challenging environment and managed through rapidly evolving external headwinds, including most notably the continued rise in fuel costs.
謝謝你,安德魯,大家早上好。我很高興報告另一個穩健的季度。我們的維護和開發業務實現了強勁的有機增長,我們的團隊在充滿挑戰的環境中航行,並通過快速發展的外部逆風進行管理,包括最顯著的燃料成本持續上漲。
We remain focused on our key investment pillars of cash generation, organic growth, mergers and acquisitions and margin enhancement over time. Before I cover our financial results in detail, I'd like to give Brett Urban, our incoming CFO, a couple of minutes to introduce himself. Going forward, Brett will be leading our earnings calls. Brett?
隨著時間的推移,我們仍然專注於現金產生、有機增長、併購和利潤率提升等關鍵投資支柱。在我詳細介紹我們的財務業績之前,我想給我們即將上任的首席財務官 Brett Urban 幾分鐘的自我介紹。展望未來,布雷特將領導我們的財報電話會議。布雷特?
Brett Urban
Brett Urban
Thank you, John, and good morning, everyone. BrightView is a durable business with multiple growth opportunities and an exciting time for me to be part of this dedicated team. I have been with BrightView for 7 years and have served as head of the company's Financial Planning and Analysis Group as well as CFO of our Maintenance segment. In my new role as the company's CFO, I will follow in John's footsteps and support the team to execute on growth drivers that maximize our potential and expand our market share.
謝謝你,約翰,大家早上好。 BrightView 是一家具有多種增長機會的經久不衰的企業,對我來說成為這個敬業團隊的一員是一個激動人心的時刻。我在 BrightView 工作了 7 年,曾擔任公司財務規劃和分析小組的負責人以及維護部門的首席財務官。在我擔任公司首席財務官的新職位上,我將追隨約翰的腳步,支持團隊執行增長動力,最大限度地發揮我們的潛力並擴大我們的市場份額。
In addition, I'll be focused on consistently growing our business, enhancing our balance sheet and executing on capital allocation plans that create long-term shareholder value. I'm fortunate to have John's guidance during this transition period, which will certainly position me and BrightView for success. Lastly, I believe engagement with our investors and analysts is essential to our long-term success. Working with Andrew, John and the team, I look forward to meeting and partnering with you all over the coming months. I will now turn the call back over to John to cover our results.
此外,我將專注於持續發展我們的業務、改善我們的資產負債表並執行創造長期股東價值的資本分配計劃。我很幸運在這個過渡期間得到了 John 的指導,這肯定會讓我和 BrightView 取得成功。最後,我相信與我們的投資者和分析師的接觸對我們的長期成功至關重要。與 Andrew、John 和團隊合作,我期待在接下來的幾個月中與您會面並合作。我現在將把電話轉回給 John 來介紹我們的結果。
John A. Feenan - Executive VP & CFO
John A. Feenan - Executive VP & CFO
Thank you, Brett. Let me now provide a snapshot of our third quarter results. Moving to Slide 14. Total revenue for the third quarter increased by 11%, reflecting 5.6% of total organic growth. Total revenue growth was supported by increases in both on maintenance and development segments.
謝謝你,布雷特。現在讓我簡要介紹一下我們第三季度的業績。轉到幻燈片 14。第三季度的總收入增長了 11%,反映了總有機增長的 5.6%。總收入增長受到維護和開發部門增長的支持。
Maintenance revenues increased by 7.1%, driven by 3.1% of total organic growth, which included 2.3% of land organic growth. Our total maintenance organic growth benefited from better-than-expected snow removal services as a result of the longer than typical snow season, which offset ancillary services in April. Land organic growth was driven by strong contract growth and a continued rebound in our ancillary services. In addition, our pricing strategy contributed approximately 50 basis points to our land organic top line growth, net of scope reductions as expected. Last week, we realized $20.8 million of incremental revenue from acquired businesses.
維護收入增長了 7.1%,這得益於 3.1% 的總有機增長,其中包括 2.3% 的土地有機增長。我們的整體維護有機增長受益於除雪服務好於預期,因為雪季比典型的雪季更長,抵消了 4 月份的輔助服務。土地有機增長是由強勁的合同增長和我們的輔助服務持續反彈推動的。此外,我們的定價策略為我們的土地有機收入增長貢獻了大約 50 個基點,扣除了預期的範圍縮減。上週,我們從收購的業務中實現了 2080 萬美元的增量收入。
Development revenues increased by 24% compared to the prior year. The increase was driven by a combination of strong organic growth of 14% and M&A contributions of approximately $15 million. We remain encouraged by our pipeline and bid calendar, and we anticipate continued strong organic growth in the fourth quarter of approximately 8%. As Andrew mentioned, we serve a diverse mix of end markets in our development business, and we are seeing growth across all of these verticals, most notably in public works and commercial construction projects.
與去年相比,開發收入增長了 24%。這一增長是由 14% 的強勁有機增長和約 1500 萬美元的併購貢獻共同推動的。我們仍然對我們的管道和投標日曆感到鼓舞,我們預計第四季度將持續強勁的有機增長,約為 8%。正如 Andrew 所說,我們在開發業務中為各種終端市場提供服務,我們看到所有這些垂直領域的增長,尤其是在公共工程和商業建築項目中。
Turning to the details on Slide 15. Total adjusted EBITDA for the third quarter was $94.3 million, up 0.7% compared to the prior year. Our adjusted EBITDA performance was impacted predominantly by higher fuel prices. For the third quarter of this fiscal year, gasoline spend represented 3.4% of total revenue compared to 2.2% in the prior year. While the guidance for the third quarter that we provided back on the second quarter call reflected the higher level of fuel versus prior year. The actual surge was much higher than anticipated, especially in May and June, 2 of our busiest months of the year, where fuel consumption is at its highest.
