Soho House & (US:SHCO)2025-05-09 11:38Financial Performance - Total revenues for Q1 2025 were $282.9 million, representing an 8.0% year-over-year growth[6]. - Adjusted EBITDA reached $47.0 million, up from $19.8 million in Q1 2024, with an Adjusted EBITDA margin of 17%[6][7]. - Net income attributable to Soho House & Co Inc. was $8.2 million, or $0.04 per share, compared to a net loss of $41.6 million in Q1 2024[6][7]. - Net income for the 13 weeks ended March 30, 2025, was $7,513, compared to a net loss of $41,858 for the same period in 2024, representing a significant turnaround[28]. - Total revenues increased to $282,864 thousand for the 13 weeks ended March 30, 2025, up from $261,944 thousand in 2024, reflecting an increase of 8%[28]. - Adjusted EBITDA rose to $46,962 thousand, compared to $19,806 thousand in the prior year, indicating a substantial improvement[24]. - Operating income for the period was $34,894 thousand, a recovery from a loss of $24,327 thousand in the same quarter of 2024[27]. - Cash provided by operating activities was $22,820 thousand, a notable increase from $6,189 thousand in the same period last year[29]. Membership Growth - Membership revenues increased to $112.9 million, a 14.1% year-over-year rise[6]. - Total membership grew by 3.1% year-over-year to 269,636 members, with Soho House members increasing by 7.1% to 212,001[11][13]. - The number of Soho Houses increased to 45, up from 43 in the previous year[11]. - The number of Soho Houses in operation as of March 30, 2025, is 45, contributing to the overall membership growth strategy[50]. - Total members, including Soho House members and Other members, are critical for revenue generation and profitability[37]. - The company anticipates continued growth in membership and revenue for the remainder of fiscal 2025, despite potential risks and uncertainties[48]. Revenue Sources - House Membership Revenues are primarily derived from annual membership fees and one-time legacy registration fees, with the latter amortized over 20 years[33]. - In-House revenues include all revenues generated within the Houses, such as food and beverage, accommodation, and spa services[34]. - In-House revenues were $112,419 thousand, slightly down from $110,270 thousand, reflecting a decrease of 2%[28]. Financial Position - The company ended Q1 2025 with cash, cash equivalents, and restricted cash totaling $155 million[12]. - The company ended the period with cash, cash equivalents, and restricted cash totaling $154,654 thousand, compared to $142,001 thousand at the end of the same quarter in 2024[30]. - Total assets increased to $2,480,378,000 as of March 30, 2025, up from $2,443,512,000 on December 29, 2024, reflecting a growth of approximately 1.5%[31]. - Total liabilities rose to $2,817,665,000 as of March 30, 2025, compared to $2,772,970,000 at the end of 2024, indicating an increase of about 1.6%[32]. - Current assets totaled $403,127,000, up from $388,401,000, marking an increase of approximately 3.8%[31]. - The company reported a total shareholders' deficit of $337,287,000 as of March 30, 2025, compared to $329,458,000 at the end of 2024[32]. Other Notable Items - The company received $22.9 million in business interruption insurance proceeds related to COVID-19 during the quarter[6][8]. - The company is assessing a third-party offer to take the company private at $9.00 per share, with no assurances of a transaction outcome[5]. - Share-based compensation expenses decreased by 71% to $2,360 thousand from $8,039 thousand in the previous year[27]. - The company reported a foreign exchange loss of $21,521 thousand, compared to a gain of $5,481 thousand in the prior year, indicating significant currency impact[27]. - Active App Users are defined as unique users who have logged into any of the membership Apps within the last three months, indicating engagement levels[46].