Twitter Spaces Conference Call at 4:30
PM ET Today; Meet Management at 7 PM
ET Tonight
HOUSTON, Feb. 9, 2023
/PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today
reported results and filed its Form 10-Q for the fiscal 2023 first
quarter ended December 31, 2022.
Summary Financials
|
1Q23
|
Change YoY
|
Total
Revenues
|
$70.0M
|
+13.2 %
|
EPS
|
$1.11
|
-0.9 %
|
Non-GAAP
EPS*
|
$1.19
|
+8.2 %
|
Net Cash from Operating
Activities
|
$14.9M
|
-8.4 %
|
Free Cash
Flow*
|
$13.0M
|
-14.6 %
|
Net Income Attributable
to RCIHH Common Stockholders
|
$10.2M
|
-3.2 %
|
Adjusted
EBITDA*
|
$20.5M
|
+13.9 %
|
Weighted Average Number
of Basic & Diluted Shares Outstanding
|
9.2M
|
-1.9 %
|
* See "Non-GAAP Financial Measures" below.
Eric Langan, President and
CEO of RCI Hospitality Holdings, Inc., said: "1Q23
results were generally in line with our expectations as we launched
our big, three-year growth plan for fiscal 23-25. Thanks to our
loyal and dedicated teams for all their hard work and effort."
"During 1Q23, a 21.4% year-over-year increase in Nightclubs
operating income more than offset challenging comparisons in
Bombshells. GAAP EPS and net cash from operating activities, and
non-GAAP EPS and free cash flow, were affected by higher than
anticipated repairs and maintenance capital expenditures that
happened to occur during the quarter. Nonetheless, adjusted EBITDA
increased 13.9% year-over-year, and we ended 1Q23 with $34.1 million in cash."
"To continue with our mission of growing free cash flow and
adjusted EBITDA in the years ahead, we now have numerous
acquisitions and projects in development. These include our pending
acquisition of the five Baby Dolls and Chicas Locas adult
nightclubs in Dallas, Fort Worth and Houston; our exciting new Rick's Cabaret
Steakhouse & Casino in Central City,
CO; and new Bombshells in Alabama, Colorado, and Texas."
Conference Call at 4:30 PM ET
Today
Participants need to use Twitter Spaces on their mobile
phones to ask questions during the Q&A
Twitter Spaces
|
Telephone
|
Webcast, Slides & Replay
|
- https://twitter.com/i/spaces/1lDxLnmRpnRGm
- Hosted by:
@RicksCEO, @BradleyChhay, and @itsmarkmoran
|
- Toll Free
888-506-0062
- International:
973-528-0011
- Passcode:
677580
|
- https://www.webcaster4.com/Webcast/Page/2209/47578
|
Meet Management at 7:00 PM ET
Tonight
- Investors are invited to Meet Management at one of RCI's top
revenue generating clubs
- Rick's Cabaret New York, 50 W 33rd St, New York, NY 10001
- RSVP your contact information to gary.fishman@anreder.com by
5:00 PM ET today
1Q23 Segments
- Nightclubs: Revenues of $56.3
million and operating income of $22.7
million. 1Q23 revenues included $15.3
million from the 15 clubs acquired in FY22 and one of two
clubs acquired in 1Q23, and a 23.4% year-over-year increase in
higher-margin service revenues. Same-store sales also
increased.1 Operating margin was 40.4% versus 40.1%
in 1Q22 due to increased operating leverage from higher sales,
partially offset by increased amortization of club licenses.
- Bombshells: Revenues of $13.4
million and operating income of $1.8
million. Revenues included $1.3
million in sales from the Arlington, TX, location (opened December 2021). Same-store sales
declined.1 Operating margin was 13.8% versus 19.0%
primarily due to reduced operating leverage compared with 1Q22,
when the chain benefitted from an unusually favorable local market
environment.
1Q23 Consolidated (Comparisons are to 1Q22 and % are
of total revenues unless indicated otherwise)
- Cost of goods sold: 12.9% vs. 14.4% mainly due to
increased higher-margin service revenues in the sales mix.
- Salaries and wages: Level at 26.7% vs. 26.7%.
- SG&A: 32.5% vs. 29.9% mainly due to non-cash
stock-based compensation of $0.9
million and $0.4 million of
repairs. Excluding these items, 1Q23 SG&A would have been
29.5%.
- Depreciation and amortization: 4.7% vs. 3.5% due to
increased depreciable assets from newly acquired and constructed
units and amortization of licenses from clubs at leased
locations.
- Operating margin: 24.2% vs. 25.7% (level at 25.6% vs.
25.6% non-GAAP).
- Interest expense: 5.3% vs. 4.2%, primarily reflecting
higher average debt mostly from seller-financed promissory notes
from FY22 acquisitions.
- Income tax expense: $3.0
million vs. $2.9 million. The
effective tax rate was 22.8% compared to 21.7%.
- Weighted average shares outstanding: Decreased 1.9% due
to repurchases, partially offset by shares issued for clubs
acquired in October 2021.
- Debt: $211.2 million at
12/31/22 compared to $202.5 million at 9/30/22. The increase primarily
reflected financing for the acquisitions of Heartbreakers
Gentlemen's Club; Lubbock, TX land
for a Bombshells; and the Denver
food hall.
Note
The novel coronavirus (COVID-19) pandemic disrupted and may
continue to disrupt our business, which has and could continue to
materially affect our operations, financial condition, and results
of operations for an extended period of time. 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, (d) settlement of lawsuits, and (e) stock-based
compensation. 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, (g) stock-based compensation, and (h) 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 22.7% and 22.3%
effective tax rate of the pre-tax non-GAAP income before taxes for
the three months ended December 31,
2022 and 2021, 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, (h) gain on debt extinguishment, and (i)
stock-based compensation. 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)
(Twitter: @RCIHHinc)
With more than 60 locations, RCI Hospitality Holdings, Inc.,
through its subsidiaries, is the country's leading company in adult
nightclubs and sports bars/restaurants. See all our brands at
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,
including, but not limited to, the risks and uncertainties
associated with (i) operating and managing an adult entertainment
or restaurant 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 or restaurant
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, 2022, 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
1 See our January 10,
2023 news release on 1Q23 sales for more details.
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(in thousands, except
per share, number of shares and percentage data)
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended December 31,
|
|
2022
|
|
2021
|
|
Amount
|
|
% of
Revenue
|
|
Amount
|
|
% of
Revenue
|
Revenues
|
|
|
|
|
|
|
|
Sales of alcoholic
beverages
|
$
29,650
|
|
42.4 %
|
|
$
26,431
|
|
42.7 %
|
Sales of food and
merchandise
|
10,347
|
|
14.8 %
|
|
10,894
|
|
17.6 %
|
Service
revenues
|
25,563
|
|
36.5 %
|
|
20,876
|
|
33.8 %
|
Other
|
4,408
|
|
6.3 %
|
|
3,635
|
|
5.9 %
|
Total
revenues
|
69,968
|
|
100.0 %
|
|
61,836
|
|
100.0 %
|
Operating
expenses
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
|
|
|
|
|
|
Alcoholic beverages
sold
|
5,374
|
|
18.1 %
|
|
4,834
|
|
18.3 %
|
Food and merchandise
sold
|
3,586
|
|
34.7 %
|
|
3,957
|
|
36.3 %
|
Service and
other
|
49
|
|
0.2 %
|
|
100
|
|
0.4 %
|
Total cost of goods
sold (exclusive of items shown below)
|
9,009
|
|
12.9 %
|
|
8,891
|
|
14.4 %
|
Salaries and
wages
|
18,676
|
|
26.7 %
|
|
16,505
|
|
26.7 %
|
Selling, general and
administrative
|
22,732
|
|
32.5 %
|
|
18,486
|
|
29.9 %
|
Depreciation and
amortization
|
3,307
|
|
4.7 %
|
|
2,194
|
|
3.5 %
|
Other gains,
net
|
(654)
|
|
-0.9 %
|
|
(151)
|
|
-0.2 %
|
Total operating
expenses
|
53,070
|
|
75.8 %
|
|
45,925
|
|
74.3 %
|
Income from
operations
|
16,898
|
|
24.2 %
|
|
15,911
|
|
25.7 %
|
Other income
(expenses)
|
|
|
|
|
|
|
|
Interest
expense
|
(3,687)
|
|
-5.3 %
|
|
(2,604)
|
|
-4.2 %
|
Interest
income
|
91
|
|
0.1 %
|
|
106
|
|
0.2 %
|
Non-operating gains,
net
|
-
|
|
0.0 %
|
|
84
|
|
0.1 %
|
Income before income
taxes
|
13,302
|
|
19.0 %
|
|
13,497
|
|
21.8 %
|
Income tax
expense
|
3,031
|
|
4.3 %
|
|
2,933
|
|
4.7 %
|
Net income
|
10,271
|
|
14.7 %
|
|
10,564
|
|
17.1 %
|
Net loss (income)
attributable to noncontrolling interests
|
(33)
|
|
0.0 %
|
|
11
|
|
0.0 %
|
Net income attributable
to RCIHH common shareholders
|
$
10,238
|
|
14.6 %
|
|
$
10,575
|
|
17.1 %
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
1.11
|
|
|
|
$
1.12
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
Basic and
diluted
|
9,230,258
|
|
|
|
9,407,519
|
|
|
|
|
|
|
|
|
|
|
Dividends per
share
|
$
0.05
|
|
|
|
$
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,
|
|
2022
|
|
2021
|
Reconciliation of
GAAP net income to Adjusted EBITDA
|
|
|
|
Net income attributable
to RCIHH common stockholders
|
$
10,238
|
|
$
10,575
|
Income tax
expense
|
3,031
|
|
2,933
|
Interest expense,
net
|
3,596
|
|
2,498
|
Settlement of
lawsuits
|
-
|
|
192
|
Gain on sale of
businesses and assets
|
(590)
|
|
(342)
|
Gain on debt
extinguishment
|
-
|
|
(85)
|
Unrealized loss on
equity securities
|
-
|
|
1
|
Gain on
insurance
|
(64)
|
|
(1)
|
Stock-based
compensation
|
941
|
|
-
|
Depreciation and
amortization
|
3,307
|
|
2,194
|
Adjusted
EBITDA
|
$
20,459
|
|
$
17,965
|
|
|
|
|
Reconciliation of
GAAP net income to non-GAAP net income
|
|
|
|
Net income attributable
to RCIHH common stockholders
|
$
10,238
|
|
$
10,575
|
Amortization of
intangibles
|
695
|
|
50
|
Settlement of
lawsuits
|
-
|
|
192
|
Gain on sale of
businesses and assets
|
(590)
|
|
(342)
|
Gain on debt
extinguishment
|
-
|
|
(85)
|
Unrealized loss on
equity securities
|
-
|
|
1
|
Gain on
insurance
|
(64)
|
|
(1)
|
Stock-based
compensation
|
941
|
|
-
|
Net income tax
effect
|
(200)
|
|
(38)
|
Non-GAAP net
income
|
$
11,020
|
|
$
10,352
|
|
|
|
|
Reconciliation of
GAAP diluted earnings per share to non-GAAP diluted earnings per
share
|
|
|
|
Diluted
shares
|
9,230,258
|
|
9,407,519
|
GAAP diluted earnings
per share
|
$
1.11
|
|
$
1.12
|
Amortization of
intangibles
|
0.08
|
|
0.01
|
Settlement of
lawsuits
|
-
|
|
0.02
|
Gain on sale of
businesses and assets
|
(0.06)
|
|
(0.04)
|
Gain on debt
extinguishment
|
-
|
|
(0.01)
|
Unrealized loss on
equity securities
|
-
|
|
0.00
|
Gain on
insurance
|
(0.01)
|
|
(0.00)
|
Stock-based
compensation
|
0.10
|
|
-
|
Net income tax
effect
|
(0.02)
|
|
(0.00)
|
Non-GAAP diluted
earnings per share
|
$
1.19
|
|
$
1.10
|
|
|
|
|
Reconciliation of
GAAP operating income to non-GAAP operating income
|
|
|
|
Income from
operations
|
$
16,898
|
|
$
15,911
|
Amortization of
intangibles
|
695
|
|
50
|
Settlement of
lawsuits
|
-
|
|
192
|
Gain on sale of
businesses and assets
|
(590)
|
|
(342)
|
Gain on
insurance
|
(64)
|
|
(1)
|
Stock-based
compensation
|
941
|
|
-
|
Non-GAAP operating
income
|
$
17,880
|
|
$
15,810
|
|
|
|
|
Reconciliation of
GAAP operating margin to non-GAAP operating margin
|
|
|
|
GAAP operating
margin
|
24.2 %
|
|
25.7 %
|
Amortization of
intangibles
|
1.0 %
|
|
0.1 %
|
Settlement of
lawsuits
|
0.0 %
|
|
0.3 %
|
Gain on sale of
businesses and assets
|
-0.8 %
|
|
-0.6 %
|
Gain on
insurance
|
-0.1 %
|
|
0.0 %
|
Stock-based
compensation
|
1.3 %
|
|
0.0 %
|
Non-GAAP operating
margin
|
25.6 %
|
|
25.6 %
|
|
|
|
|
Reconciliation of
net cash provided by operating activities to free cash
flow
|
|
|
|
Net cash provided by
operating activities
|
$
14,895
|
|
$
16,264
|
Less: Maintenance
capital expenditures
|
1,864
|
|
998
|
Free cash
flow
|
$
13,031
|
|
$
15,266
|
RCI HOSPITALITY
HOLDINGS, INC.
