LOUISVILLE, Ky., Feb. 27, 2026 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year ended December 31, 2025 and initiated full year 2026 Revenue and Adjusted EBITDA(1) guidance.
Fourth Quarter 2025 Financial Highlights
(note: all figures represent continuing operations and exclude the Community Living business)
-- Net revenue of $3,551 million, up 29.3% compared to $2,747 million in the
fourth quarter of 2024
-- Gross profit of $413 million, up 21.8% compared to $339 million in the
fourth quarter of 2024
-- Net income of $49.6 million compared to net income of $4.3 million in the
fourth quarter of 2024
-- Adjusted EBITDA1 of $184 million, up 40.7% compared to $130 million in
the fourth quarter of 2024
-- Acquired 107 home health and hospice branches as a part of the Amedisys
and LHC acquisition
-- Repurchased 1,500,000 shares of common stock, for approximately $43.2
million, in connection with the October 2025 secondary offering by
affiliates of Kohlberg Kravis Roberts & Co. L.P. and certain members of
management
Full Year 2025 Financial Highlights
(note: all figures represent continuing operations and exclude the Community Living business)
-- Net revenue of $12,911 million, up 28.2% compared to $10,072 million in
full year 2024
-- Gross profit of $1,518 million, up 19.8% compared to $1,266 million in
full year 2024
-- Net income of $104.8 million, compared to a net loss of $68.9 million in
full year 2024
-- Operating cash flow of $490 million, compared to $24 million in full year
2024
-- Adjusted EBITDA1 of $618 million, up 34.2% compared to $460 million in
full year 2024
-- Leverage2 of 2.99x as of December 31, 2025 compared to leverage of 4.16x
on December 31, 2024
-- Planned divestiture of Community Living business to Sevita, announced on
January 20, 2025, is expected to close by the end of the first quarter of
2026
"In 2025, BrightSpring's financial performance was driven by ongoing demand for our high-quality and differentiated services and operational capabilities," said Jon Rousseau, Chairman, President, and Chief Executive Officer of the Company. "I am pleased with our results across the enterprise, underpinned by the people and processes we have in place, which expand the reach and impact of our mission every day. In 2026, we remain focused on delivering superior, timely, and lower-cost coordinated patient care that provides significant value to the healthcare system, the individuals we serve, and our organization."
(1) Adjusted EBITDA is a non-GAAP financial measure. Please see "Non-GAAP Financial Information" and the end of this press release for a reconciliation of Adjusted EBITDA to net income (loss) from continuing operations, the most directly comparable financial measure prepared in accordance with GAAP.
(2) The results of the Community Living business are included in the calculation of our leverage pursuant to the terms of our First Lien Credit Agreement.
Key Financials(3) (for BrightSpring continuing operations)
Three Months
Ended Year Ended
December 31, December 31,
(Unaudited) (Unaudited)
-------------- ----------------
2025 2024 % 2025 2024 %
----- ----- ------ ------ ------ ------
($ in millions)
Pharmacy
Solutions
Revenue $3,157 $2,397 32% $11,446 $ 8,754 31%
Provider
Services
Revenue 394 350 13% 1,465 1,318 11%
----- ----- ------ ------
Total Revenue $3,551 $2,747 29% $12,911 $10,072 28%
===== ===== ====== ======
Three Months
Ended Year Ended
December 31, December 31,
(Unaudited) (Unaudited)
----------------- -----------------
2025 2024 % 2025 2024 %
---- ---- ------ ---- ---- ------
($ in millions)
Pharmacy
Solutions
segment EBITDA $ 162 $ 113 44% $ 544 $ 395 38%
Provider
Services
segment EBITDA 64 56 16% 233 205 13%
---- ---- ---- ----
Total Segment
Adjusted
EBITDA $ 227 $ 168 35% $ 776 $ 600 29%
Corporate Costs (43) (38) - (159) (140) -
---- ---- ---- ----
Total Company
Adjusted
EBITDA(1) $ 184 $ 130 41% $ 618 $ 460 34%
==== ==== ==== ====
Business Metrics
Three Months Ended Year Ended
December 31, December 31,
(Unaudited) (Unaudited)
---------------------- ----------------------
2025 2024 % 2025 2024 %
---------- ---------- ------ ---------- ---------- ------
Pharmacy
Solutions
Prescriptions
dispensed 10,844,786 10,967,463 (1%) 43,367,072 41,816,584 4%
Revenue per
script ($) 291.07 218.56 33% 263.93 209.35 26%
Gross Profit
per script
($) 23.52 18.65 26% 21.64 17.83 21%
Provider
Services
Home Health
Care average
daily census 34,593 30,019 15% 31,135 28,532 9%
Rehab Care
persons
served 7,363 6,544 13% 7,127 6,597 8%
Personal Care
persons
served 16,175 15,874 2% 16,079 15,879 1%
(1) Adjusted 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 income (loss) from continuing operations, the most directly comparable financial measure prepared in accordance with GAAP.
