Sonida Senior Living, Inc. (the “Company,” “Sonida,” “we,”
“our,” or “us”) (NYSE: SNDA), a leading owner, operator and
investor of senior housing communities, today announced its results
for the first quarter ended March 31, 2025.
“Sonida’s strong execution on its organic and inorganic growth
strategy plan continued to bear meaningful results in the first
quarter, driven by improvements in key metrics. Year-over-year
same-store portfolio NOI margin expansion coupled with focused
integration and accelerating sequential NOI margin growth in the
acquisitions portfolio, demonstrates both the capabilities and
potential of our unique owner/operator framework. The Company
remains actively involved in the acquisitions market with the goal
of creating further density in established regions and entering new
and attractive markets. As a whole, Sonida is making tremendous
progress towards its goals and is well-positioned for continued NOI
growth, based on our foundation of dedicated, passionate team
members throughout the Company,” said Brandon Ribar, President and
CEO.
First Quarter Highlights
- Resident revenue increased $18.6 million, or 30.6%, comparing
Q1 2025 to Q1 2024.
- Weighted average occupancy for the Company’s same-store
portfolio increased 100 basis points to 86.8% in Q1 2025 from 85.8%
in Q1 20241.
- Net loss attributable to Sonida shareholders for Q1 2025 was
$12.5 million. Q1 2024 net income attributable to Sonida
shareholders was $27.0 million due to a $38.1 million gain on the
extinguishment of debt, net.
- Q1 2025 Adjusted EBITDA, a non-GAAP measure, was $13.6 million,
as compared to $9.5 million in Q1 2024, representing an increase of
$4.1 million, or 43.2%, year-over-year.
- Results for the Company’s same-store portfolio of 56
communities were as follows:
- Q1 2025 vs. Q1 2024:
- Revenue Per Available Unit (“RevPAR”) increased 6.8% to
$3,711.
- Revenue Per Occupied Unit (“RevPOR”) increased 5.5% to
$4,274.
- Q1 2025 Community Net Operating Income, a non-GAAP measure, was
$16.1 million compared to $13.5 million for Q1 2024, representing
an increase of $2.6 million, or 19.3%.
- Community Net Operating Income Margin, a non-GAAP measure, was
27.6% as compared to 24.8% for Q1 2024.
- Q1 2025 vs. Q4 2024:
- RevPAR increased 1.9% to $3,711.
- RevPOR increased 1.8% to $4,274.
- Community Net Operating Income increased $0.7 million to $16.1
million.
- Community Net Operating Income Margin was 27.6% as compared to
26.8% for Q4 2024.
____________________
1 Please see page 8 of this release for
the definitions of Same-Store Portfolio, RevPAR, and RevPOR.
SONIDA SENIOR LIVING, INC. SUMMARY OF
CONSOLIDATED FINANCIAL RESULTS THREE MONTHS ENDED MARCH 31,
2025 (in thousands)
Results of Operations
Three months ended March 31, 2025 as compared to three months
ended March 31, 2024
Revenues
Resident revenue for the three months ended March 31, 2025 was
$79.3 million as compared to $60.7 million for the three months
ended March 31, 2024, representing an increase of $18.6 million, or
30.6%. The increase in revenue was primarily due to increased
occupancy, increased average rent rates, and 16 additional
operating communities acquired during 2024 (including one
unoccupied community).
Expenses
Operating expenses for the three months ended March 31, 2025
were $60.4 million as compared to $46.3 million for the three
months ended March 31, 2024, representing an increase of $14.1
million, or 30.5%. The increase was attributable to $11.5 million
in operating expenses related to the 16 additional communities
acquired during 2024 (including one unoccupied community acquired
on December 31, 2024), and an increase of $2.6 million in operating
expenses related to the remaining owned communities, driven by $1.4
million increases in labor and $1.2 million increases in other
operating expenses.
General and administrative expenses for the three months ended
March 31, 2025 were $8.5 million as compared to $6.8 million for
the three months ended March 31, 2024, representing an increase of
$1.7 million. The increase was primarily a result of increases in
labor and employee-related expenses of $1.5 million to support the
Company’s 2024 acquisitions and growth initiatives, and a $0.4
million increase in stock-based compensation expense, partially
offset by a net decrease in other expenses of $0.2 million.
