UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): November 3, 2015
Acadia
Healthcare Company, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
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001-35331
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46-2492228
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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6100 Tower Circle, Suite 1000
(Address of Principal
Executive Offices)
(615) 861-6000
(Registrant's Telephone
Number, including Area Code)
Not Applicable
(Former Name or
Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On November 3, 2015, Acadia Healthcare Company, Inc. (“Acadia”) issued a
press release announcing, among other things, Acadia’s operating and
financial results for the third quarter and nine months ended September
30, 2015. The press release is furnished herewith as Exhibit 99 hereto
and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99 Press Release of Acadia Healthcare Company,
Inc., dated November 3, 2015.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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ACADIA HEALTHCARE COMPANY, INC.
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Date: November 3, 2015
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By:
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/s/ Christopher L. Howard
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Christopher L. Howard
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Executive Vice President and
General Counsel
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EXHIBIT INDEX
Exhibit
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No.
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Description
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99
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Press Release of Acadia Healthcare Company, Inc., dated November
3, 2015
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Exhibit 99
Acadia
Healthcare Third Quarter Adjusted EPS Increases 34.8% to $0.62 on
Revenue of $479.7 Million
Announces
Two U.S. and Two U.K. Acquisitions
Increases
Guidance for 2015 Adjusted Earnings per Diluted Share to New Range of
$2.20 to $2.22
FRANKLIN, Tenn.--(BUSINESS WIRE)--November 3, 2015--Acadia Healthcare
Company, Inc. (NASDAQ: ACHC) today announced financial results for the
third quarter and nine months ended September 30, 2015. For the quarter,
revenue was $479.7 million, a 62.9% increase from $294.5 million for the
third quarter of 2014. Income from continuing operations attributable to
Acadia stockholders was $29.5 million, or $0.42 per diluted share, for
the third quarter of 2015 compared with $25.5 million, or $0.43 per
diluted share, for the third quarter of 2014. Adjusted income from
continuing operations attributable to Acadia stockholders increased
61.0% to $43.9 million for the third quarter of 2015 from $27.3 million
for the third quarter of 2014, while adjusted income from continuing
operations per diluted share attributable to Acadia stockholders
increased 34.8% to $0.62 from $0.46. Weighted average diluted shares
outstanding increased 19.7% for the third quarter of 2015 from the third
quarter of 2014, primarily due to the issuance of common stock in
February and May 2015, the net proceeds of which have primarily been
used to fund acquisitions. A reconciliation of all non-GAAP financial
results in this release appears on pages 8 and 9.
For the first nine months of 2015, revenue was $1.3 billion, an increase
of 83.1% from $709.7 million for the first nine months of 2014. Income
from continuing operations attributable to Acadia stockholders for the
first nine months of 2015 was $77.9 million, or $1.15 per diluted share,
compared with $60.9 million, or $1.13 per diluted share, for the same
period in 2014. Adjusted income from continuing operations attributable
to Acadia stockholders increased 90.9% to $110.5 million for the first
nine months of 2015 from $57.9 million for the first nine months of
2014, while adjusted income from continuing operations per diluted share
attributable to Acadia stockholders increased 53.3% to $1.64 from $1.07.
Weighted average shares outstanding increased 25.3% for the first nine
months of 2015 compared with the same period in 2014.
“We are very pleased with Acadia’s third quarter operating and financial
performance,” said Joey Jacobs, Chairman and Chief Executive Officer of
Acadia. “Our strong profitable growth for the quarter reflects the
continued successful implementation of our organic growth and
acquisition strategies, both in the United States and the United
Kingdom.”
During the third quarter, Acadia completed five acquisitions, comprised
of eight inpatient facilities with an aggregate of over 300 beds. These
transactions increased total acquisition activity over the 12 months
ended September 30, 2015, to 14 transactions for 66 inpatient facilities
with approximately 3,300 beds and 88 comprehensive treatment centers
(CTCs).
The Company is also pleased to announce the completion of four
acquisitions thus far in the fourth quarter, including:
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Discovery House, which operates 19 CTCs in Rhode Island, Pennsylvania,
Maine and Utah;
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Duffy’s Napa Valley Rehab, a 61-bed addiction treatment facility in
Calistoga, California;
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Meadow View, a 28-bed behavioral healthcare facility in Lincolnshire;
and
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Cleveland House, a 32-bed behavioral healthcare facility in Southport.
