Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | 88,235,019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 57,808 | $ 67,290 |
Accounts receivable, net | 325,148 | 296,925 |
Other current assets | 120,937 | 107,335 |
Total current assets | 503,893 | 471,550 |
Property and equipment, net | 3,151,529 | 3,048,130 |
Goodwill | 2,779,401 | 2,751,174 |
Intangible assets, net | 91,036 | 87,348 |
Deferred tax assets | 3,698 | 3,731 |
Derivative instrument assets | 12,997 | |
Other assets | 55,172 | 49,572 |
Total assets | 6,584,729 | 6,424,502 |
Current liabilities: | ||
Current portion of long-term debt | 33,830 | 34,830 |
Accounts payable | 122,430 | 102,299 |
Accrued salaries and benefits | 104,908 | 99,047 |
Other accrued liabilities | 128,473 | 141,213 |
Total current liabilities | 389,641 | 377,389 |
Long-term debt | 3,208,088 | 3,205,058 |
Deferred tax liabilities | 76,930 | 80,333 |
Derivative instrument liabilities | 15,160 | |
Other liabilities | 168,633 | 166,434 |
Total liabilities | 3,858,452 | 3,829,214 |
Redeemable noncontrolling interests | 24,658 | 22,417 |
Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued | ||
Common stock, $0.01 par value; 180,000,000 shares authorized; 87,287,865 and 87,060,114 issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 873 | 871 |
Additional paid-in capital | 2,522,745 | 2,517,545 |
Accumulated other comprehensive loss | (301,391) | (374,118) |
Retained earnings | 479,392 | 428,573 |
Total equity | 2,701,619 | 2,572,871 |
Total liabilities and equity | $ 6,584,729 | $ 6,424,502 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
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 | 180,000,000 | 180,000,000 |
Common stock, shares issued | 87,287,865 | 87,060,114 |
Common stock, shares outstanding | 87,287,865 | 87,060,114 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue before provision for doubtful accounts | $ 742,241 | $ 689,341 |
Provision for doubtful accounts | (10,147) | |
Revenue | 742,241 | 679,194 |
Salaries, wages and benefits (including equity-based compensation expense of $6,919 and $7,396, respectively) | 411,528 | 376,421 |
Professional fees | 54,018 | 43,409 |
Supplies | 29,364 | 27,709 |
Rents and leases | 20,288 | 18,971 |
Other operating expenses | 88,231 | 83,711 |
Depreciation and amortization | 39,773 | 33,613 |
Interest expense, net | 45,243 | 42,757 |
Debt extinguishment costs | 940 | |
Transaction-related expenses | 4,768 | 4,119 |
Total expenses | 694,153 | 630,710 |
Income before income taxes | 48,088 | 48,484 |
(Benefit from) provision for income taxes | (2,786) | 13,711 |
Net income | 50,874 | 34,773 |
Net (income) loss attributable to noncontrolling interests | (55) | 185 |
Net income attributable to Acadia Healthcare Company, Inc. | $ 50,819 | $ 34,958 |
Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: | ||
Basic | $ 0.58 | $ 0.40 |
Diluted | $ 0.58 | $ 0.40 |
Weighted-average shares outstanding: | ||
Basic | 87,121 | 86,762 |
Diluted | 87,294 | 86,908 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Equity-based compensation expense | $ 6,919 | $ 7,396 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 50,874 | $ 34,773 |
Other comprehensive income: | ||
Foreign currency translation gain | 92,780 | 27,046 |
Loss on derivative instruments, net of tax of $(7.3) million and $(5.6) million, respectively | (20,053) | (5,868) |
Other comprehensive income | 72,727 | 21,178 |
Comprehensive income | 123,601 | 55,951 |
Comprehensive (gain) loss attributable to noncontrolling interests | (55) | 185 |
Comprehensive income attributable to Acadia Healthcare Company, Inc. | $ 123,546 | $ 56,136 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Loss on derivative instruments, tax | $ (7.3) | $ (5.6) |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Loss [Member] | Earnings (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2017 | $ 2,572,871 | $ 871 | $ 2,517,545 | $ (374,118) | $ 428,573 |
Balance, shares at Dec. 31, 2017 | 87,060,114 | 87,060,000 | |||
Common stock issued under stock incentive plans | $ 96 | $ 2 | 94 | ||
Common stock issued under stock incentive plans, shares | 4,689 | 228,000 | |||
Common stock withheld for minimum statutory taxes | $ (2,126) | (2,126) | |||
Equity-based compensation expense | 6,919 | 6,919 | |||
Other comprehensive income | 72,727 | 72,727 | |||
Other | 313 | 313 | |||
Net income attributable to Acadia Healthcare Company, Inc. | 50,819 | 50,819 | |||
Balance at Mar. 31, 2018 | $ 2,701,619 | $ 873 | $ 2,522,745 | $ (301,391) | $ 479,392 |
Balance, shares at Mar. 31, 2018 | 87,287,865 | 87,288,000 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net income | $ 50,874 | $ 34,773 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||
Depreciation and amortization | 39,773 | 33,613 |
Amortization of debt issuance costs | 2,525 | 2,396 |
Equity-based compensation expense | 6,919 | 7,396 |
Deferred income tax expense | 1,897 | 2,007 |
Debt extinguishment costs | 940 | |
Other | 1,043 | 3,825 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | (18,793) | (12,459) |
Other current assets | (13,216) | 5,886 |
Other assets | (1,268) | (1,710) |
Accounts payable and other accrued liabilities | (3,368) | (16,993) |
Accrued salaries and benefits | 4,802 | (3,437) |
Other liabilities | 509 | 2,142 |
Net cash provided by continuing operating activities | 72,637 | 57,439 |
Net cash used in discontinued operating activities | (287) | (425) |
Net cash provided by operating activities | 72,350 | 57,014 |
Investing activities: | ||
Cash paid for capital expenditures | (70,327) | (50,549) |
Cash paid for real estate acquisitions | (4,293) | (2,495) |
Other | (4,066) | (5,051) |
Net cash used in investing activities | (78,686) | (58,095) |
Financing activities: | ||
Principal payments on long-term debt | (8,638) | |
Common stock withheld for minimum statutory taxes, net | (2,030) | (4,234) |
Other | (2,704) | (865) |
Net cash used in financing activities | (4,734) | (13,737) |
Effect of exchange rate changes on cash | 1,588 | 842 |
Net decrease in cash and cash equivalents | (9,482) | (13,976) |
Cash and cash equivalents at beginning of the period | 67,290 | 57,063 |
Cash and cash equivalents at end of the period | $ 57,808 | $ 43,087 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 (“U.S.”), the United Kingdom (“U.K.”) and Puerto Rico. At March 31, 2018, the Company operated 584 behavioral healthcare facilities with approximately 17,800 beds in 40 states, the U.K. and Puerto Rico. Basis of Presentation The business of the Company is conducted through limited liability companies, partnerships and C-corporations. 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, 2017 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, 2017 included in the Company’s Annual Report on Form 10-K Certain reclassifications have been made to prior years to conform to the current year presentation. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | 2. Recently Issued Accounting Standards In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” 2017-12”). 2017-12 2017-12 2017-12 In January 2017, the FASB issued ASU 2017-04, “Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” 2017-04”). 2017-04 2017-04 2017-04 In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” 2016-15”). 2016-15 2016-15 2016-15 In March 2016, the FASB issued ASU 2016-02, “Leases” 2016-02”). 2016-02’s 2016-02 2016-02 right-of-use 2016-02 In January 2016, the FASB issued ASU 2016-01, “Financial Instruments-Overall (Subtopic 825-10): 2016-01”). 2016-01 2016-15 2016-01 In May 2014, the FASB and the International Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” 2014-09”). 2014-09’s 2014-09 2014-09 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue ASU 2014-09 2014-09 2014-09 As a result of certain changes required by ASU 2014-09, 2014-09 2014-09 2014-09 As Reported Prior to Adopting 2014-09 Revenue before provision for doubtful accounts $ 742,241 $ 750,501 Provision for doubtful accounts — (8,260 ) Revenue $ 742,241 $ 742,241 The Company evaluated the nature, amount, timing and uncertainty of revenue and cash flows using the five-step process provided within ASU 2014-09. Revenue is primarily derived from services rendered to patients for inpatient psychiatric and substance abuse care, outpatient psychiatric care and adolescent residential treatment. The services provided by the Company have no fixed duration and can be terminated by the patient or the facility at any time, and therefore, each treatment is its own stand-alone contract. Services ordered by a healthcare provider in an episode of care are not separately identifiable and therefore have been combined into a single performance obligation for each contract. The Company recognizes revenue as its performance obligations are completed. The performance obligation is satisfied over time as the customer simultaneously receives and consumes the benefits of the healthcare services provided. For inpatient services, the Company recognizes revenue equally over the patient stay on a daily basis. For outpatient services, the Company recognizes revenue equally over the number of treatments provided in a single episode of care. Typically, patients and third-party payors are billed within several days of the service being performed or the patient being discharged, and payments are due based on contract terms. As our performance obligations relate to contracts with a duration of one year or less, the Company elected the optional exemption in ASC 606-10-50-14(a). The Company disaggregates revenue from contracts with customers by service type and by payor within each of the Company’s segments. U.S. Facilities The Company’s facilities in the United States (the “U.S. Facilities”) and services can generally be classified into the following categories: acute inpatient psychiatric facilities; specialty treatment facilities; residential treatment centers; and outpatient community-based services. Acute inpatient psychiatric facilities. 24-hour Specialty treatment facilities co-occurring Residential treatment centers non-hospital Outpatient community-based services The table below presents total U.S. revenue attributed to each category (in thousands): Three Months Ended March 31, 2018 2017 Acute inpatient psychiatric facilities $ 195,891 $ 184,687 Specialty treatment facilities 184,535 175,197 Residential treatment centers 71,557 69,287 Outpatient community-based services 10,422 11,052 Revenue $ 462,405 $ 440,223 The Company receives payments from the following sources for services rendered in our U.S. Facilities: (i) state governments under their respective Medicaid and other programs; (ii) commercial insurers; (iii) the federal government under the Medicare program administered by the Centers for Medicare and Medicaid Services (“CMS”); and (iv) individual patients and clients. As the period between the time of service and time of payment is typically one year or less, the Company elected the practical expedient under ASC 606-10-32-18 The Company determines the transaction price based on established billing rates reduced by contractual adjustments provided to third-party payors, discounts provided to uninsured patients and implicit price concessions. Contractual adjustments and discounts are based on contractual agreements, discount policies and historical experience. Implicit price concessions are based on historical collection experience. Most of our U.S. Facilities have contracts containing variable consideration. However, it is unlikely a significant reversal of revenue will occur when the uncertainty is resolved, and therefore, the Company has included the variable consideration in the estimated transaction price. Subsequent changes resulting from a patient’s ability to pay are recorded as bad debt expense, which is included as a component of other operating expenses in the condensed consolidating statements of income. Bad debt expense for the three months ended March 31, 2018 was not significant. The Company derives a significant portion of its revenue from Medicare, Medicaid and other payors that receive discounts from established billing rates. The Medicare and Medicaid regulations and various managed care contracts under which these discounts must be calculated are complex, subject to interpretation and adjustment, and may include multiple reimbursement mechanisms for different types of services provided in the Company’s inpatient facilities and cost settlement provisions. Management estimates the transaction price on a payor-specific basis given its interpretation of the applicable regulations or contract terms. The services authorized and provided and related reimbursement are often subject to interpretation that could result in payments that differ from the Company’s estimates. Additionally, updated regulations and contract renegotiations occur frequently, necessitating regular review and assessment of the estimation process by management. Settlements under cost reimbursement agreements with third-party payors are estimated and recorded in the period in which the related services are rendered and are adjusted in future periods as final settlements are determined. Final determination of amounts earned under the Medicare and Medicaid programs often occurs in subsequent years because of audits by such programs, rights of appeal and the application of numerous technical provisions. In the opinion of management, adequate provision has been made for any adjustments and final settlements. However, there can be no assurance that any such adjustments and final settlements will not have a material effect on the Company’s financial condition or results of operations. The Company’s cost report receivables were $11.8 million and $9.0 million at March 31, 2018 and December 31, 2017, respectively, and were included in other current assets in the condensed consolidated balance sheets. Management believes that these receivables are properly stated and are not likely to be settled for a significantly different amount. The net adjustments to estimated cost report settlements were not significant for the three months ended March 31, 2018 and 2017. Management believes that we comply in all material respects with applicable laws and regulations and is not aware of any material pending or threatened investigations involving allegations of wrongdoing. Compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties and exclusion from the Medicare and Medicaid programs. The Company provides care without charge to patients who are financially unable to pay for the healthcare services they receive based on Company policies and federal and state poverty thresholds. Such amounts determined to qualify as charity care are not reported as revenue. The cost of providing charity care services were $2.0 million and $1.9 million for the three months ended March 31, 2018 and 2017, respectively. The estimated cost of charity care services was determined using a ratio of cost to gross charges determined from our most recently filed Medicare cost reports and applying that ratio to the gross charges associated with providing charity care for the period. The following table presents revenue generated by each payor type (in thousands): Three Months Ended March 31, 2018 2017 Commercial $ 137,619 $ 139,455 Medicare 67,271 67,840 Medicaid 213,279 190,834 Self-Pay 36,907 43,682 Other 7,329 8,553 Revenue before provision for doubtful accounts 462,405 450,364 Provision for doubtful accounts — (10,141 ) Revenue $ 462,405 $ 440,223 U.K. Facilities The Company’s facilities located in the United Kingdom (the “U.K. Facilities”) and services can generally be classified into the following categories: healthcare facilities, education and children’s services, adult care facilities and elderly care facilities. Healthcare facilities Education and children’s services. 