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 fourth
quarter and full year 2015. Company highlights for the fourth
quarter and full year include:
Operating and Financial
Summary (all amounts in this operating and financial
summary exclude three 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 fourth quarter of 2015,
including all communities, was $107.5 million, a $7.4 million, or
7.4%, increase from the fourth quarter of 2014. Revenue for
full-year 2015 increased $28.3 million, or 7.4%, to $412.2
million.
- Occupancy for the Company’s
consolidated communities was 89.2% in the fourth quarter of 2015,
an increase of 130 basis points from the fourth quarter of 2014 and
30 basis points from the third quarter of 2015. Same-community
occupancy was 88.9% for the fourth quarter of 2015, a 50 basis
point increase from the fourth quarter of 2014 and a 20 basis point
increase from the third quarter of 2015.
- Average monthly rent for the Company’s
consolidated communities in the fourth quarter of 2015 was $3,436,
an increase of $207 per occupied unit, or 6.4%, as compared to the
fourth quarter of 2014, and a 160 basis point improvement from the
third quarter of 2015. Same-community average monthly rent was
$3,393, an increase of $85 per occupied unit, or 2.6%, from the
fourth quarter of 2014.
- Adjusted EBITDAR was $38.2 million in
the fourth quarter of 2015, a 6.2% increase from the fourth quarter
of 2014. The three communities undergoing repositioning, lease-up
or significant renovation and conversion generated an additional
$1.0 million of EBITDAR. The Company’s Adjusted EBITDAR margin was
37.1% for the fourth quarter of 2015. Adjusted EBITDAR for
full-year 2015 increased $11.9 million, or 8.9%, to $144.5 million.
The Company’s Adjusted EBITDAR margin for full-year 2015 was 36.6%,
a record-high annual margin for the Company and a 70 basis point
increase over full-year 2014.
- Adjusted Cash From Facility Operations
(“CFFO”) was $12.8 million, or $0.45 per share, in the fourth
quarter of 2015 compared to $0.44 in the fourth quarter of 2014.
Adjusted CFFO for full-year 2015 was $1.64, a 13.1% increase from
$1.45 in full-year 2014.
- The Company’s Net Loss for the fourth
quarter of 2015, including all communities, was $6.0 million, or
$0.21 per share, due mostly to non-cash amortization of resident
leases of $3.5 million associated with communities acquired by the
Company in the previous 12 months. Net Loss for full-year 2015 was
$14.3 million, or $0.50 per share. Adjusted Net Income was $0.8
million, or $0.03 per share, for the fourth quarter of 2015, and
$2.1 million, or $0.07 per share, for full-year 2015.
- The Company completed the acquisition
of one community during the fourth quarter of 2015 for a purchase
price of approximately $38.0 million. This community expands the
Company’s operations in Virginia and is expected to generate
incremental annual CFFO of approximately $0.04 per share.
- The Company announced today that it
closed on the acquisition of 5 additional communities during
January and February of 2016 for a combined purchase price of
approximately $64.4 million. These communities expand the Company’s
operations in Wisconsin and Florida, and are expected to generate
incremental annual CFFO of approximately $0.11 per share. With a
strong reputation among sellers, the Company sources the majority
of its acquisitions off-market and at attractive terms. The Company
has a strong pipeline of near- to medium-term targets.
“We continue to demonstrate the advantages of our clear and
differentiated strategy to drive superior shareholder value as we
successfully execute on our multiple avenues of growth,” said
Lawrence A. Cohen, Chief Executive Officer of the Company. “Our
focused execution produced growth in all of our key metrics in the
fourth quarter, including revenue, occupancy, average monthly rent,
NOI, Adjusted EBITDAR and Adjusted CFFO as compared to the prior
year. Our conversions of independent living units to assisted
living and memory care units also continue to show timely
progress.
“Complementing this growth is a robust acquisition pipeline that
allows us to increase 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 five such communities in the first two months of
2016, and we continue to pursue additional opportunities.
“We believe that we are well positioned to create long-term
shareholder value as a larger company with scale, competitive
advantages and a substantially all private-pay business model in a
highly fragmented industry that benefits from long-term
demographics, need-driven demand, limited competitive new supply in
our local markets, a strong housing market and a growing
economy.”
