HOUSTON, Feb. 9, 2022 /PRNewswire/ -- RCI Hospitality
Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal
2022 first quarter ended December 31,
2021, and filed its Form 10-Q.
Highlights 1Q22 vs. 1Q21
- Total revenues of $61.8 million
vs. $38.4 million
- EPS of $1.12 vs. $1.07
- Non-GAAP EPS* of $1.10 vs.
$0.39
- Net cash from operating activities of $16.3 million vs. $6.3
million
- Free cash flow* of $15.3 million
vs. $5.7 million
- Net income of $10.6 million vs.
$9.5 million
- Adjusted EBITDA* of $18.0 million
vs. $8.7 million
* See "Non-GAAP Financial Measures" below
Eric Langan, President and
CEO of RCI Hospitality Holdings, Inc., stated: "We want
to thank our teams for delivering yet another strong quarter.
Nightclubs and Bombshells continued to perform well. Our 12 recent
club acquisitions and new company-owned Bombshells in Arlington, TX also contributed to results for
part of the quarter. We didn't experience any noticeable impact
until December from Omicron, which, to date, has cycled quickly
through our markets.
"Looking ahead, we expect further progress with our recent club
acquisitions, our first Bombshells franchise to open in
San Antonio, TX, and the soft
launch of our AdmireMe.com site. We are actively pursuing new club
acquisitions as well as Bombshells company-owned locations and
franchisees. Our recently announced $18.7
million bank loan has provided us with additional capital to
deploy in line with our capital allocation strategy. We had
approximately $32 million cash on
hand at the end of January."
Conference Call Today at 4:30 PM
ET
- Live Participant Phone: Toll Free 877-545-0523, International
973-528-0016, Passcode: 203629
- Live webcast, slides or replay link:
https://www.webcaster4.com/Webcast/Page/2209/44464
- Phone replay: Toll Free 877-481-4010, International
919-882-2331, Passcode: 44464
Meet Management Tonight at 6:00 PM
ET
- Investors are invited to meet management at one of RCI's top
revenue generating clubs
- Rick's Cabaret New York, 50 W. 33rd Street, New York, NY, between Fifth Avenue and
Broadway
- RSVP your contact information to
gary.fishman@anreder.com by 5:00 PM
ET today
1Q22 Segments
- Nightclubs: 1Q22 revenues of $46.8
million, operating margin of 40.1%, and income from
operations of $18.7 million. This
compares to 1Q21 revenues of $25.2
million, operating margin of 33.7%, and income from
operations of $8.5 million. Revenues
and income from operations increased approximately 86% and 121%,
respectively, compared to 1Q21, which was still heavily impacted by
government restrictions related to COVID-19. Clubs acquired in
October-November 2021 contributed
approximately 29% of the increase in revenues and approximately 17%
of the increase in operating income. Segment revenues and operating
margin also benefited from a 107% year-over-year increase in
high-margin service revenues.
- Bombshells: 1Q22 revenues of $14.8
million, operating margin of 19.0%, and income from
operations of $2.8 million. This
compares to 1Q21 revenues of $13.0
million, operating margin of 20.9%, and income from
operations of $2.7 million. The new
location in Arlington, TX, which
opened early December, contributed approximately 45% of the
increase in revenues and set a record for first month revenues for
a new Bombshells. Operating margin and income were affected by a
little more than two months of pre-opening costs without sales for
Arlington.
1Q22 Consolidated (comparisons to 1Q21 and % are of total
revenues unless indicated otherwise)
- Margin improvements in cost of goods sold (14.4% vs. 16.2%),
salaries and wages (26.7% vs. 29.9%), and SG&A (29.9% vs.
31.6%) reflected higher Nightclubs sales and margins.
- Operating margin was 25.7% vs. 17.1%.
- Interest expense increased $170
thousand primarily due to higher debt related to the
October-November acquisitions, but as a percentage of revenues
declined to 4.2% from 6.3%.
- Non-operating gains totaled $84
thousand compared to $4.9
million, reflecting the previously reported 1Q21 debt
forgiveness.
- Income taxes were a $2.9 million
expense compared to a benefit of $384
thousand. 1Q21 benefited from a change in the deferred tax
asset valuation allowance.
