Acadia Healthcare Reports Fourth Quarter 2023 Results
02.27.2024
Company Provides Full Year and First Quarter 2024 Guidance
Fourth Quarter Highlights
-
Revenue totaled
$742.8 million , an increase of 10.0% over the fourth quarter of 2022 - Same facility revenue increased 10.3% compared with the fourth quarter of 2022, including an increase in revenue per patient day of 7.1% and an increase in patient days of 2.9%
-
Net income attributable to Acadia totaled
$57.7 million , or$0.63 per diluted share -
Adjusted income attributable to Acadia was
$78.3 million , or$0.85 per diluted share, excluding$0.02 of income from theProvider Relief Fund (“PRF”) established under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act -
Adjusted EBITDA was
$169.6 million , an increase of 11.9% over the fourth quarter of 2022, excluding income from the PRF in both periods and the impact of a$5.9 million unfavorable adjustment to professional and general liability reserves recorded in the fourth quarter of 2022 - Continued progress on the execution of the Company’s growth strategy through opening one de novo hospital, adding 98 beds to existing facilities and opening two comprehensive treatment centers (“CTCs”)
-
Announced a new joint venture partnership with Ascension Seton, in
Austin, Texas , in earlyJanuary 2024
Adjusted income attributable to Acadia and Adjusted EBITDA are non-GAAP financial measures. A reconciliation of all non-GAAP financial measures in this press release begins on page 9.
Fourth Quarter Results
“In addition to delivering our solid financial performance, we made significant improvements to our operations in 2023. Our strategic investments have enabled us to strengthen our core infrastructure and further enhance Acadia’s care delivery. We continue to focus on quality across our operations, leveraging technology and utilizing data to mitigate risk, drive efficiencies and support strong clinical outcomes. As demand for our services continues to accelerate, these investments support our ability to reach more patients and make a positive difference in more communities,” added Hunter.
1 Excluding income from the PRF
Strategic Investments for Long-Term Growth
During the fourth quarter of 2023 and into the first quarter of 2024, the Company continued to make progress in meeting its strategic growth objectives with the following accomplishments across its five defined growth pathways:
- Facility Expansions – Added 98 beds to existing facilities in the fourth quarter, for a total of 302 new beds added in 2023. The Company expects to add more than 400 beds to existing facilities in 2024.
-
De Novo Facilities – Opened two CTCs, meeting the Company’s goal to open a total of six CTCs in 2023. Acadia opened the renovated 101-bed adult hospital and outpatient facility that are part of the
Montrose Behavioral Health Hospital inChicago, Illinois . During the fourth quarter, the Company also completed construction on an 80-bed inpatient acute care hospital,Coachella Valley Behavioral Health , inIndio, California , which will open later this year. Acadia plans to open up to 14 new CTCs in 2024. -
Joint Ventures – In
January 2024 , Acadia announced a new joint venture partnership with Ascension Seton, one of the nation’s leading integrated healthcare systems, for a behavioral health hospital inAustin, Texas . This facility, expected to open later in 2024, marks the Company’s second joint venture partnership with Ascension. The Company also expects to open two other previously announced joint venture facilities in 2024,Intermountain Health inDenver, Colorado , andHenry Ford Health inDetroit, Michigan . Acadia has 21 joint venture partnerships for 22 hospitals, with 11 hospitals already in operation and 11 additional hospitals expected to open over the next few years. -
Acquisitions – On
February 22, 2024 , the Company closed the previously announced acquisition of Turning Point Centers, a 76-bed specialty provider of substance use disorder and primary mental health treatment services that supports theSalt Lake City, Utah , metropolitan market. -
Extend
Continuum of Care – Expanded treatment options by adding 13 outpatient programs during the fourth quarter, bringing Acadia’s total to 39 outpatient programs added during 2023. These programs include Partial Hospitalization Programs (PHP), Intensive Outpatient Programs (IOP) or virtual services.
Cash and Liquidity
Maintaining a strong financial position to support growth investments and disciplined capital allocation are top priorities for Acadia. As of
Net leverage ratio is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures in this press release begins on page 9.