轉到幻燈片 15 的詳細信息。第三季度調整後的 EBITDA 總額為 9430 萬美元,比去年同期增長 0.7%。我們調整後的 EBITDA 表現主要受到燃料價格上漲的影響。本財年第三季度,汽油支出佔總收入的 3.4%,而去年同期為 2.2%。雖然我們在第二季度電話會議上提供的第三季度指導反映了與去年相比更高的燃料水平。實際激增遠高於預期,尤其是在 5 月和 6 月,這是我們一年中最繁忙的兩個月,油耗最高。
As a result, the unanticipated level of increase resulted in adjusted EBITDA that is about a net $7 million below our expectations. Excluding this incremental fuel headwind, our adjusted EBITDA would have been $101 million for the fiscal third quarter, above the high end of our guidance range.
結果,意外的增長水平導致調整後的 EBITDA 比我們的預期低了約 700 萬美元。排除這種增加的燃料逆風,我們調整後的第三財季 EBITDA 為 1.01 億美元,高於我們指導範圍的高端。
Looking at our results by segment. Maintenance adjusted EBITDA was $89 million or down 1.5% compared to the prior year and reflects an adjusted EBITDA margin of 15.9% compared to 17.3% in the prior year. Solid contract growth and a rebound in our ancillary services penetration was more than offset by the surge in fuel prices. The rise in fuel prices year-over-year largely impacted our maintenance segment, where the net impact was approximately $6 million. Excluding the net impact of fuel, maintenance adjusted EBITDA margin for the third quarter would have been approximately 17%, roughly flat with the prior year.
按細分查看我們的結果。維護調整後 EBITDA 為 8900 萬美元,比上年下降 1.5%,反映調整後 EBITDA 利潤率為 15.9%,而上年為 17.3%。強勁的合同增長和我們的輔助服務滲透率的反彈被燃料價格的飆升所抵消。燃料價格同比上漲很大程度上影響了我們的維護部門,淨影響約為 600 萬美元。排除燃料的淨影響,第三季度維護調整後的 EBITDA 利潤率約為 17%,與上年基本持平。
In the Development segment, adjusted EBITDA increased by 11.8% for the third quarter. This growth was driven by stronger revenues and the implementation of mitigating actions to offset inflationary headwinds, primarily in material costs. Development adjusted EBITDA margin was 11.2% or 120 basis points lower than the prior year, roughly in line with the guidance we provided last quarter. Relative to the prior year, profitability in the Development segment was impacted by higher subcontracted labor due to project mix as well as higher fuel costs, which were partially offset by reduced material costs. As a reminder, the margin decline in the Development segment represents an improvement over prior quarters, where development adjusted EBITDA margins were decelerating at a greater pace.
在開發部門,第三季度調整後的 EBITDA 增長了 11.8%。這種增長是由收入增加和採取緩解措施來抵消通脹不利因素(主要是材料成本)推動的。發展調整後的 EBITDA 利潤率比上一年低 11.2% 或 120 個基點,大致符合我們上個季度提供的指導。與上年相比,開發部門的盈利能力受到項目組合導致的分包勞動力增加以及燃料成本增加的影響,這部分被材料成本的降低所抵消。提醒一下,開發部門的利潤率下降比前幾個季度有所改善,其中開發調整後的 EBITDA 利潤率正在以更快的速度減速。
On Slide 16, this chart illustrates the historical improvement we have experienced in our development adjusted EBITDA margins over the last 3 quarters. We expect this improvement to be sustained, and we still anticipate achieving positive margin growth in the fourth quarter of fiscal 2022 for the Development segment despite the expected fuel headwind.
在幻燈片 16 上,這張圖表說明了過去 3 個季度我們在發展調整後的 EBITDA 利潤率方面所經歷的歷史性改善。我們預計這種改善將持續下去,儘管預計燃料逆風,我們仍預計開發部門在 2022 財年第四季度實現正利潤率增長。
Turning now to Slide 17. For fiscal Q3, corporate expenses represented 2.1% of revenue, a 20 basis point improvement relative to the prior year and reflects our focus on expense management. Interest expense for the third quarter was $15 million compared to $9 million in the prior year, reflecting an increase in interest rates, coupled with increased borrowings. Looking ahead to the fourth quarter, we expect interest expense to be approximately $20 million, reflecting higher SOFR rates and increased long-term debt due to our recent refinancing.
現在轉到幻燈片 17。對於第三財季,公司費用佔收入的 2.1%,比上一年提高了 20 個基點,反映了我們對費用管理的關注。第三季度的利息支出為 1500 萬美元,而去年同期為 900 萬美元,這反映了利率的上升以及借款的增加。展望第四季度,我們預計利息支出約為 2000 萬美元,這反映了更高的 SOFR 利率和由於我們最近的再融資而增加的長期債務。
Our adjusted earnings per share for the quarter was $0.43 compared to $0.44 for the prior year. Adjusted earnings per share benefited from a decrease in our share count driven by recent share repurchases, strong top line performance as well as solid cost management of direct costs, labor and materials. These benefits were offset by the rise in fuel costs and higher interest expense. In summary, we are pleased with the top line growth we delivered during the quarter. Net new growth, improved ancillary trends and our pricing initiatives drove solid organic growth and enabled us to offset labor and material cost inflation.
我們本季度的調整後每股收益為 0.43 美元,而去年同期為 0.44 美元。調整後的每股收益受益於近期股票回購、強勁的收入表現以及直接成本、勞動力和材料的可靠成本管理導致我們的股票數量減少。這些好處被燃料成本的上升和更高的利息支出所抵消。總之,我們對本季度實現的收入增長感到滿意。淨新增長、改善的輔助趨勢和我們的定價舉措推動了穩健的有機增長,並使我們能夠抵消勞動力和材料成本的通脹。
Furthermore, our M&A strategy continued to be a reliable source of growth. Fuel will likely remain a headwind for the fourth quarter, and we will continue to work to mitigate its impact on our profitability. We believe our pricing initiatives and operational efficiencies will continue to support our goal of expanding margins to pre-pandemic levels over time.
