BOLINGBROOK, Ill., March 16, 2023 /PRNewswire/ -- ATI Physical Therapy ("ATI" or the "Company") (NYSE: ATIP), a nationally recognized outpatient physical therapy provider in the United States, today reported financial results for the fourth quarter and full year ended December 31, 2022.
"2022 was an important year of transformation for ATI as we completed a full refresh of our corporate leadership team, adding four seasoned executives – including two in the fourth quarter – with extensive experience in the healthcare sector," said Sharon Vitti, Chief Executive Officer of ATI. "I am also pleased that we met our 2022 revenue and Adjusted EBITDA1 updated guidance. As we head into 2023, demand for physical therapy remains strong, underscoring the relevance of our central mission to deliver high quality care and service to our patients."
Ms. Vitti continued, "During the fourth quarter, our provider teams maintained their focus on meeting the needs of our patients, which drove a recent high for clinician productivity for the period. Importantly, this momentum has continued into the new year, with January and February 2023 patient visits per clinical FTE per day also among historical highs. We also incrementally grew our provider base in the quarter, despite a continuing tight labor market, and our referral pipeline is now back to pre-pandemic levels. We look forward to building on this favorable start to 2023 as we continue executing on our strategic initiatives and delivering value to our patients, shareholders and other stakeholders."
1 The Company did not provide guidance on a GAAP basis. Refer to "Non-GAAP Financial Measures" below. |
Fourth Quarter 2022 Results
Supplemental tables of key performance metrics for the first quarter of 2020 through the fourth quarter of 2022 are presented after the financial statements at the end of this press release. Commentary on performance results in the fourth quarter of 2022 is as follows:
Summary of key balance sheet items as of December 31, 2022 is as follows:
Full Year 2022 Results
Commentary on performance results for full year 2022 is as follows:
1 Refer to "Non-GAAP Financial Measures" below. |
Transaction Support Agreement to Increase Liquidity and Financial Flexibility
ATI also announced today that it entered into a Transaction Support Agreement (the "TSA") with certain of its lenders, holders of preferred equity and holders of the majority of its common stock. If the transactions contemplated in the TSA are finalized, which is expected to occur in the second quarter of 2023, ATI will obtain a $25 million delayed draw facility in the form of new second lien PIK exchangeable notes and exchange $100 million of first lien term loan into new second lien PIK exchangeable notes. The TSA also provides for an amendment to the Company's 2022 credit agreement to, among other things, reset certain financial covenant thresholds.
Joe Jordan, Chief Financial Officer of ATI, said, "We are pleased to have entered into this TSA, underscoring the parties' continued support and confidence in our long-term value proposition. The transactions contemplated by this support agreement would position ATI to reset our covenants and move forward with additional financial flexibility as we focus on creating value for the business and all our stakeholders."
Fourth Quarter and Year End 2022 Earnings Conference Call
Management will host a conference call at 5:00 p.m. Eastern Time on March 16, 2023 to review fourth quarter and full year 2022 financial results. Management will offer commentary and additional insights but will not be taking questions due to its ongoing discussions to execute the transaction outlined in the Transaction Support Agreement. The conference call can be accessed via a live audio webcast. To join, please access the following web link, ATI Physical Therapy, Inc. Q4 2022 Year-End Earnings Conference Call, on the Company's Investor Relations website at https://investors.atipt.com at least 15 minutes early to register and download and install any necessary audio software. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
About ATI Physical Therapy
At ATI Physical Therapy, we are passionate about potential. Every day, we restore it in our patients and activate it in our team members in our more than 900 locations in 24 states. With outcomes from more than 2.5 million unique patient cases, ATI is making strides in the industry by setting quality standards designed to deliver predictable outcomes for our patients with musculoskeletal (MSK) issues. ATI's offerings span across a broad spectrum for MSK-related issues. From preventative services in the workplace and athletic training support to outpatient clinical services and online physical therapy via our online platform, CONNECT™, a complete list of our service offerings can be found at ATIpt.com. ATI is based in Bolingbrook, Illinois.
Forward-Looking Statements
All statements other than statements of historical facts contained in this communication are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "predict," "potential," "seem," "seek," "future," "outlook," "target" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the impact of physical therapist attrition and ability to achieve and maintain clinical staffing levels and clinician productivity, anticipated visit and referral volumes and other factors on the Company's overall profitability, and estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.
