RCI Hospitality Holdings Inc (RICK) 2024 Q2 法說會逐字稿

(call abruptly starting) Now, I'm pleased to introduce Eric Langan, President and CEO of RCI Hospitality.

（通話突然開始）現在，我很高興介紹 RCI Hospitality 總裁兼執行長 Eric Langan。

Eric, take it away.

埃里克，把它拿走。

Thank you, Mark, and thanks, everyone, for joining us today. Please turn to slide 6. Despite the uncertain economy, the core strength of our business enabled us to generate $72.3 million in revenue in the second quarter, compared to $71.5 million last year.

謝謝馬克，也謝謝大家今天加入我們。請翻到幻燈片 6。儘管經濟狀況不明朗，但我們業務的核心優勢使我們在第二季創造了 7,230 萬美元的收入，而去年為 7,150 萬美元。

While GAAP EPS of $0.08 primarily reflected non-cash impairment, non-GAAP EPS totaled $0.9 near the high end of analysts' expectations. The nightclub segment generated $59.4 million in revenue in 2Q '24, compared with $57 million last year. Separately, the effort began in mid-February to improve Bombshells segment, resulting in steady sales and better margins on a sequential quarter basis.

雖然 GAAP 每股收益 0.08 美元主要反映了非現金減值，但非 GAAP 每股收益總計 0​​.9 美元，接近分析師預期的上限。2024 年第二季度，夜總會部門的收入為 5,940 萬美元，而去年為 5,700 萬美元。另外，我們從 2 月中旬開始努力改善 Bombshel​​ls 部門，從而實現了穩定的銷售和環比更好的利潤率。

Please turn to slide 7. We also continued to make progress with our new project developments. These efforts are focused on developing new locations and upgrading existing ones to further grow the company. In doing this, we are committed to following our capital allocation strategy, concentrating on our core nightclub business, evaluating potential acquisitions, and buying back stock. To that end, subsequent to the end of the quarter, we increased our cash position $20 million by closing our plan bank loan.

請翻到幻燈片 7。我們的新項目開發也持續取得進展。這些努力的重點是開發新地點和升級現有地點，以進一步發展公司。在此過程中，我們致力於遵循我們的資本配置策略，專注於我們的核心夜總會業務，評估潛在收購併回購股票。為此，在本季末後，我們透過關閉計劃銀行貸款將現金部位增加了 2,000 萬美元。

Now, here's Bradley to go into more details on our results.

現在，布拉德利將詳細介紹我們的結果。

Thanks, Eric. Please turn to slide 8 to review our nightclubs segments.

謝謝，埃里克。請翻到幻燈片 8 回顧我們的夜總會部分。

Second-quarter revenues increased $2.4 million year over year. This was primarily due to a $7.4 million increase from acquisitions, which partially offset declines of $2.9 million in same-store sales, and $2.1 million from clubs in transition. By revenue type, alcoholic beverages increased 16.9%; food, 10.8%; and other by 4.3%. However, service declined 8.3%. The sales mix reflected higher alcohol and food sales from newly acquired clubs and same-store sales declined due to lower service revenues.

第二季營收年增 240 萬美元。這主要是由於收購增加了 740 萬美元，部分抵消了同店銷售額 290 萬美元的下降以及轉型俱樂部帶來的 210 萬美元的下降。按收入類型劃分，酒精飲料成長16.9%；食品，10.8%；其他增加4.3%。然而，服務下降了 8.3%。銷售組合反映出新收購的俱樂部酒類和食品銷售增加，而同店銷售則因服務收入下降而下降。

As we mentioned in the second-quarter sales call, PT's Centerfold in Lubbock, a new club, they're not open until late in the quarter. Baby Dolls Abilene, our reformatted liquor club didn't open until early April. A BYOB club in El Paso temporarily closed during the quarter to start reformatting into a Chicas Locas liquor club.

正如我們在第二季銷售電話中提到的，PT 在拉伯克的 Centerfold 是一家新俱樂部，它們要到本季結束才會開業。Baby Dolls Abilene 是我們重組後的酒類俱樂部，直到四月初才開業。埃爾帕索的一家 BYOB 俱樂部在本季暫時關閉，開始轉型為 Chicas Locas 酒類俱樂部。

Although we didn't talk about it on the sales call, severe cold and rainy weather in Texas did have an impact in January as it had for other hospitality companies. We had to partially or fully closed clubs and Bombshells for a number of days during that period. Impairment resulted in operating income of $11 million or 18.6% of revenues, compared to $18 million or 31.6%.

儘管我們沒有在銷售電話中談論這一點，但德克薩斯州的嚴寒和多雨天氣確實對一月份產生了影響，就像對其他酒店公司一樣。在此期間，我們不得不部分或完全關閉俱樂部和 Bombshel​​ls 幾天。減損導致營業收入為 1,100 萬美元，佔收入的 18.6%，而同期為 1,800 萬美元，佔收入的 31.6%。

On a non-GAAP basis, operating income was $19.8 million or 33.4% of revenues compared to $22.4 million or 39.3%. Non-GAAP margin declined primarily reflect the lower service revenues, higher insurance, and increase in Texas patron tax and wage inflation. One of the reasons why insurance is higher is because we received a refund in the year-ago quarter.

以非公認會計準則計算，營業收入為 1,980 萬美元，佔收入的 33.4%，而營業收入為 2,240 萬美元，佔收入的 39.3%。非公認會計準則利潤率下降主要反映了服務收入減少、保險增加以及德州贊助稅和薪資通膨的增加。保險費較高的原因之一是我們在去年同期收到了退款。

Now please turn to slide 9. The Duncan Burch acquisition has continued to perform well. We closed on the acquisition in mid-March in 2023 with four clubs open. We finished remodeling and opened the fifth club in mid-June 2023.

現在請翻到投影片 9。鄧肯·伯奇 (Duncan Burch) 收購繼續表現良好。我們於 2023 年 3 月中旬完成了收購，並開放了四傢俱樂部。我們完成了改建，並於2023年6月中旬開設了第五個俱樂部。

As of fiscal '24 second quarter, revenues have grown 23.9% (sic - see slide 9, "23.7%") from a year-ago third quarter, which was the first full quarter post acquisition, and operating margin has expanded 394 basis points. Locations have benefited from increased credit card transactions, reduced management costs, and more effective RCI marketing-management-purchasing methods, partially offset by the increase in patron tax, which started in September of 2023.

截至24 財年第二季度，營收較去年同期第三季（收購後第一個完整季度）成長了23.9%（原文如此- 參見投影片9，「23.7%」），營業利潤率擴大了394 個基點。各地點都受益於信用卡交易的增加、管理成本的降低以及更有效的 RCI 行銷管理採購方法，但部分被 2023 年 9 月開始增加的贊助稅所抵消。

Please turn to slide 10 to review our Bombshells segment. Revenues declined $1.5 million year over year. This primarily reflected a $2.7 million decline in same-store sales and a $1.2 million increase from acquired or new locations. Operating income was $0.7 million or 5.5% of revenues compared to $1.8 million or 12.4%. On a non-GAAP basis, operating income was $0.8 million or 5.9% of revenues compared to $2.2 million or 15.4%. The year-over-year decline in profitability primarily reflected lower same-store sales.

請翻到投影片 10 回顧我們的重磅炸彈部分。營收年減 150 萬美元。這主要反映了同店銷售額下降了 270 萬美元，而收購或新店銷售額則增加了 120 萬美元。營業收入為 70 萬美元，佔收入的 5.5%，而營業收入為 180 萬美元，佔收入的 12.4%。以非公認會計準則計算，營業收入為 80 萬美元，佔收入的 5.9%，而營業收入為 220 萬美元，佔收入的 15.4%。獲利能力較去年同期下降主要反映同店銷售額下降。

On a sequential basis, however, revenues were approximately level, and GAAP and operating margin expanded 480 basis points and 470 on a non-GAAP basis.

然而，以環比計算，收入大致持平，GAAP 和營業利潤率擴大了 480 個基點，以非 GAAP 計算擴大了 470 個基點。

As Eric mentioned earlier, this reflected the effort by upper management to return the brand to its core focus on being a sports bar. This began in mid-February to improve results. Some key changes included replacing management, cost cutting, and going back to the basics, touching tables, make sure wait staff is attentive among others.

正如埃里克（Eric）之前提到的，這反映了高層管理人員為使該品牌回歸運動酒吧的核心重點所做的努力。這項工作從二月中旬開始，旨在改善結果。一些關鍵的變化包括更換管理層、削減成本、回歸基本面、觸摸桌子、確保服務員專心等。

Please turn to slide 11. Corporate expenses totaled $6.8 million, an increase of $0.6 million on a GAAP basis. On a non-GAAP basis, expenses totaled $6.3 million, an increase of $0.8 million. Both GAAP and non-GAAP results primarily reflected more corporate level management from the Duncan Burch's acquisition, casino preopening operation, and accounting and professional services due to the recently acquired clubs and new projects along with the timing of billing. Now on a sequential quarter basis, expenses declined $0.3 million.

