Earnings call transcript Q2 2023

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Operator

Good day, everyone, and welcome to today's AdaptHealth Second Quarter 2023 Earnings Release. At this time, all participants are on a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Today's speakers will be Richard Barasch, Chairman and Interim CEO of AdaptHealth; and Jason Clemens, Chief Financial Officer of AdaptHealth. Josh Parnes, President of AdaptHealth, will join Richard and Jason for the question-and-answer portion of this call.

within like call everyone release Act. and may forward-looking I'd in statements issued begin, the constitute conference of this in statements we to Litigation that remind included today Private Before Securities meaning Reform the the press statements limited comments results are regarding not beyond. XXXX and but include, financial These to, for annual Actual because uncertainties, of company's number factors and quarterly of which in differ discussed and risks from length projected those materially could filings. a results in statements at are forward-looking SEC and the

AdaptHealth have on should such no Corp. the obligation information this subsequent to provided reflect update call to events.

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

and introduce Barasch. pleased to Sir? I'm the Richard now CEO Chairman of AdaptHealth, Interim

Richard Barasch

everyone. performance. AdaptHealth to Executive discuss Teufel, joining X Thank a moment will us welcome Good our for our new like as take September Officer. to I'd joining be start today, To who today you to morning, quarter on Crispin second Chief AdaptHealth's call

board deep many record to we coming months. community. to industry of at that a lives you the services brings live and of in and future success. with proven experience organization's is which getting in chance AdaptHealth to and get this the Crispin markets healthiest on the will forward the nationwide meet home their to in look operate. patients products provider to a full-service, him our enable and of and years expertise key His understanding track be excited We're him

that professionals to employees, especially are products X,XXX we continuum, health these who know crucial million X We have needed including patients. the in care nearly We nearly health useful work data chronic and costs. are and chronic XX,XXX for these approximately bring and to care of conditions management of our devices help OSA reduce diseases connected Most generate COPD. diabetes, of manage lots post-acute like downstream for care and

the in of best now patients partners. that how are of benefit payer and the connectivity our process out our figuring use We to for

the by quarter our successful and initiatives. Turning non-acquired in with and in of Most sequential I'm savings core solid driven respiratory X.X% our results, and EBITDA to details our pleased year-over-year. the diabetes second our strength businesses report cost increased sleep to execution now coupled quarter. XX% notably, revenue were improvement adjusted of business

with cash products The quarter. and more the lines, generation continued year-over-year pleased second quite the growth was also total revenue. first robust in improved year. in quarter quarter, highlight these of flow the our the Building our half our grew of which in We're combined half sleep the than on represent of a XX% first product respiratory

market in business in our performance to the as down, off. year paying past demand strong Going now made by business the was we've service both our improved ability new driven are resupply demand, more starts and The sleep over investments well efficiently. line this this as

processes our strength on equipment satisfy of especially to enough demand, improved new we've resupply, in great area an have We hand AdaptHealth. starts, and in for

shows the data over past share year. clear we gained have leader market Industry in sleep are and that the

see up time quarter since oxygen length patients Our quarter We expectations business stabilization and patient set on had respiratory the its had line during are strongest the XXXX. we're of pandemic. hit in that of which acquisition our of vents, the to decreased fourth starting

and react a market. this to quarter, changing first acknowledge After dynamics we in swiftly crucial in we Now diabetes that in are turning disappointing a to to market saw very business our We rebound not the resuming second modest diabetes. committed quarter. enough growth did

have emerged solid This all patient into Over that pumps. supplies, a census, business areas plan plan and and achieve grow. focus done highest reflect CGMs history, the we've to momentum. highlight aspects our market the diabetes going a our months, to with especially growing the dive on two building which for a deep three diabetes in I'm past results plan, our is of solid existing to regain in upon foundation specific our gives our which to us of

we other we encouraged First, the to CGMs growing. government our focus even as their by coverage of widen be Medicare going business, business, generally CGMs We've the and account are recent is emphasized importance growing and a to emphasis pricing meaningful pumps our government result have the are sales of to more of achieve decisions that to where large We're market on the takes government vibrant and for seen medical compliance. on already to is The by intentional able market impact. and rapidly, into pressures. government of benefits and payers force, inflationary

