RCI Hospitality (US:RICK)2022-05-09 23:54Financial Performance - Total revenues increased by 44.6% to $63.7 million[16] - EPS increased by 69.1% to $1.15, and Non-GAAP EPS increased by 58.0% to $1.19[16] - Net income attributable to RCIHH common stockholders increased by 79.8% to $11.0 million[16] - Adjusted EBITDA increased by 46.8% to $19.9 million[16] - Free cash flow increased by 23.3% to $11.1 million[16] Segment Performance - Nightclub revenues increased by 56.5%[21] - Bombshells revenues increased by 16.7%[25] - High margin service revenues increased by 86.9%, accounting for 33.8% of revenues compared to 26.1% in the previous year[16, 31] Debt and Capital Allocation - As of March 31, 2022, total debt net of loan costs was $178 million[38, 46] - Weighted average interest rate on debt was 6.14%[46] - The company repurchased 83,343 shares at an average cost of $62.37 per share in 2Q22 and 3Q22 through May 6[52] Expansion and Growth Initiatives - Acquired real estate for the 12th Bombshells location in March 2022 and has two more under contract to purchase[16, 55] - Purchased one nightclub in May 2022 and has one under contract to purchase[16] - Targeting addition of $20 million adjusted EBITDA in FY23 through more acquisitions[55]