此外,我們的併購策略繼續成為可靠的增長來源。燃料在第四季度可能仍然是一個逆風,我們將繼續努力減輕其對我們盈利能力的影響。我們相信,隨著時間的推移,我們的定價舉措和運營效率將繼續支持我們將利潤率擴大到大流行前水平的目標。
Let's move now to our balance sheet and capital allocation on Slide 18. Net capital expenditures totaled $21 million for the third quarter or 2.8% of revenue compared to $13 million or 1.9% of revenue in the prior year. This increase was driven by the timing of received orders that were impacted by pandemic-related supply chain challenges. Looking ahead, we continue to anticipate capital expenditures to be approximately 3.5% of revenue for fiscal 2022, which is in line with our recent guidance.
現在讓我們轉到幻燈片 18 上的資產負債表和資本分配。第三季度的淨資本支出總額為 2100 萬美元,佔收入的 2.8%,而去年同期為 1300 萬美元,佔收入的 1.9%。這一增長是由受大流行相關供應鏈挑戰影響的收到訂單的時間推動的。展望未來,我們繼續預計 2022 財年資本支出約佔收入的 3.5%,這與我們最近的指導一致。
Net debt on June 30, 2022, was approximately $1.37 billion, reflecting an increase of $109 million sequentially. Our leverage ratio was 4.8x at the end of the third quarter, up from 4.4x in the second quarter. The increase in net debt and leverage ratio was driven primarily by the repurchase of the second tranche of shares held by MSD. We expect positive free cash flow in the fourth quarter and anticipate a modest decline in our leverage ratio by fiscal year-end.
2022 年 6 月 30 日的淨債務約為 13.7 億美元,環比增加了 1.09 億美元。第三季度末我們的槓桿率為 4.8 倍,高於第二季度的 4.4 倍。淨債務和槓桿率的增加主要是由於回購了默沙東持有的第二批股份。我們預計第四季度的自由現金流為正,並預計到本財年末我們的槓桿率將小幅下降。
Moving to Slide 19. Year-to-date free cash flow was an outflow of $17 million compared to positive $96 million in the prior year. The variance in our free cash flow was driven by the following: first, $45 million of increase in net capital expenditures due to the timing of received orders that were impacted by pandemic-related supply chain challenges, $34 million of net outflow associated with the repayment of the payroll tax deferral under the CARES Act, and $13 million of cash tax outflow due to the timing associated with the CARES Act tax planning.
轉到幻燈片 19。年初至今的自由現金流流出 1700 萬美元,而上一年為正 9600 萬美元。我們自由現金流的差異是由以下因素驅動的:首先,由於收到訂單的時間受到與大流行相關的供應鏈挑戰的影響,淨資本支出增加了 4500 萬美元,與還款相關的淨流出為 3400 萬美元CARES 法案下的工資稅延期,以及由於與 CARES 法案稅收籌劃相關的時間安排而導致的 1300 萬美元現金稅流出。
Looking ahead, we expect fourth quarter free cash flow to significantly improve relative to the fourth quarter of the prior year, resulting in second half 2022 results that are in line or modestly ahead of 2021 second half performance. It's important to reiterate that we expect capital expenditures for 2022 to represent approximately 3.5% of revenue, in line with our prior projections, and we anticipate a similar run rate for fiscal 2023.
展望未來,我們預計第四季度的自由現金流將相對於去年第四季度顯著改善,從而導致 2022 年下半年的業績與 2021 年下半年的業績一致或略高於 2021 年下半年的業績。重要的是要重申,我們預計 2022 年的資本支出將約佔收入的 3.5%,這與我們之前的預測一致,我們預計 2023 財年的運行率也將相似。
Fiscal year 2022 free cash flow is not typical of our business, which has consistently delivered solid free cash flow as evidenced by the generation of $500 million of free cash flow over the last 5 years. Looking beyond 2022, and the impact of timing-related drivers, such as the tax impact associated with the CARES Act, we anticipate robust free cash flow generation over the long term.
2022 財年的自由現金流不是我們業務的典型,過去 5 年產生了 5 億美元的自由現金流就證明了這一點,該業務一直提供穩定的自由現金流。展望 2022 年之後,以及與時間相關的驅動因素的影響,例如與 CARES 法案相關的稅收影響,我們預計長期內將產生強勁的自由現金流。
An update on liquidity is on Slide 20. At the end of the third quarter of fiscal 2022, we had approximately $324 million of availability under our revolver and receivable financing agreement and $26 million of cash on hand. Total liquidity as of June 30, 2022, was approximately $350 million compared to $403 million in the prior year. Our liquidity continues to provide us with ample flexibility and optionality.
流動性的更新在幻燈片 20 上。在 2022 財年第三季度末,根據我們的左輪手槍和應收賬款融資協議,我們擁有約 3.24 億美元的可用資金,以及 2600 萬美元的手頭現金。截至 2022 年 6 月 30 日,總流動資金約為 3.5 億美元,而上一年為 4.03 億美元。我們的流動性繼續為我們提供充足的靈活性和選擇性。
Let's turn now to Slide 21 to review our outlook for the fourth quarter. We remain optimistic about the momentum we are seeing in our business and expect to deliver another strong quarter of organic growth in both land maintenance and development segments. Our maintenance land contract-based business is growing and demand for ancillary services is improving. We believe this will result in durable organic maintenance land growth of approximately 3% for the fourth quarter, in line with our long-term expectations. Notably, this growth is up a high growth rate in the prior year of 9.2%, which demonstrates the strength of our momentum in our business.
現在讓我們轉到幻燈片 21 來回顧我們對第四季度的展望。我們對我們在業務中看到的勢頭保持樂觀,並期望在土地維護和開發領域實現另一個強勁的季度有機增長。我們的維護土地合同業務正在增長,對輔助服務的需求正在改善。我們相信這將導致第四季度持久的有機維護土地增長約 3%,符合我們的長期預期。值得注意的是,這一增長比去年高出 9.2%,這表明了我們業務發展勢頭的強勁。
In our Development segment, we are encouraged by our pipeline and booking and backlog trends, and we expect organic growth to be about 8% for the fourth quarter. In both segments, the market pressure we have seen from inflation, which affects the cost for materials needed for projects and labor will continue. We are confident that our efforts, including pricing will help to offset these headwinds. Fuel will remain a headwind for the fourth quarter, and we will continue to manage the impact on our profitability with fuel surcharges through a balanced approach.
