Acadia Healthcare Reports Third Quarter 2020 Results

Nachrichtenquelle: Business Wire (engl.)
29.10.2020, 21:05  |  104   |   |   

Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the quarter ended September 30, 2020, and provided guidance for the fourth quarter of 2020.

The Company reported revenue of $833.3 million for the third quarter of 2020, compared with $777.3 million for the third quarter of 2019. Net income attributable to Acadia stockholders for the third quarter of 2020 was $37.0 million, or $0.42 per diluted share, compared to net income of $42.6 million, or $0.48 per diluted share, for the same period in 2019.

Results for the third quarter of 2020 include a reversal of $18.1 million in other income recorded in the second quarter of 2020 related to the Provider Relief Fund (“PRF”) established by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Company’s decision to reverse this income was based on additional guidance issued by the U.S. Department of Health and Human Services (“HHS”). The Company received $12.8 million of additional general distributions from the PRF in the third quarter of 2020 and has received cumulative total distributions of approximately $32.5 million, which are recorded in other accrued liabilities on the Company’s balance sheet at September 30, 2020, pending the Company’s final review of HHS guidance.

Debbie Osteen, Chief Executive Officer of Acadia, remarked, “We are pleased with our financial and operating performance for the third quarter, reflecting strong demand for our behavioral health services. The ongoing challenges and uncertainties related to the COVID-19 global pandemic have had a profound impact on everyone’s lives, especially for the more vulnerable populations served by Acadia. We commend the work of our dedicated employees across our operations, who have worked hard to meet this demand and provide quality care in a safe environment. Acadia is well positioned to address the needs of those seeking treatment for mental health and substance use issues. We expect demand for our services will continue to increase as the mental and emotional toll caused by economic and societal concerns persists and more individuals across our markets look to Acadia for the highest quality of patient care.”

Acadia’s consolidated adjusted EBITDA for the third quarter of 2020 was $159.4 million, compared to $146.6 million for the third quarter of 2019. Excluding the reversal of the CARES Act income, consolidated adjusted EBITDA was $177.5 million. Adjusted income attributable to Acadia stockholders per diluted share was $0.68 for the third quarter of 2020.

Adjusted results for the third quarter of 2020 exclude loss on impairment of $20.2 million, transaction-related expenses of $8.5 million and the income tax effect of adjustments to income of $(5.4) million. Adjusted results for the third quarter of 2019 exclude transaction-related expenses of $5.8 million and the income tax effect of adjustments to income of $(2.4) million. A reconciliation of all non-GAAP financial results in this press release appears beginning on page 8.

U.S. same facility revenue increased 7.5% with a 4.2% increase in patient days and a 3.1% increase in revenue per patient day, compared to the third quarter last year. U.S. same facility EBITDA margin increased 50 basis points to 25.7%.

For the U.K. operations, same facility revenue increased 2.7% from the third quarter last year, reflecting a 2.8% increase in revenue per patient day, offset by a 0.1% decrease in patient days. Same facility patient days recovered to pre-COVID levels in the beginning of the third quarter and continued to increase throughout the quarter. U.K. same facility EBITDA margin increased 50 basis points to 17.2%.

Osteen continued, “During the third quarter, we continued to make meaningful improvement in almost every facet of our business. Our financial results for the third quarter reflect the cost management initiatives we have implemented in 2019 and 2020. We remain focused on managing our operations efficiently, while following strict protocol measures to ensure a safe environment for our employees, patients and their families. At the same time, we have continued to make the necessary investments in our facilities to support further growth opportunities through additional service offerings and bed expansions. During the quarter, we added 100 beds to our U.S. operations, bringing our total to 206 new bed additions in 2020. We announced the opening of our new 144-bed behavioral health facility, Tower Behavioral Health, in Pennsylvania with our joint venture partner, Tower Health. In the U.K., we continued to drive operational improvements and make investments in the retooling of beds.

“As previously announced, we recently relaunched the formal process regarding the potential sale of our U.K. business. Our objective continues to be maximizing value for our stockholders. As we continue to work with our financial and legal advisors, we will update the market on the sales process when and as we determine it is appropriate,” 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 September 30, 2020, the Company had $339 million in cash and cash equivalents. The Company also has full availability under its $500 million revolving credit facility.