52-week Adult care facilities The table below presents total U.K. revenue attributed to each category (in thousands): Three Months Ended March 31, 2018 2017 Healthcare facilities $ 154,800 $ 132,098 Education and Children’s Services 49,333 39,697 Adult Care facilities 75,703 67,176 Revenue $ 279,836 $ 238,971 The Company receives payments from approximately 500 public funded sources in the U.K. (including the National Health Service (“NHS”), Clinical Commissioning Groups (“CCGs”) and local authorities in England, Scotland and Wales) and individual patients and clients. The Company determines the transaction price based on established billing rates by payor and is reduced by implicit price concessions. Implicit price concessions are insignificant in our U.K. Facilities. There is no significant variable consideration in our U.K. Facilities’ contracts. As the period between the time of service and time of payment is typically one year or less, the Company elected the practical expedient under ASC 606-10-32-18 The following table presents revenue generated by each payor type (in thousands): Three Months Ended March 31, 2018 2017 U.K. public funded sources $ 253,294 $ 215,465 Self-Pay 25,068 22,201 Other 1,474 1,311 Revenue before provision for doubtful accounts 279,836 238,977 Provision for doubtful accounts — (6 ) Revenue $ 279,836 $ 238,971 The Company’s contract liabilities primarily consist of unearned revenue in our U.K. Facilities. A summary of the activity in unearned revenue in the U.K. Facilities is as follows (in thousands): Balance at December 31, 2017 $ 30,812 Payments received 45,349 Revenue recognized (38,908 ) Foreign currency translation gain 1,155 Balance at March 31, 2018 $ 38,408 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 4. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended 2018 2017 Numerator: Net income attributable to Acadia Healthcare Company, Inc. $ 50,819 $ 34,958 Denominator: Weighted average shares outstanding for basic earnings per share 87,121 86,762 Effect of dilutive instruments 173 146 Shares used in computing diluted earnings per common share 87,294 86,908 Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: Basic $ 0.58 $ 0.40 Diluted $ 0.58 $ 0.40 Approximately 2.0 million and 1.2 million shares of common stock issuable upon exercise of outstanding stock option awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2018 and 2017, respectively, because their effect would have been anti-dilutive. |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | 5. Other Intangible Assets Other identifiable intangible assets and related accumulated amortization consisted of the following at March 31, 2018 and December 31, 2017 (in thousands): Gross Carrying Amount Accumulated Amortization March 31, December 31, March 31, December 31, Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (2,100 ) $ (2,100 ) Non-compete 1,147 1,147 (1,147 ) (1,147 ) 3,247 3,247 (3,247 ) (3,247 ) Intangible assets not subject to amortization: Licenses and accreditations 12,798 12,266 — — Trade names 61,413 60,586 — — Certificates of need 16,825 14,496 — — 91,036 87,348 — — Total $ 94,283 $ 90,595 $ (3,247 ) $ (3,247 ) All the Company’s defined-lived intangible assets are fully amortized. The Company’s licenses and accreditations, trade names and certificate of need intangible assets have indefinite lives and are, therefore, not subject to amortization. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consists of the following at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Land $ 466,913 $ 450,342 Building and improvements 2,475,543 2,370,918 Equipment 440,189 400,596 Construction in progress 165,720 173,693 3,548,365 3,395,549 Less accumulated depreciation (396,836 ) (347,419 ) Property and equipment, net $ 3,151,529 $ 3,048,130 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consisted of the following (in thousands): March 31, 2018 December 31, 2017 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans $ 380,000 $ 380,000 Senior Secured Term B Loans 1,398,400 1,398,400 Senior Secured Revolving Line of Credit — — 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 650,000 650,000 6.500% Senior Notes due 2024 390,000 390,000 9.0% and 9.5% Revenue Bonds 21,920 21,920 Less: unamortized debt issuance costs, discount and premium (48,402 ) (50,432 ) 3,241,918 3,239,888 Less: current portion (33,830 ) (34,830 ) Long-term debt $ 3,208,088 $ 3,205,058 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 (the “Amended and Restated Senior Credit Facility”). The Company has amended the Amended and Restated Credit Agreement from time to time as described in the Company’s prior filings with the SEC. On May 10, 2017, the Company entered into a Third Repricing Amendment (the “Third Repricing Amendment”) to the Amended and Restated Credit Agreement. The Third Repricing Amendment reduced the Applicable Rate with respect to the Term Loan B facility Tranche B-1 B-1 B-2 B-2 write-off On March 22, 2018, the Company entered into a Second Repricing Facilities Amendment (the “Second Repricing Facilities Amendment”) to the Amended and Restated Credit Agreement. The Second Repricing Facilities Amendment (i) replaced the Tranche B-1 B-2 B-3 B-3 B-4 B-4 On March 29, 2018, the Company entered into a Third Repricing Facilities Amendment to the Amended and Restated Credit Agreement (the “Third Repricing Facilities Amendment”, and together with the Second Repricing Facilities Amendment, the “Repricing Facilities Amendments”). The Third Repricing Facilities Amendment replaced the existing revolving credit facility and Term Loan A facility (“TLA Facility”) with a new revolving credit facility and TLA Facility, respectively. The Company’s line of credit on its revolving credit facility remains at $500.0 million and the Third Repricing Facility Amendment reduced the size of the TLA Facility from $400.0 million to $380.0 million to reflect the then current outstanding principal. The Third Repricing Facilities Amendment reduced the Applicable Rate by 25 basis points for the revolving credit facility and the TLA Facility by amending the definition of “Applicable Rate.” In connection with the Repricing Facilities Amendments, the Company recorded a debt extinguishment charge of $0.9 million, including the discount and write-off The Company had $495.8 million of availability under the revolving line of credit and had standby letters of credit outstanding of $4.2 million related to security for the payment of claims required by its workers’ compensation insurance program at March 31, 2018. 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 TLA Facility of $4.8 million for June 30, 2018 to December 31, 2019, $7.1 million for March 31, 2020 to December 31, 2020, and $9.5 million for March 31, 2021 to September 30, 2021, with the remaining principal balance of the TLA Facility due on the maturity date of November 30, 2021. The Company is required to repay the Tranche B-3 B-3 B-4 B-4 B-1 B-2 B-3 B-4 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 2.50% for Eurodollar Rate Loans (as defined in the Amended and Restated Credit Agreement) and 1.50% for Base Rate Loans (as defined in the Amended and Restated Credit Agreement) at March 31, 2018. 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 1.00%. At March 31, 2018, the Pro Rata Facilities bore interest at a rate of LIBOR plus 2.50%. In addition, the Company is required to pay a commitment fee on undrawn amounts under the revolving line of credit. 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. At March 31, 2018, the Company was in compliance with such covenants. Senior Notes 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. 5.125% Senior Notes due 2022 On July 1, 2014, the Company issued $300.0 million of 5.125% Senior Notes due 2022 (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. 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”). On September 21, 2015, the Company issued $275.0 million of additional 5.625% Senior Notes. The additional notes formed a single class of debt securities with the 5.625% Senior Notes issued in February 2015. Giving effect to this issuance, the Company has outstanding an aggregate of $650.0 million of 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. 6.500% Senior Notes due 2024 On February 16, 2016, the Company issued $390.0 million of 6.500% Senior Notes due 2024 (the “6.500% Senior Notes”). The 6.500% Senior Notes mature on March 1, 2024 and bear interest at a rate of 6.500% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2016. The indentures governing the 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes and 6.500% Senior Notes (together, the “Senior Notes”) contain 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 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 Senior Notes at its option, in whole or part, at the dates and amounts set forth in the indentures. 9.0% and 9.5% Revenue Bonds On November 11, 2012, in connection with the acquisition of The Pavilion at HealthPark, LLC (“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. At March 31, 2018 and December 31, 2017, $2.3 million was recorded within other assets on the condensed consolidated balance sheets 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-Based Compensation
Equity-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
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 The Company recognized $6.9 million and $7.4 million in equity-based compensation expense for the three months ended March 31, 2018 and 2017, respectively. At March 31, 2018, there was $62.5 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 1.4 years. At March 31, 2018, there were no warrants outstanding. The Company recognized a deferred income tax benefit of $1.9 million and $2.9 million for the three months ended March 31, 2018 and 2017, respectively, related to equity-based compensation expense. Stock Options Stock option activity during 2017 and 2018 was as follows (aggregate intrinsic value in thousands): Number Weighted Weighted Aggregate Options outstanding at January 1, 2017 1,000,946 $ 49.42 7.80 $ 8,166 Options granted 259,300 42.25 9.30 205 Options exercised (87,367 ) 25.92 N/A 1,636 Options cancelled (198,313 ) 54.71 N/A N/A Options outstanding at December 31, 2017 974,566 47.89 7.46 3,802 Options granted 323,500 37.46 7.86 112 Options exercised (4,689 ) 20.60 N/A 97 Options cancelled (36,475 ) 51.41 N/A N/A Options outstanding at March 31, 2018 1,256,902 $ 45.17 7.60 $ 2,730 Options exercisable at December 31, 2017 405,634 $ 41.20 6.05 $ 3,549 Options exercisable at March 31, 2018 538,884 $ 44.41 6.27 $ 2,485 Fair values are estimated using the Black-Scholes option pricing model. The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the three months ended March 31, 2018 and year ended December 31, 2017: March 31, 2018 December 31, 2017 Weighted average grant-date fair value of options $ 13.66 $ 14.39 Risk-free interest rate 2.2 % 2.0 % Expected volatility 37 % 33 % Expected life (in years) 5.1 5.5 The Company’s estimate of expected volatility for stock options is based upon the volatility of our stock price over the expected life of the award. The risk-free interest rate is the approximate yield on U. S. 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. Other Stock-Based Awards Restricted stock activity during 2017 and 2018 was as follows: Number of Weighted Grant-Date Unvested at January 1, 2017 844,419 $ 55.76 Granted 404,224 42.38 Cancelled (145,981 ) 55.03 Vested (292,794 ) 53.07 Unvested at December 31, 2017 809,868 $ 50.19 Granted 370,162 36.67 Cancelled (30,177 ) 50.52 Vested (197,992 ) 53.66 Unvested at March 31, 2018 951,861 $ 44.20 Restricted stock unit activity during 2017 and 2018 was as follows: Number of Weighted Grant-Date Unvested at January 1, 2017 273,599 $ 59.68 Granted 219,840 43.23 Cancelled — — Vested (132,530 ) 58.67 Unvested at December 31, 2017 360,909 $ 50.04 Granted 285,358 42.26 Cancelled (89,713 ) 55.44 Vested (72,983 ) 49.64 Unvested at March 31, 2018 484,111 $ 44.52 Restricted stock awards are time-based vesting awards that vest over a period of three or four years and are subject to continuing service of the employee or non-employee Restricted stock units are granted to employees and are subject to Company performance compared to pre-established two- The fair values of restricted stock units were determined based on the closing price of the Company’s common stock on the trading date immediately prior to the grant date for units subject to performance conditions, or at its Monte-Carlo simulation value for units subject to market conditions. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The (benefit from) provision for income taxes for the three months ended March 31, 2018 and 2017 reflects effective tax rates of (5.8)% and 28.3%, respectively. The decrease in the effective tax rate for the three months ended March 31, 2018 was primarily attributable to the application of Public Law 115-97, informally referred to as the Tax Cuts and Jobs Act (the “Tax Act”) and a discrete benefit of $10.5 million recorded in the three months ended March 31, 2018 related to a change in the Company’s provisional amount recorded at December 31, 2017. The Company adopted ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” U.S. Tax Reform On December 22, 2017, the Tax Act was enacted into law. The Tax Act provides for significant changes to the U.S. tax code that impact businesses. Effective January 1, 2018, the Tax Act reduces the U.S. federal tax rate for corporations from 35% to 21%, for U.S. taxable income. The Tax Act requires a one-time one-time low-taxed Accounting Standards Codification (“ASC”) 740 “Income Taxes” At March 31, 2018, the Company had not completed its accounting for the tax effects of enactment of the Tax Act; however, in certain cases, as described below, the Company has made a reasonable estimate of the effects on our existing deferred tax balances. In other cases, the Company has not been able to make a reasonable estimate and continues to account for those items based on its existing accounting under ASC 740 and the provisions of the tax laws that were in effect immediately prior to enactment of the Tax Act. The Company has recognized a cumulative provisional amount of $19.3 million at March 31, 2018 related to the remeasurement of our deferred tax balance. In addition, the Company has recorded a one-time Provisional Amounts Deferred Tax Assets and Liabilities The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. As a result of the reduction in the corporate income tax rate, the Company is required to revalue its net deferred tax assets and liabilities to account for the future impact of lower corporate tax rates on this deferred amount and record any change in the value of such asset or liability as a one-time non-cash U.S. Tax on Foreign Earnings The one-time one-time The Company has estimated the impacts for Global Intangible Low-Taxed |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 10. Derivatives The Company entered into foreign currency forward contracts during the three months ended March 31, 2018 and 2017 in connection with certain transfers of cash between the U.S. and U.K. under the Company’s cash management and foreign currency risk management programs. Foreign currency forward contracts limit the economic risk of changes in the exchange rate between U.S. Dollars (“USD”) and British Pounds (“GBP”) associated with cash transfers. In May 2016, the Company entered into multiple cross currency swap agreements with an aggregate notional amount of $650.0 million to manage foreign currency risk by effectively converting a portion of its fixed-rate USD-denominated GBP-denominated The Company has designated the cross currency swap agreements and forward contracts entered into during 2017 and the three months ended March 31, 2018 as qualifying hedging instruments and is accounting for these as net investment hedges. The fair value of these derivatives of $15.2 million is recorded as derivative instruments liabilities on the condensed consolidated balance sheets. The gains and losses resulting from fair value adjustments to the cross currency swap agreements are recorded in accumulated other comprehensive loss as the swaps are effective in hedging the designated risk. Cash flows related to the cross currency swap derivatives are included in operating activities in the condensed consolidated statements of cash flows. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
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, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% Senior Notes, 9.0% and 9.5% Revenue Bonds and derivative instruments at March 31, 2018 and December 31, 2017 were as follows (in thousands): Carrying Amount Fair Value March 31, December 31, March 31, December 31, Amended and Restated Senior Credit Facility $ 1,750,391 $ 1,749,185 $ 1,750,391 $ 1,749,185 6.125% Senior Notes due 2021 $ 148,234 $ 148,098 $ 149,716 $ 150,134 5.125% Senior Notes due 2022 $ 296,364 $ 296,174 $ 296,364 $ 296,914 5.625% Senior Notes due 2023 $ 642,233 $ 641,891 $ 650,261 $ 651,519 6.500% Senior Notes due 2024 $ 382,507 $ 382,251 $ 397,807 $ 397,541 9.0% and 9.5% Revenue Bonds $ 22,188 $ 22,289 $ 22,188 $ 22,289 Derivative instrument (liabilities) assets $ (15,160 ) $ 12,997 $ (15,160 ) $ 12,997 The Company’s Amended and Restated Senior Credit Facility, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% 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 values of the derivative instruments were categorized as Level 2 in the GAAP fair value hierarchy and were based on observable market inputs including applicable exchange rates and interest rates. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Professional and General Liability A portion of the Company’s professional liability risks is insured through a wholly-owned insurance subsidiary. The Company’s wholly-owned insurance subsidiary insures the Company for professional liability losses up to $78.0 million in the aggregate. The insurance subsidiary has obtained reinsurance with unrelated commercial insurers for professional liability risks of $75.0 million in excess of a retention level of $3.0 million. Legal Proceedings The Company is, from time to time, subject to various claims, governmental investigations and regulatory actions, including claims for damages for personal injuries, medical malpractice, overpayments, breach of contract, securities law violations, 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 addition, healthcare companies are subject to numerous investigations by various governmental agencies. Under the federal False Claims Act, private parties have the right to bring qui tam, |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 13. Noncontrolling Interests Noncontrolling interests in the consolidated financial statements represents the portion of equity held by noncontrolling partners in non-wholly non-wholly The components of redeemable noncontrolling interests are as follows (in thousands): Balance at December 31, 2017 $ 22,417 Acquisition of redeemable noncontrolling interests 2,186 Net income attributable to noncontrolling interests 55 Balance at March 31, 2018 $ 24,658 |
Other Current Assets
Other Current Assets | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | 14. Other Current Assets Other current assets consisted of the following (in thousands): March 31, December 31, Other receivables $ 32,867 $ 30,455 Prepaid expenses 28,930 27,320 Insurance receivable-current portion 17,588 17,588 Income taxes receivable 24,405 15,056 Workers’ compensation deposits – current portion 10,000 10,000 Inventory 4,772 4,787 Other 2,375 2,129 Other current assets $ 120,937 $ 107,335 |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | 15. Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): March 31, December 31, Unearned income $ 38,956 $ 31,342 Accrued expenses 35,955 37,268 Insurance liability – current portion 22,788 22,788 Accrued interest 12,257 36,370 Income taxes payable 4,439 1,012 Accrued property taxes 3,666 3,945 Other 10,412 8,488 Other accrued liabilities $ 128,473 $ 141,213 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 16. 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 U.S. and its facilities in the U.K. separately to assess performance and make decisions, the Company’s operating segments include our U.S. Facilities and U.K. Facilities. At March 31, 2018, the U.S. Facilities included 212 behavioral healthcare facilities with approximately 9,000 beds in 40 states and Puerto Rico, and the U.K. Facilities included 372 behavioral healthcare facilities with approximately 8,800 beds in the U.K. The following tables set forth the financial information by operating segment, including a reconciliation of Segment EBITDA to income before income taxes (in thousands): Three Months Ended March 31, 2018 2017 Revenue: U.S. Facilities $ 462,405 $ 440,223 U.K. Facilities 279,836 238,971 Corporate and Other — — $ 742,241 $ 679,194 Segment EBITDA (1): U.S. Facilities $ 117,124 $ 112,145 U.K. Facilities 51,152 44,186 Corporate and Other (22,545 ) (19,962 ) $ 145,731 $ 136,369 Three Months Ended March 31, 2018 2017 Segment EBITDA (1) $ 145,731 $ 136,369 Plus (less): Equity-based compensation expense (6,919 ) (7,396 ) Transaction-related expenses (4,768 ) (4,119 ) Debt extinguishment costs (940 ) — Interest expense, net (45,243 ) (42,757 ) Depreciation and amortization (39,773 ) (33,613 ) Income before income taxes $ 48,088 $ 48,484 U.S. Facilities U.K. Facilities Corporate Consolidated Goodwill: Balance at January 1, 2018 $ 2,042,592 $ 708,582 $ — $ 2,751,174 Foreign currency translation gain — 27,465 — 27,465 Prior year purchase price adjustments — 762 — 762 Balance at March 31, 2018 $ 2,042,592 $ 736,809 $ — $ 2,779,401 March 31, 2018 December 31, 2017 Assets (2): U.S. Facilities $ 3,635,834 $ 3,567,126 U.K. Facilities 2,765,246 2,647,150 Corporate and Other 183,649 210,226 $ 6,584,729 $ 6,424,502 (1) Segment EBITDA is defined as income before provision for income taxes, equity-based compensation expense, transaction-related expenses, debt extinguishment costs, 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 GAAP, 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 GAAP 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 $1.2 billion, U.K. Facilities of $1.9 billion and corporate and other of $49.1 million at March 31, 2018. Assets include property and equipment for the U.S. Facilities of $1.2 billion, U.K. Facilities of $1.8 billion and corporate and other of $49.2 million at December 31, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 17. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows (in thousands): Foreign Currency Change in Fair Pension Plan Total Balance at December 31, 2017 $ (376,740 ) $ 7,167 $ (4,545 ) $ (374,118 ) Foreign currency translation gain 92,954 — (174 ) 92,780 Loss on derivative instruments, net of tax of $(7.3) million — (20,053 ) — (20,053 ) Balance at March 31, 2018 $ (283,786 ) $ (12,886 ) $ (4,719 ) $ (301,391 ) |
Financial Information for the C
Financial Information for the Company and Its Subsidiaries | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Information for the Company and Its Subsidiaries | 18. Financial Information for the Company and Its Subsidiaries The Company conducts substantially all of its business through its subsidiaries. The 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes and 6.500% 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 at March 31, 2018 and December 31, 2017, and for the three months ended March 31, 2018 and 2017. The information segregates the parent company (Acadia Healthcare Company, Inc.), the combined wholly-owned subsidiary guarantors, the combined non-guarantor Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets March 31, 2018 (In thousands) Parent Combined Combined Consolidating Total Current assets: Cash and cash equivalents $ — $ 25,212 $ 32,596 $ — $ 57,808 Accounts receivable, net — 251,938 73,210 — 325,148 Other current assets — 93,378 27,559 — 120,937 Total current assets — 370,528 133,365 — 503,893 Property and equipment, net — 1,113,401 2,038,128 — 3,151,529 Goodwill — 1,936,057 843,344 — 2,779,401 Intangible assets, net — 58,285 32,751 — 91,036 Deferred tax assets 1,427 — 3,698 (1,427 ) 3,698 Investment in subsidiaries 5,590,670 — — (5,590,670 ) — Other assets 355,984 44,507 7,453 (352,772 ) 55,172 Total assets $ 5,948,081 $ 3,522,778 $ 3,058,739 $ (5,944,869 ) $ 6,584,729 Current liabilities: Current portion of long-term debt $ 33,550 $ — $ 280 $ — $ 33,830 Accounts payable — 78,622 43,808 — 122,430 Accrued salaries and benefits — 74,265 30,643 — 104,908 Other accrued liabilities 11,572 29,302 87,599 — 128,473 Total current liabilities 45,122 182,189 162,330 — 389,641 Long-term debt 3,186,180 — 374,680 (352,772 ) 3,208,088 Deferred tax liabilities — 21,772 56,585 (1,427 ) 76,930 Derivative instrument liabilities 15,160 — — — 15,160 Other liabilities — 103,280 65,353 — 168,633 Total liabilities 3,246,462 307,241 658,948 (354,199 ) 3,858,452 Redeemable noncontrolling interests — — 24,658 — 24,658 Total equity 2,701,619 3,215,537 2,375,133 (5,590,670 ) 2,701,619 Total liabilities and equity $ 5,948,081 $ 3,522,778 $ 3,058,739 $ (5,944,869 ) $ 6,584,729 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2017 (In thousands) Parent Combined Combined Consolidating Total Current assets: Cash and cash equivalents $ — $ 46,860 $ 20,430 $ — $ 67,290 Accounts receivable, net — 230,890 66,035 — 296,925 Other current assets — 85,746 21,589 — 107,335 Total current assets — 363,496 108,054 — 471,550 Property and equipment, net — 1,086,802 1,961,328 — 3,048,130 Goodwill — 1,936,057 815,117 — 2,751,174 Intangible assets, net — 57,628 29,720 — 87,348 Deferred tax assets 2,370 — 3,731 (2,370 ) 3,731 Derivative instruments assets 12,997 — — — 12,997 Investment in subsidiaries 5,429,386 — — (5,429,386 ) — Other assets 381,913 38,860 7,807 (379,008 ) 49,572 Total assets $ 5,826,666 $ 3,482,843 $ 2,925,757 $ (5,810,764 ) $ 6,424,502 Current liabilities: Current portion of long-term debt $ 34,550 $ — $ 280 $ — $ 34,830 Accounts payable — 70,767 31,532 — 102,299 Accrued salaries and benefits — 69,057 29,990 — 99,047 Other accrued liabilities 36,196 27,676 77,341 — 141,213 Total current liabilities 70,746 167,500 139,143 — 377,389 Long-term debt 3,183,049 — 401,017 (379,008 ) 3,205,058 Deferred tax liabilities — 27,975 54,728 (2,370 ) 80,333 Other liabilities — 103,112 63,322 — 166,434 Total liabilities 3,253,795 298,587 658,210 (381,378 ) 3,829,214 Redeemable noncontrolling interests — — 22,417 — 22,417 Total equity 2,572,871 3,184,256 2,245,130 (5,429,386 ) 2,572,871 Total liabilities and equity $ 5,826,666 $ 3,482,843 $ 2,925,757 $ (5,810,764 ) $ 6,424,502 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended March 31, 2018 (In thousands) Parent Combined Combined Consolidating Total Revenue $ — $ 435,625 $ 306,616 $ — $ 742,241 Salaries, wages and benefits 6,919 239,052 165,557 — 411,528 Professional fees — 24,271 29,747 — 54,018 Supplies — 18,712 10,652 — 29,364 Rents and leases — 8,239 12,049 — 20,288 Other operating expenses — 56,170 32,061 — 88,231 Depreciation and amortization — 18,172 21,601 — 39,773 Interest expense, net 14,617 23,584 7,042 — 45,243 Debt extinguishment costs 940 — — — 940 Transaction-related expenses — 4,009 759 — 4,768 Total expenses 22,476 392,209 279,468 — 694,153 (Loss) income before income taxes (22,476 ) 43,416 27,148 — 48,088 Equity in earnings of subsidiaries 67,598 — — (67,598 ) — (Benefit from) provision for income taxes (5,752 ) (123 ) 3,089 — (2,786 ) Net income (loss) 50,874 43,539 24,059 (67,598 ) 50,874 Net gain attributable to noncontrolling interests — — (55 ) — (55 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 50,874 $ 43,539 $ 24,004 $ (67,598 ) $ 50,819 Other comprehensive (loss) income: Foreign currency translation gain — — 92,780 — 92,780 Loss on derivative instruments (20,053 ) — — — (20,053 ) Other comprehensive (loss) income (20,053 ) — 92,780 — 72,727 Comprehensive income (loss) $ 30,821 $ 43,539 $ 116,784 $ (67,598 ) $ 123,546 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended March 31, 2017 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 426,796 $ 262,545 $ — $ 689,341 Provision for doubtful accounts — (9,214 ) (933 ) — (10,147 ) Revenue — 417,582 261,612 — 679,194 Salaries, wages and benefits 7,396 224,430 144,595 — 376,421 Professional fees — 22,074 21,335 — 43,409 Supplies — 18,609 9,100 — 27,709 Rents and leases — 8,511 10,460 — 18,971 Other operating expenses — 55,031 28,680 — 83,711 Depreciation and amortization — 15,551 18,062 — 33,613 Interest expense, net 15,368 18,485 8,904 — 42,757 Transaction-related expenses — 1,438 2,681 — 4,119 Total expenses 22,764 364,129 243,817 — 630,710 (Loss) income before income taxes (22,764 ) 53,453 17,795 — 48,484 Equity in earnings of subsidiaries 46,553 — — (46,553 ) — (Benefit from) provision for income taxes (10,984 ) 21,070 3,625 — 13,711 Net income (loss) 34,773 32,383 14,170 (46,553 ) 34,773 Net loss attributable to noncontrolling interests — — 185 — 185 Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 34,773 $ 32,383 $ 14,355 $ (46,553 ) $ 34,958 Other comprehensive (loss) income: Foreign currency translation gain — — 27,046 — 27,046 Loss on derivative instruments (5,868 ) — — — (5,868 ) Other comprehensive (loss) income (5,868 ) — 27,046 — 21,178 Comprehensive income (loss) $ 28,905 $ 32,383 $ 41,401 $ (46,553 ) $ 56,136 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 50,874 $ 43,539 $ 24,059 $ (67,598 ) $ 50,874 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (67,598 ) — — 67,598 — Depreciation and amortization — 18,172 21,601 — 39,773 Amortization of debt issuance costs 2,626 — (101 ) — 2,525 Equity-based compensation expense 6,919 — — — 6,919 Deferred income tax (benefit) expense 942 1,104 (149 ) — 1,897 Debt extinguishment costs 940 — — — 940 Other 794 315 (66 ) — 1,043 Change in operating assets and liabilities: Accounts receivable, net — (21,049 ) 2,256 — (18,793 ) Other current assets — (7,980 ) (5,236 ) — (13,216 ) Other assets 4,432 (1,305 ) 37 (4,432 ) (1,268 ) Accounts payable and other accrued liabilities — (11,417 ) 8,049 — (3,368 ) Accrued salaries and benefits — 5,208 (406 ) — 4,802 Other liabilities — 1,204 (695 ) — 509 Net cash (used in) provided by continuing operating activities (71 ) 27,791 49,349 (4,432 ) 72,637 Net cash used in discontinued operating activities — (287 ) — — (287 ) Net cash (used in) provided by operating activities (71 ) 27,504 49,349 (4,432 ) 72,350 Investing activities: Cash paid for capital expenditures — (40,879 ) (29,448 ) — (70,327 ) Cash paid for real estate acquisitions — (4,293 ) — — (4,293 ) Other — (4,799 ) 733 — (4,066 ) Net cash used in investing activities — (49,971 ) (28,715 ) — (78,686 ) Financing activities: Principal payments on long-term debt — (169 ) (4,263 ) 4,432 — Common stock withheld for minimum statutory taxes, net (2,030 ) — — — (2,030 ) Other (1,742 ) (962 ) — — (2,704 ) Cash provided by (used in) intercompany activity 3,843 1,950 (5,793 ) — — Net provided by (used in) in financing activities 71 819 (10,056 ) 4,432 (4,734 ) Effect of exchange rate changes on cash — — 1,588 — 1,588 Net (decrease) increase in cash and cash equivalents — (21,648 ) 12,166 — (9,482 ) Cash and cash equivalents at beginning of the period — 46,860 20,430 — 67,290 Cash and cash equivalents at end of the period $ — $ 25,212 $ 32,596 $ — $ 57,808 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 34,773 $ 32,383 $ 14,170 $ (46,553 ) $ 34,773 Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: Equity in earnings of subsidiaries (46,553 ) — — 46,553 — Depreciation and amortization — 15,551 18,062 — 33,613 Amortization of debt issuance costs 2,500 — (104 ) — 2,396 Equity-based compensation expense 7,396 — — — 7,396 Deferred income tax (benefit) expense (171 ) 2,754 (576 ) — 2,007 Other 2,732 506 587 — 3,825 Change in operating assets and liabilities: Accounts receivable, net — (10,412 ) (2,047 ) — (12,459 ) Other current assets — 5,097 789 — 5,886 Other assets 2,927 (1,778 ) 68 (2,927 ) (1,710 ) Accounts payable and other accrued liabilities — (9,224 ) (7,769 ) — (16,993 ) Accrued salaries and benefits — (1,961 ) (1,476 ) — (3,437 ) Other liabilities — (304 ) 2,446 — 2,142 Net cash provided by (used in) continuing operating activities 3,604 32,612 24,150 (2,927 ) 57,439 Net cash used in discontinued operating activities — (425 ) — — (425 ) Net cash provided by (used in) operating activities 3,604 32,187 24,150 (2,927 ) 57,014 Investing activities: Cash paid for capital expenditures — (30,018 ) (20,531 ) — (50,549 ) Cash paid for real estate acquisitions — (2,495 ) — — (2,495 ) Other — (6,531 ) 1,480 — (5,051 ) Net cash used in investing activities — (39,044 ) (19,051 ) — (58,095 ) Financing activities: Principal payments on long-term debt (8,638 ) — (2,927 ) 2,927 (8,638 ) Common stock withheld for minimum statutory taxes, net (4,234 ) — — — (4,234 ) Other — (865 ) — — (865 ) Cash provided by (used in) intercompany activity 9,268 (5,030 ) (4,238 ) — — Net (used in) provided by in financing activities (3,604 ) (5,895 ) (7,165 ) 2,927 (13,737 ) Effect of exchange rate changes on cash — — 842 — 842 Net decrease in cash and cash equivalents — (12,752 ) (1,224 ) — (13,976 ) Cash and cash equivalents at beginning of the period — 15,681 41,382 — 57,063 Cash and cash equivalents at end of the period $ — $ 2,929 $ 40,158 $ — $ 43,087 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of the Activity in Unearned Revenue in the U.K. Facilities | A summary of the activity in unearned revenue in the U.K. Facilities is as follows (in thousands): Balance at December 31, 2017 $ 30,812 Payments received 45,349 Revenue recognized (38,908 ) Foreign currency translation gain 1,155 Balance at March 31, 2018 $ 38,408 |
U.S. Facilities [Member] | |
Schedule of Revenue Attributed to Each Category | The table below presents total U.S. revenue attributed to each category (in thousands): Three Months Ended March 31, 2018 2017 Acute inpatient psychiatric facilities $ 195,891 $ 184,687 Specialty treatment facilities 184,535 175,197 Residential treatment centers 71,557 69,287 Outpatient community-based services 10,422 11,052 Revenue $ 462,405 $ 440,223 |
Schedule of Revenue Generated by Each Payor Type | The following table presents revenue generated by each payor type (in thousands): Three Months Ended March 31, 2018 2017 Commercial $ 137,619 $ 139,455 Medicare 67,271 67,840 Medicaid 213,279 190,834 Self-Pay 36,907 43,682 Other 7,329 8,553 Revenue before provision for doubtful accounts 462,405 450,364 Provision for doubtful accounts — (10,141 ) Revenue $ 462,405 $ 440,223 |
U.K. Facilities [Member] | |
Schedule of Revenue Attributed to Each Category | The table below presents total U.K. revenue attributed to each category (in thousands): Three Months Ended March 31, 2018 2017 Healthcare facilities $ 154,800 $ 132,098 Education and Children’s Services 49,333 39,697 Adult Care facilities 75,703 67,176 Revenue $ 279,836 $ 238,971 |
Schedule of Revenue Generated by Each Payor Type | The following table presents revenue generated by each payor type (in thousands): Three Months Ended March 31, 2018 2017 U.K. public funded sources $ 253,294 $ 215,465 Self-Pay 25,068 22,201 Other 1,474 1,311 Revenue before provision for doubtful accounts 279,836 238,977 Provision for doubtful accounts — (6 ) Revenue $ 279,836 $ 238,971 |
Accounting Standards Update 2014-09 [Member] | |
Summary of Impact of Adoption of Accounting Standards | The impact of adopting ASU 2014-09 As Reported Prior to Adopting 2014-09 Revenue before provision for doubtful accounts $ 742,241 $ 750,501 Provision for doubtful accounts — (8,260 ) Revenue $ 742,241 $ 742,241 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended 2018 2017 Numerator: Net income attributable to Acadia Healthcare Company, Inc. $ 50,819 $ 34,958 Denominator: Weighted average shares outstanding for basic earnings per share 87,121 86,762 Effect of dilutive instruments 173 146 Shares used in computing diluted earnings per common share 87,294 86,908 Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: Basic $ 0.58 $ 0.40 Diluted $ 0.58 $ 0.40 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 at March 31, 2018 and December 31, 2017 (in thousands): Gross Carrying Amount Accumulated Amortization March 31, December 31, March 31, December 31, Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (2,100 ) $ (2,100 ) Non-compete 1,147 1,147 (1,147 ) (1,147 ) 3,247 3,247 (3,247 ) (3,247 ) Intangible assets not subject to amortization: Licenses and accreditations 12,798 12,266 — — Trade names 61,413 60,586 — — Certificates of need 16,825 14,496 — — 91,036 87,348 — — Total $ 94,283 $ 90,595 $ (3,247 ) $ (3,247 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consists of the following at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Land $ 466,913 $ 450,342 Building and improvements 2,475,543 2,370,918 Equipment 440,189 400,596 Construction in progress 165,720 173,693 3,548,365 3,395,549 Less accumulated depreciation (396,836 ) (347,419 ) Property and equipment, net $ 3,151,529 $ 3,048,130 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt consisted of the following (in thousands): March 31, 2018 December 31, 2017 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans $ 380,000 $ 380,000 Senior Secured Term B Loans 1,398,400 1,398,400 Senior Secured Revolving Line of Credit — — 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 650,000 650,000 6.500% Senior Notes due 2024 390,000 390,000 9.0% and 9.5% Revenue Bonds 21,920 21,920 Less: unamortized debt issuance costs, discount and premium (48,402 ) (50,432 ) 3,241,918 3,239,888 Less: current portion (33,830 ) (34,830 ) Long-term debt $ 3,208,088 $ 3,205,058 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Activity | Stock option activity during 2017 and 2018 was as follows (aggregate intrinsic value in thousands): Number Weighted Weighted Aggregate Options outstanding at January 1, 2017 1,000,946 $ 49.42 7.80 $ 8,166 Options granted 259,300 42.25 9.30 205 Options exercised (87,367 ) 25.92 N/A 1,636 Options cancelled (198,313 ) 54.71 N/A N/A Options outstanding at December 31, 2017 974,566 47.89 7.46 3,802 Options granted 323,500 37.46 7.86 112 Options exercised (4,689 ) 20.60 N/A 97 Options cancelled (36,475 ) 51.41 N/A N/A Options outstanding at March 31, 2018 1,256,902 $ 45.17 7.60 $ 2,730 Options exercisable at December 31, 2017 405,634 $ 41.20 6.05 $ 3,549 Options exercisable at March 31, 2018 538,884 $ 44.41 6.27 $ 2,485 |
Schedule of Stock Options Valuation Assumptions | The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the three months ended March 31, 2018 and year ended December 31, 2017: March 31, 2018 December 31, 2017 Weighted average grant-date fair value of options $ 13.66 $ 14.39 Risk-free interest rate 2.2 % 2.0 % Expected volatility 37 % 33 % Expected life (in years) 5.1 5.5 |
Restricted Stock Activity | Restricted stock activity during 2017 and 2018 was as follows: Number of Weighted Grant-Date Unvested at January 1, 2017 844,419 $ 55.76 Granted 404,224 42.38 Cancelled (145,981 ) 55.03 Vested (292,794 ) 53.07 Unvested at December 31, 2017 809,868 $ 50.19 Granted 370,162 36.67 Cancelled (30,177 ) 50.52 Vested (197,992 ) 53.66 Unvested at March 31, 2018 951,861 $ 44.20 |
Restricted Stock Unit Activity | Restricted stock unit activity during 2017 and 2018 was as follows: Number of Weighted Grant-Date Unvested at January 1, 2017 273,599 $ 59.68 Granted 219,840 43.23 Cancelled — — Vested (132,530 ) 58.67 Unvested at December 31, 2017 360,909 $ 50.04 Granted 285,358 42.26 Cancelled (89,713 ) 55.44 Vested (72,983 ) 49.64 Unvested at March 31, 2018 484,111 $ 44.52 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Values of Company's Amended and Restated Senior Credit Facilities and Contingent Consideration Liabilities | The carrying amounts and fair values of the Company’s Amended and Restated Senior Credit Facility, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% Senior Notes, 9.0% and 9.5% Revenue Bonds and derivative instruments at March 31, 2018 and December 31, 2017 were as follows (in thousands): Carrying Amount Fair Value March 31, December 31, March 31, December 31, Amended and Restated Senior Credit Facility $ 1,750,391 $ 1,749,185 $ 1,750,391 $ 1,749,185 6.125% Senior Notes due 2021 $ 148,234 $ 148,098 $ 149,716 $ 150,134 5.125% Senior Notes due 2022 $ 296,364 $ 296,174 $ 296,364 $ 296,914 5.625% Senior Notes due 2023 $ 642,233 $ 641,891 $ 650,261 $ 651,519 6.500% Senior Notes due 2024 $ 382,507 $ 382,251 $ 397,807 $ 397,541 9.0% and 9.5% Revenue Bonds $ 22,188 $ 22,289 $ 22,188 $ 22,289 Derivative instrument (liabilities) assets $ (15,160 ) $ 12,997 $ (15,160 ) $ 12,997 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Summary of Redeemable Noncontrolling Interests | The components of redeemable noncontrolling interests are as follows (in thousands): Balance at December 31, 2017 $ 22,417 Acquisition of redeemable noncontrolling interests 2,186 Net income attributable to noncontrolling interests 55 Balance at March 31, 2018 $ 24,658 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other current assets consisted of the following (in thousands): March 31, December 31, Other receivables $ 32,867 $ 30,455 Prepaid expenses 28,930 27,320 Insurance receivable-current portion 17,588 17,588 Income taxes receivable 24,405 15,056 Workers’ compensation deposits – current portion 10,000 10,000 Inventory 4,772 4,787 Other 2,375 2,129 Other current assets $ 120,937 $ 107,335 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands): March 31, December 31, Unearned income $ 38,956 $ 31,342 Accrued expenses 35,955 37,268 Insurance liability – current portion 22,788 22,788 Accrued interest 12,257 36,370 Income taxes payable 4,439 1,012 Accrued property taxes 3,666 3,945 Other 10,412 8,488 Other accrued liabilities $ 128,473 $ 141,213 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 before income taxes (in thousands): Three Months Ended March 31, 2018 2017 Revenue: U.S. Facilities $ 462,405 $ 440,223 U.K. Facilities 279,836 238,971 Corporate and Other — — $ 742,241 $ 679,194 Segment EBITDA (1): U.S. Facilities $ 117,124 $ 112,145 U.K. Facilities 51,152 44,186 Corporate and Other (22,545 ) (19,962 ) $ 145,731 $ 136,369 Three Months Ended March 31, 2018 2017 Segment EBITDA (1) $ 145,731 $ 136,369 Plus (less): Equity-based compensation expense (6,919 ) (7,396 ) Transaction-related expenses (4,768 ) (4,119 ) Debt extinguishment costs (940 ) — Interest expense, net (45,243 ) (42,757 ) Depreciation and amortization (39,773 ) (33,613 ) Income before income taxes $ 48,088 $ 48,484 |
