Produces U.S. Same Facility Revenue Growth
of 6.3%
Revises 2017 Financial Guidance
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
financial results for the third quarter and nine months ended
September 30, 2017. Revenue for the quarter was $716.7 million, a
2.4% decrease from $734.7 million for the third quarter of 2016.
Net income attributable to Acadia stockholders was $45.6 million,
or $0.52 per diluted share, for the third quarter of 2017 compared
with a net loss attributable to Acadia stockholders of $117.8
million, or $1.36 per diluted share, for the third quarter of 2016.
Adjusted income from continuing operations attributable to Acadia
stockholders per diluted share (“adjusted EPS”) was $0.58 for the
third quarter of 2017 compared with $0.58 for the third quarter of
2016, excluding the impact of transaction-related expenses of $5.7
million and $1.1 million for the third quarter of 2017 and 2016, as
well as debt extinguishment costs of $3.4 million and loss on
divestiture of $174.7 million for the third quarter of 2016. A
reconciliation of all non-GAAP financial results in this release
appears beginning on page 8.
The results for the third quarter were impacted by the
divestiture of 22 facilities in the U.K. that occurred on November
30, 2016. On a pro forma basis, adjusting results for the U.K.
divestitures, the decrease in the exchange rate and discontinued
operations, Acadia’s revenue for the third quarter of 2017
increased 4.8% to $716.7 million compared with $684.2 million for
the third quarter of 2016. Pro forma revenue adjustments for the
third quarter of 2016 included a negative impact from the U.K.
divestitures of $45.4 million, $4.1 million for the discontinued
operations, and $1.0 million from the decline in the exchange rate.
Acadia’s pro forma adjusted EPS for the third quarter of 2017
increased 18.4% to $0.58, compared with $0.49 for the third quarter
of 2016. Pro forma adjusted EPS for the third quarter of 2016
included the negative impact from the U.K. divestitures of
$0.09.
Joey Jacobs, Chairman and Chief Executive Officer of Acadia,
commented, “For the third quarter of 2017, we continued to be
pleased with the performance of our U.S. operations, although we
experienced a negative impact from Hurricanes Irma and Maria in
Florida, Georgia, and Puerto Rico, which reduced the quarter’s
earnings by approximately $0.02 per diluted share. The hurricanes
had unfavorable impacts of 60 basis points on same facility revenue
and 30 basis points on same facility patient days. Despite this
impact, same facility revenue for the U.S. increased 6.3%, with a
4.2% increase in patient days and 2.0% increase in revenue per
patient day. U.S. same facility EBITDA margin increased 50 basis
points to 26.8% for third quarter of 2017.
“The third quarter financial results for our operations in the
United Kingdom reflected a lower census and higher operating costs
than anticipated. After experiencing expected seasonal softness in
census for the month of August, the typical rebound in census in
the month of September was significantly weaker than anticipated.
In addition, due to further tightening in the labor market
primarily for nurses and other clinical staff, we incurred higher
agency labor expense than planned. Same facility revenue increased
3.8% for the quarter, with a 2.5% increase in patient days and a
1.2% increase in revenue per patient day. U.K. same facility EBITDA
margin was 21.4% for the quarter compared with 22.6% for the third
quarter last year. Total facility EBITDA margin in the U.K.
declined 170 basis points to 19.3% for the third quarter of
2017.
“On a consolidated basis, total same facility revenue increased
5.5% for the third quarter, with a 3.5% increase in patient days
and a 1.9% increase in revenue per patient day. Total same facility
EBITDA margin was 24.9% for the third quarter of 2017 compared with
25.0% for the third quarter of 2016. Our same facility revenue
growth resulted, in part, from the addition of more than 600 new
beds to existing facilities in the 12 months ended September 30,
2017. During the third quarter, 179 new beds were added to existing
facilities. We continue to expect to add approximately 800 new beds
to existing facilities and de novo facilities in 2017.”
Acadia’s consolidated adjusted EBITDA for the third quarter of
2017 was $152.3 million, or 21.2% of revenue, compared with $155.8
million, or 21.2% of revenue, for the third quarter of 2016.
