Soho House & (US:SHCO)2025-03-31 21:29Financial Performance - Total revenues for Q4 2024 were $305.6 million, representing a 5.4% year-over-year growth[4] - Total revenues for fiscal year 2024 reached $1,203.8 million, a 7.0% year-over-year increase[4] - Membership revenues increased to $109.3 million, a 15.6% year-over-year increase[4] - Membership revenues for fiscal year 2024 were $418.0 million, up 17.2% year-over-year[4] - Net loss attributable to Soho House & Co Inc. was $91.7 million, or $0.47 per share, including $51.6 million in non-cash FX losses[4] - Net loss for the fiscal year ended December 29, 2024, was $163,568 thousand, compared to a loss of $129,678 thousand for December 31, 2023, representing a 26% increase[28] - Net loss attributable to Soho House & Co Inc. was $91,685, compared to a loss of $61,360 in the previous year, reflecting a 49.3% increase in losses[33] - Operating loss for the fiscal year ended December 29, 2024, was $70,041 thousand, a significant increase of 97% compared to a loss of $35,593 thousand for December 31, 2023[29] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $32.3 million, with an adjusted EBITDA margin of 11%[11] - Adjusted EBITDA increased by 14% to $131,904 thousand for the fiscal year ended December 29, 2024, from $115,605 thousand in the previous year[28] - Adjusted EBITDA for the 13 weeks ended December 29, 2024, was $32,292, a slight decrease of 1% from $32,525 in 2023[24] Membership and Expansion - Total Soho House members grew to 212,447, a 9.6% increase year-over-year[11] - Three new Soho Houses were successfully opened in 2024: Portland, Sao Paulo, and Mews House[4] - House Membership Revenues are primarily derived from annual membership fees and one-time legacy registration fees, with the latter amortized over 20 years[38] - The total number of Soho Houses in operation reflects the company's expansion strategy, with a focus on increasing membership and revenue[42] - Membership revenues are influenced by the number of members, membership mix, and pricing, with higher prices generally in North America compared to the UK and Europe[50] - The company reported strong member retention rates, indicating robust demand and loyalty among members[45] Expenses and Losses - House-Level Contribution for the 13 weeks ended December 29, 2024, was $60,725, a decrease of 5% compared to $64,113 for the same period in 2023[25] - House-Level Contribution Margin decreased to 27% from 30% year-over-year[25] - In-House operating expenses increased by 11% to $164,102 for the 13 weeks ended December 29, 2024, compared to $147,817 in 2023[27] - General and administrative expenses rose by 7% to $152,922 thousand in the fiscal year ended December 29, 2024, compared to $143,583 thousand in the previous year[29] - Total operating expenses rose to $376,211, an increase of 18.5% from $317,506 in the prior year[33] Cash and Debt - The company ended Q4 2024 with cash and cash equivalents of $156 million[13] - Net debt increased by 5% to $672,553 thousand as of December 29, 2024, compared to $640,859 thousand as of December 31, 2023[32] - The current portion of debt increased by 18% to $34,618 thousand as of December 29, 2024, from $29,290 thousand as of December 31, 2023[32] - Cash and cash equivalents decreased to $152,716 from $159,155, a decline of 4.3%[35] Foreign Exchange and Impairment - Foreign exchange gain for the 13 weeks ended December 29, 2024, was $51,645, compared to a loss of $(32,297) in 2023[27] - The company recognized impairment losses of $13,567 on long-lived assets and intangible assets for the 13 weeks ended December 29, 2024, a 72% decrease from $47,772 in 2023[27] - The company recognized impairment losses of $32,345 thousand on long-lived assets for the fiscal year ended December 29, 2024, down 32% from $47,772 thousand in the previous year[29] - The company recognized a loss of $6,204 thousand on goodwill related to certain reporting units during the fiscal year ended December 29, 2024[28] Shareholder Activities - A third-party consortium has made an offer to take the company private for $9.00 per share, currently under assessment[8] - The company incurred expenses related to shareholder activism amounting to $1,885 thousand during the fiscal year ended December 29, 2024[28] Digital Engagement - Active App Users are defined as unique users who have logged into membership Apps within the last three months, highlighting engagement with digital platforms[53] Forward-Looking Statements - Forward-looking statements indicate expectations for financial performance in fiscal 2024, subject to risks and uncertainties that may affect actual results[55]