RCI Hospitality Holdings Inc (RICK) 2026 Q1 法說會逐字稿

Greetings and welcome to RCI Hospitality Holdings first quarter conference call. My name is Bradley Che. You can find the company's presentation on RCI's website. Go to the Investor Relations section.

各位好，歡迎參加 RCI Hospitality Holdings 第一季財報電話會議。我叫 Bradley Che。您可以在 RCI 的網站上找到公司的簡報。請前往「投資人關係」專區。

All the links are on the top of the page. Please turn to slide 2 of our presentation. Our speakers today are Travis Reese, Interim President and CEO, and Albert Molina, Interim CFO.

所有連結都在頁面頂端。請翻到我們簡報的第 2 張投影片。今天的講者是代理總裁兼執行長 Travis Reese，以及代理財務長 Albert Molina。

Please turn to slide 3. RCI is making this call exclusively on X-Faces. To ask a question, join the space with a mobile device. To listen-only, you can join the space on a personal computer. At this time, all participants are on a listen-only mode. A Q&A session will follow. This conference is also being recorded. Now, please turn to page 4. I want to remind everyone 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.

請翻到第 3 張投影片。RCI 本次電話會議僅在 X-Faces 上進行。若要提問，請使用行動裝置加入該 Space。若僅收聽，您可用個人電腦加入該 Space。目前所有與會者皆為僅收聽模式。稍後將進行問答環節。本次會議也會錄音。現在請翻到第 4 頁。我想提醒各位注意我們的安全港聲明。您可能會聽到或看到涉及風險與不確定性的前瞻性陳述。實際結果可能與目前預期有重大差異。

We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards. Please turn to page 5. I also direct you to the explanation of RIC's non-GAAP financial measures. Now, I'm pleased to introduce Travis Reese, Interim President and CEO.

對於本次電話會議後續發生之發展而需更新本次揭露資訊，我們不承擔任何義務。請翻到第 5 頁。我也請各位參閱 RIC 非 GAAP 財務衡量指標的說明。現在，我很高興介紹代理總裁兼執行長 Travis Reese。

Thanks, Brad, and thanks everyone for joining us. Please turn to slide 6.

謝謝你，Brad，也謝謝各位加入我們。請翻到第 6 張投影片。

I'm pleased to report we filed our 10-Q today and announced our results for the first quarter ended December 31. All comparisons are year-over-year, unless otherwise noted. Nightclubs revenues were stable. Contributions from newer venues offset the same-store performance and the closure of underperforming locations of note, our margin club service revenues increased 6.7% year-over-year.

我很高興報告，我們今天已提交 10-Q，並公布截至 12 月 31 日止第一季的業績。除非另有說明，所有比較皆為年對年。夜店營收維持穩定。較新場館的貢獻抵銷了同店表現以及關閉表現不佳據點的影響；值得注意的是，我們的 Margin Club 服務營收年增 6.7%。

This was despite consumer uncertainty as a result of the U.S. Government shutdown in October and November.

儘管 10 月與 11 月美國政府停擺導致消費者不確定性升高，仍取得上述成果。

Similarly, newer bombshells offset most of the segment's same-store sales decline, but most of the delta and total sales due to the year-ago divestiture closure of five underperforming locations. The decline in net income primarily reflects pre-tax operating and non-operating items, most of which were non-cash.

同樣地，較新的 Bombshells 幾乎抵銷了該部門同店銷售下滑的大部分影響，但總銷售差異的大部分來自去年同期剝離／關閉五個表現不佳據點所致。淨利下滑主要反映稅前營運與非營運項目，其中多數為非現金項目。

They had $10.1 million in net charges in the first quarter and $3.2 million in net gains a year ago. We also continue to move ahead with our back-to-basics five-year capital allocation plan. We've made some initial progress improving nightclub sales and margins, and our concept to revitalize the bombshells in Houston is working well. Year-to-date, we've bought back more than 1 million shares. Here's Albert to review our performance in more detail.

第一季淨費用為 1,010 萬美元，而去年同期為 320 萬美元的淨收益。我們也持續推進「回歸基本面」的五年資本配置計畫。我們在改善夜店銷售與毛利方面已取得初步進展，而我們在休士頓重振 Bombshells 的概念運作良好。年初至今，我們已回購超過 100 萬股。接下來請 Albert 更詳細檢視我們的表現。

Thank you, Travis. Turning to slide 7, I'll start with a review of our consolidated results. All comparisons are year-over-year for the quarter, unless otherwise noted. Total revenues were $70.8 million compared to $71.5 million. A difference of $0.7 million primarily reflected five fewer Bomstones-related locations, partially offset by new nightclub locations.

