Bright Health Group Reports Fourth Quarter and Full Year 2022 Results
Bright Health Group, Inc. (BHG) reported Q4 2022 revenue of $551.4 million, with a net loss of $188.2 million. For the full year 2022, revenue totaled $2.4 billion, with a net loss of $638 million. The company aims for adjusted EBITDA profitability in 2023, despite lowering revenue expectations due to finalized accounting for value-based care contracts. Bright Health reported over $150 million in cash as of February 24, 2023, but breached liquidity covenants, requiring amendments to its credit agreements. Key metrics show growth in commercial and Medicare Advantage consumers, indicating a focus on value-driven care.
- Q4 2022 revenue increased 45% YoY to $551.4 million.
- Full year 2022 revenue increased 59% YoY to $2.4 billion.
- Consumer Care Value-Based Consumers increased from 170,000 in 2021 to 530,000 in 2022.
- Expectations for Adjusted EBITDA profitability in 2023.
- Net loss of $188.2 million in Q4 2022, and $638 million for the full year 2022.
- Breached minimum liquidity covenant of its credit facility.
- Lowered revenue expectations for 2023 due to finalized accounting treatment.
-
Q4’22 Results from Continuing Business: Revenue of
, Net Loss of$551.4 million , Adjusted EBITDA Loss of$188.2 million $108.5 million
-
Full Year 2022 Results from Continuing Operations: Revenue of
, Net Loss of$2.4 billion , Adjusted EBITDA Loss of$638.0 million $233.5 million
- Maintaining expectation for 2023 Adjusted EBITDA profitability†
“The Fourth Quarter and Fiscal Year of 2022 marked a year of significant transition, as we focus on our continuing business, which is anchored by our
“As we continue to expand our refined model, we are confident that the continuing business is well-suited to capitalize on both the market environment as it stands today and the significant future upside of the industry,” added
Key Metrics
|
As of |
||
|
2022 |
|
2021 |
Consumer and Patient Metrics |
|
|
|
Bright HealthCare Commercial Consumers |
1,020,000 |
|
610,000 |
Bright HealthCare Medicare Advantage Consumers |
125,000 |
|
117,000 |
Consumer Care Value-Based Consumers |
530,000 |
|
170,000 |
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
($ in thousands) |
|
|
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Financial Metrics |
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
551,425 |
|
|
$ |
380,223 |
|
|
$ |
2,412,030 |
|
|
$ |
1,513,033 |
|
Medical Cost Ratio - |
|
100.1 |
% |
|
|
96.9 |
% |
|
|
93.9 |
% |
|
|
97.3 |
% |
Operating Cost Ratio |
|
33.7 |
% |
|
|
49.4 |
% |
|
|
26.2 |
% |
|
|
34.9 |
% |
GAAP Net Loss(2) |
$ |
(668,561 |
) |
|
$ |
(816,165 |
) |
|
$ |
(1,359,880 |
) |
|
$ |
(1,178,365 |
) |
Adjusted EBITDA (non-GAAP) |
$ |
(108,516 |
) |
|
$ |
(121,071 |
) |
|
$ |
(233,489 |
) |
|
$ |
(321,317 |
) |
(1) |
Medical Cost Ratio for |
(2) |
The GAAP Net Loss for the twelve months ended |
See the table at the end of this release for additional information and a reconciliation of the non-GAAP measure used in the table above.
