Adapthealth Corp. · NASDAQ:AHCO
Adapthealth — Q2 2025 Earnings Presentation
15 slides from Adapthealth's earnings presentation, Aug 5, 2025
Slide 1: Financial Supplement Q2 2025
Financial Supplement Q2 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 June 30, March 31, December 31, September 30, June 30, (in thousands, except percentages) 2025 2025 2024 2024 2024 Sales revenue $ 504,715 $ 495,522 $ 557,533 $ 510,693 $ 516,405 Rental revenue 264,587 249,535 265,078 262,315 258,326 Capitated revenue 31,
Slide 4: Q2 2025 Business Mix Summary
Q2 2025 Business Mix Summary Wellness at Patient Pay Rental Home 14.5% 33.0% 18.8% Sleep Health 41.8% Insurance Diabetes Health Government 59.4% Sale 18.1% 63.1% 26.1% Sale 65.1 Capitated % 3.9% Respiratory Health 21.3% Sale Type Segment Payor Type / Investor Supplement / Q2 2025 4
Slide 5: Revenue by Segment (1 of 2)
Revenue by Segment (1 of 2) Three Months Ended June 30, March 31, December 31, September 30, June 30, (in thousands, except percentages) 2025 2025 2024 2024 2024 Net sales revenue: Sleep Health $ 254,593 $ 241,171 $ 265,319 $ 246,895 $ 242,526 Respiratory Health 7,826 8,261 8,443 8,307 8,033 Diabete
Slide 6: Revenue by Segment (2 of 2)
Revenue by Segment (2 of 2) Three Months Ended June 30, March 31, December 31, September 30, June 30, (in thousands, except percentages) 2025 2025 2024 2024 2024 Net revenue from capitated revenue arrangements: Sleep Health $ 6,804 $ 7,639 $ 7,745 $ 7,379 $ 6,976 Respiratory Health 13,797 15,046 15,
Slide 7: Net Revenue Growth
Net Revenue Growth In millions Reported Net Revenue Growth Non-Acquired Net Revenue Growth (1) (0.7)% (1.0)% ~$806 ~$800 ~$806 ~$798 1.5% 0.2% (0.4)% Q2'24 Reported Q2'25 Reported Q2'24 Q2'25 Non-Acquired Non-Acquired (1.0)% (2.1)% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 (1) Non-Acquired net revenue compares
Slide 8: Appendix
Appendix
Slide 9: Consolidated Non-GAAP Reconciliation
Consolidated Non-GAAP Reconciliation Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue Revenue Revenue Revenue (in thousands, except percentages) Dollars Percentage Dollars Percentage Dollars Percentage Dollars Percentage Net income attributable to AdaptHealth Corp. $
Slide 10: Segment Information
Segment Information Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 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) r
Slide 11: Segment Non-GAAP Reconciliation
Segment Non-GAAP Reconciliation Three months ended June 30, Six months ended June 30, (in thousands) 2025 2024 2025 2024 Total Segment Adjusted EBITDA $ 155,544 $ 165,315 $ 283,482 $ 323,800 Interest expense, net (27,533) (33,038) (55,932) (65,510) Depreciation and amortization, including patient eq
Slide 12: Free Cash Flow
Free Cash Flow Three Months Ended June 30, March 31, December 31, September 30, June 30, (in thousands) 2025 2025 2024 2024 2024 Net cash provided by operating activities $ 161,994 $ 95,527 $ 150,415 $ 144,405 $ 197,984 Purchases of equipment and other fixed assets (88,665) (95,585) (77,336) (59,556
Slide 13: Debt Structure
Debt Structure (in thousands) 6/30/2025 Rate Maturity Revolving credit facility Undrawn Base Rate or Term SOFR (1) September 2029 Secured term loan $ 375,000 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, March 31, 2025 134,941 124 147,348 Equity-based compensation activity 275 — 275 Number of shares outstanding, June 30, 2025 135,216 124 147,623 Unveste
Slide 15: Earnings Per Share (EPS)
Earnings Per Share (EPS) Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2025 2024 2025 2024 Numerator Net income attributable to AdaptHealth Corp. $ 14,674 $ 19,435 $ 7,467 $ 17,301 Less: Earnings allocated to participating securities (1) 1,235 1,656 629