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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ATI Physical Therapy Inc | NYSE:ATIP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.1672 | 0 | 09:05:30 |
BOLINGBROOK, Ill., Nov. 9, 2021 /PRNewswire/ -- ATI Physical Therapy – ("ATI" or the "Company") (NYSE: ATIP), the largest single-branded outpatient physical therapy provider in the United States, today reported financial results for the third quarter ended September 30, 2021.
"In October, we previewed select third quarter results and revised 2021 guidance," said Jack Larsen, Executive Chairman of ATI Physical Therapy. "During the quarter, we implemented targeted measures to re-engage our clinical team and saw improved existing therapist retention and acceleration of new hire adds with clinical FTE increasing from 2,321 in July 2021 to 2,412 in September 2021. Through it all, our nationwide team remained focused on our mission to deliver high quality care and service to our customers as reflected in our Net Promotor Score of 73 and Google Star Rating of 4.9 for the quarter."
Mr. Larsen continued, "As previously reported, volume demand was essentially flat in the third quarter of 2021 compared to the second quarter when considering normal seasonality. Our commercial team is focused on driving visits growth through strengthening relationships with our partner providers and other referral sources in each local market across our geographic footprint. I am excited about the progress made with our clinical staff and the platform that ATI has built, and we believe we are well positioned to capitalize on favorable industry tailwinds and long-term growth opportunities. While we work to restore volume, we are committed to disclosing expanded performance metrics to enable our stakeholders to better understand our value proposition and clearly track our progression."
Joe Jordan, Chief Financial Officer of ATI Physical Therapy, added, "We remain well capitalized with $135 million of available liquidity as of September 30, 2021 comprised of $66 million in cash on hand and $69 million of availability on our revolver, and we believe this positions us to weather the near-term challenges. The leverage ratio under our credit agreement for the third quarter of 2021 was approximately 4.1x."
Third Quarter 2021 Results
Supplemental tables of key performance metrics for the first quarter of 2019 through the third quarter of 2021 are presented after the financial statements at the end of this press release. Commentary on performance results in the third quarter of 2021 is as follows:
Summary of key balance sheet items as of September 30, 2021 is as follows:
Other notable achievements and/or news in the third quarter of 2021 were as follows:
2021 Earnings Guidance
As stated in the company's third quarter 2021 earnings preview announcement on October 19, 2021, ATI is projecting revenue to be in a range of $620 million to $630 million and Adjusted EBITDA to be in a range of $40 million to $44 million. ATI expects to open 55 to 65 new clinics in 2021.
Third Quarter 2021 Earnings Conference Call
ATI Physical Therapy will host a conference call to discuss third quarter 2021 results on November 9, 2021 at 5:00 p.m. Eastern Time. The conference call can be accessed via a live audio webcast. To join, please access the following web link, Q3 2021 Earnings Conference Call, on the Company's website at www.atipt.com at least 15 minutes early to register, and download and install any necessary audio software. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
About ATI Physical Therapy
At ATI Physical Therapy, we are passionate about potential. Every day, we restore it in our patients and activate it in our team members in our approximate 900 locations across the U.S. With outcomes from more than 2.5 million unique patient cases, ATI is making strides in the industry by setting quality standards that deliver predictable outcomes for our patients with musculoskeletal (MSK) issues. ATI's offerings span across a broad spectrum for MSK-related issues. From preventative services in the workplace and athletic training support to outpatient clinical services and online physical therapy via its online platform, CONNECT™, a complete list of our service offerings can be found at ATIpt.com. ATI is based in Bolingbrook, Illinois.
