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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 25, 2017

Acadia Healthcare Company, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Delaware 001-35331 45-2492228
(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

6100 Tower Circle, Suite 1000
(Address of Principal Executive Offices)

(615) 861-6000
(Registrant's Telephone Number, including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

⃞

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

⃞

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

⃞

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02          Results of Operations and Financial Condition.

On April 25, 2017, Acadia Healthcare Company, Inc. (“Acadia”) issued a press release announcing, among other things, Acadia’s operating and financial results for the first quarter ended March 31, 2017. The press release is furnished herewith as Exhibit 99 hereto and is incorporated herein by reference.

Item 9.01          Financial Statements and Exhibits.

(d)                      Exhibits.

99                       Press Release of Acadia Healthcare Company, Inc., dated April 25, 2017.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ACADIA HEALTHCARE COMPANY, INC.

 

 
Date: April 25, 2017 By: /s/ Christopher L. Howard
Christopher L. Howard

Executive Vice President and General Counsel

EXHIBIT INDEX

Exhibit

No.

  Description
 
99 Press Release of Acadia Healthcare Company, Inc., dated April 25, 2017

Exhibit 99

Acadia Healthcare Reports First Quarter GAAP EPS of $0.40 and Adjusted EPS of $0.46

Affirms Financial Guidance for 2017

FRANKLIN, Tenn.--(BUSINESS WIRE)--April 25, 2017--Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the first quarter ended March 31, 2017. Revenue for the quarter was $679.2 million, an increase of 10.1% from $616.8 million for the first quarter of 2016. Net income attributable to Acadia stockholders increased 36.1% to $35.0 million for the first quarter of 2017 from $25.7 million for the first quarter of 2016. Net income attributable to Acadia stockholders per diluted share increased 29.0% to $0.40 for the first quarter of 2017 from $0.31 for the first quarter of 2016, on a 4.2% increase in weighted average diluted shares outstanding. Adjusted income from continuing operations attributable to Acadia stockholders per diluted share was $0.46 for the first quarter of 2017 compared with $0.55 for the first quarter of 2016. The results for the first quarter of 2017 were impacted by the decline in the exchange rate of the British Pound Sterling to the U.S. dollar, the divestiture of 22 facilities in the U.K. during the fourth quarter of 2016 and the loss of one day due to leap year in 2016. A reconciliation of all non-GAAP financial results in this release appears beginning on page 8.

Joey Jacobs, Chairman and Chief Executive Officer of Acadia, commented, “Acadia produced financial results for the first quarter of 2017 that were largely consistent with our expectations for the quarter and financial guidance for the year. Our revenue growth primarily resulted from the acquisition of Priory Group on February 16, 2016, which added approximately 6,200 beds, net of the divestiture, to our operations in the United Kingdom. In the trailing 12 months ended March 31, 2017, we also acquired nearly 240 beds through three transactions and added 719 beds to existing facilities and de novo facilities, 82 of which were added to existing facilities in the first quarter of 2017.

“The favorable impact of the growth in our beds in operation during the first quarter was partially offset by a reduction of approximately six percentage points in our revenue growth rate due to the post-Brexit decline in the exchange rate of the British Pound Sterling to the U.S. dollar, in addition to the impact of the first quarter of 2017 having one less day due to leap year in 2016.”

Acadia’s same facility revenues increased 4.8% for the first quarter of 2017 compared with the same prior-year quarter, as patient days rose 3.7% and revenue per patient day increased 1.0%. Same facility revenue increased 5.5% for the U.S. facilities, with an increase of 5.8% in patient days and a decline of 0.3% in revenue per patient day. Same facility revenues increased 2.6% for the U.K. facilities, with a 0.1% increase in patient days and a 2.4% increase in revenue per patient day. Total same facility EBITDA margin declined to 25.2% for the first quarter of 2017 from 25.6% for the first quarter of 2016. Acadia’s consolidated adjusted EBITDA was $136.4 million for the first quarter of 2017, up 4.1% from $131.0 million for the first quarter of 2016.

As of January 1, 2017, the Company adopted a new accounting standard, ASU 2016-09, under which adjustments to the income tax effects of share-based awards are now recognized in the income statement when the awards vest, instead of through equity on the balance sheet. This change resulted in an increase in Acadia’s income tax provision for the first quarter of 2017 of $1.7 million or an increase in the unadjusted tax rate of 3.6 percentage points. Adjusted income from continuing operations for the first quarter of 2017 excludes the impact of adopting ASU 2016-09, and as a result the adjusted tax rate is 24.5%.

Acadia today affirmed its previously established financial guidance for 2017, as follows:

The Company’s 2017 financial guidance assumes an exchange rate of $1.25 per British Pound Sterling and a tax rate of approximately 25%. The Company’s guidance does not include the impact of any future acquisitions or transaction-related expenses. EBITDA is defined as net income adjusted for net loss attributable to noncontrolling interests, income tax provision, net interest expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for equity-based compensation expense, gain on foreign currency derivatives and transaction-related expenses. Adjusted income is defined as net income adjusted for provision for income taxes, gain on foreign currency derivatives, transaction-related expenses and income tax provision reflecting tax effect of adjustments attributable to Acadia.

Acadia will hold a conference call to discuss its first quarter financial results at 8:00 a.m. Eastern Time on Wednesday, April 26, 2017. 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 May 10, 2017.

Risk Factors

This news release contains forward-looking statements. Generally words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this news release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties operating our business in light of political and economic instability in the U.K. and globally following the referendum in the U.K. on June 23, 2016, in which voters approved an exit from the European Union, or Brexit; (ii) the impact of fluctuations in foreign exchange rates, including the devaluation of the British Pound Sterling (GBP) relative to the U.S. Dollar (USD) following the Brexit vote; (iii) Acadia’s ability to complete acquisitions and successfully integrate the operations of acquired facilities, including Priory facilities; (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 and governmental investigations, which could adversely affect the price of our common stock and result in 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, client preferences, changes in competition and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategy. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC.

About Acadia

Acadia is a provider of behavioral healthcare services. At March 31, 2017, Acadia operated a network of 575 behavioral healthcare facilities with approximately 17,200 beds in 39 states, the United Kingdom and Puerto Rico. Acadia provides behavioral health and addiction services to its patients in a variety of settings, including inpatient psychiatric hospitals, residential treatment centers, outpatient clinics and therapeutic school-based programs.

 
Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
       
Three Months Ended March 31,
2017 2016
(In thousands, except per share amounts)
 
Revenue before provision for doubtful accounts $ 689,341 $ 627,183
Provision for doubtful accounts   (10,147 )   (10,370 )
Revenue 679,194 616,813
 

Salaries, wages and benefits (including equity-based compensation expense of $7,396 and $6,956, respectively)

376,421 341,028
Professional fees 43,409 39,991
Supplies 27,709 26,685
Rents and leases 18,971 14,806
Other operating expenses 83,711 70,247
Depreciation and amortization 33,613 27,975
Interest expense, net 42,757 37,714
Gain on foreign currency derivatives - (410 )
Transaction-related expenses   4,119     26,298  
Total expenses   630,710     584,334  
Income before income taxes 48,484 32,479
Provision for income taxes   13,711     7,110  
Net income 34,773 25,369
Net loss attributable to noncontrolling interests   185     319  
Net income attributable to Acadia Healthcare Company, Inc. $ 34,958   $ 25,688  
 
Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders:
Basic $ 0.40   $ 0.31  
Diluted $ 0.40   $ 0.31  
 
Weighted-average shares outstanding:
Basic 86,762 82,943
Diluted 86,908 83,420
 
 
Acadia Healthcare Company, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
   

 

March 31,
2017

   

December 31,
2016

(In thousands)
 
ASSETS
Current assets:
Cash and cash equivalents $ 43,087 $ 57,063

Accounts receivable, net of allowance for doubtful accounts of $41,121 and $38,916, respectively

276,089 263,327
Other current assets   104,837     107,537  
Total current assets 424,013 427,927
Property and equipment, net 2,749,538 2,703,695
Goodwill 2,683,787 2,681,188
Intangible assets, net 83,718 83,310
Deferred tax assets - noncurrent 3,750 3,780
Derivative instruments 59,257 73,509
Other assets   61,727     51,317  
Total assets $ 6,065,790   $ 6,024,726  
 
