RCI Hospitality (RICK) 10 Aug 222022 Q3 Earnings call transcript

Greetings, and welcome to RCI Hospitality Holdings Third Quarter Earnings Call.

You can find RCI's presentation on the company website. Click Company and Investor Information under the RCI logo, that will take you to the company investor info page, scroll down and you'll find all of the necessary links. Please turn with me to slide two of our presentation. I'm Mark Moran, CEO of Equity Animal, and I'll be the host of our call today. Langan, CFO CEO of Eric and RCI with Chhay Bradley the here President of and Hospitality; I'm company. Please three. turn slide with me to

you call. Spaces. already, the If Space titled RicksCEO so to RICK the doing in XQXX Sign participate earnings and it's select call Twitter, On easy Twitter Dollar go to on aren't

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remind you Safe statement. differ currently that results update this Now call disclaim turn with occur materially as you me that that involve disclosed Actual any those in obligation to see to of It result risks Harbor developments everybody slide forward-looking of reminds may hear a from want four. or may uncertainties. statements information We and our afterwards. anticipated. to I

I'd fifth top between tonight myself Street clubs. generating revenue Rick from RCI's and Rick's at West Harold is the please like listening to me to slide little of use. the explanation XXrd invite in and X at five. to Now one join o'clock New at in of York non-GAAP Bradley to turn City Broadway, management Cabaret, Square. in that Eric, located we XX direct the you a everyone measurements meet I with to also area Ave

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CEO introduce Hospitality. Eric RCI Now I'm of to President Langan, and pleased

us Mark. Thanks for today. Thank you, joining

of metrics sequential quarter nightclub continued both to quarter Net third quarter. calls. from for adjusted the enhanced continue flow in were third all in and improvements key free increase and cash benefited our mentioned a activities revenues and refund strong flow nine EBITDA the The free sales, rebound a on on the cash basis Bombshells. I've resulted Year-over-year, particularly a nearly double-digit in from cash tax third This further receipt in and operating months. by higher service first previous

growth We plan cap on strategies. our allocation execute continue and to

the Club quarter, South continued Florida. We acquired the the During buyback third shares. we in Playmates

We Cabaret also -- purchased on Antonio, bought purchase for quarter of date, company we August fourth open in owned for Texas, San XXth the Bombshells. rebranded well will property the opening to a Texas company Odessa, XXth club it Scarlett's reopen as in that the XXth, rebranded planned we and August in have XXXX, that XXth. To as also

the to bought take Florida, Cheetah's also market conditions South buyback continue Club we We and to in shares. of advantage known well

for Bradley here's a financials. review of Now our

Thanks, all good those listening. to and Eric afternoon

to unless comparisons was of period the a be restriction. quarter COVID not call our noted. XXXX, by note is that of to important will otherwise first ago fiscal since was first affected this quarter, third in It All year that this the

And is Please turn Free RCI XX.X%. $XX.X page up Net totaled totaled to common XX.X%. was million, EPS increased we EPS adjusted of an Non-GAAP $XX.X cash which Net stockholders activities was to up attributed XX.X%. up X% record million, XX% million, $XX.X at revenues generated $XX up income the to million, operating XX.X%. numbers, flow was $XX.X Looking XX%. of to $X.XX. which seven. increased from EBITDA a cash $X.XX. increased total million,

Operating and quarter. XX.X% and totaled non-GAAP. margin excellent Our operating Nightclub income was we've XX.X% Nightclub created of We sequential revenues. At Nightclub strong points million million XX.X%. segment percentage in this Non-GAAP to in -- Non-GAAP our margin acquisitions basis, slide segment increased the XXXX Please margin higher show progress and XXX the XXXX. eight. million in increase quarter a Highlights XX.X%. had made basis XX.X% GAAP and of On page to expect where revenues operating as XX.X%. since expanded consolidated turn just margin included now $XX.X they pre-COVID million revenues and $XX.X was an a increased pre-COVID first Operating $XX.X the to fiscal consolidate Revenues XX% non-GAAP. level. third quarter increase service sales exceeded revenues have service At under revenues returned $XX.X revenues from were. of data slightly the of a as have percentage XX.X%

the great are acquisitions revenue. of third and As Bombshells also trends revenues. closely you service growth a of to quarter. of turn Both of had existing Please and revenues reflect growth these linked to the combination club against the rebound can see, both Bombshells page addition the clubs Nightclub of of nine.

income point experienced in and came in GAAP line margin out we're XX.X% managing of and the margins sales of by operating inflation. basis As quarter that increased and to one On food X.X%. revenues restaurants a and we X.X%. in record bars highest expanded due COVID when experienced in I'd declined with in great third of trends this strong from increased our Difficulty] That quarter way, quarter huge time. points that non-GAAP. due expectations. That's state revenue Bombshells think being our XXXX, a seasonal a Otherwise, were which like GAAP Bombshells doing non-GAAP the the operate up open benefit an mentioned and quarter year-over-year typical year for third at comparison tough third Bombshells a to against operating call, we sequential results labor few at Texas fiscal and was was X%. of basis, in unusually quarter Overall, sells [Technical XX.X% revenue that XX to margin ever.

Difficulty] sold compared unless turn Now review consolidated noted. of quarter to as XX to page our [Technical please XX% good to XX.X%. otherwise Cost improved

[Technical down tax at operating the employees [Technical Bombshells acquired reflects to of states the Free higher and X.X% Nightclub lower Difficulty] with a this operate. service compared included consolidated out Please third was cash this we the units wages share weighted Difficulty] XX.X% payment at Salaries or year's reflected a acquisition totaled the margin and revenues. along portion the by during $XX increase mandate, the $XX were of flow million as non-GAAP Eric of Now totaled in This with third increased turn [Technical and in I'd Difficulty] revenues and gain. were mentioned. in reflected which sales partially This Texas. mix some cash small new offset equivalents high in the of quarter segment. for that improvement point XX. our the addition average XX% utilizing cash slightly to on XX.X%. higher million than location of sales interest Cash SG&A This Rowlett, minimum more buybacks wage for $XX.X of nine to Playmates page rates. million for refund $X.X June XXth. million like months, after quarter which

free ago, that favorably was and consolidated cash years excluding X.XX% that Difficulty] five However, flow revenues. compares X.XX% a ago. [Technical of XX.X% year to the

to us our out smooth enables debt schedule. maturity refinancing Our

off other refinancing estate can borrow amortization have capital, $X We cash manageable unsecured and our bank rate Should them. enables properties in into we continues range the need with us to unencumbered years, loans, currently against commercial for periodic is multiple we financing debt. higher to in portfolio. seller convert lower financing And four Our rate real additional million our the pay our which $X flow. annual next to very million

look occupancy to to averaged to of within our Our X% Please well XX impacted X.X% be the June range at revenues. page we costs weren't sales debt were turn chart. This dramatically continues to that pie XXth X% COVID. when by

other XX.X% seller respective and by of debt now Our unsecured by financing which club of X.X% by consists debt estate, X.X% debts. is of XX% of secured it secured This debts. real secured applies. to assets the

turn over back thank and me call let Now the Eric to you.

Bradley. you, Thank

We investors. continue talk to new to

So, capital strategy. I'd like our review allocation

share, goal cash by is to annual on shareholder free compound to a per basis. value increasing XX% XX% Our drive flow

Our share generating strategy similar by those cash. studied flow is allocating He cash more per generate cash on effectively Outsiders and The outlined that William in the book, that to companies focused to Thorndike.

