Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ACHC | |
Entity Registrant Name | Acadia Healthcare Company, Inc. | |
Entity Central Index Key | 1,520,697 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 71,637,097 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 34,572 | $ 94,040 |
Accounts receivable, net of allowance for doubtful accounts of $26,233 and $22,449, respectively | 182,315 | 118,378 |
Deferred tax assets | 38,693 | 20,155 |
Other current assets | 70,325 | 41,570 |
Total current assets | 325,905 | 274,143 |
Property and equipment, net | 1,455,390 | 1,069,700 |
Goodwill | 1,946,028 | 802,986 |
Intangible assets, net | 58,514 | 21,636 |
Deferred tax assets - noncurrent | 33,966 | 13,141 |
Other assets | 106,582 | 41,984 |
Total assets | 3,926,385 | 2,223,590 |
Current liabilities: | ||
Current portion of long-term debt | 38,652 | 26,965 |
Accounts payable | 58,714 | 48,696 |
Accrued salaries and benefits | 77,545 | 59,317 |
Other accrued liabilities | 68,197 | 30,956 |
Total current liabilities | 243,108 | 165,934 |
Long-term debt | 1,914,555 | 1,069,305 |
Deferred tax liabilities - noncurrent | 20,200 | 63,880 |
Other liabilities | 82,218 | 43,506 |
Total liabilities | $ 2,260,081 | $ 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; 70,596,523 and 59,211,859 issued and outstanding as of June 30, 2015 and December 31, 2014, respectively | $ 706 | $ 592 |
Additional paid-in capital | 1,567,304 | 847,301 |
Accumulated other comprehensive loss | (51,586) | (68,370) |
Retained earnings | 149,880 | 101,442 |
Total equity | 1,666,304 | 880,965 |
Total liabilities and equity | $ 3,926,385 | $ 2,223,590 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Receivable, allowance for doubtful accounts | $ 26,233 | $ 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 | 70,596,523 | 59,211,859 |
Common stock, shares outstanding | 70,596,523 | 59,211,859 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue before provision for doubtful accounts | $ 461,798 | $ 220,664 | $ 835,956 | $ 426,783 |
Provision for doubtful accounts | (8,138) | (6,861) | (16,513) | (11,562) |
Revenue | 453,660 | 213,803 | 819,443 | 415,221 |
Salaries, wages and benefits (including equity-based compensation expense of $5,355, $2,406, $9,249 and $4,170, respectively) | 243,302 | 122,473 | 449,173 | 240,048 |
Professional fees | 30,029 | 10,891 | 52,456 | 21,273 |
Supplies | 20,542 | 10,596 | 36,796 | 20,660 |
Rents and leases | 8,211 | 2,889 | 14,097 | 5,658 |
Other operating expenses | 51,128 | 24,646 | 91,655 | 47,756 |
Depreciation and amortization | 14,926 | 5,935 | 28,030 | 11,371 |
Interest expense, net | 28,049 | 9,730 | 50,195 | 19,437 |
Loss (gain) on foreign currency derivatives | 961 | (13,735) | 908 | (13,735) |
Transaction-related expenses | 7,157 | 3,016 | 25,573 | 4,595 |
Total expenses | 404,305 | 176,441 | 748,883 | 357,063 |
Income from continuing operations before income taxes | 49,355 | 37,362 | 70,560 | 58,158 |
Provision for income taxes | 15,512 | 14,905 | 22,125 | 22,680 |
Income (loss) from continuing operations | 33,843 | 22,457 | 48,435 | 35,478 |
Income (loss) from discontinued operations, net of income taxes | 1 | (6) | 3 | 31 |
Net income | $ 33,844 | $ 22,451 | $ 48,438 | $ 35,509 |
Basic earnings per share: | ||||
Income from continuing operations | $ 0.50 | $ 0.43 | $ 0.74 | $ 0.70 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | 0.50 | 0.43 | 0.74 | 0.70 |
Diluted earnings per share: | ||||
Income from continuing operations | 0.49 | 0.43 | 0.74 | 0.69 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | $ 0.49 | $ 0.43 | $ 0.74 | $ 0.69 |
Weighted-average shares outstanding: | ||||
Basic | 68,296 | 51,616 | 65,429 | 50,872 |
Diluted | 68,735 | 51,819 | 65,782 | 51,174 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Equity-based compensation expense | $ 5,355 | $ 2,406 | $ 9,249 | $ 4,170 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 33,844 | $ 22,451 | $ 48,438 | $ 35,509 |
Other comprehensive income: | ||||
Foreign currency translation gain | 46,173 | 16,784 | ||
Other comprehensive income | 46,173 | 16,784 | ||
Comprehensive income | $ 80,017 | $ 22,451 | $ 65,222 | $ 35,509 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Loss [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2014 | $ 880,965 | $ 592 | $ 847,301 | $ (68,370) | $ 101,442 |
Balance, shares at Dec. 31, 2014 | 59,211,859 | 59,212 | |||
Common stock issued under stock incentive plans | $ 2 | (2) | |||
Common stock issued under stock incentive plans, shares | 49,045 | 234,000 | |||
Common stock withheld for minimum statutory taxes | $ (7,826) | (7,826) | |||
Equity-based compensation expense | 9,249 | 9,249 | |||
Excess tax benefit from equity awards | 6,327 | 6,327 | |||
Issuance of common stock, net | 711,740 | $ 112 | 711,628 | ||
Issuance of common stock, net, shares | 11,150,000 | ||||
Other comprehensive loss | 16,784 | 16,784 | |||
Other | 627 | 627 | |||
Net income | 48,438 | 48,438 | |||
Balance at Jun. 30, 2015 | $ 1,666,304 | $ 706 | $ 1,567,304 | $ (51,586) | $ 149,880 |
Balance, shares at Jun. 30, 2015 | 70,596,523 | 70,596 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net income | $ 48,438 | $ 35,509 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||
Depreciation and amortization | 28,030 | 11,371 |
Amortization of debt issuance costs | 3,218 | 1,334 |
Equity-based compensation expense | 9,249 | 4,170 |
Deferred income tax expense | 24,682 | 9,097 |
Income from discontinued operations, net of taxes | (3) | (31) |
Loss (gain) on foreign currency derivatives | 908 | (13,735) |
Other | 692 | 25 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | (10,442) | (15,303) |
Other current assets | (13,048) | (4,792) |
Other assets | (1,218) | (578) |
Accounts payable and other accrued liabilities | (4,313) | (1,300) |
Accrued salaries and benefits | (225) | 1,782 |
Other liabilities | 4,619 | 1,701 |
Net cash provided by continuing operating activities | 90,587 | 29,250 |
Net cash provided by (used in) discontinued operating activities | 554 | (11) |
Net cash provided by operating activities | 91,141 | 29,239 |
Investing activities: | ||
Cash paid for acquisitions, net of cash acquired | (286,734) | (10,000) |
Cash paid for capital expenditures | (122,035) | (43,323) |
Cash paid for real estate acquisitions | (3,428) | (18,326) |
Settlement of foreign currency derivatives | (908) | |
Other | (481) | (439) |
Net cash used in investing activities | (413,586) | (72,088) |
Financing activities: | ||
Borrowings on long-term debt | 875,000 | 7,500 |
Borrowings on revolving credit facility | 180,000 | 59,500 |
Principal payments revolving credit facility | (180,000) | (113,000) |
Principal payments on long-term debt | (15,875) | (3,750) |
Repayment of assumed CRC debt | (904,467) | |
Payment of debt issuance costs | (22,775) | (5,810) |
Issuance of common stock, net | 331,530 | 374,336 |
Common stock withheld for minimum statutory taxes, net | (7,826) | (2,981) |
Excess tax benefit from equity awards | 6,327 | 3,479 |
Cash paid for contingent consideration | (3,250) | |
Other | (150) | |
Net cash provided by financing activities | 261,764 | 316,024 |
Effect of exchange rate changes on cash | 1,213 | |
Net (decrease) increase in cash and cash equivalents | (59,468) | 273,175 |
Cash and cash equivalents at beginning of the period | 94,040 | 4,569 |
Cash and cash equivalents at end of the period | 34,572 | 277,744 |
Effect of acquisitions: | ||
Assets acquired, excluding cash | 1,636,164 | 10,500 |
Liabilities assumed | (1,009,944) | |
Issuance of common stock in connection with acquisition | (380,210) | 374,336 |
Deposits paid for acquisitions | 40,724 | |
Prior year deposits paid for acquisitions | (500) | |
Cash paid for acquisitions, net of cash acquired | $ 286,734 | $ 10,000 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 June 30, 2015, the Company operated 223 behavioral healthcare facilities with over 9,000 beds in 37 states, the United Kingdom and Puerto Rico. 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 | 6 Months Ended |
Jun. 30, 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 The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 (in thousands except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Basic and diluted earnings per share: Income from continuing operations $ 33,843 $ 22,457 $ 48,435 $ 35,478 Income (loss) from discontinued operations 1 (6 ) 3 31 Net income $ 33,844 $ 22,451 $ 48,438 $ 35,509 Denominator: Weighted average shares outstanding for basic earnings per share 68,296 51,616 65,429 50,872 Effect of dilutive instruments 439 203 353 302 Shares used in computing diluted earnings per common share 68,735 51,819 65,782 51,174 Basic earnings per share: Income from continuing operations $ 0.50 $ 0.43 $ 0.74 $ 0.70 Income (loss) from discontinued operations — — — — Net income $ 0.50 $ 0.43 $ 0.74 $ 0.70 Diluted earnings per share: Income from continuing operations $ 0.49 $ 0.43 $ 0.74 $ 0.69 Income (loss) from discontinued operations — — — — Net income $ 0.49 $ 0.43 $ 0.74 $ 0.69 Approximately 0.3 million and 0.6 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 June 30, 2015 and 2014, respectively, because their effect would have been anti-dilutive. 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 six months ended June 30, 2015 and 2014, respectively, because their effect would have been anti-dilutive. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions UK Acquisitions On June 1, 2015, the Company completed the acquisitions of (i) one facility from Choice for approximately $25.9 million and (ii) 15 facilities from Care UK Limited (“Care UK”) for approximately $88.3 million. The inpatient psychiatric facility acquired from Choice has 42 beds and is located in England. The inpatient psychiatric facilities acquired from Care UK have an aggregate of 299 beds and are located in England. On April 1, 2015, the Company completed the acquisitions of (i) two facilities from Choice Lifestyles (“Choice”) for approximately $37.5 million, (ii) Pastoral Care Group (“Pastoral”) for approximately $34.2 million and (iii) Mildmay Oaks f/k/a Vista Independent Hospital (“Mildmay Oaks”) for approximately $14.9 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. 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. 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. 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 foreign currency derivatives of $15.3 million. At the acquisition date, Partnerships in Care was 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. 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 $175.5 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 Choice, Care UK, Pastoral, Mildmay Oaks, QAM, CRC and McCallum, the valuation of real property and intangible assets of Choice, Pastoral, Mildmay Oaks, Care UK, QAM and CRC and the valuation of certain tax matters of Partnerships in Care. The preliminary fair values of assets acquired and liabilities assumed, at the corresponding acquisition dates, during the six months ended June 30, 2015 in connection with the 2015 acquisitions were as follows (in thousands): CRC Other Total Cash $ 19,600 $ 4,468 $ 24,068 Accounts receivable 47,095 6,130 53,225 Prepaid expenses and other current assets 25,522 1,380 26,902 Property and equipment 140,152 138,613 278,765 Goodwill 1,050,620 118,486 1,169,106 Intangible assets 37,000 — 37,000 Deferred tax assets – noncurrent 64,688 — 64,688 Other assets 6,478 — 6,478 Total assets acquired 1,391,155 269,077 1,660,232 Accounts payable 5,301 7,114 12,415 Accrued salaries and benefits 14,860 1,642 16,502 Other accrued expenses 38,703 2,546 41,249 Deferred tax liabilities – noncurrent — 1,052 1,052 Long-term debt 904,467 — 904,467 Other liabilities 34,248 11 34,259 Total liabilities assumed 997,579 12,365 1,009,944 Net assets acquired $ 393,576 $ 256,712 $ 650,288 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 8,828 169 8,997 Property and equipment 610,477 27,203 637,680 Goodwill 87,047 32,232 119,279 Intangible assets 651 204 855 Other assets 7,037 3,240 10,277 Total assets acquired 733,398 64,897 798,295 Accounts payable 3,958 93 4,051 Accrued salaries and benefits 10,422 — 10,422 Other accrued expenses 7,166 1,014 8,180 Deferred tax liabilities – noncurrent 15,597 — 15,597 Other liabilities 7,704 — 7,704 Total liabilities assumed 44,847 1,107 45,954 Net assets acquired $ 688,551 $ 63,790 $ 752,341 Other The qualitative factors comprising the goodwill acquired in the Pacific Grove, Partnerships in Care, McCallum, Croxton, Skyway, CRC, QAM, Choice, Pastoral, Mildmay Oaks and Care UK 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 and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Advisory and financing commitment fees $ — $ — $ 10,337 $ — Legal, accounting and other costs 5,234 3,016 9,054 4,136 Severance and contract termination costs 1,923 — 6,182 459 $ 7,157 $ 3,016 $ 25,573 $ 4,595 Pro Forma Information The condensed consolidated statements of income for the three and six months ended June 30, 2015 include revenue of $222.1 million and $369.7 million, respectively, and income from continuing operations before income taxes of $37.6 million and $58.1 million, respectively, related to the 2014 and 2015 Acquisitions. The condensed consolidated statements of income for the three and six months ended June 30, 2014 include revenue of $1.6 million and $2.9 million, respectively, and income from continuing operations before income taxes of $0.1 million and loss from continuing operations before income taxes of $0.1 million, respectively, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue $ 461,128 $ 431,663 $ 901,582 $ 841,767 Income from continuing operations, before income taxes $ 51,123 $ 32,289 $ 39,293 $ 31,198 |
Other Intangible Assets
Other Intangible Assets | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 (in thousands): Gross Carrying Amount Accumulated Amortization June 30, December 31, June 30, December 31, Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (1,540 ) $ (1,330 ) Non-compete agreements 1,247 1,247 (1,205 ) (1,155 ) 3,347 3,347 (2,745 ) (2,485 ) Intangible assets not subject to amortization: Licenses and accreditations 10,318 9,184 — — Trade names 37,800 3,000 — — Certificates of need 9,794 8,590 — — 57,912 20,774 — — Total $ 61,259 $ 24,121 $ (2,745 ) $ (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 June 30, 2015 and 2014, respectively, and $0.3 million for both the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Land $ 201,362 $ 132,406 Building and improvements 1,102,767 858,055 Equipment 118,736 73,584 Construction in progress 117,930 66,268 1,540,795 1,130,313 Less accumulated depreciation (85,405 ) (60,613 ) Property and equipment, net $ 1,455,390 $ 1,069,700 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-term debt consisted of the following (in thousands): June 30, 2015 December 31, 2014 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans (net of discount of $1,628 and $1,924, respectively) $ 512,497 $ 525,576 Senior Secured Term B Loans (net of discount of $2,377) 495,123 — Senior Secured Revolving Line of Credit — — 12.875% Senior Notes due 2018 (net of discount of $967 and $1,080, respectively) 96,533 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 $1,429 and $1,649, respectively) 24,054 24,274 1,953,207 1,096,270 Less: current portion (38,652 ) (26,965 ) Long-term debt $ 1,914,555 $ 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 $291.1 million of availability under the revolving line of credit as of June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2015. 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 June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 costs 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. On May 11, 2015, the Company completed the offering of 5,175,000 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 $66.50 per share. The net proceeds to the Company from the sale of the shares, after deducting the underwriting discount of $12.0 million and additional offering-related costs of $0.6 million, were $331.5 million. The Company used the net offering proceeds to repay outstanding indebtedness and fund acquisitions. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, 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 1,257,326 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 $5.4 million and $2.4 million in equity-based compensation expense for the three months ended June 30, 2015 and 2014, respectively, and $9.2 million and $4.2 million for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, there was $57.7 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 June 30, 2015, there were no warrants outstanding. The Company recognized a deferred income tax benefit of $2.2 million and $1.0 million for the three months ended June 30, 2015 and 2014, respectively, related to equity-based compensation expense. The Company recognized a deferred income tax benefit of $3.8 million and $1.7 million for the six months ended June 30, 2015 and 2014, respectively, related to equity-based compensation expense. The actual tax benefit realized from stock options exercised during the three months ended June 30, 2015 and 2014 was $2.0 million and $0.8 million, respectively. The actual tax benefit realized from stock options exercised during the six months ended June 30, 2015 and 2014 was $6.3 million and $3.5 million, respectively. Stock option activity during 2014 and 2015 was as follows (aggregate intrinsic value in thousands): Number Weighted Weighted Aggregate Options outstanding at January 1, 2014 798,809 $ 21.93 8.20 $ 10,700 Options granted 226,663 49.80 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 190,900 62.37 9.68 1,148 Options exercised (49,045 ) 23.66 N/A 5,197 Options cancelled (88,264 ) 47.86 N/A N/A Options outstanding at June 30, 2015 791,013 $ 40.28 8.09 $ 23,104 Options exercisable at December 31, 2014 91,947 $ 28.87 6.30 $ 3,326 Options exercisable at June 30, 2015 153,900 $ 34.84 6.60 $ 6,941 Restricted stock activity during 2014 and 2015 was as follows: Number of Weighted Grant-Date 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 480,152 62.08 Cancelled (55,674 ) 49.59 Vested (107,263 ) 32.47 Unvested at June 30, 2015 1,039,243 $ 51.03 Restricted stock unit activity during 2014 and 2015 was as follows: Number of Weighted Grant-Date 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 June 30, 2015 218,084 $ 56.97 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 six months ended June 30, 2015 and year ended December 31, 2014: June 30, 2015 December 31, 2014 Weighted average grant-date fair value of options $ 24.30 $ 17.14 Risk-free interest rate 1.9 % 1.7 % Expected volatility 33 % 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 | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The provision for income taxes for continuing operations for the three months ended June 30, 2015 and 2014 reflects effective tax rates of 31.4% and 39.9%, respectively. The provision for income taxes for continuing operations for the six months ended June 30, 2015 and 2014 reflects effective tax rates of 31.4% and 39.0%, respectively. The decrease in the tax rate for the three and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 10. Derivatives The Company entered into foreign currency forward contracts during the three and six months ended June 30, 2015 and 2014 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 and July 2014. These foreign currency forward contracts did not meet the hedge accounting criteria under Accounting Standards Codification 815, Derivatives and Hedging |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 and contingent consideration liabilities as of June 30, 2015 and December 31, 2014 were as follows (in thousands): Carrying Amount Fair Value June 30, December 31, June 30, December 31, Amended and Restated Senior Credit Facility $ 1,007,620 $ 525,576 $ 1,007,620 $ 525,576 12.875% Senior Notes due 2018 $ 96,533 $ 96,420 $ 106,519 $ 109,688 6.125% Senior Notes due 2021 $ 150,000 $ 150,000 $ 154,500 $ 153,000 5.125% Senior Notes due 2022 $ 300,000 $ 300,000 $ 297,750 $ 295,500 5.625% Senior Notes due 2023 $ 375,000 — $ 379,688 — 9.0% and 9.5% Revenue Bonds $ 24,054 $ 24,274 $ 24,054 $ 24,274 Contingent consideration liabilities $ 3,000 $ 3,000 $ 3,000 $ 3,000 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 six months ended June 30, 2014, the Company changed its projections of the timing of future payments of the contingent consideration liability related to the acquisition of The Pavilion at Healthpark LLC (“Park Royal”). 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. In addition to the Park Royal contingent consideration liability, the Company may make an earn-out payment of up to $6.0 million to the former owners of McCallum, contingent upon achievement by McCallum of certain operating performance targets for the one-year period ending December 31, 2015. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015, the U.S. Facilities included 178 behavioral healthcare facilities with approximately 7,200 beds in 37 states and Puerto Rico, and the U.K. Facilities included 45 behavioral healthcare facilities with approximately 1,800 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue: U.S. Facilities $ 366,886 $ 212,834 $ 657,393 $ 413,398 U.K. Facilities 84,927 — 158,242 — Corporate and Other 1,847 969 3,808 1,823 $ 453,660 $ 213,803 $ 819,443 $ 415,221 Segment EBITDA (1): U.S. Facilities $ 102,342 $ 53,031 $ 178,706 $ 100,563 U.K. Facilities 20,371 — 39,182 — Corporate and Other (16,910 ) (8,317 ) (33,373 ) (16,567 ) $ 105,803 $ 44,714 $ 184,515 $ 83,996 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Segment EBITDA (1) $ 105,803 $ 44,714 $ 184,515 $ 83,996 Plus (less): Equity-based compensation expense (5,355 ) (2,406 ) (9,249 ) (4,170 ) (Loss) gain on foreign currency derivatives (961 ) 13,735 (908 ) 13,735 Transaction-related expenses (7,157 ) (3,016 ) (25,573 ) (4,595 ) Interest expense, net (28,049 ) (9,730 ) (50,195 ) (19,437 ) Depreciation and amortization (14,926 ) (5,935 ) (28,030 ) (11,371 ) Income from continuing operations before income taxes $ 49,355 $ 37,362 $ 70,560 $ 58,158 U.S. Facilities U.K. Facilities Corporate Consolidated Goodwill: Balance at January 1, 2015 $ 693,945 $ 109,041 $ — $ 802,986 Increase from 2015 acquisitions 1,103,813 65,293 — 1,169,106 Foreign currency translation — 6,972 — 6,972 Purchase price allocation and other 281 (33,317 ) — (33,036 ) Balance at June 30, 2015 $ 1,798,039 $ 147,989 $ — $ 1,946,028 June 30, 2015 December 31, 2014 Assets (2): U.S. Facilities $ 2,729,896 $ 1,327,563 U.K. Facilities 944,033 726,693 Corporate and Other 252,456 169,334 $ 3,926,385 $ 2,223,590 (1) Segment EBITDA is defined as income from continuing operations before provision for income taxes, equity-based compensation expense, gain/loss 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 $671.2 million, U.K. Facilities of $754.2 million and corporate and other of $30.0 million at June 30, 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 Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 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)” In May 2014, the FASB and the International Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events On July 1, 2015, the Company completed the acquisition of (i) the assets of Belmont Behavioral Health, an inpatient psychiatric facility with 147 beds located in Philadelphia, Pennsylvania for cash consideration of approximately $40.0 million which consists of $35.0 million base purchase price and an estimated working capital settlement of $5.0 million, and (ii) The Manor Clinic, a substance abuse facility with 15 beds located in England, for cash consideration of approximately $5.9 million. |
Financial Information for the C
Financial Information for the Company and Its Subsidiaries | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014, and for the three and six months ended June 30, 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 June 30, 2015 (In thousands) Parent Combined Combined Consolidating Total Current assets: Cash and cash equivalents $ — $ 17,179 $ 17,393 $ — $ 34,572 Accounts receivable, net — 160,179 22,136 — 182,315 Deferred tax assets — 36,502 2,191 — 38,693 Other current assets — 62,295 8,030 — 70,325 Total current assets — 276,155 49,750 — 325,905 Property and equipment, net — 656,262 799,128 — 1,455,390 Goodwill — 1,700,705 245,323 — 1,946,028 Intangible assets, net — 55,928 2,586 — 58,514 Deferred tax assets – noncurrent 5,361 16,239 12,366 — 33,966 Investment in subsidiaries 1,332,308 — — (1,332,308 ) — Other assets 389,676 65,957 2,322 (351,373 ) 106,582 Total assets $ 1,727,345 $ 2,771,246 $ 1,111,475 $ (1,683,681 ) $ 3,926,385 Current liabilities: Current portion of long-term debt $ 38,437 $ — $ 215 $ — $ 38,652 Accounts payable — 44,985 13,729 — 58,714 Accrued salaries and benefits — 65,040 12,505 — 77,545 Other accrued liabilities 22,604 27,543 18,050 — 68,197 Total current liabilities 61,041 137,568 44,499 — 243,108 Long-term debt — 1,890,716 375,212 (351,373 ) 1,914,555 Deferred tax liabilities – noncurrent — — 20,200 — 20,200 Other liabilities — 72,329 9,889 — 82,218 Total liabilities 61,041 2,100,613 449,800 (351,373 ) 2,260,081 Total equity 1,666,304 670,633 661,675 (1,332,308 ) 1,666,304 Total liabilities and equity $ 1,727,345 $ 2,771,246 $ 1,111,475 $ (1,683,681 ) $ 3,926,385 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2014 (In thousands) Parent Combined Combined Consolidating Total 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 June 30, 2015 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 363,851 $ 97,947 $ — $ 461,798 Provision for doubtful accounts — (7,566 ) (572 ) — (8,138 ) Revenue — 356,285 97,375 — 453,660 Salaries, wages and benefits 5,355 183,490 54,457 — 243,302 Professional fees — 22,579 7,450 — 30,029 Supplies — 16,929 3,613 — 20,542 Rents and leases — 7,402 809 — 8,211 Other operating expenses — 43,145 7,983 — 51,128 Depreciation and amortization — 10,551 4,375 — 14,926 Interest expense, net 18,106 5,882 4,061 — 28,049 Loss on foreign currency derivatives 961 — — — 961 Transaction-related expenses — 2,946 4,211 — 7,157 Total expenses 24,422 292,924 86,959 — 404,305 (Loss) income from continuing operations before income taxes (24,422 ) 63,361 10,416 — 49,355 Equity in earnings of subsidiaries 50,281 — — (50,281 ) — (Benefit from) provision for income taxes (7,985 ) 20,734 2,763 — 15,512 Income (loss) from continuing operations 33,844 42,627 7,653 (50,281 ) 33,843 Income from discontinued operations, net of income taxes — 1 — — 1 Net income (loss) $ 33,844 $ 42,628 $ 7,653 $ (50,281 ) $ 33,844 Other comprehensive income: Foreign currency translation gain — — 46,173 — 46,173 Other comprehensive income — — 46,173 — 46,173 Comprehensive income (loss) $ 33,844 $ 42,628 $ 53,826 $ (50,281 ) $ 80,017 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2014 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 207,143 $ 13,521 $ — $ 220,664 Provision for doubtful accounts — (5,954 ) (907 ) — (6,861 ) Revenue — 201,189 12,614 — 213,803 Salaries, wages and benefits 2,406 114,976 5,091 — 122,473 Professional fees — 9,691 1,200 — 10,891 Supplies — 9,967 629 — 10,596 Rents and leases — 2,613 276 — 2,889 Other operating expenses — 22,522 2,124 — 24,646 Depreciation and amortization — 5,581 354 — 5,935 Interest expense, net 9,202 — 528 — 9,730 Loss (gain) on foreign currency derivatives (13,735 ) — — — (13,735 ) Transaction-related expenses — 3,016 — — 3,016 Total expenses (2,127 ) 168,366 10,202 — 176,441 Income from continuing operations before income taxes 2,127 32,823 2,412 — 37,362 Equity in earnings of subsidiaries 20,972 — — (20,972 ) — Provision for income taxes 648 13,315 942 — 14,905 Income (loss) from continuing operations 22,451 19,508 1,470 (20,972 ) 22,457 Loss from discontinued operations, net of income taxes — (6 ) — — (6 ) Net income (loss) $ 22,451 $ 19,502 $ 1,470 $ (20,972 ) $ 22,451 Comprehensive income (loss) $ 22,451 $ 19,502 $ 1,470 $ (20,972 ) $ 22,451 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2015 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 651,616 $ 184,340 $ — $ 835,956 Provision for doubtful accounts — (14,985 ) (1,528 ) — (16,513 ) Revenue — 636,631 182,812 — 819,443 Salaries, wages and benefits 9,249 339,189 100,735 — 449,173 Professional fees — 39,064 13,392 — 52,456 Supplies — 29,938 6,858 — 36,796 Rents and leases — 12,519 1,578 — 14,097 Other operating expenses — 75,392 16,263 — 91,655 Depreciation and amortization — 19,262 8,768 — 28,030 Interest expense, net 31,054 11,603 7,538 — 50,195 Loss on foreign currency derivatives 908 — — — 908 Transaction-related expenses — 21,362 4,211 — 25,573 Total expenses 41,211 548,329 159,343 — 748,883 (Loss) income from continuing operations before income taxes (41,211 ) 88,302 23,469 — 70,560 Equity in earnings of subsidiaries 76,268 — — (76,268 ) — (Benefit from) provision for income taxes (13,381 ) 29,251 6,255 — 22,125 Income (loss) from continuing operations 48,438 59,051 17,214 (76,268 ) 48,435 Income from discontinued operations, net of income taxes — 3 — — 3 Net income (loss) $ 48,438 $ 59,054 $ 17,214 $ (76,268 ) $ 48,438 Other comprehensive income: Foreign currency translation gain — — 16,784 — 16,784 Other comprehensive income — — 16,784 — 16,784 Comprehensive income (loss) $ 48,438 $ 59,054 $ 33,998 $ (76,268 ) $ 65,222 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2014 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 400,425 $ 26,358 $ — $ 426,783 Provision for doubtful accounts — (10,464 ) (1,098 ) — (11,562 ) Revenue — 389,961 25,260 — 415,221 Salaries, wages and benefits 4,170 225,629 10,249 — 240,048 Professional fees — 18,944 2,329 — 21,273 Supplies — 19,353 1,307 — 20,660 Rents and leases — 5,108 550 — 5,658 Other operating expenses — 43,600 4,156 — 47,756 Depreciation and amortization — 10,666 705 — 11,371 Interest expense, net 18,313 — 1,124 — 19,437 Loss (gain) on foreign currency derivatives (13,735 ) — — — (13,735 ) Transaction-related expenses — 4,595 — — 4,595 Total expenses 8,748 327,895 20,420 — 357,063 (Loss) income from continuing operations before income taxes (8,748 ) 62,066 4,840 — 58,158 Equity in earnings of subsidiaries 40,839 — — (40,839 ) — (Benefit from) provision for income taxes (3,418 ) 24,249 1,849 — 22,680 Income (loss) from continuing operations 35,509 37,817 2,991 (40,839 ) 35,478 Income from discontinued operations, net of income taxes — 31 — — 31 Net income (loss) $ 35,509 $ 37,848 $ 2,991 $ (40,839 ) $ 35,509 Comprehensive income (loss) $ 35,509 $ 37,848 $ 2,991 $ (40,839 ) $ 35,509 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 48,438 $ 59,054 $ 17,214 $ (76,268 ) $ 48,438 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (76,268 ) — — 76,268 — Depreciation and amortization — 19,262 8,768 — 28,030 Amortization of debt issuance costs — 3,438 (220 ) — 3,218 Equity-based compensation expense 9,249 — — — 9,249 Deferred income tax (benefit) expense (798 ) 22,964 2,516 — 24,682 Loss from discontinued operations, net of taxes — (3 ) — — (3 ) Loss (gain) on foreign currency derivatives 908 — — — 908 Other — 662 30 — 692 Change in operating assets and liabilities, net of effect of acquisitions: — Accounts receivable, net — (11,409 ) 967 — (10,442 ) Other current assets — (12,026 ) (1,022 ) — (13,048 ) Other assets (300 ) (1,220 ) 2 300 (1,218 ) Accounts payable and other accrued liabilities — 5,991 (10,304 ) — (4,313 ) Accrued salaries and benefits — 791 (1,016 ) — (225 ) Other liabilities — 5,442 (823 ) — 4,619 Net cash (used in) provided by continuing operating activities (18,771 ) 92,946 16,112 300 90,587 Net cash provided by discontinued operating activities — 554 — — 554 Net cash (used in) provided by operating activities (18,771 ) 93,500 16,112 300 91,141 Investing activities: — Cash paid for acquisitions, net of cash acquired — (89,041 ) (197,693 ) — (286,734 ) Cash paid for capital expenditures — (62,101 ) (59,934 ) — (122,035 ) Cash paid for real estate acquisitions — (3,428 ) — — (3,428 ) Settlement of foreign currency derivatives — (908 ) — — (908 ) Other — (481 ) — — (481 ) Net cash used in investing activities — (155,959 ) (257,627 ) — (413,586 ) Financing activities: — Borrowings on long-term debt 875,000 — — — 875,000 Borrowings on revolving credit facility 180,000 — — — 180,000 Principal payments on revolving credit facility (180,000 ) — — — (180,000 ) Repayment of assumed CRC debt (904,467 ) — — — (904,467 ) Principal payments on long-term debt (15,875 ) — (300 ) 300 (15,875 ) Payment of debt issuance costs — (22,775 ) — — (22,775 ) Issuance of Common Stock — 331,530 — — 331,530 Common stock withheld for minimum statutory taxes, net — (7,826 ) — — (7,826 ) Excess tax benefit from equity awards — 6,327 — — 6,327 Other — (150 ) — — (150 ) Cash provided by (used in) intercompany activity 64,113 (305,366 ) 241,853 (600 ) — Net cash provided by (used in) financing activities 18,771 1,740 241,553 (300 ) 261,764 Effect of exchange rate changes on cash — 1,213 — — 1,213 Net (decrease) increase in cash and cash equivalents — (59,506 ) 38 — (59,468 ) Cash and cash equivalents at beginning of the period — 76,685 17,355 — 94,040 Cash and cash equivalents at end of the period $ — $ 17,179 $ 17,393 $ — $ 34,572 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 35,509 $ 37,848 $ 2,991 $ (40,839 ) $ 35,509 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (40,839 ) — — 40,839 — Depreciation and amortization — 10,666 705 — 11,371 Amortization of debt issuance costs 1,560 — (226 ) — 1,334 Equity-based compensation expense 4,170 — — — 4,170 Deferred income tax expense 5,585 3,105 407 — 9,097 Income from discontinued operations, net of taxes — (31 ) — — (31 ) Gain on foreign currency derivatives (13,735 ) — — — (13,735 ) Other — 25 — — 25 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (16,670 ) 1,367 — (15,303 ) Other current assets — (5,033 ) 241 — (4,792 ) Other assets 165 (578 ) — (165 ) (578 ) Accounts payable and other accrued liabilities — (1,584 ) 284 — (1,300 ) Accrued salaries and benefits — 1,701 81 — 1,782 Other liabilities — 1,701 — — 1,701 Net cash (used in) provided by continuing operating activities (7,585 ) 31,150 5,850 (165 ) 29,250 Net cash used in discontinued operating activities — (11 ) — — (11 ) Net cash (used in) provided by operating activities (7,585 ) 31,139 5,850 (165 ) 29,239 Investing activities: Cash paid for acquisitions, net of cash acquired — (10,000 ) — — (10,000 ) Cash paid for capital expenditures — (39,782 ) (3,541 ) — (43,323 ) Cash paid for real estate acquisitions — (18,326 ) — — (18,326 ) Other — (439 ) — — (439 ) Net cash used in investing activities — (68,547 ) (3,541 ) — (72,088 ) Financing activities: Borrowings on long-term debt 7,500 — — — 7,500 Borrowings on revolving credit facility 59,500 — — — 59,500 Principal payments on revolving credit facility (113,000 ) — — — (113,000 ) Principal payments on long-term debt (3,750 ) — (165 ) 165 (3,750 ) Payment of debt issuance costs (5,810 ) — — — (5,810 ) Issuance of common stock, net 374,336 — — — 374,336 Common stock withheld for minimum statutory taxes, net (2,981 ) — — — (2,981 ) Excess tax benefit from equity awards 3,479 — — — 3,479 Cash paid for contingent consideration — (3,250 ) — — (3,250 ) Cash (used in) provided by intercompany activity (311,689 ) 315,175 (5,411 ) 1,925 — Net cash provided by (used in) financing activities 7,585 311,925 (5,576 ) 2,090 316,024 Net increase (decrease) in cash and cash equivalents — 274,517 (3,267 ) 1,925 273,175 Cash and cash equivalents at beginning of the period — — 6,494 (1,925 ) 4,569 Cash and cash equivalents at end of the period $ — $ 274,517 $ 3,227 $ — $ 277,744 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 (in thousands except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Basic and diluted earnings per share: Income from continuing operations $ 33,843 $ 22,457 $ 48,435 $ 35,478 Income (loss) from discontinued operations 1 (6 ) 3 31 Net income $ 33,844 $ 22,451 $ 48,438 $ 35,509 Denominator: Weighted average shares outstanding for basic earnings per share 68,296 51,616 65,429 50,872 Effect of dilutive instruments 439 203 353 302 Shares used in computing diluted earnings per common share 68,735 51,819 65,782 51,174 Basic earnings per share: Income from continuing operations $ 0.50 $ 0.43 $ 0.74 $ 0.70 Income (loss) from discontinued operations — — — — Net income $ 0.50 $ 0.43 $ 0.74 $ 0.70 Diluted earnings per share: Income from continuing operations $ 0.49 $ 0.43 $ 0.74 $ 0.69 Income (loss) from discontinued operations — — — — Net income $ 0.49 $ 0.43 $ 0.74 $ 0.69 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 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 8,828 169 8,997 Property and equipment 610,477 27,203 637,680 Goodwill 87,047 32,232 119,279 Intangible assets 651 204 855 Other assets 7,037 3,240 10,277 Total assets acquired 733,398 64,897 798,295 Accounts payable 3,958 93 4,051 Accrued salaries and benefits 10,422 — 10,422 Other accrued expenses 7,166 1,014 8,180 Deferred tax liabilities – noncurrent 15,597 — 15,597 Other liabilities 7,704 — 7,704 Total liabilities assumed 44,847 1,107 45,954 Net assets acquired $ 688,551 $ 63,790 $ 752,341 |
Transaction Related Expenses as Incurred | Transaction-related expenses comprised the following costs for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Advisory and financing commitment fees $ — $ — $ 10,337 $ — Legal, accounting and other costs 5,234 3,016 9,054 4,136 Severance and contract termination costs 1,923 — 6,182 459 $ 7,157 $ 3,016 $ 25,573 $ 4,595 |
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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue $ 461,128 $ 431,663 $ 901,582 $ 841,767 Income from continuing operations, before income taxes $ 51,123 $ 32,289 $ 39,293 $ 31,198 |
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 six months ended June 30, 2015 in connection with the 2015 acquisitions were as follows (in thousands): CRC Other Total Cash $ 19,600 $ 4,468 $ 24,068 Accounts receivable 47,095 6,130 53,225 Prepaid expenses and other current assets 25,522 1,380 26,902 Property and equipment 140,152 138,613 278,765 Goodwill 1,050,620 118,486 1,169,106 Intangible assets 37,000 — 37,000 Deferred tax assets – noncurrent 64,688 — 64,688 Other assets 6,478 — 6,478 Total assets acquired 1,391,155 269,077 1,660,232 Accounts payable 5,301 7,114 12,415 Accrued salaries and benefits 14,860 1,642 16,502 Other accrued expenses 38,703 2,546 41,249 Deferred tax liabilities – noncurrent — 1,052 1,052 Long-term debt 904,467 — 904,467 Other liabilities 34,248 11 34,259 Total liabilities assumed 997,579 12,365 1,009,944 Net assets acquired $ 393,576 $ 256,712 $ 650,288 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 (in thousands): Gross Carrying Amount Accumulated Amortization June 30, December 31, June 30, December 31, Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (1,540 ) $ (1,330 ) Non-compete agreements 1,247 1,247 (1,205 ) (1,155 ) 3,347 3,347 (2,745 ) (2,485 ) Intangible assets not subject to amortization: Licenses and accreditations 10,318 9,184 — — Trade names 37,800 3,000 — — Certificates of need 9,794 8,590 — — 57,912 20,774 — — Total $ 61,259 $ 24,121 $ (2,745 ) $ (2,485 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Summary of Property and Equipment | Property and equipment consists of the following as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Land $ 201,362 $ 132,406 Building and improvements 1,102,767 858,055 Equipment 118,736 73,584 Construction in progress 117,930 66,268 1,540,795 1,130,313 Less accumulated depreciation (85,405 ) (60,613 ) Property and equipment, net $ 1,455,390 $ 1,069,700 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt consisted of the following (in thousands): June 30, 2015 December 31, 2014 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans (net of discount of $1,628 and $1,924, respectively) $ 512,497 $ 525,576 Senior Secured Term B Loans (net of discount of $2,377) 495,123 — Senior Secured Revolving Line of Credit — — 12.875% Senior Notes due 2018 (net of discount of $967 and $1,080, respectively) 96,533 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 $1,429 and $1,649, respectively) 24,054 24,274 1,953,207 1,096,270 Less: current portion (38,652 ) (26,965 ) Long-term debt $ 1,914,555 $ 1,069,305 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 Options outstanding at January 1, 2014 798,809 $ 21.93 8.20 $ 10,700 Options granted 226,663 49.80 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 190,900 62.37 9.68 1,148 Options exercised (49,045 ) 23.66 N/A 5,197 Options cancelled (88,264 ) 47.86 N/A N/A Options outstanding at June 30, 2015 791,013 $ 40.28 8.09 $ 23,104 Options exercisable at December 31, 2014 91,947 $ 28.87 6.30 $ 3,326 Options exercisable at June 30, 2015 153,900 $ 34.84 6.60 $ 6,941 |
Restricted Stock Activity | Restricted stock activity during 2014 and 2015 was as follows: Number of Weighted Grant-Date 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 480,152 62.08 Cancelled (55,674 ) 49.59 Vested (107,263 ) 32.47 Unvested at June 30, 2015 1,039,243 $ 51.03 |
Restricted Stock Unit Activity | Restricted stock unit activity during 2014 and 2015 was as follows: Number of Weighted Grant-Date 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 June 30, 2015 218,084 $ 56.97 |
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 six months ended June 30, 2015 and year ended December 31, 2014: June 30, 2015 December 31, 2014 Weighted average grant-date fair value of options $ 24.30 $ 17.14 Risk-free interest rate 1.9 % 1.7 % Expected volatility 33 % 36 % Expected life (in years) 5.5 5.5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 and contingent consideration liabilities as of June 30, 2015 and December 31, 2014 were as follows (in thousands): Carrying Amount Fair Value June 30, December 31, June 30, December 31, Amended and Restated Senior Credit Facility $ 1,007,620 $ 525,576 $ 1,007,620 $ 525,576 12.875% Senior Notes due 2018 $ 96,533 $ 96,420 $ 106,519 $ 109,688 6.125% Senior Notes due 2021 $ 150,000 $ 150,000 $ 154,500 $ 153,000 5.125% Senior Notes due 2022 $ 300,000 $ 300,000 $ 297,750 $ 295,500 5.625% Senior Notes due 2023 $ 375,000 — $ 379,688 — 9.0% and 9.5% Revenue Bonds $ 24,054 $ 24,274 $ 24,054 $ 24,274 Contingent consideration liabilities $ 3,000 $ 3,000 $ 3,000 $ 3,000 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Reconciliation of Segment EBITDA to Income from Continuing Operations | 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue: U.S. Facilities $ 366,886 $ 212,834 $ 657,393 $ 413,398 U.K. Facilities 84,927 — 158,242 — Corporate and Other 1,847 969 3,808 1,823 $ 453,660 $ 213,803 $ 819,443 $ 415,221 Segment EBITDA (1): U.S. Facilities $ 102,342 $ 53,031 $ 178,706 $ 100,563 U.K. Facilities 20,371 — 39,182 — Corporate and Other (16,910 ) (8,317 ) (33,373 ) (16,567 ) $ 105,803 $ 44,714 $ 184,515 $ 83,996 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Segment EBITDA (1) $ 105,803 $ 44,714 $ 184,515 $ 83,996 Plus (less): Equity-based compensation expense (5,355 ) (2,406 ) (9,249 ) (4,170 ) (Loss) gain on foreign currency derivatives (961 ) 13,735 (908 ) 13,735 Transaction-related expenses (7,157 ) (3,016 ) (25,573 ) (4,595 ) Interest expense, net (28,049 ) (9,730 ) (50,195 ) (19,437 ) Depreciation and amortization (14,926 ) (5,935 ) (28,030 ) (11,371 ) Income from continuing operations before income taxes $ 49,355 $ 37,362 $ 70,560 $ 58,158 |
Summary of Assets by Operating Segment | June 30, 2015 December 31, 2014 Assets (2): U.S. Facilities $ 2,729,896 $ 1,327,563 U.K. Facilities 944,033 726,693 Corporate and Other 252,456 169,334 $ 3,926,385 $ 2,223,590 |
Goodwill [Member] | |
Summary of Assets by Operating Segment | U.S. Facilities U.K. Facilities Corporate Consolidated Goodwill: Balance at January 1, 2015 $ 693,945 $ 109,041 $ — $ 802,986 Increase from 2015 acquisitions 1,103,813 65,293 — 1,169,106 Foreign currency translation — 6,972 — 6,972 Purchase price allocation and other 281 (33,317 ) — (33,036 ) Balance at June 30, 2015 $ 1,798,039 $ 147,989 $ — $ 1,946,028 |
Financial Information for the33
Financial Information for the Company and Its Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Condensed Consolidating Balance Sheets | Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets June 30, 2015 (In thousands) Parent Combined Combined Consolidating Total Current assets: Cash and cash equivalents $ — $ 17,179 $ 17,393 $ — $ 34,572 Accounts receivable, net — 160,179 22,136 — 182,315 Deferred tax assets — 36,502 2,191 — 38,693 Other current assets — 62,295 8,030 — 70,325 Total current assets — 276,155 49,750 — 325,905 Property and equipment, net — 656,262 799,128 — 1,455,390 Goodwill — 1,700,705 245,323 — 1,946,028 Intangible assets, net — 55,928 2,586 — 58,514 Deferred tax assets – noncurrent 5,361 16,239 12,366 — 33,966 Investment in subsidiaries 1,332,308 — — (1,332,308 ) — Other assets 389,676 65,957 2,322 (351,373 ) 106,582 Total assets $ 1,727,345 $ 2,771,246 $ 1,111,475 $ (1,683,681 ) $ 3,926,385 Current liabilities: Current portion of long-term debt $ 38,437 $ — $ 215 $ — $ 38,652 Accounts payable — 44,985 13,729 — 58,714 Accrued salaries and benefits — 65,040 12,505 — 77,545 Other accrued liabilities 22,604 27,543 18,050 — 68,197 Total current liabilities 61,041 137,568 44,499 — 243,108 Long-term debt — 1,890,716 375,212 (351,373 ) 1,914,555 Deferred tax liabilities – noncurrent — — 20,200 — 20,200 Other liabilities — 72,329 9,889 — 82,218 Total liabilities 61,041 2,100,613 449,800 (351,373 ) 2,260,081 Total equity 1,666,304 670,633 661,675 (1,332,308 ) 1,666,304 Total liabilities and equity $ 1,727,345 $ 2,771,246 $ 1,111,475 $ (1,683,681 ) $ 3,926,385 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2014 (In thousands) Parent Combined Combined Consolidating Total 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 | Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2015 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 363,851 $ 97,947 $ — $ 461,798 Provision for doubtful accounts — (7,566 ) (572 ) — (8,138 ) Revenue — 356,285 97,375 — 453,660 Salaries, wages and benefits 5,355 183,490 54,457 — 243,302 Professional fees — 22,579 7,450 — 30,029 Supplies — 16,929 3,613 — 20,542 Rents and leases — 7,402 809 — 8,211 Other operating expenses — 43,145 7,983 — 51,128 Depreciation and amortization — 10,551 4,375 — 14,926 Interest expense, net 18,106 5,882 4,061 — 28,049 Loss on foreign currency derivatives 961 — — — 961 Transaction-related expenses — 2,946 4,211 — 7,157 Total expenses 24,422 292,924 86,959 — 404,305 (Loss) income from continuing operations before income taxes (24,422 ) 63,361 10,416 — 49,355 Equity in earnings of subsidiaries 50,281 — — (50,281 ) — (Benefit from) provision for income taxes (7,985 ) 20,734 2,763 — 15,512 Income (loss) from continuing operations 33,844 42,627 7,653 (50,281 ) 33,843 Income from discontinued operations, net of income taxes — 1 — — 1 Net income (loss) $ 33,844 $ 42,628 $ 7,653 $ (50,281 ) $ 33,844 Other comprehensive income: Foreign currency translation gain — — 46,173 — 46,173 Other comprehensive income — — 46,173 — 46,173 Comprehensive income (loss) $ 33,844 $ 42,628 $ 53,826 $ (50,281 ) $ 80,017 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2014 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 207,143 $ 13,521 $ — $ 220,664 Provision for doubtful accounts — (5,954 ) (907 ) — (6,861 ) Revenue — 201,189 12,614 — 213,803 Salaries, wages and benefits 2,406 114,976 5,091 — 122,473 Professional fees — 9,691 1,200 — 10,891 Supplies — 9,967 629 — 10,596 Rents and leases — 2,613 276 — 2,889 Other operating expenses — 22,522 2,124 — 24,646 Depreciation and amortization — 5,581 354 — 5,935 Interest expense, net 9,202 — 528 — 9,730 Loss (gain) on foreign currency derivatives (13,735 ) — — — (13,735 ) Transaction-related expenses — 3,016 — — 3,016 Total expenses (2,127 ) 168,366 10,202 — 176,441 Income from continuing operations before income taxes 2,127 32,823 2,412 — 37,362 Equity in earnings of subsidiaries 20,972 — — (20,972 ) — Provision for income taxes 648 13,315 942 — 14,905 Income (loss) from continuing operations 22,451 19,508 1,470 (20,972 ) 22,457 Loss from discontinued operations, net of income taxes — (6 ) — — (6 ) Net income (loss) $ 22,451 $ 19,502 $ 1,470 $ (20,972 ) $ 22,451 Comprehensive income (loss) $ 22,451 $ 19,502 $ 1,470 $ (20,972 ) $ 22,451 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2015 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 651,616 $ 184,340 $ — $ 835,956 Provision for doubtful accounts — (14,985 ) (1,528 ) — (16,513 ) Revenue — 636,631 182,812 — 819,443 Salaries, wages and benefits 9,249 339,189 100,735 — 449,173 Professional fees — 39,064 13,392 — 52,456 Supplies — 29,938 6,858 — 36,796 Rents and leases — 12,519 1,578 — 14,097 Other operating expenses — 75,392 16,263 — 91,655 Depreciation and amortization — 19,262 8,768 — 28,030 Interest expense, net 31,054 11,603 7,538 — 50,195 Loss on foreign currency derivatives 908 — — — 908 Transaction-related expenses — 21,362 4,211 — 25,573 Total expenses 41,211 548,329 159,343 — 748,883 (Loss) income from continuing operations before income taxes (41,211 ) 88,302 23,469 — 70,560 Equity in earnings of subsidiaries 76,268 — — (76,268 ) — (Benefit from) provision for income taxes (13,381 ) 29,251 6,255 — 22,125 Income (loss) from continuing operations 48,438 59,051 17,214 (76,268 ) 48,435 Income from discontinued operations, net of income taxes — 3 — — 3 Net income (loss) $ 48,438 $ 59,054 $ 17,214 $ (76,268 ) $ 48,438 Other comprehensive income: Foreign currency translation gain — — 16,784 — 16,784 Other comprehensive income — — 16,784 — 16,784 Comprehensive income (loss) $ 48,438 $ 59,054 $ 33,998 $ (76,268 ) $ 65,222 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2014 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 400,425 $ 26,358 $ — $ 426,783 Provision for doubtful accounts — (10,464 ) (1,098 ) — (11,562 ) Revenue — 389,961 25,260 — 415,221 Salaries, wages and benefits 4,170 225,629 10,249 — 240,048 Professional fees — 18,944 2,329 — 21,273 Supplies — 19,353 1,307 — 20,660 Rents and leases — 5,108 550 — 5,658 Other operating expenses — 43,600 4,156 — 47,756 Depreciation and amortization — 10,666 705 — 11,371 Interest expense, net 18,313 — 1,124 — 19,437 Loss (gain) on foreign currency derivatives (13,735 ) — — — (13,735 ) Transaction-related expenses — 4,595 — — 4,595 Total expenses 8,748 327,895 20,420 — 357,063 (Loss) income from continuing operations before income taxes (8,748 ) 62,066 4,840 — 58,158 Equity in earnings of subsidiaries 40,839 — — (40,839 ) — (Benefit from) provision for income taxes (3,418 ) 24,249 1,849 — 22,680 Income (loss) from continuing operations 35,509 37,817 2,991 (40,839 ) 35,478 Income from discontinued operations, net of income taxes — 31 — — 31 Net income (loss) $ 35,509 $ 37,848 $ 2,991 $ (40,839 ) $ 35,509 Comprehensive income (loss) $ 35,509 $ 37,848 $ 2,991 $ (40,839 ) $ 35,509 |
Summary of Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 48,438 $ 59,054 $ 17,214 $ (76,268 ) $ 48,438 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (76,268 ) — — 76,268 — Depreciation and amortization — 19,262 8,768 — 28,030 Amortization of debt issuance costs — 3,438 (220 ) — 3,218 Equity-based compensation expense 9,249 — — — 9,249 Deferred income tax (benefit) expense (798 ) 22,964 2,516 — 24,682 Loss from discontinued operations, net of taxes — (3 ) — — (3 ) Loss (gain) on foreign currency derivatives 908 — — — 908 Other — 662 30 — 692 Change in operating assets and liabilities, net of effect of acquisitions: — Accounts receivable, net — (11,409 ) 967 — (10,442 ) Other current assets — (12,026 ) (1,022 ) — (13,048 ) Other assets (300 ) (1,220 ) 2 300 (1,218 ) Accounts payable and other accrued liabilities — 5,991 (10,304 ) — (4,313 ) Accrued salaries and benefits — 791 (1,016 ) — (225 ) Other liabilities — 5,442 (823 ) — 4,619 Net cash (used in) provided by continuing operating activities (18,771 ) 92,946 16,112 300 90,587 Net cash provided by discontinued operating activities — 554 — — 554 Net cash (used in) provided by operating activities (18,771 ) 93,500 16,112 300 91,141 Investing activities: — Cash paid for acquisitions, net of cash acquired — (89,041 ) (197,693 ) — (286,734 ) Cash paid for capital expenditures — (62,101 ) (59,934 ) — (122,035 ) Cash paid for real estate acquisitions — (3,428 ) — — (3,428 ) Settlement of foreign currency derivatives — (908 ) — — (908 ) Other — (481 ) — — (481 ) Net cash used in investing activities — (155,959 ) (257,627 ) — (413,586 ) Financing activities: — Borrowings on long-term debt 875,000 — — — 875,000 Borrowings on revolving credit facility 180,000 — — — 180,000 Principal payments on revolving credit facility (180,000 ) — — — (180,000 ) Repayment of assumed CRC debt (904,467 ) — — — (904,467 ) Principal payments on long-term debt (15,875 ) — (300 ) 300 (15,875 ) Payment of debt issuance costs — (22,775 ) — — (22,775 ) Issuance of Common Stock — 331,530 — — 331,530 Common stock withheld for minimum statutory taxes, net — (7,826 ) — — (7,826 ) Excess tax benefit from equity awards — 6,327 — — 6,327 Other — (150 ) — — (150 ) Cash provided by (used in) intercompany activity 64,113 (305,366 ) 241,853 (600 ) — Net cash provided by (used in) financing activities 18,771 1,740 241,553 (300 ) 261,764 Effect of exchange rate changes on cash — 1,213 — — 1,213 Net (decrease) increase in cash and cash equivalents — (59,506 ) 38 — (59,468 ) Cash and cash equivalents at beginning of the period — 76,685 17,355 — 94,040 Cash and cash equivalents at end of the period $ — $ 17,179 $ 17,393 $ — $ 34,572 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 35,509 $ 37,848 $ 2,991 $ (40,839 ) $ 35,509 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (40,839 ) — — 40,839 — Depreciation and amortization — 10,666 705 — 11,371 Amortization of debt issuance costs 1,560 — (226 ) — 1,334 Equity-based compensation expense 4,170 — — — 4,170 Deferred income tax expense 5,585 3,105 407 — 9,097 Income from discontinued operations, net of taxes — (31 ) — — (31 ) Gain on foreign currency derivatives (13,735 ) — — — (13,735 ) Other — 25 — — 25 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (16,670 ) 1,367 — (15,303 ) Other current assets — (5,033 ) 241 — (4,792 ) Other assets 165 (578 ) — (165 ) (578 ) Accounts payable and other accrued liabilities — (1,584 ) 284 — (1,300 ) Accrued salaries and benefits — 1,701 81 — 1,782 Other liabilities — 1,701 — — 1,701 Net cash (used in) provided by continuing operating activities (7,585 ) 31,150 5,850 (165 ) 29,250 Net cash used in discontinued operating activities — (11 ) — — (11 ) Net cash (used in) provided by operating activities (7,585 ) 31,139 5,850 (165 ) 29,239 Investing activities: Cash paid for acquisitions, net of cash acquired — (10,000 ) — — (10,000 ) Cash paid for capital expenditures — (39,782 ) (3,541 ) — (43,323 ) Cash paid for real estate acquisitions — (18,326 ) — — (18,326 ) Other — (439 ) — — (439 ) Net cash used in investing activities — (68,547 ) (3,541 ) — (72,088 ) Financing activities: Borrowings on long-term debt 7,500 — — — 7,500 Borrowings on revolving credit facility 59,500 — — — 59,500 Principal payments on revolving credit facility (113,000 ) — — — (113,000 ) Principal payments on long-term debt (3,750 ) — (165 ) 165 (3,750 ) Payment of debt issuance costs (5,810 ) — — — (5,810 ) Issuance of common stock, net 374,336 — — — 374,336 Common stock withheld for minimum statutory taxes, net (2,981 ) — — — (2,981 ) Excess tax benefit from equity awards 3,479 — — — 3,479 Cash paid for contingent consideration — (3,250 ) — — (3,250 ) Cash (used in) provided by intercompany activity (311,689 ) 315,175 (5,411 ) 1,925 — Net cash provided by (used in) financing activities 7,585 311,925 (5,576 ) 2,090 316,024 Net increase (decrease) in cash and cash equivalents — 274,517 (3,267 ) 1,925 273,175 Cash and cash equivalents at beginning of the period — — 6,494 (1,925 ) 4,569 Cash and cash equivalents at end of the period $ — $ 274,517 $ 3,227 $ — $ 277,744 |
Description of Business and B34
Description of Business and Basis of Presentation - Additional Information (Detail) - Jun. 30, 2015 | BedsStateFacilities |
Accounting Policies [Abstract] | |
Number of facilities | Facilities | 223 |
Number of beds | Beds | 9,000 |
Number of operating states | 37 |
Percentage of ownership in subsidiaries | 100.00% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basic and diluted earnings per share: | ||||
Income from continuing operations | $ 33,843 | $ 22,457 | $ 48,435 | $ 35,478 |
Income (loss) from discontinued operations | 1 | (6) | 3 | 31 |
Net income | $ 33,844 | $ 22,451 | $ 48,438 | $ 35,509 |
Denominator: | ||||
Weighted average shares outstanding for basic earnings per share | 68,296 | 51,616 | 65,429 | 50,872 |
Effect of dilutive instruments | 439 | 203 | 353 | 302 |
Shares used in computing diluted earnings per common share | 68,735 | 51,819 | 65,782 | 51,174 |
Basic earnings per share: | ||||
Income from continuing operations | $ 0.50 | $ 0.43 | $ 0.74 | $ 0.70 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | 0.50 | 0.43 | 0.74 | 0.70 |
Diluted earnings per share: | ||||
Income from continuing operations | 0.49 | 0.43 | 0.74 | 0.69 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | $ 0.49 | $ 0.43 | $ 0.74 | $ 0.69 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Excluded common stock for computation of diluted earnings per share | 0.3 | 0.6 | 0.9 | 0.5 |
Acquisitions - UK Acquisitions
Acquisitions - UK Acquisitions (Detail) - United Kingdom [Member] $ in Millions | Jun. 01, 2015USD ($)BedsFacility | Apr. 01, 2015USD ($)BedsFacility |
Care UK Limited [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition cash paid | $ 88.3 | |
Number of facilities acquired | Facility | 15 | |
Number of beds | Beds | 299 | |
Choice Lifestyles [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition cash paid | $ 25.9 | $ 37.5 |
Number of facilities acquired | Facility | 1 | 2 |
Number of beds | Beds | 42 | 48 |
Pastoral Care Group [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition cash paid | $ 34.2 | |
Number of facilities acquired | Facility | 2 | |
Number of beds | Beds | 65 | |
Mildmay Oaks [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition cash paid | $ 14.9 | |
Number of beds | Beds | 67 |
Acquisitions - Recent Acquisiti
Acquisitions - Recent Acquisitions (Detail) - Mar. 01, 2015 - Quality Addiction Management [Member] $ in Millions | USD ($)Center |
Business Acquisition [Line Items] | |
Business acquisition cash paid | $ | $ 54.6 |
Number of facilities acquired | 7 |
Acquisitions - CRC Acquisition
Acquisitions - CRC Acquisition (Detail) $ in Millions | Feb. 11, 2015USD ($)BedsStateCenterFacilitiesshares | Jun. 30, 2015State |
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 | shares | 5,975,326 | |
Outstanding indebtedness of CRC repaid | $ | $ 904.5 | |
Number of inpatient facilities | Facilities | 35 | |
Number of operating states | 30 | |
Number of facilities acquired | Center | 81 | |
Minimum [Member] | CRC Health Group, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Number of beds | Beds | 2,400 |
Acquisitions - 2014 Acquisition
Acquisitions - 2014 Acquisitions (Detail) $ in Thousands | Dec. 31, 2014USD ($)Beds | Dec. 01, 2014USD ($)Beds | Sep. 03, 2014USD ($)Beds | Jul. 01, 2014USD ($)BedsFacilities | Jan. 01, 2014USD ($)Beds | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Business Acquisition [Line Items] | |||||||||
Gain on foreign currency derivatives | $ (961) | $ 13,735 | $ (908) | $ 13,735 | |||||
Croxton [Member] | 2014 Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition cash paid | $ 15,600 | ||||||||
Number of beds | Beds | 24 | ||||||||
Skyway [Member] | 2014 Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition cash paid | $ 300 | ||||||||
Number of beds | Beds | 28 | ||||||||
Acquisition completion date | Dec. 31, 2014 | ||||||||
McCallum [Member] | 2014 Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition cash paid | $ 37,400 | ||||||||
Number of beds | Beds | 85 | ||||||||
Partnerships In Care [Member] | 2014 Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition completion date | Jul. 1, 2014 | ||||||||
Number of inpatient psychiatric facilities | Facilities | 23 | ||||||||
Total consideration related to acquisition | $ 661,700 | ||||||||
Cash from consideration related to acquisition | 12,000 | ||||||||
Gain on foreign currency derivatives | $ 15,300 | ||||||||
Partnerships In Care [Member] | Minimum [Member] | 2014 Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of beds | Beds | 1,200 | ||||||||
Pacific Grove [Member] | 2014 Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition cash paid | $ 10,500 | ||||||||
Number of beds | Beds | 68 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill associated with domestic acquisitions | $ 1,946,028 | $ 802,986 |
Domestic Acquisitions in 2015 and 2014 [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill associated with domestic acquisitions | $ 175,500 | $ 175,500 |
Acquisitions - Summary of Acq42
Acquisitions - Summary of Acquisitions (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $ 1,946,028 | $ 802,986 |
2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 11,674 | |
Accounts receivable | 9,533 | |
Prepaid expenses and other current assets | 8,997 | |
Property and equipment | 637,680 | |
Goodwill | 119,279 | |
Intangible assets | 855 | |
Other assets | 10,277 | |
Total assets acquired | 798,295 | |
Accounts payable | 4,051 | |
Accrued salaries and benefits | 10,422 | |
Other accrued expenses | 8,180 | |
Deferred tax liabilities - noncurrent | 15,597 | |
Other liabilities | 7,704 | |
Total liabilities assumed | 45,954 | |
Net assets acquired | 752,341 | |
2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 24,068 | |
Accounts receivable | 53,225 | |
Prepaid expenses and other current assets | 26,902 | |
Property and equipment | 278,765 | |
Goodwill | 1,169,106 | |
Intangible assets | 37,000 | |
Deferred tax assets - noncurrent | 64,688 | |
Other assets | 6,478 | |
Total assets acquired | 1,660,232 | |
Accounts payable | 12,415 | |
Accrued salaries and benefits | 16,502 | |
Other accrued expenses | 41,249 | |
Deferred tax liabilities - noncurrent | 1,052 | |
Long-term debt | 904,467 | |
Other liabilities | 34,259 | |
Total liabilities assumed | 1,009,944 | |
Net assets acquired | 650,288 | |
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 | 87,047 | |
Intangible assets | 651 | |
Other assets | 7,037 | |
Total assets acquired | 733,398 | |
Accounts payable | 3,958 | |
Accrued salaries and benefits | 10,422 | |
Other accrued expenses | 7,166 | |
Deferred tax liabilities - noncurrent | 15,597 | |
Other liabilities | 7,704 | |
Total liabilities assumed | 44,847 | |
Net assets acquired | 688,551 | |
Other [Member] | 2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 1,849 | |
Prepaid expenses and other current assets | 169 | |
Property and equipment | 27,203 | |
Goodwill | 32,232 | |
Intangible assets | 204 | |
Other assets | 3,240 | |
Total assets acquired | 64,897 | |
Accounts payable | 93 | |
Other accrued expenses | 1,014 | |
Total liabilities assumed | 1,107 | |
Net assets acquired | $ 63,790 | |
Other [Member] | 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 4,468 | |
Accounts receivable | 6,130 | |
Prepaid expenses and other current assets | 1,380 | |
Property and equipment | 138,613 | |
Goodwill | 118,486 | |
Total assets acquired | 269,077 | |
Accounts payable | 7,114 | |
Accrued salaries and benefits | 1,642 | |
Other accrued expenses | 2,546 | |
Deferred tax liabilities - noncurrent | 1,052 | |
Other liabilities | 11 | |
Total liabilities assumed | 12,365 | |
Net assets acquired | 256,712 | |
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 | 25,522 | |
Property and equipment | 140,152 | |
Goodwill | 1,050,620 | |
Intangible assets | 37,000 | |
Deferred tax assets - noncurrent | 64,688 | |
Other assets | 6,478 | |
Total assets acquired | 1,391,155 | |
Accounts payable | 5,301 | |
Accrued salaries and benefits | 14,860 | |
Other accrued expenses | 38,703 | |
Long-term debt | 904,467 | |
Other liabilities | 34,248 | |
Total liabilities assumed | 997,579 | |
Net assets acquired | $ 393,576 |
Acquisitions - Other (Detail)
Acquisitions - Other (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Combinations [Abstract] | ||||
Advisory and financing commitment fees | $ 10,337 | |||
Legal, accounting and other costs | $ 5,234 | $ 3,016 | 9,054 | $ 4,136 |
Severance and contract termination costs | 1,923 | 6,182 | 459 | |
Transaction-related expenses | $ 7,157 | $ 3,016 | $ 25,573 | $ 4,595 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information 1 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Revenue | $ 453,660 | $ 213,803 | $ 819,443 | $ 415,221 |
Income (loss) from continuing operations | 49,355 | 37,362 | 70,560 | 58,158 |
Acquisitions Completed in 2014 And 2015 [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | 222,100 | 369,700 | ||
Income (loss) from continuing operations | $ 37,600 | $ 58,100 | ||
Acquisitions Completed in 2014 [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | 1,600 | 2,900 | ||
Income (loss) from continuing operations | $ 100 | $ (100) |
Acquisitions - Pro Forma Info45
Acquisitions - Pro Forma Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Combinations [Abstract] | ||||
Revenue | $ 461,128 | $ 431,663 | $ 901,582 | $ 841,767 |
Income from continuing operations, before income taxes | $ 51,123 | $ 32,289 | $ 39,293 | $ 31,198 |
Other Intangible Assets - Other
Other Intangible Assets - Other Identifiable Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
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 | 57,912 | 20,774 |
Total | 61,259 | 24,121 |
Intangible assets subject to amortization, Accumulated Amortization | (2,745) | (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 | (1,540) | (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 | (1,205) | (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 | 10,318 | 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 | $ 9,794 | $ 8,590 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||||
Amortization expense | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.3 |
Estimated amortization expense, remainder of 2015 | 0.5 | 0.5 | ||
Estimated amortization expense, 2016 | 0.4 | 0.4 | ||
Estimated amortization expense, 2017 | 0 | 0 | ||
Estimated amortization expense, 2018 | 0 | 0 | ||
Estimated amortization expense, 2019 | $ 0 | 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 | $ 1.1 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,540,795 | $ 1,130,313 |
Less accumulated depreciation | (85,405) | (60,613) |
Property and equipment, net | 1,455,390 | 1,069,700 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 201,362 | 132,406 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,102,767 | 858,055 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 118,736 | 73,584 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 117,930 | $ 66,268 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,953,207 | $ 1,096,270 |
Long-term debt | 1,953,207 | 1,096,270 |
Less: current portion | (38,652) | (26,965) |
Long-term debt | 1,914,555 | 1,069,305 |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term A Loans [Member] | ||
Debt Instrument [Line Items] | ||
Senior Secured | 512,497 | 525,576 |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term B Loans [Member] | ||
Debt Instrument [Line Items] | ||
Senior Secured | 495,123 | |
12.875% Senior Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 96,533 | 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 | $ 24,054 | $ 24,274 |
Long-Term Debt - Components o50
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Dec. 31, 2014 | Feb. 11, 2015 | Jul. 01, 2014 | Mar. 12, 2013 | Nov. 01, 2011 | |
12.875% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 12.875% | 12.875% | 12.875% | 12.875% | ||
Senior notes maturity year | 2,018 | 2,018 | ||||
Debt instrument discount | $ 967 | $ 1,080 | $ 2,500 | |||
6.125% Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | |||
Senior notes maturity year | 2,021 | 2,021 | ||||
5.125% Senior Notes due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | |||
Senior notes maturity year | 2,022 | 2,022 | ||||
5.625% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | |||
Senior notes maturity year | 2,023 | 2,023 | ||||
9.0% and 9.5% Revenue Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument premium | $ 1,429 | $ 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 | $ 1,628 | $ 1,924 | ||||
Senior Secured Term B Loans [Member] | Amended and Restated Senior Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument discount | $ 2,377 |
Long-Term Debt (Amended and Res
Long-Term Debt (Amended and Restated Senior Credit Facility) - Additional Information (Detail) - USD ($) | Dec. 15, 2014 | Jun. 16, 2014 | Feb. 13, 2014 | Dec. 31, 2012 | Apr. 01, 2011 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Feb. 12, 2014 | Jun. 30, 2015 | Feb. 11, 2015 | Feb. 06, 2015 |
Debt Instrument [Line Items] | |||||||||||||||
Quarterly term loan principal payment | $ 180,000,000 | $ 113,000,000 | |||||||||||||
Amended and Restated Senior Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Date entered into an agreement | Dec. 15, 2014 | Feb. 13, 2014 | Dec. 31, 2012 | Apr. 1, 2011 | |||||||||||
Amount available under revolving line of credit | $ 291,100,000 | $ 291,100,000 | |||||||||||||
Debt instrument maturity date | Feb. 13, 2019 | Feb. 11, 2022 | |||||||||||||
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 | 0.50% | 0.40% | |||||||||||||
Amended and Restated Senior Credit Facility [Member] | Miscellaneous Investments [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Date entered into an agreement | Jun. 16, 2014 | ||||||||||||||
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. | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | 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. | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term A Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit | 300,000,000 | ||||||||||||||
Additional term loans | 235,000,000 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Senior Secured Revolving Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit | $ 300,000,000 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Seventh Amendment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Date entered into an agreement | Feb. 6, 2015 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Letter of Credit [Member] | Seventh Amendment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit | $ 20,000,000 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Swing Line Sublimit [Member] | Seventh Amendment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit | $ 20,000,000 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Eurodollar [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest on borrowings | 3.25% | ||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Base Rate Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest on borrowings | 2.25% | ||||||||||||||
Basis spread on variable rate | 0.50% | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest on borrowings | 3.25% | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Senior Debt Obligations [Member] | First Incremental Amendment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Date entered into an agreement | Feb. 11, 2015 | ||||||||||||||
Line of credit | $ 500,000,000 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | June 30, 2015 to December 31, 2015 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan principal repayments | 6,700,000 | ||||||||||||||
Term loan repayments | $ 1,300,000 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | 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 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | 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 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | March 31, 2018 to December 31, 2018 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan principal repayments | 16,700,000 | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | CRC Health Group, Inc [Member] | Senior Secured Revolving Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Temporary reserve | $ 110,000,000 |
Long-Term Debt (12.875% Senior
Long-Term Debt (12.875% Senior Notes due 2018) - Additional Information (Detail) - 12.875% Senior Notes Due 2018 [Member] - USD ($) $ in Thousands | Mar. 12, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | Nov. 01, 2011 |
Debt Instrument [Line Items] | ||||
Issued Senior Notes | $ 150,000 | |||
Issue rate of senior notes | 98.323% | |||
Debt instrument discount | $ 967 | $ 1,080 | $ 2,500 | |
Senior notes interest percentage | 12.875% | 12.875% | 12.875% | 12.875% |
Interest on the notes | Semi-annually, in arrears, on November 1 and May 1 of each year | |||
Debt instrument, maximum redemption amount | $ 52,500 | |||
Debt instrument, redemption price percentage | 112.875% | |||
Redemption percentage of senior notes | 35.00% | |||
Debt extinguishment charge | $ 9,400 |
Long-Term Debt (6.125% Senior N
Long-Term Debt (6.125% Senior Notes due 2021) - Additional Information (Detail) - 6.125% Senior Notes Due 2021 [Member] - USD ($) $ in Millions | Mar. 12, 2013 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 150 | ||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% |
Debt instrument maturity date | Mar. 15, 2021 | ||
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. | ||
Debt Instrument, Redemption, Period One [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 100.00% | ||
Debt Instrument, Redemption, Period Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 106.125% | ||
Redemption percentage of senior notes | 35.00% | ||
Redemption date | Mar. 15, 2016 |
Long-Term Debt (5.125% Senior N
Long-Term Debt (5.125% Senior Notes due 2022) - Additional Information (Detail) - 5.125% Senior Notes due 2022 [Member] - USD ($) $ in Millions | Jul. 01, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 300 | ||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% |
Debt instrument maturity date | Jul. 1, 2022 | ||
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. | ||
Debt Instrument, Redemption, Period One [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 100.00% | ||
Debt Instrument, Redemption, Period Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 105.125% | ||
Redemption percentage of senior notes | 35.00% | ||
Redemption date | Jul. 1, 2017 |
Long-Term Debt (5.625% Senior N
Long-Term Debt (5.625% Senior Notes due 2023) - Additional Information (Detail) - 5.625% Senior Notes Due 2023 [Member] - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Feb. 11, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 375 | ||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% |
Debt instrument maturity date | Feb. 15, 2023 | ||
Date of initial payments on senior notes | Aug. 15, 2015 | ||
Debt Instrument, Redemption, Period One [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 100.00% | ||
Debt Instrument, Redemption, Period Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 105.625% | ||
Redemption percentage of senior notes | 35.00% | ||
Redemption date | Feb. 15, 2018 |
Long-Term Debt (9.0% and 9.5% R
Long-Term Debt (9.0% and 9.5% Revenue Bonds) - Additional Information (Detail) - 9.0% and 9.5% Revenue Bonds [Member] - USD ($) $ in Thousands | Nov. 11, 2012 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 24,054 | $ 24,274 | |
Debt instrument premium | 1,429 | 1,649 | |
Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 23,000 | ||
Debt service reserve fund within other assets | $ 2,300 | $ 2,300 | |
Debt instrument premium | 2,600 | ||
Fair Value Measurement [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 25,600 | ||
9.0% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 7,500 | ||
Debt instrument interest rate | 9.00% | ||
Debt instrument maturity date | Dec. 1, 2030 | ||
9.5% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 15,500 | ||
Debt instrument interest rate | 9.50% | ||
Debt instrument maturity date | Dec. 1, 2040 |
Equity Offerings - Additional I
Equity Offerings - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May. 11, 2015 | Feb. 11, 2015 | Jun. 17, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Equity [Line Items] | ||||||
Common stock offered | 5,175,000 | 8,881,794 | 70,596,523 | 59,211,859 | ||
Common stock offer price | $ 66.50 | $ 44 | $ 0.01 | $ 0.01 | ||
Underwriting discount amount | $ 12,000 | $ 15,600 | ||||
Additional offering-related costs | 600 | 800 | ||||
Net proceeds from sale of shares | $ 331,500 | $ 374,400 | $ 331,530 | $ 374,336 | ||
CRC Health Group, Inc [Member] | ||||||
Equity [Line Items] | ||||||
Total consideration related to acquisition | $ 1,300,000 | |||||
Shares issued for acquisition | 5,975,326 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized common stock | 4,700,000 | 4,700,000 | ||
Equity incentive plan available for future grant | 1,257,326 | 1,257,326 | ||
Annual increments in employee grants | 25.00% | |||
Stock options, contractual term | 10 years | |||
Equity-based compensation expense | $ 5,355 | $ 2,406 | $ 9,249 | $ 4,170 |
Unrecognized compensation expense related to unvested options | $ 57,700 | |||
Vesting period | 1 year 7 months 6 days | |||
Warrants outstanding | 0 | 0 | ||
Tax realized from stock options exercised | $ 2,000 | 800 | $ 6,300 | 3,500 |
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred income tax benefit | $ 2,200 | $ 1,000 | $ 3,800 | $ 1,700 |
Equity-Based Compensation - Sto
Equity-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 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 | 190,900 | 226,663 | |
Options exercised | (49,045) | (210,199) | |
Options cancelled | (88,264) | (77,851) | |
Options outstanding, Ending balance | 791,013 | 737,422 | 798,809 |
Options outstanding, Weighted Average Exercise Price, Beginning balance | $ 32.19 | $ 21.93 | |
Options exercisable, Ending balance | 153,900 | 91,947 | |
Options granted, Weighted Average Exercise Price | $ 62.37 | $ 49.80 | |
Options exercised, Weighted Average Exercise Price | 23.66 | 14.93 | |
Options cancelled, Weighted Average Exercise Price | 47.86 | 27.85 | |
Options outstanding, Weighted Average Exercise Price, Ending balance | $ 40.28 | $ 32.19 | $ 21.93 |
Options outstanding, Aggregate Intrinsic Value, Beginning balance | $ 14,512 | $ 10,700 | |
Options exercisable, Weighted Average Exercise Price, Ending balance | $ 34.84 | $ 28.87 | |
Options granted, Aggregate Intrinsic Value | $ 1,148 | $ 209 | |
Options granted, Weighted Average Remaining Contractual Term | 9 years 8 months 5 days | 9 years 3 months | |
Options exercised, Aggregate Intrinsic Value | $ 5,197 | $ 4,994 | |
Options outstanding, Weighted Average Remaining Contractual Term | 8 years 1 month 2 days | 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 | 6 years 7 months 6 days | 6 years 3 months 18 days | |
Options outstanding, Aggregate Intrinsic Value, Ending balance | $ 23,104 | $ 14,512 | $ 10,700 |
Options exercisable, Aggregate Intrinsic Value, Ending balance | $ 6,941 | $ 3,326 |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Stock Activity (Detail) - Restricted Stock Award [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