Financial Guidance

Acadia today established its financial guidance for the fourth quarter of 2020, as follows:

  • Revenue in a range of $810 million to $835 million;
  • Adjusted EBITDA in a range of $160 million to $165 million; and
  • Adjusted earnings per diluted share in a range of $0.68 to $0.72.

The Company’s guidance does not include the impact of any future acquisitions or transaction-related expenses.

“We are optimistic about the opportunities ahead for Acadia, as we focus on our primary objective to support our patients with safe and quality care. Our performance reflects solid execution of our growth strategy amidst a challenging environment. We will continue to pursue our strategy to further enhance our position as a leading provider of behavioral healthcare services,” concluded Osteen.

Acadia will hold a conference call to discuss its third quarter financial results at 9:00 a.m. Eastern Time on Friday, October 30, 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 November 13, 2020.

About Acadia

Acadia is a leading provider of behavioral healthcare services. As of September 30, 2020, Acadia operated a network of 582 behavioral healthcare facilities with approximately 18,300 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 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) 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; 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 Annual Report on Form 10-K for the year ended December 31, 2019, and subsequent periodic reports and other filings with the SEC.

Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended September 30, Nine Months Ended September 30,

2020

2019

2020

2019

(In thousands, except per share amounts)
 
Revenue

$

833,304

 

$

777,251

 

 

2,366,425

 

$

2,327,230

 

 
Salaries, wages and benefits (including equity-based compensation expense of $5,471, $4,039, $16,258 and $14,322, respectively)

 

450,459

 

 

428,601

 

 

1,318,378

 

 

1,288,399

 

Professional fees

 

61,359

 

 

62,152

 

 

183,273

 

 

177,588

 

Supplies

 

31,207

 

 

30,790

 

 

93,302

 

 

91,661

 

Rents and leases

 

21,182

 

 

20,134

 

 

62,833

 

 

60,860

 

Other operating expenses

 

97,093

 

 

92,975

 

 

288,222

 

 

281,517

 

Other income

 

18,070

 

 

-

 

 

-

 

 

-

 

Depreciation and amortization

 

42,912

 

 

40,620

 

 

126,037

 

 

122,277

 

Interest expense, net

 

37,553

 

 

46,644

 

 

119,064

 

 

143,384

 

Debt extinguishment costs

 

-

 

 

-

 

 

3,271

 

 

-

 

Loss on impairment

 

20,239

 

 

-

 

 

20,239

 

 

-

 

Transaction-related expenses

 

8,503

 

 

5,775

 

 

17,293

 

 

15,308

 

Total expenses

 

788,577

 

 

727,691

 

 

2,231,912

 

 

2,180,994

 

Income before income taxes

 

44,727

 

 

49,560

 

 

134,513

 

 

146,236

 

Provision for income taxes

 

7,166

 

 

6,837

 

 

21,171

 

 

25,801

 

Net income

 

37,561

 

 

42,723

 

 

113,342

 

 

120,435

 

Net income attributable to noncontrolling interests

 

(563

)

 

(157

)

 

(1,802

)

 

(258

)

Net income attributable to Acadia Healthcare Company, Inc.

$

36,998

 

$

42,566

 

$

111,540

 

$

120,177

 

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

$

0.42

 

$

0.49

 

$

1.27

 

$

1.37

 

Diluted

$

0.42

 

$

0.48

 

$

1.26

 

$

1.37

 

 
Weighted-average shares outstanding:
Basic

 

87,911

 

 

87,649

 

 

87,849

 

 

87,591

 

Diluted

 

88,856

 

 

87,859

 

 

88,449

 

 

87,805

 

 
Acadia Healthcare Company, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 
September 30, December 31,

2020

2019

(In thousands)
 
ASSETS
Current assets:
Cash and cash equivalents

$

338,702

 

$

124,192

 

Accounts receivable, net

 

333,231

 

 

339,775

 

Other current assets

 

84,477

 

 

78,244

 

Total current assets

 

756,410

 

 

542,211

 

Property and equipment, net

 

3,253,720

 

 

3,224,034

 

Goodwill

 

2,460,722

 

 

2,449,131

 

Intangible assets, net

 

90,023

 

 

90,357

 

Deferred tax assets

 

3,242

 

 

3,339

 

