Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Acadia Healthcare Company, Inc. | |
Entity Central Index Key | 1520697 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,522,054 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $4,034 | $49,399 |
Accounts receivable, net of allowance for doubtful accounts of $13,108 and $7,484, respectively | 93,311 | 63,870 |
Deferred tax assets | 13,019 | 11,380 |
Other current assets | 32,516 | 16,332 |
Total current assets | 142,880 | 140,981 |
Property and equipment, net | 329,735 | 236,942 |
Goodwill | 647,010 | 557,402 |
Intangible assets, net | 19,183 | 15,988 |
Other assets | 24,178 | 32,100 |
Total assets | 1,162,986 | 983,413 |
Current liabilities: | ||
Current portion of long-term debt | 13,305 | 7,680 |
Accounts payable | 26,449 | 19,081 |
Accrued salaries and benefits | 32,284 | 28,749 |
Other accrued liabilities | 29,235 | 16,341 |
Total current liabilities | 101,273 | 71,851 |
Long-term debt | 571,955 | 465,638 |
Deferred tax liabilities - noncurrent | 4,979 | 998 |
Other liabilities | 18,246 | 12,376 |
Total liabilities | 696,453 | 550,863 |
Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued | ||
Common stock, $0.01 par value; 90,000,000 shares authorized; 50,041,813 and 49,887,300 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 500 | 499 |
Additional paid-in capital | 459,911 | 456,228 |
Retained earnings (accumulated deficit) | 6,122 | -24,177 |
Total equity | 466,533 | 432,550 |
Total liabilities and equity | $1,162,986 | $983,413 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Receivable, allowance for doubtful accounts | $13,108 | $7,484 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 50,041,813 | 49,887,300 |
Common stock, shares outstanding | 50,041,813 | 49,887,300 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Revenue before provision for doubtful accounts | $190,574 | $104,618 | $539,230 | $298,638 |
Provision for doubtful accounts | -5,872 | -1,502 | -15,821 | -5,429 |
Revenue | 184,702 | 103,116 | 523,409 | 293,209 |
Salaries, wages and benefits (including equity-based compensation expense of $1,331, $521, $3,744 and $1,691, respectively) | 103,789 | 59,888 | 298,904 | 173,590 |
Professional fees | 8,956 | 4,690 | 27,294 | 13,521 |
Supplies | 9,806 | 4,831 | 28,017 | 14,148 |
Rents and leases | 2,656 | 1,775 | 7,377 | 6,244 |
Other operating expenses | 22,345 | 11,380 | 59,424 | 30,768 |
Depreciation and amortization | 4,414 | 2,076 | 12,248 | 5,332 |
Interest expense, net | 9,465 | 7,433 | 27,672 | 22,186 |
Debt extinguishment costs | 9,350 | |||
Transaction-related expenses | 984 | 732 | 3,813 | 2,097 |
Total expenses | 162,415 | 92,805 | 474,099 | 267,886 |
Income from continuing operations before income taxes | 22,287 | 10,311 | 49,310 | 25,323 |
Provision for income taxes | 7,741 | 3,723 | 18,439 | 9,307 |
Income from continuing operations | 14,546 | 6,588 | 30,871 | 16,016 |
(Loss) income from discontinued operations, net of income taxes | -182 | -138 | -572 | 22 |
Net income | $14,364 | $6,450 | $30,299 | $16,038 |
Basic earnings per share: | ||||
Income from continuing operations | $0.29 | $0.16 | $0.62 | $0.44 |
Loss from discontinued operations | ($0.01) | ($0.01) | ||
Net income | $0.29 | $0.15 | $0.61 | $0.44 |
Diluted earnings per share: | ||||
Income from continuing operations | $0.29 | $0.16 | $0.61 | $0.43 |
Loss from discontinued operations | ($0.01) | ($0.01) | ||
Net income | $0.29 | $0.15 | $0.60 | $0.43 |
Weighted-average shares outstanding: | ||||
Basic | 50,040 | 41,757 | 49,987 | 36,795 |
Diluted | 50,343 | 41,991 | 50,213 | 37,006 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Equity-based compensation expense | $1,331 | $521 | $3,744 | $1,691 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ||
Net income | $30,299 | $16,038 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||
Depreciation and amortization | 12,248 | 5,332 |
Amortization of debt issuance costs | 1,686 | 1,869 |
Equity-based compensation expense | 3,744 | 1,691 |
Deferred income tax expense | 10,545 | 8,138 |
Loss (income) from discontinued operations, net of taxes | 572 | -22 |
Debt extinguishment costs | 9,350 | |
Other | 16 | -9 |
Accounts receivable, net | -18,378 | -13,597 |
Other current assets | -5,657 | -3,677 |
Other assets | -1,676 | 1,029 |
Accounts payable and other accrued liabilities | 2,596 | 4,817 |
Accrued salaries and benefits | -3,467 | 527 |
Other liabilities | 3,538 | 1,527 |
Net cash provided by continuing operating activities | 45,416 | 23,663 |
Net cash used in discontinued operating activities | -541 | -328 |
Net cash provided by operating activities | 44,875 | 23,335 |
Investing activities: | ||
Cash paid for acquisitions, net of cash acquired | -135,605 | -165,981 |
Cash paid for capital expenditures | -50,678 | -14,511 |
Cash paid for real estate acquisitions | -4,676 | -50,745 |
Other | -1,088 | 1,231 |
Net cash used in investing activities | -192,047 | -230,006 |
Financing activities: | ||
Borrowings on long-term debt | 150,000 | 25,000 |
Net increase in revolving credit facility | 19,500 | |
Principal payments on long-term debt | -5,625 | -6,000 |
Repayment of long-term debt | -52,500 | |
Payment of debt issuance costs | -4,307 | -1,197 |
Payment of premium on note redemption | -6,759 | |
Issuance of common stock | 138,954 | |
Proceeds from stock option exercises | 233 | 515 |
Excess tax benefit from equity awards | 1,265 | |
Net cash provided by financing activities | 101,807 | 157,272 |
Net decrease in cash and cash equivalents | -45,365 | -49,399 |
Cash and cash equivalents at beginning of the period | 49,399 | 61,118 |
Cash and cash equivalents at end of the period | 4,034 | 11,719 |
Effect of acquisitions: | ||
Assets acquired, excluding cash | 163,706 | 172,267 |
Liabilities assumed | -16,417 | -6,286 |
Prior year deposits paid for acquisitions | -11,684 | |
Cash paid for acquisitions, net of cash acquired | $135,605 | $165,981 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation |
Description of Business | |
Acadia Healthcare Company, Inc. (the “Company”) develops and operates inpatient psychiatric facilities, residential treatment centers, group homes, substance abuse facilities and facilities providing outpatient behavioral healthcare services to serve the behavioral health and recovery needs of communities throughout the United States. At September 30, 2013, the Company operated 47 behavioral healthcare facilities with approximately 3,900 licensed beds in 21 states and Puerto Rico. | |
Basis of Presentation | |
The business of the Company is conducted through limited liability companies and C-corporations, each of which is a direct or indirect wholly-owned subsidiary of the Company. The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, all of which are 100% owned. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation of our financial position and results of operations have been included. The Company’s fiscal year ends on December 31 and interim results are not necessarily indicative of results for a full year or any other interim period. The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements as of that date. The information contained in these condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2013. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Certain reclassifications have been made to prior years to conform to the current year presentation. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share | 2. Earnings Per Share | ||||||||||||||||
Basic and diluted earnings per share are calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 260, “Earnings Per Share,” based on the weighted-average number of shares outstanding in each period and dilutive stock options, unvested shares and warrants, to the extent such securities have a dilutive effect on earnings per share. | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 (in thousands except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Basic and diluted earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 14,546 | $ | 6,588 | $ | 30,871 | $ | 16,016 | |||||||||
(Loss) income from discontinued operations | (182 | ) | (138 | ) | (572 | ) | 22 | ||||||||||
Net income | $ | 14,364 | $ | 6,450 | $ | 30,299 | $ | 16,038 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding for basic earnings per share | 50,040 | 41,757 | 49,987 | 36,795 | |||||||||||||
Effects of dilutive instruments | 303 | 234 | 226 | 211 | |||||||||||||
Shares used in computing diluted earnings per common share | 50,343 | 41,991 | 50,213 | 37,006 | |||||||||||||
Basic earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.16 | $ | 0.62 | $ | 0.44 | |||||||||
Loss from discontinued operations | — | (0.01 | ) | (0.01 | ) | — | |||||||||||
Net income | $ | 0.29 | $ | 0.15 | $ | 0.61 | $ | 0.44 | |||||||||
Diluted earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.16 | $ | 0.61 | $ | 0.43 | |||||||||
Loss from discontinued operations | — | (0.01 | ) | (0.01 | ) | — | |||||||||||
Net income | $ | 0.29 | $ | 0.15 | $ | 0.6 | $ | 0.43 | |||||||||
Approximately 0.4 million shares of common stock issuable upon exercise of outstanding stock option awards were excluded from the calculation of diluted earnings per share for both the three months ended September 30, 2013 and 2012 because their effect would have been anti-dilutive. Approximately 0.7 million and 0.4 million shares of common stock issuable upon exercise of outstanding stock option awards were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2013 and 2012, respectively, because their effect would have been anti-dilutive. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||
Acquisitions | 3. Acquisitions | ||||||||||||||||||||||||
Longleaf | |||||||||||||||||||||||||
On October 1, 2013, the Company completed its acquisition of the assets of Longleaf Hospital (“Longleaf”), an inpatient psychiatric facility with 68 licensed beds located in Alexandria, Louisiana, for cash consideration of $8.5 million. | |||||||||||||||||||||||||
The Refuge | |||||||||||||||||||||||||
On August 1, 2013, the Company completed its acquisition of The Refuge, a Healing Place (“The Refuge”), an inpatient psychiatric facility near Ocala, Florida, licensed for 87 beds, for cash consideration of $14.1 million. | |||||||||||||||||||||||||
UMC Facilities | |||||||||||||||||||||||||
On May 1, 2013, the Company completed its acquisition of two facilities from United Medical Corporation (the “UMC Facilities”), including San Juan Capestrano Hospital in San Juan, Puerto Rico, which is licensed for 108 beds and has a certificate of need for 100 additional beds, and a 75-bed inpatient behavioral healthcare hospital in Tampa, Florida, which opened on October 1, 2013, for cash consideration of $99.4 million. | |||||||||||||||||||||||||
Delta Medical Center | |||||||||||||||||||||||||
On January 31, 2013, the Company completed its acquisition of DMC-Memphis, Inc. d/b/a Delta Medical Center (“Delta”), a facility with 243 licensed beds located in Memphis, Tennessee with the majority of operating beds dedicated to inpatient psychiatric patients, for cash consideration of $23.1 million. | |||||||||||||||||||||||||
Greenleaf Center | |||||||||||||||||||||||||
On January 1, 2013, the Company completed its acquisition of the assets of Greenleaf Center (“Greenleaf”), an inpatient psychiatric facility with 50 licensed beds located in Valdosta, Georgia, for cash consideration of $6.3 million. | |||||||||||||||||||||||||
2012 Acquisitions | |||||||||||||||||||||||||
On December 31, 2012, the Company completed the acquisition of Behavioral Centers of America, LLC (“BCA”) and AmiCare Behavioral Centers, LLC (“AmiCare”). On November 11, 2012, the Company purchased 100% of the membership interests of The Pavilion at HealthPark, LLC (“Park Royal”). On August 31, 2012, the Company completed the acquisition of the assets of Timberline Knolls, LLC (“Timberline Knolls”). On March 1, 2012, the Company completed its acquisition of three inpatient psychiatric hospitals (the “Haven Facilities”) from Haven Behavioral Healthcare Holdings, LLC. | |||||||||||||||||||||||||
Summary of Acquisitions | |||||||||||||||||||||||||
The Company selectively seeks opportunities to expand and diversify its base of operations by acquiring additional facilities. The majority of the goodwill associated with the acquisitions completed in 2013 and 2012 is deductible for federal income tax purposes. The fair values assigned to certain assets and liabilities assumed by the Company have been estimated on a preliminary basis and are subject to change as new facts and circumstances emerge that were present at the date of acquisition. Specifically, the Company is further assessing the valuation of certain tax matters as well as certain receivables and assumed liabilities of The Refuge, the UMC Facilities, Delta, Greenleaf, BCA, AmiCare and Park Royal and the valuation of real property and intangible assets of The Refuge. The Company expects to finalize its analyses as the necessary information becomes available to complete the measurement process. Once finalized, the Company will adjust the application of the acquisition method of accounting to reflect its final valuations. | |||||||||||||||||||||||||
The preliminary fair values of assets acquired and liabilities assumed during the nine months ended September 30, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
UMC Facilities | Other | Total | |||||||||||||||||||||||
Cash | $ | 52 | $ | 883 | $ | 935 | |||||||||||||||||||
Accounts receivable | 5,251 | 6,120 | 11,371 | ||||||||||||||||||||||
Prepaid expenses and other current assets | 557 | 3,189 | 3,746 | ||||||||||||||||||||||
Property and equipment | 22,732 | 28,088 | 50,820 | ||||||||||||||||||||||
Goodwill | 67,544 | 22,592 | 90,136 | ||||||||||||||||||||||
Intangible assets | 1,505 | 1,406 | 2,911 | ||||||||||||||||||||||
Other assets | 4,563 | 159 | 4,722 | ||||||||||||||||||||||
Total assets acquired | 102,204 | 62,437 | 164,641 | ||||||||||||||||||||||
Accounts payable | 1,535 | 7,290 | 8,825 | ||||||||||||||||||||||
Accrued salaries and benefits | 588 | 2,594 | 3,182 | ||||||||||||||||||||||
Other accrued expenses | 609 | 1,195 | 1,804 | ||||||||||||||||||||||
Other liabilities | 53 | 2,553 | 2,606 | ||||||||||||||||||||||
Total liabilities assumed | 2,785 | 13,632 | 16,417 | ||||||||||||||||||||||
Net assets acquired | $ | 99,419 | $ | 48,805 | $ | 148,224 | |||||||||||||||||||
The following table presents the preliminary fair values of assets acquired and liabilities assumed during 2012, at the corresponding acquisition dates (except that information for the Haven Facilities and Timberline Knolls reflect final fair values) (in thousands): | |||||||||||||||||||||||||
BCA | AmiCare | Park Royal | Timberline | Haven | Total | ||||||||||||||||||||
Knolls | Facilities | ||||||||||||||||||||||||
Cash | $ | 5 | $ | 1,596 | $ | 42 | $ | — | $ | 5 | $ | 1,648 | |||||||||||||
Accounts receivable | 6,980 | 3,684 | 1,450 | 2,845 | 4,138 | 19,097 | |||||||||||||||||||
Prepaid expenses and other current assets | 1,291 | 1,509 | 1,258 | 170 | 803 | 5,031 | |||||||||||||||||||
Property and equipment | 23,561 | 23,150 | 18,291 | 590 | 12,723 | 78,315 | |||||||||||||||||||
Goodwill | 116,609 | 86,491 | 19,320 | 72,164 | 74,435 | 369,019 | |||||||||||||||||||
Intangible assets | 1,161 | 1,267 | 1,035 | 3,317 | 1,200 | 7,980 | |||||||||||||||||||
Other assets | 326 | — | 3,141 | — | — | 3,467 | |||||||||||||||||||
Total assets acquired | 149,933 | 117,697 | 44,537 | 79,086 | 93,304 | 484,557 | |||||||||||||||||||
Accounts payable | 3,602 | 504 | 695 | 2,011 | 1,183 | 7,995 | |||||||||||||||||||
Accrued salaries and benefits | 2,207 | 2,508 | 443 | 653 | 1,523 | 7,334 | |||||||||||||||||||
Other accrued expenses | 697 | 627 | 1,079 | 869 | 127 | 3,399 | |||||||||||||||||||
Debt | — | — | 25,600 | — | — | 25,600 | |||||||||||||||||||
Other liabilities | 475 | 1,495 | — | — | — | 1,970 | |||||||||||||||||||
Total liabilities assumed | 6,981 | 5,134 | 27,817 | 3,533 | 2,833 | 46,298 | |||||||||||||||||||
Net assets acquired | $ | 142,952 | $ | 112,563 | $ | 16,720 | $ | 75,553 | $ | 90,471 | $ | 438,259 | |||||||||||||
Other | |||||||||||||||||||||||||
The qualitative factors comprising the goodwill acquired in The Refuge, the UMC Facilities, Delta, Greenleaf, BCA, AmiCare, Park Royal, Timberline Knolls and the Haven Facilities acquisitions include efficiencies derived through synergies expected by the elimination of certain redundant corporate functions and expenses, the ability to leverage call center referrals to a broader provider base, coordination of services provided across the combined network of facilities, achievement of operating efficiencies by benchmarking performance, and applying best practices throughout the combined companies. | |||||||||||||||||||||||||
Transaction-related expenses were comprised of the following costs for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Legal, accounting and other fees | $ | 841 | $ | 629 | $ | 2,644 | $ | 1,958 | |||||||||||||||||
Severance and contract termination costs | 143 | 103 | 1,169 | 139 | |||||||||||||||||||||
$ | 984 | $ | 732 | $ | 3,813 | $ | 2,097 | ||||||||||||||||||
Pro Forma Information | |||||||||||||||||||||||||
