– Consolidated Net Income of $23.9 Million ––
Consolidated Adjusted EBITDA of $75.5 Million –– RevPAR Decrease of
0.6 Percent; Total RevPAR Decrease of 4.8 Percent, Compared to
Third Quarter 2016 –– Raises Full-Year Guidance Midpoint –
Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real
estate investment trust ("REIT") specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the third quarter ended September
30, 2017.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “We are pleased with our third
quarter 2017 results, which were in line with our expectations
going into the year despite the hurricane-related disruption we
experienced this quarter. The unusual hurricane season highlighted
the resiliency of our unique model as we offset some of the
storm-related disruption in our group business at Gaylord Palms
with utility and remediation crews as well as storm-related
transient business.
We were thrilled with our strong third quarter bookings for all
future years, which nearly matched the record third quarter gross
room night production we reported in 2016. The group segment
continues to perform well overall, and with our growth projects at
Gaylord Texan, Gaylord Opryland and our Gaylord Rockies joint
venture project on time and on budget, we are poised to take full
advantage of the demand we are seeing in the group market in the
years to come.”
Third Quarter and Year-to-Date 2017 Results (As Compared
to Third Quarter and Year-to-Date 2016) Included the
Following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Results ($ in thousands, except
per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
Total Revenue |
$ |
264,724 |
|
|
$ |
271,720 |
|
|
-2.6 |
% |
|
|
$ |
839,544 |
|
|
$ |
829,432 |
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
$ |
36,409 |
|
|
$ |
46,567 |
|
|
-21.8 |
% |
|
|
$ |
148,162 |
|
|
$ |
152,306 |
|
|
-2.7 |
% |
|
Operating Income
Margin |
|
13.8 |
% |
|
|
17.1 |
% |
|
-3.3 |
pt |
|
|
|
17.6 |
% |
|
|
18.4 |
% |
|
-0.8 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
23,870 |
|
|
$ |
33,593 |
|
|
-28.9 |
% |
|
|
$ |
103,782 |
|
|
$ |
111,270 |
|
|
-6.7 |
% |
|
Net Income Margin |
|
9.0 |
% |
|
|
12.4 |
% |
|
-3.4 |
pt |
|
|
|
12.4 |
% |
|
|
13.4 |
% |
|
-1.0 |
pt |
|
Net Income per diluted
share |
$ |
0.46 |
|
|
$ |
0.66 |
|
|
-30.3 |
% |
|
|
$ |
2.02 |
|
|
$ |
2.17 |
|
|
-6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
75,507 |
|
|
$ |
83,046 |
|
|
-9.1 |
% |
|
|
$ |
254,556 |
|
|
$ |
255,520 |
|
|
-0.4 |
% |
|
Adjusted EBITDA
Margin |
|
28.5 |
% |
|
|
30.6 |
% |
|
-2.1 |
pt |
|
|
|
30.3 |
% |
|
|
30.8 |
% |
|
-0.5 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations
(FFO) |
$ |
52,433 |
|
|
$ |
60,315 |
|
|
-13.1 |
% |
|
|
$ |
187,697 |
|
|
$ |
193,195 |
|
|
-2.8 |
% |
|
FFO per diluted
share |
$ |
1.02 |
|
|
$ |
1.18 |
|
|
-13.6 |
% |
|
|
$ |
3.66 |
|
|
$ |
3.77 |
