AdaptHealth Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
AHCO$7.72+5.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows—For the years ended
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(674,780) | $73,133 | $158,153 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation and amortization, including patient equipment depreciation | 382,783 | 351,178 | 258,053 |
| Goodwill impairment | 830,787 | — | — |
| Equity-based compensation | 22,468 | 22,397 | 25,323 |
| Change in fair value of warrant liability | (34,482) | (17,158) | (53,181) |
| Change in fair value of contingent consideration common shares liability | — | — | (29,389) |
| Reduction in the carrying amount of operating lease right-of-use assets | 31,873 | 32,264 | 28,624 |
| Reduction in the carrying amount of finance lease right-of-use assets | 5,938 | — | — |
| Deferred income tax (benefit) expense | (62,595) | 18,036 | 22,380 |
| Change in fair value of interest rate swaps, net of reclassification adjustment | (1,801) | (2,936) | (2,927) |
| Amortization of deferred financing costs | 5,234 | 5,234 | 5,378 |
| Write-off of deferred financing costs | — | — | 4,054 |
| Loss on extinguishment of debt from prepayment penalty | — | — | 16,135 |
| Other | 350 | (285) | (3,615) |
| Changes in operating assets and liabilities, net of effects from acquisitions: | |||
| Accounts receivable | (28,862) | (209) | (29,694) |
| Inventory | 15,531 | (6,300) | (14,920) |
| Prepaid and other assets | (20,305) | (13,143) | 2,731 |
| Operating lease obligations | (32,428) | (31,213) | (28,043) |
| Operating liabilities | 40,955 | (57,131) | (83,383) |
| Net cash provided by operating activities | 480,666 | 373,867 | 275,679 |
| Cash flows from investing activities: | |||
| Purchases of equipment and other fixed assets | (337,463) | (391,423) | (203,308) |
| Payments for business acquisitions, net of cash acquired | (19,687) | (19,017) | (1,620,320) |
| Payments for cost method investments | (128) | (731) | (1,125) |
| Net cash used in investing activities | (357,278) | (411,171) | (1,824,753) |
| Cash flows from financing activities: | |||
| Proceeds from borrowings on long-term debt and lines of credit | 50,000 | — | 1,165,000 |
| Repayments on long-term debt and lines of credit | (95,000) | (20,000) | (827,271) |
| Repayments of finance lease obligations | (6,769) | (16,176) | (42,164) |
| Payments for shares purchased under share repurchase program | (29,275) | (13,992) | — |
| Payments for tax withholdings from restricted stock vestings and stock option exercises | (5,843) | (3,516) | (3,557) |
| Payments of contingent consideration and deferred purchase price from acquisitions | (2,535) | (14,493) | (25,233) |
| Payments relating to the Tax Receivable Agreement | (3,224) | — | — |
| Distributions to noncontrolling interests | (2,500) | (2,000) | (1,070) |
| Proceeds from the exercise of stock options | 587 | 2,510 | 12,320 |
| Proceeds received in connection with employee stock purchase plan | 2,031 | 1,616 | 1,016 |
| Proceeds from the issuance of senior unsecured notes | — | — | 1,100,000 |
| Proceeds from the issuance of Class A Common Stock | — | — | 278,850 |
| Payments for equity issuance costs | — | — | (13,832) |
| Payments of deferred financing costs | — | — | (29,185) |
| Payments for debt prepayment penalties | — | — | (16,135) |
| Net cash (used in) provided by financing activities | (92,528) | (66,051) | 1,598,739 |
| Net increase (decrease) in cash | 30,860 | (103,355) | 49,665 |
| Cash at beginning of period | 46,272 | 149,627 | 99,962 |
| Cash at end of period | $77,132 | $46,272 | $149,627 |
| Supplemental disclosures: | |||
| Cash paid for interest | $126,228 | $108,885 | $73,630 |
| Cash paid for income taxes | 14,756 | 14,949 | 14,792 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Noncash investing and financing activities: | |||
| Equipment acquired under finance lease obligations | $— | $1,335 | $22,959 |
| Unpaid equipment and other fixed asset purchases at end of period | 35,867 | 24,221 | 13,936 |
| Assets subject to operating lease obligations | 22,000 | 22,543 | 12,777 |
| Operating lease obligations | (22,000) | (22,543) | (12,777) |
| Write-off of assets subject to operating lease obligations | (14,675) | (8,532) | — |
| Write-off of operating lease obligations | 14,675 | 8,532 | — |
| Assets subject to finance lease obligations | 32,101 | — | — |
| Finance lease obligations | (32,101) | — | — |
| Equity consideration issued in connection with acquisitions | — | — | 1,261,200 |
| Contingent purchase price in connection with acquisitions | — | — | 7,800 |
| Deferred purchase price in connection with acquisitions | 137 | 457 | 4,478 |
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