Mr. Jacobs added, “We welcome the staffs of these outstanding facilities
to Acadia, and we look forward to helping them expand to better serve
their communities. We expect these four transactions, which, in
aggregate are expected to produce full-year 2015 revenues of more than
$50 million, to be accretive to our financial results for the fourth
quarter of 2015 and beyond.”
Acadia’s third quarter results also reflected significant organic
growth, primarily from the addition of approximately 630 new beds,
including 420 to existing facilities and 210 in two de novo facilities
opened during the 12 months ended September 30, 2015. During the third
quarter, Acadia added 270 new beds, including 150 to existing facilities
and 120 in a de novo facility opened through a joint venture.
Same facility revenue growth for the third quarter was 6.5%, with a 6.8%
increase in patient days and a 0.2% decline in revenue per patient day.
New beds added to the same facility base over the previous 12 months, as
well as Acadia’s continuing initiatives to build revenue at each
facility, contributed to this growth. Consolidated same facility EBITDA
margin increased 40 basis points to 25.7%. These results contributed to
a 66.7% increase in Acadia’s consolidated adjusted EBITDA for the third
quarter to $108.5 million, which is 22.6% of revenue, up 50 basis points
from the third quarter last year.
Mr. Jacobs concluded, “We believe Acadia is well positioned to continue
executing its acquisition and organic growth strategies, with $50.8
million in cash and cash equivalents at the end of the third quarter and
$53.0 million of cash flow from continuing operations for the quarter.
In addition, after completing the acquisitions announced today, we
continue to have significant availability under our $300 million
revolving credit facility.”
Acadia today increased its guidance for 2015 adjusted earnings per
diluted share to a range of $2.20 to $2.22 from the previous range of
$2.15 to $2.18. The Company’s guidance does not include the impact of
any future acquisitions or transaction-related expenses.
Acadia will hold a conference call to discuss its third quarter
financial results at 9:00 a.m. Eastern Time on Wednesday, November 4,
2015. 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 19, 2015.
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) Acadia’s
ability to complete acquisitions and successfully integrate the
operations of acquired facilities, including CRC facilities; (ii)
Acadia’s ability to add beds, expand services, enhance marketing
programs and improve efficiencies at its facilities; (iii) potential
reductions in payments received by Acadia from government and
third-party payors; (iv) the occurrence of patient incidents, which
could adversely affect the price of our common stock and result in
incremental regulatory burdens and governmental investigations; (v) 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 (vi) potential operating difficulties, 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 inpatient behavioral healthcare services. Acadia
operates a network of 256 behavioral healthcare facilities with more
than 9,700 beds in 39 states, the United Kingdom and Puerto Rico. Acadia
provides psychiatric and chemical dependency services to its patients in
a variety of settings, including inpatient psychiatric hospitals,
residential treatment centers, outpatient clinics and therapeutic
school-based programs.
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Acadia Healthcare Company, Inc.
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Condensed Consolidated Statements of Income
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(Unaudited)
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2015
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2014
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2015
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2014
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(In thousands, except per share amounts)
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Revenue before provision for doubtful accounts
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$
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488,746
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$
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303,001
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$
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1,324,702
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$
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729,784
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Provision for doubtful accounts
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(9,016
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)
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(8,522
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)
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(25,529
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)
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(20,084
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)
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Revenue
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479,730
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294,479
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1,299,173
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709,700
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Salaries, wages and benefits (including equity-based compensation
expense of $5,327, $2,805, $14,576 and $6,975, respectively)
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258,410
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168,632
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707,583
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408,680
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Professional fees
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30,759
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14,878
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83,215
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36,151
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Supplies
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21,634
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14,062
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58,430
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34,722
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Rents and leases
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8,542
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3,214
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22,639
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8,872
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Other operating expenses
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57,244
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31,432
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148,899
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79,188
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Depreciation and amortization
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16,890
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10,325
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44,920
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21,696
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Interest expense, net
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27,737
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14,068
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77,932
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33,505
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Debt extinguishment costs
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9,979
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-
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9,979
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-
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Loss (gain) on foreign currency derivatives
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1,018
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|
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(1,527
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)
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1,926
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(15,262
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)
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Transaction-related expenses
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5,842
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6,239
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31,415
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10,834
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Total expenses
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438,055
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261,323
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1,186,938
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618,386
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Income from continuing operations before income taxes
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41,675
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33,156
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112,235
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|
|
|
|
91,314
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Provision for income taxes
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|
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12,669
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|
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|
|
7,703
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|
|
|
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34,794
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|
|
|
|
30,383
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Income from continuing operations
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|
|
|
29,006
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|
|
|
|
25,453
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|
|
|
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77,441
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|
|
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60,931
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Income (loss) from discontinuing operations, net of income taxes
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80
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(51
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)
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83
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(20
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)
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Net income
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29,086
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25,402
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|
|
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|
77,524
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|
|
|
|
60,911
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Net loss attributable to noncontrolling interests
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|
|
|
464
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-
|
|
|
|
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464
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|
|
|
-
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Net income attributable to Acadia Healthcare Company, Inc.
