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     121  0 Kommentare Acadia Healthcare Reports Fourth Quarter 2020 Results

    Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the fourth quarter and year ended December 31, 2020.

    On January 19, 2021, the Company closed on the sale of Acadia’s business operations in the United Kingdom, operating under the name of The Priory Group, to Waterland Private Equity. The U.K. business and its results have been presented as discontinued operations for all periods in this release. Supplemental information for discontinued operations has been included on pages 11 and 12.

    Fourth Quarter 2020 Results

    The Company reported revenue from continuing operations of $541.3 million for the fourth quarter of 2020, compared with $501.2 million for the fourth quarter of 2019. Net loss attributable to Acadia stockholders for the fourth quarter of 2020 was $783.7 million, or $8.78 per diluted share, compared with a net loss of $11.3 million, or $0.13 per diluted share, for the fourth quarter of 2019. The results for the fourth quarter of 2020 include a loss from discontinued operations of $828.7 million, net of income taxes, primarily related to the loss on sale of the U.K. business of $867.3 million.

    Including discontinued operations, combined revenue for the fourth quarter of 2020 was $843.3 million and combined adjusted EBITDA was $207.5 million. Adjusted income attributable to Acadia stockholders per diluted share was $1.13 for the fourth quarter of 2020, which includes discontinued operations. Adjustments to income include transaction-related expenses, debt extinguishment costs, loss on impairment, loss on sale and the income tax effect of adjustments to income. Financial results for continuing operations combined with discontinued operations are presented, along with a reconciliation of all non-GAAP financial results in this press release, beginning on page 9.

    Results for the fourth quarter of 2020 include other income of $32.8 million related to the Provider Relief Fund (“PRF”) established by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Company’s recognition of this income was based on revised guidance in the Consolidated Appropriations Act, 2021 enacted in December 2020. The Company’s lost revenues and additional expenses incurred in the year ended December 31, 2020 as a result of the COVID-19 pandemic exceeded the grant income recognized in 2020.

    For the fourth quarter, Acadia’s U.S. same facility revenue increased 7.6% compared with the fourth quarter of 2019, including a 3.6% increase in patient days and a 3.8% increase in revenue per patient day.

    Debbie Osteen, Chief Executive Officer of Acadia Healthcare Company, remarked, “We are very pleased with our financial and operating results for the fourth quarter of 2020, capping off an extraordinary and challenging year for Acadia. As the global COVID-19 pandemic continues to affect communities across the nation, we are mindful of our critical role as a leading provider of behavioral healthcare services. The ongoing uncertainties and economic and societal concerns have resulted in continued strong demand for our services, especially for those already struggling with behavioral health and addiction issues. As always, our primary mission is to support our patients and the communities that we serve, and we commend Acadia’s employees and clinicians for their dedication and heroic efforts to provide the highest quality care in a safe and accessible manner, especially during these challenging times. We are fortunate to have an experienced team across our operations and a proven operating model that supports our ability to execute our strategy in a dynamic environment.

    “At the end of 2020, we reached an agreement to sell our U.K. operations to Waterland Private Equity, which closed in January. This transaction is a significant milestone for Acadia, and we believe the sale will maximize long-term value for our stockholders. We are excited about the opportunities in the U.S. to extend our market reach and enhance our service offerings. Our U.S. operations showed very favorable results with improvement across all key metrics for the fourth quarter of 2020, driven by solid volumes and strong cost management.

    “During the fourth quarter of 2020, we added 34 beds to our existing U.S. operations, and, for the full year, we added 240 beds to existing facilities and 220 beds through the opening of two joint venture facilities, as well as the opening of six comprehensive treatment centers (“CTC”) in the U.S. In December, we opened Ascension St. Thomas Behavioral Health Hospital, a new 76-bed facility, through our joint venture with Ascension St. Thomas in Nashville, Tennessee. Also, in December, we announced a joint venture partnership with Henry Ford Health System for a 192-bed inpatient facility, which will serve the Detroit metro area when it opens in late 2022. We continue to execute on part of our strategy by partnering with health systems and hospitals across the country.

    Debt Refinancing, Cash and Liquidity

    As of December 31, 2020, the Company had $378.7 million in cash and cash equivalents, which excludes cash held by the U.K. operations. The Company voluntarily paid down $105 million of Term Loan B facility under its amended and restated credit agreement in January 2021 prior to completion of the U.K transaction. From the sale of the U.K. operations, the Company received $1,525 million of gross proceeds before deducting the settlement of foreign currency hedging liabilities of $85 million, cash retained by the buyer of approximately $75 million and transaction costs of $16 million. The Company initially used the sale proceeds of approximately $1,425 million (or $1,350 million, net of cash retained by the buyer) to repay all of its outstanding Term Loan A facility of $312 million and Term Loan B of $768 million and added $345 million of cash to the balance sheet.

