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ROC

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-41938

 

BrightSpring Health Services, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

82-2956404

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

805 N. Whittington Parkway

Louisville, Kentucky

40222

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (502) 394-2100

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

6.75% Tangible Equity Units

 

BTSG

BTSGU

 

The Nasdaq Stock Market LLC

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of shares of Registrant’s Common Stock outstanding as of October 29, 2024 was 174,126,427.

 

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

2

 

 

 

Item 1.

Financial Statements (Unaudited)

2

 

Condensed Consolidated Balance Sheets

2

 

Condensed Consolidated Statements of Operations

3

 

Condensed Consolidated Statements of Comprehensive Loss

4

 

Condensed Consolidated Statements of Shareholders' Equity

5

 

Condensed Consolidated Statements of Cash Flows

7

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

46

 

 

 

PART II.

OTHER INFORMATION

48

 

 

 

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

Item 3.

Defaults Upon Senior Securities

48

Item 4.

Mine Safety Disclosures

48

Item 5.

Other Information

48

Item 6.

Exhibits

49

Signatures

50

 

i


 

Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q (this “Form 10-Q”) to “BrightSpring,” the “Company,” “we,” “us,” and “our” refer to BrightSpring Health Services, Inc. and its consolidated subsidiaries.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes forward-looking statements that reflect our current views with respect to, among other things, our operations, and financial performance. We have used the words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative version of these words, or similar terms and phrases to identify forward-looking statements.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our 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. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. If any of these risks materialize, or if any of our assumptions underlying forward-looking statements prove incorrect, actual results and developments may differ materially from those made in or suggested by the forward-looking statements contained in this Form 10-Q. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those set forth in Item 1A, “Risk Factors,” of Part I of our Annual Report on Form 10-K for the year ended December 31, 2023 (our “Form 10-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”). Although we have attempted to identify important risk factors, there may be other risk factors not presently known to us or that we presently believe are not material that could cause actual results and developments to differ materially from those made in or suggested by the forward-looking statements contained in this Form 10-Q. We caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this Form 10-Q. Any forward-looking statement made by us in this Form 10-Q speaks only as of the date hereof. We undertake no obligation to publicly update or to revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

1


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

BrightSpring Health Services, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)

 

 

 

 

September 30, 2024

 

 

December 31, 2023

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

35,973

 

 

$

13,071

 

Accounts receivable, net of allowance for credit losses

 

 

1,025,711

 

 

 

881,627

 

Inventories

 

 

478,319

 

 

 

402,776

 

Prepaid expenses and other current assets

 

 

169,582

 

 

 

159,167

 

Total current assets

 

 

1,709,585

 

 

 

1,456,641

 

Property and equipment, net of accumulated depreciation of $426,484 and $368,089 at
    September 30, 2024 and December 31, 2023, respectively

 

 

248,548

 

 

 

245,908

 

Goodwill

 

 

2,672,791

 

 

 

2,608,412

 

Intangible assets, net of accumulated amortization

 

 

842,479

 

 

 

881,476

 

Operating lease right-of-use assets, net

 

 

259,138

 

 

 

267,446

 

Deferred income taxes, net

 

 

6,678

 

 

 

 

Other assets

 

 

46,748

 

 

 

72,838

 

Total assets

 

$

5,785,967

 

 

$

5,532,721

 

Liabilities, Redeemable Noncontrolling Interests, and Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Trade accounts payable

 

$

783,838

 

 

$

641,607

 

Accrued expenses

 

 

349,101

 

 

 

492,363

 

Current portion of obligations under operating leases

 

 

69,763

 

 

 

71,053

 

Current portion of obligations under financing leases

 

 

12,367

 

 

 

11,141

 

Current portion of long-term debt

 

 

48,853

 

 

 

32,273

 

Total current liabilities

 

 

1,263,922

 

 

 

1,248,437

 

Obligations under operating leases, net of current portion

 

 

195,921

 

 

 

201,655

 

Obligations under financing leases, net of current portion

 

 

24,988

 

 

 

22,528

 

Long-term debt, net of current portion

 

 

2,608,537

 

 

 

3,331,941

 

Deferred income taxes, net

 

 

 

 

 

23,668

 

Long-term liabilities

 

 

73,502

 

 

 

91,943

 

Total liabilities

 

 

4,166,870

 

 

 

4,920,172

 

Redeemable noncontrolling interests

 

 

4,125

 

 

 

27,139

 

Shareholders' equity:

 

 

 

 

 

 

Common stock, $0.01 par value, 1,500,000,000 and 137,398,625 shares authorized,
   
174,078,977 and 117,857,055 shares issued and outstanding at September 30, 2024 and
   December 31, 2023, respectively

 

 

1,741

 

 