XX% basis points over our now year compared trend represent CGM census, XXX up and this course XXX the of anticipate We first the will year. Government-sponsored from of payers quarter. to last of basis an continue the increase points

increase through and us As We our current to pharmacy the access payer for to the update to commercial business, and channel. we and full creative solutions see as strategy this new offer of our to essential to CGM partners contracts part to an patients. plan enable the patients, including

is of and employing entire of are advantage diabetes rapidly improve the reach. AdaptHealth the our take between capability sales synergy operations HME's diabetes scale example One national business. the the forces we team creating of and Next, to HME

to line reordering. growth HME easier use our diabetes is More in supplies, The strategic grow business population it and to patients future reach our in for this efficient AdaptHealth. expand our world-class operation to Another our diabetes patients is to services diabetes to disease. important on rapidly through their make more help our to the to get and of and and continues topic reports. resupply crucial including digital this of come we manage chronic success Sadly, intend to

working committed Medicare a customer contract equipment the a become similar to of we value-based Advantage, we’ve the District relationship healthy members hard patients medical plus their X, arrangement. area began which of we We and Subsequent were culture, Humana step to intend with essential value-based Columbia. other of established of HMO is transformative patient-focused to homes. for July significant this marks on implementation high pursue service, states we provider on in XX important their May, in the Humana. arrangements. keeping sign This that on this the with an focus of alignment is AdaptHealth, our toward home to levels of our in earnings we’ve new highlighting XXXX, role our our program in think The Based to supplies call a announced and and

we’ve other by and affected labor businesses, been increased most Like costs.

actively are several in inflationary mitigating We factors ways.

First, administrative add of the past, patients orders as that between that we’re technology the the Among has we year. week over costly we e-prescribed continuing the have payers. grown and is to the prescribers, reduces each important process, meaningfully percentage our friction which refine KPIs most review done in we and past

and Another in tangible Jason significantly result as led process technology which RCM will better to has improvement function, is reduced describe our collections. and of DSOs

saving we’re Building also on these technology focused on opportunities. additional improvements, cost

scale now prior an active much we business. focused know, a achieving and are years of in were you on the larger acquirer As

for announced effort, million this previously of continuing a of target cost that the of savings will As areas our in are we’re further we to we $XX improvement. achieve operations result and confident examine

quarter and Jason our year Jason? the Clemens, call to financials CFO, the over turn review to full now guidance. I’ll second

Jason Clemens

in Richard, opportunities you, our all Thank today. to diabetes. ahead and reiterate core to us strength sediment and want Richard our joining for of in the I call the thanks lines about product

reviewing by begin our me Let results. second quarter

Our revenue our $XXX.X non-acquired and year-over-year. of increased increased million X.X% X.X%, revenue

were results digits. and were strength led quarter by categories, both our sleep of respiratory product second Our up in which double

$XXX XX% by revenue to equipment year compared look Taking total each increased ago, PAP closer categories, at our and million these setups a resupply product driven of consistent a operations. sleep of

XX%. year-on-year equipment orders patient an XX% our revenue delivered strong PAP and with million, quarter up XX% of census $XXX of Respiratory another year-over-year. Our increase resupply grew are

fourth of As XXXX. mentioned, census was this patient of quarter strongest the quarter since the net

offset year-over-year our pump over channel strengthens the orders. pump helped The up in census Our strength diabetes foundation prior was which our was to future in decline the expected commercial mixed in Further, for pressures CGM year. census and government our revenue growth. just offset patient X% XX% business, in enough the increase supply the

we quarter and second forward second somewhat look of the we year-over-year the half be fourth higher. to to quarter third growth with year, quarter anticipate the As the in line be to

