BIC: Disclosure Of Trading In Own Shares for March 2025
CLICHY – April 07, 2025
In compliance with general regulation on share buy-backs, Société BIC declares below the transactions made on its own shares for March 2025:
Date
Number of shares
Average weighted price in €
Amount in €
04/03/2025
14,000
59.0000
826,000.00
31/03/2025
71,046
62.8000
4,461,688.80
TOTAL
85,046
62.1745
5,287,688.80
ABOUT BIC
A global leader in stationery, lighters, and shavers, BIC brings simplicity and joy to everyday life. For 80 years, BIC's commitment to delivering high-quality, affordable, and trusted products has established BIC as a symbol of reliability and innovation. With a presence in over 160 countries, and over 13,000 team members worldwide, BIC's portfolio includes iconic brands and products such as BIC® 4-Color™, BodyMark®, Cello®, Cristal®, Inkbox®, BIC Kids®, Lucky™, Rocketbook®, Tattly®, Tipp-Ex®, Wite-Out®, Djeep®, EZ Load™, EZ Reach®, BIC® Flex™, Soleil®, Tangle Teezer® and more. Listed on Euronext Paris and included in the SBF120 and CAC Mid 60 indexes, BIC is also recognized for its steadfast commitment to sustainability and education. For more, visit www.corporate.bic.com and to see BIC's full range of products visit www.bic.com. Follow BIC on LinkedIn, Instagram, YouTube and TikTok.
CONTACTS
Brice ParisVP Investor Relations +33 6 42 87 54 73brice.paris@bicworld.comMichèle VenturaSenior Investor Relations Manager+33 6 79 31 50 37michele.ventura@bicworld.com
Bethridge ToovellVP Global Communications+1 917 821 4249bethridge.toovell@bicworld.comApolline CeleyronSenior Communications Manager+33 6 13 63 44 43apolline.celeyron@bicworld.com
Agenda
All dates to be confirmedApril 23, 2025May 20, 2025July 30, 2025October 28, 2025
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2 hours ago
- Business Wire
Galderma Delivers Record First Half 2025 Net Sales of 2.448 Billion USD and 12.2% Year-on-Year Growth at Constant Currency, Raises Full-Year Top-Line Guidance
ZUG, Switzerland--(BUSINESS WIRE)--Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, today announced its financial results for the first half of 2025. Record net sales of 2.448 billion USD, representing net sales growth of 12.2% at constant currency, driven mainly by volume and complemented by favorable mix Double-digit growth in both International markets and the U.S., with strong performance across all product categories, including year-on-year growth of 9.8% for Injectable Aesthetics, 7.7% for Dermatological Skincare, and 26.9% for Therapeutic Dermatology at constant currency Significant progress on the launch of new innovation, including Nemluvio ® (nemolizumab) which continues to outperform, delivering 131 million USD in sales, the ongoing positive uptake of Relfydess™, now launched in 17 markets, and geographic expansion in Fillers & Biostimulators Advancing leadership in science and education, supported by new long-term data on nemolizumab in atopic dermatitis and prurigo nodularis as well as the initiation of new clinical trials in systemic sclerosis and chronic pruritus of unknown origin Growth in Core EBITDA, delivering 555 million USD, up 9.5% year-on-year at constant currency, with a slightly higher than expected Core EBITDA margin for the first half of 22.7% Disciplined capital allocation with continued investments behind organic growth, net leverage reduced to 2.1x, early debt repayment of 110 million USD, debt refinancing of 1.04 billion USD of its term loan, and purchases of treasury shares for a total amount of 323 million USD Raising 2025 full-year guidance on net sales, expecting growth of 12-14% at constant currency (previously 10-12%), and confirming guidance on Core EBITDA margin of approximately 23% at constant currency 'Galderma's strong performance in the first half of 2025 underscores the impact of our executional excellence across product categories and the continued ramp-up of our two potential blockbuster launches, Nemluvio and Relfydess. Reflecting this strong progress and confidence in the business, we are raising our full-year guidance on net sales. With the establishment of our new U.S. headquarters in Miami and sustained scientific momentum, we are also sharpening our focus – accelerating growth and moving from category leadership to becoming a true powerhouse in dermatology.' FLEMMING ØRNSKOV, M.D., MPH CHIEF EXECUTIVE OFFICER GALDERMA Expand Delivering strong commercial performance Galderma achieved 2.448 billion USD in net sales for the first half of 2025, representing 12.2% year-on-year growth at constant currency. Growth was mainly driven by volume, complemented by favorable mix. This reflects an acceleration in the second quarter, with year-on-year growth of 15.8% at constant currency. The first half saw strong performance across all product categories, including double-digit growth in 7 out of Galderma's top 10 markets. Galderma delivered notable market share gains in Injectable Aesthetics in both geographies (International markets and the U.S.) as well as in Dermatological Skincare in International markets. In Therapeutic Dermatology, Nemluvio maintained its strong momentum with global net sales of 131 million USD. International markets: Galderma sustained its strong momentum with double-digit growth in both Injectable Aesthetics subcategories, as well as in Dermatological Skincare. Injectable Aesthetics saw especially strong growth in Brazil, Canada, China, Mexico, and the U.K., while Dermatological Skincare growth was accelerated by strong performances in China and India. Therapeutic Dermatology's modest growth was mainly driven by Nemluvio sales in