Operating lease right-of-use assets

 

464,596

 

 

501,837

 

Other assets

 

76,432

 

 

68,233

 

Total assets

$

7,105,145

 

$

6,879,142

 

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

$

50,858

 

$

43,679

 

Accounts payable

 

130,395

 

 

127,045

 

Accrued salaries and benefits

 

138,476

 

 

122,552

 

Current portion of operating lease liabilities

 

30,433

 

 

29,140

 

Other accrued liabilities

 

251,177

 

 

141,160

 

Total current liabilities

 

601,339

 

 

463,576

 

Long-term debt

 

3,067,243

 

 

3,105,420

 

Deferred tax liabilities

 

104,351

 

 

71,860

 

Operating lease liabilities

 

477,355

 

 

502,252

 

Derivative instrument liabilities

 

39,859

 

 

68,915

 

Other liabilities

 

153,812

 

 

128,587

 

Total liabilities

 

4,443,959

 

 

4,340,610

 

Redeemable noncontrolling interests

 

54,547

 

 

33,151

 

Equity:
Common stock

 

879

 

 

877

 

Additional paid-in capital

 

2,572,587

 

 

2,557,642

 

Accumulated other comprehensive loss

 

(440,113

)

 

(414,884

)

Retained earnings

 

473,286

 

 

361,746

 

Total equity

 

2,606,639

 

 

2,505,381

 

Total liabilities and equity

$

7,105,145

 

$

6,879,142

 

 
Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Nine Months Ended September 30,

2020

2019

(In thousands)
Operating activities:
Net income

$

113,342

 

$

120,435

 

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

 

126,037

 

 

122,277

 

Amortization of debt issuance costs

 

9,696

 

 

8,926

 

Equity-based compensation expense

 

16,258

 

 

14,322

 

Deferred income taxes

 

41,803

 

 

5,150

 

Debt extinguishment costs

 

3,271

 

 

-

 

Loss on impairment

 

20,239

 

 

-

 

Other

 

810

 

 

4,444

 

Change in operating assets and liabilities:
Accounts receivable, net

 

5,392

 

 

(32,956

)

Other current assets

 

(3,809

)

 

(3,912

)

Other assets

 

316

 

 

530

 

Accounts payable and other accrued liabilities

 

90,752

 

 

(35,610

)

Accrued salaries and benefits

 

16,477

 

 

4,813

 

Other liabilities

 

31,656

 

 

5,110

 

Net cash provided by operating activities

 

472,240

 

 

213,529

 

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

 

-

 

 

(44,900

)

Cash paid for capital expenditures

 

(195,834

)

 

(202,722

)

Cash paid for real estate acquisitions

 

(5,595

)

 

(6,976

)

Proceeds from sale of property and equipment

 

2,509

 

 

13,470

 

Settlement of foreign currency derivatives

 

-

 

 

105,008

 

Other

 

(10,734

)

 

(1,072

)

Net cash used in investing activities

 

(209,654

)

 

(137,192

)

 
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

)

 

(76,573

)

Principal payments on long-term debt

 

(31,863

)

 

(24,738

)

Repayment of long-term debt

 

(450,000

)

 

-

 

Payment of debt issuance costs

 

(11,220

)

 

-

 

Common stock withheld for minimum statutory taxes, net

 

(1,311

)

 

(1,498

)

Distributions to noncontrolling interests

 

(653

)

 

-

 

Other

 

(3,517

)

 

(5,923

)

Net cash used in financing activities

 

(48,564

)

 

(32,159

)

 
Effect of exchange rate changes on cash

 

488

 

 

(1,788

)

 
Net increase in cash and cash equivalents

 

214,510

 

 

42,390

 

Cash and cash equivalents at beginning of the period

 

124,192

 

 

50,510

 

Cash and cash equivalents at end of the period

$

338,702

 

$

92,900

 

 
Effect of acquisitions:
Assets acquired, excluding cash

$

20,300

 

$

48,594

 

Liabilities assumed

 

(53

)

 

(3,694

)

Redeemable noncontrolling interest resulting from an acquisition

 

(20,247

)

 

-

 

Cash paid for acquisitions, net of cash acquired

$

-

 

$

44,900

 

 
Acadia Healthcare Company, Inc.
Operating Statistics
(Unaudited, Revenue in thousands)
 
