Capital Senior Living(US:SNDA)2025-11-10 13:43Revenue Growth - For the three months ended September 30, 2025, the Company generated resident revenue of $84.6 million, a 26.3% increase from $67.0 million in the same period of 2024[142]. - For the nine months ended September 30, 2025, resident revenue reached $245.7 million, up 28.8% from $190.8 million in the same period of 2024[144]. - For the three months ended September 30, 2025, resident revenue increased by 26.4% to $84,597,000 compared to $66,951,000 in 2024[167]. - For the nine months ended September 30, 2025, resident revenue increased by 28.8% to $245,697,000 from $190,796,000 in 2024[176]. Occupancy and Community Growth - The weighted average occupancy for the three months ended September 30, 2025, was 87.7%, compared to 87.1% for the same period in 2024, indicating continued occupancy growth[143]. - The number of communities owned increased by 21.2% to 80 as of September 30, 2025, up from 66 in 2024[168]. - Total average units increased by 15.1% to 7,041 in 2025 from 6,119 in 2024[168]. - The Company acquired 19 additional communities during 2024 and 2025, contributing to revenue growth[142]. Financial Performance - The net loss for the same period was $27,348,000, representing a 91.7% increase from a net loss of $14,265,000 in 2024[167]. - The net loss for the nine months ended September 30, 2025, was $42,346,000, a significant decrease from a net income of $2,938,000 in 2024[176]. - Adjusted EBITDA for the three months ended September 30, 2025, rose by 30.6% to $13,159,000 from $10,073,000 in 2024[167]. - Adjusted EBITDA for the nine months ended September 30, 2025 was $40.8 million, compared to $30.9 million for the same period in 2024[198]. Expenses and Charges - Community operating expenses rose by 28.0% to $63,833,000 in Q3 2025, compared to $49,862,000 in Q3 2024[168]. - General and administrative expenses increased by 8.6% to $10,529,000 for Q3 2025, compared to $9,695,000 in Q3 2024[171]. - Transaction, transition, and restructuring costs surged by 194.3% to $6,174,000 in Q3 2025 from $2,098,000 in Q3 2024[171]. - The company incurred transaction, transition, and restructuring costs of $7.2 million for the nine months ended September 30, 2025, compared to $3.0 million in the prior year[196]. - The Company recorded an impairment charge of $4.7 million for a community classified as held for sale, reflecting the excess of its carrying value over estimated fair value[150]. - The company recorded non-cash impairment charges of $4.7 million to property and equipment for the nine months ended September 30, 2025[184]. Cash Flow and Debt - For the nine months ended September 30, 2025, the company reported net cash provided by operating activities of $24.8 million, an increase of $23.4 million compared to $1.4 million in the same period of 2024[192]. - As of September 30, 2025, the company had $17.0 million in unrestricted cash and outstanding borrowings under its Credit Facility of $86.1 million[187]. - Net cash used in investing activities for the nine months ended September 30, 2025 was $62.0 million, primarily due to the acquisition of three communities for $38.2 million[193]. - The company had outstanding variable-rate debt obligations primarily covered by interest rate caps as of September 30, 2025[188]. Mergers and Acquisitions - The Company entered into a merger agreement with CNL Healthcare Properties, Inc., valued at approximately $1.8 billion, expected to close in early 2026[151][152]. - The Company acquired a senior living community in Tarpon Springs, Florida, for $11.0 million, financed with a $9.0 million interest-only loan[147][154]. Other Income and Financing - The company recognized $9.1 million in other income from gross ERC received from the CARES Act funding for the nine months ended September 30, 2025[186]. - The company entered into an At-the-Market Issuance Sales Agreement allowing for the sale of common stock up to an aggregate offering price of $75.0 million[187].