Summary of Assets by Operating Segment | March 31, 2018 December 31, 2017 Assets (2): U.S. Facilities $ 3,635,834 $ 3,567,126 U.K. Facilities 2,765,246 2,647,150 Corporate and Other 183,649 210,226 $ 6,584,729 $ 6,424,502 (1) Segment EBITDA is defined as income before provision for income taxes, equity-based compensation expense, transaction-related expenses, debt extinguishment costs, 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 GAAP, 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 GAAP 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 $1.2 billion, U.K. Facilities of $1.9 billion and corporate and other of $49.1 million at March 31, 2018. Assets include property and equipment for the U.S. Facilities of $1.2 billion, U.K. Facilities of $1.8 billion and corporate and other of $49.2 million at December 31, 2017. |
Goodwill [Member] | |
Summary of Assets by Operating Segment | U.S. Facilities U.K. Facilities Corporate Consolidated Goodwill: Balance at January 1, 2018 $ 2,042,592 $ 708,582 $ — $ 2,751,174 Foreign currency translation gain — 27,465 — 27,465 Prior year purchase price adjustments — 762 — 762 Balance at March 31, 2018 $ 2,042,592 $ 736,809 $ — $ 2,779,401 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are as follows (in thousands): Foreign Currency Change in Fair Pension Plan Total Balance at December 31, 2017 $ (376,740 ) $ 7,167 $ (4,545 ) $ (374,118 ) Foreign currency translation gain 92,954 — (174 ) 92,780 Loss on derivative instruments, net of tax of $(7.3) million — (20,053 ) — (20,053 ) Balance at March 31, 2018 $ (283,786 ) $ (12,886 ) $ (4,719 ) $ (301,391 ) |
Financial Information for the40
Financial Information for the Company and Its Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Condensed Consolidating Balance Sheets | Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets March 31, 2018 (In thousands) Parent Combined Combined Consolidating Total Current assets: Cash and cash equivalents $ — $ 25,212 $ 32,596 $ — $ 57,808 Accounts receivable, net — 251,938 73,210 — 325,148 Other current assets — 93,378 27,559 — 120,937 Total current assets — 370,528 133,365 — 503,893 Property and equipment, net — 1,113,401 2,038,128 — 3,151,529 Goodwill — 1,936,057 843,344 — 2,779,401 Intangible assets, net — 58,285 32,751 — 91,036 Deferred tax assets 1,427 — 3,698 (1,427 ) 3,698 Investment in subsidiaries 5,590,670 — — (5,590,670 ) — Other assets 355,984 44,507 7,453 (352,772 ) 55,172 Total assets $ 5,948,081 $ 3,522,778 $ 3,058,739 $ (5,944,869 ) $ 6,584,729 Current liabilities: Current portion of long-term debt $ 33,550 $ — $ 280 $ — $ 33,830 Accounts payable — 78,622 43,808 — 122,430 Accrued salaries and benefits — 74,265 30,643 — 104,908 Other accrued liabilities 11,572 29,302 87,599 — 128,473 Total current liabilities 45,122 182,189 162,330 — 389,641 Long-term debt 3,186,180 — 374,680 (352,772 ) 3,208,088 Deferred tax liabilities — 21,772 56,585 (1,427 ) 76,930 Derivative instrument liabilities 15,160 — — — 15,160 Other liabilities — 103,280 65,353 — 168,633 Total liabilities 3,246,462 307,241 658,948 (354,199 ) 3,858,452 Redeemable noncontrolling interests — — 24,658 — 24,658 Total equity 2,701,619 3,215,537 2,375,133 (5,590,670 ) 2,701,619 Total liabilities and equity $ 5,948,081 $ 3,522,778 $ 3,058,739 $ (5,944,869 ) $ 6,584,729 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2017 (In thousands) Parent Combined Combined Consolidating Total Current assets: Cash and cash equivalents $ — $ 46,860 $ 20,430 $ — $ 67,290 Accounts receivable, net — 230,890 66,035 — 296,925 Other current assets — 85,746 21,589 — 107,335 Total current assets — 363,496 108,054 — 471,550 Property and equipment, net — 1,086,802 1,961,328 — 3,048,130 Goodwill — 1,936,057 815,117 — 2,751,174 Intangible assets, net — 57,628 29,720 — 87,348 Deferred tax assets 2,370 — 3,731 (2,370 ) 3,731 Derivative instruments assets 12,997 — — — 12,997 Investment in subsidiaries 5,429,386 — — (5,429,386 ) — Other assets 381,913 38,860 7,807 (379,008 ) 49,572 Total assets $ 5,826,666 $ 3,482,843 $ 2,925,757 $ (5,810,764 ) $ 6,424,502 Current liabilities: Current portion of long-term debt $ 34,550 $ — $ 280 $ — $ 34,830 Accounts payable — 70,767 31,532 — 102,299 Accrued salaries and benefits — 69,057 29,990 — 99,047 Other accrued liabilities 36,196 27,676 77,341 — 141,213 Total current liabilities 70,746 167,500 139,143 — 377,389 Long-term debt 3,183,049 — 401,017 (379,008 ) 3,205,058 Deferred tax liabilities — 27,975 54,728 (2,370 ) 80,333 Other liabilities — 103,112 63,322 — 166,434 Total liabilities 3,253,795 298,587 658,210 (381,378 ) 3,829,214 Redeemable noncontrolling interests — — 22,417 — 22,417 Total equity 2,572,871 3,184,256 2,245,130 (5,429,386 ) 2,572,871 Total liabilities and equity $ 5,826,666 $ 3,482,843 $ 2,925,757 $ (5,810,764 ) $ 6,424,502 |
Summary of Condensed Consolidating Statement of Comprehensive Income (Loss) | Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended March 31, 2018 (In thousands) Parent Combined Combined Consolidating Total Revenue $ — $ 435,625 $ 306,616 $ — $ 742,241 Salaries, wages and benefits 6,919 239,052 165,557 — 411,528 Professional fees — 24,271 29,747 — 54,018 Supplies — 18,712 10,652 — 29,364 Rents and leases — 8,239 12,049 — 20,288 Other operating expenses — 56,170 32,061 — 88,231 Depreciation and amortization — 18,172 21,601 — 39,773 Interest expense, net 14,617 23,584 7,042 — 45,243 Debt extinguishment costs 940 — — — 940 Transaction-related expenses — 4,009 759 — 4,768 Total expenses 22,476 392,209 279,468 — 694,153 (Loss) income before income taxes (22,476 ) 43,416 27,148 — 48,088 Equity in earnings of subsidiaries 67,598 — — (67,598 ) — (Benefit from) provision for income taxes (5,752 ) (123 ) 3,089 — (2,786 ) Net income (loss) 50,874 43,539 24,059 (67,598 ) 50,874 Net gain attributable to noncontrolling interests — — (55 ) — (55 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 50,874 $ 43,539 $ 24,004 $ (67,598 ) $ 50,819 Other comprehensive (loss) income: Foreign currency translation gain — — 92,780 — 92,780 Loss on derivative instruments (20,053 ) — — — (20,053 ) Other comprehensive (loss) income (20,053 ) — 92,780 — 72,727 Comprehensive income (loss) $ 30,821 $ 43,539 $ 116,784 $ (67,598 ) $ 123,546 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended March 31, 2017 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 426,796 $ 262,545 $ — $ 689,341 Provision for doubtful accounts — (9,214 ) (933 ) — (10,147 ) Revenue — 417,582 261,612 — 679,194 Salaries, wages and benefits 7,396 224,430 144,595 — 376,421 Professional fees — 22,074 21,335 — 43,409 Supplies — 18,609 9,100 — 27,709 Rents and leases — 8,511 10,460 — 18,971 Other operating expenses — 55,031 28,680 — 83,711 Depreciation and amortization — 15,551 18,062 — 33,613 Interest expense, net 15,368 18,485 8,904 — 42,757 Transaction-related expenses — 1,438 2,681 — 4,119 Total expenses 22,764 364,129 243,817 — 630,710 (Loss) income before income taxes (22,764 ) 53,453 17,795 — 48,484 Equity in earnings of subsidiaries 46,553 — — (46,553 ) — (Benefit from) provision for income taxes (10,984 ) 21,070 3,625 — 13,711 Net income (loss) 34,773 32,383 14,170 (46,553 ) 34,773 Net loss attributable to noncontrolling interests — — 185 — 185 Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 34,773 $ 32,383 $ 14,355 $ (46,553 ) $ 34,958 Other comprehensive (loss) income: Foreign currency translation gain — — 27,046 — 27,046 Loss on derivative instruments (5,868 ) — — — (5,868 ) Other comprehensive (loss) income (5,868 ) — 27,046 — 21,178 Comprehensive income (loss) $ 28,905 $ 32,383 $ 41,401 $ (46,553 ) $ 56,136 |
Summary of Condensed Consolidating Statement of Cash Flows | Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 50,874 $ 43,539 $ 24,059 $ (67,598 ) $ 50,874 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (67,598 ) — — 67,598 — Depreciation and amortization — 18,172 21,601 — 39,773 Amortization of debt issuance costs 2,626 — (101 ) — 2,525 Equity-based compensation expense 6,919 — — — 6,919 Deferred income tax (benefit) expense 942 1,104 (149 ) — 1,897 Debt extinguishment costs 940 — — — 940 Other 794 315 (66 ) — 1,043 Change in operating assets and liabilities: Accounts receivable, net — (21,049 ) 2,256 — (18,793 ) Other current assets — (7,980 ) (5,236 ) — (13,216 ) Other assets 4,432 (1,305 ) 37 (4,432 ) (1,268 ) Accounts payable and other accrued liabilities — (11,417 ) 8,049 — (3,368 ) Accrued salaries and benefits — 5,208 (406 ) — 4,802 Other liabilities — 1,204 (695 ) — 509 Net cash (used in) provided by continuing operating activities (71 ) 27,791 49,349 (4,432 ) 72,637 Net cash used in discontinued operating activities — (287 ) — — (287 ) Net cash (used in) provided by operating activities (71 ) 27,504 49,349 (4,432 ) 72,350 Investing activities: Cash paid for capital expenditures — (40,879 ) (29,448 ) — (70,327 ) Cash paid for real estate acquisitions — (4,293 ) — — (4,293 ) Other — (4,799 ) 733 — (4,066 ) Net cash used in investing activities — (49,971 ) (28,715 ) — (78,686 ) Financing activities: Principal payments on long-term debt — (169 ) (4,263 ) 4,432 — Common stock withheld for minimum statutory taxes, net (2,030 ) — — — (2,030 ) Other (1,742 ) (962 ) — — (2,704 ) Cash provided by (used in) intercompany activity 3,843 1,950 (5,793 ) — — Net provided by (used in) in financing activities 71 819 (10,056 ) 4,432 (4,734 ) Effect of exchange rate changes on cash — — 1,588 — 1,588 Net (decrease) increase in cash and cash equivalents — (21,648 ) 12,166 — (9,482 ) Cash and cash equivalents at beginning of the period — 46,860 20,430 — 67,290 Cash and cash equivalents at end of the period $ — $ 25,212 $ 32,596 $ — $ 57,808 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 34,773 $ 32,383 $ 14,170 $ (46,553 ) $ 34,773 Adjustments to reconcile net income (loss) to net cash provided by (used in) continuing operating activities: Equity in earnings of subsidiaries (46,553 ) — — 46,553 — Depreciation and amortization — 15,551 18,062 — 33,613 Amortization of debt issuance costs 2,500 — (104 ) — 2,396 Equity-based compensation expense 7,396 — — — 7,396 Deferred income tax (benefit) expense (171 ) 2,754 (576 ) — 2,007 Other 2,732 506 587 — 3,825 Change in operating assets and liabilities: Accounts receivable, net — (10,412 ) (2,047 ) — (12,459 ) Other current assets — 5,097 789 — 5,886 Other assets 2,927 (1,778 ) 68 (2,927 ) (1,710 ) Accounts payable and other accrued liabilities — (9,224 ) (7,769 ) — (16,993 ) Accrued salaries and benefits — (1,961 ) (1,476 ) — (3,437 ) Other liabilities — (304 ) 2,446 — 2,142 Net cash provided by (used in) continuing operating activities 3,604 32,612 24,150 (2,927 ) 57,439 Net cash used in discontinued operating activities — (425 ) — — (425 ) Net cash provided by (used in) operating activities 3,604 32,187 24,150 (2,927 ) 57,014 Investing activities: Cash paid for capital expenditures — (30,018 ) (20,531 ) — (50,549 ) Cash paid for real estate acquisitions — (2,495 ) — — (2,495 ) Other — (6,531 ) 1,480 — (5,051 ) Net cash used in investing activities — (39,044 ) (19,051 ) — (58,095 ) Financing activities: Principal payments on long-term debt (8,638 ) — (2,927 ) 2,927 (8,638 ) Common stock withheld for minimum statutory taxes, net (4,234 ) — — — (4,234 ) Other — (865 ) — — (865 ) Cash provided by (used in) intercompany activity 9,268 (5,030 ) (4,238 ) — — Net (used in) provided by in financing activities (3,604 ) (5,895 ) (7,165 ) 2,927 (13,737 ) Effect of exchange rate changes on cash — — 842 — 842 Net decrease in cash and cash equivalents — (12,752 ) (1,224 ) — (13,976 ) Cash and cash equivalents at beginning of the period — 15,681 41,382 — 57,063 Cash and cash equivalents at end of the period $ — $ 2,929 $ 40,158 $ — $ 43,087 |
Description of Business and B41
Description of Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018StateBedsFacilities | |
Accounting Policies [Abstract] | |
Number of facilities | Facilities | 584 |
Number of beds | Beds | 17,800 |
Number of operating states | State | 40 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cost report receivables | $ 11,800,000 | $ 9,000,000 | |
Costs of providing charity care services | 2,000,000 | $ 1,900,000 | |
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment in retained earnings | $ 0 |
Revenue - Summary of Impact of
Revenue - Summary of Impact of Adoption of Accounting Standards (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue before provision for doubtful accounts | $ 742,241 | $ 689,341 |
Provision for doubtful accounts | (10,147) | |
Revenue | 742,241 | $ 679,194 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue before provision for doubtful accounts | 750,501 | |
Provision for doubtful accounts | (8,260) | |
Revenue | $ 742,241 |
Revenue - Schedule of U.S. Reve
Revenue - Schedule of U.S. Revenue Attributed to Each Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 742,241 | $ 679,194 |
U.S. Facilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 462,405 | 440,223 |
U.S. Facilities [Member] | Acute Inpatient Psychiatric Facilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 195,891 | 184,687 |
U.S. Facilities [Member] | Specialty Treatment Facilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 184,535 | 175,197 |
U.S. Facilities [Member] | Residential Treatment Centers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 71,557 | 69,287 |
U.S. Facilities [Member] | Outpatient Community-Based Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 10,422 | $ 11,052 |
Revenue - Schedule of U.S. Re45
Revenue - Schedule of U.S. Revenue Generated by Each Payor Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | $ 742,241 | $ 689,341 |
Provision for doubtful accounts | (10,147) | |
Revenue | 742,241 | 679,194 |
U.S. Facilities [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | 462,405 | 450,364 |
Provision for doubtful accounts | (10,141) | |
Revenue | 462,405 | 440,223 |
U.S. Facilities [Member] | Commercial [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | 137,619 | 139,455 |
U.S. Facilities [Member] | Medicare [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | 67,271 | 67,840 |
U.S. Facilities [Member] | Medicaid [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | 213,279 | 190,834 |
U.S. Facilities [Member] | Self-Pay [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | 36,907 | 43,682 |
U.S. Facilities [Member] | Other [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | $ 7,329 | $ 8,553 |
Revenue - Schedule of U.K. Reve
Revenue - Schedule of U.K. Revenue Attributed to Each Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 742,241 | $ 679,194 |
U.K. Facilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 279,836 | 238,971 |
U.K. Facilities [Member] | Health Care Facilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 154,800 | 132,098 |
U.K. Facilities [Member] | Education and Children's Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 49,333 | 39,697 |
U.K. Facilities [Member] | Adult Care Facilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 75,703 | $ 67,176 |
Revenue - Schedule of U.K. Re47
Revenue - Schedule of U.K. Revenue Generated by Each Payor Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | $ 742,241 | $ 689,341 |
Provision for doubtful accounts | (10,147) | |
Revenue | 742,241 | 679,194 |
U.K. Facilities [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | 279,836 | 238,977 |
Provision for doubtful accounts | (6) | |
Revenue | 279,836 | 238,971 |
U.K. Facilities [Member] | U.K. Public Funded Sources [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | 253,294 | 215,465 |
U.K. Facilities [Member] | Self-Pay [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | 25,068 | 22,201 |
U.K. Facilities [Member] | Other [Member] | ||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||
Revenue before provision for doubtful accounts | $ 1,474 | $ 1,311 |
Revenue - Summary of the Activi
Revenue - Summary of the Activity in Unearned Revenue (Detail) - U.K. Facilities [Member] - Unearned Revenue [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Beginning Balance | $ 30,812 |
Payments received | 45,349 |
Revenue recognized | (38,908) |
Foreign currency translation gain | 1,155 |
Ending Balance | $ 38,408 |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income attributable to Acadia Healthcare Company, Inc. | $ 50,819 | $ 34,958 |
Denominator: | ||
Weighted average shares outstanding for basic earnings per share | 87,121 | 86,762 |
Effect of dilutive instruments | 173 | 146 |
Shares used in computing diluted earnings per common share | 87,294 | 86,908 |
Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: | ||
Basic | $ 0.58 | $ 0.40 |
Diluted | $ 0.58 | $ 0.40 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Excluded common stock for computation of diluted earnings per share | 2 | 1.2 |
Other Intangible Assets - Other
Other Intangible Assets - Other Identifiable Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | $ 3,247 | $ 3,247 |
Intangible assets not subject to amortization, Gross Carrying Amount | 91,036 | 87,348 |
Total | 94,283 | 90,595 |
Intangible assets subject to amortization, Accumulated Amortization | (3,247) | (3,247) |
Intangible assets not subject to amortization, Accumulated Amortization | 0 | 0 |
Total | (3,247) | (3,247) |
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 | (2,100) | (2,100) |
Non-Compete Agreements [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | 1,147 | 1,147 |
Intangible assets subject to amortization, Accumulated Amortization | (1,147) | (1,147) |
Licenses and Accreditations [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 12,798 | 12,266 |
Intangible assets not subject to amortization, Accumulated Amortization | 0 | 0 |
Trade Names [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 61,413 | 60,586 |
Intangible assets not subject to amortization, Accumulated Amortization | 0 | 0 |
Certificates of Need [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 16,825 | 14,496 |
Intangible assets not subject to amortization, Accumulated Amortization | $ 0 | $ 0 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,548,365 | $ 3,395,549 |
Less accumulated depreciation | (396,836) | (347,419) |
Property and equipment, net | 3,151,529 | 3,048,130 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 466,913 | 450,342 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,475,543 | 2,370,918 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 440,189 | 400,596 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 165,720 | $ 173,693 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 21, 2015 |
Debt Instrument [Line Items] | |||
Less: unamortized debt issuance costs, discount and premium | $ (48,402) | $ (50,432) | |
Long-term debt | 3,241,918 | 3,239,888 | |
Long-term debt | 3,241,918 | 3,239,888 | |
Less: current portion | (33,830) | (34,830) | |
Long-term debt | 3,208,088 | 3,205,058 | |
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 | 650,000 | 650,000 | $ 650,000 |
6.500% Senior Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 390,000 | 390,000 | |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term A Loans [Member] | |||
Debt Instrument [Line Items] | |||
Senior Secured | 380,000 | 380,000 | |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term B Loans [Member] | |||
Debt Instrument [Line Items] | |||
Senior Secured | 1,398,400 | 1,398,400 | |
9.0% and 9.5% Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 21,920 | $ 21,920 |
Long-Term Debt - Components o54
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Dec. 31, 2017 | Feb. 16, 2016 | Sep. 21, 2015 | Feb. 11, 2015 | Jul. 01, 2014 | Mar. 12, 2013 | |
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% | 5.625% | |||
Senior notes maturity year | 2,023 | 2,023 | |||||
6.500% Senior Notes Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 6.50% | 6.50% | 6.50% | ||||
Senior notes maturity year | 2,024 | 2,024 | |||||
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% |
Long-Term Debt (Amended and Res
Long-Term Debt (Amended and Restated Senior Credit Facility) - Additional Information (Detail) - USD ($) | Apr. 17, 2018 | Mar. 29, 2018 | Mar. 22, 2018 | Mar. 21, 2018 | Dec. 29, 2017 | May 10, 2017 | May 09, 2017 | Dec. 15, 2015 | Dec. 31, 2012 | Apr. 01, 2011 | Mar. 31, 2018 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 15, 2014 |
Debt Instrument [Line Items] | |||||||||||||||||
Debt extinguishment costs | $ (940,000) | ||||||||||||||||
Term loan repayments | $ 22,500,000 | ||||||||||||||||
Consolidated funded debt, unrestricted and unencumbered cash to consolidated EBITDA | $ 40,000,000 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 15,000,000 | ||||||||||||||||
Tranche B-1 Repricing Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | 7,700,000 | ||||||||||||||||
Tranche B-2 Repricing Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 14,800,000 | ||||||||||||||||
Tranche B-3 Facility [Member] | Subsequent Event [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | 5,100,000 | ||||||||||||||||
Tranche B-4 Facilities [Member] | Subsequent Event [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 9,900,000 | ||||||||||||||||
Term Loan A- Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit | $ 400,000,000 | ||||||||||||||||
Eurodollar [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest on borrowings | 2.50% | ||||||||||||||||
Base Rate Loans [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest on borrowings | 1.50% | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Date entered into an agreement | Dec. 31, 2012 | Apr. 1, 2011 | |||||||||||||||
Amount available under revolving line of credit | $ 495,800,000 | ||||||||||||||||
Debt instrument maturity date | Nov. 30, 2021 | Feb. 11, 2022 | |||||||||||||||
Term loan repayments | $ 1,200,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Third Repricing Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt extinguishment costs | $ 800,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Repricing Facilities Amendments [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt extinguishment costs | $ 900,000 | ||||||||||||||||
Revolving credit facility applicable rate | 0.25% | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 2,300,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Standby Letters of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Standby letters of credit outstanding | $ 4,200,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Senior Secured Revolving Line of Credit [Member] | Repricing Facilities Amendments [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit | $ 500,000,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Term Loan A- Facility [Member] | Repricing Facilities Amendments [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit | $ 380,000,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Eurodollar [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Eurodollar [Member] | Third Repricing Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest on borrowings | 2.75% | 3.00% | |||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Eurodollar [Member] | Repricing Facilities Amendments [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest on borrowings | 2.50% | 2.75% | |||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Base Rate Loans [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 0.50% | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Base Rate Loans [Member] | Third Repricing Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest on borrowings | 1.75% | 2.00% | |||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Base Rate Loans [Member] | Repricing Facilities Amendments [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest on borrowings | 1.50% | 1.75% | |||||||||||||||
Amended and Restated Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest on borrowings | 2.50% | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | June 30, 2017 to December 31, 2019 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan principal repayments | $ 4,800,000 | ||||||||||||||||
Term loan repayments | $ 1,200,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | June 30, 2017 to December 31, 2019 [Member] | TLB Facility Due on February 16, 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 2,300,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | September 30, 2015 to December 31, 2015 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 1,200,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | September 30, 2015 to December 31, 2015 [Member] | TLB Facility Due on February 16, 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 2,300,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | March 31, 2020 to December 31, 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan principal repayments | 7,100,000 | ||||||||||||||||
Term loan repayments | $ 1,200,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | March 31, 2020 to December 31, 2020 [Member] | TLB Facility Due on February 16, 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 2,300,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | March 31, 2021 to September 30, 2021 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan principal repayments | $ 9,500,000 |
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 ($) | Mar. 12, 2013 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 150,000,000 | ||
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. |
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 ($) | Jul. 01, 2014 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 300,000,000 | ||
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. |
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 ($) | 3 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 21, 2015 | Feb. 11, 2015 | |
Debt Instrument [Line Items] | ||||
Issued Senior Notes | $ 275,000,000 | $ 375,000,000 | ||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% |
Senior Notes | $ 650,000,000 | $ 650,000,000 | $ 650,000,000 | |
Debt instrument maturity date | Feb. 15, 2023 |
Long-Term Debt (6.500% Senior N
Long-Term Debt (6.500% Senior Notes due 2024) - Additional Information (Detail) - 6.500% Senior Notes Due 2024 [Member] - USD ($) | Feb. 16, 2016 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 390,000,000 | ||
Debt instrument interest rate | 6.50% | 6.50% | 6.50% |
Debt instrument maturity date | Mar. 1, 2024 | ||
Interest on the notes | Payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2016. |
Long-Term Debt (9.0% and 9.5% R
Long-Term Debt (9.0% and 9.5% Revenue Bonds) - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 11, 2012 | Mar. 31, 2018 | Dec. 31, 2017 |
9.0% and 9.5% Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 21,920 | $ 21,920 | |
9.0% and 9.5% Revenue Bonds [Member] | 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 | ||
9.0% and 9.5% Revenue Bonds [Member] | Fair Value [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 25,600 | ||
9.0% Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 9.00% | 9.00% | |
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] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 9.50% | 9.50% | |
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-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized common stock | 8,200,000 | |
Equity incentive plan available for future grant | 3,236,556 | |
Annual increments in employee grants | 25.00% | |
Stock options, contractual term | 10 years | |
Equity-based compensation expense | $ 6,919,000 | $ 7,396,000 |
Unrecognized compensation expense related to unvested options | $ 62,500,000 | |
Vesting period | 1 year 4 months 24 days | |
Deferred income tax benefit | $ 1,897,000 | 2,007,000 |
Warrant outstanding | 0 | |
Stock Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred income tax benefit | $ 1,900,000 | $ 2,900,000 |
Restricted Stock Units [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares issuable at the end of the vesting period, percentage | 0.00% | |
Restricted Stock Units [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares issuable at the end of the vesting period, percentage | 200.00% |
Equity-Based Compensation - Sto
Equity-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options outstanding, Beginning balance | 974,566 | 1,000,946 | |
