Acadia Healthcare Reports Second Quarter 2020 Results

Nachrichtenquelle: Business Wire (engl.)
04.08.2020, 22:05  |  107   |   |   

Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the second quarter ended June 30, 2020.

The Company reported revenue of $750.3 million for the second quarter of 2020, compared with $789.4 million for the second quarter of 2019. Net income attributable to Acadia stockholders for the second quarter of 2020 was $41.1 million, or $0.46 per diluted share, compared to net income of $48.1 million, or $0.55 per diluted share, for the same period in 2019.

During the second quarter of 2020, the Company recognized $18.1 million ($13.5 million, net of tax), or $0.15 per diluted share, in other income from the provider relief fund established by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Results for the second quarter of 2020 also include transaction-related expenses of $5.2 million, debt extinguishment costs of $3.3 million and the income tax effect of adjustments to income of $(1.5) million. Results for the second quarter of 2019 include transaction-related expenses of $5.2 million and the income tax effect of adjustments to income of $0.4 million.

Acadia’s consolidated adjusted EBITDA for the second quarter of 2020 was $144.4 million, compared to $158.9 million for the second quarter of 2019. Adjusted income attributable to Acadia stockholders per diluted share was $0.54 for the second quarter of 2020. A reconciliation of all non-GAAP financial results in this press release appears beginning on page 8.

U.S. same facility revenue decreased 3.4%, including a 0.7% decrease in patient days and a 2.7% decrease in revenue per patient day, compared to the second quarter last year. The decrease in revenue per day is primarily attributable to a decline in outpatient volumes and reimbursement in certain markets for CTC in-person services that was temporarily affected by stay-at-home orders. In April, the Company experienced declines in inpatient volumes as a result of a number of temporary factors related to the COVID-19 pandemic. During the quarter, same facility patient days improved from a decline of 6.7% in April to an increase of 0.1% in May and an increase of 4.7% in June, compared to the same periods in the prior year. The improved volume trends were driven by a shift in marketing strategy and efforts and the easing of stay-at-home orders and other restrictions. For the month of July, same facility patient days were up 5.4% compared to last year, and demand remains strong across the U.S. operations. U.S. same facility EBITDA margin was 27.6% for the second quarter of 2020.

For the U.K. operations, same facility revenue decreased 3.8% from the second quarter last year, reflecting a 4.5% decrease in patient days, partially offset by a 0.7% increase in revenue per patient day. As the country has started to reopen and lift restrictions, certain services with a shorter length of stay have shown recent improvement with same facility patient days declining 3.4% in June and 2.1% in July. U.K. same facility EBITDA margin was 14.3% for the second quarter of 2020.

Debbie Osteen, Chief Executive Officer of Acadia Healthcare Company, remarked, “Our financial and operating results for the second quarter highlighted the ongoing need for our services in the U.S. and the U.K. While our volumes declined in the early part of the quarter when many stay-at-home orders were implemented across the U.S. and U.K., we experienced greater patient admissions across all of our service lines as the quarter progressed, restrictions eased, and our patients sought the treatments they need. We are extremely proud of the dedicated efforts of Acadia’s employees across our operations who work hard to support our patients and provide quality care, while taking all recommended precautions to keep everyone in our facilities safe.

“We believe the ongoing mental and emotional toll caused by continuing economic and societal concerns will further increase the already strong demand for mental health and substance use treatments we provide in the U.S. and U.K. We continue to make the necessary investments to serve our patients’ needs through bed expansion opportunities and additional service offerings. During the first half of 2020, we added 106 beds to our U.S. operations. In mid-July, we announced the opening of our new 144-bed behavioral health facility, Tower Behavioral Health, in Pennsylvania with our joint venture partner, Tower Health,” added Osteen.

