Sonida Senior Living, Inc. Announces Fourth Quarter and Full Year 2024 Results
Sonida Senior Living (NYSE: SNDA) reported its Q4 and full-year 2024 results, marking a transformative year with significant growth. The company's same-store portfolio saw a 70 basis point increase in weighted average occupancy to 86.6% in Q4 2024.
Key financial highlights include:
- Net loss improved to $2.1M in 2024 from $21.1M in 2023
- Adjusted EBITDA increased 27.4% to $43.2M in 2024
- Q4 2024 RevPAR rose 6.0% to $3,678
- RevPOR increased 5.1% to $4,248
Notable transactions include:
- Cincinnati acquisition for $16.3M in December 2024
- Atlanta market expansion with two communities for $29.0M
- Fannie Mae loan extension to 2029
- Expanded credit facility to $150M total commitment
Sonida Senior Living (NYSE: SNDA) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, segnando un anno di trasformazione con una crescita significativa. Il portafoglio stesso della compagnia ha registrato un aumento di 70 punti base nella media ponderata di occupazione, raggiungendo l'86,6% nel quarto trimestre del 2024.
I principali punti finanziari includono:
- La perdita netta è migliorata a 2,1 milioni di dollari nel 2024 rispetto ai 21,1 milioni del 2023
- L'EBITDA rettificato è aumentato del 27,4% a 43,2 milioni di dollari nel 2024
- Il RevPAR del quarto trimestre 2024 è aumentato del 6,0% a 3.678 dollari
- Il RevPOR è aumentato del 5,1% a 4.248 dollari
Le transazioni notevoli includono:
- Acquisizione di Cincinnati per 16,3 milioni di dollari a dicembre 2024
- Espansione nel mercato di Atlanta con due comunità per 29,0 milioni di dollari
- Estensione del prestito Fannie Mae fino al 2029
- Espansione della linea di credito a un impegno totale di 150 milioni di dollari
Sonida Senior Living (NYSE: SNDA) informó sus resultados del cuarto trimestre y del año completo 2024, marcando un año transformador con un crecimiento significativo. El portafolio de la compañía en tiendas comparables vio un aumento de 70 puntos básicos en la ocupación promedio ponderada, alcanzando el 86.6% en el cuarto trimestre de 2024.
Los principales aspectos financieros incluyen:
- La pérdida neta mejoró a 2.1 millones de dólares en 2024 desde 21.1 millones en 2023
- El EBITDA ajustado aumentó un 27.4% a 43.2 millones de dólares en 2024
- El RevPAR del cuarto trimestre de 2024 subió un 6.0% a 3,678 dólares
- El RevPOR aumentó un 5.1% a 4,248 dólares
Las transacciones notables incluyen:
- Adquisición de Cincinnati por 16.3 millones de dólares en diciembre de 2024
- Expansión en el mercado de Atlanta con dos comunidades por 29.0 millones de dólares
- Extensión del préstamo de Fannie Mae hasta 2029
- Ampliación de la línea de crédito a un compromiso total de 150 millones de dólares
Sonida Senior Living (NYSE: SNDA)는 2024년 4분기 및 연간 실적을 발표하며, 상당한 성장을 이룬 변혁의 해를 기록했습니다. 회사의 동일 점포 포트폴리오는 2024년 4분기 평균 점유율이 70bp 증가하여 86.6%에 도달했습니다.
주요 재무 하이라이트는 다음과 같습니다:
- 2024년 순손실이 210만 달러로 2023년 2,110만 달러에서 개선됨
- 조정 EBITDA가 27.4% 증가하여 4,320만 달러에 도달
- 2024년 4분기 RevPAR이 6.0% 증가하여 3,678달러에 도달
- RevPOR이 5.1% 증가하여 4,248달러에 도달
주목할 만한 거래는 다음과 같습니다:
- 2024년 12월에 1,630만 달러에 신시내티 인수
- 2개 커뮤니티로 2,900만 달러에 애틀랜타 시장 확장
- 2029년까지의 Fannie Mae 대출 연장
- 총 1억 5천만 달러의 신용 시설 확대
Sonida Senior Living (NYSE: SNDA) a annoncé ses résultats du quatrième trimestre et de l'année entière 2024, marquant une année transformative avec une croissance significative. Le portefeuille de la société a enregistré une augmentation de 70 points de base de l'occupation moyenne pondérée, atteignant 86,6% au quatrième trimestre 2024.