Recent Investment
Activity
Financial Results - Fourth
Quarter
For the fourth quarter of 2015, the Company reported revenue of
$107.5 million, compared to revenue of $100.2 million in the fourth
quarter of 2014, an increase of 7.4%. Excluding the revenue of the
five communities the Company has sold since the fourth quarter of
2014 from all appropriate periods, revenues increased $10.3
million, or 11.1%, in the fourth quarter of 2015 as compared to the
fourth quarter of 2014, mostly due to the acquisition of 9
communities during 2015. Operating expenses for the fourth quarter
of 2015 were $65.1 million, an increase of $5.4 million from the
fourth quarter of 2014, also primarily due to the acquisitions made
during 2015.
Revenue for consolidated communities excluding the three
communities undergoing repositioning, lease-up or significant
renovation and conversion increased 7.3% in the fourth quarter of
2015 as compared to the fourth quarter of 2014. Net operating
income for these communities increased 4.7% in the fourth quarter
of 2015 as compared to the fourth quarter of 2014. These increases
were achieved with fewer units available for lease in the fourth
quarter of 2015 than the fourth quarter of 2014 due to conversion
and refurbishment projects currently in progress at certain
communities.
General and administrative expenses for the fourth quarter of
2015 were $4.9 million, which includes $0.9 million of transaction
and other one-time costs. Excluding transaction and other one-time
costs from both periods, general and administrative expenses
decreased $0.2 million in the fourth quarter of 2015 as compared to
the fourth quarter of 2014. As a percentage of revenues under
management, general and administrative expenses, excluding
transaction and other one-time costs, were 3.7% in the fourth
quarter of 2015 as compared to 4.1% in the fourth quarter of
2014.
The Company’s Non-GAAP financial measures exclude three
communities that are undergoing repositioning, lease-up of
higher-licensed units or significant renovation and conversion (see
“Non-GAAP Financial Measures” below). One community excluded in
previous quarters reached 90% stabilized occupancy during the
fourth quarter of 2015 and is now included in the Company’s
Non-GAAP financial results. 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 fourth quarter of 2015 was
approximately $38.2 million, an increase of $2.2 million, or 6.2%,
from the fourth quarter of 2014. This does not include EBITDAR of
$1.0 million related to three communities undergoing repositioning,
lease-up or significant renovation and conversion. The Adjusted
EBITDAR margin for the fourth quarter of 2015 was 37.1%.
The Company recorded a net loss of $6.0 million, or $0.21 per
share, in the fourth quarter of 2015. Excluding non-recurring or
non-economic items reconciled on the final page of this release,
the Company’s adjusted net income was $0.8 million, or $0.03 per
share, in the fourth quarter of 2015. Adjusted CFFO was $12.8
million, or $0.45 per share, in the fourth quarter of 2015, a 2.9%
increase from the fourth quarter of the prior year. On a comparable
basis, Adjusted CFFO was $12.4 million, or $0.44 per share, in the
fourth quarter of 2014.
Financial Results – Full
Year
The Company reported 2015 revenue of $412.2 million compared to
revenue of $383.9 million in 2014, an increase of $28.3 million, or
7.4%. 2014 revenue included $3.1 million in community reimbursement
revenue and affiliated management revenue associated with three
communities formerly held as a joint venture. Resident and
healthcare revenue increased 8.4% versus the prior year. Operating
expenses were $248.7 million in 2015, an increase of $18.2
million.
General and administrative expenses in 2015 were $20.4 million
compared to $19.6 million in 2014. Excluding transaction and other
one-time costs, general and administrative expenses as a percentage
of revenues under management were approximately 4.3% in 2015
compared to 4.6% in 2014.
Adjusted EBITDAR increased 8.9% to $144.5 million in 2015, an
increase of $11.9 million. The Company’s Adjusted EBITDAR margin
was 36.6% in 2015, a record-high annual margin for the company and
a 70 basis point improvement from 2014. Adjusted CFFO for 2015 was
$47.0 million, or $1.64 per share, compared to $1.45 per share in
2014. The Company’s net loss for 2015 was $14.3 million, or $0.50
per share. After adjusting for the non-recurring or non-economic
items reconciled on the final page of this release, the Company
earned adjusted net income of $2.1 million, or $0.07 per share.
