RCI Hospitality Q3 2026 Earnings Report

RCI Hospitality EPS Results

• Actual EPS: $0.90
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

RCI Hospitality Revenue Results

• Actual Revenue: $73.94 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

RCI Hospitality Announcement Details

• Quarter: Q3 2026
• Date: 8/6/2026
• Time: After Market Closes
• Conference Call Date: Thursday, August 6, 2026
• Conference Call Time: 4:30PM ET

RCI Hospitality (NASDAQ:RICK) operates as a diversified hospitality and entertainment company focused on the ownership and operation of adult nightclubs and themed sports bars throughout the United States and select international markets. The company’s U.S. Nightclub segment includes venues branded as Rick’s Cabaret, Club Onyx and various other upscale adult entertainment clubs, offering private dance experiences, VIP services and live performances. Its Restaurant & Bar segment operates Bombshells, a brunch-themed sports bar chain featuring chef-driven menus, craft cocktails and game-day viewing in a military-inspired setting.

In addition to its brick-and-mortar venues, RCI Hospitality deploys proprietary digital platforms for talent recruitment, training and scheduling, helping to streamline operations and drive customer engagement. The company also offers a membership-based loyalty program, online reservation system and mobile app to support marketing initiatives and improve guest retention across its entertainment and dining concepts. RCI’s integrated business model blends live performances with food and beverage sales to diversify revenue streams and enhance customer experiences.

Originally founded in 1983 with the opening of Rick’s Cabaret in Houston, Texas, RCI Hospitality has grown through both organic expansion and strategic acquisitions. Headquartered in Houston, the company now serves patrons in multiple U.S. states as well as in Mexico and Southeast Asia. Fred Beigler Jr. serves as Chairman and Chief Executive Officer, leading a management team with extensive experience in hospitality, entertainment and restaurant operations. RCI Hospitality’s focus on branding, customer service and operational efficiency underpins its position in the competitive nightlife and casual dining markets.

RCI Hospitality Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Third-quarter profitability improved: Revenue rose 4% to $73.9 million, net income attributable to shareholders increased 57% to $6.4 million, and adjusted EBITDA grew 10% to $16.9 million.
• Positive Sentiment: Bombshells showed a significant turnaround: Revenue increased 25.4% to $10.8 million, while operating income rose to $759,000 from $67,000 as management shifted the concept toward a higher-margin, bar-oriented model and improved late-night traffic.
• Positive Sentiment: RCI accelerated debt reduction: The company paid down $8.6 million of debt during the quarter and expects nearly $25 million of debt reduction over the recent period, while refinancing some obligations to lower interest costs and extend maturities.
• Positive Sentiment: Management expects sports-driven traffic to support results through the fall and winter, citing football, basketball, hockey, baseball and planned game-watching promotions; it also indicated Bombshells’ July performance was improving.
• Negative Sentiment: Share repurchases were temporarily paused while the company prioritized debt repayment and acquisition preparation, although management hopes to resume buybacks around the start of the next fiscal year. Commercial real estate market conditions are also slowing planned property sales, and management declined to discuss the details of the New York legal case beyond reiterating the not-guilty pleas.

Presentation

[Bradley Chhay, Former CFO at RCI Hospitality Holdings]

Good afternoon. Greetings, and welcome to RCI Hospitality Holdings' third quarter conference call. My name is Bradley Chhay. You can find the company's presentation on RCI's website. Go to investor relations section. All the links are at the top of the page. Please turn to slide two of our presentation. RCI is making this call exclusively on X Spaces. To ask a question, join the space with a mobile device. To listen only, you can join space on a personal computer. At this time, all participants are on the mode. A Q&A will follow shortly after. This conference is also being recorded. Please turn to page three. 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.

[Bradley Chhay, Former CFO at RCI Hospitality Holdings]

We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards. Please turn to page four. I also direct you to the explanation of RCI's non-GAAP financial measures. Please turn to slide five. Our speakers today are Travis Reese, Interim President and CEO, and Albert Molina, Interim CFO. Now I'm pleased to introduce Travis.

