Slides
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1 Third Quarter 2025 Earnings Presentation October 28, 2025
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2 Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements may relate to matters which include, but are not limited to, 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. In some cases, we have used words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “target,” “guidance,” the negative version of these words, or similar terms and phrases to identify these forward-looking statements. The forward-looking statements are based on management’s current expectations and are not historical facts or guarantees of future performance. The forward- looking statements relate to the future and are therefore subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited tothe following: • our operation in a highly competitive industry; • our inability to maintain relationships with existing patient referral sources or establish new referral sources; • changes to Medicare and Medicaid rates or methods governing Medicare and Medicaid payments for our services; • cost containment initiatives of third-party payors, including post-payment audits; • the implementation of alternative payment models and the transition of Medicaid and Medicare beneficiaries to managed care organizations may limit our market share and could adversely affect our revenues; • changes in the case mix of patients, as well as payor mix and payment methodologies, and decisions and operations of third-party organizations; • our reliance on federal and state spending, budget decisions, and continuous governmental operations which may fluctuate under different political conditions; • changes in drug utilization and/or pricing, PBM contracts, and Medicare Part D/Medicaid reimbursement, which may negatively impact our profitability; • changes in our relationships with pharmaceutical suppliers, including changes in drug availability or pricing; • reliance on the continual recruitment and retention of nurses, pharmacists, therapists, caregivers, direct support professionals, and other qualified personnel, including senior management; • compliance with or changes to federal, state, and local laws and regulations that govern our employment practices, including minimum wage, living wage, and paid time-off requirements; • fluctuation of our results of operations on a quarterly basis; • harm caused by labor relation matters; • limitations in our ability to control reimbursement rates received for our services if we are unable to maintain or reduce our costs to provide such services; • delays in collection or non-collection of our accounts receivable, particularly during the business integration process; • failure to manage our growth effectively, which may inhibit our ability to execute our business plan, maintain high levels of service and satisfaction or adequately address competitive challenges; • our ability to identify, successfully complete and manage acquisitions, joint ventures, and other strategic initiatives, including the pending sale of our Community Living business; • our ability to continue to provide consistently high quality of care; • maintenance of our corporate reputation or the emergence of adverse publicity, including negative information on social media or changes in public perception of our services; • contract continuance, expansion and renewal with our existing customers, including renewals at lower fee levels, customers declining to purchase additional services from us, or reduction in the services received from us pursuant to those contracts; • effective investment in, implementation of improvements to and proper maintenance of the uninterrupted operation and data integrity of our information technology and other business systems; • security breaches, loss of data, and other disruptions, which could compromise sensitive business or patient information; cause a loss of confidential patient data, employee data or personal information; or prevent access to critical information and thereby expose us to liability, litigation, and federal and state governmental inquiries and damage our reputation and brand; • risks related to credit card payments and other payment methods; • potential substantial malpractice or other similar claims; • various risks related to governmental inquiries, regulatory actions, and whistleblower and other lawsuits, which may not be entirely covered by insurance; • our current insurance program, which may expose us to unexpected costs, particularly if we incur losses not covered by our insurance or if claims or losses differ from our estimates; Forward-Looking Statements; Non-GAAP Financial Information • factors outside of our control, including those listed, which have required and could in the future require us to record an asset impairment