– Gross Advanced Group Bookings for all Future
Periods Increased 20.5 Percent Over Fourth Quarter 2012 –
– Full Year 2013 Net Income at $118.4 million
–
– Full Year 2013 Adjusted Funds From Operations
excluding REIT conversion costs at $190.2 million –
– Gaylord Texan initiates and accelerates room
renovation project in December 2013 –
– Declares First Quarter 2014 dividend of $0.55
per share an increase of 10% over prior quarter dividend –
– Issues 2014 Guidance –
Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real
estate investment trust ("REIT") specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the fourth quarter and full year
ended December 31, 2013.
Colin V. Reed, chairman, chief executive officer and president
of Ryman Hospitality Properties, stated,
“Although 2013 was certainly a year in which we navigated our
fair share of transitional challenges, we are generally pleased
with how our business performed in the fourth quarter and our
position entering 2014. While the fourth quarter came in below our
expectations due to a few unanticipated events, we are encouraged
by group dynamics that evolved throughout the quarter. Our bookings
performance during the fourth quarter was certainly a highlight, as
we booked over 772,000 gross room nights, a more than 20 percent
increase year-over-year and the highest booking quarter since 2010.
On a net room night basis, we booked over 637,000 room nights, a
year-over-year increase of 37 percent. Our group room night
bookings entering 2014 were 4.7 percent higher than they were
entering 2013. In addition, our group mix for these bookings is
more favorable with a 10 percent increase in corporate group room
nights, which bodes well for outside-the room spending. These
bookings results reflect the work we have done to improve the sales
process with Marriott, and we are confident that we will continue
to see these enhancements drive results in 2014.”
“Additional positive highlights during the fourth quarter
include a significant decrease in in-the-year, for-the-year
cancellations and attrition rates across our hotels. We saw
in-the-year, for-the-year cancellations decline nearly 70 percent
in the fourth quarter compared to the same period last year, and
attrition rates came in at 10.7 percent for the fourth quarter 2013
compared to 12.2 percent for third quarter 2013 and 12.5 percent in
fourth quarter 2012. While impacted by severe winter weather in
December and accelerated rooms renovation at the Gaylord Texan, our
transient segment continued to show growth with a 13.5 percent
increase in room nights in the fourth quarter over the prior year
quarter, while full year 2013 transient room nights increased 20.7
percent compared to full year 2012. In terms of our bottom line, we
remain focused on continuing to work with Marriott to improve
margin performance and realize cost synergies, and we expect to see
continued improvement in the coming quarters. In aggregate, all of
these factors contribute to our view that our business is well
positioned for 2014 and beyond.”
Fourth Quarter and Full Year 2013 Results (as compared to
Fourth Quarter and Full Year 2012)
- Gross advanced group bookings in the
fourth quarter 2013 for all future periods increased 20.5 percent
to approximately 772,000 room nights; net advanced group bookings
in the fourth quarter 2013 for all future periods increased 37.4
percent to approximately 637,000 room nights. Gross advanced group
bookings for the full year 2013 for all future periods increased
11.3 percent to approximately 2.2 million room nights; net advanced
group bookings for the full year 2013 for all future periods
increased 7.7 percent to approximately 1.6 million room
nights.
- As of December 31, 2013, group
occupancy on the books for 2014 was 48.2 occupancy points, which is
2.2 occupancy points higher than as of the same time last year for
2013.
- Transient room nights in the fourth
quarter increased 13.5 percent to approximately 190,000 room nights
while transient Average Daily Rate, or ADR, increased 1.7 percent.
Transient room nights for full year 2013 increased 20.7 percent to
approximately 576,000 room nights while transient ADR increased 2.3
percent.
- Cancellations in-the-year, for-the-year
in the fourth quarter 2013 decreased 69.8 percent to approximately
5,300 group rooms compared to approximately 17,400 group rooms in
the fourth quarter 2012. Cancellations in-the-year, for-the-year
for full year 2013 increased 5.4 percent to approximately 67,000
group rooms compared to approximately 63,000 group rooms for full
year 2012.
- Attrition for groups that traveled in
the fourth quarter of 2013 was 10.7 percent of contracted room
block compared to 12.5 percent in the same period in 2012, and
attrition and cancellation fees collected during the fourth quarter
of 2013 were $3.4 million compared to $1.9 million in the same
period in 2012. Attrition for groups that traveled during full year
2013 was 11.1 percent of contracted room block compared to 8.3
percent for full year 2012, and attrition and cancellation fees
collected during full year 2013 were $8.5 million compared to $6.4
million for full year 2012.
- Total Revenue in the fourth quarter
2013 was flat at $266.1 million compared to Total Revenue in the
fourth quarter 2012 of $266.3 million. Total Revenue for full year
2013 decreased 3.2 percent to $954.6 million compared to Total
Revenue for full year 2012 of $986.6 million, or a decrease of 2.5
percent compared to Total Retail Adjusted Revenue for full year
2012.
- Hospitality Revenue Per Available Room,
or RevPAR, for the fourth quarter 2013 was flat at $123.39.
Hospitality RevPAR for full year 2013 decreased 2.0 percent to
$120.89.
- Hospitality Total RevPAR in the fourth
quarter 2013 decreased 0.9 percent to $331.26 compared to
Hospitality Total RevPAR in the fourth quarter 2012. Hospitality
Total RevPAR for full year 2013 decreased 3.8 percent to $297.22
compared to unadjusted Hospitality Total RevPAR for full year 2012,
or a decrease of 3.0 percent compared to Hospitality Retail
Adjusted Total RevPAR for full year 2012.
- Hospitality Revenue for the fourth
quarter 2013 decreased 0.9 percent to $246.8 million compared to
Hospitality Revenue in the fourth quarter 2012. Hospitality Revenue
for full year 2013 decreased 4.1 percent to $878.5 million compared
to unadjusted Hospitality Revenue for full year 2012, or a decrease
of 3.3 percent compared to Hospitality Retail Adjusted Revenue for
full year 2012.
- Net income in the fourth quarter 2013
was $30.2 million compared to a net loss of $15.0 million in fourth
quarter 2012. Net income for the fourth quarter 2013 includes $0.8
million of REIT conversion costs; whereas net income for the fourth
quarter 2012 includes $44.2 million of REIT conversion costs. In
addition, net income for the fourth quarter of 2012 included a
$20.0 million one-time gain on the sale of the Gaylord Hotels brand
rights to Marriott. Net income for full year 2013 was $118.4
million compared to a net loss of $26.6 million for full year 2012.
Net income for the full year 2013 reflects a decrease in total
operating expenses of $113.0 million compared to full year 2012,
due primarily to a $79.8 million decrease in REIT conversion costs.
