Financial Performance - Net revenue for Q3 2024 was $2,907 million, representing a 28.8% increase from $2,257 million in Q3 2023[1] - Adjusted EBITDA for Q3 2024 was $151 million, up 15.7% from $131 million in Q3 2023[3] - The net loss for Q3 2024 was $9.0 million, significantly improved from a net loss of $130.1 million in Q3 2023[2] - Pharmacy Solutions revenue increased by 35% to $2,266 million, while Provider Services revenue grew by 10% to $641 million[4] - Full year 2024 revenue guidance is increased to between $11,000 million and $11,300 million, indicating a growth of 24.6% to 28.0% over 2023[6] - Adjusted EBITDA guidance for 2024 is set at $580 million to $585 million, reflecting a growth of 14.2% to 15.2% over 2023[6] - The company reported a gross profit of $408 million for Q3 2024, which is a 13.9% increase compared to $358 million in Q3 2023[2] - Operating income for the three months ended September 30, 2024, was $56,840, a significant improvement from an operating loss of $(52,253) in the same period of 2023[27] - The company reported a basic loss per share of $(0.04) for the three months ended September 30, 2024, compared to $(1.11) for the same period in 2023, showing an improvement of approximately 96.4%[27] - Adjusted EPS for the three months ended September 30, 2024, was $0.11, while it was $(0.08) for the same period in 2023[30] Cash Flow and Assets - Cash and cash equivalents increased to $35,973 as of September 30, 2024, compared to $13,071 as of December 31, 2023, showing a growth of about 175.5%[22] - Accounts receivable increased to $1,025,711 as of September 30, 2024, from $881,627 as of December 31, 2023, representing a rise of approximately 16.3%[22] - Total assets as of September 30, 2024, were $5,785,967, up from $5,532,721 as of December 31, 2023, indicating an increase of about 4.6%[24] - The company reported a net cash provided by operating activities of $27.246 million for the three months ended September 30, 2024, compared to $33.691 million for the same period in 2023[28] - The company experienced a net cash used in investing activities of $36.908 million for the three months ended September 30, 2024[28] - Cash and cash equivalents at the end of the year were $35.973 million, up from $11.641 million at the end of the previous year[28] Liabilities and Debt - Total liabilities decreased to $4,166,870 as of September 30, 2024, from $4,920,172 as of December 31, 2023, reflecting a reduction of approximately 15.3%[25] - The company’s total current liabilities increased to $1,263,922 as of September 30, 2024, from $1,248,437 as of December 31, 2023, representing a slight increase of about 1.2%[25] - Long-term debt borrowings were $2.566 billion for the nine months ended September 30, 2024[28] Operational Efficiency - The company aims to drive operational excellence and efficiencies while increasing scale to deliver high-quality care[1] - The Pharmacy Solutions segment's EBITDA was $99 million, up 15% from $86 million in the same quarter last year[4] - Provider Services segment's EBITDA increased by 14% to $93 million from $81 million in Q3 2023[4] Adjustments and Costs - Total adjustments to reconcile net loss to Adjusted EBITDA amounted to $43.569 million for the three months ended September 30, 2024[29] - The company incurred $11.767 million in acquisition, integration, and transaction-related costs for the three months ended September 30, 2024[29] - The company reported a provision for credit losses of $8.778 million for the three months ended September 30, 2024, compared to $6.753 million for the same period in 2023[28] - Legal costs and settlements had a significant impact, contributing $0.04 to the adjusted EPS for the three months ended September 30, 2024, compared to $0.93 in the same period of 2023[30] - The company reported a total of $0.14 from restructuring and divestiture-related costs for the nine months ended September 30, 2024[30]
Brightspring Health Services, Inc.(BTSGU) - 2024 Q3 - Quarterly Results