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Revenue Increase of 66.8% to
Adjusts Financial Guidance for 2016
For the first six months of 2016, revenue was
“Acadia continued its strong earnings momentum in the second quarter,
with 28.1% growth in adjusted EPS on a 26.4% increase in shares
outstanding,” commented
“During the second quarter, we added 125 new beds to existing facilities
in the U.S. and
In addition to the impact of acquisitions, the Company’s revenue growth
for the second quarter of 2016 reflected an increase in same facility
revenue of 8.1% compared with the second quarter of 2015. Contributing
to this increase, patient days expanded 7.7% for the quarter and revenue
per patient day increased 0.4%. This increase was primarily due to new
beds added to facilities in the same facility base, complemented by
continuing initiatives at our facilities to grow their revenue. The
operating leverage created by this revenue growth drove a 70 basis point
improvement in consolidated same facility EBITDA margin to 28.1% versus
27.4% for the second quarter last year. Acadia’s consolidated adjusted
EBITDA rose 62.8% to
Acadia completed the second quarter of 2016 with
Yesterday, the Competition and Markets Authority (“CMA”) in the
Acadia today updated its guidance for 2016 adjusted earnings per diluted
share to
Acadia will hold a conference call to discuss its second quarter
financial results at 11:00 a.m. Eastern Time on
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) the CMA’s
acceptance of our undertakings to address its concerns relating to the
Priory transaction, (ii) our ability to divest Priory facilities and
fulfill our undertakings to the CMA on acceptable terms and within
expected timeframes; (iii) potential difficulties operating our business
in light of political and economic instability in the
About Acadia
Acadia is a provider of inpatient behavioral healthcare services. Acadia
operates a network of 591 behavioral healthcare facilities with
approximately 17,800 beds in 39 states, the
Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | 767,054 | $ | 461,798 | $ | 1,394,237 | $ | 835,956 | ||||||||||||
Provision for doubtful accounts | (10,506 | ) | (8,138 | ) | (20,876 | ) | (16,513 | ) | ||||||||||||
Revenue | 756,548 | 453,660 | 1,373,361 | 819,443 | ||||||||||||||||
Salaries, wages and benefits (including equity-based compensation expense of $6,888, $5,355, $13,844 and $9,249, respectively) |
408,287 | 243,302 | 749,315 | 449,173 | ||||||||||||||||
Professional fees | 50,292 | 30,029 | 90,283 | 52,456 | ||||||||||||||||
Supplies | 31,209 | 20,542 | 57,894 | 36,796 | ||||||||||||||||
Rents and leases | 20,467 | 8,211 | 35,273 | 14,097 | ||||||||||||||||
Other operating expenses | 80,955 | 51,128 | 151,202 | 91,655 | ||||||||||||||||
Depreciation and amortization | 36,752 | 14,926 | 64,727 | 28,030 | ||||||||||||||||
Interest expense, net | 48,758 | 28,049 | 86,472 | 50,195 | ||||||||||||||||
(Gain) loss on foreign currency derivatives | (98 | ) | 961 | (508 | ) | 908 | ||||||||||||||
Transaction-related expenses | 6,074 | 7,157 | 32,372 | 25,573 | ||||||||||||||||
Total expenses | 682,696 | 404,305 | 1,267,030 | 748,883 | ||||||||||||||||
Income from continuing operations before income taxes | 73,852 | 49,355 | 106,331 | 70,560 | ||||||||||||||||
Provision for income taxes | 18,261 | 15,512 | 25,371 | 22,125 | ||||||||||||||||
Income from continuing operations | 55,591 | 33,843 | 80,960 | 48,435 | ||||||||||||||||
Income from discontinued operations, net of income taxes |
- | 1 | - | 3 | ||||||||||||||||
Net income | 55,591 | 33,844 | 80,960 | 48,438 | ||||||||||||||||
Net loss attributable to noncontrolling interests |
854 | - | 1,173 | - | ||||||||||||||||
Net income attributable to Acadia Healthcare Company, Inc. |
$ | 56,445 | $ | 33,844 | $ | 82,133 | $ | 48,438 | ||||||||||||