Cash and Liquidity

Acadia’s balance sheet remains strong with ample liquidity and capital to invest in and grow its business. As of June 30, 2020, the Company had $212 million in cash and cash equivalents, which includes approximately $87 million received during the second quarter from the CARES Act. CARES Act benefits include $45 million of Medicare Advanced Payments, which the Company expects to repay over a three-month period from August to November 2020, and $20 million of provider relief fund distributions. Additionally, the Company has full availability under its $500 million revolving credit facility.

On June 24, 2020, the Company improved its debt maturity profile through the issuance of $450 million of 5.500% senior notes due 2028. The net proceeds from the offering, together with cash on hand, were used to redeem in full its outstanding 6.125% Senior Notes due 2021 and 5.125% Senior Notes due 2022, and to pay related fees and expenses.

Looking Ahead

Osteen added, “We believe there will continue to be a significant need for our services as the associated challenges brought on by the pandemic continue to affect everyone, particularly the more vulnerable and at-risk populations served by Acadia. We are equally mindful of the critical need to ensure the health and safety of everyone in our facilities by continuing to follow strict protocol measures throughout our operations. We believe Acadia is well positioned to meet the expected demand for mental health and substance use conditions. We will continue to deliver the highest quality of patient care, extend our market reach, and advance our market leadership as a behavioral healthcare facilities operator.”

Acadia will hold a conference call to discuss its second quarter financial results at 9:00 a.m. Eastern Time on Wednesday, August 5, 2020. 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 through August 19, 2020.

About Acadia

Acadia is a leading provider of behavioral healthcare services. As of June 30, 2020, Acadia operated a network of 589 behavioral healthcare facilities with approximately 18,200 beds in 40 states, the United Kingdom and Puerto Rico. 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 news release contains forward-looking statements. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this news release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) the impact of the COVID-19 pandemic, including, without limitation, disruption to the U.S. and U.K. economies and financial markets; reduced admissions and patient volumes; increased costs relating to labor, supply chain and other expenditures; and difficulty in collecting patient accounts receivable due to increases in the unemployment rate and the number of underinsured and uninsured patients; (ii) potential difficulties operating our business in light of political and economic instability in the U.K. and globally relating to the U.K.’s departure from the European Union; (iii) the impact of fluctuations in foreign exchange rates, including the devaluation of the British Pound Sterling (GBP) relative to the U.S. Dollar (USD); (iv) Acadia’s efforts to sell its U.K. operations may not result in any definitive transaction or enhance stockholder value; (v) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of our acquisitions, joint ventures and de novo transactions; (vi) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (vii) potential reductions in payments received by Acadia from government and third-party payors; (viii) the occurrence of patient incidents, governmental investigations and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (ix) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements, as well as risks associated with disruptions in the financial markets and financial institutions due to the COVID-19 pandemic; and (x) potential operating difficulties, labor costs, client preferences, changes in competition 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,

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

(In thousands, except per share amounts)

 
Revenue

$

750,311

 

$

789,362

 

 

1,533,121

 

$

1,549,979

 

 
Salaries, wages and benefits (including equity-based compensation
   expense of $5,808, $4,182, $10,787 and $10,283, respectively)

 

427,603

 

 

430,219

 

 

867,919

 

 

859,798

 

Professional fees

 

58,614

 

 

58,429

 

 

121,914

 

 

115,436

 

Supplies

 

30,124

 

 

30,914

 

 

62,095

 

 

60,871

 

Rents and leases

 

20,827

 

 

20,419

 

 

41,651

 

 

40,726

 

Other operating expenses

 

92,600

 

 

94,677

 

 

191,129

 

 

188,542

 

Other income

 

(18,070

)

 

-

 

 

(18,070

)

 

-

 

Depreciation and amortization

 

41,445

 

 

41,077

 

 

83,125

 

 

81,657

 

Interest expense, net

 

38,726

 

 

48,610

 

 

81,511

 

 

96,740

 

Debt extinguishment costs

 

3,271

 

 

-

 

 

3,271

 

 

-

 

Transaction-related expenses

 

5,241

 

 

5,212

 

 