在我們的開發部門,我們對我們的管道、預訂和積壓趨勢感到鼓舞,我們預計第四季度的有機增長約為 8%。在這兩個領域,我們從通貨膨脹中看到的市場壓力將繼續存在,這會影響項目所需材料和勞動力的成本。我們相信,我們的努力,包括定價,將有助於抵消這些不利因素。燃油在第四季度仍將是一個不利因素,我們將繼續通過平衡的方式通過燃油附加費來管理對盈利能力的影響。
Given the uncertainty around fuel prices, our guidance assumes a fuel headwind that is similar to the headwind we experienced in the third quarter. As a result, for our fourth quarter fiscal 2022, we now anticipate total revenues between $711 million and $731 million, in line with our prior implied guidance. And our total adjusted EBITDA, we now expect between $88 million and $94 million compared to our prior implied guidance of $94 million to $100 million. This decrease is driven by the $6 million to $7 million of expected net impact of fuel costs. Note that at the midpoint, this implies 2% adjusted EBITDA growth year-over-year for the fourth quarter.
鑑於燃料價格的不確定性,我們的指導假設燃料逆風類似於我們在第三季度遇到的逆風。因此,對於我們的 2022 財年第四季度,我們現在預計總收入在 7.11 億美元至 7.31 億美元之間,與我們之前的隱含指導一致。我們現在預計調整後的 EBITDA 總額在 8800 萬美元至 9400 萬美元之間,而我們之前的隱含指導為 9400 萬美元至 1 億美元。這一減少是由 600 萬至 700 萬美元的燃料成本預期淨影響推動的。請注意,在中點,這意味著第四季度調整後的 EBITDA 同比增長 2%。
With that, I'll turn the call back over to Andrew.
有了這個,我會把電話轉回給安德魯。
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Thank you, John. We have a strong, resilient and agile business. We are leaders in our industry with an unparalleled customer value proposition, supported by our investments behind digital services and sustainability. We are executing against our growth initiatives and driving strong momentum in our business. Our investment in sales, technology and marketing continue to fuel our momentum. Pricing efforts will help us enhance our profitability and our excellent M&A engine will support further top line acceleration and expand our footprint.
謝謝你,約翰。我們擁有強大、有彈性和敏捷的業務。我們是我們行業的領導者,擁有無與倫比的客戶價值主張,並得到我們在數字服務和可持續發展方面的投資的支持。我們正在執行我們的增長計劃,並推動我們業務的強勁勢頭。我們在銷售、技術和營銷方面的投資繼續推動我們的發展勢頭。定價努力將幫助我們提高盈利能力,我們出色的併購引擎將支持進一步加速收入並擴大我們的足跡。
Our performance in the third quarter was excellent, and we exceeded our internal expectations, excluding the fuel headwind. We drove strong organic growth, offset our operational costs, labor and materials, through price increases and our teams executed at the highest level. We expect this momentum to continue for the fourth quarter. And as we look out to fiscal year 2023, we continue to see a clear path to approaching $3 billion in total revenues. Importantly, our business generates solid free cash flow and the strength of our balance sheet gives us the flexibility to continue to invest in our business and drive shareholder value.
我們在第三季度的表現非常出色,超出了我們的內部預期,不包括燃料逆風。我們推動了強勁的有機增長,通過提價和我們的團隊以最高水平執行來抵消我們的運營成本、勞動力和材料。我們預計這種勢頭將持續到第四季度。當我們展望 2023 財年時,我們繼續看到接近 30 億美元總收入的清晰道路。重要的是,我們的業務產生了穩定的自由現金流,而我們的資產負債表的實力使我們能夠靈活地繼續投資於我們的業務並推動股東價值。
Our model creates a cycle of high free cash flow and reinvestment capacity. The recurring revenue model drives profitable top line growth. And that, in turn, delivers strong free cash flow, which is predictable and consistent over time as evidenced by the generation of approximately $500 million of free cash flow over the last 5 years. All of these efforts, along with the benefit of secular trends give us strong confidence in the long-term prospects of our business.
我們的模型創造了一個高自由現金流和再投資能力的循環。經常性收入模式推動了盈利的收入增長。而這反過來又帶來了強勁的自由現金流,隨著時間的推移,這是可預測且一致的,過去 5 年產生了約 5 億美元的自由現金流就證明了這一點。所有這些努力以及長期趨勢的好處使我們對我們業務的長期前景充滿信心。
Our future remains bright, and we are confident that we have the right strategy to accelerate our performance.
我們的未來依然光明,我們相信我們有正確的戰略來加速我們的業績。
In closing, I'd like to thank our customers for their support and partnership and working with us on managing the current inflationary environment. We are excited to see our customers' landscape blossom as we move through our green season. Also, I'm thankful for our teams for their continued attention to designing, creating, maintaining and enhancing the best landscapes on earth.
最後,我要感謝我們的客戶的支持和合作,並與我們一起管理當前的通貨膨脹環境。當我們度過綠色季節時,我們很高興看到客戶的景觀開花。此外,我感謝我們的團隊持續關注設計、創造、維護和增強地球上最好的景觀。
Thank you for your interest and for your attention this morning. We'll now open the call for your questions.
感謝您今天早上的關注和關注。我們現在將打開您的問題的電話。
Operator
Operator
(Operator Instructions) The first question today comes from the line of Tim Mulrooney from William Blair.
(操作員說明)今天的第一個問題來自 William Blair 的 Tim Mulrooney 的台詞。
Timothy Michael Mulrooney - Group Head of Global Services & Analyst
Timothy Michael Mulrooney - Group Head of Global Services & Analyst
So I wanted to ask about your maintenance land business. You were forecasting 3% to 4% organic growth in the back half of the year. And it looks like the third quarter came in slightly below that at 2%. So I was wondering if that was because you didn't get the net new contract growth that you were looking for this selling season or if maybe there was a slight pullback in enhancement spend, could you just provide a little bit more color on the spending patterns that you're seeing within your customer base with a particular focus on how that enhancement piece of the business is doing?