Acadia today adjusted its financial guidance for 2017,
consistent with the Company’s performance for the first nine months
of 2017 and its expectations for the fourth quarter of the year, as
follows:
- Revenue for 2017 in a range of $2.82
billion to $2.83 billion;
- Adjusted EBITDA for 2017 in a range of
$600 million to $605 million;
- Adjusted earnings per diluted share for
2017 in a range $2.23 to $2.25; and
- An exchange rate of $1.28 per British
Pound Sterling and a tax rate of approximately 25%.
The Company’s guidance does not include the impact of any future
acquisitions or transaction-related expenses. EBITDA is defined as
net income adjusted for net income (loss) attributable to
noncontrolling interests, provision for income taxes, net interest
expense and depreciation and amortization. Adjusted EBITDA is
defined as EBITDA adjusted for equity-based compensation expense,
debt extinguishment costs, loss on divestiture, gain on foreign
currency derivatives and transaction-related expenses. Adjusted
income is defined as net income adjusted for provision for income
taxes, debt extinguishment costs, loss on divestiture, gain on
foreign currency derivatives, transaction-related expenses and
income tax provision reflecting tax effect of adjustments
attributable to Acadia.
Acadia will hold a conference call to discuss its third quarter
financial results at 9:00 a.m. Eastern Time on Wednesday,
October 25, 2017. A live webcast of the conference call will be
available at www.acadiahealthcare.com in the “Investors” section of
the website. The webcast of the conference call will be available
through November 7, 2017.
Risk Factors
This news release contains forward-looking statements.
Generally, words such as “may,” “will,” “should,” “could,”
“anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,”
and “believe” or the negative of or other variation on these and
other similar expressions identify forward-looking statements.
These forward-looking statements are made only as of the date of
this news release. We do not undertake to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are based on
current expectations and involve risks and uncertainties and our
future results could differ significantly from those expressed or
implied by our forward-looking statements. Factors that may cause
actual results to differ materially include, without limitation,
(i) potential difficulties operating our business in light of
political and economic instability in the U.K. and globally
following the referendum in the U.K. on June 23, 2016, in which
voters approved an exit from the European Union, or Brexit; (ii)
the impact of fluctuations in foreign exchange rates, including the
devaluation of the British Pound Sterling (GBP) relative to the
U.S. Dollar (USD) following the Brexit vote; (iii) Acadia’s ability
to complete acquisitions and successfully integrate the operations
of acquired facilities, including Priory facilities; (iv) Acadia’s
ability to add beds, expand services, enhance marketing programs
and improve efficiencies at its facilities; (v) potential
reductions in payments received by Acadia from government and
third-party payors; (vi) the occurrence of patient incidents and
governmental investigations, which could adversely affect the price
of our common stock and result in incremental regulatory burdens;
(vii) the risk that Acadia may not generate sufficient cash from
operations to service its debt and meet its working capital and
capital expenditure requirements; and (viii) potential operating
difficulties, labor costs, client preferences, changes in
competition and general economic or industry conditions that may
prevent Acadia from realizing the expected benefits of its business
strategy. These factors and others are more fully described in
Acadia’s periodic reports and other filings with the SEC.
About Acadia
Acadia is a provider of behavioral healthcare services. At
September 30, 2017, Acadia operated a network of 579 behavioral
healthcare facilities with approximately 17,400 beds in 39 states,
the United Kingdom and Puerto Rico. Acadia provides behavioral
health and addiction services to its patients in a variety of
settings, including inpatient psychiatric hospitals, specialty
treatment facilities, residential treatment centers and outpatient
clinics.
Acadia Healthcare Company, Inc. Condensed
Consolidated Statements of Operations (Unaudited)
Three Months Ended September 30, Nine Months Ended
September 30, 2017 2016
2017 2016 (In
thousands, except per share amounts) Revenue before
provision for doubtful accounts $ 728,712 $ 744,802 $ 2,143,696 $
2,139,039 Provision for doubtful accounts (11,998 )
(10,137 ) (31,892 ) (31,013 ) Revenue 716,714 734,665
2,111,804 2,108,026
Salaries, wages and benefits (including
equity-based compensation expense of $4,175, $7,145, $19,007 and
$20,989, respectively)
385,562 408,242 1,145,578 1,157,557 Professional fees 53,042 47,687
142,772 137,970 Supplies 28,652 30,555 85,000 88,449 Rents and
leases 19,049 19,740 57,455 55,013 Other operating expenses 82,328
79,748 249,161 230,950 Depreciation and amortization 36,442 36,418
105,256 101,145 Interest expense, net 44,515 48,843 130,777 135,315
Debt extinguishment costs - 3,411 810 3,411 Loss on divestiture -
174,739 - 174,739 Gain on foreign currency derivatives - (15 ) -
(523 ) Transaction-related expenses 5,665
1,111 18,836 33,483 Total
expenses 655,255 850,479
1,935,645 2,117,509 Income (loss) before
income taxes 61,459 (115,814 ) 176,159 (9,483 ) Provision for
income taxes 15,970 2,396 46,259
27,767 Net income (loss) 45,489 (118,210 )
129,900 (37,250 ) Net loss attributable to noncontrolling interests
129 402 306 1,575
Net income (loss) attributable to Acadia
Healthcare Company, Inc.
