[August 04, 2015] |
|
Acadia Healthcare Reports 78.1% Growth in Second Quarter Adjusted EPS to $0.57
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial
results for the second quarter and six months ended June 30, 2015. For
the quarter, revenue increased 112.2% to $453.7 million from $213.8
million for the second quarter of 2014. Income from continuing
operations was $33.8 million, or $0.49 per diluted share, for the second
quarter of 2015 compared with $22.5 million, or $0.43 per diluted share,
for the second quarter of 2014. Adjusted income from continuing
operations increased 137.8% to $39.5 million for the second quarter of
2015 from $16.6 million for the second quarter of 2014, while adjusted
income from continuing operations per diluted share increased 78.1% to
$0.57 from $0.32. The adjusted results exclude transaction-related
expenses of $7.2 million and $3.0 million for the second quarter of 2015
and 2014, respectively, a $1.0 million loss on foreign currency
derivatives for the second quarter of 2015 and a $13.7 million gain on
foreign currency derivatives for the second quarter of 2014. Weighted
average shares outstanding increased 32.6% for the second quarter of
2015 from the second quarter of 2014, primarily due to the issuance of
common stock in June 2014 and February and May 2015, the net proceeds of
which have primarily been used to fund acquisitions. A reconciliation of
all non-GAAP financial results in this release appears on pages 8 and 9.
For the first six months of 2015, revenue grew 97.4% to $819.4 million
from $415.2 million for the first six months of 2014. Income from
continuing operations for the first half of 2015 was $48.4 million, or
$0.74 per diluted share, compared with $35.5 million, or $0.69 per
diluted share, for the same period in 2014. Adjusted income from
continuing operations increased 117.5% to $66.6 million for the first
six months of 2015 from $30.6 million for the first six months of 2014,
while adjusted income from continuing operations per diluted share
increased 68.3% to $1.01 from $0.60. The adjusted results exclude
transaction-related expenses of $25.6 million and $4.6 million for the
first half of 2015 and 2014, respectively, a $0.9 million loss on
foreign currency derivatives for the first half of 2015 and a $13.7
million gain on foreign currency derivatives for the first half of 2014.
Weighted average shares outstanding increased 28.5% for the first six
months of 2015 compared with the same period in 2014.
"For the second quarter of 2015, Acadia's organic growth and acquisition
strategies continued to drive outstanding financial results," said Joey
Jacobs, Chairman and Chief Executive Officer of Acadia. "While the July
1, 2014, acquisition of Partnerships in Care (PiC) and the February 11,
2015, acquisition of CRC Health Group (CRC) were the primary drivers of
our growth for the latest quarter, we completed a total of 11
acquisitions in the 12 months ended June 30, 2015, adding 82 facilities
with more than 4,300 inpatient beds and 88 comprehensive treatment
centers.
"During the second quarter, we contributed to these totals with five
acquisitions in the United Kingdom, which added 21 facilities and over
500 beds to PiC's operations. As a result, PiC celebrated its first year
anniversary as part of Acadia with 45 facilities and over 1,800 beds
compared with 23 facilities and approximately 1,200 beds at the time of
the acquisition.
"In addition to the accretive impact of acquisitions, our second quarter
financial results benefited from strong organic growth that drove
revenues and margin improvement. This growth primarily reflected the
addition of approximately 400 beds for the 12 months ended June 30,
2015, to existing facilities and one de novo facility, including
approximately 250 new beds added in the first half of 2015.
"Second quarter same facility revenue increased 9.0%, due largely to new
beds added to the same facility base over the previous 12 months, as
well as to our continuing initiatives to build revenue at each facility.
Same facility patient days increased 7.4% compared with the second
quarter last year, and same facility revenue per patient day rose 1.5%.
The increased operating leverage generated by significant same facility
revenue growth, combined with our efforts to improve facility
productivity and efficiency, produced a 120 basis point increase in same
facility EBITDA margin to 26.1% for the quarter. Acadia's consolidated
adjusted EBITDA for the second quarter of 2015 increased 136.6% to
$105.8 million from $44.7 million for the second quarter of 2014, while
our consolidated adjusted EBITDA margin increased 240 basis points to
23.3%.