Basic earnings attributable to Acadia Healthcare Company, Inc. stockholders: |
||||||||||||||||||||
Income from continuing operations | $ | 0.65 | $ | 0.50 | $ | 0.97 | $ | 0.74 | ||||||||||||
Income from discontinued operations | - | - | - | - | ||||||||||||||||
Net income | $ | 0.65 | $ | 0.50 | $ | 0.97 | $ | 0.74 | ||||||||||||
Diluted earnings attributable to Acadia Healthcare Company, Inc. stockholders: |
||||||||||||||||||||
Income from continuing operations | $ | 0.65 | $ | 0.49 | $ | 0.97 | $ | 0.74 | ||||||||||||
Income from discontinued operations | - | - | - | - | ||||||||||||||||
Net income | $ | 0.65 | $ | 0.49 | $ | 0.97 | $ | 0.74 | ||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||
Basic | 86,553 | 68,296 | 84,748 | 65,429 | ||||||||||||||||
Diluted | 86,876 | 68,735 | 85,052 | 65,782 |
Acadia Healthcare Company, Inc. | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(Unaudited) | ||||||||||
June 30, 2016 |
December 31, 2015 |
|||||||||
(In thousands) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 30,716 | $ | 11,215 | ||||||
Accounts receivable, net of allowance for doubtful accounts of
$36,246 and $29,332, respectively |
285,132 | 216,626 | ||||||||
Other current assets | 76,519 | 66,895 | ||||||||
Total current assets | 392,367 | 294,736 | ||||||||
Property and equipment, net | 3,274,540 | 1,709,053 | ||||||||
Goodwill | 2,832,201 | 2,128,215 | ||||||||
Intangible assets, net | 84,996 | 59,575 | ||||||||
Deferred tax assets - noncurrent | 17,929 | 49,114 | ||||||||
Derivative instruments | 40,459 | - | ||||||||
Other assets | 42,007 | 38,515 | ||||||||
Total assets | $ | 6,684,499 | $ | 4,279,208 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Current portion of long-term debt | $ | 73,410 | $ | 45,360 | ||||||
Accounts payable | 108,211 | 91,341 | ||||||||
Accrued salaries and benefits | 113,392 | 80,696 | ||||||||
Other accrued liabilities | 124,788 | 72,806 | ||||||||
Total current liabilities | 419,801 | 290,203 | ||||||||
Long-term debt | 3,578,383 | 2,195,384 | ||||||||
Deferred tax liabilities - noncurrent | 85,526 | 23,936 | ||||||||
Other liabilities | 151,628 | 78,602 | ||||||||
Total liabilities | 4,235,338 | 2,588,125 | ||||||||
Redeemable noncontrolling interests | 12,881 | 8,055 | ||||||||
Equity: | ||||||||||
Common stock | 865 | 707 | ||||||||
Additional paid-in capital | 2,481,897 | 1,572,972 | ||||||||
Accumulated other comprehensive loss | (342,611 | ) | (104,647 | ) | ||||||
Retained earnings | 296,129 | 213,996 | ||||||||
Total equity | 2,436,280 | 1,683,028 | ||||||||
Total liabilities and equity | $ | 6,684,499 | $ | 4,279,208 |
Acadia Healthcare Company, Inc. | ||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||
(Unaudited) | ||||||||||
Six Months Ended June 30, | ||||||||||
2016 | 2015 | |||||||||
(In thousands) | ||||||||||
Operating activities: | ||||||||||
Net income | $ | 80,960 | $ | 48,438 | ||||||
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||||||||||
Depreciation and amortization | 64,727 | 28,030 | ||||||||
Amortization of debt issuance costs | 4,956 | 3,218 | ||||||||
Equity-based compensation expense | 13,844 | 9,249 | ||||||||
Deferred income tax expense | 16,821 | 24,682 | ||||||||
Income from discontinued operations, net of taxes | - | (3 | ) | |||||||
(Gain) loss on foreign currency derivatives | (508 | ) | 908 | |||||||
Other | 704 | 692 | ||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | ||||||||||
Accounts receivable, net | (18,982 | ) | (10,442 | ) | ||||||
Other current assets | (7,256 | ) | (13,048 | ) | ||||||
Other assets | 1,582 | (1,218 | ) | |||||||
Accounts payable and other accrued liabilities | 29,101 | (4,313 | ) | |||||||
Accrued salaries and benefits | (3,846 | ) | (225 | ) | ||||||
Other liabilities | 3,728 | 4,619 | ||||||||
Net cash provided by continuing operating activities | 185,831 | 90,587 | ||||||||
Net cash (used in) provided by discontinued operating activities | (2,973 | ) | 554 | |||||||
Net cash provided by operating activities | 182,858 | 91,141 | ||||||||
Investing activities: | ||||||||||
Cash paid for acquisitions, net of cash acquired | (683,285 | ) | (286,734 | ) | ||||||
Cash paid for capital expenditures | (177,718 | ) | (122,035 | ) | ||||||
Cash paid for real estate acquisitions | (28,439 | ) | (3,428 | ) | ||||||
Settlement of foreign currency derivatives | 508 | (908 | ) | |||||||
Other | (1,084 | ) | (481 | ) | ||||||
Net cash used in investing activities | (890,018 | ) | (413,586 | ) | ||||||
Financing activities: | ||||||||||
Borrowings on long-term debt | 1,480,000 | 875,000 | ||||||||
Borrowings on revolving credit facility | 158,000 | 180,000 | ||||||||
Principal payments on revolving credit facility | (166,000 | ) | (180,000 | ) | ||||||
Principal payments on long-term debt | (29,869 | ) | (15,875 | ) | ||||||
Repayment of assumed debt | (1,348,389 | ) | (904,467 | ) | ||||||
Payment of debt issuance costs | (35,511 | ) | (22,775 | ) | ||||||
Issuance of common stock, net | 685,097 | 331,530 | ||||||||
Common stock withheld for minimum statutory taxes, net | (7,365 | ) | (7,826 | ) | ||||||
Excess tax benefit from equity awards | - | 6,327 | ||||||||
Other | (823 | ) | (150 | ) | ||||||
Net cash provided by financing activities | 735,140 | 261,764 | ||||||||
Effect of exchange rate changes on cash | (8,479 | ) | 1,213 | |||||||
Net increase (decrease) in cash and cash equivalents | 19,501 | (59,468 | ) | |||||||
Cash and cash equivalents at beginning of the period | 11,215 | 94,040 | ||||||||
Cash and cash equivalents at end of the period | $ | 30,716 | $ | 34,572 | ||||||
|
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Effect of acquisitions: | ||||||||||
Assets acquired, excluding cash | $ | 2,504,223 | $ | 1,636,164 | ||||||
Liabilities assumed | (1,604,056 | ) | (1,009,944 | ) | ||||||
Issuance of common stock in connection with acquisition | (216,882 | ) | (380,210 | ) | ||||||
Deposits paid for acquisitions | - | 40,724 | ||||||||
Cash paid for acquisitions, net of cash acquired | $ | 683,285 | $ | 286,734 |
Acadia Healthcare Company, Inc. | |||||||||||||||||||||||||||||
Operating Statistics | |||||||||||||||||||||||||||||
(Unaudited, Revenue in thousands) | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||||||||||
Same Facility Results (a,c) | |||||||||||||||||||||||||||||
Revenue | $ | 478,360 | $ | 442,346 | 8.1 | % | $ | 869,772 | $ | 800,939 | 8.6 | % | |||||||||||||||||
Patient Days | 692,049 | 642,508 | 7.7 | % | 1,265,750 | 1,170,756 | 8.1 | % | |||||||||||||||||||||
Admissions | 33,332 | 30,457 | 9.4 | % | 61,947 | 56,150 | 10.3 | % | |||||||||||||||||||||
Average Length of Stay (b) | 20.8 | 21.1 | -1.6 | % | 20.4 | 20.9 | -2.0 | % | |||||||||||||||||||||
Revenue per Patient Day | $ | 691 | $ | 688 | 0.4 | % | $ | 687 | $ | 684 | 0.4 | % | |||||||||||||||||
EBITDA margin | 28.1 | % | 27.4 | % | 70 bps | 27.7 | % | 26.9 | % | 80 bps | |||||||||||||||||||
U.S. Same Facility Results (a) | |||||||||||||||||||||||||||||
Revenue | $ | 393,592 | $ | 362,868 | 8.5 | % | $ | 711,578 | $ | 652,166 | 9.1 | % | |||||||||||||||||
Patient Days | 555,992 | 517,423 | 7.5 | % | 1,013,683 | 941,836 | 7.6 | % | |||||||||||||||||||||
Admissions | 33,007 | 30,121 | 9.6 | % | 61,363 | 55,565 | 10.4 | % | |||||||||||||||||||||
Average Length of Stay (b) | 16.8 | 17.2 | -1.9 | % | 16.5 | 17.0 | -2.5 | % | |||||||||||||||||||||
Revenue per Patient Day | $ | 708 | $ | 701 | 0.9 | % | $ | 702 | $ | 692 | 1.4 | % | |||||||||||||||||
EBITDA margin | 28.8 | % | 28.2 | % | 60 bps | 28.2 | % | 27.4 | % | 80 bps | |||||||||||||||||||
U.K. Same Facility Results (c) | |||||||||||||||||||||||||||||
