Soho House & Co Inc (SHCO) 2023 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Soho House & Co Inc. First Quarter 2023 Results Conference Call. (Operator Instructions)

你好，謝謝你的支持。我叫 Regina，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Soho House & Co Inc. 2023 年第一季度業績電話會議。 （操作員說明）

I would now like to turn the conference over to Thomas Allen, Chief Financial Officer. Please go ahead.

我現在想將會議轉交給首席財務官 Thomas Allen。請繼續。

Thank you for joining us today to discuss Soho House & Co's first quarter 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. 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.

感謝您今天加入我們討論 Soho House & Co 第一季度的財務業績。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。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。

By now, you should have access to our Q1 earnings release, which can be found at sohohouseco.com in the News & Events section. Additionally, we have posted our Q1 presentation, which can also be found in the News & Events section on our site.

到目前為止，您應該可以訪問我們的第一季度財報，可以在 sohohouseco.com 的新聞和活動部分找到。此外，我們還發布了第一季度的演示文稿，您也可以在我們網站的“新聞與活動”部分找到這些演示文稿。

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. Reconciliation to the most comparable GAAP measures are available in today's earnings press release.

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 hello, everyone. I'm going to start by talking through our Q1 highlights and provide an update on our progress we've made against our 2 strategic priorities. I'll then hand over to Thomas to talk through the financial performance, give an update on our '23 guidance and progress we've made on our balance sheet before finishing with our ESG initiatives.

謝謝，托馬斯，大家好。我將首先介紹我們第一季度的亮點，並提供我們在 2 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，在完成我們的 ESG 計劃之前，介紹我們的 23 年指南和我們在資產負債表上取得的進展的最新情況。

We've had a strong start to the year. In the first quarter, Soho House membership hit a new high of 169,000 members, a year-on-year increase of 29% and a 4% rise quarter-on-quarter, leaving us on track to hit our full year target of more than 190,000 members. Total Soho House & Co's memberships grew 38% year-on-year and 5% quarter-on-quarter, which shows we continue to resonate well with all our members.

我們今年開局良好。一季度，Soho House會員數再創新高，達到16.9萬，同比增長29%，環比增長4%，有望實現全年目標超過190,000 名會員。 Soho House & Co 的會員總數同比增長 38%，環比增長 5%，這表明我們繼續與所有會員產生良好的共鳴。

In line with membership growth, membership demand remained strong, while waitlist hit an all-time high of over 89,000, a nice growth quarter-on-quarter of approximately 3,000.

與會員增長一致，會員需求依然強勁，候補名單創下歷史新高，超過 89,000 人，環比增長約 3,000 人。

We continue our focus on operational excellences, which led to profits beating expectations, delivering adjusted EBITDA for the first quarter of $20 million, up $18 million year-on-year. Today, we are raising our full year EBITDA guidance to reflect the results of the initiatives we have implemented across the company.

我們繼續專注於卓越運營，這導致利潤超過預期，第一季度調整後的 EBITDA 為 2000 萬美元，同比增長 1800 萬美元。今天，我們提高了全年 EBITDA 指引，以反映我們在全公司實施的舉措的結果。

Total revenues grew 33% year-on-year to $255 million, underpinned by continued growth in recurring membership revenues, up 42% year-on-year and 8% quarter-on-quarter. You remember, we said last quarter that Q1 is typically the slowest quarter seasonally, so our Q1 performance leaves us firmly on track to deliver our total revenue guidance for the year of $1.1 billion to $1.2 billion.

總收入同比增長 33% 至 2.55 億美元，這得益於經常性會員收入的持續增長，同比增長 42%，環比增長 8%。您還記得，我們上個季度說過，第一季度通常是季節性最慢的季度，因此我們第一季度的業績使我們堅定地走上了實現 11 億美元至 12 億美元的全年總收入指導的軌道。

Now let me give you an update on the progress we're making against our 2 strategic priorities: first, growing and enhancing the value of membership; and second, delivering operational excellence to drive profitability and free cash flow.

現在讓我向您介紹我們在 2 個戰略重點方面取得的最新進展：首先，發展和提高會員價值；其次，提供卓越運營以提高盈利能力和自由現金流。

Creating unique clubs with great atmospheres and members is at the heart of everything we do. Based off member feedback, we are focused on improving our food offerings, service standards and House events. We've introduced seasonal menus across all our Houses. Our House Regulars are now updated every 3 months with approximately 5 to 6 new dishes based on high-quality seasonal ingredients.

創建具有良好氛圍和會員的獨特俱樂部是我們所做一切的核心。根據會員反饋，我們專注於改進我們的食品供應、服務標準和內部活動。我們在所有酒店推出了時令菜單。我們的常客現在每 3 個月更新一次，大約有 5 到 6 種基於優質時令食材的新菜。

Our Houses have become more local with their food offerings to provide increased choice for our Every House members who visit multiple times. We've added more healthy offerings at breakfast, including new yogurt pots, Superfood bowls, smoothies and Press Juice shops. And we've introduced pop-ups and more themed dining nights, such as One Night Only foodie events and regular swaps such as Taco Tuesdays.

