RCI Hospitality Holdings, Inc. Aktienkurs
Ist RCI Hospitality Holdings, Inc. eine Topscorer-Aktie nach der Dividenden-, High-Growth-Investing- oder Levermann-Strategie?
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 214,20 Mio. $ | Umsatz (TTM) = 281,63 Mio. $
Marktkapitalisierung = 214,20 Mio. $ | Umsatz erwartet = 333,43 Mio. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 436,03 Mio. $ | Umsatz (TTM) = 281,63 Mio. $
Enterprise Value = 436,03 Mio. $ | Umsatz erwartet = 333,43 Mio. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
RCI Hospitality Holdings, Inc. Aktie Analyse
Analystenmeinungen
7 Analysten haben eine RCI Hospitality Holdings, Inc. Prognose abgegeben:
Analystenmeinungen
7 Analysten haben eine RCI Hospitality Holdings, Inc. Prognose abgegeben:
RCI Hospitality Holdings, Inc. Events
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RCI Hospitality Holdings, Inc. — Q3 2026 Earnings Call
1. Management Discussion
Good afternoon, greetings, and welcome to RCI Hospitality Holdings Third Quarter Conference Call. My name is Bradley Chhay. You can find the company's presentation on RCI's website. Go to Investor Relations section. All the links are at the top of the page.
Please turn to Slide 2 of our presentation. RCI is making this call exclusively on X Spaces. [Operator Instructions] This conference is also being recorded.
Please turn to Page 3. I want to remind everybody of our safe harbor statement. You may hear or see forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards.
Please turn to Page 4. I also direct you to the explanation of RICK's non-GAAP financial measures.
Please turn to Slide 5. Our speakers today are Travis Reese, Interim President and CEO; and Albert Molina, Interim CFO. Now I'm pleased to introduce Travis.
[Audio gap]
Thank you, Travis. Turning to Slide 7. I'll start with a review of our consolidated results. All comparisons are year-over-year for the quarter, unless otherwise noted.
Total revenues were $73.9 million compared to $71.1 million, a 4% increase. Impairments and other charges net were insignificant compared to $2.3 million. Net income attributable to RCIHH shareholders was $6.4 million compared to $4.1 million, a 57% increase. GAAP EPS was $0.83, an 80% increase and non-GAAP was $0.90 per share, a 17% increase. Net cash provided by operating activities and free cash flow were $2.5 million and $2.7 million lower, respectively. This primarily reflected payments of more outstanding payables compared to prior year quarter.
On a sequential quarter basis, both net cash provided by operating activities and free cash flow were 14% and 26% higher, respectively. Adjusted EBITDA was $16.9 million, an increase of 10% year-over-year and 9% sequentially.
Moving to Slide 8. I will now cover our results by segment, Nightclubs first. Revenues increased by 1% to a record $63 million. Four newly acquired opened and reformatted clubs generated $4 million and the 52 clubs in same-store sales produced $58.5 million. These more than offset $1.2 million in sales from 4 clubs closed subsequent to the year-ago quarter.
By revenue type, service increased by 7.6%, food, merchandise and other declined by 1.4% and alcoholic beverages declined by 4.2%. Operating income was $19.6 million compared to $17.9 million with margin at 31.2% of segment revenues compared to 28.6%. Non-GAAP operating income, which excludes impairment and other net charges, was $20.2 million compared to $20.8 million with margin at 32.1% of segment revenues compared to 33.3%.
On Slide 9 are the results for the Bombshells segment. Revenues increased by 25.4% to $10.8 million. Three new locations generated $2.6 million and the 9 location same-store sales produced $8.2 million. By revenue type, alcoholic beverages increased by 33.6% and food and other increased by 16.6%. Profitability improved substantially as we increased higher-margin beverage sales and improved operating leverage across the segment.
Operating income was $759,000 compared to $67,000 with margin at 7% of segment revenues compared to 0.8%. Non-GAAP operating income was $801,000 compared to $80,000 with margin at 7.4% of segment revenues compared to 0.9%.
Moving to Slide 10, you will see the summary of our corporate expenses. GAAP operating expenses declined by 19.7% or $1.8 million and 16.3% or $1.4 million on a non-GAAP basis. Both the GAAP and non-GAAP declines reflected a year-over-year reduction in insurance expense.
Please turn to Slide 11. We have slides coming up that discuss free cash flow and adjusted EBITDA, which are non-GAAP. In advance of that, we wanted to present the closest GAAP equivalents, which are operating income, net cash provided by operations and net income.
Slide 12, please. We ended the quarter with cash and cash equivalents of $26.4 million, down by less than $0.5 million from March 31. Our strong cash generation during the quarter enabled us to make debt paydowns of $8.6 million as well as buy back $1 million worth of shares. Free cash flow margin was 14%, improving for the second consecutive quarter and adjusted EBITDA margin was 22%, improving for the third consecutive quarter.
Please turn to Slide 13. As I mentioned, debt declined from March 31, reflecting paydowns across all categories. The weighted average interest rate was 7.05%, which would be considered to be a very good rate for commercial real estate these days. Total occupancy cost of 8.3% declined sequentially. Debt to trailing 12-month adjusted EBITDA was 4.3x. Excluding the fourth quarter legal accrual, debt-to-EBITDA was 3.7x. Both are down from the second quarter. Debt maturities continue to remain reasonable and manageable, particularly with our plans to sell nonincome-producing properties.
Now back to Travis.
[Technical Difficulty]
Thank you, Travis and Albert. Eric Langan, RCI's Founder and Head of M&A will also be on the Q&A. [Operator Instructions] Please understand we cannot discuss the legal situation in New York other than to reiterate the company's statement that RCI, the individuals involved and the 3 clubs have pled not guilty to all of the charges and are taking all necessary actions to defend themselves.
Furthermore, I've also been told that we've experienced some technical issues, so a transcript will be posted shortly as soon as we're able to, to reflect what was said on this call. So I'll start taking questions.
I'm going to go ahead and bring in Orchard Wealth.
He still shows as listener. Bradley, you have to promote him to speaker, please.
He's on mute. Orchard Wealth, can you hit unmute? You're speaker now.
He's still shown as a listener on my screen, guys. So I don't know maybe you can promote him again.
I'm going to go ahead and remove him from speaker and bring him back. Orchard Wealth, you can hear me, go ahead, you're a speaker now.
Promote somebody else to see if that work as he is still showing listener on my screen still. So let's see if somebody else can be moved to speaker.
Maxwell Ellis, I'm going to go ahead and pull you up.
2. Question Answer
Can you hear me?
Yes, we can hear you.
It seems like the call that you guys just did, I've spoken to multiple people. It seems like every 6 seconds, you could hear something and then every 2 or 3 seconds, it would go completely blank. So literally half the call that you guys just did, nobody heard anything. My main concern for right now is how long before you guys are paying down debt at the accelerated rate before you can begin buybacks again? Because at this current rate and the prices, it's just...
