Brightview Holdings Inc (BV) 2024 Q1 法說會逐字稿

Fourth, as we achieved meaningful progress on our objectives outlined under one BrightView.

第四，我們在 BrightView 中概述的目標方面取得了有意義的進展。

On our last earnings call, we set a clear and refreshed strategy, prioritize our employees, align our core businesses, while ensuring our customers comfort, focus on profitable growth and unify the company under one BrightView.

在上一次財報電話會議上，我們制定了清晰且更新的策略，優先考慮我們的員工，調整我們的核心業務，同時確保客戶的舒適度，專注於盈利增長並將公司統一到一個 BrightView 之下。

During the quarter, we began to successfully execute on this strategy by aligning our sales force to our local operating branches, reintegrating quarter self-perform businesses back into our branches, deemphasizing non-core portions of our business and continuing to focus on pursuing higher quality profitable business.

本季度，我們開始成功執行這項策略，將我們的銷售團隊與當地營運分支機構進行調整，將季度自我績效業務重新整合回我們的分支機構，淡化業務的非核心部分，並繼續專注於追求更高的品質有利可圖的業務。

While these actions led to a modest impact on our maintenance revenue for the quarter.

雖然這些行動對我們本季的維護收入產生了一定的影響。

I am confident we are taking the necessary steps to ensure growth in the medium and long term.

我相信我們正在採取必要的措施來確保中長期成長。

I am also pleased to report that for the sixth quarter in a row, our development business once again showed significant growth and margin expansion.

我還很高興地報告，我們的開發業務連續第六個季度再次顯示出顯著的成長和利潤率擴張。

Additionally, we are proving our commitment to becoming more efficient and removing cost with improvement in our corporate segments.

此外，我們也透過企業部門的改進來證明我們對提高效率和降低成本的承諾。

I am encouraged by the underlying momentum in our business, as we execute our renewed strategy.

當我們執行新的策略時，我對我們業務的潛在動力感到鼓舞。

And as a result, we are reiterating our financial guidance for the full year.

因此，我們重申全年的財務指引。

Additional evidence of our strategy in action with the sale of our US launch franchise business in January for roughly $52 million.

1 月以大約 5,200 萬美元的價格出售我們的美國發射特許經營業務，進一步證明了我們的策略正在付諸實施。

This was a non-core business that did not align with our strategy around self-performance and capital allocation.

這是一項非核心業務，與我們關於自我績效和資本配置的策略不符。

This move underscores our focus on the core business, but also highlights the value of achieving profitable and reoccurring growth.

此舉凸顯了我們對核心業務的關注，也凸顯了實現獲利和持續成長的價值。

We have attained a substantial valuation in the private markets, well above our current trading multiple, providing proceeds that we intend to reinvest in our core business.

我們在私募市場上獲得了可觀的估值，遠高於我們目前的交易倍數，我們打算將所得收益再投資於我們的核心業務。

The enhancements we have made in our business align with our overarching initiative to operate as a unified BrightView.

我們在業務中所做的改進與我們作為統一的 BrightView 運營的總體計劃是一致的。

Throughout the quarter, we made progress implementing our strategy across the entire organization.

整個季度，我們在整個組織實施策略方面取得了進展。

We believe successful execution of our one BrightView strategy will unlock significant long-term shareholder value.

我們相信，成功執行我們的一項 BrightView 策略將釋放巨大的長期股東價值。

This starts by focus on the [tenant from employer]of choice, and we are doing this by reinvesting in our core businesses and our employees.

首先專注於選擇的[雇主租戶]，我們透過對我們的核心業務和員工進行再投資來做到這一點。

We are making investments in our fleet and investing in the health, safety and development of our team.

我們正在對我們的機隊進行投資，並投資於我們團隊的健康、安全和發展。

We are also streamlining and optimizing organizational structures at the branch level, resulting in a revitalized go-to-market strategy.

我們也正在精簡優化分行層級的組織架構，進而重振市場策略。

Every renewed focus on improving how we service our customers.

每一次重新關注改善我們為客戶服務的方式。

With the goal of increasing retention and growing profitably.

目標是提高留存率並增加利潤。

Alongside these efforts, we took measures to better align our capital allocation priorities with our branch level needs and our broader initiatives throughout the organization.

除了這些努力之外，我們還採取了措施，使我們的資本分配優先事項更好地與我們的分支機構層級需求和整個組織更廣泛的舉措保持一致。

On slide 5, we show one BrightView in action and provide a few specific examples of the improvements we have made in the early stages of this value creation journey.

在投影片 5 中，我們展示了一個正在運行的 BrightView，並提供了一些我們在這價值創造之旅的早期階段所做的改進的具體範例。

Under this, we realigned our sales efforts and implemented incentive plans to ensure the entire organization from the branch to our corporate office is focused on driving profitable growth.

在此基礎上，我們重新調整了銷售工作並實施了激勵計劃，以確保從分支機構到公司辦公室的整個組織都專注於推動利潤成長。

Furthering the collaboration throughout the organization, we put in place a cohesive customer first go to market strategy.

為了促進整個組織的協作，我們制定了有凝聚力的客戶優先進入市場的策略。

We also enhanced our customer survey, which resulted in improved response rates and is helping us to gain and even deeper understanding of our customers and their needs.

我們也加強了客戶調查，從而提高了回應率，並幫助我們更深入地了解客戶及其需求。

We are leveraging these findings to further refine and strengthen our go-to-market approach.

我們正在利用這些發現來進一步完善和加強我們的上市方法。

An example of this go-to-market strategy was the reintegration of our Tree and Golf services into our core maintenance franchise.

這種進入市場策略的一個例子是將我們的樹木和高爾夫服務重新整合到我們的核心維護特許經營中。

This streamlined operations internally, but also helps us deliver more efficient, collaborative and unified services for the customer.

這不僅簡化了內部運營，還幫助我們為客戶提供更有效率、協作和統一的服務。

We are focused on becoming the partner of choice and taking actions to enhance our positioning, which will allow for opportunities to grow our business with existing customers and win new customers.

我們致力於成為首選合作夥伴，並採取行動增強我們的定位，這將為我們提供與現有客戶一起發展業務並贏得新客戶的機會。

As the nation's largest provider in our industry, there is tremendous opportunity to leverage our size and scale to drive efficiencies across the business.

作為該行業全國最大的供應商，我們有巨大的機會利用我們的規模和規模來提高整個業務的效率。

While improving essentials functions such as safety, training and the centralization of operations to better align and support our core business.

同時改善安全、培訓和營運集中化等基本功能，以更好地協調和支援我們的核心業務。

Moving to slide 6 and before turning the call over to Brett to discuss our financial results for the quarter, I want to remind everyone that the focus of one BrightView begins with becoming the employer of choice.

轉到投影片 6，在將電話轉給 Brett 討論我們本季的財務表現之前，我想提醒大家，BrightView 的重點始於成為首選雇主。

We do that by putting our employees first and by developing a culture, where people seek to achieve individual and group success.

為此，我們將員工放在第一位，並發展一種人們尋求個人和團體成功的文化。

We prioritize our employees.

我們優先考慮我們的員工。

So, they have the capabilities, training and equipment required to do their jobs at a high level, doing this materially impact the level of service provided to customers and leads to an exceptional customer experience.

因此，他們擁有高水準完成工作所需的能力、培訓和設備，這會對為客戶提供的服務水準產生重大影響，並帶來卓越的客戶體驗。

By making these investments in our employees and in turn employees taking care of our customers, we will become the partner of choice in our industry.

透過對我們的員工進行這些投資，進而讓員工照顧我們的客戶，我們將成為我們行業的首選合作夥伴。

We are focused on improving customer retention and accelerating profitable growth by bringing on new customers and expanding relationships with existing customers.

我們致力於透過引入新客戶和擴大與現有客戶的關係來提高客戶保留率並加速利潤成長。

Once we have established a strong foundation for profitable growth in new and a unified BrightView, we will be in a position to expand strategically.

一旦我們在新的、統一的 BrightView 中為獲利成長奠定了堅實的基礎，我們就能夠進行策略性擴張。

M&A can be a powerful lever for growth and generate meaningful returns on capital.

併購可以成為成長的強大槓桿，並產生有意義的資本回報。

But only when it fits strategically, culturally and financially.

但前提是它在策略、文化和財務上都適合。

As one BrightView, we have the best at what we do, and I am confident that we can continue to deliver on these goals.

作為 BrightView 的一員，我們在我們所做的事情上做到了最好，我相信我們能夠繼續實現這些目標。

With that, I will turn it over to Brett, who will discuss our financial performance and outlook in more detail.

接下來，我將把它交給布雷特，他將更詳細地討論我們的財務表現和前景。

Brett?

布雷特？

Thank you, Dale, and good morning, everyone.

謝謝你，戴爾，大家早安。

I will start on Slide 8.