請翻到投影片 11。公司費用總計 680 萬美元，以 GAAP 計算增加了 60 萬美元。以非公認會計準則計算，費用總計 630 萬美元，增加了 80 萬美元。GAAP 和非 GAAP 業績主要反映了鄧肯·伯奇 (Duncan Burch) 收購、賭場開業前營運、會計和專業服務（由於最近收購的俱樂部和新項目以及計費時間）帶來的更多企業級管理。現在，以連續季度計算，費用減少了 30 萬美元。

Please turn to slide 12. This puts together consolidated operating income on a segment basis.

請翻到投影片 12。這將按部門合併營業收入。

Please turn to slide 13. We have a couple of slides coming up that discuss free cash flow and adjusted EBITDA, which is are a non-GAAP basis. And at that of that, we wanted to present the closest GAAP equivalent on this slide, which are operating and net income.

請翻到投影片 13。我們有幾張幻燈片討論自由現金流和調整後的 EBITDA，這是非公認會計原則的基礎。就此而言，我們希望在這張投影片上展示最接近的 GAAP 同等內容，即營業收入和淨利潤。

Please turn to slide 14 to look at some of our other key metrics. We ended the quarter with cash and cash equivalents of $20 million. During the second quarter, we used $1.5 million to buy back shares. Second quarter free cash flow was $8.8 million or 12% of revenues. Adjusted EBITDA was $17.2 million or 24% of revenues. Recent free cash flow and adjusted EBITDA conversion rates reflect the combination of lower percentage of service revenue and higher costs.

請翻到投影片 14 查看我們的其他一些關鍵指標。本季結束時，我們的現金和現金等價物為 2000 萬美元。第二季度，我們用了 150 萬美元回購股票。第二季自由現金流為 880 萬美元，佔營收的 12%。調整後 EBITDA 為 1,720 萬美元，佔營收的 24%。最近的自由現金流和調整後的 EBITDA 轉換率反映了服務收入百分比較低和成本較高的組合。

Please turn to Slide 15 to review our debt metrics. Debt as of March 31 declined $2.2 million from December 31 due to scheduled paydowns. The weighted average interest rate remained at 6.61%. Total occupancy costs at 8% decline on a sequential quarter basis. At 2.99 times, debt-to-trailing 12-month adjusted EBITDA inched up just a bit, but continues to be in our comfort level of less than 3.

請參閱投影片 15 查看我們的債務指標。由於預定還款，截至 3 月 31 日的債務較 12 月 31 日減少了 220 萬美元。加權平均利率維持在6.61%。總入住成本較上季下降 8%。債務與過去 12 個月調整後 EBITDA 的比率為 2.99 倍，略有上升，但仍處於低於 3 的舒適水平。

Occupancy costs and debt to adjusted EBITDA reflect the fact that we were developing a number of projects. As they open and we begin generating revenue and EBITDA, both metrics should improve. Debt maturities continue to remain reasonable and manageable.

佔用成本和調整後 EBITDA 債務反映了我們正在開發許多項目的事實。當它們開業並且我們開始產生收入和 EBITDA 時，這兩個指標都應該有所改善。債務期限持續保持合理且可控。

Please turn to Slide 16 for our debt pie chart. We continue to pay down all slices of our debt. The percentage share of the difference license remain largely the same as the first quarter. As Eric mentioned, subsequent to the quarter, we completed our $20 million cash out bank loan.

請參閱投影片 16 查看我們的債務餅圖。我們繼續償還所有債務。差異許可證的百分比份額與第一季基本相同。正如艾瑞克所提到的，本季結束後，我們完成了 2000 萬美元的現金銀行貸款。

Now, let me turn the presentation back to Eric.

現在，讓我把演講轉回艾瑞克身上。

Thank you, Bradley. I want to reiterate -- I'm sorry. Please turn to slide 17.

謝謝你，布拉德利。我想重申一下——對不起。請翻至投影片 17。

I want to reiterate that everything we do is centered around our capital allocation strategy. We employ three different approaches subject to whether there is compelling rationale to do otherwise, mainly mergers and acquisitions, organic growth, and buying back shares when the yield on free cash flow per share is more than 10%.

我想重申，我們所做的一切都是圍繞著我們的資本配置策略。我們採用三種不同的方法，取決於是否有令人信服的理由不這樣做，主要是併購、有機成長以及每股自由現金流收益率超過 10% 時回購股票。

Since refocusing myself on Bombshells in mid-February, I am starting to have our teams question everything like we did in 2016. This has caused us to rebrand some club locations, and we are currently evaluating several of our non-income and underperforming assets. We are doing performance reviews throughout our operations to ensure we are getting ROI from our team members, and making sure we are awarding those members appropriately for great performance and fixing or removing others. We got a little complacent during the post-COVID times when times are easy. And I believe we must return our focus on the basics of our capital allocation strategy.

自從 2 月中旬重新關注《重磅炸彈》以來，我開始讓我們的團隊像 2016 年一樣質疑一切。這導致我們重新命名了一些俱樂部地點，目前我們正在評估我們的一些非收入和表現不佳的資產。我們在整個營運過程中進行績效審查，以確保我們從團隊成員那裡獲得投資回報，並確保我們對那些表現出色的成員進行適當的獎勵，並修復或解僱其他成員。在後新冠疫情時代，一切都很輕鬆，我們有點沾沾自喜。我認為我們必須將注意力重新集中在資本配置策略的基礎上。

Please turn to Slide 18. We continue to make progress with new projects since our April 9 call. We have received our liquor license for FCC Dallas, which has been renamed and repositioned as Dallas show club. We received our liquor license for the planned conversion of BYOB club in Harlingen, Texas into a Chica Locas liquor club. This should open this quarter. We also firmed up our plans to open Rick's Cabaret in Bay County Central City without gaining in our fourth quarter.

請翻到幻燈片 18。自 4 月 9 日電話會議以來，我們繼續在新項目上取得進展。我們已獲得 FCC Dallas 的酒類許可證，該許可證已更名為達拉斯表演俱樂部並重新定位。我們獲得了酒類許可證，並計劃將德克薩斯州哈林根的 BYOB 俱樂部改造成 Chica Locas 酒類俱樂部。這應該在本季度開放。我們也堅定了在貝縣中心城市開設 Rick's Cabaret 的計劃，但在第四季度沒有取得進展。

Please turn to slide 19. By sticking to our capital allocation since the end of fiscal 2015, we have generated compound annual growth rate of 10.2% for total revenues, 12.1% for adjusted EBITDA, and 17.2% for free cash flow. We also reduced our fully diluted share count even after shares issued for acquisitions.

請翻至投影片 19。自 2015 財政年度結束以來，透過堅持資本配置，我們的總收入複合年增長率為 10.2%，調整後 EBITDA 為 12.1%，自由現金流為 17.2%。即使在發行用於收購的股票之後，我們也減少了完全稀釋的股票數量。

I'd like to say thanks to our local and dedicated teams for all their hard work and efforts and all our shareholders who believe in us and make our success possible.

我要感謝我們當地的敬業團隊的辛勤工作和努力，以及所有相信我們並使我們的成功成為可能的股東。

Now here's Mark to start the Q&A session.

現在馬克開始問答環節。

(Event Instructions) To start things off, we'd like to take questions from Rick's analysts and then some of its larger shareholders.

（活動說明）首先，我們想回答 Rick 的分析師以及一些大股東的問題。

Scott Buck, H.C. Wainwright.

巴克 (Scott Buck)，H.C.溫賴特。

Hi, good afternoon, guys. Thanks for taking my questions. Bradley, apologies if I missed it, but could you give a little color on what the increase in other charges was in the income statement this quarter?

嗨，大家下午好。感謝您回答我的問題。布拉德利，如果我錯過了，我很抱歉，但是您能否稍微說明一下本季損益表中其他費用的增長情況？

You're talking about the impairment. We had $8 million worth of an impairment charge.

你說的是損傷。我們有價值 800 萬美元的減損費用。

Okay. All right. Thanks. Appreciate that. And then just -- I was hoping we could get a bit of an update on M&A. The call a quarter ago, it sounded like you guys were close to announcing something. I don't remember seeing it. I'm kind of curious what -- if there's a hold up or if the situation has changed there?

