BrightView Holdings, Inc. (BV) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to today's BrightView earnings call. (Operator Instructions) Please note, this call may be recorded. (Operator Instructions)

各位好，歡迎參加今天的 BrightView 財報電話會議。(接線員指示) 請注意，本次通話可能會被錄音。(接線員指示)

It is now my pleasure to turn the conference over to Mr. Chris Stoczko, Vice President of Finance and Investor Relations. Please go ahead, sir.

現在我很榮幸將會議交給財務與投資人關係副總裁 Chris Stoczko 先生。先生，請開始。

Good morning, and thank you for joining BrightView's second quarter 2026 earnings call. Dale Asplund, BrightView's President and Chief Executive Officer; and Brett Urban, Chief Financial Officer, are on the call.

各位早安，感謝各位參加 BrightView 2026 會計年度第二季財報電話會議。BrightView 總裁暨執行長 Dale Asplund，以及財務長 Brett Urban 也在線上。

I will now refer you to slide 2 of our presentation, which contains our safe harbor disclaimer. Our presentation includes forward-looking statements subject to risks and uncertainties. In addition, during the call, we will refer to certain non-GAAP financial measures. Please see our press release and 8-K issued yesterday for a reconciliation of these measures.

我現在請各位翻到簡報第 2 頁，其中包含我們的安全港聲明。本簡報包含前瞻性陳述，可能受到風險與不確定性影響。此外，在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標。關於這些指標的調節表，請參閱我們昨日發布的新聞稿與 8-K 文件。

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

接下來，我將把電話交給 Dale。

Thank you, Chris, and good morning, everyone. Our second quarter marked a key inflection point for BrightView as our transformation strategy centered around prioritizing our employees and putting the customer at the center of everything we do has begun to yield meaningful returns and inflect sustainable and profitable top line land growth.

謝謝你，Chris，各位早安。我們第二季對 BrightView 而言是關鍵的轉折點；我們以優先照顧員工、並將客戶置於一切工作的核心為主軸的轉型策略，已開始帶來具體回報，並推動可持續且具獲利性的 Land（景觀）營收成長。

While this is a pivotal moment for BrightView and our ongoing transformation, our momentum is building as we continue accelerating investments in our go-to-market teams as we manage the business for the long term.

儘管這是 BrightView 及我們持續轉型的重要時刻，但在我們以長期經營為目標管理業務的同時，隨著我們持續加速對市場拓展（go-to-market）團隊的投資，我們的動能正在增強。

Total revenue grew 6% in the quarter, highlighted by a robust 4% increase in Land revenue, reaffirming that our transformation strategy is working and positions the business for sustained momentum. We also delivered record second quarter adjusted EBITDA of $79 million with a record margin of 11.3%, underscoring the strength and scalability of our business.

本季總營收成長 6%，其中 Land（景觀）營收強勁成長 4% 最為亮眼，再次證明我們的轉型策略正在奏效，並使業務具備持續動能。我們也創下第二季調整後 EBITDA 79 百萬美元的歷史新高，且創下 11.3% 的歷史新高利潤率，凸顯我們業務的強勁與可擴展性。

From day 1 of my tenure, my focus has been on solidifying the foundation of our business through improving frontline turnover, driving higher customer retention, and unlocking our size and scale as the industry's largest commercial landscaper. These initiatives continue to strengthen the foundation and have allowed us to accelerate investments back into our sales force, resulting in the continued momentum in our contract book of business.

自我上任第一天起，我的重點一直是透過改善第一線人員流動率、提升客戶留存率，並釋放我們作為業界最大商業景觀服務商的規模與體量優勢，來鞏固公司營運基礎。這些措施持續強化基礎，也讓我們得以加速把投資回投入到銷售團隊，進而帶動我們合約簿（contract book）業務的持續動能。

Now we are seeing the expanded contract book drive revenue growth in our Land segment. This, combined with outsized snow performance in the quarter positions us to raise our 2026 revenue guidance and reaffirm our commitment to delivering a third consecutive record EBITDA year. While the broader macroeconomic environment remains uncertain, we've built a resilient business model designed to perform through cycles.

現在我們看到擴大的合約簿正帶動 Land（景觀）事業部的營收成長。再加上本季雪務（snow）業務表現超出預期，使我們得以上調 2026 年營收指引，並重申我們致力於連續第三年創下 EBITDA 新高的承諾。儘管整體宏觀經濟環境仍不明朗，我們已建立具韌性的商業模式，能夠在景氣循環中維持表現。

The recurring nature of our contract revenue, combined with disciplined pricing and cost management position us to continue driving sustained profitable growth in both the near and long term. While we're enthusiastic by the progress we've made this quarter, this marks just the beginning of our journey to drive sustained, profitable top line growth in both the near and long term supported by continued investments in our frontline employees, a growing sales force and the realization of efficiencies from our size and scale, driving meaningful shareholder value and positioning BrightView as the investment of choice.

我們合約營收的經常性特質，加上嚴謹的定價與成本管理，使我們在短期與長期都具備推動可持續獲利成長的條件。雖然我們對本季取得的進展感到振奮，但這只是我們旅程的開始；我們將在短期與長期持續推動可持續、具獲利性的營收成長，並透過持續投資第一線員工、擴大銷售團隊，以及實現規模與體量帶來的效率，創造可觀的股東價值，並使 BrightView 成為投資首選。

Turning to slide 5. We continue to reduce frontline turnover with an approximately 5-percentage-point improvement over the previous quarter and 35% since the start of our One BrightView initiative. Our focus remains, as it has since day 1, on prioritizing our frontline employees by creating a safe and rewarding environment, offering industry-leading benefits, and providing reliable, consistent schedules. This continues to differentiate BrightView from its competition as the Employer of Choice, driving improved turnover and unlocking cost efficiencies that we're reinvesting into our frontline.

接著看第 5 頁。我們持續降低第一線人員流動率，較前一季約改善 5 個百分點，自 One BrightView 計畫啟動以來累計改善 35%。我們的重點一如上任第一天起始終如一：優先照顧第一線員工，打造安全且有回報的工作環境，提供業界領先的福利，並提供可靠且一致的排班。這使 BrightView 以「首選雇主」之姿與競爭對手形成差異化，帶動流動率改善並釋放成本效率，而我們正將這些效率再投資回第一線。

Moving to slide 6. I've said in the past, the longer we retain frontline employees, the more consistent our service delivery is. And as a result, customer retention continues to improve. Since bottoming at approximately 79% in 2023, retention has increased by approximately 550 basis points as of Q2 2026, now approaching IPO levels of 85%. This sequential improvement reflects the commitment of our frontline teams, our focus on service quality and our continued investment in the business which together are strengthening our underlying contract book and setting the foundation for sustained land revenue growth.

再看第 6 頁。我過去曾說過，我們第一線員工留任時間越長，服務交付就越一致。因此，客戶留存率也持續改善。自 2023 年約 79% 的低點以來，截至 2026 年第二季，留存率已提升約 550 個基點，現已接近 IPO 時期的 85% 水準。這一連串的改善反映出第一線團隊的投入、我們對服務品質的重視，以及我們對業務的持續投資；這些共同強化了我們的核心合約簿，並為 Land（景觀）營收的可持續成長奠定基礎。

Over the past two-plus years, we have strengthened relationships with our customers by delivering best-in-class service and earning their trust. In light of recent macroeconomic uncertainty and rising fuel costs, our priority remains on maintaining long-term relationships with our customers and not reacting to potential short-term headwinds. As I've said since day 1, we are managing this business for the long term and customer retention remains a top priority to delivering sustainable, profitable growth.

在過去兩年多的時間裡，我們透過提供同級最佳的服務並贏得客戶信任，強化了與客戶的關係。鑑於近期宏觀經濟不確定性與燃料成本上升，我們的首要任務仍是維持與客戶的長期關係，而不是對可能的短期逆風做出反應。如同我自上任第一天起所說，我們以長期角度經營這項業務，而客戶留存仍是實現可持續、具獲利性成長的首要重點。

Continuing to slide 7. I'd like to highlight the progress we've made in improving customer retention across our branch network with approximately 35% of our branches now achieving best-in-class 90-plus percent retention, a significant improvement since 2024. At the same time, the share of underperforming branches has declined with only 10% of our branches now under 70% retention. We know the branches with higher retention are yielding growth and our improvement reflects meaningful progress. But let me be clear, there is still plenty of runway for improvement as we continue to transform this business.

接著看第 7 頁。我想強調我們在整個分公司網路提升客戶留存方面的進展：目前約 35% 的分公司已達到同級最佳的 90% 以上留存率，較 2024 年有顯著改善。同時，表現不佳的分公司占比也下降，目前僅有 10% 的分公司留存率低於 70%。我們知道留存率較高的分公司正在帶來成長，而我們的改善反映出實質進展。但我要說清楚，隨著我們持續轉型，仍有很大的改善空間。

Now to slide 8, where we see the significant byproduct of our transformation continuing to materialize through accelerated momentum in our Land Contract book. The equation is simple: improved customer retention and the accelerated ramping of our sales force are generating growth in our net new sales, a metric that factors in both customer retention and new contract sales. As previously mentioned, customer retention has improved through our ongoing initiatives.

現在看第 8 頁，我們看到轉型帶來的重要副產品，正透過 Land（景觀）合約簿加速成長的動能持續顯現。這個等式很簡單：客戶留存率提升，加上銷售團隊加速擴編並提升產能，正在推動我們的淨新增銷售（net new sales）成長；該指標同時納入客戶留存與新合約銷售。如前所述，客戶留存率已透過我們持續推動的各項措施而改善。

The second part of the equation has been ongoing since the back half of 2025 and really accelerated in the first quarter of 2026. Now as our increased sales force is ramping up their productivity, we are starting to realize the true momentum that has been building over the past few quarters. The combination of these two metrics improving in unison has contributed to four consecutive quarters of net new sales growth driving 3% growth in our Land Contract book of business, a key leading indicator of future top line growth and in the recurring Land Maintenance business.

等式的第二部分自 2025 年下半年起持續推進，並在 2026 年第一季真正加速。如今，隨著擴編後的銷售團隊逐步提升生產力，我們開始看見過去幾季累積的真正動能。這兩項指標同步改善，促成淨新增銷售連續四季成長，帶動我們的 Land（景觀）合約簿業務成長 3%；這是未來營收成長的重要領先指標，也適用於具經常性的 Land Maintenance（景觀維護）業務。

Now as we move to slide 9, we are reaching an inflection point where the momentum built in our contract book over the past year is translating into measurable results. Land Maintenance revenue grew 4% in the quarter and approximately 1% year-to-date, making the first year-over-year increase in the segment since the third quarter of 2023. This growth has been made possible by the steps we've taken to solidify the foundation of our business by investing in and prioritizing our frontline employees delivering consistent, reliable service to our customers and unlocking our size and scale as the industry's largest commercial landscaper. These efforts have driven sequential improvement in employee turnover, customer retention, and margin expansion, all of which are strengthening the core foundation of our business and will continue to be key focus areas for the future.

接著看第 9 頁，我們正來到一個轉折點：過去一年在合約簿累積的動能，正在轉化為可衡量的成果。本季 Land Maintenance（景觀維護）營收成長 4%，年初至今約成長 1%，這是該事業部自 2023 年第三季以來首次出現年對年成長。這項成長得以實現，源於我們為鞏固業務基礎所採取的措施：投資並優先照顧第一線員工、為客戶提供一致且可靠的服務，以及釋放我們作為業界最大商業景觀服務商的規模與體量優勢。這些努力推動員工流動率、客戶留存率與利潤率擴張的逐季改善，全面強化我們業務的核心基礎，並將持續成為未來的關鍵聚焦領域。

On top of this, we will continue to focus on driving profitable top line growth through accelerated sales force investments. This will be key to continuing contract book growth, providing a runway for heightened ancillary sales and increasing density within existing and adjacent service lines. As we grow our business organically, we continue to evaluate M&A opportunities that either complement our core business or help drive expansion in greenfield markets.

此外，我們將持續透過加速投資銷售團隊，專注推動具獲利性的營收成長。這將是延續合約簿成長的關鍵，並為更高的附加銷售（ancillary sales）以及在既有與相鄰服務線中提升服務密度提供成長跑道。在我們推動有機成長的同時，也將持續評估併購（M&A）機會，以補強核心業務或協助我們在綠地市場（greenfield markets）擴張。

Last quarter, I highlighted our expectation for Land growth in the back half of 2026. The acceleration in our contract book, along with other key underlying metrics give us the confidence to raise our 2026 Land revenue guidance, which Brett will discuss in more details in a few minutes.

上個季度，我強調了我們對 2026 年下半年 Land 成長的預期。我們合約簿的加速成長，以及其他關鍵的基本面指標，讓我們有信心上調 2026 年 Land 營收指引；Brett 將在幾分鐘後更詳細說明。

Before turning the call over to him, I want to express my gratitude to our nearly 18,000 employees. During the month of April, we celebrated Employee Appreciation Week. It was great to see pictures and hear stories of how the branches celebrated their teams. Their unwavering commitment to delivering consistent, high-quality service reinforces our position as the Provider of Choice and is just the beginning of our journey ahead. It is the customer-first mindset and relentless focus on service that defines BrightView. And we thank our employees for their continued commitment to excellence.

在把電話會議交給他之前，我想向我們近 18,000 名員工表達感謝。在四月份，我們慶祝了員工感謝週。看到照片並聽到各分公司如何慶祝其團隊的故事，令人非常欣慰。他們始終如一、致力於提供穩定且高品質服務的承諾，鞏固了我們作為首選服務供應商（Provider of Choice）的地位，這也只是我們未來旅程的開始。以客戶為先的心態與對服務不懈的專注，定義了 BrightView。我們也感謝員工持續追求卓越的承諾。

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

接下來，我把電話會議交給 Brett。

Thank you, Dale, and good morning, everyone. Our second quarter results reflect the continued momentum we are building across the business with solid execution driving another strong quarter of record financial performance, most notably in our Land Maintenance segment, where revenue grew 4%. The strategic investments we have made over the past two-plus years in our employees, customer experience and sales force are translating into tangible results as evidenced by our improving retention, strengthening demand and encouraging results from our expanded sales efforts.

謝謝你，Dale，各位早安。我們第二季的結果反映出我們在全公司持續累積的動能；穩健的執行帶動又一個強勁季度，創下財務表現新高，尤其是在我們的 Land Maintenance（土地維護）部門，營收成長 4%。過去兩年多來，我們在員工、客戶體驗與銷售團隊上的策略性投資，正轉化為具體成果；從留存率改善、需求增強，以及擴大銷售投入所帶來的令人鼓舞成果即可見一斑。

We are increasingly excited about the trajectory of the business and continued momentum towards future sustainable growth. This is reflected in our updated guidance, which raises total revenue and Land revenue and reaffirms a third consecutive year of record adjusted EBITDA.

我們對業務走勢以及邁向未來可持續成長的持續動能感到愈發振奮。這也反映在我們更新後的指引中：上調總營收與 Land 營收，並重申將連續第三年創下調整後 EBITDA 的歷史新高。

Let's now turn to slide 11 to discuss profitability in the quarter. We delivered record Q2 adjusted EBITDA and margin of $79 million or 11.3%. This represented an increase of $6 million and 8% higher than prior year as we continue to realize efficiency in our business. Higher revenue in the quarter drove incremental flow-through, while fleet refresh initiatives, enhanced procurement-driven purchasing power and continued G&A savings drove efficiencies. These benefits were partially offset by the acceleration of the investments in our sales force, which was funded by a portion of the incremental benefit from the outsized snowfall in the quarter. These revenue-generating resources underpin our growth strategy as evidenced by the 4% growth in our Land business, which was driven by our continued momentum in our Land Contract book.

現在請看第 11 頁，討論本季的獲利能力。我們交出創紀錄的第二季調整後 EBITDA 與利潤率：7,900 萬美元，或 11.3%。隨著我們持續在業務中實現效率提升，這較去年增加 600 萬美元，並高出 8%。本季較高的營收帶來增量利潤流入（flow-through）；同時，車隊汰舊換新計畫、強化採購所帶來的購買力，以及持續的 G&A（一般及行政）節省，推動了效率提升。上述效益部分被我們加速對銷售團隊投資所抵銷；該投資由本季超預期降雪所帶來的部分增量效益提供資金。這些創收資源支撐我們的成長策略；Land 業務成長 4% 即為明證，而此成長由我們 Land 合約簿的持續動能所驅動。

At the segment level, Maintenance margins grew 110 basis points, supported by the higher revenue flow-through and continued efficiencies in the business. In development, margins contracted in the quarter as a result of the timing and mix of projects. As a reminder, the margins in this segment benefited the most over the past two years as we implemented our One BrightView strategy and are still significantly above pre- One BrightView.

在部門層級，Maintenance（維護）利潤率提升 110 個基點，主要受惠於較高營收的流入效益以及業務持續的效率提升。在 Development（開發）方面，本季利潤率因專案時點與組合而收縮。提醒一下，過去兩年我們推動 One BrightView 策略後，該部門的利潤率受益最大，目前仍顯著高於 One BrightView 推行前的水準。

Moving to slide 12. Revenue for the second quarter was $703 million, representing a 6% increase driven by Land revenue growth and above-average snowfall in the quarter. Land revenue was a major bright spot, growing $13 million, representing a 4% increase from the prior year. This marks the much-anticipated inflection in Land revenue growth, the recurring and highly resilient revenue stream of our business, driven by the continued momentum in our growing contract book and rising demand across the segment.

接著看第 12 頁。第二季營收為 7.03 億美元，年增 6%，主要由 Land 營收成長以及本季高於平均的降雪所帶動。Land 營收是一大亮點，增加 1,300 萬美元，較去年成長 4%。這標誌著備受期待的 Land 營收成長拐點；Land 是我們業務中具經常性且高度韌性的營收來源，成長動能來自我們持續擴大的合約簿與該部門需求上升。

We are highly encouraged that this result demonstrates the successful execution of our transformation strategy with benefits expected to continue in the back half of 2026 and beyond. These benefits are reflected in our updated Land revenue guidance, which I will discuss in a bit.

我們深受鼓舞，因為這項結果展現了我們轉型策略的成功執行；相關效益預期將在 2026 年下半年及之後持續。這些效益也反映在我們更新後的 Land 營收指引中，我稍後會再說明。

Snow once again was a major benefit in the quarter, increasing 30% from the prior year as we saw higher-than-average snowfall in the Mid-Atlantic and Northeast geographies, slightly offset by lower snowfall in the Rocky Mountain and Pacific Northwest regions.

降雪再次成為本季的重要利多，較去年增加 30%；我們在大西洋中部與東北地區看到高於平均的降雪量，但落磯山脈與太平洋西北地區降雪較少，略為抵銷。

In the Development segment, revenue decreased 13%, driven by project timing delays. To be clear, the headwinds we experienced here were timing related and should not be viewed as lost revenue over the long term.

在 Development（開發）部門，營收下降 13%，主要由專案時程延遲所致。需要說明的是，我們在此處遇到的逆風屬於時點因素，長期而言不應視為營收流失。

Building on that, let's turn to slide 13 to look into our growth prospects in the Development segment. The segment was unable to get some work in the ground this quarter due to adverse weather. However, our strategic initiatives provide a balanced runway for continued long-term success.

基於上述內容，讓我們看第 13 頁，深入了解 Development 部門的成長前景。由於惡劣天候，本季該部門有部分工作無法如期開工。不過，我們的策略性舉措提供了均衡的跑道，支持長期持續成功。

As we are building our sales force in the Maintenance segment, we are doing the same in Development, where we have about 50% more sellers versus this time last year. These sellers are already contributing to the business' underlying momentum, and we've grown development bookings roughly 15% year-to-date. This metric is the leading indicator of future development growth and drives our confidence in the long-term health of this business as we continue to sell into 2027 and beyond.

在我們擴建 Maintenance（維護）部門銷售團隊的同時，也以相同方式擴建 Development（開發）部門；相較去年同期，我們的銷售人員約增加 50%。這些銷售人員已開始為業務的基本面動能做出貢獻，我們年初至今的開發訂單（bookings）約成長 15%。此指標是未來開發成長的領先指標，並在我們持續銷售至 2027 年及以後的過程中，強化我們對該業務長期健康度的信心。

At the same time, we are also enhancing our market position by leveraging our existing footprint through development cold starts with six currently opened and five more underway. These new branches located in markets where we already serve for maintenance will drive incremental development activity and result in multi-segment growth.

同時，我們也透過在既有版圖上推動開發冷啟動（development cold starts）來強化市場地位，目前已開設 6 個據點，另有 5 個正在推進中。這些新分公司位於我們已提供維護服務的市場，將帶動額外的開發活動，並實現跨部門成長。

Moving to slide 14. I'd like to touch on snow as the winter season is now primarily behind us. Snow was a major benefit to revenue for the first half of 2026, growing approximately $85 million or 40% from the previous year as we saw record snowfall across core snow markets. This came in $70 million above the high end of our original guidance, enabling us to fund accelerated investments into our sales force, which will further drive sustained profitable top line growth.

接著看第 14 頁。由於冬季已大致結束，我想談一下降雪情況。降雪對 2026 年上半年營收帶來重大助益；由於核心降雪市場出現創紀錄降雪，營收約增加 8,500 萬美元，或較去年成長 40%。這比我們原先指引上緣高出 7,000 萬美元，使我們得以為加速投資銷售團隊提供資金，進一步推動可持續且具獲利性的營收成長。

While snow was certainly a benefit in 2026, our current contract structure leans 60-40 variable versus fixed revenue contracts, and this creates a degree of unpredictability when forecasting revenue as snowfall can vary year-to-year. Since our February 2025 Investor Day, we've made progress increasing our mix of fixed tiered contracts. This shift towards a higher mix of fixed contracts will enhance revenue predictability, mitigate the impact of light snowfall, and enable us to service our customers year-round.

雖然降雪在 2026 年確實帶來助益，但我們目前的合約結構偏向 60/40 的變動收入合約相對固定收入合約，這使得在預測營收時存在一定程度的不確定性，因為每年的降雪量可能不同。自 2025 年 2 月的投資人日以來，我們已在提高固定分級（fixed tiered）合約占比方面取得進展。朝向更高固定合約占比的轉變，將提升營收可預測性、降低小雪年的影響，並使我們能全年為客戶提供服務。

Turning to slide 15. I'll provide a brief update on the strategic actions we've taken to fortify our balance sheet. Subsequent to quarter end, we extended our revolving credit facility, enhancing our liquidity position and extending our maturity profile. This transaction also includes a 25-basis-point reduction in pricing and provides an additional $100 million of capacity to support future liquidity needs. This further strengthens our financial flexibility and reflects our continued proactive management of the balance sheet.

接著看第 15 頁。我將簡要更新我們為強化資產負債表所採取的策略行動。在季度結束後，我們延長了循環信用額度（revolving credit facility），提升流動性水位並延長到期結構。此交易亦包含定價下調 25 個基點，並額外提供 1 億美元的額度，以支援未來的流動性需求。這進一步強化我們的財務彈性，也反映我們持續主動管理資產負債表。

Let's turn to slide 16 for our updated 2026 guidance, which we have provided a reconciliation on slide 21 in the appendix of the presentation today. Our updated guide is highlighted by raising total revenue and raising Land Maintenance revenue for the year.

請看第 16 頁，這是我們更新後的 2026 年指引；我們已在今日簡報附錄的第 21 頁提供調節表（reconciliation）。本次更新的重點是上調全年總營收，並上調全年 Land Maintenance（土地維護）營收。

Total revenue guidance is now in the range of $2.745 billion to $2.795 billion, representing a 4% increase at the midpoint versus 2025 and a 3% increase versus our prior guidance. This guidance assumes Maintenance Land growth of 2% to 3%, a 100-basis-point increase at the midpoint of our previous guidance. This also assumes snow revenue of approximately $290 million, an increase of approximately $70 million versus the original high end of the guide. Development guidance has also been updated to reflect timing impact of projects.

總營收指引目前為 27.45 億至 27.95 億美元；以中位數計，較 2025 年成長 4%，較先前指引成長 3%。此指引假設 Maintenance Land 成長 2% 至 3%，以中位數計較我們先前指引提高 100 個基點。同時也假設降雪營收約 2.90 億美元，較原先指引上緣增加約 7,000 萬美元。Development（開發）指引亦已更新，以反映專案時點的影響。

Moving to adjusted EBITDA. We are reaffirming our guided range of $363 million to $377 million, which represents another year of record adjusted EBITDA and margin expansion of roughly 20 basis points at the midpoint. Included within this guidance are costs related to our accelerated investments into our sales force, which we expect to continue at a similar pace, but does not include the potential impact of fuel price volatility, which I will touch on in a minute.

接著談調整後 EBITDA。我們重申先前指引區間為 3.63 億美元至 3.77 億美元，這代表調整後 EBITDA 再創歷史新高的一年，且在區間中點的利潤率約擴張 20 個基點。此指引已包含我們加速投資銷售團隊所相關的成本，我們預期將以類似步調持續投入，但不包含燃油價格波動的潛在影響，我稍後會提到。

It's important to note that at the midpoint of our margin guidance implies an approximate 300 basis point improvement over the last three years, reflecting the incredible progress made on our transformation. We are also reaffirming our adjusted free cash flow guidance of $100 million to $115 million, providing us with significant financial flexibility to continue to reinvest in the business. In total, this guidance reflects a third consecutive year of record-breaking adjusted EBITDA, continued margin expansion, and the continuation of Land revenue growth.

需要特別指出的是，我們利潤率指引的中點意味著相較過去三年約提升 300 個基點，反映我們轉型所取得的驚人進展。我們也重申調整後自由現金流指引為 1 億美元至 1.15 億美元，為我們持續再投資於業務提供顯著的財務彈性。整體而言，此指引反映調整後 EBITDA 連續第三年創新高、利潤率持續擴張，以及 Land 營收成長的延續。

To wrap up, let's move to slide 17 to describe the potential impact of higher fuel costs in the back half of the year and the actions we're taking to mitigate against this. Through the first half of the year, fuel prices were relatively consistent with prior year. But amid recent macroeconomic uncertainty, prices have moved higher and are fluctuating daily. Given that roughly 60% of our fuel consumption occurs in the second half of the year, continually higher prices has the potential to create cost headwinds.

最後，讓我們看第 17 頁，說明今年下半年燃油成本上升的潛在影響，以及我們為降低影響所採取的行動。在上半年，燃油價格與去年同期大致一致。但在近期總體經濟不確定性之下，價格走高且每日波動。鑑於我們約 60% 的燃油消耗發生在下半年，若價格持續走高，可能會形成成本逆風。

While approximately 1/4 of our remaining fuel consumption is hedged, the unhedged portion remains exposed to market volatility. Given the volatility in the price of oil, this could mean varying impacts based on how long prices remain elevated. That said, there are mitigating factors within our control that will help us offset a portion of this impact as the year progresses.

雖然我們剩餘燃油消耗量約有 1/4 已進行避險，但未避險部分仍暴露於市場波動。考量油價波動，實際影響可能會因價格維持高檔的時間長短而有所不同。即便如此，我們仍有一些可控的緩解因素，將有助於在今年推進過程中抵銷部分影響。

Pricing power remains a key lever for us. Ancillary work, representing approximately 1/3 of our total land revenue is priced daily and adjust in real time to reflect cost increases. Additionally, all new bids and annual contract renewals incorporate these higher costs. Alongside pricing, we are working on our own efficiencies on reducing fuel consumption through improved route density, minimizing idle time, and leveraging technology to identify the most cost-effective fuel options.

定價能力仍是我們的重要槓桿。附加性工作約占我們 Land 總營收的 1/3，採每日定價並即時調整，以反映成本上升。此外，所有新投標與年度合約續約也都會納入這些較高的成本。除定價之外，我們也致力於提升自身效率，透過提高路線密度、降低怠速時間，以及運用科技找出最具成本效益的加油選項，以降低燃油消耗。

Before turning the call back over to Dale, I want to underscore my confidence in the momentum of the business and the ability to deliver sustainable, profitable top line growth. Our investments continue to drive measured improvements in employee turnover and customer retention and are now powering top line growth in the Land Maintenance segment, a trend we expect to build upon in both the near and long term to deliver meaningful value for our shareholders.

在把電話交回給 Dale 之前，我想強調我對業務動能以及交付可持續、具獲利性的營收成長能力充滿信心。我們的投資持續帶動員工流動率與客戶留存率的有序改善，並正推動 Land Maintenance（土地維護）部門的營收成長；我們預期這一趨勢在短期與長期都將持續深化，為股東創造實質價值。

With that, I'll turn the call back to Dale.

接下來，我把電話交回給 Dale。

Thanks, Brett. Before we turn to questions, I want to express my enthusiasm for the trajectory of our business, underpinned by the inflection of Land Maintenance revenue in the quarter, continued growth in our contract book and sequential improvement in our core KPIs as we execute upon our strategic objectives. This progress has been made possible by our people who are at the center of everything we do and the driving force behind our transformation. While we're encouraged by these results, this marks just the beginning of our journey to deliver sustainable, profitable top line growth and create meaningful long-term shareholder value.

謝謝你，Brett。在進入提問之前，我想表達我對公司發展軌跡的振奮之情；本季 Land Maintenance 營收出現拐點、合約簿持續成長，以及在執行策略目標時核心 KPI 逐季改善，都是這一軌跡的支撐。這些進展之所以能夠實現，仰賴我們的員工——他們是我們一切工作的核心，也是推動轉型的動力。雖然我們對這些成果感到鼓舞，但這只是我們邁向可持續、具獲利性的營收成長並創造長期股東價值旅程的起點。

With that, operator, you can open the call up for questions.

那麼，接線員，請開放電話讓大家提問。

(Operator Instructions) Tim Mulrooney, William Blair.

(接線員指示) Tim Mulrooney，William Blair。

It be hard to limit myself to one question here, but I'll do my best. I guess I want to ask about the Land Maintenance growth because it feels like we've been -- what we've all been waiting for is finally here, inflecting in a positive territory here and a positive 4% at that, which was well above our expectations. We were actually expecting organic revenues to decline a little bit in the quarter and that's a pretty big variance relative to our expectations. So was some of this just weather related? Or how would you characterize the main drivers of this result so that we can get comfortable with underwriting, I don't know, a similar level of growth in the second half here?

我可能很難把自己限制在只問一個問題，但我會盡力。我想問的是 Land Maintenance 的成長，因為感覺我們一直在等待的事情終於來了——在這裡轉為正向，且達到正 4%，明顯高於我們的預期。我們原本其實預期本季有機營收會小幅下滑，這與我們的預期相比差異相當大。所以其中有多少只是天氣因素？或者你會如何描述這個結果的主要驅動因素，讓我們在評估承作（underwriting）時能更有把握，例如下半年是否能有類似水準的成長？

Yes. Thanks, Tim. I'll start off and I'll let Brett add. 30 months. 30 months, we've been waiting for this inflection point, Tim.