Financial Outlook
For full year 2023,
Bright Health Group’s 2023 outlook remains consistent with the update provided in
-
Bright Health Group’s Enterprise Revenue is expected to be between
and$2.9 billion .$3.1 billion -
On a segment basis, Bright HealthCare Revenue is expected to be greater than
, while Consumer Care Revenue is expected to be between$1.8 billion and$1.1 billion .$1.3 billion -
Enterprise Adjusted Operating Cost Ratio is expected to be between
13% and14% † -
Bright Health Group expects to be Adjusted EBITDA profitable in 2023†
Liquidity and Going Concern
Earnings Conference Call
As previously announced,
About
Notes
† Reconciliations of projected Adjusted EBITDA and projected Adjusted Operating Cost Ratio to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. With respect to Adjusted EBITDA, these GAAP measures may include the impact of such items as interest expense, income tax expense, depreciation and amortization, impairment of goodwill or intangible assets, transaction costs, share-based compensation expense, changes in the fair value of equity securities, changes in the fair value of contingent consideration, contract termination costs, restructuring costs; and the tax effect of all such items. Historically, the Company has excluded these items from non-GAAP financial measures. With respect to Adjusted Operating Cost Ratio, these GAAP measures may include the impact of such items as stock-based compensation, changes in the fair value of contingent consideration, contract termination costs, and depreciation and amortization. The Company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business, are inherently unpredictable as to if or when they may occur. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Forward-Looking Statements
Statements made in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” “outlook,” “ensure,” and other similar expressions. These forward-looking statements include any statements regarding our plans and expectations with respect to
Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited) |
|||||||
|
As of |
||||||
|
2022 |
|
2021 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
466,325 |
|
|
$ |
289,283 |
|
Short-term investments |
|
13,206 |
|
|
|
144,477 |
|
Accounts receivable, net of allowance of |
|
73,605 |
|
|
|
98,882 |
|
Direct contracting performance year receivable |
|
99,181 |
|
|
|
— |
|
Current assets of discontinued operations |
|
2,783,474 |
|
|
|
1,027,345 |
|
Prepaids and other current assets |
|
134,843 |
|
|
|
100,213 |
|
Total current assets |
|
3,570,634 |
|
|
|
1,660,200 |
|
Other assets: |
|
|
|
||||
Long-term investments |
|
5,401 |
|
|
|
18,608 |
|
Property, equipment and capitalized software, net |
|
42,596 |
|
|
|
38,344 |
|
|
|
760,078 |
|
|
|
830,992 |
|
Intangible assets, net |
|
249,083 |
|
|
|
336,995 |
|
Long-term assets of discontinued operations |
|
— |
|
|
|
668,695 |
|
Other non-current assets |
|
37,260 |
|
|
|
44,505 |
|
Total other assets |
|
1,094,418 |
|
|
|
1,938,139 |
|
Total assets |
$ |
4,665,052 |
|
|
$ |
3,598,339 |
|
Liabilities, Redeemable Noncontrolling Interests, Redeemable Preferred Stock and Shareholders’ Equity (Deficit) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Medical costs payable |
$ |
411,753 |
|
|
$ |
263,187 |
|