- Weighted average shares outstanding increased 4.3%, reflecting
the partial quarter effect of the shares issued for 11 clubs
acquired on October 18, 2021.
- Debt was $161.9 million at
12/31/21 compared to $125.2 million at 9/30/21. This increase
primarily reflected previously reported debt used to finance the
October 2021 club acquisitions.
Note
- As of the release of this report, we do not know the future
extent and duration of the impact of COVID-19 on our businesses. We
will continually monitor and evaluate our cash flow situation to
determine whether any measures need to be instituted.
- 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 22.3% and 19.1% effective tax rate
of the pre-tax non-GAAP income before taxes for the three months
ended December 31, 2021 and 2020,
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)
www.rcihospitality.com
With more than 50 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-Fort
Worth, Houston,
Miami, Minneapolis, Denver, St.
Louis, Charlotte,
Pittsburgh, Raleigh, Louisville, 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.
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,
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,
2021, 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, number of shares and percentage data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended December 31,
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
Amount
|
|
% of
Revenue
|
|
Amount
|
|
% of
Revenue
|
Revenues
|
|
|
|
|
|
|
|
|
|
Sales of alcoholic
beverages
|
|
$
26,431
|
|
42.7%
|
|
$
17,360
|
|
45.2%
|
|
Sales of food and
merchandise
|
|
10,894
|
|
17.6%
|
|
8,609
|
|
22.4%
|
|
Service
revenues
|
|
20,876
|
|
33.8%
|
|
10,060
|
|
26.2%
|
|
Other
|
|
3,635
|
|
5.9%
|
|
2,369
|
|
6.2%
|
|
|
Total
revenues
|
|
61,836
|
|
100.0%
|
|
38,398
|
|
100.0%
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
|
|
|
|
|
|
|
|
|
Alcoholic beverages
sold
|
|
4,834
|
|
18.3%
|
|
3,262
|
|
18.8%
|
|
|
Food and merchandise
sold
|
|
3,957
|
|
36.3%
|
|
2,889
|
|
33.6%
|
|
|
Service and
other
|
|
100
|
|
0.4%
|
|
53
|
|
0.4%
|
|
|
|
Total cost of goods
sold (exclusive of items shown below)
|
|
8,891
|
|
14.4%
|
|
6,204
|
|
16.2%
|
|
Salaries and
wages
|
|
16,505
|
|
26.7%
|
|
11,486
|
|
29.9%
|
|
Selling, general and
administrative
|
|
18,486
|
|
29.9%
|
|
12,152
|
|
31.6%
|
|
Depreciation and
amortization
|
|
2,194
|
|
3.5%
|
|
2,023
|
|
5.3%
|
|
Other gains,
net
|
|
(151)
|
|
-0.2%
|
|
(50)
|
|
-0.1%
|
|
|
Total operating
expenses
|
|
45,925
|
|
74.3%
|
|
31,815
|
|
82.9%
|
Income from
operations
|
|
15,911
|
|
25.7%
|
|
6,583
|
|
17.1%
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(2,604)
|
|
-4.2%
|
|
(2,434)
|
|
-6.3%
|
|
Interest
income
|
|
106
|
|
0.2%
|
|
60
|
|
0.2%
|
|
Non-operating gains,
net
|
|
84
|
|
0.1%
|
|
4,916
|
|
12.8%
|
Income before income
taxes
|
|
13,497
|
|
21.8%
|
|
9,125
|
|
23.8%
|
Income tax expense
(benefit)
|
|
2,933
|
|
4.7%
|
|
(384)
|
|
-1.0%
|
Net income
|
|
10,564
|
|
17.1%
|
|
9,509
|
|
24.8%
|
Net loss attributable
to noncontrolling interests
|
|
11
|
|
0.0%
|
|
134
|
|
0.3%
|
Net income attributable
to RCIHH common shareholders
|
|
$
10,575
|
|
17.1%
|
|
$
9,643
|
|
