BrightSpring Health Services, Inc 8-K, filed Nov 1, 2024
BrightSpring Health Services, Inc. (BTSG)
About this 8-K
BrightSpring Health Services, Inc filed this 8-K on November 1, 2024.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 1, 2024, BrightSpring Health Services, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 2.02.
The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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Description |
99.1 |
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Press Release of BrightSpring Health Services, Inc., dated November 1, 2024. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BRIGHTSPRING HEALTH SERVICES, INC. |
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Date: |
November 1, 2024 |
By: |
/s/ Jennifer Phipps |
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Name: Title: |
Jennifer Phipps |
BrightSpring Health Services, Inc. Reports Third Quarter 2024 Financial Results and Increases Full Year 2024 Guidance
LOUISVILLE, Ky., November 1, 2024 — 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 third quarter ended September 30, 2024, and increases 2024 revenue and Adjusted EBITDA1 guidance.
Financial Highlights
“We are pleased with the broad-based strength in revenue and earnings growth across Pharmacy Solutions and Providers Services in the third quarter,” said Jon Rousseau, Chairman, President and Chief Executive Officer of the Company. “At BrightSpring we are focused on driving operational excellence and efficiencies while increasing scale across our organization to deliver lower-cost and high-quality care to patients. We are confident that the Company remains well positioned to execute on providing a high level of quality care to patients and continuing to grow our businesses for the remainder of 2024 and in 2025.”
Third Quarter 2024 Financial Results
Net revenue of $2,907 million, up 28.8% compared to $2,257 million in the third quarter of 2023. Net revenue growth was driven by strength across the business, with robust growth in Specialty and Infusion Pharmacy.
Gross profit of $408 million, up 13.9% compared to $358 million in the third quarter of 2023.
Net loss of $9.0 million, compared to net loss of $130.1 million in the third quarter of 2023.
Adjusted EBITDA1 of $151 million, up 15.7% compared to $131 million in the third quarter of 2023
1Adjusted EBITDA is a non-GAAP financial measure. Please see “Non-GAAP Financial Information” and the end of this press release for a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure prepared in accordance with GAAP.
1
Key Financials:
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Three Months Ended |
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September 30, (Unaudited) |
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2024 |
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2023 |
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% |
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($ in millions) |
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Pharmacy Solutions Revenue |
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$ |
2,266 |
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$ |
1,673 |
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35% |
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Provider Services Revenue |
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641 |
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583 |
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10% |
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Total Revenue |
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$ |
2,907 |
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$ |
2,257 |
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29% |
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Three Months Ended |
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September 30, (Unaudited) |
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2024 |
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2023 |
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% |
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($ in millions) |
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Pharmacy Solutions segment EBITDA |
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$ |
99 |
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$ |
86 |
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15% |
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Provider Services segment EBITDA |
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93 |
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81 |
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14% |
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Total Segment Adjusted EBITDA |
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$ |
192 |
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$ |
168 |
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14% |
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Corporate Costs |
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(41) |
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(37) |
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- |
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Total Company Adjusted EBITDA |
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$ |
151 |
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$ |
131 |
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15.7% |
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Full Year 2024 Financial Guidance
For the full year 2024, BrightSpring is increasing guidance, which excludes the effects of any future closed acquisitions.
A copy of the Company’s third 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 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.
2
Webcast and Conference Call Details
BrightSpring will host a conference call today, November 1, 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 third 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 provides complementary and integrated home- and community-based pharmacy and health solutions for complex populations in need of specialized and/or chronic care. Through the Company’s service lines, including pharmacy, home health care and primary care, and rehabilitation and behavioral health, we provide comprehensive care and clinical solutions in all 50 states to over 400,000 customers, clients and patients daily.
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 may relate to matters which include, but are not limited to, 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, we have used 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 to identify these forward-looking statements.
