RCI Reports 1Q25 Results, Hosts X Spaces Call at 4:30 PM ET Today
RCI Hospitality Holdings (RICK) reported fiscal 2025 first quarter results with total revenues of $71.5 million, down from $73.9 million in 1Q24. EPS increased to $1.01 from $0.77, while non-GAAP EPS decreased to $0.80 from $0.87.
The Nightclubs segment saw a 1.1% revenue increase to $61.7 million, with same-store sales up 3.7%. Bombshells segment revenue declined 24.7% to $9.6 million due to closure of underperforming locations. The company continued its Back to Basics 5-Year Capital Allocation Plan, repurchasing 66,000 shares for $3.2 million and acquiring Flight Club in Detroit for $11 million total.
Net cash from operations was $13.3 million, with free cash flow of $12.1 million. The company's debt stood at $235.5 million as of December 31, 2024, down from $238.2 million at September 30, 2024.
RCI Hospitality Holdings (RICK) ha riportato i risultati del primo trimestre fiscale 2025 con ricavi totali di 71,5 milioni di dollari, in calo rispetto ai 73,9 milioni di dollari del 1Q24. Gli utili per azione sono aumentati a 1,01 dollari rispetto a 0,77 dollari, mentre gli utili per azione non-GAAP sono diminuiti a 0,80 dollari da 0,87 dollari.
Il segmento Nightclubs ha registrato un aumento dei ricavi dell'1,1% a 61,7 milioni di dollari, con vendite comparabili in crescita del 3,7%. I ricavi del segmento Bombshells sono diminuiti del 24,7% a 9,6 milioni di dollari a causa della chiusura di sedi poco performanti. L'azienda ha proseguito il suo piano di allocazione del capitale Back to Basics di 5 anni, riacquistando 66.000 azioni per 3,2 milioni di dollari e acquisendo Flight Club a Detroit per un totale di 11 milioni di dollari.
Il flusso di cassa netto dalle operazioni è stato di 13,3 milioni di dollari, con un flusso di cassa libero di 12,1 milioni di dollari. Il debito dell'azienda ammontava a 235,5 milioni di dollari al 31 dicembre 2024, in calo rispetto ai 238,2 milioni di dollari al 30 settembre 2024.
RCI Hospitality Holdings (RICK) reportó los resultados del primer trimestre fiscal 2025 con ingresos totales de 71,5 millones de dólares, una disminución respecto a los 73,9 millones de dólares en el 1Q24. Los EPS aumentaron a 1,01 dólares desde 0,77 dólares, mientras que los EPS no-GAAP disminuyeron a 0,80 dólares desde 0,87 dólares.
El segmento de Nightclubs vio un aumento del 1,1% en los ingresos, alcanzando 61,7 millones de dólares, con ventas comparables en aumento del 3,7%. Los ingresos del segmento Bombshells disminuyeron un 24,7% a 9,6 millones de dólares debido al cierre de ubicaciones con bajo rendimiento. La compañía continuó su Plan de Asignación de Capital Back to Basics de 5 años, recomprando 66,000 acciones por 3,2 millones de dólares y adquiriendo Flight Club en Detroit por un total de 11 millones de dólares.
El flujo de efectivo neto de las operaciones fue de 13,3 millones de dólares, con un flujo de efectivo libre de 12,1 millones de dólares. La deuda de la empresa se situaba en 235,5 millones de dólares al 31 de diciembre de 2024, por debajo de los 238,2 millones de dólares al 30 de septiembre de 2024.
RCI Hospitality Holdings (RICK)는 2025 회계연도 첫 분기 결과를 발표하며 총 수익이 7,150만 달러로 1Q24의 7,390만 달러에서 감소했습니다. 주당 순이익이 1.01달러로 증가했습니다 (0.77달러에서), 반면 비GAAP 주당 순이익은 0.80달러로 감소했습니다 (0.87달러에서).
나이트클럽 부문은 수익이 1.1% 증가하여 6,170만 달러에 이르렀으며, 동일 점포 매출이 3.7% 증가했습니다. Bombshells 부문 수익은 저조한 매장에서의 폐쇄로 인해 24.7% 감소하여 960만 달러에 그쳤습니다. 회사는 5년 자본 배분 계획인 Back to Basics를 계속 진행하며 32만 달러에 66,000주를 재매입하고, 디트로이트의 Flight Club을 총 1,100만 달러에 인수했습니다.
