RCI Hospitality Holdings Inc (RICK) 2021 Q4 法說會逐字稿

Greetings, and welcome to the RCI Hospitality Holdings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Gary Fishman, who handles Investor Relations for RCI.

您好，歡迎參加 RCI Hospitality Holdings 電話會議和網路廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹負責 RCI 投資者關係的 Gary Fishman。

Thank you, John. For those of you listening on the phone, you can find our presentation on the RCI website. Click Company and Investor Information under the RCI logo. That will take you to the Company & Investor Information page. Scroll down and you'll find all the necessary links.

謝謝你，約翰。對於那些透過電話收聽的人，您可以在 RCI 網站上找到我們的簡報。點擊 RCI 標誌下的公司和投資者資訊。這將帶您進入公司和投資者資訊頁面。向下滾動，您將找到所有必要的連結。

Please turn to Page 2 of our presentation. I want to remind everybody of our safe harbor statement that posted at the beginning of our conference call presentation. It reminds you that you may hear or see forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated, and we disclaim any obligation to update information disclosed in this call as a result of developments that occur afterward.

請翻到我們簡報的第 2 頁。我想提醒大家注意我們在電話會議演示開始時發布的安全港聲明。它提醒您，您可能會聽到或看到涉及風險和不確定性的前瞻性陳述。實際結果可能與當前預期有重大差異，我們不承擔因隨後發生的事態發展而更新本次電話會議中披露的資訊的義務。

Please turn to Page 3. I also direct you to the explanation of non-GAAP measurements that we use. And I'd like to invite everyone listening in the New York City area to join us tonight at 6:00 to meet management at Rick's Cabaret New York, Manhattan's #1 gentleman's club. You can also tour its sister club, Hoops Cabaret and Sports Bar next door. It's located at 50 West 33rd Street between Fifth Avenue and Broadway, around the corner from the Empire State Building. If you haven't RSVP-ed ask for Eric Langan or me at the door.

請翻到第 3 頁 我也會引導您了解我們使用的非 GAAP 衡量標準的解釋。我想邀請紐約市地區的所有聽眾今晚 6:00 加入我們，在曼哈頓排名第一的紳士俱樂部 Rick's Cabaret New York 與管理層會面。您還可以參觀其姊妹俱樂部、隔壁的 Hoops Cabaret 和 Sports Bar。它位於第五大道和百老匯之間的西 33 街 50 號，帝國大廈附近。如果您還沒有回复，請在門口找 Eric Langan 或我。

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

現在我很高興向大家介紹 RCI Hospitality 總裁兼執行長 Eric Langan。艾瑞克？

Thanks, Gary. Thanks for joining us today. I'm here with our CFO, Bradley Chhay. After the market closed, we reported our fourth quarter and year-end numbers. We had another strong performance with record fourth quarter revenues, fiscal year revenues and cash generation. As always, we thank our loyal customers, dedicated team members and steadfast investors for their support.

謝謝，加里。感謝您今天加入我們。我和我們的財務長 Bradley Chhay 一起來到這裡。收盤後，我們報告了第四季和年底的數據。我們的第四季營收、財年營收和現金創造均創歷史新高，表現再次強勁。一如既往，我們感謝忠實的客戶、敬業的團隊成員和堅定的投資者的支持。

We are continuing to work on all aspects of executing our growth plan for fiscal 2022. At the end of the quarter, we closed on our $99 million bank real estate refinancing at better rates and terms. In October and November, we closed on our big acquisition of 11 clubs in 6 states and The Mansion in Newburgh, New York. Last week, we opened our 11th Bombshells in Arlington, Texas in the Dallas market, and our first franchise is close to opening its first location in San Antonio. Brad and I will talk more about the growth plans later. Now here's Bradley to review the financials.

我們正在繼續努力執行 2022 財年成長計畫的各個方面。 10 月和 11 月，我們完成了對 6 個州的 11 傢俱樂部以及紐約州紐堡 The Mansion 的大規模收購。上週，我們在德克薩斯州阿靈頓的達拉斯市場開設了第 11 家 Bombshel​​ls，我們的第一家特許經營店即將在聖安東尼奧開設第一家店。布拉德和我稍後將詳細討論成長計畫。現在請布拉德利回顧財務狀況。

Thanks, Eric, and good afternoon to all those who are listening. During the fourth quarter, we reported total revenues of $54.9 million. That is up 91% from a year ago quarter, but also up 22% from the pre-pandemic fourth quarter in fiscal 2019. GAAP EPS was $0.26, and non-GAAP EPS was $1.58. GAAP EPS was impacted by a noncash impairment charge of $11.9 million. Most clubs rebounded significantly through the year on a favorable trajectory. However, for the full year contribution, from the clubs in certain locations which had a more stringent COVID-19 restriction, did not recover as fast as previously projected.

謝謝埃里克，所有聽眾都下午好。第四季度，我們的總收入為 5,490 萬美元。這比去年同期增長了 91%，但也比大流行前的 2019 財年第四季增長了 22%。 GAAP 每股盈餘受到 1,190 萬美元非現金減損費用的影響。大多數俱樂部在這一年中都在良好的軌跡上顯著反彈。然而，就全年貢獻而言，某些受到更嚴格的 COVID-19 限制的地區的俱樂部的恢復速度並沒有像之前預期的那麼快。

Net cash from operating activities was $9.8 million, and free cash flow was $8.5 million for the fourth quarter. Net income was $2.3 million and adjusted EBITDA was $17.6 million. For the full year fiscal 2021, we reported total revenues of $195.3 million. That is up 48% from a year ago quarter, but also up 8% from fiscal 2019. GAAP EPS was $3.37, and non-GAAP EPS was $4.08. GAAP EPS was impacted by a noncash impairment charge of $13.6 million for the full year.

第四季經營活動產生的淨現金為 980 萬美元，自由現金流為 850 萬美元。淨利潤為 230 萬美元，調整後 EBITDA 為 1760 萬美元。 2021 財年全年，我們的總營收為 1.953 億美元。這比去年同期增長了 48%，但也比 2019 財年增長了 8%。全年 GAAP 每股盈餘受到 1,360 萬美元非現金減損費用的影響。

The net cash from operating activities was $42 million, and the free cash flow was $36.1 million. We ended the year with $35.7 million in cash and cash equivalent.

經營活動產生的現金淨額為 4,200 萬美元，自由現金流為 3,610 萬美元。年底，我們擁有 3570 萬美元的現金和現金等價物。

Now if you'll turn to Page 5. Nightclubs segment revenues, operating margin and income from operations were all up significantly year-over-year. As a result, revenue rose to $40.3 million, which is great for our seasonally slower fourth quarter. GAAP operating margin was 16.1%, and non-GAAP operating margin was a whopping 43.2%. GAAP income from operations increased to $6.5 million and non-GAAP was $17.4 million. Our Florida clubs did particularly well, and our high-margin service revenues, mainly from our Northern states clubs, grew sequentially year-over-year.

現在，請翻到第 5 頁。結果，收入上升至 4030 萬美元，這對於我們季節性放緩的第四季度來說非常好。 GAAP 營運利潤率為 16.1%，非 GAAP 營運利潤率高達 43.2%。 GAAP 營運收入增至 650 萬美元，非 GAAP 營運收入增至 1,740 萬美元。我們的佛羅裡達州俱樂部表現尤其出色，我們的高利潤服務收入（主要來自北部各州的俱樂部）逐年增長。

Looking at results compared to pre-COVID fourth quarter of 2019, revenues were up 12%. Income from operations increased 4% on a GAAP basis and 58% on a non-GAAP basis, which excludes impairments.

從結果來看，與新冠疫情爆發前的 2019 年第四季相比，營收成長了 12%。營運收入以 GAAP 基準計算成長 4%，以非 GAAP 計算成長 58%（不含減損）。

Now if you'll please turn to Page 6. Bombshells had a great quarter with revenues of $14.4 million, GAAP operating margin of 20.8% and income from operations of $3 million. Revenues were below the third quarter and the unusually strong year ago fourth quarter. But they were 11% of the first and second quarters of this fiscal year 2021, and 68% higher on 25% more units compared to pre-COVID fourth quarter of 2019.

現在，請翻到第 6 頁。營收低於第三季和去年同期異常強勁的第四季。但與新冠疫情爆發前的 2019 年第四季相比，2021 財年第一季和第二季的銷量成長了 11%，成長了 68%，數量增加了 25%。

Operating margin was lower sequentially. There was less in the way of operating leverage. During the fourth quarter, we experienced and were heavily impacted by food and labor inflation costs. We also had preopening expenses related to Bombshells in Arlington, which opened earlier this month.

營業利益率季減。經營槓桿較少。在第四季度，我們經歷了食品和勞動力通膨成本並受到其嚴重影響。我們還有本月初開幕的阿靈頓重磅炸彈相關的開幕前費用。

Please turn to Page 7. Still, fiscal year 2021 was a record year for Bombshells. I'd like to spend a moment reviewing our progress. Now over the last 5 years, we've grown from 5 to 10 locations. We've seen a 200% increase in revenues and an increase of 7 percentage points in GAAP operating margin. Our fiscal '21 average unit volume compares very nicely to some of the biggest and best brands in the business.

請翻至第 7 頁。我想花點時間回顧一下我們的進展。現在，在過去 5 年裡，我們的辦公室已從 5 個增加到 10 個。我們的營收成長了 200%，GAAP 營運利潤率成長了 7 個百分點。我們 21 財年的平均單位銷售量與業內一些最大和最好的品牌相比非常好。

We believe there are several factors that are driving the success: number one, our Bombshells team, led by restaurant pro, David Simmons. Number two, we believe that Bombshells is a great concept, and we've done a really fine job at refining it. And lastly, our site selection has resulted in better locations and higher average sales per location.

我們相信有幾個因素推動了成功：第一，我們的 Bombshel​​ls 團隊由餐廳專業人士 David Simmons 領導。第二，我們相信 Bombshel​​ls 是一個很棒的概念，並且我們在完善它方面做得非常出色。最後，我們的選址帶來了更好的地點和更高的每個地點的平均銷售。

Now please turn to Page 8 to a review and our fourth quarter consolidated statement of operations. Sales were higher, expenses were lower. There's a CFO analysis right there. Improvement in the margins of cost of goods sold, salaries and wages and SG&A were all attributable to higher Nightclub revenues during the quarter. In part, that's due to high-margin service revenues, growing from 23% of the total and a year ago quarter to 31% this year. Certain costs overall in general, such as insurance and legal, were significantly lower. As a result, GAAP operating margin was 6.6%, and non-GAAP operating margin was 28.4%. Our interest expense also declined as a percentage of revenue. I'll talk about more of this later when I get to the debt analysis slides.

現在請翻到第 8 頁，查看我們的第四季合併營運報表。銷售額更高，費用更低。那裡有一份財務長分析。銷售商品成本、工資和銷售管理費用的利潤率改善均歸因於本季夜總會收入的增加。部分原因在於高利潤的服務收入，從去年同期佔總收入的 23% 成長到今年的 31%。總體而言，某些成本（例如保險和法律費用）顯著降低。結果，GAAP 營業利潤率為 6.6%，非 GAAP 營業利潤率為 28.4%。我們的利息支出佔收入的百分比也有所下降。稍後當我談到債務分析幻燈片時，我將詳細討論這一點。

Now if you'll please turn to Page 9. As I also mentioned earlier, we ended the quarter with $35.7 million of cash on hand, while our total debt fell $2.4 million to a 2-year low of $125.2 million. The debt decline reflected scheduled paydowns and a $1.2 million paydown related to a sole property. Free cash flow was $8.5 million for the quarter and a record $36.1 million for the year.

