Same Facility Revenue Increases
10.2%
There was an inadvertent error on the supplementary table titled
“Reconciliation of Net Income Attributable to Acadia Healthcare
Company, Inc. to Adjusted Income Attributable to Acadia Healthcare
Company, Inc.” on page 11 of the previous release, within the line
item titled “Income tax effect of adjustments to income” and the
resulting calculations of Adjusted income and Adjusted income per
diluted share in the table. The table has been corrected and there
were no other changes to the release.
The updated release reads:
ACADIA HEALTHCARE REPORTS THIRD QUARTER 2022
RESULTS
Same Facility Revenue Increases
10.2%
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
financial results for the third quarter ended September 30,
2022.
Third Quarter Highlights
- Revenue totaled $666.7 million, an increase of 13.5% over the
third quarter of 2021
- Same facility revenue increased 10.2% compared to the third
quarter of 2021, including an increase in revenue per patient day
of 6.9% and an increase in patient days of 3.1%
- Net income attributable to Acadia totaled $71.1 million, or
$0.78 per diluted share, and adjusted income from continuing
operations attributable to Acadia stockholders totaled $73.3
million, or $0.86 per diluted share, which included $0.06 of income
from the Provider Relief Fund (“PRF”) established under the
Coronavirus Aid, Relief, and Economic Security (“CARES”) Act
- Adjusted EBITDA totaled $162.8 million, which included $7.7
million of income from the PRF established under the CARES Act
- Opened a de novo children’s hospital in Chicago, a joint
venture facility in Knoxville, and two new Comprehensive Treatment
Centers (“CTCs”)
Third Quarter Results
The Company reported revenue of $666.7 million for the third
quarter of 2022, compared with $587.6 million for the third quarter
of 2021. Adjusted EBITDA was $162.8 million for the third quarter
of 2022, compared with $141.9 million for the same period last
year. Excluding income from the PRF, Adjusted EBITDA was $155.1
million for the third quarter of 2022.
The Company recorded income from the PRF of $7.7 million in the
third quarter of 2022. The Company will continue to review the
remaining $14.2 million of American Rescue Plan (“ARP”) Rural
Payments held on its balance sheet as of September 30, 2022, for
the potential recognition of additional income. Financial guidance
for 2022 does not include the recognition of additional income in
the fourth quarter of 2022 beyond the $16.2 million recorded in the
nine months ended September 30, 2022.
Net income attributable to Acadia stockholders for the third
quarter of 2022 was $71.1 million, or $0.78 per diluted share.
Adjusted income from continuing operations attributable to Acadia
stockholders was $0.86 per diluted share for the third quarter of
2022. Excluding income from the PRF, adjusted income from
continuing operations was $0.80 per diluted share for the third
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 third quarter of 2022, Acadia’s same facility revenue
increased 10.2% compared with the third quarter of 2021, including
an increase in revenue per patient day of 6.9% and an increase in
patient days of 3.1%.
Chris Hunter, Chief Executive Officer of Acadia Healthcare
Company, remarked, “We continued to see robust demand for our
behavioral healthcare services during the third quarter. We
executed our strategy with favorable results across our key
performance metrics including continued navigation through a tight
labor market. We are fortunate to have an experienced and dedicated
team of employees and clinicians across our operations who have
worked tirelessly to meet the needs of those seeking treatment for
mental health and substance use issues.
Strategic Investments for Long-Term Growth
“We have progressed on our key growth initiatives across all our
service lines this year. We continue to make critical investments
in our business to support sustained long-term growth through four
distinct pathways. Facility expansions are our first and most
efficient growth pathway as we can expand services in established
markets with our existing infrastructure and experienced staff. We
added 132 beds to our existing facilities during the third quarter,
bringing our total number of bed additions to 210 for the first
nine months of the year. We are on track to meet our goal of adding
approximately 300 beds in 2022.
“For our second growth pathway, we continue to develop wholly
owned de novo facilities that meet the critical demand for
behavioral healthcare services in underserved markets. There are
significant opportunities across the country to address this unmet
need at the local community level. We opened a 60-bed children’s
hospital in early July, as the first stage of our Montrose
Behavioral Health Hospital operations in Chicago. In addition to
the children’s hospital, we expect to begin operations at our
101-bed adult hospital and the outpatient facility in 2023
following the renovations of these facilities.