Transaction, transition and restructuring costs were $0.6
million and $0.4 million for the three months ended March 31, 2025
and 2024, respectively. The costs include legal, audit, banking and
other costs to support the Company’s recent debt, restructuring, as
well as investments by the Company.
Interest expense for the three months ended March 31, 2025 was
$9.4 million as compared to $8.6 million for the three months ended
March 31, 2024, representing an increase of $0.8 million, primarily
due to the incremental borrowings associated with the Company's
2024 community acquisitions, partially offset by a decrease in the
Company’s Secured Overnight Financing Rate (“SOFR”) based variable
rate debt.
Gain on extinguishment of debt, net for the three months ended
March 31, 2024 was $38.1 million related to the derecognition of
notes payable and liabilities as a result of the February 2, 2024
repurchase of the total outstanding principal balance of $74.4
million from a previous lender that was secured by seven of the
Company’s senior living communities.
As a result of the foregoing factors, the Company reported net
loss attributable to Sonida shareholders of $12.5 million and net
income attributable to Sonida shareholders of $27.0 million for the
three months ended March 31, 2025 and March 31, 2024,
respectively.
Liquidity and Capital
Resources
Credit Facility
During 2024, the Company entered into a credit agreement with
BMO Bank, N.A. and Royal Bank of Canada for a senior secured
revolving credit facility (the “Credit Facility”). The Credit
Facility has a borrowing capacity of up to $150.0 million, a term
of three years, a leverage-based pricing matrix between SOFR plus
2.10% margin and SOFR plus 2.60% margin and is fully recourse to
Sonida Senior Living, Inc. and its applicable subsidiaries. The
borrowing base by which borrowing availability under the Credit
Facility is determined is generally based upon the value of the
senior living communities that secure the Company’s obligations
under the Credit Facility. As of March 31, 2025, $60.0 million of
borrowings were outstanding under the Credit Facility at a weighted
average interest rate of 6.9%, which was secured by 13 of the
Company’s senior living communities. As of March 31, 2025, the
Company has availability of $43.2 million under the Credit
Facility.
Cash Flows
The table below presents a summary of the Company’s net cash
provided by (used in) operating, investing, and financing
activities (in thousands):
Three Months Ended March
31,
2025
2024
Change
Net cash provided by (used in) operating
activities
$
3,823
$
(4,105
)
$
7,928
Net cash used in investing activities
(7,945
)
(5,131
)
(2,814
)
Net cash provided by (used in) financing
activities
(2,548
)
29,149
(31,697
)
Increase (decrease) in cash and cash
equivalents
$
(6,670
)
$
19,913
$
(26,583
)
In addition to $14.0 million of unrestricted cash as of March
31, 2025, our future liquidity will depend in part upon our
operating performance, which will be affected by prevailing
economic conditions, and financial, business and other factors,
some of which are beyond our control. Principal sources of
liquidity are expected to be cash flows from operations, proceeds
from equity offerings, including sales of common stock under our
ATM Sales Agreement (as defined below), borrowings under our Credit
Facility, proceeds from debt, proceeds from debt refinancings or
loan modifications, and proceeds from the sale of owned assets.
During 2024, we completed the private placement of our common stock
pursuant to which we issued and sold an aggregate of approximately
5.0 million shares of our common stock to several of our
shareholders for gross cash proceeds of $47.8 million, which
enabled us to purchase all the Company’s debt then outstanding with
a certain lender at a substantial discount, as well as fund future
working capital and growth initiatives. Additional financing of
$24.8 million for the debt purchase was provided by an expansion of
the Company’s existing Ally Bank term loan. In addition, during
April 2024, the Company entered into the At-the-Market Issuance
Sales Agreement (the “ATM Sales Agreement”), whereby the Company
may sell, at its option and subject to market conditions, shares of
its common stock up to an aggregate offering price of $75,000,000.