These forward-looking statements are subject to a number of risks and uncertainties, including:
If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
Investors should also review those factors discussed in the Company's amended S-1 registration statement filed with the SEC on April 12, 2022 under the heading "Risk Factors," our Form 10-K for the fiscal year ended December 31, 2022, the S-3 registration statement and amendments thereto dated August 10, 2022 and other documents filed, or to be filed, by ATI with the SEC. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on the business of the Company or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligations to publicly update or revise any forward-looking statements after the date they are made or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or otherwise, except as required by law.
In addition, statements of belief and similar statements reflect the beliefs and opinions of the Company on the relevant subject. These statements are based upon information available to the Company, as applicable, as of the date of this communication, and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
Non-GAAP Financial Measures
To supplement the Company's financial information presented in accordance with GAAP and aid understanding of the Company's business performance, the Company uses certain non-GAAP financial measures, namely "Adjusted EBITDA" and "Adjusted EBITDA margin." ATI believes Adjusted EBITDA and Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by Net Revenue) assist investors and analysts in comparing the Company's operating performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of ATI's core operating performance.
Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which ATI operates and capital investments. Management uses these non-GAAP financial measures to supplement GAAP measures of performance in the evaluation of the effectiveness of the Company's business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare ATI's performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.
Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or the ratio of net income (loss) to net revenue as a measure of financial performance, cash flows provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of cash available for management's discretionary use as they do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.
Please see "Reconciliation of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures used in this release to their most directly comparable GAAP financial measures. We are unable to provide a reconciliation between forward-looking Adjusted EBITDA to its comparable GAAP financial measure without unreasonable effort, due to the high difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy by the date of this release.
Contacts:
Investors:
Joanne Fong
SVP, Treasurer and Investor Relations
ATI Physical Therapy
This email address is being protected from spambots. You need JavaScript enabled to view it.
(630) 296-2222 x 7131
Media
Rob Manker
Director of Customer Marketing & Public Relations
ATI Physical Therapy
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630-296-2222 ext. 7432
ATI Physical Therapy | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
December | December | December | December | ||||||||||||||
Net patient revenue | $ | 146,196 | $ | 140,275 | $ | 575,940 | $ 561,080 | ||||||||||
Other revenue | 15,568 | 15,488 | 59,731 | 66,791 | |||||||||||||
Net revenue | 161,764 | 155,763 | 635,671 | 627,871 | |||||||||||||
Clinic operating costs: | |||||||||||||||||
Salaries and related costs | 90,652 | 88,087 | 357,982 | 336,496 | |||||||||||||
Rent, clinic supplies, contract labor and other | 49,131 | 47,792 | 202,568 | 180,932 | |||||||||||||
Provision for doubtful accounts | 2,461 | 2,099 | 13,869 | 16,369 | |||||||||||||
Total clinic operating costs | 142,244 | 137,978 | 574,419 | 533,797 | |||||||||||||
Selling, general and administrative expenses | 27,629 | 29,897 | 114,724 | 111,809 | |||||||||||||
Goodwill, intangible and other asset impairment charges | 96,038 | — | 486,262 | 962,303 | |||||||||||||