XXXX acquisitions, different buying the market markets. with three cash subject, using adjusted clubs to right estate three otherwise. buy at times these five We strategic mergers do have acquire of We specifically at to clubs actions value. course, real in solid been EBITDA, since rationale right One flowing is weather to to like seller and and applying strategies their the fiscal financing

clubs So far $XX in cash, this $XXX.X million existing in deployed which million, $XX XX year, million, we fiscal and which million, equity have and markets. new acquire capital, to was debt, which was was $XX.X

by property in million to Another strategy deployed and sell awareness two develop in locations. to cash, open more To we million is fiscal Bombshells $X.X expanding critical in this mass, growing debt capital, $X location million year, XXth franchise. our market new $X.X date, specifically for organically,

The third is contract. under

signed San our our Antonio, opened the of first franchisee addition, second for we one state In in and Alabama.

organic cash to returns of is goal at to Our XX%. XX% generate M&A and in growth annual on both least cash

third the action on than the share shares flow cash free buying when XX%. is Sorry, yield back is more per

We've year turn million $XX.XX. so to buyback deployed initiatives. Please average last accomplished $XX.X already. an Friday, review in we to much growth this shares of cash at As XXX,XXX our fiscal XX to of page

August club focus in reform acquired PT July. We think XXth. In call. plan it well to Nightclub to PTs our Odessa, fit in on club part asset up our in only clubs developments going open and Texas and Texas. that other I'm into we with on new of quarter its second two the So, show segment, a will We since our it

includes other our acquisitions County fits Tootsie's in in These Beach well reopen Cheetah following. of in to with We San reformed known with of three August add effort in fiscal Also area, well in $XX acquired XXth. believe South which we also Miami-Dade, XXXX. our Club part South plan strong to million North in Broward Cabaret. very Cheetah a Antonio clubs the at adjusted Florida. all are Hallandale EBITDA We club a is on it July,

owners Bombshells our in Texas number acquire Las location. We segment, during talk Exotic have for club Dancer to in acquisitions meetings we our the week next In of our conference up third XXth at about with Vegas. Expo a lined property Rowlett, quarter,

more to Dallas, locations in Florida, continue and look Austin, We for Phoenix.

opened first to and continuing do Our in Antonio is well. San franchisee very

is and be serious in other talks site in to its we groups. Alabama, franchisee Huntsville, to with continue franchise potential second Our close finalizing first

$X million. estate for parcel Philadelphia quarter, we down have for approximately we proceeds. of million still real capital price Regarding related more and paying In in the After a We million sales pieces $X.X management. debt in access $X.X contract of received cash. approximately an two under sold net in expenses, fourth combined

other the XX. third XX%, Texas for was; quarter including to states give Illinois X.X%. picture of X.X%, to new our eight New focus. better page geographic Florida revenue XXXX, Bombshells, With the X.X%, we York Colorado breakdown a regional And you Turning acquisitions, combined In XX.X%. wanted our XX.X%,

Turning of technology and to on XX. how we the I'd to haunting customers. like are in update club particular traffic, you page drive next-generation new to attract

pass -- all build social the us. mode, and our media Our plan the September. dedication. And be Nightclub, our corporate at plan NFT to platform, This end other questions. payment with program guest an month. of [ph] from the with it enables to Response range been with ultimate an our beginning Bombshells to of business taking their the a for annual or guest especially experiences, well event a admirers. as at thanks benefits with launch start AdmireMe, to currently August sometime credit entertainers VIP payable now. receive OnlyFans, will in has as is all presentation, private to We of we parties, other presale content currently card benefits. formal party program internet This that, fully the the to enable at new business a hard online very wide good. big will and post our meet This end to club Foote's of teams, benefits access of ends let's entertainers work Mark, our teams Similar

Q&A to a Thank party so session. this everyone you this to going very the much, space really moment retweet to get take can we like Bradley. encourage I'd Eric and with

do question, When please in raise you. please eliminate it asking done you're you'd any for to mute your or noise, ask like your background question, to If Space. then microphone will the Twitter we a hand your

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of to free audience its after from To your analyst, up and to So, back some question, you research move may like space. you we Rick's off, things to ask the questions equity shareholders. start take we larger then

Rob three analysts are who then that are call Our works Joe Noble. Anthony Granite Gomes Research, of Sidoti, on Josh for of of the and

Rob start of Research. Let's off with Granite

about quarter. the Hey, congratulations

you. thank Hey,

closed and Fort to the then that rebranding for might you plan if estimates for the be going Utah then and facility. Worth discuss you're you think Can when look and opening

the be plat. remodeling, up. Unfortunately, going the It's speed definitely We're much the there's do waiting we on process level. We're at not to rebranding facility. can to Sure. county

owners, we they've keys. However, have talked with us the given

We three The place. months draw remodel have the on we're adult starting get -- already within actually in probably in, that plants I open is closing I entertainment the liquor property. suspect, believe place. architects the ready. to are in and we'll license license of

just and, of of So, plat that from basically, getting rebranding, it's a matter we title the can so remodel, this a done title get course, policy. permit

Is then Bombshells gears, real at off it backed about in talk estate in And shifting of location? helping this you terms Thank environment? can just you. all? pricing Has it you

was on a that in accepted know, there's a don't Texas backed Bombshells recently lot. yesterday. offer I We an for property Austin, did make off

looking will They down contact we finally price that just was but time, offered for price the that out been to So, came we and some with had crazy. us. we was had the --

So, may end just Like location. a that. do franchisee just to going yet. I'm it particular or under we're early. up going go we not very contract how to [Technical got a said, sure that's that It's Difficulty] We I yesterday. with at partner

looking also at this sites We are multiple at other time.

there? then you're I'll contractor you But just queue. had building then in just in Has in ask And out circle seeing impact terms into or I'll last any general, what of back can discuss question general pricing locations, seeing? the you're Bombshells trends it Great. one

down. Sure. slowed the I We definitely Stafford original came on location. in had bid that have

there. We have demo the done

prices. the wait. [Technical started have and lumber work to are we're ended take certain the price our [Technical we're no we'll And Difficulty] down problem Difficulty] crazy till down, we'll come a He'll [Technical to -- roofing the slowly. said, construction. making build biggest different We'll have having were with, things. it much meet I some just GCs [Technical happy roofer. look, the just try and -- We're We we'll came the you we if roofing, because am we just they and so wanted that but and wait that prices roof well there, up Difficulty] demanding so not on. subs we a Like the Steel company come now. We space other two ROIs come that right open down, did under demand with price to out. and right will time. with the that they're find said, Maybe build we'll going overspend I've build Difficulty] an the tear actually had bids, in We'll work. throw some had they are the had at

not hearings, mill the September. I I on of we the can't days we'll work [Technical sometime Difficulty] final want zoning then the piece we on date, and where if and So, till the What [Technical in first in build The mid-September Difficulty]. they September. that's Difficulty] very believe, XX do exact location and minor properties or remember [Technical are early it over wait together Lubbock that October have location. early these

plans forward current we under in on We be to as Issues January. that the should hopefully, get have December the are billing so able all plan. as the apply sometime started resolved. That's one for permits we'll early And worked construction zoning. soon and

questions. the for Rob, much, so Thanks

Difficulty] [Technical Now,

then. [Technical We'll Difficulty] deal with those

did And well. in have that this cost acquisition -- a bit can costs probably raise so the G&A has little overall effect but quarter, here, far, been the we in as

of as how and through or acquisitions may goes, that a not more because we see on close progress that, may actually time. this in more So, we we quarter couple see

Gotcha.

since as the quarter, Gentlemen's as of the so announced Cheetah acquisitions, the Okay. Odessa And in well Club. you you the closed Club terms

and help Just or us can think should think revenue you EBITDA those? about to perhaps as run we how to about contributions rates those from the

is Cheetah about million. $XX Sure.

to going going -- we're expect quarters million. to We some out to in at, similar where probably at in $XXX,XXX few see location, put the you'll $X EBITDA a on Odessa to have figure guess, The probably year in around We're improvements would just right Rick that. on think of I could revenue, around that's but We to like get us where always, I'm slight EBITDA we're million $X.X Club, that one. which to now. kind type a

Gotcha.

just so as over. circle Eric, then, the the far cost back, worst And to you as Okay. that, of mentioned you the think is -- that pressure

So, you. now kind of that that's behind

it is business just speak margins that'd -- could your sequential to operating I So is to as assume great. would if be the know going reasonable forward, improvement operating of you seasonal, as your far of in kind segment but be that, margins? kind

not quarter, for sure. next would the I in say

and I XX% that's free think, where EBITDA our our -- kind on revenues, XX% goal that's of targets. is cash we're flow

little we'll I under over We think to to I a a do a better be -- sometimes. think overall, can take numbers. those But sometimes. we little very close going may think we're do I one-year period, maybe

this -- is turn So, what always quarter, July, seeing. quarter more September I'm this to seasonal is our where or August, we season normality a

the People all are restrictions are holidays. that for gone. traveling COVID Now

So, we're because if is season, people summer December, seeing versus to May. lifestyle, we're more are running tells normal going prime typical and to basically October, November, May, our me to going exciting our which jumps through me a very see to back nice October that down slow come

-- I a is first quarter think our be quarter XXXX of this going to record us. fiscal year for

York in reading I in office they're trends even City hearing, office City from service respected, will people been York the is XX% October, New XX% which I've help goes occupancy, and the As revenues working about believe to New and in November more. our

again. see as just to return said, as we're life I patterns well, in people, going markets that other and normal normal like think to I

about us season So, for to out our I'm XXXX. very how play during going that's of excited very, fiscal prime

hear. great best thank and That's to Well, luck. you of

Thank you. Yeah.

questions, for Anthony. much Thanks the

Josh, Next have Josh Capital take away. Markets. up we it of Noble

Thanks everybody. afternoon, questions. for my taking Good Hi.

