AAC Holdings, Inc. (NYSE:AAC) Q2 2019 Earnings Conference Call - Final Transcript

Aug 30, 2019 • 09:00 am ET


AAC Holdings, Inc. (NYSE:AAC) Q2 2019 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the American Addiction Centers Second Quarter 2019 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Andrew McWilliams, Chief Financial Officer. Please go ahead, sir.

Andrew McWilliams

Good morning, and welcome to our earnings conference call for the second quarter of 2019. I'm Andrew McWilliams, Chief Financial Officer of AAC Holdings. To the extent any non-GAAP financial measure is used in today's call you'll 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 this morning's news release.

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 AAC expected annual performance for 2019. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements. Without limiting the foregoing, the words believes, anticipates, plans, expects and similar expressions are intended to identify forward-looking statements.

You are hereby cautioned that these statements may be affected by the important factors, among others, set forth in AAC's filings with the Securities and Exchange Commission and in the company's second quarter 2019 earnings release. And consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. The company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. For portions of our call, we will be referring to the earnings release supplement that was posted on the Investor Relations section of our website this morning, along with the earnings release.

I would now like to turn the call over to our chairman and chief executive officer, Michael Cartwright.

Michael Cartwright

Thank you, Andrew, and good morning, everyone. Before we start the earnings discussion, I'd like those listening to know that tomorrow, August 31, is International Overdose Awareness Day. Each of our families across the country will be hosting community events meant to raise awareness about overdose prevention and treatment, including the use of Narcan and in the case of opioid overdoses. As a company, we always seek this kind of community engagement but especially at a time when opioid overdoses are on the rise and impacting so many in towns across America.

On today's call, I'll be discussing our recent operational highlights. Before turning the call over to Andrew to walk through our financial results. We will then open it up to your questions. Though we still have a lot of work to do. Overall, I'm extremely pleased with the sequential progress that we've been making this year. As we have been discussing on our previous calls, we have executed several initiatives in sales and marketing, which included leadership enhancements and organizational improvements, which is giving us positive momentum in 2019. Our inpatient census improved 37% at June 30, 2019 compared to December 31, 2018. And our inpatient occupancy was