|
|
-2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO |
$ |
56,014 |
|
|
$ |
65,618 |
|
|
-14.6 |
% |
|
|
$ |
198,542 |
|
|
$ |
203,754 |
|
|
-2.6 |
% |
|
Adjusted FFO per
diluted share |
$ |
1.09 |
|
|
$ |
1.28 |
|
|
-14.8 |
% |
|
|
$ |
3.87 |
|
|
$ |
3.97 |
|
|
-2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 nine months ended September 30, 2017 and 2016, the
Company reported the following:
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
Revenue |
$ |
229,590 |
|
|
$ |
241,019 |
|
|
-4.7 |
% |
|
|
$ |
747,117 |
|
|
$ |
747,539 |
|
|
-0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Operating
Income |
$ |
36,478 |
|
|
$ |
45,718 |
|
|
-20.2 |
% |
|
|
$ |
150,053 |
|
|
$ |
154,195 |
|
|
-2.7 |
% |
|
Hospitality Operating
Income Margin |
|
15.9 |
% |
|
|
19.0 |
% |
|
-3.1 |
pt |
|
|
|
20.1 |
% |
|
|
20.6 |
% |
|
-0.5 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Adjusted
EBITDA |
$ |
69,309 |
|
|
$ |
76,908 |
|
|
-9.9 |
% |
|
|
$ |
242,258 |
|
|
$ |
244,751 |
|
|
-1.0 |
% |
|
Hospitality Adjusted
EBITDA Margin |
|
30.2 |
% |
|
|
31.9 |
% |
|
-1.7 |
pt |
|
|
|
32.4 |
% |
|
|
32.7 |
% |
|
-0.3 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance
Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.5 |
% |
|
|
75.5 |
% |
|
0.0 |
pt |
|
|
|
75.0 |
% |
|
|
74.6 |
% |
|
0.4 |
pt |
|
Average
Daily Rate (ADR) |
$ |
174.20 |
|
|
$ |
175.22 |
|
|
-0.6 |
% |
|
|
$ |
185.08 |
|
|
$ |
182.46 |
|
|
1.4 |
% |
|
RevPAR |
$ |
131.56 |
|
|
$ |
132.32 |
|
|
-0.6 |
% |
|
|
$ |
138.73 |
|
|
$ |
136.08 |
|
|
1.9 |
% |
|
Total
RevPAR |
$ |
300.45 |
|
|
$ |
315.50 |
|
|
-4.8 |
% |
|
|
$ |
329.48 |
|
|
$ |
328.79 |
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite Rooms
Nights Booked |
|
605,889 |
|
|
|
606,960 |
|
|
-0.2 |
% |
|
|
|
1,633,890 |
|
|
|
1,597,619 |
|
|
2.3 |
% |
|
Net Definite Rooms
Nights Booked |
|
482,732 |
|
|
|
502,564 |
|
|
-3.9 |
% |
|
|
|
1,179,521 |
|
|
|
1,251,086 |
|
|
-5.7 |
% |
|
Group Attrition (as %
of contracted block) |
|
15.5 |
% |
|
|
13.4 |
% |
|
2.1 |
pt |
|
|
|
13.7 |
% |
|
|
12.4 |
% |
|
1.3 |
pt |
|
Cancellations ITYFTY
(1) |
|
12,749 |
|
|
|
6,871 |
|
|
85.5 |
% |
|
|
|
45,472 |
|
|
|
35,383 |
|
|
28.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 third 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 third quarter 2017 for the Hospitality segment and
at each property include:
- Hospitality Segment: Total revenue for the
third quarter 2017 decreased 4.7 percent to $229.6 million compared
to third quarter 2016. Total RevPAR declined by 4.8 percent for the
quarter primarily due to an unfavorable group mix shift from
premium corporate and association groups to groups with lower
outside-the-room spending profiles across our Gaylord Hotels
properties, as compared to third quarter 2016, and the Jewish
holiday shift from fourth quarter 2016 to third quarter 2017.