Germany. U.S.: The U.S. grew across all product categories in the first half, led by strong performances from Nemluvio and Neuromodulators. In Injectable Aesthetics, Galderma continued to gain share in both Neuromodulators and Fillers & Biostimulators, despite the Fillers market being impacted by market softness and intensified promotional activity. In Dermatological Skincare, Cetaphil made strides in e-commerce as well as with select large retailers, despite continued constrained consumer spending, while Alastin® grew across channels. In Therapeutic Dermatology, Nemluvio's sales ramp-up in prurigo nodularis and atopic dermatitis was higher than expected, more than offsetting the anticipated decline from mature products. Injectable Aesthetics Injectable Aesthetics net sales for the first half of 2025 were 1,240 million USD, with year-on-year growth of 9.8% at constant currency. Neuromodulators achieved net sales of 707 million USD, up 14.7% year-on-year at constant currency. Both the U.S. and International markets reported double-digit growth and continued to gain market share. Dysport ® remains on a strong growth trajectory, while the launch of Relfydess – the first and only ready-to-use liquid neuromodulator created using PEARL™ Technology – continues to deliver ahead of expectations, including some stocking benefits from multiple market launches. As anticipated, growth in the second quarter for Neuromodulators was slightly subdued, following a very strong first quarter with some favorable phasing. Fillers & Biostimulators recorded net sales of 534 million USD, up 3.9% year-on-year at constant currency. With market share gains in the U.S. and International markets, growth was mainly driven by sustained high growth momentum for Sculptra ® as well as the initial uptake of new launches, including Sculptra in China and Restylane ® SHAYPE™ in Brazil. Fillers continued to be impacted by market softness, especially in the U.S., with lower consumer demand and intense promotional activity, while growth in Biostimulators remained very strong, particularly in International markets. Overall, the growth rate for Fillers & Biostimulators in the second quarter was high, following a decline in the previous quarter due to a high comparative base in 2024. Galderma maintained its focus on commercial execution and partnership with healthcare professionals, including an increase in the reach of its education, training and medical awareness activities. These efforts also supported new launches, notably for Relfydess, which is now available in 17 markets, with further global regulatory submissions initiated. Interest and demand for Relfydess have been very high, with positive feedback from early adopters, especially on long duration, fast onset and simple volumetric dosing. Recent Fillers & Biostimulators launches are also performing ahead of expectations. Sculptra continues on its strong launch trajectory in China's fast-growing aesthetics market, while Restylane SHAYPE is outperforming all recent competitive launches in Brazil. Dermatological Skincare Dermatological Skincare net sales for the first half of 2025 were 719 million USD, with year-on-year growth of 7.7% at constant currency. Cetaphil and Alastin, Galderma's flagship Dermatological Skincare brands, continued on their growth trajectories, supported by strong momentum in e-commerce channels globally. Cetaphil growth in International markets remained very strong, with exceptional performance in Asia, where India became a top sales contributor. In the U.S., Cetaphil grew in e-commerce channels and with select large retailers, despite constrained consumer spending. Alastin continued to grow double-digits, with the U.S. performing across channels and steady progress in International market expansion plans. Highlights for the period included the launch of CetaSphere, a new global advocacy network; a major Cetaphil campaign in China with a leading local live streamer leading to rapid sell-through during the '618' shopping festival; and high profile appearances, including a collaboration between Alastin and Halle Berry at the Met Gala and Cannes Film Festival. Additionally, Galderma focused on strong retailer engagement, including Alastin's strategic physician-first approach, targeted execution with local Cetaphil retailers, as well as fast-growing e-commerce channels. Growth was also supported by new innovations such as Cetaphil's Acne Fast Rescue Pimple Patches and Alastin's Restorative Skin Complex with Next Generation TriHex Technology ®. Therapeutic Dermatology Therapeutic Dermatology net sales for the first half of 2025 were 489 million USD, with year-on-year growth of 26.9% at constant currency. This accelerated performance was driven by an impressive ramp-up in Nemluvio sales, notably in the second quarter. This growth more than offset the decline in the category's mature portfolio, especially in the U.S. Nemluvio delivered 131 million USD in net sales, performing ahead of expectations. Sales were primarily driven by the U.S., the majority still from prurigo nodularis, with the contribution from atopic dermatitis quickly increasing. Internationally, Germany's launch trajectory remains strong. Market share gains in both prurigo nodularis and atopic dermatitis in the U.S. were underpinned by increasing underlying demand and market access, spanning more than 70% commercial covered lives as a first-line biologic treatment as of July 16 th, 2025. The commercial uptake was further supported by ongoing sales force expansion, a direct-to-consumer advertising campaign in atopic dermatitis, and deepening engagement with healthcare professionals leveraging recently published long-term data (details below). Global regulatory processes continue to progress, underscoring growing interest and sustained momentum. Nemluvio was approved by the Therapeutic Goods Administration (TGA) in Australia in May 2025 for the treatment of both moderate-to-severe atopic dermatitis and prurigo nodularis. With this decision, Nemluvio is now approved in all selected countries under the Access Consortium framework. In June, Nemluvio was also recommended for routine National Health Service (NHS) funding in England and Wales for moderate-to-severe atopic dermatitis, as outlined in final draft guidance from the National Institute for Health and Care Excellence (NICE). 