RICK - RCI Hospitality Holdings Inc. (RICK) Q1 2024 Earnings Call Transcript

2024-02-08 22:36:04 ET

RCI Hospitality Holdings, Inc. (RICK)

Q1 2024 Earnings Conference Call

February 08, 2024, 04:30 PM ET

Company Participants

Mark Moran - CEO, Equity Animal

Eric Langan - President and CEO

Bradley Chhay - CFO

Conference Call Participants

Anthony Lebiedzinski - Sidoti & Company

Scott Buck - H.C. Wainwright

Robert McGuire - Granite Research

Evan Tindell - Bireme Capital

Adam Wyden - ADW Capital Management

Presentation

Mark Moran

Greetings, and welcome to RCI Hospitality Holdings First Quarter 2024 Earnings Conference Call. You can find the company's presentation on the RCI website. Go to the Investor Relations section and you'll find all the necessary links at the top of the page.

Please turn with me to Slide 2 of our presentation. I'm Mark Moran, CEO of Equity Animal. I'll be the host of our call today. I'm coming to you from New York. Eric Langan, President and CEO of RCI Hospitality; and CFO, Bradley Chhay are in Houston.

Please turn with me to Slide 3. If you aren't already doing so, it is easy to participate in the call on X Spaces. Log into X, formerly known as Twitter, go to @RicksCEO and select space titled RCI Hospitality Holdings, Inc. 1Q '24 Earnings Call. To ask a question, you will need to join the X Space with a mobile device. To listen only, you can join the X space on a personal computer. RCI is also making this call available for listen-only through a traditional landline and webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow. This conference call is being recorded.

Please turn with me to Slide 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. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards.

Please turn with me to Slide 5. I also direct you to the explanation of Rick's non-GAAP financial measures.

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

Eric Langan

Thank you, Mark, and thanks everyone for joining us today.

If you'll please turn to Slide 6. Our first quarter revenues were in line with what most people were expecting. They totaled $73.9 million, up 5.6% compared to last year. This was primarily due to club acquisitions, which more than offset a consolidated same-store sales decline of 9.8%....

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