Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ACHC | |
Entity Registrant Name | Acadia Healthcare Company, Inc. | |
Entity Central Index Key | 1520697 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 66,435,037 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $38,032 | $94,040 |
Accounts receivable, net of allowance for doubtful accounts of $24,096 and $22,449, respectively | 172,938 | 118,378 |
Deferred tax assets | 36,812 | 20,155 |
Other current assets | 77,596 | 41,570 |
Total current assets | 325,378 | 274,143 |
Property and equipment, net | 1,229,677 | 1,069,700 |
Goodwill | 1,904,055 | 802,986 |
Intangible assets, net | 58,508 | 21,636 |
Deferred tax assets - noncurrent | 40,494 | 13,141 |
Other assets | 69,033 | 41,984 |
Total assets | 3,627,145 | 2,223,590 |
Current liabilities: | ||
Current portion of long-term debt | 35,309 | 26,965 |
Accounts payable | 64,918 | 48,696 |
Accrued salaries and benefits | 68,711 | 59,317 |
Other accrued liabilities | 61,722 | 30,956 |
Total current liabilities | 230,660 | 165,934 |
Long-term debt | 2,018,681 | 1,069,305 |
Deferred tax liabilities - noncurrent | 46,635 | 63,880 |
Other liabilities | 81,382 | 43,506 |
Total liabilities | 2,377,358 | 1,342,625 |
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; 65,357,218 and 59,211,859 issued and outstanding as of March 31, 2015 and December 31, 2014 | 654 | 592 |
Additional paid-in capital | 1,230,856 | 847,301 |
Accumulated other comprehensive loss | -97,759 | -68,370 |
Retained earnings | 116,036 | 101,442 |
Total equity | 1,249,787 | 880,965 |
Total liabilities and equity | $3,627,145 | $2,223,590 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivable, allowance for doubtful accounts | $24,096 | $22,449 |
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 | 65,357,218 | 59,211,859 |
Common stock, shares outstanding | 65,357,218 | 59,211,859 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue before provision for doubtful accounts | $374,158 | $206,119 |
Provision for doubtful accounts | -8,375 | -4,701 |
Revenue | 365,783 | 201,418 |
Salaries, wages and benefits (including equity-based compensation expense of $3,894 and $1,764, respectively) | 205,871 | 117,575 |
Professional fees | 22,427 | 10,382 |
Supplies | 16,254 | 10,064 |
Rents and leases | 5,886 | 2,769 |
Other operating expenses | 40,527 | 23,110 |
Depreciation and amortization | 13,104 | 5,436 |
Interest expense, net | 22,146 | 9,707 |
Gain on foreign currency derivatives | -53 | |
Transaction-related expenses | 18,416 | 1,579 |
Total expenses | 344,578 | 180,622 |
Income from continuing operations before income taxes | 21,205 | 20,796 |
Provision for income taxes | 6,613 | 7,775 |
Income (loss) from continuing operations | 14,592 | 13,021 |
Income from discontinued operations, net of income taxes | 2 | 37 |
Net income | $14,594 | $13,058 |
Basic earnings per share: | ||
Income from continuing operations | $0.23 | $0.26 |
Income from discontinued operations | $0 | $0 |
Net income | $0.23 | $0.26 |
Diluted earnings per share: | ||
Income from continuing operations | $0.23 | $0.26 |
Income from discontinued operations | $0 | $0 |
Net income | $0.23 | $0.26 |
Weighted-average shares outstanding: | ||
Basic | 62,530 | 50,120 |
Diluted | 62,894 | 50,486 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Equity-based compensation expense | $3,894 | $1,764 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $14,594 | $13,058 |
Other comprehensive loss: | ||
Foreign currency translation loss | -29,389 | |
Other comprehensive loss | -29,389 | |
Comprehensive (loss) income | ($14,795) | $13,058 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Loss [Member] | Retained Earnings (Accumulated Deficit) [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2014 | $880,965 | $592 | $847,301 | ($68,370) | $101,442 |
Balance, shares at Dec. 31, 2014 | 59,212,000 | ||||
Common stock issued under stock incentive plans | 2 | -2 | |||
Common stock issued under stock incentive plans, shares | 28,435 | 170,000 | |||
Common stock withheld for minimum statutory taxes | -5,110 | -5,110 | |||
Equity-based compensation expense | 3,894 | 3,894 | |||
Excess tax benefit from equity awards | 4,310 | 4,310 | |||
Issuance of common stock, net | 380,210 | 60 | 380,150 | ||
Issuance of common stock, net, shares | 5,975,000 | ||||
Other | 313 | 313 | |||
Other comprehensive loss | -29,389 | -29,389 | |||
Net income | 14,594 | 14,594 | |||
Balance at Mar. 31, 2015 | $1,249,787 | $654 | $1,230,856 | ($97,759) | $116,036 |
Balance, shares at Mar. 31, 2015 | 65,357,000 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income | $14,594 | $13,058 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||
Depreciation and amortization | 13,104 | 5,436 |
Amortization of debt issuance costs | 1,468 | 644 |
Equity-based compensation expense | 3,894 | 1,764 |
Deferred income tax expense | 19,224 | 2,231 |
Income from discontinued operations, net of taxes | -2 | -37 |
Gain on foreign currency derivatives | -53 | |
Other | 378 | 13 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | -6,957 | -8,694 |
Other current assets | -23,758 | 952 |
Other assets | -636 | -1,576 |
Accounts payable and other accrued liabilities | 1,274 | -1,839 |
Accrued salaries and benefits | -5,022 | -5,407 |
Other liabilities | 580 | 770 |
Net cash provided by continuing operating activities | 18,088 | 7,315 |
Net cash provided by discontinued operating activities | 134 | 31 |
Net cash provided by operating activities | 18,222 | 7,346 |
Investing activities: | ||
Cash paid for acquisitions, net of cash acquired | -49,618 | -10,000 |
Cash paid for capital expenditures | -52,879 | -21,649 |
Cash paid for real estate acquisitions | -1,722 | -16,097 |
Other | -383 | -178 |
Net cash used in investing activities | -104,602 | -47,924 |
Financing activities: | ||
Borrowings on long-term debt | 875,000 | 7,500 |
Borrowings on revolving credit facility | 93,000 | 40,500 |
Principal payments on long-term debt | -7,938 | -1,875 |
Repayment of assumed CRC debt | -904,467 | |
Payment of debt issuance costs | -22,191 | -3,491 |
Common stock withheld for minimum statutory taxes, net | -5,110 | -2,112 |
Excess tax benefit from equity awards | 4,310 | 2,730 |
Net cash provided by financing activities | 32,604 | 43,252 |
Effect of exchange rate changes on cash | -2,232 | |
Net (decrease) increase in cash and cash equivalents | -56,008 | 2,674 |
Cash and cash equivalents at beginning of the period | 94,040 | 4,569 |
Cash and cash equivalents at end of the period | 38,032 | 7,243 |
Effect of acquisitions: | ||
Assets acquired, excluding cash | 1,428,566 | 10,500 |
Liabilities assumed | -998,738 | |
Issuance of common stock in connection with acquisition | -380,210 | |
Prior year deposits paid for acquisitions | -500 | |
Cash paid for acquisitions, net of cash acquired | $49,618 | $10,000 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
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, the United Kingdom and Puerto Rico. At March 31, 2015, the Company operated 203 behavioral healthcare facilities with over 8,400 beds in 37 states, the United Kingdom and Puerto Rico. On February 11, 2015, the Company completed its acquisition of CRC Health Group, Inc. (“CRC”) for total consideration of approximately $1.3 billion. CRC is a leading provider of treatment services related to substance abuse and other addiction and behavioral disorders. At the acquisition date, CRC operated 35 inpatient facilities with over 2,400 beds and 81 comprehensive treatment centers located in 30 states. | ||
Basis of Presentation | ||
The business of the Company is conducted through limited liability companies, partnerships 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 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, 2014 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, 2014 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2015. 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 months ended March 31, 2015 and 2014 (in thousands except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Basic and diluted earnings per share: | |||||||||
Income from continuing operations | $ | 14,592 | $ | 13,021 | |||||
Income from discontinued operations | 2 | 37 | |||||||
Net income | $ | 14,594 | $ | 13,058 | |||||
Denominator: | |||||||||
Weighted average shares outstanding for basic earnings per share | 62,530 | 50,120 | |||||||
Effect of dilutive instruments | 364 | 366 | |||||||
Shares used in computing diluted earnings per common share | 62,894 | 50,486 | |||||||
Basic earnings per share: | |||||||||
Income from continuing operations | $ | 0.23 | $ | 0.26 | |||||
Income from discontinued operations | — | — | |||||||
Net income | $ | 0.23 | $ | 0.26 | |||||
Diluted earnings per share: | |||||||||
Income from continuing operations | $ | 0.23 | $ | 0.26 | |||||
Income from discontinued operations | — | — | |||||||
Net income | $ | 0.23 | $ | 0.26 | |||||
Approximately 0.9 million and 0.5 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 three months ended March 31, 2015 and 2014, respectively, because their effect would have been anti-dilutive. |
Acquisitions
Acquisitions | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions | 3 | Acquisitions | |||||||||||
CRC | |||||||||||||
On February 11, 2015, the Company completed its acquisition of CRC Health Group, Inc. (“CRC”) for total consideration of approximately $1.3 billion. As consideration for the acquisition, the Company issued 5,975,326 shares of its common stock to certain holders of CRC common stock and repaid CRC’s outstanding indebtedness of $904.5 million. CRC is a leading provider of treatment services related to substance abuse and other addiction and behavioral disorders. At the acquisition date, CRC operated 35 inpatient facilities with over 2,400 beds and 81 comprehensive treatment centers located in 30 states. | |||||||||||||
QAM | |||||||||||||
On March 1, 2015, the Company acquired the stock of Quality Addiction Management, Inc. (“QAM”) for total consideration of approximately $54.6 million. QAM operates seven comprehensive treatment centers located in Wisconsin. | |||||||||||||
2014 Acquisitions | |||||||||||||
On December 1, 2014, the Company acquired the assets of Croxton Warwick Lodge (“Croxton”), an inpatient psychiatric facility with 24 beds located in Melton Mowbray, Leicestershire, England, for cash consideration of $15.6 million. On December 31, 2014, the Company completed the acquisition of Skyway House (“Skyway”), a substance abuse facility with 28 beds located in Chico, California, for cash consideration of $0.3 million. On September 3, 2014, the Company completed the acquisition of McCallum Place (“McCallum”), an eating disorder treatment facility with 85 beds offering residential, partial hospitalization and intensive outpatient treatment programs located in St. Louis, Missouri, and Austin, Texas, for total consideration of $37.4 million. On July 1, 2014, the Company acquired Partnerships in Care for cash consideration of $661.7 million, which was net of cash acquired of $12.0 million and the gain on settlement of the foreign currency derivatives of $15.3 million. Partnerships in Care is the second largest independent provider of inpatient behavioral healthcare services in the United Kingdom, operating 23 inpatient behavioral healthcare facilities with over 1,200 beds at the acquisition date. On January 1, 2014, the Company acquired the assets of Pacific Grove Hospital (“Pacific Grove”), an inpatient psychiatric facility with 68 beds located in Riverside, California, for cash consideration of $10.5 million. | |||||||||||||
Summary of Acquisitions | |||||||||||||
The Company selectively seeks opportunities to expand and diversify its base of operations by acquiring additional facilities. Approximately $175.8 million of the goodwill associated with domestic acquisitions completed in 2015 and 2014 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 QAM, CRC, McCallum and Partnerships in Care and the valuation of real property and intangible assets of QAM and CRC. | |||||||||||||
The preliminary fair values of assets acquired and liabilities assumed, at the corresponding acquisition dates, during the three months ended March 31, 2015 in connection with the 2015 acquisitions were as follows (in thousands): | |||||||||||||
CRC | Other | Total | |||||||||||
Cash | $ | 19,600 | $ | — | $ | 19,600 | |||||||
Accounts receivable | 47,095 | 877 | 47,972 | ||||||||||
Prepaid expenses and other current assets | 25,832 | — | 25,832 | ||||||||||
Property and equipment | 139,478 | 1,550 | 141,028 | ||||||||||
Goodwill | 1,052,047 | 53,521 | 1,105,568 | ||||||||||
Intangible assets | 37,000 | — | 37,000 | ||||||||||
Deferred tax assets – noncurrent | 64,688 | — | 64,688 | ||||||||||
Other assets | 6,478 | — | 6,478 | ||||||||||
Total assets acquired | 1,392,218 | 55,948 | 1,448,166 | ||||||||||
Accounts payable | 5,301 | 96 | 5,397 | ||||||||||
Accrued salaries and benefits | 14,860 | — | 14,860 | ||||||||||
Other accrued expenses | 37,473 | — | 37,473 | ||||||||||
Long-term debt | 904,467 | — | 904,467 | ||||||||||
Other liabilities | 36,541 | — | 36,541 | ||||||||||
Total liabilities assumed | 998,642 | 96 | 998,738 | ||||||||||
Net assets acquired | $ | 393,576 | $ | 55,852 | $ | 449,428 | |||||||
The preliminary fair values of assets acquired and liabilities assumed, at the corresponding acquisition dates, during the year ended December 31, 2014 in connection with the 2014 acquisitions were as follows (in thousands): | |||||||||||||
Partnerships in Care | Other | Total | |||||||||||
Cash | $ | 11,674 | $ | — | $ | 11,674 | |||||||
Accounts receivable | 7,684 | 1,849 | 9,533 | ||||||||||
Prepaid expenses and other current assets | 8,828 | 186 | 9,014 | ||||||||||
Property and equipment | 610,477 | 27,203 | 637,680 | ||||||||||
Goodwill | 120,839 | 31,951 | 152,790 | ||||||||||
Intangible assets | 651 | 204 | 855 | ||||||||||
Other assets | 6,897 | 3,224 | 10,121 | ||||||||||
Total assets acquired | 767,050 | 64,617 | 831,667 | ||||||||||
Accounts payable | 3,958 | 93 | 4,051 | ||||||||||
Accrued salaries and benefits | 10,422 | — | 10,422 | ||||||||||
Other accrued expenses | 7,165 | 732 | 7,897 | ||||||||||
Deferred tax liabilities – noncurrent | 49,250 | — | 49,250 | ||||||||||
Other liabilities | 7,704 | — | 7,704 | ||||||||||
Total liabilities assumed | 78,499 | 825 | 79,324 | ||||||||||
Net assets acquired | $ | 688,551 | $ | 63,792 | $ | 752,343 | |||||||
Other | |||||||||||||
The qualitative factors comprising the goodwill acquired in the Pacific Grove, Partnerships in Care, McCallum, Croxton, Skyway, CRC and QAM acquisitions (collectively the “2014 and 2015 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 comprised the following costs for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Advisory and financing commitment fees | $ | 10,337 | $ | — | |||||||||
Legal, accounting and other costs | 3,819 | 1,120 | |||||||||||
Severance and contract termination costs | 4,260 | 459 | |||||||||||
$ | 18,416 | $ | 1,579 | ||||||||||
Pro Forma Information | |||||||||||||
The condensed consolidated statements of income for the three months ended March 31, 2015 include revenue of $147.6 million and income from continuing operations before income taxes of $20.5 million related to the 2014 and 2015 Acquisitions. The condensed consolidated statements of income for the three months ended March 31, 2014 include revenue of $1.3 million and loss from continuing operations before income taxes of $0.2 million related to acquisitions completed in 2014. | |||||||||||||
The following table provides certain pro forma financial information for the Company as if the 2014 and 2015 Acquisitions occurred as of January 1, 2014 (in thousands): | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Revenue | $ | 421,418 | $ | 380,505 | |||||||||
Income (loss) from continuing operations, before income taxes | $ | (13,881 | ) | $ | (6,718 | ) | |||||||
Other_Intangible_Assets
Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Other Intangible Assets | 4 | Other Intangible Assets | |||||||||||||||
Other identifiable intangible assets and related accumulated amortization consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Contract intangible assets | $ | 2,100 | $ | 2,100 | $ | (1,435 | ) | $ | (1,330 | ) | |||||||
Non-compete agreements | 1,247 | 1,247 | (1,184 | ) | (1,155 | ) | |||||||||||
3,347 | 3,347 | (2,619 | ) | (2,485 | ) | ||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Licenses and accreditations | 10,258 | 9,184 | — | — | |||||||||||||
Trade names | 37,800 | 3,000 | — | — | |||||||||||||
Certificates of need | 9,722 | 8,590 | — | — | |||||||||||||
57,780 | 20,774 | — | — | ||||||||||||||
Total | $ | 61,127 | $ | 24,121 | $ | (2,619 | ) | $ | (2,485 | ) | |||||||
In connection with the CRC acquisition, the Company acquired license and accreditation intangible assets with a fair value of $1.1 million, trade name intangible assets with a fair value of $34.8 million and certificate of need intangible assets with a fair value of $1.1 million. | |||||||||||||||||
