RCI Reports Strong 2Q18 Results

 

HOUSTON – May 10, 2018 – RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced strong 2Q18 results along with the filing of its 10-Q for the Fiscal 2018 second quarter ended March 31, 2018.

 

2Q18 vs. 2Q17

 

GAAP EPS of $0.48 per diluted share compared to $0.39, with non-GAAP* EPS of $0.65 compared to $0.41
2Q18 GAAP results included $1.6 million non-cash impairment of a note receivable and $0.8 million in cash settlements covering two lawsuits
Total revenues of $41.2 million compared to $34.5 million on 43 and 41 units, respectively
Based on net cash provided by operating activities of $5.9 million, less maintenance capital expenditures of $0.6 million, free cash flow (FCF)* totaled $5.3 million compared to $4.9 million

 

FY18 Outlook

 

Year to date FCF totaled $12.8 million compared to $10.0 million in the comparable year-ago period
As a result, RCI is reiterating its FY18 FCF target of $23 million, announced on February 14, 2018

 

Conference Call Today at 4:30 PM ET

 

A conference call to discuss 2Q18 results, outlook and related matters will be held today at 4:30 PM ET
Live Participant Dial In: Toll Free at 877-407-9210 and International at 201-689-8049
To access the live webcast, slides or replay, visit: http://www.investorcalendar.com/event/28601
Phone replay: Toll Free at 877-481-4010 and International at 919-882-2331 (Passcode: 28601)

 

Meet Management Tonight at 6 PM ET

 

Eric Langan, President & CEO, invites investors to meet management at one of RCI’s top revenue generating clubs.

 

When: Tonight, 6:00 PM to 8:00 PM ET
Where: Rick’s Cabaret New York, 50 W. 33rd Street, New York, NY, between Fifth Avenue and Broadway
RSVP: With your contact information to gary.fishman@anreder.com

 

CEO Comment

 

“We are pleased to announce another quarter of solid growth, reflecting the effectiveness of our strategies,” said Mr. Langan. “Total revenues grew 19.4% year over year with increases of 15.7% from new units and 4.8% in same-store sales. Non-GAAP operating income rose 38.2% as margin expanded 350 basis points.

 

“Revenues and margins benefited from our improved portfolio of nightclubs and restaurants, expanded operating leverage from higher sales, and increased customer counts. Nightclubs also benefited from higher spend per customer, while Bombshells benefited from an updated menu featuring new items.

 

“Corporate overhead costs fell as a percentage of revenues compared to 1Q18 and 2Q17. On a sequential quarter basis, the decline was due in part to reduced expenses associated with our FY17 audit and the transition to a new financial IT system. Income taxes dropped, reflecting the Tax Cuts and Jobs Act.

 

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“As a result, non-GAAP EPS increased 58.5% to $0.65, and free cash flow grew 8.8% to $5.3 million for the quarter and 28.4% to $12.8 million year-to-date, keeping us firmly on track with our $23 million FY18 FCF target.

 

Bombshells Expansion

 

“On April 11th, we opened our sixth and largest Bombshells in the fast-growing southern Houston suburb of Pearland. Performance has been excellent. For the first three weeks, sales have averaged more than $160,000 per week, making it our most successful Bombshells launch to date.

 

“We now have four new locations in various stages of development in Greater Houston. That will bring the total of Bombshells to 10—eight in the Houston area and one each in Dallas and Austin. Using our established team of architects, contractors, and vendors, our goal is to open units on a regular schedule.

 

Location   Status   Target Opening
Interstate 10 (East Houston)   Under construction   September 2018
US 59 (Southwest Houston)   Under construction   December 2018
US 249 (Tomball, just north of Houston)   Recently closed on a property   March 2019
NEW: Katy (fast-growing West Houston suburb)   Finalizing site selection   June 2019

 

Conclusion

 

“We are also pleased to announce that we are in active discussions with multiple club owners to acquire units in key markets and that positive trends for RCI clubs and restaurants have continued in 3Q18.

 

“Looking ahead, we will continue to pursue our four-part strategy for generating increased FCF through (1) our strong core business, (2) roll out of our proven Bombshells concept, (3) the potential upside of accretive nightclub acquisitions, and, as always, (4) sticking to our capital allocation strategy.”