1 Advancing cutting-edge science and industry-leading medical education Galderma reinforced its leadership in dermatology by presenting several new scientific data and pipeline updates, and by supporting education at key industry events. In June 2025, Galderma presented new long-term data on Nemluvio in both atopic dermatitis and prurigo nodularis as late breaker presentations at the Revolutionizing Atopic Dermatitis (RAD) Conference and the XIV International Congress of Dermatology (ICD), respectively. These new data reinforced Nemluvio's consistent safety profile and durable clinical efficacy on both skin lesions and itch, across both indications, with prolonged treatment up to two years. 2-4 These results build on data from the ARCADIA and OLYMPIA clinical trials – with OLYMPIA being the largest completed pivotal clinical program in prurigo nodularis and the only one assessing long-term safety and efficacy for this condition. 4-6 Also in June, Galderma announced the initiation of two new clinical trials to investigate the efficacy and safety of nemolizumab in treating patients living with systemic sclerosis (SSc) and chronic pruritus of unknown origin (CPUO) – two chronic conditions with high unmet need. 7-9,10 In SSc, Galderma's phase II proof-of-concept study is a multicenter, randomized, double-blind, placebo-controlled study investigating nemolizumab in adults. Patient enrolment is planned from the second half of 2025, with completion expected in 2028. In CPUO, Galderma's phase II trial is a randomized, double-blind, placebo-controlled proof-of-concept study exploring the impact of nemolizumab on itch intensity and quality of life in patients without an identifiable underlying cause, with enrollment expected to start in the second half of 2025 in the U.S., and study completion expected in 2026. Overall, nemolizumab is seen as a pipeline within an asset, with the potential to explore additional indications over time as relevant. As the pure-play dermatology category leader, Galderma is spearheading efforts to address the most predominant aesthetic concerns of a new and fast-growing patient population experiencing medication-driven weight loss. In mid-July, Galderma unveiled final nine-month data from a phase IV first-of-its-kind trial showing lasting efficacy and patient satisfaction with Restylane Lyft ® or Contour ® in combination with Sculptra when addressing facial aesthetic changes after medication-driven weight loss. These extended study data reinforce that this treatment regimen can effectively improve facial aesthetic appearance with high patient satisfaction over nine months. Alongside these scientific advancements, Galderma maintained its commitment to market-leading education through a steady flow of regional and local Galderma Aesthetic Injector Network (GAIN) events. Following an earlier memorandum of understanding to work towards a new research and development collaboration, Galderma and L'Oréal signed an agreement for a new research project to use our complementary technologies to develop a non-invasive, ambulatory imaging approach for extracellular matrix remodeling in the skin. Investing in our U.S organization to drive growth Galderma also made important moves to accelerate innovation and growth in the U.S., the company's largest market, with the establishment of its new U.S. headquarters in Miami, Florida. The new site will serve as a strategic hub for Dermatological Skincare and Injectable Aesthetics, reinforcing Galderma's long-term commitment to the market. To support this, Galderma appointed Heather Wallace as President of Galderma U.S., bringing deep experience in dermatology and consumer health. These steps reflect Galderma's continued investment in the market and the potential it sees for the future. Strengthening our financial profile For the first half of 2025, Galderma delivered a record 555 million USD in Core EBITDA, growing 9.5% year-on-year at constant currency in a year of key launches. Core EBITDA margin was 22.7%, with margin erosion slightly better than expected for the period given the strong ramp-up of Nemluvio, despite some reinvestments behind growth. Galderma's underlying profitability, defined as Core EBITDA margin excluding the Core EBITDA impact from nemolizumab, continued to improve. Profitability in the first half of the year benefited from some phasing in research and development. Meanwhile, gross margin was impacted by pricing pressures, especially in the U.S., partially offset by favorable mix. Core net income continued to grow significantly, achieving 329 million USD for the period, driven by strong Core EBITDA growth, lower financing expenses, and a phasing-related improvement of the effective tax rate. Galderma also brought its net leverage down to 2.1x at the end of June 2025. In addition, given strong financial results and confidence in cash generation, Galderma