Operating Activities
Same-community results exclude the three 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 fourth quarter of 2015 increased
1.8% versus the fourth quarter of 2014. Due to conversion and
refurbishment projects currently in progress at certain
communities, fewer units were available for rent in the fourth
quarter of this year than the fourth quarter of last year. With a
like number of units available in both years, same-community
revenue would have increased approximately 3.2% in the fourth
quarter of 2015 as compared to the fourth quarter of the prior
year.
Same-community expenses increased 3.2% from the fourth quarter
of the prior year. Labor costs, including benefits, increased 4.0%,
primarily due to a one-time workers compensation credit in the
fourth quarter of 2014 and an increase in the number of employees
with healthcare coverage in the fourth quarter of 2015 as compared
to the fourth quarter of 2014 related to the continued
implementation of the Affordable Care Act. Excluding these items,
labor costs increased 2.9% and total same-community expenses
increased 2.5%. The Company’s two other significant expense
categories, food and utilities, both decreased in the fourth
quarter of 2015 as compared to the fourth quarter of 2014; food
costs decreased 0.8% and utilities decreased 5.9%. Same-community
net operating income increased 0.3% in the fourth quarter of 2015
as compared to the fourth quarter of 2014. With a like number of
units available in both years and excluding the unusual labor items
noted above, same-community net operating income would have
increased approximately 3.2% from the fourth quarter of the prior
year.
Capital expenditures for the fourth quarter of 2015 were $15.1
million, representing approximately $13.6 million of investment
spending and approximately $1.5 million of recurring capital
expenditures. Spending in 2015 for recurring capital expenditures
equaled $5.5 million, or approximately $475 per unit.
Balance Sheet
The Company ended the quarter with $69.2 million of cash and
cash equivalents, including restricted cash, an increase of $21.4
million since September 30, 2015. During the fourth quarter of
2015, the Company invested $10.0 million of cash as equity to
complete the acquisition of one community and spent $18.8 million
on capital improvements, which includes $3.7 million related to
lease incentives for certain tenant leasehold improvements for
which the Company expects to be reimbursed by its lessors. The
Company received reimbursements totaling $2.5 million in the fourth
quarter and expects to receive the remainder as the projects are
completed.
As of December 31, 2015, the Company financed its owned
communities with mortgages totaling $763.4 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 December 31, 2015, which was at an average
variable rate of approximately 4.65% in the fourth quarter of
2015.
The Company’s cash on hand and cash flow from operations are
expected to be sufficient for working capital, prudent reserves,
share repurchases and the equity needed to fund the Company’s
acquisition, conversion and renovation programs.
Q4 2015 Conference Call
Information
The Company will host a conference call with senior management
to discuss the Company’s fourth quarter 2015 financial results. The
call will be held on Thursday, February 25, 2016 at 5:00 p.m.
Eastern Time. The call-in number is 913-312-1475, confirmation code
3113420. 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 February 25, 2016 at 8:00 p.m. Eastern Time, until
March 5, 2016 at 8:00 p.m. Eastern Time. To access the conference
call replay, call 719-457-0820, confirmation code 3113420. The
conference call will also be made available for playback via the
Company’s corporate website, www.capitalsenior.com, beginning
February 26, 2016.
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 126 senior living communities in geographically
concentrated regions with an aggregate capacity of approximately
15,800 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) December 31,
2015 2014 (In
thousands, except per share data) ASSETS Current assets:
Cash and cash equivalents $ 56,087 $ 39,209 Restricted cash 13,159
12,241 Accounts receivable, net 9,252 5,903 Accounts receivable
from affiliates 2 5 Deferred taxes — 460 Assets held for sale —
35,761 Property tax and insurance deposits 14,398 12,198 Prepaid
expenses and other
4,370
6,797 Total current assets 97,268 112,574
Property and equipment, net 890,572 747,613 Other assets, net
31,193 31,183
Total assets
$ 1,019,033
$ 891,370 LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable
$ 3,362 $ 2,540 Accounts payable to affiliates — 7 Accrued expenses
34,300 32,154 Notes payable of assets held for sale — 14,847
Current portion of notes payable, net of deferred loan costs 13,634
32,538 Current portion of deferred income 16,059 14,603 Current
portion of capital lease and financing obligations 1,257 1,054
Federal and state income taxes payable 111 219 Customer deposits
1,819 1,499
Total current liabilities 70,542 99,461 Deferred income 13,992
15,949 Capital lease and financing obligations, net of current
portion 38,835 40,016 Deferred taxes — 460 Other long-term
liabilities 4,969 1,426 Notes payable, net of deferred loan costs
and current portion 754,949 592,884 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 29,539 and 29,097 in 2015 and 2014,
respectively
299 294 Additional paid-in capital 159,920 151,069 Retained
(deficit) earnings (23,539 ) (9,255 ) Treasury stock, at cost – 350
shares in 2015 and 2014
(934 )
(934 ) Total shareholders' equity
135,746 141,174
Total liabilities and shareholders' equity
$
1,019,033 $ 891,370
See accompanying notes to consolidated financial
statements.