I agree with you. The prices are extremely favorable for stock buybacks right now. However, I was -- got very uncomfortable with a 4.17 debt-to-EBITDA ratio. So I wanted to get that knocked down. We also had some very timely payments to be able to pay down a few things to prepare for making some acquisitions here, hopefully, in the next 3 to 6 months. So we wanted to kind of line those things out right. And so we decided to take a small break from buying back stock. As you see, we bought through April. We slowed down in May, and we basically -- May and June basically just mainly paid debt.
The real story, I mean, I know we say 3 months here, but if you look in the last 6 months, we paid down $16 million worth of debt. And through the debt schedule, you see we plan to pay another $8 million this quarter. So we paid down almost $24 million in this brief period of time. We've got a property sale that should happen in September that will probably pay another $1 million. So our 3-month total should be a reduction of debt of almost $25 million, which should put our ratio -- we just refinanced 2 things that we're going to see coming up in the next quarter where we moved some maturity dates and changed some terms, paid off some 12% money to lower our -- some of our debt service ratios. And we look forward to hopefully -- I'm hoping we're back in the market around the 1st of October as we start into the next fiscal year.
Okay. And then it seems like you've had a big turnaround in Bombshells, especially within -- I guess, it seems like you guys have flipped from being a restaurant back to being a bar that sells food. What have you specifically done that's been catching on? Because it seems like you started with that one that you were managing and it's kind of increasing across the footprint.
Yes. I'm getting a bunch of messages that people are still not hearing this call. I have not missed a single word of the call, and I'm in Colorado on a basic WiFi connection on my cell phone. So I don't know. But to give you an idea of what we've done is we went back to our core. We started the concept almost 15 years ago in Dallas, Texas. And the idea was to make a fun bar-type atmosphere with sports and girls and great food with no nudity that we could take and expand around the country. I think after COVID, everybody had to become restaurants. And I think that too much of that got into our culture.
So what we've really done is massively changed the culture of Bombshells. I brought in a new Director of Operations for Bombshells, who was a club guy. He's been in the club business since he was 18 years old. He understands fun. He understands creating the party, not joining the party. And we've kept enough of the food guys to keep the food at a quality level and just slowly transform the concept back to what it was supposed to be and what it should have probably always been. We were doing some major expansions in '21 and '23 with these 2 large acquisitions, $88 million acquisition, a $66.5 million acquisition. And so I think a lot of our focus was on that club growth. And we just kind of -- the Bombshells kind of slid into a rut. We kept telling you need to change this, and you need to do that. And of course, the team that we had at the time was very good at restaurant business, but just not the club side.
To give you an example of what we've done is we've taken stores that were around 50-50 food and beverage to 62% to 64% beverage and still -- and increasing revenue at the same time. So it's not like we're getting rid of the food business or losing the food business. We're actually generating more food business as well, but we're also making it a fun place to be again and a fun place to be late night. So come in at 10:30, 11:30, 12:30 at night and fill those hours back up, which as a restaurant, there was almost no business during those hours. Those hours have slipped off to -- they were -- the group was actually -- the previous management was actually trying to tell us that we should close at midnight. And so we -- because restaurants -- that's when we really got the concept of let's go fix this thing, let's go turn it back into the bar. Let's take it back to the original core of the concept, and we've done very, very well with that.
April same-store sales were negative. I don't know this store -- we took over February, mid-February, I went into a store with another manager. We started working that one store, fixing the things, changing things of the concept. We took that to 3 stores in March. And about mid-April, we launched that across the -- all 11 stores as we prepare to open the store in Rowlett and make sure that it opened properly with the right party attitude and atmosphere from the very get-go. And we're seeing the results in it. And I think you'll see improved results again this quarter based on what we've done in July so far. And I think once football season starts, it's going to get even better.
My other thing is, what's the update right now on the Dallas club that burned down and you guys making progress with like rebuilding?
The Fort Worth club, we're still working to replat that property. We've had some issues with the city. That property was built in the 1970s originally. There's sewer -- no sewerage there. So we're on a septic tank. Of course, the laws have changed on septic tanks. So we're working through those processes as well. So I think it's going to be a while before we can start construction there. And once we start construction, it will be 9 months to build.
We have started construction on the Baby Dolls West Fort Worth location on Mark IV. That construction is going. They just recently passed -- I don't know what you actually call it, but it's basically the rough-ins. So all of the plumbing and stuff that are all underground, all of that has been done, and they've got permission to start filling that in and should be going -- working on most of the vertical stuff here soon. I suspect that location will open around May 1.
Okay. And then in terms of like the clubs that you do have, I remember you were giving like some stat about how like a certain amount of clubs equal 80%, like some Pareto principle between the profitability. Do you guys have any clubs that you think you'll be like trimming off and selling real estate on?
We have a couple that we -- as you know, we got rid of Harlingen. We got rid of Edinburg, El Paso location. We have a couple of locations that we're in negotiations with, to possibly sell those locations. That doesn't mean every location is for sale for the people that are listening that want to buy every club that we own. We will know when a club is for sale. We're not marketing. We're just -- it's going to be a random club here or there, and we'll market it through a broker so that you'll absolutely know that it's for sale when we make that final decision. But it's not a lot.
It's just a couple of small locations. They're in very small markets, and we're focusing on our larger markets. Our acquisitions that we're working on are larger market acquisitions that will be very accretive for us. And we're taking it very slow because right now, we do believe that buying our own clubs is absolutely the best use for our money. So...
Yes. And then how much more -- how many more payments do you have to do to Adam?
I think we're down to $15 million or so, $14 million, $15 million. So it was $1 million a month, so 14, 15 more months.
Okay. So you guys are making -- so basically, you've been paying about -- you pay $1 million to Adam, which at some point will stop and that will be added back into profits. And then you've been accelerating debt payments of about, what, $0.5 million per month also. So like literally this quarter...
Well, we paid down our line of credit, yes. But our line of credit, I think, after August will be paid down to $100,000. So we will not be making additional payments on that anymore. So we're going to have to kind of look and see where we want to put the other money. I know that we have a property that's supposed to sell in September. If it closes, we'll pay down about $900,000 in bank debt, and we'll probably pay $1 million on the ADW. So that will take 1 month off of that, plus save us the 12% interest over 15 months. So we'll get a nice savings off of that and still put a little -- not much, but a little bit of cash in the bank on our side as well.
We are in negotiations on multiple other properties. I've been working with brokers. We're accepting cash offers. We're looking to lease some of the properties that haven't been able to sell in the last 6 months, put a tenant in them, see if we can sell them once we put the tenant in or just keep it and collect rents if the ROI is good enough. So those are things we're -- we've definitely been working on that non-income-producing property. So I think that's a lot of value that we can unlock over the next 6 to 12 months.