好的。好的。謝謝。很欣賞這一點。然後我希望我們能得到一些關於併購的最新消息。四分之一前的電話，聽起來你們即將宣布一些事情。我不記得見過它。我有點好奇——如果那裡有延誤或情況發生了變化怎麼辦？

I'll take that, Bradley. Basically, we have two LOIs. We have polled one and the other one is in the negotiation lock at the moment due to the potential unknown liabilities and the indemnification clauses that the company would require of the seller. I don't know if it's going to move forward or not at this time. I wouldn't say it's very promising.

我會接受的，布拉德利。基本上，我們有兩個意向書。我們已經對其中一份進行了調查，另一份由於潛在的未知責任以及公司要求賣方提供的賠償條款，目前處於談判鎖定狀態。我不知道現在是否會繼續前進。我不會說它很有希望。

We are looking at several other acquisitions right now as well though. And I think eventually, these people will figure it out and come back to us because no one's going to buy unknown liabilities from anyone. So they're going to have to figure that out. And unfortunately, the way the licensing works in that particular market, their existing corporation has to be bought in order to keep license valid.

不過，我們現在也在考慮其他幾項收購。我認為最終這些人會弄清楚並回到我們身邊，因為沒有人會從任何人那裡購買未知的負債。所以他們必須弄清楚這一點。不幸的是，根據許可在該特定市場的運作方式，必須收購他們現有的公司才能保持許可有效。

So we'll see if that one goes on and looking at other locations around the country. And I figure, at some point here, I'd say sellers are getting more reasonable now. We just get to some of the terms worked out with cash and carry of notes and whatnot. So we'll figure that out shortly.

所以我們會看看這個活動是否會繼續下去，並看看全國其他地方。我認為，在某些時候，我想說賣家現在變得更理性了。我們只是了解一些用現金和攜帶票據等製定的條款。所以我們很快就會解決這個問題。

Great. That's helpful, Eric. And second, I was wondering, we're about halfway through the second quarter now or second calendar quarter anyway. Curious if you could give us a little update on the trends you're seeing? I'm guessing it probably looks fairly similar to the first quarter or the first calendar quarter.

偉大的。這很有幫助，埃里克。其次，我想知道，我們現在第二季或第二季已經過了一半。想知道您能否為我們介紹一下您所看到的趨勢的最新情況嗎？我猜它可能看起來與第一季或第一季非常相似。

Yeah. Well, April beat January, which was very important to me. We now need May to beat March, and then June numbers to beat February so that we can be up sequentially on the quarter. The first week of May was very well.

是的。嗯，四月擊敗了一月，這對我來說非常重要。我們現在需要 5 月的數據超過 3 月，然後 6 月的數據超過 2 月，這樣我們才能在本季度連續上升。五月的第一周非常好。

I don't know if you follow sports, but for those that do, you should know that we have four NHL teams and four NBA teams that are all in Playoffs modes right now. We've got some great games out there, getting a lot of traveling customers from our markets -- to our markets. For example, in Colorado right now we have the Dallas stars playing the Avalanche. So we're getting Colorado fans in Dallas and Dallas fans in Colorado, which is great for us. We have clubs in both markets, as well as the Denver Nuggets and the Timberwolves playing in Colorado and Minnesota.

我不知道你是否關注體育，但對於關注體育的人來說，你應該知道我們有四支 NHL 球隊和四支 NBA 球隊現在都處於季後賽模式。我們推出了一些很棒的遊戲，吸引了大量來自我們市場的旅行客戶來到我們的市場。例如，現在在科羅拉多州，我們有達拉斯明星隊打雪崩隊。所以我們在達拉斯有科羅拉多球迷，在科羅拉多州有達拉斯球迷，這對我們來說很棒。我們在這兩個市場都有俱樂部，以及在科羅拉多州和明尼蘇達州比賽的丹佛金塊隊和灰狼隊。

So our Colorado locations are basically doing very well from both the NHL and the NBA, and so is Dallas because you have the Mavericks as well. So the mix and the ranges are both in. So we get hockey and basketball in New York, which has been great for New York as well. And then of course, we have the Panthers down in Florida.

因此，我們科羅拉多州的基地基本上在 NHL 和 NBA 中都表現出色，達拉斯也是如此，因為這裡也有小牛隊。所以混合和範圍都在。所以我們在紐約有曲棍球和籃球，這對紐約來說也很棒。當然，我們還有佛羅裡達黑豹隊。

So all in all, very solid sports lineup. Last year, Mother's Day weekend was very weak weekend, one of the weakest of the quarter. This year, I think we should have much better Mother's Day weekend, because we basically have four games that will affect us between hockey and basketball, basically starting tonight all the way through Monday, I believe. So very excited about that.

總而言之，這是非常堅實的運動陣容。去年的母親節週末非常疲軟，是本季最疲軟的周末之一。今年，我認為我們應該有更好的母親節週末，因為我們基本上有四場比賽會影響曲棍球和籃球之間的我們，我相信基本上從今晚開始一直到週一。對此非常興奮。

Great. That's helpful. And then last, if there's any update you can give us on timing in Central City, that'd be helpful.

偉大的。這很有幫助。最後，如果您能向我們提供有關中心城時間安排的任何最新信息，那將會很有幫助。

Well, timing is just unknown. Other than -- we're going to do everything we can do to get the club open in this quarter. So we'll have the club and the steakhouse, will be opened in this quarter. I've gotten some news from gaming, where they've requested a very large amount of money to continue our investigation through a third party, and gave us a very long timeline from where we are today.

好吧，具體時間尚不清楚。除此之外，我們將盡一切努力讓俱樂部在本季開幕。因此，我們將在本季開設俱樂部和牛排館。我從遊戲界得到了一些消息，他們要求大量資金透過第三方繼續我們的調查，並給了我們一個從今天開始很長的時間表。

And I'm currently basically evaluating that timeline with our new refocus on capital allocation, doing a lot of math right now and calculating whether or not we want to even continue to focus on that at all or take our money and energy and focus instead of casino operations back this back on our core business. If so, we would probably divest a property or two of the properties.

我目前基本上正在評估這個時間表，我們重新關注資本配置，現在做大量的數學計算，計算我們是否想繼續專注於這一點，或者把我們的金錢和精力集中在資本配置上。的核心業務提供了支援。如果是這樣，我們可能會剝離一處或兩處房產。

Obviously, we'll keep the Rick's location and the Steakhouse up there, but we may end up with actually withdrawing the gaming license at some point instead of paying all this money for the investigation and waiting the timeline they want. I just don't know yet.

顯然，我們會保留瑞克的位置和牛排館，但我們最終可能會在某個時候實際撤回遊戲許可證，而不是支付所有這些錢進行調查並等待他們想要的時間表。我只是還不知道。

When I know I will get that information out one that decision has been made, but there's just a lot of new information that's coming in in the last week or so. And we're evaluating all of that at this time, and we'll have a better understanding where we're going with that as we move forward.

當我知道我會得到已經做出決定的資訊時，但上週左右出現了許多新資訊。我們目前正在評估所有這些，隨著我們的前進，我們將更好地了解我們的發展方向。

And I appreciate the transparency there. Thanks again.

我很欣賞那裡的透明度。再次感謝。

No worries.

不用擔心。

Anthony, Sidoti.

安東尼，西多蒂。

Good afternoon, and thank you for taking the questions. So first, as far as the quarter, your services revenue were down a little over 8%. Can you share more details in regards to this decline? And what is your strategy to improve services as a proportion of your revenue mix?

下午好，感謝您提出問題。首先，就本季而言，您的服務收入下降了 8% 多一點。您能否分享更多有關這一下降的細節？您改善服務佔收入組合比例的策略是什麼？

I can nail it right on the head for you. About $1.3 million of XTC and Dallas, as some people are aware and some aren't. Dallas passed a new city ordinance, it's in current litigation forcing us to close the club at 2:00 AM. That was a major after-hours club.

我可以為你釘在頭上。XTC 和 Dallas 的價值約為 130 萬美元，有些人知道，有些人不知道。達拉斯通過了一項新的城市法令，目前正在訴訟中，迫使我們在凌晨 2 點關閉俱樂部。那是一個主要的業餘俱樂部。

Did most of its revenue between hours of 2:00 AM and 5:00 AM. We have rebranded that to the Dallas show club now, or in the process of our liquor license in. We have continued operations, I think, we will close one night as we converted from BYOB into liquor. The rest of the conversion will happen as we're open. That's a big part of it.

