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RCI Reports 3Q22 Results: Total Revenues $70.7M, GAAP EPS $1.48, Non-GAAP EPS $1.60

Aug 09, 2022 4:05 PM

Twitter Spaces Conference Call at 4:30 PM ET Today; Meet Management at 7 PM ET Tonight

HOUSTON, Aug. 9, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results and filed its Form 10-Q for the fiscal 2022 third quarter and nine months ended June 30, 2022

Summary Financials

3Q22

Change YoY

9M22

Change YoY

Total Revenues

$70.7M

22.2 %

$196.2M

39.9 %

EPS

$1.48

8.0 %

$3.76

20.9 %

Non-GAAP EPS*

$1.60

18.0 %

$3.89

55.5 %

Net Cash from Operating Activities

$18.9M

26.2 %

$46.8M

45.1 %

Free Cash Flow*

$18.0M

39.1 %

$44.4M

60.7 %

Net Income Attributable to RCIHH Common Stockholders

$13.9M

13.0 %

$35.4M

26.4 %

Adjusted EBITDA*

$24.6M

20.6 %

$62.5M

46.5 %

Basic & Diluted Shares

9.390M

4.3 %

9.428M

4.7 %

 

* See "Non-GAAP Financial Measures" below.

 

Status FY22 Share Buybacks**

Repurchased Shares

Cash Used for Repurchase

Average Price Per Share

2Q22

45,643

$2.85M

$62.33

3Q22

168,069

$9.21M

$54.81

Current Quarter to Date as of 8/5/22

42,250

$2.25M

$53.35

Total

255,962

$14.31M

$55.91

 

** No shares repurchased in 1Q22.

Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., said: "RCI's third quarter benefited from higher sales, a continued rebound in Nightclubs service revenues, and a sequential improvement in Bombshells. This resulted in particularly strong free cash flow and adjusted EBITDA. Net cash from operating activities and FCF were further enhanced by receipt of a $2.2 million previously discussed tax refund. We ended 3Q22 with $37.5 million in cash after utilizing more than $12 million for share buybacks for the nine months, the cash portion of the Playmates Club acquisition, and the down payment for the 13th company-owned Bombshells location. To date in 4Q22, we've continued our expansion by acquiring clubs in Odessa, TX and South Florida, and buying back more shares."

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

  • Toll Free 888-506-0062
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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 [email protected] by 5:00 PM ET today

3Q22 Nightclubs Segment

  • Nightclubs generated revenues of $54.7 million at an operating margin of 41.1% (42.7% non-GAAP), resulting in segment operating income of $22.5 million ($23.3 million non-GAAP).
  • Revenues increased 33.3% compared to 3Q21. Acquisitions contributed $11.8 million of 3Q22 sales. Same-store sales grew 4.8%. High-margin service revenues expanded 50.8% year-over-year. The third quarter was the first period since 1Q20 not affected by COVID.
  • Compared to 2Q22, revenues increased 13.5%, non-GAAP operating margin improved 321 basis points, and non-GAAP segment income increased 22.7%, reflecting the continued rebound in Northern clubs and service revenues, and higher margins from acquisitions.

3Q22 Bombshells Segment

  • Bombshells generated revenues of $15.8 million at an operating margin of 19.4% (23.6% non-GAAP), resulting in segment operating income of $3.1 million ($3.7 million non-GAAP).
  • Revenues declined 1.8% compared to an unusually strong 3Q21, when Bombshells was one of the few bar and restaurant chains open in Texas due to the state of COVID at that time. Otherwise, Bombshells saw typical seasonal trends.
  • Compared to 2Q22, revenues increased 3.0%, non-GAAP operating margin improved 94 bps, and non-GAAP segment income increased 7.2%.

