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Same Facility Revenue Increases 13%
Third Quarter Highlights
-
Revenue totaled
$750.3 million , an increase of 12.5% over the third quarter of 2022 - Same facility revenue increased 13.0% compared with the third quarter of 2022, including an increase in revenue per patient day of 6.6% and an increase in patient days of 6.0%
-
Net loss attributable to Acadia totaled
$217.7 million , or$2.39 per diluted share, including the impact of legal settlements expense of$394.2 million , less expected tax benefits -
Adjusted income attributable to Acadia was
$83.9 million , or$0.91 per diluted share, excluding$0.04 of income from theProvider Relief Fund (“PRF”) established under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act -
Adjusted EBITDA was
$175.9 million , an increase of 13.4% over the third quarter of 2022, excluding income from the PRF - Continued progress on the execution of the Company’s growth strategy through opening two new hospitals with joint venture partners and two comprehensive treatment centers (“CTCs”)
A reconciliation of all non-GAAP financial measures in this press release begins on page 9.
Third Quarter Results
“We produced strong financial results with impressive top line growth and favorable volume trends compared with the third quarter of 2022. We are pleased that the overall labor market is stabilizing with our base wage inflation continuing to decline. We expect the strategic technology investments we have made will further enhance our performance, drive efficiencies, and support strong clinical outcomes. Demand for our services is continuing to rise, and we are confident that we have a solid foundation and the right strategy in place to capitalize on this demand and deliver significant, sustainable value creation.”
Strategic Investments for Long-Term Growth
During the third quarter of 2023, the Company continued to make progress in meeting its strategic growth objectives with the following accomplishments across its five defined growth pathways:
- Facility Expansions – Added a total of 204 beds to existing facilities through the first nine months of the year, on track to meet the Company’s goal to add 300 beds by the end of 2023.
-
De Novo Facilities – Opened two CTCs offering medication-assisted treatment for patients dealing with opioid use disorder, bringing Acadia’s total to four CTCs opened this year. The Company expects to meet its objective of adding a total of six CTCs in 2023. Additionally, the Company remains on track to open two de novo acute inpatient hospitals by the end of the year – the renovated 101-bed adult hospital and outpatient facility are part of the
Montrose Behavioral Health Hospital inChicago, Illinois , as well as an 80-bed inpatient hospital,Coachella Valley Behavioral Health , inIndio, California .
-
Joint Ventures – Opened two new behavioral health hospitals with joint venture partners,
Bronson Healthcare inMichigan , and Geisinger inPennsylvania , early in the third quarter. These facilities have made favorable progress to date as they continue to ramp up admissions. The Company also broke ground and commenced construction in early November on the previously announced behavioral health hospital with joint venture partnerECU Health , eastern North Carolina’s premier health system. Acadia has 20 joint venture partnerships for 21 hospitals, with 11 hospitals already in operation and 10 additional hospitals expected to open over the next few years.
-
Acquisitions – Announced a definitive agreement to acquire Turning Point Centers, a 76-bed specialty provider of substance use disorder and primary mental health treatment services that supports the
Salt Lake City, Utah , metropolitan market. The transaction is expected to close by the end of the year.
-
Extend
Continuum of Care – Expanded treatment options by adding three outpatient programs during the third quarter, bringing Acadia’s total to 26 outpatient programs added during the nine months endedSeptember 30, 2023 . These programs include Partial Hospitalization Programs (PHP), Intensive Outpatient Programs (IOP) or virtual services.
Cash and Liquidity
Acadia has a strong financial position with sufficient capital to make strategic investments in its business. As of
Litigation Resolution
As described in the Form 8-K the Company filed on
Looking Ahead
Hunter concluded, “The World Health Organization recently recognized the importance of mental health as a universal human right. This theme is fundamental to Acadia’s mission, and our focus of ensuring access to industry-leading, high-quality care for all those in need of our services. As the nation’s largest stand-alone behavioral health provider, we are committed to applying our recognized scale and expertise to help set the standards for care that address the escalating demand for behavioral health and substance use treatment. We continue to look for opportunities and innovation that support patients across the continuum of care and help to expand the scope of those we serve. Our results to date demonstrate our ability to execute our strategy with favorable results, and we believe 2024 will be another year of impressive growth and progress for Acadia. We are proud of the work we are doing and are committed to providing safe, quality care for the patients, families and communities we serve and creating long-term value for our stockholders.”
