Brightview Holdings Inc (BV) 2024 Q3 法說會逐字稿

Good morning and thank you for joining BrightView's third quarter earnings call.

早安，感謝您參加 BrightView 第三季財報電話會議。

Dale Asplund, BrightView's President and Chief Executive Officer; and Brett Urban, Chief Financial Officer, are on the call.

BrightView 總裁兼執行長 Dale Asplund；財務長 Brett Urban 正在通話。

I will now refer you to slide two of the presentation, which can also be found on our website, which contains our Safe Harbor disclaimer.

現在我將向您推薦簡報的第二張投影片，該投影片也可以在我們的網站上找到，其中包含我們的安全港免責聲明。

Our presentation includes forward-looking statements subject to risks and uncertainties.

我們的簡報包含受風險和不確定性影響的前瞻性陳述。

In addition, during this call we will refer to certain non-GAAP financial measures.

此外，在本次電話會議中，我們將提及某些非公認會計準則財務指標。

Please see our press release in 8-K issued yesterday for a reconciliation of these measures.

請參閱我們昨天發布的 8-K 新聞稿，以了解這些措施的協調情況。

With that, I will now turn the call over to Dale.

現在，我將把電話轉給戴爾。

Thanks, Chris, and good morning, everyone.

謝謝克里斯，大家早安。

As I reflect on my time here, which is approximately one-year mark, my conviction in the incredible opportunities both near and long-term continue to increase as we are on pace to deliver a breakout year.

當我回顧我在這裡大約一年的時間時，我對近期和長期的難以置信的機會的信心不斷增強，因為我們正在努力實現突破性的一年。

We are doing this by operating as a unified one BrightView, and leveraging

我們透過統一 BrightView 營運來實現這一目標，並利用

(technical difficulty)

（技術難度）

Portions of this transcript marked (technical difficulty) indicate audio problems.

此文字記錄中標記為（技術難度）的部分錶示存在音訊問題。

The missing text will be supplied if a replay becomes available.

如果可以重播，將提供缺少的文字。

I'm extremely grateful for our employees and their increased commitment for putting our customers at the center of everything we do.

我非常感謝我們的員工以及他們不斷致力於將客戶置於我們所做的一切工作的中心。

I will start on slide four by emphasizing our achievements and ongoing progress, along with strategic updates that will enhance our position to accomplish our objectives.

我將從第四張投影片開始，強調我們的成就和持續進展，以及將增強我們實現目標的地位的策略更新。

First, we delivered a record Q3 and year-to-date EBITDA with margin improvement across all segments, and we are reaffirming full-year '24 revenue, EBITDA, and margin guidance, all while raising free cash flow for the second time this year.

首先，我們第三季和年初至今的 EBITDA 均創歷史新高，所有部門的利潤率均有所改善，我們重申 24 年全年收入、EBITDA 和利潤指引，同時今年第二次提高自由現金流。

Brett will get into more details on the financials in a few minutes.

布雷特將在幾分鐘內詳細介紹財務狀況。

I want to focus my comments on the tremendous progress being made towards One BrightView.

我想重點評論 One BrightView 所取得的巨大進展。

As I have said from day one, our goal is to become the employer of choice.

正如我從第一天起就說過的，我們的目標是成為首選雇主。

And this is the first step in our journey, investing in our frontline employees will be the core to our future success.

這是我們旅程的第一步，對第一線員工的投資將是我們未來成功的核心。

By making these investments, it will translate to improved employee turnover and customer retention; more on this in a minute.

透過進行這些投資，將提高員工流動率和客戶留任率；稍後將詳細介紹這一點。

We have also streamlined our operating structure, integrated our business lines to provide cross-selling, and are enhancing our technology offering to ensure optimal market coverage and route density.

我們還簡化了營運結構，整合了業務線以提供交叉銷售，並正在增強我們的技術產品以確保最佳的市場覆蓋和路線密度。

By reducing legacy inefficiencies, it brings us closer to our customers.

透過減少遺留的低效率問題，它拉近了我們與客戶的距離。

On slide five, I will discuss some of the initiatives we are taking to become the employer of choice and the impact it is having.

在第五張投影片上，我將討論我們為成為首選雇主所採取的一些措施及其所產生的影響。

As I said earlier, our objective is to build a winning culture.

正如我之前所說，我們的目標是建立獲勝文化。

So our employees take greater pride in being part of the BrightView team and have unwavering confidence in the fact that they are our single more important asset.

因此，我們的員工為成為 BrightView 團隊的一員而感到更加自豪，並堅信他們是我們更重要的資產。

While this requires upfront investment, this will result in reduced employee turnover and increased customer retention, and ultimately drive sustainable, profitable growth.

雖然這需要前期投資，但這將減少員工流動率並提高客戶留任率，並最終推動可持續的獲利成長。

To remind you of a few examples of these investments, we are refreshing our fleet of trucks and mowers.

為了提醒您這些投資的一些例子，我們正在更新我們的卡車和割草機車隊。

And in March, we launched the Boots program to ensure our employees are not only safe, but comfortable, enabling them to better service our customers.

今年 3 月，我們啟動了 Boots 計劃，以確保我們的員工不僅安全，而且舒適，使他們能夠更好地為客戶服務。

While this is a snapshot of a few of the changes underway, we are already seeing positive momentum in employee turnover.

雖然這只是一些正在發生的變化的快照，但我們已經看到員工流動率的積極勢頭。

For instance, the past seven months the turnover rate for our frontline employees has improved an impressive 1,900 basis points, including six consecutive monthly improvements.

例如，過去 7 個月，我們第一線員工的流動率顯著提高了 1,900 個基點，其中包括連續六個月的改善。

This shows, unequivocally, that if we take care of our employees they'll become more engaged and more likely to stay.

這明確表明，如果我們照顧好員工，他們就會變得更加敬業，也更有可能留下來。

The first step in our One BrightView journey has always been employees first as they are the key to providing best-in-class service.

我們 One BrightView 旅程的第一步始終是員工至上，因為他們是提供一流服務的關鍵。

On slide six, similar to investing in our employees, the goal to significantly improve customer retention requires a commitment to provide best-in-class service levels.

在投影片六中，與對員工的投資類似，顯著提高客戶留任率的目標需要承諾提供一流的服務水準。

This will translate to the momentum towards growth.

這將轉化為成長動力。

As you can see on the chart, we have seen a steady increase in retention rates, specifically over my first nine months, we had delivered 150 basis points improvement with significant opportunity remaining.

正如您在圖表中看到的，我們看到保留率穩步上升，特別是在我的前 9 個月裡，我們實現了 150 個基點的改進，並且仍然存在大量機會。

While these trends may not be linear as we continue to transform BrightView, I am confident that we'll experience incremental benefit as a more consistent employee base delivers efficient, collaborative, and unified service to our customers.

雖然隨著我們繼續改造 BrightView，這些趨勢可能不是線性的，但我相信，隨著更一致的員工基礎為我們的客戶提供高效、協作和統一的服務，我們將體驗到增量收益。

Continued progress on employee turnover and customer retention will fundamentally change the way BrightView operates, and had the greatest impact to delivering long-term profitable growth.

員工流動率和客戶留任率的持續進步將從根本上改變 BrightView 的營運方式，並對實現長期獲利成長產生最大影響。

On slide seven, I'll further highlight the benefit of operating as a unified One BrightView.

在第七張投影片上，我將進一步強調作為統一的 One BrightView 進行操作的好處。

As we have broken down silos, we are gaining traction in cross-selling BrightView's full suite of services.

隨著我們打破孤島，我們在交叉銷售 BrightView 的全套服務方面獲得了動力。

As an example, we recently concluded a $4 million development project in the Southwest on behalf of a prominent corporate client, and converted this relationship into a $400,000 annual reoccurring maintenance contract.

例如，我們最近代表一家知名企業客戶在西南地區完成了一個價值 400 萬美元的開發項目，並將這種關係​​轉變為價值 40 萬美元的年度定期維護合約。

This is one example of the significant underleveraged opportunity that will create meaningful future growth.

這是一個重大的未充分利用機會的例子，它將創造有意義的未來成長。

Additionally, as we seek to optimize our total addressable market, we have equipped our branches with a prospecting tool that enables more deliberate customer targeting.

此外，當我們尋求優化我們的整體目標市場時，我們為我們的分公司配備了勘探工具，可以更仔細地定位客戶。

The combination of incorporating our sales force into our branches and leveraging enhanced technology is expected to improve route density, reduce windshield time, and improve margins.

將我們的銷售團隊納入我們的分支機構並利用增強的技術相結合，預計將提高路線密度，減少擋風玻璃時間並提高利潤。

As you can see on the map on the right, the legacy sales strategy was to win new accounts with limited consideration for customer location relative to existing accounts.

正如您在右側地圖上所看到的，傳統的銷售策略是贏得新客戶，而對客戶相對於現有客戶的位置的考慮有限。

In turn, our crew spent too much wasted time behind the windshield instead of servicing our customers.

反過來，我們的工作人員在擋風玻璃後面浪費了太多時間，而不是為我們的客戶提供服務。

The increased route density bundled with increased cross-selling between the development and maintenance business will drive sustainable long-term profitable growth and margin expansion.

航線密度的增加與開發和維護業務之間交叉銷售的增加相結合，將推動可持續的長期盈利增長和利潤率擴張。

Before turning to call over to Brett to discuss our financial results for the quarter, I'll remind everyone that the investments we are making in our employees today are crucial to positioning us for sustainable success over the long-term.

在致電布雷特討論我們本季的財務表現之前，我要提醒大家，我們今天對員工的投資對於我們實現長期可持續成功至關重要。

As the nation's largest provider in our industry, there is tremendous opportunity to leverage our size and scale, and capitalize on cross-selling opportunities to unlock growth in our business and gain market share.

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，並利用交叉銷售機會來釋放我們的業務成長並獲得市場份額。

As I visit our branches, it's refreshing to see a whole new mindset and sense of teamwork across the integrated business.

當我參觀我們的分店時，看到整個綜合業務的全新思維方式和團隊合作意識令人耳目一新。

This gives me an added level of confidence that the work we have done in strengthening our culture will translate to continued improvement in employee turnover and client retention, while delivering best-in-class services to our customers.

這讓我更有信心，我們在加強文化方面所做的工作將轉化為員工流動率和客戶保留率的持續改善，同時為客戶提供一流的服務。

While there's more work to be done, we have successfully taken the initial steps to instill a more disciplined strategy to the customers we approach and the pride we take in servicing them.

雖然還有更多工作要做，但我們已經成功採取了初步措施，向我們接觸的客戶灌輸更嚴格的策略，並為我們為他們提供服務而感到自豪。

We are increasingly confident in our ability to capitalize on the significant opportunities that lie ahead.

我們對利用未來重大機會的能力越來越有信心。

While fiscal 2024 is on track to be a breakthrough year, our enthusiasm is truly unbridled as we think about the long-term when we reflect on our earnings power, cash flows, and value we can deliver to our employees, customers, and shareholders.

雖然2024 財年有望成為突破性的一年，但當我們考慮長期目標時，當我們反思我們的盈利能力、現金流以及我們可以為員工、客戶和股東提供的價值時，我們的熱情確實是肆無忌憚的。

With that, I'll turn it over to Brett who will discuss our strong results and our financial guidance.

接下來，我將把它交給布雷特，他將討論我們的強勁業績和我們的財務指導。

Brett?

布雷特？

Thank you, Dale, and good morning to everyone.

