Earnings overview
Profit and loss summary
Earnings overview
Currency: NZD$ 000s FY23A FY24A LTM
Feb25A		 YTD
Feb25A
Capitation 1 10,396 30,402 32,208 29,535
Enrolled co-payments 2 6,734 20,452 20,394 18,777
Casual co-payments 2 226 357 524 496
Casual would co-payments 206 357 374 374
Other funded service revenue 0 3,532 5,495 5,495
Operating revenue 21,138 58,102 60,815 55,822
Cost of goods sold 3 (13,593) (33,577) (34,556) (31,963)
Clinics 4 (6,666) (13,174) (14,845) (18,240)
Hq & office 5 (7,394) (12,149) (10,888) (9,821)
Total operating expenses (13,652) (24,971) (28,821) (37,373)
Adjusted EBITDA 6 (5,923) (1,471) (2,921) (2,632)
Share of adjusted EBITDA (5,923) (1,171) (1,756)
Pro forma adjusted EBITDA 8 (283) (3,001) (3,029) (2,712)
Third share of Pro forma adjusted EBITDA (346) (3,044) (946)
Overview
Basis of preparation
The adjacent earnings information is presented on an Adjusted basis (see subsequent pages for details of adjustments) and reflects fully consolidated earnings of all wholly and partially owned entities (including entities that would be equally accounted under IFRS), with the Non-Tend share ownership being adjusted from EBITDA. Earnings will also presented on a pre-IFRS16 basis, i.e. rent is captured within opex.
1. Capitation revenue represents public funding received based on a fixed annual amount for each enrolled patient.
2. Co-payment and specialist services revenue is visit-driven and relates to GP and NP consultations, prescriptions, after-hours and specialist services (e.g. minor surgery).
3. Cost of goods sold primarily relates to Clinician staff costs, as well as temporary staff costs.
4. Clinic opex includes premises costs (rent), utilities, IT and professional/consulting fees, IT and merchant fees.
5. Hq & office includes corporate, premises costs (rent), marketing and IT.
6. Adjusted EBITDA is presented on a 100% consolidated basis for all (majority and minority owned).
8. Pro forma Adjusted EBITDA is calculated based on Tend's current ownership % of Pro forma Adjusted EBITDA of each entity.
Pro forma Adjusted EBITDA and Tend share of Pro forma Adjusted EBITDA include the impact of acquired clinics pre-acquisition, and remove the historical earnings of divested clinics.