Sonida Senior Living Reports Q3 2024 Results

TL;DR

**Sonida Senior Living (SNDA) Q3 2024 10-Q filed. Financials out.**

AI Summary

Sonida Senior Living, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of 2024, detailing revenues, expenses, and net income. Key financial metrics and operational updates were provided for the period.

Why It Matters

This filing provides investors with a detailed look at Sonida Senior Living's financial performance and operational status, crucial for understanding the company's health and future prospects in the senior living sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the senior living industry can be subject to regulatory, occupancy, and economic risks.

Key Numbers

• 2024-09-30 — Reporting Period End (As of September 30, 2024)
• 2024-01-01 — Nine Months Start (Beginning of the nine-month period)
• 2023-12-31 — Prior Year End (End of the previous fiscal year)

Key Players & Entities

• SONIDA SENIOR LIVING, INC. (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241113 (date) — Filing 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-20240930.htm (10-Q) — 1136KB
• snda-20240930xexx311.htm (EX-31.1) — 9KB
• snda-20240930xex312.htm (EX-31.2) — 8KB
• snda-20240930xexx321.htm (EX-32.1) — 4KB
• snda-20240930xex322.htm (EX-32.2) — 4KB
• snda-20240930_g1.jpg (GRAPHIC) — 66KB
• 0001628280-24-047628.txt ( ) — 7408KB
• snda-20240930.xsd (EX-101.SCH) — 55KB
• snda-20240930_cal.xml (EX-101.CAL) — 69KB
• snda-20240930_def.xml (EX-101.DEF) — 343KB
• snda-20240930_lab.xml (EX-101.LAB) — 574KB
• snda-20240930_pre.xml (EX-101.PRE) — 492KB
• snda-20240930_htm.xml (XML) — 909KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets — September 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations — Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited ) 5 Condensed Consolidated Statements of Changes in Equity (Defi cit) — Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows — Nine Months Ended September 30, 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 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

Other Information

Part II. Other Information 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38 Signature 39 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) September 30, 2024 December 31, 2023 (Unaudited) Assets: Current assets Cash and cash equivalents $ 24,938 $ 4,082 Restricted cash 18,850 13,668 Accounts receivable, net 12,677 8,017 Prepaid expenses and other assets 4,743 4,475 Derivative assets 701 2,103 Acquisition deposit 102,461 — Total current assets 164,370 32,345 Property and equipment, net 611,911 588,179 Investment in unconsolidated entity 11,868 — Other assets, net 8,086 936 Total assets $ 796,235 $ 621,460 Liabilities: Current liabilities Accounts payable $ 6,098 $ 11,375 Accrued expenses 44,791 42,388 Current portion of notes payable, net of deferred loan costs 14,119 42,323 Deferred income 4,294 4,041 Federal and state income taxes payable 161 215 Other current liabilities 826 519 Total current liabilities 70,289 100,861 Notes payable, net of deferred loan costs and current portion 589,975 587,099 Other long-term liabilities 23 49 Total liabilities 660,287 688,009 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 September 30, 2024 and December 31, 2023 51,248 48,542 Equity: Sonida's shareholders' equity (deficit): Preferred stock, $ 0.01 par value: Authorized shares - 15,000 as of September 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 September 30, 2024 and December 31, 2023, respectively; 19,070 and 8,178 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 191 82 Additional paid-in capital 492,072 302,992 Retained deficit ( 414,720 ) ( 418,165 ) Total Sonida shareholders' equity (deficit) 77,543

View Full Filing

View this 10-Q filing on SEC EDGAR