Adapthealth Corp. · NASDAQ:AHCO
Adapthealth — Q1 2025 Earnings Presentation
15 slides from Adapthealth's earnings presentation, May 2025
Slide 1: Financial Supplement Q1 2025
Financial Supplement Q1 2025
Slide 2: Disclaimer
Disclaimer This presentation contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future business, events, trends, contingencies, financial performance, or financial condition,
Slide 3: Summary Financial Results
Summary Financial Results Three Months Ended March 31, December 31, September 30, June 30, March 31, (in thousands, except percentages) 2025 2024 2024 2024 2024 Sales revenue $ 495,522 $ 557,533 $ 510,693 $ 516,405 $ 506,140 Rental revenue 249,535 265,078 262,315 258,326 254,338 Capitated revenue 32
Slide 4: Q1 2025 Business Mix Summary
Q1 2025 Business Mix Summary Wellness at Patient Pay Rental Home 16.2% 32.1% 20.1% Sleep Health 40.7% Insurance Diabetes Health 58.4% Sale Government 17.9% 63.7% 25.4% Sale 65.1 Capitated % 4.2% Respiratory Health 21.3% Sale Type Segment Payor Type / Investor Supplement / Q1 2025 4
Slide 5: Revenue by Segment (1 of 2)
Revenue by Segment (1 of 2) Three Months Ended March 31, December 31, September 30, June 30, March 31, (in thousands, except percentages) 2025 2024 2024 2024 2024 Net sales revenue: Sleep Health $ 241,171 $ 265,319 $ 246,895 $ 242,526 $ 237,592 Respiratory Health 8,261 8,443 8,307 8,033 7,905 Diabet
Slide 6: Revenue by Segment (2 of 2)
Revenue by Segment (2 of 2) Three Months Ended March 31, December 31, September 30, June 30, March 31, (in thousands, except percentages) 2025 2024 2024 2024 2024 Net revenue from capitated revenue arrangements: Sleep Health $ 7,639 $ 7,745 $ 7,379 $ 6,976 $ 7,052 Respiratory Health 15,046 15,410 14
Slide 7: Net Revenue Growth
Net Revenue Growth In millions Reported Net Revenue Growth Non-Acquired Net Revenue Growth (1) (1.8)% (2.1)% ~$792 ~$778 ~$792 ~$776 6.2% 1.5% 0.2% Q1'24 Reported Q1'25 Reported Q1'24 Q1'25 (0.4)% Non-Acquired Non-Acquired (2.1)% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 (1) Non-Acquired net revenue compares th
Slide 8: Appendix
Appendix
Slide 9: Consolidated Non-GAAP Reconciliation
Consolidated Non-GAAP Reconciliation Three months ended March 31, 2025 2024 Revenue Revenue (in thousands, except percentages) Dollars Percentage Dollars Percentage Net loss attributable to AdaptHealth Corp. $ (7,207) (0.9)% $ (2,134) (0.3)% Income attributable to noncontrolling interest 1,128 0.1 %
Slide 10: Segment Information
Segment Information Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Adjusted Adjusted Adjusted Adjusted Adjusted (in thousands, Net Adjusted EBITDA Net Adjusted EBITDA Net Adjusted EBITDA Net Adjusted EBITDA Net Adjusted EBITDA except percentages)
Slide 11: Segment Non-GAAP Reconciliation
Segment Non-GAAP Reconciliation Three months ended March 31, (in thousands) 2025 2024 Total Segment Adjusted EBITDA $ 127,938 $ 158,485 Interest expense, net (28,399) (32,472) Depreciation and amortization, including patient equipment depreciation (94,345) (92,876) Equity-based compensation expense
Slide 12: Free Cash Flow
Free Cash Flow Three Months Ended March 31, December 31, September 30, June 30, March 31, (in thousands) 2025 2024 2024 2024 2024 Net cash provided by operating activities $ 95,527 $ 150,415 $ 144,405 $ 197,984 $ 49,035 Purchases of equipment and other fixed assets (95,585) (77,336) (59,556) (81,272
Slide 13: Debt Structure
Debt Structure (in thousands) 3/31/2025 Rate Maturity Revolving credit facility Undrawn Base Rate or Term SOFR (1) September 2029 Secured term loan $ 525,000 Base Rate or Term SOFR (1) September 2029 6.125% Senior unsecured notes due 2028 350,000 6.125% August 2028 4.625% Senior unsecured notes due
Slide 14: Share Count Information
Share Count Information Total Common and Preferred Stock, if (in thousands) Common Stock Preferred Stock (1) Converted Number of shares outstanding, December 31, 2024 134,602 124 147,009 Equity-based compensation activity 280 — 280 Employee stock purchase plan activity 59 — 59 Number of shares outst
Slide 15: Earnings (Loss) Per Share (EPS)
Earnings (Loss) Per Share (EPS) Three months ended March 31, (in thousands, except per share data) 2025 2024 Numerator Net loss attributable to AdaptHealth Corp. $ (7,207) $ (2,134) Less: Earnings allocated to participating securities (1) — — Net loss for basic EPS $ (7,207) $ (2,134) Change in fair