RCI Reports 3Q22 Results: Total Revenues $70.7M, GAAP EPS $1.48, Non-GAAP EPS $1.60
08/09/2022 - 04:05 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
$14.31 M
$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
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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 gary.fishman@anreder.com 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 gary.fishman@anreder.com and steven.anreder@anreder.com
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.