其大部分收入發生在凌晨 2:00 至 5:00 之間。我們現在已將其更名為達拉斯表演俱樂部，或正在辦理酒類許可證。我們仍在繼續運營，我想，當我們從自帶酒水轉變為酒類時，我們將關閉一晚。其餘的轉換將在我們開放時進行。這是其中很大一部分。

And then the rest is -- of course, Miami's service revenues last year were much higher than they have been this year. And that's the majority of it. Obviously, there's a little bits here and there. There's success stories in some markets like New York and Minnesota, and there's other clubs that are declining a little bit, most of those offset. The major part of it was the XTC Dallas and the Miami clubs.

當然，剩下的就是邁阿密去年的服務收入比今年高出許多。這就是其中的大部分。顯然，到處都有一些東西。在紐約和明尼蘇達等一些市場有成功的故事，而其他俱樂部則略有下降，其中大部分被抵消了。其中主要部分是 XTC 達拉斯俱樂部和邁阿密俱樂部。

Thank you, Eric. And then what were the main factors that drove these sequential margin gains at the bombshells, and do you think that's sustainable?

謝謝你，埃里克。那麼推動利潤率連續大幅成長的主要因素是什麼？

Well, my goal with Bombshells is to return us to $60 million of revenue with 15% margins, which would put us about $9 million in operating income on an annualized basis. At this point, we will probably work very hard at strategic options with that asset, whether it's a partnership, whether it's selling the assets outright, whether it's selling part of the assets, or bringing in partners to expand the process at that time once we prove we can return it to those numbers.

嗯，我對 Bombshel​​ls 的目標是讓我們的收入恢復到 6000 萬美元，利潤率為 15%，這將使我們的年化營業收入約為 900 萬美元。在這一點上，我們可能會非常努力地對該資產進行戰略選擇，無論是合作夥伴關係，還是直接出售資產，無論是出售部分資產，還是引入合作夥伴來擴大當時的流程。返回到這些數字。

I think that's a six-month process from now, at least I hope so. I think the 15% margins are maybe doable earlier. The revenues being a little more difficult, because while part of it has been management issues, the other part of it is the economy. And people are just not spending as much and not drinking as much.

我認為從現在開始這將是一個六個月的過程，至少我希望如此。我認為 15% 的利潤率提早實現也許是可行的。收入有點困難，因為雖然一部分是管理問題，但另一部分是經濟問題。人們的消費和飲酒量都減少了。

Yes, I believe that we will have that [corrected]. I think we've made some major changes. We've definitely lowered our cost. We've changed out a lot of the management teams in certain club or certain stores and certain markets.

是的，我相信我們會擁有的[更正]。我認為我們已經做出了一些重大改變。我們確實降低了成本。我們已經更換了某些俱樂部、某些商店和某些市場的許多管理團隊。

We've been doing some hiring. We still have about three spots that we need to find the right people for, but the people that we're bringing in are motivated and excited to be part of our team. And I think that the concept is definitely head in the right direction so far.

我們一直在做一些招募工作。我們仍然需要為大約三個位置找到合適的人員，但我們引進的人員對於成為我們團隊的一員充滿動力和興奮。我認為到目前為止，這個概念肯定朝著正確的方向發展。

Okay. And then you also have quite a number of projects in the pipeline. So as you're looking to open the Rick's Cabaret and Steak --

好的。此外，還有相當多的項目正在進行中。當您想開 Rick's Cabaret and Steak 餐廳時--

Hey, Anthony, you're on mute.

嘿，安東尼，你處於靜音狀態。

Can you hear me now? Hello?

現在你能聽到我說話嗎？你好？

Yes, I hear you. (multiple speakers)

是的，我聽到了。（多個發言者）

Sorry, they muted me too.

抱歉，他們也把我靜音了。

Okay.

好的。

How about that? We had a smart speaker who once muted me.

怎麼樣？我們有一個智慧音箱，他曾經把我靜音。

I think they muted all instead of just us speakers.

我認為他們將所有人靜音，而不僅僅是我們發言者。

All right. Sorry about that. I didn't touch my phone. So as I started saying, so you guys have a quite number of projects in the pipeline, but I just wanted to focus more on the plans for the Central City location. So you are planning to open the Rick's Cabaret Steakhouse in 4Q even if there is no gaming. So how should we think about the revenue contribution once that's up and running?

好的。對此感到抱歉。我沒有碰我的手機。正如我開始所說的，你們有相當多的項目正在籌備中，但我只是想更多地關注中心城區的計劃。因此，即使沒有遊戲，您也計劃在第四季度開設 Rick's Cabaret Steakhouse。那麼一旦啟動並運行，我們應該如何考慮收入貢獻？

And then if you do get gaming there, what could that contribute to revenue if you go ahead? I know there is uncertainty with that, but just hypothetically speaking, how should we think about that?

如果你確實在那裡玩遊戲，那麼如果你繼續下去，這會對收入產生什麼貢獻？我知道這存在不確定性，但只是假設而言，我們應該如何看待這一點？

I have not thought about the gaming at all anymore. My focus is on the club itself. I would like to -- I think the club can open up in the $100,000 per week range, which was about $5 million annual. We run our 40% margins. We make about $2 million a year out of it. I'm only opening four days a week to start.

我已經不再考慮遊戲了。我的重點是俱樂部本身。我想——我認為俱樂部可以每週開放 10 萬美元，每年大約 500 萬美元。我們的利潤率為 40%。我們每年從中賺取約 200 萬美元。一開始我每週只開放四天。

As we build up our clientele base and our entertainer base in that market and we open seven days a week, I think we can grow that to somewhere between $8 million and $10 million annually at 40% margins. So that's my focus right now. Like I said, with the gaming, I'm weighing a lot of things right now to see what makes sense or doesn't make sense for us as a company.

隨著我們在該市場建立我們的客戶群和藝人基礎，並且我們每週營業 7 天，我認為我們可以將其增長到每年 800 萬至 1000 萬美元，利潤率為 40%。這就是我現在的重點。就像我說的，對於遊戲，我現在正在權衡很多事情，看看什麼對我們公司有意義或沒有意義。

I can tell you that from what we're being told, we're 18 months to two years away at a minimum. There are two other licenses that have been applied for in Central City. They're now crossing the three-year mark without denial or approval. And so I just -- like I said, we've got a lot of information that's coming in the last week or so.

我可以告訴你，據我們所知，距離我們至少還有 18 個月到兩年的時間。中心城還有另外兩張許可證已申請。他們現在已經跨越了三年大關，沒有任何否認或批准。所以我就像我說的，我們在上週左右收到了很多訊息。

We're going to weigh that out. And probably within the next two weeks, maybe three weeks, we will have a plan of action and we will let everyone know what our plan is there. To me, it's not really relevant or material to earnings this year or next year. Obviously, if it's 18 to two years away -- 18 months to years away, so we're going to focus on what we do know.

我們將權衡一下。可能在接下來的兩週內，也許三週內，我們將製定一個行動計劃，我們會讓每個人都知道我們的計劃是什麼。對我來說，這與今年或明年的收益並不真正相關或重要。顯然，如果還有 18 到兩年的時間——18 個月到幾年的時間，那麼我們將專注於我們所知道的事情。

What we do know is we can open that club and the steakhouse, and I think we'll do very well in that market with it. And we're going to continue to rebrand some of the cheapest -- some of the BYOB locations in the Chicos so that we don't face anything like we did in Dallas in the last six months. We're just getting ahead of everything just in case the loss don't change. And we think these underperforming assets and some of the BYOB are underperforming, and that they will be much better under the new branded concept.

我們所知道的是，我們可以開設那個俱樂部和牛排館，我認為我們會在這個市場上做得很好。我們將繼續對奇科斯的一些最便宜的 BYOB 地點進行品牌重塑，這樣我們就不會遇到像過去六個月在達拉斯那樣的情況。我們只是提前做好一切準備，以防損失不會改變。我們認為這些表現不佳的資產和一些自備酒水的資產表現不佳，在新的品牌概念下它們會好得多。

So that's kind of where our focus is. I think we've got to -- one thing I'll say about being happy to focus on Bombshells for the last two and a half months is that it's really brought the team, especially upper management's focus back to what are we really doing, what is our cap lock to station, I don't know. I guess really putting microscope to the existing assets. And that's why you've seen us change.

這就是我們的重點。我認為我們必須——我要說的一件事是，我很高興在過去的兩個半月裡專注於“重磅炸彈”，這確實讓團隊，特別是高層管理人員的注意力回到了我們真正在做什麼上，我不知道我們的帽子鎖是什麼。我想確實是對現有資產進行了仔細觀察。這就是您看到我們改變的原因。

I mean we've had four clubs now that we're going to close and rebrand. I think that's going to be a big increase as we move forward to the end of this year. We've got the three bombshells coming online by the end of this year as well, I believe. As well as sometime in the first quarter of fiscal '25, I think we can get the Baby Dolls the West location open.

我的意思是，我們已經有四傢俱樂部了，現在我們要關閉並重塑品牌。我認為隨著今年年底的到來，這將是一個巨大的增長。我相信，到今年年底，我們也會推出三款重磅炸彈。以及在 25 財年第一季的某個時候，我認為我們可以開放 Baby Dolls 西店。

And then we have no more drag. I mean to put it simply, we've had so much drag. We've got to get rid of this drag. We've got to get focused on much quicker ROI that we get from acquisitions versus trying to build these new locations.

然後我們就不再有阻力了。我的意思是簡單地說，我們遇到了很大的阻力。我們必須擺脫這個阻力。我們必須專注於從收購中獲得更快的投資回報，而不是嘗試建立這些新地點。

I mean, I guess it was -- I think it's a great theory, and I think it was working, but the systems broke right now because governments just take forever; building permits taking forever, inspections take forever, and it's adding six months' time well when interest rates were 4% and 5%. That extra six months didn't cost us very much. But now the interest rates are 8.5%, 9.5% for corporate money, the carrying costs become too much.

我的意思是，我想這是一個偉大的理論，而且我認為它正在發揮作用，但係統現在就崩潰了，因為政府只是需要永遠；建築許可需要很長時間，檢查需要很長時間，而且當利率為 4% 和 5% 時，這會增加六個月的時間。額外的六個月並沒有花我們太多錢。但現在利率是8.5%，對企業資金來說是9.5%，持有成本變得太大了。

And so we have to reevaluate that. We have to run all these -- we have to go back and do all the quick great math over again. And that's what we're in the process of doing, and you'll see us through the rest of this quarter. And I plan to have everything lined out in the next six months, which gets us everything on track running into fiscal 2025.

所以我們必須重新評估這一點。我們必須運行所有這些——我們必須返回並重新進行所有快速的數學計算。這就是我們正在做的事情，您將在本季度剩餘的時間裡看到我們。我計劃在接下來的六個月內把所有事情都安排好，這讓我們一切都步入正軌，直到 2025 財年。

Got it. Okay. And then so as you rebrand some of the clubs, I mean, what's your expectation as to the lift in sales that you will get after you do such a rebranding?

知道了。好的。然後，當你對一些俱樂部進行品牌重塑時，我的意思是，你對品牌重塑後銷售額的提升有何期望？

Some liquor clubs tend to run, obviously, more sales in the BYOB clubs. I'm assuming we can get those high enough that we'll also have better total margins. The margin rate may be about the same, but because the revenues are higher, obviously, the bottom line should be higher.

顯然，一些酒類俱樂部傾向於在自帶酒水俱樂部中進行更多的銷售。我假設我們能夠獲得足夠高的水平，從而獲得更好的總利潤率。利潤率可能大致相同，但由於收入更高，顯然，利潤應該更高。

We've ran some models, but we've really only converted one club so far. So in the course of the [new clubs opening only]. As we do El Paso and Harlingen and the FCC Dallas that's now been converted as of last week, I'll probably be able to give you more color on that as we get into the next call.

我們已經運行了一些模型，但到目前為止我們實際上只改裝了一個球桿。所以在這個過程中[僅限新俱樂部開幕]。正如我們在埃爾帕索和哈林根以及達拉斯聯邦通信委員會（FCC 達拉斯）所做的那樣，這些中心已於上週完成轉換，當我們進入下一次電話會議時，我可能會為您提供更多資訊。

All right. Well, sounds good and thank you and best of luck.

好的。嗯，聽起來不錯，謝謝你，祝你好運。

Rob McGuire, Granite Research.

羅布·麥奎爾，花崗岩研究中心。

Mark, thank you. So Eric, you've discussed what's happening or avoiding what happened in Dallas again. But if you move from a BYOB to a liquor club, do you work with the different set of regulators?

馬克，謝謝你。艾瑞克，你已經討論過正在發生的事情或避免再次發生在達拉斯的事情。但是，如果您從 BYOB 轉到酒類俱樂部，您是否會與不同的監管機構合作？

Well, you have alcohol, the [XTC] and Texas becomes a new regulator for, yes.

好吧，你有酒精，[XTC] 和德克薩斯州成為新的監管者，是的。

In general, do you find that that creates an easier environment or you just -- I'm wondering if you could elaborate a little further about the strategy helping you avoid what happening with XTC.

總的來說，您是否發現這創造了一個更輕鬆的環境，或者您只是 - 我想知道您是否可以進一步詳細說明該策略，以幫助您避免 XTC 發生的情況。

It's just irrelevant. They come in with time place manner and decided that all the clubs in Dallas seemed to close at 2:00 AM, if they have an adult entertainment license. I believe it's unconstitutional. If you close me, you need to close every business. So far, the judge has disagreed with us, or they agreed with us then they disagreed with us. And so now we're going back and forth with this.

這只是無關緊要的。他們按時間和地點方式進來，並決定達拉斯的所有俱樂部如果擁有成人娛樂許可證，似乎都會在凌晨 2 點關門。我認為這是違憲的。如果你關閉我，你就需要關閉所有業務。到目前為止，法官不同意我們的觀點，或者他們同意我們的觀點然後不同意我們的觀點。所以現在我們要來回討論這個問題。

The litigation will take too long for us to sit there with that club not making any money. And so we just converted it and to avoid that in other markets, not every market, because some of BYOB clubs are still very successful, and we'll just take the chance on those. And what I consider the underperforming markets, where we ran analysis like Harlingen, El Paso, and Abilene, as we believe that we will do much better, these clubs have been around since early 2000s.

這場訴訟需要很長時間，我們不能坐視俱樂部不賺錢。因此，我們只是對其進行了轉換，以避免在其他市場（而不是每個市場）出現這種情況，因為一些 BYOB 俱樂部仍然非常成功，我們將抓住這些機會。我認為表現不佳的市場，我們對哈林根、埃爾帕索和阿比林等市場進行了分析，因為我們相信我們會做得更好，這些俱樂部自 2000 年代初以來就一直存在。

And some of the areas have changed, the market has changed, and the club stayed the same. And so we've gone in and said, look, we believe these particular locations will do much better under this new concept that we acquired.

有些地區變了，市場變了，俱樂部卻保持不變。所以我們進去說，看，我們相信在我們獲得的這個新概念下，這些特定的地點會做得更好。

Before we acquired the Duncan Burch's acquisition, we didn't have this concept. But now that we have this concept, we're able to take it, and run its numbers, and its demographics, and against some of our BYOB clubs in those three particular clubs, especially Harlingen and El Paso and even the XTC in Dallas, I think we do very, very well with this new console.

在我們收購Duncan Burch的收購之前，我們沒有這個概念。但現在我們有了這個概念，我們能夠接受它，並運行它的數據和人口統計數據，並與這三個特定俱樂部中的一些BYOB 俱樂部進行比較，特別是哈林根和埃爾帕索，甚至達拉斯的XTC，我認為我們在這款新控制台上做得非常非常好。

Thank you. And then with regards to the economic uncertainty, you talked about in the last call how you're starting to discount on Monday and Wednesday nights. Are you seeing an uplift in terms of traffic on that? Or in general, could you just comment about what you're seeing that's working in the clubs as you adjust in this environment?

謝謝。關於經濟的不確定性，您在上次電話會議中談到如何在周一和周三晚上開始打折。您是否看到流量增加？或者總的來說，您能否評論一下您在這種環境下進行調整時所看到的在俱樂部中發揮作用的情況？

Yeah. I mean, running specials are helping for sure. Sports is helping tremendously right now. So that's been a big plus for us in this quarter and last quarter -- or I mean, this month and last month. We will see how that runs out through June being on who makes finals. Obviously, weekends parties, PIP parties, just getting our teams much more involved and much less complacent, I think, is really helping.

是的。我的意思是，特價活動絕對有幫助。體育運動現在正在發揮巨大作用。因此，這對我們本季和上季（或我的意思是本月和上個月）來說是一個很大的優勢。我們將在六月看看誰進入決賽。顯然，我認為，週末聚會、PIP 聚會，讓我們的團隊更參與、更少自滿，確實很有幫助。

As you're tugging along, you don't realize sometimes that you get complacent. We hired some new management in the clubs as well as the bombshells, and we're seeing results from that. So it's a lot of just getting everybody back on track. We're turning back to the basics. And that's what got me thinking.

當你奮力前進時，你並沒有意識到有時你會變得自滿。我們在俱樂部聘請了一些新的管理層以及一些重磅炸彈，我們已經看到了結果。因此，要讓每個人都回到正軌，需要付出很多努力。我們正在回歸基本面。這就是我思考的原因。

As we return to the basics and the restaurants, return basis in the clubs, I thought to myself, well, are we returning to the basics at a corporate level? And what are the basics at the corporate level? And I said, well, let's go back to 2015 and '16 when we adopted this capital allocation strategy and let's reevaluate our assets like its 2015 again.

