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Aac Holdings, Inc. (AAC) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Aac Holdings, Inc.

HISTORY TOOLS
CIK: 1606180

Exhibit 99.1

Investor Contact:

Andrew McWilliams

Media Contact:

Joy Sutton

 

(615) 732-1385

 

(615) 587-7728

 

IR@contactAAC.com

 

Mediarequest@contactAAC.com

 

 

 

 

 

AAC Holdings, Inc. Reports Second Quarter 2019 Results

BRENTWOOD, Tenn., August 30, 2019 - AAC Holdings, Inc. (NYSE: AAC) (“the Company” or “AAC”) announced financial results for the second quarter and six months ended June 30, 2019, as well as updated 2019 guidance.

Second Quarter 2019 Operational and Financial Highlights:

(All comparisons are to first quarter ended March 31, 2019, unless otherwise noted)

 

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Total revenues improved by 13% to $62.7 million

 

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Total inpatient census improved by 8% to 802 from 740

 

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New admissions improved 4% to 4,830 from 4,641

 

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Average daily inpatient revenue improved 17% to $790 from $674

 

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Net loss attributable to AAC Holdings, Inc. common stockholders decreased 25% to $16.4 million, or $(0.66) per diluted common share from $22.0 million, or $(0.90) per diluted share.

 

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Adjusted EBITDA improved by 144% to $2.9 million compared to $(6.5) million (see non-GAAP reconciliation herein).

“Despite the challenges we faced last year, we continue to see positive momentum in 2019 and believe that we will see continued improvement throughout the remainder of 2019,” said Michael Cartwright, AAC Chairman & Chief Executive Officer. “Inpatient census has been improving throughout 2019 and is up by 38% at June 2019 compared to December 2018. The initiatives in sales and marketing continue to show positive results as we continue to enhance our community and online outreach to those who need our help.”

“The expense savings initiatives implemented in late 2018 and in the first quarter of 2019 are having a positive impact. Operating expenses have decreased by 18% or $15 million, for the second quarter of 2019 compared to the second quarter of 2018.” Cartwright said.

Cartwright added, “We are considering initial proposals from third party investment firms as a result of the strategic transaction process being led by Cantor Fitzgerald & Co. and as we continue to show sequential improvement in our operating results we are excited optimistic about the investment interest in our Company and are engaged in talks with numerous well-regarded financing sources.”

Cost Savings Initiatives

The Company enacted a series of cost savings initiatives beginning during the fourth quarter of 2018 and continuing into 2019. These initiatives have included reductions in the Company’s corporate expenses, consolidation of its Las Vegas market, consolidation of the its southern California market, the sale of the Company’s New Orleans operations,

 

 

The following information was filed by Aac Holdings, Inc. on Friday, August 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Aac Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Inside Aac Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations
Accounts Receivable
Accounts Receivable - Additional Information (Details)
Acquisition
Acquisition (Tables)
Acquisition - Additional Information (Details)
Acquisition - Schedule Of Preliminary Allocation Of Assets Acquired And Liabilities Assumed (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (Details)
Client Related Revenue And Non-Client Related Revenue
Client Related Revenue And Non-Client Related Revenue (Tables)
Client Related Revenue And Non-Client Related Revenue - Summary Of Composition Of Client Related Revenue (Details)
Commitments And Contingencies
Debt
Debt (Tables)
Debt - Amendments To The 2017 Credit Facility - Additional Information (Details)
Debt - Credit Facility - Additional Information (Details)
Debt - Senior Credit Facility - Additional Information (Details)
Debt - Subordinated Note - Additional Information (Details)
Debt - Summary Of Debt Obligations (Details)
Description Of Business
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Additional Information (Details)
Earnings (Loss) Per Share - Schedule Of Components Of Numerator And Denominator Used In Calculation Of Basic And Diluted Earnings Per Share (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments - Additional Information (Details)
Financing Lease Obligation
Financing Lease Obligation (Tables)
Financing Lease Obligation - Additional Information (Details)
Financing Lease Obligation - Summary Of Financing Lease Obligation (Details)
General And Administrative Costs
General And Administrative Costs - Additional Information (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Components Of Other Identifiable Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Finite Lived Intangible Assets Future Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Lease Expense (Details)
Leases - Schedule Of Maturities Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Components Of Property And Equipment, Net (Details)
Stockholders' Equity And Stock Based Compensation
Stockholders' Equity And Stock Based Compensation (Tables)
Stockholders' Equity And Stock Based Compensation - Additional Information (Details)
Stockholders' Equity And Stock Based Compensation - Statements Of Stockholder's Equity (Details)
Stockholders' Equity And Stock Based Compensation - Summary Of Share Activity Under 2014 Equity Incentive Plan (Details)

Material Contracts, Statements, Certifications & more

Aac Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
CIK: 1606180
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-034399
Submitted to the SEC: Tue Sep 10 2019 2:07:28 AM EST
Accepted by the SEC: Tue Sep 10 2019
Period: Sunday, June 30, 2019
Industry: Specialty Outpatient Facilities

External Resources:
SEC.gov

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