Amortization expense related to definite-lived intangible assets was $0.1 million for both the three months ended March 31, 2015 and 2014, respectively. Estimated amortization expense for the years ending December 31, 2015, 2016, 2017, 2018 and 2019 is $0.5 million, $0.4 million, $0, $0 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Property and Equipment | 5 | Property and Equipment | |||||||
Property and equipment consists of the following as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 167,749 | $ | 132,406 | |||||
Building and improvements | 936,929 | 858,055 | |||||||
Equipment | 102,452 | 73,584 | |||||||
Construction in progress | 95,086 | 66,268 | |||||||
1,302,216 | 1,130,313 | ||||||||
Less accumulated depreciation | (72,539 | ) | (60,613 | ) | |||||
Property and equipment, net | $ | 1,229,677 | $ | 1,069,700 | |||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | 6 | Long-Term Debt | |||||||
Long-term debt consisted of the following (in thousands): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Amended and Restated Senior Credit Facility: | |||||||||
Senior Secured Term A Loans (net of discount of $1,755 and $1,924, respectively) | $ | 519,058 | $ | 525,576 | |||||
Senior Secured Term B Loans (net of discount of $2,457) | 496,293 | — | |||||||
Senior Secured Revolving Line of Credit | 93,000 | — | |||||||
12.875% Senior Notes due 2018 (net of discount of $1,025 and $1,080, respectively) | 96,475 | 96,420 | |||||||
6.125% Senior Notes due 2021 | 150,000 | 150,000 | |||||||
5.125% Senior Notes due 2022 | 300,000 | 300,000 | |||||||
5.625% Senior Notes due 2023 | 375,000 | — | |||||||
9.0% and 9.5% Revenue Bonds (net of premium of $1,539 and $1,649, respectively) | 24,164 | 24,274 | |||||||
2,053,990 | 1,096,270 | ||||||||
Less: current portion | (35,309 | ) | (26,965 | ) | |||||
Long-term debt | $ | 2,018,681 | $ | 1,069,305 | |||||
Amended and Restated Senior Credit Facility | |||||||||
The Company entered into a senior secured credit facility (the “Senior Secured Credit Facility”) on April 1, 2011. On December 31, 2012, the Company entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) which amended and restated the Senior Secured Credit Facility (“Amended and Restated Senior Credit Facility”). | |||||||||
On February 13, 2014, the Company entered into a Fourth Amendment (the “Fourth Amendment”) to the Amended and Restated Credit Agreement, to increase the size of the Amended and Restated Senior Credit Facility and extend the maturity date thereof, which resulted in the Company having a revolving line of credit of up to $300.0 million and term loans of $300.0 million. The Fourth Amendment also reduced the interest rates applicable to the Amended and Restated Senior Credit Facility and provided increased flexibility to the Company in terms of the financial and other restrictive covenants. The Fourth Amendment also provides for a $150.0 million incremental credit facility, with the potential for unlimited additional incremental amounts, provided the Company meets certain financial ratios, in each case subject to customary conditions precedent to borrowing. | |||||||||
On June 16, 2014, the Company entered into a Fifth Amendment (the “Fifth Amendment”) to the Amended and Restated Credit Agreement. The Fifth Amendment specifically permitted the Company’s acquisition of Partnerships in Care, gave the Company the ability to incur a tranche of term loan B debt in the future through its incremental credit facility, and modified certain of the restrictive covenants on miscellaneous investments and incurrence of miscellaneous liens. The restrictive covenants on investments in joint ventures and foreign subsidiaries were also amended such that the Company may now invest, in any given fiscal year, up to five percent (5%) of its total assets in both joint ventures and foreign subsidiaries, respectively; provided that the aggregate amount of investments in both joint ventures and foreign subsidiaries, respectively, may not exceed ten percent (10%) of its total assets over the life of the Amended and Restated Senior Credit Facility; provided further that the aggregate amount of investments made in both joint ventures and foreign subsidiaries collectively pursuant to the foregoing may not exceed fifteen percent (15%) of its total assets. Finally, the Fifth Amendment provided increased flexibility to the Company in terms of its financial covenants. | |||||||||
On December 15, 2014, the Company entered into a Sixth Amendment (the “Sixth Amendment”) to our Amended and Restated Credit Agreement. Pursuant to the Sixth Amendment, we incurred $235.0 million of additional term loans. A portion of the additional term loan advance was used to prepay our outstanding revolving loans, and a portion of the additional term loan advance is being held as cash on the consolidated balance sheet. The Sixth Amendment also specifically permitted the acquisition of CRC. In connection with the acquisition of CRC, the Sixth Amendment (i) imposed a temporary reserve on the Company’s revolving credit facility in the amount of $110.0 million in order to preserve such reserved amounts for later borrowings to partially fund the consideration for the acquisition of CRC (subject to limited conditionality provisions) (the reserve is no longer in effect due to the acquisition of CRC), (ii) permitted the incurrence of an additional incremental term loan facility under the Amended and Restated Credit Agreement partially to fund the consideration for the acquisition of CRC (subject to limited conditionality provisions) and (iii) permitted the issuance of additional senior unsecured indebtedness or senior unsecured bridge indebtedness partially to fund the consideration for the acquisition of CRC. | |||||||||
On February 6, 2015, the Company entered into a Seventh Amendment (the “Seventh Amendment”) to our Amended and Restated Credit Agreement. The Seventh Amendment added Citibank, N.A. as an “L/C Issuer” under the Amended and Restated Credit Agreement in order to permit the rollover of CRC’s existing letters of credit into the Amended and Restated Credit Agreement and increased both the Company’s Letter of Credit Sublimit and Swing Line Sublimit to $20.0 million. | |||||||||
On February 11, 2015, the Company entered into a First Incremental Facility Amendment (the “First Incremental Amendment”) to our Amended and Restated Credit Agreement. The First Incremental Amendment activated a new $500.0 million incremental Term Loan B facility (the “TLB Facility”) that was added to our Amended and Restated Senior Credit Facility, subject to limited conditionality provisions. Borrowings under the TLB Facility were used to fund a portion of the purchase price for the acquisition of CRC. | |||||||||
On April 22, 2015, the Company entered into an Eighth Amendment (the “Eighth Amendment”) to our Amended and Restated Credit Agreement. The Eighth Amendment changed the definition of “Change of Control” in part to remove a provision whose purpose was, when calculating whether a majority of incumbent directors have approved new directors, that any incumbent director that became a director as a result of a threatened or actual proxy contest was not counted in such calculation. | |||||||||
The Company had $198.1 million of availability under the revolving line of credit as of March 31, 2015. Borrowings under the revolving line of credit are subject to customary conditions precedent to borrowing. The Amended and Restated Credit Agreement requires quarterly term loan principal repayments of our outstanding term loan A loans (“TLA Facility”) of $6.7 million for March 31, 2015 to December 31, 2015, $10.0 million for March 31, 2016 to December 31, 2016, $13.4 million for March 31, 2017 to December 31, 2017, and $16.7 million for March 31, 2018 to December 31, 2018, with the remaining principal balance of the TLA Facility due on the maturity date of February 13, 2019. On December 15, 2014, prior to the execution of the Sixth Amendment, the Company prepaid the December 31, 2014 quarterly term loan principal payment of $1.9 million. The Company is required to repay the TLB Facility in equal quarterly installments of $1.3 million on the last business day of each March, June, September and December, with the outstanding principal balance of the TLB Facility due on February 11, 2022. | |||||||||
Borrowings under the Amended and Restated Senior Credit Facility are guaranteed by each of the Company’s wholly-owned domestic subsidiaries (other than certain excluded subsidiaries) and are secured by a lien on substantially all of the assets of the Company and such subsidiaries. Borrowings with respect to the TLA Facility and the Company’s revolving credit facility (collectively, “Pro Rata Facilities”) under the Amended and Restated Credit Agreement bear interest at a rate tied to Acadia’s Consolidated Leverage Ratio (defined as consolidated funded debt net of up to $40.0 million of unrestricted and unencumbered cash to consolidated EBITDA, in each case as defined in the Amended and Restated Credit Agreement). The Applicable Rate (as defined in the Amended and Restated Credit Agreement) for the Pro Rata Facilities was 3.25% for Eurodollar Rate Loans (as defined in the Amended and Restated Credit Agreement) and 2.25% for Base Rate Loans (as defined in the Amended and Restated Credit Agreement) at March 31, 2015. Eurodollar Rate Loans with respect to the Pro Rata Facilities bear interest at the Applicable Rate plus the Eurodollar Rate (as defined in the Amended and Restated Credit Agreement) (based upon the LIBOR Rate (as defined in the Amended and Restated Credit Agreement) prior to commencement of the interest rate period). Base Rate Loans with respect to the Pro Rata Facilities bear interest at the Applicable Rate plus the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate and (iii) the Eurodollar Rate plus 1.0%. As of March 31, 2015, the Pro Rata Facilities bore interest at a rate of LIBOR plus 3.25%. In addition, we are required to pay a commitment fee on undrawn amounts under the revolving line of credit. We paid a commitment fee of 0.50% for undrawn amounts for the period from January 1, 2013 through February 12, 2014 and 0.40% for undrawn amounts for the period from February 13, 2014 through December 15, 2014. Borrowings under the Pro Rata Facilities mature on February 13, 2019. | |||||||||
The Amended and Restated Credit Agreement 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 March 31, 2015, 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 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 12.875% Senior Notes issued by the Company are guaranteed by each of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. The guarantees are full and unconditional and joint and several. | |||||||||
On March 12, 2013, the Company redeemed $52.5 million in principal amount 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 consolidated statements of income. | |||||||||
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. | |||||||||
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 subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. The guarantees are full and unconditional and joint and several. | |||||||||
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. | |||||||||
5.125% Senior Notes due 2022 | |||||||||
On July 1, 2014, the Company issued $300.0 million of 5.125% Senior Notes (the “5.125% Senior Notes”). The 5.125% Senior Notes mature on July 1, 2022 and bear interest at a rate of 5.125% per annum, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2015. | |||||||||
The indenture governing the 5.125% Senior Notes contains covenants that limit, among other things, 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 5.125% Senior Notes issued by the Company are guaranteed by each of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. The guarantees are full and unconditional and joint and several. | |||||||||
The Company may redeem the 5.125% Senior Notes at its option, in whole or part, at any time prior to July 1, 2017, at a price equal to 100% of the principal amount of the 5.125% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. The Company may redeem the 5.125% Senior Notes, in whole or in part, on or after July 1, 2017, at the redemption prices set forth in the indenture governing the 5.125% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before July 1, 2017, the Company may elect to redeem up to 35% of the aggregate principal amount of the 5.125% Senior Notes at a redemption price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | |||||||||
5.625% Senior Notes due 2023 | |||||||||
On February 11, 2015, the Company issued $375.0 million of 5.625% Senior Notes due 2023 (the “5.625% Senior Notes”). The 5.625% Senior Notes mature on February 15, 2023 and bear interest at a rate of 5.625% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2015. | |||||||||
The indenture governing the 5.625% 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 5.625% Senior Notes issued by the Company are guaranteed by each of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. The guarantees are full and unconditional and joint and several. | |||||||||
The Company may redeem the 5.625% Senior Notes at its option, in whole or part, at any time prior to February 15, 2018, at a price equal to 100% of the principal amount of the 5.625% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. We may redeem the 5.625% Senior Notes, in whole or in part, on or after February 15, 2018, at the redemption prices set forth in the indenture governing the 5.625% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before February 15, 2018, the Company may elect to redeem up to 35% of the aggregate principal amount of the 5.625% Senior Notes at a redemption price equal to 105.625% 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 March 31, 2015 and December 31, 2014, $2.3 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_Offerings
Equity Offerings | 3 Months Ended | |
Mar. 31, 2015 | ||
Equity [Abstract] | ||
Equity Offerings | 7 | Equity Offerings |
On June 17, 2014, the Company completed the offering of 8,881,794 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 $44.00 per share. The net proceeds to the Company from the sale of the shares, after deducting the underwriting discount of $15.6 million and additional offering-related expenses of $0.8 million, were $374.4 million. The Company used the net offering proceeds to fund a portion of the consideration for the acquisition of Partnerships in Care. | ||
On February 11, 2015, the Company completed its acquisition of CRC for total consideration of approximately $1.3 billion. As consideration for the acquisition, the Company issued 5,975,326 shares of its common stock to certain holders of CRC common stock and repaid CRC’s outstanding indebtedness. |
EquityBased_Compensation
Equity-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Equity-Based Compensation | 8 | Equity-Based Compensation | |||||||||||||||
Equity Incentive Plans | |||||||||||||||||
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 March 31, 2015, 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, of which 1,841,011 were available for future grant. 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 $3.9 million and $1.8 million in equity-based compensation expense for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was $60.8 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. As of March 31, 2015, there were no warrants outstanding. The Company recognized a deferred income tax benefit of $1.6 million and $0.7 million for the three months ended March 31, 2015 and 2014, respectively, related to equity-based compensation expense. The actual tax benefit realized from stock options exercised during the three months ended March 31, 2015 and 2014 was $4.3 million and $2.7 million, respectively. | |||||||||||||||||
Stock option activity during 2014 and 2015 was as follows (aggregate intrinsic value in thousands): | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic | ||||||||||||||
Options | Exercise Price | Remaining | Value | ||||||||||||||
Contractual | |||||||||||||||||
Term (in years) | |||||||||||||||||
Options outstanding at January 1, 2014 | 798,809 | $ | 21.93 | 8.2 | $ | 10,700 | |||||||||||
Options granted | 226,663 | 49.8 | 9.25 | 209 | |||||||||||||
Options exercised | (210,199 | ) | 14.93 | N/A | 4,994 | ||||||||||||
Options cancelled | (77,851 | ) | 27.85 | N/A | N/A | ||||||||||||
Options outstanding at December 31, 2014 | 737,422 | 32.19 | 8.09 | 14,512 | |||||||||||||
Options granted | 177,500 | 61.65 | 9.91 | 440 | |||||||||||||
Options exercised | (28,435 | ) | 20.59 | N/A | 986 | ||||||||||||
Options cancelled | (1,600 | ) | 47.24 | N/A | N/A | ||||||||||||
Options outstanding at March 31, 2015 | 884,887 | $ | 38.38 | 8.25 | $ | 23,790 | |||||||||||
Options exercisable at December 31, 2014 | 91,947 | $ | 28.87 | 6.3 | $ | 3,326 | |||||||||||
Options exercisable at March 31, 2015 | 241,723 | $ | 35.52 | 7.19 | $ | 9,478 | |||||||||||
Restricted stock activity during 2014 and 2015 was as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2014 | 461,697 | $ | 24.96 | ||||||||||||||
Granted | 468,484 | 48.99 | |||||||||||||||
Cancelled | (75,369 | ) | 36.36 | ||||||||||||||
Vested | (132,784 | ) | 22.81 | ||||||||||||||
Unvested at December 31, 2014 | 722,028 | $ | 39.77 | ||||||||||||||
