HOUSTON, Feb. 9, 2021 /PRNewswire/ -- RCI Hospitality
Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal
2021 first quarter ended December 31,
2020 and filed its Form 10-Q. Results are not comparable to
year-ago periods due to the COVID-19 pandemic, which has caused
state and local governments to restrict the opening, occupancy, and
operating hours of locations in different ways, at different
times.
1Q21 Highlights
- GAAP EPS of $1.07 and non-GAAP
EPS of $0.39
- GAAP results included $4.9
million pre-tax gain from debt extinguishment and a
$384,000 tax benefit
- Weighted average shares outstanding declined 3.3%
year-over-year
- $17.0 million cash and cash
equivalents at December 31, 2020
- Net cash from operating activities of $6.3 million and free cash flow* of $5.7 million
- Total revenues of $38.4 million,
up 33% from 4Q20 and equal to 79% of 1Q20 revenues
- Nightclubs segment revenues of $25.2
million with 33.7% operating margin
- Bombshells segment revenues of $13.0
million with 20.9% operating margin
Eric Langan, President &
CEO, said: "1Q21 saw the best overall company and
Nightclubs performance since the pandemic began in our March 2020 quarter, as well as continued strong
Bombshells results. This enabled us to keep our teams employed,
generate free cash flow, build cash, and achieve operating and net
profitability on a GAAP and non-GAAP basis. Once again, we thank
our loyal customers, dedicated team members, and steadfast
investors.
"Looking ahead, we're encouraged more clubs have been allowed to
reopen and hope this trend continues as the COVID-19 vaccines are
rolled out. As of today, 31 clubs and all 10 Bombshells are open.
We're also evaluating potential club acquisitions. To expand
Bombshells, we recently acquired a great site in the Dallas area and are conducting due diligence
on three more. In addition, we are closely collaborating with our
initial franchisee on their first location and continue to speak
with potential new franchisees. As part of the effort to refinance
our real estate debt at better terms, we are awaiting results of
appraisals."
Conference Call Today at 4:30 PM
ET
- Live Participant Phone Number: Toll Free 877-407-9210,
International 201-689-8049
- Access the live webcast, slides or replay here:
https://www.webcaster4.com/Webcast/Page/2209/39831
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919-882-2331, Passcode: 39831
1Q21 Statement of Operations (All comparisons are to
1Q20)
- Consolidated revenues of $38.4
million compared to $48.4
million. By segment, Bombshells generated $13.0 million compared to $10.4 million, and Nightclubs generated
$25.2 million compared to
$37.9 million.
- During 1Q21, 24 clubs were open the full quarter and 26 by
period end, and all 10 Bombshells were open the full quarter.
During 1Q20, 38 clubs were open, and the ninth Bombshells opened
October 2019.
- Cost of goods sold was 16.2% vs. 14.0% of revenues due to the
change in sales mix from a higher proportion of food and a lower
proportion of service revenues.
- Salaries and wages were 29.9% vs. 27.3% of revenues, reflecting
the impact of fixed salaries on lower sales.
- SG&A was 31.6% vs. 34.2% of revenues due to cost-savings
initiatives and lower variable expenses due to lower sales,
partially offset by fixed expenses.
- Income from operations was $6.6
million (17.1% of revenues) vs. $9.7
million (20.0% of revenues).
- Bombshells segment profitability increased 73% to $2.7 million on a 26% increase in sales and a 570
basis point increase in margin to 20.9% of segment revenues.
Results reflected higher sales, more consistent traffic while
operating in line with indoor restrictions, and greater operating
leverage.
- Nightclubs segment generated $8.5
million in operating income with a 33.7% operating margin.
This is the segment's best performance since the 2Q20 quarter, when
the pandemic was declared March 13,
2020.
- Non-operating gains of $4.9
million pre-tax from debt extinguishment of forgiven
loans.
- Tax benefit of $384,000 caused
primarily by reversal of the tax valuation allowance and the impact
of the loan forgiveness.
December 31, 2020 Balance Sheet
(All comparisons are to September 30,
2020)
- Cash and cash equivalents of $17.0
million compared to $15.6
million.
- Debt of $134.8 million compared
to $141.4 million, reflecting debt
extinguishment and regular paydowns.
Note
- As of the release of this report, we do not know the future
extent and duration of the COVID-19 pandemic on our businesses.
Lower sales caused by social distancing guidelines could lead to
adverse financial results. We are continually monitoring and
evaluating the situation and will determine any further measures to
be instituted, which could include refinancing several of our debt
obligations.
- All references to the "company," "we," "our," and similar terms
include RCI Hospitality Holdings, Inc. and its subsidiaries, unless
the context indicates otherwise.
*Non-GAAP Financial Measures
In addition to our financial information presented in accordance
with GAAP, management uses certain non-GAAP financial measures,
within the meaning of the SEC Regulation G, to clarify and enhance
understanding of past performance and prospects for the future.
Generally, a non-GAAP financial measure is a numerical measure of a
company's operating performance, financial position or cash flows
that excludes or includes amounts that are included in or excluded
from the most directly comparable measure calculated and presented
in accordance with GAAP. We monitor non-GAAP financial measures
because it describes the operating performance of the Company and
helps management and investors gauge our ability to generate cash
flow, excluding (or including) some items that management believes
are not representative of the ongoing business operations of the
Company, but are included in (or excluded from) the most directly
comparable measures calculated and presented in accordance with
GAAP. Relative to each of the non-GAAP financial measures, we
further set forth our rationale as follows:
- Non-GAAP Operating Income and Non-GAAP Operating Margin.
We calculate non-GAAP operating income and non-GAAP operating
margin by excluding the following items from income from operations
and operating margin: (a) amortization of intangibles, (b) gains or
losses on sale of businesses and assets, (c) gains or losses on
insurance, and (d) settlement of lawsuits. We believe that
excluding these items assists investors in evaluating
period-over-period changes in our operating income and operating
margin without the impact of items that are not a result of our
day-to-day business and operations.
- Non-GAAP Net Income and Non-GAAP Net Income per Diluted
Share. We calculate non-GAAP net income and non-GAAP net income
per diluted share by excluding or including certain items to net
income attributable to RCIHH common stockholders and diluted
earnings per share. Adjustment items are: (a) amortization of
intangibles, (b) gains or losses on sale of businesses and assets,
(c) gains or losses on insurance, (d) unrealized gains or losses on
equity securities, (e) settlement of lawsuits, (f) gain on debt
extinguishment, and (g) the income tax effect of the above
described adjustments. Included in the income tax effect of the
above adjustments is the net effect of the non-GAAP provision for
income taxes, calculated at 19.1% and 21.8% effective tax rate of
the pre-tax non-GAAP income before taxes for the three months ended
December 31, 2020 and 2019,
respectively, and the GAAP income tax expense (benefit). We believe
that excluding and including such items help management and
investors better understand our operating activities.
- Adjusted EBITDA. We calculate adjusted EBITDA by
excluding the following items from net income attributable to RCIHH
common stockholders: (a) depreciation and amortization, (b) income
tax expense (benefit), (c) net interest expense, (d) gains or
losses on sale of businesses and assets, (e) gains or losses on
insurance, (f) unrealized gains or losses on equity securities, (g)
settlement of lawsuits, and (h) gain on debt extinguishment. We
believe that adjusting for such items helps management and
investors better understand our operating activities. Adjusted
EBITDA provides a core operational performance measurement that
compares results without the need to adjust for federal, state and
local taxes which have considerable variation between domestic
jurisdictions. The results are, therefore, without consideration of
financing alternatives of capital employed. We use adjusted EBITDA
as one guideline to assess our unleveraged performance return on
our investments. Adjusted EBITDA is also the target benchmark for
our acquisitions of nightclubs.
- Management also uses non-GAAP cash flow measures such as
free cash flow. Free cash flow is derived from net cash
provided by operating activities less maintenance capital
expenditures. We use free cash flow as the baseline for the
implementation of our capital allocation strategy.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
With more than 40 units, RCI Hospitality Holdings, Inc., through
its subsidiaries, is the country's leading company in gentlemen's
clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas/Ft.
Worth, Houston,
Miami, Minneapolis, St.
