RICK RCI Hospitality Holdings Inc

RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported results for the fiscal 2025 first quarter ended December 31, 2024. The Company also filed its Form 10-Q today.

Summary Financials (in millions, except EPS)

1Q25

1Q24

Total revenues

$71.5

$73.9

EPS

$1.01

$0.77

Non-GAAP EPS1

$0.80

$0.87

Other gains, net

$(2.2)

$0.0

Net cash provided by operating activities

$13.3

$13.6

Free cash flow1

$12.1

$12.7

Net income attributable to RCIHH common stockholders

$9.0

$7.2

Adjusted EBITDA1

$15.7

$17.5

Weighted average shares used in computing EPS – basic and diluted

8.92

9.37

1 See “Non-GAAP Financial Measures” below.

1Q25 Summary (Comparisons are to the year-ago period unless indicated otherwise)

Eric Langan, President and CEO, said: "Nightclubs total and same-store sales increased, while GAAP and non-GAAP segment operating profit were approximately level with last year, despite the absence of a club due to fire in July. Bombshells total sales declined as expected with the sale/closure of underperforming locations, but GAAP and non-GAAP segment operating profit and margin improved. Consolidated net cash provided by operating activities and free cash flow nearly matched year-ago levels, and we continued to make progress with our Back to Basics 5-Year Capital Allocation Plan."

Back to Basics 5-Year Capital Allocation Plan (FY25-29)

• 1Q25: Sale/closure of four underperforming Bombshells segment locations, for a total of five since September 2024.
• 1Q25: Repurchased 66,000 common shares for $3.2 million ($48.76 average per share), with 8,889,000 shares outstanding at December 31, 2024.
• 2Q25: Acquired Flight Club, the premier gentlemen's club in the Detroit market ($8.0 million for the club and $3.0 million for the real estate). The location is expected to generate an estimated $2.0 million in annualized EBITDA.
• 2Q25: Opened an 8,500 square-foot Bombshells in downtown Denver.

X Spaces Conference Call at 4:30 PM ET Today

• Hosted by RCI President and CEO Eric Langan, CFO Bradley Chhay, and Mark Moran of Equity Animal.
• Call link: https://x.com/i/spaces/1zqKVjQVzjLKB (X log in required).
• Presentation link: https://www.rcihospitality.com/investor-relations/.
• To ask questions: Participants must join the X Space using a mobile device.
• To listen only: Participants can access the X Space from a computer.
• There will be no other types of telephone or webcast access.

1Q25 Results (Comparisons are to the year-ago period unless indicated otherwise)

Nightclubs segment: Revenues of $61.7 million increased by 1.1%. Sales primarily reflected a 3.7% increase in same-store sales, three new and reformatted clubs in Texas, and the absence of Baby Dolls Fort Worth due to fire in July.2 By type of revenue, food, merchandise and other increased by 8.6%; alcoholic beverages increased by 3.0%; and service declined by 3.7%.

The quarter included a gain of $1.0 million from additional cash insurance proceeds related to the July fire. Operating income was $20.9 million (33.8% of segment revenues) compared to $20.4 million (33.4%). Non-GAAP operating income, which does not include the gain, was $20.6 million (33.4% of segment revenues) compared to $21.0 million (34.3%).

Bombshells segment: Revenues of $9.6 million declined 24.7%. Sales primarily reflected the sale/closure of underperforming locations, a 7.5% decline in SSS, and a full quarter of the Stafford, TX location, which opened in mid-November 2023.2

The quarter included a gain of $1.3 million for a Bombshells that was sold. Operating income was $2.0 million (20.6% of segment revenues) compared to $86,000 (0.7%). Non-GAAP operating income, which does not include the gain, was $642,000 (6.7% of segment revenues) compared to $149,000 (1.2%).

Corporate segment: Expenses totaled $8.8 million (12.3% of total revenues) compared to $7.1 million (9.6%). Non-GAAP expenses totaled $8.4 million (11.7% of total revenues) compared to $6.6 million (9.0%). The increase reflected an expense of approximately $1.7 million to establish a self-insurance reserve.

Other gains, net of $2.2 million within consolidated operations included the fire insurance proceeds and the gain on sale as discussed in the Nightclubs and Bombshells paragraphs above, respectively.

Income tax expense was $1.85 million compared to $1.80 million. The effective tax rate was 16.9% compared to 19.9%.

Weighted average shares outstanding of 8.92 million decreased 4.8% due to share buybacks.

Debt was $235.5 million at December 31, 2024, compared to $238.2 million at September 30, 2024. The difference primarily reflected scheduled pay downs.

2 See our January 8, 2025, news release on 1Q25 sales for more details.

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 (or including) some items that management believes are not representative of the ongoing business operations of the Company, but are included in (or excluded from) 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 calculate non-GAAP operating income and non-GAAP operating margin by excluding the following items from income from operations and operating margin: (a) amortization of intangibles, (b) settlement of lawsuits, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, and (e) stock-based compensation. 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 calculate non-GAAP net income and non-GAAP net income per diluted share by excluding or including certain items to net income or loss attributable to RCIHH common stockholders and diluted earnings per share. Adjustment items are: (a) amortization of intangibles, (b) settlement of lawsuits, (c) gains or losses on sale of businesses and assets, (d) gains or losses on insurance, (e) stock-based compensation, (f) gains or losses on lease termination, and (g) the income tax effect of the above-described adjustments. Included in the income tax effect of the above adjustments is the net effect of the non-GAAP provision for income taxes, calculated at 17.7% and 19.9% effective tax rate of the pre-tax non-GAAP income before taxes for the three months ended December 31, 2024, and 2023, respectively, and the GAAP income tax expense (benefit). We believe that excluding and including such items help management and investors better understand our operating activities.

Adjusted EBITDA. We calculate adjusted EBITDA by excluding the following items from net income or loss attributable to RCIHH common stockholders: (a) depreciation and amortization, (b) income tax expense, (c) net interest expense, (d) settlement of lawsuits, (e) gains or losses on sale of businesses and assets, (f) gains or losses on insurance, (g) stock-based compensation, and (h) gains or losses on lease termination. We believe that adjusting for such items helps management and investors better understand our 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.

We also use certain 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.

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

With more than 60 locations, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars-restaurants. See all our brands at 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, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult entertainment or restaurant business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the Company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, and (vi) numerous other factors such as laws governing the operation of adult entertainment or restaurant businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI's annual report on Form 10-K for the year ended September 30, 2024, as well as its other filings with the U.S. Securities and Exchange Commission. The Company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share, number of shares, and percentage data)

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

December 31, 2024

 

December 31, 2023

 

Amount

 

% of Revenue

 

Amount

 

% of Revenue

Revenues

 

 

 

 

 

 

 

Sales of alcoholic beverages

$

32,188

 

 

45.0

%

 

$

33,316

 

 

45.1

%

Sales of food and merchandise

 

10,106

 

 

14.1

%

 

 

10,802

 

 

14.6

%

Service revenues

 

24,181

 

 

33.8

%

 

 

25,119

 

 

34.0

%

Other

 

5,008

 

 

7.0

%

 

 

4,670

 

 

6.3

%

Total revenues

 

71,483

 

 

100.0

%

 

 

73,907

 

 

100.0

%

Operating expenses

 

 

 

 

 

 

 

Cost of goods sold

 

 

 

 

 

 

 

Alcoholic beverages sold

 

5,846

 

 

18.2

%

 

 

6,281

 

 

18.9

%

Food and merchandise sold

 

3,563

 

 

35.3

%

 

 

4,038

 

 

37.4

%

Service and other

 

72

 

 

0.2

%

 

 

40

 

 

0.1

%

Total cost of goods sold (exclusive of items shown below)

 

9,481

 

 

13.3

%

 

 

10,359

 

 

14.0

%

Salaries and wages

 

20,564

 

 

28.8

%

 

 

21,332

 

 

28.9

%

Selling, general and administrative

 

26,207

 

 

36.7

%

 

 

25,201

 

 

34.1

%

Depreciation and amortization

 

3,569

 

 

5.0

%

 

 

3,853

 

 

5.2

%

Other gains, net

 

(2,244

)

 

(3.1

)%

 

 

(3

)

 

—

%

Total operating expenses

 

57,577

 

 

80.5

%

 

 

60,742

 

 

82.2

%

Income from operations

 

13,906

 

 

19.5

%

 

 

13,165

 

 

17.8

%

Other income (expenses)

 

 

 

 

 

 

 

Interest expense

 

(4,152

)

 

(5.8

)%

 

 

(4,216

)

 

(5.7

)%

Interest income

 

179

 

 

0.3

%

 

 

94

 

 

0.1

%

Gain on lease termination

 

979

 

 

1.4

%

 

 

—

 

 

—

%

Income before income taxes

 

10,912

 

 

15.3

%

 

 

9,043

 

 

12.2

%

Income tax expense

 

1,847

 

 

2.6

%

 

 

1,799

 

 

2.4

%

Net income

 

9,065

 

 

12.7

%

 

 

7,244

 

 

9.8

%

Net income attributable to noncontrolling interests

 

(41

)

 

(0.1

)%

 

 

(18

)

 

—

%

Net income attributable to RCIHH common shareholders

$

9,024

 

 

12.6

%

 

$

7,226

 

 

9.8

%

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

Basic and diluted

$

1.01

 

 

 

 

$

0.77

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing earnings per share

 

 

 

 

 

 

 

Basic and diluted

 

8,920,774

 

 

 

 

 

9,367,151

 

 

 

 

RCI HOSPITALITY HOLDINGS, INC.

SEGMENT INFORMATION

(in thousands)

 

 

 

 

 

For the Three Months Ended

 

December 31, 2024

 

December 31, 2023

Revenues

 

 

 

Nightclubs

$

61,724

 

 

$

61,033

 

Bombshells

 

9,587

 

 

 

12,731

 

Other

 

172

 

 

 

143

 

 

$

71,483

 

 

$

73,907

 

 

 

 

 

Income (loss) from operations

 

 

 

Nightclubs

$

20,882

 

 

$

20,369

 

Bombshells

 

1,971

 

 

 

86

 

Other

 

(171

)

 

 

(196

)

Corporate

 

(8,776

)

 

 

(7,094

)

 

$

13,906

 

 

$

13,165

 

 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

 

 

For the Three Months Ended

 

December 31, 2024

 

December 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net income

$

9,065

 

 

$

7,244

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

3,569

 

 

 

3,853

 

Deferred income tax benefit

 

(389

)

 

 

—

 

Gain on sale of businesses and assets

 

(1,463

)

 

 

(3

)

Amortization and writeoff of debt discount and issuance costs

 

63

 

 

 

163

 

Doubtful accounts expense on notes receivable

 

—

 

 

 

22

 

Gain on insurance

 

(1,150

)

 

 

—

 

Noncash lease expense

 

658

 

 

 

762

 

Stock-based compensation

 

470

 

 

 

470

 

Changes in operating assets and liabilities, net of business acquisitions:

 

 

 

Receivables

 

2,373

 

 

 

1,229

 

Inventories

 

(4

)

 

 

(218

)

Prepaid expenses, other current, and other assets

 

(598

)

 

 

(9,029

)

Accounts payable, accrued, and other liabilities

 

750

 

 

 

9,140

 

Net cash provided by operating activities

 

13,344

 

 

 

13,633

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Proceeds from sale of businesses and assets

 

129

 

 

 

—

 

Proceeds from insurance

 

1,150

 

 

 

—

 

Proceeds from notes receivable

 

71

 

 

 

55

 

Payments for property and equipment and intangible assets

 

(5,754

)

 

 

(5,135

)

Net cash used in investing activities

 

(4,404

)

 

 

(5,080

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Proceeds from debt obligations

 

2,963

 

 

 

701

 

Payments on debt obligations

 

(5,694

)

 

 

(6,352

)

Purchase of treasury stock

 

(3,218

)

 

 

(2,072

)

Payment of dividends

 

(623

)

 

 

(562

)

Payment of loan origination costs

 

—

 

 

 

(136

)

Net cash used in financing activities

 

(6,572

)

 

 

(8,421

)

NET INCREASE IN CASH AND CASH EQUIVALENTS

 

2,368

 

 

 

132

 

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

32,350

 

 

 

