– Consolidated Net Income of $47.3 Million
–
Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real
estate investment trust ("REIT") specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the second quarter ended June 30,
2017.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “Our businesses delivered another
solid quarter of results that were consistent with our expectations
at the outset of 2017. This steady performance comes amidst a busy
calendar of development activity for both our Hospitality and
Entertainment segments as we continue to enhance our competitive
position and set the stage for future growth across our
portfolio.
In our Hospitality segment, forward-booking production remained
strong in second quarter 2017 despite a challenging comparison from
second quarter 2016. The group segment continues to perform well,
and we remain enthusiastic about the demand we are seeing for
future years, particularly given the capital investment projects we
have coming online in our Hospitality segment over the next 18
months.”
Second Quarter and Year-to-Date 2017 Results (As
Compared to Second Quarter and Year-to-Date 2016) Included the
Following:
Consolidated Results ($ in thousands, except
per share amounts)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2017 |
|
2016 |
|
% ∆ |
|
|
2017 |
|
2016 |
|
% ∆ |
|
Total Revenue |
$ |
298,778 |
|
|
$ |
296,215 |
|
|
0.9 |
% |
|
|
$ |
574,820 |
|
|
$ |
557,712 |
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
$ |
64,693 |
|
|
$ |
66,945 |
|
|
-3.4 |
% |
|
|
$ |
111,753 |
|
|
$ |
105,739 |
|
|
5.7 |
% |
|
Operating Income
Margin |
|
21.7 |
% |
|
|
22.6 |
% |
|
-0.9pt |
|
|
|
19.4 |
% |
|
|
19.0 |
% |
|
0.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
47,292 |
|
|
$ |
51,331 |
|
|
-7.9 |
% |
|
|
$ |
79,912 |
|
|
$ |
77,677 |
|
|
2.9 |
% |
|
Net Income Margin |
|
15.8 |
% |
|
|
17.3 |
% |
|
-1.5pt |
|
|
|
13.9 |
% |
|
|
13.9 |
% |
|
0.0pt |
|
Net Income per diluted
share |
$ |
0.92 |
|
|
$ |
1.00 |
|
|
-8.0 |
% |
|
|
$ |
1.56 |
|
|
$ |
1.51 |
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
98,488 |
|
|
$ |
99,058 |
|
|
-0.6 |
% |
|
|
$ |
179,049 |
|
|
$ |
172,474 |
|
|
3.8 |
% |
|
Adjusted EBITDA
Margin |
|
33.0 |
% |
|
|
33.4 |
% |
|
-0.4pt |
|
|
|
31.1 |
% |
|
|
30.9 |
% |
|
0.2pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations
(FFO) |
$ |
74,989 |
|
|
$ |
77,756 |
|
|
-3.6 |
% |
|
|
$ |
135,264 |
|
|
$ |
132,880 |
|
|
1.8 |
% |
|
FFO per diluted
share |
$ |
1.46 |
|
|
$ |
1.52 |
|
|
-3.9 |
% |
|
|
$ |
2.64 |
|
|
$ |
2.59 |
|
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO |
$ |
79,775 |
|
|
$ |
81,586 |
|
|
-2.2 |
% |
|
|
$ |
142,528 |
|
|
$ |
138,136 |
|
|
3.2 |
% |
|
Adjusted FFO per
diluted share |
$ |
1.55 |
|
|
$ |
1.59 |
|
|
-2.5 |
% |
|
|
$ |
2.78 |
|
|
$ |
2.69 |
|
|
3.3 |
% |
|
For the Company’s definitions of 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 GAAP Margin Figures,” “Non-GAAP Financial
Measures,” “Adjusted EBITDA Definition,” “Adjusted EBITDA Margin
Definition,” “Adjusted FFO Definition” and “Supplemental Financial
Results” below.
Operating Results Hospitality Segment For the
three months and six months ended June 30, 2017 and 2016, the
Company reported the following:
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2017 |
|
2016 |
|
% ∆ |
|
|
2017 |
|
2016 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
Revenue |
$ |
263,373 |
|
|
$ |
262,329 |
|
|
0.4 |
% |
|
|
$ |
517,527 |
|
|
$ |
506,520 |
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Operating
Income |
$ |
61,443 |
|
|
$ |
63,018 |
|
|
-2.5 |
% |
|
|
$ |
113,575 |
|
|
$ |
108,477 |
|
|
4.7 |
% |
|
Hospitality Operating
Income Margin |
|
23.3 |
% |
|
|
24.0 |
% |
|
-0.7pt |
|
|
|
21.9 |
% |
|
|
21.4 |
% |
|
0.5pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Adjusted
EBITDA |
$ |
91,373 |
|
|
$ |
91,502 |
|
|
-0.1 |
% |
|
|
$ |
172,949 |
|
|
$ |
167,843 |
|
|
3.0 |
% |
|
Hospitality Adjusted
EBITDA Margin |
|
34.7 |
% |
|
|
34.9 |
% |
|
-0.2pt |
|
|
|
33.4 |
% |
|
|
33.1 |
% |
|
0.3pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
Performance Metrics |
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.7 |
% |
|
|
78.0 |
% |
|
-1.3pt |
|
|
|
74.7 |
% |
|
|
74.1 |
% |
|
0.6pt |
|
Average
Daily Rate (ADR) |
$ |
191.00 |
|
|
$ |
188.86 |
|
|
1.1 |
% |
|
|
$ |
190.68 |
|
|
$ |
186.19 |
|
|
2.4 |
% |
|
RevPAR |
$ |
146.42 |
|
|
$ |
147.40 |
|
|
-0.7 |
% |
|
|
$ |
142.37 |
|
|
$ |
137.98 |
|
|
3.2 |
% |
|
Total
RevPAR |
$ |
348.45 |
|
|
$ |
347.32 |
|
|
0.3 |
% |
|
|
$ |
344.24 |
|
|
$ |
335.51 |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Definite Rooms Nights Booked |
|
546,208 |
|
|
|
604,093 |
|
|
-9.6 |
% |
|
|
|
1,028,001 |
|
|
|
990,659 |
|
|
3.8 |
% |
|
Net
Definite Rooms Nights Booked |
|
309,065 |
|
|
|
429,507 |
|
|
-28.0 |
% |
|
|
|
696,789 |
|
|
|
748,522 |
|
|
-6.9 |
% |
|
Group
Attrition (as % of contracted block) |
|
14.4 |
% |
|
|
12.8 |
% |
|
1.6pt |
|
|
|
12.9 |
% |
|
|
11.9 |
% |
|
1.0pt |
|
Cancellations ITYFTY (1) |
|
12,544 |
|
|
|
12,739 |
|
|
-1.5 |
% |
|
|
|
32,723 |
|
|
|
28,512 |
|
|
14.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
"ITYFTY" represents In The Year For The Year. |
|
|
|
|
|
|
|
|
|
For the Company’s definitions of Revenue Per Available Room
(RevPAR) and Total Revenue Per Available Room (Total RevPAR), see
“Calculation of RevPAR and Total RevPAR” below.
Property-level results and operating metrics for second quarter
2017 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, and property-level Adjusted EBITDA to
property-level Operating Income for each of the hotel properties.