XX.X%, Our year-over-year, a program. This increase full of adjusted year EBITDA of increase an of adjusted our the was quarter, XX% $XXX management a in point million to margin reflects cost EBITDA execution attributed primarily an to compared ago.

operations Cash the flow quarter million. from was $XX.X second in

and revenue CapEx expected, to compared of was in QX XX.X% XX% As QX. a year ago, XX.X%

full which of of year flow cash and free generated confidence we half, X% first in our of gives revenue. million, us the achieving between X% $XX.X For goal

are second balance direction Now sheet. with and in in DSOs quarter $XX.X XX.X days quarter. the turning million to days XX.X last the cash. XX.X compared trending ago to a year the days right ended We of

DSOs benefits we’ve and our investments We technology the process made of fully refining cycle remain in the our expect as at we realize this second half to workflow. and level revenue in

X.XXx Our net end first leverage ratio of at quarter quarter. the the X.XXx of the down was end from at the

$XXX to follows. still $X.XX full guidance We $XXX to million adjusted QX adjusted but from pleased million. $X.XX to year so updating EBITDA with and were a very revenue we as there gap is of are QX up billion, of results, expectations, make billion EBITDA Revenue

We of total between free revenue. CapEx X% are flow maintaining and expectations and cash between XX% and X% revenue of our for XX%

a guidance. I insight assumptions would that support like to provide into the our little

that second is supply a considerably to increase in mind period eased We of QX XXXX. half PAP revenue over expect XXXX the X.X% Keep the tougher QX chain year-over-year. in comparable just equipment as

in margin adjusted line expect QX. We to QX EBITDA with be

fourth free continue our will quarter cash come modestly free the contribute of of projected to expect In to in terms we quarter. rest the the and cash flow, third flow

our forward pleased steady we stand operational progress We and Humana to our up in updates We second of making providing ramps are on today. as the improvements and the year. look with it we’re half agreement where

open Operator? for that, With the will questions. call we

Operator

Brian Instructions] Jefferies. will Thank you. come [Operator And first question from with our Tanquilut

is line open. Your

Brian Tanquilut

Congrats guys. Jason, and for morning, on quarter. color you And guidance. thank all Good the the the

of maybe How that with you well? through – the the the the all guys for about look kind it, the and within like rates commercial to do past business as normalized trend click parts of as are the we be what So should shift shift the moving the the hopefully channel we’re rest year. you normalization what growth government call thinking diabetes as seeing

Jason Clemens

morning. Sure. We few of good Brian, would context. points a offer

So Capital growth, we and last to still delivering Markets September, XXXX, you view was mid would back our single that’s line that think diabetes our Day digit by be first product look upper if our to true.

gliding growth teens down then that final mid-teens back the of Now a to if kind different versus one. low from saw place, that we resting you path is estimated will. today We to

in And technology. has headwinds that trends the but in that a QX. We quarter than $X estimated compared year. over this course Also fact, I point the with what believe just would on for OP a and continued level, a pressure as going $XX We seeing spot continue expected. face to tubeless been the to course prior their again million a XXXX that’ll of release saw headwind us QX, pumps is a that million of point. and in year. forward, with pressure at opportunity we’re think be that big big we we we X the saw mean, sooner We

grow is, through low-single-digit a the move the guiding as for our think capitalize in with rate balance add of XXXX them. to points that the we growth view longer-term we’re opportunities back couple in that year. on will quarter growth we’ll we and front what that then us that each on of We So modest of

Brian Tanquilut

months it. And the for then potentially return growth specifically industry as about think in incremental what right. you that Adapt? so. of just in Philips think potential thinking even about margins we for the few How the about and are I terms do or All Got maybe of or XXXX could market the likely as next in

