- Reports Full Year Net Income of $111.5 Million -
- Reports Record Full Year Consolidated Adjusted EBITDA of
$325.1 Million, an Increase of 11.7 Percent Over Full Year 2014
-
- Declares First Quarter 2016 Dividend of $0.75 Per Share;
Intends to Pay a $3.00 Per Share Annual Dividend, an 11 Percent
Increase Over Full Year 2015 -
- Gross Advanced Group Bookings Increase 12.3 Percent Over
Fourth Quarter 2014 -
- Issues 2016 Guidance -
Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging
real estate investment trust ("REIT") specializing in
group-oriented, destination hotel assets in urban and resort
markets, today reported financial results for the fourth quarter
and full year ended December 31, 2015.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “We stated at the outset of 2015 that
we believed it would be another strong year for our company, and as
we finished the year with solid fourth quarter results, 2015 went
into the books as our very best year on record from a revenue,
profitability and hospitality bookings perspective. The
double-digit Adjusted EBITDA growth we realized in full year 2015
when compared to full year 2014 speaks to the tremendous
operational leverage that exists within our Hospitality segment and
is further evidence of the work we have done with Marriott to fine
tune this business and position our hotels to take full advantage
of the demand we see on the horizon for our unique group-centric
model.
“Both the full year and fourth quarter of 2015 were records for
the company in terms of gross room night production. The strong
production levels we have had over the past few years have
positioned us well for 2016 and beyond, particularly given the lack
of new group-oriented competitive supply we are seeing in our
markets and across the United States for the next several
years.”
The Company’s results include the following:
Consolidated Results
($ in thousands, except per share amounts, RevPAR and Total
RevPAR)
Three
Months Ended Twelve Months Ended December 31,
December 31, As Reported Pro Forma
As Reported Pro Forma 2015
2014 % ∆ 2014 (1) % ∆
2015 2014 % ∆ 2014 (1)
% ∆ Total Revenue $312,120 $291,612 7.0% $290,013 7.6%
$1,092,124 $1,040,991 4.9% $1,035,188 5.5% Same-Store
Hospitality Revenue (2) $285,320 $269,931 5.7% $268,332 6.3%
$987,631 $954,166 3.5% $948,363 4.1% Same-Store RevPAR (2)
$148.38 $136.04 9.1% $134.80 $129.98 3.7% Same-Store Total RevPAR
(2) $382.97 $362.32 5.7% $360.17 6.3% $334.14 $322.81 3.5% $320.85
4.1% Adjusted EBITDA $88,298 $77,683 13.7% $325,068 $291,080
11.7% Adjusted EBITDA Margin 28.3% 26.6% 1.7pt 26.8% 1.5pt 29.8%
28.0% 1.8pt 28.1% 1.7pt Same-Store Hospitality Adjusted
EBITDA (2) $86,856 $77,889 11.5% $312,970 $285,869 9.5% Same-Store
Hospitality Adjusted EBITDA Margin(2) 30.4% 28.9% 1.5pt 29.0% 1.4pt
31.7% 30.0% 1.7pt 30.1% 1.6pt Adjusted FFO $80,656 $65,531
23.1% $273,734 $240,272 13.9% Adjusted FFO per diluted share $1.56
$1.27 22.8% $5.30 $4.30 23.3% Operating income(3) $36,389
$43,739 (16.8%) $162,062 $153,105 5.9% Net income available
to common shareholders (3) (4) (5) $38,899 $62,213 (37.5%) $111,511
$121,035 (7.9%) Net income per diluted share available to common
shareholders (3) (4) (5) $0.75 $1.21 (38.0%) $2.16 $2.17 (0.5%)
(1) Shown pro forma to present 2014 results with an
accounting change related to parking fees as stipulated by the
hospitality industry's Uniform System of Accounts for the Lodging
Industry, Eleventh Revised Edition, which became effective in
January 2015. Prior to 2015, all revenue and expense associated
with managed parking services at our hotels were reported on a
gross basis. Beginning in 2015, only the net fee received from the
parking manager is recorded as revenue. (2) Same-Store
excludes the AC Hotel at National Harbor, which opened in April
2015. (3) Includes the impact of impairment charges
recognized in 2015, which are costs associated with our decision to
move forward with an expansion of the guest rooms and convention
space at Gaylord Texan. This capital project replaced a previously
contemplated expansion that we began incurring design costs for
during 2007 and had been subsequently put on hold. As the new
project will be substantially different from the previously
contemplated project, we incurred an impairment charge of $16.3
million for the fourth quarter of 2015. (4) Includes a $6.9
million gain in the fourth quarter of 2015 associated with the
reimbursement of costs that were previously incurred related to a
proposed development in Aurora, Colorado that were reimbursed by
the current developer. (5) Net income for full year 2015 and
2014 includes losses of $20.2 million and $4.2 million,
respectively, on warrant settlements associated with our previous
convertible notes. Net income available to common shareholders for
full year 2014 also includes a $5.4 million loss on the call spread
and warrant modifications related to these convertible notes. Net
Income for fourth quarter and full year 2014 includes a gain of
$26.1 million related to the sale of the Company’s rights pursuant
to a letter of intent with The Peterson Companies.