Forward-Looking Statements
All statements other than statements of historical facts contained in this communication are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "predict," "potential," "seem," "seek," "future," "outlook," "target" or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding 2021 forecast and other estimates of financial and performance metrics and market opportunity. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of ATI's management and are not predictions of actual performance. These forward-looking statements are estimates only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of ATI. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to:
(i) | changes in domestic business, market, financial, political and legal conditions, including shifts and trends in payor mix; |
(ii) | the ability to maintain the listing of the Company's securities on NYSE; |
(iii) | the ability of the Company to realize the anticipated benefits of the business combination; |
(iv) | risks related to the rollout of ATI's business strategy and the timing of expected business milestones; |
(v) | the effects of competition on ATI's future business and the ability of ATI to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; |
(vi) | the ability of the Company to retain and to hire physical therapists consistent with its business plan; |
(vii) | the ability of the Company to develop new and retain and expand relationships with referral sources; |
(viii) | the outcome of any legal proceedings that may be instituted against the Company or any of its directors or officers; |
(ix) | the ability of the Company to issue equity or equity-linked securities or obtain debt financing in the future; |
(x) | risks related to political and macroeconomic uncertainty; |
(xi) | the impact of the global COVID-19 pandemic on any of the foregoing risks; |
(xii) | risks related to the impact on our workforce of mandatory COVID-19 vaccination of employees; and |
(xiii) | those factors discussed in our amended S-1 registration statement filed with the SEC on July 28, 2021 under the heading "Risk Factors," and other documents filed, or to be filed, by ATI with the SEC. |
If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements, including our forecast update. There may be additional risks that ATI does not presently know or that ATI currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, the forward-looking statements in this communication reflect ATI's expectations, plans or forecasts of future events and views as of the date of this communication. ATI anticipates that subsequent events and developments will cause ATI's assessments with respect to these forward-looking statements to change. However, while ATI may elect to update these forward-looking statements at some point in the future, ATI specifically disclaims any obligation to publicly update any forward-looking statement, whether written or oral, which may be made from time to time, whether as a result of new information, future developments or otherwise, unless required by applicable law. These forward-looking statements should not be relied upon as representing ATI's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures
To supplement the Company's financial information presented in accordance with GAAP and aid understanding of the Company's business performance, the Company uses certain non-GAAP financial measures, namely "Adjusted EBITDA" and "Adjusted EBITDA margin." We believe Adjusted EBITDA and Adjusted EBITDA margin (i.e. Adjusted EBITDA divided by Net Operating Revenue) assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses these non-GAAP financial measures to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.
Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or the ratio of net income (loss) to net revenue as a measure of financial performance, cash flows provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of cash available for management's discretionary use as they do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.
Please see "Reconciliation of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures used in this release to their most directly comparable GAAP financial measures.
