Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen, thank you for joining us this morning for the AdaptHealth Fourth Quarter Earnings Call. At this time, I would like to introduce Mr. Chris Joyce, General Counsel.

Christopher Joyce

Thank you, operator. I'd like to welcome everyone to today's AdaptHealth Corp. full December the XXXX. for call year XX, ended conference our a yesterday Everyone received of earnings should have copy release evening. year slide If not, as regarding on supplemental release Relations section the that is of full the presentation our Investor I'd like well to as highlight XXXX posted results website. earnings a .

Chief some comments Josh AdaptHealth; of Parnes, Steve moment, Financial of Chief Griggs, Clemens, AdaptHealth. Officer a In prepared Executive we'll President and have from Officer AdaptHealth; Jason of

the open will for We call questions. then

like everyone forward-looking Act. press the beyond. that results I'd the in to not conference call our Litigation included These of begin, in this but financial are for release limited we Before XXXX Reform remind include Private Securities meaning statements to, and statements statements our and comments constitute may within regarding

those annual differ are filings. uncertainties quarterly and call projected forward-looking could risk number on subsequent provided our statements which AdaptHealth to a update shall results no materially reflect this in events. because and of such length in obligation of Actual to have the factors information Corp. SEC discussed at from

call, is morning's a of flow, are we'll today. later all the financial will which certain morning's such as financial this and EBITDA, free adjusted of on Additionally, non-GAAP This be available measures. cash being measures, recorded, EBITDA call and reference call replay

I'm now pleased to introduce our Chief Executive Officer, Steve Griggs.

Stephen Griggs

work XX at appreciation health services patients our is than states, X.X AdaptHealth's in a to to AdaptHealth for employees locations lives. care daily call. full-service them in their operating and more Chris. you, serve X,XXX my patients. express joining than community, healthiest XX,XXX of thank morning, more Good our products to provider million for like Thank live I'd professionals in empowering who and to you including and XXX nationwide the home

on revenue cost to Driving ability extra contributed is customer continued built of including plan development Most XXXX XXXX, year market other demand devices base grow up the extraordinary labor its even was efforts, the part in our to XXXX for up CPAP this successful of we AdaptHealth as crucial and the supply result as the pace accelerated and and to patient recall. gross to a our Philips goals. issues. satisfy important, decline labor in increase These of intentionally growth costs was deliver setups. XXXX AdaptHealth those and a and us but to margin, the track incurred face to setting stay source achieve share through our costs of of in longer-term in chain that the our

applicable, revenue, It ongoing then is is sleep, recurring, we the a supplies. of new important significant people with and in have note the here line. our is patient the rental, of a number product reasonable respiratory of if key metrics that majority our Once we X ongoing particularly Therefore, set revenue expectation and lines. X we Sensus, through to supplies in initially devices, each up serve of of vast our on ADAS

census our our support convert census into of in device orders. resupply recurring continue upgrades make we figures opportunities built record in key has to These invested at record the in and that throughout industry our growth levels. census As talent. immediate infrastructure attractive AdaptHealth a levels. PAP while resupply Pat for long-term markets scale this is also setups, they to unmatched the a as national of our has result organization focus of to is operators Accordingly, patients a acceleration hit are

our as This our controls began our Oracle reporting. our enterprise-wide finance in financial internal work our included over and complete XXXX, which the February improve efforts overhaul integration accounting of continued featuring we and to implementation, infrastructure,

we achieved of management improvements infrastructure these flow $XXX operations. As of of cash million a result a revenue from our record cycle throughout and operations

During drive improvements. to make XXXX, investments we continue will to

During also in disease steps Josh the will continuum, X.X, our especially for health in management. and We care the discuss which crucial building in post-acute HME ADAP towards journey know took first chronic are that XXXX, suppliers we greater detail.