The condensed consolidated statements of operations for the three and nine months ended September 30, 2013 include revenue of $87.7 million and $234.6 million, respectively, and income from continuing operations before income taxes of $11.1 million and $26.0 million, respectively, related to acquisitions completed in 2013 and 2012. The condensed consolidated statements of operations for the three and nine months ended September 30, 2012 include revenue of $14.2 million and $29.2 million, respectively, and income from continuing operations before income taxes of $2.8 million and $5.5 million, respectively, related to acquisitions completed in 2012. | |||||||||||||||||||||||||
The following table provides certain pro forma financial information for the Company as if the acquisitions completed in 2013 and 2012 occurred as of January 1, 2012 (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Revenue | $ | 185,752 | $ | 163,935 | $ | 542,637 | $ | 489,612 | |||||||||||||||||
Income from continuing operations, before income taxes | $ | 22,357 | $ | 13,553 | $ | 50,888 | $ | 39,082 | |||||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets | ||||||||||||||||
The following table summarizes changes in goodwill during the nine months ended September 30, 2013 (in thousands): | |||||||||||||||||
Balance at January 1, 2013 | $ | 557,402 | |||||||||||||||
Increase from 2013 acquisitions | 90,136 | ||||||||||||||||
Other | (528 | ) | |||||||||||||||
Balance at September 30, 2013 | $ | 647,010 | |||||||||||||||
Other identifiable intangible assets and related accumulated amortization consists of the following as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Contract intangible assets | $ | 2,100 | $ | 2,100 | $ | (805 | ) | $ | (490 | ) | |||||||
Non-compete agreements | 1,247 | 1,247 | (964 | ) | (684 | ) | |||||||||||
3,347 | 3,347 | (1,769 | ) | (1,174 | ) | ||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Licenses and accreditations | 7,711 | 6,969 | — | — | |||||||||||||
Trade names | 3,000 | 3,000 | — | — | |||||||||||||
Certificates of need | 6,894 | 3,846 | — | — | |||||||||||||
17,605 | 13,815 | — | — | ||||||||||||||
Total | $ | 20,952 | $ | 17,162 | $ | (1,769 | ) | $ | (1,174 | ) | |||||||
In connection with the Greenleaf acquisition, the Company acquired a certificate of need with a fair value of $0.6 million. In connection with the Delta acquisition, the Company acquired intangible assets with a fair value of $0.8 million consisting of licenses and accreditations of $0.2 million and a certificate of need of $0.6 million. In connection with the UMC Facilities’ acquisition, the Company acquired intangible assets with a fair value of $1.5 million consisting of licenses and accreditations of $0.2 million and certificates of need of $1.3 million. | |||||||||||||||||
In connection with the Haven Facilities acquisition, the Company acquired intangible assets with a fair value of $1.2 million consisting of non-compete agreements of $0.2 million, licenses and accreditations of $0.8 million and a certificate of need of $0.2 million. In connection with the Timberline Knolls acquisition, the Company acquired intangible assets with a fair value of $3.3 million consisting of non-compete agreements of $0.2 million, licenses and accreditations of $0.1 million and a trade name of $3.0 million. In connection with the Park Royal acquisition, the Company acquired intangible assets with a fair value of $1.0 million consisting of a certificate of need of $0.7 million and licenses and accreditations of $0.3 million. In connection with the AmiCare acquisition, the Company acquired intangible assets with a fair value of $1.3 million consisting of non-compete agreements of $0.3 million, licenses and accreditations of $0.8 million and a certificate of need of $0.2 million. In connection with the BCA acquisition, the Company acquired intangible assets with a fair value of $1.2 million consisting of non-compete agreements of $0.1 million, licenses and accreditations of $1.0 million and a certificate of need of $0.1 million. The Company incurred and capitalized $0.6 million and $0.4 million in the nine months ended September 30, 2013 and 2012, respectively, related to costs to obtain certificates of need. | |||||||||||||||||
The non-compete agreements are being amortized on a straight-line basis over the term of the agreements. The Timberline Knolls and BCA non-compete agreements have a one-year term, and the Haven Facilities and AmiCare non-compete agreements have a three-year term. The contract intangible is amortized on a straight-line basis over the estimated five-year term of the related contract. | |||||||||||||||||
Amortization expense related to definite-lived intangible assets was $0.2 million and $0.1 million for the three months ended September 30, 2013 and 2012, respectively, and $0.6 million and $0.5 million for the nine months ended September 30, 2013 and 2012, respectively. Estimated amortization expense for the years ending December 31, 2013, 2014, 2015, 2016 and 2017 is $0.8 million, $0.6 million, $0.5 million, $0.3 million and $0, respectively. The Company’s licenses and accreditations, trade names and certificate of need intangible assets have indefinite lives and are, therefore, not subject to amortization. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment | 5. Property and Equipment | ||||||||
Property and equipment consists of the following as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land | $ | 50,312 | $ | 39,130 | |||||
Building and improvements | 227,205 | 171,769 | |||||||
Equipment | 33,715 | 19,773 | |||||||
Construction in progress | 43,395 | 19,300 | |||||||
354,627 | 249,972 | ||||||||
Less accumulated depreciation | (24,892 | ) | (13,030 | ) | |||||
Property and equipment, net | $ | 329,735 | $ | 236,942 | |||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||
Discontinued Operations | 6. Discontinued Operations | ||||||||||||||||
GAAP requires that all components of an entity that have been disposed of (by sale, by abandonment or in a distribution to owners) or are held for sale and whose cash flows can be clearly distinguished from the rest of the entity be presented as discontinued operations. In June 2012, the Company disposed of its PsychSolutions facility located in Miami, Florida. The results of operations of this facility have been reported as discontinued operations in the accompanying consolidated financial statements. | |||||||||||||||||
A summary of results from discontinued operations is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | $ | (264 | ) | $ | — | $ | (363 | ) | $ | 3,570 | |||||||
(Loss) income from discontinued operations, net of income taxes | $ | (182 | ) | $ | (138 | ) | $ | (572 | ) | $ | 22 | ||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | 7. Long-Term Debt | ||||||||
Long-term debt consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Amended and Restated Senior Credit Facility: | |||||||||
Senior Secured Term Loans | $ | 294,375 | $ | 300,000 | |||||
Senior Secured Revolving Line of Credit | 19,500 | — | |||||||
12.875% Senior Notes due 2018 | 96,171 | 147,757 | |||||||
6.125% Senior Notes due 2021 | 150,000 | — | |||||||
9.0% and 9.5% Revenue Bonds | 25,214 | 25,561 | |||||||
585,260 | 473,318 | ||||||||
Less: current portion | (13,305 | ) | (7,680 | ) | |||||
Long-term debt | $ | 571,955 | $ | 465,638 | |||||
Amended and Restated Senior Credit Facility | |||||||||
The Company entered into the senior secured credit facility, administered by Bank of America, N.A., on April 1, 2011 (“Senior Secured Credit Facility”). The Senior Secured Credit Facility initially included $135.0 million of term loans and a revolving line of credit of $30.0 million. | |||||||||
On March 1, 2012, the Company amended the Senior Secured Credit Facility to provide an incremental $25.0 million of term loans and increase the revolving line of credit by $45.0 million, from $30.0 million to $75.0 million. The Company used the incremental term loans of $25.0 million and a $5.0 million borrowing under the revolving line of credit to partially fund the acquisition of the Haven Facilities on March 1, 2012. | |||||||||
On December 31, 2012, the Company amended and restated the Senior Secured Credit Facility (“Amended and Restated Senior Credit Facility”), to provide a revolving line of credit of $100.0 million and term loans of $300.0 million, which resulted in debt proceeds of $151.1 million. The Company used $151.1 million of the term loans partially to fund the acquisition of BCA and AmiCare on December 31, 2012. | |||||||||
On March 11, 2013, the Company entered into a Consent and First Amendment (the “First Amendment”) to the Amended and Restated Senior Credit Facility. The First Amendment modified the definition of Consolidated EBITDA to permit the add-back for financial covenant purposes of certain fees and expenses related to the partial redemption of the Company’s 12.875% Senior Notes on March 12, 2013. In addition, the First Amendment amended the definitions of Consolidated Leverage Ratio and Consolidated Senior Leverage Ratio to permit the Company to test indebtedness on a basis net of cash and cash equivalents for financial covenant purposes. | |||||||||
On June 28, 2013, the Company entered into a Second Amendment (the “Second Amendment”) to the Amended and Restated Senior Credit Facility. The Second Amendment modified certain of the restrictive covenants contained therein to permit the Company to increase the amount of miscellaneous investments it may make, as well as to permit the Company to incur increased amounts of purchase money indebtedness in order to finance certain long-term capital leases. | |||||||||
On September 30, 2013, the Company entered into a Third Amendment (the “Third Amendment”) to the Amended and Restated Senior Credit Facility. The Third Amendment modified certain of the restrictive covenants contained therein to permit the incurrence by the Company of increased amounts of miscellaneous types of liens and indebtedness to facilitate its consummation of the acquisition of Longleaf. | |||||||||
The Company had $80.1 million of availability under the revolving line of credit as of September 30, 2013. Borrowings under the revolving line of credit are subject to customary conditions precedent to borrowing. The amended term loans require quarterly principal payments of $1.9 million for September 30, 2013 to December 31, 2013, $3.8 million for March 31, 2014 to December 31, 2014, $5.6 million for March 31, 2015 to December 31, 2015, $7.5 million for March 31, 2016 to December 31, 2016, and $9.4 million for March 31, 2017 to September 30, 2017, with the remaining principal balance due on the maturity date of December 31, 2017. The Amended and Restated Senior Credit Facility also provides for a $50.0 million incremental credit facility, subject to customary conditions precedent to borrowing. | |||||||||
Borrowings under the Amended and Restated Senior Credit Facility are guaranteed by each of the Company’s domestic subsidiaries (other than Park Royal) and are secured by a lien on substantially all of the assets of the Company and its domestic subsidiaries (other than Park Royal). Borrowings under the Amended and Restated Senior Credit Facility bear interest at a rate tied to the Company’s consolidated leverage ratio (defined as consolidated funded debt to consolidated EBITDA, in each case as defined in the Amended and Restated Senior Credit Facility). The Applicable Rate (as defined in the Amended and Restated Senior Credit Facility) for borrowings under the Amended and Restated Senior Credit Facility was 3.25% for Eurodollar Rate Loans (as defined in the Amended and Restated Senior Credit Facility) and 2.25% for Base Rate Loans (as defined in the Amended and Restated Senior Credit Facility) at September 30, 2013. Eurodollar Rate Loans bear interest at the Applicable Rate plus the Eurodollar Rate (as defined in the Amended and Restated Senior Credit Facility) (based upon the British Bankers Association LIBOR Rate (as defined in the Amended and Restated Senior Credit Facility) prior to commencement of the interest rate period). Base Rate Loans bear interest at the Applicable Rate plus the highest of (i) the federal funds rate plus 1/2 of 1.0%, (ii) the prime rate and (iii) the Eurodollar Rate plus 1.0%. As of September 30, 2013, borrowings under the Senior Secured Credit Facility bore interest at a rate of 3.25%. In addition, the Company is required to pay a commitment fee on undrawn amounts under the revolving line of credit. The Company paid a commitment fee of 0.5% for undrawn amounts for the period from December 31, 2012 through September 30, 2013. | |||||||||
The Amended and Restated Senior Credit Facility requires the Company and its subsidiaries to comply with customary affirmative, negative and financial covenants, including a fixed charge coverage ratio, consolidated leverage ratio and senior secured leverage ratio. The Company may be required to pay all of its indebtedness immediately if it defaults on any of the numerous financial or other restrictive covenants contained in any of its material debt agreements. As of September 30, 2013, the Company was in compliance with such covenants. | |||||||||
12.875% Senior Notes due 2018 | |||||||||
On November 1, 2011, the Company issued $150.0 million of 12.875% Senior Notes due 2018 (the “12.875% Senior Notes”) at 98.323% of the aggregate principal amount of $150.0 million, a discount of $2.5 million. The notes bear interest at a rate of 12.875% per annum. The Company pays interest on the notes semi-annually, in arrears, on November 1 and May 1 of each year. | |||||||||
The indenture governing the 12.875% Senior Notes contains covenants that, among other things, limit the Company’s ability to: (i) incur or guarantee additional debt or issue certain preferred stock; (ii) pay dividends on the Company’s equity interests or redeem, repurchase or retire the Company’s equity interests or subordinated debt; (iii) transfer or sell assets; (iv) make certain investments; (v) incur certain liens; (vi) restrict the Company’s subsidiaries’ ability to pay dividends or make other payments to the Company; (vii) engage in certain transactions with the Company’s affiliates; and (viii) merge or consolidate with other companies or transfer all or substantially all of the Company’s assets. | |||||||||
The 12.875% Senior Notes issued by the Company are guaranteed by each of the Company’s domestic subsidiaries (other than Park Royal), all of which are wholly-owned subsidiaries. The guarantees are full and unconditional and joint and several and the Company, as the parent issuer of the 12.875% Senior Notes, has no independent assets or operations. | |||||||||
On March 12, 2013, the Company redeemed $52.5 million of the 12.875% Senior Notes using a portion of the net proceeds of its December 2012 equity offering pursuant to the provision in the indenture permitting an optional redemption with equity proceeds of up to 35% of the principal amount of 12.875% Senior Notes. The 12.875% Senior Notes were redeemed at a redemption price of 112.875% of the principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date in accordance with the provisions of the indenture governing the 12.875% Senior Notes. As part of the redemption of 35% of the 12.875% Senior Notes, the Company recorded a debt extinguishment charge of $9.4 million, including the premium and write-off of deferred financing costs, which was recorded in debt extinguishment costs in the condensed consolidated statements of operations. | |||||||||
6.125% Senior Notes due 2021 | |||||||||
On March 12, 2013, the Company issued $150.0 million of 6.125% Senior Notes due 2021 (the “6.125% Senior Notes”). The 6.125% Senior Notes mature on March 15, 2021 and bear interest at a rate of 6.125% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2013. | |||||||||
The indenture governing the 6.125% Senior Notes contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) transfer or sell assets; (iv) engage in certain transactions with affiliates; (v) create restrictions on dividends or other payments by the restricted subsidiaries; (vi) merge, consolidate or sell substantially all of the Company’s assets; and (vii) create liens on assets. | |||||||||
The 6.125% Senior Notes issued by the Company are guaranteed by each of the Company’s domestic subsidiaries (other than Park Royal), all of which are wholly-owned subsidiaries. The guarantees are full and unconditional and joint and several and the Company, as the parent issuer of the 6.125% Senior Notes, has no independent assets or operations. | |||||||||
The Company may redeem the 6.125% Senior Notes at its option, in whole or part, at any time prior to March 15, 2016, at a price equal to 100% of the principal amount of the 6.125% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. The Company may redeem the 6.125% Senior Notes, in whole or in part, on or after March 15, 2016, at the redemption prices set forth in the indenture governing the 6.125% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before March 15, 2016, the Company may elect to redeem up to 35% of the aggregate principal amount of the 6.125% Senior Notes at a redemption price equal to 106.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | |||||||||
9.0% and 9.5% Revenue Bonds | |||||||||