Accounts payable |
|
67,854 |
|
|
|
57,888 |
|
Unearned revenue |
|
242 |
|
|
|
2,585 |
|
Short-term borrowings |
|
303,947 |
|
|
|
155,000 |
|
Current liabilities of discontinued operations |
|
2,783,474 |
|
|
|
1,696,040 |
|
Other current liabilities |
|
121,424 |
|
|
|
108,849 |
|
Total current liabilities |
|
3,688,694 |
|
|
|
2,283,549 |
|
Other liabilities |
|
36,673 |
|
|
|
41,263 |
|
Total liabilities |
|
3,725,367 |
|
|
|
2,324,812 |
|
Redeemable noncontrolling interests |
|
219,758 |
|
|
|
128,407 |
|
Redeemable Series A preferred stock, |
|
747,481 |
|
|
|
— |
|
Redeemable Series B preferred stock, |
|
172,936 |
|
|
|
— |
|
Shareholders’ equity (deficit): |
|
|
|
||||
Common stock, |
|
63 |
|
|
|
63 |
|
Additional paid-in capital |
|
2,972,271 |
|
|
|
2,861,243 |
|
Accumulated deficit |
|
(3,156,395 |
) |
|
|
(1,700,851 |
) |
Accumulated other comprehensive (loss) income |
|
(4,429 |
) |
|
|
(3,335 |
) |
|
|
(12,000 |
) |
|
|
(12,000 |
) |
Total shareholders’ equity (deficit) |
|
(200,490 |
) |
|
|
1,145,120 |
|
Total liabilities, redeemable noncontrolling interests, redeemable preferred stock and shareholders’ equity (deficit) |
$ |
4,665,052 |
|
|
$ |
3,598,339 |
|
Consolidated Statements of Income (Loss) (in thousands, except share and per share data) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Premium revenue |
$ |
354,842 |
|
|
$ |
398,150 |
|
|
$ |
1,764,949 |
|
|
$ |
1,390,330 |
|
|
|
188,652 |
|
|
|
— |
|
|
|
654,087 |
|
|
|
— |
|
Service revenue |
|
10,731 |
|
|
|
11,028 |
|
|
|
48,013 |
|
|
|
42,469 |
|
Investment income |
|
(2,800 |
) |
|
|
(28,955 |
) |
|
|
(55,019 |
) |
|
|
80,234 |
|
Total revenue |
|
551,425 |
|
|
|
380,223 |
|
|
|
2,412,030 |
|
|
|
1,513,033 |
|
Operating expenses: |
|
|
|
|
|
— |
|
|
|
— |
|
||||
Medical costs |
|
519,291 |
|
|
|
359,820 |
|
|
|
2,206,243 |
|
|
|
1,294,158 |
|
Operating costs |
|
185,731 |
|
|
|
187,797 |
|
|
|
632,030 |
|
|
|
527,453 |
|
Restructuring charges |
|
20,869 |
|
|
|
— |
|
|
|
31,739 |
|
|
|
— |
|
|
|
1,208 |
|
|
|
— |
|
|
|
71,225 |
|
|
|
— |
|
Intangible assets impairment |
|
— |
|
|
|
— |
|
|
|
42,611 |
|
|
|
— |
|
Depreciation and amortization |
|
10,402 |
|
|
|
9,358 |
|
|
|
50,430 |
|
|
|
35,049 |
|
Total operating expenses |
|
737,501 |
|
|
|
556,975 |
|
|
|
3,034,278 |
|
|
|
1,856,660 |
|
Operating loss |
|
(186,076 |
) |
|
|
(176,752 |
) |
|
|
(622,248 |
) |
|
|
(343,627 |
) |
Interest expense |
|
6,386 |
|
|
|
947 |
|
|
|
12,821 |
|
|
|
7,230 |
|
Other income |
|
— |
|
— |
|
— |
|
— |
|
(784 |
) |
— |
|
(1,226 |
) |
Loss from continuing operations before income taxes |
|
(192,462 |
) |
|
|
(177,699 |
) |
|
|
(634,285 |
) |
|
|
(349,631 |
) |
Income tax (benefit) expense |
|
(4,228 |
) |
|
|
(8,295 |
) |
|
|
3,680 |
|
|
|
(26,521 |
) |
Net loss from continuing operations |
|
(188,234 |
) |
|
|
(169,404 |
) |
|
|
(637,965 |
) |
|
|
(323,110 |
) |
Loss from discontinued operations, net of tax |
|
(480,327 |
) |
|
|
(646,761 |
) |
|
|
(721,915 |
) |
|
|
(855,255 |
) |
Net loss |
$ |
(668,561 |
) |
|
$ |
(816,165 |
) |
|
$ |
(1,359,880 |
) |
|
$ |
(1,178,365 |
) |
Net earnings from continuing operations attributable to noncontrolling interests |
$ |
(11,012 |
) |
|
$ |
(1,143 |
) |
|
$ |
(95,664 |
) |
|
$ |
(6,497 |
) |
Series A preferred stock dividend accrued |
$ |
