Brightspring Health Services, Inc.(BTSGU) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income (loss), shareholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, discontinued operations, revenue, acquisitions, goodwill, debt, equity units, income taxes, balance sheet accounts, EPS, common stock, fair value, commitments, related party transactions, and segment information Condensed Consolidated Balance Sheets This statement provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific points in time - The balance sheet shows an increase in total assets, driven by current assets held for sale, and an increase in total equity, while total liabilities decreased[16] | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change | | :------------------------------------ | :----------------------------- | :------------------------------- | :----- | | Total Assets | $5,943,597 | $5,926,140 | $17,457 | | Current assets held for sale | $850,455 | $131,447 | $719,008 | | Total Liabilities | $4,198,174 | $4,274,555 | $(76,381) | | Total Equity | $1,742,607 | $1,647,855 | $94,752 | Condensed Consolidated Statements of Operations This statement outlines the company's financial performance over specific periods, reporting revenues, expenses, and net income or loss - The company reported a net income of $27.5 million for Q2 2025, up from $19.4 million in Q2 2024. For the six months, net income was $56.6 million, a significant improvement from a net loss of $(26.9) million in the prior year. Revenue saw substantial growth across both periods[19] Three Months Ended June 30 | Metric | 2025 (in thousands) | 2024 (in thousands) | Change (YoY) | % Change (YoY) | | :---------------------------------------------------------------- | :------------------ | :------------------ | :------------ | :-------------- | | Total Revenues | $3,147,698 | $2,438,254 | $709,444 | 29.1% | | Gross Profit | $374,852 | $312,176 | $62,676 | 20.1% | | Operating Income | $48,557 | $38,653 | $9,904 | 25.6% | | Net Income (Loss) | $27,542 | $19,441 | $8,101 | 41.7% | | Net Income (Loss) attributable to BrightSpring Health Services, Inc. and subsidiaries | $28,208 | $19,919 | $8,289 | 41.6% | | Basic EPS | $0.14 | $0.10 | $0.04 | 40.0% | | Diluted EPS | $0.13 | $0.10 | $0.03 | 30.0% | Six Months Ended June 30 | Metric | 2025 (in thousands) | 2024 (in thousands) | Change (YoY) | % Change (YoY) | | :---------------------------------------------------------------- | :------------------ | :------------------ | :------------ | :-------------- | | Total Revenues | $6,025,827 | $4,724,020 | $1,301,807 | 27.6% | | Gross Profit | $713,221 | $604,667 | $108,554 | 18.0% | | Operating Income | $99,296 | $23,318 | $75,978 | 325.8% | | Net Income (Loss) | $56,552 | $(26,944) | $83,496 | n.m. | | Net Income (Loss) attributable to BrightSpring Health Services, Inc. and subsidiaries | $57,750 | $(25,831) | $83,581 | n.m. | | Basic EPS | $0.29 | $(0.14) | $0.43 | n.m. | | Diluted EPS | $0.27 | $(0.14) | $0.41 | n.m. | Condensed Consolidated Statements of Comprehensive Income (Loss) This statement presents the company's net income or loss and other comprehensive income or loss, reflecting all changes in equity from non-owner sources - Total comprehensive income for BrightSpring Health Services, Inc. and subsidiaries increased significantly to $25.7 million for Q2 2025 from $15.8 million in Q2 2024. For the six months, it improved from a loss of $(19.4) million in 2024 to an income of $52.0 million in 2025[22] Three Months Ended June 30 | Metric | 2025 (in thousands) | 2024 (in thousands) | Change (YoY) | % Change (YoY) | | :---------------------------------------------------------------- | :------------------ | :------------------ | :------------ | :-------------- | | Net income (loss) | $27,542 | $19,441 | $8,101 | 41.7% | | Total other comprehensive (loss) income, net of tax | $(2,461) | $(4,090) | $1,629 | (39.8)% | | Total comprehensive income (loss) attributable to BrightSpring Health Services, Inc. and subsidiaries | $25,747 | $15,829 | $9,918 | 62.7% | Six Months Ended June 30 | Metric | 2025 (in thousands) | 2024 (in thousands) | Change (YoY) | % Change (YoY) | | :---------------------------------------------------------------- | :------------------ | :------------------ | :------------ | :-------------- | | Net income (loss) | $56,552 | $(26,944) | $83,496 | n.m. | | Total other comprehensive (loss) income, net of tax | $(5,748) | $6,481 | $(12,229) | (188.7)% | | Total comprehensive income (loss) attributable to BrightSpring Health Services, Inc. and subsidiaries | $52,002 | $(19,350) | $71,352 | n.m. | Condensed Consolidated Statements of Shareholders' Equity This statement details the changes in the company's shareholders' equity over time, including contributions, net income, and other comprehensive income - Total shareholders' equity increased from $1.65 billion at December 31, 2024, to $1.74 billion at June 30, 2025, primarily due to net income, share-based compensation, and exercise of stock options, partially offset by other comprehensive loss[16][28] Total Shareholders' Equity | Date | Amount (in thousands) | | :------------------- | :-------------------- | | June 30, 2025 | $1,742,607 | | December 31, 2024 | $1,647,855 | | Change | $94,752 | | % Change | 5.75% | - Key drivers for the increase in equity for the six months ended June 30, 2025, include net income of $57.8 million, share-based compensation of $38.5 million, and exercise of stock options of $9.1 million, offset by other comprehensive loss of $(5.7) million[28] Condensed Consolidated Statements of Cash Flows This statement reports the cash generated and used by the company across its operating, investing, and financing activities - For the six months ended June 30, 2025, the company generated significant net cash from operating activities ($150.7 million), a substantial improvement from a net cash use in the prior year. Investing activities used less cash, while financing activities shifted from providing cash to using cash, primarily due to debt repayments[32][254] Six Months Ended June 30 | Activity | 2025 (in thousands) | 2024 (in thousands) | Variance (YoY) | | :------------------------------------------ | :------------------ | :------------------ | :------------- | | Net cash provided by (used in) operating activities | $150,674 | $(94,084) | $244,758 | | Net cash used in investing activities | $(47,434) | $(88,630) | $41,196 | | Net cash (used in) provided by financing activities | $(94,261)