我們的眾議院提供的食物變得更加本地化，為多次訪問我們的 Every House 會員提供更多選擇。我們在早餐時增加了更多健康食品，包括新的酸奶罐、超級食品碗、冰沙和 Press Juice 商店。我們還推出了快閃店和更多主題晚餐之夜，例如僅限一晚的美食家活動和定期交換，例如 Taco Tuesdays。

Our service standards are being improved through increased training, and all our management within the Houses are incentivized to improve service for members, which is leading to improved staff retention.

通過增加培訓，我們的服務標準正在得到提高，並且激勵我們在品牌內部的所有管理人員改善對會員的服務，從而提高員工保留率。

Finally, to make it easier for members to discover all of this, we will communicate changes more regularly and have added new menus on the app and improved the UX experience. The teams are highly engaged and are clearly starting to deliver better results. We continue to focus on improving food service throughout the rest of this year.

最後，為了讓會員更容易發現所有這些，我們將更定期地傳達變化，並在應用程序上添加了新菜單並改進了用戶體驗。團隊高度參與，顯然開始交付更好的結果。在今年餘下的時間裡，我們將繼續專注於改善餐飲服務。

Outside our core Soho House proposition, we continued to see strong growth in our Friends membership, which helped grow our other memberships by 69% year-on-year to more than 69,000 members.

除了我們核心的 Soho House 主張之外，我們的 Friends 會員人數繼續強勁增長，這幫助我們的其他會員人數同比增長 69%，達到 69,000 多名會員。

And finally, our new House opening program continued with the new Soho House in Bangkok this February. Located in the vibrant Sukhumvit neighborhood, the House features a 12-meter pool and outdoor terrace in a really lovely tropical setting. We have seen great demand for this new House, and it's outperforming our initial membership intake goals.

最後，今年 2 月，我們在曼谷的新 Soho House 繼續開展新房開業計劃。這座房子位於充滿活力的素坤逸區，擁有一個 12 米長的游泳池和室外露台，處於非常可愛的熱帶環境中。我們已經看到對這個新房子的巨大需求，它的表現超過了我們最初的入會目標。

We continue to target 5 to 7 Houses this year with the remaining [we're aiming] to take place in the second half of the year.

今年我們繼續以 5 到 7 個房屋為目標，其餘 [我們的目標] 將在今年下半年舉行。

Turning to our second strategic priority, operational excellence. Our strategy is centered around 3 key areas: first, leveraging data and member insights to operate and scale efficiently; second, expanding our in-House margins; and third, having operational discipline as we grow.

轉向我們的第二個戰略重點，即卓越運營。我們的戰略圍繞三個關鍵領域：首先，利用數據和會員洞察力高效運營和擴展；第二，擴大我們的內部利潤；第三，隨著我們的成長，有運營紀律。

In the first quarter, our teams control wages well. Wages as a percent of revenues improved by 400 basis points versus Q1 2022 and 300 basis points versus Q1 2019.

第一季度，我們團隊的工資控制得很好。工資佔收入的百分比與 2022 年第一季度相比提高了 400 個基點，與 2019 年第一季度相比提高了 300 個基點。

F&B margins continue to be strong, increasing by 190 basis points versus Q1 2019 despite us rolling out a lot of new menu items, which I referenced earlier.

餐飲利潤率繼續保持強勁，與 2019 年第一季度相比增長了 190 個基點，儘管我們推出了許多新菜單項，我之前提到過。

Our G&A expenses came in better than expected through the changes that we made in how we operate the business. We've continued to focus on driving higher occupancy and ADR, leading to RevPAR increasing 25% year-over-year at our like-for-like properties and 28% versus the first quarter of 2019.

通過我們對業務運營方式的改變，我們的 G&A 費用比預期的要好。我們繼續專注於推動更高的入住率和 ADR，導致我們同類酒店的 RevPAR 同比增長 25%，與 2019 年第一季度相比增長 28%。

We have a long runway in front of us, and we're making good progress. We're confident that this will help us generate stronger, more consistent earnings going forward.

我們面前有一條漫長的跑道，我們正在取得良好進展。我們相信，這將幫助我們在未來產生更強勁、更穩定的收益。

Now let me pass you to Thomas to give you more detail on the numbers and our guidance.

現在讓我將您轉交給 Thomas，為您提供有關數字和我們指導的更多詳細信息。

Thanks, Andrew. Total revenue for the first quarter grew 33% year-on-year to $255 million or 45% on a constant currency basis. Membership, in-House and other revenues rose 42%, 32% and 23% year-on-year, respectively, or 54%, 44% and 34% on a constant currency basis. House-level contribution increased 57% year-on-year with House-level margins up 3 points to 24%. Other contribution was up 76% with the margin climbing 4 points to 13%.