 

2Q18 Analysis (comparisons to 2Q17, unless otherwise noted)

 

Total Revenues

 

Total revenues increased $6.7 million, or 19.4%, as all core revenue lines continued to grow. Beverage revenues rose $3.1 million (22.0%), higher margin service revenues $2.0 million (13.9%), and food $1.1 million (24.6%).
The third full quarter of Scarlett’s Cabaret Miami and Scarlett’s Cabaret St. Louis, both acquired in 3Q17, and the second full quarter of our Bombshells on Highway 290 in Houston, which opened 4Q17, together added $5.4 million in new revenues.
Total and same-store sales also benefited from strong marketing related to televised pro football and basketball (pro and college) sporting events. In particular, our Bombshells sports bars/restaurants enjoyed increased traffic due to the continued success of the Houston Rockets and major college basketball tournaments.

 

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Operating Income & Margin

 

Operating income increased 9.9% to $8.2 million (20.0% of revenues) from $7.5 million (21.7% of revenues).
RCI wrote down $1.6 million of its note receivable relating to the energy drink venture and took advantage of opportunities to settle two outstanding lawsuits for a combined $0.8 million.
On a non-GAAP basis, operating income increased 38.2% to $10.6 million (25.7% of revenues) from $7.7 million (22.2% of revenues), reflecting increased contribution from the Nightclubs and Bombshells segments, including higher gross profit margin, and a reduction in corporate overhead.
As a percentage of revenues, gross profit margin increased 80 basis points to 86.4% and non-GAAP corporate overhead declined to 7.2% from 11.8% in the preceding 1Q18 and 10.3% in the year ago 2Q17.

 

Nightclubs Segment

 

Sales increased 18.3% to $35.4 million from $30.0 million, with 38 units compared to 37.
Same-store sales increased 5.1%.
Operating income increased 13.2% to $11.9 million (33.5% of segment revenues) from $10.5 million (35.0% of segment revenues).
On a non-GAAP basis, operating income increased 18.2% to $12.5 million (35.1% of segment revenues) from $10.5 million (35.2% of segment revenues).

 

Bombshells Segment

 

Sales increased 28.0% to $5.6 million from $4.4 million, with 5 units compared to 4, reflecting the previously-mentioned addition of a larger Bombshells on busy Highway 290 in Houston.
Same-store sales increased 2.7% as customers continue to be attracted to our military themed social dining concept with our Bombshells Girls, where you can have a great time and great food, watch the game, listen to music and hang out with friends or family.
Operating income increased 20.5% to $0.965 million (17.2% of segment revenues) compared to $0.801 million (18.3% of segment revenues).
On a non-GAAP basis, operating income increased 41.9% to $1.2 million (20.8% of segment revenues) from $0.821 million (18.8% of segment revenues).

 

Other Metrics

 

Cash and cash equivalents increased 4.6% to $12.5 million at March 31, 2018 from December 31, 2017.
Occupancy costs (rent and interest expense as a percentage of total revenues) fell to 7.4% from 7.7% in both 1Q18 and 2Q17.
Adjusted EBITDA increased 34.7% to $12.4 million—the highest in the last two years—from $9.3 million.
Effective tax rate was 24.2% compared to 33.7% in 2Q17.
RCI’s FY18 FCF target of $23 million is based on estimated net cash provided by operating activities of approximately $25.5 million, less maintenance capex of approximately $2.5 million.

 

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*Non-GAAP Financial Measures

 

In addition to our financial information presented in accordance with GAAP, management uses certain non-GAAP financial measures, within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because it describes the operating performance of the company and helps management and investors gauge our ability to generate cash flow, excluding items that management believes are not representative of the ongoing business operations of the company, but are included in the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:

 

Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from non-GAAP operating income and non-GAAP operating margin amortization of intangibles, impairment of assets, gains or losses on sale of assets, gain on insurance, and settlement of lawsuits. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations.
Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share. We exclude from non-GAAP net income and non-GAAP net income per diluted share amortization of intangibles, impairment of assets, costs and charges related to debt refinancing, income tax expense (benefit), gains or losses on sale of assets, gain on insurance, and settlement of lawsuits, and include the non-GAAP provision for current and deferred income taxes, calculated at 26.5% and 33% effective tax rate of the pre-tax non-GAAP income before taxes for the three and six months ended March 31, 2018 and 2017, respectively, because we believe that excluding and including such items help management and investors better understand our operating activities.
Adjusted EBITDA. We exclude from adjusted EBITDA depreciation expense, amortization of intangibles, income tax expense (benefit), net interest expense, impairment of assets, gains or losses on sale of assets, gain on insurance, and settlement of lawsuits because we believe that adjusting for such items helps management and investors better understand operating activities. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for federal, state and local taxes which have considerable variation between domestic jurisdictions. The results are, therefore, without consideration of financing alternatives of capital employed. We use adjusted EBITDA as one guideline to assess our unleveraged performance return on our investments. Adjusted EBITDA is also the target benchmark for our acquisitions of nightclubs.
Management also uses non-GAAP cash flow measures such as free cash flow. Free cash flow is derived from net cash provided by operating activities less maintenance capital expenditures. We use free cash flow as the baseline for the implementation of our capital allocation strategy.

 

Notes

 

Unit counts above are at period end.
All references to the “company,” “we,” “our,” and similar terms include RCI Hospitality Holdings, Inc. and its subsidiaries, unless the context indicates otherwise.
Planned opening dates are subject to change due to weather, which could affect construction schedules, and scheduling of final municipal inspections.

 

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About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)

 

With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen’s clubs and sports bars/restaurants. Clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis and other cities operate under brand names, such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars, Tootsie’s Cabaret, and Scarlett’s Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com

 

Forward-Looking Statements

 

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company’s actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company’s businesses, risks and uncertainties related to cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

 

Media & Investor Contacts

 

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com

 

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RCI HOSPITALITY HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

($ in thousands, except per share data)

(unaudited)

 

    For the Three Months     For the Six Months  
    Ended March 31,     Ended March 31,  
    2018     2017     2018     2017  
                         
Revenues                                
Sales of alcoholic beverages   $ 17,372     $ 14,235     $ 35,177     $ 28,610  
Sales of food and merchandise     5,424       4,353       10,731       8,560  
Service revenues     16,133       14,170       32,022       27,645  
Other     2,297       1,760       4,508       3,442  
Total revenues     41,226       34,518       82,438       68,257  
Operating expenses                                
Cost of goods sold                                
Alcoholic beverages sold     3,589       3,180       7,344       6,348  
Food and merchandise sold     1,964       1,751       4,058       3,404  
Service and other     43       37       79       97  
Cost of goods sold (exclusive of items shown separately below)     5,596       4,968       11,481       9,849  
Salaries and wages     10,347       9,717       21,724       19,369  
Selling, general and administrative     12,848       10,609       25,660       21,802  
Depreciation and amortization     1,899       1,608       3,808       3,226  
Other charges, net     2,305       129       2,394       191  
Total operating expenses     32,995       27,031       65,067       54,437  
Income from operations     8,231       7,487       17,371       13,820  
Other income (expenses)                                
Interest expense     (2,106 )     (1,912 )     (5,185 )     (3,927 )
Interest income     68       89       135       126  
Income before income taxes     6,193       5,664       12,321       10,019  
Income tax expense (benefit)     1,499       1,908       (6,728 )     3,358  
Net income     4,694       3,756       19,049       6,661  
Net loss (income) attributable to noncontrolling interests     (9 )     3       (53 )     (4 )
Net income attributable to RCIHH common shareholders   $ 4,685     $ 3,759     $ 18,996     $ 6,657  
                                 
Earnings per share attributable to RCIHH common shareholders                                
Basic   $ 0.48     $ 0.39     $ 1.95     $ 0.68  
Diluted   $ 0.48     $ 0.39     $ 1.95     $ 0.68  
Weighted average number of common shares outstanding                                
Basic     9,719       9,719       9,719       9,744  
Diluted     9,719       9,721       9,719       9,768  
                                 
Dividends per share   $ 0.03     $ 0.03     $ 0.06     $ 0.06  

 

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RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES*

($ in thousands, except per share data)

 