Operating loss | (104,147) | (12,112) | (539,734) | (980,038) | |||||||||||||
Change in fair value of warrant liability | (592) | (2,171) | (4,243) | (22,595) | |||||||||||||
Change in fair value of contingent common shares liability | (9,765) | (7,875) | (42,525) | (175,140) | |||||||||||||
Loss on settlement of redeemable preferred stock | — | — | — | 14,037 | |||||||||||||
Interest expense, net | 13,463 | 7,215 | 45,278 | 46,320 | |||||||||||||
Interest expense on redeemable preferred stock | — | — | — | 10,087 | |||||||||||||
Other expense (income), net | 152 | (5,590) | 3,333 | 241 | |||||||||||||
Loss before taxes | (107,405) | (3,691) | (541,577) | (852,988) | |||||||||||||
Income tax (benefit) expense | (4,998) | (5,381) | (48,530) | (70,960) | |||||||||||||
Net (loss) income | (102,407) | 1,690 | (493,047) | (782,028) | |||||||||||||
ATI Physical Therapy | |||
December 31, 2022 | December 31, 2021 | ||
Assets: | |||
Current assets: | |||
Cash and cash equivalents | $ 83,139 | $ 48,616 | |
Accounts receivable (net of allowance for doubtful accounts of $47,620 and $53,533 at December 31, 2022 and December 31, 2021, respectively) | 80,673 | 82,455 | |
Prepaid expenses | 13,526 | 9,303 | |
Other current assets | 10,040 | 3,204 | |
Assets held for sale | 6,755 | — | |
Total current assets | 194,133 | 143,578 | |
Property and equipment, net | 123,690 | 139,730 | |
Operating lease right-of-use assets | 226,092 | 256,646 | |
Goodwill, net | 286,458 | 608,811 | |
Trade name and other intangible assets, net | 246,582 | 411,696 | |
Other non-current assets | 2,030 | 2,233 | |
Total assets | $ 1,078,985 | $ 1,562,694 | |
Liabilities, Mezzanine Equity and Stockholders' Equity: | |||
Current liabilities: | |||
Accounts payable | $ 12,559 | $ 15,146 | |
Accrued expenses and other liabilities | 53,672 | 64,584 | |
Current portion of operating lease liabilities | 47,676 | 49,433 | |
Current portion of long-term debt | — | 8,167 | |
Liabilities held for sale | 2,614 | — | |
Total current liabilities | 116,521 | 137,330 | |
Long-term debt, net | 531,600 | 543,799 | |
Warrant liability | 98 | 4,341 | |
Contingent common shares liability | 2,835 | 45,360 | |
Deferred income tax liabilities | 18,886 | 67,459 | |
Operating lease liabilities | 218,424 | 250,597 | |
Other non-current liabilities | 1,834 | 2,301 | |
Total liabilities | 890,198 | 1,051,187 | |
Commitments and contingencies | |||
Mezzanine equity: | |||
Series A Senior Preferred Stock, $0.0001 par value; 1.0 million shares authorized; $1,108.34 stated value per share and 0.2 million shares issued and outstanding at December 31, 2022; none issued and outstanding at December 31, 2021 | 140,340 | — | |
Stockholders' equity: | |||
Class A common stock, $0.0001 par value; 470.0 million shares authorized; 207.5 million shares issued, 198.4 million shares outstanding at December 31, 2022; 207.4 million shares issued, 197.4 million shares outstanding at December 31, 2021 | 20 | 20 | |
Treasury stock, at cost, 0.08 million shares and 0.03 million shares at December 31, 2022 and December 31, 2021, respectively | (146) | (95) | |
Additional paid-in capital | 1,378,696 | 1,351,597 | |
Accumulated other comprehensive income | 4,899 | 28 | |
Accumulated deficit | (1,339,511) | (847,132) | |
Total ATI Physical Therapy, Inc. equity | 43,958 | 504,418 | |
Non-controlling interests | 4,489 | 7,089 | |
Total stockholders' equity | 48,447 | 511,507 | |
Total liabilities, mezzanine equity and stockholders' equity | $ 1,078,985 | $ 1,562,694 | |
ATI Physical Therapy | |||
Year Ended | |||
December 31, | December 31, | ||
Operating activities: | |||
Net loss | $ (493,047) | $ (782,028) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Goodwill, intangible and other asset impairment charges | 486,262 | 962,303 | |
Depreciation and amortization | 40,590 | 37,995 | |
Provision for doubtful accounts | 13,869 | 16,369 | |
Deferred income tax provision | (48,573) | (71,088) | |
Amortization of right-of-use assets | 48,253 | 45,536 | |
Non-cash share-based compensation | 7,374 | 5,754 | |
Amortization of debt issuance costs and original issue discount | 2,873 | 3,252 | |
Non-cash interest expense | 3,481 | — | |
Non-cash interest expense on redeemable preferred stock | — | 10,087 | |
Loss on extinguishment of debt | 2,809 | 5,534 | |
Loss on settlement of redeemable preferred stock | — | 14,037 | |
Loss (gain) on disposal and impairment of assets | 9 | (5,189) | |
Change in fair value of warrant liability | (4,243) | (22,595) | |
Change in fair value of contingent common shares liability | (42,525) | (175,140) | |
Changes in: | |||
Accounts receivable, net | (12,573) | (10,201) | |
Prepaid expenses and other current assets | (5,024) | (6,688) | |
Other non-current assets | 39 | (284) | |
Accounts payable | (48) | 1,831 | |
Accrued expenses and other liabilities | 854 | (5,288) | |
Operating lease liabilities | (53,628) | (50,942) | |
Other non-current liabilities | 28 | 861 | |
Medicare Accelerated and Advance Payment Program Funds | (12,288) | (12,605) | |
Transaction-related amount due to former owners | — | (3,611) | |
Net cash used in operating activities | (65,508) | (42,100) | |
Investing activities: | |||
Purchases of property and equipment | (28,147) | (40,293) | |
Purchases of intangible assets | — | (1,675) | |
Proceeds from sale of property and equipment | 157 | 223 | |
Proceeds from sale of clinics | 77 | 248 | |
Proceeds from sale of Home Health service line | — | 6,131 | |
Business acquisitions, net of cash acquired | — | (4,523) | |
Payment of holdback liabilities related to acquisitions | (135) | — | |
Net cash used in investing activities | (28,048) | (39,889) | |
Financing activities: | |||
Proceeds from long-term debt | 500,000 | — | |
Deferred financing costs | (12,952) | — | |
Original issue discount | (10,000) | — | |
Principal payments on long-term debt | (555,048) | (456,202) | |
Proceeds from issuance of Series A Senior Preferred Stock | 144,667 | — | |
Proceeds from issuance of 2022 Warrants | 20,333 | — | |
Proceeds from revolving line of credit | 48,200 | — | |
Cash inflow from Business Combination | — | 229,338 | |
Payments to Series A Preferred stockholders | — | (59,000) | |
Proceeds from shares issued through PIPE investment | — | 300,000 | |
Equity issuance costs and original issue discount | (4,935) | (19,233) | |
Payment of contingent consideration liabilities | (203) | — | |
Taxes paid on behalf of employees for shares withheld | (51) | (128) | |
Distribution to non-controlling interest holders | (1,932) | (6,298) | |
Net cash provided by (used in) financing activities | 128,079 | (11,523) | |
Changes in cash and cash equivalents: | |||
Net increase (decrease) in cash and cash equivalents | 34,523 | (93,512) | |
Cash and cash equivalents at beginning of period | 48,616 | 142,128 | |
Cash and cash equivalents at end of period | $ 83,139 | $ 48,616 | |
Supplemental noncash disclosures: | |||
Derivative changes in fair value | $ (4,871) | $ (1,935) | |
Purchases of property and equipment in accounts payable | $ 1,660 | $ 4,177 | |
Warrant liability recognized upon the closing of the Business Combination | $ — | $ (26,936) | |
Contingent common shares liability recognized upon the closing of the Business Combination | $ — | $ (220,500) | |
Shares issued to Wilco Holdco Series A Preferred stockholders | $ — | $ 128,453 | |
Other supplemental disclosures: | |||
Cash paid for interest | $ 41,617 | $ 41,937 | |
Cash received from hedging activities | $ 3,497 | $ — | |
Cash paid for taxes | $ 84 | $ 81 | |
ATI Physical Therapy, Inc. | ||||||
Financial Metrics ($ in 000's) | ||||||
Net Patient | Other Revenue | Net Revenue | Adjusted | Adj EBITDA | ||
Q1 2020 | $164,939 | $17,799 | $182,738 | $26,487 | 14.5 % | |
Q2 2020 | $95,003 | $12,751 | $107,754 | $1,189 | 1.1 % | |
Q3 2020 | $132,803 | $15,852 | $148,655 | $17,321 | 11.7 % | |
Q4 2020 | $136,840 | $16,266 | $153,106 | $18,622 | 12.2 % | |
Q1 2021 | $132,271 | $16,791 | $149,062 | $5,590 | 3.8 % | |
Q2 2021 | $146,679 | $17,354 | $164,033 | $23,999 | 14.6 % | |
Q3 2021 | $141,855 | $17,158 | $159,013 | $8,539 | 5.4 % | |
Q4 2021 | $140,275 | $15,488 | $155,763 | $1,643 | 1.1 % | |
Q1 2022 | $138,925 | $14,897 | $153,822 | $(4,695) | (3.1) % | |
Q2 2022 | $148,506 | $14,787 | $163,293 | $5,436 | 3.3 % | |
Q3 2022 | $142,313 | $14,479 | $156,792 | $(392) | (0.3) % | |
Q4 2022 | $146,196 | $15,568 | $161,764 | $6,363 | 3.9 % | |
(1) | Excludes CARES Act Provider Relief Funds of $44.3 million in the second quarter of 2020, $23.1 million in the third quarter of 2020, and $24.1 million in the fourth quarter of 2020. | |||||
Operational Metrics | |||||||
Visits per Day (1) | Clinical FTE (2) | VPD per cFTE (3) | ATI Clinician Headcount (4) | Contractor | ATI Clinician Headcount | ||
Adds (6) | Turnover (7) | ||||||
Q1 2020 | 22,855 | 2,841 | 8.0 | 3,113 | 57 | 11 % | 19 % |
Q2 2020 | 12,643 | 1,487 | 8.5 | 3,012 | 3 | 0 % | 14 % |
Q3 2020 | 18,159 | 2,004 | 9.1 | 2,448 | 3 | 7 % | 86 % |
Q4 2020 | 19,441 | 2,214 | 8.8 | 2,508 | 3 | 42 % | 34 % |
Q1 2021 | 19,520 | 2,284 | 8.5 | 2,558 | 16 | 41 % | 31 % |
Q2 2021 | 21,569 | 2,325 | 9.3 | 2,526 | 43 | 37 % | 44 % |
Q3 2021 | 20,674 | 2,359 | 8.8 | 2,583 | 108 | 51 % | 42 % |
Q4 2021 | 20,649 | 2,490 | 8.3 | 2,650 | 109 | 37 % | 31 % |
Q1 2022 | 21,062 | 2,466 | 8.5 | 2,658 | 158 | 25 % | 23 % |
Q2 2022 | 22,403 | 2,465 | 9.1 | 2,647 | 151 | 26 % | 28 % |
Q3 2022 | 21,493 | 2,465 | 8.7 | 2,691 | 151 | 33 % | 25 % |
Q4 2022 | 22,316 | 2,476 | 9.0 | 2,662 | 123 | 19 % | 26 % |
(1) | Equals patient visits divided by operating days. | ||||||
(2) | Represents clinical staff hours divided by 8 hours divided by number of paid days. | ||||||
(3) | Equals patient visits divided by operating days divided by clinical full-time equivalent employees. | ||||||
(4) | Represents ATI employee clinician headcount at end of period. | ||||||
(5) | Represents contractor clinician headcount at end of period. | ||||||
(6) | Represents ATI employee clinician headcount new hire adds divided by average headcount, multiplied by 4 to annualize. | ||||||
(7) | Represents ATI employee clinician headcount separations divided by average headcount, multiplied by 4 to annualize. | ||||||
Unit Economics: PT Clinics ($ actual) | |||||||
Ending Clinic Count | PT per Clinic (1) | VPD per Clinic (2) | PT Rate per Visit (3) | PT Salaries per Visit (4) | PT Rent and Other per Clinic (5) | PT Provision as % PT | |
Q1 2020 | 868 | $189,658 | 26.3 | $112.76 | $55.11 | $50,258 | 3.6 % |
Q2 2020 | 866 | $109,872 | 14.6 | $117.41 | $53.39 | $43,621 | 4.1 % |
Q3 2020 | 873 | $152,472 | 20.8 | $112.51 | $53.83 | $44,140 | 2.2 % |
Q4 2020 | 875 | $155,913 | 22.2 | $109.98 | $52.16 | $47,168 | 2.4 % |
Q1 2021 | 882 | $150,536 | 22.2 | $107.56 | $54.14 | $47,722 | 5.4 % |
Q2 2021 | 889 | $165,241 | 24.3 | $106.26 | $48.22 | $47,857 | 2.4 % |
Q3 2021 | 900 | $158,556 | 23.1 | $105.56 | $53.70 | $49,499 | 2.5 % |
Q4 2021 | 910 | $154,772 | 22.8 | $104.51 | $55.73 | $50,976 | 1.5 % |
Q1 2022 | 922 | $151,225 | 22.9 | $103.06 | $55.47 | $54,472 | 3.7 % |
Q2 2022 | 926 | $160,431 | 24.2 | $103.57 | $53.64 | $53,017 | 2.4 % |
Q3 2022 | 929 | $153,410 | 23.2 | $103.46 | $56.20 | $53,945 | 2.0 % |
Q4 2022 | 923 | $157,993 | 24.1 | $103.99 | $54.92 | $51,252 | 1.7 % |
(1) | Equals Net Patient Revenue divided by average clinics over the quarter. | ||||||
(2) | Equals patient visits divided by operating days divided by average clinics over the quarter | ||||||
(3) | Equals Net Patient Revenue divided by patient visits. | ||||||
(4) | Equals estimated patient-related portion of Salaries and Related Costs divided by patient visits. | ||||||
(5) | Equals estimated patient-related portion of Rent, Clinic Supplies, Contract Labor and Other divided by average clinics over the quarter. | ||||||
(6) | Equals estimated patient-related portion of Provision for Doubtful Accounts divided by Net Patient Revenue. | ||||||
Customer Satisfaction Metrics | |||
Net Promoter | Google Star | ||
Q1 2020 | 77 | 4.9 | |
Q2 2020 | 77 | 4.9 | |
Q3 2020 | 78 | 4.6 | |
Q4 2020 | 76 | 4.7 | |
Q1 2021 | 75 | 4.9 | |
Q2 2021 | 77 | 4.9 | |
Q3 2021 | 73 | 4.9 | |
Q4 2021 | 78 | 4.8 | |
Q1 2022 | 74 | 4.9 | |
Q2 2022 | 75 | 4.9 | |
Q3 2022 | 76 | 4.8 | |
Q4 2022 | 76 | 4.9 | |
(1) | NPS measures customer experience from ATI patient survey responses. The score is calculated as the percentage of promoters less the percentage of detractors. | ||
(2) | A Google Star rating is a five-star rating scale that ranks businesses based on customer reviews. Customers are given the opportunity to leave a business review after interacting with a business, which involves choosing from one star (poor) to five stars (excellent). | ||
ATI Physical Therapy, Inc. | ||||
Three Months Ended | ||||
December 31, | September 30, | June 30, | March 31, | |
2022 | 2022 | 2022 | 2022 | |
Net loss | $ (102,407) | $ (116,694) | $ (135,723) | $ (138,223) |
Plus (minus): | ||||
Net (income) loss attributable to non-controlling interests | (358) | 376 | 177 | 473 |
Interest expense, net | 13,463 | 11,780 | 11,379 | 8,656 |
Income tax benefit | (4,998) | (7,218) | (13,033) | (23,281) |
Depreciation and amortization expense | 9,979 | 9,907 | 10,055 | 9,900 |
EBITDA | $ (84,321) | $ (101,849) | $ (127,145) | $ (142,475) |
Goodwill, intangible and other asset impairment charges (1) | 96,038 | 106,663 | 127,820 | 155,741 |
Goodwill, intangible and other asset impairment charges attributable to non-controlling interests (1) | (364) | (457) | (654) | (940) |
Changes in fair value of warrant liability and contingent common shares liability (2) | (10,357) | (7,720) | (2,680) | (26,011) |
Loss on debt extinguishment (3) | — | — | — | 2,809 |
Loss on legal settlement (4) | — | — | 3,000 | — |
Share-based compensation | 1,544 | 1,920 | 2,004 | 1,964 |
Non-ordinary legal and regulatory matters (5) | 937 | 772 | 2,202 | 2,497 |
Pre-opening de novo costs (6) | 101 | 224 | 286 | 381 |
Transaction and integration costs (7) | 1,093 | 55 | 603 | 1,538 |
Reorganization and severance costs (8) | 1,797 | — | — | — |
Business optimization costs (9) | (105) | — | — | — |
Gain on sale of Home Health service line, net | — | — | — | (199) |
Adjusted EBITDA | $ 6,363 | $ (392) | $ 5,436 | $ (4,695) |
(1) | Represents non-cash charges related to the write-down of goodwill, trade name indefinite-lived intangible and other assets. | |||
(2) | Represents non-cash amounts related to the change in the estimated fair value of IPO Warrants, Earnout Shares and Vesting Shares. | |||
(3) | Represents charges related to the derecognition of the unamortized deferred financing costs and original issuance discount associated with the full repayment of the 2016 first lien term loan. | |||
(4) | Represents charge for net settlement liability related to billing dispute. | |||
(5) | Represents non-ordinary course legal costs related to the previously disclosed ATIP stockholder class action complaints, derivative complaint and SEC inquiry. | |||
(6) | Represents expenses associated with renovation, equipment and marketing costs relating to the start-up and launch of new locations incurred prior to opening. | |||
(7) | Represents costs related to the Business Combination with FVAC II and non-capitalizable debt and capital transaction costs. | |||
(8) | Represents severance, consulting and other costs related to discrete initiatives focused on reorganization and delayering of the Company's labor model, management structure and support functions. | |||
(9) | Represents non-recurring costs to optimize our platform and ATI transformative initiatives. Costs primarily relate to duplicate costs driven by IT and Revenue Cycle Management conversions, labor related costs during the transition of key positions and other incremental costs of driving optimization initiatives. | |||
ATI Physical Therapy, Inc. | |||
Year Ended | |||
December 31, 2022 | December 31, 2021 | ||
Net loss | $ (493,047) | $ (782,028) | |
Plus (minus): | |||
Net loss attributable to non-controlling interests | 668 | 3,700 | |
Interest expense, net | 45,278 | 46,320 | |
Interest expense on redeemable preferred stock | — | 10,087 | |
Income tax (benefit) expense | (48,530) | (70,960) | |
Depreciation and amortization expense | 39,841 | 37,995 | |
EBITDA | $ (455,790) | $ (754,886) | |
Goodwill, intangible and other asset impairment charges (1) | 486,262 | 962,303 | |
Goodwill, intangible and other asset impairment charges attributable to non-controlling interests (1) | (2,415) | (7,949) | |
Changes in fair value of warrant liability and contingent common shares liability (2) | (46,768) | (197,735) | |
Share-based compensation | 7,432 | 5,769 | |
Non-ordinary legal and regulatory matters (3) | 6,408 | 2,914 | |
Loss on legal settlement (4) | 3,000 | — | |
Loss on debt extinguishment (5) | 2,809 | 5,534 | |
Transaction and integration costs (6) | 3,289 | 9,788 | |
Reorganization and severance costs (7) | 1,797 | 3,913 | |
Pre-opening de novo costs (8) | 992 | 1,929 | |
Gain on sale of Home Health service line, net | (199) | (5,846) | |
Business optimization costs (9) | (105) | — | |
Loss on settlement of redeemable preferred stock (10) | — | 14,037 | |
Adjusted EBITDA | $ 6,712 | $ 39,771 | |
(1) | Represents non-cash charges related to the write-down of goodwill, trade name indefinite-lived intangible and other assets. | ||
(2) | Represents non-cash amounts related to the change in the estimated fair value of IPO Warrants, Earnout Shares and Vesting Shares. | ||
(3) | Represents non-ordinary course legal costs related to the previously disclosed ATIP stockholder class action complaints, derivative complaint and SEC inquiry. | ||
(4) | Represents charge for net settlement liability related to billing dispute. | ||
(5) | Represents charges related to the derecognition of the unamortized deferred financing costs and original issuance discount associated with the full repayment of the 2016 first lien term loan and the partial and full repayment of the 2016 first and second lien term loans, respectively. | ||
(6) | Represents costs related to the Business Combination with FVAC II, non-capitalizable debt and capital transaction costs and consulting and planning costs related to preparation to operate as a public company. | ||
(7) | Represents severance, consulting and other costs related to discrete initiatives focused on reorganization and delayering of the Company's labor model, management structure and support functions. | ||
(8) | Represents expenses associated with renovation, equipment and marketing costs relating to the start-up and launch of new locations incurred prior to opening. | ||
(9) | Represents non-recurring costs to optimize our platform and ATI transformative initiatives. Costs primarily relate to duplicate costs driven by IT and Revenue Cycle Management conversions, labor related costs during the transition of key positions and other incremental costs of driving optimization initiatives. | ||
(10) | Represents loss on settlement of redeemable preferred stock based on the value of cash and equity provided to preferred stockholders in relation to the outstanding redeemable preferred stock liability at the time of the closing of the Business Combination with FVAC II. | ||
ATI Physical Therapy, Inc. | |||||
Three Months Ended | |||||
December 31, | September 30, | June 30, | March 31, | ||
2021 | 2021 | 2021 | 2021 | ||
Net income (loss) | $1,690 | ($326,774) | ($439,126) | ($17,818) | |
Plus (minus): | |||||
Net (income) loss attributable to non-controlling interests | (869) | 2,109 | 3,769 | (1,309) | |
Interest expense, net | 7,215 | 7,386 | 15,632 | 16,087 | |
Interest expense on redeemable preferred stock | — | — | 4,779 | 5,308 | |
Income tax benefit | (5,381) | (35,333) | (19,731) | (10,515) | |
Depreciation and amortization expense | 10,005 | 9,222 | 9,149 | 9,619 | |
EBITDA | 12,660 | (343,390) | (425,528) | 1,372 | |
Goodwill, intangible and other asset impairment charges (1) | — | 508,972 | 453,331 | — | |
Goodwill, intangible and other asset impairment charges attributable to non-controlling interest (1) | — | (2,928) | (5,021) | — | |
Changes in fair value of warrant liability and contingent common shares liability (2) | (10,046) | (162,202) | (25,487) | — | |
Gain on sale of Home Health service line, net | (5,846) | — | — | — | |
Reorganization and severance costs (3) | — | 3,551 | — | 362 | |
Transaction and integration costs (4) | 955 | 2,335 | 3,580 | 2,918 | |
Share-based compensation | 905 | 1,248 | 3,112 | 504 | |
Pre-opening de novo costs (5) | 543 | 511 | 441 | 434 | |
Non-ordinary legal and regulatory matters (6) | 2,472 | 442 | — | — | |
Loss on debt extinguishment (7) | — | — | 5,534 | — | |
Loss on settlement of redeemable preferred stock (8) | — | — | 14,037 | — | |
Adjusted EBITDA | $1,643 | $8,539 | $23,999 | $5,590 | |
(1) | Represents non-cash charges related to the write-down of goodwill, trade name indefinite-lived intangible and other assets. |
(2) | Represents non-cash amounts related to the change in the estimated fair value of IPO Warrants, Earnout Shares and Vesting Shares. |
(3) | Represents severance, consulting and other costs related to discrete initiatives focused on reorganization and delayering of the Company's labor model, management structure and support functions. |
(4) | Represents costs related to the Business Combination with FVAC II, non-capitalizable debt transaction costs, clinic acquisitions and acquisition-related integration and consulting and planning costs related to preparation to operate as a public company. |
(5) | Represents expenses associated with renovation, equipment and marketing costs relating to the start-up and launch of new locations incurred prior to opening. |
(6) | Represents non-ordinary course legal costs related to the previously disclosed ATIP stockholder class action complaints, derivative complaint and SEC inquiry. |
(7) | Represents charges related to the derecognition of the proportionate amount of remaining unamortized deferred financing costs and original issuance discount associated with the partial repayment of the first lien term loan and derecognition of the unamortized original issuance discount associated with the full repayment of the subordinated second lien term loan. |
(8) | Represents loss on settlement of redeemable preferred stock based on the value of cash and equity provided to preferred stockholders in relation to the outstanding redeemable preferred stock liability at the time of the closing of the Business Combination with FVAC II. |
ATI Physical Therapy, Inc. | |||||
Three Months Ended | |||||
December 31, | September 30, | June 30, | March 31, | ||
2020 | 2020 | 2020 | 2020 | ||
Net income (loss) | $2,190 | $1,022 | $4,596 | ($8,106) | |
Plus (minus): | |||||
Net income attributable to non-controlling interests | (987) | (901) | (1,855) | (1,330) | |
Interest expense, net | 16,404 | 17,346 | 17,683 | 17,858 | |
Interest expense on redeemable preferred stock | 5,154 | 4,896 | 4,604 | 4,377 | |
Income tax (benefit) expense | (2,033) | 2,322 | 3,568 | (1,792) | |
Depreciation and amortization expense | 10,072 | 9,880 | 9,763 | 9,985 | |
EBITDA | 30,800 | 34,565 | 38,359 | 20,992 | |
Reorganization and severance costs (1) | 679 | 4,436 | 1,255 | 1,142 | |
Transaction and integration costs (2) | 3,747 | 75 | 100 | 868 | |
Share-based compensation | 503 | 473 | 466 | 494 | |
Pre-opening de novo costs (3) | 335 | 368 | 268 | 594 | |
Business optimization costs (4) | 2,450 | 519 | 5,011 | 2,397 | |
Charges related to lease terminations (5) | 4,253 | — | — | — | |
Adjusted EBITDA | $42,767 | $40,436 | $45,459 | $26,487 | |
(1) | Represents severance, consulting and other costs related to discrete initiatives focused on reorganization and delayering of the Company's labor model, management structure and support functions. |
(2) | Represents costs related to the Business Combination with FVAC II, clinic acquisitions and acquisition-related integration and consulting and planning costs related to preparation to operate as a public company. |
(3) | Represents expenses associated with renovation, equipment and marketing costs relating to the start-up and launch of new locations incurred prior to opening. |
(4) | Represents non-recurring costs to optimize our platform and ATI transformative initiatives. Costs primarily relate to duplicate costs driven by IT and Revenue Cycle Management conversions, labor related costs during the transition of key positions and other incremental costs of driving optimization initiatives. |
(5) | Represents charges related to lease terminations prior to the end of term for corporate facilities no longer in use. |
| Last Trade: | US$4.03 |
| Daily Change: | -0.07 -1.71 |
| Daily Volume: | 2,986 |
| Market Cap: | US$16.970M |
February 26, 2024 February 20, 2024 November 06, 2023 October 31, 2023 September 20, 2023 | |
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