Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
financial results for the second quarter ended June 30, 2022.
Second Quarter Highlights
- Revenue totaled $651.7 million, an increase of 11.9% over the
second quarter of 2021
- Same facility revenue increased 8.5% compared to the second
quarter of 2021, including an increase in revenue per patient day
of 7.8% and an increase in patient days of 0.7%
- Net income attributable to Acadia totaled $80.1 million, or
$0.88 per diluted share, and adjusted income from continuing
operations attributable to Acadia stockholders totaled $82.8
million, or $0.91 per diluted share, which included $0.07 of income
from the Provider Relief Fund (“PRF”) established under the
Coronavirus Aid, Relief, and Economic Security (“CARES”) Act
- Adjusted EBITDA totaled $165.9 million, which included $8.6
million of income from PRF established under the CARES Act
- Cash flows from operating activities totaled $149.2
million
Second Quarter Results
The Company reported revenue of $651.7 million for the second
quarter of 2022, compared with $582.2 million for the second
quarter of 2021. Adjusted EBITDA was $165.9 million for the second
quarter of 2022, compared with $141.3 million for the same period
last year. Excluding the income from PRF, Adjusted EBITDA was
$157.3 million for the second quarter of 2022.
As of December 31, 2021, the Company had $8.6 million of PRF
that had been received but not recognized in income, pending the
Company’s ongoing review of the criteria and evaluation of pandemic
related costs incurred. During the second quarter of 2022, the
Company received an additional $7.7 million of funds from PRF and
$14.2 million of funds from the American Rescue Plan (“ARP”) Rural
Payments for hospitals. The Company recorded income of $8.6 million
in the second quarter of 2022. The Company will continue to review
the remaining $21.9 million of PRF and ARP funds held on our
balance sheet as of June 30, 2022, for the potential recognition of
additional income. Financial guidance for 2022 does not include the
recognition of additional income in the second half of 2022.
Net income attributable to Acadia stockholders for the second
quarter of 2022 was $80.1 million, or $0.88 per diluted share.
Adjusted income from continuing operations attributable to Acadia
stockholders was $0.91 per diluted share for the second quarter of
2022. Excluding income from PRF, adjusted income from continuing
operations was $0.84 for the second quarter of 2022. Adjustments to
income include transaction-related expenses and the income tax
effect of adjustments to income. A reconciliation of all non-GAAP
financial results in this press release begins on page 10.
For the second quarter of 2022, Acadia’s same facility revenue
increased 8.5% compared with the second quarter of 2021, including
an increase in revenue per patient day of 7.8% and an increase in
patient days of 0.7%. During the quarter, the Company received
one-time payments of $5.4 million from one of our states.
Chris Hunter, the Company's Chief Executive Officer, remarked,
“Acadia delivered strong financial and operating results for the
second quarter of 2022 despite ongoing COVID-19 and labor
challenges. We saw increased COVID-19 cases in certain markets,
which had a temporary impact on the Company’s patient admissions
and staffing. Our team continues to work through these surges with
robust policies and procedures to ensure the safety of our patients
and staff. We also continue to manage through a tight labor market
with our proactive approach to staffing, centralized recruitment
efforts and ability to maintain a diversified clinical staff. We
are truly grateful for our dedicated employees and clinicians
across our facilities who have continued to work tirelessly to meet
the needs of our patients in a safe and effective manner.
“We continue to see strong underlying demand for behavioral
healthcare services. Acadia is uniquely positioned to meet this
critical societal need with our proven operating model and
diversified service lines across the continuum of care, each of
which offers high-quality patient care. We are mindful of the
important role we play as an industry leader, and we are committed
to extending our market reach to more patients and communities that
need our critical care.
Strategic Investments for Long-Term Growth
“We are pleased with the progress we have made in 2022 with
respect to our four strategic growth pathways. In line with our
first growth pathway, we added 78 beds to our existing facilities
during the first half of the year. We are on target to meet our
goal of adding approximately 300 beds in 2022, with a significant
portion of 2022’s new beds expected to open in the third quarter.
Facility expansions provide an efficient opportunity to expand
services in our current markets, as we can leverage the existing
operations and experienced staff.
