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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020  
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number 1-16817
FIVE STAR SENIOR LIVING INC.
(Exact Name of Registrant as Specified in Its Charter)
 
 
Maryland
04-3516029
(State or Other Jurisdiction of Incorporation or Organization)
(IRS Employer Identification No.)
400 Centre Street, Newton, Massachusetts 02458
(Address of Principal Executive Offices) (Zip Code) 

617-796-8387
(Registrant’s Telephone Number, Including Area Code):
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common Stock
 
FVE
 
The Nasdaq Stock Market LLC
 

Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     
Yes   No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     
Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 
 
 
 
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes   No   

Number of registrant’s shares of common stock, $0.01 par value, outstanding as of November 2, 2020:  31,571,897.  
 
 
 
 
 



FIVE STAR SENIOR LIVING INC.
FORM 10-Q
September 30, 2020
Table of Contents
 
Page
 
 
 
 
 
 
 
 
 
References in this Quarterly Report on Form 10-Q to the Company, Five Star, we, us or our include Five Star Senior Living Inc. and its consolidated subsidiaries, unless otherwise expressly stated or the context indicates otherwise.

“Five Star Senior Living”, “Bridge to Rediscovery” and “Ageility Physical Therapy Solutions” are protected under applicable intellectual property laws. Solely for convenience, these trademarks referred to in this Quarterly Report on Form 10-Q may appear without the TM symbol, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks.





PART I.   Financial Information
Item 1.  Financial Statements
Five Star Senior Living Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
 
 
September 30, 2020
 
December 31, 2019
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
95,779

 
$
31,740

Restricted cash and cash equivalents
 
23,842

 
23,995

Accounts receivable, net of allowance of $3,535 and $4,664, respectively
 
9,755

 
34,190

Due from related person
 
79,807

 
5,533

Debt and equity investments, of which $11,013 and $12,622 are restricted, respectively
 
20,465

 
21,070

Prepaid expenses and other current assets
 
21,006

 
17,286

Assets held for sale
 

 
9,554

Total current assets
 
250,654

 
143,368

 
 
 
 
 
Property and equipment, net
 
160,741

 
167,247

Equity investment of an investee, net
 
11

 
298

Restricted cash and cash equivalents
 
821

 
1,244

Restricted debt and equity investments
 
4,975

 
7,105

Operating lease right of use assets
 
18,748

 
20,855

Finance lease right of use assets
 
4,515

 

Other long-term assets
 
3,844

 
5,676

Total assets
 
$
444,309

 
$
345,793

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
21,543

 
$
30,440

Accrued expenses and other current liabilities
 
49,960

 
55,981

Accrued compensation and benefits
 
67,725

 
35,629

Accrued self-insurance obligations
 
28,567

 
23,791

Operating lease liabilities
 
2,773

 
2,872

Finance lease liabilities
 
386

 

Due to related persons
 
199

 
2,247

Mortgage note payable
 
381

 
362

Security deposits and current portion of continuing care contracts
 
375

 
434

Liabilities held for sale
 

 
12,544

Total current liabilities
 
171,909

 
164,300

 
 
 
 
 
Long-term liabilities:
 
 
 
 
Accrued self-insurance obligations
 
35,985

 
33,872

Operating lease liabilities
 
17,636

 
19,671

Finance lease liabilities
 
4,129

 

Mortgage note payable
 
6,882

 
7,171

Other long-term liabilities
 
207

 
798

Total long-term liabilities
 
64,839

 
61,512

 
 
 
 
 
Commitments and contingencies
 

 

 
 
 
 
 
Shareholders’ equity:
 
 
 
 
Common stock, par value $0.01: 75,000,000 shares authorized, 31,573,289 and 5,154,892 shares issued and outstanding, respectively
 
316

 
52

Additional paid-in-capital
 
459,851

 
362,450

Accumulated deficit
 
(253,982
)
 
(245,184
)
Accumulated other comprehensive income
 
1,376

 
2,663

Total shareholders’ equity
 
207,561

 
119,981

Total liabilities and shareholders' equity
 
$
444,309

 
$
345,793

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1


Five Star Senior Living Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share amounts)
(unaudited)



 
 
Three Months Ended
September 30, 2020
 
Nine Months Ended
September 30, 2020
 
 
2020
 
2019
 
2020
 
2019
REVENUES
 
 
 
 
 
 
 
 
Senior living
 
$
18,525

 
$
257,600

 
$
59,112

 
$
786,771

Management fees
 
15,302

 
4,053

 
48,058

 
12,060

Rehabilitation and wellness services
 
21,124

 
12,447

 
61,776

 
34,707

     Total management and operating revenues
 
54,951

 
274,100

 
168,946

 
833,538

Reimbursed community-level costs incurred on behalf of managed communities
 
233,783

 
80,909

 
689,903

 
232,733

Other reimbursed expenses
 
6,589

 

 
19,003

 

  Total revenues
 
295,323

 
355,009

 
877,852

 
1,066,271

 
 
 
 
 
 
 
 
 
Other operating income
 

 

 
1,499

 

 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 
 
 
 
 
 
 
Senior living wages and benefits
 
11,128

 
137,916

 
30,633

 
411,553

Other senior living operating expenses
 
6,717

 
76,929

 
18,290

 
223,896

Rehabilitation and wellness services expenses
 
16,124

 
10,412

 
48,595

 
28,031

Community-level costs incurred on behalf of managed communities
 
233,783

 
80,909

 
689,903

 
232,733

General and administrative
 
19,916

 
20,094

 
66,348

 
67,144

Rent
 
1,282

 
33,169

 
3,837

 
120,973

Depreciation and amortization
 
2,680

 
2,818

 
8,084

 
13,924

Loss on sale of senior living communities
 

 
749

 

 
850

Long-lived asset impairment
 

 
18

 

 
3,278

Total operating expenses
 
291,630

 
363,014

 
865,690

 
1,102,382

 
 
 
 
 
 
 
 
 
Operating income (loss)
 
3,693

 
(8,005
)
 
13,661

 
(36,111
)
 
 
 
 
 
 
 
 
 
Interest, dividend and other income
 
104

 
414

 
625

 
985

Interest and other expense
 
(379
)
 
(384
)
 
(1,170
)
 
(2,196
)
Unrealized gain (loss) on equity investments
 
435

 
148

 
(160
)
 
476

Realized gain (loss) on sale of debt and equity investments
 
327

 
(9
)
 
422

 
227

Loss on termination of leases
 

 

 
(22,899
)
 

 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and equity in earnings of an investee
 
4,180

 
(7,836
)
 
(9,521
)
 
(36,619
)
(Provision) benefit for income taxes
 
(465
)
 
687

 
(971
)
 
(98
)
Equity in earnings of an investee
 

 
83

 

 
617

Net income (loss)
 
$
3,715

 
$
(7,066
)
 
$
(10,492
)
 
$
(36,100
)
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding—basic
 
31,486

 
5,012

 
31,465

 
5,007

Weighted average shares outstanding—diluted
 
31,563

 
5,012

 
31,465

 
5,007

 
 
 
 
 
 
 
 
 
Net income (loss) per share—basic
 
$
0.12

 
$
(1.41
)
 
$
(0.33
)
 
$
(7.21
)
Net income (loss) per share—diluted
 
$
0.12

 
$
(1.41
)
 
$
(0.33
)
 
$
(7.21
)
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



2


Five Star Senior Living Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(dollars in thousands)
(unaudited)


 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net income (loss)
$
3,715

 
$
(7,066
)
 
$
(10,492
)
 
$
(36,100
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized (loss) gain on debt investments, net of tax of $0 and ($915), and $0 and $251, respectively
(20
)
 
1,085

 
710

 
864

Equity in unrealized (loss) gain of an investee, net of tax of $0 and $0, and $0 and $0, respectively

 
(46
)
 

 
90

Realized gain on debt investments reclassified and included in net income, net of tax of $0 and $0, and $0 and $0, respectively
(290
)
 
(1
)
 
(303
)
 

Other comprehensive (loss) income
(310
)
 
1,038

 
407

 
954

Comprehensive income (loss)
$
3,405

 
$
(6,028
)
 
$
(10,085
)
 
$
(35,146
)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



3


Five Star Senior Living Inc.
Condensed Consolidated Statements of Shareholders’ Equity
(dollars in thousands)
(unaudited)



 
Three and Nine Months Ended September 30, 2020
 
Number of
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income
 
Total Shareholders' Equity
Balance at January 1, 2020
5,154,892

 
$
52

 
$
362,450

 
$
(245,184
)
 
$
2,663

 
$
119,981

Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Net loss

 

 

 
(17,209
)
 

 
(17,209
)
Unrealized gain on debt investments, net of tax

 

 

 