(9,806 |
) |
|
$ |
— |
|
|
$ |
(37,889 |
) |
|
$ |
— |
|
Series B preferred stock dividend accrued |
$ |
(1,798 |
) |
|
$ |
— |
|
|
$ |
(1,798 |
) |
|
|
||
Net loss attributable to |
$ |
(691,177 |
) |
|
$ |
(817,308 |
) |
|
$ |
(1,495,231 |
) |
|
$ |
(1,184,862 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted loss per share attributable to |
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
(0.34 |
) |
|
|
(0.27 |
) |
|
|
(1.23 |
) |
|
|
(0.84 |
) |
Discontinued operations |
|
(0.76 |
) |
|
|
(1.03 |
) |
|
|
(1.15 |
) |
|
|
(2.18 |
) |
Basic and diluted loss per share |
|
(1.10 |
) |
|
|
(1.30 |
) |
|
|
(2.38 |
) |
|
|
(3.02 |
) |
Consolidated Statements of Cash Flows (in thousands) (Unaudited) |
|||||||
|
Twelve Months Ended |
||||||
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(1,359,880 |
) |
|
$ |
(1,184,862 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
50,575 |
|
|
|
35,484 |
|
Impairment of intangibles |
|
49,331 |
|
|
|
— |
|
Impairment of goodwill |
|
75,372 |
|
|
|
— |
|
Share-based compensation |
|
109,713 |
|
|
|
68,423 |
|
Deferred income taxes |
|
2,027 |
|
|
|
(25,654 |
) |
Unrealized gain on equity securities |
|
55,449 |
|
|
|
(80,231 |
) |
Impairment of investments |
|
67,723 |
|
|
|
— |
|
Other, net |
|
17,077 |
|
|
|
20,254 |
|
Changes in assets and liabilities, net of acquired assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
28,787 |
|
|
|
(32,941 |
) |
|
|
(99,181 |
) |
|
|
— |
|
Other assets |
|
(14,744 |
) |
|
|
(143,463 |
) |
Medical cost payable |
|
279,563 |
|
|
|
475,461 |
|
Risk adjustment payable |
|
1,012,720 |
|
|
|
742,075 |
|
Accounts payable and other liabilities |
|
2,727 |
|
|
|
192,611 |
|
Unearned revenue |
|
(42,760 |
) |
|
|
14,902 |
|
Net cash provided by operating activities |
|
234,499 |
|
|
|
82,059 |
|
Cash flows used in investing activities: |
|
|
|
||||
Purchases of investments |
|
(1,457,444 |
) |
|
|
(1,017,588 |
) |
Proceeds from sales, paydown, and maturities of investments |
|
1,055,479 |
|
|
|
926,901 |
|
Purchases of property and equipment |
|
(27,448 |
) |
|
|
(30,414 |
) |
Business acquisitions, net of cash acquired |
|
(310 |
) |
|
|
(431,791 |
) |
Net cash used in investing activities |
|
(429,723 |
) |
|
|
(552,892 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from issuance of preferred stock |
|
920,417 |
|
|
|
— |
|
Proceeds from issuance of common stock |
|
1,315 |
|
|
|
11,390 |
|
Net proceeds from short-term borrowings |
|
148,947 |
|
|
|
155,000 |
|
Payments for debt issuance costs |
|
— |
|
|
|
(3,391 |
) |
Distribution to noncontrolling interest holders |
|
(4,311 |
) |
|
|
— |
|
Proceeds from IPO |
|
— |
|
|
|
887,328 |
|
Payments for IPO offering costs |
|
— |
|
|
|
(6,686 |
) |
Net cash provided by financing activities |
|
1,066,368 |
|
|
|
1,043,641 |
|
Net increase in cash and cash equivalents |
|
871,144 |
|
|
|
572,808 |
|
Cash and cash equivalents – beginning of year |
|
1,061,179 |
|
|
|
488,371 |
|
Cash and cash equivalents – end of year |
$ |
1,932,323 |
|
|
$ |
1,061,179 |
|
Segment Information (in thousands) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
($ in thousands) |
|
|
|
||||||||||||
Statements of income (loss) data: |
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Premium revenue |
|
393,200 |
|
|
|
367,910 |
