Joanna Gajewska

Joanna Gajewska asked for a breakdown of Acadia Healthcare's 2026 volume growth expectations, considering the New York Medicaid impact, facility closures, and new beds entering the same-facility metric. She also inquired about specific factors impacting the Q1 2026 EBITDA guidance, especially after netting out the $11 million out-of-period supplemental payment benefit.

Answer

CFO Todd Young explained that 2026 volume growth includes an underlying core growth of 1-2% and a 1-2% benefit from ramping facilities, offset by a significant 3.5% drag from New York Medicaid. For Q1 2026 EBITDA, he cited a $3.7 million headwind from severe weather, a greater EBITDA benefit from ramping facilities in the back half of the year, and supplemental payments also being weighted towards the second half, all contributing to the Q1 run rate.