BrightSpring Completes $100 Million of Equity Grants to 20,000 Employees

Rhea-AI Summary

BrightSpring Health Services (NASDAQ: BTSG) has completed its $100 million equity grant to approximately 20,000 of its full-time and tenured employees. This initiative, announced during the company's IPO on January 26, was designed to recognize and reward the hard work of its staff. Employees eligible for the grant are those who work 32+ hours per week with a one-year lookback and those with at least one year of continuous service by March 31, 2024. According to President and CEO Jon Rousseau, this grant aims to foster an ownership culture and incentivize more healthcare professionals to join BrightSpring.

Positive

• Completion of $100 million equity grant as promised during the IPO.
• Approximately 20,000 employees benefit from the stock grants.
• Recognition and reward of full-time and tenured employees boost morale.
• Grant aligns with creating an ownership culture within the company.
• Potential to attract more skilled healthcare professionals to join the team.

Negative

• Increase in the company’s share count may lead to dilution of existing shares.
• Equity grants could impact the company's financials negatively if not offset by increased productivity or retention.

LOUISVILLE, Ky., June 03, 2024 (GLOBE NEWSWIRE) -- BrightSpring Health Services, Inc. (“BrightSpring” or the “Company”) (NASDAQ: BTSG) today announced its $100 million equity grant as disclosed at the initial public offering (IPO), has now been awarded to approximately 20,000 of its full-time and tenured employees who were awarded with employee-specific shares. The Company first announced this broad-based employee grant on January 26 as part of its IPO, with these to-be-granted shares included in the Company’s share count at the time.

“We are excited and honored to award about twenty thousand of our hard-working and impactful teammates with stock grants to show our appreciation for their commitment to delivering high-quality care and services to the people and families we serve,” said BrightSpring’s President and CEO Jon Rousseau. “Realizing our mission of improving lives is only possible with dedicated employees, managers, and leaders, and we believe this grant not only rewards our people, but also aligns with an ownership culture.”

To qualify for the grant, full-time employees must work 32+ hours/week with a one-year lookback and tenured employees must have one continuous year of service through March 31, 2024.

“As a company that prioritizes customer, patient, and employee satisfaction, we hope this grant program incentivizes even more highly skilled caregivers, clinicians, pharmacists and health care workers to join our team at BrightSpring and help us further our important mission,” added Rousseau.

About BrightSpring Health Services 
BrightSpring Health Services is the parent company of leading service lines that provide complementary and integrated home- and community-based pharmacy and health solutions for complex populations in need of specialized and/or chronic care. Through the company’s service lines, including pharmacy, primary care and home health care, and rehabilitation and behavioral health, we provide comprehensive care and clinical solutions in all 50 states to over 400,000 customers, clients and patients daily. 

Forward-Looking Statements
The statements contained in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on BrightSpring’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. These expectations, beliefs, and projections are expressed in good faith and BrightSpring believes there is a reasonable basis for them. However, there can be no assurance that these 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 BrightSpring’s control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in BrightSpring’s filings with the Securities and Exchange Commission (the “SEC”) under caption “Risk Factors,” including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent other filings BrightSpring makes with the SEC from time to time. Any forward-looking statement in this press release speaks only as of the date of this release. BrightSpring undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

MEDIA CONTACT
Leigh White
leigh.white@brightspringhealth.com
502.630.7412

FAQ

What is the total value of the equity grants awarded by BrightSpring in 2024?

BrightSpring awarded $100 million in equity grants in 2024.

How many employees received the equity grants from BrightSpring?

Approximately 20,000 employees received equity grants from BrightSpring.

When was BrightSpring's equity grant program first announced?

BrightSpring's equity grant program was first announced on January 26 during its IPO.

What are the eligibility criteria for BrightSpring's equity grants?

Full-time employees working 32+ hours/week with a one-year lookback and tenured employees with at least one year of continuous service by March 31, 2024, are eligible.

What is the purpose of BrightSpring's equity grant program?

The equity grant program aims to recognize and reward employees, fostering an ownership culture and incentivizing skilled professionals to join the company.

How might BrightSpring's equity grants impact the company's share count?

The equity grants increase the company's share count, which may lead to dilution of existing shares.