Revenue Grows 8.2% Including Same Facility
Revenue Growth of 7.4%
Company Completed Debt Refinancing Actions
in March 2021
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Results
The Company reported revenue of $551.2 million for the first
quarter of 2021, compared with $509.2 million for the first quarter
of 2020. Adjusted EBITDA was $119.5 million, compared with $96.7
million for the same period last year. Net income attributable to
Acadia stockholders for the first quarter of 2021 was $9.7 million,
or $0.11 per diluted share, compared with net income of $33.5
million, or $0.38 per diluted share, for the first quarter of 2020.
Adjusted income from continuing operations attributable to Acadia
stockholders per diluted share was $0.47 for the first quarter of
2021. Adjustments to income include transaction-related expenses,
debt extinguishment costs and the income tax effect of adjustments
to income. A reconciliation of all non-GAAP financial results in
this press release begins on page 9. The Company closed on the sale
of Acadia’s business operations in the United Kingdom on January
19, 2021. The results of the U.K. business have been presented as
discontinued operations for all periods in this release.
The Company’s income tax provision includes a tax benefit of
$1.7 million and tax expense of $0.3 million for the first quarter
of 2021 and 2020, respectively, attributable to the difference in
the actual deductible amount relating to employee stock-based
compensation and the previously estimated tax deduction based on
grant date values. This difference is reflected in the effective
tax rate but has been excluded from the adjusted tax rate for all
periods.
For the first quarter of 2021, Acadia’s same facility revenue
increased 7.4% compared with the first quarter of 2020, including
an increase in revenue per patient day of 4.5% and an increase in
patient days of 2.7%. Same facility adjusted EBITDA margin improved
280 basis points to 26.5%.
Debbie Osteen, Chief Executive Officer of Acadia Healthcare
Company, remarked, “We are pleased to report a strong start to 2021
for Acadia with solid financial and operating performance. These
results demonstrate consistent execution of our growth strategy, as
well as strong cost management in the face of the resurgence of
COVID-19 and one less day in the 2021 period due to leap year in
2020. We are proud of the hard work and dedication of Acadia’s
employees and clinicians across our operations who have continued
to meet the critical demand for our services and provide the
highest quality care in a safe and accessible manner.
Strategic Investments in Long-Term Growth
“During the first quarter of 2021, we continued to make
investments in key strategic areas that will support sustained,
long-term growth across Acadia’s service lines. Facility expansions
remain a primary focus for our growth strategy. Accordingly, we
added 92 beds to our operations in the first quarter to meet the
growing demand for services across the U.S. We also continue to
identify underserved markets for the treatment of patients with
opioid use disorder and opened two comprehensive treatment centers
(CTCs) in the first quarter of 2021 on track to open 11 new CTCs in
2021.
“Following the end of the first quarter, we executed on another
priority for our continued growth by completing construction of a
wholly owned de novo facility, Glenwood Behavioral Health Hospital,
an 80-bed hospital in Cincinnati, Ohio. This facility will provide
inpatient psychiatric treatment for those who are struggling with a
mental health or substance use disorder. We expect this facility to
be fully operational during the second quarter of 2021.
“Establishing joint venture partnerships with healthcare
delivery systems across the country remains an important pathway
for growth for Acadia, and we have been fortunate to partner with
many leading providers in attractive markets. In March, we were
pleased to announce a planned joint venture with Lutheran Health
Network of Indiana, one of Indiana’s premier, integrated healthcare
delivery systems, for a new 120-bed behavioral health hospital
serving Fort Wayne and the surrounding counties. The new hospital,
slated to open in spring 2022, will provide a full continuum of
inpatient and outpatient care services. We also announced a planned
joint venture with Geisinger Health, one of Pennsylvania’s premier,
integrated healthcare systems. The new partnership will build two
new 96-bed behavioral health facilities providing comprehensive
inpatient services in the central and northeastern regions of the
state. The first facility is expected to open in 2022 and the
second in 2023. Both the Lutheran Health and Geisinger Health
partnerships will leverage our combined expertise and resources
with a shared commitment to provide quality care and achieve strong
clinical outcomes. We will continue to pursue additional joint
venture partnerships to expand behavioral health treatment options
and enable greater access to care in more communities.