"Since the end of the second quarter, we have completed an additional
transaction in the U.K., acquiring a 15-bed inpatient facility, which is
our first U.K. facility focused on addiction treatment. In addition, we
completed the acquisition of our first inpatient behavioral health
facility in Philadelphia, Pennsylvania, which operates approximately 150
beds. We believe Acadia is well positioned to continue executing its
acquisition and organic growth strategies, with $72.5 million of cash
flow from continuing operations for the second quarter of 2015 and full
availability under our $300 million revolving credit facility."
Acadia today increased its guidance for 2015 adjusted earnings per
diluted share to a range of $2.15 to $2.18 from the previous range of
$2.12 to $2.15. The Company's guidance does not include the impact of
any future acquisitions or transaction-related expenses.
Acadia will hold a conference call to discuss its second quarter
financial results at 9:00 a.m. Eastern Time on Wednesday, August 5,
2015. A live webcast of the conference call will be available at www.acadiahealthcare.com
in the "Investors" section of the website. The webcast of the conference
call will be available through August 21, 2015.
Risk Factors
This news release contains forward-looking statements. Generally words
such as "may," "will," "should," "could," "anticipate," "expect,"
"intend," "estimate," "plan," "continue," and "believe" or the negative
of or other variation on these and other similar expressions identify
forward-looking statements. These forward-looking statements are made
only as of the date of this news release. We do not undertake to update
or revise the forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements are
based on current expectations and involve risks and uncertainties and
our future results could differ significantly from those expressed or
implied by our forward-looking statements. Factors that may cause actual
results to differ materially include, without limitation, (i) Acadia's
ability to complete acquisitions and successfully integrate the
operations of acquired facilities, including the PiC and CRC facilities;
(ii) Acadia's ability to add beds, expand services, enhance marketing
programs and improve efficiencies at its facilities; (iii) potential
reductions in payments received by Acadia from the government and
third-party payors; (iv) the occurrence of patient incidents, which
could adversely affect the price of our common stock and result in
incremental regulatory burdens and governmental investigations; (v) the
risk that Acadia may not generate sufficient cash from operations to
service its debt and meet its working capital and capital expenditure
requirements; and (vi) potential operating difficulties, client
preferences, changes in competition and general economic or industry
conditions that may prevent Acadia from realizing the expected benefits
of its business strategy. These factors and others are more fully
described in Acadia's periodic reports and other filings with the SEC.
About Acadia
Acadia is a provider of inpatient behavioral healthcare services. Acadia
operates a network of 225 behavioral healthcare facilities with
approximately 9,200 beds in 37 states, the United Kingdom and Puerto
Rico. Acadia provides psychiatric and chemical dependency services to
its patients in a variety of settings, including inpatient psychiatric
hospitals, residential treatment centers, outpatient clinics and
therapeutic school-based programs.
|
Acadia Healthcare Company, Inc.
