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Capital Senior Living(SNDA) - 2024 Q2 - Quarterly Results
SNDACapital Senior Living(SNDA)2024-08-12 12:18

Revenue Performance - Revenue for Q2 2024 was 63.1million,anincreaseof63.1 million, an increase of 6.1 million or 10.7% compared to Q2 2023[10] - Same-store resident revenue increased by 5.7million,or10.05.7 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 62.9millioninthesameperiodof2023[27]−ResidentrevenueforthesixmonthsendedJune30,2024,was62.9 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 113.6millionintheprioryear[27]−ResidentrevenueforQ22024reached113.6 million in the prior year[27] - Resident revenue for Q2 2024 reached 63,108,000, up from 56,960,000inQ22023,indicatinganincreaseof10.556,960,000 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 4,132,000comparedtoQ22023′s4,132,000 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 11.4million,representingayear−over−yearincreaseof11.4 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,upfrom11,350,000, up from 7,538,000 in Q2 2023, reflecting a 50.5% increase[45] - Community Net Operating Income for Q2 2024 was 17.7million,anincreaseof17.7 million, an increase of 4.2 million compared to Q2 2023[3] - General and administrative expenses for Q2 2024 were 9,178,000,comparedto9,178,000, compared to 6,574,000 in Q2 2023, reflecting a 39.5% increase[40] - Interest expense for Q2 2024 was 8,964,000,slightlyupfrom8,964,000, 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 9.8million,adecreaseof9.8 million, a decrease of 2.4 million compared to a net loss of 12.2millioninQ22023[3]−Thecompanyreportedanetincomelossof12.2 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 12,212,000inQ22023[40]−Cashprovidedbyfinancingactivitieswas12,212,000 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 6.3millionintheprioryear[22]−Netcashusedinoperatingactivitieswas6.3 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 5,537thousandforthesameperiodin2023,indicatingadeclineincashflowfromoperations[30]InvestmentsandAcquisitions−TheCompanyacquiredninecommunitiesinQ22024,enhancingmarketdensityandenteringnewmarkets[2]−AjointventurewasestablishedonJuly1,2024,acquiringfourseniorlivingcommunitiesfor5,537 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 21.8millioninfinancing[5]−TheCompanyexpandeditsloanfacilitywithAllyBankby21.8 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 652,247thousandasofJune30,2024,upfrom652,247 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 53,558thousandasofJune30,2024,downfrom53,558 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)thousandasofJune30,2024,from(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 17.4millioninnetproceedsthroughanAt−The−MarketissuancesalesagreementinQ22024[4]−TheCompanycompletedaprivateplacementof5,026,318sharesat17.4 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 47.7millionasofJune30,2024[18]−Proceedsfromtheissuanceofcommonstockamountedto47.7 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)millionforthesixmonthsendedJune30,2024,comparedto(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)thousandforthesixmonthsendedJune30,2024,comparedto(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]