Les principaux points financiers incluent :
- La perte nette s'est améliorée à 2,1 millions de dollars en 2024 contre 21,1 millions de dollars en 2023
- Le EBITDA ajusté a augmenté de 27,4% pour atteindre 43,2 millions de dollars en 2024
- Le RevPAR du quatrième trimestre 2024 a augmenté de 6,0% pour atteindre 3 678 dollars
- Le RevPOR a augmenté de 5,1% pour atteindre 4 248 dollars
Les transactions notables comprennent :
- Acquisition de Cincinnati pour 16,3 millions de dollars en décembre 2024
- Expansion sur le marché d'Atlanta avec deux communautés pour 29,0 millions de dollars
- Extension du prêt Fannie Mae jusqu'en 2029
- Extension de la ligne de crédit à un engagement total de 150 millions de dollars
Sonida Senior Living (NYSE: SNDA) hat seine Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und ein transformierendes Jahr mit erheblichem Wachstum markiert. Das gleiche Portfolio des Unternehmens verzeichnete im vierten Quartal 2024 einen Anstieg der gewichteten durchschnittlichen Belegung um 70 Basispunkte auf 86,6%.
Wichtige finanzielle Highlights sind:
- Der Nettoverlust verbesserte sich 2024 auf 2,1 Millionen Dollar von 21,1 Millionen Dollar im Jahr 2023
- Das bereinigte EBITDA stieg um 27,4% auf 43,2 Millionen Dollar im Jahr 2024
- Der RevPAR im vierten Quartal 2024 stieg um 6,0% auf 3.678 Dollar
- Der RevPOR stieg um 5,1% auf 4.248 Dollar
Bemerkenswerte Transaktionen umfassen:
- Akquisition von Cincinnati für 16,3 Millionen Dollar im Dezember 2024
- Markterweiterung in Atlanta mit zwei Gemeinschaften für 29,0 Millionen Dollar
- Verlängerung des Fannie Mae-Darlehens bis 2029
- Erweiterung der Kreditfazilität auf insgesamt 150 Millionen Dollar
- Net loss improved significantly by $19M year-over-year
- Adjusted EBITDA increased 27.4% to $43.2M in 2024
- Same-store occupancy improved 70 basis points to 86.6%
- RevPAR grew 6.0% and RevPOR increased 5.1% in Q4 2024
- Successfully expanded credit facility to $150M
- Acquired 20 new communities with growth potential
- Q4 2024 Community NOI decreased to $16.0M from $16.3M in Q4 2023
- NOI Margin declined to 25.5% from 27.4% in Q4 2023
- General and administrative expenses increased 24.2% to $40.0M in 2024
- Operating expenses increased by $24.7M year-over-year
Insights
Sonida's Q4 and full-year 2024 results demonstrate significant operational and financial improvements that position the company for accelerated growth. The $19 million reduction in net loss (to $2.1M from $21.1M year-over-year) signals substantial progress toward profitability. Perhaps more telling is the 27.4% increase in Adjusted EBITDA to $43.2 million, reflecting enhanced operational efficiency.
The company's same-store portfolio shows healthy fundamental improvements with occupancy up 70 basis points to 86.6%, while RevPAR increased 6.0% and RevPOR grew 5.1%. These metrics indicate both improved utilization and effective rate management. While Q4 Community NOI decreased slightly year-over-year, this was due to one-time benefits in 2023; the adjusted NOI margin actually improved from 24.6% to 25.5% when accounting for these items.
Strategically, Sonida has executed an impressive transformation through both organic improvement and acquisition-driven growth. The addition of 20 communities through acquisitions provides substantial embedded upside potential as these properties are integrated and optimized. The company has simultaneously strengthened its balance sheet through multiple channels: an overnight equity offering, ATM sales generating $18.7 million, a new $150 million credit facility, and strategic debt restructuring including a 36% discount on the Texas discounted payoff.
With $17 million in unrestricted cash and significant untapped capacity on its revolving credit facility, Sonida has built a capital structure that can support continued strategic acquisitions while maintaining operational flexibility. The extension of Fannie Mae debt maturity to 2029 further stabilizes the long-term capital structure.
“2024 was a transformative year for Sonida, highlighted by the combination of organic and inorganic growth and continued strengthening of our balance sheet. We delivered another year of strong NOI growth in our same-store portfolio, driven by improvements across all key metrics, and coupled this with the acquisition of 20 high-quality communities with significant embedded upside. Sonida executed on its first overnight equity offering and put in place a new secured corporate credit facility, creating the dry powder to fuel the rapid pace of acquisition activity. Cumulatively, these activities position Sonida for accelerated NOI growth in 2025, demonstrating the power of our owner/operator model and high-touch approach to the resident experience,” said Brandon Ribar, President and CEO.
