Capital Senior Living Corporation (the “Company”) (NYSE:CSU),
one of the nation’s largest operators of senior living communities,
today announced operating and financial results for the third
quarter of 2015. Company highlights for the third quarter
include:
Operating and Financial
Summary (all amounts in this operating and financial
summary exclude four communities that are undergoing repositioning,
lease-up or significant renovation and conversion, unless otherwise
noted; also, see Non-GAAP Financial Measures below)
- Revenue in the third quarter of 2015,
including all communities, was $104.4 million, a $5.9 million, or
6.0%, increase from the third quarter of 2014.
- Occupancy for the Company’s
consolidated communities was 88.9% in the third quarter of 2015, an
increase of 110 basis points from the third quarter of 2014 and 90
basis points from the second quarter of 2015. Same-community
occupancy was 88.6% for the third quarter of 2015, a 60 basis point
increase from the third quarter of 2014 and a 70 basis point
increase from the second quarter of 2015.
- Average monthly rent for the Company’s
consolidated communities in the third quarter of 2015 was $3,382,
an increase of $171 per occupied unit, or 5.3%, as compared to the
third quarter of 2014, and a 50 basis point improvement from the
second quarter of 2015. Same-community average monthly rent was
$3,338, an increase of $58 per occupied unit, or 1.8%, from the
third quarter of 2014.
- Adjusted EBITDAR was $36.4 million in
the third quarter of 2015, an 8.7% increase from the third quarter
of 2014. The four communities undergoing repositioning, lease-up or
significant renovation and conversion generated an additional $0.8
million of EBITDAR. The Company’s Adjusted EBITDAR margin was 36.5%
for the third quarter of 2015, a record-high third quarter margin
for the Company and an increase of 90 basis points versus the third
quarter of the prior year.
- Adjusted Cash From Facility Operations
(“CFFO”) was $12.0 million, or $0.42 per share, in the third
quarter of 2015, a 14.4% increase versus the third quarter of the
prior year. Beginning in 2015, the Company no longer includes the
change in prepaid resident rent as a component of Adjusted CFFO as
it is a non-economic timing item. On a comparable basis, Adjusted
CFFO was $10.5 million, or $0.37 per share in the third quarter of
2014.
- The Company’s Net Income for the third
quarter of 2015, including all communities, was $2.9 million, or
$0.10 per share, due mostly to a $6.4 million gain on the sale of a
community partially offset by non-cash amortization of resident
leases of $3.0 million associated with communities acquired by the
Company in the previous 12 months. Adjusted Net Income was $0.3
million, or $0.01 per share, for the third quarter of 2015.
- The Company completed the acquisition
of three communities during the third quarter of 2015 for a
combined purchase price of approximately $49.8 million. These
communities are expected to generate incremental annual CFFO of
approximately $0.07 per share.
- The Company announced today that it
closed on the acquisition of another community on October 30, 2015,
for a purchase price of approximately $38.0 million. This community
expands our operations in Virginia and is expected to generate
incremental annual CFFO of approximately $0.04 per share.
“We continue to demonstrate the advantages of our differentiated
business strategy as we successfully execute on the multiple
avenues of growth under our straightforward strategic plan. This
produced substantial growth in all of our key metrics in the third
quarter, including revenue, occupancy, average monthly rent, NOI,
Adjusted EBITDAR and Adjusted CFFO as compared to the prior year,"
said Lawrence A. Cohen, Chief Executive Officer of the Company.
“Our occupancy gains continue to outpace the industry, with
same-community occupancy increasing 70 basis points from the second
quarter of 2015 and 60 basis points from the third quarter of 2014.
We continue to see limited new supply and construction in our local
markets. Also, our conversions of independent living units to
assisted living and memory care units continue to show timely
progress.
“Complementing this growth is a robust pipeline that allows us
to continue our disciplined and strategic acquisition program that
increases our ownership of high-quality senior living communities
in geographically concentrated regions and generates meaningful
increases in CFFO, earnings and real estate value. We have closed
on nine such communities so far this year, and we continue to
pursue additional opportunities.
