– Net Income Increased 24 Percent to $48.1
Million for the Quarter and 43 Percent to $159.4 Million for the
Year over 2015 periods – – Reports Full Year
Consolidated Adjusted EBITDA of $350.2 Million, an Increase of 7.7
Percent Over Full Year 2016 – – Achieved
Record Gross Advanced Group Bookings in 2016, Surpassing 2015
Previous Record by 9.9 Percent – – Declares
First Quarter 2017 Dividend of $0.80 Per Share; Intends to Pay
$3.20 Per Share Annualized Dividend in 2017, a 7 Percent Increase
Over Full Year 2016 – – Issues Full Year 2017
Guidance –
Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real
estate investment trust ("REIT") specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the fourth quarter and full year
ended December 31, 2016.
Colin Reed, Chairman and Chief Executive Officer
of Ryman Hospitality Properties, said, “Our businesses delivered
fourth quarter 2016 results that were in line with our expectations
going into the quarter and contributed to another record year for
our company from a total revenue, net income, Adjusted EBITDA, and
hospitality gross group bookings perspective. Full year 2016
results for these measures exceeded last year’s performance by 5.2
percent, 42.9 percent, 7.7 percent, and 9.9 percent,
respectively.
We closed fourth quarter 2016 with gross group
bookings results that nearly matched our record Q4 2015 production.
This strong close solidified 2016 as the best gross room night
production year in brand history. We began 2017 with 6.4 million
gross room nights on the books for all future years, which, in
addition to being a new high-water mark for the brand, is further
indication that the group market is alive and well. We remain
confident in our market position and the outlook for this segment.
While overall industry supply according to STR is expected to grow
by a modest 2.0 percent and 2.2 percent in 2017 and 2018,
respectively, the demand for hotels of our size and group-oriented
nature is robust with little new competitive supply in the pipeline
for the foreseeable future.”
|
Fourth Quarter and Full Year 2016 Results (As Compared
to Fourth Quarter and Full Year 2015) Included the
Following: |
Consolidated Results |
|
|
|
|
|
|
|
|
($ in thousands, except per share amounts, RevPAR and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
Dec 31, |
|
Dec 31, |
|
2016 |
|
2015 |
|
% ∆ |
|
2016 |
|
2015 |
|
% ∆ |
Total Revenue |
$ |
319,775 |
|
|
$ |
312,120 |
|
|
2.5 |
% |
|
$ |
1,149,207 |
|
|
$ |
1,092,124 |
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(1) |
$ |
61,499 |
|
|
$ |
36,389 |
|
|
69.0 |
% |
|
$ |
213,805 |
|
|
$ |
162,062 |
|
|
31.9 |
% |
Operating Income
Margin |
|
19.2 |
% |
|
|
11.7 |
% |
|
7.5pt |
|
|
|
18.6 |
% |
|
|
14.8 |
% |
|
3.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (1) |
$ |
48,096 |
|
|
$ |
38,899 |
|
|
23.6 |
% |
|
$ |
159,366 |
|
|
$ |
111,511 |
|
|
42.9 |
% |
Net Income Margin
(1) |
|
15.0 |
% |
|
|
12.5 |
% |
|
2.5pt |
|
|
|
13.9 |
% |
|
|
10.2 |
% |
|
3.7pt |
|
Net Income per diluted
share (1) |
$ |
0.94 |
|
|
$ |
0.75 |
|
|
25.3 |
% |
|
$ |
3.11 |
|
|
$ |
2.16 |
|
|
44.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
94,674 |
|
|
$ |
88,298 |
|
|
7.2 |
% |
|
$ |
350,194 |
|
|
$ |
325,068 |
|
|
7.7 |
% |
Adjusted EBITDA
Margin |
|
29.6 |
% |
|
|
28.3 |
% |
|
1.3pt |
|
|
|
30.5 |
% |
|
|
29.8 |
% |
|
0.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
Revenue (2) |
$ |
289,544 |
|
|
$ |
285,320 |
|
|
1.5 |
% |
|
$ |
1,029,651 |
|
|
$ |
987,631 |
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
RevPAR (2) |
$ |
145.32 |
|
|
$ |
148.38 |
|
|
-2.1 |
% |
|
$ |
138.67 |
|
|
$ |
134.80 |
|
|
2.9 |
% |
Same-Store Hospitality
Total RevPAR (2) |
$ |
387.92 |
|
|
$ |
382.97 |
|
|
1.3 |
% |
|
$ |
346.99 |
|
|
$ |
334.14 |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
Operating Income (2) |
$ |
62,959 |
|
|
$ |
39,838 |
|
|
58.0 |
% |
|
$ |
215,693 |
|
|
$ |
168,833 |
|
|
27.8 |
% |
Same-Store Hospitality
Operating Income Margin (2) |
|
21.7 |
% |
|
|
14.0 |
% |
|
7.7pt |
|
|
|
20.9 |
% |
|
|
17.1 |
% |
|
3.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
Adjusted EBITDA (2) |
$ |
91,454 |
|
|
$ |
86,857 |
|
|
5.3 |
% |
|
$ |
333,796 |
|
|
$ |
312,970 |
|
|
6.7 |
% |
Same-Store Hospitality
Adjusted EBITDA Margin (2) |
|
31.6 |
% |
|
|
30.4 |
% |
|
1.2pt |
|
|
|
32.4 |
% |
|
|
31.7 |
% |
|
0.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations
(FFO) |
$ |
76,046 |
|
|
$ |
67,815 |
|
|
12.1 |
% |
|
$ |
269,241 |
|
|
$ |
225,894 |
|
|
19.2 |
% |
FFO per diluted
share |
$ |
1.48 |
|
|
$ |
1.31 |
|
|
13.0 |
% |
|
$ |
5.25 |
|
|
$ |
4.38 |
|
|
19.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
(3) |
$ |
77,745 |
|
|
$ |
72,112 |
|
|
7.8 |
% |
|
$ |
281,499 |
|
|
$ |
259,887 |
|
|
8.3 |
% |
Adjusted FFO per
diluted share (3) |
$ |
1.51 |
|
|
$ |
1.40 |
|
|
7.9 |
% |
|
$ |
5.49 |
|
|
$ |
5.04 |
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net
income for three and twelve months ended December 31, 2016 includes
a loss of $0.7 million and $2.8 million, respectively, on joint
ventures. |
Net income
and operating income for three and twelve months ended December 31,
2015 includes an impairment charge of $16.3 million and $19.2
million, respectively. |
Net income
for twelve months ended December 31, 2015 includes a loss of $20.2
million on warrant settlements associated with our previous
convertible notes. |
Net income
for three and twelve months ended December 31, 2015 includes a $6.9
million gain associated with the reimbursement of costs that were
previously incurred related to a proposed Gaylord Rockies
development. |
|
|
|
|
|
|
|
|
|
|
|
|
(2)
Same-Store Hospitality excludes the AC Hotel at National Harbor,
which opened in April 2015. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
Adjusted FFO for both periods is presented using the 2016
definition of Adjusted FFO contained in this release. |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Company’s definitions of Revenue Per Available Room
(RevPAR), Total Revenue Per Available Room (Total RevPAR),
Operating Income Margin, Net Income Margin, Adjusted EBITDA,
Adjusted EBITDA Margin, FFO, and Adjusted FFO, as well as a
reconciliation of the non-GAAP financial measure Adjusted EBITDA to
Net Income and a reconciliation of the non-GAAP financial measure
Adjusted FFO to Net Income, see “Calculation of RevPAR and Total
RevPAR,” “Calculation of GAAP Margin Figures,” “Non-GAAP Financial
Measures,” “Adjusted EBITDA Definition,” “Adjusted EBITDA Margin
Definition,” “Adjusted FFO Definition” and “Supplemental Financial
Results” below. Adjusted FFO for 2015 presented herein
reflects the Adjusted FFO definition used for 2016.