所以我想問一下你們的維修土地業務。你預測今年下半年有機增長 3% 到 4%。看起來第三季度的增長率略低於 2%。所以我想知道這是否是因為你沒有得到你正在尋找的這個銷售季節的淨新合同增長,或者如果增強支出略有回落,你能否為支出提供更多顏色您在客戶群中看到的模式,特別關注業務的增強部分是如何進行的?
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Absolutely, Tim. Yes, it was a dynamic similar to what we saw a couple of years ago and that we had a late spring with snow coming in at the beginning of April. And so as we missed that window for ancillary installation because we had snow coming down, that really was the offset. So if we hadn't had the snow, we would have replaced it with ancillary. So we saw a similar demand as we expected. It just we couldn't get to it because there was snow on the ground. And so it really was that straightforward.
當然,蒂姆。是的,這與我們幾年前看到的動態相似,並且我們有一個晚春,四月初開始下雪。因此,由於我們下雪了,我們錯過了輔助安裝的窗口,這確實是偏移量。因此,如果我們沒有下雪,我們會用輔助設備代替它。因此,我們看到了與預期類似的需求。只是我們無法到達它,因為地面上有雪。所以它真的很簡單。
Timothy Michael Mulrooney - Group Head of Global Services & Analyst
Timothy Michael Mulrooney - Group Head of Global Services & Analyst
Yes. That makes sense. And we're hearing that from like the pest guys, other similar industries were affected by a cold spring. So that all makes sense.
是的。那講得通。我們聽說像害蟲一樣,其他類似的行業也受到了冷泉的影響。所以這一切都是有道理的。
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Exactly. And we continue to be very confident that as we go forward, that continued growth right around 3% is what we should expect going forward.
確切地。我們仍然非常有信心,在我們前進的過程中,3% 左右的持續增長是我們應該期待的。
Timothy Michael Mulrooney - Group Head of Global Services & Analyst
Timothy Michael Mulrooney - Group Head of Global Services & Analyst
Okay. All right. That's helpful, too. If I could sneak one more in. Just on pricing. Last time we spoke, I think you expected about 50 to 100 basis points of organic growth in maintenance land come from pricing this year. And I know usually you get pricing through changes in scope. But this year, you're actually expecting price to contribute to organic growth, now that we're through that key selling season and with the fuel surcharge, I wanted to check in on that number and see how we should still be thinking about pricing this year, if that 50 to 100 basis points contributing to organic growth is the right number or if it's a little higher or lower than that?
好的。好的。這也很有幫助。如果我能再偷偷溜進去一個。只是在定價上。上次我們談話時,我認為您預計今年維護用地的有機增長將有 50 到 100 個基點來自定價。而且我知道通常你會通過範圍的變化來獲得定價。但今年,您實際上預計價格會為有機增長做出貢獻,既然我們已經度過了關鍵的銷售季節,而且還有燃油附加費,我想檢查一下這個數字,看看我們應該如何考慮定價今年,促進有機增長的 50 到 100 個基點是否是正確的數字,還是略高於或略低於該數字?
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Yes, right in that range, Tim. We're seeing -- we saw this quarter about 50 basis points, impacting us from price. And we believe that, as you said, the pricing and season is, by and large, over, and we expect that to continue into the fourth quarter.
是的,就在那個範圍內,蒂姆。我們看到 - 我們看到本季度大約 50 個基點,從價格影響我們。我們相信,正如你所說,定價和季節基本上已經結束,我們預計這種情況將持續到第四季度。
Operator
Operator
The next question today comes from the line of George Tong from Goldman Sachs.
今天的下一個問題來自高盛的George Tong。
Keen Fai Tong - Research Analyst
Keen Fai Tong - Research Analyst
I wanted to dive a little bit into fuel prices, which remain a headwind. To the extent that fuel prices remain elevated, could you talk a little bit more about the strategies you have to manage through the impact? You touched on efficiencies and pricing, anything directly related to hedging or pass-throughs that you can implement that can help mitigate any surprises or unforeseen changes in oil prices?
我想稍微了解一下燃料價格,這仍然是一個不利因素。就燃料價格仍然高企的情況而言,您能否多談談您必須採取哪些策略來應對影響?您談到了效率和定價,任何與您可以實施的對沖或傳遞直接相關的內容,可以幫助減輕油價的任何意外或不可預見的變化?
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Yes, George. And obviously, fuel was the biggest impact to our business here in the third quarter. And as we look at the fourth quarter, we see fuel continuing to be at a relatively higher level compared to last year. What we continue to do is work with our customers on fuel surcharges. We feel like we've pretty much completed the discussions with those customers to be able to continue to receive the surcharges as long as fuel remains above that kind of 350 kind of level, and so we're able to protect it there. Fuel hedges we did not hedge in 2022 for 2023 because we saw escalating fuel prices continuing to raise -- and we're concerned a little more about the volatility that we would see at fuel.
是的,喬治。顯然,燃料是第三季度對我們業務的最大影響。當我們查看第四季度時,我們看到與去年相比,燃料繼續處於相對較高的水平。我們繼續做的是與我們的客戶就燃油附加費進行合作。我們覺得我們幾乎已經完成了與這些客戶的討論,只要燃料保持在 350 種水平以上,我們就能夠繼續收取附加費,因此我們能夠在那裡保護它。我們在 2022 年沒有對 2023 年進行對沖的燃料對沖,因為我們看到不斷上漲的燃料價格繼續上漲——而且我們更加擔心我們會在燃料方面看到的波動性。
And the last thing I think anyone wants to do is to see the hedge of the peak and when fuel prices potentially came down. So that's why we didn't hedge before. We'll think about it again as we look at every year about hedges as a potential mechanism to be able to offset the fuel. But at this point in time, given where fuel is at, we have not placed any additional hedges as we look forward into Q1 or Q2 2023.