Hopefully, I mean, look, interest rates and the oil prices and the uncertainty with the Iran war is definitely not helping commercial real estate sales. So that is part of the issue, I believe. Because like I said, we have a lot of people looking -- we're talking to a lot of groups on a bunch of our properties in multiple areas. And a lot of it is can they get the financing, find the financing at the right prices and whatnot. So that's what we're up against. But I'm hoping those headwinds will die down here, especially as we move closer to the election and right after the first of the year. I look very forward to hopefully seeing that settle down so we can move some more of these properties.
With the club sales, are they kind of pretty much in line? Or is there like a hotter area than the other geographically.
What do you mean the club sales?
In terms of just the revenues that you guys are bringing in from the club side of the business.
Club revenues. No, it's pretty spread around the country. I mean, one area gets hot, another area slows down a little bit. A lot of it has been sports-based in the last few months that we've seen with the World Cup. And of course, with the Knicks in the NBA finals and winning the NBA finals, that's definitely affected New York and helped New York. But it also -- the games helped the Bombshells. They helped the clubs in Miami as people come in to watch the games and watch the New York Knicks.
So it probably didn't help us in Chicago because those fans probably aren't Knicks fans, but there's enough Knick fans in other parts of the country, I think, that it did very well for us. And then, of course, the World Cup, I mean, the most matches were in Dallas, right next to the Bombshells in Arlington and 2 of our clubs in that area, which did very well during those World Cup games.
We had games in Houston. We had games in Miami. We had games in New York that all helped contribute to those regional areas. But they helped everywhere because people came out to watch the games as well. So it's hard to say that anything helped one particular area more than the next. I think that overall, we had very strong results. And as I said, we're looking very forward to football this year. We're putting a lot of promotion and sports stuff in fantasy draft parties as well as come watch the games and game watching parties and bottle specials during the games to get people to bring larger parties out, which we did very, very well with during World Cup.
So we're going to take the success that we created there and multiply that and push that right into the football season. And then by October, we're going to be picking up basketball as well and hockey kicks in. Baseball will heat up here as the pennant races start. So sports should be very, very good for us, I think, September, October, November and probably all the way into February. So...
Have you noticed anything different with the service side of the clubs? Is that -- obviously, it seems like it's picking up. Does that seem like it bottomed a little while ago when you guys are like in some sort of going back to normal?
Yes. I mean I think the service revenue declined there for a while. I don't know -- there's a lot of macro stuff going on. But I think we are focusing on it. We are working on keeping people in our VIP rooms, right? I mean that's where our service revenues is created is when people go to our VIP rooms. So we've got to keep the pressure on the floor, keep more people in the building so people want to pay to move up, right?
If you're the only person on a 737, you don't care if you're sitting in first class or not, right, because there's nobody next to you. But if all of a sudden, every seat in the back is full and the front is empty, let's -- can we move up there? That's what we have to do with clubs. And I think our guys are doing a fantastic job of creating that pressure by putting more and more people through the door and really focusing on just overall customer service right now.
And this is kind of like a strange question, but maybe not. When it comes to like service revenue, what -- is there like an age range of like the ideal client that are spending the bigger dollars because I can't see it being like 21-, 22-year-old kids. To me, it would seem like some guy that's like in his 30s to 50s because they're the guys with the money that can drop it.
It strictly depends on the club. I mean, in the format of that club. I mean there's a lot of 20-something tech guys out there that are making good money, right, and getting their first job, and there's a lot of crypto guys out there that are in their 20s and these influencers, right? I mean, these media influencers on social media, they make a lot of money, and they will come in and blow some money sometimes. So it's -- and then we've got the real estate tycoon who can come in and whips out his platinum credit card and says, "Everything is on me." So I mean it's -- I don't think the age groups are as tight as they were.
I know that we have really done a better job, I think, of social media marketing and bringing in -- working with some influencers and whatnot to really bringing in more of that younger crowd that we haven't necessarily had in the past. So we're doing everything we do to put butts in seats basically.
And then my last question is, are there a significant amount of women that have been showing up to the clubs as like with their husbands or just it's a thing for girls to go to because...
That's been for 10 years now. Yes, that hasn't really adjusted much. On weekends -- not as many during the week, but on weekends, absolutely, especially Saturdays. Saturdays, we should have a couples night, I think. But we do too much other business on Saturdays with bachelor parties, everything else to kind of really focus on that crowd. But we do focus on the customer service for that crowd for certain.
[Operator Instructions] Just to deal with the technical issues that people have been texting and messaging about, the immediate replay and recording will be posted right afterwards on X Spaces as well as a posting of the transcript of this call. Sorry for the technical issues.
So on behalf of Travis, Albert and Eric, the company and our subsidiaries, thank you, and have a great night. Please visit one of our clubs or sports bars and have a great time. Thank you.
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RCI Hospitality Holdings, Inc. — Q3 2026 Earnings Call
RCI Hospitality Holdings, Inc. — Q1 2026 Earnings Call
1. Management Discussion
Greetings, and welcome to RCI Hospitality Holdings First Quarter Conference Call. My name is Bradley Chhay. You can find the company's presentation on RCI's website. Go to the Investor Relations section. All the links are on the top of the page.
Please turn to Slide 2 of our presentation. Our speakers today are Travis Reese, Interim President and CEO; and Albert Molina, Interim CFO.
Please turn to Slide 3. RCI is making this call exclusively on X Spaces. [Operator Instructions] This conference is being recorded.
Now please turn to Page 4. I want to remind everyone of our safe harbor statement. You may hear or see forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards.
Please turn to Page 5. I also direct you to the explanation of RICK's non-GAAP financial measures. Now I'm pleased to introduce Travis Reese, Interim President and CEO.
Thanks, Brad, and thanks, everyone, for joining us. Please turn to Slide 6. I'm pleased to report we filed our 10-Q today and announced our results for the first quarter ended December 31. All comparisons are year-over-year unless otherwise noted.
Nightclubs revenues were stable. Contributions from newer venues offset the same-store performance and the closure of underperforming locations. Of note, higher-margin club service revenues increased 6.7% year-over-year. This was despite consumer uncertainty as a result of the U.S. government shutdown in October and November. Similarly, newer Bombshells offset most of the segment same-store sales decline, with most of the delta in total sales due to the year ago divestiture or closure of 5 underperforming locations. The decline in net income primarily reflects pretax operating and nonoperating items, most of which were noncash. We had $10.1 million in net charges in the first quarter and $3.2 million in net gains a year ago.
We also continue to move ahead with our Back to Basics 5-year Capital Allocation Plan. We've made some initial progress improving Nightclub sales and margins, and our concept to revitalize the Bombshells in Houston is working well. Year-to-date, we bought back more than 1 million shares.
Now here's Albert to review our performance in more detail.
Thank you, Travis. Turning to Slide 7. I'll start with a review of our consolidated results. All comparisons are year-over-year for the quarter, unless otherwise noted.
Total revenues were $70.8 million compared to $71.5 million. The difference of $0.7 million primarily reflected 5 fewer Bombshells-related locations, partially offset by new Nightclub locations. Pretax income decreased by $14 million. Most of that can be attributed to impairments amounting to $1.2 million this quarter versus none last year, combined gain on sale of businesses and assets and gain on insurance last year amounting to $2.4 million. The first quarter also included a nonoperating charge of $9.9 million compared to a nonoperating gain of $1 million last year.
