Acadia Healthcare Company Inc (ACHC) 2013 Q2 法說會逐字稿

Please stand by. This call is being recorded. Mr. Turner, please go ahead.

請待命。此通話正在錄音中。特納先生，請繼續。

Thank you. Good morning. I'm Brent Turner, President of Acadia Healthcare, and I'd like to welcome you to our second quarter 2013 conference call. To the extent any non-GAAP financial measure is discussed in today's call, you may also find a reconciliation of that measure to the most directly comparable financial measure calculated according to GAAP on our website by following the Investor Relations link to press releases and viewing yesterday's news release.

謝謝。早上好。我是 Acadia Healthcare 總裁 Brent Turner，歡迎您參加我們 2013 年第二季度的電話會議。如果在今天的電話會議中討論了任何非 GAAP 財務指標，您還可以通過投資者關係鏈接到新聞稿並查看昨天的新聞稿，在我們的網站上找到該指標與根據 GAAP 計算的最直接可比財務指標的對賬新聞發布。

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 2013 and beyond. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words believe, anticipate, plans, expects, and similar expressions are intended to identify forward-looking statements.

本次電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，其中包括關於 Acadia 2013 年及以後預期季度和年度財務業績的陳述。為此，本次電話會議期間作出的任何非歷史事實陳述均可被視為前瞻性陳述。在不限制前述規定的情況下，相信、預期、計劃、期望和類似表達旨在識別前瞻性陳述。

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 second quarter news release, and consequently actual operations and results may differ material from the results discussed in the forward-looking statements. The Company undertakes no obligation to update publically any forward-looking statements, whether as a result of new information, future events, or otherwise.

特此提醒您，這些陳述可能受到重要因素的影響，其中包括阿卡迪亞向美國證券交易委員會提交的文件和公司第二季度新聞稿中規定的因素，因此實際運營和結果可能與結果存在重大差異在前瞻性陳述中討論。公司不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。

Now at this time for opening remarks, I would like to turn the conference over to our Chairman and Chief Executive Officer, Joey Jacobs.

現在開始致辭，我想將會議轉交給我們的董事長兼首席執行官 Joey Jacobs。

Good morning and thanks for being with us today. In addition to Brent, I'm here today with our Chief Financial Officer, David Duckworth, and our other members of our executive management team. David and I each have some brief remarks about the second quarter and our outlook for Acadia, and then we'll open the line for your questions.

早上好，謝謝你今天和我們在一起。除了布倫特，我今天和我們的首席財務官大衛達克沃斯以及我們執行管理團隊的其他成員一起來到這裡。大衛和我各自對第二季度和我們對阿卡迪亞的展望發表了一些簡短的評論，然後我們將為您的問題打開熱線。

For the second quarter of 2013, Acadia produced another very strong performance with revenues increasing more than 75% compared with the second quarter last year. This growth included double-digit growth in same facility revenues of 11.2%. Same facility patient days increased 8.2% and revenue for patient day rose 2.7%, which is the best rate we've experienced since Acadia began publically reporting our results. This same facility revenue growth generated significant operating leverage in our same facility base driving a 280 basis point increase in same facility EBITDA margin to 27.5%.

2013 年第二季度，Acadia 再次取得了非常強勁的業績，收入與去年第二季度相比增長了 75% 以上。這一增長包括同一設施收入的兩位數增長 11.2%。同一設施的病人天數增加了 8.2%，病人天數的收入增加了 2.7%，這是自 Acadia 開始公開報告我們的結果以來我們經歷過的最好速度。同樣的設施收入增長在我們同一設施基礎上產生了顯著的運營槓桿，推動同一設施 EBITDA 利潤率增加 280 個基點至 27.5%。

Our adjusted consolidated EBITDA margin increased 60 basis points, which contributed to adjusted net income more than doubling for the quarter to $13.1 million. As a result our adjusted income from continuing operations per diluted share grew 44% for the quarter even with a 37% increase in shares outstanding from our equity offerings.

我們調整後的綜合 EBITDA 利潤率增加了 60 個基點，這使本季度調整後的淨收入翻了一番多，達到 1310 萬美元。因此，本季度我們調整後的每股攤薄持續經營業務收入增長了 44%，而我們的股票發行發行在外的股票增加了 37%。

Our revenue growth primarily reflected 14 facility acquisitions over the past 12 months ended June 30, 2013, which added another 1,200 beds. These facilities included the 4 we have acquired thus far in 2013 with approximately 475 beds. In late June we announced our fifth expected acquisition for the year, which is an 85-bed facility scheduled for closing on August 1st. Our pipeline of potential acquisitions is strong, and we expect additional acquisition announcements in the second half of 2013.

