Sonder This autumn Income Up Amid Accounting Points

Brief-term lodging supplier Sonder Holdings’
fourth-quarter income elevated to about $164 million from $135 million one
yr prior, the corporate introduced Friday, although income per accessible room
slid to about $150 from $158.

Sonder delayed formal reporting of its fourth-quarter and
full-year outcomes, in addition to its earnings name with analysts, after it “just lately
recognized accounting errors associated to the valuation and impairment of
working lease proper of use belongings and associated gadgets for the fiscal years 2022
and 2023,” the corporate mentioned in a Friday assertion. The errors “are
non-cash in nature and won’t influence the corporate’s reported money balances,”
Sonder mentioned, however famous “the restatements will improve the corporate’s
general web loss and loss per share within the impacted intervals.”

Sonder’s fourth-quarter occupancy fee of 82 % was
down from 83 % one yr prior. Its full-year occupancy fee additionally was 82
%, up from 81 % in full-year 2022. 

Sonder’s full-year income elevated to $603 million from $461
million in 2022. Full-year RevPAR was $151, the identical because it was in 2022. 

The corporate mentioned it had 12,200 stay models as of Dec. 31, up
from 9,700 one yr prior. 

Sonder final month introduced it could lay
off 17 % of its company workforce.

RELATED: Sonder
Q3 efficiency