Soho House & Co Inc (SHCO) 2024 Q3 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Soho House & Co third-quarter 2024 conference call. Today's conference is being recorded. (Operator Instructions)

早安.我叫奧德拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Soho House & Co 2024 年第三季電話會議。今天的會議正在錄製中。（操作員說明）

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

這次，我想把會議交給財務長湯瑪斯艾倫。請繼續。

Thank you for joining us today to discuss Soho House & Co's third-quarter financial results. My name is Thomas Allen, I'm the Chief Financial Officer. I'm here with Andrew Carnie, our CEO.

感謝您今天加入我們討論 Soho House & Co 第三季的財務表現。我叫湯瑪斯‧艾倫，是財務長。我和我們的執行長安德魯卡尼 (Andrew Carnie) 在一起。

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 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.

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期望。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有重大差異。我們向 SEC 提交的文件中描述了可能導致此類差異的一些因素。

Any forward-looking statements represent our views only as of today. We assume no obligation to update any forward-looking statements If our views change. By now, you should have access to our third-quarter earnings release, which can be found at soho houseco.com in the News and Events section. Additionally, we have posted our third-quarter presentation which can also be found in the News and Events section on our site.

任何前瞻性陳述僅代表我們今天的觀點。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。現在，您應該可以訪問我們的第三季收益發布，該發布可以在 soho houseco.com 的新聞和活動部分找到。此外，我們也發布了第三季的簡報，您也可以在我們網站的新聞和活動部分找到該簡報。

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 for the most comfortable GAAP measures are available in today's earnings press release.

在電話會議中，我們也提到了某些非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充，而不是替代或孤立於我們的公認會計原則結果。今天的收益新聞稿中提供了最舒適的 GAAP 衡量標準的調整表。

Now let me hand it over to Andrew.

現在讓我把它交給安德魯。

Thanks, Thomas. And hello, everyone.

謝謝，托馬斯。大家好。

Before we get into the quarter, I wanted to discuss another press release we published this morning. In July, Yucaipa retained financial advisors to do a strategic review of Soho House & Co to enhance shareholder value as they believe the inherent value of the company is not reflected in its current share price.

在我們進入本季度之前，我想討論一下我們今天早上發布的另一篇新聞稿。7 月，Yucaipa 聘請財務顧問對 Soho House & Co 進行策略審查，以提高股東價值，因為他們認為該公司的內在價值並未反映在其當前股價中。

Earlier this week, the Board of Directors of the company received an offer from a new third-party consortium who has spent substantial time and energy understanding the company including recent internal due diligence and time with management.

本週早些時候，該公司董事會收到了一個新的第三方財團的要約，該財團花費了大量時間和精力來了解該公司，包括最近的內部盡職調查和與管理層的交流。

The group presented an actionable plan with an offer of $9 per share, our executive Chairman would support. A substantial premium to the current share price. The offer is conditional on certain significant shareholders including Yucaipa rolling over their equity interests in the company.

該集團提出了一項可行的計劃，報價為每股 9 美元，由我們的執行主席將支持。較目前股價大幅溢價。該要約的條件是包括 Yucaipa 在內的某些重要股東將其在該公司的股權展期。

As a result, our Board has reformed an independent special committee to evaluate the offer. Remember, our Board and their affiliates are approximately 75% of our common stock.

因此，我們的董事會重組了一個獨立的特別委員會來評估該要約。請記住，我們的董事會及其附屬機構約占我們普通股的 75%。

Given that this work is led by independent members of the Board, as management, we are not able to address any questions regarding it on the Q&A. No assurances can be given that the special committee's assessment will result in any change in strategy or if a transaction is undertaken. Until there is more clarity, we'll also hold off on confirming a date for our Investor Day.

鑑於這項工作是由董事會獨立成員領導的，作為管理層，我們無法在問答中回答任何相關問題。不能保證特別委員會的評估將導致策略發生任何變化或是否進行交易。在情況更加明確之前，我們也會推遲確認投資者日的日期。

Now, I'm going to update you on the quarter's highlights and provide an update on the progress we've made against our strategic priorities. I'll then hand over to Thomas to talk through financial performance, give an update on our balance sheet and our guidance before moving to Q&A.

現在，我將向您介紹本季的最新亮點，並提供我們在策略重點方面取得的最新進展。然後，我將交給湯瑪斯討論財務業績，介紹我們的資產負債表和指導的最新情況，然後再進行問答。

We continue to deliver against our strategic priorities of growing and enhancing membership and operational excellence to deliver greater profitability. Q3 has been another solid quarter with year-on-year and quarter-on-quarter growth in membership revenues and adjusted EBITDA.

我們將繼續致力於發展和增強會員資格以及卓越營運的策略重點，以實現更高的獲利能力。第三季又是穩健的季度，會員收入和調整後 EBITDA 年比和季比成長。

Membership demand continues to grow nicely. Membership revenues increased 17% versus the same time last year and 5% versus the last quarter. We welcomed 4,000. Soho House members growing to approximately 208,000 members globally, while our waitlist remained at record highs.