“The second important pathway is to identify underserved markets
where we can develop wholly owned de novo facilities that meet the
critical demand for behavioral healthcare services. We believe
there are significant opportunities in communities across the
country to address this unmet need at the local level. As part of
our Montrose Behavioral Health Hospital operations in Chicago, we
opened a 60-bed children’s hospital in early July. Renovation work
continues for the 101-bed adult hospital and the outpatient
facility, which are expected to begin operations in 2023. In
addition to the new Chicago facilities, we expect to open our de
novo facility, Coachella Valley Behavioral Health, in Indio,
California, early next year.
“The increase in opioid use disorder has led to a national
epidemic of opioid overdose deaths with more than 107,000 estimated
drug overdose deaths in 2021. We continue to identify opportunities
to expand our network of 142 comprehensive treatment centers (CTCs)
as these facilities play a critical role by providing
medication-assisted treatment for patients dealing with the opioid
use disorder. We opened one new CTC in Virginia during the second
quarter, and we are on track to open at least six CTCs in 2022 to
support the high demand for effective addiction treatment.
“For our third growth pathway, we are proud to partner with
leading health systems across the country to expand behavioral
healthcare treatment options in their communities, and we believe
joint venture partnerships represent an attractive growth pathway
for Acadia. As we enter new markets, we can leverage the
established presence and reputation of the local provider and bring
our expertise in behavioral healthcare services to develop mutually
beneficial partnerships.
“We recently announced new joint ventures with Tufts Medicine,
one of New England’s elite health systems to build a new 144-bed
behavioral health hospital in Malden, Massachusetts, and ECU
Health, one of eastern North Carolina’s premier health systems to
build a 144-bed behavioral health hospital in Greenville, North
Carolina. The partnership with ECU will expand our acute service
line into the North Carolina market. With these newly announced
joint ventures, Acadia now has 18 such partnerships. We also expect
to open new facilities with our previously announced partnerships
with Covenant Health in Knoxville, Tennessee, during the third
quarter of 2022, and with Lutheran Health Network in Ft. Wayne,
Indiana, later in 2022. These joint ventures advance our strategy
to bring together the best practices of Acadia and our partners to
expand access to quality behavioral healthcare services in their
respective communities.
“For our fourth pathway, we believe there are attractive
opportunities for Acadia to acquire existing facilities and
implement our operating model and make the necessary investments in
both the infrastructure and service offerings to enhance the level
of care. We are fortunate to have the financial strength and a
disciplined capital allocation strategy to continue to pursue
strategic acquisitions as another important growth pathway for
Acadia,” added Hunter.
Cash and Liquidity
Acadia has continued to maintain a strong financial position in
2022, providing the flexibility to pursue its growth initiatives
and make strategic investments in its business. As of June 30,
2022, the Company had $128 million in cash and cash equivalents.
During the second quarter, the Company repaid $75 million on its
senior secured revolving credit facility, reducing the outstanding
balance to $85 million as of June 30, 2022. The Company had $515
million available under its $600 million revolving credit facility
and its net leverage ratio was approximately 2.1x as of June 30,
2022.
During the second quarter, the Company continued its repayment
of amounts received pursuant to the Medicare Accelerated and
Advanced Payment Program under the CARES Act. Of the $45 million of
advanced payments received in 2020, the Company repaid a total of
$25 million in 2021 and made additional payments of $15 million
through the first half of 2022. The Company will continue to repay
the remaining balance throughout the rest of 2022. The Company will
also repay the remaining $20 million of the approximately $39
million of 2020 payroll tax deferrals in the second half of
2022.
Financial Guidance
Acadia today raised its previously announced financial guidance
for 2022, as follows:
2022
Guidance Range
Revenue
$2.56 to $2.60 billion
Adjusted EBITDA, including income from
PRF
$591.5 to $621.5 million
Adjusted EBITDA, excluding income from
PRF
$583 to $613 million
Adjusted earnings per diluted share,
including
income from PRF
$3.00 to $3.25
Adjusted earnings per diluted share,
excluding
income from PRF
$2.93 to $3.18
Interest Expense
$67 to $70 million
Tax rate
25% to 26%
Depreciation and amortization expense
$120 to $125 million
Stock compensation expense
Approximately $30 million
Operating cash flows
$380 to $430 million
Expansion capital expenditures
$240 to $280 million
Maintenance capital expenditures
Approximately $50 million
The Company’s guidance does not include the impact of any future
acquisitions, divestitures or transaction-related expenses.