As of March 31, 2025, the Company has received $18.7 million in net
proceeds from the ATM sales. During August 2024, the Company
completed a public offering and issued 4.8 million shares of common
stock for net proceeds of $124.1 million, after deducting
underwriting discounts and commissions and the Company’s offering
expenses. During August 2024, the Company entered into its Credit
Facility in which borrowing availability is determined based upon
the value of the senior living communities that secure the
Company’s obligations under the Credit Facility. As of March 31,
2025, the Company had outstanding borrowings under its Credit
Facility of $60.0 million and availability of $43.2 million. These
transactions are expected to provide additional financial
flexibility to us and increase our liquidity position.
The Company, from time to time, considers and evaluates
financial and capital raising transactions related to its
portfolio, including debt financing and refinancings, purchases and
sales of assets, equity offerings, and other transactions. There
can be no assurance that the Company will continue to generate cash
flows at or above current levels, or that the Company will be able
to obtain the capital necessary to meet the Company’s short- and
long-term capital requirements.
Recent changes in the current economic environment, and other
future changes, could result in decreases in the fair value of
assets, slowing of transactions, and the tightening of liquidity
and credit markets. These impacts could make securing debt or
refinancings for the Company or prospective buyers of the Company’s
properties more difficult or on terms not acceptable to the
Company. The Company’s actual liquidity and capital funding
requirements depend on numerous factors, including its operating
results, its capital expenditures for community investment, and
general economic conditions, as well as other factors described in
“Item 1A. Risk Factors” of our Annual Report on Form 10-K for the
fiscal year ended December 31, 2024, filed with the SEC on March
17, 2025.
Conference Call
Information
The Company will host a conference call with senior management
to discuss the Company’s financial results for the three months
ended March 31, 2025 on Monday May 12, 2025, at 11:00 a.m. Eastern
Time. To participate, dial 800-715-9871, passcode 4619110. A link
to the simultaneous webcast of the teleconference will be available
at: https://events.q4inc.com/attendee/330058628.
For the convenience of the Company’s shareholders and the
public, the conference call will be recorded and available for
replay for 12 months. To access the conference call replay, call
800-770-2030, passcode 4619110. A transcript of the call will be
posted in the Investor Relations section of the Company’s
website.
About the Company
Dallas-based Sonida Senior Living, Inc. is a leading owner,
operator and investor in independent living, assisted living and
memory care communities and services for senior adults. The Company
provides compassionate, resident-centric services and care as well
as engaging programming at our senior housing communities. As of
March 31, 2025, the Company owned, managed or invested in 94 senior
housing communities in 20 states with an aggregate capacity of
approximately 10,000 residents, including 81 owned senior housing
communities (including four owned through joint venture investments
in consolidated entities, and four owned through a joint venture
investment in an unconsolidated entity, and one unoccupied) and 13
communities that the Company managed on behalf of a
third-party.
Safe Harbor
This release contains forward-looking statements which are
subject to certain risks and uncertainties that could cause our
actual results and financial condition to differ materially from
those indicated in the forward-looking statements, including, among
others, the risks, uncertainties and factors set forth under “Item.
