RCI Hospitality Q1 2023 Earnings Report
Key Takeaways
RCI Hospitality Holdings, Inc. reported 1Q23 results with total revenues of $70.0M, GAAP EPS of $1.11, and Non-GAAP EPS of $1.19. The company's Nightclubs segment saw a year-over-year increase in operating income, offsetting challenges in the Bombshells segment. Adjusted EBITDA increased 13.9% year-over-year, and the company ended 1Q23 with $34.1 million in cash.
Total revenues were $70.0M, a 13.2% increase year-over-year.
GAAP EPS was $1.11, a 0.9% decrease year-over-year.
Non-GAAP EPS was $1.19, an 8.2% increase year-over-year.
Adjusted EBITDA increased 13.9% year-over-year to $20.5M.
RCI Hospitality
RCI Hospitality
Forward Guidance
The company is focused on growing free cash flow and adjusted EBITDA through acquisitions and projects in development, including the pending acquisition of Baby Dolls and Chicas Locas adult nightclubs, the new Rick’s Cabaret Steakhouse & Casino in Central City, CO, and new Bombshells in Alabama, Colorado, and Texas.