Sonida Senior Living, Inc. Announces Third Quarter 2023 Results
DALLAS, Texas – November 14, 2023 – Sonida Senior Living, Inc. (the “Company,” “we,” “our,” or “us”) (NYSE: SNDA) announced results for the third quarter ended September 30, 2023.
“We continue to see growth in both year-over-year occupancy and revenue that is surpassing industry trends. This strong financial performance combined with our improved debt structure has Sonida firmly positioned for strategic expansion within the marketplace,” said Brandon Ribar, President and CEO. “As we close out the year and prepare for 2024, we look forward to bringing our signature programs and services to more seniors and to pursuing new avenues of growth and shareholder value creation.”
Third Quarter Highlights
•Weighted average occupancy for the Company’s consolidated portfolio increased 150 basis points to 84.9% year-over-year.
•Resident revenue increased $6.6 million, or 12.6% year-over-year.
•Net loss for the third quarter was $18.4 million.
•Adjusted EBITDA, a non-GAAP measure, was $9.3 million for Q3 2023, an increase of $4.8 million year-over-year.
•Net cash provided by operating activities was $10.6 million year-to-date as compared to $2.9 million for the same period in 2022.
•Results for the Company’s consolidated portfolio of communities:
◦Q3 2023 vs. Q3 2022:
▪Revenue Per Available Unit (“RevPAR”) increased 13.7% to $3,446.
▪Revenue Per Occupied Unit (“RevPOR”) increased 11.7% to $4,061.
▪Community Net Operating Income, a non-GAAP measure, increased $4.7 million. Adjusted Community Net Operating Income, a non-GAAP measure, which excludes $0.5 million of state grant revenue received in Q3 2023 (none recognized in Q3 2022) was $14.2 million and $10.0 million for Q3 2023 and Q3 2022, respectively.
▪Community Net Operating Income Margin and Adjusted Community Net Operating Income Margin (non-GAAP measures with the latter adjusted for non-recurring state grant revenue) were 24.8% and 24.2%, for Q3 2023, respectively, and 19.0% and 19.0% for Q3 2022, respectively.
◦Q3 2023 vs. Q2 2023:
▪RevPAR increased 4.4% to $3,446.
▪RevPOR increased 3.3% to $4,061.
▪Community Net Operating Income increased $1.1 million. Adjusted Community Net Operating Income, excluding $0.5 million and $0.4 million of state grant revenue received in Q3 2023 and Q2 2023, respectively, was $14.2 million and $13.1 million for Q3 2023 and Q2 2023, respectively.
▪Community Net Operating Income Margin and Adjusted Community Net Operating Income Margin (adjusted for non-recurring state grant revenue) were 24.8% and 24.2% for Q3 2023, respectively, and 23.8% and 23.2% for Q2 2023, respectively.
The following information was filed by Sonida Senior Living, Inc. (SNDA) on Tuesday, November 14, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.