$ 45,618 $ (117,808 ) $ 130,206 $ (35,675 )
Earnings per share attributable to Acadia
Healthcare Company, Inc. stockholders:
Basic $ 0.52 $ (1.36 ) $ 1.50 $ (0.42 ) Diluted $
0.52 $ (1.36 ) $ 1.50 $ (0.42 )
Weighted-average shares outstanding: Basic 87,017 86,618 86,912
85,376 Diluted 87,172 86,618 87,038 85,376
Acadia Healthcare Company, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
September 30,
2017
December 31,
2016
(In thousands) ASSETS Current assets: Cash and
cash equivalents $ 75,661 $ 57,063
Accounts receivable, net of allowance for
doubtful accounts of $41,786 and $38,916, respectively
295,756 263,327 Other current assets 92,407
107,537 Total current assets 463,824 427,927 Property and
equipment, net 2,966,215 2,703,695 Goodwill 2,730,362 2,681,188
Intangible assets, net 86,951 83,310 Deferred tax assets -
noncurrent 3,689 3,780 Derivative instruments 26,176 73,509 Other
assets 65,369 51,317 Total assets $
6,342,586 $ 6,024,726
LIABILITIES
AND EQUITY Current liabilities: Current portion of long-term
debt $ 34,805 $ 34,805 Accounts payable 95,105 80,034 Accrued
salaries and benefits 99,893 105,068 Other accrued liabilities
111,403 122,958 Total current
liabilities 341,206 342,865 Long-term debt 3,234,146 3,253,004
Deferred tax liabilities - noncurrent 81,672 78,520 Other
liabilities 179,329 164,859 Total
liabilities 3,836,353 3,839,248 Redeemable noncontrolling interests
18,648 17,754 Equity: Common stock 870 867 Additional paid-in
capital 2,512,951 2,496,288 Accumulated other comprehensive loss
(385,180 ) (549,570 ) Retained earnings 358,944
220,139 Total equity 2,487,585
2,167,724 Total liabilities and equity $ 6,342,586 $
6,024,726
Acadia
Healthcare Company, Inc. Condensed Consolidated Statements
of Cash Flows (Unaudited) Nine Months Ended
September 30, 2017 2016
(In thousands) Operating activities: Net
income (loss) $ 129,900 $ (37,250 )
Adjustments to reconcile net
income (loss) to net cash provided by continuing operating
activities: Depreciation and amortization 105,256 101,145
Amortization of debt issuance costs 7,340 7,714 Equity-based
compensation expense 19,007 20,989 Deferred income tax expense
29,416 25,857 Debt extinguishment costs 810 3,411 Loss on
divestiture - 174,739 Gain on foreign currency derivatives - (523 )
Other 10,672 731 Change in operating assets and liabilities, net of
effect of acquisitions: Accounts receivable, net (28,681 ) (12,579
) Other current assets 26,099 (12,973 ) Other assets (566 ) (1,134
) Accounts payable and other accrued liabilities (26,381 ) 2,067
Accrued salaries and benefits (7,937 ) (10,759 ) Other liabilities
7,677 3,746 Net cash provided by
continuing operating activities 272,612 265,181 Net cash used in
discontinued operating activities (1,261 ) (5,524 )
Net cash provided by operating activities 271,351 259,657
Investing activities: Cash paid for acquisitions, net of
cash acquired - (683,285 ) Cash paid for capital expenditures
(193,817 ) (249,961 ) Cash paid for real estate acquisitions
(33,297 ) (37,947 ) Settlement of foreign currency derivatives -
523 Other (6,062 ) (1,135 ) Net cash used in
investing activities (233,176 ) (971,805 )
Financing
activities: Borrowings on long-term debt - 1,480,000 Borrowings
on revolving credit facility - 179,000 Principal payments on
revolving credit facility - (166,000 ) Principal payments on
long-term debt (25,913 ) (46,069 ) Repayment of assumed debt -
(1,348,389 ) Payment of debt issuance costs - (35,748 ) Issuance of