“We believe that we are well positioned to make sustainable
meaningful gains in shareholder value as a substantially all
private-pay business in an industry that benefits from need-driven
demand, limited new supply in our local markets, a strong housing
market and an improving economy.”
Recent Investment
Activity
- In the third quarter of 2015, the
Company completed acquisitions of three senior living communities
for a combined purchase price of $49.8 million. These communities
expand the Company’s operations in Ohio, Indiana and Illinois, and
are comprised of 270 units offering independent living, assisted
living and memory care services.
Combined highlights of the transactions
include:
- Increases annual Adjusted CFFO by
approximately $2.1 million, or $0.07 per share.
- Adds approximately $1.0 million to
earnings, or $0.03 per share.
- Increases annual revenue by
approximately $11.5 million.
- Average monthly rents for the
communities are approximately $3,850.
The communities were financed with an
aggregate of approximately $34.3 million of non-recourse 10-year
mortgage debt at an average fixed interest rate of 4.39%. Initial
funding for one of the acquisitions was purposely limited to
accommodate a like-kind exchange structure for tax purposes related
to the Company’s sale of its community in Kansas. Additional
funding of approximately $2.6 million is expected in the first half
of 2016 at a fixed interest rate of 4.25%.
- The Company closed on the sale of its
only community in Kansas during the third quarter for approximately
$14.8 million. The transaction was structured as a like-kind
exchange with the net proceeds accretively reinvested in one of the
communities the Company acquired in the third quarter.
- In September 2015, the Company
refinanced a bridge loan on a community that was originally set to
mature in October 2015. The new mortgage is $8.4 million with a
4.7% fixed interest rate and matures in October 2025. The new
mortgage replaced $8.5 million of variable-rate debt with an
interest rate of approximately 3.9%.
- Subject to completion of due diligence
and customary closing conditions, acquisitions of three additional
communities totaling approximately $17 million are expected to
close by the end of December 2015, which will bring the Company’s
total acquisitions in 2015 to approximately $180 million. The
Company is conducting due diligence on additional acquisitions of
high-quality senior living communities in states with extensive
existing operations.
Financial Results - Third
Quarter
For the third quarter of 2015, the Company reported revenue of
$104.4 million, compared to revenue of $98.5 million in the third
quarter of 2014, an increase of 6.0%. Excluding the revenue of the
five communities the Company has sold since the third quarter of
2014 from all appropriate periods, revenues increased $8.9 million,
or 9.4%, in the third quarter of 2015 as compared to the third
quarter of 2014, mostly due to the acquisition of 12 communities
during or after the third quarter of 2014. Operating expenses for
the third quarter of 2015 were $63.3 million, an increase of $3.5
million from the third quarter of 2014.
Revenue for consolidated communities excluding the four
communities undergoing repositioning, lease-up or significant
renovation and conversion increased 6.0% in the third quarter of
2015 as compared to the third quarter of 2014. Net operating income
for these communities increased 6.4% in the third quarter of 2015
as compared to the third quarter of 2014. These increases were
achieved with less units available for lease in the third quarter
of 2015 than the third quarter of 2014 due to conversion and
refurbishment projects currently in progress at certain communities
during the third quarter of 2015.
General and administrative expenses for the third quarter of
2015 were $4.8 million, which includes $0.5 million of transaction
and other one-time costs. Excluding transaction and other one-time
costs, general and administrative expenses decreased $0.6 million
in the third quarter of 2015 as compared to the third quarter of
2014. As a percentage of revenues under management, general and
administrative expenses, excluding transaction and other one-time
costs, were 4.1% in the third quarter of 2015 as compared to 4.9%
in the third quarter of 2014.
The Company’s Non-GAAP financial measures exclude four
communities that are undergoing repositioning, lease-up of
higher-licensed units or significant renovation and conversion (see
“Non-GAAP Financial Measures” below). Also, as previously noted,
beginning in 2015, the Company no longer includes the change in
prepaid resident rent as a component of Adjusted CFFO as it is a
non-economic timing item.
