# BrightView Holdings, Inc. (BV) Informational only - not investment advice. CIK: 0001734713 SIC: 0700 Agricultural Services SIC breadcrumb: [Agriculture, Forestry, And Fishing](/division/A/) > [SIC Major Group 07](/major-group/07/) > [SIC 0700 Agricultural Services](/industry/0700/) Latest 10-K filed: 2025-11-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=1734713 Filing source: https://www.sec.gov/Archives/edgar/data/1734713/000119312525288109/bv-20250930.htm ## At a glance FY2025 · period end 2025-09-30 · filed 2025-11-19 · accession 0001193125-25-288109 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001734713.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,672,800,000 USD | 2025 | verified | | Net income | 56,000,000 USD | 2025 | verified | | Assets | 3,392,000,000 USD | 2025 | verified | | Free cash flow | 37,600,000 USD | 2025 | computed | | Net margin | 2.10% | 2025 | computed | | Operating margin | 5.04% | 2025 | computed | | Revenue YoY | -3.41% | 2025 | computed | | ROE | 4.33% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2672800000 | USD | 2025 | 2025-11-19 | | Net income | 56000000 | USD | 2025 | 2025-11-19 | | Assets | 3392000000 | USD | 2025 | 2025-11-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001734713.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 2,185,302,000 | | 2,353,600,000 | 2,404,600,000 | 2,346,000,000 | 2,553,600,000 | 2,774,600,000 | 2,816,000,000 | 2,767,100,000 | 2,672,800,000 | | Net income | -52,364,000 | | -15,100,000 | 44,400,000 | -41,600,000 | 46,300,000 | 14,000,000 | -7,700,000 | 66,400,000 | 56,000,000 | | Operating income | 7,557,000 | | 40,000,000 | 129,700,000 | 12,100,000 | 90,500,000 | 88,400,000 | 101,000,000 | 156,900,000 | 134,600,000 | | Gross profit | 607,161,000 | | 626,100,000 | 638,200,000 | 595,300,000 | 650,800,000 | 674,800,000 | 678,900,000 | 645,600,000 | 621,700,000 | | Diluted EPS | | | -0.18 | 0.43 | -0.40 | 0.44 | 0.14 | -0.12 | 0.20 | 0.13 | | Operating cash flow | 111,947,000 | | 180,400,000 | 169,700,000 | 245,100,000 | 148,400,000 | 106,900,000 | 129,900,000 | 205,600,000 | 291,800,000 | | Capital expenditures | 75,609,000 | | 86,400,000 | 89,900,000 | 52,700,000 | 61,200,000 | 107,300,000 | 71,300,000 | 78,400,000 | 254,200,000 | | Share buybacks | 30,229,000 | | 2,900,000 | 1,200,000 | 1,500,000 | 1,900,000 | 163,800,000 | 2,200,000 | 3,100,000 | 24,200,000 | | Assets | | 2,858,620,000 | 2,891,900,000 | 2,928,600,000 | 3,071,000,000 | 3,237,600,000 | 3,305,500,000 | 3,352,200,000 | 3,391,800,000 | 3,392,000,000 | | Liabilities | | 2,162,359,000 | 1,664,600,000 | 1,644,800,000 | 1,799,500,000 | 1,894,900,000 | 2,088,700,000 | 1,610,700,000 | 1,609,400,000 | 1,591,900,000 | | Stockholders' equity | 705,200,000 | 696,200,000 | 1,227,300,000 | 1,283,800,000 | 1,271,500,000 | 1,342,700,000 | 1,216,800,000 | 1,243,300,000 | 1,275,300,000 | 1,293,000,000 | | Cash and cash equivalents | 68,000,000 | 12,800,000 | 35,200,000 | 39,100,000 | 157,100,000 | 123,700,000 | 20,100,000 | 67,000,000 | 140,400,000 | 74,500,000 | | Free cash flow | 36,338,000 | | 94,000,000 | 79,800,000 | 192,400,000 | 87,200,000 | -400,000 | 58,600,000 | 127,200,000 | 37,600,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | -2.40% | | -0.64% | 1.85% | -1.77% | 1.81% | 0.50% | -0.27% | 2.40% | 2.10% | | Operating margin | 0.35% | | 1.70% | 5.39% | 0.52% | 3.54% | 3.19% | 3.59% | 5.67% | 5.04% | | Return on equity | -7.43% | | -1.23% | 3.46% | -3.27% | 3.45% | 1.15% | -0.62% | 5.21% | 4.33% | | Return on assets | | | -0.52% | 1.52% | -1.35% | 1.43% | 0.42% | -0.23% | 1.96% | 1.65% | | Liabilities / equity | | 3.11 | 1.36 | 1.28 | 1.42 | 1.41 | 1.72 | 1.30 | 1.26 | 1.23 | | Current ratio | | 1.47 | 1.60 | 1.66 | 1.41 | 1.43 | 1.39 | 1.59 | 1.44 | 1.30 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001734713.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-06-30 | | | 0.12 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | | -0.23 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | | 0.18 | reported discrete quarter | | 2023-Q4 | 2023-09-30 | 743,700,000 | 16,400,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-12-31 | 626,700,000 | -16,400,000 | -0.27 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | 672,900,000 | 33,700,000 | 0.17 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | 738,800,000 | 23,500,000 | 0.10 | reported discrete quarter | | 2024-Q4 | 2024-09-30 | 728,700,000 | 25,600,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-12-31 | 599,200,000 | -10,400,000 | -0.20 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | 662,600,000 | 6,400,000 | -0.03 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | 708,300,000 | 32,300,000 | 0.15 | reported discrete quarter | | 2025-Q4 | 2025-09-30 | 702,800,000 | 27,700,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-12-31 | 614,700,000 | -15,200,000 | -0.26 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | 702,900,000 | 1,700,000 | -0.08 | reported discrete quarter | | 2026-Q3 | 2026-06-30 | 717,600,000 | 6,100,000 | -0.03 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BV's latest 10-K: [/company/BV/business/](/company/BV/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BV's latest 10-K: [/company/BV/risk-factors/](/company/BV/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1734713/000119312526332820/bv-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-04 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis supplements our management’s discussion and analysis for the year ended September 30, 2025 as contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on