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Table of contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended September 30, 2021

or

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: 001-35331

 

Acadia Healthcare Company, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

 

45-2492228

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

6100 Tower Circle, Suite 1000

Franklin, Tennessee 37067

(Address, including zip code, of registrant’s principal executive offices)

(615861-6000

(Registrant’s telephone number, including area code)

 

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.    Yes      No  

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).    Yes      No  

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.

 

Large accelerated filer

 

Accelerated filer

  Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company 

 

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      No  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

ACHC

 

NASDAQ Global Select Market

At October 29, 2021, there were 89,935,616 shares of the registrant’s common stock outstanding.

 

 

 


Table of contents

 

 

 

ACADIA HEALTHCARE COMPANY, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

 

 

Item 1.

  

Financial Statements

1

 

 

 

 

  

Condensed Consolidated Balance Sheets (Unaudited)

1

 

 

 

 

  

Condensed Consolidated Statements of Operations (Unaudited)

2

 

 

 

 

  

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

3

 

 

 

 

  

Condensed Consolidated Statements of Equity (Unaudited)

4

 

 

 

 

  

Condensed Consolidated Statements of Cash Flows (Unaudited)

5

 

 

 

 

  

Notes to Condensed Consolidated Financial Statements (Unaudited)

6

 

 

 

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

 

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

35

 

 

 

Item 4.

  

Controls and Procedures

36

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.

  

Legal Proceedings

37

 

 

 

Item 1A.

  

Risk Factors

37

 

 

 

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

37

 

 

 

Item 6.

  

Exhibits

38

 

 

SIGNATURES

39

 

 

 


Table of contents

 

 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

Acadia Healthcare Company, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

September 30,

2021

 

 

December 31,

2020

 

 

 

(In thousands, except share and per

share amounts)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

196,313

 

 

$

378,697

 

Accounts receivable, net

 

 

282,161

 

 

 

273,551

 

Other current assets

 

 

88,685

 

 

 

61,332

 

Current assets held for sale

 

 

 

 

 

1,809,815

 

Total current assets

 

 

567,159

 

 

 

2,523,395

 

Property and equipment, net

 

 

1,665,025

 

 

 

1,622,896

 

Goodwill

 

 

2,103,503

 

 

 

2,105,264

 

Intangible assets, net

 

 

69,366

 

 

 

68,535

 

Deferred tax assets

 

 

3,112

 

 

 

3,209

 

Operating lease right-of-use assets

 

 

103,162

 

 

 

96,937

 

Other assets

 

 

83,400

 

 

 

79,126

 

Total assets

 

$

4,594,727

 

 

$

6,499,362

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

15,938

 

 

$

153,478

 

Accounts payable

 

 

85,924

 

 

 

87,815

 

Accrued salaries and benefits

 

 

124,164

 

 

 

124,912

 

Current portion of operating lease liabilities

 

 

20,062

 

 

 

18,916

 

Other accrued liabilities

 

 

157,204

 

 

 

178,453

 

Derivative instrument liabilities

 

 

 

 

 

84,584

 

Current liabilities held for sale

 

 

 

 

 

660,027

 

Total current liabilities

 

 

403,292

 

 

 

1,308,185

 

Long-term debt

 

 

1,413,407

 

 

 

2,968,948

 

Deferred tax liabilities

 

 

73,673

 

 

 

50,017

 

Operating lease liabilities

 

 

89,952

 

 

 

84,029

 

Other liabilities

 

 

117,883

 

 

 

133,412

 

Total liabilities

 

 

2,098,207

 

 

 

4,544,591

 

Redeemable noncontrolling interests

 

 

62,074

 

 

 

55,315

 

Equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued

 

 

 

 

 

 

Common stock, $0.01 par value; 180,000,000 shares authorized; 89,006,713

   and 88,024,395 issued and outstanding at September 30, 2021 and

   December 31, 2020, respectively

 

 

890

 

 

 

880

 

Additional paid-in capital

 

 

2,623,585

 

 

 

2,580,327

 

Accumulated other comprehensive loss

 

 

 

 

 

(371,365

)

Accumulated deficit

 

 

(190,029

)

 

 

(310,386

)

Total equity

 

 

2,434,446

 

 

 

1,899,456

 

Total liabilities and equity

 

$

4,594,727

 

 

$

6,499,362

 

 

 

See accompanying notes.