 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt $ 34,805 $ 34,805
Accounts payable 92,673 80,034
Accrued salaries and benefits 102,333 105,068
Other accrued liabilities   106,046     122,958  
Total current liabilities 335,857 342,865
Long-term debt 3,246,577 3,253,004
Deferred tax liabilities - noncurrent 63,858 78,520
Other liabilities   165,995     164,859  
Total liabilities 3,812,287 3,839,248
Redeemable noncontrolling interests 17,570 17,754
Equity:
Common stock 869 867
Additional paid-in capital 2,499,760 2,496,288
Accumulated other comprehensive loss (528,392 ) (549,570 )
Retained earnings   263,696     220,139  
Total equity   2,235,933     2,167,724  
Total liabilities and equity $ 6,065,790   $ 6,024,726  
 
 
Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
       
Three Months Ended March 31,
2017 2016
(In thousands)
Operating activities:
Net income $ 34,773 $ 25,369
Adjustments to reconcile net income to net cash provided by continuing operating activities:
Depreciation and amortization 33,613 27,975
Amortization of debt issuance costs 2,396 2,147
Equity-based compensation expense 7,396 6,956
Deferred income tax expense 2,007 9,085
Gain on foreign currency derivatives - (410 )
Other 3,825 882
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net (12,459 ) (3,749 )
Other current assets 5,886 (8,075 )
Other assets (1,710 ) (2,402 )
Accounts payable and other accrued liabilities (16,993 ) 7,498
Accrued salaries and benefits (3,437 ) (6,347 )
Other liabilities   2,142     354  
Net cash provided by continuing operating activities 57,439 59,283
Net cash used in discontinued operating activities   (425 )   (619 )
Net cash provided by operating activities 57,014 58,664
 
Investing activities:
Cash paid for acquisitions, net of cash acquired - (580,096 )
Cash paid for capital expenditures (50,549 ) (90,089 )
Cash paid for real estate acquisitions (2,495 ) (14,799 )
Settlement of foreign currency derivatives - 745
Other   (5,051 )   (1,208 )
Net cash used in investing activities (58,095 ) (685,447 )
 
Financing activities:
Borrowings on long-term debt - 1,480,000
Borrowings on revolving credit facility - 58,000
Principal payments on revolving credit facility - (166,000 )
Principal payments on long-term debt (8,638 ) (13,669 )
Repayment of assumed debt - (1,348,389 )
Payment of debt issuance costs - (34,167 )
Issuance of common stock, net - 685,097
Common stock withheld for minimum statutory taxes, net (4,234 ) (6,679 )
Other   (865 )   (224 )
Net cash (used in) provided by financing activities   (13,737 )   653,969  
 
Effect of exchange rate changes on cash   842     (1,819 )
 
Net (decrease) increase in cash and cash equivalents (13,976 ) 25,367
Cash and cash equivalents at beginning of the period   57,063     11,215  
Cash and cash equivalents at end of the period $ 43,087   $ 36,582  

 

 

Effect of acquisitions:
Assets acquired, excluding cash $ - $ 2,372,358
Liabilities assumed - (1,575,380 )
Issuance of common stock in connection with acquisition   -     (216,882 )
Cash paid for acquisitions, net of cash acquired $ -   $ 580,096  
 
 
Acadia Healthcare Company, Inc.
Operating Statistics
(Unaudited, Revenue in thousands)
             
Three Months Ended March 31,
2017 2016 % Change
Same Facility Results (a,c)
Revenue $ 547,965 $ 523,031 4.8%
Patient Days 905,650 873,476 3.7%
Admissions 37,489 34,514 8.6%
Average Length of Stay (b) 24.2 25.3 -4.5%
Revenue per Patient Day $ 605 $ 599 1.0%
EBITDA margin 25.2 % 25.6 % -40 bps
 
U.S. Same Facility Results (a)
Revenue $ 418,852 $ 397,139 5.5%
Patient Days 583,805 552,016 5.8%
Admissions 36,317 33,476 8.5%
Average Length of Stay (b) 16.1 16.5 -2.5%
Revenue per Patient Day $ 717 $ 719 -0.3%
EBITDA margin 26.3 % 27.2 % -90 bps
 
