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 June 30, 2023.
Second Quarter 2023 Results:
- Revenue of $560.7 million, up $168.8 million or 43.1% compared
to the same period last year.
- GAAP net income of $0.3 million, compared to net loss of $20.4
million in the same period last year.
- Adjusted EBITDA of $142.9 million, up $55.7 million or 63.9%
compared to the same period last year.
- GAAP net income and adjusted EBITDA were negatively impacted by
an $11.6 million increase in the reserve for credit losses
related to a physician customer.
“The results in the quarter and year to date
demonstrate our commitment to delivering on our operational and
financial objectives to support both our near- and long-term
goals,” said Lee Rivas, chief executive officer of R1. “We believe
embedding advanced technology across our portfolio to drive
improved performance for our customers is accelerating momentum in
market demand and increasing activity in our pipeline.”
“Operational results were strong in the second
quarter and well ahead of our expectations, excluding the reserve
we took for credit losses related to a physician customer,” added
Jennifer Williams, chief financial officer. “The revised guidance
reflects our continued focus on initiatives to drive results and
deliver increased value to our customers.”
2023 Outlook
For 2023, R1 now expects to generate:
- Revenue of between $2,255 million and $2,275 million
- GAAP operating income of $140 million to $155 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:
Atif Rahim 312-324-5476
investorrelations@r1rcm.com
Media Relations:
Allison+Partners Amanda Critelli
R1PR@allisonpr.com
Table
1 |
R1 RCM
Inc. |
Consolidated
Balance Sheets |
(In
millions) |
|
|
(Unaudited) |
|
|
|
|
June
30, |
|
December
31, |
|
|
2023 |
|
2022 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
123.1 |
|
|
$ |
110.1 |
|
Accounts
receivable, net of $31.5 million and $15.1 million allowance as of
June 30, 2023 and December 31, 2022, respectively |
|
|
245.2 |
|
|
|
235.2 |
|
Accounts
receivable, net of $0.1 million allowance - related party as of
June 30, 2023 and December 31, 2022 |
|
|
18.4 |
|
|
|
25.0 |
|
Current
portion of contract assets, net |
|
|
89.9 |
|
|
|
83.9 |
|
Prepaid
expenses and other current assets |
|
|
108.3 |
|
|
|
110.3 |
|
Total
current assets |
|
|
584.9 |
|
|
|
564.5 |
|
Property,
equipment and software, net |
|
|
181.8 |
|
|
|
164.8 |
|
Operating
lease right-of-use assets |
|
|
74.8 |
|
|
|
80.5 |
|
Non-current
portion of contract assets, net |
|
|
37.8 |
|
|
|
32.0 |
|
Non-current
portion of deferred contract costs |
|
|
30.1 |
|
|
|
26.7 |
|
Intangible
assets, net |
|
|
1,413.2 |
|
|
|
1,514.5 |
|
Goodwill |
|
|
2,647.4 |
|
|
|
2,658.2 |
|
Deferred tax
assets |
|
|
10.5 |
|
|
|
10.4 |
|
Other
assets |
|
|
93.7 |
|
|
|
88.2 |
|
Total
assets |
|
$ |
5,074.2 |
|
|
$ |
5,139.8 |
|
Liabilities |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
26.1 |
|
|
$ |
33.4 |
|
Current
portion of customer liabilities |
|
|
41.9 |
|
|
|
57.5 |
|
Current
portion of customer liabilities - related party |
|
|
7.8 |
|
|
|
7.4 |
|
Accrued
compensation and benefits |
|
|
93.1 |
|
|
|
109.0 |
|
Current
portion of operating lease liabilities |
|
|
19.4 |
|
|
|
18.0 |
|
Current
portion of long-term debt |
|
|
62.6 |