Looking Ahead
Hunter concluded, “The prevalence of behavioral health issues and related deaths is on the rise in our nation. A recent survey by the
Financial Guidance
Acadia today established financial guidance for 2024, as follows:
|
2024 |
|||
Revenue (1) |
|
|||
Adjusted EBITDA (1) |
|
|||
Adjusted earnings per diluted share (1) |
|
|||
Interest expense |
|
|||
Tax rate |
24.5% to 25.5% |
|||
Depreciation and amortization expense |
|
|||
Stock compensation expense |
|
|||
Operating cash flows |
|
|||
Expansion capital expenditures |
|
|||
Maintenance and IT capital expenditures |
|
|||
|
|
|||
Total bed additions, excluding acquisitions |
Approx. 1,200 beds |
(1) |
Includes one-time payments from a state of approximately |
The Company also established financial guidance for the first quarter of 2024, as follows:
First Quarter 2024 |
||||
Revenue (2) |
|
|||
Adjusted EBITDA (2) |
|
|||
Adjusted earnings per diluted share (2) |
|
(2) |
Includes a one-time payment from a state of approximately |
The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction, legal and other costs or non-recurring legal settlements expense.
Conference Call
Acadia will hold a conference call to discuss its fourth quarter financial results at
About Acadia
Acadia is a leading provider of behavioral healthcare services across
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
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
(In thousands, except per share amounts) |
||||||||||||||||
Revenue |
$ |
742,800 |
|
$ |
675,295 |
|
$ |
2,928,738 |
|
$ |
2,610,399 |
|
||||
Salaries, wages and benefits (including equity-based compensation expense of |
|
400,370 |
|
|
365,702 |
|
|
1,572,330 |
|
|
1,393,434 |
|
||||
Professional fees |
|
45,545 |
|
|
40,295 |
|
|
176,013 |
|
|
158,013 |
|
||||
Supplies |
|
26,680 |
|
|
25,909 |
|
|
105,992 |
|
|
100,200 |
|
||||
Rents and leases |
|
11,672 |
|
|
11,682 |
|
|
46,552 |
|
|
45,462 |
|
||||
Other operating expenses |
|
98,108 |
|
|
93,922 |
|
|
388,906 |
|
|
349,277 |
|
||||
Income from provider relief fund |
|
(1,977 |
) |
|
(5,245 |
) |
|
(6,419 |
) |
|
(21,451 |
) |
||||
Depreciation and amortization |
|
35,380 |
|
|
30,142 |
|
|
132,349 |
|
|
117,769 |
|
||||
Interest expense, net |
|
20,474 |
|
|
19,405 |
|
|
82,125 |
|
|
69,760 |
|
||||
Legal settlements expense |
|
— |
|
|
— |
|
|
394,181 |
|
|
— |
|
||||
Loss on impairment |
|
1,096 |
|
|
— |
|
|
9,790 |
|
|
— |
|
||||
Gain on sale of property |
|
(9,747 |
) |
|
— |
|
|
(9,747 |
) |
|
— |
|
||||
Transaction, legal and other costs |
|
35,234 |
|
|
5,411 |
|
|
62,026 |
|
|
23,792 |
|
||||
Total expenses |
|
662,835 |
|
|
587,223 |
|
|
2,954,098 |
|
|
2,236,256 |
|
||||
Income (loss) before income taxes |
|
79,965 |
|
|
88,072 |
|
|
(25,360 |
) |
|
374,143 |
|
||||
Provision for (benefit from) income taxes |
|
20,208 |
|
|
24,927 |
|
|
(9,699 |
) |
|
94,110 |
|
||||
Net income (loss) |
|
59,757 |
|
|
63,145 |
|
|
(15,661 |
) |
|
280,033 |
|
||||
Net income attributable to noncontrolling interests |
