Brookdale Senior Living Inc. Files 10-Q for Q1 2024

TL;DR

Brookdale Senior Living Inc. filed its Q1 2024 10-Q, detailing financial performance and balance sheet items.

AI Summary

Brookdale Senior Living Inc. (BKD) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Brookdale Senior Living Inc. reported its Q1 2024 financial results on May 8, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial statement items such as Common Stock, Additional Paid-In Capital, Treasury Stock, Retained Earnings, and Noncontrolling Interest are detailed as of March 31, 2024, and comparative periods. The company's business address is 111 Westwood Place, Suite 400, Brentwood, TN 37027. The filing includes data related to Health Care Resident Services, Management Services, Reimbursement Costs for Managed Communities, Other Operating Income, and Real Estate segments.

Why It Matters

For investors and stakeholders tracking Brookdale Senior Living Inc., this filing contains several important signals. This 10-Q filing provides a detailed look at Brookdale's financial health and operational segments for the first quarter of 2024, crucial for investors assessing performance trends. Understanding the specific financial figures and segment revenues will help in evaluating the company's ability to manage its operations and generate income in the senior living sector.

Risk Assessment

Risk Level: — Brookdale Senior Living Inc. shows moderate risk based on this filing. The company's financial performance is subject to the complexities of the senior living industry, including reimbursement rates and operational costs, which can fluctuate and impact profitability.

Analyst Insight

Investors should analyze the detailed segment revenues and cost breakdowns in the 10-Q to understand the drivers of Brookdale's financial results and future outlook.

Revenue Breakdown

Key Numbers

• 2024-03-31 — As of Date (Balance Sheet)
• 2024-01-01 — Period Start Date (Financial Statements)
• 2024-03-31 — Period End Date (Financial Statements)

Key Players & Entities

• Brookdale Senior Living Inc. (company) — Filer
• 111 Westwood Place, Suite 400, Brentwood, TN 37027 (company) — Business Address
• 2024-05-08 (date) — Filing Date
• 2024-03-31 (date) — Period of Report
• 2024-01-01 (date) — Quarter Start Date
• 2023-03-31 (date) — Comparative Period End Date
• 2022-12-31 (date) — Comparative Balance Sheet Date
• 2023-12-31 (date) — Comparative Balance Sheet Date

FAQ

Industry Context

Brookdale operates in the senior living industry, providing a range of services including independent living, assisted living, and memory care.

Regulatory Implications

The company's operations are subject to various healthcare and housing regulations at federal, state, and local levels.

What Investors Should Do

1. Review the detailed revenue breakdown by segment for Q1 2024.
2. Analyze changes in balance sheet items like Common Stock and Retained Earnings compared to prior periods.
3. Examine any disclosed risk factors or legal proceedings relevant to the company's operations.

Year-Over-Year Comparison

The filing provides financial data for the first quarter of 2024, allowing for comparison with the same period in 2023 and the end of 2023.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value Per Share BKD New York Stock

Filing Documents

• bkd-20240331.htm (10-Q) — 992KB
• a1q24ex101ceotime-basedrsu.htm (EX-10.1) — 138KB
• a1q24ex102time-basedrsus20.htm (EX-10.2) — 140KB
• a1q24ex103ceoperformance-b.htm (EX-10.3) — 178KB
• a1q24ex104performance-base.htm (EX-10.4) — 178KB
• a1q24ex311certification.htm (EX-31.1) — 12KB
• a1q24ex312certification.htm (EX-31.2) — 12KB
• a1q24exhibit32certification.htm (EX-32) — 5KB
• 0001332349-24-000078.txt ( ) — 6289KB
• bkd-20240331.xsd (EX-101.SCH) — 42KB
• bkd-20240331_cal.xml (EX-101.CAL) — 79KB
• bkd-20240331_def.xml (EX-101.DEF) — 191KB
• bkd-20240331_lab.xml (EX-101.LAB) — 553KB
• bkd-20240331_pre.xml (EX-101.PRE) — 360KB
• bkd-20240331_htm.xml (XML) — 652KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets - As of March 31, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations - Three months ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Equity - Three months ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows - Three months ended March 31, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 32

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BROOKDALE SENIOR LIVING INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except stock amounts) March 31, 2024 December 31, 2023 Assets (Unaudited) Current assets Cash and cash equivalents $ 318,549 $ 277,971 Marketable securities — 29,755 Restricted cash 45,673 41,341 Accounts receivable, net 49,645 48,393 Prepaid expenses and other current assets, net 101,869 80,908 Total current assets 515,736 478,368 Property, plant and equipment and leasehold intangibles, net 4,293,925 4,330,629 Operating lease right-of-use assets 639,359 670,907 Restricted cash 31,444 30,356 Goodwill 27,321 27,321 Other assets, net 34,539 35,854 Total assets $ 5,542,324 $ 5,573,435 Liabilities and Equity Current liabilities Current portion of long-term debt $ 65,681 $ 41,463 Current portion of financing lease obligations 1,095 1,075 Current portion of operating lease obligations 196,560 192,631 Trade accounts payable 74,497 66,526 Accrued expenses 217,941 242,668 Refundable fees and deferred revenue 58,477 55,753 Total current liabilities 614,251 600,116 Long-term debt, less current portion 3,692,132 3,655,850 Financing lease obligations, less current portion 150,495 150,774 Operating lease obligations, less current portion 635,378 683,876 Deferred tax liability 5,562 5,987 Other liabilities 69,058 71,679 Total liabilities 5,166,876 5,168,282 Preferred stock, $ 0.01 par value, 50,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding — — Common stock, $ 0.01 par value, 400,000,000 shares authorized at March 31, 2024 and December 31, 2023; 203,540,086 and 198,780,826 shares issued and 193,012,561 and 188,253,301 shares outstanding, respectively 2,035 1,988 Additional paid-in-capital 4,342,191 4,342,362 Treasury stock, at cost; 10,527,525 shares at March 31, 2024 and December 31, 2023 ( 102,774 ) ( 102,774 ) Accumulated deficit ( 3,867,478 ) ( 3,837,912 ) Total Brook

View Full Filing

View this 10-Q filing on SEC EDGAR