Contact:
Joanne Fong
SVP, Treasurer and Investor Relations
(630) 296-2222 x 7131
investors@atipt.com
ATI Physical Therapy | |||||||||||||||
Condensed Consolidated Operations Data | |||||||||||||||
($ in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September | September | September | September | ||||||||||||
Net patient revenue | $ | 141,855 | $ | 132,803 | $ | 420,805 | $ | 392,745 | |||||||
Other revenue | 17,158 | 15,852 | 51,303 | 46,402 | |||||||||||
Net operating revenue | 159,013 | 148,655 | 472,108 | 439,147 | |||||||||||
Clinic operating costs: | |||||||||||||||
Salaries and related costs | 86,838 | 78,039 | 248,409 | 227,354 | |||||||||||
Rent, clinic supplies, contract labor and other | 45,765 | 39,183 | 133,140 | 123,320 | |||||||||||
Provision for doubtful accounts | 3,514 | 2,938 | 14,270 | 12,899 | |||||||||||
Total clinic operating costs | 136,117 | 120,160 | 395,819 | 363,573 | |||||||||||
Selling, general and administrative expenses | 30,795 | 26,026 | 81,912 | 74,288 | |||||||||||
Goodwill and intangible asset impairment charges | 501,362 | — | 968,480 | — | |||||||||||
Operating (loss) income | (509,261) | 2,469 | (974,103) | 1,286 | |||||||||||
Change in fair value of warrant liability | (15,885) | — | (20,424) | — | |||||||||||
Change in fair value of contingent common shares liability | (146,317) | — | (167,265) | — | |||||||||||
Loss on settlement of redeemable preferred stock | — | — | 14,037 | — | |||||||||||
Interest expense, net | 7,386 | 17,346 | 39,105 | 52,887 | |||||||||||
Interest expense on redeemable preferred stock | — | 4,896 | 10,087 | 13,877 | |||||||||||
Other expense (income), net | 52 | (23,117) | 5,831 | (67,088) | |||||||||||
(Loss) income before taxes | (354,497) | 3,344 | (855,474) | 1,610 | |||||||||||
Income tax (benefit) expense | (28,842) | 2,322 | (59,540) | 4,098 | |||||||||||
Net (loss) income | $ (325,655) | $ 1,022 | $ (795,934) | $ (2,488) |
ATI Physical Therapy | |||||||
Condensed Consolidated Balance Sheets | |||||||
($ in thousands) | |||||||
(unaudited) | |||||||
September 30, 2021 | December 31, 2020 | ||||||
Assets: | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 66,092 | $ | 142,128 | |||
Accounts receivable (net of allowance for doubtful accounts of $56,759 and | 85,001 | 90,707 | |||||
Other current assets | 12,317 | 6,027 | |||||
Total current assets | 163,410 | 238,862 | |||||
Non-current assets: | |||||||
Property and equipment, net | 134,862 | 137,174 | |||||
Operating lease right-of-use assets | 253,808 | 258,227 | |||||
Goodwill | 597,110 | 1,330,085 | |||||
Trade name and other intangible assets, net | 411,095 | 644,339 | |||||
Other non-current assets | 1,941 | 1,685 | |||||
Total assets | $ | 1,562,226 | $ | 2,610,372 | |||
Liabilities and Stockholders' Equity: | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 11,022 | $ | 12,148 | |||
Accrued expenses and other liabilities | 57,505 | 70,690 | |||||
Current portion of operating lease liabilities | 48,499 | 52,395 | |||||
Current portion of long-term debt | 8,167 | 8,167 | |||||
Total current liabilities | 125,193 | 143,400 | |||||
Long-term debt, net | 545,283 | 991,418 | |||||
Redeemable preferred stock | — | 163,329 | |||||
Warrant liability | 6,512 | — | |||||
Contingent common shares liability | 53,235 | — | |||||
Deferred income tax liabilities | 78,875 | 138,547 | |||||
Operating lease liabilities | 248,965 | 253,990 | |||||
Other non-current liabilities | 7,231 | 18,571 | |||||
Total liabilities | 1,065,294 | 1,709,255 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, $0.0001 par value; 1.0 million shares authorized; none issued | — | — | |||||
Class A common stock, $0.0001 par value; 470.0 million shares authorized; 207.3 | 20 | 13 | |||||
Additional paid-in capital | 1,350,707 | 954,728 | |||||
Accumulated other comprehensive loss | (529) | (1,907) | |||||
Accumulated deficit | (860,169) | (68,804) | |||||
Total ATI Physical Therapy, Inc. equity | 490,029 | 884,030 | |||||
Non-controlling interests | 6,903 | 17,087 | |||||
Total stockholders' equity | 496,932 | 901,117 | |||||
Total liabilities and stockholders' equity | $ | 1,562,226 | $ | 2,610,372 | |||
ATI Physical Therapy | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