3Q22 Consolidated (Comparisons are to 3Q21 and % are of total revenues unless indicated otherwise)

  • Cost of goods sold (13.0% vs. 15.3%) reflected the increased sales mix of higher-margin service revenues (36.0% vs. 29.2%).
  • Salaries and wages (24.6% vs. 24.0%) and SG&A (27.7% vs. 25.4%) reflected new employees and increased expenses related to new and acquired locations.
  • Operating margin was 29.0% vs. 32.0% (31.2% vs. 31.8% non-GAAP).
  • Interest expense (4.3% vs. 3.9%) primarily reflected higher debt from FY22 acquisitions.
  • Income tax expense was $3.8 million compared to $4.0 million. The effective tax rate was 21.3% vs. 24.4%.
  • Weighted average shares outstanding increased 4.3% due to shares issued for clubs acquired in October 2021, partially offset by later share repurchases.
  • Debt was $188.0 million at 6/30/22 compared to $178.1 million at 3/31/22. The increase primarily reflected seller financing used in the May 2022 Playmates acquisition.

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 decide 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, (d) settlement of lawsuits, and (e) impairment of assets. 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) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, (e) unrealized gains or losses on equity securities, (f) settlement of lawsuits, (g) gain on debt extinguishment, 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 21.6% and 24.3% effective tax rate of the pre-tax non-GAAP income before taxes for the nine months ended June 30, 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) impairment of assets, (h) settlement of lawsuits, and (i) 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 60 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult nightclubs 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, Scarlett's Cabaret, Diamond Cabaret, and PT's Showclub. 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 [email protected] and [email protected]

 





















RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share, number of shares and percentage data)


























For the Three Months Ended June 30,


For the Nine Months Ended June 30,






2022


2021


2022


2021






Amount


% of
Revenue


Amount


% of
Revenue


Amount


% of
Revenue


Amount


% of
Revenue

Revenues


















Sales of alcoholic beverages


$        29,738


42.1 %


$        25,092


43.4 %


$        83,504


42.6 %


$        62,725


44.7 %


Sales of food and merchandise


11,574


16.4 %


12,058


20.8 %


33,628


17.1 %


30,205


21.5 %


Service revenues


25,444


36.0 %


16,880


29.2 %


67,821


34.6 %


38,442


27.4 %


Other


3,958


5.6 %


3,830


6.6 %


11,289


5.8 %


8,945


6.4 %



Total revenues


70,714


100.0 %


57,860


100.0 %


196,242


100.0 %


140,317


100.0 %

Operating expenses


















Cost of goods sold



















Alcoholic beverages sold


5,177


17.4 %


4,621


18.4 %


14,907


17.9 %


11,613


18.5 %



Food and merchandise sold


3,959


34.2 %


4,043


33.5 %


11,756


35.0 %


9,961


33.0 %



Service and other


46


0.2 %


208


1.0 %


170


0.2 %


304


0.6 %




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


9,182


13.0 %


8,872


15.3 %


26,833


13.7 %


21,878


15.6 %


Salaries and wages


17,387


24.6 %


13,870


24.0 %


50,422


25.7 %


36,556


26.1 %


Selling, general and administrative


19,572


27.7 %


14,697


25.4 %


56,495


28.8 %


39,467


28.1 %


Depreciation and amortization


2,565


3.6 %


2,057


3.6 %


7,636


3.9 %


6,197


4.4 %


Other charges (gains), net


1,501


2.1 %


(143)


-0.2 %


1,357


0.7 %


1,288


0.9 %



Total operating expenses


50,207


71.0 %


39,353


68.0 %


142,743


72.7 %


105,386


75.1 %

Income from operations


20,507


29.0 %


18,507


32.0 %


53,499


27.3 %


34,931


24.9 %

Other income (expenses)


















Interest expense


(3,028)


-4.3 %


(2,281)


-3.9 %


(8,496)


-4.3 %


(7,079)


-5.0 %


Interest income


103


0.1 %


72


0.1 %


321


0.2 %


194


0.1 %


Non-operating gains, net


127


0.2 %


9


0.0 %


211


0.1 %


5,356


3.8 %

Income before income taxes


17,709


25.0 %


16,307


28.2 %


45,535


23.2 %


33,402


23.8 %

Income tax expense


3,767


5.3 %


3,986


6.9 %


10,056


5.1 %


5,540


3.9 %

Net income


13,942


19.7 %


12,321


21.3 %


35,479


18.1 %


27,862


19.9 %

Net loss (income) attributable to noncontrolling interests


(40)


-0.1 %


(19)


0.0 %


(50)


