RCI Hospitality Holdings Inc (RICK) 2025 Q3 法說會逐字稿

Good afternoon. Greetings, and welcome to RCI Hospitality Holdings third quarter 2025 earnings conference call. You can find the company's presentation on RCI's website. Go to the investor relations section, and all the links are at the top of the page.

午安.您好，歡迎參加 RCI Hospitality Holdings 2025 年第三季財報電話會議。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, and I'll be the host of our call today. I'm coming to you from Washington, D.C. Eric Langan, President and CEO of RCI Hospitality; and CFO, Bradley Chhay are in Houston.

請和我一起翻到我們簡報的第二張投影片。我是 Equity Animal 的 Mark Moran，我將主持我們今天的電話會議。我從華盛頓特區趕來。 RCI Hospitality 總裁兼執行長 Eric Langan 和財務長 Bradley Chhay 都在休士頓。

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.

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。

We disclaim any obligation to update information disclosed in this call as a result of developments that may occur afterwards. Please turn with me to slide 5. I also direct you to the explanation of RICK's non-GAAP financial measures.

我們不承擔因事後可能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。請和我一起翻到投影片 5。我也會引導您了解 RICK 的非 GAAP 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。

Thanks for joining us today. Let me run through some key takeaways. All comparisons are year-over-year unless otherwise noted. Nightclub revenues were nearly level despite economic uncertainty related to tariffs and the tax bill, which affected our customer base.

感謝您今天加入我們。讓我來介紹一些關鍵要點。除非另有說明，所有比較均為同比。儘管關稅和稅單帶來的經濟不確定性影響了我們的客戶群，但夜總會的收入基本上持平。

Bombshells revenue reflected the previously announced sale and divestiture of five underperformers, but both revenues and margin increased sequentially from the second quarter. Consolidated profitability benefited from the absence of impairment charges partially offset by other factors.

Bombshel​​ls 的收入反映了先前宣布的五家表現不佳的公司出售和剝離，但收入和利潤率均較第二季度環比增長。合併獲利能力受益於沒有減損費用，但被其他因素部分抵銷。

We continue to make solid progress on our back to the basics capital allocation plan. We acquired two upscale night clubs, Platinum West in South Carolina and Platinum Plus in Allentown, Pennsylvania.

我們在回歸基礎資本配置計畫方面持續取得堅實進展。我們收購了兩家高檔夜總會，位於南卡羅來納州的 Platinum West 和位於賓夕法尼亞州阿倫敦的 Platinum Plus。

Price multiples were in line with our capital allocation strategy. We opened Rick's Cabaret Steakhouse, I'm sorry, Rick's Cabaret and Steakhouse in Central City, Colorado.

價格倍數符合我們的資本配置策略。我們在科羅拉多州中心城開了 Rick's Cabaret Steakhouse，對不起，是 Rick's Cabaret and Steakhouse。

We also purchased more than 75,000 shares of common stock for $3 million and ended the quarter with approximately 8.76 million shares outstanding. Subsequent to the quarter, we opened a Bombshells location in Lubbock, Texas, which has been doing very well right out of the gate.

我們也以 300 萬美元的價格購買了超過 75,000 股普通股，本季末流通股數約為 876 萬股。本季之後，我們在德克薩斯州拉伯克開設了一家 Bombshel​​ls 店，該店開業以來一直表現良好。

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. Turning to slide 7. I'll start with a review of our third quarter results. All comparisons are year-over-year the quarter, unless otherwise noted. Total revenues were $71.1 million compared to $76.2 million, a difference of $5 million.

謝謝你，埃里克。翻到幻燈片 7。我將首先回顧我們的第三季業績。除非另有說明，所有比較均為季度年比比較。總收入為 7,110 萬美元，而去年同期為 7,620 萬美元，相差 500 萬美元。

This primarily reflected the sale and divestiture of underperforming Bombshells locations late in fiscal '24 and early fiscal '25. Impairments and other charges were $2.3 million compared to $18.3 million, a difference of approximately $60 million.

這主要反映了 24 財年末和 25 財年初表現不佳的 Bombshel​​ls 門市的出售和剝離。減損及其他費用為 230 萬美元，去年同期為 1,830 萬美元，相差約 6,000 萬美元。

Net income attributable to RCIHH common shareholders was $4.1 million compared to the loss of $5.2 million, a difference of $9.3 million, and GAAP EPS was $0.46 per share compared to a loss of $0.56 per share. Net cash provided by operating activities was $13.8 million compared to $15.8 million, a difference of $2 million, and free cash flow was about level at $13.3 million compared to $13.8 million.

歸屬於 RCIHH 普通股股東的淨收入為 410 萬美元，而虧損為 520 萬美元，差額為 930 萬美元；GAAP EPS 為每股 0.46 美元，而每股虧損為 0.56 美元。經營活動提供的淨現金為 1,380 萬美元，而去年同期為 1,580 萬美元，相差 200 萬美元，自由現金流大致持平，為 1,330 萬美元，而去年同期為 1,380 萬美元。

Adjusted EBITDA was $15.3 million compared to $20.1 million, and non-GAAP EPS was $0.77 compared to $1.35. Most of the year-over-year difference in non-GAAP EPS was due to slightly lower margins in Nightclubs, lower margins in Bombshells, higher noncash expenses related to our self-insurance program with higher taxes.

調整後息稅折舊攤銷前利潤 (EBITDA) 為 1,530 萬美元，去年同期為 2,010 萬美元；非公認會計準則每股盈餘 (Non-GAAP EPS) 為 0.77 美元，去年同期為 1.35 美元。非公認會計準則每股收益的同比差異主要源於夜總會 (Nightclubs) 利潤率略有下降、Bombshel​​ls 利潤率下降，以及與自保計劃相關的非現金支出增加和稅率提高。

Now moving on to slide 8. I will now cover our third quarter results by segment, beginning with Nightclubs. Revenues totaled $62.3 million, down less than 1% year-over-year. Key factors included a 3.7% decline in same-store sales and the absence of Baby Dolls Fort Worth due to a fire.

現在轉到投影片 8。我現在將按部門介紹我們第三季的業績，首先從夜總會開始。總收入為 6,230 萬美元，年減不到 1%。主要因素包括同店銷售額下降 3.7% 以及 Baby Dolls Fort Worth 因火災而關閉。

This was mostly offset by $2.6 million from newly acquired or rebranded nightclubs. By revenue type, food, merchandise and other increased 5.1%, service increased 0.3% and alcoholic beverages declined 3.9%.

這大部分被新收購或重新命名的夜總會所獲得的 260 萬美元所抵消。按收入類型劃分，食品、商品及其他收入成長 5.1%，服務收入成長 0.3%，酒精飲料收入下降 3.9%。

Other net charges totaled $2.3 million compared to $7.7 million. In the third quarter of fiscal year '25, this included a mostly noncash lawsuit settlement partially offset by a gain on insurance. In the year ago quarter, this primarily included impairments.

其他淨費用總計 230 萬美元，而之前為 770 萬美元。在 25 財年第三季度，這包括一筆幾乎非現金的訴訟和解，但部分被保險收益所抵銷。在去年同期，這主要包括減損。

There were none in this quarter. Operating income was $17.8 million compared to $13.6 million with the margin at 28.5% of revenues versus 21.7%. Results reflected the decline in other net charges and same-store sales, acquisitions not yet fully optimized and the Central City preopening costs.

本季沒有。營業收入為 1,780 萬美元，而去年同期為 1,360 萬美元，利潤率為收入的 28.5% 至 21.7%。結果反映了其他淨費用和同店銷售額的下降、尚未完全優化的收購以及中央城開業前成本。

Non-GAAP operating income, which excludes other net charges, was $20.7 million compared to $21.9 million with the margin at 33.2% of segment revenues versus 34.9%. I'd like to point out that while GAAP and non-GAAP operating margin were down year-over-year, they have increased two quarters in a row sequentially.

非公認會計準則營業收入（不含其他淨費用）為 2,070 萬美元，而去年同期為 2,190 萬美元，利潤率為分部收入的 33.2% 比 34.9%。我想指出的是，雖然 GAAP 和非 GAAP 營業利潤率較去年同期下降，但已連續兩季成長。

Turning to slide 9. Here are the results of the Bombshells segment. Revenues totaled $8.6 million, a difference of $4.5 million. The key factors here included the sale and divestiture of five underperforming locations in the fourth quarter of '24 and the first quarter of '25, which impacted revenues by $3.8 million and a 13.5% decline in same-store sales.

翻到第 9 張投影片。以下是 Bombshel​​ls 部分的結果。收入總計 860 萬美元，差額為 450 萬美元。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了五家業績不佳的門市，這導致收入減少 380 萬美元，同店銷售額下降 13.5%。

This was partially offset by two new locations not in same-store sales. Other net charges were minimal in the third quarter of '25 versus $10.3 million in impairments last year.

這被兩家新店未計入同店銷售額的部分抵銷。25 年第三季的其他淨費用很少，而去年的減損損失為 1,030 萬美元。

There was an operating income of $87,000 compared to a loss of $8.9 million with the margin at 1% of segment revenues versus a negative 68%. Results primarily reflected the decline in impairments, sales from open locations and Lubbock's preopening costs.

營業收入為 87,000 美元，而虧損為 890 萬美元，利潤率為分部收入的 1%，而虧損為-68%。結果主要反映了減損損失、營業場所銷售額和拉伯克開業前成本的下降。

Now on a non-GAAP basis, which excludes impairments, there was an operating income of $100,000 compared to $1.4 million profit with the margin at 1.2% of segment revenues versus 10.8%. Moving to slide 10.

現在，以非 GAAP 計算，不包括減值，營業收入為 10 萬美元，利潤為 140 萬美元，利潤率為分部收入的 1.2% 和 10.8%。移至投影片 10。

You will see a summary of our corporate expenses. GAAP expenses totaled $8.7 million, an increase of $1.5 million. Non-GAAP was $8.3 million, an increase of $1.9 million.

您將看到我們公司費用的摘要。GAAP 費用總計 870 萬美元，增加 150 萬美元。非 GAAP830萬美元，增加190萬美元。

As we've explained on previous calls, starting this year, corporate expenses are being affected by an estimated noncash self-insurance actuarial reserve for the quarter. That's why expenses were higher year-over-year in the first quarter, lower in the second and higher in the third.

正如我們在先前的電話會議中所解釋的那樣，從今年開始，公司支出將受到本季估計的非現金自保精算儲備的影響。這就是為什麼第一季的支出較去年同期上升，第二季的支出下降，第三季的支出上升的原因。

Please turn to slide 11. We have slides coming up 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, net cash from operations, net cash by operations and net income.

請翻到第 11 張投影片。我們接下來的幻燈片將討論非 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 等值數據，即營業收入、營業活動淨現金、營業活動淨現金和淨收入。

So please turn to slide 12. We ended the third quarter with cash and cash equivalents of $29.3 million. During the quarter, we used $5.25 million as part of our two Platinum acquisitions and $3 million to buy back shares.

請翻到第 12 張投影片。截至第三季末，我們的現金和現金等價物為 2,930 萬美元。在本季度，我們使用了 525 萬美元作為兩項 Platinum 收購的一部分，並使用了 300 萬美元回購股票。

While they were down year-over-year, I'd like to note that both free cash flow and adjusted EBITDA increased sequentially. As a percentage of revenues, free cash flow margin increased from 11% in the second quarter to 19% in the third and back to where we were two years ago in the third quarter of '23, while adjusted EBITDA remained approximately level at 22% for each of the first three quarters this fiscal year.

雖然與去年同期相比有所下降，但我想指出的是，自由現金流和調整後的 EBITDA 均較上季增加。作為收入的百分比，自由現金流利潤率從第二季度的 11% 增加到第三季度的 19%，並在 2023 年第三季度回到兩年前的水平，而本財年前三個季度的調整後 EBITDA 均保持在 22% 左右的水平。

Please turn to slide 13. Debt at June 30 declined slightly $201,000 from March 31 quarter. This reflects the scheduled paydowns, new acquisition-related debt and construction financing for Bombshells Rowlett and Bombshells Lubbock.

請翻到第 13 張投影片。6 月 30 日的債務較 3 月 31 日季度略有下降，為 201,000 美元。這反映了 Bombshel​​ls Rowlett 和 Bombshel​​l Lubbock 的預定還款、新的收購相關債務和建設融資。

We continue to control the rate paid on our debt with an average weighted interest rate of 6.68% compared to 6.74% in the year ago quarter. Total occupancy cost was 7.9% of revenues, level with last year, and debt to trailing 12 month adjusted EBITDA was 3.82 times compared to 3.56 times in the preceding quarter.

我們繼續控制債務支付利率，平均加權率為 6.68%，而去年同期為 6.74%。總入住成本佔營收的 7.9%，與去年持平，債務與過去 12 個月調整後的 EBITDA 比率為 3.82 倍，而上一季為 3.56 倍。

While debt stayed approximately level because of the recent acquisitions and adjusted EBITDA increased sequentially, adjusted EBITDA for the trailing 12 months declined. As new locations generate revenue and EBITDA, occupancy costs and debt metrics should improve.

雖然由於最近的收購，債務基本上保持穩定，且調整後的 EBITDA 環比增加，但過去 12 個月的調整後 EBITDA 有所下降。隨著新店產生收入和 EBITDA，入住成本和債務指標應該會有所改善。

Debt maturities continue to remain reasonable and manageable. Now here's Eric.

債務期限持續保持合理且可控。現在輪到埃里克了。

Thank you, Bradley. Please turn to slide 14 to review our capital allocation strategy. Our plan calls for allocating 40% of free cash to club acquisitions and 60% to share buybacks, debt reduction and dividends in order to grow free cash flow per share annually at a 10% to 15% rate.

謝謝你，布拉德利。請翻到第 14 張投影片來查看我們的資本配置策略。我們的計劃要求將 40% 的自由現金分配給俱樂部收購，將 60% 的自由現金分配給股票回購、債務削減和股息，以便每年以 10% 至 15% 的速度增加每股自由現金流。

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, and we will rebrand, reformat or divest 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，並且我們將重塑品牌、重新格式化或剝離表現不佳的夜總會。

Our nightclub plan also involves acquisition. Our goal is to acquire an average of about $6 million of adjusted EBITDA per year focusing 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約 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壘打。

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 will be made with cash on hand, bank financing or seller notes.

我們的目標矩陣維持不變。俱樂部的調整後 EBITDA 為 3 倍至 5 倍，房地產的公平市場價值為目標，目標是在三到五年內實現 100% 的現金回報。購買將以現金、銀行融資或賣方票據的方式進行。

We would also consider using stock when our valuation improves. For Bombshells, we are working to improve performance at existing locations, targeting 15% operating margins and return to same-store sales growth.

當我們的估值提高時，我們也會考慮使用股票。對於 Bombshel​​ls，我們正在努力提高現有門市的業績，目標是實現 15% 的營業利潤率並恢復同店銷售額成長。

We also plan to complete the one remaining location currently under development. The final part of our plan is to regularly buy back our stock, flexing up if we consider the price to be particularly undervalued. We also anticipate modest annual dividend increases.

我們還計劃完成目前正在開發的剩餘一個地點。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 and 7.5 million shares outstanding.

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和 750 萬股流通股。

The end result would be doubling our free cash flow per share to approximately $10 per share compared to what we did in fiscal '24. 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.

最終結果是，與 24 財年相比，我們的每股自由現金流將翻一番，達到每股約 10 美元。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。

As of last Friday, we have about 8.7 million, which represents a reduction of 15.5%. Turning to slide 17. We have only three remaining projects. We are targeting Bombshells Rowlett for opening late this summer, early fall.

截至上週五，我們的訂單量約為 870 萬，減少了 15.5%。翻到第 17 張投影片。我們只剩下三個項目了。我們計劃於今年夏末秋初在 Rowlett 開業。

We are also still awaiting construction permits for Baby Dolls West Fort Worth, and we are awaiting engineering view and zoning plans for the Baby Dolls Fort Worth that burned down last year. I would 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.

我們仍在等待 Baby Dolls West Fort Worth 的建築許可證，並且正在等待去年被燒毀的 Baby Dolls Fort Worth 的工程視圖和分區計劃。我要感謝我們所有忠誠而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的股東。

Now here's Mark to open up the question-and-answer section.

現在請馬克開始問答環節。

(Operator Instructions) First off, we have Orchard Wealth.

（操作員指示）首先，我們有 Orchard Wealth。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

I just got a question. How much in real estate do you guys have that you think you could be selling off that's nonperforming or just holding in general?

我剛剛有一個問題。你們認為可以賣多少表現不佳或只是一般持有的房地產？

As we've said in the previous calls, about $28 million is our estimated value of it. We have some contracts on a couple of pieces. We're in negotiation on a couple more.

正如我們在之前的電話會議中所說，我們估計它的價值約為 2800 萬美元。我們簽訂了幾份有關作品的合約。我們正在就另外幾個問題進行談判​​。

So as I've said by the end of this year, I think we'll start, which will actually be fiscal -- first quarter fiscal '26, I think we'll start seeing some of those closings happen, and I think we'll see more offers if the Fed cuts rates or if the economy picks back up again for commercial real estate.

因此，正如我所說的那樣，到今年年底，我認為我們將開始，實際上是財政年度 - 26 財年第一季度，我認為我們將開始看到一些交易的發生，並且我認為如果美聯儲降息或經濟再次回暖，我們將看到更多的商業房地產報價。

And if you were to liquidate all, let's say, $28 million, how much of that would have to go to just pay back debt? And what do you think you guys would be left over with?

如果你要變現所有資產，比如說 2,800 萬美元，那麼其中有多少需要用來償還債務？那你們認為你們還會剩下什麼呢？

I'm not sure. The main piece is a piece that we bought for about $2.150 million in cash and then rechanged zoning on it. It's worth somewhere between $8 million and $14 million, and we don't really owe anything on it.

我不知道。主要部分是我們以約 215 萬美元現金購買的，然後對其重新進行了分區。它的價值在 800 萬美元到 1400 萬美元之間，我們實際上並不欠任何東西。

So that would be a big chunk of cash. The rest of it would be about less than 60% would go to debt as all of our original loans were 60% or 65% of loan to value. And those were based on appraisals from a few years back.

所以這將是一大筆現金。其餘部分大約有不到 60% 將用於償還債務，因為我們所有原始貸款的貸款價值比均為 60% 或 65%。這些都是基於幾年前的評估。

So I would say somewhere around 40% to 45% would go to cash and the rest would go to service debt, other than a few pieces that are worth considerably more than what we paid for them. And that probably would be the opposite, 60% to 65% would go to cash and 30% to 35% to debt.

因此，我想說大約 40% 到 45% 會以現金支付，其餘部分將用於償還債務，除了少數價值遠遠超過我們支付的價格的物品之外。而情況可能恰恰相反，60% 到 65% 將用於現金，30% 到 35% 將用於債務。

Okay. And then the thing about the insurance, you guys are now not buying insurance. You're self-insuring. How much should we basically be modeling that you guys are going to be setting aside for this particular self-insurance going forward?

好的。然後關於保險的事情，你們現在不買保險了。你是自我保險。我們基本上應該模擬一下你們將來要為這種特殊的自我保險留出多少錢？

There's no way for us to really know that number at this point. I can tell you year-to-date, we're at $9.4 million. It's based on actuarials, and it's based on when we settle claims from the past, when new claims are made.

目前我們還無法真正知道這個數字。我可以告訴你，今年迄今為止，我們的收入已達 940 萬美元。它基於精算，也基於我們何時解決過去的索賠，何時提出新的索賠。

So it's a constantly changing number for us. So at this point, we can't really say what they're going to reserve.

所以對我們來說這是一個不斷變化的數字。所以目前我們還不能確切地說他們要保留什麼。

And then to me, the real key is when will those reserves come back to us if they're not used because we have to wait through certain statute of limitations and certain other things. So this reserve number could become a very large number over time.

對我來說，真正的關鍵是，如果這些儲備金沒有被使用，什麼時候會回到我們手中，因為我們必須等待一定的訴訟時效和其他一些事情。因此，隨著時間的推移，這個儲備數字可能會變得非常大。

We're in the process of initiating a captive that we would have set prices. We know exactly what we'd be paying for the insurance.

我們正在啟動一個可以設定價格的俘虜營。我們清楚知道我們要支付多少保險費。

And I'm hopeful we can get that operational soon. So then we'll be able to answer those questions because we'll have a policy through a captive that we'll own, but at least we'll know what the fees are on an annual basis.

我希望我們能夠盡快實現這一目標。這樣我們就能回答這些問題，因為我們將透過我們擁有的自保公司製定保單，但至少我們知道每年的費用是多少。

Is this one of these things that like it's got a lot of start-up costs in the beginning and then you kind of taper down and then reach a run rate for every quarter?

這是一開始就有很多啟動成本，然後逐漸減少，最後達到每季的運行率？

Well, we thought that because we had [4.1] in one quarter, then the next quarter was [1.4], but then we just had [3.9] in this last quarter. We cannot figure out the math of it.

好吧，我們以為因為我們前一節的比分是 4.1，所以下一節的比分是 1.4，但是最後一節我們的比分只有 3.9。我們無法弄清楚其中的數學原理。

The problem is the math is ever changing based on claims, based on loss runs with our other insurance companies because they have to take those claims and put them out. And since we're not using insurance companies anymore, they're all setting, they may change, we may get a claim and they may put some high reserve on it, which that reserve then affects our reserves going forward.

問題在於，根據索賠情況以及我們其他保險公司的損失情況，計算結果總是在不斷變化，因為他們必須接受這些索賠並將其提出來。而且由於我們不再使用保險公司，他們都在設定，他們可能會改變，我們可能會得到索賠，他們可能會為此投入一些高額準備金，而這些準備金會影響我們未來的準備金。

Until that case is actually settled and we know exactly what we pay on it, then they'll revamp in the next quarter, we might not pay anything, right? I mean it's a lot of math, and it's all guesswork.

直到該案件真正解決並且我們確切知道我們為此支付了多少錢，然後他們會在下個季度進行修改，我們可能不需要支付任何費用，對嗎？我的意思是，這需要大量的數學運算，而且全是猜測。

Next, we have D&D Realty.

接下來我們有 D&D Realty。

I really want to commend you guys on your pace of acquisitions. I think that, that's really a nice tailwind for the company. And you guys are sticking to plan. So I think that's great. My question, I have two, one pertaining to the acquisitions, which is when you guys go out and bid on these assets, who are you competing with?

我真的很想讚揚你們的收購速度。我認為這對公司來說確實是一個很好的順風。你們正在堅持計畫。所以我認為這很棒。我有兩個問題，一個與收購有關，即當你們出去競標這些資產時，你們在與誰競爭？

Are there other groups out there that are bidding against you? Are you bidding against yourself? Are you the only real exit capital that exists for a lot of people? I'm just kind of curious around that dynamic.

還有其他團體在跟你競標嗎？您是在跟自己競價嗎？對許多人來說，你是存在的唯一真正的退出資本嗎？我只是對這種動態感到好奇。

And then my second question pertains to, I think in a prior call, you mentioned a potential tailwind from some of the tax policy that would get, that has now since gotten reworked under the Trump administration.

我的第二個問題是，我想在之前的電話中，您提到了一些稅收政策可能帶來的順風，這些政策現在已經在川普政府的領導下進行了修改。

I'm just curious, early days obviously. Are you seeing an uptick in activity potentially due to that? Or do you still feel that the economy and kind of some of your service charge, which you called out last quarter, is still muted?

我只是好奇，顯然還處於早期階段。您是否看到活動可能因此而增加？或者您仍然覺得經濟和上個季度提到的部分服務費仍然低迷？

Well, from the acquisition side, I mean, there are lots of competitors for acquisitions in that their own management team, you've got LBOs, you've got other operators that would like to expand in local markets that they're operating in. I do think we're the acquirer of choice.

嗯，從收購方面來看，我的意思是，有很多競爭對手進行收購，他們有自己的管理團隊，有槓桿收購，還有其他業者希望在他們經營的當地市場擴張。我確實認為我們是首選的收購者。

They know we have cash. They know we can come up with large sums of cash. We've done it multiple times through the last two decades.

他們知道我們有現金。他們知道我們可以籌集大筆現金。在過去的二十年裡，我們已經做過多次了。

They know if they want to carry paper and create an annuity for themselves or for their family or for their trusts, we have an unbelievable track record and unmatched track record from other operators on making all of our payments on time, even through COVID. So I think those things weigh in.

他們知道，如果他們想攜帶紙本文件並為自己、家人或信託創建年金，我們在按時支付所有款項方面有著令人難以置信的良好記錄，即使在 COVID 期間也是如此，這是其他運營商無法比擬的記錄。所以我認為這些因素很重要。

We don't really bid against anybody or against ourselves. We kind of have a set formula. We ask for their numbers.

我們實際上並沒有與任何人或我們自己競標。我們有一個固定的公式。我們問他們的電話號碼。

What we do is we evaluate what we believe is the longevity of that cash flow, whether it's licensing restrictions in the area, how easy competition can open up, whether the license has court protections or grandfathered in. And then we use a 3 times to 5 times multiple based on what we believe the protection of that license is.

我們所做的是評估我們認為的現金流的持久性，無論是該地區的許可限制，競爭的開放程度，許可證是否受到法院保護或祖父條款的保護。然後，根據我們認為該許可證的保護程度，我們使用 3 倍到 5 倍的倍數。

And that's how we've always done it. And that's, I think, how we'll continue to do it. It can slow the process sometimes, but it also saves us from making big mistakes.

我們一直都是這麼做的。我認為，我們會繼續這樣做。它有時會減慢進程，但也可以避免我們犯下大錯誤。

And I think right now, especially in this environment, the most important thing we can do is not make mistakes. And then your second part, the tax bump.

我認為現在，特別是在這種環境下，我們能做的最重要的事情就是不要犯錯。然後是第二部分，稅收增加。

I mean I think that the tax bill just passed. I think companies are starting to realize they've got, I guess, what we're in August now. So you got five months left.

我的意思是我認為稅收法案剛剛通過。我想，公司開始意識到他們已經遇到八月的情況了。所以你還剩五個月的時間。

You want to make a major purchase and get it closed by December 31, you better get on it. So I think those transactions are, I think companies are starting to look at that. I think you're going to start seeing some capital improvements done at some major companies.

如果你想進行一筆大額採購並在 12 月 31 日之前完成，你最好趕緊行動。所以我認為這些交易是，我認為公司開始關注這些交易。我認為你將會開始看到一些大公司進行一些資本改善。

I know we've been hearing all these manufacturers that -- saying $600 billion here and $1 trillion there and $500 billion here and new plants and whatnot. I don't know if those will all hit this year.

我知道我們一直聽到這些製造商說——這裡要投資 6,000 億美元，那裡要投資 1 兆美元，這裡要投資 5,000 億美元，還要蓋新工廠等等。我不知道這些是否都會在今年實現。

They did make the tax cuts permanent, so it's not like they have to rush out and do it by December 31, unless they owe taxes for this year. But I do believe that as we are going to see some of that. Look, our clubs do very well when there's new money or money is really moving.

他們確實將減稅政策永久化了，所以他們不必在 12 月 31 日之前匆忙完成減稅，除非他們欠今年的稅。但我確實相信我們會看到其中的一些。你看，當有新資金或資金真正流動時，我們的俱樂部就會做得很好。

The pace of money has slowed down considerably, right? There are record numbers in money market accounts, a lot of people sitting on the sidelines.

錢流的速度已經明顯放慢了，對吧？貨幣市場帳戶數量創歷史新高，許多人袖手旁觀。

Only the top stocks in these indexes are really performing well. So I think there's, like I said, a lot of money sitting on the sidelines. As that new money starts moving into things as we move forward, I think that will be a considerable bonus for our company.

只有這些指數中的頂級股票才真正表現良好。所以我認為，就像我說的，有很多資金處於觀望狀態。隨著我們不斷前進，新資金開始投入其中，我認為這對我們公司來說將是一筆可觀的獎勵。

As far as, liquor sales were down 3.9%, but our service revenues were actually up just a little bit over last year. So I would say service revenues are coming back a little bit.

就酒類銷售額而言，下降了 3.9%，但我們的服務收入實際上比去年略有增長。所以我想說服務收入正在略有回升。

We'll see what happens as we move through these next two quarters. Hopefully, we'll continue to see the service revenues increase. They are our highest margin revenues for sure.

我們將看看接下來的兩個季度會發生什麼。希望我們能夠繼續看到服務收入的成長。這肯定是我們利潤最高的收入。

Next up, we have Adam Wyden.

接下來有請亞當懷登 (Adam Wyden)。

This is for Bradley. So on the insurance reserves, you guys have $9 million year-to-date, and I guess you'll have some on the fourth quarter. But you're not paying for insurance anymore.

這是給布拉德利的。因此，就保險準備金而言，你們今年迄今已有 900 萬美元，我想你們在第四季也會有一些。但您不再需要支付保險費。

So the question I have is, at some point, I know it's going to normalize. I mean can you sort of quantify how -- I mean, because it's obviously noncash.

所以我的問題是，在某個時候，我知道它會正常化。我的意思是，你能否量化一下——因為它顯然是非現金的。

You're taking this charge, but the cash is sitting in your, on your balance sheet. It's in treasuries or somewhere. I don't know if it's, but like how should we think about sort of the total sort of weight on EBITDA this year relative to what you would expect it to be going forward?

你承擔了這筆費用，但現金卻在你的資產負債表上。它存在於國庫或其他地方。我不知道是不是這樣，但是我們應該如何看待今年 EBITDA 的總體權重相對於您預期的未來權重？

I mean is there any way we can try and do that? I mean I think the goal in this was to save money. And at least from when I read the filings, it looks like you're, it's costing you money year-over-year.

我的意思是我們有什麼辦法可以嘗試做到這一點嗎？我的意思是我認為這樣做的目的是為了省錢。至少從我讀到的文件來看，你似乎逐年花錢。

So I'm just trying to understand, at some point, you build enough reserve that eventually you don't have to reserve anymore in some capacity or the reserves go down. I mean how should we be thinking about that?

所以我只是想理解，在某個時候，你建立了足夠的儲備，最終你不需要再以某種方式儲備，或者儲備就會下降。我的意思是我們應該如何思考這個問題？

From a net income standpoint and an adjusted EBITDA standpoint, these charges are very real from a GAAP basis and non-GAAP basis. So technically, yes, it's hurting EPS. It looks like a negative charge.

從淨收入和調整後的 EBITDA 角度來看，這些費用無論從 GAAP 基礎還是非 GAAP 基礎來看都是非常真實的。所以從技術上來說，是的，它確實損害了每股盈餘。它看起來像負電荷。

But we don't get to add it back because it's normal and reoccurring. Now you're saying it cost us money. It doesn't really cost us money because it's not impacting free cash flow.

但我們無法將其添加回去，因為這是正常現象並且會重複發生。現在你說這花了我們很多錢。它實際上並沒有花費我們的錢，因為它不會影響自由現金流。

So those are the clarifying points I wanted to make. As far as the run rate, like Eric once mentioned, I hate to just lean back on this, we just don't know. Every quarter, we have an actuarial expert, and they go and they look at all our claims, all our losses, any new claims, any closed claims and they do what's called a true-up or true-down.

這些就是我想要澄清的要點。至於運行率，就像埃里克曾經提到的那樣，我不想僅僅依賴這一點，我們只是不知道。每個季度，我們都會聘請一位精算專家，他們會查看我們所有的索賠、所有損失、任何新的索賠、任何已結案的索賠，然後進行所謂的「真實上升」或「真實下降」。

So on a normalized run rate, call it, somewhere between $10 million to $12 million based upon this year's year-to-date actuarial estimates, and that's all there is. As far as the actual captive insurance program, once that's live and operational, we would be paying ourselves somewhere between like $400,000 to $500,000 a month for the premiums.

因此，根據今年迄今的精算估計，按照正常化的運行率，該數字在 1000 萬美元到 1200 萬美元之間，僅此而已。就實際的自保保險計劃而言，一旦該計劃開始實施，我們每月將支付 40 萬至 50 萬美元的保費。

Okay. But I mean, again, I'm just going back in time, and then I got another question. My understanding was that you guys have never really paid out more than a few million dollars in any given year for settlement.

好的。但我的意思是，我再次回顧過去，然後我又有另一個問題。我的理解是，你們每年支付的和解金從未超過幾百萬美元。

So the idea was you were paying like $10 million or $12 million in insurance, but the actual settlements on average never really were more than $3 million. So I guess the question I have is you're basically reserving as if it's $12 million, but I mean, you've never paid out $12 million in a year.

所以，你的想法是支付 1000 萬美元或 1200 萬美元的保險費，但實際賠償金額平均從未超過 300 萬美元。所以我想我的問題是，你基本上是將其保留為 1200 萬美元，但我的意思是，你從未在一年內支付過 1200 萬美元。

So like this can't like sort of continue, right? I mean that's just sort of like, right, real logically. You never paid out $12 million in losses in a year, right, ever?

所以這種情況不能繼續下去，對嗎？我的意思是，從邏輯上來說，這確實是真實的。您從來沒有在一年內支付過 1200 萬美元的損失，對吧？

Correct. Well, there are some years like the New York one that was about a decade ago that -- yes, some settlements are large, a lot bigger.

正確的。嗯，有些年份，比如大約十年前紐約的那次——是的，有些定居點很大，大得多。

That wasn't insured.

那沒有保險。

Okay. That wasn't insured.

好的。那沒有保險。

Yes. So that's sort of my question. I mean if we're run rating $12 million of insurance reserves, that would imply that we would pay $12 million in lawsuits a year. So because again, the EBITDA number -- the free cash flow looks great, right, obviously, in light of what's going on, but the EBITDA number doesn't make a whole lot of sense.

是的。這就是我的問題。我的意思是，如果我們的保險準備金為 1200 萬美元，那就意味著我們每年要支付 1200 萬美元的訴訟費用。因此，再次強調，EBITDA 數字——自由現金流看起來很棒，顯然，考慮到目前的情況，但 EBITDA 數字並沒有多大意義。

So that's why I'm just trying to reconcile those two. Because if I sort of just think about it, like you guys don't want to pay insurance anymore. You are run rating $12 million of reserves.

所以這就是我試圖調和這兩者的原因。因為如果我稍微想想，你們就不想再付保險費了。您的儲備金為 1200 萬美元。

You're not paying it out in cash, obviously, because we can see it in the free cash flow. So it's sort of like presumably at some point after you build a big enough buffer, right, with these charges, at some point, you would expect them to go down, right, I mean, like realistically.

顯然，您不會以現金支付，因為我們可以在自由現金流中看到它。因此，這有點像在你建立了足夠大的緩衝區之後的某個時候，對吧，有了這些費用，在某個時候，你會期望它們下降，對吧，我的意思是，就像現實情況那樣。

I hope so, Adam. To be honest, I just don't have enough data on it. We really thought our captive would be active before we ever went into any type of self-insurance mode that we're at today. It just took the state a long time to get it done, and now we're really working on our policy.

我希望如此，亞當。說實話，我對此沒有足夠的數據。在我們進入今天所處的任何類型的自我保險模式之前，我們確實認為我們的俘虜會很活躍。只是州政府花了很長時間才完成這件事，現在我們正在認真執行我們的政策。

The more we study it, the more we learn about it. We just want to make sure we do it right the first time because we don't want to set up a captive that then goes bankrupt.

我們研究得越多，了解就越多。我們只是想確保第一次就把事情做好，因為我們不想建立一個後來破產的俘虜公司。

So we believe we have the formulas down. We're working on them. But when it comes to these actuarials, this is a completely different math. It's a GAAP principle that has to be followed to do these actuarials and do these accruals.

因此我們相信我們已經掌握了公式。我們正在努力解決這些問題。但對這些精算師來說，這是一個完全不同的數學問題。進行這些精算和應計工作必須遵循 GAAP 原則。

And I mean you've heard me say it before, I don't think it's rooted in any type of reality of what is. It's always what ifs. And all of your GAAP stuff when you're accruing stuff and doing these things must take into account the absolute worst-case scenarios, not best-case scenarios.

我的意思是，您以前聽我說過，我認為它並不植根於任何現實。總是存在如果。當您累積資產並執行這些操作時，所有 GAAP 內容都必須考慮絕對最壞的情況，而不是最佳情況。

So what you want to look at is best-case scenarios and what they have to look at is worst-case scenarios. If you look at average for the last 15 years of actuarials where we have what we've actually paid out versus what we paid in premiums, we would have come out way ahead if we had self-insured all of those years.

因此，您要考慮的是最好的情況，而他們要考慮的是最糟糕的情況。如果您查看過去 15 年精算師的平均水平，即我們實際支付的金額與我們支付的保費之比，您會發現如果我們這些年來都自行投保，我們就會領先很多。

In fact, I think there's only one year where we wouldn't have. And that's because we allowed someone to sell us way too much insurance and then we couldn't settle any cases because everybody would rather try their luck in court and go after the big lottery ticket versus settling the case for a reasonable amount.

事實上，我認為只有一年我們不會這樣做。這是因為我們允許某人向我們出售過多的保險，然後我們無法解決任何案件，因為每個人都寧願在法庭上碰碰運氣，追逐巨額彩票，而不是以合理的金額解決案件。

And so that particular year, we had some high stuff, but that was many years ago. Of recent years, it's been much more realistic.

所以那一年，我們確實有一些高光時刻，但那是很多年前的事了。近年來，情況變得更加現實。

And then the problem was when we got our insurance quote this year or for this year, they wanted, between the fees and everything, we would have paid almost $9 million for $10 million worth of insurance. And to me, that just did not make any economic sense whatsoever.

然後問題是，當我們今年或今年獲得保險報價時，他們想要的是，加上費用和所有費用，我們需要為價值 1000 萬美元的保險支付近 900 萬美元。對我來說，這根本就沒有任何經濟意義。

When we could not do that, we could do this captive referral system where we put the money in. Part of the actuarial system is you don't get any return on what you put in the reserves, right?

當我們無法做到這一點時，我們可以採用這種投入資金的專屬推薦系統。精算系統的一部分就是你投入的儲備金不會獲得任何回報，對嗎？

So it's just basically held in reserves and is not growing, whereas when you have a captive or an insurance company, they take the premiums and invest those premiums, which then help offset the cost and expenses. And so the actuarial is very, very different in a self-insurance versus a captive.

因此，它基本上只是保留在儲備金中，並沒有成長，而當你擁有一家自保公司或保險公司時，他們會收取保費並進行投資，從而幫助抵消成本和費用。因此，自保和自保的精算有很大不同。

So hopefully, we'll have this captive set up soon. I would like to see it set up by October 1, if at all possible. I think we're definitely working towards that date. Whether we'll be successful or not, I don't know. But I think by calendar year-end, we should be able to have everything in place for it.

所以希望我們能盡快建立這個俘虜機構。如果可能的話，我希望它能在 10 月 1 日之前建立起來。我認為我們肯定會努力實現這一目標。我不知道我們是否會成功。但我認為，到年底，我們應該能夠做好一切準備。

And then we'll have the actual insurance costs because we'll be paying insurance costs, not accruing an actuarial. The insurance company will accrue actuarials, but they'll do that based on their premiums and whatnot, and their claims, not past ones.

然後我們將獲得實際的保險費用，因為我們將支付保險費用，而不是累積精算費用。保險公司會累積精算收入，但他們會根據保費等以及索賠（而不是過去的索賠）來計算。

Right. So yes, I get it. So the idea is like long story short, like when you guys get the captive set up, the noncash charge to EBITDA will be a lot less because you're basically -- it's a separate insurance company that you're going to pay premiums to that you control.

正確的。是的，我明白了。所以這個想法就像長話短說一樣，當你們建立了自保公司後，EBITDA 的非現金費用將會少很多，因為你們基本上是 - 它是一家獨立的保險公司，你將向其支付保費，這是你控制的。

And so all of this $12 million a year stuff is probably going to go away. Because if you look on slide 12, you look at the free cash flow, it's basically flat year-on-year.

因此，這些每年 1200 萬美元的東西可能都會消失。因為如果你看第 12 張投影片，你會看到自由現金流基本上與去年同期持平。

And most of the quarters, it's more or less been flat. So EBITDA in this case, the way you reported it is sort of not a great reflection of financial performance because you're not actually paying out the money, if that makes any sense.

大多數季度，情況基本上持平。因此，在這種情況下，您報告的 EBITDA 並不能很好地反映財務業績，因為您實際上並沒有支付這筆錢，如果這有任何意義的話。

Makes a lot of sense for fiscal 2025.

對於 2025 財年來說非常有意義。

Yeah. So I mean all I'm trying to say is next year, when you get the captive set up, you should get a reversal on reported EBITDA because you're not going to be taking these types of insurance reserve charges realistically.

是的。所以我的意思是，我想說的是，明年，當你設立自保公司時，你應該獲得報告的 EBITDA 的逆轉，因為你實際上不會承擔這些類型的保險準備金費用。

There are a few things we can possibly do when that time comes. And that is we can leave this 2025 as a self-insured year, and then they'll run actuarials every quarter going forward.

當那個時候到來時，我們可以做一些事情。也就是說，我們可以將 2025 年定為自我保險年，然後他們將在每個季度進行精算。

If there's x reserves, they would be put back in. If more reserves are needed, we'd have to expense more. The other thing we could possibly do is buy an insurance policy once we would know all the claims.

如果有 x 個儲備，它們就會被放回去。如果需要更多儲備，我們就必須花費更多。我們可能會做的另一件事是，一旦我們了解了所有的索賠，就購買一份保單。

There's a two year statute of limitations, I think, but we could figure out what the claims are. A lot of insurance companies do this where they will then -- what's called selling the book.

我認為訴訟時效為兩年，但我們可以弄清楚索賠內容。許多保險公司都會這樣做——這就是所謂的「賣帳」。

So we would take all the potential liability and sell that book for a set dollar amount where basically, we would pay a company x amount of dollars and then they would take all the liability on a go-forward basis for those deals. And what they do is they hope to settle those cases for less than reserves.

因此，我們將承擔所有潛在責任，並以固定金額出售該帳簿，基本上，我們將向公司支付 x 美元，然後他們將在未來承擔這些交易的所有責任。他們希望以低於儲備金的金額來解決這些案件。

And if the reserve, if we can sell, let's say we've got $12 million in reserves, but we can sell the book for $8.5 million, then maybe we sell that book for $8.5 million and we get the other $3.5 million as an income back in on our books. So there's lots of things as we move through the future of this and figure out this insurance math, let's call it, in a much better format.

如果儲備金可以出售，假設我們有 1200 萬美元的儲備金，但我們可以以 850 萬美元的價格出售這本書，那麼我們也許可以以 850 萬美元的價格出售這本書，然後我們可以從書中獲得另外 350 萬美元的收入。因此，當我們展望未來，並以更好的形式計算出保險數學時，還有很多事情要做。

And of course, our actuarials, I mean, as we get the actuals, we'll be able to actual costs, we'll be able to have a much better idea as well. And we may have no claims, right? I mean we just, right now, you don't know.

當然，我們的精算師，我的意思是，當我們獲得實際情況時，我們將能夠計算出實際成本，我們也將能夠有更好的想法。我們可能沒有任何索賠要求，對嗎？我的意思是，現在你還不知道。

Typically, a claim in an insurance year usually takes anywhere from 18 to 24 months to be made. And since we've only been doing this for nine months, it's all guesswork. This is literally 100% guesswork, everyone's part.

通常，保險年度內的索賠通常需要 18 到 24 個月的時間。因為我們只做了九個月，所以這一切都只是猜測。這實際上是 100% 的猜測，每個人都參與其中。

Two other questions. These should be easier. One is on the start-up cost, Bradley, you guys talked about Rowlett or is it Lubbock, Central City and some other stuff.

另外兩個問題。這些應該更容易。一個是啟動成本，布拉德利，你們談到了羅利特，或者是拉伯克、中心城和其他一些東西。

I mean, obviously, that's not being added back. But I mean what do you think the burden on EBITDA is in terms of start-ups and other stuff that you would expect to sort of go down?

我的意思是，顯然，這不會被添加回去。但我的意思是，您認為就新創公司和其他方面而言，EBITDA 的負擔會下降多少？

I mean I think we covered the insurance thing pretty closely. But on sort of the start-up costs, like what do you think or preopening costs, what do you think that sort of cost you in the quarter?

我的意思是，我認為我們已經非常仔細地討論了保險問題。但是對於啟動成本，例如您認為開業前的成本是多少，您認為這些成本在本季會為您帶來多少成本？

It's typically a couple of hundred thousand dollars per unit, Adam. And it's just we have to put people up. We have to train. We start, we send people out two to three weeks ahead of time. They start training.

通常每台的價格是幾十萬美元，亞當。我們必須安排人員上崗。我們必須訓練。我們開始，提前兩到三週派人出去。他們開始訓練。

They hire staff. So we've got hotel rooms, you've got training costs. You've got the hourly wages with no revenue coming in yet, things like that.

他們僱用員工。所以我們有飯店房間，你有訓練費用。您有每小時的工資，但還沒有收入，諸如此類的事情。

So like $0.5 million of EBITDA in the quarter, basically. Is that fair?

因此，本季的 EBITDA 基本上為 50 萬美元。這樣公平嗎？

$400,000 to $500,000 is what I'd guess, yes.

是的，我猜是 40 萬到 50 萬美元。

Okay. So we got the insurance, we got the start-up costs. And then on the real estate, you talked about in the past potentially selling Bombshells. I mean I think you got rid of all the lease locations because you didn't control the real estate.

好的。所以我們得到了保險，得到了啟動成本。然後關於房地產，您過去談到可能出售 Bombshel​​ls。我的意思是，我認為你擺脫了所有的租賃地點，因為你沒有控制房地產。

You now have, I guess, 10 locations. I guess that includes, does that include the Grange? Or does that not include the Grange?

我猜你現在有 10 個地點。我想這包括，包括 Grange 嗎？還是這不包括 Grange？

That does not include the Grange. The Grange is gone. We actually have 11 locations open with Lubbock as of July. Now it didn't open in this last quarter.

這還不包括格蘭奇。格蘭奇已經不存在了。截至 7 月份，我們在拉伯克實際上已開設了 11 家門市。現在它在最後一個季度還沒有開業。

That's after the June quarter ended of it opened. So for this quarter that we're in right now, fourth quarter of 2025, we'll have 11 Bombshells locations open.

那是在六月季度結束後。因此，就我們現在所處的這個季度，即 2025 年第四季而言，我們將開設 11 家 Bombshel​​ls 門市。

Not including Rowlett.

不包括羅利特。

Not including Rowlett because Rowlett's not open yet. Now if Rowlett opens before September 30, then that will change, but I don't suspect that Rowlett will make September 30 based on some of the construction reports I got yesterday. So I think it's going to be a little bit longer.

不包括羅利特 (Rowlett)，因為羅利特 (Rowlett) 尚未開放。現在，如果羅利特在 9 月 30 日之前開業，那麼情況就會發生變化，但根據我昨天收到的一些施工報告，我並不懷疑羅利特會在 9 月 30 日開業。所以我認為這將會持續更長時間。

So I guess the question is now you've sort of got it cleaned up, you got rid of all the lease locations. You've got a lot of big expanding restaurant chains, Texas Roadhouse and a bunch of groups that are looking for locations.

所以我想現在的問題是你已經把一切都清理乾淨了，你已經擺脫了所有的租賃地點。有許多大型連鎖餐廳正在擴張，例如德州客棧 (Texas Roadhouse) 和一些正在尋找店址的團體。

I mean I think one of the biggest issues as you've encountered is basically building a restaurant is taking a very, very long time. And you've got basically 12 locations that have more or less been open for not that long.

我的意思是，我認為您遇到的最大問題之一就是建造一家餐廳需要很長時間。基本上有 12 家門市開幕時間都差不多。

I mean the oldest ones I think you closed. So I guess my question to you is like, given where your stock is and given how valuable, I don't know, $65 million, $75 million of real estate is in terms of getting capital, I mean.

我的意思是我認為你關閉了最古老的那些。所以我想我的問題是，考慮到你的股票在哪裡，考慮到你的價值，我不知道，6500 萬美元、7500 萬美元的房地產在獲取資本方面值多少錢。

How do you think about sort of going all in on the stock and nightclubs given that the restaurant real estate is still trading at a relatively low cap rate and you sort of have control of the whole -- all the locations now?

鑑於餐飲房地產的交易利率仍然相對較低，而且您現在基本上可以控制所有門市，您如何考慮全力投入股票和夜總會業務？

I mean, look, we've been talking with different groups for the past year or so, more groups in recent last month or two. We're getting more calls.

我的意思是，你看，我們在過去一年左右的時間裡一直在與不同的團體交談，最近一兩個月我們與更多的團體交談。我們接到了更多電話。

So I'm guessing that restaurant, especially prime A restaurant space, which is what most of our Bombshells locations are, are being sought after because we are getting lots of calls. Of course, you got every leaseback group in the world trying to call us, which we're not interested in doing sale leasebacks.

所以我猜想餐廳，尤其是黃金 A 區餐廳空間（我們的大多數 Bombshel​​ls 餐廳都位於該區域）會受到追捧，因為我們接到了很多電話。當然，世界上每個回租集團都試圖給我們打電話，但我們對售後回租不感興趣。

We are interested if we were to sell the real estate, you'd have to buy the operating businesses as well. But we would put together a package of the operating businesses and the real estate for the right price.

我們感興趣的是，如果我們要出售房地產，您也必須購買營運業務。但我們會以合適的價格將營運業務和房地產整合在一起。

We're just not looking to sell at the bottom of the range. We would want a fair price for our shareholders. And if somebody comes and makes us that offer, then we'll consider it.

我們只是不想以最低價出售。我們希望為股東爭取公平的價格。如果有人向我們提出這樣的提議，我們就會考慮。

Yes. I mean, look, obviously, given where your stock is and given the fact that, I suspect the nightclubs stuff is going to ramp up because you did some deals this year and you didn't do any in '23 or '24. I suspect there's probably more nightclubs to buy.

是的。我的意思是，顯然，考慮到你的股票狀況和事實，我懷疑夜總會業務會增加，因為你今年做了一些交易，而在 23 年或 24 年沒有做任何交易。我懷疑可能還有更多的夜總會需要購買。

But I sort of do the math and I say, I don't know, what is it, $100,000 of net income or non-GAAP income. And I don't know what that works out in terms of EBITDA.

但我算了一下，然後說，我不知道這是什麼，10 萬美元的淨收入還是非 GAAP 收入。我不知道這對 EBITDA 有何影響。

But let's say for a minute that EBITDA at Bombshells is, I don't know, $1 million. I don't know what the D&A is now, but let's just call it $1 million, and let's say you get a little bit of EBITDA from Lubbock and a little bit of EBITDA from Rowlett.

但是，假設 Bombshel​​ls 的 EBITDA 為 100 萬美元。我不知道現在的 D&A 是多少，但我們稱之為 100 萬美元，假設你從 Lubbock 獲得一點 EBITDA，從 Rowlett 獲得一點 EBITDA。

I mean, even best case, it's $4 million, $5 million. I mean, if you could sell the real estate for $65 million, $70 million, $75 million, I mean, it would go a long way in terms of buying nightclubs and buying stock.

我的意思是，即使是最好的情況，也是 400 萬美元、500 萬美元。我的意思是，如果你能以 6500 萬美元、7000 萬美元、7500 萬美元的價格出售房地產，那麼對於購買夜總會和股票來說，這將大有裨益。

I mean right now, I will tell you my number has been about $85 million. Would I take $75 million? I don't know, no one's offered it to me yet.

我的意思是現在，我會告訴你我的數字大約是 8500 萬美元。我會接受 7500 萬美元嗎？我不知道，還沒有人提供給我。

If someone comes in with an $85 million offer, it's something we definitely have to put the pencils to and see if we make it work. I can tell you that at $65 million, I wouldn't be interested.

如果有人提出 8500 萬美元的報價，我們肯定要考慮一下，看看是否可行。我可以告訴你，對於 6500 萬美元的價格，我不會感興趣。

I think the real estate alone will appraise somewhere around $65 million to $67 million. Our current debt load on that real estate is about $35 million.

我認為僅房地產的價值就將在 6500 萬美元到 6700 萬美元之間。我們目前在該房地產上的債務約為 3500 萬美元。

Our current book value is around $45 million. So if somebody comes in at $85 million, I don't think there's much to think about. That would be about a $40 million over book.

我們目前的帳面價值約為 4500 萬美元。因此，如果有人出價 8500 萬美元，我認為就沒什麼好考慮的了。這就相當於超出帳面價值約 4,000 萬美元。

I think we would probably jump on that pretty quickly. At $75 million, we're going to sit down and put the pencils to it, see if it makes sense, see what our stock price is.

我認為我們可能很快就會開始實施這項計劃。對於 7500 萬美元的價格，我們會坐下來仔細權衡，看看是否合理，看看我們的股價是多少。

I mean if I could buy 1 million shares of stock back in exchange for the Bombshells segment, what does that, 8.7 divided by, 1 million divided by 8.7 is, 1 million divided 8.7, about 12%, yes, almost 12% of the company.

我的意思是，如果我可以回購 100 萬股股票來換取 Bombshel​​ls 部門，那麼 8.7 除以 100 萬除以 8.7 等於多少，100 萬除以 8.7，大約是 12%，是的，幾乎是公司股份的 12%。

Yes, I think I'd have to think real hard about that. So I think those are things we just -- like I said, we have to put the pencils to and see if we can make it work.

是的，我想我必須認真考慮這個問題。所以我認為這些都是我們必須做的事情——就像我說的，我們必須付諸行動，看看我們是否能夠讓它發揮作用。

So the $67 million includes Rowlett and Lubbock, even though they haven't -- have those been reappraised at market yet or not? Or does that include --

那麼，這 6700 萬美元包括了羅利特和盧伯克，儘管它們還沒有——這些是否已經在市場上重新估價了？或包括--

Those are both at cost. Both of those, it's about $65 million. That's why I said it's between $65 million and $67 million. I think both those appraise for about $1 million more than cost. They typically do.

這些都是成本價。這兩個加起來大約是 6500 萬美元。這就是為什麼我說它在 6500 萬美元到 6700 萬美元之間。我認為這兩者的估價都比成本高出約 100 萬美元。他們通常都會這麼做。

Got it. And so at that point, you'll sort of see how much EBITDA those things are doing. And if someone, because basically those will be making money and the other ones, do you think that the other locations will start making more money? I mean do you think that your --

知道了。那麼到那時，你就會看到這些東西的 EBITDA 是多少。如果有人，因為基本上那些會賺錢，而其他地方，你認為其他地方會開始賺更多的錢嗎？我的意思是你認為你的--

We have 3 locations that are pretty solid right now. Lubbock is doing fantastic. Lubbock is averaging between $190,000 and $200,000 a week right now.

目前我們有 3 個位置非常穩定。拉伯克表現非常出色。目前，拉伯克的平均週薪在 19 萬至 20 萬美元之間。

If that continues for the 12 weeks that will be open, you're talking 12 times, I would say 12 times [180] even, [1.2] plus 80 times 12, [9.6], a little over (inaudible). They do $2 million, at that point, they're probably running 20-plus percent margins.

如果這種情況持續 12 週，那麼你說的是 12 倍，我會說 12 乘以 [180] 甚至 [1.2] 加上 80 乘以 12，[9.6]，稍微多一點（聽不清楚）。他們的利潤為 200 萬美元，此時他們的利潤率可能超過 20%。

I mean that store alone can make $400,000, $500,000 in a quarter. So let's see how we do. Like I said, we're talking with groups. We're talking with a private equity group. We're talking with a restaurant operator.

我的意思是，光是那家商店一個季度就能賺 40 萬到 50 萬美元。那麼讓我們看看我們做得如何。就像我說的，我們正在與團體交談。我們正在與一家私募股權集團洽談。我們正在與一位餐廳經營者交談。

We're talking with a few just -- I don't know what they want to do with their real estate, the real estate guys that we've been talking with. And we'll see what comes of it.

我們正在與一些人交談——我不知道他們想如何處理他們的房地產，我們一直在與他們交談的房地產人士。我們將拭目以待。

But I'll make it perfectly clear on the call so maybe I won't get as many calls over the next week, we are not interested in sale leasebacks. So we know we could do that at any time we want it.

但我會在電話中說得很清楚，所以也許下週我不會接到那麼多電話，我們對售後回租不感興趣。所以我們知道我們可以在任何我們想要的時候做到這一點。

We could pull probably $30 million in equity out of the Bombshells real estate at any time that we did a sale leaseback. But it's just not something we're really interested in doing.

透過售後回租，我們可以隨時從 Bombshel​​ls 房地產中提取約 3000 萬美元的股權。但這並不是我們真正感興趣的事。

We'd rather just hold onto the assets until we can sell everything as a whole. We believe that it makes the, by owning the real estate, it makes the operations much easier to sell to someone who wants to turn it around and grow the concept because what they'll do is they'll come in, they'll buy it from us.

我們寧願保留資產，直到我們能夠將所有資產全部出售。我們相信，透過擁有房地產，我們可以更輕鬆地將業務出售給那些想要扭轉局面並發展這個概念的人，因為他們會進來，從我們這裡購買。

They'll turn around, do the sale leaseback to pull their cash back in and expand the concept is what we're told by brokers that we've been talking to.

與我們交談過的經紀人告訴我們，他們會扭轉局面，透過售後回租收回現金並擴大經營範圍。

Well, they'll do that after they fix it. But the reality is, is they own it, they control it, they fix it, then they do it.

嗯，他們修好之後就會這麼做。但事實是，他們擁有它，他們控制它，他們修復它，然後他們去做它。

They can do anything they want once they write me the check, I don't care.

只要他們給我開支票，他們就可以做任何他們想做的事，我不在乎。

And what about the club the backlog for M&A for clubs? I mean are you seeing that backlog increase? I mean are you, I know you've done a little bit this year. You did whatever, Detroit and whatever those ones, but you're only...

那麼俱樂部的併購積壓情況如何？我的意思是，您是否看到積壓訂單增加？我的意思是，我知道你今年做了一些事情。你做了一切，底特律和那些，但你只是......

We bought three locations so far. I mean, we're actually looking to sell a couple of our clubs. So we've got a few clubs that we're negotiating with some local operators that are very interested in a couple of our underperforming locations, which we were talking about rebranding.

到目前為止，我們購買了三個地點。我的意思是，我們實際上正在考慮出售我們的幾個俱樂部。因此，我們正在與一些當地業者進行談判，這些業者對我們幾個表現不佳的地點非常感興趣，我們正在討論重新命名這些地點。

And we're thinking maybe instead of rebranding, we'll just sell those locations off, put some more cash on the balance sheet, take that and buy other clubs someplace else in markets that are more competitive and more profitable for us and definitely easier to operate for us. Most of the clubs we're talking was only picked up in acquisitions where they were not the core acquisition we were trying to buy, but they were just a club that was part of the deal.

我們正在考慮，也許我們不進行品牌重塑，而是出售這些場地，在資產負債表上投入更多現金，然後用這些現金在其他市場上收購其他俱樂部，這些市場對我們來說更具競爭力，利潤更高，而且肯定更容易運營。我們談論的大多數俱樂部都是在收購中被選中的，它們並不是我們試圖購買的核心俱樂部，而只是交易的一部分。

And our thinking on that is that it stretches our regional management to have to travel all those extra miles and for small amounts of income. Why are we holding a club that's 600 miles from any one of our other clubs that generates us $200,000 a year in income?

我們對此的看法是，為了少量的收入而長途跋涉，會給我們的區域管理帶來很大的負擔。為什麼我們要在距離我們其他俱樂部 600 英里的地方設立一個俱樂部，而這個俱樂部每年能為我們帶來 20 萬美元的收入？

Let's go convert that into $1 million, $1.5 million in cash and take that $1.5 million in cash and maybe buy back stock or go invest it in a market that's easier for us to operate, that doesn't stretch our regional management teams. So those are things we're looking at.

讓我們將其轉換為 100 萬美元、150 萬美元現金，然後用這 150 萬美元現金回購股票或投資於一個更容易運營的市場，這樣就不會給我們的區域管理團隊帶來壓力。這些就是我們正在關注的事情。

Those are things we've been working on. As you'll see, if you go back and look at 2016 when we first started the capital allocation strategy, we were up a little bit. If you look at '24 when we started the capital allocation, we're up a little bit.

這些都是我們一直在努力的事情。正如你所看到的，如果你回顧一下 2016 年我們首次開始資本配置策略時的情況，我們的情況略有上升。如果你看一下我們開始資本配置的 24 年情況，你會發現我們的資本配置略有上升。

And then in '17, our revenues actually declined because we sold off and got rid of underperformers. I think you're seeing that same thing happen right now. It's just in a condensed year.

然後在 2017 年，我們的收入實際上下降了，因為我們出售並擺脫了表現不佳的股票。我想你現在看到的也是同樣的事情。這只是濃縮的一年。

We're much better at it than we were in 2016 because we've done it before. So we didn't wait a full year or 1.5 years to start divesting assets.

我們比 2016 年做得更好，因為我們以前做過。因此，我們並沒有等待整整一年或一年半才開始剝離資產。

We started doing that within nine months of adopting a new capital allocation strategy as we closed the Bombshells immediately that we're underperforming that we leased. And now we're doing the same thing with a few of the clubs that we're looking at right now and then, of course, trying to buy more clubs that make economic sense for us.

我們在採用新的資本配置策略的九個月內就開始這樣做了，因為我們立即關閉了我們租賃的表現不佳的「重磅炸彈」。現在，我們正在對一些我們正在關注的俱樂部做同樣的事情，當然，我們也在嘗試收購更多對我們具有經濟意義的俱樂部。

So EXPO is in, what, 14 days, two weeks from now. We'll be out in Vegas with lots and lots of club owners. And I'm very optimistic to have some good meetings set up to talk with a few people.

世博會將於 14 天后，也就是兩週後舉行。我們將與許多俱樂部老闆一起前往拉斯維加斯。我非常樂觀地希望能夠安排一些好的會議來與一些人進行交談。

I've got a couple of brokers, club brokers that want to sit down with me and go over some inventory that's supposedly not public information right now, which I find hard to believe it's not my public information, but I understand that there are deals that sometimes brokers bring to us.

我有幾個經紀人、俱樂部經紀人想和我坐下來討論一些現在據稱不是公開信息的庫存，我很難相信這不是我的公開信息，但我知道有時經紀人會給我們帶來交易。

So we'll definitely sit down and talk to them. We have been looking at lots of locations around the country right now and trying to find the ones that make the most sense for us to make our next investment in.

所以我們一定會坐下來和他們談談。我們目前正在全國範圍內尋找許多地點，並試圖找到最適合我們進行下一次投資的地點。

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

我代表埃里克、布拉德利、公司和我們的子公司向您表示感謝，並祝您晚安。歡迎光臨我們的俱樂部或餐廳，享受美好時光。