我認為任何人都不想做的最後一件事是看到峰值的對沖以及燃料價格何時可能下降。所以這就是我們之前沒有對沖的原因。當我們每年都將對沖視為一種能夠抵消燃料的潛在機制時,我們會再次考慮這一點。但在這個時間點,考慮到燃料所在的位置,我們在展望 2023 年第一季度或第二季度時還沒有進行任何額外的對沖。
Keen Fai Tong - Research Analyst
Keen Fai Tong - Research Analyst
Okay. Got it. That's helpful. You talked a bit about market impact that you're seeing from inflation as it relates to material and labor in your development business. Are you seeing any easing of trends or peaking of trends here? Or is the momentum still sort of up and to the right as it relates to input costs?
好的。知道了。這很有幫助。您談到了您從通貨膨脹中看到的市場影響,因為它與您的開發業務中的材料和勞動力有關。您在這裡看到趨勢的緩和或趨勢的頂峰嗎?還是與投入成本相關的勢頭仍然有點向上和向右?
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Yes. And well, I will have to say, we've said we're beyond the peak. We're kind of on the other side of the curve. And so we saw, especially as we progressed through the third quarter as we saw the material portion of -- material impact or the negative material impact to lessen in the Development segment. So we're believing, as we go into the fourth quarter, that we're going to start to see that turn as we've talked about for several quarters now is that we needed to get towards the later half of the summer into the fall, and we are actually seeing that.
是的。好吧,我不得不說,我們已經說過我們已經超越了高峰。我們有點在曲線的另一邊。所以我們看到了,特別是當我們在第三季度取得進展時,我們看到了實質性影響或負面實質性影響在開發部門的實質性影響減少。所以我們相信,隨著我們進入第四季度,我們將開始看到我們已經討論了幾個季度的轉變是我們需要在夏季後半段進入秋天,我們實際上看到了這一點。
We're seeing improvements in our material rates. And that's a combination of getting out of the contracts that were priced with historically longer lead times and getting into the newer contracts which have much shorter lead times. So on the material side, we see a turn on that. And on the labor side of the business, the teams in both the development and maintenance segments have done an outstanding job of managing labor. If you can look at our notes that we talked about as well as the overall results, being able to manage a labor environment and deliver -- basically the only impact being fuel, deliver results that were pretty much in line with what we expected with the exception of a commodity base.
我們看到我們的材料費率有所提高。這是退出歷史上以較長交貨時間定價的合同和進入交貨時間短得多的新合同的組合。所以在物質方面,我們看到了轉機。在業務的勞動力方面,開發和維護部門的團隊在勞動力管理方面做得非常出色。如果您可以查看我們討論過的筆記以及總體結果,能夠管理勞動力環境並交付——基本上唯一的影響是燃料,交付的結果幾乎符合我們對商品基礎除外。
Fuel drive has really been able to give us confidence about what we see looking forward. And this is in combination with leveraging the technology that we've deployed with our electronic time capture and our labor management tools to be able to have that tight management across both segments, the Maintenance and Development segments in our business.
燃料驅動確實能夠讓我們對我們所看到的未來充滿信心。這與利用我們在電子時間捕獲和勞動力管理工具中部署的技術相結合,能夠在我們業務的維護和開發部門這兩個部門進行嚴格的管理。
Operator
Operator
The next question today comes from the line of Justin Hauke from Baird.
今天的下一個問題來自 Baird 的 Justin Hauke。
Justin P. Hauke - Senior Research Associate
Justin P. Hauke - Senior Research Associate
So I wanted to ask, I guess, how do I ask this, a little bit about kind of the balance sheet and cash flow here. The reason why I ask, you quantified for 4Q, the M&A contribution is going to be about the same as what it's been, so $35 million-ish a quarter that you had. As we look into 2023, though, with leverage being 4.8x, I'm just curious the extent to which you're able to continue to do a similar level of M&A next year?
所以我想問一下,我怎麼問這個,關於這裡的資產負債表和現金流的種類。我問的原因是,您對第四季度進行了量化,併購貢獻將與以往大致相同,因此您每季度擁有 3500 萬美元左右。不過,當我們展望 2023 年時,槓桿率為 4.8 倍,我只是好奇你明年能夠在多大程度上繼續進行類似水平的併購?
And part of the reason why I ask is because some of the cash flow headwinds you had this year, I think will continue. Next year, you've got another CARES Act repayment. I think you're making in December. And then also your interest expense, the $20 million you're guiding to in 4Q is like $80 million annualized. So I'm just thinking -- I guess the question is, how do you think about free cash flow for next year and the ability to actually continue to deploy the balance sheet as you have over the last couple of quarters?
我問的部分原因是因為你今年遇到的一些現金流逆風,我認為會繼續。明年,您將獲得另一項 CARES 法案還款。我想你是在十二月做的。然後還有你的利息支出,你在第四季度指導的 2000 萬美元相當於年化 8000 萬美元。所以我只是在想——我想問題是,你如何看待明年的自由現金流以及像過去幾個季度那樣實際繼續部署資產負債表的能力?
John A. Feenan - Executive VP & CFO
John A. Feenan - Executive VP & CFO
A lot in there, Justin. So let me unpack that question for you. I think when we look at the cash flow this year, it was definitely impacted when you look at it year-to-date by really 3 things. It was impacted by the increase in capital, but we were very clear that we expect that to maintain a 3.5%, and you can do that math. We also were impacted by, I call it, the unwinding of the CARES Act where we had benefits and then payments, and that was about $34 million, $35 million.
