Sonida Senior Living Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sonida Senior Living, Inc. has filed its 2023 10-K report detailing financial performance and key operational data.</b>

AI Summary

SONIDA SENIOR LIVING, INC. (SNDA) filed a Annual Report (10-K) with the SEC on March 27, 2024. Sonida Senior Living, Inc. filed its annual report for the fiscal year ended December 31, 2023. The company's principal business is providing services in nursing and personal care facilities. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as common stock, additional paid-in capital, and retained earnings are detailed for these periods. The report also specifies various reserve accounts including property tax, lender, capital expenditure, escrow, and letters of credit deposits as of December 31, 2023 and 2022.

Why It Matters

For investors and stakeholders tracking SONIDA SENIOR LIVING, INC., this filing contains several important signals. The 10-K filing provides a comprehensive overview of Sonida's financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Detailed financial statements and reserve account information offer insights into the company's asset management, liabilities, and overall financial stability, aiding in investment decisions.

Risk Assessment

Risk Level: — SONIDA SENIOR LIVING, INC. shows moderate risk based on this filing. The company's business is concentrated in the healthcare and senior living sector, which is subject to regulatory changes and market demand fluctuations, as indicated by the SIC code and the nature of its services.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Sonida Senior Living's financial position and operational risks.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-27 — Filing Date (FILED AS OF DATE)
• 8050 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 16301 QUORUM DRIVE, SUITE 160A, ADDISON, TX 75001 — Business Address (BUSINESS ADDRESS)
• 9727705600 — Business Phone (BUSINESS PHONE)
• 2023 — Fiscal Year (2023 FY)
• 2022 — Previous Fiscal Year (2022-12-31)
• 2021 — Prior Fiscal Year (2021-12-31)

Key Players & Entities

• SONIDA SENIOR LIVING, INC. (company) — FILER
• SNDA (company) — tk
• 10-K (filing) — ft
• 2024-03-27 (date) — dt
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-27 (date) — FILED AS OF DATE
• 8050 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION

FAQ

Risk Factors

• Industry Concentration [medium — market]: The company operates in the nursing and personal care facilities sector (SIC 8050), making it susceptible to industry-specific risks.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the annual financial statements.
• 2024-03-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Sonida Senior Living's financial health and operations for the fiscal year.)

Key Financial Figures

• $0.01 — he Registrant's common stock, par value $0.01 per share ("Common Stock"), held by non
• $5.0 million — with the Fannie Forbearance, we made a $5.0 million principal payment in July 2023. The Fan
• $13.0 million — he liquid assets minimum requirement of $13.0 million for a 12-month period. On July 1, 2024,
• $7.0 million — 2024, a new Liquid Assets Threshold of $7.0 million will be effective, with such threshold
• $1.0 million — fective, with such threshold increasing $1.0 million per month through the earlier of the re
• $6.0 million — nt Guaranty Waiver Minimum Threshold is $6.0 million and is measured weekly. If breached, th
• $2.3 million — In July 2023, we were required to fund $2.3 million to an IRC Reserve held by Ally, which r
• $88.1 million — one-year interest rate cap on the full $88.1 million notional value of the Ally Term Loan at
• $2.4 million — al amount of $88.1 million at a cost of $2.4 million. The interest rate cap agreement has a
• $13.5 million — ned on June 29, 2023, we entered into a $13.5 million equity commitment agreement ("Equity Co
• $675,000 — uity Commitment had a commitment fee of $675,000, which was paid through the issuance of
• $10.0 million — in part. We made total equity draws of $10.0 million during 2023 and issued 1,000,000 shares
• $3.5 million — loan balances. As of December 31, 2023, $3.5 million remains available under the Equity Comm
• $9.50 — res") of our common stock at a price of $9.50 per share. The 2024 Private Placement
• $31.8 million — Investors for a total of approximately $31.8 million. The second tranche occurred on March 2

Filing Documents

• snda-20231231.htm (10-K) — 1775KB
• snda-form10xkexh46.htm (EX-4.6) — 10KB
• snda-20231231xex211listofs.htm (EX-21.1) — 166KB
• snda-20231231xex231consent.htm (EX-23.1) — 8KB
• snda-20231231xexx311.htm (EX-31.1) — 9KB
• snda-20231231xexx312.htm (EX-31.2) — 9KB
• snda-20231231xexx321.htm (EX-32.1) — 4KB
• snda-20231231xexx322.htm (EX-32.2) — 4KB
• snda-20231231xex97compen.htm (EX-97) — 19KB
• snda-20231231xex97compen001.jpg (GRAPHIC) — 250KB
• snda-20231231xex97compen002.jpg (GRAPHIC) — 222KB
• snda-20231231xex97compen003.jpg (GRAPHIC) — 287KB
• snda-20231231xex97compen004.jpg (GRAPHIC) — 264KB
• snda-20231231xex97compen005.jpg (GRAPHIC) — 39KB
• snda-20231231xex97compen006.jpg (GRAPHIC) — 112KB
• snda-form10xkexh46001.jpg (GRAPHIC) — 260KB
• snda-form10xkexh46002.jpg (GRAPHIC) — 281KB
• snda-form10xkexh46003.jpg (GRAPHIC) — 58KB
• 0001628280-24-013376.txt (&nbsp;) — 11330KB
• snda-20231231.xsd (EX-101.SCH) — 67KB
• snda-20231231_cal.xml (EX-101.CAL) — 79KB
• snda-20231231_def.xml (EX-101.DEF) — 386KB
• snda-20231231_lab.xml (EX-101.LAB) — 690KB
• snda-20231231_pre.xml (EX-101.PRE) — 567KB
• snda-20231231_htm.xml (XML) — 1053KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 28 Item 1C. C ybersecurity 28 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [ R eserved ] 32 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 Item 9A.

Controls and Procedures

Controls and Procedures 42 Item 9B. Other Information 44 Item 9C . Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 44 PART III Item 10. Directors, Executive Officers and Corporate Governance 45 Item 11.

Executive Compensation

Executive Compensation 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45 Item 13. Certain Relationships and Related Transactions, and Director Independence 45 Item 14. Principal Accountant Fees and Services 45 PART IV Item 15. Exhibits and Financial Statement Schedules 46

Signatures

Signatures 50 Index to Financial Statements F- 1 i Table of Contents Cautionary Note Regarding Forward-Looking Statements Certain information contained in this Annual Report on Form 10-K of Sonida Senior Living, Inc. (together with its consolidated subsidiaries, "Sonida," "we," "our," "us," or the "Company") constitutes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts included in this Annual Report on Form 10-K, including, without limitation, those relating to the Company's future business prospects and strategies, financial results, working capital, liquidity, capital needs and expenditures, interest costs, insurance availability and contingent liabilities, are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "would," "intend," "could," "believe," "expect," "anticipate," "project," "plans," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Forward-looking statements are subject to certain risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, among others, the risks, uncertainties and factors set forth under "Item. 1A. Risk Factors" in this Annual Report on Form 10-K, and also include the following: the Company's ability to generate sufficient cash flows from operations, proceeds from equity issuances and debt financings, and proceeds from the sale of assets to satisfy its short and long-term debt obligations and to fund the Company's acquisitions and capital improvement projects to expand, redevelop, and/or reposition its senior living communities; increases in market interest rates that increase the c

BUSINESS

ITEM 1. BUSINESS. Overview Sonida Senior Living, Inc. (formerly known as Capital Senior Living Corporation), a Delaware corporation (together with its subsidiaries, "we," "us," "our," or the "Company"), is one of the leading owner-operators of senior housing communities in the United States in terms of resident capacity. The Company and its predecessors have provided senior housing since 1990. As of December 31, 2023, the Company operated 71 senior housing communities in 18 states with an aggregate capacity of approximately 8,000 residents, including 61 senior housing communities that the Company owned and 10 communities that the Company managed on behalf of third parties. We generally provide residential housing and services to people aged 75 years and older, including independent living, assisted living, and memory care services. Many of our communities offer a continuum of care to meet our residents' needs as they change over time by integrating independent living, assisted living, and memory care, which may be bridged by home care through independent home care agencies. Our integrated approach sustains residents' autonomy and independence based on their physical and cognitive abilities. Strategy Our mission is to bring quality senior living to life. We provide comfortable, safe, affordable communities where residents can form friendships, enjoy new experiences, and receive personalized care from team members who treat them like family, while also striving to (i) achieve and sustain a strong, competitive position within our geographically concentrated regions, and (ii) continue to enhance the performance of our operations. Our strategic priorities are designed to enhance our performance and position our portfolio for near- and long-term growth. During our prior year, we introduced a new management plan focused on a number of strategic priorities that are core to the Company's refreshed mission. By executing on these priorities, we aim to continue our growth

View Full Filing

View this 10-K filing on SEC EDGAR