repaid 110 million USD of its debt early, and refinanced 1.04 billion USD of its term loan, including issuing its inaugural Eurobond and new dual tranche CHF bonds following Fitch's investment grade rating. Galderma took steps to further support its shareholder returns with the approval and first payment of a dividend and the repurchase of shares during the accelerated bookbuild offerings which took place in the first half of the year. First, a gross dividend of 0.15 CHF per dividend-bearing share was distributed out of reserves from capital contributions. Second, Galderma repurchased 2.78 million shares for 323 million USD in the context of the accelerated bookbuild offerings of Galderma shares by Sunshine SwissCo GmbH ('EQT'), Abu Dhabi Investment Authority ('ADIA') and Auba Investment Pte. Ltd. ('Auba'), funded from existing liquidity on hand and to be held in treasury to support Galderma's employee participation plans, business development opportunities and/or treasury management. Raising full-year guidance on net sales Reflecting its strong growth trajectory and investments behind significant launches, Galderma is raising its net sales guidance for 2025 to 12-14% year-on-year growth at constant currency, and confirming its Core EBITDA margin, at approximately 23% at constant currency. This guidance update reflects the ramp-up of Nemluvio which is expected to drive significant growth in Therapeutic Dermatology. It also highlights the strong performance in Injectable Aesthetics for the first half of the year. In the second half, Neuromodulators are expected to be impacted by stocking dynamics, notably from the ongoing Relfydess launches and a high comparative base in Latin America. Galderma remains confident in its ability to outgrow the Neuromodulator market globally and expects low 'teens' net sales growth for its Neuromodulators subcategory for the full-year ('teens' defined as numbers greater than 10% and lower than 20%). Fillers & Biostimulators are expected to continue to benefit in the second half from the increasing contribution of new launches and the very strong momentum of Sculptra. Finally, Dermatological Skincare is expected to sustain its growth trajectory globally with expected growth acceleration in the fourth quarter due to seasonal activations. Regarding Core EBITDA margin, while the first half of the year was slightly ahead of expectations given the stronger than anticipated ramp-up of Nemluvio, underlying profitability for the second half of the year is expected to slightly decrease. This reflects the increased seasonal ramp-up of marketing activities for the period and the anticipated impact of U.S. tariffs. Galderma remains confident in its ability to deliver on its guidance considering its manageable exposure to announced U.S. tariffs, which are fully factored-in for the full-year, along with its ability to absorb some further tariff impact and consumer demand-related deterioration. Webcast details Galderma will host a trading update call today at 13:00 CET to discuss the first half 2025 results and respond to questions from financial analysts. Investors and the public may access the webcast by registering on the Galderma Investor Relations website at a recording will also be made available after the event. About Galderma Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body's largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: Appendices Appendix 1: H1 2025 net sales by product category and geography Appendix 2: Q2 2025 net sales by product category and geography Appendix 3: Reconciliation of H1 2025 P&L from IFRS to Core reporting In million USD IFRS - as reported Exceptional & transformation related items Impairments Amortization Depreciation Core reporting % Net Sales based on Core reporting Net Sales 2,448 - - - - 2,448 Other revenue 18 - - - - 18 Cost of goods sold (761) - 5 105 11 (641) Gross profit 1,705 - 5 105 11 1,826 74.6% Research and development (104) - - - 1 (103) 4.2% Sales and marketing (818) - - - 7 (811) 33.1% General and administrative (276) - 4 17 16 (238) 9.7% Medical and regulatory (55) - - - - (55) 2.2% Distribution (64) - - - 1 (64) 2.6% Other income / (expenses) (29) 29 - - - - - Operating profit as reported 358 Total adjustments 29 9 122 36 Core EBITDA 555 Expand Appendix 4: Reconciliation of H1 2025 of Core EBITDA to IFRS Net Income Appendix 5: Reconciliation of H1 2025 from IFRS Net Income to Core Net Income 12 In million USD H1 2024 H1 2025 Net income / (loss) 47 194 Total EBITDA adjustments 11 59 38 VCB financing revaluation (28) - Amortization 112 122 Foreign exchange loss on financing activities 30 1 Income taxes on above items (10) (25) Core Net Income 12 210 329 Core EPS in USD 13 0.89 1.39 Expand Appendix 6: H1 2025 Total Net Indebtedness In million USD December 31 2024 June 30 2025 Total Indebtedness 14 2,813 2,715 Cash and Cash Equivalents (457) (458) Total Net Indebtedness 2,356 2,257 Expand Appendix 7: Additional modeling metrics Notes and references Note: Due to rounding numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. All ratios, subtotals and variances are calculated using the underlying amount rather than the presented rounded amount. NICE. Nemolizumab for treating atopic dermatitis - technology appraisal guidance. Available online. Accessed June 2025 Silverberg, JI, et al. Nemolizumab long-term safety and efficacy up to 104 weeks in the ARCADIA open-label extension study in adolescents and adults with moderate-to-severe atopic dermatitis. Presented at Revolutionizing Atopic Dermatitis Conference 2025; June 6-7; Nashville, United States. Silverberg J, et al. Nemolizumab with concomitant topical therapy in adolescents and adults with moderate-to-severe atopic dermatitis (ARCADIA 1 & 2): results from two replicate double-blinded, randomised controlled phase 3 trials. Lancet. 