現在請翻到第 9 頁。債務下降反映了預定的還款額和與唯一財產相關的 120 萬美元的還款額。該季度自由現金流為 850 萬美元，全年自由現金流為創紀錄的 3,610 萬美元。

As you know, we pay a lot of bills in the fourth quarter. This affects our net cash from operating activities and our free cash flow for the period. While many of our locations bounce back over the course of fiscal 2021, they were not open to their full capacity as they are now. Adjusted EBITDA for the quarter was $17.6 million and $60.2 million for the year.

如您所知，我們在第四季度支付了很多賬單。這影響了我們的經營活動淨現金和我們當期的自由現金流。儘管我們的許多地點在 2021 財年期間都出現了反彈，但它們並沒有像現在這樣滿載而開放。本季調整後 EBITDA 為 1,760 萬美元，全年調整後 EBITDA 為 6,020 萬美元。

Now back to the debt. The next 3 slides show our debt as a result of the September refinance and then the new debt that we took on related to our October and November acquisitions. Let's start with our 9/30/21 debt pie chart on Page 10. Real estate debt increased $18.6 million from June 30 to $102.3 million September 30. Then using the cash that we pulled out from our real estate, we paid down $7 million in higher-rate seller financing and $12.4 million in higher-rate unsecured interest debt.

現在回到債務。接下來的 3 張投影片顯示了我們 9 月再融資產生的債務，以及我們承擔的 10 月和 11 月收購相關的新債務。讓我們從第10 頁的21 年9 月30 日債務餅圖開始。的現金，我們償還了700 萬美元。

Please turn to Page 11 to review the 9/30 debt manageability. Our occupancy costs continue to trend in the right direction and are well below our target range of 8% to 12%. As a percentage of revenue, they were 6% in the fourth quarter compared to 11.8% in the year ago quarter and 7.6% in the fourth quarter of 2019. This was primarily due to higher sales in the current quarter and the decline in interest expense.

請翻至第 11 頁查看 9/30 債務管理能力。我們的入住成本繼續朝著正確的方向發展，遠低於我們 8% 至 12% 的目標範圍。佔收入的百分比，第四季為 6%，去年同期為 11.8%，2019 年第四季為 7.6%。

We've continued to reduce our weighted average interest rate. Over the last 5 years, it has come down from 7.23% in the fourth quarter of fiscal 2016 to 5.64% in the fourth quarter of this fiscal year. Our 9/30 weighted average interest rate was 104 basis points lower than the 6/30, primarily due to refinancing and paying down the higher-rate interest debt.

我們繼續降低加權平均利率。過去5年，從2016財年第四季的7.23%下降至本財年第四季的5.64%。我們的 9/30 加權平均利率比 6/30 低 104 個基點，主要是由於再融資和償還利率較高的債務。

As we've discussed, our periodic refinancings, like the one we just did in September, enables us to convert higher-rate seller financing and other unsecured financing used in the club acquisitions into lower-rate commercial real estate bank debt. Our periodic refinancing also enables us to smooth out our debt maturity schedule. In this case, the September refi enabled us to eliminate $4 million in balloon payments due in fiscal year 2022. Refi also enabled us to reduce principal amortization by more than $2 million annually.

正如我們所討論的，我們的定期再融資（就像我們剛剛在9 月份所做的那樣）使我們能夠將俱樂部收購中使用的較高利率的賣方融資和其他無擔保融資轉換為較低利率的商業房地產銀行債務。我們的定期再融資也使我們能夠平滑債務到期時間表。在這種情況下，9 月的再融資使我們能夠消除 2022 財年到期的 400 萬美元的大額付款。

Now if you'll please turn to Page 12 to look at our 11/30 debt pie chart. Now going into October and November, we're able to take on $39.2 million of new debt. This was in the form of seller financing and unsecured debt that was used to make our recent acquisition of our clubs and real estate.

現在請翻到第 12 頁查看我們的 11/30 債務餅圖。現在進入 10 月和 11 月，我們能夠承擔 3,920 萬美元的新債務。這是以賣方融資和無擔保債務的形式，用於我們最近收購我們的俱樂部和房地產。

I'd also like to note on this slide that we have reached the end of our SBA loan through forgiveness and have a small amount of repayment left. We are also nearing the end of the Texas Comptroller Settlement. Now let me turn over -- the call back over to Eric, and thank you.

我還想在這張投影片上指出，我們已經透過寬恕結束了 SBA 貸款，還剩下少量還款。我們也即將結束德州審計長和解協議。現在讓我把電話轉回給艾瑞克，謝謝你。

Thanks, Bradley. If you'll turn to Slide 13. We've continued to talk with new investors, so I'd like to review our capital allocation strategy. Our goal is to drive shareholder value by increasing free cash flow per share 10% to 15% on a compound annual basis. Our strategy is similar to those outlined in the book, The Outsiders by William Thorndike. He studied companies that focused on generating cash per share and allocating that cash effectively to generate more cash.

謝謝，布拉德利。請參閱投影片 13。我們的目標是透過將每股自由現金流按複合年增長率增加 10% 至 15% 來推動股東價值。我們的策略與威廉桑代克的《局外人》一書中概述的策略類似。他研究了專注於產生每股現金並有效分配現金以產生更多現金的公司。

We have been applying these strategies since fiscal 2016 with 3 different actions, subject, of course, to whether there's other strategic rationale to do otherwise. One is mergers and acquisitions, specifically buying the right clubs in the right markets. We like to buy good, solid, cash-flowing clubs at 3 to 5x adjusted EBITDA, use some seller financing and acquire the real estate at market value.

自 2016 財年以來，我們一直在透過 3 種不同的行動來應用這些策略，當然，這取決於是否有其他策略理由需要採取其他行動。一是併購，特別是在合適的市場購買合適的俱樂部。我們喜歡以 3 到 5 倍調整後 EBITDA 的價格購買優質、穩定、現金流充足的俱樂部，使用一些賣方融資並以市場價值收購房地產。

Another strategy is using cash to grow organically, specifically expanding Bombshells to develop critical mass, market awareness and sell franchises. Our goal in both M&A and organic growth is to generate annual cash-on-cash returns of at least 25% to 33%.

另一種策略是利用現金實現有機成長，特別是擴大重磅炸彈的規模，以發展臨界品質、市場知名度和銷售特許經營權。我們的併購和有機成長目標是實現至少 25% 至 33% 的年度現金回報率。

The third action is buying back shares when the yield on our free cash flow per share is more than 10%. Currently, we believe the yield is within our buy range. However, we are seeing some great opportunities to expand Bombshells as well as additional club purchases with opportunities to earn cash-on-cash returns of 25% to 50%.

第三個行動是當每股自由現金流收益率超過10%時回購股票。目前，我們認為收益率在我們的買入範圍內。然而，我們看到了一些擴大重磅炸彈以及額外購買俱樂部的絕佳機會，有機會獲得 25% 至 50% 的現金回報。

We have been letting our cash build. Once cash gets to a point beyond what we feel we can deploy quickly at these great returns, our plan is to use excess cash to buy stock in the open market if the stock price continues to stay in the current range of $60 to $65 per share. And we would be more aggressive the better the yield becomes, under $60 per share.

我們一直在累積現金。一旦現金達到超出我們認為可以快速部署的高回報水平，如果股價繼續保持在目前每股 60 至 65 美元的範圍內，我們的計劃是使用多餘的現金在公開市場上購買股票。收益率越高，我們就會越積極，每股收益低於 60 美元。

For our growth initiatives, please turn to Page 14. Here is an update on our current growth initiatives. We have a lot going on. We are making important progress with the 11 clubs that we acquired in October. This is a COVID-rebuilding effort similar to what we did with our own clubs in fiscal '20 in the first half of fiscal '21. The new clubs are back up to about 80% of their pre-COVID run rate. We are continuing to staff them with the right people. As this happens, we expect to make continued progress toward the next -- over the next 2 quarters.

有關我們的成長計劃，請參閱第 14 頁。我們有很多事情要做。我們在 10 月收購的 11 傢俱樂部方面正在取得重要進展。這是一項新冠疫情重建工作，類似於我們在 20 財年和 21 財年上半年對自己的俱樂部所做的努力。新俱樂部的運作率已恢復到新冠疫情前的 80% 左右。我們將繼續為他們配備合適的人員。當這種情況發生時，我們預計將在接下來的兩個季度內繼續取得進展。

Our other acquisition, The Mansion, is doing well, and our new Bombshells in Arlington is off to a terrific start with a record single-week sales for Bombshells. Our first franchise location in San Antonio should open in the March quarter, which is our second fiscal quarter. Also during that quarter, we expect to reopen our remodeled club in Louisiana and the club we are reformatting and rebranding in San Antonio. We are in the process of obtaining our credit card processor or admireme.com. The site is also scheduled for beta testing in the second quarter.

我們收購的另一家 The Mansion 表現良好，而我們在阿靈頓的新 Bombshel​​ls 也取得了良好的開局，Bombshel​​ls 的單週銷量創下了紀錄。我們在聖安東尼奧的第一家特許經營店應該在三月季度開業，這是我們的第二個財政季度。同樣在該季度，我們預計將重新開放位於路易斯安那州的改建後的俱樂部以及我們正在聖安東尼奧重新格式化和重塑品牌的俱樂部。我們正在獲取我們的信用卡處理器或 admirme.com。該網站還計劃在第二季進行 beta 測試。

We have 2 access properties under contract for sale. And as we announced last week, we are under contract for purchasing land for 2 new Bombshells in Dallas. This would give us 4 locations in that market. We are also under contract for purchasing land in Stafford, Texas, which would give us 9 Bombshells in the Houston market. As always, we continue to talk to owners about acquiring their clubs, and we continue to look for new Bombshells locations and franchisees.

我們有 2 處房產已簽訂銷售合約。正如我們上周宣布的那樣，我們簽訂了在達拉斯購買兩座新重磅炸彈土地的合約。這將為我們在該市場提供 4 個地點。我們還簽訂了在德克薩斯州斯塔福德購買土地的合同，這將為我們在休斯頓市場帶來 9 個重磅炸彈。一如既往，我們繼續與業主討論收購他們的俱樂部，並繼續尋找新的 Bombshel​​ls 地點和特許經營商。

Sales for our first quarter are doing well. With our acquisitions, we should have another great quarter. As always, a big thanks goes out to our teams, nightclubs, Bombshells and corporate for all your hard work and dedication. Thank you all, and Merry Christmas. With that, let's open the lines for questions, operator.

我們第一季的銷售表現良好。透過我們的收購，我們應該會迎來另一個偉大的季度。一如既往，非常感謝我們的團隊、夜總會、Bombshel​​ls 和企業的辛勤工作和奉獻精神。謝謝大家，聖誕快樂。話務員，讓我們開始提問吧。

(Operator Instructions) And the first question is coming from Anthony Lebiedzinski from Sidoti & Company.

（操作員說明）第一個問題來自 Sidoti & Company 的 Anthony Lebiedzinski。

Certainly a terrific quarter and a terrific year as well. So just looking at the segment margins, obviously, very strong performance for both the quarter and the year. So as we think about the rise in food costs and labor costs, how should we think about segment operating margins going forward?

當然，這是一個很棒的季度，也是一個很棒的一年。因此，只要看看分部利潤率，顯然，本季和全年的表現都非常強勁。因此，當我們考慮食品成本和勞動成本的上漲時，我們應該如何考慮未來的部門營運利潤率？

I mean I think we've been able to pass most of those costs on. Obviously, if the costs continue to rise, and we're unable to pass those on, those margins could get squeezed a little bit. We had some considerable preopening costs, obviously, for the Bombshells as we will again this quarter. But the Arlington store will also have about just under 4 weeks of revenue as well. So that will help offset some of that. And so I think the Bombshells margins will probably stay within our range of 18% to 22%, which has been our target.

