← AdaptHealth Corp.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | — | — | — | — | $69.3m | ($678.9m) | $90.4m | ($70.8m) | |
| Net Income From Continuing Operations | — | — | — | — | $73.1m | ($674.8m) | $94.8m | ($66.0m) | |
| Depreciation and amortization, including patient equipment depreciation | — | $62.6m | $76.4m | $258.1m | $351.2m | $382.8m | $365.3m | $381.9m | |
| Amortization of deferred financing costs | $478k | $1.3m | $1.9m | $5.4m | $5.2m | $5.2m | $5.7m | $5.7m | |
| Depreciation Amortization Depletion | — | — | — | — | $351.2m | $382.8m | $365.3m | $381.9m | |
| Depreciation And Amortization | — | — | — | — | $351.2m | $382.8m | $365.3m | $381.9m | |
| Deferred income tax expense (benefit) | ($2.9m) | $895k | ($21.1m) | $22.4m | $18.0m | ($62.6m) | $32.0m | $47.2m | |
| Deferred Income Tax | — | — | — | — | $18.0m | ($62.6m) | $32.0m | $47.2m | |
| Deferred Tax | — | — | — | — | $18.0m | ($62.6m) | $32.0m | $47.2m | |
| Goodwill impairment | — | — | — | $0 | $0 | $830.8m | $13.1m | $128.0m | |
| Asset Impairment Charge | — | — | — | — | $0 | $830.8m | $13.1m | $128.0m | |
| Reduction in the carrying amount of operating lease right-of-use assets | — | — | $0 | $28.6m | $32.3m | $31.9m | $32.8m | $31.1m | |
| Loss on extinguishment of debt | — | — | — | — | $0 | $0 | $2.3m | $0 | |
| Operating lease obligations | — | — | $0 | ($12.8m) | ($22.5m) | ($22.0m) | ($35.9m) | ($37.9m) | |
| Operating leases | — | — | — | — | $22.5m | $22.0m | $35.9m | $37.9m | |
| Write-off of assets subject to operating lease obligations | — | — | $0 | $0 | ($8.5m) | ($14.7m) | ($6.7m) | ($2.6m) | |
| Write-off of operating lease obligations | — | — | $0 | $0 | $8.5m | $14.7m | $6.7m | $2.6m | |
| Net (loss) income | $24.3m | ($12.9m) | ($58.7m) | $158.2m | $73.1m | ($674.8m) | $94.8m | ($66.0m) | |
| Equity-based compensation | $883k | $11.1m | $18.7m | $25.3m | $22.4m | $22.5m | $14.9m | $21.9m | |
| Change in fair value of warrant liability | — | $7.7m | $135.4m | ($53.2m) | ($17.2m) | ($34.5m) | ($4.0m) | $0 | |
| Reduction in the carrying amount of finance lease right-of-use assets | — | — | — | $0 | $0 | $5.9m | $11.1m | $15.3m | |
| Change in fair value of interest rate swaps, net of reclassification adjustment | ($547k) | $11.4m | ($2.8m) | ($2.9m) | ($2.9m) | ($1.8m) | ($367k) | $0 | |
| Payment of contingent consideration from an acquisition | — | — | — | — | — | $0 | ($1.9m) | $0 | |
| Gain on sale of businesses (note 4) | — | — | — | — | — | $0 | $0 | ($32.6m) | |
| Other | — | $816k | ($5.6m) | ($3.6m) | ($285k) | $350k | $2.1m | $2.7m | |
| Accounts receivable | ($22.0m) | ($20.2m) | ($29.5m) | ($29.7m) | ($209k) | ($28.9m) | ($26.2m) | $31.0m | |
| Inventory | $2.3m | ($1.3m) | ($19.4m) | ($14.9m) | ($6.3m) | $15.5m | ($28.1m) | ($11.5m) | |
| Prepaid and other assets | ($1.6m) | ($9.6m) | ($10.8m) | $2.7m | ($13.1m) | ($20.3m) | $27.3m | ($61.1m) | |
| Operating liabilities | $2.7m | $14.2m | $136.6m | ($83.4m) | ($57.1m) | $41.0m | $33.8m | $139.3m | |
| Purchases of equipment and other fixed assets | ($9.9m) | ($21.3m) | ($39.8m) | ($203.3m) | ($391.4m) | ($337.5m) | ($306.1m) | ($382.4m) | |
| Proceeds from the sale of businesses, net of cash disposed | — | — | — | — | — | $0 | $0 | $120.4m | |
| Proceeds from the sale of assets | — | — | — | — | $0 | $0 | $5.3m | $0 | |