Louis, Charlotte, Pittsburgh, and other markets operate under
brand names such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret,
Jaguars Club, Tootsie's Cabaret, and Scarlett's Cabaret. Sports
bars/restaurants operate under the brand name Bombshells Restaurant
& Bar. Please visit http://www.rcihospitality.com/
Forward-Looking Statements
This press release may contain forward-looking statements that
involve a number of risks and uncertainties that could cause the
company's actual results to differ materially from those indicated
in this press release, including, but not limited to, the risks and
uncertainties associated with (i) operating and managing an adult
business, (ii) the business climates in cities where it operates,
(iii) the success or lack thereof in launching and building the
company's businesses, (iv) cyber security, (v) conditions relevant
to real estate transactions, (vi) the impact of the COVID-19
pandemic, and (vii) numerous other factors such as laws governing
the operation of adult entertainment businesses, competition and
dependence on key personnel. For more detailed discussion of such
factors and certain risks and uncertainties, see RCI's annual
report on Form 10-K for the year ended September 30, 2020 as well as its other filings
with the U.S. Securities and Exchange Commission. The company has
no obligation to update or revise the forward-looking statements to
reflect the occurrence of future events or circumstances.
Media & Investor Contacts
Gary Fishman and Steven Anreder at 212-532-3232 or
gary.fishman@anreder.com and steven.anreder@anreder.com
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except
per share and percentage data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended December 31,
|
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
Amount
|
|
% of
Revenue
|
|
Amount
|
|
% of
Revenue
|
Revenues
|
|
|
|
|
|
|
|
|
|
Sales of alcoholic
beverages
|
|
$
17,360
|
|
45.2%
|
|
$
20,743
|
|
42.9%
|
|
Sales of food and
merchandise
|
|
8,609
|
|
22.4%
|
|
7,447
|
|
15.4%
|
|
Service
revenues
|
|
10,060
|
|
26.2%
|
|
17,193
|
|
35.5%
|
|
Other
|
|
2,369
|
|
6.2%
|
|
3,011
|
|
6.2%
|
|
|
Total
revenues
|
|
38,398
|
|
100.0%
|
|
48,394
|
|
100.0%
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
|
|
|
|
|
|
|
|
|
Alcoholic beverages
sold
|
|
3,262
|
|
18.8%
|
|
4,146
|
|
20.0%
|
|
|
Food and merchandise
sold
|
|
2,863
|
|
33.3%
|
|
2,553
|
|
34.3%
|
|
|
Service and
other
|
|
79
|
|
0.6%
|
|
77
|
|
0.4%
|
|
|
|
Total cost of goods
sold (exclusive of items shown below)
|
|
6,204
|
|
16.2%
|
|
6,776
|
|
14.0%
|
|
Salaries and
wages
|
|
11,486
|
|
29.9%
|
|
13,223
|
|
27.3%
|
|
Selling, general and
administrative
|
|
12,152
|
|
31.6%
|
|
16,531
|
|
34.2%
|
|
Depreciation and
amortization
|
|
2,023
|
|
5.3%
|
|
2,204
|
|
4.6%
|
|
Other gains,
net
|
|
(50)
|
|
-0.1%
|
|
(26)
|
|
-0.1%
|
|
|
Total operating
expenses
|
|
31,815
|
|
82.9%
|
|
38,708
|
|
80.0%
|
Income from
operations
|
|
6,583
|
|
17.1%
|
|
9,686
|
|
20.0%
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(2,434)
|
|
-6.3%
|
|
(2,485)
|
|
-5.1%
|
|
Interest
income
|
|
60
|
|
0.2%
|
|
98
|
|
0.2%
|
|
Non-operating gains
(losses), net
|
|
4,916
|
|
12.8%
|
|
(72)
|
|
-0.1%
|
Income before income
taxes
|
|
9,125
|
|
23.8%
|
|
7,227
|
|
14.9%
|
Income tax expense
(benefit)
|
|
(384)
|
|
-1.0%
|
|
1,593
|
|
3.3%
|
Net income
|
|