|
Condensed Consolidated Statements of Income
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Revenue before provision for doubtful accounts
|
|
$
|
461,798
|
|
|
$
|
220,664
|
|
|
$
|
835,956
|
|
|
$
|
426,783
|
|
Provision for doubtful accounts
|
|
|
(8,138
|
)
|
|
|
(6,861
|
)
|
|
|
(16,513
|
)
|
|
|
(11,562
|
)
|
Revenue
|
|
|
453,660
|
|
|
|
213,803
|
|
|
|
819,443
|
|
|
|
415,221
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits (including equity-based compensation
expense of $5,355, $2,406, $9,249 and $4,170, respectively)
|
|
|
243,302
|
|
|
|
122,473
|
|
|
|
449,173
|
|
|
|
240,048
|
|
Professional fees
|
|
|
30,029
|
|
|
|
10,891
|
|
|
|
52,456
|
|
|
|
21,273
|
|
Supplies
|
|
|
20,542
|
|
|
|
10,596
|
|
|
|
36,796
|
|
|
|
20,660
|
|
Rents and leases
|
|
|
8,211
|
|
|
|
2,889
|
|
|
|
14,097
|
|
|
|
5,658
|
|
Other operating expenses
|
|
|
51,128
|
|
|
|
24,646
|
|
|
|
91,655
|
|
|
|
47,756
|
|
Depreciation and amortization
|
|
|
14,926
|
|
|
|
5,935
|
|
|
|
28,030
|
|
|
|
11,371
|
|
Interest expense, net
|
|
|
28,049
|
|
|
|
9,730
|
|
|
|
50,195
|
|
|
|
19,437
|
|
Loss (gain) on foreign currency derivatives
|
|
|
961
|
|
|
|
(13,735
|
)
|
|
|
908
|
|
|
|
(13,735
|
)
|
Transaction-related expenses
|
|
|
7,157
|
|
|
|
3,016
|
|
|
|
25,573
|
|
|
|
4,595
|
|
Total expenses
|
|
|
404,305
|
|
|
|
176,441
|
|
|
|
748,883
|
|
|
|
357,063
|
|
Income from continuing operations before income taxes
|
|
|
49,355
|
|
|
|
37,362
|
|
|
|
70,560
|
|
|
|
58,158
|
|
Provision for income taxes
|
|
|
15,512
|
|
|
|
14,905
|
|
|
|
22,125
|
|
|
|
22,680
|
|
Income from continuing operations
|
|
|
33,843
|
|
|
|
22,457
|
|
|
|
48,435
|
|
|
|
35,478
|
|
Income (loss) from discontinued operations, net of income taxes
|
|
|
1
|
|
|
|
(6
|
)
|
|
|
3
|
|
|
|
31
|
|
Net income
|
|
$
|
33,844
|
|
|
$
|
22,451
|
|
|
$
|
48,438
|
|
|
$
|
35,509
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.50
|
|
|
$
|
0.43
|
|
|
$
|
0.74
|
|
|
$
|
0.70
|
|
Income (loss) from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income
|
|
$
|
0.50
|
|
|
$
|
0.43
|
|
|
$
|
0.74
|
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.49
|
|
|
$
|
0.43
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
Income (loss) from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income
|
|
$
|
0.49
|
|
|
$
|
0.43
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
68,296
|
|
|
|
51,616
|
|
|
|
65,429
|
|
|
|
50,872
|
|
Diluted
|
|
|
68,735
|
|
|
|
51,819
|
|
|
|
65,782
|
|
|
|
51,174
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Healthcare Company, Inc.
|
Condensed Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
|
(In thousands)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
34,572
|
|
|
$
|
94,040
|
|
Accounts receivable, net of allowance for doubtful accounts of
$26,233 and $22,449, respectively
|
|
|
182,315
|
|
|
|
118,378
|
|
Deferred tax assets
|
|
|
38,693
|
|
|
|
20,155
|
|
Other current assets
|
|
|
70,325
|
|
|
|
41,570
|
|
Total current assets
|
|
|
325,905
|
|
|
|
274,143