“During the first quarter, we also signed a definitive agreement
to acquire Vallejo Behavioral, a 61-bed psychiatric hospital in
Vallejo, California, from Adventist Health. Following regulatory
approval, the transaction is expected to be completed during the
summer. We are excited to add this facility to our portfolio, and
we will continue to identify additional acquisitions that meet our
criteria.
“We believe there are significant opportunities to leverage our
strong financial position and execute our growth initiatives by
extending our market reach through bed expansions, wholly owned de
novo facilities, strategic joint ventures and acquisitions,” added
Osteen.
Debt Refinancing, Cash and Liquidity
In March 2021, the Company completed its planned debt repayment
and refinancing following the completion of the U.K. sale in
January. The Company entered into a new credit agreement, which
provides for a $600 million senior secured revolving credit
facility and a $425 million senior secured term loan facility, each
maturing in March 2026. With the completion of this transaction,
Acadia’s outstanding debt includes the following:
($ in millions)
March 31,
2021
December 31,
2020
New Credit Facility:
Term Loan A
$
425
$
—
Revolving Line of Credit
160
—
Prior Credit Facility:
Senior Secured Term A Loan
—
312
Senior Secured Term B Loans
—
873
Senior Secured Revolving Line of
Credit
—
—
5.625% Senior Notes due 2023
—
650
6.500% Senior Notes due 2024
—
390
5.500% Senior Notes due 2028
450
450
5.000% Senior Notes due 2029
475
475
Other long-term debt
3
4
Total
$
1,513
$
3,154
As of March 31, 2021, the Company had $179 million in cash and
cash equivalents, $422 million available under its $600 million
revolving credit facility, and its net leverage ratio was
approximately 2.7x.
Osteen stated, “During the first quarter, we met our stated
financial objective to refinance our outstanding debt as planned
and improve Acadia’s leverage profile. As a result, our balance
sheet is very strong with ample liquidity and capital to pursue our
growth initiatives and continue to make strategic investments in
our business.”
Financial Guidance
Acadia today increased the Company’s financial guidance for
2021, as follows:
- Revenue in a range of $2.24 billion to $2.29 billion;
- Adjusted EBITDA in a range of $500 million to $530
million;
- Adjusted earnings per diluted share in a range of $2.30 to
$2.55; and
- Interest expense of approximately $17 million per quarter for
the remainder of 2021.
The Company’s guidance does not include discontinued operations
or the impact of any future acquisitions, divestitures or
transaction-related expenses.
Looking Ahead
Osteen concluded, “We are pleased with the trends in our
business and look forward to the opportunities ahead for Acadia in
2021. While there are uncertainties surrounding the COVID-19
pandemic, we expect the effects of the prolonged isolation, the
social and economic disruptions, and grief over the loss of lives
this past year will remain a challenge for many individuals. As a
result, we expect to see continued strong demand for our services
in 2021 and beyond. More than ever, we are dedicated to our
mission, and we understand the importance of our role as a leading
provider of critical behavioral healthcare services. We believe
Acadia is well positioned to address the needs of those seeking
treatment as we continue to expand our network of treatment
facilities and service offerings with a shared commitment across
our operations to deliver the highest quality of patient care.”
Conference Call
Acadia will hold a conference call to discuss its first quarter
financial results at 9:00 a.m. Eastern Time on Friday, April 30,
2021. 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 May
28, 2021.
About Acadia
Acadia is a leading provider of behavioral healthcare services
across the United States. As of March 31, 2021, Acadia operated a
network of 228 behavioral healthcare facilities with approximately
10,000 beds in 40 states and Puerto Rico. With more than 20,000
employees serving approximately 70,000 patients daily, Acadia is
the largest stand-alone behavioral health company in the U.S.
Acadia provides behavioral healthcare services to its patients in a
variety of settings, including inpatient psychiatric hospitals,
specialty treatment facilities, residential treatment centers and
outpatient clinics.