Adjusted EBITDAR for the third quarter of 2015 was approximately
$36.4 million, an increase of $2.9 million, or 8.7%, from the third
quarter of 2014. This does not include EBITDAR of $0.8 million
related to four communities undergoing repositioning, lease-up or
significant renovation and conversion. The Adjusted EBITDAR margin
for the third quarter of 2015 was 36.5%, which is a record-high
third quarter margin for the Company and an increase of 90 basis
points from the third quarter 2014 margin of 35.6%.
The Company recorded net income of $2.9 million in the third
quarter. Excluding non-recurring or non-economic items reconciled
on the final page of this release, the Company’s adjusted net
income was $0.3 million, or $0.01 per share, in the third quarter
of 2015. Adjusted CFFO was $12.0 million, or $0.42 per share, in
the third quarter of 2015, a 14.4% increase from the third quarter
of the prior year. On a comparable basis, Adjusted CFFO was $10.5
million, or $0.37 per share, in the third quarter of 2014.
Operating Activities
Same-community results exclude the four communities previously
noted that are undergoing repositioning, lease-up or significant
renovation and conversion, and transaction and other one-time
costs.
Same-community revenue in the third quarter of 2015 increased
1.5% versus the third quarter of 2014. Due to conversion and
refurbishment projects currently in progress at certain
communities, fewer units were available for rent in the third
quarter of this year as compared to the third quarter of last year.
With a like number of units available in both years, same-community
revenue would have increased approximately 2.5% in the third
quarter of 2015 as compared to the third quarter of the prior year.
Same-community expenses increased 1.4% from the third quarter of
the prior year. Labor costs, including benefits, increased 0.8%,
while food costs decreased 1.5% and utilities increased 1.4% in the
third quarter of 2015 as compared to the third quarter of the prior
year. Same-community net operating income increased 1.7% in the
third quarter of 2015 as compared to the third quarter of 2014.
With a like number of units available in both years, same-community
net operating income would have increased approximately 3.5% from
the third quarter of the prior year.
Capital expenditures for the third quarter of 2015 were $10.1
million, representing approximately $8.6 million of investment
spending and approximately $1.5 million of recurring capital
expenditures. If annualized, spending for recurring capital
expenditures was approximately $505 per unit.
Balance Sheet
The Company ended the quarter with $47.8 million of cash and
cash equivalents, including restricted cash, a decrease of $3.9
million since June 30, 2015. During the third quarter of 2015, the
Company invested $15.5 million of cash as equity to complete the
acquisitions of three communities and spent $10.1 million on
capital improvements.
As of September 30, 2015, the Company financed its owned
communities with mortgages totaling $709.5 million at interest
rates averaging 4.6%. All of the Company’s debt is at fixed
interest rates, except for one bridge loan totaling approximately
$11.8 million at September 30, 2015, at a current variable rate of
approximately 4.65%. Otherwise, the Company has no mortgage
maturities before the third quarter of 2017.
The Company’s cash on hand and cash flow from operations are
expected to be sufficient for working capital, prudent reserves and
the equity needed to fund the Company’s acquisition program.
Q3 2015 Conference Call
Information
The Company will host a conference call with senior management
to discuss the Company’s third quarter 2015 financial results. The
call will be held on Tuesday, November 3, 2015, at 5:00 p.m.
Eastern Time. The call-in number is 913-312-0720, confirmation code
1077698. A link to a simultaneous webcast of the teleconference
will be available at www.capitalsenior.com through Windows Media Player
or RealPlayer.
For the convenience of the Company’s shareholders and the
public, the conference call will be recorded and available for
replay starting November 3, 2015 at 8:00 p.m. Eastern Time, until
November 12, 2015 at 8:00 p.m. Eastern Time. To access the
conference call replay, call 719-457-0820, confirmation code
1077698. The conference call will also be made available for
playback via the Company’s corporate website,
www.capitalsenior.com, beginning November 4, 2015.