我將從幻燈片 8 開始。

I am pleased to report that fiscal '24 is off to a good start with our strategy towards one BrightView showing positive signs in the first quarter.

我很高興地向大家報告，24 財年有了一個良好的開端，我們的 BrightView 策略在第一季顯示出了積極的跡象。

A continued focus on profitable growth and land maintenance.

持續關注獲利成長和土地維護。

Another quarter of strong performance in development and execution of our cost efficiency plan led to quality revenue and EBITDA margin expansion for the business.

我們的成本效率計劃的製定和執行又一個季度表現強勁，為業務帶來了高品質的收入和 EBITDA 利潤率的擴張。

Important to note, during the quarter, our performance was impacted by the year-over-year decline in snowfall.

值得注意的是，本季我們的業績受到降雪量年減的影響。

When normalizing for snowfall, consistent with the prior year, our overall profitability and margins would have shown significant improvement.

當降雪正常化時，與前一年一致，我們的整體獲利能力和利潤率將顯示出顯著改善。

More to come on that later in the presentation.

稍後將在演示中介紹更多內容。

Our enhanced net working capital, coupled with the timing of capital intensity and reduced interest expense, resulted in a meaningful increase of free cash flow compared to the prior year.

我們增強的淨營運資本，加上資本密集度的時機和利息支出的減少，導致自由現金流與前一年相比顯著增加。

This resulted in a net leverage ratio of 2.9 times, allowing for financial flexibility for ongoing execution of our profitable growth strategy and investment in the business.

這導致淨槓桿率為 2.9 倍，為持續執行我們的獲利成長策略和業務投資提供了財務靈活性。

Moving to slide 9.

轉到投影片 9。

Total revenue during the quarter decreased 4.5% year-over-year to $627 million.

該季度總營收年減 4.5% 至 6.27 億美元。

Maintenance was impacted by snow that decreased $22 million due to lower snowfall, a decline in ancillary services and a continued focus on core self-perform business.

維護工作受到降雪影響，由於降雪量減少、輔助服務減少以及繼續關注核心自行執行業務，維護費用減少了 2200 萬美元。

Partially offsetting these headwinds was the solid demand in our development business, which grew by an impressive 6.3% compared to the prior year.

我們開發業務的強勁需求部分抵銷了這些不利因素，與前一年相比成長了 6.3%，令人印象深刻。

Due to our ability to convert our strong backlog into higher project volume.

由於我們有能力將大量的積壓工作轉化為更高的專案量。

Developments performance in recent quarters reflects the appealing nature of the business model while also creating momentum and opportunities for future growth.

最近幾季的發展表現反映了商業模式的吸引力，同時也為未來的成長創造了動力和機會。

Turning now to profitability and the details on slide 10.

現在轉向盈利能力和幻燈片 10 上的詳細資訊。

Total adjusted EBITDA for the first quarter was $46.7 million, a decrease of roughly $2 million, reflecting early benefits from our one BrightView initiatives and improved profitability offset by the impact of lower snowfall.

第一季調整後 EBITDA 總額為 4,670 萬美元，減少了約 200 萬美元，反映出我們的 BrightView 計劃的早期效益以及盈利能力的提高被降雪量減少的影響所抵消。

As I mentioned before, on a similar snowfall to prior year, Q1 EBITDA would have exceeded the prior year results.

正如我之前提到的，如果降雪量與去年類似，第一季 EBITDA 將超過去年的結果。

In the maintenance segment for adjusted EBITDA of $42 million (technical difficulty)compared with the prior year, driven by the previously mentioned revenue snowfalls for primary(technical difficulty)

與前一年相比，調整後 EBITDA 的維護部分為 4,200 萬美元（技術難度），受到前面提到的主要收入降雪（技術難度）的推動

In the development segments, adjusted EBITDA for the first quarter was $19.6 million, an increase of approximately 19% compared to the prior year.

在開發領域，第一季調整後 EBITDA 為 1,960 萬美元，比上年增長約 19%。

Adjusted EBITDA margin expanded 110 basis points, which marks our sixth consecutive quarter of development margin expansion.

調整後 EBITDA 利潤率擴大了 110 個基點，這標誌著我們連續第六個季度實現發展利潤率擴張。

This is a result of the quality backlog conversion, while simultaneously reducing our costs ultimately resulting in accretive growth.

這是質量積壓訂單轉換的結果，同時降低了我們的成本，最終帶來了增值成長。

In our corporate segment, expenses for the first quarter decreased year-over-year as we made significant progress with our one BrightView strategy to increase efficiencies across our core functions and reduce overhead.

在我們的企業部門，第一季的費用年減，因為我們在 BrightView 策略上取得了重大進展，以提高核心職能的效率並減少管理費用。

Turning now to slide 11 to discuss the timing impact of snow.

現在轉向幻燈片 11，討論降雪對時間的影響。

As I alluded to earlier and in an effort to enhance transparency in evaluating our quarter's performance, we have normalized Q1 results for snowfall, assuming comparable levels with the previous year.

正如我之前提到的，為了提高評估本季業績的透明度，我們對第一季的降雪量結果進行了標準化，假設與上一年的水平相當。

The comparison highlight increase in EBITDA and additional margin expansion, underscoring the effectiveness of our initiatives and commitment to achieving more profitable growth.

這項比較突顯了 EBITDA 的成長和額外的利潤率擴張，強調了我們舉措的有效性以及實現更高利潤成長的承諾。

Also, this emphasizes the importance of evaluating our business on a full year basis, as the timing and magnitude of snowfall changes year to year.

此外，這強調了全年評估我們業務的重要性，因為降雪的時間和強度每年都在變化。

For example, this year we didn't see snowfall in late December, but we did see meaningful snowfall in January.

例如，今年 12 月下旬我們沒有看到降雪，但 1 月我們確實看到了有意義的降雪。

Let's now turn to slide 12 to review our free cash flow capital expenditures and debt.

現在讓我們轉向投影片 12 來回顧我們的自由現金流資本支出和債務。

For the quarter, we are extremely pleased with our free cash flow generation of $17 million compared to a usage of $55 million in the prior year period.

對於本季我們產生的自由現金流為 1,700 萬美元，而去年同期的使用量為 5,500 萬美元，我們對此感到非常滿意。

As we communicated on our prior call, we are committed to reinvesting back into the core business and executing our renewed capital allocation strategy.

正如我們在先前的電話會議中所傳達的那樣，我們致力於對核心業務進行再投資並執行我們新的資本配置策略。

With this said, we are maintaining our cash flow and CapEx guidance for the full year.

話雖如此，我們仍維持全年現金流和資本支出指引。

Net leverage for the quarter came in at 2.9 times compared to 4.9 times in the prior year period.

本季淨槓桿率為 2.9 倍，而去年同期為 4.9 倍。

A lower leverage reflects the significant reduction in our debt as a result of one-offs investment, improved liquidity and profitability growth in the business.

較低的槓桿率反映了由於一次性投資、流動性改善和業務盈利能力增長而導致的債務大幅減少。

Our leverage profile allows for financial flexibility for ongoing execution of our profitable growth strategy and investment in the business.

我們的槓桿狀況為持續執行我們的獲利成長策略和業務投資提供了財務靈活性。

Moving to slide 13, and as Dale mentioned earlier, in the call, we are executing on our strategy by focusing on our core business.

轉到幻燈片 13，正如戴爾之前在電話會議中提到的，我們正在透過專注於我們的核心業務來執行我們的策略。

A positive example of this action is the divestiture of our non-core US launch franchise that.

這項行動的一個積極例子是剝離我們在美國的非核心發射特許經營權。

We sold this business for roughly $52 million in proceeds, reflecting a double digit EBITDA multiple.

我們以約 5,200 萬美元的收益出售了這項業務，反映出兩位數的 EBITDA 倍數。

This opportunistic transaction generated meaningful returns and allows us to better focus on our core business and reinvest proceeds into driving further efficiencies and profitable growth.

這項機會主義交易產生了有意義的回報，使我們能夠更好地專注於我們的核心業務，並將收益再投資於進一步提高效率和獲利成長。

We plan to use these cash proceeds to accelerate the execution of our capital investment plan by replacing aging fleet, buying new Lawn Mowers and continuing to make significant investments in health and safety of our employees.

我們計劃利用這些現金收益來加速我們的資本投資計劃的執行，包括更換老化的車隊、購買新的割草機以及繼續對員工的健康和安全進行重大投資。

Let's now turn to slide 14 to review our outlook for fiscal '24.

現在讓我們轉向投影片 14 來回顧我們對 24 財年的展望。

Profitable growth will continue to be our guiding factor and key focus.

獲利成長將繼續成為我們的指導因素和重點關注點。

I am pleased to reiterate that we are reaffirming our full year revenue, EBITDA and free cash flow guidance.

我很高興地重申，我們正在重申我們的全年收入、EBITDA 和自由現金流指引。

We expect total revenue of $2.825 billion to $2.975 billion, reflecting a range of flat to 5% revenue growth.

