Q3 2024 Soho House & Co Inc Earnings Call Transcript
Key Points
- Membership revenues increased by 17% year-on-year, reflecting strong demand and growth in membership.
- Total revenues grew 14% year-on-year to $333 million, driven by increases in recurring membership revenues and other revenues.
- Adjusted EBITDA grew 38% year-on-year to $48 million, indicating improved profitability.
- Net income turned positive in the quarter, up from a negative $49 million in the third quarter of the previous year.
- The company continues to expand its global presence with new house openings, contributing to membership growth and enhanced member experiences.
- The company lowered its total revenue guidance to the low end of the previous range due to weaker-than-expected demand in food and beverage and accommodation revenue.
- Adjusted EBITDA guidance was cut to approximately $140 million, down from the previous range of $157 million to $165 million.
- The company faced operational challenges, including costs associated with ERP implementation and restructuring, impacting short-term financial performance.
- North America experienced weaker like-for-like sales growth, particularly in October, due to macroeconomic factors.
- The company had to revise prior financial statements due to misstatements from historical costs and revenue accounting errors.
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Soho House & Co third-quarter 2024 conference call. Today's conference is being recorded. (Operator Instructions)
At this time, I would like to turn the conference over to Thomas Allen, Chief Financial Officer. Please go ahead.
Thank you for joining us today to discuss Soho House & Co's third-quarter financial results. My name is Thomas Allen, I'm the Chief Financial Officer. I'm here with Andrew Carnie, our CEO.
Today's discussion contains forward-looking statements that represent our beliefs or expectations about future events. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Some of the factors that may cause such differences are described in our SEC filings.
Any forward-looking statements represent our views only as of today. We assume no
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