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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acadia Healthcare Company Inc | NASDAQ:ACHC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.21 | 0.32% | 65.37 | 65.31 | 65.37 | 65.77 | 64.53 | 65.38 | 290,920 | 19:07:43 |
Company Provides Full Year and First Quarter 2024 Guidance
Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ: ACHC) today announced financial results for the fourth quarter and year ended December 31, 2023.
Fourth Quarter Highlights
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
Chris Hunter, Chief Executive Officer of Acadia, remarked, “Our fourth quarter performance capped off another outstanding year for Acadia. With solid execution, we continued to deliver strong results with impressive annual revenue growth of 12.2% and annual Adjusted EBITDA growth of 13.1%1. The momentum in our business reflects the robust demand for behavioral healthcare services. Our outstanding team of employees and clinicians across our facilities have been at the forefront of meeting this demand with safe, high-quality care for behavioral health and substance use issues.
“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:
Cash and Liquidity
Maintaining a strong financial position to support growth investments and disciplined capital allocation are top priorities for Acadia. As of December 31, 2023, the Company had $100.1 million in cash and cash equivalents and $516.5 million available under its $600 million revolving credit facility with a net leverage ratio of approximately 1.9x. On January 18, 2024, the Company entered into an Amended Credit Agreement with its lenders to increase its Term Loan A by $350 million. On January 19, 2024, the Company paid $400 million for the settlement of the three cases related to the previously disclosed litigation in New Mexico.
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 Centers for Disease Control and Prevention estimated that more than one in five U.S. adults, or nearly 60 million people, live with a mental illness, and over 46 million people have substance use disorders. These illnesses include different conditions that vary in degree of severity and require different modes of treatment. The breadth of our service lines is a key differentiator for Acadia and enhances our ability to support more patients with the appropriate level of high-quality care. 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. Our 2024 financial guidance reflects our confidence in our ability to drive continued impressive growth and profitability. We are proud of our progress over the past year and look forward to the significant opportunities ahead for Acadia to extend our market reach in 2024.”
Financial Guidance
Acadia today established financial guidance for 2024, as follows:
2024 Guidance Range
Revenue (1)
$3.18 to $3.25 billion
Adjusted EBITDA (1)
$730 to $770 million
Adjusted earnings per diluted share (1)
$3.40 to $3.70
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 payments from a state 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
The Company also established financial guidance for the first quarter of 2024, as follows:
First Quarter 2024 Guidance Range
Revenue (2)
$775 to $785 million
Adjusted EBITDA (2)
$170 to $175 million
Adjusted earnings per diluted share (2)
$0.78 to $0.83
(2)
Includes a one-time payment from a state of approximately $7 million (or $0.06 per diluted share) received in the first quarter of 2024
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 7:00 a.m. Central Time/8:00 a.m. Eastern Time on Wednesday, February 28, 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 December 31, 2023, Acadia operated a network of 253 behavioral healthcare facilities with approximately 11,200 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 U.S. Securities and Exchange Commission.
Acadia Healthcare Company, Inc. Condensed Consolidated Statements of Operations (Unaudited)Three Months Ended December 31,
Year Ended December 31,
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 compensationexpense of $9,149, $7,890, $32,289 and $29,635, respectively)
400,370
365,702
1,572,330
1,393,434
Professional fees
45,545
40,295
176,013
158,013
Supplies
26,680
25,909
105,992
100,200
Rents and leases
11,672
11,682
46,552
45,462
Other operating expenses
98,108
93,922
388,906
349,277
Income from provider relief fund
(1,977
)
(5,245
)
(6,419
)
(21,451
)
Depreciation and amortization
35,380
30,142
132,349
117,769
Interest expense, net
20,474
19,405
82,125
69,760
Legal settlements expense
—
—
394,181
—
Loss on impairment
1,096
—
9,790
—
Gain on sale of property
(9,747
)
—
(9,747
)
—
Transaction, legal and other costs
35,234
5,411
62,026
23,792
Total expenses
662,835
587,223
2,954,098
2,236,256
Income (loss) before income taxes
79,965
88,072
(25,360
)
374,143
Provision for (benefit from) income taxes
20,208
24,927
(9,699
)
94,110
Net income (loss)
59,757
63,145
(15,661
)
280,033
Net income attributable to noncontrolling interests
(2,028
)
(2,021
)
(6,006
)
(6,894
)
Net income (loss) attributable to Acadia Healthcare Company, Inc.$
57,729
$
61,124
$
(21,667
)
$
273,139
Earnings (loss) per share attributable to Acadia Healthcare Company, Inc.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
Acadia Healthcare Company, Inc. Condensed Consolidated Balance Sheets (Unaudited)
December 31,
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
Goodwill
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
Acadia Healthcare Company, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)Year Ended December 31,
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
Acadia Healthcare Company, Inc. Operating Statistics (Unaudited, Revenue in thousands)
Three Months Ended December 31,
Year Ended December 31,
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
%
Patient Days
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 Patient Day$
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
%
Patient Days
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 Patient Day$
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 December 31, 2023 and 2022, includes income from provider relief fund of $2.0 million and $5.2 million, respectively. For the year ended December 31, 2023 and 2022, includes income from provider relief fund of $6.4 million and $21.5 million, respectively. Acadia Healthcare Company, Inc. Reconciliation of Net (Loss) Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA (Unaudited)Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in thousands)
Net income (loss) attributable to Acadia Healthcare Company, Inc.$
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. Acadia Healthcare Company, Inc. Reconciliation of Net (Loss) Income Attributable to Acadia Healthcare Company, Inc. to Adjusted Income Attributable to Acadia Healthcare Company, Inc. (Unaudited)Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in thousands, except per share amounts)
Net income (loss) attributable to Acadia Healthcare Company, Inc.$
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 toAcadia Healthcare Company, Inc.
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 Acadia Healthcare Company, Inc.
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 Acadia Healthcare Company, Inc.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 Acadia Healthcare Company, Inc.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 Acadia Healthcare Company, Inc.,excluding income from provider relief fund, per diluted share$
0.85
$
0.70
$
3.44
$
3.01
See footnotes on page 11. 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 (loss) attributable to Acadia Healthcare Company, Inc. adjusted for net income attributable to noncontrolling interests, provision for (benefit from) income taxes, net interest expense and depreciation and amortization. • 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 Acadia Healthcare Company, Inc.: net income (loss) attributable to Acadia Healthcare Company, Inc. adjusted for transaction, legal and other costs, legal settlements expense, loss on impairment, gain on sale of property and provision for (benefit from) 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. • Adjusted income attributable to Acadia Healthcare Company, Inc. excluding income from provider relief fund: Adjusted income attributable to Acadia Healthcare Company, Inc. adjusted for income from provider relief fund. • Net leverage ratio: Long-term debt (excluding $10.4 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) Represents legal settlements expense related to the Desert Hills litigation. (d) During the three months and year ended December 31, 2023, we recorded non-cash impairment charges totaling $1.1 million and $9.8 million, respectively, related to the closure of certain facilities. (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 December 31, 2023 and 2022, respectively, and 24.6% and 25.6% for the years ended December 31, 2023 and 2022, respectively. (g) For the year ended December 31, 2023, approximately 0.9 million outstanding shares of restricted stock units and shares of common stock issuable upon exercise of outstanding stock option awards have been included in the calculation of weighted-average shares outstanding-diluted. These shares are excluded from the calculation of diluted earnings per share in the condensed consolidated statement of operations because the net loss for the year ended December 31, 2023 causes such securities to be anti-dilutive.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240227348570/en/
Gretchen Hommrich Vice President, Investor Relations (615) 861-6000
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