Forward-Looking Information
This press 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 press 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) the impact of the COVID-19 pandemic, including, without
limitation, disruption to the U.S. economy and financial markets;
reduced admissions and patient volumes; increased costs relating to
labor, supply chain and other expenditures; and difficulty in
collecting patient accounts receivable due to increases in the
unemployment rate and the number of underinsured and uninsured
patients; (ii) potential difficulties in successfully integrating
the operations of acquired facilities or realizing the expected
benefits and synergies of our acquisitions, joint ventures and de
novo transactions; (iii) Acadia’s ability to add beds, expand
services, enhance marketing programs and improve efficiencies at
its facilities; (iv) potential reductions in payments received by
Acadia from government and third-party payors; (v) the occurrence
of patient incidents, governmental investigations, litigation and
adverse regulatory actions, which could adversely affect the price
of our common stock and result in substantial payments and
incremental regulatory burdens; (vi) 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
(vii) 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 strategies. These factors and
others are more fully described in Acadia’s periodic reports and
other filings with the SEC.
Acadia Healthcare Company, Inc. Condensed
Consolidated Statements of Operations (Unaudited)
Three Months Ended March
31,
2021
2020
(In thousands, except per
share amounts)
Revenue
$
551,199
$
509,217
Salaries, wages and benefits (including equity-based
compensation expense of $7,034 and $4,979, respectively)
304,333
286,987
Professional fees
31,617
31,051
Supplies
21,322
22,196
Rents and leases
9,412
9,117
Other operating expenses
72,010
68,156
Depreciation and amortization
24,894
22,835
Interest expense, net
29,027
42,565
Debt extinguishment costs
24,650
-
Transaction-related expenses
4,610
1,526
Total expenses
521,875
484,433
Income from continuing operations before income taxes
29,324
24,784
Provision for income taxes
6,204
5,806
Income from continuing operations
23,120
18,978
(Loss) income from discontinued operations, net of taxes
(12,641
)
15,089
Net income
10,479
34,067
Net income attributable to noncontrolling interests
(762
)
(604
)
Net income attributable to Acadia Healthcare Company, Inc.
$
9,717
$
33,463
Basic earnings per share attributable to Acadia Healthcare
Company, Inc. stockholders: Income from continuing operations
attributable to Acadia Healthcare Company, Inc.
$
0.25
$
0.21
(Loss) income from discontinued operations
$
(0.14
)
$
0.17
Net income attributable to Acadia Healthcare Company, Inc.
$
0.11
$
0.38
Diluted earnings per share attributable to Acadia Healthcare
Company, Inc. stockholders: Income from continuing operations
attributable to Acadia Healthcare Company, Inc.
$
0.25
$
0.21
(Loss) income from discontinued operations
$
(0.14
)
$
0.17
Net income attributable to Acadia Healthcare Company, Inc.
$
0.11
$
0.38
Weighted-average shares outstanding: Basic
88,242
87,765
Diluted
89,941
87,971
Acadia Healthcare Company, Inc. Condensed Consolidated
Balance Sheets (Unaudited)
March 31,
December 31,
2021
2020
(In thousands)
ASSETS Current assets: Cash and cash equivalents
$
178,915
$
378,697
Accounts receivable, net
276,041
273,551
Other current assets
73,269
61,332
Current assets held for sale
-
1,809,815
Total current assets
528,225
2,523,395
Property and equipment, net
1,654,732
1,622,896
Goodwill
2,105,264
2,105,264
Intangible assets, net
68,627
68,535
Deferred tax assets
3,177
3,209
Operating lease right-of-use assets
96,205
96,937
Other assets
70,685
79,126
Total assets
$
4,526,915
$
6,499,362
LIABILITIES AND EQUITY Current liabilities:
Current portion of long-term debt
$
11,911
$
153,478
Accounts payable
91,505
87,815
Accrued salaries and benefits
127,827
124,912
Current portion of operating lease liabilities
18,696
18,916
Other accrued liabilities