9,509
|
|
24.8%
|
|
5,634
|
|
11.6%
|
Net loss attributable
to noncontrolling interests
|
|
134
|
|
0.3%
|
|
-
|
|
0.0%
|
Net income
attributable to RCIHH common shareholders
|
|
$
9,643
|
|
25.1%
|
|
$
5,634
|
|
11.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
1.07
|
|
|
|
$
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
9,019
|
|
|
|
9,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
share
|
|
$
0.04
|
|
|
|
$
0.03
|
|
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP FINANCIAL
MEASURES
|
(in thousands, except
per share and percentage data)
|
|
|
|
|
|
|
|
For the Three
Months
|
|
|
Ended December
31,
|
|
|
2020
|
|
2019
|
Reconciliation of
GAAP net income to Adjusted EBITDA
|
|
|
|
|
Net income
attributable to RCIHH common stockholders
|
|
$
9,643
|
|
$
5,634
|
Income tax expense
(benefit)
|
|
(384)
|
|
1,593
|
Interest expense,
net
|
|
2,374
|
|
2,387
|
Settlement of
lawsuits
|
|
152
|
|
24
|
Gain on sale of
businesses and assets
|
|
(5)
|
|
(30)
|
Gain on debt
extinguishment
|
|
(4,949)
|
|
-
|
Unrealized loss on
equity securities
|
|
33
|
|
72
|
Gain on
insurance
|
|
(197)
|
|
(20)
|
Depreciation and
amortization
|
|
2,023
|
|
2,204
|
Adjusted
EBITDA
|
|
$
8,690
|
|
$
11,864
|
|
|
|
|
|
Reconciliation of
GAAP net income to non-GAAP net income
|
|
|
|
|
Net income
attributable to RCIHH common stockholders
|
|
$
9,643
|
|
$
5,634
|
Amortization of
intangibles
|
|
79
|
|
156
|
Settlement of
lawsuits
|
|
152
|
|
24
|
Gain on sale of
businesses and assets
|
|
(5)
|
|
(30)
|
Gain on debt
extinguishment
|
|
(4,949)
|
|
-
|
Unrealized loss on
equity securities
|
|
33
|
|
72
|
Gain on
insurance
|
|
(197)
|
|
(20)
|
Net income tax
effect
|
|
(1,219)
|
|
(26)
|
Non-GAAP net
income
|
|
$
3,537
|
|
$
5,810
|
|
|
|
|
|
Reconciliation of
GAAP diluted earnings per share to non-GAAP diluted earnings per
share
|
|
|
|
|
Diluted
shares
|
|
9,019
|
|
9,322
|
GAAP diluted earnings
per share
|
|
$
1.07
|
|
$
0.60
|
Amortization of
intangibles
|
|
0.01
|
|
0.02
|
Settlement of
lawsuits
|
|
0.02
|
|
0.00
|
Gain on sale of
businesses and assets
|
|
(0.00)
|
|
(0.00)
|
Gain on debt
extinguishment
|
|
(0.55)
|
|
-
|
Unrealized loss on
equity securities
|
|
0.00
|
|
0.01
|
Gain on
insurance
|
|
(0.02)
|
|
(0.00)
|
Net income tax
effect
|
|
(0.14)
|
|
(0.00)
|
Non-GAAP diluted
earnings per share
|
|
$
0.39
|
|
$
0.62
|
|
|
|
|
|
Reconciliation of
GAAP operating income to non-GAAP operating income
|
|
|
|
|
Income from
operations
|
|
$
6,583
|
|
$
9,686
|
Amortization of
intangibles
|
|
79
|
|
156
|
Settlement of
lawsuits
|
|
152
|
|
24
|
Gain on sale of
businesses and assets
|
|
(5)
|
|
(30)
|
Gain on
insurance
|
|
(197)
|
|
(20)
|
Non-GAAP operating
income
|
|
$
6,612
|
|
$
9,816
|
|
|
|
|
|
Reconciliation of
GAAP operating margin to non-GAAP operating margin
|
|
|
|
|
GAAP operating
margin
|
|
17.1%
|
|
20.0%
|
Amortization of
intangibles
|
|
0.2%
|
|
0.3%
|
Settlement of
lawsuits
|
|
0.4%
|
|
0.0%
|
Gain on sale of
businesses and assets
|
|
0.0%
|
|
-0.1%
|
Gain on
insurance
|
|
-0.5%
|
|
0.0%
|
Non-GAAP operating
margin
|
|
17.2%
|
|
20.3%
|
|
|
|
|
|
Reconciliation of
net cash provided by operating activities to free cash
flow
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
6,274
|
|
$
10,273
|
Less: Maintenance
capital expenditures
|
|
605
|
|
1,021
|
Free cash
flow
|
|
$
5,669
|
|
$
9,252
|
RCI HOSPITALITY
HOLDINGS, INC.