[Albert Molina, Interim CFO at RCI Hospitality Holdings]

Okay. Thank you, Travis. Turning to slide seven, I'll start with the review of our consolidated results. All comparisons are year-over-year for the quarter, unless otherwise noted. Total revenues were $73.9 million compared to $71.1 million. A 4% increase. Impairments and other charges net are insignificant compared to $2.3 million. Net income attributable to RCIH shareholders was $6.4 million compared to $4.1 million, a 57% increase. GAAP EPS was an 80% increase, and non-GAAP was $0.90 per share, a 17% increase.

[Albert Molina, Interim CFO at RCI Hospitality Holdings]

Net cash provided by operating activities and free cash flow were $2.5 million and $2.7 million lower, respectively. These primarily reflected payments of more outstanding payables compared to prior-year quarter. On a sequential-quarter basis, both net provided by operating activities and free cash flow were 14% and 26% higher, respectively. Adjusted EBITDA was $16.9 million, an increase of 10% year-over-year and 9% sequentially. Moving to slide eight, I will now cover our results by segment, nightclubs first. Revenues increased by 1% or record $63 million. Four newly acquired open and reformatted clubs generated $4 million, and the 52 clubs in same-store sales produced $58.5 million. These more than offset $1.2 million in sales from four clubs closed subsequent to the year-ago quarter. By revenue type, service increased by 7.6%, food, merchandise, and other declined by 1.4%, and alcoholic beverages declined by 4.2%.

[Albert Molina, Interim CFO at RCI Hospitality Holdings]

Operating income was $19.6 million compared to $17.9 million, with margin at 31.2% of segment revenues compared to 28.6%. Non-GAAP operating income, which excludes impairment and other net charges, was $20.2 million compared to $20.8 million, with margin at 32.1% of segment revenues compared to 33.3%.

[Albert Molina, Interim CFO at RCI Hospitality Holdings]

On slide nine are the results for the Bombshells segment. Revenues increased by 25.4% to $10.8 million. Three new locations generated $2.6 million, and the nine locations same-store sales produced $8.2 million. By revenue type, alcoholic beverages increased by 33.6%, and food and other increased by 16.6%. Profitability improved substantially as we increased higher-margin beverage sales and improved operating leverage of the segment. Operating income was $759,000 compared to $67,000, with margin at 7% of segment revenues compared to 0.8%. Non-GAAP operating income was $801,000 compared to $80,000, with margin at 7.4% of segment revenues compared to 0.9%. Moving to slide 10, you will see the summary of our corporate expenses. GAAP operating expenses declined by 19.7%, or $1.8 million, and 16.3%, or $1.4 million, on a non-GAAP basis. Both the GAAP and non-GAAP declines reflected a year-over-year reduction in insurance expense. Please turn to slide 11.

[Albert Molina, Interim CFO at RCI Hospitality Holdings]

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 equivalent, which are operating income, net cash provided by operations, and net income. Slide 12, please. We ended the quarter with cash and cash equivalents of $26.4 million, down by less than half a million dollars from March 31st. Our strong cash generation during the quarter enabled us to make debt paydowns of $8.6 million, as well as buy back $1 million worth of shares. Free cash flow margin was 14%, improving for the second consecutive quarter, and adjusted EBITDA margin was 23%, improving for the third consecutive quarter. Please turn to slide 13. As I mentioned, debt declined from March 31st, reflecting paydowns across all categories.

[Albert Molina, Interim CFO at RCI Hospitality Holdings]

The weighted average interest rate was 7.05%, which would be considered to be a very good rate for commercial real estate these days. Total occupancy cost of 8.3% declined sequentially. Debt to trailing 12-month adjusted EBITDA was 4.3x. Excluding the fourth quarter legal accrual, debt to EBITDA was 3.7x. Both are downs from the second quarter. Debt maturities continue to remain reasonable and manageable, particularly with our plans to sell non-income producing properties. Now back to Travis.