For the Company’s definitions of RevPAR, Total RevPAR, Adjusted
EBITDA and Adjusted FFO, as well as a reconciliation of the
non-GAAP financial measure Adjusted EBITDA to Net Income and a
reconciliation of the non-GAAP financial measure Adjusted FFO to
Net Income, see “Calculation of RevPAR and Total RevPAR,” “Non-GAAP
Financial Measures,” “Revised Adjusted FFO Definition” and
“Supplemental Financial Results” below.
Operating Results
Hospitality Segment
For the three months and twelve months ended December 31, 2015
and 2014, the Company reported the following:
Hospitality Segment
Results
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Three Months Ended
Twelve Months Ended December 31, December 31,
As Reported Pro Forma As Reported Pro
Forma 2015 2014 % ∆ 2014 (1)
% ∆ 2015 2014 % ∆ 2014
(1) % ∆
Hospitality
Results
Hospitality Revenue (2) $287,472 $269,931 6.5% $268,332 7.1%
$994,603 $954,166 4.2% $948,363 4.9% Hospitality Adjusted
EBITDA $87,416 $ 77,889 12.2% $315,466 $ 285,869 10.4% Hospitality
Adjusted EBITDA Margin 30.4% 28.9% 1.5pt 29.0% 1.4pt 31.7% 30.0%
1.7pt 30.1% 1.6pt Hospitality Performance Metrics (2)
Occupancy 76.4% 74.2% 2.2pt 73.6% 73.3% 0.3pt Average Daily Rate
(ADR) $192.87 $183.24 5.3% $182.56 $177.27 3.0% RevPAR $147.33
$136.04 8.3% $134.44 $129.98 3.4% Total RevPAR $376.93 $362.32 4.0%
$360.17 4.7% $330.61 $322.81 2.4% $320.85 3.0% Gross
Definite Rooms Nights Booked 976,883 870,144 12.3% 2,336,561
2,272,629 2.8% Net Definite Rooms Nights Booked 835,883 774,765
7.9% 1,898,181 1,814,044 4.6% Group Attrition (as % of contracted
block) 12.7% 11.5% (1.2pt) 12.8% 10.6% (2.2pt) Cancellations ITYFTY
(3) 2,484 7,339 66.2% 29,746 31,707 6.2%
Same-Store
Hospitality Results (4)
Same-Store Hospitality Revenue (2) $285,320 $269,931 5.7% $268,332
6.3% $987,631 $954,166 3.5% $948,363 4.1% Same-Store
Hospitality Adjusted EBITDA $86,856 $77,889 11.5% $312,970 $
285,869 9.5% Same-Store Hospitality Adjusted EBITDA Margin 30.4%
28.9% 1.5pt 29.0% 1.4pt 31.7% 30.0% 1.7pt 30.1% 1.6pt
Same-Store Hospitality Performance Metrics (2) Occupancy 76.9%
74.2% 2.7pt 73.9% 73.3% 0.6pt Average Daily Rate (ADR) $192.83
$183.24 5.2% $182.34 $177.27 2.9% RevPAR $148.38 $136.04 9.1%
$134.80 $129.98 3.7% Total RevPAR $382.97 $362.32 5.7% $360.17 6.3%
$334.14 $322.81 3.5% $320.85 4.1% (1) Shown pro forma to
present 2014 results with an accounting change related to parking
fees as stipulated by the hospitality industry's Uniform System of
Accounts for the Lodging Industry, Eleventh Revised Edition, which
became effective in January 2015. Prior to 2015, all revenue and
expense associated with managed parking services at our hotels were
reported on a gross basis. Beginning in 2015, only the net fee
received from the parking manager is recorded as revenue.
(2) During the twelve months ended December 31, 2015, Gaylord
Opryland had approximately 18,000 room nights out of service due to
a room renovation project that was completed in September 2015.
During the twelve months ended December 31, 2014, Gaylord Texan had
approximately 36,000 room nights out of service due to a room
renovation project that was completed in August 2014. Out of
service rooms do not impact total available room count for
calculating hotel metrics (e.g., Occupancy, RevPAR, and Total
RevPAR). (3) "ITYFTY" represents In The Year For The Year.
(4) Same-Store excludes the AC Hotel at National Harbor,
which opened in April 2015.
Property-level results and operating metrics for fourth quarter
and full year 2015 are presented in greater detail below and under
“Supplemental Financial Results.” Highlights for fourth quarter
2015 for the Hospitality segment and at each property include:
- Hospitality Segment
(Same-Store): Total revenue increased 5.7 percent to $285.3
million in fourth quarter 2015 compared to fourth quarter 2014.
RevPAR increased 9.1 percent in fourth quarter 2015 compared to
fourth quarter 2014, driven primarily by an increase in ADR. Total
RevPAR increased 5.7 percent in fourth quarter 2015 compared to
fourth quarter 2014, driven primarily by occupancy increases and
food and beverage revenues. Adjusted EBITDA for fourth quarter 2015
increased 11.5 percent, as compared to fourth quarter 2014, to
$86.9 million, and Adjusted EBITDA margin grew by 150 basis points
compared to the prior-year quarter.
- Gaylord Opryland: Total revenue
for fourth quarter 2015 increased 7.1 percent, compared to fourth
quarter 2014, to $96.9 million, driven by strong ADR growth of 6.4
percent primarily from association and transient rate growth. An
increase in banquet revenue also led to the year-over-year increase
in total revenue. Adjusted EBITDA increased 18.7 percent in fourth
quarter 2015, compared to fourth quarter 2014, to $31.5 million and
Adjusted EBITDA margin grew by 320 basis points compared to the
same period in 2014, again driven by strong ADR growth, banquet
revenue and strong overall expense management.
