Acadia Healthcare Reports First Quarter 2025 Results

Published: 2025-05-12 16:13:03 ET ACHC

Published on 05/12/2025 at 16:13

Affirms Full Year 2025 Guidance

Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ: ACHC) today announced financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

Adjusted income attributable to Acadia and Adjusted EBITDA are non-GAAP financial measures. A reconciliation of all non-GAAP financial measures in this press release begins on page 9.

First Quarter Results Chris Hunter, Chief Executive Officer of Acadia, remarked, “We are pleased to deliver first quarter results for both revenue and Adjusted EBITDA in line with our respective outlook ranges, with Adjusted EBITDA coming in at the high end of our expectations for the quarter. This year is setting up to be the largest bed expansion year in Acadia’s history, building upon our record-breaking bed additions in 2024. We are well-positioned to continue expanding access and providing specialized care and treatment to an underserved patient population with complex needs. With our patient-centric approach and strong focus on clinical quality, Acadia is committed to expanding access to care and treatment to all those requiring help. We are proud of the extraordinary work of our dedicated team of employees and clinicians who are meeting this need every day by providing safe, quality patient care for those seeking treatment for mental health and substance use issues. Together, we look forward to the opportunities ahead for Acadia in 2025.”

Strategic Investments for Long-Term Growth During the first quarter of 2025, the Company continued to make progress in meeting its strategic growth objectives. This includes the addition of 90 beds to existing facilities and 288 beds to new facilities, for a total of 378 newly licensed beds in the first quarter.

In addition, Acadia added seven new comprehensive treatment centers (“CTCs”), extending the Company’s market reach to 170 CTCs across 33 states, treating approximately 74,000 patients daily in this critical area of care.

During the first quarter, the Company commenced operations at two new facilities, including a de novo facility in North Port, Florida, and a joint venture hospital in partnership with Henry Ford Health, in West Bloomfield, Michigan. Acadia has 21 joint venture partnerships for 22 hospitals, with 13 hospitals already in operation and nine additional hospitals expected to open in the coming years.

Cash and Liquidity Maintaining a strong financial position to support growth investments and disciplined capital allocation are top priorities for Acadia. As of March 31, 2025, the Company had $91.2 million in cash and cash equivalents and $901.6 million available under its $1 billion revolving credit facility.

Share Repurchase Authorization On February 27, 2025, Acadia announced that its Board of Directors authorized a share repurchase program for up to $300 million of the Company’s outstanding common stock. Repurchases under the share repurchase program may be made from time to time, subject to market conditions and management's discretion, in the open market or in privately negotiated transactions. The authorization for the repurchase program has no expiration date.

The Company repurchased 1,602,688 shares for a total of $47.3 million during the first quarter of 2025.

2025 Financial Guidance Acadia today affirmed its previously announced financial guidance for 2025, as follows:

2025 Guidance Range

Revenue

$3.3 to $3.4 billion

Adjusted EBITDA

$675 to $725 million

Adjusted earnings per diluted share

$2.50 to $2.80

Interest expense

$130 to $140 million

Tax rate

25% to 26%

Depreciation and amortization expense

$175 to $185 million

Stock compensation expense

$45 to $50 million

Operating cash flows

$460 to $510 million

Expansion capital expenditures

$525 to $575 million

Maintenance and IT capital expenditures

$105 to $115 million

Total bed additions

800 to 1,000 beds

The Company’s full-year guidance includes the following assumptions:

The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction, legal and other costs or non-recurring legal settlements expense.

Conference Call Acadia will hold a conference call to discuss its first quarter financial results at 7:30 a.m. Central Time/8:30 a.m. Eastern Time on Tuesday, May 13, 2025. A live webcast of the conference call will be available at www.acadiahealthcare.com in the “Investors” section of the website. The webcast of the conference call will be available for 30 days.

About Acadia Acadia is a leading provider of behavioral healthcare services across the United States. As of March 31, 2025, Acadia operated a network of 270 behavioral healthcare facilities with approximately 12,000 beds in 39 states and Puerto Rico. With approximately 25,500 employees serving more than 82,000 patients daily, Acadia is the largest stand-alone behavioral healthcare company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers and outpatient clinics.

Forward-Looking Information This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements related to our strategy, growth, anticipated operating results for future periods and our share repurchase program. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this press release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of our facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) potential disruptions to our information technology systems or a cybersecurity incident; and (vii) potential operating difficulties, including, without limitation, disruption to the U.S. economy and financial markets; reduced admissions and patient volumes; increased costs relating to labor, supply chain and other expenditures; changes in competition and client preferences; and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategies. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC.