謝謝你，Travis。請看第 7 張投影片，我先回顧合併業績。除非另有說明，本季所有比較皆為年對年。總營收為 7,080 萬美元，去年同期為 7,150 萬美元。差異 70 萬美元主要反映與 Bomstones 相關的據點少了 5 家，部分被新增夜店據點所抵銷。

Pre-tax income decreased by $14 million. Most of that can be attributed to. Impairment amounting to $1.2 million this quarter versus non-last year, combined gain on sale of businesses and assets, and gain on insurance last year amounting to $2.4 million. The first quarter also included a non-operating charge of $9.9 million, compared to a non-operating gain of $1 million last year. Gap loss per share was $0.67 compared to earnings of $1.01. Non-GAAP, it was a profit of $0.74 per share compared to $0.08. Net cash provided by operating activities was $7.8 million compared to $13.3 million. This was largely due to the actual payments of bills from calendar year-end, such as legal fees, increased fees related to delayed filing, and insurance costs. As a result, free cash flow was $6.7 million compared to $12.1 million. Adjusted EBITDA was levelled at $15.7 million. Moving to slide 8, I will now cover our results by segment, beginning with nightclubs.

稅前利益減少 1,400 萬美元。其中大部分可歸因於：本季認列 120 萬美元減損，而去年同期沒有；再加上去年出售事業與資產的合併收益，以及去年 240 萬美元的保險理賠收益。第一季亦包含 990 萬美元的非營運費用，而去年同期為 100 萬美元的非營運收益。依 GAAP 計算，每股虧損為 0.67 美元，去年同期每股盈餘為 1.01 美元。以非 GAAP 計算，每股獲利為 0.74 美元，去年同期為 0.08 美元。營運活動提供的淨現金為 780 萬美元，去年同期為 1,330 萬美元。這主要是因為實際支付了日曆年度年底的帳款，例如法律費用、與延遲申報相關的費用增加，以及保險成本。因此，自由現金流為 670 萬美元，去年同期為 1,210 萬美元。調整後 EBITDA 為 1,570 萬美元，持平。接著看第 8 張投影片，我將按部門說明業績，先從夜店開始。

All comparisons are again year-over-year for the quarter unless otherwise noted. Revenues totalled $62.3 million, up $0.6 million. This reflected $4.9 million from five newly acquired and reopened clubs, $56.9 million from 52 stream store clubs, and contributions from two small Texas clubs closed during the quarter.

除非另有說明，所有比較同樣為本季年對年。營收合計 6,230 萬美元，增加 60 萬美元。其中包括 5 家新收購及重新開業的夜店貢獻 490 萬美元、52 家同店夜店貢獻 5,690 萬美元，以及本季期間關閉的兩家德州小型夜店的貢獻。

By revenue type, service increased by 6.7%, food and merchandise increased by 1.8%, and LVW declined by 4.6%. I'd like to point out that some clubs stood out, such as Mary's Downs Abilene, PT Show Club Indianapolis, Rick's Cabra in Minneapolis, Hoop Sports Bar and Cabra in New York City, and Jaguars Club in Phoenix. Other net charges totalled $181,000 compared to gains of $822,000. Operating income was $18.7 million compared to $20.9 million. Margin was 30% of segment revenues versus 33.8%.

按營收類型來看，服務收入成長 6.7%，餐飲與商品成長 1.8%，LVW 下滑 4.6%。我想指出有些店表現突出，例如 Mary’s Downs Abilene、PT Show Club Indianapolis、Rick’s Cabra in Minneapolis、Hoop Sports Bar and Cabra in New York City，以及 Jaguars Club in Phoenix。其他淨費用合計 18.1 萬美元，去年同期為 82.2 萬美元的收益。營業利益為 1,870 萬美元，去年同期為 2,090 萬美元。毛利率為部門營收的 30%，去年同期為 33.8%。

Non-GAAP operating income, which excludes other net charges and gains, was $19.5 million compared to $20.6 million. Margin was 31.3% of segment revenue versus 33.4%. On slide 9 are the results for a bunch of segments. Revenues totalled $8.4 million, a decrease of $1.2 million.

