BrightView Holdings, Inc. (NYSE:BV) Q1 2023 Earnings Conference Call February 7, 2023 10:00 AM ET

Company Participants

Faten Freiha - VP of IR

Andrew Masterman - CEO

Brett Urban - CFO

Conference Call Participants

Bob Labick - CJS Securities

Tim Mulrooney - William Blair

George Tong - Goldman Sachs

Justin Hauke - Robert W. Baird

Andrew Steinerman - JPMorgan

Operator

Good morning, and a warm welcome to the BrightView First Quarter Fiscal Year 2023 Earnings Conference Call. My name is Candice, and I will be your operator for today's call. [Operator Instructions]

I would now like to hand you over to our host, Faten Freiha, Vice President of Investor Relations. Please go ahead.

Faten Freiha

Good morning. Thank you for joining BrightView's first quarter fiscal 2023 earnings conference call. Andrew Masterman, Chief Executive Officer; and Brett Urban, Chief Financial Officer, are on the call. Please remember that some of the comments made today, including responses to questions and information reflected on the presentation slides are forward-looking and actual results may differ materially from those projected. Please refer to the company's SEC filings for more detail on the risks and uncertainties that could impact the company's future operating results and financial condition.

Comments made today will also include a discussion of certain non-GAAP financial measures. Reconciliations to comparable GAAP financial measures are provided in today's press release. Disclaimers on forward-looking statements and non-GAAP financial measures apply both to today's prepared remarks as well as the Q&A.

I'll now turn the call over to BrightView's CEO, Andrew Masterman.

Andrew Masterman

Good morning, and thank you all for joining us today.

We are pleased to start fiscal 2023 with a strong first quarter underpinned by robust organic growth, acquisition benefits, disciplined cost management and a steadfast focus on executing our growth strategy to continue to drive momentum in our business. We delivered seventh consecutive quarter of land organic growth, and we grew our annual snow contracts in the mid-single digits.

And our development business continued to deliver excellent organic growth. From a profitability standpoint, adjusted EBITDA exceeded the high end of our guidance, driven by the strength of our top line, pricing efforts, improved operating performance and disciplined cost management. Investments we made over the last few years in our sales force and technology are driving the strength and durability of our top line results, and these benefits are being realized in our profitability.