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$
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29,550
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|
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$
|
25,402
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|
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$
|
77,988
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|
|
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$
|
60,911
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|
|
|
|
|
|
|
|
|
|
|
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Basic earnings attributable to Acadia Healthcare Company, Inc.
stockholders:
|
|
|
|
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|
|
|
|
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Income from continuing operations
|
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|
$
|
0.42
|
|
|
|
$
|
0.43
|
|
|
|
$
|
1.16
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|
|
|
$
|
1.14
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Income (loss) from discontinuing operations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
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Net income
|
|
|
$
|
0.42
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|
|
|
$
|
0.43
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|
|
|
$
|
1.16
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|
|
|
$
|
1.14
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings attributable to Acadia Healthcare Company, Inc.
stockholders:
|
|
|
|
|
|
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|
|
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Income from continuing operations
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$
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0.42
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|
|
|
$
|
0.43
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|
|
|
$
|
1.15
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|
|
|
$
|
1.13
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|
Income (loss) from discontinuing operations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
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Net income
|
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$
|
0.42
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$
|
0.43
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$
|
1.15
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$
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1.13
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|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
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Basic
|
|
|
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70,664
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|
|
|
|
59,175
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|
|
|
|
67,194
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|
|
|
|
53,670
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Diluted
|
|
|
|
71,110
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|
|
|
|
59,409
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|
|
|
|
67,539
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|
|
|
|
53,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Healthcare Company, Inc.
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Condensed Consolidated Balance Sheets
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(Unaudited)