8,790

 

 

9,533

 

Total expenses

 

700,381

 

 

729,557

 

 

1,443,335

 

 

1,453,303

 

Income before income taxes

 

49,930

 

 

59,805

 

 

89,786

 

 

96,676

 

Provision for income taxes

 

8,216

 

 

11,604

 

 

14,005

 

 

18,964

 

Net income

 

41,714

 

 

48,201

 

 

75,781

 

 

77,712

 

Net income attributable to noncontrolling interests

 

(635

)

 

(61

)

 

(1,239

)

 

(101

)

Net income attributable to Acadia Healthcare Company, Inc.

$

41,079

 

$

48,140

 

$

74,542

 

$

77,611

 

 
Earnings per share attributable to Acadia Healthcare Company, Inc.
   stockholders:
Basic

$

0.47

 

$

0.55

 

$

0.85

 

$

0.89

 

Diluted

$

0.46

 

$

0.55

 

$

0.84

 

$

0.88

 

 
Weighted-average shares outstanding:
Basic

 

87,872

 

 

87,618

 

 

87,818

 

 

87,562

 

Diluted

 

88,608

 

 

87,837

 

 

88,228

 

 

87,770

 

 
Acadia Healthcare Company, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 

June 30,

 

December 31,

 

2020

 

 

 

2019

 

(In thousands)

 
ASSETS
Current assets:
Cash and cash equivalents

$

211,939

 

$

124,192

 

Accounts receivable, net

 

325,507

 

 

339,775

 

Other current assets

 

73,495

 

 

78,244

 

Total current assets

 

610,941

 

 

542,211

 

Property and equipment, net

 

3,160,784

 

 

3,224,034

 

Goodwill

 

2,425,372

 

 

2,449,131

 

Intangible assets, net

 

89,047

 

 

90,357

 

Deferred tax assets

 

3,274

 

 

3,339

 

Operating lease right-of-use assets

 

475,262

 

 

501,837

 

Other assets

 

68,548

 

 

68,233

 

Total assets

$

6,833,228

 

$

6,879,142

 

 
 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt

$

48,465

 

$

43,679

 

Accounts payable

 

118,799

 

 

127,045

 

Accrued salaries and benefits

 

119,939

 

 

122,552

 

Current portion of operating lease liabilities

 

30,038

 

 

29,140

 

Other accrued liabilities

 

210,123

 

 

141,160

 

Total current liabilities

 

527,364

 

 

463,576

 

Long-term debt

 

3,078,445

 

 

3,105,420

 

Deferred tax liabilities

 

90,688

 

 

71,860

 

Operating lease liabilities

 

474,218

 

 

502,252

 

Derivative instrument liabilities

 

8,683

 

 

68,915

 

Other liabilities

 

116,553

 

 

128,587

 

Total liabilities

 

4,295,951

 

 

4,340,610

 

Redeemable noncontrolling interests

 

33,939

 

 

33,151

 

Equity:
Common stock

 

879

 

 

877

 

Additional paid-in capital

 

2,567,050

 

 

2,557,642

 

Accumulated other comprehensive loss

 

(500,879

)

 

(414,884

)

Retained earnings

 

436,288

 

 

361,746

 

Total equity

 

2,503,338

 

 

2,505,381

 

Total liabilities and equity

$

6,833,228

 

$

6,879,142

 

 
Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 

Six Months Ended June 30,

 

2020

 

 

 

2019

 

(In thousands)

Operating activities:
Net income

$

75,781

 

$

77,712

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

 

83,125

 

 

81,657

 

Amortization of debt issuance costs

 

6,382

 

 

5,887

 

Equity-based compensation expense

 

10,787

 

 

10,283

 

Deferred income taxes

 

22,045

 

 

(205

)

Debt extinguishment costs

 

3,271

 

 

-

 

Other

 

(1,152

)

 

2,395

 

Change in operating assets and liabilities:
Accounts receivable, net

 

11,066

 

