Soho House & (US:SHCO)2025-05-09 11:35Revenue Growth - Total revenues for the 13 weeks ended March 30, 2025, increased to $282,864,000, up 7.9% from $261,944,000 for the same period in 2024[18]. - Membership revenues rose to $112,911,000, a 14.1% increase compared to $98,949,000 in the prior year[18]. - The Company reported total consolidated segment revenue of $282.864 million for the 13 weeks ended March 30, 2025, compared to $241.447 million for the same period in 2024, representing an increase of approximately 17.2%[146]. - Membership revenues reached $116.398 million, with the Americas contributing $56.278 million, the UK $32.219 million, and Europe & RoW $14.019 million[146]. - The Americas segment generated $114.157 million in revenue, while the UK and Europe & RoW segments contributed $81.152 million and $31.580 million, respectively[149]. Profitability - Net income attributable to Soho House & Co Inc. was $8,168,000 for the 13 weeks ended March 30, 2025, compared to a net loss of $41,559,000 in the same period last year[18]. - Operating income for the period was $34,894,000, a significant improvement from an operating loss of $24,327,000 in the prior year[18]. - For the 13 weeks ended March 30, 2025, the company reported a net income of $7.5 million, a significant improvement compared to a net loss of $41.9 million for the same period in 2024[25]. - The effective tax rate for the 13 weeks ended March 30, 2025, was 47.3%, significantly higher than the 7.20% effective tax rate for the same period in 2024[135]. Cash Flow and Liquidity - Net cash provided by operating activities was $22.8 million, up from $6.2 million in the prior year[25]. - Cash and cash equivalents increased to $150.1 million from $139.8 million year-over-year, with total cash, cash equivalents, and restricted cash reaching $154.7 million[27]. - The company has access to an undrawn revolving credit facility of £75 million ($97 million)[45]. - Cash paid for interest decreased to $9.2 million from $10.2 million year-over-year[27]. - The Company reported cash flows from operating activities for operating leases of $(40.799) million for the 13 weeks ended March 30, 2025, compared to $(37.428) million for the same period in 2024, representing an increase of 6.4%[79]. Assets and Liabilities - Total assets as of March 30, 2025, were $2,480,378,000, an increase from $2,443,512,000 as of December 29, 2024[16]. - Total liabilities increased to $2,817,665,000 as of March 30, 2025, compared to $2,772,970,000 at the end of 2024[16]. - Total current assets increased to $21.131 million as of March 30, 2025, compared to $19.994 million as of December 29, 2024[64]. - Total long-term debt, net of current portion, increased to $675.421 million as of March 30, 2025, from $656.868 million as of December 29, 2024, marking a rise of 2.3%[96]. Membership and Demand - As of March 30, 2025, the Company had approximately 269,600 members, including approximately 212,000 Soho House Members[183]. - The SHCO global waitlist stood at over 112,000 applicants as of March 30, 2025, indicating strong demand for membership[186]. - Membership revenues are derived from annual fees and one-time registration fees, with every House annual membership fee approximately $5,200[188][192]. - The company expects to grow its member base by expanding the number of Soho Houses and scaling existing membership brands, aiming for significant and sustained growth[198]. Strategic Initiatives - The company is focused on implementing a new ERP system to enhance internal controls and support strategic growth initiatives[35]. - The company plans to open new Soho Houses in locations such as Mexico City, Portland, and Sao Paulo, enhancing its global footprint[193]. - The pricing of membership and In-House offerings is strategically adjusted to maximize revenue while maintaining high retention rates among members[204]. Impairments and Charges - The Company recognized a $2 million non-cash impairment charge for long-lived assets related to the UK Soho Restaurant sites during the 13 weeks ended March 30, 2025[52]. - The Company recognized $2 million of impairment losses on long-lived assets related to legacy restaurant sites in the UK during the reporting period[146]. Other Financial Metrics - The Company reported interest expense of $14 million for the 13 weeks ended March 30, 2025, compared to $12 million for the same period in 2024, indicating an increase of 16.7%[100]. - The estimated future revenues expected to be recognized in the next twelve months from March 30, 2025, amount to $112.231 million[85]. - The Company incurred $2 million in advisory expenses related to strategic transactions and $1 million for ERP systems implementation during the reporting period[148].