是的。謝謝你，Tim。我先回答，然後讓 Brett 補充。30 個月。Tim，我們等這個拐點等了 30 個月。

And you are right. We have done everything right to build the foundation for getting us ready for growth. And even though last quarter, we had some headwinds from weather where we actually reported a slight decline in Land. We were able to actually see some of that come back. We had said roughly $6 million of Q1's decline was just temporary. We saw some of that benefit return in Q2. And then even with the weather that we saw in Q2, the outsized snow, we still saw our Land business show growth. Some of that was our ancillary revenue.

你說得沒錯。我們做對了所有事情，建立起讓我們準備好成長的基礎。即便上一季我們受到天氣帶來的一些逆風影響，導致我們在 Land 方面實際回報了小幅下滑。我們也確實看到其中一部分回補。我們曾表示，第一季下滑中約 600 萬美元只是暫時性的。我們在第二季看到其中一部分效益回來。而且即便第二季也遇到天氣因素、降雪異常偏多，我們仍看到 Land 業務呈現成長。其中一部分來自我們的附加性營收。

But I think the big important topic in answering the second half of your question is what we see that builds momentum. When you look at everything we talked about in Q1, where we talked about our book of business being up 2%, we just reiterated that by saying at the end of Q2, now we're up 3%.

但我認為，回答你問題後半段最重要的主題，是我們看到哪些因素正在累積動能。回顧我們在第一季談到的內容——我們提到合約簿成長 2%——我們剛剛也重申，到第二季末現在成長到 3%。

Just let me do some math for everybody on the call. Our book of business is roughly $1.15 billion. If we have a 3% growth in that book of business, that means we're growing our contract book by roughly $35 million. 60% of our Land revenue will occur over the next six months. So that means we have $20 million of tailwind built into our updated guide going from 1% to 2% Land growth to 2% to 3% Land growth.

我替電話上的各位算一下。我們的合約簿規模約為 11.5 億美元。如果合約簿成長 3%，代表我們的合約簿大約增加 3,500 萬美元。我們約 60% 的 Land 營收會在接下來六個月發生。因此，這意味著在我們更新後的指引中，從 Land 成長 1% 到 2% 上修為 2% 到 3%，內含約 2,000 萬美元的順風。

And on top of that, the most exciting part is with our continued momentum in retention getting up to almost pre-IPO levels at 84.5% roughly. That means the longer we keep customers, the more they're willing to work with us on ancillary services. So we are very confident. We saw this coming. We tried to give a little signal to that as we went through Q1's earnings. But now I think everybody sees the inflection point is behind us. And Brett and I, I think both said the term several times, our focus is on sustained long-term profitable growth. And our Land business is key to that initiative.

此外，最令人振奮的是，隨著我們在留存方面的動能持續提升，已回升到接近 IPO 前的水準，約 84.5%。這代表我們與客戶合作的時間越長，他們就越願意與我們合作導入附加性服務。因此我們非常有信心。我們早就看到這個趨勢即將到來。我們在第一季財報過程中也試著釋放一些訊號。但現在我想大家都看到了，拐點已經在我們身後。而我和 Brett，我想我們都多次提到，我們的重點是可持續的長期獲利成長。我們的 Land 業務是這項倡議的關鍵。

So Tim, great question. It's probably the one thing Brett and I are the most proud of. We've done it the right way. We've stayed focused on getting the business to be able to start growing organically the right way. And then, look, you heard me mention. I've said to all of our team, you have to earn the right to do M&A. I think our quarter here on Land shows people are starting to earn the right for us to consider M&A again.

所以 Tim，這是個好問題。這可能是我和 Brett 最引以為傲的一件事。我們用正確的方式做到。我們始終專注於讓業務具備以正確方式開始有機成長的能力。然後，你也聽到我提到。我對我們整個團隊說過，你必須先贏得進行併購（M&A）的資格。我認為我們本季在 Land 的表現，顯示大家開始為我們再次考慮併購贏得了這個資格。

But Brett, do you want to add anything?

但是 Brett，你想補充什麼嗎？

No, Tim, we're excited. Look, the inflection is here. I think we've been saying it's coming. They all said 30 months. You go back 2.5 years ago and investing in our employees, who invest in our customers and can drive that customer retention higher, the strategy is working.

不，Tim，我們很振奮。你看，拐點已經到了。我想我們一直在說它會來。他們都說是 30 個月。回到 2.5 年前，我們投資在員工身上，而員工投資在客戶身上，並能把客戶留存率推得更高，這個策略正在奏效。

And now the strategy has evolved to investing in our sales force. We started that last year. We invested $6 million in our sales force in Q1, another $6 million in Q2. And I said it in the script, we're going to invest another $6 million probably in Q3 and another $6 million in Q4, because it's working.

而現在，策略已經演進為投資我們的銷售團隊。我們去年就開始了。我們在第一季（Q1）對銷售團隊投資了 600 萬美元，第二季（Q2）又投資了 600 萬美元。我在講稿裡也說了，我們可能會在第三季（Q3）再投資 600 萬美元，第四季（Q4）再投資 600 萬美元，因為它正在奏效。

The strategy we laid out on paper 30 months ago is now inflected growth in the Land business. If you look at the kind of the first half of the year, as Dale mentioned, it's about a 1% growth in the Land business, but we're entering into our busy season. We raised revenue guidance in Land. And the back half of the year implies a 3% to 4% growth in that Land business. So we couldn't be more excited, Tim, about the inflection being here.

我們在 30 個月前寫在紙上的策略，現在已經帶來 Land 業務的成長拐點。如果你看上半年，如 Dale 所提到的，Land 業務大約成長 1%，但我們正要進入旺季。我們上調了 Land 的營收指引。而下半年意味著該 Land 業務將有 3% 到 4% 的成長。所以 Tim，我們對拐點已經到來感到無比興奮。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Congrats again on the solid results. Can you maybe just talk about the competitive environment a little bit? Just -- I don't know, it seems like a lot of factors that are now coming together that would support at least the potential for not just share gains, but maybe significant share gains. So maybe you can talk about what your thoughts on that are.

再次恭喜你們交出穩健的成果。你能否談談競爭環境？就是——我不確定，但看起來現在有很多因素正在匯聚，至少支持不只是市佔提升的可能性，甚至可能是顯著的市佔提升。所以也許你可以談談你對此的看法。

Yes. Great question, Greg. I think we have said from day 1, customers require quality service and your commitment to putting the customer at the center of everything you do is what's going to drive our path forward. We have to take care of what we can take care of in our control, and we've done that. When I joined in the end of '23, our customer retention was a dismal 79%.

是的。好問題，Greg。我想我們從第一天起就說過，客戶需要高品質的服務，而你把客戶置於一切工作的核心、並為此投入承諾，將會推動我們前進的道路。我們必須把我們能掌控的事情做好，而我們也做到了。我在 23 年底加入時，我們的客戶留存率低到只有 79%。

We were never going to outrun that type of loss on an annual basis. So we did that foundational work to get our branches focused on quality service to the customer, making sure the customers we had, we kept. And now after 2.5 years, we're amplifying that by bringing in more sellers. So you keep your customers you have and you grow the new sales because the environment out there, a lot of people might be getting reactionary with what's going on in the overall economy with fuel. And we just remain focused on we're going to take care of our business for the long term.

我們不可能在年度基礎上跑贏那種流失幅度。所以我們做了那些基礎工作，讓各分支機構聚焦於為客戶提供高品質服務，確保我們既有的客戶能留住。而現在經過 2.5 年，我們透過引進更多銷售人員來放大這個成果。也就是說，你留住既有客戶，同時擴大新銷售，因為外部環境下，很多人可能會對整體經濟與燃油狀況變得較為反應式。而我們仍然專注於：我們要以長期角度把自己的業務做好。

We're partnering with our customers. We're working with them to look at where we want to be over the next several years. At our Investor Day last February, we made a commitment that we're going to grow this business and the targeted mid-single digits for our Land business, and we are still committed to that. And I think the trajectory that we'll exit 2026 and go into 2027 with puts us on a path for that. So we couldn't be excited about what we've done.

我們正與客戶建立夥伴關係。我們與他們一起規劃未來幾年希望達到的位置。在去年二月的投資人日上，我們承諾要成長這項業務，並讓 Land 業務達到目標的中個位數成長率，而我們仍然堅持這個承諾。我認為，我們在 2026 年結束、並進入 2027 年時的軌跡，會讓我們走在達成該目標的道路上。所以我們對已完成的事情感到非常振奮。

Now what we've got to do, Greg, is continue to listen to customers. We've done great with snow this year, everybody saw. We had a big snow year, and we had a lot of customers turn to us to ask us if we can bail them out when we had a lot of snow coming down. That creates relationships and gives us the opportunity to partner with customers all year round. We want to take care of the customers we have. And when new customers come in, we want to do what we promise we're going to do. That's what's key. We've got to make sure whatever we commit to, that's what we do.

現在我們要做的，Greg，是持續傾聽客戶。今年我們在除雪方面做得很好，大家都看到了。今年是大雪年，當大雪來襲時，有很多客戶轉向我們，詢問我們能否協助他們度過難關。這會建立關係，並讓我們有機會全年與客戶合作。我們想照顧好既有客戶。而當新客戶進來時，我們要做到我們承諾會做到的事。這才是關鍵。我們必須確保：我們承諾什麼，就做到什麼。

But Brett, do you want to add anything for Greg?

不過 Brett，你想為 Greg 補充什麼嗎？

No, Greg, I would just say market share, the market grows about 1% to 2% a year. This year, implied in our guide, we're going to grow at 2% to 3% a year. So yes, you're saying we're taking market share. And look, it starts with the strategy. It starts with taking care of our employees, which the minute Dale stepped in here for all 18,000 employees in this company.

沒有，Greg，我只想說市佔方面，市場每年大約成長 1% 到 2%。而今年，從我們的指引來看，我們將以每年 2% 到 3% 的速度成長。所以是的，你說得對，我們正在取得市佔。而且你看，這一切從策略開始。從照顧我們的員工開始，Dale 一進來就把公司全部 18,000 名員工放在首位。

We put them front and center, especially the folks that service our customers. And that's driven customer retention. Now it's time to invest in our sales force, which we've been doing, which is resulting in higher growth than the market.

我們把他們放在最核心的位置，尤其是那些服務客戶的同仁。而這也帶動了客戶留存率。現在是投資我們銷售團隊的時候了，我們一直在做這件事，並且讓我們的成長高於市場。

And look, you go out into our operations, Dale mentioned we had Employee Appreciation Week not too long ago, and you see our employees with new boots, new safety equipment, new vests, new high vis safety gear. You see them with new trucks and trailers, just the business has drastically improved over the last 2.5 years. And obviously, our customers are seeing that with the result in customer retention. And now it's our time to take share, Greg, as you just said.

而且你看，你走進我們的營運現場，Dale 提到不久前我們辦了員工感謝週，你會看到員工穿著新靴子、新的安全裝備、新背心、新的高可視度安全裝備。你會看到他們有新的卡車和拖車，過去 2.5 年來，整個業務已經大幅改善。而顯然，我們的客戶也透過客戶留存率的結果看到了這些改變。而現在，正如你所說，Greg，輪到我們去搶市佔了。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

I wanted to segue off of that last question, but I might ask it to be more specific here. So I mean, definitely really appreciate what you just outlined and certainly the color on improved labor and customer retention. But could you maybe talk about how you think about your long-term strategy while also navigating this heightened fuel environment? And maybe it would be helpful if you could kind of compare and contrast to 2022 and the strategy at that time, which was the last time fuel really spiked and how it's different from what you guys have outlined today?

我想延續上一個問題，但我可能會更具體地問。我確實很感謝你們剛才的說明，也很感謝你們提供關於勞動力改善與客戶留存提升的細節。但你們能否談談，在應對目前燃油環境升溫的同時，你們如何思考長期策略？另外，如果你們能把 2022 年（上一次燃油大幅飆升）當時的策略，與你們今天所描述的策略做個對比，說明有何不同，可能會很有幫助。

Yes. Thanks, Stephanie. It's a great topic because, obviously, a lot of people, including some of our vendors, the initial reaction is try to pass on any fuel headwinds they get to their customers. The last time BrightView did that back in 2022 when we started the year with 83% customer retention, and by doing a haphazard fuel surcharge that we just pushed out blindly across the board, it resulted in exiting the year down 300 basis points with a customer retention level at 80%.

是的。謝謝你，Stephanie。這是個很好的題目，因為很明顯，很多人——包括我們的一些供應商——第一時間的反應是，試著把燃油逆風轉嫁給客戶。上一次 BrightView 這麼做是在 2022 年，當時我們以 83% 的客戶留存率開始那一年，而因為採取了草率的燃油附加費、盲目地全面推行，結果那一年結束時客戶留存率下降了 300 個基點，降到 80%。

So we are going to make sure we put in the long-term view with our customers. We're going to communicate. Brett went through a litany of items we're doing to mitigate fuel. Let me give you some statistics of what we're doing that's in our control and not trying to pass along our challenges to our customers at a very volatile time. And for those of the people I'm sure that watch the news every morning, there was new news out this morning that has oil coming right back down at a rapid pace.

因此，我們會確保與客戶一起採取長期視角。我們會溝通。Brett 已經列舉了一長串我們正在做、用以緩解燃油影響的措施。我再提供一些我們正在做的統計數據：這些是我們可控的事情，我們不會在高度波動的時期，試圖把我們的挑戰轉嫁給客戶。而對於我相信每天早上看新聞的人來說，今天早上也有新的消息指出，油價正以很快的速度回落。

But let's talk about what we can control. First, Brett mentioned some of this stuff. I'll give you some statistics. We have made a considerable investment in our fleet, in our route density for our employees. What else is a byproduct of that is we anticipate and what we've seen year-to-date is our consumption of fuel is down across our network between 5% and 8% in our branches. All that new investments we made are helping us use less fuel. We have to reduce idle time. We have to reduce -- we have to increase route density and reduce wasted time to make sure we're being as efficient as we can using fuel.

但讓我們談談我們能控制的事情。首先，Brett 提到過其中一些。我給大家一些統計數據。我們在車隊方面、以及為員工提升路線密度方面，做了相當可觀的投資。其帶來的另一個副產品是：我們預期、且截至目前所看到的是，我們在各分公司整個網路的燃油消耗下降了 5% 到 8%。我們所做的所有新投資都在幫助我們用更少的燃油。我們必須降低怠速時間。我們必須降低——我們必須提高路線密度並減少浪費的時間，以確保我們在用油方面盡可能有效率。

Brett said it, we have ancillary services we're pricing every day. And this is a balance between us making sure we're still growing our ancillary business for our customers and showing them we respect them, yet pricing it at a fair level. So we have built in some fuel opportunity into our ancillary pricing. And in the back half of the year, we have roughly $300 million of ancillary work of roughly half of that, we have an opportunity to do spot pricing on. So we'll get some recovery with that.

Brett 說過，我們每天都在為附加服務定價。而這需要在兩者之間取得平衡：一方面確保我們仍在為客戶擴大附加業務的成長，並讓他們感受到我們尊重他們；另一方面以公平的水準來定價。因此，我們已在附加服務定價中納入一些燃油相關的機會。而在今年下半年，我們大約有 3 億美元的附加工作量，其中約一半我們有機會採用即期定價。因此我們會從中取得一些回收。

When you look at the things we've done to mitigate, in the full year, we used 20 million gallons of fuel at BrightView. We're halfway through the year, just over seven months now for BrightView. Roughly 60% of our fuel is used across the next two quarters. So if you do the math on that, that's 12 million gallons of fuel that we're coming into the season with that we're going to consume. Of that 12 million gallons, we've already hedged fuel at about 25% of that.

當你看我們為了緩解影響所做的事情時，以全年來看，BrightView 使用了 2,000 萬加侖的燃油。我們已經過了半年，對 BrightView 來說現在已經略超過七個月。大約 60% 的燃油使用量會發生在接下來兩個季度。所以如果你算一下，這代表我們進入旺季時將要消耗的燃油約為 1,200 萬加侖。在這 1,200 萬加侖中，我們已經對其中約 25% 做了燃油避險。

So that takes us down to 9 million gallons. If you take the improvement we've seen in fuel, that takes us down to 8.5 million gallons that we think we are potentially trying to find out how we're going to make sure, we find an offset for.

所以這會把我們降到 900 萬加侖。如果再把我們在燃油方面看到的改善納入，則會降到 850 萬加侖；我們認為我們需要想辦法確保能找到對應的抵銷來源。

In the month of April, we saw roughly $1 increase per gallon for that month, creating about $1.5 million headwind for us. But we believe we will see some recovery as we work through all the initiatives I mentioned and continue to focus on making sure as fuel prices come down, we don't damage customers long term. We are 100% focused, not on the next 90 days, but on the next several years. Our project to get to 2030 goals is still our North Star, and it's not the third or fourth quarter.

在 4 月份，我們看到當月每加侖大約上漲 1 美元，對我們造成約 150 萬美元的不利因素。但我們相信，隨著我們推進我提到的所有措施並持續聚焦於確保在燃油價格回落時不會對客戶造成長期傷害，我們將能看到一些回收。我們 100% 聚焦的不是接下來 90 天，而是接下來幾年。我們邁向 2030 目標的專案仍然是我們的北極星，而不是第三或第四季。

Brett, do you want to add?

Brett，你要補充嗎？

I would just add, Stephanie, we are going to be better partners to our clients than that. And that's what we're demonstrating right now. This short-term headwind that you see in the market is very dynamic. It changes every day. There was articles out this morning that drove fuel down over 10%.

我只想補充，Stephanie，我們會成為比那更好的客戶夥伴。而這正是我們現在所展現的。你在市場上看到的這個短期逆風非常動態。它每天都在變。今天早上就有一些報導使燃油價格下跌超過 10%。

But we are not going to manage this business for the short term. We've said that continuously now for the last 10 quarters. And we're going to stay on that long-term focus.

但我們不會以短期角度來經營這門業務。過去 10 個季度我們一直在重申這一點。而我們會持續保持長期聚焦。

And back to the piggybacking on Greg's question, that's how we're going to be better partners to our customers. That's how we're going to gain market share. And I'll take one step further. If we see in our regional areas where other service providers are passing along fuel increases, we'll pick up that business without the fuel increase. So we are going to be better than that to our customers.

再回到承接 Greg 的問題，這就是我們如何成為更好的客戶夥伴。這就是我們如何取得市占率。我再更進一步說。如果我們在某些區域看到其他服務供應商把燃油上漲轉嫁給客戶，我們會在不加收燃油漲價的情況下接下那些業務。所以我們會對客戶做得比那更好。

We're going to continue to drive customer retention. We're going to continue to sell more business through our expanded sales force, and we're not going to manage this business for the short term. The best long-term decision is going to be taking care of those customers now. So six months from now, a year from now when this all blows over, that's what's going to be remembered that's going to continue to drive that customer retention and that Land revenue growth even higher.

我們會持續推動客戶留存。我們會透過擴編後的銷售團隊持續銷售更多業務，而且我們不會以短期角度來經營這門業務。最好的長期決策，就是現在照顧好這些客戶。因此在六個月後、一年後當這一切都過去時，人們會記得的就是這些，並將持續推動客戶留存，並讓 Land 營收成長更上一層樓。

Bob Labick, CJS Securities.

Bob Labick，CJS Securities。

On the quarter. We're viewing it as a beat and reinvest. And kind of with that team, you've talked about it a little bit. Can you talk about the decision to keep your foot on the pedal with the hiring of the salespeople? What have you learned so far from the recent hires that keeps you so encouraged? And where do you stand in your plan? I think you outlined a plan to increase the sales force 50% or so.

關於本季。我們把它視為「超預期並再投資」。而就這個團隊而言，你們也稍微談到了一些。你能談談為什麼決定在招募銷售人員上持續踩油門嗎？從近期新進人員身上你們目前學到了什麼，讓你們仍然如此受到鼓舞？以及你們的計畫目前進展到哪一步？我記得你們概述過一個計畫，要把銷售團隊擴大約 50%。

Yes. Yes. Great question, Bob, because it's what gives us the enthusiasm to keep looking at how much opportunity this business has. So it's a tough -- when you look at the investment to make in the sellers, we invested $6 million more year-over-year in Q1. We invested $6 million more year-over-year in Q2 in just the frontline sellers of our business.

是的。是的。Bob，這是個好問題，因為這正是讓我們充滿熱情、持續去看這門業務有多大機會的原因。所以這是一個艱難的——當你看對銷售人員的投資時，我們在第一季相較去年同期多投資了 600 萬美元。我們在第二季也相較去年同期多投資了 600 萬美元，而且這些投資都只是在我們業務的一線銷售人員上。

Now the way I look at those new sellers, Bob, the first six months, they relatively produce very little. Some of them don't produce hardly any sales as they start making customer relationships. Between 6 and 12 months, their annual run rate is closer to $500,000 to $600,000. And once they get to a year plus, that's when they're starting to produce somewhere around $1 million. A fully matured seller has been with us roughly 18-ish months, and we target about $1.5 million of new sales.

Bob，我看這些新銷售人員，在前六個月相對產出很少。有些人在開始建立客戶關係時幾乎沒有任何銷售產出。在 6 到 12 個月之間，他們的年化運行率更接近 50 萬到 60 萬美元。而當他們滿一年以上時，才開始產出大約 100 萬美元左右。一位完全成熟的銷售人員大約在我們這裡任職 18 個月左右，我們的目標是約 150 萬美元的新銷售額。

Here's the exciting part. We've been able to cover that $12 million that we invested year-to-date. And we're seeing that net new growth every quarter, four consecutive quarters now. We started to add sellers in the back half of '25, and we really stepped on the gas pedal in Q1, and we continued it in Q2. So what gives me the confidence is it's working.

令人振奮的是這一點。我們已經能夠覆蓋截至目前為止投入的 1,200 萬美元。而且我們每一季都看到淨新增成長，現在已經連續四個季度。我們在 25 年下半年開始增加銷售人員，並在第一季真正大踩油門，第二季也持續加速。所以讓我有信心的是：這確實有效。

We just put up 4% Land growth. We just raised our guide from 1% to 2% of Land for the year that on the last call, people questioned if we were going to be able to deliver to 2% to 3% growth. And we are optimistic that as we get into 2027, we can even do better than that.

我們剛剛繳出 4% 的 Land 成長。我們也剛把全年 Land 的指引從 1% 到 2% 上調；而在上一次電話會議上，大家還質疑我們是否能達成 2% 到 3% 的成長。而我們樂觀認為，隨著進入 2027 年，我們甚至可以做得更好。

So we are not going to pause. This is our future. Growing this business is how we're going to make BrightView the Investment of Choice for our investors. Long-term profitable growth is the key for us, and that's what we have to do by making sure we're bringing in new customers and getting our arms around our existing customers and keeping them as long as we can as a great partner.

所以我們不會暫停。這就是我們的未來。成長這門業務，是我們讓 BrightView 成為投資人「首選投資標的」的方式。長期的獲利性成長是我們的關鍵；而我們必須透過確保引進新客戶、並把既有客戶牢牢掌握住、以優秀夥伴的角色盡可能長久地留住他們，來做到這一點。

Brett, do you want to add?

Brett，你想補充嗎？

Yes, Bob, I only add the strategy is working. We're not going to slow down something that's showing positive signs and working for us. And we said during Investor Day around 15 months ago that we'd add 50% to our sales force, which is the starting point was about 1,000 in total sellers. We're well ahead of that pace. We've added just under 200 year-over-year right now. So call it, we're up to about 20% add of that 50% or 40% of the way there.

是的，Bob，我只想補充策略正在奏效。我們不會放慢任何已經展現正面跡象、且對我們有效的事情。而且我們在大約15個月前的投資人日曾說過，我們會把銷售團隊擴增50%，當時的起點大約是總計1,000名銷售人員。我們的進度遠遠超前。目前年增新增人數接近200人。所以可以說，我們已經完成那50%擴編目標的大約20%增量，或是已經走完約40%的路程。

So we are making significant progress much sooner than anticipated. Dale mentioned, we had the benefit of heightened snowfall, which allowed us to move quicker and pay for them. But I would just say that the strategy is working, and we are going to go as quickly as possible to get these sellers on board, ramped up and productive.

因此，我們比預期更早取得了顯著進展。Dale提到，我們受惠於降雪量增加，這讓我們能更快推進並且用這些成果來支付相關成本。但我想說的是，策略正在奏效，我們會盡可能加快速度，讓這些銷售人員加入、完成上手培訓並提升生產力。

Greg Parrish, Morgan Stanley.

Morgan Stanley 的 Greg Parrish。

This is Yehuda Silverman on for Greg. Just have a quick question on the development cold starts that are opened and the five more underway. Just curious how bookings have been early on and how long you expect it will take to get to a normalized backlog book there? And what gives you confidence to have success in those regions?

我是代替Greg的 Yehuda Silverman。我想快速問一下已開設的開發業務冷啟動據點，以及另外五個仍在推進中的據點。想請教早期的接單（bookings）表現如何，以及你們預期需要多久才能在那裡建立到正常化的在手訂單（backlog）水位？另外，是什麼讓你們有信心能在那些區域取得成功？

Yes. Yes. It's great question, Yehuda. So look, I think one thing I've seen, we have -- and I've said this since the day I started, I met our teams in our development business, we have hands down some of the most talented development people in this industry.

是的。是的。這是個很好的問題，Yehuda。我想先說，我看到的一點是——我從上任第一天就一直這麼說——我見到我們開發業務的團隊後，我認為我們毫無疑問擁有這個產業中最有才華的一批開發人才。

Our Development business is the largest in the industry. The jobs we do just amaze me. So our team in Development, while it's a choppy business, they do unbelievable work. And the one thing I can assure you, where we have the ability to do quality development installations and long-term maintenance service, we are a better provider, a better partner to our customers. And our customers see that.

我們的開發業務是業界規模最大。我們做的案子真的讓我驚嘆。所以我們的開發團隊，雖然這是一門波動較大的生意，但他們做出的成果非常出色。我可以向你保證的一點是：在我們有能力提供高品質的開發安裝與長期維護服務的地方，我們就是更好的供應商、也是客戶更好的合作夥伴。而客戶也看得到這一點。

So a year ago, I said what we have to do is take those markets that we're so strong in that we have great Development and great Maintenance teams working side-by-side under our One BrightView initiative, and we have to make that in every market we can service. So we announced we're going to open 10. What we need to do to open a Development branch, we usually have real estate with our Maintenance branches. We try to get a branch manager, we get a seller into that market, and we go up.

所以一年前我說過，我們必須把那些我們非常強勢的市場——也就是開發與維護團隊在「One BrightView」倡議下並肩合作的市場——把這種模式複製到我們能服務的每一個市場。因此我們宣布要開設10個據點。要開一個開發分公司，我們通常會利用維護分公司的既有不動產據點。我們會找一位分公司經理、在該市場配置一位業務，然後把業務做起來。

What you see as us saying we have six that are open, it's because we have booked backlog. They vary. Some branches have gotten big jobs, but I will assure you, every branch has a nice pipeline of open quotes that they're trying to land. The five that we still say are in process of opening. We've hired people.

你們看到我們說已經開了六個，是因為我們已經取得了在手訂單（backlog）。各據點情況不一。有些分公司拿到了大型案子，但我可以保證，每個分公司都有一個不錯的報價管線（pipeline），正在努力把案子拿下來。至於我們仍說在開設流程中的那五個。我們已經聘到人了。

We have sellers. We have them starting to work. We haven't closed any deals there yet, but we anticipate over the next several months, we will see those go to fully open branches. We believe we need to have a Development resource helping our branches in every market that we service. And there's still so much open space for us to expand into through either M&A on the Maintenance side or through organic opportunities.

我們有業務人員。也已經讓他們開始運作。目前那邊還沒有成交任何案子，但我們預期在接下來幾個月，會看到它們轉為完全開業的分公司。我們相信，在我們服務的每一個市場，都需要有開發資源來協助各分公司。而且不論是透過維護端的併購（M&A），或是透過有機成長機會，我們仍有很大的擴張空間。

So look, I think we're happy with the progress we've seen. The business of Development is choppy, to say the least, especially with some of the weather that we just saw in Q2, you can get movement between quarter-to-quarter, but we're anticipating growth in the back half of the year in that business. And our teams are focused on continuing to go after the customers every day, and we're working with our partners. So the backlog is a little bit choppy in those, but every branch that we set are now open for those six have now booked orders.

總之，我想我們對目前看到的進展感到滿意。開發業務的波動性很大，尤其是我們在第二季看到的一些天氣因素，可能導致季度之間的變動；但我們預期今年下半年該業務會成長。我們的團隊每天都專注於持續爭取客戶，我們也在與合作夥伴一起推進。所以這些據點的在手訂單會有些起伏，但我們所說已開業的那六個據點都已經接到訂單。

Brett, do you want to add detail?

Brett，你要補充細節嗎？

I would just echo Dale's comments. We do have the best teams, the best experts that produce unbelievable work in this business. It can be a bit choppy with timing. We saw the last two to three quarters, projects push out. But if you look at our bookings year-to-date, up 15%, you look at our remaining performance obligations, which is projects greater than one year, that's up 6% quarter-over-quarter. So the momentum is building in that business as well.

我只是呼應Dale的評論。我們確實擁有最好的團隊、最好的專家，在這門業務中做出令人難以置信的成果。時點上確實可能有些波動。過去兩到三個季度，我們看到專案時程往後延。但如果你看我們年初至今的接單（bookings）成長15%，再看我們剩餘履約義務（remaining performance obligations，亦即一年以上的專案），季增6%。因此這項業務的動能也正在累積。

And look, let's not discount the fact that when we have these cold starts and they open up business and sell new Development work, that's just a leading pipeline for more Maintenance Land revenue. So converting that work also is a big opportunity for us. But we're excited about the trajectory of the business. The momentum there is building. We haven't quite got the work in the ground and the timing we anticipated, but it's coming and the leading indicators are there to show growth. And that's what's implied in our second half guidance is growth in that business.

另外，也別忽略一點：當我們做這些冷啟動據點、開拓業務並銷售新的開發工程時，這其實就是未來更多維護景觀（Maintenance Land）營收的前導管線。因此把這些工程轉化為維護合約，對我們也是一個很大的機會。但我們對這項業務的走勢感到興奮。那裡的動能正在增強。我們還沒有完全把工程落地、也還沒達到我們原先預期的時點，但它正在到來，且領先指標顯示將會成長。而我們下半年指引所隱含的，就是該業務將會成長。

Andrew Steinerman, JPMorgan.

JPMorgan 的 Andrew Steinerman。

This is Alex Hess on for Andrew. I hope everybody is having a lovely day. I actually have a multi-parter, so I hope you'll bear with me on this. But just a couple of items that haven't yet been touched on. On fuel costs, I know there was some discussion about how that might impact ancillary. But just to be clear, you're not flowing any fuel benefits through on revenue that you aren't also flowing through on costs, correct? Just maybe to start with.

我是代替Andrew的 Alex Hess。希望大家今天都過得愉快。我其實有幾個問題，希望你們能包涵我分段提問。有幾個點之前還沒被提到。關於燃料成本，我知道先前有討論它可能如何影響附加業務（ancillary）。但我想確認一下，你們不會把任何燃料帶來的好處反映在營收端、卻不在成本端同步反映，對嗎？先從這點開始。

Correct, Alex. We have said we didn't imply any assumptions for fuel cost outs and nor have we assumed anything on the revenue side. So you are absolutely right with that assumption.

沒錯，Alex。我們已經說過，我們沒有在假設中納入任何燃料成本下降的節省，也同樣沒有在營收端假設任何影響。所以你的理解完全正確。

Understood. Then on snow, can you provide us what was the EBITDA flow-through on that snow revenue? I know it was a little muted last quarter due to some of the contract dynamics. Just trying to understand how that shift to contract -- more contract book impacts the revenue and incremental margin of snow. And that's the third one to pull out.

了解。那關於除雪，你們能否提供這部分除雪營收的 EBITDA 流入率（flow-through）？我知道上一季因為一些合約結構的因素，表現稍微被壓抑。我想了解轉向更多合約型（contract）訂單，會如何影響除雪的營收與增量毛利率。這是我第三個想釐清的點。

Yes. So last quarter, we said we were under the 20% target that we had, Alex. While we don't have a fully loaded P&L for snow, obviously, we're sharing resources. We believe that our full year flow-through is about 20% right now on EBITDA for that business.

是的。Alex，上季我們說過我們低於原先20%的目標。由於我們在資源上是共享的，顯然我們沒有一份完全獨立、全額分攤的除雪損益表（P&L）。我們認為就全年而言，這項業務目前的 EBITDA 流入率大約是20%。

Now snow has been a great story, and I'm going to let Brett comment here in a few minutes. Snow is the markets we saw a lot of snow and the markets we didn't see any snow. So when you really break down the snow season that we went through, obviously, everybody on the Eastern Seaboard felt the impact of weather, some way or shape through the quarter and through the first half of the year. In fact, some of our ancillary benefits that we saw in Land, we saw freezing all the way into Florida that those teams had to do work as we went through Q2 after those deep freezes.

現在降雪一直是一個很重要的話題，我會在幾分鐘後讓Brett在這裡補充評論。降雪反映在我們看到大量降雪的市場，以及我們完全沒有看到降雪的市場。因此，當你真正拆解我們經歷的這個雪季時，很明顯地，東岸沿線的每個人都在本季度以及上半年以某種方式或形式感受到天氣的影響。事實上，我們在Land業務看到的一些附帶效益是，結冰一路延伸到佛羅里達，這使得那些團隊在第二季、深度冰凍之後必須進行相關作業。

But the Eastern Seaboard, even the Carolinas, where we always have variable snow, saw a considerable amount of snow. On the opposite of that, Colorado had a very, very soft snow year as well as the Pacific Northwest. Both of those markets are traditionally more time and material/variable snow because of the volatility in their snow, what can do a little bit of a drag on those margins. But once again, long term, our goal is to be a better partner to our customers is our continued movement to get customers on more of an annual fixed snow agreement.

但東岸沿線，甚至是我們一向降雪多變的卡羅來納地區，也出現了相當可觀的降雪量。相反地，科羅拉多州以及太平洋西北地區的降雪年景非常、非常疲弱。這兩個市場傳統上較偏向按工時與材料/可變式的除雪合約，因為降雪波動性高，這可能會對毛利率造成一些拖累。但再次強調，長期而言，我們的目標是成為客戶更好的合作夥伴，因此我們會持續推動讓客戶採用更多年度固定費率的除雪協議。

We want to keep pushing that, so customers know what they're going to spend for snow. And if we get a big year like we just had, yes, maybe it's not quite as profitable, but it allows us to manage the business with them over the long term, where years where we get less snow maybe in those markets, we do a little better.

我們希望持續推進這件事，讓客戶清楚知道他們在除雪上的支出會是多少。如果遇到像剛剛這樣的大雪年，沒錯，可能獲利性不會那麼高，但這讓我們能與客戶以長期方式共同管理這項業務；而在那些市場降雪較少的年份，我們可能會表現得更好一些。

So -- but Alex, to answer, it's about 20% is the way I'd look at it. I think that's a healthy margin for us and make sure we get our arms around our customers. Brett, do you want to add?

所以——但Alex，回答你的問題，我會用大約20%來看待。我認為這對我們來說是健康的利潤率，也能確保我們把客戶管理到位。Brett，你要補充嗎？

No, I think the takeaway there is this is our opportunity heading into next snow season with outsized snow in the Northeast and Mid-Atlantic regions to try to move more of those contracts to fixed. We are about 2/3, 1/3 variable. Now we're about 60-40 variable, so leaning towards variable. But as we have those conversations now and renewals for next season and selling into next season, this heightened snowfall, this is the opportunity for us to become more predictable in our snow model by shifting even more of that business to fixed.

不，我認為重點在於：在東北與中大西洋地區降雪偏多的情況下，這是我們邁向下一個雪季時，嘗試把更多合約轉為固定費率的機會。我們大約是2/3固定、1/3可變。現在大約是60-40可變，也就是更偏向可變。但當我們現在開始進行對話、為下個雪季續約並銷售下季合約時，這次較高的降雪量就是我們透過把更多業務轉為固定費率，讓除雪模式更可預測的機會。

Ryan Gilbert, BTIG.

Ryan Gilbert，BTIG。

Great to see all the work on the revenue initiatives starting to play out in the landscape maintenance business. I think last quarter, we had talked about the potential for some of your customers' budgets to be stretched potentially due to the snowfall, and it seems like that fortunately did not materialize in the quarter. But I'm wondering if you could expand on what you're hearing from customers as to their appetite and ability to pay for landscaping services. And then just a quick housekeeping. I don't think I heard the number of sellers you added this quarter. So if you could quantify that, that would be great.

很高興看到你們在營收推動措施上的努力開始在景觀維護業務中展現成果。我記得上季我們談到，部分客戶的預算可能會因為降雪而被拉緊，而看起來幸運的是本季並未發生。但我想請你們進一步說明，你們從客戶那邊聽到他們對景觀服務的需求意願與支付能力如何。另外一個簡單的行政問題。我想我沒有聽到你們本季新增了多少名銷售人員。如果可以量化一下就太好了。

Yes. What Brett had said, Ryan, is we're roughly up 200 year-over-year. We had said we're up about 180 at the end of Q1. We're saying we're up about roughly 200 on the number of sellers. So it's fluctuating every day, obviously. We continue to keep the foot on the gas as we've gone through April. So that's just your quick housekeeping.

好的。如Brett所說，Ryan，我們年增大約200人。我們曾說在第一季末年增約180人。現在我們說銷售人數大約年增200人左右。當然每天都在波動。我們在四月一路走來仍持續踩著油門。以上就是你要的簡單行政資訊。

I would say what we're hearing is we talked last year as we went through Q3, some of the challenge we heard with the reactions from Liberation Day, we had heard pretty quickly from our customers how they were nervous about all the potential impact from tariffs or anything else that was coming out. Our teams are telling us there's plenty of work out there for them right now. They feel much more optimistic as we go into this summer. We have some customers that had severe snow costs. But for the most part, take that little bit of that noise out, people are much more optimistic as they're going into this summer for that discretionary spend.

我會說，我們聽到的是：去年第三季時我們談到一些挑戰，從「解放日」的反應來看，我們很快就從客戶那裡聽到他們對關稅或其他可能帶來的影響感到緊張。我們的團隊告訴我們，現在外面有很多工作可做。隨著我們進入今年夏天，他們感覺樂觀得多。我們有一些客戶承擔了嚴重的除雪成本。但大致上，把這些雜音稍微排除後，人們在進入今年夏天時，對於可自由支配支出更為樂觀。

A lot of people know they want their properties looking good. It's the springtime. It's the time for them to start making some investments. So I would tell you, we feel more optimistic as we sit here beginning of May 2026 than we did just 12 months ago as we were facing some headwinds. And look, we're looking forward to your conference this week, and we're excited about some of your investors, and we'll see you in New York this week.

很多人都知道他們希望自己的物業看起來漂亮。現在是春天。也是他們開始做一些投資的時候。所以我會告訴你，站在2026年5月初的此刻，我們比12個月前、當時面臨一些逆風時更為樂觀。另外，我們也期待你們本週的會議，對你們的一些投資人感到興奮，本週在紐約見。

But Brett, do you want to add anything?

不過Brett，你要補充什麼嗎？

No, Ryan, I'd just add, that's what gave us confidence to raise our Land guidance in the back half of the year, right? If we're seeing any type of slowdown or softness, we'd be hesitant to do that. But the momentum in our contract book, that's now 3% up year-over-year, four sequential quarters of net new positive growth in our contract book. We're keeping customers longer, as Dale said earlier, those customers who stay with us longer, have more confidence in us to do ancillary, spend more money with us. So those things, including the ancillary outlook for the second half of the year, gave us the confidence to raise our Land guide in the back half.

不，Ryan，我只想補充：這也是為什麼我們有信心在下半年上調Land的指引，對吧？如果我們看到任何放緩或疲弱的跡象，我們會對這麼做有所顧慮。但我們合約簿的動能——目前年增3%，而且合約簿已連續四個季度呈現淨新增的正成長。我們讓客戶留得更久，正如Dale先前所說，與我們合作更久的客戶，對我們做附加服務更有信心，也會在我們這裡花更多錢。因此，這些因素，加上下半年附加業務的展望，讓我們有信心在下半年上調Land的指引。

George Tong, Goldman Sachs.

George Tong，高盛。

This is Alex Lakritz on for George Tong. Can you provide an update on the conversion of Development contracts to recurring Maintenance contracts? And then how BrightView is tracking towards the 70% long-term target?

我是代George Tong提問的Alex Lakritz。你們能否更新一下，將Development合約轉換為經常性Maintenance合約的進展？另外，BrightView在達成長期70%目標方面的進度如何？

Yes. Look, I think what we're saying is Development is choppy. We saw continued momentum. Our teams are working better than they ever have. It's relatively consistent as we went from 2025 through into the first half of 2026. So we had very few projects closed here in the first half of the year, as you can see. We have a little softer development revenue. We'll see that as work gets finalized as we go through the back half of the year, we'll see more opportunity to convert that.