25.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
1.12
|
|
|
|
$
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
9,407,519
|
|
|
|
9,019,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
share
|
|
$
0.04
|
|
|
|
$
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP FINANCIAL
MEASURES
|
(in thousands, except
per share, number of shares and percentage data)
|
|
|
|
|
|
|
|
For the Three
Months
|
|
|
Ended December
31,
|
|
|
2021
|
|
2020
|
Reconciliation of
GAAP net income to Adjusted EBITDA
|
|
|
|
|
Net income attributable
to RCIHH common stockholders
|
|
$
10,575
|
|
$
9,643
|
Income tax expense
(benefit)
|
|
2,933
|
|
(384)
|
Interest expense,
net
|
|
2,498
|
|
2,374
|
Settlement of
lawsuits
|
|
192
|
|
152
|
Gain on sale of
businesses and assets
|
|
(342)
|
|
(5)
|
Gain on debt
extinguishment
|
|
(85)
|
|
(4,949)
|
Unrealized loss on
equity securities
|
|
1
|
|
33
|
Gain on
insurance
|
|
(1)
|
|
(197)
|
Depreciation and
amortization
|
|
2,194
|
|
2,023
|
Adjusted
EBITDA
|
|
$
17,965
|
|
$
8,690
|
|
|
|
|
|
Reconciliation of
GAAP net income to non-GAAP net income
|
|
|
Net income attributable
to RCIHH common stockholders
|
|
$
10,575
|
|
$
9,643
|
Amortization of
intangibles
|
|
50
|
|
79
|
Settlement of
lawsuits
|
|
192
|
|
152
|
Gain on sale of
businesses and assets
|
|
(342)
|
|
(5)
|
Gain on debt
extinguishment
|
|
(85)
|
|
(4,949)
|
Unrealized loss on
equity securities
|
|
1
|
|
33
|
Gain on
insurance
|
|
(1)
|
|
(197)
|
Net income tax
effect
|
|
(38)
|
|
(1,219)
|
Non-GAAP net
income
|
|
$
10,352
|
|
$
3,537
|
|
|
|
|
|
Reconciliation of
GAAP diluted earnings per share to non-GAAP diluted earnings per
share
|
Diluted
shares
|
|
9,407,519
|
|
9,019,088
|
GAAP diluted earnings
per share
|
|
$
1.12
|
|
$
1.07
|
Amortization of
intangibles
|
|
0.01
|
|
0.01
|
Settlement of
lawsuits
|
|
0.02
|
|
0.02
|
Gain on sale of
businesses and assets
|
|
(0.04)
|
|
(0.00)
|
Gain on debt
extinguishment
|
|
(0.01)
|
|
(0.55)
|
Unrealized loss on
equity securities
|
|
0.00
|
|
0.00
|
Gain on
insurance
|
|
(0.00)
|
|
(0.02)
|
Net income tax
effect
|
|
(0.00)
|
|
(0.14)
|
Non-GAAP diluted
earnings per share
|
|
$
1.10
|
|
$
0.39
|
|
|
|
|
|
Reconciliation of
GAAP operating income to non-GAAP operating income
|
Income from
operations
|
|
$
15,911
|
|
$
6,583
|
Amortization of
intangibles
|
|
50
|
|
79
|
Settlement of
lawsuits
|
|
192
|
|
152
|
Gain on sale of
businesses and assets
|
|
(342)
|
|
(5)
|
Gain on
insurance
|
|
(1)
|
|
(197)
|
Non-GAAP operating
income
|
|
$
15,810
|
|
$
6,612
|
|
|
|
|
|
Reconciliation of
GAAP operating margin to non-GAAP operating margin
|
GAAP operating
margin
|
|
25.7%
|
|
17.1%
|
Amortization of
intangibles
|
|
0.1%
|
|
0.2%
|
Settlement of
lawsuits
|
|
0.3%
|
|
0.4%
|
Gain on sale of
businesses and assets
|
|
-0.6%
|
|
0.0%
|
Gain on
insurance
|
|
0.0%
|
|
-0.5%
|
Non-GAAP operating
margin
|
|
25.6%
|
|
17.2%
|
|
|
|
|
|
Reconciliation of
net cash provided by operating activities to free cash
flow
|
Net cash provided by
operating activities
|
|
$
16,264
|
|
$
6,274
|
Less: Maintenance
capital expenditures
|
|
998
|
|
605
|
Free cash
flow
|
|
$
15,266
|
|
$
5,669
|
|
|
|
|
|
|
|
|
|
|
|
RCI HOSPITALITY
HOLDINGS, INC.