CAPITAL SENIOR
LIVING CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS) (unaudited, in thousands, except
per share data)
Three Months EndedDecember
31,
Year EndedDecember
31,
2015 2014
2015 2014
Revenues: Resident and health care revenue $ 107,529 $ 100,160 $
412,177 $ 380,400 Affiliated management services revenue — — — 415
Community reimbursement revenue
—
— —
3,110 Total revenues 107,529 100,160 412,177
383,925 Expenses:
Operating expenses (exclusive of facility
lease expense and depreciation and amortization expense shown
below)
65,122
59,744
248,736
230,495
General and administrative expenses 4,869 4,485 20,351 19,622
Facility lease expense 15,338 14,808 61,213 59,332 Provision for
bad debts 319 200 1,192 717 Stock-based compensation expense 2,088
1,586 8,833 7,262 Depreciation and amortization 14,032 13,880
53,017 49,487 Community reimbursement expense
—
— —
3,110 Total expenses
101,768 94,703
393,342 370,025
Income from operations 5,761 5,457 18,835 13,900 Other
income (expense): Interest income 17 12 53 52 Interest expense
(9,710 ) (8,476 ) (35,732 ) (31,261 ) Write-off of deferred loan
costs and prepayment premiums (1,793 ) (989 ) (2,766 ) (7,968 )
Joint venture equity investment valuation gain — — — 1,519 (Loss)
Gain on disposition of assets, net (22 ) 795 6,225 784 Equity in
earnings of unconsolidated joint ventures, net — — — 105 Write-down
of assets held for sale — (561 ) — (561 ) Other income
— 1
1 23 Loss before
provision for income taxes (5,747 ) (3,761 ) (13,384 ) (23,407 )
Provision for income taxes
(203 )
(140 ) (900
) (719 ) Net loss
$ (5,950 ) $
(3,901 ) $
(14,284 ) $
(24,126 ) Per share data: Basic
net loss per share
$ (0.21 )
$ (0.13 ) $
(0.50 ) $ (0.83
) Diluted net loss per share
$
(0.21 ) $ (0.13
) $ (0.50 )
$ (0.83 ) Weighted average
shares outstanding — basic
28,749
28,387 28,688
28,301 Weighted average shares outstanding —
diluted
28,749
28,387 28,688
28,301 Comprehensive loss
$
(5,950 ) $
(3,901 ) $
(14,284 ) $
(24,126 ) CAPITAL
SENIOR LIVING CORPORATION CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited, in thousands) Year
Ended December 31, 2015
2014 (in thousands) Operating
Activities
Net loss
$
(14,284
)
$
(24,126
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization 53,017 49,487
Amortization of deferred financing charges 1,029 1,361 Amortization
of deferred lease costs and lease intangibles 1,421 1,230 Deferred
income (677 ) (616 ) Lease incentives 2,464 — Write-off of deferred
loan costs and prepayment premiums 2,766 7,968 Joint venture equity
investment valuation gain — (1,519 ) Gain on disposition of assets,
net (6,225 ) (784 ) Equity in earnings of unconsolidated joint
ventures, net — (105 ) Write-down of assets held for sale — 561
Provision for bad debts 1,192 717 Stock-based compensation expense
8,833 7,262 Changes in operating assets and liabilities: Accounts
receivable (2,931 ) (2,868 ) Accounts receivable from affiliates 3
411 Property tax and insurance deposits (2,200 ) (1,162 ) Prepaid
expenses and other 2,427 (192 ) Other assets (1,289 ) (163 )
Accounts payable 815 (1,267 ) Accrued expenses 2,146 2,833 Federal
and state income taxes receivable/payable (108 ) 5,342 Deferred
resident revenue 176 1,932 Customer deposits
320 10 Net cash
provided by operating activities 48,895 46,312
Investing
Activities
Capital expenditures
(42,430
)
(18,742
)
Cash paid for acquisitions (162,460 ) (160,105 ) Proceeds from
SHPIII/CSL Transaction — 2,532 Proceeds from disposition of assets
43,463 796 Distributions from joint ventures