0.0 %


174


0.1 %

Net income attributable to RCIHH common shareholders


$        13,902


19.7 %


$        12,302


21.3 %


$        35,429


18.1 %


$        28,036


20.0 %





















Earnings per share


















Basic and diluted


$            1.48




$            1.37




$            3.76




$            3.11























Weighted average shares outstanding


















Basic and diluted


9,389,675




8,999,910




9,428,461




9,006,373























Dividends per share


$            0.05




$            0.04




$            0.14




$            0.12























 










RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)












For the Three Months


For the Nine Months



Ended June 30,


Ended June 30,



2022


2021


2022


2021

Reconciliation of GAAP net income to Adjusted EBITDA









Net income attributable to RCIHH common stockholders


$      13,902


$      12,302


$      35,429


$      28,036

Income tax expense


3,767


3,986


10,056


5,540

Interest expense, net


2,925


2,209


8,175


6,885

Settlement of lawsuits


132


127


709


280

Impairment of assets


1,722


271


1,722


1,672

Gain on sale of businesses and assets


(266)


(541)


(666)


(455)

Gain on debt extinguishment


(53)


-


(138)


(5,329)

Unrealized loss on equity securities


-


(9)


1


58

Gain on insurance


(87)


-


(408)


(209)

Depreciation and amortization


2,565


2,057


7,636


6,197

Adjusted EBITDA


$      24,607


$      20,402


$      62,516


$      42,675










Reconciliation of GAAP net income to non-GAAP net income









Net income attributable to RCIHH common stockholders


$      13,902


$      12,302


$      35,429


$      28,036

Amortization of intangibles


25


51


124


209

Settlement of lawsuits


132


127


709


280

Impairment of assets


1,722


271


1,722


1,672

Gain on sale of businesses and assets


(266)


(541)


(666)


(455)

Gain on debt extinguishment


(53)


-


(138)


(5,329)

Unrealized loss on equity securities


-


(9)


1


58

Gain on insurance


(87)


-


(408)


(209)

Net income tax effect


(312)


39


(59)


(1,702)

Non-GAAP net income


$      15,063


$      12,240


$      36,714


$      22,560










Reconciliation of GAAP diluted earnings per share to non-GAAP diluted earnings per share






Diluted shares


9,389,675


8,999,910


9,428,461


9,006,373

GAAP diluted earnings per share


$          1.48


$          1.37


$          3.76


$          3.11

Amortization of intangibles


0.00


0.01


0.01


0.02

Settlement of lawsuits


0.01


0.01


0.08


0.03

Impairment of assets


0.18


0.03


0.18


0.19

Gain on sale of businesses and assets


(0.03)


(0.06)


(0.07)


(0.05)

Gain on debt extinguishment


(0.01)


-


(0.01)


(0.59)

Unrealized loss on equity securities


-


(0.00)


0.00


0.01

Gain on insurance


(0.01)


-


(0.04)


(0.02)

Net income tax effect


(0.03)


0.00


(0.01)


(0.19)

Non-GAAP diluted earnings per share


$          1.60


$          1.36


$          3.89


$          2.50










Reconciliation of GAAP operating income to non-GAAP operating income









Income from operations


$      20,507


$      18,507


$      53,499


$      34,931

Amortization of intangibles


25


51


124


209

Settlement of lawsuits


132


127


709


280

Impairment of assets


1,722


271


1,722


1,672

Gain on sale of businesses and assets


(266)


(541)


(666)


(455)

Gain on insurance


(87)


-


(408)


(209)

Non-GAAP operating income


$      22,033


$      18,415


$      54,980


$      36,428










Reconciliation of GAAP operating margin to non-GAAP operating margin









GAAP operating margin


29.0 %


32.0 %


27.3 %


24.9 %

Amortization of intangibles


0.0 %


0.1 %


0.1 %


0.1 %

Settlement of lawsuits


0.2 %


0.2 %


0.4 %


0.2 %

Impairment of assets


2.4 %


0.5 %


0.9 %


1.2 %

Gain on sale of businesses and assets


-0.4 %


-0.9 %


-0.3 %


-0.3 %

Gain on insurance


-0.1 %


0.0 %


-0.2 %


-0.1 %

Non-GAAP operating margin


31.2 %


31.8 %


28.0 %


26.0 %










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








Net cash provided by operating activities


$      18,893


$      14,971


$      46,754


$      32,217

Less: Maintenance capital expenditures


869


2,017


2,385


4,608

Free cash flow


$      18,024


$      12,954


$      44,369


$      27,609










 











RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)














For the Three Months


For the Nine Months




Ended June 30,


Ended June 30,




2022


2021


2022


2021

Revenues










Nightclubs


$        54,684


$        41,031


$      149,639


$        97,015


Bombshells


15,789


16,077


45,893


42,218


Other


241


752


710


1,084




$        70,714


$        57,860


$      196,242


$      140,317











Income (loss) from operations










Nightclubs


$        22,459


$        18,350


$        60,321


$        37,313


Bombshells


3,065


4,404


9,335


10,263


Other


(82)


321


(159)


107


General corporate


(4,935)


(4,568)


(15,998)


(12,752)




$        20,507


$        18,507


$        53,499


$        34,931











 






















RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)
























For the Three Months Ended June 30, 2022


For the Three Months Ended June 30, 2021



Nightclubs


Bombshells


Other


Corporate


Total


Nightclubs


Bombshells


Other


Corporate


Total

Income (loss) from operations


$     22,459


$       3,065


$          (82)


$     (4,935)


$     20,507


$     18,350


$       4,404


$          321


$     (4,568)


$     18,507

Amortization of intangibles


23


1


-


1


25


47


4


-


-


51

Settlement of lawsuits


124


8


-


-


132


123


4


-


-


127

Impairment of assets


1,072


650


-


-


1,722


271


-


-


-


271

Loss (gain) on sale of businesses and assets


(264)


-


-


(2)


(266)


(512)


9


-


(38)


(541)

Gain on insurance


(87)


-


-


-


(87)


-


-


-


-


-

Non-GAAP operating income (loss)


$     23,327


$       3,724


$          (82)


$     (4,936)


$     22,033


$     18,279


$       4,421


$          321


$     (4,606)


$     18,415






















GAAP operating margin


41.1 %


19.4 %


-34.0 %


-7.0 %


29.0 %


44.7 %


27.4 %


42.7 %


-7.9 %


32.0 %

Non-GAAP operating margin


42.7 %


23.6 %


-34.0 %


-7.0 %


31.2 %


44.5 %


27.5 %


42.7 %


-8.0 %


31.8 %













































For the Nine Months Ended June 30, 2022


For the Nine Months Ended June 30, 2021



Nightclubs


Bombshells


Other


Corporate


Total


Nightclubs


Bombshells


Other


Corporate


Total

Income (loss) from operations


$     60,321


$       9,335


$        (159)


$   (15,998)


$     53,499


$     37,313


$     10,263


$          107


$   (12,752)


$     34,931

Amortization of intangibles


117


5


-


2


124


141


11


57


-


209

Settlement of lawsuits


578


18


-


113


709


237


38


5


-


280

Impairment of assets


1,072


650


-


-


1,722


1,672


-


-


-


1,672

Loss (gain) on sale of businesses and assets


(344)


17


-


(339)


(666)


(498)


56


-


(13)


(455)

Gain on insurance


(408)


-


-


-


(408)


(165)


-


-


(44)


(209)

Non-GAAP operating income (loss)


$     61,336


$     10,025


$        (159)


$   (16,222)


$     54,980


$     38,700


$     10,368


$          169


$   (12,809)


$     36,428






















GAAP operating margin


40.3 %


20.3 %


-22.4 %


-8.2 %


27.3 %


38.5 %


24.3 %


9.9 %


-9.1 %


24.9 %

Non-GAAP operating margin


41.0 %


21.8 %


-22.4 %


-8.3 %


28.0 %


39.9 %


24.6 %


15.6 %


-9.1 %


26.0 %






















 












RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)
















For the Three Months Ended


For the Nine Months Ended





June 30, 2022


June 30, 2021


June 30, 2022


June 30, 2021

CASH FLOWS FROM OPERATING ACTIVITIES









Net income


$                13,942


$                12,321


$                35,479


$                27,862

Adjustments to reconcile net income to net cash









provided by operating activities:










Depreciation and amortization


2,565


2,057


7,636


6,197


Deferred income tax benefit


(409)