Highlights for second quarter 2017 for the Hospitality segment and
at each property include:
- Hospitality Segment: Total revenue increased
0.4 percent to $263.4 million in second quarter 2017 compared to
second quarter 2016. Total RevPAR increased by 0.3 percent for the
quarter, driven by an increase in both ADR and other hotel revenue
that was partially offset by a 130 basis point decline in occupancy
as compared to the second quarter of 2016. The shift in the Easter
holiday into the second quarter in 2017 had an estimated 170 basis
point unfavorable impact to RevPAR, compared to second quarter
2016. In addition, the planned rooms renovation project at Gaylord
Opryland impacted occupancy for the Hospitality segment, as
approximately 18,800 room nights were out of service during the
quarter, compared to 8,630 room nights out of service in second
quarter 2016. Hospitality segment operating income declined
by 2.5 percent in the second quarter of 2017 as compared to the
second quarter of 2016. Hospitality segment Adjusted EBITDA was
flat at $91.4 million compared to second quarter 2016.($ in
thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
Gaylord Opryland |
|
2017 |
|
2016 |
|
% ∆ |
|
2017 |
|
2016 |
|
% ∆ |
|
Revenue |
|
|
$ |
80,260 |
|
|
$ |
79,582 |
|
|
0.9 |
% |
|
$ |
155,222 |
|
|
$ |
155,222 |
|
|
0.0 |
% |
|
Operating
Income |
|
$ |
20,777 |
|
|
$ |
21,359 |
|
|
-2.7 |
% |
|
$ |
36,418 |
|
|
$ |
37,908 |
|
|
-3.9 |
% |
|
Operating Income
Margin |
|
|
|
25.9 |
% |
|
|
26.8 |
% |
|
-0.9pt |
|
|
23.5 |
% |
|
|
24.4 |
% |
|
-0.9pt |
|
Adjusted
EBITDA |
|
$ |
29,150 |
|
|
$ |
28,707 |
|
|
1.5 |
% |
|
$ |
52,888 |
|
|
$ |
52,797 |
|
|
0.2 |
% |
|
Adjusted
EBITDA Margin |
|
36.3 |
% |
|
|
36.1 |
% |
|
0.2pt |
|
|
34.1 |
% |
|
|
34.0 |
% |
|
0.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
72.8 |
% |
|
|
77.2 |
% |
|
-4.4pt |
|
|
70.6 |
% |
|
|
74.3 |
% |
|
-3.7pt |
|
Average daily rate (ADR) |
$ |
180.11 |
|
|
$ |
180.88 |
|
|
-0.4 |
% |
|
$ |
178.76 |
|
|
$ |
173.67 |
|
|
2.9 |
% |
|
RevPAR |
|
|
$ |
131.07 |
|
|
$ |
139.58 |
|
|
-6.1 |
% |
|
$ |
126.16 |
|
|
$ |
129.08 |
|
|
-2.3 |
% |
|
Total RevPAR |
|
$ |
305.40 |
|
|
$ |
303.45 |
|
|
0.6 |
% |
|
$ |
296.95 |
|
|
$ |
295.93 |
|
|
0.3 |
% |
|
- Gaylord Opryland: Total revenue increased by
0.9 percent to $80.3 million in second quarter 2017 compared to
second quarter 2016, driven by strong food and beverage performance
which offset a decrease in occupancy of 440 basis points compared
to the second quarter of 2016. There were 18,800 room nights out of
service during the second quarter of 2017 due to planned room
renovations of the Delta section of the hotel, compared to 8,630
room nights out of service in second quarter 2016. The room
renovation program at Gaylord Opryland is expected to be complete
in third quarter 2017. Operating income decreased 2.7 percent to
$20.8 million in the second quarter of 2017, compared to the second
quarter of 2016, primarily due to an increase in depreciation and
amortization expense related to additional fixed assets associated
with the ongoing rooms renovation program at the hotel, which was
partially offset by lower than anticipated property tax accrual.
Adjusted EBITDA increased by 1.5 percent to $29.2 million compared
to second quarter 2016, primarily due to the decrease in property
tax accrual. During the second quarter of 2017, the property
broke ground on its $90 million resort water feature, which is
scheduled to open in the second half of 2018. ($ in
thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
Gaylord Palms |
|
2017 |
|
2016 |
|
% ∆ |
|
2017 |
|
2016 |
|
% ∆ |
|
Revenue |
|
|
$ |
48,184 |
|
|
$ |
45,683 |
|
|
5.5 |
% |
|
$ |
102,381 |
|
|
$ |
101,442 |
|
|
0.9 |
% |
|
Operating
Income |
|
$ |
9,387 |
|
|
$ |
8,062 |
|
|
16.4 |
% |
|
$ |
22,501 |
|
|
$ |
22,941 |
|
|
-1.9 |
% |
|
Operating
Income Margin |
|
19.5 |
% |
|
|
17.6 |
% |
|
1.9pt |
|
|
22.0 |
% |
|
|
22.6 |
% |
|
-0.6pt |
|
Adjusted
EBITDA |
|
$ |
15,425 |
|
|
$ |
14,135 |
|
|
9.1 |
% |
|
$ |
34,614 |
|
|
$ |
35,033 |
|
|
-1.2 |
% |
|
Adjusted
EBITDA Margin |
|
32.0 |
% |
|
|
30.9 |
% |
|
1.1pt |
|
|
33.8 |
% |
|
|
34.5 |
% |
|
-0.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
80.3 |
% |
|
|
78.3 |
% |
|
2.0pt |
|
|
80.1 |
% |
|
|
80.1 |
% |
|
0.0pt |
|
Average daily rate (ADR) |
$ |
181.68 |
|
|
$ |
167.77 |
|
|
8.3 |
% |
|
$ |
194.21 |
|
|
$ |
181.31 |
|
|
7.1 |
% |
|
RevPAR |
|
|
$ |
145.91 |
|
|
$ |
131.37 |
|
|
11.1 |
% |
|
$ |
155.52 |
|
|
$ |
145.16 |
|
|
7.1 |
% |
|
Total RevPAR |
|
$ |
373.94 |
|
|
$ |
354.52 |
|
|
5.5 |
% |
|
$ |
399.47 |
|
|
$ |
395.02 |
|
|
1.1 |
% |
|
- Gaylord Palms: Total revenue increased 5.5
percent to $48.2 million in second quarter 2017 compared to second
quarter 2016, driven by higher corporate and transient room nights
and overall growth in ADR of 8.3 percent. An increase in food and
beverage revenue and the addition of new resort pool amenities also
contributed to revenue growth compared to second quarter 2016.
While corporate room nights were higher in the quarter compared to
second quarter 2016, overall group room nights were down 4.8
percent due to the shift in the Easter holiday into second quarter
2017. Occupancy increased by 200 basis points to 80.3 percent
compared to second quarter 2016, while RevPAR increased 11.1
percent. Operating income increased 16.4 percent to $9.4 million in
the second quarter of 2017 compared to the second quarter of 2016.