當我們回歸基本、餐廳、俱樂部的基礎時，我心想，我們是在企業層面回歸基礎嗎？公司層面的基礎是什麼？我說，好吧，讓我們回到 2015 年和 16 年，當時我們採用了這種資本配置策略，讓我們像 2015 年一樣重新評估我們的資產。

it was highly successful for us. It worked very, very well. And well, I think we've stayed true to the capital allocation strategy. I think we got a little complacent on existing assets, existing team members. And it was easy. We were making lots of money in '21 and '22.

這對我們來說非常成功。效果非常非常好。嗯，我認為我們一直堅持資本配置策略。我認為我們對現有資產和現有團隊成員有點自滿。這很容易。我們在 21 年和 22 年賺了很多錢。

'23 was kind of a wake-up cost for us. And as we moved into the last quarter, especially with bombshells, it became a wake-up call, and then we've seen some decline in same-store sales at the club levels. And I say, we got to cut this off immediately at the club level. We can't go on as long as we did at Bombshells. And so that's where we're at today.

23 對我們來說是一個警鐘。當我們進入上個季度時，尤其是爆炸性事件，它敲響了警鐘，然後我們看到俱樂部層面的同店銷售額有所下降。我說，我們必須立即在俱樂部層面切斷這一點。我們不能再像《重磅炸彈》那樣繼續下去了。這就是我們今天的處境。

Well, that's all really helpful. Thank you. That's it for me, Mark.

嗯，這真的很有幫助。謝謝。我就是這樣，馬克。

(Operator Instructions) Steve Martin.

（操作員說明）史蒂夫馬丁。

So most of my questions have been addressed. What are you seeing from the competition? And do you think you're outperforming the competition on the club side?

所以我的大部分問題都解決了。從比賽中你看到了什麼？你認為你在俱樂部方面的表現優於競爭對手嗎？

On the club side, in most of our markets where we're number one or number two, we are definitely outperforming our competition. We do have some lower brand clubs in certain markets that are probably similar to our competition.

在俱樂部方面，在我們排名第一或第二的大多數市場中，我們的表現絕對優於競爭對手。我們在某些​​市場確實有一些較低品牌的球桿，可能與我們的競爭對手類似。

I talked to other club owners. I think, overall, we're seeing 15% to 30% decline, probably an average of 20% declines from their peaks in '21, '22, and off again, down in '23. And now they're down again in '24 so far.

我和其他俱樂部老闆談過。我認為，總體而言，我們看到下降了 15% 到 30%，可能比 21 年、22 年的峰值平均下降 20%，然後在 23 年下降。現在，24 年以來，他們再次下滑。

It's a struggle for the mid-level consumer. The majority of clubs cater to that mid-level consumer. So I think it's just one of those things we're going to work through over the next few months. And it's not that we're -- I think a lot of the misunderstanding, because I hear people -- especially in 2009 when everybody talked about us going out of business when we were still making $6 million, we're still making $60 million to $50 million, right? It's not like we're not making a ton of money still.

對中層消費者來說，這是一場鬥爭。大多數俱樂部都迎合中層消費者的需求。所以我認為這只是我們在接下來的幾個月裡要解決的事情之一。這並不是說我們——我認為有很多誤解，因為我聽到人們——特別是在2009 年，當時每個人都在談論我們要倒閉，當時我們仍然賺600 萬美元，但我們仍然賺6000 萬美元5000萬美元，對嗎？這並不是說我們還沒賺很多錢。

We're not going out of business. It's just we're not making the same type of easy revenue and easy money that we made in '21 and '22 when there was just tons of free money, and we were the -- and in '21, we were some of the only clubs open. Our only business is opened in '22. There was just so much free money left out there.

我們不會倒閉。只是我們沒有像 21 年和 22 年那樣輕鬆獲得收入和輕鬆賺錢，當時只有大量免費資金，而我們是 - 在 21 年，我們是其中的一些只有俱樂部開放。我們唯一的生意是在22年開業的。那裡只剩下了那麼多免費的錢。

Things tightened up, interest rates went up, the consumers being squeezed in multiple places with inflation. We're seeing wage inflation ourselves. And so it's changed, and we've had to adopt to that and change with it.

情況變得更加緊張，利率上升，消費者在多個地方受到通貨膨脹的擠壓。我們自己也看到了薪資上漲。所以它改變了，我們必須適應它並隨之改變。

Okay. And you've put in a lot of cost containment measures. How long do you think that's going to take for those to show through into the earnings?

好的。您已經採取了許多成本控制措施。您認為這些需要多長時間才能體現在收益中？

Well, I mean I think you're seeing some of it right now because our revenues were down, but our EBITDA adjusted EBIT is not down as much, I think, on a same-store sales basis. And I think -- so we think we're seeing some of that.

嗯，我的意思是，我認為您現在看到了其中的一些情況，因為我們的收入下降了，但我認為，在同店銷售的基礎上，我們的EBITDA 調整後的息稅前利潤並沒有下降那麼多。我認為——所以我們認為我們正在看到其中的一些情況。

We made a decision about a week and a half ago, as we got through the end of April. Instead we're cutting off all future project costs that are controllable costs. We can't give it of carrying cost interest on that, but we're not going to hire any new employees. We're not going to continue the management training or any kind of training through these new concepts until the day they're complete.

大約一個半星期前，也就是四月底，我們做了決定。相反，我們將削減所有未來專案成本，這些成本是可控的。我們不能為此支付利息，但我們不會僱用任何新員工。在這些新概念完成之前，我們不會繼續進行管理培訓或任何類型的培訓。

So when we have a direct opening date, then we'll start all that and then we'll carry those costs. But we're not going to have any preopening costs that we carry for -- we think we're going to open in three months, but it takes nine. So we end up carrying those costs for nine months. I said we're just going to wait from now on. If it takes us an extra month or two to get open.

因此，當我們確定直接開業日期時，我們將開始所有這些工作，然後我們將承擔這些費用。但我們不會承擔任何開業前的費用——我們認為我們將在三個月內開業，但實際上需要九個月。所以我們最後承擔了九個月的費用。我說我們從現在開始就等著吧。如果我們需要額外一兩個月的時間才能開業。

It cost me very little to have a store set they're ready to open, and not open because they don't have the staff then it costs me to carry that staff for 9 or 10 months. And so we've cut all of that type of stuff. I mean, this is all going back to the capital strain strategy where we're not making any investment until we know exactly what the ROI is on it.

我花很少的錢就可以擁有一家他們準備開業的商店，而不是因為他們沒有員工而沒有開業，然後我需要花 9 或 10 個月的時間來攜帶這些員工。所以我們已經削減了所有此類內容。我的意思是，這一切都回到了資本緊張策略，在我們確切知道投資回報率之前，我們不會進行任何投資。

All right, thank you.

好的，謝謝。

Thank you.

謝謝。

Orchid Wealth.

蘭花財富。

Hey, Orchid Wealth, I think you're on mute still?

嘿，蘭花財富，我想你還在靜音嗎？

Good man. Obviously, the main thing that I'm focusing on right now is just with the environment that you're in, have you noticed any significant impact from people calling you and are they still holding on to their prices or are these people open to negotiations?

好人。顯然，我現在關注的主要問題是您所處的環境，您是否注意到打電話給您的人有任何重大影響，他們是否仍然堅持自己的價格，或者這些人是否願意進行談判？

We've been negotiating price pretty well. A lot of it right now has been terms and uncertainty. And people have been trying to hold on to their '21, '22 deals, but now they've got to '23, we're in '24. And I think people are starting to wake up to that '21 and '22 was kind of a fluke. There was, like I said, just a lot of free money out there and people are coming out of COVID and a lot of business is closed.

我們已經就價格談得很好了。現在很多都是條款和不確定性。人們一直試圖保留他們的“21”、“22”交易，但現在他們已經到了“23”，而我們已經進入了“24”。我認為人們開始意識到「21」和「22」只是一種僥倖。就像我說的，那裡有很多免費的錢，人們正在擺脫新冠病毒的影響，很多企業都關門了。

Things are normalizing. I mean, who would think we'd be thinking of normalization five years later, but that's really where we're at. I mean it was unprecedented to close so many businesses or close down the country at one time like that, and then for such a long period of time when it was supposed to be two weeks.