GAAP loss per share was $0.57 compared to earnings of $1.01. Non-GAAP, it was a profit of $0.74 per share compared to $0.8. Net cash provided by operating activities was $7.8 million compared to $13.3 million. This was largely due to the actual payment of bills from calendar year-end such as legal fees, increased fees related to delayed filings and insurance costs. As a result, free cash flow was $6.7 million compared to $12.1 million. Adjusted EBITDA was level at $15.7 million.
Moving to Slide 8. I will now cover our results by segment, beginning with Nightclub. All comparisons are again year-over-year for the quarter, unless otherwise noted. Revenues totaled $62.3 million, up $0.6 million. This reflected $4.9 million of 5 newly acquired and reopened clubs, $56.9 million from 52 same-store clubs and contributions from two small Texas clubs closed during the quarter.
By revenue side, service increased by 6.7%, food and merchandise increased by 1.8% and LBW declined by 4.6%. I'd like to point out that some clubs stood out such as Baby Dolls Abilene, PT Showclub Indianapolis, Rick's Cabaret in Minneapolis, Hoops Sports Bar and Cabaret in New York City and Jaguars Club in Phoenix.
Other net charges totaled $181,000 compared to gains of $822,000. Operating income was $18.7 million compared to $20.9 million Margin was 30% of segment revenues versus 33.8%. Non-GAAP operating income, which excludes other net charges and gains, was $19.5 million compared to $20.6 million, margin was 31.3% of segment revenue versus 33.4%.
On Slide 9 are the results for Bombshells segment. Revenues totaled $8.4 million, a decrease of $1.2 million. This reflected $1.8 million from 2 newly opened locations, $6.6 million from 9 same-store locations and the absence of $1.2 million in the year-ago quarter from underperforming locations that were divested or closed. There were no meaningful net charges in the first quarter compared to the year ago quarter, which included gains of $1.3 million. There was an operating loss of $139,000 versus income of $1.9 million. On a non-GAAP basis, which excludes impairment and gains, there was an operating loss of $110,000 versus income of $616,000.
Moving to Slide 10, you will see a summary of our Corporate expenses. Expenses totaled $7.4 million compared to $8.8 million or 10.4% of total revenues compared to 12.3%. Most of the year-over-year change reflected lower insurance costs, partially offset by higher accounting and professional fees in the current year due to the delayed filing of our annual report and year-end audit. Non-GAAP expenses totaled $7 million compared to $8.4 million or 9.9% of total revenues compared to 11.8%.
Please turn to Slide 11. We have slides coming up to discuss free cash flow and adjusted EBITDA, which are non-GAAP. In advance of that, we want to present the closest GAAP equivalent, which are operating income, net cash provided by operations and net income.
Slide 12, please. We ended the quarter with cash and cash equivalents of $28.6 million, down $5.1 million from September 30. During the quarter, we used $9.8 million to buy back shares. Free cash flow was $6.7 million or 9% of revenues. Adjusted EBITDA was $15.7 million and returned to 22% of revenues from the 10% level of Q4 of 2025 when we had the $9 million legal accrual.
Turn to Slide 13. Debt increased $20.6 million from September 30, primarily reflecting $22 million in seller financing from the ADW transaction, partially offset by debt paydown. As a result, the weighted average interest rate was 7.16% compared to 6.65% in the year-ago quarter, and total occupancy cost was 8.5% of revenues compared to 8%. Debt to trailing 12-month adjusted EBITDA was 4.86, reflecting the ADW debt combined with the fourth quarter legal accrual. If we take out the fourth quarter legal accrual, debt to EBITDA is 4.16x. Debt maturities continue to remain reasonable and manageable, particularly with our plans to sell non-income-producing properties.
Now back to Travis.
Thanks, Albert. Please turn to Slides 14 and 15 to review our capital allocation strategy and 5-year plan. Our plan remains the same. We allocate approximately 40% of free cash flow to club acquisitions and 60% to debt reduction and dividends. Our goal is to grow free cash flow per share by 10% to 15% annually.
Operationally, we're focusing on our core Nightclub business. We review every club regularly to increase same-store sales. Underperformers will be rebranded, reformatted or divested. We're currently generating about 70% of our income from 20% of our clubs. So there's significant opportunity to optimize our portfolio. Divesting underperformers will help us increase margins, and we can use sale proceeds to repurchase stock, acquire higher-quality locations or reduce debt. Our goal is to add an average of about $6 million of adjusted EBITDA each year through acquisitions. We want to target strong clubs with an occasional strong group of clubs.
Acquisition target metrics remain 3 to 5x adjusted EBITDA for clubs, fair market value for real estate and 100% cash-on-cash return in 3 to 5 years. Purchases may use bank financing, cash or seller notes. We may also use stock when our valuation improves. For Bombshells, we aim to improve existing locations, target 15% operating margins and return to same-store sales growth. We plan to finish the one location still under development. We'd like to sell the chain as a whole, but the market is it right at the moment.
Finally, we'll continue buying back stock, flexing up when prices look undervalued and increasing dividends modestly. Over the 5 years, we plan to generate more than $250 million of free cash flow and repurchase a significant quantity of shares. By fiscal '29 year-end, our targets are $400 million in revenue, $75 million in free cash flow and 7.5 million shares outstanding. This would double free cash flow per share to about $10 versus fiscal '24.
Please turn to Slide 16 for an update on our progress. We've made some initial progress improving Nightclubs and sales margins. Total sales picked up from 1Q '26 to 2Q '26 with sequential improvement in same-store sales. We're also working to optimize newly acquired and opened locations in order to expand margins. As we discussed on our last call, we've gone back to Bombshells roots at a test location, focusing on being a great sports bar with great food. The goal is to drive higher-margin alcohol sales.
First successful implementation was at Bombshells 59 in Houston. Sales increased 3.6% in the second quarter, making it the best-performing same-store location. We've begun rolling out the concept to other locations. As Albert mentioned, First quarter free cash flow was negatively impacted by paying off year-end legal fees, increased fees related to delayed filings and insurance costs. To help improve cash flow, we're working to drive down SG&A expenses.
Regarding share buybacks, since we began our 5-year plan in the first quarter of 2025, we've reduced shares outstanding by 14.6%. Earlier this month, we increased the amount available under the repurchase program by $20 million. As we discussed last month, we're also in the process of marketing $31.7 million in small clubs and real estate, which have associated debt of about $16.2 million collectively. Converting this to cash and reducing debt will significantly improve our capitalization.
I'd like to thank all of our loyal and dedicated team members for all their hard work and efforts and all of our shareholders who believe and make our success possible.
And back to Bradley.
