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Acadia Healthcare Company, Inc.
Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA
| Three Months Ended December 31, 2015 | Year Ended December 31, 2015 | |||||||||||||||
| Form 10-K | Earnings Release | Form 10-K | Earnings Release | |||||||||||||
| (in thousands) | ||||||||||||||||
| Net income attributable to Acadia Healthcare Company, Inc. | $ | 34,566 | $ | 41,557 | $ | 112,554 | $ | 119,545 | ||||||||
| Income from discontinuing operations, net of income taxes | (28 | ) | (28 | ) | (111 | ) | (111 | ) | ||||||||
| Net loss attributable to noncontrolling interests | (614 | ) | (614 | ) | (1,078 | ) | (1,078 | ) | ||||||||
| Provision for income taxes | 18,594 | 11,603 | 53,388 | 46,397 | ||||||||||||
| Interest expense, net | 28,810 | 28,810 | 106,742 | 106,742 | ||||||||||||
| Depreciation and amortization | 18,630 | 18,630 | 63,550 | 63,550 | ||||||||||||
| EBITDA | 99,958 | 99,958 | 335,045 | 335,045 | ||||||||||||
| Adjustments: | ||||||||||||||||
| Equity-based compensation expense (a) | 5,896 | 5,896 | 20,472 | 20,472 | ||||||||||||
| Debt extinguishment costs (b) | 839 | 839 | 10,818 | 10,818 | ||||||||||||
| Loss on foreign currency derivatives (c) | 1,926 | 1,926 | ||||||||||||||
| Transaction-related expenses (d) | 5,156 | 5,156 | 36,571 | 36,571 | ||||||||||||
| Adjusted EBITDA | $ | 111,849 | $ | 111,849 | $ | 404,832 | $ | 404,832 |
Acadia Healthcare Company, Inc.
Reconciliation of Adjusted Income from Continuing Operations Attributable to Acadia Healthcare Company, Inc. to
Net Income Attributable to Acadia Healthcare Company, Inc.
| Three Months Ended December 31, 2015 | Year Ended December 31, 2015 | |||||||||||||||
| Form 10-K | Earnings Release | Form 10-K | Earnings Release | |||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||
| Net income attributable to Acadia Healthcare Company, Inc. | $ | 34,566 | $ | 41,557 | $ | 112,554 | $ | 119,545 | ||||||||
| Income from discontinuing operations, net of income taxes | (28 | ) | (28 | ) | (111 | ) | (111 | ) | ||||||||
| Provision for income taxes | 18,594 | 11,603 | 53,388 | 46,397 | ||||||||||||
| Income from continuing operations attributable to Acadia Healthcare Company, Inc. before income taxes | 53,132 | 53,132 | 165,831 | 165,831 | ||||||||||||
| Adjustments to income from continuing operations: | ||||||||||||||||
| Debt extinguishment costs (b) | 839 | 839 | 10,818 | 10,818 | ||||||||||||
| Loss on foreign currency derivatives (c) | 1,926 | 1,926 | ||||||||||||||
| Transaction-related expenses (d) | 5,156 | 5,156 | 36,571 | 36,571 | ||||||||||||
| Income tax provision reflecting tax effect of adjustments to income from continuing operations (e) | (16,834 | ) | (16,834 | ) | (62,392 | ) | (62,392 | ) | ||||||||
| Adjusted income from continuing operations attributable to Acadia Healthcare Company, Inc. | $ | 42,293 | $ | 42,293 | $ | 152,754 | $ | 152,754 | ||||||||
| Weighted-average shares outstanding - diluted | 71,145 | 71,145 | 68,391 | 68,391 | ||||||||||||
| Adjusted income from continuing operations attributable to Acadia Healthcare Company, Inc. per diluted share | $ | 0.59 | $ | 0.59 | $ | 2.23 | $ | 2.23 |
Acadia Healthcare Company, Inc.
We have included certain
financial measures in this report, including EBITDA, Adjusted EBITDA and Adjusted income from continuing operations, which are non-GAAP financial measures as defined under the rules and regulations promulgated by the SEC. We define
EBITDA as net income adjusted for loss from discontinued operations, net interest expense, income tax provision and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for equity-based compensation expense, debt
extinguishment costs, gain on foreign currency derivatives and transaction-related expenses.
EBITDA, Adjusted EBITDA and Adjusted income from continuing
operations are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States ( GAAP ). EBITDA, Adjusted EBITDA and Adjusted income from
continuing operations are not measures of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from
operating activities as measures of our liquidity. Our measurements of EBITDA, Adjusted EBITDA and Adjusted income from continuing operations may not be comparable to similarly titled measures of other companies. We have included information
concerning EBITDA, Adjusted EBITDA and Adjusted income from continuing operations in this report because we believe that such information is used by certain investors as measures of a company s historical performance. We believe these measures
are frequently used by securities analysts, investors and other interested parties in the evaluation of issuers of equity securities, many of which present EBITDA, Adjusted EBITDA and Adjusted income from continuing operations when reporting their
results. Our presentation of EBITDA, Adjusted EBITDA and Adjusted income from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.