Capital Senior Living(SNDA) - 2024 Q2 - Quarterly Results

Revenue Performance - Revenue for Q2 2024 was $63.1 million, an increase of $6.1 million or 10.7% compared to Q2 2023[10] - Same-store resident revenue increased by $5.7 million, or 10.0%, year-over-year[3] - Total revenues for the three months ended June 30, 2024, were $70.2 million, a 11.5% increase from $62.9 million in the same period of 2023[27] - Resident revenue for the six months ended June 30, 2024, was $123.8 million, up 9.8% from $113.6 million in the prior year[27] - Resident revenue for Q2 2024 reached $63,108,000, up from $56,960,000 in Q2 2023, indicating an increase of 10.5%[40] Occupancy and Community Performance - Weighted average occupancy for the same-store portfolio increased by 230 basis points to 86.2% from 83.9% in Q2 2023[3] - Same-store community net operating income for Q2 2024 was $17,681,000, an increase of $4,132,000 compared to Q2 2023's $13,549,000, representing a 30.5% growth[46] - The consolidated community net operating income margin improved to 28.2% in Q2 2024, compared to 23.8% in Q2 2023, marking a 4.4 percentage point increase[46] Financial Metrics - Adjusted EBITDA for Q2 2024 was $11.4 million, representing a year-over-year increase of $3.8 million or 50.6%[3] - The adjusted EBITDA for Q2 2024 was $11,350,000, up from $7,538,000 in Q2 2023, reflecting a 50.5% increase[45] - Community Net Operating Income for Q2 2024 was $17.7 million, an increase of $4.2 million compared to Q2 2023[3] - General and administrative expenses for Q2 2024 were $9,178,000, compared to $6,574,000 in Q2 2023, reflecting a 39.5% increase[40] - Interest expense for Q2 2024 was $8,964,000, slightly up from $8,558,000 in Q2 2023, showing a 4.8% increase[40] Loss and Cash Flow - Net loss for Q2 2024 was $9.8 million, a decrease of $2.4 million compared to a net loss of $12.2 million in Q2 2023[3] - The company reported a net income loss of $9,816,000 for Q2 2024, an improvement from a loss of $12,212,000 in Q2 2023[40] - Cash provided by financing activities was $50.4 million for the six months ended June 30, 2024, a significant increase from cash used in financing activities of $6.3 million in the prior year[22] - Net cash used in operating activities was $(1,624) thousand for the six months ended June 30, 2024, compared to $5,537 thousand for the same period in 2023, indicating a decline in cash flow from operations[30] Investments and Acquisitions - The Company acquired nine communities in Q2 2024, enhancing market density and entering new markets[2] - A joint venture was established on July 1, 2024, acquiring four senior living communities for $12.5 million in cash and $21.8 million in financing[5] - The Company expanded its loan facility with Ally Bank by $24.8 million to partially fund the 2024 Loan Purchase[21] - The Company plans to use proceeds from the private placement for community improvements and working capital[18] Asset and Liability Management - Total assets increased to $652,247 thousand as of June 30, 2024, up from $621,460 thousand on December 31, 2023, representing a growth of 4.3%[29] - Total current liabilities decreased to $53,558 thousand as of June 30, 2024, down from $100,861 thousand at the end of 2023, a reduction of 47.0%[29] - The total shareholders' deficit improved to $(34,110) thousand as of June 30, 2024, from $(115,091) thousand at the end of 2023, indicating a positive shift in equity position[29] Stock and Financing Activities - The Company raised $17.4 million in net proceeds through an At-The-Market issuance sales agreement in Q2 2024[4] - The Company completed a private placement of 5,026,318 shares at $9.50 per share, raising gross cash proceeds of $47.7 million as of June 30, 2024[18] - Proceeds from the issuance of common stock amounted to $65,079 thousand during the six months ended June 30, 2024, indicating strong capital raising efforts[30] Other Financial Insights - The Company experienced a decrease in cash used in operating activities, reporting $(1.6) million for the six months ended June 30, 2024, compared to $5.5 million in the prior year[22] - Net cash used in investing activities increased to $(42,715) thousand for the six months ended June 30, 2024, compared to $(9,355) thousand for the same period in 2023, highlighting a significant rise in investment expenditures[30] - The average monthly revenue per available unit (RevPAR) and average monthly revenue per occupied unit (RevPOR) metrics were defined but specific values were not provided in the documents[25] - The company reported a Same-Store Net Operating Income margin that reflects the performance of its 61 owned continuing communities, providing insights into operational efficiency[36]