Hi, Josh.

Hey.

kind how know just those want talks a just of that talk to franchising of few of are I So, kind about Can further you than one Bombshells. groups. with I others? start you're progressing kind along talking some off to as group just

stages. locations stop definitely the picked Vegas to long look us with sites back from or franchise three locations. out on Simmons. to those agreement. our be and tied got three give create back into we'll to location in We're location, probably three Vegas, going I'm from way group farthest a we stop them approvals -- in going the those has together, all get on contracts different David to out. There's have they've one a a picked franchise going the on the we and can for on franchisee done, contract first declines to Yeah. approve opinions at the -- The fly contract, get before all We're If in and sites specific

hopefully, we'll second them looking their our group So, one At to third franchise. location locations give which Antonio be this approve know is three we signed time for us of right San the their as find able get up, I and well. will now

hopefully, said, have vetting some have quarter we're through are franchisees on some like information we I more a few So, And Bombshells. process. as others the we progress we'll for talking,

where to basically approval. at, they want locate to and to get figure us out locations are Some for trying

I I couple kind plays interest So, be the know see months. rate are rates interest have little a next fears concern a continue to people know recessionary just of climb. some out that if how to that increases as bit. spooked going we'll to have that over

by goal. day and we're working take So, our every towards it day just day keep just

amongst like, clubs in? to question, drop Perfect. of due out we're recessionary are me the next people, kind led leads general to in there, It environment just And obviously of your that of you this public. visits a question least are kind just some seeing fears my to me to economic

I think down. hugely it in at the don't spend changed customer wouldn't I has mean, visits. slow our typical drops call summer this point. I

to through As the guys. The with VIP people I've see has vacations. that, spend last and the managers different And they still -- our strong. club management spend fairly you VIP we're thing XXth, least, are June been say quarter, on upper at the can biggest talked our hearing from is fantastic. is

going October, way. the interfering think returning that's have their but think to schedules so, not to to clubs problems I recession's huge going December. we're till a work flow offset normal And the any to November, and to turning any with whatnot, And know people's will we're and in be if than And don't more recession going really the or by -- offices. just to cause hit offset I to

So, our people our us hours, up pick office. pick return to up the lunchtime think daytime, And happy I it'll business. to business

I think again. increase will business travel

that So, that. certain will we locations have from benefit

rest in will with And be think so, up and make I overall we'll shape great acquisitions. the

time, we much but So, very I don't very on closely. see weak like and and or -- next, I'm vice then it's think strong weak we'll all the a week, at watching strong them a and Wednesday, I slippage Mondays If then versa say, all. see watching it's I Monday. one the do see the Monday, Wednesdays, I next,

So, the been have watching weekends I'm strong.

clubs. as now, or when -- right Twitter very recessionary I as dollar a have entertainers not seen that complaining about we're But if entertainers. or I so, an happy been lot, seeing answer customer going on see of the with a We're or I'm sales to to that what I I've see, at on going have and our right going see our know some spend don't to now, dance effect. we're we're -- to And in

know cash. I it's dancers paid However, spend the about on don't in overall if

girls see the customers you as making maybe they're have their I from of don't printing happy, down cash some been our can about we And -- bit. very financials. it. and money, are know to have that we're talked a So, slowed But little money

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September. So, first to of do that's why harder the couple we're sometime weeks a going probably push much

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Wyden Adam have we up Capital. Next ADW of

better I've support Bombshells, been million you think really kind this machine, Difficulty] combination look, taking think, you this, of free Eric, year time to in we've free got $XX now like, past, Lowrie, XX the I a Guys, flow EBITDA balance transactions. I the the sheet the cash. never Yeah. of million [Technical saying of $XX And and and building had cash

is You can -- few you buy a a could growth because obviously that. not to, slowing if wanted I the couple ROIs down the I a of the I are clubs multiples. be so it's perfect, at flexibility is It you're I labor shows of right? Inflation like, that why mean, mind, like Lowrie love up costs not reality materials you buyer Bombshells up. lower up, there. year. is these a buy that. don't mean, are

estate. own real the You

them. that -- you've a of the the of it's I and do can the owners be I mean, I guys amazing you that a flexible to mean, to on you focusing is cash you're clubs we years, because are assets about think transitioned shows really couple would EBITDA, hitting only best flow sheet, it can take these and adjusted I fact, mind. support next I'm In you over inflation million again, $XX this from couple start through a the balance math walls. acquisitions until doing hundred hundred think

I a more. talking you you talking XX XX But year. the now. I'm year, what's things stopping And mean, about so, do I'm up obviously, just can a -- not about and right ramping with Like stock, from

talking year. nothing's diligence. lots to this everywhere. to expo I'm than not mean, acquisitions, with of us do the -- going to I Yeah. there work, find owners. stopping the other we the out it have due I'm put the We're going legal deals, do We're

about years still and is goal can year times. our add our a and right straight, ratio I even think flow purchases stay now to XX% the a for of using next cash under million in -- three three under keeping Our $XXX we free about to still debt

it faster, step right -- a I'm to and need push we that. little up If along a So, comes that. about continue if excited to going to can the we do we're deal bit very little and

we'll XX% XX%, pipeline. And where larger doing going I target and We And be a of on is we're forever, the the our You us right the been are club going share three go. XXXX some right based I additional know for talking right four of some XX%. about now, amounts the think thought our I on goes how may side focus I on of in know We're side, onto to talks by long my XXXX. know on at with I'll lot equation for million in licenses, we're actually the XX% rolling of for time it right. great now right and everything next $XX you, X% Bombshells us to up. for increase market got about goal. end starting those that or higher, on -- big absolutely when limited on opportunities let we we've think buying times months some well, everyone do personal well years. have the bring our right to that to we've a is going And markets now. the a If and we my about do I'll the by with to times the be time, of based and I at the hire. tell of less our that guys guys I guys guys, much to conversations three there's quarter, think been the to for EBITDA. by Because soon, pushed five clubs saying next the that now. up December, go And clubs, K, many that deals pay has right paid for

XXXX it growth. cash think XX%-plus I XX% year And will is to be that, over another end XXXX free headed now, flow well. as I right think

very it's So, now. exciting right

higher get call if not I if be I of mean, XX EBITDA, the if the flow But the the compounding what to rating EBITDA cash and now, probably you're And at much at exact should right it free how for going the you're XX, Like that, of, what buy, flow year all will rate at full, the rest do don't -- got. XXXX. right? if XXX and, about I you've know financed you're don't probably year. and mean, Well, than you'll you you're math, if full be. -- leveraging math, free -- a be higher going you cash right? presumably, I and hundred, you clear run you can to exit in it XX mean, XXX, if you'll you you're I obviously the -- than know a because faster, buy it's just

And overhead what so, again, leveraging corporate and you. have

mean, getting you you why I not the a have And can $XXX multiple EBITDA feel about the point we So, would like, think right? every how think valued. so where, point made a like I to thing to flow like, it a I about a these do destroy the again, you cash, multiple. $XXX But I cash actually you again, year, traded imply growth, well, thing great can equity, million same and XX% the I -- like mean, slower up much we like, getting of but million? get do you free margins, mean, Like comment call. a numbers, conversation, you more, only right? it's how grow growth. properly the this same you kind where is mean, you conference generate guys put

the the advantage of can me. Well, I gives take I market think tools

so, And guys this call. on it's to up you

those worth current to flow. cash for cash have guys of flow paying future tools, it's You the for the stock and us giving the the price decide, generation if

through biggest so basis, and especially go to a with and wants Rick's, for the one on nobody past value of the forward COVID think, value value us I a wants no us is us Everybody run on give problems basis. to growth.

us. give real they when no a advantage for estate, say, value always you little that's us very for value or the As the huge estate real for

their restaurant, at X% costs. restaurant cost cash they're for. use to they're look to other words, XX% XX% paying stocks flow, generate their paying of In you real occupancy out, If typical of X% estate to the

all-time now are our one at X.X%, of lows. We

done us. strategy things those our that cap So, are for the has allocation

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We didn't Well, honest. it be me Adam, XXXX. be completely before deserve let honest. I'll

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premise capital, paying cost bankers diluting you're at don't that Our at in RICK my pay interests of having my was we me … of wealth that time paying were is always super taking what? are of you're basically a base. They lot took back younger existing debt. your use, in shareholder It's days advantage leading me align equity our with us of high back were use the with it in my free a to shareholders. the it of were to because us. a stock. that not companies majority least It I flow learn My back. have investment -- Guess that big person well, and with cash reduction a You're And long

Yeah. No.

