Soho House & Co Inc (SHCO) 2022 Q4 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Membership Collective Group, Inc. Fourth Quarter 2022 Results Call. (Operator Instructions) Thank you. Thomas Allen, Chief Financial Officer. You may begin your conference.

謝謝你的支持。此時，我想歡迎大家參加 Membership Collective Group, Inc. 2022 年第四季度業績電話會議。 （操作員說明）謝謝。托馬斯·艾倫，首席財務官。你可以開始你的會議。

Thank you for joining us today to discuss the Membership Collective Group's fourth quarter and full year 2022 financial results. My name is Thomas Allen, and I'm the Chief Financial Officer. I'm here this morning 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.

感謝您今天加入我們，討論 Membership Collective Group 的第四季度和 2022 年全年財務業績。我叫 Thomas Allen，是首席財務官。今天早上我和我們的首席執行官安德魯·卡尼 (Andrew Carnie) 一起來到這裡。今天的討論包含前瞻性陳述，代表我們對未來事件的信念或預期。所有前瞻性陳述均涉及風險和不確定性，可能導致實際結果與前瞻性陳述存在重大差異。

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 forward-looking statements if our views change. By now, you should have access to our Q4 and full year 2022 earnings release, which can be found at membershipcollectivegroup.com in the News & Events section.

我們向美國證券交易委員會提交的文件中描述了可能導致此類差異的一些因素。任何前瞻性陳述僅代表我們截至今日的觀點，如果我們的觀點發生變化，我們不承擔更新任何前瞻性陳述的義務。到目前為止，您應該可以訪問我們的第 4 季度和 2022 年全年收益發布，可以在 membershipcollectivegroup.com 的新聞和活動部分找到。

Additionally, we have posted our Q4 and full year 2022 earnings presentation, which can also be found in News & Events section on our site. During the call, we also refer to certain non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release.

此外，我們還發布了我們的第四季度和 2022 年全年收益報告，也可以在我們網站的新聞和活動部分找到。在電話會議期間，我們還提到了某些非 GAAP 財務指標。這些非 GAAP 措施應作為我們 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。今天的收益新聞稿中提供了與最具可比性的 GAAP 措施的對賬。

Now, let me hand it over to Andrew.

現在，讓我把它交給安德魯。

Thanks, Thomas, and good morning, everyone. I'm going to start by talking through Q4 and the full year '22 highlights then give you an update on progress we've made against our two strategic priorities. I'll then hand over to Thomas to talk through the financial performance and to outline our guidance for 2023 and we'll end with Q&A. Let's start with the fourth quarter. We delivered a strong performance due to executing against our strategic priorities, leading to continuing revenue and membership growth and improved profitability.

謝謝，托馬斯，大家早上好。我將首先討論第四季度和 22 年全年的亮點，然後向您介紹我們在兩個戰略重點方面取得的進展的最新情況。然後我將交給 Thomas 討論財務業績並概述我們對 2023 年的指導，我們將以問答結束。讓我們從第四季度開始。由於執行我們的戰略重點，我們取得了強勁的業績，導致收入和會員持續增長並提高了盈利能力。

Soho House membership hit a new high of 162,000 members, a year-on-year increase of 32% and a 6% rise quarter-on-quarter. We came in within our original guidance range despite the decision we made in the third quarter to reduce our annual target for 2022 new Houses openings from 9 to 7. We delivered strong profit growth over the period with adjusted EBITDA reaching $23 million, up $21 million year-on-year and above our implied guidance range of $17 million to $22 million. This was driven by revenue growth, which was up 47% year-over-year and the implementation of the operational excellence initiatives we outlined last quarter, more on that shortly.

Soho House會員人數創新高，達到16.2萬人，同比增長32%，環比增長6%。儘管我們在第三季度決定將 2022 年新房開業的年度目標從 9 家減少到 7 家，但我們仍處於最初的指導範圍內。我們在此期間實現了強勁的利潤增長，調整後的 EBITDA 達到 2300 萬美元，增加了 2100 萬美元同比增長並高於我們 1700 萬至 2200 萬美元的隱含指導範圍。這是由收入增長推動的，收入增長同比增長 47%，以及我們上個季度概述的卓越運營計劃的實施，很快就會有更多內容。

While our Q4 results show the progress we've made on profitability alongside continued strong membership demand, it's important to look at our full year 2022 picture to appreciate how much the business has grown year-over-year. The number of Soho House members rose 39,000 or nearly a third. We added around 10,000 members or more in each of North America, the UK and Europe, while our Cities Without Houses program grew the fastest at around 45%, highlighting the excitement people have for our membership even in the cities where we don't have Houses. Our total MCG membership was up 46% to 227,000 as we also saw strong membership growth in Soho Friends and Soho Works. It was a record year for new applications that are growing in all regions and the MCG waitlist rose to 86,000, up 22% compared to 71,000 at the end of 2021, and that's despite our record intakes throughout the year.

雖然我們的第四季度業績顯示我們在盈利能力方面取得的進展以及持續強勁的會員需求，但重要的是要看看我們 2022 年的全年情況，以了解業務同比增長了多少。 Soho House 會員人數增加了 39,000 人，接近三分之一。我們在北美、英國和歐洲分別增加了大約 10,000 名或更多會員，而我們的無房城市計劃增長最快，約為 45%，這凸顯了人們對我們會員的興奮，即使在我們沒有的城市也是如此房屋。我們的 MCG 會員總數增長了 46%，達到 227,000 人，因為我們還看到 Soho Friends 和 Soho Works 的會員增長強勁。對於所有地區的新申請來說，這是創紀錄的一年，MCG 候補名單上升到 86,000，與 2021 年底的 71,000 相比增長了 22%，儘管我們全年的錄取人數創歷史新高。

The number of Frozen Members continue to fall down approximately 4,500 at the end of 2021 to approximately 2,250 by the close of 2022. We delivered 7 new Houses over the year, growing our House footprint by 21% with exciting new U.S.A. locations in Nashville, L.A. and Miami, continued expansion in the UK with Balham and Brighton and our first Scandinavian Houses in Copenhagen and Stockholm. We also expanded outside of our core Soho House business with the net openings in New York and Doha and the opening of The LINE, San Francisco.