謝謝，安德魯。第一季度的總收入同比增長 33% 至 2.55 億美元，按固定匯率計算增長 45%。會員收入、內部收入和其他收入分別同比增長 42%、32% 和 23%，按固定匯率計算分別增長 54%、44% 和 34%。房屋級貢獻同比增長 57%，房屋級利潤率上升 3 個百分點至 24%。其他貢獻增長 76%，利潤率攀升 4 個百分點至 13%。

Giving more details on revenue. We saw continued strong revenue growth year-over-year, increasing revenue by $63 million with 3 key drivers. Membership growth and pricing drove a $24.5 million increase in membership revenues. Strong trading in our Houses, especially in the U.K., led to a $28 million increase in in-House revenues. And other revenues were up $10 million driven in part by an approximately 60% increase in sales at Soho Home.

提供有關收入的更多詳細信息。我們看到收入同比持續強勁增長，收入增加了 6300 萬美元，主要有 3 個驅動因素。會員增長和定價推動會員收入增加 2,450 萬美元。我們公司的強勁交易，尤其是在英國，使公司內部收入增加了 2800 萬美元。其他收入增長了 1000 萬美元，部分原因是 Soho Home 的銷售額增長了約 60%。

Our first quarter adjusted EBITDA was $20 million, up $18 million year-on-year as we benefited from the profitability initiatives we have been talking about for the past 2 quarters and continued membership and revenue growth. Our adjusted EBITDA for the quarter also beat consensus at $17 million.

我們第一季度調整後的 EBITDA 為 2000 萬美元，同比增長 1800 萬美元，因為我們受益於我們在過去兩個季度一直在談論的盈利計劃以及會員和收入的持續增長。我們本季度調整後的 EBITDA 也超過了 1700 萬美元的共識。

Now discussing our balance sheet. We have made great progress on improving our balance sheet over the past few months. You may remember in November, we extended our revolving credit facility, which remains undrawn but a great source of liquidity if ever needed.

現在討論我們的資產負債表。過去幾個月，我們在改善資產負債表方面取得了很大進展。您可能還記得，在 11 月，我們延長了循環信貸額度，該額度仍未動用，但如果需要的話，它是流動性的重要來源。

This week, we refinanced our Miami mortgage. We were able to secure the mortgage at a rate of approximately 7%, approximately 60 basis points higher than the prior property mortgage loan, which was coming due in February 2024 and we last refinanced in 2019. This is despite the Fed funds rate rising approximately 250 basis points over that time period, current extremely tough credit market conditions following the recent bank failures and us increasing the size of the loan from $117 million to $140 million.

本週，我們為邁阿密抵押貸款再融資。我們能夠以大約 7% 的利率獲得抵押貸款，比之前的房地產抵押貸款高約 60 個基點，該貸款將於 2024 年 2 月到期，我們上一次再融資是在 2019 年。儘管聯邦基金利率上升了大約在此期間 250 個基點，在最近的銀行倒閉之後當前極其艱難的信貸市場條件以及我們將貸款規模從 1.17 億美元增加到 1.4 億美元。

This highlights how credit markets see our properties as more attractive investments today than before. It also means that we have no major maturities until 2027.

這凸顯了信貸市場如何將我們的房產視為比以往更具吸引力的投資。這也意味著我們在 2027 年之前沒有大的到期日。

Moving to guidance for 2023. We continue to expect total Soho House members of more than 190,000 at year-end, at least 17% higher compared to the end of 2022. We are reiterating our guidance of total membership revenues of $355 million to $365 million and total revenues of $1.1 billion to $1.2 billion.

轉向 2023 年的指導。我們繼續預計年底 Soho House 會員總數將超過 190,000 人，比 2022 年底至少高出 17%。我們重申我們對會員總收入 3.55 億美元至 3.65 億美元的指導總收入為 11 億至 12 億美元。

As a reminder, the 33% revenue growth we achieved in the first quarter benefited from a more favorable year-over-year comp due to Omicron impacting the first quarter of 2022. The midpoint of our revenue guidance implies approximately 15% growth for the next 3 quarters, which should be relatively consistent across the 3 quarters.

提醒一下，由於 Omicron 影響了 2022 年第一季度，我們在第一季度實現了 33% 的收入增長，這得益於更有利的同比收入增長。我們的收入指引的中點意味著下一季度將增長約 15% 3個季度，這3個季度應該是比較一致的。

On adjusted EBITDA, our strong start to the year is leading us to increase our 2023 adjusted EBITDA target range by $2 million to between $122 million to $132 million.

在調整後的 EBITDA 方面，我們今年的強勁開局使我們將 2023 年調整後的 EBITDA 目標範圍提高了 200 萬美元，達到 1.22 億美元至 1.32 億美元之間。

So we are encouraged by our performance year-to-date and believe we're well-placed for the coming months to deliver on our plans for 2023.

因此，我們對年初至今的表現感到鼓舞，並相信我們在接下來的幾個月裡做好了充分準備，可以實現我們 2023 年的計劃。

With that, I'll pass it back to Andrew to discuss some of our ESG progress and then give some concluding remarks before we go into Q&A.