    For the Three Months     For the Six Months  
    Ended March 31,     Ended March 31,  
    2018     2017     2018     2017  
                         
Reconciliation of GAAP net income to Adjusted EBITDA                                
Net income attributable to RCIHH common shareholders   $ 4,685     $ 3,759     $ 18,996     $ 6,657  
Income tax expense (benefit)     1,499       1,908       (6,728 )     3,358  
Interest expense, net     2,038       1,823       5,050       3,801  
Settlement of lawsuits     773       8       800       81  
Impairment of assets     1,550       -       1,550       -  
Loss (gain) on sale of assets     (18 )     223       64       212  
Gain on insurance     -       -       (20 )     -  
Gain on settlement of patron tax     -       (102 )     -       (102 )
Depreciation and amortization     1,899       1,608       3,808       3,226  
Adjusted EBITDA   $ 12,426     $ 9,227     $ 23,520     $ 17,233  
                                 
Reconciliation of GAAP net income to non-GAAP net income                                
Net income attributable to RCIHH common shareholders   $ 4,685     $ 3,759     $ 18,996     $ 6,657  
Amortization of intangibles     48       40       96       86  
Settlement of lawsuits     773       8       800       81  
Impairment of assets     1,550       -       1,550       -  
Income tax expense (benefit)     1,499       1,908       (6,728 )     3,358  
Loss (gain) on sale of assets     (18 )     223       64       212  
Gain on insurance     -       -       (20 )     -  
Gain on settlement of patron tax     -       (102 )     -       (102 )
Costs and charges related to debt refinancing     -       -       827       -  
Non-GAAP provision for income taxes     (2,262 )     (1,926 )     (4,130 )     (3,396 )
Non-GAAP net income   $ 6,275     $ 3,910     $ 11,455     $ 6,896  
                                 
Reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share                                
Fully diluted shares     9,719       9,721       9,719       9,768  
GAAP diluted net income per share   $ 0.48     $ 0.39     $ 1.95     $ 0.68  
Amortization of intangibles     -       -       0.01       0.01  
Settlement of lawsuits     0.08       -       0.08       0.01  
Impairment of assets     0.16       -       0.16       -  
Income tax expense (benefit)     0.15       0.20       (0.69 )     0.34  
Loss (gain) on sale of assets     -       0.02       0.01       0.02  
Gain on insurance     -       -       (0.00 )     -  
Gain on settlement of patron tax     -       (0.01 )     -       (0.01 )
Costs and charges related to debt refinancing     -       -       0.09       -  
Non-GAAP provision for income taxes     (0.23 )     (0.20 )     (0.42 )     (0.35 )
Non-GAAP diluted net income per share   $ 0.65     $ 0.41     $ 1.18     $ 0.70  
                                 
Reconciliation of GAAP operating income to non-GAAP operating income                                
Income from operations   $ 8,231     $ 7,487     $ 17,371     $ 13,820  
Amortization of intangibles     48       40       96       86  
Settlement of lawsuits     773       8       800       81  
Impairment of assets     1,550       -       1,550       -  
Loss (gain) on sale of assets     (18 )     223       64       212  
Gain on insurance     -       -       (20 )     -  
Gain on settlement of patron tax     -       (102 )     -       (102 )
Non-GAAP operating income   $ 10,584     $ 7,656     $ 19,861     $ 14,097  
                                 
Reconciliation of GAAP operating margin to non-GAAP operating margin                                
GAAP operating margin     20.0 %     21.7 %     21.1 %     20.2 %
Amortization of intangibles     0.1 %     0.1 %     0.1 %     0.1 %
Settlement of lawsuits     1.9 %     0.0 %     1.0 %     0.1 %
Impairment of assets     3.8 %     0.0 %     1.9 %     0.0 %
Loss (gain) on sale of assets     0.0 %     0.6 %     0.1 %     0.3 %
Gain on insurance     0.0 %     0.0 %     -0.0 %     0.0 %
Gain on settlement of patron tax     0.0 %     -0.3 %     0.0 %     -0.1 %
Non-GAAP operating margin     25.7 %     22.2 %     24.1 %     20.7 %
                                 
