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RCI Files 10-K; Positive Operating Cash Flow for 4Q20 & FY20; Conference Call Tuesday at 9 AM ET

Dec 14, 2020 4:05 PM

HOUSTON, Dec. 14, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fourth quarter and year ended September 30, 2020 and filed its Form 10-K. 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 of locations, occupancy, and operating hours in different ways, at different times.

Eric Langan, President & CEO, said: "4Q20 demonstrated our continued progress managing the effects of COVID-19. This has enabled us to serve our guests, keep our teams employed, generate free cash flow, and retain a healthy amount of cash on the balance sheet. Considering the operating environment, both the Bombshells and Nightclubs segments exceeded our expectations. A huge thanks goes out to our loyal customers, dedicated team members, and steadfast investors. Looking ahead, we're actively pursuing several club acquisitions. We're in various stages of site acquisition and development of 'The Next 10' Bombshells, and we believe we are well-positioned to benefit from the positive effects COVID-19 vaccines could create for our businesses over the course of FY21 and beyond."

4Q20 Key Points

  • Total revenues of $28.8 million, up 96% from 3Q20 and equal to 64% of 4Q19 revenues
  • Record quarterly Bombshells revenues of $15.5 million, up 82% from 3Q20, with record operating margin of 32.7%
  • Nightclubs revenues of $13.1 million, up 118% from 3Q20
  • Net cash from operating activities of $3.5 million and free cash flow* of $3.4 million
  • GAAP EPS (loss) of ($0.31) and non-GAAP EPS of $0.15
  • $15.6 million cash and cash equivalents at September 30, 2020

FY20 Key Points

  • Total revenues of $132.3 million
  • Net cash from operating activities of $15.6 million and free cash flow of $13.5 million
  • GAAP EPS (loss) of ($0.66) and non-GAAP EPS of $0.51
  • Common shares outstanding at September 30, 2020 of 9.075 million vs. 9.591 million a year ago

1Q21 Update

  • Sales for clubs and restaurants are expected to total $35 million to $37 million, assuming no additional closings/restrictions
  • Currently, 36 locations open (26 clubs and all 10 Bombshells)
  • As of today, RCI has approximately $18 million cash and cash equivalents on hand

Conference Call Tuesday at 9 AM 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/2209/39008
  • Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 39008

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.

4Q20 Statement of Operations (All comparisons are to 4Q19)

  • Consolidated revenues of $28.8 million compared to $45.2 million. By segment, Bombshells generated $15.5 million compared to $8.5 million, and Nightclubs generated $13.1 million compared to $35.9 million.
  • 24 of 48 locations (8 Bombshells and 16 clubs) were open throughout most of the quarter. By period end, 44 locations (all 10 Bombshells and 34 clubs) were open.
  • Cost of goods sold was 15.6% vs. 13.8% of revenues due to the change in mix, reflecting a higher proportion of food and a lower proportion of service revenues.
  • Salaries and wages were 28.5% vs. 28.0% of revenues, reflecting effective labor cost management in the face of the changing COVID-19 environment.
  • SG&A was 41.0% vs. 36.8% of revenues and D&A was 7.4% vs. 5.2%, largely reflecting fixed costs on a lower revenue base, with the effect on SG&A partially offset by cost-cutting.
  • Net other charges of $2.0 million, most of which were non-cash, primarily reflected $1.4 million in additional COVID-19 club impairment and a $453K loss primarily related to hurricane damage at a small Louisiana club which is expected to be covered by insurance.
  • Bombshells segment had both record setting $5.1 million operating income at a 32.7% margin on a higher level of sales and more consistent occupancy while operating in line with indoor restrictions.
  • Nightclubs segment had a breakeven performance primarily due to the above mentioned $1.9 million in net other charges. On a non-GAAP basis, Nightclubs had a $2.1 million operating profit at a 16.1% margin.
  • Interest expense was 3.7% lower due to debt paydowns prior to and during 4Q20.
  • Income tax was a $769K expense, which included a non-cash $1.3 million expense for recognizing a deferred tax asset valuation allowance.