Operating Results
For the three months and twelve months ended
December 31, 2016 and 2015, the Company reported the following:
|
Hospitality Segment |
($ in
thousands, except ADR, RevPAR and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
Dec 31, |
|
Dec 31, |
|
2016 |
|
2015 |
|
% ∆ |
|
2016 |
|
2015 |
|
% ∆ |
Hospitality
Results |
|
|
|
|
|
|
|
|
|
|
|
Hospitality
Revenue |
$ |
292,104 |
|
|
$ |
287,472 |
|
|
1.6 |
% |
|
$ |
1,039,643 |
|
|
$ |
994,603 |
|
|
4.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Operating
Income (1) |
$ |
63,369 |
|
|
$ |
40,074 |
|
|
58.1 |
% |
|
$ |
217,564 |
|
|
$ |
169,383 |
|
|
28.4 |
% |
Hospitality Operating
Income Margin |
|
21.7 |
% |
|
|
13.9 |
% |
|
7.8pt |
|
|
20.9 |
% |
|
|
17.0 |
% |
|
3.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Adjusted
EBITDA |
$ |
92,180 |
|
|
$ |
87,416 |
|
|
5.4 |
% |
|
$ |
336,931 |
|
|
$ |
315,466 |
|
|
6.8 |
% |
Hospitality Adjusted
EBITDA Margin |
|
31.6 |
% |
|
|
30.4 |
% |
|
1.2pt |
|
|
32.4 |
% |
|
|
31.7 |
% |
|
0.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance
Metrics |
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.2 |
% |
|
|
76.4 |
% |
|
-0.2pt |
|
|
75.0 |
% |
|
|
73.6 |
% |
|
1.4pt |
Average
Daily Rate (ADR) |
$ |
189.91 |
|
|
$ |
192.87 |
|
|
-1.5 |
% |
|
$ |
184.36 |
|
|
$ |
182.56 |
|
|
1.0 |
% |
RevPAR |
$ |
144.79 |
|
|
$ |
147.33 |
|
|
-1.7 |
% |
|
$ |
138.27 |
|
|
$ |
134.44 |
|
|
2.8 |
% |
Total
RevPAR |
$ |
382.30 |
|
|
$ |
376.93 |
|
|
1.4 |
% |
|
$ |
342.25 |
|
|
$ |
330.61 |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Definite Rooms Nights Booked |
|
971,130 |
|
|
|
976,883 |
|
|
-0.6 |
% |
|
|
2,568,749 |
|
|
|
2,336,561 |
|
|
9.9 |
% |
Net
Definite Rooms Nights Booked |
|
808,573 |
|
|
|
835,883 |
|
|
-3.3 |
% |
|
|
2,059,659 |
|
|
|
1,898,181 |
|
|
8.5 |
% |
Group
Attrition (as % of contracted block) |
|
12.7 |
% |
|
|
12.7 |
% |
|
0.0pt |
|
|
12.5 |
% |
|
|
12.8 |
% |
|
-0.3pt |
Cancellations ITYFTY (2) |
|
5,856 |
|
|
|
2,484 |
|
|
135.7 |
% |
|
|
41,239 |
|
|
|
29,746 |
|
|
38.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store
Hospitality Results (3) |
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
Revenue |
$ |
289,544 |
|
|
$ |
285,320 |
|
|
1.5 |
% |
|
$ |
1,029,651 |
|
|
$ |
987,631 |
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
Operating Income (1) |
$ |
62,959 |
|
|
$ |
39,838 |
|
|
58.0 |
% |
|
$ |
215,693 |
|
|
$ |
168,833 |
|
|
27.8 |
% |
Same-Store Hospitality
Operating Income Margin |
|
21.7 |
% |
|
|
14.0 |
% |
|
7.7pt |
|
|
20.9 |
% |
|
|
17.1 |
% |
|
3.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
Adjusted EBITDA |
$ |
91,454 |
|
|
$ |
86,857 |
|
|
5.3 |
% |
|
$ |
333,796 |
|
|
$ |
312,970 |
|
|
6.7 |
% |
Same-Store Hospitality
Adjusted EBITDA Margin |
|
31.6 |
% |
|
|
30.4 |
% |
|
1.2pt |
|
|
32.4 |
% |
|
|
31.7 |
% |
|
0.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality
Performance Metrics |
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.5 |
% |
|
|
76.9 |
% |
|
-0.4pt |
|
|
75.2 |
% |
|
|
73.9 |
% |
|
1.3pt |
Average
Daily Rate (ADR) |
$ |
190.00 |
|
|
$ |
192.83 |
|
|
-1.5 |
% |
|
$ |
184.40 |
|
|
$ |
182.34 |
|
|
1.1 |
% |
RevPAR |
$ |
145.32 |
|
|
$ |
148.38 |
|
|
-2.1 |
% |
|
$ |
138.67 |
|
|
$ |
134.80 |
|
|
2.9 |
% |
Total
RevPAR |
$ |
387.92 |
|
|
$ |
382.97 |
|
|
1.3 |
% |
|
$ |
346.99 |
|
|
$ |
334.14 |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating income for three and twelve months ended
December 31, 2015 includes an impairment charge of $16.3 million
and $19.2 million, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
(2)
"ITYFTY" represents In The Year For The Year. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Same-Store Hospitality excludes the AC Hotel at National
Harbor, which opened in April 2015. |
|
|
|
|
|
Property-level results and operating metrics for
fourth quarter and full year 2016 are presented in greater detail
below and under “Supplemental Financial Results—Hospitality Segment
Adjusted EBITDA Reconciliations,” which includes a reconciliation
of the non-GAAP financial measures Hospitality Adjusted EBITDA to
Hospitality Operating Income, Same-Store Hospitality Adjusted
EBITDA to Same-Store Hospitality Operating Income, and
property-level Adjusted EBITDA to property-level Operating Income
for each of the hotel properties. Highlights for fourth quarter
2016 for the Hospitality segment and at each property include:
- Hospitality Segment (Same-Store): Total
revenue increased 1.5 percent to $289.5 million in fourth quarter
2016 compared to fourth quarter 2015. RevPAR decreased 2.1 percent
in the fourth quarter 2016 compared to the fourth quarter 2015,
driven primarily by the unfavorable impact of group cancellations
as a result of Hurricane Matthew and the Jewish holiday shift from
third quarter 2015 to fourth quarter 2016, both of which impacted
the Gaylord Palms the most. The decline due to the hurricane was
partially offset by a pickup in groups associated with hurricane
cleanup efforts. We estimate that the Jewish holiday shift
represented approximately 85 basis points of the fourth quarter
2016 RevPAR decline as compared to fourth quarter 2015. Total
RevPAR increased 1.3 percent in the fourth quarter 2016 compared to
the fourth quarter 2015, driven by strong-performing holiday
programming. Fourth quarter 2015 included a $16.3 million
impairment charge related to a change in our expansion plans for
the Gaylord Texan property. In addition, during full year 2015, the
hospitality segment incurred $2.9 million in impairment charges
related to assets previously used in special events programming
that was discontinued. Operating income increased 58.0 percent to
$63.0 million in fourth quarter 2016, as compared to fourth quarter
2015, driven by the Gaylord Texan, as described below. Operating
income margin improved nearly 800 basis points to 21.7
percent. Adjusted EBITDA increased 5.3 percent to $91.5
million in fourth quarter 2016, as compared to fourth quarter 2015.
Adjusted EBITDA margin improved 120 basis points to 31.6 percent.
- Gaylord Opryland: Total revenue for fourth
quarter 2016 increased 0.9 percent to $97.8 million compared to
fourth quarter 2015, driven by modestly higher occupancy and a 0.7
percent year-over-year increase in outside-the-room spend related
to strong banquet and holiday performance. Gains in
outside-the-room spending offset a 2.0 percent year-over-year
decline in RevPAR related to an unfavorable group mix shift that
also impacted ADR. Operating income increased 12.4 percent to $26.6
million in fourth quarter 2016, as compared to fourth quarter 2015.
Operating income margin improved 280 basis points to 27.2 percent.
Adjusted EBITDA increased 9.9 percent year-over-year, to $34.6
million, and Adjusted EBITDA margin improved 290 basis points to
35.4 percent, due to cost savings and productivity gains.
- Gaylord Palms: Total revenue for fourth
quarter 2016 decreased 0.4 percent to $52.1 million compared to
fourth quarter 2015, driven by a 4.6 percent decrease in RevPAR as
a result of a 2.9 percentage point decrease in occupancy related to
group cancellations as a result of Hurricane Matthew and the shift
in the Jewish holiday. The decline due to the hurricane was
partially offset by a pickup in groups associated with hurricane
cleanup efforts who used the hotel as a staging area; however,
these groups were at a lower room rate and incurred little to no
outside-the-room spending on food and beverage. The shift in the
Jewish holiday represented roughly an estimated 400 basis point
decline in RevPAR for fourth quarter 2016 as compared to fourth
quarter 2015. Total RevPAR decreased 1.1 percent compared to fourth
quarter 2015. Robust holiday programming sales partially offset
hurricane-related year-over-year Total RevPAR declines. Operating
income decreased 11.8 percent to $7.4 million in fourth quarter
2016, as compared to fourth quarter 2015. Operating income margin
declined 180 basis points to 14.1 percent. Adjusted EBITDA
decreased 6.0 percent to $13.5 million compared to fourth quarter
2015, and Adjusted EBITDA margin declined 150 basis points to 26.0
percent, due primarily to the impact of Hurricane
Matthew.
