Soho House Q3 2024 10-Q Filing
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
**Soho House Q3 10-Q filed. Financials and operations update.**
AI Summary
Soho House & Co Inc. filed its 10-Q for the period ending September 29, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures relevant to investors are presented, including information on revenue, expenses, and balance sheet items.
Why It Matters
This filing provides investors with the latest financial health and operational performance of Soho House, crucial for making informed investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks or opportunities impacting the company's stock.
Key Numbers
- Q3 — Fiscal Quarter (Reporting period for this 10-Q filing)
- 20240929 — Period End Date (The end date of the reporting period covered by the 10-Q)
- 20241220 — Filing Date (The date the 10-Q was submitted to the SEC)
Key Players & Entities
- Soho House & Co Inc. (company) — Filer of the 10-Q
- Membership Collective Group Inc. (company) — Former name of Soho House & Co Inc.
- 20240929 (date) — End of the reporting period
- 20241220 (date) — Date of filing
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 29, 2024.
What was the former name of Soho House & Co Inc.?
The former name of Soho House & Co Inc. was Membership Collective Group Inc.
On what date was this 10-Q filing submitted?
This 10-Q filing was submitted on December 20, 2024.
What is the Standard Industrial Classification code for Soho House & Co Inc.?
The Standard Industrial Classification code for Soho House & Co Inc. is 7011 (HOTELS & MOTELS).
In which state was Soho House & Co Inc. incorporated?
Soho House & Co Inc. was incorporated in Delaware (DE).
Filing Stats: 4,578 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-12-20 16:03:52
Key Financial Figures
- $0.01 — tered Class A Common Stock, par value $0.01 per share SHCO New York Stock Excha
Filing Documents
- shco-20240929.htm (10-Q) — 11221KB
- shco-ex31_1.htm (EX-31.1) — 31KB
- shco-ex31_2.htm (EX-31.2) — 31KB
- shco-ex32_1.htm (EX-32.1) — 18KB
- shco-ex32_2.htm (EX-32.2) — 18KB
- 0000950170-24-139032.txt ( ) — 47794KB
- shco-20240929.xsd (EX-101.SCH) — 2344KB
- shco-20240929_htm.xml (XML) — 15022KB
Financial Statements
Financial Statements 2 Unaudited Condensed Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023 2 Unaudited Condensed Consolidated Statements of Operations for the 13 weeks and 39 weeks ended September 29, 2024 and October 1, 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the 13 weeks and 39 weeks ended September 29, 2024 and October 1, 2023 5 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit for the 13 weeks and 39 weeks ended October 1, 2023 6 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit for the 13 weeks and 39 weeks ended September 29, 2024 7 Unaudited Condensed Statements of Cash Flows for the 39 weeks ended September 29, 2024 and October 1, 2023 8 Notes to Condensed Consolidated Financial Statements 10 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 71 Item 4.
Controls and Procedures
Controls and Procedures 72 PART II. OTHER INFORMATION 73 Item 1.
Legal Proceedings
Legal Proceedings 73 Item 1A.
Risk Factors
Risk Factors 73 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 74 Item 3. Defaults Upon Senior Securities 74 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 74 Item 6. Exhibits 75
Signatures
Signatures 76 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations and expenses, business strategies and plans, trends, market sizing, competitive position, industry environment, potential growth opportunities and product capabilities, among other things. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as "aim," "anticipates," "believes," "could," "estimates," "expects," "goal," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "strive," "will," "would," or similar expressions and the negatives of those terms. As used in this report, any reference to Soho House & Co Inc.', Soho House & Co', SHCO,' our company,' the Company,' us,' we' and our' refers to Soho House & Co Inc., together with its consolidated subsidiaries. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our 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 those described in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report and in the section entitled "Risk Factors" in our Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2023. Given these uncertainties, you should not place undue reliance on these forward-looking statements. 1
-FIN ANCIAL INFORMATION
PART I-FIN ANCIAL INFORMATION
Financial Stateme nts
Item 1. Financial Stateme nts. Soho House & Co Inc. Condensed Consoli dated Balance Sheets As of September 29, 2024 (Unaudited) and December 31, 2023 As of (in thousands, except for par value and share data) September 29, 2024 December 31, 2023 (As Revised) Assets Current assets Cash and cash equivalents $ 142,816 $ 159,155 Restricted cash 3,805 1,951 Accounts receivable, net 72,530 58,089 Inventories 63,834 57,596 Prepaid expenses and other current assets 128,839 111,949 Total current assets 411,824 388,740 Property and equipment, net 629,982 621,388 Operating lease assets 1,186,154 1,152,288 Goodwill 211,866 206,285 Other intangible assets, net 121,872 127,240 Equity method investments 14,211 21,695 Deferred tax assets 777 740 Other non-current assets 2,108 9,483 Total non-current assets 2,166,970 2,139,119 Total assets $ 2,578,794 $ 2,527,859 Liabilities and Shareholders' Deficit Current liabilities Accounts payable $ 78,757 $ 70,316 Accrued liabilities 125,047 86,314 Current portion of deferred revenue 119,853 113,755 Indirect and employee taxes payable 45,598 40,159 Current portion of debt, net of debt issuance costs 35,957 29,290 Current portion of operating lease liabilities - sites trading less than one year 271 1,721 Current portion of operating lease liabilities - sites trading more than one year 56,965 49,436 Other current liabilities 45,180 35,831 Total current liabilities 507,628 426,822 Debt, net of current portion and debt issuance costs 658,868 635,576 Property mortgage loans, net of debt issuance costs 137,313 137,099 Operating lease liabilities, net of current portion - sites trading less than one year 80,001 68,762 Operating lease liabilities, net of current portion - sites trading more than one year 1,268,632 1,234,140 Finance lease liabilities