Adjusted EBITDA increased 9.1 percent to $15.4 million compared to
second quarter 2016. The increases in operating income and
Adjusted EBITDA were driven mostly by the strong room revenue
performance year-over-year and supported by an increase in food and
beverage revenue, including contributions from the new resort pool
amenities. ($ in thousands, except for ADR, RevPAR and Total
RevPAR)
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
Gaylord Texan |
|
2017 |
|
2016 |
|
% ∆ |
|
2017 |
|
2016 |
|
% ∆ |
|
Revenue |
|
|
$ |
52,772 |
|
|
$ |
56,350 |
|
|
-6.3 |
% |
|
$ |
109,517 |
|
|
$ |
110,021 |
|
|
-0.5 |
% |
|
Operating
Income |
|
$ |
12,631 |
|
|
$ |
15,607 |
|
|
-19.1 |
% |
|
$ |
28,521 |
|
|
$ |
29,956 |
|
|
-4.8 |
% |
|
Operating Income
Margin |
|
|
|
23.9 |
% |
|
|
27.7 |
% |
|
-3.8pt |
|
|
26.0 |
% |
|
|
27.2 |
% |
|
-1.2pt |
|
Adjusted
EBITDA |
|
$ |
17,771 |
|
|
$ |
20,633 |
|
|
-13.9 |
% |
|
$ |
38,771 |
|
|
$ |
39,986 |
|
|
-3.0 |
% |
|
Adjusted
EBITDA Margin |
|
33.7 |
% |
|
|
36.6 |
% |
|
-2.9pt |
|
|
35.4 |
% |
|
|
36.3 |
% |
|
-0.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
72.7 |
% |
|
|
79.8 |
% |
|
-7.1pt |
|
|
76.1 |
% |
|
|
76.4 |
% |
|
-0.3pt |
|
Average daily rate (ADR) |
$ |
190.73 |
|
|
$ |
198.00 |
|
|
-3.7 |
% |
|
$ |
189.76 |
|
|
$ |
192.02 |
|
|
-1.2 |
% |
|
RevPAR |
|
|
$ |
138.66 |
|
|
$ |
158.09 |
|
|
-12.3 |
% |
|
$ |
144.44 |
|
|
$ |
146.74 |
|
|
-1.6 |
% |
|
Total RevPAR |
|
$ |
383.79 |
|
|
$ |
409.81 |
|
|
-6.3 |
% |
|
$ |
400.44 |
|
|
$ |
400.07 |
|
|
0.1 |
% |
|
- Gaylord Texan: Total revenue decreased
6.3 percent to $52.8 million in second quarter 2017 compared to
second quarter 2016 due to an occupancy decrease of 710 basis
points and a 3.7 percent decrease in ADR. RevPAR and Total
RevPAR decreased by 12.3 percent and 6.3 percent, respectively, on
a year-over-year basis, driven by a decrease in group occupancy,
partially due to the shift in the Easter holiday into second
quarter 2017. The property also faced a difficult year-over-year
comparison from last year’s nearly 80 percent second quarter
occupancy. Operating income decreased 19.1 percent to $12.6 million
in the second quarter of 2017 compared to the second quarter of
2016. Adjusted EBITDA declined 13.9 percent to $17.8 million
compared to second quarter 2016. The decreases in operating income
and Adjusted EBITDA were driven primarily by the decline in overall
occupancy. The previously-announced room and meeting space
expansion at Gaylord Texan continues to be on pace and on budget,
with an anticipated opening in second quarter 2018. Advanced
bookings for the new rooms, as well as the 60,000 square feet of
additional high-quality meeting space, remain strong.($ in
thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
Gaylord National |
|
2017 |
|
2016 |
|
% ∆ |
|
2017 |
|
2016 |
|
% ∆ |
|
Revenue |
|
|
$ |
73,995 |
|
|
$ |
73,550 |
|
|
0.6 |
% |
|
$ |
136,452 |
|
|
$ |
127,705 |
|
|
6.8 |
% |
|
Operating
Income |
|
$ |
16,152 |
|
|
$ |
15,976 |
|
|
1.1 |
% |
|
$ |
22,861 |
|
|
$ |
15,219 |
|
|
50.2 |
% |
|
Operating Income
Margin |
|
|
|
21.8 |
% |
|
|
21.7 |
% |
|
0.1pt |
|
|
16.8 |
% |
|
|
11.9 |
% |
|
4.9pt |
|
Adjusted
EBITDA |
|
$ |
25,869 |
|
|
$ |
25,363 |
|
|
2.0 |
% |
|
$ |
42,080 |
|
|
$ |
36,274 |
|
|
16.0 |
% |
|
Adjusted
EBITDA Margin |
|
35.0 |
% |
|
|
34.5 |
% |
|
0.5pt |
|
|
30.8 |
% |
|
|
28.4 |
% |
|
2.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
81.3 |
% |
|
|
76.6 |
% |
|
4.7pt |
|
|
75.5 |
% |
|
|
68.5 |
% |
|
7.0pt |
|
Average daily rate (ADR) |
$ |
214.42 |
|
|
$ |
217.96 |
|
|
-1.6 |
% |
|
$ |
210.19 |
|
|
$ |
214.48 |
|
|
-2.0 |
% |
|
RevPAR |
|
|
$ |
174.41 |
|
|
$ |
167.01 |
|
|
4.4 |
% |
|
$ |
158.76 |
|
|
$ |
147.00 |
|
|
8.0 |
% |
|
Total RevPAR |
|
$ |
407.38 |
|
|
$ |
404.93 |
|
|
0.6 |
% |
|
$ |
377.69 |
|
|
$ |
351.54 |
|
|
7.4 |
% |
|
- Gaylord National: Total revenue increased 0.6
percent to $74.0 million in second quarter 2017 compared to second
quarter 2016, driven by a solid 470 basis point increase in
occupancy and a 4.4 percent increase in RevPAR. Operating income
increased 1.1 percent to $16.2 million in the second quarter of
2017 compared to the second quarter of 2016. Adjusted EBITDA
increased 2.0 percent to $25.9 million in the second quarter of
2017 as compared to the second quarter of 2016. The increases in
operating income and Adjusted EBITDA were driven by higher
occupancy and increases in ancillary revenue, such as parking and
resort fees, associated with the increase in occupancy. The
previously-announced Riverview Ballroom opened in May 2017 and has
been well received by groups and leisure customers.
Reed continued, “We are pleased with the profitability our
hotels delivered despite the occupancy and calendar-related
challenges they faced this quarter. Gaylord National and Gaylord
Palms delivered particularly strong results this quarter, with
Gaylord National boasting record occupancy for the quarter and
Gaylord Palms benefitting from the addition of teen-friendly resort
pool amenities, which positively impacted transient occupancy.
Our Hospitality development projects, including our joint
venture investment in the Gaylord Rockies Resort and Convention
Center, remain on pace and on budget, and we look forward to
further capitalizing on these investments in the years ahead.”
Entertainment Segment For the three and six
months ended June 30, 2017 and 2016, the Company reported the
following:
|
Three Months Ended |
|
Six Months Ended |
($ in thousands) |
June 30, |
|
June 30, |
|
2017 |
2016 |
% ∆ |
|
2017 |
2016 |
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$ |
35,405 |
|
$ |
33,886 |
|
4.5 |
% |
|
$ |
57,293 |
|
$ |
51,192 |
|
11.9 |
% |
Operating Income |
$ |
11,379 |
|
$ |
11,491 |
|
-1.0 |
% |
|
$ |
14,373 |
|
$ |
12,454 |
|
15.4 |
% |
Operating Income Margin
|
|
32.1 |
% |
|
33.9 |
% |
-1.8pt |
|
|
25.1 |
% |
|
24.3 |
% |
0.8pt |
Adjusted EBITDA |
$ |
13,537 |
|
$ |
13,247 |
|
2.2 |
% |
|
$ |
18,762 |
|
$ |
16,019 |
|
17.1 |
% |
Adjusted EBITDA
Margin |
|
38.2 |
% |
|
39.1 |
% |
-0.9pt |
|
|
32.7 |
% |
|
31.3 |
% |
1.4pt |
Reed continued, “Our existing entertainment assets performed
well during the second quarter as Nashville’s popularity as a
tourism destination continues. We will continue to invest in these
core assets and their unique value proposition in addition to
preparing for the launch of our new retail, restaurant and
entertainment venues Opry City Stage and Ole Red Tishomingo, which
are expected to be operational in the fourth quarter of 2017. Our
flagship Ole Red location is slated to open in downtown Nashville
in the spring of 2018.”
Corporate and Other Segment Results For the
three months and six months ended June 30, 2017 and 2016, the
Company reported the following:
|
Three Months Ended |
|
Six Months Ended |
($ in thousands) |
June 30, |
|
June 30, |
|
2017 |
2016 |
% ∆ |
|
2017 |
2016 |
% ∆ |
|
|
|
|
|
|
|
|
Operating Loss |
($ |
8,129 |
) |
($ |
7,564 |
) |
-7.5 |
% |
|
($ |
16,195 |
) |
($ |
15,192 |
) |
-6.6 |
% |
Adjusted EBITDA |
($ |
6,422 |
) |
($ |
5,691 |
) |
-12.8 |
% |
|
($ |
12,662 |
) |
($ |
11,388 |
) |
-11.2 |
% |
Corporate and Other Segment Operating Loss and Adjusted EBITDA
for second quarter 2017, as compared to second quarter 2016,
includes an increase in administrative and employment costs
associated with investments in the Company’s growth initiatives in
both the Hospitality and Entertainment segments.
