AdaptHealth Corp
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $94,780 | $(674,780) | $73,133 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization, including patient equipment depreciation | 365,334 | 382,783 | 351,178 |
| Goodwill impairment | 13,078 | 830,787 | — |
| Equity-based compensation | 14,880 | 22,468 | 22,397 |
| Change in fair value of warrant liability | (4,021) | (34,482) | (17,158) |
| Reduction in the carrying amount of operating lease right-of-use assets | 32,848 | 31,873 | 32,264 |
| Reduction in the carrying amount of finance lease right-of-use assets | 11,100 | 5,938 | — |
| Deferred income tax expense (benefit) | 32,049 | (62,595) | 18,036 |
| Change in fair value of interest rate swaps, net of reclassification adjustment | (367) | (1,801) | (2,936) |
| Amortization of deferred financing costs | 5,666 | 5,234 | 5,234 |
| Loss on extinguishment of debt | 2,273 | — | — |
| Payment of contingent consideration from an acquisition | (1,850) | — | |
| Other | 2,128 | 350 | (285) |
| Changes in operating assets and liabilities, net of effects from acquisitions: | |||
| Accounts receivable | (26,217) | (28,862) | (209) |
| Inventory | (28,065) | 15,531 | (6,300) |
| Prepaid and other assets | 27,325 | (20,305) | (13,143) |
| Operating lease obligations | (32,934) | (32,428) | (31,213) |
| Operating liabilities | 33,832 | 40,955 | (57,131) |
| Net cash provided by operating activities | 541,839 | 480,666 | 373,867 |
| Cash flows from investing activities: | |||
| Purchases of equipment and other fixed assets | (306,055) | (337,463) | (391,423) |
| Payments for business acquisitions, net of cash acquired | (9,536) | (19,687) | (19,017) |
| Proceeds from the sale of assets | 5,316 | — | — |
| Payments for cost method investments | — | (128) | (731) |
| Net cash used in investing activities | (310,275) | (357,278) | (411,171) |
| Cash flows from financing activities: | |||
| Proceeds from borrowings on long-term debt and lines of credit | 253,477 | 50,000 | — |
| Repayments on long-term debt and lines of credit | (423,477) | (95,000) | (20,000) |
| Repayments of finance lease obligations | (9,865) | (6,769) | (16,176) |
| Payments for shares purchased under share repurchase program | — | (29,275) | (13,992) |
| Payments for tax withholdings from restricted stock vestings and stock option exercises | (2,066) | (5,843) | (3,516) |
| Payments of contingent consideration and deferred purchase price from acquisitions | (5,298) | (2,535) | (14,493) |
| Payments relating to the Tax Receivable Agreement | (1,432) | (3,224) | — |
| Payments of debt financing costs | (6,429) | — | — |
| Distributions to noncontrolling interests | (5,600) | (2,500) | (2,000) |
| Proceeds from the exercise of stock options | 742 | 587 | 2,510 |
| Proceeds received in connection with employee stock purchase plan | 999 | 2,031 | 1,616 |
| Net cash used in financing activities | (198,949) | (92,528) | (66,051) |
| Net increase (decrease) in cash | 32,615 | 30,860 | (103,355) |
| Cash at beginning of period | 77,132 | 46,272 | 149,627 |
| Cash at end of period | $109,747 | $77,132 | $46,272 |
| Supplemental disclosures: | |||
| Cash paid for interest | $122,072 | $126,228 | $108,885 |
| Cash paid for income taxes, net of refunds | 14,139 | 14,756 | 14,949 |
| Noncash investing and financing activities: | |||
| Equipment acquired under finance lease obligations | $— | $— | $1,335 |
| Unpaid equipment and other fixed asset purchases at end of period | 56,123 | 35,867 | 24,221 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Assets subject to operating lease obligations | 35,871 | 22,000 | 22,543 |
| Operating lease obligations | (35,871) | (22,000) | (22,543) |
| Write-off of assets subject to operating lease obligations | (6,653) | (14,675) | (8,532) |
| Write-off of operating lease obligations | 6,653 | 14,675 | 8,532 |
| Assets subject to finance lease obligations | 17,871 | 32,101 | — |
| Finance lease obligations | (17,871) | (32,101) | — |
| Write-off of assets subject to finance lease obligations | (513) | — | — |
| Write-off of finance lease obligations | 513 | — | — |
| Deferred purchase price in connection with acquisitions | — | 137 | 457 |
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