裡面有很多,賈斯汀。所以讓我為你解開這個問題。我認為,當我們查看今年的現金流時,當您查看今年迄今為止的現金流時,它肯定受到了 3 件事的影響。它受到資本增加的影響,但我們非常清楚,我們預計將保持 3.5%,你可以做這個數學。我們也受到了,我稱之為 CARES 法案的解除的影響,我們有福利然後付款,大約是 3400 萬美元,3500 萬美元。
And then the increase in cash taxes, which is more of a normalized rate this year when we were benefited from tax planning in the prior year. When we look forward, we are very confident that this is still going to revert back to our average. If you go look at our average over the last 5 years where we mentioned about $0.5 billion, we're averaging about $100 million a year, and we think that's still very attainable. Let me kind of walk you through some of the key points.
然後是現金稅的增加,當我們從上一年的稅收籌劃中受益時,這更像是今年的正常化稅率。當我們展望未來時,我們非常有信心這仍將恢復到我們的平均水平。如果你看看我們過去 5 年的平均值,我們提到了大約 5 億美元,我們平均每年大約 1 億美元,我們認為這仍然是可以實現的。讓我帶您了解一些關鍵點。
When we think about where we're going to be next year, we've guided -- or we've said that we would be at approximately -- approaching $3 billion, right? And what's going to happen next year? We are going to grow, so there's going to be a headwind around working capital. We're growing quite a bit. We are going to have an increase in interest expense, driven by -- mainly around rates and the increase in SOFR.
當我們考慮明年的發展方向時,我們已經指導——或者我們說過我們將接近——接近 30 億美元,對吧?明年會發生什麼?我們會成長,所以營運資金會遇到阻力。我們成長了很多。我們將增加利息費用,主要是由於利率和 SOFR 的增加。
But a couple of positives are going to occur. We're growing the business, so we would expect incremental EBITDA. And then when you look at the payments into your piece on the CARES Act, yes, we have that outflow in the first half of fiscal 2023. But we're also going to benefit from some tax planning that we've put in place that will more than offset that CARES Act payment, probably by a magnitude of 1.5 to 2x that CARES Act component. So we're very confident we'll still be in that $90 million, $100 million range of cash generation, which reverts right back to our average over the last 5 years. And obviously, that allows us to continue the M&A strategy.
但是會出現一些積極的情況。我們正在發展業務,因此我們預計 EBITDA 會增加。然後,當您查看有關 CARES 法案的付款時,是的,我們在 2023 財年上半年有資金流出。但我們也將從我們實施的一些稅收計劃中受益將遠遠抵消 CARES 法案的付款,可能是 CARES 法案部分的 1.5 到 2 倍。因此,我們非常有信心,我們仍將在 9000 萬美元、1 億美元的現金產生範圍內,這將恢復到過去 5 年的平均水平。顯然,這使我們能夠繼續併購戰略。
Justin P. Hauke - Senior Research Associate
Justin P. Hauke - Senior Research Associate
Okay. Great. So $90 million to $100 million is kind of -- that's in tune for next year. I guess the next question, I don't have a lot on the P&L just because you did a good job talking about the fuel impact and then labor, it sounds like it's mostly offset by what you're doing. But on some of the items that you're also spending on like all the IT spend this year. I guess I was just curious how much more is there to go on kind of that spend? Does that taper off after the fourth quarter. And then some of the other items that are excluded like the COVID expenses, how much longer is that going to be something that's continuing to impact the results, at least on a GAAP basis?
好的。偉大的。所以 9000 萬到 1 億美元有點——這與明年的情況相符。我想下一個問題,我對損益表沒有太多了解,只是因為你在談論燃料影響和勞動力方面做得很好,聽起來它大部分被你正在做的事情所抵消。但是在一些你也在花費的項目上,就像今年所有的 IT 花費一樣。我想我只是好奇還有多少可以用於這種支出?在第四節之後會逐漸減少嗎?然後其他一些被排除在外的項目,如 COVID 費用,至少在 GAAP 的基礎上,這將繼續影響結果多久?
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Justin, let me talk about the IT and maybe John can then pick up on the COVID expenses. But our IT pipeline that we have for initiatives around digital implementation of tools actually has a pretty long horizon when I look over several years. And these tools are things which will engage customer engagement, things like HOA and BV Connect 2.0, that's going to be coming out. That's only 2.0. There are actually constructs out there what 3.0 could look like.
賈斯汀,讓我談談 IT,也許約翰可以承擔 COVID 費用。但是,當我回顧幾年時,我們為圍繞工具的數字實施而製定的計劃的 IT 管道實際上具有相當長的視野。這些工具將吸引客戶參與,例如 HOA 和 BV Connect 2.0,即將問世。那隻是2.0。實際上,那裡有 3.0 的結構。
And as we continue to enhance that combined with tools that help us in our ancillary management, help us in our tree care management, things that think about employee engagement. There are multiple tools that we have out as we continue to transform this industry into a really a more digital and future-focused organization that will not only drive better customer retention and employee engagement and employee retention, but also look at growth initiatives in our digital marketing spend and our approach to digital.
隨著我們繼續增強這一點,並結合幫助我們進行輔助管理的工具,幫助我們進行樹木護理管理,考慮員工敬業度。隨著我們繼續將這個行業轉變為一個真正更加數字化和著眼於未來的組織,我們擁有多種工具,這不僅將推動更好的客戶保留、員工敬業度和員工保留,而且還將關注我們數字化領域的增長計劃營銷支出和我們的數字化方法。
So that IT spend, I don't see coming down, and I see the opportunity is fairly significant as we continue to deploy that. Fortunately, that mostly happens in a capitalized way. So we don't foresee that to be an expense headwind at all. And John, I'll have you...
因此,我認為 IT 支出不會下降,而且隨著我們繼續部署,我認為機會相當重要。幸運的是,這主要以大寫的方式發生。因此,我們根本不認為這是一個費用逆風。還有約翰,我會讓你...
John A. Feenan - Executive VP & CFO
John A. Feenan - Executive VP & CFO
Yes. And Justin, on the COVID, we expect that to drop precipitously going forward. We have started to see that this year. We're down about $2 million sequentially from Q2 to Q3. We expect that to continue to drop quite a bit where it will be, I would say, de minimis in fiscal 2023.
