UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
(Address, including zip code, of principal executive offices)
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated filer |
☐ Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
At November 2, 2022, there were
ACADIA HEALTHCARE COMPANY, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
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Item 1. |
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1 |
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1 |
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2 |
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) |
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4 |
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5 |
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Notes to Condensed Consolidated Financial Statements (Unaudited) |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
22 |
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Item 3. |
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34 |
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Item 4. |
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34 |
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Item 1. |
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35 |
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Item 1A. |
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35 |
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Item 2. |
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35 |
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Item 6. |
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36 |
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37 |
PART I – FINANCIAL INFORMATION
Item 1. |
Financial Statements |
Acadia Healthcare Company, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
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September 30, 2022 |
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December 31, 2021 |
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(In thousands, except share and per share amounts) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts receivable, net |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Goodwill |
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Intangible assets, net |
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Deferred tax assets |
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Operating lease right-of-use assets |
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Other assets |
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Total assets |
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$ |
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$ |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
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$ |
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Accounts payable |
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Accrued salaries and benefits |
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Current portion of operating lease liabilities |
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Other accrued liabilities |
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Total current liabilities |
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Long-term debt |
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Deferred tax liabilities |
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Operating lease liabilities |
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Other liabilities |
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Total liabilities |
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Redeemable noncontrolling interests |
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Equity: |
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Preferred stock, $ |
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Common stock, $ and December 31, 2021, respectively |
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Additional paid-in capital |
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Retained earnings (accumulated deficit) |
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Total equity |
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Total liabilities and equity |
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$ |
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$ |
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See accompanying notes.
1
Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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(In thousands, except per share amounts) |
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Revenue |
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$ |
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$ |
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$ |
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$ |
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Salaries, wages and benefits (including equity-based compensation expense of $ |
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Professional fees |
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Supplies |
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Rents and leases |
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Other operating expenses |
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Income from provider relief fund |
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— |
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— |
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Depreciation and amortization |
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Interest expense, net |
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Debt extinguishment costs |
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— |
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— |
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— |
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Loss on impairment |
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— |
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— |
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Transaction-related expenses |
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Total expenses |
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Income from continuing operations before income taxes |
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Provision for income taxes |
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Income from continuing operations |
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Loss from discontinued operations, net of taxes |
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— |
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— |
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— |
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Net income |
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Net income attributable to noncontrolling interests |
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Net income attributable to Acadia Healthcare Company, Inc. |
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$ |
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$ |
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$ |
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$ |
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Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: |
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Income from continuing operations attributable to Acadia Healthcare Company, Inc. |
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$ |
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$ |
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$ |
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$ |
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Loss from discontinued operations |
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— |
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— |
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— |
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( |
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Net income attributable to Acadia Healthcare Company, Inc. |
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$ |
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$ |
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$ |
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$ |
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Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: |
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Income from continuing operations attributable to Acadia Healthcare Company, Inc. |
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$ |
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$ |
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$ |
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$ |
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Loss from discontinued operations |
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— |
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— |
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— |
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( |
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Net income attributable to Acadia Healthcare Company, Inc. |
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$ |
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$ |
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$ |
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$ |
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Weighted-average shares outstanding: |
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Basic |
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Diluted |
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See accompanying notes.
2
Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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(In thousands) |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive income: |
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Foreign currency translation loss |
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— |
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— |
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— |
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( |
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Gain on derivative instruments, net of tax of $ |
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— |
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— |
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— |
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U.K. Sale |
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— |
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— |
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— |
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Other comprehensive income |
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— |
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— |
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— |
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Comprehensive income |
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Comprehensive income attributable to noncontrolling interests |
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( |
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( |
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( |
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( |
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Comprehensive income attributable to Acadia Healthcare Company, Inc. |
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$ |
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$ |
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$ |
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$ |
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See accompanying notes.
3
Acadia Healthcare Company, Inc.
Condensed Consolidated Statements of Equity
(Unaudited)
(In thousands)
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Common Stock |
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Additional Paid-in |
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Accumulated Other Comprehensive |
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Retained Earnings (Accumulated |
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Shares |
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Amount |
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Capital |
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Loss |
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Deficit) |
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Total |
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Balance at December 31, 2020 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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Common stock issued under stock incentive plans |
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— |
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— |
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Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises |
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— |
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— |
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( |
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— |
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— |
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( |
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Equity-based compensation expense |
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— |
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— |
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— |
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— |
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Other |
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— |
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— |
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— |
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— |
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Other comprehensive income |
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— |
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— |
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— |
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— |
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Net income attributable to Acadia Healthcare Company, Inc. |
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— |
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— |
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— |
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— |
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Balance at March 31, 2021 |
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— |
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( |
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Common stock issued under stock incentive plans |
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— |
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— |
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Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises |
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— |
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— |
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( |
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— |
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— |
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( |
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Equity-based compensation expense |
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— |
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— |
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— |
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— |
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Net income attributable to Acadia Healthcare Company, Inc. |
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— |
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— |
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— |
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— |
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Balance at June 30, 2021 |
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— |
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( |
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Common stock issued under stock incentive plans |
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— |
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— |
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Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises |
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— |
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— |
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( |
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— |
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— |
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( |
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Equity-based compensation expense |
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— |
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— |
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— |
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— |
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Net income attributable to Acadia Healthcare Company, Inc. |
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— |
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— |
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— |
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— |
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Balance at September 30, 2021 |
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— |
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( |
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Common stock issued under stock incentive plans |
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— |
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— |
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— |
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Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises |
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— |
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— |
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( |
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— |
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— |
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( |
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Equity-based compensation expense |
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— |
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— |
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— |
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— |
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Net income attributable to Acadia Healthcare Company, Inc. |
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— |
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— |
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— |
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— |
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Balance at December 31, 2021 |
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— |
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( |
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Common stock issued under stock incentive plans |
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— |
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— |
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Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises |
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— |
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— |
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( |
) |
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— |
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— |
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( |
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Equity-based compensation expense |
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— |
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— |
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— |
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— |
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Net income attributable to Acadia Healthcare Company, Inc. |
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— |
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— |
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— |
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— |
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Balance at March 31, 2022 |
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— |
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( |
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Common stock issued under stock incentive plans |
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