 

(27,669

)

Other current assets

 

(8,238

)

 

(10,591

)

Other assets

 

2,823

 

 

661

 

Accounts payable and other accrued liabilities

 

40,923

 

 

(11,060

)

Accrued salaries and benefits

 

(794

)

 

(3,232

)

Other liabilities

 

18,925

 

 

2,848

 

Net cash provided by operating activities

 

264,944

 

 

128,686

 

 
Investing activities:
Cash paid for acquisitions, net of cash acquired

 

-

 

 

(44,900

)

Cash paid for capital expenditures

 

(132,080

)

 

(139,128

)

Cash paid for real estate acquisitions

 

(4,415

)

 

(4,448

)

Proceeds from sale of property and equipment

 

1,412

 

 

11,649

 

Other

 

(4,849

)

 

(1,155

)

Net cash used in investing activities

 

(139,932

)

 

(177,982

)

 
Financing activities:
Borrowings on long-term debt

 

450,000

 

 

-

 

Borrowings on revolving credit facility

 

100,000

 

 

76,573

 

Principal payments on revolving credit facility

 

(100,000

)

 

(11,573

)

Principal payments on long-term debt

 

(21,242

)

 

(16,492

)

Repayment of long-term debt

 

(450,000

)

 

-

 

Payment of debt issuance costs

 

(10,595

)

 

-

 

Common stock withheld for minimum statutory taxes, net

 

(1,377

)

 

(1,615

)

Distributions to noncontrolling interests

 

(451

)

 

-

 

Other

 

(2,344

)

 

(4,345

)

Net cash (used in) provided by financing activities

 

(36,009

)

 

42,548

 

 
Effect of exchange rate changes on cash

 

(1,256

)

 

(221

)

 
Net increase (decrease) in cash and cash equivalents

 

87,747

 

 

(6,969

)

Cash and cash equivalents at beginning of the period

 

124,192

 

 

50,510

 

Cash and cash equivalents at end of the period

$

211,939

 

$

43,541

 

 
Effect of acquisitions:
Assets acquired, excluding cash

$

-

 

$

48,555

 

Liabilities assumed

 

-

 

 

(3,655

)

Cash paid for acquisitions, net of cash acquired

$

-

 

$

44,900

 

 
Acadia Healthcare Company, Inc.
Operating Statistics
(Unaudited, Revenue in thousands)
 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2020

 

 

 

2019

 

 

% Change

 

 

2020

 

 

 

2019

 

 

% Change

Same Facility Results (a,c)
Revenue

$

727,003

 

$

753,527

 

-3.5

%

$

1,477,457

 

$

1,479,526

 

-0.1

%

Patient Days

 

1,129,064

 

 

1,155,857

 

-2.3

%

 

2,267,797

 

 

2,281,482

 

-0.6

%

Admissions

 

42,944

 

 

45,432

 

-5.5

%

 

87,616

 

 

89,898

 

-2.5

%

Average Length of Stay (b)

 

26.3

 

 

25.4

 

3.3

%

 

25.9

 

 

25.4

 

2.0

%

Revenue per Patient Day

$

644

 

$

652

 

-1.2

%

$

651

 

$

648

 

0.5

%

EBITDA margin

 

23.3

%

 

23.9

%

-60 bps

 

22.2

%

 

23.0

%

-80 bps
 
U.S. Same Facility Results (a)
Revenue

$

490,801

 

$

508,024

 

-3.4

%

$

991,952

 

$

989,434

 

0.3

%

Patient Days

 

648,518

 

 

652,861

 

-0.7

%

 

1,294,832

 

 

1,281,032

 

1.1

%

Admissions

 

41,158

 

 

43,143

 

-4.6

%

 

83,628

 

 

85,225

 

-1.9

%

Average Length of Stay (b)

 

15.8

 

 

15.1

 

4.1

%

 

15.5

 

 

15.0

 

3.0

%

Revenue per Patient Day

$

757

 