[Travis Reese, Interim President and CEO at RCI Hospitality Holdings]

The plan has been changed.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Thank you, Travis and Albert. Eric Langan, RCI's founder and head of M&A, will also be on the Q&A. If you would like to ask a question, please raise your hand in the X Spaces. When you finish, mute your microphone to eliminate any background noise. We have a limited number of speaker spaces. After your question, we may move you back to the audience to free up space. Please understand we cannot discuss the legal situation in New York other than to reiterate the company statement that RCI, the individuals involved, and the three clubs have pled not guilty to all of the charges and are taking all necessary actions to defend themselves. Furthermore, I've also been told that we've experienced some technical issues, so a transcript will be posted shortly as soon as we're able to reflect what was said on this call. I'll start taking questions.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

I'm going to go ahead and bring in Orchard Wealth. Ron, make sure you unmute. It still shows as listener, Brad. Promote him to speaker, please. One second. He's on mute. Wealth, can you hit unmute? He's in listener-only mode. He's a speaker now. Okay. You just have to unmute. All right. It still show him as a listener on my screen, guys, so I don't know. Maybe you can promote him again. I'm going to go ahead and remove him as speaker and bring him back up. Orchard Wealth, if you can hear me, go ahead. You're a speaker now. Looks like you're off mute, too. No? We want to try promoting somebody else to see if that works? Let's see if somebody else can be moved to speaker.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Maxwell Ellis, I'm going to go ahead and pull you up. Make sure you unmute your microphone.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Can you hear me?

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Yes, we can hear you.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Oh, great. Okay.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

You're on mute again.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

All right. Anyway.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

We can hear you loud.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Literally half the call that you guys just did, nobody heard anything. My main concern with that call right now is how long before you guys are paying down debt at the accelerated rate before you can begin buybacks again? Because at this current rate and the prices, it's just, you know

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

I agree with you. The prices are extremely favorable for stock buybacks right now. However, got very uncomfortable with a 4.17 debt to EBITDA ratio, so I wanted to get that knocked down. We also had some very timely payments to be able to pay down a few things to prepare for making some acquisitions here, hopefully in the next three to six months. We wanted to line those things out right. We decided to just take a small break from buying back stock. You see, we bought through April. We slowed down in May. May and June, basically just mainly paid debt. The real story, I know we say three months here, but if you look, in the last six months, we paid down $16 million worth of debt.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Through the debt schedule, you see we plan to pay another $8 million this quarter. We'll pay down almost $24 million in this brief period of time. We've got a property sale that should happen in November that will probably pay another $1 million. Our three-month total should be a reduction of debt of almost $25 million, which should put our ratio We just refinanced two things that you're going to see coming up in the next quarter where we move some maturity dates and change some terms, paid off some 12% money, to lower some of our debt service ratios. We look forward to hopefully, I'm hoping we're back in the market around the first of October as we start into the next fiscal year.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Okay. It seems like you've had a big turnaround in Bombshells, especially within, I guess it seems like you guys have flip from being a restaurant back to being a bar that sells food. What have you specifically done that's been catching on? It seems like you started with that one that you were managing, and it's kind of increasing across the footprint.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Yeah. I'm getting a bunch of messages that people are still not hearing this call. I have not missed a single word of the call. I am in Colorado, on some basic Wi-Fi connection on my cell phone, I don't know. To give you an idea of what we've done is, we went back to our core. We started the concept almost 15 years ago in Dallas, Texas, the idea was to make a fun bar-type atmosphere with sports and girls, and great food, with no nudity, that we could take and expand around the country. I think after COVID, everybody had to become restaurants, I think that too much of that got into our culture. What we've really done is massively change the culture of Bombshells. We've brought in a new director of operations for Bombshells, who is a club guy.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

He's been in the club business since he was 18 years old. He understands fun. He understands creating the party, not joining the party. We've kept enough of the food guys to keep the food at a quality level and just slowly transform the concept back to what it was supposed to be and what it should have probably always been. We were doing some major expansions in 2021 and 2023, with these two large acquisitions, the $88 million acquisition, the $66.5 million acquisition. I think a lot of our focus was on that club growth. The Bombshells kind of slid into a rut. We kept telling you to change this, you need to do that, of course, the team that we had at the time was very good at restaurant business, but just not the club side.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

To give you an example of what we've done is we've taken stores that were around 50 food and beverage to 62%-64% beverage, increasing revenue at the same time. It's not like we're getting rid of the food business or losing the food business. We're actually generating more food business as well. We're also making it a fun place to be again, a fun place to be late night. To come in at 10:30, 11:30, 12:30 at night, and fill those hours back up, which as a restaurant, there was almost no business during those hours. Those hours had slipped off to The previous management was actually trying to tell us that we should close at midnight. Restaurants, and that's when we really got the concept of, "Let's go fix this thing.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Let's go turn it back into the bar. Let's take it back to the original core of the concept." We've done very well with that. April, same for our sales were negative. I know this story. February, mid-February, I went into a store with another manager. We started working that one store, fixing the things, changing things with the concept. We flipped back the three stores in March, about mid-April, we launched that across all 11 stores, as we prepared to open the store in Rowlett and make sure that it opened properly, with the right party atmospheres and atmospheres from the very get-go. We're seeing the results in it. I think you'll see improved results again, this quarter based on what we've done in July so far. I think once football season starts, it's going to get even better.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

My other thing is, what's the update right now on the Dallas club that burned down and you guys making progress with rebuilding?