| Payments for cost method investments | — | — | ($8.7m) | ($1.1m) | ($731k) | ($128k) | $0 | $0 | |
| Receipt of contingent consideration from the sale of assets | — | — | — | — | — | $0 | $0 | $1.2m | |
| Proceeds from borrowings on lines of credit | $24.8m | $55.5m | $591.3m | $1.2b | $0 | $50.0m | $253.5m | $0 | |
| Repayments of finance lease obligations | — | ($37.3m) | ($39.1m) | ($42.2m) | ($16.2m) | ($6.8m) | ($9.9m) | ($18.5m) | |
| Payments for shares purchased under share repurchase program | — | ($20.0m) | $0 | $0 | ($14.0m) | ($29.3m) | $0 | $0 | |
| Proceeds from the exercise of stock options | — | — | $0 | $12.3m | $2.5m | $587k | $742k | $0 | |
| Proceeds received in connection with employee stock purchase plan | — | — | $101k | $1.0m | $1.6m | $2.0m | $999k | $1.2m | |
| Payments for tax withholdings from vesting of restricted stock units | — | ($507k) | ($59k) | ($3.6m) | ($3.5m) | ($5.8m) | ($2.1m) | ($2.7m) | |
| Payments of contingent consideration and deferred purchase price from acquisitions | — | ($13.0m) | ($4.0m) | ($25.2m) | ($14.5m) | ($2.5m) | ($5.3m) | ($212k) | |
| Cash at beginning of period | $25.2m | $76.9m | $100.0m | $149.6m | $46.3m | $77.1m | $109.7m | $106.1m | |
| Unpaid equipment and other fixed asset purchases at end of period | $12.6m | $8.5m | $7.9m | $13.9m | $24.2m | $35.9m | $56.1m | $65.9m | |
| Assets subject to finance lease obligations | — | — | — | $0 | $0 | $32.1m | $17.9m | $31.4m | |
| Finance lease obligations | — | — | — | $0 | $0 | ($32.1m) | ($17.9m) | ($31.4m) | |
| Write-off of assets subject to finance lease obligations | — | — | — | — | $0 | $0 | ($513k) | ($1.6m) | |
| Write-off of finance lease obligations | — | — | — | — | $0 | $0 | $513k | $1.6m | |
| Deferred purchase price in connection with acquisitions | $500k | $1.6m | $33k | $4.5m | $457k | $137k | $0 | $355k | |
| Beginning Cash Position | — | — | — | — | $149.6m | $46.3m | $77.1m | $109.7m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | ($66.1m) | ($92.5m) | ($198.9m) | ($302.2m) | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | ($411.2m) | ($357.3m) | ($310.3m) | ($303.2m) | |
| Change In Inventory | — | — | — | — | ($6.3m) | $15.5m | ($28.1m) | ($11.5m) | |
| Change In Other Current Liabilities | — | — | — | — | ($88.3m) | $8.5m | $898k | $108.2m | |
| Change In Other Working Capital | — | — | — | ($28.0m) | ($31.2m) | — | — | — | |
| Change In Prepaid Assets | — | — | — | — | ($13.1m) | ($20.3m) | $27.3m | ($61.1m) | |
| Change In Receivables | — | — | — | — | ($209k) | ($28.9m) | ($26.2m) | $31.0m | |
| Change In Working Capital | — | — | — | — | ($108.0m) | ($25.1m) | ($26.1m) | $66.6m | |
| Changes In Account Receivables | — | — | — | — | ($209k) | ($28.9m) | ($26.2m) | $31.0m | |
| Changes In Cash | — | — | — | — | ($103.4m) | $30.9m | $32.6m | ($3.6m) | |
| End Cash Position | — | — | — | — | $46.3m | $77.1m | $109.7m | $106.1m | |
| Financing Cash Flow | — | — | — | — | ($66.1m) | ($92.5m) | ($198.9m) | ($302.2m) | |
| Free Cash Flow | — | — | — | — | ($17.6m) | $143.2m | $235.8m | $219.4m | |
| Gain Loss On Investment Securities | — | — | — | ($56.1m) | ($20.1m) | ($36.3m) | ($4.4m) | — | |
| Gain Loss On Sale Of Business | — | — | — | — | — | $0 | $0 | ($32.6m) | |
| Investing Cash Flow | — | — | — | — | ($411.2m) | ($357.3m) | ($310.3m) | ($303.2m) | |
| Issuance Of Capital Stock | — | — | — | $278.9m | $0 | $0 | — | — | |