我們的收入增長主要反映了截至 2013 年 6 月 30 日止的過去 12 個月內的 14 項設施收購，這又增加了 1,200 張床位。這些設施包括我們在 2013 年迄今已獲得的 4 個設施，大約有 475 張床位。6 月下旬，我們宣布了今年的第五次預期收購，這是一個擁有 85 個床位的設施，計劃於 8 月 1 日關閉。我們的潛在收購渠道很強大，我們預計 2013 年下半年會有更多收購公告。

Our revenue growth also reflected approximately 310 beds that we added to existing facilities for the latest 12 months. We also opened a 60-bed de novo facility in the second quarter. As we've discussed before, we plan (technical difficulty) beds during 2013 with a goal of making sure our facilities do not have to turn away any patients because of lack of capacity. To achieve this goal we plan to add beds equal to approximately 5% of our total [lot] in beds every year. Through the first half of 2013, we added 212 beds including 147 in the second quarter.

我們的收入增長還反映了我們在最近 12 個月內為現有設施增加了大約 310 張床位。我們還在第二季度開設了一個擁有 60 個床位的 de novo 設施。正如我們之前討論過的，我們在 2013 年計劃（技術困難）床位，目的是確保我們的設施不會因為容量不足而拒絕任何患者。為實現這一目標，我們計劃每年增加相當於床位總數 [lot] 約 5% 的床位。截至2013年上半年，我們新增床位212張，其中第二季度新增床位147張。

We are pleased with the momentum of our operation and as we enter the second half of 2013. Our industry dynamics are attractive and we are executing a proven business model with a very experienced management team. While we see ample opportunity to drive long-term growth in earnings and shareholder value, we clearly recognize that our long-term success lies in providing our patients and their families with the highest quality of care. We are confident of the high-quality standards practices by the healthcare professionals in each of our facilities and we are proud to be associated with such skilled and dedicated men and women.

隨著我們進入 2013 年下半年，我們對我們的運營勢頭感到滿意。我們的行業動態很有吸引力，我們正在與經驗豐富的管理團隊一起執行行之有效的商業模式。雖然我們看到了推動收益和股東價值長期增長的充足機會，但我們清楚地認識到，我們的長期成功在於為我們的患者及其家人提供最高質量的護理。我們對我們每個設施中的醫療保健專業人員的高質量標準實踐充滿信心，我們為能與這些技術嫻熟、敬業的男男女女合作而感到自豪。

Thank you again for being with us today, and now here is David Duckworth to discuss our numbers.

再次感謝您今天和我們在一起，現在大衛·達克沃斯在這裡討論我們的數字。

Thanks, Joey, and good morning. Acadia's second quarter revenue increased 76.6% to $177.5 million from $100.5 million for the second quarter of 2012. Adjusted income from continuing operations increased 101.1% to $13.1 million from $6.5 million for the second quarter of last year. And our adjusted income from continuing operations per diluted share grew 44.4% to $0.26 per diluted share. Our adjusted results exclude transaction-related expenses of $1.4 million for the second quarter of 2013 and approximately $700,000 for the second quarter of 2012.

謝謝，喬伊，早上好。Acadia 第二季度收入從 2012 年第二季度的 1.005 億美元增長 76.6% 至 1.775 億美元。持續經營的調整後收入從去年第二季度的 650 萬美元增長 101.1% 至 1310 萬美元。我們調整後的每股攤薄持續經營業務收入增長 44.4% 至每股攤薄收益 0.26 美元。我們調整後的結果不包括 2013 年第二季度 140 萬美元的交易相關費用和 2012 年第二季度約 700,000 美元的交易相關費用。

Acadia's weighted average shares outstanding increased 37% on a comparable quarter basis after common stock offerings in May and December last year. The Company's same facility revenue grew 11.2% for the second quarter with an 8.2% increase in patient days and a 2.7% increase in revenue per patient day. Same facility EBITDA rose to 27.5% of same facility revenue, up 280 basis points from the second quarter of 2012.