    On January 29, 2021, the Company sent conditional notices of full redemption for $650 million of 5.265% Senior Notes due 2023 and $390 million of 6.500% Senior Notes due 2024 to the holders of such notes. The redemption of this $1,040 million of additional debt, along with breakage costs of $6 million and estimated transaction costs of $9 million, is expected to be completed in early March and to be funded with cash from the balance sheet of $430 million and proceeds from a new senior secured credit facility of $625 million. The Company expects to enter a new term loan and revolver as part of a five-year senior secured credit facility.

    Upon completion of these transactions, Acadia’s debt structure is expected to include $1,025 million of a new term loan and revolving credit facility, $450 million of 5.500% Senior Notes due 2028, and $475 million of 5.000% Senior Notes due 2029, and the Company’s net leverage ratio is expected to be below 3.0x.

    “As intended, we used the proceeds from the U.K. transaction to pay down our outstanding debt,” added Osteen. “We are pleased to refinance our other outstanding debt and improve our leverage profile. In addition, we continue to realize the cost savings from the steps we have taken in 2019 and 2020 related to our expense and cash management strategies. As a result, Acadia’s balance sheet is very strong with ample liquidity and capital to invest in and grow our business.”

    Financial Guidance

    Acadia today established financial guidance for 2021, as follows:

    • Revenue in a range of $2.23 billion to $2.28 billion;
    • Adjusted EBITDA in a range of $490 million to $520 million;
    • Adjusted earnings per diluted share in a range of $2.20 to $2.45;
    • Interest expense of approximately $80 to $85 million of which $11 million of annualized interest expense is expected to be eliminated after the first quarter;
    • A tax rate of approximately 26.5%;
    • Depreciation and amortization expense in a range of $105 million to $110 million;
    • Stock compensation expense of approximately $28 million;
    • Operating cash flows in a range of $250 million to $285 million, which includes repayment in 2021 of $53 million of the $84 million of total Medicare Accelerated and Advanced Payment Program and employer payroll tax deferrals from the CARES Act; and
    • Total capital expenditures in a range of $285 million to $325 million, including approximately $45 million for maintenance capital expenditures.

    Acadia also established financial guidance for the first quarter of 2021, as follows:

    • Revenue in a range of $540 million to $550 million;
    • Adjusted EBITDA in a range of $110 million to $115 million; and
    • Adjusted earnings per diluted share in a range of $0.40 to $0.45.

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

    Looking Ahead

    Osteen added, “Looking ahead to 2021, we expect to add approximately 300 beds to existing facilities and 170 beds through the opening of one wholly owned facility and one joint venture facility. Additionally, due to the strong demand for treatment of patients with opioid use disorder, we expect to open 11 CTCs in 2021. Our strategic investments and strong pipeline of bed expansions, de novo facilities and joint ventures will provide additional growth opportunities for Acadia to reach more patients in new and existing markets.

    “With our singular strategic focus on our U.S. operations and a strong financial position to support our growth initiatives, Acadia is well-positioned to meet the expected demand for mental health and addiction treatment. Across our operations, we will strive to deliver the highest quality of patient care, extend our market reach, and advance our market leadership as a behavioral healthcare facilities operator.”

    Conference Call

    Acadia will hold a conference call to discuss its fourth quarter financial results at 10:00 a.m. Eastern Time on Friday, February 26, 2021. 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 March 12, 2021.

    About Acadia

    Acadia is a leading provider of behavioral healthcare services across the United States. Acadia operates a network of 227 behavioral healthcare facilities with approximately 9,900 beds in 40 states and Puerto Rico. With more than 20,000 employees serving approximately 70,000 patients daily, Acadia is the largest stand-alone behavioral health 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) the impact of the COVID-19 pandemic, 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; and difficulty in collecting patient accounts receivable due to increases in the unemployment rate and the number of underinsured and uninsured patients; (ii) the risk that Acadia does not complete its debt refinancing transactions on terms and conditions acceptable to Acadia; (iii) 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; (iv) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (v) potential reductions in payments received by Acadia from government and third-party payors; (vi) 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; (vii) 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 (viii) 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 December 31,

     

    Year Ended December 31,

     

    2020

     

     

     

    2019

     

     

     

    2020

     

     

     

    2019

     

    (In thousands, except per share amounts)

     
    Revenue

    $

    541,276

     

    $

    501,225

     

    $

    2,089,929

     

    $

    2,008,381

     

     
    Salaries, wages and benefits (including equity-based compensation
    expense of $6,246, $2,985, $22,504 and $17,307, respectively)

     

    301,658

     

     

    273,406

     

     

    1,154,522

     

     

    1,107,357

     

    Professional fees

     

    29,480

     

     

    30,062

     

     

    120,489

     

     

    118,451

     

    Supplies

     

    22,213

     

     

    21,768

     

     

    87,241

     

     

    85,534

     

    Rents and leases

     

    9,387

     

     

    8,777

     

     

    37,362

     

     

    35,486

     

    Other operating expenses

     

    59,732

     

     

    65,851

     

     

    262,272

     

     

    259,536

     

    Other income

     

    (32,819

    )

     

    -

     

     

    (32,819

    )

     

    -

     

    Depreciation and amortization

     

    24,958

     

     

    22,667

     

     

    95,256

     

     

    87,923

     

    Interest expense, net

     

    39,707

     

     

    44,641

     

     

    158,105

     

     

    187,325

     

    Debt extinguishment costs

     

    3,962

     

     

    -

     

     

    7,233

     

     

    -

     

    Loss on impairment

     

    4,751

     

     

    27,217

     

     

    4,751

     

     

    27,217

     

    Transaction-related expenses

     

    2,162

     

     

    9,035

     

     

    11,720

     

     

    21,157

     

    Total expenses

     

    465,191

     

     

    503,424

     

     

    1,906,132

     

     

    1,929,986

     

    Income (loss) from continuing operations before income taxes

     

    76,085

     

     

    (2,199

    )

     

    183,797

     

     

    78,395

     

    Provision for income taxes

     

    29,929

     

     

    9,993

     

     

    40,606

     

     

    25,085

     

    Income (loss) from continuing operations

     

    46,156

     

     

    (12,192

    )

     

    143,191

     

     

    53,310

     

    (Loss) income from discontinued operations, net of taxes

     

    (828,697

    )

     

    1,879

     

     

    (812,390

    )

     

    56,812

     

    Net (loss) income

     

    (782,541

    )

     

    (10,313

    )

     

    (669,199

    )

     

    110,122

     

    Net income attributable to noncontrolling interests

     

    (1,131

    )

     

    (941

    )

     

    (2,933

    )

     

    (1,199

    )

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

    $

    (783,672

    )

    $

    (11,254

    )

    $

    (672,132

    )

    $

    108,923

     

     
    Basic earnings (loss) per share attributable to Acadia Healthcare
    Company, Inc. stockholders:
    Income (loss) from continuing operations attributable to
    Acadia Healthcare Company, Inc.

    $

    0.51

     

    $

    (0.15

    )

    $

    1.60

     

    $

    0.59

     

    (Loss) income from discontinued operations

    $

    (9.42

    )

    $

    0.02

     

    $

    (9.25

    )

    $

    0.65

     

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

    $

    (8.91

    )

    $

    (0.13

    )

    $

    (7.65

    )

    $

    1.24

     

     
    Diluted earnings (loss) per share attributable to Acadia Healthcare
    Company, Inc. stockholders:
    Income (loss) from continuing operations attributable to
    Acadia Healthcare Company, Inc.

    $

    0.50

     

    $

    (0.15

    )

    $

    1.58

     

    $

    0.59

     

    (Loss) income from discontinued operations

    $

    (9.28

    )

    $

    0.02

     

    $

    (9.17

    )

    $

    0.65

     

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

    $

    (8.78

    )

    $

    (0.13

    )

    $

    (7.59

    )

    $

    1.24

     

     
    Weighted-average shares outstanding:
    Basic

     

    87,952

     

     

    87,674

     

     

    87,875

     

     

    87,612

     

    Diluted

     

    89,233

     

     

    87,674

     

     

    88,595

     

     

    87,816

     

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

    December 31,

     

    2020

     

     

     

    2019

     

    (In thousands)

     
    ASSETS
    Current assets:
    Cash and cash equivalents

    $

    378,697

     

    $

    99,535

     

    Accounts receivable, net

     

    273,551

     

     

    288,863

     

    Other current assets

     

    61,332

     

     

    64,967

     

    Current assets held for sale

     

    1,809,815

     

     

    88,846

     

    Total current assets

     

    2,523,395

     

     

    542,211

     

    Property and equipment, net

     

    1,622,896

     

     

    1,499,587

     

    Goodwill

     

    2,105,264

     

     

    2,085,104

     

    Intangible assets, net

     

    68,535

     

     

    68,826

     

    Deferred tax assets

     

    3,209

     

     

    3,339

     

    Operating lease right-of-use assets

     

    96,937

     

     

    97,795

     

    Other assets

     

    79,126

     

     

    55,106

     

    Noncurrent assets held for sale

     

    -

     

     

    2,527,174

     

    Total assets

    $

    6,499,362

     

    $

    6,879,142

     

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

    $

    153,478

     

    $

    43,679

     

    Accounts payable

     

    87,815

     

     

    90,257

     

    Accrued salaries and benefits

     

