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Soho House & Co Inc. Class A (SHCO+1.11%) has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing includes financial statements for the quarter, showing total revenues of $333.4 million, up from $293.4 million in the same quarter the previous year. Membership revenues increased to $110.9 million from $95.3 million, while In-House revenues rose to $128.8 million from $123.0 million.
Operating expenses for the quarter were $295.5 million, compared to $320.8 million in the previous year. The company reported an operating income of $37.9 million, reversing a loss of $27.4 million in the same quarter last year.
Net income for the quarter was $0.7 million, compared to a net loss of $48.4 million in the previous year. The improvement was influenced by a substantial foreign exchange gain of $39.6 million.
Cash provided by operating activities was $62.8 million for the 39 weeks ended September 29, 2024, compared to $28.7 million in the same period last year. Cash used in investing activities was $57.4 million, primarily due to property and equipment purchases.
As of September 29, 2024, the company had $146.6 million in cash and cash equivalents, and a total shareholders’ deficit of $275.1 million.
The filing also details various financial agreements, including a revolving credit facility with £71 million available to draw and a term loan facility with Soho Works Limited.
Soho House & Co Inc. continues to focus on expanding its membership offerings and maintaining the quality of its existing Houses. The company reported approximately 267,500 members, with a global waitlist of around 111,000 applicants.
The company identified a $14 million impairment loss related to long-lived assets, primarily due to high property costs at certain Soho Works locations in the USA.
The filing includes a discussion of forward-looking statements and the potential risks and uncertainties that could affect the company's future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Soho House & Co Inc. Class A quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.