Soho House & Co Inc., a global membership platform connecting a diverse community of members, has announced its financial results for the fourth quarter and fiscal year ended December 29, 2024.
Fiscal year 2024 financial highlights
The company reported total revenues of $1.2 billion for the fiscal year, reflecting a 7.0% year-over-year increase. Membership revenues rose by 17.2% to $418.0 million. In-House revenues remained flat at $481.6 million, while other revenues increased by 6.2% to $304.2 million, driven by the growth of Soho Home and Scorpios. Adjusted EBITDA also rose by 14.1% to $131.9 million.
CEO Andrew Carnie stated: 'The strong results we delivered in 2024 demonstrate our unrelenting focus on delivering the best member experience and operational excellence across 45 Houses around the world. We grew full year total revenues by 7% and increased adjusted EBITDA by 14%.'
Fourth quarter 2024 financial performance
In the fourth quarter, Soho House achieved total revenues of $305.6 million, marking a 5.4% increase from the previous year. Membership revenues climbed 15.6% to $109.3 million, while In-House revenues saw a slight decline of 1.5% to $123.4 million. RevPAR rose by 1% on a like-for-like basis.
The quarter's net loss attributable to the company amounted to $91.7 million, or $0.47 per share, which included $51.6 million in non-cash FX losses and $19.8 million in non-cash impairment charges. Adjusted EBITDA for the quarter was $32.3 million.
Strategic expansion and membership growth
Throughout 2024, Soho House opened three new Houses: Portland (March), São Paulo (June), and Mews House in Mayfair, London (September), along with the launch of Scorpios Bodrum in June. Membership numbers increased to 271,541, up 4.5% year-over-year, with Soho House members specifically growing to 212,447.
Carnie expressed enthusiasm for the company's ongoing transformation: 'Looking ahead, I'm excited by the potential our operational and finance systems transformation will unlock, fundamentally changing the way we operate. These improvements will make us a more efficient, resilient, and profitable business, giving us the confidence to drive long-term growth while staying true to what makes Soho House special.'
Transaction update
As of December 19, 2024, Soho House received an offer from a third-party consortium to take the company private for $9.00 per share. A Special Committee has been established to assess the offer, but no decision has been made regarding the transaction.
Operational excellence
In the fourth quarter, the company continued to optimise its operational and financial systems, including hiring a Chief Transformation Officer and selecting a new finance ERP system. Adjusted EBITDA margin for the quarter stood at 11%.
Soho House & Co Inc. ended the fourth quarter with $156 million in cash and cash equivalents. The company remains focused on enhancing membership value, operational efficiency, and strategic growth.
More information:
Soho House & Co Inc.
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www.sohohouseco.com