Provides Updated Guidance for 2024
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
financial results for the second quarter and six months ended June
30, 2024.
Second Quarter Highlights
- Revenue totaled $796.0 million, an increase of 8.8% over the
second quarter of 2023
- Same facility revenue increased 8.3% compared with the second
quarter of 2023, including an increase in revenue per patient day
of 5.6% and an increase in patient days of 2.6%
- Net income attributable to Acadia totaled $78.5 million, or
$0.85 per diluted share
- Adjusted income attributable to Acadia totaled $83.6 million,
or $0.91 per diluted share
- Adjusted EBITDA totaled $187.6 million, an increase of 7.6%
over the second quarter of 2023
- Continued progress on the execution of the Company’s growth
strategy, including the addition of 37 beds to the Company’s
existing facilities and the opening of a 100-bed de novo facility
in Mesa, Arizona.
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 8.
Second Quarter Results
Chris Hunter, Chief Executive Officer of Acadia Healthcare
Company, remarked, “Acadia delivered another strong financial and
operating performance for the second quarter of 2024. With solid
execution of our strategy, we achieved top line revenue growth of
8.8% and Adjusted EBITDA growth of 7.6% compared with the second
quarter of 2023. These results reflect continued strong demand
across our business, and we remain on track to add approximately
1,200 beds in 2024 to meet the growing need for our services.
Looking forward, we expect the second half to benefit from further
volume growth as the facilities and beds added over the past
several quarters continue to ramp.”
“We commend our dedicated employees and clinicians across our
facilities who continue to provide safe, high-quality care for the
growing number of patients seeking help with behavioral health and
substance use issues. With service lines across the continuum of
care, strong clinical quality, and a focused operating model, we
are well-positioned to continue to lead the behavioral health
industry and address these critical needs across the United
States.”
Strategic Investments for Long-Term Growth
During the second quarter of 2024, the Company continued to
advance its growth strategy. This includes the addition of 37 beds
to existing facilities during the quarter, and the opening of a new
100-bed acute care hospital, Agave Ridge Behavioral Hospital, in
Mesa, Arizona.
For the full year, the Company remains on track to add
approximately 1,200 beds, including over 400 new beds to existing
facilities, and add up to 14 new Comprehensive Treatment Centers
(CTCs).
The Company expects to open four additional inpatient facilities
in the second half of 2024, including two new joint venture
facilities. Acadia has 21 joint venture partnerships for 22
hospitals, with 11 hospitals already in operation and 11 additional
hospitals expected to open in the coming years.
Cash and Liquidity
Acadia has continued to maintain a strong financial position
with sufficient capital to make strategic investments in its
business. As of June 30, 2024, the Company had $77.2 million in
cash and cash equivalents and $371.5 million available under its
$600 million revolving credit facility with a net leverage ratio of
approximately 2.5x.
Net leverage ratio is a non-GAAP financial measure. A
reconciliation of all non-GAAP financial measures in this press
release begins on page 8.
2024 Financial Guidance
Acadia today revised its previously announced financial guidance
for 2024. Revised guidance reflects the closure of two facilities
during the second quarter(2).
2024
Guidance Range
Revenue (1)
$3.180 to $3.225 billion
Adjusted EBITDA (1)
$735 to $765 million
Adjusted earnings per diluted share
(1)
$3.45 to $3.65
Interest expense
$110 to $120 million
Tax rate
24.5% to 25.5%
Depreciation and amortization expense
$150 to $160 million
Stock compensation expense
$40 to $45 million
Operating cash flows
$525 to $575 million
Expansion capital expenditures
$425 to $475 million
Maintenance and IT capital
expenditures
$90 to $110 million
Total bed additions, excluding
acquisitions
Approx. 1,200 beds
(1)
Includes one-time state payments of
approximately $10 million (or $0.09 per diluted share) for the
year, of which approximately $7 million (or $0.06 per diluted
share) was received in the first quarter of 2024.
(2)
Prior full-year guidance assumed approximately $25 million of
revenue and approximately break-even EBITDA from two facilities
that were closed during the second quarter.
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 second quarter
financial results at 8:00 a.m. Central/9:00 a.m. Eastern Time on
Thursday, August 1, 2024. 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 June 30, 2024, Acadia operated a
network of 258 behavioral healthcare facilities with approximately
11,400 beds in 38 states and Puerto Rico. With approximately 23,500
employees serving more than 75,000 patients daily, Acadia is the
largest stand-alone behavioral healthcare company in the U.S.