- Gaylord Texan: Total revenue for fourth
quarter 2016 increased 5.7 percent to $68.7 million compared to
fourth quarter 2015, driven by a 2.5 percent increase in ADR
related to a favorable mix shift to corporate room nights. Total
RevPAR increased 5.7 percent in fourth quarter 2016, compared to
fourth quarter 2015, related to strong banquet performance and
strong holiday programming revenue. Operating income increased
1,656 percent to $19.8 million in fourth quarter 2016, as compared
to fourth quarter 2015. Fourth quarter 2015 included a $16.3
million impairment charge related to a change in our expansion
plans for the property. Operating income margin increased 2,720
basis points to 28.9 percent. Adjusted EBITDA increased 11.4
percent to $24.9 million compared to fourth quarter 2015. Adjusted
EBITDA margin increased 190 basis points to 36.3 percent on strong
overall performance.
- Gaylord National: Total revenue for fourth
quarter 2016 decreased 0.7 percent to $67.1 million, compared to
fourth quarter 2015, due to a decline in both occupancy and ADR
related to a decrease in group room nights, which was partially
offset by an increase in transient room nights. Total RevPAR
declined 0.7 percent in fourth quarter 2016 compared to fourth
quarter 2015. Operating income increased 45.6 percent to $7.3
million in fourth quarter 2016, as compared to fourth quarter 2015.
Operating income margin improved 350 basis points to 10.9 percent.
Adjusted EBITDA decreased 2.2 percent to $16.2 million, as compared
to fourth quarter 2015. Adjusted EBITDA margin decreased 40 basis
points to 24.1 percent.
Reed continued, “Overall, 2016 was an excellent year for our
hotels, with Gaylord Opryland and Gaylord Texan both surpassing
their previous full year revenue, operating income, and Adjusted
EBITDA records. Despite some unforeseen challenges in the fourth
quarter related to Hurricane Matthew, Gaylord Palms led the Gaylord
Hotels brand in full year revenue growth and achieved its best-ever
full year results in revenue, operating income, and Adjusted
EBITDA. While Gaylord National’s performance was relatively flat in
2016, we believe the future is bright for this hotel as it is
poised to benefit from its new riverfront ballroom, set to open in
May of 2017, as well as the neighboring MGM National Harbor, which
continues to ramp up its operations.”
Entertainment Segment
For the three months and twelve months ended
December 31, 2016 and 2015, the Company reported the following:
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
($ in thousands) |
|
Dec 31, |
|
Dec 31, |
|
|
2016 |
2015 |
% ∆ |
|
2016 |
2015 |
% ∆ |
|
Revenue |
|
$27,671 |
$24,648 |
12.3% |
|
$109,564 |
$97,521 |
12.3% |
Operating Income |
|
$5,562 |
$4,512 |
23.3% |
|
$27,980 |
$24,353 |
14.9% |
Operating Income
Margin |
|
20.1% |
18.3% |
1.8pt |
|
25.5% |
25.0% |
0.5pt |
Adjusted EBITDA |
|
$7,929 |
$6,205 |
27.8% |
|
$35,725 |
$30,787 |
16.0% |
Adjusted EBITDA
Margin |
|
28.7% |
25.2% |
3.5pt |
|
32.6% |
31.6% |
1.0pt |
|
|
|
|
|
|
|
|
|
Reed continued, “2016 is the third consecutive
year that our Entertainment segment has produced double-digit
revenue, operating income, and Adjusted EBITDA growth and the first
year we have seen this segment surpass $100 million in revenue.
With Opry City Stage in New York City set to open this year and our
plans for Ole Red taking shape, we continue to believe there is
additional upside potential for this segment in the years ahead as
we begin to extend the reach of our iconic Entertainment brands
both inside and outside Nashville.”
Corporate and Other Segment
For the three months and twelve months ended
December 31, 2016 and 2015, the Company reported the following:
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
($ in thousands) |
Dec 31, |
|
Dec 31, |
|
2016 |
|
2015 |
|
% ∆ |
|
2016 |
|
2015 |
|
% ∆ |
Operating Loss (1) |
($7,432) |
|
($8,197) |
|
9.3% |
|
($31,739) |
|
($31,674) |
|
-0.2% |
Adjusted EBITDA |
($5,435) |
|
($5,323) |
|
-2.1% |
|
($22,462) |
|
($21,185) |
|
-6.0% |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Corporate operating loss includes a non-cash net settlement charge
for the three months and twelve months ended December 31, 2016 of
$0.1 million and $1.7 million, respectively, and for the three
months and twelve months ended December 31, 2015 of $0.8
million and $2.4 million, respectively, for the Company’s
defined benefit pension plan, which was a result of increased
lump sum distributions. |
|
Development Update
Subsequent to the end of the fourth quarter, the
Company announced two development projects that are set to open in
2018. Both projects will be funded with cash on hand and borrowings
under the Company’s credit facility.
On January 5, 2017, the Company announced plans
to transform Blake Shelton’s breakout hit “Ol’ Red” into a new
lifestyle brand anchored by a $20 million multi-level entertainment
venue in the heart of Music City’s famed Lower Broadway. Ole Red
Nashville will be a multi-level 26,000-square-foot entertainment
venue, with a two-story bar and restaurant, retail area,
performance space, dance floor and private VIP booths for small
groups. The complex will also include a large, private event space
and a 6,000-square-foot rooftop featuring an indoor/outdoor bar and
restaurant with panoramic views of Lower Broadway. The Company also
announced it will open a smaller, similarly-branded Ole Red concept
in Shelton’s hometown of Tishomingo, Oklahoma in late 2017.
On January 25, 2017, the Company announced plans
for SoundWaves, a proposed $90 million luxury indoor/outdoor
waterpark, adjacent to Gaylord Opryland Resort & Convention
Center in Nashville. The proposed project includes nearly 111,000
square feet of upscale indoor water attractions and activities over
three levels and another 106,000 square feet of outdoor water
amenities. The project will have dedicated indoor and outdoor
recreation zones for adults, young children and families, as well
as dining options and private cabana rentals. Adult guests will
have exclusive access to adults-only indoor and outdoor pools, bars
and lounging areas throughout the complex.
Guidance
The following business performance outlook is
based on current information as of February 28, 2017. 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. The Hospitality segment guidance for RevPAR and Total
RevPAR provided herein includes the AC Hotel at National
Harbor.
Reed continued, “As we communicated to you
throughout 2016, our group room nights on the books for 2017 were
pacing in line with what we saw going into 2016, and while we
believe 2017 will be another solid year for our hospitality
business, we anticipate flat to modest year-over-year growth in
hospitality revenue. In addition, we anticipate having
approximately 49,000 room nights out of service in 2017 as we
complete a planned renovation of the Delta portion of our Gaylord
Opryland property. As such, we expect both RevPAR and Total RevPAR
growth in 2017 in the range of 0% – 3%.
For full year 2017, net income assumes a range
of $139.8 to $157.6 million. Our Adjusted EBITDA guidance
range for full year 2017 for our Hospitality segment is $330.0 to
$344.0 million. This Adjusted EBITDA guidance for our Hospitality
segment includes the impact of continued room renovation work at
Gaylord Opryland and we anticipate a meaningful increase in
property tax payments across our portfolio due to the improved
financial performance we have had at our hotels since our last
major assessments took place in 2013.
Our 2017 Adjusted EBITDA guidance for the
Entertainment segment is $34.0 to $38.0 million and Corporate &
Other guidance for Adjusted EBITDA in 2017 is a loss of $24.0 to
$22.0 million. As a result, our guidance for 2017 Adjusted EBITDA
on a consolidated basis is $340.0 to $360.0 million.
We entered 2017 with 6.4 million gross room
nights on the books for all future years, and we remain confident
in our ability to capitalize on the strength of the group market in
the short term and especially in 2018 and beyond when we will begin
to see the benefit of our capital reinvestments at Gaylord Texan
and Gaylord Opryland, as well as our investment in Gaylord Rockies.
Coupled with our aggressive growth plans on the Entertainment side
of our business, we believe the future looks tremendous for our
Company.”
|
|
$ in
millions, except per share figures |
Guidance |
|
|
Full Year 2017 |
|
|
Low |
|
High |
|
|
|
|
|
Hospitality
RevPAR 1,2 |
|
0.0 |
% |
|
|
3.0 |
% |
Hospitality
Total RevPAR 1,2 |
|
0.0 |
% |
|
|
3.0 |
% |
|
|
|
|
|
Net
Income |
$ |
139.8 |
|
|
$ |
157.6 |
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
Hospitality
1,2 |
$ |
330.0 |
|
|
$ |
344.0 |
|
Entertainment |
|
34.0 |
|
|
|
38.0 |
|
Corporate
and Other |
|
(24.0 |
) |
|
|
(22.0 |
) |
Consolidated Adjusted EBITDA |
$ |
340.0 |
|
|
$ |
360.0 |
|
|
|
|
|
|
Funds from
Operations (FFO) |
$ |
253.3 |
|
|
$ |
274.1 |
|
Adjusted
FFO |
$ |
264.5 |
|
|
$ |
285.5 |
|
|
|
|
|
|
Net Income
per Diluted Share |
$ |
2.73 |
|
|
$ |
3.07 |
|
|
|
|
|
|
FFO per
Diluted Share |
$ |
4.94 |
|
|
$ |
5.34 |
|
|
|
|
|
|
Estimated
Diluted Shares Outstanding |
|
51.3 |
|
|
|
51.3 |
|
|
1 Hospitality segment guidance for RevPAR, Total RevPAR, and
Hospitality Adjusted EBITDA include the AC Hotel. |
2 Hospitality segment guidance assumes approximately 49,000
room nights out of service in 2017 due to the renovation of rooms
at Gaylord Opryland. The out of service rooms are included in
the total available room count for calculating hotel metrics (e.g.,
RevPAR and Total RevPAR). |
|
For reconciliations of Adjusted EBITDA, FFO and Adjusted FFO
guidance to Net Income and reconciliations of segment Adjusted
EBITDA to segment Operating Income, see “Reconciliations of
Forward-Looking Statements,” below.
Dividend Update
The Company paid its fourth quarter 2016 cash
dividend of $0.75 per share of common stock on January 13, 2017 to
stockholders of record on December 30, 2016. Including the fourth
quarter cash dividend payment, the Company paid a total of $3.00
per share of dividends to its common shareholders for the full year
2016.
Today, the Company declared its first quarter
cash dividend of $0.80 per share of common stock payable
on April 14, 2017 to stockholders of record on March
31, 2017. It is the Company’s current plan to distribute total 2017
annual dividends of approximately $3.20 per share in cash
in equal quarterly payments in April, July, and October of 2017 and
in January of 2018, which is a 7 percent increase over the full
year 2016 dividend of $3.00. If expected regular quarterly
dividends for 2017 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 2018.
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, 2016, the Company had total
debt outstanding of $1,502.6 million (net of unamortized deferred
financing costs) and unrestricted cash of $59.1 million. As of
December 31, 2016, $382.4 million of borrowings were drawn under
the revolving credit line of the Company’s credit facility, and the
lending banks had issued $2.1 million in letters of credit, which
left $315.5 million of availability for borrowing under the credit
facility.
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 7,811 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
over 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 StatementsThis 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, new projects or investments, 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 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, 2015 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 InformationThis
release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
annual 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
RevPARWe 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.
Calculation of GAAP Margin FiguresWe calculate
Net Income Margin by dividing GAAP consolidated Net Income by GAAP
consolidated Total Revenue. We calculate consolidated, Same-Store
Hospitality, segment, or property-level Operating Income Margin by
dividing consolidated, Same-Store Hospitality, segment, or
property-level GAAP Operating Income by consolidated, Same-Store
Hospitality, segment, or property-level GAAP Revenue.
Non-GAAP Financial MeasuresWe present the
following non-GAAP financial measures we believe are useful to
investors as key measures of our operating performance:
Adjusted EBITDA DefinitionTo calculate Adjusted
EBITDA, we first determine Operating Income, which represents Net
Income (loss) determined in accordance with GAAP, plus, to the
extent the following adjustments occurred during the periods
presented: loss (income) from discontinued operations, net;
provision (benefit) for income taxes; other (gains) and losses,
net; loss on extinguishment of debt; (income) loss from joint
ventures; and interest expense, net. Adjusted EBITDA is then
calculated as Operating Income, plus, to the extent the following
adjustments occurred during the periods presented: depreciation and
amortization; 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), net; (gains) losses on
warrant settlements; pension settlement charges; pro rata Adjusted
EBITDA from joint ventures, (gains) losses on the disposal of
assets, 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 Operating Income and
Adjusted EBITDA and a reconciliation of segment, same-store, and
property-level Operating Income to segment, same-store, and
property-level Adjusted EBITDA are set forth below under
“Supplemental Financial Results.” Hospitality Adjusted
EBITDA—Same-Store excludes the AC Hotel at National Harbor.
Adjusted EBITDA Margin DefinitionWe calculate
consolidated Adjusted EBITDA Margin by dividing consolidated
Adjusted EBITDA by GAAP consolidated Total Revenue. We calculate
Same-Store Hospitality, segment, or property-level Adjusted EBITDA
Margin by dividing Same-Store Hospitality, segment, or
property-level Adjusted EBITDA by Same-Store Hospitality, segment,
or property-level GAAP Revenue. We believe Adjusted EBITDA
Margin is useful to investors in evaluating our operating
performance because this non-GAAP financial measure helps investors
evaluate and compare the results of our operations from period to
period by presenting a ratio showing the quantitative relationship
between Adjusted EBITDA and GAAP consolidated Total Revenue or
Same-Store Hospitality, segment, or property-level GAAP Revenue, as
applicable.
Adjusted FFO DefinitionWe calculate Adjusted
FFO to mean Net Income (loss) (computed in accordance with GAAP),
excluding, to the extent the following adjustments occurred during
the periods presented: non-controlling interests, and (gains) and
losses from sales of property; depreciation and amortization
(excluding amortization of deferred financing costs and debt
discounts) and certain pro rata adjustments from joint ventures
(which equals FFO). We then exclude, to the extent the following
adjustments occurred during the periods presented, impairment
charges; write-offs of deferred financing costs, non-cash ground
lease expense, amortization of debt discounts and amortization of
deferred financing cost, pension settlement charges, additional pro
rata adjustments from joint ventures, (gains) losses on other
assets, and (gains) losses on extinguishment of debt and warrant
settlements. Beginning in 2016, we exclude the impact of deferred
income tax expense (benefit). We believe that the presentation of
Adjusted FFO provides useful information to investors regarding the
performance of our ongoing operations 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.” 2015 Adjusted FFO figures are presented using the 2016
definition of Adjusted FFO.