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

The former club, we're still working to replat that property. We've had some issues with the city. That property was built in the 1970s originally. There's no sewer rights there, so we're on a septic tank. Of course, the laws have changed on septic tanks, so we're working through those processes as well. I think it's going to be a while before we can start construction there, and once we start construction, it'll be nine months to build. We have started construction on the Baby Dolls West Fort Worth location on March 4. That construction is going. They just recently passed I don't know what you actually call this, but basically the rough ends.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

All the plumbing and stuff that are all underground, all of that has been done, and they've got permission to start filling that in and should be working almost to the vertical stuff here soon. I suspect that location will open around May first.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Then in terms of the clubs that you do have, I remember you were giving some stat about how a certain amount of clubs equal 80%, like some Pareto principle between the profitability. Do you guys have any clubs that you think you'll be trimming off and selling real estate on?

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

We have a couple. As you know, we got rid of Harlingen, we got rid of Edinburg, El Paso location. We have a couple locations that we're in negotiations with to possibly sell those locations. That doesn't mean every location's for sale for the people that are listening that want to buy every club that we own. You will know when a club is for sale. We're not marketing. It's going to be a random club here or there, and we'll market it to a broker so that you'll absolutely know that it's for sale when we make that final decision. It's not a lot, just a couple of small locations. They're very small markets, and we're focusing on our larger markets. Our acquisitions that we're working on are larger market acquisitions that'll be very accretive for us.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

We're taking it very slow, because right now we do believe that buying our own clubs is absolutely the best use for our money.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Yeah. How many more payments do you have to do to Adam?

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

I think we're down to $15 million or so. 14 million, 15 million. It's a $1 million a month, so 14, 15 more months.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Basically, you pay $1 million to Adam, which at some point will stop, and that will be added back into profits. Then you've been accelerating debt payments of about, what, a half a million per month also? Like, literally.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Well, we paid down our line of credit, yeah.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Yeah.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Our line of credit, I think after August, will be paid down to $100,000. We will not be making additional payments on that anymore. We're going to have to look and see where we want to put the other money. I know that we have a property that's supposed to sell in September. If it closes, we'll pay down about $900,000 in bank debt, and we'll probably pay $1 million on the ADW, so that'll take one month off of that. Plus save us the 12% interest over 15 months. We'll get a nice savings off of that. Still put a little, not much, but a little bit of cash in the bank on our side as well. We are in negotiations on multiple other properties. I've been working with brokers. We're accepting cash offers.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

We're looking to lease some of the properties that haven't been able to sell in the last six months. Put a tenant in them, see if we can sell them once we put the tenant in. Just keep it and collect rent if the ROI is good enough. Those are the things we've definitely been working on that non-income producing property. I think that's a lot of value that we can unlock over the next six to 12 months, hopefully. The interest rates and the oil prices and the uncertainty with the Iran war is definitely not helping commercial real estate sales. That is part of the issue, I believe. Because, like I said, we have a lot of people looking.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

We're talking to a lot of groups on a bunch of our properties, in multiple areas, a lot of it is, can they get the financing at the right prices and whatnot. That's what we're up against. I'm hoping those headwinds will die down here, especially as we move closer to the election, and right after the first of the year. I look very forward to hopefully seeing that settle down we can move some more of these properties.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

With the club sales, are they pretty much in month? Is there a hotter area than the other geographically?

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

What do you mean, the club sales?