I think go. ready we're to

I XX my you're a the recall, comment of look, Yeah. EBITDA. XXXX don't in mean, was measure No, think, numbers as the have is I on of But XX I front or probably business mean, around one. again, me. I I good of

certainly think, of I in hundred we're now. a excess

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the face to they're look, in right? eventually So, to them keep you got going bleed, punching and

we doing to what going keep we're Well, do.

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question. for so Exactly. Thank the much, you Adam,

at to it invitation And I management want anyone in Next, we're throw a, by the wanted Ector. have take out New Terra, special area this to I to just there and for going meet Rick's but City Terra. away. uh, York [ph] to Terra stop

you, I guys. Hey to doing your for your earnings. Spaces say My really wanted phone just get Twitter number I one, on this But I dying thank as rapidly. don't is disconnected. for hope platform

good a is marketing decision. that think really I

company RICK strategy. yeah, As CEO long of think you I really little could the know, future, a future I just which is we RICK, I'm have touched can on interact good guess, with you bit marketing and And and the with I'm here. elaborate wondering I your if things competing for OnlyFans. as as excited guys the you Eric, endeavors on the you, that of was on a far

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of a So lot fun. to going be it's

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to So, get we're done. happy all that

anything, let answer just know. can You

That is perfect. answering for Eric, and Thank so much, you answering.

potential think regard just coming shareholders have many clear I guys like you of and it's extremely yourself, doing to just also I open very the I what -- So, can yeah, more said, to concise interact you're but not the and company this think, and that are with up concisely. because Mark transparent, Twitter yourself you and where And bullish doing, in only opening future investors. is, dialogue to

up I it. a to appreciate question. really appreciate your I ask again, letting me So, And time.

position because You're feel like welcome I'm I I love and puts a thanks. where nightclubs again. it the me And operating it in

people every about I kind party day, the single was I One lost I business corporate world, I talking loved and that. of day. as threw I into the every the was nightclub things of to moved

especially the And fun. to get with users. last I so in so just and investors. three is it interact for Twitter, four end It's with gotten get exciting. me, to I months, so, or recently interact

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So, I'm very excited about that.

Amazing stuff.

so it. you We much Thank for the Terra. question, appreciate

Next up, we're it to to going take Eric, Roderick away. bring Eric [ph] speak.

for my taking questions Eric Mark, Thanks Hey. and thanks today.

Just million understand EBITDA the the $XX estate. these clarity $X know release can exactly in million the that the get with kind price are said total and acquisitions the wanted so you of press Cheetah of that we valued. to acquisitions for you how both I on purchase adjusted for of club some real club expected

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Sure.

basics. the promissory a we at at me [Technical Difficulty] note So, let give you I XX-year this, What looked $XX have million. six is

out, it you get payments. take that divide If the and you

cash Their and much it's higher [Technical depending we're a less, insurance. that. Difficulty] of couple a shave be get. basically their it's look a on where save Maybe Maybe cash costs there's a or off little how little. returns a we about Difficulty]. we on XX%. at basically can this [Technical think much to know other We a savings to It's and were insurance goods going So, ours. on our couple We few going cost save. points we things than I

million, million, So, that. million $X.X hopefully, that something $X overall, $X maybe becomes like

out a pay the to over that to a XX% return. a something. two little we million need year get over Basically You little $X.X make

-- Hallandale back. the owner We're free for, it I just always the think XX% flow And financing. I'll and And then years that XX% the cash it then that. estate return. And The XX% to And rest, his three XX%. times we're day a up you're worst and basically takes going Beach less do going us familiar rent basically managed to of beach don't of the cash long. off a going real earn we X.X I flow. property. right? so four or take very And We're with big this. XX, -- cash on take cash and like portion his access, know scenario, free if owner, of pay rest come own, with deals I to was case in call years right unbelievable it's do that of both to that is a It's we'll the Boulevard, give to than the six him acres the all freeway. the

property bought the We -- it. bought idea. street. you an the beat Scarlett to give can't You across We

for I acres, million that think paid property. $X Scarlett was only we and X.X

as the but did for to multiple, value things we offered We more owner global So, these weren't a on was separate. overly cash the really of a package we with that a cash because didn't that getting so it concerned financing us great really return.

we've old. he's him, is, or But his And So much rare of month low particular fantastic. valued. it's those to or a not payment -- a single XX don't monthly was old years XXs. got because remember want guaranteed and that was in for don't paper he's -- don't owners want -- we but that's coming was lot Joe every one he's that whatnot, agreeing, the carry I how this That's can't normally that how big a XX good great great the industry years. XX five able that us we're very, times management had He Anakar, -- trust in deal talked last and knows Ed team. Joe. He very a done that, our and Ed trusts that the to the and for relationship. over personal He reputation. years use our to him have -- he for many deal for harness And and well, next a what knows and

it I way transaction was all the win-win just So, think a around.

question, bit very Okay. helpful. up these maybe following would kind years Thanks. earnings on comments, ago but of about then, a Adam's talk that. That's little Appreciate calls, more one banks five And where higher. -- just of would banks ever low is at it's point how cost cost is been. capital of the it, as Obviously, Rick said so that wasn't much you finance you occupancy

capital mature? there So better. a that to other years, see cost next company that and the Are RCI lowering benefits eventually would to five making other got as any continues as get like grow everything you much obviously finance, -- you where over the larger try that, that shareholder and base, banks point tangible the of are and there

we just XX%, XX%, it going to the We're risk, company. the not We're don't the We're to cash. cost a those able on undue -- we're treat go dilute capital's anytime. cash grow our take differences and be -- like we to cost Obviously, The our at it because just the higher We're going doing think cheaper. use we cash. want next -- cautious. we're very it's becomes because I be equity. our cheapest go just up because we're equity that No, treat if going they'll out just not even to use having higher going to expense won't of going our like to keep of huge going be to cheapest top able interest payments, capital would to equity at to rate. that's our much to shareholders bank. We is, is able ROIs, capital, we're If it's then equity. these

than has use on a us basis taxes. very debt cheap we been after because for more relative look, you typically debt If cash,

simple math, It's fifth And so use the we grade, equation. just -- my all in we're book.

you could on over or X%, cost. And type time, year really ROI look grow? that because we've capital capital think equity, or we mean, started especially on how hard pushed I would XX%, traded that on, X% multiple. how the at if year compound things XX with of as had after faster a cost if how to much doing drop between, that you become great right I Adam our now, would X% and XX is and me you has which of

answers. Appreciate Okay. Thanks. the

Yeah. Thank you.

your I would XX%. Eric, cost can don't that of but of X% cash share $X equity like shares your for capital to like more if clarify doing minute? free I equity a just cost are thing capital, one You XX% flow you're said be $XX and

right? growth, in is Now, flow XX earnings in multiple organic zero for I the capital you in free think cash agree of with XX% at or so you're earnings the right? that should maybe have build the at growth place and you, securities, is and yield, XX%, for going place growth credit now grow this so, to right? basically cash what yourself very organic multiple flow is what right, trading be flow giving about cash Bombshells? like XX in your in least as, price, thing, M&A to equal Because -- general, allocation. you yield, you free grow so cash your flow a specific the if how your And And Warren some probably or in He case, multiple going at at least, least values free to what specific your free values Buffett a is, That is you're securities volumes, right?

example, in where Once this -- XX grow M&A And it. a so least M&A. or you zero Candy, look organic going right? is, is return. Warren the with it had mean, cash I flow. world be very allocation, place cash to See's you going your what can like zero approximate growth thoughtful grow it's in know XX my flow organically, free that the at Buffett bought capital to you we if should for I it's So He for to okay, even mean, said,

what times, you're spread multiple right? call know. If I five a I whatever, be whatever, to don't you, with XX you're advantages cash -- substantial like, tax factor have But X% to would you a analysis you're yield be And a X% So or like agree making it, curious get free I after I'm free free the getting depreciation at assets you. yield EBITDA -- what a flow X flow XX% when I you that don't -- maybe my or how to is bought, cash flow. XX% buying mean, would you're it's XX% sense? cash in

of I do me. mean, you. and down you're have down the get sit ahead to math, write and steps XX back it to always I like

day, I And agree but my I the with market other it it told the call to and I rewards lower, going to think talking I system, the yes, have us right? I reward performance. I were napkin all stuff that I we market's set, math. you makes much that. Yeah. understand mean, is for sense. we trading think The you As

multiple the So, Everybody on market I discount. we send wants, don't is SIM bonus. of what get with kind reward a know reality us And basis. the what should

Our modded. businesses are

is after year in machine year from. bubblegum a flow cash town we that get a after solid own the bubblegum you like only year. Our It's can fall

to We charge charge want have can't nobody So quarter. just bubblegum. a $X.XX. We so charge quarter. charge to to a we can wants $X.XX. want charge We We much that

to I point, think And that. so, market's realize at going that some

other market be talked XXX some everything in me roll said, this be I've rolled before And momentum I premium. it I it's we ready makes XXXX. don't about X industry's now institutional after these or the the the don't grow a million of us our seems more because than be, asking market's million We you I ready hope like switch up XX Spaces. go faster. just give we'll build the going buy since been XX retail up point, with to We've get we're the ever need and like is Twitter thing At can -- rolling management, everybody investors, we to hundred shares of these that, what we when up know need been, And ready And ever think And of be doing that's -- I after XXXX, tools. we've later, part and since talks clubs. to things clubs, it the COVID like it. investors clubs. I of for That's waste become ESC. past, we'll more community. of institutional And it's history, why As We to industry more I sooner we're than calls. X shares rather go us shares asked than as the stock, than said, need, we need that'll stories, XX just could a on to tools. ever investors. been. the XX create stock, stock, help buy this could

the them made their our Management's myself buy give clubs, can NFT, into made you You discord. our self to I've come accessible. accessible.

never You're to going guest.

are but forever. stock, and as always do those real not find you long-term preach. I many always times get. own doing. hopefully will to for this you I'll say we're company, you our normal. but things the We're a corporation You're Instead will, like And is reach been the where into you should And quarter things exactly tell people. we're not bad. everyone, going this as And a everybody what what to it's create that's and said, point are see And continue at going build I we'll slower, to that's can things people return that how bad, to what when at, think -- I holders. think we're little some summertime, right That'll can know you right I and

much for Thanks so the question, Adam.

Aaron, going broker to away. take to stage. be Next up, the we're bringing blonde the it

Yeah. quick Hi, I question. going noticed just to you Difficulty] I you had were a [Technical guys. mentioned

of and I to have there. things the expo. do capture we're RCI one does Mark what XXX of think going that, will And plus the of work about there going employees we're is, on always essence to Mark out really out

interviews. so, to And be doing going we're some

you're to spaces, So, see of some equity I see we will the our -- and you'll you move around some as think, on forward, put get know those -- let to of top interviews some country. executives going

a things it's employees. the missed are that that and own of one one or thinks this, that, of couple is man that with RCI show everybody company XXXX a it's plus think guys that's story we're in I a

to do? be how you him, told want ask, a plans marketplace, number you I've going dedicated leave? to to it's companies, the everybody's all things think many and real, exposed to and very have I years, you're growing years going how it's behind The love wanted you're I an more stuff surprised rate. to people they for And there at think company? been this strong how how more important I people other And do have that the want plus are. number of number at that. Or is contractors. And actually XX that have to you that's we and be of We for. to XX much how employees see the have that of XX,XXX -- get going I people amazing just do ingrained in what people. scenes to our independent What this part and get out of XX just I And work message with rapid large want the very so to some RCI it's with and company, We're us of of years, company that missing. and Mark big the actually think company that's employees years, told And realize

a club hear -- there out fun office at and several expo with in, those get we're women it's he's to of our going to their to that female on that time, serious you're staff. we're it the think going without the around guidance, you and crazy to you any going same their the year. be of the key He's highlight empowerment get gives, what going of but Mark. I going to from you And going industry lot company. at let And all hope go talking. management, And I corporate there's stories country words of ask our employees from to it, jokes lot host that's a information get to this to to raw going stuff. to get He's own in Mark,

excited. I'm Awesome.

there. out get to you You got

us. got visit You come, with to

So.

forward come Definitely. us. looking We're to Please Vegas to with it.

take Now, W. Howard away. next Hedgeye, question of Howard is from it going coming to be Penney.

Hey, thanks very much.

Thank your doing Like call. it. how listened there many you are time the meeting? up could opportunity you a clubs How that you to for time? big First over roll for I've is out

and Barons U.S. Well, there's about XXXX magazine whatnot. past based and Fortune and clubs articles in on the

we Right area clubs think now, for I XXX us. key about have XX.

the our our clubs, XXX we're times we basically today. interested a be the clubs we'd of in. us get share about four to are I'd what I to size XX%. we're call very premier or Based At market like range margin XX% the on that So, a ones clubs, about of our free we somewhere current stays a between $X between flow. flow billion we'd flow if $X free million. somewhere to cash mark cash stay, $XXX $XXX $XXX have cap, cap mark XX%, billion, cash million free and at be is what, point, million And in

very, us. that very exciting for So, mean, would I be

clubs many you to do … look How have get to at

free to in million much get flow. Oops, $XXX sorry. I'm cash Yeah. too tried I money.

XX ever can or have You one? what's get like, clubs many at to you you it How you at XX? think it get that. often? before one Like look don't XX I look much. too How -- do is how is to

of to We I've I'm no, think got calls No, how lately. exactly. so we've had clubs. trying many

the buy years I a we're of flow. to the financials flow looking to get numbers. cash various do, lot fix, we building have the up. we -- to of want -- clubs just or it, markets. cash If ways. their on it years. for We're Basically, I But go free pushing And been four in and or into properties. that of to upgrade brand or certain things five, there want a the two numbers. able looking look free we trailing bring do cash I want look financials We is. then our would the clubs market point I'm the line business. at umbrella, look we're before We three at it We're to hard. we're probably pass and our in week at I on keep level put building overall, we But a our this or go at plus. first. even for cash want the in I good the not down pulling with look even at smaller we current try the securities, us, yet. haven't cost And do, brand ones. pass aren't to synergies we on it move depending We financials aren't put the I'm see now, next very call brand for solid flow right track POS controls in acquire competitive I at flow. I I want to and say one. competent we XX just in, And buy in record how to on that

be several have years. over going to up we of So, next owners period in with the lined Vegas. meeting We're

XX, a aren't Some but this yet, well, -- this. want stuff XX. they're talk the don't I'm I I'm like year guys Or by get ready that. to about, I'm or, out do to in XX do after probably or XX, to two, don't time I they want

an We're unbelievable buyers the been to to the yet, money, long in been offers those. that some they're but sure the back shopping guys buyer to money. more this guaranteed to their going financing. accepted to pay. down. give pay are going now We record. them right are whole got more us, them trying come -- out to got that'll So, numbers never looking less lot They're Their be there. more more We've and We've may eventually to putting realize is collect track we've or get find getting With they is there pay They putting a but we're more, cash and a money. talking offers some them out for and they're doing that'll they a other But get not. get higher. with going want just that time. going They risk may I'm the haven't

Commission Securities Our track Exchange the since and record filed is XXXX. for with

done defaulted loans. far paid payments. bank track all we've see our everybody. you our So as on We've We've record never can making what as and

-- your lot us been of been they credibility think gives years time. that get of got XX I have A this care employees club. baby. that go, letting a takes They're doing guys got they've and like it's for that So, lot they family. about. same Plus like their these They've It guys and there.

And so to in and going who's fire they come to don't to employees. somebody sell just all want their

get so just them people for to we're business. flow want that we're that cash buying it in cash flow. that -- to the they're comfortable not fact, come We in ones and And time same built have everybody. because fire operate takes to it -- going the We your that

to or ever. Vegas as the And than accelerated, just now. But from right I'll back we're the get point. I so, said, think well, do, what a getting we're could I rolling Vegas and retire in now owners. start -- realizing, back with with could their a to what I And seeds I takes like live Florida it's start weeks to coming math the this after I great more numbers. I really that go higher is this could calls guys time paying certain even islands the and multiple following And it pipeline types to could the they and I or those hey, gee, know of, plant I something is start gets more -- and that's of doing They Montana or -- we ranch what is get we train think we their that's things. in

you. Thank time. your Appreciate

Eric's this much just doing better so noting bankers, this And all the Thanks no for question, knows because than management Howard. the without M&A business one team.

Germany. going are we up, it from an Mathias international Please away. have Next to caller take

much. Thanks very

might it because Is to -- maybe ask between But and nightclub, maybe understand of the it of just the I apologize special or restaurant have couldn't I don't I what's understand, restaurant I'm for type first a my and difference a -- brand call Just is it's a questions may a I nightclub of Bombshells? bar? first, silly for hearing. a that. kind only simply you

question. First

you Doesn't in is selling my someone that clubs price? mentioned low to five is, at are make that eyes. really EBITDA. question Second times to sense you three new able at buy Why

Is that? sell buying and Why And do already really bit not So you they your why more in sellers kind pays mention if that reason a make for what's And you auction answer? the also especially do to of someone you're little sell. a main to there last clubs, Let's would that on that you're clever not is to think mentioned as what $XXX,XXX a there Is management lot resource? that of like be Thanks. the able natural you of new about say a limit clubs manage? go keep that. over, to -- still margins? that something limit to or

Sure.