Acadia provides behavioral healthcare services to its patients in a
variety of settings, including inpatient psychiatric hospitals,
specialty treatment facilities, residential treatment centers and
outpatient clinics.
Forward-Looking Information
This press release contains forward-looking statements.
Generally, words such as “may,” “will,” “should,” “could,”
“anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,”
and “believe” or the negative of or other variation on these and
other similar expressions identify forward-looking statements.
These forward-looking statements are made only as of the date of
this press release. We do not undertake to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are based on
current expectations and involve risks and uncertainties and our
future results could differ significantly from those expressed or
implied by our forward-looking statements. Factors that may cause
actual results to differ materially include, without limitation,
(i) potential difficulties in successfully integrating the
operations of acquired facilities or realizing the expected
benefits and synergies of our facility expansions, acquisitions,
joint ventures and de novo transactions; (ii) Acadia’s ability to
add beds, expand services, enhance marketing programs and improve
efficiencies at its facilities; (iii) potential reductions in
payments received by Acadia from government and commercial payors;
(iv) the occurrence of patient incidents, governmental
investigations, litigation and adverse regulatory actions, which
could adversely affect the price of our common stock and result in
substantial payments and incremental regulatory burdens; (v) the
risk that Acadia may not generate sufficient cash from operations
to service its debt and meet its working capital and capital
expenditure requirements; (vi) potential disruptions to our
information technology systems or a cybersecurity incident; and
(vii) potential operating difficulties, including, without
limitation, disruption to the U.S. economy and financial markets;
reduced admissions and patient volumes; increased costs relating to
labor, supply chain and other expenditures; changes in competition
and client preferences; and general economic or industry conditions
that may prevent Acadia from realizing the expected benefits of its
business strategies. These factors and others are more fully
described in Acadia’s periodic reports and other filings with the
SEC.
Acadia Healthcare Company, Inc. Condensed Consolidated
Statements of Operations (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In thousands, except per
share amounts)
Revenue
$
796,040
$
731,337
$
1,564,091
$
1,435,604
Salaries, wages and benefits (including equity-based
compensation expense of $8,869, $7,348, $17,547 and $14,977,
respectively)
419,757
386,633
837,280
777,810
Professional fees
48,050
43,803
93,738
84,928
Supplies
27,878
26,144
54,530
52,165
Rents and leases
11,889
11,725
23,752
23,149
Other operating expenses
109,690
95,912
210,763
186,750
Depreciation and amortization
36,066
32,012
72,413
63,581
Interest expense, net
29,159
20,910
56,373
40,909
Loss on impairment
1,000
8,694
1,000
8,694
Transaction, legal and other costs
6,091
9,074
8,938
15,545
Total expenses
689,580
634,907
1,358,787
1,253,531
Income before income taxes
106,460
96,430
205,304
182,073
Provision for income taxes
25,643
22,881
45,717
41,966
Net income
80,817
73,549
159,587
140,107
Net income attributable to noncontrolling interests
(2,335
)
(1,250
)
(4,722
)
(1,793
)
Net income attributable to Acadia Healthcare Company, Inc.