在去年 5 月和 12 月發行普通股後，Acadia 的加權平均流通股按可比季度增長了 37%。公司第二季度同一設施收入增長 11.2%，患者天數增長 8.2%，每個患者日收入增長 2.7%。同一設施的 EBITDA 升至同一設施收入的 27.5%，較 2012 年第二季度上升 280 個基點。

Adjusted consolidated EBITDA increased 81.9% for the comparable quarters to $37.1 million, which was 20.9% of revenue compared to 20.3% of revenue for the second quarter last year.

調整後的綜合 EBITDA 可比季度增長 81.9% 至 3710 萬美元，佔收入的 20.9%，而去年第二季度佔收入的 20.3%。

As detailed in our news release, we have increased the lower end of our 2013 guidance for adjusted earnings per diluted share to the range of $1.01 to $1.03 compared with adjusted earnings per diluted share of $0.66 for 2012. Our financial guidance excludes transaction-related expenses, debt extinguishment costs, and the impact from any future acquisitions.

正如我們在新聞稿中詳述的那樣，我們已將 2013 年調整後每股攤薄收益指引的下限提高到 1.01 美元至 1.03 美元，而 2012 年調整後每股攤薄收益為 0.66 美元。我們的財務指導不包括與交易相關的費用、債務清償成本以及任何未來收購的影響。

This concludes our prepared remarks this morning, and thank you for being with us. I'll now ask the operator to open the floor for your questions.

今天早上我們準備好的發言到此結束，感謝您與我們在一起。我現在請接線員為您提問。

(Operator Instructions.) We'll take your first question from John Ransom from Raymond James.

（操作員說明。）我們將從 Raymond James 的 John Ransom 那裡回答你的第一個問題。

Wow. I never get to be first. This is kind of exciting. As you look in your markets, a couple of questions. Are you seeing any change at all in the competitive dynamic from the acutes?

哇。我永遠得不到第一。這有點令人興奮。當你審視你的市場時，有幾個問題。您是否看到尖銳的競爭動態有任何變化？

No, not really. That has not made its way to our operations review monthly or to our executive teams on Monday morning where an acute care hospital or med/surg hospital is doing something that would impact our operations.

不，不是真的。這還沒有進入我們每月的運營審查，也沒有進入我們週一早上的執行團隊，在這些團隊中，一家急症護理醫院或內科/外科醫院正在做一些會影響我們運營的事情。

And kind of keeping on the acute theme, how does your pipeline look, maybe not tomorrow, but if you had to look out three to five years, do you think the not-for-profit joint ventures are going to be a material driver to your pipeline over time?

並保持尖銳的主題，你的管道看起來如何，也許不是明天，但如果你不得不展望三到五年，你認為非營利合資企業將成為物質驅動力你的管道隨著時間的推移？

It will be significant. Does that translate into the material? A specific year it could be material but over time it would be a significant opportunity and contribution to the Company in growing our beds, revenues, and earnings in partnering with the not-for-profit systems.

這將是重要的。這會轉化為材料嗎？在特定年份，它可能很重要，但隨著時間的推移，這將成為公司在與非營利系統合作時增加我們的床位、收入和收益的重要機會和貢獻。

You've certainly gotten to your same store margin much more quickly than we had hoped, which is great. How much more room do you see in same store margin and how much more room do you see for bed additions on a same store basis?

您當然比我們希望的更快地獲得了同店利潤，這很棒。您認為同一家商店的利潤率還有多少空間？您認為在同一家商店增加床位的空間有多大？

We see -- there's probably a little bit more margin improvement there, but as you can see, we're really concentrating on the facilities that are not in the same store facilities to bring them up to the 27.5%. That's the real driver for us.

我們看到 - 那裡的利潤率可能會有所提高，但正如您所看到的，我們真正專注於不在同一商店設施中的設施，以將它們提高到 27.5%。這是我們真正的驅動力。

As far as bed additions, it appears once again that 2014 that we will add right at 300 beds I'm estimating to our facilities, and most of those beds will be going inside same store facilities. So that opportunity is not diminishing. And once again, next year's right now looking at just some of the numbers, I think we'll build close to 300 beds next year for our same store facilities.

至於增加床位，我估計 2014 年我們將在我們的設施中增加 300 張床位，其中大部分床位將位於同一商店設施內。所以這個機會不會減少。再一次，明年現在只看一些數字，我認為明年我們將為我們的相同商店設施建造近 300 張床位。

And are you getting any entrees from payers to look at at-risk contracts, or is it still 100% fee-for-service on the payer side?