On November 11, 2012, in connection with the acquisition of Park Royal, the Company assumed debt of $23.0 million. The fair market value of the debt assumed was $25.6 million and resulted in a debt premium balance being recorded as of the acquisition date. The debt consisted of $7.5 million and $15.5 million of Lee County (Florida) Industrial Development Authority Healthcare Facilities Revenue Bonds, Series 2010 with stated interest rates of 9.0% and 9.5% (“9.0% and 9.5% Revenue Bonds”), respectively. The 9.0% bonds in the amount of $7.5 million have a maturity date of December 1, 2030 and require yearly principal payments beginning in 2013. The 9.5% bonds in the amount of $15.5 million have a maturity date of December 1, 2040 and require yearly principal payments beginning in 2031. The principal payments establish a bond sinking fund to be held with the trustee and shall be sufficient to redeem the principal amounts of the 9.0% and 9.5% Revenue Bonds on their respective maturity dates. As of September 30, 2013 and December 31, 2012, $2.2 million was recorded within other assets on the balance sheet related to the debt service reserve fund requirements. The yearly principal payments, which establish a bond sinking fund, will increase the debt service reserve fund requirements. The bond premium amount of $2.6 million is amortized as a reduction of interest expense over the life of the revenue bonds using the effective interest method. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | |
Equity | 8. Equity |
Preferred Stock | |
The Company’s amended and restated certificate of incorporation provides that up to 10,000,000 shares of preferred stock may be issued. The Board of Directors has the authority to issue preferred stock in one or more series and to fix for each series the voting powers (full, limited or none), and the designations, preferences and relative participating, optional or other special rights and qualifications, limitations or restrictions on the stock and the number of shares constituting any series and the designations of this series, without any further vote or action by the stockholders. | |
Common Stock | |
The Company’s amended and restated certificate of incorporation provides that up to 90,000,000 shares of common stock may be issued. Holders of the Company’s common stock are entitled to one vote for each share held of record on all matters on which stockholders may vote. There are no preemptive, conversion, redemption or sinking fund provisions applicable to shares of the Company’s common stock. In the event of liquidation, dissolution or winding up, holders of the Company’s common stock are entitled to share ratably in the assets available for distribution, subject to any prior rights of any holders of preferred stock then outstanding. Delaware law prohibits the Company from paying any dividends unless it has capital surplus or net profits available for this purpose. In addition, the Amended and Restated Senior Credit Facility imposes restrictions on the Company’s ability to pay dividends. | |
Equity Offerings | |
On December 12, 2012, the Company completed the offering of 7,000,000 shares of common stock and on December 24, 2012, the Company completed the offering of 1,050,000 shares of common stock pursuant to the exercise of the over-allotment option that the Company granted to the underwriters as part of the offering at a price of $22.50 per share. The net proceeds to the Company from the sale of the shares, after deducting the underwriting discount of $7.3 million and additional offering-related expenses of $1.0 million, were $172.8 million. The Company used the net proceeds partially to fund the acquisitions of AmiCare and BCA on December 31, 2012 and to redeem $52.5 million of the Company’s 12.875% Senior Notes. | |
On May 21, 2012, the Company completed the offering of 9,487,500 shares of common stock (including shares sold pursuant to the exercise of the over-allotment option that the Company granted to the underwriters as part of the offering) at a price of $15.50 per share. The net proceeds to the Company from the sale of the shares, after deducting the underwriting discount of $7.4 million and additional offering-related expenses of $0.7 million, were $139.0 million. The Company used the net offering proceeds to fund the acquisition of Timberline Knolls and acquisitions of certain facilities previously leased. | |
EquityBased_Compensation
Equity-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Equity-Based Compensation | 9. Equity-Based Compensation | ||||||||||||||||
The Company issues stock-based awards, including stock options, restricted stock and restricted stock units, to certain officers, employees and non-employee directors under the Acadia Healthcare Company, Inc. Incentive Compensation Plan (the “Equity Incentive Plan”). As of September 30, 2013, a maximum of 4,700,000 shares of the Company’s common stock were authorized for issuance as stock options, restricted stock and restricted stock units or other share-based compensation under the Equity Incentive Plan. Stock options may be granted for terms of up to ten years. The Company recognizes expense on all share-based awards on a straight-line basis over the requisite service period of the entire award. Grants to employees generally vest in annual increments of 25% each year, commencing one year after the date of grant. The exercise prices of stock options are equal to the most recent closing price of the Company’s common stock on the date of grant. | |||||||||||||||||
The Company recognized $1.3 million and $3.7 million in equity-based compensation expense for the three and nine months ended September 30, 2013, respectively, and $0.5 million and $1.7 million in equity-based compensation expense for the three and nine months ended September 30, 2012, respectively. On April 30, 2013, certain non-employee directors affiliated with Waud Capital Partners, L.L.C. resigned from the Company’s Board of Directors in connection with the Company’s efforts to comply with NASDAQ’s board independence requirements. The Company recorded incremental equity-based compensation expense of $0.6 million related to the vesting of 20,090 shares of restricted stock that would have been forfeited had the awards not been modified to accelerate vesting. | |||||||||||||||||
As of September 30, 2013, there was $15.3 million of unrecognized compensation expense related to unvested options, restricted stock and restricted stock units, which is expected to be recognized over the remaining weighted average vesting period of 1.6 years. The total intrinsic value of options exercised during the three and nine months ended September 30, 2013 was $0.1 million and $2.2 million, respectively. | |||||||||||||||||
As of September 30, 2013, there were 3,750 warrants outstanding and exercisable with a weighted average exercise price of $14.00. The weighted average grant date fair value of unvested restricted stock awards as of September 30, 2013 was $23.63. The Company recognized a deferred income tax benefit of $0.6 million and $1.5 million for the three and nine months ended September 30, 2013, respectively, related to equity-based compensation expense. The actual tax benefit realized from stock options exercised during the three and nine months ended September 30, 2013 was $0.1 million and $1.3 million, respectively. No tax benefits were recognized or realized during the three and nine months ended September 30, 2012. | |||||||||||||||||
Stock option activity during 2012 and 2013 was as follows (aggregate intrinsic value in thousands): | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (in years) | |||||||||||||||||
Options outstanding at January 1, 2012 | 346,821 | $ | 7.74 | 4.5 | $ | 947 | |||||||||||
Options granted | 429,498 | 16.36 | 9.22 | 2,960 | |||||||||||||
Options exercised | (124,194 | ) | 8.01 | N/A | N/A | ||||||||||||
Options cancelled | (97,028 | ) | 14.7 | N/A | N/A | ||||||||||||
Options outstanding at December 31, 2012 | 555,097 | 13.13 | 7.53 | 5,632 | |||||||||||||
Options granted | 387,800 | 29.8 | 9.37 | 1,031 | |||||||||||||
Options exercised | (111,787 | ) | 10.21 | N/A | N/A | ||||||||||||
Options cancelled | (28,826 | ) | 21.82 | N/A | N/A | ||||||||||||
Options outstanding at September 30, 2013 | 802,284 | 21.07 | 8.23 | 9,210 | |||||||||||||
Options exercisable at December 31, 2012 | 164,062 | $ | 6.63 | 3.59 | $ | 2,707 | |||||||||||
Options exercisable at September 30, 2013 | 131,210 | $ | 9.38 | 4.3 | $ | 3,345 | |||||||||||
Restricted stock activity during 2012 and 2013 was as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2012 | 138,321 | $ | 9.4 | ||||||||||||||
Granted | 318,170 | 13.04 | |||||||||||||||
Cancelled | (42,107 | ) | 14.25 | ||||||||||||||
Vested | (96,321 | ) | 9.4 | ||||||||||||||
Unvested at December 31, 2012 | 318,063 | $ | 15.73 | ||||||||||||||
Granted | 266,845 | 30.28 | |||||||||||||||
Cancelled | (40,856 | ) | 19.47 | ||||||||||||||
Vested | (75,247 | ) | 16.08 | ||||||||||||||
Unvested at September 30, 2013 | 468,805 | $ | 23.63 | ||||||||||||||
Restricted stock unit activity during 2012 and 2013 was as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2012 | — | $ | — | ||||||||||||||
Granted | 86,485 | 16.11 | |||||||||||||||
Cancelled | (17,857 | ) | 15.96 | ||||||||||||||
Vested | — | — | |||||||||||||||
Unvested at December 31, 2012 | 68,628 | $ | 16.11 | ||||||||||||||
Granted | 72,876 | 29.39 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (45,753 | ) | 16.11 | ||||||||||||||
Unvested at September 30, 2013 | 95,751 | $ | 23.05 | ||||||||||||||
The grant-date fair value of the Company’s stock options is estimated using the Black-Scholes option pricing model. The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the nine months ended September 30, 2013 and year ended December 31, 2012: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted average grant-date fair value of options | $ | 11.32 | $ | 6.93 | |||||||||||||
Risk-free interest rate | 1 | % | 1.2 | % | |||||||||||||
Expected volatility | 40 | % | 42 | % | |||||||||||||
Expected life (in years) | 5.5 | 6.3 | |||||||||||||||
The Company’s estimate of expected volatility for stock options is based upon the volatility of guideline companies given the lack of sufficient historical trading experience of the Company’s common stock. The risk-free interest rate is the approximate yield on United States Treasury Strips having a life equal to the expected option life on the date of grant. The expected life is an estimate of the number of years an option will be held before it is exercised. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes |
The provision for income taxes for continuing operations for the three and nine months ended September 30, 2013 reflects effective tax rates of 34.7% and 37.4%, respectively. The provision for income taxes for continuing operations for the three and nine months ended September 30, 2012 reflects effective tax rates of 36.1% and 36.8%, respectively. The decrease in the tax rate for the three months ended September 30, 2013 is primarily attributable to the filing of the 2012 calendar year tax returns as well as certain state tax planning initiatives. The increase in the tax rate for the nine months ended September 30, 2013 is primarily attributable to the impact of additional state taxes associated with the Company’s expansions and acquisitions. | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 11. Fair Value Measurements | ||||||||||||||||
The carrying amounts reported for cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value because of the short-term maturity of these instruments. | |||||||||||||||||
The carrying amounts and fair values of the Company’s Amended and Restated Senior Credit Facility, 12.875% Senior Notes, 6.125% Senior Notes, 9.0% and 9.5% Revenue Bonds and contingent consideration liability as of September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Amended and Restated Senior Credit Facility | $ | 313,875 | $ | 300,000 | $ | 313,875 | $ | 300,000 | |||||||||
12.875% Senior Notes due 2018 | $ | 96,171 | $ | 147,757 | $ | 117,731 | $ | 181,500 | |||||||||
6.125% Senior Notes due 2021 | $ | 150,000 | $ | — | $ | 153,750 | $ | — | |||||||||
9.0% and 9.5% Revenue Bonds | $ | 25,214 | $ | 25,561 | $ | 25,214 | $ | 25,561 | |||||||||
Contingent consideration liability | $ | 6,500 | $ | 6,120 | $ | 6,500 | $ | 6,120 | |||||||||
The Company’s Amended and Restated Senior Credit Facility, 12.875% Senior Notes, 6.125% Senior Notes and 9.0% and 9.5% Revenue Bonds were categorized as Level 2 in the GAAP fair value hierarchy. Fair values were based on trading activity among the Company’s lenders and the average bid and ask price as determined using published rates. | |||||||||||||||||
The fair value of the contingent consideration liability at September 30, 2013 was categorized as Level 3 in the GAAP fair value hierarchy. The contingent consideration liability was valued using a probability-weighted discounted cash flow method. This analysis reflected the contractual terms of the purchase agreements and utilized assumptions with regard to future earnings, probabilities of achieving such future earnings and a discount rate. Significant increases with respect to assumptions as to future earnings and probabilities of achieving such future earnings would result in higher fair value measurement while an increase in the discount rate would result in a lower fair value measurement. During the nine months ended September 30, 2013, the Company changed its projections of the timing of future payments. This change resulted in a $0.4 million increase in the fair value of the contingent consideration liability, which was recorded in transaction-related expenses in the condensed consolidated statements of operations. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies |
The Company is, from time to time, subject to various claims and legal actions that arise in the ordinary course of the Company’s business, including claims for damages for personal injuries, medical malpractice, breach of contract, tort and employment related claims. In these actions, plaintiffs request a variety of damages, including, in some instances, punitive and other types of damages that may not be covered by insurance. In the opinion of management, the Company is not currently a party to any proceeding that would individually or in the aggregate have a material adverse effect on the Company’s business, financial condition or results of operations. | |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | 13. Recently Issued Accounting Standards |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 states an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. Management does not expect ASU 2013-11 to have a significant impact on the Company’s consolidated financial statements. | |
Financial_Information_for_the_
Financial Information for the Company and Its Subsidiaries | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||
Financial Information for the Company and Its Subsidiaries | 14. Financial Information for the Company and Its Subsidiaries | ||||||||||||||||||||
The Company conducts substantially all of its business through its subsidiaries. Presented below is consolidating financial information for the Company and its subsidiaries as of September 30, 2013 and December 31, 2012, and for the three and nine months ended September 30, 2013 and 2012. The information segregates the parent company (Acadia Healthcare Company, Inc.), the combined wholly-owned subsidiary guarantors, the combined non-guarantor subsidiaries and eliminations. All of the subsidiary guarantees are full and unconditional and joint and several. | |||||||||||||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 5,350 | $ | (1,316 | ) | $ | 4,034 | ||||||||||
Accounts receivable, net | — | 85,376 | 7,935 | — | 93,311 | ||||||||||||||||
Deferred tax assets | — | 12,705 | 314 | — | 13,019 | ||||||||||||||||
Other current assets | — | 31,504 | 1,012 | — | 32,516 | ||||||||||||||||
Total current assets | — | 129,585 | 14,611 | (1,316 | ) | 142,880 | |||||||||||||||
Property and equipment, net | — | 299,219 | 30,516 | — | 329,735 | ||||||||||||||||
Goodwill | — | 549,721 | 97,289 | — | 647,010 | ||||||||||||||||
Intangible assets, net | — | 17,193 | 1,990 | — | 19,183 | ||||||||||||||||
Investment in subsidiaries | 983,456 | — | — | (983,456 | ) | — | |||||||||||||||
Other assets | 14,158 | 7,699 | 2,321 | — | 24,178 | ||||||||||||||||
Total assets | $ | 997,614 | $ | 1,003,417 | $ | 146,727 | $ | (984,772 | ) | $ | 1,162,986 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 13,125 | $ | — | $ | 180 | $ | — | $ | 13,305 | |||||||||||
Accounts payable | — | 26,573 | 1,192 | (1,316 | ) | 26,449 | |||||||||||||||
Accrued salaries and benefits | — | 31,037 | 1,247 | — | 32,284 | ||||||||||||||||
Other accrued liabilities | 5,692 | 21,524 | 2,019 | — | 29,235 | ||||||||||||||||
Total current liabilities | 18,817 | 79,134 | 4,638 | (1,316 | ) | 101,273 | |||||||||||||||
Long-term debt | 513,996 | — | 57,959 | — | 571,955 | ||||||||||||||||
Deferred tax liabilities – noncurrent | (1,732 | ) | 12,842 | (6,131 | ) | — | 4,979 | ||||||||||||||
Other liabilities | — | 18,246 | — | — | 18,246 | ||||||||||||||||
Total liabilities | 531,081 | 110,222 | 56,466 | (1,316 | ) | 696,453 | |||||||||||||||
Total equity | 466,533 | 893,195 | 90,261 | (983,456 | ) | 466,533 | |||||||||||||||
Total liabilities and equity | $ | 997,614 | $ | 1,003,417 | $ | 146,727 | $ | (984,772 | ) | $ | 1,162,986 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 49,307 | $ | 92 | $ | — | $ | 49,399 | |||||||||||
Accounts receivable, net | — | 61,359 | 2,511 | — | 63,870 | ||||||||||||||||
Deferred tax assets | — | 11,323 | 57 | — | 11,380 | ||||||||||||||||
Other current assets | — | 16,074 | 258 | — | 16,332 | ||||||||||||||||
Total current assets | — | 138,063 | 2,918 | — | 140,981 | ||||||||||||||||
Property and equipment, net | — | 218,716 | 18,226 | — | 236,942 | ||||||||||||||||
Goodwill | — | 537,296 | 20,106 | — | 557,402 | ||||||||||||||||
Intangible assets, net | — | 14,953 | 1,035 | — | 15,988 | ||||||||||||||||
Investment in subsidiaries | 868,165 | — | — | (868,165 | ) | — | |||||||||||||||
Other assets | 13,562 | 16,217 | 2,321 | — | 32,100 | ||||||||||||||||
Total assets | $ | 881,727 | $ | 925,245 | $ | 44,606 | $ | (868,165 | ) | $ | 983,413 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 7,500 | $ | — | $ | 180 | $ | — | $ | 7,680 | |||||||||||
Accounts payable | — | 18,048 | 1,033 | — | 19,081 | ||||||||||||||||
Accrued salaries and benefits | — | 28,285 | 464 | — | 28,749 | ||||||||||||||||
Other accrued liabilities | 3,259 | 12,853 | 229 | — | 16,341 | ||||||||||||||||
Total current liabilities | 10,759 | 59,186 | 1,906 | 71,851 | |||||||||||||||||
Long-term debt | 440,257 | — | 25,381 | — | 465,638 | ||||||||||||||||
Deferred tax liabilities – noncurrent | (1,839 | ) | 3,793 | (956 | ) | — | 998 | ||||||||||||||
Other liabilities | — | 12,376 | — | — | 12,376 | ||||||||||||||||
Total liabilities | 449,177 | 75,355 | 26,331 | — | 550,863 | ||||||||||||||||
Total equity | 432,550 | 849,890 | 18,275 | (868,165 | ) | 432,550 | |||||||||||||||
Total liabilities and equity | $ | 881,727 | $ | 925,245 | $ | 44,606 | $ | (868,165 | ) | $ | 983,413 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 179,560 | $ | 11,014 | $ | — | $ | 190,574 | |||||||||||
Provision for doubtful accounts | — | (5,660 | ) | (212 | ) | — | (5,872 | ) | |||||||||||||
Revenue | — | 173,900 | 10,802 | — | 184,702 | ||||||||||||||||
Salaries, wages and benefits | 1,331 | 98,166 | 4,292 | — | 103,789 | ||||||||||||||||
Professional fees | — | 7,954 | 1,002 | — | 8,956 | ||||||||||||||||
Supplies | — | 9,170 | 636 | — | 9,806 | ||||||||||||||||
Rents and leases | — | 2,394 | 262 | — | 2,656 | ||||||||||||||||
Other operating expenses | — | 19,896 | 2,449 | — | 22,345 | ||||||||||||||||
Depreciation and amortization | — | 4,072 | 342 | — | 4,414 | ||||||||||||||||
Interest expense, net | 8,542 | — | 923 | — | 9,465 | ||||||||||||||||
Transaction-related expenses | — | 984 | — | — | 984 | ||||||||||||||||
Total expenses | 9,873 | 142,636 | 9,906 | — | 162,415 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (9,873 | ) | 31,264 | 896 | — | 22,287 | |||||||||||||||
Equity in earnings of subsidiaries | 21,087 | — | — | (21,087 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (3,150 | ) | 10,680 | 211 | — | 7,741 | |||||||||||||||
Income (loss) from continuing operations | 14,364 | 20,584 | 685 | (21,087 | ) | 14,546 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (182 | ) | — | — | (182 | ) | ||||||||||||||
Net income (loss) | $ | 14,364 | $ | 20,402 | $ | 685 | $ | (21,087 | ) | $ | 14,364 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 104,618 | $ | — | $ | — | $ | 104,618 | |||||||||||
Provision for doubtful accounts | — | (1,502 | ) | — | — | (1,502 | ) | ||||||||||||||
Revenue | — | 103,116 | — | — | 103,116 | ||||||||||||||||
Salaries, wages and benefits | 521 | 59,367 | — | — | 59,888 | ||||||||||||||||
Professional fees | — | 4,690 | — | — | 4,690 | ||||||||||||||||
Supplies | — | 4,831 | — | — | 4,831 | ||||||||||||||||
Rents and leases | — | 1,775 | — | — | 1,775 | ||||||||||||||||
Other operating expenses | — | 11,380 | — | — | 11,380 | ||||||||||||||||
Depreciation and amortization | — | 2,076 | — | — | 2,076 | ||||||||||||||||
Interest expense, net | 7,433 | — | — | — | 7,433 | ||||||||||||||||
Transaction-related expenses | — | 732 | — | — | 732 | ||||||||||||||||
Total expenses | 7,954 | 84,851 | — | — | 92,805 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (7,954 | ) | 18,265 | — | — | 10,311 | |||||||||||||||
Equity in earnings of subsidiaries | 11,532 | — | — | (11,532 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (2,872 | ) | 6,595 | — | — | 3,723 | |||||||||||||||
Income (loss) from continuing operations | 6,450 | 11,670 | — | (11,532 | ) | 6,588 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (138 | ) | — | — | (138 | ) | ||||||||||||||
Net income (loss) | $ | 6,450 | $ | 11,532 | $ | — | $ | (11,532 | ) | $ | 6,450 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 516,467 | $ | 22,763 | $ | — | $ | 539,230 | |||||||||||
Provision for doubtful accounts | — | (14,932 | ) | (889 | ) | — | (15,821 | ) | |||||||||||||
Revenue | — | 501,535 | 21,874 | — | 523,409 | ||||||||||||||||
Salaries, wages and benefits | 3,744 | 285,760 | 9,400 | — | 298,904 | ||||||||||||||||
Professional fees | — | 25,447 | 1,847 | — | 27,294 | ||||||||||||||||
Supplies | — | 26,718 | 1,299 | — | 28,017 | ||||||||||||||||
Rents and leases | — | 6,872 | 505 | — | 7,377 | ||||||||||||||||
Other operating expenses | — | 53,922 | 5,502 | — | 59,424 | ||||||||||||||||
Depreciation and amortization | — | 11,379 | 869 | — | 12,248 | ||||||||||||||||
Interest expense, net | 25,570 | — | 2,102 | — | 27,672 | ||||||||||||||||
Debt extinguishment costs | 9,350 | — | — | — | 9,350 | ||||||||||||||||
Transaction-related expenses | — | 3,813 | — | — | 3,813 | ||||||||||||||||
Total expenses | 38,664 | 413,911 | 21,524 | — | 474,099 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (38,664 | ) | 87,624 | 350 | — | 49,310 | |||||||||||||||
Equity in earnings of subsidiaries | 54,340 | — | — | (54,340 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (14,623 | ) | 33,143 | (81 | ) | — | 18,439 | ||||||||||||||
Income (loss) from continuing operations | 30,299 | 54,481 | 431 | (54,340 | ) | 30,871 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (572 | ) | — | — | (572 | ) | ||||||||||||||
Net income (loss) | $ | 30,299 | $ | 53,909 | $ | 431 | $ | (54,340 | ) | $ | 30,299 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 298,638 | $ | — | $ | — | $ | 298,638 | |||||||||||
Provision for doubtful accounts | — | (5,429 | ) | — | — | (5,429 | ) | ||||||||||||||
Revenue | — | 293,209 | — | — | 293,209 | ||||||||||||||||
Salaries, wages and benefits | 1,691 | 171,899 | — | — | 173,590 | ||||||||||||||||
Professional fees | — | 13,521 | — | — | 13,521 | ||||||||||||||||
Supplies | — | 14,148 | — | — | 14,148 | ||||||||||||||||
Rents and leases | — | 6,244 | — | — | 6,244 | ||||||||||||||||
Other operating expenses | — | 30,768 | — | — | 30,768 | ||||||||||||||||
Depreciation and amortization | — | 5,332 | — | — | 5,332 | ||||||||||||||||
Interest expense, net | 22,186 | — | — | — | 22,186 | ||||||||||||||||
Transaction-related expenses | — | 2,097 | — | — | 2,097 | ||||||||||||||||
Total expenses | 23,877 | 244,009 | — | — | 267,886 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (23,877 | ) | 49,200 | — | — | 25,323 | |||||||||||||||
Equity in earnings of subsidiaries | 31,139 | — | — | (31,139 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (8,776 | ) | 18,083 | — | — | 9,307 | |||||||||||||||
Income (loss) from continuing operations | 16,038 | 31,117 | — | (31,139 | ) | 16,016 | |||||||||||||||
Income from discontinued operations, net of income taxes | — | 22 | — | — | 22 | ||||||||||||||||
Net income (loss) | $ | 16,038 | $ | 31,139 | $ | — | $ | (31,139 | ) | $ | 16,038 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 30,299 | $ | 53,909 | $ | 431 | $ | (54,340 | ) | $ | 30,299 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: | |||||||||||||||||||||
Depreciation and amortization | — | 11,379 | 869 | — | 12,248 | ||||||||||||||||
Amortization of debt issuance costs | 1,686 | — | — | — | 1,686 | ||||||||||||||||
Equity-based compensation expense | 3,744 | — | — | — | 3,744 | ||||||||||||||||
Deferred income tax expense | (70 | ) | 10,797 | (182 | ) | — | 10,545 | ||||||||||||||
Loss from discontinued operations, net of taxes | — | 572 | — | — | 572 | ||||||||||||||||
Debt extinguishment costs | 9,350 | — | — | — | 9,350 | ||||||||||||||||
Other | — | 16 | — | — | 16 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Equity in earnings of subsidiaries | 54,340 | — | — | (54,340 | ) | — | |||||||||||||||
Accounts receivable, net | — | (18,920 | ) | 542 | — | (18,378 | ) | ||||||||||||||
Other current assets | — | (5,638 | ) | (19 | ) | — | (5,657 | ) | |||||||||||||
Other assets | — | (1,676 | ) | — | — | (1,676 | ) | ||||||||||||||
Accounts payable and other accrued liabilities | — | 2,763 | (167 | ) | — | 2,596 | |||||||||||||||
Accrued salaries and benefits | — | (3,660 | ) | 193 | — | (3,467 | ) | ||||||||||||||
Other liabilities | — | 7,693 | (4,155 | ) | — | 3,538 | |||||||||||||||
Net cash provided by (used in) continuing operating activities | 99,349 | 57,235 | (2,488 | ) | (108,680 | ) | 45,416 | ||||||||||||||
Net cash used in discontinued operating activities | — | (541 | ) | — | — | (541 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 99,349 | 56,694 | (2,488 | ) | (108,680 | ) | 44,875 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (135,605 | ) | — | — | (135,605 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (50,378 | ) | (300 | ) | — | (50,678 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (4,676 | ) | — | — | (4,676 | ) | ||||||||||||||
Other | — | (1,088 | ) | — | — | (1,088 | ) | ||||||||||||||
Net cash used in investing activities | — | (191,747 | ) | (300 | ) | — | (192,047 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Net increase in revolving credit facility | 19,500 | — | — | — | 19,500 | ||||||||||||||||
Principal payments on long-term debt | (5,625 | ) | — | — | — | (5,625 | ) | ||||||||||||||
Repayment of long-term debt | (52,500 | ) | — | — | — | (52,500 | ) | ||||||||||||||
Payment of debt issuance costs | (4,307 | ) | — | — | — | (4,307 | ) | ||||||||||||||
Payment of premium on note redemption | (6,759 | ) | — | — | — | (6,759 | ) | ||||||||||||||
Proceeds from stock option exercises | 233 | — | — | — | 233 | ||||||||||||||||
Excess tax benefit from equity awards | 1,265 | — | — | — | 1,265 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (201,156 | ) | 85,746 | 8,046 | 107,364 | — | |||||||||||||||
Net cash (used in) provided by financing activities | (99,349 | ) | 85,746 | 8,046 | 107,364 | 101,807 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (49,307 | ) | 5,258 | (1,316 | ) | (45,365 | ) | |||||||||||||
Cash and cash equivalents at beginning of the period | — | 49,307 | 92 | — | 49,399 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | — | $ | 5,350 | $ | (1,316 | ) | $ | 4,034 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 16,038 | $ | 31,139 | $ | — | $ | (31,139 | ) | $ | 16,038 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: | |||||||||||||||||||||
Depreciation and amortization | — | 5,332 | — | — | 5,332 | ||||||||||||||||
Amortization of debt issuance costs | 1,869 | — | — | — | 1,869 | ||||||||||||||||
Equity-based compensation expense | 1,691 | — | — | — | 1,691 | ||||||||||||||||
Deferred income tax expense | (439 | ) | 8,577 | — | — | 8,138 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | (22 | ) | — | — | (22 | ) | ||||||||||||||
Other | — | (9 | ) | — | — | (9 | ) | ||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Equity in earnings of subsidiaries | 31,139 | — | — | (31,139 | ) | — | |||||||||||||||
Accounts receivable, net | — | (13,597 | ) | — | — | (13,597 | ) | ||||||||||||||
Other current assets | — | (3,677 | ) | — | — | (3,677 | ) | ||||||||||||||
Other assets | — | 1,029 | — | — | 1,029 | ||||||||||||||||
Accounts payable and other accrued liabilities | — | 4,817 | — | — | 4,817 | ||||||||||||||||
Accrued salaries and benefits | — | 527 | — | — | 527 | ||||||||||||||||
Other liabilities | — | 1,527 | — | — | 1,527 | ||||||||||||||||
Net cash provided by (used in) continuing operating activities | 50,298 | 35,643 | — | (62,278 | ) | 23,663 | |||||||||||||||
Net cash used in discontinued operating activities | — | (328 | ) | — | — | (328 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 50,298 | 35,315 | — | (62,278 | ) | 23,335 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (165,981 | ) | — | — | (165,981 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (14,511 | ) | — | — | (14,511 | ) | ||||||||||||||
Cash paid for real estate acquisitions | — | (50,745 | ) | — | — | (50,745 | ) | ||||||||||||||
Other | — | 1,231 | — | — | 1,231 | ||||||||||||||||
Net cash used in investing activities | — | (230,006 | ) | — | — | (230,006 | ) | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 25,000 | — | — | — | 25,000 | ||||||||||||||||
Principal payments on long-term debt | (6,000 | ) | — | — | — | (6,000 | ) | ||||||||||||||
Payment of debt issuance costs | (1,197 | ) | — | — | — | (1,197 | ) | ||||||||||||||
Issuance of common stock | 138,954 | — | — | — | 138,954 | ||||||||||||||||
Proceeds from stock option exercises | 515 | — | — | — | 515 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (207,570 | ) | 145,292 | — | 62,278 | — | |||||||||||||||
Net cash (used in) provided by financing activities | (50,298 | ) | 145,292 | — | 62,278 | 157,272 | |||||||||||||||
Net decrease in cash and cash equivalents | — | (49,399 | ) | — | — | (49,399 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | — | 61,118 | — | — | 61,118 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 11,719 | $ | — | $ | — | $ | 11,719 |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business |
Acadia Healthcare Company, Inc. (the “Company”) develops and operates inpatient psychiatric facilities, residential treatment centers, group homes, substance abuse facilities and facilities providing outpatient behavioral healthcare services to serve the behavioral health and recovery needs of communities throughout the United States. At September 30, 2013, the Company operated 47 behavioral healthcare facilities with approximately 3,900 licensed beds in 21 states and Puerto Rico. | |
Basis of Presentation | Basis of Presentation |
The business of the Company is conducted through limited liability companies and C-corporations, each of which is a direct or indirect wholly-owned subsidiary of the Company. The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, all of which are 100% owned. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation of our financial position and results of operations have been included. The Company’s fiscal year ends on December 31 and interim results are not necessarily indicative of results for a full year or any other interim period. The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements as of that date. The information contained in these condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2013. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Certain reclassifications have been made to prior years to conform to the current year presentation. | |
Income Taxes | In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 states an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. Management does not expect ASU 2013-11 to have a significant impact on the Company’s consolidated financial statements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 (in thousands except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Basic and diluted earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 14,546 | $ | 6,588 | $ | 30,871 | $ | 16,016 | |||||||||
(Loss) income from discontinued operations | (182 | ) | (138 | ) | (572 | ) | 22 | ||||||||||
Net income | $ | 14,364 | $ | 6,450 | $ | 30,299 | $ | 16,038 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding for basic earnings per share | 50,040 | 41,757 | 49,987 | 36,795 | |||||||||||||
Effects of dilutive instruments | 303 | 234 | 226 | 211 | |||||||||||||
Shares used in computing diluted earnings per common share | 50,343 | 41,991 | 50,213 | 37,006 | |||||||||||||
Basic earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.16 | $ | 0.62 | $ | 0.44 | |||||||||
Loss from discontinued operations | — | (0.01 | ) | (0.01 | ) | — | |||||||||||
Net income | $ | 0.29 | $ | 0.15 | $ | 0.61 | $ | 0.44 | |||||||||
Diluted earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.16 | $ | 0.61 | $ | 0.43 | |||||||||
Loss from discontinued operations | — | (0.01 | ) | (0.01 | ) | — | |||||||||||
Net income | $ | 0.29 | $ | 0.15 | $ | 0.6 | $ | 0.43 | |||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||
Preliminary Fair Values of Assets Acquired and Liabilities Assumed at Corresponding Acquisition Date | The preliminary fair values of assets acquired and liabilities assumed during the nine months ended September 30, 2013 were as follows (in thousands): | ||||||||||||||||||||||||
UMC | Other | Total | |||||||||||||||||||||||
Facilities | |||||||||||||||||||||||||
Cash | $ | 52 | $ | 883 | $ | 935 | |||||||||||||||||||
Accounts receivable | 5,251 | 6,120 | 11,371 | ||||||||||||||||||||||
Prepaid expenses and other current assets | 557 | 3,189 | 3,746 | ||||||||||||||||||||||
Property and equipment | 22,732 | 28,088 | 50,820 | ||||||||||||||||||||||
Goodwill | 67,544 | 22,592 | 90,136 | ||||||||||||||||||||||
Intangible assets | 1,505 | 1,406 | 2,911 | ||||||||||||||||||||||
Other assets | 4,563 | 159 | 4,722 | ||||||||||||||||||||||
Total assets acquired | 102,204 | 62,437 | 164,641 | ||||||||||||||||||||||
Accounts payable | 1,535 | 7,290 | 8,825 | ||||||||||||||||||||||
Accrued salaries and benefits | 588 | 2,594 | 3,182 | ||||||||||||||||||||||
Other accrued expenses | 609 | 1,195 | 1,804 | ||||||||||||||||||||||
Other liabilities | 53 | 2,553 | 2,606 | ||||||||||||||||||||||
Total liabilities assumed | 2,785 | 13,632 | 16,417 | ||||||||||||||||||||||
Net assets acquired | $ | 99,419 | $ | 48,805 | $ | 148,224 | |||||||||||||||||||
The following table presents the preliminary fair values of assets acquired and liabilities assumed during 2012, at the corresponding acquisition dates (except that information for the Haven Facilities and Timberline Knolls reflect final fair values) (in thousands): | |||||||||||||||||||||||||
BCA | AmiCare | Park Royal | Timberline | Haven | Total | ||||||||||||||||||||
Knolls | Facilities | ||||||||||||||||||||||||
Cash | $ | 5 | $ | 1,596 | $ | 42 | $ | — | $ | 5 | $ | 1,648 | |||||||||||||
Accounts receivable | 6,980 | 3,684 | 1,450 | 2,845 | 4,138 | 19,097 | |||||||||||||||||||
Prepaid expenses and other current assets | 1,291 | 1,509 | 1,258 | 170 | 803 | 5,031 | |||||||||||||||||||
Property and equipment | 23,561 | 23,150 | 18,291 | 590 | 12,723 | 78,315 | |||||||||||||||||||
Goodwill | 116,609 | 86,491 | 19,320 | 72,164 | 74,435 | 369,019 | |||||||||||||||||||
Intangible assets | 1,161 | 1,267 | 1,035 | 3,317 | 1,200 | 7,980 | |||||||||||||||||||
Other assets | 326 | — | 3,141 | — | — | 3,467 | |||||||||||||||||||
Total assets acquired | 149,933 | 117,697 | 44,537 | 79,086 | 93,304 | 484,557 | |||||||||||||||||||
Accounts payable | 3,602 | 504 | 695 | 2,011 | 1,183 | 7,995 | |||||||||||||||||||
Accrued salaries and benefits | 2,207 | 2,508 | 443 | 653 | 1,523 | 7,334 | |||||||||||||||||||
Other accrued expenses | 697 | 627 | 1,079 | 869 | 127 | 3,399 | |||||||||||||||||||
Debt | — | — | 25,600 | — | — | 25,600 | |||||||||||||||||||
Other liabilities | 475 | 1,495 | — | — | — | 1,970 | |||||||||||||||||||
Total liabilities assumed | 6,981 | 5,134 | 27,817 | 3,533 | 2,833 | 46,298 | |||||||||||||||||||
Net assets acquired | $ | 142,952 | $ | 112,563 | $ | 16,720 | $ | 75,553 | $ | 90,471 | $ | 438,259 | |||||||||||||
Transaction Related Expenses as Incurred | Transaction-related expenses were comprised of the following costs for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Legal, accounting and other fees | $ | 841 | $ | 629 | $ | 2,644 | $ | 1,958 | |||||||||||||||||
Severance and contract termination costs | 143 | 103 | 1,169 | 139 | |||||||||||||||||||||
$ | 984 | $ | 732 | $ | 3,813 | $ | 2,097 | ||||||||||||||||||
Pro Forma Financial Information for Acquisitions Occurred | The following table provides certain pro forma financial information for the Company as if the acquisitions completed in 2013 and 2012 occurred as of January 1, 2012 (in thousands): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Revenue | $ | 184,702 | $ | 145,565 | $ | 531,394 | $ | 433,956 | |||||||||||||||||
Income from continuing operations, before income taxes | $ | 22,287 | $ | 15,279 | $ | 50,643 | $ | 43,871 | |||||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Summary of Changes in Goodwill | The following table summarizes changes in goodwill during the nine months ended September 30, 2013 (in thousands): | ||||||||||||||||
Balance at January 1, 2013 | $ | 557,402 | |||||||||||||||
Increase from 2013 acquisitions | 90,136 | ||||||||||||||||
Other | (528 | ) | |||||||||||||||
Balance at September 30, 2013 | $ | 647,010 | |||||||||||||||
Other Identifiable Intangible Assets and Related Accumulated Amortization | Other identifiable intangible assets and related accumulated amortization consists of the following as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Contract intangible assets | $ | 2,100 | $ | 2,100 | $ | (805 | ) | $ | (490 | ) | |||||||
Non-compete agreements | 1,247 | 1,247 | (964 | ) | (684 | ) | |||||||||||
3,347 | 3,347 | (1,769 | ) | (1,174 | ) | ||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Licenses and accreditations | 7,711 | 6,969 | — | — | |||||||||||||
Trade names | 3,000 | 3,000 | — | — | |||||||||||||
Certificates of need | 6,894 | 3,846 | — | — | |||||||||||||
17,605 | 13,815 | — | — | ||||||||||||||
Total | $ | 20,952 | $ | 17,162 | $ | (1,769 | ) | $ | (1,174 | ) | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Summary of Property and Equipment | Property and equipment consists of the following as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land | $ | 50,312 | $ | 39,130 | |||||
Building and improvements | 227,205 | 171,769 | |||||||
Equipment | 33,715 | 19,773 | |||||||
Construction in progress | 43,395 | 19,300 | |||||||
354,627 | 249,972 | ||||||||
Less accumulated depreciation | (24,892 | ) | (13,030 | ) | |||||
Property and equipment, net | $ | 329,735 | $ | 236,942 | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||
Summary of Results from Discontinued Operations | A summary of results from discontinued operations is as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | $ | (264 | ) | $ | — | $ | (363 | ) | $ | 3,570 | |||||||
(Loss) income from discontinued operations, net of income taxes | $ | (182 | ) | $ | (138 | ) | $ | (572 | ) | $ | 22 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Components of Long Term Debt | Long-term debt consisted of the following (in thousands): | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Amended and Restated Senior Credit Facility: | |||||||||
Senior Secured Term Loans | $ | 294,375 | $ | 300,000 | |||||
Senior Secured Revolving Line of Credit | 19,500 | — | |||||||
12.875% Senior Notes due 2018 | 96,171 | 147,757 | |||||||
6.125% Senior Notes due 2021 | 150,000 | — | |||||||
9.0% and 9.5% Revenue Bonds | 25,214 | 25,561 | |||||||
585,260 | 473,318 | ||||||||
Less: current portion | (13,305 | ) | (7,680 | ) | |||||
Long-term debt | $ | 571,955 | $ | 465,638 | |||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Stock Option Activity | Stock option activity during 2012 and 2013 was as follows (aggregate intrinsic value in thousands): | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (in years) | |||||||||||||||||
Options outstanding at January 1, 2012 | 346,821 | $ | 7.74 | 4.5 | $ | 947 | |||||||||||
Options granted | 429,498 | 16.36 | 9.22 | 2,960 | |||||||||||||
Options exercised | (124,194 | ) | 8.01 | N/A | N/A | ||||||||||||
Options cancelled | (97,028 | ) | 14.7 | N/A | N/A | ||||||||||||
Options outstanding at December 31, 2012 | 555,097 | 13.13 | 7.53 | 5,632 | |||||||||||||
Options granted | 387,800 | 29.8 | 9.37 | 1,031 | |||||||||||||
Options exercised | (111,787 | ) | 10.21 | N/A | N/A | ||||||||||||
Options cancelled | (28,826 | ) | 21.82 | N/A | N/A | ||||||||||||
Options outstanding at September 30, 2013 | 802,284 | 21.07 | 8.23 | 9,210 | |||||||||||||
Options exercisable at December 31, 2012 | 164,062 | $ | 6.63 | 3.59 | $ | 2,707 | |||||||||||
Options exercisable at September 30, 2013 | 131,210 | $ | 9.38 | 4.3 | $ | 3,345 | |||||||||||
Restricted Stock Activity | Restricted stock activity during 2012 and 2013 was as follows: | ||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2012 | 138,321 | $ | 9.4 | ||||||||||||||
Granted | 318,170 | 13.04 | |||||||||||||||
Cancelled | (42,107 | ) | 14.25 | ||||||||||||||
Vested | (96,321 | ) | 9.4 | ||||||||||||||
Unvested at December 31, 2012 | 318,063 | $ | 15.73 | ||||||||||||||
Granted | 266,845 | 30.28 | |||||||||||||||
Cancelled | (40,856 | ) | 19.47 | ||||||||||||||
Vested | (75,247 | ) | 16.08 | ||||||||||||||
Unvested at September 30, 2013 | 468,805 | $ | 23.63 | ||||||||||||||
Restricted Stock Unit Activity | Restricted stock unit activity during 2012 and 2013 was as follows: | ||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2012 | — | $ | — | ||||||||||||||
Granted | 86,485 | 16.11 | |||||||||||||||
Cancelled | (17,857 | ) | 15.96 | ||||||||||||||
Vested | — | — | |||||||||||||||
Unvested at December 31, 2012 | 68,628 | $ | 16.11 | ||||||||||||||
Granted | 72,876 | 29.39 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (45,753 | ) | 16.11 | ||||||||||||||
Unvested at September 30, 2013 | 95,751 | $ | 23.05 | ||||||||||||||
Schedule of Stock Options Valuation Assumptions | The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the nine months ended September 30, 2013 and year ended December 31, 2012: | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted average grant-date fair value of options | $ | 11.32 | $ | 6.93 | |||||||||||||
Risk-free interest rate | 1 | % | 1.2 | % | |||||||||||||
Expected volatility | 40 | % | 42 | % | |||||||||||||
Expected life (in years) | 5.5 | 6.3 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Carrying Amounts and Fair Values of Company's Amended and Restated Senior Credit Facilities and Contingent Consideration Liability | The carrying amounts and fair values of the Company’s Amended and Restated Senior Credit Facility, 12.875% Senior Notes, 6.125% Senior Notes, 9.0% and 9.5% Revenue Bonds and contingent consideration liability as of September 30, 2013 and December 31, 2012 were as follows (in thousands): | ||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Amended and Restated Senior Credit Facility | $ | 313,875 | $ | 300,000 | $ | 313,875 | $ | 300,000 | |||||||||
12.875% Senior Notes due 2018 | $ | 96,171 | $ | 147,757 | $ | 117,731 | $ | 181,500 | |||||||||
6.125% Senior Notes due 2021 | $ | 150,000 | $ | — | $ | 153,750 | $ | — | |||||||||
9.0% and 9.5% Revenue Bonds | $ | 25,214 | $ | 25,561 | $ | 25,214 | $ | 25,561 | |||||||||
Contingent consideration liability | $ | 6,500 | $ | 6,120 | $ | 6,500 | $ | 6,120 |
Financial_Information_for_the_1
Financial Information for the Company and Its Subsidiaries (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||
Summary of Condensed Consolidating Balance Sheets | Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 5,350 | $ | (1,316 | ) | $ | 4,034 | ||||||||||
Accounts receivable, net | — | 85,376 | 7,935 | — | 93,311 | ||||||||||||||||
Deferred tax assets | — | 12,705 | 314 | — | 13,019 | ||||||||||||||||
Other current assets | — | 31,504 | 1,012 | — | 32,516 | ||||||||||||||||
Total current assets | — | 129,585 | 14,611 | (1,316 | ) | 142,880 | |||||||||||||||
Property and equipment, net | — | 299,219 | 30,516 | — | 329,735 | ||||||||||||||||
Goodwill | — | 549,721 | 97,289 | — | 647,010 | ||||||||||||||||
Intangible assets, net | — | 17,193 | 1,990 | — | 19,183 | ||||||||||||||||
Investment in subsidiaries | 983,456 | — | — | (983,456 | ) | — | |||||||||||||||
Other assets | 14,158 | 7,699 | 2,321 | — | 24,178 | ||||||||||||||||
Total assets | $ | 997,614 | $ | 1,003,417 | $ | 146,727 | $ | (984,772 | ) | $ | 1,162,986 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 13,125 | $ | — | $ | 180 | $ | — | $ | 13,305 | |||||||||||
Accounts payable | — | 26,573 | 1,192 | (1,316 | ) | 26,449 | |||||||||||||||
Accrued salaries and benefits | — | 31,037 | 1,247 | — | 32,284 | ||||||||||||||||
Other accrued liabilities | 5,692 | 21,524 | 2,019 | — | 29,235 | ||||||||||||||||
Total current liabilities | 18,817 | 79,134 | 4,638 | (1,316 | ) | 101,273 | |||||||||||||||
Long-term debt | 513,996 | — | 57,959 | — | 571,955 | ||||||||||||||||
Deferred tax liabilities – noncurrent | (1,732 | ) | 12,842 | (6,131 | ) | — | 4,979 | ||||||||||||||
Other liabilities | — | 18,246 | — | — | 18,246 | ||||||||||||||||
Total liabilities | 531,081 | 110,222 | 56,466 | (1,316 | ) | 696,453 | |||||||||||||||
Total equity | 466,533 | 893,195 | 90,261 | (983,456 | ) | 466,533 | |||||||||||||||
Total liabilities and equity | $ | 997,614 | $ | 1,003,417 | $ | 146,727 | $ | (984,772 | ) | $ | 1,162,986 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 49,307 | $ | 92 | $ | — | $ | 49,399 | |||||||||||
Accounts receivable, net | — | 61,359 | 2,511 | — | 63,870 | ||||||||||||||||
Deferred tax assets | — | 11,323 | 57 | — | 11,380 | ||||||||||||||||
Other current assets | — | 16,074 | 258 | — | 16,332 | ||||||||||||||||
Total current assets | — | 138,063 | 2,918 | — | 140,981 | ||||||||||||||||
Property and equipment, net | — | 218,716 | 18,226 | — | 236,942 | ||||||||||||||||
Goodwill | — | 537,296 | 20,106 | — | 557,402 | ||||||||||||||||
Intangible assets, net | — | 14,953 | 1,035 | — | 15,988 | ||||||||||||||||
Investment in subsidiaries | 868,165 | — | — | (868,165 | ) | — | |||||||||||||||
Other assets | 13,562 | 16,217 | 2,321 | — | 32,100 | ||||||||||||||||
Total assets | $ | 881,727 | $ | 925,245 | $ | 44,606 | $ | (868,165 | ) | $ | 983,413 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 7,500 | $ | — | $ | 180 | $ | — | $ | 7,680 | |||||||||||
Accounts payable | — | 18,048 | 1,033 | — | 19,081 | ||||||||||||||||
Accrued salaries and benefits | — | 28,285 | 464 | — | 28,749 | ||||||||||||||||
Other accrued liabilities | 3,259 | 12,853 | 229 | — | 16,341 | ||||||||||||||||
Total current liabilities | 10,759 | 59,186 | 1,906 | 71,851 | |||||||||||||||||
Long-term debt | 440,257 | — | 25,381 | — | 465,638 | ||||||||||||||||
Deferred tax liabilities – noncurrent | (1,839 | ) | 3,793 | (956 | ) | — | 998 | ||||||||||||||
Other liabilities | — | 12,376 | — | — | 12,376 | ||||||||||||||||
Total liabilities | 449,177 | 75,355 | 26,331 | — | 550,863 | ||||||||||||||||
Total equity | 432,550 | 849,890 | 18,275 | (868,165 | ) | 432,550 | |||||||||||||||
Total liabilities and equity | $ | 881,727 | $ | 925,245 | $ | 44,606 | $ | (868,165 | ) | $ | 983,413 | ||||||||||
Summary of Condensed Consolidating Statement of Operations | Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 179,560 | $ | 11,014 | $ | — | $ | 190,574 | |||||||||||
Provision for doubtful accounts | — | (5,660 | ) | (212 | ) | — | (5,872 | ) | |||||||||||||
Revenue | — | 173,900 | 10,802 | — | 184,702 | ||||||||||||||||
Salaries, wages and benefits | 1,331 | 98,166 | 4,292 | — | 103,789 | ||||||||||||||||
Professional fees | — | 7,954 | 1,002 | — | 8,956 | ||||||||||||||||
Supplies | — | 9,170 | 636 | — | 9,806 | ||||||||||||||||
Rents and leases | — | 2,394 | 262 | — | 2,656 | ||||||||||||||||
Other operating expenses | — | 19,896 | 2,449 | — | 22,345 | ||||||||||||||||
Depreciation and amortization | — | 4,072 | 342 | — | 4,414 | ||||||||||||||||
Interest expense, net | 8,542 | — | 923 | — | 9,465 | ||||||||||||||||
Transaction-related expenses | — | 984 | — | — | 984 | ||||||||||||||||
Total expenses | 9,873 | 142,636 | 9,906 | — | 162,415 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (9,873 | ) | 31,264 | 896 | — | 22,287 | |||||||||||||||
Equity in earnings of subsidiaries | 21,087 | — | — | (21,087 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (3,150 | ) | 10,680 | 211 | — | 7,741 | |||||||||||||||
Income (loss) from continuing operations | 14,364 | 20,584 | 685 | (21,087 | ) | 14,546 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (182 | ) | — | — | (182 | ) | ||||||||||||||
Net income (loss) | $ | 14,364 | $ | 20,402 | $ | 685 | $ | (21,087 | ) | $ | 14,364 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 104,618 | $ | — | $ | — | $ | 104,618 | |||||||||||
Provision for doubtful accounts | — | (1,502 | ) | — | — | (1,502 | ) | ||||||||||||||
Revenue | — | 103,116 | — | — | 103,116 | ||||||||||||||||
Salaries, wages and benefits | 521 | 59,367 | — | — | 59,888 | ||||||||||||||||
Professional fees | — | 4,690 | — | — | 4,690 | ||||||||||||||||
Supplies | — | 4,831 | — | — | 4,831 | ||||||||||||||||
Rents and leases | — | 1,775 | — | — | 1,775 | ||||||||||||||||
Other operating expenses | — | 11,380 | — | — | 11,380 | ||||||||||||||||
Depreciation and amortization | — | 2,076 | — | — | 2,076 | ||||||||||||||||
Interest expense, net | 7,433 | — | — | — | 7,433 | ||||||||||||||||
Transaction-related expenses | — | 732 | — | — | 732 | ||||||||||||||||
Total expenses | 7,954 | 84,851 | — | — | 92,805 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (7,954 | ) | 18,265 | — | — | 10,311 | |||||||||||||||
Equity in earnings of subsidiaries | 11,532 | — | — | (11,532 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (2,872 | ) | 6,595 | — | — | 3,723 | |||||||||||||||
Income (loss) from continuing operations | 6,450 | 11,670 | — | (11,532 | ) | 6,588 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (138 | ) | — | — | (138 | ) | ||||||||||||||
Net income (loss) | $ | 6,450 | $ | 11,532 | $ | — | $ | (11,532 | ) | $ | 6,450 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 516,467 | $ | 22,763 | $ | — | $ | 539,230 | |||||||||||
Provision for doubtful accounts | — | (14,932 | ) | (889 | ) | — | (15,821 | ) | |||||||||||||
Revenue | — | 501,535 | 21,874 | — | 523,409 | ||||||||||||||||
Salaries, wages and benefits | 3,744 | 285,760 | 9,400 | — | 298,904 | ||||||||||||||||
Professional fees | — | 25,447 | 1,847 | — | 27,294 | ||||||||||||||||
Supplies | — | 26,718 | 1,299 | — | 28,017 | ||||||||||||||||
Rents and leases | — | 6,872 | 505 | — | 7,377 | ||||||||||||||||
Other operating expenses | — | 53,922 | 5,502 | — | 59,424 | ||||||||||||||||