- Gaylord Palms: Total revenue for
fourth quarter 2015 was $52.3 million, a 13.7 percent increase from
the 2014 period, driven equally by growth in occupancy and ADR
related to an increase in group business, as well as an increase in
transient business related to holiday programming. Adjusted EBITDA
increased 25.1 percent, as compared to fourth quarter 2014, to
$14.4 million, and Adjusted EBITDA margin increased by 250 basis
points from the same period in 2014 to 27.5 percent. Decreased
attrition and cancellation revenue and higher administrative costs,
including increases in property tax and property insurance
negatively impacted the hotel’s margin for the quarter.
- Gaylord Texan: Total revenue for
fourth quarter 2015 was $65.0 million, a 3.5 percent increase from
the 2014 period, driven primarily by a total occupancy increase of
7.4 points that included a shift to association room nights, as
well as higher-rated transient business related to holiday
programming. Adjusted EBITDA increased 3.7 percent, as compared to
fourth quarter 2014, to $22.4 million. Adjusted EBITDA margin was
flat compared to the same period in 2014 at 34.4 percent.
- Gaylord National: Total revenue
for fourth quarter 2015 was flat at $67.6 million compared to the
2014 period. Adjusted EBITDA increased 2.0 percent, as compared to
fourth quarter 2014, to $16.6 million, driven primarily by a modest
increase in ADR, and Adjusted EBITDA margin was flat at 24.5
percent.
Reed continued, “Overall, our hotels had an excellent close to
the year with three of our four hotels experiencing occupancy
levels approaching or over 80 percent during the fourth quarter of
2015, which coupled with healthy ADR growth, outside-the-room
spending and good expense management led to an 11.5 percent
increase in same-store Hospitality Adjusted EBITDA, when compared
to fourth quarter 2014, and a 30 percent Adjusted EBITDA margin. We
were pleased to see Gaylord Palms rebound from a challenging third
quarter, while both Gaylord Opryland and Gaylord Texan closed out
their best years on record from a revenue and profitability
standpoint. We remain excited by the strong short- and long-term
group and leisure demand we are seeing in the greater Dallas
market.”
Entertainment Segment
For the three months and twelve months ended December 31, 2015
and 2014, the Company reported the following:
Three Months
Ended Twelve Months Ended ($ in thousands)
December
31, December 31, 2015
2014 % ∆
2015 2014
% ∆ Revenue $24,648 $21,681 13.7%
$97,521 $86,825 12.3% Operating Income $4,512 $4,830 -6.6% $24,353
$21,752 12.0% Adjusted EBITDA $6,205 $6,238 -0.5% $30,787 $27,529
11.8% Adjusted EBITDA Margin 25.2% 28.8% -3.6pt 31.6% 31.7% -0.1pt
Reed continued, “Our Entertainment segment had another
impressive year with double-digit revenue gains in the fourth
quarter and full year of 2015, compared to 2014, as well as an 11.8
percent increase in Adjusted EBITDA for full year 2015. This
business segment continues to strengthen, and we are enthusiastic
about its future growth prospects, which we plan to discuss at our
upcoming Institutional Investor and Analyst Day in March.”
Corporate and Other Segment Results
For the three months and twelve months ended December 31, 2015
and 2014, the Company reported the following:
Three Months
Ended Twelve Months Ended ($ in thousands)
December
31, December 31, 2015
2014 % ∆
2015 2014
% ∆ Operating Loss (1) ($8,197) ($8,582)
4.5% ($31,674) ($31,171) (1.6%) Adjusted EBITDA ($5,323) ($6,444)
17.4% ($21,185) ($22,318) 5.1% (1) Corporate operating loss
for the three months and twelve months ended December 31, 2015
includes a non-cash settlement charge of $0.8 million and $2.4
million, respectively, for the Company’s grandfathered defined
benefit pension plan, which was a result of increased lump sum
distributions during 2015.
Development Update
Subsequent to the end of the quarter, on January 20, 2016, the
Company announced a $120 million expansion of Gaylord Texan Resort
and Convention Center. The planned expansion will add 300 guest
rooms and 86,000 square feet of carpeted meeting space, bringing
the Texan’s total room count to 1,811 rooms and the total meeting
space to approximately 490,000 square feet. Construction is
expected to begin in fourth quarter 2016 and expected to be
completed during the second quarter of 2018. The project also
includes a $5 million resort pool expansion, which is expected to
be completed for the 2016 summer season. The project will be funded
with cash on hand and borrowings under the Company’s revolving
credit facility. In addition, the City of Grapevine has agreed to
rebate $1 million of the hotel’s rooms tax annually for a ten-year
period upon the completion of the expansion, for a total of $10
million in city incentives.
Dividend Update
The Company paid its fourth quarter 2015 cash dividend
of $0.70 per share of common stock on January 15,
2016 to stockholders of record on December 30, 2015.
Including the fourth quarter cash dividend payment, the Company
paid a total of $2.70 per share of common stock for full year
2015.