|
SEGMENT
INFORMATION
|
(in
thousands)
|
|
|
|
|
|
For the Three
Months
|
|
Ended December
31,
|
|
2022
|
|
2021
|
Revenues
|
|
|
|
Nightclubs
|
$
56,325
|
|
$
46,781
|
Bombshells
|
13,431
|
|
14,771
|
Other
|
212
|
|
284
|
|
$
69,968
|
|
$
61,836
|
|
|
|
|
Income (loss) from
operations
|
|
|
|
Nightclubs
|
$
22,740
|
|
$
18,736
|
Bombshells
|
1,847
|
|
2,802
|
Other
|
(185)
|
|
(43)
|
Corporate
|
(7,504)
|
|
(5,584)
|
|
$
16,898
|
|
$
15,911
|
RCI HOSPITALITY
HOLDINGS, INC.
|
NON-GAAP SEGMENT
INFORMATION
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended December 31, 2022
|
|
For the Three Months
Ended December 31, 2021
|
|
Nightclubs
|
|
Bombshells
|
|
Other
|
|
Corporate
|
|
Total
|
|
Nightclubs
|
|
Bombshells
|
|
Other
|
|
Corporate
|
|
Total
|
Income (loss) from
operations
|
$ 22,740
|
|
$
1,847
|
|
$
(185)
|
|
$ (7,504)
|
|
$ 16,898
|
|
$ 18,736
|
|
$
2,802
|
|
$
(43)
|
|
$ (5,584)
|
|
$ 15,911
|
Amortization of
intangibles
|
628
|
|
2
|
|
61
|
|
4
|
|
695
|
|
47
|
|
3
|
|
-
|
|
-
|
|
50
|
Settlement of
lawsuits
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
177
|
|
10
|
|
-
|
|
5
|
|
192
|
Loss (gain) on sale of
businesses and assets
|
(569)
|
|
-
|
|
-
|
|
(21)
|
|
(590)
|
|
45
|
|
13
|
|
-
|
|
(400)
|
|
(342)
|
Gain on
insurance
|
(48)
|
|
-
|
|
-
|
|
(16)
|
|
(64)
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
(1)
|
Stock-based
compensation
|
-
|
|
-
|
|
-
|
|
941
|
|
941
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
Non-GAAP operating
income (loss)
|
$ 22,751
|
|
$
1,849
|
|
$
(124)
|
|
$ (6,596)
|
|
$ 17,880
|
|
$ 19,004
|
|
$
2,828
|
|
$
(43)
|
|
$ (5,979)
|
|
$ 15,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
40.4 %
|
|
13.8 %
|
|
-87.3 %
|
|
-10.7 %
|
|
24.2 %
|
|
40.1 %
|
|
19.0 %
|
|
-15.1 %
|
|
-9.0 %
|
|
25.7 %
|
Non-GAAP operating
margin
|
40.4 %
|
|
13.8 %
|
|
-58.5 %
|
|
-9.4 %
|
|
25.6 %
|
|
40.6 %
|
|
19.1 %
|
|
-15.1 %
|
|
-9.7 %
|
|
25.6 %
|
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
For the Three
Months
|
|
Ended December
31,
|
|
2022
|
|
2021
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
10,271
|
|
$
10,564
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,307
|
|
2,194
|
Gain on sale of
businesses and assets
|
(686)
|
|
(523)
|
Gain on debt
extinguishment
|
-
|
|
(83)
|
Unrealized loss on
equity securities
|
-
|
|
1
|
Amortization of debt
discount and issuance costs
|
144
|
|
51
|
Doubtful accounts
expense on notes receivable
|
-
|
|
17
|
Noncash lease
expense
|
719
|
|
629
|
Stock-based
compensation
|
941
|
|
-
|
Gain on
insurance
|
(64)
|
|
-
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
1,447
|
|
1,344
|
Inventories
|
(94)
|
|
(445)
|
Prepaid expenses, other
current assets and other assets
|
(7,208)
|
|
(6,519)
|
Accounts payable,
accrued and other liabilities
|
6,118
|
|
9,034
|
Net cash provided by
operating activities
|
14,895
|
|
16,264
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Proceeds from sale of
businesses and assets
|
2,784
|
|
803
|
Proceeds from
insurance
|
64
|
|
185
|
Proceeds from notes
