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RCI Reports 4Q23 & FY23 Results; X Spaces Call at 4:30 PM ET Today; Meet Management at 7 PM ET Tonight

Summary Financials (in millions except EPS)

4Q23

4Q22

FY23

FY22

Total revenues

$75.3

$71.4

$293.8

$267.6

Other charges (gains), net

$9.9

($0.9)

$15.6

$0.5

EPS

$0.23

$1.15

$3.13

$4.91

Non-GAAP EPS1

$1.11

$1.49

$4.90

$5.38

Net cash from operating activities

$12.1

$17.8

$59.1

$64.5

Free cash flow1

$11.1

$14.5

$53.2

$58.92

Net income attributable to RCIHH common stockholders

$2.2

$10.6

$29.2

$46.0

Adjusted EBITDA1

$20.2

$24.2

$85.0

$86.7

Weighted average shares used in computing EPS – basic and diluted

9.42

9.25

9.34

9.38

Share Repurchases
As of December 8, 2023, we had repurchased 37,954 common shares for $2.1 million or an average of $54.59 per share in 1Q24 and had $14.6 million in remaining stock repurchase authorization. In FY23, RCI repurchased 34,086 common shares for $2.2 million or an average of $65.22 per share.

CEO Comment
Eric Langan, President and CEO, said: “As we previously reported, business was soft during 4Q23 due to the current uncertain economy as well as tough comparisons to last year’s post-Covid bounce. However, our capital allocation strategy continues to produce strong, long-term results.”

“EPS was $0.23 for 4Q23 and $3.13 for FY23, which were impacted by non-cash impairment charges of $9.3 million and $12.6 million, respectively. On a non-GAAP basis, EPS was $1.11 for 4Q23 and $4.90 for FY23. Total revenues increased 5.4% year-over-year for 4Q23 and 9.8% for FY23. Both periods benefited from acquisitions, which helped offset lower same-store sales year-over-year, but not all of the margin decline.”

“Looking at the big picture, proforma FY23 same-store sales increased 9.0% compared to pre-Covid FY19, with Nightclubs +8.3% and Bombshells +12.6%.3 From year-end FY15, when we initiated our capital allocation strategy, through FY23, we have generated compound annual growth of 10.2% for total revenues, 12.1% for adjusted EBITDA, and 17.2% for free cash flow.”

“Subsequent to 4Q23, we continued to move ahead with our strategies and plans, buying back more shares depending on market conditions, opening Bombshells Stafford, and working on potential acquisitions. We believe year-over-year comparisons should become easier in FY24.”

Conference Call at 4:30 PM ET Today

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

1 See “Non-GAAP Financial Measures” below, 2 FY22 free cash flow included receipt of $2.2M tax refund, 3 The proforma same-store sales calculation includes sales for reporting units that qualify in accordance with our same store sales definition 

4Q23 Results (Comparisons are to 4Q22 unless indicated otherwise)

  • Nightclubs Segment: Revenues were $60.9 million compared to $56.6 million. The $4.3 million increase primarily reflected the benefit of newly acquired and remodeled clubs, which more than offset the decline in same-store sales.4 By revenue type, alcoholic beverages increased 17.2%, food and merchandise 15.9%, and other 8.1%, while service declined 2.0%. The differing growth rates primarily reflected a higher alcohol and lower service sales mix from the newly acquired Baby Dolls-Chicas Locas clubs as well as lower same-store sales. 4Q23 also included other charges, net (mainly impairments) and SOB license amortization of $9.5 million compared to $1.1 million. Operating income was $12.1 million (19.8% of revenues) compared to $22.5 million (39.7% of revenues). On a Non-GAAP basis, operating income was $21.6 million (35.4% of revenues) compared to $23.6 million (41.6% of revenues).
  • Bombshells Segment: Revenues were $13.6 million compared to $14.0 million. The $452 thousand decline primarily reflected lower same-store sales, partially offset by a $1.6 million increase from newly acquired locations.4 4Q23 also included other charges, net and amortization of $239 thousand. Operating income was $1.2 million (8.7% of revenues) compared to $2.2 million (15.5% of revenues). On a Non-GAAP basis, operating income was $1.4 million (10.4% of revenues) compared to $2.2 million (15.5% of revenues).
  • Other Segment: Revenues were approximately level at $727 thousand. 4Q23 included other charges, net (mainly impairments) of $969 thousand. Operating income was a loss of $793 thousand compared to a profit of $216 thousand. On a Non-GAAP basis, operating income was $176 thousand compared to $277 thousand.
  • Consolidated operating margin was 7.5% of revenues compared to 25.2% and 22.4% compared to 30.0% non-GAAP. The GAAP and non-GAAP differences reflected 4Q22’s unusually high operating leverage (the third highest in the last five years), which included a $1.0 million legal credit. The GAAP difference also reflected other charges, net of $9.9 million in 4Q23 compared to other gains, net of $890 thousand in 4Q22.
  • Interest expense was 5.6% of revenues compared to 4.8% reflecting higher average debt mostly from seller-financed promissory notes related to FY22-23 acquisitions.
  • Income tax was a benefit of $0.6 million compared to an expense of $4.0 million. For the year, the Effective Tax Rate was 19.0% compared to 23.4%. The FY23 ETR reflected higher federal state credits that offset a higher portion of income subjected to state income taxes.
  • Weighted average shares outstanding increased 1.8% year over year due to shares used in the 2Q23 Baby Dolls-Chicas Locas acquisition, partially offset by subsequent share buybacks.
  • Debt was $239.8 million at 9/30/23 compared to $243.8 million at 6/30/23. The difference primarily reflected scheduled paydowns.