    124,912

     

     

    93,595

     

    Current portion of operating lease liabilities

     

    18,916

     

     

    18,119

     

    Other accrued liabilities

     

    178,453

     

     

    69,234

     

    Derivative instrument liabilities

     

    84,584

     

     

    -

     

    Current liabilities held for sale

     

    660,027

     

     

    148,692

     

    Total current liabilities

     

    1,308,185

     

     

    463,576

     

    Long-term debt

     

    2,968,948

     

     

    3,105,420

     

    Deferred tax liabilities

     

    50,017

     

     

    22,820

     

    Operating lease liabilities

     

    84,029

     

     

    85,643

     

    Noncurrent derivative instrument liabilities

     

    -

     

     

    68,915

     

    Other liabilities

     

    133,412

     

     

    107,152

     

    Noncurrent liabilities held for sale

     

    -

     

     

    487,084

     

    Total liabilities

     

    4,544,591

     

     

    4,340,610

     

    Redeemable noncontrolling interests

     

    55,315

     

     

    33,151

     

    Equity:
    Common stock

     

    880

     

     

    877

     

    Additional paid-in capital

     

    2,580,327

     

     

    2,557,642

     

    Accumulated other comprehensive loss

     

    (371,365

    )

     

    (414,884

    )

    (Accumulated deficit) retained earnings

     

    (310,386

    )

     

    361,746

     

    Total equity

     

    1,899,456

     

     

    2,505,381

     

    Total liabilities and equity

    $

    6,499,362

     

    $

    6,879,142

     

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

    Year Ended December 31,

     

    2020

     

     

     

    2019

     

    (In thousands)

    Operating activities:
    Net (loss) income

    $

    (669,199

    )

    $

    110,122

     

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

     

    95,256

     

     

    87,923

     

    Amortization of debt issuance costs

     

    12,636

     

     

    11,987

     

    Equity-based compensation expense

     

    22,504

     

     

    17,307

     

    Deferred income taxes

     

    53,108

     

     

    1,089

     

    Loss (income) from discontinued operations, net of taxes

     

    812,390

     

     

    (56,812

    )

    Debt extinguishment costs

     

    7,233

     

     

    -

     

    Loss on impairment

     

    4,751

     

     

    27,217

     

    Other

     

    1,041

     

     

    3,916

     

    Change in operating assets and liabilities, net of effect of acquisitions:
    Accounts receivable, net

     

    15,340

     

     

    (18,714

    )

    Other current assets

     

    9,675

     

     

    (501

    )

    Other assets

     

    1,519

     

     

    (2,372

    )

    Accounts payable and other accrued liabilities

     

    77,993

     

     

    (20,135

    )

    Accrued salaries and benefits

     

    9,632

     

     

    5,540

     

    Other liabilities

     

    48,965

     

     

    16,862

     

    Net cash provided by continuing operating activities

     

    502,844

     

     

    183,429

     

    Net cash provided by discontinued operating activities

     

    155,963

     

     

    149,475

     

    Net cash provided by operating activities

     

    658,807

     

     

    332,904

     

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

     

    -

     

     

    (44,900

    )

    Cash paid for capital expenditures

     

    (216,615

    )

     

    (225,061

    )

    Cash paid for real estate acquisitions

     

    (8,349

    )

     

    (7,618

    )

    Proceeds from sale of property and equipment

     

    92

     

     

    11,765

     

    Settlement of foreign currency derivatives

     

    -

     

     

    105,008

     

    Other

     

    (13,365

    )

     

    12,975

     

    Net cash used in continuing investing activities

     

    (238,237

    )

     

    (147,831

    )

    Net cash used in discontinued investing activities

     

    (43,602

    )

     

    (53,310

    )

    Net cash used in investing activities

     

    (281,839

    )

     

    (201,141

    )

     
    Financing activities:
    Borrowings on long-term debt

     

    925,000

     

     

    -

     

    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

     

    (41,291

    )

     

    (52,984

    )

    Repayment of long-term debt

     

    (909,785

    )

     

    -

     

    Payment of debt issuance costs

     

    (18,295

    )

     

    -

     

    Common stock withheld for minimum statutory taxes, net

     

    184

     

     

    (1,648

    )

    Distributions to noncontrolling interests

     

    (916

    )

     

    (154

    )

    Other

     

    (3,146

    )

     

    (4,369

    )

    Net cash used in continuing financing activities

     

    (48,249

    )

     

    (59,155

    )

    Net cash used in discontinued financing activities

     

    (3,250

    )

     

    (2,472

    )

    Net cash used in financing activities

     

    (51,499

    )

     

    (61,627

    )

     
    Effect of exchange rate changes on cash

     

    4,087

     

     

    3,546

     