($ in thousands) | |||||||
(unaudited) | |||||||
Nine Months Ended | |||||||
September 30, | September 30, | ||||||
Operating activities: | |||||||
Net loss | $ | (795,934) | $ | (2,488) | |||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
Goodwill and intangible asset impairment charges | 968,480 | — | |||||
Depreciation and amortization | 27,990 | 29,628 | |||||
Provision for doubtful accounts | 14,270 | 12,899 | |||||
Deferred income tax provision | (59,540) | 4,087 | |||||
Amortization of right-of-use assets | 33,868 | 33,384 | |||||
Share-based compensation | 4,864 | 1,433 | |||||
Amortization of debt issuance costs and original issue discount | 2,644 | 3,053 | |||||
Non-cash interest expense | — | 6,335 | |||||
Non-cash interest expense on redeemable preferred stock | 10,087 | 13,877 | |||||
Loss on extinguishment of debt | 5,534 | — | |||||
Loss on settlement of redeemable preferred stock | 14,037 | — | |||||
Loss on disposal and impairment of assets | 219 | 383 | |||||
Change in fair value of warrant liability | (20,424) | — | |||||
Change in fair value of contingent common shares liability | (167,265) | — | |||||
Changes in: | |||||||
Accounts receivable, net | (8,564) | 9,021 | |||||
Other current assets | (6,580) | 3,414 | |||||
Other non-current assets | (269) | 389 | |||||
Accounts payable | 151 | (552) | |||||
Accrued expenses and other liabilities | (11,820) | 5,127 | |||||
Operating lease liabilities | (39,084) | (31,223) | |||||
Other non-current liabilities | 824 | (512) | |||||
Medicare Accelerated and Advance Payment Program Funds | (8,540) | 26,732 | |||||
Provider Relief Fund general distribution payments received but not yet recognized | — | 24,146 | |||||
Transaction-related amount due to former owners | (3,611) | — | |||||
Net cash (used in) provided by operating activities | (38,663) | 139,133 | |||||
Investing activities: | |||||||
Purchases of property and equipment | (27,701) | (15,688) | |||||
Purchases of intangible assets | (1,375) | (125) | |||||
Proceeds from sale of property and equipment | 125 | 120 | |||||
Proceeds from sale of clinics | 248 | — | |||||
Net cash used in investing activities | (28,703) | (15,693) | |||||
Financing activities: | |||||||
Principal payments on long-term debt | (454,160) | (6,125) | |||||
Proceeds from revolving line of credit | — | 68,750 | |||||
Payments on revolving line of credit | — | (68,750) | |||||
Cash inflow from Business Combination | 229,338 | — | |||||
Payments to Series A Preferred stockholders | (59,000) | — | |||||
Proceeds from shares issued through PIPE investment | 300,000 | — | |||||
Payments for equity issuance costs | (19,233) | — | |||||
Distribution to non-controlling interest holder | (5,615) | (1,553) | |||||
Net cash used in financing activities | (8,670) | (7,678) | |||||
Changes in cash and cash equivalents: | |||||||
Net (decrease) increase in cash and cash equivalents | (76,036) | 115,762 | |||||
Cash and cash equivalents at beginning of period | 142,128 | 38,303 | |||||
Cash and cash equivalents at end of period | $ | 66,092 | $ | 154,065 | |||
Supplemental noncash disclosures: | |||||||
Derivative changes in fair value | $ | (1,378) | $ | 692 | |||
Purchases of property and equipment in accounts payable | $ | 1,733 | $ | 1,216 | |||
Warrant liability recognized upon the closing of the Business Combination | $ | (26,936) | $ | — | |||
Contingent common shares liability recognized upon the closing of the Business | $ | (220,500) | $ | — | |||
Shares issued to Wilco Holdco Series A Preferred stockholders | $ | 128,453 | $ | — | |||
Other supplemental disclosures: | |||||||
Cash paid for interest | $ | 35,334 | $ | 43,075 | |||
Cash paid for (received from) taxes | $ | 156 | $ | (836) |
ATI Physical Therapy | ||||||||
Supplemental Tables of Key Performance Metrics | ||||||||
Financial Metrics ($ in 000's) | ||||||||
Net Patient Revenue | Other Revenue | Net Operating Revenue | Adjusted EBITDA(1) | Adj EBITDA margin(1) | ||||
Q1 2019 | $170,940 | $16,277 | $187,217 | $25,989 | 13.9% | |||
Q2 2019 | $182,757 | $16,015 | $198,772 | $33,342 | 16.8% | |||
Q3 2019 | $179,561 | $16,624 | $196,185 | $29,455 | 15.0% | |||
