Acadia Healthcare Reports Fourth Quarter 2019 Results
02.27.2020
Company Provides Full Year and First Quarter 2020 Guidance
For the fourth quarter, Acadia’s total same facility revenue increased 4.5% compared with the fourth quarter of 2018, including a 0.4% increase in patient days and a 4.1% increase in revenue per patient day. Total same facility EBITDA margin increased 20 basis points to 22.0%.
Results for the fourth quarter of 2019 include transaction-related expenses of
A reconciliation of all non-GAAP financial results in this press release appears beginning on page 8.
“During the fourth quarter, we added 171 beds to Acadia’s operations, including 150 beds in our
“We launched a formal process regarding the sale of our
Acadia today established its financial guidance for the full year 2020, as follows:
-
Revenue in a range of
$3.28 billion to$3.34 billion ; -
Adjusted EBITDA in a range of
$610 million to$630 million ; -
Adjusted earnings per diluted share in a range of
$2.20 to$2.40 ; -
Stock compensation expense of approximately
$22 million ; -
Depreciation & amortization expense in a range of
$175 million to$180 million ; -
Interest expense in a range of
$172 million to$177 million ; - Total weighted average shares outstanding (diluted) of approximately 88.1 million;
-
Operating cash flows in a range of
$375 million to$410 million ; -
Total capital expenditures in a range of
$330 million to$350 million , including approximately$90 million for maintenance capital expenditures; -
An exchange rate of
$1.30 per British Pound Sterling; and - A tax rate of approximately 17%.
Acadia also established its financial guidance for the first quarter of 2020, as follows:
-
Revenue in a range of
$795 million to$805 million ; -
Adjusted EBITDA in a range of
$133 million to$137 million ; and -
Adjusted earnings per diluted share in a range of
$0.37 to$0.42 .
The Company’s guidance does not include the impact of any future acquisitions, divestitures or transaction-related expenses.
Osteen concluded, “We expect to see continued improvement and high single-digit revenue growth and EBITDA margin improvement in the second half of 2020 for our
EBITDA is defined as net (loss) income adjusted for net income attributable to noncontrolling interests, provision for (benefit from) income taxes, net interest expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for equity-based compensation expense, transaction-related expenses, debt extinguishment costs, legal settlements expense and loss on impairment. Adjusted income is defined as net (loss) income adjusted for transaction-related expenses, tax reform impact, debt extinguishment costs, legal settlements expense, loss on impairment and income tax effect of adjustments to income.
Acadia will hold a conference call to discuss its fourth quarter financial results at