Revenue | $ | 84,768 | $ | 79,478 | 6.7 | % | $ | 158,194 | $ | 148,773 | 6.3 | % | |||||||||||||||||
Patient Days | 136,057 | 125,085 | 8.8 | % | 252,067 | 228,920 | 10.1 | % | |||||||||||||||||||||
Admissions | 325 | 336 | -3.3 | % | 584 | 585 | -0.2 | % | |||||||||||||||||||||
Average Length of Stay (b) | 418.6 | 372.3 | 12.5 | % | 431.6 | 391.3 | 10.3 | % | |||||||||||||||||||||
Revenue per Patient Day | $ | 623 | $ | 635 | -1.9 | % | $ | 628 | $ | 650 | -3.4 | % | |||||||||||||||||
EBITDA margin | 25.1 | % | 24.0 | % | 110 bps | 25.2 | % | 24.8 | % | 40 bps | |||||||||||||||||||
U.S. Facility Results | |||||||||||||||||||||||||||||
Revenue | $ | 430,209 | $ | 366,886 | 17.3 | % | $ | 838,473 | $ | 657,393 | 27.5 | % | |||||||||||||||||
Patient Days | 590,919 | 517,423 | 14.2 | % | 1,152,242 | 941,836 | 22.3 | % | |||||||||||||||||||||
Admissions | 36,215 | 30,121 | 20.2 | % | 70,680 | 55,565 | 27.2 | % | |||||||||||||||||||||
Average Length of Stay (b) | 16.3 | 17.2 | -5.0 | % | 16.3 | 17.0 | -3.8 | % | |||||||||||||||||||||
Revenue per Patient Day | $ | 728 | $ | 709 | 2.7 | % | $ | 728 | $ | 698 | 4.3 | % | |||||||||||||||||
EBITDA margin | 27.6 | % | 27.9 | % | -30 bps | 26.9 | % | 27.2 | % | -30 bps | |||||||||||||||||||
U.K. Facility Results (c) | |||||||||||||||||||||||||||||
Revenue | $ | 325,883 | $ | 79,478 | 310.0 | % | $ | 532,858 | $ | 148,773 | 258.2 | % | |||||||||||||||||
Patient Days | 756,687 | 125,085 | 504.9 | % | 1,210,702 | 228,920 | 428.9 | % | |||||||||||||||||||||
Admissions | 2,808 | 336 | 735.7 | % | 4,399 | 585 | 652.0 | % | |||||||||||||||||||||
Average Length of Stay (b) | 269.5 | 372.3 | -27.6 | % | 275.2 | 391.3 | -29.7 | % | |||||||||||||||||||||
Revenue per Patient Day | $ | 431 | $ | 635 | -32.2 | % | $ | 440 | $ | 650 | -32.3 | % | |||||||||||||||||
EBITDA margin | 22.4 | % | 24.0 | % | -160 bps | 22.1 | % | 24.8 | % | -270 bps | |||||||||||||||||||
Total Facility Results (c) | |||||||||||||||||||||||||||||
Revenue | $ | 756,092 | $ | 446,364 | 69.4 | % | $ | 1,371,331 | $ | 806,166 | 70.1 | % | |||||||||||||||||
Patient Days | 1,347,606 | 642,508 | 109.7 | % | 2,362,944 | 1,170,756 | 101.8 | % | |||||||||||||||||||||
Admissions | 39,023 | 30,457 | 28.1 | % | 75,079 | 56,150 | 33.7 | % | |||||||||||||||||||||
Average Length of Stay (b) | 34.5 | 21.1 | 63.7 | % | 31.5 | 20.9 | 50.9 | % | |||||||||||||||||||||
Revenue per Patient Day | $ | 561 | $ | 695 | -19.2 | % | $ | 580 | $ | 689 | -15.7 | % | |||||||||||||||||
EBITDA margin | 25.3 | % | 27.2 | % | -190 bps | 25.0 | % | 26.7 | % | -170 bps | |||||||||||||||||||
(a) Same-facility results for the three and six months ended June 30, 2015 exclude six outpatient programs that have been closed. | |||||||||||||||||||||||||||||
(b) Average length of stay is defined as patient days divided by admissions. | |||||||||||||||||||||||||||||
(c) Revenue and revenue per patient day for the three and six months ended June 30, 2015 are adjusted to reflect the foreign currency exchange rate for the comparable period of 2016 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 both the three and six months ended June 30, 2015 is 1.43. |
Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net income attributable to Acadia Healthcare Company, Inc. | $ | 56,445 | $ | 33,844 | $ | 82,133 | $ | 48,438 | ||||||||||||
Income from discontinued operations, net of income taxes | - | (1 | ) | - | (3 | ) | ||||||||||||||
Net loss attributable to noncontrolling interests | (854 | ) | - | (1,173 | ) | - | ||||||||||||||
Provision for income taxes | 18,261 | 15,512 | 25,371 | 22,125 | ||||||||||||||||
Interest expense, net | 48,758 | 28,049 | 86,472 | 50,195 | ||||||||||||||||
Depreciation and amortization | 36,752 | 14,926 | 64,727 | 28,030 | ||||||||||||||||