Jason Clemens

first. part participants. market all the second think welcomed reentry Sure, by marketplace, Phillips Brian. to would be I’ll the of The take I

up I back, counting by on the believe we so are they it’s think after distributors, not on six we’re by think – other out they we’re providers, in patients. If months will, Street, the it. by words, but estimates when there we come to to continue that

think healthy. sleep that of our we’re demand our more the I when today don’t terms growth, we we’re the need need or product that. patients at consistent a we’ve in point getting changes with And business. chain margins we is that that to In we supply products seen get it on the mean, really

let it’s can But I mean, out that will availability we’ll want PAP enter And think manufacturers into enter change on logical we there’s think Now will price? we play more with. within that have we get the to you with negotiations price to and market. so. drive that to once those

Brian Tanquilut

question. Got it. one last Jason, squeeze if quick I might

way Obviously, contract. you as Just benefit the big we be be we big any know the the said should about headline, it’ll about the client, contract. but just should around the And I to some context in contract, thinking year. that? be Humana big back But half of thinking the put P&L beginning how whole, just Thanks. a of

Jason Clemens

Sure, sure.

the needs the patients new have to already excludes HME. excited rolling contract come our home but product very that line we’re over diabetes We think their across the Again, and that lines. of DME in be the there future, It we’re to that sleep, excludes in lines this relationship. product line. the X So Humana there’s supplies respiratory, product those online and million it’s managing opportunity

So, three when mean, for patients. categories. we these early. should I will report in to expect where growth QX, Humana see the come that’s those sequential we It’s growth

integrating just through a heavy moment. lift at working that the we’re We’re conversions

expectations we’re we of this inside for very going to guidance number baked cautious our So be that all is contract, it refresh specific but on fully the morning.

Brian Tanquilut

you. Thank Awesome.

Operator

Thank you.

from Our come next Coldwell question Baird. will Eric with

Your line is open.

Eric Coldwell

morning. Good much. very Thanks

quick So I Humana, set – then questions. of have and on another one just on one

assuming cash a a have the will. deal. equipment big go Humana it’s patients? Thanks. for so to You the outlook thought the what But buy-ins, On you is not I of equipment out follow-up. is your I’m flow, needing for onboarding if and maintained What acquire process? And the then the

Jason Clemens

Sure. Eric. Good question,

intention couple last I’d over on on reported the first We of for where quarter we yes, second had bps the PAP, equipment. up of expectations. our quarter from So as as was that’s our QX respiratory, expected, revenue it’s that a percent of actually within on note of our reported revenue patient CapEx And year. down XX.X% a considerably load to other down

Some we invested Richard and sleep large growing what as We this to to was was see we secondly share. continue a of And after very in mentioned. market winning and that as agreement. believe preparation go for then had

profile business. consistent that CapEx need So, we’re confident that – in won’t the of the of online of that Humana, revenue it that rest terms will come the the the be with with will

year. other words, XX% in our CapEx we feel for very below believe or midpoint for that So, we that that that the good hitting at number

Eric Coldwell

improve paper, warehouses upgrade to I initiative automation bit your technology on processes, Got and a company to of about initiative through people, which gone those digitization and years, it. activities other was an couple that process. Thank in had you. of and warehouses. My was area the various Jason still was in upgrades system over And invest believe your consolidation behind the another you’ve in you last is, systems as manual activities had the going I that and you’ve one know and question internally,

I’m us come? on with where So give you a if left that are you and can status check to what’s Thanks. curious

Jason Clemens

Eric. Sure,

happy to we’re live Tuesday. report, So went last we

But expect the a great this and course, daily running it with the warehouses a and with coming per that patient picking, had the back what and entire full picks success, with the So across what’s implementations. on you’d system. integration now logs management worker, platform. know hour for is, we Cloud is fingertips we number of day, each that warehouse tech that diabetes got and warehouse come our they’re else hardware at exciting We’ve full specifically returns, data comes of these and know they’re everything what’s running specifically to Oracle create our what’s really the per issues that we’ve the

week, but So good been it’s been week. a only it’s a

that early We work of QX. the are live portfolio within targeting handful And to we’re of that sites go important aiming underway. a is Texas HME in

all way thresholds demand embedded the and of to there. your process getting on standpoint, maxes in eliminating cost of think AI based ordering efficiency that from in Oracle mins more is a turned So this fair on amount than plan an the and on about

inventory tick sheet, a you’ll well As the note inventory. down squeezing that’s as in the balance our on

to turns We run cash continue on our sheet. to and the are out and teams getting focus charging balance faster of

more on report we’ll come to so And that.