영업에서의 순 현금 흐름은 1,330만 달러였으며, 자유 현금 흐름은 1,210만 달러였습니다. 2024년 12월 31일 기준 회사의 부채는 2억 3,550만 달러로, 2024년 9월 30일의 2억 3,820만 달러에서 감소했습니다.
RCI Hospitality Holdings (RICK) a annoncé les résultats du premier trimestre fiscal 2025 avec des revenus totaux de 71,5 millions de dollars, en baisse par rapport à 73,9 millions de dollars au 1Q24. Le BPA a augmenté à 1,01 dollar contre 0,77 dollar, tandis que le BPA non-GAAP a diminué à 0,80 dollar contre 0,87 dollar.
Le segment des Nightclubs a enregistré une augmentation des revenus de 1,1% pour atteindre 61,7 millions de dollars, avec des ventes comparables en hausse de 3,7%. Les revenus du segment Bombshells ont chuté de 24,7% à 9,6 millions de dollars en raison de la fermeture de sites peu performants. L'entreprise a poursuivi son Plan d'Allocation de Capital de 5 ans
RCI Hospitality Holdings (RICK) berichtete über die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 mit Gesamterlösen von 71,5 Millionen Dollar, was einem Rückgang von 73,9 Millionen Dollar im 1Q24 entspricht. Der Gewinn pro Aktie stieg auf 1,01 Dollar gegenüber 0,77 Dollar, während der nicht-GAAP Gewinn pro Aktie auf 0,80 Dollar von 0,87 Dollar sank.
Das Segment Nightclubs verzeichnete einen Umsatzanstieg von 1,1% auf 61,7 Millionen Dollar, während die Same-Store-Verkäufe um 3,7% zunahmen. Der Umsatz des Bombshells-Segments sank um 24,7% auf 9,6 Millionen Dollar aufgrund der Schließung von leistungsschwachen Standorten. Das Unternehmen setzte seinen 5-Jahres-Kapitalallokationsplan „Back to Basics“ fort, indem es 66.000 Aktien für 3,2 Millionen Dollar zurückkaufte und Flight Club in Detroit für insgesamt 11 Millionen Dollar erwarb.
Der Nettoschatzfluss aus den Betrieben belief sich auf 13,3 Millionen Dollar, mit einem freien Cashflow von 12,1 Millionen Dollar. Die Verschuldung des Unternehmens betrug zum 31. Dezember 2024 235,5 Millionen Dollar, was einem Rückgang gegenüber 238,2 Millionen Dollar am 30. September 2024 entspricht.
- EPS increased 31.2% to $1.01 from $0.77
- Nightclubs same-store sales grew 3.7%
- Acquired Flight Club Detroit with expected $2.0M annual EBITDA
- Successfully closed underperforming Bombshells locations improving segment margins
- Share count reduced 4.8% through buybacks
- Total revenues decreased 3.2% to $71.5M from $73.9M
- Non-GAAP EPS declined to $0.80 from $0.87
- Bombshells segment sales declined 24.7%
- Bombshells same-store sales decreased 7.5%
- Corporate expenses increased to 12.3% of revenues from 9.6%
Insights
RCI Hospitality's Q1 2025 results reveal a strategic transformation focused on profitability over pure revenue growth. While total revenues declined
The Nightclubs segment's performance is particularly noteworthy, achieving
The Bombshells segment transformation shows promising results. Despite a
The company's capital allocation remains shareholder-friendly, with 66,000 shares repurchased at an average of
The improved effective tax rate of
Summary Financials (in millions, except EPS) |
1Q25 |
1Q24 |
Total revenues |
|
|
EPS |
|
|
Non-GAAP EPS1 |
|
|
Other gains, net |
|
|
Net cash provided by operating activities |
|
|
Free cash flow1 |
|
|
Net income attributable to RCIHH common stockholders |
|
|
Adjusted EBITDA1 |
|
|
Weighted average shares used in computing EPS – basic and diluted |
8.92 |
9.37 |
1 See “Non-GAAP Financial Measures” below. |
1Q25 Summary (Comparisons are to the year-ago period unless indicated otherwise)
Eric Langan, President and CEO, said: "Nightclubs total and same-store sales increased, while GAAP and non-GAAP segment operating profit were approximately level with last year, despite the absence of a club due to fire in July. Bombshells total sales declined as expected with the sale/closure of underperforming locations, but GAAP and non-GAAP segment operating profit and margin improved. Consolidated net cash provided by operating activities and free cash flow nearly matched year-ago levels, and we continued to make progress with our Back to Basics 5-Year Capital Allocation Plan."