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|
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|
|
|
|
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|
September 30,
|
|
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December 31,
|
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2015
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2014
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(In thousands)
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ASSETS
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Current assets:
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Cash and cash equivalents
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|
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$
|
50,762
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|
|
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$
|
94,040
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Accounts receivable, net of allowance for doubtful accounts of
$27,378 and $22,449, respectively
|
|
|
|
214,883
|
|
|
|
|
118,378
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|
Deferred tax assets
|
|
|
|
37,291
|
|
|
|
|
20,155
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|
Other current assets
|
|
|
|
75,335
|
|
|
|
|
41,570
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|
Total current assets
|
|
|
|
378,271
|
|
|
|
|
274,143
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|
Property and equipment, net
|
|
|
|
1,624,166
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|
|
|
|
1,069,700
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Goodwill
|
|
|
|
1,981,140
|
|
|
|
|
802,986
|
|
Intangible assets, net
|
|
|
|
58,976
|
|
|
|
|
21,636
|
|
Deferred tax assets - noncurrent
|
|
|
|
33,278
|
|
|
|
|
13,141
|
|
Other assets
|
|
|
|
69,408
|
|
|
|
|
41,984
|
|
Total assets
|
|
|
$
|
4,145,239
|
|
|
|
$
|
2,223,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
$
|
41,996
|
|
|
|
$
|
26,965
|
|
Accounts payable
|
|
|
|
78,384
|
|
|
|
|
48,696
|
|
Accrued salaries and benefits
|
|
|
|
87,110
|
|
|
|
|
59,317
|
|
Other accrued liabilities
|
|
|
|
56,962
|
|
|
|
|
30,956
|
|
Total current liabilities
|
|
|
|
264,452
|
|
|
|
|
165,934
|
|
Long-term debt
|
|
|
|
2,092,317
|
|
|
|
|
1,069,305
|
|
Deferred tax liabilities - noncurrent
|
|
|
|
22,210
|
|
|
|
|
63,880
|
|
Other liabilities
|
|
|
|
87,008
|
|
|
|
|
43,506
|
|
Total liabilities
|
|
|
|
2,465,987
|
|
|
|
|
1,342,625
|
|
Redeemable noncontrolling interests
|
|
|
|
8,700
|
|
|
|
|
-
|
|
Equity:
|
|
|
|
|
|
|
Common stock
|
|
|
|
707
|
|
|
|
|
592
|
|
Additional paid-in capital
|
|
|
|
1,574,708
|
|
|
|
|
847,301
|
|
Accumulated other comprehensive loss
|
|
|
|
(84,293
|
)
|
|
|
|
(68,370
|
)
|
Retained earnings
|
|
|
|
179,430
|
|
|
|
|
101,442
|
|
Total equity
|
|
|
|
1,670,552
|
|
|
|
|
880,965
|
|
Total liabilities and equity
|
|
|
$
|
4,145,239
|
|
|
|
$
|
2,223,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Healthcare Company, Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
77,524
|
|
|
|
$
|
60,911
|
|
Adjustments to reconcile net income to net cash provided by
continuing operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
44,920
|
|
|
|
|
21,696
|
|
Amortization of debt issuance costs
|
|
|
|
5,017
|
|
|
|
|
2,229
|
|
Equity-based compensation expense
|
|
|
|
14,576
|
|
|
|
|
6,975
|
|
Deferred income tax expense
|
|
|
|
28,925
|
|
|
|
|
4,645
|
|
(Income) loss from discontinued operations, net of taxes
|
|
|
|
(83
|
)
|
|
|
|
20
|
|