Granted | 450,216 | 61.65 | |||||||||||||||
Cancelled | (2,400 | ) | 47.24 | ||||||||||||||
Vested | (121,236 | ) | 33.03 | ||||||||||||||
Unvested at March 31, 2015 | 1,048,608 | $ | 49.83 | ||||||||||||||
Restricted stock unit activity during 2014 and 2015 was as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Units | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2014 | 95,751 | $ | 23.05 | ||||||||||||||
Granted | 108,449 | 50.75 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (79,087 | ) | 21.81 | ||||||||||||||
Unvested at December 31, 2014 | 125,113 | $ | 38.73 | ||||||||||||||
Granted | 217,994 | 61.77 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (125,023 | ) | 32.38 | ||||||||||||||
Unvested at March 31, 2015 | 218,084 | $ | 55.02 | ||||||||||||||
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 three months ended March 31, 2015 and year ended December 31, 2014: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Weighted average grant-date fair value of options | $ | 21.39 | $ | 17.14 | |||||||||||||
Risk-free interest rate | 1.5 | % | 1.7 | % | |||||||||||||
Expected volatility | 35 | % | 36 | % | |||||||||||||
Expected life (in years) | 5.5 | 5.5 | |||||||||||||||
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 | 3 Months Ended | |
Mar. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | 9 | Income Taxes |
The provision for income taxes for continuing operations for the three months ended March 31, 2015 and 2014 reflects effective tax rates of 31.2% and 37.4%, respectively. The decrease in the tax rate for the three months ended March 31, 2015 was primarily attributable to the acquisition of Partnerships in Care, which is located in a lower taxing jurisdiction and for which earnings are permanently reinvested. |
Derivatives
Derivatives | 3 Months Ended | |
Mar. 31, 2015 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives | 10 | Derivatives |
The Company entered into foreign currency forward contracts in March 2015 in connection with acquisitions in the United Kingdom. The foreign currency forward contracts limited the economic risk of changes in the foreign exchange rate between US Dollars (“USD”) and British Pounds (“GBP”) associated with the payment of the purchase price in GBP in April 2015. These foreign currency forward contracts did not meet the hedge accounting criteria under Accounting Standards Codification 815, Derivatives and Hedging. As such, gains associated with changes in fair value of $0.1 million for the three months ended March 31, 2015, respectively, have been recorded in the consolidated statements of income. The final fair value of the foreign currency forward contracts settled in April 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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, 5.125% Senior Notes, 5.625% Senior Notes, 9.0% and 9.5% Revenue Bonds, contingent consideration liabilities and foreign currency derivatives as of March 31, 2015 and December 31, 2014 were as follows (in thousands): | |||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Amended and Restated Senior Credit Facility | $ | 1,108,351 | $ | 525,576 | $ | 1,108,351 | $ | 525,576 | |||||||||
12.875% Senior Notes due 2018 | $ | 96,475 | $ | 96,420 | $ | 109,200 | $ | 109,688 | |||||||||
6.125% Senior Notes due 2021 | $ | 150,000 | $ | 150,000 | $ | 155,625 | $ | 153,000 | |||||||||
5.125% Senior Notes due 2022 | $ | 300,000 | $ | 300,000 | $ | 300,375 | $ | 295,500 | |||||||||
5.625% Senior Notes due 2023 | $ | 375,000 | — | $ | 375,488 | — | |||||||||||
9.0% and 9.5% Revenue Bonds | $ | 24,164 | $ | 24,274 | $ | 24,164 | $ | 24,274 | |||||||||
Contingent consideration liabilities | $ | 3,000 | $ | 3,000 | $ | 3,000 | $ | 3,000 | |||||||||
Foreign currency derivatives | $ | 53 | — | $ | 53 | — | |||||||||||
The Company’s Amended and Restated Senior Credit Facility, 12.875% Senior Notes, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% 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 liabilities were categorized as Level 3 in the GAAP fair value hierarchy. The contingent consideration liabilities were 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 three months ended March 31, 2014, the Company changed its projections of the timing of future payments for the Park Royal contingent consideration liability. This change resulted in a $0.5 million increase in the fair value of the contingent consideration liability, which was recorded in transaction-related expenses in the consolidated statements of income. During the year ended December 31, 2014, the Company paid $5.0 million of the estimated $7.0 million Park Royal contingent consideration liability as a result of the facility achieving certain earnings targets. The Company may make an earn-out payment of up to $6.0 million, contingent upon achievement by McCallum of certain operating performance targets for the one-year period ending December 31, 2015. | |||||||||||||||||
The fair value of the foreign currency forward contracts at March 31, 2015 was categorized as Level 2 in the GAAP fair value hierarchy. The foreign currency forward contracts’ fair market value was calculated using the published foreign exchange rate between the USD and GBP as of March 31, 2015 compared to the exchange rate at the dates of the contracts. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
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. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | 13 | Segment Information | |||||||||||||||
The Company operates in one line of business, which is operating acute inpatient psychiatric facilities, specialty treatment facilities, residential treatment centers and facilities providing outpatient behavioral healthcare services. As management reviews the operating results of its facilities in the United States (the “U.S. Facilities”) and its facilities in the United Kingdom (the “U.K. Facilities”) separately to assess performance and make decisions, the Company’s operating segments include its U.S. Facilities and U.K. Facilities. At March 31, 2015, the U.S. Facilities included 179 behavioral healthcare facilities with approximately 7,100 beds in 37 states and Puerto Rico, and the U.K. Facilities included 24 behavioral healthcare facilities with approximately 1,300 beds in the United Kingdom. | |||||||||||||||||
The following tables set forth the financial information by operating segment, including a reconciliation of Segment EBITDA to income from continuing operations before income taxes (in thousands): | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Revenue: | |||||||||||||||||
U.S. Facilities | $ | 290,507 | $ | 200,564 | |||||||||||||
U.K. Facilities | 73,315 | — | |||||||||||||||
Corporate and Other | 1,961 | 854 | |||||||||||||||
$ | 365,783 | $ | 201,418 | ||||||||||||||
Segment EBITDA (1): | |||||||||||||||||
U.S. Facilities | $ | 76,364 | $ | 47,533 | |||||||||||||
U.K. Facilities | 18,811 | — | |||||||||||||||
Corporate and Other | (16,463 | ) | (8,251 | ) | |||||||||||||
$ | 78,712 | $ | 39,282 | ||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Segment EBITDA (1) | $ | 78,712 | $ | 39,282 | |||||||||||||
Plus (less): | |||||||||||||||||
Equity-based compensation expense | (3,894 | ) | (1,764 | ) | |||||||||||||
Gain on foreign currency derivatives | 53 | — | |||||||||||||||
Transaction-related expenses | (18,416 | ) | (1,579 | ) | |||||||||||||
Interest expense, net | (22,146 | ) | (9,707 | ) | |||||||||||||
Depreciation and amortization | (13,104 | ) | (5,436 | ) | |||||||||||||
Income from continuing operations before income taxes | $ | 21,205 | $ | 20,796 | |||||||||||||
U.S. Facilities | U.K. Facilities | Corporate | Consolidated | ||||||||||||||
and Other | |||||||||||||||||
Goodwill: | |||||||||||||||||
Balance at January 1, 2015 | $ | 693,945 | $ | 109,041 | $ | — | $ | 802,986 | |||||||||
Increase from 2015 acquisitions | 1,105,240 | 328 | — | 1,105,568 | |||||||||||||
Foreign currency translation loss | — | (4,974 | ) | — | (4,974 | ) | |||||||||||
Other | 475 | — | — | 475 | |||||||||||||
Balance at March 31, 2015 | $ | 1,799,660 | 104,395 | $ | — | $ | 1,904,055 | ||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Assets (2): | |||||||||||||||||
U.S. Facilities | $ | 2,686,615 | $ | 1,327,563 | |||||||||||||
U.K. Facilities | 707,603 | 726,693 | |||||||||||||||
Corporate and Other | 232,927 | 169,334 | |||||||||||||||
$ | 3,627,145 | $ | 2,223,590 | ||||||||||||||
-1 | Segment EBITDA is defined as income from continuing operations before provision for income taxes, equity-based compensation expense, gain on foreign currency derivatives, transaction-related expenses, interest expense and depreciation and amortization. The Company uses Segment EBITDA as an analytical indicator to measure the performance of the Company’s segments and to develop strategic objectives and operating plans for those segments. Segment EBITDA is commonly used as an analytical indicator within the health care industry, and also serves as a measure of leverage capacity and debt service ability. Segment EBITDA should not be considered as a measure of financial performance under generally accepted accounting principles, and the items excluded from Segment EBITDA are significant components in understanding and assessing financial performance. Because Segment EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, Segment EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. | ||||||||||||||||
-2 | Assets include property and equipment for the U.S. Facilities of $625.1 million, U.K. Facilities of $560.3 million and corporate and other of $44.3 million at March 31, 2015. Assets include property and equipment for the U.S. Facilities of $478.1 million, U.K. Facilities of $578.6 million and corporate and other of $13.0 million at December 31, 2014. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recently Issued Accounting Standards | 14 | Recently Issued Accounting Standards |
In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-03, “Interest-Imputation of Interest (Subtopic 835-30)” (“ASU 2015-05”). ASU 2015-03 simplifies the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, and the new guidance should be applied retrospectively. Management is evaluating the impact of ASU 2015-03 on the Company’s consolidated financial statements. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 15 | Subsequent Events |
On April 1, 2015, the Company completed the acquisitions of (i) two facilities from Choice Lifestyles (“Choice”) for approximately $37.8 million, (ii) Pastoral Care Group (“Pastoral”) for approximately $34.5 million and (iii) Mildmay Oaks f/k/a Vista Independent Hospital (“Mildmay Oaks”) for approximately $15.5 million. The two inpatient psychiatric facilities acquired from Choice have an aggregate of 48 beds and are located in England. Pastoral operates two inpatient psychiatric facilities with an aggregate of 65 beds located in Wales. Mildmay Oaks is an inpatient psychiatric facility with 67 beds located in England. |
Financial_Information_for_the_
Financial Information for the Company and Its Subsidiaries | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Financial Information for the Company and Its Subsidiaries | 16 | Financial Information for the Company and Its Subsidiaries | |||||||||||||||||||
The Company conducts substantially all of its business through its subsidiaries. The 12.875% Senior Notes, 6.125% Senior Notes, 5.125% Senior Notes and 5.625% Senior Notes are jointly and severally guaranteed on an unsecured senior basis by all of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. Presented below is condensed consolidating financial information for the Company and its subsidiaries as of March 31, 2015 and December 31, 2014, and for the three months ended March 31, 2015 and 2014. The information segregates the parent company (Acadia Healthcare Company, Inc.), the combined wholly-owned subsidiary guarantors, the combined non-guarantor subsidiaries and eliminations. | |||||||||||||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 14,822 | $ | 23,210 | $ | — | $ | 38,032 | |||||||||||
Accounts receivable, net | — | 157,034 | 15,904 | — | 172,938 | ||||||||||||||||
Deferred tax assets | — | 34,861 | 1,951 | — | 36,812 | ||||||||||||||||
Other current assets | — | 72,708 | 4,888 | — | 77,596 | ||||||||||||||||
Total current assets | — | 279,425 | 45,953 | — | 325,378 | ||||||||||||||||
Property and equipment, net | — | 626,095 | 603,582 | — | 1,229,677 | ||||||||||||||||
Goodwill | — | 1,701,850 | 202,205 | — | 1,904,055 | ||||||||||||||||
Intangible assets, net | — | 55,956 | 2,552 | — | 58,508 | ||||||||||||||||
Deferred tax assets – noncurrent | 3,917 | 22,907 | 13,670 | — | 40,494 | ||||||||||||||||
Investment in subsidiaries | 3,069,802 | — | — | (3,069,802 | ) | — | |||||||||||||||
Other assets | 221,093 | 27,393 | 2,321 | (181,774 | ) | 69,033 | |||||||||||||||
Total assets | $ | 3,294,812 | $ | 2,713,626 | $ | 870,283 | $ | (3,251,576 | ) | $ | 3,627,145 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 35,094 | $ | — | $ | 215 | $ | — | $ | 35,309 | |||||||||||
Accounts payable | — | 56,335 | 8,583 | — | 64,918 | ||||||||||||||||
Accrued salaries and benefits | — | 58,017 | 10,694 | — | 68,711 | ||||||||||||||||
Other accrued liabilities | 15,199 | 31,683 | 14,840 | — | 61,722 | ||||||||||||||||
Total current liabilities | 50,293 | 146,035 | 34,332 | — | 230,660 | ||||||||||||||||
Long-term debt | 1,994,732 | — | 205,723 | (181,774 | ) | 2,018,681 | |||||||||||||||
Deferred tax liabilities – noncurrent | — | — | 46,635 | — | 46,635 | ||||||||||||||||
Other liabilities | — | 71,825 | 9,557 | — | 81,382 | ||||||||||||||||
Total liabilities | 2,045,025 | 217,860 | 296,247 | (181,774 | ) | 2,377,358 | |||||||||||||||
Total equity | 1,249,787 | 2,495,766 | 574,036 | (3,069,802 | ) | 1,249,787 | |||||||||||||||
Total liabilities and equity | $ | 3,294,812 | $ | 2,713,626 | $ | 870,283 | $ | (3,251,576 | ) | $ | 3,627,145 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 76,685 | $ | 17,355 | $ | — | $ | 94,040 | |||||||||||
Accounts receivable, net | — | 100,797 | 17,581 | — | 118,378 | ||||||||||||||||
Deferred tax assets | — | 18,395 | 1,760 | — | 20,155 | ||||||||||||||||
Other current assets | — | 36,049 | 5,521 | — | 41,570 | ||||||||||||||||
Total current assets | — | 231,926 | 42,217 | — | 274,143 | ||||||||||||||||
Property and equipment, net | — | 451,943 | 617,757 | — | 1,069,700 | ||||||||||||||||
Goodwill | — | 596,611 | 206,375 | — | 802,986 | ||||||||||||||||
Intangible assets, net | — | 19,057 | 2,579 | — | 21,636 | ||||||||||||||||
Deferred tax assets – noncurrent | 4,563 | — | 14,244 | (5,666 | ) | 13,141 | |||||||||||||||
Investment in subsidiaries | 1,759,337 | — | — | (1,759,337 | ) | — | |||||||||||||||
Other assets | 202,708 | 18,727 | 2,323 | (181,774 | ) | 41,984 | |||||||||||||||
Total assets | $ | 1,966,608 | $ | 1,318,264 | $ | 885,495 | $ | (1,946,777 | ) | $ | 2,223,590 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 26,750 | $ | — | $ | 215 | $ | — | $ | 26,965 | |||||||||||
Accounts payable | — | 39,486 | 9,210 | — | 48,696 | ||||||||||||||||
Accrued salaries and benefits | — | 47,597 | 11,720 | — | 59,317 | ||||||||||||||||
Other accrued liabilities | 13,647 | 7,688 | 9,621 | — | 30,956 | ||||||||||||||||
Total current liabilities | 40,397 | 94,771 | 30,766 | — | 165,934 | ||||||||||||||||
Long-term debt | 1,045,246 | — | 205,833 | (181,774 | ) | 1,069,305 | |||||||||||||||
Deferred tax liabilities – noncurrent | — | 21,027 | 48,519 | (5,666 | ) | 63,880 | |||||||||||||||
Other liabilities | — | 33,321 | 10,185 | — | 43,506 | ||||||||||||||||
Total liabilities | 1,085,643 | 149,119 | 295,303 | (187,440 | ) | 1,342,625 | |||||||||||||||
Total equity | 880,965 | 1,169,145 | 590,192 | (1,759,337 | ) | 880,965 | |||||||||||||||
Total liabilities and equity | $ | 1,966,608 | $ | 1,318,264 | $ | 885,495 | $ | (1,946,777 | ) | $ | 2,223,590 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 287,765 | $ | 86,393 | $ | — | $ | 374,158 | |||||||||||
Provision for doubtful accounts | — | (7,419 | ) | (956 | ) | — | (8,375 | ) | |||||||||||||
Revenue | — | 280,346 | 85,437 | — | 365,783 | ||||||||||||||||
Salaries, wages and benefits | 3,894 | 155,699 | 46,278 | — | 205,871 | ||||||||||||||||
Professional fees | — | 16,485 | 5,942 | — | 22,427 | ||||||||||||||||
Supplies | — | 13,009 | 3,245 | — | 16,254 | ||||||||||||||||
Rents and leases | — | 5,117 | 769 | — | 5,886 | ||||||||||||||||
Other operating expenses | — | 25,115 | 15,412 | — | 40,527 | ||||||||||||||||
Depreciation and amortization | — | 8,711 | 4,393 | — | 13,104 | ||||||||||||||||
Interest expense, net | 12,948 | 5,721 | 3,477 | — | 22,146 | ||||||||||||||||
Gain on foreign currency derivatives | (53 | ) | — | — | — | (53 | ) | ||||||||||||||
Transaction-related expenses | — | 18,416 | — | — | 18,416 | ||||||||||||||||
Total expenses | 16,789 | 248,273 | 79,516 | — | 344,578 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (16,789 | ) | 32,073 | 5,921 | — | 21,205 | |||||||||||||||
Equity in earnings of subsidiaries | 25,987 | — | — | (25,987 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (5,396 | ) | 10,497 | 1,512 | — | 6,613 | |||||||||||||||
Income (loss) from continuing operations | 14,594 | 21,576 | 4,409 | (25,987 | ) | 14,592 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | 2 | — | — | 2 | ||||||||||||||||
Net income (loss) | $ | 14,594 | $ | 21,578 | $ | 4,409 | $ | (25,987 | ) | $ | 14,594 | ||||||||||
Other comprehensive loss: | |||||||||||||||||||||
Foreign currency translation loss | — | — | (29,389 | ) | — | (29,389 | ) | ||||||||||||||
Other comprehensive loss | — | — | (29,389 | ) | — | (29,389 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 14,594 | $ | 21,578 | $ | (24,980 | ) | $ | (25,987 | ) | $ | (14,795 | ) | ||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 193,282 | $ | 12,837 | $ | — | $ | 206,119 | |||||||||||
Provision for doubtful accounts | — | (4,510 | ) | (191 | ) | — | (4,701 | ) | |||||||||||||
Revenue | — | 188,772 | 12,646 | — | 201,418 | ||||||||||||||||
Salaries, wages and benefits | 1,764 | 110,653 | 5,158 | — | 117,575 | ||||||||||||||||
Professional fees | — | 9,253 | 1,129 | — | 10,382 | ||||||||||||||||
Supplies | — | 9,385 | 679 | — | 10,064 | ||||||||||||||||
Rents and leases | — | 2,495 | 274 | — | 2,769 | ||||||||||||||||
Other operating expenses | — | 21,079 | 2,031 | — | 23,110 | ||||||||||||||||
Depreciation and amortization | — | 5,085 | 351 | — | 5,436 | ||||||||||||||||
Interest expense, net | 9,111 | — | 596 | — | 9,707 | ||||||||||||||||
Transaction-related expenses | — | 1,579 | — | — | 1,579 | ||||||||||||||||
Total expenses | 10,875 | 159,529 | 10,218 | — | 180,622 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (10,875 | ) | 29,243 | 2,428 | — | 20,796 | |||||||||||||||
Equity in earnings of subsidiaries | 19,867 | — | — | (19,867 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (4,066 | ) | 10,934 | 907 | — | 7,775 | |||||||||||||||
Income (loss) from continuing operations | 13,058 | 18,309 | 1,521 | (19,867 | ) | 13,021 | |||||||||||||||
Income from discontinued operations, net of income taxes | — | 37 | — | — | 37 | ||||||||||||||||
Net income (loss) | $ | 13,058 | $ | 18,346 | $ | 1,521 | $ | (19,867 | ) | $ | 13,058 | ||||||||||
Comprehensive income (loss) | $ | 13,058 | $ | 18,346 | $ | 1,521 | $ | (19,867 | ) | $ | 13,058 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 14,594 | $ | 21,578 | $ | 4,409 | $ | (25,987 | ) | $ | 14,594 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (25,987 | ) | — | — | 25,987 | — | |||||||||||||||
Depreciation and amortization | — | 8,711 | 4,393 | — | 13,104 | ||||||||||||||||
Amortization of debt issuance costs | 1,578 | — | (110 | ) | — | 1,468 | |||||||||||||||
Equity-based compensation expense | 3,894 | — | — | — | 3,894 | ||||||||||||||||
Deferred income tax (benefit) expense | 646 | 18,354 | 224 | — | 19,224 | ||||||||||||||||
Loss from discontinued operations, net of taxes | — | (2 | ) | — | — | (2 | ) | ||||||||||||||
Gain on foreign currency derivatives | (53 | ) | — | — | — | (53 | ) | ||||||||||||||
Other | — | 364 | 14 | — | 378 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | — | ||||||||||||||||||||
Accounts receivable, net | — | (8,265 | ) | 1,308 | — | (6,957 | ) | ||||||||||||||
Other current assets | — | (24,182 | ) | 424 | — | (23,758 | ) | ||||||||||||||
Other assets | — | (638 | ) | 2 | — | (636 | ) | ||||||||||||||
Accounts payable and other accrued liabilities | — | 6,645 | (5,371 | ) | — | 1,274 | |||||||||||||||
Accrued salaries and benefits | — | (4,440 | ) | (582 | ) | — | (5,022 | ) | |||||||||||||
Other liabilities | — | 762 | (182 | ) | — | 580 | |||||||||||||||
Net cash (used in) provided by continuing operating activities | (5,328 | ) | 18,887 | 4,529 | — | 18,088 | |||||||||||||||
Net cash provided by discontinued operating activities | — | 134 | — | — | 134 | ||||||||||||||||
Net cash (used in) provided by operating activities | (5,328 | ) | 19,021 | 4,529 | — | 18,222 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (48,317 | ) | (1,301 | ) | — | (49,618 | ) | |||||||||||||
Cash paid for capital expenditures | — | (41,426 | ) | (11,453 | ) | — | (52,879 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (1,722 | ) | — | — | (1,722 | ) | ||||||||||||||
Other | — | (383 | ) | — | — | (383 | ) | ||||||||||||||
Net cash used in investing activities | — | (91,848 | ) | (12,754 | ) | — | (104,602 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 875,000 | — | — | — | 875,000 | ||||||||||||||||
Borrowings on revolving credit facility | 93,000 | — | — | — | 93,000 | ||||||||||||||||
Principal payments on long-term debt | (7,938 | ) | — | — | — | (7,938 | ) | ||||||||||||||
Repayment of assumed CRC debt | (904,467 | ) | — | — | — | (904,467 | ) | ||||||||||||||
Payment of debt issuance costs | (22,191 | ) | — | — | — | (22,191 | ) | ||||||||||||||
Common stock withheld for minimum statutory taxes, net | (5,110 | ) | — | — | — | (5,110 | ) | ||||||||||||||
Excess tax benefit from equity awards | 4,310 | — | — | — | 4,310 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (27,276 | ) | 10,964 | 16,312 | — | — | |||||||||||||||
Net cash provided by financing activities | 5,328 | 10,964 | 16,312 | — | 32,604 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | (2,232 | ) | — | (2,232 | ) | ||||||||||||||
Net increase in cash and cash equivalents | — | (61,863 | ) | 5,855 | — | (56,008 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | — | 76,685 | 17,355 | — | 94,040 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 14,822 | $ | 23,210 | $ | — | $ | 38,032 | |||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 13,058 | $ | 18,346 | $ | 1,521 | $ | (19,867 | ) | $ | 13,058 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (19,867 | ) | — | — | 19,867 | — | |||||||||||||||
Depreciation and amortization | — | 5,085 | 351 | — | 5,436 | ||||||||||||||||
Amortization of debt issuance costs | 757 | — | (113 | ) | — | 644 | |||||||||||||||
Equity-based compensation expense | 1,764 | — | — | — | 1,764 | ||||||||||||||||
Deferred income tax expense | 429 | 1,604 | 198 | — | 2,231 | ||||||||||||||||
Income from discontinued operations, net of taxes | — | (37 | ) | — | — | (37 | ) | ||||||||||||||
Other | — | 13 | — | — | 13 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable, net | — | (9,134 | ) | 440 | — | (8,694 | ) | ||||||||||||||
Other current assets | — | 919 | 33 | — | 952 | ||||||||||||||||
Other assets | 114 | (1,576 | ) | — | (114 | ) | (1,576 | ) | |||||||||||||
Accounts payable and other accrued liabilities | — | (2,302 | ) | 463 | — | (1,839 | ) | ||||||||||||||
Accrued salaries and benefits | — | (5,356 | ) | (51 | ) | — | (5,407 | ) | |||||||||||||
Other liabilities | — | 770 | — | — | 770 | ||||||||||||||||
Net cash (used in) provided by continuing operating activities | (3,745 | ) | 8,332 | 2,842 | (114 | ) | 7,315 | ||||||||||||||
Net cash provided by discontinued operating activities | — | 31 | — | — | 31 | ||||||||||||||||
Net cash (used in) provided by operating activities | (3,745 | ) | 8,363 | 2,842 | (114 | ) | 7,346 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (10,000 | ) | — | — | (10,000 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (20,714 | ) | (935 | ) | — | (21,649 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (16,097 | ) | — | — | (16,097 | ) | ||||||||||||||
Other | — | (178 | ) | — | — | (178 | ) | ||||||||||||||
Net cash used in investing activities | — | (46,989 | ) | (935 | ) | — | (47,924 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 7,500 | — | — | — | 7,500 | ||||||||||||||||
Borrowings on revolving credit facility | 40,500 | — | — | — | 40,500 | ||||||||||||||||
Principal payments on long-term debt | (1,875 | ) | — | (114 | ) | 114 | (1,875 | ) | |||||||||||||
Payment of debt issuance costs | (3,491 | ) | — | — | — | (3,491 | ) | ||||||||||||||
Common stock withheld for minimum statutory taxes, net | (2,112 | ) | — | — | — | (2,112 | ) | ||||||||||||||
Excess tax benefit from equity awards | 2,730 | — | — | — | 2,730 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (39,507 | ) | 41,600 | (4,018 | ) | 1,925 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 3,745 | 41,600 | (4,132 | ) | 2,039 | 43,252 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 2,974 | (2,225 | ) | 1,925 | 2,674 | |||||||||||||||
Cash and cash equivalents at beginning of the period | — | — | 6,494 | (1,925 | ) | 4,569 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 2,974 | $ | 4,269 | $ | — | $ | 7,243 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 months ended March 31, 2015 and 2014 (in thousands except per share amounts): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Basic and diluted earnings per share: | |||||||||
Income from continuing operations | $ | 14,592 | $ | 13,021 | |||||
Income from discontinued operations | 2 | 37 | |||||||
Net income | $ | 14,594 | $ | 13,058 | |||||
Denominator: | |||||||||
Weighted average shares outstanding for basic earnings per share | 62,530 | 50,120 | |||||||
Effect of dilutive instruments | 364 | 366 | |||||||
Shares used in computing diluted earnings per common share | 62,894 | 50,486 | |||||||
Basic earnings per share: | |||||||||
Income from continuing operations | $ | 0.23 | $ | 0.26 | |||||
Income from discontinued operations | — | — | |||||||
Net income | $ | 0.23 | $ | 0.26 | |||||
Diluted earnings per share: | |||||||||
Income from continuing operations | $ | 0.23 | $ | 0.26 | |||||
Income from discontinued operations | — | — | |||||||
Net income | $ | 0.23 | $ | 0.26 | |||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Preliminary Fair Values of Assets Acquired and Liabilities Assumed at Corresponding Acquisition Date | The preliminary fair values of assets acquired and liabilities assumed, at the corresponding acquisition dates, during the year ended December 31, 2014 in connection with the 2014 acquisitions were as follows (in thousands): | ||||||||||||
Partnerships in Care | Other | Total | |||||||||||
Cash | $ | 11,674 | $ | — | $ | 11,674 | |||||||
Accounts receivable | 7,684 | 1,849 | 9,533 | ||||||||||
Prepaid expenses and other current assets | 8,828 | 186 | 9,014 | ||||||||||
Property and equipment | 610,477 | 27,203 | 637,680 | ||||||||||
Goodwill | 120,839 | 31,951 | 152,790 | ||||||||||
Intangible assets | 651 | 204 | 855 | ||||||||||
Other assets | 6,897 | 3,224 | 10,121 | ||||||||||
Total assets acquired | 767,050 | 64,617 | 831,667 | ||||||||||
Accounts payable | 3,958 | 93 | 4,051 | ||||||||||
Accrued salaries and benefits | 10,422 | — | 10,422 | ||||||||||
Other accrued expenses | 7,165 | 732 | 7,897 | ||||||||||
Deferred tax liabilities – noncurrent | 49,250 | — | 49,250 | ||||||||||
Other liabilities | 7,704 | — | 7,704 | ||||||||||
Total liabilities assumed | 78,499 | 825 | 79,324 | ||||||||||
Net assets acquired | $ | 688,551 | $ | 63,792 | $ | 752,343 | |||||||
Transaction Related Expenses as Incurred | Transaction-related expenses comprised the following costs for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Advisory and financing commitment fees | $ | 10,337 | $ | — | |||||||||
Legal, accounting and other costs | 3,819 | 1,120 | |||||||||||
Severance and contract termination costs | 4,260 | 459 | |||||||||||
$ | 18,416 | $ | 1,579 | ||||||||||
Pro Forma Financial Information for Acquisitions Occurred | The following table provides certain pro forma financial information for the Company as if the 2014 and 2015 Acquisitions occurred as of January 1, 2014 (in thousands): | ||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Revenue | $ | 421,418 | $ | 380,505 | |||||||||
Income (loss) from continuing operations, before income taxes | $ | (13,881 | ) | $ | (6,718 | ) | |||||||
Crc Health Group Inc and Other Acquisitions [Member] | |||||||||||||
Preliminary Fair Values of Assets Acquired and Liabilities Assumed at Corresponding Acquisition Date | The preliminary fair values of assets acquired and liabilities assumed, at the corresponding acquisition dates, during the three months ended March 31, 2015 in connection with the 2015 acquisitions were as follows (in thousands): | ||||||||||||
CRC | Other | Total | |||||||||||
Cash | $ | 19,600 | $ | — | $ | 19,600 | |||||||
Accounts receivable | 47,095 | 877 | 47,972 | ||||||||||
Prepaid expenses and other current assets | 25,832 | — | 25,832 | ||||||||||
Property and equipment | 139,478 | 1,550 | 141,028 | ||||||||||
Goodwill | 1,052,047 | 53,521 | 1,105,568 | ||||||||||
Intangible assets | 37,000 | — | 37,000 | ||||||||||
Deferred tax assets – noncurrent | 64,688 | — | 64,688 | ||||||||||
Other assets | 6,478 | — | 6,478 | ||||||||||
Total assets acquired | 1,392,218 | 55,948 | 1,448,166 | ||||||||||
Accounts payable | 5,301 | 96 | 5,397 | ||||||||||
Accrued salaries and benefits | 14,860 | — | 14,860 | ||||||||||
Other accrued expenses | 37,473 | — | 37,473 | ||||||||||
Long-term debt | 904,467 | — | 904,467 | ||||||||||
Other liabilities | 36,541 | — | 36,541 | ||||||||||
Total liabilities assumed | 998,642 | 96 | 998,738 | ||||||||||
Net assets acquired | $ | 393,576 | $ | 55,852 | $ | 449,428 | |||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Other Identifiable Intangible Assets and Related Accumulated Amortization | Other identifiable intangible assets and related accumulated amortization consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Contract intangible assets | $ | 2,100 | $ | 2,100 | $ | (1,435 | ) | $ | (1,330 | ) | |||||||
Non-compete agreements | 1,247 | 1,247 | (1,184 | ) | (1,155 | ) | |||||||||||
3,347 | 3,347 | (2,619 | ) | (2,485 | ) | ||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Licenses and accreditations | 10,258 | 9,184 | — | — | |||||||||||||
Trade names | 37,800 | 3,000 | — | — | |||||||||||||
Certificates of need | 9,722 | 8,590 | — | — | |||||||||||||
57,780 | 20,774 | — | — | ||||||||||||||
Total | $ | 61,127 | $ | 24,121 | $ | (2,619 | ) | $ | (2,485 | ) | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Summary of Property and Equipment | Property and equipment consists of the following as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 167,749 | $ | 132,406 | |||||
Building and improvements | 936,929 | 858,055 | |||||||
Equipment | 102,452 | 73,584 | |||||||
Construction in progress | 95,086 | 66,268 | |||||||
1,302,216 | 1,130,313 | ||||||||
Less accumulated depreciation | (72,539 | ) | (60,613 | ) | |||||
Property and equipment, net | $ | 1,229,677 | $ | 1,069,700 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Components of Long-Term Debt | Long-term debt consisted of the following (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Amended and Restated Senior Credit Facility: | |||||||||
Senior Secured Term A Loans (net of discount of $1,755 and $1,924, respectively) | $ | 519,058 | $ | 525,576 | |||||
Senior Secured Term B Loans (net of discount of $2,457) | 496,293 | — | |||||||
Senior Secured Revolving Line of Credit | 93,000 | — | |||||||
12.875% Senior Notes due 2018 (net of discount of $1,025 and $1,080, respectively) | 96,475 | 96,420 | |||||||
6.125% Senior Notes due 2021 | 150,000 | 150,000 | |||||||
5.125% Senior Notes due 2022 | 300,000 | 300,000 | |||||||
5.625% Senior Notes due 2023 | 375,000 | — | |||||||
9.0% and 9.5% Revenue Bonds (net of premium of $1,539 and $1,649, respectively) | 24,164 | 24,274 | |||||||
2,053,990 | 1,096,270 | ||||||||
Less: current portion | (35,309 | ) | (26,965 | ) | |||||
Long-term debt | $ | 2,018,681 | $ | 1,069,305 | |||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Option Activity | Stock option activity during 2014 and 2015 was as follows (aggregate intrinsic value in thousands): | ||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic | ||||||||||||||
Options | Exercise Price | Remaining | Value | ||||||||||||||
Contractual | |||||||||||||||||
Term (in years) | |||||||||||||||||
Options outstanding at January 1, 2014 | 798,809 | $ | 21.93 | 8.2 | $ | 10,700 | |||||||||||
Options granted | 226,663 | 49.8 | 9.25 | 209 | |||||||||||||
Options exercised | (210,199 | ) | 14.93 | N/A | 4,994 | ||||||||||||
Options cancelled | (77,851 | ) | 27.85 | N/A | N/A | ||||||||||||
Options outstanding at December 31, 2014 | 737,422 | 32.19 | 8.09 | 14,512 | |||||||||||||
Options granted | 177,500 | 61.65 | 9.91 | 440 | |||||||||||||
Options exercised | (28,435 | ) | 20.59 | N/A | 986 | ||||||||||||
Options cancelled | (1,600 | ) | 47.24 | N/A | N/A | ||||||||||||
Options outstanding at March 31, 2015 | 884,887 | $ | 38.38 | 8.25 | $ | 23,790 | |||||||||||
Options exercisable at December 31, 2014 | 91,947 | $ | 28.87 | 6.3 | $ | 3,326 | |||||||||||
Options exercisable at March 31, 2015 | 241,723 | $ | 35.52 | 7.19 | $ | 9,478 | |||||||||||
Restricted Stock Activity | Restricted stock activity during 2014 and 2015 was as follows: | ||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2014 | 461,697 | $ | 24.96 | ||||||||||||||
Granted | 468,484 | 48.99 | |||||||||||||||
Cancelled | (75,369 | ) | 36.36 | ||||||||||||||
Vested | (132,784 | ) | 22.81 | ||||||||||||||
Unvested at December 31, 2014 | 722,028 | $ | 39.77 | ||||||||||||||
Granted | 450,216 | 61.65 | |||||||||||||||
Cancelled | (2,400 | ) | 47.24 | ||||||||||||||
Vested | (121,236 | ) | 33.03 | ||||||||||||||
Unvested at March 31, 2015 | 1,048,608 | $ | 49.83 | ||||||||||||||
Restricted Stock Unit Activity | Restricted stock unit activity during 2014 and 2015 was as follows: | ||||||||||||||||
Number of | Weighted | ||||||||||||||||