$
78,482
$
72,299
$
154,865
$
138,314
Earnings per share attributable to Acadia Healthcare
Company, Inc. stockholders: Basic
$
0.86
$
0.79
$
1.69
$
1.53
Diluted
$
0.85
$
0.79
$
1.68
$
1.51
Weighted-average shares outstanding: Basic
91,628
91,044
91,495
90,691
Diluted
92,043
91,546
92,051
91,640
Acadia Healthcare Company, Inc. Condensed Consolidated
Balance Sheets (Unaudited)
June 30,
December 31,
2024
2023
(In thousands) ASSETS Current assets: Cash and
cash equivalents
$
77,167
$
100,073
Accounts receivable, net
389,374
361,451
Other current assets
178,673
134,476
Total current assets
645,214
596,000
Property and equipment, net
2,497,856
2,266,610
Goodwill
2,261,395
2,225,962
Intangible assets, net
73,348
73,278
Deferred tax assets
2,741
6,658
Operating lease right-of-use assets
123,273
117,780
Other assets
74,225
72,553
Total assets
$
5,678,052
$
5,358,841
LIABILITIES AND EQUITY Current liabilities:
Current portion of long-term debt
$
66,574
$
29,219
Accounts payable
159,520
156,132
Accrued salaries and benefits
134,503
141,901
Current portion of operating lease liabilities
27,010
26,268
Other accrued liabilities
158,915
532,261
Total current liabilities
546,522
885,781
Long-term debt
1,774,556
1,342,548
Deferred tax liabilities
37,031
1,931
Operating lease liabilities
104,706
100,808
Other liabilities
150,641
140,113
Total liabilities
2,613,456
2,471,181
Redeemable noncontrolling interests
111,878
105,686
Equity: Common stock
917
913
Additional paid-in capital
2,665,215
2,649,340
Retained earnings
286,586
131,721
Total equity
2,952,718
2,781,974
Total liabilities and equity
$
5,678,052
$
5,358,841
Acadia Healthcare Company, Inc. Condensed Consolidated
Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
2024
2023
(In thousands) Operating activities: Net income
$
159,587
$
140,107
Adjustments to reconcile net income to net cash (used in)
provided by operating activities: Depreciation and amortization
72,413
63,581
Amortization of debt issuance costs
2,034
1,651
Equity-based compensation expense
17,547
14,977
Deferred income taxes
39,017
347
Loss on impairment
1,000
8,694
Other
(3,942
)
1,086
Change in operating assets and liabilities, net of effect of
acquisitions: Accounts receivable, net
(26,114
)
(23,397
)
Other current assets
(14,182
)
(8,743
)
Other assets
842
(322
)
Accounts payable and other accrued liabilities
(399,619
)
21,518
Accrued salaries and benefits
(8,525
)
(13,889
)
Other liabilities
9,805
2,568
Net cash (used in) provided by operating activities
(150,137
)
208,178
Investing activities: Cash paid for acquisitions, net
of cash acquired
(50,722
)
—
Cash paid for capital expenditures
(296,652
)
(157,359
)
Proceeds from sale of property and equipment
10,209
621
Other
(2,933
)
(940
)
Net cash used in investing activities
(340,098
)
(157,678
)
Financing activities: Borrowings on long-term debt
350,000
—
Borrowings on revolving credit facility
160,000
40,000
Principal payments on revolving credit facility
(15,000
)
(20,000
)
Principal payments on long-term debt
(25,605
)
(10,625
)
Payment of debt issuance costs
(1,518
)
—
Repurchase of shares for payroll tax withholding, net of proceeds
from stock option exercises
(1,668
)
(45,904
)
Contributions from noncontrolling partners in joint ventures
2,970
2,516
Distributions to noncontrolling partners in joint ventures
(1,500
)
(1,983
)
Other
(350
)
20
Net cash provided by (used in) financing activities
467,329
(35,976
)
Net (decrease) increase in cash and cash equivalents
(22,906
)
14,524
Cash and cash equivalents at beginning of the period
100,073
97,649
Cash and cash equivalents at end of the period
$
77,167
$
112,173
Effect of acquisitions: Assets acquired, excluding cash
$
55,678
$
—
Liabilities assumed
(3,456
)
—
Contingent consideration issued in connection with an acquisition
(1,500
)
—
Cash paid for acquisitions, net of cash acquired
$
50,722
$
—
Operating Statistics (Unaudited, Revenue in
thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
% Change
2024
2023
% Change
Same Facility Results (1) Revenue
$
776,145
$
716,653
8.3
%
$
1,532,401
$
1,409,073
8.8
%
Patient Days
773,499
754,099
2.6
%
1,531,489
1,495,810
2.4
%
Admissions
49,091
48,727
0.7
%
97,249
97,733
-0.5
%
Average Length of Stay (2)
15.8
15.5
1.8
%
15.7
15.3
2.9
%
Revenue per Patient Day
$
1,003
$
950
5.6
%
$
1,001
$
942
6.2
%
Adjusted EBITDA margin
29.5
%
29.5
%
0 bps
29.1
%
28.5
%
60 bps Facility Results Revenue
$
796,040
$
731,337
8.8
%
$
1,564,091
$
1,435,604
9.0
%
Patient Days
791,673
771,955
2.6
%
1,560,351
1,526,813
2.2
%
Admissions
50,511
50,029
1.0
%
99,569
99,935
-0.4
%
Average Length of Stay (2)
15.7
15.4
1.6
%
15.7
15.3
2.6
%
Revenue per Patient Day
$
1,006
$
947
6.1
%
$
1,002
$
940
6.6
%
Adjusted EBITDA margin
28.1
%
28.6
%
-50 bps
27.8
%
27.6
%
20 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.
