Sonder(US:SOND)2022-08-10 21:43Company Overview - Sonder is revolutionizing hospitality with tech-powered service and thoughtfully designed accommodations[16] - The company operates in over 35 markets spanning ten countries and three continents[16] - As of June 30, 2022, Sonder has 8400 Live Units and a Total Portfolio of 18700 units[31] Market Opportunity - The estimated total addressable global lodging market in 2023 is $835 billion[36] - The estimated untapped lodging markets in 2023 is $522 billion[35] - The estimated global short-term rental market in 2023 is $101 billion[36] Financial Performance (Q2 2022) - Revenue reached $121 million, a 157% year-over-year improvement[52] - RevPAR was $167, a 67% year-over-year improvement[52] - Occupancy Rate was 82%, a 1400 bps year-over-year improvement[52] - Average Daily Rate (ADR) was $203, a 38% year-over-year improvement[52] - Free Cash Flow was $(45) million, with margin improving to (37)% from (127)% in Q2 2021[52] Cash Flow Positive Plan - The company aims to cut cash costs by approximately $85 million annually compared to Q1 2022[56] - Q3 2022 Free Cash Flow excluding restructuring costs is projected to be approximately $(45) million[54] - 2H 2022 Free Cash Flow excluding restructuring costs is expected to be better than $(70) million[54]