RCI Reports 3Q23 Results: Total Revenues $77.1M, GAAP EPS $0.96, Non-GAAP EPS $1.30

Summary Financials (in millions except EPS)

3Q23

3Q22

9M23

9M22

Total revenues

$77.1

$70.7

$218.5

$196.2

EPS

$0.96

$1.48

$2.91

$3.76

Non-GAAP EPS1

$1.30

$1.60

$3.80

$3.89

Net cash from operating activities

$15.3

$18.9

$47.0

$46.8

Free cash flow1

$14.3

$18.02

$42.1

$44.42

Net income attributable to RCIHH common stockholders

$9.1

$13.9

$27.1

$35.4

Adjusted EBITDA1

$22.7

$24.6

$64.8

$62.5

Weighted average shares used in computing EPS – basic and diluted

9.43

9.39

9.31

9.43

1

See “Non-GAAP Financial Measures” below

2

3Q22 and 9M22 free cash flow included receipt of $2.2M tax refund

Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., said: “Third quarter revenues of $77.1 million increased 9.0% year over year, generating free cash flow of $14.3 million and adjusted EBITDA of $22.7 million. As a result, FCF and adjusted EBITDA margins were generally in line year-to-date with our respective 20% and 30% targets.

“It should be noted the year-ago quarter, aided by the end of Covid restrictions, had one of the highest levels of operating leverage that we have experienced the last five years which affects direct comparisons to 3Q23. Having said that, we do believe 3Q23 same store sales were held back by the increase in vacation travel, the extreme Texas heat, and economic uncertainty.”

“To date in 4Q23, we have repurchased 10,440 common shares for $725,423 or an average of $69.48 each. Currently, we still have $18.0 million in available stock repurchase authorization.”

“Later in 4Q23, we expect to open a new Bombshells in Stafford, TX. In FY24, we plan to relaunch a temporarily closed club and open two new clubs in Fort Worth and in Lubbock, TX. We are working on the launch of three new Bombshells in Lubbock and Rowlett, TX, and downtown Denver. We also hope to open our Rick’s Cabaret Steakhouse & Casino and Bombshells Sports Casino, both in Central City, CO, and we will continue to pursue new club acquisitions in FY24.”

Conference Call at 4:30 PM ET TodayParticipants need to use X (formerly Twitter) Spaces on their mobile phones to ask questions during the Q&A

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

3Q23 Segments (Comparisons are to 3Q22 unless indicated otherwise)

Nightclubs: Revenues were $62.4 million, an increase of 14.2%, primarily reflecting an increase from newly acquired and remodeled clubs, partially offset by a same-store sales decline.3 By revenue type, service increased 4.8%, alcoholic beverage 24.1%, and food, merchandise and other 17.7%. The year-over-year changes reflect in part the lower proportion of service revenues in the newly acquired Baby Dolls-Chicas Locas clubs sales mix as compared to Nightclubs average. Operating income was $20.4 million compared to $22.5 million or 32.7% of revenues compared to 41.1%. 3Q23 included higher impairment and amortization of SOB licenses. Non-GAAP operating income was $23.6 million compared to $23.3 million or 37.7% of revenues compared to 42.7%.
Bombshells: Revenues were $14.4 million, a decline of 8.8%, primarily reflecting a decline in same-store sales, partially offset by an increase from newly acquired and opened units.3 By revenue type, food and merchandise fell 11.8% and alcoholic beverage decreased 7.7%. Operating income was $1.7 million compared to $3.1 million or 11.8% of revenues compared to 19.4%. Non-GAAP operating income was $1.8 million compared to $3.7 million or 12.8% of revenues compared to 23.6%. The change in Bombshells performance mainly reflects higher year-ago guest traffic and customer spending.