到 2021 年底，Frozen 會員的數量繼續下降約 4,500 人，到 2022 年底將減少約 2,250 人。我們在這一年交付了 7 個新房屋，我們的房屋足跡增加了 21%，在美國洛杉磯納什維爾的新地點令人興奮。和邁阿密，繼續在英國擴張 Balham 和 Brighton，以及我們在哥本哈根和斯德哥爾摩的第一家斯堪的納維亞之家。我們還在我們的核心 Soho House 業務之外進行了擴展，在紐約和多哈開設了淨門店，並在舊金山開設了 The LINE。

The growth we've seen in membership and new openings as well as strong pricing power drove total revenues up 73% to $972 million. Finally, on adjusted EBITDA, we moved from a $24 million loss in 2021 to a $61 million of EBITDA in 2022. While we are proud of the turnaround, it is still early days in our focus of driving improved profitability in 2022 adjusted EBITDA does not reflect the true potential of the business. Finally, it's worth highlighting that in the fourth quarter, we completed our $15 million share buyback program, spending $15 million to purchase 3.5 million shares at an average of $4.31.

我們在會員和新職位上看到的增長以及強大的定價能力推動總收入增長 73% 至 9.72 億美元。最後，在調整後的 EBITDA 方面，我們從 2021 年的 2400 萬美元虧損轉變為 2022 年的 6100 萬美元的 EBITDA。雖然我們為這種轉變感到自豪，但我們在 2022 年推動提高盈利能力的重點仍處於初期階段調整後的 EBITDA 不會反映企業的真正潛力。最後，值得強調的是，在第四季度，我們完成了 1500 萬美元的股票回購計劃，花費 1500 萬美元以平均 4.31 美元的價格購買了 350 萬股股票。

In total, over the year, we bought back 8.5 million shares or 4% of our shares outstanding at an average price of $5.91. Now, let me give you an update on the progress we're making against our strategic priorities. To recap, you'll remember last quarter that we said we're refining our strategy to focus obsessively on two things: first, growing enhancing the value of membership to drive long-term recurring revenue, recognizing that membership remains a core driver of our business; and second, delivering operational excellence to drive profitability and free cash flow, an area where we know we can do more and where we've identified and already implemented a number of initiatives.

全年，我們總共以 5.91 美元的平均價格回購了 850 萬股或 4% 的已發行股票。現在，讓我向您介紹我們在戰略重點方面取得的最新進展。回顧一下，你會記得上個季度我們說我們正在完善我們的戰略以專注於兩件事：首先，增加會員價值以推動長期經常性收入，認識到會員仍然是我們的核心驅動力商業;其次，提供卓越的運營以推動盈利能力和自由現金流，我們知道我們可以在這個領域做得更多，並且我們已經確定並已經實施了一些舉措。

In line with our first priority today, we've announced the decision to change the Group's name for Membership Collective Group to Soho House & Co. As we've spent time as a listed company, we've recognized the benefits of being associated with a powerful and unique brand. The Soho House name is a huge asset for us, and we want to leverage that fully. This change is also aligned with our move to strengthen our focus on the Soho House business while continuing to support our other strong businesses. We would expect the name change to take effect later this month, and the stock will trade on the New York Stock Exchange under the ticker SHCO.

根據我們今天的首要任務，我們宣布決定將集團的名稱從 Membership Collective Group 更改為 Soho House & Co。隨著我們作為一家上市公司的發展，我們已經認識到與一個強大而獨特的品牌。 Soho House 的名字對我們來說是一筆巨大的財富，我們希望充分利用它。這一變化也符合我們加強對 Soho House 業務的關注，同時繼續支持我們其他強大業務的舉措。我們預計更名將於本月晚些時候生效，股票將在紐約證券交易所交易，股票代碼為 SHCO。

Members are the heart and soul of Soho House, and we know that bringing people together in our Houses with great atmosphere is what matters most to them and us. Starting in the fourth quarter and continuing over the recent months, we've focused on how we can drive even greater value for our members. We've significantly increased the amount of data that we look at by House, which has enabled us to provide the right service at the right time and tailor our programs such as menus and events to the local market and members.

會員是 Soho House 的核心和靈魂，我們知道，將人們聚集在我們擁有良好氛圍的房屋中對他們和我們來說都是最重要的。從第四季度開始並持續到最近幾個月，我們一直專注於如何為我們的會員創造更大的價值。我們顯著增加了我們通過 House 查看的數據量，這使我們能夠在正確的時間提供正確的服務，並為當地市場和會員量身定制我們的計劃，例如菜單和活動。

Here are a couple of examples. At 180 House in London, we've introduced a more elevated 1970's inspired menu, which leans into design and feel of that House. We've also launched new events programming such as Weekly Jazz Nights and Daily Wellness talks to align with the atmosphere and approach. At two of our Houses in Soho, the original Soho House at 40 Greek Street and [Center 16] Street, we've designed new menus to reflect the differing demographic, behaviors and needs of each house. Across all three Houses, a third of the menu now is bespoke to that club.

這裡有幾個例子。在倫敦的 180 House，我們推出了更高級的 1970 年代靈感菜單，該菜單更傾向於那個房子的設計和感覺。我們還推出了新的活動計劃，例如每週爵士樂之夜和每日健康講座，以適應氛圍和方法。在我們位於 Soho 的兩間餐廳，位於 40 Greek Street 和 [Center 16] Street 的原始 Soho House，我們設計了新菜單以反映每間餐廳不同的人口統計、行為和需求。在所有三個品牌中，三分之一的菜單都是為該俱樂部定制的。

More broadly, we focused on two main improvements across our Houses driven by member feedback. Firstly, we've changed our menus to be more seasonal with more healthy options. Secondly, to improve service across all our Houses, we've rolled out new staff training and realigned manager incentives with member satisfaction as the primary focus. Both of these quality improvement processes will continue throughout this year. The changes have been well received by the teams and the initiatives are driving positive results where we've seen improved performance and member satisfaction across our Houses over the past few months.