Dividend Update The Company paid its second
quarter 2017 cash dividend of $0.80 per share of common stock on
July 14, 2017 to stockholders of record as of June 19, 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 with the remaining payments occurring in October
of 2017 and January of 2018. Any future dividend is subject to the
Board of Director’s determinations as to the amount of quarterly
distributions and the timing thereof.
Balance Sheet/Liquidity Update As of June 30,
2017, the Company had total debt outstanding of $1,560.7 million,
net of unamortized deferred financing costs, and unrestricted cash
of $49.6 million. As of June 30, 2017, $140.5 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 $557.4 million of availability for borrowing
under the credit facility.
On May 23, 2017, the Company announced the completion of several
refinancing activities, which included the extension of its
revolving credit facility, the refinancing of its Term B loan
facility, and the addition of a new secured Term Loan A facility.
These financing activities took advantage of favorable conditions
in the capital markets to extend the earliest maturity of the
Company’s outstanding debt by two years, lower the Company’s
average cost of capital and create additional liquidity for the
Company moving forward, which we believe provides the Company with
flexibility to take advantage of strategic opportunities that may
develop in the future.
Guidance The Company has narrowed its guidance
range for 2017 RevPAR and Total RevPAR growth and raised the low
end and top end of its 2017 consolidated guidance to reflect
stronger levels of profitability, as well as increased visibility
into expected performance in the second half of 2017. The Company
does not expect to update the guidance 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, “The pace of future bookings is progressing as
planned, and first-half results were in line with our expectations.
Group room nights on the books for 2017 are on track with the plan
we had coming into the year, and we continue to believe 2017 will
be another strong year for the Company. As we look to the second
half of the year, we are now expecting fiscal year 2017 RevPAR
growth in the range of 1% – 3% (from our prior guidance of 0% - 3%)
and Total RevPAR growth in the range of 1% – 2% (from our prior
guidance of 0% - 3%).
Our net income guidance range for the full year is $148.5 to
$158.2 million (from our prior guidance of $139.8 to $157.6
million). The low end of our Adjusted EBITDA guidance range for the
Hospitality segment was raised to reflect a range of $335.0 to
$344.0 million (from our prior guidance of $330.0 to $344.0
million), which primarily reflects a lower-than-anticipated
increase in property tax expense at Gaylord Opryland resulting from
a decrease in rate.
Our 2017 Adjusted EBITDA guidance for the Entertainment segment
is now $37.0 to $40.0 million (from our prior guidance of $34.0 to
$38.0 million) and Corporate & Other guidance is now a loss of
$24.0 to $23.0 million (from our prior guidance of $24.0 to $22.0
million). As a result of these changes, our guidance for 2017
Adjusted EBITDA on a consolidated basis is now $348.0 to $361.0
million (from our prior guidance of $340.0 to $360.0 million).
We remain confident in our ability to capitalize on the strength
of the group market in the near-term and are looking forward to an
expected strong year of performance in 2018 when we will begin to
see the benefits of recent growth investments.”
($ in
millions, except per share figures) |
Updated Guidance |
|
Variance to Prior Guidance |
|
|
Full Year 2017 |
|
|
|
|
|
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
|
Hospitality RevPAR
(1) |
|
|
1.0 |
% |
|
|
3.0 |
% |
|
1.0pt |
|
0.0pt |
Hospitality
Total RevPAR (1) |
|
1.0 |
% |
|
|
2.0 |
% |
|
1.0pt |
|
-1.0pt |
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
148.5 |
|
|
$ |
158.2 |
|
|
$ |
8.7 |
|
$ |
0.6 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Hospitality (1) |
|
$ |
335.0 |
|
|
$ |
344.0 |
|
|
$ |
5.0 |
|
$ |
0.0 |
Entertainment |
|
|
37.0 |
|
|
|
40.0 |
|
|
|
3.0 |
|
|
2.0 |
Corporate and
Other |
|
|
-24.0 |
|
|
|
-23.0 |
|
|
|
0.0 |
|
|
-1.0 |
Consolidated Adjusted EBITDA |
$ |
348.0 |
|
|
$ |
361.0 |
|
|
$ |
8.0 |
|
$ |
1.0 |
|
|
|
|
|
|
|
|
|
Funds from
Operations (FFO) |
$ |
259.1 |
|
|
$ |
271.4 |
|
|
$ |
5.8 |
|
-$ |
2.7 |
Adjusted FFO |
|
$ |
273.0 |
|
|
$ |
285.7 |
|
|
$ |
8.5 |
|
$ |
0.2 |
|
|
|
|
|
|
|
|
|
Net Income
per Diluted Share |
$ |
2.89 |
|
|
$ |
3.08 |
|
|
$ |
0.16 |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
FFO per Diluted
Share |
|
$ |
5.05 |
|
|
$ |
5.29 |
|
|
$ |
0.11 |
|
-$ |
0.05 |
|
|
|
|
|
|
|
|
|
Estimated
Diluted Shares Outstanding |
|
51.3 |
|
|
|
51.3 |
|
|
|
- |
|
|
- |
(1) 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).
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 overflow 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, refinancing plans, 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, 2016 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
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, segment, or
property-level Operating Income Margin by dividing consolidated,
segment, or property-level GAAP Operating Income by consolidated,
segment, or property-level GAAP Revenue. Non-GAAP Financial
Measures We present the following non-GAAP financial
measures we believe are useful to investors as key measures of our
operating performance: Adjusted EBITDA
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, and
property-level Operating Income to segment, and property-level
Adjusted EBITDA are set forth below under “Supplemental Financial
Results.”
Adjusted EBITDA Margin DefinitionWe calculate
consolidated Adjusted EBITDA Margin by dividing consolidated
Adjusted EBITDA by GAAP consolidated Total Revenue. We calculate
segment, or property-level Adjusted EBITDA Margin by dividing
segment, or property-level Adjusted EBITDA by 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
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, (gains) losses on extinguishment of debt and warrant
settlements, and 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 considering the impact of our capital
structure. A reconciliation of Net Income (loss) to Adjusted FFO is
set forth below under “Supplemental Financial Results.”