|
SEGMENT
INFORMATION
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
|
|
Ended December
31,
|
|
|
|
2020
|
|
2019
|
Revenues
|
|
|
|
|
|
Nightclubs
|
|
$
25,197
|
|
$
37,859
|
|
Bombshells
|
|
13,006
|
|
10,350
|
|
Other
|
|
195
|
|
185
|
|
|
|
$
38,398
|
|
$
48,394
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
|
|
|
Nightclubs
|
|
$
8,495
|
|
$
13,776
|
|
Bombshells
|
|
2,717
|
|
1,573
|
|
Other
|
|
(75)
|
|
(207)
|
|
General
corporate
|
|
(4,554)
|
|
(5,456)
|
|
|
|
$
6,583
|
|
$
9,686
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP SEGMENT
INFORMATION
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended December 31, 2020
|
|
For the Three
Months Ended December 31, 2019
|
|
|
Nightclubs
|
|
Bombshells
|
|
Other
|
|
Corporate
|
|
Total
|
|
Nightclubs
|
|
Bombshells
|
|
Other
|
|
Corporate
|
|
Total
|
Income (loss) from
operations
|
|
$
8,495
|
|
$
2,717
|
|
$
(75)
|
|
$
(4,554)
|
|
$
6,583
|
|
$
13,776
|
|
$
1,573
|
|
$
(207)
|
|
$
(5,456)
|
|
$
9,686
|
Amortization of
intangibles
|
|
47
|
|
4
|
|
28
|
|
-
|
|
79
|
|
57
|
|
4
|
|
95
|
|
-
|
|
156
|
Settlement of
lawsuits
|
|
118
|
|
34
|
|
-
|
|
-
|
|
152
|
|
24
|
|
-
|
|
-
|
|
-
|
|
24
|
Gain on sale of
businesses and assets
|
|
-
|
|
-
|
|
-
|
|
(5)
|
|
(5)
|
|
3
|
|
-
|
|
-
|
|
(33)
|
|
(30)
|
Gain on
insurance
|
|
(197)
|
|
-
|
|
-
|
|
-
|
|
(197)
|
|
(20)
|
|
-
|
|
-
|
|
-
|
|
(20)
|
Non-GAAP operating
income (loss)
|
|
$
8,463
|
|
$
2,755
|
|
$
(47)
|
|
$
(4,559)
|
|
$
6,612
|
|
$
13,840
|
|
$
1,577
|
|
$
(112)
|
|
$
(5,489)
|
|
$
9,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
|
33.7%
|
|
20.9%
|
|
-38.5%
|
|
-11.9%
|
|
17.1%
|
|
36.4%
|
|
15.2%
|
|
-111.9%
|
|
-11.3%
|
|
20.0%
|
Non-GAAP operating
margin
|
|
33.6%
|
|
21.2%
|
|
-24.1%
|
|
-11.9%
|
|
17.2%
|
|
36.6%
|
|
15.2%
|
|
-60.5%
|
|
-11.3%
|
|
20.3%
|
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Net income
|
|
$
9,509
|
|
$
5,634
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,023
|
|
2,204
|
|
Deferred income tax
benefit
|
|
-
|
|
(150)
|
|
Gain on sale of
businesses and assets
|
|
(5)
|
|
(30)
|
|
Gain on debt
extinguishment
|
|
(4,920)
|
|
-
|
|
Unrealized loss on
equity securities
|
|
33
|
|
72
|
|
Amortization of debt
discount and issuance costs
|
|
51
|
|
61
|
|
Doubtful accounts
reversal on notes receivable
|
|
(93)
|
|
-
|
|
Noncash lease
expense
|
|
421
|
|
329
|
|
Gain on
insurance
|
|
(250)
|
|
(20)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
1,433
|
|
2,345
|
|
|
Inventories
|
|
(22)
|
|
(141)
|
|
|
Prepaid expenses,
other current assets and other assets
|
|
1,125
|
|
1,565
|
|
|
Accounts payable,
accrued and other liabilities
|
|
(3,031)
|
|
(1,596)
|
|
Net cash provided by
operating activities
|
|
6,274
|
|
10,273
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
Proceeds from sale of
businesses and assets
|
|
-
|
|
51
|
Proceeds from
insurance
|
|
250
|
|
932
|
Proceeds from notes
receivable
|
|
26
|
|
357
|
Payments for property