非 GAAP 營業利益（排除其他淨費用與收益）為 1,950 萬美元，去年同期為 2,060 萬美元。毛利率為部門營收的 31.3%，去年同期為 33.4%。第 9 張投影片為 Bombshells 部門的業績。營收合計 840 萬美元，減少 120 萬美元。

This reflected $1.8 million from two newly opened locations. $6.6 million from nine same-store locations and the absence of $1.2 million in a year-ago quarter from underperforming locations that were divested or closed. There were no meaningful net charges in the first quarter compared to the year-ago quarter, which included gains of $1.3 million. There was an operating loss of $139,000 versus income of $1.9 million.

其中包括兩個新開據點貢獻 180 萬美元、九個同店據點貢獻 660 萬美元，以及去年同期來自已剝離或關閉之表現不佳據點的 120 萬美元營收本期不再出現。第一季沒有重大淨費用，而去年同期包含 130 萬美元的收益。營業損失為 13.9 萬美元，去年同期為 190 萬美元的營業利益。

On an undraft basis, which excludes impairments and gains, there was an operating loss of $110,000 versus income of $616,000. Moving to slide 10, you will see a summary of our corporate expenses. Expenses totalled $7.4 million compared to $8.8 million, or 10.4% of total revenues compared to 12.3%.

以未扣除基礎（不含減損與收益）計算，營業虧損為11萬美元，相較之下為營業收益61.6萬美元。接著看第10頁投影片，您將看到我們公司費用的摘要。費用合計740萬美元，相較為880萬美元；占總營收10.4%，相較為12.3%。

Most of the year-over-year change reflected lower insurance costs, partially offset by higher accounting and professional fees in the current year due to the delayed filing of our annual report and year-end audit.

年對年變動主要反映保險成本降低，但部分被本年度較高的會計與專業服務費用所抵銷，原因是我們年度報告申報及年終審計延遲。

Non-GAAP expenses totalled $7 million compared to $8.4 million, or 9.9% of total revenues compared to 11.8%. Please turn to slide 11.

非GAAP費用合計700萬美元，相較為840萬美元；占總營收9.9%，相較為11.8%。請翻到第11頁投影片。

We have slides coming up to discuss free cash flow and adjusted EBITDA. These are non-GAAP.

接下來我們會用投影片討論自由現金流與調整後EBITDA。這些皆為非GAAP指標。

In advance of that, we want.

在此之前，我們想。

2%, the closest gap equivalent, which are operating income, net cash provided by operations, and net income. Slide 12, please. We ended the quarter with cash-on-cash equivalents of $28.6 million, down $5.1 million from September 30.

2%，最接近的GAAP對應項目為營業利益、營運活動提供之淨現金，以及淨利。請看第12頁投影片。本季結束時，現金及約當現金為2,860萬美元，較9月30日減少510萬美元。

During the quarter, we used $9.8 million to buy back shares. Free cash flow was $6.7 million, or 9% of revenues. Adjusted EBITDA was $15.7 million, and returned to 22% of revenues from the 10% level of Q4 of 2025, and then we had the $9 million legal accrual.

本季期間，我們使用980萬美元回購股份。自由現金流為670萬美元，占營收9%。調整後EBITDA為1,570萬美元，並自2025年第四季的10%水準回升至占營收22%；此外我們還計提了900萬美元的法律準備。

Turn to slide 13. That increased $20.6 million from September 30, primarily reflecting $22 million in seller financing from the ADW transaction, partially offset by debt paydowns. As a result, the weighted average interest rate was 7.16% compared to 6.65% in the year-ago quarter. And total occupancy costs of 8.5% of revenues compared to 8%. Debt to trailing 12-month adjusted EBITDA was 4.86, reflecting the ADW's debt combined with the fourth-quarter legal accrual. If we take out the fourth-quarter legal accrual, debt to EBITDA is 4.16x. Debt maturities continue to remain reasonable and manageable. Particularly with our plans to sell non-income producing properties. Now back to Travis.