Fourth Quarter and Full Year Highlights
-
Weighted average occupancy for the Company’s owned same-store portfolio increased 70 basis points to
86.6% in Q4 2024 from85.9% in Q4 2023. -
Same-store resident revenue increased
$3.6 million 6.0% , comparing Q4 2024 to Q4 2023. -
Net loss attributable to Sonida stockholders for 2024 was
$2.1 million $21.1 million $19.0 million -
2024 Adjusted EBITDA, a non-GAAP measure, was
$43.2 million $33.9 million $9.3 million 27.4% , driven primarily by continued improvement in operations. -
Results for the Company’s same-store owned portfolio of 61 communities:
-
Q4 2024 vs. Q4 2023:
-
Revenue Per Available Unit (“RevPAR”) increased
6.0% to$3,678 -
Revenue Per Occupied Unit (“RevPOR”) increased
5.1% to$4,248 -
Q4 2024 Community Net Operating Income, a non-GAAP measure, was
$16.0 million $16.3 million $1.0 million $0.7 million -
Community Net Operating Income Margin (“NOI Margin”), a non-GAAP measure, was
25.5% as compared to27.4% for Q4 2023. Excluding the Q4 2023 real estate tax protest settlements and workers compensation reserve decrease, the NOI Margin for Q4 2023 would have been24.6% .
-
Revenue Per Available Unit (“RevPAR”) increased
-
2024 vs. 2023:
-
RevPAR increased
8.1% to$3,650 -
RevPOR increased
5.9% to$4,224 -
Community Net Operating Income increased
$7.5 million $65.4 million -
Community Net Operating Income Margin was
26.2% and25.0% for 2024 and 2023, respectively. Adjusted Community Net Operating Income Margin, which excludes$2.9 million 26.2% and24.0% for 2024 and 2023, respectively.
-
RevPAR increased
-
Q4 2024 vs. Q4 2023:
Recent Highlights
Cincinnati Acquisition
In December 2024, the Company closed on the acquisition of an unoccupied single senior living community located in
Atlanta Acquisition
In November 2024, the Company acquired two senior living communities in the
Fannie Mae Loan Extension
In December 2024, the Company entered into an Omnibus Amendment to Multifamily Loan and Security Agreements (the “Omnibus Amendment”) with Federal National Mortgage Association (“Fannie Mae”). The Omnibus Amendment amends the terms of each of the loan agreements (each, a “2024 Loan Agreement” and collectively, the “2024 Loan Agreements”) relating to an aggregate of
Senior Secured Revolving Credit Facility
In October 2024, the Company closed on the additional
Texas DPO
In November 2024, the Company exercised its option to make a discounted payoff (“Texas DPO”) of the outstanding loan principal for two communities located in
Results of Operations
Three months ended December 31, 2024 as compared to three months ended December 31, 2023
Revenues
Resident revenue for the three months ended December 31, 2024 was
Expenses
Operating expenses for the three months ended December 31, 2024 were
General and administrative expenses for the three months ended December 31, 2024 were
Gain on extinguishment of debt for the three months ended December 31, 2024 was
The Company reported a net loss of
Year ended December 31, 2024 as compared to the year ended December 31, 2023
Revenues
Resident revenue for the year ended December 31, 2024 was
Managed community reimbursement revenue for the year ended December 31, 2024 was
Expenses
Operating expenses for the year ended December 31, 2024 were
General and administrative expenses for the year ended December 31, 2024 were
During the year ended December 31, 2024, there were no impairments on long-lived assets. During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of
Managed community reimbursement expense for the year ended December 31, 2024 was
Gain on extinguishment of debt for the year ended December 31, 2024 was
As a result of the foregoing factors, the Company reported net loss of
Liquidity and Capital Resources
Cash flows
The table below presents a summary of the Company’s net cash provided by (used in) operating, investing, and financing activities (in thousands):
|
Years ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by (used in) operating activities |
$ |
(1,782 |
) |
|
$ |
10,683 |
|
Net cash used in investing activities |
|
(208,923 |
) |
|
|
(16,562 |
) |
Net cash provided by (used in) financing activities |
|
232,042 |
|
|
|
(7,113 |
) |
Increase (decrease) in cash and cash equivalents |
$ |
21,337 |
|
|
$ |
(12,992 |
) |
In addition to
The Company, from time to time, considers and evaluates financial and capital raising transactions related to its portfolio, including debt financing and refinancings, purchases and sales of assets, equity offerings, and other transactions. There can be no assurance that the Company will continue to generate cash flows at or above current levels, or that the Company will be able to obtain the capital necessary to meet the Company’s short and long-term capital requirements.
Recent changes in the current economic environment, and other future changes, could result in decreases in the fair value of assets, slowing of transactions, and the tightening of liquidity and credit markets. These impacts could make securing debt or refinancings for the Company or prospective buyers of the Company’s properties more difficult or on terms not acceptable to the Company. The Company’s actual liquidity and capital funding requirements depend on numerous factors, including its operating results, its capital expenditures for community investment, and general economic conditions, as well as other factors described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 17, 2025.
Conference Call Information
The Company will host a conference call with senior management to discuss the Company’s financial results for the fourth quarter and full year 2024, on Monday March 17, 2025, at 11:00 a.m. Eastern Time. To participate, dial 800-715-9871, passcode 4619110. A link to the simultaneous webcast of the teleconference will be available at: https://events.q4inc.com/attendee/338479365.