Most and reflects of data payers. commitment manage our cost. for downstream to the and continue connected benefit of connectivity to generate devices that conditions actionable Adapt and are patients to help reduce X.X chronic our facilitate our

across from addresses a In position headwinds conclusion, we confidence on significant XXXX fully our continue XXXX year I updated increased Based important guidance to we entering forward, this initiatives, value shareholder strength. we drive year. to strategic this throughout and considers any a believe expect for number have are great of going and of progress expected

we management of $XXX million. team in goals shared Our Day cash billion at to in generate $X and adjusted free XXXX billion September, the in Capital EBITDA in flow Markets confident namely revenue, achieving and remains $X focused

and like would on I provide an Now details over our developments. to President, call to strategic turn further to Josh update Parnes, the

Joshua Parnes

AdaptHealth took first towards ADAPT X.X. are past care and of center This year, team's Steve. the our you, Thank focus. Technology the steps models innovative building at

process our and digital best how to testing cost the million we and use this X.X a lower overall in total of of better care. connection enhancing at to patients now the are outcomes connectivity in-person We . have drive with

it which significant will orders percentage revenue. provides of focus, a and to and increased leader transparency a savings a business the and to our continue and will of digital continue in in enable as increase business. order be E-prescribe been has collectibility efficiencies our Adapt administrative e-prescribe and

AdaptHealth seamlessly additional more deploy available coordinate of reduce an both patients. their administrative parties providing portal payer associated payers. is expense allowed of These to teams and services. Beyond scalable for technology care integrated on e-prescribe in This have integrations allow and the and and behalf a with care XXXX, to patient to payers management proprietary deployed monitor claims to

in billing disease clinical management track comprehensive for future, launched facilitate a patients and place AdaptHealth the and provide our to of full to mobile communication chronic channel orders, with patient as programs. Additionally, as recently ability encounters application choice my App, enable well the and access

devices. out, to continue we will access for become As connected on a app resource it powerful roll medical their patients to data my

over strong X,XXX our by our access X,XXX XX,XXX from QX patients app registered products and with Apple, Android adoption seeing up diabetes the the of system in XX,XXX are ordered patients patients We than digitally. and to from more stores, downloads

Our will goal lower experience is of and a to transformative create an billing patient on application patients for that with allows us which interact a cost at disease overall care. ordering, management to clinical allow

on begun care has work models. initial Finally, disease-specific

our exists models. data in patient-centric devices. on gap connected patients We and homes services real-time million X we our patients goal believe into more demonstrate conditions to at Our understanding is with living utilize chronic and care can of pipes the that the cost-effective bridge home almost to through help

enable care proactive time. We have can confidence help models our over more patients get care value-based effective that we more and

Now I'll over our call turn CFO, the Clemens. to Jason

Jason Clemens

Thanks, our Josh. Good for morning, and call. joining thank you

billion, ended XX, XX% XXXX. of net reported increase $X.XXX an year December $X.XXX full AdaptHealth from billion in revenue XXXX, the For of

of an from For million the of fourth quarter $XXX.X in ended XX% net XXXX. December $XXX.X XX, reported million, XXXX, increase revenue AdaptHealth

expect recall. record XXXX, demand net indicator a XXXX. X.X% good ever highest immediately revenue our was it prior sleep the QX patient census Respironics in largest QX we now the is will continue of our growth surpassing Patient Non-acquired for has QX for product in products previous set is continuing led been, sleep, category. to the growth that sleep by

XX, fell million, December what For when adjusted in quarter $XXX.X downward we below XXXX, guidance we fourth ended EBITDA which January. the was expected revised

First, for the January let reasons reduction. everyone me remind the

CPAP Our it healthier has is much supply chain today than been.

did quarter, sequentially we Although third quarter not to grow the revenue we grew fourth the as expected. we from sleep as fast rental

versus rental product quarter. the portfolio, mix Rental almost revenue the XX% Across we sales a of for carries margins sales XXX% revenue. gross higher revenue expected versus of for

which also January line incremental XX noted as inflationary guidance we pressures, adjusted we guidance. we our part Further, So bottom detected accordingly. of

previously to We protect to increased our structure As recurring environment. supply store to interruptions. product chain distribution supply in implemented against challenging discussed, additional centers centralized cost the response

locked in agreements Others it. shipping products Many raw when those came agreements also product special ensure patients new expense needed surcharges related with they and our receive related of with We materials, increases in came pass-throughs. needed fuel we launches. the cost terms to purchasing to to

more in had cost the approximately in these fourth were than However, $XX anticipated million we the of January. factors quarter

increase recoupment revenue and caused million. EBITDA quarter reduction adjusted for of net the which experienced activity in We $XX an a and also refund payer in

and Although in for refunds and of recruitments this recent care size was health XX timing accounted activity so unexpected guidance. are and very the normal providers, course not for was our it January

