Press Release
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Company Provides Full Year and First Quarter 2021 Guidance
Expects to Complete Debt Refinancing in
On
Fourth Quarter 2020 Results
The Company reported revenue from continuing operations of
Including discontinued operations, combined revenue for the fourth quarter of 2020 was
Results for the fourth quarter of 2020 include other income of
For the fourth quarter, Acadia’s
“At the end of 2020, we reached an agreement to sell our
“During the fourth quarter of 2020, we added 34 beds to our existing
Debt Refinancing, Cash and Liquidity
As of
On
Upon completion of these transactions, Acadia’s debt structure is expected to include
“As intended, we used the proceeds from the
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
Conference Call
Acadia will hold a conference call to discuss its fourth 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) the impact of the COVID-19 pandemic, including, without limitation, disruption to the
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||
|
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 |
|
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 |
$ |
(783,672 |
) |
$ |
(11,254 |
) |
$ |
(672,132 |
) |
$ |
108,923 |
|
||||
Basic earnings (loss) per share attributable to |
||||||||||||||||
Income (loss) from continuing operations attributable to | ||||||||||||||||
$ |
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 |
$ |
(8.91 |
) |
$ |
(0.13 |
) |
$ |
(7.65 |
) |
$ |
1.24 |
|
||||
Diluted earnings (loss) per share attributable to |
||||||||||||||||
Income (loss) from continuing operations attributable to | ||||||||||||||||
$ |
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 |
$ |
(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 |
|
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
|
||||||||
|
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 |
|
||
|
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 |
|
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
Year Ended |
||||||||
|
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 |
|
Operating Statistics | ||||||||||||||||||||||
(Unaudited, Revenue in thousands) | ||||||||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||||||||
|
2020 |
|
|
|
2019 |
|
|
% Change |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
||||
Revenue |
$ |
538,023 |
|
$ |
500,241 |
|
7.6 |
% |
$ |
2,076,332 |
|
$ |
1,997,825 |
|
3.9 |
% |
||||||
|
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 |
$ |
804 |
|
$ |
775 |
|
3.8 |
% |
$ |
784 |
|
$ |
773 |
|
1.4 |
% |
||||||
Adjusted EBITDA margin (c) |
|
34.0 |
% |
|
24.5 |
% |
950 bps |
|
27.9 |
% |
|
25.4 |
% |
250 bps | ||||||||
Revenue |
$ |
541,276 |
|
$ |
501,225 |
|
8.0 |
% |
$ |
2,089,929 |
|
$ |
2,008,381 |
|
4.1 |
% |
||||||
|
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 |
$ |
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 |
|
|||||||||||||||||
Reconciliation of Net (Loss) Income Attributable to |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
Three Months Ended |
|
Year Ended |
|||||||||||||||
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|||
(in thousands) |
|||||||||||||||||
Net (loss) income attributable to |
$ |
(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. |
Reconciliation of Adjusted Income Attributable to |
|||||||||||||||||
Net (Loss) Income Attributable to |
|||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended |
|
Year Ended |
|||||||||||||||
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|||
(in thousands, except per share amounts) |
|||||||||||||||||
Net (loss) income attributable to |
$ |
(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 |
|
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 | |||||||||||||||||
|
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 |
$ |
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 |
|||||||||||||||||
per diluted share |
$ |
1.13 |
|
$ |
0.51 |
|
$ |
2.78 |
|
$ |
2.04 |
|
|||||
See footnotes on page 13. |
Discontinued Operations Supplemental Financial Information | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Statements of Discontinued Operations |
|||||||||||||||||
Three Months Ended |
|
Year Ended |
|||||||||||||||
|
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 |
|
|||||
Discontinued Operations Operating Statistics | ||||||||||||||||||||||
(Unaudited, Revenue in thousands) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||||||||
|
2020 |
|
|
|
2019 |
|
|
% Change |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
||||
Revenue |
$ |
279,301 |
|
$ |
260,772 |
|
7.1 |
% |
$ |
1,027,157 |
|
$ |
1,006,333 |
|
2.1 |
% |
||||||
|
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 |
$ |
551 |
|
$ |
524 |
|
5.0 |
% |
$ |
518 |
|
$ |
503 |
|
3.0 |
% |
||||||
Adjusted EBITDA margin |
|
18.2 |
% |
|
16.1 |
% |
210 bps |
|
16.3 |
% |
|
16.7 |
% |
-40 bps | ||||||||
Revenue |
$ |
301,996 |
|
$ |
286,134 |
|
5.5 |
% |
$ |
1,119,768 |
|
$ |
1,104,599 |
|
1.4 |
% |
||||||
|
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 |
$ |
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 |
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 |
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 |
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 |
(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 |
(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 |
(f) For the three months ended |
(g) Represents the loss on sale, including a non-cash goodwill impairment charge of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225006226/en/
Director, Investor Relations
(615) 861-6000
Source: