SONIDA SENIOR LIVING INC
For the period ended Mar 31, 2025. Filed May 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 12, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets — March (Unaudited) and December 31,
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
| March 31,2025 | December 31,2024 | |
|---|---|---|
| (unaudited) | ||
| Assets: | ||
| Current assets | ||
| Cash and cash equivalents | $13,988 | $16,992 |
| Restricted cash | 18,429 | 22,095 |
| Accounts receivable, net of allowance for credit losses of $8.6 million and $7.9 million, respectively | 16,463 | 18,965 |
| Prepaid expenses and other assets | 3,829 | 4,634 |
| Derivative assets | 975 | 1,403 |
| Total current assets | 53,684 | 64,089 |
| Property and equipment, net | 735,471 | 739,884 |
| Investment in unconsolidated entity | 10,221 | 10,943 |
| Intangible assets, net | 22,123 | 24,526 |
| Other assets, net | 2,980 | 2,479 |
| Total assets (a) | $824,479 | $841,921 |
| Liabilities: | ||
| Current liabilities | ||
| Accounts payable | $6,107 | $9,031 |
| Accrued expenses | 43,060 | 45,024 |
| Current portion of debt, net of deferred loan costs | 14,621 | 15,486 |
| Deferred income | 6,404 | 5,361 |
| Federal and state income taxes payable | 312 | 243 |
| Other current liabilities | 535 | 470 |
| Total current liabilities | 71,039 | 75,615 |
| Long-term debt, net of deferred loan costs | 636,273 | 635,904 |
| Other long-term liabilities | 1,201 | 793 |
| Total liabilities (a) | 708,513 | 712,312 |
| Commitments and contingencies (Note 12) | ||
| Redeemable preferred stock: | ||
| Series A convertible preferred stock, $0.01 par value; 41 shares authorized, 41 shares issued and outstanding as of March 31, 2025 and December 31, 2024 | 51,249 | 51,249 |
| Equity: | ||
| Sonida’s shareholders’ equity: | ||
| Preferred stock, $0.01 par value: | ||
| Authorized shares - 15,000 as of March 31, 2025 and December 31, 2024; none issued or outstanding, except Series A convertible preferred stock as noted above | — | — |
| Common stock, $0.01 par value: | ||
| Authorized shares - 30,000 as of March 31, 2025 and December 31, 2024; 18,878 and 18,992 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 189 | 190 |
| Additional paid-in capital | 491,334 | 491,819 |
| Retained deficit | (432,753) | (420,224) |
| Total Sonida shareholders’ equity | 58,770 | 71,785 |
| Noncontrolling interest: | 5,947 | 6,575 |
| Total equity | 64,717 | 78,360 |
| Total liabilities, redeemable preferred stock and equity | $824,479 | $841,921 |
(a)The condensed consolidated balance sheets include the following amounts related to our consolidated Variable Interest Entity (VIE): $0.8 million and $5.0 million of Cash and cash equivalents; $1.7 million and $1.5 million of Restricted cash; $0.5 million and $0.3 million of Accounts receivable, net; and $27.9 million and $27.8 million of Property and equipment, net; $4.2 million and $4.7 million of Intangible assets, net; $2.6 million and $5.4 million of Accounts payable; $0.6 million and $0.9 million of Accrued expenses; $0.3 million and $0.2 million of Deferred income; $21.3 million and $21.3 million of Debt, net of deferred loan costs; and $0.2 million and $0.2 million of Other long-term liabilities as of March 31, 2025 and December 31, 2024, respectively.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Revenues: | ||
| Resident revenue | $79,255 | $60,737 |
| Management fees | 1,061 | 594 |
| Managed community reimbursement revenue | 11,607 | 6,107 |
| Total revenues | 91,923 | 67,438 |
| Expenses: | ||
| Operating expense | 60,414 | 46,317 |
| General and administrative expense | 8,472 | 6,812 |
| Transaction, transition and restructuring costs | 610 | 399 |
| Depreciation and amortization expense | 13,686 | 9,935 |
| Managed community reimbursement expense | 11,607 | 6,107 |
| Total expenses | 94,789 | 69,570 |
| Other income (expense): | ||
| Interest income | 242 | 139 |
| Interest expense | (9,446) | (8,591) |
| Gain on extinguishment of debt, net | — | 38,148 |
| Loss from equity method investment | (330) | — |
| Other expense, net | (550) | (479) |
| Income (loss) before provision for income taxes | (12,950) | 27,085 |
| Provision for income taxes | (75) | (66) |
| Net income (loss) | (13,025) | 27,019 |
| Less: Net loss attributable to noncontrolling interests | 496 | — |
| Net income (loss) attributable to Sonida shareholders | (12,529) | 27,019 |
| Dividends on Series A convertible preferred stock | (1,409) | — |
| Undeclared dividends on Series A convertible preferred stock | — | (1,335) |
| Undistributed net income allocated to participating securities | — | (2,849) |
| Net income (loss) attributable to common shareholders | $(13,938) | $22,835 |
| Weighted average common shares outstanding — basic | 18,047 | 9,861 |
| Weighted average common shares outstanding — diluted | 18,047 | 10,562 |
| Basic net income (loss) per common share | $(0.77) | $2.32 |
| Diluted net income (loss) per common share | $(0.77) | $2.16 |
Condensed Consolidated Statements of Changes in Equity (Deficit) (Unaudited)
(in thousands)
| Sonida’s Shareholders | ||||||
|---|---|---|---|---|---|---|
| Common Stock · AdditionalPaid-InCapital · RetainedDeficit · Noncontrolling Interests | ||||||
| Shares · Amount · Total | ||||||
| Balance as of December 31, 2023 | 8,178 | $82 | $302,992 | $(418,165) | $— | $(115,091) |
| Issuance of common stock, net of issuance costs | 5,026 | 50 | 47,591 | — | — | 47,641 |
| Undeclared dividends on Series A convertible preferred stock | — | — | (1,335) | — | — | (1,335) |
| Stock-based plan activity | (7) | — | (213) | — | — | (213) |
| Non-cash stock-based compensation | — | — | 575 | — | — | 575 |
| Net income | — | — | — | 27,019 | — | 27,019 |
| Balance as of March 31, 2024 | 13,197 | $132 | $349,610 | $(391,146) | $— | $(41,404) |
| Sonida’s Shareholders | ||||||
| Common Stock · AdditionalPaid-InCapital · RetainedDeficit · Noncontrolling Interests | ||||||
| Shares · Amount · Total | ||||||
| Balance as of December 31, 2024 | 18,992 | $190 | $491,819 | $(420,224) | $6,575 | $78,360 |
| Capital distributions to noncontrolling interest | — | — | — | — | (132) | (132) |
| Series A convertible preferred stock dividends | — | — | (1,409) | — | — | (1,409) |
| Stock-based plan activity | (114) | (1) | (49) | — | — | (50) |
| Non-cash stock-based compensation | — | — | 973 | — | — | 973 |
| Net loss | — | — | — | (12,529) | (496) | (13,025) |
| Balance as of March 31, 2025 | 18,878 | $189 | $491,334 | $(432,753) | $5,947 | $64,717 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.