2024;404(10451):445-460. doi: 10.1016/S0140-6736(24)01203-0 Ständer S, et a. Nemolizumab long-term efficacy and safety up to 100 weeks in the OLYMPIA open-label extension study in patients with prurigo nodularis: An interim analysis. Presented at International Congress of Dermatology; June 18-21, 2025; Rome, Italy. A Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501679). Available online. Accessed May 2025 Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501666). Available online. Accessed May 2025 Jimenez SA, Mendoza FA, Piera-Velasquez S. A review of recent studies on the pathogenesis of Systemic Sclerosis: focus on fibrosis pathways. Front Immunol. 2025;16: 1551911. doi: 10.3389/fimmu.2025.1551911 Truchetet ME, et al. Current Concepts on the Pathogenesis of Systemic Sclerosis. Clin Rev Allergy Immunol. 2021;64(3): 262–283. doi: 10.1007/s12016-021-08889-8 Teresa J, et al. Therapeutics in chronic pruritus of unknown origin. Itch. 2023;8(1): pe64. doi: 10.1097/itx.0000000000000064 Andrade E, et al. Interventions for chronic pruritus of unknown origin. CDSR. 2020;1(1): CD013128. doi: 10.1002/ H1 2024 adjustments include 48 M USD for IPO related incentive plans, 5 M USD for platform transformation costs, 4 M USD for VCB bonus, 2 M USD for IPO. H1 2025 adjustments include 4 M USD litigation, 6 M USD onerous items, 2 M USD M&A, 9 M USD impairments, 4 M USD restructuring, 13 M USD for operating FX Core Net Income is defined as net income / (loss) from continuing operations adjusted for the same items that are treated as exceptional for purposes of defining Core EBITDA, as well as amortization of intangible assets, foreign exchange gains and losses on financing activities. Taxes on the adjustments between IFRS net income and Core Net Income take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact Core EPS is calculated as Core net income divided by the weighted average number of outstanding shares Indebtedness includes financial debt and lease liabilities Includes assumptions for other income and expenses related to tangible asset impairments, ongoing litigation and onerous items, restructuring charges and others, excluding M&A fees On reported profit before tax Includes interest income and interest expense, excluding FX impact Of reported net income based on prior year results, subject to Board and AGM approval Includes 13 M USD of Operating FX from H1 2025 Forward-looking statements Certain statements in this announcement are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", " believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/ aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Galderma's markets, and other factors beyond the control of Galderma). Neither Galderma nor any of their respective shareholders (as applicable), directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof.


Business Wire
7 hours ago
- Business Wire
Sonder Holdings Inc. Announces Fourth Quarter and Full Year 2024 Financial Results
SAN FRANCISCO--(BUSINESS WIRE)--Sonder Holdings Inc. (Nasdaq: SOND) ('Sonder' or the 'Company'), a leading global brand of premium, design-forward apartments and intimate boutique hotels serving the modern traveler, today announced its fourth quarter and full year 2024 financial results and filed the related Annual Report on Form 10-K, which can be found on the Company's website at Fourth Quarter 2024 Financial Highlights 1 RevPAR was $180, a 19% increase year-over-year Occupancy Rate was 85%, a three percentage point increase year-over-year Bookable Nights were 897,000, an 18% decrease year-over-year, driven by the Portfolio Optimization Program (described further below) Revenue was $161 million, a 2% decrease year-over-year Net Income was $31 million, a 128% increase year-over-year, including a $(92) million change in fair value of the forward contract, related to the preferred stock transaction completed on August 13, 2024 Adjusted EBITDA 2 was $(20) million, a 51% increase year-over-year Adjusted EBITDAR 2 was $50 million, a 20% increase year-over-year Cash Used In Operating Activities was $39 million, a 1% increase year-over-year Adjusted Free Cash Flow 2 was $(26) million, a 30% increase year-over-year Total Cash, Cash Equivalents and Restricted Cash was $72 million, which included $51 million of restricted cash as of December 31, 2024 Live Units were approximately 9,900 as of December 31, 2024 Total Portfolio was approximately 10,700 as of December 31, 2024 Full Year 2024 Financial Highlights RevPAR was $159, a 5% increase year-over-year Occupancy Rate was 81%, a one percentage point decrease year-over-year Bookable Nights were 3,911,000, a 2% decrease year-over-year, driven by the Portfolio Optimization Program (described further below) Revenue was $621 million, a 3% increase year-over-year Net Loss was $224 million, a 24% decrease year-over-year, including a $93 million lease adjustment gains, net, a $84 million loss on preferred stock issuance, and a $29 million change in fair value of the forward contract, each related to the preferred stock transaction completed on August 13, 2024 for $43 million of new convertible preferred equity Adjusted EBITDA 2 was $(105) million, a 38% increase year-over-year Adjusted EBITDAR 2 was $196 million, a 30% increase year-over-year Cash Used in Operating Activities was $129 million, a 17% increase year-over-year Adjusted Free Cash Flow 2 was $(90) million, a 