謝謝你，戴爾，祝大家早安。

Let me start by saying how proud I am of the entire BrightView team as we continue to work together during what is on pace to be a breakout year as we execute on our strategy of driving profitable growth.

首先我要說的是，我對整個 BrightView 團隊感到多麼自豪，因為我們在即將取得突破的一年中繼續合作，執行推動利潤成長的策略。

This is evidenced in our strong results for both the quarter and year-to-date, which both reflect record EBITDA performances for the company, alongside margin expansion across all segments.

我們本季和年初至今的強勁業績證明了這一點，這兩者都反映了公司創紀錄的 EBITDA 業績，以及所有部門的利潤率擴張。

We are truly transforming this business and setting the stage for long-term profitable growth and shareholder value creation.

我們正在真正改變這項業務，並為長期獲利成長和股東價值創造奠定基礎。

Moving to slide nine, total revenue during the quarter, of $739 million, was down 3.6% year-over-year.

轉向第九張幻燈片，該季度總收入為 7.39 億美元，年減 3.6%。

However, when excluding the impact of exiting the US Lawns and aggregator business, revenue was essentially flat.

然而，當排除退出美國草坪和聚合器業務的影響時，收入基本上持平。

While land was impacted by the exit of these two businesses, we remain very encouraged by the underlying health of the market and recent trends within our business.

雖然土地受到這兩項業務退出的影響，但我們仍然對市場的基本健康狀況和我們業務的最新趨勢感到非常鼓舞。

Notably, our improved employee turnover and customer retention metrics, as Dale previously mentioned.

值得注意的是，正如戴爾先前提到的，我們改善了員工流動率和客戶留任指標。

The Development business increased 5.7% as a result of continued conversion of our backlog and high-quality projects.

由於積壓項目和優質項目的持續轉化，開發業務成長了 5.7%。

This presents significant opportunity with our revamped go-to-market strategy to convert these projects into future recurring maintenance contracts.

這為我們改進的上市策略提供了重大機會，可以將這些項目轉化為未來的定期維護合約。

As development continues to grow, this enhances our ability to further drive Land results through cross-selling opportunities in fiscal '25, and beyond.

隨著開發的持續成長，這增強了我們透過 25 財年及以後的交叉銷售機會進一步推動土地績效的能力。

Turning now to profitability and the details on slide 10, total adjusted EBITDA for the third quarter was $108 million, an increase of $6 million or 6% versus the prior-year period.

現在轉向盈利能力和幻燈片 10 中的詳細信息，第三季度調整後 EBITDA 總額為 1.08 億美元，比去年同期增加 600 萬美元，即 6%。

Margin expanded an impressive 130 basis points, and reflects continued benefits from our ongoing profitability initiatives.

利潤率成長了 130 個基點，令人印象深刻，反映出我們持續的獲利計畫帶來的持續收益。

Adjusted EBITDA margins in the Maintenance segment improved by 40 basis points as we continue to operate more efficiently.

隨著我們繼續提高營運效率，維護部門的調整後 EBITDA 利潤率提高了 40 個基點。

This represents an adjusted EBITDA decline of $5 million, of which a little more than $1 million was related to the divestitures of US Lawns.

這意味著調整後的 EBITDA 下降了 500 萬美元，其中略高於 100 萬美元與 US Lawns 的剝離有關。

Additionally, during the quarter, our overhead expense savings enabled us to reinvest towards best-in-class service levels for our land customers.

此外，在本季度，我們節省的間接費用使我們能夠進行再投資，為我們的陸地客戶提供一流的服務水準。

The majority of this reinvestment was in the form of frontline labor, and was an approximate $10 million increase year-over-year in Q3.

大部分再投資以一線勞動力的形式進行，第三季比去年同期增加了約 1,000 萬美元。

In the Development segment, adjusted EBITDA for the third quarter was $31 million, an increase of 29% compared to the prior year.

在開發部門，第三季調整後的 EBITDA 為 3,100 萬美元，比上年增長 29%。

Adjusted EBITDA margin expanded a notable 270 basis points.

調整後 EBITDA 利潤率顯著擴大 270 個基點。

This is a result of the high-quality backlog conversation while further reducing our costs, ultimately resulting in accretive growth.

這是高品質積壓對話的結果，同時進一步降低了我們的成本，最終帶來了增值成長。

In our Corporate segment, corporate expenses for the third quarter saw a substantial decrease year-over-year as we made further progress with our One BrightView strategy.

在我們的企業部門，隨著 One BrightView 策略取得進一步進展，第三季的企業支出較去年同期大幅下降。

We continue to evaluate opportunities for centralization, which we expect to lead to further efficiencies in totality for BrightView.

我們繼續評估集中化的機會，我們預計這將進一步提高 BrightView 的整體效率。

Let's now turn to slide 11 to review our free cash flow, capital expenditures, and leverage.

現在讓我們轉向幻燈片 11 來回顧我們的自由現金流、資本支出和槓桿。

Our year-to-date free cash flow generation was a robust $120 million, compared to $38 million in the prior year.

年初至今，我們的自由現金流量已達 1.2 億美元，而前一年為 3,800 萬美元。

It's important to note we are committed to reinvesting in our fleet, and our year-over-year CapEx reduction is largely timing related.

值得注意的是，我們致力於對機隊進行再投資，而我們的資本支出則是年減很大程度上與時間相關。

Year-to-date net CapEx was $32 million; however timing can impact this as we saw in the third quarter.

年初至今淨資本支出為 3,200 萬美元；然而，正如我們在第三季度看到的那樣，時機可能會影響這一點。

For example, we received approximately $21 million of vehicle deliveries in Q3, but will pay for them in the fourth quarter.

例如，我們在第三季收到了大約 2,100 萬美元的車輛交付量，但將在第四季度支付這些費用。

For the year, we still expect net CapEx intensity to be approximately 3.5% of revenue or around $100 million.

今年，我們仍預期淨資本支出強度約為營收的 3.5%，約 1 億美元。

Net leverage at the end of the quarter came in at 2.4 times, compared to 4.8 times in the prior-year period.

本季末的淨槓桿率為 2.4 倍，而去年同期為 4.8 倍。

This lower leverage reflects a significant reduction in our debt, improved liquidity, and improved profitability in the business.

槓桿率的降低反映了我們債務的大幅減少、流動性的改善以及業務盈利能力的提高。

Our leverage profile allows for financial flexibility for ongoing execution of our profitable growth strategy and further 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進一步投資業務提供了財務靈活性。

Let's now turn to slide 12.

現在讓我們轉向投影片 12。

Over the last year, we have fundamentally changed the overall debt and liquidity structure of the business.

去年，我們從根本上改變了企業的整體債務和流動性結構。

Let me quickly remind you of what we have done to reduce leverage and create significant financial flexibility.

讓我快速提醒您我們為降低槓桿率和創造顯著的財務靈活性所做的努力。

We amended our term loan and we extended and upsized our AR securitization facility resulting in reduced interest rates and no near-term debt maturities.

我們修改了定期貸款，並擴大和擴大了我們的 AR 證券化工具，從而降低了利率，並且沒有短期債務到期。

We reduced our debt by $549 million or roughly by 40%.

我們的債務減少了 5.49 億美元，大約減少了 40%。

We reduced annual interest expense by approximately $45 million, and we increased total liquidity by over 60% to approximately $535 million.

我們的年度利息支出減少了約 4,500 萬美元，總流動性增加了 60% 以上，達到約 5.35 億美元。

These steps we have taken over the last year demonstrates that we will execute every opportunity to fortify our balance sheet, drive shareholder value, and be good stewards of capital.

我們去年採取的這些步驟表明，我們將利用一切機會鞏固我們的資產負債表，提高股東價值，並成為良好的資本管理者。

Before moving to our guidance, I want to take a minute, on slide 13, to reflect on our year-to-date progress as we transform this business.

在開始我們的指導之前，我想在幻燈片 13 上花一點時間回顧我們今年迄今為止在業務轉型過程中取得的進展。

Nine months into the fiscal year, we are extremely pleased with our results and we remain on track to deliver on our commitments despite the impact of snow at the low end of our guide and exiting two non-core businesses.

本財年已進入九個月，我們對我們的業績感到非常滿意，儘管受到雪災影響，我們的指南處於低端並退出了兩項非核心業務，但我們仍有望兌現我們的承諾。

Fiscal '24 is on pace to be a record year as we have revamped our operating structure and changed our compensation plan to encourage collaboration and drive profitable growth.

我們調整了營運結構並更改了薪酬計劃以鼓勵合作並推動獲利成長，24 財年有望創下歷史新高。

And as a result, we are seeing margins expand across all segments.

因此，我們看到所有細分市場的利潤率都在擴大。

Moving to slide 14, where we outline revenue, EBITDA and free cash flow guidance.

轉到幻燈片 14，我們概述了收入、EBITDA 和自由現金流指導。

While we narrowed our ranges, it's important to note that we continue to hold the midpoint of our guidance for revenue and EBITDA.

雖然我們縮小了範圍，但值得注意的是，我們繼續保持收入和 EBITDA 指導的中點。

Additionally, we are raising our free cash flow guidance for the second time this year.

此外，我們今年第二次提高自由現金流指引。

As we close in on the end of our fiscal year, we are tightening the revenue ranges to $2.75 billion to $2.79 billion, and maintaining our midpoint of $2.77 billion.

隨著財政年度即將結束，我們將收入範圍收緊至 27.5 億美元至 27.9 億美元，並維持 27.7 億美元的中點。

The updated revenue guidance assumes the following.

更新後的收入指引假設如下。

For Land, we have not changed our guidance and are holding to the approximately 6% down, which included the roughly $70 million impact from existing our non-core businesses.

對於土地，我們沒有改變我們的指導，並維持約 6% 的下調，其中包括現有非核心業務約 7000 萬美元的影響。

For Development, we are increasing our assumption of 2% to 5% growth for the year to the high end of 5% as the conversion of our robust backlog continues.

對於發展，隨著我們強勁的積壓訂單的不斷轉化，我們將今年成長 2% 至 5% 的假設提高到 5% 的上限。

Moving to adjusted EBITDA, we are tightening this range as well to $320 million to $330 million, and maintaining our midpoint of $325 million with margin expansion expected across all segments.

至於調整後的 EBITDA，我們也將這一範圍收窄至 3.2 億至 3.3 億美元，並維持 3.25 億美元的中點，預計所有部門的利潤率都會擴大。

For free cash flow, we expect the continuation of healthy cash flow generation driven by improved operating performance.

對於自由現金流，我們預期在經營績效改善的推動下，現金流將持續保持健康的狀態。

Our outlook reflects our continued momentum on our broad-based initiatives to reinvest in the business and drive profitable growth.

我們的前景反映了我們對業務再投資和推動獲利成長的廣泛舉措的持續勢頭。

Altogether, we now expect to generate free cash flow of $65 million to $80 million, which marks the second consecutive increase to the guidance range.

總的來說，我們現在預計將產生 6,500 萬至 8,000 萬美元的自由現金流，這標誌著連續第二次提高指導範圍。

Before I hand the call back over to Dale, I want to reiterate my excitement around the investments we are making and the impact it has had on the momentum in the business and our culture.

在將電話轉回給戴爾之前，我想重申我對我們正在進行的投資及其對業務和文化勢頭的影響感到興奮。

By taking better care of our employees, who in turn are taking better care of our customers, I feel more optimistic than ever regarding the future of our company.

