Company Provides Full Year and First Quarter
2023 Guidance
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
financial results for the fourth quarter and year ended December
31, 2022.
Fourth Quarter Highlights
- Revenue totaled $675.3 million, an increase of 13.8% over the
fourth quarter of 2021
- Same facility revenue increased 9.4% compared to the fourth
quarter of 2021, including an increase in revenue per patient day
of 5.2% and an increase in patient days of 4.0%
- Net income attributable to Acadia totaled $61.1 million, or
$0.67 per diluted share, and adjusted income from continuing
operations attributable to Acadia stockholders totaled $68.1
million, or $0.74 per diluted share, which included $0.04 of income
from the Provider Relief Fund (“PRF”) established under the
Coronavirus Aid, Relief, and Economic Security (“CARES”) Act
- Adjusted EBITDA totaled $150.9 million, which included $5.2
million of income from the PRF established under the CARES Act
- Recorded a $5.9 million unfavorable adjustment to professional
and general liability reserves relating to the settlement or
expected settlement of certain prior year claims relating primarily
to the 2017 to 2018 period
- Opened a joint venture facility with Lutheran Health Network,
in Ft. Wayne, Indiana, and added seven new Comprehensive Treatment
Centers (“CTCs”) through acquiring four existing facilities and
opening three de novos
Fourth Quarter Results
The Company reported revenue of $675.3 million for the fourth
quarter of 2022, compared with $593.5 million for the fourth
quarter of 2021. Adjusted EBITDA was $150.9 million for the fourth
quarter of 2022, compared with $156.1 million for the same period
last year.
During the fourth quarter of 2022, the Company recorded $5.2
million of income from the PRF related to the American Rescue Plan
(“ARP”) Rural Payments. The Company will continue to review the
remaining $9.0 million of ARP funds held on its balance sheet as of
December 31, 2022, for potential repayment of the remaining
balance.
The Company also recorded an unfavorable adjustment of $5.9
million, or $0.05 per diluted share, to its professional and
general liability reserves relating to the settlement or expected
settlement of certain prior year claims relating primarily to the
2017 to 2018 period. The estimated accrual for professional and
general liabilities is based on historical claims, prior
settlements and judgments, demographic factors, industry trends,
severity factors, and other actuarial assumptions.
Net income attributable to Acadia stockholders for the fourth
quarter of 2022 was $61.1 million, or $0.67 per diluted share.
Adjusted income from continuing operations attributable to Acadia
stockholders was $0.74 per diluted share for the fourth 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 fourth quarter of 2022, Acadia’s same facility revenue
increased 9.4% compared with the fourth quarter of 2021, including
an increase in revenue per patient day of 5.2% and an increase in
patient days of 4.0%.
Chris Hunter, Chief Executive Officer of Acadia Healthcare
Company, remarked, “Acadia delivered another quarter and year of
strong growth. These results reflect the robust demand for our
behavioral healthcare services, the dedicated work of our
extraordinary employees and our proven ability to meet this
critical societal need. With solid execution across the key
pathways of our growth strategy, we extended our market reach in
2022 and solidified our industry leadership position. Our committed
team of employees and clinicians across our operations have
continued to tirelessly provide quality patient care for those
seeking treatment for mental health and substance use issues.
Strategic Investments for Long-Term Growth
“During the fourth quarter of 2022, we made further progress in
meeting our growth objectives across each of our service lines. As
demand for our services continues to grow, we have made the
necessary investments in our operations to support sustained
long-term growth. We believe our five distinct growth pathways will
enable the Company to meet this demand and extend our market
reach.
“Our first pathway, facility expansions, remains a primary
driver of our growth, as this pathway allows us to efficiently
expand services in established markets by utilizing our existing
infrastructure and experienced staff. We added 80 beds to our
existing facilities during the fourth quarter, finishing the year
with a strong second half of 212 bed additions and bringing our
total number to 290 for the year. Looking ahead, we expect to add
approximately 300 beds through facility expansions in 2023.