1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2024, filed with the Securities and
Exchange Commission (the “SEC”) on March 17, 2025, and also include
the following: the Company’s ability to generate sufficient cash
flows from operations, proceeds from equity issuances and debt
financings, and proceeds from the sale of assets to satisfy its
short and long-term debt obligations and to fund the Company’s
acquisitions and capital improvement projects to expand, redevelop,
and/or reposition its senior living communities; elevated market
interest rates that increase the cost of certain of our debt
obligations; increased competition for, or a shortage of, skilled
workers, including due to general labor market conditions, along
with wage pressures resulting from such increased competition, low
unemployment levels, use of contract labor, minimum wage increases
and/or changes in immigration or overtime laws; the Company’s
ability to obtain additional capital on terms acceptable to it; the
Company’s ability to extend or refinance its existing debt as such
debt matures; the Company’s compliance with its debt agreements,
including certain financial covenants and the risk of cross-default
in the event such non-compliance occurs; the Company’s ability to
complete acquisitions and dispositions upon favorable terms or at
all, including the possibility that the expected benefits and the
Company’s projections related to such acquisitions may not
materialize as expected; the risk of oversupply and increased
competition in the markets which the Company operates; the
Company’s ability to maintain effective internal controls over
financial reporting and remediate the identified material weakness
discussed in Item 9A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2024; the cost and difficulty of
complying with applicable licensure, legislative oversight, or
regulatory changes; changes in reimbursement rates, methods or
timing of payment under government reimbursement programs,
including Medicaid; risks associated with current global economic
conditions and general economic factors such as elevated labor
costs due to shortages of medical and non-medical staff,
competition in the labor market, increased costs of salaries, wages
and benefits, and immigration laws, the consumer price index,
commodity costs, fuel and other energy costs, supply chain
disruptions, increased insurance costs, tariffs, elevated interest
rates and tax rates; the impact from or the potential emergence and
effects of a future epidemic, pandemic, outbreak of infectious
disease or other health crisis; the Company’s ability to maintain
the security and functionality of its information systems, to
prevent a cybersecurity attack or breach, and to comply with
applicable privacy and consumer protection laws, including HIPAA;
and changes in accounting principles and interpretations.
For information about Sonida Senior Living, visit
www.sonidaseniorliving.com or connect with the Company on Facebook,
X or LinkedIn.
Sonida Senior Living,
Inc.
Condensed Consolidated
Statements of Operations (Unaudited)
(in thousands, except per
share data)
Three Months Ended
March 31,
2025
2024
Revenues:
Resident revenue
$
79,255
$
60,737
Management fees
1,061
594
Managed community reimbursement
revenue
11,607
6,107
Total revenues
91,923
67,438
Expenses:
Operating expense
60,414
46,317
General and administrative expense
8,472
6,812
Transaction, transition and restructuring
costs
610
399
Depreciation and amortization expense
13,686
9,935
Managed community reimbursement
expense
11,607
6,107
Total expenses
94,789
69,570
Other income (expense):
Interest income
242
139
Interest expense
(9,446
)
(8,591
)
Gain on extinguishment of debt, net
—
38,148
Loss from equity method investment
(330
)
—
Other expense, net
(550
)
(479
)
Income (loss) before provision for
income taxes
(12,950
)
27,085
Provision for income taxes
(75
)
(66
)
Net income (loss)
(13,025
)
27,019
Less: Net loss attributable to
noncontrolling interests
496
—
Net income (loss) attributable to
Sonida shareholders
(12,529
)
27,019
Dividends on Series A convertible
preferred stock
(1,409
)
—
Undeclared dividends on Series A
convertible preferred stock
—
(1,335
)
Undistributed net income allocated to
participating securities
—
(2,849
)
Net income (loss) attributable to
common shareholders
$
(13,938
)
$
22,835
Weighted average common shares outstanding
— basic
18,047
9,861
Weighted average common shares outstanding
— diluted
18,047
10,562
Basic net income (loss) per common
share
$
(0.77
)
$
2.32
Diluted net income (loss) per common
share
$
(0.77
)
$
2.16
Sonida Senior Living,
Inc.