“We continue to identify opportunities to expand our network of
CTCs to address the critical need for addiction treatment,
specifically for patients dealing with opioid use disorder. During
the third quarter, we opened new CTCs in Indiana and Florida. This
brings our total to four CTCs opened this year, supporting our
objective to open at least six new CTCs in 2022. As the opioid
crisis has continued to escalate across the country, our CTC
facilities and programs are playing a vital role in addressing this
national epidemic.
“A third important pathway for growth for Acadia is forming
strategic partnerships with leading health systems across the
country. We are proud to work with a growing number of premier
health systems to expand behavioral healthcare treatment options in
their respective communities. By working together, we can leverage
our behavioral health expertise and implement best practices to
deliver high quality care and positive clinical outcomes for more
patients. During the third quarter, we opened a new facility with
our joint venture partner, Covenant Health, in Knoxville,
Tennessee. We also broke ground on a new state-of-the-art
behavioral health treatment and teaching hospital with our joint
venture partner, Henry Ford Health, in the Detroit, Michigan
metropolitan area. We expect to commence operations at Maple
Heights Behavioral Health, our joint venture with Lutheran Health
Network of Indiana during the fourth quarter. An important aspect
of many of our joint venture partnerships is the academic focus and
training of future clinicians. During the quarter, our Belmont
Behavioral Health Hospital in Philadelphia entered into a formal
affiliation agreement with Thomas Jefferson University’s Sidney
Kimmel Medical College and Jefferson Health in Philadelphia,
Pennsylvania, to further teaching and clinical care opportunities
for students in behavioral healthcare.
“For our fourth pathway, we focus on identifying strategic
acquisition opportunities that allow us to leverage our scale and
expertise, make necessary investments for expansion and add service
offerings to further enhance the continuum of care. We are
fortunate to have a strong balance sheet that supports our ability
to pursue acquisitions along with opportunities through our other
important growth pathways,” added Hunter.
Cash and Liquidity
Maintaining a strong financial position is a top priority for
Acadia, providing the flexibility to pursue its growth initiatives
and make strategic investments in its business. As of September 30,
2022, the Company had $93.4 million in cash and cash equivalents.
The Company had $515 million available under its $600 million
revolving credit facility and its net leverage ratio was
approximately 2.1x as of September 30, 2022.
During the third quarter, the Company substantially 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 made additional
payments of $18.9 million through the first nine months of 2022.
The Company will pay off the remaining balance of $1.2 million in
the fourth quarter of 2022. In the third quarter of 2022, the
Company repaid the remaining half of the approximately $39.3
million of 2020 payroll tax deferrals, which eliminated this
liability.
Financial Guidance
Acadia today narrowed its previously announced financial
guidance for 2022, as follows:
2022
Guidance Range
Revenue
$2.58 to $2.60 billion
Adjusted EBITDA, including income from the
PRF
$611 to $621 million
Adjusted EBITDA, excluding income from the
PRF
$595 to $605 million
Adjusted earnings per diluted share,
including
income from the PRF
$3.13 to $3.23
Adjusted earnings per diluted share,
excluding
income from the PRF
$3.00 to $3.10
Interest expense
Approximately $70 million
Tax rate
25% to 26%
Depreciation and amortization expense
Approximately $120 million
Stock compensation expense
Approximately $30 million
Operating cash flows
$360 to $400 million
Expansion capital expenditures
$210 to $230 million
Maintenance capital expenditures
Approximately $60 million
The Company’s guidance does not include the impact of any future
acquisitions, divestitures or transaction-related expenses.
Looking Ahead
Hunter added, “We look forward to hosting Acadia’s first
Investor Day on Wednesday, December 7, 2022, in New York City. Our
management team will provide an in-depth look at our diverse
service lines and our strategic initiatives to advance our
leadership position in the behavioral healthcare industry.