The forward-looking statements are based on management’s current expectations and are not historical facts or guarantees of future performance. The forward-looking statements relate to the future and are therefore 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:
3
4
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 as a measure of financial performance or any other performance measures
5
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 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 and settlements associated with certain historical matters for PharMerica, 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, CFA
Gilmartin Group LLC
ir@brightspringhealth.com
Media Contact:
Leigh White
leigh.white@brightspringhealth.com
502.630.7412
6
BrightSpring Health Services, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
September 30, 2024 and December 31, 2023
(In thousands, except share and per share data)
(Unaudited)
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September 30, 2024 |
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December 31, 2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
35,973 |
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$ |
13,071 |
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Accounts receivable, net of allowance for credit losses |
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1,025,711 |
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881,627 |
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Inventories |
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478,319 |
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402,776 |
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Prepaid expenses and other current assets |
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169,582 |
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159,167 |
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Total current assets |
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1,709,585 |
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1,456,641 |
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Property and equipment, net of accumulated depreciation of $426,484 and $368,089 at |
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248,548 |
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245,908 |
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Goodwill |
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2,672,791 |
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2,608,412 |
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Intangible assets, net of accumulated amortization |
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842,479 |
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881,476 |
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Operating lease right-of-use assets, net |
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259,138 |
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267,446 |
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Deferred income taxes, net |
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6,678 |
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— |
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Other assets |
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46,748 |
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72,838 |
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Total assets |
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$ |
5,785,967 |
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$ |
5,532,721 |
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Liabilities, Redeemable Noncontrolling Interests, and Equity |
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Current liabilities: |
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Trade accounts payable |
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$ |
783,838 |
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$ |
641,607 |
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Accrued expenses |
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349,101 |
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492,363 |
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Current portion of obligations under operating leases |
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69,763 |
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71,053 |
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Current portion of obligations under financing leases |
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12,367 |
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11,141 |
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Current portion of long-term debt |
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48,853 |
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32,273 |
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Total current liabilities |
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1,263,922 |
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1,248,437 |
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Obligations under operating leases, net of current portion |
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195,921 |
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201,655 |
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Obligations under financing leases, net of current portion |
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24,988 |
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22,528 |
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Long-term debt, net of current portion |
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2,608,537 |
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3,331,941 |
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Deferred income taxes, net |