Non-GAAP Financial
Measures
Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Income
and Adjusted CFFO are financial measures of operating performance
that are not calculated in accordance with U.S. generally accepted
accounting principles (“GAAP”). Non-GAAP financial measures may
have material limitations in that they do not reflect all of the
amounts associated with our results of operations as determined in
accordance with GAAP. As a result, these non-GAAP financial
measures should not be considered a substitute for, nor superior
to, financial results and measures determined or calculated in
accordance with GAAP. The Company believes that these non-GAAP
measures are useful in identifying trends in day-to-day performance
because they exclude items that are of little or no significance to
operations and provide indicators to management of progress in
achieving optimal operating performance. In addition, these
measures are used by many research analysts and investors to
evaluate the performance and the value of companies in the senior
living industry. The Company strongly urges you to review the
reconciliation of net income from operations to Adjusted EBITDAR
and Adjusted EBITDAR Margin and the reconciliation of net loss to
Adjusted Net Income and Adjusted CFFO, along with the Company’s
consolidated balance sheets, statements of operations, and
statements of cash flows.
About the Company
Capital Senior Living Corporation is one of the nation’s largest
operators of residential communities for senior adults. The
Company’s operating strategy is to provide value to residents by
providing quality senior living services at reasonable prices. The
Company’s communities emphasize a continuum of care, which
integrates independent living, assisted living, and home care
services, to provide residents the opportunity to age in place. The
Company operates 121 senior living communities in geographically
concentrated regions with an aggregate capacity of approximately
15,400 residents.
Safe Harbor
The forward-looking statements in this release are subject to
certain risks and uncertainties that could cause results to differ
materially, including, but not without limitation to, the Company’s
ability to find suitable acquisition properties at favorable terms,
financing, refinancing, community sales, licensing, business
conditions, risks of downturns in economic conditions generally,
satisfaction of closing conditions such as those pertaining to
licensure, availability of insurance at commercially reasonable
rates, and changes in accounting principles and interpretations
among others, and other risks and factors identified from time to
time in our reports filed with the Securities and Exchange
Commission.
For information about Capital Senior Living, visit
www.capitalsenior.com.
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED BALANCE SHEETS (in thousands, except per
share data) September 30,
December 31, 2015
2014
(unaudited) ASSETS Current assets: Cash
and cash equivalents $ 34,687 $ 39,209 Restricted cash 13,155
12,241 Accounts receivable, net 8,272 5,903 Accounts receivable
from affiliates 3 5 Federal and state income taxes receivable 137 —
Deferred taxes 129 460 Assets held for sale — 35,761 Property tax
and insurance deposits 12,163 12,198 Prepaid expenses and other
4,721 6,797
Total current assets 73,267 112,574 Property and equipment, net
848,019 747,613 Other assets, net
38,117
37,514 Total assets
$
959,403 $ 897,701
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Accounts payable $ 694 $ 2,540 Accounts payable to
affiliates — 7 Accrued expenses 34,837 32,154 Notes payable of
assets held for sale — 15,076 Current portion of notes payable
14,055 33,664 Current portion of deferred income and resident
revenue 14,224 14,603 Current portion of capital lease and
financing obligations 1,145 1,054 Federal and state income taxes
payable — 219 Customer deposits
1,950
1,499 Total current liabilities 66,905
100,816 Deferred income 14,494 15,949 Capital lease and financing
obligations, net of current portion 39,228 40,016 Deferred taxes
129 460 Other long-term liabilities 1,326 1,426 Notes payable, net
of current portion 697,687 597,860 Commitments and contingencies
Shareholders' equity: Preferred stock, $.01 par value: Authorized
shares – 15,000; no shares issued or outstanding — — Common stock,
$.01 par value:
Authorized shares – 65,000; issued and
outstanding shares – 29,519 and 29,097 in 2015 and 2014,
respectively