(3) Financial tables may not foot due to rounding.
Full Year 2026 Financial Guidance
For the full year 2026, BrightSpring is providing Revenue and Adjusted EBITDA guidance, which excludes the Community Living business and the effects of any future closed acquisitions. All growth rates are shown as compared to the full year 2025 Revenue and Adjusted EBITDA results, excluding the Community Living business:
-- Revenues of $14,450 million to $15,000 million, or 11.9% to 16.2% growth.
-- Pharmacy Segment Revenue of $12,600 million to $13,100 million, or
10.1% to 14.5% growth.
-- Provider Segment Revenue of $1,850 million to $1,900 million, or
26.3% to 29.7% growth.
-- Total Adjusted EBITDA4 of $760 million to $790 million, or 23.1% to 27.9%
growth.
-- The Amedysis and LHC acquisition is expected to contribute approximately
$30 million in Adjusted EBITDA in 2026.
(4) A reconciliation of the foregoing guidance for the non-GAAP metric of Adjusted EBITDA to GAAP net income (loss) from continuing operations 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
The Company will host a conference call today, February 27(th) 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 information on the fourth quarter and fiscal year 2025 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 home- and community-based pharmacy and provider 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 and integrated care and clinical solutions in all 50 states to over 465,000 customers, clients and patients daily. BrightSpring has consistently demonstrated strong and industry-leading quality metrics across its services lines, while improving the quality of life and health for high-need individuals and reducing overall costs to the healthcare system.
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:
-- 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;
-- compliance with or changes to 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;
-- harm caused by labor relation matters;
-- limitations in our ability to control reimbursement rates received for
our services if we are unable to maintain or reduce our costs to provide
such services;
-- delays in collection or non-collection of our accounts receivable,
particularly during the business integration process;
-- failure to manage our growth effectively, which 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, divestitures and other significant transactions and
strategic initiatives;
-- our ability to continue to provide consistently high quality of care;
-- maintenance of our corporate reputation or the emergence of adverse
publicity, including negative information on social media or changes in
public perception of our services;
-- contract continuance, expansion and renewal with our existing customers,
including renewals at lower fee levels, customers declining to purchase
additional services from us, or reduction in the services received from
us pursuant to those contracts;
-- effective investment in, implementation of 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 or personal information; or
prevent access to critical information and thereby 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;
-- potential substantial malpractice or other similar claims;
-- various risks related to governmental inquiries, regulatory actions, and
whistleblower and other lawsuits, which may not be entirely covered by
insurance;
-- our current insurance program, which 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, which 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;
-- inclement weather, natural disasters, acts of terrorism, riots, civil
insurrection or social unrest, looting, protests, strikes, or street
demonstrations;
-- our inability to adequately protect our intellectual property rights;
-- risks related to our compliance with our regulatory framework;
-- the significant interests of KKR Stockholder may conflict with our
stockholders' interests in the future;
-- our substantial indebtedness;
-- significant changes in tax or trade policies, tariffs, or trade relations
between the United States and other countries, such as the imposition of
unilateral tariffs on imported products, including impacts on imported
drug products, which could result in supply chain disruptions and
significant increases in costs; and
-- fluctuations in the amount and frequency of repurchases of our common
stock.
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," "Adjusted EBITDA," and "Adjusted EPS," 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, Adjusted EBITDA, and Adjusted EPS 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, Adjusted EBITDA, and Adjusted EPS 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, Adjusted EBITDA, and Adjusted EPS are not GAAP measures of our financial performance and should not be considered as an alternative to net income (loss) 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 income (loss) from continuing operations before income tax expense (benefit), interest expense, net 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, legal costs and settlements associated with certain historical matters for PharMerica, significant projects, and management fees.
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: Media Contact:
David Deuchler, CFA Leigh White
Gilmartin Group LLC leigh.white@brightspringhealth.com
ir@brightspringhealth.com 502.630.7412
BrightSpring Health Services, Inc. and Subsidiaries
Consolidated Balance Sheets
December 31, 2025 and 2024
(In thousands, except share and per share data)
(Unaudited)
December 31, 2025 December 31, 2024
------------------- -------------------
Assets
Current assets:
Cash and cash equivalents $ 88,370 $ 60,954
Accounts receivable, net
of allowance for credit
losses 989,719 902,782
Inventories 815,180 636,561
Prepaid expenses and other
current assets 118,592 161,310
Current assets held for
sale 882,189 131,447
--------------- ---------------
Total current assets 2,894,050 1,893,054
--------------- ---------------
Property and equipment,
net of accumulated
depreciation of $404,878
and $339,892 at December
31, 2025 and 2024,
respectively 204,689 180,570
Goodwill 2,545,673 2,363,884
Intangible assets, net of
accumulated amortization 557,555 595,224
Operating lease
right-of-use assets, net 171,632 161,032
Deferred income taxes, net -- 5,288
Other assets 39,712 39,128
Non-current assets held
for sale -- 687,960
--------------- ---------------
Total assets $ 6,413,311 $ 5,926,140
=============== ===============
Liabilities, Redeemable
Noncontrolling Interests,
and Equity
Current liabilities:
Trade accounts payable $ 1,217,946 $ 923,926
Accrued expenses 333,024 295,746
Current portion of
obligations under
operating leases 42,936 38,910
Current portion of
obligations under
financing leases 6,794 3,463
Current portion of
long-term debt 52,340 48,725
Current liabilities held
for sale 195,994 117,563
--------------- ---------------
Total current
liabilities 1,849,034 1,428,333
--------------- ---------------
Obligations under
operating leases, net of
current portion 135,420 129,467
Obligations under
financing leases, net of
current portion 14,544 6,530
Long-term debt, net of
current portion 2,455,204 2,561,858
Deferred income taxes,
net 6,178 --
Long-term liabilities 66,565 71,190
Non-current liabilities
held for sale -- 77,177
--------------- ---------------
Total liabilities 4,526,945 4,274,555
--------------- ---------------
Redeemable noncontrolling
interests 11,227 3,730
Shareholders' equity:
Common stock, $0.01 par
value, 1,500,000,000
shares authorized,
192,124,125 and
174,245,990 shares issued
and outstanding at
December 31, 2025 and
2024, respectively $ 1,921 $ 1,742
Preferred stock, $0.01
par value, 250,000,000
authorized, no shares
issued and outstanding at
December 31, 2025 and
2024 -- --
Additional paid-in capital 1,954,482 1,866,850
Accumulated deficit (74,647) (222,155)
Accumulated other
comprehensive (loss)
income (6,691) 1,418
--------------- ---------------
Total shareholders'
equity 1,875,065 1,647,855
--------------- ---------------
Noncontrolling interest 74 --
--------------- ---------------
Total equity 1,875,139 1,647,855
--------------- ---------------
Total liabilities,
redeemable
noncontrolling
interests, and
equity $ 6,413,311 $ 5,926,140
=============== ===============
BrightSpring Health Services, Inc. and Subsidiaries
Consolidated Statements of Operations