3See our July 11, 2023 news release on 3Q23 sales for more details

3Q23 Consolidated (Comparisons are to 3Q22 and % are of total revenues unless indicated otherwise)

Operating margin was 20.1% compared to 29.0%. On a non-GAAP basis, it was 25.3% compared to 31.2%. The year-over-year difference reflects 3Q22’s unusually high operating leverage. Otherwise, 3Q23’s non-GAAP operating margin was in line with 1Q23’s 25.6% and 2Q23’s 26.6%.
Interest expense was 5.6% compared to 4.3% as a result of higher average debt mostly from seller-financed promissory notes related to FY22-23 acquisitions.
Weighted average shares outstanding increased 0.4% year over year due to shares used in the 2Q23 Baby Dolls-Chicas Locas acquisition.
Debt: $243.8 million at 6/30/23 compared to $245.8 million at 3/31/23 primarily due to paydowns.

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, and (f) 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 gains or losses on equity securities, (f) settlement of lawsuits, (g) gain on debt extinguishment, (h) stock-based compensation, and (i) 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 21.6% effective tax rate of the pre-tax non-GAAP income before taxes for the nine months ended June 30, 2023 and 2022, 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, (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 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, (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, 2022, 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 Nine Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Amount

% of Revenue

Amount

% of Revenue

Amount

% of Revenue

Amount

% of Revenue

Revenues

Sales of alcoholic beverages

$            34,151

44.3 %

$            29,738

42.1 %

$            93,937

43.0 %

$            83,504

42.6 %

Sales of food and merchandise

11,405

14.8 %

11,574

16.4 %

32,757

15.0 %

33,628

17.1 %

Service revenues

26,663

34.6 %

25,444

36.0 %

77,916

35.7 %

67,821

34.6 %

Other

4,836

6.3 %

3,958

5.6 %

13,930

6.4 %

11,289

5.8 %

Total revenues

77,055

100.0 %

70,714

100.0 %

218,540

100.0 %

196,242

100.0 %

Operating expenses

Cost of goods sold

Alcoholic beverages sold

6,397

18.7 %

5,177

17.4 %

17,136

18.2 %

14,907

17.9 %

Food and merchandise sold

4,106

36.0 %

3,959

34.2 %

11,429

34.9 %

11,756

35.0 %

Service and other

26

0.1 %

46

0.2 %

91

0.1 %

170

0.2 %

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

10,529

13.7 %

9,182

13.0 %

28,656

13.1 %

26,833

13.7 %

Salaries and wages

20,578

26.7 %

17,387

24.6 %

58,682

26.9 %

50,422

25.7 %

Selling, general and administrative

23,803

30.9 %

19,572

27.7 %

68,561

31.4 %

56,495

28.8 %

Depreciation and amortization

4,041

5.2 %

2,565

3.6 %

11,108

5.1 %

7,636

3.9 %

Other charges, net

2,589

3.4 %

1,501

2.1 %

5,693

2.6 %

1,357

0.7 %

Total operating expenses

61,540

79.9 %

50,207

71.0 %

172,700

79.0 %

142,743

72.7 %

Income from operations

15,515

20.1 %

20,507

29.0 %

45,840

21.0 %

53,499

27.3 %

Other income (expenses)

Interest expense

(4,316)

(5.6) %

(3,028)

(4.3) %

(11,680)

(5.3) %

(8,496)

(4.3) %

Interest income

87

0.1 %

103

0.1 %

268

0.1 %

321

0.2 %

Non-operating gains, net

— %

127

0.2 %

— %

211

0.1 %

Income before income taxes

11,286

14.6 %

17,709

25.0 %

34,428

15.8 %

45,535

23.2 %

Income tax expense

2,269

2.9 %

3,767

5.3 %

7,447

3.4 %

10,056

5.1 %

Net income

9,017

11.7 %

13,942

19.7 %

26,981

12.3 %

35,479

18.1 %

Net loss (income) attributable to noncontrolling interests

68

0.1 %

(40)

(0.1) %

74

0.0 %

(50)