21,023

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

34,718

 

 

$

21,155

 

 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

 

 

December 31, 2024

 

September 30, 2024

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

34,718

 

 

$

32,350

 

Receivables, net

 

3,519

 

 

 

5,832

 

Inventories

 

4,640

 

 

 

4,676

 

Prepaid expenses and other current assets

 

4,226

 

 

 

4,427

 

Total current assets

 

47,103

 

 

 

47,285

 

Property and equipment, net

 

282,621

 

 

 

280,075

 

Operating lease right-of-use assets, net

 

25,573

 

 

 

26,231

 

Notes receivable, net of current portion

 

4,103

 

 

 

4,174

 

Goodwill

 

61,911

 

 

 

61,911

 

Intangibles, net

 

162,881

 

 

 

163,461

 

Other assets

 

2,026

 

 

 

1,227

 

Total assets

$

586,218

 

 

$

584,364

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$

5,010

 

 

$

5,637

 

Accrued liabilities

 

20,514

 

 

 

20,280

 

Current portion of debt obligations, net

 

17,788

 

 

 

18,871

 

Current portion of operating lease liabilities

 

3,008

 

 

 

3,290

 

Total current liabilities

 

46,320

 

 

 

48,078

 

Deferred tax liability, net

 

22,304

 

 

 

22,693

 

Debt, net of current portion and debt discount and issuance costs

 

217,741

 

 

 

219,326

 

Operating lease liabilities, net of current portion

 

27,471

 

 

 

30,759

 

Other long-term liabilities

 

3,611

 

 

 

398

 

Total liabilities

 

317,447

 

 

 

321,254

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Equity

 

 

 

Preferred stock

 

—

 

 

 

—

 

Common stock

 

89

 

 

 

90

 

Additional paid-in capital

 

58,731

 

 

 

61,511

 

Retained earnings

 

210,160

 

 

 

201,759

 

Total RCIHH stockholders' equity

 

268,980

 

 

 

263,360

 

Noncontrolling interests

 

(209

)

 

 

(250

)

Total equity

 

268,771

 

 

 

263,110

 

Total liabilities and equity

$

586,218

 

 

$

584,364

 

 

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES

(in thousands, except per share and percentage data)

 

 

 

 

 

For the Three Months Ended

 

December 31, 2024

 

December 31, 2023

Reconciliation of GAAP net income to Adjusted EBITDA

 

 

 

Net income attributable to RCIHH common stockholders

$

9,024

 

 

$

7,226

 

Income tax expense (benefit)

 

1,847

 

 

 

1,799

 

Interest expense, net

 

3,973

 

 

 

4,122

 

Depreciation and amortization

 

3,569

 

 

 

3,853

 

Settlement of lawsuits

 

179

 

 

 

—

 

Gain on sale of businesses and assets

 

(1,406

)

 

 

(3

)

Gain on insurance

 

(1,017

)

 

 

—

 

Stock-based compensation

 

470

 

 

 

470

 

Gain on lease termination

 

(979

)

 

 

—

 

Adjusted EBITDA

$

15,660

 

 

$

17,467

 

 

 

 

 

Reconciliation of GAAP net income to non-GAAP net income

 

 

 

Net income attributable to RCIHH common stockholders

$

9,024

 

 

$

7,226

 

Amortization of intangibles

 

580

 

 

 

659

 

Settlement of lawsuits

 

179

 

 

 

—

 

Stock-based compensation

 

470

 

 

 

470

 

Gain on sale of businesses and assets

 

(1,406

)

 

 

(3

)

Gain on insurance

 

(1,017

)

 

 

—

 

Gain on lease termination

 

(979

)

 

 

—

 

Net income tax effect

 

310

 

 

 

(220

)

Non-GAAP net income

$

7,161

 

 

$

8,132

 

 

 

 

 

Reconciliation of GAAP diluted earnings per share to non-GAAP diluted earnings per share

 

 

 

Diluted shares

 

8,920,774

 

 

 

9,367,151

 

GAAP diluted earnings per share

$

1.01

 

 

$

0.77

 

Amortization of intangibles

 

0.07

 

 

 

0.07

 

Settlement of lawsuits

 

0.02

 