Reconciliation of GAAP net cash provided by operating activities to non-GAAP free cash flow                                
Net cash provided by operating activities   $ 5,932     $ 5,509     $ 14,077     $ 11,030  
Less: Maintenance capital expenditures     654       657       1,262       1,051  
Free cash flow   $ 5,278     $ 4,852     $ 12,815     $ 9,979  

 

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RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

($ in thousands)

 

    For the Three Months     For the Six Months  
    Ended March 31,     Ended March 31,  
    2018     2017     2018     2017  
                         
Revenues                                
Nightclubs   $ 35,443     $ 29,967     $ 70,661     $ 59,249  
Bombshells     5,602       4,375       11,430       8,670  
Other     181       176       347       338  
    $ 41,226     $ 34,518     $ 82,438     $ 68,257  
                                 
Income (loss) from operations                                
Nightclubs   $ 11,880     $ 10,498     $ 25,251     $ 19,714  
Bombshells     965       801       1,856       1,439  
Other     (82 )     (222 )     (219 )     (563 )
General corporate     (4,532 )     (3,590 )     (9,517 )     (6,770 )
    $ 8,231     $ 7,487     $ 17,371     $ 13,820  

 

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RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)

 

      2Q18         2Q17  
      Nightclubs       Bombshells       Other       Corp       Total       Nightclubs       Bombshells       Other       Corp       Total  
                                                                                 
Income (loss) from operations   $ 11,880     $ 965     $ (82 )   $ (4,532 )   $ 8,231     $ 10,498     $ 801     $ (222 )   $ (3,590 )   $ 7,487  
Amortization of intangibles     -       -       -       48       48       -       -       -       40       40  
Settlement of lawsuits     573       200       -       -       773       8       -       -       -       8  
Loss (gain) on sale of assets     -       -       -       (18 )     (18 )     130       20       89       (16 )     223  
Impairment of assets     -       -       -       1,550       1,550       -       -       -       -       -  
Gain on settlement of patron tax     -       -       -       -       -       (102 )     -       -       -       (102 )
Non-GAAP operating income (loss)   $ 12,453     $ 1,165     $ (82 )   $ (2,952 )   $ 10,584     $ 10,534     $ 821     $ (133 )   $ (3,566 )   $ 7,656  
                                                                                 
GAAP operating margin     33.5 %     17.2 %     -45.3 %     -11.0 %     20.0 %     35.0 %     18.3 %     -126.1 %     -10.4 %     21.7 %
Non-GAAP operating margin     35.1 %     20.8 %     -45.3 %     -7.2 %     25.7 %     35.2 %     18.8 %     -75.6 %     -10.3 %     22.2 %

 

      6M18       6M17  
      Nightclubs       Bombshells       Other       Corp       Total       Nightclubs       Bombshells       Other       Corp       Total  
                                                                                 
Income (loss) from operations   $ 25,251     $ 1,856     $ (219 )   $ (9,517 )   $ 17,371     $ 19,714     $ 1,439     $ (563 )   $ (6,770 )   $ 13,820  
Amortization of intangibles     -       -       -       96       96       -       -       -       86       86  
Settlement of lawsuits     600       200       -       -       800       81       -       -       -       81  
Loss (gain) on sale of assets     -       -       -       64       64       119       20       89       (16 )     212  
Impairment of assets     -       -       -       1,550       1,550       -       -       -       -       -  
Gain on insurance     -       -       -       (20 )     (20 )     -       -       -       -       -  
Gain on settlement of patron tax     -       -       -       -       -       (102 )     -       -       -       (102 )
Non-GAAP operating income   $ 25,851     $ 2,056     $ (219 )   $ (7,827 )   $ 19,861     $ 19,812     $ 1,459     $ (474 )   $ (6,700 )   $ 14,097  
                                                                                 
GAAP operating margin     35.7 %     16.2 %     -63.1 %     -11.5 %     21.1 %     33.3 %     16.6 %     -166.6 %     -9.9 %     20.2 %
Non-GAAP operating margin     36.6 %     18.0 %     -63.1 %     -9.5 %     24.1 %     33.4 %     16.8 %     -140.2 %     -9.8 %     20.7 %

 

9
 


The following information was filed by Rci Hospitality Holdings, Inc. (RICK) on Thursday, May 10, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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