R1 RCM Inc. (NASDAQ: RCM), a leading provider of technology-driven
solutions that transform the patient experience and financial
performance of healthcare providers, today announced results for
the three months ended September 30, 2023.
Third Quarter 2023 Results:
- Revenue of $572.8 million, up $76.8 million or 15.5% compared
to the same period last year.
- GAAP net income of $1.3 million, compared to net loss of $29.5
million in the same period last year.
- Adjusted EBITDA of $161.5 million, up $37.5 million or 30.2%
compared to the same period last year.
“Our strong third quarter results demonstrate our team’s
dedication to innovation and efficient execution of our strategy to
deliver customer solutions that improve revenues, lower costs and
increase patient satisfaction,” said Lee Rivas, chief executive
officer of R1. “Our expertise, unit economic advantage and
technology enablement continue to make us a preferred market
partner for providers. We are confident in our ability to
strengthen our provider relationships, drive sustainable value over
the long term, and increase demand for our solutions.”
“We sustained our positive momentum in the third quarter with
financial results on track to achieve our guidance for the year,”
added Jennifer Williams, chief financial officer. “Continued growth
across the business, margin improvement from operational excellence
and ongoing innovation position us well to deliver increased value
to customers and shareholders over the long term.”
2023 Outlook
For 2023, R1 expects to generate:
- Revenue of $2,255 million to $2,275 million
- GAAP operating income of $130 million to $140 million
- Adjusted EBITDA of $600 million to $615 million
Conference Call and Webcast Details
R1’s management team will host a conference call today at 8:00
a.m. Eastern Time to discuss the Company’s financial results and
business outlook. To participate, please dial 888-330-2022
(646-960-0690 outside the U.S. and Canada) using conference code
number 5681952. A live webcast and replay of the call will be
available at the Investor Relations section of the Company’s
website at ir.r1rcm.com.
Non-GAAP Financial Measures
In order to provide a more comprehensive understanding of the
information used by R1’s management team in financial and
operational decision making, the Company supplements its GAAP
consolidated financial statements with certain non-GAAP financial
measures, including adjusted EBITDA, non-GAAP cost of services,
non-GAAP selling, general and administrative expenses, and net
debt. Adjusted EBITDA is defined as GAAP net income (loss) before
net interest income/expense, income tax provision/benefit,
depreciation and amortization expense, share-based compensation
expense, CoyCo 2, L.P. (“CoyCo 2”) share-based compensation
expense, and certain other items, including business acquisition
costs, integration costs, technology transformation, strategic
initiatives, the global business services center expansion project
in the Philippines, and facility-exit charges. Non-GAAP cost of
services is defined as GAAP cost of services less share-based
compensation expense, CoyCo 2 share-based compensation expense, and
depreciation and amortization expense attributed to cost of
services. Non-GAAP selling, general and administrative expenses is
defined as GAAP selling, general and administrative expenses less
share-based compensation expense, CoyCo 2 share-based compensation
expense, and depreciation and amortization expense attributed to
selling, general and administrative expenses. Net debt is defined
as debt less cash and cash equivalents, inclusive of restricted
cash. Adjusted EBITDA guidance is reconciled to operating income
guidance, the most closely comparable available GAAP measure.
Our board of directors and management team use adjusted EBITDA
as (i) one of the primary methods for planning and forecasting
overall expectations and for evaluating actual results against such
expectations and (ii) a performance evaluation metric in
determining achievement of certain executive incentive compensation
programs, as well as for incentive compensation programs for
employees. Non-GAAP cost of services and non-GAAP selling, general
and administrative expenses are used to calculate adjusted EBITDA.
Net debt is used as a supplemental measure of our liquidity.
Tables 4 through 9 present a reconciliation of GAAP financial
measures to non-GAAP financial measures. Non-GAAP measures should
be considered in addition to, but not as a substitute for, the
information prepared in accordance with GAAP.