Today, the Company declared its first quarter cash dividend of
$0.75 per share of common stock payable on April 15, 2016 to
stockholders of record on March 31, 2016. It is the Company’s
current plan to distribute total 2016 annual dividends of
approximately $3.00 per share in cash in equal quarterly payments
in April, July, and October of 2016 and in January of 2017, which
is an 11 percent increase over the full year 2015 dividend of
$2.70. If expected regular quarterly dividends for 2016 do not
satisfy the Company’s annual distribution requirements, the Company
would satisfy the annual distribution requirement by paying a
“catch up” dividend in January 2017. Any future dividend is subject
to the board’s future determinations as to the amount of quarterly
distributions and the timing thereof.
Balance Sheet/Liquidity Update
As of December 31, 2015, the Company had total debt outstanding
of $1,431.7 million, net of unamortized deferred financing costs,
and unrestricted cash of $56.3 million. As of December 31,
2015, $306.4 million of borrowings were drawn under the revolving
credit line of the Company’s credit facility, and the lending banks
had issued $1.8 million in letters of credit, which left $391.8
million of availability for borrowing under the credit
facility.
Share Repurchase Authorization Update
On August 20, 2015, the Board of Directors authorized a share
repurchase program for up to $100 million of the Company’s common
stock using cash on hand and borrowings under its revolving credit
line. The repurchases are intended to be implemented through open
market transactions on U.S. exchanges or in privately negotiated
transactions, in accordance with applicable securities laws, and
any market purchases will be made during open trading window
periods or pursuant to any applicable Rule 10b5-1 trading plans.
The repurchase authorization extends until December 31, 2016. The
timing, prices, and sizes of repurchases will depend upon
prevailing market prices, general economic and market conditions
and other considerations. The repurchase program does not obligate
the Company to acquire any particular amount of stock. As of
February 25, 2016, the Company had repurchased and cancelled
approximately 500,000 shares of its common stock during the first
quarter of 2016 for an aggregate purchase price of approximately
$23.0 million, which the Company funded using cash on hand and
borrowings under the revolving credit line of its credit
facility.
Reed continued, “We put this share repurchase program in place
so we would be well-positioned to enter the market in the event
that we felt our equity price was not reflective of the intrinsic
value of our business and our irreplaceable assets. We are bullish
on our business, and these repurchases represent an important part
of both our capital allocation and long-term value creation
strategies for our shareholders.”
Guidance
The following business performance outlook is based on current
information as of February 26, 2016. 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, “As we have discussed over the past year, 2016
has been building for some time to be a strong year for our
company. We entered 2016 with more group room nights on the books
than we had going into 2015, and a majority of these additional
room nights are in the corporate group segment, which typically
drives higher room rate and outside-the-room spend. While overall
economic outlook remains uncertain, we believe this solid base of
group bookings will allow us to drive steady growth in revenue. As
such, we are reflecting an anticipated RevPAR growth of 3.5% to
6.0% versus 2015. Given the group business we have on the books for
2016, we expect outside-the-room spending to remain healthy as
well. As such, we believe we will generate between 3.5% and 6.0%
growth in Total RevPAR over 2015.
We are providing full year 2016 Adjusted EBITDA guidance for our
Hospitality segment of $328.0 to $338.0 million, and we anticipate
Adjusted EBITDA margin will improve by 30 to 50 basis points. In
addition, this Adjusted EBITDA guidance for our Hospitality segment
includes the impact of continued room renovation work at Gaylord
Opryland, which we believe will result in approximately 34,100 room
nights out of service for 2016. For comparability purposes, we have
not included the 192-room AC Hotel in our Hospitality RevPAR and
Hospitality Total RevPAR guidance, as this property opened in April
2015. Adjusted EBITDA guidance for this property for full year 2016
is $3.0 to $4.0 million. Our 2016 Adjusted EBITDA guidance for the
Entertainment segment is $31.0 to $35.0 million and Corporate &
Other guidance for Adjusted EBITDA in 2016 is a loss of $23.0 to
$21.0 million. As a result, our guidance for 2016 Adjusted EBITDA
on a consolidated basis is $339.0 to $356.0 million.”
$ in millions, except per share figures
Guidance Full Year 2016 Low High
Hospitality RevPAR 1 3.5% 6.0% Hospitality Total RevPAR 1
3.5% 6.0% Hospitality Adjusted EBITDA Margin Change + 30 bps + 50
bps
Adjusted
EBITDA
Hospitality 2 $ 328.0 $ 338.0 AC Hotel 3.0 4.0 Entertainment (Opry
and Attractions) 31.0 35.0 Corporate and Other (23.0) (21.0)
Consolidated Adjusted EBITDA $ 339.0 $ 356.0 Funds from
Operations (FFO) $ 247.8 $ 268.8 Adjusted FFO 3 $ 268.6 $ 289.0
FFO per Diluted Share $ 4.83 $ 5.24 Adjusted FFO per Diluted
Share $ 5.24 $ 5.63 Estimated Diluted Shares Outstanding
51.3 51.3
1.
Hospitality segment guidance for RevPAR
and Total RevPAR does not include the AC Hotel.
2.
Hospitality segment guidance assumes
approximately 34,100 room nights out of service in 2016 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).
3.
See “Revised Adjusted FFO Definition”
below for a description of how we calculate AFFO and certain
changes to this calculation beginning in 2016 (which changes are
reflected in the guidance range above).
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to
discuss this release today at 11 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.
2016 Institutional Investor and Analyst Day
The Company will hold its 2016 Institutional Investor and
Analyst Day on March 9 and 10, 2016 at Gaylord Opryland Resort and
Convention Center in Nashville, Tennessee. Information on how to
register and attend may be found at
http://rymanhp.com/investor-analyst-day/. The presentation portion
of the event will be webcast and can be accessed through Ryman
Hospitality Properties’ website at http://rymanhp.com. To
listen to the webcast, please visit the investor relations section
of the website at least 15 minutes prior to the beginning of the
scheduled presentation to register, download and install necessary
multimedia streaming software. For those who cannot listen to the
live broadcast, a replay will be available after the presentation
and will run for 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, DC at
National Harbor, a 192-room hotel near Gaylord National. 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 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,
estimated capital expenditures, out-of-service rooms, plans to
engage in common stock repurchase transactions and the timing and
form of such transactions, 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 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 agreement. 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, 2014 and its Quarterly
Reports on Form 10-Q and subsequent filings. 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:
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;
pension settlement charges; (gain) on sale of Peterson LOI 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. Hospitality Adjusted EBITDA—Same-Store excludes the
AC Hotel at National Harbor.
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, pension settlement charges, gain on the
sale of the Peterson LOI and gains (losses) on extinguishment of
debt and warrant settlements. For periods prior to 2015, we also
deducted certain capital expenditures. Beginning in 2016, we will
exclude the impact of deferred income tax expense (benefit). 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, 2015
2014 2015 2014 Revenues : Rooms $ 112,368 $
101,349 $ 404,457 $ 384,185 Food and beverage 115,226 106,295
461,157 437,673 Other hotel revenue 59,878 62,287 128,989 132,308
Entertainment (previously Opry and Attractions) 24,648
21,681 97,521 86,825
Total revenues 312,120 291,612
1,092,124 1,040,991 Operating
expenses: Rooms 29,851 29,086 110,067 111,864 Food and beverage
67,919 63,610 261,580 248,358 Other hotel expenses 102,476 99,048
312,989 311,836 Management fees 4,141 4,666
14,657 16,151 Total hotel
operating expenses 204,387 196,410 699,293 688,209 Entertainment
(previously Opry and Attractions) 18,588 15,576 67,363 59,815
Corporate 7,530 7,866 28,914 27,573 Preopening costs - 11 909 11
Impairment and other charges 16,310 - 19,200 - Depreciation and
amortization 28,916 28,010
114,383 112,278 Total operating expenses
275,731 247,873 930,062
887,886 Operating income 36,389 43,739 162,062
153,105 Interest expense, net of amounts capitalized (16,136
) (13,170 ) (63,901 ) (61,447 ) Interest income 3,001 3,005 12,384
12,075 Loss on extinguishment of debt - - - (2,148 ) Other gains
and (losses), net 7,215 28,008
(10,889 ) 23,400 Income before income taxes 30,469
61,582 99,656 124,985 Benefit for income taxes 8,430
1,096 11,855 1,467
Net income 38,899 62,678 111,511 126,452 Loss on call spread
and warrant modifications related to convertible notes -
(465 ) - (5,417 ) Net income
available to common shareholders $ 38,899 $ 62,213 $
111,511 $ 121,035 Basic
net income per share available to common shareholders $ 0.76
$ 1.22 $ 2.18 $ 2.38 Fully diluted net income
per share available to common shareholders $ 0.75 $ 1.21
$ 2.16 $ 2.17
Weighted average
common shares for the period:
Basic 51,287 51,026 51,241 50,861 Diluted (1) 51,684 51,483 51,612
55,880
(1)
Represents GAAP calculation of diluted
shares and does not consider anti-dilutive effect of the Company's
purchased call options associated
with its previously outstanding convertible notes. For the twelve
months ended December 31, 2014, the purchased call options
effectively reduce dilution by approximately 4.5 million shares of
common stock.