Q4 2019 | $184,338 | $18,946 | $203,284 | $39,606 | 19.5% | |||
Q1 2020 | $164,939 | $17,799 | $182,738 | $26,487 | 14.5% | |||
Q2 2020 | $95,003 | $12,751 | $107,754 | $1,189 | 1.1% | |||
Q3 2020 | $132,803 | $15,852 | $148,655 | $17,321 | 11.7% | |||
Q4 2020 | $136,840 | $16,266 | $153,106 | $18,622 | 12.2% | |||
Q1 2021 | $132,271 | $16,791 | $149,062 | $5,590 | 3.8% | |||
Q2 2021 | $146,679 | $17,354 | $164,033 | $23,999 | 14.6% | |||
Q3 2021 | $141,885 | $17,158 | $159,013 | $8,539 | 5.4% |
(1) | Excludes CARES Act Provider Relief Funds of $44.3 million in the second quarter of 2020, $23.1 million in the third quarter of 2020, and $24.1 million in the fourth quarter of 2020. |
Operational Metrics: PT Clinics | ||||||||
Ending | Visits | Clinical | VPD | Annualized | Annualized | |||
Q1 2019 | 825 | 24,142 | 2,833 | 8.5 | 20% | 19% | ||
Q2 2019 | 836 | 25,527 | 2,862 | 8.9 | 26% | 21% | ||
Q3 2019 | 847 | 25,229 | 2,901 | 8.7 | 37% | 26% | ||
Q4 2019 | 872 | 25,693 | 2,936 | 8.8 | 17% | 26% | ||
Q1 2020 | 868 | 22,855 | 2,841 | 8.0 | 17% | 22% | ||
Q2 2020 | 866 | 12,643 | 1,487 | 8.5 | 0% | 20% | ||
Q3 2020 | 873 | 18,159 | 2,004 | 9.1 | 9% | 82% | ||
Q4 2020 | 875 | 19,441 | 2,214 | 8.8 | 43% | 34% | ||
Q1 2021 | 882 | 19,520 | 2,284 | 8.5 | 44% | 32% | ||
Q2 2021 | 889 | 21,569 | 2,325 | 9.3 | 44% | 44% | ||
Q3 2021 | 900 | 20,674 | 2,359 | 8.8 | 63% | 41% |
(1) | Equals patient visits divided by operating days. |
(2) | Represents clinical staff hours divided by 8 hours divided by number of paid days. |
(3) | Equals patient visits divided by operating days divided by clinical full-time equivalent employees. |
(4) | Represents clinician headcount new hire adds divided by average clinician headcount, multiplied by 4 to annualize. |
(5) | Represents clinician headcount separations divided by average clinician headcount, multiplied by 4 to annualize. |
Unit Economics: PT Clinics ($ actual) | |||||||||
Revenue | VPD | Rate | Salaries | Rent | Provision as | SG&A | Adj. EBITDA | ||
Q1 2019 | $208,803 | 29.5 | $112.39 | $66.02 | $50,816 | 4.0% | $36,338 | $31,746 | |
Q2 2019 | $219,748 | 30.7 | $111.87 | $63.66 | $50,465 | 2.9% | $35,469 | $40,091 | |
Q3 2019 | $213,255 | 30.0 | $111.21 | $65.34 | $51,637 | 2.6% | $31,867 | $34,982 | |
Q4 2019 | $213,767 | 29.8 | $112.10 | $63.59 | $50,406 | 1.9% | $38,435 | $45,929 | |
Q1 2020 | $189,657 | 26.3 | $112.76 | $65.19 | $52,237 | 3.3% | $26,988 | $30,456 | |
Q2 2020 | $109,873 | 14.6 | $117.41 | $66.69 | $44,766 | 3.7% | $28,672 | $1,375 | |
Q3 2020 | $152,472 | 20.8 | $112.51 | $66.12 | $44,986 | 2.0% | $29,880 | $19,887 | |
Q4 2020 | $155,914 | 22.2 | $109.98 | $63.59 | $48,793 | 2.2% | $34,219 | $21,218 | |
Q1 2021 | $150,536 | 22.2 | $107.56 | $65.58 | $49,275 | 4.8% | $28,140 | $6,362 | |
Q2 2021 | $165,241 | 24.3 | $106.26 | $58.62 | $49,657 | 2.2% | $29,731 | $27,036 | |
Q3 2021 | $158,311 | 23.1 | $105.56 | $64.62 | $51,074 | 2.2% | $34,367 | $9,530 | |
Note: The Company operates as one segment and accordingly reports as one segment. For purposes of above presentation, as net patient revenue represents the predominance of net operating revenue and outpatient physical therapy clinics represent the Company's central business activity, all expenses (with the exception of provision for doubtful accounts, which is expressed as a percentage of net operating revenue) have been assigned to PT clinics and/or PT visits with respect to per clinic and per visit metrics, respectively. | |
(1) | Equals net patient revenue divided by average clinics over the quarter. |
(2) | Equals patient visits divided by operating days divided by average clinics over the quarter |
(3) | Equals net patient revenue divided by patient visits. |
(4) | Equals salaries and related costs divided by patient visits. |
(5) | Equals rent, clinic supplies, contract labor and other divided by average clinics over the quarter. |
(6) | Equals provision for doubtful accounts divided by net operating revenue. |
(7) | Equals selling, general and administrative expenses divided by average clinics over the quarter. |