Forward-Looking Statements
This press release contains “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events and relationships,
plans, future growth, and future performance. These statements are
often identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “designed,” “estimate,” “expect,”
“forecast,” “goal,” “intend,” “may,” “outlook,” “plan,” “predict,”
“project,” “see,” “seek,” “target,” “would,” and similar
expressions or variations or negatives of these words, although not
all forward-looking statements contain these identifying words.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of the Company’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, assurance,
prediction or definitive statement of fact or probability. Actual
outcomes and results may differ materially from those contemplated
by these forward-looking statements as a result of uncertainties,
risks, and changes in circumstances, including but not limited to
risk and uncertainties related to: (i) economic downturns and
market conditions beyond the Company’s control, including periods
of inflation; (ii) the quality of global financial markets; (iii)
the Company’s ability to timely and successfully achieve the
anticipated benefits and potential synergies of the acquisition of
Cloudmed; (iv) the Company’s ability to retain existing customers
or acquire new customers; (v) the development of markets for the
Company’s revenue cycle management offering; (vi) variability in
the lead time of prospective customers; (vii) competition within
the market; (viii) breaches or failures of the Company’s
information security measures or unauthorized access to a
customer’s data; (ix) delayed or unsuccessful implementation of the
Company’s technologies or services, or unexpected implementation
costs; (x) disruptions in or damages to the Company’s global
business services centers and third-party operated data centers;
(xi) the volatility of the Company’s stock price; and (xii) the
Company’s substantial indebtedness. Additional risks and
uncertainties that could cause actual outcomes and results to
differ materially from those contemplated by the forward-looking
statements are included under the heading “Risk Factors” in the
Company’s annual report on Form 10-K for the year ended December
31, 2022, and any other periodic reports that the Company may file
with the United States Securities and Exchange Commission. The
foregoing list of factors is not exhaustive. All forward-looking
statements included herein are expressly qualified in their
entirety by these cautionary statements as of the date hereof and
involve many risks and uncertainties that could cause the Company’s
actual results to differ materially from those expressed or implied
in the Company’s forward-looking statements. Subsequent events and
developments, including actual results or changes in the Company’s
assumptions, may cause the Company’s views to change. The Company
assumes no obligation and does not intend to update these
forward-looking statements, except as required by law. You are