|
|
Property and equipment, net
|
|
|
1,455,390
|
|
|
|
1,069,700
|
|
Goodwill
|
|
|
1,946,028
|
|
|
|
802,986
|
|
Intangible assets, net
|
|
|
58,514
|
|
|
|
21,636
|
|
Deferred tax assets - noncurrent
|
|
|
33,966
|
|
|
|
13,141
|
|
Other assets
|
|
|
106,582
|
|
|
|
41,984
|
|
Total assets
|
|
$
|
3,926,385
|
|
|
$
|
2,223,590
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
38,652
|
|
|
$
|
26,965
|
|
Accounts payable
|
|
|
58,714
|
|
|
|
48,696
|
|
Accrued salaries and benefits
|
|
|
77,545
|
|
|
|
59,317
|
|
Other accrued liabilities
|
|
|
68,197
|
|
|
|
30,956
|
|
Total current liabilities
|
|
|
243,108
|
|
|
|
165,934
|
|
Long-term debt
|
|
|
1,914,555
|
|
|
|
1,069,305
|
|
Deferred tax liabilities - noncurrent
|
|
|
20,200
|
|
|
|
63,880
|
|
Other liabilities
|
|
|
82,218
|
|
|
|
43,506
|
|
Total liabilities
|
|
|
2,260,081
|
|
|
|
1,342,625
|
|
Equity:
|
|
|
|
|
Common stock
|
|
|
706
|
|
|
|
592
|
|
Additional paid-in capital
|
|
|
1,567,304
|
|
|
|
847,301
|
|
Accumulated other comprehensive loss
|
|
|
(51,586
|
)
|
|
|
(68,370
|
)
|
Retained earnings
|
|
|
149,880
|
|
|
|
101,442
|
|
Total equity
|
|
|
1,666,304
|
|
|
|
880,965
|
|
Total liabilities and equity
|
|
$
|
3,926,385
|
|
|
$
|
2,223,590
|
|
|
|
|
|
|
|
Acadia Healthcare Company, Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
2015
|
|
2014
|
|
|
(In thousands)
|
Operating activities:
|
|
|
|
|
Net income
|
|
$
|
48,438
|
|
|
$
|
35,509
|
|
Adjustments to reconcile net income to net cash provided by
continuing operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
28,030
|
|
|
|
11,371
|
|
Amortization of debt issuance costs
|
|
|
3,218
|
|
|
|
1,334
|
|
Equity-based compensation expense
|
|
|
9,249
|
|
|
|
4,170
|
|
Deferred income tax expense
|
|
|
24,682
|
|
|
|
9,097
|
|
Income from discontinued operations, net of taxes
|
|
|
(3
|
)
|
|
|
(31
|
)
|
Loss (gain) on foreign currency derivatives
|
|
|
908
|
|
|
|
(13,735
|
)
|
Other
|
|
|
692
|
|
|
|
25
|
|
Change in operating assets and liabilities, net of effect of
acquisitions:
|
|
|
|
|
Accounts receivable, net
|
|
|
(10,442
|
)
|
|
|
(15,303
|
)
|
Other current assets
|
|
|
(13,048
|
)
|
|
|
(4,792
|
)
|
Other assets
|
|
|
(1,218
|
)
|
|
|
(578
|
)
|
Accounts payable and other accrued liabilities
|
|
|
(4,313
|
)
|
|
|
(1,300
|
)
|
Accrued salaries and benefits
|
|
|
(225
|
)
|
|
|
1,782
|
|
Other liabilities
|
|
|
4,619
|
|
|
|
1,701
|
|
Net cash provided by continuing operating activities
|
|
|
90,587
|
|
|
|
29,250
|
|
Net cash provided by (used in) discontinued operating activities
|
|
|
554
|
|
|
|
(11
|
)
|
Net cash provided by operating activities
|
|
|
91,141
|
|
|
|
29,239
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
Cash paid for acquisitions, net of cash acquired
|
|
|
(286,734
|
)
|
|
|
(10,000
|
)
|
Cash paid for capital expenditures
|
|
|
(122,035
|
)
|
|
|
(43,323
|
)
|
Cash paid for real estate acquisitions
|
|
|
(3,428
|
)
|
|
|
(18,326
|
)
|
Settlement of foreign currency derivatives
|
|
|
(908
|
)
|
|
|
-
|
|
