13 results
10-Q
2024 Q1
BTSG
BrightSpring Health Services, Inc.
2 May 24
Quarterly report
8:55am
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 |
10-Q
2024 Q1
BTSG
BrightSpring Health Services, Inc.
2 May 24
Quarterly report
8:55am
March 31, 2024 | December 31, 2023 | |||||||
Workers compensation insurance reserves | $ | 28,635 | $ | 30,514 | ||||
General and professional liability insurance reserves | 28,221 | 28,350 | ||||||
Legal settlements and professional fees | 10,000 | 10,000 | ||||||
Automobile insurance reserves | 8,526 | 8,526 | ||||||
Employee incentives | 4,082 | 5,189 | ||||||
Contingent consideration | 2,001 | 2,681 | ||||||
Deferred gain | 1,283 | 1,346 | ||||||
Other | 5,733 | 5,337 | ||||||
Total long-term liabilities | $ | 88,481 | $ | 91,943 |
10-Q
2024 Q1
BTSG
BrightSpring Health Services, Inc.
2 May 24
Quarterly report
8:55am
Rate | Long term obligation and note payable | Interest Expense | ||||||||||||||||||||||
($ in thousands) | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | Three Months Ended March 31, 2024 | Fiscal Year 2023 | ||||||||||||||||||
First Lien - payable to lenders at SOFR plus applicable margin | — | 8.72 | % | $ | — | $ | 1,719,360 | $ | 21,545 | $ | 146,167 | |||||||||||||
First Lien Incremental Term Loans Tranches B-2 and B-3 - payable to lenders at SOFR plus applicable margin | — | 8.97 | % | — | 1,189,975 | 15,389 | 104,190 | |||||||||||||||||
First Lien Incremental Term Loan Tranche B-4 - payable to lenders at SOFR plus applicable margin | 8.58 | % | — | 2,566,000 | — | 23,835 | — | |||||||||||||||||
Second Lien - payable to lenders at SOFR plus applicable margin | — | 13.97 | % | — | 450,000 | 5,239 | 62,012 | |||||||||||||||||
Revolving Credit Loans - payable to lenders at SOFR plus applicable margin | 8.55 | % | 9.59 | % | — | 50,000 | 387 | 3,988 | ||||||||||||||||
Swingline/Base Rate - payable to lenders at ABR plus applicable margin | 10.75 | % | 11.75 | % | — | 700 | 1,875 | 12,243 | ||||||||||||||||
Amortizing Notes | 69,294 | — | 1,192 | — | ||||||||||||||||||||
Notes payable and other | 4,338 | 4,356 | — | 2 | ||||||||||||||||||||
Amortization of deferred financing costs and other, net of interest income from cash flow hedges | — | — | (4,442) | (4,009) | ||||||||||||||||||||
Total debt | $ | 2,639,632 | $ | 3,414,391 | $ | 65,020 | $ | 324,593 | ||||||||||||||||
Less: debt issuance costs, net | 75,823 | 50,177 | ||||||||||||||||||||||
Total debt, net of debt issuance costs | 2,563,809 | 3,364,214 | ||||||||||||||||||||||
Less: Current portion of long-term debt | 48,670 | 32,273 | ||||||||||||||||||||||
Total long-term debt | $ | 2,515,139 | $ | 3,331,941 |
10-Q
2024 Q1
BTSG
BrightSpring Health Services, Inc.
2 May 24
Quarterly report
8:55am
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 | $ | — |
10-Q
2024 Q1
BTSG
BrightSpring Health Services, Inc.
2 May 24
Quarterly report
8:55am
March 31, 2024 | December 31, 2023 | |||||||||||||||
Rate | $ | Rate | $ | |||||||||||||
First Lien - payable to lenders at SOFR plus applicable margin | — | $ | — | 8.72 | % | $ | 1,719,360 | |||||||||
First Lien Incremental Term Loans Tranches B-2 and B-3 - payable to lenders at SOFR plus applicable margin | — | — | 8.97 | % | 1,189,975 | |||||||||||
First Lien Incremental Term Loan Tranche B-4 - payable to lenders at SOFR plus applicable margin | 8.58 | % | 2,566,000 | — | — | |||||||||||
Second Lien - payable to lenders at SOFR plus applicable margin | — | — | 13.97 | % | 450,000 | |||||||||||
Revolving Credit Loans - payable to lenders at SOFR plus applicable margin | 8.55 | % | — | 9.59 | % | 50,000 | ||||||||||
Swingline/Base Rate - payable to lenders at ABR plus applicable margin | 10.75 | % | — | 11.75 | % | 700 | ||||||||||
Amortizing Notes (1) | 69,294 | — | ||||||||||||||
Notes payable and other | 4,338 | 4,356 | ||||||||||||||
Total debt | 2,639,632 | 3,414,391 | ||||||||||||||
Less: debt issuance costs, net | 75,823 | 50,177 | ||||||||||||||
Total debt, net of debt issuance costs | 2,563,809 | 3,364,214 | ||||||||||||||
Less: current portion of long-term debt | 48,670 | 32,273 | ||||||||||||||
Total long-term debt | $ | 2,515,139 | $ | 3,331,941 | ||||||||||||
(1) See Note 6 for discussion of Amortizing Notes. |
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