RYMAN HOSPITALITY PROPERTIES,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In
thousands)
Dec. 31, Dec. 31,
2015 2014 ASSETS: Property and
equipment, net of accumulated depreciation $ 1,982,816 $ 2,036,261
Cash and cash equivalents - unrestricted 56,291 76,408 Cash and
cash equivalents - restricted 22,355 17,410 Notes receivable
152,560 149,612 Trade receivables, net 55,033 45,188 Prepaid
expenses and other assets 62,379 66,621 Total assets
$ 2,331,434 $ 2,391,500 LIABILITIES AND STOCKHOLDERS'
EQUITY: Debt and capital lease obligations $ 1,431,710 $ 1,319,909
Accounts payable and accrued liabilities 153,383 166,848 Deferred
income taxes 1,163 14,284 Deferred management rights proceeds
183,119 183,423 Dividends payable 36,868 29,133 Derivative
liabilities - 134,477 Other liabilities 145,629 142,019
Stockholders' equity 379,562 401,407 Total
liabilities and stockholders' equity $ 2,331,434 $ 2,391,500
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, 2015
2014 2015
2014 $ Margin
$ Margin $
Margin $ Margin
Consolidated
Revenue $ 312,120 $ 291,612 $ 1,092,124 $ 1,040,991
Net
income $ 38,899 $ 62,678 $ 111,511 $ 126,452 Benefit for income
taxes (8,430 ) (1,096 ) (11,855 ) (1,467 ) Other (gains) and
losses, net (7,215 ) (28,008 ) 10,889 (23,400 ) Net loss on the
extinguishment of debt - - - 2,148 Interest expense, net 13,135
10,165 51,517 49,372 Depreciation & amortization 28,916
28,010 114,383 112,278
EBITDA 65,305 20.9 % 71,749 24.6 % 276,445 25.3 %
265,383 25.5 % Preopening costs - 11 909 11 Non-cash lease expense
1,341 1,370 5,364 5,481 Equity-based compensation 1,576 1,554 6,158
5,773 Pension settlement charge 763 - 2,356 - Impairment charges
16,310 - 19,200 - Interest income on Gaylord National bonds 2,990
2,998 12,337 12,054 Other gains and (losses), net 7,215 28,008
(10,889 ) 23,400 Gain on Peterson LOI - (26,135 ) - (26,135 )
(Gain) loss on warrant settlements - (1,822 ) 20,246 4,243 (Gain)
loss on disposal of assets (7,202 ) (50 )
(7,058 ) 870
Adjusted
EBITDA $ 88,298 28.3 % $ 77,683 26.6 % $ 325,068
29.8 % $ 291,080 28.0 %
Hospitality
segment
Revenue $ 287,472 $ 269,931 $ 994,603 $ 954,166
Operating
income $ 40,074 $ 47,491 $ 169,383 $ 162,524 Depreciation &
amortization 26,701 26,019 105,876 103,422 Preopening costs - 11
851 11 Non-cash lease expense 1,341 1,370 5,364 5,481 Impairment
charges 16,310 - 19,200 - Interest income on Gaylord National bonds
2,990 2,998 12,337 12,054 Other gains and (losses), net - - 2,317
2,377 Loss on disposal of assets - -
138 -
Adjusted EBITDA $ 87,416 30.4 % $ 77,889 28.9
% $ 315,466 31.7 % $ 285,869 30.0 %
Entertainment
segment (previously Opry and Attractions)
Revenue $ 24,648 $ 21,681 $ 97,521 $ 86,825
Operating
income $ 4,512 $ 4,830 $ 24,353 $ 21,752 Depreciation &
amortization 1,548 1,275 5,747 5,258 Preopening costs - - 58 -
Equity-based compensation 145 133 629 519 Other gains and (losses),
net - - - 152 Gain on disposal of assets -
- - (152 )
Adjusted EBITDA $ 6,205 25.2 % $ 6,238 28.8 %
$ 30,787 31.6 % $ 27,529 31.7 %
Corporate and Other
segment
Operating loss $ (8,197 ) $ (8,582 ) $ (31,674 ) $ (31,171 )
Depreciation & amortization 667 716 2,760 3,598 Equity-based
compensation 1,431 1,421 5,529 5,254 Pension settlement charge 763
- 2,356 - Impairment charges - - - - Other gains and (losses), net
7,215 28,008 (13,206 ) 20,871 Gain on Peterson LOI - (26,135 ) -
(26,135 ) (Gain) loss on warrant settlements - (1,822 ) 20,246
4,243 (Gain) loss on disposal of assets (7,202 ) (50
) (7,196 ) 1,022
Adjusted EBITDA $
(5,323 ) $ (6,444 ) $ (21,185 ) $ (22,318 )
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, 2015
2014 2015 2014
Consolidated
Net income $ 38,899 $ 62,678 $ 111,511 $ 126,452
Depreciation & amortization 28,916 28,010
114,383 112,278
FFO
67,815 90,688 225,894 238,730 Non-cash lease expense 1,341
1,370 5,364 5,481 Pension settlement charge 763 - 2,356 -
Impairment charges 16,310 104 19,200 104 Gain on Peterson LOI -
(26,135 ) - (26,135 ) Loss on extinguishment of debt - - - 2,148
(Gain) loss on warrant settlements - (1,822 ) 20,246 4,243 (Gain)
loss on other assets (6,903 ) (101 ) (6,759 ) 1,007 Write-off of
deferred financing costs - - 1,926 - Amortization of deferred
financing costs 1,330 1,427 5,507 5,959 Amortization of debt
discounts - - -
8,735
Adjusted FFO $ 80,656 $ 65,531 $
273,734 $ 240,272 Capital expenditures (1)
(15,001 ) (11,437 ) (50,988 ) (40,356 )
Adjusted FFO less maintenance capital expenditures $ 65,655
$ 54,094 $ 222,746 $ 199,916
FFO per basic share $ 1.32 $ 1.78 $ 4.41 $ 4.69 Adjusted FFO
per basic share $ 1.57 $ 1.28 $ 5.34 $ 4.72 FFO per diluted
share (2) $ 1.31 $ 1.76 $ 4.38 $ 4.27 Adjusted FFO per diluted
share (2) $ 1.56 $ 1.27 $ 5.30 $ 4.30 (1) Represents
FF&E reserve for managed properties and maintenance capital
expenditures for non-managed properties. (2) The GAAP
calculation of diluted shares does not consider anti-dilutive
effect of the Company's purchased call options associated with its
previously outstanding convertible notes. For the twelve months
ended December 31, 2014, the purchased call options effectively
reduce dilution by approximately 4.5 million shares of common
stock.
