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Oct 01, 2023
Soho House Q3 2023 Earnings Report
Soho House & Co Inc. reported strong Q3 2023 results with revenue growth and increased membership.
Key Takeaways
Soho House & Co Inc. announced its Q3 2023 results, demonstrating strong financial performance. Total revenues reached $301.0 million, a 13.1% increase year-over-year, driven by membership and in-house revenue growth. The company's membership base expanded to 255,252, with Soho House members totaling 184,542. Adjusted EBITDA more than doubled to $42.1 million, reflecting improved operational efficiency and profitability.
Total Members grew to 255,252, a 20.8% increase year-over-year.
Total revenues reached $301.0 million, up 13.1% year-over-year.
Membership revenues increased by 31.3% year-over-year, reaching $93.3 million.
Adjusted EBITDA more than doubled year-on-year to $42.1 million with 14% margins.
Soho House
Soho House
Forward Guidance
Soho House & Co Inc. has updated its fiscal year 2023 guidance, expecting to exceed 192,000 Soho House members and achieve an Adjusted EBITDA between $130 million and $135 million. The company also anticipates exceeding 210,000 members by the end of fiscal year 2024.
Positive Outlook
- Total Soho House Members expected to exceed 192,000.
- Membership revenues projected between $361 million and $366 million.
- Total revenues anticipated between $1.13 billion and $1.16 billion.
- Adjusted EBITDA expected between $130 million and $135 million.
- Membership guidance set to exceed 210,000 Soho House members by the end of fiscal 2024.
Challenges Ahead
- Assumes ~$20m YoY headwind from FX, reflecting EUR/USD at 1.07 and GBP/USD at 1.22 for fiscal 2023
- Without adding back pre-opening costs, non-cash rent and deferred registration fees of ~$25-30m combined for fiscal 2023 as a whole
- Net loss attributable to Soho House & Co Inc. was $42.4 million or $0.22 per share
- Operating loss (20,403 )
- Net income (loss) (41,450 )