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) potential difficulties operating our business in light of political and economic instability in the
About Acadia
Acadia is a provider of behavioral healthcare services. At
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Revenue |
$ |
780,232 |
|
$ |
743,547 |
|
$ |
3,107,462 |
|
$ |
3,012,442 |
|
||||
Salaries, wages and benefits (including equity-based compensation expense of |
|
428,781 |
|
|
413,162 |
|
|
1,717,180 |
|
|
1,659,348 |
|
||||
Professional fees |
|
63,395 |
|
|
60,437 |
|
|
240,983 |
|
|
227,425 |
|
||||
Supplies |
|
31,400 |
|
|
30,356 |
|
|
123,061 |
|
|
119,314 |
|
||||
Rents and leases |
|
21,369 |
|
|
19,892 |
|
|
82,229 |
|
|
80,282 |
|
||||
Other operating expenses |
|
93,916 |
|
|
88,521 |
|
|
375,433 |
|
|
354,498 |
|
||||
Depreciation and amortization |
|
41,767 |
|
|
39,472 |
|
|
164,044 |
|
|
158,832 |
|
||||
Interest expense, net |
|
43,710 |
|
|
47,704 |
|
|
187,094 |
|
|
185,410 |
|
||||
Debt extinguishment costs |
|
- |
|
|
875 |
|
|
- |
|
|
1,815 |
|
||||
Legal settlements expense |
|
- |
|
|
22,076 |
|
|
- |
|
|
22,076 |
|
||||
Loss on impairment |
|
54,386 |
|
|
337,889 |
|
|
54,386 |
|
|
337,889 |
|
||||
Transaction-related expenses |
|
11,756 |
|
|
24,499 |
|
|
27,064 |
|
|
34,507 |
|
||||
Total expenses |
|
790,480 |
|
|
1,084,883 |
|
|
2,971,474 |
|
|
3,181,396 |
|
||||
(Loss) income before income taxes |
|
(10,248 |
) |
|
(341,336 |
) |
|
135,988 |
|
|
(168,954 |
) |
||||
Provision for (benefit from) income taxes |
|
65 |
|
|
(9,807 |
) |
|
25,866 |
|
|
6,532 |
|
||||
Net (loss) income |
|
(10,313 |
) |
|
(331,529 |
) |
|
110,122 |
|
|
(175,486 |
) |
||||
Net income attributable to noncontrolling interests |
|
(941 |
) |
|
(108 |
) |
|
(1,199 |
) |
|
(264 |
) |
||||
Net (loss) income attributable to |
$ |
(11,254 |
) |
$ |
(331,637 |
) |
$ |
108,923 |
|
$ |
(175,750 |
) |
||||
Earnings per share attributable to |
||||||||||||||||
Basic |
$ |
(0.13 |
) |
$ |
(3.80 |
) |
$ |
1.24 |
|
$ |
(2.01 |
) |
||||
Diluted |
$ |
(0.13 |
) |
$ |
(3.80 |
) |
$ |
1.24 |
|
$ |
(2.01 |
) |
||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic |
|
87,674 |
|
|
87,382 |
|
|
87,612 |
|
|
87,288 |
|
||||
Diluted |
|
87,674 |
|
|
87,382 |
|
|
87,816 |
|
|
87,288 |
|
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
|
||||||||
2019 |
2018 |
|||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents |
$ |
124,192 |
|
$ |
50,510 |
|
||
Accounts receivable, net |
|
339,775 |
|
|
318,087 |
|
||
Other current assets |
|
78,244 |
|
|
81,820 |
|
||
Total current assets |
|
542,211 |
|
|
450,417 |
|
||
Property and equipment, net |
|
3,224,034 |
|
|
3,107,766 |
|
||
|
2,449,131 |
|
|
2,396,412 |
|
|||
Intangible assets, net |
|
90,357 |
|
|
88,990 |
|
||
Deferred tax assets |
|
3,339 |
|
|
3,468 |
|
||
Derivative instrument assets |
|
- |
|
|
60,524 |
|
||
Operating lease right-of-use assets |
|
501,837 |
|
|
- |
|
||
Other assets |
|
68,233 |
|
|
64,927 |