U.K. Same Facility Results (a,c)
Revenue $ 129,113 $ 125,892 2.6%
Patient Days 321,845 321,460 0.1%
Admissions 1,172 1,038 12.9%
Average Length of Stay (b) 274.6 309.7 -11.3%
Revenue per Patient Day $ 401 $ 392 2.4%
EBITDA margin 21.4 % 20.7 % 70 bps
 
 
 
U.S. Facility Results
Revenue $ 440,223 $ 408,264 7.8%
Patient Days 606,527 561,323 8.1%
Admissions 38,356 34,465 11.3%
Average Length of Stay (b) 15.8 16.3 -2.9%
Revenue per Patient Day $ 726 $ 727 -0.2%
EBITDA margin 25.5 % 26.2 % -70 bps
 
U.K. Facility Results (c)
Revenue $ 238,971 $ 152,291 56.9%
Patient Days 671,720 406,646 65.2%
Admissions 2,589 1,391 86.1%
Average Length of Stay (b) 259.5 292.3 -11.3%
Revenue per Patient Day $ 356 $ 375 -5.0%
EBITDA margin 18.5 % 20.1 % -160 bps
 
Total Facility Results (c)
Revenue $ 679,194 $ 560,555 21.2%
Patient Days 1,278,247 967,969 32.1%
Admissions 40,945 35,856 14.2%
Average Length of Stay (b) 31.2 27.0 15.6%
Revenue per Patient Day $ 531 $ 579 -8.2%
EBITDA margin 23.0 % 24.5 % -150 bps
 

(a)

Same-facility results for the periods presented exclude the U.K. divestiture and other closed services.

(b)

Average length of stay is defined as patient days divided by admissions.

(c)

U.K. Facility and Total Facility results for the periods presented exclude the U.K. divestiture. Revenue and revenue per patient day for the three months ended March 31, 2016 is adjusted to reflect the foreign currency exchange rate for the comparable period of 2017 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 ended March 31, 2016 is 1.24.

 
 
Acadia Healthcare Company, Inc.
Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA
(Unaudited)
       
Three Months Ended March 31,
2017 2016
(in thousands)
 
Net income attributable to Acadia Healthcare Company, Inc. $ 34,958 $ 25,688
Net loss attributable to noncontrolling interests (185 ) (319 )
Provision for income taxes 13,711 7,110
Interest expense, net 42,757 37,714
Depreciation and amortization   33,613     27,975  
EBITDA 124,854 98,168
 
Adjustments:
Equity-based compensation expense (a) 7,396 6,956
Gain on foreign currency derivatives (b) - (410 )
Transaction-related expenses (c)   4,119     26,298  
Adjusted EBITDA $ 136,369   $ 131,012  
 
See footnotes on page 11.
 
 
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 March 31,
2017 2016
(in thousands, except per share amounts)
 
Net income attributable to Acadia Healthcare Company, Inc. $ 34,958 $ 25,688
Provision for income taxes   13,711     7,110  
Income attributable to Acadia Healthcare Company, Inc. before income taxes 48,669 32,798
 
Adjustments to income:
Gain on foreign currency derivatives (b) - (410 )
Transaction-related expenses (c) 4,119 26,298
Income tax provision reflecting tax effect of adjustments to income (d)   (12,912 )   (12,852 )
Adjusted income attributable to Acadia Healthcare Company, Inc. $ 39,876 $ 45,834
 
Weighted-average shares outstanding - diluted 86,908 83,420
 
Adjusted income attributable to Acadia Healthcare Company, Inc. per diluted share $ 0.46   $ 0.55  
 
See footnotes on page 11.
 