Acadia Healthcare
Company, Inc. Reconciliation of Net Income Attributable to
Acadia Healthcare Company, Inc. to Adjusted EBITDA
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(in thousands) Net income attributable to Acadia
Healthcare Company, Inc.
$
78,482
$
72,299
$
154,865
$
138,314
Net income attributable to noncontrolling interests
2,335
1,250
4,722
1,793
Provision for income taxes
25,643
22,881
45,717
41,966
Interest expense, net
29,159
20,910
56,373
40,909
Depreciation and amortization
36,066
32,012
72,413
63,581
EBITDA
171,685
149,352
334,090
286,563
Adjustments: Equity-based compensation expense (a)
8,869
7,348
17,547
14,977
Transaction, legal and other costs (b)
6,091
9,074
8,938
15,545
Loss on impairment (c)
1,000
8,694
1,000
8,694
Adjusted EBITDA
$
187,645
$
174,468
$
361,575
$
325,779
Adjusted EBITDA margin
23.6
%
23.9
%
23.1
%
22.7
%
See footnotes on page 10.
Reconciliation of Net
Income Attributable to Acadia Healthcare Company, Inc. to
Adjusted Income Attributable to Acadia Healthcare Company,
Inc. (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(in thousands, except per share amounts) Net income
attributable to Acadia Healthcare Company, Inc.
$
78,482
$
72,299
$
154,865
$
138,314
Adjustments to income: Transaction, legal and other costs
(b)
6,091
9,074
8,938
15,545
Loss on impairment (c)
1,000
8,694
1,000
8,694
Provision for income taxes
25,643
22,881
45,717
41,966
Adjusted income before income taxes attributable to Acadia
Healthcare Company, Inc.
111,216
112,948
210,520
204,519
Income tax effect of adjustments to income (d)
27,643
28,271
49,654
51,191
Adjusted income attributable to Acadia Healthcare Company, Inc.
$
83,573
$
84,677
$
160,866
$
153,328
Weighted-average shares outstanding - diluted
92,043
91,546
92,051
91,640
Adjusted income attributable to Acadia Healthcare Company,
Inc. per diluted share
$
0.91
$
0.92
$
1.75
$
1.67
See footnotes on page 10.
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, provision for income
taxes, net interest expense and depreciation and amortization.
•
Adjusted EBITDA: EBITDA
adjusted for equity-based compensation expense, transaction, legal
and other costs and loss on impairment. •
Adjusted EBITDA margin: Adjusted EBITDA divided by
revenue. •
Adjusted income before
income taxes attributable to Acadia Healthcare Company,
Inc.: net income attributable to Acadia Healthcare Company,
Inc. adjusted for transaction, legal and other costs, loss on
impairment and provision for income taxes. •
Adjusted income attributable to Acadia Healthcare
Company, Inc.: Adjusted income before income taxes
attributable to Acadia Healthcare Company, Inc. adjusted for the
income tax effect of adjustments to income. •
Net leverage ratio: Long-term debt (excluding
$10.5 million of unamortized debt issuance costs, discount and
premium) less cash and cash equivalents divided by Adjusted EBITDA
for the trailing twelve months. 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, 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) During the three
months ended June 30, 2024 and 2023, we recorded non-cash
impairment charges totaling $1.0 million and $8.7 million,
respectively, related to the closure of certain facilities.
(d) Represents the income tax effect of adjustments to income based
on tax rates of 24.9% and 25.0% for the three months ended June 30,
2024 and 2023, respectively, and 23.6% and 25.0% for the six months
ended June 30, 2024 and 2023, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731606752/en/
Investor Contact: Patrick Feeley Senior Vice President, Investor
Relations (615) 861-6000
Acadia Healthcare (NASDAQ:ACHC)
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Acadia Healthcare (NASDAQ:ACHC)
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