Financial Performance - Q2 2025 - Total revenues decreased to $659 million from $723 million, a decrease of 88%[20] - Non-GAAP EPS decreased to $065 from $090[20] - Adjusted EBITDA decreased to $142 million from $172 million[20] - Free cash flow decreased to $69 million from $88 million[20] Segment Performance - Nightclubs - Nightclub revenues decreased by $18 million, or 31%, primarily due to a same-store sales decrease of 35%[26] - GAAP operating income increased to $146 million (254% of revenues) from $110 million (186% of revenues)[26] - Non-GAAP operating income decreased to $171 million (298% of segment revenues) from $198 million (334% of segment revenues)[26] Segment Performance - Bombshells - Bombshells revenues decreased by $45 million, or 356%, due to the sale/divestiture of five underperforming locations and a same-store sales decrease of 134%[33] - GAAP operating loss was $02 million (-28% of segment revenues) compared to an income of $07 million (55% of revenues)[33] - Non-GAAP operating loss was $01 million (-08% of segment revenues) compared to an income of $08 million (59% of revenues)[33] Capital Allocation and Strategy - The company repurchased 56875 common shares for $29 million, with 88 million shares outstanding as of March 31, 2025[19] - The company plans to allocate approximately 40% of free cash flow to club acquisitions and 60% to share buybacks, debt reduction, and dividends over the next five years[59, 61] - The company targets $400 million in revenue and $75 million in free cash flow by fiscal year 2029, with 75 million shares outstanding[63]