Condensed Consolidated Balance
Sheets
(in thousands, except per
share amounts)
March 31, 2025
December 31,
2024
(unaudited)
Assets:
Current assets
Cash and cash equivalents
$
13,988
$
16,992
Restricted cash
18,429
22,095
Accounts receivable, net of allowance for
credit losses of $8.6 million and $7.9 million, respectively
16,463
18,965
Prepaid expenses and other assets
3,829
4,634
Derivative assets
975
1,403
Total current assets
53,684
64,089
Property and equipment, net
735,471
739,884
Investment in unconsolidated entity
10,221
10,943
Intangible assets, net
22,123
24,526
Other assets, net
2,980
2,479
Total assets
$
824,479
$
841,921
Liabilities:
Current liabilities
Accounts payable
$
6,107
$
9,031
Accrued expenses
43,060
45,024
Current portion of debt, net of deferred
loan costs
14,621
15,486
Deferred income
6,404
5,361
Federal and state income taxes payable
312
243
Other current liabilities
535
470
Total current liabilities
71,039
75,615
Long-term debt, net of deferred loan
costs
636,273
635,904
Other long-term liabilities
1,201
793
Total liabilities
708,513
712,312
Commitments and contingencies
Redeemable preferred stock:
Series A convertible preferred stock,
$0.01 par value; 41 shares authorized, 41 shares issued and
outstanding as of March 31, 2025 and December 31, 2024
51,249
51,249
Equity:
Sonida’s shareholders’ equity
(deficit):
Preferred stock, $0.01 par value:
Authorized shares - 15,000 as of March 31,
2025 and December 31, 2024; none issued or outstanding, except
Series A convertible preferred stock as noted above
—
—
Common stock, $0.01 par value:
Authorized shares - 30,000 as of March 31,
2025 and December 31, 2024, respectively; 18,878 and 18,992 shares
issued and outstanding as of March 31, 2025 and December 31, 2024,
respectively
189
190
Additional paid-in capital
491,334
491,819
Retained deficit
(432,753
)
(420,224
)
Total Sonida shareholders’
equity
58,770
71,785
Noncontrolling interest:
5,947
6,575
Total equity
64,717
78,360
Total liabilities, redeemable preferred
stock and equity
$
824,479
$
841,921
Sonida Senior Living,
Inc.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended March
31,
2025
2024
Cash flows from operating
activities:
Net income (loss)
$
(13,025
)
$
27,019
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
13,686
9,935
Amortization of deferred loan costs
421
324
Gain on sale of assets, net
—
(192
)
Loss on derivative instruments, net
490
527
Gain on extinguishment of debt, net
—
(38,148
)
Loss from equity method investment
330
—
Provision for credit losses
695
397
Non-cash stock-based compensation
expense
973
575
Other non-cash items
179
(3
)
Changes in operating assets and
liabilities:
Accounts receivable, net
1,807
(2,726
)
Prepaid expenses
805
1,063
Other assets, net
(62
)
(41
)
Accounts payable and accrued expenses
(3,476
)
(3,123
)
Federal and state income taxes payable
69
73
Deferred income
1,043
214
Customer deposits
(112
)
1
Net cash provided by (used in)
operating activities
3,823
(4,105
)
Cash flows from investing
activities:
Return of investment in unconsolidated
entity
392
—
Capital expenditures
(8,337
)
(5,762
)
Proceeds from sale of assets
—
631
Net cash used in investing
activities
(7,945
)
(5,131
)
Cash flows from financing
activities:
Proceeds from issuance of common stock,
net of issuance costs
—
47,641
Proceeds from notes payable
—
24,830
Repayments of notes payable
(918
)
(41,999
)
Dividends paid on Series A convertible
preferred stock
(1,409
)
—
Distributions to noncontrolling investors
in joint ventures
(132
)
—
Purchase of derivative assets
—
(554
)
Deferred loan costs paid
(38
)
(549
)
Other financing costs
(51
)
(220
)
Net cash provided by (used in)
financing activities
(2,548
)
29,149
Increase (decrease) in cash and cash
equivalents and restricted cash
(6,670
)
19,913
Cash, cash equivalents, and restricted
cash at beginning of period
39,087
17,750
Cash, cash equivalents, and restricted
cash at end of period
$
32,417
$
37,663
DEFINITIONS
RevPAR, or average monthly revenue per available unit, is
defined by the Company as resident revenue for the period, divided
by the weighted average number of available units in the
corresponding portfolio for the period, divided by the number of
months in the period.
RevPOR, or average monthly revenue per occupied unit, is
defined by the Company as resident revenue for the period, divided
by the weighted average number of occupied units in the
corresponding portfolio for the period, divided by the number of
months in the period.
Same-Store Community Portfolio, is defined by the Company
as communities that are consolidated, wholly or partially owned,
and operational for the full year in each year beginning as of
January 1st of the prior year. Consolidated communities excluded
from the same-store community portfolio include the Acquisition
Community Portfolio, the Repositioning Portfolio, and certain
communities that have experienced a casualty event that has
significantly impacted their operations.