For the three and twelve months ended December 31,
2025 and 2024
(In thousands, except per share amounts)
(Unaudited)
For the Three Months For the Years Ended
Ended December 31, December 31,
---------------------- -------------------------
2025 2024 2025 2024
---------- ---------- ----------- -----------
Revenues:
Products $3,156,539 $2,397,059 $11,445,777 $ 8,754,282
Services 394,092 349,906 1,464,787 1,317,932
--------- --------- ---------- ----------
Total revenues 3,550,631 2,746,965 12,910,564 10,072,214
Cost of goods 2,901,500 2,192,520 10,507,431 8,008,501
Cost of services 236,583 215,777 885,356 797,286
--------- --------- ---------- ----------
Gross profit 412,548 338,668 1,517,777 1,266,427
Selling, general,
and
administrative
expenses 304,435 283,129 1,222,525 1,158,473
--------- --------- ---------- ----------
Operating income 108,113 55,539 295,252 107,954
Loss on
extinguishment
of debt -- -- -- 12,726
Interest expense,
net 38,535 46,180 157,311 190,546
--------- --------- ---------- ----------
Income (loss)
from continuing
operations
before income
taxes 69,578 9,359 137,941 (95,318)
Income tax
expense
(benefit) 20,027 5,077 33,145 (26,387)
--------- --------- ---------- ----------
Income (loss)
from continuing
operations, net
of income taxes 49,551 4,282 104,796 (68,931)
Income from
discontinued
operations, net
of income taxes 27,769 11,122 84,317 48,410
--------- --------- ---------- ----------
Net income (loss) 77,320 15,404 189,113 (20,521)
Net income (loss)
attributable to
noncontrolling
interests
included in
continuing
operations 240 (595) (1,553) (2,459)
--------- --------- ---------- ----------
Net income (loss)
attributable to
BrightSpring
Health Services,
Inc. and
subsidiaries $ 77,080 $ 15,999 $ 190,666 $ (18,062)
========= ========= ========== ==========
Net income
(loss) per
common share:
Basic income
(loss) per share
attributable to
common
shareholders:
Continuing
operations $ 0.24 $ 0.02 $ 0.53 $ (0.34)
Discontinued
operations $ 0.14 $ 0.06 $ 0.41 $ 0.25
--------- --------- ---------- ----------
Net income
(loss) per
share $ 0.38 $ 0.08 $ 0.94 $ (0.09)
Diluted income
(loss) per share
attributable to
common
shareholders:
Continuing
operations $ 0.23 $ 0.02 $ 0.48 $ (0.34)
Discontinued
operations $ 0.12 $ 0.06 $ 0.39 $ 0.25
--------- --------- ---------- ----------
Net income
(loss) per
share $ 0.35 $ 0.08 $ 0.87 $ (0.09)
Weighted average
shares
outstanding:
Basic 203,702 200,312 202,564 192,997
Diluted 218,417 213,160 219,774 192,997
BrightSpring Health Services, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the three and twelve months ended December 31,
2025 and 2024
(In thousands)
(Unaudited)
For the Three Months For the Years Ended
Ended December 31, December 31,
--------------------- -----------------------
2025 2024 2025 2024
--------- --------- --------- -----------
Operating
activities:
Net income (loss) $ 77,320 $ 15,404 $ 189,113 $ (20,521)
Adjustments to
reconcile net
income (loss) to
cash provided by
operating
activities:
Depreciation and
amortization 39,524 54,881 164,277 204,482
Impairment of
long-lived
assets 6,102 5,454 12,628 10,235
Change in fair
value of
contingent
consideration,
net -- 2,261 (1,266) 2,261
Payment of
contingent
consideration
in excess of
acquisition
date fair
value -- (2,351) (6,170) (2,351)
Provision for
credit losses 7,504 12,102 56,227 33,998
Amortization of
deferred debt
issuance costs 2,858 2,631 11,242 12,108
Share-based
compensation 14,366 13,980 70,099 69,174
Deferred income
taxes, net (3,424) 1,867 14,842 (25,914)
Loss on
extinguishment
of debt -- -- -- 12,726
Loss on
disposition of
fixed assets 573 156 2,076 101
Other (2,518) (1,492) (4,356) (2,451)
Change in
operating
assets and
liabilities,
net of
acquisitions:
Accounts
receivable 31,402 (15,044) (131,287) (179,040)
Prepaid
expenses and
other current
assets 5,812 10,065 30,669 7,595
Inventories (175,627) (162,249) (177,906) (236,514)
Trade accounts
payable 221,335 147,646 264,171 303,209
Accrued