|
||
Total assets |
$ |
6,879,142 |
|
$ |
6,172,504 |
|
||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt |
$ |
43,679 |
|
$ |
34,112 |
|
||
Accounts payable |
|
127,045 |
|
|
117,740 |
|
||
Accrued salaries and benefits |
|
122,552 |
|
|
113,299 |
|
||
Current portion of operating lease liabilities |
|
29,140 |
|
|
- |
|
||
Other accrued liabilities |
|
141,160 |
|
|
151,226 |
|
||
Total current liabilities |
|
463,576 |
|
|
416,377 |
|
||
Long-term debt |
|
3,105,420 |
|
|
3,159,375 |
|
||
Deferred tax liabilities |
|
71,860 |
|
|
80,372 |
|
||
Operating lease liabilities |
|
502,252 |
|
|
- |
|
||
Derivative instrument liabilities |
|
68,915 |
|
|
- |
|
||
Other liabilities |
|
128,587 |
|
|
154,267 |
|
||
Total liabilities |
|
4,340,610 |
|
|
3,810,391 |
|
||
Redeemable noncontrolling interests |
|
33,151 |
|
|
28,806 |
|
||
Equity: | ||||||||
Common stock |
|
877 |
|
|
874 |
|
||
Additional paid-in capital |
|
2,557,642 |
|
|
2,541,987 |
|
||
Accumulated other comprehensive loss |
|
(414,884 |
) |
|
(462,377 |
) |
||
Retained earnings |
|
361,746 |
|
|
252,823 |
|
||
Total equity |
|
2,505,381 |
|
|
2,333,307 |
|
||
Total liabilities and equity |
$ |
6,879,142 |
|
$ |
6,172,504 |
|
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
Year Ended |
||||||||
2019 |
2018 |
|||||||
(In thousands) | ||||||||
Operating activities: | ||||||||
Net income (loss) |
$ |
110,122 |
|
$ |
(175,486 |
) |
||
Adjustments to reconcile net income (loss) to net cash provided by continuing operating activities: | ||||||||
Depreciation and amortization |
|
164,044 |
|
|
158,832 |
|
||
Amortization of debt issuance costs |
|
11,987 |
|
|
10,456 |
|
||
Equity-based compensation expense |
|
17,307 |
|
|
22,001 |
|
||
Deferred income taxes |
|
1,780 |
|
|
(9,714 |
) |
||
Debt extinguishment costs |
|
- |
|
|
1,815 |
|
||
Legal settlements expense |
|
- |
|
|
22,076 |
|
||
Loss on impairment |
|
54,386 |
|
|
337,889 |
|
||
Other |
|
4,035 |
|
|
12,371 |
|
||
Change in operating assets and liabilities: | ||||||||
Accounts receivable, net |
|
(19,060 |
) |
|
(16,821 |
) |
||
Other current assets |
|
(1,344 |
) |
|
13,864 |
|
||
Other assets |
|
(73 |
) |
|
2,762 |
|
||
Accounts payable and other accrued liabilities |
|
(21,354 |
) |
|
26,054 |
|
||
Accrued salaries and benefits |
|
7,820 |
|
|
15,748 |
|
||
Other liabilities |
|
3,254 |
|
|
(5,219 |
) |
||
Net cash provided by continuing operating activities |
|
332,904 |
|
|
416,628 |
|
||
Net cash used in discontinued operating activities |
|
- |
|
|
(2,548 |
) |
||
Net cash provided by operating activities |
|
332,904 |
|
|
414,080 |
|
||
Investing activities: | ||||||||
Cash paid for acquisitions, net of cash acquired |
|
(45,677 |
) |
|
- |
|
||
Cash paid for capital expenditures |
|
(284,682 |
) |
|
(341,462 |
) |
||
Cash paid for real estate acquisitions |
|
(7,618 |
) |
|
(18,383 |
) |
||
Settlement of foreign currency derivatives |