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 |
|
Six Months Ended |
|
|
|
Jun. 30, |
|
Jun. 30, |
|
|
|
2017 |
2016 |
|
2017 |
2016 |
|
Revenues
: |
|
|
|
|
|
|
|
Rooms |
$ |
110,674 |
|
$ |
111,331 |
|
|
$ |
214,043 |
|
$ |
208,300 |
|
|
|
Food and
beverage |
|
128,441 |
|
|
127,217 |
|
|
|
254,610 |
|
|
249,450 |
|
|
|
Other
hotel revenue |
|
24,258 |
|
|
23,781 |
|
|
|
48,874 |
|
|
48,770 |
|
|
|
Entertainment |
|
35,405 |
|
|
33,886 |
|
|
|
57,293 |
|
|
51,192 |
|
|
|
Total
revenues |
|
298,778 |
|
|
296,215 |
|
|
|
574,820 |
|
|
557,712 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Rooms |
|
28,359 |
|
|
28,140 |
|
|
|
56,387 |
|
|
54,121 |
|
|
|
Food and
beverage |
|
68,285 |
|
|
67,998 |
|
|
|
137,442 |
|
|
136,255 |
|
|
|
Other
hotel expenses |
|
73,388 |
|
|
73,491 |
|
|
|
147,461 |
|
|
146,179 |
|
|
|
Management fees |
|
6,178 |
|
|
5,501 |
|
|
|
11,709 |
|
|
10,838 |
|
|
|
Total
hotel operating expenses |
|
176,210 |
|
|
175,130 |
|
|
|
352,999 |
|
|
347,393 |
|
|
|
Entertainment |
|
22,113 |
|
|
20,834 |
|
|
|
38,938 |
|
|
35,530 |
|
|
|
Corporate |
|
7,589 |
|
|
6,897 |
|
|
|
15,104 |
|
|
13,868 |
|
|
|
Preopening costs |
|
494 |
|
|
- |
|
|
|
710 |
|
|
- |
|
|
|
Depreciation and amortization |
|
27,679 |
|
|
26,409 |
|
|
|
55,316 |
|
|
55,182 |
|
|
|
Total
operating expenses |
|
234,085 |
|
|
229,270 |
|
|
|
463,067 |
|
|
451,973 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
64,693 |
|
|
66,945 |
|
|
|
111,753 |
|
|
105,739 |
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized |
|
(17,155 |
) |
|
(16,016 |
) |
|
|
(33,019 |
) |
|
(32,055 |
) |
|
Interest
income |
|
2,969 |
|
|
3,008 |
|
|
|
5,917 |
|
|
6,151 |
|
|
Loss from
joint ventures |
|
(943 |
) |
|
(1,058 |
) |
|
|
(1,717 |
) |
|
(1,448 |
) |
|
Other gains
and (losses), net |
|
(1,373 |
) |
|
(133 |
) |
|
|
(1,530 |
) |
|
(180 |
) |
|
Income
before income taxes |
|
48,191 |
|
|
52,746 |
|
|
|
81,404 |
|
|
78,207 |
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
(899 |
) |
|
(1,415 |
) |
|
|
(1,492 |
) |
|
(530 |
) |
|
Net
income |
$ |
47,292 |
|
$ |
51,331 |
|
|
$ |
79,912 |
|
$ |
77,677 |
|
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.92 |
|
$ |
1.01 |
|
|
$ |
1.56 |
|
$ |
1.52 |
|
|
Fully
diluted net income per share |
$ |
0.92 |
|
$ |
1.00 |
|
|
$ |
1.56 |
|
$ |
1.51 |
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares for the period: |
|
|
|
|
|
|
|
Basic |
|
51,154 |
|
|
50,977 |
|
|
|
51,100 |
|
|
51,011 |
|
|
|
Diluted |
|
51,334 |
|
|
51,221 |
|
|
|
51,316 |
|
|
51,296 |
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY
PROPERTIES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
Jun. 30, |
|
Dec. 31, |
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation
|
$ |
2,023,907 |
|
$ |
1,998,012 |
|
Cash and cash equivalents - unrestricted |
|
49,610 |
|
|
59,128 |
|
Cash and cash equivalents - restricted |
|
15,175 |
|
|
22,062 |
|
Notes receivable |
|
155,535 |
|
|
152,882 |
|
Investment in Gaylord Rockies joint venture |
|
87,716 |
|
|
70,440 |
|
Trade receivables, net |
|
65,576 |
|
|
47,818 |
|
Prepaid expenses and other assets |
|
58,255 |
|
|
55,411 |
|
Total assets |
$ |
2,455,774 |
|
$ |
2,405,753 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY: |
|
|
|
|
Debt and capital lease obligations |
$ |
1,560,667 |
|
$ |
1,502,554 |
|
Accounts payable and accrued liabilities |
|
153,785 |
|
|
163,205 |
|
Dividends payable |
|
41,712 |
|
|
39,404 |
|
Deferred management rights proceeds |
|
178,572 |
|
|
180,088 |
|
Deferred income taxes, net |
|
1,340 |
|
|
1,469 |
|
Other liabilities |
|
154,368 |
|
|
151,036 |
|
Stockholders' equity |
|
365,330 |
|
|
367,997 |
|
Total liabilities and stockholders' equity |
$ |
2,455,774 |
|
$ |
2,405,753 |
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
ADJUSTED EBITDA RECONCILIATION |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Jun. 30, |
|
Six Months Ended Jun. 30, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
298,778 |
|
|
|
$ |
296,215 |
|
|
|
$ |
574,820 |
|
|
|
$ |
557,712 |
|
|
|
|
Net income |
$ |
47,292 |
|
15.8 |
% |
|
$ |
51,331 |
|
17.3 |
% |
|
$ |
79,912 |
|
13.9 |
% |
|
$ |
77,677 |
|
13.9 |
% |
|
|
Provision
for income taxes |
|
899 |
|
|
|
|
1,415 |
|
|
|
|
1,492 |
|
|
|
|
530 |
|
|
|
|
Other
(gains) and losses, net |
|
1,373 |
|
|
|
|
133 |
|
|
|
|
1,530 |
|
|
|
|
180 |
|
|
|
|
Loss from
joint ventures |
|
943 |
|
|
|
|
1,058 |
|
|
|
|
1,717 |
|
|
|
|
1,448 |
|
|
|
|
Interest
expense, net |
|
14,186 |
|
|
|
|
13,008 |
|
|
|
|
27,102 |
|
|
|
|
25,904 |
|
|
|
|
Operating Income |
|
64,693 |
|
21.7 |
% |
|
|
66,945 |
|
22.6 |
% |
|
|
111,753 |
|
19.4 |
% |
|
|
105,739 |
|
19.0 |
% |
|
|
Depreciation & amortization |
|
27,679 |
|
|
|
|
26,409 |
|
|
|
|
55,316 |
|
|
|
|
55,182 |
|
|
|
|
Preopening costs |
|
494 |
|
|
|
|
- |
|
|
|
|
710 |
|
|
|
|
- |
|
|
|
|
Non-cash
ground lease expense |
|
1,304 |
|
|
|
|
1,311 |
|
|
|
|
2,609 |
|
|
|
|
2,622 |
|
|
|
|
Equity-based compensation expense |
|
1,644 |
|
|
|
|
1,513 |
|
|
|
|
3,213 |
|
|
|
|
3,062 |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,931 |
|
|
|
|
2,992 |
|
|
|
|
5,862 |
|
|
|
|
6,094 |
|
|
|
|
Pro rata
adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
(3 |
) |
|
|
|
- |
|
|
|
|
(3 |
) |
|
|
|
Other
gains and (losses), net |
|
(1,373 |
) |
|
|
|
(133 |
) |
|
|
|
(1,530 |
) |
|
|
|
(180 |
) |
|
|
|
(Gain)
loss on disposal of assets |
