Acadia Healthcare Files 2023 Annual Report on Form 10-K

TL;DR

<b>Acadia Healthcare Company, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Acadia Healthcare Company, Inc. (ACHC) filed a Annual Report (10-K) with the SEC on February 28, 2024. Acadia Healthcare Company, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's business address is 6100 Tower Circle, Suite 1000, Franklin, TN 37067. Acadia Healthcare operates in the Services-Specialty Outpatient Facilities, NEC sector (SIC 8093). The report includes financial data and disclosures for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Acadia Healthcare Company, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Acadia Healthcare's financial performance, operational activities, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, expenses, assets, liabilities, and other key financial metrics, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Acadia Healthcare Company, Inc. shows moderate risk based on this filing. The company operates in the healthcare sector, which is subject to significant regulatory changes and reimbursement risks from government programs like Medicare and Medicaid, as well as commercial payers.

Analyst Insight

Investors should review the detailed risk factors and financial performance sections of the 10-K to understand potential challenges and opportunities for Acadia Healthcare in the evolving healthcare landscape.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (Filed as of date)
• 132 — Public Document Count (Number of documents in the filing)
• 001-35331 — SEC File Number (SEC registration number)

Key Players & Entities

• Acadia Healthcare Company, Inc. (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-28 (date) — Filed as of date
• 6100 TOWER CIRCLE SUITE 1000 (address) — Business address
• FRANKLIN (location) — Business address city
• TN (location) — Business address state
• 37067 (postal_code) — Business address zip
• 8093 (sic_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company is subject to extensive federal, state, and local government regulations related to healthcare services, including licensing, operating, and reimbursement rules.
• Reimbursement Risks [high — financial]: A significant portion of revenue is derived from government healthcare programs (Medicare and Medicaid) and managed care organizations, making the company vulnerable to changes in reimbursement rates and policies.
• Dependence on Key Personnel [medium — operational]: The company's success depends on its ability to attract and retain qualified healthcare professionals, including physicians and clinicians.
• Competition [medium — market]: The healthcare services industry is highly competitive, with numerous providers operating at national, regional, and local levels.
• Interest Rate Risk [medium — financial]: The company has outstanding debt, and changes in interest rates could impact its borrowing costs and financial results.

Key Financial Figures

• $79.64 — d on the NASDAQ Global Select Market of $79.64 per share. As of February 28, 2024, t
• $140 million — for cash consideration of approximately $140 million. The acquisition was funded through a c
• $70.0 million — ugh a combination of cash on hand and a $70.0 million draw on the Revolving Facility (as defi
• $600.0 million — Credit Facility"), which provides for a $600.0 million senior secured revolving credit facilit
• $425.0 million — ility in an initial principal amount of $425.0 million (as increased by the Incremental Term L
• $20.0 million — volving Facility further provides for a $20.0 million subfacility for the issuance of letters
• $350.0 million — ans in an aggregate principal amount of $350.0 million (the "Incremental Term Loans"). Such In
• $40.0 million — ar ended December 31, 2023, we borrowed $40.0 million on the Revolving Facility and repaid $3
• $35.0 million — on on the Revolving Facility and repaid $35.0 million of the balance outstanding. During th
• $95.0 million — year ended December 31, 2022, we repaid $95.0 million of the balance outstanding on the Revol
• $3.3 m — d recorded debt extinguishment costs of $3.3 million, including the write-off of defer
• $10.5 m — e recorded debt extinguishment costs of $10.5 million, including $6.3 million cash paid
• $6.3 million — hment costs of $10.5 million, including $6.3 million cash paid for breakage costs and the wr
• $4.2 million — rite-off of deferred financing costs of $4.2 million in the consolidated statement of operat
• $2,928.7 million — tinuing operations generated revenue of $2,928.7 million and $2,610.4 million, respectively. A

Filing Documents

• achc-20231231.htm (10-K) — 3486KB
• achc-ex21.htm (EX-21) — 341KB
• achc-ex22.htm (EX-22) — 48KB
• achc-ex23.htm (EX-23) — 5KB
• achc-ex31_1.htm (EX-31.1) — 15KB
• achc-ex31_2.htm (EX-31.2) — 15KB
• achc-ex32_1.htm (EX-32.1) — 9KB
• achc-ex32_2.htm (EX-32.2) — 9KB
• achc-ex97.htm (EX-97) — 48KB
• 0000950170-24-022057.txt (&nbsp;) — 15784KB
• achc-20231231.xsd (EX-101.SCH) — 2168KB
• achc-20231231_htm.xml (XML) — 2888KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 32

Properties

Item 2. Properties 33

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

[Reserved]

Item 6. [Reserved] 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 48

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 48

Controls and Procedures

Item 9A. Controls and Procedures 48

Other Information

Item 9B. Other Information 48

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 49

Executive Compensation

Item 11. Executive Compensation 49

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 50

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 50

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 50 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 51

Form 10-K Summary

Item 16. Form 10-K Summary 54

SIGNATURES

SIGNATURES 55 PAR T I Unless the context otherwise requires, all references in this Annual Report on Form 10-K to "Acadia," "the Company," "we," "us" or "our" mean Acadia Healthcare Company, Inc. and its consolidated subsidiaries.

B usiness

Item 1. B usiness. Overview Our business strategy is to become the indispensable behavioral healthcare provider for the high-acuity and complex needs patient population. We are committed to providing the communities we serve with high-quality, cost-effective behavioral healthcare services, while growing our business, increasing profitability and creating long-term value for our stockholders. This strategy includes five growth pathways: expansions of existing facilities, joint venture partnerships, de novo facilities, acquisitions and expansion across our continuum of care. At December 31, 2023, we operated 253 behavioral healthcare facilities with approximately 11,200 beds in 38 states and Puerto Rico. During the year ended December 31, 2023, we added 595 beds, consisting of 302 added to existing facilities and 293 added through the opening of one wholly-owned facility and two joint venture facilities, and we opened six comprehensive treatment centers ("CTCs"). We are the leading publicly traded pure-play provider of behavioral healthcare services in the United States (the "U.S."). Management believes that we are positioned as a leading platform in a highly fragmented industry under the direction of an experienced management team that has significant industry expertise. Management expects to take advantage of several strategies that are more accessible as a result of our increased size and geographic scale, including continuing a national marketing strategy to attract new patients and referral sources, increasing our volume of out-of-state referrals, providing a broader range of services to new and existing patients and clients and selectively pursuing opportunities to expand our facility and bed count in the U.S. through acquisitions, wholly-owned de novo facilities, joint ventures and bed additions in existing facilities. Our common stock is listed for trading on The NASDAQ Global Select Market under the symbol "ACHC." Our principal executive offices are l

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View this 10-K filing on SEC EDGAR