Sonida Senior Living, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sonida Senior Living, Inc. filed its Q1 2024 10-Q, detailing financial performance and operational aspects.</b>

AI Summary

SONIDA SENIOR LIVING, INC. (SNDA) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Sonida Senior Living, Inc. reported financial results for the quarter ended March 31, 2024. The filing includes data related to Health Care Resident Services and Management Services revenue. Key financial statement items such as Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed. Information on property ownership, including wholly-owned properties and those managed on behalf of third parties, is provided. Subsequent events, including At-The-Market sales agreements and various reserve accounts, are noted.

Why It Matters

For investors and stakeholders tracking SONIDA SENIOR LIVING, INC., this filing contains several important signals. This 10-Q provides investors with a quarterly update on Sonida's financial health, revenue streams, and equity structure, crucial for assessing investment performance. The inclusion of specific reserve accounts and subsequent events offers insight into the company's financial management and potential future capital activities.

Risk Assessment

Risk Level: medium — SONIDA SENIOR LIVING, INC. shows moderate risk based on this filing. The company operates in the senior living industry, which is subject to regulatory changes, economic fluctuations, and competition, as indicated by the nature of its services and property management.

Analyst Insight

Monitor revenue growth in Health Care Resident Services and Management Services for signs of operational improvement or decline.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-10 — Filing Date (Date the report was filed)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting quarter)
• 2023-03-31 — Prior Year Quarter End (End of the comparable quarter in the previous year)

Key Players & Entities

• SONIDA SENIOR LIVING, INC. (company) — Filer name
• SNDA (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filing date
• 16301 QUORUM DRIVE SUITE 160A (address) — Business address
• ADDISON, TX (address) — Business address city and state
• CAPITAL SENIOR LIVING CORP (company) — Former company name
• 19970724 (date) — Date of name change

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company operates in a highly regulated industry, requiring adherence to various federal, state, and local regulations.
• Market and Economic Conditions [medium — market]: The senior living industry is sensitive to economic downturns, changes in consumer demand, and competitive pressures.
• Operational Risks [medium — operational]: Risks include maintaining occupancy rates, managing labor costs, and ensuring quality of care and services.
• Financial Leverage and Liquidity [medium — financial]: The company's financial structure and ability to meet debt obligations and operational needs are subject to market conditions.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share SNDA New York Stock

Filing Documents

• snda-20240331.htm (10-Q) — 798KB
• snda-20240331xexx311.htm (EX-31.1) — 9KB
• snda-20240331xex312.htm (EX-31.2) — 8KB
• snda-20240331xexx321.htm (EX-32.1) — 4KB
• snda-20240331xex322.htm (EX-32.2) — 4KB
• snda-20240331_g1.jpg (GRAPHIC) — 66KB
• 0001628280-24-022531.txt (&nbsp;) — 5644KB
• snda-20240331.xsd (EX-101.SCH) — 40KB
• snda-20240331_cal.xml (EX-101.CAL) — 57KB
• snda-20240331_def.xml (EX-101.DEF) — 234KB
• snda-20240331_lab.xml (EX-101.LAB) — 477KB
• snda-20240331_pre.xml (EX-101.PRE) — 364KB
• snda-20240331_htm.xml (XML) — 654KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets — 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 Shareholders' Equity (Deficit)— 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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 30

Other Information

Part II. Other Information 31

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 31 Signature 33 2 Cautionary Note Regarding Forward-Looking Statements Certain information contained in this Quarterly Report on Form 10-Q 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 (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts included in this Quarterly Report on Form 10-Q, 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 our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC") on March 27, 2024, as well as " Item. 1A. Risk Factors " in this Quarterly Report on Form 10-Q, and also include the following: the Company's ability to generate sufficient cash flows from operations, additional proceeds from equity issuances and debt financings, and proceeds from the sale of assets to satisfy its short- and long-term debt obligations

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Sonida Senior Living, Inc. Condensed Consolidated Balance Sheets (in thousands, except per share amounts) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 24,211 $ 4,082 Restricted cash 13,452 13,668 Accounts receivable, net 10,346 8,017 Prepaid expenses and other assets 3,412 4,475 Derivative assets 2,130 2,103 Total current assets 53,551 32,345 Property and equipment, net 581,902 588,179 Other assets, net 824 936 Total assets $ 636,277 $ 621,460 Liabilities and Equity Current liabilities: Accounts payable $ 4,864 $ 11,375 Accrued expenses 39,747 42,388 Current portion of notes payable, net of deferred loan costs 6,831 42,323 Deferred income 4,255 4,041 Federal and state income taxes payable 288 215 Other current liabilities 512 519 Total current liabilities 56,497 100,861 Notes payable, net of deferred loan costs and current portion 571,267 587,099 Other long-term liabilities 40 49 Total liabilities 627,804 688,009 Commitments and contingencies (Note 11) Redeemable preferred stock: Series A convertible preferred stock, $ 0.01 par value; 41 shares authorized, 41 shares issued and outstanding as of March 31, 2024 and December 31, 2023 49,877 48,542 Shareholders' deficit: Preferred stock, $ 0.01 par value: Authorized shares - 15,000 as of March 31, 2024 and December 31, 2023; none issued or outstanding, except Series A convertible preferred stock as noted above — — Common stock, $ 0.01 par value: Authorized shares - 30,000 and 15,000 as of March 31, 2024 and December 31, 2023, respectively; 13,197 and 8,178 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 132 82 Additional paid-in capital 349,610 302,992 Retained deficit ( 391,146 ) ( 418,165 ) Total shareholders' deficit ( 41,404 ) ( 115,091 ) Total liabilities, redeemable preferred stock and shareholders' deficit $ 636,277 $ 621,460 See Notes to Conde

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View this 10-Q filing on SEC EDGAR