4 results
10-K
2023 FY
BTSG
BrightSpring Health Services, Inc.
6 Mar 24
Annual report
5:11pm
Change of Control | ||||||||||||||||||||
Involuntary | ||||||||||||||||||||
Involuntary | Termination | Termination | ||||||||||||||||||
Termination | Due to | Without | ||||||||||||||||||
without Cause | Non-Renewal | Cause or | ||||||||||||||||||
or Resignation | of the Term | Termination | Resignation | |||||||||||||||||
for Good | by the | Due to Death | Without | for Good | ||||||||||||||||
Reason | Company | or Disability | Termination | Reason | ||||||||||||||||
Name | ($) | ($) | ($) | ($) | ($) | |||||||||||||||
Jon Rousseau | ||||||||||||||||||||
Cash Severance(1)(2)(3) | 4,000,000 | 2,000,000 | 1,000,000 | — | 4,000,000 | |||||||||||||||
Acceleration of Equity Awards(4) | 507,250 | — | 507,250 | 1,521,750 | 1,521,750 | |||||||||||||||
Health & Welfare Benefits(5) | 22,538 | 22,538 | — | — | 22,538 | |||||||||||||||
Total | 4,529,788 | 2,022,538 | 1,507,250 | 1,521,750 | 5,544,288 | |||||||||||||||
Jim Mattingly | ||||||||||||||||||||
Cash Severance(1) | 849,195 | — | — | — | 849,195 | |||||||||||||||
Acceleration of Equity Awards(4) | — | — | — | 1,175,000 | 1,175,000 | |||||||||||||||
Health & Welfare Benefits(5) | 15,025 | — | — | — | 15,025 | |||||||||||||||
Total | 864,221 | — | — | 1,175,000 | 2,039,221 | |||||||||||||||
Steven Reed | ||||||||||||||||||||
Cash Severance(1)(2)(3) | 724,032 | 724,032 | — | — | 724,032 | |||||||||||||||
Acceleration of Equity Awards(4) | — | — | — | 387,500 | 387,500 | |||||||||||||||
Health & Welfare Benefits(5) | — | — | — | — | — | |||||||||||||||
Total | 724,032 | 724,032 | — | 387,500 | 1,111,532 | |||||||||||||||
Bob Barnes | ||||||||||||||||||||
Cash Severance(1) | 839,960 | — | — | — | 839,960 | |||||||||||||||
Acceleration of Equity Awards(4) | — | — | — | 261,000 | 261,000 | |||||||||||||||
Health & Welfare Benefits(5) | 3,088 | — | — | — | 3,088 | |||||||||||||||
Total | 843,049 | — | — | 261,000 | 1,104,049 | |||||||||||||||
Jennifer Yowler | ||||||||||||||||||||
Cash Severance(1)(3) | 440,003 | — | — | — | — | |||||||||||||||
Acceleration of Equity Awards(4) | — | — | 220,500 | — | 220,500 | |||||||||||||||
Health & Welfare Benefits(5) | — | — | — | — | — | |||||||||||||||
Total | 440,003 | — | 220,500 | — | 220,500 |
10-K
2023 FY
BTSG
BrightSpring Health Services, Inc.
6 Mar 24
Annual report
5:11pm
A reconciliation of the U.S. Federal income tax rate of 21.0% to income tax (benefit) expense expressed as a percent of pretax (loss) income follows:
December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Federal income tax at the statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||
Increase (decrease) in income tax (benefit) expense: | ||||||||||||
State and foreign income taxes, net of federal benefits | (0.4) | (5.5) | 6.0 | |||||||||
Jobs tax credits, net | 1.7 | 6.7 | (4.5) | |||||||||
State deferred rate change | 1.9 | (0.5) | (0.3) | |||||||||
Legal claims | (14.4) | — | 0.5 | |||||||||
Non-deductible expenses | (0.3) | 0.2 | 0.9 | |||||||||
Share-based compensation | 1.1 | 0.3 | (0.1) | |||||||||
Non-deductible goodwill | — | (39.7) | 0.8 | |||||||||
Uncertain tax positions | (0.6) | 0.1 | (0.1) | |||||||||
Adjustments associated with prior year provision | 0.9 | (0.8) | (0.6) | |||||||||
Change in valuation allowance – charitable contributions | — | — | 2.0 | |||||||||
Other | 0.7 | (0.3) | — | |||||||||
Total | 11.6 | % | (18.5 | )% | 25.6 | % |
10-K
2023 FY
BTSG
BrightSpring Health Services, Inc.
6 Mar 24
Annual report
5:11pm
A reconciliation of the beginning and ending amount of total unrecognized tax benefits is as follows (in thousands):
December 31, | ||||||||
2023 | 2022 | |||||||
Balance at beginning of year | $ | 505 | $ | 558 | ||||
Increase related to prior year tax positions | 1,502 | 1 | ||||||
(Decrease) increase related to current year tax positions | (42) | 7 | ||||||
Lapse of statue of limitations | (463) | (61) | ||||||
Balance at end of year | $ | 1,502 | $ | 505 |
10-K
2023 FY
BTSG
BrightSpring Health Services, Inc.
6 Mar 24
Annual report
5:11pm
We did not offer pension benefits to our named executive officers during 2023. We offer nonqualified deferred compensation benefits to our named executive officers through our BrightSpring Health Services Nonqualified Deferred Compensation Plan, under which our named executive officers are permitted to defer up to 50% of their annual salary. Ms. Yowler is the only named executive officer who elected to defer compensation with respect to 2023.
Aggregate | ||||||||||||||||
Executive | Registrant | Aggregate | (Withdrawals) | Aggregate | ||||||||||||
Contributions | Contributions | Earnings in | Distributions | Balance at | ||||||||||||
Name | in Last FY ($) | in Last FY ($) | Last FY ($) | ($) | Last FYE ($) | |||||||||||
Jon Rousseau | — | — | — | — | — | |||||||||||
Jim Mattingly | — | — | — | — | — | |||||||||||
Steven Reed | — | — | — | — | — | |||||||||||
Bob Barnes | — | — | — | — | — | |||||||||||
Jennifer Yowler | 9,299 | — | 4,387 | — | 31,222 |
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