Brookdale Senior Living Inc.(BKD), a leading operator of senior livi ng communities, announced its financial results for the first quarter of 2023. The company reported a net loss of $44.6 million for the quarter. However, despite the loss, Brookdale Senior Living Inc. experienced growth in its revenue, with total revenue and other operating income reaching $753.3 million.
Financial Data
Net income (loss): ($44.6 million),Total revenue and other operating income: $753.3 million
Brookdale Senior Living Inc. Condensed Consolidated Balance Sheets
The condensed consolidated balance sheets for Brookdale Senior Living Inc. as of March 31, 2023, and December 31, 2022, are as follows:
Assets
The company's current assets as of March 31, 2023, totaled $666.4 million, compared to $637.1 million as of December 31, 2022. Key components of the current assets include:
Cash and cash equivalents: $362.2 million (March 31, 2023) and $398.9 million (December 31, 2022)
Marketable securities: $69.0 million (March 31, 2023) and $48.7 million (December 31, 2022)
Restricted cash: $29.4 million (March 31, 2023) and $27.7 million (December 31, 2022)
Accounts receivable, net: $52.6 million (March 31, 2023) and $55.8 million (December 31, 2022)
Assets held for sale: $23.6 million (March 31, 2023) and $0.0 million (December 31, 2022)
Prepaid expenses and other current assets, net: $129.6 million (March 31, 2023) and $106.1 million (December 31, 2022)
Additionally, the company's other assets, including property, plant and equipment, leasehold intangibles, operating lease right-of-use assets, investment in unconsolidated ventures, goodwill, deferred tax asset, and other assets, totaled $5.2 billion as of March 31, 2023.
Liabilities and Equity
Brookdale Senior Living Inc.'s current liabilities as of March 31, 2023, amounted to $707.3 million, compared to $641.2 million as of December 31, 2022. Key components of the current liabilities include:
Current portion of long-term debt: $87.7 million (March 31, 2023) and $66.0 million (December 31, 2022)
Current portion of financing lease obligations: $24.7 million (March 31, 2023) and $24.1 million (December 31, 2022)
Current portion of operating lease obligations: $177.9 million (March 31, 2023) and $176.8 million (December 31, 2022)
Trade accounts payable: $88.7 million (March 31, 2023) and $71.0 million (December 31, 2022)
Liabilities held for sale: $19.5 million (March 31, 2023) and $0.0 million (December 31, 2022)
Accrued expenses: $238.4 million (March 31, 2023) and $237.1 million (December 31, 2022)
Refundable fees and deferred revenue: $70.4 million (March 31, 2023) and $66.2 million (December 31, 2022)
Furthermore, the company's long-term debt, financing lease obligations, operating lease obligations, and other liabilities totaled $4.6 billion as of March 31, 2023.
Brookdale Senior Living Inc.'s total stockholders' equity, including both common stock and preferred stock, amounted to $539.3 million as of March 31, 2023, compared to $582.6 million as of December 31, 2022.
Key Financial Highlights:
Net income (loss) for the first quarter of 2023: ($44.6 million)
Total revenue and other operating income for the first quarter of 2023: $753.3 million
Brookdale Senior Living Inc. reported a net loss of $44.6 million for the first quarter of 2023. However, the company achieved growth in its revenue, with total revenue and other operating income reaching $753.3 million. The financial results demonstrate the company's ongoing efforts to navigate the challenges in the senior living industry and provide high-quality care for its residents. Brookdale Senior Living Inc. remains focused on its commitment to enhancing the lives of seniors and creating value for its stakeholders.