     
    Net increase in cash and cash equivalents, including cash classified within
    current assets held for sale

     

    329,556

     

     

    73,682

     

    Less: cash classified within current assets held for sale

     

    (75,051

    )

     

    (24,657

    )

    Net increase in cash and cash equivalents

     

    254,505

     

     

    49,025

     

    Cash and cash equivalents at beginning of the period

     

    124,192

     

     

    50,510

     

    Cash and cash equivalents at end of the period

    $

    378,697

     

    $

    99,535

     

     
    Effect of acquisitions:
    Assets acquired, excluding cash

    $

    20,200

     

    $

    48,594

     

    Liabilities assumed

     

    (53

    )

     

    (3,694

    )

    Redeemable noncontrolling interest resulting from an acquisition

     

    (20,147

    )

     

    -

     

    Cash paid for acquisitions, net of cash acquired

    $

    -

     

    $

    44,900

     

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

    Three Months Ended December 31,

     

    Year Ended December 31,

     

    2020

     

     

     

    2019

     

     

    % Change

     

     

    2020

     

     

     

    2019

     

     

    % Change

    U.S. Same Facility Results (a)
    Revenue

    $

    538,023

     

    $

    500,241

     

    7.6

    %

    $

    2,076,332

     

    $

    1,997,825

     

    3.9

    %

    Patient Days

     

    669,126

     

     

    645,882

     

    3.6

    %

     

    2,649,430

     

     

    2,584,470

     

    2.5

    %

    Admissions

     

    42,352

     

     

    42,065

     

    0.7

    %

     

    170,704

     

     

    171,812

     

    -0.6

    %

    Average Length of Stay (b)

     

    15.8

     

     

    15.4

     

    2.9

    %

     

    15.5

     

     

    15.0

     

    3.2

    %

    Revenue per Patient Day

    $

    804

     

    $

    775

     

    3.8

    %

    $

    784

     

    $

    773

     

    1.4

    %

    Adjusted EBITDA margin (c)

     

    34.0

    %

     

    24.5

    %

    950 bps

     

    27.9

    %

     

    25.4

    %

    250 bps
     
    U.S. Facility Results
    Revenue

    $

    541,276

     

    $

    501,225

     

    8.0

    %

    $

    2,089,929

     

    $

    2,008,381

     

    4.1

    %

    Patient Days

     

    671,840

     

     

    652,415

     

    3.0

    %

     

    2,667,762

     

     

    2,613,164

     

    2.1

    %

    Admissions

     

    42,639

     

     

    42,222

     

    1.0

    %

     

    172,277

     

     

    172,320

     

    0.0

    %

    Average Length of Stay (b)

     

    15.8

     

     

    15.5

     

    2.0

    %

     

    15.5

     

     

    15.2

     

    2.1

    %

    Revenue per Patient Day

    $

    806

     

    $

    768

     

    4.9

    %

    $

    783

     

    $

    769

     

    1.9

    %

    Adjusted EBITDA margin (c)

     

    33.5

    %

     

    24.3

    %

    920 bps

     

    27.5

    %

     

    25.1

    %

    240 bps
    (a) Same facility results for the periods presented include facilities we have operated for more than one year and exclude certain closed services.
    (b) Average length of stay is defined as patient days divided by admissions.
    (c) For the three months and year ended December 31, 2020, includes other income of $32.8 million.
     

    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,

     

    2020

     

     

     

    2019

     

     

     

    2020

     

     

     

    2019

     

    (in thousands)

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

    $

    (783,672

    )

    $

    (11,254

    )

    $

    (672,132

    )

    $

    108,923

     

    Net income attributable to noncontrolling interests

     

    1,131

     

     

    941

     

     

    2,933

     

     

    1,199

     

    Loss (income) from discontinued operations, net of taxes

     

    828,697

     

     

    (1,879

    )

     

    812,390

     

     

    (56,812

    )

    Provision for income taxes

     

    29,929

     

     

    9,993

     

     

    40,606

     

     

    25,085

     

    Interest expense, net

     

    39,707

     

     

    44,641

     

     

    158,105

     

     

    187,325

     

    Depreciation and amortization

     

    24,958

     

     

    22,667

     

     

    95,256

     

     

    87,923

     

    Continuing operations EBITDA

     

    140,750

     

     

    65,109

     

     

    437,158

     

     

    353,643

     

     
    Adjustments:
    Equity-based compensation expense (a)

     

    6,246

     

     

    2,985

     

     

    22,504

     

     

    17,307

     

    Transaction-related expenses (b)

     

    2,162

     

     

    9,035

     

     

    11,720

     

     

    21,157

     

    Debt extinguishment costs (c)

     

    3,962

     

     

    -

     

     

    7,233

     

     

    -

     

    Loss on impairment (d)

     

    4,751

     