我的意思是，我認為我們已經能夠轉嫁大部分成本。顯然，如果成本繼續上升，而我們無法轉嫁這些成本，那麼這些利潤可能會受到一點擠壓。顯然，我們為《重磅炸彈》付出了相當大的開幕前成本，本季我們將再次這樣做。但阿靈頓商店也將有大約不到 4 週的收入。因此，這將有助於抵消其中的一些影響。因此，我認為 Bombshel​​ls 的利潤率可能會保持在 18% 至 22% 的範圍內，這也是我們的目標。

As far as the Nightclubs go, for the quarter, I think we're seeing increase -- we continue to see increase in our service revenues in our Northern markets as people come back out. We will have to see, obviously, how this new variant affects that, if it does or not.

就本季夜總會而言，我認為我們看到了成長——隨著人們的回歸，我們在北方市場的服務收入繼續增長。顯然，我們必須看看這個新變體如何影響它，無論它是否有效。

The new mask mandates in New York could become a factor as well. We're going to be watching that. They just started Monday, so there's no real -- no way to judge anything at this point on that. But other than that, everything else, I think we're very strong in our other markets. And I think with -- the club margins will hold or expand from where they're currently at.

紐約新的口罩強制令也可能成為一個因素。我們將會關注這一點。他們週一才開始，所以目前還沒有真正的方法來判斷這一點。但除此之外，我認為我們在其他市場上非常強大。我認為，俱樂部的利潤率將保持不變，或比目前的水準有所擴大。

Got it. Okay. And then as far as just a follow-up on that. As far as the preopening costs, do you have those numbers, what that was for the quarter? And what should we expect for the first fiscal quarter for preopening?

知道了。好的。然後就只是後續行動。至於開業前的成本，您有這些數字嗎？我們對預開放的第一財季有何預期？

No, we don't really have it broken down because basically, we train at our existing locations. So what I can tell you is our labor costs are up in the quarter, but a lot of that labor cost is training. It's not necessarily cost inflation. Some of it is cost inflation, but the cost inflation, like I said, we've been able to pass most of that on in pricing increases. And so I'm not too worried about margins being hit by that at this point.

不，我們並沒有真正對其進行分解，因為基本上，我們在現有的地點進行訓練。所以我可以告訴你的是，我們的勞動成本在本季有所上升，但其中很大一部分勞動成本用於培訓。這不一定是成本通膨。其中一些是成本通膨，但正如我所說，成本通膨我們已經能夠透過價格上漲來轉嫁大部分成本。因此，目前我不太擔心利潤率會受到影響。

And you'll see some of our existing stores, I think their margins will return to more normal labor margins as we move forward as all the employees are now employed in the new store in Arlington. So all the training for -- that we've been doing for the last 6 months, is -- that's been basically spread around different stores in the company, will go away.

你會看到我們現有的一些商店，我認為隨著我們的前進，他們的利潤率將恢復到更正常的勞動力利潤率，因為所有員工現在都受僱於阿靈頓的新商店。因此，過去 6 個月我們一直在進行的所有培訓基本上分佈在公司的不同商店，都將消失。

Understood. And then you mentioned that the Q1 to date, the trends are pretty good. So is that just mostly traffic-driven? Or are you seeing also increases in average ticket as well?

明白了。然後你提到，到目前為止，第一季的趨勢非常好。那麼這主要是流量驅動的嗎？或者您也看到平均票價也有所增加？

We're seeing some more -- we're seeing higher VIP spend, which is why I said I think we'll continue to see the service revenues as a percentage continue to grow a little bit. But -- I mean right now, we're just -- it's very solid.

我們看到更多——我們看到更高的 VIP 支出，這就是為什麼我說我認為我們將繼續看到服務收入百分比繼續略有增長。但是 - 我的意思是現在，我們只是 - 它非常堅固。

I don't -- what I don't really have is -- we have 12 new locations, and I don't really have the full breakdown on those locations at this time. I've been watching the numbers on a much more macro level. But as we get to the end of this quarter and in the next Q, we'll have a better idea of more of the micro on those locations.

我不知道——我真正不知道的是——我們有 12 個新地點，而且目前我還沒有這些地點的完整詳細資訊。我一直在更宏觀的層面上關注這些數字。但當我們到本季末和下一個季度時，我們將對這些位置的更多微觀有更好的了解。

But those locations are, like I said, more of a COVID rebuild set right now. Some of the locations just barely opened in October to, be fully opened. They've all had restricted hours. The previous owners didn't necessarily open for all their normal business hours, so they had limited hours. So we're in the process of basically expanding those business hours, getting everything back open full-time, staffing the locations better. And I believe that we'll be on a -- I think we'll be back to 100% 2019 run rate probably by March, in a worst-case scenario, May. And then we'll start seeing what kind of growth we can get out of those locations.

但正如我所說，這些地點現在更像是新冠疫情重建的地點。有些地點在 10 月才剛開業，即將全面開業。他們的工作時間都有限制。以前的業主不一定在所有正常營業時間都營業，因此他們的營業時間有限。因此，我們基本上正在擴大營業時間，讓一切恢復全職開放，並更好地配備工作人員。我相信我們可能會在 3 月（最壞的情況是 5 月）恢復到 2019 年 100% 的運行率。然後我們將開始看看我們可以從這些地點獲得什麼樣的成長。

Okay. The next question is coming from Adam Wyden from AW Capital (sic) [ADW Capital].

好的。下一個問題來自 AW Capital（原文如此）[ADW Capital] 的 Adam Wyden。

Eric, can you hear me all right?

艾瑞克，你聽得到我說話嗎？

Yes.

是的。

Perfect. I just wanted to do a little bridging math. Anthony, I think, alluded to this. But the fourth fiscal quarter is a seasonally slower quarter, and it was burdened by some preopening costs or whatnot. But I mean if I just take that quarter and I annualize it, I get to about $70 million of EBITDA, and perhaps the run rate is maybe $75 million or $80 million when adjusted for seasonality. When I add Lowrie, which was doing $14 million or $15 million kind of before you got them up and running, I'm seeing a business that's doing nearly $100 million of EBITDA, and that's kind of before the new Bombshells locations.

完美的。我只是想做一些過渡數學。我想安東尼也提到過這一點。但第四財季是一個季節性放緩的季度，並且受到一些開業前成本或其他因素的影響。但我的意思是，如果我只考慮那個季度並將其年化，我會得到大約 7000 萬美元的 EBITDA，而根據季節性調整後，運行率可能是 7500 萬美元或 8000 萬美元。當我加上Lowrie 時，在你開始營運之前，它的營業額為1,400 萬美元或1,500 萬美元，我看到一家公司的EBITDA 接近1 億美元，而且這還是在新的Bombshel​​ls 地點之前。

I mean look, I don't want to sound like a broken record, although I often do. With a market cap of $564 million and -- or maybe it's a little bit more with -- another $564 million and $100 million of EBITDA, I mean, you're trading cheaper than pretty much any restaurant or hospitality company out in the marketplace. I mean what are you guys doing to kind of narrow the gap on the cost of capital in terms of getting the market to see the value? I mean maybe buying back shares at these prices makes more sense than M&A. I mean obviously, at 3x EBITDA, maybe not. But I mean at 5.5x, whatever you want to call it, that's a pretty high bar.

我的意思是，聽著，我不想聽起來像一張破唱片，儘管我經常這樣做。我的意思是，您的市值為 5.64 億美元，或者可能更高一點，另外還有 5.64 億美元和 1 億美元的 EBITDA，您的交易價格比市場上幾乎任何一家餐廳或酒店公司都要便宜。我的意思是，你們正在做什麼來縮小資本成本差距，讓市場看到價值？我的意思是，也許以這些價格回購股票比併購更有意義。我的意思顯然是，以 3 倍 EBITDA 計算，也許不是。但我的意思是 5.5 倍，無論你怎麼稱呼它，這都是一個相當高的標準。

Yes, I agree. And that's why I said I think we're well within our buying range right now. We're looking at all the opportunities we have. But you asked what are the things we're doing. We are going to the Noble conference in April. We're doing IRC in January. We're doing the Sidoti conference also in January. I'm looking at a possible conference maybe in March. So we're going to get out. We're going to keep telling the story.

是的我同意。這就是為什麼我說我認為我們現在完全在我們的購買範圍之內。我們正在尋找我們擁有的所有機會。但你問我們正在做的事情是什麼。我們將參加四月的諾貝爾會議。我們一月會做 IRC。我們還將在一月份召開 Sidoti 會議。我正在考慮可能在三月舉行的會議。所以我們要出去。我們將繼續講述這個故事。

But the main thing we're going to do is continue to focus on building the free cash flow, getting that $100 million in EBITDA, and then growing from there. I believe that we're a little off that run rate right now, but I think that by March, like I said, between March and May, that's going to be our go-forward run rate with the Lowrie clubs coming on up to speed and starting to see the effects of what we do when we take over these locations and grow them typically 15% to 20%. I think we'll see that growth come into play.

但我們要做的主要事情是繼續專注於建立自由現金流，獲得 1 億美元的 EBITDA，然後從那裡開始成長。我相信我們現在的運行速度有點偏離，但我認為到三月份，就像我說的，在三月到五月之間，這將是我們前進的運行速度，洛瑞俱樂部將加快步伐當我們接管當這些地點並將它們通常增長15% 至20% 時，我們開始看到我們所做的事情的效果。我認為我們會看到成長發揮作用。

The new Bombshells in Arlington had a record week. It's a fantastic location. We're working on the Rowlett property. I just talked -- we had a development meeting this afternoon before this call. Looks like everything is going good to hopefully close on that property at the end of January, early February. And we'll be getting that one started.

阿靈頓的新重磅炸彈本週創下了紀錄。這是一個很棒的位置。我們正在處理羅利特財產。我剛剛說過——今天下午在這次電話會議之前我們召開了一次開發會議。看起來一切進展順利，預計在一月底二月初關閉該房產。我們將開始這項工作。

We've got all the stuff in on the Grapevine location. It's about a 42-day deal. I think it started -- the 42 days started December 6 for that process. So hopefully, that process is going. We'll get started on construction on that one shortly thereafter. And we're in the early stages of the new location in Houston as well.

我們已經在格雷普韋恩地點準備好了所有的東西。這是一份為期 42 天的協議。我認為這個過程從 12 月 6 日開始，為期 42 天。所以希望這個過程正在進行中。此後不久我們將開始建造該項目。我們在休士頓的新地點也處於早期階段。

And I've also got multiple other properties that we've got LOIs out that we're working or we're negotiating on right now to continue to build the Bombshells. I want to get the 8 locations that we've discussed in the past and get those 8 locations under contract, and get them all under construction and get them going.

我還獲得了多個其他房產，我們已經提出了意向書，我們正在努力或正在就繼續建造「重磅炸彈」進行談判。我想要獲得我們過去討論過的 8 個地點，並讓這 8 個地點簽訂合同，讓它們全部投入建設並開始運營。

We're meeting with a couple of other franchisees, and we're talking with a couple that we've been talking with and moving those forward down the line a little bit.

我們正在與其他幾家特許經營商會面，並且正在與我們一直在交談的幾家特許經營商進行交談，並推動這些特許經營商的進一步發展。

And of course, our current franchisee is very excited to be hopefully opening in January, early February as well. They're trying to be open before Super Bowl. So I think that's achievable for them. We've -- they originally wanted to be open in December, but we've kind of told them, look, we watched these things be built a million times. We figured they'd make about mid-January, and that looks like where they're headed right now.