Acquisition Community Portfolio, is defined by the
Company as communities that are wholly or partially owned, acquired
in the current year or prior comparison year, and are not
operational in both comparison years. An operational community is
defined as a community that has maintained its certificate of
occupancy and has made at least 80% of its wholly owned or
partially owned units available for five consecutive quarters.
Repositioning Portfolio, is defined by the Company as
communities that are wholly or partially owned, and have undergone
or are undergoing strategic repositioning as a result of
significant changes in the business model, care offerings, and/or
capital re-investment plans, that in each case, have disrupted, or
are expected to disrupt, normal course operations. These
communities will be included in the Same-Store Community Portfolio
once operating under normal course operating structures for the
full year in each year beginning as of January 1st of the prior
year.
NON-GAAP FINANCIAL MEASURES
This earnings release contains the financial measures (1) Net
Operating Income, (2) Net Operating Income Margin, (3) Adjusted
EBITDA, and (4) Same-store amounts for these metrics, each of which
is not calculated in accordance with U.S. Generally Accepted
Accounting Principles (“GAAP”). Presentations of these non-GAAP
financial measures are intended to aid investors in better
understanding the factors and trends affecting the Company’s
performance and liquidity. However, investors should not consider
these non-GAAP financial measures as a substitute for financial
measures determined in accordance with GAAP, including net income
(loss), income (loss) from operations, net cash provided by (used
in) operating activities, or revenue. Investors are cautioned that
amounts presented in accordance with the Company’s definitions of
these non-GAAP financial measures may not be comparable to similar
measures disclosed by other companies because not all companies
calculate non-GAAP measures in the same manner. Investors are urged
to review the reconciliations of these non-GAAP financial measures
from the most comparable financial measures determined in
accordance with GAAP, which are included below.
The Company believes that presentation of Net Operating Income
and Net Operating Income Margin as performance measures is useful
to investors because such measures are some of the metrics used by
the Company’s management to evaluate the performance of the
Company’s owned portfolio of communities, to review the Company’s
comparable historic and prospective core operating performance of
the Company’s owned communities, and to make day-to-day operating
decisions. The Company also believes that the presentation of such
non-GAAP financial measures and Adjusted EBITDA is useful to
investors because such measures provide an assessment of
operational factors that management can impact in the short-term,
primarily revenues and the controllable cost structure of the
organization, by eliminating items related to the Company’s
financing and capital structure and other items that management
does not consider as part of the Company’s underlying core
operating performance and that management believes impact the
comparability of performance between periods.
Net Operating Income and Net Operating Income Margin have
material limitations as performance measures, including the
exclusion of general and administrative expenses that are necessary
to operate the Company and oversee its communities. Furthermore,
such non-GAAP financial measures and Adjusted EBITDA exclude (i)
interest that is necessary to operate the Company’s business under
its current financing and capital structure, and (ii) depreciation,
amortization, and impairment charges that may represent the wear
and tear and/or reduction in value of the Company’s communities and
other assets and may be indicative of future needs for capital
expenditures. The Company may also incur income/expense similar to
those for which adjustments may be made and such income/expense may
significantly affect the Company’s operating results.
Net Operating Income and Net Operating Income Margin
(Unaudited)
Net Operating Income and Net Operating Income Margin are
non-GAAP performance measures that the Company defines as net
income (loss) excluding: general and administrative expenses
(inclusive of stock-based compensation expense), interest income,
interest expense, other expense, provision for income taxes,
management fees, and further adjusted to exclude income/expense
associated with non-cash, non-operational, transactional, or
organizational restructuring items that management does not
consider as part of the Company’s underlying core operating
performance and that management believes impact the comparability
of performance between periods. For the periods presented herein,
such other items include depreciation and amortization expense,
transaction, transition and restructuring costs, gain on
extinguishment of debt, loss from equity method investment,
casualty loss, non-recurring settlement fees, non-income tax, and
non-property tax. Net Operating Income Margin is calculated by
dividing Net Operating Income by resident revenue. Adjusted Net
Operating Income and Adjusted Net Operating Income Margin are
further adjusted to exclude the impact from any non-recurring state
grant funds received by the Company. The Company presents these
non-GAAP measures on a consolidated community and same-store
community basis.