請翻到第13頁投影片。該項自9月30日增加2,060萬美元，主要反映ADW交易帶來的2,200萬美元賣方融資，部分被償還債務所抵銷。因此，加權平均利率為7.16%，相較去年同期為6.65%。總入住成本占營收8.5%，相較為8%。債務對過去12個月調整後EBITDA倍數為4.86，反映ADW的債務併入以及第四季的法律準備。若排除第四季法律準備，債務對EBITDA為4.16倍。債務到期結構仍屬合理且可控。特別是配合我們出售不產生收益之資產的計畫。現在交回給Travis。

Thanks, Albert. Please turn to slides 14 and 15 to review our capital allocation strategy and five-year plan. Our plan remains the same. We allocate approximately 40% of free cash flow to club acquisitions and 60% to debt reduction and dividends. Our goal is to grow free cash flow per share by 10% to 15% annually.

謝謝，Albert。請翻到第14與第15頁投影片，檢視我們的資本配置策略與五年計畫。我們的計畫維持不變。我們將約40%的自由現金流用於俱樂部收購，60%用於減債與股利。我們的目標是每年將每股自由現金流成長10%至15%。

Operationally, we're focusing on our core nightclub business. We review every club regularly to increase same-store sales. Underperformers will be rebranded, reformatted, or divested. We're currently generating about 70% of our income from 20% of our clubs, so there's significant opportunity to optimize our portfolio.

在營運面，我們聚焦於核心夜店業務。我們定期檢視每一家店，以提升同店銷售。表現不佳者將進行品牌重塑、業態調整或處分。目前我們約70%的收益來自20%的店點，因此在投資組合最佳化方面有很大的機會。

Investing underperformers will help us increase margins, and we can use sale proceeds to repurchase stock, acquire higher quality locations, or reduce debt.

投資改善表現不佳的店點將有助於提升利潤率，而我們也可運用出售所得回購股票、收購更高品質的據點，或降低負債。

Our goal is to add an average of about $6 million of adjusted EBITDA each year through acquisitions.

我們的目標是透過收購，每年平均新增約600萬美元的調整後EBITDA。

We want to target strong clubs with an occasional strong group of clubs.

我們希望鎖定強勢店點，並在適當時機鎖定一組強勢店群。

Acquisition target metrics remain three to five times adjusted EBITDA for clubs. Fair market value for real estate and 100% cash on cash return in three to five years.

收購目標指標仍為：俱樂部的估值為調整後EBITDA的3至5倍。不動產以公允市價計，並在3至5年內達成100%的現金對現金報酬。

Purchases may use bank financing, cash, or seller notes. We may also use stock when our valuation improves. For bombshells, we aim to improve existing locations, target 15% operating margins, and return to same-store sales growth. We plan to finish the one location still under development. We'd like to sell the chain as a whole, but the market isn't right at the moment.

收購資金可能使用銀行融資、現金或賣方票據。當我們的估值改善時，也可能使用股票。就Bombshells而言，我們目標是改善既有據點、達成15%的營業利潤率，並恢復同店銷售成長。我們計畫完成仍在開發中的那一個據點。我們希望將該連鎖整體出售，但目前市場時機尚不合適。

Finally, we'll continue buying back stock, flexing up when prices look undervalued and increasing dividends modestly. Over the five years, we plan to generate more than $250 million of free cash flow and repurchase a significant quantity of shares. By fiscal '29 year, our targets were $400 million in revenue, $75 million in free cash flow, and 7.5 million shares outstanding.

最後，我們將持續回購股票；當價格看起來被低估時提高回購力度，並小幅提高股利。在五年期間，我們計畫創造超過2.5億美元的自由現金流，並回購相當數量的股份。到2029財年，我們的目標為：營收4億美元、自由現金流7,500萬美元，以及流通在外股數750萬股。

This would double free cash flow per share to about $10 versus fiscal '24. Please time to Slide 16 for an update on our progress.

這將使每股自由現金流相較2024財年倍增至約10美元。請看第16頁投影片，了解我們進度的最新情況。

We've made some initial progress improving nightclubs and sales margins. Total sales picked up from 1Q '26 to 2Q '26, with sequential improvement in same-store sales. We're also working to optimize newly acquired. And open locations in order to expand margins. As we discussed in our last call, we've gone back to Bombshell's roots at a test location, focusing on being a great sports bar with great food.