XXXX appropriately We refund believe guidance. and activity that for our in we have recruitment accounted general

appropriate variable account we in contained are impacts XXXX, December. in experienced for unanticipated operating but have built XXXX. conservatism We surprises believe $X level in we expense million of labor and of Finally, these to to any an other

million $XX year, or over cash from flow For $XXX the was XXXX. operations up million, XX% full

days particularly the We days as are XXXX. end revenue XX outstanding sales from contribution X of end at down was with from our pleased very the of the improvement, this XXXX, cycle

last transformation at days, and of and earnings During from payable an XX is to those perform. I'll point our investments call, we claims in make achieved our e-prescribe that to are initiative highlighted target out accounts XXXX. quarter's engine, investments we've year-end we continuing edit down and continued outstanding XX our the days payable complete,

We million $XX higher payments also of delivered XXXX. XXXX in despite over improvement operations cash flow from interest

CapEx use operations very defined our cash million shape. from overall, flow in is XXXX was expenditures, for as cash $XX Free year. was $XXX of the million a flow, for good cash So generation as capital less

million. we Quite at we December was our of revolver. the cash the $XX.X our leverage have frankly, million a equipment was buying don't on patients. $XXX to enough satisfy X.XXx, needs maintained X XX, on cash balance covenants, XXXX, use of of than net On hand our Per better end 'XX,

As previously complete open the XX, We of quarter. did repurchases Board end on the stock we purchases million. allow year, for our And of market of for extension our our of repurchase XXXX. a repurchased not share Directors common December authorized XXXX, the announced through $XX program to during the any reminder,

we morning, this to discussed are account announced for our items the XXXX overall earlier. As adjusting for guidance

revenue billion growth net represents X.X% billion, for nonacquired XXXX. to $X.XX $X.XX is this guidance XXXX Our over

growth EBITDA in to EBITDA adjusted representing is for midpoint of margin million million, XX.X% is from guidance The Our XXXX. XX.X% XX.X% XXXX. adjusted $XXX over up $XXX

the the CapEx for decreasing and is first guidance of activity through net the of PAP as Our in of half second we equipment backlog. the XX% work year purchasing revenue half the reflecting purchase setup XX% over year to elevated

leverage of revamping and estate We installing national consolidating process to agreements on rationalizing our are contracts supplier our into cost management power. various initiatives infrastructure, new supply chain in buying real our footprint focused

contributions considerable To our XXXX, to leader Christi of to established focus finance control has harden we Archbold, newly added people President accounting as joining addition impactful our point, In October on in Corporate environment. in in particularly and Vice great Christi our new made AdaptHealth. since hired roles, Accounting. we've that we technology, work an Senior

March effective Chief promote Officer expect to So Officer the X, and Accounting Accounting Principal for Christi we to company.

that, turn to call Griggs. over CEO, the back our With I'll Steve

Stephen Griggs

Thanks, Jason.

AdaptHealth a and As scale, I in infrastructure environment. national from based before, supply strength regulatory positive our is of position on continued XXXX said chain investments improvements entering in a

continued stability the efficiencies investments Adding continued and from of to core Adapt the upside of the our are of and growth X.X. business technology strength and our operating rollout expected

We confidence out we to will we business at guidance. that XXXX. Capital I achieved. be 'XX reflected our September our laid on Day management Markets on our Moving targets And revised in financial addressed and team's pressures share have them cost believe appropriately our the the inflationary

open please questions. the for Operator, line

Operator

We'll from our first take with Pito Deutsche question Instructions]. [Operator Chickering Bank.

Philip Chickering

of here, so others questions I'll let lot of ask lot some details. of a a the See

increasing just increased therefore, revenue intellectually I'll I your into, potentially mean with guidance CapEx just rental increased shouldn't lower associated guidance why does EBITDA? and going rental lower revenue CapEx So of EBITDA, our is revenue therefore -- and up. assume percent higher XXXX lead

Jason Clemens

remained Yes. we respiratory supplement we rental. flat. mix, HME categories, Thanks, . of had product we're sequential website, I'd growth expected some fact, product Pete. the to We the are to dollars. posted This first those point and to regarding you specifically other QX million what is respiratory growth, responding that expected and sequential we seeing we several rental. had results. within lines within Jason. modest In our our category, product within shrank And category in