 
Acadia Healthcare Company, Inc.
Constant Currency Condensed Consolidated Statements of Operations (e)
(Unaudited)
       
Three Months Ended March 31,
2017 2016
(In thousands, except per share amounts)
 
Revenue before provision for doubtful accounts $ 726,811 $ 627,183
Provision for doubtful accounts   (10,147 )   (10,370 )
Revenue 716,664 616,813
 

Salaries, wages and benefits (including equity-based compensation expense of $7,396 and $6,956, respectively)

397,221 341,028
Professional fees 46,317 39,991
Supplies 28,969 26,685
Rents and leases 20,560 14,806
Other operating expenses 87,677 70,247
Depreciation and amortization 36,270 27,975
Interest expense, net 42,789 37,714
Gain on foreign currency derivatives - (410 )
Transaction-related expenses   4,532     26,298  
Total expenses   664,335     584,334  
Income before income taxes 52,329 32,479
Provision for income taxes   13,951     7,110  
Net income 38,378 25,369
Net loss attributable to noncontrolling interests   185     319  
Net income attributable to Acadia Healthcare Company, Inc. $ 38,563   $ 25,688  
 
 
Constant Currency Reconciliation of Adjusted Income Attributable to Acadia Healthcare Company, Inc. to
Net Income Attributable to Acadia Healthcare Company, Inc. (g)
(Unaudited)
 
Net income attributable to Acadia Healthcare Company, Inc. $ 38,563 $ 25,688
Provision for income taxes   13,951     7,110  
Income attributable to Acadia Healthcare Company, Inc. before income taxes $ 52,514 $ 32,798
 
Adjustments to income:
Gain on foreign currency derivatives (b) - (410 )
Transaction-related expenses (c) 4,532 26,298
Income tax provision reflecting tax effect of adjustments to income (d)   (13,240 )   (12,852 )
Adjusted income attributable to Acadia Healthcare Company, Inc. $ 43,806 $ 45,834
 
Weighted-average shares outstanding - diluted 86,908 83,420
 
Adjusted income attributable to Acadia Healthcare Company, Inc. per diluted share $ 0.50   $ 0.55  
 
See footnotes on page 11.
 

 

Acadia Healthcare Company, Inc.
Footnotes
   
We have included certain financial measures in this press release, including EBITDA, Adjusted EBITDA, Adjusted income, and constant currency 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 loss attributable to noncontrolling interests, income tax provision, net interest expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for equity-based compensation expense, gain on foreign currency derivatives and transaction-related expenses. We define Adjusted income as net income adjusted for provision for income taxes, gain on foreign currency derivatives, transaction-related expenses and income tax provision reflecting tax effect of adjustments attributable to Acadia.
 
EBITDA, Adjusted EBITDA, Adjusted income and constant currency 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 income and constant currency 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 income and constant currency adjusted income may not be comparable to similarly titled measures of other companies. We have included information concerning EBITDA, Adjusted EBITDA, Adjusted income and constant currency 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 income and constant currency adjusted income when reporting their results. Our presentation of EBITDA, Adjusted EBITDA, Adjusted income and constant currency adjusted income should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.
 
Foreign currency exchange rate fluctuations affect the amounts reported from translating U.K. revenues and expenses into USD. These rate fluctuations can have a significant effect on our reported operating results. As a supplement to our reported operating results, we present constant currency financial information. We use constant currency financial information to provide a framework to assess how our business performed excluding the effects of changes in foreign currency translation rates. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses. To calculate financial information on a constant currency basis, financial information in the current period for amounts recorded in GBP is translated into USD at the average exchange rates that were in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).
 
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 the change in fair value of foreign currency derivatives purchased by Acadia related to (i) acquisitions in the U.K. and (ii) transfers of cash between the U.S. and U.K. under the Company’s cash management and foreign currency risk management programs.
 
(c) Represents transaction-related expenses incurred by Acadia related to acquisitions.
 
(d) Represents the income tax provision adjusted to reflect the tax effect of the adjustments to income based on tax rates of 24.5% and 21.9% for the three months ended March 31, 2017 and 2016, respectively. The adjusted income tax provision for the three months ended March 31, 2017 excludes the impact of adopting ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting” of approximately $1.7 million.
 
(e) Calculated on a constant currency basis whereby financial information in the current period for amounts recorded GBP is translated into USD at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period). The exchange rate used for the three months ended March 31, 2016 is 1.43.

CONTACT:
Acadia Healthcare Company, Inc.
Gretchen Hommrich, 615-861-6000
Director, Investor Relations