 

 

0.00

 

Stock-based compensation

 

0.05

 

 

 

0.05

 

Gain on sale of businesses and assets

 

(0.16

)

 

 

0.00

 

Gain on insurance

 

(0.11

)

 

 

0.00

 

Gain on lease termination

 

(0.11

)

 

 

0.00

 

Net income tax effect

 

0.03

 

 

 

(0.02

)

Non-GAAP diluted earnings per share

$

0.80

 

 

$

0.87

 

 

Reconciliation of GAAP operating income to non-GAAP operating income

 

 

 

Income from operations

$

13,906

 

 

$

13,165

 

Amortization of intangibles

 

580

 

 

 

659

 

Settlement of lawsuits

 

179

 

 

 

—

 

Stock-based compensation

 

470

 

 

 

470

 

Gain on sale of businesses and assets

 

(1,406

)

 

 

(3

)

Gain on insurance

 

(1,017

)

 

 

—

 

Non-GAAP operating income

$

12,712

 

 

$

14,291

 

 

 

 

 

Reconciliation of GAAP operating margin to non-GAAP operating margin

 

 

 

GAAP operating margin

 

19.5

%

 

 

17.8

%

Amortization of intangibles

 

0.8

%

 

 

0.9

%

Settlement of lawsuits

 

0.3

%

 

 

0.0

%

Stock-based compensation

 

0.7

%

 

 

0.6

%

Gain on sale of businesses and assets

 

(2.0

)%

 

 

0.0

%

Gain on insurance

 

(1.4

)%

 

 

0.0

%

Non-GAAP operating margin

 

17.8

%

 

 

19.3

%

 

 

 

 

Reconciliation of net cash provided by operating activities to free cash flow

 

 

 

Net cash provided by operating activities

$

13,344

 

 

$

13,633

 

Less: Maintenance capital expenditures

 

1,276

 

 

 

983

 

Free cash flow

$

12,068

 

 

$

12,650

 

 

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP SEGMENT INFORMATION

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2024

 

Nightclubs

 

Bombshells

 

Other

 

Corporate

 

Total

Income (loss) from operations

$

20,882

 

 

$

1,971

 

 

$

(171

)

 

$

(8,776

)

 

$

13,906

 

Amortization of intangibles

 

574

 

 

 

1

 

 

 

—

 

 

 

5

 

 

 

580

 

Settlement of lawsuits

 

179

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

179

 

Stock-based compensation

 

—

 

 

 

—

 

 

 

—

 

 

 

470

 

 

 

470

 

Loss (gain) on sale of businesses and assets

 

16

 

 

 

(1,330

)

 

 

—

 

 

 

(92

)

 

 

(1,406

)

Gain on insurance

 

(1,017

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,017

)

Non-GAAP operating income (loss)

$

20,634

 

 

$

642

 

 

$

(171

)

 

$

(8,393

)

 

$

12,712

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

33.8

%

 

 

20.6

%

 

 

(99.4

)%

 

 

(12.3

)%

 

 

19.5

%

Non-GAAP operating margin

 

33.4

%

 

 

6.7

%

 

 

(99.4

)%

 

 

(11.7

)%

 

 

17.8

%

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2023

 

Nightclubs

 

Bombshells

 

Other

 

Corporate

 

Total

Income (loss) from operations

$

20,369

 

 

$

86

 

 

$

(196

)

 

$

(7,094

)

 

$

13,165

 

Amortization of intangibles

 

591

 

 

 

63

 

 

 

—

 

 

 

5

 

 

 

659

 

Stock-based compensation

 

—

 

 

 

—

 

 

 

—

 

 

 

470

 

 

 

470

 

Gain on sale of businesses and assets

 

(1

)

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

(3

)

Non-GAAP operating income (loss)

$

20,959

 

 

$

149

 

 

$

(196

)

 

$

(6,621

)

 

$

14,291

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

33.4

%

 

 

0.7

%

 

 

(137.1

)%

 

 

(9.6

)%

 

 

17.8

%

Non-GAAP operating margin

 

34.3

%

 

 

1.2

%

 

 

(137.1

)%

 

 

(9.0

)%

 

 

19.3

%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250208891367/en/

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