Let's start at top. the

United a girls with Waitress peaks, difference independent and like fraternizing more Bombshells more no at darker the typical sports the sudden the a really house afternoons. place restaurant food, time, late -- dinner, into they're we maybe a same come, there's guys bar, crowd of flirting XX nightclubs, we talking And become a music, watch in other. more The all in typical. more guys thing live all in is they the bring between can get way group like girls the a loud traditional the XX nice group next little up that with for DJs, So then into house, twin more a to the daytime, a mood. are hang there's crowd the the to have vibe, out what's gets a some the called evening we the of time. to TV, come, cheaper convert contractors. night I of They're times nightclub we to and It's out greet and as operators a Bombshells, Difficulty] their estate, real holdings, -- we're other, And pay or to we And on grab -- capital of is dancing, know large of The into whatever buy sums, typical and like each bar. paid get dinner a equity, each yard spend party down margins. at we're yard money capital full lunch that with same us the have and top Because million flirt drink, to up traditional come able lend of -- gives $XX borrow or waitress, crank this lap nightclub? equity [Technical our it large all adult few no to to year are banks the in for term, a Bombshells meet olds Because in product a you in club, don't Lowrie nudity, very have we're not well. the transaction Germany. do never that related able to lap the that made basically, They out, million transaction. access anywhere estate nude not businesses, $X But nightclub. in five for great drinking they a say, us? know business, the from strip the from has. of thing last term banks VIP in and guys against do type equity night, in cash rooms, States. three structure to do it we some equity transaction is room, why which $XX our or of transaction, That's sell EBITDA? XX RCI private to acquisition and use club, what dancing, that pull Other out gentleman's to real dancing, million And use in million Why champagne money answer. And dancing, the stuff. and

of it to do ability, takes record. longer. I to clubs. managing five. We have it If five, we want have clubs? a And track three it I our what's the a have the don't takes the get limit years. internal like it -- longer, our takes Right we it takes little little in now, to XXX goal, If capital, I'd

management to had bought for there place. change that we our existing lot are no from operations, in club, systems scalable. flows. Has When at already our general managed, up management times a guys of bring that retire. up. I place. been -- He's it's us. talent. Why the XXXX doing prints lot talent well been same We're A for has think to We to think amount He's anything? out talent of cash. great Scarlett, it's buy since leave bring I manager job, already completely point, cash we'll the we buy we desire a going XX are current The our the there great we years. going of -- We're

make we hardly don't So a times lot changes. any of management

just we grow that actually way. our So, team

we the -- we location through up employees grow for bringing get or people that years that organically, do where through clubs club only get in or through the the So property, not great our and and worked we it we have but it years. acquisitions, land, in the

are I point at know limit, them. that reach a think don't we know at might limit this sure I So, there's some that but [indiscernible] point. I'm -- I operators XXXX of own

put So, put if don't formulas think. the no is the and there you I in systems you limit. place,

companies non-listed much Other companies to maybe for with you. Thank example, -- similar Rick, which bigger. are

It's than major at size But the But that larger much There's of capital them. their than in I companies, in capital. two to and time. I those coast, more started large XXXX chain, large I we chain, us. tell we when in private another, companies, hard companies, and know private Rhino operated lots is can of a structures. the passed don't I Dejavu I fairly say, And much, Dejavu international both the in U.S. west tell markets revenue I would their know don't this access to were of Spearmint you but don't I Rick's, that mid-size, they're as haven't know, there's was don't very know but numbers,

-- wise, our near in. as most is If large We as Rhino Spearmint has I Probably us, think size. that's would don't Dejavu have be definitely them. the that revenue revenue there's closed locations. anywhere one

you road. and in single stable or single for a How single impression competitor go, club, and I One -- question get just of last the restaurant another What you as nightclub? allow single long-term a that? club, clubs to collapses. real Because that told to about if the restaurant risk single restaurants Is on or the maybe the me. don't if general mode see -- the easy business come the down sometimes you the as or Isn't have is Often business quite and concerning restaurant, in it Okay. go. going manager for -- nightclub also new a nightclub? Germany, concerning come is

-- In we're nightclub. adult the nightclub on our nightclub side,

licenses, especially licenses, last place. have the that or in government we grandfathered. entertainment has So that were The many, much same local which court the are can't the years. manner only states different. existing have open, they many locations business or now basically much, are There nudity, adult are level throughout They we major license, markets. Those in place operating requires or put cases in tries whatever same mainly put special If license locations XX those restrictions viable allowed else operate that economically operate I do. at not the basically can they're anybody to have what in, locations, call,

And property business. tied so property. mode to -- the a is address gives are that own we us nightclub property huge or tied our specific in zoning. The why license That's the

our buy why so in And that's we nightclubs. the property

high very property our It's most high the all super It's strong sure. restaurants, that flow for the to the of hole place a As easily small not build the same so certain think lot a can other do in operational is Bombshells, we and haven't be locations there's we're very the sports traffic, lot similar all been that business But advantages of open And that and Bombshells. fortunate typical buy growth have our Bombshells. now. of continued of right many our revenues. at profitable. to we've Bombshells. expensive we There's a Bombshells, -- far -- profitable. the And for to people I at where of we to open that wall that things And as all types nightclubs in comes areas. in Other years, are history part. and competition bars, They're being had areas We're that any strong affects compete in our with level. our real population a are

old of three locations the four XX Our now. just over seven our for next starting been years we're another Most over And right XX to there helping to years. going years, are locations. on oldest expand location's

higher ask me if Olive years or that I than seem risk other and to Chris Chili's XX would consider works think think of major any Garden, are can has and nightclubs, brand, biggest Steak over the their all created or but done other they the House, So, that you major, it's Ruth's the have we've proven support I the atmosphere probably Anybody risk, off pretty the what be Texas Roadhouse, still I low. knock go their Bombshells any Bombshells same relatively yet that type now. branding, And their for of brand brand. and patrons and followers like brand, have concept, concept their they that

wish Thanks. in luck And the quarters. next you

We to calls. follow following Thank happy will earning be -- you.

it. appreciate We much. so Thanks

a submitted by Now, Eric, tonk that capital, you maybe question to Nashville in me hot future. a open plan a honky to was is one location, girl naughty the

had Well, we up very were is and actually Nashville sorry -- a tough echo on working there. market. a there We club partnership

know. But very say different we're never I entertainment sense. or all in -- that that very capital industry the our want market. bachelorette trying looking, find so Nashville. in stayed we something. adult they seems And laws be They someday not so, world. are favorable always of with we've of and kind market. It guys makes don't And like, I want of the out The we're never to the the laws guy, liquor think combined they're there don't to something I'm that, a that hopefully always really

Fantastic.

Now this would we more minutes, just here. to and hit people retweet everyone share some in love to encourage get XX so to

question, Caesar. be going going For to we're next Caesar? to our

Eric. Yeah. Thank I Mark. question, have you, a

Okay.

to expansion think us telling but the years, that your -- based. that's us tell three will be five you that Your

go can country, Milano, with that will the abroad? Hospitality time be Latin talking go think to So that Amsterdam, Hospitality to abroad. be time Europe, Rick you when the Mexico [indiscernible] City, the American the and will management for when business Paris, Rick you expand I'm Mexico thinks abroad

one U.S., in is Sure. the Yeah. easy. to have we learn That's of of run those we things biggest opportunity markets. When the out

have learn laws. to the We legalities, the

We have to counsel. find legal

there's some done to -- legwork Mexico homework in lot a expanding now, in We lot some that the We've legwork in that and international. done of legwork to Canada. past. we've Right of have a of of

the in said, stay course, against high, of Argentina When here a international even expansion and to international I out [Technical decided here, focused out -- been we not run and it's and while. travel, then like -- we U.S. Since Difficulty], it's we've growth So of markets. run plans not

and Like I a the I would that wrapped up think think enough. branding time. I of exceed continents. conglomerate next size, got be now, to take pretty basically it said, that the Right years, create in a to three we've I here It's going U.S. great would to just we're five think

up As pre-look markets. then we'll complete continue and to we industry to roll at this here, have another

stage as in in may faster. expand those Now, franchising, It's see but expansion just through much Bombshells, of markets the some through we'll our grows Bombshells early of franchise.