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 | 480,152 | 468,484 |
Cancelled, Number of Shares | (55,674) | (75,369) |
Vested, Number of Shares | (107,263) | (132,784) |
Unvested, Number of Shares/Units, Ending balance | 1,039,243 | 722,028 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 39.77 | $ 24.96 |
Granted, Weighted Average Grant-Date Fair Value | 62.08 | 48.99 |
Cancelled, Weighted Average Grant-Date Fair Value | 49.59 | 36.36 |
Vested, Weighted Average Grant-Date Fair Value | 32.47 | 22.81 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 51.03 | $ 39.77 |
Equity-Based Compensation - R61
Equity-Based Compensation - Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
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 | $ 56.97 | $ 38.73 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average grant-date fair value of options | $ 24.30 | $ 17.14 |
Risk-free interest rate | 1.90% | 1.70% |
Expected volatility | 33.00% | 36.00% |
Expected life (in years) | 5 years 6 months | 5 years 6 months |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rates | 31.40% | 39.90% | 31.40% | 39.00% |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 01, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
(Losses) gains associated with changes in fair value of the foreign currency forward contracts | $ (1) | $ 13.7 | $ (0.9) | $ 13.7 | |
Settlement of foreign currency forward contracts | $ 15.3 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Long-Term Debt and Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | $ 96,533 | $ 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 | 24,054 | 24,274 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liabilities | 3,000 | 3,000 |
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 | 1,007,620 | 525,576 |
Fair Value [Member] | 12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 106,519 | 109,688 |
Fair Value [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 154,500 | 153,000 |
Fair Value [Member] | 5.125% Senior Notes due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 297,750 | 295,500 |
Fair Value [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 379,688 | |
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 | 24,054 | 24,274 |
Carrying Amounts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liabilities | 3,000 | 3,000 |
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 | 1,007,620 | 525,576 |
Carrying Amounts [Member] | 12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 96,533 | 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 | $ 24,054 | $ 24,274 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Jul. 01, 2014 | Mar. 12, 2013 | Nov. 01, 2011 | |
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Contingent consideration, Paid | $ 3,250 | |||||
Park Royal [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Increase (Decrease) in fair value of contingent consideration liability | $ 500 | |||||
Contingent consideration, Paid | $ 5,000 | |||||
Contingent consideration liabilities | 7,000 | |||||
McCallum [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Cash payments for earn-out agreement | $ 6,000 | |||||
12.875% Senior Notes Due 2018 [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 12.875% | 12.875% | 12.875% | 12.875% | ||
6.125% Senior Notes Due 2021 [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | |||
5.125% Senior Notes due 2022 [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | |||
5.625 % Senior Notes Due 2021 [Member] | ||||||
Disclosures Regarding Financial Instruments [Line Items] | ||||||
Debt instrument interest rate | 5.625% | |||||
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 - Additiona
Segment Information - Additional Information (Detail) - Jun. 30, 2015 | BedsStateFacilities |
Segment Reporting Information [Line Items] | |
Number of facilities | 223 |
Number of beds | Beds | 9,000 |
Number of operating states | State | 37 |
U.S. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 178 |
Number of operating states | State | 37 |
U.S. Facilities [Member] | Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Number of beds | Beds | 7,200 |
U.K. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 45 |
U.K. Facilities [Member] | Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Number of beds | Beds | 1,800 |
Segment Information - Summary o
Segment Information - Summary of Financial Information by Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 453,660 | $ 213,803 | $ 819,443 | $ 415,221 |
Segment EBITDA | 105,803 | 44,714 | 184,515 | 83,996 |
Equity-based compensation expense | (5,355) | (2,406) | (9,249) | (4,170) |
(Loss) gain on foreign currency derivatives | (961) | 13,735 | (908) | 13,735 |
Transaction-related expenses | (7,157) | (3,016) | (25,573) | (4,595) |
Interest expense, net | (28,049) | (9,730) | (50,195) | (19,437) |
Depreciation and amortization | (14,926) | (5,935) | (28,030) | (11,371) |
Income from continuing operations before income taxes | 49,355 | 37,362 | 70,560 | 58,158 |
U.S. Facilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 366,886 | 212,834 | 657,393 | 413,398 |
Segment EBITDA | 102,342 | 53,031 | 178,706 | 100,563 |
U.K. Facilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 84,927 | 158,242 | ||
Segment EBITDA | 20,371 | 39,182 | ||
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,847 | 969 | 3,808 | 1,823 |
Segment EBITDA | $ (16,910) | $ (8,317) | $ (33,373) | $ (16,567) |
Segment Information - Summary69
Segment Information - Summary of Financial Information by Operating Segment, Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill: | |
Beginning balance | $ 802,986 |
Increase from 2015 acquisitions | 1,169,106 |
Foreign currency translation | 6,972 |
Purchase price allocation and other | (33,036) |
Ending balance | 1,946,028 |
U.S. Facilities [Member] | |
Goodwill: | |
Beginning balance | 693,945 |
Increase from 2015 acquisitions | 1,103,813 |
Purchase price allocation and other | 281 |
Ending balance | 1,798,039 |
U.K. Facilities [Member] | |
Goodwill: | |
Beginning balance | 109,041 |
Increase from 2015 acquisitions | 65,293 |
Foreign currency translation | 6,972 |
Purchase price allocation and other | (33,317) |
Ending balance | $ 147,989 |
Segment Information - Summary70
Segment Information - Summary of Financial Information by Operating Segment, Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Assets | $ 3,926,385 | $ 2,223,590 |
U.S. Facilities [Member] | ||
Assets | ||
Assets | 2,729,896 | 1,327,563 |
U.K. Facilities [Member] | ||
Assets | ||
Assets | 944,033 | 726,693 |
Corporate and Other [Member] | ||
Assets | ||
Assets | $ 252,456 | $ 169,334 |
Segment Information - Summary71
Segment Information - Summary of Financial Information by Operating Segment, Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 1,455,390 | $ 1,069,700 |
U.S. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 671,200 | 478,100 |
U.K. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 754,200 | 578,600 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 30,000 | $ 13,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Jul. 01, 2015 - Subsequent Event [Member] $ in Millions | USD ($)Beds |
United Kingdom [Member] | |
Subsequent Event [Line Items] | |
Number of beds | Beds | 15 |
Business acquisition cash paid | $ 5.9 |
Pennsylvania [Member] | |
Subsequent Event [Line Items] | |
Number of beds | Beds | 147 |
Business acquisition cash paid | $ 40 |
Total consideration related to acquisition | 35 |
Estimated working capital settlement | $ 5 |
Financial Information for the73
Financial Information for the Company and Its Subsidiaries - Additional Information (Detail) | Jun. 30, 2015 |
12.875% Senior Notes Due 2018 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 12.875% |
6.125% Senior Notes Due 2021 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 6.125% |
5.125% Senior Notes due 2022 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 5.125% |
5.625% Senior Notes Due 2023 [Member] | |
Line of Credit Facility [Line Items] | |
Debt instrument interest rate | 5.625% |
Financial Information for the74
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 34,572 | $ 94,040 | $ 277,744 | $ 4,569 |
Accounts receivable, net | 182,315 | 118,378 | ||
Deferred tax assets | 38,693 | 20,155 | ||
Other current assets | 70,325 | 41,570 | ||
Total current assets | 325,905 | 274,143 | ||
Property and equipment, net | 1,455,390 | 1,069,700 | ||
Goodwill | 1,946,028 | 802,986 | ||
Intangible assets, net | 58,514 | 21,636 | ||
Deferred tax assets - noncurrent | 33,966 | 13,141 | ||
Other assets | 106,582 | 41,984 | ||
Total assets | 3,926,385 | 2,223,590 | ||
Current liabilities: | ||||
Current portion of long-term debt | 38,652 | 26,965 | ||
Accounts payable | 58,714 | 48,696 | ||
Accrued salaries and benefits | 77,545 | 59,317 | ||
Other accrued liabilities | 68,197 | 30,956 | ||
Total current liabilities | 243,108 | 165,934 | ||
Long-term debt | 1,914,555 | 1,069,305 | ||
Deferred tax liabilities - noncurrent | 20,200 | 63,880 | ||
Other liabilities | 82,218 | 43,506 | ||
Total liabilities | 2,260,081 | 1,342,625 | ||
Total equity | 1,666,304 | 880,965 | ||
Total liabilities and equity | 3,926,385 | 2,223,590 | ||
Consolidating Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | (1,925) | |||
Deferred tax assets - noncurrent | (5,666) | |||
Investment in subsidiaries | (1,332,308) | (1,759,337) | ||
Other assets | (351,373) | (181,774) | ||
Total assets | (1,683,681) | (1,946,777) | ||
Current liabilities: | ||||
Long-term debt | (351,373) | (181,774) | ||
Deferred tax liabilities - noncurrent | (5,666) | |||
Total liabilities | (351,373) | (187,440) | ||
Total equity | (1,332,308) | (1,759,337) | ||
Total liabilities and equity | (1,683,681) | (1,946,777) | ||
Parent [Member] | ||||
Current assets: | ||||
Deferred tax assets - noncurrent | 5,361 | 4,563 | ||
Investment in subsidiaries | 1,332,308 | 1,759,337 | ||
Other assets | 389,676 | 202,708 | ||
Total assets | 1,727,345 | 1,966,608 | ||
Current liabilities: | ||||
Current portion of long-term debt | 38,437 | 26,750 | ||
Other accrued liabilities | 22,604 | 13,647 | ||
Total current liabilities | 61,041 | 40,397 | ||
Long-term debt | 1,045,246 | |||
Total liabilities | 61,041 | 1,085,643 | ||
Total equity | 1,666,304 | 880,965 | ||
Total liabilities and equity | 1,727,345 | 1,966,608 | ||
Combined Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 17,179 | 76,685 | 274,517 | |
Accounts receivable, net | 160,179 | 100,797 | ||
Deferred tax assets | 36,502 | 18,395 | ||
Other current assets | 62,295 | 36,049 | ||
Total current assets | 276,155 | 231,926 | ||
Property and equipment, net | 656,262 | 451,943 | ||
Goodwill | 1,700,705 | 596,611 | ||
Intangible assets, net | 55,928 | 19,057 | ||
Deferred tax assets - noncurrent | 16,239 | |||
Other assets | 65,957 | 18,727 | ||
Total assets | 2,771,246 | 1,318,264 | ||
Current liabilities: | ||||
Accounts payable | 44,985 | 39,486 | ||
Accrued salaries and benefits | 65,040 | 47,597 | ||
Other accrued liabilities | 27,543 | 7,688 | ||
Total current liabilities | 137,568 | 94,771 | ||
Long-term debt | 1,890,716 | |||
Deferred tax liabilities - noncurrent | 21,027 | |||
Other liabilities | 72,329 | 33,321 | ||
Total liabilities | 2,100,613 | 149,119 | ||
Total equity | 670,633 | 1,169,145 | ||
Total liabilities and equity | 2,771,246 | 1,318,264 | ||
Combined Non-Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 17,393 | 17,355 | $ 3,227 | $ 6,494 |
Accounts receivable, net | 22,136 | 17,581 | ||
Deferred tax assets | 2,191 | 1,760 | ||
Other current assets | 8,030 | 5,521 | ||
Total current assets | 49,750 | 42,217 | ||
Property and equipment, net | 799,128 | 617,757 | ||
Goodwill | 245,323 | 206,375 | ||
Intangible assets, net | 2,586 | 2,579 | ||
Deferred tax assets - noncurrent | 12,366 | 14,244 | ||
Other assets | 2,322 | 2,323 | ||
Total assets | 1,111,475 | 885,495 | ||
Current liabilities: | ||||
Current portion of long-term debt | 215 | 215 | ||
Accounts payable | 13,729 | 9,210 | ||
Accrued salaries and benefits | 12,505 | 11,720 | ||
Other accrued liabilities | 18,050 | 9,621 | ||
Total current liabilities | 44,499 | 30,766 | ||
Long-term debt | 375,212 | 205,833 | ||
Deferred tax liabilities - noncurrent | 20,200 | 48,519 | ||
Other liabilities | 9,889 | 10,185 | ||
Total liabilities | 449,800 | 295,303 | ||
Total equity | 661,675 | 590,192 | ||
Total liabilities and equity | $ 1,111,475 | $ 885,495 |
Financial Information for the75
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue before provision for doubtful accounts | $ 461,798 | $ 220,664 | $ 835,956 | $ 426,783 |
Provision for doubtful accounts | (8,138) | (6,861) | (16,513) | (11,562) |
Revenue | 453,660 | 213,803 | 819,443 | 415,221 |
Salaries, wages and benefits | 243,302 | 122,473 | 449,173 | 240,048 |
Professional fees | 30,029 | 10,891 | 52,456 | 21,273 |
Supplies | 20,542 | 10,596 | 36,796 | 20,660 |
Rents and leases | 8,211 | 2,889 | 14,097 | 5,658 |
Other operating expenses | 51,128 | 24,646 | 91,655 | 47,756 |
Depreciation and amortization | 14,926 | 5,935 | 28,030 | 11,371 |
Interest expense, net | 28,049 | 9,730 | 50,195 | 19,437 |
Loss (gain) on foreign currency derivatives | 961 | (13,735) | 908 | (13,735) |
Transaction-related expenses | 7,157 | 3,016 | 25,573 | 4,595 |
Total expenses | 404,305 | 176,441 | 748,883 | 357,063 |
(Loss) income from continuing operations before income taxes | 49,355 | 37,362 | 70,560 | 58,158 |
(Benefit from) provision for income taxes | 15,512 | 14,905 | 22,125 | 22,680 |
Income (loss) from continuing operations | 33,843 | 22,457 | 48,435 | 35,478 |
Income (loss) from discontinued operations, net of income taxes | 1 | (6) | 3 | 31 |
Net income (loss) | 33,844 | 22,451 | 48,438 | 35,509 |
Other comprehensive income: | ||||
Foreign currency translation gain | 46,173 | 16,784 | ||
Other comprehensive income | 46,173 | 16,784 | ||
Comprehensive income (loss) | 80,017 | 22,451 | 65,222 | 35,509 |
Consolidating Adjustments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity in earnings of subsidiaries | (50,281) | (20,972) | (76,268) | (40,839) |
Income (loss) from continuing operations | (50,281) | (20,972) | (76,268) | (40,839) |
Net income (loss) | (50,281) | (20,972) | (76,268) | (40,839) |
Other comprehensive income: | ||||
Comprehensive income (loss) | (50,281) | (20,972) | (76,268) | (40,839) |
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Salaries, wages and benefits | 5,355 | 2,406 | 9,249 | 4,170 |
Interest expense, net | 18,106 | 9,202 | 31,054 | 18,313 |
Loss (gain) on foreign currency derivatives | 961 | (13,735) | 908 | (13,735) |
Total expenses | 24,422 | (2,127) | 41,211 | 8,748 |
(Loss) income from continuing operations before income taxes | (24,422) | 2,127 | (41,211) | (8,748) |
Equity in earnings of subsidiaries | 50,281 | 20,972 | 76,268 | 40,839 |
(Benefit from) provision for income taxes | (7,985) | 648 | (13,381) | (3,418) |
Income (loss) from continuing operations | 33,844 | 22,451 | 48,438 | 35,509 |
Net income (loss) | 33,844 | 22,451 | 48,438 | 35,509 |
Other comprehensive income: | ||||
Comprehensive income (loss) | 33,844 | 22,451 | 48,438 | 35,509 |
Combined Subsidiary Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue before provision for doubtful accounts | 363,851 | 207,143 | 651,616 | 400,425 |
Provision for doubtful accounts | (7,566) | (5,954) | (14,985) | (10,464) |
Revenue | 356,285 | 201,189 | 636,631 | 389,961 |
Salaries, wages and benefits | 183,490 | 114,976 | 339,189 | 225,629 |
Professional fees | 22,579 | 9,691 | 39,064 | 18,944 |
Supplies | 16,929 | 9,967 | 29,938 | 19,353 |
Rents and leases | 7,402 | 2,613 | 12,519 | 5,108 |
Other operating expenses | 43,145 | 22,522 | 75,392 | 43,600 |
Depreciation and amortization | 10,551 | 5,581 | 19,262 | 10,666 |
Interest expense, net | 5,882 | 11,603 | ||
Transaction-related expenses | 2,946 | 3,016 | 21,362 | 4,595 |
Total expenses | 292,924 | 168,366 | 548,329 | 327,895 |
(Loss) income from continuing operations before income taxes | 63,361 | 32,823 | 88,302 | 62,066 |
(Benefit from) provision for income taxes | 20,734 | 13,315 | 29,251 | 24,249 |
Income (loss) from continuing operations | 42,627 | 19,508 | 59,051 | 37,817 |
Income (loss) from discontinued operations, net of income taxes | 1 | (6) | 3 | 31 |
Net income (loss) | 42,628 | 19,502 | 59,054 | 37,848 |
Other comprehensive income: | ||||
Comprehensive income (loss) | 42,628 | 19,502 | 59,054 | 37,848 |
Combined Non-Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue before provision for doubtful accounts | 97,947 | 13,521 | 184,340 | 26,358 |
Provision for doubtful accounts | (572) | (907) | (1,528) | (1,098) |
Revenue | 97,375 | 12,614 | 182,812 | 25,260 |
Salaries, wages and benefits | 54,457 | 5,091 | 100,735 | 10,249 |
Professional fees | 7,450 | 1,200 | 13,392 | 2,329 |
Supplies | 3,613 | 629 | 6,858 | 1,307 |
Rents and leases | 809 | 276 | 1,578 | 550 |
Other operating expenses | 7,983 | 2,124 | 16,263 | 4,156 |
Depreciation and amortization | 4,375 | 354 | 8,768 | 705 |
Interest expense, net | 4,061 | 528 | 7,538 | 1,124 |
Transaction-related expenses | 4,211 | 4,211 | ||
Total expenses | 86,959 | 10,202 | 159,343 | 20,420 |
(Loss) income from continuing operations before income taxes | 10,416 | 2,412 | 23,469 | 4,840 |
(Benefit from) provision for income taxes | 2,763 | 942 | 6,255 | 1,849 |
Income (loss) from continuing operations | 7,653 | 1,470 | 17,214 | 2,991 |
Net income (loss) | 7,653 | 1,470 | 17,214 | 2,991 |
Other comprehensive income: | ||||
Foreign currency translation gain | 46,173 | 16,784 | ||
Other comprehensive income | 46,173 | 16,784 | ||
Comprehensive income (loss) | $ 53,826 | $ 1,470 | $ 33,998 | $ 2,991 |
Financial Information for the76
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Operating activities: | |||||
Net income (loss) | $ 33,844 | $ 22,451 | $ 48,438 | $ 35,509 | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||
Depreciation and amortization | 14,926 | 5,935 | 28,030 | 11,371 | |
Amortization of debt issuance costs | 3,218 | 1,334 | |||
Equity-based compensation expense | 5,355 | 2,406 | 9,249 | 4,170 | |
Deferred income tax (benefit) expense | 24,682 | 9,097 | |||
Income (loss) from discontinued operations, net of income taxes | (1) | 6 | (3) | (31) | |
Loss (gain) on foreign currency derivatives | 961 | (13,735) | 908 | (13,735) | |
Other | 692 | 25 | |||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||
Accounts receivable, net | (10,442) | (15,303) | |||
Other current assets | (13,048) | (4,792) | |||
Other assets | (1,218) | (578) | |||
Accounts payable and other accrued liabilities | (4,313) | (1,300) | |||
Accrued salaries and benefits | (225) | 1,782 | |||
Other liabilities | 4,619 | 1,701 | |||
Net cash provided by continuing operating activities | 90,587 | 29,250 | |||
Net cash provided by discontinued operating activities | 554 | (11) | |||
Net cash (used in) provided by operating activities | 91,141 | 29,239 | |||
Investing activities: | |||||
Cash paid for acquisitions, net of cash acquired | (286,734) | (10,000) | |||
Cash paid for capital expenditures | (122,035) | (43,323) | |||
Cash paid for real estate acquisitions | (3,428) | (18,326) | |||
Settlement of foreign currency derivatives | (908) | ||||
Other | (481) | (439) | |||
Net cash used in investing activities | (413,586) | (72,088) | |||
Financing activities: | |||||
Borrowings on long-term debt | 875,000 | 7,500 | |||
Borrowings on revolving credit facility | 180,000 | 59,500 | |||
Principal payments on revolving credit facility | (180,000) | (113,000) | |||
Repayment of assumed CRC debt | (904,467) | ||||
Principal payments on long-term debt | (15,875) | (3,750) | |||
Payment of debt issuance costs | (22,775) | (5,810) | |||
Issuance of common stock, net | (380,210) | 374,336 | |||
Common stock withheld for minimum statutory taxes, net | (7,826) | (2,981) | |||
Excess tax benefit from equity awards | 6,327 | 3,479 | |||
Other | (150) | ||||
Cash paid for contingent consideration | (3,250) | ||||
Net cash provided by (used in) financing activities | 261,764 | 316,024 | |||
Effect of exchange rate changes on cash | 1,213 | ||||
Net (decrease) increase in cash and cash equivalents | (59,468) | 273,175 | |||
Cash and cash equivalents at beginning of the period | 94,040 | 4,569 | $ 4,569 | ||
Cash and cash equivalents at end of the period | 34,572 | 277,744 | 34,572 | 277,744 | 94,040 |
Consolidating Adjustments [Member] | |||||
Operating activities: | |||||
Net income (loss) | (50,281) | (20,972) | (76,268) | (40,839) | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||
Equity in earnings of subsidiaries | 50,281 | 20,972 | 76,268 | 40,839 | |
Change in operating assets and liabilities, net of effect of acquisitions: | |||||
Other assets | 300 | (165) | |||
Net cash provided by continuing operating activities | 300 | (165) | |||
Net cash (used in) provided by operating activities | 300 | (165) | |||
Financing activities: | |||||
Principal payments on long-term debt | 300 | 165 | |||
Cash provided by (used in) intercompany activity | (600) | 1,925 | |||
Net cash provided by (used in) financing activities | (300) | 2,090 | |||
Net (decrease) increase in cash and cash equivalents | 1,925 | ||||
Cash and cash equivalents at beginning of the period | (1,925) | (1,925) | |||
Parent [Member] | |||||
Operating activities: | |||||
Net income (loss) | 33,844 | 22,451 | 48,438 | 35,509 | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||
Equity in earnings of subsidiaries | (50,281) | (20,972) | (76,268) | (40,839) | |
Amortization of debt issuance costs | 1,560 | ||||
Equity-based compensation expense | 9,249 | 4,170 | |||
Deferred income tax (benefit) expense | (798) | 5,585 | |||
Loss (gain) on foreign currency derivatives | 961 | (13,735) | 908 | (13,735) | |
Change in operating assets and liabilities, net of effect of acquisitions: | |||||
Other assets | (300) | 165 | |||
Net cash provided by continuing operating activities | (18,771) | (7,585) | |||
Net cash (used in) provided by operating activities | (18,771) | (7,585) | |||
Financing activities: | |||||
Borrowings on long-term debt | 875,000 | 7,500 | |||
Borrowings on revolving credit facility | 180,000 | 59,500 | |||
Principal payments on revolving credit facility | (180,000) | (113,000) | |||
Repayment of assumed CRC debt | (904,467) | ||||
Principal payments on long-term debt | (15,875) | (3,750) | |||
Payment of debt issuance costs | (5,810) | ||||
Issuance of common stock, net | 374,336 | ||||
Common stock withheld for minimum statutory taxes, net | (2,981) | ||||
Excess tax benefit from equity awards | 3,479 | ||||
Cash provided by (used in) intercompany activity | 64,113 | (311,689) | |||
Net cash provided by (used in) financing activities | 18,771 | 7,585 | |||
Combined Subsidiary Guarantors [Member] | |||||
Operating activities: | |||||
Net income (loss) | 42,628 | 19,502 | 59,054 | 37,848 | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||
Depreciation and amortization | 10,551 | 5,581 | 19,262 | 10,666 | |
Amortization of debt issuance costs | 3,438 | ||||
Deferred income tax (benefit) expense | 22,964 | 3,105 | |||
Income (loss) from discontinued operations, net of income taxes | (1) | 6 | (3) | (31) | |
Other | 662 | 25 | |||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||
Accounts receivable, net | (11,409) | (16,670) | |||
Other current assets | (12,026) | (5,033) | |||
Other assets | (1,220) | (578) | |||
Accounts payable and other accrued liabilities | 5,991 | (1,584) | |||
Accrued salaries and benefits | 791 | 1,701 | |||
Other liabilities | 5,442 | 1,701 | |||
Net cash provided by continuing operating activities | 92,946 | 31,150 | |||
Net cash provided by discontinued operating activities | 554 | (11) | |||
Net cash (used in) provided by operating activities | 93,500 | 31,139 | |||
Investing activities: | |||||
Cash paid for acquisitions, net of cash acquired | (89,041) | (10,000) | |||
Cash paid for capital expenditures | (62,101) | (39,782) | |||
Cash paid for real estate acquisitions | (3,428) | (18,326) | |||
Settlement of foreign currency derivatives | (908) | ||||
Other | (481) | (439) | |||
Net cash used in investing activities | (155,959) | (68,547) | |||
Financing activities: | |||||
Payment of debt issuance costs | (22,775) | ||||
Issuance of common stock, net | 331,530 | ||||
Common stock withheld for minimum statutory taxes, net | (7,826) | ||||
Excess tax benefit from equity awards | 6,327 | ||||
Other | (150) | ||||
Cash paid for contingent consideration | (3,250) | ||||
Cash provided by (used in) intercompany activity | (305,366) | 315,175 | |||
Net cash provided by (used in) financing activities | 1,740 | 311,925 | |||
Effect of exchange rate changes on cash | 1,213 | ||||
Net (decrease) increase in cash and cash equivalents | (59,506) | 274,517 | |||
Cash and cash equivalents at beginning of the period | 76,685 | ||||
Cash and cash equivalents at end of the period | 17,179 | 274,517 | 17,179 | 274,517 | 76,685 |
Combined Non-Guarantors [Member] | |||||
Operating activities: | |||||
Net income (loss) | 7,653 | 1,470 | 17,214 | 2,991 | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||
Depreciation and amortization | 4,375 | 354 | 8,768 | 705 | |
Amortization of debt issuance costs | (220) | (226) | |||
Deferred income tax (benefit) expense | 2,516 | 407 | |||
Other | 30 | ||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||
Accounts receivable, net | 967 | 1,367 | |||
Other current assets | (1,022) | 241 | |||
Other assets | 2 | ||||
Accounts payable and other accrued liabilities | (10,304) | 284 | |||
Accrued salaries and benefits | (1,016) | 81 | |||
Other liabilities | (823) | ||||
Net cash provided by continuing operating activities | 16,112 | 5,850 | |||
Net cash (used in) provided by operating activities | 16,112 | 5,850 | |||
Investing activities: | |||||
Cash paid for acquisitions, net of cash acquired | (197,693) | ||||
Cash paid for capital expenditures | (59,934) | (3,541) | |||
Net cash used in investing activities | (257,627) | (3,541) | |||
Financing activities: | |||||
Principal payments on long-term debt | (300) | (165) | |||
Cash provided by (used in) intercompany activity | 241,853 | (5,411) | |||
Net cash provided by (used in) financing activities | 241,553 | (5,576) | |||
Net (decrease) increase in cash and cash equivalents | 38 | (3,267) | |||
Cash and cash equivalents at beginning of the period | 17,355 | 6,494 | 6,494 | ||
Cash and cash equivalents at end of the period | $ 17,393 | $ 3,227 | $ 17,393 | $ 3,227 | $ 17,355 |