“We are excited about the opportunities ahead for Acadia, as we
remain focused on our primary objective to extend our market reach
through our four defined growth pathways. Demand for our services
continues to grow, and we believe we are well positioned to
maintain our strong growth trajectory and meet our development
targets for the year. Without question, the critical need for
behavioral health treatment has become a primary focus for health
officials, medical professionals, and lawmakers across the country,
with depression and anxiety issues further amplified by the strains
of the COVID-19 pandemic. Recent data from the Centers for Disease
Control and Prevention showed the U.S. suicide rate rose four
percent in 2021 after two consecutive years of declines,
highlighting the critical need for early assessment and
intervention. As a leading provider of behavioral healthcare
services, we play a vital role in addressing this need, and we
believe we have the right strategy in place to make a positive
difference. We are proud of the important work we are doing as we
continue to pursue a strategic direction that delivers greater
value for our patients, the communities we serve, and our
stockholders.”
Conference Call
Acadia will hold a conference call to discuss its third quarter
financial results at 9:00 a.m. Eastern Time on November 1, 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 September 30, 2022, Acadia operated
a network of 242 behavioral healthcare facilities with
approximately 10,800 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 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) 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 facility
expansions, 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 September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(In thousands, except per share amounts) Revenue
$
666,732
$
587,559
$
1,935,104
$
1,720,914
Salaries, wages and benefits (including
equity-based compensation expense of $7,240, $8,923, $21,745 and
$24,988, respectively)
352,582
309,118
1,027,732
922,684
Professional fees
40,367
35,602
117,718
101,915
Supplies
25,570
23,743
74,291
67,698
Rents and leases
11,339
9,658
33,780
28,690
Other operating expenses
88,993
76,502
255,355
222,263
Income from provider relief fund
(7,656
)
—
(16,206
)
—
Depreciation and amortization
29,573
27,805
87,627
78,349
Interest expense, net
18,003
15,706
50,355
61,420
Debt extinguishment costs
—
—
—
24,650
Loss on impairment
—
1,079
—
24,293
Transaction-related expenses
10,859
3,035
18,381
9,320
Total expenses
569,630
502,248
1,649,033
1,541,282
Income from continuing operations before income taxes
97,102
85,311
286,071
179,632
Provision for income taxes
24,056
17,411
69,183
42,948
Income from continuing operations
73,046
67,900
216,888
136,684
Loss from discontinued operations, net of taxes
—
—
—
(12,641
)
Net income
73,046
67,900
216,888
124,043
Net income attributable to noncontrolling interests
(1,947
)
(1,774
)
(4,873
)
(3,686
)
Net income attributable to Acadia Healthcare Company, Inc.
$
71,099
$
66,126
$
212,015
$
120,357
Basic earnings per share attributable to Acadia Healthcare
Company, Inc. stockholders: Income from continuing operations
attributable to Acadia Healthcare Company, Inc.
$
0.79
$
0.74
$
2.37
$
1.50
Loss from discontinued operations
—
—
—
$
(0.14
)
Net income attributable to Acadia Healthcare Company, Inc.
$
0.79
$
0.74
$
2.37
$
1.36
Diluted earnings per share attributable to Acadia Healthcare
Company, Inc. stockholders: Income from continuing operations
attributable to Acadia Healthcare Company, Inc.
$
0.78
$
0.73
$
2.31
$
1.47
Loss from discontinued operations
—
—
—
$
(0.14
)
Net income attributable to Acadia Healthcare Company, Inc.