Share Repurchase Authorization Disclaimer Acadia’s share repurchase program permits the Company to make repurchases on a discretionary basis as determined by management, subject to market conditions, applicable legal requirements, available liquidity, compliance with the Company's debt agreements, and other appropriate factors. Repurchases under the share repurchase program are to be made through open market or privately negotiated transactions and may be made pursuant to plans entered into in accordance with Rule 10b5-1 and/or Rule 10b-18 of the Exchange Act. The share repurchase program does not have a termination date, does not obligate Acadia to acquire any particular amount of common stock, and may be modified, extended, suspended, or discontinued by the Company’s Board of Directors at any time without prior notice. No assurance can be given that any particular amount of common stock will be repurchased.

Acadia Healthcare Company, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended March 31,

2025

2024

(In thousands, except per share amounts)

770,505

768,051

445,271

417,523

45,707

45,688

28,342

26,652

11,656

11,863

114,002

101,073

47,032

36,347

29,182

27,214

1,269

—

3,504

—

31,072

2,847

757,037

669,207

13,468

98,844

4,404

20,074

9,064

78,770

(690

)

(2,387

)

8,374

76,383

0.09

0.84

0.09

0.83

91,654

91,363

92,038

92,010

Acadia Healthcare Company, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

March 31,

December 31,

2025

2024

(In thousands)

91,236

76,305

396,632

365,339

151,082

135,848

638,950

577,492

2,955,952

2,853,193

2,276,368

2,264,851

78,825

70,003

23,179

20,964

120,701

118,369

53,623

52,043

6,147,598

5,956,915

16,250

76,816

204,012

232,704

140,125

155,426

24,816

25,462

88,148

87,511

473,351

577,919

2,184,293

1,880,093

80,540

83,946

101,314

101,828

134,122

122,298

2,973,620

2,766,084

132,420

117,116

904

918

2,692,203

2,685,464

348,451

387,333

3,041,558

3,073,715

6,147,598

5,956,915

Acadia Healthcare Company, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended March 31,

2025

2024

(In thousands)

9,064

78,770

47,032

36,347

1,056

1,016

8,677

8,678

(5,621

)

17,476

1,269

—

3,504

—

(4,094

)

(30,993

)

(22,930

)

(9,019

)

(15,629

)

(1,214

)

696

(9,242

)

(403,340

)

(19,801

)

(25,024

)

16,692

6,749

11,477

(321,285

)

(8,594

)

(50,353

)

(174,631

)

(142,410

)

9,056

(56

)

(907

)

(183,238

)

(184,614

)

1,200,000

350,000

760,000

160,000

(1,035,000

)

(15,000

)

—

(10,242

)

(670,856

)

—

(18,615

)

(1,518

)

(1,936

)

(1,013

)

(46,880

)

—

2,280

—

(1,020

)

(21

)

(358

)

186,692

483,129

14,931

(22,770

)

76,305

100,073

91,236

77,303

19,768

55,309

(300

)

(3,456

)

—

(1,500

)

(10,874

)

—

8,594

50,353

Acadia Healthcare Company, Inc.

Operating Statistics (1)

(Unaudited, $ in thousands except per Patient Day metrics)

Three Months Ended March 31,

2025

2024

% Change

759,697

744,422

2.1

763,958

747,394

2.2

48,507

47,503

2.1

15.7

0.1

994

996

-0.2

191,605

210,579

-9.0

770,505

768,051

0.3

774,933

768,678

0.8

49,683

49,058

1.3

15.6

15.7

-0.5

994

999

-0.5

172,361

210,926

-18.3

Acadia Healthcare Company, Inc.

Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA and Same Facility Adjusted EBITDA

(Unaudited)

Three Months Ended March 31,

2025

2024

(in thousands)

8,374

76,383

690

2,387

4,404

20,074

29,182

27,214

47,032

36,347

89,682

162,405

8,677

8,678

31,072

2,847

1,269

—

3,504

—

134,204

173,930

(38,157

)

(36,996

)

172,361

210,926

(19,244

)

347

191,605

210,579

Acadia Healthcare Company, Inc.

Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to

Adjusted Income Attributable to Acadia Healthcare Company, Inc.

(Unaudited)

Three Months Ended March 31,

2025

2024

(in thousands, except per share amounts)

8,374

76,383

31,072

2,847

1,269

—

3,504

—

4,404

20,074

Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc.

48,623

99,304

11,694

22,011

36,929

77,293

92,038

92,010

0.40

0.84

Acadia Healthcare Company, Inc.

Footnotes (continued)

Three Months Ended March 31,

2025

2024

(in thousands)

31,011

481

2,166

(3,400

)

(2,105

)

4,757

—

1,009

31,072

2,847

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