later program we’ve that unlock to Finally, the consolidate the integrate We’ve technology really these the gives an about that we’ll us now talk ability to ability fully turned unlocked. taken It’s lot our cost of and sure on. out sites that But management XXXX. value a is locations. now got of course part over of I’m this

returns of cash of free will. our flow XXXX as estimates, terms in cash, So, you to changes this if more or think money,

money part our power spending So we’re to to this is do the believe of But that the efforts. installed. we free technology cash going year generating get as increase these

Eric Coldwell

Appreciate very much. you Thank answers. the

Operator

Thank you.

Our Blackman next come will with Mathew question Stifel. from

Your line is open.

Mathew Blackman

everybody. any morning, maybe hoping for basal Jason, in may specifically just now. step payer with now. Have say trends, on to follow-up any seen start Thanks What’s adoption up I one then volume diabetes. I’ve metric? a have in And I’ve got insight a two in heard think patient taking for you I reasonable coverage government CGM guess got on, you questions. my Good particular I CGM that XX% guidance you for ceiling follow-up. there, on mix And post-reimbursement?

Jason Clemens

for say CGM. don’t with I’d we CGMs the a happy Matt. from census diabetes of of we’re Sure, could record and hit know, probably for general, terms very growth. I’d here terms census ceiling, quarter, to in in XXX I halfway Reasonable in volume this reasonable. – In be that say

That force growing described of the all XXX quite Of the in as our sales sell in remarks, government than sounds the different mean. the of I cycle, opening it cross-sell. enabling, harnessing our country sales our power Richard are person equipping, to course, to strong teams continuing training, it’s That’s a It’s a easier different grow products. across faster. terms sale. intentional is book but is

And business, business, it’s good at it basal comment, is and think which growing. it’s your is to again, us, government cross-sell the pointed it’s we directly for is that healthy strong, it’s

We think do just X a early. up patients. TAM very, X that. that of I is between somewhere think numbers put million and patients on early. to it’s very We are Dexcom, won’t open basal we basal like million is But Medicare commercials will adoption our XXXX. We any agree the and include innings haven’t nor expectations we it, really for early and over it’s there. for well guide in XX% It’s on

Mathew Blackman

I appreciate in just that. we our think right. of sort particular? revenue All should any as about isolated to the then Is models, should move based? guidance any we And it is which segments on revenues reflect of broad help Just it in? how Or lower segments? in new sort

Jason Clemens

sure. Yes, Matt. Sure,

saw we product say So the at growth in think diabetes, QX. firstly across in line about that’s categories, modest QX very I’d in X%. in We

We’re be thinking. in that's hopeful it’s up QX, two point, a could we're touch. what maybe it a Could it be

If quarter low spoke Josh ago. each been at you see for now that to that growth for was executed mid-teens home, year-over-year The and to has about the you'll year the a value-based look arrangements supplies that four reason quarters.

are lapping we as those QX, enter Now we arrangements.

home previously, we ballpark? supplies I'd And HME expect incentive e-prescribe, in as is that to rate? low so that we've to sales absolutely a down focus very book to the have note it changed Could then of be working. on the thirdly, come be two? ordering growth three it to Could reported on single-digit back And business,

cleaner terms that in is And pretty and As better in cleaner processing up just margins considerably already with orders, of prescribed, comes claims, DME. servicing.

by you round perspective will, you up in we lower growers, out that think, then of the round sleep to performance, give the some continued a So it on respiratory and and you rest. if will

Mathew Blackman

Thank you helpful. so Really much.