“A second important growth pathway is to identify underserved
markets for behavioral healthcare services and develop wholly owned
de novo facilities that bridge this gap and help meet the critical
community need. In July 2022, we opened a 60-bed children’s
hospital as the first stage of our Montrose Behavioral Health
Hospital operations in Chicago. We expect to complete this project
and begin operations at our 101-bed adult hospital and the
outpatient facility in late 2023 once renovations are complete. In
addition to the new Chicago facilities, we expect to open our de
novo facility, Coachella Valley Behavioral Health, in Indio,
California, later this year. We will continue to pursue additional
opportunities across the country with a goal to develop and open
acute and specialty facilities in 2024.
“We also continued to expand our network of CTCs, specifically
designed to meet the growing and critical need for addiction
treatment, especially for patients dealing with opioid use
disorder. During the fourth quarter, we opened three new CTCs in
Florida and Delaware, bringing our total to seven new CTCs for the
year. As the opioid crisis has continued to escalate across the
country, we believe Acadia’s CTC facilities and programs play a
vital role in the communities they serve. We will continue to
expand our CTC network and service offerings to meet this essential
need with an objective of adding at least six CTCs in the year
ahead.”
Hunter added, “Forming strategic partnerships is a third
attractive growth pathway for Acadia. We have been fortunate to
establish strong relationships with leading healthcare providers
and premier healthcare systems across the country who want to
expand behavioral healthcare treatment options in their respective
communities. We bring the clinical expertise and experience they
need to deliver high quality care, while we have an opportunity to
leverage the providers’ market presence and established
relationships in their communities. During the third quarter, we
opened a new 90-bed facility with our joint venture partner,
Covenant Health, in Knoxville, Tennessee. During the fourth
quarter, we opened our ninth joint venture facility, a 120-bed
hospital known as Maple Heights Behavioral Health, with our
partner, Lutheran Health Network, in Ft. Wayne, Indiana. Acadia has
joint venture partnerships for 19 facilities with 10 facilities
expected to open over the next several years, including two in
2023.
“For our fourth pathway, we have a very disciplined focus on
M&A opportunities and continue to look for selective
acquisitions that complement our growth strategy and are
incremental to our financial objectives. During the fourth quarter
of 2022, we acquired four CTCs from Georgia-based Brand New Start
Treatment Centers, located in separate suburbs of the Atlanta
metropolitan area, extending Acadia’s CTC network to 151 locations.
We remain focused on identifying attractive M&A opportunities
that are complementary to our existing geographic footprint and
portfolio of service offerings. We are fortunate to have a strong
balance sheet that provides the flexibility to pursue acquisitions
as well as make the necessary investments to support our other
strategic growth pathways.
“For the fifth growth pathway, we remain focused on extending
the continuum of care across our facilities and identifying
additional ways to support patients. During the fourth quarter of
2022, we expanded our network of step-down programs by adding
Intensive Outpatient Programs (IOP) across several of the
communities that we serve. To further support our growth
objectives, we also continued to implement our strategy of
improving cross-referral opportunities between our facilities by
launching the program to several strategically identified regions,”
added Hunter.
Cash and Liquidity
Maintaining a strong financial position will continue to be a
top priority for Acadia in 2023. As of December 31, 2022, the
Company had $97.6 million in cash and cash equivalents and $525
million available under its $600 million revolving credit facility
with a net leverage ratio of approximately 2.1x.
During the fourth quarter, the Company completed its repayment
of amounts received pursuant to the Medicare Accelerated and
Advanced Payment Program under the CARES Act. Of the $45.2 million
of advanced payments received in 2020, the Company repaid a total
of $25.1 million in 2021 and paid the remaining balance of $20.1
million in 2022, including $1.2 million in the fourth quarter of
2022.
