AdaptHealth(US:AHCO)2025-05-06 20:29Financial Performance - Net revenue for the three months ended March 31, 2025, was $777,882, a decrease of 1% from $792,497 in the same period of 2024[20]. - Operating income decreased to $23,170 for Q1 2025, down 54% from $50,531 in Q1 2024[20]. - Net loss attributable to AdaptHealth Corp. was $7,207 for Q1 2025, compared to a net loss of $2,134 in Q1 2024, representing a significant increase in losses[20]. - The company reported a comprehensive loss of $6,754 for Q1 2025, compared to a comprehensive loss of $253 in Q1 2024[22]. - The net loss for the three months ended March 31, 2025, was $6,079,000, compared to a net loss of $1,109,000 for the same period in 2024[26]. - Adjusted EBITDA for the three months ended March 31, 2025, was $127,938,000, down from $158,485,000 in the same period of 2024, indicating a decline of about 19.3%[100]. - The diluted net loss per share for the three months ended March 31, 2025, was $(0.05), consistent with the diluted net loss per share for the same period in 2024[154]. Revenue Breakdown - For the three months ended March 31, 2025, total net revenue was $777.9 million, a decrease of 1.8% from $792.5 million in the same period of 2024[73]. - Insurance revenue for the three months ended March 31, 2025, was $454.2 million, down 6.0% from $483.4 million in 2024[73]. - Patient pay revenue increased by 14.0% to $126.2 million in Q1 2025, compared to $110.7 million in Q1 2024[73]. - Net sales revenue from Sleep Health segment was $241.2 million in Q1 2025, slightly up from $237.6 million in Q1 2024[75]. - Revenue from fixed monthly equipment reimbursements totaled $249.5 million in Q1 2025, down from $254.3 million in Q1 2024[75]. - The Sleep Health segment generated net revenue of $316,351,000 for the three months ended March 31, 2025, compared to $325,334,000 in 2024, a decrease of approximately 2.9%[95]. - The Wellness at Home segment reported net revenue of $157,206,000 for the three months ended March 31, 2025, slightly up from $156,044,000 in 2024[95]. Assets and Liabilities - Total assets as of March 31, 2025, were $4,437,350, a decrease from $4,486,947 as of December 31, 2024[18]. - Total liabilities decreased to $2,863,496 as of March 31, 2025, down from $2,908,829 at the end of 2024[18]. - The company’s accumulated deficit increased to $569,385 as of March 31, 2025, from $562,178 as of December 31, 2024[18]. - As of March 31, 2025, the assets held for sale amounted to $101,449,000, an increase from $52,748,000 as of December 31, 2024[84]. - The total liabilities held for sale increased to $17,514,000 as of March 31, 2025, from $7,043,000 as of December 31, 2024[84]. - Long-term debt as of March 31, 2025, totaled $1.941 billion, down from $1.965 billion as of December 31, 2024[124]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $53,650 as of March 31, 2025, from $109,747 as of December 31, 2024, indicating a liquidity contraction[18]. - Net cash provided by operating activities increased to $95,527,000 in Q1 2025, up from $49,035,000 in Q1 2024, representing a 95% increase[26]. - Cash at the end of the period was $53,650,000, down from $79,566,000 at the end of Q1 2024, indicating a decrease of approximately 32.6%[26]. - The company’s cash paid for interest was $45,969,000 in Q1 2025, down from $50,259,000 in Q1 2024, indicating a decrease of 8.6%[26]. Expenses - General and administrative expenses were $86,854 for Q1 2025, slightly down from $89,041 in Q1 2024[20]. - The company reported depreciation and amortization expenses of $94,345,000 for Q1 2025, slightly up from $92,876,000 in Q1 2024[26]. - The company incurred equity-based compensation expenses of $5,296,000 in Q1 2025, compared to $4,533,000 in Q1 2024, reflecting a 16.9% increase[26]. - The company recognized depreciation expense of $89.2 million for the three months ended March 31, 2025, compared to $87.3 million for the same period in 2024[85]. - The company incurred finance lease costs of $3,374,000 for amortization of right-of-use (ROU) assets in Q1 2025, which is an increase of 49.8% compared to $2,255,000 in Q1 2024[164]. - The company recorded an income tax expense of $0.9 million for the three months ended March 31, 2025, a significant decrease from $6.6 million in the same period of 2024[167]. Compliance and Legal Matters - The company has no material accruals related to lawsuits, claims, or investigations at this time, indicating a stable legal standing[171]. - The company is fully cooperating with multiple investigations regarding potential violations of the False Claims Act, but the impact on financial conditions remains uncertain[172][179][181]. Debt and Financing - The Company issued $600.0 million aggregate principal amount of 5.125% senior unsecured notes in August 2021, maturing on March 1, 2030[132]. - The Company recognized a loss of $0.7 million in other comprehensive income due to cash flow hedge accounting for the three months ended March 31, 2025[121]. - The Company made a voluntary repayment of $20.9 million on the 2024 Term Loan during the three months ended March 31, 2025[130]. - As of March 31, 2025, the outstanding borrowings under the 2024 Term Loan were $525.0 million, with a quarterly principal repayment requirement of $4.1 million through September 30, 2026, increasing to $8.1 million from December 31, 2026, through June 30, 2029[130]. - The maximum amount the Company could borrow under the 2024 Revolver while remaining compliant with financial debt covenants was $277.6 million[131].