|
|
|
1,652,045 |
|
|
|
1,297,273 |
|
Investment income |
|
328 |
|
|
|
(185 |
) |
|
|
410 |
|
|
|
(80 |
) |
Total revenue |
|
393,528 |
|
|
|
367,725 |
|
|
|
1,652,455 |
|
|
|
1,297,193 |
|
Operating expenses |
|
|
|
|
|
|
|
— |
|
||||||
Medical costs |
|
393,406 |
|
|
|
356,591 |
|
|
|
1,550,934 |
|
|
|
1,262,407 |
|
Operating costs |
|
59,715 |
|
|
|
70,491 |
|
|
|
187,191 |
|
|
|
189,648 |
|
|
|
— |
|
|
|
— |
|
|
|
70,017 |
|
|
|
— |
|
Depreciation and amortization |
|
4,411 |
|
|
|
4,342 |
|
|
|
17,702 |
|
|
|
14,245 |
|
Total operating expenses |
|
457,532 |
|
|
|
431,424 |
|
|
|
1,826,289 |
|
|
|
1,466,300 |
|
Operating loss |
$ |
(64,004 |
) |
|
$ |
(63,699 |
) |
|
$ |
(173,834 |
) |
|
$ |
(169,107 |
) |
|
|
|
|
|
|
|
|
||||||||
Medical Cost Ratio (MCR) |
|
100.1 |
% |
|
|
96.9 |
% |
|
|
93.9 |
% |
|
|
97.3 |
% |
Consumer Care |
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
($ in thousands) |
|
|
|
||||||||||||
Statements of income (loss) data: |
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Consumer Care: |
|
|
|
|
|
|
|
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Premium revenue |
$ |
168,063 |
|
|
$ |
116,418 |
|
|
$ |
1,141,936 |
|
|
$ |
338,391 |
|
|
|
188,652 |
|
|
|
— |
|
|
|
654,087 |
|
|
|
— |
|
Service revenue |
|
10,731 |
|
|
|
11,028 |
|
|
|
48,013 |
|
|
|
42,469 |
|
Investment income |
|
(3,128 |
) |
|
|
(28,770 |
) |
|
|
(55,429 |
) |
|
|
80,314 |
|
Total revenue |
|
364,318 |
|
|
|
98,676 |
|
|
|
1,788,607 |
|
|
|
461,174 |
|
Operating expenses: |
|
|
|
|
|
— |
|
|
|
— |
|
||||
Medical costs |
|
476,316 |
|
|
|
221,143 |
|
|
|
1,844,578 |
|
|
|
432,318 |
|
Operating costs |
|
57,799 |
|
|
|
39,155 |
|
|
|
189,586 |
|
|
|
125,444 |
|
|
|
1,208 |
|
|
|
— |
|
|
|
1,208 |
|
|
|
— |
|
Intangible assets impairment |
|
— |
|
|
|
— |
|
|
|
42,611 |
|
|
|
— |
|
Depreciation and amortization |
|
3,680 |
|
|
|
3,971 |
|
|
|
24,252 |
|
|
|
18,333 |
|
Total operating expenses |
|
539,003 |
|
|
|
264,269 |
|
|
|
2,104,351 |
|
|
|
576,095 |
|
Operating loss |
$ |
(174,685 |
) |
|
$ |
(165,593 |
) |
|
$ |
(315,744 |
) |
|
$ |
(114,921 |
) |
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
We use the non-GAAP financial measure Adjusted EBITDA. We define Adjusted EBITDA as Net Loss excluding loss from discontinued operations, Interest Expense, Income Taxes, Depreciation and Amortization, adjusted for the impact of impairment of goodwill or intangible assets, acquisition and financing-related transaction costs, share-based compensation, changes in the fair value of contingent consideration, changes in the fair value of equity securities, contract termination costs and restructuring costs. This non-GAAP measure has been presented in this quarterly Earnings Release as a supplemental measure of financial performance that is not required by or presented in accordance with GAAP because we believe it assists management and investors in comparing our operating performance across reporting periods on a consistent basis by excluding and including items that we do not believe are indicative of our core operating performance. Management believes this measure is 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 Adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish 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.