|
105,008 |
|
|
- |
|
||
Proceeds from sale of property and equipment |
|
18,076 |
|
|
8,248 |
|
||
Other |
|
13,752 |
|
|
(9,367 |
) |
||
Net cash used in investing activities |
|
(201,141 |
) |
|
(360,964 |
) |
||
Financing activities: | ||||||||
Borrowings on revolving credit facility |
|
76,573 |
|
|
- |
|
||
Principal payments on revolving credit facility |
|
(76,573 |
) |
|
- |
|
||
Principal payments on long-term debt |
|
(52,984 |
) |
|
(39,738 |
) |
||
Repayment of long-term debt |
|
- |
|
|
(21,920 |
) |
||
Common stock withheld for minimum statutory taxes, net |
|
(1,649 |
) |
|
(3,407 |
) |
||
Distributions to noncontrolling interests |
|
(154 |
) |
|
- |
|
||
Other |
|
(6,840 |
) |
|
(2,265 |
) |
||
Net cash used in financing activities |
|
(61,627 |
) |
|
(67,330 |
) |
||
Effect of exchange rate changes on cash |
|
3,546 |
|
|
(2,566 |
) |
||
Net increase (decrease) in cash and cash equivalents |
|
73,682 |
|
|
(16,780 |
) |
||
Cash and cash equivalents at beginning of the period |
|
50,510 |
|
|
67,290 |
|
||
Cash and cash equivalents at end of the period |
$ |
124,192 |
|
$ |
50,510 |
|
||
Effect of acquisitions: | ||||||||
Assets acquired, excluding cash |
$ |
49,715 |
|
$ |
- |
|
||
Liabilities assumed |
|
(4,038 |
) |
|
- |
|
||
Cash paid for acquisitions, net of cash acquired |
$ |
45,677 |
|
$ |
- |
|
Operating Statistics | ||||||||||||||||||||
(Unaudited, Revenue in thousands) | ||||||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||||||
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
||||||||||
Same Facility Results (a,c) | ||||||||||||||||||||
Revenue |
$ |
742,391 |
|
$ |
710,304 |
|
4.5% |
$ |
2,957,051 |
|
$ |
2,813,676 |
|
5.1% |
||||||
|
1,133,208 |
|
|
1,128,348 |
|
0.4% |
|
4,547,523 |
|
|
4,480,163 |
|
1.5% |
|||||||
Admissions |
|
42,977 |
|
|
42,372 |
|
1.4% |
|
176,120 |
|
|
169,835 |
|
3.7% |
||||||
Average Length of Stay (b) |
|
26.4 |
|
|
26.6 |
|
-1.0% |
|
25.8 |
|
|
26.4 |
|
-2.1% |
||||||
Revenue per |
$ |
655 |
|
$ |
630 |
|
4.1% |
$ |
650 |
|
$ |
628 |
|
3.5% |
||||||
EBITDA margin |
|
22.0 |
% |
|
21.8 |
% |
20 bps |
|
23.1 |
% |
|
23.9 |
% |
-80 bps | ||||||
Revenue |
$ |
488,112 |
|
$ |
462,601 |
|
5.5% |
$ |
1,955,730 |
|
$ |
1,849,058 |
|
5.8% |
||||||
|
635,929 |
|
|
620,977 |
|
2.4% |
|
2,546,768 |
|
|
2,467,725 |
|
3.2% |
|||||||
Admissions |
|
40,712 |
|
|
40,101 |
|
1.5% |
|
166,774 |
|
|
160,310 |
|
4.0% |
||||||
Average Length of Stay (b) |
|
15.6 |
|
|
15.5 |
|
0.9% |
|
15.3 |
|
|
15.4 |
|
-0.8% |
||||||
Revenue per |
$ |
768 |
|
$ |
745 |
|
3.0% |
$ |
768 |
|
$ |
749 |
|
2.5% |
||||||
EBITDA margin |
|
25.0 |
% |
|
24.7 |
% |
30 bps |
|
26.3 |
% |
|
26.6 |
% |
-30 bps | ||||||
Revenue |
$ |
254,279 |
|
$ |
247,703 |
|
2.7% |
$ |
1,001,321 |
|
$ |
964,618 |
|
3.8% |
||||||
|
497,279 |
|
|
507,371 |
|
-2.0% |
|
2,000,755 |
|
|
2,012,438 |
|
-0.6% |
|||||||
Admissions |
|
2,265 |
|
|