Units | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2014 | 95,751 | $ | 23.05 | ||||||||||||||
Granted | 108,449 | 50.75 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (79,087 | ) | 21.81 | ||||||||||||||
Unvested at December 31, 2014 | 125,113 | $ | 38.73 | ||||||||||||||
Granted | 217,994 | 61.77 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (125,023 | ) | 32.38 | ||||||||||||||
Unvested at March 31, 2015 | 218,084 | $ | 55.02 | ||||||||||||||
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 three months ended March 31, 2015 and year ended December 31, 2014: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Weighted average grant-date fair value of options | $ | 21.39 | $ | 17.14 | |||||||||||||
Risk-free interest rate | 1.5 | % | 1.7 | % | |||||||||||||
Expected volatility | 35 | % | 36 | % | |||||||||||||
Expected life (in years) | 5.5 | 5.5 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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, 5.125% Senior Notes, 5.625% Senior Notes, 9.0% and 9.5% Revenue Bonds, contingent consideration liabilities and foreign currency derivatives as of March 31, 2015 and December 31, 2014 were as follows (in thousands): | ||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||
March 31, | December 31, | March 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Amended and Restated Senior Credit Facility | $ | 1,108,351 | $ | 525,576 | $ | 1,108,351 | $ | 525,576 | |||||||||
12.875% Senior Notes due 2018 | $ | 96,475 | $ | 96,420 | $ | 109,200 | $ | 109,688 | |||||||||
6.125% Senior Notes due 2021 | $ | 150,000 | $ | 150,000 | $ | 155,625 | $ | 153,000 | |||||||||
5.125% Senior Notes due 2022 | $ | 300,000 | $ | 300,000 | $ | 300,375 | $ | 295,500 | |||||||||
5.625% Senior Notes due 2023 | $ | 375,000 | — | $ | 375,488 | — | |||||||||||
9.0% and 9.5% Revenue Bonds | $ | 24,164 | $ | 24,274 | $ | 24,164 | $ | 24,274 | |||||||||
Contingent consideration liabilities | $ | 3,000 | $ | 3,000 | $ | 3,000 | $ | 3,000 | |||||||||
Foreign currency derivatives | $ | 53 | — | $ | 53 | — |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill [Member] | |||||||||||||||||
Summary of Financial Information by Operating Segment | |||||||||||||||||
U.S. Facilities | U.K. Facilities | Corporate | Consolidated | ||||||||||||||
and Other | |||||||||||||||||
Goodwill: | |||||||||||||||||
Balance at January 1, 2015 | $ | 693,945 | $ | 109,041 | $ | — | $ | 802,986 | |||||||||
Increase from 2015 acquisitions | 1,105,240 | 328 | — | 1,105,568 | |||||||||||||
Foreign currency translation loss | — | (4,974 | ) | — | (4,974 | ) | |||||||||||
Other | 475 | — | — | 475 | |||||||||||||
Balance at March 31, 2015 | $ | 1,799,660 | 104,395 | $ | — | $ | 1,904,055 | ||||||||||
Assets [Member] | |||||||||||||||||
Summary of Financial Information by Operating Segment | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Assets (2): | |||||||||||||||||
U.S. Facilities | $ | 2,686,615 | $ | 1,327,563 | |||||||||||||
U.K. Facilities | 707,603 | 726,693 | |||||||||||||||
Corporate and Other | 232,927 | 169,334 | |||||||||||||||
$ | 3,627,145 | $ | 2,223,590 | ||||||||||||||
Operating Income (Loss) [Member] | |||||||||||||||||
Summary of Financial Information by Operating Segment | The following tables set forth the financial information by operating segment, including a reconciliation of Segment EBITDA to income from continuing operations before income taxes (in thousands): | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Revenue: | |||||||||||||||||
U.S. Facilities | $ | 290,507 | $ | 200,564 | |||||||||||||
U.K. Facilities | 73,315 | — | |||||||||||||||
Corporate and Other | 1,961 | 854 | |||||||||||||||
$ | 365,783 | $ | 201,418 | ||||||||||||||
Segment EBITDA (1): | |||||||||||||||||
U.S. Facilities | $ | 76,364 | $ | 47,533 | |||||||||||||
U.K. Facilities | 18,811 | — | |||||||||||||||
Corporate and Other | (16,463 | ) | (8,251 | ) | |||||||||||||
$ | 78,712 | $ | 39,282 | ||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Segment EBITDA (1) | $ | 78,712 | $ | 39,282 | |||||||||||||
Plus (less): | |||||||||||||||||
Equity-based compensation expense | (3,894 | ) | (1,764 | ) | |||||||||||||
Gain on foreign currency derivatives | 53 | — | |||||||||||||||
Transaction-related expenses | (18,416 | ) | (1,579 | ) | |||||||||||||
Interest expense, net | (22,146 | ) | (9,707 | ) | |||||||||||||
Depreciation and amortization | (13,104 | ) | (5,436 | ) | |||||||||||||
Income from continuing operations before income taxes | $ | 21,205 | $ | 20,796 | |||||||||||||
Financial_Information_for_the_1
Financial Information for the Company and Its Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Summary of Condensed Consolidating Balance Sheets | Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 14,822 | $ | 23,210 | $ | — | $ | 38,032 | |||||||||||
Accounts receivable, net | — | 157,034 | 15,904 | — | 172,938 | ||||||||||||||||
Deferred tax assets | — | 34,861 | 1,951 | — | 36,812 | ||||||||||||||||
Other current assets | — | 72,708 | 4,888 | — | 77,596 | ||||||||||||||||
Total current assets | — | 279,425 | 45,953 | — | 325,378 | ||||||||||||||||
Property and equipment, net | — | 626,095 | 603,582 | — | 1,229,677 | ||||||||||||||||
Goodwill | — | 1,701,850 | 202,205 | — | 1,904,055 | ||||||||||||||||
Intangible assets, net | — | 55,956 | 2,552 | — | 58,508 | ||||||||||||||||
Deferred tax assets – noncurrent | 3,917 | 22,907 | 13,670 | — | 40,494 | ||||||||||||||||
Investment in subsidiaries | 3,069,802 | — | — | (3,069,802 | ) | — | |||||||||||||||
Other assets | 221,093 | 27,393 | 2,321 | (181,774 | ) | 69,033 | |||||||||||||||
Total assets | $ | 3,294,812 | $ | 2,713,626 | $ | 870,283 | $ | (3,251,576 | ) | $ | 3,627,145 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 35,094 | $ | — | $ | 215 | $ | — | $ | 35,309 | |||||||||||
Accounts payable | — | 56,335 | 8,583 | — | 64,918 | ||||||||||||||||
Accrued salaries and benefits | — | 58,017 | 10,694 | — | 68,711 | ||||||||||||||||
Other accrued liabilities | 15,199 | 31,683 | 14,840 | — | 61,722 | ||||||||||||||||
Total current liabilities | 50,293 | 146,035 | 34,332 | — | 230,660 | ||||||||||||||||
Long-term debt | 1,994,732 | — | 205,723 | (181,774 | ) | 2,018,681 | |||||||||||||||
Deferred tax liabilities – noncurrent | — | — | 46,635 | — | 46,635 | ||||||||||||||||
Other liabilities | — | 71,825 | 9,557 | — | 81,382 | ||||||||||||||||
Total liabilities | 2,045,025 | 217,860 | 296,247 | (181,774 | ) | 2,377,358 | |||||||||||||||
Total equity | 1,249,787 | 2,495,766 | 574,036 | (3,069,802 | ) | 1,249,787 | |||||||||||||||
Total liabilities and equity | $ | 3,294,812 | $ | 2,713,626 | $ | 870,283 | $ | (3,251,576 | ) | $ | 3,627,145 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 76,685 | $ | 17,355 | $ | — | $ | 94,040 | |||||||||||
Accounts receivable, net | — | 100,797 | 17,581 | — | 118,378 | ||||||||||||||||
Deferred tax assets | — | 18,395 | 1,760 | — | 20,155 | ||||||||||||||||
Other current assets | — | 36,049 | 5,521 | — | 41,570 | ||||||||||||||||
Total current assets | — | 231,926 | 42,217 | — | 274,143 | ||||||||||||||||
Property and equipment, net | — | 451,943 | 617,757 | — | 1,069,700 | ||||||||||||||||
Goodwill | — | 596,611 | 206,375 | — | 802,986 | ||||||||||||||||
Intangible assets, net | — | 19,057 | 2,579 | — | 21,636 | ||||||||||||||||
Deferred tax assets – noncurrent | 4,563 | — | 14,244 | (5,666 | ) | 13,141 | |||||||||||||||
Investment in subsidiaries | 1,759,337 | — | — | (1,759,337 | ) | — | |||||||||||||||
Other assets | 202,708 | 18,727 | 2,323 | (181,774 | ) | 41,984 | |||||||||||||||
Total assets | $ | 1,966,608 | $ | 1,318,264 | $ | 885,495 | $ | (1,946,777 | ) | $ | 2,223,590 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 26,750 | $ | — | $ | 215 | $ | — | $ | 26,965 | |||||||||||
Accounts payable | — | 39,486 | 9,210 | — | 48,696 | ||||||||||||||||
Accrued salaries and benefits | — | 47,597 | 11,720 | — | 59,317 | ||||||||||||||||
Other accrued liabilities | 13,647 | 7,688 | 9,621 | — | 30,956 | ||||||||||||||||
Total current liabilities | 40,397 | 94,771 | 30,766 | — | 165,934 | ||||||||||||||||
Long-term debt | 1,045,246 | — | 205,833 | (181,774 | ) | 1,069,305 | |||||||||||||||
Deferred tax liabilities – noncurrent | — | 21,027 | 48,519 | (5,666 | ) | 63,880 | |||||||||||||||
Other liabilities | — | 33,321 | 10,185 | — | 43,506 | ||||||||||||||||
Total liabilities | 1,085,643 | 149,119 | 295,303 | (187,440 | ) | 1,342,625 | |||||||||||||||
Total equity | 880,965 | 1,169,145 | 590,192 | (1,759,337 | ) | 880,965 | |||||||||||||||
Total liabilities and equity | $ | 1,966,608 | $ | 1,318,264 | $ | 885,495 | $ | (1,946,777 | ) | $ | 2,223,590 | ||||||||||
Summary of Condensed Consolidating Statement of Comprehensive Income | Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 287,765 | $ | 86,393 | $ | — | $ | 374,158 | |||||||||||
Provision for doubtful accounts | — | (7,419 | ) | (956 | ) | — | (8,375 | ) | |||||||||||||
Revenue | — | 280,346 | 85,437 | — | 365,783 | ||||||||||||||||
Salaries, wages and benefits | 3,894 | 155,699 | 46,278 | — | 205,871 | ||||||||||||||||
Professional fees | — | 16,485 | 5,942 | — | 22,427 | ||||||||||||||||
Supplies | — | 13,009 | 3,245 | — | 16,254 | ||||||||||||||||
Rents and leases | — | 5,117 | 769 | — | 5,886 | ||||||||||||||||
Other operating expenses | — | 25,115 | 15,412 | — | 40,527 | ||||||||||||||||
Depreciation and amortization | — | 8,711 | 4,393 | — | 13,104 | ||||||||||||||||
Interest expense, net | 12,948 | 5,721 | 3,477 | — | 22,146 | ||||||||||||||||
Gain on foreign currency derivatives | (53 | ) | — | — | — | (53 | ) | ||||||||||||||
Transaction-related expenses | — | 18,416 | — | — | 18,416 | ||||||||||||||||
Total expenses | 16,789 | 248,273 | 79,516 | — | 344,578 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (16,789 | ) | 32,073 | 5,921 | — | 21,205 | |||||||||||||||
Equity in earnings of subsidiaries | 25,987 | — | — | (25,987 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (5,396 | ) | 10,497 | 1,512 | — | 6,613 | |||||||||||||||
Income (loss) from continuing operations | 14,594 | 21,576 | 4,409 | (25,987 | ) | 14,592 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | 2 | — | — | 2 | ||||||||||||||||
Net income (loss) | $ | 14,594 | $ | 21,578 | $ | 4,409 | $ | (25,987 | ) | $ | 14,594 | ||||||||||
Other comprehensive loss: | |||||||||||||||||||||
Foreign currency translation loss | — | — | (29,389 | ) | — | (29,389 | ) | ||||||||||||||
Other comprehensive loss | — | — | (29,389 | ) | — | (29,389 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 14,594 | $ | 21,578 | $ | (24,980 | ) | $ | (25,987 | ) | $ | (14,795 | ) | ||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 193,282 | $ | 12,837 | $ | — | $ | 206,119 | |||||||||||
Provision for doubtful accounts | — | (4,510 | ) | (191 | ) | — | (4,701 | ) | |||||||||||||
Revenue | — | 188,772 | 12,646 | — | 201,418 | ||||||||||||||||
Salaries, wages and benefits | 1,764 | 110,653 | 5,158 | — | 117,575 | ||||||||||||||||
Professional fees | — | 9,253 | 1,129 | — | 10,382 | ||||||||||||||||
Supplies | — | 9,385 | 679 | — | 10,064 | ||||||||||||||||
Rents and leases | — | 2,495 | 274 | — | 2,769 | ||||||||||||||||
Other operating expenses | — | 21,079 | 2,031 | — | 23,110 | ||||||||||||||||
Depreciation and amortization | — | 5,085 | 351 | — | 5,436 | ||||||||||||||||
Interest expense, net | 9,111 | — | 596 | — | 9,707 | ||||||||||||||||
Transaction-related expenses | — | 1,579 | — | — | 1,579 | ||||||||||||||||
Total expenses | 10,875 | 159,529 | 10,218 | — | 180,622 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (10,875 | ) | 29,243 | 2,428 | — | 20,796 | |||||||||||||||
Equity in earnings of subsidiaries | 19,867 | — | — | (19,867 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (4,066 | ) | 10,934 | 907 | — | 7,775 | |||||||||||||||
Income (loss) from continuing operations | 13,058 | 18,309 | 1,521 | (19,867 | ) | 13,021 | |||||||||||||||
Income from discontinued operations, net of income taxes | — | 37 | — | — | 37 | ||||||||||||||||
Net income (loss) | $ | 13,058 | $ | 18,346 | $ | 1,521 | $ | (19,867 | ) | $ | 13,058 | ||||||||||
Comprehensive income (loss) | $ | 13,058 | $ | 18,346 | $ | 1,521 | $ | (19,867 | ) | $ | 13,058 | ||||||||||
Summary of Condensed Consolidating Statement of Cash Flows | Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 14,594 | $ | 21,578 | $ | 4,409 | $ | (25,987 | ) | $ | 14,594 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (25,987 | ) | — | — | 25,987 | — | |||||||||||||||
Depreciation and amortization | — | 8,711 | 4,393 | — | 13,104 | ||||||||||||||||
Amortization of debt issuance costs | 1,578 | — | (110 | ) | — | 1,468 | |||||||||||||||
Equity-based compensation expense | 3,894 | — | — | — | 3,894 | ||||||||||||||||
Deferred income tax (benefit) expense | 646 | 18,354 | 224 | — | 19,224 | ||||||||||||||||
Loss from discontinued operations, net of taxes | — | (2 | ) | — | — | (2 | ) | ||||||||||||||
Gain on foreign currency derivatives | (53 | ) | — | — | — | (53 | ) | ||||||||||||||
Other | — | 364 | 14 | — | 378 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | — | ||||||||||||||||||||
Accounts receivable, net | — | (8,265 | ) | 1,308 | — | (6,957 | ) | ||||||||||||||
Other current assets | — | (24,182 | ) | 424 | — | (23,758 | ) | ||||||||||||||
Other assets | — | (638 | ) | 2 | — | (636 | ) | ||||||||||||||
Accounts payable and other accrued liabilities | — | 6,645 | (5,371 | ) | — | 1,274 | |||||||||||||||
Accrued salaries and benefits | — | (4,440 | ) | (582 | ) | — | (5,022 | ) | |||||||||||||
Other liabilities | — | 762 | (182 | ) | — | 580 | |||||||||||||||
Net cash (used in) provided by continuing operating activities | (5,328 | ) | 18,887 | 4,529 | — | 18,088 | |||||||||||||||
Net cash provided by discontinued operating activities | — | 134 | — | — | 134 | ||||||||||||||||
Net cash (used in) provided by operating activities | (5,328 | ) | 19,021 | 4,529 | — | 18,222 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (48,317 | ) | (1,301 | ) | — | (49,618 | ) | |||||||||||||
Cash paid for capital expenditures | — | (41,426 | ) | (11,453 | ) | — | (52,879 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (1,722 | ) | — | — | (1,722 | ) | ||||||||||||||
Other | — | (383 | ) | — | — | (383 | ) | ||||||||||||||
Net cash used in investing activities | — | (91,848 | ) | (12,754 | ) | — | (104,602 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 875,000 | — | — | — | 875,000 | ||||||||||||||||
Borrowings on revolving credit facility | 93,000 | — | — | — | 93,000 | ||||||||||||||||
Principal payments on long-term debt | (7,938 | ) | — | — | — | (7,938 | ) | ||||||||||||||
Repayment of assumed CRC debt | (904,467 | ) | — | — | — | (904,467 | ) | ||||||||||||||
Payment of debt issuance costs | (22,191 | ) | — | — | — | (22,191 | ) | ||||||||||||||
Common stock withheld for minimum statutory taxes, net | (5,110 | ) | — | — | — | (5,110 | ) | ||||||||||||||
Excess tax benefit from equity awards | 4,310 | — | — | — | 4,310 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (27,276 | ) | 10,964 | 16,312 | — | — | |||||||||||||||
Net cash provided by financing activities | 5,328 | 10,964 | 16,312 | — | 32,604 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | (2,232 | ) | — | (2,232 | ) | ||||||||||||||
Net increase in cash and cash equivalents | — | (61,863 | ) | 5,855 | — | (56,008 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | — | 76,685 | 17,355 | — | 94,040 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 14,822 | $ | 23,210 | $ | — | $ | 38,032 | |||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 13,058 | $ | 18,346 | $ | 1,521 | $ | (19,867 | ) | $ | 13,058 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (19,867 | ) | — | — | 19,867 | — | |||||||||||||||
Depreciation and amortization | — | 5,085 | 351 | — | 5,436 | ||||||||||||||||
Amortization of debt issuance costs | 757 | — | (113 | ) | — | 644 | |||||||||||||||
Equity-based compensation expense | 1,764 | — | — | — | 1,764 | ||||||||||||||||
Deferred income tax expense | 429 | 1,604 | 198 | — | 2,231 | ||||||||||||||||
Income from discontinued operations, net of taxes | — | (37 | ) | — | — | (37 | ) | ||||||||||||||
Other | — | 13 | — | — | 13 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable, net | — | (9,134 | ) | 440 | — | (8,694 | ) | ||||||||||||||
Other current assets | — | 919 | 33 | — | 952 | ||||||||||||||||
Other assets | 114 | (1,576 | ) | — | (114 | ) | (1,576 | ) | |||||||||||||
Accounts payable and other accrued liabilities | — | (2,302 | ) | 463 | — | (1,839 | ) | ||||||||||||||
Accrued salaries and benefits | — | (5,356 | ) | (51 | ) | — | (5,407 | ) | |||||||||||||
Other liabilities | — | 770 | — | — | 770 | ||||||||||||||||
Net cash (used in) provided by continuing operating activities | (3,745 | ) | 8,332 | 2,842 | (114 | ) | 7,315 | ||||||||||||||
Net cash provided by discontinued operating activities | — | 31 | — | — | 31 | ||||||||||||||||
Net cash (used in) provided by operating activities | (3,745 | ) | 8,363 | 2,842 | (114 | ) | 7,346 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (10,000 | ) | — | — | (10,000 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (20,714 | ) | (935 | ) | — | (21,649 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (16,097 | ) | — | — | (16,097 | ) | ||||||||||||||