We estimate that the Jewish holiday shift represented approximately
50 basis points of the third quarter 2017 Total RevPAR decline as
compared to third quarter 2016. In addition, the Hospitality
segment was adversely impacted by Hurricanes Harvey and Irma at
Gaylord Texan and Gaylord Palms, respectively. Occupancy for the
quarter across the Hospitality segment was flat despite difficult
year-over-year comparisons and the impact of hurricanes in the
quarter, due primarily to an increase in transient business for the
segment. In The Year, For The Year cancellations and attrition were
elevated in the third quarter 2017, as compared to third quarter
2016, due primarily to hurricane-related impacts. Hospitality
segment operating income declined by 20.2 percent to $36.5 million
in the third quarter of 2017, as compared to the third quarter of
2016. Operating income margin for the segment declined by just over
300 basis points to 15.9 percent. Hospitality segment Adjusted
EBITDA declined 9.9 percent as compared to the third quarter of
2016, and Adjusted EBITDA margin decreased by 170 basis points to
30.2 percent.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
Gaylord Opryland |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
Revenue |
|
|
$ |
76,237 |
|
|
$ |
78,840 |
|
|
-3.3 |
% |
|
|
$ |
231,459 |
|
|
$ |
234,062 |
|
|
-1.1 |
% |
|
Operating
Income |
|
$ |
17,156 |
|
|
$ |
21,657 |
|
|
-20.8 |
% |
|
|
$ |
53,574 |
|
|
$ |
59,565 |
|
|
-10.1 |
% |
|
Operating
Income Margin |
|
22.5 |
% |
|
|
27.5 |
% |
|
-5.0 |
pt |
|
|
|
23.1 |
% |
|
|
25.4 |
% |
|
-2.3 |
pt |
|
Adjusted
EBITDA |
|
$ |
25,921 |
|
|
$ |
29,117 |
|
|
-11.0 |
% |
|
|
$ |
78,809 |
|
|
$ |
81,914 |
|
|
-3.8 |
% |
|
Adjusted
EBITDA Margin |
|
34.0 |
% |
|
|
36.9 |
% |
|
-2.9 |
pt |
|
|
|
34.0 |
% |
|
|
35.0 |
% |
|
-1.0pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
76.9 |
% |
|
|
75.0 |
% |
|
1.9 |
pt |
|
|
|
72.7 |
% |
|
|
74.5 |
% |
|
-1.8 |
pt |
|
Average daily rate (ADR) |
$ |
176.13 |
|
|
$ |
172.90 |
|
|
1.9 |
% |
|
|
$ |
177.82 |
|
|
$ |
173.41 |
|
|
2.5 |
% |
|
RevPAR |
|
|
$ |
135.53 |
|
|
$ |
129.63 |
|
|
4.6 |
% |
|
|
$ |
129.32 |
|
|
$ |
129.27 |
|
|
0.0 |
% |
|
Total RevPAR |
|
$ |
286.93 |
|
|
$ |
296.98 |
|
|
-3.4 |
% |
|
|
$ |
293.57 |
|
|
$ |
296.28 |
|
|
-0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Gaylord Opryland: Total revenue for third
quarter 2017 declined by 3.3 percent to $76.2 million, compared to
third quarter 2016. RevPAR increased 4.6 percent in the third
quarter as compared to third quarter 2016, aided by a 1.9 point
increase in occupancy and a 1.9 percent increase in ADR. Total
RevPAR decreased 3.4 percent in the third quarter as compared to
third quarter 2016, due to a mix shift from corporate groups in the
third quarter of 2016 to other groups that typically spend less on
food and beverage than corporate groups. In addition, the
inclusion of a large cancellation fee in third quarter 2016
impacted year-over-year comparisons for operating income and
Adjusted EBITDA. Operating income decreased 20.8 percent to $17.2
million in the third quarter of 2017, compared to the third quarter
of 2016. Adjusted EBITDA decreased 11.0 percent to $25.9 million
compared to third quarter 2016. There were approximately 12,250
room nights out of service during the third quarter of 2017 due to
planned room renovations, compared to 19,700 room nights out of
service in the third quarter of 2016. Work continued during the
quarter on SoundWaves, Gaylord Opryland’s new $90 million resort
