The following is a summary of the Soho House & Co Inc. (SHCO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 total revenues increased by 14% year-over-year to $333 million.

• Membership revenues grew 17% year-over-year to $107 million.

• Adjusted EBITDA for Q3 was $48 million, up 38% year-on-year, with adjusted EBITDA margins of approximately 14.5%.

• Net income turned positive in Q3, improving from a negative $49 million in the same quarter last year.

Business Progress:

• Soho House & Co welcomed 4,000 new members, reaching approximately 208,000 members globally.

• Opened Soho Mews House in London's Mayfair area and hosted unique events like Food Festival at Soho Farmhouse.

• Continued investment in back-of-house systems and operational efficiency, including plans to replace current finance ERP software with a new cloud-based system.

• Focused on enhancing membership experience and value, both through new and existing houses.

Opportunities:

• Strong membership growth with a continued high demand, indicated by a record-high waitlist.

• Expansion in new markets with new house openings contributing significantly to growth.

Risks:

• Operational changes and system overhauls leading to short-term disruptions and financial adjustments.

• Geographic and macroeconomic events impacting market performance, particularly noticeable in North America during election periods.

More details: Soho House IR

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