common stock, net - 685,097 Common stock withheld for minimum
statutory taxes, net (3,278 ) (7,917 ) Other 1,649
(1,821 ) Net cash (used in) provided by financing activities
(27,542 ) 738,153 Effect of exchange
rate changes on cash 7,965 (9,469 ) Net
increase in cash and cash equivalents 18,598 16,536 Cash and cash
equivalents at beginning of the period 57,063
11,215 Cash and cash equivalents at end of the period $
75,661 $ 27,751 $ -
Effect of acquisitions:
Assets acquired, excluding cash $ - $ 2,505,407 Liabilities assumed
- (1,605,240 ) Issuance of common stock in connection with
acquisition - (216,882 ) Cash paid for
acquisitions, net of cash acquired $ - $ 683,285
Acadia Healthcare Company, Inc. Operating
Statistics (Unaudited, Revenue in thousands)
Three Months Ended September 30, Nine Months Ended
September 30, 2017 2016
% Change 2017 2016
% Change Same Facility Results (a,d) Revenue $
687,275 $ 651,737 5.5 % $ 1,908,696 $ 1,807,202 5.6 % Patient Days
1,120,243 1,082,542 3.5 % 3,069,574 2,949,223 4.1 % Admissions
40,332 38,465 4.9 % 117,317 110,141 6.5 % Average Length of Stay
(b) 27.8 28.1 -1.3 % 26.2 26.8 -2.3 % Revenue per Patient Day $ 614
$ 602 1.9 % $ 622 $ 613 1.5 % EBITDA margin 24.9 % 25.0 % -10 bps
25.6 % 25.9 % -30 bps U.S. Same Facility Results (a) Revenue
$ 450,922 $ 424,050 6.3 % $ 1,322,503 $ 1,241,252 6.5 % Patient
Days 621,316 595,989 4.2 % 1,821,321 1,729,141 5.3 % Admissions
37,990 36,177 5.0 % 111,743 104,857 6.6 % Average Length of Stay
(b) 16.4 16.5 -0.7 % 16.3 16.5 -1.2 % Revenue per Patient Day $ 726
$ 712 2.0 % $ 726 $ 718 1.2 % EBITDA margin 26.8 % 26.3 % 50 bps
27.2 % 27.3 % -10 bps U.K. Same Facility Results (a,d)
Revenue $ 236,353 $ 227,687 3.8 % $ 586,193 $ 565,950 3.6 % Patient
Days 498,927 486,553 2.5 % 1,248,253 1,220,082 2.3 % Admissions
2,342 2,288 2.4 % 5,574 5,284 5.5 % Average Length of Stay (b)
213.0 212.7 0.2 % 223.9 230.9 -3.0 % Revenue per Patient Day $ 474
$ 468 1.2 % $ 470 $ 464 1.2 % EBITDA margin 21.4 % 22.6 % -120 bps
22.0 % 22.6 % -60 bps U.S. Facility Results
(c) Revenue $ 453,678 $ 427,417 6.1 % $ 1,355,315 $ 1,256,965 7.8 %
Patient Days 621,648 596,717 4.2 % 1,853,159 1,732,252 7.0 %
Admissions 38,034 36,346 4.6 % 114,515 105,621 8.4 % Average Length
of Stay (b) 16.3 16.4 -0.4 % 16.2 16.4 -1.3 % Revenue per Patient
Day $ 730 $ 716 1.9 % $ 731 $ 726 0.8 % EBITDA margin 26.2 % 25.5 %
70 bps 26.5 % 26.6 % -10 bps U.K. Facility Results (c,d)
Revenue $ 263,036 $ 256,795 2.4 % $ 756,489 $ 656,448 15.2 %
Patient Days 692,509 692,716 0.0 % 2,048,424 1,784,618 14.8 %
Admissions 2,622 2,618 0.2 % 7,668 6,459 18.7 % Average Length of
Stay (b) 264.1 264.6 -0.2 % 267.1 276.3 -3.3 % Revenue per Patient
Day $ 380 $ 371 2.5 % $ 369 $ 368 0.4 % EBITDA margin 19.3 % 21.0 %
-170 bps 19.4 % 20.9 % -150 bps Total Facility Results (c,d)
Revenue $ 716,714 $ 684,212 4.8 % $ 2,111,804 $ 1,913,413 10.4 %
Patient Days 1,314,157 1,289,433 1.9 % 3,901,583 3,516,870 10.9 %
Admissions 40,656 38,964 4.3 % 122,183 112,080 9.0 % Average Length
of Stay (b) 32.3 33.1 -2.3 % 31.9 31.4 1.8 % Revenue per Patient
Day $ 545 $ 531 2.8 % $ 541 $ 544 -0.5 % EBITDA margin 23.6 % 23.8
% -20 bps 24.0 % 24.7 % -70 bps (a) Same-facility results
for the periods presented exclude the 22 divested facilities in the
U.K. that were sold on November 30, 2016, the elderly care division
of our U.K. operations and other closed services. (b) Average
length of stay is defined as patient days divided by admissions.