我們預計總營收為 28.25 億美元至 29.75 億美元，反映出營收成長持平至 5% 的範圍。

We continue to assume the following underlying assumptions.

我們繼續假設以下基本假設。

We expect our focus on profitable growth to continue to have a near-term impact to remain encouraged by the underlying health of the market and recent trends in our business.

我們預計，我們對獲利成長的關注將繼續產生短期影響，從而繼續受到市場基本健康狀況和我們業務近期趨勢的鼓舞。

(technical difficulty)Our fiscal '24 guidance range assumes flat at the low end and a five year historical average at the high end.

（技術難度）我們的 24 財年指導範圍假設低端持平，高端為五年歷史平均。

While Q1 started slow, we saw a meaningful pickup in snowfall events in January as we move into the second quarter.

雖然第一季開始緩慢，但隨著進入第二季度，我們看到 1 月降雪量顯著增加。

And for development the growth and conversion of our strong backlog of projects will continue to benefit revenue.

對於發展而言，我們大量積壓項目的成長和轉換將繼續有利於收入。

Moving to adjusted EBITDA.

轉向調整後的 EBITDA。

One BrightView will be the key drivers of growing profit and expanded margins.

One BrightView 將成為利潤成長和利潤擴大的關鍵驅動力。

In fiscal '24, we continue to expect margin expansion in both maintenance and development segment benefiting from key initiatives and disciplined management of the business.

在 24 財年，我們繼續預期維護和開發部門的利潤率將擴大，這將受益於關鍵舉措和嚴格的業務管理。

We expect these improvements to generate total margin expansion of 40 to 80 basis points and adjusted EBITDA of $310to $340 million.

我們預計這些改進將使總利潤率增加 40 至 80 個基點，調整後 EBITDA 達到 310 至 3.4 億美元。

In fiscal '24, we expect a continuation of healthy cash flow generation, driven by profitable growth and improved operating performance.

在 24 財年，我們預期在獲利成長和經營績效改善的推動下，現金流將持續健康發展。

Our outlook reflects our commitment to [growth] and investment in our core business.

我們的前景反映了我們對[成長]和對核心業務投資的承諾。

Contributions from reduced interest expense will be managed alongside the ongoing requirements to optimize the business.

利息支出減少帶來的貢獻將與優化業務的持續需求一起管理。

Altogether, we continue to expect to generate free cash flow of $45 to $75 million, supporting the financial flexibility we maintain today, while enhancing our ability to generate future profitable growth.

總而言之，我們仍然預計將產生 4500 至 7500 萬美元的自由現金流，支持我們目前保持的財務靈活性，同時增強我們實現未來盈利增長的能力。

With that, let me turn the call back to Dale to wrap up on slide 15.

接下來，讓我將電話轉回 Dale，以在投影片 15 上進行總結。

Thank you, Brett.

謝謝你，布雷特。

Before opening the call for questions, I would like to provide a few final thoughts.

在開始提問之前，我想提供一些最後的想法。

We are making significant progress on our goals, and we are seeing the returns on these efforts begin to materialize in our results and gaining traction across the company.

我們正在朝著我們的目標取得重大進展，我們看到這些努力的回報開始在我們的業績中實現，並在整個公司受到關注。

As we transform this business, I continue to believe there are tremendous opportunities ahead of us.

當我們改變這項業務時，我仍然相信我們面前有巨大的機會。

We are moving this business forward and we are strategically positioned to accelerate profitable growth and to create meaningful value for our shareholders.

我們正在推動這項業務向前發展，我們的策略定位是加速獲利成長並為股東創造有意義的價值。

We will now open the call for question.

我們現在開始提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Bob Labick, CJS Securities.

拉比克 (Bob Labick)，CJS 證券公司。

Thank you.

謝謝。

Good morning.

早安.

Our very excited for the transformation you are driving at BrightView.

我們對您在 BrightView 推動的轉型感到非常興奮。

Thanks, Bob.

謝謝，鮑伯。

I wanted to start, you gave us some great details in the introduction for sure.

我想開始，您在介紹中肯定給了我們一些很棒的細節。

Maybe you could start with some of the key metrics, key operating metrics you are focused on improving this year fiscal '24 and how you will share that progress with investors throughout the year?

也許您可以從一些關鍵指標開始，您將重點放在今年 24 財年的關鍵營運指標，以及您將如何與投資者分享全年的進展？

Yes, that's great.

是的，那太好了。

I would just say it's the number one.(inaudible) that we are monitoring is profitable growth.

我只想說這是第一名。（聽不清楚）我們正在監控的是獲利成長。

I think that's a reoccurring theme that we keep talking about.

我認為這是我們一直在談論的一個反覆出現的主題。

We want to make sure as we grow this business on the bottom line.

我們希望在發展這項業務時確保盈利。

So, expanding margins, making sure we see growth in our EBITDA is critical in our path forward.

因此，擴大利潤率、確保 EBITDA 成長對於我們前進的道路至關重要。

We have a lot of internal metrics, Bob, that we are monitoring and some of the work that we did over the summer during the transition, as Jim stepped in to help the business and we transform.

鮑勃，我們有很多內部指標，我們正在監控這些指標，以及我們在整個夏天過渡期間所做的一些工作，吉姆介入幫助我們進行業務轉型。

It's the Project Liberty, really got us going on a lot of internal work such as customer retention and conversion rate.

這是自由項目，確實讓我們進行了大量內部工作，例如客戶保留和轉換率。

We are monitoring that on a daily basis, but we won't be sharing that externally.

我們每天都會監控這一點，但我們不會對外分享。

I think from the external view, profitable growth should be that North Star that you guys stay on top of.

我認為從外部角度來看，獲利成長應該是你們保持領先的北極星。

But Brett, you want to add anything about?

但是布雷特，你想補充什麼嗎？

I would just say, absolutely profitable growth.

我只想說，絕對獲利的成長。

Moving towards one BrightView, as you have seen the [script] aligning the business, aligning our sales force, aligning incentive plans and making sure everyone is marching towards the same profitable full growth goal, absolutely part of hard drive.

朝著一個 BrightView 邁進，正如您所看到的[腳本]調整業務、調整我們的銷售隊伍、調整激勵計劃並確保每個人都朝著相同的盈利全面增長目標邁進，這絕對是硬碟驅動器的一部分。

I would say the other thing is core business focus.

我想說另一件事是核心業務重點。

And a huge highlight in the quarter or subsequent events of the quarter was us divesting our non-core US lawn franchise business.

本季或本季後續事件的一大亮點是我們剝離了非核心的美國草坪特許經營業務。

And as we move forward, I think, if we were to share any more data or information publicly, it would be probably on our non-core businesses and some of the impact they have on the total.

我認為，隨著我們前進，如果我們要公開分享更多數據或信息，可能會影響我們的非核心業務以及它們對整體的一些影響。

But it's really, really excited, as you think about the quarter and you think about that subsequent event for US Lawn, I think if we are going to share more can be more things like US Lawn type non-core businesses that we are focused on evaluating and figuring out fit long term in the portfolio.

但這真的非常非常令人興奮，當你想到這個季度並想到 US Lawn 的後續活動時，我認為如果我們要分享更多內容，可以是更多我們關注的 US Lawn 類型非核心業務評估並確定投資組合的長期契合度。

Okay.

好的。

Super.

極好的。

And then you touched on this, one of your bullets as well, maybe expand a little on how do you get the benefit of scale as the largest operator in the US, but it's a decentralized business.

然後你談到了這一點，也是你的要點之一，也許會稍微擴展一下作為美國最大的運營商如何獲得規模效益，但這是一項去中心化的業務。

So, it's kind of like opposite ends there.

所以，這有點像是相反的兩端。

So, how can you improve operations and get the benefit of your scale based on where you stand today?

那麼，根據您目前的情況，您如何改善營運並獲得規模效益？

So, I think obviously, leveraging our size and scale and the more we can look to centralize, the more we can leverage and create consistency across our business and allow all of our frontline operators to really focus on the customer.

因此，我認為顯然，利用我們的規模和規模，我們越能尋求集中化，我們就越能在整個業務中利用和創造一致性，並讓我們所有的一線營運商真正專注於客戶。

So, we have so many things that today we might still have out in the field with our branches focused on.

因此，我們有很多東西，今天我們可能仍然在現場，並專注於我們的分支機構。

We have got to rethink and centralize and leverage the size and scale.

我們必須重新思考、集中並利用規模和規模。

So, we not only do more consistently, we can do more efficiently.

因此，我們不僅可以做得更加一致，而且可以做得更有效率。

So, I think a good one that we are working on right now.

所以，我認為我們現在正在做的一項工作很好。

Bob is an example.

鮑伯就是一個例子。

We just started the process of taking our field finance partners and centralizing them to drive that efficient and more consistent support of our field operators.