Looking Ahead
Hunter added, “Acadia has demonstrated solid execution with
favorable results through the first half of 2022, and we believe
the strong demand trends across our service lines will support
continued growth. As issues surrounding mental health and
escalating substance abuse have taken center stage in our public
discourse, the stigma associated with treatment has lessened,
resulting in more people seeking the care they need. As such, we
see many opportunities to extend our role as a leading provider of
behavioral healthcare services. Without question, the challenges of
the past two years related to the pandemic have highlighted the
critical need for our services. We are uniquely positioned to meet
this demand with a well-defined growth strategy and enterprise
capabilities that extend across 239 facilities offering diversified
service lines and patient-centered care. As we look ahead, we will
continue to leverage our scale and expertise to have a positive
impact on the patients and communities we serve and create value
for our stockholders.”
Conference Call
Acadia will hold a conference call to discuss its second quarter
financial results at 9:00 a.m. Eastern Time on Thursday, July 28,
2022. 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 for 30
days.
About Acadia
Acadia is a leading provider of behavioral healthcare services
across the United States. As of June 30, 2022, Acadia operated a
network of 239 behavioral healthcare facilities with approximately
10,600 beds in 39 states and Puerto Rico. With more than 22,500
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; and increased costs
relating to labor, supply chain and other expenditures; (ii) the
impact of vaccine and other pandemic-related mandates imposed by
local, state and federal authorities; (iii) 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; (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,
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; (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; (viii) potential
disruptions to our information technology systems or a
cybersecurity incident; and (ix) 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 June 30, Six Months Ended June 30,
2022
2021
2022
2021
(In thousands, except per share amounts) Revenue
$
651,719
$
582,156
$
1,268,372
$
1,133,355
Salaries, wages and benefits (including equity-based
compensation expense of$6,580, $9,031, $14,505 and $16,065,
respectively)
339,388
309,233
675,150
613,566
Professional fees
40,440
34,696
77,351
66,313
Supplies
25,022
22,633
48,721
43,955
Rents and leases
11,192
9,620
22,441
19,032
Other operating expenses
84,937
73,751
166,362
145,761
Income from provider relief fund
(8,550
)
—
(8,550
)
—
Depreciation and amortization
29,128
25,650
58,054
50,544
Interest expense, net
16,565
16,687
32,352
45,714
Debt extinguishment costs
—
—
—
24,650
Loss on impairment
—
23,214
—
23,214
Transaction-related expenses
3,940
1,675
7,522
6,285
Total expenses
542,062
517,159
1,079,403
1,039,034
Income from continuing operations before income taxes
109,657
64,997
188,969
94,321
Provision for income taxes
27,725
19,333
45,127
25,537
Income from continuing operations
81,932
45,664
143,842
68,784
Loss from discontinued operations, net of taxes
—
—
—
(12,641
)
Net income
81,932
45,664
143,842
56,143
Net income attributable to noncontrolling interests
(1,853
)
(1,150
)
(2,926
)
(1,912
)
Net income attributable to Acadia Healthcare Company, Inc.
$
80,079
$
44,514
$
140,916
$
54,231
Basic earnings per share attributable to Acadia Healthcare
Company, Inc.stockholders: Income from continuing operations
attributable to Acadia HealthcareCompany, Inc.
$
0.89
$
0.50
$
1.57
$
0.76
Loss from discontinued operations
—
—
—
$
(0.15
)
Net income attributable to Acadia Healthcare Company, Inc.
$
0.89
$
0.50
$
1.57
$
0.61
Diluted earnings per share attributable to Acadia Healthcare
Company, Inc.stockholders: Income from continuing operations
attributable to Acadia HealthcareCompany, Inc.
$
0.88
$
0.49
$
1.54
$
0.74
Loss from discontinued operations
—
—
—
$
(0.14
)
Net income attributable to Acadia Healthcare Company, Inc.