透過更好地照顧我們的員工，而員工反過來也會更好地照顧我們的客戶，我對我們公司的未來比以往任何時候都更加樂觀。

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

現在，讓我將電話轉回 Dale，以在投影片 15 上進行總結。

Thanks, Brett.

謝謝，布雷特。

Before we open the call for questions, I want to provide a brief recap on our performance and key takeaways from our remarks today.

在我們開始提問之前，我想先簡單回顧一下我們的表現以及我們今天演講的要點。

First, we generated record Q3 and year-to-date EBITDA, with margin improvements across all segments.

首先，我們第三季和年初至今的 EBITDA 創歷史新高，所有部門的利潤率都有所提高。

Our employee investments are positively impacting turnover and engagement.

我們的員工投資對營業額和敬業度有正面影響。

Best-in-class customer service levels coupled with increased employee engagement are leading to momentum in our customer retention.

一流的客戶服務水準加上員工敬業度的提高，為我們的客戶保留帶來了動力。

The new One BrightView alignment creates significant opportunities to cross-sell development into maintenance.

新的 One BrightView 聯盟創造了將開發交叉銷售到維護的重要機會。

And technology enhancements are enabling our branches to efficiently identify targeted growth opportunities and to capture market share.

技術的增強使我們的分支機構能夠有效地識別有針對性的成長機會並佔領市場份額。

As you can hear, we continue to make great strides and achieve milestone on a wide range of initiatives, and remain highly confident we will continue to deliver on our objectives that will translate into an impressive long-term growth trajectory and create value for our stakeholders.

正如您所聽到的，我們繼續取得巨大進步，在廣泛的舉措上實現里程碑，並對我們將繼續實現我們的目標充滿信心，這些目標將轉化為令人印象深刻的長期成長軌跡，並為我們的利害關係人創造價值。

We will now open the call for questions.

我們現在開始提問。

(Operator Instructions) Tim Mulrooney, William Blair

（操作員說明）Tim Mulrooney、William Blair

Dale, Brett, good morning.

戴爾、布雷特，早安。

So seeing that improvement in the customer retention rates is very promising.

因此，看到客戶保留率的提高是非常有希望的。

And I guess, I'm hoping you could give us a little more history here on customer retention rates within that Maintenance business.

我想，我希望您能給我們更多有關維護業務中客戶保留率的歷史記錄。

Could you talk about where BrightView was, I guess, a couple of years ago, back when the company went public, where you're at today, and where you'd ideally like to be?

我想，您能談談幾年前 BrightView 公司上市時的情況嗎？

What do you think that a scaled commercial landscaping business should be generating, optimally?

您認為規模化的商業園林綠化業務應該產生什麼最佳效果？

Great.

偉大的。

Tim, I'll start with that.

提姆，我就從這個開始吧。

This is Dale.

這是戴爾。

Look, since day one I'd said the number one most important metric in this business is taking care of the customers we have today and retaining them so we can grow, and grow profitably in the long-term.

看，從第一天開始，我就說過，這個行業最重要的指標是照顧我們今天擁有的客戶並留住他們，這樣我們就可以成長，並在長期內實現盈利增長。

Let me give everybody a high level of the history of this statistic without giving specific decimal place numbers, but this is why when I give you this history you'll realize why we're still excited.

讓我向大家簡要介紹一下這項統計數據的歷史，但不會給出具體的小數位數字，但這就是為什麼當我向您提供這段歷史時，您會意識到為什麼我們仍然感到興奮。

If you think back to when the company went public, the company was, if you look at the original S1, it will give you the number; it was 85% was our retention when the company went public.

如果你回想一下公司上市的時候，公司是，如果你看原來的S1，它會給你數字；公司上市時我們的留存率是85%。

We saw, during 2019, and 2020, 2021, a slight deterioration to that original number that we went live -- when we went public.

我們發現，在 2019 年、2020 年、2021 年，我們上市時的原始數字略有惡化。

In 2022, we saw much greater deterioration as we maybe hit some headwinds with some of the M&A work we had done, and didn't integrate properly.

2022 年，我們看到了更大的惡化，因為我們所做的一些併購工作可能遇到了一些阻力，並且沒有正確整合。

And at that point, it hit almost the bottom. 2023, in my mind, it deteriorated a little more from 2022 to hit a bottom level that was over 5% below the original go-live of 85%.

那時，它幾乎觸底了。在我看來，到 2023 年，它將比 2022 年更加惡化，達到最低水平，比最初上線的 85% 低了 5% 以上。

Now, what we shared today was, in my first nine months, year-to-date through Q3 for us, we've seen 150 basis point improvement, and this is what's the most exciting.

現在，我們今天分享的是，在我的前九個月中，從年初至今到第三季度，我們已經看到了 150 個基點的改進，這是最令人興奮的。

If you think about the history I just said to you, 2024 will be the first year since the company went public that we are going to see an increase year-over-year in (technical difficulty) retention.

如果你想想我剛才對你說的歷史，2024 年將是公司上市以來的第一年，我們將看到（技術難度）保留率逐年增加。

This is what makes it so exciting, Tim, because this is our path for future growth.

提姆，這就是它如此令人興奮的原因，因為這是我們未來發展的道路。

This is the metric that really matters.

這是真正重要的指標。

And I've been preaching to my branches, there's nothing more important than putting the customer at the center of everything we do.

我一直在向我的分支機構宣講，沒有什麼比將客戶置於我們所做的一切事情的中心更重要的了。

And I can -- Brett can maybe add to this if you'd like to and talk about some of the metrics that he's seen and we shared that investment.

我可以——如果你願意的話，布雷特也許可以補充這一點，並談論他看到的一些指標，以及我們分享的投資。

So, Brett, why don't you add?

那麼，布雷特，為什麼不補充一下呢？

Yeah, Tim, it's a great question.

是的，提姆，這是一個很好的問題。

I think from the minute Dale stepped foot in as CEO, he mentioned employees and customers are our main focus and need to be our main focus to get this business going in the right direction long-term.

我認為從戴爾擔任執行長的那一刻起，他就提到員工和客戶是我們的主要關注點，並且需要成為我們的主要關注點，以使這項業務長期朝著正確的方向發展。

I couldn't be more excited about the momentum in the business.

我對業務的發展勢頭感到非常興奮。

We are making the right long-term business decisions by focusing on our employees and taking care of our customers.

我們透過專注於員工和照顧客戶來做出正確的長期業務決策。

And if you look at Q3, and we said the number in our script, we had the substantial savings in our SG&A line of $16 million year-over-year.

如果你看一下第三季度，我們在腳本中說了這個數字，我們的 SG&A 線比去年節省了 1600 萬美元。

We also saw Development produced high-quality projects, both on the job level margins increasing as well as the overhead efficiencies they're getting.

我們也看到開發部門創造了高品質的項目，無論是工作水準利潤率還是管理效率都在提高。

Both those things allowed us the flexibility to go and reinvest back into (technical difficulty) labor and back into customer service levels.

這兩件事使我們能夠靈活地重新投資於（技術難度）勞動力和客戶服務水準。

That reinvestment was around $10 million in Q3.

第三季的再投資約為 1,000 萬美元。

And even with that reinvestment, we still posted a record quarter.

即使進行了再投資，我們的季度業績仍然創紀錄。

So we were looking at right long-term business decisions to manage this business.

因此，我們正在尋找正確的長期業務決策來管理這項業務。

We're still focused on producing profits, we're still focused on growing this business, but we are focused on the right long-term decisions, and that reinvestment, we're starting to see those green shoots in customer retention, as Dale mentioned.

我們仍然專注於創造利潤，我們仍然專注於發展這項業務，但我們專注於正確的長期決策，以及再投資，我們開始看到客戶保留方面的新芽，正如戴爾所說提及。

And we feel confident that this year will be the first year since going public that we'll see that customer retention metric improve.

我們相信，今年將是上市以來我們將看到客戶保留指標改善的第一年。

Hey, Tim, let me take the second part of your question.

嘿，提姆，讓我回答你問題的第二部分。

If you said what do I think is optimal.

如果你說我認為什麼是最佳的。

Here's what I can tell you.

這是我可以告訴你的。

I've been out to branches that are operating at customer retention in the plus-90% level.

我去過一些分支機構，其客戶保留率在 90% 以上。

Those branches grow, and they grow profitably.

這些分支不斷生長，而且它們的增長是有利可圖的。

They have engaged employees, they have happy customers, and the whole team is understanding the importance of that customer.

他們擁有敬業的員工，擁有滿意的客戶，整個團隊都了解客戶的重要性。

I don't think that goal -- public level of 85% should be our target.

我認為 85% 的公眾參與率不應該成為我們的目標。

We have some work to do to get back to that level.

我們需要做一些工作才能回到那個水平。

And every 1% improvement creates an opportunity of around $15 million of Maintenance land revenue for us.

每 1% 的改善都會為我們創造約 1500 萬美元的維護土地收入機會。

That's why we're so excited.

這就是為什麼我們如此興奮。

I see us going well past that 85% level that we went public with, with back in 2018.

我認為我們已經遠遠超過了 2018 年上市時 85% 的水平。

So I don't want to give a number for where we're going to end because my branches know, like safety with no accidents acceptable, I don't want to lose any customers.

因此，我不想給出我們將在哪裡結束的數字，因為我的分支機構知道，就像不能接受任何事故的安全一樣，我不想失去任何客戶。

My goal is to get 100% customer retention, whether that's unrealistic, I'd really like to go for that goal one day.

我的目標是獲得 100% 的客戶保留率，無論這是否不切實際，我真的很想有一天能夠實現這一目標。

That's all really great color, guys.

夥計們，這真是很棒的顏色。

Thank you for all of that.

謝謝你所做的一切。

Just as a really quick follow-up, you mentioned the 100 basis points improvement equates to $15 million in extra revenue.

正如您快速跟進的那樣，您提到 100 個基點的改進相當於 1500 萬美元的額外收入。

How should we think about the margins associated with that extra revenue, is that a different margin profile than -- new business?

我們應該如何考慮與額外收入相關的利潤，這與新業務的利潤狀況是否不同？

Obviously, the cost to acquire a customer you already have is much less than getting a new one.

顯然，獲得現有客戶的成本比獲得新客戶要低得多。

So absolutely, Tim, when we grow this business in 2025 in our Land, and we push that through our existing infrastructure organically, you will see margins improve because the flow-through on that incremental business leveraging our existing overhead will be greater than our existing margins, so absolutely.

所以絕對，蒂姆，當我們在2025 年在我們的土地上發展這項業務時，我們透過我們現有的基礎設施有機地推動這一業務，你會看到利潤率有所提高，因為利用我們現有管理費用的增量業務的流量將大於我們現有的利潤，絕對是如此。

I mean, I would be very disappointed if this didn't help continue the progress we've seen this year on margin expansion as we went through '25, '26, and future years.

我的意思是，如果這無助於我們在 25 年、26 年以及未來幾年繼續今年在利潤率擴張方面所取得的進展，我會非常失望。

So it's a great question.

所以這是一個很好的問題。

I think the midpoint of our guide right now is suggesting over 100 basis points improvement from last year's result.

我認為我們目前指南的中點是建議比去年的結果提高 100 個基點以上。

And I see that continuing and this will be a key lever that will allow us to continue to expand those margins.

我認為這種情況繼續下去，這將成為我們繼續擴大利潤的關鍵槓桿。

That was what I was looking for.

這就是我一直在尋找的東西。

Thank you, Dale.

謝謝你，戴爾。

Thanks, Brett.