expenses 14,791 5,452 32,003 (144,580)
Other assets
and
liabilities (8,459) (151) (36,193) (20,744)
-------- -------- -------- ----------
Net cash
provided by
operating
activities $ 231,559 $ 90,612 $ 490,169 $ 23,774
-------- -------- -------- ----------
Investing
activities:
Purchases of
property and
equipment $ (37,665) $ (15,311) $ (95,484) $ (80,913)
Acquisitions of
businesses, net
of cash
acquired (196,256) (42) (204,564) (59,797)
Other 37 (427) (5,031) 473
-------- -------- -------- ----------
Net cash used
in investing
activities $(233,884) $ (15,780) $(305,079) $ (140,237)
-------- -------- -------- ----------
Financing
activities:
Long-term debt
borrowings $ -- $ -- $ -- $ 2,566,000
Long-term debt
repayments (12,342) (11,701) (50,275) (3,396,334)
Proceeds from
issuance of
common stock on
initial public
offering, net -- -- -- 656,485
Proceeds from
issuance of
tangible equity
units, net -- -- -- 389,000
(Repayments)
borrowings of the
Revolving Credit
Facility, net -- (33,800) (63,300) 12,600
Payment of debt
issuance costs -- (3,857) -- (47,045)
Repurchase of
shares of common
stock (43,173) -- (43,173) (650)
Proceeds from
shares issued
under share-based
compensation
plan 10,600 1,004 25,281 1,535
Payment of taxes
related to net
share settlement
of equity awards (1,971) (1,196) (7,554) (1,196)
Payment of
contingent
consideration up
to acquisition
date fair value (200) 2,351 (200) (1,805)
Purchase of
redeemable
noncontrolling
interest -- -- (5,100) (2,316)
Payment of
financing lease
obligations (3,412) (2,353) (13,545) (11,629)
-------- -------- -------- ----------
Net cash (used
in) provided
by financing
activities $ (50,498) $ (49,552) $(157,866) $ 164,645
-------- -------- -------- ----------
Net (decrease)
increase in
cash and cash
equivalents (52,823) 25,280 27,224 48,182
Cash and cash
equivalents at
beginning of
period 141,300 35,973 61,253 13,071
-------- -------- -------- ----------
Cash and cash
equivalents at
end of period $ 88,477 $ 61,253 $ 88,477 $ 61,253
-------- -------- -------- ----------
Cash and cash
equivalents
included in
assets held for
sale at end of
period 107 299 107 299
-------- -------- -------- ----------
Cash and cash
equivalents
included in
continuing
operations at end
of period $ 88,370 $ 60,954 $ 88,370 $ 60,954
======== ======== ======== ==========
BrightSpring Health Services, Inc. and Subsidiaries
Reconciliation of EBITDA and Adjusted EBITDA
For the three and twelve months ended December 31,
2025 and 2024
(Unaudited)
The following table reconciles net income (loss) from
continuing operations to EBITDA and Adjusted EBITDA:
For the Three For The Twelve
($ in thousands) Months Ended Months Ended
December 31, December 31,
------------------ ------------------
2025 2024 2025 2024
-------- -------- -------- --------
Net income (loss)
from continuing
operations $ 49,551 $ 4,282 $104,796 $(68,931)
Income tax expense
(benefit) 20,027 5,077 33,145 (26,387)
Interest expense, net 38,535 46,180 157,311 190,546
Depreciation and
amortization 39,524 42,675 162,948 162,144
------- ------- ------- -------
EBITDA $147,637 $ 98,214 $458,200 $257,372
Non-cash share-based
compensation(1) 13,009 11,543 59,164 61,336
Acquisition,
integration, and
transaction-related
costs(2) 5,613 6,625 40,424 31,953
Restructuring and
divestiture-related
and other costs(3) 17,289 14,046 59,782 61,688
Legal costs and
settlements(4) -- -- -- 21,886
Significant
projects(5) -- -- -- 2,604
Management fees(6) -- -- -- 23,381
------- ------- ------- -------
Total adjustments $ 35,911 $ 32,214 $159,370 $202,848
------- ------- ------- -------
Adjusted EBITDA $183,548 $130,428 $617,570 $460,220
======= ======= ======= =======
(1) Represents non-cash share-based compensation to certain members of our management and other full-time employees. The year ended December 31, 2024 includes $15.0 million of previously unrecognized share-based compensation expense related to performance-vesting options under the 2017 Stock Plan, a portion of which vested upon completion of the IPO.