|
SEGMENT
INFORMATION
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
For the Three
Months
|
|
|
|
Ended December
31,
|
|
|
|
2021
|
|
2020
|
Revenues
|
|
|
|
|
|
Nightclubs
|
|
$
46,781
|
|
$
25,197
|
|
Bombshells
|
|
14,771
|
|
13,006
|
|
Other
|
|
284
|
|
195
|
|
|
|
$
61,836
|
|
$
38,398
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
|
|
|
Nightclubs
|
|
$
18,736
|
|
$
8,495
|
|
Bombshells
|
|
2,802
|
|
2,717
|
|
Other
|
|
(43)
|
|
(75)
|
|
General
corporate
|
|
(5,584)
|
|
(4,554)
|
|
|
|
$
15,911
|
|
$
6,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP SEGMENT
INFORMATION
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended December 31, 2021
|
|
For the Three Months
Ended December 31, 2020
|
|
|
Nightclubs
|
|
Bombshells
|
|
Other
|
|
Corporate
|
|
Total
|
|
Nightclubs
|
|
Bombshells
|
|
Other
|
|
Corporate
|
|
Total
|
Income (loss) from
operations
|
|
$
18,736
|
|
$
2,802
|
|
$
(43)
|
|
$
(5,584)
|
|
$
15,911
|
|
$
8,495
|
|
$
2,717
|
|
$
(75)
|
|
$
(4,554)
|
|
$
6,583
|
Amortization of
intangibles
|
|
47
|
|
3
|
|
-
|
|
-
|
|
50
|
|
47
|
|
4
|
|
28
|
|
-
|
|
79
|
Settlement of
lawsuits
|
|
177
|
|
10
|
|
-
|
|
5
|
|
192
|
|
118
|
|
34
|
|
-
|
|
-
|
|
152
|
Loss (gain) on sale of
businesses and assets
|
45
|
|
13
|
|
-
|
|
(400)
|
|
(342)
|
|
-
|
|
-
|
|
-
|
|
(5)
|
|
(5)
|
Gain on
insurance
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(197)
|
|
-
|
|
-
|
|
-
|
|
(197)
|
Non-GAAP operating
income (loss)
|
$
19,004
|
|
$
2,828
|
|
$
(43)
|
|
$
(5,979)
|
|
$
15,810
|
|
$
8,463
|
|
$
2,755
|
|
$
(47)
|
|
$
(4,559)
|
|
$
6,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
|
40.1%
|
|
19.0%
|
|
-15.1%
|
|
-9.0%
|
|
25.7%
|
|
33.7%
|
|
20.9%
|
|
-38.5%
|
|
-11.9%
|
|
17.1%
|
Non-GAAP operating
margin
|
|
40.6%
|
|
19.1%
|
|
-15.1%
|
|
-9.7%
|
|
25.6%
|
|
33.6%
|
|
21.2%
|
|
-24.1%
|
|
-11.9%
|
|
17.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Net income
|
|
$
10,564
|
|
$
9,509
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,194
|
|
2,023
|
|
Deferred income tax
benefit
|
|
-
|
|
-
|
|
Gain on sale of
businesses and assets
|
|
(523)
|
|
(5)
|
|
Gain on debt
extinguishment
|
|
(83)
|
|
(4,920)
|
|
Unrealized loss on
equity securities
|
|
1
|
|
33
|
|
Amortization of debt
discount and issuance costs
|
|
51
|
|
51
|
|
Doubtful accounts
expense (reversal) on notes receivable
|
17
|
|
(93)
|
|
Noncash lease
expense
|
|
629
|
|
421
|
|
Gain on
insurance
|
|
-
|
|
(250)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
1,344
|
|
1,433
|
|
|
Inventories
|
|
(445)
|
|
(22)
|
|
|
Prepaid expenses, other
current assets and other assets
|
(6,519)
|
|
1,125
|
|
|
Accounts payable,
accrued and other liabilities
|
|
9,034
|
|
(3,031)
|
|
Net cash provided by
operating activities
|
|
16,264
|
|
6,274
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
Proceeds from sale of
businesses and assets
|
|
803
|
|
-
|
Proceeds from
insurance
|
|
185
|
|
250
|
Proceeds from notes
receivable
|
