Sonder Holdings Inc. Shares Preliminary Highlights, Q4 Revenue $164M Vs $169.98M Est, RevPAR ~$150; FY23 Revenue $603M Vs $609M Est, RevPAR $151
Portfolio Pulse from Benzinga Newsdesk
Sonder Holdings Inc. reported preliminary Q4 revenue of $164M, below the $169.98M estimate, and FY23 revenue of $603M, under the $609M estimate. Q4 and FY23 RevPAR stood at approximately $150 and $151, respectively, with an occupancy rate of 82%. The company experienced negative operating cash flow of $(34)M for Q4 and $(108)M for FY23, and negative free cash flow of $(35)M for Q4 and $(119)M for FY23. Total cash and equivalents were $136.5M, including $40.7M restricted cash. Live units were 12,200 and total portfolio was 16,000 as of December 31, 2023.
March 15, 2024 | 8:15 pm
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NEGATIVE IMPACT
Sonder Holdings Inc. reported lower-than-expected Q4 and FY23 revenues, with significant negative cash flows and a stable occupancy rate of 82%.
The reported revenues falling short of estimates, along with significant negative operating and free cash flows, are likely to negatively impact investor sentiment in the short term. The stable occupancy rate may provide some support, but the financial performance indicators suggest a negative outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100