Back to Basics 5-Year Capital Allocation Plan (FY25-29)
- 1Q25: Sale/closure of four underperforming Bombshells segment locations, for a total of five since September 2024.
-
1Q25: Repurchased 66,000 common shares for
$3.2 million $48.76 -
2Q25: Acquired Flight Club, the premier gentlemen's club in the
Detroit market ($8.0 million $3.0 million $2.0 million -
2Q25: Opened an 8,500 square-foot Bombshells in downtown
Denver .
X Spaces Conference Call at 4:30 PM ET Today
-
Hosted by RCI President and CEO Eric Langan, CFO Bradley Chhay, and Mark
Moran of Equity Animal. - Call link: https://x.com/i/spaces/1zqKVjQVzjLKB (X log in required).
- Presentation link: https://www.rcihospitality.com/investor-relations/.
- To ask questions: Participants must join the X Space using a mobile device.
- To listen only: Participants can access the X Space from a computer.
- There will be no other types of telephone or webcast access.
1Q25 Results (Comparisons are to the year-ago period unless indicated otherwise)
Nightclubs segment: Revenues of
The quarter included a gain of
Bombshells segment: Revenues of
The quarter included a gain of
Corporate segment: Expenses totaled
Other gains, net of
Income tax expense was
Weighted average shares outstanding of 8.92 million decreased
Debt was
2 See our January 8, 2025, news release on 1Q25 sales for more details.
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) settlement of lawsuits, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, 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 or loss attributable to RCIHH common stockholders and diluted earnings per share. Adjustment items are: (a) amortization of intangibles, (b) settlement of lawsuits, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, (e) stock-based compensation, (f) gains or losses on lease termination, 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
Adjusted EBITDA. We calculate adjusted EBITDA by excluding the following items from net income or loss attributable to RCIHH common stockholders: (a) depreciation and amortization, (b) income tax expense, (c) net interest expense, (d) settlement of lawsuits, (e) gains or losses on sale of businesses and assets, (f) gains or losses on insurance, (g) stock-based compensation, and (h) gains or losses on lease termination. 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.
We also use certain 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) (X: @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, and (vi) 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, 2024, as well as its other filings with the
RCI HOSPITALITY HOLDINGS, INC. |
||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||
(in thousands, except per share, number of shares, and percentage data) |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
|
For the Three Months Ended |
|||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
|||||||||||
|
Amount |
|
% of
|
|
Amount |
|
% of
|
|||||||
Revenues |
|
|
|
|
|
|
|
|||||||
Sales of alcoholic beverages |
$ |
32,188 |
|
|
45.0 |
% |
|
$ |
33,316 |
|
|
45.1 |
% |
|
Sales of food and merchandise |
|
10,106 |
|
|
14.1 |
% |
|
|
10,802 |
|
|
14.6 |
% |
|
Service revenues |
|
24,181 |
|
|
33.8 |
% |
|
|
25,119 |
|
|
34.0 |
% |
|
Other |
|
5,008 |
|
|
7.0 |
% |
|
|
4,670 |
|
|
6.3 |
% |
|
Total revenues |
|
71,483 |
|
|
100.0 |
% |
|
|
73,907 |
|
|
100.0 |
% |
|
Operating expenses |