Financial Guidance
Acadia today adjusted its previously announced financial guidance for 2023 for the following:
|
2023 |
|
Revenue |
|
|
Adjusted EBITDA, excluding income from the PRF |
|
|
Adjusted earnings per diluted share, excluding income from the PRF |
|
|
Expansion capital expenditures |
|
The Company affirmed the previously announced financial guidance for the following:
Interest expense |
|
|
Tax rate |
25% to 26% |
|
Depreciation and amortization expense |
|
|
Stock compensation expense |
|
|
Operating cash flows |
|
|
Maintenance capital expenditures |
|
|
IT capital expenditures |
|
The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction-related expenses, legal settlements expense or recognition of additional income from the CARES Act.
Conference Call
Acadia will hold a conference call to discuss its third quarter financial results at
About Acadia
Acadia is a leading provider of behavioral healthcare services across
Forward-Looking Information
This press release contains forward-looking statements. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this press release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of our facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) potential disruptions to our information technology systems or a cybersecurity incident; and (vii) potential operating difficulties, including, without limitation, disruption to the
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
(In thousands, except per share amounts) |
||||||||||||||||
Revenue |
$ |
750,334 |
|
$ |
666,732 |
|
$ |
2,185,938 |
|
$ |
1,935,104 |
|
||||
Salaries, wages and benefits (including equity-based compensation expense of |
|
394,150 |
|
|
352,582 |
|
|
1,171,960 |
|
|
1,027,732 |
|
||||
Professional fees |
|
45,540 |
|
|
40,367 |
|
|
130,468 |
|
|
117,718 |
|
||||
Supplies |
|
27,147 |
|
|
25,570 |
|
|
79,312 |
|
|
74,291 |
|
||||
Rents and leases |
|
11,731 |
|
|
11,339 |
|
|
34,880 |
|
|
33,780 |
|
||||
Other operating expenses |
|
104,048 |
|
|
88,993 |
|
|
290,798 |
|
|
255,355 |
|
||||
Income from provider relief fund |
|
(4,442 |
) |
|
(7,656 |
) |
|
(4,442 |
) |
|
(16,206 |
) |
||||
Depreciation and amortization |
|
33,388 |
|
|
29,573 |
|
|
96,969 |
|
|
87,627 |
|
||||
Interest expense, net |
|
20,742 |
|
|
18,003 |
|
|
61,651 |
|
|
50,355 |
|
||||
Legal settlements expense |
|
394,181 |
|
|
— |
|
|
394,181 |
|
|
— |
|
||||
Loss on impairment |
|
— |
|
|
— |
|
|
8,694 |
|
|
— |
|
||||
Transaction-related expenses |
|
11,247 |
|
|
10,859 |
|
|
26,792 |
|
|
18,381 |
|
||||
Total expenses |
|
1,037,732 |
|
|
569,630 |
|
|
2,291,263 |
|
|
1,649,033 |
|
||||
(Loss) income before income taxes |
|
(287,398 |
) |
|
97,102 |
|
|
(105,325 |
) |
|
286,071 |
|
||||
(Benefit from) provision for income taxes |
|
(71,873 |
) |
|
24,056 |
|
|
(29,907 |
) |
|
69,183 |
|
||||
Net (loss) income |
|
(215,525 |
) |
|
73,046 |
|
|
(75,418 |
) |
|
216,888 |
|
||||
Net income attributable to noncontrolling interests |
|
(2,185 |
) |
|
(1,947 |
) |
|
(3,978 |
) |
|
(4,873 |
) |
||||