     

    27,217

     

     

    4,751

     

     

    27,217

     

    Continuing operations adjusted EBITDA

    $

    157,871

     

    $

    104,346

     

    $

    483,366

     

    $

    419,324

     

     
    Continuing operations adjusted EBITDA margin

     

    29.2

    %

     

    20.8

    %

     

    23.1

    %

     

    20.9

    %

     
     
    Discontinued operations adjusted EBITDA

    $

    49,596

     

    $

    40,010

     

    $

    160,776

     

    $

    166,559

     

     
    Discontinued operations adjusted EBITDA margin

     

    16.4

    %

     

    14.3

    %

     

    14.4

    %

     

    15.2

    %

     
     
    Combined adjusted EBITDA

    $

    207,467

     

    $

    144,356

     

    $

    644,142

     

    $

    585,883

     

     
    Combined adjusted EBITDA margin

     

    24.6

    %

     

    18.5

    %

     

    20.1

    %

     

    18.9

    %

     
    See footnotes on page 13.
     
     
    Acadia Healthcare Company, Inc.
    Reconciliation of Adjusted Income Attributable to Acadia Healthcare Company, Inc. to
    Net (Loss) Income Attributable to Acadia Healthcare Company, Inc.
    (Unaudited)
     

    Three Months Ended December 31,

     

    Year Ended December 31,

     

    2020

     

     

     

    2019

     

     

     

    2020

     

     

     

    2019

     

    (in thousands, except per share amounts)

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

    $

    (783,672

    )

    $

    (11,254

    )

    $

    (672,132

    )

    $

    108,923

     

    Loss (income) from discontinued operations, net of taxes

     

    828,697

     

     

    (1,879

    )

     

    812,390

     

     

    (56,812

    )

     
    Adjustments to income:
    Transaction-related expenses (b)

     

    2,162

     

     

    9,035

     

     

    11,720

     

     

    21,157

     

    Debt extinguishment costs (c)

     

    3,962

     

     

    -

     

     

    7,233

     

     

    -

     

    Loss on impairment (d)

     

    4,751

     

     

    27,217

     

     

    4,751

     

     

    27,217

     

    Provision for income taxes

     

    29,929

     

     

    9,993

     

     

    40,606

     

     

    25,085

     

    Adjusted income from continuing operations before income taxes  
    attributable to Acadia Healthcare Company, Inc.

     

    85,829

     

     

    33,112

     

     

    204,568

     

     

    125,570

     

    Adjusted income from discontinued operations before income taxes

     

    31,483

     

     

    21,841

     

     

    86,258

     

     

    90,669

     

    Adjusted income before income taxes attributable to  
    Acadia Healthcare Company, Inc.

     

    117,312

     

     

    54,953

     

     

    290,826

     

     

    216,239

     

    Income tax effect of adjustments to income (e)

     

    16,124

     

     

    9,925

     

     

    44,496

     

     

    37,110

     

    Adjusted income attributable to Acadia Healthcare Company, Inc.

    $

    101,188

     

    $

    45,028

     

    $

    246,330

     

    $

    179,129

     

     
    Weighted-average shares outstanding - diluted (f)

     

    89,233

     

     

    87,963

     

     

    88,595

     

     

    87,816

     

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

    $

    1.13

     

    $

    0.51

     

    $

    2.78

     

    $

    2.04

     

     
    See footnotes on page 13.
     
     
    Acadia Healthcare Company, Inc.
    Discontinued Operations Supplemental Financial Information
    (Unaudited)
     

    Statements of Discontinued Operations

     

    Three Months Ended December 31,

     

    Year Ended December 31,

     

    2020

     

     

     

    2019

     

     

     

    2020

     

     

     

    2019

     

    (in thousands)

     
    Revenue

    $

    301,996

     

    $

    279,007

     

    $

    1,119,768

     

    $

    1,099,081

     

     
    Salaries, wages and benefits

     

    166,620

     

     

    155,375

     

     

    632,134

     

     

    609,823

     

    Professional fees

     

    35,027

     

     

    33,333

     

     

    127,291

     

     

    122,532

     

    Supplies

     

    10,011

     

     

    9,632

     

     

    38,285

     

     

    37,527

     

    Rents and leases

     

    12,890

     

     

    12,592

     

     

    47,748

     

     

    46,743

     

    Other operating expenses

     

    27,852

     

     

    28,065

     

     

    113,534

     

     

    115,897

     

    Depreciation and amortization

     

    19,196

     

     

    19,100

     

     

    74,935

     

     

    76,121

     

    Interest expense, net

     

    (1,083

    )

     

    (931

    )

     

    (417

    )

     

    (231

    )

    Loss on sale

     

    867,324

     

     

    -

     

     

    867,324

     

     

    -

     