|
|
|
|
|
|
|
|||||||
Cost of goods sold |
|
|
|
|
|
|
|
|||||||
Alcoholic beverages sold |
|
5,846 |
|
|
18.2 |
% |
|
|
6,281 |
|
|
18.9 |
% |
|
Food and merchandise sold |
|
3,563 |
|
|
35.3 |
% |
|
|
4,038 |
|
|
37.4 |
% |
|
Service and other |
|
72 |
|
|
0.2 |
% |
|
|
40 |
|
|
0.1 |
% |
|
Total cost of goods sold (exclusive of items shown below) |
|
9,481 |
|
|
13.3 |
% |
|
|
10,359 |
|
|
14.0 |
% |
|
Salaries and wages |
|
20,564 |
|
|
28.8 |
% |
|
|
21,332 |
|
|
28.9 |
% |
|
Selling, general and administrative |
|
26,207 |
|
|
36.7 |
% |
|
|
25,201 |
|
|
34.1 |
% |
|
Depreciation and amortization |
|
3,569 |
|
|
5.0 |
% |
|
|
3,853 |
|
|
5.2 |
% |
|
Other gains, net |
|
(2,244 |
) |
|
(3.1 |
)% |
|
|
(3 |
) |
|
— |
% |
|
Total operating expenses |
|
57,577 |
|
|
80.5 |
% |
|
|
60,742 |
|
|
82.2 |
% |
|
Income from operations |
|
13,906 |
|
|
19.5 |
% |
|
|
13,165 |
|
|
17.8 |
% |
|
Other income (expenses) |
|
|
|
|
|
|
|
|||||||
Interest expense |
|
(4,152 |
) |
|
(5.8 |
)% |
|
|
(4,216 |
) |
|
(5.7 |
)% |
|
Interest income |
|
179 |
|
|
0.3 |
% |
|
|
94 |
|
|
0.1 |
% |
|
Gain on lease termination |
|
979 |
|
|
1.4 |
% |
|
|
— |
|
|
— |
% |
|
Income before income taxes |
|
10,912 |
|
|
15.3 |
% |
|
|
9,043 |
|
|
12.2 |
% |
|
Income tax expense |
|
1,847 |
|
|
2.6 |
% |
|
|
1,799 |
|
|
2.4 |
% |
|
Net income |
|
9,065 |
|
|
12.7 |
% |
|
|
7,244 |
|
|
9.8 |
% |
|
Net income attributable to noncontrolling interests |
|
(41 |
) |
|
(0.1 |
)% |
|
|
(18 |
) |
|
— |
% |
|
Net income attributable to RCIHH common shareholders |
$ |
9,024 |
|
|
12.6 |
% |
|
$ |
7,226 |
|
|
9.8 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Earnings per share |
|
|
|
|
|
|
|
|||||||
Basic and diluted |
$ |
1.01 |
|
|
|
|
$ |
0.77 |
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Weighted average shares used in computing earnings per share |
|
|
|
|
|
|
|
|||||||
Basic and diluted |
|
8,920,774 |
|
|
|
|
|
9,367,151 |
|
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|
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RCI HOSPITALITY HOLDINGS, INC. |
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SEGMENT INFORMATION |
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(in thousands) |
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|
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For the Three Months Ended |
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|
December 31,
|
|
December 31,
|
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Revenues |
|
|
|
|||||
Nightclubs |
$ |
61,724 |
|
|
$ |
61,033 |
|
|
Bombshells |
|
9,587 |
|
|
|
12,731 |
|
|
Other |
|
172 |
|
|
|
143 |
|
|
|
$ |
71,483 |
|
|
$ |
73,907 |
|
|
|
|
|
|
|||||
Income (loss) from operations |
|
|
|
|||||
Nightclubs |
$ |
20,882 |
|
|
$ |
20,369 |
|
|
Bombshells |
|
1,971 |
|
|
|
86 |
|
|
Other |
|
(171 |
) |
|
|
(196 |
) |
|
Corporate |
|
(8,776 |
) |
|
|
(7,094 |
) |
|
|
$ |
13,906 |
|
|
$ |
13,165 |
|
|
RCI HOSPITALITY HOLDINGS, INC. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(in thousands) |
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|
|
|
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|
For the Three Months Ended |
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|
December 31,
|
|
December 31,
|
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CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|||||
Net income |
$ |