For the convenience of the Company’s shareholders and the public, the conference call will be recorded and available for replay starting March 18, 2025 through March 24, 2025. To access the conference call replay, call 800-770-2030, passcode 4619110. A transcript of the call will be posted in the Investor Relations section of the Company’s website.
About the Company
Safe Harbor
This release contains forward-looking statements which are subject to certain risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, among others, the risks, uncertainties and factors set forth under “Item. 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on March 17, 2025, and also include the following: the Company’s ability to generate sufficient cash flows from operations, proceeds from equity issuances and debt financings, and proceeds from the sale of assets to satisfy its short and long-term debt obligations and to fund the Company’s acquisitions and capital improvement projects to expand, redevelop, and/or reposition its senior living communities; elevated market interest rates that increase the cost of certain of our debt obligations; increased competition for, or a shortage of, skilled workers, including due to general labor market conditions, along with wage pressures resulting from such increased competition, low unemployment levels, use of contract labor, minimum wage increases and/or changes in immigration or overtime laws; the Company’s ability to obtain additional capital on terms acceptable to it; the Company’s ability to extend or refinance its existing debt as such debt matures; the Company’s compliance with its debt agreements, including certain financial covenants and the risk of cross-default in the event such non-compliance occurs; the Company’s ability to complete acquisitions and dispositions upon favorable terms or at all, including the possibility that the expected benefits and the Company’s projections related to such acquisitions may not materialize as expected; the risk of oversupply and increased competition in the markets which the Company operates; the Company’s ability to maintain effective internal controls over financial reporting; the cost and difficulty of complying with applicable licensure, legislative oversight, or regulatory changes; risks associated with current global economic conditions and general economic factors such as elevated labor costs due to shortages of medical and non-medical staff, competition in the labor market, increased costs of salaries, wages and benefits, and immigration laws, the consumer price index, commodity costs, fuel and other energy costs, supply chain disruptions, increased insurance costs, tariffs, elevated interest rates and tax rates; the impact from or the potential emergence and effects of a future epidemic, pandemic, outbreak of infectious disease or other health crisis; the Company’s ability to maintain the security and functionality of its information systems, to prevent a cybersecurity attack or breach, and to comply with applicable privacy and consumer protection laws, including HIPAA; and changes in accounting principles and interpretations.
For information about Sonida Senior Living, visit www.sonidaseniorliving.com or connect with the Company on Facebook, X or LinkedIn.
SONIDA SENIOR LIVING, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) |
|||||||||||||||
|
Quarters Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Resident revenue |
$ |
77,053 |
|
|
$ |
59,349 |
|
|
$ |
267,849 |
|
|
$ |
232,032 |
|
Management fees |
|
916 |
|
|
|
586 |
|
|
|
3,381 |
|
|
|
2,191 |
|
Managed community reimbursement revenue |
|
13,962 |
|
|
|
5,785 |
|
|
|
33,096 |
|
|
|
21,099 |
|
Total revenues |
|
91,931 |
|
|
|
65,720 |
|
|
|
304,326 |
|
|
|
255,322 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Operating expense |
|
59,225 |
|
|
|
44,367 |
|
|
|
202,015 |
|
|
|
177,323 |
|
General and administrative expense |
|
11,815 |
|
|
|
9,946 |
|
|
|
39,997 |
|
|
|
32,198 |
|
Depreciation and amortization expense |
|
13,320 |
|
|
|
10,137 |
|
|
|
44,051 |
|
|
|
39,888 |
|
Long-lived asset impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,965 |
|
Managed community reimbursement revenue |
|
13,962 |
|
|
|
5,785 |
|
|
|
33,096 |
|
|
|
21,099 |
|
Total expenses |
|
98,322 |
|
|
|
70,235 |
|
|
|
319,159 |
|
|
|
276,473 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
302 |
|
|
|
87 |
|
|
|
1,681 |
|
|
|
608 |
|
Interest expense |
|
(9,596 |
) |
|
|
(9,673 |
) |
|
|
(36,990 |
) |
|
|
(36,118 |
) |
Gain on extinguishment of debt, net |
|
10,388 |
|
|
|
— |
|
|
|
48,536 |
|
|
|
36,339 |
|
Loss from equity method investment |
|
(714 |
) |
|
|
— |
|
|
|
(895 |
) |
|
|
— |
|
Other expense, net |
|
(161 |
) |
|
|
(480 |
) |
|
|
(540 |
) |
|
|
(532 |
) |
Loss before provision for income taxes |
|
(6,172 |
) |
|
|
(14,581 |
) |
|
|
(3,041 |
) |
|
|
(20,854 |
) |
Provision for income taxes |
|
(46 |
) |
|
|
(48 |
) |
|
|
(239 |
) |
|
|
(253 |
) |
Net loss |
|
(6,218 |
) |
|
|
(14,629 |
) |
|
|
(3,280 |
) |
|
|
(21,107 |
) |
Less: Net loss attributable to noncontrolling interests |
|
714 |
|
|
|
— |
|
|
|
1,221 |
|
|
|
— |
|
Net loss attributable to Sonida shareholders |
|
(5,504 |
) |
|
|
(14,629 |
) |
|
|
(2,059 |
) |
|
|
(21,107 |
) |
Dividends on Series A convertible preferred stock |
|
(1,409 |
) |
|
|
— |
|
|
|
(2,818 |
) |
|
|
— |
|
Undeclared dividends on Series A convertible preferred |
|
— |
|
|
|
(1,299 |
) |
|
|
(2,707 |
) |
|
|
(4,992 |
) |
Net loss attributable to common stockholders |
$ |
(6,913 |
) |
|
$ |
(15,928 |
) |
|
$ |
(7,584 |
) |
|
$ |
(26,099 |
) |
|
|
|
|
|
|
|
|
||||||||
Per share data: |
|
|
|
|
|
|
|
||||||||
Basic net loss per share |
$ |
(0.38 |
) |
|
$ |
(2.17 |
) |
|
$ |
(0.54 |
) |
|
$ |
(3.85 |
) |
Diluted net loss per share |
$ |
(0.38 |
) |
|
$ |
(2.17 |
) |
|
$ |
(0.54 |
) |
|
$ |
(3.85 |
) |
Weighted average common shares outstanding — basic |
|
18,048 |
|
|
|
7,331 |
|
|
|
14,109 |
|
|
|
6,786 |
|
Weighted average common shares outstanding — diluted |
|
18,048 |
|
|
|
7,331 |
|
|
|
14,109 |
|
|
|
6,786 |
|
SONIDA SENIOR LIVING, INC. CONSOLIDATED BALANCE SHEET (in thousands) |
|||||||
|
December 31,
|
|
December 31,
|
||||
Assets: |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
16,992 |
|
|
$ |
4,082 |
|
Restricted cash |
|
22,095 |
|
|
|
13,668 |
|
Accounts receivable, net of allowance for credit losses of |
|
18,965 |
|
|
|
8,017 |
|
Prepaid expenses and other assets |
|
4,634 |
|
|
|
4,475 |
|
Derivative assets |
|
1,403 |
|
|
|
2,103 |
|
Total current assets |
|
64,089 |
|
|
|
32,345 |
|
Property and equipment, net |
|
739,884 |
|
|
|
588,179 |
|
Investment in unconsolidated entity |
|
10,943 |
|
|
|
— |
|
Intangible assets, net |
|
24,526 |
|
|
|
622 |
|
Other assets, net |
|
2,479 |
|
|
|
314 |
|
Total assets |
$ |
841,921 |
|
|
$ |
621,460 |
|
Liabilities: |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
9,031 |
|
|
$ |
11,375 |
|
Accrued expenses |
|
45,024 |
|
|
|
42,388 |
|
Current portion of debt, net of deferred loan costs |
|
15,486 |
|
|
|
42,323 |
|
Deferred income |
|
5,361 |
|
|
|
4,041 |
|
Federal and state income taxes payable |
|
243 |
|
|
|
215 |
|
Other current liabilities |
|
470 |
|
|
|
519 |
|
Total current liabilities |
|
75,615 |
|
|
|
100,861 |
|
Long-term debt, net of deferred loan costs |
|
635,904 |
|
|
|
587,099 |
|
Other long-term liabilities |
|
793 |
|
|
|
49 |
|
Total liabilities |
|
712,312 |
|
|
|
688,009 |
|
Commitments and contingencies |
|
|
|
||||
Redeemable preferred stock: |
|
|
|
||||
Series A convertible preferred stock, |
|
51,249 |
|
|
|
48,542 |
|
Equity: |
|
|
|
||||
Sonida’s shareholders’ equity (deficit): |
|
|
|
||||
Preferred stock, |
|
|
|
||||
Authorized shares — 15,000 as of December 31, 2024 and 2023; none issued or outstanding, except Series A convertible preferred stock as noted above |
|
— |
|
|
|
— |
|
Common stock, |
|
|
|
||||
Authorized shares — 30,000 and 15,000 as of December 31, 2024 and 2023, respectively; 18,992 and 8,178 shares issued and outstanding as of December 31, 2024 and 2023, respectively |
|
190 |
|
|
|
82 |
|
Additional paid-in capital |
|
491,819 |
|
|
|
302,992 |
|
Retained deficit |
|
(420,224 |
) |
|
|
(418,165 |
) |
Total Sonida shareholders’ equity (deficit) |
|
71,785 |
|
|
|
(115,091 |
) |
Noncontrolling interest: |
|
6,575 |
|
|
|
— |
|
Total equity (deficit) |
|
78,360 |
|
|
|
(115,091 |
) |
Total liabilities, redeemable preferred stock and equity (deficit) |
$ |
841,921 |
|
|
$ |
621,460 |
|
SONIDA SENIOR LIVING, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||
|
Years Ended December 31, |
||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
||||
Net loss |
$ |
(3,280 |
) |
|
$ |
(21,107 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
44,051 |
|
|
|
39,888 |
|
Amortization of deferred loan costs |
|
1,619 |
|
|
|