事情正在正常化。我的意思是，誰會想到五年後我們會考慮實現正常化，但這確實是我們現在的處境。我的意思是，像這樣一次關閉如此多的企業或關閉整個國家，然後又持續瞭如此長的一段時間，本來應該是兩週，這是史無前例的。

And so I just think there's been a lot of adjustment going on. We're getting back to that normalization. And like I said, I think a lot of -- I don't think it's just us. I think a lot of companies, a lot of people got complacent. I was talking with Mark today when I came into his office here in New York City. And I think last time we were here, there were 15 people in this office at most.

所以我認為正在進行很多調整。我們正在恢復正常化。就像我說的，我認為很多人——我不認為只有我們。我認為很多公司、很多人都沾沾自喜了。今天，當我走進馬克位於紐約市的辦公室時，我正在與他交談。我想上次我們來這裡的時候，這個辦公室裡最多有 15 個人。

And most of the time we come over here, there'll be eight or nine. And I said, you guys got 35, 45 people here, what's going on? Everybody's back to work. And we're seeing that in our numbers in New York City as well as the clubs.

大多數時候我們來這裡的時候，都會有八、九個人。我說，你們這裡有 35、45 個人，這是怎麼回事？大家都回去工作了。我們在紐約市和俱樂部的數據中看到了這一點。

So I think like I said, I think this is going to return back to normal. And I don't know what that means just yet, but I do know that we'll be staying on top and staying ahead of it, instead of playing catch-up like we've done in 2023.

所以我想就像我說的，我認為這將會恢復正常。我還不知道這意味著什麼，但我確實知道我們將保持領先地位，而不是像 2023 年那樣追趕。

And my assumption is when I roll -- take out the numbers for all of the years, previous years before the, let's call it, the COVID bump. I kind of feel like you guys are still on trend line from what you were for the previous five years of what you had been doing and just in terms of overall just you're growing -- you have this like we kind of have like a heat wave. You sell a lot of ice cream and you get back to normal temperatures. You're going to sell about a certain historical number of ice cream. I mean, I'm assuming things are along those lines or are you noticing anything different?

我的假設是，當我滾動時，取出所有年份的數字，即在我們稱之為新冠疫情爆發之前的前幾年。我覺得你們仍然處於過去五年所做的趨勢線上，就整體而言，你們正在成長——你們擁有這樣的東西，就像我們擁有的那樣熱浪。你賣出了很多冰淇淋，溫度又回到了正常水平。您將銷售一定歷史數量的冰淇淋。我的意思是，我假設事情是這樣的，或者你注意到什麼不同了嗎？

When we compare to '18 and '19, we're in pretty good shape. I mean, you have certain markets. Minnesota was dragging for a while, but I mean they not only had COVID, you had the George Floyd issue up there, you have major changes in that market that had affected it for a while.

與 18 年和 19 年相比，我們的狀態相當不錯。我的意思是，你有一定的市場。明尼蘇達州拖了一段時間，但我的意思是他們不僅有新冠病毒，還有喬治·弗洛伊德問題，該市場發生了重大變化，影響了一段時間。

But the [TW] are breathing life into downtown again. I'm seeing numbers that we hadn't seen in Rick's, Minneapolis in a long time. The Savill club is doing much better. So I'm optimistic that that market is going to finally turn. New York is turning, as people return back to the offices. So I'm very optimistic there.

但[TW]再次為市中心注入了生機。我看到的數字是我們在明尼阿波利斯的里克店已經很久沒有見過的數字了。第一太平戴維斯俱樂部做得更好。因此，我對市場最終會轉變持樂觀態度。隨著人們返回辦公室，紐約正在轉變。所以我對此非常樂觀。

The biggest problem we have is Florida was just incredible, right? I mean, you took to never -- the highest year ever was $26.8 million or $26.6 million in '18 or '19. And then in 2022, they did $39.6 million gross. And then I think last year, 35 and change, or 30 change. So that's a $5 million change. It is a big swing on a quarterly basis for same-store sales.

我們面臨的最大問題是佛羅裡達州真是令人難以置信，對吧？我的意思是，你從來沒有——有史以來最高的一年是 2680 萬美元，或者 18 年或 19 年的 2660 萬美元。到 2022 年，他們的總收入達到 3,960 萬美元。然後我想去年，35 歲還有變化，或是 30 歲變化。所以這是 500 萬美元的改變。同店銷售額按季度計算波動較大。

When it comes to buybacks right now, obviously, you guys have your chart for when you should be aggressive or not. But obviously, with the influx of the cash that you're going to have on the balance sheet and stuff. I mean, because it sounds like you're not in any negotiations or anything close by where you're going to be doing any big deals at least at the present moment, are you prepared to be aggressive and get back to those 130,000 shares that you put out at $80 close to two years ago?

當談到現在的回購時，顯然，你們都有自己的圖表來判斷何時應該積極進取或不應該積極進取。但顯然，隨著資產負債表上的現金大量湧入。我的意思是，因為聽起來你至少在目前沒有進行任何談判或任何接近要做任何大交易的事情，你準備好積極進取並回到那 130,000 股了嗎？價格投入？

I'm thinking a little more aggressive terms on that. I would like to get us back under 9 million shares total outstanding. So I'd like to buy back a little over 300,000 shares at some price here depending on what the market opportunity is for us.

我正在考慮一些更激進的條款。我想讓我們的流通股總數回到 900 萬股以下。因此，我想根據我們的市場機會以某個價格回購略多於 300,000 股的股票。

I don't know when I -- we closed the loan on when I can remind -- close today. Today is Thursday. We closed one Tuesday, Bradley? -- or when do we --? Whenever the 8K went out. We closed one and then the last week, I can tell you that.

我不知道我什麼時候——我們在我能提醒的時候結束了貸款——今天結束了。今天是星期四。我們週二關門了，布拉德利？ ——或者我們什麼時候——？每當8K出來的時候。我們關閉了一個，然後是上週，我可以告訴你。

I thought about getting pretty aggressive. I decided that after talking with our attorneys that I should wait until after this call, make sure all the relevant data is out there. Now, with the casinos kind of in limbo, we'll probably stick for at least the next two weeks. We'll probably stick to a more moderate buyback if we start buying back stock.

我想過變得相當激進。在與我們的律師交談後，我決定應該等到這次電話會議之後，確保所有相關數據都在那裡。現在，由於賭場陷入困境，我們可能至少會在接下來的兩週內堅持下去。如果我們開始回購股票，我們可能會堅持更溫和的回購。

We may not -- I don't know. We may buy maximum under Safe Harbor. I can tell you we probably will never buy over a Safe Harbor amount in a single day. We will stick to the SEC Safe Harbor provision for our buybacks.

我們可能不會——我不知道。我們可以在安全港下最大程度地購買。我可以告訴你，我們可能永遠不會在一天內購買超過安全港的數量。我們將遵守 SEC 回購安全港條款。

And what's that number approximately?

這個數字大約是多少？

25% of the average daily volume management. So long as I had to worry about it, because we actually -- we used to use a little local stock broker, now, we actually use an investment bank to do our buybacks.

日均管理量的25%。只要我必須擔心這個問題，因為我們實際上 - 我們曾經使用一家當地的小型股票經紀人，現在，我們實際上使用投資銀行來進行回購。

So 25% of the average daily volume over a 25-day period, something like that. 30-day period, or some 10 days, I don't know.

25 天內日均交易量的 25%，類似的數字。 30天，或大約10天，我不知道。

It's like 8,000 to 10,000 shares is what you could take down?

好像8000到10000股你就可以拿下？

I think it's a little higher than that, but I'd have to get to -- I mean I can ask them. Yeah, it comes up to 14,000 shares, I think, last time I looked.

我認為比這個高一點，但我必須去——我的意思是我可以問他們。是的，上次我看的時候，我想它有 14,000 股。

Right. But you have more than enough cash to take back $130,000.

正確的。但你有足夠的現金拿回 13 萬美元。

I mean we're setting out $45 million in cash, now we'll be close to loan. I mean used the whole $20 million to buy back stock. I well, I can use [13] of it, so the Board would have approved for me to go over that amount. But yeah, I mean we could do that. We'll see what the stock does.

我的意思是，我們準備了 4500 萬美元現金，現在我們即將獲得貸款。我的意思是用了全部 2000 萬美元來回購股票。我好吧，我可以使用其中的 [13]，所以董事會會批准我超過這個數字。但是，是的，我的意思是我們可以做到這一點。我們將看看該股票的表現。

Obviously, when it's super cheap, I get very aggressive. We've seen that before. And at these prices, $100,000 a day or $200,000 a day, is I don't consider that too aggressive. I consider that just a nice casual buyback or cost average in and out, and we bought some stock at [48]. We buy some stock at [56].

顯然，當它超級便宜時，我會變得非常激進。我們以前見過這樣的情況。按照這些價格，每天 10 萬美元或每天 20 萬美元，我認為這並不太激進。我認為這只是一次不錯的休閒回購或平均進出成本，我們在[48]。我們買一些股票[56]。

It all was out in the wash for us. And over the long run, over five-year period, it won't matter. When we bought it (multiple speakers) price and it will be five years from now.

對我們來說，一切都已經過去了。從長遠來看，五年內，這並不重要。當我們購買它（多個揚聲器）時的價格，它將是五年後的事情。

Well, I mean, you got two deals. You got shares at [80], you got shares at [60]. So anything right now is net return on cash.

嗯，我的意思是，你有兩筆交易。您所獲得的股票為 [80]，您所獲得的股票為[60]。所以現在的一切都是現金淨回報。

Next 300,000 shares -- under 60, we're benefiting, right? I mean we bought real assets. The bought real estate, we bought cash flow. Both of those acquisitions are performing much better than they were on the price that we bought them on. So I mean you see the Duncan Burch changes of 23% increased revenues, margins up to 32%. I mean, that's a big change from where we bought it at 1.5 years ago.

接下來的 30 萬股——60 股以下，我們正在受益，對吧？我的意思是我們購買了實體資產。買了房產，我們就買了現金流。這兩項收購的表現都比我們購買時的價格好得多。所以我的意思是，你會看到 Duncan Burch 的收入增加了 23%，利潤率提高了 32%。我的意思是，與我們 1.5 年前購買它時相比，這是一個很大的變化。

A year ago, right? Yeah, a year ago. And then with like, obviously, over the last number of years here, you guys obviously have a huge amount of real estate portfolio right now. I'm assuming like, on a lot of these things, when you did with the Bombshells, you had ancillary property and stuff.

一年前，對嗎？是的，一年前。然後，顯然，在過去的幾年裡，你們現在顯然擁有大量的房地產投資組合。我假設，在很多事情上，當你處理重磅炸彈時，你擁有輔助財產和東西。

Do you still have parcels and stuff that you can sell off? And like, what possibly could you sell off in terms of just land or places next to the clubs that could -- that doesn't do you any good, it'd be worth selling (inaudible)?

您還有可以出售的包裹和東西嗎？就像，你可能會以土地或俱樂部旁邊的地方來出售什麼——這對你沒有任何好處，但值得出售（聽不清楚）？

On a cost base -- on a cost basis, about $4 million on a cost basis. On a market basis, we have one property that we just turned down $9 million for I believe it's worth.

以成本計算－以成本計算，約 400 萬美元。在市場基礎上，我們有一處房產，我們剛剛拒絕了 900 萬美元，因為我相信它物有所值。

And what did you pay for that?

你為此付出了什麼？

$2.15 million about four years ago maybe. Basically, we have three parcels of land left. The Aurora property that we recently bought for Bombshells that we're not going to develop is Bombshells that property is up for sale. I expect to have a contract on that hopefully in the next two weeks, according to the broker that I put on that.

大約四年前，可能是 215 萬美元。基本上，我們還剩下三塊地。我們最近為 Bombshel​​ls 購買的 Aurora 房產我們不打算開發，但 Bombshel​​ls 的房產正在出售。根據我介紹的經紀人說，我希望在接下來的兩週內能簽訂合約。

I said, I turned on $9 million for our property in the Houston, Texas area. It's about 19 acres. I believe the property is worth about $30 a foot if we got prime price for it. But in this market today, probably closer to $14 a foot, which would be around $12 million, $14 million. I know I think the price we got offered for it was closer to $10 a foot.

我說，我為我們在德州休士頓地區的房產投入了 900 萬美元。佔地約19英畝。我相信，如果我們得到最優惠的價格，這處房產的價值約為每英尺 30 美元。但在今天的市場上，可能接近每英尺 14 美元，大約是 1200 萬美元、1400 萬美元。我知道我認為我們得到的價格接近每英尺 10 美元。

If somebody came in at $12 a foot today, I'd probably just take it and walk, if Friday was a fast closing. I talked about broker pretty regulators. It's the largest contingent piece of land within about a 5-mile radius at an intersection of two major highways.

如果今天有人以每英尺 12 美元的價格買入，如果週五收盤速度很快的話，我可能會直接拿走。我談到了經紀人和監管機構。它是兩條主要高速公路交叉口約 5 英里半徑內最大的備用土地。

There's a big giant Bass Pro shop on the opposite corner. It is a prime piece of real estate today. It wasn't when we bought it because it was zoned for in a special use zone. I petitioned the city about one year, 1.5 year ago, to rezone that property into basically C1 commercial, which is basically any viable commercial use.

對面的轉角處有一家巨大的 Bass Pro 商店。今天它是一個主要的房地產。我們買它的時候不是因為它被劃在特殊用途區。大約一年，即 1.5 年前，我向市政府請願，將該房產重新規劃為 C1 商業用途，基本上是任何可行的商業用途。

So that probably -- and that's where the value was created is when we changed the zone and that probably became very valuable. And if all the other large pieces around us got bought up because we had originally planned to develop that property into basically a mini industrial park, light industrial park, and then, of course -- so, look, RCI isn't really in the development business, let's just sell this property. And so started shopping it out there to sell it.

所以這可能是——這就是當我們改變區域時創造價值的地方，這可能變得非常有價值。如果我們周圍的所有其他大型建築都被收購了，因為我們最初計劃將該地產開發為基本上一個小型工業園、輕工業園，然後，當然 - 所以，看，RCI 並不真正屬於開發業務，我們就賣掉這個房產吧。於是開始在那裡購買並出售它。

So we'll get it sold, I think, at some point in the next six months really. I'd like to get everything -- or we're actually four months now, because I'd like to get everything lined up by October 1, 2024, to our fiscal 2025 and get everything back in line with our K strategy like we did in 2016 and '17.

所以我認為，我們真的會在未來六個月的某個時候將其出售。我想把一切都搞定——或者我們現在實際上已經四個月了，因為我想在2024 年10 月1 日之前，到我們的2025 財年，讓一切都安排妥當，讓一切都像我們一樣重新符合我們的K 策略2016 年和 17 年做過。

Okay. And I'm assuming anything that you're buying at these current levels is meeting your capital allocation strategy?

好的。我假設您在當前水準上購買的任何東西都符合您的資本配置策略？

I think everything we bought period has met our capital allocation strategy. I don't think we have anything invested. I think some mistake, if we made any mistake, was estimation of time to open.

我認為我們期間購買的所有東西都符合我們的資本配置策略。我認為我們沒有任何投資。我認為，如果我們犯了任何錯誤的話，那就是對開業時間的估計。

And so therefore, the carrying costs are increasing. And I think we'll be within our capital case strategy with additional carrying costs on everything except for maybe these casino properties because this timeline is getting crazy. So we've got to weigh that math still.

因此，持有成本正在增加。我認為我們將在我們的資本案例策略內，除了這些賭場資產之外的所有事物上都會產生額外的持有成本，因為這個時間表變得越來越瘋狂。所以我們仍然必須權衡數學。

But on everything else, the Bombshells properties unit, we hope six month, maybe the return on investment is 25% instead of 45%, but I still think the return on investment will be very fine. Cash-on-cash wise, we'll still fall within the ranges of our capital allocation strategy.

但在其他方面，Bombshel​​ls 房地產部門，我們希望六個月的投資回報率可能是 25%，而不是 45%，但我仍然認為投資回報率會非常好。就現金現金而言，我們仍將處於我們的資本配置策略的範圍內。

Well, we can't buy clubs by stock so -- all right. Thanks so much, guys.

好吧，我們不能透過股票購買俱樂部，所以——好吧。非常感謝，夥計們。

Thank you very much, Eric and Bradley, as well as all those who asked questions.

非常感謝埃里克和布拉德利，以及所有提出問題的人。

For those who joined us late, you can meet management tonight at 7:00, at Rick's Cabaret New York, one of RCI's top revenue-generating clubs. Rick's is at 50 West 33rd Street between Fifth Ave and Broadway a little in from Herald Square. If you have an RSVP-ed, ask for Eric or me at the door.

對於那些較晚加入我們的人，您可以在今晚 7:00 在 Rick's Cabaret New York（RCI 創收最高的俱樂部之一）與管理層會面。Rick's 位於第五大道和百老匯之間的西 33 街 50 號，距離先驅廣場不遠。如果您有回复，請在門口找埃里克或我。

On behalf of Eric, Bradley, the company and our subsidiaries, thank you, and have a good night. As always, please visit one of our clubs or restaurants, and have a great time.

我謹代表艾瑞克、布萊德利、公司和我們的子公司，感謝你們，祝你們有個美好的夜晚。像往常一樣，請訪問我們的俱樂部或餐廳之一，並度過愉快的時光。