當然，我們目前的特許經營商非常高興能夠在一月和二月初開業。他們正試圖在超級碗比賽之前開放。所以我認為這對他們來說是可以實現的。我們——他們最初想在 12 月開放，但我們告訴他們，看，我們看著這些東西被建造了一百萬次。我們預計他們會在一月中旬左右完成，這看起來就是他們現在的方向。

So if they get it up, done by then, they should be able to open by February, which will give us our first franchisee. And I think once that franchisee starts putting their results out, I think people are going to see the value of franchising Bombshells and we're going to end up with even more franchisees, and we'll continue to grow the concept.

因此，如果他們能在那時完成，他們應該能夠在二月開業，這將為我們提供第一個特許經營商。我認為一旦特許經營商開始公佈他們的結果，我認為人們就會看到特許經營重磅炸彈的價值，我們最終將擁有更多的特許經營商，我們將繼續發展這個概念。

The franchise economics on Bombshells are great. Obviously, royalty revenue is 100% return on invested capital. But I mean, if you look at -- think in one of your decks before, you were showing the cash-on-cash returns on Bombshells. I mean on a levered basis, they're like 50% or 60%. So I mean it's kind of insane that we're still trading at 5.5x EBITDA when you got this segment with those return profile.

《重磅炸彈》的特許經營經濟效益非常好。顯然，特許權使用費收入是100%的投資資本報酬率。但我的意思是，如果你看一下 - 想想你之前的一套牌，你展示了重磅炸彈的現金回報率。我的意思是，在槓桿基礎上，他們大約是 50% 或 60%。所以我的意思是，當您獲得具有這些回報率的細分市場時，我們仍然以 5.5 倍 EBITDA 進行交易，這有點瘋狂。

And then you've got Chipotle and all these things trading at 40x EBITDA and Wingstop at 100x EBITDA. I mean granted, Wingstop's franchised, but Chipotle is all company-owned with leases, right? And you've got an owned real estate base with arguably better cash-on-cash returns.

然後你就可以看到 Chipotle 和所有這些東西的 EBITDA 為 40 倍，而 Wingstop 的 EBITDA 為 100 倍。我的意思是，當然，Wingstop 是特許經營店，但 Chipotle 都是公司擁有並有租賃，對吧？而且你擁有一個自有房地產基地，可以說有更好的現金回報。

So look, obviously, you guys reported a great quarter. And look, it's -- with pre-COVID you were doing 50 EBITDA or whatever it was. Now you're exiting '21 with a double. No, it's super impressive. I mean look, I think any initiatives and efforts you can put on expanding your audience base and trying to get the appropriate cost of capital, I think, will be beneficial. Because, obviously, the company is executing, and we're not getting, I guess, the appreciation in the public market. I mean it's almost a...

所以看，顯然，你們報告了一個很棒的季度。你看，在新冠疫情之前，你的 EBITDA 是 50 美元或其他什麼。現在你將帶著雙打退出 21 年。不，這太令人印象深刻了。我的意思是，我認為你可以採取的任何舉措和努力來擴大你的受眾群體並試圖獲得適當的資本成本，我認為，這將是有益的。因為，顯然，該公司正在執行，而我想我們並沒有在公開市場上得到升值。我的意思是，這幾乎是一個...

I think we'll get there. I mean this is -- we've got to keep putting the information out there. The market is, overall, a little weaker right now. I think people are a little afraid of this new variant at first, but I think that fear is kind of going by as people aren't really getting that sick from it, it seems from the reports that I'm reading, and it hasn't slowed down business at all.

我想我們會到達那裡。我的意思是——我們必須繼續將資訊發佈出去。整體而言，目前市場略顯疲軟。我認為人們一開始對這種新變種有點害怕，但我認為恐懼會逐漸過去，因為從我正在閱讀的報告來看，人們並沒有真正患上這種病，而且它還沒有發生。慢業務速度。

We've had a great week last week. And I think as we continue this week, it's going to be a great week for us as well. We run our weeks from the 1 to the 7, the 8 through the 14, and 15 through the 21. And so I think that as we see these weeks coming in through December, we'll have a very strong December, which is going to lead us to a very strong quarter. And then going to January, February, March, I think it just keeps getting better. That's what we've been seeing. So I think we'll continue to see that.

上週我們度過了愉快的一週。我認為，隨著本週我們的繼續，這對我們來說也將是美好的一周。我們從1 日到7 日、8 日到14 日、15 日到21 日進行一周。將是一個非常強勁的12 月。然後到一月、二月、三月，我認為情況會不斷好轉。這就是我們所看到的。所以我想我們會繼續看到這一點。

Yes. Well, then maybe my $100 million of EBITDA is getting a little bit light, but so far, I can't...

是的。好吧，那麼也許我的 1 億美元 EBITDA 變得有點少了，但到目前為止，我還不能…

Well, that's what I'm working for, like make you be under me for a change.

嗯，這就是我工作的目的，例如讓你在我手下改變一下。

The next question is coming from Joe Gomes from Noble Capital Markets.

下一個問題來自 Noble Capital Markets 的 Joe Gomes。

This is Joshua Zoepfel filling in for Joe Gomes. My first question is just based on the acquisition pipeline you guys are going on. I know you guys are just finalizing those 11 clubs. But just how is it looking? And I noticed that there's like 4 new exposure markets that you guys are dealing with? Is it kind of like a trend you're seeing sort of a new strategy for those acquisitions?

我是約書亞‧佐普菲爾 (Joshua Zoepfel)，接替喬‧戈麥斯 (Joe Gomes)。我的第一個問題只是基於你們正在進行的收購管道。我知道你們剛剛敲定這 11 個俱樂部。但它看起來怎麼樣？我注意到你們正在處理大約 4 個新的風險市場？這是否有點像您所看到的一種趨勢，即這些收購的新策略？

Well, I think we've gotten more aggressive. In the past, we were paying 3x or less for most of our acquisitions. The current acquisition that we just did was a 5x EBITDA acquisition for some great locations, like you said, 4 new markets, and we dominate in those markets with those locations. And basically some of them, they are the only locations in those markets. So we're very excited about that.

嗯，我認為我們變得更加激進了。過去，我們為大多數收購支付了 3 倍或更少的費用。我們剛剛進行的當前收購是對一些優秀地點的 5 倍 EBITDA 收購，就像您所說的，4 個新市場，我們在這些市場中佔據主導地位。基本上，其中一些是這些市場中唯一的地點。所以我們對此感到非常興奮。

It's woken up some other owners that have some quality clubs that said, "I didn't know you pay me 5x. I thought you're only paying 3. I said, "well, we'll look at your stuff. If you -- there are certain clubs that in certain markets where I'm going to pay 3 to 4x. And then there's some, what I call supermarkets, that I would pay a higher multiple for and certain clubs.

這驚醒了其他一些擁有優質球桿的老闆，他們說：「我不知道你付給我5 倍的錢。我以為你只付了3 倍的錢。我說，」好吧，我們會看看你的東西。如果你——在某些市場上的某些俱樂部，我會支付 3 到 4 倍的費用。然後還有一些，我稱之為超市，我會為某些俱樂部支付更高的價格。

And so I'm getting calls from some of those owners now. We're starting to discuss where they fit in that 3 to 5x ratio and see if we can make them happy and get a deal done. There's a lot of clubs right now where people are considering just because of simply the large amount of cash that we have.

所以我現在接到了其中一些業主的電話。我們開始討論他們在 3 到 5 倍比率中的位置，看看我們是否能讓他們滿意並完成交易。現在有很多俱樂部，人們正在考慮加入，只是因為我們擁有大量現金。

If you look back 2019, coming up with $8 million or $10 million cash with a lot of cash down payment for us. On this deal, we put up $36 million in cash down. So we're able to do much larger deals and bigger cash, which is actually more attractive to these owners, obviously, than being paid back slowly over time. But I am talking to a few that are looking for 20-year annuities.

如果你回顧 2019 年，我們會拿出 800 萬美元或 1000 萬美元現金以及大量現金首付。在這筆交易中，我們支付了 3,600 萬美元的現金。因此，我們能夠進行更大的交易和更多的現金，顯然，這實際上對這些所有者更具吸引力，而不是隨著時間的推移緩慢償還。但我正在與一些尋求 20 年年金的人交談。

Look, I need the cash every month. I'm 68 years old, that I'll probably live another 20 years, and I just want you to pay a payment every month for the next 20 years. I want guaranteed money. So we've got some deals like that, that we're talking to some owners on right now. So there's a lot of exciting stuff out there, of course.

聽著，我每個月都需要現金。我已經68歲了，我可能還能再活20年，我只想讓你在接下來的20年裡每個月還一筆錢。我想要有保障的錢。所以我們有一些類似的交易，我們現在正在與一些業主進行討論。當然，還有很多令人興奮的事情。

I just kind of want to switch over to the Bombshells portion. I want to see how the franchising is going. I know you alluded to Arizona as a state you're looking at outside of Texas. Is there like maybe a possibility of other states that you're looking at?

我只是想切換到重磅炸彈部分。我想看看特許經營進展如何。我知道您提到亞利桑那州是德克薩斯州以外的一個州。您是否有可能考慮其他州？

I mean, for Arizona, we're looking at the Phoenix market for company-owned stores. For franchising, we've got about 3 other states that we're talking with groups right now. One is kind of in a -- they had a fight picked out. We thought we were going to get it done and then they ended up having a problem with the Department of Transportation getting a curb cut into the property.

我的意思是，對於亞利桑那州，我們正在尋找公司自營商店的菲尼克斯市場。對於特許經營，我們現在正在與另外 3 個州的團體進行談判。其中一個是——他們挑起了一場戰鬥。我們以為我們會完成它，然後他們最終遇到了交通部對房產進行限制的問題。

And without the curb cut, they have to put an extra road in. So the property -- there wasn't enough land there to make it work. They would have lost about 45 parking spots, which makes the site not usable. So they're now looking for another spot. So hopefully, they'll find one soon, and we can get them going.

如果沒有路緣石切割，他們就必須建造一條額外的道路。他們將失去大約 45 個停車位，導致該場地無法使用。所以他們現在正在尋找另一個地點。所以希望他們很快就能找到一個，我們就能讓他們繼續前進。

I guess that our current franchisees as talking about their second location already, they're excited to get it open and get started on their second location. And then we've got several others that we're kind of vetting right now and talking with and discussing the markets that they're interested in. The companies (technical difficulty) obviously are always still looking in Florida.

我想我們目前的特許經營商已經在談論他們的第二家分店了，他們很高興能夠開業並開始他們的第二家分店。然後我們還有其他幾家公司，我們現在正在審查，並與他們交談和討論他們感興趣的市場。

We'd love to be in the Miami area, but I think we're now open to looking -- we're going to look in Jacksonville. We're going to look in Orlando a little bit and then maybe even on the West Coast of Florida from, say, Tampa down to Naples and look in those areas as well for possible expansion of company-owned stores in those markets as well.

我們很想在邁阿密地區，但我認為我們現在願意尋找——我們將在傑克遜維爾尋找。我們將在奧蘭多進行一些考察，然後甚至可能在佛羅裡達州西海岸從坦帕到那不勒斯進行考察，並在這些地區尋找可能在這些市場擴張公司自營商店的可能性。

Great. And then one more question, if I may. I saw that in one of the slides that your Florida clubs are doing particularly well. Is there like any kind of reason for that, like increased traffic, just better cost initiatives going into those?

偉大的。如果可以的話，還有一個問題。我在一張幻燈片中看到你們佛羅裡達州的俱樂部做得特別好。是否有任何原因，例如流量增加，只是採取了更好的成本措施？

Well, I think all of our New York customers moved to Florida. I mean I just think the growth in, especially the Miami, Fort Lauderdale area alone is phenomenal. The state of Florida has been very business friendly. And I think that's helped with the recovery in that market tremendously. I'm not big on politics, but I do believe that it's definitely helping the clubs down there.