$
0.88
$
0.49
$
1.54
$
0.60
Weighted-average shares outstanding: Basic
89,724
88,842
89,492
88,543
Diluted
91,473
90,590
91,504
90,381
Acadia Healthcare Company, Inc. Condensed
Consolidated Balance Sheets (Unaudited) June
30, December 31,
2022
2021
(In thousands) ASSETS Current assets: Cash and
cash equivalents
$
128,368
$
133,813
Accounts receivable, net
300,313
281,332
Other current assets
89,351
79,886
Total current assets
518,032
495,031
Property and equipment, net
1,857,295
1,771,159
Goodwill
2,205,307
2,199,937
Intangible assets, net
70,214
70,145
Deferred tax assets
3,015
3,080
Operating lease right-of-use assets
137,495
133,761
Other assets
91,281
94,965
Total assets
$
4,882,639
$
4,768,078
LIABILITIES AND EQUITY Current liabilities:
Current portion of long-term debt
$
21,250
$
18,594
Accounts payable
111,479
98,575
Accrued salaries and benefits
140,528
137,845
Current portion of operating lease liabilities
25,178
23,348
Other accrued liabilities
143,218
126,499
Total current liabilities
441,653
404,861
Long-term debt
1,384,073
1,478,626
Deferred tax liabilities
82,278
74,368
Operating lease liabilities
119,183
116,841
Other liabilities
116,935
110,505
Total liabilities
2,144,122
2,185,201
Redeemable noncontrolling interests
75,475
65,388
Equity: Common stock
898
890
Additional paid-in capital
2,640,979
2,636,350
Retained earnings (accumulated deficit)
21,165
(119,751
)
Total equity
2,663,042
2,517,489
Total liabilities and equity
$
4,882,639
$
4,768,078
Acadia Healthcare Company, Inc. Condensed
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
2022
2021
(In thousands) Operating activities: Net income
$
143,842
$
56,143
Adjustments to reconcile net income to net cash provided by
continuing operating activities: Depreciation and amortization
58,054
50,544
Amortization of debt issuance costs
1,620
2,463
Equity-based compensation expense
14,505
16,065
Deferred income taxes
7,975
8,457
Loss from discontinued operations, net of taxes
—
12,641
Debt extinguishment costs
—
24,650
Loss on impairment
—
23,214
Other
396
828
Change in operating assets and liabilities, net of effect of
acquisitions: Accounts receivable, net
(19,763
)
(12,972
)
Other current assets
(18,106
)
(32,056
)
Other assets
2,550
7,276
Accounts payable and other accrued liabilities
25,518
(5,549
)
Accrued salaries and benefits
2,682
8,823
Other liabilities
7,928
(11,121
)
Government relief funds
(1,212
)
16,855
Net cash provided by continuing operating activities
225,989
166,261
Net cash provided by discontinued operating activities
—
253
Net cash provided by operating activities
225,989
166,514
Investing activities: Cash paid for capital
expenditures
(132,444
)
(112,953
)
Proceeds from U.K. Sale
—
1,511,020
Settlement of foreign currency derivatives
—
(84,795
)
Proceeds from sale of property and equipment
1,674
899
Other
(5,016
)
3,153
Net cash (used in) provided by investing activities
(135,786
)
1,317,324
Financing activities: Borrowings on long-term debt
—
425,000
Borrowings on revolving credit facility
—
430,000
Principal payments on revolving credit facility
(85,000
)
(305,000
)
Principal payments on long-term debt
(7,969
)
(2,656
)
Repayment of long-term debt
—
(2,227,935
)
Payment of debt issuance costs
—
(7,964
)
Repurchase of shares for payroll tax withholding, net of proceeds
from stock option exercises
(9,868
)
13,261
Contributions from noncontrolling partners in joint ventures
8,008
1,800
Distributions to noncontrolling partners in joint ventures
(847
)
(633
)
Other
28
(6,929
)
Net cash used in financing activities
(95,648
)
(1,681,056
)