Net income for the full year 2013 also includes a tax benefit of
$92.7 million, consisting primarily of a non-cash benefit of $64.8
million resulting from the reversal of certain net deferred tax
liabilities in connection with the REIT conversion.
- Adjusted EBITDA on a consolidated basis
for fourth quarter 2013 increased 10.6% to $69.5 million compared
to $62.8 million for fourth quarter 2012. Adjusted EBITDA on a
consolidated basis for full year 2013 decreased 3.7 percent to
$248.3 million compared to $257.9 million for full year 2012.
- Hospitality Adjusted EBITDA for fourth
quarter 2013 increased 1.3 percent to $67.5 million compared to
$66.6 million for fourth quarter 2012. Hospitality Adjusted EBITDA
for full year 2013 decreased 12.4 percent to $245.0 million
compared to $279.8 million for full year 2012.
- Adjusted Funds from Operations, or
Adjusted FFO, for fourth quarter 2013 was $59.0 million compared to
$8.3 million in fourth quarter 2012. Adjusted FFO excluding REIT
conversion costs was $58.1 million compared to $28.4 million in
fourth quarter 2012. Full year 2013 Adjusted FFO was $174.8 million
compared to $86.6 million for full year 2012. Adjusted FFO
excluding REIT conversion costs for full year 2013 was $190.2
million compared to $129.8 million for full year 2012.
- During the fourth quarter 2013, a few
meaningful events occurred that impacted Adjusted EBITDA on a
consolidated basis, Hospitality Adjusted EBITDA, and Adjusted FFO.
- Offsetting favorable overall hotel
performance in October and November, transient business in December
for three of our hotels (Gaylord Texan, Gaylord Opryland, and
Gaylord National) was negatively impacted by winter weather
conditions. As a whole, the winter storm had an approximately $2.9
million unfavorable impact to Hospitality Adjusted EBITDA and
Adjusted FFO, with Gaylord Texan contributing approximately $2.2
million of this impact.
- The room renovation project at Gaylord
Texan was accelerated and began in December, resulting in
approximately one-quarter of the room inventory being out of
service for the month. The negative impact was approximately $3.7
million in revenue and approximately $2.0 million in Hospitality
Adjusted EBITDA in December. In addition, the room renovation
project included a non-capitalizable expense of $0.5 million which
further impacted Hospitality Adjusted EBITDA and Adjusted FFO for
the quarter.
- As previously noted the sales teams for
the hotels produced the highest group room night production since
2010. As a result, sales incentive expense incurred in the fourth
quarter 2013 exceeded the company’s original estimates and impacted
Hospitality Adjusted EBITDA and Adjusted FFO by $2.2 million.
- In November, the Company determined
that it was not economically feasible to expand the Gaylord Palms
property in the near-term and subsequently terminated a 2008 tax
incentive arrangement with Osceola County. As a result, Gaylord
Palms received a $3.1 million reimbursement of sales and marketing
expenses from Osceola County, which increased the hotel’s Adjusted
EBITDA and Adjusted FFO.
- In December, the Company terminated a
cash-based deferred compensation plan for its board of directors
and replaced it with a new compensation plan based on restricted
stock unit awards. This plan change resulted in a $3.4 million
non-cash charge to equity-based compensation expense, which was
offset by a $3.4 million reversal of cash compensation cost and
positively impacted Adjusted EBITDA within the Corporate and Other
segment.
For the Company’s definitions of RevPAR, Total RevPAR, Adjusted
EBITDA, Retail Adjusted Revenue, Retail Adjusted Total RevPAR, and
Adjusted FFO as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDA to Net Income, a reconciliation of the
non-GAAP financial measure Retail Adjusted Revenue to revenue, and
a reconciliation of the non-GAAP financial measure Adjusted FFO to
Net Income, see “Retail Adjusted Revenue”, “Calculation of RevPAR
and Total RevPAR”, “Non-GAAP Financial Measures”, and “Supplemental
Financial Results” below.
Hospitality
Property-level results and operating metrics for the fourth
quarter of 2013 and 2012 are presented in greater detail below and
under “Supplemental Financial Results.”
- Gaylord Opryland RevPAR increased 3.6
percent to $122.63 compared to the fourth quarter of 2012. Total
RevPAR decreased by 0.3 percent to $302.19 as compared to Total
RevPAR in the fourth quarter of 2012. The growth in RevPAR was led
by a 4.2 percentage point increase in occupancy, partially offset
by a 2.3 percent decrease in ADR due to a group mix shift from
premium corporate groups to lower rated association and other
groups. Transient room nights increased 18.2 percent over fourth
quarter 2012, while transient ADR decreased by 2.8 percent. Total
revenue for the fourth quarter 2013 was slightly unfavorable
compared to prior year as a result of a decline in ADR and
outside-the-room spending on banquets, offset by the increase in
transient room nights. The property was impacted negatively by
severe winter weather in December, which offset favorable overall
hotel performance in October and November. Through expense
management, the property was able to offset the decline in revenue
and slightly increase Adjusted EBITDA margin for the quarter to
26.0 percent, or an increase of 0.6 percentage points over the same
period last year.
- Gaylord Palms RevPAR increased 7.7
percent to $125.10 compared to the fourth quarter of 2012. Total
RevPAR increased 3.2 percent to $346.75 compared to Total RevPAR in
the fourth quarter of 2012. The increase in RevPAR is primarily
related to an increase in room nights for the corporate and
transient segments, partially offset by a decline in association
room nights. Furthermore, transient ADR increased 4.4 percent to
$173.25 compared to the fourth quarter of 2012. During the fourth
quarter 2013, the property realized a $3.1 million sales and
marketing expense reimbursement from Osceola County related to the
termination of the tax incentive agreement for the previously
planned expansion of the property. This adjustment impacts the
year-over-year comparisons for Adjusted EBITDA and Adjusted EBITDA
margin. Excluding the impact of the sales and marketing expense
reimbursement, Adjusted EBITDA for the fourth quarter of 2013
increased 20.7 percent compared to the same period last year and
Adjusted EBITDA margin increased 3.5 percentage points compared to
the same period last year.