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— |
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23,668 |
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Long-term liabilities |
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73,502 |
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91,943 |
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Total liabilities |
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4,166,870 |
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4,920,172 |
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Redeemable noncontrolling interests |
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4,125 |
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27,139 |
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Shareholders' equity: |
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Common stock, $0.01 par value, 1,500,000,000 and 137,398,625 shares authorized, |
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1,741 |
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1,179 |
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Preferred stock, $0.01 par value, 250,000,000 authorized, no shares issued and |
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— |
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— |
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Additional paid-in capital |
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1,848,115 |
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771,336 |
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Accumulated deficit |
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(234,380 |
) |
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(200,319 |
) |
Accumulated other comprehensive (loss) income |
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(705 |
) |
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12,544 |
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Total shareholders' equity |
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1,614,771 |
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584,740 |
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Noncontrolling interest |
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201 |
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|
670 |
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Total equity |
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1,614,972 |
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585,410 |
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Total liabilities, redeemable noncontrolling interests, and equity |
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$ |
5,785,967 |
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$ |
5,532,721 |
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7
BrightSpring Health Services, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the three and nine months ended September 30, 2024 and 2023
(In thousands, except per share amounts)
(Unaudited)
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, |
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September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues: |
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Products |
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$ |
2,265,697 |
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$ |
1,673,152 |
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$ |
6,357,223 |
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$ |
4,736,993 |
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Services |
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641,126 |
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583,377 |
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1,856,448 |
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1,714,638 |
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Total revenues |
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2,906,823 |
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2,256,529 |
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8,213,671 |
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6,451,631 |
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Cost of goods |
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2,077,121 |
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1,509,845 |
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5,815,981 |
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4,226,075 |
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Cost of services |
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421,590 |
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388,388 |
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1,231,154 |
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1,160,477 |
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Gross profit |
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408,112 |
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358,296 |
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1,166,536 |
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1,065,079 |
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Selling, general, and administrative expenses |
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351,272 |
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410,549 |
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1,039,215 |
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986,161 |
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Operating income (loss) |
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56,840 |
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(52,253 |
) |
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127,321 |