Frankly, Sleep to where continues was but be million. the numbers It expected landed was we $X a did. more, strong strong a they performer. up performer, by sequentially

revenue, trends called XXX% the the as to So we're, lowering rental the to you responding line. drops bottom which fact, in essentially out, and

to XX% Regarding That's what a more revenue providing we're we XX% at norms, expectation our is than believe we expect conservative CapEx, would historical CapEx XX% still revenue. of of normal on higher circumstances. in

environment. of no kind supply So and normal PAP chain recall

color your some adds So that hopefully, question. to

Philip Chickering

you talk you of are XXXX? question how DME And much for to do you this for billion flow of organic second does in in is seeing in from free Can impact shift Okay. for million. $X had tracking if billion, What it yours in then about assume 'XX? you impact And of at XXXX, XXXX. targets? diabetes 'XX? to cash here. XXXX or How pharmacy XXXX, Diabetes versus What your growth you EBITDA goals you lower look $XXX is revenues, $X 'XX

Jason Clemens

Sure.

to So XX%, grow 'XX, channel expectation teens. growth mid-'XX, mix we anticipated. within had business. diabetes landed say low we that everyone question mid-teens, pegged in responding with than the we pharmacy portfolio, our are fact, the in expectation tempered substantial half are will diabetes change. benefit second the we we on nonacquired remind our growth let lower first product beginning the the not I medical that the at me from in start to seeing of for of benefit to diabetes and With I'll around move our book line the diabetes that to

are we responding So to that shift.

start and are generally Volumes activity healthy.

are lower our in that price guidance depending for pressure payer accounting the essentially mix, payer, we're We and on for points under XXXX. from

revenue of in is for it guide some 'XX, $XX to expectations on response the So tempered million down diabetes.

believe time company on demonstrated XXXX, those assumptions those your to than well line limited the as significantly we free question remind less all I'll in, flow, had top Now adjusted that we line, as targets targets, acquisition that still expectations all essentially has historically. the cash built in achieve will very outlined, we financial EBITDA

And so growth, obviously, respond the of as acquired we have lever, growth. change to non-acquired in do we

single-digit to the X we mid- Capital would diabetes next down a component that over I'd said to set at also out, years. product growth to say glide of that had time years separately, several we that growth we at Markets portfolio. nonacquired Day X high diabetes land over we expected our for thought revenue

we predicted. And so faster albeit we are had expected, than we impacts seeing the

Operator

And we'll Brian take Jefferies. with our Tanquilut next question from

Unidentified Analyst

This Schuman behalf is Brian. of on Christian

about EBITDA So going sequential quarter, on weakness how of cadence. the we QX into we XXXX, And had third sure just with on the thinking in also be touched then make the kind QX? of seasonality, trends kind should like EBITDA

Jason Clemens

would that previously, predicted Sure. to non-acquired what portfolio This I revenue if say, Good question. is in down year projecting as look diabetes from well that increase . in we growth factors that firstly, as guide, rental over X.X% Jason full the again. are the XXXX, is at due we we we our discussed. a namely

through expect will X% will I would to tell rental little in you that sales QX a X.X% pull the time related sparking non-acquired course we lines. pull commissions, regarding to that to growth, of the That product the growth and changes but due to growth incentives installing step over within are we be year. of those year will the nonacquired take believe, up we do area focused over through, of the to course

adjusted last you to that shape I of profile EBITDA. we margin bottom similar year expecting would of full should line. EBITDA what for the QX of year be saw XX.X% terms In for we're tell

Operator

we'll And Bank from Joanna Gajuk next with question of take America. our

Joanna Gajuk

This is Joanna Gajuk here.

here. couple comes a questions your you slowing in growth I to XX% XX% just January, things it diabetes, you And So said 'XX. talked for obviously are to about of guess, down. When

if impact, you guidance it does What do guidance? diabetes. I is shaping And for guess at where this how So long-term your assume for out? the all,

Jason Clemens

start line in we've XXXX, After we this earning we in -- all, are payer I land area are Again, in had would higher volumes, that I mix, firstly, And the to changes expected activity changing. of over to single-digit wouldn't say, you profile is towards it mean, category slowdown as the it non-acquired product I again, to Joanna, product change again, of mid- to expected we referenced the sure. kind we material This articulate we time. revenue responding in the as is Jason. so a and diabetes, word look regarding growth I that think growth. slowdown. new for the diabetes

up So anticipated. will nonacquired I that within of single XX% we would diabetes category. to we digit deliver for the than XXXX that high we seeing are say growth faster believe

Joanna Gajuk

sounds guess, better. And of out there, Okay. comments growth sleep. any same X% It -- seeing And change are does your to XX%. on thing, prior of things that like then I on guess, or anything going I long-term there you're

Jason Clemens

Sure.

So sleep, within no within We're pleased the change. with we the very demand sleep have business. that

in XXXX. meeting like. in We demand, in unpredictable to you PAPs. confident the terms appreciate, work revenue I sleep deliver receipt would within as responding of are of for I terms of fast expectation as very that we'd of think, out everyone we are that we not We the the going tell hard will field previous

getting in and out patients. we're is That specifically when of we and to -- comes we need, it, how what is are it mean I that it timing managing unpredictable. getting locations we're the but still

systems all go. it's So

expect the a burning that needs pay are every We PAP. time variable for over to and that meet patient each us you'd

in you're largely into we the will of -- second first terms guided half overall, very And non-acquired hearing so for we I'm timing meeting growth sorry, demand of patient But previously what very, XXXX. strong that 'XX. is of arguably deliver first demand, 'XX believe and sleep half half

Joanna Gajuk

Okay.

So somewhere that above XX%. for long-term 'XX right? this I was actual like for guidance, the outlook year XX%, guess

Jason Clemens

That's correct, Joanna.

Another data -- yes, that's correct.

exactly is the set you rental PAP Another PAP mean coincided Respironics of patient the . with recall. of data rental quarter point our the second our That I was census previous for timing in census, for record XXXX.

then, environment grow it census. a continue unusual since So that to to environment, has been challenging an

set However, PAP of QX new of we 'XX census. rental a record in have

You'll see supplement. it of our X in Slide

the bottomed 'XX. revenue category, of rental out first PAP in terms If quarter in you look at of

then, on go based expected we've was XXXX, reported previously systems had slower than low we census and But to grow the of patient February of discussed. continued had due within sleep all since business. the reasons it demand to the albeit We is point

Joanna Gajuk

cash CapEx on long-term cash in how that revenues. is clearly, the higher. But views running operating year? about previously X%, And should so And of the on X% kind flow, Okay. I in think change general, flow we that I your guess, to any guess outlined cash free flow be the should for you of

Jason Clemens

revenue free cash question, expenditures. X% capital less XXXX for tell flow will for Joanna. you as estimate operations free convert cash change is current X% to XXXX, would I expectations between the Good defined No Yes. of to flow. from my cash flow, and

you the operations XXXX. flow to year point the would from I over cash growth full

We pleased we are We've that We're the improve. and continuing revenue this e-prescribe. growth. our with pleased are the made investments people, very discussed portals our within particularly process and regarding with intake procedures cycle, intake to They technology.

our the day. maturing down revenue days And and and engines continue are perform all year-over-year. evolving discussed that to claims has within in We've edit DSOs every resulted that coming cycle X

hearing is you're And inflow, shape. cash we very from flow are good so what ops, in

no no normal from everything Act X/X that's several expect we would I years, and a mean cash in operations flow-through circumstance, pandemic, refund adjusted flow happened last represent EBITDA. to and over CARES from the repayments

XXXX, at EBITDA. is that look around you If XX% of adjusted

XXXX. And sizable transformation the of complete. so of course discussed use and -- improving, sorry, Those cash you're XXXX over was payable AP accounts as the efforts seeing we've inflows efforts are I'm the a

XXXX. our expect based current down and to within of on to X/X And about capital of for flow rev our trends from adjusted we EBITDA operations would current working cash use within so cycle deliver cash

discussed for it do circumstances, escalated XX% the what of CapEx. appropriate. We've believe our We've provided would And again, expectations normal business is left of range that which in a we versus full expectations. year, you're there, revenue. be our From the with would is

from result X% of we adjusted And land the where to capital EBITDA will free revenue and that X% so cash converting less flow in of flow. applying expenditures cash between conversion operations, on X/X

Joanna Gajuk

on press That's the X mentioned super of helpful. you some efforts cutting The in the last -- cost release.

in of is you leverage free [Technical is What you. exactly, of And revenue and do XXXX incremental that sort to thank what cutting your on acquisitions X% with flow. guidance? in it X% how vis-a-vis outlook cost where cash curious your stands some much converting Difficulty] into . assume so about Just today that And

Jason Clemens

a and take part that in ask flow to question. relates expectations I'll on the Sure. cash I'm of going how free to and weigh to Steve M&A. Josh

about activity very, completed 'XX. Regarding and it believe, immaterial, revenue within $XX the all early That you, was QX. acquired essentially XXXX, in I year, was million, very was remind of it the on early or I'd acquisition in before quite was

stub extremely our period you And acquisition? so of there guidance revenue the do our want and limited is impact to kind of part take Steve, expectations. of

Stephen Griggs

Thanks. Jason. Sure,

So majority We'll higher just obviously, limited or that to think generated did our vast X probably in would acquisitions, those X, acquisitions. be the we expect minor the cash very impact XXXX, business. use XXXX. in I to we flow for of

rounding use that those revenue. Jason that. of if cash of X%, towards probably and X%, you towards at That go will acquisitions put type error So numbers X.X% a out

I So million. provide would in they guess they're to be $XXX of short just going

Operator

We'll Blackman from next question Matthew our with take Stifel.

Mathew Blackman

guide parts. some to headwinds also make like Maybe, I my and in the arms are the maybe start, prepared in Jason, respiratory And I around just on moving sleep It saw HME. extent can sounded mentioned lot and that and there 'XX to into baked that you it. to you of in wrap sustained diabetes sure headwinds XXXX. some is a script want

product on then missing Can X it and am sounds else quick And you fill blanks? to then mix then anything I And like inflation call there? out? EBITDA, headwind. in the What And follow-up. continued there is

Jason Clemens

growth. margin Matt. XXXX, -- half of cost of remainder the part coming and goods were -- the cost labor I adjusted EBITDA Sure, that would over over operating a do of expect from from XXXX as a over believe we expect that . we missing I little coming the point about expansion the half No, and X -- you say don't anything. coming for expense of that from little of actual

pace. that we X.X%, will our So do line words, believe in at OpEx top same COGS, not grow labor growing and other our

enhanced expect we and so get to leverage And margin. operating

Mathew Blackman

mix your emerge into Appreciate diabetes, that. what thoughts it it's is, why may assume like I what the thoughts it whether on shift and any why was the the trigger just fourth And it, that? transient, sound quarter? then are payer been But saw any doesn't thoughts that have in curious on XXXX. we Just here right. All for sustained

Stephen Griggs

doctors their out I they are think that patients. working at get on patients. we're cross-sell GPs, calling And in more reps businesses there they're and the our particularly doing that Our we're government-based to on,

was that that on And so the I just of of towards type think type the just more sales emphasis patient. side doctor in and resulted

So we expect that to continue throughout XXXX.

we'll expect government that diabetes physicians mix before, in really than our So And past. them I we to we've that's primary on the than calling had and more payers see would think continue. in ever that more we're care

Mathew Blackman

So business the . the like manifesting pump of on this CGM rather the it is largely in side. sounds side

Stephen Griggs

Correct.

Operator

[Operator Richard Close Instructions]. from Canaccord We'll question Genuity. take with our next

Unidentified Analyst

This Richard is Close. on Finney for John

So we've competitors been hearing from some supply of your .

down gaining bleeding by what of So see today? backlog And still what the do do competitors? being of is And still just probably you than do state see share I XXXX. yourself of you see kind through -- in market bled the was half your faster wondering down you that first

Stephen Griggs

of quarter. stated through by it second first the backlog, the Yes, our be should of part first we quarter, we had that the end

that. we're on think I pace for

of based getting has the share pre-pandemic new we So do we on amount patients market that levels. or will that. our we're And improved pre-recall that believe, see from

pretty very those shape. that continue, in we're not -- good we're and so confident confident So and we're we're pretty will

Operator

remarks. the further questions this will to that program time. at no we And closing for our have it now back presenters or appears any additional over I turn

Stephen Griggs

we and our to the that We'd everybody and just to we we continue much, to Thank appreciate revenues very have. forward support, working better We like everybody. 'XX costs and in attending. thank for managing look you deliver and hard the appreciate

Operator

for concludes teleconference. today's That participation. your Thank you

disconnect. may You now

AdaptHealth (AHCO) 28 Feb 232022 Q4 Earnings call transcript