Operator

Thank you.

Chickering next Deutsche will question Bank. Our with come from Pito

Your open. line is

Kieran Ryan

there, guys. Hi

You’ve question. got Ryan on Kieran for the taking Thanks Pito. for

to of of of new that start you issues work itself record seeing backlog? at Another solid the out kind starting starts I this point? on those kind new limited side, just quarter despite wondering, was that logistics on the Or is sleep side any is the are still

Richard Barasch

like started are on bit just in to of not mean, has out, folks but we're feeling product. usual, good setups on the very I'll itself vacation, as the It a soft, vacation, providers movement question. work Good that. holidays, you things summertime, Yes. tell about I

So of we'd summer nothing what over out here. than ordinary other expect the the time

Kieran Ryan

ahead And nicely then the Thanks. came in your on expectations. margins, it. XQ Got obviously, of

in the to just I you cost guided that the – that, when think benefits of you said XQ, under from does savings program. that include kind XX%, did that

the should So diabetes the upside as pretty to just being we related there? in rebound much read purely

Richard Barasch

all is in mean, those as margins I the performing represent sleep margin and I to that's and come mean, we due two-thirds diabetes and the cost They're management margin together, Really, product at is pure lines in mean programs say improvement we're addition the seeing products our diabetes reported go, the strength keep of lowest discussed. the of several I well. catalog, respiratory. business they're the the wouldn't systems mind, It's that with almost across helping the rebound. I product improvement healthy. times. really that what we've

Kieran Ryan

Thank you.

Operator

Thank you.

Our America. with comes Bank Joanna Gajuk next from question of

line open. Your is

Joanna Gajuk

morning. Good here. taking for so the Thanks question much

I So on first contract. Humana the guess,

a know been about month are business? in of – this of how also terms that get need X. of the that, you're these one versus kind more a can talk the trying do patients, it's vast you of focus the transitions majority I talking million just bit are margin and little new? a sense But ago, you contract, And support has of to It to with profile started that about early, July your So legacy right. the infrastructure business than additional

Jason Clemens

center upon us a arrangement, new patients. service Humana this call done that onshore couple Sure, overclub it up was Humana We've stood and relationship this in made. aspect. We've of customer to really new invest with It to the investments Joanna. that. A for entering dedicated infrastructure we've specific important these

haven't is frankly, time. opens or points points a considerable, new ever that cases, referral referral within down I the number sales arrangement our doubled very in earned up in lots we in some of cases, that, have this referral a other long force. from, We of mean

care taking And to doors of to so provider patients those taking and the in resource that's start groups. crack those open

So think that's projections we CapEx our on with that again, CapEx, earlier, in infrastructure Eric, on with the terms projections terms the side. we're utilization in of discussed with our I'd – really of say, I comfortable servicing the care the about really, it's touch and contract. around to satisfaction turnaround is such, taking And here. SLAs patients, operational then again, – all that patient just reporting paramount new of high metrics, times Humana

Of including a course, as know, focused on And those we're that helps up. things, payers, the to get reimbursement MA satisfaction you that's with patient variety scores of doing. what

Joanna Gajuk

I may, related diabetes, If guess I on the question right.

lower about So it government talking business rate and than shift a the the you're is commercial. to

So I a there. right lower margin assume

how to margin that terms terms in you said profile? for in in we in your cost about the traditionally changes business the being adjust the portfolio? forward the of program below just Or business? the should of that's in announced guess think this other structure response already then going change? had products if the will part I it's of So I those savings cost you diabetes And

Jason Clemens

some Yes, that's is months cost the less focuses intermediate than right, Joanna. technology XX term, that There management are enabling.

since execute large has say to diabetes. book margin happy general, be been business started on we'll Adapt at in that profile. course, in the increase and Of government I'd we of