of goodwill; • a pandemic, epidemic, or outbreak of an infectious disease; • inclement weather, natural disasters, acts of terrorism, riots, civil insurrection or social unrest, looting, protests, strikes, or street demonstrations; • our inability to adequately protect our intellectual property rights; • risks related to our compliance with our regulatory framework; • the interests of KKR Stockholder may conflict with our stockholders’ interests in the future; • our substantial indebtedness; • significant changes in tax or trade policies, tariffs, or trade relations between the United States and other countries, such as the imposition of unilateral tariffs on imported products, including impacts on imported drug products, which could result in supply chain disruptions and significant increases in costs; and • repurchases of our common stock. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. These factors should not be construed as exhaustive, and should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward- looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make.For additional information on these and other factors that could cause BrightSpring’s actual results to differ materially from expected results, please see our filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website atwww.sec.gov. Presentation of Data Within this presentation, we reference information and statistics regarding the industries in which we compete. We have obtained this information and statistics from various independent third-party sources, including independent trade associations, industry publications, government publications, reports by market research firms and other independent sources. Some data and other information contained in this presentation are also based on management’s estimates and calculations, which are derived from our review and interpretation of internal company research, surveys, information from our customers and suppliers, trade and business organizations and other contacts in the markets in which we operate and independent sources. Data regarding the industries in which we compete and our market position and market share within the industries are inherently imprecise and are subject to significant business, economic and competitive uncertainties beyond our control, but we believe they generally indicate size, position and market share within the industries. In addition, assumptions and estimates of our and our industries’ future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, which could cause our future performance to differ materially from our assumptions and estimates. Numerical figures included in this presentation have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables and charts may not be arithmetic aggregations of the figures that precede them. Non-GAAP Financial Information This presentation contains “non-GAAP financial measures,” including “EBITDA,” “Adjusted EBITDA,” and “Adjusted EPS,” which are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States, or GAAP. EBITDA, Adjusted EBITDA, and Adjusted EPS have been presented in this release as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management also believes that these measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses EBITDA, Adjusted EBITDA, and Adjusted EPS to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish and award discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. EBITDA, Adjusted EBITDA, and Adjusted EPS are not GAAP measures of our financial performance and should not be considered as an alternative to net income (loss) as a measure of financial performance or any other performance measures derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use as they do not consider certain cash requirements such as tax payments, debt service requirements, total capital expenditures, and certain other cash costs that may recur in the future. Management defines EBITDA as net income (loss) from continuing operations before income tax expense (benefit), interest expense, net and depreciation and amortization. Management also defines Adjusted EBITDA as EBITDA, further adjusted to exclude non-cash share-based compensation, acquisition, integration and transaction-related costs, restructuring and divestiture-related and other costs, legal costs and settlements associated with certain historical matters for PharMerica, significant projects, and management fees. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Please see the end of this press release for reconciliations of non-GAAP financial measures to the most directly comparable financial measure prepared in accordance with GAAP.
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3 A leading pharmacy and health care provider in the U.S., serving large and growing markets that have significant unmet needs, with high-quality and integrated services that improve outcomes and reduce cost
