Soho House & Co Inc. (NYSE: SHCO) (“SHCO,” “Company,” “we”
or “our”), a global membership platform that connects a vibrant,
diverse, and global group of members, today announced results for
the first quarter ended April 2, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230512005073/en/
The recently opened Soho House Bangkok is
the first in Thailand and third in Asia. Credit: Jason Michael
Lang
First Quarter 2023
Highlights
- Total Members in the first quarter 2023 grew to 237,961 from
226,830 in the fourth quarter 2022 and by 38.4% year-over-year
- Soho House Members grew to 168,685 from 161,975 in Q4 2022, and
28.8% year-over-year
- SHCO Membership waitlist now sits at an all-time high of over
89,000 and retention rates continue around pre-pandemic levels
- Total revenues of $255.2 million, 32.9% year-over-year
growth
- Membership revenues of $83.2 million increased by 41.6%
year-over-year, accounting for 32.6% of Total revenues
- In-House revenues grew to $116.1 million up 32.3%
year-over-year
- Revenue Per Available Room (“RevPAR”) was 24.6% higher
year-over-year on a Like-for-Like basis
- Net loss attributable to Soho House & Co Inc. was $16.0
million or $0.08 per share
- Adjusted EBITDA was $20.1 million, up $17.8 million from the
first quarter 2022
- Opened Soho House Bangkok in Q1 2023
- Re-financed and upsized Miami mortgage to $140 million at 6.99%
in May 2023
- Changed corporate name to Soho House & Co Inc. on March 20,
2023
“We continue to focus on growing and enhancing membership, while
driving operational excellence to deliver long-term growth and
profitability. We are pleased with our progress in the quarter as
Total revenues grew by 33% year-on-year and Adjusted EBITDA
outperformed expectations,” said Andrew Carnie, CEO of SHCO.
“We have raised our 2023 Adjusted EBITDA guidance to reflect the
strong performance in the first quarter and continued confidence in
the growth of our business."
Nick Jones, founder of SHCO, added: “The team under
Andrew's leadership continue to deliver on improving the member
experience and driving bottom line results. We opened Soho House
Bangkok in the quarter, giving our members a third beautiful House
in Asia we are really proud of.”
Summary of Financial Results for the
Quarter Ending April 2, 2023
For the 13 Weeks Ended
(in thousands, except shares and per
share amount unless otherwise noted)
April 2, 2023
April 3, 2022
Total revenues
$
255,209
$
192,008
Membership revenues
83,248
58,773
In-House revenues
116,078
87,755
Other revenues
55,883
45,480
Operating income (loss)
962
(47,422
)
House-Level Contribution(1)
46,718
29,746
House-Level Contribution margin (%)(1)
24
%
21
%
Other Contribution(1)
8,138
4,634
Other contribution margin (%)(1)
13
%
9
%
Net loss attributable to SHCO Inc.
(15,952
)
(60,479
)
Adjusted EBITDA(1)
20,127
2,330
Adjusted EBITDA margin (%)(1)
8
%
1
%
Weighted average Class A and Class B
Shares outstanding (basic)
195,421,792
202,395,974
Basic and diluted income (loss) per
share
$
(0.08
)
$
(0.30
)
(1) See “Non-GAAP Financial Measures” for
reconciliations of Non-GAAP measures to GAAP measures.