water feature, which remains on time and on budget with an
anticipated opening in late 2018.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
Gaylord Palms |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
Revenue |
|
|
$ |
37,238 |
|
|
$ |
42,207 |
|
|
-11.8 |
% |
|
|
$ |
139,619 |
|
|
$ |
143,649 |
|
|
-2.8 |
% |
|
Operating
Income |
|
$ |
3,108 |
|
|
$ |
4,716 |
|
|
-34.1 |
% |
|
|
$ |
25,609 |
|
|
$ |
27,657 |
|
|
-7.4 |
% |
|
Operating
Income Margin |
|
8.3 |
% |
|
|
11.2 |
% |
|
-2.9 |
pt |
|
|
|
18.3 |
% |
|
|
19.3 |
% |
|
-1.0 |
pt |
|
Adjusted
EBITDA |
|
$ |
9,141 |
|
|
$ |
10,799 |
|
|
-15.4 |
% |
|
|
$ |
43,755 |
|
|
$ |
45,832 |
|
|
-4.5 |
% |
|
Adjusted
EBITDA Margin |
|
24.5 |
% |
|
|
25.6 |
% |
|
-1.1 |
pt |
|
|
|
31.3 |
% |
|
|
31.9 |
% |
|
-0.6 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
73.3 |
% |
|
|
73.4 |
% |
|
-0.1 |
pt |
|
|
|
77.8 |
% |
|
|
77.8 |
% |
|
0.0 |
pt |
|
Average daily rate (ADR) |
$ |
153.62 |
|
|
$ |
151.02 |
|
|
1.7 |
% |
|
|
$ |
181.32 |
|
|
$ |
171.70 |
|
|
5.6 |
% |
|
RevPAR |
|
|
$ |
112.59 |
|
|
$ |
110.88 |
|
|
1.5 |
% |
|
|
$ |
141.05 |
|
|
$ |
133.63 |
|
|
5.6 |
% |
|
Total RevPAR |
|
$ |
285.85 |
|
|
$ |
323.99 |
|
|
-11.8 |
% |
|
|
$ |
361.18 |
|
|
$ |
371.11 |
|
|
-2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Gaylord Palms: Total revenue decreased 11.8
percent to $37.2 million in third quarter 2017, compared to third
quarter 2016, driven mostly by a shift in group mix and an increase
in cancellations and attrition in the quarter resulting from
Hurricane Irma in September. The hotel experienced approximately
10,000 room night cancellations and attrition due to Hurricane
Irma. A decline in food and beverage revenue driven by
hurricane-related group cancellations contributed to a Total RevPAR
decline of 11.8 percent in the third quarter as compared to third
quarter 2016. Despite hurricane-related group cancellations,
occupancy was flat compared to third quarter 2016, driven by an
increase in room nights from utility companies related to the
hurricane remediation efforts as well as storm-related transient
business. In addition, the 2016 period included the collection of a
large group contract settlement, which contributed to the Total
RevPAR decline. Operating income declined by 34.1 percent to $3.1
million in the third quarter of 2017 compared to the third quarter
of 2016. Adjusted EBITDA declined by 15.4 percent to $9.1 million
compared to third quarter 2016.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
Gaylord Texan |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
Revenue |
|
|
$ |
50,166 |
|
|
$ |
52,482 |
|
|
-4.4 |
% |
|
|
$ |
159,683 |
|
|
$ |
162,503 |
|
|
-1.7 |
% |
|
Operating
Income |
|
$ |
10,401 |
|
|
$ |
11,787 |
|
|
-11.8 |
% |
|
|
$ |
38,922 |
|
|
$ |
41,743 |
|
|
-6.8 |
% |
|
Operating
Income Margin |
|
20.7 |
% |
|
|
22.5 |
% |
|
-1.8 |
pt |
|
|
|
24.4 |
% |
|
|
25.7 |
% |
|
-1.3 |
pt |
|
Adjusted
EBITDA |
|
$ |
15,576 |
|
|
$ |
16,847 |
|
|
-7.5 |
% |
|
|
$ |
54,347 |
|
|
$ |
56,833 |
|
|
-4.4 |
% |
|
Adjusted
EBITDA Margin |
|
31.0 |
% |
|
|
32.1 |
% |
|
-1.1 |
pt |
|
|
|
34.0 |
% |
|
|
35.0 |
% |
|
-1.0 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
75.0 |
% |
|
|
82.0 |
% |
|
-7.0 |
pt |
|
|
|
75.7 |
% |
|
|
78.3 |
% |
|
-2.6 |
pt |
|
Average daily rate (ADR) |
$ |
183.90 |
|
|
$ |
186.55 |
|
|
-1.4 |
% |
|
|
$ |
187.80 |
|
|
$ |
190.09 |
|
|
-1.2 |
% |
|
RevPAR |
|
|
$ |
137.96 |
|
|
$ |
152.98 |
|
|
-9.8 |
% |
|
|
$ |
142.26 |
|
|