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4 BrightSpring At A Glance High-Quality, Preferred, and Lower Cost Health Services Delivered to Large and Complex Populations Where They Are Driving patient access and outcomes, through operational focus, quality, and technology and people investments, supplemented with new locations and patient engagement, analytics, and integrated care capabilities Leveraging a uniquely scaled and complementary platform of leading services, defined by continuous process innovation, best practices deployment, and enterprise efficiency, for differentiation and longer-term sustainability ✓ ✓ ✓ Providing Needed Solutions Focus on Operational Capabilities Importance of Scale and Services Serving large and growing healthcare populations, characterized by high-cost, high-acuity, and significant complexity, with patient-centered and high-quality services delivered in preferred and lower-cost home and community settings
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5 28.2% Revenue Growth 37.2% Adj. EBITDA Growth $3,334M Revenue $160M Adj. EBITDA BrightSpring Financial Highlights Note: Adjusted EBITDA is a non-GAAP metric. See Slide 14 for a reconciliation of Adjusted EBITDA to net income (loss) from continuing operations Third Quarter 2025 (for Continuing Operations) Pharmacy Solutions Revenue $2,967 +31.0% Infusion and Specialty Revenue 2,377 +41.6% Home and Community Revenue 590 +0.4% Pharmacy Segment EBITDA $141 +42.2% Third Quarter 2025 ($ in millions) Y/Y Growth Provider Services Revenue $367 +9.4% Home Health Care Revenue 188 +12.0% Rehab Care Revenue 76 +8.8% Personal Care Revenue 102 +5.5% Provider Segment EBITDA $61 +16.0% Leading service lines in home & community healthcare markets, and meaningful clinical integrations across patients and services today InfusionandSpecialty Pharmacy Provider Services Seniors and Specialty Patients Pharmacy Solutions Home andCommunityPharmacy PersonalCare Rehab Care HomeHealthCare
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6 $2,266 $2,967 $336 $367 Q3 2024 Q3 2025 ($ in millions) Pharmacy Solutions Provider Services Q3 2025 Revenue and Adjusted EBITDA Results (for Continuing Operations) Revenue $3,334 $2,601 BrightSpring reported revenue grew 28% driven by outsized growth in Pharmacy Solutions and attractive Provider Services growth; Adjusted EBITDA grew 37% driven by operational execution Total Revenue +28.2% Adjusted EBITDA(1) $99 $141 $52 $61 Q3 2024 Q3 2025 +16.0% +42.2% $160 $117 Total Adjusted EBITDA +37.2% Adj. EBITDA margin(1) 4.8%4.5% Note: Adjusted EBITDA is a non-GAAP metric. See Slide 14 for a reconciliation of Adjusted EBITDA to net income (loss) from continuing operations. 1. Adjusted EBITDA Margin is Adjusted EBITDA/Revenue for the applicable period. ($ in millions) +9.4% +31.0%
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7 $99 $141 Q3 2024 Q3 2025 ($ in millions) Infusion and Specialty Pharmacy Home and Community Pharmacy Q3 2025 Pharmacy Solutions Segment Performance (for Continuing Operations) Q3 2025 Revenue $1,678 $2,377 $588 $590 Q3 2024 Q3 2025 $2,967 $2,266 Business Metrics Prescriptions dispensed (thousands) Revenue per script Gross Profit per script 10,793 $274.89 $22.76 Pharmacy revenue and Adjusted EBITDA growth driven by Specialty and Infusion, strength in total Pharmacy revenue per script, and gross profit per script growth (0.7%) y/y +31.9% y/y +31.3% y/y Q3 2025 Segment EBITDA Segment EBITDA margin(1) Pharmacy Solutions +31.0% +0.4% +41.6% 4.4% 4.8% +42.2% 10,874 in 3Q24 $208.35 in 3Q24 $17.34 in 3Q24 Note: Adjusted EBITDA is a non-GAAP metric. See Slide 14 for a reconciliation of Adjusted EBITDA to net income (loss). 1. Adjusted EBITDA Margin is Adjusted EBITDA/Revenue for the applicable period. ($ in millions)
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8 $52 $61 Q3 2024 Q3 2025 Home Health Care Rehab Care Q3 2025 Provider Services Segment Performance (for Continuing Operations) Q3 2025 Revenue $168 $188 $70 $76 $97 $102 Q3 2024 Q3 2025 $367$336 Business Metrics Home Health Care average daily census Rehab Care persons served 29,592 7,321 Provider Services delivered solid revenue and Adjusted EBITDA growth, with strong Hospice and Rehab Care persons served increases, and consistent operational execution, quality, and efficiency results across all Provider Services +3.3% y/y +11.4% y/y Q3 2025 Segment EBITDA Segment EBITDA margin(1) 15.6% 16.5% Provider Services +9.4% +8.8% +12.0% +16.0% 28,650 in 3Q24 6,571 in 3Q24($ in millions) Personal Care +5.5% Personal Care persons served 16,134 +1.4% y/y 15,910 in 3Q24 ($ in millions) Note: Adjusted EBITDA is a non-GAAP metric. See Slide 14 for a reconciliation of Adjusted EBITDA to net income (loss). 1. Adjusted EBITDA Margin is Adjusted EBITDA/Revenue for the applicable period.