會員需求持續良好成長。會員收入較去年同期成長 17%，較上季成長 5%。我們迎來了 4,000 人。Soho House 的全球會員數量已增至約 208,000 名，而我們的候補名單仍保持在歷史最高水準。

We now have 27 houses that have opened since 2018 and are still on their ramp up phase. Like recent quarters, these houses drove the majority of our membership growth. With really strong growth in houses such as Sao Paulo, Portland, Mexico City, Rome and Paris this quarter, we expect to see a continuation of this proven maturation curve in 2025 and beyond.

自 2018 年以來，我們現在有 27 棟房屋開業，目前仍處於擴建階段。與最近幾季一樣，這些協會推動了我們會員成長的大部分。隨著本季度聖保羅、波特蘭、墨西哥城、羅馬和巴黎等房屋的強勁增長，我們預計這一成熟曲線將在 2025 年及以後延續。

Total revenues grew 14% year-on-year to $333 million. We, again, saw a slight sequential improvement in light flight and house trends driven by improved spend per visit with inhouse revenues up 5% year-on-year. We saw light flight sales growth in our house in UK, Europe and the rest of the world, while North America was slightly behind. Scorpios Mykonos had a record-breaking season and we opened our second Scorpius in Bodrum.

總營收年增 14%，達到 3.33 億美元。我們再次看到，由於每次訪問支出增加，輕型航班和住宿趨勢略有改善，內部收入年增 5%。我們在英國、歐洲和世界其他地區看到了我們公司的輕型航班銷售成長，而北美則略有落後。米克諾斯天蠍座飯店 (Scorpios Mykonos) 度過了破紀錄的賽季，我們在博德魯姆開設了第二家天蠍座飯店 (Scorpios Mykonos)。

Soho continues to be strong with this quarter's new collections and our first source book to live in double-digit revenue growth in the quarter. We continue to be excited about the opportunity for Soho.

Soho 繼續保持強勁勢頭，本季推出了新合集，我們的第一本原始圖書在本季度實現了兩位數的營收成長。我們仍然對 Soho 的機會感到興奮。

Q3 adjusted EBITDA was $48 million growing 38% year-on-year, just slightly below our expectations. That said, we continue to deliver good growth, lowering strong membership revenue and our progress on operational excellence. This led to increased adjusted EBITDA margins of approximately 14.5% this quarter despite a choppy revenue environment.

第三季調整後 EBITDA 為 4,800 萬美元，年成長 38%，略低於我們的預期。也就是說，我們繼續實現良好的成長，降低強勁的會員收入和卓越營運的進展。儘管營收環境波動，本季調整後 EBITDA 利潤率仍成長約 14.5%。

Net income was positive in the quarter, up from negative $49 million in the third quarter last year. When it comes to growing and enhancing membership value, we continue to focus on providing our members with the best experience in our houses, which you've seen reflected in our continued improving membership satisfaction scores this quarter.

本季淨利為正，高於去年第三季的負 4,900 萬美元。在成長和提高會員價值方面，我們繼續專注於為會員提供最佳的入住體驗，這一點在我們本季不斷提高的會員滿意度分數中得到了體現。

We opened Soho Mews House at the end of the quarter in London's Mayfair area. Our new house, the 11th in London, has three floors in a cobbled courtyard with an outdoor terrace, and a restaurant and club space with a British grill menu. On the top floor, we are providing our members with live performances in such a great space. So far, we've hosted Nick K, Jools Holland and Macy Gray, among many others.

我們於本季末在倫敦梅菲爾區開設了 Soho Mews House。我們的新房子是倫敦的第 11 棟新房子，共有三層，位於鵝卵石庭院中，設有戶外露台，以及提供英式燒烤菜單的餐廳和俱樂部空間。在頂樓，我們在如此寬敞的空間內為我們的會員提供現場表演。到目前為止，我們已經接待過 Nick K、Jools Holland 和 Macy Gray 等人。

We continue to deliver unique events in our houses. We, again, hosted food festival at Soho Farmhouse and introduced it to our National House this quarter. These types of events are resulting in more members attending our events and increased spend per member at events they attend.

我們繼續在我們的房子裡舉辦獨特的活動。我們再次在 Soho Farmhouse 舉辦了美食節，並在本季將其引入了我們的 National House。這些類型的活動導致更多的會員參加我們的活動，並增加了每位會員在參加的活動中的支出。

As well as opening great new houses and delivering unique events. We'll also continue to focus on ensuring our members enjoy the best experience in our existing houses, whether that's through training, our F&B offering, including our new no and low drinks offer or house improvements.

以及開設精美的新房子並舉辦獨特的活動。我們也將繼續致力於確保我們的會員在我們現有的房屋中享受最佳體驗，無論是透過培訓、我們的餐飲服務，包括我們新的無酒和低飲優惠還是房屋改進。

I was recently in LA visiting all our houses and teams and I'm pleased to see our investments in Malibu Holloway House in West Hollywood are delivering an enhanced member experience and also driving revenues.