Net (loss) income attributable to |
$ |
(217,710 |
) |
$ |
71,099 |
|
$ |
(79,396 |
) |
$ |
212,015 |
|
||||
(Loss) earnings per share attributable to |
||||||||||||||||
Basic |
$ |
(2.39 |
) |
$ |
0.79 |
|
$ |
(0.87 |
) |
$ |
2.37 |
|
||||
Diluted |
$ |
(2.39 |
) |
$ |
0.78 |
|
$ |
(0.87 |
) |
$ |
2.31 |
|
||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic |
|
91,168 |
|
|
89,833 |
|
|
90,852 |
|
|
89,607 |
|
||||
Diluted |
|
91,168 |
|
|
91,723 |
|
|
90,852 |
|
|
91,668 |
|
||||
|
||||||
Condensed Consolidated Balance Sheets |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
|
|
|
||
|
|
2023 |
|
2022 |
||
|
|
(In thousands) |
||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents |
$ |
99,591 |
$ |
97,649 |
||
Accounts receivable, net |
|
362,666 |
|
322,439 |
||
Other current assets |
|
241,218 |
|
86,037 |
||
Total current assets |
|
703,475 |
|
506,125 |
||
Property and equipment, net |
|
2,145,599 |
|
1,952,045 |
||
|
2,225,962 |
|
2,222,805 |
|||
Intangible assets, net |
|
73,811 |
|
76,041 |
||
Deferred tax assets |
|
2,850 |
|
2,950 |
||
Operating lease right-of-use assets |
|
122,090 |
|
135,238 |
||
Other assets |
|
72,431 |
|
92,697 |
||
Total assets |
$ |
5,346,218 |
$ |
4,987,901 |
||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Current portion of long-term debt |
$ |
26,563 |
$ |
21,250 |
||
Accounts payable |
|
149,874 |
|
104,723 |
||
Accrued salaries and benefits |
|
122,264 |
|
125,298 |
||
Current portion of operating lease liabilities |
|
26,242 |
|
26,463 |
||
Other accrued liabilities |
|
539,947 |
|
110,592 |
||
Total current liabilities |
|
864,890 |
|
388,326 |
||
Long-term debt |
|
1,349,954 |
|
1,364,541 |
||
Deferred tax liabilities |
|
70,450 |
|
92,588 |
||
Operating lease liabilities |
|
104,873 |
|
116,429 |
||
Other liabilities |
|
145,907 |
|
125,033 |
||
Total liabilities |
|
2,536,074 |
|
2,086,917 |
||
Redeemable noncontrolling interests |
|
97,582 |
|
88,257 |
||
Equity: | ||||||
Common stock |
|
912 |
|
899 |
||
Additional paid-in capital |
|
2,637,658 |
|
2,658,440 |
||
Retained earnings |
|
73,992 |
|
153,388 |
||
Total equity |
|
2,712,562 |
|
2,812,727 |
||
Total liabilities and equity |
$ |
5,346,218 |
$ |
4,987,901 |
||
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Nine Months Ended |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(In thousands) |
||||||
Operating activities: | ||||||||
Net (loss) income |
$ |
(75,418 |
) |
$ |
216,888 |
|
||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization |
|
96,969 |
|
|
87,627 |
|
||
Amortization of debt issuance costs |
|
2,485 |
|
|
2,440 |
|
||
Equity-based compensation expense |
|
23,140 |
|
|
21,745 |
|
||
Deferred income taxes |
|
(21,655 |
) |
|
20,176 |
|
||
Legal settlements expense |
|
394,181 |
|
|
— |
|
||
Loss on impairment |
|
8,694 |
|
|
— |
|
||
Other |
|
1,423 |
|
|
2,422 |
|
||
Change in operating assets and liabilities, net of effect of acquisitions: | ||||||||
Accounts receivable, net |
|
(40,227 |
) |
|
(35,538 |
) |
||
Other current assets |
|
(77,165 |
) |
|
(28,692 |
) |
||
Other assets |
|
309 |
|
|
3,373 |
|
||
Accounts payable and other accrued liabilities |
|
23,057 |
|
|
7,729 |
|
||
Accrued salaries and benefits |
|
(3,038 |
) |
|
(8,831 |
) |
||
Other liabilities |
|
17,723 |
|
|
10,303 |
|
||
Government relief funds |
|
(4,442 |
) |
|
(32,617 |
) |
||
Net cash provided by operating activities |
|
346,036 |
|
|
267,025 |
|
||
Investing activities: | ||||||||
Cash paid for acquisitions, net of cash acquired |
|
(349 |
) |
|
— |
|
||
Cash paid for capital expenditures |
|
(285,410 |
) |
|
(208,792 |
) |
||
Proceeds from sale of property and equipment |
|
633 |
|
|
1,784 |
|
||
Other |
|
(1,925 |
) |
|
(6,802 |
) |
||
Net cash used in investing activities |
|
(287,051 |
) |
|
(213,810 |
) |
||
Financing activities: | ||||||||
Borrowings on revolving credit facility |
|
40,000 |
|
|
— |
|
||
Principal payments on revolving credit facility |
|
(35,000 |
) |
|
(85,000 |
) |
||
Principal payments on long-term debt |
|
(15,938 |
) |
|
(13,281 |
) |
||
Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises |
|
(45,193 |
) |
|
(7,541 |
) |
||
Contributions from noncontrolling partners in joint ventures |
|
2,538 |
|
|
13,178 |
|
||
Distributions to noncontrolling partners in joint ventures |
|
(3,480 |
) |
|
(1,004 |
) |
||
Other |
|
30 |
|
|
39 |
|
||
Net cash used in financing activities |
|
(57,043 |
) |
|
(93,609 |
) |
||
Net increase (decrease) in cash and cash equivalents |
|
1,942 |
|
|
(40,394 |
) |
||
Cash and cash equivalents at beginning of the period |
|
97,649 |
|
|
133,813 |
|
||
Cash and cash equivalents at end of the period |
$ |
99,591 |
|
$ |
93,419 |
|
||
Effect of acquisitions: | ||||||||
Assets acquired, excluding cash |
$ |
6,766 |
|
$ |
— |
|
||
Liabilities assumed |
|
(128 |
) |
|
— |
|
||
Redeemable noncontrolling interest resulting from an acquisition |
|
(6,289 |
) |
|
— |
|
||
Cash paid for acquisitions, net of cash acquired |
$ |
349 |
|
$ |
— |
|
||
|
||||||||||||||||||||||
Operating Statistics |
||||||||||||||||||||||
(Unaudited, Revenue in thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
||
Same Facility Results (1) | ||||||||||||||||||||||
Revenue |
$ |
744,868 |
|
$ |
659,336 |
|
13.0 |
% |
$ |
2,161,096 |
|
$ |
1,920,229 |
|
12.5 |
% |
||||||
|
774,996 |
|
|
731,282 |
|
6.0 |
% |
|
2,285,467 |
|
|
2,160,232 |
|
5.8 |
% |
|||||||
Admissions |
|
49,658 |
|
|
47,260 |
|
5.1 |
% |
|
147,734 |
|
|
139,430 |
|
6.0 |
% |
||||||
Average Length of Stay (2) |
|
15.6 |
|
|
15.5 |
|
0.9 |
% |
|
15.5 |
|
|
15.5 |
|
-0.1 |
% |
||||||
Revenue per |
$ |
961 |
|
$ |
902 |
|
6.6 |
% |
$ |
946 |
|
$ |
889 |
|
6.4 |
% |
||||||
Adjusted EBITDA margin (3) |
|
29.8 |
% |
|
29.6 |
% |
20 bps |
|
29.1 |
% |
|
28.8 |
% |
30 bps | ||||||||
Adjusted EBITDA margin excluding income from provider relief fund |
|
29.2 |
% |
|
28.4 |
% |
80 bps |
|
28.9 |
% |
|
28.0 |
% |
90 bps | ||||||||
Facility Results | ||||||||||||||||||||||
Revenue |
$ |
750,334 |
|
$ |
666,732 |
|
12.5 |
% |
$ |
2,185,938 |
|
$ |
1,935,104 |
|
13.0 |