Type the our which we space. space heavily The we've the enabled are sorry, to space, X. mixing business, very of growth to what's a up we X growing X businesses the through people all Type the book business. was primary sales diabetes we're the the government Some nature take within of new continue X and that retrained I'm we with heavily diabetes and do and focused know go care to of large Type of I'm that after concentrated already products. DME we DexCom that again, their Type very business, is just bought thrilled force, sales profiles expect

with pleased cash for that money very the generate with these us. and particularly flow businesses We're free the

mix about if plan again, is execute is good through And this things. just headwinds grow very fine. the reported to in reported. we again as these pump I more growing we've is margin be so we've the that growing shape. our mean payer as This through that well we'll margin, through And trends

Joanna Gajuk

Thank government mentioned for parts of you. I in and since to the been, business that just follow-up may, guess, the the exposed portfolio. last I if And you you've other

competitive and XXXX for bidding what and mean, any expecting of path CMS terms will comes on competitive outlook announcement quickly you. expectations I in the bidding? kind there, clearly included categories when of later but this Just put any are the Medicare views a are specifically for And program rates Thank competitive it you to in be year that bidding, new there?

Richard Barasch

Yes. Good question, Joanna.

Adapt that these the taxpayers and said, year. programs formally the CMS go have providers will programs. from benefited competitive believe postpone benefited from certainly bidding. you As Frankly, We bid forever. and don't away has competitive patients these over the We think

products. of think away. the hundreds thousands hard of to on mean, thousands with I is it I the got MSAs go this. Timing some context might you've in mean, predict will country complexity running and the just don't that over program. we all hundreds So very be and

we bids, XX in the is many space, in companies will the X,XXX accept more remaining essentially X,XXX DME providers the They'll believe what and bid. And between space.

big down easy And or not so side CMS, that it's a data calculator fast the runs administrative that guess, process. a at But through. I is all

XXXX a go things the process need in else. everything meet if competitive terms to bidding to you order in will, of bid and live, so program, another And get rolling for

will on we happen But I think we context, we've what next. business well more won't that's speculate So positioned regardless. our mean

Operator

[Operator Instructions] you. And with Thank our next Caliendo question from come Kevin will UBS.

open. is line Your

Kevin Caliendo

Maybe starts in taking to – sort you on coming what in to ask to of Crispin little bit and table the a process what Richard, question. were him bring and my a away taking he you for from Crispin's background month? us Thanks as expect and give want a when month the over CEO.

Richard Barasch

– running bring to brings great thanks. felt next through that doing and important that He's of came that in He down we're those. can better And just to experience company, financial even from help lot He greatly very us background, up or who tighten in. we us be he prior improve help to tackling, could we a businesses are over organization, get several oriented. in was blocking expect he of Crispin's a his finance and a Kevin, further ground months. hit someone it we processes things. Obviously, administrative great the the deal financially in the will

a a better So make really really hire it's it's – to company. us

Kevin Caliendo

he him contemplating? personal lot competitors, Is place are in about think should Do those opportunity something was that this like? Obviously, Is is O's Or is relationships and at of in one the and X's your take this and share? to more a level. you opportunity coming there's an we that an with running be executing set? of the

Richard Barasch

it's O's about business. the and in executing our Yes, X's

We anything employment in jeopardize of that Crispin's not a we'll he confidentiality and do are anything perspective. very that prior company has done from respectful to ever

of there. So we have But be what greater caution side expect be better on do to for the us help to a we him is company.

Kevin Caliendo

you. helpful. That’s enough. super Thank Fair

Operator

time, there questions at further are queue. no in Thank the And you. this

or turn it back closing to So remarks. for I would management over like to any additional

Richard Barasch

quarter on much. you to you forward joining positive even to for Thanks, AdaptHealth. We very was some of many detail talking encouraging what to a Thank very look the this very, and more everyone, give call morning. you for

Operator

Thank you, conclude and program, appreciate your participation. ladies does today's and gentlemen. we This

at disconnect time. any You may

AdaptHealth (AHCO) 8 Aug 232023 Q2 Earnings call transcript