更廣泛地說，我們專注於會員反饋推動的兩個主要改進。首先，我們更改了菜單，使其更具季節性，提供更健康的選擇。其次，為了改善我們所有酒店的服務，我們推出了新的員工培訓並重新調整了經理激勵措施，並將會員滿意度作為主要關注點。這兩個質量改進過程將在今年繼續進行。這些變化得到了團隊的好評，這些舉措正在推動積極的結果，在過去幾個月中我們看到我們各品牌的績效和會員滿意度都有所提高。

New House openings in Miami and Stockholm in Q4 and last month in Bangkok further create value for members, and we're looking forward to announcing exciting earnings throughout the course of 2023, in line with our target of 5 to 7 new Houses a year. We've also seen good progress in delivering operational excellence to drive profitability and free cash flow. Our strategy here is clear and focused on three key areas: leveraging data and member insight to operate and scale efficiently without compromising what matters most to our members and a focused approach to expanding in-house margins and enhancing the membership value proposition.

第四季度在邁阿密和斯德哥爾摩以及上個月在曼谷開設的新房子進一步為會員創造價值，我們期待在整個 2023 年期間宣布令人振奮的收益，這符合我們每年 5 到 7 個新房子的目標。我們還看到在提供卓越運營以提高盈利能力和自由現金流方面取得了良好進展。我們的戰略很明確，並專注於三個關鍵領域：利用數據和會員洞察力有效運營和擴展，同時不損害對我們會員最重要的事情，以及專注於擴大內部利潤和提升會員價值主張的方法。

We hit the ground running in the fourth quarter and have already made good inroads into a number of areas. We talked to you previously about the need to reduce our in-house operating expenses and in particular, our wage bill. Through more efficient rostering and ensuring that we have the right number of staff in our Houses at the right time for our members, wages as a percentage of revenues dropped approximately 1,000 basis points in December versus August last year. Now there's certainly a seasonal benefit here of how busy our Houses are in December, and I wouldn't expect the delta to repeat month-on-month, but it demonstrates the benefits that we can drive by implementing the initiatives we outlined.

我們在第四季度開始運行，並且已經在多個領域取得了良好的進展。我們之前與您討論過需要減少我們的內部運營費用，特別是我們的工資單。通過更有效的排班並確保我們在正確的時間為我們的會員配備正確數量的員工，與去年 8 月相比，12 月工資佔收入的百分比下降了約 1,000 個基點。現在，我們的房屋在 12 月的繁忙程度肯定會帶來季節性好處，我不希望三角洲逐月重複，但它證明了我們可以通過實施我們概述的舉措帶來的好處。

At the same time, we've also reduced support office expenses with targeted reductions on content and digital, as we discussed last quarter and other corporate expenses across all parts of our business. And the changes we've made in our F&B program continues to drive growth margin expansion with like-for-like F&B margins 230 basis points above the final quarter of 2019. In addition, great focus on driving higher occupancy and ADR led to RevPAR increasing 22% year-over-year at like-for-like properties. It's still early days in terms of driving the benefits of these profit initiatives, and we have much more to go. But we're on track, and we feel confident that this will help us generate stronger, more [consistent] earnings going forward, which is a great segue to pass over to Thomas to give more detail on the fourth quarter results and updated guidance.

與此同時，我們還通過有針對性地減少內容和數字內容來減少支持辦公費用，正如我們在上個季度討論的那樣以及我們所有業務部門的其他公司費用。我們在餐飲計劃中所做的改變繼續推動增長利潤率的增長，同類餐飲利潤率比 2019 年最後一個季度高出 230 個基點。此外，對推動更高入住率和 ADR 的高度關注導致 RevPAR 增加同類物業同比增長 22%。就推動這些利潤計劃的好處而言，現在還處於早期階段，我們還有很多工作要做。但我們正在走上正軌，我們有信心這將幫助我們在未來產生更強大、更 [一致] 的收益，這是一個很好的轉折點，可以交給 Thomas 提供有關第四季度業績和更新指導的更多細節。

Thanks, Andrew. Total revenue for the fourth quarter grew 47% to $270 million or 66% on a constant currency basis. Membership in-house and other revenues rose 46%, 36% and 70% year-over-year, respectively, or 66%, 54% and 93%, respectively, on a constant currency basis. House-Level Contribution increased 42% year-over-year, House-Level margins were up 30 basis points year-on-year, which was a decent result given fourth quarter 2021 benefit from still ramping cost structures post COVID, but our fourth quarter 2022 margins were still impacted by the cost increases we saw earlier in the year that we are unwinding.

謝謝，安德魯。第四季度總收入增長 47% 至 2.7 億美元，按固定匯率計算增長 66%。會員內部收入和其他收入分別同比增長 46%、36% 和 70%，按固定匯率計算分別增長 66%、54% 和 93%。 House-Level Contribution 同比增長 42%，House-Level 利潤率同比增長 30 個基點，這是一個不錯的結果，因為 2021 年第四季度受益於 COVID 後仍在上升的成本結構，但我們的第四季度2022 年的利潤率仍然受到我們在今年早些時候看到的成本增加的影響，我們正在平倉。

Other contribution grew 190%, with margins increasing approximately 800 basis points supported by strong Soho Home revenue growth, good results for our standalone Townhouse and restaurants and design fees. Giving more details on revenue; we saw quarter-over-quarter revenue growth for the eighth consecutive quarter with three key drivers: continued strong membership growth and higher fees drove a $24.5 million increase in membership revenues year-over-year. Strong footfall on both new and legacy Houses led to stronger sales, which drove a $31.7 million increase in in-house revenues.

其他貢獻增長 190%，利潤率增長約 800 個基點，這得益於強勁的 Soho Home 收入增長、獨立聯排別墅和餐廳的良好業績以及設計費。提供有關收入的更多詳細信息；我們看到收入連續第八個季度環比增長，主要有三個驅動因素：持續強勁的會員增長和更高的費用推動會員收入同比增長 2450 萬美元。新舊房屋的強勁客流量導致銷售強勁，推動內部收入增加 3170 萬美元。

Finally, other revenues were up $29.8 million with Soho Homes seeing a 104% increase in sales year-over-year. Our fourth quarter adjusted EBITDA was $23 million, up $3 million quarter-on-quarter and $20 million year-on-year as we benefit from continued strong membership and revenue growth and the start of our additional profit initiatives. Our EBITDA also beat consensus of $19 million. Moving to guidance for 2023; we expect to see continued momentum through the course of the year with strong growth across membership, revenues and adjusted EBITDA.

最後，其他收入增長了 2980 萬美元，Soho Homes 的銷售額同比增長了 104%。我們第四季度調整後的 EBITDA 為 2300 萬美元，環比增長 300 萬美元，同比增長 2000 萬美元，因為我們受益於持續強勁的會員和收入增長以及我們額外利潤計劃的啟動。我們的 EBITDA 也超過了 1900 萬美元的共識。轉向 2023 年的指導；我們預計今年將繼續保持增長勢頭，會員人數、收入和調整後的 EBITDA 將實現強勁增長。

In line with the guidance we gave with third quarter results, we're guiding to at least 190,000 Soho House members by the end of 2023, with a reflection of the strong demand we continue to see as well as our record waitlist, strong retention and our plan to open 5 to 7 new Soho Houses this year. We expect to deliver total membership revenue of $355 million to $365 million, driven by our membership and pricing growth. We are forecasting total revenues of $1.1 billion to $1.2 billion, representing 13% to 24% growth year-over-year, reflecting continued strong membership in-house and other revenue growth.

根據我們對第三季度業績給出的指導，我們將指導到 2023 年底至少有 190,000 名 Soho House 會員，這反映了我們繼續看到的強勁需求以及我們創紀錄的候補名單、強勁的保留率和我們計劃今年新開 5 到 7 個 Soho Houses。在我們的會員和定價增長的推動下，我們預計將提供 3.55 億美元至 3.65 億美元的會員總收入。我們預計總收入為 11 億美元至 12 億美元，同比增長 13% 至 24%，反映出內部會員和其他收入持續強勁增長。

On our revenue guidance, we are assuming FX is an approximately $40 million headwind. We base our FX expectation to what banks were forecasting in December when we were finalizing our budget. Expectations and spot rates have both improved, but we would prefer to take the more cautious path given the headwinds we experienced in 2022. We are also assuming the like-for-like food and beverage revenue trends remain relatively stable to where we were in the second half of 2022. We see this as a prudent approach in case the economy weakens, which should be more than offset by our increase in members.

根據我們的收入指引，我們假設外匯是大約 4000 萬美元的逆風。我們的外匯預期基於 12 月我們敲定預算時銀行的預測。預期和即期匯率均有所改善，但鑑於我們在 2022 年遇到的逆風，我們更願意採取更加謹慎的方式。我們還假設同類食品和飲料收入趨勢保持相對穩定。 2022 年下半年。我們認為這是一種謹慎的做法，以防經濟疲軟，這應該被我們的成員增加所抵消。

Finally, we're guiding to adjusted EBITDA of $120 million to $130 million, an increase of 97% to 113% year-over-year with implied margins of approximately 11%, up from 6% in 2022. We are confident the continued strong demand for our business and initiatives we have put in place to drive greater profitability would deliver on this plan. Just one point of notice to remember that hotel, food and beverage businesses like ours are seasonal, with 1Q typically the seasonally slowest quarter. We expect 1Q revenue and EBITDA to be less than 4Q 2022 before a more significant ramp-up in Q2 through the end of the year as we benefit from more business when the weather is better and holiday events in the fourth quarter.

最後，我們指導調整後的 EBITDA 為 1.2 億美元至 1.3 億美元，同比增長 97% 至 113%，隱含利潤率約為 11%，高於 2022 年的 6%。我們有信心持續強勁對我們業務的需求和我們為提高盈利能力而採取的舉措將實現這一計劃。請注意一點，像我們這樣的酒店、食品和飲料業務是季節性的，第一季度通常是季節性最慢的季度。我們預計第一季度收入和 EBITDA 將低於 2022 年第四季度，然後到年底第二季度將出現更顯著的增長，因為我們受益於天氣更好時的更多業務和第四季度的假期活動。

Thank you, Thomas. So in conclusion, here are the key points. 2022 was a strong year of revenue and membership growth, underpinned by robust retention, record applications and a record waitlist. We have clear strategic priorities in place to generate more profits and free cash flow and in turn, drive shareholder returns. The initiatives we put in place against these priorities include a greater use of data analytics are already driving results. We are laser-focused on delivering for our members and growing membership value. And finally, we are more confident than ever in the future of a unique global membership business, Soho House & Co. as we enter 2023 with momentum.

謝謝你，托馬斯。所以總而言之，這裡是關鍵點。 2022 年是收入和會員增長強勁的一年，這得益於強勁的保留率、創紀錄的申請和創紀錄的候補名單。我們制定了明確的戰略重點，以產生更多利潤和自由現金流，進而推動股東回報。我們針對這些優先事項採取的舉措包括更多地使用數據分析，這些舉措已經在推動成果。我們專注於為我們的會員提供服務並增加會員價值。最後，我們對獨特的全球會員業務 Soho House & Co. 的未來比以往任何時候都更有信心，因為我們將以勢頭進入 2023 年。

With that, we'll now open to questions. Operator, can we take the first question, please. And as a reminder, you can either answer your questions over the phone or submit them over the webcast.

有了這個，我們現在可以提問了。接線員，我們可以回答第一個問題嗎？提醒一下，您可以通過電話回答您的問題，也可以通過網絡廣播提交。

(Operator Instructions) Your first question is from Steven Zaccone of Citi.

（操作員說明）您的第一個問題來自花旗銀行的 Steven Zaccone。

Congrats on the nice results. First question on pricing. Can you talk about the ability to take price increases this year across membership fees, food and beverage and room rates, maybe specifically to membership fees? Can you talk about how much?

祝賀你取得了不錯的成績。關於定價的第一個問題。你能談談今年在會員費、食品和飲料以及房價方面漲價的能力嗎，也許特別是會員費？能說說多少錢嗎？

Yeah, so membership pricing and pricing in general. So if we take membership first, everyone around the world is suffering at a high cost of living right now. So what we've done is we've shifted our approach. So for existing members, we've passed on mid-single digit, which is actually below current inflation levels. And for new members, given our continued strong demand, we've raised prices double digit this year. What we wanted to do is create more of a distinction between new and existing member rates and to give increased value to our existing loyal members. Since we've increased our new member pricing, we continue to see super high applications, which shows the strength of our business.

是的，所以會員定價和一般定價。因此，如果我們首先加入會員制，那麼世界上每個人現在都在承受著高昂的生活成本。所以我們所做的是改變了我們的方法。因此，對於現有成員，我們已經傳遞了中個位數，這實際上低於當前的通貨膨脹水平。對於新成員，鑑於我們持續強勁的需求，我們今年將價格提高了兩位數。我們想要做的是在新會員費率和現有會員費率之間建立更多區別，並為我們現有的忠實會員提供更高的價值。由於我們提高了新會員的價格，我們繼續看到超高的申請，這顯示了我們業務的實力。

I'll touch a little bit on F&B pricing now, and then I'll hand over to Thomas to do bedroom pricing. But the way we're thinking about F&B is, yes, sure, we've got pricing opportunities. But actually, we're focused more on increasing average spend per member than raising prices. We're starting to know our members much more, their behaviors, their preferences by house, which allows us to tailor the experience to them. And if you remember, like I mentioned in my prerecorded remarks, I gave the 180 House example. Stephen, we increased our -- we changed our dining menu, increasing the quality of ingredients. It's all 1970's inspired.

我現在將稍微談一談 F&B 定價，然後我將交給 Thomas 進行臥室定價。但我們對餐飲的看法是，是的，當然，我們有定價機會。但實際上，我們更關注增加每位會員的平均消費，而不是提高價格。我們開始更多地了解我們的會員，了解他們的行為，他們的喜好，這使我們能夠為他們量身定制體驗。如果你還記得，就像我在預先錄製的評論中提到的那樣，我舉了 180 House 的例子。斯蒂芬，我們增加了——我們改變了我們的用餐菜單，提高了食材的質量。這都是 1970 年代的靈感。

We changed our events tailored to the local member. We improved our service standards and our average spend since making those changes is up by about 20%. And this approach is being implemented throughout our regions and Houses. Our members have always told us they don't mind paying more if we deliver better value, more choice across service and food and beverage. And that's what we're really going to focus on and that we're excited about the improvements we've made in Q1 and that actually we're going to be rolling out throughout the year. Thomas, do you want to cover ADRs?

我們更改了適合當地會員的活動。自從進行這些更改以來，我們提高了服務標準和平均支出，提高了約 20%。這種方法正在我們的地區和眾議院實施。我們的會員一直告訴我們，如果我們提供更好的價值、更多的服務和餐飲選擇，他們不介意多付錢。這就是我們真正要關注的，我們對我們在第一季度所做的改進感到興奮，實際上我們將在全年推出。 Thomas，你想報導 ADR 嗎？

Yeah. So Stephen, just echoing what Andrew said, look, we have two strategic priorities. First is to grow and enhance our membership and second is to drive higher profitability. And so we want to make sure that we continue to deliver value to our members. And so we can continue to offer good rates on rooms. But when we look at the index, there has been opportunities especially on select sites. And so as we've seen market rates go up and as we've analyzed our RevPAR indexes and ADR indexes, we have found some good opportunities.

是的。所以斯蒂芬，只是回應安德魯所說的，看，我們有兩個戰略重點。首先是增加和增強我們的會員資格，其次是提高盈利能力。因此，我們希望確保我們繼續為我們的會員提供價值。因此，我們可以繼續提供優惠的客房價格。但是當我們查看該指數時，會發現有機會，尤其是在特定網站上。因此，當我們看到市場利率上升並且分析我們的 RevPAR 指數和 ADR 指數時，我們發現了一些好機會。

Great. That's all helpful detail. I appreciate that. The follow-up question I had is to focus on the EBITDA margin approaching 11%. Thomas, could you walk through the building blocks in a bit more detail? And what I'm curious on is, do you see this as a ceiling for EBITDA margin, I assume, no? And then how do we think about the building box to go above this 11% level?

偉大的。這些都是有用的細節。我很感激。我的後續問題是關注接近 11% 的 EBITDA 利潤率。托馬斯，你能更詳細地介紹一下構建塊嗎？我很好奇的是，你認為這是 EBITDA 利潤率的上限嗎，我想，不是嗎？然後我們如何考慮建築箱超過這個 11% 的水平？

Thanks, Steven. Good question. So as we think about the kind of 5 point delta between the 6% that we just delivered on EBITDA margins and our guide of about 11%. We see four main buckets of upside. The first will be wages, right? So we talked about last quarter about how wages as a percentage of sales have gotten higher than where we thought that they should be. And so we start to deliver that in the fourth quarter, but that was gradual in the fourth quarter. So we still see a very big opportunity to continue to drive that higher.

謝謝，史蒂文。好問題。因此，當我們考慮我們剛剛提供的 6% 的 EBITDA 利潤率和我們的 11% 左右的指導值之間的 5 點增量時。我們看到了四個主要的上漲空間。首先是工資，對吧？因此，我們在上個季度談到了工資佔銷售額的百分比如何高於我們認為應該達到的水平。所以我們在第四季度開始交付，但在第四季度是漸進的。因此，我們仍然看到一個非常大的機會來繼續推動它走得更高。

Second is on G&A. So we talked last quarter about streamlining our support offices, especially things like content and digital, but really across the board. And so we're going to continue to see cost leverage on the G&A line. Third is just other fixed costs. So if you think about it for our Houses, we have rent, we have insurance. There are other stickier costs. And while we are dealing with inflation if you think about just for membership revenues, we're guiding to membership revenues growing 30% to 34% this year.

其次是 G&A。因此，我們在上個季度談到了精簡我們的支持辦公室，尤其是內容和數字等方面，但實際上是全面的。因此，我們將繼續看到 G&A 線上的成本槓桿。第三是其他固定成本。所以如果你考慮一下我們的房子，我們有租金，我們有保險。還有其他更棘手的成本。如果你只考慮會員收入，我們正在應對通貨膨脹，但我們預計今年會員收入將增長 30% 至 34%。

That should generate good operating leverage. And finally is on food and beverage cost. We're continuing to find new ways to improve that. We highlighted in the prepared remarks that in the fourth quarter, our food and beverage margins were 230 basis points better than fourth quarter 2019. And we're still finding ways to drive that forward.