Okay. Thank for you. Thank you your answer.

much so you Thank the Great. for question.

into Just not and the else Twitter. to Eric, moment follow take allowed Animal, he's once on to to everyone returns most get Houston. four importantly, his to Equity going Bradley follower home he digits encourage a account or want We to want to be

Next up, ice you're let's floor. Ice, the to up. bring

having thank I'll All make for you to try quick. me. right. And this pretty

So my about question's Bombshells. of kind

guess the locations you than Thank about pretty be locations. that facing, with a now makes just kind and both of So methodical of to that'd your the you've be great. I Bombshells. stronger owned but really been seem slow guess positive your it concerns. that, Bombshells? I due ramping know So concept now just inflation franchisees want having location newer Is lot patios touch the to the I'm you. on have of years, down over growing right kind if last you older now company like you like really could size to to have the I you what But to about location, about be XX you location? performing pretty up sure XX seem

us time took it learn. -- I Sure. to

of liquor new the to Our demographics very, well. years business of the a of We for day understand parts few the experiences the lunch business. us. We business. crowd, crowd, first didn't dinner understand the us. the But We base. things. know We knew nightclub the our customer very massive Restaurant lot were learning didn't was different

in that the brought so We've thing's and much. grown team, the staff. the So growing expert, we support just big an and

from getting was locations in realized build some past opened growth management take time go, XX and go six to ready we to more locations. to in COVID Now very locations stretched we're clubs rapid. do right XX to and we were then We six And months the COVID the thin end very we or as needed hit. four and of The that let's six hit, up. right we

some break from So, that. take we had to

to working are have just -- on due under a contract one We're It's too under have off six get the contract we're all starting waiting is do. case but restaurant the one doesn't something costs. going that far very lot start on in we bought, The some diligence we've Like engineers two some -- We right said, full location steels that. time not construction. that down. yesterday. I putting now up. entered certain they we to There's We the -- -- for It's of actually architectures, contract. together, We're time two back work, doing Like concrete said, like come out the on to got work, other the well, but done. things locations. of start early are Stafford. still I to working on We're figure demo

So be you more are they biggest here just dollars, telling the XX do who's roofer XX,XXX much it have they're subs it's I'm you're yeah, steel found to probably bud Well, XXX. that The for so order another a you -- spending work. going subs down. to work hundred that. job it's when contractors costs like just coming I'll thousand The to $X.X oh some said, We prepared for have that -- or we're getting looking is, roofing million But not is dollars do part soon. I the you. and location, very like,

subs said, store. but We're tune So of we're get for thing GC construction XX% with a a for -- them negotiate XX% down. new we'll construction We're We're I we'll a till have of costs go to getting are group themselves. the the -- of job the And search there, bids the sets, subs permits the wait, we maybe down cost the we'll GCN, there. that of the to Texas. And take end and Arlington but bid a project to for land, We'll work. coming concrete, for easier to build cost more out those you'll up building a supposed in those It's Like a what Rowlett, say at all building The We'll some will additional, going and the they'll doing little more here they're new -- our will cost. built out. basically build not Typically, build of project. time. wait paid we'll stuff of kind pay a need wouldn't I line. waiting ourselves. we same do because the with bit that

if they to I job rate a of us So, this bid tend give market get they're very money. going I'll tend lot to do they're versus, to paid going a oh, it, -- if bid to

we'll we're go We think by. the that. on just few of course I -- So, the see as next months

and it commodity and think the that. at I we're doesn't of like I If have, sitting Most we've watch it point, on October, the stuff goes. -- November, September, inflation we're land going it where said, see like let's some finances. -- to got X.XX%, we costs we'll X.XX%, just -- X.X% land, watch

to. million bill. $X.X a cost extra on wait, a little interest little we to pay cheaper a more per and interest pay can an set It's it So, than lot

kind So where we're of at. that's just

much. Perfect. All you so Thank right.

Thank you.

question Ice. for the Thanks

up. Next the [ph] up, to Johnny Johnny, let's you're floor. bring Shen

sort it's you just a Is it you closely like M&A Cheetah off a was it Eric, taking exactly we this say, the decent off quarter wanted to fair new, saying Good kind say future deal that. for the Thanks back of on job interesting. like it's kind were of to deal? of it it deal be -- this that it wouldn't I appropriate. guys. wasn't unique because, interpretation? -- wouldn't didn't all would this but that that Is try this, Yeah, -- Hey, size. to be sounds a go It's sounds inappropriate to quite Would it. you to and model

call Very as situation. I'm people more for the unique but Denver fair, club unique saying is the a acquisition. it, deals, get or we Lowrie deal not Playmates very definitely acquisition, the Playmates, situations, BCG Clubs, the won't XX most

the at May. look you in Playmates If acquisition

at which in, are it plus and the makes basically, the If And EBITDA Scarlett one you improve about typical we deal times a for around the go the deal. acquisition. will for four real everything business which and make a five about the estate, years us, times X EBITDA. times the acquisitions club go Those typically then three back at for which be by typically look few more and XX%, overall will basically turns and

you'll up or financing of it deals, from and XX% third-party but times. So end times use put cash about, a some down finance rest, XX% taking group. And are we five EBITDA anywhere the maybe we cash from all four them a deal us see to down, to

to the -- So of Scarlett, money. Or And we get XX% we we then XX% of example, even cash. XXX% our on for company finance. borrowed

borrowed was of third-party, a So the third entire a people a for a whole -- basically. of from group third-party, or payment group -- down

expense $XXX time. to times our -- all anything we ever three times Currently, on have EBITDA in most We're probably on the XX-month additional we I it's the was ratio. flow probably right returns, at over X.XX times leverage the comfortable almost right cash depends And for -- now. ratio now debt. cash debt leverage, margins free so was because infinite two made it highest I'm And interest to shareholders. cash two our on to our just the transaction, EBITDA that debt we've leverage ratios been million under -- at times think trailing

room week right debt. lot in through I a We're cash, got got $XX.X now. we've So, grow to plus of We've in generating think cash. million a million a

at same you walk million to the you looks XX like million $XX I when that to we in and there million -- $XX million, the in and do, $XX larger plenty wait we you're almost The cash seller. bigger Obviously, and the and available where to a down so guys plenty years payment in advance monthly the deals are working inclined a me we're time. you got make you've really do single cash the on. months, of you're making acquisitions sell want the every then if a month. down I and $XX getting it got with three be more and you're But now making EBITDA of got more can cash plus you you cash in better payments we've offer a big -- capital because the deals $XX can can million runway to have offer out put So down,

things up running are those against. kind So, of we're

interest XX bank rate a five-year on The current entire we And locked the current other -- is raises in all of at thing adjustments. quoting the note a length is, bank our X% after for X.XX% years interest the Cheetah. rate on

an So, a the deal for as said, cash as favorable come it us overall see and us, next three the cash very over I financing returns, like deal numbers in great you'll those on and years. was for just

Is something off to situation, this On sort if Rick guessing this, seller Yeah. about that prepayment, company really mean, more talk tend to curious because anything specifically if framework. the estate seems sort like accelerate the can of I it like That's prepay for I'm is again, usually of that a so, is the of that I there likely. these. retirement note, if -- doesn't completely into generally. at based payments? I'm guess, limit that the don't look -- is When notes, sort example, structure on of have definitely maybe seller you Like, that's an the what's when model notes? -- we you notes, want moves

they notes, to save money that, X% I'm the their their monthly those in No. These There's know, is. There's want because Sellers note. going you're the of, $XX are to Obviously, They're as single to realizing we're X%, seeing note. to our sure, whatever, be and points older points, going an month prepayment of going borrow and they flow period paid that they care I annuity sellers save four to and if money care don't that the million or on create interest in X% capital of bank, family's -- notes be family. taken every go deals, really the in seeing [Technical cost notes, Difficulty] want as penalties. of of can four they're off. that over no cash our comes taken that for want seller of notes no acceleration any