有了這個，我會把它傳回給安德魯，討論我們的一些 ESG 進展，然後在我們進入問答之前給出一些總結性評論。

Thanks, Thomas. Today, we published our 2022 ESG report, which provides detail on the work we're doing on sustainability, social responsibility and governance.

謝謝，托馬斯。今天，我們發布了 2022 年 ESG 報告，其中詳細介紹了我們在可持續性、社會責任和治理方面所做的工作。

Highlights include our focus on data collection is helping us progress towards our 2030 environmental goals. We're now reporting on Scope 1 and 2 carbon emissions globally as well as food and nonfood waste in a large proportion of our portfolio. We're also making a voluntary disclosure in line with the Task Force on Climate-Related Financial Disclosures, TCFD, allowing us to understand and manage the risks and opportunities of climate change in our business better.

亮點包括我們對數據收集的關注正在幫助我們朝著 2030 年的環境目標邁進。我們現在在全球範圍內報告範圍 1 和範圍 2 的碳排放量，以及我們投資組合中很大一部分的食品和非食品垃圾。我們還根據氣候相關財務披露工作組 (TCFD) 進行自願披露，使我們能夠更好地了解和管理我們業務中氣候變化的風險和機遇。

We've also conducted an ESG materiality assessment to better understand what our members and employees care about and help guide our House Foundation strategy.

我們還進行了 ESG 重要性評估，以更好地了解我們的成員和員工關心什麼，並幫助指導我們的眾議院基金會戰略。

We've had another strong year on social impact with more than 1,200 young people from underrepresented backgrounds now supported through our creative access programs, Soho Mentorship and Fellowship and the launch of our global charity, the Soho House Foundation.

我們在社會影響力方面又迎來了強勁的一年，來自弱勢群體的 1,200 多名年輕人現在通過我們的創意訪問計劃、Soho 指導和獎學金以及我們全球慈善機構 Soho House 基金會的啟動得到了支持。

So to conclude, we've had a great start to the year, delivering further member and revenue growth underpinned by a strong and growing waitlist. Our operational excellence initiatives are bearing fruit, and adjusted EBITDA was ahead of expectations for the second quarter in a row, leading us to increase our profit guidance for the full year.

總而言之，我們今年開局不錯，在強大且不斷增長的候補名單的支持下，會員和收入進一步增長。我們的卓越運營計劃正在取得成果，調整後的 EBITDA 連續第二個季度超出預期，這促使我們提高了全年的利潤預期。

I would like to thank all our teams for their hard work and dedication in all the regions that we operate in. We remain focused on delivering for our members and driving further membership value. And we are more confident than ever in the growth opportunities ahead for this business, which will result in Soho House generating positive free cash flow this year.

我要感謝我們所有團隊在我們開展業務的所有地區所做的辛勤工作和奉獻。我們仍然專注於為我們的會員提供服務並進一步推動會員價值。我們對這項業務未來的增長機會比以往任何時候都更有信心，這將使 Soho House 今年產生正的自由現金流。

With that, we will now open to questions. Operator, we can take the first question, please. (Operator Instructions)

有了這個，我們現在開始提問。接線員，我們可以回答第一個問題。 （操作員說明）

(Operator Instructions) Our first question will come from the line of Shaun Kelley with Bank of America.

（操作員說明）我們的第一個問題將來自美國銀行的 Shaun Kelley。

Andrew, Thomas, I was wondering if you could just talk a little bit about member spending trends kind of across the quarter, maybe a little bit about the exit rate, what you saw in March and so far into the second quarter. Are things holding steady? How is the kind of behavior out there? And maybe a little commentary on RevPAR bookings as well.

安德魯，托馬斯，我想知道你是否可以談談整個季度的會員支出趨勢，也許可以談談退出率，你在三月份和第二季度看到了什麼。情況穩定嗎？那裡的行為如何？也許還有一些關於 RevPAR 預訂的評論。

Thanks, Sean. So when we look at our like-for-like in-House revenue growth for the quarter, it increased about mid-teens. That's slightly lower than the about 20% that we saw in the fourth quarter. There was a bit of a timing impact there. So the day of the week that New Year's hit in January impacted the very beginning of the year. And then the rest of the quarter, it was closer to the high teens similar to the fourth quarter.

謝謝，肖恩。因此，當我們查看本季度的同類內部收入增長時，它增長了大約十幾歲。這略低於我們在第四季度看到的約 20%。那裡有一點時間上的影響。因此，新年在 1 月到來的那一天影響了年初。然後在本季度的剩餘時間裡，它更接近與第四節相似的高中生。

When we think about the split of that, we continue to see really strong trends in visitation, and spend per visitor has been lagging visitation. We think that there could be some macro impact on the consumer, but generally, it feels like it's holding steady.

當我們考慮其中的分裂時，我們繼續看到訪問量的強勁趨勢，並且每位訪客的支出一直落後於訪問量。我們認為這可能會對消費者產生一些宏觀影響，但總的來說，感覺它保持穩定。

One of the key things to highlight, which kind of -- which is great for us is because we have our membership business versus traditional restaurants and hotels, we add members every quarter. So that definitely could be -- could offset any kind of decline in consumer spending.

需要強調的關鍵事情之一，哪種對我們來說很好，因為我們有我們的會員業務，而不是傳統的餐館和酒店，我們每個季度都會增加會員。所以這絕對可以——可以抵消消費者支出的任何形式的下降。

The other key thing that is important to highlight is that when we look at some of the properties that we've put large initiatives and efforts into last year, we gave the examples of Greek Street and 76 Dean Street and 180 Strand that we introduced new initiatives there, we really bucked the trend there and saw really strong growth in spend per visitor. And so our internal initiatives can continue to drive that higher.

另一件需要強調的重要事情是，當我們查看我們去年投入大量舉措和努力的一些物業時，我們舉了希臘街和迪恩街 76 號以及我們新推出的 180 Strand 的例子那裡的舉措，我們確實逆勢而上，看到每位訪客的消費增長非常強勁。因此，我們的內部計劃可以繼續推動更高的目標。

That's great. And then maybe as a follow-up, any geographic callout, Thomas, relative to that -- maybe that spending weakness? Was it particularly tied into Europe or the U.K., seasonality, anything in the U.S.? Just kind of trying to get that -- like a little bit of a drill down there.

那太棒了。然後可能作為後續行動，任何地理標註，Thomas，相對於 - 也許是支出疲軟？它是否與歐洲或英國、季節性、美國的任何事物特別相關？只是有點想得到它——就像在那裡進行一點鑽探。

To give you a little bit of color, we would say U.K. is our strongest market followed by Europe. Europe has, if anything, taken us by surprise of how strong it's come back, and we're looking forward to a very good summer in Europe. Both U.K. and Europe benefited from a lot of the initiatives that we laid out back on our Q4 earnings call. We got ahead of it quicker in those regions.

為了給你一點色彩，我們會說英國是我們最強大的市場，其次是歐洲。歐洲，如果有的話，讓我們驚訝於它的強勢回歸，我們期待在歐洲度過一個非常美好的夏天。英國和歐洲都受益於我們在第四季度財報電話會議上提出的許多舉措。我們在這些地區更快地領先了它。

North America is slightly behind, and that's more around we're rolling out a lot of the new menu changes, a lot of the service standard improvements, a lot of the local menus. That's all happening this month. So what we're expecting is that North America will jump up a little bit because of the great reaction we saw from our members across U.K. and Europe.

北美略微落後，而且更多的是我們正在推出很多新的菜單更改，很多服務標準改進，很多本地菜單。這一切都發生在這個月。所以我們期待的是，由於我們從英國和歐洲的會員那裡看到了巨大的反應，北美會有所上漲。

And Asia remains steady, obviously massively up versus last year because we were broadly closed in Hong Kong. And our Bangkok House has got off to, I would say, a very, very good start. We're super pleased with the team in Bangkok. We've got some fabulous members. And we've actually exceeded our internal plans around Bangkok. So we feel good in Asia.

亞洲保持穩定，與去年相比明顯大幅上漲，因為我們在香港普遍關閉。我想說，我們的 Bangkok House 已經有了一個非常非常好的開始。我們對曼谷的團隊非常滿意。我們有一些很棒的成員。我們實際上已經超出了曼谷周圍的內部計劃。所以我們在亞洲感覺很好。

And sorry to hog the ball a little bit, but just maybe last question would be, can you just give us the latest on Hong Kong, both sort of plans on the reopening, how it's going? And is the longer -- and what maybe the year-over-year impact of that House was? Because I believe it was pretty material relative given its size.

很抱歉有點搶球，但也許最後一個問題是，你能給我們介紹一下香港的最新情況嗎？關於重新開放的兩種計劃，進展如何？而且時間更長——那所房子的年同比影響可能是什麼？因為我認為考慮到它的大小，它是非常重要的。

Yes, Shaun. So we continue to see Hong Kong improve quarter-over-quarter between total membership, visitation and overall performance. 1Q EBITDA came in higher than internal budgets. We now have over 3,000 members there. And so we're seeing progression. We're not giving individual property performance, though, but we're definitely seeing improved performance.

是的，肖恩。因此，我們繼續看到香港在會員總數、訪問量和整體表現方面都出現了環比改善。第一季度 EBITDA 高於內部預算。我們現在有超過 3,000 名會員。所以我們看到了進步。雖然我們沒有給出個別財產的表現，但我們確實看到了改善的表現。

Yes. The key for Hong Kong is, obviously, the profits and revenues are up significantly because we were closed with COVID. There's no restrictions. We're now back doing member intakes. We had a great Art Basel event recently in March where we showcased Soho House to a lot more potential members, and we've got a good influx of applications through that. We've got a great team there. So we're feeling pretty good about Hong Kong.

是的。顯然，香港的關鍵是利潤和收入大幅增長，因為我們因 COVID 而關閉。沒有限制。我們現在回來做會員攝入量。我們最近在 3 月份舉辦了一場很棒的巴塞爾藝術展，我們向更多潛在會員展示了 Soho House，並因此收到了大量申請。我們那裡有一支很棒的團隊。所以我們對香港感覺很好。

Your next question will come from the line of George Kelly with ROTH MKM.

您的下一個問題將來自 George Kelly 和 ROTH MKM 的專線。

So first one on -- curious about margin. I was wondering, this year, there's such a year-over-year improvement in your EBITDA margin. My sense is there was kind of a lot of low-hanging fruit there and you took member pricing. I was curious if you could talk a bit more just like what's the remaining -- if you look past this year, what's the kind of remaining margin opportunity? And I'm sure it will slow from what you're doing this year, the margin expansion. But is there a lot of opportunity left?

所以第一個 - 對保證金感到好奇。我想知道，今年您的 EBITDA 利潤率同比有如此大的提高。我的感覺是那裡有很多唾手可得的果實，而且你採用了會員定價。我很好奇你是否可以多談談剩下的 - 如果你回顧今年，剩下的利潤機會是什麼？而且我相信它會從你今年所做的事情中放緩，即利潤率擴張。但是還有很多機會嗎？

So thanks, George. So when you think about our business model, we continue to see really strong growth in membership revenues. It's driven by a mix of increasing number of members and increasing pricing. That should be very high flow-through.

所以謝謝，喬治。因此，當您考慮我們的商業模式時，我們會繼續看到會員收入的強勁增長。這是由越來越多的會員和不斷上漲的價格共同推動的。那應該是非常高的流量。

And so to your point, this year, we're guiding to a significant margin expansion. Last year, we put up 6% EBITDA margins. This year, we're guiding to about 11%. But as we think through the next few years, we expect to continue to grow margins as you see the benefits of that very high flow-through membership revenue.

因此，就您的觀點而言，今年，我們將引導利潤率大幅增長。去年，我們提出了 6% 的 EBITDA 利潤率。今年，我們的目標是 11% 左右。但正如我們在未來幾年所考慮的那樣，我們希望繼續增加利潤，因為您會看到非常高的會員收入帶來的好處。

Okay. And I may have missed this, do you have any kind of medium-term margin targets?

好的。我可能錯過了這一點，你有任何中期利潤率目標嗎？

So around the IPO, we talked about getting to around 15% EBITDA margins over the medium to long term. And then we think that there's an opportunity to keep on working beyond that.

因此，在 IPO 前後，我們談到了在中長期內將 EBITDA 利潤率提高到 15% 左右。然後我們認為有機會繼續努力。

Okay. Great. And then last question for me is on your balance sheet. So I saw the -- and you talked to, I think, the Miami refinancing. Is there -- I know your maturities now are, what, 2027 or something for the significant ones. Is there anything else to do between now and then? Any other goals for this year on your balance sheet? And that's all I had.

好的。偉大的。然後我的最後一個問題是在你的資產負債表上。所以我看到了 - 我認為你談到了邁阿密的再融資。有沒有——我知道你現在的到期日是什麼，2027 年或重要的到期日。從現在到那時還有什麼事要做嗎？您今年的資產負債表上還有其他目標嗎？這就是我的全部。

Thanks, George. So look, we wanted to get to a good place on our balance sheet. When I got to the company, we had a revolving credit facility that was going to end. And then we had this Miami mortgage that was coming due in February 2024. And so the 2 -- we extended our revolving credit facility, and now we've extended the mortgage out to 2033.

謝謝，喬治。所以看，我們想在資產負債表上找到一個好位置。當我到達公司時，我們有一個即將結束的循環信貸額度。然後我們有了將於 2024 年 2 月到期的邁阿密抵押貸款。因此 2 - 我們延長了循環信貸額度，現在我們已將抵押貸款延長至 2033 年。

We wanted to have a conservative position. We don't know where the macro environment is going to be. We like to be conservative and have significant cash on the balance sheet. And so -- and I would say our main priorities have been had.

我們想保持保守的立場。我們不知道宏觀環境會怎樣。我們喜歡保守，資產負債表上有大量現金。所以——我想說我們的主要優先事項已經完成。

I mean just to stress, right, after this raise, we should have about $180 million of cash on the balance sheet, an undrawn about $90 million revolver. Andrew made the point we expect to turn free cash flow positive this year, and we'll have no major maturities until 2027.

我的意思是強調，在這次加薪之後，我們的資產負債表上應該有大約 1.8 億美元的現金，還有大約 9000 萬美元的未動用現金。 Andrew 指出，我們預計今年的自由現金流將轉為正數，而且我們在 2027 年之前不會有重大到期日。

Our next question will come from the line of Steven Zaccone with Citi.

我們的下一個問題將來自花旗銀行的 Steven Zaccone。

Great. I wanted to follow up on the commentary you had, Thomas, about member visitation and spending lagging a bit. Could you just expand upon that? Is that in certain regions that you're kind of seeing that activity? And hand in hand with that, some of the U.K. strength that you've seen, could you just talk about the feedback to some of the food and beverage offering changes like what you've heard from members?

偉大的。 Thomas，我想跟進你的評論，關於會員訪問和支出有點滯後。你能擴展一下嗎？您是否在某些地區看到了這種活動？與此同時，你看到的一些英國力量，你能談談對一些食品和飲料供應變化的反饋，比如你從會員那裡聽到的嗎？

I'll take that -- I'll start on that one. So we've seen a really nice increase in footfall. We've got a lot of new members. The new members historically use our Houses more often when they join. So what Thomas was kind of saying is that we have seen our visitations go up across a lot of our Houses, which is a great thing.

我會接受——我會從那個開始。所以我們看到客流量有了非常好的增長。我們有很多新成員。歷史上，新成員在加入時更頻繁地使用我們的房屋。所以 Thomas 的意思是，我們已經看到我們的許多房屋的訪問量都在增加，這是一件好事。

The spend is kind of static. It's not one region that stands out on a lower spend. It's kind of in line with where it was. One of our big goals is to increase that spend. So we want to actually increase member spend and actually hold footfall. We don't necessarily need more footfall in our Houses.

支出是靜態的。這不是一個以較低支出脫穎而出的地區。這有點符合它的位置。我們的一大目標是增加支出。因此，我們實際上想增加會員支出並實際保持客流量。我們的房屋不一定需要更多的人流量。

So that's why we're doing a lot of work, which I spoke about, on our food offerings, our beverage offerings, our events, making the Houses more local, especially in the bigger cities that we operate in like New York and L.A. and London. And what we've seen where we've made good progress is in those Houses that we've done pretty significant changes, we have seen member spend go up. And that is the plan that we're -- that's what we're focused on across all our Houses.

所以這就是為什麼我們在我們的食品供應、飲料供應和活動方面做了大量工作，使房屋更加本地化，尤其是在我們經營的大城市，如紐約和洛杉磯，以及倫敦。我們所看到的我們取得良好進展的地方是在那些我們已經做了相當大的改變的房子裡，我們看到會員支出增加了。這就是我們的計劃——這就是我們所有房屋的重點。

So I would say that London feels good. We're now very much focused on New York and L.A. because what happens is if you have different menus in different Houses based on the local member demographic, we see increased spend, but also we see members visiting the Houses more because they get a different offering. So that's what we're very focused on.

所以我會說倫敦感覺很好。我們現在非常關注紐約和洛杉磯，因為如果您根據當地會員人口統計在不同的房子裡有不同的菜單，我們會看到支出增加，但我們也會看到會員更多地訪問房子，因為他們得到不同的提供。所以這就是我們非常關注的。

So when we -- as we progress on our initiatives, we'll be talking quite a bit more about member spend as we go forward because it's probably in our top 5 things that we're focused on as a company right now.

因此，當我們——隨著我們在我們的計劃上取得進展時，我們將在前進的過程中更多地談論會員支出，因為這可能是我們公司目前關注的前 5 件事。

Yes. And let me just follow up with that, is I don't want people to interpret my comments that we've seen a degradation in the spend per visit. We saw a strengthening of it in the fourth quarter. We put on a lot of events in the fourth quarter. In general, there was just a lot of activity going on around our properties.

是的。讓我跟進一下，我不想讓人們解釋我的評論，即我們看到每次訪問的支出有所下降。我們在第四季度看到了它的加強。我們在第四季度舉辦了很多活動。總的來說，我們的房產周圍發生了很多活動。

It wasn't quite as strong as the fourth quarter. When I look at the past 3 weeks, things have gone back to more similar to fourth quarter levels. So I think it's too early to try and read into any kind of macro trends. These things are volatile, and there's not a significant deviation around the trend that we had been seeing.

它不如第四季度那麼強勁。當我回顧過去 3 週時，情況已經回到更接近第四季度的水平。所以我認為現在嘗試解讀任何一種宏觀趨勢還為時過早。這些東西是不穩定的，並且圍繞我們所看到的趨勢沒有明顯的偏差。

Okay. That's helpful. If we just shift to the expense side, so it sounds like G&A came in better than expected. How should we think about the trajectory of that line for the balance of the year, like dollars or ability to continue to drive leverage? Just help us think through that.

好的。這很有幫助。如果我們只是轉向費用方面，那麼聽起來 G&A 的表現好於預期。我們應該如何考慮這條線在今年餘下時間的軌跡，比如美元或繼續推動槓桿的能力？只是幫助我們考慮清楚。

So yes, in the first quarter, we knew that it was a seasonally slower quarter. And so we really held back on all expenses around the company. We really push the teams on travel, on new hirings as we want to watch the macro environment.

所以是的，在第一季度，我們知道這是一個季節性較慢的季度。因此，我們真的抑制了公司的所有開支。我們確實推動團隊出差，招聘新員工，因為我們想觀察宏觀環境。

Given the macro environment has stayed pretty good, as we open more Houses and businesses seasonally ramp up in 2Q to 4Q, so should G&A. So I would expect G&A to be higher in the next few quarters as it was this past quarter. But just remember, as a percentage of revenue, we definitely expect it to be down this year versus last year.

鑑於宏觀環境一直保持良好，隨著我們在第二季度至第四季度開設更多的房屋和企業季節性增加，G＆A 也應該如此。因此，我預計未來幾個季度的 G&A 會比上個季度更高。但請記住，作為收入的百分比，我們肯定預計今年它會比去年下降。

Okay. Great. And then just the last clarification is on free cash flow positive this year, is there a certain quarter that you'd expect to reach that milestone?

好的。偉大的。然後最後一個澄清是今年的自由現金流為正，您是否期望某個季度達到該里程碑？

Yes. So Steve, similar to what we've talked in the past about how seasonally EBITDA generally gets better through the year, the summer months benefit from more of our outdoor spaces being utilized. The fourth quarter benefits from a lot of events. Our Soho Home business does really well in the fourth quarter.

是的。所以史蒂夫，類似於我們過去談到的季節性 EBITDA 在一年中通常如何變得更好，夏季月份受益於我們更多的戶外空間被利用。第四季度受益於很多事件。我們的 Soho Home 業務在第四季度表現非常好。

I would say that I would think free cash flow should generally follow that path. But we said last quarter and we reiterated this quarter, we expect to be free cash flow for the year, but we haven't committed to a specific quarter.

我會說我認為自由現金流通常應該遵循這條路徑。但我們在上個季度說過，我們在本季度重申，我們預計今年會有自由現金流，但我們沒有承諾具體的季度。

(Operator Instructions) Your next question comes from the line of Sharon Zackfia with William Blair.

（操作員說明）你的下一個問題來自 Sharon Zackfia 和 William Blair 的對話。

I was hoping you could touch on the decision to merge Soho Home into Soho Friends and if that results in any kind of uptick in what the prior Soho Home members would be paying now that they're in the Soho Friends program.

我希望您能談談將 Soho Home 合併到 Soho Friends 的決定，如果這會導致之前的 Soho Home 成員加入 Soho Friends 計劃後支付的費用有所增加。

Good question. So if you think back to last year, we had a membership called SOHO HOME+, which was just on Soho Home. And what we realized, quickly realized is those SOHO HOME+ members were highly valuable, and we wanted to simplify our membership. So we decided to roll it into Soho Friends because if you think about our best-selling category in Soho Home is bedrooms because we're really good at bedrooms in Soho House, and basically, the Friends membership is they can go and stay in our House and stay in our bedrooms. So it seemed logical to merge them.

好問題。所以如果你回想一下去年，我們有一個叫做 SOHO HOME+ 的會員，它就在 Soho Home 上。我們意識到，很快意識到那些 SOHO HOME+ 會員非常有價值，我們想簡化我們的會員資格。所以我們決定將其納入 Soho Friends，因為如果您考慮我們在 Soho Home 中最暢銷的類別是臥室，因為我們真的很擅長 Soho House 的臥室，而且基本上，Friends 會員資格是他們可以去並留在我們的住在我們的臥室裡。所以合併它們似乎是合乎邏輯的。

And what we've seen is our Soho Friends members are now the highest-spending and the highest-value members in Soho Home. They equate to a really high percentage of our business. They're really engaged. And now they can travel and stay in our Houses. So it was just a logical move that's actually benefited us and benefited the Soho Friends member.

我們所看到的是，我們的 Soho Friends 會員現在是 Soho Home 中消費最高和價值最高的會員。他們相當於我們業務的很大一部分。他們真的訂婚了。現在他們可以旅行並住在我們的房子裡。所以這只是一個合乎邏輯的舉動，實際上使我們受益並使 Soho Friends 會員受益。

And then just a question on the House members. Are you seeing any change in membership joins for younger members or visitation or spend patterns among that demographic?

然後只是關於眾議院成員的問題。您是否看到年輕會員的會員加入或該人群的訪問或消費模式有任何變化？

No, we're not seeing much change. Our -- we're still very, very focused on adding new young members through our Under 27 program, which continues to be strong across all our regions. And our other members through all the age and demographics are continuing to behave just like they have. So we haven't really seen any change in what we normally see within our membership.

不，我們沒有看到太大的變化。我們的 - 我們仍然非常非常專注於通過我們的 27 歲以下計劃增加新的年輕成員，該計劃在我們所有地區仍然很強大。我們所有年齡段和人口統計數據中的其他成員都繼續像他們一樣行事。所以我們還沒有真正看到我們通常在我們的成員中看到的任何變化。

And we have no further questions at this time. I'll turn the call back over for closing remarks.

我們現在沒有其他問題了。我會把電話轉回去作結束語。

I'd just like to say thank you, everyone, for joining the call. If you have any follow-up questions, please reach out. Look forward to talking to you next quarter.

我只想說謝謝大家加入電話會議。如果您有任何後續問題，請聯繫我們。期待下個季度與您交談。

Ladies and gentlemen, that does conclude today's call. Thank you all for joining. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。