|
|
|
53.9 |
|
Accrued
expenses and other current liabilities |
|
|
74.3 |
|
|
|
70.6 |
|
Total
current liabilities |
|
|
325.2 |
|
|
|
349.8 |
|
Non-current
portion of customer liabilities |
|
|
4.9 |
|
|
|
5.0 |
|
Non-current
portion of customer liabilities - related party |
|
|
12.7 |
|
|
|
13.7 |
|
Non-current
portion of operating lease liabilities |
|
|
89.3 |
|
|
|
94.4 |
|
Long-term
debt |
|
|
1,691.5 |
|
|
|
1,732.6 |
|
Deferred tax
liabilities |
|
|
184.0 |
|
|
|
200.7 |
|
Other
non-current liabilities |
|
|
23.6 |
|
|
|
23.1 |
|
Total
liabilities |
|
|
2,331.2 |
|
|
|
2,419.3 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common
stock |
|
|
4.4 |
|
|
|
4.4 |
|
Additional
paid-in capital |
|
|
3,159.3 |
|
|
|
3,123.2 |
|
Accumulated
deficit |
|
|
(121.3 |
) |
|
|
(121.9 |
) |
Accumulated
other comprehensive income (loss) |
|
|
0.4 |
|
|
|
(3.4 |
) |
Treasury
stock |
|
|
(299.8 |
) |
|
|
(281.8 |
) |
Total
stockholders’ equity |
|
|
2,743.0 |
|
|
|
2,720.5 |
|
Total
liabilities and stockholders’ equity |
|
$ |
5,074.2 |
|
|
$ |
5,139.8 |
|
Table
2 |
R1 RCM
Inc. |
Consolidated
Statements of Operations (Unaudited) |
(In
millions, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
Six Months
Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net operating fees |
|
$ |
357.8 |
|
|
$ |
318.3 |
|
|
$ |
718.8 |
|
|
$ |
641.1 |
|
Incentive
fees |
|
|
30.8 |
|
|
|
29.9 |
|
|
|
54.4 |
|
|
|
60.1 |
|
Modular and
other |
|
|
172.1 |
|
|
|
43.7 |
|
|
|
333.1 |
|
|
|
76.4 |
|
Net services
revenue |
|
|
560.7 |
|
|
|
391.9 |
|
|
|
1,106.3 |
|
|
|
777.6 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of
services |
|
|
445.9 |
|
|
|
310.1 |
|
|
|
880.6 |
|
|
|
606.6 |
|
Selling,
general and administrative |
|
|
62.6 |
|
|
|
30.9 |
|
|
|
109.6 |
|
|
|
59.8 |
|
Other
expenses |
|
|
28.3 |
|
|
|
88.9 |
|
|
|
58.5 |
|
|
|
106.0 |
|
Total
operating expenses |
|
|
536.8 |
|
|
|
429.9 |
|
|
|
1,048.7 |
|
|
|
772.4 |
|
Income
(loss) from operations |
|
|
23.9 |
|
|
|
(38.0 |
) |
|
|
57.6 |
|
|
|
5.2 |
|
Net interest
expense |
|
|
32.5 |
|
|
|
6.9 |
|
|
|
63.2 |
|
|
|
11.6 |
|
Income
(loss) before income tax benefit |
|
|
(8.6 |
) |
|
|
(44.9 |
) |
|
|
(5.6 |
) |
|
|
(6.4 |
) |
Income tax
benefit |
|
|
(8.9 |
) |
|
|
(24.5 |
) |
|
|
(6.2 |
) |
|
|
(15.4 |
) |
Net income
(loss) |
|
$ |
0.3 |
|
|
$ |
(20.4 |
) |
|
$ |
0.6 |
|
|
$ |
9.0 |
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
0.03 |
|
Diluted |
|
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
0.03 |
|
Weighted
average shares used in calculating net income (loss) per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
|
418,525,625 |
|
|
|
294,658,635 |
|
|
|
417,939,489 |
|
|
|
286,746,902 |
|
Diluted |
|
|
455,245,607 |
|
|
|
294,658,635 |
|
|
|
454,097,654 |
|
|
|
328,169,238 |
|
Table
3 |
R1 RCM
Inc. |
Consolidated
Statements of Cash Flows (Unaudited) |
(In
millions) |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
Operating activities |
|
|
|
|
Net income |
|
$ |
0.6 |
|
|
$ |
9.0 |
|
Adjustments
to reconcile net income to net cash provided by (used in)
operations: |
|
|
|
|
Depreciation and amortization |
|
|
134.8 |
|
|
|
43.6 |
|
Amortization of debt issuance costs |
|
|
2.8 |
|
|
|
0.7 |
|
Share-based compensation |
|
|
30.5 |
|
|
|
21.7 |
|
CoyCo 2 share-based compensation |