4 See our October 10, 2023 news release on 4Q23 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) impairment of assets, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, (e) settlement of lawsuits, (f) costs and charges related to debt refinancing, and (g) 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) impairment of assets, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, (e) unrealized loss on equity securities, (f) settlement of lawsuits, (g) gain on debt extinguishment, (h) costs and charges related to debt refinancing, (i) stock-based compensation, (j) the income tax effect of the above-described adjustments, and (k) change in 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 20.6%, 22.8%, and 13.5% effective tax rate of the pre-tax non-GAAP income before taxes for 2023, 2022, and 2021, respectively, and the GAAP income tax expense. 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, (i) gain on debt extinguishment, and (j) 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 the unleveraged performance return on our investments. Adjusted EBITDA multiple is also used as a 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, (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, 2023, 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

For the Twelve Months Ended


September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022


Amount

% of Revenue

Amount

% of Revenue

Amount

% of Revenue

Amount

% of Revenue

Revenues









Sales of alcoholic beverages

$            33,325

44.3 %

$            29,812

41.8 %

$          127,262

43.3 %

$          113,316

42.3 %

Sales of food and merchandise

11,149

14.8 %

10,666

14.9 %

43,906

14.9 %

44,294

16.6 %

Service revenues

25,661

34.1 %

26,067

36.5 %

103,577

35.3 %

93,888

35.1 %

Other

5,115

6.8 %

4,833

6.8 %

19,045

6.5 %

16,122

6.0 %

Total revenues

75,250

100.0 %

71,378

100.0 %

293,790

100.0 %

267,620

100.0 %

Operating expenses









Cost of goods sold









Alcoholic beverages sold

6,155

18.5 %

5,248

17.6 %

23,291

18.3 %

20,155

17.8 %

Food and merchandise sold

4,000

35.9 %

3,781

35.4 %

15,429

35.1 %

15,537

35.1 %

Service and other

191

0.6 %

147

0.5 %

282

0.2 %

317

0.3 %

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

10,346

13.7 %

9,176

12.9 %

39,002

13.3 %

36,009

13.5 %

Salaries and wages

20,818

27.7 %

18,025

25.3 %

79,500

27.1 %

68,447

25.6 %

Selling, general and administrative

24,463

32.5 %

22,352

31.3 %

93,024

31.7 %

78,847

29.5 %

Depreciation and amortization

4,043

5.4 %

4,755

6.7 %

15,151

5.2 %

12,391

4.6 %

Other charges, net

9,936

13.2 %

(890)

(1.2) %

15,629

5.3 %

467

0.2 %

Total operating expenses

69,606

92.5 %

53,418

74.8 %

242,306

82.5 %

196,161

73.3 %

Income from operations

5,644

7.5 %

17,960

25.2 %

51,484

17.5 %

71,459

26.7 %

Other income (expenses)









Interest expense

(4,246)

(5.6) %

(3,454)

(4.8) %

(15,926)

(5.4) %

(11,950)

(4.5) %

Interest income

120

0.2 %

90

0.1 %

388

0.1 %

411

0.2 %

Non-operating gains, net

— %

— %

— %

211

0.1 %

Income before income taxes

1,518

2.0 %

14,596

20.4 %

35,946

12.2 %

60,131

22.5 %

Income tax expense (benefit)