謝謝，布雷特。

Bob Labick, CJS Securities.

拉比克 (Bob Labick)，CJS 證券。

Thank you.

謝謝。

Good morning, and congratulations on those strong retention improvement numbers in such a short period of time.

早安，恭喜您在如此短的時間內實現瞭如此強勁的留存率提升。

Absolutely.

絕對地。

Yeah, so I wanted to start, you have, obviously, what seems as profitability growth in driving that.

是的，所以我想開始，顯然，你似乎有盈利能力的增長來推動這一點。

And looking at slide seven, you talk about something I want to dig into a little bit.

看第七張投影片，你談到了我想深入探討的一些內容。

One of the things we've talked about is the big opportunity of converting Development service work into recurring or reoccurring Maintenance work.

我們討論的事情之一是將開發服務工作轉變為重複或重複維護工作的巨大機會。

So what are you doing differently now, what historically did BrightView do in the past that was either unsuccessful or was it not even an effort to do that?

那麼，您現在採取了哪些不同的做法，BrightView 過去曾做過哪些不成功的事情，甚至沒有努力做到這一點？

And how do you see this driving profitable growth going forward, what's the opportunity ahead of us?

您如何看待這對未來獲利成長的推動？

Great question, Bob.

好問題，鮑伯。

So I'll start off at a high level operationally, and then I'll let Brett talk through some of the math on how it can help us long-term.

因此，我將從操作層面的高層次開始，然後讓 Brett 講一些數學知識，說明它如何能夠長期幫助我們。

So firstly, we talked about on our last call our new operating structure; breaking down silos, getting people working together.

首先，我們在上次通話中討論了我們的新營運結構；打破孤島，讓人們一起工作。

That's been a huge cultural change to this business to have eight geographic leaders that manage both our Development group and our Maintenance group.

擁有八位地區領導者來管理我們的開發團隊和維護團隊，這對這個行業來說是一個巨大的文化變革。

We brought those teams together that actually are now communicating regularly on a daily basis.

我們將那些實際上每天都在定期溝通的團隊聚集在一起。

In the past, these groups were almost motivated to not be cooperating with each other, and not get the full leverage of the ongoing maintenance.

在過去，這些團體幾乎不願意相互合作，也無法充分利用正在進行的維護。

Our Development business is growing, and growing, as you saw in the quarter, and expected to grow this year at the high end of the range we gave you last quarter.

正如您在本季所看到的那樣，我們的開發業務正在不斷增長，預計今年的成長將達到我們上季度給您的範圍的上限。

It is a very, very quality group, and the work we're getting continues to come out of the ground.

這是一個非常非常優質的團隊，我們所做的工作不斷出現。

The opportunity, like you said, is to take that work and transition it to our Maintenance group.

正如您所說，機會是將這項工作移交給我們的維護團隊。

It's our ability to leverage the size and scale of BrightView to further distance that growth every year by converting that.

我們有能力利用 BrightView 的規模和規模，透過轉換進一步拉近每年的成長速度。

And let me let Brett comment on the math behind that and probably make sense for you why we're so excited about this new collaboration that we're feeling under our new org structure.

讓我讓布雷特評論一下這背後的數學原理，也許你會明白為什麼我們對新的組織結構下的新合作如此興奮。

Yeah, Bob, if we look at the math again, look, I think as we showed an example in the deck of a development conversion.

是的，鮑勃，如果我們再次看一下數學，看，我認為我們在開發轉換的甲板上展示了一個範例。

Again, we're at the very early stages of this conversion opportunity.

同樣，我們正處於這轉換機會的早期階段。

As you think about the way the business was siloed in the past and now our new operating structure at a leadership level and our new go-to-market strategy as we approach customers as One holistic BrightView, it creates such opportunity for development to convert into maintenance.

當您思考過去業務的孤立方式，以及現在我們在領導層的新營運結構以及我們作為一個整體 BrightView 與客戶接觸時的新進入市場策略時，它創造了這樣的發展機會，將其轉變為維護。

We showed a slide in the deck of a $4 million development opportunity that we just recently converted into a $400,000 maintenance contract.

我們展示了一張 400 萬美元開發機會的幻燈片，我們最近剛將其轉換為 40 萬美元的維護合約。

That that's really what we're talking about, is seeing more of those opportunities convert.

這才是我們真正要討論的，就是看到更多的機會轉化。

In the past, we converted less than 10% of projects from Development into Maintenance contract, less than 10%.

過去，我們只有不到10%的項目從開發轉為維修合同，不到10%。

And the size of the price there, Bob, just to remind, I guess, everyone on the call, our Development business is guided to around $800 million of revenue this year.

鮑勃，價格的大小只是為了提醒大家，我想，我們的開發業務今年的收入預計約為 8 億美元。

It's about $0.07 on every development dollar converts into a maintenance contract because the development projects are larger, one-time in nature, the reoccurring maintenance is really $0.07 on the dollar.

每開發一美元轉換成一份維護合約大約需要 0.07 美元，因為開發案規模較大，本質上是一次性的，重複的維護實際上是 0.07 美元。

So general rule of thumb, that $800 million of revenue will kick off something like $55 million of maintenance contracts in the next 12 months, right?

根據一般經驗，8 億美元的收入將在未來 12 個月內啟動約 5500 萬美元的維護合同，對嗎？

We've converted less than 10% of that in the past, call it less than $5 million.

過去我們的轉換率還不到 10%，可以說不到 500 萬美元。

There's a $50 million untapped opportunity, that the way we were structured in the past wasn't really allowing for that collaboration to convert those projects to maintenance.

有一個價值 5000 萬美元的未開發機會，我們過去的組織方式並沒有真正允許透過協作將這些項目轉變為維護。

But now, the way we're structured in the future, again we're seeing some early wins like the one we shared in our slide deck are really taking advantage of that $50 million size of the prize on those conversions.

但現在，按照我們未來的結構方式，我們再次看到一些早期的勝利，例如我們在幻燈片中分享的勝利，真正利用了這些轉換帶來的 5000 萬美元的獎金。

And that, as we couple with the customer retention we talked about earlier, that's where we feel really confident that as we get into '25, and beyond, we're going to see that Land organic growth beginning to tick up.

而且，當我們與之前討論過的客戶保留率相結合時，我們非常有信心，當我們進入 25 年及以後，我們將看到 Land 的有機成長開始加速。

Okay, great.

好的，太好了。

Yes, that's super helpful and is -- obviously can be very powerful and exciting.

是的，這非常有幫助，而且顯然非常強大和令人興奮。

And then so just one other quick question, if I may, in terms of one of the things you highlighted as well is reinvestment in the fleet, in the truck, and the mowers, and in your employees.

那麼，如果可以的話，還有一個簡單的問題，就您強調的一件事而言，就是對車隊、卡車、割草機和員工的再投資。

Can you give a sense of where we are in that, and when do you start seeing benefits?

您能否介紹一下我們在這方面的進展？

I believe the benefits are going to be in equipment rental and maintenance costs dropping.

我相信好處將是設備租賃和維護成本下降。

Can you maybe size it, and is this a five-year program, 10-year program, or might we even start seeing some benefits next year?

您能否衡量一下它的規模，這是一個五年計劃還是十年計劃，或者我們明年可能會開始看到一些好處？

How does that roll into the P&L?

這如何計入損益表？

So there's two ways to look at it, Bob.

所以有兩種方式來看待它，鮑伯。

First, I would say we started that process.

首先，我想說我們已經開始了這個過程。

We've received a lot of new mowers this year to replace some of our older mowers.

今年我們收到了很多新割草機來取代一些舊割草機。

And we will continue on the mowers and the truck.

我們將繼續開發割草機和卡車。

We're starting to upgrade at a regular pace.

我們開始定期升級。

In fact, we saw a lot of fleet land right at the end of Q2 or Q3.

事實上，我們在第二季末或第三季末看到大量機隊降落。

And as we had into Q4, we still expect our guide that we originally started with, about 3.5% of revenue, to be accurate.

正如我們在第四季度所做的那樣，我們仍然預計我們最初的指南（約佔收入的 3.5%）是準確的。

But the reduced maintenance, the future residual values are great.

但減少了維護，未來的殘值很大。

Even the fleet we've received today, Bob, the bigger impact is on the employee.

鮑勃，即使是我們今天收到的車隊，對員工的影響也更大。

The employee having a mower that they can depend on that's new, that they can take care of customers with.

員工擁有一台可以信賴的新割草機，可以用來照顧顧客。

The employee getting a new truck, that truck is their office.

員工得到一輛新卡車，那輛卡車就是他們的辦公室。

That truck is important for them.

那輛卡車對他們來說很重要。

They spend their whole day in there.

他們在那裡度過一整天。

And like we started the whole conversation with today, I said, from day one, we have to become the employer of choice.

正如我們今天開始的整個對話一樣，我說，從第一天起，我們就必須成為首選雇主。

We have to make sure we take better care of the people that touch our customers on the frontline.

我們必須確保更好地照顧在前線接觸客戶的人員。

I don't want anybody to miss the metric we shared.

我不想讓任何人錯過我們分享的指標。

In the last -- since December, we've had our overall turnover of our frontline crews come down 1,900 basis points.

去年 12 月以來，我們第一線員工的整體流動率下降了 1,900 個基點。

That's a result of not only the Boots program, like I said, but getting these new trucks, getting new mower, that's what's so exciting.

正如我所說，這不僅是 Boots 計劃的結果，而且是獲得這些新卡車、新割草機的結果，這才是令人興奮的事情。

The investments we are making, great, they're going to help us on the P&L long-term.

我們正在進行的投資非常棒，它們將對我們的長期損益有所幫助。

And over the next three years, let's call it, we'll go through that transition, much bigger than that.

在接下來的三年裡，我們將經歷比這更大的轉變。

It's helping us in the most important metric, taking better care of our employees so they can service our customers better.

它在最重要的指標上幫助我們，更好地照顧我們的員工，以便他們能夠更好地為我們的客戶服務。

So, Brett, if you want to add any comment?

那麼，Brett，您是否想添加任何評論？

No, I think you're right on.

不，我認為你是對的。

And last earnings call we mentioned, Bob, we just brought on a new leader for our fleet department to really enact this strategy to make sure fleet, with our truck to mowers, it's truly a strategy of how we acquire, maintain, and then dispose of timely, the fleet we have.

上次我們提到的財報電話會議上，鮑勃，我們剛剛為我們的車隊部門任命了一位新領導者，以真正制定這一戰略，以確保車隊，從我們的卡車到割草機，這確實是我們如何取得、維護和處置的策略及時，我們有艦隊。

So we're going through that process now of upgrading the age of our fleet and mowers.

因此，我們現在正在經歷升級我們的車隊和割草機的年齡的過程。

We also brought in a new leader for procurement that is going through how to procure those pieces of equipment better, how to procure materials better.

我們也聘請了一位新的採購領導，負責研究如何更好地採購這些設備、如何更好地採購材料。

So if you think about the long-term margin in the business, yes, it's customer retention-focused, those customers are much less expensive to acquire than acquiring new customers.

因此，如果你考慮業務的長期利潤，是的，它以客戶保留為重點，獲取這些客戶的成本比獲取新客戶便宜得多。

It's enacting our fleet strategy and buying, maintaining, and disposing of them in a timely manner.

它正在製定我們的機隊策略並及時購買、維護和處置它們。

We're not keeping fleet now 10-plus years, where we're spending a significant amount on maintenance, and then it breaks down, we have to rent something new.

