10-K annual report · filed Feb 26, 2016

Acadia Healthcare Company Inc (ACHC) FY2015 10-K Annual Report

Short answer

Acadia Healthcare Company Inc (ACHC) filed its fiscal 2015 10-K annual report with the SEC on Feb 26, 2016.

  • Top risk flagged: CMA review of Priory acquisition: possible integration delays or mandated divestitures

Acadia Healthcare Company Inc FY2015 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Acquisition-led behavioral healthcare platform, improving facility performance and expanding services across the United States and United Kingdom
  • 2015 emphasis on substance-abuse expansion through CRC, QAM, and Discovery House, including 81 comprehensive treatment centers
  • 176 facilities acquired and 670 beds added, expanding operations to 258 facilities, over 9,900 beds, 39 states, the U.K., and Puerto Rico
  • Revenue reached $1.8 billion versus $1.0 billion in 2014, reflecting rapid acquisition-driven scaling
  • Priory acquisition completed February 16, 2016 for approximately $2.2 billion, creating a pro forma 585-facility platform and U.K. leadership position

Management Discussion & Analysis

  • Revenue $1.794B, up $789.9M YoY, with same-facility revenue up $78.9M, or 7.8%
  • Continuing-operations margin 6.2% vs 8.3%, with income $111.4M vs $83.2M
  • U.S. Facilities largest segment, with 2015 revenue $1.4B, versus U.K. Facilities revenue $357.0M
  • Operating cash flow $242.1M, acquisitions $574.8M, capex $276.0M, including $227.4M expansion spending
  • 2016 outlook: approximately 800 new beds excluding acquisitions, with Priory integration, indebtedness and CMA review key risks

Risk Factors

  • CMA review of Priory acquisition: possible integration delays or mandated divestitures
  • United Kingdom exposure: approximately 45% of pro forma revenue amid NHS budget and commissioning pressures
  • CRC facilities: Department of Justice Drug Enforcement Administration investigations into controlled-substance handling
  • NHS competition: approximately 70% of U.K. secure mental-health beds, limiting referrals to independent providers
  • Debt burden: approximately $2.2 billion total debt as of December 31, 2015, with variable-rate credit exposure

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