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78,918 |
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Loss on extinguishment of debt |
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— |
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— |
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12,726 |
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— |
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Interest expense, net |
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56,061 |
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83,678 |
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|
173,520 |
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|
241,539 |
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Income (loss) before income taxes |
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|
779 |
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(135,931 |
) |
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(58,925 |
) |
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(162,621 |
) |
Income tax expense (benefit) |
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|
9,760 |
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|
|
(5,807 |
) |
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(23,000 |
) |
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|
(12,987 |
) |
Net loss |
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(8,981 |
) |
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|
(130,124 |
) |
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(35,925 |
) |
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(149,634 |
) |
Net (loss) income attributable to noncontrolling interests |
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(751 |
) |
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548 |
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(1,864 |
) |
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(1,568 |
) |
Net loss attributable to BrightSpring Health Services, |
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$ |
(8,230 |
) |
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$ |
(130,672 |
) |
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$ |
(34,061 |
) |
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$ |
(148,066 |
) |
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Net loss per common share: |
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Loss per share - basic |
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$ |
(0.04 |
) |
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$ |
(1.11 |
) |
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$ |
(0.18 |
) |
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$ |
(1.26 |
) |
Loss per share - diluted |
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$ |
(0.04 |
) |
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$ |
(1.11 |
) |
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$ |
(0.18 |
) |
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$ |
(1.26 |
) |
Weighted average shares outstanding: |
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Basic |
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198,491 |
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|
117,864 |
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|
190,541 |
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|
|
117,871 |
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Diluted |
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198,491 |
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|
117,864 |
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|
|
190,541 |
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|
|
117,871 |
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8
BrightSpring Health Services, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the three and nine months ended September 30, 2024 and 2023
(In thousands)
(Unaudited)
|
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, |
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September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Operating activities: |
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Net loss |
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$ |
(8,981 |
) |
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$ |
(130,124 |
) |
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$ |
(35,925 |
) |
|
$ |
(149,634 |
) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: |
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Depreciation and amortization |
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50,608 |
|
|
|
50,774 |
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|
|
149,601 |
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|
|
151,324 |
|
Impairment of long-lived assets |
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|
2,801 |
|
|
|
2,181 |
|
|
|
4,781 |
|
|
|
8,295 |
|
Provision for credit losses |
|
|
8,778 |
|
|
|
6,753 |
|
|
|
21,896 |
|
|
|
18,927 |
|
Amortization of deferred debt issuance costs |
|
|
2,540 |
|
|
|
5,182 |
|
|
|
9,477 |
|
|
|
15,691 |
|
Share-based compensation |
|
|
15,210 |
|
|
|
825 |
|
|
|
55,194 |
|
|
|
2,100 |
|
Deferred income taxes, net |
|
|
21,479 |
|
|
|
(10,810 |
) |
|
|
(27,781 |
) |
|
|
(36,565 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
12,726 |
|
|
|
— |
|
(Gain) loss on disposition of fixed assets |
|
|
(79 |
) |
|
|
438 |
|
|
|
(55 |
) |
|
|
957 |
|
Other |
|
|
479 |
|
|
|
(582 |
) |
|
|
(959 |
) |
|
|
(210 |
) |
Change in operating assets and liabilities, net of acquisitions and dispositions: |
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|
|
|
|
|
|
|
|
|
|
|
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Accounts receivable |
|
|
(51,474 |
) |
|
|
(11,520 |
) |
|
|
(163,996 |
) |
|
|
(116,922 |
) |
Prepaid expenses and other current assets |
|
|
(24,207 |
) |
|
|
(22,272 |
) |
|
|
(2,470 |
) |
|
|
(162 |
) |
Inventories |
|
|
(103,985 |
) |
|
|
16,536 |
|
|
|
(74,265 |
) |
|
|
53,244 |
|
Trade accounts payable |
|
|
114,234 |
|
|
|
31,353 |
|
|
|
155,563 |
|
|
|
(58,313 |
) |
Accrued expenses |
|
|
3,860 |
|
|
|
89,671 |
|
|
|
(150,032 |
) |
|
|
159,353 |
|
Other assets and liabilities |
|
|
(4,017 |
) |
|
|
5,286 |
|
|
|
(20,593 |
) |
|
|
298 |
|
Net cash provided by (used in) operating activities |
|
$ |
27,246 |
|
|
$ |
33,691 |
|
|
$ |
(66,838 |
) |
|
$ |
48,383 |
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property and equipment |
|
$ |
(20,043 |
) |
|
$ |
(17,899 |
) |
|
$ |
(65,602 |
) |
|
$ |
(56,693 |
) |
Acquisitions of businesses, net of cash acquired |
|
|
(17,225 |
) |
|
|
(37,044 |
) |
|
|
(59,755 |
) |
|
|
(62,508 |
) |
Other |
|
|
360 |
|
|
|
296 |
|
|
|
900 |
|
|
|
1,790 |
|
Net cash used in investing activities |
|
$ |
(36,908 |
) |
|
$ |
(54,647 |
) |
|
$ |
(124,457 |
) |
|
$ |
(117,411 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt borrowings |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,566,000 |
|
|
$ |
— |
|
Long-term debt repayments |
|
|
(13,663 |
) |
|
|
(7,536 |
) |
|
|
(3,384,633 |
) |
|
|
(22,857 |
) |
Proceeds from issuance of common stock on initial public offering, net |
|
|
— |
|
|
|
— |
|
|
|
656,485 |
|
|
|
— |
|
Proceeds from issuance of tangible equity units, net |
|
|
— |
|
|
|
— |
|
|
|
389,000 |
|
|
|
— |
|
Borrowings of the Revolving Credit Facility, net |
|
|
41,300 |
|
|
|
31,650 |
|
|
|
46,400 |
|
|
|
98,250 |
|
Payment of debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
(43,188 |
) |
|
|
— |
|
Repurchase of shares of common stock |
|
|
— |
|
|
|
(325 |
) |
|
|
(650 |
) |
|
|
(325 |
) |
Shares issued under share-based compensation plan, including |
|
|
127 |
|
|
|
453 |
|
|
|
531 |
|
|
|
598 |
|
Payment of acquisition earn-outs |
|
|
(1,500 |
) |
|
|
— |
|
|
|
(4,156 |
) |
|
|
— |
|
Purchase of redeemable noncontrolling interest |
|
|
(2,016 |
) |
|
|
— |
|
|
|
(2,316 |
) |
|
|
— |
|
Payment of financing lease obligations |
|
|
(3,640 |
) |
|
|
(2,901 |
) |
|
|
(9,276 |
) |
|
|
(8,625 |
) |
Net cash provided by financing activities |
|
$ |
20,608 |
|
|
$ |
21,341 |
|
|
$ |
214,197 |
|
|
$ |
67,041 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
10,946 |
|
|
|
385 |
|
|
|
22,902 |
|
|
|
(1,987 |
) |
Cash and cash equivalents at beginning of year |
|
|
25,027 |
|
|
|
11,256 |
|
|
|
13,071 |
|
|
|
13,628 |
|
Cash and cash equivalents at end of year |
|
$ |
35,973 |
|
|
$ |
11,641 |
|
|
$ |
35,973 |
|
|
$ |
11,641 |
|
9
BrightSpring Health Services, Inc. and Subsidiaries
Reconciliation of EBITDA and Adjusted EBITDA
For the three and nine months ended September 30, 2024 and 2023
(Unaudited)
The following table reconciles net loss to EBITDA and Adjusted EBITDA:
($ in thousands) |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net loss |
|
$ |
(8,981 |
) |
|
$ |
(130,124 |
) |
|
$ |
(35,925 |
) |
|
$ |
(149,634 |
) |
Income tax expense (benefit) |
|
|
9,760 |
|
|
|
(5,807 |
) |
|
|
(23,000 |
) |
|
|
(12,987 |
) |
Interest expense, net |
|
|
56,061 |
|
|
|
83,678 |
|
|
|
173,520 |
|
|
|
241,539 |
|
Depreciation and amortization |
|
|
50,608 |
|
|
|
50,774 |
|
|
|
149,601 |
|
|
|
151,324 |
|
EBITDA |
|
$ |
107,448 |
|
|
$ |
(1,479 |
) |
|
$ |
264,196 |
|
|
$ |
230,242 |
|
Non-cash share-based compensation (1) |
|
|
15,210 |
|
|
|
825 |
|
|
|
55,194 |
|
|
|
2,100 |
|
Acquisition, integration, and transaction-related costs (2) |
|
|
11,767 |
|
|
|
6,319 |
|
|
|
25,331 |
|
|
|
13,754 |
|
Restructuring and divestiture-related and other costs (3) |
|
|
6,672 |
|
|
|
4,527 |
|
|
|
28,065 |
|
|
|
16,172 |
|
Legal costs and settlements (4) |
|
|
8,920 |
|
|
|
117,042 |
|
|
|
21,886 |
|
|
|
121,706 |
|
Significant projects (5) |
|
|
1,000 |
|
|
|
1,935 |
|
|
|
2,604 |
|
|
|
6,899 |
|
Management fee (6) |
|
|
— |
|
|
|
1,383 |
|
|
|
23,381 |
|
|
|
4,248 |
|
Unreimbursed COVID-19 related costs |
|
|
— |
|
|
|
(48 |
) |
|
|
— |
|
|
|
88 |
|
Total adjustments |
|
$ |
43,569 |
|
|
$ |
131,983 |
|
|
$ |
156,461 |
|
|
$ |
164,967 |
|
Adjusted EBITDA |
|
$ |
151,017 |
|
|
$ |
130,504 |
|
|
$ |
420,657 |
|
|
$ |
395,209 |
|
10
BrightSpring Health Services, Inc. and Subsidiaries
Reconciliation of Adjusted EPS
For the three and nine months ended September 30, 2024 and 2023
(Unaudited)
The following table reconciles diluted EPS to Adjusted EPS:
(shares in thousands) |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Diluted EPS |
|
$ |
(0.04 |
) |
|
$ |
(1.11 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.26 |
) |
Non-cash share-based compensation (1) |
|
|
0.07 |
|
|
|
0.01 |
|
|
|
0.28 |
|
|
|
0.02 |
|
Acquisition, integration, and transaction-related costs (1) |
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.13 |
|
|
|
0.11 |
|
Restructuring and divestiture-related and other costs (1) |
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.14 |
|
|
|
0.13 |
|
Legal costs and settlements (1) |
|
|
0.04 |
|
|
|
0.93 |
|
|
|
0.11 |
|
|
|
0.96 |
|
Significant projects (1) |
|
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.05 |
|
Management fee (1) |
|
|
— |
|
|
|
0.01 |
|
|
|
0.12 |
|
|
|
0.03 |
|
Unreimbursed COVID-19 related costs (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax impact on adjustments (2)(3) |
|
|
(0.05 |
) |
|
|
(0.03 |
) |
|
|
(0.27 |
) |
|
|
(0.10 |
) |
Adjusted EPS |
|
$ |
0.11 |
|
|
$ |
(0.08 |
) |
|
$ |
0.34 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding used in calculating |
|
|
198,491 |
|
|
|
117,864 |
|
|
|
190,541 |
|
|
|
117,871 |
|
Weighted average common shares outstanding used in calculating |
|
|
208,694 |
|
|
|
126,346 |
|
|
|
199,930 |
|
|
|
126,428 |
|
11