我最近在洛杉磯參觀了我們所有的房屋和團隊，我很高興看到我們對西好萊塢 Malibu Holloway House 的投資正在提供增強的會員體驗並增加收入。

Our focus on operational excellence which leads to greater profit and cash flow continued over the period. We are driving change that both directly benefit our members, as well as changes to simplify our business and transform our back of house systems. In turn, helping us achieve greater efficiencies, improve service and lowering our costs.

在此期間，我們繼續注重卓越運營，從而帶來更大的利潤和現金流。我們正在推動變革，這些變革既可以直接使我們的會員受益，也可以簡化我們的業務並改造我們的後台系統。反過來，幫助我們提高效率、改善服務並降低成本。

This is an important strategic unlock for the business and we have made significant progress over the recent months. While this is having a slight drag on our quarter's results, it will be a significant tailwind in the long run. As part of this transformation, we continue to simplify our business and increase our focus on what matters most to members.

這是業務的重要策略解鎖，我們在最近幾個月取得了重大進展。雖然這對我們季度的業績造成了輕微的拖累，但從長遠來看，這將是一個重要的推動因素。作為這項轉型的一部分，我們繼續簡化業務並更加關注對會員最重要的事情。

Since the second quarter and into this period, this has evolved restructuring of our corporate offices globally, including removal of roles that were not core to our long-term strategy and reflecting our more targeted approach to new houses openings. We have continued to focus on improving cost management through vendor consolidation and also a focus on improving our labor hours within our houses.

自第二季度以來一直到這一時期，我們在全球範圍內對公司辦事處進行了重組，包括取消非長期戰略核心的職位，並反映出我們對新房開業採取更有針對性的方法。我們持續致力於透過供應商整合來改善成本管理，並致力於改善我們內部的勞動時間。

Together, we've seen the initiative drive positive results over the quarter. We increased food and beverage margins again over the period, while our successful accommodations focus helped drive red pile up 5% year-over-year. Q3 house level contribution increased 17% year-on-year with house level margins up approximately 150 basis points despite more new houses having a short-term impact on our growth and margins.

我們共同見證了該舉措在本季度帶來了積極的成果。在此期間，我們再次提高了食品和飲料的利潤率，而我們成功的住宿重點幫助推動紅色堆積同比增長了 5%。儘管更多的新房對我們的成長和利潤產生了短期影響，但第三季房屋水準貢獻比去年同期成長了 17%，房屋水準利潤率成長了約 150 個基點。

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

現在，讓我請托馬斯為您提供有關我們的數字和指導的更多詳細資訊。

Thanks, Andrew.

謝謝，安德魯。

Total revenues for the third quarter grew 14% year-on-year to $333 million accelerating from 3% growth in the first quarter and 5% growth in the second. Membership revenue rose 17% year-on-year to $107 million, while inhouse revenues rose 5% and other revenues up 22%.

第三季總營收年增 14%，達到 3.33 億美元，較第一季 3% 的成長和第二季 5% 的成長加快。會員收入年增 17%，達到 1.07 億美元，內部收入成長 5%，其他收入成長 22%。

House level contribution was up $9 million or 17% year-on-year. With house level margins of approximately 150 basis points to 28% despite the short-term impact of new house openings. Other contribution was up $5 million or 24% year-on-year, supported by a strong summer for Scorpios Mykonos and continued growth in Soho Home sales.

眾議院層級的捐款增加了 900 萬美元，年增 17%。儘管受到新房開張的短期影響，房屋水準利潤率仍約為 150 個基點至 28%。其他貢獻增加了 500 萬美元，年成長 24%，這得益於 Scorpios Mykonos 夏季的強勁表現以及 Soho Home 銷售的持續成長。

Giving more detail on revenues. Year-on-year revenues were up $40 million driven by increases in recurring membership revenues, inhouse and other revenues. Membership growth and pricing grew a $15 million increase in membership revenues. Inhouse revenues were up $5 million year-on-year, supported by new house openings. While other revenues were $90 million higher driven by very strong growth in Soho Home and Scorpios.

提供有關收入的更多詳細資訊。由於經常性會員收入、內部收入和其他收入的成長，營收年增了 4,000 萬美元。會員成長和定價成長使得會員收入增加了 1500 萬美元。在新房開幕的推動下，內部收入年增 500 萬美元。而在 Soho Home 和 Scorpios 強勁成長的推動下，其他營收成長了 9,000 萬美元。

Like-for-like inhouse revenues for the quarter were up slightly year-on-year, an improvement from the approximately flat growth year-on-year we saw in the second quarter. Europe that the world saw the strongest like-for-like growth in the quarter, followed by the UK then the Americas which was down slightly. Note we exclude Tel Aviv from our like-for-like calculation.

本季內部營收年增率略有成長，較第二季年增率大致持平有所改善。歐洲本季的年成長最為強勁，其次是英國，然後是美洲，略有下降。請注意，我們將特拉維夫排除在同類計算之外。

Our third-quarter adjusted EBITDA was $48 million up 38% year-on-year with margins increasing approximately 250 basis points year-over-year. However, while margins increased year-over-year, they weren't as strong as we hoped.