Three Months Ended September 30, Nine Months Ended September 30,

2020

2019

% Change

2020

2019

% Change
Same Facility Results (a,c)
Revenue

$

808,708

 

$

763,619

 

5.9

%

$

2,286,165

 

$

2,243,145

 

1.9

%

Patient Days

 

1,187,848

 

 

1,160,582

 

2.3

%

 

3,455,645

 

 

3,442,064

 

0.4

%

Admissions

 

47,256

 

 

46,930

 

0.7

%

 

134,872

 

 

136,828

 

-1.4

%

Average Length of Stay (b)

 

25.1

 

 

24.7

 

1.6

%

 

25.6

 

 

25.2

 

1.9

%

Revenue per Patient Day

$

681

 

$

658

 

3.5

%

$

662

 

$

652

 

1.5

%

EBITDA margin

 

22.9

%

 

22.3

%

60 bps

 

22.4

%

 

22.8

%

-40 bps

 
U.S. Same Facility Results (a)
Revenue

$

546,357

 

$

508,150

 

7.5

%

$

1,538,309

 

$

1,497,584

 

2.7

%

Patient Days

 

685,472

 

 

657,556

 

4.2

%

 

1,980,304

 

 

1,938,588

 

2.2

%

Admissions

 

44,724

 

 

44,522

 

0.5

%

 

128,352

 

 

129,747

 

-1.1

%

Average Length of Stay (b)

 

15.3

 

 

14.8

 

3.8

%

 

15.4

 

 

14.9

 

3.3

%

Revenue per Patient Day

$

797

 

$

773

 

3.1

%

$

777

 

$

773

 

0.6

%

EBITDA margin

 

25.7

%

 

25.2

%

50 bps

 

25.8

%

 

25.7

%

10 bps

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

$

262,351

 

$

255,469

 

2.7

%

$

747,856

 

$

745,561

 

0.3

%

Patient Days

 

502,376

 

 

503,026

 

-0.1

%

 

1,475,341

 

 

1,503,476

 

-1.9

%

Admissions

 

2,532

 

 

2,408

 

5.1

%

 

6,520

 

 

7,081

 

-7.9

%

Average Length of Stay (b)

 

198.4

 

 

208.9

 

-5.0

%

 

226.3

 

 

212.3

 

6.6

%

Revenue per Patient Day

$

522

 

$

508

 

2.8

%

$

507

 

$

496

 

2.2

%

EBITDA margin

 

17.2

%

 

16.7

%

50 bps

 

15.5

%

 

16.9

%

-140 bps

 
 
U.S. Facility Results
Revenue

$

547,961

 

$

509,383

 

7.6

%

$

1,548,653

 

$

1,507,156

 

2.8

%

Patient Days

 

689,402

 

 

663,969

 

3.8

%

 

1,995,922

 

 

1,960,749

 

1.8

%

Admissions

 

44,877

 

 

44,693

 

0.4

%

 

129,638

 

 

130,098

 

-0.4

%

Average Length of Stay (b)

 

15.4

 

 

14.9

 

3.4

%

 

15.4

 

 

15.1

 

2.2

%

Revenue per Patient Day

$

795

 

$

767

 

3.6

%

$

776

 

$

769

 

0.9

%

EBITDA margin

 

25.3

%

 

24.9

%

40 bps

 

25.4

%

 

25.3

%

10 bps

 
U.K. Facility Results (c)
Revenue

$

285,343

 

$

280,579

 

1.7

%

$

817,772

 

$

818,465

 

-0.1

%

Patient Days

 

649,522

 

 

673,473

 

-3.6

%

 

1,939,840

 

 

2,009,006

 

-3.4

%

Admissions

 

2,828

 

 

2,749

 

2.9

%

 

7,494

 

 

8,160

 

-8.2

%

Average Length of Stay (b)

 

229.7

 

 

245.0

 

-6.3

%

 

258.9

 

 

246.2

 

5.1

%

Revenue per Patient Day

$

439

 

$

417

 

5.4

%

$

422

 

$

407

 

3.5

%

EBITDA margin

 

15.2

%

 

15.2

%

0 bps

 

13.6

%

 

15.4

%

-180 bps

 
Total Facility Results (c)
Revenue

$

833,304

 