November 19, 2025, and presumes that readers have read or have access to such discussion and analysis. The following discussion and analysis should also be read together with the unaudited consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that reflect our plans and strategy for our business, and involve risks and uncertainties. You should review the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as updated by subsequent filings with the Securities and Exchange Commission, for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. Overview Our Company We are the largest provider of commercial landscaping services in the United States, with revenues approximately 4 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 265 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary. Our Segments We report our results of operations through two reportable segments: Maintenance Services and Development Services. We serve a geographically diverse set of customers through our strategically located network of branches in 36 U.S. states. Maintenance Services Our Maintenance Services segment delivers a full suite of recurring commercial landscaping services in both evergreen and seasonal markets, ranging from mowing, gardening, mulching and snow removal, to more horticulturally advanced services, such as water management, irrigation maintenance, tree care, and golf course maintenance. In addition to contracted maintenance services, we also have a strong track record of providing value-added landscape enhancements. We primarily self-perform our maintenance services through our national branch network, which are route-based in nature. Our maintenance services customers include Fortune 500 corporate campuses and commercial properties, HOAs, public parks, leading international hotels and resorts, airport authorities, municipalities, hospitals and other healthcare facilities, educational institutions, restaurants and retail, and golf courses, among others. Development Services Through our Development Services segment, we provide landscape architecture and development services for new facilities and significant redesign projects. Specific services include project design and management services, landscape architecture, landscape installation, irrigation installation, tree moving and installation, pool and water features, sports field services, and specialty turf maintenance, among others. Our development services are comprised of sophisticated design, coordination and installation of landscapes at some of the most recognizable corporate, athletic and university complexes and showcase highly visible work that is paramount to our customers’ perception of our brand as a market leader. In our Development Services business, we are typically hired by general contractors, with whom we maintain strong relationships as a result of our superior technical and project management capabilities. We believe the quality of our work is also well-regarded by our end-customers, some of whom directly request that their general contractors utilize our services when outsourcing their landscape development projects. 27 Table of Contents Components of Our Revenues and Expenses Net Service Revenues Maintenance Services Our Maintenance Services revenues are generated primarily through landscape maintenance services and snow removal services. Landscape maintenance services that are primarily viewed as non-discretionary, such as lawn care, mowing, gardening, mulching, leaf removal, irrigation and tree care, are provided under recurring annual contracts, which typically range from one to three years in duration and are generally cancellable by the customer with 30-90 days’ notice. Snow removal services are provided on either fixed fee based contracts or per occurrence contracts. Both landscape maintenance services and snow removal services can also include enhancement services that represent supplemental maintenance or improvement services generally provided under contracts of short duration related to specific services. Revenue for landscape maintenance and snow removal services under fixed fee models is recognized over time using an output based method. Additionally, a portion of our recurring fixed fee landscape maintenance and snow removal services are recorded under the series guidance. The right to invoice practical expedient, defined within Note 3 “Revenue” to our unaudited consolidated financial statements, is generally applied to revenue related to landscape maintenance and snow removal services performed in relation to per occurrence contracts as well as enhancement services. When use of the practical expedient is not appropriate for these contracts, revenue is recognized using a cost-to-cost input method. Fees for contracted landscape maintenance services are typically billed on an equal monthly basis. Fees for fixed fee snow removal services are typically billed on an equal monthly basis during snow season, while fees for time and material or other activity-based snow removal services are typically billed as the services are performed. Fees for enhancement services are typically billed as the services are performed. Development Services For Development Services, revenue is primarily recognized over time using the cost-to-cost input method, measured by the percentage of cost incurred to date to the estimated total cost for each contract, which we believe to be the best measure of progress. The full amount of anticipated losses on contracts is recorded as soon as such losses can be estimated. These losses have been immaterial to current and historical