– Gross Advanced Group Bookings for All Future
Periods Increased 12.7 Percent Over Fourth Quarter 2013 –
– Reports Highest Gross Advanced Group Bookings
Quarter Since 2005 –
– Reports Full Year 2014 Net Income of $126.5
Million –
– Reports Record Full Year Consolidated
Adjusted EBITDA Increase of 17.2 Percent to $291.1 Million –
– Declares First Quarter 2015 Dividend of $0.65
Per Share, an Increase of 18.2 Percent Over Prior-Quarter Dividend
–
– Issues 2015 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
announced its financial results for the fourth quarter and full
year ended December 31, 2014.
Colin Reed, chairman, chief executive officer and president of
Ryman Hospitality Properties, said, “Both our Hospitality and
Entertainment (Opry and Attractions) segments exceeded our
expectations for the fourth quarter of 2014, with the Hospitality
segment reporting a record fourth quarter in terms of revenue,
Adjusted EBITDA and Adjusted EBITDA margin. This robust fourth
quarter performance capped off a record year for revenue and
profitability and ultimately led the Company to exceed the top end
of our 2014 updated guidance range. For the first time in the
history of our business, we have achieved annual total revenue in
excess of $1 billion and Adjusted EBITDA of over $291 million,
which is a testament to the overall strength of our Company and the
quality of our assets.
“On the bookings front, we entered the fourth quarter of 2014
with healthy lead volume, which ultimately converted into
impressive advanced group bookings of approximately 870,000 gross
room nights for all future years. Notably, December 2014 was the
best sales production month in the history of the Company, closing
out our best fourth quarter sales production since 2005. Overall,
the brand booked approximately 2.3 million gross room nights for
all future periods in 2014, making it the best production year
since 2007.”
The Company’s results include the following:
Three Months Ended Twelve
Months Ended ($ in thousands, except per share, RevPAR and
Total RevPAR)
Dec. 31, Dec. 31, 2014
2013 2014 2013 Net income
$ 62,678 $ 30,162 $ 126,452 $ 118,352 Net income available
to common shareholders $ 62,213 $ 30,162 $ 121,035 $ 113,483 Net
income per diluted share available to common shareholders $ 1.21 $
0.48 $ 2.17 $ 1.81 RevPAR $ 136.04 $ 123.39 $ 129.98 $
120.89 RevPAR growth rate 10.3 % 7.5 % Total RevPAR $ 362.32
$ 331.26 $ 322.81 $ 297.22 Total RevPAR growth rate 9.4 % 8.6 %
Adjusted EBITDA $ 77,682 $ 69,462 $ 291,080 $ 248,284
Adjusted EBITDA growth rate 11.8 % 17.2 % Adjusted FFO
(AFFO) $ 54,094 $ 58,978 $ 199,916 $ 174,760 AFFO per diluted share
$ 1.05 $ 0.94 $ 3.58 $ 2.78 AFFO per diluted share growth rate 11.7
% 28.8 %
Fourth Quarter and Full Year Results (As Compared to Fourth
Quarter and Full Year 2013)
- Total Revenue in fourth quarter 2014
increased 9.6 percent to $291.6 million. Full year Total Revenue
increased 9.1 percent to $1.04 billion.
- Hospitality Revenue in fourth quarter
2014 increased 9.4 percent to $269.9 million. Full year Hospitality
Revenue increased 8.6 percent to $954.2 million.
- Net Income for fourth quarter 2014 was
$62.7 million compared to $30.2 million in fourth quarter 2013. Net
Income for fourth quarter 2014 included an income tax benefit of
$1.1 million, a gain of $1.8 million on warrant settlements, and a
gain of $26.1 million related to the previously announced sale of
the Company’s rights pursuant to a letter of intent with The
Peterson Companies (Peterson LOI). Net Income for fourth quarter
2013 included an income tax benefit of $12.1 million and $0.8
million in REIT conversion costs. Net Income for full year 2014 was
$126.5 million compared to $118.4 million for full year 2013. Net
Income for full year 2014 included an income tax benefit of $1.5
million, a loss of $4.2 million on warrant settlements and related
call options on the convertible notes, and a gain of $26.1 million
related to the previously announced sale of the Peterson LOI. Net
Income for the full year 2013 included an income tax benefit of
$92.7 million and $22.2 million of REIT conversion costs.
- Net Income available to common
shareholders for fourth quarter 2014 was $62.2 million compared to
$30.2 million in fourth quarter 2013. Net Income available to
common shareholders for fourth quarter 2014 also included a loss of
$0.5 million on call spread and warrant modifications related to
the convertible notes. Net Income available to common shareholders
for full year 2014 was $121.0 million compared to $113.5 million
for full year 2013. Net Income available to common shareholders for
full year 2014 and 2013 also included a loss of $5.4 million and
$4.9 million, respectively, on call spread and warrant
modifications related to the convertible notes.