Options granted | 323,500 | 259,300 | |
Options exercised | (4,689) | (87,367) | |
Options cancelled | (36,475) | (198,313) | |
Options outstanding, Ending balance | 1,256,902 | 974,566 | 1,000,946 |
Options outstanding, Weighted Average Exercise Price, Beginning balance | $ 47.89 | $ 49.42 | |
Options exercisable, Ending balance | 538,884 | 405,634 | |
Options granted, Weighted Average Exercise Price | $ 37.46 | $ 42.25 | |
Options exercised, Weighted Average Exercise Price | 20.60 | 25.92 | |
Options cancelled, Weighted Average Exercise Price | 51.41 | 54.71 | |
Options outstanding, Weighted Average Exercise Price, Ending balance | $ 45.17 | $ 47.89 | $ 49.42 |
Options outstanding, Aggregate Intrinsic Value, Beginning balance | $ 3,802 | $ 8,166 | |
Options exercisable, Weighted Average Exercise Price, Ending balance | $ 44.41 | $ 41.20 | |
Options granted, Aggregate Intrinsic Value | $ 112 | $ 205 | |
Options granted, Weighted Average Remaining Contractual Term | 7 years 10 months 9 days | 9 years 3 months 18 days | |
Options exercised, Aggregate Intrinsic Value | $ 97 | $ 1,636 | |
Options outstanding, Weighted Average Remaining Contractual Term | 7 years 7 months 6 days | 7 years 5 months 15 days | 7 years 9 months 18 days |
Options cancelled, Aggregate Intrinsic Value | $ 0 | $ 0 | |
Options exercisable, Weighted Average Remaining Contractual Term, Ending balance | 6 years 3 months 7 days | 6 years 18 days | |
Options outstanding, Aggregate Intrinsic Value, Ending balance | $ 2,730 | $ 3,802 | $ 8,166 |
Options exercisable, Aggregate Intrinsic Value, Ending balance | $ 2,485 | $ 3,549 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average grant-date fair value of options | $ 13.66 | $ 14.39 |
Risk-free interest rate | 2.20% | 2.00% |
Expected volatility | 37.00% | 33.00% |
Expected life (in years) | 5 years 1 month 6 days | 5 years 6 months |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Stock Activity (Detail) - Restricted Stock Award [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 809,868 | 844,419 |
Granted, Number of Shares | 370,162 | 404,224 |
Cancelled, Number of Shares | (30,177) | (145,981) |
Vested, Number of Shares | (197,992) | (292,794) |
Unvested, Number of Shares/Units, Ending balance | 951,861 | 809,868 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 50.19 | $ 55.76 |
Granted, Weighted Average Grant-Date Fair Value | 36.67 | 42.38 |
Cancelled, Weighted Average Grant-Date Fair Value | 50.52 | 55.03 |
Vested, Weighted Average Grant-Date Fair Value | 53.66 | 53.07 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 44.20 | $ 50.19 |
Equity-Based Compensation - R65
Equity-Based Compensation - Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 360,909 | 273,599 |
Granted, Number of Units | 285,358 | 219,840 |
Cancelled, Number of Units | (89,713) | |
Vested, Number of Units | (72,983) | (132,530) |
Unvested, Number of Shares/Units, Ending balance | 484,111 | 360,909 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 50.04 | $ 59.68 |
Granted, Weighted Average Grant-Date Fair Value | 42.26 | 43.23 |
Cancelled, Weighted Average Grant-Date Fair Value | 55.44 | |
Vested, Weighted Average Grant-Date Fair Value | 49.64 | 58.67 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 44.52 | $ 50.04 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | |
Income Tax Examination [Line Items] | |||
Effective tax rates | (5.80%) | 28.30% | |
Discrete tax benefit recorded | $ 2,786 | $ (13,711) | |
Increase in income tax provision due to adoption of ASU 2016-09 | $ 1,500 | $ 1,700 | |
Percentage increase in income tax provision due to adoption of ASU 2016-09 | 3.10% | 3.60% | |
U.S. federal statutory rate on income before income taxes | 35.00% | ||
Transition tax on certain repatriated earnings of foreign subsidiaries payable period | 8 years | ||
Provisional tax amount | $ 19,300 | ||
One-time transition tax liability, foreign earnings | 0 | ||
Deferred tax balance | 19,300 | ||
Foreign dividends | 10,900 | ||
Provisional amount of transition tax liability, foreign subsidiaries | 0 | ||
Scenario, Plan [Member] | |||
Income Tax Examination [Line Items] | |||
U.S. federal statutory rate on income before income taxes | 21.00% | ||
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||
Income Tax Examination [Line Items] | |||
Discrete tax benefit recorded | $ 10,500 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) | 1 Months Ended | |||
May 31, 2016USD ($) | May 31, 2016GBP (£) | Mar. 31, 2018USD ($) | May 31, 2016GBP (£) | |
Derivative [Line Items] | ||||
Cross currency swap assets | $ 15,200,000 | |||
Cross Currency Swap Assets [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 650,000,000 | £ 449,300,000 | ||
Cross currency swap agreement cash flow due to interest payment | $ 35,800,000 | £ 24,700,000 | ||
Derivative exchange rate | 1.45 | 1.45 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Company's Amended and Restated Senior Credit Facilities and Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instrument (liabilities) assets | $ (15,160) | $ 12,997 |
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 | 1,750,391 | 1,749,185 |
Fair Value [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 149,716 | 150,134 |
Fair Value [Member] | 5.125% Senior Notes Due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 296,364 | 296,914 |
Fair Value [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 650,261 | 651,519 |
Fair Value [Member] | 6.500% Senior Notes due 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 397,807 | 397,541 |
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 | 22,188 | 22,289 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instrument (liabilities) assets | (15,160) | 12,997 |
Carrying Amount [Member] | Amended and Restated Senior Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amended and Restated Senior Credit Facility | 1,750,391 | 1,749,185 |
Carrying Amount [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 148,234 | 148,098 |
Carrying Amount [Member] | 5.125% Senior Notes Due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 296,364 | 296,174 |
Carrying Amount [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 642,233 | 641,891 |
Carrying Amount [Member] | 6.500% Senior Notes due 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 382,507 | 382,251 |
Carrying Amount [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 | $ 22,188 | $ 22,289 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Mar. 31, 2018 | Dec. 31, 2017 | Feb. 16, 2016 | Sep. 21, 2015 | Feb. 11, 2015 | Jul. 01, 2014 | Mar. 12, 2013 |
6.125% Senior Notes Due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | ||||
5.125% Senior Notes Due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | ||||
5.625% Senior Notes Due 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% | |||
6.500% Senior Notes Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 6.50% | 6.50% | 6.50% | ||||
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% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Loss Contingencies [Line Items] | |
Maximum professional liability risks reinsured in excess of retention level | $ 75,000,000 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Maximum professional liability aggregate policy limit | 78,000,000 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Maximum professional liability aggregate retention level | $ 3,000,000 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018Facilities | |
Noncontrolling Interest [Line Items] | |
Number of facilities operated by non-wholly owned subsidiaries | 3 |
Minimum [Member] | |
Noncontrolling Interest [Line Items] | |
Equity ownership interests percentage in the facility | 60.00% |
Maximum [Member] | |
Noncontrolling Interest [Line Items] | |
Equity ownership interests percentage in the facility | 75.00% |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summary of Redeemable Noncontrolling Interests (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Noncontrolling Interest [Abstract] | |
Beginning Balance | $ 22,417 |
Acquisition of redeemable noncontrolling interests | 2,186 |
Net income attributable to noncontrolling interests | 55 |
Ending Balance | $ 24,658 |
Other Current Assets - Other Cu
Other Current Assets - Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other receivables | $ 32,867 | $ 30,455 |
Prepaid expenses | 28,930 | 27,320 |
Insurance receivable-current portion | 17,588 | 17,588 |
Income taxes receivable | 24,405 | 15,056 |
Workers' compensation deposits - current portion | 10,000 | 10,000 |
Inventory | 4,772 | 4,787 |
Other | 2,375 | 2,129 |
Other current assets | $ 120,937 | $ 107,335 |
Other Accrued Liabilities - Sum
Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Unearned income | $ 38,956 | $ 31,342 |
Accrued expenses | 35,955 | 37,268 |
Insurance liability - current portion | 22,788 | 22,788 |
Accrued interest | 12,257 | 36,370 |
Income taxes payable | 4,439 | 1,012 |
Accrued property taxes | 3,666 | 3,945 |
Other | 10,412 | 8,488 |
Other accrued liabilities | $ 128,473 | $ 141,213 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018StateBedsFacilities | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facilities | 584 |
Number of beds | Beds | 17,800 |
Number of operating states | State | 40 |
U.S. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facilities | 212 |
Number of beds | Beds | 9,000 |
Number of operating states | State | 40 |
U.K. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facilities | 372 |
Number of beds | Beds | 8,800 |
Segment Information - Summary o
Segment Information - Summary of Reconciliation of Segment EBITDA to Income from Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 742,241 | $ 679,194 |
Segment EBITDA | 145,731 | 136,369 |
Equity-based compensation expense | (6,919) | (7,396) |
Transaction-related expenses | (4,768) | (4,119) |
Debt extinguishment costs | (940) | |
Interest expense, net | (45,243) | (42,757) |
Depreciation and amortization | (39,773) | (33,613) |
Income before income taxes | 48,088 | 48,484 |
U.S. Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 462,405 | 440,223 |
U.S. Facilities [Member] | Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 462,405 | 440,223 |
Segment EBITDA | 117,124 | 112,145 |
U.K. Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 279,836 | 238,971 |
U.K. Facilities [Member] | Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 279,836 | 238,971 |
Segment EBITDA | 51,152 | 44,186 |
Corporate and Other [Member] | Corporate Reconciling Items and Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment EBITDA | $ (22,545) | $ (19,962) |
Segment Information - Summary77
Segment Information - Summary of Financial Information by Operating Segment, Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill: | |
Beginning balance | $ 2,751,174 |
Foreign currency translation gain | 27,465 |
Prior year purchase price adjustments | 762 |
Ending balance | 2,779,401 |
U.S. Facilities [Member] | Operating Segment [Member] | |
Goodwill: | |
Beginning balance | 2,042,592 |
Ending balance | 2,042,592 |
U.K. Facilities [Member] | Operating Segment [Member] | |
Goodwill: | |
Beginning balance | 708,582 |
Foreign currency translation gain | 27,465 |
Prior year purchase price adjustments | 762 |
Ending balance | $ 736,809 |
Segment Information - Summary78
Segment Information - Summary of Financial Information by Operating Segment, Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Assets | $ 6,584,729 | $ 6,424,502 |
U.S. Facilities [Member] | Operating Segment [Member] | ||
Assets: | ||
Assets | 3,635,834 | 3,567,126 |
U.K. Facilities [Member] | Operating Segment [Member] | ||
Assets: | ||
Assets | 2,765,246 | 2,647,150 |
Corporate and Other [Member] | Corporate Reconciling Items and Eliminations [Member] | ||
Assets: | ||
Assets | $ 183,649 | $ 210,226 |
Segment Information - Summary79
Segment Information - Summary of Financial Information by Operating Segment, Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 3,151,529 | $ 3,048,130 |
Operating Segment [Member] | U.S. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 1,200,000 | 1,200,000 |
Operating Segment [Member] | U.K. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 1,900,000 | 1,800,000 |
Corporate Reconciling Items and Eliminations [Member] | Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 49,100 | $ 49,200 |
Accumulated Other Comprehensi80
Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 2,572,871 | |
Foreign currency translation gain | 92,780 | $ 27,046 |
Loss on derivative instruments, net of tax of $(7.3) million | (20,053) | $ (5,868) |
Balance | 2,701,619 | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (376,740) | |
Foreign currency translation gain | 92,954 | |
Balance | (283,786) | |
Change in Fair Value of Derivative Instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 7,167 | |
Loss on derivative instruments, net of tax of $(7.3) million | (20,053) | |
Balance | (12,886) | |
Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (4,545) | |
Foreign currency translation gain | (174) | |
Balance | (4,719) | |
Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (374,118) | |
Balance | $ (301,391) |
Accumulated Other Comprehensi81
Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Gain (Loss) on derivative instruments, tax | $ (7.3) | $ (5.6) |
Financial Information for the82
Financial Information for the Company and Its Subsidiaries - Additional Information (Detail) | Mar. 31, 2018 | Dec. 31, 2017 | Feb. 16, 2016 | Sep. 21, 2015 | Feb. 11, 2015 | Jul. 01, 2014 | Mar. 12, 2013 |
6.125% Senior Notes Due 2021 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | ||||
5.125% Senior Notes Due 2022 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | ||||
5.625% Senior Notes Due 2023 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% | |||
6.500% Senior Notes Due 2024 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument interest rate | 6.50% | 6.50% | 6.50% |
Financial Information for the83
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 57,808 | $ 67,290 | $ 43,087 | $ 57,063 |
Accounts receivable, net | 325,148 | 296,925 | ||
Other current assets | 120,937 | 107,335 | ||
Total current assets | 503,893 | 471,550 | ||
Property and equipment, net | 3,151,529 | 3,048,130 | ||
Goodwill | 2,779,401 | 2,751,174 | ||
Intangible assets, net | 91,036 | 87,348 | ||
Deferred tax assets | 3,698 | 3,731 | ||