我們剛開始將我們的現場財務合作夥伴集中起來，以推動為我們的現場操作員提供高效和更一致的支援。

You can see this and even the way we are doing it, Bob, if you look at our numbers that we just reported, our corporate cost structure came down by $3.5 million year-over-year in Q1.

你可以看到這一點，甚至我們的做法，鮑勃，如果你看看我們剛剛報告的數據，我們的公司成本結構在第一季同比下降了 350 萬美元。

So, there is a huge opportunity to centralize and do it more efficiently.

因此，存在一個巨大的機會來集中化並更有效地進行工作。

So, it's a double benefit when we do it.

所以，當我們這樣做時，這是雙重好處。

So, I hope that gives you a little more detail.

所以，我希望能為您提供更多細節。

Yes.

是的。

No, that's great.

不，那太好了。

And last one for me, I promise.

我保證，最後一張是給我的。

I think I know the answer, but I just wanted to kind of say it again.

我想我知道答案，但我只是想再說一次。

In terms of, if you look out three to five years and the growth of the profitable growth of BrightView.

就而言，如​​果你觀察三到五年以及 BrightView 的獲利成長情況。

Will it be more account growth and retention.

會不會有更多的帳戶增長和保留？

So, or will it be more higher margins per account as the key drivers?

那麼，或者每個帳戶的利潤率會更高作為關鍵驅動因素嗎？

Where is the focus on, pricing and margin per account?

每個帳戶的定價和保證金的重點在哪裡？

Or is it more accounts, better retention, et cetera?

還是更多的帳戶、更好的保留率等等？

How would you distinguish between those two things driving your growth?

您如何區分推動您成長的這兩件事？

Yes, I think it's all of the above we can start with.

是的，我認為我們可以從以上所有內容開始。

I think the first and foremost focus we have and our partners at one rock are helping us as we try to set focus on this.

我認為我們的首要關注點以及我們在 one rock 的合作夥伴正在幫助我們，因為我們試圖將重點放在這一點上。

And we actually saw a modest little improvement in Q4 year-over-year is the retention of existing customers.

實際上，我們看到第四季度同比略有改善的是現有客戶的保留。

And we have to make sure that the customers that are our customers today see the value we provide and continue to be our customers long term.

我們必須確保今天的客戶看到我們提供的價值，並繼續成為我們的長期客戶。

And if perhaps the service they are getting doesn't match the level of price they are paying.

如果他們獲得的服務與他們支付的價格水平不符。

We have got to work with them and figure out how we can provide the service that matches the price or figure out a way to make sure that the price gets adjusted to the right level.

我們必須與他們合作，弄清楚如何提供與價格相符的服務，或找到一種方法來確保價格調整到正確的水平。

But obviously, keeping our existing customer base is key to driving growth in this business.

但顯然，保持現有客戶群是推動該業務成長的關鍵。

But it's also making sure, Bob, we are going after the target customer segment we have.

但這也確保了，鮑勃，我們正在追求我們擁有的目標客戶群。

We franchise business we sold was more focused that a little bit of the residential business, which is not our focused end market.

我們出售的特許經營業務比住宅業務更專注，這不是我們重點關注的終端市場。

We want to go after the commercial business.

我們想要從事商業業務。

That's our target customer that the size and scale of BrightView, we can add value across the nation.

這就是我們的目標客戶，BrightView 的規模和規模，我們可以在全國範圍內增加價值。

So, it's going to be both, make sure we retain every account we can, make sure our customers see the value we provide and then grow as many new accounts that fit our target audience at the right price that we can.

因此，這將是兩者兼而有之，確保我們保留我們能保留的每個帳戶，確保我們的客戶看到我們提供的價值，然後以合適的價格盡可能多地發展適合我們目標受眾的新帳戶。

And when we do that, you will see that organic growth start coming back into the business.

當我們這樣做時，您會看到有機成長開始回到業務中。

Super.

極好的。

Thanks so much.

非常感謝。

Thank you, Bob.

謝謝你，鮑伯。

Thanks, Bob.

謝謝，鮑伯。

Andrew Wittman, Robert W Baird & Co.

安德魯·惠特曼、羅伯特·W·貝爾德公司

Great.

偉大的。

Good morning, and thank you for taking my questions, guys.

早安，謝謝你們回答我的問題，夥伴們。

This whole strategy about kind of focusing on the core, even exiting things that are seen as non-core.

整個策略是關注核心，甚至退出那些被視為非核心的事物。

Obviously, the franchise, a transaction here subsequent to quarter end is a good example of that.

顯然，特許經營權、季度末後的交易就是一個很好的例子。

I think you guys have also talked about sort of your national account business is something that you are looking at as well.

我想你們也談到了你們也在關注的國民帳戶業務。

And then there is the whole just kind of basic thing of there is some customers that you are probably servicing right now that aren't very profitable.

然後還有一些基本的事情，你現在可能正在服務的一些客戶的利潤不是很高。

So, I guess taken as a whole, maybe Dale, could you talk about one little bit more of the detail behind why franchise business was noncore and how that computes and what the thought process is on the national account business there, too, block some of that business that kind of talking national account.

所以，我想從整體上看，也許戴爾，你能多談談為什麼特許經營業務是非核心的、它是如何計算的、以及國民賬戶業務的思維過程是什麼嗎？那種談論國民賬戶的業務。

I am talking about externally serviced national account business, I think you call it BES or something like that.

我說的是外部服務的國民帳戶業務，我想你稱之為 BES 或類似的東西。

Maybe you can talk about what that means and what kind of work that's getting and then where you are, how far along are you and portfolio customer review and exiting those customers, which really don't give you the return of the profit margin that your services should deserve kind of a long question, but I think they are all kind of thematically relevant together.

也許你可以談論這意味著什麼，正在進行什麼樣的工作，然後你在哪裡，你和投資組合客戶審查以及退出這些客戶的進展情況如何，這實際上不會給你帶來你的利潤率的回報。服務應該是一個很長的問題，但我認為它們在主題上都是相關的。

I think, I have got them all waved in my head.

我想，我已經把它們都記在腦子裡了。

So, let's start to get through Andrew.

那麼，讓我們開始了解安德魯。

So, first of all, why is the US Lawn's noncore to us?

那麼，首先，為什麼美國草坪對我們來說是非核心？

We are transforming this business and we are trying to develop better ways to support our branches and our sales force out in the field.

我們正在改變這項業務，並努力開發更好的方法來支援我們的分店和現場銷售人員。

Our US Lawn's non core franchise business was getting all the benefits that we are providing our branch managers by being part of our franchise network, yet they really were not targeted at going after the same customer base, but over time, unfortunately, as they transition from some of the residential customers to more of the commercial.

我們美國草坪的非核心特許經營業務透過成為我們的特許經營網絡的一部分而獲得了我們為分公司經理提供的所有好處，但他們實際上並不是以追求相同的客戶群為目標，但不幸的是，隨著時間的推移，隨著他們的轉型從一些住宅客戶到更多的商業客戶。

We began to see those direct franchisees competing against our local branches using the similar playbook and tool book, leveraging our estimating skills, leveraging our purchasing power to run their businesses.

我們開始看到那些直接特許經營商使用類似的劇本和工具書與我們當地的分支機構競爭，利用我們的估算技能，利用我們的購買力來經營他們的業務。

That's not what we want to do.

那不是我們想要做的。

We wanted to make sure that the investments we make to improve this business goes to the benefit of our branch managers and the branches out in the field.

我們希望確保我們為改善這項業務而進行的投資能夠讓我們的分行經理和現場分行受益。

And the added value was, we were able to get a significant multiple above our trading level today to divest this business.

附加價值是，我們能夠以比今天交易水平高出很多倍的價格來剝離這項業務。

So, it was a great choice for us to divest an $11 million of revenue business and get $52 million roughly for it.

因此，剝離 1100 萬美元的收入業務並獲得約 5200 萬美元的收益對我們來說是一個不錯的選擇。

Now, the other area that you talked about, you classified it correctly, not really national accounts, we still believe we can add huge value to our national account group, but more of the non-core business that we outsource and we really act as a broker.

現在，你談到的另一個領域，你分類正確，不是真正的國民帳戶，我們仍然相信我們可以為我們的國民帳戶組增加巨大的價值，但更多的是我們外包的非核心業務，我們真正充當一個經紀人。

And we are an aggregator for customers to come to and then we work with local providers to provide that service.

我們是客戶的聚集者，然後我們與當地提供者合作提供此服務。

There again, that business is going to fall into one or two buckets, and we are evaluating this right now.

同樣，該業務將分為一兩個部分，我們現在正在評估這一點。

It's going to be business that we want to self-perform and we can add value and we can be the service provider and control the quality of the customer gets.

這將是我們想要自我執行的業務，我們可以增加價值，我們可以成為服務提供者並控制客戶獲得的品質。

And the other part is going to be customers that we don't target on a daily basis and we are 100% dependent upon those local providers to service the customer.

