AdaptHealth Corp.

Greetings and welcome to the Adapt Health Corp. fourth quarter and full year 2020 financial results conference call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Chris Joyce. Please go ahead, sir.

Thank you, Kevin. I'd like to welcome everyone to today's ADAPT Health Corp conference call for the quarter-ended December 31, 2020. Everyone should have received a copy of our earnings release earlier this morning. If not, I'd like to highlight that the earnings release as well as a supplemental slide presentation regarding Q4 2020 results is posted on the investor relations section of our website. In a moment, we'll have some prepared comments from Luke McGee and Steve Griggs, co-chief executive officers of ADAPT Health, Josh Parnes, president of ADAPT Health, and Jason Clemens, Chief Financial Officer of Adapt Health. We'll then open the call for questions. Before we begin, I'd like to remind everyone that statements included in this conference call and in our press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements include, but are not limited to, comments regarding our financial results for 2021 and beyond. Actual results could differ materially from those projected in forward-looking statements. because of a number of risk factors and uncertainties which are discussed at length in our annual and quarterly SEC filings. ADAPT Health Corp. shall have no obligation to update the information provided on this call to reflect such subsequent events. Additionally, on this morning's call, we'll reference certain financial measures such as EBITDA, adjusted EBITDA, and adjusted EBITDA less patient equipment capex, all of which are non-GAAP financial measures. This morning's call is being recorded, and a replay of the call will be available later today. I'm now pleased to introduce our Co-Chief Executive Officer, Luke McGee.

Thanks, Chris, and thanks everyone for joining our call. I'd like to start with a quick thank you to all of our ADAPT Health employees. I continue to be impressed by the heroism of our frontline employees, clinical teams, and delivery drivers who have continued to meet the critical needs of our patients in the face of the COVID-19 crisis. Our patients' home health needs have only grown throughout the duration of 2020, and now that AdaptHealth and ArrowCare have combined, we have amplified our ability to empower our patients to live their best lives, out of the hospital and in their home. To put that in context on a combined basis, we provided home medical equipment to more than 43,000 patients with a COVID diagnosis. On top of that, we provided hundreds of ventilators, thousands of oxygen concentrators, and hundreds of thousands of pulse oximeters and thermometers to our hospital partners. We, along with our HME peers, were a critical part of the healthcare system in responding to COVID. Not only did ADAPT step up to meet the needs of our patients, payers, and referrals throughout 2020, but we did so while delivering record financial results. As Jason will detail later, our full year results beat the high end of our updated guidance that we published in November 2020 across revenue, adjusted EBITDA, and adjusted EBITDA less capex. We continue to grow our business with accretive acquisitions through the year, including the transformational of acquisition Acquisition of ArrowCare that closed on February 1st, 2021. In total, we acquired 22 companies in 2020. As we've demonstrated over the past several years, our team has the ability to integrate acquisitions into a cohesive and comprehensive platform to deliver healthcare in the home. The acquisition of ArrowCare will only enhance and accelerate our goals here. Our management teams have shared a common view of success for a long time. A business that is powered by technology, connectivity, and ease of doing business with our referring providers, efficient logistics and turnaround times, and patient satisfaction with our products and services. We continue to invest in these important areas, and the team will talk about progress in our prepared remarks. Following the Erector closing, we remain focused on strengthening our geographic footprint, product mix, and patient access through strategic and accretive acquisitions. In late February, we closed on the acquisition of Alina Health Home Oxygen and Medical Equipment in Minneapolis. And earlier this week, we closed on two other acquisitions, further complementing our existing HME businesses in the Midwest and Southern California. We continue to build out our rapidly growing diabetes supply business to complement the acquisition of Celara last year. We are pleased to announce the acquisition of Louisiana-based Diabetes Management and Supply, a leading supplier of CGM and diabetes management supplies throughout Louisiana and the Southeastern United States. We've also added additional scale with a small acquisition in upstate New York at the end of 2020. To support our acquisitions with appropriate financing, we've been active in the capital markets. We are pleased with the recent success of these activities, including our $500 million unsecured note issuance, our $700 million refinancing of our senior secured credit facilities, and our successful $279 million equity raise in January 2021. In total, we expect these acquisitions to deliver 130 to 150 of incremental revenue in 2021, and we are increasing our guidance accordingly. Jason will talk about the components of our guidance later, but for now, I'll turn the call over to Steve to talk about what we've accomplished together in our first 30 days.