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

In terms of just the revenues that you guys are bringing in from the club side of the business.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Club revenues.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Yeah.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

It's pretty spread around the country. One area gets hot, another area slows down a little bit. A lot of it's been sports-based in the last few months. We've seen with the World Cup and of course, with the Knicks in the NBA finals and winning the NBA finals. That's definitely affected New York and helped New York. The games helped the Bombshells. They helped the clubs in Miami, where there's people coming to watch the games and watch the New York Knicks. It probably didn't help us in Chicago, because Bulls fans probably aren't Knicks fans, but there's enough Knicks fans in other parts of the country, I think, that did very well for us.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Of course, the World Cup. The most matches were in Dallas, right next to the Bombshells in Arlington and two of our clubs in that area, which did very well during those World Cup games. We had games in Houston, we had games in Miami, we had games in New York. That all helped contribute to those regional areas. They helped everywhere because people came out to watch the games as well. It's hard to say that anything helped one particular area more than the next. I think that overall we've had very strong results, and like I said, we're looking very forward to football this year.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

We're putting a lot of promotion and sports stuff in fantasy draft parties, as well as come watch the games and game-watching parties and bottle specials during the games to get people to bring larger parties out, which we did very well with during World Cup. We're going to take the success that we've created there and multiply that and push that right into the football season. Then, by October, we're going to be picking up basketball as well, and hockey kicks in. Baseball will heat up here as the pennant races start. Sports should be very good for us, I think September, October, November, and probably all the way into February.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Do you notice anything different with the service side of the clubs? Obviously, it seems like it's picking up. Does that seem like it bottomed a little while ago and you guys are in some sort of a going back to normal?

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Yeah. I think the service revenue declined there for a while. I don't know. There's a lot of macro stuff going on. I think we are focusing on it. We are working on keeping people in our VIP rooms. That's where our service revenue is created, is in our VIP rooms. We've got to keep the pressure on the floor, keep more people in the building so people want to pay to move up. If you're the only person on a 737, you don't care if you're sitting in first class or not, because there's nobody next to you. If all of a sudden, every seat in the back is full and the front is empty, "Can we move up there?" That's what we have to do with clubs.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

I think our guys are doing a fantastic job of creating that pressure by putting more and more people through the door, and really focusing on just overall customer service right now.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Now, this is kind of a strange question, but maybe. When it comes to service revenue, is there an age range of the ideal client that are spending the bigger dollars? Because I can't see it being 21, 22-year-old kids. To me, it would seem like some guy that's in his 30s to 50s, because they're the guys with the money.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

It strictly depends on the club.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Yeah.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

In the format of that club. There's a lot of 20-something tech guys out there that are making good money, and getting their first job. There's a lot of crypto guys out there that are in their 20s. These influencers. These media influencers on social media, they make a lot of money, and they will come in and blow some money sometimes. We've got the real estate tycoon who can come in and whips out his platinum credit card and says, "Everything's on me." I don't think the age groups are as tight as they were. I know that we have done a better job, I think, of social media marketing and working with some influencers and whatnot, to really bringing in more of that younger crowd, that we haven't necessarily had in the past.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

We're doing everything we do to put butts in seats, basically.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

my last question is, are there a significant amount of women that have been showing up to the clubs, with their husbands, or just it's a thing for girls to go to?

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

That's been for 10 years now. Yeah, that hasn't really adjusted much.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

On weekends?

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Not as many during the week, but on weekends, absolutely, especially Saturdays. Saturdays, we should have a couples night, I think. We do so much other business on Saturdays with bachelor parties, everything else to really focus on that crowd. We do focus on the customer service for that crowd, for sure.

[Maxwell Ellis, Investment Banking Analyst at Moelis & Company]

Excellent. All right. Thanks, guys.

[Eric Langan, Founder and Head of Mergers and Acquisitions at RCI Hospitality Holdings]

Yep.

[Bradley Chhay, Former CFO at RCI Hospitality Holdings]

If you have a question, please raise your hand, and I'll call you to speak. We deal with the technical issues that people have been texting and messaging about. The immediate replay and recording will be posted right after on X Spaces, as well as a posting of the transcript of this call. Sorry for the technical issues. On behalf of Travis, Albert, and Eric, the company, and our subsidiaries, thank you and have a great night. Please visit one of our clubs or sports bars and have a great time. Thank you.

Participants

Executives

• Bradley Chhay, Former CFO
• Albert Molina, Interim CFO
• Travis Reese, Interim President and CEO
• Eric Langan, Founder and Head of Mergers and Acquisitions

Analysts

• Maxwell Ellis, Investment Banking Analyst at Moelis & Company