September 30, 2020 Balance Sheet (All comparisons are to June 30, 2020)

  • Cash and cash equivalents of $15.6 million compared to $14.8 million.
  • Debt of $141.4 million compared to $142.7 million.

*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) impairment of assets, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, and (e) 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) impairment of assets, (c) costs and charges related to debt refinancing, (d) gains or losses on sale of businesses and assets, (e) gains or losses on insurance, (f) unrealized loss on equity securities, (g) settlement of lawsuits, (h) the income tax effect of the above described adjustments, and (i) deferred tax asset valuation allowance. Included in the income tax effect of the above adjustments is the net effect of the non-GAAP provision for income taxes, calculated at 26.0%, 15.5%, and 24.5% effective tax rate of the pre-tax non-GAAP income before taxes for the 2020, 2019, and 2018, 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. The calculated amount for adjustment (h) above in fiscal 2018 was significantly affected by the change in the statutory federal corporate tax rate caused by the Tax Act.
  • 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) impairment of assets, and (h) settlement of lawsuits. 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 the unleveraged performance return on our investments. Adjusted EBITDA multiple is also used as a 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 [email protected] and [email protected]

 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share and percentage data)


























For the Three Months Ended September 30,


For the Twelve Months Ended September 30,






2020


2019


2020


2019






Amount


% of
Revenue


Amount


% of
Revenue


Amount


% of
Revenue


Amount


% of
Revenue

Revenues


















Sales of alcoholic beverages


$        13,795


47.9%


$  18,774


41.6%


$  59,080


44.6%


$  75,140


41.5%


Sales of food and merchandise


7,082


24.6%


6,655


14.7%


24,460


18.5%


25,830


14.3%


Service revenues


6,714


23.3%


16,446


36.4%


41,162


31.1%


68,055


37.6%


Other


1,195


4.2%


3,308


7.3%


7,625


5.8%


12,034


6.6%



Total revenues


28,786


100.0%


45,183


100.0%


132,327


100.0%


181,059


100.0%

Operating expenses


















Cost of goods sold



















Alcoholic beverages sold


2,271


16.5%


3,762


20.0%


11,097


18.8%


15,303


20.4%



Food and merchandise sold


2,154


30.4%


2,199


33.0%


8,071


33.0%


9,056


35.1%



Service and other


62


0.8%


271


1.4%


267


0.5%


578


0.7%




Total cost of goods sold (exclusive of items shown below)


4,487


15.6%


6,232


13.8%


19,435


14.7%


24,937


13.8%


Salaries and wages


8,204


28.5%


12,665


28.0%


39,070


29.5%


49,833


27.5%


Selling, general and administrative


11,803


41.0%


16,633


36.8%


51,692


39.1%


59,896


33.1%


Depreciation and amortization


2,140


7.4%


2,354


5.2%


8,836


6.7%


9,072


5.0%


Other charges (gains), net


1,960


6.8%


4,870


10.8%


10,548


8.0%


2,620


1.4%



Total operating expenses


28,594


99.3%


42,754


94.6%


129,581


97.9%


146,358


80.8%

Income (loss) from operations


192


0.7%


2,429


5.4%


2,746


2.1%


34,701


19.2%

Other income (expenses)


















Interest expense


(2,408)


-8.4%


(2,500)


-5.5%


(9,811)


-7.4%


(10,209)


-5.6%


Interest income


61


0.2%


91


0.2%


324


0.2%


309


0.2%


Unrealized gain (loss) on equity securities


39


0.1%


(204)


-0.5%


(64)


0.0%


(612)


-0.3%

Income (loss) before income taxes


(2,116)


-7.4%


(184)


-0.4%


(6,805)


-5.1%


24,189


13.4%

Income tax expense (benefit)


769


2.7%


(684)


-1.5%


(493)


-0.4%


3,744


2.1%

Net income (loss)


(2,885)


-10.0%


500


1.1%


(6,312)


-4.8%


20,445


11.3%

Net loss (income) attributable to noncontrolling interests


92


0.3%


(42)


-0.1%


227


0.2%


(151)


-0.1%

Net income (loss) attributable to RCIHH common shareholders


$        (2,793)