(0.0) %

Net income attributable to RCIHH common shareholders

$              9,085

11.8 %

$            13,902

19.7 %

$            27,055

12.4 %

$            35,429

18.1 %

Earnings per share

Basic and diluted

$                0.96

$                1.48

$                2.91

$                3.76

Weighted average shares used in computing earnings per share

Basic and diluted

9,430,225

9,389,675

9,308,624

9,428,461

Dividends per share

$                0.06

$                0.05

$                0.17

$                0.14

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)

For the Three Months Ended

For the Nine Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Reconciliation of GAAP net income to Adjusted EBITDA

Net income attributable to RCIHH common stockholders

$              9,085

$            13,902

$            27,055

$            35,429

Income tax expense

2,269

3,767

7,447

10,056

Interest expense, net

4,229

2,925

11,412

8,175

Settlement of lawsuits

63

132

3,183

709

Impairment of assets

2,631

1,722

3,293

1,722

Gain on sale of businesses and assets

(105)

(266)

(692)

(666)

Gain on debt extinguishment

(53)

(138)

Unrealized loss on equity securities

1

Gain on insurance

(87)

(91)

(408)

Stock-based compensation

470

2,117

Depreciation and amortization

4,041

2,565

11,108

7,636

Adjusted EBITDA

$            22,683

$            24,607

$            64,832

$            62,516

Reconciliation of GAAP net income to non-GAAP net income

Net income attributable to RCIHH common stockholders

$              9,085

$            13,902

$            27,055

$            35,429

Amortization of intangibles

918

25

2,722

124

Settlement of lawsuits

63

132

3,183

709

Impairment of assets

2,631

1,722

3,293

1,722

Gain on sale of businesses and assets

(105)

(266)

(692)

(666)

Gain on debt extinguishment

(53)

(138)

Unrealized loss on equity securities

1

Gain on insurance

(87)

(91)

(408)

Stock-based compensation

470

2,117

Net income tax effect

(812)

(312)

(2,258)

(59)

Non-GAAP net income

$            12,250

$            15,063

$            35,329

$            36,714

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

Diluted shares

9,430,225

9,389,675

9,308,624

9,428,461

GAAP diluted earnings per share

$                0.96

$                1.48

$                2.91

$                3.76

Amortization of intangibles

0.10

0.00

0.29

0.01

Settlement of lawsuits

0.01

0.01

0.34

0.08

Impairment of assets

0.28

0.18

0.35

0.18

Gain on sale of businesses and assets

(0.01)

(0.03)

(0.07)

(0.07)

Gain on debt extinguishment

0.00

(0.01)

0.00

(0.01)

Unrealized loss on equity securities

0.00

0.00

0.00

0.00

Gain on insurance

0.00

(0.01)

(0.01)

(0.04)

Stock-based compensation

0.05

0.00

0.23

0.00

Net income tax effect

(0.09)

(0.03)

(0.24)

(0.01)

Non-GAAP diluted earnings per share

$                1.30

$                1.60

$                3.80

$                3.89

Reconciliation of GAAP operating income to non-GAAP operating income

Income from operations

$            15,515

$            20,507

$            45,840

$            53,499

Amortization of intangibles

918

25

2,722

124

Settlement of lawsuits

63

132

3,183

709

Impairment of assets

2,631

1,722

3,293

1,722

Gain on sale of businesses and assets

(105)

(266)

(692)

(666)

Gain on insurance

(87)

(91)

(408)

Stock-based compensation

470

2,117

Non-GAAP operating income

$            19,492

$            22,033

$            56,372

$            54,980

Reconciliation of GAAP operating margin to non-GAAP operating margin

Income from operations

20.1 %

29.0 %

21.0 %

27.3 %

Amortization of intangibles

1.2 %

0.0 %

1.2 %

0.1 %

Settlement of lawsuits

0.1 %

0.2 %

1.5 %

0.4 %

Impairment of assets

3.4 %

2.4 %

1.5 %

0.9 %

Gain on sale of businesses and assets

(0.1) %

(0.4) %

(0.3) %

(0.3) %

Gain on insurance

0.0 %

(0.1) %

(0.0) %

(0.2) %

Stock-based compensation

0.6 %

0.0 %

1.0 %

0.0 %

Non-GAAP operating margin

25.3 %

31.2 %

25.8 %

28.0 %

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

Net cash provided by operating activities

$            15,320

$            18,893

$            47,004

$            46,754

Less: Maintenance capital expenditures

1,064

869

4,949

2,385

Free cash flow

$            14,256

$            18,024

$            42,055

$            44,369

RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)