嗯，我想我們所有的紐約客戶都搬到佛羅裡達州了。我的意思是，我只是認為，尤其是邁阿密、勞德代爾堡地區的成長是驚人的。佛羅裡達州一直非常有利於商業發展。我認為這極大地促進了該市場的復甦。我不太熱衷於政治，但我確實相信這肯定對那裡的俱樂部有幫助。

I mean Tootsie's is doing record numbers week after week after week after week. And that's a site that was already doing, $26 million was our best year ever. This last year, we did almost $33 million, and our current run rate is probably $36 million plus at that location. So you're talking about a 50% increase post-COVID at Tootsie's.

我的意思是，Tootsie’s 一周又一周地創造了創紀錄的數字。這是一個已經在做的網站，2600 萬美元是我們有史以來最好的一年。去年，我們的營業額接近 3,300 萬美元，而我們目前在該地點的運作率可能超過 3,600 萬美元。所以你說的是新冠疫情過後，Tootsie's 的銷量增加了 50%。

Scarlett's is up 40%. So as always, I say, the numbers don't lie. I mean, the math is there, the numbers are great. And as our northern clubs are coming online now, we're starting to see an even bigger influx, and I think we're going to see as the new acquisitions, as we get past the COVID restraints, I can't kind of call them restraints, right?

史嘉莉的股價上漲了 40%。所以我一如既往地說，數字不會說謊。我的意思是，數學就在那裡，數字很大。隨著我們北方俱樂部現在上線，我們開始看到更大的湧入，我認為隨著我們克服新冠病毒的限制，我們將看到新的收購，我不能稱之為他們的束縛，對吧？

We have these restraints put on us. And when you first take off the restraints, you haven't used your muscle in a while, it's sort of little week. And so now we're building up. We're going to the gym every day and we're building up. And those locations, I believe, will be very, very strong as we move into March and definitely through May.

我們受到這些限制。當你第一次擺脫束縛時，你已經有一段時間沒有使用你的肌肉了，這有點像一周。現在我們正在建設。我們每天都會去健身房，我們正在鍛鍊身體。我相信，隨著我們進入三月，並且肯定會持續到五月，這些地點將會非常非常強勁。

Great. That would be all for me. But congrats on the quarter and the year.

偉大的。這對我來說就是全部了。但恭喜本季和本年度。

The next question is coming from Jason Scheurer from Orchard Wealth.

下一個問題來自 Orchard Wealth 的 Jason Scheurer。

Congratulations. Thought the fourth quarter was excellent, considering it was your slowest, makes some of your other quarters look pitiful. It's unbelievable how much business you guys are doing. A question for you about sales from the new locations. What do you think they're going to add in sales to the balance sheet, let's say, for the next 12 months?

恭喜。認為第四季度非常好，考慮到這是你們最慢的，這使得你們其他的一些季度看起來很可憐。令人難以置信的是你們做的生意有這麼多。問您一個有關新地點銷售的問題。您認為未來 12 個月他們將在資產負債表上增加多少銷售額？

Well, if you'd ask me 3 months ago, I would have thought we'd already be on a run rate of about $14 million to $15 million. We're running about 80% of that -- or I'm sorry, $40 million revenue, $40 million revenue -- $14 million or so in EBITDA. About $40 million revenue, we're at about 80% of that. So we're about 32% on a run rate. But that's only based -- I mean, we've only had them for what, 9 weeks now, 8 weeks now. So it's still a little early to tell.

好吧，如果你在 3 個月前問我，我會認為我們的運行費用已經約為 1,400 萬至 1,500 萬美元。我們經營其中約 80% 的收入——或者對不起，4000 萬美元的收入，4000 萬美元的收入——1400 萬美元左右的 EBITDA。收入約 4000 萬美元，我們佔其中的 80% 左右。所以我們的運行率約為 32%。但這只是基於——我的意思是，我們只使用了它們9週、8週。所以現在說還太早。

It's hard because we're just not getting open hours, but we're in markets where in some of their markets, the employment stuff has been very difficult. So we're having to bring people in or move people in and hire new people and train new people. So that's taking a little bit longer than it would if they'd already been open full hours and had full staffing or whatnot.

這很難，因為我們沒有開放時間，但我們所在的市場在某些市場中，就業一直非常困難。因此，我們必須引進人員或調動人員，僱用新人員並培訓新人員。因此，這比他們已經全天營業並且人員配備齊全或諸如此類的情況要花更長的時間。

So that's why it's adding about 3 months to it. I do believe that, like I said, we'll be on about a 20% -- 15% to 20% growth trajectory going into March or April over 2019. So they were doing $40 million in 2019, 15% we'd be at $46 million, 20% we'd be at $48 million. So I'm going to guess by the end of March, we're on a go-forward rate of about $46 million, $48 million in revenue.

這就是為什麼要增加大約 3 個月的時間。我確實相信，正如我所說，到2019 年3 月或4 月，我們將保持約20% - 15% 至20% 的成長軌跡。為15% 4600萬美元，20%我們會是4800萬美元。所以我猜到 3 月底，我們的預期收入將達到 4,600 萬美元，即 4,800 萬美元。

And I would say at least 60% of that extra $8 million, so extra $4.5 million goes to the bottom line. So we go from $14 million to $18 million, maybe. Maybe we round down a little bit, it goes $14 million to $17 million. So on an EBIT level, we're $48 million and $17 million on a run rate by the end of March. That's what I'm projecting it right now. And I don't see any issue with that.

我想說，額外 800 萬美元中至少有 60%，因此額外的 450 萬美元將用於盈利。所以我們可能會從 1400 萬美元增加到 1800 萬美元。也許我們四捨五入一下，那就是 1400 萬到 1700 萬美元。因此，就息稅前利潤而言，截至 3 月底，我們的運行率分別為 4,800 萬美元和 1,700 萬美元。這就是我現在所預測的。我認為這沒有任何問題。

I think we've gotten stronger. I've been talking with management. A couple of the clubs have turned the corner, they're running at close to 100% of their '19 or at their 100%. They got the full hours open again. I mean they close certain days, they close certain hours. We're just now ramping up to get those days reopened, to get those hours restaffed and reopened. So it will take a little bit of time, it's day by day.

我想我們已經變得更強了。我一直在和管理層談話。一些俱樂部已經度過了難關，他們正以接近 19 歲的 100% 或 100% 的狀態運作。他們又恢復了全時開放。我的意思是他們在某些日子、某些時間關閉。我們現在正在加緊努力，讓這些日子重新開放，讓這些時間重新安排人員並重新開放。所以這需要一點時間，一天一天。

On the -- earlier, you said your Bombshells operating margins 18% to 22% is like the range you're looking at. What do you see your range for operating margins for the clubs?

早些時候，您說過您的 Bombshel​​ls 營業利潤率為 18% 至 22%，就像您正在考慮的範圍一樣。您認為俱樂部的營業利潤範圍是多少？

Basically, we're been between 40% and 55%, really just depends on -- I mean sporting events affect us a lot. Certain locations affect us a lot, depending on what sporting events are in those towns, what the local teams do.

基本上，我們的比例在 40% 到 55% 之間，這實際上取決於——我的意思是體育賽事對我們影響很大。某些地點對我們影響很大，這取決於這些城鎮的體育賽事以及當地球隊的活動。

I mean if you take New York, I think if the Knicks were contenders and going to the NBA finals, I think our New York club's revenue during that 2-month period toward -- for the finals and the playoffs was probably around 25% higher than normal just because The Garden is right here beside us.

我的意思是，如果你以紐約為例，我認為如果尼克隊是競爭者並進入NBA 總決賽，我認為我們紐約俱樂部在這2 個月期間的總決賽和季後賽收入可能會高出25% 左右比平常更棒，因為花園就在我們旁邊。

And it would be the big executives going to the games, not the -- they're not giving the tickets out in the mail. So it just depends on who goes to the games, who comes to games. The Rangers got on a real hot streak, and all of a sudden, we were full of hockey customers after every game.

去觀看比賽的將是高階管理人員，而不是－他們不會透過郵寄方式發放門票。所以這取決於誰去看比賽，誰來觀看比賽。流浪者隊的狀態真的很火爆，突然之間，每場比賽結束後我們都擠滿了曲棍球顧客。

So it just varies from market to market, time to time. If all of our markets hit at one time, I mean, it's -- that's a big difference. So it's hard to judge with everything. But I think 40% on the low side, 50%, 55% on the high side.

因此，它只是隨市場、時間而改變。如果我們所有的市場同時受到衝擊，我的意思是，那就是一個很大的差異。所以很難對一切做出判斷。但我認為40%偏低，50%、55%偏高。

Okay. And then the question I have is with the only fans rollout that you guys are going to be doing, is this going to be something that like every one of the dancers is going to be encouraged to do this and you're going to give them like a free site or something along those lines? What's your plan with that?

好的。然後我的問題是你們要做的唯一的粉絲展示，這是否會是像每一位舞者都會被鼓勵這樣做而你會給他們的比如免費網站或類似的東西？你對此有何計劃？

We're definitely going to be encouraging promoting in our clubs to help them promote their business at our clubs and bring customers into the clubs to see them, and then, of course, communicate and build their online business with their customers. A lot of our -- especially, I think, it will be very popular with our business clubs where the business travelers come to our clubs.

我們肯定會鼓勵在我們的俱樂部進行促銷，幫助他們在我們的俱樂部宣傳他們的業務，並吸引客戶進入俱樂部看到他們，然後，當然，與他們的客戶溝通和建立他們的在線業務。我們的許多——尤其是我認為，它將非常受商務旅行者來到我們俱樂部的商務俱樂部的歡迎。

I think it will be very popular there because typically, guys are coming to town on business, come several times a year and the girls can create that relationship so that each time he comes to the town, he'll come to the club and visit as well. And when he's not coming into town, he can stay in touch online and be able to, what I call the fancy relationship, right?

我認為那裡會很受歡迎，因為通常情況下，男人會來鎮上出差，一年來幾次，女孩們可以建立這種關係，這樣每次他來鎮上時，他都會來俱樂部參觀以及。當他不進城時，他可以在網路上保持聯繫，並且能夠，我稱之為奇特的關係，對吧？

Yes. Sure. Again, I'm just -- I'm very happy with the numbers. Usually for your slow quarter, I was expecting lower numbers, but you guys exceeded those numbers. So congratulations.

是的。當然。再說一遍，我對這些數字非常滿意。通常，對於你們的淡季，我預計數字會較低，但你們超出了這些數字。所以恭喜你。

Yes, I mean we were -- it was -- we're like is this real, is this real, sometimes ourselves. So we understand.

是的，我的意思是我們——確實是——我們就像是這樣真實的，這是真實的，有時是我們自己。所以我們明白了。

(Operator Instructions) The next question is coming from Andrew Hollingworth from Holland Advisors.

（操作員說明）下一個問題來自 Holland Advisors 的 Andrew Hollingworth。

Again, like everyone else, fantastic reporting period. Just a couple of questions for me. I was going to ask you about the segmental margin in the (inaudible) done that.

再次，像其他人一樣，報告期非常精彩。只是問我幾個問題。我想問你關於（聽不清楚）所做的部分利潤。

Just to be clear on that, so obviously, what I was going to ask is really the structural lift we've seen in margin, how much of that is coming from sort of revenue in terms of the good trading you're getting and how much of that is coming from the sort of structural changes you've done in terms of the cost base over the last 2-year period?