Looking Ahead
“We are proud of our results for 2022, and even more proud of
our vitally important work to support expanding patient populations
in order to make a positive difference in more communities. Acadia
has created a strong foundation to build upon during a time of
unprecedented demand for behavioral healthcare services. We also
see a growing recognition among providers that behavioral health
issues are integral to overall patient health. A 2022 study from
Indiana University found that approximately 45 percent of patients
who visit the emergency department for physical injuries and
ailments also have mental health and substance use problems that
are frequently overlooked. Acadia has established strong
relationships with a growing number of med-surg hospitals across
the country, bringing our experience and expertise to markets where
they are desperately needed. Fortunately, greater societal
awareness of these issues and broader acceptance of treatment have
made behavioral healthcare a priority with medical professionals
and government healthcare officials. Acadia is well positioned to
address this critical need as a leader in providing behavioral
healthcare services across the care continuum.
“As we look to the year ahead, we are focused on increasing our
pace of growth and capitalizing on expansion opportunities across
our service lines. At the same time, we will be enhancing the
delivery of care we provide and strengthening our capabilities
through our investments in people, processes and technology. Across
our network of 250 facilities, we have a shared mission to provide
high quality, differentiated behavioral healthcare services, and we
look forward to the opportunities ahead for Acadia in 2023 and
beyond,” concluded Hunter.
Financial Guidance
Acadia today narrowed its previously announced financial
guidance for 2023, as follows:
2023
Guidance Range
Revenue
$2.82 to $2.88 billion
Adjusted EBITDA
$635 to $675 million
Adjusted earnings per diluted share
$3.10 to $3.40
Interest expense
$80 to $85 million
Tax rate
25% to 26%
Depreciation and amortization expense
$125 to $135 million
Stock compensation expense
$30 to $35 million
Operating cash flows
$450 to $500 million
Expansion capital expenditures
$350 to $400 million
Maintenance capital expenditures
$40 to $50 million
IT capital expenditures
$35 to $45 million
Acadia also established financial guidance for the first quarter
of 2023, as follows:
First
Quarter 2023 Guidance Range
Revenue
$690 to $700 million
Adjusted EBITDA
$145 to $150 million
Adjusted earnings per diluted share
$0.70 to $0.74
The Company’s guidance does not include the impact of any future
acquisitions, divestitures, transaction-related expenses or
recognition of additional income from the CARES Act.
Conference Call
Acadia will hold a conference call to discuss its fourth quarter
financial results at 8:00 a.m. Eastern Time on February 28, 2023. 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 December 31, 2022, Acadia operated
a network of 250 behavioral healthcare facilities with
approximately 11,000 beds in 39 states and Puerto Rico. With
approximately 23,000 employees serving more than 75,000 patients
daily, Acadia is the largest stand-alone behavioral healthcare
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) potential difficulties in successfully integrating the
operations of acquired facilities or realizing the expected
benefits and synergies of our facility expansions, acquisitions,
joint ventures and de novo transactions; (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 commercial payors;
(iv) 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; (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; (vi) potential disruptions to our
information technology systems or a cybersecurity incident; and
(vii) potential operating difficulties, 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; changes in competition
and client preferences; 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 EndedDecember 31, Year EndedDecember 31,
2022
2021
2022
2021
(In thousands, except per share amounts) Revenue
$
675,295
$
593,480
$
2,610,399
$
2,314,394
Salaries, wages and benefits (including equity-based
compensation expense of $7,890, $12,542, $29,635 and $37,530,
respectively)
365,702
321,120
1,393,434
1,243,804
Professional fees
40,295
34,824
158,013
136,739
Supplies
25,909
23,004
100,200
90,702
Rents and leases
11,682
9,829
45,462
38,519
Other operating expenses
93,922
79,076
349,277
301,339
Income from provider relief fund
(5,245
)
(17,900
)
(21,451
)
(17,900
)
Depreciation and amortization
30,142
28,368
117,769
106,717
Interest expense, net
19,405
15,573
69,760
76,993
Debt extinguishment costs
—
—
—
24,650
Loss on impairment
—
—
—
24,293
Transaction-related expenses
5,411
3,458
23,792
12,778
Total expenses
587,223
497,352
2,236,256
2,038,634
Income from continuing operations before income taxes
88,072
96,128
374,143
275,760
Provision for income taxes
24,927
24,609
94,110
67,557
Income from continuing operations
63,145
71,519
280,033
208,203
Loss from discontinued operations, net of taxes
—
—
—
(12,641
)
Net income
63,145
71,519
280,033
195,562
Net income attributable to noncontrolling interests
(2,021
)
(1,241
)
(6,894
)
(4,927
)
Net income attributable to Acadia Healthcare Company, Inc.
