<p>阿卡迪亚医疗保健公司（Acadia Healthcare Company, Inc.）((ACHC)) 已召开第四季度财报电话会议。以下是会议的主要亮点。</p>
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<p>阿卡迪亚医疗保健最新的财报电话会议传达了谨慎乐观的语气，管理层展示了稳健的收入和 EBITDA 增长、强劲的床位扩张以及实现正自由现金流的明确路径，同时也面临来自责任准备金、政策变化和新设施的增速低于预期等重大挑战。高管们强调了更严格的资本纪律、运营修复和质量举措作为释放他们所认为的潜在盈利能力的杠杆。</p>
<h2>收入增长和盈利超预期</h2>
<p>阿卡迪亚报告第四季度收入为 8.215 亿美元，比去年增长 6.1%，反映出其行为健康设施的强劲业务量。2025 年全年收入达到 33.1 亿美元，增长 5%，略高于之前指导的上限，表明尽管面临监管和运营挑战，需求依然强劲。</p>
<h2>调整后 EBITDA 接近范围上限</h2>
<p>盈利能力接近预期，第四季度调整后 EBITDA 为 9980 万美元。全年调整后 EBITDA 为 6.089 亿美元，基本处于公司 601 百万至 611 百万的指导范围上限，表明成本控制和业务组合帮助抵消了一些外部压力。</p>
<h2>同设施表现改善</h2>
<p>支撑业绩的是现有医院的更好表现，第四季度同设施收入同比增长 4.4%。这一改善得益于每病人日收入增长 1.3% 和病人日增长 3.1%，支持了该季度同设施调整后 EBITDA 为 1.52 亿美元，表明利用率趋势更健康。</p>
<h2>显著的产能扩张战略</h2>
<p>阿卡迪亚继续专注于增长，2025 年新增 1089 张床位，超过目标上限，其中包括来自六个新设施的 778 张床位。过去三年，公司已开设超过 2500 张床位，尽管近期有关闭，但仍预计在 2026 年再增加 400 至 600 张床位，为长期业务量增长做好准备。</p>
<h2>新设施的潜在 EBITDA</h2>
<p>管理层强调了他们认为在最近开设的医院中蕴藏的巨大盈利机会，估计 2023 年至 2026 年间新开设的设施将带来超过 2 亿美元的增量 EBITDA 潜力。公司预计这一上行将在大约五年内实现，随着入住率的提升和运营的成熟，尽管速度将取决于执行和当地市场动态。</p>
<h2>资本支出纪律和自由现金流转变</h2>
<p>资本支出低于计划，2025 年资本支出为 5.72 亿美元，几乎比之前的指导低出 5000 万美元。对于 2026 年，公司计划大幅削减资本支出至 2.55 亿至 2.8 亿美元，并且随着增长支出的减缓，现在预计将为当年产生正自由现金流，这是关注杠杆和流动性的投资者的一个关键里程碑。</p>
<h2>调查成本降低和充足流动性</h2>
<p>与正在进行的政府调查相关的成本在第四季度大幅下降至 1200 万美元，环比下降 69%，减轻了盈利压力的一个来源。流动性仍然充足，年末现金余额为 1.332 亿美元，约有 5.95 亿美元可用于 10 亿美元的循环信贷额度，使净杠杆约为调整后 EBITDA 的四倍。</p>
<h2>运营和质量改革</h2>
<p>回归的首席执行官提出了对运营纪律的重新关注，深化领导层并标准化新医院开设的操作手册。阿卡迪亚还推出了扩展的质量仪表板，跟踪超过 50 项指标，并发布早期结果数据，旨在加强绩效管理并增强与监管机构和支付方的关系。</p>
<h2>PLGL 准备金和费用压力</h2>
<p>结果受到 5270 万美元的第四季度专业和一般责任准备金调整的影响，反映出预期索赔成本的上升。展望未来，预计 2026 年 PLGL 费用将在 1 亿至 1.1 亿美元之间，代表着对盈利能力和现金生成的持续重大拖累，直到趋势稳定。</p>
<h2>纽约医疗补助政策影响</h2>
<p>纽约的一项政策变化禁止外州医疗补助患者，这将影响阿卡迪亚的底线和市场布局。管理层估计这一变化将在 2026 年减少 2500 万至 3000 万美元的年度 EBITDA，并已促使受影响市场的整合和关闭，因为公司正在重塑其网络以符合新规则。</p>
<h2>启动损失和增速放缓</h2>
<p>激进的扩张带来了可观的启动损失，第四季度总计 1280 万美元，2025 年为 5600 万美元。对于 2026 年，公司预计启动损失将在 4700 万至 5300 万美元之间，部分新设施的增速低于预期，延迟了预期 EBITDA 贡献的时间。</p>
<h2>设施关闭及相关成本</h2>
<p>在 2025 年，阿卡迪亚关闭了五个设施，总计 382 张床位，包括因纽约政策变化而关闭的两个租赁场所。公司记录了 360 万美元的与这些关闭相关的净运营成本，突显了即使管理层认为这将使其更专注于高回报资产，投资组合修剪的短期财务影响。</p>
<h2>法律和监管压力</h2>
<p>尽管调查相关费用有所减少，但公司仍面临未解决的法律和监管问题，这可能需要未来的现金和解。管理层承认，任何解决方案的时机和最终规模仍然不确定，这给本来改善的财务轨迹蒙上了阴影。</p>
<h2>杠杆对灵活性的限制</h2>
<p>截至年末，净杠杆约为调整后 EBITDA 的四倍，阿卡迪亚在自由现金流改善之前，运营的资产负债表灵活性有限。管理层表示，偿还债务和解决未偿付的负债将是考虑更激进的战略举措或股东回报之前的关键优先事项。</p>
<h2>2026 年初的短期阻力</h2>
<p>2026 年第一季度的指导包含几个临时拖累因素，包括约 370 万美元的恶劣天气影响和大约 1400 万美元的启动损失。第一季度调整后 EBITDA 的前景为 1.3 亿至 1.37 亿美元，还假设确认 1100 万美元的超期补充支付，这使得投资者的年比年比较变得复杂。</p>
<h2>一次性收入项目的消退</h2>
<p>2025 年全年的收入受益于来自田纳西州的非经常性 3400 万美元的补充支付，给收入和利润率带来了短期提升。由于 2026 年的指导中没有类似项目，报告的增长率可能显得更加温和，即使基础业务持续改善。</p>
<h2>指导和前瞻性展望</h2>
<p>对于 2026 年，阿卡迪亚的目标是收入在 33.7 亿至 34.5 亿美元之间，调整后 EBITDA 为 5.75 亿至 6.1 亿美元，调整后每股收益为 1.30 至 1.55 美元，同时实现自由现金流为正。该展望假设同一设施的适度增长、每位患者日收入的提高、显著的启动损失、较高的 PLGL 费用，以及如果待批准的项目获得批准，可能带来的 2200 万美元 EBITDA 提升，第一季度的指导预计收入为 8.2 亿至 8.3 亿美元。</p>
<p>阿卡迪亚的财报电话会议描绘了一幅公司在坚实需求和可观增长空间与明显的财务和监管阻力之间取得平衡的图景。投资者将关注推动运营纪律、资本支出控制和质量改善的努力，是否能够将嵌入的 EBITDA 机会转化为现金流，降低杠杆，并逐步消除调查和政策冲击带来的压力。</p>

阿卡迪亚医疗保健

<p>阿卡迪亚医疗保健在第四季度的财报电话会议中强调了 6.1% 的稳健收入增长，同比达到 8.215 亿美元，调整后的息税折旧摊销前利润（EBITDA）为 9980 万美元。尽管面临责任准备金和监管变化的挑战，公司计划在 2025 年通过增加超过 1000 张床位来扩展产能。管理层预计，由于纽约医疗补助政策的变化，EBITDA 将减少 2500 万到 3000 万美元。阿卡迪亚的目标是在 2026 年实现正的自由现金流，专注于运营纪律和质量改进，同时管理新设施的启动损失</p>

<p>Acadia Healthcare Company, Inc. ((ACHC)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>阿卡迪亚医疗保健公司（Acadia Healthcare Company, Inc.）((ACHC)) 已召开第四季度财报电话会议。以下是会议的主要亮点。</p>
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</div><p>Acadia Healthcare’s latest earnings call struck a cautiously optimistic tone, as management showcased solid revenue and EBITDA growth, robust bed expansion and a clear path toward positive free cash flow, while also facing sizable headwinds from liability reserves, policy changes and slower‑than‑planned ramp‑ups at newer facilities. Executives stressed tighter capital discipline, operational fixes and quality initiatives as the levers to unlock what they see as substantial embedded earnings power.</p>
<div class="lb-trans"><p>阿卡迪亚医疗保健最新的财报电话会议传达了谨慎乐观的语气，管理层展示了稳健的收入和 EBITDA 增长、强劲的床位扩张以及实现正自由现金流的明确路径，同时也面临来自责任准备金、政策变化和新设施的增速低于预期等重大挑战。高管们强调了更严格的资本纪律、运营修复和质量举措作为释放他们所认为的潜在盈利能力的杠杆。</p>
</div><h2>Revenue Growth and Earnings Beat</h2>
<div class="lb-trans"><h2>收入增长和盈利超预期</h2>
</div><p>Acadia reported fourth‑quarter revenue of $821.5 million, a 6.1% increase from a year earlier that reflected stronger volumes across its behavioral health facilities. Full‑year 2025 revenue reached $3.31 billion, rising 5% and landing slightly above the high end of prior guidance, signaling that demand remains resilient despite regulatory and operational challenges.</p>
<div class="lb-trans"><p>阿卡迪亚报告第四季度收入为 8.215 亿美元，比去年增长 6.1%，反映出其行为健康设施的强劲业务量。2025 年全年收入达到 33.1 亿美元，增长 5%，略高于之前指导的上限，表明尽管面临监管和运营挑战，需求依然强劲。</p>
</div><h2>Adjusted EBITDA Near Top of Range</h2>
<div class="lb-trans"><h2>调整后 EBITDA 接近范围上限</h2>
</div><p>Profitability tracked close to expectations, with fourth‑quarter adjusted EBITDA coming in at $99.8 million. For the full year, adjusted EBITDA was $608.9 million, essentially at the upper end of the company’s $601 million to $611 million guidance range and suggesting that cost controls and mix helped offset some of the external pressures.</p>
<div class="lb-trans"><p>盈利能力接近预期，第四季度调整后 EBITDA 为 9980 万美元。全年调整后 EBITDA 为 6.089 亿美元，基本处于公司 601 百万至 611 百万的指导范围上限，表明成本控制和业务组合帮助抵消了一些外部压力。</p>
</div><h2>Same‑Facility Performance Improves</h2>
<div class="lb-trans"><h2>同设施表现改善</h2>
</div><p>Underpinning results was better performance at existing hospitals, where fourth‑quarter same‑facility revenue grew 4.4% year over year. That improvement was driven by a 1.3% increase in revenue per patient day and a 3.1% rise in patient days, supporting same‑facility adjusted EBITDA of $152 million in the quarter and indicating healthier utilization trends.</p>
<div class="lb-trans"><p>支撑业绩的是现有医院的更好表现，第四季度同设施收入同比增长 4.4%。这一改善得益于每病人日收入增长 1.3% 和病人日增长 3.1%，支持了该季度同设施调整后 EBITDA 为 1.52 亿美元，表明利用率趋势更健康。</p>
</div><h2>Significant Capacity Expansion Strategy</h2>
<div class="lb-trans"><h2>显著的产能扩张战略</h2>
</div><p>Acadia continued to lean into growth, adding 1,089 beds in 2025, above the high end of its target and including 778 beds from six new facilities. The company has opened more than 2,500 beds over the past three years and, despite recent closures, still expects to bring on another 400 to 600 beds in 2026, positioning the network for long‑term volume gains.</p>
<div class="lb-trans"><p>阿卡迪亚继续专注于增长，2025 年新增 1089 张床位，超过目标上限，其中包括来自六个新设施的 778 张床位。过去三年，公司已开设超过 2500 张床位，尽管近期有关闭，但仍预计在 2026 年再增加 400 至 600 张床位，为长期业务量增长做好准备。</p>
</div><h2>Embedded EBITDA From New Facilities</h2>
<div class="lb-trans"><h2>新设施的潜在 EBITDA</h2>
</div><p>Management highlighted what it views as a large earnings opportunity embedded in recently opened hospitals, estimating more than $200 million of incremental EBITDA potential from facilities launched between 2023 and 2026. The company expects that upside to be realized over roughly five years as occupancy ramps and operations mature, although the pace will depend on execution and local market dynamics.</p>
<div class="lb-trans"><p>管理层强调了他们认为在最近开设的医院中蕴藏的巨大盈利机会，估计 2023 年至 2026 年间新开设的设施将带来超过 2 亿美元的增量 EBITDA 潜力。公司预计这一上行将在大约五年内实现，随着入住率的提升和运营的成熟，尽管速度将取决于执行和当地市场动态。</p>
</div><h2>CapEx Discipline and Free Cash Flow Turn</h2>
<div class="lb-trans"><h2>资本支出纪律和自由现金流转变</h2>
</div><p>Capital spending came in lighter than planned, with 2025 CapEx of $572 million coming in nearly $50 million below prior guidance. For 2026, the company plans to cut CapEx sharply to a range of $255 million to $280 million and, with growth spend moderating, now expects to generate positive free cash flow for the year, a key milestone for investors focused on leverage and liquidity.</p>
<div class="lb-trans"><p>资本支出低于计划，2025 年资本支出为 5.72 亿美元，几乎比之前的指导低出 5000 万美元。对于 2026 年，公司计划大幅削减资本支出至 2.55 亿至 2.8 亿美元，并且随着增长支出的减缓，现在预计将为当年产生正自由现金流，这是关注杠杆和流动性的投资者的一个关键里程碑。</p>
</div><h2>Lower Investigation Costs and Solid Liquidity</h2>
<div class="lb-trans"><h2>调查成本降低和充足流动性</h2>
</div><p>Costs tied to the ongoing government investigation fell steeply to $12 million in the fourth quarter, down 69% sequentially, easing one source of earnings drag. Liquidity remains ample, with $133.2 million of cash on hand at year‑end and roughly $595 million available under a $1 billion revolving credit facility, leaving net leverage at about four times adjusted EBITDA.</p>
<div class="lb-trans"><p>与正在进行的政府调查相关的成本在第四季度大幅下降至 1200 万美元，环比下降 69%，减轻了盈利压力的一个来源。流动性仍然充足，年末现金余额为 1.332 亿美元，约有 5.95 亿美元可用于 10 亿美元的循环信贷额度，使净杠杆约为调整后 EBITDA 的四倍。</p>
</div><h2>Operational and Quality Overhaul</h2>
<div class="lb-trans"><h2>运营和质量改革</h2>
</div><p>The returning chief executive laid out a renewed focus on operational discipline, deepening the leadership bench and standardizing the playbook for new hospital openings. Acadia is also rolling out expanded quality dashboards tracking more than 50 measures and publishing early outcomes data, aiming to tighten performance management and strengthen its position with regulators and payers.</p>
<div class="lb-trans"><p>回归的首席执行官提出了对运营纪律的重新关注，深化领导层并标准化新医院开设的操作手册。阿卡迪亚还推出了扩展的质量仪表板，跟踪超过 50 项指标，并发布早期结果数据，旨在加强绩效管理并增强与监管机构和支付方的关系。</p>
</div><h2>PLGL Reserve and Expense Headwinds</h2>
<div class="lb-trans"><h2>PLGL 准备金和费用压力</h2>
</div><p>Results were weighed down by a $52.7 million fourth‑quarter adjustment to the professional and general liability reserve, reflecting higher anticipated claims costs. Looking ahead, PLGL expense is expected to run between $100 million and $110 million in 2026, representing a meaningful ongoing drag on profitability and cash generation until trends stabilize.</p>
<div class="lb-trans"><p>结果受到 5270 万美元的第四季度专业和一般责任准备金调整的影响，反映出预期索赔成本的上升。展望未来，预计 2026 年 PLGL 费用将在 1 亿至 1.1 亿美元之间，代表着对盈利能力和现金生成的持续重大拖累，直到趋势稳定。</p>
</div><h2>New York Medicaid Policy Impact</h2>
<div class="lb-trans"><h2>纽约医疗补助政策影响</h2>
</div><p>A policy shift in New York that bars out‑of‑state Medicaid patients will hit Acadia’s bottom line and footprint. Management estimates the change will reduce annual EBITDA by $25 million to $30 million in 2026 and has already prompted consolidations and closures in the affected markets as the company reshapes its network to reflect the new rules.</p>
<div class="lb-trans"><p>纽约的一项政策变化禁止外州医疗补助患者，这将影响阿卡迪亚的底线和市场布局。管理层估计这一变化将在 2026 年减少 2500 万至 3000 万美元的年度 EBITDA，并已促使受影响市场的整合和关闭，因为公司正在重塑其网络以符合新规则。</p>
</div><h2>Start‑Up Losses and Slower Ramps</h2>
<div class="lb-trans"><h2>启动损失和增速放缓</h2>
</div><p>Aggressive expansion has brought sizeable start‑up losses, which totaled $12.8 million in the fourth quarter and $56 million for 2025. For 2026, the company expects start‑up losses of $47 million to $53 million, with some newer facilities ramping more slowly than anticipated and delaying the timing of expected EBITDA contributions.</p>
<div class="lb-trans"><p>激进的扩张带来了可观的启动损失，第四季度总计 1280 万美元，2025 年为 5600 万美元。对于 2026 年，公司预计启动损失将在 4700 万至 5300 万美元之间，部分新设施的增速低于预期，延迟了预期 EBITDA 贡献的时间。</p>
</div><h2>Facility Closures and Associated Costs</h2>
<div class="lb-trans"><h2>设施关闭及相关成本</h2>
</div><p>In 2025, Acadia closed five facilities totaling 382 beds, including two leased sites shuttered in response to the New York policy change. The company recorded $3.6 million in net operating costs linked to these closures, underlining the near‑term financial impact of portfolio pruning even as management argues it will sharpen focus on higher‑return assets.</p>
<div class="lb-trans"><p>在 2025 年，阿卡迪亚关闭了五个设施，总计 382 张床位，包括因纽约政策变化而关闭的两个租赁场所。公司记录了 360 万美元的与这些关闭相关的净运营成本，突显了即使管理层认为这将使其更专注于高回报资产，投资组合修剪的短期财务影响。</p>
</div><h2>Legal and Regulatory Overhang</h2>
<div class="lb-trans"><h2>法律和监管压力</h2>
</div><p>Despite the reduction in investigation‑related expenses, the company still faces unresolved legal and regulatory matters that could require future cash settlements. Management acknowledged that both the timing and the ultimate size of any resolution remain uncertain, leaving a cloud over the otherwise improving financial trajectory.</p>
<div class="lb-trans"><p>尽管调查相关费用有所减少，但公司仍面临未解决的法律和监管问题，这可能需要未来的现金和解。管理层承认，任何解决方案的时机和最终规模仍然不确定，这给本来改善的财务轨迹蒙上了阴影。</p>
</div><h2>Leverage Constraints on Flexibility</h2>
<div class="lb-trans"><h2>杠杆对灵活性的限制</h2>
</div><p>With net leverage standing at roughly four times adjusted EBITDA at year‑end, Acadia is operating with limited balance‑sheet flexibility until free cash flow improves. Management signaled that paying down debt and addressing outstanding liabilities will be key priorities before contemplating more aggressive strategic moves or shareholder returns.</p>
<div class="lb-trans"><p>截至年末，净杠杆约为调整后 EBITDA 的四倍，阿卡迪亚在自由现金流改善之前，运营的资产负债表灵活性有限。管理层表示，偿还债务和解决未偿付的负债将是考虑更激进的战略举措或股东回报之前的关键优先事项。</p>
</div><h2>Near‑Term Headwinds to Early 2026</h2>
<div class="lb-trans"><h2>2026 年初的短期阻力</h2>