Thank you, Travis and Albert. Eric Langan, RCI's Founder and Head of Mergers and Acquisitions will also be available for the Q&A. [Operator Instructions]Please understand we cannot discuss the legal situation in New York other than to reiterate that the company's statement is that at RCI, the individuals involved and the 3 clubs have pled not guilty all the charges and are taking all necessary actions to defend against themselves.
I'm going to bring up Orchard Wealth.
2. Question Answer
This is Jason. I just got a couple of quick questions. First one being, with the current expenses behind you, do you think there's any more legal expenses that are going to come up that you haven't set money aside for?
I mean, obviously, we never know because it's a fluid situation. But I think we've definitely set aside plenty of money for the next 12 months for sure. The money we set aside was actually over the estimate of what this case would cost from our attorneys when we began. It's going to be a little strange because if you look at this time, our EBITDA was hit by all of these reserves. And as we move forward, we're going to be paying -- with no cash going out. Now we're going to be paying cash out, but our EBITDA should increase. So it's going to be a little strange try to figure out how everything is going.
So I've kind of gone back to just kind of watching our cash, how much cash we have and what are we doing with it. If you look at -- this is actually an old quarter, right? This has ended through December 31. So we ended September quarter with $33.6 million in cash, I believe. We ended this quarter at $28.7 million. We paid $9 million to ADW between the $8 million down payment and $1 million. We bought $1.8 million worth of stock, I believe. We also paid down our line of credit. We paid a massive amount of our AP, as you'll see the reduction of AP and legal, and we're still sitting at that $28 million.
So the cash generation is fantastic from the club side and the Bombshells are actually starting to come back now. I'm hoping that we get this March 31 quarter out as quickly as possible as well. So we'll be back to current. And everyone will have a really good idea of how things are looking for us currently.
Given the unencumbered real estate that you guys are going to be selling off, do you have any estimation that if you sold the entire bulk of it off after paying all the debt and the obligations to ADL, how much you would be left within cash that you could use for buybacks?
Well, if you figure we're asking $31 million and say we get a 10% discount, which puts us at about $28 million, take 5% of that, about what's that? $700,000 to pay the fees? No, that's not right. I'm sorry. $1.4 million. So we lose another $1 million or so in fees. They pay off the $16 million in debt. You're left with about $10 million or $11 million. ADW -- we pay 50% of that ADW to get rid of that 12% debt. So we'd be like between $5 million and $5.5 million, maybe $6 million in cash left over. We sold everything.
But what we really do is we eliminate a massive amount of carrying costs in $16 million of interest expense annually, property taxes, utilities, maintenance on these properties, things like that. So that's where the real benefit comes in the long term is to eliminate these properties that aren't producing income for us and bring that capital back in and redeploy that capital by drastically lowering our debt, right? Because the $16 million would go down, the $5 million to ADW. You'd eliminate $21 million worth of debt plus on this transaction.
So you'd be getting a multiplier effect that just every time you pay down $1, you're getting much more than just paying down the amount.
Yes, exactly. Because you get rid of the debt and you get rid of the carrying costs for the non-income property, property taxes, insurance, those types of things.
Okay. And then one quick question, this is -- before I go. The accountants made you write down this difference between the agreed to price with ADM (sic) [ ADW ]. And you had to take a hit on that. But had the stock gone up, you couldn't have claimed that as earnings, right? So it only went one way. You could hit you for $9 million, but if they had gone to $50 a share by the time you closed, you couldn't claim it as a gain. Is that right?
Correct. Welcome to GAAP accounting. I mean this is just a GAAP -- it's a GAAP rule. And obviously, the same thing happened to us during COVID, right? Some of the states like New York didn't let us open right away. So we had 12 months where we were massively reduced hours of operation, which reduced our EBITDA, which when they plug into their formula for impairments caused us to impair RICK New York by $8-point-some-odd million or something. We wrote that down to like I think we wrote it down like $6.9 million. RICK's New York made more money than that last year, right?
So this GAAP accounting is -- you guys have heard me call voodoo accounting many times. But we follow the rules, we do what we're supposed to do, and that's how they wanted to book. We booked it that way. We'll just move on. It's noncash. We don't focus on noncash expenses too much. There's no sense in -- we just follow the rules, look it, ride it, move on. We own a lot of our real estate, and we're generating cash, and that's what's important to us in buying back our stock.
Okay. And then one other thing. Since this is filed, you're all caught up with NASDAQ and stuff like that. But the question is, do you think it's going to be much longer before you get the next quarter filed also?
I hope not. We are -- we will be current. We will more than likely file the 12b-25 for an extension on March 11, to give us 5 more days, I think it gives us to the 16 or something like that...
May 11.
Yes, May 11 to the -- so we get to the 16. So that will make us current until the 16, and then if we can get filed by the 16, great. If we can't, then we will be late again, but at least all the time are started over and we'll be -- and it's a Q. So it will be pretty quick.
Thank you. I'm going to bring up Jose Carlos.
Could you hear me, guys?
Yes, we can hear you.
Just two quick questions. In the last conference call, you said that especially among young people, they are pretty much giving up on alcohol or you have to reduce and you have to create new mocktails and create lower alcohol cocktails. I'm wondering if this is something that you see both in Bombshells and clubs. And what -- how is it -- just to get an idea, how does it affect the margin?
I mean I think it's helping revenues in both places. There's still -- the mocktails, of course, are considered a non-alcoholic beverage, so it will go into the non-alcoholic beverage categories. But all of your other stuff will go into alcohol sales exactly the same. So what we hope to do is see a little bit of reduced cost. A lot of those have fruiter drinks or they're canned drinks, which may actually increase our cost a little bit. So -- but I think overall, it will all work out.
And while there's definitely a segment of the population that is cutting back or reducing their alcohol intakes, there's still a very large portion of the population that is out having fun drinking and parting like we always have. So we will continue to monitor it. We'll continue to do what we need to do to stay in front of any changes as best we can and continue to generate cash. But at the end of the day, we'll look at the cash flow and see how that goes. And that's how we'll decide if we're doing things right or not, right?
[Operator Instructions] I'm going to bring up Maxwell next.
A lot of my questions have already been asked, but I do want to say good to see you guys making progress on same-store sales across both Nightclubs and Bombshells. And the one question I do have is any commentary you can provide on the Seville in Minneapolis?
The tenant quit paying rent and as we're in the process of evicting the tenant and hopefully, we'll get a new tenant at some point in the future.
I'm going to make another request for any other questions. If not, I'll close it out in about 10 seconds.
On that note, on behalf of Travis, Albert and Eric, the company and our subsidiaries, thank you, and have a good night. Please visit one of our clubs or sports bars, and have a great time.
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RCI Hospitality Holdings, Inc. — Q1 2026 Earnings Call
RCI Hospitality Holdings, Inc. — Q4 2025 Earnings Call
1. Management Discussion
Greetings. Gary Fishman is having some technical difficulties. This is Bradley. I just wanted to say welcome to the RCI Hospitality Holdings Fourth Quarter and Year-end Earnings Conference Call. My name is Bradley Chhay.
