At this time, I would like to turn the conference over to Thomas Allen, Chief Financial Officer. Please go ahead. Thank you for joining us today to discuss Soho House & Co.'s first quarter financial results. My name is Thomas Allen, I'm the Chief Financial Officer. I'm here 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 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. By now, you should have access to our Q1 earnings release, which can be found at sohohouseco.com in the News and Events section. Additionally, we have posted our Q1 presentation, which can be found in the News and 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 from the most comparable GAAP measures are available in today's earnings press release. Now, let me hand it over to Andrew. Thanks, Thomas, and hello, everyone. I'm going to start by talking through the quarter's highlights, then provide an update on progress we've made against our strategic priorities. I'll then hand over to Thomas to talk through the financial performance, give an update on our balance sheet and our guidance before moving on to Q&A. It's been a solid start to 2024, with year-on-year growth in membership and revenues as we continue to deliver against our strategic priorities. We welcomed more than 4,000 members in the quarter, growing to 198,000 Soho House members overall, a year-on-year increase of 17%, which leaves us well on track to meet our full-year target. The vast majority of the growth in the quarter came from the 25 houses that we've opened since 2018. Total Soho House & Co. Membership was also up, growing 10% year-on-year, and our wait list continued to grow, pushing through the 100,000 mark for the first time and ending the quarter at 102,000. That's up from 99,000 in the fourth quarter and a 15% increase year-on-year, demonstrating the continuing strong appeal of our Soho House membership globally. Total revenues grew 3% year-on-year to $263 million, supported by continued growth in our recurring membership revenues, which were up 20% year-on-year and 5% up quarter-on-quarter. While overall revenue in the quarter was solid, in-house revenues were lower, given macro conditions and in line with the commentary and guidance we gave you on our Q4 earnings. However, throughout the quarter, we saw sequentially stronger in-house revenue performance, and that trend has continued into April, strengthening our confidence in the year ahead. Q1 Adjusted EBITDA was ahead of market expectations at $19.3 million. As we move more into our seasonally stronger quarters, we expect EBITDA to be higher year-over-year for the remainder of the year. We continued to control costs well, and so I've raised the midpoint of our Adjusted EBITDA guidance for the year and reiterated guidance for all other metrics. We've made significant progress against our two strategic priorities in the first quarter, and we will continue to focus on these areas: growing and enhancing the value of membership, and delivering operational excellence to drive profitability and free cash flow. Ensuring we deliver the best member experience is at the heart of what we do. We are improving service in our houses, and we're seeing a positive impact, with member satisfaction scores increasing quarter-over-quarter. We continue to execute on initiatives that make our member experience more personalized. We recently launched event recommendations on our app using reliable member data, which helped drive 6% higher event bookings in the quarter. We are continuing to invest in our existing houses, including carrying out refreshes at houses in London, L.A., and New York. Soho House is known for our rooftops and pools. Our members love to spend the warmer months there, which is why we recently relaunched the rooftop at White City House, and we're about to do the same at Soho House Holloway in Los Angeles and Dumbo House in New York. We've continued to introduce new menus, restaurants, pop-ups, and wellness facilities that have all been very well received. We recently announced that we're working towards opening a gym within 180 House in London later this year. Our new openings are going from strength to strength. Soho House Portland's had a strong start since we opened in March, and we've capitalized on six years in the city through our Cities Without Houses membership by already adding more than 1,000 members. I'm also really excited about the upcoming opening in São Paulo, where we've seen high demand for membership of our first house in South America and follows the strong performance of our other house in Latin America, Soho House Mexico City, which opened last September. Turning to our second strategic priority, operational excellence. As you know, our strategy here is centered on three key areas. First, leveraging data and member insight to operate and scale efficiently. Second, expanding in-house margins, and third, having operational discipline as we grow. We've made further progress over the quarter, again, achieving positive cash flow from operating activities. Both in-house food and beverage margins improved year-over-year, despite continued cost inflation. Over the quarter, we set ourselves to go further in this area by conducting a full review of our beverage range, which we expect to deliver even stronger profitability in the future. As part of improving service and becoming more efficient, we launched a new best-in-class HR system in the U.K. that will roll out globally. This will allow managers to spend more time with our members and their teams, whilst also allowing them to better manage their hours. Given the strength of our membership revenue, our house level margins continue to improve in the quarter. Now, let me pass over to Thomas to give you more detail on the numbers and our updated guidance. Thanks, Andrew. Total revenues for the first quarter grew 3% year-on-year to $263 million. Membership revenues rose 20% year-on-year, while in-house and other revenues dropped 5% and 6% respectively. House level contribution was up 6% year-on-year, with house level margins up to 25%. Other contribution was flat year-on-year, both on an absolute and margin basis. Giving more detail on revenue: year-on-year revenues were up $8 million, driven by the increase in recurring membership revenues, which were 38% of total revenue in the quarter. Membership growth