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9 Financial Performance: Three Months Ended September 30, 2025 (for Continuing Operations) Three Months Ended September 30, 2024 vs. Three Months Ended September 30, 2025 ($ in millions, except Margin) Three Months Ended September 30, 2024 Three Months Ended September 30, 2025 Change % Revenue $2,266 $2,967 31.0% Cost of goods(1) $2,077 $2,721 31.0% Gross profit(2) $189 $246 30.3% Segment EBITDA $99 $141 42.2% Segment EBITDA Margin %(3) 4.4% 4.8% 40bps Pharmacy Solutions Provider Services ($ in millions, except Margin) Three Months Ended September 30, 2024 Three Months Ended September 30, 2025 Change % Revenue $336 $367 9.4% Cost of services(1) $201 $221 9.8% Gross profit(2) $135 $146 8.8% Segment EBITDA $52 $61 16.0% Segment EBITDA Margin %(3) 15.6% 16.5% 90bps Note: Adjusted EBITDA is a non-GAAP metric. See Slide 14 for a reconciliation of Adjusted EBITDA to net income (loss). 1. Balance includes depreciation and amortization expense that relates to revenue-generating assets 2. Gross profit may not reconcile due to rounding 3. Adjusted EBITDA Margin is Adjusted EBITDA/Revenue for the applicable period
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10 2025 Guidance, Excluding Community Living Prior FY 2025 Guidance1 Prior FY 2025 Guidance1 Prior FY 2025 Guidance1 Prior FY 2025 Guidance1 Prior FY 2025 Guidance1 Updated FY 2025 Guidance1 ($ in millions) Provided January 20, 2025 Provided March 6, 2025 Provided May 2, 2025 Provided August 1, 2025 Provided October 20, 2025 Provided October 28, 2025 Pharmacy Revenue $10,050 – $10,500 14.8% – 19.9% y/y1 $10,150 – $10,600 15.9% – 21.1% y/y1 $10,550 – $11,000 20.5% – 25.7% y/y1 $10,750 – $11,100 22.8% – 26.8% y/y1 $10,950 – $11,200 25.1% – 27.9% y/y1 $11,050 – $11,300 26.2% – 29.1% y/y1 Provider Revenue $1,450 – $1,500 10.0% – 13.8% y/y1 $1,450 – $1,500 10.0% – 13.8% y/y1 $1,450 – $1,500 10.0% – 13.8% y/y1 $1,450 – $1,500 10.0% – 13.8% y/y1 $1,450 – $1,500 10.0% – 13.8% y/y1 $1,450 – $1,500 10.0% – 13.8% y/y1 Total Revenue $11,500 – 12,000 14.2% – 19.1% y/y1 $11,600 – $12,100 15.2% – 20.1% y/y1 $12,000 – $12,500 19.1% – 24.1% y/y1 $12,200 – $12,600 21.1% – 25.1% y/y1 $12,400 – $12,700 23.1% – 26.1% y/y1 $12,500 – $12,800 24.1% – 27.1% y/y1 Total Company Adjusted EBITDA2 $540 – $555 17.3% – 20.6% y/y1 $545 – $560 18.4% – 21.7% y/y1 $570 – $585 23.9% – 27.2% y/y1 $590 – $605 28.2% – 31.5% y/y1 $605 – $615 31.5% – 33.7% y/y1 $605 – $615 31.5% – 33.7% y/y1 1) FY 2025 guidance growth rates ranges reflect growth compared to FY 2024 results, excluding the Community Living business 2) Note: Adjusted EBITDA is non-GAAP metric. See Slide 14 for a reconciliation of Adjusted EBITDA to net income (loss). 2025 Fiscal Year Guidance
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11 ~5.9x Below ~3.0x ~ 2.5x or below December 31, 2023 September 30, 2025 Proforma Leverage Long Term Target 3.3x Cash Flow Generation Capability • Capex investments: 1% of revenue • Sustainable net working capital position and annual investments • Estimated 2025 Operating Cash Flow of ~ $350 million M&A • Any acquisitions focused on synergistic and accretive transactions to drive complementary geographic coverage • Strategic divestitures that reduce leverage and optimize platform • Disciplined target selection and strong integration capabilities Debt Service • Capital allocation priority to reduce debt and associated interest expense • Estimated year-end leverage now of ~3.0x, excluding any acquisitions or divestitures • Estimated proforma leverage of below ~3.0x assuming $715 million of proceeds from the pending Community Living sale Note: The forward-looking information presented in this slide are not projections; they are goals/ targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions and opportunities, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult “Forward–Looking Statements” at beginning of this presentation. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved, or that these goals/targets should act as guidance, and the Company undertakes no duty to update its goals/targets. 1) Calculated pursuant to the company's credit facilities and based upon estimates as of September 30, 2025 and application of net proceeds from the Equity and Debt Transactions. 2) Leverage as of September 30, 2025 is calculated inclusive of the Community Living business. De-leveraging driven by operational performance and capital allocation De-leveraging Plan and Capital Allocation Priorities Long-Term Leverage Ratio Target Pre IPO / Post-Equity and Debt Transactions Leverage Ratio(1)(2) Proforma Leverage Ratio(1)
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12 Appendix
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13 Historical Provider Services Financials, excluding Community Living Revenue Q1’23 Q2’23 Q3’23 Q4’23 FY23 Q1’24 Q2’24 Q3’24 Q4’24 FY24 Q1’25 Q2’25 Q3’25 ($ in millions) Home Health Care 134 135 141 147 557 148 158 168 182 655 178 185 188 Rehab Care 59 63 61 63 247 67 70 70 70 277 70 73 76 Personal Care 89 90 94 93 365 94 96 97 98 386 98 100 102 Total Provider Revenue 282 288 296 303 1,169 309 324 336 350 1,318 346 358 367 Total Provider Adjusted EBITDA 33 42 45 48 169 47 51 52 56 205 51 56 61 Key Business Metrics Q1’23 Q2’23 Q3’23 Q4’23 FY23 Q1’24 Q2’24 Q3’24 Q4’24 FY24 Q1’25 Q2’25 Q3’25 Home Health Care average daily census 22,724 23,020 24,098 26,368 24,063 27,093 28,280 28,650 30,019 28,532 30,241 30,085 29,592 Rehab Care persons served 6,457 6,729 6,616 6,454 6,564 6,546 6,728 6,571 6,544 6,597 6,697 7,119 7,321 Personal Care persons served 16,101 16,064 16,026 15,858 16,011 15,798 15,932 15,910 15,874 15,879 15,863 16,138 16,134 FY23 and FY24 Provider Revenue and EBITDA FY23 and FY24 Provider Business Metrics
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14 Continuing Operations Non-GAAP Reconciliations For the Three Months Ended For the Nine Months Ended ($ in thousands) September 30, 2024 September 30, 2025 September 30, 2024 September 30, 2025 Net (Loss) Income from Continuing Operations $ (25,672) $ 37,488 $ (73,213) $ 55,245 Income Tax Expense (Benefit) 8,155 12,120 (31,464) 13,118 Interest Expense, net 46,614 38,235 144,366 118,776 Depreciation and Amortization 40,533 40,753 119,469 123,424 EBITDA $ 69,630 $ 128,596 $ 159,158 $ 310,563 Non-Cash Share-Based Compensation(a) 12,720 14,173 49,793 46,155 Acquisition, Integration, and Transaction-Related Costs (b) 11,766 5,462 25,328 34,811 Restructuring and Divestiture-Related and Other Costs (c) 12,904 12,212 47,642 42,493 Legal Costs and Settlements (d) 8,920 — 21,886 — Significant Projects (e) 1,000 — 2,604 — Management Fee (f) — — 23,381 — Total Adjustments $ 47,310 $ 31,847 $ 170,634 $ 123,459 Adjusted EBITDA 116,940 160,443 329,792 434,022 Revenue $ 2,601,229 $ 3,334,106 $ 7,325,249 $ 9,359,933 Adjusted EBITDA Margin 4.5% 4.8% 4.5% 4.6% (a) Represents non-cash share-based compensation to certain members of our management and full-time employees. The nine months ended September 30, 2024 includes $15.0 million of previously unrecognized share-based compensation expense related to performance-vesting options under the 2017 Stock Plan, a portion of which vested upon completion of the IPO. (b) Represents transaction costs incurred in connection with planned, completed, or terminated acquisitions, which include investment banking fees, legal diligence and related documentation costs, finance and accounting diligence and documentation; costs associated with the integration of