|
|
3.7 |
|
|
|
— |
|
Loss on disposal and right-of-use asset write-downs |
|
|
4.9 |
|
|
|
2.7 |
|
Provision for credit losses |
|
|
16.5 |
|
|
|
0.3 |
|
Deferred income taxes |
|
|
(8.4 |
) |
|
|
(17.5 |
) |
Non-cash lease expense |
|
|
5.8 |
|
|
|
6.0 |
|
Other |
|
|
3.0 |
|
|
|
1.5 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable and related party accounts receivable |
|
|
(20.2 |
) |
|
|
(34.0 |
) |
Contract assets |
|
|
(10.8 |
) |
|
|
(1.6 |
) |
Prepaid expenses and other assets |
|
|
(5.7 |
) |
|
|
(20.0 |
) |
Accounts payable |
|
|
(11.5 |
) |
|
|
5.0 |
|
Accrued compensation and benefits |
|
|
(16.1 |
) |
|
|
(76.1 |
) |
Lease liabilities |
|
|
(8.9 |
) |
|
|
(5.1 |
) |
Other liabilities |
|
|
6.9 |
|
|
|
13.5 |
|
Customer liabilities and customer liabilities - related party |
|
|
(15.8 |
) |
|
|
(15.2 |
) |
Net cash
provided by (used in) operating activities |
|
|
112.1 |
|
|
|
(65.5 |
) |
Investing activities |
|
|
|
|
Purchases of property, equipment, and software |
|
|
(48.7 |
) |
|
|
(42.7 |
) |
Acquisition of Cloudmed, net of cash acquired |
|
|
— |
|
|
|
(847.7 |
) |
Proceeds from disposal of assets |
|
|
— |
|
|
|
0.4 |
|
Other |
|
|
1.5 |
|
|
|
— |
|
Net cash
used in investing activities |
|
|
(47.2 |
) |
|
|
(890.0 |
) |
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 |
|
|
(24.8 |
) |
|
|
(8.8 |
) |
Repayments on revolver |
|
|
(40.0 |
) |
|
|
(20.0 |
) |
Payment of equity issuance costs |
|
|
— |
|
|
|
(2.0 |
) |
Exercise of vested stock options |
|
|
0.9 |
|
|
|
2.5 |
|
Purchase of treasury stock |
|
|
— |
|
|
|
(0.6 |
) |
Shares withheld for taxes |
|
|
(18.1 |
) |
|
|
(25.1 |
) |
Other |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Net cash
(used in) provided by financing activities |
|
|
(52.1 |
) |
|
|
991.5 |
|
Effect of
exchange rate changes in cash, cash equivalents and restricted
cash |
|
|
0.2 |
|
|
|
(2.6 |
) |
Net increase
in cash, cash equivalents and restricted cash |
|
|
13.0 |
|
|
|
33.4 |
|
Cash, cash
equivalents and restricted cash, at beginning of period |
|
|
110.1 |
|
|
|
130.1 |
|
Cash, cash
equivalents and restricted cash, at end of period |
|
$ |
123.1 |
|
|
$ |
163.5 |
|
Table
4 |
R1 RCM
Inc. |
Reconciliation of GAAP Net Income to Non-GAAP Adjusted
EBITDA (Unaudited) |
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
MonthsEnded June 30, |
|
2023 vs. 2022Change |
|
Six Months
EndedJune 30, |
|
2023 vs. 2022Change |
|
|
2023 |
|
2022 |
|
Amount |
|
% |
|
2023 |
|
2022 |
|
Amount |
|
% |
Net income (loss) |
|
$ |
0.3 |
|
|
$ |
(20.4 |
) |
|
$ |
20.7 |
|
|
(101) |
% |
|
$ |
0.6 |
|
|
$ |
9.0 |
|
|
$ |
(8.4 |
) |
|
(93) |
% |
Net interest expense |
|
|
32.5 |
|
|
|
6.9 |
|
|
|
25.6 |
|
|
371 |
% |
|
|
63.2 |
|
|
|
11.6 |
|
|
|
51.6 |
|
|
445 |
% |
Income tax benefit |
|
|
(8.9 |
) |
|
|
(24.5 |
) |
|
|
15.6 |
|
|
(64) |
% |
|
|
(6.2 |
) |
|
|
(15.4 |
) |
|
|
9.2 |
|
|
(60) |
% |
Depreciation and amortization expense |
|
|
68.8 |
|
|
|
24.7 |
|
|
|
44.1 |
|
|
179 |
% |
|
|
134.8 |
|
|
|
43.6 |
|
|
|
91.2 |
|
|
209 |
% |
Share-based compensation expense |
|
|
20.0 |
|
|
|
11.6 |
|
|
|
8.4 |
|
|
72 |
% |
|
|
30.5 |
|
|
|
21.7 |
|
|
|
8.8 |
|
|
41 |
% |
CoyCo 2 share-based compensation expense |
|
|
1.9 |
|
|
|
— |
|
|
|
1.9 |
|
|
100 |
% |
|
|
3.7 |
|
|
|
— |
|
|
|
3.7 |
|
|
100 |
% |
Other expenses |
|
|
28.3 |
|
|
|
88.9 |
|
|
|
(60.6 |
) |
|
(68) |
% |
|
|
58.5 |
|
|
|
106.0 |
|
|
|
(47.5 |
) |
|
(45) |
% |
Adjusted EBITDA (non-GAAP) |
|
$ |
142.9 |
|
|
$ |
87.2 |
|
|
$ |
55.7 |
|
|
64 |
% |
|
$ |
285.1 |
|
|
$ |
176.5 |
|
|
$ |
108.6 |
|
|
62 |
% |
Table
5 |
R1 RCM
Inc. |
Reconciliation of GAAP Cost of Services to Non-GAAP Cost of
Services (Unaudited) |
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Cost of services |
|
$ |
445.9 |
|
$ |
310.1 |
|
$ |
880.6 |
|
$ |
606.6 |
Less: |
|
|
|
|
|
|
|
|
Share-based
compensation expense |
|
|
12.4 |
|
|
5.1 |
|
|
18.8 |
|
|
9.4 |
CoyCo 2
share-based compensation expense |
|
|
0.4 |
|
|
— |
|
|
0.9 |
|
|
— |
Depreciation
and amortization expense |
|
|
68.6 |
|
|
24.5 |
|
|
134.2 |
|
|
43.1 |
Non-GAAP cost of services |
|
$ |
364.5 |
|
$ |
280.5 |
|
$ |
726.7 |
|
$ |
554.1 |
Table
6 |
R1 RCM
Inc. |
Reconciliation of GAAP Selling, General and Administrative
to Non-GAAP Selling, General and Administrative
(Unaudited) |
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Selling, general and administrative |
|
$ |
62.6 |
|
$ |
30.9 |
|
$ |
109.6 |
|
$ |
59.8 |
Less: |
|
|
|
|
|
|
|
|
Share-based
compensation expense |
|
|
7.6 |
|
|
6.5 |
|
|
11.7 |
|
|
12.3 |
CoyCo 2
share-based compensation expense |
|
|
1.5 |
|
|
— |
|
|
2.8 |
|
|
— |
Depreciation
and amortization expense |
|
|
0.2 |
|
|
0.2 |
|
|
0.6 |
|
|
0.5 |
Non-GAAP selling, general and administrative |
|
$ |
53.3 |
|
$ |
24.2 |
|
$ |
94.5 |
|
$ |
47.0 |
Table
7 |
R1 RCM
Inc. |
Consolidated
Non-GAAP Financial Information (Unaudited) |
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net operating fees |
|
$ |
357.8 |
|
$ |
318.3 |
|
$ |
718.8 |
|
$ |
641.1 |
Incentive
fees |
|
|
30.8 |
|
|
29.9 |
|
|
54.4 |
|
|
60.1 |
Modular and
other |
|
|
172.1 |
|
|
43.7 |
|
|
333.1 |
|
|
76.4 |
Net
services revenue |
|
|
560.7 |
|
|
391.9 |
|
|
1,106.3 |
|
|
777.6 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of services (non-GAAP) |
|
|
364.5 |
|
|
280.5 |
|
|
726.7 |
|
|
554.1 |
Selling, general and administrative (non-GAAP) |
|
|
53.3 |
|
|
24.2 |
|
|
94.5 |
|
|
47.0 |
Sub-total |
|
|
417.8 |
|
|
304.7 |
|
|
821.2 |
|
|
601.1 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
142.9 |
|
$ |
87.2 |
|
$ |
285.1 |
|
$ |
176.5 |
Table
8 |
R1 RCM
Inc. |
Reconciliation of GAAP Operating Income Guidance to
Non-GAAP Adjusted EBITDA Guidance (Unaudited) |
(In
millions) |
|
|
|
2023 |
GAAP
Operating Income Guidance |
$140-155 |
Plus: |
|
Depreciation
and amortization expense |
$270-280 |
Share-based
compensation expense |
$70-75 |
CoyCo 2
share-based compensation expense |
$7-10 |
Strategic
initiatives, severance and other costs |
$100-110 |
Adjusted EBITDA Guidance |
$600-615 |
Table
9 |
R1 RCM
Inc. |
Reconciliation of Total Debt to Net Debt
(Unaudited) |
(In
millions) |
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
|
2023 |
|
2022 |
Senior Revolver |
|
$ |
90.0 |
|
$ |
100.0 |
Term A
Loans |
|
|
1,189.1 |
|
|
1,211.4 |
Term B
Loan |
|
|
496.3 |
|
|
498.7 |
Total
debt |
|
|
1,775.4 |
|
|
1,810.1 |
|
|
|
|
|
Less: |
|
|
|
|
Cash and cash equivalents |
|
|
123.1 |
|
|
110.1 |
Net
Debt |
|
$ |
1,652.3 |
|
$ |
1,700.0 |
R1 RCM (NASDAQ:RCM)
過去 株価チャート
から 5 2024 まで 6 2024
R1 RCM (NASDAQ:RCM)
過去 株価チャート
から 6 2023 まで 6 2024