| Net Business Purchase And Sale | — | — | — | — | ($19.0m) | ($19.7m) | ($9.5m) | $78.0m | |
| Net PPE Purchase And Sale | — | — | — | — | ($391.4m) | ($337.5m) | ($306.1m) | ($382.4m) | |
| Operating Gains Losses | — | — | — | — | ($20.1m) | ($36.3m) | ($2.1m) | ($32.6m) | |
| Other Non Cash Items | — | — | — | — | $37.2m | $43.4m | $49.9m | $54.9m | |
| Proceeds From Stock Option Exercised | — | — | — | — | $4.1m | $2.6m | $1.7m | $1.2m | |
| Purchase Of Business | — | — | — | — | ($19.0m) | ($19.7m) | ($9.5m) | ($42.4m) | |
| Purchase Of PPE | — | $21.3m | $39.8m | $203.3m | ($391.4m) | ($337.5m) | ($306.1m) | ($382.4m) | |
| Repurchase Of Capital Stock | — | — | — | — | ($14.0m) | ($29.3m) | $0 | $0 | |
| Sale Of Business | — | — | — | — | — | $0 | $0 | $120.4m | |
| Stock Based Compensation | — | — | — | — | $22.4m | $22.5m | $14.9m | $21.9m | |
| Net cash provided by operating activities | $68.4m | $60.4m | $195.6m | $275.7m | $373.9m | $480.7m | $541.8m | $601.8m | |
| Payments for business acquisitions, net of cash acquired | ($86.3m) | ($63.5m) | ($769.3m) | ($1.6b) | ($19.0m) | ($19.7m) | ($9.5m) | ($42.4m) | |
| Net Investment Purchase And Sale | — | — | — | — | ($731k) | ($128k) | $0 | $0 | |
| Purchase Of Investment | — | — | — | — | ($731k) | ($128k) | $0 | $0 | |
| Sale Of Investment | — | — | — | $0 | $0 | — | — | — | |
| Net Other Investing Changes | — | — | — | — | — | — | $5.3m | $1.2m | |
| Net cash used in investing activities | ($96.3m) | ($84.9m) | ($815.7m) | ($1.8b) | ($411.2m) | ($357.3m) | ($310.3m) | ($303.2m) | |
| Issuance Of Debt | — | — | — | — | $0 | $50.0m | $253.5m | $0 | |
| Long Term Debt Issuance | — | — | — | — | $0 | $50.0m | $253.5m | $0 | |
| Net Issuance Payments Of Debt | — | — | — | — | ($36.2m) | ($51.8m) | ($179.9m) | ($268.5m) | |
| Net Long Term Debt Issuance | — | — | — | — | ($36.2m) | ($51.8m) | ($179.9m) | ($268.5m) | |
| Repayments on long-term debt and lines of credit | ($24.8m) | ($194.1m) | ($547.5m) | ($827.3m) | ($20.0m) | ($95.0m) | ($423.5m) | ($250.0m) | |
| Payments of debt financing costs | — | — | — | $0 | $0 | ($3.2m) | ($6.4m) | $0 | |
| Long Term Debt Payments | — | — | — | — | ($36.2m) | ($101.8m) | ($433.3m) | ($268.5m) | |
| Repayment Of Debt | — | — | — | — | ($36.2m) | ($101.8m) | ($433.3m) | ($268.5m) | |
| Common Stock Issuance | — | — | — | $278.9m | $0 | $0 | — | — | |
| Net Common Stock Issuance | — | — | — | — | ($14.0m) | ($29.3m) | $0 | $0 | |
| Common Stock Payments | — | — | — | — | ($14.0m) | ($29.3m) | $0 | $0 | |
| Distributions to noncontrolling interests | ($300k) | ($1.3m) | ($800k) | ($1.1m) | ($2.0m) | ($2.5m) | ($5.6m) | ($7.0m) | |
| Net Other Financing Charges | — | — | — | — | ($20.0m) | ($14.1m) | ($20.8m) | ($34.9m) | |
| Net cash used in financing activities | $48.8m | $76.1m | $643.2m | $1.6b | ($66.1m) | ($92.5m) | ($198.9m) | ($302.2m) | |
| Net (decrease) increase in cash | $20.9m | $51.7m | $23.1m | $49.7m | ($103.4m) | $30.9m | $32.6m | ($3.6m) | |
| Change In Cash Supplemental As Reported | — | — | — | — | ($103.4m) | $30.9m | $32.6m | ($3.6m) | |
| Cash paid for interest | $7.3m | $23.1m | $35.8m | $73.6m | $108.9m | $126.2m | $122.1m | $101.2m | |
| Cash paid for income taxes, net of refunds | $405k | $1.3m | $7.5m | $14.8m | $14.9m | $14.8m | $14.1m | $24.3m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.