- Adjusted Earnings before Interest,
Taxes, Depreciation and Amortization, or Adjusted EBITDA, on a
consolidated basis for fourth quarter 2014 increased 11.8 percent
to $77.7 million. Adjusted EBITDA on a consolidated basis for full
year 2014 increased 17.2 percent to $291.1 million.
- Hospitality Adjusted EBITDA for fourth
quarter 2014 increased 15.4 percent to $77.9 million. Hospitality
Adjusted EBITDA for full year 2014 increased 16.7 percent to $285.9
million.
- Adjusted Funds from Operations, or
AFFO, in fourth quarter decreased 8.3 percent to $54.1 million
compared to $59.0 million in fourth quarter 2013. AFFO in fourth
quarter 2014 included an income tax benefit of $1.1 million
compared to a benefit of $13.4 million in fourth quarter 2013. AFFO
per diluted share in fourth quarter was $1.05 compared to $0.94 in
fourth quarter 2013. AFFO excluding REIT conversion costs per
diluted share in fourth quarter 2013 was $0.93. AFFO for full year
2014 increased 14.4 percent to $199.9 million compared to $174.8
million in full year 2013. AFFO for full year 2014 included an
income tax benefit of $1.5 million, compared to a net benefit of
$27.9 million in full year 2013. AFFO per diluted share in full
year 2014 was $3.58 compared to $2.78 in full year 2013. Excluding
tax-effected REIT conversion costs incurred in full year 2013 of
$15.4 million, AFFO for full year 2014 increased 5.1 percent. AFFO
excluding REIT conversion costs per diluted share in full year 2013
was $3.03.
- Hospitality Revenue Per Available Room,
or RevPAR, in fourth quarter 2014 increased 10.3 percent to
$136.04. RevPAR for full year 2014 increased 7.5 percent to
$129.98.
- Hospitality Total RevPAR in fourth
quarter 2014 increased 9.4 percent to $362.32. Hospitality Total
RevPAR for full year 2014 increased 8.6 percent to $322.81.
- Transient room nights in fourth quarter
2014 increased 7.9 percent to approximately 207,000 room nights,
while transient Average Daily Rate, or ADR, increased 3.9 percent.
Transient room nights for full year 2014 were in line with full
year 2013 at approximately 580,000, while transient ADR increased
6.6 percent. Group room nights increased 5.1 percent for full year
2014, which led to less availability in 2014 for transient
occupancy. In addition, there were approximately 36,000 room nights
out of service at the Gaylord Texan in full year 2014 due to a
now-completed room renovation project compared to 11,400 room
nights out of service in full year 2013.
- Cancellations in-the-year, for-the-year
in fourth quarter 2014 increased 39.6 percent to approximately
7,000 group rooms. Cancellations in-the-year, for-the-year for full
year 2014 decreased 52.4 percent to approximately 32,000 group
rooms.
- Attrition for groups that traveled in
fourth quarter 2014 was 11.5 percent of contracted room block
compared to 10.7 percent in fourth quarter 2013, and attrition and
cancellation fees collected during fourth quarter 2014 were $2.3
million compared to $3.4 million in fourth quarter 2013. Attrition
for groups that traveled during full year 2014 was 10.6 percent of
contracted room block compared to 11.1 percent in full year 2013,
and attrition and cancellation fees collected during full year 2014
were $8.9 million compared to $8.5 million in full year 2013.
- Gross advanced group bookings in fourth
quarter 2014 for all future periods increased 12.7 percent to
approximately 870,000 room nights; net advanced group bookings in
fourth quarter 2014 for all future periods increased 21.6 percent
over fourth quarter 2013 to approximately 775,000 room nights.
Gross advanced group bookings during full year 2014 for all future
periods increased 5.1 percent over full year 2013 to approximately
2.3 million room nights; net advanced group bookings during full
year 2014 for all future periods increased 14.0 percent to
approximately 1.8 million room nights.
For the Company’s 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,” “Revised Adjusted FFO Definition” and
“Supplemental Financial Results” below.
Hospitality
Property-level results and operating metrics for fourth quarter
2014 and 2013 are presented in greater detail below and under
“Supplemental Financial Results.” Highlights for the fourth quarter
at each property include:
- Gaylord Opryland RevPAR increased 14.3
percent to $140.18 for fourth quarter 2014 compared to fourth
quarter 2013. Total RevPAR increased 12.9 percent to $341.12.
Occupancy increased 5.6 percentage points to 80.1 percent, driven
by an increase in corporate group room nights and strong transient
demand related to holiday packaging and special events. Holiday
offerings were also the main driver of outside-the-room spending in
fourth quarter 2014. The strength in overall occupancy at the hotel
coupled with a 6.3 percent increase in ADR led to an Adjusted
EBITDA improvement of 27.3 percent to $26.5 million in fourth
quarter 2014 compared to fourth quarter 2013. Adjusted EBITDA
margin increased 330 basis points to 29.3 percent for the
quarter.