|
(2,028 |
) |
|
(2,021 |
) |
|
(6,006 |
) |
|
(6,894 |
) |
||||
Net income (loss) attributable to |
$ |
57,729 |
|
$ |
61,124 |
|
$ |
(21,667 |
) |
$ |
273,139 |
|
||||
Earnings (loss) per share attributable to stockholders: |
||||||||||||||||
Basic |
$ |
0.63 |
|
$ |
0.68 |
|
$ |
(0.24 |
) |
$ |
3.05 |
|
||||
Diluted |
$ |
0.63 |
|
$ |
0.67 |
|
$ |
(0.24 |
) |
$ |
2.98 |
|
||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic |
|
91,238 |
|
|
89,897 |
|
|
90,949 |
|
|
89,680 |
|
||||
Diluted |
|
91,872 |
|
|
91,872 |
|
|
90,949 |
|
|
91,555 |
|
||||
Condensed Consolidated Balance Sheets | ||||||
(Unaudited) | ||||||
|
||||||
2023 |
|
2022 |
||||
(In thousands) |
||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents |
$ |
100,073 |
$ |
97,649 |
||
Accounts receivable, net |
|
361,451 |
|
322,439 |
||
Other current assets |
|
134,476 |
|
86,037 |
||
Total current assets |
|
596,000 |
|
506,125 |
||
Property and equipment, net |
|
2,266,610 |
|
1,952,045 |
||
|
2,225,962 |
|
2,222,805 |
|||
Intangible assets, net |
|
73,278 |
|
76,041 |
||
Deferred tax assets |
|
6,658 |
|
2,950 |
||
Operating lease right-of-use assets |
|
117,780 |
|
135,238 |
||
Other assets |
|
72,553 |
|
92,697 |
||
Total assets |
$ |
5,358,841 |
$ |
4,987,901 |
||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Current portion of long-term debt |
$ |
29,219 |
$ |
21,250 |
||
Accounts payable |
|
156,132 |
|
104,723 |
||
Accrued salaries and benefits |
|
141,901 |
|
125,298 |
||
Current portion of operating lease liabilities |
|
26,268 |
|
26,463 |
||
Other accrued liabilities |
|
532,261 |
|
110,592 |
||
Total current liabilities |
|
885,781 |
|
388,326 |
||
Long-term debt |
|
1,342,548 |
|
1,364,541 |
||
Deferred tax liabilities |
|
1,931 |
|
92,588 |
||
Operating lease liabilities |
|
100,808 |
|
116,429 |
||
Other liabilities |
|
140,113 |
|
125,033 |
||
Total liabilities |
|
2,471,181 |
|
2,086,917 |
||
Redeemable noncontrolling interests |
|
105,686 |
|
88,257 |
||
Equity: | ||||||
Common stock |
|
913 |
|
899 |
||
Additional paid-in capital |
|
2,649,340 |
|
2,658,440 |
||
Retained earnings |
|
131,721 |
|
153,388 |
||
Total equity |
|
2,781,974 |
|
2,812,727 |
||
Total liabilities and equity |
$ |
5,358,841 |
$ |
4,987,901 |
||
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
Year Ended |
||||||||
2023 |
|
2022 |
||||||
(In thousands) |
||||||||
Operating activities: | ||||||||
Net (loss) income |
$ |
(15,661 |
) |
$ |
280,033 |
|
||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization |
|
132,349 |
|
|
117,769 |
|
||
Amortization of debt issuance costs |
|
3,322 |
|
|
3,261 |
|
||
Equity-based compensation expense |
|
32,289 |
|
|
29,635 |
|
||
Deferred income taxes |
|
(93,984 |
) |
|
16,545 |
|
||
Legal settlements expense |
|
394,181 |
|
|
— |
|
||
Loss on impairment |
|
9,790 |
|
|
— |
|
||
Gain on sale of property |
|
(9,747 |
) |
|
— |
|
||
Other |
|
3,168 |
|
|
2,680 |
|
||
Change in operating assets and liabilities, net of effect of acquisitions: | ||||||||