Other | — | (178 | ) | — | — | (178 | ) | ||||||||||||||
Net cash used in investing activities | — | (46,989 | ) | (935 | ) | — | (47,924 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 7,500 | — | — | — | 7,500 | ||||||||||||||||
Borrowings on revolving credit facility | 40,500 | — | — | — | 40,500 | ||||||||||||||||
Principal payments on long-term debt | (1,875 | ) | — | (114 | ) | 114 | (1,875 | ) | |||||||||||||
Payment of debt issuance costs | (3,491 | ) | — | — | — | (3,491 | ) | ||||||||||||||
Common stock withheld for minimum statutory taxes, net | (2,112 | ) | — | — | — | (2,112 | ) | ||||||||||||||
Excess tax benefit from equity awards | 2,730 | — | — | — | 2,730 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (39,507 | ) | 41,600 | (4,018 | ) | 1,925 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 3,745 | 41,600 | (4,132 | ) | 2,039 | 43,252 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 2,974 | (2,225 | ) | 1,925 | 2,674 | |||||||||||||||
Cash and cash equivalents at beginning of the period | — | — | 6,494 | (1,925 | ) | 4,569 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 2,974 | $ | 4,269 | $ | — | $ | 7,243 | |||||||||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 11, 2015 | Mar. 31, 2015 | Feb. 11, 2015 |
Center | State | ||
Facilities | |||
State | |||
Business And Basis Of Presentation [Line Items] | |||
Number of facilities | 203 | ||
Number beds | 8,400 | ||
Number of operating states | 37 | ||
Percentage of ownership in subsidiaries | 100.00% | ||
CRC Health Group, Inc [Member] | |||
Business And Basis Of Presentation [Line Items] | |||
Number of operating states | 30 | 30 | |
Number of inpatient facilities | 35 | ||
Number of facilities acquired | 81 | ||
Total consideration related to acquisition | $1,300 | ||
Acquisition completion date | 11-Feb-15 | ||
CRC Health Group, Inc [Member] | Minimum [Member] | |||
Business And Basis Of Presentation [Line Items] | |||
Number of inpatient facilities | 35 | ||
Number of beds | 2,400 | 2,400 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic and diluted earnings per share: | ||
Income from continuing operations | $14,592 | $13,021 |
Income from discontinued operations | 2 | 37 |
Net income | $14,594 | $13,058 |
Denominator: | ||
Weighted average shares outstanding for basic earnings per share | 62,530 | 50,120 |
Effect of dilutive instruments | 364 | 366 |
Shares used in computing diluted earnings per common share | 62,894 | 50,486 |
Basic earnings per share: | ||
Income from continuing operations | $0.23 | $0.26 |
Income from discontinued operations | $0 | $0 |
Net income | $0.23 | $0.26 |
Diluted earnings per share: | ||
Income from continuing operations | $0.23 | $0.26 |
Income from discontinued operations | $0 | $0 |
Net income | $0.23 | $0.26 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Excluded common stock for computation of diluted earnings per share | 0.9 | 0.5 |
Acquisitions_CRC_Acquisition_D
Acquisitions - CRC Acquisition (Detail) (USD $) | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Feb. 11, 2015 | Mar. 31, 2015 |
Center | State | |
Facilities | ||
State | ||
Business Acquisition [Line Items] | ||
Number of operating states | 37 | |
CRC Health Group, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration related to acquisition | $1,300 | |
Shares issued for acquisition | 5,975,326 | |
Outstanding indebtedness of CRC repaid | $904.50 | |
Number of inpatient facilities | 35 | |
Number of operating states | 30 | |
Number of facilities acquired | 81 | |
Minimum [Member] | CRC Health Group, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Number of inpatient facilities | 35 | |
Number of beds | 2,400 |
Acquisitions_Recent_Acquisitio
Acquisitions - Recent Acquisitions (Detail) (Quality Addiction Management [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Mar. 01, 2015 |
Center | |
Quality Addiction Management [Member] | |
Business Acquisition [Line Items] | |
Business acquisition cash paid | $54.60 |
Number of facilities acquired | 7 |
Acquisitions_2014_Acquisitions
Acquisitions - 2014 Acquisitions (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2015 | Dec. 01, 2014 | Dec. 31, 2014 | Sep. 03, 2014 | Jul. 01, 2014 | Jan. 01, 2014 | |
Facilities | ||||||
Business Acquisition [Line Items] | ||||||
Gain on foreign currency derivatives | $53,000 | |||||
Croxton [Member] | 2014 Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | 15,600,000 | |||||
Number of beds | 24 | |||||
Skyway [Member] | 2014 Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | 300,000 | |||||
Number of beds | 28 | |||||
Acquisition completion date | 31-Dec-14 | |||||
McCallum [Member] | 2014 Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | 37,400,000 | |||||
Number of beds | 85 | |||||
Partnerships In Care [Member] | 2014 Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition completion date | 1-Jul-14 | |||||
Number of inpatient psychiatric facilities | 23 | |||||
Total consideration related to acquisition | 661,700,000 | |||||
Cash from consideration related to acquisition | 12,000,000 | |||||
Gain on foreign currency derivatives | 15,300,000 | |||||
Partnerships In Care [Member] | Minimum [Member] | 2014 Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of beds | 1,200 | |||||
Pacific Grove [Member] | 2014 Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $10,500,000 | |||||
Number of beds | 68 |
Acquisitions_Summary_of_Acquis
Acquisitions - Summary of Acquisitions - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Goodwill associated with domestic acquisitions | $1,904,055 | $802,986 |
Domestic Acquisitions in 2015 and 2014 [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill associated with domestic acquisitions | $175,800 | $175,800 |
Acquisitions_Summary_of_Acquis1
Acquisitions - Summary of Acquisitions (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Goodwill | $1,904,055 | $802,986 |
2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 11,674 | |
Accounts receivable | 9,533 | |
Prepaid expenses and other current assets | 9,014 | |
Property and equipment | 637,680 | |
Goodwill | 152,790 | |
Intangible assets | 855 | |
Other assets | 10,121 | |
Total assets acquired | 831,667 | |
Accounts payable | 4,051 | |
Accrued salaries and benefits | 10,422 | |
Other accrued expenses | 7,897 | |
Deferred tax liabilities - noncurrent | 49,250 | |
Other liabilities | 7,704 | |
Total liabilities assumed | 79,324 | |
Net assets acquired | 752,343 | |
2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 19,600 | |
Accounts receivable | 47,972 | |
Prepaid expenses and other current assets | 25,832 | |
Property and equipment | 141,028 | |
Goodwill | 1,105,568 | |
Intangible assets | 37,000 | |
Deferred tax assets - noncurrent | 64,688 | |
Other assets | 6,478 | |
Total assets acquired | 1,448,166 | |
Accounts payable | 5,397 | |
Accrued salaries and benefits | 14,860 | |
Other accrued expenses | 37,473 | |
Long-term debt | 904,467 | |
Other liabilities | 36,541 | |
Total liabilities assumed | 998,738 | |
Net assets acquired | 449,428 | |
Partnerships In Care [Member] | 2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 11,674 | |
Accounts receivable | 7,684 | |
Prepaid expenses and other current assets | 8,828 | |
Property and equipment | 610,477 | |
Goodwill | 120,839 | |
Intangible assets | 651 | |
Other assets | 6,897 | |
Total assets acquired | 767,050 | |
Accounts payable | 3,958 | |
Accrued salaries and benefits | 10,422 | |
Other accrued expenses | 7,165 | |
Deferred tax liabilities - noncurrent | 49,250 | |
Other liabilities | 7,704 | |
Total liabilities assumed | 78,499 | |
Net assets acquired | 688,551 | |
Other [Member] | 2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 1,849 | |
Prepaid expenses and other current assets | 186 | |
Property and equipment | 27,203 | |
Goodwill | 31,951 | |
Intangible assets | 204 | |
Other assets | 3,224 | |
Total assets acquired | 64,617 | |
Accounts payable | 93 | |
Other accrued expenses | 732 | |
Total liabilities assumed | 825 | |
Net assets acquired | 63,792 | |
Other [Member] | 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 877 | |
Property and equipment | 1,550 | |
Goodwill | 53,521 | |
Total assets acquired | 55,948 | |
Accounts payable | 96 | |
Total liabilities assumed | 96 | |
Net assets acquired | 55,852 | |
CRC Health Group, Inc [Member] | 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 19,600 | |
Accounts receivable | 47,095 | |
Prepaid expenses and other current assets | 25,832 | |
Property and equipment | 139,478 | |
Goodwill | 1,052,047 | |
Intangible assets | 37,000 | |
Deferred tax assets - noncurrent | 64,688 | |
Other assets | 6,478 | |
Total assets acquired | 1,392,218 | |
Accounts payable | 5,301 | |
Accrued salaries and benefits | 14,860 | |
Other accrued expenses | 37,473 | |
Long-term debt | 904,467 | |
Other liabilities | 36,541 | |
Total liabilities assumed | 998,642 | |
Net assets acquired | $393,576 |
Acquisitions_Other_Detail
Acquisitions - Other (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Combinations [Abstract] | ||
Advisory and financing commitment fees | $10,337 | |
Legal, accounting and other costs | 3,819 | 1,120 |
Severance and contract termination costs | 4,260 | 459 |
Transaction-related expenses | $18,416 | $1,579 |
Acquisitions_Pro_Forma_Informa
Acquisitions - Pro Forma Information 1 (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Acquisition [Line Items] | ||
Revenue | $365,783 | $201,418 |
Income (loss) from continuing operations | 21,205 | 20,796 |
Acquisitions Completed in 2014 And 2015 [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 147,600 | |
Income (loss) from continuing operations | 20,500 | |
Acquisitions Completed in 2014 [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 1,300 | |
Income (loss) from continuing operations | $200 |
Acquisitions_Pro_Forma_Informa1
Acquisitions - Pro Forma Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Combinations [Abstract] | ||
Revenue | $421,418 | $380,505 |
Income (loss) from continuing operations, before income taxes | ($13,881) | ($6,718) |
Other_Intangible_Assets_Other_
Other Intangible Assets - Other Identifiable Intangible Assets and Related Accumulated Amortization (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 57,780 | 20,774 |
Total | 61,127 | 24,121 |
Intangible assets subject to amortization, Accumulated Amortization | -2,619 | -2,485 |
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 | -1,435 | -1,330 |
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 | -1,184 | -1,155 |
Licenses and Accreditations [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 10,258 | 9,184 |
Trade Names [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 37,800 | 3,000 |
Certificates of Need [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | $9,722 | $8,590 |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Amortization expense | $0.10 | $0.10 |
Estimated amortization expense, 2015 | 0.5 | |
Estimated amortization expense, 2016 | 0.4 | |
Estimated amortization expense, 2017 | 0 | |
Estimated amortization expense, 2018 | 0 | |
Estimated amortization expense, 2019 | 0 | |
Licenses and Accreditations [Member] | CRC Health Group, Inc [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Acquisition of intangible assets with a preliminary fair value | 1.1 | |
Trade Names [Member] | CRC Health Group, Inc [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Acquisition of intangible assets with a preliminary fair value | 34.8 | |
Certificates of Need [Member] | CRC Health Group, Inc [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Acquisition of intangible assets with a preliminary fair value | $1.10 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $1,302,216 | $1,130,313 |
Less accumulated depreciation | -72,539 | -60,613 |
Property and equipment, net | 1,229,677 | 1,069,700 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 167,749 | 132,406 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 936,929 | 858,055 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 102,452 | 73,584 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $95,086 | $66,268 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $2,053,990 | $1,096,270 |
Long-term debt | 2,053,990 | 1,096,270 |
Less: current portion | -35,309 | -26,965 |
Long-term debt | 2,018,681 | 1,069,305 |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term A Loans [Member] | ||
Debt Instrument [Line Items] | ||
Senior Secured | 519,058 | 525,576 |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term B Loans [Member] | ||
Debt Instrument [Line Items] | ||
Senior Secured | 496,293 | |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Revolving Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Senior Secured | 93,000 | |
12.875% Senior Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 96,475 | 96,420 |
6.125% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 150,000 | 150,000 |
5.125% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 300,000 | 300,000 |
5.625% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 375,000 | |
9.0% and 9.5% Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
9.0% and 9.5% Revenue Bonds | $24,164 | $24,274 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 12, 2013 | Nov. 01, 2011 | Feb. 11, 2015 | Jul. 01, 2014 |
12.875% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 12.88% | 12.88% | 12.88% | 12.88% | ||
Senior notes maturity year | 2018 | 2018 | ||||
Debt instrument discount | $1,025 | $1,080 | $2,500 | |||
6.125% Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 6.13% | 6.13% | 6.13% | |||
Senior notes maturity year | 2021 | 2021 | ||||
5.125% Senior Notes due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 5.13% | 5.13% | 5.63% | 5.13% | ||
Senior notes maturity year | 2022 | 2022 | ||||
5.625% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 5.63% | 5.63% | ||||
Senior notes maturity year | 2023 | 2023 | ||||
9.0% and 9.5% Revenue Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument premium | 1,539 | 1,649 | ||||
9.0% Revenue Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 9.00% | 9.00% | ||||
9.5% Revenue Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 9.50% | 9.50% | ||||
Senior Secured Term A Loans [Member] | Amended and Restated Senior Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument discount | 1,755 | 1,924 | ||||
Senior Secured Term B Loans [Member] | Amended and Restated Senior Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument discount | $2,457 |
LongTerm_Debt_Amended_and_Rest
Long-Term Debt (Amended and Restated Senior Credit Facility) - Additional Information (Detail) (Amended and Restated Senior Credit Facility [Member], USD $) | 0 Months Ended | 3 Months Ended | 10 Months Ended | 13 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Dec. 15, 2014 | Feb. 13, 2014 | Dec. 31, 2012 | Apr. 01, 2011 | Mar. 31, 2015 | Dec. 31, 2014 | Feb. 12, 2014 | Jun. 16, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Feb. 06, 2015 | Feb. 11, 2015 | |
Debt Instrument [Line Items] | ||||||||||||||
Date entered into an agreement | 15-Dec-14 | 13-Feb-14 | 31-Dec-12 | 1-Apr-11 | ||||||||||
Amount available under revolving line of credit | $198,100,000 | 198,100,000 | ||||||||||||
Debt instrument maturity date | 13-Feb-19 | 11-Feb-22 | ||||||||||||
Quarterly term loan principal payment | 1,900,000 | |||||||||||||
Term loan repayments | 1,300,000 | |||||||||||||
Consolidated funded debt, unrestricted and unencumbered cash to consolidated EBITDA | 40,000,000 | |||||||||||||
Commitment fee for undrawn amounts | 0.40% | 0.50% | ||||||||||||
Miscellaneous Investments [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Date entered into an agreement | 16-Jun-14 | |||||||||||||
Restrictive covenants on investments, Description | The Company may now invest, in any given fiscal year, up to five percent (5%) of its total assets in both joint ventures and foreign subsidiaries, respectively; provided that the aggregate amount of investments in both joint ventures and foreign subsidiaries, respectively, may not exceed ten percent (10%) of its total assets over the life of the Amended and Restated Senior Credit Facility; provided further that the aggregate amount of investments made in both joint ventures and foreign subsidiaries collectively pursuant to the foregoing may not exceed fifteen percent (15%) of its total assets. | |||||||||||||
Scenario, Plan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Additional term loans | 150,000,000 | |||||||||||||
Line of Credit Facility, Increase (Decrease) for Period, Description | The Fourth Amendment also provides for a $150.0 million incremental credit facility, with the potential for unlimited additional incremental amounts, provided the Company meets certain financial ratios, in each case subject to customary conditions precedent to borrowing. | |||||||||||||
Senior Secured Term A Loans [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit | 300,000,000 | |||||||||||||
Additional term loans | 235,000,000 | |||||||||||||
Senior Secured Revolving Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit | 300,000,000 | |||||||||||||