- Gaylord Texan RevPAR decreased 9.0
percent to $125.88 compared to the fourth quarter of 2012. Total
RevPAR decreased 8.7 percent to $399.58 as compared to the fourth
quarter of 2012. Transient room nights for the property decreased
5.5 percent from fourth quarter of 2012, while transient ADR
increased by 2.6 percent. The property was negatively impacted by a
drop in transient room nights for December, driven by severe winter
weather that heavily disrupted demand to the property’s holiday
events. The weather disruption negatively impacted revenue by
approximately $2.4 million and approximately $2.2 million of
Adjusted EBITDA decline. In addition, the property was impacted by
the acceleration of the room renovation program which began in
December. Approximately 448 guest rooms were out of service during
most of the month of December. Overall, approximately 11,400 total
room nights were out of service as a result of the renovation. The
negative impact of this renovation was roughly $3.7 million in
revenue and approximately $2.0 million in Hospitality Adjusted
EBITDA in December. In addition, the room renovation included a
non-capitalizable expense of approximately $0.5 million which
further impacted Hospitality Adjusted EBITDA and Adjusted FFO for
the quarter. Adjusted EBITDA margin declined 2.8 percentage points
for the fourth quarter compared to the same period last year.
- Gaylord National RevPAR decreased 3.8
percent to $128.75 compared to the fourth quarter of 2012. Total
RevPAR increased 2.4 percent to $345.38 as compared to Total RevPAR
in the fourth quarter of 2012. Transient room nights for the
property increased by 13.6 percent. Transient ADR increased by 14.3
percent over fourth quarter of 2012, which partially offset a
decline in group ADR of 10.5 percent. The decrease in group ADR was
a result of a shift from premium rated corporate groups to lower
rated association groups coupled with short-term cancellations and
higher attrition of premium rated groups. Adjusted EBITDA margin
declined 2.9 percentage points compared to the same period last
year. The property’s Adjusted EBITDA and Adjusted EBITDA margin for
the fourth quarter of 2012 benefited from a one-time utilities
credit of $1.6 million. Excluding this one-time item from last
year’s results would have resulted in a 1.2 percent increase in
Adjusted EBITDA and a 0.3 percentage point decrease in Adjusted
EBITDA margin for the fourth quarter of 2013.
Reed continued, “We saw some encouraging signs at our properties
in the fourth quarter, highlighted by Gaylord Palms which delivered
a 7.7 percent increase in RevPAR and a 20.7 percent increase in
Adjusted EBITDA, after excluding the sales and marketing expense
reimbursement from Osceola County. Gaylord Opryland and Gaylord
National also each performed well, despite harsh winter weather in
December in Nashville and what continues to be a challenging
environment in Washington D.C. amidst ongoing government
uncertainty. Gaylord Opryland and Gaylord National also each
delivered strong booking performances in the fourth quarter,
allaying concerns over the impact of new supply entering these two
markets.
“Gaylord Texan was an outlier in the fourth quarter, as a severe
winter storm in December had a significant negative impact on the
property’s holiday events and was responsible for an estimated $2.4
million loss of revenue. The room refurbishment underway at the
property was also a headwind, with over 11,400 room nights out of
service in the quarter for the renovation.”
Opry and Attractions
Revenue for the Opry and Attractions segment rose 11.3 percent
to $19.3 million in the fourth quarter of 2013 from $17.3 million
in the prior-year quarter. Adjusted EBITDA declined 2.0 percent to
$4.2 million in the fourth quarter of 2013, from $4.3 million in
the prior-year quarter. Full year 2013 was a banner year for the
Opry and Attractions segment in terms of revenue and profitability
aided by the increased profile of the city of Nashville among
various media outlets and the popularity of the TV show Nashville.
Full year 2013 revenues increased 7.8 percent to $76.1 million
while Adjusted EBITDA increased 7.2 percent to $20.1 million over
full year 2012.
Corporate
Corporate and Other Adjusted EBITDA totaled a loss of $2.3
million in the fourth quarter of 2013 compared to a loss of $8.2
million in the same period last year, or a 71.9 percent
improvement. For full year 2013, Corporate and Other Adjusted
EBITDA totaled a loss of $16.8 million, or an improvement of 58.7
percent over the same period last year. During the quarter, the
cash-based deferred compensation plan for our board of directors
was terminated and replaced with a new compensation plan based on
restricted stock unit awards. The result of this plan change was a
one-time $3.4 million non-cash charge to equity based compensation,
offset by a $3.4 million reversal of cash compensation cost, which
positively impacted Adjusted EBITDA for the fourth quarter and full
year 2013. The improvement in Corporate and Other Adjusted EBITDA
in the fourth quarter and full year 2013 as compared to the prior
year periods is directly related to the transition of the Company
to a REIT and resulting cost savings, which have exceeded our
previously discussed cost synergy estimates.
REIT Conversion Costs
The Company has segregated all conversion costs associated with
its conversion to a REIT and reported these amounts separately as
REIT conversion costs in the accompanying financial information.
During the fourth quarter of 2013, the Company incurred $0.8
million of costs associated with this conversion compared to $44.2
million in the fourth quarter of 2012. For full year 2013, the
Company incurred $22.2 million of conversion costs compared to
$102.0 million for full year 2012.
Dividend Update
The Company paid its fourth quarter cash dividend
of $0.50 per share of common stock on January 15,
2014 to stockholders of record on December 27, 2013.
Including the fourth quarter cash dividend payment, the Company
paid out a total of $2.00 per share of common stock for full year
2013.
Today, the Company declared its first quarter cash dividend of
$0.55 per share of common stock payable on April 14, 2014 to
stockholders of record on March 28, 2014. It is the Company’s
current plan to distribute total annual dividends of approximately
$2.20 per share in cash in equal quarterly payments in April, July,
October, and January, subject to the board’s future determinations
as to the amount of quarterly distributions and the timing
thereof.
As a result of the declaration of the dividend, effective
immediately after the close of business on March 26, 2014, the
conversion rate of the Company’s outstanding 3.75 percent
convertible notes due 2014 will adjust from a conversion rate of
46.7774 per $1,000 principal amount of notes, which is
equivalent to a conversion price of $21.38, to a conversion
rate of 47.4034, which is equivalent to a conversion price
of $21.10. Pursuant to customary anti-dilution adjustments,
effective immediately after the close of business on March 26,
2014, the strike price of our call options related to the
convertible notes will be adjusted to $21.10 per share of
common stock and the exercise price of the common stock warrants we
issued will be adjusted in a similar manner.
Balance Sheet/Liquidity Update
As of December 31, 2013, the Company had total debt outstanding
of $1,154.4 million and unrestricted cash of $61.6 million. At
December 31, 2013, $509.5 million of borrowings were drawn under
the Company’s $1 billion credit facility, and the lending banks had
issued $6.0 million in letters of credit, which left $484.5 million
of availability for borrowing under the credit facility.
Guidance
The following business performance outlook is based on current
information as of February 28, 2014. The Company does not expect to
update the guidance provided below before next quarter’s earnings
release. However, the Company may update its full business outlook
or any portion thereof at any time for any reason.
Reed continued, “We believe 2014 will be a solid year for our
company particularly given our group pace entering the year as well
as the continued strength of the transient segment. We entered 2014
with 4.8 percent more group room nights on the books than we had at
the same point last year for 2013. This strong demand growth and
favorable supply dynamics in the markets in which we operate should
allow for improved pricing power and higher average daily rates,
which we are reflecting in anticipated RevPAR growth of 4.0% to
6.0% versus 2013. Coupled with the strength of our group pace
entering the year, we also have a more favorable mix of group
business with a 10 percent increase in higher rated corporate group
room nights, which should positively impact outside-of-the-room
spending. As such, we believe we will generate between 5.0% and
7.0% growth in Total RevPAR over 2013. We are providing full year
2014 Adjusted EBITDA guidance for our Hospitality segment of $265.0
to $281.0 million. This includes the impact of completing the room
renovation at Gaylord Texan, which we believe will result in
approximately 32,276 room nights out of service for 2014. Our 2014
Adjusted EBITDA guidance for Opry and Attractions is $20.0 to $22.0
million and Corporate & Other guidance for Adjusted EBITDA in
2014 is a loss of $23.0 to $21.0 million. As a result, our guidance
for 2014 Adjusted EBITDA on a consolidated basis is expected to be
$262.0 to $282.0 million.
Guidance Full Year 2014
US$ in millions, except per share figures
Low
High Hospitality RevPAR 4.0 % 6.0 % Hospitality Total
RevPAR 5.0 % 7.0 %
Adjusted
EBITDA
Hospitality 1,2 $ 265.0 $ 281.0 Opry and Attractions 20.0 22.0
Corporate and Other (23.0 ) (21.0 ) Total
Adjusted EBITDA $ 262.0 $ 282.0
Adjusted FFO 3 $ 177.0 $ 199.0 Adjusted FFO per Share 3 $ 3.50 $
3.93 Estimated Basic Shares Outstanding 50.6 50.6
1. Hospitality segment guidance assumes 32,276 room
nights out of service in 2014 due to the renovation of rooms at
Gaylord Texan. The out of service rooms do not impact total
available room count for calculating hotel metrics (e.g., RevPAR
and Total RevPAR). 2. Estimated interest income of $12.0 million
from Gaylord National bonds reported in hospitality segment
guidance in 2014 and historical results in 2013. 3. Adjusted FFO
guidance includes a deduction for maintenance capital expenditures
of $41.0 to $43.0 million.
For our definitions of RevPAR, Total RevPAR, Adjusted EBITDA,
and Adjusted FFO as well as a reconciliation of the non-GAAP
financial measure Adjusted EBITDA to Net Income, and a
reconciliation of the non-GAAP financial measure Adjusted FFO to
Net Income, see “Calculation of RevPAR and Total RevPAR”, “Non-GAAP
Financial Measures”, “Supplemental Financial Results” and
“Reconciliation of Forward-Looking Statements” below.
Earnings Call information
Ryman Hospitality Properties will hold a conference call to
discuss this release today at 10:00 a.m. ET. Investors can listen
to the conference call over the Internet at www.rymanhp.com. To
listen to the live call, please go to the Investor Relations
section of the website (Investor Relations/Presentations, Earnings,
and Webcasts) at least 15 minutes prior to the call to register,
download and install any necessary audio software. For those who
cannot listen to the live broadcast, a replay will be available
shortly after the call and will run for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a REIT for
federal income tax purposes, specializing in group-oriented,
destination hotel assets in urban and resort markets. The Company’s
owned assets include a network of four upscale, meetings-focused
resorts totaling 7,795 rooms that are managed by world-class
lodging operator Marriott International, Inc. under the Gaylord
Hotels brand. Other owned assets managed by Marriott International,
Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the
General Jackson Showboat and The Inn at Opryland, a 303-room
overflow hotel adjacent to Gaylord Opryland. The Company also owns
and operates a number of media and entertainment assets, including
the Grand Ole Opry (opry.com), the legendary weekly showcase of
country music’s finest performers for nearly 90 years; the Ryman
Auditorium, the storied former home of the Grand Ole Opry located
in downtown Nashville; and WSM-AM, the Opry’s radio home. For
additional information about Ryman Hospitality Properties, visit
www.rymanhp.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s
beliefs and expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Examples of these statements include, but are not limited
to, statements regarding the future performance of our business,
the effect of the Company’s election of REIT status, anticipated
cost synergies and revenue enhancements from the Marriott
relationship, the effect of and degree of success of the joint
action plan to improve the performance of the Hospitality segment,
estimated capital expenditures, out-of-service rooms, the expected
approach to making dividend payments, the board’s ability to alter
the dividend policy at any time, and other business or operational
issues. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the statements made. These include the risks and uncertainties
associated with economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
effect of the Company’s election to be taxed as a REIT for federal
income tax purposes effective for the year ending December 31,
2013, the Company’s ability to remain qualified as a REIT, the
Company’s ability to execute its strategic goals as a REIT, the
effects of business disruption related to the Marriott management
transition and the REIT conversion, the Company’s ability to
realize cost savings and revenue enhancements from the REIT
conversion and the Marriott transaction and to realize improvements
in profitability, the Company’s ability to generate cash flows to
support dividends, future board determinations regarding the timing
and amount of dividends and changes to the dividend policy, which
could be made at any time, the determination of Adjusted FFO and
REIT taxable income, and the Company’s ability to borrow funds
pursuant to its credit agreements. Other factors that could cause
operating and financial results to differ are described in the
filings made from time to time by the Company with the U.S.
Securities and Exchange Commission (SEC) and include the risk
factors described in the Company’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2012 and its Quarterly Reports
on Form 10-Q for the fiscal quarters ended March 31, 2013, June 30,
2013, and September 30, 2013, as well as in the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2013,
which is being filed today. The Company does not undertake any
obligation to release publicly any revisions to forward-looking
statements made by it to reflect events or circumstances occurring
after the date hereof or the occurrence of unanticipated
events.
Additional Information
This release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
report on Form 10-K. Copies of our reports are available on our
website at no expense at www.rymanhp.com and through the SEC’s
Electronic Data Gathering Analysis and Retrieval System (“EDGAR”)
at www.sec.gov.
Retail Adjusted Revenue
Under Marriott International, Inc.’s management of Gaylord
Opryland, Gaylord Texan, and Gaylord National, the retail
operations of such hotels were outsourced to a third party retailer
beginning in the fourth quarter of 2012. The properties now receive
rental lease payments rather than full retail revenue and
associated expense. The net impact of this change lowered overall
retail revenue for each affected property. For full year 2012 the
change resulted in revenue decreases of approximately $7.9 million
(Gaylord Opryland–$4.6 million, Gaylord Texan–$1.9 million, and
Gaylord National–$1.4 million). The change impacted consolidated
revenue, Hospitality segment revenue, property revenue, and Total
RevPAR as explained below. To enable period-over-period comparison,
we have included adjusted full year 2012 revenue and Total RevPAR
figures to reflect the elimination of retail revenues in the Q1-Q3
2012 periods from operations that have been outsourced commencing
in the fourth quarter of 2012. No adjustments were made to the
Gaylord Palms’ results due to the fact that during all periods
presented, retail operations were outsourced at that property. No
adjustments were made for the fourth quarter because the
outsourcing of retail began in the fourth quarter of 2012. A
reconciliation of actual revenue to Retail Adjusted Revenue for the
full year 2012 is set forth below under “Supplemental Financial
Results.”
Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our
hotels by dividing room revenue by room nights available to guests
for the period. We calculate total revenue per available room
(“Total RevPAR”) for our hotels by dividing the sum of room
revenue, food & beverage, and other ancillary services revenue
by room nights available to guests for the period. We calculate
retail adjusted total revenue per available room (“Retail Adjusted
Total RevPAR”) for our hotels for 2012 by dividing the sum of room
revenue, food and beverage, and other ancillary services revenue
minus the retail adjustment for the period by room nights available
to guests for the period.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe
are useful to investors as key measures of our operating
performance: Adjusted EBITDA, Adjusted FFO and Retail Adjusted
Revenue, as described above.
To calculate Adjusted EBITDA, we determine EBITDA, which
represents net income (loss) determined in accordance with GAAP,
plus loss (income) from discontinued operations, net; provision
(benefit) for income taxes; other (gains) and losses, net; loss on
extinguishment of debt; (income) loss from unconsolidated entities;
interest expense; and depreciation and amortization, less interest
income. Adjusted EBITDA is calculated as EBITDA plus preopening
costs; non-cash ground lease expense; equity-based compensation
expense; impairment charges; any closing costs of completed
acquisitions; interest income on Gaylord National bonds; other
gains (and losses); REIT conversion costs and any other adjustments
we have identified in this release. We believe Adjusted EBITDA is
useful to investors in evaluating our operating performance because
this measure helps investors evaluate and compare the results of
our operations from period to period by removing the impact of our
capital structure (primarily interest expense) and our asset base
(primarily depreciation and amortization) from our operating
results. A reconciliation of net income (loss) to EBITDA and
Adjusted EBITDA and a reconciliation of segment operating income to
segment Adjusted EBITDA are set forth below under “Supplemental
Financial Results.” Our method of calculating Adjusted EBITDA as
used herein differs from the method we used to calculate Adjusted
EBITDA as presented in press releases covering periods prior to
2013. The $4.9 million loss on the call spread settlement recorded
in 2013 related to our convertible notes repurchase does not result
in a charge to net income. Therefore, Adjusted EBITDA for 2013 does
not reflect the impact of the loss.
We calculate Adjusted FFO to mean net income (loss) (computed in
accordance with GAAP), excluding non-controlling interests, and
gains and losses from sales of property; plus depreciation and
amortization (excluding amortization of deferred financing costs
and debt discounts) and impairment losses; we also exclude
written-off deferred financing costs, non-cash ground lease
expense, amortization of debt discounts and amortization of
deferred financing costs; and gain (loss) on extinguishment of
debt, and subtract certain capital expenditures (the required
FF&E reserves for our managed properties plus maintenance
capital expenditures for our non-managed properties). We also
exclude the effect of the non-cash income tax benefit relating to
the REIT conversion. We have presented Adjusted FFO both excluding
and including REIT conversion costs. We believe that the
presentation of Adjusted FFO provides useful information to
investors regarding our operating performance because it is a
measure of our operations without regard to specified non-cash
items such as real estate depreciation and amortization, gain or
loss on sale of assets and certain other items which we believe are
not indicative of the performance of our underlying hotel
properties. We believe that these items are more representative of
our asset base than our ongoing operations. We also use Adjusted
FFO as one measure in determining our results after taking into
account the impact of our capital structure. A reconciliation of
net income (loss) to Adjusted FFO is set forth below under
“Supplemental Financial Results.” The $4.9 million loss on the call
spread settlement recorded in 2013 related to our convertible notes
repurchase does not result in a charge to net income. Therefore,
Adjusted FFO for 2013 does not reflect the impact of the loss.
We caution investors that amounts presented in accordance with
our definitions of Adjusted EBITDA and Adjusted FFO may not be
comparable to similar measures disclosed by other companies,
because not all companies calculate these non-GAAP measures in the
same manner. Adjusted EBITDA and Adjusted FFO, and any related per
share measures, should not be considered as alternative measures of
our net income (loss), operating performance, cash flow or
liquidity. Adjusted EBITDA and Adjusted FFO may include funds that
may not be available for our discretionary use due to functional
requirements to conserve funds for capital expenditures and
property acquisitions and other commitments and uncertainties.
Although we believe that Adjusted EBITDA and Adjusted FFO can
enhance an investor’s understanding of our results of operations,
these non-GAAP financial measures, when viewed individually, are
not necessarily better indicators of any trend as compared to GAAP
measures such as net income (loss) or cash flow from operations. In
addition, you should be aware that adverse economic and market and
other conditions may harm our cash flow.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited (In thousands, except per share data)
Three Months Ended Twelve Months
Ended Dec. 31, Dec. 31, 2013 2012
2013 2012 Revenues : Rooms $ 91,927 $ 91,922 $
357,313 $ 365,611 Food and beverage 96,650 102,087 382,340 401,252
Other hotel revenue 58,216 54,996 138,856 149,178 Opry and
Attractions 19,277 17,316 76,053 70,553
Total revenues 266,070 266,321 954,562
986,594 Operating expenses: Rooms 28,829 24,202 106,849
96,900 Food and beverage 59,579 63,690 237,153 242,739 Other hotel
expenses 91,283 94,738 295,152 314,643 Management fees 4,206
4,207 14,652 4,207 Total hotel operating
expenses 183,897 186,837 653,806 658,489 Opry and Attractions
15,202 13,082 56,528 52,130 Corporate 7,291 9,393 26,292 46,876
REIT conversion costs 807 44,165 22,190 101,964 Casualty loss (21)
139 54 858 Preopening costs - - - 340 Impairment and other charges
(non-REIT conversion costs) 1,619 - 2,976 - Depreciation and
amortization 27,549 37,302 116,528
130,691 Total operating expenses 236,344 290,918
878,374 991,348 Operating income (loss) 29,726
(24,597) 76,188 (4,754) Interest expense, net of amounts
capitalized (14,982) (14,633) (60,916) (58,582) Interest income
3,144 3,051 12,267 12,307 Income from unconsolidated companies - -
10 109 Loss on extinguishment of debt - - (4,181) - Other gains and
(losses), net 82 20,000 2,447 22,251
Income (loss) before income taxes 17,970 (16,179) 25,815 (28,669)
Benefit for income taxes 12,136 1,236
92,662 2,034 Income (loss) from continuing operations 30,106
(14,943) 118,477 (26,635) Income (loss) from discontinued
operations, net of taxes 56 (9) (125)
(9) Net income (loss) 30,162 (14,952) 118,352 (26,644) Loss
on call spread modification related to convertible notes -
- (4,869) - Net income (loss) available to
common shareholders $ 30,162 $ (14,952) $ 113,483 $ (26,644)
Basic net income
(loss) per share available to common shareholders:
Income (loss) from continuing operations $ 0.60 $ (0.32) $ 2.22 $
(0.56) Income from discontinued operations, net of taxes -
- - - Net income (loss) $ 0.60 $ (0.32) $ 2.22
$ (0.56)
Fully diluted net
income (loss) per share available to common
shareholders:
Income (loss) from continuing operations $ 0.48 $ (0.32) $ 1.81 $
(0.56) Income from discontinued operations, net of taxes -
- - - Net income (loss) $ 0.48 $ (0.32) $ 1.81
$ (0.56)
Weighted average
common shares for the period:
Basic 50,527 46,201 51,174 47,602 Diluted (1) 62,458 46,201 62,810
47,602
(1) Represents GAAP calculation of diluted
shares and does not consider anti-dilutive effect of the Company's
purchased call options associated with its convertible notes. For
the three months and twelve months ended December 31, 2013, the
purchased call options effectively reduce dilution by approximately
6.4 million and 6.3 million shares of common stock,
respectively.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In
thousands)
Dec. 31, Dec.
31, 2013 2012 ASSETS: Property and
equipment, net of accumulated depreciation $ 2,067,997 $ 2,148,999
Cash and cash equivalents - unrestricted 61,579 97,170 Cash and
cash equivalents - restricted 20,169 6,210 Notes receivable 148,350
149,400 Trade receivables, net 51,782 55,343 Deferred financing
costs 19,306 11,347 Prepaid expenses and other assets 55,446
63,982 Total assets $ 2,424,629 $ 2,532,451
LIABILITIES AND STOCKHOLDERS' EQUITY: Debt and capital lease
obligations $ 1,154,420 $ 1,031,863 Accounts payable and accrued
liabilities 157,339 215,538 Deferred income taxes 23,117 88,938
Deferred management rights proceeds 186,346 189,269 Dividends
payable 25,780 - Other liabilities 119,932 153,245 Stockholders'
equity 757,695 853,598 Total liabilities and
stockholders' equity $ 2,424,629 $ 2,532,451
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL
FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION
Unaudited (in thousands)
Three
Months Ended Dec. 31, Twelve Months Ended Dec.
31, 2013 2012 2013
2012 $ Margin
$ Margin $
Margin $ Margin
Consolidated
Revenue $ 266,070 $ 266,321 $ 954,562 $ 986,594
Net
income (loss) $ 30,162 $ (14,952) $ 118,352 $ (26,644) (Income)
loss from discontinued operations, net of taxes (56) 9 125 9
Benefit for income taxes (12,136) (1,236) (92,662) (2,034) Other
(gains) and losses, net (82) (20,000) (2,447) (22,251) Net loss on
the extinguishment of debt - - 4,181 - Income from unconsolidated
companies - - (10) (109) Interest expense, net 11,838 11,582 48,649
46,275 Depreciation & amortization 27,549 37,302
116,528 130,691
EBITDA 57,275 21.5% 12,705
4.8% 192,716 20.2% 125,937 12.8% Preopening costs - - - 340
Non-cash lease expense 1,399 1,427 5,595 5,706 Equity-based
compensation 5,157 1,317 10,095 8,559 Impairment charges (non-REIT
conversion costs) 1,619 - 2,976 - Interest income on Gaylord
National bonds 3,144 3,049 12,263 12,295 Other gains and (losses),
net 82 20,000 2,447 22,251 Gain on disposal of assets - (20,000)
(52) (20,000) Casualty loss (21) 139 54 858 REIT conversion costs
807 44,165 22,190
101,964
Adjusted EBITDA $ 69,462 26.1% $ 62,802 23.6%
$ 248,284 26.0% $ 257,910 26.1%
Hospitality
segment
Revenue $ 246,793 $ 249,005 $ 878,509 $ 916,041
Operating
income 36,024 24,760 111,133 128,650 Depreciation &
amortization 25,219 26,366 103,147 107,343 Preopening costs - - -
340 Non-cash lease expense 1,399 1,427 5,595 5,706 Equity-based
compensation - - - 1,979 Impairment charges (non-REIT conversion
costs) 1,469 - 2,826 - Interest income on Gaylord National bonds
3,144 3,049 12,263 12,295 Other gains and (losses), net 82 - 2,447
2,251 Gain on disposal of assets - - (52) - REIT conversion costs
184 11,043 7,597
21,220
Adjusted EBITDA $ 67,521 27.4% $ 66,645 26.8%
$ 244,956 27.9% $ 279,784 30.5%
Opry and Attractions
segment
Revenue $ 19,277 $ 17,316 $ 76,053 $ 70,553
Operating
income 2,542 2,724 13,877 12,650 Depreciation &
amortization 1,366 1,293 5,368 5,119 Equity-based compensation 163
90 575 321 Impairment charges (non-REIT conversion costs) 150 - 150
- Casualty loss (95) 32 (95) 430 REIT conversion costs 112
186 225 225
Adjusted EBITDA $ 4,238 22.0% $ 4,325 25.0% $ 20,100 26.4% $
18,745 26.6%
Corporate and Other
segment
Operating loss (8,840) (52,081) (48,822) (146,054)
Depreciation & amortization 964 9,643 8,013 18,229 Equity-based
compensation 4,994 1,227 9,520 6,259 Other gains and (losses), net
- 20,000 - 20,000 (Gain) loss on disposal of assets - (20,000) -
(20,000) Casualty loss 74 107 149 428 REIT conversion costs
511 32,936 14,368 80,519
Adjusted
EBITDA $ (2,297) $ (8,168) $ (16,772) $ (40,619)
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS FUNDS FROM OPERATIONS
("FFO") AND ADJUSTED FFO RECONCILIATION Unaudited (in
thousands, except per share data)
Three Months Ended Dec. 31, Twelve
Months Ended Dec. 31, 2013 2012 2013
2012 $ $ $ $
Consolidated
Net income (loss) (1) $ 30,162 $ (14,952) $ 118,352 $
(26,644) Depreciation & amortization 27,549 37,302 116,528
130,691 Gains on sale of real estate assets -
(20,000) (52) (20,000)
FFO 57,711 2,350
234,828 84,047 Capital expenditures (2) (7,755) (12,369)
(29,801) (55,183) Non-cash lease expense 1,399 1,427 5,595 5,706
Impairment charges 1,618 12,004 3,527 33,291 Loss on extinguishment
of debt - - 4,181 - Write-off of deferred financing costs - - 1,845
- Amortization of deferred financing costs 1,442 1,260 5,525 4,908
Amortization of debt discounts 3,273 3,593 13,816 13,793 Noncash
tax benefit resulting from REIT conversion 1,290 -
(64,756) -
Adjusted FFO (1) $ 58,978 $ 8,265 $
174,760 $ 86,562 REIT conversion costs (tax effected) (914)
20,133 15,414 43,251
Adjusted FFO excluding
REIT conversion costs (1) $ 58,064 $ 28,398 $ 190,174 $ 129,813
FFO per basic share $ 1.14 $ 0.05 $ 4.59 $ 1.77
Adjusted FFO per basic share $ 1.17 $ 0.18 $ 3.42 $ 1.82 Adjusted
FFO (excl. REIT conversion costs) per basic share $ 1.15 $ 0.61 $
3.72 $ 2.73 FFO per diluted share (3) $ 0.92 $ 0.05 $ 3.74 $
1.77 Adjusted FFO per diluted share (3) $ 0.94 $ 0.18 $ 2.78 $ 1.82
Adjusted FFO (excl. REIT conversion costs) per diluted share (3) $
0.93 $ 0.61 $ 3.03 $ 2.73
(1) As the impact of the loss on the call
spread modification related to the repurchase of our convertible
notes repurchase does not represent a charge to net income, net
income, adjusted FFO and adjusted FFO excluding REIT conversion
costs do not include this loss.
(2) Represents FF&E reserve for managed properties and
maintenance capital expenditures for non-managed properties.
(3) The GAAP calculation of diluted shares
does not consider the anti-dilutive effect of the Company's
purchased call options associated with its convertible notes.
Forthe three months and twelve months ended December 31, 2013, the
purchased call options effectively reduce dilution by approximately
6.4 million and 6.3 million shares, respectively.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS Unaudited (in thousands,
except operating metrics)
Three Months Ended Dec. 31,
Twelve Months Ended Dec. 31, 2013 2012 (1)
2013 2012 (1) HOSPITALITY OPERATING
METRICS:
Hospitality
Segment
Occupancy 70.3% 67.7% 70.7% 70.8% Average daily rate (ADR) $
175.48 $ 182.23 $ 170.89 $ 174.20 RevPAR $ 123.39 $ 123.38 $ 120.89
$ 123.36 OtherPAR $ 207.87 $ 210.85 $ 176.33 $ 185.71 Total RevPAR
$ 331.26 $ 334.23 $ 297.22 $ 309.07 Revenue $ 246,793 $
249,005 $ 878,509 $ 916,041 Adjusted EBITDA $ 67,521 $ 66,645 $
244,956 $ 279,784 Adjusted EBITDA Margin 27.4% 26.8% 27.9% 30.5%
Gaylord
Opryland
Occupancy 74.5% 70.3% 72.8% 70.5% Average daily rate (ADR) $
164.63 $ 168.53 $ 158.24 $ 161.37 RevPAR $ 122.63 $ 118.40 $ 115.17
$ 113.83 OtherPAR $ 179.56 $ 184.80 $ 152.07 $ 159.86 Total RevPAR
$ 302.19 $ 303.20 $ 267.24 $ 273.69 Revenue $ 80,125 $
80,393 $ 281,118 $ 288,693 Adjusted EBITDA $ 20,850 $ 20,450 $
82,181 $ 84,257 Adjusted EBITDA Margin 26.0% 25.4% 29.2% 29.2%
Gaylord
Palms
Occupancy 74.4% 67.0% 75.3% 74.9% Average daily rate (ADR) $
168.05 $ 173.33 $ 164.42 $ 168.97 RevPAR $ 125.10 $ 116.16 $ 123.74
$ 126.53 OtherPAR $ 221.65 $ 219.79 $ 201.26 $ 212.89 Total RevPAR
$ 346.75 $ 335.95 $ 325.00 $ 339.42 Revenue $ 44,853 $
43,455 $ 166,785 $ 174,662 Adjusted EBITDA $ 13,888 $ 8,938 $
44,572 $ 51,250 Adjusted EBITDA Margin 31.0% 20.6% 26.7% 29.3%
Gaylord
Texan
Occupancy 69.5% 76.0% 71.3% 73.7% Average daily rate (ADR) $
181.08 $ 181.83 $ 172.74 $ 175.53 RevPAR $ 125.88 $ 138.26 $ 123.18
$ 129.38 OtherPAR $ 273.70 $ 299.33 $ 215.43 $ 232.69 Total RevPAR
$ 399.58 $ 437.59 $ 338.61 $ 362.07 Revenue $ 55,547 $
60,830 $ 186,747 $ 200,235 Adjusted EBITDA $ 15,981 $ 19,194 $
51,680 $ 62,694 Adjusted EBITDA Margin 28.8% 31.6% 27.7% 31.3%
Gaylord
National
Occupancy 62.0% 59.7% 64.5% 67.7% Average daily rate (ADR) $
207.54 $ 224.31 $ 205.56 $ 205.84 RevPAR $ 128.75 $ 133.88 $ 132.49
$ 139.33 OtherPAR $ 216.63 $ 203.32 $ 186.65 $ 192.45 Total RevPAR
$ 345.38 $ 337.20 $ 319.14 $ 331.78 Revenue $ 63,422 $
61,922 $ 232,508 $ 242,379 Adjusted EBITDA $ 15,492 $ 16,911 $
63,044 $ 78,484 Adjusted EBITDA Margin 24.4% 27.3% 27.1% 32.4%
The Inn at
Opryland (2)
Occupancy 69.9% 58.1% 68.9% 60.7% Average daily rate (ADR) $
107.06 $ 105.06 $ 107.57 $ 105.43 RevPAR $ 74.88 $ 60.99 $ 74.15 $
63.99 OtherPAR $ 30.92 $ 28.31 $ 29.42 $ 28.81 Total RevPAR $
105.80 $ 89.30 $ 103.57 $ 92.80 Revenue $ 2,846 $ 2,405 $
11,351 $ 10,072 Adjusted EBITDA $ 1,310 $ 1,152 $ 3,479 $ 3,099
Adjusted EBITDA Margin 46.0% 47.9% 30.6% 30.8%
(1) For purposes of comparability, both
2013 and 2012 occupancy, RevPAR, OtherPAR and Total RevPAR are
calculated using Marriott's method of calculating available rooms
and do not exclude renovation rooms from the calculation of rooms
available, which is different from how the Company has previously
accounted for renovation rooms prior to the Marriott transition. In
addition, both 2013 and 2012 occupancy and ADR do not include
complimentary room nights in the calculation of occupied rooms,
which is different from how the Company has previously accounted
for complimentary rooms prior to the Marriott transition.
(2) Includes other hospitality revenue and expense.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS RECONCILIATION OF ADJUSTED
RESULTS Unaudited (in thousands, except operating metrics)
Three
Months Ended Dec. 31, Twelve Months Ended Dec. 31,
2013 2012 2013 2012
Consolidated: Revenue $ 266,070 $ 266,321 $
954,562 $ 986,594 Less: Retail Inventory Adjustment -
- - (7,896) Retail Adjusted Revenue $
266,070 $ 266,321 $ 954,562 $ 978,698
Hospitality
Segment: Revenue $ 246,793 $ 249,005 $ 878,509 $ 916,041 Less:
Retail Inventory Adjustment - - -
(7,896) Retail Adjusted Revenue $ 246,793 $ 249,005 $
878,509 $ 908,145 Total RevPAR $ 331.26 $ 334.23 $ 297.22 $
309.07 Retail Adjusted Total RevPAR $ 331.26 $ 334.23 $ 297.22 $
306.41
Gaylord Opryland: Revenue $ 80,125 $ 80,393 $
281,118 $ 288,693 Less: Retail Inventory Adjustment -
- (4,618) Retail Adjusted Revenue $
80,125 $ 80,393 $ 281,118 $ 284,075 Total RevPAR $ 302.19 $
303.20 $ 267.24 $ 273.69 Retail Adjusted Total RevPAR $ 302.19 $
303.20 $ 267.24 $ 269.31
Gaylord Palms: Revenue $
44,853 $ 43,455 $ 166,785 $ 174,662 Less: Retail Inventory
Adjustment - - - - Retail
Adjusted Revenue $ 44,853 $ 43,455 $ 166,785 $ 174,662 Total
RevPAR $ 346.75 $ 335.95 $ 325.00 $ 339.42 Retail Adjusted Total
RevPAR $ 346.75 $ 335.95 $ 325.00 $ 339.42
Gaylord
Texan: Revenue $ 55,547 $ 60,830 $ 186,747 $ 200,235 Less:
Retail Inventory Adjustment - - -
(1,887) Retail Adjusted Revenue $ 55,547 $ 60,830 $
186,747 $ 198,348 Total RevPAR $ 399.58 $ 437.59 $ 338.61 $
362.07 Retail Adjusted Total RevPAR $ 399.58 $ 437.59 $ 338.61 $
358.66
Gaylord National: Revenue $ 63,422 $ 61,922 $
232,508 $ 242,379 Less: Retail Inventory Adjustment -
- - (1,390) Retail Adjusted Revenue $
63,422 $ 61,922 $ 232,508 $ 240,989 Total RevPAR $ 345.38 $
337.20 $ 319.14 $ 331.78 Retail Adjusted Total RevPAR $ 345.38 $
337.20 $ 319.14 $ 329.88
Inn at Opryland (and Other
Hospitality): Revenue $ 2,846 $ 2,405 $ 11,351 $ 10,072 Less:
Retail Inventory Adjustment - - -
- Retail Adjusted Revenue $ 2,846 $ 2,405 $ 11,351 $
10,072 Total RevPAR $ 105.80 $ 89.30 $ 103.57 $ 92.80 Retail
Adjusted Total RevPAR $ 105.80 $ 89.30 $ 103.57 $ 92.80
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited (in thousands)
Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization ("Adjusted EBITDA")and
Adjusted Funds From Operations ("AFFO") reconciliation:
GUIDANCE FULL YEAR 2014
Low High ADJUSTED EBITDA RECONCILIATION
Ryman Hospitality
Properties, Inc.
Net Income $ 83,000 $ 103,000 Provision (benefit) for income taxes
(12,000) (12,000) Other (gains) and losses, net (2,400) (2,400)
Interest expense 64,000 64,000 Interest income (12,000)
(12,000) Operating Income 120,600 140,600 Depreciation and
amortization 115,500 115,500 EBITDA 236,100 256,100
Non-cash lease expense 5,500 5,500 Equity based compensation 6,000
6,000 Other gains and (losses), net 2,400 2,400 Interest income
12,000 12,000 Adjusted EBITDA $ 262,000 $ 282,000
Hospitality
Segment
Operating Income $ 141,100 $ 157,100 Depreciation and amortization
104,000 104,000 EBITDA 245,100 261,100 Non-cash lease
expense 5,500 5,500 Equity based compensation - - Other gains and
(losses), net 2,400 2,400 Interest income 12,000
12,000 Adjusted EBITDA $ 265,000 $ 281,000
Opry and
Attractions Segment
Operating Income $ 14,000 $ 16,000 Depreciation and amortization
5,500 5,500 EBITDA 19,500 21,500 Non-cash lease
expense - - Equity based compensation 500 500 Interest income
- - Adjusted EBITDA $ 20,000 $ 22,000
Corporate and
Other Segment
Operating Income $ (34,500) $ (32,500) Depreciation and
amortization 6,000 6,000 EBITDA (28,500) (26,500)
Non-cash lease expense - - Equity based compensation 5,500 5,500
Interest income - - Adjusted EBITDA $ (23,000) $
(21,000)
ADJUSTED FUNDS FROM OPERATIONS
RECONCILIATION
Ryman Hospitality
Properties, Inc.
Net Income $ 83,000 $ 103,000 Depreciation & Amortization
115,500 115,500 Capital Expenditures (43,000) (41,000) Non-Cash
Lease Expense 5,500 5,500 Amortization of Debt Premiums/Disc.
10,000 10,000 Amortization of DFC 6,000 6,000
Adjusted FFO $ 177,000 $ 199,000
Investor Relations Contacts:Ryman Hospitality Properties,
Inc.Mark Fioravanti, 615-316-6588Executive Vice President and Chief
Financial Officermfioravanti@rymanhp.comorRyman Hospitality
Properties, Inc.Todd Siefert, 615-316-6344Vice President of
Corporate Finance & Treasurertsiefert@rymanhp.comorMedia
Contacts:Ryman Hospitality Properties, Inc.Brian Abrahamson,
615-316-6302Vice President of Corporate
Communicationsbabrahamson@rymanhp.comorSloane & CompanyJosh
Hochberg / Dan Zacchei, 212-446-1892 /
212-446-1882jhochberg@sloanepr.com / dzacchei@sloanepr.com
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