Capital Senior Living(SNDA) - 2025 Q1 - Quarterly Results

Revenue and Income - Resident revenue increased by $18.6 million, or 30.6%, from Q1 2024 to Q1 2025, reaching $79.3 million[7] - Total revenues for the three months ended March 31, 2025, increased to $91.923 million, up 36.4% from $67.438 million in the same period of 2024[25] - Resident revenue rose to $79.255 million, a 30.5% increase compared to $60.737 million in the prior year[25] - Net loss attributable to common shareholders for Q1 2025 was $(13.938) million, compared to a net income of $22.835 million in Q1 2024[25] - Net loss attributable to Sonida shareholders for Q1 2025 was $12.5 million, compared to a net income of $27.0 million in Q1 2024[13] Operating Performance - Adjusted EBITDA for Q1 2025 was $13.6 million, an increase of $4.1 million, or 43.2%, year-over-year[5] - Community Net Operating Income for the same-store portfolio increased by $2.6 million, or 19.3%, to $16.1 million in Q1 2025 compared to Q1 2024[5] - Community Net Operating Income Margin improved to 27.6% in Q1 2025 from 24.8% in Q1 2024[5] - Same-store community net operating income increased to $16,070,000 in Q1 2025, up from $13,500,000 in Q4 2024, reflecting a growth of 11.6%[42] - The same-store community net operating income margin improved to 27.5% in Q1 2025 from 24.8% in Q4 2024[42] Expenses and Losses - Operating expenses increased by $14.1 million, or 30.5%, to $60.4 million in Q1 2025, primarily due to expenses related to 16 additional communities acquired[8] - Total expenses increased to $94.789 million, up 36.2% from $69.570 million in the same quarter of 2024[25] - General and administrative expenses rose to $8,472,000 in Q1 2025 from $6,812,000 in Q4 2024, an increase of 24.3%[42] - Interest expense for Q1 2025 was $9.4 million, an increase of $0.8 million from Q1 2024, mainly due to incremental borrowings for community acquisitions[11] - Interest expense increased to $9,446,000 in Q1 2025 from $8,591,000 in Q4 2024, reflecting a rise of 9.9%[42] Cash Flow and Assets - Cash and cash equivalents decreased to $13.988 million as of March 31, 2025, down from $16.992 million at the end of 2024[27] - Total assets decreased to $824.479 million as of March 31, 2025, compared to $841.921 million at the end of 2024[27] - Net cash provided by operating activities was $3.823 million for Q1 2025, compared to $(4.105) million in Q1 2024[29] Shareholder Information - Weighted average common shares outstanding increased to 18.047 million in Q1 2025 from 9.861 million in Q1 2024[25] - Basic net loss per common share for Q1 2025 was $(0.77), compared to a basic net income of $2.32 per share in Q1 2024[25] Capital Expenditures and Costs - Capital expenditures for Q1 2025 were $(8.337) million, an increase from $(5.762) million in the same period of 2024[29] - The company incurred transaction, transition, and restructuring costs of $610,000 in Q1 2025, compared to $399,000 in Q4 2024, marking a 53% increase[45] - Stock-based compensation expense was $973,000 in Q1 2025, up from $575,000 in Q4 2024, indicating an increase of 69.2%[45] - The provision for credit losses was $695,000 in Q1 2025, compared to $398,000 in Q4 2024, reflecting a growth of 74.8%[45] Community Overview - The Company owned, managed, or invested in 94 senior housing communities across 20 states, with a total capacity of approximately 10,000 residents as of March 31, 2025[21]