Seventh Amendment [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Date entered into an agreement | 6-Feb-15 | |||||||||||||
Letter of Credit [Member] | Seventh Amendment [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit | 20,000,000 | |||||||||||||
Swing Line Sublimit [Member] | Seventh Amendment [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit | 20,000,000 | |||||||||||||
Eurodollar [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest on borrowings | 3.25% | |||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||
Base Rate Loans [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest on borrowings | 2.25% | |||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest on borrowings | 3.25% | |||||||||||||
Senior Debt Obligations [Member] | First Incremental Amendment [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Date entered into an agreement | 11-Feb-15 | |||||||||||||
Line of credit | 500,000,000 | |||||||||||||
March 31, 2015 to December 31, 2015 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term loan principal repayments | 6,700,000 | |||||||||||||
Term loan repayments | 1,300,000 | |||||||||||||
March 31, 2016 to December 31, 2016 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term loan principal repayments | 10,000,000 | |||||||||||||
Term loan repayments | 1,300,000 | |||||||||||||
March 31, 2017 to December 31, 2017 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term loan principal repayments | 13,400,000 | |||||||||||||
Term loan repayments | 1,300,000 | |||||||||||||
March 31, 2018 to December 31, 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term loan principal repayments | 16,700,000 | |||||||||||||
CRC Health Group, Inc [Member] | Senior Secured Revolving Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Temporary reserve | $110,000,000 |
LongTerm_Debt_12875_Senior_Not
Long-Term Debt (12.875% Senior Notes due 2018) - Additional Information (Detail) (12.875% Senior Notes Due 2018 [Member], USD $) | 0 Months Ended | 3 Months Ended | |||
Mar. 12, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 12, 2013 | Nov. 01, 2011 | |
12.875% Senior Notes Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Issued Senior Notes | $150,000,000 | ||||
Issue rate of senior notes | 98.32% | ||||
Debt instrument discount | 1,025,000 | 1,080,000 | 2,500,000 | ||
Senior notes interest percentage | 12.88% | 12.88% | 12.88% | 12.88% | 12.88% |
Interest on the notes | Semi-annually, in arrears, on November 1 and May 1 of each year | ||||
Debt instrument, maximum redemption amount | 52,500,000 | ||||
Debt instrument, redemption price percentage | 112.88% | ||||
Redemption percentage of senior notes | 35.00% | ||||
Debt extinguishment charge | $9,400,000 |
LongTerm_Debt_6125_Senior_Note
Long-Term Debt (6.125% Senior Notes due 2021) - Additional Information (Detail) (6.125% Senior Notes Due 2021 [Member], USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 12, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 12, 2013 |
Debt Instrument [Line Items] | ||||
Issued Senior Notes | $150 | $150 | ||
Debt instrument interest rate | 6.13% | 6.13% | 6.13% | 6.13% |
Debt instrument maturity date | 15-Mar-21 | |||
Interest on the notes | Payable semi-annually in arrears on March 15 and September 15 of each year. | |||
Senior notes terms | 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. | |||
Redemption percentage of senior notes | 35.00% | |||
Prior to March 15, 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price percentage | 100.00% | |||
Prior to March 15, 2016, 35% Redemption [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price percentage | 106.13% |
LongTerm_Debt_5125_Senior_Note
Long-Term Debt (5.125% Senior Notes due 2022) - Additional Information (Detail) (5.125% Senior Notes due 2022 [Member], USD $) | 0 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Jul. 01, 2014 | Mar. 31, 2015 | Feb. 11, 2015 | Dec. 31, 2014 | Jul. 01, 2014 |
Debt Instrument [Line Items] | |||||
Issued Senior Notes | $300 | $375 | $300 | ||
Debt instrument interest rate | 5.13% | 5.13% | 5.63% | 5.13% | 5.13% |
Debt instrument maturity date | 1-Jul-22 | 15-Feb-23 | |||
Interest on the notes | Payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2015. | ||||
Senior notes terms | The Company may redeem the 5.125% Senior Notes at its option, in whole or part, at any time prior to July 1, 2017, at a price equal to 100% of the principal amount of the 5.125% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. The Company may redeem the 5.125% Senior Notes, in whole or in part, on or after July 1, 2017, at the redemption prices set forth in the indenture governing the 5.125% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before July 1, 2017, the Company may elect to redeem up to 35% of the aggregate principal amount of the 5.125% Senior Notes at a redemption price equal to 105.125% 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 | 35.00% | ||||
Prior to July 1, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price percentage | 100.00% | ||||
Prior to July 1, 2017, 35% Redemption [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price percentage | 105.13% |
LongTerm_Debt_5625_Senior_Note
Long-Term Debt (5.625% Senior Notes due 2023) - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Jul. 01, 2014 | Mar. 31, 2015 | Feb. 11, 2015 | Dec. 31, 2014 | Jul. 01, 2014 |
5.625% Senior Notes due 2023 [Member ] | |||||
Debt Instrument [Line Items] | |||||
Redemption percentage of senior notes | 35.00% | ||||
5.625% Senior Notes due 2023 [Member ] | Prior to February 15, 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price percentage | 100.00% | ||||
5.625% Senior Notes due 2023 [Member ] | Prior to February 15, 2018, 35% Redemption [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price percentage | 105.63% | ||||
5.125% Senior Notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Issued Senior Notes | $300 | $375 | $300 | ||
Debt instrument interest rate | 5.13% | 5.13% | 5.63% | 5.13% | 5.13% |
Debt instrument maturity date | 1-Jul-22 | 15-Feb-23 | |||
Date of initial payments on senior notes | 15-Aug-15 | ||||
Redemption percentage of senior notes | 35.00% |
LongTerm_Debt_90_and_95_Revenu
Long-Term Debt (9.0% and 9.5% Revenue Bonds) - Additional Information (Detail) (9.0% and 9.5% Revenue Bonds [Member], USD $) | 0 Months Ended | ||
Nov. 11, 2012 | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $24,164,000 | $24,274,000 | |
Debt instrument premium | 1,539,000 | 1,649,000 | |
Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 23,000,000 | ||
Debt service reserve fund within other assets | 2,300,000 | 2,300,000 | |
Debt instrument premium | 2,600,000 | ||
Fair Value Measurement [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 25,600,000 | ||
9.0% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 7,500,000 | ||
Debt instrument interest rate | 9.00% | ||
Debt instrument maturity date | 1-Dec-30 | ||
9.5% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $15,500,000 | ||
Debt instrument interest rate | 9.50% | ||
Debt instrument maturity date | 1-Dec-40 |
Equity_Offerings_Additional_In
Equity Offerings - Additional Information (Detail) (USD $) | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 17, 2014 | Feb. 11, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Equity [Line Items] | ||||
Common stock offered | 8,881,794 | 65,357,218 | 59,211,859 | |
Common stock offer price | $44 | $0.01 | $0.01 | |
Underwriting discount amount | $15.60 | |||
Additional offering-related expenses | 0.8 | |||
Net proceeds from sale of shares | 374.4 | |||
CRC Health Group, Inc [Member] | ||||
Equity [Line Items] | ||||
Total consideration related to acquisition | $1,300 | |||
Shares issued for acquisition | 5,975,326 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized common stock | 4,700,000 | |
Equity incentive plan available for future grant | 1,841,011 | |
Annual increments in employee grants | 25.00% | |
Stock options, contractual term | 10 years | |
Equity-based compensation expense | $3,894,000 | $1,764,000 |
Unrecognized compensation expense related to unvested options | 60,800,000 | |
Vesting period | 1 year 7 months 6 days | |
Warrants outstanding | 0 | |
Tax realized from stock options exercised | 4,300,000 | 2,700,000 |
Stock Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred income tax benefit | $1,600,000 | $700,000 |
EquityBased_Compensation_Stock
Equity-Based Compensation - Stock Option Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options outstanding, Beginning balance | 737,422 | 798,809 | |
Options granted | 177,500 | 226,663 | |
Options exercised | -28,435 | -210,199 | |
Options cancelled | -1,600 | -77,851 | |
Options outstanding, Ending balance | 884,887 | 737,422 | 798,809 |
Options outstanding, Weighted Average Exercise Price, Beginning balance | $32.19 | $21.93 | |
Options exercisable, Ending balance | 241,723 | 91,947 | |
Options granted, Weighted Average Exercise Price | $61.65 | $49.80 | |
Options exercised, Weighted Average Exercise Price | $20.59 | $14.93 | |
Options cancelled, Weighted Average Exercise Price | $47.24 | $27.85 | |
Options outstanding, Weighted Average Exercise Price, Ending balance | $38.38 | $32.19 | $21.93 |
Options outstanding, Aggregate Intrinsic Value, Beginning balance | $14,512 | $10,700 | |
Options exercisable, Weighted Average Exercise Price, Ending balance | $35.52 | $28.87 | |
Options granted, Aggregate Intrinsic Value | 440 | 209 | |
Options granted, Weighted Average Remaining Contractual Term | 9 years 10 months 28 days | 9 years 3 months | |
Options exercised, Aggregate Intrinsic Value | 986 | 4,994 | |
Options outstanding, Weighted Average Remaining Contractual Term | 8 years 3 months | 8 years 1 month 2 days | 8 years 2 months 12 days |
Options cancelled, Aggregate Intrinsic Value | 0 | 0 | |
Options exercisable, Weighted Average Remaining Contractual Term, Ending balance | 7 years 2 months 9 days | 6 years 3 months 18 days | |
Options outstanding, Aggregate Intrinsic Value, Ending balance | 23,790 | 14,512 | 10,700 |
Options exercisable, Aggregate Intrinsic Value, Ending balance | $9,478 | $3,326 |
EquityBased_Compensation_Restr
Equity-Based Compensation - Restricted Stock Activity (Detail) (Restricted Stock Award [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 722,028 | 461,697 |
Granted, Number of Shares | 450,216 | 468,484 |
Cancelled, Number of Shares | -2,400 | -75,369 |
Vested, Number of Shares | -121,236 | -132,784 |
Unvested, Number of Shares/Units, Ending balance | 1,048,608 | 722,028 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $39.77 | $24.96 |
Granted, Weighted Average Grant-Date Fair Value | $61.65 | $48.99 |
Cancelled, Weighted Average Grant-Date Fair Value | $47.24 | $36.36 |
Vested, Weighted Average Grant-Date Fair Value | $33.03 | $22.81 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $49.83 | $39.77 |
EquityBased_Compensation_Restr1
Equity-Based Compensation - Restricted Stock Unit Activity (Detail) (Restricted Stock Units [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 125,113 | 95,751 |
Granted, Number of Units | 217,994 | 108,449 |
Cancelled, Number of Units | 0 | 0 |
Vested, Number of Units | -125,023 | -79,087 |
Unvested, Number of Shares/Units, Ending balance | 218,084 | 125,113 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $38.73 | $23.05 |
Granted, Weighted Average Grant-Date Fair Value | $61.77 | $50.75 |
Cancelled, Weighted Average Grant-Date Fair Value | $0 | $0 |
Vested, Weighted Average Grant-Date Fair Value | $32.38 | $21.81 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $55.02 | $38.73 |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average grant-date fair value of options | $21.39 | $17.14 |
Risk-free interest rate | 1.50% | 1.70% |
Expected volatility | 35.00% | 36.00% |
Expected life (in years) | 5 years 6 months | 5 years 6 months |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates | 31.20% | 37.40% |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gain associated with changes in fair value of the foreign currency forward contracts | $0.10 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Fair Values of Long-Term Debt and Contingent Consideration Liability (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | $96,475 | $96,420 |
6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 150,000 | 150,000 |
5.125% Senior Notes due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 300,000 | 300,000 |
5.625% Senior Notes Due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 375,000 | |
9.0% and 9.5% Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
9.0% and 9.5% Revenue Bonds | 24,164 | 24,274 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liabilities | 3,000 | 3,000 |
Foreign currency derivatives | 53 | |
Fair Value [Member] | Amended and Restated Senior Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amended and Restated Senior Credit Facility | 1,108,351 | 525,576 |
Fair Value [Member] | 12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 109,200 | 109,688 |
Fair Value [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 155,625 | 153,000 |
Fair Value [Member] | 5.125% Senior Notes due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 300,375 | 295,500 |
Fair Value [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 375,488 | |
Fair Value [Member] | 9.0% and 9.5% Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
9.0% and 9.5% Revenue Bonds | 24,164 | 24,274 |
Carrying Amounts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liabilities | 3,000 | 3,000 |
Foreign currency derivatives | 53 | |
Carrying Amounts [Member] | Amended and Restated Senior Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amended and Restated Senior Credit Facility | 1,108,351 | 525,576 |
Carrying Amounts [Member] | 12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 96,475 | 96,420 |
Carrying Amounts [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 150,000 | 150,000 |
Carrying Amounts [Member] | 5.125% Senior Notes due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 300,000 | 300,000 |
Carrying Amounts [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 375,000 | |
Carrying Amounts [Member] | 9.0% and 9.5% Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
9.0% and 9.5% Revenue Bonds | $24,164 | $24,274 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 12, 2013 | Nov. 01, 2011 | Feb. 11, 2015 | Jul. 01, 2014 | |
Park Royal [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Increase (Decrease) in fair value of contingent consideration liability | $500,000 | |||||
Contingent consideration, Paid | 5,000,000 | |||||
Contingent consideration liabilities | 7,000,000 | |||||
McCallum [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Cash payments for earn-out agreement | $6,000,000 | |||||
12.875% Senior Notes Due 2018 [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 12.88% | 12.88% | 12.88% | 12.88% | ||
6.125% Senior Notes Due 2021 [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 6.13% | 6.13% | 6.13% | |||
5.125% Senior Notes due 2022 [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 5.13% | 5.13% | 5.63% | 5.13% | ||
5.625 % Senior Notes Due 2021 [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 5.63% | |||||
9.0% Revenue Bonds [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 9.00% | 9.00% | ||||
9.5% Revenue Bonds [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 9.50% | 9.50% |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Facilities | |
Beds | |
State | |
Segment Reporting Information [Line Items] | |
Number of facilities | 203 |
Number beds | 8,400 |
Number of operating states | 37 |
U.S. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 179 |
Number of operating states | 37 |
U.S. Facilities [Member] | Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Number beds | 7,100 |
U.K. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 24 |
U.K. Facilities [Member] | Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Number beds | 1,300 |
Segment_Information_Summary_of
Segment Information - Summary of Financial Information by Operating Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $365,783 | $201,418 |
Segment EBITDA | 78,712 | 39,282 |
Equity-based compensation expense | -3,894 | -1,764 |
Gain on foreign currency derivatives | 53 | |
Transaction-related expenses | -18,416 | -1,579 |
Interest expense, net | -22,146 | -9,707 |
Depreciation and amortization | -13,104 | -5,436 |
Income from continuing operations before income taxes | 21,205 | 20,796 |
U.S. Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 290,507 | 200,564 |
Segment EBITDA | 76,364 | 47,533 |
U.K. Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 73,315 | |
Segment EBITDA | 18,811 | |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,961 | 854 |
Segment EBITDA | ($16,463) | ($8,251) |
Segment_Information_Summary_of1
Segment Information - Summary of Financial Information by Operating Segment, Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill: | |
Beginning balance | $802,986 |
Increase from 2015 acquisitions | 1,105,568 |
Foreign currency translation loss | -4,974 |
Other | 475 |
Ending balance | 1,904,055 |
U.S. Facilities [Member] | |
Goodwill: | |
Beginning balance | 693,945 |