(c) Total Facility results for the periods presented exclude the 22
divested facilities in the U.K. that were sold on November 30, 2016
and other closed services. (d) Revenue and revenue per patient day
for the three and nine months ended September 30, 2016 is adjusted
to reflect the foreign currency exchange rate for the comparable
period of 2017 in order to eliminate the effect of changes in the
exchange rate. The exchange rate used in the adjusted revenue and
revenue per patient day amounts for the three and nine months ended
September 30, 2016 is 1.309 and 1.275, respectively.
Acadia Healthcare
Company, Inc. Reconciliation of Net Income Attributable to
Acadia Healthcare Company, Inc. to Adjusted EBITDA
(Unaudited) Three Months Ended September 30,
Nine Months Ended September 30, 2017
2016 2017
2016 (in thousands) Net income (loss)
attributable to Acadia Healthcare Company, Inc. $ 45,618 $ (117,808
) $ 130,206 $ (35,675 ) Net loss attributable to noncontrolling
interests (129 ) (402 ) (306 ) (1,575 ) Provision for income taxes
15,970 2,396 46,259 27,767 Interest expense, net 44,515 48,843
130,777 135,315 Depreciation and amortization 36,442
36,418 105,256 101,145
EBITDA 142,416 (30,553 ) 412,192 226,977 Adjustments:
Equity-based compensation expense (a) 4,175 7,145 19,007 20,989
Debt extinguishment costs (b) - 3,411 810 3,411 Loss on divestiture
(c) - 174,739 - 174,739 Gain on foreign currency derivatives (d) -
(15 ) - (523 ) Transaction-related expenses (e) 5,665
1,111 18,836 33,483
Adjusted EBITDA $ 152,256 $ 155,838 $ 450,845
$ 459,076 See footnotes on page 10.
Acadia
Healthcare Company, Inc. Reconciliation of Adjusted Income
Attributable to Acadia Healthcare Company, Inc. to Net
Income Attributable to Acadia Healthcare Company, Inc.
(Unaudited) Three Months Ended September 30,
Nine Months Ended September 30, 2017
2016 2017
2016 (in thousands, except per share amounts)
Net income (loss) attributable to Acadia Healthcare Company,
Inc. $ 45,618 $ (117,808 ) $ 130,206 $ (35,675 ) Provision for
income taxes 15,970 2,396 46,259
27,767
Income (loss) attributable to Acadia
Healthcare Company, Inc. before income taxes
61,588 (115,412 ) 176,465 (7,908 ) Adjustments to income:
Debt extinguishment costs (b) - 3,411 810 3,411 Loss on divestiture
(c) - 174,739 - 174,739 Gain on foreign currency derivatives (d) -
(15 ) - (523 ) Transaction-related expenses (e) 5,665 1,111 18,836
33,483 Income tax provision reflecting tax effect of adjustments to
income (f) (17,015 ) (13,916 ) (48,773 )
(44,298 ) Adjusted income attributable to Acadia Healthcare
Company, Inc. $ 50,238 $ 49,918 $ 147,338 $
158,904 Weighted-average shares outstanding - diluted
(g) 87,172 86,778 87,038 85,643
Adjusted income attributable to Acadia
Healthcare Company, Inc. per diluted share
$ 0.58 $ 0.58 $ 1.69 $ 1.86 See
footnotes on page 10.