cautioned not to place undue reliance on such forward-looking
statements.
About R1 RCM
R1 is a leading provider of technology-driven solutions that
transform the patient experience and financial performance of
healthcare providers. R1’s proven and scalable operating models
seamlessly complement a healthcare organization’s infrastructure,
quickly driving sustainable improvements to net patient revenue and
cash flows while reducing operating costs and enhancing the patient
experience. To learn more, visit: r1rcm.com.
Contact:
R1 RCM Inc.
Investor Relations:
Evan Smith, CFA516-743-5184investorrelations@r1rcm.com
Media Relations:
Allison+PartnersAmanda CritelliR1PR@allisonpr.com
Table 1 |
R1 RCM Inc. |
Consolidated Balance Sheets |
(In millions) |
|
|
(Unaudited) |
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
164.9 |
|
|
$ |
110.1 |
|
Accounts receivable, net of
$38.1 million and $15.1 million allowance as of September 30,
2023 and December 31, 2022, respectively |
|
|
247.7 |
|
|
|
235.2 |
|
Accounts receivable - related
party, net of $0.1 million allowance as of September 30, 2023
and December 31, 2022 |
|
|
23.9 |
|
|
|
25.0 |
|
Current portion of contract
assets, net |
|
|
89.2 |
|
|
|
83.9 |
|
Prepaid expenses and other
current assets |
|
|
112.7 |
|
|
|
110.3 |
|
Total current assets |
|
|
638.4 |
|
|
|
564.5 |
|
Property, equipment and
software, net |
|
|
183.6 |
|
|
|
164.8 |
|
Operating lease right-of-use
assets |
|
|
65.4 |
|
|
|
80.5 |
|
Non-current portion of
contract assets, net |
|
|
37.8 |
|
|
|
32.0 |
|
Non-current portion of
deferred contract costs |
|
|
31.3 |
|
|
|
26.7 |
|
Intangible assets, net |
|
|
1,362.4 |
|
|
|
1,514.5 |
|
Goodwill |
|
|
2,647.3 |
|
|
|
2,658.2 |
|
Deferred tax assets |
|
|
10.4 |
|
|
|
10.4 |
|
Other assets |
|
|
80.4 |
|
|
|
88.2 |
|
Total assets |
|
$ |
5,057.0 |
|
|
$ |
5,139.8 |
|
Liabilities |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
20.1 |
|
|
$ |
33.4 |
|
Current portion of customer
liabilities |
|
|
43.4 |
|
|
|
57.5 |
|
Current portion of customer
liabilities - related party |
|
|
5.8 |
|
|
|
7.4 |
|
Accrued compensation and
benefits |
|
|
120.7 |
|
|
|
109.0 |
|
Current portion of operating
lease liabilities |
|
|
19.0 |
|
|
|
18.0 |
|
Current portion of long-term
debt |
|
|
67.0 |
|
|
|
53.9 |
|
Accrued expenses and other
current liabilities |
|
|
60.7 |
|
|
|
70.6 |
|
Total current liabilities |
|
|
336.7 |
|
|
|
349.8 |
|
Non-current portion of
customer liabilities |
|
|
2.9 |
|
|
|
5.0 |
|
Non-current portion of
customer liabilities - related party |
|
|
12.2 |
|
|
|
13.7 |
|
Non-current portion of
operating lease liabilities |
|
|
83.1 |
|
|
|
94.4 |
|
Long-term debt |
|
|
1,646.0 |
|
|
|
1,732.6 |
|
Deferred tax liabilities |
|
|
190.6 |
|
|
|
200.7 |
|
Other non-current
liabilities |
|
|
24.0 |
|
|
|
23.1 |
|
Total liabilities |
|
|
2,295.5 |
|
|
|
2,419.3 |
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
Common stock |
|
|
4.4 |
|
|
|
4.4 |
|
Additional paid-in
capital |
|
|
3,180.0 |
|
|
|
3,123.2 |
|
Accumulated deficit |
|
|
(120.0 |
) |
|
|
(121.9 |
) |
Accumulated other
comprehensive loss |
|
|
(1.7 |
) |
|
|
(3.4 |
) |
Treasury stock |
|
|
(301.2 |
) |
|
|
(281.8 |
) |
Total stockholders’
equity |
|
|
2,761.5 |
|
|
|
2,720.5 |
|
Total liabilities and
stockholders’ equity |
|
$ |
5,057.0 |
|
|
$ |
5,139.8 |
|
Table 2 |
R1 RCM Inc. |
Consolidated Statements of Operations
(Unaudited) |
(In millions, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net operating fees |
|
$ |
368.0 |
|
|
$ |
324.2 |
|
|
$ |
1,086.8 |
|
|
$ |
965.3 |
|
Incentive fees |
|
|
30.1 |
|
|
|
20.8 |
|
|
|
84.5 |
|
|
|
80.9 |
|
Modular and other |
|
|
174.7 |
|
|
|
151.0 |
|
|
|
507.8 |
|
|
|
227.4 |
|
Net services revenue |
|
|
572.8 |
|
|
|
496.0 |
|
|
|
1,679.1 |
|
|
|
1,273.6 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of services |
|
|
447.5 |
|
|
|
403.1 |
|
|
|
1,328.1 |
|
|
|
1,009.7 |
|
Selling, general and
administrative |
|
|
54.7 |
|
|
|
60.8 |
|
|
|
164.3 |
|
|
|
120.6 |
|
Other expenses |
|
|
29.4 |
|
|
|
30.1 |
|
|
|
87.9 |
|
|
|
136.1 |
|
Total operating expenses |
|
|
531.6 |
|
|
|
494.0 |
|
|
|
1,580.3 |
|
|
|
1,266.4 |
|
Income from operations |
|
|
41.2 |
|
|
|
2.0 |
|
|
|
98.8 |
|
|
|
7.2 |
|
Net interest expense |
|
|
32.1 |
|
|
|
23.7 |
|
|
|
95.3 |
|
|
|
35.3 |
|
Income (loss) before income
tax provision (benefit) |
|
|
9.1 |
|
|
|
(21.7 |
) |
|
|
3.5 |
|
|
|
(28.1 |
) |
Income tax provision
(benefit) |
|
|
7.8 |
|
|
|
7.8 |
|
|
|
1.6 |
|
|
|
(7.6 |
) |
Net income (loss) |
|
$ |
1.3 |
|
|
$ |
(29.5 |
) |
|
$ |
1.9 |
|
|
$ |
(20.5 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
(0.06 |
) |
Diluted |
|
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
(0.06 |
) |
Weighted average shares used
in calculating net income (loss) per common share: |
|
|
|
|
|
|
|
|
Basic |
|
|
419,008,998 |
|
|
|
417,700,782 |
|
|
|
418,299,910 |
|
|
|
330,877,880 |
|
Diluted |
|
|
456,364,024 |
|
|
|
417,700,782 |
|
|
|
454,837,597 |
|
|
|
330,877,880 |
|
Table 3 |
R1 RCM Inc. |
Consolidated Statements of Cash Flows
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Operating
activities |
|
|
|
|
Net income (loss) |
|
$ |
1.9 |
|
|
$ |
(20.5 |
) |
Adjustments to reconcile net
income to net cash provided by (used in) operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
205.6 |
|
|
|
107.8 |
|
Amortization of debt issuance costs |
|
|
4.3 |
|
|
|
2.2 |
|
Share-based compensation |
|
|
48.9 |
|
|
|
46.5 |
|
CoyCo 2 share-based compensation |
|
|
5.4 |
|
|
|
3.0 |
|
Loss on disposal and right-of-use asset write-downs |
|
|
10.3 |
|
|
|
3.9 |
|
Provision for credit losses |
|
|
24.1 |
|
|
|
10.7 |
|
Deferred income taxes |
|
|
(1.5 |
) |
|
|
(9.1 |
) |
Non-cash lease expense |
|
|
8.7 |
|
|
|
10.5 |
|
Other |
|
|
3.6 |
|
|
|
1.5 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable and related party accounts receivable |
|
|
(35.7 |
) |
|
|
(29.7 |
) |
Contract assets |
|
|
(10.0 |
) |
|
|
(12.8 |
) |
Prepaid expenses and other assets |
|
|
(22.0 |
) |
|
|
(38.3 |
) |
Accounts payable |
|
|
(15.0 |
) |
|
|
(23.9 |
) |
Accrued compensation and benefits |
|
|
12.0 |
|
|
|
(79.6 |
) |
Lease liabilities |
|
|