The following selected expenses listed below are not added back
in Adjusted EBITDA:
For the 13 Weeks Ended
(in thousands, unless otherwise
noted)
April 2, 2023
April 3, 2022
Pre-opening expenses
$
4,994
$
4,032
Non-cash rent
2,776
3,403
Deferred registration fees, net
(461
)
2,389
We delivered the following highlights
against our strategic priorities in the first
quarter
1. Grow and Enhance Membership
- Membership continues to reach new highs benefiting from a
record waitlist and continued high retention rates
- Soho House members grew to 168,685 from 161,975 in Q4 2022, and
28.8% YoY
- Focused rollout of new initiatives has improved member
experience leading to elevated performance across Houses
- Successfully opened Soho House Bangkok in February 2023, on
track to deliver annual target of 5-7 new Soho Houses in 2023
2. Operational Excellence to Drive Profitability
- We achieved Q1 2023 Adjusted EBITDA of $20.1 million, an
increase of $17.8 million compared to Q1 2022
- In-House revenues grew to $116.1 million in Q1 2023, up from
$87.8 million in Q1 2022
- Like-for-like F&B margins rose 190bps vs. Q1 2019
- Focus on driving accommodations performance resulted in 24.6%
RevPAR growth in Q1 2023 vs. Q1 2022 on a Like-for-Like basis
Membership Summary for the Quarter
Ending April 2, 2023
As of
April 2, 2023
April 3, 2022
Total Members
237,961
171,927
Soho House
168,685
130,919
Frozen members
2,333
3,519
Soho Friends
62,912
30,141
Soho Works
6,364
5,581
HOME+(1)
—
5,286
SH.APP Active Users
175,323
123,733
(1) At the beginning of August 2022, we
merged our HOME+ membership into Soho Friends.
As of
April 2, 2023
April 3, 2022
Number of Soho Houses
41
35
North America
14
12
United Kingdom
13
12
Europe/RoW
14
11
Number of Soho House Members
168,685
130,919
North America
61,885
48,953
United Kingdom
63,285
51,280
Europe/RoW
36,031
25,478
All Other
7,484
5,208
Number of Other Members
69,276
41,008
North America
18,894
10,686
United Kingdom
41,756
25,991
Europe/RoW
8,626
4,331
Number of Active App Users
175,323
123,733
Memberships
- Total Members grew to 237,961 from 226,830 in Q4 2022
and by 38.4% year-over-year
- Total Soho House Members grew to 168,685 from 161,975 in
Q4 2022, as retention rates remained strong, alongside membership
intakes in both new and existing Houses
- Frozen Members was 2,333 at the end of Q1 2023. Frozen
members as a % of total membership is below pre-pandemic
levels
- Other Memberships including Soho Friends and Soho Works
increased to 69,276 members, an increase of 4,421 from the end of
Q4 2022 and a 69% increase year-on-year. In August 2022, we merged
our HOME+ members into Friends members to enhance the value for
HOME+ members while increasing our share of wallet
Financing
- Soho House & Co Inc. ended Q1 2023 with Cash and cash
equivalents and Restricted cash of $162 million
- On May 11, 2023, the Company closed on a new $140 million
mortgage on its Soho Beach House property in Miami at 6.99%, while
paying down its existing $117 million loan outstanding on the
property
Fiscal 2023 Guidance Assumptions
The following forward-looking statements reflect our current
expectations as of today, May 12, 2023:
Fiscal 2022 Results
Fiscal 2023 Old
Guidance
Fiscal 2023 New
Guidance
Total Soho House Members
161,975
>190,000
>190,000
Total Membership Revenues
$273m
$355m - $365m
$355m - $365m
Total Revenues*
$972m
$1.1b - $1.2b
$1.1b - $1.2b
Adjusted EBITDA**
$61m
$120m - $130m
$122m - $132m
*Assumes ~$35m YoY headwind from FX,
reflecting EUR/USD at 1.04 and GBP/USD at 1.18 for fiscal 2023
**Without adding back pre-opening costs,
non-cash rent and deferred registration fees of ~$25-30m combined
for fiscal 2023 as a whole
Conference Call and Webcast:
A conference call and live webcast will be hosted to discuss
these results on Friday, May 12, 2023, at 9am ET / 2pm BST.
A live broadcast and accompanying presentation will be available
at www.sohohouseco.com.
To listen to the live conference call via telephone, please
dial:
USA
New York (646) 307 1963 USA & Canada Toll-Free (800) 715
9871
UK
London +44 20 3481 4247 UK Toll-Free +44 800 260 6466
Conference ID 6004836 A replay of the webcast will be available
on our website following the call for up to 90 days.
Non-GAAP Financial Measures
This presentation contains certain financial measures, including
Adjusted EBITDA, House-Level Contribution and Margin, Other
Contribution and Margin and certain financial measures presented on
a Constant Currency basis that are not required by, or presented in
accordance with, accounting principles generally accepted in the
United States of America (‘GAAP’). We refer to these measures as
‘non-GAAP financial measures.’ We use these non-GAAP financial
measures when planning, monitoring and evaluating our performance.
While we believe that these non-GAAP financial measures are useful
in evaluating our business, this information should be considered
as supplemental in nature and is not meant as a substitute for
revenues or net income (loss), in each case as recognized in
accordance with GAAP. In addition, other companies may calculate
one or more of these measures differently, which reduces the
usefulness of any such measure as a comparative measure. See
Appendix for a definition of these non-GAAP financial measures and
a reconciliation to the most directly comparable GAAP financial
measures.
We provide earnings guidance using both GAAP and non-GAAP
financial measures. A reconciliation of the Company’s Adjusted
EBITDA guidance to the most directly comparable GAAP financial
measure cannot be provided without unreasonable efforts and is not
provided herein because of the inherent difficulty in forecasting
and quantifying certain amounts that are necessary for such
reconciliations, including adjustments that are made for future
changes in foreign exchange and the other adjustments reflected in
our reconciliation of historical non-GAAP financial measures, the
amounts of which, could be material.
The information in this presentation should be read in
conjunction with our Annual and Quarterly Reports on Form 10-K and
Form 10-Q and other information that we file with the SEC. The
reconciliations of non-GAAP financial measures are an integral part
of the information presented herein. You can access these documents
on our website, www.sohohouseco.com, free of charge, as well as
amendments to those reports filed or furnished pursuant to Section
13(a) or 15(d) of the Exchange Act, as soon as reasonably
practicable after such material is electronically filed with, or
furnished to, the SEC. The information contained on our website is
not incorporated by reference into, and should not be considered a
part of, this presentation.
In addition, the SEC maintains a website that contains reports,
proxy and information statements, and other information regarding
issuers, including the Company, that file electronically with the
SEC at www.sec.gov.
The non-GAAP financial measures we use herein are defined by us
as follows:
ADJUSTED EBITDA. Adjusted EBITDA is a supplemental
measure of our performance. Adjusted EBITDA is defined as Net
income (loss) before Depreciation and amortization, Interest
expense, net, Income tax (expense) benefit, adjusted to take
account of the impact of certain non-cash and other items that we
do not consider in our evaluation of ongoing operating performance.
These other items include, but are not limited to, Gain (loss) on
sale of property and other, net, Share of loss (profit) from equity
method investments, Foreign exchange, Share of equity method
investments adjusted EBITDA and Share-based compensation expense.
We believe that Adjusted EBITDA is an appropriate measure of
operating performance because it eliminates the impact of expenses
(income) that do not relate to ongoing business performance.
HOUSE-LEVEL CONTRIBUTION AND MARGIN. House-Level
Contribution is defined as House Revenues less In-House operating
expenses, which includes expense items such as food and beverage
costs, labor costs, variable overheads and fixed costs, such as
rent. It does not reflect the impact of depreciation, amortization,
impairment, gain or loss on sale of property, or general and
administrative expenses. House-Level Contribution Margin is defined
as House-Level Contribution as a percentage of our House Revenues
and is a key determinant of our performance and profitability and
our return on the investment we make in each of our Houses. Given
that all costs associated with providing our members with the Soho
House experience, including the costs associated with maintaining
our Houses and providing services to members while in the Houses,
are included in In-House operating expenses, we use House Revenues
(inclusive of House Membership Revenues) in calculating House-Level
Contribution and House-Level Contribution Margin to assess the
overall profitability of our Houses. Accordingly, our management
considers House-Level Contribution and House-Level Contribution
Margin to be an important management measure to evaluate the
performance of each House, and growth in aggregate House-Level
Contribution allows us to leverage our general and administrative
costs and improve overall profitability.
OTHER CONTRIBUTION AND MARGIN. Other Contribution is
defined as Other revenues plus Non-House Membership Revenues less
Other operating expenses, which includes expense items not related
to the operation of Houses, such as labor costs, variable overheads
and fixed costs, such as rent. It does not reflect the impact of
depreciation, amortization, impairment, gain or loss on sale of
property, or general and administrative expenses. Other
Contribution Margin defined as Other Contribution as a percentage
of our Other revenues and is a key determinant of our performance
and profitability and our return on the investment in our non-House
business. Our management considers Other Contribution and
Contribution Margin to be an important management measure.
CONSTANT CURRENCY. Some of our financial and operational
data that we disclose in this release is presented on a ‘constant
currency’ basis to isolate the effect of currency changes during
the period. Where we refer to a measure being calculated in
‘constant currency,’ we are calculating the dollar change and the
percentage change as if the exchange rate that is being used in the
current period was in effect for all prior periods presented. We
believe that this calculation provides a more meaningful indication
of actual year over year performance and eliminates any
fluctuations from currency exchange rates.
While we believe that these non-GAAP financial measures are
useful in evaluating our business, this information should be
considered as supplemental in nature and is not meant as a
substitute for revenues or net income (loss), in each case as
recognized in accordance with GAAP. In addition, other companies
may calculate one or more of these measures differently, which
reduces the usefulness of any such measure as a comparative
measure.
A reconciliation of Net loss to Adjusted EBITDA for the 13
weeks ending April 2, 2023 and April 3, 2022 is set forth
below:
For the 13 Weeks Ended
Percent Change
April 2, 2023
April 3, 2022
Actuals
Constant Currency(1)
Actuals
(Unaudited, dollar amounts in
thousands)
Net income (loss)
$
(16,016
)
$
(60,626
)
74
%
71
%
Depreciation and amortization
24,464
22,831
7
%
17
%
Interest expense, net
18,701
15,717
19
%
30
%
Income tax benefit
(171
)
(452
)
62
%
59
%
EBITDA
26,978
(22,530
)
n/m
n/m
Gain on sale of property and other,
net
(681
)
(1,663
)
59
%
55
%
Share of income of equity method
investments
(871
)
(398
)
n/m
n/m
Foreign exchange (gain) loss, net⁽²⁾
(13,013
)
17,074
n/m
n/m
Share of equity method investments
adjusted EBITDA
1,868
1,339
40
%
52
%
Share-based compensation expense
5,846
7,803
(25
)%
(18
)%
Membership credits expense(3)
—
705
n/m
n/m
Adjusted EBITDA
$
20,127
$
2,330
n/m
n/m
- See “Non-GAAP Financial Measures” for an explanation of our
constant currency results.
- Primarily driven by an increase in non-USD denominated working
capital as a result our foreign growth, foreign exchange volatility
impacting our non-USD debt and working capital.
- Beginning on March 14, 2020, due to the COVID-19 pandemic, we
issued membership credits to active members of our closed Houses to
be redeemed for certain Soho Home products and services. Membership
credits were a one-time goodwill gesture, issued as a marketing
offer to active members. The expense represents our best estimate
of the cost in fulfilling the membership credits.
A Reconciliation of Operating loss to House-Level
Contribution & Other Contribution for the 13 weeks ending April
2, 2023 and April 3, 2022 is set forth below:
For the 13 Weeks Ended
April 2, 2023
April 3, 2022
Change %
April 3, 2022 Constant
Currency
Constant Currency Change
%
Actuals
(Unaudited, dollar amounts in
thousands)
Operating income (loss)
$
962
$
(47,422
)
n/m
$
(43,568
)
n/m
General and administrative
30,574
29,286
4
%
26,906
14
%
Pre-opening expenses
4,994
4,032
24
%
3,704
35
%
Depreciation and amortization
24,464
22,831
7
%
20,976
17
%
Share-based compensation
5,846
7,803
(25
)%
7,169
(18
)%
Foreign exchange (gain) loss, net
(13,013
)
17,074
n/m
15,686
n/m
Other
1,029
776
33
%
713
44
%
Non-House membership revenues
(8,636
)
(6,787
)
(27
)%
(6,235
)
(39
)%
Other revenues
(55,883
)
(45,480
)
(23
)%
(41,784
)
(34
)%
Other operating expenses
56,381
47,633
18
%
43,762
29
%
House-Level Contribution
$
46,718
$
29,746
57
%
$
27,329
71
%
Operating margin
0
%
(25
)%
(25
)%
House-Level Contribution Margin
24
%
21
%
21
%
For the 13 Weeks Ended
April 2, 2023
April 3, 2022
Change %
April 3, 2022 Constant
Currency
Constant Currency Change
%
Actuals
(Unaudited, dollar amounts in
thousands)
Operating income (loss)
$
962
$
(47,422
)
n/m
$
(43,568
)
n/m
General and administrative
30,574
29,286
4
%
26,906
14
%
Pre-opening expenses
4,994
4,032
24
%
3,704
35
%
Depreciation and amortization
24,464
22,831
7
%
20,976
17
%
Share-based compensation
5,846
7,803
(25
)%
7,169
(18
)%
Foreign exchange (gain) loss, net
(13,013
)
17,074
n/m
15,686
n/m
Other
1,029
776
33
%
713
44
%
House membership revenues
(74,612
)
(51,986
)
(44
)%
(47,761
)
(56
)%
In-House revenues
(116,078
)
(87,755
)
(32
)%
(80,623
)
(44
)%
In-House operating expenses
143,972
109,995
31
%
101,056
42
%
Total Other Contribution
$
8,138
$
4,634
76
%
$
4,257
91
%
Operating margin
0
%
(25
)%
(25
)%
Other Contribution Margin
13
%
9
%
9
%
Consolidated statements of operation for the 13 weeks ended
April 2, 2023 and April 3, 2022:
For the 13 Weeks Ended
(in thousands, except for per share
data)
April 2, 2023
April 3, 2022
Revenues
Membership revenues
$
83,248
$
58,773
In-House revenues
116,078
87,755
Other revenues
55,883
45,480
Total revenues
255,209
192,008
Operating expenses
In-House operating expenses
(143,972
)
(109,995
)
Other operating expenses
(56,381
)
(47,633
)
General and administrative expenses
(30,574
)
(29,286
)
Pre-opening expenses
(4,994
)
(4,032
)
Depreciation and amortization
(24,464
)
(22,831
)
Share-based compensation
(5,846
)
(7,803
)
Foreign exchange gain (loss), net
13,013
(17,074
)
Other
(1,029
)
(776
)
Total operating expenses
(254,247
)
(239,430
)
Operating income (loss)
962
(47,422
)
Other (expense) income
Interest expense, net
(18,701
)
(15,717
)
Gain on sale of property and other,
net
681
1,663
Share of income of equity method
investments
871
398
Total other expense, net
(17,149
)
(13,656
)
Income (loss) before income
taxes
(16,187
)
(61,078
)
Income tax benefit
171
452
Net income (loss)
(16,016
)
(60,626
)
Net income (loss) attributable to
noncontrolling interests
64
147
Net income (loss) attributable to Soho
House & Co Inc.
$
(15,952
)
$
(60,479
)
Net income (loss) per share attributable
to Class A and Class B common stock
Basic and diluted
$
(0.08
)
$
(0.30
)
Weighted average shares outstanding
Basic and diluted
195,422
202,396
Key Performance and Operating Metrics
Evaluated by Management
In assessing the performance of our business, we consider a
variety of operating and financial measures. These key measures
include:
HOUSE MEMBERSHIP REVENUES. House Membership Revenues are
comprised primarily of annual membership fees and one-time legacy
registration fees from Soho House members which are amortized over
20 years. The one-time registration fee is no longer applicable to
new members admitted from April 4, 2022, see House Introduction
Credits below. HOUSE INTRODUCTION CREDITS. New members
admitted from April 4, 2022 have been required to purchase House
Introduction Credits as part of their membership, per the House
rules. House Introduction Credits are credits of an equivalent
value to cash within Houses and are redeemable to purchase food and
beverage items, and bedroom stays, at the Houses. House
Introduction Credits expire after the first three months from the
date of issuance, where legally permitted in the regions we
operate, if not utilized or if the Company terminates a member’s
House membership. House Introduction Credits are recognized upon
issuance as deferred revenue on our consolidated balance sheets.
Revenue from House Introduction Credits are recognized as In-House
revenues when redeemed by members, and as breakage revenue within
Membership revenues upon expiration or in the period that we are
able to reliably estimate expected breakage to the extent that they
are unredeemed, are recognized. House Introduction Credits expire
three months from the date of issue. IN-HOUSE REVENUES.
In-House revenues include all revenues realized within our Houses,
including food and beverage, accommodation and spa products and
treatments. HOUSE REVENUES. House Revenues is defined as
House Membership Revenues plus In-House revenues, less Non-House
Membership Revenues. Our management views House Membership Revenues
and In-House revenues as interrelated and their aggregation as
important in tracking House performance. Although there is no
minimum spend for any member on In-House offerings, nevertheless in
practice most members consume food and beverage, accommodations and
other offerings at our Houses. The pricing of our In-House
offerings is reflective of the fact that the significant majority
of In-House offerings that generate In-House revenues are consumed
by members who also pay a membership fee in relation to that House,
with pricing of such In-House offerings being identical for both
members and non-members. NUMBER OF SOHO HOUSES. The number
of Soho Houses reflects the total number of Soho Houses in
operation in any period, irrespective of whether each House is (i)
controlled by us, (ii) operated through a non-controlling interest
in a joint venture or (iii) operated through a management contract.
We review the number of members from all Houses to assess new
member growth, total House Revenues, and House-Level Contribution.
TOTAL MEMBERS. Total members is defined as Soho House
members plus Other members. NUMBER OF SOHO HOUSE MEMBERS.
Our Soho House membership model is an integral part of our business
and has a significant impact on our profitability and financial
performance. Typically, members hold an Every House membership or a
Local House membership. Member count is the primary driver of
Membership Revenues and is also a critical factor in In-House
Revenues as members utilize the offerings that are provided within
the Houses. Soho House members include all active, frozen and
non-paying members. The extent to which we achieve growth in our
membership base, retain existing members and periodically increase
our membership fee rates will impact our profitability. We have
historically enjoyed strong member loyalty, reflected by very high
retention rates. Robust demand for our memberships is also
evidenced by considerable wait lists for our Houses. The
year-over-year increase in our total number of Soho House members
is driven by a combination of increases in membership at existing
Houses and members from new Houses. NUMBER OF OTHER MEMBERS.
Other members include members of Soho Works and Soho Friends and
are key to our growth strategy and enhancing our Soho House member
experience. Prior to August 2022, HOME+ membership, which is now
included in Soho Friends, was also included. Like Soho House
members, other memberships are an integral part of our business and
we believe will have a significant impact on our profitability and
financial performance in the future. SOHO HOUSE MEMBER
RETENTION. Soho House Member Retention is defined as the number
of Adult Paying Members (being all Soho House members excluding
child members and complimentary members) at the beginning of a
period less the number of Adult Paying Members who canceled their
membership during that same period (without giving any effect to
Adult Paying Members who froze their memberships during such
period), as a proportion of total Adult Paying Members at the
beginning of such period. FROZEN MEMBERS. Frozen Members
refers to Soho House members who have elected to suspend their
membership payments on a six, nine- or twelve-month basis during
which period the member is not able to gain access to a Soho House
site as a member, access our membership Apps, or book bedrooms or
Cowshed treatments or products on discounted member rates. Frozen
Members are not included in Adult Paying Members, but are included
in the total number of Soho House members. MEMBERSHIP
REVENUES. Membership revenues are comprised of House Membership
Revenues (as defined below) and Non-House Membership Revenues (as
defined below). House Membership Revenues and Non-House Membership
Revenues are each comprised primarily of annual membership fees and
one-time registration fees which are amortized over 20 years.
Membership revenues are a function of the number of members,
membership mix, and membership pricing. For GAAP, we report
Membership revenues only from Houses and sites in which we own a
controlling interest. Our membership pricing varies by geographic
segment and membership offering and, as such, our mix of House and
Soho Works club openings can affect our revenue growth and
profitability over time. Prices are generally higher in North
America and the rest of the world compared with the UK and Europe.
Membership revenues provide a stable and recurring source of
revenues which have few direct costs and, as such, is a reliable
and predictable source of cash flow. HOUSE MEMBERSHIP
REVENUES. House Membership Revenues is an important performance
indicator and is defined above in the NON-GAAP reconciliation.
IN-HOUSE REVENUES. In-House revenues refer to all revenues
realized within our Houses, and primarily includes revenues from
food and beverage, accommodation, and spa products and treatments.
HOUSE REVENUES. House Revenues is an important performance
indicator and is defined in “Non-GAAP Financial Measures." OTHER
REVENUES. Other revenues are defined as total revenues that are
not realized within our Houses, including revenues from Scorpios,
Soho Works and our stand-alone restaurants, procurement fees from
Soho House Design, Soho Home and Cowshed retail products and other
revenues from products and services that we provide outside of our
Houses, as well as management fees from The Ned sites and The LINE
and Saguaro hotels. NON-HOUSE MEMBERSHIP REVENUES. Non-House
Membership Revenues are comprised of Soho Works membership revenue,
Soho Friends membership revenue and SOHO HOME+ membership revenue
which was merged into Soho Friends membership at the beginning of
August 2022. HOUSE INTRODUCTION CREDITS. New members
admitted from April 4, 2022 have been required to purchase House
Introduction Credits as part of their membership, per the House
rules. House Introduction Credits are credits of an equivalent
value to cash within Houses and are redeemable to purchase food and
beverage items, and bedroom stays, at the Houses. House
Introduction Credits expire after the first three months from the
date of issuance, where legally permitted in the regions we
operate, if not utilized or if the Company terminates a member’s
House membership. House Introduction Credits are recognized upon
issuance as deferred revenue on our consolidated balance sheets.
Revenue from House Introduction Credits are recognized as In-House
revenues when redeemed by members, and as breakage revenue within
Membership revenues upon expiration or in the period that we are
able to reliably estimate expected breakage to the extent that they
are unredeemed, are nrecognized. House Introduction Credits expire
three months from the date of issue. ACTIVE APP USERS.
Active App Users is defined as unique users who have logged into
any of our membership Apps within the last three months. AVERAGE
DAILY RATE. is Average Daily Rate represents the average rental
income per paid occupied room. REVENUE PER AVAILABLE ROOM
(RevPAR). The key industry standard for measuring
hotel-operating performance is RevPAR, which is calculated by
multiplying the percentage of occupied rooms to available rooms by
the average daily rate realized. Where this is presented on a
like-for like basis, RevPAR is adjusted for new or divested sites,
for example Houses that were not open in the comparison period.
Forward Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this release that do not relate to
matters of historical fact should be considered forward-looking
statements, including, without limitation, statements regarding our
expected financial performance and operational performance for the
remainder of fiscal 2023, as well as statements that include the
words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,”
“estimate,” “may,” “should,” “anticipate” and similar statements of
a future or forward-looking nature. These forward-looking
statements are based on management’s current expectations. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including important factors discussed under the caption
“Risk Factors” in our annual report on form 10-K for the fiscal
year ended January 1, 2023 and as such factors may be updated from
time to time in our other filings with the SEC, which are
accessible on the SEC’s website at www.sec.gov. In addition, we
operate in rapidly changing environment. New risks emerge from time
to time. It is not possible for our management to predict all
risks, nor can we assess the impact of all factors on its business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements that we may make. In light of these
risks, uncertainties and assumptions, the forward-looking events
and circumstances discussed in this release are inherently
uncertain and may not occur, and actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. In
addition, the forward-looking statements made in this release
relate only to events or information as of the date on which the
statements are made in this release. Except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
About Soho House & Co:
Soho House & Co (SHCO) is a global membership platform of
physical and digital spaces that connects a vibrant, diverse and
global group of members. These members use the Soho House & Co
platform to work, socialize, connect, create and flourish all over
the world. We began with the opening of the first Soho House in
1995 and remain the only company to have scaled a private
membership network with a global presence. Members around the world
engage with Soho House & Co through our global collection, as
at April 2, 2023, of 41 Soho Houses, 9 Soho Works, Scorpios Beach
Club in Mykonos, Soho Home – our interiors and lifestyle retail
brand – and our digital channels. The Ned in London, New York and
Doha, The LINE and Saguaro hotels in North America also form part
of Soho House & Co's wider portfolio.
For more information, please visit www.sohohouseco.com. Source:
Soho House & Co (SHCO)
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Investor Relations ir@sohohouseco.com
Media and Press press@sohohouseco.com
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