- Gaylord Palms RevPAR increased 1.1
percent to $126.51 compared to fourth quarter 2013. Total RevPAR
increased 2.6 percent to $355.60 compared to fourth quarter 2013,
with holiday offerings driving a majority of outside-the-room
spending during fourth quarter 2014. Occupancy decreased slightly
to 73.7 percent from 74.4 percent in fourth quarter 2013. ADR
increased 2.2 percent to $171.68. Adjusted EBITDA decreased 17.2
percent to $11.5 million in fourth quarter 2014 compared to fourth
quarter 2013, and Adjusted EBITDA margin decreased 600 basis points
to 25.0 percent. 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 realized in fourth quarter 2013 unfavorably impacted the
year-over-year comparison for Adjusted EBITDA. Excluding the impact
of the 2013 sales and marketing reimbursement, Adjusted EBITDA
would have increased 6.0 percent in fourth quarter 2014.
- Gaylord Texan RevPAR increased 8.7
percent to $136.87 in fourth quarter 2014 compared to fourth
quarter 2013. An occupancy increase of 2.8 percentage points to
72.3 percent coupled with a favorable shift to corporate and
high-rated transient room nights led to total RevPAR of $451.71, an
increase of 13.0 percent compared to fourth quarter 2013. There
were approximately 11,400 room nights out of service in fourth
quarter 2013 due to the now-completed rooms renovation project. ADR
increased 4.6 percent to $189.34 compared to fourth quarter 2013.
Adjusted EBITDA increased 35.1 percent to $21.6 million compared to
fourth quarter 2013, and Adjusted EBITDA Margin increased 560 basis
points to 34.4 percent. Similar to the other properties, holiday
offerings were the primary driver of outside-the-room spending
during the fourth quarter.
- Gaylord National RevPAR increased 11.5
percent to $143.62 in fourth quarter 2014 compared to fourth
quarter 2013. Total RevPAR increased 6.1 percent to $366.46
compared to fourth quarter 2013. Occupancy increased by 4.9
percentage points to 66.9 percent due to an increase in group room
nights and strong transient demand in December related to holiday
offerings. Adjusted EBITDA increased 4.9 percent to $16.3 million
in fourth quarter 2014 compared to fourth quarter 2013, and
Adjusted EBITDA margin was relatively flat.
Reed continued, “Our hotels performed well in the fourth
quarter, with strong gains in occupancy and Total RevPAR. December
2014 marked the end of the second full year of our operating
agreement with Marriott, and we are encouraged and energized by the
continued margin improvements we have seen within our hotels in
recent quarters that are more in line with what we envisioned at
the outset of our relationship. In this year of milestones, we were
particularly pleased to see Gaylord Opryland cross the $100 million
Adjusted EBITDA mark and end 2014 with $311.5 million in revenue.
We continue to believe there is room for additional margin
improvement across the brand and will work in partnership with
Marriott to grow the business in the years to come.”
Entertainment (Opry and Attractions)
Revenue for the Entertainment (Opry and Attractions) segment
rose 12.5 percent to $21.7 million in fourth quarter 2014 from
$19.3 million in fourth quarter 2013. Adjusted EBITDA increased
47.2 percent to $6.2 million in fourth quarter 2014 from $4.2
million in fourth quarter 2013. Full year 2014 revenue increased
14.2 percent to $86.8 million while Adjusted EBITDA increased 37.0
percent to $27.5 million over full year 2013.
Reed continued, “A tremendous fourth quarter from both a revenue
and Adjusted EBITDA perspective closed out another record year for
the Entertainment (Opry and Attractions) segment, which reported
its best-ever year for revenue and Adjusted EBITDA in 2014. We look
forward to creating additional demand for these enduring Nashville
icons in 2015 when our previously announced Ryman Auditorium
renovation and tour experience opens to the public. This project
remains within budget, and we are on target to unveil the finished
product in the spring of 2015 in time to capture the full benefit
of the summer tourism season.”
Corporate
Corporate and Other Adjusted EBITDA totaled a loss of $6.4
million in fourth quarter 2014 compared to a loss of $2.3 million
in fourth quarter 2013. Full year 2014 Corporate and Other Adjusted
EBITDA totaled a loss of $22.3 million compared to a loss of $16.8
million in full year 2013. Full year 2014 included an increase in
employee benefit and consulting costs compared to full year 2013.
In addition, during fourth quarter 2013, 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.
Development Update
The previously announced acquisition of a 192-room hotel at
National Harbor closed in December 2014. The Company has contracted
with Marriott to operate the property and re-brand the hotel under
the AC Hotels by Marriott brand as AC Hotel Washington, D.C. at
National Harbor (AC Hotel.). The Company expects the hotel to be
closed through March 2015 as it undergoes renovation and
repositioning.
Dividend Update
The Company paid its fourth quarter 2014 cash dividend of $0.55
per share of common stock on January 15, 2015 to stockholders of
record on December 30, 2014. Including the fourth quarter cash
dividend payment, the Company paid out a total of $2.20 per share
of common stock for full year 2014.
Today, the Company declared its first quarter cash dividend of
$0.65 per share of common stock payable on April 16, 2015 to
stockholders of record on March 31, 2015. It is the Company’s
current plan to distribute total 2015 annual dividends of
approximately $2.60 per share in cash in equal quarterly payments
in April, July, October, and January. To the extent that the
expected regular quarterly dividends for 2015 do not satisfy the
Company’s annual distribution requirements, the Company expects to
satisfy the annual distribution requirement by paying a “catch up”
dividend in January 2016. Any future dividend is subject to the
board’s future determinations as to the amount of quarterly
distributions and the timing thereof.
Revised Adjusted FFO Definition and Dividend Policy For
2015
Pursuant to discussions with shareholders and the analyst
community, the Company is modifying its definition of Adjusted FFO
beginning in 2015 to allow for comparability to our hospitality
REIT peers. Beginning with 2015, Adjusted FFO will be calculated
pursuant to the revised definition below and will not be reduced by
capital expenditures. As a result, the Company’s dividend policy
for 2015 has been modified. The new dividend policy reads, “The
Company plans to pay a quarterly cash dividend to shareholders in
an annualized amount equal to at least 50% of Adjusted Funds from
Operations (Adjusted FFO) less maintenance capital expenditures, or
100% of REIT taxable income, whichever is greater.”
Warrant Update
In November 2014, the Company agreed with one of the warrant
counterparties to cash settle 2.4 million warrants. The Company
settled this repurchase in the fourth quarter for $65.0 million,
funded by cash on hand and draws under the Company’s revolving
credit facility, and recorded a $5.2 million loss on the change in
the fair value of the warrants between the modification date and
the settlement date, which is included in other gains and losses,
net in the Company’s financial statements.
Pursuant to a December 2014 agreement with the two remaining
warrant counterparties, the Company intends cash settle the
remaining 4.7 million warrants, subject to market conditions, in
the same manner as described above. The Company recorded a similar
$7.1 million gain on the change in the fair value of these warrants
between the modification date and December 31, which is included in
other gains and losses, net in the Company’s financial statements.
After the settlement of this transaction in the first quarter of
2015, no warrants will remain outstanding, effectively eliminating
any potential equity dilution associated with these warrants. The
Company is funding this repurchase through cash on hand and draws
under the Company’s revolving credit facility.
Balance Sheet/Liquidity Update
As of December 31, 2014, the Company had total debt outstanding
of $1,341.6 million and unrestricted cash of $76.4 million,
resulting in net debt outstanding of $1,265.1 million. As of
December 31, 2014, $984.5 million of borrowings were drawn under
the Company’s credit facility, including the Term Loan B, and the
lending banks had issued $2.3 million in letters of credit, which
left $411.2 million of availability for borrowing under the credit
facility.
Guidance
The following business performance outlook is based on current
information as of February 26, 2015. 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 2015 will be another strong year for
our company. We entered 2015 with slightly more group room nights
on the books than we had going into 2014, and we anticipate that
the group segment will continue to strengthen. We also believe
transient will continue its strong pacing. This strong demand
growth, along with favorable supply dynamics in the markets in
which we operate, should allow for improved pricing power and
higher average daily rates for transient and in-the-year,
for-the-year group room nights, which we are reflecting in
anticipated RevPAR growth of 4.0% to 6.0% versus 2014. We expect
outside-the-room spending to remain healthy; however, we do not
anticipate the same level of growth year-over-year that we saw in
2014. As we examined each group on the books for 2015 compared to
the same time entering 2014, we believe the outside-the-room
spending, while solid, will grow at a more modest rate than what we
experienced in 2014. Furthermore, recent enacted accounting changes
for the hospitality industry, which became effective in January
2015, have realigned the accounting of certain revenue items. We
estimate that the impact of these accounting changes will
negatively impact our Total RevPAR growth by approximately 60 basis
points. As such, we believe we will generate between 3.0% and 5.0%
growth in Total RevPAR over 2014.
We are providing full year 2015 Adjusted EBITDA guidance for our
Hospitality segment of $305.0 to $320.0 million and we anticipate
Adjusted EBITDA margin will improve by 100 to 200 basis points. In
addition, this Adjusted EBITDA guidance for our Hospitality segment
includes the impact of initiating a room renovation project at
Gaylord Opryland, which we believe will result in approximately
14,400 room nights out of service for 2015. For comparability
purposes, we have not included the 192-room AC Hotel in our
Hospitality RevPAR and Hospitality Total RevPAR guidance. We
anticipate the AC Hotel will open by the end of the first quarter
of 2015, and our partial-year Adjusted EBITDA guidance for this
property is $2.0 to $3.0 million. Our 2015 Adjusted EBITDA guidance
for the Entertainment (Opry and Attractions) segment is $29.0 to
$32.0 million and Corporate & Other guidance for Adjusted
EBITDA in 2015 is a loss of $23.0 to $22.0 million. As a result,
our guidance for 2015 Adjusted EBITDA on a consolidated basis is
$313.0 to $333.0 million.”
$ in millions, except per share figures
Guidance Full Year 2015 Low
High Hospitality RevPAR 1,2 4.0% 6.0% Hospitality
Total RevPAR 1,2 3.0% 5.0% Hospitality Adjusted EBITDA Margin
Change + 100 bps + 200 bps
Adjusted
EBITDA
Hospitality 3,4 $ 305.0 $ 320.0 AC Hotel 2.0 3.0 Entertainment
(Opry and Attractions) 29.0 32.0 Corporate and Other (23.0)
(22.0) Consolidated Adjusted EBITDA $ 313.0 $ 333.0
Adjusted FFO $ 255.5 $ 275.5 Adjusted FFO per Diluted Share $ 4.96
$ 5.34 Estimated Diluted Shares Outstanding 51.5 51.5
1.
Hospitality segment guidance for RevPAR
and Total RevPAR does not include the AC Hotel.
2.
Includes impact of various accounting
changes as stipulated by the industry’s Uniform System of Accounts
for the Lodging Industry, Eleventh Revised Edition (the “USALI
Eleventh Revised Edition”), which became effective January
2015.
3.
Estimated interest income of $12.0 million
from Gaylord National bonds reported in hospitality segment
guidance in 2015 and historical results in 2014.
4.
Hospitality segment guidance assumes
approximately 14,400 room nights out of service in 2015 due to the
renovation of rooms at Gaylord Opryland. The out of service rooms
do not impact total available room count for calculating hotel
metrics (e.g., RevPAR and Total RevPAR).
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,” “Revised Adjusted FFO Definition,” “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 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 and
download any necessary audio software. For those who cannot listen
to the live broadcast, a replay will be available shortly after the
call and will be available 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 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, The Inn at Opryland, a 303-room overflow hotel
adjacent to Gaylord Opryland and AC Hotel Washington, D.C. at
National Harbor, a 192-room hotel opening in March 2015. The
Company also owns and operates 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 650 AM WSM, 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, 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 commencing with the year ended 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
Company’s ability to continue to realize cost savings and revenue
enhancements from the REIT conversion and the Marriott transaction
and to realize improvements in performance, 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 and other risks and
uncertainties described in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2013 and its Quarterly
Reports on Form 10-Q. 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.
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.
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 and Adjusted FFO, 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); (gains) and losses on warrant settlements;
(gain) on sale of Peterson LOI; 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.” The losses on the
call spread and warrant modifications related to our convertible
notes and warrant repurchases do not result in a charge to net
income; therefore, Adjusted EBITDA does not reflect the impact of
these losses.
Revised Adjusted FFO Definition
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 cost, gains (losses) on extinguishment of debt
and warrant settlements and gain on the sale of Peterson LOI. For
periods prior to 2015, we also deducted capital expenditures. 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 losses on the call spread and
warrant modifications related to our convertible notes and warrant
repurchases do not result in a charge to net income; therefore,
Adjusted FFO does not reflect the impact of these losses.
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, 2014 2013 2014 2013 Revenues :
Rooms $ 101,349 $ 91,927 $ 384,185 $ 357,313 Food and beverage
100,401 96,650 412,061 382,340 Other hotel revenue 68,181 58,216
157,920 138,856 Opry and Attractions 21,681
19,277 86,825 76,053
Total revenues
291,612 266,070
1,040,991 954,562 Operating expenses:
Rooms 30,188 28,829 116,103 106,849 Food and beverage 63,610 59,579
248,358 237,153 Other hotel expenses 97,946 91,283 307,597 295,152
Management fees 4,666 4,206
16,151 14,652
Total hotel operating expenses 196,410 183,897 688,209 653,806 Opry
and Attractions 15,576 15,202 59,815 56,528 Corporate 7,866 7,291
27,573 26,292 REIT conversion costs - 807 - 22,190 Casualty loss -
(21 ) - 54 Preopening costs 11 - 11 - Impairment and other charges
- 1,619 - 2,976 Depreciation and amortization 28,010
27,549 112,278
116,528 Total operating expenses
247,873 236,344 887,886
878,374 Operating income
43,739 29,726 153,105 76,188 Interest expense, net of
amounts capitalized (13,170 ) (14,982 ) (61,447 ) (60,916 )
Interest income 3,005 3,144 12,075 12,267 Income from
unconsolidated companies - - - 10 Loss on extinguishment of debt -
- (2,148 ) (4,181 ) Other gains and (losses), net 28,059
82 23,415
2,447 Income before income taxes 61,633 17,970
125,000 25,815 Benefit for income taxes 1,096
12,136 1,467
92,662 Income from continuing operations
62,729 30,106 126,467 118,477 Income (loss) from
discontinued operations, net of taxes (51 )
56 (15 ) (125 ) Net
income 62,678 30,162 126,452 118,352 Loss on call spread and
warrant modifications related to convertible notes (465 )
- (5,417 )
(4,869 ) Net income available to common shareholders $ 62,213
$ 30,162 $ 121,035
$ 113,483
Basic net income per
share available to common shareholders:
Income from continuing operations $ 1.22 $ 0.60 $ 2.38 $ 2.22
Income from discontinued operations, net of taxes -
- -
- Net income $ 1.22 $ 0.60 $
2.38 $ 2.22
Fully diluted net
income per share available to common shareholders:
Income from continuing operations $ 1.21 $ 0.48 $ 2.17 $ 1.81
Income from discontinued operations, net of taxes -
- -
- Net income $ 1.21 $ 0.48 $
2.17 $ 1.81
Weighted average
common shares for the period:
Basic 51,026 50,527 50,861 51,174 Diluted (1) 51,483 62,458 55,880
62,810
(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 ended December 31, 2013, the purchased call
options effectively reduce dilution by approximately 6.4 million
shares of common stock. For the twelve months ended December 31,
2014 and 2013, the purchased call options effectively reduce
dilution by approximately 4.5 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, 2014 2013
ASSETS: Property and equipment, net of accumulated depreciation $
2,036,261 $ 2,067,997 Cash and cash equivalents - unrestricted
76,408 61,579 Cash and cash equivalents - restricted 17,410 20,169
Notes receivable 149,612 148,350 Trade receivables, net 45,188
51,782 Deferred financing costs 21,646 19,306 Prepaid expenses and
other assets 66,621 55,446 Total assets $ 2,413,146 $
2,424,629 LIABILITIES AND STOCKHOLDERS' EQUITY: Debt
and capital lease obligations $ 1,341,555 $ 1,154,420 Accounts
payable and accrued liabilities 166,848 157,339 Deferred income
taxes 14,284 23,117 Deferred management rights proceeds 183,423
186,346 Dividends payable 29,133 25,780 Derivative liabilities
134,477 - Other liabilities 142,019 119,932 Stockholders' equity
401,407 757,695 Total liabilities and stockholders'
equity $ 2,413,146 $ 2,424,629
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, 2014 2013 2014 2013
$ Margin $
Margin $
Margin $
Margin
Consolidated
Revenue $ 291,612 $ 266,070 $ 1,040,991 $ 954,562
Net
income $ 62,678 $ 30,162 $ 126,452 $ 118,352 (Gain) loss from
discontinued operations, net of taxes 51 (56 ) 15 125 Benefit for
income taxes (1,096 ) (12,136 ) (1,467 ) (92,662 ) Other (gains)
and losses, net (28,059 ) (82 ) (23,415 ) (2,447 ) Net loss on the
extinguishment of debt - - 2,148 4,181 Income from unconsolidated
companies - - - (10 ) Interest expense, net 10,165 11,838 49,372
48,649 Depreciation & amortization 28,010
27,549 112,278 116,528
EBITDA 71,749 24.6 % 57,275 21.5 % 265,383 25.5 % 192,716
20.2 % Preopening costs 11 - 11 - Non-cash lease expense 1,370
1,399 5,481 5,595 Equity-based compensation 1,554 5,157 5,773
10,095 Impairment charges - 1,619 - 2,976 Interest income on
Gaylord National bonds 2,998 3,144 12,054 12,263 Other gains and
(losses), net 28,058 82 23,415 2,447 Gain on Peterson LOI (26,135 )
- (26,135 ) - (Gain) loss on warrant settlements (1,822 ) - 4,243 -
(Gain) loss on disposal of assets (101 ) - 855 (52 ) Casualty loss
- (21 ) - 54 REIT conversion costs -
807 -
22,190
Adjusted EBITDA $ 77,682 26.6 % $
69,462 26.1 % $ 291,080
28.0 % $ 248,284 26.0 %
Hospitality
segment
Revenue $ 269,931 $ 246,793 $ 954,166 $ 878,509
Operating
income $ 47,491 $ 36,024 $ 162,524 $ 111,133 Depreciation &
amortization 26,019 25,219 103,422 103,147 Preopening costs 11 - 11
- Non-cash lease expense 1,370 1,399 5,481 5,595 Impairment charges
- 1,469 - 2,826 Interest income on Gaylord National bonds 2,998
3,144 12,054 12,263 Other gains and (losses), net - 82 2,377 2,447
Gain on disposal of assets - - - (52 ) REIT conversion costs
- 184
- 7,597
Adjusted EBITDA $ 77,889
28.9 % $ 67,521 27.4 % $ 285,869
30.0 % $ 244,956 27.9 %
Opry and Attractions
segment
Revenue $ 21,681 $ 19,277 $ 86,825 $ 76,053
Operating
income $ 4,830 $ 2,542 $ 21,752 $ 13,877 Depreciation &
amortization 1,275 1,366 5,258 5,368 Equity-based compensation 133
163 519 575 Impairment charges - 150 - 150 Other gains and
(losses), net - - 152 - Gain on disposal of assets - - (152 ) -
Casualty loss - (95 ) - (95 ) REIT conversion costs -
112
- 225
Adjusted EBITDA $ 6,238 28.8 % $
4,238 22.0 % $ 27,529
31.7 % $ 20,100 26.4 %
Corporate and Other
segment
Operating loss $ (8,582 ) $ (8,840 ) $ (31,171 ) $ (48,822 )
Depreciation & amortization 716 964 3,598 8,013 Equity-based
compensation 1,421 4,994 5,254 9,520 Other gains and (losses), net
28,058 - 20,886 - Gain on Peterson LOI (26,135 ) - (26,135 ) -
(Gain) loss on warrant settlements (1,822 ) - 4,243 - (Gain) loss
on disposal of assets (101 ) - 1,007 - Casualty loss - 74 - 149
REIT conversion costs - 511 -
14,368
Adjusted EBITDA $ (6,445 ) $
(2,297 ) $ (22,318 ) $ (16,772 )
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, 2014 2013
2014 2013
Consolidated
Net income (1) $ 62,678 $ 30,162 $ 126,452 $ 118,352
Depreciation & amortization 28,010 27,549 112,278 116,528
Losses on sale of real estate assets - -
- (52 )
FFO 90,688 57,711
238,730 234,828 Capital expenditures (2) (11,437 ) (7,755 )
(40,356 ) (29,801 ) Non-cash lease expense 1,370 1,399 5,481 5,595
Impairment charges 104 1,618 104 3,527 Gain on Peterson LOI (26,135
) - (26,135 ) - Loss on extinguishment of debt - - 2,148 4,181
(Gain) loss on warrant settlements (1,822 ) - 4,243 - (Gain) loss
on other assets (101 ) - 1,007 - Write-off of deferred financing
costs - - - 1,845 Amortization of deferred financing costs 1,427
1,442 5,959 5,525 Amortization of debt discounts - 3,273 8,735
13,816 Noncash tax benefit resulting from REIT conversion -
1,290 - (64,756 )
Adjusted FFO (1) $ 54,094 $ 58,978 $ 199,916
$ 174,760 REIT conversion costs (tax effected)
- (914 ) - 15,414
Adjusted FFO excluding REIT conversion costs (1) $ 54,094
$ 58,064 $ 199,916 $ 190,174
FFO per basic share $ 1.78 $ 1.14 $ 4.69 $ 4.59 Adjusted FFO
per basic share $ 1.06 $ 1.17 $ 3.93 $ 3.42 Adjusted FFO (excl.
REIT conversion costs) per basic share $ 1.06 $ 1.15 $ 3.93 $ 3.72
FFO per diluted share (3) $ 1.76 $ 0.92 $ 4.27 $ 3.74
Adjusted FFO per diluted share (3) $ 1.05 $ 0.94 $ 3.58 $ 2.78
Adjusted FFO (excl. REIT conversion costs) per diluted share (3) $
1.05 $ 0.93 $ 3.58 $ 3.03
(1)
As the impact of the loss on the call
spread and warrant modifications related to our convertible notes
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 anti-dilutive effect of the Company's purchased
call options associated with its convertible notes. For the three
months ended December 31, 2013, the purchased call options
effectively reduce dilution by approximately 6.4 million shares of
common stock. For the twelve months ended December 31, 2014 and
2013, the purchased call options effectively reduce dilution by
approximately 4.5 million and 6.3 million shares of common stock,
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, 2014 2013
2014 2013
HOSPITALITY OPERATING METRICS:
Hospitality
Segment
Occupancy 74.2 % 70.3 % 73.3 % 70.7 % Average daily rate
(ADR) $ 183.24 $ 175.48 $ 177.27 $ 170.89 RevPAR $ 136.04 $ 123.39
$ 129.98 $ 120.89 OtherPAR $ 226.28 $ 207.87 $ 192.83 $ 176.33
Total RevPAR $ 362.32 $ 331.26 $ 322.81 $ 297.22 Revenue $
269,931 $ 246,793 $ 954,166 $ 878,509 Adjusted EBITDA $ 77,889 $
67,521 $ 285,869 $ 244,956 Adjusted EBITDA Margin 28.9 % 27.4 %
30.0 % 27.9 %
Gaylord
Opryland
Occupancy 80.1 % 74.5 % 76.2 % 72.8 % Average daily rate
(ADR) $ 174.94 $ 164.63 $ 167.53 $ 158.24 RevPAR $ 140.18 $ 122.63
$ 127.60 $ 115.17 OtherPAR $ 200.94 $ 179.56 $ 168.49 $ 152.07
Total RevPAR $ 341.12 $ 302.19 $ 296.09 $ 267.24 Revenue $
90,446 $ 80,125 $ 311,461 $ 281,118 Adjusted EBITDA $ 26,539 $
20,850 $ 100,181 $ 82,181 Adjusted EBITDA Margin 29.3 % 26.0 % 32.2
% 29.2 %
Gaylord
Palms
Occupancy 73.7 % 74.4 % 75.6 % 75.3 % Average daily rate
(ADR) $ 171.68 $ 168.05 $ 169.80 $ 164.42 RevPAR $ 126.51 $ 125.10
$ 128.29 $ 123.74 OtherPAR $ 229.09 $ 221.65 $ 216.26 $ 201.26
Total RevPAR $ 355.60 $ 346.75 $ 344.55 $ 325.00 Revenue $
45,996 $ 44,853 $ 176,818 $ 166,785 Adjusted EBITDA $ 11,493 $
13,888 $ 48,900 $ 44,572 Adjusted EBITDA Margin 25.0 % 31.0 % 27.7
% 26.7 %
Gaylord
Texan
Occupancy 72.3 % 69.5 % 70.9 % 71.3 % Average daily rate
(ADR) $ 189.34 $ 181.08 $ 182.23 $ 172.74 RevPAR $ 136.87 $ 125.88
$ 129.12 $ 123.18 OtherPAR $ 314.84 $ 273.70 $ 237.92 $ 215.43
Total RevPAR $ 451.71 $ 399.58 $ 367.04 $ 338.61 Revenue $
62,793 $ 55,547 $ 202,430 $ 186,747 Adjusted EBITDA $ 21,594 $
15,981 $ 63,724 $ 51,680 Adjusted EBITDA Margin 34.4 % 28.8 % 31.5
% 27.7 %
Gaylord
National
Occupancy 66.9 % 62.0 % 69.6 % 64.5 % Average daily rate
(ADR) $ 214.62 $ 207.54 $ 205.04 $ 205.56 RevPAR $ 143.62 $ 128.75
$ 142.72 $ 132.49 OtherPAR $ 222.84 $ 216.63 $ 201.73 $ 186.65
Total RevPAR $ 366.46 $ 345.38 $ 344.45 $ 319.14 Revenue $
67,295 $ 63,422 $ 250,948 $ 232,508 Adjusted EBITDA $ 16,253 $
15,492 $ 68,728 $ 63,044 Adjusted EBITDA Margin 24.2 % 24.4 % 27.4
% 27.1 %
The Inn at
Opryland (1)
Occupancy 78.7 % 69.9 % 72.7 % 68.9 % Average daily rate
(ADR) $ 110.21 $ 107.06 $ 111.15 $ 107.57 RevPAR $ 86.74 $ 74.88 $
80.77 $ 74.15 OtherPAR $ 35.23 $ 30.92 $ 32.33 $ 29.42 Total RevPAR
$ 121.97 $ 105.80 $ 113.10 $ 103.57 Revenue $ 3,401 $ 2,846
$ 12,509 $ 11,351 Adjusted EBITDA $ 2,010 $ 1,310 $ 4,336 $ 3,479
Adjusted EBITDA Margin 59.1 % 46.0 % 34.7 % 30.6 % (1)
Includes other hospitality revenue and expense.
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:
2015 GUIDANCE RANGE FOR FULL YEAR 2015
Low High
Ryman Hospitality
Properties, Inc.
Net Income $ 111,000 $ 131,000
Provision (benefit) for income taxes 2,500 2,500 Other (gains) and
losses, net (2,500 ) (2,500 ) Loss on warrant settlements 16,000
16,000 Interest expense 54,000 54,000 Interest income
(12,000 ) (12,000 )
Operating Income 169,000
189,000 Depreciation and amortization 117,000
117,000
EBITDA 286,000 306,000
Non-cash lease expense 5,500 5,500 Preopening expense 1,000 1,000
Equity based compensation 6,000 6,000 Other gains and (losses), net
2,500 2,500 Interest income 12,000 12,000
Adjusted EBITDA $ 313,000
$ 333,000
Hospitality
Segment 1
Operating Income $ 178,500 $
194,500 Depreciation and amortization 107,500
107,500
EBITDA 286,000 302,000
Non-cash lease expense 5,500 5,500 Preopening expense 1,000 1,000
Equity based compensation - - Other gains and (losses), net 2,500
2,500 Interest income 12,000 12,000
Adjusted EBITDA $ 307,000 $
323,000
Entertainment
(Opry and Attractions) Segment
Operating Income $ 23,000 $
26,000 Depreciation and amortization 5,500
5,500
EBITDA 28,500 31,500
Equity based compensation 500 500
Adjusted EBITDA $ 29,000 $
32,000
Corporate and
Other Segment
Operating Income $ (32,500 )
$ (31,500 ) Depreciation and amortization
4,000 4,000
EBITDA
(28,500 ) (27,500 ) Equity based
compensation 5,500 5,500
Adjusted
EBITDA $ (23,000 ) $ (22,000
)
Ryman Hospitality
Properties, Inc.
Net income $ 111,000 $
131,000 Depreciation & amortization 117,000 117,000
Non-cash lease expense 5,500 5,500 Amortization of DFC 6,000 6,000
Loss on warrant settlements 16,000
16,000
Adjusted FFO $ 255,500
$ 275,500 1 Hospitality includes AC
Hotel
Investor Relations: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:Ryman Hospitality
Properties, Inc.Brian Abrahamson, (615) 316-6302Vice President of
Corporate Communicationsbabrahamson@rymanhp.comorSloane &
CompanyJosh Hochberg or Dan Zacchei(212) 446-1892 or (212)
446-1882jhochberg@sloanepr.comdzacchei@sloanepr.com
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