Debt extinguishment costs
|
|
|
|
9,979
|
|
|
|
|
-
|
|
Loss (gain) on foreign currency derivatives
|
|
|
|
1,926
|
|
|
|
|
(15,262
|
)
|
Other
|
|
|
|
1,122
|
|
|
|
|
163
|
|
Change in operating assets and liabilities, net of effect of
acquisitions:
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
(28,905
|
)
|
|
|
|
(25,395
|
)
|
Other current assets
|
|
|
|
(12,201
|
)
|
|
|
|
1,322
|
|
Other assets
|
|
|
|
(4,879
|
)
|
|
|
|
(2,086
|
)
|
Accounts payable and other accrued liabilities
|
|
|
|
(8,316
|
)
|
|
|
|
1,078
|
|
Accrued salaries and benefits
|
|
|
|
8,888
|
|
|
|
|
8,972
|
|
Other liabilities
|
|
|
|
5,071
|
|
|
|
|
3,805
|
|
Net cash provided by continuing operating activities
|
|
|
|
143,564
|
|
|
|
|
69,073
|
|
Net cash used in discontinued operating activities
|
|
|
|
(1,479
|
)
|
|
|
|
(27
|
)
|
Net cash provided by operating activities
|
|
|
|
142,085
|
|
|
|
|
69,046
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Cash paid for acquisitions, net of cash acquired
|
|
|
|
(391,216
|
)
|
|
|
|
(722,797
|
)
|
Cash paid for capital expenditures
|
|
|
|
(200,841
|
)
|
|
|
|
(70,680
|
)
|
Cash paid for real estate acquisitions
|
|
|
|
(21,976
|
)
|
|
|
|
(22,247
|
)
|
Settlement of foreign currency derivatives
|
|
|
|
(1,926
|
)
|
|
|
|
15,262
|
|
Other
|
|
|
|
(887
|
)
|
|
|
|
(733
|
)
|
Net cash used in investing activities
|
|
|
|
(616,846
|
)
|
|
|
|
(801,195
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Borrowings on long-term debt
|
|
|
|
1,150,000
|
|
|
|
|
307,500
|
|
Borrowings on revolving credit facility
|
|
|
|
310,000
|
|
|
|
|
230,500
|
|
Principal payments on revolving credit facility
|
|
|
|
(310,000
|
)
|
|
|
|
(120,000
|
)
|
Principal payments on long-term debt
|
|
|
|
(23,813
|
)
|
|
|
|
(5,625
|
)
|
Repayment of assumed CRC debt
|
|
|
|
(904,467
|
)
|
|
|
|
-
|
|
Repayment of senior notes
|
|
|
|
(88,331
|
)
|
|
|
|
-
|
|
Payment of debt issuance costs
|
|
|
|
(25,584
|
)
|
|
|
|
(10,909
|
)
|
Payment of premium on senior notes
|
|
|
|
(6,890
|
)
|
|
|
|
-
|
|
Issuance of common stock, net
|
|
|
|
331,360
|
|
|
|
|
374,431
|
|
Common stock withheld for minimum statutory taxes, net
|
|
|
|
(7,582
|
)
|
|
|
|
(3,477
|
)
|
Excess tax benefit from equity awards
|
|
|
|
8,020
|
|
|
|
|
3,779
|
|
Cash paid for contingent consideration
|
|
|
|
-
|
|
|
|
|
(5,000
|
)
|
Other
|
|
|
|
(374
|
)
|
|
|
|
-
|
|
Net cash provided by financing activities
|
|
|
|
432,339
|
|
|
|
|
771,199
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
(856
|
)
|
|
|
|
(1,440
|
)
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
(43,278
|
)
|
|
|
|
37,610
|
|
Cash and cash equivalents at beginning of the period
|
|
|
|
94,040
|
|
|
|
|
4,569
|
|
Cash and cash equivalents at end of the period
|
|
|
$
|
50,762
|
|
|
|
$
|
42,179
|
|
|
|
|
|
|
|
|
Effect of acquisitions:
|
|
|
|
|
|
|
Assets acquired, excluding cash
|
|
|
$
|
1,793,139
|
|
|
|
$
|
802,767
|
|
Liabilities assumed
|
|
|
|
(1,012,549
|
)
|
|
|
|
(78,003
|
)
|
Issuance of common stock in connection with acquisition
|
|
|
|
(380,210
|
)
|
|
|
|
-
|
|
Prior year deposits paid for acquisitions
|
|
|
|
-
|
|
|
|
|
(500
|
)
|
Redeemable noncontrolling interest resulting from an acquisition
|
|
|
|
(9,164
|
)
|
|
|
|
-
|
|
Contingent consideration issued in connection with acquisition
|
|
|
|
-
|
|
|
|
|
(1,467
|
)
|
Cash paid for acquisitions, net of cash acquired
|
|
|
$
|
391,216
|
|
|
|
$
|
722,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Healthcare Company, Inc.