Accounts receivable, net |
|
(39,012 |
) |
|
(41,978 |
) |
||
Other current assets |
|
8,880 |
|
|
(17,626 |
) |
||
Other assets |
|
989 |
|
|
2,252 |
|
||
Accounts payable and other accrued liabilities |
|
17,404 |
|
|
5,174 |
|
||
Accrued salaries and benefits |
|
16,532 |
|
|
6,804 |
|
||
Other liabilities |
|
10,815 |
|
|
15,090 |
|
||
Government relief funds |
|
(8,975 |
) |
|
(39,070 |
) |
||
Net cash provided by operating activities |
|
462,340 |
|
|
380,569 |
|
||
Investing activities: | ||||||||
Cash paid for acquisitions, net of cash acquired |
|
(349 |
) |
|
(9,507 |
) |
||
Cash paid for capital expenditures |
|
(424,133 |
) |
|
(296,149 |
) |
||
Proceeds from sale of property and equipment |
|
29,422 |
|
|
7,074 |
|
||
Other |
|
(2,159 |
) |
|
(7,248 |
) |
||
Net cash used in investing activities |
|
(397,219 |
) |
|
(305,830 |
) |
||
Financing activities: | ||||||||
Borrowings on revolving credit facility |
|
40,000 |
|
|
— |
|
||
Principal payments on revolving credit facility |
|
(35,000 |
) |
|
(95,000 |
) |
||
Principal payments on long-term debt |
|
(21,250 |
) |
|
(18,594 |
) |
||
Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises |
|
(44,335 |
) |
|
(6,179 |
) |
||
Contributions from noncontrolling partners in joint ventures |
|
2,958 |
|
|
15,362 |
|
||
Distributions to noncontrolling partners in joint ventures |
|
(5,107 |
) |
|
(1,004 |
) |
||
Acquisition of ownership interests from noncontrolling partners |
|
— |
|
|
(5,540 |
) |
||
Other |
|
37 |
|
|
52 |
|
||
Net cash used in financing activities |
|
(62,697 |
) |
|
(110,903 |
) |
||
Net increase (decrease) in cash and cash equivalents |
|
2,424 |
|
|
(36,164 |
) |
||
Cash and cash equivalents at beginning of the period |
|
97,649 |
|
|
133,813 |
|
||
Cash and cash equivalents at end of the period |
$ |
100,073 |
|
$ |
97,649 |
|
||
Effect of acquisitions: | ||||||||
Assets acquired, excluding cash |
$ |
6,766 |
|
$ |
10,756 |
|
||
Liabilities assumed |
|
(128 |
) |
|
(1,249 |
) |
||
Redeemable noncontrolling interest resulting from an acquisition |
|
(6,289 |
) |
|
— |
|
||
Cash paid for acquisitions, net of cash acquired |
$ |
349 |
|
$ |
9,507 |
|
||
Operating Statistics | ||||||||||||||||||||||||
(Unaudited, Revenue in thousands) | ||||||||||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
||||||
Same Facility Results (1) | ||||||||||||||||||||||||
Revenue |
$ |
736,237 |
|
$ |
667,764 |
|
10.3 |
% |
$ |
2,897,333 |
|
$ |
2,587,993 |
|
12.0 |
% |
||||||||
|
750,660 |
|
|
729,233 |
|
2.9 |
% |
|
3,036,127 |
|
|
2,889,465 |
|
5.1 |
% |
|||||||||
Admissions |
|
46,481 |
|
|
45,788 |
|
1.5 |
% |
|
194,215 |
|
|
185,218 |
|
4.9 |
% |
||||||||
Average Length of Stay (2) |
|
16.1 |
|
|
15.9 |
|
1.4 |
% |
|
15.6 |
|
|
15.6 |
|
0.2 |
% |
||||||||
Revenue per |
$ |
981 |
|
$ |
916 |
|
7.1 |
% |
$ |
954 |
|
$ |
896 |
|
6.5 |
% |
||||||||
Adjusted EBITDA margin (3) |
|
29.1 |
% |
|
27.7 |
% |
140 bps |
|
29.1 |
% |
|
28.5 |
% |
60 bps | ||||||||||