|
1,116 |
|
|
|
|
24 |
|
|
|
|
1,116 |
|
|
|
|
(42 |
) |
|
|
|
Adjusted EBITDA |
$ |
98,488 |
|
33.0 |
% |
|
$ |
99,058 |
|
33.4 |
% |
|
$ |
179,049 |
|
31.1 |
% |
|
$ |
172,474 |
|
30.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
263,373 |
|
|
|
$ |
262,329 |
|
|
|
$ |
517,527 |
|
|
|
$ |
506,520 |
|
|
|
|
Operating income |
$ |
61,443 |
|
23.3 |
% |
|
$ |
63,018 |
|
24.0 |
% |
|
$ |
113,575 |
|
21.9 |
% |
|
$ |
108,477 |
|
21.4 |
% |
|
|
Depreciation & amortization |
|
25,547 |
|
|
|
|
24,181 |
|
|
|
|
50,725 |
|
|
|
|
50,650 |
|
|
|
|
Preopening costs |
|
173 |
|
|
|
|
- |
|
|
|
|
228 |
|
|
|
|
- |
|
|
|
|
Non-cash
lease expense |
|
1,279 |
|
|
|
|
1,311 |
|
|
|
|
2,559 |
|
|
|
|
2,622 |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,931 |
|
|
|
|
2,992 |
|
|
|
|
5,862 |
|
|
|
|
6,094 |
|
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
(24 |
) |
|
|
|
- |
|
|
|
|
(24 |
) |
|
|
|
Loss on
disposal of assets |
|
- |
|
|
|
|
24 |
|
|
|
|
- |
|
|
|
|
24 |
|
|
|
|
Adjusted EBITDA |
$ |
91,373 |
|
34.7 |
% |
|
$ |
91,502 |
|
34.9 |
% |
|
$ |
172,949 |
|
33.4 |
% |
|
$ |
167,843 |
|
33.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
35,405 |
|
|
|
$ |
33,886 |
|
|
|
$ |
57,293 |
|
|
|
$ |
51,192 |
|
|
|
|
Operating income |
$ |
11,379 |
|
32.1 |
% |
|
$ |
11,491 |
|
33.9 |
% |
|
$ |
14,373 |
|
25.1 |
% |
|
$ |
12,454 |
|
24.3 |
% |
|
|
Depreciation & amortization |
|
1,592 |
|
|
|
|
1,561 |
|
|
|
|
3,500 |
|
|
|
|
3,208 |
|
|
|
|
Preopening costs |
|
321 |
|
|
|
|
- |
|
|
|
|
482 |
|
|
|
|
- |
|
|
|
|
Non-cash
lease expense |
|
25 |
|
|
|
|
- |
|
|
|
|
50 |
|
|
|
|
- |
|
|
|
|
Equity-based compensation |
|
220 |
|
|
|
|
198 |
|
|
|
|
357 |
|
|
|
|
360 |
|
|
|
|
Pro rata
adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
(3 |
) |
|
|
|
- |
|
|
|
|
(3 |
) |
|
|
|
Other
gains and (losses), net |
|
(431 |
) |
|
|
|
- |
|
|
|
|
(431 |
) |
|
|
|
- |
|
|
|
|
Loss on
disposal of assets |
|
431 |
|
|
|
|
- |
|
|
|
|
431 |
|
|
|
|
- |
|
|
|
|
Adjusted EBITDA |
$ |
13,537 |
|
38.2 |
% |
|
$ |
13,247 |
|
39.1 |
% |
|
$ |
18,762 |
|
32.7 |
% |
|
$ |
16,019 |
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(8,129 |
) |
|
|
$ |
(7,564 |
) |
|
|
$ |
(16,195 |
) |
|
|
$ |
(15,192 |
) |
|
|
|
Depreciation & amortization |
|
540 |
|
|
|
|
667 |
|
|
|
|
1,091 |
|
|
|
|
1,324 |
|
|
|
|
Equity-based compensation |
|
1,424 |
|
|
|
|
1,315 |
|
|
|
|
2,856 |
|
|
|
|
2,702 |
|
|
|
|
Other
gains and (losses), net |
|
(942 |
) |
|
|
|
(109 |
) |
|
|
|
(1,099 |
) |
|
|
|
(156 |
) |
|
|
|
(Gain)
loss on disposal of assets |
|
685 |
|
|
|
|
- |
|
|
|
|
685 |
|
|
|
|
(66 |
) |
|
|
|
Adjusted EBITDA |
$ |
(6,422 |
) |
|
|
$ |
(5,691 |
) |
|
|
$ |
(12,662 |
) |
|
|
$ |
(11,388 |
) |
|
|
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 Jun. 30, |
|
Six Months Ended Jun. 30, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
Net income |
$ |
47,292 |
|
|
$ |
51,331 |
|
|
$ |
79,912 |
|
|
$ |
77,677 |
|
|
|
Depreciation & amortization |
|
27,679 |
|
|
|
26,409 |
|
|
|
55,316 |
|
|
|
55,182 |
|
|
|
Pro rata
adjustments from joint ventures |
|
18 |
|
|
|
16 |
|
|
|
36 |
|
|
|
21 |
|
|
|
FFO |
|
74,989 |
|
|
|
77,756 |
|
|
|
135,264 |
|
|
|
132,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
lease expense |
|
1,304 |
|
|
|
1,311 |
|
|
|
2,609 |
|
|
|
2,622 |
|
|
|
Pro rata
adjustments from joint ventures |
|
79 |
|
|
|
417 |
|
|
|
176 |
|
|
|
811 |
|
|
|
(Gain)
loss on other assets |
|
1,116 |
|
|
|
24 |
|
|
|
1,116 |
|
|
|
(10 |
) |
|
|
Write-off
of deferred financing costs |
|
925 |
|
|
|
- |
|
|
|
925 |
|
|
|
- |
|
|
|
Amortization of deferred financing costs |
|
1,304 |
|
|
|
1,216 |
|
|
|
2,567 |
|
|
|
2,432 |
|
|
|
Deferred
tax (benefit) expense |
|
58 |
|
|
|
862 |
|
|
|
(129 |
) |
|
|
(599 |
) |
|
|
Adjusted FFO |
$ |
79,775 |
|
|
$ |
81,586 |
|
|
$ |
142,528 |
|
|
$ |
138,136 |
|
|
|
Capital
expenditures (1) |
|
(13,583 |
) |
|
|
(15,795 |
) |
|
|
(28,495 |
) |
|
|
(29,491 |
) |
|
|
Adjusted FFO less maintenance capital expenditures
|
$ |
66,192 |
|
|
$ |
65,791 |
|
|
$ |
114,033 |
|
|
$ |
108,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.92 |
|
|
$ |
1.01 |
|
|
$ |
1.56 |
|
|
$ |
1.52 |
|
|
|
Fully
diluted net income per share |
$ |
0.92 |
|
|
$ |
1.00 |
|
|
$ |
1.56 |
|
|
$ |
1.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per
basic share |
$ |
1.47 |
|
|
$ |
1.53 |
|
|
$ |
2.65 |
|
|
$ |
2.60 |
|
|
|
Adjusted
FFO per basic share |
$ |
1.56 |
|
|
$ |
1.60 |
|
|
$ |
2.79 |
|
|
$ |
2.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per
diluted share |
$ |
1.46 |
|
|
$ |
1.52 |
|
|
$ |
2.64 |
|
|
$ |
2.59 |
|
|
|
Adjusted
FFO per diluted share |
$ |
1.55 |
|
|
$ |
1.59 |
|
|
$ |
2.78 |
|
|
$ |
2.69 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
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 Jun. 30, |
|
Six Months Ended Jun. 30, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
263,373 |
|
|
|
$ |
262,329 |
|
|
|
$ |
517,527 |
|
|
|
$ |
506,520 |
|
|
|
|
Operating Income |
$ |
61,443 |
|
23.3 |
% |
|
$ |
63,018 |
|
24.0 |
% |
|
$ |
113,575 |
|
21.9 |
% |
|
$ |
108,477 |
|
21.4 |
% |
|
|
Depreciation & amortization |
|
25,547 |
|
|
|
|
24,181 |
|
|
|
|
50,725 |
|
|
|
|
50,650 |
|
|
|
|
Preopening costs |
|
173 |
|
|
|
|
- |
|
|
|
|
228 |
|
|
|
|
- |
|
|
|
|
Non-cash
lease expense |
|
1,279 |
|
|
|
|
1,311 |
|
|
|
|
2,559 |
|
|
|
|
2,622 |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,931 |