我們在改善夜店與銷售利潤率方面已取得一些初步進展。總銷售額自2026財年第一季到第二季有所回升，同店銷售呈現逐季改善。我們也在努力最佳化新近收購的。以及已開業的據點，以擴大利潤率。如同我們在上次電話會議所討論，我們在一個測試據點回歸Bombshell's的本源，聚焦成為一家提供優質餐飲的優秀運動酒吧。

The goal is to drive higher margin alcohol sales.

目標是帶動更高毛利的酒精飲品銷售。

First successful implementation was at Bombshell's 59 in Houston. Sales increased 3.6% in the second quarter, making it the best performing same store location. We've begun rolling out the concept to other locations.

第一個成功導入是在休士頓的Bombshell's 59。第二季銷售成長3.6%，成為同店中表現最佳的據點。我們已開始將此概念推廣至其他據點。

As Albert mentioned. First quarter free cash flow was negatively impacted by paying off year-end legal fees, increased fees related to delayed filings, and insurance costs. To help improve cash flow, we're working to drive down SG&A expenses.

如Albert所提到。第一季自由現金流受到年終法律費用支付、與延遲申報相關的費用增加，以及保險成本的負面影響。為了改善現金流，我們正致力於降低SG&A費用。

Regarding share buybacks, since we began our five-year plan in the first quarter of 2025, we've reduced shares outstanding by 14.6%. Earlier this month, we increased the amount available under the repurchase program by $20 million.

關於股票回購，自我們於2025年第一季啟動五年計畫以來，我們已將流通在外股數減少14.6%。本月稍早，我們將回購計畫可用額度增加2,000萬美元。

As we discussed last month, we're also in the process of marketing $31.7 million in small clubs and real estate, which have associated debt of about $16.2 million collectively.

如同我們上個月討論的，我們也正在推銷（出售）3,170 萬美元的小型俱樂部與不動產，這些資產合計相關負債約 1,620 萬美元。

Averting this cash and reducing debt will significantly improve our capitalization.

將這些資產變現並降低負債，將大幅改善我們的資本結構。

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

我要感謝我們規模不大但非常投入的團隊成員，感謝大家的辛勤付出，也感謝所有相信我們、讓我們得以成功的股東。接下來交回給 Bradley。

Thank you, Travis and Albert. Eric Langen, RCI's founder and head of Mergers and Acquisitions, will also be available for on the Q&A. If you would like to ask a question, please raise your hand in the X space. When you finish, mute your microphone to eliminate background noise, please.

謝謝你，Travis 和 Albert。RCI 的創辦人兼併購主管 Eric Langen 也會在問答環節提供協助。如果您想提問，請在 X space 舉手。提問結束後，請將麥克風靜音以消除背景噪音，謝謝。

We have a limited number of speaker spaces. After your question, we may move you to the back of the audience to free up space. Please understand we cannot discuss the legal situation in New York other than to reiterate that the company's statement that is at RCI, the individuals involved, and the three clubs have pled not guilty to all the charges and are taking all necessary actions to defend against themselves. I'm going to bring up Orchard Wealth. You have to unmute your microphone.

我們的發言者席位數量有限。在您提問後，我們可能會將您移到聽眾席後方以釋出空間。也請理解，我們無法討論紐約的法律案件情況，除了重申公司聲明：RCI、相關個人以及三家俱樂部均已對所有指控表示不認罪，並正採取一切必要行動為自身辯護。我現在把 Orchard Wealth 請上來。您需要解除麥克風靜音。

Hello.

你好。

Hey there.

嗨，你好。

Hey, how's it going? This is Jason. I just got a couple quick questions. First one being with the current expenses behind you, do you think there's any more legal expenses that are going to come up that you haven't set money aside for?

嗨，最近如何？我是 Jason。我有兩個很快的問題。第一個是，既然目前的費用已經在你們身後了，你覺得還會不會出現你們尚未預留資金的其他法律費用？

I mean, obviously we never know, because it's a fluid situation, but, I think we've definitely set aside.

我的意思是，顯然我們永遠無法確定，因為情況是動態的，但我認為我們確實已經預留了。

Plenty of money for the next. 12 months for sure.

足夠的資金，至少未來 12 個月肯定沒問題。

The money we set aside was actually over the estimate of what the what this case would cost from our attorneys when we began. It's going to be a little strange because if you look at this time, our evils hit, by all of these. Reserves. And as we move forward, we're going to be paying with no cash going out. Now we're going to be paying cash out what our evens should increase.