</div><p>Guidance for the first quarter of 2026 builds in several temporary drags, including about $3.7 million in severe‑weather impact and roughly $14 million of start‑up losses. The outlook for Q1 adjusted EBITDA of $130 million to $137 million also assumes recognition of $11 million in out‑of‑period supplemental payments, complicating year‑over‑year comparisons for investors.</p>
<div class="lb-trans"><p>2026 年第一季度的指导包含几个临时拖累因素，包括约 370 万美元的恶劣天气影响和大约 1400 万美元的启动损失。第一季度调整后 EBITDA 的前景为 1.3 亿至 1.37 亿美元，还假设确认 1100 万美元的超期补充支付，这使得投资者的年比年比较变得复杂。</p>
</div><h2>One‑Time Revenue Items Fade</h2>
<div class="lb-trans"><h2>一次性收入项目的消退</h2>
</div><p>Full‑year 2025 revenue benefited from a nonrecurring $34 million boost tied to supplemental payments from Tennessee, giving a one‑time lift to the top line and margins. With no similar items embedded in 2026 guidance, reported growth rates may appear more muted, even as underlying operations continue to improve.</p>
<div class="lb-trans"><p>2025 年全年的收入受益于来自田纳西州的非经常性 3400 万美元的补充支付，给收入和利润率带来了短期提升。由于 2026 年的指导中没有类似项目，报告的增长率可能显得更加温和，即使基础业务持续改善。</p>
</div><h2>Guidance and Forward‑Looking Outlook</h2>
<div class="lb-trans"><h2>指导和前瞻性展望</h2>
</div><p>For 2026, Acadia is targeting revenue between $3.37 billion and $3.45 billion, adjusted EBITDA of $575 million to $610 million and adjusted EPS of $1.30 to $1.55, while turning free cash flow positive. The outlook assumes modest same‑facility volume growth, higher revenue per patient day, substantial start‑up losses, elevated PLGL expense and a potential $22 million EBITDA uplift if pending programs are approved, with first‑quarter guidance calling for revenue of $820 million to $830 million.</p>
<div class="lb-trans"><p>对于 2026 年，阿卡迪亚的目标是收入在 33.7 亿至 34.5 亿美元之间，调整后 EBITDA 为 5.75 亿至 6.1 亿美元，调整后每股收益为 1.30 至 1.55 美元，同时实现自由现金流为正。该展望假设同一设施的适度增长、每位患者日收入的提高、显著的启动损失、较高的 PLGL 费用，以及如果待批准的项目获得批准，可能带来的 2200 万美元 EBITDA 提升，第一季度的指导预计收入为 8.2 亿至 8.3 亿美元。</p>
</div><p>Acadia’s earnings call painted a picture of a company balancing solid demand and a sizable growth runway with tangible financial and regulatory headwinds. Investors will be watching whether the push for operational discipline, capital spending restraint and quality improvements can convert the embedded EBITDA opportunity into cash flow, reduce leverage and gradually lift the overhang from investigations and policy shocks.</p>
<div class="lb-trans"><p>阿卡迪亚的财报电话会议描绘了一幅公司在坚实需求和可观增长空间与明显的财务和监管阻力之间取得平衡的图景。投资者将关注推动运营纪律、资本支出控制和质量改善的努力，是否能够将嵌入的 EBITDA 机会转化为现金流，降低杠杆，并逐步消除调查和政策冲击带来的压力。</p>
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阿卡迪亚医疗保健在追求增长的雄心与不断上升的风险之间取得平衡