% |
||||||
|
779,296 |
|
|
738,702 |
|
5.5 |
% |
|
2,306,109 |
|
|
2,179,805 |
|
5.8 |
% |
|||||||
Admissions |
|
50,302 |
|
|
47,692 |
|
5.5 |
% |
|
150,237 |
|
|
139,930 |
|
7.4 |
% |
||||||
Average Length of Stay (2) |
|
15.5 |
|
|
15.5 |
|
0.0 |
% |
|
15.3 |
|
|
15.6 |
|
-1.5 |
% |
||||||
Revenue per |
$ |
963 |
|
$ |
903 |
|
6.7 |
% |
$ |
948 |
|
$ |
888 |
|
6.8 |
% |
||||||
Adjusted EBITDA margin (3) |
|
28.7 |
% |
|
28.7 |
% |
0 bps |
|
28.0 |
% |
|
28.3 |
% |
-30 bps | ||||||||
Adjusted EBITDA margin excluding income from provider relief fund |
|
28.1 |
% |
|
27.5 |
% |
60 bps |
|
27.8 |
% |
|
27.4 |
% |
40 bps |
(1) Same facility results for the periods presented include facilities we have operated for more than one year and exclude certain closed services. | |||||||||||||
(2) Average length of stay is defined as patient days divided by admissions. | |||||||||||||
(3) For each of the three and nine months ended |
|||||||||||||
|
||||||||||||||||
Reconciliation of Net (Loss) Income Attributable to |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(in thousands) |
||||||||||||||
Net (loss) income attributable to |
$ |
(217,710 |
) |
$ |
71,099 |
|
$ |
(79,396 |
) |
$ |
212,015 |
|
||||
Net income attributable to noncontrolling interests |
|
2,185 |
|
|
1,947 |
|
|
3,978 |
|
|
4,873 |
|
||||
(Benefit from) provision for income taxes |
|
(71,873 |
) |
|
24,056 |
|
|
(29,907 |
) |
|
69,183 |
|
||||
Interest expense, net |
|
20,742 |
|
|
18,003 |
|
|
61,651 |
|
|
50,355 |
|
||||
Depreciation and amortization |
|
33,388 |
|
|
29,573 |
|
|
96,969 |
|
|
87,627 |
|
||||
EBITDA |
|
(233,268 |
) |
|
144,678 |
|
|
53,295 |
|
|
424,053 |
|
||||
Adjustments: | ||||||||||||||||
Equity-based compensation expense (a) |
|
8,163 |
|
|
7,240 |
|
|
23,140 |
|
|
21,745 |
|
||||
Transaction-related expenses (b) |
|
11,247 |
|
|
10,859 |
|
|
26,792 |
|
|
18,381 |
|
||||
Legal settlements expense (c) |
|
394,181 |
|
|
— |
|
|
394,181 |
|
|
— |
|
||||
Loss on impairment (d) |
|
— |
|
|
— |
|
|
8,694 |
|
|
— |
|
||||
Adjusted EBITDA |
$ |
180,323 |
|
$ |
162,777 |
|
$ |
506,102 |
|
$ |
464,179 |
|
||||
Adjusted EBITDA margin |
|
24.0 |
% |
|
24.4 |
% |
|
23.2 |
% |
|
24.0 |
% |
||||
Adjusted EBITDA excluding income from provider relief fund |
$ |
175,881 |
|
$ |
155,121 |
|
$ |
501,660 |
|
$ |
447,973 |
|
||||
Adjusted EBITDA margin excluding income from provider relief fund |
|
23.4 |
% |
|
23.3 |
% |
|
22.9 |
% |
|
23.1 |
% |
||||
See footnotes on page 11. |
|
||||||||||||||||
Reconciliation of Net (Loss) Income Attributable to |
||||||||||||||||
Adjusted Income Attributable to |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(in thousands, except per share amounts) |
||||||||||||||
Net (loss) income attributable to |
$ |
(217,710 |
) |
$ |
71,099 |
|
$ |
(79,396 |
) |
$ |
212,015 |
|
||||
Adjustments to income: | ||||||||||||||||
Transaction-related expenses (b) |
|
11,247 |
|
|
10,859 |
|
|
26,792 |
|
|
18,381 |
|
||||
Legal settlements expense (c) |
|
394,181 |
|
|
— |
|
|
394,181 |
|
|
— |
|
||||