|
Operating Statistics
|
(Unaudited, Revenue in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
% Change
|
|
|
2015
|
|
|
2014
|
|
|
% Change
|
Same Facility Results (a,c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
304,230
|
|
|
|
$
|
285,545
|
|
|
|
6.5
|
%
|
|
|
$
|
748,377
|
|
|
|
$
|
692,727
|
|
|
|
8.0
|
%
|
Patient Days
|
|
|
|
448,307
|
|
|
|
|
419,849
|
|
|
|
6.8
|
%
|
|
|
|
1,104,016
|
|
|
|
|
1,021,945
|
|
|
|
8.0
|
%
|
Admissions
|
|
|
|
22,497
|
|
|
|
|
19,816
|
|
|
|
13.5
|
%
|
|
|
|
64,579
|
|
|
|
|
55,644
|
|
|
|
16.1
|
%
|
Average Length of Stay (b)
|
|
|
|
19.9
|
|
|
|
|
21.2
|
|
|
|
-5.9
|
%
|
|
|
|
17.1
|
|
|
|
|
18.4
|
|
|
|
-6.9
|
%
|
Revenue per Patient Day
|
|
|
$
|
679
|
|
|
|
$
|
680
|
|
|
|
-0.2
|
%
|
|
|
$
|
678
|
|
|
|
$
|
678
|
|
|
|
0.0
|
%
|
EBITDA margin
|
|
|
|
25.7
|
%
|
|
|
|
25.3
|
%
|
|
|
40 bps
|
|
|
|
25.5
|
%
|
|
|
|
24.7
|
%
|
|
|
80 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Same Facility Results (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
227,728
|
|
|
|
$
|
215,006
|
|
|
|
5.9
|
%
|
|
|
$
|
671,875
|
|
|
|
$
|
622,188
|
|
|
|
8.0
|
%
|
Patient Days
|
|
|
|
339,537
|
|
|
|
|
321,976
|
|
|
|
5.5
|
%
|
|
|
|
995,246
|
|
|
|
|
924,072
|
|
|
|
7.7
|
%
|
Admissions
|
|
|
|
22,168
|
|
|
|
|
19,497
|
|
|
|
13.7
|
%
|
|
|
|
64,250
|
|
|
|
|
55,325
|
|
|
|
16.1
|
%
|
Average Length of Stay (b)
|
|
|
|
15.3
|
|
|
|
|
16.5
|
|
|
|
-7.3
|
%
|
|
|
|
15.5
|
|
|
|
|
16.7
|
|
|
|
-7.3
|
%
|
Revenue per Patient Day
|
|
|
$
|
671
|
|
|
|
$
|
668
|
|
|
|
0.4
|
%
|
|
|
$
|
675
|
|
|
|
$
|
673
|
|
|
|
0.3
|
%
|
EBITDA margin
|
|
|
|
25.6
|
%
|
|
|
|
24.9
|
%
|
|
|
70 bps
|
|
|
|
25.4
|
%
|
|
|
|
24.5
|
%
|
|
|
90 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.K. Same Facility Results (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
76,502
|
|
|
|
$
|
70,539
|
|
|
|
8.5
|
%
|
|
|
$
|
76,502
|
|
|
|
$
|
70,539
|
|
|
|
8.5
|
%
|
Patient Days
|
|
|
|
108,770
|
|
|
|
|
97,873
|
|
|
|
11.1
|
%
|
|
|
|
108,770
|
|
|
|
|
97,873
|
|
|
|
11.1
|
%
|
Admissions
|
|
|
|
329
|
|
|
|
|
319
|
|
|
|
3.1
|
%
|
|
|
|
329
|
|
|
|
|
319
|
|
|
|
3.1
|
%
|
Average Length of Stay (b)
|
|
|
|
330.6
|
|
|
|
|
306.8
|
|
|
|
7.8
|
%
|
|
|
|
330.6
|
|
|
|
|
306.8
|
|
|
|
7.8
|
%
|
Revenue per Patient Day
|
|
|
$
|
703
|
|
|
|
$
|
721
|
|
|
|
-2.4
|
%
|
|
|
$
|
703
|
|
|
|
$
|
721
|
|
|
|
-2.4
|
%
|
EBITDA margin
|
|
|
|
26.1
|
%
|
|
|
|
26.6
|
%
|
|
|
-50 bps
|
|
|
|
26.1
|
%
|
|
|
|
26.6
|
%
|
|
|
-50 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Facility Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
379,857
|
|
|
|
$
|
217,427
|
|
|
|
74.7
|
%
|
|
|
$
|
1,037,250
|
|
|
|
$
|
630,825
|
|
|
|
64.4
|
%
|
Patient Days
|
|
|
|
542,345
|
|
|
|
|
326,479
|
|
|
|
66.1
|
%
|
|
|
|
1,484,181
|
|
|
|
|
939,246
|
|
|
|
58.0
|
%
|
Admissions
|
|
|
|
32,101
|
|
|
|
|
19,949
|
|
|
|
60.9
|
%
|
|
|
|
87,666
|
|
|
|
|
56,775
|
|
|
|
54.4
|
%
|
Average Length of Stay (b)
|
|
|
|
16.9
|
|
|
|
|
16.4
|
|
|
|
3.2
|
%
|
|
|
|
16.9
|
|
|
|
|
16.5
|
|
|
|
2.3
|
%
|
Revenue per Patient Day
|
|
|
$
|
700
|
|
|
|
$
|
666
|
|
|
|
5.2
|
%
|
|
|
$
|
699
|
|
|
|
$
|
672
|
|
|
|
4.1
|
%
|
EBITDA margin
|
|
|
|
26.8
|
%
|
|
|
|
24.8
|
%
|
|
|
200 bps
|
|
|
|
27.0
|
%
|
|
|
|
24.5
|
%
|
|
|
250 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.K. Facility Results (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
97,875
|
|
|
|
$
|
70,539
|
|
|
|
38.8
|
%
|
|
|
$
|
256,117
|
|
|
|
$
|
70,539
|
|
|
|
263.1
|
%
|