Depreciation and amortization | — | 11,379 | 869 | — | 12,248 | ||||||||||||||||
Interest expense, net | 25,570 | — | 2,102 | — | 27,672 | ||||||||||||||||
Debt extinguishment costs | 9,350 | — | — | — | 9,350 | ||||||||||||||||
Transaction-related expenses | — | 3,813 | — | — | 3,813 | ||||||||||||||||
Total expenses | 38,664 | 413,911 | 21,524 | — | 474,099 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (38,664 | ) | 87,624 | 350 | — | 49,310 | |||||||||||||||
Equity in earnings of subsidiaries | 54,340 | — | — | (54,340 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (14,623 | ) | 33,143 | (81 | ) | — | 18,439 | ||||||||||||||
Income (loss) from continuing operations | 30,299 | 54,481 | 431 | (54,340 | ) | 30,871 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (572 | ) | — | — | (572 | ) | ||||||||||||||
Net income (loss) | $ | 30,299 | $ | 53,909 | $ | 431 | $ | (54,340 | ) | $ | 30,299 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 298,638 | $ | — | $ | — | $ | 298,638 | |||||||||||
Provision for doubtful accounts | — | (5,429 | ) | — | — | (5,429 | ) | ||||||||||||||
Revenue | — | 293,209 | — | — | 293,209 | ||||||||||||||||
Salaries, wages and benefits | 1,691 | 171,899 | — | — | 173,590 | ||||||||||||||||
Professional fees | — | 13,521 | — | — | 13,521 | ||||||||||||||||
Supplies | — | 14,148 | — | — | 14,148 | ||||||||||||||||
Rents and leases | — | 6,244 | — | — | 6,244 | ||||||||||||||||
Other operating expenses | — | 30,768 | — | — | 30,768 | ||||||||||||||||
Depreciation and amortization | — | 5,332 | — | — | 5,332 | ||||||||||||||||
Interest expense, net | 22,186 | — | — | — | 22,186 | ||||||||||||||||
Transaction-related expenses | — | 2,097 | — | — | 2,097 | ||||||||||||||||
Total expenses | 23,877 | 244,009 | — | — | 267,886 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (23,877 | ) | 49,200 | — | — | 25,323 | |||||||||||||||
Equity in earnings of subsidiaries | 31,139 | — | — | (31,139 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (8,776 | ) | 18,083 | — | — | 9,307 | |||||||||||||||
Income (loss) from continuing operations | 16,038 | 31,117 | — | (31,139 | ) | 16,016 | |||||||||||||||
Income from discontinued operations, net of income taxes | — | 22 | — | — | 22 | ||||||||||||||||
Net income (loss) | $ | 16,038 | $ | 31,139 | $ | — | $ | (31,139 | ) | $ | 16,038 | ||||||||||
Summary of Condensed Consolidating Statement of Cash Flows | Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 30,299 | $ | 53,909 | $ | 431 | $ | (54,340 | ) | $ | 30,299 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: | |||||||||||||||||||||
Depreciation and amortization | — | 11,379 | 869 | — | 12,248 | ||||||||||||||||
Amortization of debt issuance costs | 1,686 | — | — | — | 1,686 | ||||||||||||||||
Equity-based compensation expense | 3,744 | — | — | — | 3,744 | ||||||||||||||||
Deferred income tax expense | (70 | ) | 10,797 | (182 | ) | — | 10,545 | ||||||||||||||
Loss from discontinued operations, net of taxes | — | 572 | — | — | 572 | ||||||||||||||||
Debt extinguishment costs | 9,350 | — | — | — | 9,350 | ||||||||||||||||
Other | — | 16 | — | — | 16 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Equity in earnings of subsidiaries | 54,340 | — | — | (54,340 | ) | — | |||||||||||||||
Accounts receivable, net | — | (18,920 | ) | 542 | — | (18,378 | ) | ||||||||||||||
Other current assets | — | (5,638 | ) | (19 | ) | — | (5,657 | ) | |||||||||||||
Other assets | — | (1,676 | ) | — | — | (1,676 | ) | ||||||||||||||
Accounts payable and other accrued liabilities | — | 2,763 | (167 | ) | — | 2,596 | |||||||||||||||
Accrued salaries and benefits | — | (3,660 | ) | 193 | — | (3,467 | ) | ||||||||||||||
Other liabilities | — | 7,693 | (4,155 | ) | — | 3,538 | |||||||||||||||
Net cash provided by (used in) continuing operating activities | 99,349 | 57,235 | (2,488 | ) | (108,680 | ) | 45,416 | ||||||||||||||
Net cash used in discontinued operating activities | — | (541 | ) | — | — | (541 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 99,349 | 56,694 | (2,488 | ) | (108,680 | ) | 44,875 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (135,605 | ) | — | — | (135,605 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (50,378 | ) | (300 | ) | — | (50,678 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (4,676 | ) | — | — | (4,676 | ) | ||||||||||||||
Other | — | (1,088 | ) | — | — | (1,088 | ) | ||||||||||||||
Net cash used in investing activities | — | (191,747 | ) | (300 | ) | — | (192,047 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Net increase in revolving credit facility | 19,500 | — | — | — | 19,500 | ||||||||||||||||
Principal payments on long-term debt | (5,625 | ) | — | — | — | (5,625 | ) | ||||||||||||||
Repayment of long-term debt | (52,500 | ) | — | — | — | (52,500 | ) | ||||||||||||||
Payment of debt issuance costs | (4,307 | ) | — | — | — | (4,307 | ) | ||||||||||||||
Payment of premium on note redemption | (6,759 | ) | — | — | — | (6,759 | ) | ||||||||||||||
Proceeds from stock option exercises | 233 | — | — | — | 233 | ||||||||||||||||
Excess tax benefit from equity awards | 1,265 | — | — | — | 1,265 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (201,156 | ) | 85,746 | 8,046 | 107,364 | — | |||||||||||||||
Net cash (used in) provided by financing activities | (99,349 | ) | 85,746 | 8,046 | 107,364 | 101,807 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (49,307 | ) | 5,258 | (1,316 | ) | (45,365 | ) | |||||||||||||
Cash and cash equivalents at beginning of the period | — | 49,307 | 92 | — | 49,399 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | — | $ | 5,350 | $ | (1,316 | ) | $ | 4,034 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Subsidiary | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Non- | Amounts | |||||||||||||||||||
Guarantors | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 16,038 | $ | 31,139 | $ | — | $ | (31,139 | ) | $ | 16,038 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: | |||||||||||||||||||||
Depreciation and amortization | — | 5,332 | — | — | 5,332 | ||||||||||||||||
Amortization of debt issuance costs | 1,869 | — | — | — | 1,869 | ||||||||||||||||
Equity-based compensation expense | 1,691 | — | — | — | 1,691 | ||||||||||||||||
Deferred income tax expense | (439 | ) | 8,577 | — | — | 8,138 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | (22 | ) | — | — | (22 | ) | ||||||||||||||
Other | — | (9 | ) | — | — | (9 | ) | ||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Equity in earnings of subsidiaries | 31,139 | — | — | (31,139 | ) | — | |||||||||||||||
Accounts receivable, net | — | (13,597 | ) | — | — | (13,597 | ) | ||||||||||||||
Other current assets | — | (3,677 | ) | — | — | (3,677 | ) | ||||||||||||||
Other assets | — | 1,029 | — | — | 1,029 | ||||||||||||||||
Accounts payable and other accrued liabilities | — | 4,817 | — | — | 4,817 | ||||||||||||||||
Accrued salaries and benefits | — | 527 | — | — | 527 | ||||||||||||||||
Other liabilities | — | 1,527 | — | — | 1,527 | ||||||||||||||||
Net cash provided by (used in) continuing operating activities | 50,298 | 35,643 | — | (62,278 | ) | 23,663 | |||||||||||||||
Net cash used in discontinued operating activities | — | (328 | ) | — | — | (328 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 50,298 | 35,315 | — | (62,278 | ) | 23,335 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (165,981 | ) | — | — | (165,981 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (14,511 | ) | — | — | (14,511 | ) | ||||||||||||||
Cash paid for real estate acquisitions | — | (50,745 | ) | — | — | (50,745 | ) | ||||||||||||||
Other | — | 1,231 | — | — | 1,231 | ||||||||||||||||
Net cash used in investing activities | — | (230,006 | ) | — | — | (230,006 | ) | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 25,000 | — | — | — | 25,000 | ||||||||||||||||
Principal payments on long-term debt | (6,000 | ) | — | — | — | (6,000 | ) | ||||||||||||||
Payment of debt issuance costs | (1,197 | ) | — | — | — | (1,197 | ) | ||||||||||||||
Issuance of common stock | 138,954 | — | — | — | 138,954 | ||||||||||||||||
Proceeds from stock option exercises | 515 | — | — | — | 515 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (207,570 | ) | 145,292 | — | 62,278 | — | |||||||||||||||
Net cash (used in) provided by financing activities | (50,298 | ) | 145,292 | — | 62,278 | 157,272 | |||||||||||||||
Net decrease in cash and cash equivalents | — | (49,399 | ) | — | — | (49,399 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | — | 61,118 | — | — | 61,118 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 11,719 | $ | — | $ | — | $ | 11,719 | |||||||||||
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Facility | |
State | |
Beds | |
Accounting Policies [Abstract] | |
Number of inpatient psychiatric facilities | 47 |
Number of inpatient psychiatric beds | 3,900 |
Number of states covered under inpatient psychiatric facilities | 21 |
Percentage of ownership in subsidiaries | 100.00% |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $14,546 | $6,588 | $30,871 | $16,016 |
(Loss) income from discontinued operations | -182 | -138 | -572 | 22 |
Net income | $14,364 | $6,450 | $30,299 | $16,038 |
Weighted average shares outstanding for basic earnings per share | 50,040 | 41,757 | 49,987 | 36,795 |
Effects of dilutive instruments | 303 | 234 | 226 | 211 |
Shares used in computing diluted earnings per common share | 50,343 | 41,991 | 50,213 | 37,006 |
Income from continuing operations | $0.29 | $0.16 | $0.62 | $0.44 |
Loss from discontinued operations | ($0.01) | ($0.01) | ||
Net income | $0.29 | $0.15 | $0.61 | $0.44 |
Income from continuing operations | $0.29 | $0.16 | $0.61 | $0.43 |
Loss from discontinued operations | ($0.01) | ($0.01) | ||
Net income | $0.29 | $0.15 | $0.60 | $0.43 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Excluded common stock for computation of diluted earnings per share | 0.4 | 0.4 | 0.7 | 0.4 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 01, 2013 | 1-May-13 | Jan. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 11, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2013 | |
Beds | Beds | Pro Forma Information [Member] | Pro Forma Information [Member] | Pro Forma Information [Member] | Pro Forma Information [Member] | The Refuge [Member] | UMC Facilities [Member] | Delta Medical Center [Member] | Greenleaf Center [Member] | BCA [Member] | AmiCare [Member] | Park Royal [Member] | Park Royal [Member] | Timberline Knolls [Member] | Haven Facilities [Member] | Longleaf Hospital [Member] | |||
Beds | Beds | Beds | Beds | Hospital | Subsequent Event [Member] | ||||||||||||||
Facility | Beds | ||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of acute inpatient psychiatric beds | 3,900 | 3,900 | 87 | 108 | 243 | 50 | 68 | ||||||||||||
Cash consideration of acquired entity | $14,100,000 | $99,400,000 | $23,100,000 | $6,300,000 | $8,500,000 | ||||||||||||||
Number of facilities acquired | 2 | ||||||||||||||||||
Number of inpatient psychiatric additional beds | 100 | ||||||||||||||||||
Number of inpatient psychiatric beds in acquired facilities | 75 | ||||||||||||||||||
Acquisition completion date | 31-Dec-12 | 31-Dec-12 | 11-Nov-12 | 31-Aug-12 | 1-Mar-12 | ||||||||||||||
Acquired membership interest rate in park royal | 100.00% | ||||||||||||||||||
Number of hospitals acquired | 3 | ||||||||||||||||||
Revenue | 185,752,000 | 163,935,000 | 542,637,000 | 489,612,000 | 87,700,000 | 14,200,000 | 234,600,000 | 29,200,000 | |||||||||||
Income from continuing operations before income taxes | $22,357,000 | $13,553,000 | $50,888,000 | $39,082,000 | $11,100,000 | $2,800,000 | $26,000,000 | $5,500,000 |
Acquisitions_Preliminary_Fair_
Acquisitions - Preliminary Fair Values of Assets Acquired and Liabilities Assumed at Corresponding Acquisition Date (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Goodwill | $647,010 | $557,402 |
2013 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 935 | |
Accounts receivable | 11,371 | |
Prepaid expenses and other current assets | 3,746 | |
Property and equipment | 50,820 | |
Goodwill | 90,136 | |
Intangible assets | 2,911 | |
Other assets | 4,722 | |
Total assets acquired | 164,641 | |
Accounts payable | 8,825 | |
Accrued salaries and benefits | 3,182 | |
Other accrued expenses | 1,804 | |
Other liabilities | 2,606 | |
Total liabilities assumed | 16,417 | |
Net assets acquired | 148,224 | |
2013 Acquisitions [Member] | UMC Facilities [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 52 | |
Accounts receivable | 5,251 | |
Prepaid expenses and other current assets | 557 | |
Property and equipment | 22,732 | |
Goodwill | 67,544 | |
Intangible assets | 1,505 | |
Other assets | 4,563 | |
Total assets acquired | 102,204 | |
Accounts payable | 1,535 | |
Accrued salaries and benefits | 588 | |
Other accrued expenses | 609 | |
Other liabilities | 53 | |
Total liabilities assumed | 2,785 | |
Net assets acquired | 99,419 | |
2013 Acquisitions [Member] | Other [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 883 | |
Accounts receivable | 6,120 | |
Prepaid expenses and other current assets | 3,189 | |
Property and equipment | 28,088 | |
Goodwill | 22,592 | |
Intangible assets | 1,406 | |
Other assets | 159 | |
Total assets acquired | 62,437 | |
Accounts payable | 7,290 | |
Accrued salaries and benefits | 2,594 | |
Other accrued expenses | 1,195 | |
Other liabilities | 2,553 | |
Total liabilities assumed | 13,632 | |
Net assets acquired | 48,805 | |
2012 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 1,648 | |
Accounts receivable | 19,097 | |
Prepaid expenses and other current assets | 5,031 | |
Property and equipment | 78,315 | |
Goodwill | 369,019 | |
Intangible assets | 7,980 | |
Other assets | 3,467 | |
Total assets acquired | 484,557 | |
Accounts payable | 7,995 | |
Accrued salaries and benefits | 7,334 | |
Other accrued expenses | 3,399 | |
Debt | 25,600 | |
Other liabilities | 1,970 | |
Total liabilities assumed | 46,298 | |
Net assets acquired | 438,259 | |
2012 Acquisitions [Member] | BCA [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 5 | |
Accounts receivable | 6,980 | |
Prepaid expenses and other current assets | 1,291 | |
Property and equipment | 23,561 | |
Goodwill | 116,609 | |
Intangible assets | 1,161 | |
Other assets | 326 | |
Total assets acquired | 149,933 | |
Accounts payable | 3,602 | |
Accrued salaries and benefits | 2,207 | |
Other accrued expenses | 697 | |
Other liabilities | 475 | |
Total liabilities assumed | 6,981 | |
Net assets acquired | 142,952 | |
2012 Acquisitions [Member] | AmiCare [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 1,596 | |
Accounts receivable | 3,684 | |
Prepaid expenses and other current assets | 1,509 | |
Property and equipment | 23,150 | |
Goodwill | 86,491 | |
Intangible assets | 1,267 | |
Total assets acquired | 117,697 | |
Accounts payable | 504 | |
Accrued salaries and benefits | 2,508 | |
Other accrued expenses | 627 | |
Other liabilities | 1,495 | |
Total liabilities assumed | 5,134 | |
Net assets acquired | 112,563 | |
2012 Acquisitions [Member] | Park Royal [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 42 | |
Accounts receivable | 1,450 | |
Prepaid expenses and other current assets | 1,258 | |
Property and equipment | 18,291 | |
Goodwill | 19,320 | |
Intangible assets | 1,035 | |
Other assets | 3,141 | |
Total assets acquired | 44,537 | |
Accounts payable | 695 | |
Accrued salaries and benefits | 443 | |
Other accrued expenses | 1,079 | |
Debt | 25,600 | |
Total liabilities assumed | 27,817 | |
Net assets acquired | 16,720 | |
2012 Acquisitions [Member] | Timberline Knolls [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 2,845 | |
Prepaid expenses and other current assets | 170 | |
Property and equipment | 590 | |
Goodwill | 72,164 | |
Intangible assets | 3,317 | |
Total assets acquired | 79,086 | |
Accounts payable | 2,011 | |
Accrued salaries and benefits | 653 | |
Other accrued expenses | 869 | |
Total liabilities assumed | 3,533 | |
Net assets acquired | 75,553 | |
2012 Acquisitions [Member] | Haven Facilities [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 5 | |
Accounts receivable | 4,138 | |
Prepaid expenses and other current assets | 803 | |
Property and equipment | 12,723 | |
Goodwill | 74,435 | |
Intangible assets | 1,200 | |
Total assets acquired | 93,304 | |
Accounts payable | 1,183 | |
Accrued salaries and benefits | 1,523 | |
Other accrued expenses | 127 | |
Total liabilities assumed | 2,833 | |
Net assets acquired | $90,471 |
Acquisitions_Transaction_Relat
Acquisitions - Transaction Related Expenses as Incurred (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ||||
Legal, accounting and other fees | $841 | $629 | $2,644 | $1,958 |
Severance and contract termination costs | 143 | 103 | 1,169 | 139 |
Transaction-related expenses | $984 | $732 | $3,813 | $2,097 |
Acquisitions_Pro_Forma_Financi
Acquisitions - Pro Forma Financial Information for Acquisitions Occurred (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ||||
Revenue | $185,752 | $163,935 | $542,637 | $489,612 |
Income from continuing operations, before income taxes | $22,357 | $13,553 | $50,888 | $39,082 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Changes in Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $557,402 |
Increase from 2013 acquisitions | 90,136 |