 

1,179

 

Preferred stock, $0.01 par value, 250,000,000 authorized, no shares issued and
   outstanding at September 30, 2024;
no shares authorized, issued or outstanding at
   December 31, 2023

 

 

 

 

 

 

Additional paid-in capital

 

 

1,848,115

 

 

 

771,336

 

Accumulated deficit

 

 

(234,380

)

 

 

(200,319

)

Accumulated other comprehensive (loss) income

 

 

(705

)

 

 

12,544

 

Total shareholders' equity

 

 

1,614,771

 

 

 

584,740

 

Noncontrolling interest

 

 

201

 

 

 

670

 

Total equity

 

 

1,614,972

 

 

 

585,410

 

Total liabilities, redeemable noncontrolling interests, and equity

 

$

5,785,967

 

 

$

5,532,721

 

See accompanying notes to the condensed consolidated financial statements.

2


 

BrightSpring Health Services, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

2,265,697

 

 

$

1,673,152

 

 

$

6,357,223

 

 

$

4,736,993

 

Services

 

 

641,126

 

 

 

583,377

 

 

 

1,856,448

 

 

 

1,714,638

 

Total revenues

 

 

2,906,823

 

 

 

2,256,529

 

 

 

8,213,671

 

 

 

6,451,631

 

Cost of goods

 

 

2,077,121

 

 

 

1,509,845

 

 

 

5,815,981

 

 

 

4,226,075

 

Cost of services

 

 

421,590

 

 

 

388,388

 

 

 

1,231,154

 

 

 

1,160,477

 

Gross profit

 

 

408,112

 

 

 

358,296

 

 

 

1,166,536

 

 

 

1,065,079

 

Selling, general, and administrative expenses

 

 

351,272

 

 

 

410,549

 

 

 

1,039,215

 

 

 

986,161

 

Operating income (loss)

 

 

56,840

 

 

 

(52,253

)

 

 

127,321

 

 

 

78,918

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

12,726

 

 

 

 

Interest expense, net

 

 

56,061

 

 

 

83,678

 

 

 

173,520

 

 

 

241,539

 

Income (loss) before income taxes

 

 

779

 

 

 

(135,931

)

 

 

(58,925

)

 

 

(162,621

)

Income tax expense (benefit)

 

 

9,760

 

 

 

(5,807

)

 

 

(23,000

)

 

 

(12,987

)

Net loss

 

 

(8,981

)

 

 

(130,124

)

 

 

(35,925

)

 

 

(149,634

)

Net (loss) income attributable to noncontrolling interests

 

 

(751

)

 

 

548

 

 

 

(1,864

)

 

 

(1,568

)

Net loss attributable to BrightSpring Health Services,
       Inc. and subsidiaries

 

$

(8,230

)

 

$

(130,672

)

 

$

(34,061

)

 

$

(148,066

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share (Note 12):

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share - basic

 

$

(0.04

)

 

$

(1.11

)

 

$

(0.18

)

 

$

(1.26

)

Loss per share - diluted

 

$

(0.04

)

 

$

(1.11

)

 

$

(0.18

)

 

$

(1.26

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

198,491

 

 

 

117,864

 

 

 

190,541

 

 

 

117,871

 

Diluted

 

 

198,491

 

 

 

117,864

 

 

 

190,541

 

 

 

117,871

 

See accompanying notes to the condensed consolidated financial statements.

3


 

BrightSpring Health Services, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net loss

 

$

(8,981

)

 

$

(130,124

)

 

$

(35,925

)

 

$

(149,634

)

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

72

 

 

 

(94

)

 

 

(123

)

 

 

15

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value, net of tax (1)

 

 

(12,429

)

 

 

23,706

 

 

 

8,675

 

 

 

43,513

 

Amounts reclassified to earnings, net of tax (2)

 

 

(7,373

)

 

 

(10,566

)

 

 

(21,801

)

 

 

(20,125

)

Total other comprehensive (loss) income, net of tax

 

 

(19,730

)

 

 

13,046

 

 

 

(13,249

)

 

 

23,403

 

Total comprehensive loss

 

 

(28,711

)

 

 

(117,078

)

 

 

(49,174

)

 

 

(126,231

)

Comprehensive (loss) income attributable to
       redeemable noncontrolling interests

 

 

(573

)

 

 

548

 

 

 

(1,395

)

 

 

(1,568

)

Comprehensive loss attributable to noncontrolling interest

 

 

(178

)

 

 

 

 

 

(469

)

 

 

 

Comprehensive loss attributable to BrightSpring Health
       Services, Inc. and subsidiaries

 

$

(27,960

)

 

$

(117,626

)

 

$

(47,310

)

 

$

(124,663

)

 

(1)
The income tax effects of the net change in fair value were $4,024 and $(2,809) for the three and nine months ended September 30, 2024, respectively, and $9,607 and $3,016 for the three and nine months ended September 30, 2023, respectively.
(2)
The income tax effects of amounts reclassified to earnings were $2,387 and $7,059 for the three and nine months ended September 30, 2024, respectively, and $(1,433) and $1,748 for the three and nine months ended September 30, 2023, respectively.