我們現在不會將車隊保留十多年，我們在維護上花費了大量資金，然後它就壞了，我們必須租用新的東西。

That's all going to go away.

這一切都會消失。

It's going to take us a few years to get through that whole strategy, but that's all going to be incremental margin improvement as we move forward.

我們需要幾年的時間來完成整個策略，但這一切都將隨著我們的前進而逐步提高利潤率。

Super.

極好的。

Thank you so much

太感謝了

Thanks, Bob.

謝謝，鮑伯。

Thank you, Bob.

謝謝你，鮑伯。

Andy Wittmann, Baird

安迪‧惠特曼，貝爾德

Thanks.

謝謝。

Good morning, and thank you for taking my questions.

早上好，感謝您回答我的問題。

I wanted to, I guess, build on the capital question from the last person here.

我想，我想以最後一個人提出的基本問題為基礎。

Your free cash flow guide here is $65 million to $80 million, and up, and that's great.

這裡的自由現金流指南是 6500 萬美元到 8000 萬美元，甚至更多，這很好。

But you guys are at, by my calculations, at $120 million year-to-date, so there's a big cash drag in 4Q.

但根據我的計算，今年迄今為止，你們的營收為 1.2 億美元，因此第四季的現金拖累很大。

And Brett, so thought maybe I'd give you a chance to talk about why there's a cash burn in the fourth quarter.

布雷特，我想也許我應該給你一個機會來談談為什麼第四季會出現現金消耗。

Is that CapEx just literally heavy or is there working capital, or what's going on there?

資本支出是否真的很重，或者是否有營運資金，或者那裡發生了什麼？

Yeah, I'd say two things, Andy.

是的，我想說兩件事，安迪。

One, and our balance sheet is so well-positioned right now to invest back in the business.

第一，我們的資產負債表目前處於有利位置，可以投資業務。

We have leverage at all-time lows, we have liquidity at all-time high, our debt are at all-time lows since going public.

我們的槓桿率處於歷史最低水平，我們的流動性處於歷史最高水平，我們的債務處於上市以來的歷史最低水平。

So the balance is so well-positioned to reinvest back in the business.

因此，餘額非常適合重新投資於業務。

As you think about we're at to date, $120 million of free cash flow, that's on $32 million of CapEx.

正如您所想，我們迄今為止有 1.2 億美元的自由現金流，這是基於 3,200 萬美元的資本支出。

We are still guiding to spend right around $100 million in CapEx.

我們仍建議資本支出約為 1 億美元。

A lot of this capital, if we could get it quicker we would.

如果我們能更快獲得這些資本，我們會得到很多。

But a lot of the capital seen coming in, mainly in trucks, like at the end of June, we received a significant amount of trucks, about $21 million worth, but we're going to end up paying for that in the first couple of weeks of July, when it hits CapEx.

但大量資金流入，主要是卡車，例如 6 月底，我們收到了大量卡車，價值約 2100 萬美元，但我們最終將在前幾年支付這筆費用。 。

So right there, if you just adjust for that number, the $120 million of cash flow is more like $100 million of cash flow.

所以，如果你只調整這個數字，1.2 億美元的現金流更像是 1 億美元的現金流。

And that would put us on pace to spend another $50 million or so in Q4 for capital.

這將使我們能夠在第四季度再花費約 5000 萬美元的資本。

So we're going to continue to make sure we reinvest in capital and our fleet.

因此，我們將繼續確保對資本和機隊進行再投資。

And timing could impact that as we get to the end of Q4, but the data we're looking at now would still have us on track to spend about $100 million of CapEx, so that's about a $70 million drag right now from what's in the P&L and the balance sheet for Q3 versus what's in Q4.

當我們到第四季末時，時間安排可能會影響這一點，但我們現在看到的數據仍將使我們有望花費約1 億美元的資本支出，因此，目前這比2019 年第四季的支出拖累了約7,000 萬美元。

That's the biggest item, Andy, that's going to drive that down.

這是最大的項目，安迪，這將降低這一點。

Okay.

好的。

And then, Dale, for you, I think since you took the job, you've kind of looked at the comp plans, so there's too many comp plans, lots of things you said about the comp plan you mentioned in your prepared remarks as well.

然後，戴爾，對於你來說，我認為自從你接受這份工作以來，你已經看過了補償計劃，所以有太多的補償計劃，你在準備好的發言中提到的補償計劃說了很多話：出色地。

So maybe I would have you just give a little bit more detail on this one.

所以也許我想讓你就這個問題提供更多細節。

What levels and positions were specifically impacted as you changed incentives around your company?

當您改變公司的激勵措施時，哪些等級和職位受到了具體影響？

And can you talk about any changes, at a high level, what those included?

您能否從高層次談談任何變化，其中包括哪些變化？

And maybe even more importantly, how they've been received and if it helps or hindered the employee retention on those positions that were affected by the comp plan change?

也許更重要的是，他們的反應如何，以及這是否有助於或阻礙員工保留受薪酬計畫變更影響的職位？

Yeah, great.

是的，太棒了。

Good question, Andy.

好問題，安迪。

I would say, you brought it up, we had a lot of people being compensated differently across the company.

我想說的是，你提到了，我們公司很多人的薪水都不同。

In fact, when I joined we had over 30 different discretionary compensation programs to reward our people for the way that they perform.

事實上，當我加入時，我們有超過 30 種不同的可自由支配的薪酬計劃來獎勵員工的表現。

That obviously didn't create everybody rolling in the same direction.

顯然這並沒有讓每個人都朝著同一個方向前進。

So we redid it.

所以我們重新做了。

We found a way to come up with a simple plan for our branch, that everybody at the branch shares and the common profit-sharing pool.

我們找到了一種方法，為我們的分行製定了一個簡單的計劃，分行的每個人都共享和共同的利潤分享池。

When they grow, and they grow profitably, that's what's key.

當它們成長並實現盈利時，這才是關鍵。

We don't use budget, we use year-over-year profitable growth.

我們不使用預算，我們使用逐年獲利成長。

And what makes me the happiest about that, Brett talked about the $10 million increase we saw making investing in our frontline people to make sure we can service customers better.

最讓我高興的是，布雷特談到了我們對第一線人員的投資增加了 1000 萬美元，以確保我們能夠更好地為客戶服務。

That creates a headwind for all those branches that make that decision, that taking care of our customer is so important, because they know the impact that will have on their program next year, and the year after that.

這給所有做出這項決定的分支機構帶來了阻力，照顧我們的客戶非常重要，因為他們知道明年以及後年將對他們的計劃產生影響。

So it's all about getting everybody on one program.

所以這一切都是為了讓每個人都參與一個計劃。

In fact, we have two programs as a company now.

事實上，我們公司現在有兩個專案。

We basically have our branch and market program, and then we have a corporate program.

我們基本上有我們的分支機構和市場計劃，然後我們有一個公司計劃。

And the only different with corporate is, like many public companies, we use some key metrics, such as diversity, safety, that we put into our overall program.

與企業的唯一不同之處在於，像許多上市公司一樣，我們使用一些關鍵指標，例如多樣性、安全性，並將其納入我們的整體計劃中。

But our programs are 80% based on that EBITDA and EBITDA growth.

但我們的計劃 80% 是基於 EBITDA 和 EBITDA 成長。

So it's all about getting everybody aligned.

所以這一切都是為了讓每個人都保持一致。

It's all about taking every person at the branch, Andy, and make sure they're all working at the common goal of driving profitable growth long-term.

安迪，這一切都是為了讓分行的每個人都努力工作，以實現長期推動獲利成長的共同目標。

It's been received very well.

反響非常好。

In the past, bonus dollars were distributed by who could budget at the lowest level.

過去，獎金是由預算最低的人分配的。

And even if they budgeted, they shrink and they shrunk, they could be rewarded.

即使他們的預算不斷縮減，他們也能得到回報。

Today, the profit sharing program is going to reward the people that grow the bottom line, and that's what we want to do.

今天，利潤分享計劃將獎勵那些增加利潤的人，這就是我們想要做的。

So it's been very well-received, and it's motivating the people to know that if they run their business and run it responsibly, take care of their customers and grow the business, they're going to be rewarded for it.

所以它很受歡迎，它激勵人們知道，如果他們負責任地經營自己的業務，照顧他們的客戶並發展業務，他們就會因此而得到回報。

So great question.

很好的問題。

Appreciate that answer.

感謝這個答案。

I'm going to leave it there for today.

今天我就把它留在那裡。

Have a good day.

祝你有美好的一天。

Greg Palm, Craig-Hallum

格雷格帕爾姆、克雷格哈勒姆

Yeah, thanks.

是的，謝謝。

Morning, everybody, and congrats on the continued progress here.

大家早安，恭喜這裡的持續進步。

Brett, I know you alluded to return of growth in that core Maintenance segment.

布雷特，我知道您提到了核心維護領域的成長回報。

But can we dig into that a little bit more.

但我們可以更深入地研究一下嗎？

There's clearly lots of levers, the cross-selling potential, retention rates, it just seems like there's a lot of positive indicators at this point, it's still pretty early.

顯然有很多槓桿、交叉銷售潛力、保留率，目前似乎有很多積極的指標，但現在還為時過早。

So it begs the question do some of these initial metrics make you more confident in that ultimate reacceleration, kind of the longer-term potential, would love to get maybe just a little bit more color on how you're thinking about the long-term?

因此，這就引出了一個問題：這些初始指標中的一些是否會讓您對最終的重新加速更有信心，即長期潛力，希望獲得更多關於您如何看待長期的信息？

Look, I think let me jump in, Greg, real quick.

聽著，我想讓我跳進去，格雷格，很快。

I think the way Brett ended his part of the opening today says a lot.

我認為布雷特今天結束開場部分的方式說明了很多。

Brett's seen, and Brett's a believer now with the commitment that we made to reinvest in our employees because we're not managing the business for each quarter.

布雷特已經看到了，布雷特現在是我們承諾對員工進行再投資的信徒，因為我們不是每個季度都管理業務。

We had a record quarter.

我們經歷了創紀錄的季度。

We had an unbelievable Q3 for the business, and we are showing progress in so many ways.

我們的第三季業務令人難以置信，我們在許多方面都取得了進展。

But we need to grow this business, not just Development, not just cut the overhead; we need to grow our core Land business.

但我們需要發展這項業務，而不僅僅是開發，不僅僅是削減管理費用；我們需要發展我們的核心土地業務。

That is our next lever.

這是我們的下一個槓桿。

So I'll let Brett talk about how he sees it going out through '25, but you're right, Greg, this is our next lever.

所以我會讓 Brett 談談他如何看待 25 年的發展，但你是對的，Greg，這是我們的下一個槓桿。

And we are positioned today, that we are in a better position going into '25 than any other year we were going into.

我們今天的定位是，進入 25 年後，我們的處境比我們進入的任何其他年份都更好。

So, Brett, I'll let you comment

所以，布雷特，我會讓你發表評論

Yeah, no, I fully agree.

是的，不，我完全同意。

Look, I think if you go to slide nine in the presentation, we're still stepping over some of our aggregator business exit, US Lawns divestiture, that's going to be about $25 million headwind in Q4.

聽著，我想如果你看簡報中的第九張投影片，我們仍在克服一些聚合器業務退出，即 US Lawns 剝離，這將在第四季度帶來約 2500 萬美元的阻力。

That's going to be about a $10 million headwind to that Land number in Q1, and in Q2.

這將比第一季和第二季的 Land 數字帶來約 1000 萬美元的阻力。

So call it, $20 million in the first-half of the year.