Adjusted EBITDA is not a recognized term under GAAP and should not be considered as an alternative to Net Income (Loss) as a measure of financial performance or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow available for management’s discretionary use as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentation of Adjusted EBITDA has 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 presentation of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.
The following table provides a reconciliation of net loss to Adjusted EBITDA for the periods presented:
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
($ in thousands) |
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net loss |
$ |
(668,561 |
) |
|
$ |
(813,375 |
) |
|
$ |
(1,359,880 |
) |
|
$ |
(1,178,365 |
) |
Loss from discontinued operations (a) |
|
480,327 |
|
|
|
646,762 |
|
|
|
721,915 |
|
|
|
855,255 |
|
EBITDA adjustments from continuing operations: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
6,386 |
|
|
|
948 |
|
|
|
12,821 |
|
|
|
7,230 |
|
Income tax (benefit) expense |
|
(4,228 |
) |
|
|
(8,296 |
) |
|
|
3,680 |
|
|
|
(26,521 |
) |
Depreciation and amortization |
|
10,402 |
|
|
|
9,358 |
|
|
|
50,430 |
|
|
|
35,049 |
|
|
|
1,208 |
|
|
|
— |
|
|
|
71,225 |
|
|
|
— |
|
Intangible assets impairment |
|
— |
|
|
|
— |
|
|
|
42,611 |
|
|
|
— |
|
Transaction costs (b) |
|
1,407 |
|
|
|
(4,854 |
) |
|
|
1,661 |
|
|
|
2,064 |
|
Share-based compensation expense (c) |
|
32,450 |
|
|
|
25,190 |
|
|
|
109,713 |
|
|
|
68,423 |
|
Change in fair value of equity securities (d) |
|
10,892 |
|
|
|
28,780 |
|
|
|
80,231 |
|
|
|
(80,231 |
) |
Change in fair value of contingent consideration (e) |
|
332 |
|
|
|
(5,584 |
) |
|
|
332 |
|
|
|
(4,221 |
) |
Contract termination costs (f) |
|
— |
|
|
|
— |
|
|
|
1,241 |
|
|
|
— |
|
Restructuring costs (g) |
|
20,869 |
|
|
|
— |
|
|
|
30,531 |
|
|
|
— |
|
EBITDA adjustments from continuing operations |
|
79,718 |
|
|
|
45,542 |
|
|
|
404,476 |
|
|
|
1,793 |
|
Adjusted EBITDA |
$ |
(108,516 |
) |
|
$ |
(121,071 |
) |
|
$ |
(233,489 |
) |
|
$ |
(321,317 |
) |
(a) |
Beginning in fourth quarter of 2022, Adjusted EBITDA excludes the impact of discontinued operations. The comparable period in 2021 has been recast to exclude these impacts. Represents losses associated with the Commercial business segment that we exited at the end of 2022. The loss from discontinued operations includes over |
(b) |
Transaction costs include accounting, tax, valuation, consulting, legal and investment banking fees directly relating to business combinations and certain costs associated with our initial public offering. These costs can vary from period to period and impact comparability, and we do not believe such transaction costs reflect the ongoing performance of our business. |
(c) |
Represents non-cash compensation expense related to stock option and restricted stock unit award grants, which can vary from period to period based on a number of factors, including the timing, quantity and grant date fair value of the awards. |
(d) |
Beginning in 2022, Adjusted EBITDA excludes the impact of changes in unrealized gains and losses on equity securities. The comparable period in 2021 has been recast to exclude changes in unrealized gains and losses on equity securities. |
(e) |
Represents the non-cash change in fair value of contingent consideration from business combinations, which is remeasured at fair value each reporting period. |
(f) |
Represents amounts paid for early termination of existing vendor contracts. |
(g) |
Restructuring costs represent severance costs as part of a workforce reduction in 2022 and impairment of certain long-lived assets relating to our decision to exit the Commercial business for the 2023 plan year. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005391/en/
Investor Contact:
IR@brighthealthgroup.com
Media Contact:
media@brighthealthgroup.com
Source:
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