BrightSpring Health Services(BTSG) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter net revenue reached $3,053 million, a 28.6% increase from $2,375 million in Q4 2023[4] - Fourth quarter net income was $15.4 million, compared to a net loss of $7.2 million in Q4 2023[5] - Full year net revenue for 2024 was $11,266 million, up 27.6% from $8,826 million in 2023[6] - Full year Adjusted EBITDA for 2024 was $588 million, a 9.3% increase from $538 million in 2023[7] - Pharmacy Solutions revenue for 2024 was $8,754 million, a 34% increase from $6,522 million in 2023[8] - Provider Services revenue for 2024 was $2,512 million, a 9% increase from $2,304 million in 2023[8] - Total revenues for the year ended December 31, 2024, increased to $11,266,472, up 27.8% from $8,826,175 in 2023[30] - Gross profit for the year ended December 31, 2024, was $1,588,435, representing a gross margin of 14.1% compared to 16.2% in 2023[30] - Net income attributable to BrightSpring Health Services, Inc. for the year ended December 31, 2024, was a loss of $18,062, improving from a loss of $154,603 in 2023[30] - Basic net income per share for the year ended December 31, 2024, was $0.09, compared to a loss of $1.31 per share in 2023[30] - EBITDA for the year ended December 31, 2024, was $398,130 thousand, up from $349,516 thousand in 2023, reflecting a year-over-year increase of approximately 13.9%[33] - Adjusted EBITDA for the year ended December 31, 2024, reached $588,075 thousand, compared to $537,808 thousand in 2023, indicating a growth of about 9.3%[33] Guidance and Future Outlook - 2025 revenue guidance is set between $11,600 million and $12,100 million, reflecting a growth of 15.2% to 20.1% over 2024[9] - Adjusted EBITDA guidance for 2025 is projected between $545 million and $560 million, indicating an 18.4% to 21.7% growth over 2024[15] Divestiture and Strategic Moves - The company announced a divestiture of the Community Living business to Sevita for $835 million[5] - The company expects the divestiture to enhance capital flexibility and growth rates moving forward[3] Cash Flow and Financial Position - Cash and cash equivalents increased significantly to $61,253 as of December 31, 2024, compared to $13,071 in 2023[28] - Total assets grew to $5,926,140 as of December 31, 2024, up from $5,532,721 in 2023[28] - Long-term debt decreased to $2,561,858 as of December 31, 2024, from $3,331,941 in 2023, indicating improved financial leverage[28] - Total current liabilities increased to $1,428,333 as of December 31, 2024, from $1,248,437 in 2023, indicating a rise in short-term obligations[28] - The company reported an operating income of $206,374 for the year ended December 31, 2024, compared to $147,180 in 2023, reflecting operational efficiency[30] - The cash provided by operating activities for the three months ended December 31, 2024, was $90,612 thousand, down from $162,400 thousand in the same period of 2023[32] - The net cash used in investing activities for the year ended December 31, 2024, was $(140,237) thousand, compared to $(134,433) thousand in 2023, indicating an increase in cash outflow[32] Interest and Credit Losses - The company incurred $54,866 thousand in interest expense for the three months ended December 31, 2024, compared to $83,054 thousand in the same period of 2023, reflecting a decrease of approximately 34.0%[33] - The company reported a provision for credit losses of $12,102 thousand for the three months ended December 31, 2024, compared to $4,310 thousand in the same period of 2023, representing a significant increase[32] Goodwill and Adjustments - The company’s goodwill increased to $2,671,524 as of December 31, 2024, from $2,608,412 in 2023, reflecting potential acquisitions or asset appreciation[28] - Total adjustments to EBITDA for the year ended December 31, 2024, amounted to $189,945 thousand, compared to $188,292 thousand in 2023, showing a slight increase[33] - The company reported a diluted EPS of $0.08 for the three months ended December 31, 2024, compared to a diluted loss per share of $(0.06) in the same period of 2023[36]