(13.4 |
) |
|
|
(11.4 |
) |
Other liabilities |
|
|
12.9 |
|
|
|
(3.2 |
) |
Customer liabilities and customer liabilities - related party |
|
|
(18.8 |
) |
|
|
2.9 |
|
Net cash provided by (used in)
operating activities |
|
|
221.3 |
|
|
|
(39.5 |
) |
Investing
activities |
|
|
|
|
Purchases of property, equipment, and software |
|
|
(81.1 |
) |
|
|
(74.6 |
) |
Acquisition of Cloudmed, net of cash acquired |
|
|
— |
|
|
|
(847.7 |
) |
Proceeds from disposal of assets |
|
|
— |
|
|
|
0.4 |
|
Other |
|
|
5.5 |
|
|
|
— |
|
Net cash used in investing
activities |
|
|
(75.6 |
) |
|
|
(921.9 |
) |
Financing
activities |
|
|
|
|
Issuance of senior secured debt, net of discount and issuance
costs |
|
|
— |
|
|
|
1,016.6 |
|
Borrowings on revolver |
|
|
30.0 |
|
|
|
30.0 |
|
Payment of debt issuance costs |
|
|
— |
|
|
|
(1.0 |
) |
Repayment of senior secured debt |
|
|
(37.1 |
) |
|
|
(13.1 |
) |
Repayments on revolver |
|
|
(70.0 |
) |
|
|
(30.0 |
) |
Payment of equity issuance costs |
|
|
— |
|
|
|
(2.0 |
) |
Exercise of vested stock options |
|
|
1.3 |
|
|
|
4.6 |
|
Purchase of treasury stock |
|
|
— |
|
|
|
(12.5 |
) |
Shares withheld for taxes |
|
|
(20.0 |
) |
|
|
(26.9 |
) |
Other |
|
|
5.3 |
|
|
|
(0.2 |
) |
Net cash (used in) provided by
financing activities |
|
|
(90.5 |
) |
|
|
965.5 |
|
Effect of exchange rate
changes in cash, cash equivalents and restricted cash |
|
|
(0.4 |
) |
|
|
(3.1 |
) |
Net increase in cash, cash
equivalents and restricted cash |
|
|
54.8 |
|
|
|
1.0 |
|
Cash, cash equivalents and
restricted cash, at beginning of period |
|
|
110.1 |
|
|
|
130.1 |
|
Cash, cash equivalents and
restricted cash, at end of period |
|
$ |
164.9 |
|
|
$ |
131.1 |
|
Table 4 |
R1 RCM Inc. |
Reconciliation of GAAP Net Income to Non-GAAP Adjusted
EBITDA (Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
2023 vs. 2022Change |
|
Nine Months Ended September 30, |
|
2023 vs. 2022Change |
|
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
% |
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
% |
Net income
(loss) |
|
$ |
1.3 |
|
$ |
(29.5 |
) |
|
$ |
30.8 |
|
|
(104 |
)% |
|
$ |
1.9 |
|
$ |
(20.5 |
) |
|
$ |
22.4 |
|
|
(109 |
)% |
Net interest expense |
|
|
32.1 |
|
|
23.7 |
|
|
|
8.4 |
|
|
35 |
% |
|
|
95.3 |
|
|
35.3 |
|
|
|
60.0 |
|
|
170 |
% |
Income tax provision (benefit) |
|
|
7.8 |
|
|
7.8 |
|
|
|
— |
|
|
— |
% |
|
|
1.6 |
|
|
(7.6 |
) |
|
|
9.2 |
|
|
(121 |
)% |
Depreciation and amortization expense |
|
|
70.8 |
|
|
64.2 |
|
|
|
6.6 |
|
|
10 |
% |
|
|
205.6 |
|
|
107.8 |
|
|
|
97.8 |
|
|
91 |
% |
Share-based compensation expense |
|
|
18.4 |
|
|
24.7 |
|
|
|
(6.3 |
) |
|
(26 |
)% |
|
|
48.9 |
|
|
46.4 |
|
|
|
2.5 |
|
|
5 |
% |
CoyCo 2 share-based compensation expense |
|
|
1.7 |
|
|
3.0 |
|
|
|
(1.3 |
) |
|
(43 |
)% |
|
|
5.4 |
|
|
3.0 |
|
|
|
2.4 |
|
|
80 |
% |
Other expenses |
|
|
29.4 |
|
|
30.1 |
|
|
|
(0.7 |
) |
|
(2 |
)% |
|
|
87.9 |
|
|
136.1 |
|
|
|
(48.2 |
) |
|
(35 |
)% |
Adjusted EBITDA
(non-GAAP) |
|
$ |
161.5 |
|
$ |
124.0 |
|
|
$ |
37.5 |
|
|
30 |
% |
|
$ |
446.6 |
|
$ |
300.5 |
|
|
$ |
146.1 |
|
|
49 |
% |
Table 5 |
R1 RCM Inc. |
Reconciliation of GAAP Cost of Services to Non-GAAP Cost of
Services (Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Cost of services |
|
$ |
447.5 |
|
|
$ |
403.1 |
|
|
$ |
1,328.1 |
|
|
$ |
1,009.7 |
|
Less: |
|
|
|
|
|
|
|
|
Share-based compensation
expense |
|
|
11.9 |
|
|
|
11.3 |
|
|
|
30.7 |
|
|
|
20.7 |
|
CoyCo 2 share-based
compensation expense |
|
|
0.5 |
|
|
|
1.0 |
|
|
|
1.4 |
|
|
|
1.0 |
|
Depreciation and amortization
expense |
|
|
70.4 |
|
|
|
63.9 |
|
|
|
204.6 |
|
|
|
107.0 |
|
Non-GAAP cost of
services |
|
$ |
364.7 |
|
|
$ |
326.9 |
|
|
$ |
1,091.4 |
|
|
$ |
881.0 |
|
Table 6 |
R1 RCM Inc. |
Reconciliation of GAAP Selling, General and Administrative
to Non-GAAP Selling, General and Administrative
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Selling, general and administrative |
|
$ |
54.7 |
|
|
$ |
60.8 |
|
|
$ |
164.3 |
|
|
$ |
120.6 |
|
Less: |
|
|
|
|
|
|
|
|
Share-based compensation
expense |
|
|
6.5 |
|
|
|
13.4 |
|
|
|
18.2 |
|
|
|
25.7 |
|
CoyCo 2 share-based
compensation expense |
|
|
1.2 |
|
|
|
2.0 |
|
|
|
4.0 |
|
|
|
2.0 |
|
Depreciation and amortization
expense |
|
|
0.4 |
|
|
|
0.3 |
|
|
|
1.0 |
|
|
|
0.8 |
|
Non-GAAP selling,
general and administrative |
|
$ |
46.6 |
|
|
$ |
45.1 |
|
|
$ |
141.1 |
|
|
$ |
92.1 |
|
Table 7 |
R1 RCM Inc. |
Consolidated Non-GAAP Financial Information
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net operating fees |
|
$ |
368.0 |
|
|
$ |
324.2 |
|
|
$ |
1,086.8 |
|
|
$ |
965.3 |
|
Incentive fees |
|
|
30.1 |
|
|
|
20.8 |
|
|
|
84.5 |
|
|
|
80.9 |
|
Modular and other |
|
|
174.7 |
|
|
|
151.0 |
|
|
|
507.8 |
|
|
|
227.4 |
|
Net services
revenue |
|
|
572.8 |
|
|
|
496.0 |
|
|
|
1,679.1 |
|
|
|
1,273.6 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of services
(non-GAAP) |
|
|
364.7 |
|
|
|
326.9 |
|
|
|
1,091.4 |
|
|
|
881.0 |
|
Selling, general and
administrative (non-GAAP) |
|
|
46.6 |
|
|
|
45.1 |
|
|
|
141.1 |
|
|
|
92.1 |
|
Sub-total |
|
|
411.3 |
|
|
|
372.0 |
|
|
|
1,232.5 |
|
|
|
973.1 |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
161.5 |
|
|
$ |
124.0 |
|
|
$ |
446.6 |
|
|
$ |
300.5 |
|
Table 8 |
R1 RCM Inc. |
Reconciliation of GAAP Operating Income Guidance to
Non-GAAP Adjusted EBITDA Guidance (Unaudited) |
(In millions) |
|
|
|
2023E |
GAAP Operating Income
Guidance |
$130-140 |
Plus: |
|
Depreciation and amortization
expense |
$275-285 |
Share-based compensation
expense |
$65-70 |
CoyCo 2 share-based
compensation expense |
$7-8 |
Strategic initiatives,
severance and other costs |
$115-120 |
Adjusted EBITDA
Guidance |
$600-615 |
Table 9 |
R1 RCM Inc. |
Reconciliation of Total Debt to Net Debt
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Senior Revolver |
|
$ |
60.0 |
|
|
$ |
100.0 |
|
Term A Loans |
|
|
1,178.0 |
|
|
|
1,211.4 |
|
Term B Loan |
|
|
495.0 |
|
|
|
498.7 |
|
Total debt |
|
|
1,733.0 |
|
|
|
1,810.1 |
|
|
|
|
|
|
Less: |
|
|
|
|
Cash and cash equivalents |
|
|
164.9 |
|
|
|
110.1 |
|
Net Debt |
|
$ |
1,568.1 |
|
|
$ |
1,700.0 |
|
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