AAC Holdings, Inc. (NYSE:AAC) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 09:00 am ET
Good morning, and welcome to the American Addiction Centers' Third Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note, this event is being recorded.
I would, now, like to turn the conference over to Andrew McWilliams, CFO. Please go ahead.
Good morning, and welcome to our earnings call for the third 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's 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 third 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.
I would, now, like to turn the call over to our Chairman and Chief Executive Officer, Michael Cartwright.
Thank you, Andrew; and good morning, everyone.
Before we start the earnings discussion, I'd like to make a few comments about Veterans Day. Studies indicate that 1 in 10 veterans have been diagnosed with substance abuse disorder. However, we believe there may be even more of our nation's heroes that need care. Here at American Addiction Centers, we've made it an annual tradition to provide free care on Veterans Day as our way of giving back to those who have sacrificed for our nation's freedom. In observance of Veterans Day, AAC provided 30 days of free in-patient care to 10 members of the Armed Forces, and we opened a dedicated hotline for veterans.
However, our commitment to veterans is year-round. These include our Salute to Recovery treatment program at Desert Hope and Recovery First which is a dedicated treatment program to military veterans and first responders and our recruitment initiatives to establish a staff across the company comprised of 25% veterans.
On today's call, I'll be discussing our recent operational highlights before turning the call to Andrew to walk through our financial results. Though we still have a lot of work to do, I am pleased with the sequential progress we have been making this year. For the third consecutive quarter, we continue to see positive momentum in 2019. The expense saving