Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 06, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ACHC | |
Entity Registrant Name | Acadia Healthcare Company, Inc. | |
Entity Central Index Key | 0001520697 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-35331 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-2492228 | |
Entity Address, Address Line One | 6100 Tower Circle | |
Entity Address, Address Line Two | SuiteĀ 1000 | |
Entity Address, City or Town | Franklin | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37067 | |
City Area Code | 615 | |
Local Phone Number | 861-6000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 88,569,587 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 92,900 | $ 50,510 |
Accounts receivable, net | 350,225 | 318,087 |
Other current assets | 93,788 | 81,820 |
Total current assets | 536,913 | 450,417 |
Property and equipment, net | 3,131,419 | 3,107,766 |
Goodwill | 2,424,241 | 2,396,412 |
Intangible assets, net | 89,028 | 88,990 |
Deferred tax assets | 3,371 | 3,468 |
Derivative instrument assets | 60,524 | |
Operating lease right-of-use assets | 479,881 | |
Other assets | 63,272 | 64,927 |
Total assets | 6,728,125 | 6,172,504 |
Current liabilities: | ||
Current portion of long-term debt | 41,287 | 34,112 |
Accounts payable | 131,472 | 117,740 |
Accrued salaries and benefits | 117,683 | 113,299 |
Current portion of operating lease liabilities | 28,010 | |
Other accrued liabilities | 139,754 | 151,226 |
Total current liabilities | 458,206 | 416,377 |
Long-term debt | 3,133,635 | 3,159,375 |
Deferred tax liabilities | 63,154 | 80,372 |
Operating lease liabilities | 478,894 | |
Derivative instrument liabilites | 15,896 | |
Other liabilities | 125,285 | 154,267 |
Total liabilities | 4,275,070 | 3,810,391 |
Redeemable noncontrolling interests | 32,364 | 28,806 |
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; 87,655,556 and 87,444,473 issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 877 | 874 |
Additional paid-in capital | 2,554,808 | 2,541,987 |
Accumulated other comprehensive loss | (507,994) | (462,377) |
Retained earnings | 373,000 | 252,823 |
Total equity | 2,420,691 | 2,333,307 |
Total liabilities and equity | $ 6,728,125 | $ 6,172,504 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
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 | 87,655,556 | 87,444,473 |
Common stock, shares outstanding | 87,655,556 | 87,444,473 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | |||||||||
Revenue | $ 777,251 | $ 760,916 | $ 2,327,230 | $ 2,268,895 | |||||
Salaries, wages and benefits (including equity-based compensation expense of $4,039, $5,225, $14,322 and $19,273, respectively) | 428,601 | 417,917 | 1,288,399 | 1,246,186 | |||||
Professional fees | 62,152 | 59,509 | 177,588 | 166,988 | |||||
Supplies | 30,790 | 29,461 | 91,661 | 88,958 | |||||
Rents and leases | 20,134 | 19,866 | 60,860 | 60,390 | |||||
Other operating expenses | 92,975 | 90,464 | 281,517 | 265,977 | |||||
Depreciation and amortization | 40,620 | 39,659 | 122,277 | 119,360 | |||||
Interest expense, net | 46,644 | 46,651 | 143,384 | 137,706 | |||||
Debt extinguishment costs | 940 | ||||||||
Transaction-related expenses | 5,775 | 2,353 | 15,308 | 10,008 | |||||
Total expenses | 727,691 | 705,880 | 2,180,994 | 2,096,513 | |||||
Income before income taxes | 49,560 | 55,036 | 146,236 | 172,382 | |||||
Provision for income taxes | 6,837 | 8,757 | 25,801 | 16,339 | |||||
Net income | 42,723 | 46,279 | 120,435 | 156,043 | |||||
Net income attributable to noncontrolling interests | (157) | (47) | (258) | (156) | |||||
Net income attributable to Acadia Healthcare Company, Inc. | $ 42,566 | $ 48,140 | $ 29,471 | $ (331,637) | $ 46,232 | $ 58,836 | $ 50,819 | $ 120,177 | $ 155,887 |
Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: | |||||||||
Basic | $ 0.49 | $ 0.53 | $ 1.37 | $ 1.79 | |||||
Diluted | $ 0.48 | $ 0.53 | $ 1.37 | $ 1.78 | |||||
Weighted-average shares outstanding: | |||||||||
Basic | 87,649 | 87,344 | 87,591 | 87,233 | |||||
Diluted | 87,859 | 87,537 | 87,805 | 87,386 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Equity-based compensation expense | $ 4,039 | $ 5,225 | $ 14,322 | $ 19,273 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 42,723 | $ 46,279 | $ 120,435 | $ 156,043 |
Other comprehensive loss: | ||||
Foreign currency translation loss | (59,975) | (31,959) | (66,112) | (82,778) |
Gain on derivative instruments, net of tax of $5.0 million, $2.4 million, $10.7 million and $5.6 million, respectively | 11,598 | 7,380 | 20,495 | 16,434 |
Other comprehensive loss | (48,377) | (24,579) | (45,617) | (66,344) |
Comprehensive (loss) income | (5,654) | 21,700 | 74,818 | 89,699 |
Comprehensive income attributable to noncontrolling interests | (157) | (47) | (258) | (156) |
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | $ (5,811) | $ 21,653 | $ 74,560 | $ 89,543 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Gain on derivative instruments, tax | $ 5 | $ 2.4 | $ 10.7 | $ 5.6 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated 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 | 87,060,000 | ||||
Common stock issued under stock incentive plans | 96 | $ 2 | 94 | ||
Common stock issued under stock incentive plans, shares | 228,000 | ||||
Common stock withheld for minimum statutory taxes | (2,126) | (2,126) | |||
Equity-based compensation expense | 6,919 | 6,919 | |||
Other comprehensive income (loss) | 72,727 | 72,727 | |||
Other | 313 | 313 | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 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 | 87,288,000 | ||||
Balance at Dec. 31, 2017 | 2,572,871 | $ 871 | 2,517,545 | (374,118) | 428,573 |
Balance, shares at Dec. 31, 2017 | 87,060,000 | ||||
Other comprehensive income (loss) | (66,344) | ||||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 155,887 | ||||
Balance at Sep. 30, 2018 | 2,680,249 | $ 874 | 2,535,377 | (440,462) | 584,460 |
Balance, shares at Sep. 30, 2018 | 87,363,000 | ||||
Balance at Dec. 31, 2017 | $ 2,572,871 | $ 871 | 2,517,545 | (374,118) | 428,573 |
Balance, shares at Dec. 31, 2017 | 87,060,000 | ||||
Common stock issued under stock incentive plans, shares | 20,989 | ||||
Balance at Dec. 31, 2018 | $ 2,333,307 | $ 874 | 2,541,987 | (462,377) | 252,823 |
Balance, shares at Dec. 31, 2018 | 87,444,473 | 87,444,000 | |||
Balance at Mar. 31, 2018 | $ 2,701,619 | $ 873 | 2,522,745 | (301,391) | 479,392 |
Balance, shares at Mar. 31, 2018 | 87,288,000 | ||||
Common stock issued under stock incentive plans | 128 | 128 | |||
Common stock issued under stock incentive plans, shares | 42,000 | ||||
Common stock withheld for minimum statutory taxes | (232) | (232) | |||
Equity-based compensation expense | 7,129 | 7,129 | |||
Other comprehensive income (loss) | (114,492) | (114,492) | |||
Other | 313 | 313 | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 58,836 | 58,836 | |||
Balance at Jun. 30, 2018 | 2,653,301 | $ 873 | 2,530,083 | (415,883) | 538,228 |
Balance, shares at Jun. 30, 2018 | 87,330,000 | ||||
Common stock issued under stock incentive plans | 20 | $ 1 | 19 | ||
Common stock issued under stock incentive plans, shares | 33,000 | ||||
Common stock withheld for minimum statutory taxes | (158) | (158) | |||
Equity-based compensation expense | 5,225 | 5,225 | |||
Other comprehensive income (loss) | (24,579) | (24,579) | |||
Other | 208 | 208 | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 46,232 | 46,232 | |||
Balance at Sep. 30, 2018 | 2,680,249 | $ 874 | 2,535,377 | (440,462) | 584,460 |
Balance, shares at Sep. 30, 2018 | 87,363,000 | ||||
Common stock issued under stock incentive plans | 130 | 130 | |||
Common stock issued under stock incentive plans, shares | 81,000 | ||||
Common stock withheld for minimum statutory taxes | (1,265) | (1,265) | |||
Equity-based compensation expense | 2,728 | 2,728 | |||
Other comprehensive income (loss) | (21,915) | (21,915) | |||
Other | 5,017 | 5,017 | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | (331,637) | (331,637) | |||
Balance at Dec. 31, 2018 | $ 2,333,307 | $ 874 | 2,541,987 | (462,377) | 252,823 |
Balance, shares at Dec. 31, 2018 | 87,444,473 | 87,444,000 | |||
Common stock issued under stock incentive plans | $ 293 | $ 2 | 291 | ||
Common stock issued under stock incentive plans, shares | 149,000 | ||||
Common stock withheld for minimum statutory taxes | (1,620) | (1,620) | |||
Equity-based compensation expense | 6,101 | 6,101 | |||
Other comprehensive income (loss) | 35,791 | 35,791 | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 29,471 | 29,471 | |||
Balance at Mar. 31, 2019 | 2,403,343 | $ 876 | 2,546,759 | (426,586) | 282,294 |
Balance, shares at Mar. 31, 2019 | 87,593 | ||||
Balance at Dec. 31, 2018 | $ 2,333,307 | $ 874 | 2,541,987 | (462,377) | 252,823 |
Balance, shares at Dec. 31, 2018 | 87,444,473 | 87,444,000 | |||
Common stock issued under stock incentive plans, shares | 48,621 | ||||
Other comprehensive income (loss) | $ (45,617) | ||||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 120,177 | ||||
Balance at Sep. 30, 2019 | $ 2,420,691 | $ 877 | 2,554,808 | (507,994) | 373,000 |
Balance, shares at Sep. 30, 2019 | 87,655,556 | 87,655 | |||
Balance at Mar. 31, 2019 | $ 2,403,343 | $ 876 | 2,546,759 | (426,586) | 282,294 |
Balance, shares at Mar. 31, 2019 | 87,593 | ||||
Common stock issued under stock incentive plans | 68 | 68 | |||
Common stock issued under stock incentive plans, shares | 52,000 | ||||
Common stock withheld for minimum statutory taxes | (356) | (356) | |||
Equity-based compensation expense | 4,182 | 4,182 | |||
Other comprehensive income (loss) | (33,031) | (33,031) | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 48,140 | 48,140 | |||
Balance at Jun. 30, 2019 | 2,422,346 | $ 876 | 2,550,653 | (459,617) | 330,434 |
Balance, shares at Jun. 30, 2019 | 87,645 | ||||
Common stock issued under stock incentive plans | 154 | $ 1 | 153 | ||
Common stock issued under stock incentive plans, shares | 10,000 | ||||
Common stock withheld for minimum statutory taxes | (37) | (37) | |||
Equity-based compensation expense | 4,039 | 4,039 | |||
Other comprehensive income (loss) | (48,377) | (48,377) | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 42,566 | 42,566 | |||
Balance at Sep. 30, 2019 | $ 2,420,691 | $ 877 | $ 2,554,808 | $ (507,994) | $ 373,000 |
Balance, shares at Sep. 30, 2019 | 87,655,556 | 87,655 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Operating activities: | |
Net income | $ 120,435 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | |
Depreciation and amortization | 122,277 |
Amortization of debt issuance costs | 8,926 |
Equity-based compensation expense | 14,322 |
Deferred income taxes | 5,150 |
Other | 4,444 |
Change in operating assets and liabilities: | |
Accounts receivable, net | (32,956) |
Other current assets | (3,912) |
Other assets | 530 |
Accounts payable and other accrued liabilities | (35,610) |
Accrued salaries and benefits | 4,813 |
Other liabilities | 5,110 |
Net cash provided by continuing operating activities | 213,529 |
Net cash provided by operating activities | 213,529 |
Investing activities: | |
Cash paid for acquisitions, net of cash acquired | (44,900) |
Cash paid for capital expenditures | (202,722) |
Cash paid for real estate acquisitions | (6,976) |
Settlement of foreign currency derivatives | 105,008 |
Other | 12,398 |
Net cash used in investing activities | (137,192) |
Financing activities: | |
Borrowings on revolving credit facility | 76,573 |
Principal payments on revolving credit facility | (76,573) |
Principal payments on long-term debt | (24,738) |
Common stock withheld for minimum statutory taxes, net | (1,498) |
Other | (5,923) |
Net cash used in financing activities | (32,159) |
Effect of exchange rate changes on cash | (1,788) |
Net increase (decrease) in cash and cash equivalents | 42,390 |
Cash and cash equivalents at beginning of the period | 50,510 |
Cash and cash equivalents at end of the period | 92,900 |
Effect of acquisitions: | |
Assets acquired, excluding cash | 48,594 |
Liabilities assumed | (3,694) |
Cash paid for acquisitions, net of cash acquired | $ 44,900 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
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 āCompanyā) 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 (āU.S.ā), the United Kingdom (āU.K.ā) and Puerto Rico. At September 30, 2019, the Company operated 589 behavioral healthcare facilities with approximately 18,000 beds in 40 states, the U.K. and Puerto Rico. During the nine months ended September 30, 2019, the Company commenced a review of strategic alternatives including those related to its U.K. operations and a potential sale of such operations. The likelihood and form of strategic alternative that the Company may pursue for its U.K. operations remains uncertain. Basis of Presentation The business of the Company is conducted through limited liability companies, partnerships and C-corporations. The Companyās consolidated financial statements include the accounts of the Company and all subsidiaries controlled by the Company through its direct or indirect ownership of majority interests and exclusive rights granted to the Company as the controlling member of an entity. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (āGAAPā) 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 Companyās 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, 2018 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 Companyās consolidated financial statements and notes thereto for the fiscal year ended December 31, 2018 included in the Companyās Annual Report on Form 10-K filed with the Securities and Exchange Commission (the āSECā) on March 1, 2019. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Certain reclassifications have been made to prior years to conform to the current year presentation. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | 2. Recently Issued Accounting Standards In August 2018, the Financial Accounting Standards Board (āFASBā) issued Accounting Standard Update (āASUā) ASU 2018-15, ā IntangiblesāGoodwill and OtherāInternal-Use Software (Subtopic 350-40): Customerās Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2017, FASB issued ASU 2017-12, āDerivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activitiesā In March 2016, the FASB issued ASU 2016-02, ā Leases |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue Revenue is primarily derived from services rendered to patients for inpatient psychiatric and substance abuse care, outpatient psychiatric care and 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. As our performance obligations relate to contracts with a duration of one year or less, the Company elected the optional exemption in Accounting Standards Codification (āASCā) ASC 606-10-50-14(a). Therefore, the Company is not required to disclose the transaction price for the remaining performance obligations at the end of the reporting period or when the Company expects to recognize the revenue. The Company has minimal unsatisfied performance obligations at the end of the reporting period as our patients typically are under no obligation to remain admitted in our facilities. The Company disaggregates revenue from contracts with customers by service type and by payor within each of the Companyās segments. U.S. Facilities The Companyās facilities in the United States (the āU.S. Facilitiesā) and services provided by the U.S. Facilities can generally be classified into the following categories: acute inpatient psychiatric facilities; specialty treatment facilities; residential treatment centers; and outpatient community-based facilities. Acute inpatient psychiatric facilities. Acute inpatient psychiatric facilities provide a high level of care in order to stabilize patients that are either a threat to themselves or to others. The acute setting provides 24-hour observation, daily intervention and monitoring by psychiatrists. Specialty treatment facilities . Specialty treatment facilities include residential recovery facilities, eating disorder facilities and comprehensive treatment centers. The Company provides a comprehensive continuum of care for adults with addictive disorders and co-occurring mental disorders. Inpatient, including detoxification and rehabilitation, partial hospitalization and outpatient treatment programs give patients access to the least restrictive level of care. Residential treatment centers . Residential treatment centers treat patients with behavioral disorders in a non-hospital setting, including outdoor programs. The facilities balance therapy activities with social, academic and other activities. Outpatient community-based facilities . Outpatient community-based programs are designed to provide therapeutic treatment to children and adolescents who have a clinically-defined emotional, psychiatric or chemical dependency disorder while enabling the youth to remain at home and within their community. The table below presents total U.S. revenue attributed to each category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Acute inpatient psychiatric facilities $ 233,141 $ 208,885 $ 678,866 $ 608,311 Specialty treatment facilities 201,169 198,107 595,473 575,536 Residential treatment centers 69,681 72,351 216,989 218,041 Outpatient community-based facilities 5,392 9,283 15,828 30,613 Revenue $ 509,383 $ 488,626 $ 1,507,156 $ 1,432,501 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 (āCMSā); and (iv) individual patients and clients. 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 patientās 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 and nine months ended September 30, 2019 and 2018 was not significant. The following table presents revenue by payor type and as a percentage of revenue in our U.S. Facilities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Amount % Amount % Amount % Amount % Commercial $ 140,315 27.5 % $ 146,439 30.0 % $ 426,659 28.3 % $ 431,337 30.1 % Medicare 76,906 15.1 % 73,528 15.0 % 223,027 14.8 % 210,307 14.7 % Medicaid 256,370 50.3 % 229,390 46.9 % 750,631 49.8 % 668,236 46.6 % Self-Pay 30,626 6.0 % 33,559 6.9 % 91,982 6.1 % 103,845 7.3 % Other 5,166 1.1 % 5,710 1.2 % 14,857 1.0 % 18,776 1.3 % Revenue $ 509,383 100.0 % $ 488,626 100.0 % $ 1,507,156 100.0 % $ 1,432,501 100.0 % U.K. Facilities The Companyās facilities located in the United Kingdom (the āU.K. Facilitiesā) and services provided by the U.K. Facilities can generally be classified into the following categories: healthcare facilities; education and childrenās services; and adult care facilities. Healthcare facilities . Healthcare facilities provide psychiatric treatment and nursing for sufferers of mental disorders, including for patients whose risk of harm to others and risk of escape from hospitals cannot be managed safely within other mental health settings. In order to manage the risks involved with treating patients, the facility is managed through the application of a range of security measures depending on the level of dependency and risk exhibited by the patient. Education and childrenās services. Education and childrenās services provide specialist education for children and young people with special educational needs, including autism, Aspergerās Syndrome, social, emotional and mental health, and specific learning difficulties, such as dyslexia. The division also offers standalone childrenās homes for children that require 52-week residential care to support complex and challenging behavior and fostering services. Adult care facilities . Adult care focuses on care of individuals with a variety of learning difficulties, mental health illnesses and adult autism spectrum disorders. It also includes long-term, short-term and respite nursing care to high-dependency elderly individuals who are physically frail or suffering from dementia. Care is provided in a number of settings, including in residential care homes and through supported living. The table below presents total U.K. revenue attributed to each category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Healthcare facilities $ 148,138 $ 150,589 $ 455,399 $ 464,098 Education and Childrenās Services 43,388 45,795 135,652 141,945 Adult Care facilities 76,342 75,906 229,023 230,351 Revenue $ 267,868 $ 272,290 $ 820,074 $ 836,394 On an annual basis, the Company receives payments from approximately 500 public funded sources in the U.K. (including the National Health Service (āNHSā), Clinical Commissioning Groups (āCCGsā) 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 reduced by implicit price concessions. Implicit price concessions are insignificant in the U.K. Facilities . The following table presents revenue by payor type and as a percentage of revenue in our U.K. Facilities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Amount % Amount % Amount % Amount % U.K. public funded sources $ 242,747 90.6 % $ 245,919 90.3 % $ 740,492 90.3 % $ 756,094 90.4 % Self-Pay 24,430 9.1 % 26,159 9.6 % 77,895 9.5 % 78,499 9.4 % Other 691 0.3 % 212 0.1 % 1,687 0.2 % 1,801 0.2 % Revenue $ 267,868 100.0 % $ 272,290 100.0 % $ 820,074 100.0 % $ 836,394 100.0 % The Companyās contract liabilities primarily consist of unearned revenue in our U.K. Facilities due to the timing of payments received mainly in our education and childrenās services and healthcare facilities. Contract liabilities are included in other accrued liabilities on the condensed consolidated balance sheets. A summary of the activity in unearned revenue in the U.K. Facilities is as follows (in thousands): Balance at December 31, 2018 $ 31,239 Payments received 128,866 Revenue recognized (124,067 ) Foreign currency translation loss (1,791 ) Balance at September 30, 2019 $ 34,247 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 4 . The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income attributable to Acadia Healthcare Company, Inc. $ 42,566 $ 46,232 $ 120,177 $ 155,887 Denominator: Weighted average shares outstanding for basic earnings per share 87,649 87,344 87,591 87,233 Effect of dilutive instruments 210 193 214 153 Shares used in computing diluted earnings per common share 87,859 87,537 87,805 87,386 Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: Basic $ 0.49 $ 0.53 $ 1.37 $ 1.79 Diluted $ 0.48 $ 0.53 $ 1.37 $ 1.78 Approximately 1.9 million and 1.6 million shares of common stock issuable upon exercise of outstanding stock option awards were excluded from the calculation of diluted earnings per share for the three months ended September 30, 2019 and 2018, respectively, because their effect would have been anti-dilutive. Approximately 2.4 million and 1.9 million shares of common stock issuable upon exercise of outstanding stock option awards were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2019 and 2018, respectively, because their effect would have been anti-dilutive. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 5 . The Companyās strategy is to acquire and develop behavioral healthcare facilities and improve operating results within its facilities and its other behavioral healthcare operations. On April 1, 2019, the Company completed the acquisition of Bradford Recovery Center (āBradfordā), a specialty treatment facility with 46 beds located in Millerton, Pennsylvania for cash consideration of approximately $4.5 million. On February 15, 2019, the Company completed the acquisition of Whittier Pavilion (āWhittierā), an inpatient psychiatric facility with 71 beds located in Haverhill, Massachusetts, for cash consideration of approximately $17.9 million. Also on February 15, 2019, the Company completed the acquisition of Mission Treatment (āMission Treatmentā) for cash consideration of approximately $22.5 million. Mission Treatment operates nine comprehensive treatment centers in California, Nevada, Arizona and Oklahoma. Transaction-related expenses Transaction-related expenses primarily relate to termination, restructuring, strategic review and other acquisition-related costs. Transaction-related expenses for the three and nine months ended September 30, 2019 and 2018 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Termination, restructuring and strategic review costs $ 5,541 $ 1,443 $ 13,858 $ 6,844 Legal, accounting and other acquisition-related costs 234 910 1,450 3,164 $ 5,775 $ 2,353 $ 15,308 $ 10,008 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6 . Property and Equipment Property and equipment consisted of the following at September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Land $ 437,214 $ 430,771 Building and improvements 2,555,105 2,423,594 Equipment 462,865 444,538 Construction in progress 231,581 294,848 3,686,765 3,593,751 Less: accumulated depreciation (555,346 ) (485,985 ) Property and equipment, net $ 3,131,419 $ 3,107,766 During the first quarter of 2019, the Company closed a 168-bed residential treatment center in Albuquerque, New Mexico. The Company is currently evaluating options for the future use of this property. During the third quarter of 2019, the Company closed a 108-bed residential treatment center in Butte, Montana, which was recorded as assets held for sale within other assets on the condensed consolidated balance sheets at September 30, 2019. The Company has recorded assets held for sale of $22.9 million and $17.0 million at September 30, 2019 and December 31, 2018, respectively. |
Other Intangible Assets
Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | 7 . Other Intangible Assets Other identifiable intangible assets and related accumulated amortization consisted of the following at September 30, 2019 and December 31, 2018 (in thousands): Gross Carrying Amount Accumulated Amortization September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (2,100 ) $ (2,100 ) Non-compete agreements 1,131 1,147 (1,131 ) (1,147 ) 3,231 3,247 (3,231 ) (3,247 ) Intangible assets not subject to amortization: Licenses and accreditations 12,586 12,343 ā ā Trade names 59,412 60,109 ā ā Certificates of need 17,030 16,538 ā ā 89,028 88,990 ā ā Total $ 92,259 $ 92,237 $ (3,231 ) $ (3,247 ) All of the Companyās definite-lived intangible assets are fully amortized. The Companyās licenses and accreditations, trade names and certificate of need intangible assets have indefinite lives and are, therefore, not subject to amortization. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 8 . The Companyās lease portfolio primarily consists of finance and operating real estate leases integral for facility operations. The original terms of the leases typically range from five to 30 years with optional renewal periods. A minimal portion of the Companyās lease portfolio consists of non-real estate leases, including copiers and equipment, which generally have lease terms of one to three years and have insignificant lease obligations. In March 2016, the FASB issued ASU 2016-02. ASU 2016-02ās core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information. The Company adopted ASU 2016-02 retrospectively at the beginning of the period of adoption. Prior periods have not been adjusted. The Company has elected the package of practical expedients offered in the transition guidance which allows management not to reassess lease identification, lease classification and initial direct costs. The Company also elected the accounting policy practical expedients by class of underlying asset to: (i) combine associated lease and non-lease components into a single lease component; and (ii) exclude recording short-term leases as right-of-use assets and liabilities on the condensed consolidated balance sheets. Non-lease components, which are not significant overall, are combined with lease components. On January 1, 2019, the Company recorded right-of-use assets and lease liabilities on the condensed consolidated balance sheet of $500.3 million and $526.6 million, respectively, for non-cancelable real estate operating leases with original lease terms in excess of one year. Finance leases remained on the condensed consolidated balance sheets as required by previous accounting guidance. The Company reviews service agreements for embedded leases and records right-of-use assets and liabilities as necessary. Operating lease liabilities were recorded as the present value of remaining lease payments not yet paid for the lease term discounted using the incremental borrowing rate associated with each lease. Operating lease right-of-use assets represent operating lease liabilities adjusted for prepayments, accrued lease payments, lease incentives and initial direct costs. Certain of the Companyās leases include renewal or termination options. Calculation of operating lease right-of-use assets and liabilities include the initial lease term unless it is reasonably certain a renewal or termination option will be exercised. Variable components of lease payments fluctuating with a future index or rate, as well as those related to common area maintenance costs, are not included in determining lease payments and are expensed as incurred. Most of the Companyās leases do not contain implicit borrowing rates, and therefore, incremental borrowing rates were calculated based on information available at the later of the lease commencement date or January 1, 2019. Incremental borrowing rates reflect the Companyās estimated interest rates for collateralized borrowings over similar lease terms. Lease Position At September 30, 2019, the Company recorded the following on the condensed consolidated balance sheet (in thousands): Right-of-Use Assets Balance Sheet Classification September 30, 2019 Finance lease right-of-use assets Property and equipment, net $ 44,326 Operating lease right-of-use assets Operating lease right-of-use assets 479,881 Total $ 524,207 Lease Liabilities Balance Sheet Classification September 30, 2019 Current: Finance lease liabilities Other accrued liabilities $ 6,684 Operating lease liabilities Current portion of operating lease liabilities 28,010 Noncurrent: Finance lease liabilities Other liabilities 43,776 Operating lease liabilities Operating lease liabilities 478,894 Total $ 557,364 Weighted-average remaining lease terms and discount rates at September 30, 2019 were as follows: Weighted-average remaining lease term (in years): Finance 7.1 Operating 19.4 Weighted-average discount rate: Finance 6.4 % Operating 6.3 % Lease Costs The Company recorded the following lease costs for the three and nine months ended September 30, 2019 (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease costs: Depreciation of leased assets 1,036 3,295 Interest of lease liabilities 977 2,973 Total finance lease costs $ 2,013 $ 6,268 Operating lease costs 15,873 48,639 Variable lease costs 1,229 3,159 Short term lease costs 1,378 4,308 Other lease costs 1,654 4,754 Total rents and leases $ 20,134 $ 60,860 Total lease costs $ 22,147 $ 67,128 Other Undiscounted cash flows for finance and operating leases recorded on the condensed consolidated balance sheet were as follows at September 30, 2019 (in thousands): Finance Leases Operating Leases For the three months ending December 31, 2019 $ 1,926 $ 15,052 2020 7,071 58,702 2021 35,262 55,092 2022 2,386 50,379 2023 1,194 46,893 Thereafter 26,094 691,763 Total minimum lease payments 73,933 917,881 Less: amount of lease payments representing interest 23,473 410,977 Present value of future minimum lease payments 50,460 506,904 Less: Current portion of lease liabilities 6,684 28,010 Noncurrent lease liabilities $ 43,776 $ 478,894 Supplemental data for the nine months ended September 30, 2019 was as follows (in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 45,576 Operating cash flows for finance leases $ 2,973 Financing cash flows for finance leases $ 2,701 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 15,623 Finance leases $ 2,457 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt Long-term debt consisted of the following (in thousands): September 30, 2019 December 31, 2018 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans $ 351,500 $ 365,750 Senior Secured Term B Loans 1,362,424 1,372,912 Senior Secured Revolving Line of Credit ā ā 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 Other long-term debt 5,110 5,953 Less: unamortized debt issuance costs, discount and premium (34,112 ) (41,128 ) 3,174,922 3,193,487 Less: current portion (41,287 ) (34,112 ) Long-term debt $ 3,133,635 $ 3,159,375 Amended and Restated Senior Credit Facility The Company entered into a senior secured credit facility (the āSenior Secured Credit Facilityā) on April 1, 2011. On December 31, 2012, the Company entered into an Amended and Restated Credit Agreement (the āAmended and Restated Credit Agreementā) which amended and restated the Senior Secured Credit Facility (the āAmended and Restated Senior Credit Facilityā). The Company has amended the Amended and Restated Credit Agreement from time to time as described in the Companyās prior filings with the SEC. On March 22, 2018, the Company entered into a Second Repricing Facilities Amendment (the āSecond Repricing Facilities Amendmentā) to the Amended and Restated Credit Agreement. The Second Repricing Facilities Amendment (i) replaced the Term Loan B Facility Tranche B-1 (the āTranche B-1 Facilityā) and the Term Loan B Facility Tranche B-2 (the āTranche B-2 Facilityā) with a new Term Loan B facility Tranche B-3 (the āTranche B-3 Facilityā) and a new Term Loan B facility Tranche B-4 (the āTranche B-4 Facilityā), respectively, and (ii) reduced the Applicable Rate from 2.75% to 2.50% in the case of Eurodollar Rate loans and reduced the Applicable Rate from 1.75% to 1.50% in the case of Base Rate Loans. On March 29, 2018, the Company entered into a Third Repricing Facilities Amendment to the Amended and Restated Credit Agreement (the āThird Repricing Facilities Amendmentā, and together with the Second Repricing Facilities Amendment, the āRepricing Facilities Amendmentsā). The Third Repricing Facilities Amendment replaced the existing revolving credit facility and Term Loan A facility (āTLA Facilityā) with a new revolving credit facility and TLA Facility, respectively. The Companyās line of In connection with the Repricing Facilities Amendments, the Company recorded a debt extinguishment charge of $0.9 million, including the discount and write-off of deferred financing costs, which was recorded in debt extinguishment costs in the condensed consolidated statements of income. On February 6, 2019, the Company entered into the Eleventh Amendment (the āEleventh Amendmentā) to the Amended and Restated Credit Agreement. The Eleventh Amendment, among other things, amended the definition of āConsolidated EBITDAā to remove the cap on non-cash charges, losses and expenses related to the impairment of goodwill, which in turn provided increased flexibility to the Company in terms of the Companyās financial covenants. On February 27, 2019, the Company entered into the Twelfth Amendment (the āTwelfth Amendmentā) to the Amended and Restated Credit Agreement. The Twelfth Amendment, among other things, modified certain definitions, including āConsolidated EBITDAā, and increased our permitted Maximum Consolidated Leverage Ratio, thereby providing increased flexibility to the Company in terms of the Companyās financial covenants. The Company had $485.1 million of availability under the revolving line of credit and had standby letters of credit outstanding of $14.9 million related to security for the payment of claims required by its workersā compensation insurance program at September 30, 2019. 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 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 Facility in equal quarterly installments of $1.2 million on the last business day of each March, June, September and December, with the outstanding principal balance of the Tranche B-3 Facility due on February 11, 2022. The Company is required to repay the Tranche B-4 Facility in equal quarterly installments of approximately $2.3 million on the last business day of each March, June, September and December, with the outstanding principal balance of the Tranche B-4 Facility due on February 16, 2023. On April 17, 2018, the Company made an additional payment of $15.0 million, including $5.1 million on the Tranche B-3 Facility and $9.9 million on the Tranche B-4 Facility. Borrowings under the Amended and Restated Senior Credit Facility are guaranteed by each of the Companyās 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 Companyās revolving credit facility (collectively, āPro Rata Facilitiesā) under the Amended and Restated Credit Agreement bear interest at a rate tied to Acadiaās Consolidated Leverage Ratio (defined as consolidated funded debt net of up to $50.0 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 September 30, 2019. 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 September 30, 2019 , 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 September 30, 2019, 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 ā6.125% Senior Notesā). 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 ā5.125% Senior Notesā). 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 ā5.625% Senior Notesā). 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 ā6.500% Senior Notesā). 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 āSenior Notesā) contain covenants that, among other things, limit the Companyās 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 Companyās assets; and (vii) create liens on assets. The Senior Notes issued by the Company are guaranteed by each of the Companyās subsidiaries that guarantee the Companyās 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. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 10 . Equity-Based Compensation Equity Incentive Plans The Company issues stock-based awards, including stock options, restricted stock and restricted stock units, to certain officers, employees and non-employee directors under the Acadia Healthcare Company, Inc. Incentive Compensation Plan (the āEquity Incentive Planā). At September 30, 2019, a maximum of 8,200,000 shares of the Companyās common stock were authorized for issuance as stock options, restricted stock and restricted stock units or other share-based compensation under the Equity Incentive Plan, of which 2,784,810 were available for future grant. Stock options may be granted for terms of up to ten years. The Company recognizes expense on all share-based awards on a straight-line basis over the requisite service period of the entire award. Grants to employees generally vest in annual increments of 25 % each year, commencing one year after the date of grant. The exercise prices of stock options are equal to the most recent closing price of the Companyās common stock on the most recent trading date prior to the date of grant. The Company recognized $4.0 million and $5.2 million in equity-based compensation expense for the three months ended September 30, 2019 and 2018, respectively, and $14.3 million and $19.3 million for the nine months ended September 30, 2019 and 2018, respectively. At September 30, 2019, there was $41.1 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 1.3 years. At September 30, 2019, there were no warrants outstanding and exercisable. The Company recognized a deferred income tax benefit of $1.3 million and $1.4 million for the three months ended September 30, 2019 and 2018, respectively, related to equity-based compensation expense. The Company recognized a deferred income tax benefit of $4.1 million and $5.2 million for the nine months ended September 30, 2019 and 2018, respectively, related to equity-based compensation expense. Stock Options Stock option activity during 2018 and 2019 was as follows (aggregate intrinsic value in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at January 1, 2018 974,566 $ 47.89 7.46 $ 3,802 Options granted 374,700 37.54 9.21 246 Options exercised (20,989 ) 17.83 N/A 383 Options cancelled (128,737 ) 50.83 N/A N/A Options outstanding at December 31, 2018 1,199,540 44.64 7.26 2,717 Options granted 605,200 28.50 9.47 1,213 Options exercised (48,621 ) 21.14 N/A 496 Options cancelled (322,589 ) 41.29 N/A N/A Options outstanding at September 30, 2019 1,433,530 $ 39.35 7.81 $ 1,731 Options exercisable at December 31, 2018 534,164 $ 44.98 5.73 $ 2,386 Options exercisable at September 30, 2019 529,639 $ 47.97 6.02 $ 658 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 nine months ended September 30, 2019 and year ended December 31, 2018: September 30, 2019 December 31, 2018 Weighted average grant-date fair value of options $ 17.59 $ 13.67 Risk-free interest rate 2.4 % 2.2 % Expected volatility 38 % 37 % Expected life (in years) 5.0 5.1 The Companyās 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 2018 and 2019 was as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2018 809,868 $ 50.19 Granted 480,137 36.84 Cancelled (88,989 ) 47.57 Vested (395,959 ) 50.41 Unvested at December 31, 2018 805,057 $ 42.40 Granted 700,937 28.77 Cancelled (353,646 ) 33.32 Vested (250,392 ) 47.16 Unvested at September 30, 2019 901,956 $ 34.05 Restricted stock unit activity during 2018 and 2019 was as follows: Number of Units Weighted Average Grant-Date Fair Value Unvested at January 1, 2018 360,909 $ 50.04 Granted 285,358 42.26 Cancelled (89,173 ) 55.44 Vested (72,983 ) 49.64 Unvested at December 31, 2018 484,111 $ 44.52 Granted 234,408 34.54 Cancelled (267,161 ) 45.20 Vested ā ā Unvested at September 30, 2019 451,358 $ 38.94 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 director over the ratable vesting periods. The fair values of the restricted stock awards were determined based on the closing price of the Companyās common stock on the trading date immediately prior to the grant date. Restricted stock units are granted to employees and are subject to Company performance compared to pre-established targets and Company performance compared to peers. In addition to Company performance, these performance-based restricted stock units are subject to the continuing service of the employee during the two- or three-year period covered by the awards. The performance condition for the restricted stock units is based on the Companyās achievement of annually established targets for diluted earnings per share. Additionally, the number of shares issuable pursuant to restricted stock units granted during 2019 and 2018 are subject to adjustment based on the Companyās three-year annualized total stockholder return relative to a peer group consisting of S&P 1500 companies within the Healthcare Providers & Services 6 digit GICS industry group and selected other companies deemed to be peers. The number of shares issuable at the end of the applicable vesting period of restricted stock units ranges from 0% to 200% of the targeted units based on the Companyās actual performance compared to the targets and, for 2019 and 2018 awards, performance compared to peers. The fair values of restricted stock units were determined based on the closing price of the Companyās 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 | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11 . Income Taxes The provision for income taxes for the three months ended September 30, 2019 and 2018 reflects effective tax rates of 13.8% and 15.9%, respectively. The decrease in the effective rate for the three months ended September 30, 2019 was primarily attributable to the release of an income tax uncertainty reserve related to the deductibility of equity-based compensation and the taxable gain on the foreign currency derivatives settlement in August 2019, which allowed the C ompany to deduct more interest . The provision for income taxes for the nine months ended September 30, 2019 and 2018 reflects effective tax rates of 17.6% and 9.5%, respectively. The increase in the effective tax rate for the nine months ended September 30, 2019 was primarily attributable to a discrete benefit of $10.5 million recorded during the nine months ended September 30, 2018 related to a change in the provisional amount recorded at December 31, 2017 in connection with the Tax Cuts and Jobs Act (the āTax Actā). |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 12 . Derivatives The Company entered into foreign currency forward contracts during the three and nine months ended September 30, 2019 and 2018 in connection with certain transfers of cash between the U.S. and U.K. under the Companyās 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 (āUSDā) and British Pounds (āGBPā) associated with cash transfers. In May 2016, the Company entered into multiple cross currency swap agreements with an aggregate notional amounts of $650.0 million to manage foreign currency risk by effectively converting a portion of its fixed-rate USD-denominated senior notes, including the semi-annual interest payments thereafter, to fixed-rate GBP-denominated debt of Ā£449.3 million. In August 2019, the Company terminated its existing net investment cross currency swap derivatives of $105.0 million. Cash received from the termination of the cross currency swap derivatives is included in investing activities in the condensed consolidated statement of cash flows. The related gain from this termination is included in accumulated other comprehensive loss in accordance with ASC 815-30-40-1. In August 2019, the Company also 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 senior notes, including the semi-annual interest payments thereunder, to fixed-rate GBP-denominated debt of Ā£538.1 million. During the term of the swap agreements, the Company will receive semi-annual interest payments in USD from the counterparties at fixed interest rates, and the Company will make semi-annual interest payments in GBP to the counterparties at fixed interest rates. The interest payments under the cross-currency swap agreements result in Ā£25.4 million of annual cash flows from the Companyās U.K. business being converted to $35.8 million. The Company has designated the cross currency swap agreements and forward contracts entered into during 2018 and the nine months ended September 30, 2019 as qualifying hedging instruments and is accounting for these derivatives as net investment hedges. The fair values of these derivatives at September 30, 2019 and December 31, 2018 of $(15.9) million and $60.5 million, respectively, are recorded as derivative instrument liabilities and assets, respectively, on the condensed consolidated balance sheets. During the three months ended September 30, 2019, the Company elected the spot method for recording its net investment hedges. Gains and losses resulting from the settlement of the excluded components are recorded in interest expense on the condensed consolidated statements of income. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13 . 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 Companyās Amended and Restated Senior Credit Facility, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% Senior Notes, other long-term debt and derivative instruments at September 30, 2019 and December 31, 2018 were as follows (in thousands): Carrying Amount Fair Value September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Amended and Restated Senior Credit Facility $ 1,694,623 $ 1,715,338 $ 1,694,623 $ 1,715,338 6.125% Senior Notes due 2021 $ 149,101 $ 148,657 $ 149,287 $ 147,542 5.125% Senior Notes due 2022 $ 297,554 $ 296,946 $ 299,786 $ 283,583 5.625% Senior Notes due 2023 $ 644,393 $ 643,289 $ 656,475 $ 609,516 6.500% Senior Notes due 2024 $ 384,141 $ 383,304 $ 399,507 $ 369,888 Other long-term debt $ 5,110 $ 5,953 $ 5,110 $ 5,953 Derivative instrument (liabilities) assets $ (15,896 ) $ 60,524 $ (15,896 ) $ 60,524 The Companyās Amended and Restated Senior Credit Facility, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% Senior Notes and other long-term debt were categorized as Level 2 in the GAAP fair value hierarchy. Fair values were based on trading activity among the Companyās 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 | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14 . Commitments and Contingencies Professional and General Liability A portion of the Companyās professional liability risks are insured through a wholly-owned insurance subsidiary. The Company is self-insured for professional liability claims up to $3.0 million per claim and has obtained reinsurance coverage from a third party to cover claims in excess of the retention limit. The reinsurance policy has a coverage limit of $75.0 million in the aggregate. The Companyās reinsurance receivables are recognized consistent with the related liabilities and include known claims and any incurred but not reported claims that are covered by current insurance policies in place. Legal Proceedings The Company is, from time to time, subject to various claims, lawsuits, 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. Certain of the Companyās individual facilities have received, and from time to time, other facilities may receive, subpoenas, civil investigative demands, audit requests and other inquiries from, and may be subject to investigation by, federal and state agencies. These investigations can result in repayment obligations, and violations of the False Claims Act can result in substantial monetary penalties and fines, the imposition of a corporate integrity agreement and exclusion from participation in governmental health programs. In addition, the federal False Claims Act permits private parties to bring qui tam, or āwhistleblower,ā suits against companies that submit false claims for payments to, or improperly retain overpayments from, the government. Some states have adopted similar state whistleblower and false claims provisions. On April 1, 2019, a consolidated complaint was filed against the Company and certain former and current officers in the lawsuit styled St. Clair County Employeesā Retirement System v. Acadia Healthcare Company, Inc., et al. On February 21, 2019, a purported stockholder filed a related derivative action on behalf of the Company against certain former and current officers and directors in the lawsuit styled Davydov v. Joey A. Jacobs, et al. Beard v. Jacobs, et al. Davydov Beard St. Clair County v. Acadia Healthcare During the second quarter of 2019, the Company reached a settlement with the U.S. Attorneyās Office for the Southern District of West Virginia relating to the manner in which seven of our comprehensive treatment centers in West Virginia had historically billed lab claims to the West Virginia Medicaid Program. The Company paid the government $17.0 million during the three months ended June 30, 2019 and entered into a corporate integrity agreement with the Office of Inspector General imposing customary compliance obligations on our subsidiary, CRC Health. In the fall of 2017, the Office of Inspector General issued subpoenas to three of the Companyās facilities requesting certain documents from January 2013 to the date of the subpoenas. The U.S. Attorneyās Office for the Middle District of Florida issued a civil investigative demand to one of the Companyās facilities in December 2017 requesting certain documents from November 2012 to the date of the demand. In April 2019, the Office of Inspector General issued subpoenas relating to six additional facilities requesting certain documents and information from January 2013 to the date of the subpoenas. The governmentās investigation of each of these facilities is focused on claims not eligible for payment because of alleged violations of certain regulatory requirements relating to, among other things, medical necessity, admission eligibility, discharge decisions, length of stay and patient care issues. The Company is cooperating with the governmentās investigation but is not able to quantify any potential liability in connection with these investigations. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 15 . Noncontrolling Interests Noncontrolling interests in the consolidated financial statements represents the portion of equity held by noncontrolling partners in the Companyās non-wholly owned subsidiaries. At September 30, 2019, the Company operated five facilities through non-wholly owned subsidiaries and owns between 60% and 85% of the equity interests, and noncontrolling partners own the remaining equity interests. The initial value of the noncontrolling interests is based on the fair value of contributions, and the Company consolidates the operations of each facility based on its equity ownership and its control of the entity. The noncontrolling interests are reflected as redeemable noncontrolling interests on the condensed consolidated balance sheets based on put rights that could require the Company to purchase the noncontrolling interests upon the occurrence of a change in control. The components of redeemable noncontrolling interests are as follows (in thousands): Balance at December 31, 2018 $ 28,806 Acquisition of redeemable noncontrolling interests 3,300 Net income attributable to noncontrolling interests 258 Balance at September 30, 2019 $ 32,364 |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | 16 . Other Current Assets Other current assets consisted of the following (in thousands): September 30, 2019 December 31, 2018 Prepaid expenses $ 28,495 $ 30,802 Other receivables 17,485 19,205 Cost report receivable 12,485 10,340 Notes receivable 11,875 ā Workersā compensation deposits ā current portion 10,000 10,000 Income taxes receivable 5,001 2,380 Inventory 4,337 5,055 Insurance receivable ā current portion 2,049 2,049 Other 2,061 1,989 Other current assets $ 93,788 $ 81,820 |
Other Accrued Liabilities
Other Accrued Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | 17 . Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): September 30, 2019 December 31, 2018 Accrued expenses $ 47,067 $ 44,938 Unearned income 35,278 32,154 Income taxes payable 25,318 3,041 Accrued interest 11,134 32,838 Finance lease liabilities 6,684 445 Accrued property taxes 6,537 4,136 Insurance liability ā current portion 4,956 4,956 Accrued legal settlements ā 22,076 Other 2,780 6,642 Other accrued liabilities $ 139,754 $ 151,226 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 1 8 . 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 U.S. Facilities and its U.K. Facilities separately to assess performance and make decisions, the Companyās operating segments include our U.S. Facilities and U.K. Facilities. At September 30, 2019, the U.S. Facilities segment included 224 behavioral healthcare facilities with approximately 9,300 beds in 40 states and Puerto Rico, and the U.K. Facilities segment included 365 behavioral healthcare facilities with approximately 8,700 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenue: U.S. Facilities $ 509,383 $ 488,626 $ 1,507,156 $ 1,432,501 U.K. Facilities 267,868 272,290 820,074 836,394 Corporate and Other ā ā ā ā $ 777,251 $ 760,916 $ 2,327,230 $ 2,268,895 Segment EBITDA (1): U.S. Facilities $ 127,087 $ 128,537 $ 381,491 $ 375,663 U.K. Facilities 40,726 40,735 126,617 146,081 Corporate and Other (21,175 ) (20,348 ) (66,581 ) (62,075 ) $ 146,638 $ 148,924 $ 441,527 $ 459,669 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Segment EBITDA (1) $ 146,638 $ 148,924 $ 441,527 $ 459,669 Less: Equity-based compensation expense (4,039 ) (5,225 ) (14,322 ) (19,273 ) Transaction-related expenses (5,775 ) (2,353 ) (15,308 ) (10,008 ) Debt extinguishment costs ā ā ā (940 ) Interest expense, net (46,644 ) (46,651 ) (143,384 ) (137,706 ) Depreciation and amortization (40,620 ) (39,659 ) (122,277 ) (119,360 ) Income before income taxes $ 49,560 $ 55,036 $ 146,236 $ 172,382 U.S. Facilities U.K. Facilities Corporate and Other Consolidated Goodwill: Balance at January 1, 2019 $ 2,044,837 $ 351,575 $ ā $ 2,396,412 Increase from 2019 acquisitions 36,567 ā ā 36,567 Increase from contribution of redeemable noncontrolling interests 3,300 ā ā 3,300 Foreign currency translation loss ā (12,038 ) ā (12,038 ) Balance at September 30, 2019 $ 2,084,704 $ 339,537 $ ā $ 2,424,241 September 30, 2019 December 31, 2018 Assets (2): U.S. Facilities $ 4,032,623 $ 3,779,040 U.K. Facilities 2,472,274 2,175,809 Corporate and Other 223,228 217,655 $ 6,728,125 $ 6,172,504 (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 Companyās 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 $1.4 billion, U.K. Facilities of $1.6 billion and corporate and other of $57.2 million at September 30, 2019. Assets include property and equipment for the U.S. Facilities of $1.4 billion, U.K. Facilities of $1.7 billion and corporate and other of $44.9 million at December 31, 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 1 9 . Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows (in thousands): Foreign Currency Translation Adjustments Change in Fair Value of Derivative Instruments Pension Plan Total Balance at December 31, 2018 $ (504,528 ) $ 43,966 $ (1,815 ) $ (462,377 ) Foreign currency translation (loss) gain (66,174 ) ā 62 (66,112 ) Gain on derivative instruments, net of tax of $10.7 million ā 20,495 ā 20,495 Balance at September 30, 2019 $ (570,702 ) $ 64,461 $ (1,753 ) $ (507,994 ) |
Financial Information for the C
Financial Information for the Company and Its Subsidiaries | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Financial Information for the Company and Its Subsidiaries | 20 . 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 Companyās subsidiaries that guarantee the Companyās obligations under the Amended and Restated Senior Credit Facility. Presented below is condensed consolidating financial information for the Company and its subsidiaries at September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and 2018. The information segregates the parent company (Acadia Healthcare Company, Inc.), the combined wholly-owned subsidiary guarantors, the combined non-guarantor subsidiaries and eliminations. Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets September 30, 2019 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Current assets: Cash and cash equivalents $ ā $ 63,066 $ 29,834 $ ā $ 92,900 Accounts receivable, net ā 282,407 67,818 ā 350,225 Other current assets ā 78,992 14,796 ā 93,788 Total current assets ā 424,465 112,448 ā 536,913 Property and equipment, net ā 1,313,560 1,817,859 ā 3,131,419 Goodwill ā 1,991,944 432,297 ā 2,424,241 Intangible assets, net ā 58,410 30,618 ā 89,028 Deferred tax assets 1,999 ā 3,371 (1,999 ) 3,371 Investment in subsidiaries 5,369,355 ā ā (5,369,355 ) ā Operating lease right-of-use assets ā 99,517 380,364 ā 479,881 Other assets 251,289 55,571 4,681 (248,269 ) 63,272 Total assets $ 5,622,643 $ 3,943,467 $ 2,781,638 $ (5,619,623 ) $ 6,728,125 Current liabilities: Current portion of long-term debt $ 41,287 $ ā $ ā $ ā $ 41,287 Accounts payable ā 93,817 37,655 ā 131,472 Accrued salaries and benefits ā 87,206 30,477 ā 117,683 Current portion of operating lease liabilities ā 17,595 10,415 ā 28,010 Other accrued liabilities 11,134 48,150 80,470 ā 139,754 Total current liabilities 52,421 246,768 159,017 ā 458,206 Long-term debt 3,133,635 ā 248,269 (248,269 ) 3,133,635 Deferred tax liabilities ā 17,419 47,734 (1,999 ) 63,154 Operating lease liabilities ā 87,700 391,194 ā 478,894 Derivative instrument liabilities 15,896 ā ā ā 15,896 Other liabilities ā 110,037 15,248 ā 125,285 Total liabilities 3,201,952 461,924 861,462 (250,268 ) 4,275,070 Redeemable noncontrolling interests ā ā 32,364 ā 32,364 Total equity 2,420,691 3,481,543 1,887,812 (5,369,355 ) 2,420,691 Total liabilities and equity $ 5,622,643 $ 3,943,467 $ 2,781,638 $ (5,619,623 ) $ 6,728,125 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Current assets: Cash and cash equivalents $ ā $ 32,471 $ 18,039 $ ā $ 50,510 Accounts receivable, net ā 248,218 69,869 ā 318,087 Other current assets ā 60,160 21,660 ā 81,820 Total current assets ā 340,849 109,568 ā 450,417 Property and equipment, net ā 1,219,803 1,887,963 ā 3,107,766 Goodwill ā 1,936,057 460,355 ā 2,396,412 Intangible assets, net ā 56,611 32,379 ā 88,990 Deferred tax assets ā noncurrent 1,841 ā 3,468 (1,841 ) 3,468 Derivative instruments 60,524 ā ā ā 60,524 Investment in subsidiaries 5,190,771 ā ā (5,190,771 ) ā Other assets 306,495 52,824 9,548 (303,940 ) 64,927 Total assets $ 5,559,631 $ 3,606,144 $ 2,503,281 $ (5,496,552 ) $ 6,172,504 Current liabilities: Current portion of long-term debt $ 34,112 $ ā $ ā $ ā $ 34,112 Accounts payable ā 79,463 38,277 ā 117,740 Accrued salaries and benefits ā 84,150 29,149 ā 113,299 Other accrued liabilities 32,837 42,062 76,327 ā 151,226 Total current liabilities 66,949 205,675 143,753 ā 416,377 Long-term debt 3,159,375 ā 303,940 (303,940 ) 3,159,375 Deferred tax liabilities ā noncurrent ā 31,874 50,339 (1,841 ) 80,372 Other liabilities ā 107,866 46,401 ā 154,267 Total liabilities 3,226,324 345,415 544,433 (305,781 ) 3,810,391 Redeemable noncontrolling interests ā ā 28,806 ā 28,806 Total equity 2,333,307 3,260,729 1,930,042 (5,190,771 ) 2,333,307 Total liabilities and equity $ 5,559,631 $ 3,606,144 $ 2,503,281 $ (5,496,552 ) $ 6,172,504 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2019 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ ā $ 476,722 $ 300,529 $ ā $ 777,251 Salaries, wages and benefits 4,039 258,166 166,396 ā 428,601 Professional fees ā 27,955 34,197 ā 62,152 Supplies ā 20,291 10,499 ā 30,790 Rents and leases ā 8,771 11,363 ā 20,134 Other operating expenses ā 60,730 32,245 ā 92,975 Depreciation and amortization ā 20,588 20,032 ā 40,620 Interest expense, net 19,109 22,876 4,659 ā 46,644 Transaction-related expenses ā 4,326 1,449 ā 5,775 Total expenses 23,148 423,703 280,840 ā 727,691 (Loss) income before income taxes (23,148 ) 53,019 19,689 ā 49,560 Equity in earnings of subsidiaries 60,296 ā ā (60,296 ) ā (Benefit from) provision for income taxes (5,575 ) 15,273 (2,861 ) ā 6,837 Net income (loss) 42,723 37,746 22,550 (60,296 ) 42,723 Net income attributable to noncontrolling interests ā ā (157 ) ā (157 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 42,723 $ 37,746 $ 22,393 $ (60,296 ) $ 42,566 Other comprehensive income: Foreign currency translation loss ā ā (59,975 ) ā (59,975 ) Gain on derivative instruments 11,598 ā ā ā 11,598 Other comprehensive income (loss) 11,598 ā (59,975 ) ā (48,377 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 54,321 $ 37,746 $ (37,582 ) $ (60,296 ) $ (5,811 ) Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ ā $ 458,061 $ 302,855 $ ā $ 760,916 Salaries, wages and benefits 5,225 245,599 167,093 ā 417,917 Professional fees ā 24,152 35,357 ā 59,509 Supplies ā 19,139 10,322 ā 29,461 Rents and leases ā 8,294 11,572 ā 19,866 Other operating expenses ā 57,495 32,969 ā 90,464 Depreciation and amortization ā 18,857 20,802 ā 39,659 Interest expense, net 17,225 22,768 6,658 ā 46,651 Transaction-related expenses ā 702 1,651 ā 2,353 Total expenses 22,450 397,006 286,424 ā 705,880 (Loss) income before income taxes (22,450 ) 61,055 16,431 ā 55,036 Equity in earnings of subsidiaries 62,854 ā ā (62,854 ) ā (Benefit from) provision for income taxes (5,875 ) 11,666 2,966 ā 8,757 Net income (loss) 46,279 49,389 13,465 (62,854 ) 46,279 Net income attributable to noncontrolling interests ā ā (47 ) ā (47 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 46,279 $ 49,389 $ 13,418 $ (62,854 ) $ 46,232 Other comprehensive (loss) income: Foreign currency translation loss ā ā (31,959 ) ā (31,959 ) Gain on derivative instruments 7,380 ā ā ā 7,380 Other comprehensive income (loss) 7,380 ā (31,959 ) ā (24,579 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 53,659 $ 49,389 $ (18,541 ) $ (62,854 ) $ 21,653 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended September 30, 2019 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ ā $ 1,416,790 $ 910,440 $ ā $ 2,327,230 Salaries, wages and benefits 14,322 767,764 506,313 ā 1,288,399 Professional fees ā 79,663 97,925 ā 177,588 Supplies ā 59,753 31,908 ā 91,661 Rents and leases ā 25,890 34,970 ā 60,860 Other operating expenses ā 181,639 99,878 ā 281,517 Depreciation and amortization ā 60,210 62,067 ā 122,277 Interest expense, net 58,825 69,380 15,179 ā 143,384 Transaction-related expenses ā 12,122 3,186 ā 15,308 Total expenses 73,147 1,256,421 851,426 ā 2,180,994 (Loss) income before income taxes (73,147 ) 160,369 59,014 ā 146,236 Equity in earnings of subsidiaries 174,337 ā ā (174,337 ) ā (Benefit from) provision for income taxes (19,245 ) 57,636 (12,590 ) ā 25,801 Net income (loss) 120,435 102,733 71,604 (174,337 ) 120,435 Net gain attributable to noncontrolling interests ā ā (258 ) ā (258 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 120,435 $ 102,733 $ 71,346 $ (174,337 ) $ 120,177 Other comprehensive (loss) income: Foreign currency translation loss ā ā (66,112 ) ā (66,112 ) Gain on derivative instruments 20,495 ā ā ā 20,495 Other comprehensive income (loss) 20,495 ā (66,112 ) ā (45,617 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 140,930 $ 102,733 $ 5,234 $ (174,337 ) $ 74,560 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended September 30, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ ā $ 1,347,468 $ 921,427 $ ā 2,268,895 Salaries, wages and benefits 19,273 724,650 502,263 ā 1,246,186 Professional fees ā 73,100 93,888 ā 166,988 Supplies ā 57,143 31,815 ā 88,958 Rents and leases ā 24,844 35,546 ā 60,390 Other operating expenses ā 168,923 97,054 ā 265,977 Depreciation and amortization ā 55,640 63,720 ā 119,360 Interest expense, net 47,307 69,954 20,445 ā 137,706 Debt extinguishment costs 940 ā ā ā 940 Transaction-related expenses ā 7,382 2,626 ā 10,008 Total expenses 67,520 1,181,636 847,357 ā 2,096,513 (Loss) income before income taxes (67,520 ) 165,832 74,070 ā 172,382 Equity in earnings of subsidiaries 206,204 ā ā (206,204 ) ā (Benefit from) provision for income taxes (17,359 ) 22,985 10,713 ā 16,339 Net income (loss) 156,043 142,847 63,357 (206,204 ) 156,043 Net income attributable to noncontrolling interests ā ā (156 ) ā (156 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 156,043 $ 142,847 $ 63,201 $ (206,204 ) $ 155,887 Other comprehensive (loss) income: Foreign currency translation loss ā ā (82,778 ) ā (82,778 ) Gain on derivative instruments 16,434 ā ā ā 16,434 Other comprehensive income (loss) 16,434 ā (82,778 ) ā (66,344 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 172,477 $ 142,847 $ (19,577 ) $ (206,204 ) $ 89,543 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2019 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net income (loss) $ 120,435 $ 102,733 $ 71,604 $ (174,337 ) $ 120,435 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (174,337 ) ā ā 174,337 ā Depreciation and amortization ā 60,210 62,067 ā 122,277 Amortization of debt issuance costs 8,926 ā ā ā 8,926 Equity-based compensation expense 14,322 ā ā ā 14,322 Deferred income taxes (158 ) 4,517 791 ā 5,150 Other 2,606 1,643 195 ā 4,444 Change in operating assets and liabilities: Accounts receivable, net ā (28,918 ) (4,038 ) ā (32,956 ) Other current assets ā (2,845 ) (1,067 ) ā (3,912 ) Other assets 3,847 (1,136 ) 1,666 (3,847 ) 530 Accounts payable and other accrued liabilities ā (29,543 ) (6,067 ) ā (35,610 ) Accrued salaries and benefits ā 2,008 2,805 ā 4,813 Other liabilities ā 16,058 (10,948 ) ā 5,110 Net cash (used in) provided by operating activities (24,359 ) 124,727 117,008 (3,847 ) 213,529 Investing activities: Cash paid for acquisitions, net of cash acquired ā (44,900 ) ā ā (44,900 ) Cash paid for capital expenditures ā (135,242 ) (67,480 ) ā (202,722 ) Cash paid for real estate acquisitions ā (6,976 ) ā ā (6,976 ) Settlement of foreign currency derivatives 105,008 ā ā ā 105,008 Other ā 7,615 4,783 ā 12,398 Net cash provided by (used in) investing activities 105,008 (179,503 ) (62,697 ) ā (137,192 ) Financing activities: Borrowings on revolving credit facility 76,573 ā ā ā 76,573 Principal payments on revolving credit facility (76,573 ) ā ā ā (76,573 ) Principal payments on long-term debt (24,738 ) ā (3,847 ) 3,847 (24,738 ) Common stock withheld for minimum statutory taxes, net (1,498 ) ā ā ā (1,498 ) Other (2,375 ) (1,580 ) (1,968 ) ā (5,923 ) Cash (used in) provided by intercompany activity (52,038 ) 86,951 (34,913 ) ā ā Net cash (used in) provided by in financing activities (80,649 ) 85,371 (40,728 ) 3,847 (32,159 ) Effect of exchange rate changes on cash ā ā (1,788 ) ā (1,788 ) Net increase in cash and cash equivalents ā 30,595 11,795 ā 42,390 Cash and cash equivalents at beginning of the period ā 32,471 18,039 ā 50,510 Cash and cash equivalents at end of the period $ ā $ 63,066 $ 29,834 $ ā $ 92,900 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net income (loss) $ 156,043 $ 142,847 $ 63,357 $ (206,204 ) $ 156,043 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (206,204 ) ā ā 206,204 ā Depreciation and amortization ā 55,640 63,720 ā 119,360 Amortization of debt issuance costs 8,065 ā (302 ) ā 7,763 Equity-based compensation expense 19,273 ā ā ā 19,273 Deferred income taxes 74 (2,398 ) 586 ā (1,738 ) Debt extinguishment costs 940 ā ā ā 940 Other 1,948 1,219 (142 ) ā 3,025 Change in operating assets and liabilities: Accounts receivable, net ā (39,644 ) (3,608 ) ā (43,252 ) Other current assets ā 7,898 (4,877 ) ā 3,021 Other assets 4,596 3,763 105 (4,596 ) 3,868 Accounts payable and other accrued liabilities ā 7,835 1,395 ā 9,230 Accrued salaries and benefits ā 11,100 (51 ) ā 11,049 Other liabilities ā 4,548 (4,399 ) ā 149 Net cash (used in) provided by continuing operating activities (15,265 ) 192,808 115,784 (4,596 ) 288,731 Net cash used in discontinued operating activities ā (2,548 ) ā ā (2,548 ) Net cash (used in) provided by operating activities (15,265 ) 190,260 115,784 (4,596 ) 286,183 Investing activities: Cash paid for capital expenditures ā (149,402 ) (100,587 ) ā (249,989 ) Cash paid for real estate acquisitions ā (9,391 ) ā ā (9,391 ) Other ā (5,718 ) 2,604 ā (3,114 ) Net cash used in investing activities ā (164,511 ) (97,983 ) ā (262,494 ) Financing activities: Principal payments on long-term debt (31,492 ) (169 ) (4,427 ) 4,596 (31,492 ) Common stock withheld for minimum statutory taxes, net (2,272 ) ā ā ā (2,272 ) Other (1,742 ) (2,885 ) (2,346 ) ā (6,973 ) Cash provided by (used in) intercompany activity 50,771 (37,257 ) (13,514 ) ā ā Net cash provided by (used in) in financing activities 15,265 (40,311 ) (20,287 ) 4,596 (40,737 ) Effect of exchange rate changes on cash ā ā (1,314 ) ā (1,314 ) Net decrease in cash and cash equivalents ā (14,562 ) (3,800 ) ā (18,362 ) Cash and cash equivalents at beginning of the period ā 46,860 20,430 ā 67,290 Cash and cash equivalents at end of the period $ ā $ 32,298 $ 16,630 $ ā $ 48,928 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2018 $ 31,239 Payments received 128,866 Revenue recognized (124,067 ) Foreign currency translation loss (1,791 ) Balance at September 30, 2019 $ 34,247 |
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Acute inpatient psychiatric facilities $ 233,141 $ 208,885 $ 678,866 $ 608,311 Specialty treatment facilities 201,169 198,107 595,473 575,536 Residential treatment centers 69,681 72,351 216,989 218,041 Outpatient community-based facilities 5,392 9,283 15,828 30,613 Revenue $ 509,383 $ 488,626 $ 1,507,156 $ 1,432,501 |
Schedule of Revenue and Percentage Generated by Each Payor Type | The following table presents revenue by payor type and as a percentage of revenue in our U.S. Facilities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Amount % Amount % Amount % Amount % Commercial $ 140,315 27.5 % $ 146,439 30.0 % $ 426,659 28.3 % $ 431,337 30.1 % Medicare 76,906 15.1 % 73,528 15.0 % 223,027 14.8 % 210,307 14.7 % Medicaid 256,370 50.3 % 229,390 46.9 % 750,631 49.8 % 668,236 46.6 % Self-Pay 30,626 6.0 % 33,559 6.9 % 91,982 6.1 % 103,845 7.3 % Other 5,166 1.1 % 5,710 1.2 % 14,857 1.0 % 18,776 1.3 % Revenue $ 509,383 100.0 % $ 488,626 100.0 % $ 1,507,156 100.0 % $ 1,432,501 100.0 % |
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Healthcare facilities $ 148,138 $ 150,589 $ 455,399 $ 464,098 Education and Childrenās Services 43,388 45,795 135,652 141,945 Adult Care facilities 76,342 75,906 229,023 230,351 Revenue $ 267,868 $ 272,290 $ 820,074 $ 836,394 |
Schedule of Revenue and Percentage Generated by Each Payor Type | The following table presents revenue by payor type and as a percentage of revenue in our U.K. Facilities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Amount % Amount % Amount % Amount % U.K. public funded sources $ 242,747 90.6 % $ 245,919 90.3 % $ 740,492 90.3 % $ 756,094 90.4 % Self-Pay 24,430 9.1 % 26,159 9.6 % 77,895 9.5 % 78,499 9.4 % Other 691 0.3 % 212 0.1 % 1,687 0.2 % 1,801 0.2 % Revenue $ 267,868 100.0 % $ 272,290 100.0 % $ 820,074 100.0 % $ 836,394 100.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income attributable to Acadia Healthcare Company, Inc. $ 42,566 $ 46,232 $ 120,177 $ 155,887 Denominator: Weighted average shares outstanding for basic earnings per share 87,649 87,344 87,591 87,233 Effect of dilutive instruments 210 193 214 153 Shares used in computing diluted earnings per common share 87,859 87,537 87,805 87,386 Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: Basic $ 0.49 $ 0.53 $ 1.37 $ 1.79 Diluted $ 0.48 $ 0.53 $ 1.37 $ 1.78 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Transaction Related Expenses as Incurred | Transaction-related expenses primarily relate to termination, restructuring, strategic review and other acquisition-related costs. Transaction-related expenses for the three and nine months ended September 30, 2019 and 2018 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Termination, restructuring and strategic review costs $ 5,541 $ 1,443 $ 13,858 $ 6,844 Legal, accounting and other acquisition-related costs 234 910 1,450 3,164 $ 5,775 $ 2,353 $ 15,308 $ 10,008 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following at September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Land $ 437,214 $ 430,771 Building and improvements 2,555,105 2,423,594 Equipment 462,865 444,538 Construction in progress 231,581 294,848 3,686,765 3,593,751 Less: accumulated depreciation (555,346 ) (485,985 ) Property and equipment, net $ 3,131,419 $ 3,107,766 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 and December 31, 2018 (in thousands): Gross Carrying Amount Accumulated Amortization September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (2,100 ) $ (2,100 ) Non-compete agreements 1,131 1,147 (1,131 ) (1,147 ) 3,231 3,247 (3,231 ) (3,247 ) Intangible assets not subject to amortization: Licenses and accreditations 12,586 12,343 ā ā Trade names 59,412 60,109 ā ā Certificates of need 17,030 16,538 ā ā 89,028 88,990 ā ā Total $ 92,259 $ 92,237 $ (3,231 ) $ (3,247 ) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule Of Leases On Condensed Consolidated Balance Sheet | At September 30, 2019, the Company recorded the following on the condensed consolidated balance sheet (in thousands): Right-of-Use Assets Balance Sheet Classification September 30, 2019 Finance lease right-of-use assets Property and equipment, net $ 44,326 Operating lease right-of-use assets Operating lease right-of-use assets 479,881 Total $ 524,207 Lease Liabilities Balance Sheet Classification September 30, 2019 Current: Finance lease liabilities Other accrued liabilities $ 6,684 Operating lease liabilities Current portion of operating lease liabilities 28,010 Noncurrent: Finance lease liabilities Other liabilities 43,776 Operating lease liabilities Operating lease liabilities 478,894 Total $ 557,364 |
Schedule of Weighted-average Remaining Lease Terms and Discount Rates | Weighted-average remaining lease terms and discount rates at September 30, 2019 were as follows: Weighted-average remaining lease term (in years): Finance 7.1 Operating 19.4 Weighted-average discount rate: Finance 6.4 % Operating 6.3 % |
Schedule of Lease Cost | The Company recorded the following lease costs for the three and nine months ended September 30, 2019 (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease costs: Depreciation of leased assets 1,036 3,295 Interest of lease liabilities 977 2,973 Total finance lease costs $ 2,013 $ 6,268 Operating lease costs 15,873 48,639 Variable lease costs 1,229 3,159 Short term lease costs 1,378 4,308 Other lease costs 1,654 4,754 Total rents and leases $ 20,134 $ 60,860 Total lease costs $ 22,147 $ 67,128 |
Schedule of Undiscounted Cash Flows for Finance and Operating Leases | Undiscounted cash flows for finance and operating leases recorded on the condensed consolidated balance sheet were as follows at September 30, 2019 (in thousands): Finance Leases Operating Leases For the three months ending December 31, 2019 $ 1,926 $ 15,052 2020 7,071 58,702 2021 35,262 55,092 2022 2,386 50,379 2023 1,194 46,893 Thereafter 26,094 691,763 Total minimum lease payments 73,933 917,881 Less: amount of lease payments representing interest 23,473 410,977 Present value of future minimum lease payments 50,460 506,904 Less: Current portion of lease liabilities 6,684 28,010 Noncurrent lease liabilities $ 43,776 $ 478,894 |
Schedule of Supplemental Data | Supplemental data for the nine months ended September 30, 2019 was as follows (in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 45,576 Operating cash flows for finance leases $ 2,973 Financing cash flows for finance leases $ 2,701 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 15,623 Finance leases $ 2,457 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt consisted of the following (in thousands): September 30, 2019 December 31, 2018 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans $ 351,500 $ 365,750 Senior Secured Term B Loans 1,362,424 1,372,912 Senior Secured Revolving Line of Credit ā ā 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 Other long-term debt 5,110 5,953 Less: unamortized debt issuance costs, discount and premium (34,112 ) (41,128 ) 3,174,922 3,193,487 Less: current portion (41,287 ) (34,112 ) Long-term debt $ 3,133,635 $ 3,159,375 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Activity | Stock option activity during 2018 and 2019 was as follows (aggregate intrinsic value in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at January 1, 2018 974,566 $ 47.89 7.46 $ 3,802 Options granted 374,700 37.54 9.21 246 Options exercised (20,989 ) 17.83 N/A 383 Options cancelled (128,737 ) 50.83 N/A N/A Options outstanding at December 31, 2018 1,199,540 44.64 7.26 2,717 Options granted 605,200 28.50 9.47 1,213 Options exercised (48,621 ) 21.14 N/A 496 Options cancelled (322,589 ) 41.29 N/A N/A Options outstanding at September 30, 2019 1,433,530 $ 39.35 7.81 $ 1,731 Options exercisable at December 31, 2018 534,164 $ 44.98 5.73 $ 2,386 Options exercisable at September 30, 2019 529,639 $ 47.97 6.02 $ 658 |
Schedule of Stock Options Valuation Assumptions | The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the nine months ended September 30, 2019 and year ended December 31, 2018: September 30, 2019 December 31, 2018 Weighted average grant-date fair value of options $ 17.59 $ 13.67 Risk-free interest rate 2.4 % 2.2 % Expected volatility 38 % 37 % Expected life (in years) 5.0 5.1 |
Restricted Stock Activity | Restricted stock activity during 2018 and 2019 was as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2018 809,868 $ 50.19 Granted 480,137 36.84 Cancelled (88,989 ) 47.57 Vested (395,959 ) 50.41 Unvested at December 31, 2018 805,057 $ 42.40 Granted 700,937 28.77 Cancelled (353,646 ) 33.32 Vested (250,392 ) 47.16 Unvested at September 30, 2019 901,956 $ 34.05 |
Restricted Stock Unit Activity | Restricted stock unit activity during 2018 and 2019 was as follows: Number of Units Weighted Average Grant-Date Fair Value Unvested at January 1, 2018 360,909 $ 50.04 Granted 285,358 42.26 Cancelled (89,173 ) 55.44 Vested (72,983 ) 49.64 Unvested at December 31, 2018 484,111 $ 44.52 Granted 234,408 34.54 Cancelled (267,161 ) 45.20 Vested ā ā Unvested at September 30, 2019 451,358 $ 38.94 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Companyās Amended and Restated Senior Credit Facility, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% Senior Notes, other long-term debt and derivative instruments at September 30, 2019 and December 31, 2018 were as follows (in thousands): Carrying Amount Fair Value September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Amended and Restated Senior Credit Facility $ 1,694,623 $ 1,715,338 $ 1,694,623 $ 1,715,338 6.125% Senior Notes due 2021 $ 149,101 $ 148,657 $ 149,287 $ 147,542 5.125% Senior Notes due 2022 $ 297,554 $ 296,946 $ 299,786 $ 283,583 5.625% Senior Notes due 2023 $ 644,393 $ 643,289 $ 656,475 $ 609,516 6.500% Senior Notes due 2024 $ 384,141 $ 383,304 $ 399,507 $ 369,888 Other long-term debt $ 5,110 $ 5,953 $ 5,110 $ 5,953 Derivative instrument (liabilities) assets $ (15,896 ) $ 60,524 $ (15,896 ) $ 60,524 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Summary of Redeemable Noncontrolling Interests | The components of redeemable noncontrolling interests are as follows (in thousands): Balance at December 31, 2018 $ 28,806 Acquisition of redeemable noncontrolling interests 3,300 Net income attributable to noncontrolling interests 258 Balance at September 30, 2019 $ 32,364 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | Other current assets consisted of the following (in thousands): September 30, 2019 December 31, 2018 Prepaid expenses $ 28,495 $ 30,802 Other receivables 17,485 19,205 Cost report receivable 12,485 10,340 Notes receivable 11,875 ā Workersā compensation deposits ā current portion 10,000 10,000 Income taxes receivable 5,001 2,380 Inventory 4,337 5,055 Insurance receivable ā current portion 2,049 2,049 Other 2,061 1,989 Other current assets $ 93,788 $ 81,820 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands): September 30, 2019 December 31, 2018 Accrued expenses $ 47,067 $ 44,938 Unearned income 35,278 32,154 Income taxes payable 25,318 3,041 Accrued interest 11,134 32,838 Finance lease liabilities 6,684 445 Accrued property taxes 6,537 4,136 Insurance liability ā current portion 4,956 4,956 Accrued legal settlements ā 22,076 Other 2,780 6,642 Other accrued liabilities $ 139,754 $ 151,226 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Reconciliation of Segment EBITDA to Income before Income Taxes | 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenue: U.S. Facilities $ 509,383 $ 488,626 $ 1,507,156 $ 1,432,501 U.K. Facilities 267,868 272,290 820,074 836,394 Corporate and Other ā ā ā ā $ 777,251 $ 760,916 $ 2,327,230 $ 2,268,895 Segment EBITDA (1): U.S. Facilities $ 127,087 $ 128,537 $ 381,491 $ 375,663 U.K. Facilities 40,726 40,735 126,617 146,081 Corporate and Other (21,175 ) (20,348 ) (66,581 ) (62,075 ) $ 146,638 $ 148,924 $ 441,527 $ 459,669 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Segment EBITDA (1) $ 146,638 $ 148,924 $ 441,527 $ 459,669 Less: Equity-based compensation expense (4,039 ) (5,225 ) (14,322 ) (19,273 ) Transaction-related expenses (5,775 ) (2,353 ) (15,308 ) (10,008 ) Debt extinguishment costs ā ā ā (940 ) Interest expense, net (46,644 ) (46,651 ) (143,384 ) (137,706 ) Depreciation and amortization (40,620 ) (39,659 ) (122,277 ) (119,360 ) Income before income taxes $ 49,560 $ 55,036 $ 146,236 $ 172,382 |
Summary of Assets by Operating Segment | September 30, 2019 December 31, 2018 Assets (2): U.S. Facilities $ 4,032,623 $ 3,779,040 U.K. Facilities 2,472,274 2,175,809 Corporate and Other 223,228 217,655 $ 6,728,125 $ 6,172,504 (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 Companyās 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 $1.4 billion, U.K. Facilities of $1.6 billion and corporate and other of $57.2 million at September 30, 2019. Assets include property and equipment for the U.S. Facilities of $1.4 billion, U.K. Facilities of $1.7 billion and corporate and other of $44.9 million at December 31, 2018. |
Goodwill [Member] | |
Summary of Assets by Operating Segment | U.S. Facilities U.K. Facilities Corporate and Other Consolidated Goodwill: Balance at January 1, 2019 $ 2,044,837 $ 351,575 $ ā $ 2,396,412 Increase from 2019 acquisitions 36,567 ā ā 36,567 Increase from contribution of redeemable noncontrolling interests 3,300 ā ā 3,300 Foreign currency translation loss ā (12,038 ) ā (12,038 ) Balance at September 30, 2019 $ 2,084,704 $ 339,537 $ ā $ 2,424,241 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are as follows (in thousands): Foreign Currency Translation Adjustments Change in Fair Value of Derivative Instruments Pension Plan Total Balance at December 31, 2018 $ (504,528 ) $ 43,966 $ (1,815 ) $ (462,377 ) Foreign currency translation (loss) gain (66,174 ) ā 62 (66,112 ) Gain on derivative instruments, net of tax of $10.7 million ā 20,495 ā 20,495 Balance at September 30, 2019 $ (570,702 ) $ 64,461 $ (1,753 ) $ (507,994 ) |
Financial Information for the_2
Financial Information for the Company and Its Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Condensed Consolidating Balance Sheets | Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets September 30, 2019 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Current assets: Cash and cash equivalents $ ā $ 63,066 $ 29,834 $ ā $ 92,900 Accounts receivable, net ā 282,407 67,818 ā 350,225 Other current assets ā 78,992 14,796 ā 93,788 Total current assets ā 424,465 112,448 ā 536,913 Property and equipment, net ā 1,313,560 1,817,859 ā 3,131,419 Goodwill ā 1,991,944 432,297 ā 2,424,241 Intangible assets, net ā 58,410 30,618 ā 89,028 Deferred tax assets 1,999 ā 3,371 (1,999 ) 3,371 Investment in subsidiaries 5,369,355 ā ā (5,369,355 ) ā Operating lease right-of-use assets ā 99,517 380,364 ā 479,881 Other assets 251,289 55,571 4,681 (248,269 ) 63,272 Total assets $ 5,622,643 $ 3,943,467 $ 2,781,638 $ (5,619,623 ) $ 6,728,125 Current liabilities: Current portion of long-term debt $ 41,287 $ ā $ ā $ ā $ 41,287 Accounts payable ā 93,817 37,655 ā 131,472 Accrued salaries and benefits ā 87,206 30,477 ā 117,683 Current portion of operating lease liabilities ā 17,595 10,415 ā 28,010 Other accrued liabilities 11,134 48,150 80,470 ā 139,754 Total current liabilities 52,421 246,768 159,017 ā 458,206 Long-term debt 3,133,635 ā 248,269 (248,269 ) 3,133,635 Deferred tax liabilities ā 17,419 47,734 (1,999 ) 63,154 Operating lease liabilities ā 87,700 391,194 ā 478,894 Derivative instrument liabilities 15,896 ā ā ā 15,896 Other liabilities ā 110,037 15,248 ā 125,285 Total liabilities 3,201,952 461,924 861,462 (250,268 ) 4,275,070 Redeemable noncontrolling interests ā ā 32,364 ā 32,364 Total equity 2,420,691 3,481,543 1,887,812 (5,369,355 ) 2,420,691 Total liabilities and equity $ 5,622,643 $ 3,943,467 $ 2,781,638 $ (5,619,623 ) $ 6,728,125 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Current assets: Cash and cash equivalents $ ā $ 32,471 $ 18,039 $ ā $ 50,510 Accounts receivable, net ā 248,218 69,869 ā 318,087 Other current assets ā 60,160 21,660 ā 81,820 Total current assets ā 340,849 109,568 ā 450,417 Property and equipment, net ā 1,219,803 1,887,963 ā 3,107,766 Goodwill ā 1,936,057 460,355 ā 2,396,412 Intangible assets, net ā 56,611 32,379 ā 88,990 Deferred tax assets ā noncurrent 1,841 ā 3,468 (1,841 ) 3,468 Derivative instruments 60,524 ā ā ā 60,524 Investment in subsidiaries 5,190,771 ā ā (5,190,771 ) ā Other assets 306,495 52,824 9,548 (303,940 ) 64,927 Total assets $ 5,559,631 $ 3,606,144 $ 2,503,281 $ (5,496,552 ) $ 6,172,504 Current liabilities: Current portion of long-term debt $ 34,112 $ ā $ ā $ ā $ 34,112 Accounts payable ā 79,463 38,277 ā 117,740 Accrued salaries and benefits ā 84,150 29,149 ā 113,299 Other accrued liabilities 32,837 42,062 76,327 ā 151,226 Total current liabilities 66,949 205,675 143,753 ā 416,377 Long-term debt 3,159,375 ā 303,940 (303,940 ) 3,159,375 Deferred tax liabilities ā noncurrent ā 31,874 50,339 (1,841 ) 80,372 Other liabilities ā 107,866 46,401 ā 154,267 Total liabilities 3,226,324 345,415 544,433 (305,781 ) 3,810,391 Redeemable noncontrolling interests ā ā 28,806 ā 28,806 Total equity 2,333,307 3,260,729 1,930,042 (5,190,771 ) 2,333,307 Total liabilities and equity $ 5,559,631 $ 3,606,144 $ 2,503,281 $ (5,496,552 ) $ 6,172,504 |
Summary of Condensed Consolidating Statement of Comprehensive Income (Loss) | Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2019 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ ā $ 476,722 $ 300,529 $ ā $ 777,251 Salaries, wages and benefits 4,039 258,166 166,396 ā 428,601 Professional fees ā 27,955 34,197 ā 62,152 Supplies ā 20,291 10,499 ā 30,790 Rents and leases ā 8,771 11,363 ā 20,134 Other operating expenses ā 60,730 32,245 ā 92,975 Depreciation and amortization ā 20,588 20,032 ā 40,620 Interest expense, net 19,109 22,876 4,659 ā 46,644 Transaction-related expenses ā 4,326 1,449 ā 5,775 Total expenses 23,148 423,703 280,840 ā 727,691 (Loss) income before income taxes (23,148 ) 53,019 19,689 ā 49,560 Equity in earnings of subsidiaries 60,296 ā ā (60,296 ) ā (Benefit from) provision for income taxes (5,575 ) 15,273 (2,861 ) ā 6,837 Net income (loss) 42,723 37,746 22,550 (60,296 ) 42,723 Net income attributable to noncontrolling interests ā ā (157 ) ā (157 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 42,723 $ 37,746 $ 22,393 $ (60,296 ) $ 42,566 Other comprehensive income: Foreign currency translation loss ā ā (59,975 ) ā (59,975 ) Gain on derivative instruments 11,598 ā ā ā 11,598 Other comprehensive income (loss) 11,598 ā (59,975 ) ā (48,377 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 54,321 $ 37,746 $ (37,582 ) $ (60,296 ) $ (5,811 ) Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ ā $ 458,061 $ 302,855 $ ā $ 760,916 Salaries, wages and benefits 5,225 245,599 167,093 ā 417,917 Professional fees ā 24,152 35,357 ā 59,509 Supplies ā 19,139 10,322 ā 29,461 Rents and leases ā 8,294 11,572 ā 19,866 Other operating expenses ā 57,495 32,969 ā 90,464 Depreciation and amortization ā 18,857 20,802 ā 39,659 Interest expense, net 17,225 22,768 6,658 ā 46,651 Transaction-related expenses ā 702 1,651 ā 2,353 Total expenses 22,450 397,006 286,424 ā 705,880 (Loss) income before income taxes (22,450 ) 61,055 16,431 ā 55,036 Equity in earnings of subsidiaries 62,854 ā ā (62,854 ) ā (Benefit from) provision for income taxes (5,875 ) 11,666 2,966 ā 8,757 Net income (loss) 46,279 49,389 13,465 (62,854 ) 46,279 Net income attributable to noncontrolling interests ā ā (47 ) ā (47 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 46,279 $ 49,389 $ 13,418 $ (62,854 ) $ 46,232 Other comprehensive (loss) income: Foreign currency translation loss ā ā (31,959 ) ā (31,959 ) Gain on derivative instruments 7,380 ā ā ā 7,380 Other comprehensive income (loss) 7,380 ā (31,959 ) ā (24,579 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 53,659 $ 49,389 $ (18,541 ) $ (62,854 ) $ 21,653 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended September 30, 2019 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ ā $ 1,416,790 $ 910,440 $ ā $ 2,327,230 Salaries, wages and benefits 14,322 767,764 506,313 ā 1,288,399 Professional fees ā 79,663 97,925 ā 177,588 Supplies ā 59,753 31,908 ā 91,661 Rents and leases ā 25,890 34,970 ā 60,860 Other operating expenses ā 181,639 99,878 ā 281,517 Depreciation and amortization ā 60,210 62,067 ā 122,277 Interest expense, net 58,825 69,380 15,179 ā 143,384 Transaction-related expenses ā 12,122 3,186 ā 15,308 Total expenses 73,147 1,256,421 851,426 ā 2,180,994 (Loss) income before income taxes (73,147 ) 160,369 59,014 ā 146,236 Equity in earnings of subsidiaries 174,337 ā ā (174,337 ) ā (Benefit from) provision for income taxes (19,245 ) 57,636 (12,590 ) ā 25,801 Net income (loss) 120,435 102,733 71,604 (174,337 ) 120,435 Net gain attributable to noncontrolling interests ā ā (258 ) ā (258 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 120,435 $ 102,733 $ 71,346 $ (174,337 ) $ 120,177 Other comprehensive (loss) income: Foreign currency translation loss ā ā (66,112 ) ā (66,112 ) Gain on derivative instruments 20,495 ā ā ā 20,495 Other comprehensive income (loss) 20,495 ā (66,112 ) ā (45,617 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 140,930 $ 102,733 $ 5,234 $ (174,337 ) $ 74,560 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended September 30, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ ā $ 1,347,468 $ 921,427 $ ā 2,268,895 Salaries, wages and benefits 19,273 724,650 502,263 ā 1,246,186 Professional fees ā 73,100 93,888 ā 166,988 Supplies ā 57,143 31,815 ā 88,958 Rents and leases ā 24,844 35,546 ā 60,390 Other operating expenses ā 168,923 97,054 ā 265,977 Depreciation and amortization ā 55,640 63,720 ā 119,360 Interest expense, net 47,307 69,954 20,445 ā 137,706 Debt extinguishment costs 940 ā ā ā 940 Transaction-related expenses ā 7,382 2,626 ā 10,008 Total expenses 67,520 1,181,636 847,357 ā 2,096,513 (Loss) income before income taxes (67,520 ) 165,832 74,070 ā 172,382 Equity in earnings of subsidiaries 206,204 ā ā (206,204 ) ā (Benefit from) provision for income taxes (17,359 ) 22,985 10,713 ā 16,339 Net income (loss) 156,043 142,847 63,357 (206,204 ) 156,043 Net income attributable to noncontrolling interests ā ā (156 ) ā (156 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 156,043 $ 142,847 $ 63,201 $ (206,204 ) $ 155,887 Other comprehensive (loss) income: Foreign currency translation loss ā ā (82,778 ) ā (82,778 ) Gain on derivative instruments 16,434 ā ā ā 16,434 Other comprehensive income (loss) 16,434 ā (82,778 ) ā (66,344 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 172,477 $ 142,847 $ (19,577 ) $ (206,204 ) $ 89,543 |
Summary of Condensed Consolidating Statement of Cash Flows | Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2019 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net income (loss) $ 120,435 $ 102,733 $ 71,604 $ (174,337 ) $ 120,435 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (174,337 ) ā ā 174,337 ā Depreciation and amortization ā 60,210 62,067 ā 122,277 Amortization of debt issuance costs 8,926 ā ā ā 8,926 Equity-based compensation expense 14,322 ā ā ā 14,322 Deferred income taxes (158 ) 4,517 791 ā 5,150 Other 2,606 1,643 195 ā 4,444 Change in operating assets and liabilities: Accounts receivable, net ā (28,918 ) (4,038 ) ā (32,956 ) Other current assets ā (2,845 ) (1,067 ) ā (3,912 ) Other assets 3,847 (1,136 ) 1,666 (3,847 ) 530 Accounts payable and other accrued liabilities ā (29,543 ) (6,067 ) ā (35,610 ) Accrued salaries and benefits ā 2,008 2,805 ā 4,813 Other liabilities ā 16,058 (10,948 ) ā 5,110 Net cash (used in) provided by operating activities (24,359 ) 124,727 117,008 (3,847 ) 213,529 Investing activities: Cash paid for acquisitions, net of cash acquired ā (44,900 ) ā ā (44,900 ) Cash paid for capital expenditures ā (135,242 ) (67,480 ) ā (202,722 ) Cash paid for real estate acquisitions ā (6,976 ) ā ā (6,976 ) Settlement of foreign currency derivatives 105,008 ā ā ā 105,008 Other ā 7,615 4,783 ā 12,398 Net cash provided by (used in) investing activities 105,008 (179,503 ) (62,697 ) ā (137,192 ) Financing activities: Borrowings on revolving credit facility 76,573 ā ā ā 76,573 Principal payments on revolving credit facility (76,573 ) ā ā ā (76,573 ) Principal payments on long-term debt (24,738 ) ā (3,847 ) 3,847 (24,738 ) Common stock withheld for minimum statutory taxes, net (1,498 ) ā ā ā (1,498 ) Other (2,375 ) (1,580 ) (1,968 ) ā (5,923 ) Cash (used in) provided by intercompany activity (52,038 ) 86,951 (34,913 ) ā ā Net cash (used in) provided by in financing activities (80,649 ) 85,371 (40,728 ) 3,847 (32,159 ) Effect of exchange rate changes on cash ā ā (1,788 ) ā (1,788 ) Net increase in cash and cash equivalents ā 30,595 11,795 ā 42,390 Cash and cash equivalents at beginning of the period ā 32,471 18,039 ā 50,510 Cash and cash equivalents at end of the period $ ā $ 63,066 $ 29,834 $ ā $ 92,900 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net income (loss) $ 156,043 $ 142,847 $ 63,357 $ (206,204 ) $ 156,043 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (206,204 ) ā ā 206,204 ā Depreciation and amortization ā 55,640 63,720 ā 119,360 Amortization of debt issuance costs 8,065 ā (302 ) ā 7,763 Equity-based compensation expense 19,273 ā ā ā 19,273 Deferred income taxes 74 (2,398 ) 586 ā (1,738 ) Debt extinguishment costs 940 ā ā ā 940 Other 1,948 1,219 (142 ) ā 3,025 Change in operating assets and liabilities: Accounts receivable, net ā (39,644 ) (3,608 ) ā (43,252 ) Other current assets ā 7,898 (4,877 ) ā 3,021 Other assets 4,596 3,763 105 (4,596 ) 3,868 Accounts payable and other accrued liabilities ā 7,835 1,395 ā 9,230 Accrued salaries and benefits ā 11,100 (51 ) ā 11,049 Other liabilities ā 4,548 (4,399 ) ā 149 Net cash (used in) provided by continuing operating activities (15,265 ) 192,808 115,784 (4,596 ) 288,731 Net cash used in discontinued operating activities ā (2,548 ) ā ā (2,548 ) Net cash (used in) provided by operating activities (15,265 ) 190,260 115,784 (4,596 ) 286,183 Investing activities: Cash paid for capital expenditures ā (149,402 ) (100,587 ) ā (249,989 ) Cash paid for real estate acquisitions ā (9,391 ) ā ā (9,391 ) Other ā (5,718 ) 2,604 ā (3,114 ) Net cash used in investing activities ā (164,511 ) (97,983 ) ā (262,494 ) Financing activities: Principal payments on long-term debt (31,492 ) (169 ) (4,427 ) 4,596 (31,492 ) Common stock withheld for minimum statutory taxes, net (2,272 ) ā ā ā (2,272 ) Other (1,742 ) (2,885 ) (2,346 ) ā (6,973 ) Cash provided by (used in) intercompany activity 50,771 (37,257 ) (13,514 ) ā ā Net cash provided by (used in) in financing activities 15,265 (40,311 ) (20,287 ) 4,596 (40,737 ) Effect of exchange rate changes on cash ā ā (1,314 ) ā (1,314 ) Net decrease in cash and cash equivalents ā (14,562 ) (3,800 ) ā (18,362 ) Cash and cash equivalents at beginning of the period ā 46,860 20,430 ā 67,290 Cash and cash equivalents at end of the period $ ā $ 32,298 $ 16,630 $ ā $ 48,928 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019FacilityBedState | |
Accounting Policies [Abstract] | |
Number of facilities | Facility | 589 |
Number of beds | Bed | 18,000 |
Number of operating states | State | 40 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Change In Accounting Estimate [Line Items] | ||
Right-of-use assets | $ 524,207 | |
Lease liabilities | $ 557,364 | |
ASU 2016-02 [Member] | ||
Change In Accounting Estimate [Line Items] | ||
Right-of-use assets | $ 500,300 | |
Lease liabilities | $ 526,600 |
Revenue - Schedule of U.S. Reve
Revenue - Schedule of U.S. Revenue Attributed to Each Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 777,251 | $ 760,916 | $ 2,327,230 | $ 2,268,895 |
U.S. Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 509,383 | 488,626 | 1,507,156 | 1,432,501 |
U.S. Facilities [Member] | Acute Inpatient Psychiatric Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 233,141 | 208,885 | 678,866 | 608,311 |
U.S. Facilities [Member] | Specialty Treatment Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 201,169 | 198,107 | 595,473 | 575,536 |
U.S. Facilities [Member] | Residential Treatment Centers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 69,681 | 72,351 | 216,989 | 218,041 |
U.S. Facilities [Member] | Outpatient Community-Based Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,392 | $ 9,283 | $ 15,828 | $ 30,613 |
Revenue - Schedule of U.S. Re_2
Revenue - Schedule of U.S. Revenue and Percentage Generated by Each Payor Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 777,251 | $ 760,916 | $ 2,327,230 | $ 2,268,895 |
U.S. Facilities [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 509,383 | $ 488,626 | $ 1,507,156 | $ 1,432,501 |
Revenue, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
U.S. Facilities [Member] | Commercial [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 140,315 | $ 146,439 | $ 426,659 | $ 431,337 |
Revenue, Percentage | 27.50% | 30.00% | 28.30% | 30.10% |
U.S. Facilities [Member] | Medicare [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 76,906 | $ 73,528 | $ 223,027 | $ 210,307 |
Revenue, Percentage | 15.10% | 15.00% | 14.80% | 14.70% |
U.S. Facilities [Member] | Medicaid [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 256,370 | $ 229,390 | $ 750,631 | $ 668,236 |
Revenue, Percentage | 50.30% | 46.90% | 49.80% | 46.60% |
U.S. Facilities [Member] | Self-Pay [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 30,626 | $ 33,559 | $ 91,982 | $ 103,845 |
Revenue, Percentage | 6.00% | 6.90% | 6.10% | 7.30% |
U.S. Facilities [Member] | Other [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 5,166 | $ 5,710 | $ 14,857 | $ 18,776 |
Revenue, Percentage | 1.10% | 1.20% | 1.00% | 1.30% |
Revenue - Schedule of U.K. Reve
Revenue - Schedule of U.K. Revenue Attributed to Each Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 777,251 | $ 760,916 | $ 2,327,230 | $ 2,268,895 |
U.K. Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 267,868 | 272,290 | 820,074 | 836,394 |
U.K. Facilities [Member] | Health Care Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 148,138 | 150,589 | 455,399 | 464,098 |
U.K. Facilities [Member] | Education and Children's Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 43,388 | 45,795 | 135,652 | 141,945 |
U.K. Facilities [Member] | Adult Care Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 76,342 | $ 75,906 | $ 229,023 | $ 230,351 |
Revenue - Schedule of U.K. Re_2
Revenue - Schedule of U.K. Revenue and Percentage Generated by Each Payor Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 777,251 | $ 760,916 | $ 2,327,230 | $ 2,268,895 |
U.K. Facilities [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 267,868 | $ 272,290 | $ 820,074 | $ 836,394 |
Revenue, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
U.K. Facilities [Member] | U.K. Public Funded Sources [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 242,747 | $ 245,919 | $ 740,492 | $ 756,094 |
Revenue, Percentage | 90.60% | 90.30% | 90.30% | 90.40% |
U.K. Facilities [Member] | Self-Pay [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 24,430 | $ 26,159 | $ 77,895 | $ 78,499 |
Revenue, Percentage | 9.10% | 9.60% | 9.50% | 9.40% |
U.K. Facilities [Member] | Other [Member] | ||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | ||||
Revenue | $ 691 | $ 212 | $ 1,687 | $ 1,801 |
Revenue, Percentage | 0.30% | 0.10% | 0.20% | 0.20% |
Revenue - Summary of the Activi
Revenue - Summary of the Activity in Unearned Revenue (Detail) - U.K. Facilities [Member] - Unearned Revenue [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | |
Beginning Balance | $ 31,239 |
Payments received | 128,866 |
Revenue recognized | (124,067) |
Foreign currency translation loss | (1,791) |
Ending Balance | $ 34,247 |
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 | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | |||||||||
Net income attributable to Acadia Healthcare Company, Inc. | $ 42,566 | $ 48,140 | $ 29,471 | $ (331,637) | $ 46,232 | $ 58,836 | $ 50,819 | $ 120,177 | $ 155,887 |
Denominator: | |||||||||
Weighted average shares outstanding for basic earnings per share | 87,649 | 87,344 | 87,591 | 87,233 | |||||
Effect of dilutive instruments | 210 | 193 | 214 | 153 | |||||
Shares used in computing diluted earnings per common share | 87,859 | 87,537 | 87,805 | 87,386 | |||||
Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: | |||||||||
Basic | $ 0.49 | $ 0.53 | $ 1.37 | $ 1.79 | |||||
Diluted | $ 0.48 | $ 0.53 | $ 1.37 | $ 1.78 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Excluded common stock for computation of diluted earnings per share | 1.9 | 1.6 | 2.4 | 1.9 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | Apr. 01, 2019USD ($)Bed | Feb. 15, 2019USD ($)BedCenter | Sep. 30, 2019Bed |
Business Acquisition [Line Items] | |||
Number of beds | Bed | 18,000 | ||
Bradford [Member] | |||
Business Acquisition [Line Items] | |||
Number of beds | Bed | 46 | ||
Business acquisition cash consideration | $ | $ 4.5 | ||
Whittier Pavilion [Member] | Massachusetts [Member] | |||
Business Acquisition [Line Items] | |||
Number of beds | Bed | 71 | ||
Business acquisition cash consideration | $ | $ 17.9 | ||
Mission Treatment [Member] | California, Nevada, Arizona and Oklahoma [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition cash consideration | $ | $ 22.5 | ||
Number of comprehensive treatment centers operates | Center | 9 |
Acquisitions - Transaction Rela
Acquisitions - Transaction Related Expenses as Incurred (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Combinations [Abstract] | ||||
Termination, restructuring and strategic review costs | $ 5,541 | $ 1,443 | $ 13,858 | $ 6,844 |
Legal, accounting and other acquisition-related costs | 234 | 910 | 1,450 | 3,164 |
Transaction-related expenses | $ 5,775 | $ 2,353 | $ 15,308 | $ 10,008 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,686,765 | $ 3,593,751 |
Less: accumulated depreciation | (555,346) | (485,985) |
Property and equipment, net | 3,131,419 | 3,107,766 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 437,214 | 430,771 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,555,105 | 2,423,594 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 462,865 | 444,538 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 231,581 | $ 294,848 |
Property and Equipment - Additi
Property and Equipment - Additional information (Detail) $ in Millions | 3 Months Ended | ||
Sep. 30, 2019USD ($)Bed | Mar. 31, 2019Bed | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Assets held for sale | $ | $ 22.9 | $ 17 | |
Residential Treatment Centers [Member] | Albuquerque, New Mexico [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of beds in facilities closed | 168 | ||
Residential Treatment Centers [Member] | Butte, Montana [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of beds in facilities closed | 108 |
Other Intangible Assets - Other
Other Intangible Assets - Other Identifiable Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | $ 3,231 | $ 3,247 |
Intangible assets not subject to amortization, Gross Carrying Amount | 89,028 | 88,990 |
Total | 92,259 | 92,237 |
Intangible assets subject to amortization, Accumulated Amortization | (3,231) | (3,247) |
Intangible assets not subject to amortization, Accumulated Amortization | 0 | 0 |
Total | (3,231) | (3,247) |
Licenses and Accreditations [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 12,586 | 12,343 |
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 | 59,412 | 60,109 |
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 | 17,030 | 16,538 |
Intangible assets not subject to amortization, Accumulated Amortization | 0 | 0 |
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 | 1,131 | 1,147 |
Intangible assets subject to amortization, Accumulated Amortization | $ (1,131) | $ (1,147) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 |
Lessee Lease Description [Line Items] | ||
Right-of-use assets | $ 524,207 | |
Lease liabilities | $ 557,364 | |
Operating leases remaining lease term | 1 year | |
ASU 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Right-of-use assets | $ 500,300 | |
Lease liabilities | $ 526,600 | |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Lessee operating and finance lease term of contract | 5 years | |
Minimum [Member] | Copiers and Equipment [Member] | ||
Lessee Lease Description [Line Items] | ||
Lessee operating and finance lease term of contract | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Lessee operating and finance lease term of contract | 30 years | |
Maximum [Member] | Copiers and Equipment [Member] | ||
Lessee Lease Description [Line Items] | ||
Lessee operating and finance lease term of contract | 3 years |
Leases - Schedule Of Leases On
Leases - Schedule Of Leases On Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets | $ 479,881 | |
Total | 524,207 | |
Finance lease liabilities | 6,684 | $ 445 |
Operating lease liabilities | 28,010 | |
Finance lease liabilities | 43,776 | |
Operating lease liabilities | 478,894 | |
Total | 557,364 | |
Property and Equipment, Net [Member] | ||
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets | 44,326 | |
Operating Lease Right-of-use Assets [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets | 479,881 | |
Other Accrued Liabilities [Member] | ||
Lessee Lease Description [Line Items] | ||
Finance lease liabilities | 6,684 | |
Current Portion of Operating Lease Liabilities [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease liabilities | 28,010 | |
Other Liabilities [Member] | ||
Lessee Lease Description [Line Items] | ||
Finance lease liabilities | 43,776 | |
Operating Lease Liabilities [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease liabilities | $ 478,894 |
Leases - Schedule of Weighted-a
Leases - Schedule of Weighted-average Remaining Lease Terms and Discount Rates (Detail) | Sep. 30, 2019 |
Leases [Abstract] | |
Finance lease, weighted average remaining lease term (years) | 7 years 1 month 6 days |
Operating lease, weighted average remaining term (years) | 19 years 4 months 24 days |
Finance lease, weighted average discount rate percent | 6.40% |
Operating lease, weighted average discount rate percent | 6.30% |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Finance lease costs: | ||
Depreciation of leased assets | $ 1,036 | $ 3,295 |
Interest of lease liabilities | 977 | 2,973 |
Total finance lease costs | 2,013 | 6,268 |
Operating lease costs | 15,873 | 48,639 |
Variable lease costs | 1,229 | 3,159 |
Short term lease costs | 1,378 | 4,308 |
Other lease costs | 1,654 | 4,754 |
Total rents and leases | 20,134 | 60,860 |
Total lease costs | $ 22,147 | $ 67,128 |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows for Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Finance Leases | ||
For the three months ending December 31, 2019 | $ 1,926 | |
2020 | 7,071 | |
2021 | 35,262 | |
2022 | 2,386 | |
2023 | 1,194 | |
Thereafter | 26,094 | |
Total minimum lease payments | 73,933 | |
Less: amount of lease payments representing interest | 23,473 | |
Present value of future minimum lease payments | 50,460 | |
Less: Current portion of lease liabilities | 6,684 | $ 445 |
Noncurrent lease liabilities | 43,776 | |
Operating Leases | ||
For the three months ending December 31, 2019 | 15,052 | |
2020 | 58,702 | |
2021 | 55,092 | |
2022 | 50,379 | |
2023 | 46,893 | |
Thereafter | 691,763 | |
Total minimum lease payments | 917,881 | |
Less: amount of lease payments representing interest | 410,977 | |
Present value of future minimum lease payments | 506,904 | |
Current portion of operating lease liabilities | 28,010 | |
Operating lease liabilities | $ 478,894 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Data (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows for operating leases | $ 45,576 |
Operating cash flows for finance leases | 2,973 |
Financing cash flows for finance leases | 2,701 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | 15,623 |
Finance leases | $ 2,457 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 21, 2015 |
Debt Instrument [Line Items] | |||
Other long-term debt | $ 5,110 | $ 5,953 | |
Less: unamortized debt issuance costs, discount and premium | (34,112) | (41,128) | |
Long-term debt | 3,174,922 | 3,193,487 | |
Less: current portion | (41,287) | (34,112) | |
Long-term debt | 3,133,635 | 3,159,375 | |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term A Loans [Member] | |||
Debt Instrument [Line Items] | |||
Senior Secured | 351,500 | 365,750 | |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term B Loans [Member] | |||
Debt Instrument [Line Items] | |||
Senior Secured | 1,362,424 | 1,372,912 | |
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 |
Long-Term Debt - Components o_2
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Dec. 31, 2018 | 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 | 2021 | 2021 | |||||
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 | 2022 | 2022 | |||||
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 | 2023 | 2023 | |||||
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 | 2024 | 2024 |
Long-Term Debt (Amended and Res
Long-Term Debt (Amended and Restated Senior Credit Facility) - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 27, 2019 | Feb. 06, 2019 | Apr. 17, 2018 | Mar. 29, 2018 | Mar. 22, 2018 | Mar. 21, 2018 | Dec. 15, 2015 | Dec. 31, 2012 | Apr. 01, 2011 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 15, 2014 |
Debt Instrument [Line Items] | |||||||||||||||||
Debt extinguishment costs | $ (940) | ||||||||||||||||
Term loan repayments | $ 15,000 | ||||||||||||||||
Consolidated funded debt, unrestricted and unencumbered cash to consolidated EBITDA | $ 50,000 | ||||||||||||||||
Term Loan A- Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit | $ 400,000 | ||||||||||||||||
Tranche B-3 Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | 5,100 | ||||||||||||||||
Tranche B-4 Facilities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 9,900 | ||||||||||||||||
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 | $ 485,100 | ||||||||||||||||
Debt instrument maturity date | Nov. 30, 2021 | Feb. 11, 2022 | |||||||||||||||
Term loan repayments | $ 1,200 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | June 30, 2019 to December 31, 2019 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan principal repayments | $ 4,800 | ||||||||||||||||
Term loan repayments | $ 1,200 | ||||||||||||||||
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 | ||||||||||||||||
Term loan repayments | $ 1,200 | ||||||||||||||||
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 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | September 30, 2015 to December 31, 2015 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 1,200 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Standby Letters Of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Standby letters of credit outstanding | $ 14,900 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 2,300 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | June 30, 2019 to December 31, 2019 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 2,300 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | March 31, 2020 to December 31, 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 2,300 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | September 30, 2015 to December 31, 2015 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term loan repayments | $ 2,300 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Repricing Facilities Amendments [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Revolving credit facility applicable rate | 0.25% | ||||||||||||||||
Debt extinguishment costs | $ 900 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Repricing Facilities Amendments [Member] | Senior Secured Revolving Line of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit | $ 500,000 | ||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Repricing Facilities Amendments [Member] | Term Loan A- Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit | $ 380,000 | ||||||||||||||||
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] | 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] | 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% | ||||||||||||||||
Eleventh Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Date entered into an agreement | Feb. 6, 2019 | ||||||||||||||||
Twelfth Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Date entered into an agreement | Feb. 27, 2019 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
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 MarchĀ 15 and SeptemberĀ 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 | Sep. 30, 2019 | Dec. 31, 2018 |
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 JanuaryĀ 1 and JulyĀ 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 ($) | 9 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | 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 | |||
Interest on the notes | payable semi-annually in arrears on FebruaryĀ 15 and AugustĀ 15 of each year |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
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 MarchĀ 1 and SeptemberĀ 1 of each year, beginning on SeptemberĀ 1, 2016 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized common stock | 8,200,000 | 8,200,000 | ||
Annual increments in employee grants | 25.00% | |||
Equity incentive plan available for future grant | 2,784,810 | 2,784,810 | ||
Stock options, contractual term | 10 years | |||
Equity-based compensation expense | $ 4,039,000 | $ 5,225,000 | $ 14,322,000 | $ 19,273,000 |
Unrecognized compensation expense related to unvested options | $ 41,100,000 | |||
Vesting period | 1 year 3 months 18 days | |||
Warrant outstanding | 0 | $ 0 | ||
Deferred income tax benefit | 5,150,000 | (1,738,000) | ||
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred income tax benefit | $ 1,300,000 | $ 1,400,000 | $ 4,100,000 | $ 5,200,000 |
Restricted Stock Award [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Stock Award [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Restricted Stock Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
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] | ||||
Vesting period | 3 years | |||
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) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options outstanding, Beginning balance | shares | 1,199,540 | 974,566 | |
Options granted | shares | 605,200 | 374,700 | |
Options exercised | shares | (48,621) | (20,989) | |
Options cancelled | shares | (322,589) | (128,737) | |
Options outstanding, Ending balance | shares | 1,433,530 | 1,199,540 | 974,566 |
Options exercisable, Ending balance | shares | 529,639 | 534,164 | |
Options outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares | $ 44.64 | $ 47.89 | |
Options granted, Weighted Average Exercise Price | $ / shares | 28.50 | 37.54 | |
Options exercised, Weighted Average Exercise Price | $ / shares | 21.14 | 17.83 | |
Options cancelled, Weighted Average Exercise Price | $ / shares | 41.29 | 50.83 | |
Options outstanding, Weighted Average Exercise Price, Ending balance | $ / shares | 39.35 | 44.64 | $ 47.89 |
Options exercisable, Weighted Average Exercise Price, Ending balance | $ / shares | $ 47.97 | $ 44.98 | |
Options outstanding, Weighted Average Remaining Contractual Term | 7 years 9 months 21 days | 7 years 3 months 3 days | 7 years 5 months 15 days |
Options granted, Weighted Average Remaining Contractual Term | 9 years 5 months 19 days | 9 years 2 months 15 days | |
Options exercisable, Weighted Average Remaining Contractual Term, Ending balance | 6 years 7 days | 5 years 8 months 23 days | |
Options outstanding, Aggregate Intrinsic Value | $ | $ 1,731 | $ 2,717 | $ 3,802 |
Options granted, Aggregate Intrinsic Value | $ | 1,213 | 246 | |
Options exercised, Aggregate Intrinsic Value | $ | 496 | 383 | |
Options cancelled, Aggregate Intrinsic Value | $ | 0 | 0 | |
Options exercisable, Aggregate Intrinsic Value, Ending balance | $ | $ 658 | $ 2,386 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average grant-date fair value of options | $ 17.59 | $ 13.67 |
Risk-free interest rate | 2.40% | 2.20% |
Expected volatility | 38.00% | 37.00% |
Expected life (in years) | 5 years | 5 years 1 month 6 days |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Stock Activity (Detail) - Restricted Stock Award [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 805,057 | 809,868 |
Granted, Number of Shares | 700,937 | 480,137 |
Cancelled, Number of Shares | (353,646) | (88,989) |
Vested, Number of Shares | (250,392) | (395,959) |
Unvested, Number of Shares/Units, Ending balance | 901,956 | 805,057 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 42.40 | $ 50.19 |
Granted, Weighted Average Grant-Date Fair Value | 28.77 | 36.84 |
Cancelled, Weighted Average Grant-Date Fair Value | 33.32 | 47.57 |
Vested, Weighted Average Grant-Date Fair Value | 47.16 | 50.41 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 34.05 | $ 42.40 |
Equity-Based Compensation - R_2
Equity-Based Compensation - Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 484,111 | 360,909 |
Granted, Number of Units | 234,408 | 285,358 |
Cancelled, Number of Units | (267,161) | (89,173) |
Vested, Number of Units | (72,983) | |
Unvested, Number of Shares/Units, Ending balance | 451,358 | 484,111 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 44.52 | $ 50.04 |
Granted, Weighted Average Grant-Date Fair Value | 34.54 | 42.26 |
Cancelled, Weighted Average Grant-Date Fair Value | 45.20 | 55.44 |
Vested, Weighted Average Grant-Date Fair Value | 49.64 | |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 38.94 | $ 44.52 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Examination [Line Items] | ||||
Effective tax rates | 13.80% | 15.90% | 17.60% | 9.50% |
Discrete tax benefit recorded | $ (6,837) | $ (8,757) | $ (25,801) | $ (16,339) |
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 | ||||||
Aug. 31, 2019USD ($) | Aug. 31, 2019GBP (Ā£) | Sep. 30, 2019USD ($) | Aug. 31, 2019GBP (Ā£) | Dec. 31, 2018USD ($) | May 31, 2016USD ($) | May 31, 2016GBP (Ā£) | |
Derivative [Line Items] | |||||||
Cross currency swap liabilities | $ (15,900,000) | ||||||
Cross currency swap assets | $ 60,500,000 | ||||||
Cross Currency Swap Assets [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 650,000,000 | Ā£ 538,100,000 | $ 650,000,000 | Ā£ 449,300,000 | |||
Terminated cross currency swap derivatives | 105,000,000 | ||||||
Cross currency swap agreement cash flow due to interest payment | $ 35,800,000 | Ā£ 25,400,000 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other long-term debt | $ 5,110 | $ 5,953 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other long-term debt | 5,110 | 5,953 |
Derivative instrument (liabilities) assets | (15,896) | 60,524 |
Carrying Amount [Member] | Amended and Restated Senior Credit Facility [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Secured | 1,694,623 | 1,715,338 |
Carrying Amount [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 149,101 | 148,657 |
Carrying Amount [Member] | 5.125% Senior Notes Due 2022 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 297,554 | 296,946 |
Carrying Amount [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 644,393 | 643,289 |
Carrying Amount [Member] | 6.500% Senior Notes due 2024 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 384,141 | 383,304 |
Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other long-term debt | 5,110 | 5,953 |
Derivative instrument (liabilities) assets | (15,896) | 60,524 |
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 | 1,694,623 | 1,715,338 |
Fair Value [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 149,287 | 147,542 |
Fair Value [Member] | 5.125% Senior Notes Due 2022 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 299,786 | 283,583 |
Fair Value [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 656,475 | 609,516 |
Fair Value [Member] | 6.500% Senior Notes due 2024 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | $ 399,507 | $ 369,888 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Sep. 30, 2019 | Dec. 31, 2018 | 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% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2019USD ($) | Sep. 30, 2018Facility | Sep. 30, 2019USD ($) | |
Loss Contingencies [Line Items] | |||
Maximum professional liability aggregate policy limit | $ 75,000,000 | ||
West Virginia [Member] | |||
Loss Contingencies [Line Items] | |||
Number of comprehensive treatment centers operate | Facility | 7 | ||
Amount paid to government | $ 17,000,000 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum self insured professional liability limit per claim | 3,000,000 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum professional liability retention limit | $ 3,000,000 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019Facility | |
Noncontrolling Interest [Line Items] | |
Number of facilities operated by non-wholly owned subsidiaries | 5 |
Non-Wholly Owned Subsidiaries [Member] | Minimum [Member] | |
Noncontrolling Interest [Line Items] | |
Equity ownership interests percentage in the facility | 60.00% |
Non-Wholly Owned Subsidiaries [Member] | Maximum [Member] | |
Noncontrolling Interest [Line Items] | |
Equity ownership interests percentage in the facility | 85.00% |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summary of Redeemable Noncontrolling Interests (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Noncontrolling Interest [Abstract] | |
Beginning Balance | $ 28,806 |
Acquisition of redeemable noncontrolling interests | 3,300 |
Net income attributable to noncontrolling interests | 258 |
Ending Balance | $ 32,364 |
Other Current Assets - Other Cu
Other Current Assets - Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 28,495 | $ 30,802 |
Other receivables | 17,485 | 19,205 |
Cost report receivable | 12,485 | 10,340 |
Notes receivable | 11,875 | |
Workersā compensation deposits ā current portion | 10,000 | 10,000 |
Income taxes receivable | 5,001 | 2,380 |
Inventory | 4,337 | 5,055 |
Insurance receivable ā current portion | 2,049 | 2,049 |
Other | 2,061 | 1,989 |
Other current assets | $ 93,788 | $ 81,820 |
Other Accrued Liabilities - Sum
Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Accrued expenses | $ 47,067 | $ 44,938 |
Unearned income | 35,278 | 32,154 |
Income taxes payable | 25,318 | 3,041 |
Accrued interest | 11,134 | 32,838 |
Finance lease liabilities | 6,684 | 445 |
Accrued property taxes | 6,537 | 4,136 |
Insurance liability ā current portion | 4,956 | 4,956 |
Accrued legal settlements | 22,076 | |
Other | 2,780 | 6,642 |
Other accrued liabilities | $ 139,754 | $ 151,226 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019FacilityBedState | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facility | 589 |
Number of beds | Bed | 18,000 |
Number of operating states | State | 40 |
U.S. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facility | 224 |
Number of beds | Bed | 9,300 |
Number of operating states | State | 40 |
U.K. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facility | 365 |
Number of beds | Bed | 8,700 |
Segment Information - Summary o
Segment Information - Summary of Reconciliation of Segment EBITDA to Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 777,251 | $ 760,916 | $ 2,327,230 | $ 2,268,895 |
Segment EBITDA | 146,638 | 148,924 | 441,527 | 459,669 |
Equity-based compensation expense | (4,039) | (5,225) | (14,322) | (19,273) |
Transaction-related expenses | (5,775) | (2,353) | (15,308) | (10,008) |
Debt extinguishment costs | (940) | |||
Interest expense, net | (46,644) | (46,651) | (143,384) | (137,706) |
Depreciation and amortization | (40,620) | (39,659) | (122,277) | (119,360) |
Income before income taxes | 49,560 | 55,036 | 146,236 | 172,382 |
U.S. Facilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 509,383 | 488,626 | 1,507,156 | 1,432,501 |
U.S. Facilities [Member] | Operating Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 509,383 | 488,626 | 1,507,156 | 1,432,501 |
Segment EBITDA | 127,087 | 128,537 | 381,491 | 375,663 |
U.K. Facilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 267,868 | 272,290 | 820,074 | 836,394 |
U.K. Facilities [Member] | Operating Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 267,868 | 272,290 | 820,074 | 836,394 |
Segment EBITDA | 40,726 | 40,735 | 126,617 | 146,081 |
Corporate and Other [Member] | Corporate Reconciling Items and Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment EBITDA | $ (21,175) | $ (20,348) | $ (66,581) | $ (62,075) |
Segment Information - Summary_2
Segment Information - Summary of Financial Information by Operating Segment, Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill: | |
Beginning balance | $ 2,396,412 |
Increase from 2019 acquisitions | 36,567 |
Increase from contribution of redeemable noncontrolling interests | 3,300 |
Foreign currency translation loss | (12,038) |
Ending balance | 2,424,241 |
U.S. Facilities [Member] | Operating Segment [Member] | |
Goodwill: | |
Beginning balance | 2,044,837 |
Increase from 2019 acquisitions | 36,567 |
Increase from contribution of redeemable noncontrolling interests | 3,300 |
Ending balance | 2,084,704 |
U.K. Facilities [Member] | Operating Segment [Member] | |
Goodwill: | |
Beginning balance | 351,575 |
Foreign currency translation loss | (12,038) |
Ending balance | $ 339,537 |
Segment Information - Summary_3
Segment Information - Summary of Financial Information by Operating Segment, Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Assets | $ 6,728,125 | $ 6,172,504 |
U.S. Facilities [Member] | Operating Segment [Member] | ||
Assets: | ||
Assets | 4,032,623 | 3,779,040 |
U.K. Facilities [Member] | Operating Segment [Member] | ||
Assets: | ||
Assets | 2,472,274 | 2,175,809 |
Corporate and Other [Member] | Corporate Reconciling Items and Eliminations [Member] | ||
Assets: | ||
Assets | $ 223,228 | $ 217,655 |
Segment Information - Summary_4
Segment Information - Summary of Financial Information by Operating Segment, Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 3,131,419 | $ 3,107,766 |
Operating Segment [Member] | U.S. Facilities [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 1,400,000 | 1,400,000 |
Operating Segment [Member] | U.K. Facilities [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 1,600,000 | 1,700,000 |
Corporate Reconciling Items and Eliminations [Member] | Corporate and Other [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 57,200 | $ 44,900 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 2,422,346 | $ 2,653,301 | $ 2,333,307 | $ 2,572,871 |
Foreign currency translation (loss) gain | (59,975) | (31,959) | (66,112) | (82,778) |
Gain on derivative instruments, net of tax of $10.7 million | 11,598 | 7,380 | 20,495 | 16,434 |
Balance | 2,420,691 | 2,680,249 | 2,420,691 | 2,680,249 |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (504,528) | |||
Foreign currency translation (loss) gain | (66,174) | |||
Balance | (570,702) | (570,702) | ||
Change in Fair Value of Derivative Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 43,966 | |||
Gain on derivative instruments, net of tax of $10.7 million | 20,495 | |||
Balance | 64,461 | 64,461 | ||
Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (1,815) | |||
Foreign currency translation (loss) gain | 62 | |||
Balance | (1,753) | (1,753) | ||
Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (459,617) | (415,883) | (462,377) | (374,118) |
Balance | $ (507,994) | $ (440,462) | $ (507,994) | $ (440,462) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Detail) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Gain (Loss) on derivative instruments, tax | $ 5 | $ 2.4 | $ 10.7 | $ 5.6 |
Financial Information for the_3
Financial Information for the Company and Its Subsidiaries - Additional Information (Detail) | Sep. 30, 2019 | Dec. 31, 2018 | 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 the_4
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||||||
Cash and cash equivalents | $ 92,900 | $ 50,510 | ||||||
Accounts receivable, net | 350,225 | 318,087 | ||||||
Other current assets | 93,788 | 81,820 | ||||||
Total current assets | 536,913 | 450,417 | ||||||
Property and equipment, net | 3,131,419 | 3,107,766 | ||||||
Goodwill | 2,424,241 | 2,396,412 | ||||||
Intangible assets, net | 89,028 | 88,990 | ||||||
Deferred tax assets | 3,371 | 3,468 | ||||||
Derivative instrument assets | 60,524 | |||||||
Operating lease right-of-use assets | 479,881 | |||||||
Other assets | 63,272 | 64,927 | ||||||
Total assets | 6,728,125 | 6,172,504 | ||||||
Current liabilities: | ||||||||
Current portion of long-term debt | 41,287 | 34,112 | ||||||
Accounts payable | 131,472 | 117,740 | ||||||
Accrued salaries and benefits | 117,683 | 113,299 | ||||||
Current portion of operating lease liabilities | 28,010 | |||||||
Other accrued liabilities | 139,754 | 151,226 | ||||||
Total current liabilities | 458,206 | 416,377 | ||||||
Long-term debt | 3,133,635 | 3,159,375 | ||||||
Deferred tax liabilities | 63,154 | 80,372 | ||||||
Operating lease liabilities | 478,894 | |||||||
Derivative instrument liabilities | 15,896 | |||||||
Other liabilities | 125,285 | 154,267 | ||||||
Total liabilities | 4,275,070 | 3,810,391 | ||||||
Redeemable noncontrolling interests | 32,364 | 28,806 | ||||||
Total equity | 2,420,691 | $ 2,422,346 | $ 2,403,343 | 2,333,307 | $ 2,680,249 | $ 2,653,301 | $ 2,701,619 | $ 2,572,871 |
Total liabilities and equity | 6,728,125 | 6,172,504 | ||||||
Consolidating Adjustments [Member] | ||||||||
Current assets: | ||||||||
Deferred tax assets | (1,999) | (1,841) | ||||||
Investment in subsidiaries | (5,369,355) | (5,190,771) | ||||||
Other assets | (248,269) | (303,940) | ||||||
Total assets | (5,619,623) | (5,496,552) | ||||||
Current liabilities: | ||||||||
Long-term debt | (248,269) | (303,940) | ||||||
Deferred tax liabilities | (1,999) | (1,841) | ||||||
Total liabilities | (250,268) | (305,781) | ||||||
Total equity | (5,369,355) | (5,190,771) | ||||||
Total liabilities and equity | (5,619,623) | (5,496,552) | ||||||
Parent [Member] | ||||||||
Current assets: | ||||||||
Deferred tax assets | 1,999 | 1,841 | ||||||
Derivative instrument assets | 60,524 | |||||||
Investment in subsidiaries | 5,369,355 | 5,190,771 | ||||||
Other assets | 251,289 | 306,495 | ||||||
Total assets | 5,622,643 | 5,559,631 | ||||||
Current liabilities: | ||||||||
Current portion of long-term debt | 41,287 | 34,112 | ||||||
Other accrued liabilities | 11,134 | 32,837 | ||||||
Total current liabilities | 52,421 | 66,949 | ||||||
Long-term debt | 3,133,635 | 3,159,375 | ||||||
Derivative instrument liabilities | 15,896 | |||||||
Total liabilities | 3,201,952 | 3,226,324 | ||||||
Total equity | 2,420,691 | 2,333,307 | ||||||
Total liabilities and equity | 5,622,643 | 5,559,631 | ||||||
Combined Subsidiary Guarantors [Member] | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 63,066 | 32,471 | ||||||
Accounts receivable, net | 282,407 | 248,218 | ||||||
Other current assets | 78,992 | 60,160 | ||||||
Total current assets | 424,465 | 340,849 | ||||||
Property and equipment, net | 1,313,560 | 1,219,803 | ||||||
Goodwill | 1,991,944 | 1,936,057 | ||||||
Intangible assets, net | 58,410 | 56,611 | ||||||
Operating lease right-of-use assets | 99,517 | |||||||
Other assets | 55,571 | 52,824 | ||||||
Total assets | 3,943,467 | 3,606,144 | ||||||
Current liabilities: | ||||||||
Accounts payable | 93,817 | 79,463 | ||||||
Accrued salaries and benefits | 87,206 | 84,150 | ||||||
Current portion of operating lease liabilities | 17,595 | |||||||
Other accrued liabilities | 48,150 | 42,062 | ||||||
Total current liabilities | 246,768 | 205,675 | ||||||
Deferred tax liabilities | 17,419 | 31,874 | ||||||
Operating lease liabilities | 87,700 | |||||||
Other liabilities | 110,037 | 107,866 | ||||||
Total liabilities | 461,924 | 345,415 | ||||||
Total equity | 3,481,543 | 3,260,729 | ||||||
Total liabilities and equity | 3,943,467 | 3,606,144 | ||||||
Combined Non-Guarantors [Member] | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 29,834 | 18,039 | ||||||
Accounts receivable, net | 67,818 | 69,869 | ||||||
Other current assets | 14,796 | 21,660 | ||||||
Total current assets | 112,448 | 109,568 | ||||||
Property and equipment, net | 1,817,859 | 1,887,963 | ||||||
Goodwill | 432,297 | 460,355 | ||||||
Intangible assets, net | 30,618 | 32,379 | ||||||
Deferred tax assets | 3,371 | 3,468 | ||||||
Operating lease right-of-use assets | 380,364 | |||||||
Other assets | 4,681 | 9,548 | ||||||
Total assets | 2,781,638 | 2,503,281 | ||||||
Current liabilities: | ||||||||
Accounts payable | 37,655 | 38,277 | ||||||
Accrued salaries and benefits | 30,477 | 29,149 | ||||||
Current portion of operating lease liabilities | 10,415 | |||||||
Other accrued liabilities | 80,470 | 76,327 | ||||||
Total current liabilities | 159,017 | 143,753 | ||||||
Long-term debt | 248,269 | 303,940 | ||||||
Deferred tax liabilities | 47,734 | 50,339 | ||||||
Operating lease liabilities | 391,194 | |||||||
Other liabilities | 15,248 | 46,401 | ||||||
Total liabilities | 861,462 | 544,433 | ||||||
Redeemable noncontrolling interests | 32,364 | 28,806 | ||||||
Total equity | 1,887,812 | 1,930,042 | ||||||
Total liabilities and equity | $ 2,781,638 | $ 2,503,281 |
Financial Information for the_5
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||
Revenue | $ 777,251 | $ 760,916 | $ 2,327,230 | $ 2,268,895 | |||||
Salaries, wages and benefits | 428,601 | 417,917 | 1,288,399 | 1,246,186 | |||||
Professional fees | 62,152 | 59,509 | 177,588 | 166,988 | |||||
Supplies | 30,790 | 29,461 | 91,661 | 88,958 | |||||
Rents and leases | 20,134 | 19,866 | 60,860 | 60,390 | |||||
Other operating expenses | 92,975 | 90,464 | 281,517 | 265,977 | |||||
Depreciation and amortization | 40,620 | 39,659 | 122,277 | 119,360 | |||||
Interest expense, net | 46,644 | 46,651 | 143,384 | 137,706 | |||||
Debt extinguishment costs | 940 | ||||||||
Transaction-related expenses | 5,775 | 2,353 | 15,308 | 10,008 | |||||
Total expenses | 727,691 | 705,880 | 2,180,994 | 2,096,513 | |||||
(Loss) income before income taxes | 49,560 | 55,036 | 146,236 | 172,382 | |||||
(Benefit from) provision for income taxes | 6,837 | 8,757 | 25,801 | 16,339 | |||||
Net income | 42,723 | 46,279 | 120,435 | 156,043 | |||||
Net income attributable to noncontrolling interests | (157) | (47) | (258) | (156) | |||||
Net income attributable to Acadia Healthcare Company, Inc. | 42,566 | $ 48,140 | $ 29,471 | $ (331,637) | 46,232 | $ 58,836 | $ 50,819 | 120,177 | 155,887 |
Other comprehensive income: | |||||||||
Foreign currency translation loss | (59,975) | (31,959) | (66,112) | (82,778) | |||||
Gain on derivative instruments | 11,598 | 7,380 | 20,495 | 16,434 | |||||
Other comprehensive loss | (48,377) | $ (33,031) | $ 35,791 | $ (21,915) | (24,579) | $ (114,492) | $ 72,727 | (45,617) | (66,344) |
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | (5,811) | 21,653 | 74,560 | 89,543 | |||||
Consolidating Adjustments [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Equity in earnings of subsidiaries | (60,296) | (62,854) | (174,337) | (206,204) | |||||
Net income | (60,296) | (62,854) | (174,337) | (206,204) | |||||
Net income attributable to Acadia Healthcare Company, Inc. | (60,296) | (62,854) | (174,337) | (206,204) | |||||
Other comprehensive income: | |||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | (60,296) | (62,854) | (174,337) | (206,204) | |||||
Parent [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Salaries, wages and benefits | 4,039 | 5,225 | 14,322 | 19,273 | |||||
Interest expense, net | 19,109 | 17,225 | 58,825 | 47,307 | |||||
Debt extinguishment costs | 940 | ||||||||
Total expenses | 23,148 | 22,450 | 73,147 | 67,520 | |||||
(Loss) income before income taxes | (23,148) | (22,450) | (73,147) | (67,520) | |||||
Equity in earnings of subsidiaries | 60,296 | 62,854 | 174,337 | 206,204 | |||||
(Benefit from) provision for income taxes | (5,575) | (5,875) | (19,245) | (17,359) | |||||
Net income | 42,723 | 46,279 | 120,435 | 156,043 | |||||
Net income attributable to Acadia Healthcare Company, Inc. | 42,723 | 46,279 | 120,435 | 156,043 | |||||
Other comprehensive income: | |||||||||
Gain on derivative instruments | 11,598 | 7,380 | 20,495 | 16,434 | |||||
Other comprehensive loss | 11,598 | 7,380 | 20,495 | 16,434 | |||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | 54,321 | 53,659 | 140,930 | 172,477 | |||||
Combined Subsidiary Guarantors [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Revenue | 476,722 | 458,061 | 1,416,790 | 1,347,468 | |||||
Salaries, wages and benefits | 258,166 | 245,599 | 767,764 | 724,650 | |||||
Professional fees | 27,955 | 24,152 | 79,663 | 73,100 | |||||
Supplies | 20,291 | 19,139 | 59,753 | 57,143 | |||||
Rents and leases | 8,771 | 8,294 | 25,890 | 24,844 | |||||
Other operating expenses | 60,730 | 57,495 | 181,639 | 168,923 | |||||
Depreciation and amortization | 20,588 | 18,857 | 60,210 | 55,640 | |||||
Interest expense, net | 22,876 | 22,768 | 69,380 | 69,954 | |||||
Transaction-related expenses | 4,326 | 702 | 12,122 | 7,382 | |||||
Total expenses | 423,703 | 397,006 | 1,256,421 | 1,181,636 | |||||
(Loss) income before income taxes | 53,019 | 61,055 | 160,369 | 165,832 | |||||
(Benefit from) provision for income taxes | 15,273 | 11,666 | 57,636 | 22,985 | |||||
Net income | 37,746 | 49,389 | 102,733 | 142,847 | |||||
Net income attributable to Acadia Healthcare Company, Inc. | 37,746 | 49,389 | 102,733 | 142,847 | |||||
Other comprehensive income: | |||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | 37,746 | 49,389 | 102,733 | 142,847 | |||||
Combined Non-Guarantors [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Revenue | 300,529 | 302,855 | 910,440 | 921,427 | |||||
Salaries, wages and benefits | 166,396 | 167,093 | 506,313 | 502,263 | |||||
Professional fees | 34,197 | 35,357 | 97,925 | 93,888 | |||||
Supplies | 10,499 | 10,322 | 31,908 | 31,815 | |||||
Rents and leases | 11,363 | 11,572 | 34,970 | 35,546 | |||||
Other operating expenses | 32,245 | 32,969 | 99,878 | 97,054 | |||||
Depreciation and amortization | 20,032 | 20,802 | 62,067 | 63,720 | |||||
Interest expense, net | 4,659 | 6,658 | 15,179 | 20,445 | |||||
Transaction-related expenses | 1,449 | 1,651 | 3,186 | 2,626 | |||||
Total expenses | 280,840 | 286,424 | 851,426 | 847,357 | |||||
(Loss) income before income taxes | 19,689 | 16,431 | 59,014 | 74,070 | |||||
(Benefit from) provision for income taxes | (2,861) | 2,966 | (12,590) | 10,713 | |||||
Net income | 22,550 | 13,465 | 71,604 | 63,357 | |||||
Net income attributable to noncontrolling interests | (157) | (47) | (258) | (156) | |||||
Net income attributable to Acadia Healthcare Company, Inc. | 22,393 | 13,418 | 71,346 | 63,201 | |||||
Other comprehensive income: | |||||||||
Foreign currency translation loss | (59,975) | (31,959) | (66,112) | (82,778) | |||||
Other comprehensive loss | (59,975) | (31,959) | (66,112) | (82,778) | |||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | $ (37,582) | $ (18,541) | $ 5,234 | $ (19,577) |
Financial Information for the_6
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities: | ||||
Net income (loss) | $ 42,723 | $ 46,279 | $ 120,435 | $ 156,043 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||||
Depreciation and amortization | 40,620 | 39,659 | 122,277 | 119,360 |
Amortization of debt issuance costs | 8,926 | 7,763 | ||
Equity-based compensation expense | 4,039 | 5,225 | 14,322 | 19,273 |
Deferred income taxes | 5,150 | (1,738) | ||
Debt extinguishment costs | 940 | |||
Other | 4,444 | 3,025 | ||
Change in operating assets and liabilities: | ||||
Accounts receivable, net | (32,956) | (43,252) | ||
Other current assets | (3,912) | 3,021 | ||
Other assets | 530 | 3,868 | ||
Accounts payable and other accrued liabilities | (35,610) | 9,230 | ||
Accrued salaries and benefits | 4,813 | 11,049 | ||
Other liabilities | 5,110 | 149 | ||
Net cash provided by continuing operating activities | 213,529 | 288,731 | ||
Net cash used in discontinued operating activities | (2,548) | |||
Net cash provided by operating activities | 213,529 | 286,183 | ||
Investing activities: | ||||
Cash paid for acquisitions, net of cash acquired | (44,900) | |||
Cash paid for capital expenditures | (202,722) | (249,989) | ||
Cash paid for real estate acquisitions | (6,976) | (9,391) | ||
Settlement of foreign currency derivatives | 105,008 | |||
Other | 12,398 | (3,114) | ||
Net cash used in investing activities | (137,192) | (262,494) | ||
Financing activities: | ||||
Borrowings on revolving credit facility | 76,573 | |||
Principal payments on revolving credit facility | (76,573) | |||
Principal payments on long-term debt | (24,738) | (31,492) | ||
Common stock withheld for minimum statutory taxes, net | (1,498) | (2,272) | ||
Other | (5,923) | (6,973) | ||
Net cash used in financing activities | (32,159) | (40,737) | ||
Effect of exchange rate changes on cash | (1,788) | (1,314) | ||
Net increase (decrease) in cash and cash equivalents | 42,390 | (18,362) | ||
Cash and cash equivalents at beginning of the period | 50,510 | 67,290 | ||
Cash and cash equivalents at end of the period | 92,900 | 48,928 | 92,900 | 48,928 |
Consolidating Adjustments [Member] | ||||
Operating activities: | ||||
Net income (loss) | (60,296) | (62,854) | (174,337) | (206,204) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||||
Equity in earnings of subsidiaries | 60,296 | 62,854 | 174,337 | 206,204 |
Change in operating assets and liabilities: | ||||
Other assets | (3,847) | (4,596) | ||
Net cash provided by continuing operating activities | (4,596) | |||
Net cash provided by operating activities | (3,847) | (4,596) | ||
Financing activities: | ||||
Principal payments on long-term debt | 3,847 | 4,596 | ||
Net cash used in financing activities | 3,847 | 4,596 | ||
Parent [Member] | ||||
Operating activities: | ||||
Net income (loss) | 42,723 | 46,279 | 120,435 | 156,043 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||||
Equity in earnings of subsidiaries | (60,296) | (62,854) | (174,337) | (206,204) |
Amortization of debt issuance costs | 8,926 | 8,065 | ||
Equity-based compensation expense | 14,322 | 19,273 | ||
Deferred income taxes | (158) | 74 | ||
Debt extinguishment costs | 940 | |||
Other | 2,606 | 1,948 | ||
Change in operating assets and liabilities: | ||||
Other assets | 3,847 | 4,596 | ||
Net cash provided by continuing operating activities | (15,265) | |||
Net cash provided by operating activities | (24,359) | (15,265) | ||
Investing activities: | ||||
Settlement of foreign currency derivatives | 105,008 | |||
Net cash used in investing activities | 105,008 | |||
Financing activities: | ||||
Borrowings on revolving credit facility | 76,573 | |||
Principal payments on revolving credit facility | (76,573) | |||
Principal payments on long-term debt | (24,738) | (31,492) | ||
Common stock withheld for minimum statutory taxes, net | (1,498) | (2,272) | ||
Other | (2,375) | (1,742) | ||
Cash (used in) provided by intercompany activity | (52,038) | 50,771 | ||
Net cash used in financing activities | (80,649) | 15,265 | ||
Combined Subsidiary Guarantors [Member] | ||||
Operating activities: | ||||
Net income (loss) | 37,746 | 49,389 | 102,733 | 142,847 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||||
Depreciation and amortization | 20,588 | 18,857 | 60,210 | 55,640 |
Deferred income taxes | 4,517 | (2,398) | ||
Other | 1,643 | 1,219 | ||
Change in operating assets and liabilities: | ||||
Accounts receivable, net | (28,918) | (39,644) | ||
Other current assets | (2,845) | 7,898 | ||
Other assets | (1,136) | 3,763 | ||
Accounts payable and other accrued liabilities | (29,543) | 7,835 | ||
Accrued salaries and benefits | 2,008 | 11,100 | ||
Other liabilities | 16,058 | 4,548 | ||
Net cash provided by continuing operating activities | 192,808 | |||
Net cash used in discontinued operating activities | (2,548) | |||
Net cash provided by operating activities | 124,727 | 190,260 | ||
Investing activities: | ||||
Cash paid for acquisitions, net of cash acquired | (44,900) | |||
Cash paid for capital expenditures | (135,242) | (149,402) | ||
Cash paid for real estate acquisitions | (6,976) | (9,391) | ||
Other | 7,615 | (5,718) | ||
Net cash used in investing activities | (179,503) | (164,511) | ||
Financing activities: | ||||
Principal payments on long-term debt | (169) | |||
Other | (1,580) | (2,885) | ||
Cash (used in) provided by intercompany activity | 86,951 | (37,257) | ||
Net cash used in financing activities | 85,371 | (40,311) | ||
Net increase (decrease) in cash and cash equivalents | 30,595 | (14,562) | ||
Cash and cash equivalents at beginning of the period | 32,471 | 46,860 | ||
Cash and cash equivalents at end of the period | 63,066 | 32,298 | 63,066 | 32,298 |
Combined Non-Guarantors [Member] | ||||
Operating activities: | ||||
Net income (loss) | 22,550 | 13,465 | 71,604 | 63,357 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | ||||
Depreciation and amortization | 20,032 | 20,802 | 62,067 | 63,720 |
Amortization of debt issuance costs | (302) | |||
Deferred income taxes | 791 | 586 | ||
Other | 195 | (142) | ||
Change in operating assets and liabilities: | ||||
Accounts receivable, net | (4,038) | (3,608) | ||
Other current assets | (1,067) | (4,877) | ||
Other assets | 1,666 | 105 | ||
Accounts payable and other accrued liabilities | (6,067) | 1,395 | ||
Accrued salaries and benefits | 2,805 | (51) | ||
Other liabilities | (10,948) | (4,399) | ||
Net cash provided by continuing operating activities | 115,784 | |||
Net cash provided by operating activities | 117,008 | 115,784 | ||
Investing activities: | ||||
Cash paid for capital expenditures | (67,480) | (100,587) | ||
Other | 4,783 | 2,604 | ||
Net cash used in investing activities | (62,697) | (97,983) | ||
Financing activities: | ||||
Principal payments on long-term debt | (3,847) | (4,427) | ||
Other | (1,968) | (2,346) | ||
Cash (used in) provided by intercompany activity | (34,913) | (13,514) | ||
Net cash used in financing activities | (40,728) | (20,287) | ||
Effect of exchange rate changes on cash | (1,788) | (1,314) | ||
Net increase (decrease) in cash and cash equivalents | 11,795 | (3,800) | ||
Cash and cash equivalents at beginning of the period | 18,039 | 20,430 | ||
Cash and cash equivalents at end of the period | $ 29,834 | $ 16,630 | $ 29,834 | $ 16,630 |