AdaptHealth Corp. Files Q3 2024 10-Q
Ticker: AHCO · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 1725255
Sentiment: neutral
Topics: 10-Q, healthcare, financials
TL;DR
AdaptHealth filed its Q3 2024 10-Q. Home health care.
AI Summary
AdaptHealth Corp. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as DFB Healthcare Acquisitions Corp., is a home health care services provider. Its principal executive offices are located at 220 West Germantown Pike, Suite 250, Plymouth Meeting, PA 19462.
Why It Matters
This filing provides investors with the latest financial performance and operational details for AdaptHealth Corp., a key player in the home health care sector.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Players & Entities
- AdaptHealth Corp. (company) — Filer
- DFB Healthcare Acquisitions Corp. (company) — Former company name
- 220 West Germantown Pike, Suite 250, Plymouth Meeting, PA 19462 (location) — Business and mailing address
- September 30, 2024 (date) — Reporting period end date
- November 5, 2024 (date) — Filing date
FAQ
What is AdaptHealth Corp.'s primary business?
AdaptHealth Corp. is a provider of home health care services, as indicated by its SIC code 8082.
When is AdaptHealth Corp.'s fiscal year end?
AdaptHealth Corp.'s fiscal year ends on December 31.
What was the previous name of AdaptHealth Corp.?
AdaptHealth Corp. was formerly known as DFB Healthcare Acquisitions Corp.
Where are AdaptHealth Corp.'s headquarters located?
AdaptHealth Corp.'s business and mailing address is 220 West Germantown Pike, Suite 250, Plymouth Meeting, PA 19462.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
Filing Stats: 4,700 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-05 17:19:31
Key Financial Figures
- $0.0001 — ich Registered Common Stock, par value $0.0001 per share AHCO The Nasdaq Stock Market
Filing Documents
- ahco-20240930.htm (10-Q) — 1868KB
- ahco-20240930x10qxexx311.htm (EX-31.1) — 10KB
- ahco-20240930x10qxexx312.htm (EX-31.2) — 10KB
- ahco-20240930x10qxexx32.htm (EX-32) — 6KB
- 0001628280-24-045365.txt ( ) — 9087KB
- ahco-20240930.xsd (EX-101.SCH) — 61KB
- ahco-20240930_cal.xml (EX-101.CAL) — 97KB
- ahco-20240930_def.xml (EX-101.DEF) — 271KB
- ahco-20240930_lab.xml (EX-101.LAB) — 807KB
- ahco-20240930_pre.xml (EX-101.PRE) — 534KB
- ahco-20240930_htm.xml (XML) — 1273KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION
Interim Consolidated Financial Statements (Unaudited)
Item 1. Interim Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 8 Notes to Interim Consolidated Financial Statements 9
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 54
Controls and Procedures
Item 4. Controls and Procedures 55
OTHER INFORMATION
PART II OTHER INFORMATION 57
Legal Proceedings
Item 1. Legal Proceedings 57
Risk Factors
Item 1A. Risk Factors 57
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57
Defaults upon Senior Securities
Item 3. Defaults upon Senior Securities 57
Mine Safety Disclosure
Item 4. Mine Safety Disclosure 57
Other Information
Item 5. Other Information 57
Exhibits
Item 6. Exhibits 57
Signatures
Signatures 59 1 Table of Contents CAUTIONARY STATEMENT In this Quarterly Report on Form 10-Q, including " Management's Discussion and Analysis of Financial Condition and Results of Operations " in Part I Item 2 , and the documents incorporated by reference herein, we make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for our business. These statements may be preceded by, followed by or include the words "may," "might," "will," "will likely result," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or similar expressions. These forward-looking statements are based on information available to us as of the date they were made, and involve a number of risks and uncertainties which may cause them to turn out to be wrong. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include : competition and the ability of our business to grow and manage profitable growth; fluctuations in the U.S. and/or global stock markets; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; changes in applicable laws or regulations; and other risks and uncertainties set forth in this Form 10
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Interim Consolidated Financial Statements
Item 1. Interim Consolidated Financial Statements ADAPTHEALTH CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED) September 30, 2024 December 31, 2023 Assets Current assets: Cash $ 100,180 $ 77,132 Accounts receivable 401,215 388,910 Inventory 133,490 113,642 Prepaid and other current assets 48,906 69,338 Total current assets 683,791 649,022 Equipment and other fixed assets, net 474,922 495,101 Operating lease right-of-use assets 106,390 110,465 Finance lease right-of-use assets 38,769 31,962 Goodwill 2,707,282 2,724,958 Identifiable intangible assets, net 113,452 130,160 Deferred tax assets 328,106 345,854 Other assets 17,224 21,128 Total Assets $ 4,469,936 $ 4,508,650 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 430,371 $ 391,994 Current portion of long-term debt 16,250 53,368 Current portion of operating lease obligations 30,276 29,270 Current portion of finance lease obligations 12,307 9,122 Contract liabilities 35,842 38,570 Warrant liability 2,221 4,021 Other liabilities 25,758 10,654 Total current liabilities 553,025 536,999 Long-term debt, less current portion 2,013,644 2,094,614 Operating lease obligations, less current portion 80,135 85,529 Finance lease obligations, less current portion 26,098 22,746 Other long-term liabilities 272,846 302,093 Total Liabilities 2,945,748 3,041,981 Commitments and contingencies (note 14) Stockholders' Equity: Common Stock, par value of $ 0.0001 per share, 300,000,000 shares authorized; 134,538,730 and 132,634,850 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 13 13 Preferred Stock, par value of $ 0.0001 per share, 5,000,000 shares authorized; 124,060 shares issued and outstanding as of September 30, 2024 and December 31, 2023 1 1 Treasury stock, at cost ( 2,935,035 and 3,935,035 shares at September 30, 2024 and December 31, 20