Capital Senior Living(SNDA) - 2024 Q1 - Quarterly Results

Financial Performance - In Q1 2024, Sonida Senior Living reported resident revenue of $60.7 million, an increase of $4.1 million or 7.3% compared to Q1 2023[7]. - Net income for Q1 2024 was $27.0 million, which includes a $38.1 million gain on debt extinguishment[4]. - Adjusted EBITDA for Q1 2024 was $9.5 million, representing a year-over-year increase of 21.5%[4]. - Community Net Operating Income (NOI) for Q1 2024 was $14.9 million, up from $13.4 million in Q1 2023, reflecting a margin of 24.6%[4]. - For the three months ended March 31, 2024, total revenues increased to $67,438,000, up 8.8% from $62,073,000 in the same period of 2023[31]. - Resident revenue for the same period was $60,737,000, representing a 7.5% increase compared to $56,606,000 in 2023[31]. - Net income attributable to common stockholders for Q1 2024 was $22,835,000, an increase of 15.5% from $19,765,000 in Q1 2023[31]. - Adjusted EBITDA for Q1 2024 was $9,473,000, compared to $7,794,000 in Q1 2023, marking a growth of 21.6%[46]. - The company reported a net income of $27,019,000 in Q1 2024, compared to $24,145,000 in Q1 2023, reflecting a growth of 11.9%[41]. Occupancy and Community Metrics - The weighted average occupancy for the consolidated portfolio increased by 200 basis points to 85.9% year-over-year[4]. - The weighted average occupancy rate improved to 85.9% in Q1 2024, up from 83.9% in Q1 2023, showing a 2.0% increase[49]. - The number of communities decreased to 61 in Q1 2024 from 62 in Q1 2023, while unit capacity slightly declined to 5,692 from 5,747[49]. - Community Net Operating Income for Q1 2024 was $14,915,000, an increase from $13,402,000 in Q1 2023, representing a growth of 11.2%[41]. - The Community Net Operating Income Margin improved to 24.6% in Q1 2024, up from 23.7% in Q1 2023, indicating a 0.9% increase[41]. - Adjusted Community Net Operating Income for Q1 2024 was $14,915,000, compared to $11,365,000 in Q1 2023, indicating a significant increase of 31.8%[41]. Cash and Capital Management - The company raised gross cash proceeds of $47.8 million from a private placement of 5,026,318 shares at $9.50 per share[4]. - An additional $10.3 million of net proceeds were raised in April 2024 through an At-the-Market Issuance Sales Agreement[4]. - Cash and cash equivalents as of March 31, 2024, were $24,211,000, significantly up from $4,082,000 at the end of 2023[33]. - Total assets increased to $636,277,000 as of March 31, 2024, compared to $621,460,000 at the end of 2023[33]. - Total liabilities decreased to $627,804,000 as of March 31, 2024, down from $688,009,000 at the end of 2023[33]. - The company’s total current liabilities decreased to $56,497,000 as of March 31, 2024, from $100,861,000 at the end of 2023[33]. Operating Expenses and Debt Management - Operating expenses increased by $2.5 million or 5.7% to $46.3 million in Q1 2024, primarily due to increased labor costs[8]. - The company completed the Protective Life Loan Purchase for $40.2 million, reducing notes payable by $49.6 million[4]. - Total variable rate mortgage debt increased to $162,114,000 in Q1 2024 from $137,453,000 in Q4 2023[49]. - Total fixed rate debt decreased to $418,275,000 in Q1 2024 from $500,721,000 in Q4 2023[49]. Strategic Focus - Sonida Senior Living plans to use new capital for working capital, community improvements, and potential acquisitions[16]. - The company is focused on expanding its senior living communities and improving operational performance despite market challenges[28].