Q2 2024 Soho House & Co Inc Earnings Call Transcript
Key Points
- Membership revenues increased by 16% year-on-year and 3% quarter-on-quarter.
- Global waitlist grew to 111,000, with 6,000 new members added, reaching a total of 204,000 members.
- Adjusted EBITDA grew by $2 million year-over-year to $33 million.
- Strong performance in new markets and ramp-up houses, including successful openings in Sao Paulo, Mexico City, and Portland.
- Positive cash flow from operating activities for the fifth consecutive quarter, with an 80% increase from last year.
- Other revenues were down 1% year-on-year.
- Initial losses from new house openings in Portland, Sao Paulo, and Bodrum had a $4 million negative impact on EBITDA.
- House level margins were impacted by new house openings, despite a 12% increase in house level contribution.
- Scorpios Bodrum and timing of design development fees contributed to a $3 million year-on-year decline in other contributions.
- Continued impact from the Hollywood strike affecting in-house revenues, particularly in the entertainment industry.
Hello, everyone, and welcome to the Soho House & Co. Incorporated second-quarter 2024 results conference call. Please note that this call is being recorded. (Operator Instructions) Thank you.
I'd now like to hand over to Thomas Allen, Soho House & Co. Incorporated Chief Financial Officer. You may now begins.
Thank you for joining us today to discuss Soho House & Co. second-quarter financial results. My name is Thomas Allen, and 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 the 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, and we assume no obligation to update any
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