See accompanying notes to the condensed consolidated financial statements.

4


 

BrightSpring Health Services, Inc. and Subsidiaries

Condensed Consolidated Statements of Shareholders’ Equity

(In thousands, except share data)

(Unaudited)

 

 

 

For the Three Months Ended September 30, 2024

 

 

Common Stock

 

 

Additional
Paid-In Capital

 

 

Accumulated Deficit

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Noncontrolling
Interest

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2024

 

 

171,397,030

 

 

$

1,714

 

 

$

1,804,965

 

 

$

(226,150

)

 

$

19,025

 

 

$

379

 

 

$

1,599,933

 

Net loss (1)

 

 

 

 

 

 

 

 

 

 

 

(8,230

)

 

 

 

 

 

(178

)

 

 

(8,408

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,730

)

 

 

 

 

 

(19,730

)

Share-based compensation

 

 

 

 

 

 

 

 

15,210

 

 

 

 

 

 

 

 

 

 

 

 

15,210

 

Shares issued under share-based compensation
     plan, including tax effects

 

 

210,696

 

 

 

2

 

 

 

507

 

 

 

 

 

 

 

 

 

 

 

 

509

 

Shares issued for payment of acquisition

 

 

2,471,251

 

 

 

25

 

 

 

29,975

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

Adjustment of redeemable noncontrolling interests to
     redemption amount

 

 

 

 

 

 

 

 

(2,542

)

 

 

 

 

 

 

 

 

 

 

 

(2,542

)

Balances at September 30, 2024

 

 

174,078,977

 

 

$

1,741

 

 

$

1,848,115

 

 

$

(234,380

)

 

$

(705

)

 

$

201

 

 

$

1,614,972

 

 

 

 

For the Three Months Ended September 30, 2023

 

 

Common Stock

 

 

Additional
Paid-In Capital

 

 

Accumulated Deficit

 

 

Accumulated Other Comprehensive Income

 

 

Noncontrolling
Interest

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2023

 

 

117,883,231

 

 

$

1,179

 

 

$

779,541

 

 

$

(63,110

)

 

$

31,549

 

 

$

 

 

$

749,159

 

Net loss (1)

 

 

 

 

 

 

 

 

 

 

 

(130,672

)

 

 

 

 

 

 

 

 

(130,672

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,046

 

 

 

 

 

 

13,046

 

Share-based compensation

 

 

 

 

 

 

 

 

825

 

 

 

 

 

 

 

 

 

 

 

 

825

 

Repurchase of shares of common stock

 

 

(81,654

)

 

 

(1

)

 

 

(1,299

)

 

 

 

 

 

 

 

 

 

 

 

(1,300

)

Shares issued under share-based
   compensation plan, including tax effects

 

 

55,478

 

 

 

1

 

 

 

452

 

 

 

 

 

 

 

 

 

 

 

 

453

 

Balances at September 30, 2023

 

 

117,857,055

 

 

$

1,179

 

 

$

779,519

 

 

$

(193,782

)

 

$

44,595

 

 

$

 

 

$

631,511

 

(1) Net loss to the Company for the three months ended September 30, 2024 and 2023 excludes $(573) and $548, respectively, allocable to the redeemable noncontrolling interests for our joint venture arrangements.

 

5


 

BrightSpring Health Services, Inc. and Subsidiaries

Condensed Consolidated Statements of Shareholders’ Equity (continued)

(In thousands, except share data or otherwise indicated)

(Unaudited)

 

 

 

For the Nine Months Ended September 30, 2024

 

 

Common Stock

 

 

Additional
Paid-In Capital

 

 

Accumulated Deficit

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Noncontrolling
Interest

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2023

 

 

117,857,055

 

 

$

1,179

 

 

$

771,336

 

 

$

(200,319

)

 

$

12,544

 

 

$

670

 

 

$

585,410

 

Net loss (1)

 

 

 

 

 

 

 

 

 

 

 

(34,061

)

 

 

 

 

 

(469

)

 

 

(34,530

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,249

)

 

 

 

 

 

(13,249

)

Share-based compensation

 

 

 

 

 

 

 

 

55,194

 

 

 

 

 

 

 

 

 

 

 

 

55,194

 

Shares issued under share-based compensation plan,
     including tax effects

 

 

318,085

 

 

 

3

 

 

 

528

 

