Sonida Senior Living, Inc. (NYSE:SNDA) Q4 2023 Earnings Call Transcript March 27, 2024
Sonida Senior Living, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day and welcome to the Sonida Senior Living Fourth Quarter and Full Year 2023 Earnings Conference Call. Today’s conference is being recorded. All statements today, which are not historical facts may be deemed forward-looking statements within the meeting of the federal security laws. These statements are made as of today’s date and the company expressly disclaims any obligation to update these statements in the future. Actual results and performance may differ materially from forward-looking statements. Certain of these factors could cause actual results to differ are detailed in the earnings release the company issued earlier today, as well as the reports in the company files with the SEC from time-to-time including the risk factors contained in the annual report on Form 10-K and quarterly reports on Form 10-Q.
Please see today’s press release for the full Safe Harbor statement, which may be found at www.sonidaseniorliving.com/invest-relations and was furnished in an 8-K filing this morning. Also, please note that during this call, the company will present non-GAAP financial measures. For the reconciliations of each non-GAAP measure, from the most comparable GAAP measure, please also see today’s press release. At this time, I’d like to turn the call over to Sonida Senior Living CEO, Brandon Ribar. Thank you. You may begin.
Brandon Ribar: Thank you, Rob. Hello and welcome to our 2023 fourth quarter and full year earnings call. I’m joined today by Kevin Detz, our Chief Financial Officer. Earlier today, we posted our 2023 earnings and investor presentation, which will be referenced throughout this call, as we discuss our strategic priorities and operating results, for the year as well as our focus on growth in 2024. You can find our latest presentation at sonidaseniorliving.com in the Investor Relations section, if you would like to follow along. In addition, we’ve included supplemental earnings information within our investor presentation, consistent with the prior quarter release. Our results in 2023, not only paved the way for growth in 2024 and beyond, they reinforced the strength of our Sonida culture and our collective leadership teams.
Our strategic focus on building exceptional teams, across each operating and support discipline, delivering value to our residents and our local team members, and translating those efforts into real margin improvement, through operational excellence resulted in the strongest year-over-year performance improvement in the company’s recent history. I could not be prouder of each team member across the Sonida family. We achieved more than 10% revenue growth on a same-store basis, and even more importantly, doubled our adjusted EBITDA year-over-year from $17 million in 2022 to $34 million in 2023, while delivering outstanding care and services, to our residents across the country. Additionally, the company delivered cash flow from operations exceeding $10 million in 2023, a $13 million improvement from 2022.
I’m incredibly thankful for the contributions from the entire local, regional, and central support teams. The balance required to increase the recovery trajectory on revenue and margin, complete significant restructuring of the balance sheet, raise additional growth capital, and position the platform for long-term expansion, is reflective of a high-performing management team ready, to continue building something special. We emerged today free from going concern language in our financials, with capital available to invest in our portfolio, and pursue external growth opportunities. I’ll focus my comments today on a few of our 2023 company accomplishments and provide further detail on Sonida’s goals for an exciting growth phase over the next 18 to 24 months.
See also 20 States That Produce the Most Renewable Energy in the US and Top 20 Youngest Richest Women in the World.
To continue reading the Q&A session, please click here.