 
427

 
427

Realized gain on debt investments reclassified and included in net loss, net of tax

 

 

 

 
(10
)
 
(10
)
Total comprehensive (loss) income

 

 

 
(17,209
)
 
417

 
(16,792
)
Cumulative effect adjustment to beginning accumulated deficit and accumulated other comprehensive income in connection with a reclassification of equity investments previously classified as debt investments

 

 

 
1,694

 
(1,694
)
 

Issuance of common shares
26,387,007

 
264

 
97,076

 

 

 
97,340

Grants under share award plan and share-based compensation
4,000

 

 
81

 

 

 
81

Repurchases under share award plan
(3,564
)
 

 
(1
)
 

 

 
(1
)
Balance at March 31, 2020
31,542,335

 
$
316

 
$
459,606

 
$
(260,699
)
 
$
1,386

 
$
200,609

Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
3,002

 

 
3,002

Unrealized gain on debt investments, net of tax

 

 

 

 
303

 
303

Realized gain on debt investments reclassified and included in net income, net of tax

 

 

 

 
(3
)
 
(3
)
Total comprehensive income

 

 

 
3,002

 
300

 
3,302

Grants under share award plan and share-based compensation
35,000

 

 
199

 

 

 
199

Repurchases under share award plan
(2,836
)
 

 
(4
)
 

 

 
(4
)
Balance at June 30, 2020
31,574,499

 
$
316

 
$
459,801

 
$
(257,697
)
 
$
1,686

 
$
204,106

Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
3,715

 

 
3,715

Unrealized loss on debt investments, net of tax

 

 

 

 
(20
)
 
(20
)
Realized gain on debt investments reclassified and included in net income, net of tax

 

 

 

 
(290
)
 
(290
)
Total comprehensive income (loss)

 

 

 
3,715

 
(310
)
 
3,405

Grants under share award plan and share-based compensation

 

 
53

 

 

 
53

Repurchases under share award plan
(1,210
)
 

 
(3
)
 

 

 
(3
)
Balance at September 30, 2020
31,573,289

 
$
316

 
$
459,851

 
$
(253,982
)
 
$
1,376

 
$
207,561




4


Five Star Senior Living Inc.
Condensed Consolidated Statements of Shareholders’ Equity
(dollars in thousands)
(unaudited)


 
Three and Nine Months Ended September 30, 2019
 
Number of
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income
 
Total Shareholders' Equity
Balance at January 1, 2019
5,085,345

 
$
51

 
$
362,012

 
$
(292,636
)
 
$
1,742

 
$
71,169

Comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
Net loss

 

 

 
(33,215
)
 

 
(33,215
)
Unrealized loss on debt investments, net of tax

 

 

 

 
(205
)
 
(205
)
Realized loss on debt investments reclassified and included in net loss, net of tax

 

 

 

 
4

 
4

Equity in unrealized gain of an investee, net of tax

 

 

 

 
65

 
65

Total comprehensive loss

 

 

 
(33,215
)
 
(136
)
 
(33,351
)
Cumulative effect adjustment to beginning accumulated deficit in connection with the adoption of ASC Topic 842

 

 

 
67,473

 

 
67,473

Grants under share award plan and share-based compensation

 

 
97

 

 

 
97

Repurchases under share award plan
(1,042
)
 

 

 

 

 

Balance at March 31, 2019
5,084,303

 
$
51

 
$
362,109

 
$
(258,378
)
 
$
1,606

 
$
105,388

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
4,181

 

 
4,181

Unrealized loss on debt investments, net of tax

 

 

 

 
(16
)
 
(16
)
Realized gain on debt investments reclassified and included in net income, net of tax

 

 

 

 
(3
)
 
(3
)
Equity in unrealized gain of an investee, net of tax

 

 

 

 
71

 
71

Total comprehensive income

 

 

 
4,181

 
52

 
4,233

Grants under share award plan and share-based compensation
6,250

 

 
123

 

 

 
123

Repurchases under share award plan
(3,964
)
 

 
2

 

 

 
2

Balance at June 30, 2019
5,086,589

 
$
51

 
$
362,234

 
$
(254,197
)
 
$
1,658

 
$
109,746

Comprehensive (loss) income:
 
 
 
 
 
 
 
 
 
 
 
Net loss

 

 

 
(7,066
)
 

 
(7,066
)
Unrealized gain on debt investments, net of tax

 

 

 