我們第三季調整後 EBITDA 為 4,800 萬美元，年增 38%，利潤率年增約 250 個基點。然而，雖然利潤率逐年增加，但並沒有我們希望的那麼強勁。

FX had an approximately 2% or $5 million benefit to revenue but had only approximately 1% or $500,000 benefit to EBITDA as the pound strengthened significantly in the quarter. While this is helpful, the benefit to EBITDA is smaller than for revenue as our inhouse costs are the same currency as revenue and the greatest share of our support costs are in the UK.

FX 的營收收益約為 2%（即 500 萬美元），但由於英鎊在本季大幅走強，其 EBITDA 收益僅約為 1%（即 50 萬美元）。雖然這很有幫助，但 EBITDA 的收益小於收入，因為我們的內部成本與收入採用相同的貨幣，而且我們的支援成本的最大份額在英國。

In addition, as Andrew touched on, we are taking steps to roughly ensure our back of house performance matches the strength and operational excellence of our front of house. As you know, we have been investing in our finance team, adding additional expertise.

此外，正如安德魯所說，我們正在採取措施，大致確保我們的後台績效與前台的實力和卓越營運相匹配。如您所知，我們一直在投資我們的財務團隊，增加額外的專業知識。

We are making investments to try to replace our current Finance Enterprise Resource Planning or ERP software with a new industry leading cloud-based system, led by our new Chief Transformation Officer who we hired last month. The investment will overhaul how we manage finance, procurement reporting and compliance, payments and staffing, and more seamlessly connect to our membership and operations. It will allow us to scale more cost effectively, which is important for a company that is in over 20 countries today with plans and more in the next few years.

我們正在進行投資，試圖用業界領先的基於雲端的新系統取代我們目前的財務企業資源規劃或 ERP 軟體，該系統由我們上個月聘用的新首席轉型官領導。這項投資將徹底改變我們管理財務、採購報告和合規性、付款和人員配置的方式，並更無縫地連接到我們的會員資格和營運。它將使我們能夠更有效地擴展規模，這對於目前業務遍及 20 多個國家併計劃在未來幾年開展更多業務的公司來說非常重要。

As part of our overall investment to improve our back of house, we have also hired consultants to support the company to create a comprehensive plan and assist with the review of our books to make sure the data that would go into the ERP system has been checked over. The consultant costs this quarter were over $1 million.

作為改善後台整體投資的一部分，我們還聘請了顧問來支持公司製定全面計劃並協助審查我們的帳簿，以確保進入 ERP 系統的數據經過檢查超過。本季的顧問成本超過 100 萬美元。

One other thing that came out of this was that we would continue investment in our finance team and the help of consultants found that through manual errors or systems not interfacing properly, there were misstatements in our prior period financial statements. These were from historical costs that had not been expensed or revenues that had not been accounted for properly. This includes items previously found to be an error which should have been deemed inaccurate, not material to adjust for until now.

由此產生的另一件事是，我們將繼續對財務團隊進行投資，並且在顧問的幫助下發現，由於人為錯誤或系統介面不正確，我們前期財務報表中存在誤報。這些來自尚未支出的歷史成本或未正確核算的收入。這包括先前發現的錯誤項目，這些項目應該被認為是不準確的，直到現在才需要調整。

More correction of these adjustments is out-of-period corrections would be material inaccurate to the current period. We determine the impacts of these misstatements were not material to the financial statements for all prior periods identified. As a result, we have revised our 2022 through first half 2024 financial statements with adjusted prior periods and revisions in our earnings with AK and (inaudible) with detailed explanations around the misstatements.

對這些調整的更多修正是期外修正對於當前期間來說將是嚴重不準確的。我們確定這些錯報的影響對於所有已識別的前期財務報表並不重大。因此，我們修訂了 2022 年至 2024 年上半年的財務報表，調整了前期數據並修訂了 AK 的收益（聽不清楚），並對錯報進行了詳細解釋。

The largest driver of the misstatements came from a review of our North America segment balance sheet work that we have carried out ahead of the RP. North America is our largest region and handles over 150,000 sales invoices, over 100,000 vendor payments per year for over 60 corporate entities. This has generally been a manual process which is therefore more prone to error. We have been investing in this area to remediate these issues. We have been adding other technology fixes that are helping the team until the new ERP system is fully up and running. We replaced our North America corporate controller with someone who has a lot of experience in remediation situations like this and are increasing the size of their accounting team by around 50%.

錯誤陳述的最大驅動因素來自我們在 RP 之前對北美部門資產負債表工作的審查。北美是我們最大的地區，每年為 60 多家企業實體處理超過 150,000 張銷售發票和超過 100,000 筆供應商付款。這通常是一個手動過程，因此更容易出錯。我們一直在該領域進行投資以解決這些問題。我們一直在添加其他技術修復來幫助團隊，直到新的 ERP 系統完全啟動並運行。我們以在此類補救情況下擁有豐富經驗的人取代了北美公司的財務總監，並將其會計團隊的規模擴大了約 50%。

Now, discussing our balance sheet, we ended the quarter with $147 million of cash and cash equivalents, $5 million lower than the end of the second quarter and $686 million of net debt. We repurchased $13 million of shares in the quarter. We ended the quarter 5 times net debt to adjusted EBITDA, down from 6 times to the end of the third-quarter 2023.

