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Acadia Healthcare(ACHC) - 2025 Q1 - Quarterly Report

Revenue Performance - Revenue for the three months ended March 31, 2025, increased by $2.5 million, or 0.3%, to $770.5 million compared to $768.1 million for the same period in 2024[111] - Same facility revenue grew by $15.3 million, or 2.1%, driven by a 2.2% increase in patient days, despite a slight decrease in revenue per patient day of -0.2%[115] - Revenue for Q1 2025 was $770.5 million, slightly up from $768.1 million in Q1 2024, with Medicaid contributing 55.9% of total revenue[130] Expenses - Salaries, wages, and benefits expense rose to $445.3 million, an increase of $27.8 million from $417.5 million in the prior year, representing 57.8% of total revenue[116] - Same facility salaries, wages, and benefits expense was $390.0 million, or 51.3% of revenue, compared to $366.3 million, or 49.2% of revenue in the previous year[116] - Professional fees remained stable at $45.7 million, accounting for 5.9% of revenue for both periods[118] - Supplies expense increased to $28.3 million, or 3.7% of revenue, compared to $26.7 million, or 3.5% of revenue in the prior year[119] - Other operating expenses increased to $114.0 million, or 14.8% of revenue, from $101.1 million, or 13.2% in Q1 2024[121] - Depreciation and amortization expenses rose to $47.0 million, representing 6.1% of revenue, up from $36.3 million, or 4.7% in Q1 2024[122] - Interest expense increased to $29.2 million in Q1 2025, compared to $27.2 million in Q1 2024, primarily due to new Senior Notes[123] Operational Growth - The company added 378 beds during the three months ended March 31, 2025, including 90 beds to existing facilities and 288 beds through new openings[109] - The company operates 270 behavioral healthcare facilities with approximately 12,000 beds across 39 states and Puerto Rico as of March 31, 2025[109] - Management expects to leverage its increased size and geographic scale to enhance patient acquisition and service offerings[110] Cash Flow and Financial Position - Cash provided by operating activities was $11.5 million in Q1 2025, a significant improvement from cash used of $321.3 million in Q1 2024[133] - Cash used in investing activities was $183.2 million in Q1 2025, primarily for capital expenditures of $174.6 million[134] - Total available cash and cash equivalents increased to $91.2 million as of March 31, 2025, from $76.3 million at December 31, 2024[136] - The summarized balance sheet as of March 31, 2025, showed total current assets of $497.8 million and total equity of $2,096.8 million[155] Debt and Financing - The company entered into a settlement agreement for $400.0 million related to the Desert Hills Litigation, fully resolving the claims[137] - The Credit Facility includes a $1.0 billion Revolving Facility and a $650.0 million Term Loan Facility, both maturing on February 28, 2030[138] - As of March 31, 2025, the Consolidated Total Net Leverage Ratio was 3.2x, compliant with the financial covenants of a maximum of 5.0x[144] - During the three months ended March 31, 2025, the company borrowed $645.0 million on the Revolving Facility and repaid $550.0 million[145] - The company had $901.6 million of availability under the Revolving Facility as of March 31, 2025[145] - Long-term debt as of March 31, 2025, was $2,184.3 million, an increase from $1,880.1 million as of December 31, 2024[155] - A hypothetical 1% increase in interest rates would decrease pretax income by approximately $7.2 million annually, given the long-term debt composition of $1,460.3 million fixed-rate and $724.0 million variable-rate[159] - The company recorded a loss on extinguishment of $1.3 million related to the refinancing of the Prior Credit Facility[148] - Total obligations and commitments as of March 31, 2025, amounted to $3,105.3 million, including long-term debt and lease liabilities[156] - The company issued $550.0 million of 7.375% Senior Notes due 2033 to pay down outstanding borrowings under the Revolving Facility[151]