BrightView Holdings (BV) FY2023 results: revenue $2.8 billion, up 1.5% on the year

BrightView Holdings, Inc. (BV) reported revenue of $2.8 billion for fiscal 2023, the year ended 30 September 2023, up 1.5% on the year before. Net income was -$8 million, and diluted earnings per share $-0.12. The figures are the company's own, from the 10-K it filed with the SEC on 16 November 2023.

Revenue

$2.8 billion

+1.5% on the year

FY2018FY2023

Operating margin

3.6%

3.2% a year earlier

FY2018FY2023

Net income

-$8 million

FY2018FY2023

Diluted EPS

-$0.12

FY2018FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,816	2,775	2,554	+1.5%
Cost of revenue	2,137	2,100	1,903	+1.8%
Gross profit	679	675	651	+0.6%
Gross margin	24.1%	24.3%	25.5%
Selling, general and administrative	533	535	508	-0.3%
Operating income	101	88.4	90.5	+14.3%
Operating margin	3.6%	3.2%	3.5%
Interest expense	97.4	53.3	42.3	+82.7%
Pre-tax income	-3.1	19.6	50.9
Income tax	4.6	5.6	4.6	-17.9%
Effective tax rate	n/a	28.6%	9.0%
Net income	-7.7	14.0	46.3
Net margin	-0.3%	0.5%	1.8%
Diluted EPS	-$0.12	$0.14	$0.44

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	130	107	148	+21.5%
Capital expenditure	71.3	107	61.2	-33.6%
Free cash flow	58.6	-0.4	87.2
Free cash flow margin	2.1%	-0.0%	3.4%
Cash from investing	-61.4	-194	-159
Cash from financing	-21.6	-16.8	-23.1
Depreciation and amortisation	150	150	137	-0.5%
Share-based compensation	22.1	18.9	19.7	+16.9%
Buybacks	2.2	164	1.9	-98.7%
Diluted shares, weighted	93m	98m	106m	-4.8%
Shares outstanding at period end	94m	93m	105m	+0.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,243	1,217	1,343	+2.2%
Debt	888	1,343	1,141	-33.9%
Operating lease liabilities	65.1	61.3	54.2	+6.2%
Finance lease liabilities	21.3	22.4	12.7	-4.9%
Other liabilities	1,134	662	687	+71.3%
Total liabilities and equity	3,352	3,306	3,238	+1.4%
Fixed assets	315	328	264	-4.0%
Goodwill	2,021	2,009	1,951	+0.6%
Intangible assets	132	174	198	-24.1%
Cash and equivalents	67.0	20.1	124	+233.3%
Receivables	442	398	379	+11.2%
Other assets	374	376	322	-0.6%
Total assets	3,352	3,306	3,238	+1.4%

10-K for the year ended 30 September 2023, filed 16 November 2023: the filing.