$
61,124
$
70,278
$
273,139
$
190,635
Basic earnings per share attributable to Acadia Healthcare
Company, Inc.stockholders: Income from continuing operations
attributable to Acadia HealthcareCompany, Inc.
$
0.68
$
0.79
$
3.05
$
2.29
Loss from discontinued operations
—
—
—
$
(0.14
)
Net income attributable to Acadia Healthcare Company, Inc.
$
0.68
$
0.79
$
3.05
$
2.15
Diluted earnings per share attributable to Acadia Healthcare
Company, Inc.stockholders: Income from continuing operations
attributable to Acadia HealthcareCompany, Inc.
$
0.67
$
0.77
$
2.98
$
2.24
Loss from discontinued operations
—
—
—
$
(0.14
)
Net income attributable to Acadia Healthcare Company, Inc.
$
0.67
$
0.77
$
2.98
$
2.10
Weighted-average shares outstanding: Basic
89,897
89,020
89,680
88,769
Diluted
91,872
91,038
91,555
90,793
Acadia Healthcare Company, Inc. Condensed Consolidated
Balance Sheets (Unaudited) December 31,
2022
2021
(In thousands) ASSETS Current assets: Cash and
cash equivalents
$
97,649
$
133,813
Accounts receivable, net
322,439
281,332
Other current assets
86,037
79,886
Total current assets
506,125
495,031
Property and equipment, net
1,952,045
1,771,159
Goodwill
2,222,805
2,199,937
Intangible assets, net
76,041
70,145
Deferred tax assets
2,950
3,080
Operating lease right-of-use assets
135,238
133,761
Other assets
92,697
94,965
Total assets
$
4,987,901
$
4,768,078
LIABILITIES AND EQUITY Current liabilities:
Current portion of long-term debt
$
21,250
$
18,594
Accounts payable
104,723
98,575
Accrued salaries and benefits
125,298
137,845
Current portion of operating lease liabilities
26,463
23,348
Other accrued liabilities
110,592
126,499
Total current liabilities
388,326
404,861
Long-term debt
1,364,541
1,478,626
Deferred tax liabilities
92,588
74,368
Operating lease liabilities
116,429
116,841
Other liabilities
125,033
110,505
Total liabilities
2,086,917
2,185,201
Redeemable noncontrolling interests
88,257
65,388
Equity: Common stock
899
890
Additional paid-in capital
2,658,440
2,636,350
Retained earnings (accumulated deficit)
153,388
(119,751
)
Total equity
2,812,727
2,517,489
Total liabilities and equity
$
4,987,901
$
4,768,078
Acadia Healthcare Company, Inc. Condensed
Consolidated Statements of Cash Flows (Unaudited)
Year Ended December 31,
2022
2021
(In thousands) Operating activities: Net income
$
280,033
$
195,562
Adjustments to reconcile net income to net cash provided by
continuing operating activities: Depreciation and amortization
117,769
106,717
Amortization of debt issuance costs
3,261
4,071
Equity-based compensation expense
29,635
37,530
Deferred income taxes
16,545
11,772
Loss from discontinued operations, net of taxes
—
12,641
Debt extinguishment costs
—
24,650
Loss on impairment
—
24,293
Other
2,680
491
Change in operating assets and liabilities, net of effect of
acquisitions: Accounts receivable, net
(41,978
)
2,448
Other current assets
(17,626
)
1,968
Other assets
2,252
(10,770
)
Accounts payable and other accrued liabilities
5,174
6,164
Accrued salaries and benefits
6,804
9,755
Other liabilities
15,090
(14,940
)
Government relief funds
(39,070
)
(38,128
)