(2) Represents transaction costs incurred in connection with planned, completed, or terminated acquisitions, which include investment banking fees, legal diligence and related documentation costs, finance and accounting diligence and documentation; costs associated with the integration of acquisitions, including any facility consolidation, integration travel, or severance; and costs associated with other planned, completed, or terminated non-routine transactions. The years ended December 31, 2025 and 2024 included other non-routine transaction costs of $26.8 million and $5.8 million, respectively.
(3) Represents costs associated with restructuring-related activities, including closure costs, and related license impairment, and severance expenses associated with certain enterprise-wide or significant business line cost-savings measures. These costs included $23.4 million and $23.7 million of costs that did not meet the criteria for discontinued operations related to the Community Living divestiture for the years ended December 31, 2025 and 2024, respectively. These costs also included $12.7 million of unamortized debt issuance costs associated with the extinguishment of our Second Lien Facility in the year ended December 31, 2024.
(4) Represents settlement and defense costs associated with certain historical PharMerica litigation matters, including the Silver matter, all of which were finalized in 2024.
(5) Represents costs associated with certain transformational projects and for the periods presented primarily included general ledger system implementation, pharmacy billing system implementation, and ransomware attack response costs, all of which were finalized in 2024.
(6) Represents annual management fees payable to the Managers under the Monitoring Agreement through the date of the IPO, and $22.7 million of termination fees resulting from the Monitoring Agreement being terminated upon completion of the IPO Offerings. All management fees ceased following the completion of the IPO in 2024.
BrightSpring Health Services, Inc. and Subsidiaries
Reconciliation of Adjusted EPS
For the three and twelve months ended December 31,
2025 and 2024
(Unaudited)
The following table reconciles diluted EPS to Adjusted
EPS:
For the Three For The Twelve
(shares in thousands) Months Ended Months Ended
December 31, December 31,
------------------- -------------------
2025 2024 2025 2024
-------- -------- -------- --------
Diluted EPS $ 0.23 $ 0.02 $ 0.48 $ (0.34)
Non-cash share-based
compensation(1) 0.06 0.05 0.27 0.30
Acquisition,
integration, and
transaction-related
costs(1) 0.03 0.03 0.18 0.16
Restructuring and
divestiture-related
and other costs(1) 0.08 0.07 0.27 0.31
Legal costs and
settlements(1) -- -- -- 0.11
Significant projects(1) -- -- -- 0.01
Management fee(1) -- -- -- 0.12
Income tax impact on
adjustments(2) (0.07) (0.04) (0.20) (0.32)
------- ------- ------- -------
Adjusted EPS $ 0.33 $ 0.13 $ 1.00 $ 0.35
======= ======= ======= =======
Weighted average common
shares outstanding
used in calculating
diluted U.S. GAAP net
income (loss) per
share 218,417 213,160 219,774 192,997
Weighted average common
shares outstanding
used in calculating
diluted Non-GAAP
earnings per share 218,417 213,160 219,774 202,106
(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. For the year ended December 31, 2024, the income tax impact on adjustments is inclusive of a discrete tax benefit related to the Silver matter that was finalized in connection with the signing of the settlement agreement during the second fiscal quarter of 2024. For all periods presented, the income tax impact on adjustments is inclusive of a discrete tax benefit related to share-based compensation.
(END) Dow Jones Newswires
February 27, 2026 06:00 ET (11:00 GMT)