AdaptHealth (AHCO) FY2023 results: revenue $3.2 billion, up 7.7% on the year
AdaptHealth Corp. (AHCO) reported revenue of $3.2 billion for fiscal 2023, the year ended 31 December 2023, up 7.7% on the year before. Net income was -$679 million, and diluted earnings per share $-5.31. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$3.2 billion
+7.7% on the year
FY2018FY2023
Operating margin
-18.7%
6.4% a year earlier
FY2018FY2023
Net income
-$679 million
FY2018FY2023
Diluted EPS
-$5.31
FY2018FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
481
374
276
+28.6%
Capital expenditure
337
391
203
-13.8%
Free cash flow
143
-17.6
72.4
Free cash flow margin
4.5%
-0.6%
2.9%
Cash from investing
-357
-411
-1,825
Cash from financing
-92.5
-66.1
1,599
Depreciation and amortisation
383
351
258
+9.0%
Share-based compensation
22.5
22.4
25.3
+0.3%
Buybacks
29.3
14.0
0.0
+109.2%
Diluted shares, weighted
134m
139m
133m
-3.3%
Shares outstanding at period end
133m
134m
134m
-1.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
1,458
2,151
2,062
-32.2%
Non-controlling interest
8.2
6.6
4.8
+24.5%
Debt
2,148
2,188
2,204
-1.8%
Operating lease liabilities
85.5
104
120
-18.1%
Finance lease liabilities
22.7
4.0
0.1
+475.8%
Other liabilities
786
765
860
+2.7%
Total liabilities and equity
4,509
5,220
5,250
-13.6%
Fixed assets
495
n/a
399
Goodwill
2,725
3,545
3,513
-23.1%
Intangible assets
130
163
202
-20.0%
Cash and equivalents
77.1
46.3
150
+66.7%
Receivables
389
359
360
+8.3%
Inventory
114
128
123
-11.0%
Other assets
579
978
504
-40.8%
Total assets
4,509
5,220
5,250
-13.6%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.