299 294 Additional paid-in capital 157,858 151,069 Retained deficit
(17,589 ) (9,255 ) Treasury stock, at cost – 350 shares
(934 ) (934
) Total shareholders' equity
139,634 141,174
Total liabilities and shareholders' equity
$
959,403 $ 897,701
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS) (unaudited, in thousands, except per share data)
Three Months Ended
Nine Months Ended September 30, September 30,
2015
2014 2015
2014
Revenues: Resident and healthcare revenue $ 104,420 $ 98,466 $
304,648 $ 280,240 Affiliated management services revenue — — — 415
Community reimbursement revenue
—
17 —
3,110 Total revenues 104,420 98,483 304,648
283,765 Expenses: Operating expenses (exclusive of facility lease
expense and depreciation and amortization expense shown below)
63,649 59,992 184,487 171,268 General and administrative expenses
4,751 5,515 15,482 15,137 Facility lease expense 15,321 14,841
45,875 44,524 Stock-based compensation expense 2,301 1,599 6,745
5,676 Depreciation and amortization 12,722 13,840 38,985 35,607
Community reimbursement expense
—
17 —
3,110 Total expenses
98,744
95,804
291,574 275,322
Income from operations 5,676 2,679 13,074 8,443 Other income
(expense): Interest income 12 12 36 40 Interest expense (8,994 )
(8,255 ) (26,022 ) (22,785 ) Write-off of deferred loan costs and
prepayment premiums (102 ) — (973 ) (6,979 ) Joint venture equity
investment valuation gain — — — 1,519 Gain (Loss) on disposition of
assets, net 6,418 (1 ) 6,247 (11 ) Equity in earnings of
unconsolidated joint ventures, net — — — 105 Other income
— 5
1 22 Income (Loss)
before provision for income taxes 3,010 (5,560 ) (7,637 ) (19,646 )
Provision for income taxes
(139 )
(199 ) (697
) (579 ) Net income
(loss)
$ 2,871 $
(5,759 ) $
(8,334 ) $
(20,225 ) Per share data: Basic net
income (loss) per share
$ 0.10
$ (0.20 ) $
(0.28 ) $ (0.70
) Diluted net income (loss) per share
$
0.10 $ (0.20
) $ (0.28 )
$ (0.70 ) Weighted average
shares outstanding — basic
28,732
28,371 28,668
28,273 Weighted average shares outstanding —
diluted
28,733
28,371 28,668
28,273 Comprehensive income (loss)
$ 2,871 $
(5,759 ) $
(8,334 ) $
(20,225 ) CAPITAL SENIOR
LIVING CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) Nine
Months Ended September 30,
2015
2014 Operating Activities Net
loss $ (8,334 ) $ (20,225 ) Adjustments to reconcile net loss to
net cash provided by operating activities: Depreciation and
amortization 38,985 35,607 Amortization of deferred financing
charges 853 999 Amortization of deferred lease costs and lease
intangibles 987 922 Deferred income (308 ) (220 ) Write-off of
deferred loan costs and prepayment premiums 973 6,979 Joint venture
equity investment valuation gain — (1,519 ) (Gain) Loss on
disposition of assets, net (6,247 ) 11 Equity in earnings of
unconsolidated joint ventures — (105 ) Provision for bad debts 873
517 Stock-based compensation expense 6,745 5,676 Changes in
operating assets and liabilities: Accounts receivable (3,240 )
(2,481 ) Accounts receivable from affiliates 2 410 Property tax and
insurance deposits 35 376 Prepaid expenses and other 2,076 3,080
Other assets (324 ) 756 Accounts payable (1,853 ) 249 Accrued
expenses 2,683 3,203 Federal and state income taxes
receivable/payable (356 ) (91 ) Customer deposits (1,526 ) 824
Deferred resident revenue
451
117 Net cash provided by operating activities
32,475 35,085
Investing Activities Capital expenditures
(23,665 ) (13,394 ) Cash paid for acquisitions (124,460 ) (145,555
) Proceeds from disposition of assets 43,460 4 Proceeds from
SHPIII/CSL Transaction — 2,532 Distributions from unconsolidated
joint ventures
— 102
Net cash used in investing activities (104,665 ) (156,311 )
Financing Activities Proceeds from notes payable 150,034
267,685 Repayments of notes payable (78,705 ) (128,553 ) Increase
in restricted cash (914 ) (43 ) Cash payments for capital lease and
financing obligations (697 ) (630 ) Cash proceeds from the issuance
of common stock 42 169 Excess tax benefits on stock option
exercised 7 (82 ) Deferred financing charges paid
(2,099 ) (3,115
) Net cash provided by financing activities
67,668 135,431
(Decrease) Increase in cash and cash equivalents (4,522 ) 14,205
Cash and cash equivalents at beginning of period
39,209 13,611 Cash
and cash equivalents at end of period
$
34,687 $ 27,816
Supplemental Disclosures Cash paid during the period
for: Interest
$ 24,707
$ 20,873 Income taxes
$ 1,028 $
714 Non-cash transactions: Assumption of debt
related to disposition of assets (Sedgwick Sale Transaction)