For the Three Months Ended

For the Nine Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Revenues

Nightclubs

$            62,449

$            54,684

$          175,805

$          149,639

Bombshells

14,397

15,789

42,143

45,893

Other

209

241

592

710

$            77,055

$            70,714

$          218,540

$          196,242

Income (loss) from operations

Nightclubs

$            20,392

$            22,459

$            61,127

$            60,321

Bombshells

1,701

3,065

5,323

9,335

Other

(300)

(82)

(653)

(159)

Corporate

(6,278)

(4,935)

(19,957)

(15,998)

$            15,515

$            20,507

$            45,840

$            53,499

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)

For the Three Months Ended June 30, 2023

For the Three Months Ended June 30, 2022

Nightclubs

Bombshells

Other

Corporate

Total

Nightclubs

Bombshells

Other

Corporate

Total

Income (loss) from operations

$        20,392

$          1,701

$           (300)

$        (6,278)

$        15,515

$        22,459

$          3,065

$             (82)

$        (4,935)

$        20,507

Amortization of intangibles

624

81

208

5

918

23

1

1

25

Settlement of lawsuits

57

6

63

124

8

132

Impairment of assets

2,631

2,631

1,072

650

1,722

Loss (gain) on sale of businesses and assets

(153)

50

(2)

(105)

(264)

(2)

(266)

Gain on insurance

(87)

(87)

Stock-based compensation

470

470

Non-GAAP operating income (loss)

$        23,551

$          1,838

$             (92)

$        (5,805)

$        19,492

$        23,327

$          3,724

$             (82)

$        (4,936)

$        22,033

GAAP operating margin

32.7 %

11.8 %

(143.5) %

(8.1) %

20.1 %

41.1 %

19.4 %

(34.0) %

(7.0) %

29.0 %

Non-GAAP operating margin

37.7 %

12.8 %

(44.0) %

(7.5) %

25.3 %

42.7 %

23.6 %

(34.0) %

(7.0) %

31.2 %

For the Nine Months Ended June 30, 2023

For the Nine Months Ended June 30, 2022

Nightclubs

Bombshells

Other

Corporate

Total

Nightclubs

Bombshells

Other

Corporate

Total

Income (loss) from operations

$        61,127

$          5,323

$           (653)

$      (19,957)

$        45,840

$        60,321

$          9,335

$           (159)

$      (15,998)

$        53,499

Amortization of intangibles

1,880

500

329

13

2,722

117

5

2

124

Settlement of lawsuits

3,174

9

3,183

578

18

113

709

Impairment of assets

3,293

3,293

1,072

650

1,722

Loss (gain) on sale of businesses and assets

(734)

66

(24)

(692)

(344)

17

(339)

(666)

Gain on insurance

(48)

(43)

(91)

(408)

(408)

Stock-based compensation

2,117

2,117

Non-GAAP operating income (loss)

$        68,692

$          5,898

$           (324)

$      (17,894)

$        56,372

$        61,336

$        10,025

$           (159)

$      (16,222)

$        54,980

GAAP operating margin

34.8 %

12.6 %

(110.3) %

(9.1) %

21.0 %

40.3 %

20.3 %

(22.4) %

(8.2) %

27.3 %

Non-GAAP operating margin

39.1 %

14.0 %

(54.7) %

(8.2) %

25.8 %

41.0 %

21.8 %

(22.4) %

(8.3) %

28.0 %

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

For the Three Months Ended

For the Nine Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$                    9,017