and pricing drove a $17 million increase in membership revenues. In-house revenues were down $6 million year-on-year to $110 million, while other revenues were $3 million lower at $53 million. Like-for-like in-house revenue for the quarter were down mid-single digits year-on-year. We outperformed the market in terms of footfall, but saw lower sales per visit. This was partially driven by a shift away from alcohol sales in the quarter, most notably in January. RevPAR declined 3% in the quarter, with occupancy up slightly, offset by lower ADR. U.S. leisure RevPAR was estimated to be down approximately 4% in the quarter, so our performance follows that trend. It's also worth noting that our first quarter RevPAR is still up 24% versus the same period in 2019. On other revenues, we saw growth of both Soho Home and Soho Works year-on-year, offset by lower sales in our standalone restaurants and townhouses, and reduced design and development fees. Our first quarter adjusted EBITDA was $19.3 million, slightly lower year-over-year. Higher house level contribution was more than offset by higher runway G&A expenses, partially driven by our recent and upcoming growth in new markets. We expect EBITDA to grow again as revenues accelerate and we move into seasonally higher revenue quarters. Now discussing our balance sheet. We ended the quarter with $145 million of cash and cash equivalents, and $664 million of net debt. We had positive cash flow from operating activities again in the quarter, our fourth quarter in a row, and a $20 million improvement from first quarter of 2023. This was helped by having $6 million of positive working capital. However, our cash position fell $19 million quarter over quarter. Two key things to point out here: First, this is typically our seasonally lowest quarter in terms of cash flow from operations, and we would expect it to ramp up meaningfully in the next three quarters. And second, we had higher CapEx in the quarter given the recent opening of Portland and upcoming São Paulo and Scorpios properties. We continue to expect $90 million-$100 million of CapEx this year. We ended the quarter at roughly 5x net debt to EBITDA, down from approximately 7x at the end of the first quarter of 2023. Moving to guidance, given good cost controls, we are raising the low end of our EBITDA guidance, with a range now at $157 million-$165 million, from $155 million-$165 million. We last gave guidance roughly eight weeks ago, so we are reaffirming guidance on the rest of our metrics. I won't run through each of them in detail, but I think it's just worth reiterating the sequential improvement we've seen in in-house revenue over the course of the first quarter and into April. Thanks, Thomas. Today, we published our 2023 ESG report, which shows the progress Soho House is making in these areas. Two key highlights I'd like to mention: a unique sustainability measure, where we are recycling out-of-use bed linen to produce paper for our houses. And in terms of social impact, we're proud to have now supported more than 2,000 people through our Creative Access programs, Soho Mentorship and Soho Fellowship, which helps remove barriers for creatives from lower social, economic, and underrepresented backgrounds. In closing, it's been a solid quarter for the business, with strong demand in membership and high growth in membership revenues. Meanwhile, our operational excellence initiatives continue to support profitability and Adjusted EBITDA was ahead of market expectations. We remain focused on delivering for our members and further driving membership value. We remain as confident as ever in the growth opportunities ahead for the business. I would like to thank all our teams globally and our members for their continued support and loyalty. With that, we will now open up to questions. Operator, we can take the first question, please. As a reminder, you can either ask your questions over the phone or submit them over the webcast. Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. We'll take our first question from Shaun Kelley at Bank of America. Hi, good morning, everyone. Thank you for taking my questions. Andrew or Thomas, just hoping we could talk a little bit more about the consumer here. You know, for many of us who've covered stocks throughout this earnings season, I feel like, you know, we've had a meaningful amount of mixed signals out there, and obviously, you have your own lens and a lot of market-specific details. So you gave us a couple clues here. It sounded like footfall was up, but spending was down. But obviously, Thomas, you mentioned a couple of times the improvement through the quarter. Can you help us break that down just a little further in terms of behavior, and if you were to strip out kind of dry January plus weather, you know, just kind of how would you encapsulate the health of the consumer right now? Hi, Shaun. So yeah, I mean, we're seeing a similar picture to what you've been hearing from other folks. The first thing is, because we're a membership club, we're pleased to see our members consistently using our houses. So that's why our footfall trends are better than what you've been hearing or seeing across the general markets. That's a real positive for us. What we've seen is when members come in, they're just spending a little bit less, a little bit more cautiously. We've talked on the last call, I think, about dry January. The good news is that we have definitely been seeing it get better sequentially throughout the year. You know, I don't want to talk about weather. It's all about what we can do with our members. You know, the trend is improving, especially through March and April and into May. The good news is that obviously we're protected differently than other folks, that we have revenues coming in from membership, so that's why we can still post a total revenue growth for the quarter. But we are more confident than we were when we last talked to you, like, eight weeks ago. Great. Thanks for that. And then just any geographic differences or call-outs? We've seen kind of the same. I mean, there's been, you know, some areas that have been, you know, weaker than others, but obviously, you have a couple markets that are particularly important. So just, anything in London, or any differences in the European consumer versus the European, you know, member