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RCI Reports Strong Increase in 2Q21 EPS and Free Cash Flow

RICK

PR Newswire

HOUSTON , May 10, 2021 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal 2021 second quarter ended March 31, 2021 and filed its Form 10-Q.

RCI Hospitality Holdings Corporate Logo (PRNewsFoto/RCI Hospitality Holdings, Inc.) (PRNewsfoto/RCI Hospitality Holdings, Inc.)

Highlights (all comparisons in this news release are 2Q21 vs. 2Q20 unless otherwise noted)

  • GAAP EPS of $0.68 compared to ($0.37)
  • Non-GAAP* EPS of $0.75 compared to $0.47
  • GAAP results included a $1.4 million impairment and $431,000 net non-operating gain (both pre-tax)
  • Net cash from operating activities of $11.0 million and free cash flow* of $9.0 million
  • $20.2 million cash and cash equivalents on March 31, 2021
  • Total revenues of $44.1 million (+9.0%)
  • Nightclubs segment revenues of $30.8 million with 34.0% operating margin (38.8% non-GAAP)
  • Bombshells segment revenues of $13.1 million with 23.9% operating margin (24.3% non-GAAP)

Eric Langan , President & CEO, said: "2Q21 reflected a continued rebound in financial performance through the COVID-19 pandemic. Nightclubs had their best overall performance since the pandemic began. Bombshells served up another strong quarter. This enabled us to keep our teams employed and generate higher levels of free cash flow and profitability. Once again, we thank our loyal customers, dedicated team members, and steadfast investors.

"We hope these trends continue as the COVID-19 situation continues to improve. As of today, 36 clubs and 10 Bombshells are open. Nightclubs and Bombshells sales exceeded $18 million in April. Restrictive curfews, which have affected many of our northern clubs, are beginning to end. Minnesota , where we have three clubs, lifted its 11 PM curfew on Friday. New York , where we have three clubs, plans to eliminate its midnight curfew May 31 . We hope the curfew in Chicago , where we have one club, will be lifted soon."

Conference Call Today at 4:30 PM ET

  • Live Participant Phone Number: Toll Free 877-407-9210, International 201-689-8049
  • Access the live webcast, slides or replay here: https://www.webcaster4.com/Webcast/Page/2209/41190
  • Phone replay: Toll Free 877-481-4010, International 919-882-2331, Passcode: 41190

Nightclubs Segment

  • Revenue was $30.8 million (-1.8%) with same-store sales +3.6%.
  • Cost of goods sold was 12.3% of segment revenue compared to 11.3% due to a lower proportion of service revenues, while other expenses in aggregate declined.
  • Segment profitability increased to $10.5 million from $2.3 million . GAAP operating margin expanded to 34.0% from 7.3% in 2Q20. There were $1.4 million and $8.0 million of impairments, respectively, in 2Q21 and 2Q20.
  • On a non-GAAP basis, profitability increased to $12.0 million (+16.1%) as operating margin expanded to 38.8% from 32.8%. This is the segment's best performance since 2Q20, when the COVID-19 pandemic was declared mid-March 2020 .
  • During 2Q21, 29 of 38 clubs were open for the full quarter and 37 by period-end with 21 closed for several days in mid-February due to the Texas Freeze. Most locations limited occupancy voluntarily or in accordance with coronavirus safety plans. Not all clubs operated at full schedules in line with local government restrictions, although curfews became less restrictive, particularly in March. Currently, two clubs are temporarily closed.
  • During 2Q20, all 38 clubs were closed in mid-March 2020 as local and state restrictions went into effect.

Bombshells Segment

  • Bombshells revenue was $13.1 million (+49.2%) with same-store sales +48.7%.
  • Cost of goods sold was 22.8% of segment revenue compared to 24.7% due to higher revenue and lower cost of goods, while other expenses in aggregate as a percent of revenues also declined.
  • Segment profitability increased to $3.1 million (+356.7%). GAAP operating margin expanded to 23.9% from 7.8%. On a non-GAAP basis, profitability increased to $3.2 million (+240.7%) as operating margin expanded to 24.3% from 10.6%.
  • During 2Q21, all 10 Bombshells were open with the exception of several days due to the Texas Freeze. Capacity increased from 75% to 100% in mid-March.
  • During 2Q20, the nine existing Bombshells at the start of the quarter and a new location, which opened late January 2020 , were closed in mid-March as restrictions went into effect.

Consolidated

  • Salaries and wages were 25.4% of revenues compared to 30.2%.
  • SG&A was 28.6% of revenues compared to 35.7%.
  • The improvements reflected better Nightclubs and Bombshells segment margins, cost-saving initiatives, and lower audit and legal fees as compared to the prior year.
  • Other charges, net, reflected the above-mentioned impairments in the Nightclubs segment.
  • Interest expense decreased 3.9% primarily due to lower debt balances.
  • Non-operating gains of $431,000 pre-tax were primarily due to debt extinguishment of forgiven loans.
  • Debt was $132.4 million at 3/31/21 compared to $134.8 million at 12/31/20. This reflected regular paydowns and debt extinguishment.

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. Lower sales, as caused by local, state and national guidelines, could lead to adverse financial results. However, we will continually monitor and evaluate our cash flow situation and will determine any further measures to be instituted, including refinancing several of our debt obligations.
  • All references to the "company," "we," "our," and similar terms include RCI Hospitality Holdings, Inc. and its subsidiaries, unless the context indicates otherwise.

*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) impairment of assets, and (e) settlement of lawsuits. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations.
  • Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share. We calculate non-GAAP net income and non-GAAP net income per diluted share by excluding or including certain items to net income attributable to RCIHH common stockholders and diluted earnings per share. Adjustment items are: (a) amortization of intangibles, (b) gains or losses on sale of businesses and assets, (c) gains or losses on insurance, (d) unrealized gains or losses on equity securities, (e) impairment of assets, (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 24.2% and 7.6% effective tax rate of the pre-tax non-GAAP income before taxes for the six months ended March 31, 2021 and 2020, 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)

With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in gentlemen's clubs and sports bars/restaurants. Clubs in New York City , Chicago , Dallas/Ft. Worth , Houston , Miami , Minneapolis , St. Louis , Charlotte, Pittsburgh , and other markets operate under brand names such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie's Cabaret, and Scarlett's Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com/

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this press release, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, (vi) the impact of the COVID-19 pandemic, and (vii) numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI's annual report on Form 10-K for the year ended September 30, 2020 as well as its other filings with the U.S. Securities and Exchange Commission. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

Media & Investor Contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share and percentage data)


























For the Three Months Ended March 31,


For the Six Months Ended March 31,






2021


2020


2021


2020






Amount


% of
Revenue


Amount


% of
Revenue


Amount


% of
Revenue


Amount


% of
Revenue

Revenues


















Sales of alcoholic beverages


$ 20,273


46.0%


$ 16,919


41.9%


$ 37,633


45.6%


$ 37,662


42.4%


Sales of food and merchandise


9,538


21.6%


6,479


16.0%


18,147


22.0%


13,926


15.7%


Service revenues


11,502


26.1%


14,348


35.5%


21,562


26.1%


31,541


35.5%


Other


2,746


6.2%


2,680


6.6%


5,115


6.2%


5,691


6.4%



Total revenues


44,059


100.0%


40,426


100.0%


82,457


100.0%


88,820


100.0%

Operating expenses


















Cost of goods sold



















Alcoholic beverages sold


3,730


18.4%


3,435


20.3%


6,992


18.6%


7,581


20.1%



Food and merchandise sold


3,029


31.8%


2,271


35.1%


5,918


32.6%


4,846


34.8%



Service and other


43


0.3%


76


0.4%


96


0.4%


131


0.4%




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


6,802


15.4%


5,782


14.3%


13,006


15.8%


12,558


14.1%


Salaries and wages


11,200


25.4%


12,222


30.2%


22,686


27.5%


25,445


28.6%


Selling, general and administrative


12,618


28.6%


14,450


35.7%


24,770


30.0%


30,981


34.9%


Depreciation and amortization


2,117


4.8%


2,257


5.6%


4,140


5.0%


4,461


5.0%


Other charges, net


1,481


3.4%


8,190


20.3%


1,431


1.7%


8,164


9.2%



Total operating expenses


34,218


77.7%


42,901


106.1%


66,033


80.1%


81,609


91.9%

Income (loss) from operations


9,841


22.3%


(2,475)


-6.1%


16,424


19.9%


7,211


8.1%

Other income (expenses)


















Interest expense


(2,364)


-5.4%


(2,459)


-6.1%


(4,798)


-5.8%


(4,944)


-5.6%


Interest income


62


0.1%


85


0.2%


122


0.1%


183


0.2%


Non-operating gains (losses), net


431


1.0%


(62)