The following table presents a reconciliation of the Non-GAAP
Financial Measures of Net Operating Income and Net Operating Income
Margin, in each case, on a consolidated community and same-store
community basis to the most directly comparable GAAP financial
measure of net income (loss) for the periods indicated:
(Dollars in thousands)
Three Months Ended
March 31,
Three Months Ended December
31,
2025
2024
2024
Same-store community net operating
income (1)
Net income (loss)
$
(13,025
)
$
27,019
$
(6,218
)
General and administrative expense
8,472
6,812
11,047
Transaction, transition and restructuring
costs
610
399
768
Depreciation and amortization expense
13,686
9,935
13,320
Interest income
(242
)
(139
)
(302
)
Interest expense
9,446
8,591
9,596
Gain on extinguishment of debt, net
—
(38,148
)
(10,388
)
Loss from equity method investment
330
—
714
Other expense, net
550
479
161
Provision for income taxes
75
66
46
Management fees
(1,061
)
(594
)
(916
)
Other operating expenses (2)
1,300
495
1,220
Consolidated community net operating
income
20,141
14,915
19,048
Net operating income for non same-store
communities (1)
(4,071
)
(1,415
)
(3,690
)
Same-store community net operating
income
16,070
13,500
15,358
Resident revenue
79,255
60,737
77,053
Resident revenue for non same-store
communities (1)
20,826
6,312
19,837
Same-store community resident
revenue
$
58,429
$
54,425
$
57,216
Same-store community net operating
income margin
27.5
%
24.8
%
26.8
%
(1) Q1 2025 and Q4 2024 exclude 16 senior
living consolidated communities acquired by the Company in 2024
(including one unoccupied community acquired on December 31, 2024)
and the five Repositioning communities.
(2) Includes casualty loss, non-recurring
settlement fees, non-income tax and non-property tax.
ADJUSTED EBITDA (UNAUDITED)
Adjusted EBITDA is a non-GAAP performance measure that the
Company defines as net income (loss) excluding: depreciation and
amortization expense, interest income, interest expense, other
expense/income, provision for income taxes; and further adjusted to
exclude income/expense associated with non-cash, non-operational,
transactional, or organizational restructuring items that
management does not consider as part of the Company’s underlying
core operating performance and that management believes impact the
comparability of performance between periods. For the periods
presented herein, such other items include stock-based compensation
expense, provision for credit losses, gain on extinguishment of
debt, executive transition costs, casualty losses, and transaction,
transition and restructuring costs.
The following table presents a reconciliation of the Non-GAAP
Financial Measures of Adjusted EBITDA to the most directly
comparable GAAP financial measure of net income (loss) for the
periods indicated:
(In thousands)
Three Months Ended
March 31,
Three Months Ended
December 31,
2025
2024
2024
Adjusted EBITDA
Net income (loss)
$
(13,025
)
$
27,019
$
(6,218
)
Depreciation and amortization expense
13,686
9,935
13,320
Stock-based compensation expense
973
575
1,175
Provision for credit losses
695
398
1,086
Interest income
(242
)
(139
)
(302
)
Interest expense
9,446
8,591
9,596
Gain on extinguishment of debt, net
—
(38,148
)
(10,388
)
Executive transition costs
22
—
2,157
Other expense, net
550
479
161
Provision for income taxes
75
66
46
Casualty losses (1)
775
298
947
Transaction, transition and restructuring
(2)
610
399
768
Adjusted EBITDA
$
13,565
$
9,473
$
12,348
(1) Casualty losses relate to
non-recurring insured claims for unexpected events.
(2) Transaction, transition and
restructuring costs relate to legal and professional fees incurred
for transactions, restructuring projects, or related projects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250512822590/en/
Investor Relations Jason Finkelstein Ignition IR
ir@sonidaliving.com
Sonida Senior Living (NYSE:SNDA)
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From May 2025 to Jun 2025
Sonida Senior Living (NYSE:SNDA)
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From Jun 2024 to Jun 2025