另一部分將是我們不日常服務的客戶，我們 100% 依賴那些本地提供者來為客戶提供服務。

That is too much of a risk for us, and we don't want to jeopardize our relationship with big accounts that we don't control the end service.

這對我們來說風險太大，我們不想因為我們無法控制終端服務而危及我們與大客戶的關係。

So, we are going to evaluate that aggregator business and we are going to decide how that will make sense for us on a go forward basis.

因此，我們將評估該聚合商業務，並決定這對我們未來的意義如何。

And we will give you guys everybody on the call an update at the end of Q2.

我們將在第二季末向大家通報最新情況。

And that business today is broken into both snow and land, and we are working with all of partners on snow this year.

如今，這項業務已分為雪地和陸地兩個領域，今年我們將與所有合作夥伴在雪地方面合作。

And then we are making determinations on land, which will be coming up for the summer in most markets.

然後我們正在對土地做出決定，這將在大多數市場的夏季進行。

So, I think that is two of them. [You have] another piece of it.

所以，我認為這是其中的兩個。 [你有]另一塊。

Well, this whole idea of just portfolio review of your underlying customers and in customer access, the whole idea of addition by subtraction Anything you could do just maybe clarify this or make a little finer point.

好吧，這整個想法只是對你的潛在客戶和客戶訪問進行投資組合審查，加減法的整個想法你可以做的任何事情都可以澄清這一點或提出一點更好的觀點。

Is there a revenue number that like seems like a minimum that like just needs to not happen next year, and we should be thinking about in our models as we look at them?

是否有一個看起來像是最低限度的收入數字，而明年不需要發生，我們應該在我們的模型中考慮它們？

Yes, good question.

是的，好問題。

I think, I would just say overall with roughly, let's just call it 50, 50, 60 40 depends on how much it snows.

我想，我只是粗略地說，我們可以稱之為 50、50、60 40，這取決於下雪的程度。

Our brokerage businesses, like we have said in the past is roughly about $100 million.

正如我們過去所說，我們的經紀業務大約為 1 億美元。

So, and we will give you an update on Q2 that gives you exactly how much we think we can self-perform and how much we will look at transitioning out.

因此，我們將為您提供第二季度的最新情況，準確地告訴您我們認為我們可以自我表現多少，以及我們將在多大程度上考慮轉型。

On the other larger accounts, I think our team has done a pretty good job continuing to mitigate some of the ones that as inflation worked through the business, they weren't priced right.

在其他較大的帳戶上，我認為我們的團隊做得非常好，繼續減輕了一些由於通貨膨脹影響業務而定價不正確的問題。

So, the team continues to make some progress there.

因此，團隊繼續在這方面取得一些進展。

We do have some larger contracts that were done at a time that maybe it wasn't of focus to be profitable growth and it was more to grow the business.

我們確實有一些較大的合同，當時我們的重點可能不是獲利成長，而是業務成長。

So, we have done some adjustments, a few large municipal contracts with multiple years that we still have that we have got to work through.

因此，我們做了一些調整，一些多年期的大型市政合約我們仍然需要完成。

But I will tell you, Andy, we should be able to run that business just with our sales efforts that we are doing.

但我會告訴你，安迪，我們應該能夠透過我們正在做的銷售工作來經營這項業務。

If we are going to give you any headwinds from our revenue is going to come really from that aggregator BES business that you mentioned.

如果我們的收入給您帶來任何阻力，那麼我們的收入實際上將來自您提到的聚合商 BES 業務。

And we promise we will get through the snow season with our customers and we will give a full update once our branches decide where and where they can best self-perform the work that we have, but great question.

我們承諾，我們將與客戶一起度過雪季，一旦我們的分行決定在哪裡和哪裡可以最好地自行執行我們的工作，我們將提供完整的更新，但這是一個很好的問題。

Okay.

好的。

Yes, that's super helpful.

是的，這非常有幫助。

And then just a follow-up here.

然後這裡只是後續行動。

It has to do with snow.

這和雪有關係。

So, you guys, obviously, December is what it was to get to the low end of your guide.

所以，各位，很明顯，十二月是你們指南的最低端。

You need $170 million effectively here in the March quarter.

在三月的季度，您實際上需要 1.7 億美元。

And so I guess, as you sit here with a big snowstorm that hit out through January, how much more do you need in these last two months to get to that low end?

所以我想，當你坐在這裡，面對一場一月份的大風雪時，在過去的兩個月裡你還需要多少才能達到這個低端？

So, we don't want to obviously give inter-quarter numbers, but what we can indicate to everybody, we have confidence in our range and we feel like Brett had said in his opening comments, Andy, where we are as we work through Q1 and January, we feel we are pretty close to where we were last year, which makes us feel very comfortable that we will land in that range.

因此，我們不想明顯地給出季度間的數據，但我們可以向每個人表明，我們對我們的範圍充滿信心，我們感覺就像布雷特在他的開場評論中所說的那樣，安迪，我們在工作中所處的位置第一季和一月份，我們覺得我們非常接近去年的水平，這讓我們對落在這個範圍內感到非常滿意。

And I just remind everybody.

我只是提醒大家。

Last year, February and March were relatively low snowfall, and that still got us to $210 million of revenue.

去年 2 月和 3 月的降雪量相對較少，但這仍然為我們帶來了 2.1 億美元的收入。

So, we actually think there could be more of that upside.

所以，我們實際上認為可能還有更多的好處。

That's why we kept that range with a midpoint somewhere around 240.

這就是為什麼我們將這個範圍的中點保持在 240 左右。

But we are very, very comfortable, Andy.

但我們非常非常舒服，安迪。

We are going to get in the low end minimum and probably more towards the midpoint of that range when we think about it, if it snows like what we have seen in the past in February and March.

如果像我們過去在二月和三月看到的那樣下雪，當我們考慮時，我們將達到最低值的低端，並且可能更接近該範圍的中點。

Thanks, guys.

多謝你們。

Have a good day.

祝你有美好的一天。

Tim Mulrooney, William Blair.

提姆·馬爾魯尼，威廉·布萊爾。

Yes, thanks.

對了謝謝。

Good morning, Dale and Brett.

早上好，戴爾和布雷特。

So, Brett, if I am doing the math right, it looks like the maintenance land business was down about 5% organically, if you exclude that 3.2, then acquisitions.

所以，Brett，如果我算得對的話，看起來維護土地業務自然下降了約 5%，如果你排除 3.2%，然後是收購。

And am I doing the math right there?

我在那裡做數學嗎？

Yes, on the total, you are doing the math right, Tim, it's down about $19 million for land for maintenance plan excluding snow.

是的，總的來說，你算得對，蒂姆，用於維護計劃的土地（不包括積雪）減少了約 1900 萬美元。

So my question is, did that hit your expectations or was it a little softer than you expected?

所以我的問題是，這是否達到了您的預期，或者比您的預期要溫和一些？

And I am asking because based on the midpoint of your guide for this segment for about flat organic for the full year.

我之所以這麼問，是因為根據您對這一部分的指南的中點，全年的有機率大約持平。

You are starting the first quarter down five at flat for the full year at the midpoint, it looks like you would be expecting a pretty strong second half of the year.

從第一季開始，全年中點價格將持平下降 5 倍，看起來您預計下半年會相當強勁。

Am I thinking about that the right way?

我的思考方式正確嗎？

You are thinking about that the right way, Tim, as you look at our first quarter, we did, we are not giving quarterly guidance.

提姆，您正在以正確的方式思考這一點，當您查看我們的第一季時，我們確實做到了，我們沒有提供季度指導。

We came out last at the end of Q4 gave annual guidance and we we tried to say the first couple of quarters may be a little choppy and on more towards the negative two or a little bit more than that ended in the back half of the year would be flat to the positive end.

我們在第四季度末最後給出了年度指導，我們試圖說前幾季可能會有點波動，並且更多地走向負兩個季度，或者比今年下半年結束的情況多一點將持平至正端。

But a couple of things to call out there in Q1, we did expect right around where we landed the biggest piece that we really didn't talk a lot about at the end of Q4, and we are not really talking a lot about now, but as the hurricane we had last year.

但在第一季有幾件事需要指出，我們確實預計到我們在第四季度末真正沒有談論太多的最大一塊的地方，而且我們現在並沒有真正談論太多，但就像去年的颶風一樣。

We had hurricane come through the south eastern part of the United States.

颶風席捲了美國東南部。

That was roughly half of our land [miss] came from that hurricane year-over-year comp.

我們大約有一半的土地[損失]來自於颶風的逐年比較。

And the other half is essentially what we expected by focusing on our core business deemphasizing our non-core business and continuing to work through the profitable growth.

另一半基本上就是我們所期望的，專注於我們的核心業務，淡化我們的非核心業務，並繼續努力實現獲利成長。

Tim, I think as you move into the last nine months of the year, I think you would expect there won't be a comp for hurricane in Q2, but there will be some of that work still on ongoing with focusing on our core business deemphasizing, as Dale mentioned, our non-core business, specifically our aggregator business called BES.