9,065 |
|
|
$ |
7,244 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
3,569 |
|
|
|
3,853 |
|
|
Deferred income tax benefit |
|
(389 |
) |
|
|
— |
|
|
Gain on sale of businesses and assets |
|
(1,463 |
) |
|
|
(3 |
) |
|
Amortization and writeoff of debt discount and issuance costs |
|
63 |
|
|
|
163 |
|
|
Doubtful accounts expense on notes receivable |
|
— |
|
|
|
22 |
|
|
Gain on insurance |
|
(1,150 |
) |
|
|
— |
|
|
Noncash lease expense |
|
658 |
|
|
|
762 |
|
|
Stock-based compensation |
|
470 |
|
|
|
470 |
|
|
Changes in operating assets and liabilities, net of business acquisitions: |
|
|
|
|||||
Receivables |
|
2,373 |
|
|
|
1,229 |
|
|
Inventories |
|
(4 |
) |
|
|
(218 |
) |
|
Prepaid expenses, other current, and other assets |
|
(598 |
) |
|
|
(9,029 |
) |
|
Accounts payable, accrued, and other liabilities |
|
750 |
|
|
|
9,140 |
|
|
Net cash provided by operating activities |
|
13,344 |
|
|
|
13,633 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|||||
Proceeds from sale of businesses and assets |
|
129 |
|
|
|
— |
|
|
Proceeds from insurance |
|
1,150 |
|
|
|
— |
|
|
Proceeds from notes receivable |
|
71 |
|
|
|
55 |
|
|
Payments for property and equipment and intangible assets |
|
(5,754 |
) |
|
|
(5,135 |
) |
|
Net cash used in investing activities |
|
(4,404 |
) |
|
|
(5,080 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|||||
Proceeds from debt obligations |
|
2,963 |
|
|
|
701 |
|
|
Payments on debt obligations |
|
(5,694 |
) |
|
|
(6,352 |
) |
|
Purchase of treasury stock |
|
(3,218 |
) |
|
|
(2,072 |
) |
|
Payment of dividends |
|
(623 |
) |
|
|
(562 |
) |
|
Payment of loan origination costs |
|
— |
|
|
|
(136 |
) |
|
Net cash used in financing activities |
|
(6,572 |
) |
|
|
(8,421 |
) |
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
2,368 |
|
|
|
132 |
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
32,350 |
|
|
|
21,023 |
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ |
34,718 |
|
|
$ |
21,155 |
|
|
RCI HOSPITALITY HOLDINGS, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands) |
||||||||
|
|
|
|
|||||
|
December 31,
|
|
September 30,
|
|||||
ASSETS |
|
|
|
|||||
Current assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
34,718 |
|
|
$ |
32,350 |
|
|
Receivables, net |
|
3,519 |
|
|
|
5,832 |
|
|
Inventories |
|
4,640 |
|
|
|
4,676 |
|
|
Prepaid expenses and other current assets |
|
4,226 |
|
|
|
4,427 |
|
|
Total current assets |
|
47,103 |
|
|
|
47,285 |
|
|
Property and equipment, net |
|
282,621 |
|
|
|
280,075 |
|
|
Operating lease right-of-use assets, net |
|
25,573 |
|
|
|
26,231 |
|
|
Notes receivable, net of current portion |
|
4,103 |
|
|
|
4,174 |
|
|
Goodwill |
|
61,911 |
|
|
|
61,911 |
|
|
Intangibles, net |
|
162,881 |
|
|
|
163,461 |
|
|
Other assets |
|
2,026 |
|
|
|
1,227 |
|
|
Total assets |
$ |
586,218 |
|
|
$ |
584,364 |
|
|
|
|
|
|
|||||
LIABILITIES AND EQUITY |
|
|
|
|||||
Current liabilities |
|
|
|
|||||
Accounts payable |
$ |
5,010 |
|
|
$ |
5,637 |
|
|
Accrued liabilities |
|
20,514 |
|
|
|
20,280 |
|
|
Current portion of debt obligations, net |
|
17,788 |
|
|
|
18,871 |
|
|
Current portion of operating lease liabilities |
|
3,008 |
|
|
|
3,290 |
|
|
Total current liabilities |
|
46,320 |
|
|
|
48,078 |
|
|
Deferred tax liability, net |
|
22,304 |
|
|
|
22,693 |
|
|
Debt, net of current portion and debt discount and issuance costs |
|
217,741 |
|
|
|
219,326 |