161,040
178,453
Derivative instrument liabilities
-
84,584
Current liabilities held for sale
-
660,027
Total current liabilities
410,979
1,308,185
Long-term debt
1,484,212
2,968,948
Deferred tax liabilities
68,678
50,017
Operating lease liabilities
83,731
84,029
Other liabilities
124,616
133,412
Total liabilities
2,172,216
4,544,591
Redeemable noncontrolling interests
56,700
55,315
Equity: Common stock
887
880
Additional paid-in capital
2,597,781
2,580,327
Accumulated other comprehensive loss
-
(371,365
)
Accumulated deficit
(300,669
)
(310,386
)
Total equity
2,297,999
1,899,456
Total liabilities and equity
$
4,526,915
$
6,499,362
Acadia Healthcare Company, Inc. Condensed Consolidated
Statements of Cash Flows (Unaudited)
Three Months Ended March
31,
2021
2020
(In thousands)
Operating activities: Net income
$
10,479
$
34,067
Adjustments to reconcile net income to net cash provided by
continuing operating activities: Depreciation and amortization
24,894
22,835
Amortization of debt issuance costs
1,646
3,050
Equity-based compensation expense
7,034
4,979
Deferred income taxes
3,962
11,264
Loss (income) from discontinued operations, net of taxes
12,641
(15,089
)
Debt extinguishment costs
24,650
-
Other
1,737
(108
)
Change in operating assets and liabilities: Accounts receivable,
net
(2,490
)
(4,214
)
Other current assets
75
(18,276
)
Other assets
(3,570
)
(1,561
)
Accounts payable and other accrued liabilities
(3,979
)
(19,115
)
Accrued salaries and benefits
2,915
(6,347
)
Other liabilities
(4,210
)
5,101
Net cash provided by continuing operating activities
75,784
16,586
Net cash provided by discontinued operating activities
253
28,960
Net cash provided by operating activities
76,037
45,546
Investing activities: Cash paid for capital
expenditures
(58,682
)
(58,427
)
Proceeds from U.K. Sale
1,511,020
-
Settlement of foreign currency derivatives
(84,795
)
-
Proceeds from sale of property and equipment
134
38
Other
926
(1,671
)
Net cash provided by (used in) continuing investing activities
1,368,603
(60,060
)
Net cash used in discontinued investing activities
-
(14,101
)
Net cash provided by (used in) investing activities
1,368,603
(74,161
)
Financing activities: Borrowings on long-term debt
425,000
-
Borrowings on revolving credit facility
430,000
-
Principal payments on revolving credit facility
(270,000
)
-
Principal payments on long-term debt
-
(10,621
)
Repayment of long-term debt
(2,224,603
)
-
Payment of debt issuance costs
(9,935
)
-
Common stock withheld for minimum statutory taxes, net
8,219
(1,402
)
Distributions to noncontrolling interests
(377
)
(264
)
Other
(6,793
)
(423
)
Net cash used in continuing financing activities
(1,648,489
)
(12,710
)
Net cash used in discontinued financing activities
-
(720
)
Net cash used in financing activities
(1,648,489
)
(13,430
)
Effect of exchange rate changes on cash
4,067
(1,143
)
Net decrease in cash and cash equivalents, including cash
classified within current assets held for sale
(199,782
)
(43,188
)
Less: cash classified within current assets held for sale
-
(19,592
)
Net decrease in cash and cash equivalents
(199,782
)
(62,780
)
Cash and cash equivalents at beginning of the period
378,697
124,192
Cash and cash equivalents at end of the period
$
178,915
$
61,412
Acadia Healthcare Company, Inc. Operating Statistics
(Unaudited, Revenue in thousands)
Three Months Ended March
31,
2021
2020
% Change
U.S. Same Facility Results (1) Revenue
$
545,799
$
508,262
7.4%
Patient Days
669,725
651,931
2.7%
Admissions
43,813
43,444
0.8%
Average Length of Stay (2)
15.3
15.0
1.9%
Revenue per Patient Day
$
815
$
780
4.5%
Adjusted EBITDA margin
26.5
%
23.7
%
280 bps
U.S. Facility Results Revenue
$
551,199
$
509,217
8.2%
Patient Days
674,491
658,002
2.5%
Admissions
44,164
43,603
1.3%
Average Length of Stay (2)
15.3
15.1
1.2%
Revenue per Patient Day
$
817
$
774
5.6%
Adjusted EBITDA margin
26.0
%
23.6
%
240 bps
(1)Same facility results for the
periods presented include facilities we have operated for more than
one year and exclude certain closed services.
