Acadia Healthcare Company, Inc. (NASDAQ:ACHC) Q1 2023 Results Conference Call April 27, 2023 9:00 AM ET
Company Participants
Gretchen Hommrich - VP, IR
Chris Hunter - CEO
David Duckworth - CFO
Conference Call Participants
Whit Mayo - SVB Securities
Andrew Mok - UBS
Kevin Fischbeck - Bank of America
A.J. Rice - Credit Suisse
John Ransom - Raymond James
Brian Tanquilut - Jefferies
Pito Chickering - Deutsche Bank
Gary Taylor - Cowen
Operator
Good morning. And welcome to Acadia Healthcare's First Quarter 2023 Earnings Conference Call [Operator Instructions]. Please also note that this event is being recorded today.
I would now like to turn the conference over to Gretchen Hommrich. Please go ahead.
Gretchen Hommrich
Good morning. And welcome to Acadia's first quarter 2023 conference call. I'm Gretchen Hommrich, Vice President of Investor Relations for Acadia. First, provide you with our safe harbor before turning the call over to our Chief Executive Officer, Chris Hunter. To the extent any non-GAAP financial measure is discussed in today's call, you'll also find a reconciliation of that measure to the most directly comparable financial measure calculated according to GAAP on our Web site by viewing yesterday's news release under the Investors link. This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding Acadia's expected quarterly and annual financial performance for 2023 and beyond. You are hereby cautioned that these statements may be affected by the important factors, among others, set forth in Acadia's filings with the Securities and Exchange Commission and in the company's first quarter news release. And consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. At this time, for opening remarks, I would like to turn the conference call over to our Chief Executive Officer, Chris Hunter.
Chris Hunter
Thank you, Gretchen. Good morning, everyone. And thank you for being with us today for our first quarter 2023 conference call. I'm here today with our Chief Financial Officer, David Duckworth, and other members of our executive management team. David and I will provide some remarks about our financial and operating performance for the first quarter of 2023. And following our comments, we'll open the line for your questions. Today, I'm pleased to share that our first quarter results mark a strong start to 2023 as we continue to execute our strategy with favorable results. We reported year-over-year revenue growth of 14.2%, adjusted EBITDA growth of 11.6% and adjusted EPS growth of 11.9%, driven by robust demand for our behavioral health care services. Stepping back, our ability at Acadia to address complex behavioral health needs in our country has never been more urgent. According to the National Alliance on Mental Illness, suicide is now the second leading cause of death among Americans aged 15 to 24. Nearly 20% of high school students report serious thoughts of suicide. In a recent study by the Institute of Mental Health estimated that one in five American adults is living with some type of mental illness. These are discouraging statistics and that is why we remain so proud of the role Acadia is playing to help lead the way in not only how we deliver outstanding care for those in need, but also how we work to reduce the stigma around mental illness.