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Apr 03, 2022
Soho House Q1 2022 Earnings Report
Membership Collective Group announced first quarter 2022 results and introduced fiscal 2022 guidance.
Key Takeaways
Membership Collective Group's first quarter 2022 showed significant growth, with total revenue increasing by 165.2% compared to the first quarter of 2021. The company welcomed over 16,000 new members and opened two new Soho Houses. MCG introduced fiscal 2022 guidance based on the first quarter performance and current trading.
Total Members grew to 171,927, a 44.3% year-over-year increase.
Total revenue reached $192.0 million, representing 165.2% growth compared to Q1 2021.
In-House revenues increased to $87.8 million, up from $16.3 million in Q1 2021.
Net loss attributable to Membership Collective Group Inc. was ($60.5m) or ($0.30) per share.
Soho House
Soho House
Forward Guidance
MCG introduced fiscal 2022 guidance, including full-year member, revenue and Adjusted EBITDA targets.
Positive Outlook
- Soho House Members: 160,000 to 165,000
- Total Membership Revenues: $270 million to $280 million
- Total Revenues: $950 million to $1,025 million
- Adjusted EBITDA: $80 million to $90 million
- Nine new Soho House openings expected in fiscal 2022, as well as two new Ned sites in New York and Doha.
Challenges Ahead
- The current consumer outlook is challenging.
- Inflationary pressures persist during 2022.
- Pre-opening costs, non-cash rent and deferred registration fees which we currently estimate to be a total of ~$60 million combined for fiscal 2022 as a whole.