Adjusted EBITDA margin excluding income from provider relief fund |
|
28.8 |
% |
|
26.9 |
% |
190 bps |
|
28.9 |
% |
|
27.7 |
% |
120 bps | ||||||||||
Facility Results | ||||||||||||||||||||||||
Revenue |
$ |
742,800 |
|
$ |
675,295 |
|
10.0 |
% |
$ |
2,928,738 |
|
$ |
2,610,399 |
|
12.2 |
% |
||||||||
|
757,345 |
|
|
736,695 |
|
2.8 |
% |
|
3,063,454 |
|
|
2,916,500 |
|
5.0 |
% |
|||||||||
Admissions |
|
47,295 |
|
|
46,375 |
|
2.0 |
% |
|
197,532 |
|
|
186,305 |
|
6.0 |
% |
||||||||
Average Length of Stay (2) |
|
16.0 |
|
|
15.9 |
|
0.8 |
% |
|
15.5 |
|
|
15.7 |
|
-0.9 |
% |
||||||||
Revenue per |
$ |
981 |
|
$ |
917 |
|
7.0 |
% |
$ |
956 |
|
$ |
895 |
|
6.8 |
% |
||||||||
Adjusted EBITDA margin (3) |
|
27.7 |
% |
|
26.8 |
% |
90 bps |
|
27.9 |
% |
|
27.9 |
% |
0 bps | ||||||||||
Adjusted EBITDA margin excluding income from provider relief fund |
|
27.5 |
% |
|
26.0 |
% |
150 bps |
|
27.7 |
% |
|
27.1 |
% |
60 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 each of the three months ended |
Reconciliation of Net (Loss) Income Attributable to |
|||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended |
|
Year Ended |
|||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|||
(in thousands) |
|||||||||||||||||
Net income (loss) attributable to |
$ |
57,729 |
|
$ |
61,124 |
|
$ |
(21,667 |
) |
$ |
273,139 |
|
|||||
Net income attributable to noncontrolling interests |
|
2,028 |
|
|
2,021 |
|
|
6,006 |
|
|
6,894 |
|
|||||
Provision for (benefit from) income taxes |
|
20,208 |
|
|
24,927 |
|
|
(9,699 |
) |
|
94,110 |
|
|||||
Interest expense, net |
|
20,474 |
|
|
19,405 |
|
|
82,125 |
|
|
69,760 |
|
|||||
Depreciation and amortization |
|
35,380 |
|
|
30,142 |
|
|
132,349 |
|
|
117,769 |
|
|||||
EBITDA |
|
135,819 |
|
|
137,619 |
|
|
189,114 |
|
|
561,672 |
|
|||||
Adjustments: | |||||||||||||||||
Equity-based compensation expense (a) |
|
9,149 |
|
|
7,890 |
|
|
32,289 |
|
|
29,635 |
|
|||||
Transaction, legal and other costs (b) |
|
35,234 |
|
|
5,411 |
|
|
62,026 |
|
|
23,792 |
|
|||||
Legal settlements expense (c) |
|
— |
|
|
— |
|
|
394,181 |
|
|
— |
|
|||||
Loss on impairment (d) |
|
1,096 |
|
|
— |
|
|
9,790 |
|
|
— |
|
|||||
Gain on sale of property (e) |
|
(9,747 |
) |
|
— |
|
|
(9,747 |
) |
|
— |
|
|||||
Adjusted EBITDA |
$ |
171,551 |
|
$ |
150,920 |
|
$ |
677,653 |
|
$ |
615,099 |
|
|||||
Adjusted EBITDA margin |
|
23.1 |
% |
|
22.3 |
% |
|
23.1 |
% |
|
23.6 |
% |
|||||
Income from provider relief fund |
|
(1,977 |
) |
|
(5,245 |
) |
|
(6,419 |
) |
|
(21,451 |
) |
|||||
Adjusted EBITDA excluding income from provider relief fund |
$ |
169,574 |
|
$ |
145,675 |
|
$ |
671,234 |
|
$ |
593,648 |
|
|||||
Adjusted EBITDA margin excluding income from provider relief fund |
|
22.8 |
% |
|
21.6 |
% |
|
22.9 |
% |
|
22.7 |
% |
|||||
See footnotes on page 11. | |||||||||||||||||
Reconciliation of Net (Loss) Income Attributable to |
|||||||||||||||||
Adjusted Income Attributable to |
|||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended |
|
Year Ended |
|||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|||
(in thousands, except per share amounts) |
|||||||||||||||||
Net income (loss) attributable to |
$ |
57,729 |
|
$ |
61,124 |
|
$ |
(21,667 |
) |
$ |
273,139 |
|
|||||
Adjustments to income: | |||||||||||||||||
Transaction, legal and other costs (b) |
|
35,234 |
|
|
5,411 |
|
|
62,026 |
|
|
23,792 |
|
|||||
Legal settlements expense (c) |
|
— |
|
|
— |
|
|
394,181 |
|
|
— |
|
|||||
Loss on impairment (d) |
|
1,096 |
|
|
— |
|
|
9,790 |
|
|
— |
|
|||||
Gain on sale of property (e) |
|
(9,747 |
) |
|
— |
|
|
(9,747 |
) |
|
— |
|
|||||
Provision for (benefit from) income taxes |
|
20,208 |
|
|
24,927 |
|
|
(9,699 |
) |
|
94,110 |
|
|||||
Adjusted income before income taxes attributable to |
|
104,520 |
|
|
91,462 |
|
|
424,884 |
|
|
391,041 |
|
|||||
Income tax effect of adjustments to income (f) |
|
24,750 |
|
|
23,405 |
|
|
104,697 |
|
|
100,067 |
|
|||||
Adjusted income attributable to |
|
79,770 |
|
|
68,057 |
|
|
320,187 |
|
|
290,974 |
|
|||||
Income from provider relief fund, net of taxes |
|
(1,441 |
) |
|
(3,822 |
) |
|
(4,678 |
) |
|
(15,631 |
) |
|||||
Adjusted income attributable to excluding income from provider relief fund |
$ |
78,329 |
|
$ |
64,235 |
|
$ |
315,509 |
|
$ |
275,343 |
|
|||||
Weighted-average shares outstanding - diluted (g) |
|
91,872 |
|
|
91,872 |
|
|
91,826 |
|
|
91,555 |
|
|||||
Adjusted income attributable to per diluted share |
$ |
0.87 |
|
$ |
0.74 |
|
$ |
3.49 |
|
$ |
3.18 |
|
|||||
Income from provider relief fund, net of taxes, per diluted share |
|
(0.02 |
) |
|
(0.04 |
) |
|
(0.05 |
) |
|
(0.17 |
) |
|||||
Adjusted income attributable to excluding income from provider relief fund, per diluted share |
$ |
0.85 |
|
$ |
0.70 |
|
$ |
3.44 |
|
$ |
3.01 |
|
|||||
See footnotes on page 11. | |||||||||||||||||
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 |
|
• EBITDA: net income (loss) attributable to |
|
• Adjusted EBITDA: EBITDA adjusted for equity-based compensation expense, transaction, legal and other costs, legal settlements expense, loss on impairment and gain on sale of property. | |
• 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 before income taxes attributable to |
|
• Adjusted income attributable to |
|
• Adjusted income attributable to |
|
• Net leverage ratio: Long-term debt (excluding |
|
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 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, legal and other costs incurred by Acadia primarily related to legal, management transition, termination, restructuring, acquisition and other similar costs. | |
(c) Represents legal settlements expense related to the |
|
(d) During the three months and year ended |
|
(e) Represents gain on facility property sale. | |
(f) Represents the income tax effect of adjustments to income based on tax rates of 23.7% and 25.6% for the three months ended |
|
(g) For the year ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240227348570/en/
Vice President, Investor Relations
(615) 861-6000
Source: