BrightSpring Health Services, Inc. (“BrightSpring” or the
“Company”) (NASDAQ: BTSG), a leading provider of home and
community-based health services for complex populations, today
announced financial results for the first quarter ended March 31,
2024, and increases 2024 revenue and Adjusted EBITDA1 guidance.
Financial Highlights
- Net Revenue of $2,577 million, up
27.0% compared to $2,028 million in the first quarter of 2023.
- Net loss of $46 million, compared to
net loss of $22 million in the first quarter of 2023.
- Adjusted EBITDA1 of $131 million, up
13.2% versus $115 million in the first quarter of 2023.
- Increased 2024 Revenue and Adjusted
EBITDA Guidance:
- Revenue: $10,300 - $10,800
million
- Adjusted EBITDA1: $555 - $570
million, excluding potential Quality Incentive Payment
- Elected Olivia Kirtley, CPA, to the
Board of Directors in connection with the Company’s IPO, and in
April 2024 appointed Timothy Wicks, former Executive Vice President
of Optum Inc., part of UnitedHealth Group, to the Board of
Directors
“We are pleased with the strong revenue and
adjusted EBITDA growth in both our Pharmacy and Provider segments
during the first quarter of 2024 and are increasingly optimistic
about our outlook for the remainder of the year,” said Jon
Rousseau, Chairman, President and Chief Executive Officer of the
Company. "In Pharmacy Solutions, we delivered strong revenue growth
of 35%. In Provider Services, revenue growth was solid and ahead of
expectations, and we expanded adjusted EBITDA margins with our
increased scale, efficiencies, and operational excellence. We
continue to invest across both segments of the Company to drive
high quality care and above market growth.”
First Quarter 2024 Financial
Results
Net revenue of $2,577 million, up 27.0% compared
to $2,028 million in the first quarter of 2023. Net revenue growth
was driven across both segments and all businesses in the company,
led by particular strength within specialty and infusion
pharmacy.
Gross profit of $369 million, up 10.4% compared
to $335 million in the first quarter of 2023.
Net loss of $46 million, compared to net loss of
$22 million in the first quarter of 2023.
Adjusted EBITDA1 of $131 million, up 13.2%
compared to $115 million in the first quarter of 2023.
1Adjusted EBITDA is a non-GAAP financial
measure. Please see “Non-GAAP Financial Information” and the end of
this press release for a reconciliation of Adjusted EBITDA to net
(loss) income, the most directly comparable financial measure
prepared in accordance with GAAP.
Key Financials:
|
|
Three Months Ended |
|
|
|
|
|
March 31, (Unaudited) |
|
|
|
|
|
2024 |
|
|
2023 |
|
|
% |
|
($ in millions) |
|
|
|
|
|
|
|
|
|
Pharmacy Solutions Revenue |
|
$ |
1,977 |
|
|
$ |
1,467 |
|
|
35 |
% |
|
Provider Services Revenue |
|
|
600 |
|
|
|
561 |
|
|
7 |
% |
|
Total
Revenue |
|
$ |
2,577 |
|
|
$ |
2,028 |
|
|
27 |
% |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 31, (Unaudited) |
|
|
|
|
|
2024 |
|
|
2023 |
|
|
% |
|
($ in millions) |
|
|
|
|
|
|
|
|
|
Pharmacy Solutions segment
EBITDA |
|
$ |
88 |
|
|
$ |
82 |
|
|
7 |
% |
|
Provider Services segment
EBITDA |
|
|
82 |
|
|
|
65 |
|
|
25 |
% |
|
Total Segment Adjusted
EBITDA |
|
$ |
170 |
|
|
$ |
147 |
|
|
16 |
% |
|
Corporate Costs |
|
|
(39 |
) |
|
|
(32 |
) |
|
- |
|
|
Total Company Adjusted
EBITDA |
|
$ |
131 |
|
|
$ |
115 |
|
|
13 |
% |
|
|
|
Full Year 2024 Financial
Guidance
For the full year 2024, BrightSpring is
increasing guidance, which excludes the effects of any future
acquisitions.
- Net revenue of $10,300 million to
$10,800 million, or 16.7% to 22.3% growth over 2023
- Pharmacy Segment Revenue of $7,850
million to $8,300 million, or 20.4% to 27.3% growth over full year
2023
- Provider Segment Revenue of $2,450
million to $2,500 million, or 6.3% to 8.5% growth over full year
2023
- Adjusted EBITDA2 of $555 million to
$570 million, or 9.3% to 12.2% growth over full year 2023,
excluding the impact from a certain Quality Incentive Payment (QIP)
in both periods
- The company may potentially receive
this QIP of $30M in 2024
A copy of the company’s first quarter earnings
presentation is available on the company’s investor relations
website, https://ir.brightspringhealth.com/
2 A reconciliation of the foregoing guidance for
the non-GAAP metric of Adjusted EBITDA to GAAP net (loss) income
cannot be provided without unreasonable effort because of the
inherent difficulty of accurately forecasting the occurrence and
financial impact of the various adjusting items necessary for such
reconciliation that have not yet occurred, are out of our control,
or cannot be reasonably predicted. For the same reasons, the
Company is unable to assess the probable significance of the
unavailable information, which could have a material impact on its
future GAAP financial results.
Webcast and Conference Call
Details
BrightSpring will host a conference call today,
May 2, 2024, at 8:30 a.m. Eastern Time. Investors interested in
listening to the conference call are required to register
online.
A live and archived webcast of the event will be
available on the “Events & Presentations” section of the
BrightSpring website at https://ir.brightspringhealth.com/. The
Company has posted supplemental financial information on the first
quarter results that it will reference during the conference call.
The supplemental information can be found under the “Events &
Presentations” on the Company’s investor relations page.
About BrightSpring Health
Services
BrightSpring Health Services is the parent
company of leading healthcare service lines that provide
complementary home- and community-based pharmacy and provider
health solutions for complex populations in need of specialized
and/or chronic care. Through the Company’s high-quality and
impactful pharmacy, primary care and home health care, and
rehabilitation and behavioral health services, and through its
skilled and dedicated employees, we provide comprehensive care and
clinical solutions in all 50 states to over 400,000 customers,
clients and patients daily. For more information,
visit www.brightspringhealth.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect our
current views with respect to, among other things, our operations
and financial performance. Forward-looking statements include all
statements that are not historical facts. These forward-looking
statements relate to matters such as industries, business strategy,
goals and expectations concerning our market position, future
operations, margins, profitability, capital expenditures, liquidity
and capital resources and other financial and operating
information. In some cases, you can identify these forward-looking
statements by the use of words such as “anticipate,” “assume,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “potential,” “predict,” “project,” “future,” “will,”
“seek,” “foreseeable,” “target,” “guidance,” the negative version
of these words, or similar terms and phrases.
The forward-looking statements are based on
management’s current expectations and are not guarantees of future
performance. The forward-looking statements are subject to various
risks, uncertainties, assumptions, or changes in circumstances that
are difficult to predict or quantify. Our expectations, beliefs,
and projections are expressed in good faith and we believe there is
a reasonable basis for them. However, there can be no assurance
that management’s expectations, beliefs, and projections will
result or be achieved. Actual results may differ materially from
these expectations due to changes in global, regional, or local
economic, business, competitive, market, regulatory, and other
factors, many of which are beyond our control. We believe that
these factors include but are not limited to the
following:
- our operation in a
highly competitive industry;
- our inability to
maintain relationships with existing patient referral sources or
establish new referral sources;
- changes to Medicare
and Medicaid rates or methods governing Medicare and Medicaid
payments for our services;
- cost containment
initiatives of third-party payors, including post-payment
audits;
- the implementation
of alternative payment models and the transition of Medicaid and
Medicare beneficiaries to managed care organizations may limit our
market share and could adversely affect our revenues;
- changes in the case
mix of patients, as well as payor mix and payment methodologies,
and decisions and operations of third-party organizations;
- our reliance on
federal and state spending, budget decisions, and continuous
governmental operations which may fluctuate under different
political conditions;
- changes in drug
utilization and/or pricing, PBM contracts, and Medicare Part
D/Medicaid reimbursement, which may negatively impact our
profitability;
- changes in our
relationships with pharmaceutical suppliers, including changes in
drug availability or pricing;
- reliance on the
continual recruitment and retention of nurses, pharmacists,
therapists, caregivers, direct support professionals, and other
qualified personnel, including senior management;
- federal, state, and
local laws and regulations that govern our employment practices,
including minimum wage, living wage, and paid time-off
requirements;
- fluctuation of our
results of operations on a quarterly basis;
- labor relation
matters;
- limited ability to
control reimbursement rates received for our services;
- delays in collection
or non-collection of our accounts receivable, particularly during
the business integration process;
- failure to manage
our growth effectively may inhibit our ability to execute our
business plan, maintain high levels of service and satisfaction or
adequately address competitive challenges;
- our ability to
identify, successfully complete and manage acquisitions, joint
ventures, and other strategic initiatives;
- continuing to
provide consistently high quality of care;
- maintenance of our
corporate reputation;
- contract
continuance, expansion and renewal with our existing
customers;
- effective investment
in, improvements to and proper maintenance of the uninterrupted
operation and data integrity of our information technology and
other business systems;
- security breaches,
loss of data, and other disruptions, which could compromise
sensitive business or patient information, cause a loss of
confidential patient data, employee data, personal information, or
prevent access to critical information and expose us to liability,
litigation, and federal and state governmental inquiries and damage
our reputation and brand;
- risks related to
credit card payments and other payment methods including adverse
impacts from the cyber attack of Change Healthcare, one of the
largest providers of healthcare payment systems in the United
States;
- potential
substantial malpractice or other similar claims;
- various risks
related to governmental inquiries, regulatory actions, and
whistleblower and other lawsuits;
- our current
insurance program may expose us to unexpected costs, particularly
if we incur losses not covered by our insurance or if claims or
losses differ from our estimates;
- factors outside of
our control, including those listed, have required and could in the
future require us to record an asset impairment of goodwill;
- a pandemic,
epidemic, or outbreak of an infectious disease, including the
ongoing effects of COVID-19;
- inclement weather,
natural disasters, acts of terrorism, riots, civil insurrection or
social unrest, looting, protests, strikes, or street
demonstrations; and
- our inability to
adequately protect our intellectual property rights.
The forward-looking statements included in this
press release are made only as of the date of this press release,
and we undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments, or otherwise, except as required by law. These
factors should not be construed as exhaustive, and should one or
more of these risks or uncertainties materialize, or should any of
our assumptions prove incorrect, our actual results may vary in
material respects from those projected in these forward-looking
statements. Factors or events that could cause our actual results
to differ may emerge from time to time, and it is not possible for
us to predict all of them. We may not actually achieve the plans,
intentions, or expectations disclosed in our forward-looking
statements and you should not place undue reliance on our
forward-looking statements. Our forward-looking statements do not
reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures, investments, or other strategic
transactions we may make.
For additional information on these and other
factors that could cause BrightSpring’s actual results to differ
materially from expected results, please see our filings with the
Securities and Exchange Commission (the “SEC”), which are
accessible on the SEC’s website at www.sec.gov.
Non-GAAP Financial Measures
This press release contains “non-GAAP financial
measures,” including “EBITDA” and “Adjusted EBITDA,” which are
financial measures that either exclude or include amounts that are
not excluded or included in the most directly comparable measures
calculated and presented in accordance with accounting principles
generally accepted in the United States, or GAAP.
EBITDA and Adjusted EBITDA have been presented
in this release as supplemental measures of financial performance
that are not required by, or presented in accordance with, GAAP,
because we believe they assist investors and analysts in comparing
our operating performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance. Management also believes that these
measures are useful to investors in highlighting trends in our
operating performance, while other measures can differ
significantly depending on long-term strategic decisions regarding
capital structure, the tax jurisdictions in which we operate and
capital investments. Management uses EBITDA and Adjusted EBITDA to
supplement GAAP measures of performance in the evaluation of the
effectiveness of our business strategies, to make budgeting
decisions, to establish and award discretionary annual incentive
compensation, and to compare our performance against that of other
peer companies using similar measures.
Management supplements GAAP results with
non-GAAP financial measures to provide a more complete
understanding of the factors and trends affecting the business than
GAAP results alone. EBITDA and Adjusted EBITDA are not GAAP
measures of our financial performance and should not be considered
as an alternative to net (loss) income as a measure of financial
performance or any other performance measures derived in accordance
with GAAP. Additionally, these measures are not intended to be a
measure of free cash flow available for management’s discretionary
use as they do not consider certain cash requirements such as tax
payments, debt service requirements, total capital expenditures,
and certain other cash costs that may recur in the future.
Management defines EBITDA as net (loss) income
before income tax expense (benefit), interest expense, and
depreciation and amortization. Management also defines Adjusted
EBITDA as EBITDA, further adjusted to exclude non-cash share-based
compensation, acquisition, integration and transaction-related
costs, restructuring and divestiture-related and other costs,
goodwill impairment, legal costs associated with certain historical
matters for PharMerica and settlement costs, significant projects,
management fees, and unreimbursed COVID-19 related costs.
The presentations of these measures have
limitations as analytical tools and should not be considered in
isolation, or as a substitute for analysis of our results as
reported under GAAP. Because not all companies use identical
calculations, the presentations of these measures may not be
comparable to other similarly titled measures of other companies
and can differ significantly from company to company. Please see
the end of this press release for reconciliations of non-GAAP
financial measures to the most directly comparable financial
measure prepared in accordance with GAAP.
BrightSpring Contact:
Investor Relations:David Deuchler, CFAGilmartin
Group LLCir@brightspringhealth.com
Media Contact:Leigh
Whiteleigh.white@brightspringhealth.com502.630.7412
|
|
BrightSpring Health Services, Inc. and
SubsidiariesCondensed Consolidated Balance
SheetsMarch 31, 2024 and December 31,
2023(In thousands, except share and per share
data)(Unaudited) |
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
58,037 |
|
|
$ |
13,071 |
|
Accounts receivable, net of
allowance for credit losses |
|
|
990,581 |
|
|
|
881,627 |
|
Inventories |
|
|
373,740 |
|
|
|
402,776 |
|
Prepaid expenses and other
current assets |
|
|
150,451 |
|
|
|
159,167 |
|
Total current
assets |
|
|
1,572,809 |
|
|
|
1,456,641 |
|
Property and equipment, net of
accumulated depreciation of $386,619 and $368,089
at March 31, 2024 and December 31, 2023, respectively |
|
|
245,686 |
|
|
|
245,908 |
|
Goodwill |
|
|
2,609,228 |
|
|
|
2,608,412 |
|
Intangible assets, net of
accumulated amortization |
|
|
856,016 |
|
|
|
881,476 |
|
Operating lease right-of-use
assets, net |
|
|
276,075 |
|
|
|
267,446 |
|
Deferred income taxes, net |
|
|
11,156 |
|
|
|
— |
|
Other assets |
|
|
84,585 |
|
|
|
72,838 |
|
Total
assets |
|
$ |
5,655,555 |
|
|
$ |
5,532,721 |
|
Liabilities, Redeemable
Noncontrolling Interests, and Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
655,776 |
|
|
$ |
641,607 |
|
Accrued expenses |
|
|
451,785 |
|
|
|
492,363 |
|
Current portion of obligations
under operating leases |
|
|
77,078 |
|
|
|
71,053 |
|
Current portion of obligations
under financing leases |
|
|
11,690 |
|
|
|
11,141 |
|
Current portion of long-term
debt |
|
|
48,670 |
|
|
|
32,273 |
|
Total current
liabilities |
|
|
1,244,999 |
|
|
|
1,248,437 |
|
Obligations under operating
leases, net of current portion |
|
|
208,238 |
|
|
|
201,655 |
|
Obligations under financing
leases, net of current portion |
|
|
24,419 |
|
|
|
22,528 |
|
Long-term debt, net of current
portion |
|
|
2,515,139 |
|
|
|
3,331,941 |
|
Deferred income taxes, net |
|
|
— |
|
|
|
23,668 |
|
Long-term liabilities |
|
|
88,481 |
|
|
|
91,943 |
|
Total
liabilities |
|
|
4,081,276 |
|
|
|
4,920,172 |
|
Redeemable noncontrolling
interests |
|
|
6,275 |
|
|
|
27,139 |
|
Shareholders'
equity: |
|
|
|
|
|
|
Common stock, $0.01 par value,
1,500,000,000 and 137,398,625 shares authorized, 171,190,389
and 117,857,055 shares issued and outstanding at March 31, 2024 and
December 31, 2023, respectively |
|
|
1,712 |
|
|
|
1,179 |
|
Preferred stock, $0.01 par value,
250,000,000 authorized, no shares issued and outstanding at
March 31, 2024; no shares authorized, issued or outstanding at
December 31, 2023 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
1,788,728 |
|
|
|
771,336 |
|
Accumulated deficit |
|
|
(246,069 |
) |
|
|
(200,319 |
) |
Accumulated other comprehensive
income |
|
|
23,115 |
|
|
|
12,544 |
|
Total shareholders' equity |
|
|
1,567,486 |
|
|
|
584,740 |
|
Noncontrolling interest |
|
|
518 |
|
|
|
670 |
|
Total
equity |
|
|
1,568,004 |
|
|
|
585,410 |
|
Total liabilities,
redeemable noncontrolling interests, and equity |
|
$ |
5,655,555 |
|
|
$ |
5,532,721 |
|
BrightSpring Health Services, Inc. and
SubsidiariesCondensed Consolidated Statements of
OperationsFor the three months ended March 31,
2024 and 2023(In thousands, except per share
amounts)(Unaudited) |
|
|
|
|
|
For the Three Months
Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
Products |
|
$ |
1,977,035 |
|
|
$ |
1,467,002 |
|
Services |
|
|
599,603 |
|
|
|
561,376 |
|
Total revenues |
|
|
2,576,638 |
|
|
|
2,028,378 |
|
Cost of goods |
|
|
1,807,100 |
|
|
|
1,306,981 |
|
Cost of services |
|
|
400,147 |
|
|
|
386,684 |
|
Gross profit |
|
|
369,391 |
|
|
|
334,713 |
|
Selling, general, and
administrative expenses |
|
|
361,324 |
|
|
|
283,158 |
|
Operating income |
|
|
8,067 |
|
|
|
51,555 |
|
Loss on extinguishment of
debt |
|
|
12,726 |
|
|
|
— |
|
Interest expense, net |
|
|
65,020 |
|
|
|
78,177 |
|
Loss before income taxes |
|
|
(69,679 |
) |
|
|
(26,622 |
) |
Income tax benefit |
|
|
(23,294 |
) |
|
|
(4,346 |
) |
Net loss |
|
|
(46,385 |
) |
|
|
(22,276 |
) |
Net loss attributable to
noncontrolling interests |
|
|
(635 |
) |
|
|
(894 |
) |
Net loss attributable to
BrightSpring Health Services, Inc. and subsidiaries |
|
$ |
(45,750 |
) |
|
$ |
(21,382 |
) |
|
|
|
|
|
|
|
Net loss per common share: |
|
|
|
|
|
|
Loss per share - basic: |
|
$ |
(0.26 |
) |
|
$ |
(0.18 |
) |
Loss per share - diluted: |
|
$ |
(0.26 |
) |
|
$ |
(0.18 |
) |
Weighted average shares
outstanding: |
|
|
|
|
|
|
Basic |
|
|
175,531 |
|
|
|
117,866 |
|
Diluted |
|
|
175,531 |
|
|
|
117,866 |
|
BrightSpring Health Services, Inc. and
SubsidiariesCondensed Consolidated Statements of
Cash FlowsFor the three months ended March 31,
2024 and 2023(In thousands)(Unaudited) |
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating
activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(46,385 |
) |
|
$ |
(22,276 |
) |
Adjustments to reconcile net loss to cash (used in) provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
48,922 |
|
|
|
50,345 |
|
Impairment of long-lived assets |
|
|
1,769 |
|
|
|
2,209 |
|
Provision for credit losses |
|
|
6,622 |
|
|
|
6,216 |
|
Amortization of deferred debt issuance costs |
|
|
4,447 |
|
|
|
5,197 |
|
Share-based compensation |
|
|
24,848 |
|
|
|
450 |
|
Deferred income taxes, net |
|
|
(31,732 |
) |
|
|
(13,321 |
) |
Loss on extinguishment of debt |
|
|
12,726 |
|
|
|
— |
|
Loss on disposition of fixed assets |
|
|
122 |
|
|
|
538 |
|
Other |
|
|
(312 |
) |
|
|
607 |
|
Change in operating assets and liabilities, net of acquisitions and
dispositions: |
|
|
|
|
|
|
Accounts receivable |
|
|
(115,576 |
) |
|
|
(54,035 |
) |
Prepaid expenses and other current assets |
|
|
8,916 |
|
|
|
31,076 |
|
Inventories |
|
|
30,485 |
|
|
|
69,213 |
|
Trade accounts payable |
|
|
21,605 |
|
|
|
(66,966 |
) |
Accrued expenses |
|
|
(43,430 |
) |
|
|
33,971 |
|
Other assets and liabilities |
|
|
(1,886 |
) |
|
|
(3,328 |
) |
Net cash (used in) provided by operating activities |
|
$ |
(78,859 |
) |
|
$ |
39,896 |
|
Investing
activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
$ |
(21,816 |
) |
|
$ |
(17,846 |
) |
Acquisitions of businesses, net of cash acquired |
|
|
(9,394 |
) |
|
|
— |
|
Other |
|
|
272 |
|
|
|
383 |
|
Net cash used in investing activities |
|
$ |
(30,938 |
) |
|
$ |
(17,463 |
) |
Financing
activities: |
|
|
|
|
|
|
Long-term debt repayments |
|
$ |
(793,353 |
) |
|
$ |
(7,785 |
) |
Proceeds from issuance of common stock on initial public offering,
net |
|
|
656,485 |
|
|
|
— |
|
Proceeds from issuance of tangible equity units, net |
|
|
389,000 |
|
|
|
— |
|
Repayments of the Revolving Credit Facility, net |
|
|
(50,700 |
) |
|
|
(14,300 |
) |
Payment of debt issuance costs |
|
|
(42,963 |
) |
|
|
— |
|
Repurchase of shares of common stock |
|
|
(325 |
) |
|
|
— |
|
Shares issued under share-based compensation plan, including tax
effects |
|
|
— |
|
|
|
89 |
|
Purchase of redeemable noncontrolling interest |
|
|
(300 |
) |
|
|
— |
|
Payment of financing lease obligations |
|
|
(3,081 |
) |
|
|
(2,885 |
) |
Net cash provided by (used in) financing activities |
|
$ |
154,763 |
|
|
$ |
(24,881 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
44,966 |
|
|
|
(2,448 |
) |
Cash and cash equivalents at beginning of year |
|
|
13,071 |
|
|
|
13,628 |
|
Cash and cash equivalents at end of year |
|
$ |
58,037 |
|
|
$ |
11,180 |
|
Supplemental disclosures of cash
flow information: |
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
Interest, net |
|
$ |
60,282 |
|
|
$ |
72,998 |
|
Income taxes, net of refunds |
|
$ |
11,186 |
|
|
$ |
3,730 |
|
Supplemental schedule of non-cash
investing and financing activities: |
|
|
|
|
|
|
Financing lease obligations |
|
$ |
3,004 |
|
|
$ |
2,883 |
|
Repurchases of common stock in accounts payable |
|
$ |
325 |
|
|
$ |
— |
|
Purchases of property and equipment in accounts payable |
|
$ |
937 |
|
|
$ |
3,066 |
|
Consideration for purchase of redeemable noncontrolling interest in
accounts payable |
|
$ |
5,100 |
|
|
$ |
— |
|
BrightSpring Health Services, Inc. and
SubsidiariesReconciliation of EBITDA and Adjusted
EBITDAFor the three months ended March 31, 2024
and 2023(Unaudited) |
|
The following
table reconciles net loss to EBITDA and Adjusted EBITDA: |
|
($ in thousands) |
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net loss |
|
$ |
(46,385 |
) |
|
$ |
(22,276 |
) |
Income tax benefit |
|
|
(23,294 |
) |
|
|
(4,346 |
) |
Interest expense, net |
|
|
65,020 |
|
|
|
78,177 |
|
Depreciation and
amortization |
|
|
48,922 |
|
|
|
50,345 |
|
EBITDA |
|
$ |
44,263 |
|
|
$ |
101,900 |
|
Non-cash share-based
compensation |
|
|
24,848 |
|
|
|
450 |
|
Acquisition, integration, and
transaction-related costs |
|
|
8,542 |
|
|
|
1,646 |
|
Restructuring and
divestiture-related and other costs |
|
|
17,831 |
|
|
|
4,225 |
|
Legal costs and settlements |
|
|
10,473 |
|
|
|
2,038 |
|
Significant projects |
|
|
1,160 |
|
|
|
3,716 |
|
Management fee |
|
|
23,381 |
|
|
|
1,433 |
|
Unreimbursed COVID-19 related
costs |
|
|
— |
|
|
|
(130 |
) |
Total adjustments |
|
$ |
86,235 |
|
|
$ |
13,378 |
|
Adjusted EBITDA |
|
$ |
130,498 |
|
|
$ |
115,278 |
|
Revenue |
|
$ |
2,576,638 |
|
|
$ |
2,028,378 |
|
Adjusted EBITDA Margin |
|
|
5.1 |
% |
|
|
5.7 |
% |
BrightSpring Health Services, Inc. and
SubsidiariesReconciliation of Adjusted
EPSFor the three months ended March 31, 2024 and
2023(Unaudited) |
|
|
|
The following
table reconciles diluted EPS to Adjusted EPS: |
|
|
|
($ in thousands) |
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Diluted EPS |
|
$ |
(0.26 |
) |
|
$ |
(0.18 |
) |
Non-cash share-based compensation
(1) |
|
|
0.13 |
|
|
0.00 |
|
Acquisition, integration, and
transaction-related costs (1) |
|
|
0.05 |
|
|
|
0.01 |
|
Restructuring and
divestiture-related and other costs (1) |
|
|
0.10 |
|
|
|
0.04 |
|
Legal costs and settlements
(1) |
|
|
0.06 |
|
|
|
0.02 |
|
Significant projects (1) |
|
|
0.01 |
|
|
|
0.03 |
|
Management fee (1) |
|
|
0.13 |
|
|
|
0.01 |
|
Unreimbursed COVID-19 related
costs (1) |
|
|
— |
|
|
0.00 |
|
Income tax impact on
adjustments (2) |
|
|
(0.10 |
) |
|
|
(0.03 |
) |
Adjusted EPS |
|
$ |
0.12 |
|
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
Weighted average common shares
outstanding used in calculating diluted U.S. GAAP net loss per
common share |
|
|
175,531 |
|
|
|
117,866 |
|
Weighted average common shares
outstanding used in calculating diluted Non-GAAP net income (loss)
per common share |
|
|
186,783 |
|
|
|
117,866 |
|
(1) This adjustment
reflects the per share impact of the adjustment reflected within
the definition of Adjusted EBITDA. (2) The
income tax impact of non-GAAP adjustments is calculated using the
estimated tax rate for the respective non-GAAP adjustment.
BrightSpring Health Serv... (NASDAQ:BTSG)
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De Abr 2024 a May 2024
BrightSpring Health Serv... (NASDAQ:BTSG)
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