|
|
Operating lease liabilities, net of current portion |
|
27,471 |
|
|
|
30,759 |
|
|
Other long-term liabilities |
|
3,611 |
|
|
|
398 |
|
|
Total liabilities |
|
317,447 |
|
|
|
321,254 |
|
|
|
|
|
|
|||||
Commitments and contingencies |
|
|
|
|||||
|
|
|
|
|||||
Equity |
|
|
|
|||||
Preferred stock |
|
— |
|
|
|
— |
|
|
Common stock |
|
89 |
|
|
|
90 |
|
|
Additional paid-in capital |
|
58,731 |
|
|
|
61,511 |
|
|
Retained earnings |
|
210,160 |
|
|
|
201,759 |
|
|
Total RCIHH stockholders' equity |
|
268,980 |
|
|
|
263,360 |
|
|
Noncontrolling interests |
|
(209 |
) |
|
|
(250 |
) |
|
Total equity |
|
268,771 |
|
|
|
263,110 |
|
|
Total liabilities and equity |
$ |
586,218 |
|
|
$ |
584,364 |
|
|
RCI HOSPITALITY HOLDINGS, INC. |
||||||||
NON-GAAP FINANCIAL MEASURES |
||||||||
(in thousands, except per share and percentage data) |
||||||||
|
|
|
|
|||||
|
For the Three Months Ended |
|||||||
|
December 31,
|
|
December 31,
|
|||||
Reconciliation of GAAP net income to Adjusted EBITDA |
|
|
|
|||||
Net income attributable to RCIHH common stockholders |
$ |
9,024 |
|
|
$ |
7,226 |
|
|
Income tax expense (benefit) |
|
1,847 |
|
|
|
1,799 |
|
|
Interest expense, net |
|
3,973 |
|
|
|
4,122 |
|
|
Depreciation and amortization |
|
3,569 |
|
|
|
3,853 |
|
|
Settlement of lawsuits |
|
179 |
|
|
|
— |
|
|
Gain on sale of businesses and assets |
|
(1,406 |
) |
|
|
(3 |
) |
|
Gain on insurance |
|
(1,017 |
) |
|
|
— |
|
|
Stock-based compensation |
|
470 |
|
|
|
470 |
|
|
Gain on lease termination |
|
(979 |
) |
|
|
— |
|
|
Adjusted EBITDA |
$ |
15,660 |
|
|
$ |
17,467 |
|
|
|
|
|
|
|||||
Reconciliation of GAAP net income to non-GAAP net income |
|
|
|
|||||
Net income attributable to RCIHH common stockholders |
$ |
9,024 |
|
|
$ |
7,226 |
|
|
Amortization of intangibles |
|
580 |
|
|
|
659 |
|
|
Settlement of lawsuits |
|
179 |
|
|
|
— |
|
|
Stock-based compensation |
|
470 |
|
|
|
470 |
|
|
Gain on sale of businesses and assets |
|
(1,406 |
) |
|
|
(3 |
) |
|
Gain on insurance |
|
(1,017 |
) |
|
|
— |
|
|
Gain on lease termination |
|
(979 |
) |
|
|
— |
|
|
Net income tax effect |
|
310 |
|
|
|
(220 |
) |
|
Non-GAAP net income |
$ |
7,161 |
|
|
$ |
8,132 |
|
|
|
|
|
|
|||||
Reconciliation of GAAP diluted earnings per share to non-GAAP diluted earnings per share |
|
|
|
|||||
Diluted shares |
|
8,920,774 |
|
|
|
9,367,151 |
|
|
GAAP diluted earnings per share |
$ |
1.01 |
|
|
$ |
0.77 |
|
|
Amortization of intangibles |
|
0.07 |
|
|
|
0.07 |
|
|
Settlement of lawsuits |
|
0.02 |
|
|
|
0.00 |
|
|
Stock-based compensation |
|
0.05 |
|
|
|
0.05 |
|
|
Gain on sale of businesses and assets |
|
(0.16 |
) |
|
|
0.00 |
|
|
Gain on insurance |
|
(0.11 |
) |
|
|
0.00 |
|
|
Gain on lease termination |
|
(0.11 |
) |
|
|
0.00 |
|
|
Net income tax effect |
|
0.03 |
|
|
|
(0.02 |
) |
|
Non-GAAP diluted earnings per share |
$ |
0.80 |
|
|
$ |
0.87 |
|
|
Reconciliation of GAAP operating income to non-GAAP operating income |
|
|
|
|||||
Income from operations |
$ |
13,906 |
|
|
$ |
13,165 |
|
|
Amortization of intangibles |
|
580 |
|
|
|
659 |
|
|
Settlement of lawsuits |
|
179 |
|
|
|
— |
|
|
Stock-based compensation |
|
470 |
|
|
|
470 |
|
|
Gain on sale of businesses and assets |
|
(1,406 |
) |
|
|
(3 |
) |
|
Gain on insurance |
|
(1,017 |
) |
|
|
— |
|
|
Non-GAAP operating income |
$ |
12,712 |
|
|
$ |
14,291 |
|
|
|
|
|
|
|||||
Reconciliation of GAAP operating margin to non-GAAP operating margin |