versus the, you know, the American side here, in either spending or traffic patterns that are notable? The short answer is no. We haven't seen... It's all very similar across every single region, from Asia to America, to Europe, to the UK. Both at the beginning of the year and what we're seeing subsequently getting it better. So it's pretty consistent, Sean. Thank you very much. Next, we'll move to George Kelly at Roth MKM. Hey, everyone. Thanks for taking my questions. So maybe if I could start with just a kind of follow-up from that first question. I was curious if you could give any more detail or quantification just around the improvement that you saw in in-house spending. I don't know if you could contrast, you know, what the growth kind of looked like in April versus January. That would be helpful. Hey, George. Sure. So look, if you think about overall, our growth was down mid-single digits, like in the quarter. You know, I'd say January was down high single digits, February was down middle single digits, and then March and April have, you know, improved to down low single digits. Okay. Thank you. That's helpful. And then second question from me. You referenced these member surveys that you've done. And I'm curious, given the spending weakness that you've seen, I know some of it's out of your control, but is there anything that sort of jumps out in the surveys that you're working to address? Good question. Not really. You know, I think you're right, it is out of control, spending right now. I mean, it's across the whole, you know, globe. We are continuing to focus on our member improvement plans, which we've referenced, you know, time and time again, on the earnings calls, which is focusing on improving the member experience in the houses. So none of the surveys are saying anything. They're, you know, they're generally very positive, and we're just focused on improving the member experience. Okay, understood. I'll hop back in the queue. Thank you. We'll take our next question from Sharon Zackfia at William Blair. Hi, thanks for taking the question. I'm just curious on the member satisfaction scores. I think you alluded to them improving. Is that a global improvement you're seeing, or is there any region that you're seeing more pronounced improvement? And if so, what would you attribute that to? Hey, yeah. So we obviously measure it on a weekly basis globally through our, the feedback directly from the app when a member finishes, eating with us or drinking with us, you know. So that's a very consistent way of measuring our, our performance, especially on atmosphere in the house, service, the food and beverage that we provide. We have seen most markedly an improvement in North America. Now, if you remember, we, we changed leadership there, 6 months ago, which we talked about on a previous earnings call, and we had a whole heap of improvement initiatives in North America. We are definitely seeing that, region, perform a lot better, but most importantly, our members are telling us we're doing a better job. Thanks for that. Then on Soho Friends, is the continued decline in that membership base, is that just a de-emphasizing of Soho Friends, or is there something else we should think about there? Sharon, I think you answered your own question there. So it is a de-emphasis on Soho Friends. You know, we wanna continue to support the people who wanna be Soho Friends, but that's something that we used to invest a lot in. We used to have Friends studios. We found that, you know, a better way to run the company was to really focus on the core Soho House member, while still providing, you know, attractive opportunity with friends. And so that's why we're seeing the natural declines there. Okay, thank you. As a reminder, if you would like to ask a question, press star one. We'll go next to Steven Zaccone at Citi. Great, thanks, thanks for taking my question. I wanted to ask about the maturity of some of the new houses you've opened. It sounds like it's progressing well. Are there still regions or houses where you see opportunity to drive improved House level contribution? It'd be helpful to hear you talk through that. Hey, great question. So if you think we've opened 25 houses in the past four or five years, they all continue to progress up the maturation curve, and they all continue to have more opportunity. We're really pleased with some of the newer markets that we've gone into, in particular, Mexico City, in particular, Portland, Austin, Nashville. We're super excited about São Paulo. So all of them are performing in line with our expectations. And to answer your second part of your question, is there more opportunity? For sure. There's more opportunity to open more houses in North America, in existing markets and new, and also to grow in other regions. Okay, got it. And then, my follow-up question was just on pricing. So, how are you thinking about membership pricing, you know, over the next couple of years? I think this year you've made a slight modification, right? Taking price increases down a bit for existing members. Should we expect that's the trend going forward, where, like, new members are gonna probably pay a higher price per year increase, and existing members are probably gonna continue at this lower level? Thank you. Yeah, I think I've said this before. We're focused on delivering the best member experience. You know, I feel really good about our pricing is... It's the biggest, you know, where we find the biggest opportunities around driving efficiencies at the back end, so we're very comfortable with our pricing at the moment. Okay. Last one, if I could just squeeze one in. Is there any update at all to the possibility of considering strategic alternatives? Doesn't sound like you've made any comments here, but just curious, since there was some comments the last time and there was a, you know, a letter put out. Just, is there anything you can share at this time? Thanks, George. So as you know, last fall, the board set up a special committee of independent members of the board to assess certain strategic transactions. The company will make an announcement if and when there is something to announce. Okay. Thanks very much. I call you George? Oh, Steve, sorry. This concludes today's conference call. We thank you for your participation. You may now disconnect.