1


Table of contents

 

Acadia Healthcare Company, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(In thousands, except per share amounts)

 

Revenue

 

$

587,559

 

 

$

547,961

 

 

$

1,720,914

 

 

$

1,548,653

 

Salaries, wages and benefits (including equity-based compensation

     expense of $8,923, $5,471, $24,988 and $16,258, respectively)

 

 

309,118

 

 

 

290,619

 

 

 

922,684

 

 

 

852,864

 

Professional fees

 

 

35,602

 

 

 

29,372

 

 

 

101,915

 

 

 

91,009

 

Supplies

 

 

23,743

 

 

 

21,773

 

 

 

67,698

 

 

 

65,028

 

Rents and leases

 

 

9,658

 

 

 

9,365

 

 

 

28,690

 

 

 

27,975

 

Other operating expenses

 

 

76,502

 

 

 

68,213

 

 

 

222,263

 

 

 

202,540

 

Other income

 

 

 

 

 

18,070

 

 

 

 

 

 

 

Depreciation and amortization

 

 

27,805

 

 

 

24,132

 

 

 

78,349

 

 

 

70,298

 

Interest expense, net

 

 

15,706

 

 

 

37,315

 

 

 

61,420

 

 

 

118,398

 

Debt extinguishment costs

 

 

 

 

 

 

 

 

24,650

 

 

 

3,271

 

Loss on impairment

 

 

1,079

 

 

 

 

 

 

24,293

 

 

 

 

Transaction-related expenses

 

 

3,035

 

 

 

3,024

 

 

 

9,320

 

 

 

9,558

 

Total expenses

 

 

502,248

 

 

 

501,883

 

 

 

1,541,282

 

 

 

1,440,941

 

Income from continuing operations before income taxes

 

 

85,311

 

 

 

46,078

 

 

 

179,632

 

 

 

107,712

 

Provision for income taxes

 

 

17,411

 

 

 

9,191

 

 

 

42,948

 

 

 

24,174

 

Income from continuing operations

 

 

67,900

 

 

 

36,887

 

 

 

136,684

 

 

 

83,538

 

Income (loss) from discontinued operations, net of taxes

 

 

 

 

 

674

 

 

 

(12,641

)

 

 

29,804

 

Net income

 

 

67,900

 

 

 

37,561

 

 

 

124,043

 

 

 

113,342

 

Net income attributable to noncontrolling interests

 

 

(1,774

)

 

 

(563

)

 

 

(3,686

)

 

 

(1,802

)

Net income attributable to Acadia Healthcare Company, Inc.

 

$

66,126

 

 

$

36,998

 

 

$

120,357

 

 

$

111,540

 

Basic earnings per share attributable to Acadia Healthcare

    Company, Inc. stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations attributable to Acadia

    Healthcare Company, Inc.

 

$

0.74

 

 

$

0.41

 

 

$

1.50

 

 

$

0.93

 

Income (loss) from discontinued operations

 

 

 

 

 

0.01

 

 

 

(0.14

)

 

 

0.34

 

Net income attributable to Acadia Healthcare Company, Inc.

 

$

0.74

 

 

$

0.42

 

 

$

1.36

 

 

$

1.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Acadia Healthcare

    Company, Inc. stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations attributable to Acadia

    Healthcare Company, Inc.

 

$

0.73

 

 

$

0.41

 

 

$

1.47

 

 

$

0.92

 

Income (loss) from discontinued operations

 

 

 

 

 

0.01

 

 

 

(0.14

)

 

 

0.34

 

Net income attributable to Acadia Healthcare Company, Inc.

 

$

0.73

 

 

$

0.42

 

 

$

1.33

 

 

$

1.26

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

88,962

 

 

 

87,911

 

 

 

88,684

 

 

 

87,849

 

Diluted

 

 

90,889

 

 

 

88,856

 

 

 

90,604

 

 

 

88,449

 

 

See accompanying notes.

