Acadia Healthcare Company, Inc (NASDAQ:ACHC) Q2 2024 Results Conference Call August 1, 2024 9:00 AM ET

Company Participants

Patrick Feeley - Head of Investor Relations
Chris Hunter - Chief Executive Officer
Heather Dixon - Chief Financial Officer

Conference Call Participants

Whit Mayo - Leerink Partners
A.J. Rice - UBS
Brian Tanquilut - Jefferies
Kevin Fischbeck - Bank of America
Ben Hendrix - RBC Capital Markets
John Ransom - Raymond James
Scott Fidel - Stephens
Pito Chickering - Deutsche Bank
Andrew Mok - Barclays
Sarah James - Cantor Fitzgerald
Ryan Langston - TD Cowen

Operator

Good day, and welcome to Acadia Healthcare's Second Quarter of 2024 Earnings Call. [Operator Instructions] Also, please be aware that today's call is being recorded.

I would now like to turn the call over to Patrick Feeley, Head of Investor Relations. Please go ahead.

Patrick Feeley

Thank you, and good morning. Yesterday after the market closed, we issued a press release announcing our second quarter 2024 financial results. This press release can be found in the Investor Relations section of the acadiahealthcare.com website.

Here with me today to discuss the results are Chris Hunter, Chief Executive Officer; and Heather Dixon, Chief Financial Officer. To the extent any non-GAAP financial measure is discussed in today's call, you will also find a reconciliation of that measure to the most directly comparable financial measure calculated according to GAAP in the press release that is posted on our website.

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 '24 and beyond. 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 second quarter news release. And consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements.

At this time, I'd like to turn the conference call over to Chris.

Chris Hunter

Thank you, Patrick, and good morning, everyone. Thank you for being with us for Acadia's Second Quarter 2024 Conference Call. For the second quarter, we reported strong results, reflecting continued momentum in our business. Total revenue increased 8.8% over the prior year second quarter to $796 million, driven by both rate improvement and patient day growth.

Our top line growth, combined with solid operating leverage, led to adjusted EBITDA growth of 7.6% over the same quarter last year. Underlying labor trends remained stable into the second quarter. In addition to a more favorable overall labor market, our initiatives centered around recruitment, retention and employee engagement have helped to track talent and maintain a more stable labor force.