RCI HOSPITALITY HOLDINGS INC
For the period ended Dec 31, 2024. Filed Feb 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2024 · Filed Feb 10, 2025
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Item 5. Other information
| Operating cash outflows from operating leases | $1,958 | $2,033 | |
|---|---|---|---|
| Weighted average remaining lease term – operating leases | 9.5 years | 10.3 years | |
| Weighted average discount rate – operating leases | 5.7% | 5.8% |
Future maturities of operating lease liabilities as of December 31, 2024, are as follows (in thousands):
| Principal Payments | Interest Payments | Total Payments | |
|---|---|---|---|
| January - December 2025 | $3,008 | $1,584 | $4,592 |
| January - December 2026 | 3,266 | 1,403 | 4,669 |
| January - December 2027 | 3,004 | 1,218 | 4,222 |
| January - December 2028 | 2,621 | 1,055 | 3,676 |
| January - December 2029 | 2,603 | 895 | 3,498 |
| Thereafter | 15,977 | 2,698 | 18,675 |
| $30,479 | $8,853 | $39,332 |
- Subsequent Events
On January 21, 2025, the Company completed the acquisition of a club in the Detroit, Michigan market for a total purchase price of $11.0 million, consisting of $3.0 million in cash and $5.0 million in a seller-financed 8% promissory note for the club, and $3.0 million in cash for the associated real estate. As of the filing of this report, we have not completed our valuation and do not have estimates of fair value for the acquired assets and any assumed liability, if any.
Subsequent to the balance sheet date through February 7, 2025, we repurchased 22,125 shares of our common stock at an average price of $55.00 per share.
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