—
102 Net cash used in investing
activities (161,427 ) (175,417 )
Financing Activities
Proceeds from notes payable
250,944
300,820
Repayments of notes payable (115,896 ) (140,950 ) Cash payments for
capital lease and financing obligations (978 ) (971 ) Increase in
restricted cash (918 ) (816 ) Cash proceeds from the issuance of
common stock 42 170 Excess tax benefits on stock options exercised
(19 ) (82 ) Deferred financing charges paid
(3,765 ) (3,468
) Net cash provided by financing activities
129,410 154,703
Increase (Decrease) in cash and cash equivalents 16,878 25,598 Cash
and cash equivalents at beginning of year
39,209 13,611 Cash
and cash equivalents at end of year
$
56,087 $ 39,209
Supplemental Disclosures Cash paid during the year
for: Interest
$ 33,642
$ 28,856 Income taxes
$ 1,039 $
724 Non-cash operating, investing, and
financing activities: Notes payable assumed by purchaser through
disposition of assets
$ 6,764
$ —
Capital Senior Living Corporation Supplemental
Information Average Communities
Resident Capacity Average Units Q4 15 Q4
14 Q4 15 Q4 14 Q4 15 Q4 14
Portfolio Data I. Community Ownership / Management
Consolidated communities Owned 71 67 9,083 8,783 6,891 6,895 Leased
50 50 6,333 6,333 4,907 4,984
Total 121 117 15,416 15,116 11,798 11,879 Independent
living 6,984 7,597 5,366 6,134 Assisted living 8,432 7,519
6,432 5,745 Total 15,416 15,116 11,798 11,879
II. Percentage of Operating Portfolio
Consolidated communities Owned 58.7 % 57.3 % 58.9 % 58.1 % 58.4 %
58.0 % Leased 41.3 % 42.7 % 41.1 % 41.9 % 41.6 % 42.0 % Total 100.0
% 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Independent living
45.3 % 50.3 % 45.5 % 51.6 % Assisted living 54.7 % 49.7 % 54.5 %
48.4 % Total 100.0 % 100.0 % 100.0 % 100.0 %
Capital Senior Living Corporation
Supplemental Information (excludes communities being
repositioned/leased up) Selected Operating Results Q4
15 Q4 14 I. Owned communities Number of
communities 69 65 Resident capacity 8,538 8,238 Unit capacity (1)
6,492 6,446 Financial occupancy (2) 90.8 % 88.9 % Revenue (in
millions) 59.0 52.1 Operating expenses (in millions) (3) 33.5 29.5
Operating margin 43 % 43 % Average monthly rent 3,338 3,031
II.
Leased communities Number of communities 49 49 Resident
capacity 6,107 6,107 Unit capacity (1) 4,720 4,843 Financial
occupancy (2) 86.9 % 86.5 % Revenue (in millions) 44.0 44.0
Operating expenses (in millions) (3) 22.4 21.8 Operating margin 49
% 50 % Average monthly rent 3,577 3,499
III. Consolidated
communities Number of communities 118 114 Resident capacity
14,645 14,345 Unit capacity (1) 11,212 11,288 Financial occupancy
(2) 89.2 % 87.9 % Revenue (in millions) 103.0 96.1 Operating
expenses (in millions) (3) 55.8 51.3 Operating margin 46 % 47 %
Average monthly rent 3,436 3,229
IV. Communities under
management Number of communities 118 114 Resident capacity
14,645 14,345 Unit capacity (1) 11,212 11,288 Financial occupancy
(2) 89.2 % 87.9 % Revenue (in millions) 103.0 96.1 Operating
expenses (in millions) (3) 55.8 51.2 Operating margin 46 % 47 %
Average monthly rent 3,436 3,229
V. Same communities under
management Number of communities 107 107 Resident capacity
13,429 13,429 Unit capacity (1) 10,394 10,534 Financial occupancy
(2) 88.9 % 88.4 % Revenue (in millions) 94.1 92.4 Operating
expenses (in millions) (3) 50.4 48.9 Operating margin 46 % 47 %
Average monthly rent 3,393 3,308
VI. General and Administrative
expenses as a percent of Total Revenues under Management Fourth
quarter (4) 3.6 % 4.1 % Fiscal year (4) 4.3 % 4.6 %
VII.