$

778

 

-2.7

%

$

766

 

$

772

 

-0.8

%

EBITDA margin

 

27.6

%

 

26.9

%

70 bps

 

25.9

%

 

26.0

%

-10 bps
 
U.K. Same Facility Results (a,c)
Revenue

$

236,202

 

$

245,503

 

-3.8

%

$

485,505

 

$

490,092

 

-0.9

%

Patient Days

 

480,546

 

 

502,996

 

-4.5

%

 

972,965

 

 

1,000,450

 

-2.7

%

Admissions

 

1,786

 

 

2,289

 

-22.0

%

 

3,988

 

 

4,673

 

-14.7

%

Average Length of Stay (b)

 

269.1

 

 

219.7

 

22.4

%

 

244.0

 

 

214.1

 

14.0

%

Revenue per Patient Day

$

492

 

$

488

 

0.7

%

$

499

 

$

490

 

1.9

%

EBITDA margin

 

14.3

%

 

17.8

%

-350 bps

 

14.6

%

 

17.0

%

-240 bps
 
 
U.S. Facility Results
Revenue

$

491,475

 

$

509,813

 

-3.6

%

$

1,000,692

 

$

997,773

 

0.3

%

Patient Days

 

648,518

 

 

656,456

 

-1.2

%

 

1,306,520

 

 

1,296,780

 

0.8

%

Admissions

 

41,158

 

 

43,153

 

-4.6

%

 

84,761

 

 

85,405

 

-0.8

%

Average Length of Stay (b)

 

15.8

 

 

15.2

 

3.6

%

 

15.4

 

 

15.2

 

1.5

%

Revenue per Patient Day

$

758

 

$

777

 

-2.4

%

$

766

 

$

769

 

-0.5

%

EBITDA margin

 

27.4

%

 

26.6

%

80 bps

 

25.5

%

 

25.5

%

0 bps
 
U.K. Facility Results (c)
Revenue

$

258,836

 

$

269,827

 

-4.1

%

$

532,429

 

$

537,886

 

-1.0

%

Patient Days

 

633,049

 

 

671,140

 

-5.7

%

 

1,290,318

 

 

1,335,533

 

-3.4

%

Admissions

 

2,048

 

 

2,653

 

-22.8

%

 

4,666

 

 

5,411

 

-13.8

%

Average Length of Stay (b)

 

309.1

 

 

253.0

 

22.2

%

 

276.5

 

 

246.8

 

12.0

%

Revenue per Patient Day

$

409

 

$

402

 

1.7

%

$

413

 

$

403

 

2.5

%

EBITDA margin

 

12.2

%

 

16.4

%

-420 bps

 

12.7

%

 

15.5

%

-280 bps
 
Total Facility Results (c)
Revenue

$

750,311

 

$

779,640

 

-3.8

%

$

1,533,121

 

$

1,535,659

 

-0.2

%

Patient Days

 

1,281,567

 

 

1,327,596

 

-3.5

%

 

2,596,838

 

 

2,632,313

 

-1.3

%

Admissions

 

43,206

 

 

45,806

 

-5.7

%

 

89,427

 

 

90,816

 

-1.5

%

Average Length of Stay (b)

 

29.7

 

 

29.0

 

2.3

%

 

29.0

 

 

29.0

 

0.2

%

Revenue per Patient Day

$

585

 

$

587

 

-0.3

%

$

590

 

$

583

 

1.2

%

EBITDA margin

 

22.2

%

 

23.0

%

-80 bps

 

21.1

%

 

22.0

%

-90 bps
(a) Results for the periods presented exclude the elderly care division of our U.K. operations and certain closed services.
(b) Average length of stay is defined as patient days divided by admissions.
(c) Revenue and revenue per patient day for the three and six months ended June 30, 2019 is adjusted to reflect the foreign currency exchange rate for the comparable periods of 2020 in order to eliminate the effect of changes in the exchange rate. The exchange rate used in the adjusted revenue and revenue per patient day amounts for the three and six months ended June 30, 2019 is 1.24 and 1.26, respectively.
 