 

 

 

 

 

 

 

 

 

 

 

531

 

Shares issued for payment of acquisition

 

 

2,570,503

 

 

 

26

 

 

 

31,055

 

 

 

 

 

 

 

 

 

 

 

 

31,081

 

Adjustment of redeemable noncontrolling interests to
      redemption amount

 

 

 

 

 

 

 

 

12,439

 

 

 

 

 

 

 

 

 

 

 

 

12,439

 

Issuance of common stock on initial public
     offering, net of underwriting discounts and commissions,
     and offering-related expenses of $
36.8 million

 

 

53,333,334

 

 

 

533

 

 

 

655,952

 

 

 

 

 

 

 

 

 

 

 

 

656,485

 

Proceeds from stock purchase contract issued
     under tangible equity units, net of underwriting
     discounts and commissions of $
9.1 million

 

 

 

 

 

 

 

 

321,611

 

 

 

 

 

 

 

 

 

 

 

 

321,611

 

Balances at September 30, 2024

 

 

174,078,977

 

 

$

1,741

 

 

$

1,848,115

 

 

$

(234,380

)

 

$

(705

)

 

$

201

 

 

$

1,614,972

 

 

 

 

For the Nine Months Ended September 30, 2023

 

 

Common Stock

 

 

Additional
Paid-In Capital

 

 

Accumulated Deficit

 

 

Accumulated Other Comprehensive Income

 

 

Noncontrolling
Interest

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2022

 

 

117,860,839

 

 

$

1,179

 

 

$

778,121

 

 

$

(45,716

)

 

$

21,192

 

 

$

 

 

$

754,776

 

Net loss (1)

 

 

 

 

 

 

 

 

 

 

 

(148,066

)

 

 

 

 

 

 

 

 

(148,066

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,403

 

 

 

 

 

 

23,403

 

Share-based compensation

 

 

 

 

 

 

 

 

2,100

 

 

 

 

 

 

 

 

 

 

 

 

2,100

 

Repurchase of shares of common stock

 

 

(81,654

)

 

 

(1

)

 

 

(1,299

)

 

 

 

 

 

 

 

 

 

 

 

(1,300

)

Shares issued under share-based compensation
     plan, including tax effects

 

 

77,870

 

 

 

1

 

 

 

597

 

 

 

 

 

 

 

 

 

 

 

 

598

 

Balances at September 30, 2023

 

 

117,857,055

 

 

$

1,179

 

 

$

779,519

 

 

$

(193,782

)

 

$

44,595

 

 

$

 

 

$

631,511

 

(1) Net loss to the Company for the nine months ended September 30, 2024 and 2023 excludes $(1,395) and $(1,568), respectively, allocable to the redeemable noncontrolling interests for our joint venture arrangements.

See accompanying notes to the condensed consolidated financial statements.

6


 

BrightSpring Health Services, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

2024

 

 

2023

 

Operating activities:

 

 

 

 

 

 

Net loss

 

$

(35,925

)

 

$

(149,634

)

Adjustments to reconcile net loss to cash (used in) provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

149,601

 

 

 

151,324

 

Impairment of long-lived assets

 

 

4,781

 

 

 

8,295

 

Provision for credit losses

 

 

21,896

 

 

 

18,927

 

Amortization of deferred debt issuance costs

 

 

9,477

 

 

 

15,691

 

Share-based compensation

 

 

55,194

 

 

 

2,100

 

Deferred income taxes, net

 

 

(27,781

)

 

 

(36,565

)

Loss on extinguishment of debt

 

 

12,726

 

 

 

 

(Gain) loss on disposition of fixed assets

 

 

(55

)

 

 

957

 

Other

 

 

(959

)

 

 

(210

)

Change in operating assets and liabilities, net of acquisitions and dispositions:

 

 

 

 

 

 

Accounts receivable

 

 

(163,996

)

 

 

(116,922

)

Prepaid expenses and other current assets

 

 

(2,470

)

 

 

(162

)

Inventories

 

 

(74,265

)

 

 

53,244

 

Trade accounts payable

 

 

155,563

 

 

 

(58,313

)

Accrued expenses

 

 

(150,032

)

 

 

159,353

 

Other assets and liabilities

 

 

(20,593

)

 

 

298

 

Net cash (used in) provided by operating activities

 

$

(66,838

)

 

$

48,383

 

Investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

$

(65,602

)

 

$

(56,693

)

Acquisitions of businesses, net of cash acquired

 

 

(59,755

)

 

 

(62,508

)

Other

 

 

900

 

 

 

1,790

 

Net cash used in investing activities

 

$

(124,457

)

 

$

(117,411

)

Financing activities:

 

 

 

 

 

 

Long-term debt borrowings

 

$