AdaptHealth Corp.
For the period ended Nov 4, 2025. Filed Nov 4, 2025.
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Nov 4, 2025 · Filed Nov 4, 2025
Contents
EX-99.1 · EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
This press release presents AdaptHealth’s EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin for thethree and nine months ended September 30, 2025 and 2024.
AdaptHealth defines EBITDA as net income (loss) attributable to AdaptHealth Corp., plus net income (loss) attributable to noncontrolling interests, interest expense, net, income tax expense (benefit), and depreciation and amortization, including patient equipment depreciation.
AdaptHealth defines Adjusted EBITDA as EBITDA (as defined above), plus equity-based compensation expense, change in fair value of the warrant liability, goodwill impairment, loss on extinguishment of debt, litigation settlement expense, gain on sale of businesses, and certain other non-recurring items of expense or income.
AdaptHealth defines Adjusted EBITDA Margin as Adjusted EBITDA (as defined above) as a percentage of net revenue.
The following unaudited table presents the reconciliation of net income attributable to AdaptHealth Corp. to EBITDA and Adjusted EBITDA, and the reconciliation of net income attributable to AdaptHealth Corp. as a percentage of net revenue to Adjusted EBITDA Margin, for the three months ended September 30, 2025 and 2024:
| Three Months Ended September 30, | |||||
|---|---|---|---|---|---|
| 2025 · 2024 | |||||
| (in thousands, except percentages) · Dollars · Revenue Percentage · Dollars · Revenue Percentage | |||||
| Net income attributable to AdaptHealth Corp. | $24,509 | 3.0% | $22,859 | 2.8% | |
| Income attributable to noncontrolling interest | 1,241 | 0.2% | 1,096 | 0.1% | |
| Interest expense, net | 25,380 | 3.1% | 31,429 | 3.9% | |
| Income tax expense | 10,600 | 1.3% | 8,073 | 1.0% | |
| Depreciation and amortization, including patient equipment depreciation | 97,716 | 11.9% | 90,759 | 11.3% | |
| EBITDA | 159,446 | 19.5% | 154,216 | 19.1% | |
| Equity-based compensation expense (a) | 5,311 | 0.6% | 863 | 0.1% | |
| Change in fair value of warrant liability (b) | — | —% | (2,243) | (0.3)% | |
| Loss on extinguishment of debt (c) | — | —% | 2,273 | 0.3% | |
| Other non-recurring expenses, net (d) | 5,299 | 0.6% | 9,148 | 1.2% | |
| Adjusted EBITDA | $170,056 | 20.7% | $164,257 | 20.4% | |
| Adjusted EBITDA Margin | 20.7% | 20.4% | |||
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| (a) | Represents equity-based compensation expense for awards granted to employees and non-employee directors. |
| (b) | Represents a non-cash gain for the change in the estimated fair value of the warrant liability. These warrants expired on November 8, 2024. |
| (c) | Represents lender fees and the write-off of unamortized deferred financing costs in connection with the refinancing of the Company's credit agreement. |
| (d) | The 2025 period consists of $1.7 million of consulting expenses associated with a reorganization project, $1.2 million write-off of assets, $0.6 million of consulting expenses associated with asset dispositions, and $1.8 million of other non-recurring expenses. The 2024 period consists of $3.3 million of severance charges (primarily related to the separation of the Company's former President), $2.8 million of consulting expenses associated with systems implementation activities, $2.0 million of consulting expenses associated with asset dispositions, $0.5 million of expenses associated with litigation, and a $1.1 million write-down of assets, partially offset by $0.6 million of other net non-recurring income. |
The following unaudited table presents the reconciliation of net income attributable to AdaptHealth Corp. to EBITDA and Adjusted EBITDA, and the reconciliation of net income attributable to AdaptHealth Corp. as a percentage of net revenue to Adjusted EBITDA Margin, for the nine months ended September 30, 2025 and 2024:
| Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (in thousands, except percentages) | Dollars | Revenue Percentage | Dollars | Revenue Percentage |
| Net income attributable to AdaptHealth Corp. | $31,976 | 1.3% | $40,160 | 1.7% |
| Income attributable to noncontrolling interest | 3,523 | 0.1% | 3,217 | 0.1% |
| Interest expense, net | 81,312 | 3.5% | 96,939 | 4.0% |
| Income tax expense | 47,341 | 2.0% | 21,931 | 0.9% |
| Depreciation and amortization, including patient equipment depreciation | 284,421 | 11.8% | 274,797 | 11.5% |
| EBITDA | 448,573 | 18.7% | 437,044 | 18.2% |
| Equity-based compensation expense (a) | 16,738 | 0.7% | 10,614 | 0.4% |
| Change in fair value of warrant liability (b) | — | —% | (1,800) | (0.1)% |
| Goodwill impairment (c) | — | —% | 13,078 | 0.5% |
| Loss on extinguishment of debt (d) | — | —% | 2,273 | 0.1% |
| Litigation settlement expense (e) | — | —% | 3,345 | 0.1% |
| Gain on sale of businesses (f) | (32,225) | (1.3)% | — | —% |
| Other non-recurring expenses, net (g) | 20,452 | 0.8% | 23,503 | 1.1% |
| Adjusted EBITDA | $453,538 | 18.9% | $488,057 | 20.3% |
| Adjusted EBITDA Margin | 18.9% | 20.3% | ||
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| (a) | Represents equity-based compensation expense for awards granted to employees and non-employee directors. |
| (b) | Represents a non-cash gain for the change in the estimated fair value of the warrant liability. These warrants expired on November 8, 2024. |
| (c) | Represents non-cash goodwill impairment charges relating to an immaterial business disposal during 2024. |
| (d) | Represents lender fees and the write-off of unamortized deferred financing costs in connection with the refinancing of the Company's credit agreement. |
| (e) | Represents a $2.4 million charge for the change in fair value of shares of Common Stock of the Company that were issued in July 2024 following final court approval of a previously disclosed securities settlement, as well as an expense of $0.9 million to settle a shareholder derivative complaint. |
| (f) | Represents pre-tax gains associated with the dispositions of two businesses within the Company's Wellness at Home segment. |
| (g) | The 2025 period consists of $9.8 million of consulting expenses associated with asset dispositions (of which $5.1 million relates to contingent success fees from the sales of businesses), $2.3 million of consulting expenses associated with systems implementation activities, $1.7 million of consulting expenses associated with a reorganization project, $1.4 million of transaction costs associated with acquisitions, $1.2 million write-off of assets, and $4.1 million of other non-recurring expenses. The 2024 period consists of $9.7 million of consulting expenses associated with systems implementation activities, $3.3 million of severance charges (primarily related to the separation of the Company's former President), $3.3 million of expenses associated with litigation, $2.9 million of consulting expenses associated with asset dispositions, $2.7 million write-down of assets, and $1.6 million of other non-recurring expenses. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.