提姆，我認為當你進入今年的最後九個月時，我想你會預計第二季度不會有颶風的補償，但其中一些工作仍在進行中，重點關注我們的核心業務正如戴爾提到的，不再強調我們的非核心業務，特別是我們稱為BES 的聚合器業務。

And we are working through snow now, but when it comes to land, we will have a fulsome update here at the end of Q2, because, we are actively working through negotiations with clients now.

我們現在正在下雪工作，但談到陸地，我們將在第二季末在這裡進行全面的更新，因為我們現在正在積極與客戶進行談判。

And we expect those to be done primarily done here by the end of Q2, and we will give an update on if any impact will come from that business what that looks like for Q2, Q3 and Q4

我們預計這些工作將主要在第二季末完成，我們將更新該業務是否會產生任何影響，第二季、第三季和第四季的情況如何

Okay.

好的。

I understand that was very clear.

我明白，這已經很清楚了。

Thank you for walking me through that.

謝謝你帶我經歷了這一切。

So, I got that.

所以，我明白了。

I wanted to ask about your switching gears here a little bit to the ancillary work, which I know you highlighted some softness in the inquiry business this quarter and maybe you even made reference to it last quarter too.

我想問一下你們對輔助工作的切換情況，我知道你們強調了本季詢價業務的一些疲軟，也許上個季度你們甚至也提到了這一點。

I don't remember, but my questions on the ancillary are number one.

我不記得了，但我對輔助的問題是第一個問題。

Curious what you think is driving that decline in demand, would just be interested in your perspective?

想知道您認為是什麼導致了需求下降，只是對您的觀點感興趣嗎？

And because, I know that was out of scope work can sometimes be helpful to margins and would assume that's something you better see more of.

因為，我知道超出範圍的工作有時會對利潤有所幫助，並且會認為這是您最好多看的東西。

And number two is what percentage you maintenance plan business would you estimate is a player revenue for US based contract revenue?

第二個問題是，您估計維護計畫業務的玩家收入占美國合約收入的百分比是多少？

I think I remember on the [HPO] was like 75, 25.

我想我記得 [HPO] 上的數字是 75、25。

I don't know, if that ratio is still relevant.

我不知道這個比率是否仍然相關。

Sorry to cut you off there.

抱歉打斷你了。

Yes, no problem, Tim, sorry to cut you off.

是的，沒問題，提姆，很抱歉打斷你。

I will start with the second question, your answer to the total land revenue is about 75, 25, maybe even 70, 30 range or what's contract other specialty services versus pure ancillary.

我將從第二個問題開始，您對土地總收入的答案約為 75、25，甚至可能是 70、30 範圍，或其他專業服務與純輔助服務的合約。

So, that's kind of generally the way, if you take the full land, the land revenue.

所以，如果你拿走全部土地，那就是土地收入，這通常是這樣的。

But back to your original question, we did see declines in Q1.

但回到你最初的問題，我們確實看到第一季出現下降。

Majority was Q1.

大多數是 Q1。

As you think about the total hurricane that happened last year, think about the total Q1 comp.

當您考慮去年發生的颶風總數時，請考慮第一季的整體情況。

All that hurricane revenue was ancillary revenue that came through the south eastern part of United States.

所有颶風收入都是來自美國東南部的輔助收入。

And as you sit here today, we really didn't have any ancillary issue in Q4 coming out of last year.

當您今天坐在這裡時，我們在去年第四季度確實沒有任何附帶問題。

We don't expect to see any ancillary challenges in the back half of this year or back three quarters of this year.

我們預計今年下半年或今年四分之三後不會出現任何附帶挑戰。

Our ancillary backlogs are at an all-time high.

我們的輔助訂單積壓量達到歷史最高水準。

We some of that's dependent on seasonality and weather as we put it in the ground.

當我們把它埋在地下時，其中一些取決於季節性和天氣。

If it snows a lot more here in Q2.

如果第二季度這裡降雪更多的話。

We may do a little bit less ancillary in Q2, but the backlogs are at an all-time high.

我們在第二季的輔助工作可能會少一些，但積壓訂單處於歷史最高水準。

If you look at that number, which we track, we don't disclose total, but it's up roughly about 10% year-over-year.

如果你看我們追蹤的這個數字，我們不會透露總數，但它比去年同期增長了大約 10% 左右。

And what we are bidding and customers are buying and that's specifically in the land business.

我們正在投標和客戶正在購買的東西，特別是在土地業務中。

Got it.

知道了。

Okay.

好的。

So, actually that's could be here because, I kind of think about that as a good sign that (inaudible) generally talks about spend a little bit more on this or that throughout the year.

所以，實際上這可能在這裡，因為我認為這是一個好兆頭，（聽不清楚）通常會談論全年在這個或那個上多花一點錢。

So, there is no signs of a decline in demand.

因此，目前還沒有出現需求下降的跡象。

It's just some.

這只是一些。

(multiple speakers)

（多個發言者）

Yes, Q1 to hurricane comp issue for ancillary.

是的，第一季颶風補償問題是輔助性的。

That's why we called it out in the.

這就是為什麼我們在 中稱呼它。

But when you think about the health of the business.

但當你考慮企業的健康狀況時。

In the market, we see no signs of any type of weakness in the market.

在市場上，我們沒有看到任何市場疲軟的跡象。

We see ancillary backlogs in our land business up about 10% year-over-year.

我們看到土地業務的輔助積壓訂單年增約 10%。

We see our new sales pipeline in the land business up year-over-year.

我們看到土地業務的新銷售管道逐年增加。

And if you look at our development business, we are seeing extreme positivity in that business, not only on the margin side, but from a revenue growth side, it's been six quarters in a row, really growing that business at mid single digit growth rates and our backlog for development is essentially stalled through this year, and we are selling into the first half of 2025 at this point.

如果你看看我們的開發業務，我們會看到該業務的極度積極性，不僅在利潤方面，而且從收入增長方面來看，它已經連續六個季度，真正以中等個位數的增長率增長。今年我們的開發積壓工作基本上陷入停滯，目前我們的銷售時間是2025 年上半年。

So, we see really positive signs of momentum, not only on the upselling on the land side of the business, but also on the development side of the business.

因此，我們看到了真正積極的勢頭跡象，不僅體現在業務的土地方面的追加銷售，還體現在業務的開發方面。

Got it.

知道了。

Thank you very much for taking my questions.

非常感謝您回答我的問題。

Andrew Steinerman, JPMorgan.

安德魯‧史坦納曼，摩根大通。

Hi, guys.

嗨，大家好。

This is Andrew Steinerman.

這是安德魯·斯坦納曼。

I just wanted to dive into sort of the tension between centralizing and decentralizing here in the business.

我只是想深入探討業務中集中化和分散化之間的緊張關係。

I know this isn't the first time that BrightView has made structural changes in what roles become centralized what roles become decentralized, they will be maybe helpful to hear your thoughts on that.

我知道這不是 BrightView 第一次對哪些角色變得集中、哪些角色變得分散進行結構性改變，他們可能會幫助聽到您對此的想法。

And then I have a follow-up question on capital allocation.

然後我有一個關於資本配置的後續問題。

Yes, it is the number one way that we can add value to our field operations people by taking noncustomer-facing work away from in centralizing and allow them to spend more time with customers, which will inevitably help us be a better partner to our customers.

是的，這是我們為現場操作人員增加價值的首要方法，將非面向客戶的工作從集中化中解放出來，讓他們花更多的時間與客戶在一起，這將不可避免地幫助我們成為客戶更好的合作夥伴。

So, there are things, Tim, when we talk about interacting with the customer that, I am sorry, Alex, that we definitely we want to do at our branches.

所以，提姆，當我們談論與客戶互動時，對不起，亞歷克斯，我們肯定想在我們的分支機構做一些事情。

And I want every branch focused on those customer facing activities.

我希望每個分公司都專注於那些面向客戶的活動。

And then there is the non-value things that you have to do to process, whether it be AP or collect day or support financial functions.

然後是您必須處理的非價值事物，無論是 AP、收款日還是支援財務功能。

So, we don't want our operators distracted by.

因此，我們不希望我們的操作員分心。

We want them focused on customer facing work.

我們希望他們專注於面向客戶的工作。

So, I know that the company has gone back and forth from centralization to decentralized, but even when they did decentralized stuff, a lot of the area was just decentralizing into different markets.

所以，我知道該公司已經從集中化到分散化來回走動，但即使他們做了分散化的事情，很多領域也只是分散到不同的市場。

It wasn't giving everything directly back to the brand.

它並沒有將一切直接回饋給品牌。

So, if we are going to centralize, we are going to put the right way, we are going to bring it all the way top side, we can get the maximum value for.

所以，如果我們要集中化，我們就會採取正確的方式，我們會把它一直帶到頂端，我們可以獲得最大的價值。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then thinking about capital allocation at BrightView.