Increase from 2015 acquisitions | 1,105,240 |
Other | 475 |
Ending balance | 1,799,660 |
U.K. Facilities [Member] | |
Goodwill: | |
Beginning balance | 109,041 |
Increase from 2015 acquisitions | 328 |
Foreign currency translation loss | -4,974 |
Ending balance | $104,395 |
Segment_Information_Summary_of2
Segment Information - Summary of Financial Information by Operating Segment, Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Assets | $3,627,145 | $2,223,590 |
U.S. Facilities [Member] | ||
Assets | ||
Assets | 2,686,615 | 1,327,563 |
U.K. Facilities [Member] | ||
Assets | ||
Assets | 707,603 | 726,693 |
Corporate and Other [Member] | ||
Assets | ||
Assets | $232,927 | $169,334 |
Segment_Information_Summary_of3
Segment Information - Summary of Financial Information by Operating Segment, Assets (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $1,229,677 | $1,069,700 |
U.S. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 625,100 | 478,100 |
U.K. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 560,300 | 578,600 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $44,300 | $13,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], United Kingdom [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 01, 2015 | Apr. 01, 2015 |
Facilities | Beds | |
Beds | ||
Choice Lifestyles [Member] | ||
Subsequent Event [Line Items] | ||
Business acquisition cash paid | $37.80 | |
Number of facilities acquired | 2 | |
Number of beds | 48 | 48 |
Pastoral Care Group [Member] | ||
Subsequent Event [Line Items] | ||
Business acquisition cash paid | 34.5 | |
Number of facilities acquired | 2 | |
Number of beds | 65 | 65 |
Mildmay Oaks [Member] | ||
Subsequent Event [Line Items] | ||
Business acquisition cash paid | $15.50 | |
Number of beds | 67 | 67 |
Financial_Information_for_the_2
Financial Information for the Company and Its Subsidiaries - Additional Information (Detail) | Mar. 31, 2015 |
12.875% Senior Notes Due 2018 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 12.88% |
6.125% Senior Notes Due 2021 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 6.13% |
5.125% Senior Notes due 2022 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 5.13% |
5.625% Senior Notes Due 2023 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 5.63% |
Financial_Information_for_the_3
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $38,032 | $94,040 | $7,243 | $4,569 |
Accounts receivable, net | 172,938 | 118,378 | ||
Deferred tax assets | 36,812 | 20,155 | ||
Other current assets | 77,596 | 41,570 | ||
Total current assets | 325,378 | 274,143 | ||
Property and equipment, net | 1,229,677 | 1,069,700 | ||
Goodwill | 1,904,055 | 802,986 | ||
Intangible assets, net | 58,508 | 21,636 | ||
Deferred tax assets - noncurrent | 40,494 | 13,141 | ||
Other assets | 69,033 | 41,984 | ||
Total assets | 3,627,145 | 2,223,590 | ||
Current liabilities: | ||||
Current portion of long-term debt | 35,309 | 26,965 | ||
Accounts payable | 64,918 | 48,696 | ||
Accrued salaries and benefits | 68,711 | 59,317 | ||
Other accrued liabilities | 61,722 | 30,956 | ||
Total current liabilities | 230,660 | 165,934 | ||
Long-term debt | 2,018,681 | 1,069,305 | ||
Deferred tax liabilities - noncurrent | 46,635 | 63,880 | ||
Other liabilities | 81,382 | 43,506 | ||
Total liabilities | 2,377,358 | 1,342,625 | ||
Total equity | 1,249,787 | 880,965 | ||
Total liabilities and equity | 3,627,145 | 2,223,590 | ||
Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | -1,925 | |||
Deferred tax assets - noncurrent | -5,666 | |||
Investment in subsidiaries | -3,069,802 | -1,759,337 | ||
Other assets | -181,774 | -181,774 | ||
Total assets | -3,251,576 | -1,946,777 | ||
Current liabilities: | ||||
Long-term debt | -181,774 | -181,774 | ||
Deferred tax liabilities - noncurrent | -5,666 | |||
Total liabilities | -181,774 | -187,440 | ||
Total equity | -3,069,802 | -1,759,337 | ||
Total liabilities and equity | -3,251,576 | -1,946,777 | ||
Parent [Member] | ||||
Current assets: | ||||
Deferred tax assets - noncurrent | 3,917 | 4,563 | ||
Investment in subsidiaries | 3,069,802 | 1,759,337 | ||
Other assets | 221,093 | 202,708 | ||
Total assets | 3,294,812 | 1,966,608 | ||
Current liabilities: | ||||
Current portion of long-term debt | 35,094 | 26,750 | ||
Other accrued liabilities | 15,199 | 13,647 | ||
Total current liabilities | 50,293 | 40,397 | ||
Long-term debt | 1,994,732 | 1,045,246 | ||
Total liabilities | 2,045,025 | 1,085,643 | ||
Total equity | 1,249,787 | 880,965 | ||
Total liabilities and equity | 3,294,812 | 1,966,608 | ||
Combined Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 14,822 | 76,685 | 2,974 | |
Accounts receivable, net | 157,034 | 100,797 | ||
Deferred tax assets | 34,861 | 18,395 | ||
Other current assets | 72,708 | 36,049 | ||
Total current assets | 279,425 | 231,926 | ||
Property and equipment, net | 626,095 | 451,943 | ||
Goodwill | 1,701,850 | 596,611 | ||
Intangible assets, net | 55,956 | 19,057 | ||
Deferred tax assets - noncurrent | 22,907 | |||
Other assets | 27,393 | 18,727 | ||
Total assets | 2,713,626 | 1,318,264 | ||
Current liabilities: | ||||
Accounts payable | 56,335 | 39,486 | ||
Accrued salaries and benefits | 58,017 | 47,597 | ||
Other accrued liabilities | 31,683 | 7,688 | ||
Total current liabilities | 146,035 | 94,771 | ||
Deferred tax liabilities - noncurrent | 21,027 | |||
Other liabilities | 71,825 | 33,321 | ||
Total liabilities | 217,860 | 149,119 | ||
Total equity | 2,495,766 | 1,169,145 | ||
Total liabilities and equity | 2,713,626 | 1,318,264 | ||
Combined Non-Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 23,210 | 17,355 | 4,269 | 6,494 |
Accounts receivable, net | 15,904 | 17,581 | ||
Deferred tax assets | 1,951 | 1,760 | ||
Other current assets | 4,888 | 5,521 | ||
Total current assets | 45,953 | 42,217 | ||
Property and equipment, net | 603,582 | 617,757 | ||
Goodwill | 202,205 | 206,375 | ||
Intangible assets, net | 2,552 | 2,579 | ||
Deferred tax assets - noncurrent | 13,670 | 14,244 | ||
Other assets | 2,321 | 2,323 | ||
Total assets | 870,283 | 885,495 | ||
Current liabilities: | ||||
Current portion of long-term debt | 215 | 215 | ||
Accounts payable | 8,583 | 9,210 | ||
Accrued salaries and benefits | 10,694 | 11,720 | ||
Other accrued liabilities | 14,840 | 9,621 | ||
Total current liabilities | 34,332 | 30,766 | ||
Long-term debt | 205,723 | 205,833 | ||
Deferred tax liabilities - noncurrent | 46,635 | 48,519 | ||
Other liabilities | 9,557 | 10,185 | ||
Total liabilities | 296,247 | 295,303 | ||
Total equity | 574,036 | 590,192 | ||
Total liabilities and equity | $870,283 | $885,495 |
Financial_Information_for_the_4
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Revenue before provision for doubtful accounts | $374,158 | $206,119 |
Provision for doubtful accounts | -8,375 | -4,701 |
Revenue | 365,783 | 201,418 |
Salaries, wages and benefits | 205,871 | 117,575 |
Professional fees | 22,427 | 10,382 |
Supplies | 16,254 | 10,064 |
Rents and leases | 5,886 | 2,769 |
Other operating expenses | 40,527 | 23,110 |
Depreciation and amortization | 13,104 | 5,436 |
Interest expense, net | 22,146 | 9,707 |
Gain on foreign currency derivatives | -53 | |
Transaction-related expenses | 18,416 | 1,579 |
Total expenses | 344,578 | 180,622 |
(Loss) income from continuing operations before income taxes | 21,205 | 20,796 |
(Benefit from) provision for income taxes | 6,613 | 7,775 |
Income (loss) from continuing operations | 14,592 | 13,021 |
Income (loss) from discontinued operations, net of income taxes | 2 | 37 |
Net income (loss) | 14,594 | 13,058 |
Other comprehensive loss: | ||
Foreign currency translation loss | -29,389 | |
Other comprehensive loss | -29,389 | |
Comprehensive income (loss) | -14,795 | 13,058 |
Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Equity in earnings of subsidiaries | -25,987 | -19,867 |
Income (loss) from continuing operations | -25,987 | -19,867 |
Net income (loss) | -25,987 | -19,867 |
Other comprehensive loss: | ||
Comprehensive income (loss) | -25,987 | -19,867 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Salaries, wages and benefits | 3,894 | 1,764 |
Interest expense, net | 12,948 | 9,111 |
Gain on foreign currency derivatives | -53 | |
Total expenses | 16,789 | 10,875 |
(Loss) income from continuing operations before income taxes | -16,789 | -10,875 |
Equity in earnings of subsidiaries | 25,987 | 19,867 |
(Benefit from) provision for income taxes | -5,396 | -4,066 |
Income (loss) from continuing operations | 14,594 | 13,058 |
Net income (loss) | 14,594 | 13,058 |
Other comprehensive loss: | ||
Comprehensive income (loss) | 14,594 | 13,058 |
Combined Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue before provision for doubtful accounts | 287,765 | 193,282 |
Provision for doubtful accounts | -7,419 | -4,510 |
Revenue | 280,346 | 188,772 |
Salaries, wages and benefits | 155,699 | 110,653 |
Professional fees | 16,485 | 9,253 |
Supplies | 13,009 | 9,385 |
Rents and leases | 5,117 | 2,495 |
Other operating expenses | 25,115 | 21,079 |
Depreciation and amortization | 8,711 | 5,085 |
Interest expense, net | 5,721 | |
Transaction-related expenses | 18,416 | 1,579 |
Total expenses | 248,273 | 159,529 |
(Loss) income from continuing operations before income taxes | 32,073 | 29,243 |
(Benefit from) provision for income taxes | 10,497 | 10,934 |
Income (loss) from continuing operations | 21,576 | 18,309 |
Income (loss) from discontinued operations, net of income taxes | 2 | 37 |
Net income (loss) | 21,578 | 18,346 |
Other comprehensive loss: | ||
Comprehensive income (loss) | 21,578 | 18,346 |
Combined Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue before provision for doubtful accounts | 86,393 | 12,837 |
Provision for doubtful accounts | -956 | -191 |
Revenue | 85,437 | 12,646 |
Salaries, wages and benefits | 46,278 | 5,158 |
Professional fees | 5,942 | 1,129 |
Supplies | 3,245 | 679 |
Rents and leases | 769 | 274 |
Other operating expenses | 15,412 | 2,031 |
Depreciation and amortization | 4,393 | 351 |
Interest expense, net | 3,477 | 596 |
Total expenses | 79,516 | 10,218 |
(Loss) income from continuing operations before income taxes | 5,921 | 2,428 |
(Benefit from) provision for income taxes | 1,512 | 907 |
Income (loss) from continuing operations | 4,409 | 1,521 |
Net income (loss) | 4,409 | 1,521 |
Other comprehensive loss: | ||
Foreign currency translation loss | -29,389 | |
Other comprehensive loss | -29,389 | |
Comprehensive income (loss) | ($24,980) | $1,521 |
Financial_Information_for_the_5
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income (loss) | $14,594 | $13,058 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Depreciation and amortization | 13,104 | 5,436 |
Amortization of debt issuance costs | 1,468 | 644 |
Equity-based compensation expense | 3,894 | 1,764 |
Deferred income tax (benefit) expense | 19,224 | 2,231 |
Income (loss) from discontinued operations, net of income taxes | -2 | -37 |
Gain on foreign currency derivatives | -53 | |
Other | 378 | 13 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | -6,957 | -8,694 |
Other current assets | -23,758 | 952 |
Other assets | -636 | -1,576 |
Accounts payable and other accrued liabilities | 1,274 | -1,839 |
Accrued salaries and benefits | -5,022 | -5,407 |
Other liabilities | 580 | 770 |
Net cash provided by continuing operating activities | 18,088 | 7,315 |
Net cash provided by discontinued operating activities | 134 | 31 |
Net cash (used in) provided by operating activities | 18,222 | 7,346 |
Investing activities: | ||
Cash paid for acquisitions, net of cash acquired | -49,618 | -10,000 |
Cash paid for capital expenditures | -52,879 | -21,649 |
Cash paid for real estate acquisitions | -1,722 | -16,097 |
Other | -383 | -178 |
Net cash used in investing activities | -104,602 | -47,924 |
Financing activities: | ||
Borrowings on long-term debt | 875,000 | 7,500 |
Borrowings on revolving credit facility | 93,000 | 40,500 |
Principal payments on long-term debt | -7,938 | -1,875 |
Repayment of assumed CRC debt | -904,467 | |
Payment of debt issuance costs | -22,191 | -3,491 |
Common stock withheld for minimum statutory taxes, net | -5,110 | -2,112 |
Excess tax benefit from equity awards | 4,310 | 2,730 |
Net cash provided by financing activities | 32,604 | 43,252 |
Effect of exchange rate changes on cash | -2,232 | |
Net (decrease) increase in cash and cash equivalents | -56,008 | 2,674 |
Cash and cash equivalents at beginning of the period | 94,040 | 4,569 |
Cash and cash equivalents at end of the period | 38,032 | 7,243 |
Consolidation, Eliminations [Member] | ||
Operating activities: | ||
Net income (loss) | -25,987 | -19,867 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Equity in earnings of subsidiaries | 25,987 | 19,867 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Other assets | -114 | |
Net cash provided by continuing operating activities | -114 | |
Net cash (used in) provided by operating activities | -114 | |
Financing activities: | ||
Principal payments on long-term debt | 114 | |
Cash (used in) provided by intercompany activity | 1,925 | |
Net cash provided by financing activities | 2,039 | |
Net (decrease) increase in cash and cash equivalents | 1,925 | |
Cash and cash equivalents at beginning of the period | -1,925 | |
Parent [Member] | ||
Operating activities: | ||
Net income (loss) | 14,594 | 13,058 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Equity in earnings of subsidiaries | -25,987 | -19,867 |
Amortization of debt issuance costs | 1,578 | 757 |
Equity-based compensation expense | 3,894 | 1,764 |
Deferred income tax (benefit) expense | 646 | 429 |
Gain on foreign currency derivatives | -53 | |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Other assets | 114 | |
Net cash provided by continuing operating activities | -5,328 | -3,745 |
Net cash (used in) provided by operating activities | -5,328 | -3,745 |
Financing activities: | ||
Borrowings on long-term debt | 875,000 | 7,500 |
Borrowings on revolving credit facility | 93,000 | 40,500 |
Principal payments on long-term debt | -7,938 | -1,875 |
Repayment of assumed CRC debt | -904,467 | |
Payment of debt issuance costs | -22,191 | -3,491 |
Common stock withheld for minimum statutory taxes, net | -5,110 | -2,112 |
Excess tax benefit from equity awards | 4,310 | 2,730 |
Cash (used in) provided by intercompany activity | -27,276 | -39,507 |
Net cash provided by financing activities | 5,328 | 3,745 |
Combined Subsidiary Guarantors [Member] | ||
Operating activities: | ||
Net income (loss) | 21,578 | 18,346 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Depreciation and amortization | 8,711 | 5,085 |
Deferred income tax (benefit) expense | 18,354 | 1,604 |
Income (loss) from discontinued operations, net of income taxes | -2 | -37 |
Other | 364 | 13 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | -8,265 | -9,134 |
Other current assets | -24,182 | 919 |
Other assets | -638 | -1,576 |
Accounts payable and other accrued liabilities | 6,645 | -2,302 |
Accrued salaries and benefits | -4,440 | -5,356 |
Other liabilities | 762 | 770 |
Net cash provided by continuing operating activities | 18,887 | 8,332 |
Net cash provided by discontinued operating activities | 134 | 31 |
Net cash (used in) provided by operating activities | 19,021 | 8,363 |
Investing activities: | ||
Cash paid for acquisitions, net of cash acquired | -48,317 | -10,000 |
Cash paid for capital expenditures | -41,426 | -20,714 |
Cash paid for real estate acquisitions | -1,722 | -16,097 |
Other | -383 | -178 |
Net cash used in investing activities | -91,848 | -46,989 |
Financing activities: | ||
Cash (used in) provided by intercompany activity | 10,964 | 41,600 |
Net cash provided by financing activities | 10,964 | 41,600 |
Net (decrease) increase in cash and cash equivalents | -61,863 | 2,974 |
Cash and cash equivalents at beginning of the period | 76,685 | |
Cash and cash equivalents at end of the period | 14,822 | 2,974 |
Combined Non-Guarantors [Member] | ||
Operating activities: | ||
Net income (loss) | 4,409 | 1,521 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Depreciation and amortization | 4,393 | 351 |
Amortization of debt issuance costs | -110 | -113 |
Deferred income tax (benefit) expense | 224 | 198 |
Other | 14 | |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | 1,308 | 440 |
Other current assets | 424 | 33 |
Other assets | 2 | |
Accounts payable and other accrued liabilities | -5,371 | 463 |
Accrued salaries and benefits | -582 | -51 |
Other liabilities | -182 | |
Net cash provided by continuing operating activities | 4,529 | 2,842 |
Net cash (used in) provided by operating activities | 4,529 | 2,842 |
Investing activities: | ||
Cash paid for acquisitions, net of cash acquired | -1,301 | |
Cash paid for capital expenditures | -11,453 | -935 |
Net cash used in investing activities | -12,754 | -935 |
Financing activities: | ||
Principal payments on long-term debt | -114 | |
Cash (used in) provided by intercompany activity | 16,312 | -4,018 |
Net cash provided by financing activities | 16,312 | -4,132 |
Effect of exchange rate changes on cash | -2,232 | |
Net (decrease) increase in cash and cash equivalents | 5,855 | -2,225 |
Cash and cash equivalents at beginning of the period | 17,355 | 6,494 |
Cash and cash equivalents at end of the period | $23,210 | $4,269 |