Consolidated Mortgage Debt Information (in thousands, except
interest rates)
(excludes insurance premium and auto
financing)
Total fixed rate mortgage debt 763,427 577,310 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 Q4 15 than Q4 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 December 31, Fiscal Year Ended
December 31, 2015 2014 2015 2014
Adjusted EBITDAR Net income from operations $ 5,761 $ 5,457
$ 18,835 $ 13,900 Depreciation and amortization expense 14,032
13,880 53,017 49,487 Stock-based compensation expense 2,088 1,586
8,833 7,262 Facility lease expense 15,338 14,808 61,213 59,332
Provision for bad debts 319 200 1,192 717 Casualty losses 424 166
1,250 748 Transaction and conversion costs 1,256 549 3,262 2,648
Communities being repositioned/leased up (1,015 )
(683 ) (3,141 ) (1,494 ) Adjusted EBITDAR $ 38,203
$ 35,963 $ 144,461 $ 132,600
Adjusted EBITDAR Margin Adjusted EBITDAR $ 38,203 $ 35,963 $
144,461 $ 132,600 Total revenues $ 107,529 $ 100,160 $
412,177 $ 383,925 Communities being repositioned/leased up
(4,417 ) (4,308 ) (17,848 ) (14,381 ) Adjusted
revenues $ 103,112 $ 95,852 $ 394,329 $
369,544 Adjusted EBITDAR margin
37.1 % 37.5 % 36.6 % 35.9 %
Adjusted net income and net income per share Net income
(loss) $ (5,950 ) $ (3,901 ) $ (14,284 ) $ (24,126 ) Casualty
losses, net of tax 267 105 788 471 Transaction and conversion
costs, net of tax 791 346 2,055 1,668 Resident lease amortization,
net of tax 2,221 3,013 9,048 10,460 Write-off of deferred loan
costs and prepayment premium, net of tax 1,130 623 1,743 5,020
Write-down of assets held for sale, net of tax - 353 - 353 Joint
venture equity investment valuation gain, net of tax - - - (957 )
Loss (Gain) on disposition of assets, net of tax 14 (501 ) (3,922 )
(494 ) Deferred tax asset valuation allowance 1,942 993 4,986 8,456
Tax impact of 4 property sale 59 - 351 - Communities being
repositioned/leased up, net of tax 302 429
1,298 1,578 Adjusted net income
$ 776 $ 1,460 $ 2,063 $ 2,429
Diluted shares outstanding 29,158 28,390 29,001 28,305
Adjusted net income per share $ 0.03 $
0.05 $ 0.07 $ 0.09
Adjusted CFFO and
Adjusted CFFO per share Net loss $ (5,950 ) $ (3,901 ) $
(14,284 ) $ (24,126 ) Non-cash charges, net 20,959 16,694 63,820
65,562 Lease incentives (2,464 ) - (2,464 ) - Recurring capital
expenditures (1,122 ) (1,101 ) (4,413 ) (4,257 ) Casualty losses
424 166 1,250 748 Transaction and conversion costs 1,256 549 3,262
2,648 Tax impact of 4 property sale 59 - 351 - Tax impact of Spring
Meadows Transaction (106 ) (106 ) (424 ) (424 ) Communities being
repositioned/leased up, net of tax (243 ) 138
(101 ) 746 Adjusted CFFO $ 12,813 $
12,439 $ 46,997 $ 40,897 Basic shares
outstanding 28,749 28,387 28,688 28,301
Adjusted CFFO per share $ 0.45 $ 0.44 $ 1.64 $
1.45
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Capital Senior Living CorporationCarey Hendrickson,
1-972-770-5600Chief Financial Officer
Capital Senior Living (NYSE:CSU)
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From Aug 2024 to Sep 2024
Capital Senior Living (NYSE:CSU)
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From Sep 2023 to Sep 2024