We caution investors that amounts presented in accordance with
our definitions of Adjusted EBITDA, Adjusted EBITDA Margin, 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, Adjusted EBITDA
Margin, 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, Adjusted EBITDA Margin, 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), Net Income Margin, Operating
Income (loss), Operating Income Margin, 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, |
|
|
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
Revenues
: |
|
|
|
|
|
|
|
Rooms |
$ |
110,626 |
|
$ |
112,368 |
|
|
$ |
420,011 |
|
$ |
404,457 |
|
|
|
Food and beverage |
|
114,943 |
|
|
115,226 |
|
|
|
477,493 |
|
|
461,157 |
|
|
|
Other hotel
revenue |
|
66,535 |
|
|
59,878 |
|
|
|
142,139 |
|
|
128,989 |
|
|
|
Entertainment |
|
27,671 |
|
|
24,648 |
|
|
|
109,564 |
|
|
97,521 |
|
|
|
Total
revenues |
|
319,775 |
|
|
312,120 |
|
|
|
1,149,207 |
|
|
1,092,124 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Rooms |
|
27,126 |
|
|
29,851 |
|
|
|
109,618 |
|
|
110,067 |
|
|
|
Food and beverage |
|
66,262 |
|
|
67,919 |
|
|
|
267,307 |
|
|
261,580 |
|
|
|
Other hotel
expenses |
|
103,264 |
|
|
102,476 |
|
|
|
322,774 |
|
|
312,989 |
|
|
|
Management fees |
|
6,948 |
|
|
4,141 |
|
|
|
22,194 |
|
|
14,657 |
|
|
|
Total
hotel operating expenses |
|
203,600 |
|
|
204,387 |
|
|
|
721,893 |
|
|
699,293 |
|
|
|
Entertainment |
|
19,920 |
|
|
18,588 |
|
|
|
74,550 |
|
|
67,363 |
|
|
|
Corporate |
|
6,828 |
|
|
7,530 |
|
|
|
29,143 |
|
|
28,914 |
|
|
|
Preopening costs |
|
- |
|
|
- |
|
|
|
- |
|
|
909 |
|
|
|
Impairment and other
charges |
|
- |
|
|
16,310 |
|
|
|
- |
|
|
19,200 |
|
|
|
Depreciation and
amortization |
|
27,928 |
|
|
28,916 |
|
|
|
109,816 |
|
|
114,383 |
|
|
|
Total
operating expenses |
|
258,276 |
|
|
275,731 |
|
|
|
935,402 |
|
|
930,062 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
61,499 |
|
|
36,389 |
|
|
|
213,805 |
|
|
162,062 |
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized |
|
(15,904 |
) |
|
(16,136 |
) |
|
|
(63,906 |
) |
|
(63,901 |
) |
|
Interest
income |
|
2,384 |
|
|
3,001 |
|
|
|
11,500 |
|
|
12,384 |
|
|
Loss from
joint ventures |
|
(708 |
) |
|
- |
|
|
|
(2,794 |
) |
|
- |
|
|
Other gains
and (losses), net |
|
1,873 |
|
|
7,215 |
|
|
|
4,161 |
|
|
(10,889 |
) |
|
Income
before income taxes |
|
49,144 |
|
|
30,469 |
|
|
|
162,766 |
|
|
99,656 |
|
|
|
|
|
|
|
|
|
|
(Provision)
/ benefit for income taxes |
|
(1,048 |
) |
|
8,430 |
|
|
|
(3,400 |
) |
|
11,855 |
|
|
Net
income |
$ |
48,096 |
|
$ |
38,899 |
|
|
$ |
159,366 |
|
$ |
111,511 |
|
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.94 |
|
$ |
0.76 |
|
|
$ |
3.12 |
|
$ |
2.18 |
|
|
Fully
diluted net income per share |
$ |
0.94 |
|
$ |
0.75 |
|
|
$ |
3.11 |
|
$ |
2.16 |
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares for the period: |
|
|
|
|
|
|
|
Basic |
|
51,008 |
|
|
51,287 |
|
|
|
51,009 |
|
|
51,241 |
|
|
|
Diluted |
|
51,337 |
|
|
51,684 |
|
|
|
51,312 |
|
|
51,612 |
|
|
RYMAN HOSPITALITY
PROPERTIES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
Dec. 31, |
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated
depreciation |
$ |
1,998,012 |
|
$ |
1,982,816 |
|
Cash
and cash equivalents - unrestricted |
|
59,128 |
|
|
56,291 |
|
Cash
and cash equivalents - restricted |
|
22,062 |
|
|
22,355 |
|
Notes
receivable |
|
152,882 |
|
|
152,560 |
|
Trade
receivables, net |
|
47,818 |
|
|
55,033 |
|
Investment in Gaylord Rockies joint venture |
|
70,440 |
|
|
- |
|
Prepaid expenses and other assets |
|
55,411 |
|
|
62,379 |
|
|
Total
assets |
$ |
2,405,753 |
|
$ |
2,331,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
|
Debt
and capital lease obligations |
$ |
1,502,554 |
|
$ |
1,431,710 |
|
Accounts payable and accrued liabilities |
|
163,205 |
|
|
153,383 |
|
Dividends payable |
|
39,404 |
|
|
36,868 |
|
Deferred management rights proceeds |
|
180,088 |
|
|
183,119 |
|
Deferred income taxes, net |
|
1,469 |
|
|
1,163 |
|
Other
liabilities |
|
151,036 |
|
|
145,629 |
|
Stockholders' equity |
|
367,997 |
|
|
379,562 |
|
|
Total
liabilities and stockholders' equity |
$ |
2,405,753 |
|
$ |
2,331,434 |
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, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
319,775 |
|
|
|
$ |
312,120 |
|
|
|
$ |
1,149,207 |
|
|
|
$ |
1,092,124 |
|
|
|
|
Net income |
$ |
48,096 |
|
15.0 |
% |
|
$ |
38,899 |
|
12.5 |
% |
|
$ |
159,366 |
|
13.9 |
% |
|
$ |
111,511 |
|
10.2 |
% |
|
|
Provision
(benefit) for income taxes |
|
1,048 |
|
|
|
|
(8,430 |
) |
|
|
|
3,400 |
|
|
|
|
(11,855 |
) |
|
|
|
Other
(gains) and losses, net |
|
(1,873 |
) |
|
|
|
(7,215 |
) |
|
|
|
(4,161 |
) |
|
|
|
10,889 |
|
|
|
|
Loss from
joint ventures |
|
708 |
|
|
|
|
- |
|
|
|
|
2,794 |
|
|
|
|
- |
|
|
|
|
Interest
expense, net |
|
13,520 |
|
|
|
|
13,135 |
|
|
|
|
52,406 |
|
|
|
|
51,517 |
|
|
|
|
Operating Income |
|
61,499 |
|
19.2 |
% |
|
|
36,389 |
|
11.7 |
% |
|
|
213,805 |
|
18.6 |
% |
|
|
162,062 |
|
14.8 |
% |
|
|
Depreciation & amortization |
|
27,928 |
|
|
|
|
28,916 |
|
|
|
|
109,816 |
|
|
|
|
114,383 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
909 |
|
|
|
|
Non-cash
ground lease expense |
|
1,311 |
|
|
|
|
1,341 |
|
|
|
|
5,243 |
|
|
|
|
5,364 |
|
|
|
|
Equity-based compensation expense |
|
1,534 |
|
|
|
|
1,576 |
|
|
|
|
6,128 |
|
|
|
|
6,158 |
|
|
|
|
Pension
settlement charge |
|
148 |
|
|
|
|
763 |
|
|
|
|
1,715 |
|
|
|
|
2,356 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
16,310 |
|
|
|
|
- |
|
|
|
|
19,200 |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,365 |
|
|
|
|
2,990 |
|
|
|
|
11,410 |
|
|
|
|
12,337 |
|
|
|
|
Other
gains and (losses), net |
|
1,873 |
|
|
|
|
7,215 |
|
|
|
|
4,161 |
|
|
|
|
(10,889 |
) |
|
|
|
Loss on
warrant settlements |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
20,246 |
|
|
|
|
Gain on
disposal of assets |
|
(1,984 |
) |
|
|
|
(7,202 |
) |
|
|
|
(2,084 |
) |
|
|
|
(7,058 |
) |
|
|
|
Adjusted EBITDA |
$ |
94,674 |
|
29.6 |
% |
|
$ |
88,298 |
|
28.3 |
% |
|
$ |
350,194 |
|
30.5 |
% |
|
$ |
325,068 |
|
29.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
292,104 |
|
|
|
$ |
287,472 |
|