and equipment and intangible assets
|
|
(1,289)
|
|
(4,058)
|
|
Net cash used in
investing activities
|
|
(1,013)
|
|
(2,718)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from debt
obligations
|
|
-
|
|
318
|
Payments on debt
obligations
|
|
(1,745)
|
|
(2,081)
|
Purchase of treasury
stock
|
|
(1,794)
|
|
(6,441)
|
Payment of
dividends
|
|
(360)
|
|
(279)
|
Distribution to
noncontrolling interests
|
|
-
|
|
(10)
|
|
Net cash used in
financing activities
|
|
(3,899)
|
|
(8,493)
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
1,362
|
|
(938)
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
|
15,605
|
|
14,097
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
|
$
16,967
|
|
$
13,159
|
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2020
|
|
2020
|
|
2019
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
16,967
|
|
$
15,605
|
|
$
13,159
|
|
Accounts receivable,
net
|
|
5,334
|
|
6,767
|
|
4,250
|
|
Current portion of
notes receivable
|
|
211
|
|
201
|
|
659
|
|
Inventories
|
|
2,394
|
|
2,372
|
|
2,739
|
|
Prepaid expenses and
other current assets
|
|
5,348
|
|
6,488
|
|
6,386
|
|
Assets held for
sale
|
|
-
|
|
-
|
|
4,825
|
|
|
Total current
assets
|
|
30,254
|
|
31,433
|
|
32,018
|
Property and
equipment, net
|
|
180,548
|
|
181,383
|
|
183,657
|
Operating lease
right-of-use assets
|
|
25,125
|
|
25,546
|
|
26,981
|
Notes receivable, net
of current portion
|
|
2,965
|
|
2,908
|
|
4,149
|
Goodwill
|
|
45,686
|
|
45,686
|
|
53,630
|
Intangibles,
net
|
|
73,149
|
|
73,077
|
|
75,795
|
Other
assets
|
|
882
|
|
900
|
|
1,062
|
|
|
|
Total
assets
|
|
$
358,609
|
|
$
360,933
|
|
$
377,292
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
3,601
|
|
$
4,799
|
|
$
3,202
|
|
Accrued
liabilities
|
|
13,100
|
|
14,573
|
|
13,759
|
|
Current portion of
debt obligations, net
|
|
15,685
|
|
16,304
|
|
14,898
|
|
Current portion of
operating lease liabilities
|
|
1,658
|
|
1,628
|
|
1,521
|
|
|
Total current
liabilities
|
|
34,044
|
|
37,304
|
|
33,380
|
Deferred tax
liability, net
|
|
20,390
|
|
20,390
|
|
21,508
|
Debt, net of current
portion and debt discount and issuance costs
|
|
119,136
|
|
125,131
|
|
126,928
|
Operating lease
liabilities, net of current portion
|
|
25,017
|
|
25,439
|
|
26,745
|
Other long-term
liabilities
|
|
360
|
|
362
|
|
407
|
|
|
Total
liabilities
|
|
198,947
|
|
208,626
|
|
208,968
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
-
|
|
-
|
|
-
|
|
Common
stock
|
|
90
|
|
91
|
|
93
|
|
Additional paid-in
capital
|
|
50,040
|
|
51,833
|
|
54,874
|
|
Retained
earnings
|
|
110,080
|
|
100,797
|
|
113,523
|
|
|
Total RCIHH
stockholders' equity
|
|
160,210
|
|
152,721
|
|
168,490
|
|
Noncontrolling
interests
|
|
(548)
|
|
(414)
|
|
(166)
|
|
|
Total
equity
|
|
159,662
|
|
152,307
|
|
168,324
|
|
|
|
Total liabilities and
equity
|
|
$
358,609
|
|
$
360,933
|
|
$
377,292
|
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SOURCE RCI Hospitality Holdings, Inc.