Soho House & (US:SHCO)2025-11-07 12:35Financial Performance - Total revenues reached $370.8 million, reflecting an 11.2% year-over-year growth[4] - Membership revenues increased to $122.7 million, a 14.3% year-over-year rise[4] - Adjusted EBITDA was $53.8 million, up from $48.3 million in Q3 2024, with an Adjusted EBITDA margin of 15%[4][8] - Net loss attributable to Soho House & Co Inc. was $18.7 million, or $0.10 loss per share, including $14.0 million in non-cash foreign exchange losses[4] - For the 13 weeks ended September 28, 2025, the company reported a net loss of $17,010,000 compared to a net income of $718,000 for the same period in 2024, representing a significant decline[22] - Total revenues increased to $370,750,000 for the 13 weeks ended September 28, 2025, up from $333,368,000 in the prior year, marking a growth of 11%[27] - Adjusted EBITDA for the 13 weeks ended September 28, 2025, was $53,774,000, an increase of 11% from $48,281,000 in the same period of 2024[22] - Operating income for the 13 weeks ended September 28, 2025, was a loss of $6,004,000, compared to a profit of $37,884,000 in the prior year, indicating a substantial decrease[23] Membership and Growth - Total members grew by 0.8% year-over-year to 269,606, with Soho House members increasing by 2.8% to 213,830[11] - Membership revenues rose to $122,702,000 for the 13 weeks ended September 28, 2025, compared to $107,394,000 in 2024, reflecting a growth of 14%[27] - House Membership Revenues are primarily derived from annual membership fees and one-time legacy registration fees, with the latter no longer applicable to new members since April 4, 2022[33] - Membership revenues are influenced by the number of members, membership mix, and pricing, with higher prices generally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[43] Revenue Streams - In-House revenues were $126.1 million, a 4.5% increase year-over-year, with RevPAR up 2% on a like-for-like basis[4][8] - In-House revenues increased to $126,088,000 for the 13 weeks ended September 28, 2025, up from $120,658,000 in the previous year, showing a growth of 4%[27] - Other revenues rose to $122.0 million, marking a 15.8% year-over-year growth driven by Scorpios and Soho Home[4] - In-House revenues include all revenues generated within the Houses, such as food and beverage, accommodation, and spa services[34] Cash and Assets - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $148 million[10] - Cash flows from operating activities for the 39 weeks ended September 28, 2025, were $98,757,000, compared to $62,794,000 in the prior year, indicating improved cash generation[29] - The company ended the period with cash, cash equivalents, and restricted cash totaling $148,254,000, down from $156,318,000 at the beginning of the period[29] - Cash and cash equivalents as of September 28, 2025, totaled $142,490,000, a slight decrease from $142,816,000 as of September 29, 2024[30] - The company reported an increase in accounts receivable, net, to $68,317,000 as of September 28, 2025, down from $78,890,000 as of December 29, 2024[31] - Cash paid for income taxes increased to $7,268,000 for the 39 weeks ended September 28, 2025, compared to $3,768,000 for the same period in 2024[30] - Total assets increased to $2,684,224,000 as of September 28, 2025, compared to $2,443,512,000 as of December 29, 2024, reflecting a growth of approximately 9.8%[31] - Total liabilities rose to $3,033,128,000 as of September 28, 2025, up from $2,772,970,000 as of December 29, 2024, indicating an increase of about 9.4%[32] - The total current liabilities increased to $564,630,000 as of September 28, 2025, from $474,162,000 as of December 29, 2024, reflecting a rise of approximately 19.1%[32] Expansion and Operations - The company opened Soho Farmhouse Ibiza and enhanced Soho Farmhouse in the UK with new fitness amenities[3] - The company plans to further expand Soho Health Clubs in response to strong demand for health and wellness offerings[3] - As of September 28, 2025, Soho House & Co operates 46 Soho Houses and 8 Soho Works globally[50] - The company has expanded its portfolio to include Scorpios Beach Clubs in Mykonos and Bodrum, as well as The Ned locations in London, New York, and Doha[50] - Soho House & Co is the only company that has scaled a private membership network with a global presence since its inception in 1995[50] - The company offers a diverse membership platform that connects members through physical and digital spaces[50] - Soho Home, the company's interiors and lifestyle retail brand, is part of its broader offerings[50]