是的。而賈斯汀,在 COVID 方面,我們預計未來會急劇下降。今年我們已經開始看到這一點。從第二季度到第三季度,我們連續減少了大約 200 萬美元。我們預計這一數字將在 2023 財年繼續大幅下降,我想說的是最低限度。
Operator
Operator
The next question today comes from the line of Bob Labick from CJS Securities.
今天的下一個問題來自 CJS Securities 的 Bob Labick。
Peter Kirk Lukas - Analyst
Peter Kirk Lukas - Analyst
It's Pete Lukas for Bob. Just looking at it due to cost inflation, scope changes, et cetera, kind of hard to gauge the underlying growth of the business in terms of net number of contracts, revenue per contract. Just wondering if you could comment a little bit more on how these have trended and give us a little sense and any kind of clarity or more info you can give us on that? And also, is there a better way to look at growth there?
Bob 是 Pete Lukas。由於成本膨脹、範圍變化等原因,僅僅看一下它,就很難根據合同的淨數量、每份合同的收入來衡量業務的潛在增長。只是想知道您是否可以就這些趨勢發表更多評論,並給我們一點感覺,以及您可以提供給我們的任何清晰或更多信息?而且,有沒有更好的方法來看待那裡的增長?
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Yes, sure. And I can give you, certainly, we looked at price and the impact of price being about 50 bps in the quarter. Outside of that, it's really a combination of contracts and ancillary. We saw some rebound in ancillary, but ancillary is pretty much running at historical levels. So we continue to see net new contract improvement, which basically that's underlying growth. And we saw that in the first quarter, we saw the second quarter, and we're seeing in the third quarter and we're going to see in the fourth quarter.
是的,當然。當然,我可以告訴你,我們查看了價格以及本季度價格約為 50 個基點的影響。除此之外,它實際上是合同和輔助的結合。我們看到輔助資產出現了一些反彈,但輔助資產幾乎處於歷史水平。因此,我們繼續看到淨新合同改善,這基本上是潛在的增長。我們在第一季度看到了這一點,我們看到了第二季度,我們在第三季度看到了,我們將在第四季度看到。
And we see that because our contract wins that we've got in the third quarter, we see that kind of spill out and basically impact the next several quarters when it comes to contract growth. So we do see a significant amount of growth continuing to come into the business and net new contracts and then you look at the size of our contracts also, those are growing.
而且我們看到,由於我們在第三季度贏得了合同,我們看到這種溢出並在合同增長方面基本上影響接下來的幾個季度。所以我們確實看到大量的增長繼續進入業務和淨新合同,然後你看看我們的合同規模,這些也在增長。
So we see our positive about the trends of the investments in our sales force really continue to pay off and will continue to deliver a sustainable picture. We've done 5 quarters of organic growth. Next quarter will be our sixth quarter, and we believe those quarters will continue. This is a steady machine that we expect to continue to deliver for the foreseeable future.
因此,我們看到我們對銷售團隊投資趨勢的積極態度確實繼續得到回報,並將繼續提供可持續發展的前景。我們已經完成了 5 個季度的有機增長。下一季度將是我們的第六季度,我們相信這些季度將繼續下去。這是一台穩定的機器,我們希望在可預見的未來繼續交付。
Peter Kirk Lukas - Analyst
Peter Kirk Lukas - Analyst
Great. And just following up on that. In terms of the biggest focus for new wins, if you could kind of talk about that and what end markets do you think you have the biggest advantages there?
偉大的。並且只是跟進。就新勝利的最大關注點而言,如果您能談談這一點,您認為哪些終端市場在那裡您擁有最大的優勢?
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Yes. It's a great question because this marketplace has so many diverse elements of -- there are so many different types of customers. And we are seeing -- it's interesting. We're not seeing necessarily any specific customer, except I would say the larger customers, one that have a more sophisticated approach. And so that can be in the commercial area. It can be in homeowners associations. It can be in parks and recreation.
是的。這是一個很好的問題,因為這個市場有很多不同的元素——有很多不同類型的客戶。我們看到了——這很有趣。我們不一定會看到任何特定的客戶,除了我會說更大的客戶,他們有更複雜的方法。所以這可以在商業領域。它可以在房主協會中。它可以在公園和娛樂場所。
But the larger size of a customer comes, the more resonation that comes with ancillary services that we can provide across the whole suite of services we deliver, combined with the attention that our account managers who are doing a great job of really engaging with our customers and really demand that level of horticultural expertise combined with direct customer communication.
但是,客戶規模越大,我們可以在我們提供的整套服務中提供的輔助服務就越能引起共鳴,再加上我們的客戶經理在真正與客戶互動方面做得很好並且真正需要這種水平的園藝專業知識與直接的客戶溝通相結合。
So there is something about size of customer, and that's why we've increased the size of our customers by over 40% in the last several years, looking at what contracts really demand that high customer touch and really delivers the kind of value that we see. So I would say rather than necessarily any particular vertical, it's more just on looking at the increasing size of the customer.
所以有一些關於客戶規模的問題,這就是為什麼我們在過去幾年中將客戶規模增加了 40% 以上,看看哪些合同真正需要高度的客戶接觸,並真正提供我們所需要的價值看。所以我會說,而不一定是任何特定的垂直行業,它更多的是關注客戶規模的擴大。
Operator
Operator
There are no additional questions waiting at this time. So I'd like to pass the conference over to Andrew Masterman for closing remarks.
目前沒有其他問題在等待。因此,我想將會議交給 Andrew Masterman 來做閉幕詞。
Andrew V. Masterman - President, CEO & Director
Andrew V. Masterman - President, CEO & Director
Thank you, operator. Once again, I'd like to thank everyone for participating in the call today and for your interest in BrightView. We look forward to speaking with you at upcoming events and we will report our fourth quarter results in November. Until then, stay safe and be well.
謝謝你,接線員。再次感謝大家參加今天的電話會議並感謝您對 BrightView 的興趣。我們期待在即將舉行的活動中與您交談,我們將在 11 月報告我們的第四季度業績。在此之前,請保持安全並保持健康。
Operator
Operator
That concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.
今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開線路。