|
|
$ |
1,039,643 |
|
|
|
$ |
994,603 |
|
|
|
|
Operating income |
$ |
63,369 |
|
21.7 |
% |
|
$ |
40,074 |
|
13.9 |
% |
|
$ |
217,564 |
|
20.9 |
% |
|
$ |
169,383 |
|
17.0 |
% |
|
|
Depreciation & amortization |
|
25,135 |
|
|
|
|
26,701 |
|
|
|
|
100,186 |
|
|
|
|
105,876 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
851 |
|
|
|
|
Non-cash
lease expense |
|
1,311 |
|
|
|
|
1,341 |
|
|
|
|
5,243 |
|
|
|
|
5,364 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
16,310 |
|
|
|
|
- |
|
|
|
|
19,200 |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,365 |
|
|
|
|
2,990 |
|
|
|
|
11,410 |
|
|
|
|
12,337 |
|
|
|
|
Other
gains and (losses), net |
|
1,955 |
|
|
|
|
- |
|
|
|
|
4,459 |
|
|
|
|
2,317 |
|
|
|
|
(Gain)
loss on disposal of assets |
|
(1,955 |
) |
|
|
|
- |
|
|
|
|
(1,931 |
) |
|
|
|
138 |
|
|
|
|
Adjusted EBITDA |
$ |
92,180 |
|
31.6 |
% |
|
$ |
87,416 |
|
30.4 |
% |
|
$ |
336,931 |
|
32.4 |
% |
|
$ |
315,466 |
|
31.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
27,671 |
|
|
|
$ |
24,648 |
|
|
|
$ |
109,564 |
|
|
|
$ |
97,521 |
|
|
|
|
Operating income |
$ |
5,562 |
|
20.1 |
% |
|
$ |
4,512 |
|
18.3 |
% |
|
$ |
27,980 |
|
25.5 |
% |
|
$ |
24,353 |
|
25.0 |
% |
|
|
Depreciation & amortization |
|
2,189 |
|
|
|
|
1,548 |
|
|
|
|
7,034 |
|
|
|
|
5,747 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
58 |
|
|
|
|
Equity-based compensation |
|
178 |
|
|
|
|
145 |
|
|
|
|
711 |
|
|
|
|
629 |
|
|
|
|
Adjusted EBITDA |
$ |
7,929 |
|
28.7 |
% |
|
$ |
6,205 |
|
25.2 |
% |
|
$ |
35,725 |
|
32.6 |
% |
|
$ |
30,787 |
|
31.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(7,432 |
) |
|
|
$ |
(8,197 |
) |
|
|
$ |
(31,739 |
) |
|
|
$ |
(31,674 |
) |
|
|
|
Depreciation & amortization |
|
604 |
|
|
|
|
667 |
|
|
|
|
2,596 |
|
|
|
|
2,760 |
|
|
|
|
Equity-based compensation |
|
1,356 |
|
|
|
|
1,431 |
|
|
|
|
5,417 |
|
|
|
|
5,529 |
|
|
|
|
Pension
settlement charge |
|
148 |
|
|
|
|
763 |
|
|
|
|
1,715 |
|
|
|
|
2,356 |
|
|
|
|
Other
gains and (losses), net |
|
(82 |
) |
|
|
|
7,215 |
|
|
|
|
(298 |
) |
|
|
|
(13,206 |
) |
|
|
|
Loss on
warrant settlements |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
20,246 |
|
|
|
|
Gain on
disposal of assets |
|
(29 |
) |
|
|
|
(7,202 |
) |
|
|
|
(153 |
) |
|
|
|
(7,196 |
) |
|
|
|
Adjusted EBITDA |
$ |
(5,435 |
) |
|
|
$ |
(5,323 |
) |
|
|
$ |
(22,462 |
) |
|
|
$ |
(21,185 |
) |
|
|
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, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
Net income |
$ |
48,096 |
|
|
$ |
38,899 |
|
|
$ |
159,366 |
|
|
$ |
111,511 |
|
|
|
Depreciation & amortization |
|
27,928 |
|
|
|
28,916 |
|
|
|
109,816 |
|
|
|
114,383 |
|
|
|
Pro rata
adjustments from joint ventures |
|
22 |
|
|
|
- |
|
|
|
59 |
|
|
|
- |
|
|
|
FFO |
|
76,046 |
|
|
|
67,815 |
|
|
|
269,241 |
|
|
|
225,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
lease expense |
|
1,311 |
|
|
|
1,341 |
|
|
|
5,243 |
|
|
|
5,364 |
|
|
|
Pension
settlement charge |
|
148 |
|
|
|
763 |
|
|
|
1,715 |
|
|
|
2,356 |
|
|
|
Impairment charges |
|
- |
|
|
|
16,310 |
|
|
|
- |
|
|
|
19,200 |
|
|
|
Pro rata
adjustments from joint ventures |
|
185 |
|
|
|
- |
|
|
|
1,377 |
|
|
|
- |
|
|
|
Loss on
warrant settlements |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,246 |
|
|
|
Gain on
other assets |
|
(1,202 |
) |
|
|
(6,903 |
) |
|
|
(1,261 |
) |
|
|
(6,759 |
) |
|
|
Write-off
of deferred financing costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,926 |
|
|
|
Amortization of deferred financing costs |
|
1,215 |
|
|
|
1,330 |
|
|
|
4,863 |
|
|
|
5,507 |
|
|
|
Deferred
tax (benefit) expense |
|
42 |
|
|
|
(8,544 |
) |
|
|
321 |
|
|
|
(13,847 |
) |
|
|
Adjusted FFO (1) |
$ |
77,745 |
|
|
$ |
72,112 |
|
|
$ |
281,499 |
|
|
$ |
259,887 |
|
|
|
Capital
expenditures (2) |
|
(16,944 |
) |
|
|
(15,001 |
) |
|
|
(58,753 |
) |
|
|
(50,988 |
) |
|
|
Adjusted FFO less maintenance capital
expenditures |
$ |
60,801 |
|
|
$ |
57,111 |
|
|
$ |
222,746 |
|
|
$ |
208,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.94 |
|
|
$ |
0.76 |
|
|
$ |
3.12 |
|
|
$ |
2.18 |
|
|
|
Fully
diluted net income per share |
$ |
0.94 |
|
|
$ |
0.75 |
|
|
$ |
3.11 |
|
|
$ |
2.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per
basic share |
$ |
1.49 |
|
|
$ |
1.32 |
|
|
$ |
5.28 |
|
|
$ |
4.41 |
|
|
|
Adjusted
FFO per basic share |
$ |
1.52 |
|
|
$ |
1.41 |
|
|
$ |
5.52 |
|
|
$ |
5.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per
diluted share |
$ |
1.48 |
|
|
$ |
1.31 |
|
|
$ |
5.25 |
|
|
$ |
4.38 |
|
|
|
Adjusted
FFO per diluted share |
$ |
1.51 |
|
|
$ |
1.40 |
|
|
$ |
5.49 |
|
|
$ |
5.04 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjusted FFO for both periods is presented using the 2016
definition of Adjusted FFO contained in this release. |
|
(2)
Represents FF&E reserve for managed properties and maintenance
capital expenditures for non-managed properties. |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
HOSPITALITY SEGMENT ADJUSTED EBITDA
RECONCILIATIONS AND OPERATING METRICS |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
292,104 |
|
|
|
$ |
287,472 |
|
|
|
$ |
1,039,643 |
|
|
|
$ |
994,603 |
|
|
|
|
Operating Income |
$ |
63,369 |
|
21.7 |
% |
|
$ |
40,074 |
|
13.9 |
% |
|
$ |
217,564 |
|
20.9 |
% |
|
$ |
169,383 |
|
17.0 |
% |
|
|
Depreciation & amortization |
|
25,135 |
|
|
|
|
26,701 |
|
|
|
|
100,186 |
|
|
|
|
105,876 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
851 |
|
|
|
|
Non-cash
lease expense |
|
1,311 |
|
|
|
|
1,341 |
|
|
|
|
5,243 |
|
|
|
|
5,364 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
16,310 |
|
|
|
|
- |
|
|
|
|
19,200 |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,365 |
|
|
|
|
2,990 |
|
|
|
|
11,410 |
|
|
|
|
12,337 |
|
|
|
|
Other
gains and (losses), net |
|
1,955 |
|
|
|
|
- |
|
|
|
|
4,459 |
|
|
|
|
2,317 |
|
|
|
|
(Gain)
loss on disposal of assets |
|
(1,955 |
) |
|
|
|
- |
|
|
|
|
(1,931 |
) |
|
|
|
138 |
|
|
|
|
Adjusted EBITDA |
$ |
92,180 |
|
31.6 |
% |
|
$ |
87,416 |
|
30.4 |
% |
|
$ |
336,931 |
|
32.4 |
% |
|
$ |
315,466 |
|
31.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.2 |
% |
|
|
|
76.4 |
% |
|
|
|
75.0 |
% |
|
|
|
73.6 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
189.91 |
|
|
|
$ |
192.87 |
|
|
|
$ |
184.36 |
|
|
|
$ |
182.56 |
|
|
|
|
RevPAR |
$ |
144.79 |
|
|
|
$ |
147.33 |
|
|
|
$ |
138.27 |
|
|
|
$ |
134.44 |
|
|
|
|
OtherPAR |
$ |
237.51 |
|
|
|
$ |
229.60 |
|
|
|
$ |
203.98 |
|
|
|
$ |
196.17 |
|
|
|
|
Total
RevPAR |
$ |
382.30 |
|
|
|
$ |
376.93 |
|
|
|
$ |
342.25 |
|
|
|
$ |
330.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store
Hospitality (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
289,544 |
|
|
|
$ |
285,320 |
|
|
|
$ |
1,029,651 |
|
|
|
$ |
987,631 |
|
|
|
|
Operating Income |
$ |
62,959 |
|
21.7 |
% |
|
$ |
39,838 |
|
14.0 |
% |
|
$ |
215,693 |
|
20.9 |
% |
|
$ |
168,833 |
|
17.1 |
% |
|
|
Depreciation & amortization |
|
24,819 |
|
|
|
|
26,378 |
|
|
|
|
98,922 |
|
|
|
|
104,781 |
|
|
|
|
Non-cash
lease expense |
|
1,311 |
|
|
|
|
1,341 |
|
|
|
|
5,243 |
|
|
|
|
5,364 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
16,310 |
|
|
|
|
- |
|
|
|
|
19,200 |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,365 |
|
|
|
|
2,990 |
|
|
|
|
11,410 |
|
|
|
|
12,337 |
|
|
|
|
Other
gains and (losses), net |
|
1,955 |
|
|
|
|
- |
|
|
|
|
4,459 |
|
|
|
|
2,317 |
|
|
|
|
(Gain)
loss on disposal of assets |
|
(1,955 |
) |
|
|
|
- |
|
|
|
|
(1,931 |
) |
|
|
|
138 |
|
|
|
|
Adjusted EBITDA |
$ |
91,454 |
|
31.6 |
% |
|
$ |
86,857 |
|
30.4 |
% |
|
$ |
333,796 |
|
32.4 |
% |
|
$ |
312,970 |
|
31.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.5 |
% |
|
|
|
76.9 |
% |
|
|
|
75.2 |
% |
|
|
|
73.9 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
190.00 |
|
|
|
$ |
192.83 |
|
|
|
$ |
184.40 |
|
|
|
$ |
182.34 |
|
|
|
|
RevPAR |
$ |
145.32 |
|
|
|
$ |
148.38 |
|
|
|
$ |
138.67 |
|
|
|
$ |
134.80 |
|
|
|
|
OtherPAR |
$ |
242.60 |
|
|
|
$ |
234.59 |
|
|
|
$ |
208.32 |
|
|
|
$ |
199.34 |
|
|
|
|
Total
RevPAR |
$ |
387.92 |
|
|
|
$ |
382.97 |
|
|
|
$ |
346.99 |
|
|
|
$ |
334.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
97,766 |
|
|
|
$ |
96,886 |
|
|
|
$ |
331,828 |
|
|
|
$ |
319,211 |
|
|
|
|
Operating Income |
$ |
26,633 |
|
27.2 |
% |
|
$ |
23,688 |
|
24.4 |
% |
|
$ |
86,198 |
|
26.0 |
% |
|
$ |
76,308 |
|
23.9 |
% |
|
|
Depreciation & amortization |
|
7,994 |
|
|
|
|
7,826 |
|
|
|
|
30,343 |
|
|
|
|
30,793 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
690 |
|
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
15 |
|
|
|
|
Gain on
disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(15 |
) |
|
|
|
Adjusted EBITDA |
$ |
34,627 |
|
35.4 |
% |
|
$ |
31,514 |
|
32.5 |
% |
|
$ |
116,541 |
|
35.1 |
% |
|
$ |
107,791 |
|
33.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
81.9 |
% |
|
|
|
81.5 |
% |
|
|
|
76.4 |
% |
|
|
|
74.9 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
181.59 |
|
|
|
$ |
186.21 |
|
|
|
$ |
175.61 |
|
|
|
$ |
170.42 |
|
|
|
|
RevPAR |
$ |
148.72 |
|
|
|
$ |
151.75 |
|
|
|
$ |
134.16 |
|
|
|
$ |
127.66 |
|
|
|
|
OtherPAR |
$ |
219.35 |
|
|
|
$ |
213.66 |
|
|
|
$ |
180.19 |
|
|
|
$ |
175.79 |
|
|
|
|
Total
RevPAR |
$ |
368.07 |
|
|
|
$ |
365.41 |
|
|
|
$ |
314.35 |
|
|
|
$ |
303.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
52,070 |
|
|
|
$ |
52,291 |
|
|
|
$ |
195,719 |
|
|
|
$ |
178,279 |
|
|
|
|
Operating Income |
$ |
7,351 |
|
14.1 |
% |
|
$ |
8,330 |
|
15.9 |
% |
|
$ |
35,008 |
|
17.9 |
% |
|
$ |
25,956 |
|
14.6 |
% |
|
|
Depreciation & amortization |
|
4,855 |
|
|
|
|
4,704 |
|
|
|
|
19,098 |
|
|
|
|
18,651 |
|
|
|
|
Non-cash
lease expense |
|
1,311 |
|
|
|
|
1,341 |
|
|
|
|
5,243 |
|
|
|
|
5,364 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
797 |
|
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
26 |
|
|
|
|
Gain on
disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(26 |
) |
|
|
|
Adjusted EBITDA |
$ |
13,517 |
|
26.0 |
% |
|
$ |
14,375 |
|
27.5 |
% |
|
$ |
59,349 |
|
30.3 |
% |
|
$ |
50,768 |
|
28.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.5 |
% |
|
|
|
79.4 |
% |
|
|
|
77.5 |
% |
|
|
|
74.6 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
182.26 |
|
|
|
$ |
184.05 |
|
|
|
$ |
174.32 |
|
|
|
$ |
173.17 |
|
|
|
|
RevPAR |
$ |
139.41 |
|
|
|
$ |
146.08 |
|
|
|
$ |
135.08 |
|
|
|
$ |
129.25 |
|
|
|
|
OtherPAR |
$ |
260.30 |
|
|
|
$ |
258.17 |
|
|
|
$ |
243.23 |
|
|
|
$ |
218.14 |
|
|
|
|
Total
RevPAR |
$ |
399.71 |
|
|
|
$ |
404.25 |
|
|
|
$ |
378.31 |
|
|
|
$ |
347.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-store excludes the AC Hotel at National
Harbor. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
68,676 |
|
|
|
$ |
64,975 |
|
|
|
$ |
231,179 |
|
|
|
$ |
220,486 |
|
|
|
|
Operating Income |
$ |
19,843 |
|
28.9 |
% |
|
$ |
1,130 |
|
1.7 |
% |
|
$ |
61,586 |
|
26.6 |
% |
|
$ |
39,797 |
|
18.0 |
% |
|
|
Depreciation & amortization |
|
5,094 |
|
|
|
|
4,943 |
|
|
|
|
20,184 |
|
|
|
|
19,986 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
16,310 |
|
|
|
|
- |
|
|
|
|
17,095 |
|
|
|
|
Other
gains and (losses), net |
|
1,955 |
|
|
|
|
- |
|
|
|
|
1,955 |
|
|
|
|
(192 |
) |
|
|
|
(Gain)
loss on disposal of assets |
|
(1,955 |
) |
|
|
|
- |
|
|
|
|
(1,955 |
) |
|
|
|
192 |
|
|
|
|
Adjusted EBITDA |
$ |
24,937 |
|
36.3 |
% |
|
$ |
22,383 |
|
34.4 |
% |
|
$ |
81,770 |
|
35.4 |
% |
|
$ |
76,878 |
|
34.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
78.8 |
% |
|
|
|
79.7 |
% |
|
|
|
78.4 |
% |
|
|
|
76.7 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
206.24 |
|
|
|
$ |
201.17 |
|
|
|
$ |
194.17 |
|
|
|
$ |
192.66 |
|
|
|
|
RevPAR |
$ |
162.41 |
|
|
|
$ |
160.34 |
|
|
|
$ |
152.25 |
|
|
|
$ |
147.69 |
|
|
|
|
OtherPAR |
$ |
331.62 |
|
|
|
$ |
307.06 |
|
|
|
$ |
265.78 |
|
|
|
$ |
252.09 |
|
|
|
|
Total
RevPAR |
$ |
494.03 |
|
|
|
$ |
467.40 |
|
|
|
$ |
418.03 |
|
|
|
$ |
399.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
67,141 |
|
|
|
$ |
67,636 |
|
|
|
$ |
255,846 |
|
|
|
$ |
256,020 |
|
|
|
|
Operating Income |
$ |
7,296 |
|
10.9 |
% |
|
$ |
5,011 |
|
7.4 |
% |
|
$ |
28,763 |
|
11.2 |
% |
|
$ |
23,283 |
|
9.1 |
% |
|
|
Depreciation & amortization |
|
6,539 |
|
|
|
|
8,570 |
|
|
|
|
27,962 |
|
|
|
|
34,033 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
618 |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,365 |