EBITDA | 159,362 | 92,330 | 257,530 | 148,785 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||
Equity-based compensation expense (a) | 6,888 | 5,355 | 13,844 | 9,249 | ||||||||||||||||
(Gain) loss on foreign currency derivatives (b) | (98 | ) | 961 | (508 | ) | 908 | ||||||||||||||
Transaction-related expenses (c) | 6,074 | 7,157 | 32,372 | 25,573 | ||||||||||||||||
Adjusted EBITDA | $ | 172,226 | $ | 105,803 | $ | 303,238 | $ | 184,515 | ||||||||||||
See footnotes on page 10. |
Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Reconciliation of Adjusted Income from Continuing Operations Attributable to Acadia Healthcare Company, Inc. to | ||||||||||||||||||||
Net Income Attributable to Acadia Healthcare Company, Inc. | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Net income attributable to Acadia Healthcare Company, Inc. | $ | 56,445 | $ | 33,844 | $ | 82,133 | $ | 48,438 | ||||||||||||
Income from discontinued operations, net of income taxes | - | (1 | ) | - | (3 | ) | ||||||||||||||
Provision for income taxes | 18,261 | 15,512 | 25,371 | 22,125 | ||||||||||||||||
Income from continuing operations attributable to Acadia Healthcare Company, Inc. before income taxes |
74,706 | 49,355 | 107,504 | 70,560 | ||||||||||||||||
Adjustments to income from continuing operations: | ||||||||||||||||||||
(Gain) loss on foreign currency derivatives (b) | (98 | ) | 961 | (508 | ) | 908 | ||||||||||||||
Transaction-related expenses (c) | 6,074 | 7,157 | 32,372 | 25,573 | ||||||||||||||||
Income tax provision reflecting tax effect of adjustments to income from continuing operations (d) |
(17,530 | ) | (18,006 | ) | (30,382 | ) | (30,470 | ) | ||||||||||||
Adjusted income from continuing operations attributable to Acadia Healthcare Company, Inc. |
$ | 63,152 | $ | 39,467 | $ | 108,986 | $ | 66,571 | ||||||||||||
Weighted-average shares outstanding - diluted | 86,876 | 68,735 | 85,052 | 65,782 | ||||||||||||||||
Adjusted income from continuing operations attributable to Acadia Healthcare Company, Inc. per diluted share |
$ | 0.73 | $ | 0.57 | $ | 1.28 | $ | 1.01 | ||||||||||||
See footnotes on page 10. |
Acadia Healthcare Company, Inc. | ||
Footnotes | ||
We have included certain financial measures in this press release, including EBITDA, Adjusted EBITDA and Adjusted income from continuing operations, 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 income from discontinued operations, net loss attributable to noncontrolling interests, net interest expense, income tax provision and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for equity-based compensation expense, (gain) loss on foreign currency derivatives and transaction-related expenses. | ||
EBITDA, Adjusted EBITDA and Adjusted income from continuing operations 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 and Adjusted income from continuing operations 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 and Adjusted income from continuing operations may not be comparable to similarly titled measures of other companies. We have included information concerning EBITDA, Adjusted EBITDA and Adjusted income from continuing operations 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 and Adjusted income from continuing operations when reporting their results. Our presentation of EBITDA, Adjusted EBITDA and Adjusted income from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. | ||
The Company is not able to provide a reconciliation of projected 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 from continuing operations based on tax rates of 21.7% and 31.3% for the three months ended June 30, 2016 and 2015, respectively, and 21.8% and 31.4% for the six months ended June 30, 2016 and 2015, respectively. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160729005125/en/
Source:
Acadia Healthcare Company, Inc.
Brent Turner, 615-861-6000
President