$ 6,764 $
— Capital Senior Living
Corporation Supplemental Information
Average Communities Resident Capacity
Average Units Q3 15 Q3 14 Q3 15 Q3
14 Q3 15 Q3 14 Portfolio Data I.
Community Ownership / Management Consolidated communities Owned
70 66 8,945 8,718 6,741 6,771 Leased 50 50 6,333
6,333 4,931 4,990 Total 120 116 15,278
15,051 11,672 11,761 Independent living 6,984 7,597 5,458
6,171 Assisted living 8,294 7,454 6,214 5,590
Total 15,278 15,051 11,672 11,761
II.
Percentage of Operating Portfolio Consolidated communities
Owned 58.3 % 56.9 % 58.5 % 57.9 % 57.8 % 57.6 % Leased 41.7 % 43.1
% 41.5 % 42.1 % 42.2 % 42.4 % Total 100.0 % 100.0 % 100.0 % 100.0 %
100.0 % 100.0 % Independent living 45.7 % 50.5 % 46.8 % 52.5
% Assisted living 54.3 % 49.5 % 53.2 % 47.5 % Total 100.0 % 100.0 %
100.0 % 100.0 %
Capital Senior Living
Corporation
Supplemental Information (excludes communities being
repositioned/leased up) Selected
Operating Results Q3 15 Q3 14 I. Owned
communities Number of communities 67 63 Resident capacity 8,336
8,109 Unit capacity (1) 6,293 6,275 Financial occupancy (2) 90.3 %
89.0 % Revenue (in millions) 55.6 50.1 Operating expenses (in
millions) (3) 31.3 28.3 Operating margin 44 % 44 % Average monthly
rent 3,259 2,993
II. Leased communities Number of
communities 49 49 Resident capacity 6,107 6,107 Unit capacity (1)
4,758 4,841 Financial occupancy (2) 87.0 % 86.2 % Revenue (in
millions) 44.1 43.9 Operating expenses (in millions) (3) 22.2 21.8
Operating margin 50 % 50 % Average monthly rent 3,551 3,503
III.
Consolidated communities Number of communities 116 112 Resident
capacity 14,443 14,216 Unit capacity (1) 11,051 11,116 Financial
occupancy (2) 88.9 % 87.8 % Revenue (in millions) 99.7 94.0
Operating expenses (in millions) (3) 53.5 50.1 Operating margin 46
% 47 % Average monthly rent 3,382 3,211
IV. Communities under
management Number of communities 116 112 Resident capacity
14,443 14,216 Unit capacity (1) 11,051 11,116 Financial occupancy
(2) 88.9 % 87.8 % Revenue (in millions) 99.7 94.0 Operating
expenses (in millions) (3) 53.5 50.2 Operating margin 46 % 47 %
Average monthly rent 3,382 3,211
V. Same communities under
management Number of communities 104 104 Resident capacity
13,074 13,074 Unit capacity (1) 10,184 10,275 Financial occupancy
(2) 88.6 % 88.0 % Revenue (in millions) 90.4 89.0 Operating
expenses (in millions) (3) 47.9 47.3 Operating margin 47 % 47 %
Average monthly rent 3,338 3,280
VI. General and Administrative
expenses as a percent of Total Revenues under Management Third
Quarter (4) 4.1 % 4.9 % First nine months (4) 4.5 % 4.7 %
VII.