2


Table of contents

 

Acadia Healthcare Company, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Net income

 

$

67,900

 

 

$

37,561

 

 

$

124,043

 

 

$

113,342

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

 

 

 

82,332

 

 

 

(4,260

)

 

 

(46,851

)

(Loss) gain on derivative instruments, net of tax of $0.0 million,

   $(8.0) million, $0.1 million and $8.0 million, respectively

 

 

 

 

 

(21,566

)

 

 

19

 

 

 

21,622

 

U.K. Sale

 

 

 

 

 

 

 

 

375,606

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

60,766

 

 

 

371,365

 

 

 

(25,229

)

Comprehensive income

 

 

67,900

 

 

 

98,327

 

 

 

495,408

 

 

 

88,113

 

Comprehensive income attributable to noncontrolling interests

 

 

(1,774

)

 

 

(563

)

 

 

(3,686

)

 

 

(1,802

)

Comprehensive income attributable to Acadia Healthcare

     Company, Inc.

 

$

66,126

 

 

$

97,764

 

 

$

491,722

 

 

$

86,311

 

 

See accompanying notes.

3


Table of contents

 

Acadia Healthcare Company, Inc.

Condensed Consolidated Statements of Equity

(Unaudited)

(In thousands)

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Retained

Earnings

(Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss)

 

 

Deficit)

 

 

Total

 

Balance at December 31, 2019

 

 

87,715

 

 

$

877

 

 

$

2,557,642

 

 

$

(414,884

)

 

$

361,746

 

 

$

2,505,381

 

Common stock issued under stock incentive plans

 

 

127

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Common stock withheld for minimum statutory taxes

 

 

 

 

 

 

 

 

(1,402

)

 

 

 

 

 

 

 

 

(1,402

)

Equity-based compensation expense

 

 

 

 

 

 

 

 

4,979

 

 

 

 

 

 

 

 

 

4,979

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(78,254

)

 

 

 

 

 

(78,254

)

Net income attributable to Acadia Healthcare

   Company, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,463

 

 

 

33,463

 

Balance at March 31, 2020

 

 

87,842

 

 

 

878

 

 

 

2,561,218

 

 

 

(493,138

)

 

 

395,209

 

 

 

2,464,167

 

Common stock issued under stock incentive plans

 

 

56

 

 

 

1

 

 

 

169

 

 

 

 

 

 

 

 

 

170

 

Common stock withheld for minimum statutory taxes

 

 

 

 

 

 

 

 

(145

)

 

 

 

 

 

 

 

 

(145

)

Equity-based compensation expense

 

 

 

 

 

 

 

 

5,808

 

 

 

 

 

 

 

 

 

5,808

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(7,741

)

 

 

 

 

 

(7,741

)

Net income attributable to Acadia Healthcare

   Company, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,079

 

 

 

41,079

 

Balance at June 30, 2020

 

 

87,898

 

 

 

879

 

 

 

2,567,050

 

 

 

(500,879

)

 

 

436,288

 

 

 

2,503,338

 

Common stock issued under stock incentive plans

 

 

22

 

 

 

 

 

 

180

 

 

 

 

 

 

 

 

 

180

 

Common stock withheld for minimum statutory taxes

 

 

 

 

 

 

 

 

(114

)

 

 

 

 

 

 

 

 

(114

)

Equity-based compensation expense

 

 

 

 

 

 

 

 

5,471

 

 

 

 

 

 

 

 

 

5,471

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

60,766

 

 

 

 

 

 

60,766

 

Net income attributable to Acadia Healthcare

   Company, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,998

 

 

 

36,998

 

Balance at September 30, 2020

 

 

87,920

 

 

 

879

 

 

 

2,572,587

 

 

 

(440,113

)

 

 

473,286

 

 

 

2,606,639

 

Common stock issued under stock incentive plans

 

 

104

 

 

 

1

 

 

 

1,676

 

 

 

 

 

 

 

 

 

1,677

 

Common stock withheld for minimum statutory taxes

 

 

 

 

 

 

 

 

(182

)

 

 

 

 

 

 

 

 

(182

)

Equity-based compensation expense

 

 

 

 

 

 

 

 

6,246

 

 

 

 

 

 

 

 

 

6,246

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

68,748

 

 

 

 

 

 

68,748

 

Net loss attributable to Acadia Healthcare

   Company, Inc.