Brookdale Senior Living Inc. Reports Net Loss of $44.6 Million for the First Quarter of 2023

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.