The following is a summary of the Soho House & Co Inc. (SHCO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Soho House & Co reported Q1 2024 revenues of $263 million, a 3% year-on-year growth mainly due to a 20% yearly increase in membership revenues.
Adjusted EBITDA reached $19.3 million, exceeding market predictions.
Despite a dip in cash balance to $145 million due to higher Capital Expenditure, the company maintained its cash-positive status.
Business Progress:
A 17% year-on-year increase in total members to 198,000, backed by a 10% growth in Soho House & Co membership.
The waitlist grew by 15% over the year, now at over 100,000 potential members.
Introduction of personalized event recommendations via its app and enhancement of member facilities are underway.
Expansion continuing with an upcoming house in Sao Paulo, following successful launches in Portland and Mexico City.
Despite cost inflation, notable progress was made in improving food and beverage margins and maintaining positive cash flow from operating activities.
More details: Soho House IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.