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Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
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Sep. 30, 2022
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Financial Information | The following tables summarize unaudited quarterly data for fiscal 2022, 2021, and 2020 (in thousands, except share and per share data):
| For the Three Months Ended
| December 31, 2021 |  | March 31, 2022 |  | June 30, 2022 |  | September 30, 2022
Revenues(1) | $ | 61,836 |  |  | $ | 63,692 |  |  | $ | 70,714 |  |  | $ | 71,378 |
Income from operations(1) | $ | 15,911 |  |  | $ | 17,081 |  |  | $ | 20,507 |  |  | $ | 17,960 |
Net income attributable to RCIHH stockholders(1) | $ | 10,575 |  |  | $ | 10,952 |  |  | $ | 13,902 |  |  | $ | 10,612 |
Earnings per share(1) |  |  |  |  |  |  |
Basic and diluted | $ | 1.12 |  |  | $ | 1.15 |  |  | $ | 1.48 |  |  | $ | 1.15 |
Weighted average number of common shares outstanding |  |  |  |  |  |  |
Basic and diluted | 9,407,519 |  | 9,489,085 |  | 9,389,675 |  | 9,249,864
| For the Three Months Ended
| December 31, 2020 |  | March 31, 2021 |  | June 30, 2021 |  | September 30, 2021
Revenues(2) | $ | 38,398 |  |  | $ | 44,059 |  |  | $ | 57,860 |  |  | $ | 54,941 |
Income from operations(2) | $ | 6,583 |  |  | $ | 9,841 |  |  | $ | 18,507 |  |  | $ | 3,617 |
Net income attributable to RCIHH stockholders(2) | $ | 9,643 |  |  | $ | 6,091 |  |  | $ | 12,302 |  |  | $ | 2,300 |
Earnings per share(2) |  |  |  |  |  |  |
Basic and diluted | $ | 1.07 |  |  | $ | 0.68 |  |  | $ | 1.37 |  |  | $ | 0.26 |
Weighted average number of common shares outstanding |  |  |  |  |  |  |
Basic and diluted | 9,019,088 |  | 8,999,910 |  | 8,999,910 |  | 8,999,910
| For the Three Months Ended
| December 31, 2019 |  | March 31, 2020 |  | June 30, 2020 |  | September 30, 2020
Revenues | $ | 48,394 |  |  | $ | 40,426 |  |  | $ | 14,721 |  |  | $ | 28,786 |
Income (loss) from operations(3) | $ | 9,686 |  |  | $ | (2,475) |  |  | $ | (4,657) |  |  | $ | 192 |
Net income (loss) attributable to RCIHH stockholders(3) | $ | 5,634 |  |  | $ | (3,452) |  |  | $ | (5,474) |  |  | $ | (2,793) |
Earnings (loss) per share(3) |  |  |  |  |  |  |
Basic and diluted | $ | 0.60 |  |  | $ | (0.37) |  |  | $ | (0.60) |  |  | $ | (0.31) |
Weighted average number of common shares outstanding |  |  |  |  |  |  |
Basic and diluted | 9,321,933 |  | 9,224,960 |  | 9,125,281 |  | 9,124,214
(1) | Fiscal year 2022 results of operations were significantly higher than prior year due to the fifteen acquired clubs and one new Bombshells. Net income attributable to RCIHH stockholders and earnings per share were impacted by $1.9 million in asset impairments ($1.7 million in the third quarter and $166,000 in the fourth quarter) and $2.4 million gain on sale or disposition of businesses and assets ($342,000 in the first quarter, $58,000 in the second quarter, $266,000 in the third quarter, and $1.7 million in the fourth quarter). Quarterly effective income tax expense rate was 21.7%, 23.4%, 21.3%, and 27.1% from first to fourth quarter, respectively, including the impact of the $343,000 deferred tax asset valuation allowance in the fourth quarter.
(2) | Fiscal year 2021 revenues were significantly higher compared to prior year, except for the first quarter, which was still affected by the lockdowns and social restrictions of the COVID-19 pandemic. Net income attributable to RCIHH stockholders and earnings per share were heavily impacted by the gain on debt extinguishment ($4.9 million in the first quarter and $380,000 in the second quarter), asset impairments totaling $13.6 million ($1.4 million in the second quarter, $271,000 in the third quarter, and $11.9 million in the fourth quarter), and gain on insurance totaling $1.3 million ($197,000 in the first quarter, $12,000 in the second quarter, and $1.0 million in the fourth quarter). Quarterly effective income tax expense (benefit) rate was (4.2)%, 24.3%, 24.4%, and (210.4)% from first to fourth quarter, respectively, including the impact of the release of a $462,000 deferred tax asset valuation allowance in the fourth quarter.
(3) | Fiscal year 2020 revenues during the second through the fourth quarter were significantly affected by the COVID-19 pandemic. Income (loss) from operations, net income (loss) attributable to RCIHH stockholders, and earnings (loss) per share included the impact of a $10.6 million in asset impairments ($8.2 million in the second quarter, $982,000 in the third quarter, and $1.4 million in the fourth quarter). Net loss attributable to RCIHH stockholders and loss per share during the fourth quarter was also affected by the $1.3 million valuation allowance on our deferred tax assets. Quarterly effective income tax expense (benefit) rate was 22.0%, (28.9)%, (20.5)%, and 36.3% from first to fourth quarter, respectively.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=126900988&loc=d3e1280-108306 + Details
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