|
|
|
|||||
GAAP operating margin |
|
19.5 |
% |
|
|
17.8 |
% |
|
Amortization of intangibles |
|
0.8 |
% |
|
|
0.9 |
% |
|
Settlement of lawsuits |
|
0.3 |
% |
|
|
0.0 |
% |
|
Stock-based compensation |
|
0.7 |
% |
|
|
0.6 |
% |
|
Gain on sale of businesses and assets |
|
(2.0 |
)% |
|
|
0.0 |
% |
|
Gain on insurance |
|
(1.4 |
)% |
|
|
0.0 |
% |
|
Non-GAAP operating margin |
|
17.8 |
% |
|
|
19.3 |
% |
|
|
|
|
|
|||||
Reconciliation of net cash provided by operating activities to free cash flow |
|
|
|
|||||
Net cash provided by operating activities |
$ |
13,344 |
|
|
$ |
13,633 |
|
|
Less: Maintenance capital expenditures |
|
1,276 |
|
|
|
983 |
|
|
Free cash flow |
$ |
12,068 |
|
|
$ |
12,650 |
|
|
RCI HOSPITALITY HOLDINGS, INC. |
||||||||||||||||||||
NON-GAAP SEGMENT INFORMATION |
||||||||||||||||||||
($ in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
For the Three Months Ended December 31, 2024 |
|||||||||||||||||||
|
Nightclubs |
|
Bombshells |
|
Other |
|
Corporate |
|
Total |
|||||||||||
Income (loss) from operations |
$ |
20,882 |
|
|
$ |
1,971 |
|
|
$ |
(171 |
) |
|
$ |
(8,776 |
) |
|
$ |
13,906 |
|
|
Amortization of intangibles |
|
574 |
|
|
|
1 |
|
|
|
— |
|
|
|
5 |
|
|
|
580 |
|
|
Settlement of lawsuits |
|
179 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
179 |
|
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
470 |
|
|
|
470 |
|
|
Loss (gain) on sale of businesses and assets |
|
16 |
|
|
|
(1,330 |
) |
|
|
— |
|
|
|
(92 |
) |
|
|
(1,406 |
) |
|
Gain on insurance |
|
(1,017 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,017 |
) |
|
Non-GAAP operating income (loss) |
$ |
20,634 |
|
|
$ |
642 |
|
|
$ |
(171 |
) |
|
$ |
(8,393 |
) |
|
$ |
12,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP operating margin |
|
33.8 |
% |
|
|
20.6 |
% |
|
|
(99.4 |
)% |
|
|
(12.3 |
)% |
|
|
19.5 |
% |
|
Non-GAAP operating margin |
|
33.4 |
% |
|
|
6.7 |
% |
|
|
(99.4 |
)% |
|
|
(11.7 |
)% |
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
For the Three Months Ended December 31, 2023 |
|||||||||||||||||||
|
Nightclubs |
|
Bombshells |
|
Other |
|
Corporate |
|
Total |
|||||||||||
Income (loss) from operations |
$ |
20,369 |
|
|
$ |
86 |
|
|
$ |
(196 |
) |
|
$ |
(7,094 |
) |
|
$ |
13,165 |
|
|
Amortization of intangibles |
|
591 |
|
|
|
63 |
|
|
|
— |
|
|
|
5 |
|
|
|
659 |
|
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
470 |
|
|
|
470 |
|
|
Gain on sale of businesses and assets |
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
(3 |
) |
|
Non-GAAP operating income (loss) |
$ |
20,959 |
|
|
$ |
149 |
|
|
$ |
(196 |
) |
|
$ |
(6,621 |
) |
|
$ |
14,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP operating margin |
|
33.4 |
% |
|
|
0.7 |
% |
|
|
(137.1 |
)% |
|
|
(9.6 |
)% |
|
|
17.8 |
% |
|
Non-GAAP operating margin |
|
34.3 |
% |
|
|
1.2 |
% |
|
|
(137.1 |
)% |
|
|
(9.0 |
)% |
|
|
19.3 |
% |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250208891367/en/
Media & Investor Contacts
Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com.
Source: RCI Hospitality Holdings, Inc.
FAQ
What were RCI Hospitality's (RICK) Q1 2025 revenue and EPS results?
How much did RICK's Nightclubs segment grow in Q1 2025?
What was the impact of RICK's Flight Club acquisition in Detroit?
How many shares did RICK repurchase in Q1 2025?
What was RICK's debt position as of December 31, 2024?