現在，討論我們的資產負債表，本季末我們的現金和現金等價物為 1.47 億美元，比第二季末減少 500 萬美元，淨債務為 6.86 億美元。我們在本季回購了 1300 萬美元的股票。本季末，我們的淨債務與調整後 EBITDA 比率為 5 倍，低於 2023 年第三季末的 6 倍。

Moving on to guidance, we continue to see strong momentum in the core drivers of our business. We are reiterating our guidance for reaching over 212,000 Soho House members at the end of the year and delivering membership revenue of $410 million to $420 million.

轉向指導，我們繼續看到我們業務的核心驅動力的強勁勢頭。我們重申我們的指導方針，即在年底覆蓋超過 212,000 名 Soho House 會員，並提供 4.1 億至 4.2 億美元的會員收入。

However, we are lowering our total revenue again to the low end of the previous range, around $1.2 billion from $1.2 billion to $1.25 billion previously to down approximately $25 million from the midpoint. You have heard from some other companies exposed to food and beverage spend and accommodation revenue the demand has not been quite as strong as hoped heading into the end of the year.

然而，我們將我們的總收入再次降低至先前範圍的低端，即從之前的 12 億美元至 12.5 億美元約 12 億美元，較中點減少約 2500 萬美元。您從其他一些從事餐飲支出和住宿收入的公司那裡聽說，到今年年底，需求並沒有像預期的那麼強勁。

While we enjoy the benefit of resilience that membership revenue gives us, we are tempering our expectations for inhouse and other revenue. We've had a choppy end of the year. In October inhouse revenue saw the weakest month for like-for-like year-over-year growth we've seen since the first quarter, down mid-single digits. However, November was much stronger with like-for-like growth roughly flat.

雖然我們享受會員收入為我們帶來的彈性好處，但我們正在降低對內部收入和其他收入的期望。我們度過了一個波濤洶湧的年底。10 月份，內部收入出現了自第一季以來同比增長最弱的月份，下降了中個位數。然而，11 月的表現要強勁得多，年成長大致持平。

We've also had some unique factors impact us, such as significant flooding that has closed some of our facilities of Soho Farmhouse across October through to December, as well as the recent Malibu fires which temporarily closed that property down.

我們也受到一些獨特因素的影響，例如嚴重的洪水導致 Soho Farmhouse 的部分設施在 10 月至 12 月期間關閉，以及最近的馬里布火災導致該物業暫時關閉。

FX has also gone against us as the dollar appreciates significantly opposed to US elections. It's worth reiterating here that while we do feel the impact of macroconsumer discretionary trends, our membership loyalty and growth, which are the foundation of our business, continue to meet and exceed expectations.

由於美元在美國大選的影響下大幅升值，外匯市場也對我們不利。值得在此重申的是，雖然我們確實感受到了宏觀消費者自由支配趨勢的影響，但作為我們業務基礎的會員忠誠度和成長，繼續滿足並超越預期。

We are also cutting adjusted EBITDA guidance to approximately $140 million from $157 million to $165 million. Approximately $21 million below the midpoint of our prior guidance, but still approximately 21% higher than our revised 2023 result.

我們也將調整後的 EBITDA 指引從 1.57 億美元削減至 1.65 億美元，削減至約 1.4 億美元。比我們之前指導的中點低約 2100 萬美元，但仍比我們修訂後的 2023 年業績高出約 21%。

Q3 margins did not come in as strong as we had hoped. And our revisions lowered first half '24 by about $1 million. We continue to have costs associated with the ERP which will weigh on results in the fourth quarter and the time and the restructure that we started in the second quarter, and we will finish in the fourth has also slightly lagged our prior expectations.

第三季的利潤率沒有我們希望的那麼強勁。我們的修訂使 24 年上半年減少了約 100 萬美元。我們仍然存在與 ERP 相關的成本，這將影響第四季度的業績以及我們在第二季度開始的時間和重組，我們將在第四季度完成的重組也略微落後於我們先前的預期。

$21 million lower EBITDA, $25 million lower sales is not the typical flow-through we would expect from lower revenue if it was just business as usual. But we see approximately half of this as well as unique factors that we do not expect to recur going forward.

如果一切照舊，EBITDA 減少 2,100 萬美元，銷售額減少 2,500 萬美元，這並不是我們預期收入減少帶來的典型流量。但我們看到了大約一半的情況以及我們預計未來不會再次出現的獨特因素。

With that, let me hand back to Andrew.

現在，讓我把問題交還給安德魯。

In closing, Q3 was a solid quarter for the business as we grew performers meaningfully compared to last year. It was also a quarter of continued transformation as we took further steps to simplify and strengthen the business, especially in our back of house operations. While this has created a lot of noise, its positioning is better for the future. And I believe we'll continue to see the benefits of the transformation in 2025 and beyond.