只是為了澄清這一點，很明顯，我要問的是我們在保證金方面看到的結構性提升，其中有多少來自於您獲得的良好交易方面的收入以及如何其中大部分來自過去兩年期間您在成本基礎方面所做的結構性變化？

But you sort of answered that in the sense that what you're telling us is that the current level of run rate of the margin of the clubs you think is sort of low end of the range. So I'm just making sure that the 40% to 55% you just talked about is comparable to basically Slide 5. That's first question.

但你的回答是，你告訴我們的是，你認為球團目前的利潤率水準處於範圍的低端。所以我只是確保你剛才談到的 40% 到 55% 基本上與幻燈片 5 相當。

Yes. I mean I think some of the margin comes from -- we've upgraded our accounting systems over the last 5 years. We've streamlined stuff. Then with COVID, we've made huge -- we went from tons of revenue to 0 in basically 1 day or about 3 days. And so we made some pretty big cuts in what I call the fat in the company.

是的。我的意思是，我認為部分利潤來自——我們在過去五年升級了我們的會計系統。我們簡化了事情。然後，在新冠疫情期間，我們賺得盆滿缽滿——基本上在 1 天或大約 3 天的時間裡，我們的收入從數噸變成了 0。因此，我們對公司的「脂肪」進行了相當大的削減。

Now as you grow over 20, 30 years, you have some fat. Now we started cutting a lot of that fat in 2016 when we adopted the application strategy, and we thought we've gotten rid of a lot by '18 -- as we move into '18 and '19. But put your revenue at 0 and you realize you still got some fat in there.

現在，當你長到20、30歲的時候，你就會有一些脂肪。現在，我們在 2016 年採用應用策略時開始削減大量脂肪，我們認為到 18 年我們已經擺脫了很多脂肪——隨著我們進入 18 年和 19 年。但如果你的收入為 0，你就會意識到你仍然有一些脂肪。

So I think we were able to cut some more of that, and we've been very conscious about not adding it back, keeping our costs tight, keeping our controls tight and just running a tight ship and staying very focused on the margins. So some of it is from that, some is from customers.

因此，我認為我們能夠削減更多的資金，並且我們一直非常有意識地不將其增加回來，保持我們的成本緊張，保持我們的控制嚴格，只是嚴格管理並保持非常關注利潤。所以有些是來自那裡，有些是來自客戶。

But our VIP spend is not that high right now in certain markets, but we're seeing it come back. As those big customers come back, then the margin is going to be -- that's why when you say -- I say 40% to 55%, that's a huge -- 15% is a huge margin difference, but it all depends on that VIP spend. If that big VIP spend comes back in full force, that's where we'll be.

但我們的 VIP 支出目前在某些市場並不高，但我們看到它正在回升。隨著那些大客戶回來，那麼利潤將會是——這就是為什麼當你說——我說40%到55%，這是一個巨大的——15%是一個巨大的利潤差異，但這一切都取決於這個貴賓消費。如果巨額 VIP 支出全面回歸，我們就會這麼做。

Okay. I think it's very difficult just to talk about...

好的。我覺得光是談論就很難了...

I'm sorry, you're cutting out a little bit now. I'm sorry.

抱歉，你現在有點少了。對不起。

Okay. Just a second. In previous periods of time, you talked about sort of 6 to 8 quarters of having sort of good trading and then it can slow down for a while. So in terms of that margin range, you had a wonderful period of trading for 6 to 8 quarters, then it ended up in that range and sort of a slower period.

好的。等一下。在之前的一段時間裡，您談到了大約 6 到 8 個季度的良好交易，然後可能會放緩一段時間。因此，就保證金範圍而言，您經歷了 6 到 8 個季度的美好交易期，然後最終進入了該範圍，並且是一段較慢的時期。

Do you think now a slower period is probably 40%, not to say in this quarter or next quarter or but years from now, that's what you're telling us is that the bottom end of the range could be 40% whereas the bottom end of the range used to be obviously much lower than that?

您是否認為現在較慢的時期可能是 40%，不是說本季度或下季度，還是幾年後，您告訴我們的是，該範圍的底端可能是 40%，而底端以前的範圍明顯比這個低很多？

Yes. I mean I still think that we've gotten rid of -- when you look back long term, especially if you go back pre-'16, we had a lot of what I call anchors. And those were legacy clubs that we'd own for years and years or property that we own, that we had a carrying cost on it. And we had clubs that weren't really making any money, but we were so concerned with top line revenue that we didn't worry.

是的。我的意思是，我仍然認為我們已經擺脫了——當你長期回顧時，特別是如果你回顧 16 年之前，我們有很多我稱之為錨的東西。這些是我們擁有多年的傳統俱樂部或我們擁有的財產，我們有其持有成本。我們的俱樂部並沒有真正賺到錢，但我們非常關心營收，所以並不擔心。

We didn't pay as much attention to return on investment as we started doing in 2016, and we eliminated those clubs in '16, '17. And so that's why you see those lower margins is when times were low and we went to a 40% margin, we had a 6% drag from the clubs that were losing one.

我們沒有像 2016 年開始那樣重視投資回報，我們在 16、17 年淘汰了這些俱樂部。這就是為什麼你會看到利潤率較低的原因是在經濟低迷的時候，我們的利潤率達到了 40%，而那些失去俱樂部的俱樂部給我們帶來了 6% 的拖累。

And so the margin dropped to 34%. Well, that 6% drag is gone, and it's not coming back. If we have locations that are underperforming now, we will sell those locations, we will move those locations, do what we have to do and then reallocate that capital into a much higher margin location or asset.

因此利潤率下降至 34%。好吧，那 6% 的阻力已經消失了，而且不會再回來了。如果我們現在有表現不佳的地點，我們將出售這些地點，我們將移動這些地點，做我們必須做的事情，然後將資本重新分配到利潤率更高的地點或資產。

Okay. That's really clear. That's really helpful. Can I just ask one more? I think in terms of the presentations you've given on past calls and, obviously, with a bit of help from Adam as well, the outlook for the business is obviously impressive and appealing and it's really well laid out in terms of your capital allocation. So I congratulate you for that.

好的。這真的很清楚。這真的很有幫助。我可以再問一個嗎？我認為，根據您在過去的電話會議中所做的演示，顯然，在Adam 的幫助下，業務前景顯然令人印象深刻且有吸引力，而且在您的資本配置方面也確實得到了很好的佈局。所以我對此表示祝賀。

I'm a shareholder of the business in the fund that I run. And the only question that really comes to mind for me when I look at this company is what goes wrong. And so I just -- it would be lovely to hear you just talk about that a little bit and particularly in what's happened in the sort of Visa and Mastercard situation in the last sort of 6 months or so. And the world sort of like some businesses and doesn't like others, and you have to face the situation where the governments seems to be against certain companies. Just talk to us about if society or politicians...

我是我所經營的基金公司的股東。當我看到這家公司時，我真正想到的唯一問題是哪裡出了問題。因此，我很高興聽到您談論這一點，特別是在過去 6 個月左右的時間裡，Visa 和萬事達卡的情況發生了什麼。這個世界有點喜歡某些企業，但不喜歡其他企業，你必須面對政府似乎反對某些公司的情況。只要和我們談談社會或政客...

Well, the beauty of the government...

嗯，政府的美麗...

What can you do to appease that?

你能做些什麼來安撫這種情緒呢？

Yes. Well, the beauty is government changes every over 2, 4 or 6 years, right? So that's a constant moving target. And there's not really much we can do except to maneuver through it, and then we use the courts for when we can't, we tie it up until we get another administration that deals with us or a new city council that deals with us and we work it out. And then we have these settlements and then we move forward.

是的。嗯，美妙之處在於政府每 2、4 或 6 年就會更換一次，對嗎？所以這是一個不斷移動的目標。除了設法解決它之外，我們實際上無能為力，然後我們在無法解決的情況下使用法院，我們將其捆綁起來，直到我們找到另一個與我們打交道的政府或與我們打交道的新市議會我們解決這個問題。然後我們有了這些解決方案，然後我們繼續前進。

A lot of the litigation is pretty settled, I think. I think there's a few cities and towns here and there that don't understand that there are protections and they still try to squeeze us every now and then and we have to go to battle with them like we had to do in San Antonio. But we've come to a nice compromise in San Antonio.

我認為很多訴訟都已經解決了。我認為這裡那裡有一些城鎮不明白有保護措施，他們仍然不時地試圖擠壓我們，我們必須像在聖安東尼奧那樣與他們戰鬥。但我們在聖安東尼奧達成了很好的妥協。

We're going to get -- stores are going to be reopened soon.

我們將會得到——商店很快就會重新開業。

We passed the inspections today with the inspections were earlier this morning, we passed the inspections. So that's moving forward. And so I mean, it's just I call it, it's white noise, right? It's always white noise. There's always some white noise out there. We always have some legal going on here, some battle going on there.

我們今天通過了檢查，今天早上早些時候的檢查，我們通過了檢查。所以這正在向前推進。所以我的意思是，我只是這麼稱呼它，它是白噪聲，對吧？總是白噪音。外面總是有一些白噪音。我們總是在這裡發生一些法律事件，在那裡發生一些戰鬥。

You have to deal with slip and fall. It's like Walmart. At some point, you just get so big, you have a legal department. And that's where we've gotten to. Every now and then, we lose one. And most of the times, we win because if we're wrong, we try to do it right. And we've made some legal settlement payments. You've seen the payments, we disclose them.

你必須應付滑倒和跌倒的問題。就像沃爾瑪一樣。到了某個時候，你就會變得如此龐大，擁有一個法律部門。這就是我們已經到達的地方。時不時地，我們會失去一個。大多數時候，我們之所以能獲勝，是因為如果我們錯了，我們會盡力改正。我們已經支付了一些合法的和解金。您已經看到了付款，我們會透露它們。

And so sometimes we make some payments. And a lot of times, we win. Of course, you don't hear about the times we win because we're not going to go out and put that in our 10-Qs and 10-Ks and brag about winning, it's just not our way. But we fight the battles that we have to fight and we pick our battles where we think we can win.

所以有時我們會支付一些費用。很多時候，我們贏了。當然，你不會聽到我們獲勝的次數，因為我們不會出去將其放入我們的 10-Q 和 10-K 中並吹噓獲勝，這不是我們的方式。但我們會打我們必須打的仗，我們會選擇我們認為能夠贏的仗。

If we can get out cheaper, we try to get out. But we don't -- we don't throw our money away on frivolous lawsuits. We will spend money on our attorneys rather than pay frivolous lawsuits, so our legal stays a little higher. But we have a great insurance.

如果我們能以更便宜的價格退出，我們就會嘗試退出。但我們不會——我們不會把錢浪費在無聊的訴訟上。我們會花錢聘請律師，而不是支付無聊的訴訟費用，因此我們的法律水平會更高一些。但我們有很好的保險。

We have a great reputation with our insurance company right now. We hope to continue that relationship and keep that going, keeping our costs in line for insurance. And that's really the only -- I think the only real negatives out there are the occasional deals.

我們現在在保險公司中享有很高的聲譽。我們希望繼續維持這種關係，並維持這種關係，使我們的保險成本保持一致。這確實是唯一的——我認為唯一真正的負面因素是偶爾的交易。

Now obviously, you had the downturn in 2008, 2009, we survived that. We survived the pandemic, we've survived being closed down. I think we've, as a company, proven throughout the years that they keep throwing -- they throw something at us every now and then, and we figure our way through it and come back even stronger each time after everything that was thrown at us this year, and hopefully, we'll continue that trend.