2,271 |
|
-0.3% |
|
9,346 |
|
|
9,525 |
|
-1.9% |
||||||
Average Length of Stay (b) |
|
219.5 |
|
|
223.4 |
|
-1.7% |
|
214.1 |
|
|
211.3 |
|
1.3% |
||||||
Revenue per |
$ |
511 |
|
$ |
488 |
|
4.7% |
$ |
500 |
|
$ |
479 |
|
4.4% |
||||||
EBITDA margin |
|
16.1 |
% |
|
16.5 |
% |
-40 bps |
|
16.7 |
% |
|
18.9 |
% |
-220 bps | ||||||
Revenue |
$ |
501,225 |
|
$ |
472,194 |
|
6.1% |
$ |
2,008,381 |
|
$ |
1,904,695 |
|
5.4% |
||||||
|
652,415 |
|
|
639,687 |
|
2.0% |
|
2,613,164 |
|
|
2,538,737 |
|
2.9% |
|||||||
Admissions |
|
42,222 |
|
|
40,322 |
|
4.7% |
|
172,320 |
|
|
161,387 |
|
6.8% |
||||||
Average Length of Stay (b) |
|
15.5 |
|
|
15.9 |
|
-2.6% |
|
15.2 |
|
|
15.7 |
|
-3.6% |
||||||
Revenue per |
$ |
768 |
|
$ |
738 |
|
4.1% |
$ |
769 |
|
$ |
750 |
|
2.4% |
||||||
EBITDA margin |
|
24.3 |
% |
|
23.8 |
% |
50 bps |
|
25.1 |
% |
|
25.6 |
% |
-50 bps | ||||||
Revenue |
$ |
279,007 |
|
$ |
271,630 |
|
2.7% |
$ |
1,099,081 |
|
$ |
1,059,733 |
|
3.7% |
||||||
|
664,709 |
|
|
678,162 |
|
-2.0% |
|
2,673,715 |
|
|
2,702,551 |
|
-1.1% |
|||||||
Admissions |
|
2,626 |
|
|
2,550 |
|
3.0% |
|
10,786 |
|
|
10,776 |
|
0.1% |
||||||
Average Length of Stay (b) |
|
253.1 |
|
|
265.9 |
|
-4.8% |
|
247.9 |
|
|
250.8 |
|
-1.2% |
||||||
Revenue per |
$ |
420 |
|
$ |
401 |
|
4.8% |
$ |
411 |
|
$ |
392 |
|
4.8% |
||||||
EBITDA margin |
|
14.4 |
% |
|
14.6 |
% |
-20 bps |
|
15.2 |
% |
|
16.7 |
% |
-150 bps | ||||||
Total Facility Results (c) | ||||||||||||||||||||
Revenue |
$ |
780,232 |
|
$ |
743,824 |
|
4.9% |
$ |
3,107,462 |
|
$ |
2,964,428 |
|
4.8% |
||||||
|
1,317,124 |
|
|
1,317,849 |
|
-0.1% |
|
5,286,879 |
|
|
5,241,288 |
|
0.9% |
|||||||
Admissions |
|
44,848 |
|
|
42,872 |
|
4.6% |
|
183,106 |
|
|
172,163 |
|
6.4% |
||||||
Average Length of Stay (b) |
|
29.4 |
|
|
30.7 |
|
-4.5% |
|
28.9 |
|
|
30.4 |
|
-5.2% |
||||||
Revenue per |
$ |
592 |
|
$ |
564 |
|
5.0% |
$ |
588 |
|
$ |
566 |
|
3.9% |
||||||
EBITDA margin |
|
20.8 |
% |
|
20.5 |
% |
30 bps |
|
21.6 |
% |
|
22.5 |
% |
-90 bps | ||||||
(a) Results for the periods presented exclude the elderly care division of our |
||||||||||||||||||||
(b) Average length of stay is defined as patient days divided by admissions. | ||||||||||||||||||||
(c) Revenue and revenue per patient day for the three months and year ended |
Reconciliation of Net Income Attributable to |
||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
(in thousands) | ||||||||||||||||
Net (loss) income attributable to |
$ |
(11,254 |
) |
$ |
(331,637 |
) |
$ |
108,923 |
$ |
(175,750 |
) |
|||||
Net income attributable to noncontrolling interests |
|
941 |
|
|
108 |
|
|
1,199 |
|
264 |
|
|||||
Provision for (benefit from) income taxes |
|
65 |
|
|
(9,807 |
) |
|
25,866 |
|
6,532 |
|
|||||
Interest expense, net |
|
43,710 |
|
|
47,704 |
|
|
187,094 |
|
185,410 |
|
|||||
Depreciation and amortization |
|
41,767 |
|
|
39,472 |
|
|
164,044 |
|
158,832 |
|
|||||
