Capital Senior Living(SNDA) - 2024 Q4 - Annual Results

Financial Performance - Same-store resident revenue increased by $3.6 million, or 6.0%, comparing Q4 2024 to Q4 2023[3] - Net loss attributable to Sonida stockholders for 2024 was $2.1 million, a significant improvement of $19.0 million compared to a net loss of $21.1 million in 2023[3] - Adjusted EBITDA for 2024 was $43.2 million, representing an increase of $9.3 million or 27.4% from $33.9 million in 2023[3] - Resident revenue for the year ended December 31, 2024, was $267.8 million, an increase of $35.8 million, or 15.4%, compared to $232.0 million in 2023[13] - The company reported a net loss of $6.218 million for Q4 2024, compared to a net loss of $14.629 million in Q4 2023, indicating a 57.5% improvement[31] - The company reported a net loss of $3,280,000 for 2024, a significant improvement from a net loss of $21,107,000 in 2023, representing a reduction of approximately 84.5%[35] Revenue and Occupancy - Weighted average occupancy for the same-store portfolio increased by 70 basis points to 86.6% in Q4 2024 from 85.9% in Q4 2023[3] - Total revenues for Q4 2024 reached $91.931 million, a 39.8% increase from $65.720 million in Q4 2023[31] - Same-store community resident revenue increased to $62,928,000 in Q4 2024 from $59,349,000 in Q4 2023, marking an increase of approximately 4.4%[45] Expenses and Costs - Operating expenses for 2024 were $202.0 million, an increase of $24.7 million from $177.3 million in 2023, primarily due to increased community labor costs[15] - Depreciation and amortization expenses increased to $44,051,000 in 2024 from $39,888,000 in 2023, reflecting a rise of about 10.8%[35] - Management fees for 2024 were $3.381 million, a 54.3% increase from $2.191 million in 2023[31] - Stock-based compensation expense rose to $1,175,000 for the three months ended September 30, 2024, up from $605,000 in the same period of 2023, indicating an increase of 94.0%[48] Debt and Financing - The Company reported a gain on extinguishment of debt of $48.5 million for the year ended December 31, 2024, compared to $36.3 million in 2023[19] - Long-term debt increased to $635.904 million in 2024 from $587.099 million in 2023, representing an 8.3% rise[33] - The Company entered into a new secured corporate credit facility with a total commitment of up to $150.0 million to support acquisition activities[7] Investments and Acquisitions - The Company closed on the acquisition of 20 high-quality communities in 2024, contributing to its growth strategy[2] - The company invested $172,546,000 in acquiring new communities in 2024, with total net cash used in investing activities amounting to $(208,923,000)[35] - Proceeds from the issuance of common stock, net of issuance costs, reached $190,537,000 in 2024, a substantial increase from $10,000,000 in 2023[35] Cash Flow and Assets - Cash and cash equivalents rose to $16.992 million in 2024, significantly up from $4.082 million in 2023[33] - Cash and cash equivalents at the end of 2024 were $39,087,000, a significant increase from $17,750,000 at the beginning of the year[35] - Total assets increased to $841.921 million as of December 31, 2024, compared to $621.460 million at the end of 2023, reflecting a growth of 35.4%[33] Future Outlook - The company plans to continue expanding its senior living communities and enhancing its service offerings in the coming years[28]