(2)Average length of stay is
defined as patient days divided by admissions.
Acadia Healthcare Company, Inc. Reconciliation of Net
Income Attributable to Acadia Healthcare Company, Inc. to Adjusted
EBITDA (Unaudited)
Three Months Ended March
31,
2021
2020
(in thousands) Net income attributable to Acadia Healthcare
Company, Inc.
$
9,717
$
33,463
Net income attributable to noncontrolling interests
762
604
Loss (income) from discontinued operations, net of taxes
12,641
(15,089
)
Provision for income taxes
6,204
5,806
Interest expense, net
29,027
42,565
Depreciation and amortization
24,894
22,835
EBITDA
83,245
90,184
Adjustments: Equity-based compensation expense (a)
7,034
4,979
Transaction-related expenses (b)
4,610
1,526
Debt extinguishment costs (c)
24,650
-
Adjusted EBITDA
$
119,539
$
96,689
Adjusted EBITDA margin
21.7
%
19.0
%
See footnotes on page 12.
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 EndedMarch 31, 2021 (in thousands,except per share
amounts) Net income attributable to Acadia Healthcare Company,
Inc.
$
9,717
Loss from discontinued operations, net of taxes
12,641
Adjustments to income: Transaction-related expenses (b)
4,610
Debt extinguishment costs (c)
24,650
Provision for income taxes
6,204
Adjusted income from continuing operations before income taxes
attributable to Acadia Healthcare Company, Inc.
57,822
Income tax effect of adjustments to income (d)
15,618
Adjusted income from continuing operations attributable to Acadia
Healthcare Company, Inc.
$
42,204
Weighted-average shares outstanding - diluted
89,941
Adjusted income from continuing operations attributable to Acadia
Healthcare Company, Inc. per diluted share
$
0.47
Three Months EndedMarch 31, 2020 (in
thousands,except per share amounts) Net income attributable to
Acadia Healthcare Company, Inc.
$
33,463
Income from discontinued operations, net of taxes
(15,089
)
Adjustments to income: Transaction-related expenses (b)
1,526
Provision for income taxes
5,806
Adjusted income from continuing operations before income taxes
attributable to Acadia Healthcare Company, Inc.
25,706
Adjusted income from discontinued operations before income taxes
17,095
Adjusted income before income taxes attributable to Acadia
Healthcare Company, Inc.
42,801
Income tax effect of adjustments to income (d)
6,133
Adjusted income attributable to Acadia Healthcare Company, Inc.
$
36,668
Weighted-average shares outstanding - diluted
87,971
Adjusted income attributable to Acadia Healthcare Company, Inc. per
diluted share
$
0.42
(3)
(3) For the three months ended March 31, 2020, Adjusted income
attributable to Acadia Healthcare Company, Inc. per diluted share
includes Adjusted income from discontinued operations before income
taxes and is not directly comparable to Adjusted income from
continuing operations attributable to Acadia Healthcare Company,
Inc. per diluted share for the three months ended March 31, 2021.
Interest expense, which has been significantly reduced following
debt repayments in the first quarter of 2021, is recorded in income
from continuing operations and not allocated to discontinued
operations because such allocation would not be meaningful.
Therefore, Adjusted income from discontinued operations before
income taxes is not included in Adjusted income from continuing
operations attributable to Acadia Healthcare Company, Inc. per
diluted share for the three months ended March 31, 2021. See
footnotes on page 12.
Acadia Healthcare Company, Inc.