EBITDA |
|
75,229 |
|
|
(254,160 |
) |
|
487,126 |
|
175,288 |
|
|||||
Adjustments: | ||||||||||||||||
Equity-based compensation expense (a) |
|
2,985 |
|
|
2,728 |
|
|
17,307 |
|
22,001 |
|
|||||
Transaction-related expenses (b) |
|
11,756 |
|
|
24,499 |
|
|
27,064 |
|
34,507 |
|
|||||
Debt extinguishment costs (c) |
|
- |
|
|
875 |
|
|
- |
|
1,815 |
|
|||||
Legal settlements expense (d) |
|
- |
|
|
22,076 |
|
|
- |
|
22,076 |
|
|||||
Loss on impairment (e) |
|
54,386 |
|
|
337,889 |
|
|
54,386 |
|
337,889 |
|
|||||
Adjusted EBITDA |
$ |
144,356 |
|
$ |
133,907 |
|
$ |
585,883 |
$ |
593,576 |
|
|||||
See footnotes on page 10. |
Reconciliation of Adjusted Income Attributable to |
|||||||||||||||||
Net Income Attributable to |
|||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Net (loss) income attributable to |
$ |
(11,254 |
) |
$ |
(331,637 |
) |
$ |
108,923 |
|
$ |
(175,750 |
) |
|||||
Adjustments to income: | |||||||||||||||||
Transaction-related expenses (b) |
|
11,756 |
|
|
24,499 |
|
|
27,064 |
|
|
34,507 |
|
|||||
Tax reform impact (f) |
|
- |
|
|
- |
|
|
- |
|
|
(10,472 |
) |
|||||
Debt extinguishment costs (c) |
|
- |
|
|
875 |
|
|
- |
|
|
1,815 |
|
|||||
Legal settlements expense (d) |
|
- |
|
|
22,076 |
|
|
- |
|
|
22,076 |
|
|||||
Loss on impairment (e) |
|
54,386 |
|
|
337,889 |
|
|
54,386 |
|
|
337,889 |
|
|||||
Income tax effect of adjustments to income (g) |
|
(9,860 |
) |
|
(12,866 |
) |
|
(11,244 |
) |
|
(14,687 |
) |
|||||
Adjusted income attributable to |
$ |
45,028 |
|
$ |
40,836 |
|
$ |
179,129 |
|
$ |
195,378 |
|
|||||
Weighted-average shares outstanding - diluted (h) |
|
87,963 |
|
|
87,508 |
|
|
87,816 |
|
|
87,415 |
|
|||||
Adjusted income attributable to |
$ |
0.51 |
|
$ |
0.47 |
|
$ |
2.04 |
|
$ |
2.24 |
|
|||||
See footnotes on page 10. | |||||||||||||||||
Footnotes
We have included certain financial measures in this press release, including EBITDA, Adjusted EBITDA, and Adjusted income, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the
EBITDA, Adjusted EBITDA, and Adjusted income are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in
The Company is not able to provide a reconciliation of projected Adjusted EBITDA and adjusted earnings per diluted share, where provided, 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, strategic review and other acquisition-related costs.
(c) Represents debt extinguishment costs recorded in connection with the repricing amendments to the Amended and Restated Credit Agreement in
(d) Represents
(e) For the three months and year ended
(f) Represents tax benefit related to the enactment of the Tax Cuts and Jobs Act.
(g) Represents the income tax effect of adjustments to income based on tax rates of 18.1% and 7.0% for the three months ended
(h) For the three months ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20200227005895/en/
Director, Investor Relations
(615) 861-6000
Source: