RCI Hospitality Holdings Inc (RICK) 2025 Q2 法說會逐字稿

Greetings. Welcome to RCI Hospitality Holdings' second-quarter 2025 earnings conference call.

問候。歡迎參加 RCI Hospitality Holdings 2025 年第二季財報電話會議。

You can find the company's presentation on RCI's website. Go to the Investor Relations section, all the links are at the top of the page.

您可以在 RCI 的網站上找到該公司的介紹。轉到投資者關係部分，所有連結都在頁面頂部。

Please turn with me to slide 2 of our presentation. I'm Mark Moran of Equity Animal. I'll be hosting our call today. I'm coming to you from Washington, D.C..

請和我一起翻到我們簡報的第二張投影片。我是 Equity Animal 的馬克·莫蘭。今天我將主持我們的電話會議。我從華盛頓特區趕來見你。

Eric Langan, President and CEO of RCI Hospitality; and CFO, Bradley Chhay, are in Houston today.

RCI Hospitality 總裁兼執行長 Eric Langan 和財務長 Bradley Chhay 今天來到休士頓。

Please turn with me to slide 3. RCI is making this call exclusively on X Spaces. (Operator Instructions) This conference call is being recorded.

請和我一起翻到投影片 3。RCI 正在 X Spaces 上獨家發布此通告。（操作員指示）本次電話會議正在錄音。

Please turn with me to slide 4. I want to remind everybody of our Safe Harbor Statement. You may hear or see forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards.

請和我一起翻到投影片 4。我想提醒大家注意我們的安全港聲明。您可能會聽到或看到涉及風險和不確定性的前瞻性陳述。實際結果可能與目前預期的結果有重大差異。我們不承擔因事後發生的事態發展而更新本次電話會議中披露的資訊的任何義務。

Please turn with me to slide 5. I also direct you to the explanation of [RICK's] non-GAAP financial measures.

請跟我一起翻到投影片 5。我也會引導您了解[RICK]非公認會計準則財務指標的解釋。

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

現在，我很高興介紹 RCI Hospitality 總裁兼執行長 Eric Langan。埃里克，把它拿走。

Thank you, Mark.

謝謝你，馬克。

Please turn to slide 6. Thanks for joining us today. Let me run through some key takeaways.

請翻到幻燈片 6。感謝您今天加入我們。讓我來介紹一些關鍵要點。

All comparisons are year-over-year, unless otherwise noted.

除非另有說明，所有比較均為同比。

As we previously announced, revenues reflect the sale, divestiture of five underperforming Bombshells segment locations and the effect of severe weather on company same-store sales in January and February. This was offset by improving trends in March and contributions from new and rebranded locations.

正如我們之前宣布的那樣，收入反映了 1 月和 2 月出售、剝離五個表現不佳的 Bombshells 分店以及惡劣天氣對公司同店銷售額的影響。但 3 月的趨勢改善以及新店和更名門市的貢獻抵消了這一影響。

Profitability reflects the lower same-store sales offset by lower cost (inaudible) sale of Bombshells-related units and lower (technical difficulty). In addition, during and subsequent to the second quarter, we continued to make progress with our Back to Basics five-year capital allocation plan. We acquired two upscale adult nightclubs, Flight Club in Detroit and Platinum West in South Carolina.

獲利能力反映了同店銷售額的下降，但被 Bombshells 相關單位的銷售成本（聽不清楚）下降和（技術難度）。此外，在第二季及之後，我們繼續推進「回歸基礎」五年資本配置計畫。我們收購了兩家高檔成人夜總會，位於底特律的 Flight Club 和位於南卡羅來納州的 Platinum West。

Price multiples were in line with our capital allocation strategy. We are also working on another acquisition. We opened a Bombshells in Denver and rebranded and reformatted the Chicas Locas in El Paso. This reduced our list of development projects.

價格倍數符合我們的資本配置策略。我們還在進行另一項收購。我們在丹佛開了一家 Bombshells 餐廳，並對埃爾帕索的 Chicas Locas 餐廳進行了品牌重塑和改版。這減少了我們的開發項目清單。

We repurchased 56,875 common shares for $2.9 million, ending the quarter with approximately 8.8 million shares outstanding.

我們以 290 萬美元回購了 56,875 股普通股，本季末流通股數約為 880 萬股。

Now, here's Bradley to review our performance in more detail.

現在，請布拉德利更詳細地回顧我們的表現。

Thank you, Eric.

謝謝你，埃里克。

Please turn to slide 7. All comparisons are year-over-year for the quarter, unless otherwise noted.

請翻到幻燈片 7。除非另有說明，否則所有比較均為本季的年比數據。

Total revenues were $65.9 million compared to $72.3 million, a difference of $6.4 million, primarily due to closures or divestitures of non-performing Bombshells and the effect of bad weather, as Eric mentioned.

總收入為 6,590 萬美元，而去年同期為 7,230 萬美元，相差 640 萬美元，這主要是由於關閉或剝離業績不佳的 Bombshells 以及惡劣天氣的影響，正如 Eric 所提到的。

18 club and Bombshells locations had to close one or two days each. And even if clubs and Bombshells were able to open, they experienced slower business, particularly on weekends when temperatures were below zero or had heavy snow and ice, for example, in Dallas and Houston. But with warmer temperatures in March, sales began to improve.

18 傢俱樂部和 Bombshells 酒吧不得不分別關閉一到兩天。即使俱樂部和 Bombshells 酒吧能夠開業，生意也會比較蕭條，尤其是在氣溫低於零度或有大雪和冰凍的周末，例如達拉斯和休斯頓。但隨著三月氣溫回暖，銷量開始好轉。

Impairments and other charges were $2.1 million compared to $8.2 million, a difference of $6.1 million. That was due to lower impairments in nightclubs. As a result, net income attributable to RCIHH common shareholders was $3.2 million compared to $0.8 million, a difference of $2.5 million.

減損及其他費用為 210 萬美元，去年同期為 820 萬美元，相差 610 萬美元。這是因為夜總會的損傷程度較低。因此，歸屬於 RCIHH 普通股股東的淨收入為 320 萬美元，而去年同期為 80 萬美元，相差 250 萬美元。

GAAP EPS was $0.36 per share compared to $0.08 per share.

GAAP EPS 為每股 0.36 美元，而之前為每股 0.08 美元。

Net cash provided for operating activities was $8.5 million compared to $10.8 million, a difference of $2.3 million. That was primarily due to a reduced operating margins due to lower sales. As a result, free cash flow was $6.9 million compared to $8.8 million.

經營活動提供的淨現金為 850 萬美元，去年同期為 1,080 萬美元，相差 230 萬美元。這主要是由於銷售額下降導致營業利潤率下降。因此，自由現金流為 690 萬美元，而之前為 880 萬美元。

Adjusted EBITDA was $14.2 million compared to $17.2 million. And non-GAAP EPS was $0.65 compared to $0.90.

調整後的 EBITDA 為 1,420 萬美元，而之前為 1,720 萬美元。非 GAAP 每股收益為 0.65 美元，去年同期為 0.90 美元。

Now, please turn to slide 8. Nightclub revenues totaled $57.5 million, a difference of $1.8 million or negative 3.1% year over year. Key factors included a 3.5% decline in same-store sales and the absence of Baby Dolls Fort Worth due to a fire. This was partially offset by $1 million from Flight Club acquisition and four rebranded clubs not in same-store sales.

現在請翻到第 8 張投影片。夜總會收入總計 5,750 萬美元，與去年同期相比減少 180 萬美元，即下降 3.1%。主要因素包括同店銷售額下降 3.5% 以及 Baby Dolls Fort Worth 因火災而關閉。這部分被收購 Flight Club 的 100 萬美元和四家未計入同店銷售額的更名俱樂部所抵銷。

Alcoholic beverage sales declined 5.3%. Service declined 2.9%. However, food, merchandise, and other increased 2.4%.

酒精飲料銷量下降5.3%。服務業下降了2.9%。然而，食品、商品和其他商品上漲了2.4%。

Impairment and other charges totaled $2.0 million, with impairments spread across four clubs. This compares to impairments and other charges of $8.2 million in the year-ago quarter.

減損和其他費用總計 200 萬美元，減損涉及四個俱樂部。相比之下，去年同期的減損和其他費用為 820 萬美元。

Operating income was $14.6 million compared to $11 million. Margin was 25.4% of revenues versus 18.6%. Results primarily reflected the impairment decline offset by sales decline.

營業收入為 1,460 萬美元，去年同期為 1,100 萬美元。利潤率為營收的 25.4%，而同期為 18.6%。結果主要反映了減損損失的減少被銷售額的下降所抵消。

Non-GAAP operating income was $17.1 million compared to $19.8 million. Margin was 29.8% of segment revenues versus 33.4%. Non-GAAP results primarily reflected the sales decline.

非公認會計準則營業收入為 1,710 萬美元，去年同期為 1,980 萬美元。利潤率為分部收入的 29.8%，而同期比例為 33.4%。非公認會計準則結果主要反映了銷售額的下降。

Now, please turn to slide 9. Bombshells revenue totaled $8.2 million, a difference of $4.5 million or 35.6% year over year. The key factors here included sale and divestiture of five underperforming locations in the fourth quarter of '24 and the first quarter of 2025, which impacted revenues by $3.7 million, a 13.4% decline in same-store sales and bad weather. This was offset by two locations not in same-store sales, consisting of a full quarter of Stafford, Texas location and a partial quarter of the new Denver location.

現在請翻到第 9 張投影片。Bombshells 的收入總計 820 萬美元，與去年同期相比減少了 450 萬美元，即 35.6%。這裡的關鍵因素包括 2024 年第四季和 2025 年第一季出售和剝離五個表現不佳的門市，這導致收入減少 370 萬美元，同店銷售額下降 13.4% 以及惡劣天氣。這被兩家未計入同店銷售額的門市所抵消，其中包括德州斯塔福德門市的四分之一和新丹佛門市的部分四分之一。

Operating results were a loss of $227,000 versus an income of $699,000. Margin was negative 2.8% of segment revenues versus a positive 5.5% in the year-ago quarter.

經營結果為虧損 227,000 美元，而獲利 699,000 美元。本季利潤率為分部收入的負 2.8%，而去年同期為正 5.5%。

On a non-GAAP basis, the segment was virtually breakeven with a loss of $67,000 versus income of $750,000 or negative 0.8% of segment revenues versus positive 5.9%. These results primarily reflected the sales decline from open locations and Bombshells Denver pre-opening costs, most of which were offset by the sale and divestiture of nonperforming locations.

依照非公認會計準則計算，該部門基本上達到收支平衡，虧損 67,000 美元，而收入 750,000 美元，或部門收入為負 0.8%，而收入為正 5.9%。這些結果主要反映了開業門市的銷售額下降和 Bombshells Denver 開業前的成本，其中大部分被不良門市的出售和剝離所抵消。

Please turn to slide 10. GAAP expenses totaled $5.5 million, a decline of $1.3 million. Non-GAAP expenses totaled $5.4 million, a decline of about $0.9 million. Expense margin was 8.4% of revenues versus 9.4% GAAP and 8.2% versus 8.8% non-GAAP. This decline primarily reflects lower overhead from fewer locations.

請翻到第 10 張投影片。GAAP 費用總計 550 萬美元，下降 130 萬美元。非 GAAP支出總計 540 萬美元，減少約 90 萬美元。費用利潤率為收入的 8.4%，而以 GAAP 計算則為 9.4%，依非 GAAP 計算則為 8.2%，而以非 GAAP 計算則為 8.8%。這種下降主要反映了較少地點帶來的較低管理費用。

Please turn to slide 11. We have slides in the upcoming deck that discuss free cash flow and adjusted EBITDA, which are non-GAAP. In advance of that, we wanted to present the closest GAAP equivalents, which are operating income, non -- net cash provided by operations and net income.

請翻到第 11 張投影片。我們在即將發布的簡報中有一些幻燈片，討論了非 GAAP 的自由現金流量和調整後的 EBITDA。在此之前，我們希望提供最接近的 GAAP 等值物，即營業收入、非淨營業現金和淨收入。

Please turn to slide 12. We ended the first quarter with cash and cash equivalents of $32.7 million. During the quarter, we used $6 million as part of the Flight Club acquisition and $2.9 million to buy back shares. As a percentage of revenues, free cash flow was 11% and adjusted EBITDA was 22%, both primarily reflected lower margins.

請翻到第 12 張投影片。第一季結束時，我們的現金和現金等價物為 3,270 萬美元。本季度，我們使用了 600 萬美元作為 Flight Club 收購的一部分，並使用了 290 萬美元回購股票。佔收入的百分比為：自由現金流為 11%，調整後的 EBITDA 為 22%，主要反映了利潤率的下降。

Please turn to slide 13. Our debt at March 31 increased $5.9 million from December 31. The increase primarily reflects financing related to the Flight Club acquisition and the construction of Bombshells Roulette and Lubbock, offset by scheduled paydowns.

請翻到第 13 張投影片。我們的債務在 3 月 31 日比 12 月 31 日增加了 590 萬美元。這一成長主要反映了與 Flight Club 收購以及 Bombshells Roulette 和 Lubbock 建設相關的融資，但被預定的還款所抵消。

The weighted average interest rate was 6.7% compared to 6.6% in the year-ago quarter. Total occupancy cost was 8.5% of revenue compared to 8% a year ago, reflecting lower second-quarter revenues, not higher costs.

加權平均利率為 6.7%，而去年同期為 6.6%。總入住成本佔收入的 8.5%，而去年同期為 8%，反映出第二季收入較低，而不是成本較高。

Debt-to-trailing 12-month adjusted EBITDA was 3.56 times compared to 3.32 times in the preceding quarter, reflecting the higher debt at March 31 and lower second-quarter EBITDA. Debt-to-trailing 12-month adjusted EBITDA should decline as sales rebound with warmer weather and growth from locations that have come online more recently and from those anticipated to open. Debt maturities continue to remain reasonable and manageable.

過去 12 個月的債務與調整後 EBITDA 比率為 3.56 倍，而上一季為 3.32 倍，這反映了 3 月 31 日的債務較高以及第二季度 EBITDA 較低。隨著天氣變暖以及近期開業和預計開業門市的銷售額出現反彈，債務與過去 12 個月調整後 EBITDA 比率應該會下降。債務期限持續保持合理且可控。

Now, here's Eric.

現在，這是埃里克。

Thank you, Bradley.

謝謝你，布拉德利。

Please turn to slide 14 to review our capital allocation strategy. Our plan calls for allocating our free cash flow in the following manner: 40% to capital allocation or to club acquisitions and 60% share buybacks, debt reduction, and dividends, with the goal of growing free cash flow per share at 10% to 15% annually.

請翻到第 14 張投影片來查看我們的資本配置策略。我們的計劃要求以以下方式分配我們的自由現金流：40％用於資本配置或俱樂部收購，60％用於股票回購、債務削減和股息，目標是每年將每股自由現金流增長 10％至 15％。

Please turn to slide 15. Operationally, we are focused on our core nightclub business, reviewing every club to increase same-store sales on a regular basis, we'll rebrand, reformat, or divest our underperformers.

請翻到第 15 張投影片。在營運方面，我們專注於核心夜總會業務，定期審查每家夜總會以增加同店銷售額，我們將重塑品牌、重新格式化或剝離表現不佳的夜總會。

Our nightclubs plan also involves acquisitions. Our goal is to acquire an average of $6 million of adjusted EBITDA per year, focused on the best clubs, buying base hits with an occasional home run.

我們的夜總會計劃還涉及收購。我們的目標是每年平均獲得 600 萬美元的調整後 EBITDA，專注於最好的俱樂部，購買偶爾打出全壘打的安打。

Our target matrix remain the same, 3 times to 5 times adjusted EBITDA for the club and fair market value for the real estate, targeting 100% cash-on-cash returns in three to five years. Purchases would be made with cash on hand, bank financing, or seller notes. We would also consider using stock if our valuation improves.

我們的目標矩陣保持不變，即俱樂部調整後 EBITDA 為 3 倍至 5 倍，房地產為公平市場價值，目標是在三到五年內實現 100% 的現金回報。購買可以透過現金、銀行融資或賣方票據進行。如果我們的估值提高，我們也會考慮使用股票。

For Bombshells, we're working to improve existing locations, targeting 15% operating margins and a return to same-store sales growth. We also plan to complete two new locations in development.

對於 Bombshells，我們正在努力改善現有門市，目標是實現 15% 的營業利潤率和同店銷售額的恢復成長。我們也計劃完成兩個新地點的開發。

The final part of our plan is regularly buying back our stock, flexing up if we consider the price to be particularly undervalued. We also anticipate modest annual dividend increases.

我們計劃的最後一部分是定期回購股票，如果我們認為價格被嚴重低估，我們就會提高價格。我們也預計年度股利將適度增加。

Over the five years, we aim to generate more than $250 million in free cash flow and repurchase a significant amount of shares. By fiscal '29, our targets are $400 million in revenue, $75 million in free cash flow, 7.5 million shares outstanding, and the end result would be doubling free cash flow per share to approximately $10 from last year's.

在未來五年內，我們的目標是產生超過 2.5 億美元的自由現金流併回購大量股票。到 29 財年，我們的目標是實現 4 億美元的收入、7,500 萬美元的自由現金流、750 萬股流通股，最終結果是每股自由現金流比去年翻一番，達到約 10 美元。

Please turn to slide 16. To give you an idea of the progress we've made on the share buyback, 10 years ago, we had about 10.3 million shares outstanding. As of last Friday, we had about 8.8 million shares, which is about a 15% drop.

請翻到第 16 張投影片。為了讓您了解我們在股票回購方面的進展，10 年前，我們有大約 1,030 萬股流通股。截至上週五，我們持有約 880 萬股，下降了約 15%。

Please turn to slide 17. With Bombshells Denver and Chicas Locas now open, we have five remaining developments. Three are very close to completion. We are targeting Bombshells Lubbock for the opening later this month or early June and Rick's Cabaret Central City for early next month as well. And Bombshells Roulette sometime this summer.

請翻到第 17 張投影片。隨著 Bombshells Denver 和 Chicas Locas 的開業，我們還剩下五個開發案。其中三個已接近完工。我們計劃於本月晚些時候或 6 月初在 Lubbock 開設 Bombshells，並於下個月初在 Central City 開設 Rick's Cabaret。今年夏天的某個時候，還有 Bombshells Roulette。

We are still awaiting construction permits for Baby Dolls West Fort Worth. And we are awaiting engineering review and zoning plans for the Bombshells -- or for the Baby Dolls Fort Worth that was burned in the fire.

我們仍在等待 Baby Dolls West Fort Worth 的建築許可。我們正在等待對 Bombshells 或被大火燒毀的 Baby Dolls Fort Worth 的工程審查和分區規劃。

We have also sold our Aurora Colorado property, which we were going to use for Bombshells and listed the other properties for sale in Austin and Huntsville.

我們還出售了位於科羅拉多州奧羅拉的房產（原計劃用於拍攝《Bombshells》），並將位於奧斯汀和亨茨維爾的其他房產列入待售名單。

As we've continued to make progress with Favoritely.com, our social media fan site for adult nightclub entertainers and staff, we are out of beta now and we have added a few more clubs and entertainers since our news release last month.

隨著我們針對成人夜總會藝人和工作人員的社交媒體粉絲網站 Favoritely.com 的不斷進展，我們現在已經完成測試，並且自上個月發布新聞以來，我們又增加了一些俱樂部和藝人。

I'd like to thank all of our loyal and dedicated team members for all their hard work and efforts; and all of our shareholders who believe and make our success possible.

我要感謝我們所有忠誠和敬業的團隊成員的辛勤工作和努力；以及所有相信我們並使我們成功成為可能的股東。

Now, here's Mark.

現在，這是馬克。

(Operator Instructions)

（操作員指示）

Now, first, we have [Orchid] Wealth. Please take it away.

現在，首先，我們有[蘭花]財富。請把它拿走。

Just a couple of quick questions about financing. Obviously, with the market being where it is today, you'll probably encounter a lot of possible sellers. If you guys could use seller financing, what do you feel like is the average rate of return that you're going to have to pay these sellers?

我只想問幾個關於融資的簡單問題。顯然，以目前的市場狀況，您可能會遇到很多潛在賣家。如果你們可以使用賣方融資，你們認為需要向這些賣家支付的平均報酬率是多少？

And if you have to resort to using bank financing, what's that rate?

如果您必須求助於銀行融資，利率是多少？

No. They're both pretty close to the same. About 6% to 7%, right now, in the current market.

不。它們幾乎完全相同。目前市場約為 6% 至 7%。

Okay. So you guys are essentially paying what people pay on a 30-year fixed mortgage, right? That's crazy.

好的。所以你們支付的費用基本上和人們支付的 30 年期固定抵押貸款的費用一樣，對嗎？這太瘋狂了。

Yeah. That's the going rate.

是的。這就是現行利率。

Yeah. No, no, that's fantastic. The other part being is any -- obviously, from a year or two years ago when you guys weren't making acquisitions, have you noticed any difference in the people that you're speaking to about making deals or you're negotiating with or talking with about how they're approaching it differently from a few years ago or a year ago?

是的。不，不，那太棒了。另一部分是——顯然，從一兩年前你們還沒有進行收購的時候開始，你是否注意到與你談論交易、談判或交談的人與幾年前或一年前相比有什麼不同？

Well, a few years ago, everybody was trying to use 2022 numbers, which were just astronomically high. And '24 has been a really bad year for the industry. People are -- we are down. But I've talked to other people. We've seen other numbers are down, higher percentages than us even.

嗯，幾年前，每個人都試圖使用 2022 年的數字，這個數字高得驚人。2024 年對該行業來說確實是糟糕的一年。人們——我們都處於低落狀態。但我已經和其他人談過了。我們看到其他數字下降了，百分比甚至比我們還高。

So there's -- you've got that. So now, they're trying to do some type of average or combination because they don't want to use the low numbers from '24. But we're coming up with solutions to some of these deals.

所以——你已經明白了。所以現在，他們試圖進行某種類型的平均或組合，因為他們不想使用 24 年來的低數字。但我們正在針對其中一些交易提出解決方案。

As you've seen with our South Carolina acquisition, we've gotten finished. We've got the Detroit acquisition completed. And we've got several more we're working on, right now.

正如您所看到的，我們在南卡羅來納州的收購已經完成。我們已經完成了對底特律的收購。目前我們還在進行其他一些工作。

It's just a matter of coming to terms that make sense for us. We're not in a hurry to get anything done, unless the terms are right. Then, we'll move very rapidly.

這只是一件對我們有意義的事。我們並不急於完成任何事情，除非條件適當。然後，我們會迅速採取行動。

As a side note, what do you think the average range is of the owners that are out there? Are we dealing with people in their 50s, 60s, 70s? People that are -- I'm trying to get an idea of, like, when you're looking at the clubs that are out there, obviously, if they're talking to you about selling, their children or their relatives don't want to take over the business. So is there an age group you're typically dealing with?

順便問一下，您認為現有業主的平均範圍是多少？我們面對的是 50 多歲、60 多歲、70 多歲的人嗎？人們——我想了解一下，例如，當你看到外面的俱樂部時，顯然，如果他們跟你談論出售，他們的孩子或親戚就不想接管這項業務。那麼，您通常針對的是哪個年齡層的人呢？

The majority of the guys in their late 60s to 80s to low 80s -- that we've been talking with, so far. There are some guys in their 40s we're talking to, right now, as well. They're trying to decide if they want to stay in this business or they want to go do something else, which we've had a few buy-outs of guys like that in the past.

到目前為止，我們交談過的大部分人都是 60 多歲到 80 多歲到 80 歲出頭的年齡。我們現在也在和一些 40 多歲的人交談。他們正在決定是否繼續留在這個行業，還是想做其他的事情，過去我們已經收購過一些這樣的公司。

They get married. They have kids. They decide that the adult entertainment business is not something they want to stay in. So we see that sometimes.

他們結婚了。他們有孩子。他們決定不再從事成人娛樂業。我們有時會看到這種情況。

But I would say the majority are between the ages of probably 65 and 80.

但我想說大多數人的年齡大概在 65 歲到 80 歲之間。

Next up, we have Aaron. Aaron, please take it away.

接下來有請 Aaron。亞倫，請把它拿走。

Next up, we'll bring Adam Wyden up. Adam, once you're connected, please take it away.

接下來，我們請出亞當懷登 (Adam Wyden)。亞當，一旦你連接上，請把它拿走。

While we're waiting for Adam to unmute, I will pull up Jayson. Jason, once you're connected, you are good to go.

當我們等待亞當取消靜音時，我會拉起傑森。傑森，一旦連結成功，你就可以開始了。

I still show unmuted on my end. Both him and Jayson are still muted.

我這邊仍然顯示未靜音。他和傑森都仍然保持沉默。

Jayson or Adam, whoever unmutes first can have the next question.

Jayson 或 Adam，誰先取消靜音，誰就可以提出下一個問題。

I just wanted to ask Eric about the new acquisition in Detroit with the new Flight Club and what rebranding and new improvements you have made to the Flight Club and how the Detroit market is treating you guys?

我只是想問艾瑞克關於底特律新收購的飛行俱樂部的情況，你們對飛行俱樂部進行了哪些品牌重塑和新的改進，以及底特律市場對你們的評價如何？

It's been great for us. We really like the market up there. We got our typical welcome, where everybody told every entertainer and customer all the crazy things that we were going to do, which we have never done before.

這對我們來說非常棒。我們真的很喜歡那裡的市場。我們受到了典型的歡迎，每個人都告訴每位藝人和顧客我們將要做的所有瘋狂的事情，這些都是我們以前從未做過的。

So we had a little rough start in the beginning because a lot of the entertainers were afraid to come to work because they thought they -- some of the stories that came over this time were really good. But that lasted about two weeks and we get -- the word gets out and we get our customers in, especially as we start seeing some of our VIP guests from other states come to town and know that it's an RCI club and come in.

因此，我們一開始遇到了一些困難，因為很多藝人都不敢來上班，因為他們認為——這次來的一些故事真的很好。但這持續了大約兩週，消息傳開了，我們的客戶也來了，特別是當我們開始看到一些來自其他州的 VIP 客人來到鎮上，知道這是一個 RCI 俱樂部並進來的時候。

So we got over that pretty quickly. Of course, we had some great ice storms and some weather that was very unwelcoming in Detroit, as well, during the first takeover. But it's going very, very well now. We've done some minor upgrades.

所以我們很快就克服了這個問題。當然，在第一次接管期間，底特律也遭遇了一些嚴重的冰暴和惡劣的天氣。但現在一切進展非常順利。我們做了一些小升級。

The club is in really good shape. So we upgraded the POS systems. We changed some of their systems and how they treated and find entertainers, how they did some stuff that we just don't -- we don't operate that way. So we had to fix those things and get that into play.

俱樂部的狀況確實很好。因此我們升級了 POS 系統。我們改變了他們的一些制度，改變了他們對待和尋找藝人的方式，改變了他們所做的事情，而我們不會那樣做。所以我們必須解決這些問題並使其發揮作用。

Since then, it's been very, very good for us. We're right on course with the numbers we predicted.

從那時起，我們的生活就變得非常非常好。我們預測的數字完全正確。

Good to hear. Good to hear. What do you think was the biggest operational change that you guys had to do from the previous owners down there?

很高興聽到這個消息。很高興聽到這個消息。您認為與之前的業主相比，你們在營運方面做出的最大的改變是什麼？

Just treating the way they treat guests. They wanted everyone to be a VIP.

就像對待客人一樣。他們希望每個人都成為 VIP。

If you weren't spending $200 or $300 when you walked in the door, you weren't treated very well, I don't think. That's kind of our take of it.

我認為，如果你進門時沒有花 200 美元或 300 美元，你就不會受到很好的待遇。這就是我們的看法。

And so we wanted to make it a place where the average guy can come in and have a good time. And if you want to be a VIP, there's plenty of space in the club for VIPs as well.

因此，我們希望把它打造成一個普通人可以進來享受美好時光的地方。如果您想成為 VIP，俱樂部也為 VIP 提供了足夠的空間。

And so we created that all-around, encompassing club like we do in the majority of our markets. I think that was the biggest change we made.

因此，我們創建了一個全方位、包羅萬象的俱樂部，就像我們在大多數市場中所做的那樣。我認為這是我們做出的最大改變。

Okay. Nice. And then, one last question, with the adult entertainment business being very popular on the infamous 8-mile road. Are you guys looking at any other adult entertainment clubs on 8 mile? Or are you guys just going to stay more in the suburbs of Metro Detroit?

好的。好的。然後，最後一個問題，成人娛樂業在臭名昭著的 8 英里路上非常受歡迎。你們還在尋找 8 英里上的其他成人娛樂俱樂部嗎？或者你們只是打算多待在底特律大都會區的郊區？

We've looked in Detroit. We've looked at about four or five clubs up there. We were actually on a hunt.

我們已經在底特律看過了。我們考察了那裡大約四、五傢俱樂部。我們其實是在狩獵。

In fact, I posted on my X and posted some pictures of some of the clubs and some of the flight -- taking the flight up there and some of those things.

事實上，我在我的 X 上發布了一些俱樂部和一些航班的照片——乘飛機前往那裡以及諸如此類的事情。

We've talked with other owners. We haven't been able to come to terms with any of them that we agreed to at this point. But we're always open. We're always looking, for sure.

我們已經與其他業主進行了交談。目前我們還無法就我們同意的任何內容達成一致。但我們始終保持開放。我們確實一直在尋找。

Next up, we have Adam Wyden. Adam, feel free.

接下來有請亞當懷登 (Adam Wyden)。亞當，隨意。

Can you guys hear me?

你們聽得到我說話嗎？

We can.

我們可以。

Perfect. Okay. Three questions.

完美的。好的。三個問題。

First question is on the insurance accrual. You guys created your captive. And I know you had, like, a $5-and-some million charge in the quarter -- the previous quarter. Can you give us some clarity on how much the insurance accrual you had in the quarter on your EBITDA that "wouldn't have been cash that's burdening your EBITDA"?

第一個問題是關於保險累積的。你們創造了你們的俘虜。我知道你們在本季（上一季）收取了大約 500 萬美元的費用。您能否向我們解釋一下本季您的 EBITDA 中有多少保險應計費用「不會成為加重 EBITDA 負擔的現金」？

The accrual for this quarter was $1.3 million, Adam. We look at it on an annualized basis.

本季的應計金額為 130 萬美元，亞當。我們以年度化為基礎來看待它。

Our first-quarter annualized run rate was about $9.x million. And given the actualization of run rates and whatnot, it reduced to about $8.8 million. So we won't know until any of these claims come in, any invoices and things like that.

我們第一季的年化運作率約為 900 萬美元。考慮到實際運行率等因素，該數字減少至約 880 萬美元。因此，在收到任何索賠、發票和類似的東西之前，我們不會知道。

But it is a non-cash, you're correct. It is a non-cash, just a purely accrual charge. So about $1.3 million.

但它是非現金，你說得對。這不是現金，只是純粹的應計費用。大約130萬美元。

Right. But you took a big charge in the first quarter. So we wouldn't expect basically huge accruals going forward, is that right?

正確的。但你在第一季承擔了重大責任。所以我們預計未來不會出現巨額應計收益，對嗎？

Correct. I just told you I think the annualized is $8.8 million. So from that, you guys can speculate what the next two quarters could be, based upon our current trends.

正確的。我剛才告訴過你，我認為年化金額是 880 萬美元。因此，根據我們目前的趨勢，你們可以推測接下來兩個季度的情況。

Now, if we have massive claims coming through our invoices or new lawsuits coming in, that can change it. But it just depends on what falls off and what gets added by the actuaries.

現在，如果我們收到大量發票索賠或接到新的訴訟，情況可能會改變。但這取決於精算師扣除了什麼以及增加了什麼。

Got it. And how much -- and we had a big charge in the first quarter, right? We had like a $5-some-odd million charge in the first quarter?

知道了。那麼，第一季我們的支出有多少呢？對嗎？我們在第一季的費用大概有 500 多萬美元？

That's correct.

沒錯。

Got it. Okay. That makes sense. Can you -- I know a lot of restaurants have been complaining about weather and you said, well, weather was bad and you couldn't get in because of snow. Is there any way to quantify, like, how much EBITDA we lost in the first quarter because of weather?

知道了。好的。這很有道理。你能嗎——我知道很多餐廳都在抱怨天氣，而你說，嗯，天氣不好，下雪了，你進不去。有沒有什麼方法可以量化我們第一季因為天氣原因損失了多少 EBITDA？

And, like, if you -- I know it's hard but I'm saying, like, do you have a sense of like what the burden was a little bit, like based on if you -- like, let's say, you'd close the location instead of having the people open, like do you have a sense of like what you think weather hurt you on comps or EBITDA a little bit?

而且，就像，如果你 - 我知道這很難，但是我想說，就像，你是否感覺到有點負擔，比如基於如果你 - 比如說，你會關閉該地點而不是讓人們開放，就像你是否感覺到天氣會對你的業績或 EBITDA 造成一點損害？

Yeah. I think it's about -- I don't -- there's no way to know for sure. But I can tell you that I believe that it was over about an eight-week period and it was about $700,000 a week in sales declines.

是的。我認為這是——我不知道——沒有辦法確定。但我可以告訴你，我相信這是在大約八週的時間內，每週的銷售額下降約 70 萬美元。

I'll tell you where I get that from: is we were doing $4.9 million to $5.1 million during those first eight weeks, January and February, when we're having weather and close downs. And by March, we were doing $5.7 million to $5.9 million per week.

我來告訴你我從哪裡得到這個訊息：在最初的八週（一月和二月）期間，當我們遭遇惡劣天氣和停工時，我們的收入為 490 萬至 510 萬美元。到三月，我們每週的收入已經達到 570 萬至 590 萬美元。

So if you figure ,our true average should have been $5.7 million to $5.9 million; and it was $4.9 million to $5.1 million, about $700,000 a week over about an eight-week period.

所以如果你算一下，我們的真實平均值應該是 570 萬美元到 590 萬美元；而實際上是 490 萬美元到 510 萬美元，在大約八週的時間內，每週約為 70 萬美元。

So if you did that, it's about $5.6 million in sales. And if you take that to a margin of about $3 million probably in EBITDA -- so maybe more we still have the cost, right? We still have the cost. We didn't have any of the revenue. We still have the cost. So it was considerable.

如果你這樣做了，銷售額就約為 560 萬美元。如果你把這個利潤率提高到 300 萬美元左右，那麼 EBITDA 可能還會更高，但我們仍然需要承擔成本，對嗎？我們還有成本。我們沒有任何收入。我們還有成本。所以這是相當可觀的。

Probably more --

可能更多--

And I think we'll have a real good idea of it as we come out of this quarter because I don't suspect too much weather in April, May, or June to affect us much at this point.

我認為，當我們走出這個季度時，我們會對此有一個很好的認識，因為我不懷疑四月、五月或六月的天氣會對我們造成太大的影響。

So the only thing this year is we have -- Easter was in April this year instead of March. This Mother's Day weekend was a little off for us. But not too bad. But a little off.

所以今年唯一的情況是──復活節是在四月而不是三月。這個母親節週末對我們來說有點難熬。但還不算太糟。但有點偏離。

But I think we're going to come in pretty close to about $5.7 million a week average this year or this quarter is what I'm hoping, unless we get some pick-up at the end of May and in June.

但我認為，今年或本季我們的收入將接近每周平均 570 萬美元，這是我所希望的，除非我們在 5 月底和 6 月有所回升。

So we'll see how that goes.

我們將拭目以待。

Okay. On the -- and then, I got two more questions. On the M&A pipeline, you talked about another club. You -- can you talk a little bit about what you think has contributed to EBITDA, so far, between Detroit and then, this other one in South Carolina and the other one that you're working on now and what the pipeline is?

好的。然後，我又有兩個問題。在談到併購管道時，您談到了另一個俱樂部。您能否稍微談談，到目前為止，您認為底特律、南卡羅來納州的這家工廠以及您目前正在建造的工廠對 EBITDA 的貢獻是什麼？以及建設的管道是怎麼樣的？

Because it looks like you're looking like you're averaging a good amount more than $6 million of EBITDA, right now. Do --

因為看起來，現在您的平均 EBITDA 已經超過 600 萬美元了。做--

Well, (inaudible) lie, South Carolina didn't contribute anything. We didn't close until April. But it will contribute this quarter.

嗯，（聽不清楚）謊言，南卡羅來納州沒有做出任何貢獻。我們直到四月才關閉。但本季它將有所貢獻。

And Detroit didn't contribute much last quarter because we closed in January. But January and February had really bad weather. We were still taking over. So there were some operating costs that we increased as we first went up there before we got the revenues back up. But it is doing very, very well for us. And it will contribute, probably on par with the $2 million run rate that we estimated when we purchased it. So it's going to be in good shape.

由於我們在一月份關閉了業務，因此上個季度底特律的貢獻並不大。但一月和二月的天氣確實很糟。我們仍在接管。因此，在我們第一次去那裡之前，我們的收入恢復之前，我們增加了一些營運成本。但它對我們來說效果非常非常好。並且它將會產生貢獻，可能與我們購買時估計的 200 萬美元的運行率相當。所以它會保持良好的狀態。

That's why I think this quarter -- April, May, June will be a much better quarter for us to gauge everything on.

這就是為什麼我認為這個季度——四月、五月、六月將是我們衡量一切的更好的季度。

We also just recently closed the Bombshells. We fired David Simmons, the Director of Operations for the Restaurant division. We promoted someone else from within. They've really started working on changing those things and changing costs. We've lowered costs considerably. We're making some other cost changes.

我們最近也關閉了 Bombshells。我們解雇了餐廳部門營運總監大衛·西蒙斯 (David Simmons)。我們從內部提拔了其他人。他們確實開始致力於改變這些事情並改變成本。我們已大幅降低了成本。我們正在進行一些其他成本變更。

We've got the Denver location open. We've got Lubbock opening hopefully on May 29. If not, by June 5, I think we'll be open for sure.

我們已經開設了丹佛分店。我們希望拉伯克能夠在 5 月 29 日開業。如果沒有的話，到 6 月 5 日，我想我們肯定會開業。

So Bombshells is going to go through some significant changes in this quarter. And I think we'll get a much better idea of Bombshells as well. Plus Bombshells was drastically affected by weather.

因此，Bombshells 將在本季經歷一些重大變化。我認為我們也會對 Bombshells 有更好的了解。此外，《Bombshells》也受到天氣的嚴重影響。

We had the Houston Rockets in the playoffs this year so that helped a little bit. So hopefully, NBA basketball continues to do well for us through the NBA playoffs. And we've got Astros Baseball, back up.

今年我們在季後賽遇到了休士頓火箭隊，這有點幫助。因此希望 NBA 籃球在 NBA 季後賽中繼續為我們帶來好成績。我們還有 Astros 棒球隊回來。

So I think we'll be in a much better idea to see where Bombshells going by June 30. That's been -- and I think I kind of told you that once before in the conversation we had where I said it's going to take until the end of June for Bombshells to really -- for me, to figure out the change we've made, if they're effective, if we're doing any good with them; and to get these other two locations open so that any and all drag for Bombshells is gone.

所以我認為到 6 月 30 日我們就能更了解 Bombshells 的走向。那是——我想，在我們之前的談話中，我曾告訴過你，我說要到六月底，Bombshells 才能真正——對我來說，弄清楚我們所做的改變是否有效，是否對它們有任何好處；並開放另外兩個地點，以便 Bombshells 的所有拖累都消失。

Right. But we're not building outside of -- like you said, you sold Aurora and you sold Huntsville --

正確的。但我們不會在外面建造——就像你說的，你賣掉了奧羅拉，賣掉了亨茨維爾--

We have not sold Huntsville. We sold Aurora. We have the Huntsville property listed. We have the Austin property listed, where we were going to build Bombshells locations. Both those properties are being listed for sale or lease, right now. So we're working on all that.

我們還沒有出售亨茨維爾。我們賣掉了 Aurora。我們列出了亨茨維爾的房產。我們列出了奧斯汀的房產，我們打算在那裡建造 Bombshells 門市。目前，這兩處房產均已掛牌出售或出租。所以我們正在努力實現這一切。

The Grange?

格蘭奇？

The Grange is closed. It's been for sale. We've got people looking at it. But this is -- it is a tough restaurant environment, right now. So I think it will take a little bit. Maybe by the end of the summer, I suspect that we'll see some movement on those.

格蘭奇已關閉。它已出售。我們派人去查看它。但目前的餐飲環境非常艱難。所以我認為這需要一點時間。我想，也許到夏末我們會看到一些進展。

Right. But you -- it sounds like you've gotten rid of all the bad Bombshells, by and large. You've got the final two that you're open, which you're opening because you've very far along. And then, it sounds like your focus is trying to get it to comp positively and figuring out whether it makes sense to divest it or what to do with it, right?

正確的。但是你——聽起來你已經基本上擺脫了所有壞的炸彈。您已經打開了最後兩個，您之所以打開這兩個，是因為您已經走了很遠了。然後，聽起來你的重點是試圖讓它產生積極的效果，並弄清楚剝離它是否有意義或如何處理它，對嗎？

Exactly. If we can get a good offer for it, we would divest it. We're not -- the offers -- when we put it up for sale the first time, we got ridiculously crazy. People wanted us to give them $80 million of our assets for no money down and pay us $20 million for 50% of them and basically have no liability on their side. Keep all the liability on us and -- but give them 100% operational control. And we can't do that. That's not a fiduciary.

確切地。如果我們能得到一個好的報價，我們就會將其剝離。我們不是——報價——當我們第一次把它掛牌出售時，我們變得非常瘋狂。人們希望我們把 8000 萬美元的資產無償交給他們，然後向我們支付 2000 萬美元購買其中的 50%，基本上不承擔任何責任。將所有責任都歸於我們——但將 100% 的營運控制權交給他們。我們不能這麼做。那不是受託人。

At least, if I did that, I couldn't even walk away, right? I'd be stuck with whatever they decided. At least this way, we can close and sell our properties. There's a lot -- we have a lot of options still.

至少，如果我這麼做了，我就不能走開了，對吧？無論他們做出什麼決定，我都會堅持下去。至少這樣，我們就可以關閉並出售我們的房產。有很多——我們仍然有很多選擇。

This is the first quarter we've ever really lost money at Bombshells since its inception over 14 years ago. And the majority of that loss was basically the start-up cost for opening Denver. So I'm very optimistic, on a go-forward basis, that we can get the Bombshells to a point where they level out the whole industry of that side.

這是 Bombshells 自 14 年前成立以來第一次出現季度虧損。而這筆損失的大部分基本上是開設丹佛店的啟動成本。因此，從長遠來看，我非常樂觀地認為，我們可以讓 Bombshells 達到平衡整個行業的水平。

I think even Twin Peaks reported negative same-store sales for the first time this last quarter.

我認為，就連 Twin Peaks 上個季度也首次報告同店銷售額出現負成長。

So it's a tougher market out there in the restaurant side of the business. It's actually -- we're seeing a little bit on the club side as well, where some of the drinking is number of people -- the number of people through the clubs have been pretty steady.

因此，餐飲業的市場競爭更加激烈。事實上——我們在俱樂部方面也看到了一些這樣的情況，在那裡喝酒的人數——透過俱樂部的人數一直相當穩定。

Our headcounts have been good. Just the amount of spend has been down a little bit, based on the regional managers that I've been talking with.

我們的員工人數一直都很好。根據我與地區經理的交談，支出金額略有下降。

So I'm optimistic that as we get into the summer, as these tariff wars settle down, and things start to turn to normal, they get the new -- the Republicans passed a new tax bill and they get some certainty for the next three or four years -- three-and-a-half years, I guess.

因此，我樂觀地認為，隨著我們進入夏季，隨著這些關稅戰逐漸平息，事情開始恢復正常，他們會得到新的消息——共和黨通過了一項新的稅收法案，他們會對未來三到四年——我想是三年半——獲得一些確定性。

I think the economy could do very well. If that happens, that will be great for us.

我認為經濟可能會表現得很好。如果發生這種情況，對我們來說就太好了。

Gas -- I would think gas prices and all the inflation things that they're looking at like gas prices and milk prices and all this stuff, I would think that all of those things should be a tailwind for you guys. Not to mention, don't the comps get a lot easier for you guys over the next couple of quarters?

天然氣——我認為天然氣價格以及他們關注的所有通貨膨脹因素，例如天然氣價格和牛奶價格等等，我認為所有這些因素對你們來說都應該是順風。更不用說，在接下來的幾個季度裡，你們的競爭不是變得容易多了嗎？

You didn't start comping positively in nightclubs, I think, until the calendar fourth quarter, last year.

我認為，直到去年第四季度，你才開始在夜總會裡積極演出。

Yeah, fourth quarter and first quarter. And then, we were down again. So we're flat -- we're up 3% and we're down 3%. So we're flat for six months basically for 2025.

是的，第四季和第一季。然後，我們又再次陷入低谷。因此，我們的收入持平——上漲 3%，下降 3%。因此，到 2025 年，我們的成長率基本上會在六個月內保持穩定。

But I think that was mainly weather-related on the club side. Some of it is VIP spend as well. But we were making it up. We were doing very well with putting -- like I said, we're putting more people through the doors. And that's working very well for us now.

但我認為這主要與俱樂部方面的天氣有關。其中一部分也是 VIP 消費。但這一切都是我們編造的。我們在推桿方面做得很好——就像我說的，我們正在吸引更多的人。現在這對我們來說非常有效。

As you see, our food and merchandise sales are up. But people are just aren't drinking as much. They're just not spending as much. And what they're not drinking is the high-dollar bottles -- the high-dollar bottle sales, the liquor sales. They're drinking by the glass instead of -- or by the drink -- by the drink instead of by the bottle.

如您所見，我們的食品和商品銷售額上升了。但人們喝的酒並不多。他們只是沒有花那麼多錢。他們不喝的是高價瓶裝酒——高價瓶裝酒銷售，酒類販售。他們按杯喝酒，而不是按杯喝酒；按杯喝酒，而不是按瓶喝酒。

So bottle service, down. VIP spend is down. As you've seen, our service revenue is down almost 30%. So I think that's really what we've got to watch and focus on.

因此，瓶裝服務下降了。VIP 消費下降。正如您所看到的，我們的服務收入下降了近 30%。所以我認為這確實是我們必須關注和關注的。

We do have the Knicks in the playoffs and New York is doing very, very well. Club has been doing great up there. People are really coming out. The -- I think they sold out the Madison Square Garden for the watch parties, even when they were playing in Boston. So that was for the clubs that we're a block away from the garden there. So that's been really good for us.

我們確實在季後賽中遇到了尼克隊，紐約的表現非常非常好。俱樂部在那裡表現非常出色。人們確實出來了。我認為，即使他們在波士頓演出，麥迪遜廣場花園的觀賽派對門票也全部售罄。所以那是因為我們的俱樂部距離那裡的花園只有一個街區。這對我們來說真的很好。

Miami has done off a little bit. So hopefully, as we get into the summer months, we can get a little stronger in Miami.

邁阿密已經取得了一些進展。因此希望，隨著進入夏季，我們可以在邁阿密變得更強大。

Like I said, the headcounts are good. We just got to get the spend up. I think a lot of that is uncertainty, right? You got to remember, a very large portion of our customer base, especially the high-dollar spend, are small business entrepreneurs, who make considerable amounts of money. But if their money is uncertain, then they won't spend as much as they normally would. They'll get a little more reserved in their spending.

正如我所說，人數不錯。我們只需要增加支出。我認為其中很多都是不確定性，對嗎？你必須記住，我們的客戶群中很大一部分，特別是那些高消費的客戶，都是小企業家，他們賺了相當多的錢。但如果他們的資金不確定，那麼他們就不會像平常那樣花那麼多錢。他們在支出方面會變得更加保守。

And so as the uncertainty goes away, I believe that we'll see our numbers come back up.

因此，隨著不確定性的消失，我相信我們的數字會回升。

Adam, next up, we have [Manhands9]. Please take it away.

亞當，接下來我們有[Manhands9]。請把它拿走。

I really appreciate this venue to talk with you. With the new administration making a lot of noise and headlines, as part of their Project 2025, pornography was listed as being -- they had wanted to say that it should be outlawed.

我非常感激有這個機會與您交談。新政府大肆宣傳和報道，作為「2025計畫」的一部分，色情被列為——他們原本想說應該取締色情。

I wondered if you have heard anything about this, if there's anything that you'd want to add about that?

我想知道您是否聽說過有關此事的消息，還有什麼要補充的嗎？

No. We haven't heard anything. We haven't had any issues. I don't think we're technically in the pornography business. We're not really making videos and whatnot.

不。我們什麼也沒聽到。我們沒有遇到任何問題。我認為從技術上來說我們並不屬於色情產業。我們實際上並不是在製作影片之類的東西。

Our biggest protractors are always human trafficking. And we are very avid anti-human trafficking advocates.

我們最大的障礙始終是人口販賣。我們是非常熱心的反對人口販賣的倡導者。

We're a founding member of COAST, Club Owners Against Sex Traffic. We have done everything we can do and continue to do everything we can do in our powers to fight sex trafficking and human trafficking in all forms, as well as a congressional -- our training program has received a congressional honor and we're going to continue to work with that program.

我們是 COAST（俱樂部老闆反對性交易組織）的創始成員。我們已經盡了一切努力，並將繼續盡一切努力打擊一切形式的性交易和人口販運，我們的培訓計畫也獲得了國會的嘉獎，我們將繼續進行該計畫。

I think if you look at any real studies -- that less than 0.1% of all human trafficking is through adult nightclubs or even has any ties to any adult nightclubs, while our -- there are people out there that against our industry that would try to skew those facts.

我認為，如果你看一下任何真實的研究，你會發現不到 0.1% 的人口販賣是透過成人夜總會進行的，或者與成人夜總會有任何联系，而我們的——有些人反對我們的行業，並試圖歪曲這些事實。

I think those facts are pretty much given when you get into real scientific studies that have real data.

我認為，當你進行具有真實數據的真實科學研究時，這些事實就已經基本確定了。

So I'm not too worried about anything like that.

所以我並不太擔心這樣的事情。

Fantastic. Thank you very much for the question. Thank you, Eric and Bradley.

極好的。非常感謝您的提問。謝謝你，埃里克和布拉德利。

On behalf of the company and our subsidiaries, thank you and good night.

我代表公司和我們的子公司向您表示感謝並祝您晚安。

Please visit one of our clubs or restaurants to have a great time.

歡迎光臨我們的俱樂部或餐廳，享受美好時光。