最後，第三季度是業務穩健的季度，因為與去年相比，我們的員工有了顯著的成長。這也是持續轉型的一個季度，我們採取了進一步的措施來簡化和加強業務，特別是在我們的後台營運方面。雖然這引起了很多噪音，但它的定位對未來來說是更好的。我相信 2025 年及以後我們將繼續看到轉型的好處。

Finally, as always, I would like to thank our teams globally for their hard work and passion, and our members for their continued support and loyalty. With that, we will now open up for questions.

最後，一如既往，我要感謝我們的全球團隊的辛勤工作和熱情，以及我們的會員的持續支持和忠誠。至此，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Steven Zaccone, Citigroup.

史蒂文‧扎科內，花旗集團。

Great, good morning. Congratulations on the offer.

太好了，早安。恭喜你獲得offer。

Maybe, Thomas, could we just talk through some of that part, the last commentary you gave there about the guidance change. So, it sounds like $21 million reduction in EBITDA, approximately half of that. We should think it is one time in nature as we think about next year.

托馬斯，也許我們可以談談這部分的一些內容，即您最後對指導意見變更的評論。因此，聽起來 EBITDA 減少了 2100 萬美元，大約是其中的一半。當我們考慮明年時，我們應該認為這是一次本質上的一次。

And then just on the cadence of like-for-like sales, when you talked about some of that weakness in October and then things got better in November, was there notable differences by region? Like, was it primarily continued weakness in the US underperforming? Any geographical comment would be helpful there.

然後，就同類銷售的節奏而言，當您談到 10 月份的一些疲軟情況，然後 11 月份情況有所好轉時，各地區之間是否存在顯著差異？例如，主要是美國表現不佳的持續疲軟嗎？任何地理評論都會有幫助。

Hey, Steven. So, I'll start with the first part of the question and then pass it on to Andrew to talk about the recent trends. So, like as we send the prepared remarks, we continue to see strong momentum in the core driver of our business, which is membership. However, we are lowering total revenue guidance.

嘿，史蒂文。因此，我將從問題的第一部分開始，然後將其傳遞給 Andrew 來談論最近的趨勢。因此，就像我們發送準備好的講話一樣，我們繼續看到我們業務的核心驅動力（即會員資格）的強勁勢頭。然而，我們正在降低總收入指引。

You've heard from other companies exposed to food and beverage spend and accommodation revenue, the demand hasn't been quite as strong as hoped heading into the end of the year. We are no different except that we have membership revenue so we're tempering our expectations really for inhouse and other revenue.

您從其他從事餐飲支出和住宿收入的公司聽說，到今年年底，需求並沒有像預期的那麼強勁。我們沒有什麼不同，只是我們有會員收入，所以我們正在調整我們對內部收入和其他收入的期望。

We're also cutting our EBITDA guidance. Our third-quarter margins came in slightly below where we expected them to. We will continue to have costs associated with the Finance ERP, which will weigh on results in the fourth quarter and the timing of the restructure was slightly lagged to our prior expectations.

我們也削減了 EBITDA 指導。我們第三季的利潤率略低於我們的預期。我們將繼續承擔與財務 ERP 相關的成本，這將影響第四季度的業績，而且重組的時間略晚於我們先前的預期。

As I said, about half of the guidance change was unique and we do not expect to recur going forward such as the flooding impact of the farm. We had about a million dollars in the first half while we also invest in the future with the time to restructure the PERP work and some other financial consulting costs and just other unique items.

正如我所說，大約一半的指導變化是獨特的，我們預計未來不會再出現類似農場洪水影響的情況。我們上半年大約有 100 萬美元，同時我們也投資於未來，用時間重組 PERP 工作和一些其他財務諮詢成本以及其他獨特項目。

Hey, Steven. And just on the trends, I think what we said in our preferred remarks, we saw a slowdown in UK and America in October, both impacted by pretty sizeable macro events. Well documented UK budget that we saw a slowdown in UK. And then on the buildup to American elections, we saw a slowdown. In November, both those regions bounced back, so Europe was pretty consistent, and Asia is actually doing okay. So, it was mainly UK and USA that we saw that the change.

嘿，史蒂文。就趨勢而言，我認為我們在首選評論中所說的，我們看到英國和美國 10 月經濟放緩，兩者都受到相當大的宏觀事件的影響。有據可查的英國預算顯示我們看到英國經濟放緩。然後，隨著美國大選的臨近，我們看到了經濟放緩。11 月份，這兩個地區都出現了反彈，因此歐洲表現相當穩定，而亞洲實際上表現還不錯。因此，我們主要在英國和美國看到了這種變化。

Okay. That's helpful. And the last question I had is the opening of Mews House this quarter, can you just talk a little bit more about the strategy there? You know, you already have Malibu, but when you think about the opening of the Mews House, do you see the opportunity to do more of like an elevated tier of houses or elevated tier of membership going forward?