這應該會產生良好的經營槓桿。最後是食品和飲料成本。我們正在繼續尋找新的方法來改進它。我們在準備好的評論中強調，在第四季度，我們的食品和飲料利潤率比 2019 年第四季度高 230 個基點。我們仍在尋找推動這一目標的方法。

Your next question is from Stephen Grambling of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Stephen Grambling。

I was hoping that you could just remind us of when we think about the 5 to 7 new properties that are going to be opened this year, I guess, what do the locations look like for these? And how do they compare to the base? Are there any reasons why these Houses will drive either a different number of new members and/or spend in ROIC kind of maturation?

我希望您能提醒我們，當我們考慮今年將要開業的 5 到 7 個新酒店時，我想，這些酒店的位置是什麼樣的？他們與基地相比如何？是否有任何理由說明這些房屋會推動不同數量的新成員和/或在 ROIC 類型的成熟度上花費？

Thanks, Stephen. So rather than compared to last year where we gave the specific Houses, we chose not to do that this year because we really want the investment community to focus on our membership growth versus our House growth. That said we've talked a lot about opening Mexico City. And also if you go on our website, you'll see that we have Manchester and Bangkok just opened too. So you know three of our Houses that are opening.

謝謝，斯蒂芬。因此，與去年我們提供特定房屋的情況相比，我們選擇今年不這樣做，因為我們真的希望投資界關注我們的會員增長而不是我們的房屋增長。也就是說，我們已經就開放墨西哥城談了很多。而且，如果您訪問我們的網站，您會看到曼徹斯特和曼谷也剛剛開業。所以你知道我們三個正在開業的房子。

When we look at our pipeline for this year and for next year, what we're seeing is a lot of entries into some new markets, some new kind of major city markets, which we're excited about because we see really strong potential for membership growth in those markets. When we look on average, the size of the Houses this year will be a little bit smaller than last year. But in terms of the performance, we feel like they should be comfortable given the locations in places like Mexico City, Manchester, Bangkok compared to 2022.

當我們審視今年和明年的管道時，我們看到很多進入一些新市場，一些新型的主要城市市場，我們對此感到興奮，因為我們看到了非常強大的潛力這些市場的會員增長。當我們平均看時，今年的房屋面積將比去年小一點。但就性能而言，與 2022 年相比，考慮到墨西哥城、曼徹斯特、曼谷等地的位置，我們認為他們應該感到舒服。

And as we think about those properties and the development and rent that might be associated with those, have you found any changes in terms of the cost in terms of rent per house or how we should be thinking about that? I think you have some disclosures in your K about the undiscounted rent payments, but I don't know if there's anything to call out in terms of either better implied interest rates or anything like that given what's happening in the broader rate environment.

當我們考慮這些房產以及可能與之相關的開發和租金時，您是否發現每間房屋租金的成本有任何變化，或者我們應該如何考慮？我認為你的 K 中有一些關於未貼現租金支付的披露，但我不知道在更廣泛的利率環境中發生的事情是否有更好的隱含利率或類似的東西。

Yeah. So we continue to see really strong demand from developers. In fact, we've seen an uptake in interest in new territories. As we've grown in more beta cities, places like Copenhagen and Stockholm and Austin and Nashville, we're finding developers in comparable cities, places like Oslo and Helsinki come to us with interest. We know that the developers have higher financing and input costs. And so in some instances, that is affecting the economics of the deal. And that -- look, that was partially why we chose to cut our new unit growth guidance last quarter was not to be forced into taking deals that we didn't feel comfortable with. However, we've also been offered some really attractive deals at good terms and some even better than what we've had before. And so -- but it's just about choosing the right opportunities.

是的。因此，我們繼續看到來自開發人員的非常強勁的需求。事實上，我們已經看到了人們對新領域的興趣。隨著我們在更多的測試城市（如哥本哈根、斯德哥爾摩、奧斯汀和納什維爾等地）發展，我們在類似城市（如奧斯陸和赫爾辛基等地）找到了對我們感興趣的開發商。我們知道開發商有更高的融資和投入成本。因此，在某些情況下，這會影響交易的經濟性。那——看，這就是我們上個季度選擇削減新單位增長指導的部分原因，而不是被迫接受我們不滿意的交易。然而，我們也以優惠的條件獲得了一些非常有吸引力的交易，有些甚至比我們以前的交易更好。所以——但這只是選擇正確的機會。

Your next question is from George Kelly of ROTH MKM.

您的下一個問題來自 ROTH MKM 的 George Kelly。

So first one for you is on the other revenue category. I was curious if you could help us sort of think about growth this year. I know that Soho Home business, I think you said in the quarter, it grew over 100%. So just trying to frame sort of expectations for 2023 that you bake into your guidance?

所以第一個給你的是另一個收入類別。我很好奇你能否幫助我們考慮一下今年的增長。我知道 Soho Home 業務，我想你在本季度說過，它增長了 100% 以上。那麼，只是想將您對 2023 年的期望納入您的指導中嗎？

Thanks, George. And so when we think about the hierarchy of the revenue growth next year, I'd put it as -- we expect membership revenue to grow the fastest followed by in-house revenue, followed by other revenue. There are parts of that other revenue that we expect to grow really quickly. So for example, we still expect Soho Home to have really strong growth. However, we're taking a more tempered expectation there, given the overall backdrop in Home products. And we're really focusing on profitability there, while we'll still deliver really strong growth.

謝謝，喬治。因此，當我們考慮明年收入增長的等級時，我會這樣說——我們預計會員收入增長最快，其次是內部收入，其次是其他收入。我們預計其他收入的一部分會快速增長。因此，例如，我們仍然預計 Soho Home 會有非常強勁的增長。然而，考慮到家庭產品的整體背景，我們對那裡的期望更為溫和。我們真正專注於那裡的盈利能力，同時我們仍將實現非常強勁的增長。

The other component of that is Scorpios to continue to have strong growth. Our Works business should continue to have strong growth but more measured growth in this past year. The LINE and The Ned, we've opened up a few over the past year, and so those should continue to have growth. But one of the things that we've also been in there have been legacy restaurants and townhouses, and we're not growing that business really as quickly. And we've also streamlined some of that business.

另一個組成部分是天蠍座繼續強勁增長。我們的工程業務應該會繼續保持強勁增長，但在過去的一年裡增長會更加穩健。 LINE 和 The Ned，我們在過去的一年裡開放了一些，所以它們應該會繼續增長。但我們也參與其中的一件事是遺留餐廳和聯排別墅，我們並沒有真正快速地發展這些業務。我們還精簡了其中的一些業務。

And so that will weigh on some of the growth. And so the businesses that we've been investing behind in that segment will continue to grow really quickly and strong while others are not going to have as much growth. Let me add one thing. Back to your point earlier in the prepared remarks about how we're trying to take a prudent approach to thinking about like-for-like sales in 2023 versus 2022. We've taken that same view on those restaurants and townhouses for 2023.

因此，這將對一些增長造成壓力。因此，我們一直在該領域投資的企業將繼續快速而強勁地增長，而其他企業則不會有那麼大的增長。讓我補充一件事。回到你之前在準備好的評論中的觀點，關於我們如何嘗試採取謹慎的方法來考慮 2023 年與 2022 年的同類銷售額。我們對 2023 年的這些餐館和聯排別墅採取了同樣的觀點。

Okay, great. And then two other quick ones. I know you don't guide to free cash flow, but can you -- do you expect to be free cash flow positive in '23 or can you talk at all -- I don't know if you want to talk to CapEx or however you could answer that? And then second question is -- you commented in the prepared remarks about changing the incentive structure on -- I believe you were talking about kind of house level management. Can you detail just what those changes were and maybe what it was before these adjustments? And that's all I had.

好的，太好了。然後是另外兩個快速的。我知道你不指導自由現金流，但你能不能——你是否希望在 23 年實現自由現金流為正，或者你能談談——我不知道你是否想與資本支出或但是你能回答嗎？然後第二個問題是——你在準備好的評論中評論了關於改變激勵結構的——我相信你在談論一種內部管理。您能否詳細說明這些變化是什麼，也許在這些調整之前是什麼？這就是我的全部。

So I'll take the first question, and Andrew will take the second one. So just on free cash flow, we do expect to be free cash flow positive in 2023. When you think about our kind of second strategic pillar, driving higher profitability internally, we also really think about free cash flow, too. We -- in the presentation, we talked about how we expect our CapEx to be lower in 2023 versus 2022. That's benefiting both from us moving more and more asset light as well as us just being more mindful about CapEx and getting to free cash flow, which I know a lot of investors and we -- and obviously, we want. The only thing I would say about seasonality is do remember the seasonality of our business, first quarter is the lowest. So I don't know if we'll be free cash flow positive in the first quarter, but we should turn quickly thereafter.

所以我將回答第一個問題，Andrew 將回答第二個問題。因此，就自由現金流而言，我們確實預計 2023 年自由現金流為正。當您考慮我們的第二個戰略支柱，即在內部推動更高的盈利能力時，我們也確實在考慮自由現金流。我們 - 在演示文稿中，我們談到了我們如何預計 2023 年的資本支出將低於 2022 年。這既有利於我們轉移越來越多的輕資產，也有利於我們更加關注資本支出並獲得自由現金流，我認識很多投資者和我們 - 顯然，我們想要。關於季節性，我唯一要說的是請記住我們業務的季節性，第一季度是最低的。所以我不知道我們第一季度的自由現金流是否為正，但此後我們應該迅速轉變。

On the house incentives so what we wanted to do as part of our improving our value for members is we are super focused on improving the service we provide in our Houses and also improving our food. And food is more diversification across our Houses, quality, seasonality, services, quicker service, high-quality service, more personal service. So what we've done to really drive that forward is with our leadership teams in our Houses, we're now incentivizing them on a quarterly basis based on their performance, both financially, but more importantly, their performance on improving member experience, which we can now measure really, really well. And it's another key area that we've evolved and developed as part of our obsession on improving our members experiencing across all our 41 Houses globally.

在房屋獎勵方面，作為提高會員價值的一部分，我們想做的是，我們非常專注於改善我們在房屋中提供的服務，並改善我們的食物。我們各家的食物更加多樣化、質量、季節性、服務、更快的服務、高質量的服務、更個性化的服務。因此，我們所做的真正推動這一進程的是我們的領導團隊在我們的房子裡，我們現在根據他們的表現每季度激勵他們，無論是在財務上，但更重要的是，他們在改善會員體驗方面的表現，這我們現在可以測量得非常非常好。這是我們發展和發展的另一個關鍵領域，作為我們致力於改善我們全球所有 41 個機構的會員體驗的一部分。

Your next question is from Shaun Kelley of Bank of America.

你的下一個問題來自美國銀行的 Shaun Kelley。

First would maybe be Thomas or Andrew, could you give us a little bit more color on just the consumer environment. Obviously, there's been a bit of consternation about how the European consumer, in particular, would react to some of the -- just the broader macro. I think on the travel side, it sounds to us like things that actually held in really well. But could you just give us a little bit of color about maybe how that worked in the quarter and what some of your forward expectations are just for the booking window or what you can see right now in the business?

首先可能是 Thomas 或 Andrew，您能否就消費者環境給我們更多的顏色。顯然，對於歐洲消費者，尤其是對更廣泛的宏觀經濟的反應，人們有些恐慌。我認為在旅行方面，對我們來說，這聽起來像是真正堅持得很好的事情。但是你能不能給我們一些關於這個季度如何運作的顏色，以及你對預訂窗口的一些前瞻性期望，或者你現在可以在業務中看到什麼？

Thanks, Shaun. So when we think about what we're seeing in terms of current trends and trends in the quarter, when we look at in-house revenue growth versus 2019 on like-for-like Houses, you actually saw an acceleration in the fourth quarter. I think on the third quarter call, we -- and during the summer, we talked about how we were seeing kind of low double digits, low teens growth in those -- in that metric and our like-for-like growth rates for 2019, that accelerated up to about 20% in the fourth quarter. When we look at January and February and we look at the past few weeks, we've seen relatively similar growth to what we saw in the fourth quarter, up close to 20%.

謝謝，肖恩。因此，當我們考慮我們在本季度的當前趨勢和趨勢方面所看到的情況時，當我們查看內部收入增長與 2019 年相比時，您實際上看到了第四季度的加速。我認為在第三季度的電話會議上，我們——在夏天，我們談到了我們如何看到那種低兩位數的低青少年增長——在該指標和我們 2019 年的同類增長率中，在第四季度加速了約 20%。當我們回顧 1 月和 2 月以及過去幾週時，我們看到了與第四季度相對相似的增長，接近 20%。

Got it. Very, very helpful. And then second question and this one might be a little technical. But when we kind of think about your -- the operating expenses for the in-house operations. We kind of think about as a ratio relative to in-house revenue. And I'm kind of curious that number did come down sequentially at 120%. You talked about a lot of progress in December and initiatives. So is it possible to do meaningfully better than the 120% as we kind of start moving through the year? Is that embedded in the expectation and sort of maybe some of the pros and cons around leverage in that expense base?

知道了。非常非常有幫助。然後是第二個問題，這個問題可能有點技術性。但是當我們考慮到你的——內部運營的運營費用時。我們將其視為相對於內部收入的比率。我有點好奇這個數字確實連續下降了 120%。你談到了 12 月份的很多進展和舉措。那麼，隨著我們開始這一年，是否有可能比 120% 做得更好？這是否嵌入在預期中，並且可能在該費用基礎上圍繞槓桿的一些利弊？

Yeah. So Shaun, we're continuing to work. Do remember there are some fourth quarter benefit and seasonal benefit to that, but that is a key metric that we're looking at. And as we talked about -- as we showed with our guide, we are expecting to get cost leverage to our business. When we think about wages, we really started to see strong improvements in that -- in our wage as a percentage of revenue starting in October, but it really started to take hold in December, and we're still seeing improvements as we go through the months comparing it to prior comparable periods. And so we're not going to get into guiding to our in-house expense ratio, but you can see where our EBITDA is, and you can see that we are expecting to see good cost leverage.

是的。肖恩，我們將繼續工作。請記住，第四季度有一些好處和季節性好處，但這是我們正在研究的一個關鍵指標。正如我們所談論的那樣 - 正如我們在指南中所展示的那樣，我們期望為我們的業務帶來成本槓桿。當我們考慮工資時，我們真的開始看到這方面的顯著改善——我們的工資佔收入的百分比從 10 月開始，但它真正開始在 12 月站穩腳跟，而且我們在經歷過程中仍在看到改善將其與之前的可比期間進行比較的月份。因此，我們不會指導我們的內部費用比率，但你可以看到我們的 EBITDA 在哪裡，你可以看到我們期望看到良好的成本槓桿。

Your last question is from Ali Naqvi of HSBC of London.

你的最後一個問題來自倫敦匯豐銀行的 Ali Naqvi。

Just in terms of the staff costs, longer term, where do you expect that to reach as you work through all these initiatives on scheduling and everything else? And then secondly, on your waitlist, obviously, it's at all-time highs now. You used to give some qualitative comments on how much of that waitlist actually converts into members. I'm just wondering whether that's changed at all in sort of recent quarters. And then finally, obviously, with the consumer demand environment that we have, is there anything happening to the member mix that we should be aware of, for example, as travelers restarted, are people moving to more every house members versus single housemen memberships.

就員工成本而言，從長遠來看，當你通過所有這些關於日程安排和其他一切的舉措時，你預計它會達到什麼水平？其次，在你的候補名單上，顯然，它現在處於歷史最高水平。您曾經對候補名單中有多少實際轉化為會員給出了一些定性評論。我只是想知道最近幾個季度這種情況是否發生了變化。最後，很明顯，在我們現有的消費者需求環境下，我們應該注意的成員組合是否發生了任何變化，例如，隨著旅行者重新開始，人們是否轉向更多的家庭成員而不是單身家庭成員。

So Ali, going through the three questions, just on wages. We haven't historically given a percentage there. And so we did in the prepared remarks, give the improvement we've seen from August to December of about 1,000 basis points. But I don't think we're prepared to give absolute numbers there. On the mix of our members, so I think historically we've said our regular members are about 80% under 27%, about 20%. And our Every House member is around 80% and Local House members about 20%.

所以阿里，通過三個問題，就工資。我們歷史上沒有在那裡給出百分比。所以我們在準備好的評論中做了，給出了我們從 8 月到 12 月看到的大約 1,000 個基點的改進。但我認為我們不准備在那裡給出絕對數字。關於我們的成員組合，所以我認為從歷史上看，我們說過我們的普通成員大約有 80% 低於 27%，大約 20%。我們的 Every House 成員約佔 80%，Local House 成員約佔 20%。

That's been pretty consistent and so no major thing to call out there. In terms of the waitlist, what we did see was we continue to see really strong growth. We saw growth across all regions, really. So when we look at it, it was really across all regions. The quality continues to be there. So we continue to see really strong -- really high-quality members. And just remember when we think about the waitlist, the more Houses we enter and the more countries we enter opens up new markets for us. So that's continuing to help on the applications and driving that higher waitlist.

這是非常一致的，所以沒有什麼大不了的。就候補名單而言，我們確實看到了我們繼續看到非常強勁的增長。我們確實看到了所有地區的增長。因此，當我們查看它時，它確實遍及所有地區。質量繼續存在。所以我們繼續看到非常強大 - 非常高質量的成員。請記住，當我們考慮候補名單時，我們進入的房屋越多，我們進入的國家越多，為我們打開了新的市場。因此，這將繼續幫助申請並推動更高的候補名單。

So no more questions. So thank you, everyone for listening, and we look forward to continuing to talk to you through the quarter.

所以沒有更多的問題。因此，感謝大家的聆聽，我們期待在本季度繼續與您交談。

Thank you.

謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。