這麼說吧，今年上半年就賺了2,000萬美元。

But, look, I can't tell you if it's going to be March of next year, April of next year, June of next year, July of next year, but we are on such -- we have such momentum behind that land growth metric.

但是，聽著，我不能告訴你是否會是明年三月、明年四月、明年六月、明年七月，但我們正在這樣——我們在土地增長背後有這樣的動力公制。

And if you think about what we're doing from a customer retention standpoint, every 100 basis points or so our customer retention is worth $15 million annualized of contract and the ancillary growth.

如果你從客戶保留的角度考慮我們正在做的事情，那麼每 100 個基點左右，我們的客戶保留就相當於每年 1500 萬美元的合約和輔助增長。

Those develop in conversions, that $50 million of untapped opportunity, I mean that's significant growth even if we don't go all the way from zero to 100 overnight, if we start to incrementally kick that up from less than 10%, to 25%, to 50%, that's newfound opportunity to this company that we've never executed in the past.

這些都是在轉換中發展起來的，即價值5000 萬美元的未開發機會，我的意思是，即使我們不是一夜之間從0 一路上升到100，如果我們開始逐步將其從不到10% 提高到25%，這也是顯著的成長。

So yeah, I think as Dale said best, we are doing such a good job expanding margins this year, which is really coming from restructuring the company and cost controls in the business, and our Development business continuing to produce.

所以，是的，我認為正如戴爾所說，我們今年在擴大利潤方面做得非常好，這實際上來自公司重組和業務成本控制，以及我們的開發業務的持續生產。

As you think about next year, getting to the back-half or the exit speed of next year, it's going to be that Land organic growth coupled with the Development growth that we're seeing, coupled with the streamlined operating structure, that's really going to be where this company takes off.

當你考慮明年的下半年或退出速度時，土地有機成長加上我們看到的開發成長，再加上精簡的營運結構，這確實會發生成為這家公司起飛的地方。

But yes, we feel more confident than ever today on that long-term organic land growth as you get into the back-half of next year.

但是，是的，隨著明年下半年的到來，我們對長期有機土地成長比以往任何時候都更有信心。

Okay, good, appreciate that.

好的，好的，欣賞一下。

And then on the frontline employee retention metric, I mean that really stood out.

然後，在一線員工留任率指標上，我的意思是，這確實很突出。

And it sounds like, and I'm sure the primary reason is some of the investments you've made around in the fleet and the boots, that's what it sounds like.

聽起來，我確信主要原因是你在機隊和靴子上所做的一些投資，這就是聽起來的樣子。

I guess how do you continue to improve this metric, going forward, even after lapping some of those big initial investments that have maybe caused that metric to come down to this level?

我想，即使在進行了一些可能導致該指標下降到這個水平的巨額初始投資之後，您今後如何繼續改進該指標？

Look, Greg, I'll start and kick it over to Brett, but it starts with recognizing how important those people are.

聽著，格雷格，我將首先把它交給布雷特，但首先要認識到這些人的重要性。

They have to understand the importance that they service our customers every day at the highest level.

他們必須了解每天以最高水準為客戶提供服務的重要性。

That's where it starts with.

這就是事情開始的地方。

I have traveled along the country.

我已經走遍全國。

I have been out to visit most of these branches.

我去過這些分行大部分。

The way I start my day every time is doing stretch and flex with our frontline crews.

我每次開始新的一天的方式就是和我們的前線工作人員一起做伸展運動。

And when they see that, they understand.

當他們看到這一點時，他們就明白了。

And the culture has transformed.

文化也發生了轉變。

I remind every person above the crews that leave our yard every day, we work for them.

我提醒每天離開我們院子的工作人員之上的每一個人，我們為他們工作。

We work for them to make sure their jobs should be easier to service our customers.

我們為他們工作，以確保他們的工作能夠更輕鬆地為我們的客戶提供服務。

That's a complete change than where we were 12, 18, 24 months ago.

與 12、18、24 個月前相比，這是一個徹底的改變。

That's probably the quickest way I can tell you, what's causing that turnover reduction is culture, that is the number one word.

這可能是我能告訴你的最快的方式，導致營業額減少的原因是文化，這是第一個字。

But, Brett

但是，布雷特

--

--

No, I would just add that we have to continue to be unwavering on executing our strategy, and we have been, through the first nine months of this year.

不，我只想補充一點，我們必須繼續堅定不移地執行我們的策略，今年前九個月我們一直如此。

We recognize the importance of every 90-day cycle in delivering a quarter.

我們認識到每個 90 天週期對於交付季度的重要性。

But making the right long-term business decisions and taking care of those employees, making sure we continue to get them new trucks and mowers, make sure we look at things like the Boot program, where we can, to get them in the right safety, comfortable work shoes, like we did back in Q2, continue to be unwavering in that, Greg, because that will lead to the long-term health of this business.

但是，要做出正確的長期業務決策並照顧這些員工，確保我們繼續為他們提供新的卡車和割草機，確保我們盡可能專注於引導計劃等內容，以使他們處於正確的安全狀態，舒適的工作鞋，就像我們在第二季度所做的那樣，格雷格，繼續堅定不移，因為這將導致這項業務的長期健康發展。

We recognize the 90-days, we're a public company, but that even goes through our shift from going from quarterly guidance to annual guidance because we're so focused on the right long-term decisions, we have to continue to be unwavering on that, making sure those employees come first, in turn will take care of our customers, driving that customer satisfaction, driving that satisfaction enables us to get easier price increase conversations, more conversions into Development, into Maintenance, more references for new customers.

我們認識到 90 天，我們是一家上市公司，但這甚至經歷了我們從季度指導轉向年度指導的轉變，因為我們如此專注於正確的長期決策，我們必須繼續堅定不移在此基礎上，確保這些員工放在第一位，反過來照顧我們的客戶，提高客戶滿意度，提高滿意度使我們能夠更輕鬆地進行漲價對話，更多地轉化為開發、維護，為新客戶提供更多參考。

So we just got to make sure we continue to be unwavering on that strategy, and execute it every chance we get.

因此，我們必須確保我們繼續堅定不移地實施這項策略，並抓住一切機會執行它。

Yeah, makes sense.

是的，有道理。

I will leave it there.

我會把它留在那裡。

Thanks for all the color.

感謝所有的顏色。

Jeffrey Stevenson, Loop Capital

傑弗瑞史蒂文森，Loop Capital

Yes, thanks for taking my questions, and congrats on the nice quarter.

是的，感謝您提出我的問題，並祝賀這個美好的季度。

So, what were the primary drivers of the strong development expansion during the quarter?

那麼，本季強勁發展擴張的主要驅動力是什麼？

And also, do you believe that Development margin improvement is coming in ahead of schedule now that pricing protections are included in contracts, and lower margin work is beginning to be worked off as well?

另外，您是否認為既然價格保護已包含在合約中，開發利潤率的改善就會提前實現，並且較低利潤率的工作也開始得到解決？

Okay, so Jeff, let me start the answer with that.

好的，傑夫，讓我開始回答這個問題。

And thank you again for visiting us in Chicago where I was able to spend time with you.

再次感謝您來芝加哥拜訪我們，我能夠與您共度時光。

You saw the work we're doing at the Obama Presidential Center with me.

你和我一起看到了我們在歐巴馬總統中心所做的工作。

Our development team, hands down, does some of the most amazing work across North America.

毫無疑問，我們的開發團隊在北美做出了一些最令人驚嘆的工作。

We've got to make sure we continue that as we go forward.

我們必須確保我們繼續前進。

That the level of skill we have in our Development group is second to none.

我們開發團隊的技能水平是首屈一指的。

So I'll let Brett comment about the margin of the business, but remember it starts with being the partner of choice for your customers to make sure they know, by choosing BrightView, they're choosing the best group to do their work.

因此，我將讓 Brett 評論業務利潤，但請記住，首先要成為客戶選擇的合作夥伴，以確保他們知道，透過選擇 BrightView，他們選擇了最好的團隊來完成他們的工作。

But Brett, I'll let you comment on the margin expansion.

但是布雷特，我會讓你對利潤率擴張發表評論。

Yeah, Jeff, great question.

是的，傑夫，好問題。

Look, we feel so optimistic about this business, we've said it now for the last six or seven quarters, we're going to say it again this quarter.

看，我們對這項業務感到非常樂觀，我們在過去的六、七個季度裡已經說過了，本季我們將再次這麼說。

Our backlog in Development is essentially sold out through this time next year or through the end of Q3 next year.

到明年這個時候或到明年第三季末，我們的開發積壓訂單基本上已經售完。

So even if that business doesn't sell any more work between now and then, we're essentially sold through this point next year.

因此，即使該公司從現在到那時不再出售任何作品，我們基本上也會在明年的這個時候出售。

We continue to see significant opportunities in that business, to grow that backlog, and grow revenue.

我們繼續在該業務中看到重大機會，以增加積壓並增加收入。

I'd say, from a margin standpoint, a few years back, if you go back to 2019, this business was operating around 14% EBITDA margin, and then we saw hyperinflation, and we had contracts that didn't have price protection in there, right?

我想說，從利潤率的角度來看，幾年前，如果你回到2019 年，該業務的EBITDA 利潤率約為14%，然後我們看到了惡性通貨膨脹，我們的合約在2019 年沒有價格保護。

But we fixed all that.

但我們解決了這一切。

In 2022, 2023, we start to put those price protections in place, commodity price protections in place.

2022年、2023年，我們開始實施這些價格保護，商品價格保護。

And now, with the amount of backlog we have, we have the ability to be a little bit more selective on the bids we're going after, and the pricing we're going after them with, that's all leading to margin expansion in the business.

現在，憑藉我們所擁有的積壓量，我們有能力對我們要追求的投標以及我們要追求的定價更有​​選擇性，這一切都會導致利潤率的擴大商業。

Specifically in Q3, we saw really two wins in that business.

特別是在第三季度，我們在該業務中看到了兩場勝利。

We saw job level margins increase significantly, as well as reducing our overhead costs that led to more efficient operations, which caused even more margin expansion in that business.

我們看到職位利潤率顯著提高，管理成本降低，從而提高了營運效率，從而導致該業務的利潤率進一步擴大。

We expect to see very similar results in Q4, that why we're ranged our guide in Development to the high end of the revenue guide of 5%, and we've increased margins essentially two-fold.

我們預計第四季度將看到非常相似的結果，這就是為什麼我們將開髮指南調整為收入指南的高端 5%，並且我們的利潤率基本上增加了兩倍。

We were at 70 basis points last go-around for the year, now we're at 150 basis points this go-around for margins.

今年上次複查時我們的利潤率為 70 個基點，現在這次複查的利潤率為 150 個基點。

And that gets us back in really that 12.5% range of EBITDA.

這讓我們的 EBITDA 回到了 12.5% 的範圍。

Remember, in '19, this business was at 14%.

請記住，在 19 年，這項業務的成長率為 14%。

So I still feel like there's opportunity to go with being more selective in the projects we're bidding, continue to produce high-quality results at that job level, coupled with the restructuring of our overhead to get more efficiency there.

因此，我仍然覺得有機會在我們投標的項目中更加有選擇性，繼續在該工作級別上產生高品質的結果，同時重組我們的管理費用以提高效率。

There is still room to grow in that business, in '25 and beyond, to get that margin back up to those 2018, 2019 levels.

在 25 年及以後，該業務仍有成長空間，以使利潤率恢復到 2018 年、2019 年的水平。

Great, that's very helpful, Brett.