operations. Changes in job performance, job conditions and estimated profitability, including final contract settlements, may result in revisions to costs and revenue and are recognized in the period in which the revisions are determined. Expenses Cost of Services Provided Cost of services provided is comprised of direct costs we incur associated with our operations during a period and includes employee costs, subcontractor costs, purchased materials, and operating equipment and vehicle costs. Employee costs consist of wages and other labor-related expenses, including benefits, self insurance and healthcare costs, for those employees involved in delivering our services. Subcontractor costs consist of costs relating to our qualified service partner network in our Maintenance Services segment and subcontractors we engage from time to time in our Development Services segment. When our use of subcontractors increases, we may experience incrementally higher costs of services provided. Operating equipment and vehicle costs primarily consist of depreciation related to branch operating equipment and vehicles and related fuel expenses. A large component of our costs are variable, such as labor, subcontractor expense, fuel and materials. Selling, General and Administrative Expense Selling, general and administrative expense consists of costs incurred related to compensation, benefits, and self insurance for management, sales and administrative personnel, equity-based compensation, branch and office rent and facility operating costs, depreciation expense related to branch and office locations, as well as professional fees, software costs and other miscellaneous expenses. Corporate expenses, including corporate executive compensation, finance, legal and information technology, are included in consolidated Selling, general and administrative expense. Amortization Expense Amortization expense consists of the periodic amortization of intangible assets and customer relationships. The corresponding intangible assets were originally recognized in connection with the KKR and ValleyCrest acquisitions, as well as from subsequent acquisitions. 28 Table of Contents Other Expense (Income) Other expense (income) consists primarily of losses on debt extinguishment as well as investment gains and losses related to investments held in Rabbi Trust. Interest Expense, Net Interest expense, net consists primarily of interest expense related to our long-term debt as well as interest income related to our cash and cash equivalents. See Note 7 “Long-term Debt” in the unaudited consolidated financial statements included under Part I, Item 1, “Financial Statements”. Income Tax Expense (Benefit) Income tax expense (benefit) includes U.S. federal, state and local income taxes. Our effective tax rate differs from the statutory U.S. income tax rate due to the effect of state and local income taxes, tax credits and certain nondeductible expenses. Our effective tax rate may vary from quarter to quarter based on recurring and nonrecurring factors including, but not limited to, the geographical distribution of our pre-tax earnings, changes in the tax rates of different jurisdictions, the availability of tax credits and nondeductible items. Changes in judgment due to the evaluation of new information resulting in the recognition, derecognition or remeasurement of a tax position taken in a prior annual period are recognized separately in the period of the change. Trends and Other Factors Affecting Our Business Various trends and other factors affect or have affected our operating results, including: Seasonality Our services, particularly in our Maintenance Services segment, have seasonal variability such as increased mulching, flower planting and intensive mowing in the spring, leaf removal and cleanup work in the fall, snow removal services in the winter and potentially minimal mowing during drier summer months. This can drive fluctuations in revenue, costs and cash flows for interim periods. We have a significant presence in geographies that have a year-round growing season, which we refer to as our evergreen markets. Such markets require landscape maintenance services twelve months per year. In markets that do not have a year-round growing season, which we refer to as our seasonal markets, the demand for our landscape maintenance services decreases during the winter months. Typically, our revenues and net income have been higher in the spring and summer seasons, which correspond with our third and fourth fiscal quarters of our fiscal year ending September 30. The lower level of activity in seasonal markets during our first and second fiscal quarters is partially offset by revenue from our snow removal services. Such seasonality causes our results of operations t [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1734713/000119312525288109/bv-20250930.htm Complete FY 2025 MD&A: /company/BV/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2025-11-19 Report date: 2025-09-30 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains management’s discussion and analysis of our financial condition and results of operations and should be read together with our audited consolidated financial statements and the related notes thereto included elsewhere in this Form 10-K. This section of this Form 10-K generally discusses the fiscal years ended September 30, 2025 and 2024 and year to year comparisons between the fiscal years ended September 30, 2025 and 2024. The discussion around results of operations for the fiscal year ended September 30, 2023 and a comparison of our results for the fiscal years ended September 30, 2024 and 2023 is included in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for fiscal year ended September 30, 2024, filed with the SEC on November 13, 2024 and is incorporated by reference herein (Fiscal Year Ended September 30, 2024 10-K). Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review “Item 1A. Risk Factors” and the “Special Note Regarding Forward-Looking Statements” sections of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Our Company We are the largest provider of commercial landscaping services in the United States, with revenues approximately 4 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 265 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary. Our Segments We report our results of operations through two reportable segments: Maintenance Services and Development Services. We serve a geographically diverse set of customers through our strategically located network of branches in 36 U.S. states and, through our qualified service partner network, we are able to efficiently provide nationwide coverage across the United States. Maintenance Services Our Maintenance Services segment delivers a full suite of recurring commercial landscaping services in both evergreen and seasonal markets, ranging from mowing, gardening, mulching and snow removal, to more horticulturally advanced services, such as water management, irrigation maintenance, tree care and golf course maintenance. In addition to contracted maintenance services, we also have a strong track record of providing value-added landscape enhancements. We primarily self-perform our maintenance services through our national branch network, which are route-based in nature. Our maintenance services customers include Fortune 500 corporate campuses and commercial properties, HOAs, public parks, leading international hotels and resorts, airport authorities, municipalities, hospitals and other healthcare facilities, educational institutions, restaurants and retail, and golf courses, among others. Development Services Through our Development Services segment, we provide landscape architecture and development services for new facilities and significant redesign projects. Specific services include project design and management services, landscape architecture, landscape installation, irrigation installation, tree moving and installation, pool and water features, sports field services and specialty turf maintenance, among others. Our development services are comprised of sophisticated design, coordination and installation of landscapes at some of the most recognizable corporate, athletic and university complexes and showcase highly visible work that is paramount to our customers’ perception of our brand as a market leader. 35 Table of Contents In our Development Services business, we are typically hired by general contractors with whom we maintain strong relationships as a result of our superior technical and project management capabilities. We believe the quality of our work is also well-regarded by our end-customers, some of whom directly request that their general contractors utilize our services when outsourcing their landscape development projects. Components of Our Revenues and Expenses Net Service Revenues Maintenance Services Our Maintenance Services revenues are generated primarily through landscape maintenance services and snow removal services. Landscape maintenance services that are primarily viewed as non-discretionary, such as lawn care, mowing, gardening, mulching, leaf removal, irrigation and tree care, are provided under recurring annual contracts, which typically range from one to three years in duration and are generally cancellable by the customer with 30-90 days’ notice. Snow removal services are provided on either fixed fee based contracts or per occurrence contracts. Both landscape maintenance services and snow removal services can also include enhancement services that represent supplemental maintenance or improvement services generally provided under contracts of short duration related to specific services. Revenue for landscape maintenance and snow removal services under fixed fee models is recognized over time using an output based method. Additionally, a portion of our recurring fixed fee landscape maintenance and snow removal services are recorded under the series guidance. The right to invoice practical expedient, defined within Note 2 "Summary of Significant Accounting Policies" to our audited consolidated financial statements, is generally applied to revenue related to landscape maintenance and snow removal services performed in relation to per occurrence contracts as well as enhancement services. When use of the practical expedient is not appropriate for these contracts, revenue is recognized using a cost-to-cost input method. Fees for contracted landscape maintenance services are typically billed on an equal monthly basis. Fees for fixed fee snow removal services are typically billed on an equal monthly basis during snow season, while fees for time and material or other activity-based snow removal services are typically billed as the services are performed. Fees for enhancement services are typically billed as the services are performed. Development Services Development Services revenue is primarily recognized over time using the cost-to-cost input method, measured by the percentage of cost incurred to date to the estimated total cost for each contract, which we believe to be the best measure of progress. The full amount of anticipated losses on contracts is recorded as soon as such losses can be estimated. These