顯然，2008 年、2009 年經濟低迷時期，我們撐過來了。我們熬過了大流行，我們撐過了封鎖。我認為，作為一家公司，我們多年來已經證明，他們不斷地向我們扔東西——他們時不時地向我們扔一些東西，我們找到了解決辦法，並在每次扔給我們的東西之後變得更加強大。

I suppose all I'm really trying to do is sort of -- I think if you're half as successful as you look like you're going to be in terms of rolling up the industry at Miami and all the rest of it, you're going to become a much bigger company, hopefully. And you're slightly there to be stepped up from the sort of (inaudible). And so I'm just wondering from a reputational...

我想我真正想做的就是——我想如果你能像你看起來的那樣成功一半，那麼在邁阿密和其他所有行業的發展方面，希望你會成為一家更大的公司。而且你稍微從那種（聽不清楚）中邁出了一步。所以我只是想知道一個聲譽...

When you figure statistically, it's the compounded growth, it's going to grow pretty quick. Because we've gotten to that critical mass. That's what you needed to do.

從統計數據來看，這是複合成長，它會成長得相當快。因為我們已經達到臨界質量了。這就是你需要做的。

My question is just more a question of what happened to Visa and Mastercard. More than about lawsuits, it was just about somebody made it stink and then ultimately, they were forced to react. And I'm just sort of trying to put myself in a position of years to come and is the business more sort of more in the public perception and therefore, is there issues that work is right? So I just want to know how you think about that as an organization in terms of what could go wrong with it?

我的問題更多的是關於 Visa 和 Mastercard 發生了什麼問題。不僅僅是訴訟，這只是有人讓它變得很臭，然後最終，他們被迫做出反應。我只是想把自己放在未來幾年的位置上，這個行業是否更能受到公眾的認可，因此，是否存在工作正確的問題？所以我只是想知道作為一個組織，您如何看待可能會出現什麼問題？

Yes. I mean, we -- obviously, we care about our reputation and we work through it. You can't keep all the people happy all the time. We've learned that. But I think as we expand more, especially in the Bombshells and more mainstream, the days -- the strip clubs just aren't popular to really pick on anymore. There's very few of them.

是的。我的意思是，我們——顯然，我們關心我們的聲譽，並努力解決它。你不可能一直讓所有人都高興。我們已經了解這一點。但我認為，隨著我們的擴張，尤其是在重磅炸彈和更主流的領域，脫衣舞俱樂部不再受歡迎。他們的數量很少。

It's not like in the 1980s and '90s when clubs had -- 300 clubs in the City of Dallas or Fort Worth, and they were all biker bars, and they're all low end. I mean, these are multimillion-dollar businesses nowadays. A lot of the smaller clubs have disappeared from the marketplace.

這不像 20 世紀 80 年代和 90 年代那樣，當時達拉斯市或沃斯堡有 300 個俱樂部，而且都是摩托酒吧，而且都是低端的。我的意思是，如今這些都是價值數百萬美元的業務。許多較小的俱樂部已經從市場上消失了。

You have a resurgence in certain markets with what I call rogue operators. They're operating without SOBs. They're operating as bikini bars and kind of skirting the rules on that. They last for a little while, but they don't tend to do things the right way. So either the tax people get them or somebody -- eventually, they go away and then we continue to do our thing.

我稱之為流氓經營者的行為在某些市場上捲土重來。他們在沒有 SOB 的情況下運作。他們以比基尼酒吧的形式經營，有點規避規則。它們會持續一段時間，但往往不會以正確的方式做事。因此，要么是稅務人員得到了它們，要么是其他人——最終，它們消失了，然後我們繼續做我們的事情。

The key, I think, is just operating -- being a good neighbor and just operating the best we can do. We try to avoid negative headlines. Obviously, it's impossible for any business to avoid all negative headlines because there's always haters out there. But we do our best to do the best we can and present our side of how we do things and why we do things. And I think as long as we continue to do that, we'll continue to be successful.

我認為，關鍵在於營運——做一個好鄰居，並盡我們所能地運作。我們盡量避免負面頭條新聞。顯然，任何企業都不可能避免所有負面頭條新聞，因為總是有仇恨者存在。但我們會盡力做到最好，並展示我們如何做事以及為什麼做事的一面。我認為只要我們繼續這樣做，我們就會繼續取得成功。

(Operator Instructions) The next question is coming from [Craig Smith], private investor.

（操作員說明）下一個問題來自私人投資者 [Craig Smith]。

So I just had one question on the $11.9 million impairment. So was that in any particular market area? Or what's triggered that now with COVID-19 sort of 18 months on?

我只想問一個關於 1190 萬美元減損的問題。那麼這是在某個特定的市場區域嗎？或者說，現在 COVID-19 已經過去 18 個月了，是什麼觸發了這種情況？

Sure. I'll give you the easy -- the quick and easy. It's multiple markets. It's mainly some of our college towns where the colleges haven't really opened back up fully in Texas, and of course, our Northern clubs, New York and some other markets that just got opened so late in the year, that when you do the impairment on a 12-month basis, we just -- you just can't meet the numbers, and there's no COVID exception in GAAP.

當然。我會給你一個簡單的方法——快速而簡單。這是多個市場。主要是我們的一些大學城，德克薩斯州的大學還沒有真正完全開放，當然，我們的北方俱樂部、紐約和其他一些市場在今年晚些時候才剛剛開放，當你這樣做時12 個月的減值，我們只是——你無法滿足這些數字，而且GAAP 中沒有新冠肺炎例外情況。

We argued and that's -- if you see we have the material weaknesses because management used basically a non-COVID period. So we took out a COVID period of about 6 months or 9 months out of our growth projections and said these months don't count because this was COVID rebuild. This is where we're really at. This is what we're really doing, blah, blah, and of course, the auditors came in and said, no under GAAP, you have to do it this way, it's very cut and dry. There's no COVID exception.

我們爭論過，如果你看到我們有實質弱點，因為管理層基本上使用了非新冠時期。因此，我們從成長預測中剔除了約 6 個月或 9 個月的新冠疫情時期，並表示這幾個月不算在內，因為這是新冠疫情的重建。這就是我們真正所處的位置。這就是我們真正在做的事情，等等，當然，審計師進來說，根據公認會計原則不行，你必須這樣做，這是非常簡單的。新冠疫情也不例外。

We said, okay, no problem. And we redid it. And we used -- included the COVID numbers and when you do that, we ended up with some impairments in some of these markets. We believe, long term, what we cover in every one of those markets. But like I said, there's just no COVID exception for GAAP, so we follow the rules.

我們說，好吧，沒問題。我們重新做了它。我們使用了 - 包括新冠病毒數據，當你這樣做時，我們最終在其中一些市場中受到了一些損害。我們相信，從長遠來看，我們所涵蓋的每一個市場都是如此。但正如我所說，GAAP 不存在新冠肺炎例外情況，因此我們遵守規則。

Okay. So do you see sort of part of that maybe reversing in the future if demand...

好的。那麼，如果需求…你認為未來這種情況可能會逆轉嗎？

Well, you can't reverse it. Once you write it off, it's gone. You get no write-up in value. If we did, Tootsie's would be worth -- Tootsie's would had to be written up $50 million right now, probably based on the numbers they're doing. But yes, you don't -- you never get it back. It's just a write-off in book value.

嗯，你無法逆轉它。一旦你把它註銷了，它就消失了。您不會獲得任何增值。如果我們這樣做，Tootsie's 就會有價值——Tootsie's 現在必須寫出 5000 萬美元，可能是根據他們正在做的數字。但是，是的，你不會——你永遠不會把它拿回來。這只是帳面價值的沖銷。

I mean, we don't really use book value as a gauge of what our company is worth anyway. We use our free cash flow and our cash generation, EBITDA numbers, our non-GAAP numbers to kind of value the company and see where we're going, how much cash we can generate on a go-forward basis. So I mean, the book value is not overly important to us, so just another number.

我的意思是，無論如何，我們並沒有真正使用帳面價值來衡量我們公司的價值。我們使用我們的自由現金流和現金產生、EBITDA 數字、非公認會計原則數字來對公司進行估值，並了解我們的發展方向，我們可以在未來的基礎上產生多少現金。所以我的意思是，帳面價值對我們來說並不太重要，所以只是另一個數字。

And just one other, not related to this. But so on your new debt financing, is that a fixed rate loan or is that floating?

還有另一件事，與此無關。但是，您的新債務融資是固定利率貸款還是浮動利率貸款？

It's fixed rate for 5 years with one adjustment at the end of 5 years, with a floor -- I can't remember if there was a ceiling in it or not. But basically, it's a onetime adjustment for -- which carries for another 5 years and then it becomes ballooned at the end of 10 years. But it's on a 20-year amortization.

它是5年固定利率，5年末調整一次，有下限──我不記得是否有上限。但基本上，這是一次一次性調整，會持續 5 年，然後在 10 年後膨脹。但這是以20年攤提計算出來的。

Okay. So if tomorrow rates increase, that's not really impacting you guys?

好的。那麼，如果明天利率會上漲，這不會對你們產生真正的影響嗎？

It won't impact us for 5 years. Then it could have a small impact in 5 years from now.

5年內不會對我們產生影響。那麼5年後它可能會產生很小的影響。

The next question is coming from Jason Scheurer from Orchard Wealth.

下一個問題來自 Orchard Wealth 的 Jason Scheurer。

So I just want to get a little more clarification on stock buybacks. I'm under the impression again because you gave away part of the deal was the 0.5 million shares at $60 a share. Anything under $60, you guys are going to be crazy buying back because that's just printing money, right?

所以我只是想對股票回購有更多的澄清。我再次產生這樣的印象，因為你以每股 60 美元的價格放棄了交易的一部分，即 50 萬股。任何低於 60 美元的東西，你們都會瘋狂地回購，因為那隻是印鈔票，對吧？

That's the way we look at it. I think we're much more aggressive. I think we would -- right now, we've got a lot of stuff on our plate. I'm trying to see what I'm getting through the holidays, letting the cash build up. We made a huge acquisition. We paid out $36 million in cash, but we did borrow some of that.

我們就是這樣看的。我認為我們更具侵略性。我想我們會——現在，我們有很多事情要做。我想看看我在假期裡能得到什麼，讓現金累積起來。我們進行了一項巨大的收購。我們支付了 3600 萬美元現金，但我們確實借了其中的一部分。

I don't know right off the top of my head, but I'm guessing we're $24 million or so cash on hand right now today. I don't know how we'll finish the end of the quarter. We are working on a debt financing for all of the real estate in the new acquisition plus the Arlington location and a couple of other pieces of property that we own free and clear that weren't in the first loan.

我現在還不清楚，但我猜我們現在手頭上有 2400 萬美元左右的現金。我不知道我們將如何完成本季末。我們正在為新收購的所有房地產以及阿靈頓地點和我們自由且清晰地擁有但不在第一筆貸款中的其他幾塊財產進行債務融資。

So there's a small package being put together on that, could give us some more cash. When we get into -- if we get that closed by the end of the quarter, we get in the quarter at $45 million or so. I think we're growing free cash after debt service and whatnot probably at $750,000, $800,000 plus a week right now, maybe even $1 million a week. I just don't -- like I said, we've just been going through this cycle and getting the K done, getting everything done, getting this acquisition done.

所以有一個小包裹放在一起，可以給我們更多的現金。當我們進入時——如果我們在本季度末完成該項目，我們將在本季度獲得 4500 萬美元左右的收入。我認為，在還清債務之後，我們的自由現金可能會增加到 75 萬美元、80 萬美元，加上現在每週增加，甚至可能每週增加 100 萬美元。我只是不——就像我說的，我們剛剛經歷了這個週期，完成了 K，完成了一切，完成了這次收購。

I've got a lot of homework, so to speak, as we get to the end of this quarter and move into January and February that after 1st of the year, I'll be doing a lot of homework trying to get a really good feel for our run rate on free cash flow. We've just been -- we know it's good, and we've been really busy. So we haven't really nailed it all down.