$                  13,942

$                  26,981

$                  35,479

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

4,041

2,565

11,108

7,636

Impairment of assets

2,631

1,722

3,293

1,722

Deferred income tax benefit

(790)

(409)

(790)

(409)

Stock-based compensation

470

2,117

Loss (gain) on sale of businesses and assets

(183)

(574)

(872)

(1,282)

Unrealized loss on equity securities

1

Amortization of debt discount and issuance costs

162

63

453

199

Gain on debt extinguishment

(83)

Noncash lease expense

763

487

2,226

1,725

Gain on insurance

(87)

(91)

(408)

Doubtful accounts expense on notes receivable

700

753

Changes in operating assets and liabilities:

Accounts receivable

772

2,346

1,480

3,411

Inventories

(216)

79

(492)

Prepaid expenses, other current and other assets

2,103

2,089

(3,602)

(3,271)

Accounts payable, accrued and other liabilities

(3,666)

(3,735)

4,622

1,773

Net cash provided by operating activities

15,320

18,893

47,004

46,754

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of businesses and assets

1

1,701

2,811

4,611

Proceeds from insurance

30

91

515

Proceeds from notes receivable

57

45

170

127

Payments for property and equipment and intangible assets

(9,029)

(3,183)

(29,919)

(17,173)

Acquisition of businesses, net of cash acquired

(5,000)

(30,200)

(44,302)

Net cash used in investing activities

(8,971)

(6,407)

(57,047)

(56,222)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from debt obligations

78

11,595

35,820

Payments on debt obligations

(4,950)

(3,424)

(11,431)

(10,714)

Purchase of treasury stock

(9,212)

(98)

(12,057)

Payment of dividends

(565)

(468)

(1,580)

(1,322)

Payment of loan origination costs

(34)

(27)

(239)

(445)

Share in return of investment by noncontrolling partner

(600)

Net cash provided by (used in) financing activities

(5,549)

(13,053)

(2,353)

11,282

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

800

(567)

(12,396)

1,814

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

22,784

38,067

35,980

35,686

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$                  23,584

$                  37,500

$                  23,584

$                  37,500

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30, 2023

September 30, 2022

June 30, 2022

ASSETS

Current assets

Cash and cash equivalents

$                  23,584

$                       35,980

$                  37,500

Accounts receivable, net

7,433

8,510

3,955

Current portion of notes receivable

244

230

226

Inventories

4,571

3,893

3,749

Prepaid expenses and other current assets

5,028

1,499

4,475

Assets held for sale

1,049

6,989

Total current assets

40,860

51,161

56,894

Property and equipment, net

277,530

224,615

208,710

Operating lease right-of-use assets, net

35,683

37,048

37,753

Notes receivable, net of current portion

4,507

4,691

4,750

Goodwill

78,684

67,767

61,399

Intangibles, net

181,262

144,049

130,585

Other assets

1,581

1,407

2,088

Total assets

$               620,107

$                     530,738

$               502,179

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

$                    7,762

$                         5,482

$                    5,767

Accrued liabilities

17,732

11,328

12,888

Current portion of debt obligations, net

23,824

11,896

12,295

Current portion of operating lease liabilities

2,923

2,795

2,730

Total current liabilities

52,241

31,501

33,680

Deferred tax liability, net

30,146

30,562

24,074

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

219,999

190,567

175,670

Operating lease liabilities, net of current portion

35,941

36,001

36,719

Other long-term liabilities

355

349

351

Total liabilities

338,682

288,980

270,494

Commitments and contingencies

Equity

Preferred stock

Common stock

94

92

93

Additional paid-in capital

82,091

67,227

68,342

Retained earnings

199,425

173,950

163,800

Total RCIHH stockholders’ equity

281,610

241,269

232,235

Noncontrolling interests

(185)

489

(550)

Total equity

281,425

241,758

231,685

Total liabilities and equity

$               620,107

$                     530,738

$               502,179

SOURCE RCI Hospitality Holdings, Inc.

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