|
34
|
|
26
|
Payments for property
and equipment and intangible assets
|
(9,850)
|
|
(1,289)
|
Acquisition of
businesses, net of cash acquired
|
|
(39,302)
|
|
-
|
|
Net cash used in
investing activities
|
|
(48,130)
|
|
(1,013)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from debt
obligations
|
|
17,002
|
|
-
|
Payments on debt
obligations
|
|
(2,488)
|
|
(1,745)
|
Purchase of treasury
stock
|
|
-
|
|
(1,794)
|
Payment of
dividends
|
|
(380)
|
|
(360)
|
|
Net cash provided by
(used in) financing activities
|
|
14,134
|
|
(3,899)
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
(17,732)
|
|
1,362
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
35,686
|
|
15,605
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
|
$
17,954
|
|
$
16,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
17,954
|
|
$
35,686
|
|
$
16,967
|
|
Accounts receivable,
net
|
|
6,012
|
|
7,570
|
|
5,334
|
|
Current portion of
notes receivable
|
|
225
|
|
220
|
|
211
|
|
Inventories
|
|
3,530
|
|
2,659
|
|
2,394
|
|
Prepaid expenses and
other current assets
|
|
8,245
|
|
1,928
|
|
5,348
|
|
Assets held for
sale
|
|
3,113
|
|
4,887
|
|
-
|
|
|
Total current
assets
|
|
39,079
|
|
52,950
|
|
30,254
|
Property and equipment,
net
|
|
203,878
|
|
175,952
|
|
180,548
|
Operating lease
right-of-use assets
|
|
35,845
|
|
24,308
|
|
25,125
|
Notes receivable, net
of current portion
|
|
5,512
|
|
2,839
|
|
2,965
|
Goodwill
|
|
54,484
|
|
39,379
|
|
45,686
|
Intangibles,
net
|
|
125,314
|
|
67,824
|
|
73,149
|
Other assets
|
|
1,566
|
|
1,367
|
|
882
|
|
|
|
Total assets
|
|
$
465,678
|
|
$
364,619
|
|
$
358,609
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
5,807
|
|
$
4,408
|
|
$
3,601
|
|
Accrued
liabilities
|
|
18,413
|
|
10,403
|
|
13,100
|
|
Current portion of debt
obligations, net
|
|
9,003
|
|
6,434
|
|
15,685
|
|
Current portion of
operating lease liabilities
|
|
2,288
|
|
1,780
|
|
1,658
|
|
|
Total current
liabilities
|
|
35,511
|
|
23,025
|
|
34,044
|
Deferred tax liability,
net
|
|
22,040
|
|
19,137
|
|
20,390
|
Debt, net of current
portion and debt discount and issuance costs
|
|
152,847
|
|
118,734
|
|
119,136
|
Operating lease
liabilities, net of current portion
|
|
35,154
|
|
24,150
|
|
25,017
|
Other long-term
liabilities
|
|
357
|
|
350
|
|
360
|
|
|
Total
liabilities
|
|
245,909
|
|
185,396
|
|
198,947
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Preferred
stock
|
|
-
|
|
-
|
|
-
|
|
Common stock
|
|
95
|
|
90
|
|
90
|
|
Additional paid-in
capital
|
|
80,397
|
|
50,040
|
|
50,040
|
|
Retained
earnings
|
|
139,888
|
|
129,693
|
|
110,080
|
|
|
Total RCIHH
stockholders' equity
|
|
220,380
|
|
179,823
|
|
160,210
|
|
Noncontrolling
interests
|
|
(611)
|
|
(600)
|
|
(548)
|
|
|
Total equity
|
|
219,769
|
|
179,223
|
|
159,662
|
|
|
|
Total liabilities and
equity
|
|
$
465,678
|
|
$
364,619
|
|
$
358,609
|
|
|
|
|
|
|
|
|
|
|
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SOURCE RCI Hospitality Holdings, Inc.