$BTSG

BrightSpring Health Services, Inc.

CIK:0001865782|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenues	$ 3,873,140	$ 3,147,698	$ 7,486,861	$ 6,025,827
Cost of goods	3,108,992	2,556,402	5,979,567	4,884,617
Cost of services	271,402	216,444	532,326	427,989
Gross profit	492,746	374,852	974,968	713,221
Selling, general, and administrative expenses	362,355	326,295	723,128	613,925
Operating income	130,391	48,557	251,840	99,296
Interest expense, net	36,879	38,778	75,494	80,541
Income from continuing operations before income taxes	93,512	9,779	176,346	18,755
Income tax expense	6,908	1,238	15,459	998
Income from continuing operations, net of income taxes	86,604	8,541	160,887	17,757
(Loss) income from discontinued operations, net of income taxes	(2,395)	19,001	71,932	38,795
Net income	84,209	27,542	232,819	56,552
Net loss attributable to noncontrolling interests included in continuing operations	(81)	(666)	(238)	(1,198)
Net income attributable to BrightSpring Health Services, Inc. and subsidiaries	$ 84,290	$ 28,208	$ 233,057	$ 57,750
Basic income (loss) per share attributable to common shareholders:
Continuing operations	$ 0.42	$ 0.05	$ 0.78	$ 0.09
Discontinued operations	(0.01)	0.09	0.35	0.2
Net income per share	0.41	0.14	1.13	0.29
Diluted income (loss) per share attributable to common shareholders:
Continuing operations	0.39	0.04	0.73	0.09
Discontinued operations	(0.01)	0.09	0.32	0.18
Net income per share	$ 0.38	$ 0.13	$ 1.05	$ 0.27
Weighted average shares outstanding:
Basic	206,042	201,807	205,381	200,516
Diluted	220,276	216,336	221,191	214,963
Products
Total revenues	$ 3,407,173	$ 2,790,101	$ 6,578,522	$ 5,322,272
Services
Total revenues	$ 465,967	$ 357,597	$ 908,339	$ 703,555

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 232,819	$ 56,552
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	80,517	84,000
Change in fair value of contingent consideration, net		2,003
Payment of contingent consideration in excess of acquisition date fair value		(1,500)
Provision for credit losses	22,865	40,658
Amortization of deferred debt issuance costs	5,764	5,543
Share-based compensation	23,169	38,483
Deferred income taxes, net	(9,529)	3,892
Gain on sale of discontinued operations	(101,868)
Other	1,014	3,186
Change in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(152,577)	(112,756)
Prepaid expenses and other current assets	(86,132)	24,411
Inventories	239,989	11,473
Trade accounts payable	(87,503)	53,277
Accrued expenses	27,951	(43,490)
Other assets and liabilities	(29,620)	(15,058)
Net cash provided by operating activities	166,859	150,674
Investing activities:
Purchases of property and equipment	(50,576)	(42,057)
Acquisitions of businesses	(42,203)	(6,754)
Proceeds from sale of discontinued operations	810,908
Other	1,066	1,377
Net cash provided by (used in) investing activities	719,195	(47,434)
Financing activities:
Long-term debt repayments	(320,491)	(23,720)
Repayments of the Revolving Credit Facility, net		(63,300)
Payments of debt issuance costs	(3,378)
Repurchases of shares of common stock	(120,000)
Proceeds from shares issued under share-based compensation plan	32,415	9,062
Taxes paid related to net share settlement of equity awards	(6,607)	(4,512)
Purchase of redeemable noncontrolling interest	(267)	(5,100)
Payments of financing lease obligations	(5,822)	(6,691)
Net cash used in financing activities	(424,150)	(94,261)
Net increase in cash and cash equivalents	461,904	8,979
Cash and cash equivalents at beginning of period	88,477	61,253
Cash and cash equivalents at end of period	550,381	70,232
Cash and cash equivalents included in assets held for sale at end of period		162
Cash and cash equivalents included in continuing operations at end of period	550,381	70,070
Supplemental disclosures of cash flow information:
Interest, net	75,457	96,069
Income taxes, net of refunds	156,704	13,022
Supplemental schedule of non-cash investing and financing activities:
Financing lease obligations assumed	3,783	6,691
Purchases of property and equipment in accounts payable	$ 3,666	$ 4,103

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 550,381	$ 88,370
Accounts receivable, net of allowance for credit losses	1,139,420	989,719
Inventories	575,009	815,180
Prepaid expenses and other current assets	205,163	118,592
Total current assets	2,469,973	2,894,050
Property and equipment, net of accumulated depreciation of $438,963 and $404,878 at June 30, 2026 and December 31, 2025, respectively	213,866	204,689
Goodwill	2,535,244	2,545,673
Intangible assets, net of accumulated amortization	514,424	557,555
Operating lease right-of-use assets, net	166,976	171,632
Other assets	85,234	39,712
Total assets	5,985,717	6,413,311
Current liabilities:
Trade accounts payable	1,090,915	1,217,946
Accrued expenses	371,701	333,024
Current portion of obligations under operating leases	44,663	42,936
Current portion of obligations under financing leases	6,909	6,794
Current portion of long-term debt	41,445	52,340
Total current liabilities	1,555,633	1,849,034
Obligations under operating leases, net of current portion	132,046	135,420
Obligations under financing leases, net of current portion	13,273	14,544
Long-term debt, net of current portion	2,149,315	2,455,204
Deferred income taxes, net	636	6,178
Long-term liabilities	76,612	66,565
Total liabilities	3,927,515	4,526,945
Redeemable noncontrolling interests	9,417	11,227
Shareholders' equity
Common stock, $0.01 par value, 1,500,000,000 shares authorized, 197,509,491 and 192,124,125 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1,975	1,921
Preferred stock, $0.01 par value, 250,000,000 authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025
Additional paid-in capital	2,004,123	1,954,482
Retained earnings (accumulated deficit)	38,434	(74,647)
Accumulated other comprehensive income (loss)	4,185	(6,691)
Total shareholders'' equity	2,048,717	1,875,065
Noncontrolling interest	68	74
Total equity	2,048,785	1,875,139
Total liabilities, redeemable noncontrolling interests, and equity	5,985,717	6,413,311
Discontinued operation held for sale
Current assets:
Current assets held for sale	0	882,189
Current liabilities:
Current liabilities held for sale	$ 0	$ 195,994