(601)

(0.8) %

4,015

5.6 %

6,846

2.3 %

14,071

5.3 %

Net income

2,119

2.8 %

10,581

14.8 %

29,100

9.9 %

46,060

17.2 %

Net loss (income) attributable to noncontrolling interests

72

0.1 %

31

0.0 %

146

0.0 %

(19)

(0.0) %

Net income attributable to RCIHH common shareholders

$              2,191

2.9 %

$            10,612

14.9 %

$            29,246

10.0 %

$            46,041

17.2 %










Earnings per share









Basic and diluted

$                0.23


$                1.15


$                3.13


$                4.91











Weighted average shares used in computing earnings per
share









Basic and diluted

9,417,166


9,249,864


9,335,983


9,383,445











Dividends per share

$                0.06


$                0.05


$                0.23


$                0.19


RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)







For the Three Months Ended

For the Twelve Months Ended


September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Reconciliation of GAAP net income to Adjusted EBITDA





Net income attributable to RCIHH common stockholders

$                   2,191

$                 10,612

$                 29,246

$                 46,041

Income tax expense

(601)

4,015

6,846

14,071

Interest expense, net

4,126

3,364

15,538

11,539

Settlement of lawsuits

576

708

3,759

1,417

Impairment of assets

9,336

166

12,629

1,888

Loss (gain) on sale of businesses and assets

10

(1,709)

(682)

(2,375)

Depreciation and amortization

4,043

4,755

15,151

12,391

Unrealized loss on equity securities

(1)

Gain on debt extinguishment

(138)

Loss (gain) on insurance

14

(55)

(77)

(463)

Stock-based compensation

471

2,353

2,588

2,353

Adjusted EBITDA

$                 20,166

$                 24,208

$                 84,998

$                 86,724






Reconciliation of GAAP net income to non-GAAP net income





Net income attributable to RCIHH common stockholders

$                   2,191

$                 10,612

$                 29,246

$                 46,041

Amortization of intangibles

806

1,994

3,528

2,118

Settlement of lawsuits

576

708

3,759

1,417

Impairment of assets

9,336

166

12,629

1,888

Loss (gain) on sale of businesses and assets

10

(1,709)

(682)

(2,375)

Unrealized loss on equity securities

(1)

Gain on debt extinguishment

(138)

Loss (gain) on insurance

14

(55)

(77)

(463)

Stock-based compensation

471

2,353

2,588

2,353

Change in deferred tax asset valuation allowance

(176)

343

(176)

343

Net income tax effect

(2,810)

(670)

(5,068)

(729)

Non-GAAP net income

$                 10,418

$                 13,741

$                 45,747

$                 50,455






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





Diluted shares

9,417,166

9,249,864

9,335,983

9,383,445

GAAP diluted earnings per share

$                     0.23

$                     1.15

$                     3.13

$                     4.91

Amortization of intangibles

0.09

0.22

0.38

0.23

Settlement of lawsuits

0.06

0.08

0.40

0.15

Impairment of assets

0.99

0.02

1.35

0.20

Loss (gain) on sale of businesses and assets

0.00

(0.18)

(0.07)

(0.25)

Unrealized loss on equity securities

(0.00)

Gain on debt extinguishment

(0.01)

Loss (gain) on insurance

0.00

(0.01)

(0.01)

(0.05)

Stock-based compensation

0.05

0.25

0.28

0.25

Change in deferred tax asset valuation allowance

(0.02)

0.04

(0.02)

0.04

Net income tax effect

(0.30)

(0.07)

(0.54)

(0.08)

Non-GAAP diluted earnings per share

$                     1.11

$                     1.49

$                     4.90

$                     5.38






Reconciliation of GAAP operating income to non-GAAP operating
income





Income from operations

$                   5,644

$                 17,960

$                 51,484

$                 71,459

Amortization of intangibles

806

1,994

3,528

2,118

Settlement of lawsuits

576

708

3,759

1,417

Impairment of assets

9,336

166

12,629

1,888

Loss (gain) on sale of businesses and assets

10

(1,709)

(682)

(2,375)

Loss (gain) on insurance

14

(55)

(77)

(463)