You can find the company's presentation on the RCI website. Go to Investor Relations section. All the links are on the top of the page. Please turn to Slide 2 of our presentation. Our speakers today are Travis Reese, Interim President and CEO; and Albert Molina, Interim CFO.
Please turn to Slide 3. RCI is making this call exclusively on X Spaces. To ask a question, you will need to join the Space with a mobile device. To listen only, you can join the space on a personal computer. At this time, all participants are on listen-only mode. A Q&A session will follow after the call. The conference is being recorded.
Please turn to Page 4. I want to remind everyone of our safe harbor statement. You may hear or see forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards.
Please turn to Page 5. I also direct you to the explanation of RICK's non-GAAP financial measures. Now I'm pleased to introduce Travis Reese, Interim President and CEO. Take it away, Travis.
Thank you, Bradley. Thank you all for joining us. Please turn to Slide 6. I'm pleased to report that we filed our 10-K today and announced our fourth quarter and year-end results. All comparisons are year-over-year unless otherwise noted.
Looking at the fourth quarter, Nightclub revenues were nearly level despite continued economic uncertainty. Bombshells revenues primarily reflected the previously announced divestiture/closure of 5 underperforming locations. Profitability primarily reflected higher noncash legal accrual, increased income taxes, and lower impairments.
We also continue to make progress with our Back to Basics 5-Year Capital Allocation Plan. Since we initiated the plan in 4Q '24, we divested of 4 Bombshells in leased locations, acquired 3 nightclubs, opened 4 new clubs in the Bombshells, attracted outside investment in 1 nightclub, sold 2 small underperforming clubs, and continued to buy back shares. As of March 13th, we've reduced the share count to approximately 7.7 million, about 14% lower than at year-end September 30, 2024.
Now here's Albert to review our performance in more detail.
Thanks, Travis. Turning to Slide 7. I'll start with a review of our fourth quarter results. All comparisons are year-over-year for the quarter, unless otherwise noted. Total revenues were $70.9 million compared to $73.2 million. A difference of $2.3 million primarily reflected 5 fewer Bombshells-related locations, partially offset by new nightclub locations.
Corporate expenses totaled $15.4 million compared to $7.1 million. The difference of approximately $8.3 million primarily reflected the establishment of a legal reserve. Impairments and other charges were $3.7 million compared to $10.1 million, a difference of $6.4 million. Income tax was $1 million expense compared to $0.8 million benefit.
Net income attributable to RCIHH common shareholders was a loss of $5.5 million compared to a profit of $244,000. Loss per share was $0.63 compared to a positive EPS of $0.03, while net cash provided by operating activities was $13.7 million compared to $15.7 million. Free cash flow was virtually level at $13.1 million due to the lower maintenance CapEx in the current quarter. Adjusted EBITDA was $7.4 million compared to $17.9 million. Non-GAAP loss per share was $0.12 compared to a profit of $1.63.
Moving to Slide 8. I will now cover our fourth quarter results by segment, beginning with Nightclubs. Again, all comparisons are year-over-year for the quarter, unless otherwise noted. Revenues totaled $60.9 million, up 0.4%. Key factors included contributions from 4 new clubs acquired or opened in the second and third quarters, and sales from 2 smaller rebranded and/or reformatted Texas clubs, not in same-store sales base. This was partially offset by the decline in same-store sales and reduced sales from closing Dallas Showclub in the fourth quarter of '25 for reformatting and from Baby Dolls Fort Worth due to the fire.
By revenue type, food, merchandise, and other increased 4.3%; service increased 1.5%; and LBW declined 2%. I'd like to point out that some clubs stood out, such as Rick's Cabaret in Fort Worth, one of the star locations of the Landman TV series, Rick's Cabaret and Hoops Sports Bar in New York City, Rick's Cabaret in Pittsburgh, and Jaguars Club in Phoenix. Other net charges totaled $2.1 million compared to $6.9 million. This primarily reflected impairments in both periods. Operating income was $16.3 million compared to $13 million, and margin was 26.8% of segment revenues compared to 21.5%. Non-GAAP operating income, which excludes other net charges, was $19.1 million compared to $20.5 million. Margin was 31.3% of segment revenues compared to 33.8%.
On Slide 9 are the results of the Bombshells segment. Revenues totaled $9.4 million, a decrease of $2.6 million. Key factors included fewer locations and the decline in same-store sales. This was partially offset by the opening of new locations in Denver, Colorado in January of '25 and Lubbock, Texas in early July '25. Other net charges totaled $1.6 million compared to $3.2 million, which primarily reflected impairments in both periods. There was an operating loss of $1.6 million compared to a loss of $2.6 million.
On a non-GAAP basis, which excludes impairments, there was an operating income of $29,000 compared to $649,000. I'd like to point out that our main focus for Bombshells is profitability, not sales. While same-store sales are down, profitability is improving.
Moving to Slide 10. You will see a summary of our corporate expenses. As I mentioned, GAAP expenses totaled $15.4 million, with non-GAAP slightly less. Both reflected the noncash legal accrual. GAAP corporate expense margin was 21.8% of revenue. Excluding legal accrual, it was about 9%.
Please turn to Slide 11. We have slides coming up that discuss free cash flow and adjusted EBITDA, which are non-GAAP. In advance of that, we wanted to present the closest GAAP equivalents, which are operating income, net cash provided by operations, and net income.
Slide 12, please. We ended the fourth quarter with cash and cash equivalents of $33.7 million, up $4.4 million from June 30. During the quarter, we used $2.7 million to buy back shares. Free cash flow continued in the $13 million range for the second quarter in a row. As a percentage of revenues, free cash flow margin was 18%, virtually level with the year ago quarter. The adjusted EBITDA margin was 10% of revenues. Excluding legal accrual, it was about 23%.
Turn to Slide 13. Debt declined $5.5 million from June 30, primarily reflecting scheduled paydowns. We continue to control the rate paid on our debt with a weighted average interest rate of 6.64% compared to 6.67% in the year ago quarter. Total occupancy cost was 8.1% of revenues, virtually the same as a year ago.
Debt to trailing 12 months adjusted EBITDA was 4.48x, mainly reflecting the impact of the fourth quarter legal accrual. But excluding that, it was about 3.83x. Debt maturities continue to remain reasonable and manageable, particularly in our plans to sell nonincome-producing properties. Note that the first quarter of fiscal '26 will include $22 million in 2-year seller financing note from the ADW transaction.
Now back to Travis.
Thank you, Albert. Please turn to Slides 14 and 15 to review our capital allocation strategy and 5-year plan. Our plan remains the same. We allocate approximately 40% of free cash flow to club acquisitions and 60% to share buybacks, debt reduction, and dividends. Our goal is to grow free cash flow per share by 10% to 15% annually.
Operationally, we're focusing on our core nightclub business. We review every club regularly to increase same-store sales. Underperformers will be rebranded, reformatted, or divested. We're currently generating about 70% of our income from 20% of our clubs, so there's significant opportunity to optimize our portfolio.