可以。我想我們要表達的是，Development業務是起伏不定的。我們看到動能持續。我們的團隊合作得比以往任何時候都更好。從2025年一路到2026年上半年，整體相對一致。因此，如你所見，我們在上半年結案的專案非常少。我們的開發收入稍微偏弱一些。隨著工作在下半年逐步完成，我們會看到更多機會把這些轉換過來。

So it's a tough metric when all you're looking at is the development revenue, Alex, because what you actually got to really focus on how many jobs close. We had some pushouts here. We'll see those jobs close as we get into the back half of the year. And then it will create opportunity for us on the maintenance side. So we feel great about how the teams are working together.

所以，Alex，當你只看開發收入時，這是一個很難衡量的指標，因為你真正需要關注的是有多少案子結案。我們這裡有一些案子延後了。當我們進入下半年時，會看到這些案子結案。接著就會在維護端為我們創造轉換機會。因此，我們對團隊之間的協作方式感到非常滿意。

But Brett, do you want to add?

不過Brett，你要補充嗎？

Alex, I'd just say our teams are working together better than they ever have in our geographies, especially where we have Maintenance and Development branches together. Those teams are partnered at the hip now under One BrightView over the last 2.5 years, and they're working better together than they ever have. And you think about our cold start strategy, we have six cold starts opened with Maintenance branches, Maintenance employees, a reputation for Maintenance already in those markets. That's only going to supercharge that conversion opportunity as we open up development cold starts in those areas we already have Maintenance.

Alex，我只想說，我們的團隊在各個地區的協作比以往任何時候都更好，尤其是在我們同時設有維護與開發分支的地方。在過去2.5年裡，這些團隊在「One BrightView」之下如今緊密合作，協作程度比以往任何時候都更好。再想想我們的冷啟動策略，我們已經開設了六個與維護分支一起運作的冷啟動點，配有維護員工，並且在那些市場已經建立了維護方面的口碑。當我們在這些已經有維護業務的區域開設開發冷啟動點時，這只會進一步強化那個轉換機會。

Jeffrey Stevenson, Loop Capital.

Loop Capital 的 Jeffrey Stevenson。

Congrats on a nice quarter. You reported strong 110 basis points of maintenance margin expansion during the quarter, benefiting from the positive revenue flow-through on the landscaping side. So although you're taking Maintenance margins down due to continued accelerated pace of new sales hires during the back half of the fiscal year, do you believe the strong March quarter margin expansion shows that the One BrightView initiatives are driving improved underlying margins as landscaping demand returns positive?

恭喜本季表現不錯。你們在本季報告維護業務毛利率擴張強勁，提升了110個基點，受惠於景觀業務端正向營收流入帶來的利潤傳導。因此，儘管你們在本財年下半年因持續加速招募新銷售人員而使維護毛利率下滑，你是否認為3月季度強勁的毛利率擴張顯示「One BrightView」各項措施正在推動基礎毛利率改善，並且隨著景觀需求回升轉正？

Yes. Great question, Jeff. So 30 months ago, I realized we had to fix this business, and we have to get it growing. There is no question our future is about growing the top line organically, not just buying revenue, it's about organic growth for the business. And there is no question that when we can grow Land 4% through our existing branch network, that's going to create profitable margin expansion for us.

是的。很好的問題，Jeff。大約30個月前，我意識到我們必須把這門生意修好，而且必須讓它恢復成長。毫無疑問，我們的未來在於有機地成長營收，而不只是透過併購買進營收；重點是企業的有機成長。也毫無疑問，當我們能透過既有的分支網路讓 Land 成長4%時，將為我們帶來有利的毛利率擴張。

Now snow didn't really hurt us. It wasn't the reason that everything happened, but we firmly believe, Jeff, that Land organic growth and the flow-through that's going to produce is our future. And that's why we are so excited about what we're predicting for the back half of the year, increasing from 1% to 2% for full year to 3% to 4% or 2% to 3% in Land growth.

至於除雪其實並沒有真正傷害到我們。它不是造成一切發生的原因，但我們堅信，Jeff，Land 的有機成長以及由此帶來的利潤傳導，才是我們的未來。這也是為什麼我們對下半年預期感到非常興奮：全年指引從1%到2%提高到 Land 成長3%到4%，或2%到3%。

Just to give you a quick reference, our updated guide suggests we will grow our Land Maintenance business over the next two quarters between 3% and 4.5% in the back half of the year. And that's why we're excited. That's why there is no question. I am 110% committed to investing in our frontline teams and our sales force to go after market share. We have done everything needed to get the foundation of this business in a healthy spot.

給你一個快速參考，我們更新後的指引顯示，在接下來兩個季度、也就是今年下半年，我們的 Land 維護業務將成長3%到4.5%。這就是我們感到興奮的原因。因此毫無疑問。我110%承諾要投資我們的一線團隊與銷售隊伍，去爭取市占率。我們已經做了所有必要的事情，讓這個業務的基礎處於健康狀態。

We're far from perfect. We need to keep pushing those customers -- those branches that don't have customer retention at 90-plus percent. You've seen now 35% of our branches are at 90%, which is great, and I congratulate those, but we still have 10% below 70%. We are hyper focused on taking care of those branches. I want to talk about the day we don't have branches below 80%.

我們離完美還很遠。我們需要持續推動那些客戶——那些客戶留存率未達90%以上的分支。你們現在看到我們有35%的分支達到90%，這很棒，我也向這些分支致意，但我們仍有10%的分支低於70%。我們高度聚焦於照顧好這些分支。我希望有一天我們不再有任何分支低於80%。

Taking care of our existing customers is my number 1 priority. And on the backside of that, I am going to invest, invest, invest in growth. And there is not a reason that we should back off on our strategy because Brett said it, and I'll say it, it's working. It's producing the growth that we've been waiting for.

照顧好我們既有客戶是我的第一優先。在此基礎上，我將投資、投資、再投資於成長。我們沒有理由在策略上退縮，因為 Brett 說了，我也要說：這套策略有效。它正在帶來我們一直在等待的成長。

And I am so excited about what that means, not just for the back half of this year, but '27, '28, '29, future years. We have $130 billion end market, and we are just a fraction of that end market. We are going to take share. We are going to grow this business. We are 100% focused on becoming the Provider of Choice for our customers. And that's our focus. So Jeff, great question.

我對這代表的意義感到非常興奮，不只是今年下半年，還包括'27、'28、'29以及未來的年度。我們的終端市場規模達1,300億美元，而我們只佔其中很小一部分。我們將取得市占。我們將讓這門生意成長。我們100%專注於成為客戶的首選服務提供者（Provider of Choice）。這就是我們的重點。所以 Jeff，這是個很好的問題。

Brett, do you want to add?

Brett，你要補充嗎？

Yes. I would just add quickly. Look, you think about development margins for a second over the last three years since One BrightView, that business has expanded EBITDA margins over 500 basis points or around 500 basis points. So huge margin expansion in Development really getting pulled into the One BrightView strategy.

是的。我快速補充一下。你想想開發業務的毛利率，從 One BrightView 推動以來的過去三年，該業務的 EBITDA 利潤率已擴張超過500個基點，或大約500個基點。因此，開發業務出現了顯著的利潤率擴張，真正被納入 One BrightView 策略之中。

And you said it, Jeff, now it's time for Maintenance implied in our back half of the guide and full year guide is margin expansion and Maintenance, 30 to 50 basis points while investing in the business. We're investing $6 million a quarter into our incremental sellers and sales force. About 90% of that is maintenance related. So even despite that investment, we are seeing the outsized benefit now start to come in Maintenance margins and for the full year guide, still expected to expand 30 to 50 basis points.

而你也提到，Jeff，現在輪到維護業務了；我們下半年與全年指引所隱含的是維護業務利潤率擴張30到50個基點，同時仍在投資這門生意。我們每季投入600萬美元，用於新增銷售人員與銷售團隊。其中約90%與維護業務相關。因此，即便有這些投資，我們現在也開始看到維護業務利潤率帶來超預期的效益；在全年指引中，仍預期將擴張30到50個基點。

And gentlemen, it appears we have no further questions this morning. Mr. Asplund, I'd like to turn things back to you, sir, for any closing comments.

各位先生，看起來今天上午沒有其他問題了。Asplund 先生，我想把時間交還給您，請您做任何結語。

Yes. Thank you, operator. Look, I'll close by reiterating our confidence in the path ahead. We had some great questions today, but our transformation is starting to take hold. That's what's critical for us.

好的。謝謝你，接線員。最後我想重申我們對前方道路的信心。今天有一些很好的問題，但我們的轉型正在開始見效。這對我們而言至關重要。

Over the past two-plus years, we've built a stronger foundation at BrightView, bringing the organization together, unlocking efficiencies and achieving good financial results. Through this period, we've consistently reinvested back into the business by refreshing our fleet, supporting our frontline teams, and building a stronger, deeper sales organization. Even though we're still early in our transition, the investments we've made are translating into a growing contract book, which is the driving top line growth in our Land business long term.

在過去兩年多的時間裡，我們在 BrightView 建立了更強的基礎，讓組織凝聚在一起、釋放效率，並取得良好的財務成果。在這段期間，我們持續把資金再投入到業務中，包括更新車隊、支援一線團隊，以及打造更強、更深的銷售組織。儘管我們仍處於轉型早期階段，但我們所做的投資正轉化為持續成長的合約存量（contract book），這將長期驅動我們 Land 業務的營收成長。

So once again, we said it many times, everything we've done is with one focus in long term, continued profitable top line growth across this business and make it sustainable, so we will grow this business for years to come. So we look forward to talking to everybody come Q3. Thank you again for your attention, and we hope everybody has a good day.

所以再次強調，我們已經說過很多次，我們所做的一切都只有一個長期焦點：在整個業務中持續實現有利可圖的營收成長，並讓它具備可持續性，如此我們才能在未來多年持續成長。因此，我們期待在第三季與大家再交流。再次感謝各位的關注，也祝大家今天愉快。

Operator, you can now end the call.

接線員，您現在可以結束電話會議。

Certainly. Thank you, Mr. Asplund, and thank you, Mr. Urban. And again, ladies and gentlemen, that concludes BrightView's earnings conference call. Again, thanks so much for joining us, everyone. We wish you all a great day. Goodbye.

當然可以。謝謝您，Asplund 先生，也謝謝您，Urban 先生。再次提醒各位女士先生，以上即為 BrightView 的財報電話會議。再次非常感謝各位的參與。祝各位今天一切順利。再見。