可以這麼說，我有很多作業，當我們進入本季度末並進入一月和二月時，在今年的第一天之後，我將做很多作業，試圖獲得一個真正好的成績感受我們的自由現金流運行率。我們剛剛——我們知道這很好，而且我們真的很忙。所以我們還沒有真正確定一切。

But I think -- I'm hoping that we can do -- maybe put an old chart back in, have a much better understanding by the February, probably the May quarter, probably the May quarter when we actually can get that chart back in and kind of show you, look, this is our run rate, this is our free cash flow, this is what we buy.

但我認為——我希望我們可以——也許把舊的圖表放回去，到二月份、可能是五月份季度、可能是五月份季度我們實際上可以把圖表放回去時有更好的理解向你展示，看，這是我們的運行率，這是我們的自由現金流，這是我們購買的東西。

And I think if you go back to some of our old slides from pre-COVID, you'll see those slides where we basically tell you exactly when we're going to be buying stock and exactly what price is. And I want to get that back out there. I'd like that. It's just really hard to do because it's just been so crazy, right?

我想，如果你回到新冠疫情之前的一些舊幻燈片，你會看到這些幻燈片，我們基本上告訴你我們將在何時購買股票以及具體的價格是多少。我想把它帶回來。我想要那樣。這真的很難做到，因為它太瘋狂了，對吧？

I mean I don't know if a city is going to close at midnight next week or they're going to do -- I think in our south markets, we're very, very well off. And I think even in the north, I don't think anybody is going to deal with close down. I don't think the voting public is going to allow it.

我的意思是，我不知道下週某個城市是否會在午夜關閉，或者他們會這樣做——我認為在我們的南方市場，我們非常非常富裕。我認為即使在北方，我也不認為有人會面臨關閉的問題。我認為投票公眾不會允許這樣做。

There was a big -- in Minnesota with the deep on police and just the strict restrictions and everything, there was a huge -- like 4 City Council members got voted out of office this last election. So I think there's a big turn like we want our businesses open, we want our -- we want to be able to go out.

在明尼蘇達州，警察嚴密執法，嚴格限制等等，有一個巨大的事件，例如上次選舉中有 4 名市議員被投票下台。所以我認為有一個重大轉變，例如我們希望我們的企業開放，我們希望我們能夠走出去。

We want to go eat. We want to go -- we don't want to sit at home anymore. So I think that's weighing positive in our favor. Like I said, I think by the May quarter -- by the end of March, we'll be able to have a much better idea of where we're at and hopefully get that back out in the May slides, hopefully.

我們想去吃飯。我們想去——我們不想再坐在家裡了。所以我認為這對我們有利。就像我說的，我認為到 5 月季度 - 到 3 月底，我們將能夠更好地了解我們所處的位置，並希望在 5 月的幻燈片中得到體現。

Well, you also have the good numbers coming from the 11 clubs being told that...

嗯，你也有來自 11 傢俱樂部的良好數據…

Yes. I mean because they're so new, that's the other problem is, I mean, like I said, we've got 8 or 9 weeks right now. And they're -- we're seeing growth trajectories in them, but they're still not -- we're not back to 2019 at all the clubs yet, but I think we'll be soon. And as we get to that, then the trick is figuring how to grow.

是的。我的意思是，因為它們太新了，所以另一個問題是，我的意思是，就像我說的，我們現在還有 8 到 9 週的時間。他們——我們看到了他們的成長軌跡，但他們仍然沒有——我們所有的俱樂部還沒有回到2019年，但我認為我們很快就會回來。當我們做到這一點時，關鍵就在於弄清楚如何成長。

But I have a better idea, solidly where we're at. And that's what I really want to know, where are we at today, so I can snapshot that and say this is where we're at. Based on seasonality, based on this, this is what our projections are. Then once we can get back to that free cash flow projection, then we can use that projection to say this when we're going to buy stock. That's super easy to calculate the yield based on the stock price.

但我有一個更好的想法，確切地說是我們現在所處的位置。這就是我真正想知道的，我們今天處於什麼位置，所以我可以快照並說這就是我們所處的位置。基於季節性，基於此，這就是我們的預測。然後，一旦我們能夠回到自由現金流預測，那麼當我們要買股票時，我們就可以使用該預測來說明這一點。根據股票價格計算收益率非常容易。

Yes, just anything around $60 is a complete deal.

是的，只要 60 美元左右就可以了。

Yes, and we're buying it. We're definitely buying it. If it's under $60, we'd buy it. It's getting close. So let's see what happens tomorrow.

是的，我們正在購買它。我們肯定會買它。如果價格低於 60 美元，我們就會購買。越來越近了。那麼讓我們看看明天會發生什麼。

(Operator Instructions) Are there any final questions? This is the last chance for questions. Okay. We have a question coming from [Michael Jurado]. He's an individual investor.

（操作員說明）最後還有什麼問題嗎？這是最後的提問機會。好的。我們有一個來自 [Michael Jurado] 的問題。他是一名個人投資者。

I just had a question about the dividend. I remember you had mentioned on a call a few quarters back, you were at least maybe considering raising it slightly or something to that effect. So I just wanted to see if there was any guidance you could provide on that because -- I mean, I do love a good -- I love cash being distributed to me, I guess, you could say, but by the same token, you guys are able to deploy cash and integrate into businesses with great economic characteristics and things that I couldn't buy myself [in the stock market]. So I don't have one view or another as far as having necessarily the -- now thinking about it -- yes, go ahead.

我只是有一個關於股息的問題。我記得您在幾個季度前的電話中提到過，您至少可能正在考慮稍微提高價格或類似的措施。所以我只是想看看你是否可以提供任何指導，因為 - 我的意思是，我確實喜歡好的 - 我喜歡向我分發現金，我想，你可以說，但出於同樣的原因，你們能夠部署現金並融入具有良好經濟特徵的企業以及我自己無法[在股票市場]購買的東西。因此，我沒有一種觀點或另一種觀點，認為必須——現在考慮一下——是的，繼續吧。

I don't think we'll see a big increase. But I mean, we talk about it at Board meetings. This would be the year. Probably, I have to look at the quarters when we would be due the rates to continue our annual growth rate. We've got -- basically, when you want to come up in those dividend screens, you have to have a growth rate of x.

我認為我們不會看到大幅成長。但我的意思是，我們在董事會會議上討論這個問題。這將是一年。也許，我必須看看我們應該在哪個季度繼續保持我們的年度成長率。基本上，當你想出現在股息篩選時，你必須有 x 的成長率。

So we'll be reviewing that. It's on the agenda before the March dividend is paid to review that and make sure that we're keeping our growth trajectory. But I mean, I can see us -- we're -- I think right now we're at $0.16 a year. I can see us going to $0.18 a year, possibly paying 2 quarters of $0.05 and 2 quarters of $0.04 or I can see us maybe, depending on things, going to $0.20 and just paying a $0.05 a quarter or something like that.

所以我們將對此進行審查。在支付三月股息之前，我們已將其提上議程，以審查這一點並確保我們保持成長軌跡。但我的意思是，我可以看到我們——我們——我想現在我們的年薪是 0.16 美元。我可以看到我們每年將達到0.18 美元，可能支付2 個季度的0.05 美元和2 個季度的0.04 美元，或者我可以看到我們可能會根據具體情況，達到0.20 美元，並且每個季度只支付0.05美元或類似的費用。

It's actually the worst tax efficiency and use of our capital as we have. It doesn't really go with our capital allocation strategy. But like you said, it gives a lot of investors frothy feeling, and it also puts us in a lot more screens and allows a broader group of investors to buy and hold longer. So we do like -- I personally like that aspect of the dividend. And of course, being a very large shareholder, I don't mind those quarterly checks either.

這實際上是我們現有的稅收效率和資本使用最差的情況。這並不符合我們的資本配置策略。但正如你所說，它給許多投資者帶來了泡沫的感覺，也讓我們處於更多的螢幕中，並允許更廣泛的投資者群體購買並持有更長時間。所以我們確實喜歡——我個人喜歡股息的這一方面。當然，作為一個非常大的股東，我也不介意那些季度檢查。

Question, a follow-up on that. Does the acquisition pipeline would -- is that a factor? How much of a factor is it? Or is it not really entering into your thought process on that at all?

問題，後續。收購通路是否會是個因素？其影響因素有多大？或者它根本沒有真正進入你對此的思考過程？

On the dividend, I know we had a dividend. Look, we've got -- if we raise it $0.04, you're talking $400,000 a year, not even $400,000 a year. We generated $36 million in cash. So I mean, $400,000, it doesn't even dent. So what we have on growth and what we're setting up has really no effect thought process at all.

關於股息，我知道我們有股息。你看，如果我們提高 0.04 美元，那麼每年就增加 40 萬美元，甚至還不到 40 萬美元。我們產生了 3600 萬美元的現金。所以我的意思是，40萬美元，它甚至沒有減少。因此，我們在成長方面所採取的措施以及我們正在建立的措施實際上對思考過程沒有任何影響。

I mean our dividend yields, even 0.5%, I know that's 0.5% right now, is so low that it's really a very, very small portion of our cash. And like I said, it's about the field good, right? You know you got cash coming every quarter and those type of things, and like I said, that's a certain shareholder base increase and feel good about owning the stock.

我的意思是，我們的股息殖利率，即使是 0.5%，我知道現在是 0.5%，也太低了，只占我們現金的非常非常小的一部分。就像我說的，這與領域有關，對嗎？你知道你每季都會收到現金和類似的東西，就像我說的，這是一定的股東基礎增加，並且對擁有股票感覺良好。

So those are things we weigh when we discuss it at Board meetings. So those will continue to weigh on it. And like I said, continuing the growth factor. I think it's important that we keep that growth trajectory on a growth trajectory, so that, that would keep coming up in all the searches when people go and do stock screenings. I think that's important.

因此，我們在董事會會議上討論時會權衡這些因素。因此，這些將繼續對其造成壓力。就像我說的，繼續成長因素。我認為重要的是，我們要保持這種成長軌跡，這樣，當人們進行股票篩選時，這一點就會在所有搜尋中不斷出現。我認為這很重要。

Okay. I'd now like to turn the floor back to Gary Fishman for closing remarks.

好的。現在我想邀請加里·菲什曼 (Gary Fishman) 致閉幕詞。

Thank you, John, and thank you, Eric and Bradley. Just to reiterate what Eric had mentioned, we've been invited to a number of investment conferences the first half of calendar 2022. We'll be at the ICR conference in Orlando, January 10 to the 12. We'll be participating in the Sidoti Virtual Small Cap Conference, January 19 and 20, and we'll be at the Noble Capital Markets Small Cap Conference in Hollywood, Florida, April 19 through the 21.

謝謝你，約翰，謝謝你，艾瑞克和布拉德利。只是重申 Eric 提到的內容，我們已受邀參加 2022 年上半年的許多投資會議。 19 日至20 日，我們將於4 月19 日至21 日參加在佛羅裡達州好萊塢舉行的Noble Capital Markets 小型股會議。

And on behalf of Eric, Bradley, the company and our subsidiaries, thank you and good night. Stay safe, stay healthy. And as always, please visit one of our clubs or restaurants. Thank you.

我代表埃里克、布拉德利、公司和我們的子公司，謝謝你們，晚安。保持安全，保持健康。一如既往，請光臨我們的俱樂部或餐廳。謝謝。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝你們，女士們、先生們。今天的電話會議到此結束。此時您可以斷開電話線，度過美好的一天。感謝您的參與。