Loss on impairment (d) |
|
— |
|
|
— |
|
|
8,694 |
|
|
— |
|
||||
(Benefit from) provision for income taxes |
|
(71,873 |
) |
|
24,056 |
|
|
(29,907 |
) |
|
69,183 |
|
||||
Adjusted income before income taxes attributable to |
|
115,845 |
|
|
106,014 |
|
|
320,364 |
|
|
299,579 |
|
||||
Income tax effect of adjustments to income (e) |
|
28,756 |
|
|
27,148 |
|
|
79,947 |
|
|
76,662 |
|
||||
Adjusted income attributable to |
|
87,089 |
|
|
78,866 |
|
|
240,417 |
|
|
222,917 |
|
||||
Income from provider relief fund, net of taxes |
|
(3,237 |
) |
|
(5,579 |
) |
|
(3,237 |
) |
|
(11,809 |
) |
||||
Adjusted income attributable to |
$ |
83,852 |
|
$ |
73,287 |
|
$ |
237,180 |
|
$ |
211,108 |
|
||||
Weighted-average shares outstanding - diluted (f) |
|
91,655 |
|
|
91,723 |
|
|
91,684 |
|
|
91,668 |
|
||||
Adjusted income attributable to |
$ |
0.95 |
|
$ |
0.86 |
|
$ |
2.62 |
|
$ |
2.43 |
|
||||
Income from provider relief fund, net of taxes, per diluted share |
|
(0.04 |
) |
|
(0.06 |
) |
|
(0.04 |
) |
|
(0.13 |
) |
||||
Adjusted income attributable to |
$ |
0.91 |
|
$ |
0.80 |
|
$ |
2.58 |
|
$ |
2.30 |
|
||||
See footnotes on page 11. |
Footnotes | |
We have included certain financial measures in this press release, including those listed below, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the |
|
• EBITDA: net (loss) income attributable to |
|
• Adjusted EBITDA: EBITDA adjusted for equity-based compensation expense, loss on impairment, legal settlements expense and transaction-related expenses. | |
• Adjusted EBITDA excluding income from provider relief fund: Adjusted EBITDA adjusted for income from provider relief fund. | |
• Adjusted EBITDA margin: Adjusted EBITDA divided by revenue. | |
• Adjusted EBITDA margin excluding income from provider relief fund: Adjusted EBITDA excluding income from provider relief fund divided by revenue. | |
• Adjusted income before income taxes attributable to |
|
• Adjusted income attributable to |
|
• Adjusted income attributable to |
|
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 Company is not able to provide a reconciliation of projected Adjusted EBITDA and adjusted earnings per diluted share, where provided, to expected results due to the unknown effect, timing and potential significance of transaction-related expenses and the tax effect of such expenses. | |
(a) Represents the equity-based compensation expense of Acadia. | |
(b) Represents transaction-related expenses incurred by Acadia primarily related to termination, restructuring, management transition, acquisition and other similar costs. | |
(c) Represents legal settlements expense related to the |
|
(d) During the second quarter of 2023, we recorded non-cash impairment charges totaling |
|
(e) Represents the income tax effect of adjustments to income based on tax rates of 24.8% and 25.6% for the three months ended |
|
(f) For the three and nine months ended |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20231102405397/en/
Vice President, Investor Relations
(615) 861-6000
Source: