Capital Senior Living(SNDA)2025-05-12 12:43Revenue and Occupancy - For the three months ended March 31, 2025, the Company generated resident revenue of $79.3 million, an increase of 30.6% compared to $60.7 million for the same period in 2024[123] - The weighted average occupancy for the owned communities was 86.8% for the three months ended March 31, 2025, compared to 85.8% for the same period in 2024, indicating continued occupancy growth[124] - The average monthly rental rate for owned communities increased by 5.5% for the three months ended March 31, 2025, compared to the same period in 2024[124] - Managed community reimbursement revenue increased by 90.2% to $11.6 million for the three months ended March 31, 2025, compared to $6.1 million for the same period in 2024[139] - The Company managed 13 communities on behalf of third parties for the three months ended March 31, 2025, compared to 10 communities in the same period in 2024[125] Expenses - Operating expenses for the three months ended March 31, 2025, were $60.4 million, representing an increase of 30.5% from $46.3 million for the same period in 2024[140] - General and administrative expenses rose to $8.5 million for the three months ended March 31, 2025, up from $6.8 million in the same period in 2024, primarily due to increased labor and employee-related expenses[141] - Interest expense for the three months ended March 31, 2025, was $9.4 million, an increase of $0.8 million from $8.6 million for the same period in 2024[144] Cash Flow and Liquidity - Net cash provided by operating activities for the three months ended March 31, 2025 was $3.8 million, a change of $7.9 million compared to net cash used of $4.1 million in the same period of 2024[151] - Net cash used in investing activities for the three months ended March 31, 2025 was $7.9 million, primarily due to $8.3 million in ongoing capital improvements[152] - Net cash used by financing activities for the three months ended March 31, 2025 was $2.5 million, primarily due to dividends paid of $1.4 million and repayments of notes payable of $0.9 million[153] - The company experienced a decrease in cash and cash equivalents of $6.7 million for the three months ended March 31, 2025, compared to an increase of $19.9 million in the same period of 2024[150] - As of March 31, 2025, the company had $14.0 million in unrestricted cash and outstanding borrowings of $60.0 million under its Credit Facility, with an availability of $43.2 million[146] Debt and Financing - The company entered into a senior secured revolving credit facility with a borrowing capacity of up to $150.0 million, with $60.0 million outstanding as of March 31, 2025[131] - The company entered into an At-the-Market Issuance Sales Agreement allowing for the sale of common stock up to an aggregate offering price of $75,000,000[146] - The company is evaluating financial and capital raising transactions, including debt financings and equity offerings, but there is no assurance of continued cash flow generation[148] - The company’s majority of outstanding variable-rate debt obligations were covered by interest rate caps to manage market risk exposure[147] Economic Conditions - The company’s liquidity and capital funding requirements are influenced by operating results, capital expenditures, and general economic conditions[149] - Recent economic changes could impact the fair value of assets and tighten liquidity and credit markets, affecting the company’s ability to secure debt[149]