太好了，這非常有幫助，布雷特。

And then given your improved balance sheet and leverage position, Dale, I was hoping you could provide an update on the likelihood of returning to M&A in fiscal '25, and what types of acquisitions would be attractive for the company moving forward?

然後，考慮到您改善的資產負債表和槓桿狀況，Dale，我希望您能提供有關在 25 財年重返併購的可能性的最新信息，以及哪些類型的收購對公司未來有吸引力？

We've said, Jeff, we've paused a little bit this year as we did all the restructuring within our own company.

我們說過，傑夫，今年我們暫停了一些，因為我們在自己的公司內部進行了所有重組。

The business is getting very close to being able to support M&A.

該業務即將能夠支援併購。

And the people who are changing the culture in this business, my branches who can find us good deals are ready.

那些正在改變這個產業文化的人，那些能為我們找到好交易的分店已經準備好了。

And they want us to start looking at doing M&A.

他們希望我們開始考慮併購。

Our process to do M&A is drastically different than it was when the company struggled to integrate the businesses.

我們的併購流程與公司努力整合業務時的流程截然不同。

We are asking our operation teams to tell us who they think would be the best fit in their market to join BrightView.

我們要求我們的營運團隊告訴我們他們認為誰最適合加入 BrightView。

To join BrightView has to be a privilege.

加入 BrightView 必須是特權。

We shouldn't buy companies that don't add value to us servicing our customers.

我們不應該購買那些無法為我們服務客戶增加價值的公司。

We will focus that on probably greenfield markets that we don't operate in today.

我們將把重點放在我們今天尚未開展業務的可能的未開發市場。

We will look at ancillary businesses, like Tree, that we could fold into markets where perhaps we're not doing the work today, we're using partners.

我們將研究輔助業務，例如 Tree，我們可以將其融入市場，在這些市場中，我們今天可能不會做這項工作，而是使用合作夥伴。

We'll look at ways that we can be a better partner to our customers.

我們將研究如何成為客戶更好的合作夥伴。

Do I think we're going to return in 2025?

我認為我們會在 2025 年回歸嗎？

Absolutely.

絕對地。

Brett has done an amazing getting me in a position with our position with our balance sheet that we're ready to go.

布雷特做了令人驚奇的事情，讓我在資產負債表上處於有利地位，我們已經準備好了。

And I'll let him comment quickly on just what that means, because I think it's worth noting where our cash position was last year versus where we sit today.

我會讓他快速評論這意味著什麼，因為我認為值得注意的是我們去年的現金狀況與今天的狀況。

So, Brett, I'll let you

所以，布雷特，我會讓你

--

--

Yeah, Jeff, it's a great question.

是的，傑夫，這是一個很好的問題。

Look, right now we sit with over $535 million liquidity.

看，現在我們擁有超過 5.35 億美元的流動性。

And of that liquidity, $115 million of that is cash.

在這些流動性中，有 1.15 億美元是現金。

Last year, we had $10 million of cash, which essentially make one or one-and-a-half times payroll.

去年，我們有 1000 萬美元的現金，基本上是薪水的一倍或一倍半。

So we're in such a better spot from a cash position.

所以我們的現金狀況比較好。

When we get back into M&A, we will have the cash to fund that M&A.

當我們重新進行併購時，我們將有現金為併購提供資金。

And I would even say from a process standpoint, we now have our strategic partners, with One Rock Capital onboard, when we do get into M&A, we start thinking about how to do diligence differently, how to look at opportunities areas differently, how to not only identify synergies but track synergies.

我甚至會說，從流程的角度來看，我們現在有了我們的策略合作夥伴，One Rock Capital也加入了，當我們進入併購時，我們開始思考如何以不同的方式進行盡職調查，如何以不同的方式看待機會領域，如何不僅識別協同效應，而且追蹤協同效應。

We have this partner that does it every day, One Rock, who is going to help us build out and fortify that process.

我們有一個每天都在做這件事的合作夥伴 One Rock，他將幫助我們建立和強化這個過程。

So you think about the process of going through diligence with the support of One Rock, you think about the process changes from our field managers bringing those opportunities to us, so bottoms-up, not a tops-down.

所以你想想在 One Rock 的支持下進行盡職調查的過程，你想想我們的現場經理為我們帶來這些機會的過程變化，所以是自下而上的，而不是自上而下的。

And you couple that with the cash and liquidity we have in the balance sheet to go execute.

然後將其與我們資產負債表中可供執行的現金和流動性結合。

When we are ready to do M&A, we're better positioned today than we've ever been to execute.

當我們準備好進行併購時，我們今天的處境比以往任何時候都更好。

Now that sounds great.

現在聽起來很棒。

And I appreciate you taking my questions.

我很感謝你回答我的問題。

Thank you.

謝謝。

George Tong, Goldman Sachs

喬治唐，高盛

Hi, thanks.

你好，謝謝。

Good morning.

早安.

You talked about dedicating investments back into the business and into personnel.

您談到將投資重新投入業務和人員。

So want to get a better sense of the timing and where exactly those investments will play out over the next couple of quarters, if you can talk a little bit more about that that'd be great?

因此，想要更好地了解時機以及這些投資將在接下來的幾個季度中發揮作用，如果您能多談談這一點那就太好了？

Thanks, George.

謝謝，喬治。

Good, good question.

好，好問題。

I think we want to make sure that all of our customers get the service that they're provided.

我認為我們希望確保所有客戶都能獲得他們所提供的服務。

We want to make sure that nobody is pushing our employees to cut any quarters when it comes to customer service.

我們希望確保沒有人強迫我們的員工在客戶服務方面削減任何開支。

So the majority of that cost comes at the expense of making sure they have enough hours to do that service in the form of labor.

因此，大部分的成本是以確保他們有足夠的時間以勞動力的形式提供服務為代價。

But that's what's driving a lot of that employee retention that employee turnover decrease we're seeing because people don't feel like we're asking them to do more with less time.

但這就是我們看到的員工流動率下降的原因，因為人們不覺得我們要求他們用更少的時間做更多的事情。

They feel like they're being allocated enough time to do the service levels that they can and require to service our customers.

他們覺得自己被分配了足夠的時間來達到他們能夠且要求的服務水平，從而為我們的客戶提供服務。

It has shown up in the numbers it showed up in our customer engaged or our employee engagement and in our customer retention so we're investing it.

它已經體現在我們的客戶參與度或員工敬業度以及客戶保留率方面的數字中，因此我們正在對其進行投資。

We did the BOOST program.

我們做了 BOOST 計劃。

Everybody saw that.

大家都看到了。

But more importantly, it's in the labor for these people is making sure that they can put in the hours every week that they need to service our customers.

但更重要的是，這些人的工作是確保他們每週都能投入為客戶服務所需的時間。

But Brent, I'll let you kind of.

但是布倫特，我會讓你這麼做的。

Yeah, George, just to quantify that a little bit further, you think about our Maintenance business, we do about half -- we do about a third of our revenue in the first-half of the year.

是的，喬治，為了進一步量化這一點，你想想我們的維護業務，我們在上半年做了大約一半的收入，大約三分之一的收入。

And then we do a third of our revenue in Q3, and a third of our revenue in Q4.

然後我們在第三季完成三分之一的收入，在第四季完成三分之一的收入。

So we said in the prepared remarks, in the script that we invested around $10 million more in frontline labor.

因此，我們在準備好的演講稿和劇本中表示，我們在一線勞動力方面額外投資了約 1000 萬美元。

Actually, in the first-half of this year, we invested about $8 million in frontline labor, right?

事實上，今年上半年我們在一線勞動力上投入了大約800萬美元，對嗎？

It's just our business over the first two quarters isn't any big as the third quarter.

只是我們前兩個季度的業務沒有第三季那麼大。

And included in our guide is to invest more frontline labor, right around that same $10 million mark that we did in Q3.

我們的指南中包括投資更多的第一線勞動力，與我們在第三季所做的相同，約為 1000 萬美元。

So as Dale mentioned, I mean again being unwavering on that customer service level, making sure they get the service that they deserve and that they're paying for, and those investments that we're making now, all while guiding to a record year, all while guiding to incremental improvement; those investments we're making now will lead to that long-term sustainable growth that we're looking to build.

正如戴爾所提到的，我的意思是再次堅定不移地保持客戶服務水平，確保他們獲得應得的服務並支付費用，以及我們現在正在進行的投資，同時引導創紀錄的一年，同時指導漸進式改善；我們現在正在進行的這些投資將帶來我們希望實現的長期永續成長。

So we couldn't be more excited about the flexibility we have with some of the overhead savings that we've had in the business and how Development continues to share their momentum to be able to go and reinvest those dollars back into our customer service.

因此，我們對我們在業務中節省的一些管理費用所擁有的靈活性以及開發人員如何繼續分享他們的動力以能夠將這些資金重新投資回我們的客戶服務感到非常興奮。

That's helpful.

這很有幫助。

And then with respect to the customer service, could you give some examples of some of the blocking and tackling you're hoping to improve with labor and with some of the best practices, and how that should help improve the overall customer experience?

然後，在客戶服務方面，您能否舉出一些您希望透過人工和最佳實踐來改進的一些障礙和解決方案的範例，以及這將如何幫助改善整體客戶體驗？

So what exactly the staff are doing better, going forward, compared to with the past?

那麼，與過去相比，未來員工到底在哪些方面做得更好呢？

Yeah, look, let me give you one example of something we're working on, George, that helps the employee morale and it makes our customers good.

是的，讓我舉一個我們正在做的事情的例子，喬治，這有助於提高員工士氣，讓我們的客戶受益。

Unfortunately, a lot of the work we do is outside, and it's weather-related.

不幸的是，我們所做的許多工作都是在戶外進行的，並且與天氣有關。

So in markets we're doing work to try to have our employees work four 10-hour days versus five eight-hour days.

因此，在市場上，我們正​​在努力讓員工每天工作 4 小時 10 小時，而不是每天 5 小時工作 8 小時。

By doing that, if one day, during the work week, Monday through Thursday, we get rain for the day that we can't work, we can have a makeup day on Friday.

透過這樣做，如果有一天，在工作週期間，週一到週四，我們無法工作的那一天下雨，我們就可以在週五化妝。

The employees still get their 40 hours, we still provide the service during the week to the customer that they expect.

員工仍然有 40 個小時的工作時間，我們仍然在一周內向他們期望的客戶提供服務。

We don't try to just take a week off and catch up with them the next service cycle.

我們不會嘗試只休息一周並在下一個服務週期趕上他們。

It's a win for us long-term.

從長遠來看，這對我們來說是一場勝利。

It costs us money short-term, but the employees appreciate it, the customers appreciate it.

短期內這會花我們金錢，但員工會欣賞它，顧客也會欣賞它。

And all it takes is for us to let the customer know, "Hey, it's raining today, we're not going to be out there.

我們要做的就是讓客戶知道，「嘿，今天下雨了，我們不會去那裡。

We'll be out to do your service on Friday."

我們將於週五為您服務。

It's a different culture in the business than what we had just nine months ago.

與九個月前相比，這是一種不同的商業文化。

So it's a great example.

所以這是一個很好的例子。

It's the best way I can say it.

這是我能說的最好的方式。

It's about making sure we do what we said we're going to do every week.

這是為了確保我們每週都按照承諾去做。

Very helpfull.

非常有幫助。

Thank you.