我們預留的金額其實高於我們一開始委任律師時，他們對本案成本的估計。接下來會有點奇怪，因為如果你看這段期間，我們的 evils hit（原文如此）被所有這些。準備金所影響。而往後推進時，我們將會在沒有現金流出的情況下支付。現在我們會開始以現金支付，這會讓我們的 evens（原文如此）看起來上升。

So it's going to be a little strange trying to figure out how everything's going. So I've kind of gone back to just kind of watching our cash.

所以要判斷整體進展會有點奇怪。因此我有點回到只看我們的現金狀況。

How much cash do we have and what are we doing with it?

我們有多少現金？我們在用它做什麼？

And if you look at this, is actually an old quarter, right? This has ended through December 31st. So we ended September quarter with $33.6 million in cash, I believe. We ended this quarter at $28.7.

而且你看這裡，其實是比較早的一個季度，對吧？這是截至 12 月 31 日止。我記得我們在 9 月季度結束時現金為 3,360 萬美元。本季度結束時是 2,870 萬美元。

We paid $9 million to ADW, between $8 million down payment and $1 million. We bought $1.8 million worth of stock, I believe.

我們支付了 900 萬美元給 ADW，其中包括 800 萬美元的頭期款以及 100 萬美元。我記得我們也回購了約 180 萬美元的股票。

We also paid down our line of credit. We paid a massive amount of our AP, as you'll see the reduction of AP and legal.

我們也償還了循環信用額度。我們支付了大量應付帳款（AP），你會看到 AP 與法律費用的下降。

And we're still staying at that 28 million. So the cash generation is fantastic from the club side and the bombshells are actually starting to come back now.

而我們仍維持在約 2,800 萬美元的水位。所以俱樂部端的現金創造非常出色，而 Bombshells 現在也開始回升了。

I'm hoping that we get this March 31st quarter out as quickly as possible as well. So we'll be back to current and everyone will have a really good idea of how things are looking for us currently.

我也希望我們能盡快把截至 3 月 31 日的季度財報發布出來。這樣我們就能回到最新進度，大家也會更清楚我們目前的狀況。

Given the unencumbered real estate that you guys are going to be selling off, do you have any estimation that if you sold the entire bulk of it off after paying all the debts and the obligations to ADL, how much you would be left with in cash that you could use for buybacks?

考量到你們將出售那些未設定擔保的不動產，你們是否能估算：如果把整批都賣掉，在償還所有債務以及對 ADL 的各項義務之後，最後大概會剩下多少現金可用於回購？

Well, if you figure we're asking $31 million and say we get a 10% discount, which puts us at about $28 million, take 5% of that about. What's that 700,000 to pay the fees no that's not right I'm sorry the 1.4 so we lose another million or so in fees they pay off the $16 million in debt you're left with about $10 million or $11 million. ADW would we pay 50% of that ADW to get rid of that 12% debt.

嗯，如果你假設我們開價 3,100 萬美元，然後打個 10% 折扣，成交大概是 2,800 萬美元，再扣掉其中約 5%。那是多少？70 萬用來付費用——不對，抱歉，是 140 萬，所以我們大概還會在費用上再少個 100 萬左右；再償還 1,600 萬美元的債務，剩下大概 1,000 萬或 1,100 萬美元。其中我們會支付其中的 50% 給 ADW，以清掉那筆 12% 的債務。

So it's like five, between five and five and a half, maybe $6 million in cash left over. We sold everything. Yeah. But what we really do is we eliminate a massive amount of carrying costs in $16 million of interest expense annually, property taxes, utilities.

所以大概會剩下 500 萬到 550 萬，可能 600 萬美元的現金。如果我們把所有東西都賣掉的話。對。但我們真正要做的是，消除大量持有成本，包括每年約 1,600 萬美元的利息費用、地產稅、水電。

Maintenance on these properties, things like that. So that's the that's where the real benefit comes in the long-term is just to eliminate these properties that aren't producing income for us and, bring that capital back in, redeploy that capital by drastically lowering our debt, right? Because the $16 million would go down to 5 million to Adam, you'd eliminate $21 million worth of debt plus on this.

這些物業的維護等成本。所以真正的長期效益在於：把這些對我們不產生收入的資產處分掉，把資本收回並重新部署，透過大幅降低負債，對吧？因為那 1,600 萬美元會降到付給 Adam 的 500 萬，你等於在這筆交易上消除超過 2,100 萬美元的債務。

So, you'd be getting a multiplier effect. It's just, every time you pay down a dollar, you're getting much more than just paying down the amount.