 
1,085

 
1,085

Realized gain on debt investments reclassified and included in net loss, net of tax

 

 

 

 
(1
)
 
(1
)
Equity in unrealized loss of an investee, net of tax

 

 

 

 
(46
)
 
(46
)
Total comprehensive (loss) income

 

 

 
(7,066
)
 
1,038

 
(6,028
)
Repurchase of fractional shares
(515
)
 

 

 

 

 

Grants under share award plan and share-based compensation

 

 
82

 

 

 
82

Repurchases under share award plan
(3,740
)
 

 
(2
)
 

 

 
(2
)
Balance at September 30, 2019
5,082,334

 
$
51

 
$
362,314

 
$
(261,263
)
 
$
2,696

 
$
103,798


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


Five Star Senior Living Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
(unaudited)


 
 
Nine Months Ended September 30,
 
 
2020
 
2019
CASH FLOW FROM OPERATING ACTIVITIES:
 
 
 
 
Net loss
 
$
(10,492
)
 
$
(36,100
)
Adjustments to reconcile net loss to cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
8,084

 
13,924

Loss on sale of senior living communities
 

 
850

Unrealized loss (gain) on equity securities
 
160

 
(476
)
Realized gain on sale of debt and equity investments
 
(422
)
 
(227
)
Loss on termination of leases
 
22,899

 

Long-lived asset impairment
 

 
3,278

Equity in earnings of an investee
 

 
(617
)
Share-based compensation
 
325

 
302

Provision for losses on accounts receivables
 
1,315

 
3,232

Amortization of non-cash rent adjustments
 

 
(944
)
Other non-cash expense adjustments, net
 
175

 
206

Changes in assets and liabilities:
 
 
 
 

Accounts receivable
 
23,120

 
(1,558
)
Due from related person
 
(54,249
)
 
15,515

Prepaid expenses and other current assets
 
(2,393
)
 
(4,939
)
Accounts payable
 
(8,897
)
 
(421
)
Accrued expenses and other current liabilities
 
46,126

 
9,107

Accrued compensation and benefits
 
32,096

 
9,205

Due to related persons
 
(2,048
)
 
461

Other current and long-term liabilities
 
6,241

 
1,279

     Net cash provided by operating activities
 
62,040

 
12,077

 
 
 
 
 
CASH FLOW FROM INVESTING ACTIVITIES:
 
 
 
 
Acquisition of property and equipment
 
(4,132
)
 
(37,433
)
Purchases of debt and equity investments
 
(5,688
)
 
(2,897
)
Proceeds from sale of property and equipment
 
2,725

 
90,822

Proceeds from sale of communities
 

 
(749
)
Distributions in excess of earnings from Affiliates Insurance Company
 
287

 

Proceeds from sale of debt and equity investments
 
9,078

 
5,042

     Net cash provided by investing activities
 
2,270

 
54,785

 
 
 
 
 
CASH FLOW FROM FINANCING ACTIVITIES:
 
 
 
 
Proceeds from borrowings on revolving credit facility
 

 
5,000

Repayments of borrowings on revolving credit facility
 

 
(56,484
)
Costs related to issuance of common stock
 
(559
)
 

Repayments of mortgage notes payable
 
(288
)
 
(272
)
Payment of deferred financing fees
 

 
(1,271
)
     Net cash used in financing activities
 
(847
)
 
(53,027
)
 
 
 
 
 
Change in cash and cash equivalents and restricted cash and cash equivalents
 
63,463

 
13,835

Restricted cash included in held for sale assets
 

 
(42
)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period
 
56,979

 
50,155

Cash and cash equivalents and restricted cash and cash equivalents at end of period
 
$
120,442

 
$
63,948

 
 
 
 
 
Reconciliation of cash and cash equivalents and restricted cash and cash equivalents:
 
 
 
 
Cash and cash equivalents
 
$
95,779

 
$
39,423

Current restricted cash and cash equivalents
 
23,842

 
23,047

Other restricted cash and cash equivalents
 
821

 
1,478

Cash and cash equivalents and restricted cash and cash equivalents at end of period
 
$
120,442

 
$
63,948

 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
Interest paid
 
$
363

 
$
1,691

Income taxes received, net
 
$
40

 
$
1,366

 
 
 
 
 
Non-cash investing and financing activities:
 
 
 
 
Liabilities assumed related to issuance of our common stock
 
$
51,547

 
$

Right of use assets obtained in exchange for finance lease liabilities
 
$