-0.2%


5,347


6.5%


(134)


-0.2%

Income (loss) before income taxes


7,970


18.1%


(4,911)


-12.1%


17,095


20.7%


2,316


2.6%

Income tax expense (benefit)


1,938


4.4%


(1,418)


-3.5%


1,554


1.9%


175


0.2%

Net income (loss)


6,032


13.7%


(3,493)


-8.6%


15,541


18.8%


2,141


2.4%

Net loss attributable to noncontrolling interests


59


0.1%


41


0.1%


193


0.2%


41


0.0%

Net income (loss) attributable to RCIHH common shareholders


$ 6,091


13.8%


$ (3,452)


-8.5%


$ 15,734


19.1%


$ 2,182


2.5%





















Earnings (loss) per share


















Basic and diluted


$ 0.68




$ (0.37)




$ 1.75




$ 0.24























Weighted average shares outstanding


















Basic and diluted


9,000




9,225




9,010




9,274























Dividends per share


$ 0.04




$ 0.04




$ 0.08




$ 0.07



RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)












For the Three Months


For the Six Months



Ended March 31,


Ended March 31,



2021


2020


2021


2020

Reconciliation of GAAP net income (loss) to Adjusted EBITDA









Net income (loss) attributable to RCIHH common stockholders


$ 6,091


$ (3,452)


$ 15,734


$ 2,182

Income tax expense (benefit)


1,938


(1,418)


1,554


175

Interest expense, net


2,302


2,374


4,676


4,761

Settlement of lawsuits


1


-


153


24

Impairment of assets


1,401


8,210


1,401


8,210

Loss (gain) on sale of businesses and assets


91


(7)


86


(37)

Gain on debt extinguishment


(380)


-


(5,329)


-

Unrealized loss on equity securities


34


62


67


134

Gain on insurance


(12)


(13)


(209)


(33)

Depreciation and amortization


2,117


2,257


4,140


4,461

Adjusted EBITDA


$ 13,583


$ 8,013


$ 22,273


$ 19,877










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









Net income (loss) attributable to RCIHH common stockholders


$ 6,091


$ (3,452)


$ 15,734


$ 2,182

Amortization of intangibles


79


157


158


313

Settlement of lawsuits


1


-


153


24

Impairment of assets


1,401


8,210


1,401


8,210

Loss (gain) on sale of businesses and assets


91


(7)


86


(37)

Gain on debt extinguishment


(380)


-


(5,329)


-

Unrealized loss on equity securities


34


62


67


134

Gain on insurance


(12)


(13)


(209)


(33)

Net income tax effect


(522)


(633)


(1,741)


(659)

Non-GAAP net income


$ 6,783


$ 4,324


$ 10,320


$ 10,134










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





Diluted shares


9,000


9,225


9,010


9,274

GAAP diluted earnings (loss) per share


$ 0.68


$ (0.37)


$ 1.75


$ 0.24

Amortization of intangibles


0.01


0.02


0.02


0.03

Settlement of lawsuits


0.00


-


0.02


0.00

Impairment of assets


0.16


0.89


0.16


0.89

Loss (gain) on sale of businesses and assets


0.01


(0.00)


0.01


(0.00)

Gain on debt extinguishment


(0.04)


-


(0.59)


-

Unrealized loss on equity securities


0.00


0.01


0.01


0.01

Gain on insurance


(0.00)


(0.00)


(0.02)


(0.00)

Net income tax effect


(0.06)


(0.07)


(0.19)


(0.07)

Non-GAAP diluted earnings per share


$ 0.75


$ 0.47


$ 1.15


$ 1.09










Reconciliation of GAAP operating income to non-GAAP operating income









Income (loss) from operations


$ 9,841


$ (2,475)


$ 16,424


$ 7,211

Amortization of intangibles


79


157


158


313

Settlement of lawsuits


1


-


153


24

Impairment of assets


1,401


8,210


1,401


8,210

Loss (gain) on sale of businesses and assets


91


(7)


86


(37)

Gain on insurance


(12)


(13)


(209)


(33)