Discontinued Operations Supplemental Financial Information
(Unaudited) Statements of Discontinued
Operations
Three Months Ended March
31,
2021
2020
(in thousands)
Revenue
$
62,520
$
273,593
Salaries, wages and benefits
35,937
153,329
Professional fees
6,815
32,249
Supplies
2,217
9,775
Rents and leases
2,509
11,707
Other operating expenses
6,682
30,373
Depreciation and amortization
-
18,845
Interest expense, net
10
220
Loss on sale
14,254
-
Transaction-related expenses
6,265
2,023
Total expenses
74,689
258,521
(Loss) income from discontinued operations before income taxes
(12,169
)
15,072
Provision for (benefit from) income taxes
472
(17
)
(Loss) income from discontinued operations, net of taxes
(12,641
)
15,089
Reconciliation of (Loss) Income from Discontinued
Operations toAdjusted Income from Discontinued Operations before
Income Taxes
Three Months Ended March
31,
2021
2020
(in thousands)
(Loss) income from discontinued operations, net of taxes
$
(12,641
)
$
15,089
Adjustments to income: Transaction-related expenses (b)
6,265
2,023
Loss on sale (e)
14,254
-
Provision for (benefit from) income taxes
472
(17
)
Adjusted income from discontinued operations before income taxes
$
8,350
$
17,095
See footnotes on page 12.
Acadia Healthcare Company,
Inc. Footnotes We have included certain financial
measures in this press release, including EBITDA, Adjusted EBITDA,
Adjusted EBITDA margin, Adjusted income from continuing operations
before income taxes attributable to Acadia Healthcare Company,
Inc., Adjusted income from continuing operations attributable to
Acadia Healthcare Company, Inc., Adjusted income from discontinued
operations before income taxes and Adjusted income attributable to
Acadia Healthcare Company, Inc., 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 attributable to noncontrolling interests, loss (income) from
discontinued operations, net of taxes, provision for income taxes,
net interest expense and depreciation and amortization. We define
Adjusted EBITDA as EBITDA adjusted for equity-based compensation
expense, transaction-related expenses and debt extinguishment
costs. We define Adjusted EBITDA margin as Adjusted EBITDA divided
by revenue. We define Adjusted income from continuing operations
attributable to Acadia Healthcare Company, Inc. as net income
attributable to Acadia Healthcare Company, Inc. adjusted for loss
from discontinued operations, net of taxes, transaction-related
expenses, debt extinguishment costs and provision for (benefit
from) income taxes. We define Adjusted income from continuing
operations before income taxes attributable to Acadia Healthcare
Company, Inc. as net income adjusted for loss from discontinued
operations, net of taxes, transaction-related expenses, debt
extinguishment costs, provision for income taxes and income tax
effect of adjustments to income. We define Adjusted income from
discontinued operations before income taxes as (loss) income from
discontinued operations, net of taxes, adjusted for
transaction-related expenses, loss on sale and provision for
(benefit from) income taxes. We define Adjusted income
attributable to Acadia Healthcare Company, Inc. as the sum of
Adjusted income from continuing operations before income taxes
attributable to Acadia Healthcare Company, Inc., Adjusted income
from discontinued operations before income taxes and income tax
effect of adjustments to income. The non-GAAP financial
measures presented herein 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”). The non-GAAP financial measures presented herein 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 these non-GAAP financial measures may not be
comparable to similarly titled measures of other companies. We have
included information concerning the non-GAAP financial measures 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
similar non-GAAP financial measures when reporting their results.
Because the non-GAAP financial measures are not measurements
determined in accordance with GAAP and are thus susceptible to
varying calculations, the non-GAAP financial measures, as
presented, may not be comparable to other similarly titled measures
of other companies. Our presentation of these non-GAAP financial
measures 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 transaction-related expenses incurred by
Acadia primarily related to termination, restructuring, strategic
review, acquisition and other similar costs. (c) Represents
debt extinguishment costs recorded during the three months ended
March 31, 2021 in connection with the redemption of the 5.625%
Senior Notes and 6.500% Senior Notes and the termination of the
Prior Credit Facility. (d) Represents the income tax effect
of adjustments to income based on tax rates of 27.0% and 14.3% for
the three months ended March 31, 2021 and 2020, respectively. The
Company recorded a $1.7 million tax benefit from ASU 2016-09
"Improvements to Employee Share-Based Payment Accounting” in the
first quarter of 2021, which has been excluded from the adjusted
tax provision. (e) Represents the adjustments to the loss on
sale recorded in connection with the U.K. sale to reflect an
increase in the U.K. carrying value.
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version on businesswire.com: https://www.businesswire.com/news/home/20210429006031/en/
Gretchen Hommrich Director, Investor Relations (615)
861-6000
Acadia Healthcare (NASDAQ:ACHC)
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