Acadia Healthcare(ACHC) - 2025 Q3 - Quarterly Results

Financial Performance - Third quarter revenue totaled $851.6 million, reflecting a 4.4% increase year-over-year[4] - Net income attributable to Acadia was $36.2 million, or $0.40 per diluted share, down from $0.74 per diluted share in the prior-year period[4] - Adjusted EBITDA for the quarter was $173.0 million, down from $194.3 million in the prior-year period[8] - Revenue for the three months ended September 30, 2025, was $851,573,000, representing a 4.4% increase from $815,634,000 in the same period of 2024[30] - Net income attributable to Acadia Healthcare Company, Inc. for the three months ended September 30, 2025, was $36,246,000, down from $68,132,000 in the same period of 2024, reflecting a decrease of 46.8%[30] - Adjusted EBITDA for the three months ended September 30, 2025, was $210,779,000, a decrease of 8.4% compared to $230,091,000 in the same period of 2024[37] - Adjusted income attributable to Acadia Healthcare Company, Inc. for Q3 2025 was $64,828 thousand, down 22.9% from $84,079 thousand in Q3 2024[40] - Adjusted income per diluted share for Q3 2025 was $0.72, compared to $0.91 in Q3 2024, representing a decline of 20.9%[40] Operational Metrics - Same facility revenue increased by 3.7%, driven by a 2.3% rise in revenue per patient day and a 1.3% increase in patient days[4] - Acadia added 429 new beds in the third quarter, with a total of 908 beds added in the first nine months of 2025[12] - Patient days for the three months ended September 30, 2025, were 830,165, an increase of 1.8% from 815,126 in the same period of 2024[37] - Admissions for the three months ended September 30, 2025, increased by 5.7% to 54,450 from 51,513 in the same period of 2024[37] - The average length of stay decreased to 15.2 days for the three months ended September 30, 2025, down from 15.8 days in the same period of 2024, a decline of 3.6%[37] Guidance and Expectations - The company is lowering its full-year revenue guidance to a range of $3.28 billion to $3.30 billion, down from $3.30 billion to $3.35 billion[4] - The company expects startup losses in the range of $60 million to $65 million for the year[23] Financial Position - As of September 30, 2025, Acadia had $118.7 million in cash and cash equivalents and $786.7 million available under its revolving credit facility[19] - Total current assets increased to $747,956,000 as of September 30, 2025, from $577,492,000 as of December 31, 2024, marking a 29.5% increase[32] - Cash and cash equivalents at the end of the period were $118,693,000, up from $76,305,000 at the beginning of the period, indicating a 55.6% increase[34] - Long-term debt as of September 30, 2025, was $2,284,773,000, an increase from $1,880,093,000 as of December 31, 2024, reflecting a 21.5% increase[32] - The company reported a net cash provided by operating activities of $218,191,000 for the nine months ended September 30, 2025, compared to $12,992,000 for the same period in 2024[34] Costs and Expenses - Transaction, legal, and other costs for Q3 2025 amounted to $42,919 thousand, significantly higher than $8,249 thousand in Q3 2024[40] - Interest expense for the nine months ended September 30, 2025, increased to $100,939 thousand, compared to $86,297 thousand in 2024, reflecting a rise of 16.9%[39] - Depreciation and amortization for the nine months ended September 30, 2025, was $143,495 thousand, up from $110,054 thousand in 2024, indicating a growth of 30.4%[39] Adjusted Metrics - Acadia excludes gains from facility property sales from Adjusted EBITDA as they are not indicative of ongoing operating results[58] - General and administrative costs related to corporate functions are excluded from Total Facility Adjusted EBITDA to present core operations performance[59] - Same Facility Adjusted EBITDA excludes amounts from newly developed and acquired facilities in operation for less than one year to provide comparable performance metrics[61] - The income tax effect of adjustments to income is based on tax rates of 19.8% and 26.3% for the three months ended September 30, 2025 and 2024, respectively[62]