-9.7%


$        458


1.0%


$  (6,085)


-4.6%


$  20,294


11.2%





















Earnings (loss) per share


















Basic and diluted


$          (0.31)




$      0.05




$    (0.66)




$      2.10























Weighted average shares outstanding


















Basic and diluted


9,124




9,616




9,199




9,657























Dividends per share


$            0.04




$      0.03




$      0.14




$      0.13



 

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)












For the Three Months


For the Twelve Months



Ended September 30,


Ended September 30,



2020


2019


2020


2019

Reconciliation of GAAP net income (loss) to Adjusted EBITDA









Net income (loss) attributable to RCIHH common stockholders


$ (2,793)


$     458


$  (6,085)


$  20,294

Income tax expense (benefit)


769


(684)


(493)


3,744

Interest expense, net


2,347


2,409


9,487


9,900

Settlement of lawsuits


100


81


174


225

Impairment of assets


1,423


6,040


10,615


6,040

Gain on sale of businesses and assets


(16)


(390)


(661)


(2,877)

Unrealized loss (gain) on equity securities


(39)


204


64


612

Loss (gain) on insurance


453


(861)


420


(768)

Depreciation and amortization


2,140


2,354


8,836


9,072

Adjusted EBITDA


$   4,384


$  9,611


$  22,357


$  46,242










Reconciliation of GAAP net income (loss) to non-GAAP net income









Net income (loss) attributable to RCIHH common stockholders


$ (2,793)


$     458


$  (6,085)


$  20,294

Amortization of intangibles


148


150


609


624

Settlement of lawsuits


100


81


174


225

Impairment of assets


1,423


6,040


10,615


6,040

Gain on sale of businesses and assets


(17)


(390)


(661)


(2,877)

Unrealized loss (gain) on equity securities


(39)


204


64


612

Loss (gain) on insurance


453


(861)


420


(768)

Valuation allowance


1,273


-


1,273


-

Net income tax effect


799


212


(1,700)


(580)

Non-GAAP net income


$   1,347


$  5,894


$    4,709


$  23,570










Reconciliation of GAAP diluted earnings (loss) per share to non-GAAP diluted earnings per share



Diluted shares


9,124


9,616


9,199


9,657

GAAP diluted earnings (loss) per share


$   (0.31)


$    0.05


$    (0.66)


$      2.10

Amortization of intangibles


0.02


0.02


0.07


0.06

Settlement of lawsuits


0.01


0.01


0.02


0.02

Impairment of assets


0.16


0.63


1.15


0.63

Gain on sale of businesses and assets


(0.00)


(0.04)


(0.07)


(0.30)

Unrealized loss (gain) on equity securities


(0.00)


0.02


0.01


0.06

Loss (gain) on insurance


0.05


(0.09)


0.05


(0.08)

Valuation allowance


0.14


-


0.14


-

Net income tax effect


0.09


0.02


(0.18)


(0.06)

Non-GAAP diluted earnings per share


$      0.15


$    0.61


$      0.51


$      2.44










Reconciliation of GAAP operating income to non-GAAP operating income







Income from operations


$       192


$  2,429


$    2,746


$  34,701

Amortization of intangibles


148


150


609


624

Settlement of lawsuits


100


81


174


225

Impairment of assets


1,423


6,040


10,615


6,040

Gain on sale of businesses and assets


(17)


(390)


(661)


(2,877)

Loss (gain) on insurance


453


(861)


420


(768)

Non-GAAP operating income


$   2,299


$  7,449


$  13,903


$  37,945










Reconciliation of GAAP operating margin to non-GAAP operating margin








GAAP operating margin


0.7%


5.4%


2.1%


19.2%

Amortization of intangibles


0.5%


0.3%


0.5%


0.3%

Settlement of lawsuits


0.3%


0.2%


0.1%


0.1%

Impairment of assets


4.9%


13.4%


8.0%


3.3%

Gain on sale of businesses and assets


-0.1%


-0.9%


-0.5%


-1.6%

Loss (gain) on insurance


1.6%


-1.9%


0.3%


-0.4%

Non-GAAP operating margin


8.0%


16.5%


10.5%


21.0%










Reconciliation of net cash provided by operating activities to free cash flow







Net cash provided by operating activities


$   3,485


$  7,641


$  15,632


$  37,174

Less: Maintenance capital expenditures


40


1,786


2,151


3,858

Free cash flow


$   3,445


$  5,855


$  13,481


$  33,316

 

RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)














For the Three Months


For the Twelve Months




Ended September 30,


Ended September 30,




2020


2019


2020


2019

Revenues










Nightclubs


$  13,134


$  35,942


$    88,373


$  148,606


Bombshells


15,531


8,533


43,215


30,828


Other


121


708


739


1,625




$  28,786


$  45,183


$  132,327


$  181,059











Income (loss) from operations










Nightclubs


$        116


$    6,225


$    13,118


$    50,724


Bombshells


5,079


764


9,245


2,307


Other


(204)


97


(684)


(309)


General corporate


(4,799)


(4,657)


(18,933)


(18,021)




$        192


$    2,429


$      2,746


$    34,701

 

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)
























For the Three Months Ended September 30, 2020


For the Three Months Ended September 30, 2019



Nightclubs


Bombshells


Other


Corporate


Total


Nightclubs


Bombshells


Other


Corporate


Total

Income (loss) from operations


$        116


$    5,079


$   (204)


$   (4,799)


$        192


$    6,225


$        764


$      97


$   (4,657)


$  2,429

Amortization of intangibles


48


4


96


-


148


-


-


-


150


150

Settlement of lawsuits


100


-


-


-


100


40


-


-


41


81

Impairment of assets


1,423


-


-


-


1,423


5,920


-


-


120


6,040

Loss (gain) on sale of businesses and assets


(20)


-


-


3


(17)


(446)


26


-


30


(390)

Loss (gain) on insurance


453


-


-


-


453


(747)


-


-


(114)


(861)

Non-GAAP operating income (loss)


$    2,120


$    5,083


$   (108)


$   (4,796)


$    2,299


$  10,992


$        790


$      97


$   (4,430)


$  7,449






















GAAP operating margin


0.9%


32.7%


-168.6%


-16.7%


0.7%


17.3%


9.0%


13.7%


-10.3%


5.4%

Non-GAAP operating margin


16.1%


32.7%


-89.3%


-16.7%


8.0%


30.6%


9.3%


13.7%


-9.8%


16.5%













































For the Twelve Months Ended September 30, 2020


For the Twelve Months Ended September 30, 2019



Nightclubs


Bombshells


Other


Corporate


Total


Nightclubs


Bombshells


Other


Corporate


Total

Income (loss) from operations


$  13,118


$    9,245


$   (684)


$ (18,933)


$    2,746


$  50,724


$    2,307


$ (309)


$ (18,021)


$  34,701

Amortization of intangibles


211


15


383


-


609


-


-


-


624


624

Settlement of lawsuits


174


-


-


-


174


169


3


-


53


225

Impairment of assets


10,370


245


-


-


10,615


5,920


-


-


120


6,040

Loss (gain) on sale of businesses and assets


(639)


16


-


(38)


(661)


(2,858)


27


-


(46)


(2,877)

Loss (gain) on insurance


433


-


-


(13)


420


(654)


-


-


(114)


(768)

Non-GAAP operating income (loss)


$  23,667


$    9,521


$   (301)


$ (18,984)


$  13,903


$  53,301


$    2,337


$ (309)


$ (17,384)


$  37,945






















GAAP operating margin


14.8%


21.4%


-92.6%


-14.3%


2.1%


34.1%


7.5%


-19.0%


-10.0%


19.2%

Non-GAAP operating margin


26.8%


22.0%


-40.7%


-14.3%


10.5%


35.9%


7.6%


-19.0%


-9.6%


21.0%

 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)
















For the Three Months Ended


For the Twelve Months Ended





September 30, 2020


September 30, 2019


September 30, 2020


September 30, 2019

CASH FLOWS FROM OPERATING ACTIVITIES









Net income (loss)


$                (2,885)


$                      500


$                (6,312)