Other
|
|
|
(481
|
)
|
|
|
(439
|
)
|
Net cash used in investing activities
|
|
|
(413,586
|
)
|
|
|
(72,088
|
)
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
Borrowings on long-term debt
|
|
|
875,000
|
|
|
|
7,500
|
|
Borrowings on revolving credit facility
|
|
|
180,000
|
|
|
|
59,500
|
|
Principal payments on revolving credit facility
|
|
|
(180,000
|
)
|
|
|
(113,000
|
)
|
Principal payments on long-term debt
|
|
|
(15,875
|
)
|
|
|
(3,750
|
)
|
Repayment of assumed CRC debt
|
|
|
(904,467
|
)
|
|
|
-
|
|
Payment of debt issuance costs
|
|
|
(22,775
|
)
|
|
|
(5,810
|
)
|
Issuance of common stock, net
|
|
|
331,530
|
|
|
|
374,336
|
|
Common stock withheld for minimum statutory taxes, net
|
|
|
(7,826
|
)
|
|
|
(2,981
|
)
|
Excess tax benefit from equity awards
|
|
|
6,327
|
|
|
|
3,479
|
|
Cash paid for contingent consideration
|
|
|
-
|
|
|
|
(3,250
|
)
|
Other
|
|
|
(150
|
)
|
|
|
-
|
|
Net cash provided by financing activities
|
|
|
261,764
|
|
|
|
316,024
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
1,213
|
|
|
|
-
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(59,468
|
)
|
|
|
273,175
|
|
Cash and cash equivalents at beginning of the period
|
|
|
94,040
|
|
|
|
4,569
|
|
Cash and cash equivalents at end of the period
|
|
$
|
34,572
|
|
|
$
|
277,744
|
|
|
|
|
|
|
Effect of acquisitions:
|
|
|
|
|
Assets acquired, excluding cash
|
|
$
|
1,636,164
|
|
|
$
|
10,500
|
|
Liabilities assumed
|
|
|
(1,009,944
|
)
|
|
|
-
|
|
Issuance of common stock in connection with acquisition
|
|
|
(380,210
|
)
|
|
|
-
|
|
Deposits paid for acquisitions
|
|
|
40,724
|
|
|
|
-
|
|
Prior year deposits paid for acquisitions
|
|
|
-
|
|
|
|
(500
|
)
|
Cash paid for acquisitions, net of cash acquired
|
|
$
|
286,734
|
|
|
$
|
10,000
|
|
|
|
|
|
|
|
Acadia Healthcare Company, Inc.
|
Operating Statistics
|
(Unaudited)
|
(Revenue in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
2015
|
|
2014
|
|
% Change
|
Same Facility Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
228,622
|
|
|
$
|
209,815
|
|
|
9.0%
|
|
|
$
|
444,147
|
|
|
$
|
407,182
|
|
|
9.1%
|
Patient Days
|
|
|
|
333,264
|
|
|
|
310,336
|
|
|
7.4%
|
|
|
|
655,709
|
|
|
|
602,096
|
|
|
8.9%
|
Admissions
|
|
|
|
21,369
|
|
|
|
18,408
|
|
|
16.1%
|
|
|
|
42,082
|
|
|
|
35,828
|
|
|
17.5%
|
Average Length of Stay (b)
|
|
|
|
15.6
|
|
|
|
16.9
|
|
|
-7.5%
|
|
|
|
15.6
|
|
|
|
16.8
|
|
|
-7.3%
|
Revenue per Patient Day
|
|
|
$
|
686
|
|
|
$
|
676
|
|
|
1.5%
|
|
|
$
|
677
|
|
|
$
|
676
|
|
|
0.2%
|
EBITDA margin
|
|
|
|
26.1
|
%
|
|
|
24.9
|
%
|
|
120 bps
|
|
|
|
25.3
|
%
|
|
|
24.3
|
%
|
|
100 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Facility Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
366,886
|
|
|
$
|
212,834
|
|
|
72.4%
|
|
|
$
|
657,393
|
|
|
$
|
413,398
|
|
|
59.0%
|
Patient Days
|
|
|
|
517,423
|
|
|
|
315,710
|
|
|
63.9%
|
|
|
|
941,836
|
|
|
|
612,767
|
|
|
53.7%
|
Admissions
|
|
|
|
30,121
|
|
|
|
18,908
|
|
|
59.3%
|
|
|
|
55,565
|
|
|
|
36,826
|
|
|
50.9%
|
Average Length of Stay (b)