Derivative instruments assets | 12,997 | |||
Other assets | 55,172 | 49,572 | ||
Total assets | 6,584,729 | 6,424,502 | ||
Current liabilities: | ||||
Current portion of long-term debt | 33,830 | 34,830 | ||
Accounts payable | 122,430 | 102,299 | ||
Accrued salaries and benefits | 104,908 | 99,047 | ||
Other accrued liabilities | 128,473 | 141,213 | ||
Total current liabilities | 389,641 | 377,389 | ||
Long-term debt | 3,208,088 | 3,205,058 | ||
Deferred tax liabilities | 76,930 | 80,333 | ||
Derivative instrument liabilities | 15,160 | |||
Other liabilities | 168,633 | 166,434 | ||
Total liabilities | 3,858,452 | 3,829,214 | ||
Redeemable noncontrolling interests | 24,658 | 22,417 | ||
Total equity | 2,701,619 | 2,572,871 | ||
Total liabilities and equity | 6,584,729 | 6,424,502 | ||
Consolidating Adjustments [Member] | ||||
Current assets: | ||||
Deferred tax assets | (1,427) | (2,370) | ||
Investment in subsidiaries | (5,590,670) | (5,429,386) | ||
Other assets | (352,772) | (379,008) | ||
Total assets | (5,944,869) | (5,810,764) | ||
Current liabilities: | ||||
Long-term debt | (352,772) | (379,008) | ||
Deferred tax liabilities | (1,427) | (2,370) | ||
Total liabilities | (354,199) | (381,378) | ||
Total equity | (5,590,670) | (5,429,386) | ||
Total liabilities and equity | (5,944,869) | (5,810,764) | ||
Parent [Member] | ||||
Current assets: | ||||
Deferred tax assets | 1,427 | 2,370 | ||
Derivative instruments assets | 12,997 | |||
Investment in subsidiaries | 5,590,670 | 5,429,386 | ||
Other assets | 355,984 | 381,913 | ||
Total assets | 5,948,081 | 5,826,666 | ||
Current liabilities: | ||||
Current portion of long-term debt | 33,550 | 34,550 | ||
Other accrued liabilities | 11,572 | 36,196 | ||
Total current liabilities | 45,122 | 70,746 | ||
Long-term debt | 3,186,180 | 3,183,049 | ||
Derivative instrument liabilities | 15,160 | |||
Total liabilities | 3,246,462 | 3,253,795 | ||
Total equity | 2,701,619 | 2,572,871 | ||
Total liabilities and equity | 5,948,081 | 5,826,666 | ||
Combined Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 25,212 | 46,860 | 2,929 | 15,681 |
Accounts receivable, net | 251,938 | 230,890 | ||
Other current assets | 93,378 | 85,746 | ||
Total current assets | 370,528 | 363,496 | ||
Property and equipment, net | 1,113,401 | 1,086,802 | ||
Goodwill | 1,936,057 | 1,936,057 | ||
Intangible assets, net | 58,285 | 57,628 | ||
Other assets | 44,507 | 38,860 | ||
Total assets | 3,522,778 | 3,482,843 | ||
Current liabilities: | ||||
Accounts payable | 78,622 | 70,767 | ||
Accrued salaries and benefits | 74,265 | 69,057 | ||
Other accrued liabilities | 29,302 | 27,676 | ||
Total current liabilities | 182,189 | 167,500 | ||
Deferred tax liabilities | 21,772 | 27,975 | ||
Other liabilities | 103,280 | 103,112 | ||
Total liabilities | 307,241 | 298,587 | ||
Total equity | 3,215,537 | 3,184,256 | ||
Total liabilities and equity | 3,522,778 | 3,482,843 | ||
Combined Non-Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 32,596 | 20,430 | $ 40,158 | $ 41,382 |
Accounts receivable, net | 73,210 | 66,035 | ||
Other current assets | 27,559 | 21,589 | ||
Total current assets | 133,365 | 108,054 | ||
Property and equipment, net | 2,038,128 | 1,961,328 | ||
Goodwill | 843,344 | 815,117 | ||
Intangible assets, net | 32,751 | 29,720 | ||
Deferred tax assets | 3,698 | 3,731 | ||
Other assets | 7,453 | 7,807 | ||
Total assets | 3,058,739 | 2,925,757 | ||
Current liabilities: | ||||
Current portion of long-term debt | 280 | 280 | ||
Accounts payable | 43,808 | 31,532 | ||
Accrued salaries and benefits | 30,643 | 29,990 | ||
Other accrued liabilities | 87,599 | 77,341 | ||
Total current liabilities | 162,330 | 139,143 | ||
Long-term debt | 374,680 | 401,017 | ||
Deferred tax liabilities | 56,585 | 54,728 | ||
Other liabilities | 65,353 | 63,322 | ||
Total liabilities | 658,948 | 658,210 | ||
Redeemable noncontrolling interests | 24,658 | 22,417 | ||
Total equity | 2,375,133 | 2,245,130 | ||
Total liabilities and equity | $ 3,058,739 | $ 2,925,757 |
Financial Information for the84
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
Revenue before provision for doubtful accounts | $ 742,241 | $ 689,341 |
Provision for doubtful accounts | (10,147) | |
Revenue | 742,241 | 679,194 |
Salaries, wages and benefits | 411,528 | 376,421 |
Professional fees | 54,018 | 43,409 |
Supplies | 29,364 | 27,709 |
Rents and leases | 20,288 | 18,971 |
Other operating expenses | 88,231 | 83,711 |
Depreciation and amortization | 39,773 | 33,613 |
Interest expense, net | 45,243 | 42,757 |
Debt extinguishment costs | 940 | |
Transaction-related expenses | 4,768 | 4,119 |
Total expenses | 694,153 | 630,710 |
(Loss) income before income taxes | 48,088 | 48,484 |
(Benefit from) provision for income taxes | (2,786) | 13,711 |
Net income (loss) | 50,874 | 34,773 |
Net gain (loss) attributable to noncontrolling interests | (55) | 185 |
Net income attributable to Acadia Healthcare Company, Inc. | 50,819 | 34,958 |
Other comprehensive (loss) income: | ||
Foreign currency translation gain | 92,780 | 27,046 |
Loss on derivative instruments | (20,053) | (5,868) |
Other comprehensive (loss) income | 72,727 | 21,178 |
Comprehensive income attributable to Acadia Healthcare Company, Inc. | 123,546 | 56,136 |
Consolidating Adjustments [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Equity in earnings of subsidiaries | (67,598) | (46,553) |
Net income (loss) | (67,598) | (46,553) |
Net income attributable to Acadia Healthcare Company, Inc. | (67,598) | (46,553) |
Other comprehensive (loss) income: | ||
Comprehensive income attributable to Acadia Healthcare Company, Inc. | (67,598) | (46,553) |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Salaries, wages and benefits | 6,919 | 7,396 |
Interest expense, net | 14,617 | 15,368 |
Debt extinguishment costs | 940 | |
Total expenses | 22,476 | 22,764 |
(Loss) income before income taxes | (22,476) | (22,764) |
Equity in earnings of subsidiaries | 67,598 | 46,553 |
(Benefit from) provision for income taxes | (5,752) | (10,984) |
Net income (loss) | 50,874 | 34,773 |
Net income attributable to Acadia Healthcare Company, Inc. | 50,874 | 34,773 |
Other comprehensive (loss) income: | ||
Loss on derivative instruments | (20,053) | (5,868) |
Other comprehensive (loss) income | (20,053) | (5,868) |
Comprehensive income attributable to Acadia Healthcare Company, Inc. | 30,821 | 28,905 |
Combined Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue before provision for doubtful accounts | 426,796 | |
Provision for doubtful accounts | (9,214) | |
Revenue | 435,625 | 417,582 |
Salaries, wages and benefits | 239,052 | 224,430 |
Professional fees | 24,271 | 22,074 |
Supplies | 18,712 | 18,609 |
Rents and leases | 8,239 | 8,511 |
Other operating expenses | 56,170 | 55,031 |
Depreciation and amortization | 18,172 | 15,551 |
Interest expense, net | 23,584 | 18,485 |
Transaction-related expenses | 4,009 | 1,438 |
Total expenses | 392,209 | 364,129 |
(Loss) income before income taxes | 43,416 | 53,453 |
(Benefit from) provision for income taxes | (123) | 21,070 |
Net income (loss) | 43,539 | 32,383 |
Net income attributable to Acadia Healthcare Company, Inc. | 43,539 | 32,383 |
Other comprehensive (loss) income: | ||
Comprehensive income attributable to Acadia Healthcare Company, Inc. | 43,539 | 32,383 |
Combined Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue before provision for doubtful accounts | 262,545 | |
Provision for doubtful accounts | (933) | |
Revenue | 306,616 | 261,612 |
Salaries, wages and benefits | 165,557 | 144,595 |
Professional fees | 29,747 | 21,335 |
Supplies | 10,652 | 9,100 |
Rents and leases | 12,049 | 10,460 |
Other operating expenses | 32,061 | 28,680 |
Depreciation and amortization | 21,601 | 18,062 |
Interest expense, net | 7,042 | 8,904 |
Transaction-related expenses | 759 | 2,681 |
Total expenses | 279,468 | 243,817 |
(Loss) income before income taxes | 27,148 | 17,795 |
(Benefit from) provision for income taxes | 3,089 | 3,625 |
Net income (loss) | 24,059 | 14,170 |
Net gain (loss) attributable to noncontrolling interests | (55) | 185 |
Net income attributable to Acadia Healthcare Company, Inc. | 24,004 | 14,355 |
Other comprehensive (loss) income: | ||
Foreign currency translation gain | 92,780 | 27,046 |
Other comprehensive (loss) income | 92,780 | 27,046 |
Comprehensive income attributable to Acadia Healthcare Company, Inc. | $ 116,784 | $ 41,401 |
Financial Information for the85
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net income (loss) | $ 50,874 | $ 34,773 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Depreciation and amortization | 39,773 | 33,613 |
Amortization of debt issuance costs | 2,525 | 2,396 |
Equity-based compensation expense | 6,919 | 7,396 |
Deferred income tax (benefit) expense | 1,897 | 2,007 |
Debt extinguishment costs | 940 | |
Other | 1,043 | 3,825 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | (18,793) | (12,459) |
Other current assets | (13,216) | 5,886 |
Other assets | (1,268) | (1,710) |
Accounts payable and other accrued liabilities | (3,368) | (16,993) |
Accrued salaries and benefits | 4,802 | (3,437) |
Other liabilities | 509 | 2,142 |
Net cash provided by continuing operating activities | 72,637 | 57,439 |
Net cash used in discontinued operating activities | (287) | (425) |
Net cash (used in) provided by operating activities | 72,350 | 57,014 |
Investing activities: | ||
Cash paid for capital expenditures | (70,327) | (50,549) |
Cash paid for real estate acquisitions | (4,293) | (2,495) |
Other | (4,066) | (5,051) |
Net cash used in investing activities | (78,686) | (58,095) |
Financing activities: | ||
Principal payments on long-term debt | (8,638) | |
Common stock withheld for minimum statutory taxes, net | (2,030) | (4,234) |
Other | (2,704) | (865) |
Net cash used in financing activities | (4,734) | (13,737) |
Effect of exchange rate changes on cash | 1,588 | 842 |
Net (decrease) increase in cash and cash equivalents | (9,482) | (13,976) |
Cash and cash equivalents at beginning of the period | 67,290 | 57,063 |
Cash and cash equivalents at end of the period | 57,808 | 43,087 |
Consolidating Adjustments [Member] | ||
Operating activities: | ||
Net income (loss) | (67,598) | (46,553) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Equity in earnings of subsidiaries | 67,598 | 46,553 |
Change in operating assets and liabilities: | ||
Other assets | (4,432) | (2,927) |
Net cash provided by continuing operating activities | (4,432) | (2,927) |
Net cash (used in) provided by operating activities | (4,432) | (2,927) |
Financing activities: | ||
Principal payments on long-term debt | 4,432 | 2,927 |
Net cash used in financing activities | 4,432 | 2,927 |
Parent [Member] | ||
Operating activities: | ||
Net income (loss) | 50,874 | 34,773 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Equity in earnings of subsidiaries | (67,598) | (46,553) |
Amortization of debt issuance costs | 2,626 | 2,500 |
Equity-based compensation expense | 6,919 | 7,396 |
Deferred income tax (benefit) expense | 942 | (171) |
Debt extinguishment costs | 940 | |
Other | 794 | 2,732 |
Change in operating assets and liabilities: | ||
Other assets | 4,432 | 2,927 |
Net cash provided by continuing operating activities | (71) | 3,604 |
Net cash (used in) provided by operating activities | (71) | 3,604 |
Financing activities: | ||
Principal payments on long-term debt | (8,638) | |
Common stock withheld for minimum statutory taxes, net | (2,030) | (4,234) |
Other | (1,742) | |
Cash provided by (used in) intercompany activity | 3,843 | 9,268 |
Net cash used in financing activities | 71 | (3,604) |
Combined Subsidiary Guarantors [Member] | ||
Operating activities: | ||
Net income (loss) | 43,539 | 32,383 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Depreciation and amortization | 18,172 | 15,551 |
Deferred income tax (benefit) expense | 1,104 | 2,754 |
Other | 315 | 506 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | (21,049) | (10,412) |
Other current assets | (7,980) | 5,097 |
Other assets | (1,305) | (1,778) |
Accounts payable and other accrued liabilities | (11,417) | (9,224) |
Accrued salaries and benefits | 5,208 | (1,961) |
Other liabilities | 1,204 | (304) |
Net cash provided by continuing operating activities | 27,791 | 32,612 |
Net cash used in discontinued operating activities | (287) | (425) |
Net cash (used in) provided by operating activities | 27,504 | 32,187 |
Investing activities: | ||
Cash paid for capital expenditures | (40,879) | (30,018) |
Cash paid for real estate acquisitions | (4,293) | (2,495) |
Other | (4,799) | (6,531) |
Net cash used in investing activities | (49,971) | (39,044) |
Financing activities: | ||
Principal payments on long-term debt | (169) | |
Other | (962) | (865) |
Cash provided by (used in) intercompany activity | 1,950 | (5,030) |
Net cash used in financing activities | 819 | (5,895) |
Net (decrease) increase in cash and cash equivalents | (21,648) | (12,752) |
Cash and cash equivalents at beginning of the period | 46,860 | 15,681 |
Cash and cash equivalents at end of the period | 25,212 | 2,929 |
Combined Non-Guarantors [Member] | ||
Operating activities: | ||
Net income (loss) | 24,059 | 14,170 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||
Depreciation and amortization | 21,601 | 18,062 |
Amortization of debt issuance costs | (101) | (104) |
Deferred income tax (benefit) expense | (149) | (576) |
Other | (66) | 587 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | 2,256 | (2,047) |
Other current assets | (5,236) | 789 |
Other assets | 37 | 68 |
Accounts payable and other accrued liabilities | 8,049 | (7,769) |
Accrued salaries and benefits | (406) | (1,476) |
Other liabilities | (695) | 2,446 |
Net cash provided by continuing operating activities | 49,349 | 24,150 |
Net cash (used in) provided by operating activities | 49,349 | 24,150 |
Investing activities: | ||
Cash paid for capital expenditures | (29,448) | (20,531) |
Other | 733 | 1,480 |
Net cash used in investing activities | (28,715) | (19,051) |
Financing activities: | ||
Principal payments on long-term debt | (4,263) | (2,927) |
Cash provided by (used in) intercompany activity | (5,793) | (4,238) |
Net cash used in financing activities | (10,056) | (7,165) |
Effect of exchange rate changes on cash | 1,588 | 842 |
Net (decrease) increase in cash and cash equivalents | 12,166 | (1,224) |
Cash and cash equivalents at beginning of the period | 20,430 | 41,382 |
Cash and cash equivalents at end of the period | $ 32,596 | $ 40,158 |