所以你會得到乘數效應。也就是說，每償還 1 美元，你得到的效益遠不只是把那個金額還掉而已。

Yes, exactly. Because you get rid of the debt and you get rid of the carrying costs for the non-income risk property taxes, insurance, those types of things. Okay.

是的，完全正確。因為你不只去掉債務，也去掉非收益資產的持有成本：地產稅、保險之類的。好的。

And then one quick question before I go. The accountants made you write down this difference between the agreed-to price with ADL, ADM. And you had to take a hit on that. But had the stock gone up, you couldn't have claimed that as earnings, right? So it only went one way. They could hit you for $9 million. But if it had gone to $50 a share by the time you closed, you couldn't claim it as a gain. Is that right?

我離開前再問一個快問。會計師讓你們把與 ADL、ADM 議定價格之間的差額做減記。你們因此認列了一筆損失。但如果股價上漲，你們也不能把那當作收益認列，對吧？所以只會單向影響。他們可以讓你們被打 900 萬美元。但如果在交割時股價漲到每股 50 美元，你們也不能把它認列為收益。是這樣嗎？

Correct. Welcome to GAAP accounting. I mean, this is just a GAAP. It's a GAAP rule.

沒錯。歡迎來到 GAAP 會計。我的意思是，這就是 GAAP。這是一條 GAAP 規則。

And obviously the same thing happened to us during COVID, right? Some of the states like New York didn't let us open right away. So we had 12 months where we were, massively reduced hours of operation, which reduced our EBITDA, which, when they plug into their formula for impairments, caused us to impair Rich New York by eight point some odd million dollars or something. We wrote that down to like, I think we wrote it down to like $6.9 million.

而且很明顯，在 COVID 期間我們也遇到同樣的情況，對吧？有些州像紐約並沒有讓我們立刻開門營業。所以我們有 12 個月的時間營業時數大幅縮減，這降低了我們的 EBITDA；而當他們把這些數字代入他們的減損計算公式時，就導致我們對 Rich New York 認列了八百多萬美元之類的減損。我們把它減記到大概，我想我們減記到大約 690 萬美元。

Rich, New York makes more money than that last year, right? So, this gap accounting is, you guys have heard me call it go to accounting many times, but we follow the rules. We do what we're supposed to do. And that's how they wanted to book. We booked it that way. We'll just move on. It's non-cash. We don't focus on non-cash expenses. It's too much. There's no sense in, we just follow the rules, look it, write it, move on.

Rich New York 去年賺的錢都比那個多，對吧？所以，這種 GAAP 會計——你們聽我很多次把它叫作「go to」會計——但我們遵守規則。我們做我們該做的。而那就是他們希望入帳的方式。我們就照那樣入帳。我們就繼續往下。這是非現金項目。我們不會把焦點放在非現金費用上。太多了。沒有意義——我們就是遵守規則，看一看、寫一寫、然後往下走。

We own a lot of our real estate and we're generating cash and that's what's important to us in buying back our stocks. Okay.

我們擁有很多自有不動產，而且我們在產生現金流；這才是我們用來回購股票時最重視的。好。

And then one other thing, since this is filed, you're all caught up with NASDAQ and stuff like that. But the question is, do you think it's going to be much longer before you get the next quarter filed also?

然後還有一件事，既然這份已經提交了，你們在 NASDAQ 之類的事情上也都跟上進度了。但問題是，你覺得還要多久才會把下一季也提交申報？

I hope not. We will be current. We will more than likely file the 12b25 for an extension on March 11th to give us five more days because it gives us to the 16th. May 11th Yeah, May 11th. So we get to the 16th. So that'll make this current till the 16th. And then if we get filed by the 16th grade, if we can't, then we will be late again. But at least all the timer started over and we'll be, and it's a queue, so it'll be pretty quick.

我希望不會太久。我們會恢復到按期申報。我們很可能會在 3 月 11 日提交 12b25 申請延期，讓我們多五天，因為那樣期限會到 16 日。5 月 11 日——對，5 月 11 日。所以我們可以到 16 日。所以這會讓我們的申報狀態維持到 16 日為止是最新的。然後如果我們能在 16 日前提交，那就很好；如果不能，那我們就又會逾期。但至少計時器會重新開始，而且會——而且這是排隊處理，所以會相當快。

All right. Yeah.