|
|
|
|
17.2
|
|
|
|
16.7
|
|
|
2.9%
|
|
|
|
17.0
|
|
|
|
16.6
|
|
|
1.9%
|
Revenue per Patient Day
|
|
|
$
|
709
|
|
|
$
|
674
|
|
|
5.2%
|
|
|
$
|
698
|
|
|
$
|
675
|
|
|
3.5%
|
EBITDA margin
|
|
|
|
27.9
|
%
|
|
|
24.9
|
%
|
|
300 bps
|
|
|
|
27.2
|
%
|
|
|
24.3
|
%
|
|
290 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.K. Facility Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
84,927
|
|
|
|
|
|
|
|
$
|
158,242
|
|
|
|
|
|
Patient Days
|
|
|
|
125,085
|
|
|
|
|
|
|
|
|
228,920
|
|
|
|
|
|
Admissions
|
|
|
|
336
|
|
|
|
|
|
|
|
|
585
|
|
|
|
|
|
Average Length of Stay (b)
|
|
|
|
372.3
|
|
|
|
|
|
|
|
|
391.3
|
|
|
|
|
|
Revenue per Patient Day
|
|
|
$
|
679
|
|
|
|
|
|
|
|
$
|
691
|
|
|
|
|
|
EBITDA margin
|
|
|
|
24.0
|
%
|
|
|
|
|
|
|
|
24.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Facility Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
451,813
|
|
|
$
|
212,834
|
|
|
112.3%
|
|
|
$
|
815,635
|
|
|
$
|
413,398
|
|
|
97.3%
|
Patient Days
|
|
|
|
642,508
|
|
|
|
315,710
|
|
|
103.5%
|
|
|
|
1,170,756
|
|
|
|
612,767
|
|
|
91.1%
|
Admissions
|
|
|
|
30,457
|
|
|
|
18,908
|
|
|
61.1%
|
|
|
|
56,150
|
|
|
|
36,826
|
|
|
52.5%
|
Average Length of Stay (b)
|
|
|
|
21.1
|
|
|
|
16.7
|
|
|
26.3%
|
|
|
|
20.9
|
|
|
|
16.6
|
|
|
25.3%
|
Revenue per Patient Day
|
|
|
$
|
703
|
|
|
$
|
674
|
|
|
4.3%
|
|
|
$
|
697
|
|
|
$
|
675
|
|
|
3.3%
|
EBITDA margin
|
|
|
|
27.2
|
%
|
|
|
24.9
|
%
|
|
230 bps
|
|
|
|
26.7
|
%
|
|
|
24.3
|
%
|
|
240 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Same-facility results for the three and six months ended June
30, 2015 and 2014 exclude one facility that is converting its
residential treatment beds to acute psychiatric treatment beds. The
transition is expected to be completed in the fourth quarter of 2015.
|
(b) Average length of stay is defined as patient days divided by
admissions.
|
|
|
Acadia Healthcare Company, Inc.
|
Reconciliation of Net Income to Adjusted EBITDA
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
33,844
|
|
|
$
|
22,451
|
|
|
$
|
48,438
|
|
|
$
|
35,509
|
|
Income from discontinued operations
|
|
|
(1
|
)
|
|
|
6
|
|
|
|
(3
|
)
|
|
|
(31
|
)
|
Provision for income taxes
|
|
|
15,512
|
|
|
|
14,905
|
|
|
|
22,125
|
|
|
|
22,680
|
|
Interest expense, net
|
|
|
28,049
|
|
|
|
9,730
|
|
|
|
50,195
|
|
|
|
19,437
|
|
Depreciation and amortization
|
|
|
14,926
|
|
|
|
5,935
|
|
|
|
28,030
|
|
|
|
11,371
|
|
EBITDA
|
|
|
92,330
|
|
|
|
53,027
|
|
|
|
148,785
|
|
|
|
88,966
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Equity-based compensation expense (a)
|
|
|
5,355
|
|
|
|
2,406
|
|
|
|
9,249
|
|
|
|
4,170
|
|
Loss (gain) on foreign currency derivatives (b)
|
|
|
961
|
|
|
|
(13,735
|
)
|
|
|
908
|
|
|
|
(13,735
|
)
|
Transaction-related expenses (c)
|
|
|
7,157
|
|
|
|
3,016
|
|
|
|
25,573
|
|
|
|
4,595
|
|
Adjusted EBITDA
|
|
$
|
105,803
|
|
|
$
|
44,714
|
|
|
$
|
184,515
|
|
|
$
|
83,996
|
|
|
|
|
|
|
|
|
|
|
See footnotes on page 10.
|
|
|
Acadia Healthcare Company, Inc.
