Christine Archbold
About Christine Archbold
Christine Archbold is AdaptHealth’s Chief Accounting Officer (CAO) and principal accounting officer; she joined the company in 2022 and was promoted to CAO in March 2023. She is 51 and holds a B.S. in Accounting from Saint Joseph’s University . Company performance in 2024 included net revenue of $3.26B (+1.9% YoY), Adjusted EBITDA of $688.7M (+2.7% YoY), and free cash flow of $235.8M, with annual bonuses tied to Adjusted EBITDA, FCF, and compliance metrics paying above target for eligible NEOs . AdaptHealth’s cumulative TSR indexed to $100 declined to $25.35 by 12/31/2024, versus $92.81 for the S&P Health Care Services Select Industry Index and $125.85 for the S&P 600, underscoring equity sensitivity of long-term incentives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Clarivate | Chief Accounting Officer; Global Corporate Controller | 2017–2022 | Led controllership and SEC reporting; strengthened internal controls in a complex, global environment |
| Houghton International | Global Controller; Director of Financial Reporting | 2011–2017 | Owned enterprise controllership and reporting; improved reporting systems and controls |
| Ernst & Young LLP | Auditor | Pre-2011 | External audit experience; grounding in accounting and control frameworks |
Fixed Compensation
| Item | 2024 | Notes |
|---|---|---|
| Base Salary ($) | $375,000 | Increase from $350,000 effective Jan 1, 2024 |
| Target Bonus (% of salary) | 50% | 2024 annual incentive design applied uniformly across NEOs |
| Actual Bonus Paid ($) | $214,732 | Based on 114.52% payout of target |
Offer letter indicates current target annual incentive bonus opportunity equal to 60% of base salary (subject to continued employment through payment date) .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Adjusted EBITDA | 75% | $695.0M | $688.7M | 95.44% | Paid Q1 2025 |
| Free Cash Flow | 20% | $165.0M | $235.8M | 200.00% | Paid Q1 2025 |
| Compliance | 5% | 100% | 100% (pre-modifier) | 95.44% (post EBITDA modifier) | Paid Q1 2025 |
| Overall Annual Bonus | — | — | — | 114.52% of target | Paid Q1 2025 |
| Equity Instrument | Grant Date | Shares (Target) | Vesting Schedule | Performance Metric |
|---|---|---|---|---|
| Time-based RSUs | Feb 5, 2024 | 28,536 | 1/3 each on 1st, 2nd, 3rd anniversaries of Feb 1, 2024 | N/A |
| PSUs (partial tranche) | Mar 31, 2024 | 11,415 (Target); 5,708 (Threshold); 22,830 (Max) | Cliff in Q1 2027 (performance period ending Feb 1, 2027) | Relative TSR vs peer group: 25th=50%, 50th=100%, ≥75th=200% |
| PSUs (remaining tranche) | Jun 20, 2024 | 17,121 (Target); 8,561 (Threshold); 34,242 (Max) | Cliff in Q1 2027 | Relative TSR as above |
Equity Ownership & Alignment
| Ownership Component | Amount | Notes |
|---|---|---|
| Direct Beneficial Ownership (Common Shares) | 19,177 shares (<1%) | Based on 135,548,146 shares outstanding as of 4/24/2025; below 1% threshold |
| Unvested Time-based RSUs Outstanding | 36,168 shares (2,036 from 2022; 5,596 from 2023; 28,536 from 2024) | Vest over 3 years from respective grant dates |
| Unvested PSUs Outstanding (Target) | 36,929 shares (8,393 from 2023; 11,415 from Mar 31, 2024; 17,121 from Jun 20, 2024) | Earn 0–200% based on relative TSR; cliff vest Q1 2027 |
- Stock ownership guidelines: CEO 6x base; other executives 3x base; Ms. Archbold specifically 1.5x base salary; 5-year compliance window; retain 50% of after-tax shares until compliant .
- Hedging/pledging/margin trading prohibited by Insider Trading Policy; no exemptions granted to executives .
- Section 16(a) compliance: No delinquent filings disclosed for Ms. Archbold for 2024 .
Employment Terms
| Term | Detail |
|---|---|
| Agreement | Offer letter dated Aug 17, 2022, amended Mar 10, 2023 |
| Current Target Bonus | 60% of base salary (per offer letter) |
| Non-compete | 12 months post-termination |
| Non-solicit | 12 months post-termination |
| Non-disparagement | Indefinite |
| Severance (standalone) | None; not entitled to contractual severance |
| Change-in-Control Treatment | Double-trigger; accelerated equity vesting only; estimated value $695,883 if terminated without cause in connection with a change in control (assumes PSUs at 100% of target) |
Performance & Track Record
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Revenue ($B) | $3.20 (+7.7% YoY) | $3.26 (+1.9% YoY) |
| Adjusted EBITDA ($MM) | $670.8 (+13.0% YoY) | $688.7 (+2.7% YoY) |
| Cash Flow from Operations ($MM) | $480.7 | $541.8 |
| Free Cash Flow ($MM) | $143.2 | $235.8 |
| Indexed TSR (Company, $100 base) | $66.39 at 12/29/2023 | $25.35 at 12/31/2024 |
Investment Implications
- Alignment and pay-for-performance: Ms. Archbold’s variable pay is keyed to Adjusted EBITDA (75%), FCF (20%), and compliance (5%), with above-target payout in 2024; long-term incentives are primarily PSUs that vest on relative TSR, increasing alignment but exposing realizable pay to stock performance .
- Retention and severance economics: Lack of contractual severance suggests limited guaranteed exit economics; double-trigger CIC treatment focuses benefits on equity, which is earned and vesting-dependent—reduces windfall risk and supports shareholder-friendly design .
- Ownership and selling pressure: Direct ownership is modest (<1%); upcoming time-based RSU vesting (Feb 2025/2026/2027) and eventual PSU cliff in Q1 2027 may generate periodic liquidity events; hedging/pledging restrictions and ownership guidelines mitigate misalignment risk .
- Governance and clawbacks: Robust clawback policy and prohibition of single-trigger vesting in future officer contracts enhance governance; say-on-pay support was high (96.8% in 2024), indicating shareholder backing for the compensation program .