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, 2015 2014
2014 (1 ) 2015
2014 2014 (1 )
HOSPITALITY OPERATING METRICS:
Hospitality
Segment
Occupancy 76.4 % 74.2 % 74.2 % 73.6 % 73.3 % 73.3 % Average
daily rate (ADR) $ 192.87 $ 183.24 $ 183.24 $ 182.56 $ 177.27 $
177.27 RevPAR $ 147.33 $ 136.04 $ 136.04 $ 134.44 $ 129.98 $ 129.98
OtherPAR $ 229.60 $ 226.28 $ 224.13 $ 196.17 $ 192.83 $ 190.87
Total RevPAR $ 376.93 $ 362.32 $ 360.17 $ 330.61 $ 322.81 $ 320.85
Revenue $ 287,472 $ 269,931 $ 268,332 $ 994,603 $ 954,166 $
948,363 Adjusted EBITDA $ 87,416 $ 77,889 $ 77,889 $ 315,466 $
285,869 $ 285,869 Adjusted EBITDA Margin 30.4 % 28.9 % 29.0 % 31.7
% 30.0 % 30.1 %
Same-Store
Hospitality Segment (2)
Occupancy 76.9 % 74.2 % 74.2 % 73.9 % 73.3 % 73.3 % Average
daily rate (ADR) $ 192.83 $ 183.24 $ 183.24 $ 182.34 $ 177.27 $
177.27 RevPAR $ 148.38 $ 136.04 $ 136.04 $ 134.80 $ 129.98 $ 129.98
OtherPAR $ 234.59 $ 226.28 $ 224.13 $ 199.34 $ 192.83 $ 190.87
Total RevPAR $ 382.97 $ 362.32 $ 360.17 $ 334.14 $ 322.81 $ 320.85
Revenue $ 285,320 $ 269,931 $ 268,332 $ 987,631 $ 954,166 $
948,363 Adjusted EBITDA $ 86,856 $ 77,889 $ 77,889 $ 312,970 $
285,869 $ 285,869 Adjusted EBITDA Margin 30.4 % 28.9 % 29.0 % 31.7
% 30.0 % 30.1 %
Gaylord
Opryland
Occupancy 81.5 % 80.1 % 80.1 % 74.9 % 76.2 % 76.2 % Average
daily rate (ADR) $ 186.21 $ 174.94 $ 174.94 $ 170.42 $ 167.53 $
167.53 RevPAR $ 151.75 $ 140.18 $ 140.18 $ 127.66 $ 127.60 $ 127.60
OtherPAR $ 213.66 $ 200.94 $ 198.75 $ 175.79 $ 168.49 $ 166.59
Total RevPAR $ 365.41 $ 341.12 $ 338.93 $ 303.45 $ 296.09 $ 294.19
Revenue $ 96,886 $ 90,446 $ 89,865 $ 319,211 $ 311,461 $
309,466 Adjusted EBITDA $ 31,515 $ 26,539 $ 26,539 $ 107,791 $
100,181 $ 100,181 Adjusted EBITDA Margin 32.5 % 29.3 % 29.5 % 33.8
% 32.2 % 32.4 %
Gaylord
Palms
Occupancy 79.4 % 73.7 % 73.7 % 74.6 % 75.6 % 75.6 % Average
daily rate (ADR) $ 184.05 $ 171.68 $ 171.68 $ 173.17 $ 169.80 $
169.80 RevPAR $ 146.08 $ 126.51 $ 126.51 $ 129.25 $ 128.29 $ 128.29
OtherPAR $ 258.17 $ 229.09 $ 226.21 $ 218.14 $ 216.26 $ 213.73
Total RevPAR $ 404.25 $ 355.60 $ 352.72 $ 347.39 $ 344.55 $ 342.02
Revenue $ 52,291 $ 45,996 $ 45,624 $ 178,279 $ 176,818 $
175,522 Adjusted EBITDA $ 14,375 $ 11,493 $ 11,493 $ 50,768 $
48,900 $ 48,900 Adjusted EBITDA Margin 27.5 % 25.0 % 25.2 % 28.5 %
27.7 % 27.9 %
Gaylord
Texan
Occupancy 79.7 % 72.3 % 72.3 % 76.7 % 70.9 % 70.9 % Average
daily rate (ADR) $ 201.17 $ 189.34 $ 189.34 $ 192.66 $ 182.23 $
182.23 RevPAR $ 160.34 $ 136.87 $ 136.87 $ 147.69 $ 129.12 $ 129.12
OtherPAR $ 307.06 $ 314.84 $ 312.25 $ 252.09 $ 237.92 $ 235.94
Total RevPAR $ 467.40 $ 451.71 $ 449.12 $ 399.78 $ 367.04 $ 365.06
Revenue $ 64,975 $ 62,793 $ 62,433 $ 220,486 $ 202,430 $
201,338 Adjusted EBITDA $ 22,383 $ 21,594 $ 21,594 $ 76,878 $
63,724 $ 63,724 Adjusted EBITDA Margin 34.4 % 34.4 % 34.6 % 34.9 %
31.5 % 31.7 %
Gaylord
National
Occupancy 66.9 % 66.9 % 66.9 % 70.0 % 69.6 % 69.6 % Average
daily rate (ADR) $ 216.54 $ 214.62 $ 214.62 $ 208.79 $ 205.04 $
205.04 RevPAR $ 144.97 $ 143.62 $ 143.62 $ 146.06 $ 142.72 $ 142.72
OtherPAR $ 223.35 $ 222.84 $ 221.29 $ 205.35 $ 201.73 $ 199.78
Total RevPAR $ 368.32 $ 366.46 $ 364.91 $ 351.41 $ 344.45 $ 342.50
Revenue $ 67,636 $ 67,295 $ 67,009 $ 256,020 $ 250,948 $
249,528 Adjusted EBITDA $ 16,571 $ 16,253 $ 16,253 $ 72,725 $
68,728 $ 68,728 Adjusted EBITDA Margin 24.5 % 24.2 % 24.3 % 28.4 %
27.4 % 27.5 %
The AC Hotel at
National Harbor (3)
Occupancy 52.7 % n/a n/a 57.8 % n/a n/a Average daily rate
(ADR) $ 195.87 n/a n/a $ 198.38 n/a n/a RevPAR $ 103.30 n/a n/a $
114.61 n/a n/a OtherPAR $ 18.55 n/a n/a $ 17.92 n/a n/a Total
RevPAR $ 121.85 n/a n/a $ 132.53 n/a n/a Revenue $ 2,152 n/a
n/a $ 6,972 n/a n/a Adjusted EBITDA $ 560 n/a n/a $ 2,496 n/a n/a
Adjusted EBITDA Margin 26.0 % n/a n/a 35.8 % n/a n/a
The Inn at
Opryland (4)
Occupancy 74.7 % 78.7 % 78.7 % 73.8 % 72.7 % 72.7 % Average
daily rate (ADR) $ 120.32 $ 110.21 $ 110.21 $ 121.80 $ 111.15 $
111.15 RevPAR $ 89.82 $ 86.74 $ 86.74 $ 89.93 $ 80.77 $ 80.77
OtherPAR $ 37.03 $ 35.23 $ 35.23 $ 33.38 $ 32.33 $ 32.33 Total
RevPAR $ 126.85 $ 121.97 $ 121.97 $ 123.31 $ 113.10 $ 113.10
Revenue $ 3,532 $ 3,401 $ 3,401 $ 13,635 $ 12,509 $ 12,509 Adjusted
EBITDA $ 2,012 $ 2,010 $ 2,010 $ 4,808 $ 4,336 $ 4,336 Adjusted
EBITDA Margin 57.0 % 59.1 % 59.1 % 35.3 % 34.7 % 34.7 % (1)
Shown pro forma to present 2014 results with an accounting change
related to parking fees as stipulated by the hospitality industry's
Uniform System of Accounts for the Lodging Industry, Eleventh
Revised Edition, which became effective in January 2015. Prior to
2015, all revenue and expense associated with managed parking
services at our hotels were reported on a gross basis. Beginning in
2015, only the net fee received from the parking manager is
recorded as revenue. (2) Same-store excludes the AC Hotel at
National Harbor. (3) The AC Hotel at National Harbor opened in
April 2015. (4) 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:
GUIDANCE RANGE FOR FULL YEAR
2016 Low High
Ryman Hospitality
Properties, Inc.
Net Income $ 136,200 $ 157,200
Provision (benefit) for income taxes 10,000 8,000 Other (gains) and
losses, net - - Interest expense 68,000 66,000 Interest income
(11,300 ) (11,300 )
Operating Income
202,900 219,900 Depreciation and amortization
111,600 111,600
EBITDA 314,500
331,500 Non-cash lease expense 5,200 5,200 Preopening
expense - - Equity based compensation 6,000 6,000 Pension
settlement charge, Other 2,000 2,000 Other gains and (losses), net
- - Interest income 11,300 11,300
Adjusted EBITDA $ 339,000 $
356,000
Hospitality
Segment 1
Operating Income $ 212,100 $
223,100 Depreciation and amortization 102,400
102,400
EBITDA 314,500 325,500
Non-cash lease expense 5,200 5,200 Preopening expense - - Equity
based compensation - - Other gains and (losses), net - - Interest
income 11,300 11,300
Adjusted
EBITDA $ 331,000 $ 342,000
Entertainment
Segment
Operating Income $ 24,600 $
28,600 Depreciation and amortization 5,700
5,700
EBITDA 30,300 34,300
Equity based compensation 700 700
Adjusted EBITDA $ 31,000 $
35,000
Corporate and
Other Segment
Operating Income $ (33,800 ) $
(31,800 ) Depreciation and amortization 3,500
3,500
EBITDA (30,300 )
(28,300 ) Equity based compensation 5,300 5,300
Pension settlement charge, Other 2,000 2,000 Other gains and
(losses), net - -
Adjusted
EBITDA $ (23,000 ) $ (21,000
)
Ryman Hospitality
Properties, Inc.
Net income $ 136,200 $ 157,200
Depreciation & amortization 111,600
111,600
Funds from Operations (FFO) 247,800
268,800 Non-cash lease expense 5,200 5,200 Amortization of
DFC 5,400 5,200 Deferred tax expense 7,600 7,600 Pension settlement
charge 2,600 2,200
Adjusted
FFO $ 268,600 $ 289,000
1 Hospitality includes AC Hotel
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160226005175/en/
Investor Relations:Ryman Hospitality Properties,
Inc.Mark Fioravanti, 615-316-6588President and Chief Financial
Officermfioravanti@rymanhp.comorTodd 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 / Dan Zacchei, 212-446-1892 /
212-446-1882jhochberg@sloanepr.com / dzacchei@sloanepr.com
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