謝謝。

Stephanie Moore, Jefferies

史蒂芬妮·摩爾，杰弗里斯

Hello, this is Harold Antor on for Stephanie Moore.

大家好，我是史蒂芬妮·摩爾的哈羅德·安托。

On the tech side, I know you talked about ride optimization.

在技​​術方面，我知道您談到了乘坐優化。

Just wanted to get an idea of where you are on that front, and some of the other initiatives that you're doing on the tech side?

只是想了解您在這方面的進展，以及您在技術方面正在採取的其他一些舉措？

And then if you could quantify for us how much savings you're seeing from this route optimization and using less fuel, and what percentage of fuel represents on cost of goods sold, any comments around there would be helpful?

然後，如果您可以為我們量化通過此路線優化和使用更少的燃料您可以節省多少成本，以及燃料在銷售商品成本中所佔的百分比是多少，周圍的任何評論都會有幫助嗎？

Thank you.

謝謝。

Yeah, so Harold, let me start off with that, and then Brett could add any comments he wants.

是的，所以哈羅德，讓我從這個開始，然後布雷特可以添加他想要的任何評論。

But look, I think the tool that we have deployed to our branch is the second step in our go-to-market strategy to better drive efficiencies at our branch.

但是，我認為我們為分支機構部署的工具是我們進入市場策略的第二步，旨在更好地提高分支機構的效率。

If you remember, earlier in the year, we've realigned our sales force to go under our operations team so that we have two people working together to go after the market.

如果您還記得，今年早些時候，我們對銷售團隊進行了重新調整，將其置於營運團隊之下，以便我們有兩個人一起努力開拓市場。

This tool enables them to identify maybe where we have customers, as the example shows, that are remote, that we're spending too much time driving to, and we're not spending enough time servicing customers.

這個工具使他們能夠確定我們的客戶可能在哪裡，正如範例所示，這些客戶是偏遠的，我們花了太多時間開車去的，而且我們沒有花足夠的時間為客戶提供服務。

So what this technology enables us to do is to actually go after customers that are geographically close to the customer which we have today that might be remote so that we can retain all our customers and drive profitability long-term.

因此，這項技術使我們能夠做的是真正去尋找地理位置上與我們目前可能遙遠的客戶相近的客戶，這樣我們就可以留住所有客戶並提高長期盈利能力。

This tool is in the early stages.

該工具還處於早期階段。

Our branches working with through sales force are still in the early stages.

我們的分公司透過銷售人員進行合作仍處於早期階段。

But this is another example of technology that we're giving our branches that allow them to be able to manage their business better.

但這是我們為分支機構提供技術的另一個例子，使他們能夠更好地管理業務。

If everybody remembers, in the beginning of the year, in the early stage is said we are going to transform the way we support our branches.

如果大家還記得的話，在今年年初，在早期階段，據說我們將改變我們支持分支機構的方式。

We're giving them a playbook that allows them to manage their business better.

我們為他們提供了一本手冊，讓他們能夠更好地管理自己的業務。

We're going to give them tools, like this tool that we're showing you, so that they can run their business better.

我們將為他們提供工具，就像我們向您展示的這個工具，以便他們可以更好地經營業務。

That was a big driver when we said we wanted to divest the US Lawns business that we sold at the beginning of the year.

當我們表示要剝離年初出售的美國草坪業務時，這是一個很大的推動因素。

We did that because I don't want to give people this tool that we're investing in to drive our branches to grow.

我們這樣做是因為我不想向人們提供我們投資的這個工具來推動我們的分支機構發展。

That's why we divested that business.

這就是我們剝離該業務的原因。

Now, this is just one example of tools that we're looking at.

現在，這只是我們正在研究的工具的一個範例。

Our number one asset, I started the call off with this, is our employees.

我一開始就說，我們的第一資產是我們的員工。

We are in the process of selecting and implementing a new HRIS system so we can manage those employees, from the time we onboard them, from the time we recruit them, all the way through the annual performance cycle.

我們正在選擇和實施新的 HRIS 系統，以便我們可以管理這些員工，從入職、招募到年度績效週期。

So getting a better tool to allow us to do that will create huge value for us.

因此，獲得更好的工具來實現這一點將為我們創造巨大的價值。

And we have a lot of crews that go out every day.

我們有很多工作人員每天都出去。

And today, unfortunately, we don't leverage technology to manage that process.

不幸的是，今天我們沒有利用科技來管理這個過程。

But we're drastically changing that, and we're implementing a new system that we plan to roll out in '25 that'll allow us to use technology to manage those crews as they leave, and we need to shift resources around.

但我們正在徹底改變這一點，我們正在實施一個計劃在 25 年推出的新系統，該系統將使我們能夠使用技術來管理那些離開的人員，並且我們需要轉移資源。

We're still in the early days, so it's tough for me to give you a quantitative number that comes from this route optimization.

我們仍處於早期階段，因此我很難向您提供來自此路線優化的定量數字。

But what I will tell you qualitatively, we are making huge progress in getting people aligned.

但我要定性地告訴你，我們在讓人們保持一致方面取得了巨大進展。

But Brett, I'll let you add.

但是布雷特，我會讓你補充一下。

Yeah, I mean fuel is one area, right, Harold?

是的，我的意思是燃料是一個領域，對吧，哈羅德？

Fuel is about 2.5% of revenue for us, so call it $75 million or so of fuel cost if you do the math.

燃料約占我們收入的 2.5%，因此如果您算一下，燃料成本約為 7500 萬美元。

There is absolutely route optimization that will add some efficiencies there.

絕對有路線優化可以提高效率。

But even more is the wear and tear on our trucks, the wear and tear on our equipment, onloading and offloading, all that from our trucks every day, I mean that adds opportunity as well.

但更重要的是我們卡車的磨損，我們設備的磨損，裝卸，我們卡車每天的所有磨損，我的意思是這也增加了機會。

Not to mention the efficiency of our crews, as Dale mentioned.

正如戴爾所提到的，更不用說我們工作人員的效率了。

When you have to get and pack all that stuff up and get on a truck and drive 25 miles, which is the example we gave in the presentation. 25 miles in the country might take you 30 minutes. 25 miles in the middle of San Francisco or New York or any major metropolitan area could take you an hour-and-a-half; that that is all wasted time.

當你必須把所有東西收拾好，然後開上卡車行駛 25 英里時，這就是我們在演示中給出的例子。在鄉下行駛 25 英里可能需要 30 分鐘。在舊金山或紐約或任何主要大都會區中部 2​​5 英里可能需要一個半小時​​；那都是浪費時間。

So the more we can equip our sales force with this type of data and drive that route optimization, we're going to see efficiencies throughout the P&L, in labor costs, there are jobs, in fuel efficiency, in maintenance of our pair efficiencies, et cetera.

因此，我們越能為我們的銷售人員配備此類數據並推動路線優化，我們將看到整個損益表的效率，在勞動力成本方面，有工作崗位，在燃油效率方面，在維持我們的配對效率方面，等等。

So it's a great question, and we feel that is going to be a big unlock as we get into the future of really driving efficiency throughout the P&L.

所以這是一個很好的問題，我們認為，當我們進入真正提高整個損益表效率的未來時，這將是一個重大的解鎖。

Thank you.

謝謝。

Thank you for the color.

謝謝你的顏色。

And I guess on SG&A as a percentage of revenue, as ran about 18% to 19% for the most part, historically.

我猜 SG&A 佔收入的百分比，從歷史上看，大部分情況下約為 18% 至 19%。

But you guys have been making considerable progress.

但你們已經取得了相當大的進步。

So anything about the long-term business outlook, where do you think this business can run on a SG&A front as you continue to execute on your profitability growth strategy?

那麼，關於長期業務前景，您認為隨著您繼續執行獲利成長策略，該業務在 SG&A 方面的表現如何？

Thank you.

謝謝。

I'll start.

我開始吧。

Harold, look, I'm proud of all the overhead we've been able to remove from the business because a lot of it was redundant and created some of those silos that we had.

哈羅德，聽著，我為我們能夠從業務中消除的所有管理費用感到自豪，因為其中許多都是多餘的，並創建了我們擁有的一些孤島。

We are going to invest in our sales force.

我們將投資我們的銷售團隊。

We are going to grow our sales force.

我們將擴大我們的銷售團隊。

And our go-to-market team is focused on that as we speak, adding sales resources.

正如我們所說，我們的行銷團隊正專注於這一點，增加銷售資源。

As we get our crews, our tools, our ability to service customers at that premium level, we are going to turn loose a sales force that goes out there and gets us more customers so we can grow this business.

當我們擁有我們的員工、我們的工具、我們為客戶提供優質服務的能力時，我們將釋放一支銷售隊伍，為我們贏得更多客戶，以便我們能夠發展這項業務。

So we made great progress.

所以我們取得了很大的進步。

The overhead we've taken out was needed overhead reductions; the investment we're going to make is going to be in people to help us find new customers.

我們扣除的管理費用是需要減少的管理費用；我們將在人才方面進行投資，以幫助我們找到新客戶。

But Brett, I'll let you give

但是布雷特，我會讓你給

--

--

I think you said it right on.

我認為你說得對。

I think, Harold, it's -- we're not going to guide to a specific line on the P&L, but even if I was going to guide it, it'd be tough to do right now because we're making so many investments back in different areas of the business, as well as centralizing resources and creating efficiencies.

我認為，哈羅德，我們不會指導損益表上的特定行，但即使我打算指導它，現在也很難做到，因為我們正在進行如此多的投資回到業務的不同領域，以及集中資源並提高效率。

And those two things are working against each other, but they're the right long-term moves for the business.

這兩件事是相互矛盾的，但它們對企業來說是正確的長期舉措。

I think that the thing you could be confident on, Harold, is whether SG&A stays at 18.5%, whether it goes to 19%, whether it goes to 18% long-term or maybe less, what you could be confident is we are focused on that total EBITDA margin expansion.

Harold，我認為你可以放心的是，SG&A 是否保持在 18.5%，是否會達到 19%，無論是長期還是 18%，或者更低，你可以相信的是我們專注於EBITDA 總利潤率擴張。

And we're going to gain efficiencies by centralization and use of those efficiencies to reinvest back into growth, that's going to be the key.

我們將透過集中化來提高效率，並利用這些效率重新投資於成長，這將是關鍵。

And we're committing to that margin expansion, not only this year which is going to be a little bit more than those 100 basis points that we're saying, but next year as well, getting back to those, call it, IPO levels which were in the 12.5% range.

我們承諾擴大利潤率，不僅是今年，這將比我們所說的 100 個基點多一點，而且明年也是如此，回到這些，稱之為 IPO 水平均在 12.5% 範圍內。

Thank you.

謝謝。

I'll leave it there.

我會把它留在那裡。

Thank you very much.

非常感謝。

We currently have no further questions, so I will hand back over to Dale for any closing remarks.

目前我們沒有進一步的問題，所以我將把結束語交還給戴爾。

Thank you, Operator.

謝謝你，接線生。

I'll close by reiterating that we are extremely excited, as you can tell, and have a growing level of conviction regarding the transformation of BrightView.

最後我要重申，如您所知，我們非常興奮，並且對 BrightView 的轉型越來越有信心。

I am extremely happy with our record Q3 results.

我對我們創紀錄的第三季業績感到非常滿意。

Long-term, our objectives remain clear.

從長遠來看，我們的目標仍然明確。

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

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

Thank you, operator, you can now end the call.

謝謝您，接線員，您現在可以結束通話了。

Thank you very much everyone for joining.

非常感謝大家的加入。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路。