Sonida Senior Living Files Q2 2024 10-Q

TL;DR

Sonida Senior Living's Q2 2024 10-Q is in. Check financials.

AI Summary

Sonida Senior Living, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and operational metrics are presented, reflecting the company's ongoing business activities in the senior living sector.

Why It Matters

This filing provides investors and stakeholders with a detailed look into Sonida Senior Living's financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the senior living sector, which can be subject to regulatory changes, occupancy fluctuations, and healthcare-related risks.

Key Players & Entities

• SONIDA SENIOR LIVING, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240812 (date) — Filed as of Date
• CAPITAL SENIOR LIVING CORP (company) — Former Company Name

FAQ

Key Financial Figures

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

Filing Documents

• snda-20240630.htm (10-Q) — 1005KB
• snda-20240630xexx311.htm (EX-31.1) — 9KB
• snda-20240630xex312.htm (EX-31.2) — 8KB
• snda-20240630xexx321.htm (EX-32.1) — 4KB
• snda-20240630xex322.htm (EX-32.2) — 4KB
• snda-20240630_g1.jpg (GRAPHIC) — 66KB
• 0001628280-24-036747.txt ( ) — 6577KB
• snda-20240630.xsd (EX-101.SCH) — 46KB
• snda-20240630_cal.xml (EX-101.CAL) — 60KB
• snda-20240630_def.xml (EX-101.DEF) — 259KB
• snda-20240630_lab.xml (EX-101.LAB) — 531KB
• snda-20240630_pre.xml (EX-101.PRE) — 399KB
• snda-20240630_htm.xml (XML) — 858KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets — June 3 0 , 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations — Three and Six Months Ended June 3 0 , 2024 and 2023 (Unaudited ) 5 Condensed Consolidated Statements of Shareholders' Equity (Deficit)— Three and Six Months Ended June 3 0 , 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows — Six Months Ended June 3 0 , 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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33

Other Information

Part II. Other Information 35

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36 Signature 37 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) June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 9,491 $ 4,082 Restricted cash 14,292 13,668 Accounts receivable, net 9,145 8,017 Prepaid expenses and other assets 5,231 4,475 Derivative assets 2,071 2,103 Total current assets 40,230 32,345 Property and equipment, net 587,516 588,179 Investment in unconsolidated entity 22,307 — Other assets, net 2,194 936 Total assets $ 652,247 $ 621,460 Liabilities and Equity Current liabilities: Accounts payable $ 8,951 $ 11,375 Accrued expenses 37,324 42,388 Current portion of notes payable, net of deferred loan costs 2,235 42,323 Deferred income 4,356 4,041 Federal and state income taxes payable 93 215 Other current liabilities 599 519 Total current liabilities 53,558 100,861 Notes payable, net of deferred loan costs and current portion 581,520 587,099 Other long-term liabilities 31 49 Total liabilities 635,109 688,009 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 June 30, 2024 and December 31, 2023 51,248 48,542 Shareholders' deficit: Preferred stock, $ 0.01 par value: Authorized shares - 15,000 as of June 30, 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 June 30, 2024 and December 31, 2023, respectively; 14,190 and 8,178 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 142 82 Additional paid-in capital 366,710 302,992 Retained deficit ( 400,962 ) ( 418,165 ) Total shareholders' deficit ( 34,110 ) ( 115,091 ) Total liabilities, redeemable preferred stock and shareholders' deficit

View Full Filing

View this 10-Q filing on SEC EDGAR