Non-GAAP operating income


$ 11,401


$ 5,872


$ 18,013


$ 15,688










Reconciliation of GAAP operating margin to non-GAAP operating margin









GAAP operating margin


22.3%


-6.1%


19.9%


8.1%

Amortization of intangibles


0.2%


0.4%


0.2%


0.4%

Settlement of lawsuits


0.0%


0.0%


0.2%


0.0%

Impairment of assets


3.2%


20.3%


1.7%


9.2%

Loss (gain) on sale of businesses and assets


0.2%


0.0%


0.1%


0.0%

Gain on insurance


0.0%


0.0%


-0.3%


0.0%

Non-GAAP operating margin


25.9%


14.5%


21.8%


17.7%










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








Net cash provided by operating activities


$ 10,972


$ 1,708


$ 17,246


$ 11,981

Less: Maintenance capital expenditures


1,986


1,090


2,591


2,111

Free cash flow


$ 8,986


$ 618


$ 14,655


$ 9,870

RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)














For the Three Months


For the Six Months




Ended March 31,


Ended March 31,




2021


2020


2021


2020

Revenues










Nightclubs


$ 30,787


$ 31,367


$ 55,984


$ 69,226


Bombshells


13,135


8,803


26,141


19,153


Other


137


256


332


441




$ 44,059


$ 40,426


$ 82,457


$ 88,820











Income (loss) from operations










Nightclubs


$ 10,468


$ 2,284


$ 18,963


$ 16,040


Bombshells


3,142


688


5,859


2,259


Other


(139)


(146)


(214)


(331)


General corporate


(3,630)


(5,301)


(8,184)


(10,757)




$ 9,841


$ (2,475)


$ 16,424


$ 7,211

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)
























For the Three Months Ended March 31, 2021


For the Three Months Ended March 31, 2020



Nightclubs


Bombshells


Other


Corporate


Total


Nightclubs


Bombshells


Other


Corporate


Total

Income (loss) from operations


$ 10,468


$ 3,142


$ (139)


$ (3,630)


$ 9,841


$ 2,284


$ 688


$ (146)


$ (5,301)


$ (2,475)

Amortization of intangibles


47


3


29


-


79


57


4


96


-


157

Settlement of lawsuits


(4)


-


5


-


1


-


-


-


-


-

Impairment of assets


1,401


-


-


-


1,401


7,965


245


-


-


8,210

Loss (gain) on sale of businesses and assets


14


47


-


30


91


(3)


-


-


(4)


(7)

Loss (gain) on insurance


32


-


-


(44)


(12)


-


-


-


(13)


(13)

Non-GAAP operating income (loss)


$ 11,958


$ 3,192


$ (105)


$ (3,644)


$ 11,401


$ 10,303


$ 937


$ (50)


$ (5,318)


$ 5,872






















GAAP operating margin


34.0%


23.9%


-101.5%


-8.2%


22.3%


7.3%


7.8%


-57.0%


-13.1%


-6.1%

Non-GAAP operating margin


38.8%


24.3%


-76.6%


-8.3%


25.9%


32.8%


10.6%


-19.5%


-13.2%


14.5%













































For the Six Months Ended March 31, 2021


For the Six Months Ended March 31, 2020



Nightclubs


Bombshells


Other


Corporate


Total


Nightclubs


Bombshells


Other


Corporate


Total

Income (loss) from operations


$ 18,963


$ 5,859


$ (214)


$ (8,184)


$ 16,424


$ 16,040


$ 2,259


$ (331)


$ (10,757)


$ 7,211

Amortization of intangibles


94


7


57


-


158


114


8


191


-


313

Settlement of lawsuits


114


34


5


-


153


24


-


-


-


24

Impairment of assets


1,401


-


-


-


1,401


7,965


245


-


-


8,210

Loss (gain) on sale of businesses and assets


14


47


-


25


86


-


-


-


(37)


(37)

Gain on insurance


(165)


-


-


(44)


(209)


(20)


-


-


(13)


(33)

Non-GAAP operating income (loss)


$ 20,421


$ 5,947


$ (152)


$ (8,203)


$ 18,013


$ 24,123


$ 2,512


$ (140)


$ (10,807)


$ 15,688






















GAAP operating margin


33.9%


22.4%


-64.5%


-9.9%


19.9%


23.2%


11.8%


-75.1%


-12.1%


8.1%

Non-GAAP operating margin


36.5%


22.7%


-45.8%


-9.9%


21.8%


34.8%


13.1%


-31.7%


-12.2%


17.7%

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)
















For the Three Months Ended


For the Six Months Ended





March 31, 2021


March 31, 2020


March 31, 2021


March 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES









Net income (loss)


$ 6,032


$ (3,493)


$ 15,541


$ 2,141

Adjustments to reconcile net income (loss) to net cash









provided by operating activities:










Depreciation and amortization


2,117


2,257


4,140


4,461


Deferred income tax benefit


-


(1,005)


-


(1,155)


Loss (gain) on sale of businesses and assets


91


(6)


86


(36)


Impairment of assets


1,401


8,210


1,401


8,210


Unrealized loss on equity securities


34


62


67


134


Amortization of debt discount and issuance costs


50


68


101


129


Gain on debt extinguishment


(378)


-


(5,298)


-


Noncash lease expense


427


496


848


825


Gain on insurance


(44)


(13)


(294)


(33)


Doubtful accounts expense (reversal) on notes receivable


35


-


(58)


-


Changes in operating assets and liabilities:











Accounts receivable


1,704


(428)


3,137


1,917



Inventories


(9)


4


(31)


(137)



Prepaid expenses, other current assets and other assets


369


1,275


1,494


2,840



Accounts payable, accrued and other liabilities


(857)


(5,719)


(3,888)


(7,315)


Net cash provided by operating activities


10,972


1,708


17,246


11,981

CASH FLOWS FROM INVESTING ACTIVITIES









Proceeds from sale of businesses and assets


8


54


8


105

Proceeds from insurance


44


13


294


945

Proceeds from notes receivable


35


46


61


403

Payments for property and equipment and intangible assets


(5,429)


(1,265)


(6,718)


(5,323)


Net cash used in investing activities


(5,342)


(1,152)


(6,355)


(3,870)

CASH FLOWS FROM FINANCING ACTIVITIES









Proceeds from debt obligations


2,176


562


2,176


880

Payments on debt obligations


(4,232)


(2,016)


(5,977)


(4,097)

Purchase of treasury stock


-


(2,047)


(1,794)


(8,488)

Payment of dividends


(360)


(368)


(720)


(647)

Payment of loan origination costs


(25)


-


(25)


-

Distribution to noncontrolling interests


-


(21)


-


(31)


Net cash used in financing activities


(2,441)


(3,890)


(6,340)


(12,383)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


3,189


(3,334)


4,551


(4,272)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD


16,967


13,159


15,605


14,097

CASH AND CASH EQUIVALENTS AT END OF PERIOD


$ 20,156


$ 9,825


$ 20,156


$ 9,825

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)














March 31,


September 30,


March 31,





2021


2020


2020

ASSETS







Current assets







Cash and cash equivalents

$ 20,156


$ 15,605


$ 9,825


Accounts receivable, net

3,630


6,767


4,678


Current portion of notes receivable

214


201


675


Inventories

2,403


2,372


2,735


Prepaid expenses and other current assets

5,020


6,488


5,148


Assets held for sale

7,382


-


4,825



Total current assets

38,805


31,433


27,886

Property and equipment, net

175,153


181,383


182,234

Operating lease right-of-use assets, net

24,698


25,546


26,485

Notes receivable, net of current portion

2,892


2,908


4,087

Goodwill

45,686


45,686


47,109

Intangibles, net

73,070


73,077


74,251

Other assets

806


900


963




Total assets

$ 361,110


$ 360,933


$ 363,015










LIABILITIES AND EQUITY






Current liabilities







Accounts payable

$ 4,021


$ 4,799


$ 2,805


Accrued liabilities

12,321


14,573


8,671


Current portion of long-term debt, net

16,380


16,304


14,771


Current portion of operating lease liabilities

1,692


1,628


1,552



Total current liabilities

34,414


37,304


27,799

Deferred tax liability, net

20,390


20,390


20,503

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

116,032


125,131


125,669

Operating lease liabilities, net of current portion

24,583


25,439


26,275

Other long-term liabilities

357


362


374



Total liabilities

195,776


208,626


200,620










Commitments and contingencies















Equity








Preferred stock

-


-


-


Common stock

90


91


91


Additional paid-in capital

50,040


51,833


52,829


Retained earnings

115,811


100,797


109,703



Total RCIHH stockholders' equity

165,941


152,721


162,623


Noncontrolling interests

(607)


(414)


(228)



Total equity

165,334


152,307


162,395




Total liabilities and equity

$ 361,110


$ 360,933


$ 363,015

Cision View original content to download multimedia: http://www.prnewswire.com/news-releases/rci-reports-strong-increase-in-2q21-eps-and-free-cash-flow-301287839.html

SOURCE RCI Hospitality Holdings, Inc.



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