Patient Days
|
|
|
|
148,298
|
|
|
|
|
97,873
|
|
|
|
51.5
|
%
|
|
|
|
377,218
|
|
|
|
|
97,873
|
|
|
|
285.4
|
%
|
Admissions
|
|
|
|
461
|
|
|
|
|
319
|
|
|
|
44.5
|
%
|
|
|
|
1,046
|
|
|
|
|
319
|
|
|
|
227.9
|
%
|
Average Length of Stay (b)
|
|
|
|
321.7
|
|
|
|
|
306.8
|
|
|
|
4.8
|
%
|
|
|
|
360.6
|
|
|
|
|
306.8
|
|
|
|
17.5
|
%
|
Revenue per Patient Day
|
|
|
$
|
660
|
|
|
|
$
|
721
|
|
|
|
-8.4
|
%
|
|
|
$
|
679
|
|
|
|
$
|
721
|
|
|
|
-5.8
|
%
|
EBITDA margin
|
|
|
|
23.5
|
%
|
|
|
|
26.6
|
%
|
|
|
-310 bps
|
|
|
|
24.3
|
%
|
|
|
|
26.6
|
%
|
|
|
-230 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Facility Results (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
477,732
|
|
|
|
$
|
287,966
|
|
|
|
65.9
|
%
|
|
|
$
|
1,293,367
|
|
|
|
$
|
701,364
|
|
|
|
84.4
|
%
|
Patient Days
|
|
|
|
690,643
|
|
|
|
|
424,352
|
|
|
|
62.8
|
%
|
|
|
|
1,861,399
|
|
|
|
|
1,037,119
|
|
|
|
79.5
|
%
|
Admissions
|
|
|
|
32,562
|
|
|
|
|
20,268
|
|
|
|
60.7
|
%
|
|
|
|
88,712
|
|
|
|
|
57,094
|
|
|
|
55.4
|
%
|
Average Length of Stay (b)
|
|
|
|
21.2
|
|
|
|
|
20.9
|
|
|
|
1.3
|
%
|
|
|
|
21.0
|
|
|
|
|
18.2
|
|
|
|
15.5
|
%
|
Revenue per Patient Day
|
|
|
$
|
692
|
|
|
|
$
|
679
|
|
|
|
1.9
|
%
|
|
|
$
|
695
|
|
|
|
$
|
676
|
|
|
|
2.7
|
%
|
EBITDA margin
|
|
|
|
26.1
|
%
|
|
|
|
25.2
|
%
|
|
|
90 bps
|
|
|
|
26.5
|
%
|
|
|
|
24.7
|
%
|
|
|
180 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Same-facility results for the three and nine months ended
September 30, 2015 and 2014 exclude one facility that is converting
its residential treatment beds to acute psychiatric treatment beds.
The transition is expected to be completed in the fourth quarter of
2015.
|
(b) Average length of stay is defined as patient days divided by
admissions.
|
|
(c) Revenue and revenue per patient day for the three and nine
months ended September 30, 2014 are adjusted to reflect the foreign
currency exchange rate for the comparable periods of 2015 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, 2014
is 1.55 compared to an actual historical exchange rate of 1.67.
|
|
|
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,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Acadia Healthcare Company, Inc.
|
|
|
$
|
29,550
|
|
|
|
$
|
25,402
|
|
|
|
$
|
77,988
|
|
|
|
$
|
60,911
|
|
(Income) loss from discontinuing operations, net of income taxes
|
|
|
|
(80
|
)
|
|
|
|
51
|
|
|
|
|
(83
|
)
|
|
|
|
20
|
|
Net loss attributable to noncontrolling interests
|
|
|
|
(464
|
)
|
|
|
|
-
|
|
|
|
|
(464
|
)
|
|
|
|
-
|
|
Provision for income taxes
|
|
|
|
12,669
|
|
|
|
|
7,703
|
|
|
|
|
34,794
|
|
|
|
|
30,383
|
|
Interest expense, net
|
|
|
|
27,737
|
|
|
|
|
14,068
|
|
|
|
|
77,932
|
|
|
|
|
33,505
|
|
Depreciation and amortization
|
|
|
|
16,890
|
|
|
|
|
10,325
|
|
|
|
|
44,920
|
|
|
|
|
21,696
|
|
EBITDA
|
|
|
|
86,302
|
|
|
|
|
57,549
|
|
|
|
|
235,087
|
|
|
|
|
146,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation expense (a)
|
|
|
|
5,327
|
|
|
|
|
2,805
|
|
|
|
|
14,576
|
|
|
|
|
6,975
|
|
Debt extinguishment costs (b)
|
|
|
|
9,979
|
|
|
|
|
-
|
|
|
|
|
9,979
|
|
|
|
|
-
|
|
Loss (gain) on foreign currency derivatives (c)
|
|
|
|
1,018
|
|
|
|
|
(1,527
|
)
|
|
|
|
1,926
|
|
|
|
|
(15,262
|
)
|
Transaction-related expenses (d)
|
|
|
|
5,842
|
|
|
|
|
6,239
|
|
|
|
|
31,415
|
|
|
|
|
10,834
|
|
Adjusted EBITDA
|
|
|
$
|
108,468
|
|
|
|
$
|
65,066
|
|
|
|
$
|
292,983
|
|
|
|
$
|
149,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See footnotes on page 10.