receivable
|
55
|
|
34
|
Payments for property
and equipment and intangible assets
|
(12,553)
|
|
(9,850)
|
Acquisition of
businesses, net of cash acquired
|
(4,000)
|
|
(39,302)
|
Net cash used in
investing activities
|
(13,650)
|
|
(48,130)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Proceeds from debt
obligations
|
1,500
|
|
17,002
|
Payments on debt
obligations
|
(3,361)
|
|
(2,488)
|
Purchase of treasury
stock
|
(98)
|
|
-
|
Payment of
dividends
|
(462)
|
|
(380)
|
Payment of loan
origination costs
|
(96)
|
|
-
|
Share in return of
investment by noncontrolling partner
|
(600)
|
|
-
|
Net cash provided by
(used in) financing activities
|
(3,117)
|
|
14,134
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
(1,872)
|
|
(17,732)
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
35,980
|
|
35,686
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
34,108
|
|
$
17,954
|
RCI HOSPITALITY
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2022
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
34,108
|
|
$
35,980
|
|
$
17,954
|
Accounts receivable,
net
|
6,016
|
|
8,510
|
|
6,012
|
Current portion of
notes receivable
|
235
|
|
230
|
|
225
|
Inventories
|
4,051
|
|
3,893
|
|
3,530
|
Prepaid expenses and
other current assets
|
8,611
|
|
1,499
|
|
8,245
|
Assets held for
sale
|
-
|
|
1,049
|
|
3,113
|
Total current
assets
|
53,021
|
|
51,161
|
|
39,079
|
Property and equipment,
net
|
246,536
|
|
224,615
|
|
203,878
|
Operating lease
right-of-use assets
|
36,329
|
|
37,048
|
|
35,845
|
Notes receivable, net
of current portion
|
4,631
|
|
4,691
|
|
5,512
|
Goodwill
|
70,189
|
|
67,767
|
|
54,484
|
Intangibles,
net
|
143,949
|
|
144,049
|
|
125,314
|
Other assets
|
1,503
|
|
1,407
|
|
1,566
|
Total assets
|
$
556,158
|
|
$
530,738
|
|
$
465,678
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
$
5,182
|
|
$
5,482
|
|
$
5,807
|
Accrued
liabilities
|
18,864
|
|
11,328
|
|
18,413
|
Current portion of debt
obligations, net
|
13,291
|
|
11,896
|
|
9,003
|
Current portion of
operating lease liabilities
|
2,850
|
|
2,795
|
|
2,288
|
Total current
liabilities
|
40,187
|
|
31,501
|
|
35,511
|
Deferred tax liability,
net
|
30,562
|
|
30,562
|
|
22,040
|
Debt, net of current
portion and debt discount and issuance costs
|
197,943
|
|
190,567
|
|
152,847
|
Operating lease
liabilities, net of current portion
|
35,270
|
|
36,001
|
|
35,154
|
Other long-term
liabilities
|
386
|
|
349
|
|
357
|
Total
liabilities
|
304,348
|
|
288,980
|
|
245,909
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Preferred
stock
|
-
|
|
-
|
|
-
|
Common stock
|
92
|
|
92
|
|
95
|
Additional paid-in
capital
|
68,070
|
|
67,227
|
|
80,397
|
Retained
earnings
|
183,726
|
|
173,950
|
|
139,888
|
Total RCIHH
stockholders' equity
|
251,888
|
|
241,269
|
|
220,380
|
Noncontrolling
interests
|
(78)
|
|
489
|
|
(611)
|
Total equity
|
251,810
|
|
241,758
|
|
219,769
|
Total liabilities and
equity
|
$
556,158
|
|
$
530,738
|
|
$
465,678
|
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SOURCE RCI Hospitality Holdings, Inc.