Sonder Q4 Revenue Up Amid Accounting Issues
The furnished lodging provider had higher revenues versus Q4 2022, but revenue per available room dropped. Sonder also disclosed accounting irregularities from 2022 and 2023 that will impact its P&L statements from those periods.
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Short-term accommodation provider Sonder Holdings' fourth-quarter revenue increased to about $164 million from $135 million one year prior, the company announced Friday, though revenue per available room slid to about $150 from $158.
Sonder delayed formal reporting of its fourth-quarter and full-year results, as well as its earnings call with analysts, after it "recently identified accounting errors related to the valuation and impairment of operating lease right of use assets and related items for the fiscal years 2022 and 2023," the company said in a Friday statement. The errors "are non-cash in nature and will not impact the company's reported cash balances," Sonder said, but noted "the restatements will increase the company's overall net loss and loss per share in the impacted periods."
Sonder's fourth-quarter occupancy rate of 82 percent was down from 83 percent one year prior. Its full-year occupancy rate also was 82 percent, up from 81 percent in full-year 2022.
Sonder's full-year revenue increased to $603 million from $461 million in 2022. Full-year RevPAR was $151, the same as it was in 2022.
The company said it had 12,200 live units as of Dec. 31, up from 9,700 one year prior.
Sonder last month announced it would lay off 17 percent of its corporate workforce.