Divesting underperformers will help us increase margins, and we can use sale proceeds to repurchase stock, acquire higher-quality locations, or reduce debt. Our goal is to add an average of about $6 million of adjusted EBITDA each year through acquisitions. We want to target strong clubs with an occasional strong group of clubs. Acquisition target metrics remain 3x to 5x adjusted EBITDA for clubs, fair market value for real estate, and 100% cash-on-cash return in 3 to 5 years. Purchases may use bank financing, cash, or seller notes. We may also use stock when our valuation improves.
For Bombshells, we aim to improve existing locations, target 15% operating margins, and return to same-store sales growth. We plan to finish the 1 location still under development. We'd like to sell the chain as a whole, but the market isn't right at the moment. Finally, we'll continue buying back stock, flexing up when prices look undervalued, and increasing dividends modestly. Over the 5 years, we plan to generate more than $250 million of free cash flow and repurchase a significant quantity of shares.
By fiscal '29, our targets are $400 million in revenue, $75 million in free cash flow, and 7.5 million shares outstanding. This would double free cash flow per share to about $10 versus fiscal '24.
Please turn to Slide 16 for an update on our progress. Some of these we've already reported. Divesting or closing underperforming Bombshells locations, acquiring 3 nightclubs, opening 2 new Bombshells and 2 new nightclubs, outside investment in Rick's Cabaret, Austin, and selling a club in Harlingen, Texas.
To date, in fiscal '26, we sold a club in Edinburg, Texas for $1.1 million, recognizing a small loss and paying down debt. Excluding the ADW transaction, we bought back approximately 153,000 shares in the open market since fiscal '25 year-end through March 13, 2026. Currently, we're marketing 3 small nonperforming clubs and their real estate. They have a combined estimated value of $7.5 million and associated debt of $3 million. We're also marketing 8 nonincome-producing properties. This group has a combined estimated value of $24.2 million and associated debt of $13.2 million. We're working to finish or build 3 more locations in the greater Dallas area, including a Bombshells in Rowlett, a new Baby Dolls in West Fort Worth, and a rebuilt Baby Dolls Fort Worth.
Please turn to Slide 17 to review our long-term performance. Since we implemented our capital allocation strategy at the end of fiscal '15, we believe we've generated above-average performance for a mature publicly traded company. The standout is free cash flow compounding annually at about 11.8%, combined with buybacks that have reduced shares outstanding by approximately 1.6% on a compound annual basis.
Now that we filed our 10-K, we hope to file our 10-Q relatively soon. Our agenda this year is continuing with our capital allocation plan, improving club and restaurant operations, selling excess real estate and underperforming locations, and deploying our cash to acquire additional clubs, reduce debt, or repurchase shares.
I'd like to thank our dedicated team members for their efforts and hard work, and all of our shareholders who believe in us and make our success possible. Now back to Bradley.
Thank you, Travis and Albert. If you would like to ask a question, please raise your hand in the X Space. When you are finished, mute your microphone to eliminate background noise. We have a limited number of speaker spaces. After your question, we may move you back to the audience to free up space. Eric Langan, RCI's Founder and Head of M&A, will also be available on the Q&A.
Please understand that we cannot discuss the legal situation in New York, other than to reiterate that the company's statement that RCI, the individuals involved, and the 3 clubs have pled not guilty to all of the charges and are taking all necessary actions to defend themselves against the charges.
On behalf of Travis, Albert, and Eric, the company, and our subsidiaries, thank you. Goodnight. Oops, sorry.
We might want to do some Q&A first before you tell everybody good night, Bradley.
Right, exactly. Hold on. I'm bringing on Orchard Wealth as a speaker.
2. Question Answer
Obviously it's been a long time since I spoke with you guys. Question for you guys is, when do you think you'll be able to give us a ballpark when you'll be able to file the next quarterly for the first quarter?
We want to file as soon as possible. We were obviously waiting on auditors. They're in their prime season because this is their -- if you have a 12/31 year-end, their 75-day and 90-day filers are all coming up right now. So they're in their prime work season. So I'm going to guess sometime in April, we will hopefully file the 10-Q based on their availability. I think most of our work is done, but we have to get their work done as well.
Okay. So for April, we've got the first quarter numbers will come out, plus the sales numbers for the second quarter will be announced at some point during the month.
Yes, that should be the case, we hope.
Right.
Obviously, I can't guarantee...
No, no. I mean...
The Q will be filed. But, yes, I believe at this point that that's a good outline. We'll definitely get the sales numbers out, though.
Okay. And then your overall feeling in the space right now with just the environment as it is right now, what's your feel or your read on the clubs and on Bombshells?
We've been doing very well. March Madness starts up today, so there's some games going on. We've had a pretty solid January and February so far. Obviously, last quarter, we only did $70.3 million in revenue, I believe, and we were drastically affected by the 42-day close down. The close down is starting to hurt us now, though. As you know, if you've read in the papers and stuff, that the airplane travel, so we do have a lot of business travelers.
But at the same time, some business travelers are getting stuck in cities and they're ending up at our clubs because they're stuck overnight because their planes or flights got canceled, they can't get through security in time. So it's unknown how that's going to play out if this continues long term. Hopefully, our government will become functional again at some period and get these TSA agents paid and back to work.
But overall, it's been good. There might be a little concern with oil prices, but oil is great for a lot of our markets, especially in Texas. So that's, I think, almost a zero-sum game for us, not going to change a lot in that regard. But we are seeing prices come down on some food items and whatnot. The liquor companies are getting more competitive because less people are drinking, so they're getting more competitive. That's always good for our business and our costs.
As you see, our costs fell down to like 13.1%, I think, cost of goods for this past quarter, and I'm hoping we'll continue to see that as we move into the next 6 months because this data is a little bit old, but it has continued.
Okay. And then the auditors made you guys do some minor impairments and then obviously have a large set aside in reserves for this legal thing. But there's...
If you want, I'd like to -- give me a second. I'd like to talk about the reserves because the reserves have drastically affected the numbers for this quarter. And I'd like to keep everybody's focus. If you remember, we always say our focus needs to be on free cash flow because we think that's the best metric for how we're performing. And our free cash flow was $45.4 million approximately.
Legal reserve is about $9 million. But I would like to remind everybody also, we had no insurance last year. So we had to do all these reserves for insurance, which we don't normally do. And normally, insurance costs us about $5.5 million a year, and we reserved $9.5 million for last year. So total reserves in 2025 were $18.5 million. So compared to a cost last year, probably about $5.5 million -- for the previous year, $5.5 million for the insurance for the G&L and liquor liability insurances. So there's significant room there.
If these reserves aren't used, we will see those -- we'll see that add back in future quarters as well. So -- and if they are expensed, then -- if expenses do come out, then they're already reserved for, so they won't affect -- they won't negatively affect forward-going earnings.
Okay. So the idea basically is the reserves that you put aside in this quarter, we're not probably going to see any sort of -- or at least it doesn't look like we'll see any surprises that will come in 2026. So that's kind of in the background now.
