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    Adam Wyden

    Research Analyst at ADW Capital Management

    Adam Wyden is the Founder and Managing Partner of ADW Capital Management, a Miami-based investment fund specializing in concentrated, long-biased investments in small and mid-cap companies. He is known for major positions in companies such as API Group and PAR Technology, with ADW Capital consistently achieving standout returns, compounding at approximately 24% per year net through 2021 and currently managing over $300 million in assets. Wyden launched ADW Capital in 2011 after roles at SMH Capital Markets and holds degrees from The Wharton School and Columbia Business School. As Chief Compliance Officer of an SEC-registered investment adviser, he maintains rigorous professional standards and operational oversight.

    Adam Wyden's questions to RCI HOSPITALITY HOLDINGS (RICK) leadership

    Adam Wyden's questions to RCI HOSPITALITY HOLDINGS (RICK) leadership • Q3 2025

    Question

    Adam Wyden of ADW Capital Management asked a series of detailed questions regarding the self-insurance reserve's impact on EBITDA, the quantification of pre-opening costs, the potential sale of the Bombshells segment, and the current M&A pipeline for nightclubs.

    Answer

    CFO Bradley Chhay and CEO Eric Langan addressed the questions. Chhay clarified the insurance charge impacts EBITDA but not free cash flow, estimating a $10-12 million annual run-rate under the current method. Langan added that a planned captive insurance company would normalize these costs. Langan estimated pre-opening costs burdened the quarter by $400,000 to $500,000. Regarding Bombshells, he stated a willingness to sell the entire segment for the right price, citing a target of around $85 million. Finally, he discussed the active M&A strategy, which includes divesting some underperforming clubs to fund acquisitions in more profitable markets.

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    Adam Wyden's questions to RCI HOSPITALITY HOLDINGS (RICK) leadership • Q2 2025

    Question

    Adam Wyden asked for clarification on the non-cash insurance accrual's impact on EBITDA, a quantification of the negative impact from severe weather in the quarter, and an update on the M&A pipeline and the go-forward strategy for the Bombshells restaurant segment.

    Answer

    Executive Bradley Chhay clarified the non-cash insurance accrual was $1.3 million for the quarter. Executive Eric Langan estimated that severe weather negatively impacted sales by approximately $5.6 million and EBITDA by about $3 million. Langan also discussed the M&A pipeline, noting recent acquisitions will contribute more significantly in the coming quarter. Regarding Bombshells, he detailed leadership changes, cost-cutting measures, and plans to divest certain real estate assets, with a goal of getting the segment to a stable, breakeven point before deciding on its long-term future.

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    Adam Wyden's questions to RCI HOSPITALITY HOLDINGS (RICK) leadership • Q4 2024

    Question

    Adam Wyden of ADW Capital Management questioned RCI's strategy for monetizing non-income-producing real estate, the expected Bombshells segment margins for 2025, long-term same-store sales growth potential, and the outlook for capital expenditures and capital allocation, particularly regarding share buybacks and debt reduction.

    Answer

    Executive Eric Langan detailed plans to monetize an estimated $20-$25 million in non-income-producing real estate in 2025. He stated the target for the Bombshells segment is 15% operating margins, driven by a focus on returning to same-store sales growth. Langan noted the company's five-year plan assumes a minimum 2% overall comp growth and that 2025 maintenance CapEx is expected to normalize to around $6 million. He affirmed the company is actively buying back shares daily and is focused on reducing its debt-to-EBITDA ratio to below 3x.

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    Adam Wyden's questions to PAR TECHNOLOGY (PAR) leadership

    Adam Wyden's questions to PAR TECHNOLOGY (PAR) leadership • Q2 2025

    Question

    Adam Wyden asked about the financial impact of pausing TASK rollouts, specifically if it was affecting gross margins, and questioned PAR's M&A strategy, asking if the company would consider being acquired given its current valuation.

    Answer

    CEO Savneet Singh confirmed that increased investment in TASK to build out capabilities for Tier 1 deals is impacting costs in both COGS and R&D. On M&A, Singh stated, 'we are for sale every day,' and the board would support a sale if it maximized long-term shareholder value. He also noted that while PAR's multiple makes large M&A more selective, the company still feels good about its pipeline of accretive, capability-driven tuck-in acquisitions.

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    Adam Wyden's questions to PAR TECHNOLOGY (PAR) leadership • Q1 2025

    Question

    Adam Wyden of ADW Capital Management LLC sought clarification on the nature of recent Tier 1 wins, the status of the sales pipeline, the company's long-term M&A vision, and the specific FX impact on revenue and EBITDA.

    Answer

    CEO Savneet Singh explained that of the seven Tier 1s in the pipeline a year ago, six were net new logos, and four have been won. He confirmed the pipeline's dollar value is now larger. His long-term vision is for PAR to dominate the broader foodservice technology space by applying its integrated M&A playbook to adjacent verticals. CFO Bryan Menar quantified the quarterly FX headwind at approximately $1 million to revenue and $700,000 to EBITDA.

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    Adam Wyden's questions to PAR TECHNOLOGY (PAR) leadership • Q4 2024

    Question

    Adam Wyden asked about the potential for materially higher incremental gross margins on subscription software. He also questioned the M&A strategy in relation to PAR's stock valuation and cost of capital, and the long-term duration of the company's growth.

    Answer

    CFO Bryan Menar confirmed that margin improvements would drive higher gross profit. CEO and President Savneet Singh addressed the M&A topic by stating that strong financial performance will ultimately drive the company's valuation. He emphasized that M&A is a core part of their product strategy and that they can still execute accretive deals with a strong pipeline.

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    Adam Wyden's questions to PAR TECHNOLOGY (PAR) leadership • Q3 2024

    Question

    Adam Wyden asked for an update on the Burger King rollout and progress with other RBI brands. He also inquired about the company's appetite for bolt-on M&A to acquire new modules, given the current market for smaller private companies.

    Answer

    CEO Savneet Singh described the Burger King relationship as "really strong" with a long way to go, and confirmed active engagement with other RBI brands. He affirmed that PAR's M&A focus is on bolt-on modules that can be pushed through its distribution pipeline and agreed that the current market contains many "stranded" businesses, making the environment robust for such deals.

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