Other | -528 |
Ending Balance | $647,010 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Other Identifiable Intangible Assets and Related Accumulated Amortization (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | $3,347 | $3,347 |
Intangible assets not subject to amortization, Gross Carrying Amount | 17,605 | 13,815 |
Total | 20,952 | 17,162 |
Intangible assets subject to amortization, Accumulated Amortization | -1,769 | -1,174 |
Intangible assets not subject to amortization, Accumulated Amortization | ||
Total | -1,769 | -1,174 |
Contract Intangible Assets [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | 2,100 | 2,100 |
Intangible assets subject to amortization, Accumulated Amortization | -805 | -490 |
Non-Compete Agreements [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | 1,247 | 1,247 |
Intangible assets subject to amortization, Accumulated Amortization | -964 | -684 |
Licenses and Accreditations [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 7,711 | 6,969 |
Intangible assets not subject to amortization, Accumulated Amortization | ||
Trade Names [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 3,000 | 3,000 |
Intangible assets not subject to amortization, Accumulated Amortization | ||
Certificates of Need [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 6,894 | 3,846 |
Intangible assets not subject to amortization, Accumulated Amortization |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Capitalized costs incurred to obtain certificates of need | $0.60 | $0.40 | ||
Amortization expense | 0.2 | 0.1 | 0.6 | 0.5 |
Estimated amortization expense, 2013 | 0.8 | 0.8 | ||
Estimated amortization expense, 2014 | 0.6 | 0.6 | ||
Estimated amortization expense, 2015 | 0.5 | 0.5 | ||
Estimated amortization expense, 2016 | 0.3 | 0.3 | ||
Estimated amortization expense, 2017 | 0 | 0 | ||
Delta Medical Center [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.8 | |||
Haven Facilities [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 1.2 | |||
Non-compete agreement term | 3 years | |||
Timberline Knolls [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 3.3 | |||
Non-compete agreement term | 1 year | |||
Park Royal [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 1 | |||
AmiCare [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 1.3 | |||
Non-compete agreement term | 3 years | |||
BCA [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 1.2 | |||
Non-compete agreement term | 1 year | |||
UMC Facilities [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 1.5 | |||
Non-Compete Agreements [Member] | Haven Facilities [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.2 | |||
Non-Compete Agreements [Member] | Timberline Knolls [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.2 | |||
Non-Compete Agreements [Member] | AmiCare [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.3 | |||
Non-Compete Agreements [Member] | BCA [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.1 | |||
Licenses and Accreditations [Member] | Delta Medical Center [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.2 | |||
Licenses and Accreditations [Member] | Haven Facilities [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.8 | |||
Licenses and Accreditations [Member] | Timberline Knolls [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.1 | |||
Licenses and Accreditations [Member] | Park Royal [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.3 | |||
Licenses and Accreditations [Member] | AmiCare [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.8 | |||
Licenses and Accreditations [Member] | BCA [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 1 | |||
Licenses and Accreditations [Member] | UMC Facilities [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.2 | |||
Certificates of Need [Member] | Delta Medical Center [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.6 | |||
Certificates of Need [Member] | Haven Facilities [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.2 | |||
Certificates of Need [Member] | Park Royal [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.7 | |||
Certificates of Need [Member] | AmiCare [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.2 | |||
Certificates of Need [Member] | BCA [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.1 | |||
Certificates of Need [Member] | Greenleaf Center [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 0.6 | |||
Certificates of Need [Member] | UMC Facilities [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | 1.3 | |||
Contract Intangible Assets [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Non-compete agreement term | 5 years | |||
Trade Names [Member] | Timberline Knolls [Member] | ||||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Acquisition of intangible assets with a preliminary fair value | $3 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $354,627 | $249,972 |
Less accumulated depreciation | -24,892 | -13,030 |
Property and equipment, net | 329,735 | 236,942 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 50,312 | 39,130 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 227,205 | 171,769 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 33,715 | 19,773 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $43,395 | $19,300 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Results from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ||||
Revenue | ($264) | ($363) | $3,570 | |
(Loss) income from discontinued operations, net of income taxes | ($182) | ($138) | ($572) | $22 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 01, 2011 |
In Thousands, unless otherwise specified | |||
Line of Credit Facility [Line Items] | |||
Aggregate senior note principal amount | $585,260 | $473,318 | $150,000 |
Less: current portion | -13,305 | -7,680 | |
Long-term debt | 571,955 | 465,638 | |
Senior Secured Term Loans [Member] | |||
Line of Credit Facility [Line Items] | |||
Aggregate senior note principal amount | 294,375 | 300,000 | |
Senior Secured Revolving Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Aggregate senior note principal amount | 19,500 | ||
12.875% Senior Notes Due 2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Aggregate senior note principal amount | 96,171 | 147,757 | |
6.125% Senior Notes Due 2021 [Member] | |||
Line of Credit Facility [Line Items] | |||
Aggregate senior note principal amount | 150,000 | ||
9.0% and 9.5% Revenue Bonds [Member] | |||
Line of Credit Facility [Line Items] | |||
Aggregate senior note principal amount | $25,214 | $25,561 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long Term Debt (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
12.875% Senior Notes Due 2018 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 12.88% |
Senior notes maturity date | 2018 |
6.125% Senior Notes Due 2021 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 6.13% |
Senior notes maturity date | 2021 |
9.0% Revenue Bonds [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 9.00% |
9.5% Revenue Bonds [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 9.50% |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Nov. 01, 2011 | Mar. 01, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 01, 2012 | Mar. 01, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 11, 2012 | Sep. 30, 2013 | Nov. 11, 2012 | Sep. 30, 2013 | Nov. 11, 2012 | Mar. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 01, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 12, 2013 | Dec. 31, 2011 | Nov. 01, 2011 | Mar. 12, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Haven Facilities [Member] | Park Royal [Member] | Park Royal [Member] | Minimum [Member] | Maximum [Member] | 9.0% and 9.5% Revenue Bonds [Member] | 9.0% and 9.5% Revenue Bonds [Member] | 9.0% and 9.5% Revenue Bonds [Member] | 9.0% Revenue Bonds [Member] | 9.0% Revenue Bonds [Member] | 9.5% Revenue Bonds [Member] | 9.5% Revenue Bonds [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Eurodollar Rate Loans [Member] | Base Rate Loans [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | 12.875% Senior Notes Due 2018 [Member] | 12.875% Senior Notes Due 2018 [Member] | 12.875% Senior Notes Due 2018 [Member] | 6.125% Senior Notes Due 2021 [Member] | 6.125% Senior Notes Due 2021 [Member] | September 30, 2013 to December 31, 2013 [Member] | March 31, 2014 to December 31, 2014 [Member] | March 31, 2015 to December 31, 2015 [Member] | March 31, 2016 to December 31, 2016 [Member] | March 31,2017 to September 30,2017 [Member] | ||||
Park Royal [Member] | Park Royal [Member] | Park Royal [Member] | Amended and Restated Credit Facility [Member] | Amended and Restated Credit Facility [Member] | Term Loans [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||
Senior secured credit facility initiation date | 1-Apr-11 | |||||||||||||||||||||||||||||||||
Term loans | $300,000,000 | $135,000,000 | ||||||||||||||||||||||||||||||||
Revolving line of credit | 30,000,000 | |||||||||||||||||||||||||||||||||
Increase in term loans | 25,000,000 | |||||||||||||||||||||||||||||||||
Increase in credit facility | 50,000,000 | 30,000,000 | 45,000,000 | |||||||||||||||||||||||||||||||
Maximum borrowing capacity | 75,000,000 | |||||||||||||||||||||||||||||||||
Revolving line of credit for acquisition | 5,000,000 | |||||||||||||||||||||||||||||||||
Amount under revolving line of credit | 100,000,000 | |||||||||||||||||||||||||||||||||
Debt proceeds from revolving line of credit | 151,100,000 | |||||||||||||||||||||||||||||||||
Fund used for acquisition | 151,100,000 | |||||||||||||||||||||||||||||||||
Amount available under revolving line of credit | 80,100,000 | |||||||||||||||||||||||||||||||||
Term loan principal payments | 1,900,000 | 3,800,000 | 5,600,000 | 7,500,000 | 9,400,000 | |||||||||||||||||||||||||||||
Debt instrument maturity date | 1-Dec-30 | 1-Dec-40 | 31-Dec-17 | 15-Mar-21 | ||||||||||||||||||||||||||||||
Interest on borrowings | 3.25% | 2.25% | 3.25% | |||||||||||||||||||||||||||||||
Basis spread on variable rate | 1.00% | 0.50% | ||||||||||||||||||||||||||||||||
Interest on undrawn loans | 0.50% | |||||||||||||||||||||||||||||||||
Debt instrument amount | 7,500,000 | 15,500,000 | 150,000,000 | 150,000,000 | ||||||||||||||||||||||||||||||
Issue rate of senior notes | 98.32% | 6.13% | ||||||||||||||||||||||||||||||||
Discount value on principal amount | 2,500,000 | |||||||||||||||||||||||||||||||||
Debt instrument interest rate | 9.00% | 9.00% | 9.50% | 9.50% | 12.88% | 12.88% | ||||||||||||||||||||||||||||
Interest on the notes | Semi-annually, in arrears, on November 1 and May 1 of each year | Payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2013 | ||||||||||||||||||||||||||||||||
Aggregate senior note principal amount | 585,260,000 | 473,318,000 | 150,000,000 | 25,214,000 | 25,561,000 | |||||||||||||||||||||||||||||
Debt instrument, maximum redemption amount | 52,500,000 | |||||||||||||||||||||||||||||||||
Debt instrument, redemption price percentage | 112.88% | 100.00% | ||||||||||||||||||||||||||||||||
Redemption percentage of senior notes | 35.00% | 35.00% | ||||||||||||||||||||||||||||||||
Debt extinguishment charge | -9,350,000 | 9,400,000 | ||||||||||||||||||||||||||||||||
Senior notes terms | The Company may redeem the 6.125% Senior Notes at its option, in whole or part, at any time prior to MarchB 15, 2016, at a price equal to 100% of the principal amount of the 6.125% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. The Company may redeem the Notes, in whole or in part, on or after MarchB 15, 2016, at the redemption prices set forth in the Indenture plus accrued and unpaid interest to the redemption date. At any time on or before MarchB 15, 2016, the Company may elect to redeem up to 35% of the aggregate principal amount of the 6.125% Senior Notes at a redemption price equal to 106.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | |||||||||||||||||||||||||||||||||
Redemption percentage of senior notes before specified time | 106.13% | |||||||||||||||||||||||||||||||||
Assumed debt on acquisition | 23,000,000 | 7,500,000 | 15,500,000 | |||||||||||||||||||||||||||||||
Fair market value of the debt assumed | 25,600,000 | |||||||||||||||||||||||||||||||||
Debt service reserve fund within other assets | 2,200,000 | 2,200,000 | ||||||||||||||||||||||||||||||||
Debt instrument premium | $2,600,000 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | |||
Dec. 12, 2012 | 21-May-12 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 24, 2012 | |
Equity [Line Items] | ||||||
Preferred stock may issue | 10,000,000 | 10,000,000 | ||||
Common stock may issue | 90,000,000 | 90,000,000 | ||||
Common stock voting rights | One vote for each share | |||||
Common stock offered | 7,000,000 | 9,487,500 | 50,041,813 | 49,887,300 | 1,050,000 | |
Common stock offer price | $22.50 | $15.50 | $0.01 | $0.01 | ||
Underwriting discount amount | $7,300,000 | $7,400,000 | ||||
Additional offering-related expenses | 1,000,000 | 700,000 | ||||
Net proceeds from sale of shares | 172,800,000 | 139,000,000 | 138,954,000 | |||
Equity [Member] | ||||||
Equity [Line Items] | ||||||
Debt instrument, maximum redemption amount | $52,500,000 | |||||
Senior notes interest percentage | 12.88% |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized common stock | 4,700,000 | 4,700,000 | ||
Annual increments in employee grants | 25.00% | |||
Stock options, contractual term | 10 years | |||
Equity-based compensation expense | $1,331,000 | $521,000 | $3,744,000 | $1,691,000 |
Incremental equity based compensation charges | 600,000 | |||
Share based compensation arrangement by share based payment award plan modification incremental compensation shares | 20,090 | |||
Unrecognized compensation expense related to unvested options | 15,300,000 | |||
Weighted average vesting period | 1 year 7 months 6 days | |||
Intrinsic value of options exercised | 100,000 | 2,200,000 | ||
Warrants outstanding and exercisable | 3,750 | 3,750 | ||
Weighted average exercise price | 14 | 14 | ||
Deferred income tax benefit | 10,545,000 | 8,138,000 | ||
Tax realized from stock options exercised | 100,000 | 0 | 1,300,000 | 0 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of unvested stock awards | $23.63 | $23.63 | ||
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred income tax benefit | $600,000 | $0 | $1,500,000 | $0 |
EquityBased_Compensation_Stock
Equity-Based Compensation - Stock Option Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options outstanding, Beginning balance | 555,097 | 346,821 | |
Options granted | 387,800 | 429,498 | |
Options exercised | -111,787 | -124,194 | |
Options cancelled | -28,826 | -97,028 | |
Options outstanding, Ending balance | 802,284 | 555,097 | 346,821 |
Options outstanding, Weighted Average Exercise Price, Beginning balance | $13.13 | $7.74 | |
Options exercisable, Ending balance | 131,210 | 164,062 | |
Options granted, Weighted Average Exercise Price | $29.80 | $16.36 | |
Options exercised, Weighted Average Exercise Price | $10.21 | $8.01 | |
Options cancelled, Weighted Average Exercise Price | $21.82 | $14.70 | |
Options outstanding, Weighted Average Exercise Price, Ending balance | $21.07 | $13.13 | $7.74 |
Options outstanding, Aggregate Intrinsic Value, Beginning balance | $5,632 | $947 | |
Options exercisable, Weighted Average Exercise Price, Ending balance | $9.38 | $6.63 | |
Options granted, Aggregate Intrinsic Value | 1,031 | 2,960 | |
Options granted, Weighted Average Remaining Contractual Term | 9 years 4 months 13 days | 9 years 2 months 19 days | |
Options exercised, Aggregate Intrinsic Value | |||
Options outstanding, Weighted Average Remaining Contractual Term | 8 years 2 months 23 days | 7 years 6 months 11 days | 4 years 6 months |
Options cancelled, Aggregate Intrinsic Value | |||
Options exercisable, Weighted Average Remaining Contractual Term, Ending balance | 4 years 3 months 18 days | 3 years 7 months 2 days | |
Options outstanding, Aggregate Intrinsic Value, Ending balance | 9,210 | 5,632 | 947 |
Options exercisable, Aggregate Intrinsic Value, Ending balance | $3,345 | $2,707 |
EquityBased_Compensation_Restr
Equity-Based Compensation - Restricted Stock Activity (Detail) (Restricted Stock Award [Member], USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares, Beginning balance | 318,063 | 138,321 |
Granted, Number of Shares | 266,845 | 318,170 |
Cancelled, Number of Shares | -40,856 | -42,107 |
Vested, Number of Shares | -75,247 | -96,321 |
Unvested, Number of Shares, Ending balance | 468,805 | 318,063 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $15.73 | $9.40 |
Granted, Weighted Average Grant-Date Fair Value | $30.28 | $13.04 |
Cancelled, Weighted Average Grant-Date Fair Value | $19.47 | $14.25 |
Vested, Weighted Average Grant-Date Fair Value | $16.08 | $9.40 |
Unvested , Weighted Average Grant-Date Fair Value, Ending balance | $23.63 | $15.73 |
EquityBased_Compensation_Restr1
Equity-Based Compensation - Restricted Stock Unit Activity (Detail) (Restricted Stock Units [Member], USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares, Beginning balance | 68,628 | |
Granted, Number of Shares | 72,876 | 86,485 |
Cancelled, Number of Shares | -17,857 | |
Vested, Number of Shares | -45,753 | |
Unvested, Number of Shares, Ending balance | 95,751 | 68,628 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $16.11 | |