(8) | Equals Adjusted EBITDA divided by average clinics over the quarter. Adjusted EBITDA, as presented here, excludes income related to CARES Act Provider Relief Funds of $44.3 million in the second quarter of 2020, $23.1 million in the third quarter of 2020, and $24.1 million in the fourth quarter of 2020. |
Customer Satisfaction Metrics | ||||||||
Net Promotor | Google Star | |||||||
Q1 2019 | 77 | 4.6 | ||||||
Q2 2019 | 79 | 4.9 | ||||||
Q3 2019 | 78 | 4.9 | ||||||
Q4 2019 | 79 | 4.8 | ||||||
Q1 2020 | 77 | 4.9 | ||||||
Q2 2020 | 77 | 4.9 | ||||||
Q3 2020 | 78 | 4.6 | ||||||
Q4 2020 | 76 | 4.7 | ||||||
Q1 2021 | 75 | 4.9 | ||||||
Q2 2021 | 77 | 4.9 | ||||||
Q3 2021 | 73 | 4.9 |
(1) | NPS measures customer experience from ATI patient survey responses. The score is calculated as the percentage of promotors less the percentage of detractors. |
(2) | A Google Star rating is a five-star rating scale that ranks businesses based on customer reviews. Customers are given the opportunity to leave a business review after interacting with a business, which involves choosing from one star (poor) to five stars (excellent). |
ATI Physical Therapy | ||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||
($ in thousands) | ||||
(unaudited) | ||||
Three Months Ended | ||||
September 30, | June 30, | March 31, | ||
2021 | 2021 | 2021 | ||
Net (loss) income | ($325,655) | ($452,461) | ($17,818) | |
Plus (minus): | ||||
Net loss (income) attributable to non-controlling interests | 2,109 | 3,769 | (1,309) | |
Interest expense, net | 7,386 | 15,632 | 16,087 | |
Interest expense on redeemable preferred stock | — | 4,779 | 5,308 | |
Income tax (benefit) expense | (28,842) | (20,183) | (10,515) | |
Depreciation and amortization expense | 9,222 | 9,149 | 9,619 | |
EBITDA | (335,780) | (439,315) | 1,372 | |
Goodwill and intangible asset impairment charges(1) | 501,362 | 467,118 | — | |
Goodwill and intangible asset impairment charges attributable to | (2,928) | (5,021) | — | |
Changes in fair value of warrant liability and contingent | (162,202) | (25,487) | — | |
Reorganization and severance costs(3) | 3,551 | — | 362 | |
Transaction and integration costs(4) | 2,335 | 3,580 | 2,918 | |
Share-based compensation | 1,248 | 3,112 | 504 | |
Pre-opening de novo costs(5) | 511 | 441 | 434 | |
Non-ordinary legal and regulatory matters(6) | 442 | — | — | |
Loss on debt extinguishment(7) | — | 5,534 | — | |
Loss on settlement of redeemable preferred stock(8) | — | 14,037 | — | |
Adjusted EBITDA | $8,539 | $23,999 | $5,590 |
(1) | Represents non-cash charges related to the write-down of goodwill and trade name indefinite-lived intangible assets. |
(2) | Represents non-cash amounts related to the change in the estimated fair value of Warrants, Earnout Shares and Vesting Shares. |
(3) | Represents severance, consulting and other costs related to discrete initiatives focused on reorganization and delayering of the Company's labor model, management structure and support functions. |
(4) | Represents costs related to the Company's business combination with FVAC II, clinic acquisitions and acquisition-related integration and consulting and planning costs related to preparation to operate as a public company. |
(5) | Represents expenses associated with renovation, equipment and marketing costs relating to the start-up and launch of new locations incurred prior to opening. |
(6) | Represents non-ordinary course legal costs related to the previously-disclosed ATIP shareholder class action complaint. |
(7) | Represents charges related to the derecognition of the proportionate amount of remaining unamortized deferred financing costs and original issuance discount associated with the partial repayment of the first lien term loan and derecognition of the unamortized original issuance discount associated with the full repayment of the subordinated second lien term loan. |
(8) | Represents loss on settlement of redeemable preferred stock based on the value of cash and equity provided to preferred stockholders in relation to the outstanding redeemable preferred stock liability at the time of the closing of the business combination with FVAC II. |
ATI Physical Therapy | ||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||
($ in thousands) | ||||
(unaudited) | ||||
Three Months Ended | ||||
December 31, | September 30, | June 30, | March 31, | |
