BrightView Holdings, Inc.

Good day and welcome to the Brightview fourth quarter and four-year 2024 earnings call. At this time, all participants are in a listen-only mode. Following the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at that time, please press star 1 on your telephone keypad. Please note, today's call will be recorded. Lastly, if you should require operator assistance, please press star 0. It is now my pleasure to turn the call over to Chris Stocksco, Vice President of Finance and Investor Relations. Please go ahead.

Good morning, and thank you for joining Brightview's fourth quarter and full year fiscal 2024 earnings call. Dale Asplen, Brightview's President and Chief Executive Officer, and Brett Urban, Chief Financial Officer, are on the call. I will now refer you to slide two of the presentation, which can also be found on our Investor Relations website, and contains our safe harbor disclaimer. Our presentation includes forward-looking statements subject to risk and uncertainty. In addition, during the call, we will refer to certain non-GAAP financial measures. Please see our press release in 8K issued yesterday for reconciliation of these measures. With that, I will now turn the call over to Dale.

Thank you, Chris, and good morning, everyone. As I reflect on my first year here, I am both honored and humbled to lead this journey together. and incredibly proud of the progress the team has made in such a short period of time. As we committed to you 12 months ago, we delivered breakout results for physical 2024, all while transforming this business, unwinding BES, selling our U.S. lawn business, streamlining our operating structure, and snow coming in below original expectations. We are also positioned to grow EBITDA again in fiscal 2025, reflecting a second consecutive annual record EBITDA. This is underpinned by revenue growth in both our development and land maintenance business. As each quarter passes, we as a team gain greater conviction that we are in the early stages of capitalizing on the many expansive opportunities that will benefit our results in both the near and long-term. We are doing all this by operating as a unified One Brightview team. As I have said since the first day I joined Brightview, this begins with taking better care of our employees, who will in turn provide better service to our customers to make us the service provider of choice. This is the cornerstone of our One Brightview approach that will drive long-term profitable growth and deliver meaningful shareholder value. 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 future objectives. First, we delivered record Q4 and full-year EBITDA results while expanding EBITDA margins in both operating segments. Throughout 2024, we not only demonstrated consistent financial improvement but position the company for further success in 2025. With our fiscal year 2025 guidance, we are on track to deliver another record EBITDA year, reaffirming our commitment to delivering profitable growth. And we have significantly improved the balance sheet, enabling us to reinvest in the business with our employees at the epicenter of this investment. Brett will get into more details on the finances in a few minutes. I want to focus my comments on the tremendous progress being made towards further developing our One Bright View culture. We continue to prioritize our employees and customers to become both the employer of choice and service provider of choice. This will be the key to our sustained success as we progress on this journey, which remains in the early stages. Further leveraging our size and scale will supplement these initiatives to drive our laser-focused goal of long-term profitable growth with margin expansion to deliver continued value to our shareholders. Moving on to slide five, here we recap many of the initiatives that we have been successfully delivering on, equipping us to drive organic revenue and continue the momentum of profitable growth. As you can see on the top left of this slide, We have been prioritizing our employees through multiple avenues and are highly confident these actions will continue to improve our employee turnover and customer retention rates. By putting our customers first and delivering best-in-class service with improved communication to our customers, we are demonstrating why we should be the preferred partner of choice. All of our ongoing hard work will generate a more unified One Brightview culture. which will continue to drive the exciting transformation already underway. This was all done while streamlining our operating structure and integrating our sales group into our branches. On the customer retention front, we again saw sequential momentum resulting in a 200 basis point improvement in 2024. Further evidence that we are gaining traction. But again, we remain in the early innings and are excited for what is still On slide six, we illustrate a long-term perspective of the transformation we are undergoing. While we are proud of the strategic success to date and the financial results we delivered this year, it's important to keep in context how far we have come. In fiscal 2022, EBITDA margins were at all-time low. The company was operating in silos, and we were executing non-accretive acquisitions that led to an over-levered balance sheet with limited liquidity. During 2023, we partnered with One Rock Capital, a strategic partner with operational expertise whose investments enabled us to de-lever the balance sheet and significantly improve liquidity. This set the stage for the breakout year in 2024. Looking ahead, there is much more to accomplish. With plenty of runway ahead of This includes returning to top-line land growth, leveraging our size and scale, and executing future acquisitions. As we reincorporate acquisitions into our growth strategy, we will be utilizing a drastically revised playbook to ensure the transactions are accretive. Before turning it over to Brett, who will discuss our strong results and our financial guidance, I will say it again. It's an honor to lead this journey. and I am proud of the team for executing and delivering on the multifaceted transformation. This has enabled Brightview to turn the corner, and we will benefit from these initiatives for years to come. With that said, I will now turn it over to Brett.