    Loss on impairment

     

    -

     

     

    27,169

     

     

    20,239

     

     

    27,169

     

    Transaction-related expenses

     

    984

     

     

    2,721

     

     

    8,719

     

     

    5,907

     

    Total expenses

     

    1,138,821

     

     

    287,056

     

     

    1,929,792

     

     

    1,041,488

     

    (Loss) income from discontinued operations before income taxes

     

    (836,825

    )

     

    (8,049

    )

     

    (810,024

    )

     

    57,593

     

    (Benefit from) provision for income taxes

     

    (8,128

    )

     

    (9,928

    )

     

    2,366

     

     

    781

     

    (Loss) income from discontinued operations

     

    (828,697

    )

     

    1,879

     

     

    (812,390

    )

     

    56,812

     

     
     
     

    Reconciliation of Net (Loss) Income from Discontinued Operations to Discontinued Operations Adjusted EBITDA

     
    Loss (income) from discontinued operations, net of taxes

    $

    (828,697

    )

    $

    1,879

     

    $

    (812,390

    )

    $

    56,812

     

    Provision for income taxes

     

    (8,128

    )

     

    (9,928

    )

     

    2,366

     

     

    781

     

    Interest expense, net

     

    (1,083

    )

     

    (931

    )

     

    (417

    )

     

    (231

    )

    Depreciation and amortization

     

    19,196

     

     

    19,100

     

     

    74,935

     

     

    76,121

     

    Discontinued operations EBITDA

     

    (818,712

    )

     

    10,120

     

     

    (735,506

    )

     

    133,483

     

     
    Adjustments:
    Transaction-related expenses (b)

     

    984

     

     

    2,721

     

     

    8,719

     

     

    5,907

     

    Loss on impairment (d)

     

    -

     

     

    27,169

     

     

    20,239

     

     

    27,169

     

    Loss on sale (g)

     

    867,324

     

     

    -

     

     

    867,324

     

     

    -

     

    Discontinued operations adjusted EBITDA

    $

    49,596

     

    $

    40,010

     

    $

    160,776

     

    $

    166,559

     

     
    Discontinued operations adjusted EBITDA margin

     

    16.4

    %

     

    14.3

    %

     

    14.4

    %

     

    15.2

    %

     
     
     

    Reconciliation of Net (Loss) Income from Discontinued Operations to Adjusted Income from Discontinued Operations

     
    Loss (income) from discontinued operations, net of taxes

    $

    (828,697

    )

    $

    1,879

     

    $

    (812,390

    )

    $

    56,812

     

     
    Adjustments to income:
    Transaction-related expenses (b)

     

    984

     

     

    2,721

     

     

    8,719

     

     

    5,907

     

    Loss on impairment (d)

     

    -

     

     

    27,169

     

     

    20,239

     

     

    27,169

     

    Loss on sale (g)

     

    867,324

     

     

    -

     

     

    867,324

     

     

    -

     

    (Benefit from) provision for income taxes

     

    (8,128

    )

     

    (9,928

    )

     

    2,366

     

     

    781

     

    Adjusted income from discontinued operations before income taxes

    $

    31,483

     

    $

    21,841

     

    $

    86,258

     

    $

    90,669

     

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

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended December 31,

     

    Year Ended December 31,

     

    2020

     

     

     

    2019

     

     

    % Change

     

     

    2020

     

     

     

    2019

     

     

    % Change

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

    $

    279,301

     

    $

    260,772

     

    7.1

    %

    $

    1,027,157

     

    $

    1,006,333

     

    2.1

    %

    Patient Days

     

    507,055

     

     

    497,279

     

    2.0

    %

     

    1,982,396

     

     

    2,000,755

     

    -0.9

    %

    Admissions

     

    2,176

     

     

    2,265

     

    -3.9

    %

     

    8,696

     

     

    9,346

     

    -7.0

    %

    Average Length of Stay (b)

     

    233.0

     

     

    219.5

     

    6.1

    %

     

    228.0

     

     

    214.1

     

    6.5

    %

    Revenue per Patient Day

    $

    551

     

    $

    524

     

    5.0

    %

    $

    518

     

    $

    503

     

    3.0

    %

    Adjusted EBITDA margin

     

    18.2

    %

     

    16.1

    %

    210 bps

     

    16.3

    %

     

    16.7

    %

    -40 bps
     
    U.K. Facility Results (c)
    Revenue

    $

    301,996

     

    $

    286,134

     

    5.5

    %

    $

    1,119,768

     

    $

    1,104,599

     

    1.4

    %

    Patient Days

     

    638,444

     

     

    664,709

     

    -4.0

    %

     

    2,578,284

     

     

    2,673,715

     

    -3.6

    %

    Admissions

     

    2,378

     

     

    2,626

     