|
Reconciliation of Adjusted Income from Continuing Operations to
Income from
|
Continuing Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
33,843
|
|
|
$
|
22,457
|
|
|
$
|
48,435
|
|
|
$
|
35,478
|
|
Provision for income taxes
|
|
|
15,512
|
|
|
|
14,905
|
|
|
|
22,125
|
|
|
|
22,680
|
|
Income from continuing operations before income taxes
|
|
|
49,355
|
|
|
|
37,362
|
|
|
|
70,560
|
|
|
|
58,158
|
|
|
|
|
|
|
|
|
|
|
Adjustments to income from continuing operations:
|
|
|
|
|
|
|
|
Loss (gain) on foreign currency derivatives (b)
|
|
|
961
|
|
|
|
(13,735
|
)
|
|
|
908
|
|
|
|
(13,735
|
)
|
Transaction-related expenses (c)
|
|
|
7,157
|
|
|
|
3,016
|
|
|
|
25,573
|
|
|
|
4,595
|
|
Income tax provision reflecting tax effect of adjustments to
income from continuing operations (d)
|
|
|
(18,006
|
)
|
|
|
(10,047
|
)
|
|
|
(30,470
|
)
|
|
|
(18,406
|
)
|
Adjusted income from continuing operations
|
|
$
|
39,467
|
|
|
$
|
16,596
|
|
|
$
|
66,571
|
|
|
$
|
30,612
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding - diluted
|
|
|
68,735
|
|
|
|
51,819
|
|
|
|
65,782
|
|
|
|
51,174
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from continuing operations per diluted share
|
|
$
|
0.57
|
|
|
$
|
0.32
|
|
|
$
|
1.01
|
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
See footnotes on page 10.
|
|
|
Acadia Healthcare Company, Inc.
|
Footnotes
|
|
|
|
We have included certain financial measures in this press release,
including EBITDA, Adjusted EBITDA and Adjusted income from
continuing operations, which are "non-GAAP financial measures" as
defined under the rules and regulations promulgated by the SEC. We
define EBITDA as net income adjusted for loss from discontinued
operations, net interest expense, income tax provision and
depreciation and amortization. We define Adjusted EBITDA as EBITDA
adjusted for equity-based compensation expense, debt extinguishment
costs, gain on foreign currency derivatives and transaction-related
expenses.
|
|
|
|
EBITDA, Adjusted EBITDA and Adjusted income from continuing
operations are supplemental measures of our performance and are not
required by, or presented in accordance with, generally accepted
accounting principles in the United States ("GAAP"). EBITDA,
Adjusted EBITDA and Adjusted income from continuing operations are
not measures of our financial performance under GAAP and should not
be considered as alternatives to net income or any other performance
measures derived in accordance with GAAP or as an alternative to
cash flow from operating activities as measures of our liquidity.
Our measurements of EBITDA, Adjusted EBITDA and Adjusted income from
continuing operations may not be comparable to similarly titled
measures of other companies. We have included information concerning
EBITDA, Adjusted EBITDA and Adjusted income from continuing
operations in this press release because we believe that such
information is used by certain investors as measures of a company's
historical performance. We believe these measures are frequently
used by securities analysts, investors and other interested parties
in the evaluation of issuers of equity securities, many of which
present EBITDA, Adjusted EBITDA and Adjusted income from continuing
operations when reporting their results. Our presentation of EBITDA,
Adjusted EBITDA and Adjusted income from continuing operations
should not be construed as an inference that our future results will
be unaffected by unusual or nonrecurring items.
|
|
|
|
(a) Represents the equity-based compensation expense of Acadia.
|
|
|
|
(b) Represents the change in fair value of foreign currency
derivatives purchased by Acadia related to acquisitions in the U.K.
in April and June 2015 and July 2014.
|
|
|
|
(c) Represents transaction-related expenses incurred by Acadia
related to acquisitions.
|
|
|
|
(d) Represents the income tax provision adjusted to reflect the tax
effect of the adjustments to income from continuing operations based
on tax rates of 31.3% and 37.7% for the three months ended June 30,
2015 and 2014, respectively, and 31.4% and 37.6% for the six months
ended June 30, 2015 and 2014, respectively.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150804006784/en/
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