Acadia Healthcare(ACHC) - 2023 Q4 - Annual Results

Revenue Growth - Revenue for Q4 2023 totaled $742.8 million, a 10.0% increase compared to Q4 2022[2] - Revenue for Q4 2023 increased to $742.8 million, up 10% from $675.3 million in Q4 2022[21] - Full-year 2023 revenue reached $2.93 billion, a 12.2% increase from $2.61 billion in 2022[21] - Revenue for the year ended December 31, 2023, grew by 12.0% to $2.897 billion compared to $2.588 billion in 2022[27] - Same facility revenue increased by 10.3% in Q4 2023, driven by a 7.1% rise in revenue per patient day and a 2.9% increase in patient days[2] - Same facility revenue grew by 10.3% in Q4 2023, reaching $736.24 million compared to $667.76 million in Q4 2022[27] - Revenue per patient day rose by 6.5% to $954 in 2023, up from $896 in 2022, reflecting better pricing and service mix[27] Adjusted EBITDA and Profitability - Adjusted EBITDA for Q4 2023 was $169.6 million, up 11.9% year-over-year, excluding PRF income and a $5.9 million unfavorable adjustment in 2022[2] - Adjusted EBITDA for Q4 2023 was $171.6 million, up from $150.9 million in Q4 2022, with a margin of 23.1%[31] - Adjusted EBITDA excluding income from provider relief fund for Q4 2023 was $169.6 million, with a margin of 22.8%[31] - Adjusted EBITDA margin improved by 60 basis points to 29.1% in 2023, driven by operational efficiencies and cost management[27] - Adjusted EBITDA margin excluding provider relief funds increased by 120 basis points to 28.9% in 2023, highlighting core profitability improvements[27] - Adjusted income attributable to Acadia Healthcare Company, Inc. for Q4 2023 was $79.8 million, compared to $68.1 million in Q4 2022[34] - Adjusted income per diluted share for Q4 2023 was $0.87, up from $0.74 in Q4 2022[34] Net Income and Loss - Net income for Q4 2023 was $57.7 million, a 5.6% decrease from $61.1 million in Q4 2022[21] - Full-year 2023 net loss was $21.7 million, compared to a net income of $273.1 million in 2022[21] - Net income attributable to Acadia Healthcare Company, Inc. for Q4 2023 was $57.7 million, compared to $61.1 million in Q4 2022[31] Expansion and Acquisitions - The company added 98 beds to existing facilities in Q4 2023, bringing the total new beds added in 2023 to 302, with plans to add over 400 beds in 2024[5] - Acadia opened two comprehensive treatment centers (CTCs) in Q4 2023, meeting its goal of six CTCs for the year, and plans to open up to 14 new CTCs in 2024[6] - A new joint venture with Ascension Seton in Austin, Texas, was announced in January 2024, with the facility expected to open later in the year[7] - The company closed the acquisition of Turning Point Centers, a 76-bed specialty provider in Utah, on February 22, 2024[7] - Acadia plans to add approximately 1,200 beds in 2024, excluding acquisitions, as part of its expansion strategy[13] Financial Guidance - Full-year 2024 revenue guidance is projected to be between $3.18 billion and $3.25 billion, with Adjusted EBITDA expected to range from $730 million to $770 million[13] - Q1 2024 revenue guidance is estimated at $775 million to $785 million, with Adjusted EBITDA projected to be between $170 million and $175 million[14] Operational Metrics - Patient days increased by 5.1% to 3.036 million in 2023 from 2.889 million in 2022, indicating higher facility utilization[27] - Admissions increased by 4.9% to 194,215 in 2023, compared to 185,218 in 2022, showing growth in patient volume[27] Financial Position - Total assets increased to $5.36 billion in 2023, up 7.4% from $4.99 billion in 2022[23] - Cash and cash equivalents grew to $100.1 million in 2023, a 2.5% increase from $97.6 million in 2022[23] - Long-term debt decreased to $1.34 billion in 2023, down 1.6% from $1.36 billion in 2022[23] - Total equity slightly decreased to $2.78 billion in 2023, down 1.1% from $2.81 billion in 2022[23] - Cash and cash equivalents at the end of 2023 stood at $100.07 million, up from $97.65 million at the beginning of the year[25] Expenses - Salaries, wages, and benefits expenses rose to $1.57 billion in 2023, up 12.8% from $1.39 billion in 2022[21] - Depreciation and amortization expenses increased to $132.3 million in 2023, up 12.4% from $117.8 million in 2022[21] - Depreciation and amortization for Q4 2023 was $35.4 million, compared to $30.1 million in Q4 2022[31] - Interest expense, net for Q4 2023 was $20.5 million, up from $19.4 million in Q4 2022[31] - Legal settlements expense for the year ended December 31, 2023, was $394.2 million, primarily related to the Desert Hills litigation[34] - Non-cash impairment charges for Q4 2023 totaled $1.1 million, related to the closure of certain facilities[41] Cash Flow - Net cash provided by operating activities increased to $462.34 million in 2023 from $380.57 million in 2022, reflecting improved operational efficiency[25] - Net cash used in investing activities decreased to $397.22 million in 2023 from $305.83 million in 2022, primarily due to lower capital expenditures[25] Share Information - Weighted-average shares outstanding - diluted for Q4 2023 was 91.9 million[34]