    -9.4

    %

     

    9,872

     

     

    10,786

     

    -8.5

    %

    Average Length of Stay (b)

     

    268.5

     

     

    253.1

     

    6.1

    %

     

    261.2

     

     

    247.9

     

    5.4

    %

    Revenue per Patient Day

    $

    473

     

    $

    430

     

    9.9

    %

    $

    434

     

    $

    413

     

    5.1

    %

    Adjusted EBITDA margin

     

    16.4

    %

     

    14.4

    %

    200 bps

     

    14.4

    %

     

    15.2

    %

    -80 bps
    (a) Same facility results for the periods presented include facilities we have operated for more than one year and exclude the elderly care division.
    (b) Average length of stay is defined as patient days divided by admissions.
    (c) Revenue and revenue per patient day for the three months and year ended December 31, 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 months and year ended December 31, 2019 is 1.32 and 1.28, respectively.
     
     
    Acadia Healthcare Company, Inc.
    Footnotes
     
    We have included certain financial measures in this press release, including Continuing Operations EBITDA, Continuing Operations Adjusted EBITDA, Continuing Operations Adjusted EBITDA margin, Continuing Operations Adjusted income before income taxes, Discontinued Operations EBITDA, Discontinued Operations Adjusted EBITDA, Discontinued Operations Adjusted EBITDA margin, Adjusted income from discontinued operations before income taxes and Adjusted income, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC.
     
    We define Continuing Operations EBITDA as net (loss) income adjusted for net income attributable to noncontrolling interests, loss (income) from discontinued operations, net of taxes, provision for income taxes, net interest expense and depreciation and amortization. We define Continuing Operations Adjusted EBITDA as Continuing Operations EBITDA adjusted for equity-based compensation expense, transaction-related expenses, debt extinguishment costs and loss on impairment. We define Continuing Operations Adjusted EBITDA margin as Continuing Operations Adjusted EBITDA divided by revenue. We define Continuing Operations Adjusted income before income taxes as net (loss) income adjusted for net income attributable to noncontrolling interests, loss (income) from discontinued operations, net of taxes, transaction-related expenses, debt extinguishment costs, loss on impairment and provision for income taxes.
     
    We define Discontinued Operations EBITDA as loss (income) from discontinued operations, net of taxes, provision for income taxes, net interest expense and depreciation and amortization. We define Discontinued Operations Adjusted EBITDA as Discontinued Operations EBITDA adjusted for transaction-related expenses, loss on impairment and loss on sale. We define Discontinued Operations Adjusted EBITDA margin as Discontinued Operations Adjusted EBITDA divided by revenue from discontinued operations. We define Adjusted income from discontinued operations before income taxes as loss (income) from discontinued operations, net of taxes, adjusted for transaction-related expenses, loss on impairment, loss on sale and (benefit from) provision for income taxes.
     
    We define Combined Adjusted EBITDA as the sum of Continuing Operations Adjusted EBITDA and Discontinued Operations Adjusted EBITDA. We define Adjusted income attributable to Acadia Healthcare Company, Inc. as the sum of Adjusted income from continuing operations before income taxes attributable to Acadia Healthcare Company, Inc., Adjusted income from discontinued operations before income taxes and income tax effect of adjustments to income.
     
    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 Adjusted EBITDA is not a measurement determined in accordance with GAAP and is thus susceptible to varying calculations, Adjusted EBITDA, 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.
     
    (a) Represents the equity-based compensation expense of Acadia.
     
    (b) Represents transaction-related expenses incurred by Acadia primarily related to termination, restructuring, strategic review, management transition and other similar costs.
     
    (c) Represents debt extinguishment costs recorded in connection with the redemption of the 6.125% Senior Notes and 5.125% Senior Notes in June 2020, issuance of the 5.000% Senior Notes in October 2020 and the Fourth Repricing Facilities Amendment to the Amended and Restated Credit Facility in November 2020.
     
    (d) Represents non-cash long-lived asset impairment charges related to certain facility closures.
     
    (e) Represents the income tax effect of adjustments to income based on tax rates of 13.7% and 18.1% for the three months ended December 31, 2020 and 2019, respectively, and 15.3% and 17.2% for the year ended December 31, 2020 and 2019, respectively.
     
    (f) For the three months ended December 31, 2019, approximately 0.3 million of the outstanding restricted stock 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 three months ended December 31, 2019 causes such securities to be anti-dilutive.
     
    (g) Represents the loss on sale, including a non-cash goodwill impairment charge of $356.2 million, recorded in connection with the U.K. sale.

     



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    Acadia Healthcare Reports Fourth Quarter 2020 Results Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the fourth quarter and year ended December 31, 2020. On January 19, 2021, the Company closed on the sale of Acadia’s business operations in the United Kingdom, …

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