acquisitions, including any facility consolidation, integration travel, or severance; and costs associated with other planned, completed, or terminated non-routine transactions. The three and nine months ended September 30, 2025 includes other non-routine transaction costs of $1.1 million and $23.4 million, respectively, as compared to $0.7 and $1.4 million in the three and nine months ended September 30, 2024. (c) Represents costs associated with restructuring-related activities, including closure, and related license impairment, and severance expenses associated with certain enterprise-wide or significant business line cost-savings measures. These costs include $3.8 million and $18.5 million of costs that did not meet the criteria for discontinued operations related to the Community Living divestiture for the three and nine months ended September 30, 2025, respectively, as compared to $6.2 million and $19.6 million for the three and nine months ended September 30, 2024, respectively. These costs also include $12.7 million of unamortized debt issuance costs associated with the extinguishment of our Second Lien Facility in the nine months ended September 30, 2024. (d) Represents settlement and defense costs associated with certain historical PharMerica litigation matters, including the Silver matter, all of which were finalized in 2024. See Note 13 within the unaudited condensed consolidated financial statements and related notes in this Quarterly Report on Form 10-Q for additional information. (e) Represents costs associated with certain transformational projects and for the periods presented primarily included general ledger system implementation, pharmacy billing system implementation, and ransomware attack response costs, all of which were finalized in 2024. (f) Represents annual management fees payable to the Managers under the Monitoring Agreement through the date of the IPO, and $22.7 million of termination fees resulting from the termination of the Monitoring Agreement upon completion of the IPO Offerings. All management fees ceased following the completion of the IPO in 2024.
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15 Basic and Diluted Weighted-Average Shares Outstanding Calculation utilized in calculating Diluted EPS to Adjusted EPS For the Three Months Ended (in thousands) Sept 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sept 30, 2025 Pre-IPO Shares (12/31/2023) 117,857 117,857 117,857 117,857 117,857 Initial Public Offering of Common Stock (1/26/2024) 53,333 53,333 53,333 53,333 53,333 Initial Public Offering of TEUs (1/26/2024) - minimum settlement of 3.2733 shares per unit 26,186 26,186 26,084 26,084 23,253 Other(1) 1,115 2,936 3,731 4,533 9,044 Weighted-average shares outstanding – basic 198,491 200,312 201,005 201,807 203,487 Effect of dilutive securities: Stock options 5,616 7,327 8,055 8,098 7,835 RSUs 2,697 5,521 5,867 6,431 6,660 TEUs(2) 1,881 - - - - Other 9 - - - - Weighted-average shares outstanding – diluted 208,694(3) 213,160 214,927 216,336 217,982 (1) Includes the weighted average impact of vested RSUs, options exercised, and equity consideration for acquisitions. (2) The difference between the minimum and maximum shares represents potentially dilutive securities, which are included in the calculation of diluted weighted-average shares outstanding to the extent that the average applicable market value is equal to or greater than $13.00 but is less than or equal to $15.28 during the period calculated as $50 divided by VWAP. See Note 7 within the unaudited condensed consolidated financial statements and related notes in the Quarterly Report on Form 10-Q for additional information. (3) In periods of net loss, per U.S. GAAP, diluted shares are not considered when calculating diluted EPS.