然後考慮 BrightView 的資本配置。

Obviously, there have been some priorities here that maybe got you into some non-core businesses and with some acquisitions that tend to scale the way that they were desired.

顯然，這裡有一些優先事項可能會讓你進入一些非核心業務，並進行一些收購，這些收購往往會以預期的方式擴大規模。

Just from like a metric standpoint, how are you sort of thinking about measuring success in capital allocation return on invested capital framework.

僅從測量的角度來看，您如何考慮衡量資本配置投資資本回報率框架的成功程度。

Is there anything sort of you thinking of how to measure success that maybe moves beyond consolidated measures that you guys discuss?

您是否在考慮如何衡量成功，這可能超出了您們討論的綜合衡量標準？

I think, you mentioned some of the challenges we have had is we have deployed capitals, and we haven't traditionally been great stewards of that capital as we have deployed it.

我認為，您提到我們面臨的一些挑戰是我們已經部署了資本，而我們傳統上並沒有像我們部署資本那樣很好地管理這些資本。

So, our M&A process that the first thing I did with the team and I am so happy with the progress we have made is tapped the brakes on M&A because, like I have said, M&A is not just a financial move.

因此，在我們的併購過程中，我與團隊一起做的第一件事就是踩下併購的煞車，我對我們取得的進展感到非常高興，因為正如我所說，併購不僅僅是一項財務舉措。

It has to fit the company strategically and culturally, as much as just making the math work.

它必須在策略和文化上適合公司，就像數學一樣。

And even the process for integrating that M&A that we have done in the past.

甚至是我們過去進行的併購整合過程。

When we buy a company, we have to own the company and be a better owner of that asset immediately.

當我們購買一家公司時，我們必須擁有該公司並立即成為該資產的更好所有者。

We can't have earn-outs, we can't just let the asset linger out there for a period of time before they become part of the BrightView team.

我們不能有盈利，我們不能讓資產在成為 BrightView 團隊的一部分之前在那裡停留一段時間。

So, our M&A process is going to drastically change, and our field operators are right now(inaudible), we have over $700 million of potential M&A.

因此，我們的併購流程將發生巨大變化，我們的現場營運商現在（聽不清楚），我們有超過 7 億美元的潛在併購。

And our group has reviewed it to say which one of these potential targets make the most sense for us to bring into our company that we can be a better owner and they can help us, if we can grow their revenue faster or drive more efficiency and create bottom line returns.

我們的團隊對此進行了審查，認為這些潛在目標中的哪一個對我們來說最有意義，我們可以成為更好的所有者，如果我們能夠更快地增加他們的收入或提高效率，他們可以幫助我們，並創造底線回報。

We haven't done that in the past, and that is a major shift for us.

我們過去沒有這樣做過，這對我們來說是一個重大轉變。

I am a huge believer in M&A, but M&A has to be done the right way.

我非常相信併購，但併購必須以正確的方式進行。

It can't be a financial calculation that nobody the understands the business and the people that work there actually are involved in the decisions.

沒有人了解業務並且在那裡工作的人員實際上參與決策，這不可能是財務計算。

So, it is changing and look, we have got to monitor M&A and how we are a better owner.

因此，情況正在發生變化，我們必須監控併購以及如何成為更好的所有者。

We have got to make sure post deals.

我們必須確保後期交易。

We know what improvements we are making to make more EBITDA and more revenue on the business that we acquire

我們知道我們正在做出哪些改進，以便在我們收購的業務上獲得更多 EBITDA 和更多收入

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then maybe to wrap up on.

然後也許就結束了。

Can you highlight any sort of tangible or intangible strategic assets that when you look at BrightView now from your sort of outside becoming an insider vintage.

您能否強調一下，當您從外部觀察 BrightView 時，它們現在已成為內部人士的任何類型的有形或無形戰略資產。

You say these are true strategic and competitive assets that are distinct from our competitors and distinct in the market?

您說這些是真正區別於我們競爭對手、在市場上獨特的策略性和競爭性資產？

It's a great question and I would tell you what excites me most about this is the closer, I have visited, you know, not quite a third of our branches, but I have been spending most of my first 120 days out interacting with our frontline team.

這是一個很好的問題，我想告訴你，最令我興奮的是，我訪問過的分支機構還不到三分之一，但我在前120 天的大部分時間裡都在與我們的前線互動團隊。

The closer you get to the customer, the more dedicated they are to what they do every day to make sure they deliver the right service.

您與客戶的距離越近，他們就越專注於日常工作，以確保提供正確的服務。

We as a corporation as a company have to provide them the tools and resources they need.

作為一家公司，我們必須為他們提供所需的工具和資源。

We have to upgrade some of our fleet.

我們必須升級我們的一些機隊。

We have to get them better mowers.

我們必須給他們更好的割草機。

We have to get them tools and training and safety equipment.

我們必須為他們提供工具、訓練和安全設備。

So, every day when they are out servicing our customers.

因此，每天當他們外出為我們的客戶提供服務時。

Our customers understand why we are the best provider in this industry.

我們的客戶了解為什麼我們是該行業中最好的供應商。

That's why you heard from Brett, we are going to take those proceeds that we got from US Lawns.

這就是為什麼你從布雷特那裡聽到的，我們將獲得從美國草坪獲得的收益。

We are going to reinvest that back in the business to make sure those frontline employees get the benefits that they deserve and they can service the customers.

我們將把這筆錢重新投入到業務中，以確保那些第一線員工獲得應得的福利，並且能夠為客戶提供服務。

And that's the most positive part of this business.

這是這項業務最積極的部分。

And yes, we had some different segments of our business that might have been a little siled with as we announced, we are integrating Golf and Tree.

是的，我們有一些不同的業務部門，正如我們所宣布的那樣，這些部門可能有點孤立，我們正在整合高爾夫和樹木。

But even those businesses have dedicated people that are experts in what they do.

但即使是這些企業也有專門從事其業務的專家。

But when we bring all the resources we have together and they all work seamlessly going to market to our customers, nobody can compete with BrightView.

但是，當我們將擁有的所有資源整合在一起，並且它們都可以無縫地向我們的客戶推銷時，沒有人可以與 BrightView 競爭。

We have experts from turf to development to tree care to irrigation to general land maintenance.

我們擁有從草坪到開發、樹木護理、灌溉到一般土地維護的專家。

We have the best people in the industry, and I see that every day when I visit branches.

我們擁有業內最優秀的人才，我每天訪問分支機構時都看到這一點。

So, that is our secret sauce.

所以，這就是我們的秘密武器。

We just have to support those people, so they can spend more time doing what they do best every day

我們只需要支持這些人，這樣他們就可以每天花更多的時間做他們最擅長的事情

Thank you.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

(Operator Instructions) Steffen [Meister], Jefferies.

（操作員說明）Steffen [Meister]，Jefferies。

Hello.

你好。

This is (inaudible) Yes, so developments are some particular strength in the business, but just wanted to get an idea of what are some of the drivers of the strength in the development business this year?

這是（聽不清楚）是的，所以開發是該業務的一些特殊優勢，但只是想了解今年開發業務的一些驅動因素是什麼？

And do you expect this to be carried over throughout the rest of the year?

您預計這情況會延續到今年剩餘時間嗎？

So, Harold, I think, you broke up a little bit, but our development business, obviously has been the benefactor of what the country's seen on the construction cycle over the last couple of years and some of those mega projects that you heard a lot of people talk about, as they come towards the end and will continue to come towards the end for the next year and a half.

所以，哈羅德，我認為，你們分手了一點，但我們的開發業務顯然是過去幾年國家建設週期以及您經常聽到的一些大型項目的受益者當他們即將結束並將在接下來的一年半中繼續接近結束時，人們會談論這一點。

We offer one of the top 50 specialized construction companies in North America that can actually support the final stages of those projects.

我們是北美排名前 50 名的專業建築公司之一，可以為這些專案的最後階段提供實際支援。

So, that team is very hit in the stride right now.

所以，該團隊現在的進展非常順利。

They have a great backlog.

他們有大量的積壓。

We are winning new jobs every day, and we will continue to see that demand, as Brett said, well into 2025 as we continue to bid work.

我們每天都在贏得新的就業機會，正如 Brett 所說，隨著我們繼續投標工作，我們將在 2025 年繼續看到這種需求。

So, that business has been a huge, huge benefactor of all the construction that's gone on over the last 24 months.

因此，該業務為過去 24 個月內進行的所有建設提供了巨大的捐助者。

So, we are very optimistic about development.

所以，我們對發展非常樂觀。

Thank you.

謝謝。

And then, just on the EBITDA margin, how should we think about the cadence of EBITDA margins throughout the rest of the year for you to know that 40 to 80 basis points.

然後，就 EBITDA 利潤率而言，我們應該如何考慮今年剩餘時間 EBITDA 利潤率的節奏，讓您知道 40 到 80 個基點。

And you know, just any insight on that, on the cadence for the rest of the year would be helpful.