$
0.78
$
0.73
$
2.31
$
1.33
Weighted-average shares outstanding: Basic
89,833
88,962
89,607
88,684
Diluted
91,723
90,889
91,668
90,604
Acadia Healthcare Company, Inc. Condensed Consolidated
Balance Sheets (Unaudited)
September 30,
December 31,
2022
2021
(In thousands)
ASSETS Current assets: Cash and cash equivalents
$
93,419
$
133,813
Accounts receivable, net
315,999
281,332
Other current assets
112,238
79,886
Total current assets
521,656
495,031
Property and equipment, net
1,908,993
1,771,159
Goodwill
2,207,912
2,199,937
Intangible assets, net
75,920
70,145
Deferred tax assets
2,983
3,080
Operating lease right-of-use assets
135,627
133,761
Other assets
90,014
94,965
Total assets
$
4,943,105
$
4,768,078
LIABILITIES AND EQUITY Current liabilities:
Current portion of long-term debt
$
21,250
$
18,594
Accounts payable
116,045
98,575
Accrued salaries and benefits
109,654
137,845
Current portion of operating lease liabilities
25,770
23,348
Other accrued liabilities
128,294
126,499
Total current liabilities
401,013
404,861
Long-term debt
1,379,306
1,478,626
Deferred tax liabilities
94,446
74,368
Operating lease liabilities
117,473
116,841
Other liabilities
118,923
110,505
Total liabilities
2,111,161
2,185,201
Redeemable noncontrolling interests
88,236
65,388
Equity: Common stock
899
890
Additional paid-in capital
2,650,545
2,636,350
Retained earnings (accumulated deficit)
92,264
(119,751
)
Total equity
2,743,708
2,517,489
Total liabilities and equity
$
4,943,105
$
4,768,078
Acadia Healthcare Company, Inc. Condensed Consolidated
Statements of Cash Flows (Unaudited)
Nine Months Ended September
30,
2022
2021
(In thousands) Operating activities: Net income
$
216,888
$
124,043
Adjustments to reconcile net income to net cash provided by
continuing operating activities: Depreciation and amortization
87,627
78,349
Amortization of debt issuance costs
2,440
3,265
Equity-based compensation expense
21,745
24,988
Deferred income taxes
20,176
8,995
Loss from discontinued operations, net of taxes
—
12,641
Debt extinguishment costs
—
24,650
Loss on impairment
—
24,293
Other
2,422
881
Change in operating assets and liabilities, net of effect of
acquisitions: Accounts receivable, net
(35,538
)
(8,610
)
Other current assets
(28,692
)
(2,758
)
Other assets
3,373
(15,846
)
Accounts payable and other accrued liabilities
7,729
6,358
Accrued salaries and benefits
(8,831
)
18,820
Other liabilities
10,303
(11,633
)
Government relief funds
(32,617
)
(12,058
)
Net cash provided by continuing operating activities
267,025
276,378
Net cash provided by discontinued operating activities
—
253
Net cash provided by operating activities
267,025
276,631
Investing activities: Cash paid for capital
expenditures
(208,792
)
(156,624
)
Proceeds from U.K. Sale
—
1,511,020
Settlement of foreign currency derivatives
—
(84,795
)
Proceeds from sale of property and equipment
1,784
1,792
Cash paid for purchase of finance lease
—
(31,401
)
Other
(6,802
)
3,106
Net cash (used in) provided by investing activities
(213,810
)
1,243,098
Financing activities: Borrowings on long-term debt
—
425,000
Borrowings on revolving credit facility
—
430,000
Principal payments on revolving credit facility
(85,000
)
(330,000
)
Principal payments on long-term debt
(13,281
)
(5,313
)
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
(7,541
)
16,072
Contributions from noncontrolling partners in joint ventures
13,178
1,800
Distributions to noncontrolling partners in joint ventures
(1,004
)
(926
)
Other
39
(6,914
)
Net cash used in financing activities
(93,609
)
(1,706,180
)
Effect of exchange rate changes on cash
—
4,067
Net decrease in cash and cash equivalents
(40,394
)
(182,384
)
Cash and cash equivalents at beginning of the period
133,813
378,697
Cash and cash equivalents at end of the period
$
93,419
$
196,313
Acadia Healthcare Company, Inc. Operating Statistics
(Unaudited, Revenue in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
% Change
2022
2021
% Change
U.S. Same Facility Results (1) Revenue
$
640,343
$
580,930
10.2
%
$
1,859,200
$
1,703,906
9.1
%
Patient Days
713,531
691,956
3.1
%
2,110,129
2,068,842
2.0
%
Admissions
45,445
45,192
0.6
%
133,204
136,183
-2.2
%
Average Length of Stay (2)
15.7
15.3
2.5
%
15.8
15.2
4.3
%
Revenue per Patient Day
$
897
$
840
6.9
%
$
881
$
824
7.0
%
Adjusted EBITDA margin (3)
30.5
%
29.0
%
150 bps
29.9
%
28.0
%
190 bps Adjusted EBITDA margin excluding income from provider
relief fund
29.3
%
29.0
%
30 bps
29.0
%
28.0
%
100 bps U.S. Facility Results Revenue
$
666,732
$
587,559
13.5
%
$
1,935,104
$
1,720,914
12.4
%
Patient Days
738,702
701,352
5.3
%
2,179,805
2,088,477
4.4
%
Admissions
47,692
45,246
5.4
%
139,930
136,384
2.6
%
Average Length of Stay (2)
15.5
15.5
-0.1
%
15.6
15.3
1.7
%
Revenue per Patient Day
$
903
$
838
7.7
%
$
888
$
824
7.7
%
Adjusted EBITDA margin (3)
28.7
%
28.3
%
40 bps
28.3
%
27.7
%
60 bps Adjusted EBITDA margin excluding income from provider relief
fund
27.5
%
28.3
%
-80 bps
27.4
%
27.7
%
-30 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 nine months ended September 30, 2022, includes income from
provider relief fund of $7.7 million and $16.2 million,
respectively.
