Financial Performance - Revenue for Q1 2025 totaled $770.5 million, a slight increase from $768.1 million in Q1 2024[8] - Adjusted EBITDA for Q1 2025 was $134.2 million, reflecting a year-over-year impact of $5 million due to the closure of one facility[8] - Net income attributable to Acadia was $8.4 million, or $0.09 per diluted share, compared to $76.4 million, or $0.83 per diluted share in Q1 2024[8][22] - Revenue for same facilities increased by 2.1% to $759,697,000 in Q1 2025 from $744,422,000 in Q1 2024[29] - Adjusted EBITDA decreased by 9.0% to $191,605,000 in Q1 2025 from $210,579,000 in Q1 2024[29] - Total facility revenue showed a slight increase of 0.3%, reaching $770,505,000 in Q1 2025 compared to $768,051,000 in Q1 2024[29] - Adjusted income attributable to Acadia Healthcare Company, Inc. was $36,929,000 in Q1 2025, down from $77,293,000 in Q1 2024[34] - Revenue per patient day slightly decreased by 0.2% to $994 in Q1 2025 from $996 in Q1 2024[29] Operational Highlights - The company added a total of 378 newly licensed beds in Q1 2025, including 90 beds to existing facilities and 288 beds to new facilities[6][8] - Acadia operates 270 behavioral healthcare facilities with approximately 12,000 beds, serving over 82,000 patients daily[16] - The company affirmed its 2025 financial guidance, projecting revenue between $3.3 billion and $3.4 billion and Adjusted EBITDA between $675 million and $725 million[13] - Acadia's strategic growth includes the addition of seven new comprehensive treatment centers, expanding its market reach to 170 CTCs across 33 states[7] Cash Flow and Capital Management - Cash and cash equivalents as of March 31, 2025, were $91.2 million, with an additional $901.6 million available under its revolving credit facility[10] - Cash provided by operating activities was $11,477,000 in Q1 2025, a recovery from a cash outflow of $321,285,000 in Q1 2024[26] - Cash paid for acquisitions in Q1 2025 was $8,594,000, down from $50,353,000 in Q1 2024[26] - The company reported a net cash increase of $14,931,000 in Q1 2025, contrasting with a decrease of $22,770,000 in Q1 2024[26] - Acadia repurchased 1,602,688 shares for a total of $47.3 million during Q1 2025[12] Costs and Expenses - Government investigations costs increased significantly to $31.011 million in Q1 2025 from $0.481 million in Q1 2024[51] - Total transaction, legal, and other costs rose to $31.072 million in Q1 2025 compared to $2.847 million in Q1 2024[51] - Termination and restructuring costs were $2.166 million in Q1 2025, a decrease from $(3.400) million in Q1 2024[51] - Legal, accounting, and other acquisition-related costs showed a net expense of $(2.105) million in Q1 2025, down from $4.757 million in Q1 2024[51] - Management transition costs were recorded at $1.009 million in Q1 2024, with no costs reported in Q1 2025[51] Tax and Adjustments - The income tax effect of adjustments to income was based on tax rates of 24.1% for Q1 2025 and 22.2% for Q1 2024[55] - The company believes that excluding certain costs from Adjusted EBITDA helps investors understand ongoing operating results better[52] - General and administrative costs are excluded from Total Facility Adjusted EBITDA to provide clearer insights into core operations[53] - The company focuses on Same Facility Adjusted EBITDA to measure financial performance of existing facilities, excluding newly developed or recently acquired facilities[54] - The company incurred debt extinguishment costs in Q1 2025 related to refinancing, which are excluded from Adjusted EBITDA[52]
Acadia Healthcare(ACHC) - 2025 Q1 - Quarterly Results