AdaptHealth Corp. (AHCO) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18
	10-K	10-K	10-K	10-K	10-K
Revenues	2,970.6	2,454.5	1,056.4	529.6	345.3
Revenue growth	21.0%	132.4%	99.5%	53.4%
Cost of goods sold	2,903.9	2,324.2	1,054.3	543.2	349.9
Gross profit	66.7	130.3	2.1	-13.5	-4.6
Gross margin	2.2%	5.3%	0.2%	-2.6%	-1.3%
Selling, general and administrative [+]	162.1	167.5	89.3	56.5	18.1
General and administrative	162.1	167.5	89.3	56.5	18.1
Other operating expenses	-285.8	-262.8	-158.6	-99.4	-53.8
EBITDA [+]	541.6	483.7	153.8	91.9	79.0
EBITDA growth	12.0%	214.5%	67.3%	16.4%
EBITDA margin	18.2%	19.7%	14.6%	17.4%	22.9%
Depreciation	311.2	211.6	76.4	62.6	47.9
EBITA	230.4	272.1	77.3	29.4	31.1
EBITA margin	7.8%	11.1%	7.3%	5.5%	9.0%
Amortization of intangibles	40.0	46.5	6.0
EBIT [+]	190.4	225.6	71.3	29.4	31.1
EBIT growth	-15.6%	216.2%	142.9%	-5.5%
EBIT margin	6.4%	9.2%	6.8%	5.5%	9.0%
Interest expense	109.4	95.2	41.4	39.3	7.5
Interest expense	109.4	95.2	41.4	39.3	7.5
Other income (expense), net [+]	16.9	60.5	-236.0	-11.9	-1.4
Gain (loss) on debt retirement		-20.2	-5.3	-2.1	-1.4
Change in fair value of warrants	-17.2	-53.2	135.4	7.7
Other	-0.3	-1.8	3.4	0.3
Pre-tax income	97.9	191.0	-206.0	-21.9	22.2
Income taxes	24.8	32.8	-12.0	0.7	-2.1
Tax rate	25.3%	17.2%	5.8%
Minority interest	3.8	2.0	-32.5	-1.3	1.1
Net income	69.3	156.2	-161.6	-21.3	23.3
Net margin	2.3%	6.4%	-15.3%	-4.0%	6.7%

Basic EPS [+]	$0.52	$1.24	($3.08)	($0.95)	$1.95
Growth	-58.2%	-140.2%	225.5%	-148.4%
Diluted EPS [+]	$0.50	$1.17	($3.08)	($0.95)	$1.95
Growth	-57.5%	-138.1%	225.5%	-148.4%

Shares outstanding (basic) [+]	134.2	126.3	52.5	22.6	11.9
Growth	6.2%	140.6%	132.7%	89.6%
Shares outstanding (diluted) [+]	139.0	133.0	52.5	22.6	11.9
Growth	4.5%	153.5%	132.7%	89.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.