Effect of exchange rate changes on cash
—
4,067
Net decrease in cash and cash equivalents
(5,445
)
(193,151
)
Cash and cash equivalents at beginning of the period
133,813
378,697
Cash and cash equivalents at end of the period
$
128,368
$
185,546
Acadia Healthcare Company, Inc. Operating
Statistics (Unaudited, Revenue in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2022
2021
% Change
2022
2021
% Change
U.S. Same Facility Results (1) Revenue
$
626,579
$
577,498
8.5
%
$
1,218,857
$
1,122,976
8.5
%
Patient Days
712,169
707,348
0.7
%
1,396,598
1,376,886
1.4
%
Admissions
44,791
46,895
-4.5
%
87,759
90,991
-3.6
%
Average Length of Stay (2)
15.9
15.1
5.4
%
15.9
15.1
5.2
%
Revenue per Patient Day
$
880
$
816
7.8
%
$
873
$
816
7.0
%
Adjusted EBITDA margin (3)
31.3
%
28.6
%
270 bps
29.6
%
27.5
%
210 bps Adjusted EBITDA margin excluding income from provider
relief fund
29.9
%
28.6
%
130 bps
28.9
%
27.5
%
140 bps U.S. Facility Results Revenue
$
651,719
$
582,156
11.9
%
$
1,268,372
$
1,133,355
11.9
%
Patient Days
734,777
712,634
3.1
%
1,441,103
1,387,125
3.9
%
Admissions
47,042
46,974
0.1
%
92,238
91,138
1.2
%
Average Length of Stay (2)
15.6
15.2
3.0
%
15.6
15.2
2.7
%
Revenue per Patient Day
$
887
$
817
8.6
%
$
880
$
817
7.7
%
Adjusted EBITDA margin (3)
29.7
%
28.5
%
120 bps
28.1
%
27.3
%
80 bps Adjusted EBITDA margin excluding income from provider relief
fund
28.4
%
28.5
%
-10 bps
27.4
%
27.3
%
10 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. (3) For the three
and six months ended June 30, 2022, includes income from provider
relief fund of $8.6 million.
Acadia Healthcare Company,
Inc. Reconciliation of Net Income Attributable to Acadia
Healthcare Company, Inc. to Adjusted EBITDA (Unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2022
2021
2022
2021
(in thousands) Net income attributable to Acadia
Healthcare Company, Inc.
$
80,079
$
44,514
$
140,916
$
54,231
Net income attributable to noncontrolling interests
1,853
1,150
2,926
1,912
Loss from discontinued operations, net of taxes
—
—
—
12,641
Provision for income taxes
27,725
19,333
45,127
25,537
Interest expense, net
16,565
16,687
32,352
45,714
Depreciation and amortization
29,128
25,650
58,054
50,544
EBITDA
155,350
107,334
279,375
190,579
Adjustments: Equity-based compensation expense (a)
6,580
9,031
14,505
16,065
Transaction-related expenses (b)
3,940
1,675
7,522
6,285
Debt extinguishment costs (c)
—
—
—
24,650
Loss on impairment (d)
—
23,214
—
23,214
Adjusted EBITDA
$
165,870
$
141,254
$
301,402
$
260,793
Adjusted EBITDA margin
25.5
%
24.3
%
23.8
%
23.0
%
Adjusted EBITDA excluding income from provider relief
fund
$
157,320
$
141,254
$
292,852
$
260,793
Adjusted EBITDA margin excluding income from provider relief
fund
24.1
%
24.3
%
23.1
%
23.0
%
Se footnotes on page 12.
Acadia Healthcare
Company, Inc. Reconciliation of Net Income Attributable to
Acadia Healthcare Company, Inc. to Adjusted Income
Attributable to Acadia Healthcare Company, Inc.
(Unaudited) Three Months Ended June 30, Six
Months Ended June 30,
2022
2021
2022
2021
(in thousands, except per share amounts) (in thousands,
except per share amounts) Net income attributable to
Acadia Healthcare Company, Inc.
$
80,079
$
44,514
$
140,916
$
54,231
Loss from discontinued operations, net of taxes
—
—
—
12,641
Adjustments to income: Transaction-related expenses (b)
3,940
1,675
7,522
6,285
Debt extinguishment costs (c)
—
—
—
24,650
Loss on impairment (d)
—
23,214
—
23,214
Provision for income taxes
27,725
19,333
45,127
25,537
Adjusted income from continuing operations before income
taxesattributable to Acadia Healthcare Company, Inc.