2020 | 2020 | 2020 | 2020 | |
Net income (loss) | $2,190 | $1,022 | $4,596 | ($8,106) |
Plus (minus): | ||||
Net income attributable to non-controlling interests | (987) | (901) | (1,855) | (1,330) |
Interest expense, net | 16,404 | 17,346 | 17,683 | 17,858 |
Interest expense on redeemable preferred stock | 5,154 | 4,896 | 4,604 | 4,377 |
Income tax (benefit) expense | (2,033) | 2,322 | 3,568 | (1,792) |
Depreciation and amortization expense | 10,072 | 9,880 | 9,763 | 9,985 |
EBITDA | 30,800 | 34,565 | 38,359 | 20,992 |
Reorganization and severance costs(1) | 679 | 4,436 | 1,255 | 1,142 |
Transaction and integration costs(2) | 3,747 | 75 | 100 | 868 |
Share-based compensation | 503 | 473 | 466 | 494 |
Pre-opening de novo costs(3) | 335 | 368 | 268 | 594 |
Business optimization costs(4) | 2,450 | 519 | 5,011 | 2,397 |
Charges related to lease terminations(5) | 4,253 | — | — | — |
Adjusted EBITDA | $42,767 | $40,436 | $45,459 | $26,487 |
(1) | Represents severance, consulting and other costs related to discrete initiatives focused on reorganization and delayering of the Company's labor model, management structure and support functions. |
(2) | Represents costs related to the Company's business combination with FVAC II, clinic acquisitions and acquisition-related integration and consulting and planning costs related to preparation to operate as a public company. |
(3) | Represents expenses associated with renovation, equipment and marketing costs relating to the start-up and launch of new locations incurred prior to opening. |
(4) | Represents non-recurring costs to optimize our platform and ATI transformative initiatives. Costs primarily relate to duplicate costs driven by IT and Revenue Cycle Management conversions, labor related costs during the transition of key positions and other incremental costs of driving optimization initiatives. |
(5) | Represents charges related to lease terminations prior to the end of term for corporate facilities no longer in use. |
ATI Physical Therapy | ||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||
($ in thousands) | ||||
(unaudited) | ||||
Three Months Ended | ||||
December 31, | September 30, | June 30, | March 31, | |
2019 | 2019 | 2019 | 2019 | |
Net income (loss) | $31,914 | ($6,046) | ($4,816) | ($11,303) |
Plus (minus): | ||||
Net income attributable to non-controlling interests | (1,234) | (878) | (933) | (1,355) |
Interest expense, net | 18,022 | 19,263 | 19,927 | 19,760 |
Interest expense on redeemable preferred stock | 4,206 | 4,000 | 3,763 | 3,542 |
Income tax benefit | (36,095) | (2,055) | (1,825) | (4,044) |
Depreciation and amortization expense | 9,884 | 9,567 | 9,635 | 10,018 |
EBITDA | 26,697 | 23,851 | 25,751 | 16,618 |
Reorganization and severance costs(1) | 3,401 | 120 | 775 | 4,035 |
Transaction and integration costs(2) | 3,998 | 198 | 310 | 29 |
Share-based compensation | (57) | 559 | 795 | 525 |
Pre-opening de novo costs(3) | 438 | 757 | 487 | 593 |
Business optimization costs(4) | 5,129 | 3,970 | 5,224 | 4,189 |
Adjusted EBITDA | $39,606 | $29,455 | $33,342 | $25,989 |
(1) | Represents severance, consulting and other costs related to discrete initiatives focused on reorganization and delayering of the Company's labor model, management structure and support functions. |
(2) | Represents costs related to the Company's business combination with FVAC II, clinic acquisitions and acquisition-related integration and consulting and planning costs related to preparation to operate as a public company. |
(3) | Represents expenses associated with renovation, equipment and marketing costs relating to the start-up and launch of new locations incurred prior to opening. |
(4) | Represents non-recurring costs to optimize our platform and ATI transformative initiatives. Costs primarily relate to duplicate costs driven by IT and Revenue Cycle Management conversions, labor related costs during the transition of key positions and other incremental costs of driving optimization initiatives. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/ati-physical-therapy-reports-third-quarter-2021-results-301420191.html
SOURCE ATI Physical Therapy
Copyright 2021 PR Newswire
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