23 results
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 | |||||||
Estimated annual effective tax rate before discrete items | 40.3 | % | 17.4 | % | ||||
Discrete items recognized | (6.9 | )% | (1.1 | )% | ||||
Effective tax rate recognized in the statements of operations | 33.4 | % | 16.3 | % |
10-Q
2024 Q1
BTSG
BrightSpring Health Services, Inc.
2 May 24
Quarterly report
8:55am
($ in thousands) | For the Three Months Ended March 31, | |||||||||||||||
Change | ||||||||||||||||
2024 | 2023 | Amount | % | |||||||||||||
Revenues: | ||||||||||||||||
Products | $ | 1,977,035 | $ | 1,467,002 | $ | 510,033 | 34.8 | % | ||||||||
Services | 599,603 | 561,376 | 38,227 | 6.8 | % | |||||||||||
Total revenues | 2,576,638 | 2,028,378 | 548,260 | 27.0 | % | |||||||||||
Cost of goods | 1,807,100 | 1,306,981 | 500,119 | 38.3 | % | |||||||||||
Cost of services | 400,147 | 386,684 | 13,463 | 3.5 | % | |||||||||||
Gross profit | 369,391 | 334,713 | 34,678 | 10.4 | % | |||||||||||
Selling, general, and administrative expenses | 361,324 | 283,158 | 78,166 | 27.6 | % | |||||||||||
Operating income | 8,067 | 51,555 | (43,488) | (84.4 | )% | |||||||||||
Loss on extinguishment of debt | 12,726 | — | 12,726 | n.m. | ||||||||||||
Interest expense, net | 65,020 | 78,177 | (13,157) | (16.8 | )% | |||||||||||
Loss before income taxes | (69,679) | (26,622) | (43,057) | n.m. | ||||||||||||
Income tax benefit | (23,294) | (4,346) | (18,948) | n.m. | ||||||||||||
Net loss | $ | (46,385) | $ | (22,276) | $ | (24,109) | n.m. | |||||||||
Adjusted EBITDA (1) | $ | 130,498 | $ | 115,278 | $ | 15,220 | 13.2 | % |
10-Q
2024 Q1
BTSG
BrightSpring Health Services, Inc.
2 May 24
Quarterly report
8:55am
($ 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 (1) | 24,848 | 450 | ||||||
Acquisition, integration, and transaction-related costs (2) | 8,542 | 1,646 | ||||||
Restructuring and divestiture-related and other costs (3) | 17,831 | 4,225 | ||||||
Legal costs and settlements (4) | 10,473 | 2,038 | ||||||
Significant projects (5) | 1,160 | 3,716 | ||||||
Management fee (6) | 23,381 | 1,433 | ||||||
Unreimbursed COVID-19 related costs | — | (130) | ||||||
Total adjustments | $ | 86,235 | $ | 13,378 | ||||
Adjusted EBITDA | $ | 130,498 | $ | 115,278 |
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 | |||||||
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 (Note 12): | ||||||||
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 |
10-Q
2024 Q1
BTSG
BrightSpring Health Services, Inc.
2 May 24
Quarterly report
8:55am
($ in thousands) | For the Three Months Ended March 31, | For the Years Ended December 31, | ||||||||||||||||||
2024 | 2023 | 2023 | 2022 | 2021 | ||||||||||||||||
Diluted EPS | $ | (0.26) | $ | (0.18) | $ | (1.31) | $ | (0.46) | $ | 0.41 | ||||||||||
Non-cash share-based compensation (1) | 0.13 | 0.00 | 0.03 | 0.03 | 0.04 | |||||||||||||||
Acquisition, integration, and transaction-related costs (1) | 0.05 | 0.01 | 0.17 | 0.30 | 0.23 | |||||||||||||||
Restructuring and divestiture-related and other costs (1) | 0.10 | 0.04 | 0.17 | 0.23 | 0.05 | |||||||||||||||
Goodwill impairment (1) | — | — | — | 0.33 | — | |||||||||||||||
Legal costs and settlements (1) | 0.06 | 0.02 | 1.02 | 0.07 | 0.09 | |||||||||||||||
Significant projects (1) | 0.01 | 0.03 | 0.07 | 0.03 | 0.03 | |||||||||||||||
Management fee (1) | 0.13 | 0.01 | 0.05 | 0.04 | 0.03 | |||||||||||||||
Unreimbursed COVID-19 related costs (1) | — | 0.00 | 0.00 | 0.01 | 0.01 | |||||||||||||||
Income tax impact on adjustments (2) | (0.10) | (0.03) | (0.16) | (0.24) | (0.12) | |||||||||||||||
Adjusted EPS | $ | 0.12 | $ | (0.10) | $ | 0.04 | $ | 0.34 | $ | 0.77 | ||||||||||
Weighted average common shares outstanding used in calculating diluted U.S. GAAP net loss per common share | 175,531 | 117,866 | 117,868 | 117,840 | 121,790 | |||||||||||||||
Weighted average common shares outstanding used in calculating diluted Non-GAAP net income (loss) per common share | 186,783 | 117,866 | 124,922 | 124,954 | 121,790 |
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