你是否從付款人那裡得到任何主菜來查看有風險的合同，還是付款人方面仍然是 100% 按服務收費？

It's less than three would be someone coming to us thinking about taking risk. We do take a little risk already in the Las Vegas market through our acquisition -- our merger with Pioneer, so we have a few lines out there that we manage already and are very comfortable with how we do it there. So we're in a position that if another market, say back on the East Coast or somewhere wanted to try it, we would go through that process.

不到三個就會有人來找我們考慮冒險。通過我們的收購——我們與先鋒的合併，我們確實已經在拉斯維加斯市場承擔了一些風險，所以我們已經在那裡管理了幾條線，並且對我們在那裡的運作方式感到非常滿意。所以我們的立場是，如果另一個市場，比如東海岸或某個地方想要嘗試，我們會經歷這個過程。

I think primarily, John, we will still be an outsourced service and paid per diems for our services.

我認為主要是，約翰，我們仍將是一項外包服務，並按日支付我們的服務費用。

And my last question, just sentimental about my hometown in Tampa, can you give us an update on what's going on there?

我的最後一個問題，只是對我在坦帕的家鄉的感傷，你能給我們介紹一下那裡發生的最新情況嗎？

It's absolutely a beautiful facility. Right now we have it penciled in to be online in the fourth quarter of this year, and we're just wrapping up the construction and beginning the process of getting it inspected. We already have a CEO hired for that facility, and he's been down there for probably the last 60 days. So John, things are looking well there, and Jim Harris, who's our CEO there, is doing a great job getting us ready to open up in the fourth quarter.

這絕對是一個美麗的設施。現在我們已經計劃在今年第四季度上線，我們剛剛結束建設並開始檢查它的過程。我們已經為該設施聘請了一位首席執行官，他可能在過去 60 天一直在那里工作。所以約翰，那裡的情況看起來很好，我們在那裡的首席執行官吉姆哈里斯做得很好，讓我們準備好在第四季度開放。

Okay. Thanks a lot.

好的。多謝。

We'll move next to Dana Hambly from Stephens.

我們將搬到 Stephens 的 Dana Hambly 旁邊。

Good morning. Thank you. Joey, I think you answered it already, but let me just ask. You said the focus on the non-same store portfolio I think it had margins kind of the low 20% range. There's nothing in that portfolio that would maybe prohibit it from getting to the 27.5% range?

早上好。謝謝。喬伊，我想你已經回答了，但讓我問一下。你說專注於非同店組合，我認為它的利潤率在 20% 左右。該投資組合中沒有任何東西可能會阻止它達到 27.5% 的範圍嗎？

Right now we do not see that. We think that these facilities have the same characteristics as the same store facilities, and our expectations are to continue to work with those facilities implementing growth, expense plans to increase their margins, so we have all expectations that the facilities that are not in the same store will achieve the same store facility margins.

現在我們沒有看到這一點。我們認為這些設施與相同的商店設施具有相同的特徵，我們的期望是繼續與那些實施增長、費用計劃以增加利潤的設施合作，因此我們完全期望不在同一商店的設施商店將實現相同的商店設施利潤率。

Okay. Is that an 18-month, 24-month timeframe?

好的。那是 18 個月、24 個月的時間範圍嗎？

Yes. That's probably an 18- to 24-month timeframe is what would be expected.

是的。這可能是預期的 18 到 24 個月的時間範圍。

Okay. Secondly, the same store pricing, it's up sequentially pretty good, close to 3%. I understand that you probably got a little benefit in a few of your bigger Medicaid states. Is that something we should expect to see going forward, kind of somewhere in the 2% to 3% range and your comfort on that?

好的。其次，同店定價，環比漲幅不錯，接近3%。我知道您可能在幾個較大的醫療補助州獲得了一點好處。這是我們應該期待看到的東西嗎，大約在 2% 到 3% 的範圍內，你對此感到滿意嗎？

No, no, no. I don't think so. I think every now and then we'll have one of those months where it'll be that, but I think more in the 2% range, the 1% to 2% range is our outlook now. There are some, on our parameds, I don't know if you know this, but we did drop below 50% of our payers now are from Medicaid. So we have an opportunity to do a little bit better I think. So it'll probably be in the 1% to 2%, maybe slightly over 2%.

不不不。我不這麼認為。我認為我們時不時會有這樣的月份，但我認為更多的是在 2% 的範圍內，1% 到 2% 的範圍是我們現在的展望。有一些，在我們的護理人員中，我不知道你是否知道這一點，但我們現在確實有低於 50% 的付款人來自醫療補助計劃。所以我認為我們有機會做得更好。所以它可能會在 1% 到 2% 之間，可能略高於 2%。

Medicare, as you know, is going to give us a 2.3% increase October 1st, so that'll be positive for us, especially now that our Medicare business is right at 20%.

如您所知，Medicare 將在 10 月 1 日給我們增加 2.3%，這對我們來說是積極的，尤其是現在我們的 Medicare 業務剛好達到 20%。

Is that 2.3% a little bit better than you were expecting?

這 2.3% 是否比您預期的要好一點？

Yes it is.

是的。

Okay. Great. Last one for me, just on the interest expense, it was a little bit higher than what I was looking for. Is there anything in there or is that a pretty good run rate going forward?

好的。偉大的。最後一個對我來說，就利息支出而言，它比我想要的要高一點。那裡有什麼東西嗎？或者未來的運行率會很高嗎？

We did see a full quarter impact from the March financing transactions that we completed, and so that second quarter number would be our expectation for the rest of the year.

我們確實看到了我們完成的 3 月份融資交易對整個季度的影響，因此第二季度的數字將是我們對今年剩餘時間的預期。

All right. Great. Thank you.

好的。偉大的。謝謝。

Moving next to Whit Mayo from Robert Baird.

搬到 Robert Baird 的 Whit Mayo 旁邊。

Hey. Thanks. Joey, is there anything going on with the adult Medicaid demo project or any of the waiver plans within any of your states? I just was curious if you're seeing any of those patients and/or dollars flow to you at this point?

嘿。謝謝。喬伊，成人醫療補助演示項目或您所在州的任何豁免計劃有什麼進展嗎？我只是很好奇你此時是否看到這些患者中的任何一個和/或資金流向你？

I think we only have one state that is participating in that demonstration project, so we haven't got a lot -- we don't have a lot of data there.

我認為我們只有一個州參與了該示範項目，所以我們沒有太多——我們那裡沒有很多數據。

Industry update there is the project is going very well as scheduled. CMS will report out annually to Congress on the impact of each of the three years of the program.

行業更新有項目按計劃進行得非常順利。CMS 將每年向國會報告該計劃三年中每一年的影響。

We're not aware of any new states having received waivers in a while, so that's not something that we're anticipating happening. I think from our standpoint we're going to have to see the impact of the demonstration project, and then we think there'll be some movement at its conclusion. It's moving just like we expected.

我們不知道有任何新的州在一段時間內獲得了豁免，所以這不是我們預期會發生的事情。我認為從我們的角度來看，我們將不得不看到示範項目的影響，然後我們認為它的結論會有一些進展。它像我們預期的那樣移動。

Yes. That makes sense. And I'm just curious if at this point you've actually signed any exchange contracts or maybe can you just update us on any conversations that are occurring in any of your markets with payers that may give you a glimpse into what the benefits and the rates look like with those plans?

是的。這就說得通了。我很好奇此時您是否真的簽署了任何交換合同，或者您能否向我們介紹在您的任何市場中與付款人進行的任何對話，這些對話可能會讓您了解好處和好處這些計劃的費率如何？

We just had some preliminary conversations concerning the exchanges. Two of the largest payers in the country, we've had a little bit more conversation with them, but once again, there's a lot of scrambling going on. They know, they're very satisfied with our relationships, so I don't think we'll be excluded, I just think that we are not on the top of the list to be talked to yet. But we do have some conversations with some of the more major players, major exchanges that might be set up.

我們剛剛就交流進行了一些初步對話。該國最大的兩家付款人，我們與他們進行了更多的對話，但再次發生了很多爭論。他們知道，他們對我們的關係非常滿意，所以我不認為我們會被排除在外，我只是認為我們還沒有排在要談的名單的首位。但我們確實與一些更主要的參與者、可能建立的主要交易所進行了一些對話。

Got it. And maybe just another one. In the past you guys have historically pointed towards some I guess unique seasonality with RTC and the kids and the summer months. Just anything to call out as we look at our model for the third quarter?

知道了。也許只是另一個。在過去，你們歷史上指出了一些我猜 RTC 和孩子們以及夏季的獨特季節性。當我們查看第三季度的模型時，有什麼要說的嗎？

Well I think there is a little seasonality in the third quarter. Not material, but I think if you just look at the balance of the earnings for what is embedded in our full-year guidance, there'd be a little step -- the fourth quarter will be a little stronger than the third quarter just based on the seasonality of the third quarter and the impact of additional beds continuing to come online and be filled.

好吧，我認為第三季度有一點季節性。不是很重要，但我認為如果你只看一下我們全年指導中所包含的收益餘額，就會有一點進步——第四季度將比剛剛基於的第三季度強一點關於第三季度的季節性以及額外床位繼續上線和填補的影響。

But no reason to think that sequentially things will -- your EBITDA earnings would be lower in the third than the second, or I don't know if that's too much specificity or detail?

但沒有理由認為事情會依次發生——你的 EBITDA 收入在第三個中會低於第二個，或者我不知道這是否過於具體或過於詳細？

That's a little bit too much specificity, but obviously we're expecting to have a good third quarter.

這有點太具體了，但顯然我們期待第三季度表現出色。

Yes. Okay. And just one last one, Joey. You mentioned the payment update, the 2% update from Medicare next year. Just any other additional thoughts with regards to some of the language in there about refining the payment system next year, just any thoughts would be helpful. Thanks.

是的。好的。最後一個，喬伊。你提到了付款更新，即明年 Medicare 的 2% 更新。關於明年改進支付系統的一些語言的任何其他想法，任何想法都會有所幫助。謝謝。

Sure. Those were the same things that they put out the year before. They're looking at the data. Quite frankly I see no changes next year. They're going to be very, very busy getting ready for 2015 for what they've delayed plus what goes into the Affordable Care Act starting 2014. There's a lot of other things going to be going on in D.C. versus trying to refine I think our system. So there'll be some work on it, but I don't expect any changes there next year.

當然。這些與他們前一年發布的內容相同。他們正在查看數據。坦率地說，我認為明年不會有任何變化。他們將非常非常忙地為 2015 年做準備，以應對他們推遲的事情以及從 2014 年開始實施的平價醫療法案。華盛頓特區還有很多其他事情要做，而不是試圖改進我認為我們的系統。所以會有一些工作要做，但我預計明年不會有任何變化。

Okay. Thanks a lot.

好的。多謝。

Your next question will come from Brian Tanquilut from Jefferies.

您的下一個問題將來自 Jefferies 的 Brian Tanquilut。

Hey. Good morning guys. Congratulations. First question for you, Joey, just on that last comment on Medicaid, or Medicare rate, and I think I know the answer to this, but do you mind just giving us your views on Medicaid's rates going forward based on what you're seeing for next year, meaning the next fiscal year?

嘿。早上好傢伙。恭喜。喬伊，你的第一個問題是關於醫療補助或醫療保險費率的最後評論，我想我知道這個問題的答案，但你介意根據你所看到的情況向我們提供你對未來醫療補助費率的看法嗎明年，意味著下一個財政年度？

Well I think Medicaid rates have the potential to be 0% to 1%, somewhere in that area. There'll be a couple of states that'll give us a little bit more. Right now I've not had any -- no one from operations has come to me talking about a Medicaid cut anywhere, so we're keeping our fingers crossed. State budgets are in pretty good shape. Remember our Medicaid is child and adolescent services, so those are pretty tough to cut. So if we can get a small increase there, we'll be pleased.

好吧，我認為醫療補助費率有可能在該地區的某個地方達到 0% 到 1%。會有幾個州會給我們更多一點。現在我還沒有——沒有任何來自手術室的人來找我談論任何地方的醫療補助削減，所以我們一直祈禱。國家預算狀況良好。請記住，我們的醫療補助是兒童和青少年服務，因此很難削減。因此，如果我們能在那裡獲得小幅增長，我們會很高興。

Got it. And then you mentioned that you did a de novo this quarter. Obviously not something that we've seen you do a lot of. Is that something that we should expect going forward, or is this a one-off situation where going forward it's still adding beds to existing facilities?

知道了。然後你提到你在本季度重新開始。顯然不是我們經常看到你做的事情。這是我們應該期待的事情嗎，或者這是一個一次性的情況，未來它仍然在現有設施中增加床位？

Primarily it'll be adding beds to existing facilities, but you will see us do a couple more de novo projects. So whether we do one or two a year, I think that's possible going forward. But primarily our expansions will be through acquisitions and through adding beds to existing facilities.

主要是在現有設施中增加床位，但你會看到我們做更多的從頭開始的項目。所以無論我們一年做一兩次，我認為這在未來都是可能的。但主要是我們的擴張將通過收購和在現有設施中增加床位來實現。

Joey, to that point, you guys early on set out a $1 billion revenue run rate target for the end of 2014, and this might be too early to ask, but I know your guys are busy on the development side, so how should we think about the business beyond 2014 on the M&A front?

Joey，就這一點而言，你們很早就為 2014 年底設定了 10 億美元的收入運行率目標，現在問這個問題可能還為時過早，但我知道你們正忙於開發方面，所以我們應該如何在併購方面考慮 2014 年以後的業務？

I think it's going to look a lot like it has the last couple of years. We're now over, if you take our revenue for the second quarter and annualize it, we're now over $700-plus-million run rate, so $800 million by the end of the year and $1 billion by the end of next year I think is very doable for us.

我認為它看起來很像過去幾年的情況。我們現在結束了，如果你把我們第二季度的收入和年度化，我們現在的運行率超過 700 多萬美元，所以到今年年底將達到 8 億美元，到明年年底將達到 10 億美元我認為這對我們來說非常可行。

Three years from 2014, hopefully we're approaching $2 billion at that time. So I think those opportunities are out there.

從 2014 年開始的三年，希望那時我們能接近 20 億美元。所以我認為這些機會就在那裡。

Got it. And then last one, for David. The other operating expense line had a notable increase during the quarter. Is there anything that you can point to on that one, David?

知道了。然後是最後一個，大衛。其他運營費用項目在本季度有顯著增長。大衛，你有什麼可以指出的嗎？

There's really nothing individually significant there. I will say that just our acquisitions that we closed at the end of 2012 and during the first part of 2013 have increased that line item some. But there's really nothing unusual that's driving that other than acquisitions.

那裡真的沒有什麼特別重要的。我要說的是，我們在 2012 年底和 2013 年上半年完成的收購已經增加了一些項目。但除了收購之外，確實沒有什麼不尋常的推動力。

Okay. Got it. All right. Thank you guys. Congrats again.

好的。知道了。好的。感謝你們。再次恭喜。

Kevin Fischbeck from Bank of America Merrill Lynch has your next question.

來自美銀美林的 Kevin Fischbeck 有你的下一個問題。

Hi. This is Steve on for Kevin. We saw another slight uptick in bad debt expense in the quarter. I was wondering if there's anything that you wanted to highlight there, if you could help us understand that a little bit better.

你好。這是凱文的史蒂夫。我們看到本季度的壞賬費用再次略有上升。我想知道你是否有什麼要強調的，如果你能幫助我們更好地理解這一點。

It is just our large acquisition that we made in the Memphis market that came online I think in the first quarter of this year, and we have a full quarter in the second quarter. Once you back that out, the bad debt trends are similar to what they've always been. And so that's a project we're working on there, but it's not unexpected and we knew that was part of the profile of the facility when we acquired it. So that uptick really is attributable to our Memphis facility.

這只是我們在孟菲斯市場進行的大型收購，我認為是在今年第一季度上線的，我們在第二季度有一個完整的季度。一旦你取消了這一點，壞賬趨勢就會與以往類似。因此，這是我們正在那裡開展的一個項目，但這並不出乎意料，我們知道這是我們收購該設施時的一部分。因此，這種上升確實歸功於我們的孟菲斯工廠。

So is it more like the 2.7% in the first quarter or more like the 1% to 2% kind of at the end of last year?

那麼它更像是第一季度的 2.7% 還是更像去年年底的 1% 到 2%？

It's more like the -- it's like 2.2%/2.3% I think is what we were running without this facility.

它更像是 - 它就像 2.2%/2.3% 我認為是我們在沒有這個設施的情況下運行的。

All right. Thank you. That's helpful.

好的。謝謝。這很有幫助。

Dana Nentin from Deutsche Bank. Please go ahead.