Granted, Weighted Average Grant-Date Fair Value | $29.39 | $16.11 |
Cancelled, Weighted Average Grant-Date Fair Value | $15.96 | |
Vested, Weighted Average Grant-Date Fair Value | $16.11 | |
Unvested , Weighted Average Grant-Date Fair Value, Ending balance | $23.05 | $16.11 |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average grant-date fair value of options | $11.32 | $6.93 |
Risk-free interest rate | 1.00% | 1.20% |
Expected volatility | 40.00% | 42.00% |
Expected life (in years) | 5 years 6 months | 6 years 3 months 18 days |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rates | 34.70% | 36.10% | 37.40% | 36.80% |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Fair Values of Company's Amended and Restated Senior Credit Facilities and Contingent Consideration Liability (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 01, 2011 |
In Thousands, unless otherwise specified | |||
Disclosures Regarding Financial Instruments [Line Items] | |||
Senior credit facility, carrying amount | $585,260 | $473,318 | $150,000 |
Business acquisition contingent consideration, carrying amount | 6,500 | 6,120 | |
Business acquisition contingent consideration, at fair value | 6,500 | 6,120 | |
Amended and Restated Senior Credit Facility [Member] | |||
Disclosures Regarding Financial Instruments [Line Items] | |||
Senior credit facility, carrying amount | 313,875 | 300,000 | |
Senior credit facility, fair value | 313,875 | 300,000 | |
12.875% Senior Notes Due 2018 [Member] | |||
Disclosures Regarding Financial Instruments [Line Items] | |||
Senior credit facility, carrying amount | 96,171 | 147,757 | |
Senior credit facility, fair value | 117,731 | 181,500 | |
6.125% Senior Notes Due 2021 [Member] | |||
Disclosures Regarding Financial Instruments [Line Items] | |||
Senior credit facility, carrying amount | 150,000 | ||
Senior credit facility, fair value | 153,750 | ||
9.0% and 9.5% Revenue Bonds [Member] | |||
Disclosures Regarding Financial Instruments [Line Items] | |||
Senior credit facility, carrying amount | 25,214 | 25,561 | |
Senior credit facility, fair value | $25,214 | $25,561 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Disclosures Regarding Financial Instruments [Line Items] | |
Increase in fair value of contingent consideration liability | $0.40 |
12.875% Senior Notes Due 2018 [Member] | |
Disclosures Regarding Financial Instruments [Line Items] | |
Debt instrument interest rate | 12.88% |
6.125% Senior Notes Due 2021 [Member] | |
Disclosures Regarding Financial Instruments [Line Items] | |
Debt instrument interest rate | 6.13% |
9.0% Revenue Bonds [Member] | |
Disclosures Regarding Financial Instruments [Line Items] | |
Debt instrument interest rate | 9.00% |
9.5% Revenue Bonds [Member] | |
Disclosures Regarding Financial Instruments [Line Items] | |
Debt instrument interest rate | 9.50% |
Financial_Information_for_the_2
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $4,034 | $49,399 | $11,719 | $61,118 |
Accounts receivable, net | 93,311 | 63,870 | ||
Deferred tax assets | 13,019 | 11,380 | ||
Other current assets | 32,516 | 16,332 | ||
Total current assets | 142,880 | 140,981 | ||
Property and equipment, net | 329,735 | 236,942 | ||
Goodwill | 647,010 | 557,402 | ||
Intangible assets, net | 19,183 | 15,988 | ||
Other assets | 24,178 | 32,100 | ||
Total assets | 1,162,986 | 983,413 | ||
Current liabilities: | ||||
Current portion of long-term debt | 13,305 | 7,680 | ||
Accounts payable | 26,449 | 19,081 | ||
Accrued salaries and benefits | 32,284 | 28,749 | ||
Other accrued liabilities | 29,235 | 16,341 | ||
Total current liabilities | 101,273 | 71,851 | ||
Long-term debt | 571,955 | 465,638 | ||
Deferred tax liabilities - noncurrent | 4,979 | 998 | ||
Other liabilities | 18,246 | 12,376 | ||
Total liabilities | 696,453 | 550,863 | ||
Total equity | 466,533 | 432,550 | ||
Total liabilities and equity | 1,162,986 | 983,413 | ||
Parent [Member] | ||||
Current assets: | ||||
Investment in subsidiaries | 983,456 | 868,165 | ||
Other assets | 14,158 | 13,562 | ||
Total assets | 997,614 | 881,727 | ||
Current liabilities: | ||||
Current portion of long-term debt | 13,125 | 7,500 | ||
Other accrued liabilities | 5,692 | 3,259 | ||
Total current liabilities | 18,817 | 10,759 | ||
Long-term debt | 513,996 | 440,257 | ||
Deferred tax liabilities - noncurrent | -1,732 | -1,839 | ||
Total liabilities | 531,081 | 449,177 | ||
Total equity | 466,533 | 432,550 | ||
Total liabilities and equity | 997,614 | 881,727 | ||
Combined Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 49,307 | 11,719 | 61,118 | |
Accounts receivable, net | 85,376 | 61,359 | ||
Deferred tax assets | 12,705 | 11,323 | ||
Other current assets | 31,504 | 16,074 | ||
Total current assets | 129,585 | 138,063 | ||
Property and equipment, net | 299,219 | 218,716 | ||
Goodwill | 549,721 | 537,296 | ||
Intangible assets, net | 17,193 | 14,953 | ||
Other assets | 7,699 | 16,217 | ||
Total assets | 1,003,417 | 925,245 | ||
Current liabilities: | ||||
Accounts payable | 26,573 | 18,048 | ||
Accrued salaries and benefits | 31,037 | 28,285 | ||
Other accrued liabilities | 21,524 | 12,853 | ||
Total current liabilities | 79,134 | 59,186 | ||
Deferred tax liabilities - noncurrent | 12,842 | 3,793 | ||
Other liabilities | 18,246 | 12,376 | ||
Total liabilities | 110,222 | 75,355 | ||
Total equity | 893,195 | 849,890 | ||
Total liabilities and equity | 1,003,417 | 925,245 | ||
Combined Subsidiary Non-Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 5,350 | 92 | ||
Accounts receivable, net | 7,935 | 2,511 | ||
Deferred tax assets | 314 | 57 | ||
Other current assets | 1,012 | 258 | ||
Total current assets | 14,611 | 2,918 | ||
Property and equipment, net | 30,516 | 18,226 | ||
Goodwill | 97,289 | 20,106 | ||
Intangible assets, net | 1,990 | 1,035 | ||
Other assets | 2,321 | 2,321 | ||
Total assets | 146,727 | 44,606 | ||
Current liabilities: | ||||
Current portion of long-term debt | 180 | 180 | ||
Accounts payable | 1,192 | 1,033 | ||
Accrued salaries and benefits | 1,247 | 464 | ||
Other accrued liabilities | 2,019 | 229 | ||
Total current liabilities | 4,638 | 1,906 | ||
Long-term debt | 57,959 | 25,381 | ||
Deferred tax liabilities - noncurrent | -6,131 | -956 | ||
Total liabilities | 56,466 | 26,331 | ||
Total equity | 90,261 | 18,275 | ||
Total liabilities and equity | 146,727 | 44,606 | ||
Consolidating Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | -1,316 | |||
Total current assets | -1,316 | |||
Investment in subsidiaries | -983,456 | -868,165 | ||
Total assets | -984,772 | -868,165 | ||
Current liabilities: | ||||
Accounts payable | -1,316 | |||
Total current liabilities | -1,316 | |||
Total liabilities | -1,316 | |||
Total equity | -983,456 | -868,165 | ||
Total liabilities and equity | ($984,772) | ($868,165) |
Financial_Information_for_the_3
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue before provision for doubtful accounts | $190,574 | $104,618 | $539,230 | $298,638 |
Provision for doubtful accounts | -5,872 | -1,502 | -15,821 | -5,429 |
Revenue | 184,702 | 103,116 | 523,409 | 293,209 |
Salaries, wages and benefits | 103,789 | 59,888 | 298,904 | 173,590 |
Professional fees | 8,956 | 4,690 | 27,294 | 13,521 |
Supplies | 9,806 | 4,831 | 28,017 | 14,148 |
Rents and leases | 2,656 | 1,775 | 7,377 | 6,244 |
Other operating expenses | 22,345 | 11,380 | 59,424 | 30,768 |
Depreciation and amortization | 4,414 | 2,076 | 12,248 | 5,332 |
Interest expense, net | 9,465 | 7,433 | 27,672 | 22,186 |
Debt extinguishment costs | 9,350 | |||
Transaction-related expenses | 984 | 732 | 3,813 | 2,097 |
Total expenses | 162,415 | 92,805 | 474,099 | 267,886 |
(Loss) income from continuing operations before income taxes | 22,287 | 10,311 | 49,310 | 25,323 |
(Benefit from) provision for income taxes | 7,741 | 3,723 | 18,439 | 9,307 |
Income from continuing operations | 14,546 | 6,588 | 30,871 | 16,016 |
(Loss) income from discontinued operations, net of income taxes | -182 | -138 | -572 | 22 |
Net income (loss) | 14,364 | 6,450 | 30,299 | 16,038 |
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Salaries, wages and benefits | 1,331 | 521 | 3,744 | 1,691 |
Interest expense, net | 8,542 | 7,433 | 25,570 | 22,186 |
Debt extinguishment costs | 9,350 | |||
Total expenses | 9,873 | 7,954 | 38,664 | 23,877 |
(Loss) income from continuing operations before income taxes | -9,873 | -7,954 | -38,664 | -23,877 |
Equity in earnings of subsidiaries | 21,087 | 11,532 | -54,340 | -31,139 |
(Benefit from) provision for income taxes | -3,150 | -2,872 | -14,623 | -8,776 |
Income from continuing operations | 14,364 | 6,450 | 30,299 | 16,038 |
Net income (loss) | 14,364 | 6,450 | 30,299 | 16,038 |
Combined Subsidiary Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue before provision for doubtful accounts | 179,560 | 104,618 | 516,467 | 298,638 |
Provision for doubtful accounts | -5,660 | -1,502 | -14,932 | -5,429 |
Revenue | 173,900 | 103,116 | 501,535 | 293,209 |
Salaries, wages and benefits | 98,166 | 59,367 | 285,760 | 171,899 |
Professional fees | 7,954 | 4,690 | 25,447 | 13,521 |
Supplies | 9,170 | 4,831 | 26,718 | 14,148 |
Rents and leases | 2,394 | 1,775 | 6,872 | 6,244 |
Other operating expenses | 19,896 | 11,380 | 53,922 | 30,768 |
Depreciation and amortization | 4,072 | 2,076 | 11,379 | 5,332 |
Transaction-related expenses | 984 | 732 | 3,813 | 2,097 |
Total expenses | 142,636 | 84,851 | 413,911 | 244,009 |
(Loss) income from continuing operations before income taxes | 31,264 | 18,265 | 87,624 | 49,200 |
(Benefit from) provision for income taxes | 10,680 | 6,595 | 33,143 | 18,083 |
Income from continuing operations | 20,584 | 11,670 | 54,481 | 31,117 |
(Loss) income from discontinued operations, net of income taxes | -182 | -138 | -572 | 22 |
Net income (loss) | 20,402 | 11,532 | 53,909 | 31,139 |
Combined Subsidiary Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue before provision for doubtful accounts | 11,014 | 22,763 | ||
Provision for doubtful accounts | -212 | -889 | ||
Revenue | 10,802 | 21,874 | ||
Salaries, wages and benefits | 4,292 | 9,400 | ||
Professional fees | 1,002 | 1,847 | ||
Supplies | 636 | 1,299 | ||
Rents and leases | 262 | 505 | ||
Other operating expenses | 2,449 | 5,502 | ||
Depreciation and amortization | 342 | 869 | ||
Interest expense, net | 923 | 2,102 | ||
Total expenses | 9,906 | 21,524 | ||
(Loss) income from continuing operations before income taxes | 896 | 350 | ||
(Benefit from) provision for income taxes | 211 | -81 | ||
Income from continuing operations | 685 | 431 | ||
Net income (loss) | 685 | 431 | ||
Consolidating Adjustments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity in earnings of subsidiaries | -21,087 | -11,532 | 54,340 | 31,139 |
Income from continuing operations | -21,087 | -11,532 | -54,340 | -31,139 |
Net income (loss) | ($21,087) | ($11,532) | ($54,340) | ($31,139) |
Financial_Information_for_the_4
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ||
Net income (loss) | $30,299 | $16,038 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: | ||
Depreciation and amortization | 12,248 | 5,332 |
Amortization of debt issuance costs | 1,686 | 1,869 |
Equity-based compensation expense | 3,744 | 1,691 |
Deferred income tax expense | 10,545 | 8,138 |
(Loss) income from discontinued operations, net of income taxes | 572 | -22 |
Debt extinguishment costs | 9,350 | |
Other | 16 | -9 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | -18,378 | -13,597 |
Other current assets | -5,657 | -3,677 |
Other assets | -1,676 | 1,029 |
Accounts payable and other accrued liabilities | 2,596 | 4,817 |
Accrued salaries and benefits | -3,467 | 527 |
Other liabilities | 3,538 | 1,527 |
Net cash provided by continuing operating activities | 45,416 | 23,663 |
Net cash used in discontinued operating activities | -541 | -328 |
Net cash provided by (used in) operating activities | 44,875 | 23,335 |
Investing activities: | ||
Cash paid for acquisitions, net of cash acquired | -135,605 | -165,981 |
Cash paid for capital expenditures | -50,678 | -14,511 |
Cash paid for real estate acquisitions | -4,676 | -50,745 |
Other | -1,088 | 1,231 |
Net cash used in investing activities | -192,047 | -230,006 |
Financing activities: | ||
Borrowings on long-term debt | 150,000 | 25,000 |
Net increase in revolving credit facility | 19,500 | |
Principal payments on long-term debt | -5,625 | -6,000 |
Repayment of long-term debt | -52,500 | |
Payment of debt issuance costs | -4,307 | -1,197 |
Payment of premium on note redemption | -6,759 | |
Issuance of common stock | 138,954 | |
Proceeds from stock option exercises | 233 | 515 |
Excess tax benefit from equity awards | 1,265 | |
Net cash provided by financing activities | 101,807 | 157,272 |
Net (decrease) increase in cash and cash equivalents | -45,365 | -49,399 |
Cash and cash equivalents at beginning of the period | 49,399 | 61,118 |
Cash and cash equivalents at end of the period | 4,034 | 11,719 |
Parent [Member] | ||
Operating activities: | ||
Net income (loss) | 30,299 | 16,038 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: | ||
Amortization of debt issuance costs | 1,686 | 1,869 |
Equity-based compensation expense | 3,744 | 1,691 |
Deferred income tax expense | -70 | -439 |
Debt extinguishment costs | 9,350 | |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Equity in earnings of subsidiaries | 54,340 | 31,139 |
Net cash provided by continuing operating activities | 99,349 | 50,298 |
Net cash provided by (used in) operating activities | 99,349 | 50,298 |
Financing activities: | ||
Borrowings on long-term debt | 150,000 | 25,000 |
Net increase in revolving credit facility | 19,500 | |
Principal payments on long-term debt | -5,625 | -6,000 |
Repayment of long-term debt | -52,500 | |
Payment of debt issuance costs | -4,307 | -1,197 |
Payment of premium on note redemption | -6,759 | |
Issuance of common stock | 138,954 | |
Proceeds from stock option exercises | 233 | 515 |
Excess tax benefit from equity awards | 1,265 | |
Cash (used in) provided by intercompany activity | -201,156 | -207,570 |
Net cash provided by financing activities | -99,349 | -50,298 |
Combined Subsidiary Guarantors [Member] | ||
Operating activities: | ||
Net income (loss) | 53,909 | 31,139 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: | ||
Depreciation and amortization | 11,379 | 5,332 |
Deferred income tax expense | 10,797 | 8,577 |
(Loss) income from discontinued operations, net of income taxes | 572 | -22 |
Other | 16 | -9 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | -18,920 | -13,597 |
Other current assets | -5,638 | -3,677 |
Other assets | -1,676 | 1,029 |
Accounts payable and other accrued liabilities | 2,763 | 4,817 |
Accrued salaries and benefits | -3,660 | 527 |
Other liabilities | 7,693 | 1,527 |
Net cash provided by continuing operating activities | 57,235 | 35,643 |
Net cash used in discontinued operating activities | -541 | -328 |
Net cash provided by (used in) operating activities | 56,694 | 35,315 |
Investing activities: | ||
Cash paid for acquisitions, net of cash acquired | -135,605 | -165,981 |
Cash paid for capital expenditures | -50,378 | -14,511 |
Cash paid for real estate acquisitions | -4,676 | -50,745 |
Other | -1,088 | 1,231 |
Net cash used in investing activities | -191,747 | -230,006 |
Financing activities: | ||
Cash (used in) provided by intercompany activity | 85,746 | 145,292 |
Net cash provided by financing activities | 85,746 | 145,292 |
Net (decrease) increase in cash and cash equivalents | -49,307 | -49,399 |
Cash and cash equivalents at beginning of the period | 49,307 | 61,118 |
Cash and cash equivalents at end of the period | 11,719 | |
Combined Subsidiary Non-Guarantors [Member] | ||
Operating activities: | ||
Net income (loss) | 431 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: | ||
Depreciation and amortization | 869 | |
Deferred income tax expense | -182 | |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | 542 | |
Other current assets | -19 | |
Accounts payable and other accrued liabilities | -167 | |
Accrued salaries and benefits | 193 | |
Other liabilities | -4,155 | |
Net cash provided by continuing operating activities | -2,488 | |
Net cash provided by (used in) operating activities | -2,488 | |
Investing activities: | ||
Cash paid for capital expenditures | -300 | |
Net cash used in investing activities | -300 | |
Financing activities: | ||
Cash (used in) provided by intercompany activity | 8,046 | |
Net cash provided by financing activities | 8,046 | |
Net (decrease) increase in cash and cash equivalents | 5,258 | |
Cash and cash equivalents at beginning of the period | 92 | |
Cash and cash equivalents at end of the period | 5,350 | |
Consolidating Adjustments [Member] | ||
Operating activities: | ||
Net income (loss) | -54,340 | -31,139 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Equity in earnings of subsidiaries | -54,340 | -31,139 |
Net cash provided by continuing operating activities | -108,680 | -62,278 |
Net cash provided by (used in) operating activities | -108,680 | -62,278 |
Financing activities: | ||
Cash (used in) provided by intercompany activity | 107,364 | 62,278 |
Net cash provided by financing activities | 107,364 | 62,278 |
Net (decrease) increase in cash and cash equivalents | -1,316 | |
Cash and cash equivalents at end of the period | ($1,316) |