好。是的。

Okay.

好。

Good job, guys.Thanks a lot.

各位做得很好。非常感謝。

Jose Carlos

Jose Carlos

Yes, hi.

是的，你好。

Could you hear me, guys?

各位聽得到我嗎？

Yes, we can.

是的，聽得到。

Oh, thank you. Just two quick questions. In the last conference call, you said that, especially on young people, they are pretty much giving up on alcohol, or you have to reduce and you have to...

喔，謝謝。兩個很快的問題。在上一次的電話會議中，你們說，特別是在年輕人方面，他們幾乎正在放棄酒精，或者你必須降低、你必須……

Create new mocktails and create lower alcohol cocktails. I'm wondering if this is something that you see both in pop sales and clubs, and how is it, you have to get an idea, how does it affect the marketing?

開發新的無酒精調酒（mocktails），並推出低酒精雞尾酒。我想知道，這是否同時出現在你們的酒吧銷售與夜店端？以及你們——我想了解一下——這對行銷有什麼影響？

Thank you.

謝謝。

I mean, I think it helps. I think it's helping revenues in both places.

我的意思是，我認為這有幫助。我覺得它在兩邊都在幫助營收。

There's still. Now the micelles, of course, are considered a non-alcoholic beverage, so it'll go into the non-alcoholic beverage categories, but all of your other stuff will go into alcohol sales exactly the same. So what we hope to do is see a little bit of reduced costs.

仍然是。當然，無酒精調酒會被視為非酒精飲料，所以會歸在非酒精飲料的品類裡，但你其他所有品項仍會照常計入酒精銷售。所以我們希望能看到成本稍微下降一些。

A lot of those have fruitier drinks or they're canned drinks, which may actually increase our costs a little bit. But I think overall it'll all work out, and while there's definitely. A segment of the population that is cutting back or reducing their alcohol intakes.

其中很多是更偏水果風味的飲品，或是罐裝飲品，這可能反而會讓我們的成本略微上升。但我認為整體來看會取得平衡；而且確實有一部分族群正在減少或降低他們的酒精攝取。

There's still a very large portion of the population that is out having fun, drinking and partying like we always have. So, we will continue to monitor it. We'll continue to do what we need to do to stay in front of any changes as best we can and continue to generate cash with.

但仍然有非常大一部分人照樣外出玩樂、喝酒、派對，就像我們一直以來那樣。所以我們會持續觀察。我們會持續做我們需要做的事，盡可能走在任何變化之前，並持續產生現金，藉由……

And at the end of the day, we'll look at the cash flow and see how that goes. And that's how we'll decide if we're doing things right in that right.

而且歸根結底，我們會看現金流，看看結果如何。我們也會用這個來判斷我們做得對不對、方向是否正確。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Maxwell

Maxwell

Thank you. A lot of my questions have already been asked. Bob, do you want to say good to see you guys making progress on same-store sales across both nightclubs and bombshells. And the one question I do have is any commentary you can provide on the Seville in Minneapolis?

謝謝。我很多問題都已經被問過了。Bob，我想說很高興看到你們在夜店與 Bombshells 兩個業態的同店銷售都在取得進展。我唯一的問題是，你們能否就明尼阿波利斯的 Seville 提供一些評論？

The tenant quit paying rent and as we're in the process of evicting the tenant and hopefully we'll get a new tenant at some point in the future.

房客停止支付租金，而我們正在進行驅逐房客的程序；希望未來某個時間點能找到新的房客。

Wonderful. Well, again, keep up the great work. I appreciate it.

太好了。那麼，再次請繼續保持出色的表現。我很感謝。

Thank you.

謝謝。

Yeah, thank you.

是的，謝謝。

I'm going to make another request for any other questions. If not, I'll close it out in about ten seconds.

我再徵詢一次是否還有其他問題。如果沒有，我會在大約十秒後結束。

On that note, on behalf of Travis, Albert, and Eric, the company, and our subsidiaries, thank you and have a good night. Please visit one of our clubs or sports bars and have a great time.

在此，我代表 Travis、Albert 和 Eric、公司以及我們的子公司，謝謝各位，祝各位晚安。歡迎造訪我們的任一家夜店或運動酒吧，祝各位玩得愉快。