25% increase year-over-year Long-Term Strategic Licensing Agreement with Marriott International Sonder entered into a long-term strategic licensing agreement with Marriott International, Inc. (NASDAQ: MAR) ('Marriott') in August 2024 and completed the full Marriott integration in the second quarter of 2025. As of June 2025, all Sonder properties are available for booking on Marriott's digital channels and platform, including and the Marriott Bonvoy® mobile app under the new 'Sonder by Marriott Bonvoy' collection. Sonder's properties also participate in the Marriott Bonvoy® travel platform. Portfolio Optimization Program In November 2023, Sonder implemented a portfolio optimization program to mitigate losses related to certain underperforming properties and to assess the Company's portfolio of rents relative to current operations and existing market rents. As of December 31, 2024, Sonder signed agreements to exit or reduce rent for approximately 110 buildings, or 4,500 units, as part of the portfolio optimization program. Of the approximately 85 buildings, or 3,300 units, with finalized exit agreements, Sonder had exited approximately 80 buildings, or 3,200 units, as of December 31, 2024. As of June 30, 2025, all 85 buildings, or 3,300 units with finalized exit agreements were exited. About Sonder Sonder (NASDAQ: SOND) is a leading global brand of premium, design-forward apartments and intimate boutique hotels serving the modern traveler. Launched in 2014, Sonder offers inspiring, thoughtfully designed accommodations and innovative, tech-enabled service combined into one seamless experience. Sonder properties are found in prime locations in 41 cities, spanning nine countries, and three continents. To learn more, visit or follow Sonder on Instagram, LinkedIn or X. Download the Sonder app on Apple or Google Play. 1 $ figures represent metrics for the three months ended December 31, 2024, except where otherwise noted. % figures represent year-over-year growth for the three months ended December 31, 2024 compared to the three months ended December 31, 2023. 2 Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Free Cash Flow are non-GAAP financial measures. See 'Non-GAAP Financial Measures' for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures December 31, 2023 Assets Current assets: Cash and cash equivalents $ 20,786 $ 95,763 Restricted cash 51,268 40,734 Total cash, cash equivalents and restricted cash 72,054 136,497 Accounts receivable, net 13,918 7,999 Prepaid expenses 4,141 5,366 Other current assets 9,733 11,345 Total current assets 99,846 161,207 Property and equipment, net 5,933 22,775 Operating lease right-of-use 'ROU' assets 1,013,854 1,322,135 Other non-current assets 17,544 15,150 Total assets $ 1,137,177 $ 1,521,267 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 33,724 $ 23,560 Accrued liabilities 32,621 36,040 Taxes payable 22,224 14,005 Other current liabilities 5,513 2,586 Deferred revenue 71,729 61,971 Current portion of long-term debt, net 1,000 168,710 Current operating lease liabilities 171,736 199,364 Total current liabilities 338,547 506,236 Non-current operating lease liabilities 1,009,169 1,389,580 Long-term debt, net 217,236 1,500 Other non-current liabilities 8,113 652 Total liabilities 1,573,065 1,897,968 Mezzanine equity: Series A redeemable convertible preferred stock 162,907 — Stockholders' deficit: Common stock 1 1 Additional paid-in capital 977,112 977,503 Cumulative translation adjustment 7,360 4,976 Accumulated deficit (1,583,268 ) (1,359,181 ) Total stockholders' deficit (598,795 ) (376,701 ) Total liabilities and stockholders' deficit $ 1,137,177 $ 1,521,267 Expand SONDER HOLDINGS INC. AND SUBSIDIARIES (in thousands, except share data) Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Revenue $ 161,078 $ 164,264 $ 621,272 $ 602,066 Costs and operating expenses: Cost of revenue (excluding depreciation and amortization) 89,237 102,951 377,243 392,898 Operations and support 42,660 58,487 184,343 212,913 General and administrative 40,102 19,145 123,390 112,082 Research and development 3,031 5,076 16,522 22,365 Sales and marketing 21,135 23,672 84,248 78,566 Impairment losses 13,164 58,078 13,164 59,165 Integration costs 1,066 — 1,066 — Restructuring and other charges 17 — 3,913 2,119 Total costs and operating expenses 210,412 267,409 803,889 880,108 Loss from operations (49,334 ) (103,145 ) (182,617 ) (278,042 ) Interest expense, net 9,618 7,124 34,213 25,409 Change in fair value of SPAC Warrants (94 ) 59 (87 ) (615 ) Change in fair value of Earn Out Liability (25 ) (230 ) (30 ) (2,372 ) Lease adjustment (gains), net 2,404 (1,569 ) (93,175 ) (10,145 ) Loss on preferred stock issuance — — 83,812 — Change in fair value of forward contract (91,955 ) — 28,652 — Other expense (income), net 1,947 4,520 (9,909 ) 6,282 Total non-operating (income) expense, net (78,105 ) 9,904 43,476 18,559 Income (loss) before income taxes 28,771 (113,049 ) (226,093 ) (296,601 ) Benefit for income taxes (2,632 ) (1,060 ) (2,006 ) (933 ) Net income (loss) $ 31,403 $ (111,989 ) $ (224,087 ) $ (295,668 ) Other comprehensive income (loss): Net income (loss) $ 31,403 $ (111,989 ) $ (224,087 ) $ (295,668 ) Change in foreign currency translation adjustment 7,017 (4,801 ) 2,384 (8,050 ) Comprehensive income (loss) $ 38,420 $ (116,790 ) $ (221,703 ) $ (303,718 ) Expand SONDER HOLDINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the years ended December 31, 2024 2023 Cash flows from operating activities: Net loss $ (224,087 ) $ (295,668 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 16,989 22,147 Stock-based compensation 