Acadia Healthcare Company, Inc.
Footnotes We have included certain financial
measures in this press release, including EBITDA, Adjusted EBITDA,
and Adjusted income, which are “non-GAAP financial measures” as
defined under the rules and regulations promulgated by the SEC. We
define EBITDA as net income adjusted for net income (loss)
attributable to noncontrolling interests, income tax provision, net
interest expense and depreciation and amortization. We define
Adjusted EBITDA as EBITDA adjusted for equity-based compensation
expense, debt extinguishment costs, loss on divestiture, gain on
foreign currency derivatives and transaction-related expenses. We
define Adjusted income as net income (loss) adjusted for provision
for income taxes, debt extinguishment costs, loss on divestiture,
gain on foreign currency derivatives, transaction-related expenses
and income tax provision reflecting tax effect of adjustments
attributable to Acadia. EBITDA, Adjusted EBITDA, and
Adjusted income are supplemental measures of our performance and
are not required by, or presented in accordance with, generally
accepted accounting principles in the United States (“GAAP”).
EBITDA, Adjusted EBITDA, and Adjusted income are not measures of
our financial performance under GAAP and should not be considered
as alternatives to net income or any other performance measures
derived in accordance with GAAP or as an alternative to cash flow
from operating activities as measures of our liquidity. Our
measurements of EBITDA, Adjusted EBITDA, and Adjusted income may
not be comparable to similarly titled measures of other companies.
We have included information concerning EBITDA, Adjusted EBITDA,
and Adjusted income in this press release because we believe that
such information is used by certain investors as measures of a
company’s historical performance. We believe these measures are
frequently used by securities analysts, investors and other
interested parties in the evaluation of issuers of equity
securities, many of which present EBITDA, Adjusted EBITDA, and
Adjusted income when reporting their results. Our presentation of
EBITDA, Adjusted EBITDA, and Adjusted income should not be
construed as an inference that our future results will be
unaffected by unusual or nonrecurring items. The Company is
not able to provide a reconciliation of projected Adjusted EBITDA
and adjusted earnings per diluted share, where provided, to
expected results due to the unknown effect, timing and potential
significance of transaction-related expenses and the tax effect of
such expenses. (a) Represents the equity-based compensation
expense of Acadia. (b) For the three and nine months ended
September 30, 2017 and 2016, represents debt extinguishment costs
recorded in connection with the Amended and Restated Credit
Agreement, including the discount and write-off of deferred
financing costs. (c) Loss on divesture in the U.K. includes
an allocation of goodwill to the disposal groups of approximately
$106.9 million, loss on the sale of properties of approximately
$42.2 million and transaction-related expenses of approximately
$25.6 million. (d) Represents the change in fair value of
foreign currency derivatives purchased by Acadia related to (i)
acquisitions in the U.K. and (ii) transfers of cash between the
U.S. and U.K. under the Company’s cash management and foreign
currency risk management programs. (e) Represents
transaction-related expenses incurred by Acadia related to
acquisitions and integration efforts. (f) Represents the
income tax provision adjusted to reflect the tax effect of the
adjustments to income based on tax rates of 25.3% and 21.8% for the
three months ended September 30, 2017 and 2016, respectively, and
24.9% and 21.8% for the nine months ended September 30, 2017 and
2016, respectively. The adjusted income tax provision for the nine
months ended September 30, 2017 excludes the impact of adopting ASU
2016-09 "Improvements to Employee Share-Based Payment Accounting”
of approximately $1.7 million. (g) For the three and nine
months ended September 30, 2016, approximately 0.2 million and 0.3
million, respectively, of the outstanding restricted stock and
shares of common stock issuable upon exercise of outstanding stock
option awards have been included in the calculation of
weighted-average shares outstanding-diluted. These shares are
excluded from the calculation of diluted earnings per share in the
condensed consolidated statement of operations because the net loss
for the three and nine months ended September 30, 2016 causes such
securities to be anti-dilutive.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171024006522/en/
Acadia Healthcare Company, Inc.Gretchen Hommrich,
615-861-6000Director, Investor Relations
Acadia Healthcare (NASDAQ:ACHC)
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