Sonida Senior Living, Inc. (NYSE:SNDA) Q3 2023 Earnings Call Transcript November 14, 2023
Sonida Senior Living, Inc. misses on earnings expectations. Reported EPS is $-2.79092 EPS, expectations were $-2.01.
Operator: Good day, and welcome to the Sonida Senior Living Q3 2023 Earnings Conference Call. Today's conference is being recorded. All statements today, which are not historical facts may be deemed to be forward-looking statements within the meaning of the federal securities laws. These statements are made as of today's date and the company expressly disclaims any obligation to updates in the future. Actual results and performance may differ materially from forward-looking statements. Certain of these factors that could cause actual results to differ are detailed in the earnings release the company issued earlier today, as well as in the reports 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/investor-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 reconciliations of each non-GAAP measure from the most comparable GAAP measure, please also see today's press release. At this time, I would like to turn the call over to Sonida Senior Living CEO, Brandon Ribar.
Brandon Ribar: Thank you, Camilla. Good afternoon, and welcome to our 2023 third quarter earnings call. I'm joined today by Kevin Detz, our Chief Financial Officer. Earlier today, we posted our Q3 earnings investor presentation, which will be referenced throughout this call as we discuss our strategic priorities and operating results for the quarter. You can find our latest presentation at sonidaseniorliving.com in the Investor Relations section if you would like to follow along. In addition, we have included supplemental earnings within our investor presentation, consistent with the prior quarter release. We are approaching the end of an exceptional year for the Sonida recovery story. I'm incredibly thankful for the contributions from the entire leadership team locally, regionally and in our central support teams.
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The end of Q3 marked our first full year together as a leadership team. I'm so pleased with the level of collaboration and accomplishments from this group in just 1 short year. Since our last update, our portfolio has experienced accelerated increases in both occupancy and rate that when coupled with stable operating expenses, has delivered margin improvement year-over-year of nearly 600 basis points with September margin exceeding 25%. Portfolio occupancy for Q3 improved 100 basis points sequentially and 150 basis points year-over-year to 84.9%. I'm most encouraged by the strong growth experienced in the back half of the quarter and our continued trend through October. Occupancy averaged 86.2% for the month of October and closed the month with spot occupancy of 87.4%, our highest level in more than 4 years.