111,744
88,736
193,565
146,558
Income tax effect of adjustments to income (e)
28,895
24,583
49,514
40,201
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc.
82,849
64,153
144,051
106,357
Income from provider relief fund, net of taxes
(6,230
)
—
(6,230
)
—
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc. excluding incomefrom provider relief fund
$
76,619
$
64,153
$
137,821
$
106,357
Weighted-average shares outstanding - diluted
91,473
90,590
91,504
90,381
Adjusted income from continuing operations attributable
toAcadia Healthcare Company, Inc. per diluted share
$
0.91
$
0.71
$
1.57
$
1.18
Income from provider relief fund, net of taxes, per diluted share
(0.07
)
—
(0.07
)
—
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc., excluding incomefrom provider relief
fund, per diluted share
$
0.84
$
0.71
$
1.50
$
1.18
See footnotes on page 12.
Acadia Healthcare
Company, Inc. Footnotes We have included certain
financial measures in this press release, including those listed
below, which are “non-GAAP financial measures” as defined under the
rules and regulations promulgated by the SEC. These non-GAAP
financial measures include, and are defined, as follows: •
EBITDA: net income attributable to
Acadia Healthcare Company, Inc. adjusted for net income
attributable to noncontrolling interests, loss from discontinued
operations, net of taxes, provision for income taxes, net interest
expense and depreciation and amortization. •
Adjusted EBITDA: EBITDA adjusted for equity-based
compensation expense, transaction-related expenses, debt
extinguishment costs and loss on impairment. •
Adjusted EBITDA excluding income from provider relief
fund: Adjusted EBITDA adjusted for income from provider
relief fund. •
Adjusted EBITDA
margin: Adjusted EBITDA divided by revenue. •
Adjusted EBITDA margin excluding income from
provider relief fund: Adjusted EBITDA excluding income from
provider relief fund divided by revenue. •
Adjusted income from continuing operations before income
taxes attributable to Acadia Healthcare Company, Inc.: net
income attributable to Acadia Healthcare Company, Inc. adjusted for
loss from discontinued operations, net of taxes,
transaction-related expenses, debt extinguishment costs, loss on
impairment and provision for income taxes. •
Adjusted income from continuing operations attributable
to Acadia Healthcare Company, Inc.: Adjusted income from
continuing operations before income taxes attributable to Acadia
Healthcare Company, Inc. adjusted for the income tax effect of
adjustments to income. •
Adjusted
income from continuing operations attributable to Acadia Healthcare
Company, Inc. excluding income from provider relief fund:
Adjusted income from continuing operations attributable to Acadia
Healthcare Company, Inc. adjusted for income from provider relief
fund. •
Adjusted income attributable
to Acadia Healthcare Company, Inc.: the sum of Adjusted
income from continuing operations before income taxes attributable
to Acadia Healthcare Company, Inc. and income tax effect of
adjustments to income. •
Adjusted
income attributable to Acadia Healthcare Company, Inc. excluding
income from provider relief fund: Adjusted income from
continuing operations attributable to Acadia Healthcare Company,
Inc. adjusted for income from provider relief fund. 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. The Company is
not able to provide a reconciliation of projected Adjusted EBITDA
and adjusted earnings per diluted share, where provided and whether
including or excluding income from provider relief fund, 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) Represents transaction-related
expenses incurred by Acadia primarily related to termination,
restructuring, management transition, acquisition and other similar
costs. (c) Represents debt extinguishment costs recorded
during the first quarter of 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) The Company
opened a 260-bed replacement hospital in Pennsylvania and recorded
a non-cash property impairment charge of $23.2 million for the
existing facility during the second quarter of 2021. (e)
Represents the income tax effect of adjustments to income based on
tax rates of 25.9% and 27.7% for the three months ended June 30,
2022 and 2021, respectively, and 25.6% and 27.4% for the six months
ended June 30, 2022 and 2021, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220727005947/en/
Gretchen Hommrich Vice President, Investor Relations (615)
861-6000
Acadia Healthcare (NASDAQ:ACHC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Acadia Healthcare (NASDAQ:ACHC)
Historical Stock Chart
From Jul 2023 to Jul 2024