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Mar 31, 2024
Soho House Q1 2024 Earnings Report
Soho House's Q1 2024 performance reflected membership growth and revenue increase.
Key Takeaways
Soho House & Co reported a 3.1% year-over-year increase in total revenues, reaching $263.1 million, driven by a 20.4% increase in membership revenues. Soho House membership grew 17% year-on-year with waitlist surpassing 100,000. The company's net loss attributable to Soho House & Co Inc. was $46.0 million, or $0.24 per share, and Adjusted EBITDA was $19.3 million.
Total Members grew to 261,571, a 9.9% increase year-over-year.
Soho House Members increased to 198,021, up 17.4% year-over-year.
Total revenues reached $263.1 million, a 3.1% year-over-year growth.
Membership revenues grew to $100.2 million, a 20.4% year-over-year increase.
Soho House
Soho House
Forward Guidance
Soho House & Co updated its fiscal year 2024 guidance, maintaining previous expectations for total Soho House Members and total revenues, and slightly increasing the midpoint of Adjusted EBITDA guidance.
Positive Outlook
- Total Soho House Members expected to be greater than 210,000.
- Membership revenues projected between $405 million and $415 million.
- Total revenues expected to range from $1,200 million to $1,250 million.
- Adjusted EBITDA projected between $157 million and $165 million.
- Guidance assumes no material FX impact, reflecting bank estimates.
Challenges Ahead
- Guidance does not add back pre-opening costs.
- Guidance does not add back non-cash rent.
- Guidance does not add back deferred registration fees.
- Combined pre-opening costs, non-cash rent and deferred registration fees are estimated at ~$25-30m for fiscal 2024.
- Forward-looking statements are based on current expectations and involve risks and uncertainties.