I think so. I mean, I don't know, $9 million reserve -- legal reserve is a huge number to me. But that's the estimates that everybody gave, and I think that's going to go through trial and everything. So I don't disagree with the number. I think it's strong. But like you said, it will eliminate any possible -- I think any possible surprises in legal expenses or insurance costs for 2025 in the future.
All right. Next up, we're going to take Maxwell Ellis, handlebar @EightfoldPath65. Make sure you unmute your microphone. You should be on a speaker now, Maxwell. You just have to unmute.
First off, I'd like to say I think we're all wishing you guys the best of luck in your trial case. I think we're all crossing our fingers and rooting for you. Got 2 questions. The first one is on the capital allocation strategy. Just given where the current share price is, how do you guys balance between acquiring clubs, paying down debt, and buying back shares given in today's environment, I think buying back shares might make a little bit more sense than acquiring clubs or paying down debt.
Well, as you can see from Albert's announcement that since the end of the fiscal year, we've bought another 153,000 shares in addition to buying back 820,000 shares in the ADW Capital transaction. We're using 100% of our free cash flow to buy back our shares because why set aside 40% to make club acquisitions at a higher valuation than we can buy back our existing is my philosophy on it.
So we are pouring our cash into the stock buyback when it's down here at these levels. Anything under what we paid ADW Capital, I think we just buy stock. We think that's -- we had a fairness opinion done on that ADW Capital transaction. And so that's a fair value for the company. Then why would we go out and buy other stuff? We'll just use all of our cash we can to buy back our stock.
Fantastic. That is exactly what I was hoping you'd say. And I'm using all my cash to buy stock, too. So I think we're in the same boat.
I think in the long run, we're both going to come out way, way ahead, so.
Second question. Last earnings call, I believe some figures were discussed in between, call it, $65 million to $85 million of real estate value. I know you guys have had a couple of press releases on the real estate transactions. Is the total number to think about still in the $65 million to $85 million range? Or is it, hey, this year, it's going to be closer to $32 million to $34 million?
Well, I think you're confusing the nonincome-producing assets with the Bombshells sales. We have somewhere between -- I think it was in there, they listed at $24 million left in real estate and about $7 million in underperforming clubs that we have for sale. So call that $30 million on the round side. The $65 million to $85 million is the valuation for the entirety of the Bombshells operations, real estate that we were -- that we've been shopping with certain private equity groups in that range, in that $65 million to $85 million range.
This is Bradley. If you would like to speak, raise your hand and I'll pull you up. Just give it a few seconds. We got nobody else. Eric, do you want to say anything in closing?
Yes, I just have one final thing. I'd just like to bring up that if you look at our nightclub mix, it's been fairly consistent between alcohol sales. I know there's been a lot of articles out there that people aren't drinking anymore. I would beg to differ with those things. They may be spending less on alcohol, but they are still fairly consistent at our clubs in alcohol between 40% and 43% alcohol sales with about 17%, 18% for food and other, and service revenues in the 40%, 42% range as well.
So I'm not too worried. I've been getting a lot of questions and calls recently about are people drinking, are people drinking because of all the media. But I would add that we've also added mocktails, we've added a lot of specialty, not as high alcohol content, like 1/3 alcohol content drinks and stuff like that to our menus and to some of the clubs, and we're doing very well in that regards with it.
Also on the Bombshells, we've made some major changes in January, February, March, and I think you're going to see some of those results as we get the May financials out, but definitely in the April, May, June, after we open Rowlett, which will be a flagship location for us. And we continue to -- I call it a conversion, because for about the last 3 years, the Bombshells management team really turned Bombshells from a sports bar and restaurant into a restaurant that had a sports bar in it. And our concept now is going back to its roots where we are a sports bar that has good food, not a restaurant that has a mediocre sports bar.
And with that focus, we're seeing our percent of alcohol sales increase in Bombshells back to where it used to be around 60% to 65%, up from, I think, this year was 52%. And so I think we're going to see that continue to increase. And my internal goal is to get that to at least a 60-40 split. And the ultimate goal will be to be at a 65-35 for Bombshells. At that point, they become very highly profitable again.
As I've studied and got into this, as we -- especially as we started looking to sell the overall concept, the biggest change in net incomes and in operating [ deal ] and times of sales, so going into the POS data, is that we've really lost our bar business. And so we're going to -- that's what we do best. We're in the bar business. And so we're going to be back focused on that. That focus started in mid-January, and we're seeing some pretty good results at the 2 locations that we started the -- changed the concept in. And as of the first week of March, we're now pushing all of those changes across the entire chain.
So I'm very hopeful that when we put some numbers out and we talk in May, that we're going to have some pretty good news for everybody on that front. That's all I got, Bradley.
On behalf of Travis, Albert, and Eric, the company, and our subsidiaries, thank you, and good night. Please visit one of our clubs or restaurants and have a great time. Thank you so much.
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RCI Hospitality Holdings, Inc. — Q4 2025 Earnings Call
Finanzdaten von RCI Hospitality Holdings, Inc.
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Mär '26 |
+/-
%
|
||
| Umsatz | 282 282 |
2 %
2 %
100 %
|
|
| - Direkte Kosten | 122 122 |
0 %
0 %
43 %
|
|
| Bruttoertrag | 160 160 |
3 %
3 %
57 %
|
|
| - Vertriebs- und Verwaltungskosten | 107 107 |
8 %
8 %
38 %
|
|
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 53 53 |
20 %
20 %
19 %
|
|
| - Abschreibungen | 16 16 |
6 %
6 %
6 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 37 37 |
28 %
28 %
13 %
|
|
| Nettogewinn | -6,50 -6,50 |
189 %
189 %
-2 %
|
|
Angaben in Millionen USD.
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Firmenprofil
RCI Hospitality Holdings, Inc. fungiert als Holdinggesellschaft, die sich mit Aktivitäten im Gastgewerbe und damit verbundenen Geschäften befasst. Über ihre Tochtergesellschaften bietet sie Live-Unterhaltung für Erwachsene und Barbetrieb an. Sie ist in den folgenden Segmenten tätig: Nachtclubs, Bombshell und andere. Das Segment Nachtclubs betreibt Clubs für Erwachsenenunterhaltung. Zu seinen wichtigsten Marken gehören Rick's Cabaret, Jaguar's Club, Tootsie's Cabaret, XTC Cabaret und Club Onyx. Das Bombshell-Segment betreibt Restaurants in Texas, Dallas, Austin und Houston. Das Segment Sonstige umfasst die Medien, bei denen es sich um ein Unternehmen für Unternehmenskommunikation handelt. Das Unternehmen wurde 1983 von Robert L. Watters gegründet und hat seinen Hauptsitz in Houston, TX.
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| Hauptsitz | USA |
| CEO | Mr. Reese |
| Mitarbeiter | 3.444 |
| Gegründet | 1983 |
| Webseite | www.rcihospitality.com |