|
|
|
|
2,990 |
|
|
|
|
11,410 |
|
|
|
|
12,337 |
|
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
2,504 |
|
|
|
|
2,468 |
|
|
|
|
(Gain)
loss on disposal of assets |
|
- |
|
|
|
|
(1 |
) |
|
|
|
24 |
|
|
|
|
(14 |
) |
|
|
|
Adjusted EBITDA |
$ |
16,200 |
|
24.1 |
% |
|
$ |
16,570 |
|
24.5 |
% |
|
$ |
70,663 |
|
27.6 |
% |
|
$ |
72,725 |
|
28.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
66.4 |
% |
|
|
|
66.9 |
% |
|
|
|
69.0 |
% |
|
|
|
70.0 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
208.94 |
|
|
|
$ |
216.54 |
|
|
|
$ |
207.83 |
|
|
|
$ |
208.79 |
|
|
|
|
RevPAR |
$ |
138.70 |
|
|
|
$ |
144.97 |
|
|
|
$ |
143.35 |
|
|
|
$ |
146.06 |
|
|
|
|
OtherPAR |
$ |
226.92 |
|
|
|
$ |
223.35 |
|
|
|
$ |
206.87 |
|
|
|
$ |
205.35 |
|
|
|
|
Total
RevPAR |
$ |
365.62 |
|
|
|
$ |
368.32 |
|
|
|
$ |
350.22 |
|
|
|
$ |
351.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,560 |
|
|
|
$ |
2,152 |
|
|
|
$ |
9,992 |
|
|
|
$ |
6,972 |
|
|
|
|
Operating Income |
$ |
410 |
|
16.0 |
% |
|
$ |
236 |
|
11.0 |
% |
|
$ |
1,871 |
|
18.7 |
% |
|
$ |
550 |
|
7.9 |
% |
|
|
Depreciation & amortization |
|
316 |
|
|
|
|
323 |
|
|
|
|
1,264 |
|
|
|
|
1,095 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
851 |
|
|
|
|
Adjusted EBITDA |
$ |
726 |
|
28.4 |
% |
|
$ |
559 |
|
26.0 |
% |
|
$ |
3,135 |
|
31.4 |
% |
|
$ |
2,496 |
|
35.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
65.9 |
% |
|
|
|
52.7 |
% |
|
|
|
66.5 |
% |
|
|
|
57.8 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
185.40 |
|
|
|
$ |
195.87 |
|
|
|
$ |
182.56 |
|
|
|
$ |
198.38 |
|
|
|
|
RevPAR |
$ |
122.13 |
|
|
|
$ |
103.30 |
|
|
|
$ |
121.42 |
|
|
|
$ |
114.61 |
|
|
|
|
OtherPAR |
$ |
22.80 |
|
|
|
$ |
18.55 |
|
|
|
$ |
20.77 |
|
|
|
$ |
17.92 |
|
|
|
|
Total
RevPAR |
$ |
144.93 |
|
|
|
$ |
121.85 |
|
|
|
$ |
142.19 |
|
|
|
$ |
132.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,891 |
|
|
|
$ |
3,532 |
|
|
|
$ |
15,079 |
|
|
|
$ |
13,635 |
|
|
|
|
Operating Income |
$ |
1,836 |
|
47.2 |
% |
|
$ |
1,679 |
|
47.5 |
% |
|
$ |
4,138 |
|
27.4 |
% |
|
$ |
3,489 |
|
25.6 |
% |
|
|
Depreciation & amortization |
|
337 |
|
|
|
|
335 |
|
|
|
|
1,335 |
|
|
|
|
1,318 |
|
|
|
|
Loss on
disposal of assets |
|
- |
|
|
|
|
1 |
|
|
|
|
- |
|
|
|
|
1 |
|
|
|
|
Adjusted EBITDA |
$ |
2,173 |
|
55.8 |
% |
|
$ |
2,015 |
|
57.0 |
% |
|
$ |
5,473 |
|
36.3 |
% |
|
$ |
4,808 |
|
35.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
80.1 |
% |
|
|
|
74.7 |
% |
|
|
|
78.1 |
% |
|
|
|
73.8 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
123.45 |
|
|
|
$ |
120.32 |
|
|
|
$ |
127.60 |
|
|
|
$ |
121.80 |
|
|
|
|
RevPAR |
$ |
98.90 |
|
|
|
$ |
89.82 |
|
|
|
$ |
99.64 |
|
|
|
$ |
89.93 |
|
|
|
|
OtherPAR |
$ |
40.68 |
|
|
|
$ |
37.03 |
|
|
|
$ |
36.34 |
|
|
|
$ |
33.38 |
|
|
|
|
Total
RevPAR |
$ |
139.58 |
|
|
|
$ |
126.85 |
|
|
|
$ |
135.98 |
|
|
|
$ |
123.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) The AC Hotel at National Harbor opened in April
2015. |
|
|
|
|
|
|
(3) 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 2017 |
|
|
|
|
|
|
Low |
|
High |
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
139,800 |
|
|
$ |
157,600 |
|
|
|
|
|
Provision (benefit) for
income taxes |
|
|
2,500 |
|
|
|
3,000 |
|
|
|
|
|
Interest expense |
|
|
70,500 |
|
|
|
69,000 |
|
|
|
|
|
Interest income |
|
|
(10,000 |
) |
|
|
(11,000 |
) |
|
|
|
|
Operating
Income |
|
|
202,800 |
|
|
|
218,600 |
|
|
|
|
|
Depreciation and
amortization |
|
|
113,500 |
|
|
|
116,500 |
|
|
|
|
|
Non-cash lease
expense |
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
Preopening expense |
|
|
400 |
|
|
|
500 |
|
|
|
|
|
Equity based
compensation |
|
|
6,300 |
|
|
|
6,400 |
|
|
|
|
|
Pension settlement
charge, Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
|
|
Interest
income |
|
|
10,000 |
|
|
|
11,000 |
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
340,000 |
|
|
$ |
360,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
212,000 |
|
|
$ |
222,000 |
|
|
|
|
|
Depreciation and
amortization |
|
|
103,000 |
|
|
|
106,000 |
|
|
|
|
|
Non-cash lease
expense |
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
Interest income |
|
|
10,000 |
|
|
|
11,000 |
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
330,000 |
|
|
$ |
344,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
24,800 |
|
|
$ |
28,600 |
|
|
|
|
|
Depreciation and
amortization |
|
|
8,000 |
|
|
|
8,000 |
|
|
|
|
|
Preopening expense |
|
|
400 |
|
|
|
500 |
|
|
|
|
|
Equity based
compensation |
|
|
800 |
|
|
|
900 |
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
34,000 |
|
|
$ |
38,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
(34,000 |
) |
|
$ |
(32,000 |
) |
|
|
|
|
Depreciation and
amortization |
|
|
2,500 |
|
|
|
2,500 |
|
|
|
|
|
Equity based
compensation |
|
|
5,500 |
|
|
|
5,500 |
|
|
|
|
|
Pension settlement
charge, Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
(24,000 |
) |
|
$ |
(22,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
Net
income |
|
$ |
139,800 |
|
|
$ |
157,600 |
|
|
|
|
|
Depreciation &
amortization |
|
|
113,500 |
|
|
|
116,500 |
|
|
|
|
|
Funds from
Operations (FFO) |
|
|
253,300 |
|
|
|
274,100 |
|
|
|
|
|
Non-cash lease
expense |
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
Amortization of
DFC |
|
|
5,000 |
|
|
|
5,200 |
|
|
|
|
|
Deferred tax
expense |
|
|
(800 |
) |
|
|
(800 |
) |
|
|
|
|
Pension settlement
charge |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
|
|
Adjusted
FFO |
|
$ |
264,500 |
|
|
$ |
285,500 |
|
|
|
Investor Relations Contacts:
Mark Fioravanti, President and Chief Financial Officer
Ryman Hospitality Properties, Inc.
(615) 316-6588
mfioravanti@rymanhp.com
~or~
Todd Siefert, Vice President of Corporate Finance & Treasurer
Ryman Hospitality Properties, Inc.
(615) 316-6344
tsiefert@rymanhp.com
Media Contacts:
Brian Abrahamson, Vice President of Corporate Communications
Ryman Hospitality Properties, Inc.
(615) 316-6302
babrahamson@rymanhp.com
~or~
Robert Winters or Sam Gibbons
Alpha IR Group
(929) 266-6315 or (312) 445-2874
robert.winters@alpha-ir.com; sam.gibbons@alpha-ir.com
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