$

789,962

 

5.5

%

$

2,366,425

 

$

2,325,621

 

1.8

%

Patient Days

 

1,338,924

 

 

1,337,442

 

0.1

%

 

3,935,762

 

 

3,969,755

 

-0.9

%

Admissions

 

47,705

 

 

47,442

 

0.6

%

 

137,132

 

 

138,258

 

-0.8

%

Average Length of Stay (b)

 

28.1

 

 

28.2

 

-0.4

%

 

28.7

 

 

28.7

 

0.0

%

Revenue per Patient Day

$

622

 

$

591

 

5.4

%

$

601

 

$

586

 

2.6

%

EBITDA margin

 

21.8

%

 

21.5

%

30 bps

 

21.3

%

 

21.8

%

-50 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 nine months ended September 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 nine months ended September 30, 2019 is 1.29 and 1.27, respectively.
 
Acadia Healthcare Company, Inc.
Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA
(Unaudited)
 
Three Months Ended September 30, Nine Months Ended September 30,

2020

2019

2020

2019

(in thousands)
 
Net income attributable to Acadia Healthcare Company, Inc.

$

36,998

 

$

42,566

 

$

111,540

 

$

120,177

 

Net income attributable to noncontrolling interests

 

563

 

 

157

 

 

1,802

 

 

258

 

Provision for income taxes

 

7,166

 

 

6,837

 

 

21,171

 

 

25,801

 

Interest expense, net

 

37,553

 

 

46,644

 

 

119,064

 

 

143,384

 

Depreciation and amortization

 

42,912

 

 

40,620

 

 

126,037

 

 

122,277

 

EBITDA

 

125,192

 

 

136,824

 

 

379,614

 

 

411,897

 

 
Adjustments:
Equity-based compensation expense (a)

 

5,471

 

 

4,039

 

 

16,258

 

 

14,322

 

Transaction-related expenses (b)

 

8,503

 

 

5,775

 

 

17,293

 

 

15,308

 

Debt extinguishment costs (c)

 

-

 

 

-

 

 

3,271

 

 

-

 

Loss on impairment (d)

 

20,239

 

 

-

 

 

20,239

 

 

-

 

Adjusted EBITDA

$

159,405

 

$

146,638

 

$

436,675

 

$

441,527

 

 
Adjusted EBITDA margin

 

19.1

%

 

18.9

%

 

18.5

%

 

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 September 30, Nine Months Ended September 30,

2020

2019

2020

2019

(in thousands, except per share amounts)
 
Net income attributable to Acadia Healthcare Company, Inc.

$

36,998

 

$

42,566

 

$

111,540

 

$

120,177

 

 
Adjustments to income:
Transaction-related expenses (b)

 

8,503

 

 

5,775

 

 

17,293

 

 

15,308

 

Debt extinguishment costs (c)

 

-

 

 

-

 

 

3,271

 

 

-

 

Loss on impairment (d)

 

20,239

 

 

-

 

 

20,239

 

 

-

 

Income tax effect of adjustments to income (e)

 

(5,396

)

 

(2,371

)

 

(7,201

)

 

(1,384

)

Adjusted income attributable to Acadia Healthcare Company, Inc.

$

60,344

 

$

45,970

 

$

145,142

 

$

134,101

 

 
Weighted-average shares outstanding - diluted

 

88,856

 

 

87,859

 

 

88,449

 

 

87,805

 

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

$

0.68

 

$

0.52

 

$

1.64

 

$

1.53

 

 
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, debt extinguishment costs and loss on impairment. 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, loss on impairment 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) For the three and nine months ended September 30, 2020, represents a non-cash lease impairment charge of $16.4 million and a non-cash long-lived asset impairment charge of $3.8 million related to the decision to close certain U.K. elderly care facilities.
 
(e) Represents the income tax effect of adjustments to income based on tax rates of 17.2% and 16.7% for the three months ended September 30, 2020 and 2019, respectively, and 16.4% and 16.9% for the nine months ended September 30, 2020 and 2019, respectively.
 

 

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Acadia Healthcare Reports Third Quarter 2020 Results Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the quarter ended September 30, 2020, and provided guidance for the fourth quarter of 2020. The Company reported revenue of $833.3 million for the third quarter of …

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