RCI Hospitality Q3 Revenue Jumps 10.4% to $42.6M

TL;DR

RICK's Q3 revenue up 10.4% YoY to $42.6M, nine-month revenue hits $125.7M. Growth continues!

AI Summary

RCI Hospitality Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenue of $42.6 million for the third quarter of fiscal year 2024, a 10.4% increase compared to $38.6 million in the same quarter last year. For the nine months ended June 30, 2024, total revenues reached $125.7 million, up from $113.3 million in the prior year period.

Why It Matters

This filing shows continued revenue growth for RCI Hospitality, indicating strong performance in their restaurant and club segments despite economic conditions.

Risk Assessment

Risk Level: medium — The company operates in the hospitality sector, which can be sensitive to economic downturns and consumer spending habits.

Key Numbers

• $42.6M — Q3 FY2024 Revenue (Represents a 10.4% increase year-over-year.)
• $125.7M — Nine-Month FY2024 Revenue (Shows year-to-date growth compared to the previous fiscal year.)

Key Players & Entities

• RCI Hospitality Holdings, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• $42.6 million (dollar_amount) — Third quarter revenue for FY2024
• $38.6 million (dollar_amount) — Third quarter revenue for FY2023
• $125.7 million (dollar_amount) — Nine-month revenue for FY2024
• $113.3 million (dollar_amount) — Nine-month revenue for FY2023

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value RICK The Nasdaq Global Market

Filing Documents

• rick-20240630.htm (10-Q) — 1664KB
• rick-20240630x10qxex311.htm (EX-31.1) — 10KB
• rick-20240630x10qxex312.htm (EX-31.2) — 10KB
• rick-20240630x10qxex32.htm (EX-32) — 7KB
• 0001628280-24-036118.txt ( ) — 7038KB
• rick-20240630.xsd (EX-101.SCH) — 45KB
• rick-20240630_cal.xml (EX-101.CAL) — 77KB
• rick-20240630_def.xml (EX-101.DEF) — 200KB
• rick-20240630_lab.xml (EX-101.LAB) — 508KB
• rick-20240630_pre.xml (EX-101.PRE) — 347KB
• rick-20240630_htm.xml (XML) — 1066KB

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets as of June 30 , 2024 (unaudited) and September 30, 2023 4 Condensed Consolidated Statements of Income (unaudited) for the three and nine months ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended June 30 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 6. Exhibits 40

Signatures

Signatures 41 3 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. RCI HOSPITALITY HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value and number of shares) June 30, 2024 September 30, 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 34,947 $ 21,023 Accounts receivable, net 6,794 9,846 Current portion of notes receivable 263 249 Inventories 4,624 4,412 Prepaid expenses and other current assets 5,457 1,943 Total current assets 52,085 37,473 Property and equipment, net 283,834 282,705 Operating lease right-of-use assets, net 26,880 34,931 Notes receivable, net of current portion 4,228 4,443 Goodwill 61,911 70,772 Intangibles, net 170,709 179,145 Other assets 1,342 1,415 Total assets $ 600,989 $ 610,884 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 5,519 $ 6,111 Accrued liabilities 20,155 16,051 Current portion of debt obligations, net 28,889 22,843 Current portion of operating lease liabilities 3,161 2,977 Total current liabilities 57,724 47,982 Deferred tax liability, net 22,724 29,143 Debt, net of current portion and debt discount and issuance costs 216,511 216,908 Operating lease liabilities, net of current portion 32,779 35,175 Other long-term liabilities 318 352 Total liabilities 330,056 329,560 Commitments and contingencies ( Note 9 ) Equity Preferred stock, $ 0.10 par value per share; 1,000,000 shares authorized; none issued and outstanding — — Common stock, $ 0.01 par value per share; 20,000,000 shares authorized; 9,129,790 and 9,397,639 shares issued and outstanding as of June 30, 2024, and September 30, 2023, respectively 91 94 Additional paid-in capital 68,950 80,437 Retained earnings 202,143 201,050 Total RCIHH stockholders' equity 271,184 281,581 Noncontrolling interests ( 251 ) ( 257 ) Total equity 270,933 281,324 Total liabilities and equity $ 600,989 $ 610,884 See accompanying notes to unaudited condensed consolidated financial statements. 4 Table of Contents RCI HOSP

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View this 10-Q filing on SEC EDGAR