Short answer

Acadia Healthcare Company Inc (ACHC) filed its fiscal 2013 10-K annual report with the SEC on Feb 21, 2014.

Top risk flagged: Medicare and Medicaid reimbursement exposure: 70% of 2013 revenues subject to program funding and regulatory changes

Acadia Healthcare Company Inc FY2013 10-K analysis

AI summary of each section, grounded in the filing text

Inpatient behavioral healthcare platform, growing through facility acquisitions, new beds and improved operations
Seven facilities acquired, 694 licensed beds added, including Puerto Rico and the company’s first Washington and South Carolina facilities
Network expanded to 51 facilities, approximately 4,200 beds across 23 states and Puerto Rico
Organic expansion emphasized, 325 beds added in 2013 with over 300 more planned for 2014 excluding acquisitions
Revenue reached $713.4 million, up from $407.5 million in 2012, reflecting rapid acquisition-led scale-building

Revenue $713.4M, up $305.9M YoY, driven by acquisitions and same-facility growth of 10.5%
Income from continuing operations $43.3M, margin 6.1% vs 5.0%; effective tax rate 37.5% in both years
Behavioral healthcare services, only segment, revenue $713.4M, up from $407.5M
Operating cash flow $65.3M; acquisitions $164.0M; capex $68.9M, including $52.9M expansion
Outlook: over 300 beds expected in 2014; risks include reimbursement pressure, indebtedness and regulatory investigations

Medicare and Medicaid reimbursement exposure: 70% of 2013 revenues subject to program funding and regulatory changes
U.S. economic downturn risk: budget deficits could reduce Medicare and Medicaid spending and increase uninsured patients
Geographic concentration: 45% of revenue from Arkansas, Michigan, Mississippi, Tennessee and Texas
Competitive disruption: sole-source managed-care contracts and behavioral-health carve-outs could exclude Acadia
Leverage burden: $617.1 million total debt, including variable-rate Senior Credit Facility borrowings

Generated from the filing text; verify against the original. How to read a 10-K

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