|
|
|
Acadia Healthcare Company, Inc.
|
Reconciliation of Adjusted Income from Continuing Operations
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,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Acadia Healthcare Company, Inc.
|
|
|
$
|
29,550
|
|
|
|
$
|
25,402
|
|
|
|
$
|
77,988
|
|
|
|
$
|
60,911
|
|
(Income) loss from discontinuing operations, net of income taxes
|
|
|
|
(80
|
)
|
|
|
|
51
|
|
|
|
|
(83
|
)
|
|
|
|
20
|
|
Provision for income taxes
|
|
|
|
12,669
|
|
|
|
|
7,703
|
|
|
|
|
34,794
|
|
|
|
|
30,383
|
|
Income from continuing operations attributable to Acadia
Healthcare Company, Inc. before income taxes
|
|
|
|
42,139
|
|
|
|
|
33,156
|
|
|
|
|
112,699
|
|
|
|
|
91,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to income from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment costs (b)
|
|
|
|
9,979
|
|
|
|
|
-
|
|
|
|
|
9,979
|
|
|
|
|
-
|
|
Loss (gain) on foreign currency derivatives (c)
|
|
|
|
1,018
|
|
|
|
|
(1,527
|
)
|
|
|
|
1,926
|
|
|
|
|
(15,262
|
)
|
Transaction-related expenses (d)
|
|
|
|
5,842
|
|
|
|
|
6,239
|
|
|
|
|
31,415
|
|
|
|
|
10,834
|
|
Income tax provision reflecting tax effect of adjustments to
income from continuing operations (e)
|
|
|
|
(15,088
|
)
|
|
|
|
(10,603
|
)
|
|
|
|
(45,558
|
)
|
|
|
|
(29,016
|
)
|
Adjusted income from continuing operations attributable to Acadia
Healthcare Company, Inc.
|
|
|
$
|
43,890
|
|
|
|
$
|
27,265
|
|
|
|
$
|
110,461
|
|
|
|
$
|
57,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding - diluted
|
|
|
|
71,110
|
|
|
|
|
59,409
|
|
|
|
|
67,539
|
|
|
|
|
53,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from continuing operations attributable to Acadia
Healthcare Company, Inc. per diluted share
|
|
|
$
|
0.62
|
|
|
|
$
|
0.46
|
|
|
|
$
|
1.64
|
|
|
|
$
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 from
continuing operations, 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 loss from discontinued
operations, net interest expense, income tax provision and
depreciation and amortization. We define Adjusted EBITDA as EBITDA
adjusted for equity-based compensation expense, debt extinguishment
costs, gain on foreign currency derivatives and transaction-related
expenses.
|
|
EBITDA, Adjusted EBITDA and Adjusted income from continuing
operations 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 from continuing
operations 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 from continuing operations may not be
comparable to similarly titled measures of other companies. We
have included information concerning EBITDA, Adjusted EBITDA and
Adjusted income from continuing operations 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 from continuing operations
when reporting their results. Our presentation of EBITDA, Adjusted
EBITDA and Adjusted income from continuing operations should not
be construed as an inference that our future results will be
unaffected by unusual or nonrecurring items.
|
|
(a) Represents the equity-based compensation expense of Acadia.
|
|
(b) Represents debt extinguishment costs related to the repayment
of $88.3 million of the Company’s 12.875% Senior Notes due 2018 on
September 18, 2015, including a prepayment premium of $6.9 million
and the write-off of $3.1 million of deferred financing costs.
|
|
(c) Represents the change in fair value of foreign currency
derivatives purchased by Acadia related to acquisitions in the U.K.
during 2015 and in July 2014.
|
|
(d) Represents transaction-related expenses incurred by Acadia
related to acquisitions.
|
|
(e) Represents the income tax provision adjusted to reflect the tax
effect of the adjustments to income from continuing operations based
on tax rates of 25.6% and 28.0% for the three months ended September
30, 2015 and 2014, respectively, and 29.2% and 33.4% for the nine
months ended September 30, 2015 and 2014, respectively.
|
|
CONTACT:
Acadia Healthcare Company, Inc.
Brent Turner, 615-861-6000
President
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