Net cash provided by continuing operating activities
380,569
374,224
Net cash provided by discontinued operating activities
—
253
Net cash provided by operating activities
380,569
374,477
Investing activities: Cash paid for acquisitions, net
of cash acquired
(9,507
)
(139,015
)
Cash paid for capital expenditures
(296,149
)
(244,811
)
Proceeds from U.K. Sale
—
1,511,020
Settlement of foreign currency derivatives
—
(84,795
)
Proceeds from sale of property and equipment
7,074
3,493
Cash paid for purchase of finance lease
—
(31,401
)
Other
(7,248
)
(1,394
)
Net cash (used in) provided by investing activities
(305,830
)
1,013,097
Financing activities: Borrowings on long-term debt
—
425,000
Borrowings on revolving credit facility
—
500,000
Principal payments on revolving credit facility
(95,000
)
(330,000
)
Principal payments on long-term debt
(18,594
)
(7,969
)
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
(6,179
)
16,295
Contributions from noncontrolling partners in joint ventures
15,362
4,536
Distributions to noncontrolling partners in joint ventures
(1,004
)
(1,588
)
Acquisition of ownership interests from noncontrolling partners
(5,540
)
—
Other
52
(6,900
)
Net cash used in financing activities
(110,903
)
(1,636,525
)
Effect of exchange rate changes on cash
—
4,067
Net decrease in cash and cash equivalents
(36,164
)
(244,884
)
Cash and cash equivalents at beginning of the period
133,813
378,697
Cash and cash equivalents at end of the period
$
97,649
$
133,813
Effect of acquisitions: Assets acquired, excluding
cash
$
10,756
$
176,365
Liabilities assumed
(1,249
)
(37,350
)
Cash paid for acquisitions, net of cash acquired
$
9,507
$
139,015
Acadia Healthcare Company, Inc. Operating
Statistics (Unaudited, Revenue in thousands)
Three Months Ended December 31, Year Ended December
31,
2022
2021
% Change
2022
2021
% Change
U.S. Same Facility Results (1) Revenue
$
645,085
$
589,488
9.4%
$
2,504,285
$
2,293,394
9.2%
Patient Days
708,485
681,061
4.0%
2,818,614
2,749,903
2.5%
Admissions
43,777
42,663
2.6%
176,981
178,846
-1.0%
Average Length of Stay (2)
16.2
16.0
1.4%
15.9
15.4
3.6%
Revenue per Patient Day
$
911
$
866
5.2%
$
888
$
834
6.5%
Adjusted EBITDA margin (3)
28.3%
31.0%
-270 bps
29.5%
28.8%
70 bps
Adjusted EBITDA margin excluding income from provider relief fund
27.4%
28.0%
-60 bps
28.6%
28.0%
60 bps
U.S. Facility Results Revenue
$
675,295
$
593,480
13.8%
$
2,610,399
$
2,314,394
12.8%
Patient Days
736,695
686,584
7.3%
2,916,500
2,775,061
5.1%
Admissions
46,375
42,691
8.6%
186,305
179,075
4.0%
Average Length of Stay (2)
15.9
16.1
-1.2%
15.7
15.5
1.0%
Revenue per Patient Day
$
917
$
864
6.0%
$
895
$
834
7.3%
Adjusted EBITDA margin (3)
26.8%
30.5%
-370 bps
27.9%
28.4%
-50 bps
Adjusted EBITDA margin excluding income from provider relief fund
26.0%
27.5%
-150 bps
27.1%
27.6%
-50 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 months ended
December 31, 2022 and 2021, includes income from provider relief
fund of $5.2 million and $17.9 million, respectively. For the year
ended December 31, 2022 and 2021, includes income from provider
relief fund of $21.5 million and $17.9 million, respectively.