$                20,445

Adjustments to reconcile net income (loss) to net cash









provided by operating activities:










Depreciation and amortization


2,140


2,354


8,836


9,072


Deferred income tax expense (benefit)


249


(416)


(1,268)


821


Gain on sale of businesses and assets


(28)


(262)


(777)


(2,966)


Impairment of assets


1,423


6,040


10,615


6,040


Unrealized loss (gain) on equity securities


(39)


204


64


612


Amortization of debt discount and issuance costs


42


58


236


334


Deferred rent expense


-


46


-


282


Noncash lease expense


416


-


1,660


-


Loss (gain) on insurance


629


(381)


596


(288)


Doubtful accounts expense on notes receivable


107


-


602


-


Changes in operating assets and liabilities:











Accounts receivable


(241)


(1,848)


(294)


457



Inventories


255


(129)


226


(216)



Prepaid expenses, other current assets and other assets


(3,309)


(4,880)


1,633


(681)



Accounts payable, accrued and other liabilities


4,726


6,355


(185)


3,262


Net cash provided by operating activities


3,485


7,641


15,632


37,174

CASH FLOWS FROM INVESTING ACTIVITIES









Proceeds from sale of businesses and assets


180


2,117


2,221


7,223

Proceeds from insurance


-


100


945


100

Proceeds from notes receivable


21


51


1,576


158

Issuance of note receivable


-


-


-


(420)

Payments for property and equipment and intangible assets


(171)


(3,807)


(5,736)


(20,708)

Acquisition of businesses, net of cash acquired


-


-


-


(13,500)


Net cash provided by (used in) investing activities


30


(1,539)


(994)


(27,147)

CASH FLOWS FROM FINANCING ACTIVITIES









Proceeds from debt obligations


-


1,181


6,503


13,511

Payments on debt obligations


(1,343)


(4,290)


(8,832)


(22,924)

Purchase of treasury stock


(996)


(537)


(9,484)


(2,901)

Payment of dividends


(366)


(385)


(1,286)


(1,252)

Payment of loan origination costs


-


-


-


(20)

Distribution to noncontrolling interests


-


(49)


(31)


(70)


Net cash used in financing activities


(2,705)


(4,080)


(13,130)


(13,656)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


810


2,022


1,508


(3,629)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD


14,795


10,956


14,097


17,726

CASH AND CASH EQUIVALENTS AT END OF PERIOD


$                15,605


$                12,978


$                15,605


$                14,097

 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)














September 30,


September 30,






2020


2019

ASSETS





Current assets






Cash and cash equivalents


$       15,605


$       14,097


Accounts receivable, net


6,767


7,408


Current portion of notes receivable


201


954


Inventories


2,372


2,598


Prepaid insurance


4,884


5,446


Other current assets


1,604


2,521


Assets held for sale


-


2,866



Total current assets


31,433


35,890

Property and equipment, net


181,383


183,956

Operating lease right-of-use assets, net


25,546


-

Notes receivable, net of current portion


2,908


4,211

Goodwill


45,686


53,630

Intangibles, net


73,077


75,951

Other assets


900


1,118




Total assets


$     360,933


$     354,756









LIABILITIES AND EQUITY





Current liabilities






Accounts payable


$         4,799


$         3,810


Accrued liabilities


14,573


14,644


Current portion of long-term debt, net


16,304


15,754


Current portion of operating lease liabilities


1,628


-



Total current liabilities


37,304


34,208

Deferred tax liability, net


20,390


21,658

Long-term debt, net of current portion and debt discount and issuance costs


125,131


127,774

Operating lease liabilities, net of current portion


25,439


-

Other long-term liabilities


362


1,696



Total liabilities


208,626


185,336









Commitments and contingencies













Equity







Preferred stock


-


-


Common stock


91


96


Additional paid-in capital


51,833


61,312


Retained earnings


100,797


108,168



Total RCIHH stockholders' equity


152,721


169,576


Noncontrolling interests


(414)


(156)



Total equity


152,307


169,420




Total liabilities and equity


$     360,933


$     354,756

 

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SOURCE RCI Hospitality Holdings, Inc.