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,

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

(in thousands)

 
Net income attributable to Acadia Healthcare Company, Inc.

$

41,079

 

$

48,140

 

$

74,542

 

$

77,611

 

Net income attributable to noncontrolling interests

 

635

 

 

61

 

 

1,239

 

 

101

 

Provision for income taxes

 

8,216

 

 

11,604

 

 

14,005

 

 

18,964

 

Interest expense, net

 

38,726

 

 

48,610

 

 

81,511

 

 

96,740

 

Depreciation and amortization

 

41,445

 

 

41,077

 

 

83,125

 

 

81,657

 

EBITDA

 

130,101

 

 

149,492

 

 

254,422

 

 

275,073

 

 
Adjustments:
Equity-based compensation expense (a)

 

5,808

 

 

4,182

 

 

10,787

 

 

10,283

 

Transaction-related expenses (b)

 

5,241

 

 

5,212

 

 

8,790

 

 

9,533

 

Debt extinguishment costs (c)

 

3,271

 

 

-

 

 

3,271

 

 

-

 

Adjusted EBITDA

$

144,421

 

$

158,886

 

$

277,270

 

$

294,889

 

 
Adjusted EBITDA margin

 

19.2

%

 

20.1

%

 

18.1

%

 

19.0

%

 
See footnotes on page 10.
 
Acadia Healthcare Company, Inc.
Reconciliation of Adjusted Income Attributable to Acadia Healthcare Company, Inc. to
Net Income Attributable to Acadia Healthcare Company, Inc.
(Unaudited)
 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2020

 

 

 

2019

 

 

2020

 

 

 

2019

(in thousands, except per share amounts)

 
Net income attributable to Acadia Healthcare Company, Inc.

$

41,079

 

$

48,140

$

74,542

 

$

77,611

 
Adjustments to income:
Transaction-related expenses (b)

 

5,241

 

 

5,212

 

8,790

 

 

9,533

Debt extinguishment costs (c)

 

3,271

 

 

-

 

3,271

 

 

-

Income tax effect of adjustments to income (d)

 

(1,461

)

 

438

 

(1,805

)

 

987

Adjusted income attributable to Acadia Healthcare Company, Inc.

$

48,130

 

$

53,790

$

84,798

 

$

88,131

 
Weighted-average shares outstanding - diluted

 

88,608

 

 

87,837

 

88,228

 

 

87,770

 
Adjusted income attributable to Acadia Healthcare Company, Inc.
   per diluted share

$

0.54

 

$

0.61

$

0.96

 

$

1.00

 
See footnotes on page 10.
 
Acadia Healthcare Company, Inc.
Footnotes

We have included certain financial measures in this press release, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted income, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. We define EBITDA as net income adjusted for net income attributable to noncontrolling interests, provision for income taxes, net interest expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for equity-based compensation expense, transaction-related expenses and debt extinguishment costs. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We define Adjusted income as net income adjusted for transaction-related expenses, debt extinguishment costs and income tax effect of adjustments to income.

EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted income are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted income 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 EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted income may not be comparable to similarly titled measures of other companies. We have included information concerning EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted income 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 EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted income when reporting their results. Our presentation of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted income should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

(a) Represents the equity-based compensation expense of Acadia.

(b) Represents transaction-related expenses incurred by Acadia primarily related to termination, restructuring, U.K. sale, strategic review, management transition and other similar costs.

(c) Represents debt extinguishment costs recorded in connection with the repayment of the 6.125% and 5.125% Senior Notes in June 2020.

(d) Represents the income tax effect of adjustments to income based on tax rates of 16.7% and 17.2% for the three months ended June 30, 2020 and 2019, respectively, and 15.7% and 16.9% for the six months ended June 30, 2020 and 2019, respectively.

 

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