1,552 |
|
Loss on derivative instruments, net |
|
3,950 |
|
|
|
2,981 |
|
(Gain) loss on sale of assets, net |
|
(192 |
) |
|
|
118 |
|
Long-lived asset impairment |
|
— |
|
|
|
5,965 |
|
Gain on extinguishment of debt |
|
(48,536 |
) |
|
|
(36,339 |
) |
Loss from equity method investment |
|
895 |
|
|
|
— |
|
Provision for bad debt |
|
2,596 |
|
|
|
1,151 |
|
Non-cash stock-based compensation expense |
|
4,369 |
|
|
|
2,749 |
|
Other non-cash items |
|
(35 |
) |
|
|
(53 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
(13,543 |
) |
|
|
(3,249 |
) |
Prepaid expenses and other assets |
|
(156 |
) |
|
|
2,918 |
|
Other assets, net |
|
— |
|
|
|
276 |
|
Accounts payable and accrued expenses |
|
5,151 |
|
|
|
13,013 |
|
Federal and state income taxes receivable/payable |
|
28 |
|
|
|
217 |
|
Deferred income |
|
1,320 |
|
|
|
622 |
|
Customer deposits |
|
(19 |
) |
|
|
(19 |
) |
Net cash provided by (used in) operating activities |
|
(1,782 |
) |
|
|
10,683 |
|
Investing Activities |
|
|
|
||||
Investments in unconsolidated entities |
|
(22,409 |
) |
|
|
— |
|
Return of investment in unconsolidated entities |
|
10,571 |
|
|
|
— |
|
Acquisition of new communities |
|
(172,546 |
) |
|
|
— |
|
Capital expenditures |
|
(25,170 |
) |
|
|
(17,938 |
) |
Proceeds from sale of assets |
|
631 |
|
|
|
1,376 |
|
Net cash used in investing activities |
|
(208,923 |
) |
|
|
(16,562 |
) |
Financing Activities |
|
|
|
||||
Proceeds from issuance of common stock, net of issuance costs |
|
190,537 |
|
|
|
10,000 |
|
Proceeds from notes payable |
|
56,040 |
|
|
|
— |
|
Repayments of notes payable |
|
(72,026 |
) |
|
|
(13,802 |
) |
Proceeds from credit facility |
|
68,705 |
|
|
|
— |
|
Repayment of credit facility |
|
(8,705 |
) |
|
|
— |
|
Proceeds from noncontrolling investors in joint ventures |
|
7,796 |
|
|
|
— |
|
Dividends paid on Series A convertible preferred stock |
|
(2,818 |
) |
|
|
— |
|
Deferred loan costs paid |
|
(3,726 |
) |
|
|
(825 |
) |
Purchase of derivative assets |
|
(3,312 |
) |
|
|
(2,362 |
) |
Other financing costs |
|
(449 |
) |
|
|
(124 |
) |
Net cash provided by (used in) financing activities |
|
232,042 |
|
|
|
(7,113 |
) |
Increase (decrease) in cash and cash equivalents |
|
21,337 |
|
|
|
(12,992 |
) |
Cash and cash equivalents and restricted cash at beginning of year |
|
17,750 |
|
|
|
30,742 |
|
Cash and cash equivalents and restricted cash at end of year |
$ |
39,087 |
|
|
$ |
17,750 |
|
DEFINITIONS
RevPAR, or average monthly revenue per available unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period.
RevPOR, or average monthly revenue per occupied unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period.
Same-Store Community is defined by the Company as communities that are consolidated, wholly owned, and operational for the full period in both comparison years. Consolidated communities excluded from the same-store community portfolio include communities acquired or disposed of since the beginning of the prior year and certain communities that have experienced a casualty event that has significantly impacted their operations.
NON-GAAP FINANCIAL MEASURES
This earnings release contains the financial measures (1) Net Operating Income and Adjusted Net Operating Income, (2) Net Operating Income Margin and Adjusted Net Operating Income Margin, (3) Adjusted EBITDA, and (4) Same-store amounts for these metrics, each of which is not calculated in accordance with
The Company believes that presentation of Net Operating Income, Net Operating Income Margin, Adjusted Net Operating Income, and Adjusted Net Operating Income Margin as performance measures is useful to investors because such measures are some of the metrics used by the Company’s management to evaluate the performance of the Company’s owned portfolio of communities, to review the Company’s comparable historic and prospective core operating performance of the Company’s owned communities, and to make day-to-day operating decisions. The Company also believes that the presentation of such non-GAAP financial measures and Adjusted EBITDA is useful to investors because such measures provide an assessment of operational factors that management can impact in the short-term, primarily revenues and the controllable cost structure of the organization, by eliminating items related to the Company’s financing and capital structure and other items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods.
Net Operating Income, Net Operating Income Margin, Adjusted Net Operating Income and Adjusted Net Operating Income Margin have material limitations as performance measures, including the exclusion of general and administrative expenses that are necessary to operate the Company and oversee its communities. Furthermore, such non-GAAP financial measures and Adjusted EBITDA exclude (i) interest that is necessary to operate the Company’s business under its current financing and capital structure, and (ii) depreciation, amortization, and impairment charges that may represent the wear and tear and/or reduction in value of the Company’s communities and other assets and may be indicative of future needs for capital expenditures. The Company may also incur income/expense similar to those for which adjustments may be made and such income/expense may significantly affect the Company’s operating results.
Net Operating Income and Net Operating Income Margin
Net Operating Income and Net Operating Income Margin are non-GAAP performance measures that the Company defines as net income (loss) excluding: general and administrative expenses (inclusive of stock-based compensation expense), interest income, interest expense, other expense, provision for income taxes, management fees, and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include depreciation and amortization expense, long-lived asset impairment, gain on extinguishment of debt, loss from equity method investment, casualty loss, non-recurring settlement fees, non-income tax, and non-property tax. Net Operating Income Margin is calculated by dividing Net Operating Income by resident revenue. Adjusted Net Operating Income and Adjusted Net Operating Income Margin are further adjusted to exclude the impact from any non-recurring state grant funds received by the Company. The Company presents these non-GAAP measures on a consolidated community and same-store community basis
The following table presents a reconciliation of the Non-GAAP Financial Measures of Net Operating Income, Adjusted Net Operating Income, Net Operating Income Margin and Adjusted Net Operating Income Margin, in each case, on a consolidated community and same-store community basis to the most directly comparable GAAP financial measure of net loss for the periods indicated:
(in thousands) |
Three Months Ended
|
|
Three Months
|
|
Years Ended
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Same-store community net operating income (1) |
|
|
|
|
|
|
|
|
|
||||||||||
Net loss |
$ |
(6,218 |
) |
|
$ |
(14,629 |
) |
|
$ |
(14,265 |
) |
|
$ |
(3,280 |
) |
|
$ |
(21,107 |
) |
General and administrative expense |
|
11,815 |
|
|
|
9,946 |
|
|
|
11,793 |
|
|
|
39,997 |
|
|
|
32,198 |
|
Depreciation and amortization expense |
|
13,320 |
|
|
|
10,137 |
|
|
|
10,729 |
|
|
|
44,051 |
|
|
|
39,888 |
|
Long-lived asset impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,965 |
|
Interest income |
|
(302 |
) |
|
|
(87 |
) |
|
|
(853 |
) |
|
|
(1,681 |
) |
|
|
(608 |
) |
Interest expense |
|
9,596 |
|
|
|
9,673 |
|
|
|
9,839 |
|
|
|
36,990 |
|
|
|
36,118 |
|
Gain on extinguishment of debt, net |
|
(10,388 |
) |
|
|
— |
|
|
|
— |
|
|
|
(48,536 |
) |
|
|
(36,339 |
) |
Loss from equity method investment |
|
714 |
|
|
|
— |
|
|
|
146 |
|
|
|
895 |
|
|
|
— |
|
Other expense, net |
|
161 |
|
|
|
480 |
|
|
|
153 |
|
|
|
540 |
|
|
|
532 |
|
Provision for income taxes |
|
46 |
|
|
|
48 |
|
|
|
68 |
|
|
|
239 |
|
|
|
253 |
|
Management fees |
|
(916 |
) |
|
|
(586 |
) |
|
|
(1,151 |
) |
|
|
(3,381 |
) |
|
|
(2,191 |
) |
Other operating expenses (2) |
|
1,220 |
|
|
|
1,279 |
|
|
|
630 |
|
|
|
2,834 |
|
|
|
3,193 |
|
Consolidated community net operating income |
|
19,048 |
|
|
|
16,261 |
|
|
|
17,089 |
|
|
|
68,668 |
|
|
|
57,902 |
|
Net operating (income)loss for non same-store communities (1) |
|
(3,020 |
) |
|
|
— |
|
|
|
(277 |
) |
|
|
(3,232 |
) |
|
|
— |
|
Same-store community net operating income |
|
16,028 |
|
|
|
16,261 |
|
|
|
16,812 |
|
|
|
65,436 |
|
|
|
57,902 |
|
Resident revenue |
$ |
77,053 |
|
|
$ |
59,349 |
|
|
$ |
66,951 |
|
|
$ |
267,849 |
|
|
$ |
232,032 |
|