(430)


(409)


(430)


Gain on sale of businesses and assets


(574)


(712)


(1,282)


(626)


Impairment of assets


1,722


271


1,722


1,672


Unrealized loss on equity securities


-


(9)


1


58


Amortization of debt discount and issuance costs


63


59


199


160


Gain on debt extinguishment


-


-


(83)


(5,298)


Noncash lease expense


487


434


1,725


1,282


Gain on insurance


(87)


-


(408)


(294)


Doubtful accounts expense (reversal) on notes receivable


700


36


753


(22)


Changes in operating assets and liabilities:











Accounts receivable


2,346


1,172


3,411


4,309



Inventories


(216)


(76)


(492)


(107)



Prepaid expenses, other current assets and other assets


2,089


852


(3,271)


2,346



Accounts payable, accrued and other liabilities


(3,735)


(1,004)


1,773


(4,892)


Net cash provided by operating activities


18,893


14,971


46,754


32,217

CASH FLOWS FROM INVESTING ACTIVITIES









Proceeds from sale of businesses and assets


1,701


3,205


4,611


3,213

Proceeds from insurance


30


-


515


294

Proceeds from notes receivable


45


34


127


95

Payments for property and equipment and intangible assets


(3,183)


(4,070)


(17,173)


(10,788)

Acquisition of businesses, net of cash acquired


(5,000)


-


(44,302)


-


Net cash used in investing activities


(6,407)


(831)


(56,222)


(7,186)

CASH FLOWS FROM FINANCING ACTIVITIES









Proceeds from debt obligations


78


-


35,820


2,176

Payments on debt obligations


(3,424)


(4,868)


(10,714)


(10,845)

Purchase of treasury stock


(9,212)


-


(12,057)


(1,794)

Payment of dividends


(468)


(360)


(1,322)


(1,080)

Payment of loan origination costs


(27)


-


(445)


(25)


Net cash provided by (used in) financing activities


(13,053)


(5,228)


11,282


(11,568)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


(567)


8,912


1,814


13,463

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD


38,067


20,156


35,686


15,605

CASH AND CASH EQUIVALENTS AT END OF PERIOD


$                37,500


$                29,068


$                37,500


$                29,068












 











RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)
















June 30,


September 30,


June 30,






2022


2021


2021

ASSETS








Current assets








Cash and cash equivalents


$               37,500


$               35,686


$               29,068


Accounts receivable, net


3,955


7,570


2,458


Current portion of notes receivable


226


220


217


Inventories


3,749


2,659


2,479


Prepaid expenses and other current assets


4,475


1,928


4,062


Assets held for sale


6,989


4,887


4,887



Total current assets


56,894


52,950


43,171

Property and equipment, net


208,710


175,952


178,087

Operating lease right-of-use assets, net


37,753


24,308


24,481

Notes receivable, net of current portion


4,750


2,839


2,819

Goodwill


61,399


39,379


45,440

Intangibles, net


130,585


67,824


73,019

Other assets


2,088


1,367


922




Total assets


$             502,179


$             364,619


$             367,939











LIABILITIES AND EQUITY







Current liabilities








Accounts payable


$                 5,767


$                 4,408


$                 4,909


Accrued liabilities


12,888


10,403


11,738


Current portion of debt obligations, net


12,295


6,434


13,695


Current portion of operating lease liabilities


2,730


1,780


1,720



Total current liabilities


33,680


23,025


32,062

Deferred tax liability, net


24,074


19,137


19,960

Debt, net of current portion and debt discount and issuance costs


175,670


118,734


113,908

Operating lease liabilities, net of current portion


36,719


24,150


24,360

Other long-term liabilities


351


350


354



Total liabilities


270,494


185,396


190,644











Commitments and contingencies

















Equity









Preferred stock


-


-


-


Common stock


93


90


90


Additional paid-in capital


68,342


50,040


50,040


Retained earnings


163,800


129,693


127,753



Total RCIHH stockholders' equity


232,235


179,823


177,883


Noncontrolling interests


(550)


(600)


(588)



Total equity


231,685


179,223


177,295




Total liabilities and equity


$             502,179


$             364,619


$             367,939











 

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SOURCE RCI Hospitality Holdings, Inc.