|
|
|
|
2,992 |
|
|
|
|
5,862 |
|
|
|
|
6,094 |
|
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
(24 |
) |
|
|
|
- |
|
|
|
|
(24 |
) |
|
|
|
Loss on
disposal of assets |
|
- |
|
|
|
|
24 |
|
|
|
|
- |
|
|
|
|
24 |
|
|
|
|
Adjusted EBITDA |
$ |
91,373 |
|
34.7 |
% |
|
$ |
91,502 |
|
34.9 |
% |
|
$ |
172,949 |
|
33.4 |
% |
|
$ |
167,843 |
|
33.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.7 |
% |
|
|
|
78.0 |
% |
|
|
|
74.7 |
% |
|
|
|
74.1 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
191.00 |
|
|
|
$ |
188.86 |
|
|
|
$ |
190.68 |
|
|
|
$ |
186.19 |
|
|
|
|
RevPAR |
$ |
146.42 |
|
|
|
$ |
147.40 |
|
|
|
$ |
142.37 |
|
|
|
$ |
137.98 |
|
|
|
|
OtherPAR |
$ |
202.03 |
|
|
|
$ |
199.92 |
|
|
|
$ |
201.87 |
|
|
|
$ |
197.53 |
|
|
|
|
Total
RevPAR |
$ |
348.45 |
|
|
|
$ |
347.32 |
|
|
|
$ |
344.24 |
|
|
|
$ |
335.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
80,260 |
|
|
|
$ |
79,582 |
|
|
|
$ |
155,222 |
|
|
|
$ |
155,222 |
|
|
|
|
Operating Income |
$ |
20,777 |
|
25.9 |
% |
|
$ |
21,359 |
|
26.8 |
% |
|
$ |
36,418 |
|
23.5 |
% |
|
$ |
37,908 |
|
24.4 |
% |
|
|
Depreciation & amortization |
|
8,373 |
|
|
|
|
7,348 |
|
|
|
|
16,470 |
|
|
|
|
14,889 |
|
|
|
|
Adjusted EBITDA |
$ |
29,150 |
|
36.3 |
% |
|
$ |
28,707 |
|
36.1 |
% |
|
$ |
52,888 |
|
34.1 |
% |
|
$ |
52,797 |
|
34.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.8 |
% |
|
|
|
77.2 |
% |
|
|
|
70.6 |
% |
|
|
|
74.3 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
180.11 |
|
|
|
$ |
180.88 |
|
|
|
$ |
178.76 |
|
|
|
$ |
173.67 |
|
|
|
|
RevPAR |
$ |
131.07 |
|
|
|
$ |
139.58 |
|
|
|
$ |
126.16 |
|
|
|
$ |
129.08 |
|
|
|
|
OtherPAR |
$ |
174.33 |
|
|
|
$ |
163.87 |
|
|
|
$ |
170.79 |
|
|
|
$ |
166.85 |
|
|
|
|
Total
RevPAR |
$ |
305.40 |
|
|
|
$ |
303.45 |
|
|
|
$ |
296.95 |
|
|
|
$ |
295.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
48,184 |
|
|
|
$ |
45,683 |
|
|
|
$ |
102,381 |
|
|
|
$ |
101,442 |
|
|
|
|
Operating Income |
$ |
9,387 |
|
19.5 |
% |
|
$ |
8,062 |
|
17.6 |
% |
|
$ |
22,501 |
|
22.0 |
% |
|
$ |
22,941 |
|
22.6 |
% |
|
|
Depreciation & amortization |
|
4,759 |
|
|
|
|
4,762 |
|
|
|
|
9,554 |
|
|
|
|
9,470 |
|
|
|
|
Non-cash
lease expense |
|
1,279 |
|
|
|
|
1,311 |
|
|
|
|
2,559 |
|
|
|
|
2,622 |
|
|
|
|
Adjusted EBITDA |
$ |
15,425 |
|
32.0 |
% |
|
$ |
14,135 |
|
30.9 |
% |
|
$ |
34,614 |
|
33.8 |
% |
|
$ |
35,033 |
|
34.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
80.3 |
% |
|
|
|
78.3 |
% |
|
|
|
80.1 |
% |
|
|
|
80.1 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
181.68 |
|
|
|
$ |
167.77 |
|
|
|
$ |
194.21 |
|
|
|
$ |
181.31 |
|
|
|
|
RevPAR |
$ |
145.91 |
|
|
|
$ |
131.37 |
|
|
|
$ |
155.52 |
|
|
|
$ |
145.16 |
|
|
|
|
OtherPAR |
$ |
228.03 |
|
|
|
$ |
223.15 |
|
|
|
$ |
243.95 |
|
|
|
$ |
249.86 |
|
|
|
|
Total
RevPAR |
$ |
373.94 |
|
|
|
$ |
354.52 |
|
|
|
$ |
399.47 |
|
|
|
$ |
395.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
52,772 |
|
|
|
$ |
56,350 |
|
|
|
$ |
109,517 |
|
|
|
$ |
110,021 |
|
|
|
|
Operating Income |
$ |
12,631 |
|
23.9 |
% |
|
$ |
15,607 |
|
27.7 |
% |
|
$ |
28,521 |
|
26.0 |
% |
|
$ |
29,956 |
|
27.2 |
% |
|
|
Depreciation & amortization |
|
5,140 |
|
|
|
|
5,026 |
|
|
|
|
10,250 |
|
|
|
|
10,030 |
|
|
|
|
Adjusted EBITDA |
$ |
17,771 |
|
33.7 |
% |
|
$ |
20,633 |
|
36.6 |
% |
|
$ |
38,771 |
|
35.4 |
% |
|
$ |
39,986 |
|
36.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.7 |
% |
|
|
|
79.8 |
% |
|
|
|
76.1 |
% |
|
|
|
76.4 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
190.73 |
|
|
|
$ |
198.00 |
|
|
|
$ |
189.76 |
|
|
|
$ |
192.02 |
|
|
|
|
RevPAR |
$ |
138.66 |
|
|
|
$ |
158.09 |
|
|
|
$ |
144.44 |
|
|
|
$ |
146.74 |
|
|
|
|
OtherPAR |
$ |
245.13 |
|
|
|
$ |
251.72 |
|
|
|
$ |
256.00 |
|
|
|
$ |
253.33 |
|
|
|
|
Total
RevPAR |
$ |
383.79 |
|
|
|
$ |
409.81 |
|
|
|
$ |
400.44 |
|
|
|
$ |
400.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
73,995 |
|
|
|
$ |
73,550 |
|
|
|
$ |
136,452 |
|
|
|
$ |
127,705 |
|
|
|
|
Operating Income |
$ |
16,152 |
|
21.8 |
% |
|
$ |
15,976 |
|
21.7 |
% |
|
$ |
22,861 |
|
16.8 |
% |
|
$ |
15,219 |
|
11.9 |
% |
|
|
Depreciation & amortization |
|
6,613 |
|
|
|
|
6,395 |
|
|
|
|
13,129 |
|
|
|
|
14,961 |
|
|
|
|
Preopening costs |
|
173 |
|
|
|
|
- |
|
|
|
|
228 |
|
|
|
|
- |
|
|
|
|
Interest
income on Gaylord National bonds |
|
2,931 |
|
|
|
|
2,992 |
|
|
|
|
5,862 |
|
|
|
|
6,094 |
|
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
(24 |
) |
|
|
|
- |
|
|
|
|
(24 |
) |
|
|
|
Loss on
disposal of assets |
|
- |
|
|
|
|
24 |
|
|
|
|
- |
|
|
|
|
24 |
|
|
|
|
Adjusted EBITDA |
$ |
25,869 |
|
35.0 |
% |
|
$ |
25,363 |
|
34.5 |
% |
|
$ |
42,080 |
|
30.8 |
% |
|
$ |
36,274 |
|
28.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
81.3 |
% |
|
|
|
76.6 |
% |
|
|
|
75.5 |
% |
|
|
|
68.5 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
214.42 |
|
|
|
$ |
217.96 |
|
|
|
$ |
210.19 |
|
|
|
$ |
214.48 |
|
|
|
|
RevPAR |
$ |
174.41 |
|
|
|
$ |
167.01 |
|
|
|
$ |
158.76 |
|
|
|
$ |
147.00 |
|
|
|
|
OtherPAR |
$ |
232.97 |
|
|
|
$ |
237.92 |
|
|
|
$ |
218.93 |
|
|
|
$ |
204.54 |
|
|
|
|
Total
RevPAR |
$ |
407.38 |
|
|
|
$ |
404.93 |
|
|
|
$ |
377.69 |
|
|
|
$ |
351.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,679 |
|
|
|
$ |
3,022 |
|
|
|
$ |
6,138 |
|
|
|
$ |
4,834 |
|
|
|
|
Operating Income |
$ |
1,378 |
|
37.5 |
% |
|
$ |
924 |
|
30.6 |
% |
|
$ |
1,757 |