好的。這很有幫助。我的最後一個問題是馬厩屋本季開業，您能多談談那裡的策略嗎？您知道，您已經擁有馬里布，但是當您考慮馬厩之家的開業時，您是否看到了未來做更多事情的機會，例如提升房屋等級或提升會員等級？

Great question. We couldn't be more happier with the Mews House and I think our members could be more happy. So, it's got off to a phenomenal start where we're providing a more elevated house, what we would normally do both in the design aesthetic and for both the menu, the British grill menu. And then the events that we put on, as I mentioned in my pre-recorded remarks, are pretty special artists.

很好的問題。我們對馬厩屋感到非常高興，我認為我們的會員也會更加高興。所以，它有了一個驚人的開始，我們提供了一個更高的房子，我們通常會在設計美學和菜單上做，英國燒烤菜單。正如我在預先錄製的發言中提到的，我們舉辦的活動都是非常特別的藝術家。

And at the moment, it is -- we are looking at New York as a potential Mews House. And also, we have a beta coming as well in the summer next year, which will be in similar vein. So, we're really happy with how it's worked. And yes, we are looking at other ways that we can roll that concept out.

目前，我們正在將紐約視為潛在的馬厩之家。此外，我們還將在明年夏天推出測試版，這將是類似的。所以，我們對它的運作方式非常滿意。是的，我們正在尋找其他方法來推廣這個概念。

Okay. Thanks very much for the questions. Happy holidays.

好的。非常感謝您的提問。節日快樂。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good afternoon, everyone. Thanks for taking my question. You know, Andrew, Thomas, just first on the -- I know it's always difficult to comment on the strategic alternatives piece. But anything you could do to outline one or two areas; one would be just sort of next timeline or milestone when we know a little bit more or at least on the public side about what's occurring here? Either is there a timeline for the review, is there milestone or additional filings that need to be provided? And two, any, obviously, it's a third-party consortium, but just any clarity or when we might receive a little bit more clarity about who that is or what the financing sources may be?

嗨，大家下午好。感謝您提出我的問題。你們知道，安德魯、湯瑪斯，首先——我知道對策略替代方案發表評論總是很困難。但你可以做任何事情來概述一兩個領域；當我們更多地了解或至少在公眾方面了解這裡發生的事情時，這將是下一個時間表或里程碑？是否有審查時間表，是否有里程碑或需要提供額外的文件？第二，很明顯，這是一個第三方財團，但是否有任何明確性，或者我們什麼時候可以更清楚地了解第三方財團是誰或融資來源可能是什麼？

Hey, Sean. I'm going to give you a pretty disappointing answer. As we said in the prepared comments, we're not going to comment on the offer. Sorry.

嘿，肖恩。我將給你一個相當令人失望的答案。正如我們在準備好的評論中所說，我們不會對該報價發表評論。對不起。

Okay. Got to try, you know, the game. Second question, maybe just digging in a little bit. So, here kind of all the -- thanks for the bridge and we hear sort of all the different pieces moving together here. But as we think about just like purely fundamentals, we've heard more and more about some uptick in the travel world post-election, especially here on the America side. Probably some component of pent-up demand, a little bit of excitement around, just sort of probably some certainty moving forward.

好的。必須嘗試一下，你知道，遊戲。第二個問題，也許只是稍微深入一下。所以，這裡有點——感謝這座橋，我們聽到所有不同的部分在這裡一起移動。但當我們考慮純粹的基本面時，我們越來越多地聽到有關選舉後旅遊業有所回升的消息，尤其是在美國方面。可能是被壓抑的需求的一部分，周圍有一點興奮，只是可能有一些前進的確定性。

So, have you seen that in your business? Can you talk a little bit about bookings? December? Just give us a little color because, again, we parse everything from RevPAR data to a lot of the airline commentary that's put out there. Things actually look pretty rosy after the election and appreciate; it was a tough October. Thanks.

那麼，您在自己的企業中看到過這種情況嗎？能談談預訂方面的情況嗎？十二月？只是給我們一點顏色，因為我們再次解析從 RevPAR 數據到發布的大量航空公司評論的所有內容。選舉結束後，情況實際上看起來相當樂觀，並且升值；這是一個艱難的十月。謝謝。

Yeah, great question. Yes. So, we've seen something similar. If you remove all the noise of the one-offs like the farm and fires at Malibu and all the things that Thomas has mentioned, we've seen in the last few weeks an uptick, but in more particular which I think is much more of a positive is Q1. So, our bedroom business in Q1, the bookings we have on now looks very strong in Q1, very strong, which is a great sign of what you're describing on a more of a positivity around 2025.

是的，很好的問題。是的。所以，我們看到了類似的事情。如果你消除所有一次性的噪音，例如馬里布的農場和火災以及托馬斯提到的所有事情，我們在過去幾週看到了上升的趨勢，但更具體地說，我認為更多的是正值是Q1。因此，我們第一季的臥室業務，我們現在的預訂量在第一季看起來非常強勁，非常強勁，這是一個很好的跡象，表明您所描述的 2025 年左右更加積極。

Great. Thank you very much.

偉大的。非常感謝。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hey, thanks for taking the questions. I'm going to take one more stab on the deals which, I guess, without having to comment explicitly on anything. Is there anything you could maybe provide in terms of comparing and contrasting? It sounds like you had a strategic review earlier in the year with a separate offer. So, I'm just wondering if there's any framework that makes looking at this one different or if there is any takeaways from the original review that you could share.

嘿，感謝您提出問題。我想，我將再次嘗試這些交易，而無需對任何事情進行明確評論。您可以提供一些比較和對比方面的資訊嗎？聽起來您在今年早些時候進行了戰略審查並提出了單獨的報價。所以，我只是想知道是否有任何框架可以使這個問題變得不同，或者您可以分享原始評論中的任何要點。

Hey, Stephen. I mean, given the fact that this is really a Board decision, we're going to stick with not commenting on it. Sorry.

嘿，史蒂芬。我的意思是，考慮到這實際上是董事會的決定，我們將堅持不對此發表評論。對不起。

Got it. And then, I think I heard this has come up a couple of times that you made a comment that the third quarter like-for-like in North America was weaker than it's been choppy in October, November time frame. And I think you touched on this a little bit, maybe I missed it, but just is there -- are there specific houses in the third quarter or like when you put on a broader lens? What do you think has been driving some of that choppy behavior?

知道了。然後，我想我聽說這個問題已經出現了好幾次，您曾評論說北美第三季度的同比情況比 10 月和 11 月期間的波動要弱。我想你稍微提到了這一點，也許我錯過了，但就是這樣——第三季度是否有特定的房子，或者當你把目光放得更廣闊的時候？您認為是什麼導致了這種不穩定的行為？

We candidly -- we saw it across the board, in the run up to the election in America. And then post-election, we've seen the more positive bounce back in New York, Central, Miami, West Coast lagging a little bit. But it was mainly across the board of what we saw in Q3, which we could, and it was only slightly down. But I think to my early point, if we look at Q1 and our bedroom business in America, it's up versus Q1 at 2023, which is a positive sign.

坦白說，在美國大選之前，我們全面看到了這一點。選舉後，我們看到紐約、中部、邁阿密、西海岸的積極反彈略有落後。但這主要是我們在第三季度看到的全面情況，我們可以做到這一點，而且只是略有下降。但我認為，就我之前的觀點而言，如果我們看看第一季和我們在美國的臥室業務，就會發現它比 2023 年第一季有所上升，這是一個積極的信號。

Got it. And one other one, I'll sneak in quickly just on the cost side. Thomas, I think you said that the accounting team has been increased by something like 50%. You also commented that the flow through in the quarter is below what you would normally expect. But I think we've seen these kind of ERP processes sometimes take longer than people anticipate. Should we be anticipating that 2025 may still be a bit of an investment year behind some of these initiatives, and then we'll get the more normalized flow through there after even better flow through beyond 2025 because of some of what's being implemented?

知道了。另外一個，我會很快從成本方面談一談。湯瑪斯，我想你說過會計團隊增加了 50% 左右。您也評論說，本季的流量低於您通常的預期。但我認為我們已經看到此類 ERP 流程有時比人們預期的時間要長。我們是否應該預期 2025 年可能仍然是其中一些舉措背後的投資年，然後由於正在實施的一些舉措，我們將在 2025 年之後獲得更好的資金流，從而獲得更正常化的資金流？

Hey, Stephen. So, the cost of the ERP and some of the other transformation stuff, yeah, will have an impact. But as we talked about in the prepared remarks and as you can see from our financial statements, we took pretty significant seven charges over the past two quarters. And we've really shifted focus within the company. And so, if you look at the size of the seven charges, I mean, it could give you a good sense of the savings that we're going to make out of other parts of the business to invest in getting our forecasting and our controls and our core tech operations into a better place.

嘿，史蒂芬。因此，ERP 和其他一些轉型成本的成本將會產生影響。但正如我們在準備好的發言中談到的那樣，正如您從我們的財務報表中看到的那樣，我們在過去兩個季度中收取了相當大的七項費用。我們確實在公司內部轉移了焦點。因此，如果你看看七項費用的規模，我的意思是，它可以讓你很好地了解我們將從業務的其他部分中節省下來的資金用於投資以獲得我們的預測和控制以及我們的核心技術運作走向更好的地方。

But just I'll give you a bit more color on the ERP yet. Yes, it will be a transformation to through 2025 and then we see once that's done, we would see significant savings, like in a Phase 2 of our efficiencies within our teams and efficiencies with running the business. So yes, you will see a better flow through once the ERP is in and what you're seeing today.

但我將給您更多有關 ERP 的資訊。是的，這將是一個到 2025 年的轉變，一旦完成，我們將看到顯著的節省，就像我們團隊內部效率和業務營運效率的第二階段一樣。所以，是的，一旦 ERP 投入使用，您將會看到更好的流程以及您今天所看到的情況。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

And that concludes today's question-and-answer session and today's conference call. We thank you for your participation. You may now disconnect.

今天的問答環節和電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。