8,005 28,494 Amortization of operating lease ROU assets 171,078 194,863 Impairment losses 13,164 59,165 Lease adjustment gains, net (93,175 ) (10,145 ) Credit loss expense 9,170 1,083 (Gain) loss on foreign exchange (1,947 ) (5,691 ) Capitalization of paid-in-kind interest on long-term debt 29,383 26,934 Amortization of debt issuance costs 129 12 Amortization of debt discounts 3,345 2,557 Change in fair value of SPAC Warrants (87 ) (615 ) Change in fair value of Earn Out Liability (30 ) (2,372 ) Change in fair value of forward contracts 28,652 — Loss on preferred stock issuance 83,812 — Other operating activities 1,658 40 Changes in: Accounts receivable (15,340 ) (2,591 ) Prepaid expenses 1,161 3,657 Other current and non-current assets (2,453 ) (636 ) Accounts payable 11,558 6,810 Accrued liabilities (4,646 ) 3,839 Taxes payable 8,907 (727 ) Deferred revenue 10,227 20,068 Operating lease ROU assets and operating lease liabilities, net (186,750 ) (162,327 ) Other current and non-current liabilities 2,055 199 Net cash used in operating activities (129,222 ) (110,904 ) Cash flows from investing activities: Purchase of property and equipment (3,107 ) (10,637 ) Proceeds on the disposition of property and equipment 1,558 71 Proceeds of Key Money Investment 7,500 — Capitalization of internal-use software (222 ) (1,796 ) Net cash provided by (used in) investing activities 5,729 (12,362 ) Cash flows from financing activities: Repayment of debt and related fees (1,011 ) (35,240 ) Proceeds from issuance of debt 20,000 3,000 Payment of issuance costs (2,438 ) — Proceeds from preferred stock issuance 43,300 — Proceeds from exercise of stock options and common stock warrants — 8 Net cash provided by (used in) financing activities 59,851 (32,232 ) Effects of foreign exchange on cash (801 ) 2,809 Net change in cash, cash equivalents, and restricted cash (64,443 ) (152,689 ) Cash, cash equivalents, and restricted cash at beginning of year 136,497 289,186 Cash, cash equivalents, and restricted cash at end of year $ 72,054 $ 136,497 Expand SONDER HOLDINGS INC. AND SUBSIDIARIES NON-GAAP FINANCIAL INFORMATION (2) Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 Cash used in operating activities $ (38,771 ) $ (38,367 ) $ (129,222 ) $ (110,904 ) Cash provided by (used in) investing activities 7,824 74 5,729 (12,362 ) FCF, including cash received from Key Money investment and cash paid for lease terminations, restructuring, and professional fees (30,947 ) (38,293 ) (123,493 ) (123,266 ) Cash received from Key Money investment (7,500 ) — (7,500 ) — Cash paid for non-recurring professional fees 11,266 — 22,566 — Cash paid for restructuring costs 1,398 172 4,363 2,322 Cash paid for lease termination costs 164 1,343 14,499 1,343 Cash paid for integration costs 52 — 52 — Adjusted FCF $ (25,567 ) $ (36,778 ) $ (89,513 ) $ (119,601 ) Expand Reconciliation of Non-GAAP Financial Measure: Reconciliation of Net Loss to Adjusted EBITDA Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 Net loss $ 31,403 $ (111,989 ) $ (224,087 ) $ (295,668 ) Interest expense, net 9,618 7,124 34,213 25,409 Benefit for income taxes (2,632 ) (1,060 ) (2,006 ) (933 ) Depreciation and amortization expense 3,639 3,239 16,989 22,147 EBITDA 42,028 (102,686 ) (174,891 ) (249,045 ) Stock-based compensation 1,603 4,512 8,005 28,494 Lease adjustment (gains), net 2,404 (1,569 ) (93,175 ) (10,145 ) Impairment loss 13,164 58,078 13,164 59,165 Loss on preferred stock issuance (1) — — 83,812 — Change in fair value of forward contract (91,955 ) — 28,652 — Restructuring and other related charges 17 — 3,913 2,119 Non-recurring professional fees 11,366 — 23,971 — Integration costs 1,066 — 1,066 — Adjusted EBITDA $ (20,307 ) $ (41,665 ) $ (105,483 ) $ (169,412 ) Expand (1) Includes $1.3 million associated with the preferred stock participation right. (2) See Non-GAAP Financial Measures section for definitions of the Company's Non-GAAP financial measures. Expand Definitions Key Money Key Money ('Key Money') represents $7.5 million received on April 11, 2025 from Marriott, completing the $15.0 million investment from Marriott under the Marriott Agreement. RevPAR Revenue Per Available Room ('RevPAR') represents the average revenue earned per available night and can be calculated either by dividing revenue by Bookable Nights, or by multiplying Average Daily Rate by Occupancy Rate. Average Daily Rate represents the average revenue earned per night occupied and is calculated as Revenue divided by Occupied Nights. Occupancy Rate is calculated as Occupied Nights divided by Bookable Nights. Bookable Nights represent the total number of nights available for stays across all Live Units. This excludes nights lost to full building closures of greater than 30 nights. Occupied Nights represent the total number of nights occupied across all Live Units. Live Units & Total Portfolio Total Portfolio consists of Live Units and Contracted Units. Live Units are defined as units which are available for guests to book. Contracted Units are units for which Sonder has signed real estate contracts, but are not yet available for guests to book. Non-GAAP Financial Measures Adjusted EBITDA Adjusted EBITDA is defined as net income (loss) as adjusted to eliminate the impact of net interest expense, provision (benefit) for income taxes, depreciation and amortization expense, and certain other items as indicated. The exclusion of these items and other similar items in our non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual. The Company believes Adjusted EBITDA is meaningful to investors as it is the primary operating performance measure