Stock-based compensation

471

2,353

2,588

2,353

Non-GAAP operating income

$                 16,857

$                 21,417

$                 73,229

$                 76,397






Reconciliation of GAAP operating margin to non-GAAP operating
margin





Income from operations

7.5 %

25.2 %

17.5 %

26.7 %

Amortization of intangibles

1.1 %

2.8 %

1.2 %

0.8 %

Settlement of lawsuits

0.8 %

1.0 %

1.3 %

0.5 %

Impairment of assets

12.4 %

0.2 %

4.3 %

0.7 %

Loss (gain) on sale of businesses and assets

0.0 %

(2.4) %

(0.2) %

(0.9) %

Loss (gain) on insurance

0.0 %

(0.1) %

(0.0) %

(0.2) %

Stock-based compensation

0.6 %

3.3 %

0.9 %

0.9 %

Non-GAAP operating margin

22.4 %

30.0 %

24.9 %

28.5 %






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





Net cash provided by operating activities

$                 12,126

$                 17,755

$                 59,130

$                 64,509

Less: Maintenance capital expenditures

1,005

3,213

5,954

5,598

Free cash flow

$                 11,121

$                 14,542

$                 53,176

$                 58,911

RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)







For the Three Months Ended

For the Twelve Months Ended


September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Revenues





Nightclubs

$                 60,943

$                 56,612

$               236,748

$               206,251

Bombshells

13,580

14,032

55,723

59,925

Other

727

734

1,319

1,444


$                 75,250

$                 71,378

$               293,790

$               267,620






Income (loss) from operations





Nightclubs

$                 12,060

$                 22,477

$                 73,187

$                 82,798

Bombshells

1,179

2,169

6,502

11,504

Other

(793)

216

(1,446)

57

Corporate

(6,802)

(6,902)

(26,759)

(22,900)


$                   5,644

$                 17,960

$                 51,484

$                 71,459

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)













For the Three Months Ended September 30, 2023

For the Three Months Ended September 30, 2022


Nightclubs

Bombshells

Other

Corporate

Total

Nightclubs

Bombshells

Other

Corporate

Total

Income (loss) from operations

$        12,060

$          1,179

$           (793)

$        (6,802)

$          5,644

$        22,477

$          2,169

$             216

$        (6,902)

$        17,960

Amortization of intangibles

617

30

155

4

806

1,925

1

61

7

1,994

Settlement of lawsuits

378

198

576

709

(1)

708

Impairment of assets

8,522

814

9,336

166

166

Loss (gain) on sale of businesses and assets

11

(1)

10

(1,666)

(43)

(1,709)

Loss (gain) on insurance

14

14

(55)

(55)

Stock-based compensation

471

471

2,353

2,353

Non-GAAP operating income (loss)

$        21,577

$          1,418

$             176

$        (6,314)

$        16,857

$        23,556

$          2,170

$             277

$        (4,586)

$        21,417












GAAP operating margin

19.8 %

8.7 %

(109.1) %

(9.0) %

7.5 %

39.7 %

15.5 %

29.4 %

(9.7) %

25.2 %

Non-GAAP operating margin

35.4 %

10.4 %

24.2 %

(8.4) %

22.4 %

41.6 %

15.5 %

37.7 %

(6.4) %

30.0 %













For the Twelve Months Ended September 30, 2023

For the Twelve Months Ended September 30, 2022


Nightclubs

Bombshells

Other

Corporate

Total

Nightclubs

Bombshells

Other

Corporate

Total

Income (loss) from operations

$        73,187

$          6,502

$        (1,446)

$      (26,759)

$        51,484

$        82,798

$        11,504

$               57

$      (22,900)

$        71,459

Amortization of intangibles

2,497

530

484

17

3,528

2,042

6

61

9

2,118

Settlement of lawsuits

3,552

207

3,759

1,287

18

112

1,417

Impairment of assets

11,815

814

12,629

1,238

650

1,888

Loss (gain) on sale of businesses and assets

(734)

77

(25)

(682)

(2,010)

17

(382)

(2,375)

Gain on insurance

(48)

(29)

(77)

(463)

(463)

Stock-based compensation

2,588

2,588

2,353

2,353

Non-GAAP operating income (loss)

$        90,269

$          7,316

$           (148)

$      (24,208)

$        73,229

$        84,892

$        12,195

$             118

$      (20,808)

$        76,397












GAAP operating margin

30.9 %

11.7 %

(109.6) %

(9.1) %

17.5 %

40.1 %

19.2 %

3.9 %

(8.6) %

26.7 %

Non-GAAP operating margin

38.1 %

13.1 %

(11.2) %

(8.2) %

24.9 %

41.2 %

20.4 %

8.2 %

(7.8) %

28.5 %

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)