德意志銀行的 Dana Nentin。請繼續。

Hi. Good morning. Thanks for taking my questions. Just wanted to see if you could update us on your progress with the Delta Medical Center acquisition and I guess how many more of the 243 beds or so are now in operation since you acquired them?

你好。早上好。感謝您回答我的問題。只是想看看您是否可以向我們介紹您收購 Delta Medical Center 的進展情況，我猜自從您收購後，大約 243 張病床中有多少現在正在運營？

We're doing well there. The management team from Delta was up last week giving us an update, and we feel good about what Bill Patterson and his team is doing in Memphis. They're making a lot of progress, so we expect great things from this facility in 2014. They're positioning themselves well.

我們在那裡做得很好。Delta 的管理團隊上周向我們通報了最新情況，我們對 Bill Patterson 和他的團隊在孟菲斯所做的工作感到滿意。他們取得了很大的進步，因此我們期待該設施在 2014 年取得巨大成就。他們正在很好地定位自己。

I think we've brought online another 30 beds, approximately 30 beds online in service for that facility since we have acquired it, so I think more than 200 beds are in service now at that facility, and we've got plans for the additional beds to be used. So we're pleased with the progress there and are focused, and Bill and his team are working very, very hard. We're very proud of that facility. We think in 2014 it'll be a shining star for us.

我認為自從我們收購該設施以來，我們已經將另外 30 張床位在線，大約 30 張床位在線服務，所以我認為該設施現在有 200 多張床位在使用，我們已經計劃增加要使用的床。因此，我們對那裡取得的進展感到滿意並且很專注，Bill 和他的團隊正在非常非常努力地工作。我們為該設施感到非常自豪。我們認為 2014 年它將成為我們的一顆閃亮之星。

Okay. Great. And what are you seeing in the M&A environment as it relates to multi-facility chains? And are you seeing any of these types of opportunities in your pipeline now?

好的。偉大的。您在與多設施鏈相關的併購環境中看到了什麼？您現在是否在您的管道中看到任何這些類型的機會？

Some of those opportunities are in our pipeline, and we know where the multi-facility chains are, and we have Steve Davidson, our Chief Development Officer, has a great relationship with all of those companies and he keeps in touch with them on a regular basis. There'll be opportunities in the next couple of years for some of those to join the Acadia family, so we have active discussions going on with the multi-facility opportunities.

其中一些機會正在我們的管道中，我們知道多設施連鎖店在哪裡，我們的首席開發官史蒂夫戴維森與所有這些公司都有良好的關係，他定期與他們保持聯繫基礎。在接下來的幾年裡，其中一些人將有機會加入阿卡迪亞家族，因此我們正在積極討論多設施機會。

Okay. Great. And then one just housekeeping item. Can you give us the number of same facility licensed beds at the end of the quarter?

好的。偉大的。然後是一件家務用品。你能告訴我們本季度末相同設施許可床位的數量嗎？

At the end of the quarter we had same facility beds of just over 2,400.

在本季度末，我們擁有 2,400 多張相同的設施床位。

Okay. Great. Thanks a lot.

好的。偉大的。多謝。

With no further questions in the queue, Mr. Jacobs, I'd like to turn the conference back over to you for any closing remarks.

沒有其他問題了，Jacobs 先生，我想把會議轉回給你，讓你發表任何閉幕詞。

Okay. Thank you very much. Thanks everyone for your questions today and your interest. I just want to get one shout out to Carol Bickleman, our CEO of our Albuquerque facility. I was out there visiting with that team a couple of weeks ago and I'm very proud of what they're doing there, and we have great expansion opportunities plans there for Carol and her team and that facility and that area. So Carol, thanks for the great job you're doing.

好的。非常感謝。感謝大家今天提出的問題和您的興趣。我只想向我們阿爾伯克基工廠的首席執行官 Carol Bickleman 大聲疾呼。幾週前我在那裡拜訪了那個團隊，我為他們在那裡所做的事情感到非常自豪，我們在那里為卡羅爾和她的團隊以及那個設施和那個地區製定了很好的擴張機會計劃。卡羅爾，感謝你所做的出色工作。

Thanks for having an interest in Acadia and we'll see you at the next call.

感謝您對 Acadia 感興趣，我們下次再見。

And that does conclude today's teleconference. We thank you all for your participation.

今天的電話會議到此結束。感謝大家的參與。