Acadia Healthcare Company, Inc. Reconciliation of Net
Income Attributable to Acadia Healthcare Company, Inc. to Adjusted
EBITDA (Unaudited) Three Months EndedDecember
31, Year EndedDecember 31,
2022
2021
2022
2021
(in thousands) Net income attributable to Acadia
Healthcare Company, Inc.
$
61,124
$
70,278
$
273,139
$
190,635
Net income attributable to noncontrolling interests
2,021
1,241
6,894
4,927
Loss from discontinued operations, net of taxes
—
—
—
12,641
Provision for income taxes
24,927
24,609
94,110
67,557
Interest expense, net
19,405
15,573
69,760
76,993
Depreciation and amortization
30,142
28,368
117,769
106,717
EBITDA
137,619
140,069
561,672
459,470
Adjustments: Equity-based compensation expense (a)
7,890
12,542
29,635
37,530
Transaction-related expenses (b)
5,411
3,458
23,792
12,778
Debt extinguishment costs (c)
—
—
—
24,650
Loss on impairment (d)
—
—
—
24,293
Adjusted EBITDA
$
150,920
$
156,069
$
615,099
$
558,721
Adjusted EBITDA margin
22.3%
26.3%
23.6%
24.1%
Adjusted EBITDA excluding income from provider relief
fund
$
145,675
$
138,169
$
593,648
$
540,821
Adjusted EBITDA margin excluding income from provider relief
fund
21.6%
23.3%
22.7%
23.4%
See 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 EndedDecember 31,
Year EndedDecember 31,
2022
2021
2022
2021
(in thousands, except per share amounts) Net income
attributable to Acadia Healthcare Company, Inc.
$
61,124
$
70,278
$
273,139
$
190,635
Loss from discontinued operations, net of taxes
—
—
—
12,641
Adjustments to income: Transaction-related expenses (b)
5,411
3,458
23,792
12,778
Debt extinguishment costs (c)
—
—
—
24,650
Loss on impairment (d)
—
—
—
24,293
Provision for income taxes
24,927
24,609
94,110
67,557
Adjusted income from continuing operations before income
taxesattributable to Acadia Healthcare Company, Inc.
91,462
98,345
391,041
332,554
Income tax effect of adjustments to income (e)
23,405
24,791
100,067
87,500
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc.
68,057
73,554
290,974
245,054
Income from provider relief fund, net of taxes
(3,822
)
(13,044
)
(15,631
)
(13,044
)
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc. excluding incomefrom provider relief fund
$
64,235
$
60,510
$
275,343
$
232,010
Weighted-average shares outstanding - diluted
91,872
91,038
91,555
90,793
Adjusted income from continuing operations attributable
toAcadia Healthcare Company, Inc. per diluted share
$
0.74
$
0.81
$
3.18
$
2.70
Income from provider relief fund, net of taxes, per diluted share
(0.04
)
(0.14
)
(0.17
)
(0.14
)
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc., excluding incomefrom provider relief
fund, per diluted share
$
0.70
$
0.67
$
3.01
$
2.56
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. Additionally,
during the third quarter of 2021, the Company recorded a $1.1
million non-cash property impairment charge for one facility in
Louisiana resulting from hurricane damage. (e) Represents
the income tax effect of adjustments to income based on tax rates
of 25.6% and 25.2% for the three months ended December 31, 2022 and
2021, respectively, and 25.6% and 26.3% for the year ended December
31, 2022 and 2021, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230227005791/en/
Gretchen Hommrich Vice President, Investor Relations (615)
861-6000
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