that the Company focuses on internally to evaluate its core operating performance. Adjusted EBITDA provides a consistent basis for comparison across reporting periods by excluding interest, taxes, depreciation and amortization, and certain one-time, non-recurring or non-operational items, such as lease adjustment gains, net, restructuring and other related charges, and professional fees related to discrete projects such as fees associated with the integration in connection with the strategic licensing agreement with Marriott and restatement activities. It serves as a key measure for the Company to align its financial performance with its internal financial planning and analysis. Adjusted EBITDAR Adjusted EBITDAR is defined as Adjusted EBITDA adjusted for operating lease related rent charges. The Company believes Adjusted EBITDAR is meaningful to investors as it is an operating performance measure that further enables the Company to assess its operating performance independent of operating leases, offering insights into its cash flow and performance. Adjusted Free Cash Flow Adjusted Free Cash Flow ('Adjusted FCF') is defined as cash used in operating activities plus cash provided by (used in) investing activities, excluding the impact of the Key Money investment, lease terminations, restructuring, and non-recurring professional fee charges related to non-operational activities. The most directly comparable GAAP financial measures are cash used in operating activities when combined with cash provided by (used in) investing activities. The Company's near-term focus is to reach sustainable positive Adjusted FCF as described in its Cash Flow Positive Plan in the Annual Report on Form 10-K. The Company believes Adjusted FCF is meaningful to investors as it is the primary liquidity measure that the Company focuses on internally to evaluate its progress towards the objectives outlined in its Cash Flow Positive Plan. The Company believes that achieving its goals around this measure will put it on a path to financial sustainability and will help fund its future growth. In addition, Adjusted FCF may not provide a complete understanding of the Company's cash flow as a whole. As such, this measure should be reviewed in conjunction with the Company's GAAP cash flow. Presentation of these measures are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as 'could,' "estimate," 'expect,' 'intend,' 'may,' 'plan,' "potentially," or 'will' or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the Company's financial performance, the numbers of units and other metrics, the portfolio optimization program and other cost optimization measures, operational and strategic initiatives, the Company's integration efforts under its long-term strategic licensing agreement with Marriott, and information concerning possible or assumed future financial or operating results and measures. These forward-looking statements are not guarantees of future performance, conditions or results. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's reports filed with the Securities and Exchange Commission, and under the heading 'Risk Factors' in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at The forward-looking statements contained herein are only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.


Business Wire
10 hours ago
- Business Wire
U-Haul Closes Repair Shop in San Bernardino After 54 Years
SAN BERNARDINO, Calif.--(BUSINESS WIRE)--The U-Haul ® repair shop at 891 S. Arrowhead Ave. has closed after servicing regional moving equipment since 1971. The U-Haul® repair shop at 891 S. Arrowhead Ave. has closed after servicing regional moving equipment since 1971. Repair operations and routine maintenance at the facility ceased in late June. As a result of the repair shop closing, 37 Team Members were let go. U-Haul will maintain ownership of its S. Arrowhead property, which houses the U-Haul Company of San Bernardino regional offices. The repair shop will be repurposed as U-Box ® of San Bernardino, a 30,000-square-foot warehouse that can store up to 2,500 of the Company's popular portable moving containers. U-Haul rental equipment in the region will soon be serviced at 1235 E. Baseline St. in San Bernardino, site of a new repair shop that is set to begin operations on July 28. Local U-Haul Companies are always exploring opportunities for growth as they pursue means to better serve the needs of customers, but sometimes find it necessary to close or relocate stores, shops, offices and services. Reasons for closures can include: long-term strategic plans; safety and security concerns; physical site conditions and limitations; shifts in demographics; availability of local Team Members; trends in migration; expansion of the U-Haul neighborhood dealer network; proximity to other new or existing Company locations; and external factors. About U-HAUL Celebrating our 80th anniversary in 2025, U-Haul is the No. 1 choice of do-it-yourself movers with more than 24,000 rental locations across all 50 states and 10 Canadian provinces. The U-Haul app makes it easy for customers to use U-Haul Truck Share 24/7 to access trucks anytime through the self-dispatch and -return options on their smartphones with our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to 193,900 trucks, 138,200 trailers and 40,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,060,000 rentable storage units and 92.0 million square feet of self-storage space at owned and managed facilities. U-Haul is the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket industry. Get the U-Haul app from the App Store or Google Play.