Resident revenue for non same-store communities (1) |
|
14,125 |
|
|
|
— |
|
|
|
3,915 |
|
|
|
18,409 |
|
|
|
— |
|
Same-store community resident revenue |
|
62,928 |
|
|
|
59,349 |
|
|
|
63,036 |
|
|
|
249,440 |
|
|
|
232,032 |
|
Same-store community net operating income margin |
|
25.5 |
% |
|
|
27.4 |
% |
|
|
26.7 |
% |
|
|
26.2 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
State relief grants (3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,926 |
|
Adjusted resident revenue |
|
62,928 |
|
|
|
59,349 |
|
|
|
63,036 |
|
|
|
249,440 |
|
|
|
229,106 |
|
Adjusted community net operating income |
$ |
16,028 |
|
|
$ |
16,261 |
|
|
$ |
16,812 |
|
|
$ |
65,436 |
|
|
$ |
54,976 |
|
Adjusted community net operating income margin |
|
25.5 |
% |
|
|
27.4 |
% |
|
|
26.7 |
% |
|
|
26.2 |
% |
|
|
24.0 |
% |
(1) Q4 2024 excludes 16 senior living consolidated communities acquired by the Company in 2024 (including one unoccupied community acquired on December 31, 2024). Q3 2024 excludes five senior living consolidated communities acquired by the Company. (2) Includes casualty loss, non-recurring settlement fees, non-income tax, and non-property tax. (3) State relief revenue are grants and other funding received from third parties due to the financial distress impacts of the pandemic and includes state relief funds received. |
|||||||||||||||||||
ADJUSTED EBITDA (UNAUDITED)
Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization expense, interest income, interest expense, other expense/income, provision for income taxes; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include stock-based compensation expense, provision for bad debt, long-lived asset impairment, gain on extinguishment of debt, executive transition costs, casualty losses, and transaction and conversion costs.
The following table presents a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA to the most directly comparable GAAP financial measure of net loss for the periods indicated:
(In thousands) |
Three Months Ended
|
|
Three Months
|
|
Years Ended
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
||||||||||
Net loss |
$ |
(6,218 |
) |
|
$ |
(14,629 |
) |
|
$ |
(14,265 |
) |
|
$ |
(3,280 |
) |
|
$ |
(21,107 |
) |
Depreciation and amortization expense |
|
13,320 |
|
|
|
10,137 |
|
|
|
10,729 |
|
|
|
44,051 |
|
|
|
39,888 |
|
Stock-based compensation expense |
|
1,175 |
|
|
|
605 |
|
|
|
1,408 |
|
|
|
4,369 |
|
|
|
2,749 |
|
Provision for bad debt |
|
1,086 |
|
|
|
568 |
|
|
|
629 |
|
|
|
2,596 |
|
|
|
1,151 |
|
Interest income |
|
(302 |
) |
|
|
(87 |
) |
|
|
(853 |
) |
|
|
(1,681 |
) |
|
|
(608 |
) |
Interest expense |
|
9,596 |
|
|
|
9,673 |
|
|
|
9,839 |
|
|
|
36,990 |
|
|
|
36,118 |
|
Long-lived asset impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,965 |
|
Gain on extinguishment of debt, net |
|
(10,388 |
) |
|
|
— |
|
|
|
— |
|
|
|
(48,536 |
) |
|
|
(36,339 |
) |
Executive transition costs |
|
2,157 |
|
|
|
— |
|
|
|
— |
|
|
|
2,157 |
|
|
|
— |
|
Other expense, net |
|
161 |
|
|
|
480 |
|
|
|
153 |
|
|
|
540 |
|
|
|
532 |
|
Provision for income taxes |
|
46 |
|
|
|
48 |
|
|
|
68 |
|
|
|
239 |
|
|
|
253 |
|
Casualty losses (1) |
|
947 |
|
|
|
348 |
|
|
|
267 |
|
|
|
2,069 |
|
|
|
1,008 |
|
Transaction and conversion costs (2) |
|
768 |
|
|
|
2,159 |
|
|
|
2,098 |
|
|
|
3,730 |
|
|
|
4,294 |
|
Adjusted EBITDA |
$ |
12,348 |
|
|
$ |
9,302 |
|
|
$ |
10,073 |
|
|
$ |
43,244 |
|
|
$ |
33,904 |
|
(1) Casualty losses relate to non-recurring insured claims for unexpected events. (2) Transaction and conversion costs relate to legal and professional fees incurred for transactions, restructuring projects, or related projects. |
|||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317320436/en/
Investor Relations
Jason Finkelstein
Ignition IR
ir@sonidaliving.com
Source: Sonida Senior Living, Inc.
FAQ
What was Sonida Senior Living's (SNDA) occupancy rate in Q4 2024?
How much did Sonida's (SNDA) net loss improve in 2024?
What acquisitions did Sonida (SNDA) complete in Q4 2024?
What was Sonida's (SNDA) RevPAR growth in Q4 2024?
How much did Sonida (SNDA) expand its credit facility in 2024?