|
28.6 |
% |
|
$ |
995 |
|
20.6 |
% |
|
|
Depreciation & amortization |
|
322 |
|
|
|
|
316 |
|
|
|
|
647 |
|
|
|
|
632 |
|
|
|
|
Adjusted EBITDA |
$ |
1,700 |
|
46.2 |
% |
|
$ |
1,240 |
|
41.0 |
% |
|
$ |
2,404 |
|
39.2 |
% |
|
$ |
1,627 |
|
33.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
82.5 |
% |
|
|
|
79.8 |
% |
|
|
|
72.4 |
% |
|
|
|
64.3 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
224.19 |
|
|
|
$ |
188.82 |
|
|
|
$ |
214.09 |
|
|
|
$ |
185.57 |
|
|
|
|
RevPAR |
$ |
184.85 |
|
|
|
$ |
150.63 |
|
|
|
$ |
154.94 |
|
|
|
$ |
119.38 |
|
|
|
|
OtherPAR |
$ |
25.77 |
|
|
|
$ |
22.39 |
|
|
|
$ |
21.70 |
|
|
|
$ |
18.98 |
|
|
|
|
Total
RevPAR |
$ |
210.62 |
|
|
|
$ |
173.02 |
|
|
|
$ |
176.64 |
|
|
|
$ |
138.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,483 |
|
|
|
$ |
4,142 |
|
|
|
$ |
7,817 |
|
|
|
$ |
7,296 |
|
|
|
|
Operating Income |
$ |
1,118 |
|
24.9 |
% |
|
$ |
1,090 |
|
26.3 |
% |
|
$ |
1,517 |
|
19.4 |
% |
|
$ |
1,458 |
|
20.0 |
% |
|
|
Depreciation & amortization |
|
340 |
|
|
|
|
334 |
|
|
|
|
675 |
|
|
|
|
668 |
|
|
|
|
Adjusted EBITDA |
$ |
1,458 |
|
32.5 |
% |
|
$ |
1,424 |
|
34.4 |
% |
|
$ |
2,192 |
|
28.0 |
% |
|
$ |
2,126 |
|
29.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
81.9 |
% |
|
|
|
84.5 |
% |
|
|
|
76.9 |
% |
|
|
|
75.6 |
% |
|
|
|
Average
daily rate (ADR) |
$ |
152.73 |
|
|
|
$ |
132.64 |
|
|
|
$ |
142.07 |
|
|
|
$ |
129.27 |
|
|
|
|
RevPAR |
$ |
125.07 |
|
|
|
$ |
112.14 |
|
|
|
$ |
109.26 |
|
|
|
$ |
97.67 |
|
|
|
|
OtherPAR |
$ |
37.49 |
|
|
|
$ |
38.06 |
|
|
|
$ |
33.24 |
|
|
|
$ |
34.64 |
|
|
|
|
Total
RevPAR |
$ |
162.56 |
|
|
|
$ |
150.20 |
|
|
|
$ |
142.50 |
|
|
|
$ |
132.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes other hospitality revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
|
|
Reconciliation of Forward-Looking
Statements |
|
|
Unaudited |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("Adjusted
EBITDA") |
and Adjusted Funds From Operations ("AFFO")
reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE RANGE |
|
|
|
|
|
|
FOR FULL YEAR 2017 |
|
|
|
|
|
|
Low |
|
High |
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
148,500 |
|
|
$ |
158,200 |
|
|
|
|
|
Provision (benefit) for
income taxes |
|
|
2,500 |
|
|
|
3,000 |
|
|
|
|
|
Interest expense |
|
|
70,500 |
|
|
|
69,000 |
|
|
|
|
|
Interest income on
Gaylord National Bonds |
|
|
(10,000 |
) |
|
|
(11,000 |
) |
|
|
|
|
Operating
Income |
|
|
211,500 |
|
|
|
219,200 |
|
|
|
|
|
Depreciation and
amortization |
|
|
110,500 |
|
|
|
113,000 |
|
|
|
|
|
Non-cash lease
expense |
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
Preopening expense |
|
|
700 |
|
|
|
900 |
|
|
|
|
|
Equity based
compensation |
|
|
6,300 |
|
|
|
6,900 |
|
|
|
|
|
Pension settlement
charge, Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
|
|
Other gains and
(losses), net |
|
|
2,000 |
|
|
|
3,000 |
|
|
|
|
|
Interest income on
Gaylord National Bonds |
|
|
10,000 |
|
|
|
11,000 |
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
348,000 |
|
|
$ |
361,000 |
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
217,000 |
|
|
$ |
223,000 |
|
|
|
|
|
Depreciation and
amortization |
|
|
101,000 |
|
|
|
102,000 |
|
|
|
|
|
Non-cash lease
expense |
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
Other gains and
(losses), net |
|
|
2,000 |
|
|
|
3,000 |
|
|
|
|
|
Interest income |
|
|
10,000 |
|
|
|
11,000 |
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
335,000 |
|
|
$ |
344,000 |
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
28,500 |
|
|
$ |
30,200 |
|
|
|
|
|
Depreciation and
amortization |
|
|
7,000 |
|
|
|
8,000 |
|
|
|
|
|
Preopening expense |
|
|
700 |
|
|
|
900 |
|
|
|
|
|
Equity based
compensation |
|
|
800 |
|
|
|
900 |
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
37,000 |
|
|
$ |
40,000 |
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
(34,000 |
) |
|
$ |
(34,000 |
) |
|
|
|
|
Depreciation and
amortization |
|
|
2,500 |
|
|
|
3,000 |
|
|
|
|
|
Equity based
compensation |
|
|
5,500 |
|
|
|
6,000 |
|
|
|
|
|
Pension settlement
charge, Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
(24,000 |
) |
|
$ |
(23,000 |
) |
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
148,500 |
|
|
$ |
158,200 |
|
|
|
|
|
Pro Rata FFO
from Joint Ventures |
|
|
100 |
|
|
|
150 |
|
|
|
|
|
Depreciation &
amortization |
|
|
110,500 |
|
|
|
113,000 |
|
|
|
|
|
Funds from
Operations (FFO) |
|
|
259,100 |
|
|
|
271,350 |
|
|
|
|
|
Pro Rata AFFO from
Joint Ventures |
|
|
250 |
|
|
|
350 |
|
|
|
|
|
(Gain) loss on Other
Assets |
|
|
1,000 |
|
|
|
1,200 |
|
|
|
|
|
Non-cash lease
expense |
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
Write-Off of Deferred
Financing Costs |
|
|
1,000 |
|
|
|
1,000 |
|
|
|
|
|
Amortization of
DFC |
|
|
5,000 |
|
|
|
5,200 |
|
|
|
|
|
Deferred tax
expense |
|
|
(350 |
) |
|
|
(400 |
) |
|
|
|
|
Pension settlement
charge |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
|
|
Adjusted
FFO |
|
$ |
273,000 |
|
|
$ |
285,700 |
|
|
|
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 Corporate Finance & Treasurer
Ryman Hospitality Properties, Inc.
(615) 316-6344
tsiefert@rymanhp.com
Media Contacts:
Shannon Sullivan, Director of Corporate Communications
Ryman Hospitality Properties, Inc.
(615) 316-6725
ssullivan@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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