Consolidated Mortgage Debt Information (in thousands, except
interest rates) (excludes insurance premium and auto
financing) Total fixed rate mortgage debt 697,729 558,726 Total
variable rate mortgage debt 11,800 65,222 Weighted average interest
rate 4.6 % 4.7 % (1) Due to conversion and refurbishment
projects currently in progress at certain communities, unit
capacity is lower in Q3 15 than Q3 14 for same communities under
management, which affects all groupings of communities. (2)
Financial occupancy represents actual days occupied divided by
total number of available days during the month of the quarter. (3)
Excludes management fees, insurance and property taxes. (4)
Excludes transaction and conversion costs.
CAPITAL
SENIOR LIVING CORPORATION NON-GAAP RECONCILIATIONS (In
thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30, 2015
2014 2015
2014 Adjusted EBITDAR Net income from
operations $ 5,676 $ 2,679 $ 13,074 $ 8,443 Depreciation and
amortization expense 12,722 13,840 38,985 35,607 Stock-based
compensation expense 2,301 1,599 6,745 5,676 Facility lease expense
15,321 14,841 45,875 44,524 Provision for bad debts 329 145 873 517
Casualty losses 306 167 827 582 Transaction and conversion costs
543 858 2,007 2,098 Communities being repositioned/leased up
(776 ) (618 ) (2,127 ) (971 ) Adjusted EBITDAR $
36,422 $ 33,511 $ 106,259 $ 96,476
Adjusted EBITDAR Margin Adjusted EBITDAR $ 36,422 $
33,511 $ 106,259 $ 96,476 Total revenues $ 104,420 $ 98,483
$ 304,648 $ 283,765 Communities being repositioned/leased up
(4,648 ) (4,370 ) (13,431 ) (10,073 ) Adjusted
revenues $ 99,772 $ 94,113 $ 291,217 $ 273,692
Adjusted EBITDAR margin
36.5 % 35.6 % 36.5 % 35.2 %
Adjusted net
income and net income per share Net income (loss) $ 2,871 $
(5,759 ) $ (8,334 ) $ (20,225 ) Casualty losses, net of tax 193 105
521 367 Transaction and conversion costs, net of tax 342 541 1,264
1,322 Resident lease amortization, net of tax 1,908 3,250 6,827
7,447 Write-off of deferred loan costs and prepayment premium, net
of tax 64 - 613 4,397 Joint venture equity investment valuation
gain, net of tax - - - (957 ) Loss (Gain) on disposition of assets,
net of tax (4,043 ) 1 (3,936 ) 7 Deferred tax asset valuation
allowance (1,306 ) 2,068 3,044 7,463 Tax impact of 4 property sale
1 - 292 - Communities being repositioned/leased up, net of tax
289 485 995 1,049
Adjusted net income $ 319 $ 691 $ 1,286 $ 870
Adjusted net income per share $
0.01 $ 0.02 $ 0.04 $ 0.03
Diluted shares outstanding 28,733 28,374 28,670 28,277
Adjusted CFFO and Adjusted CFFO per share Net loss $ 2,871 $
(5,759 ) $ (8,334 ) $ (20.225 ) Non-cash charges, net 9,466 16,134
42,861 48,867 Recurring capital expenditures (1,109 ) (1,090 )
(3,291 ) (3,155 ) Casualty losses 306 167 827 582 Transaction and
conversion costs 543 858 2,007 2,098 Tax impact of 4 property sale
1 - 292 - Tax impact of Spring Meadows Transaction (106 ) (106 )
(318 ) (318 ) Communities being repositioned/leased up, net of tax
(14 ) 246 ) 143 683 Adjusted
CFFO $ 11,958 $ 10,450 $ 34,187 $ 28,532
Adjusted CFFO per share $ 0.42
$ 0.37 $ 1.19 $ 1.01
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151103006642/en/
Capital Senior Living CorporationCarey Hendrickson,
1-972-770-5600Chief Financial Officer
Capital Senior Living (NYSE:CSU)
Historical Stock Chart
From Aug 2024 to Sep 2024
Capital Senior Living (NYSE:CSU)
Historical Stock Chart
From Sep 2023 to Sep 2024