For the Three Months Ended

For the Twelve Months Ended


September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

CASH FLOWS FROM OPERATING ACTIVITIES





Net income (loss)

$                   2,119

$                 10,581

$                 29,100

$                 46,060

Adjustments to reconcile net income (loss) to net cash provided by operating activities:





Depreciation and amortization

4,043

4,755

15,151

12,391

Deferred tax expense (benefit)

(991)

3,489

(1,781)

3,080

Loss (gain) on sale of businesses and assets

2

(1,688)

(870)

(2,970)

Impairment of assets

9,336

166

12,629

1,888

Amortization and write-off of debt discount and issuance costs

162

115

615

314

Doubtful accounts expense (reversal) on notes receivable

753

Unrealized gain on equity securities

(1)

Loss (gain) on insurance

14

(55)

(77)

(463)

Noncash lease expense

752

882

2,978

2,607

Stock-based compensation expense

471

2,353

2,588

2,353

Gain on debt extinguishment

(83)

Changes in operating assets and liabilities, net of business acquisitions:





Accounts receivable

(3,863)

(3,586)

(2,383)

(175)

Inventories

98

(62)

177

(554)

Prepaid expenses, other current, and other assets

3,236

3,658

(366)

387

Accounts payable, accrued, and other liabilities

(3,253)

(2,852)

1,369

(1,079)

Net cash provided by operating activities

12,126

17,755

59,130

64,509

CASH FLOWS FROM INVESTING ACTIVITIES





Proceeds from sale of businesses and assets

1,434

6,058

4,245

10,669

Proceeds from notes receivable

59

55

229

182

Proceeds from insurance

(5)

133

86

648

Payments for property and equipment and intangible assets

(9,265)

(6,830)

(40,384)

(24,003)

Acquisition of businesses, net of cash acquired

(10,991)

(29,000)

(55,293)

Net cash used in investing activities

(7,777)

(11,575)

(64,824)

(67,797)

CASH FLOWS FROM FINANCING ACTIVITIES





Proceeds from debt obligations

11,595

35,820

Payments on debt obligations

(4,219)

(4,180)

(15,650)

(14,894)

Purchase of treasury stock

(2,125)

(3,040)

(2,223)

(15,097)

Payment of dividends

(566)

(462)

(2,146)

(1,784)

Payment of loan origination costs

(18)

(239)

(463)

Share in return of investment by noncontrolling partner

(600)

Net cash provided by (used in) financing activities

(6,910)

(7,700)

(9,263)

3,582

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(2,561)

(1,520)

(14,957)

294

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

23,584

37,500

35,980

35,686

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$                 21,023

$                 35,980

$                 21,023

$                 35,980

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)





September 30, 2023

September 30, 2022

ASSETS



Current assets



Cash and cash equivalents

$                 21,023

$                 35,980

Accounts receivable, net

9,846

8,510

Current portion of notes receivable

249

230

Inventories

4,412

3,893

Prepaid expenses and other current assets

1,943

1,499

Assets held for sale

1,049

Total current assets

37,473

51,161

Property and equipment, net

282,705

224,615

Operating lease right-of-use assets, net

34,931

37,048

Notes receivable, net of current portion

4,443

4,691

Goodwill

70,772

67,767

Intangibles, net

179,145

144,049

Other assets

1,415

1,407

Total assets

$               610,884

$               530,738




LIABILITIES AND EQUITY



Current liabilities



Accounts payable

$                   6,111

$                   5,482

Accrued liabilities

16,051

11,328

Current portion of debt obligations, net

22,843

11,896

Current portion of operating lease liabilities

2,977

2,795

Total current liabilities

47,982

31,501

Deferred tax liability, net

29,143

30,562

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

216,908

190,567

Operating lease liabilities, net of current portion

35,175

36,001

Other long-term liabilities

352

349

Total liabilities

329,560

288,980




Commitments and contingencies






Equity



Preferred stock

Common stock

94

92

Additional paid-in capital

80,437

67,227

Retained earnings

201,050

173,950

Total RCIHH stockholders’ equity

281,581

241,269

Noncontrolling interests

(257)

489

Total equity

281,324

241,758

Total liabilities and equity

$               610,884

$               530,738

SOURCE RCI Hospitality Holdings, Inc.

Originally published at https://www.prnewswire.com/news-releases/rci-reports-4q23–fy23-results-x-spaces-call-at-430-pm-et-today-meet-management-at-7-pm-et-tonight-302016096.html
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