losses are immaterial to current and historical operations. Changes in job performance, job conditions and estimated profitability, including final contract settlements, may result in revisions to costs and revenue and are recognized in the period in which the revisions are determined. Expenses Cost of Services Provided Cost of services provided is comprised of direct costs we incur associated with our operations during a period and includes employee costs, subcontractor costs, purchased materials, and operating equipment and vehicle costs. Employee costs consist of wages and other labor-related expenses, including benefits, workers compensation and healthcare costs, for those employees involved in delivering our services. Subcontractor costs consist of costs relating to our qualified service partner network in our Maintenance Services segment and subcontractors we engage from time to time in our Development Services segment. When our use of subcontractors increases, we may experience incrementally higher costs of services provided. Operating equipment and vehicle costs primarily consist of depreciation related to branch operating equipment and vehicles and related fuel expenses. A large component of our costs are variable, such as labor, subcontractor expense, fuel and materials. Selling, General and Administrative Expense Selling, general and administrative expense consists of costs incurred related to compensation and benefits for management, sales and administrative personnel, equity-based compensation, branch and office rent and facility operating costs, depreciation expense related to branch and office locations, as well as professional fees, software costs, goodwill impairment, and other miscellaneous expenses. Corporate expenses, including corporate executive compensation, finance, legal and information technology, are included in consolidated selling, general and administrative expense. Gain on divestiture Gain on divestiture consists of the realized gain on sale and transaction related expenses from the divestiture of U.S. Lawns on January 12, 2024. 36 Table of Contents Amortization Expense Amortization expense consists of the periodic amortization of intangible assets, including customer relationships, non-compete agreements and trademarks. The corresponding intangible assets were originally recognized in connection with the KKR and ValleyCrest Acquisitions, as well as from subsequent acquisitions. Other (income) expense Other (income) expense consists primarily of investment gains related to investments held in a Rabbi Trust. Interest Expense Net Interest expense, net consists primarily of interest expense related primarily to our long term debt as well as interest income related to our cash and cash equivalents. See Note 9 "Long-term Debt" to our audited consolidated financial statements included in Part II. Item 8 of this Form 10-K. Income Tax Expense Income tax expense includes U.S. federal, state and local income taxes. Our effective tax rate differs from the statutory U.S. income tax rate due to the effect of state and local income taxes, tax credits and certain nondeductible expenses. Our effective tax rate may vary from period to period based on recurring and nonrecurring factors including, but not limited to the geographical distribution of our pre-tax earnings, changes in the tax rates of different jurisdictions, the availability of tax credits and nondeductible items. Changes in judgment due to the evaluation of new information resulting in the recognition, derecognition or remeasurement of a tax position taken in a prior annual period are recognized separately in the period of the change. Dividends on Series A Convertible Preferred Shares The Series A Convertible Preferred Stock is entitled to dividends at a rate of 7.0% per annum, compounding quarterly. These dividends can be paid in kind or paid in cash, at the Company’s election. How We Assess the Performance of our Business We manage operations through the two operating segments described above. In addition to our GAAP financial measures, we review various non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings per Share (“Adjusted EPS”), and Adjusted Free Cash Flow. We believe Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted EPS are helpful supplemental measure [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BV/mda/fy2025/ All MD&A years: /company/BV/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BV/mda/fy2024/): filed 2024-11-13; accession 0000950170-24-126338 (https://www.sec.gov/Archives/edgar/data/1734713/000095017024126338/bv-20240930.htm) - [FY 2023 MD&A](/company/BV/mda/fy2023/): filed 2023-11-16; accession 0000950170-23-064336 (https://www.sec.gov/Archives/edgar/data/1734713/000095017023064336/bv-20230930.htm) - [FY 2022 MD&A](/company/BV/mda/fy2022/): filed 2022-11-17; accession 0000950170-22-025340 (https://www.sec.gov/Archives/edgar/data/1734713/000095017022025340/bv-20220930.htm) - [FY 2021 MD&A](/company/BV/mda/fy2021/): filed 2021-11-17; accession 0000950170-21-004707 (https://www.sec.gov/Archives/edgar/data/1734713/000095017021004707/bv-20210930.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (SIC 0700 Agricultural Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. No tailored SIC indicator subset is available for this company; use /indicators/. No macro-to-micro thread currently includes this sector. All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BV.md · JSON record: /company/BV.json · verified financials: /company/BV/financials.json / /company/BV/financials.csv · machine TOC for the whole site: /llms.txt