你知道，任何對此以及今年剩餘時間的節奏的見解都會有所幫助。

Thank you.

謝謝。

Yes, great.

對，很好。

Great question.

很好的問題。

Like I think when you look at, when you look at Q1, if not for the timing of snowfall, our margin would have been right at our our guided range of the total company for the year of 40 to 80 basis points would have actually been at the higher end of that range of 60 to 80 basis points.

就像我認為，當你看第一季時，如果不是因為降雪的時間，我們的利潤率本來就在我們全年公司指導範圍內的 40 到 80 個基點實際上是60 至80 個基點的上限。

So, a little bit is just the timing of snow in Q1 and how that, what are but our guide would be then for the full year snow holding it to (inaudible) would imply that that's no shortfall in Q1 have come back in Q2 and therefore, we see that margin rebound here in Q2.

因此，一點只是第一季降雪的時間，以及我們的指南是全年降雪（聽不清楚），這意味著第一季度的降雪不會在第二季度出現，因此，我們看到第二季度利潤率出現反彈。

As you think about quarter to quarter, we are not again providing quarterly guidance.

當您考慮每個季度時，我們不會再次提供季度指導。

But as we look at the full year, we feel strong sitting here today with some of the actions we have taken towards one BrightView and to align the business and the momentum we are seeing in the underlying core business and land and the momentum we are seeing in our development business and some of the cost structure changes we have made in corporate that for the full year guide, we feel confident in that 40 to 80 basis points total margin expansion for the business.

但當我們回顧全年時，今天坐在這裡，我們感到很堅強，因為我們為實現BrightView 而採取了一些行動，並使業務與我們在基礎核心業務和土地中看到的勢頭以及我們所看到的勢頭保持一致在我們的開發業務中，以及我們在企業中進行的一些成本結構變化，對於全年指導，我們對業務總利潤率擴張 40 至 80 個基點充滿信心。

Thank you.

謝謝。

That's all my questions for today.

這就是我今天的所有問題。

Thank you.

謝謝。

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi, thanks, good morning.

嗨，謝謝，早安。

You have reiterated your full year guide, despite the sale of US Lawn and the shortfall in snow revenue in fiscal 1Q.

儘管美國草坪的銷售和第一財季雪收入的短缺，您還是重申了全年指南。

Can you elaborate on some of the assumptions around snow in the land business for the rest of the year that you are incorporating into your full year guide?

您能否詳細說明您將納入全年指南的有關今年剩餘時間土地業務降雪的一些假設？

I think, George, great question.

我認為，喬治，這是個好問題。

Like reiterating our full guide, we also feel exactly where we felt after we have worked through January on snow with that range of 210 to 270 million snow.

就像重申我們的完整指南一樣，我們也感受到了我們一月份在 210 至 2.7 億雪範圍內工作後的感受。

So, we will update everybody where we finish once we get past the snow season.

因此，一旦雪季過去，我們將向大家更新我們的完成情況。

But like I said earlier, where we sit today, we still feel that the guide we gave you will come in despite the shortfall we felt in Q1, but the activity we saw in January.

但就像我之前說的，我們今天坐在那裡，我們仍然認為我們給你們的指南將會出現，儘管我們在第一季度感受到了不足，但我們在一月份看到了活動。

So snow, we feel good about.

下雪了，我們心情很好。

And overall, with US Lawns, US Lawns was a strategic sale with $11 million of revenue at a double-digit multiple.

總體而言，US Lawns 是一項策略性出售，收入為 1,100 萬美元，呈兩位數倍數。

We got $52 million for.

我們得到了 5200 萬美元。

So, you can do some quick math there.

所以，你可以在那裡做一些快速的數學計算。

We believe we can still step over that incremental three quarters of the EBITDA that business would have generated.

我們相信，我們仍然可以超越業務本應產生的 EBITDA 增量的四分之三。

It's somewhat diminimus with the multiple we got.

與我們得到的倍數相比，這有點微不足道。

So, we feel good about the momentum that we have as we go through the year.

因此，我們對這一年的勢頭感到滿意。

So, we are not concerned that, that's going to have a negative effect either on revenue or on EBITDA for our full year guide overall.

因此，我們並不擔心這會對我們全年指南的收入或 EBITDA 產生負面影響。

Great, that's helpful.

太好了，很有幫助。

And then development revenue growth of 6% came above your full year guide range of 2% to 5% for the segment.

然後，6% 的開發收入成長超出了該細分市場 2% 至 5% 的全年指導範圍。

Can you discuss your growth expectations for development for the rest of the year, any timing considerations or comp issues to be mindful of?

您能否討論一下您對今年剩餘時間的發展的成長預期、任何時間考慮因素或需要注意的補償問題？

So, I will start with and I will let Brett.

所以，我將從並讓布雷特開始。

Just at a high level, the one thing I would say, the benefit that or the fee, the lack of benefit we saw on snow that we told everybody we didn't see a lot of snow until January.

就高水平而言，我要說的一件事是，好處或費用，我們在雪上看到的缺乏好處，我們告訴大家我們直到一月份才看到很多雪。

That means that the construction season can actually be running a little longer into the year.

這意味著今年的施工季節實際上可能會持續更長。

So, our development group gets the benefit of that.

因此，我們的開發團隊從中受益。

So, they did have an outstanding quarter with that growth.

因此，他們確實經歷了一個出色的季度成長。

And I would just say in Q2, depending on what we see for snow that could trim that down year-over-year, especially last year, like I said, snow in February and March was relatively light.

我只想說，在第二季度，根據我們對降雪的觀察，雪量可能會比去年同期減少，特別是去年，就像我說的，二月和三月的雪相對較輕。

So, But Brett, do you want to add anything?

那麼，布雷特，你想補充什麼嗎？

George, that typically development slowest quarters, Q2, same with our land business.

喬治，第二季度通常是發展最慢的季度，與我們的土地業務相同。

So, as you think about seasonality, and snow, et cetera.

所以，當你考慮季節性和雪等等時。

Q2 is a bit lower.

Q2 有點低。

If you think about last Q2, we were essentially flat in the business, just given timing of projects and seasonality.

如果你想想上個第二季度，我們的業務基本上持平，只是考慮到專案的時間表和季節性。

So, we do still expect that side that full year revenue guidance of 2% to 5% for the year.

因此，我們仍預期全年營收指引為 2% 至 5%。

Q2 being a little bit Q1 and then as you look back in the back half of the year being right kind of in the middle that guide.

第二季度有點像第一季度，然後當你回顧今年後半段時，就在中間。

So, again, I feel bullish about that business.

因此，我再次對這項業務感到樂觀。

We are essentially sold through 2024 and our backlogs were selling into 2025.

我們基本上已售出至 2024 年，而我們的積壓訂單則銷售至 2025 年。

There could be some quarterly noise, just getting projects in the ground.

剛開始實施專案時，可能會出現一些季度噪音。

But at the end of the day, we feel great about that business and really the momentum in the overall company.

但歸根結底，我們對這項業務以及整個公司的發展勢頭感到非常滿意。

And as you think about us reaffirming guidance, we sit here today excited by the fact that this will be a breakthrough year for BrightView, especially with EBITDA and EBITDA margin expansion.

當您想到我們重申指導意見時，我們今天坐在這裡，對今年對 BrightView 來說將是突破性的一年感到興奮，尤其是在 EBITDA 和 EBITDA 利潤率擴張方面。

And despite what happened in Q1, timing of snow or despite what happened with stepping over a tough comp with the hurricane.

儘管第一季發生了什麼事，下雪的時間，或者儘管跨越颶風的艱難比賽發生了什麼事。

We really feel confident that getting EBITDA had a breakthrough year this year for the company.

我們非常有信心今年公司的 EBITDA 取得了突破。

It's where we are reaffirming and we feel optimistic about that.

這是我們重申的地方，我們對此感到樂觀。

Very helpful.

很有幫助。

Thank you.

謝謝。

Thanks, George

謝謝，喬治

This concludes our Q&A.

我們的問答到此結束。

I will now hand back to Dale, CEO for closing remarks.

現在我將請執行長 Dale 致閉幕詞。

Thank you, operator.

謝謝你，接線生。

As everyone can tell, we are very excited about the opportunities ahead, and I am thrilled to be leading this great company through this important period.

眾所周知，我們對未來的機會感到非常興奮，我很高興能夠領導這家偉大的公司度過這個重要時期。

Our objectives are clear.

我們的目標很明確。

We are committed to becoming one BrightView, growing profitably and creating meaningful shareholder value.

我們致力於成為 BrightView 的一員，實現獲利成長並創造有意義的股東價值。

With that, thank you, and operator, you may end the call.

至此，謝謝您，接線員，您可以結束通話了。

Ladies and gentlemen, today's call is now concluded.

女士們、先生們，今天的電話會議到此結束。

We would like to thank you for your participation.

我們衷心感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。