Okay. That's Yeah. That sense. cool. makes

out. Obviously, it's kind couple Now, offers of you a being to reasonable mentioned having expect. shop around. They're

deals you end of up feel off finding it kind the when who You what, do names with happen tend one doesn't usually to same is. or matter of out on, buyer situations mean, happen, amount like dealing in no or get visibility I deals when don't don't obviously these good pop -- up? mostly a you you're intel the see

that. and going money find. don't Typically no money. to not more I what one need money to oh, we like, buy, itself. And is pay if pay more It's else than more it That's me you're does going we me

fair especially buying about only So, good people if on too much, them too listen you'll been you the RCI all the And desperation. past, other to forms of complain, makes hear deals. in when our RCI street, much, in industry it's oh, they're pays and lot a buyers pays in industry, RCI out of

time. the that there's that very due else this deliver. just now. a in everybody of us They used types management people the -- There's industry fair offer is -- think The capability fair can't There's have, the Why our or times industry. of deal point why they have issues industry -- as doesn't and give of, seller business. them you you have lot are very sell I would super aware his because five And who entertainment fact adult Typically, and sell why you us, buy have they they price, adult three very aren't earlier, seen anybody have And want to Well, of no we it's ourselves understands handling. the would to the restaurants with, reasons. -- multiple uncertainties that property the unique of cash in when is caller said somebody the I and five that to entertainment nightclubs risk a they you've all people business all buy overall people says, so don't situations have low they It's retiring to won't buy a the to and that's to. with the don't a there's a regulations one block offer times guys But lease prices us, do why complexity to that all at time. you who won't EBITDA? won't right business, just you high to or where, value -- what we're have. to industry. stigma our used There's specific can a to. or it the of our -- And sell, to why or be and

is what with you don't we the you're come you're of I've And trying as adult about we're they're the money we but systems and -- equal Maybe corporate the it's in RCI forward. we've industry we -- comparable gangs into strip of cash to and -- country biggest is So, olds, don’t if that a America you're clubs, any casinos. And perception or big The moved industry, moved to whole. of stigma we to as willing are better. those But to and know of is with big kind to all very our fairly are dealers. big exact moved watched doesn't adult They're very we've be embraced thugs very the Ozark. are, wealthy age -- polar are Ozarks. -- of they up through, are fairly got NFT most their business hasn't problem opposite that or entertainment, dingy deal as Rick in know just seen space, that I different community. where the if And -- change club, that nightclub structured, things, deals an or something, what XX Twitter, is learned in They're to their as And people group the talking in that's concept maybe we just very that rural, is, the their doing, see is not people, only church. a whereas -- our club hasn't been know handling as want year with industry their model. we're drug well. XX the the you what the into firsthand and do they

businesses why And XX that's we the base, to of excitement customer of XX-year-old future life embrace our so, is and experience And that that building -- why and our and bringing giving into project about the building and our that's Twitter. fun industry. them NFT

EBITDA. like saying release one And it kind earlier, you -- were remember starting you add-ons. And then, of to just is the kind when synergy because of talking I of kind my It kind it's it $X press back I freewheeling, Cheetah. sorry, into just head like just expected when were And Great. of sounded heard million an I'm you it use about more. popped to some

million of So, like, a Is EBITDA is Is -- $X pre-synergy, coming improvement press figure pre-operational is that release? in that where sort that number? that the from?

as we the existing based is basically That's speak. on it business at Yeah. time

Okay.

like interpolation since still pre-COVID are So there? kind for you of year, it's this, you Florida, last at looking like, -- like are doing are a just you

and a of year right now. still past -- year, do current XXXX We kind

Okay.

at. two are It's years. XXXX kind what see were the they last We we want to versus where in Yeah. look where they in

banner yeah. right? Because, them, I is Florida for Because could year -- actually it mean, it's be that Florida, yeah, for or this a

they use out the Which remember in -- banner Exactly. more money going went XXXX they're they March right? stimulus XXXX why of big the than in we last is about -- -- you checks make to kind of -- to last was got and last made out last the blown months. March went months. six XXXX through XXXX in They Six of Everything up. was rocked in checks September, XXXX.

Nobody of the complain, year, were hard. had how This the excited. I'm left, that's Not the Everybody get Europe's to for but all was this comps because went nobody's traveled left, They really year, a nobody Europe. about was The complaining it Mexico. some stimulus people money. traveled. to July, August, of airlines year. So but September lot it are went All probably says harder flying. comps your Nobody everybody's complaining. last

tourist now. like you, think went it's it market because remember, -- last year, I I go I to where I in just the Florida, open. Alabama, right went -- insane at Gulf I don't You I Shores, look -- thing I to the tell mean, I said, was Florida only

couldn't rent in Florida. even You our BRBO last year

very vacation. nice, great So type beaches, family Shores, we Alabama, which white especially for a is the actually in Gulf a up highly ended recommended, sand

and Florida It's Texas. it's You really beat. it's of in and -- lower the nice. middle cost it's not And can't

take figure Yeah. was where kids call to tell the my for Thanks. and on to I'll I the her wife, vacation. out

job. Good

for Okay. not you that how to And kind been lot I mean, stimulus I essentially are check that that because now. student but there's from just a think undercounting say, Like loans, would've want you're officially a with right from like different of month Yeah. left. it's a of I lot if of high loan stimulus Thanks. a -- the student getting nothing much earners. just repayment, stimulus a mentioned is are things doctor not people Fed $XXXX weren't -- materially

helps firm of up that But thank much long it. kind answers, so about however for really how the Thanks. you For us thinking goes. we're that

Okay. Thank you.

much, take happy We're two from our to but to Alabama, Johnny. so for my Shores, next know questions going more ex-wife I'm vacation. to taking Gulf just Thanks individuals,

partners. have hot girl you're going of are BTT short to Next Hot girl, long up, we capital equity up?

have Hey, thank space has you any The been RCI does the curious, for great. specific so merchandise of clubs I Hospitality was much. just or sale?

our but club. -- Yes to we has is it's Tootsie's market especially, do, different just biggest big Tootsie's market, yeah, probably marketing from

front. to basically one developed. say small, online. need but has is been I of a Right We've presence trying case has things neat that. things the a But for we Denver merchandise. the chains websites. products, different brand. our tons of a we think never forward, online need you Bombshells like clubs little of people Rock kind display we different everywhere. shot as and that should collect has cool all look have be probably Rick's the Bombshells like are stuff Cafe probably strong and especially through that stuff, into different hats of some There merchandise of could that's and I the and and big and stuff store Hard really all try Diamond now, would to to we've always Whatnot. some Planet key buy Every lot Hollywood some go we What in is something can collect and like, to -- expanding have glasses things or the move

that something like. President's and bring to to I'm what looks but put see Vice start on glad it So, calendar up, together going the putting to

you Thank Great. much. so

we to list, that questions hard we'll be hitting really appreciate that do over those ZeroTangoTango to Looks like it's capital adding here.

for Last, you least. thank that. So certainly but not

Dime Square, Holdings, Square We you're have Dime up.

for thanks the this. Mark. everyone And that. hosting Hey, thanks else and in all Congrats quarter

you friend doing or talking when and would a analyst So, good I do wondering we maybe guys be you're my why why was to leaseback not. so for idea to It acquisitions. were sale

flow per about at in cash reality not higher the all EPS. flow lower that our higher We're We've is cash per worried looked theorization, leasebacks but sale pay share, overall I front, but worried cash just of Why it we're free interest us, rates. lose EPS, it's To and Difficulty] [Technical -- about just free share. to flow. depreciation report have free

on go time the real the money The so an we've rents up make. of much control a And basically we and real go at licenses estate, every at also because have partner kind we out, our in -- Estate REIT looked how uninvited any up more and we lease is are tied they to Real reason the the And point problem a lose past, that's runs Investment estate. of Trust. the we based the more

try do we they from to better our the us. job, take the So, more

I And industry, many, to have, told control so, we this the because the would've everything. wants on fact, do. the just us XX estate, that, property. reality want him from acquisition. in of just property. licensing. a not years nice not in after the rent -- now, keep learn after owner tax the really him XXXX landlord own sell just what that to -- But again. we passed I his can free No, it's the be years that us to XX on won't so We years for for We again. a the told our real or years our And many it he exchange. XX is loved after raised family to basically We're he We race

Thanks. Great. right. All

and to to Equity everyone question. and Bradley Fantastic everyone Holdings for Animal to want this. in, Thanks ZeroTangoTango I on Square follow tuning Eric, to thank up. finish encourage this

us want who Rick's between can and revenue one at we little to at street Rick joined at those tonight For management that a Broadway, Ave meet top late, in of XXrd West X located RCI's Square. say fifth XX you with clubs. generating o'clock and Harold is from myself up Cabaret,

the behalf an complimentary RSVP yet, our Eric And you Langan have fireball goodnight. be at subsidiaries. Bradley, ask If shots, who or door for you. of offering Eric free will on the me company, and Thank

question. or take As And more clubs one always, restaurants. of we one please gonna visit actually, our are

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to XXrd West everyone Street Rick's to tonight. XX want end]. just encourage [abrupt be to there. come again, We're everyone thank We'll Given there out that, heading …