Acadia Healthcare Company, Inc.
Reconciliation of Net Income Attributable to Acadia Healthcare
Company, Inc. to Adjusted EBITDA (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(in thousands) Net income attributable to Acadia
Healthcare Company, Inc.
$
71,099
$
66,126
$
212,015
$
120,357
Net income attributable to noncontrolling interests
1,947
1,774
4,873
3,686
Loss from discontinued operations, net of taxes
—
—
—
12,641
Provision for income taxes
24,056
17,411
69,183
42,948
Interest expense, net
18,003
15,706
50,355
61,420
Depreciation and amortization
29,573
27,805
87,627
78,349
EBITDA
144,678
128,822
424,053
319,401
Adjustments: Equity-based compensation expense (a)
7,240
8,923
21,745
24,988
Transaction-related expenses (b)
10,859
3,035
18,381
9,320
Debt extinguishment costs (c)
—
—
—
24,650
Loss on impairment (d)
—
1,079
—
24,293
Adjusted EBITDA
$
162,777
$
141,859
$
464,179
$
402,652
Adjusted EBITDA margin
24.4
%
24.1
%
24.0
%
23.4
%
Adjusted EBITDA excluding income from provider relief
fund
$
155,121
$
141,859
$
447,973
$
402,652
Adjusted EBITDA margin excluding income from provider relief
fund
23.3
%
24.1
%
23.1
%
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 Ended September 30, Nine Months Ended
September 30,
2022
2021
2022
2021
(in thousands, except per share amounts) Net income
attributable to Acadia Healthcare Company, Inc.
$
71,099
$
66,126
$
212,015
$
120,357
Loss from discontinued operations, net of taxes
—
—
—
12,641
Adjustments to income: Transaction-related expenses (b)
10,859
3,035
18,381
9,320
Debt extinguishment costs (c)
—
—
—
24,650
Loss on impairment (d)
—
1,079
—
24,293
Provision for income taxes
24,056
17,411
69,183
42,948
Adjusted income from continuing operations before income
taxesattributable to Acadia Healthcare Company, Inc.
106,014
87,651
299,579
234,209
Income tax effect of adjustments to income (e)
27,148
22,508
76,662
62,709
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc.
78,866
65,143
222,917
171,500
Income from provider relief fund, net of taxes
(5,579
)
—
(11,809
)
—
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc. excluding incomefrom provider relief fund
$
73,287
$
65,143
$
211,108
$
171,500
Weighted-average shares outstanding - diluted
91,723
90,889
91,668
90,604
Adjusted income from continuing operations attributable
toAcadia Healthcare Company, Inc. per diluted share
$
0.86
$
0.72
$
2.43
$
1.89
Income from provider relief fund, net of taxes, per diluted share
(0.06
)
—
(0.13
)
—
Adjusted income from continuing operations attributable toAcadia
Healthcare Company, Inc., excluding incomefrom provider relief
fund, per diluted share
$
0.80
$
0.72
$
2.30
$
1.89
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 25.7% for the three months ended September 30, 2022
and 2021, respectively, and 25.6% and 26.8% for the nine months
ended September 30, 2022 and 2021, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221031005654/en/
Gretchen Hommrich Vice President, Investor Relations (615)
861-6000
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