$ |
148.84 |
|
|
-4.4 |
% |
|
Total RevPAR |
|
$ |
360.87 |
|
|
$ |
377.54 |
|
|
-4.4 |
% |
|
|
$ |
387.11 |
|
|
$ |
392.51 |
|
|
-1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Gaylord Texan: Total revenue decreased
4.4 percent to $50.2 million in third quarter 2017, compared to
third quarter 2016, driven by an occupancy decrease of 7.0 points,
which also led to decreased food and beverage revenue. RevPAR
and Total RevPAR decreased by 9.8 percent and 4.4 percent,
respectively, on a year-over-year basis, driven by a decrease in
group occupancy and the effects of Hurricane Harvey during the
quarter. Specifically, Gaylord Texan experienced approximately
2,400 room night cancellations and attrition in the third quarter
2017 as a result of hurricane-related travel disruptions. The
property also faced a difficult year-over-year comparison, as last
year’s high occupancy allowed it to leverage its fixed cost basis
and drive higher incremental profitability. Operating income
decreased 11.8 percent to $10.4 million in third quarter 2017,
compared to third quarter 2016. Adjusted EBITDA declined 7.5
percent to $15.6 million, compared to third quarter 2016. The
decreases in operating income and Adjusted EBITDA were driven
primarily by the decline in overall occupancy, which was partially
offset by a large cancellation fee collected in the quarter. The
previously-announced room and meeting space expansion at Gaylord
Texan continues to be on pace and on budget, with an anticipated
opening in second quarter 2018.
($ in thousands, except for ADR, RevPAR and Total RevPAR)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
Gaylord National |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
Revenue |
|
|
$ |
58,936 |
|
|
$ |
61,000 |
|
|
-3.4 |
% |
|
|
$ |
195,388 |
|
|
$ |
188,705 |
|
|
3.5 |
% |
|
Operating
Income |
|
$ |
4,309 |
|
|
$ |
6,248 |
|
|
-31.0 |
% |
|
|
$ |
27,170 |
|
|
$ |
21,467 |
|
|
26.6 |
% |
|
Operating
Income Margin |
|
7.3 |
% |
|
|
10.2 |
% |
|
-2.9 |
pt |
|
|
|
13.9 |
% |
|
|
11.4 |
% |
|
2.5 |
pt |
|
Adjusted
EBITDA |
|
$ |
16,500 |
|
|
$ |
18,189 |
|
|
-9.3 |
% |
|
|
$ |
58,580 |
|
|
$ |
54,463 |
|
|
7.6 |
% |
|
Adjusted
EBITDA Margin |
|
28.0 |
% |
|
|
29.8 |
% |
|
-1.8 |
pt |
|
|
|
30.0 |
% |
|
|
28.9 |
% |
|
1.1 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
74.2 |
% |
|
|
72.4 |
% |
|
1.8 |
pt |
|
|
|
75.1 |
% |
|
|
69.8 |
% |
|
5.3 |
pt |
|
Average daily rate (ADR) |
$ |
184.89 |
|
|
$ |
194.37 |
|
|
-4.9 |
% |
|
|
$ |
201.77 |
|
|
$ |
207.48 |
|
|
-2.8 |
% |
|
RevPAR |
|
|
$ |
137.13 |
|
|
$ |
140.78 |
|
|
-2.6 |
% |
|
|
$ |
151.47 |
|
|
$ |
144.91 |
|
|
4.5 |
% |
|
Total RevPAR |
|
$ |
320.95 |
|
|
$ |
332.19 |
|
|
-3.4 |
% |
|
|
$ |
358.57 |
|
|
$ |
345.04 |
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Gaylord National: Total revenue decreased 3.4
percent to $58.9 million in third quarter 2017 compared to third
quarter 2016. While third quarter occupancy increased 1.8 points to
74.2 percent, a 4.9 percent decline in ADR year-over-year impacted
RevPAR. The ADR decline coupled with lower food and beverage
revenue impacted Total RevPAR. During the third quarter of 2017,
the property attracted approximately 5,600 room nights attributed
to the MGM National Harbor Casino (”MGM”) through packaging efforts
over the July 4th and Labor Day holidays that featured discounted
room rates. These efforts allowed the hotel to experiment with
packaging opportunities and drive occupancy during traditionally
low occupancy periods. Operating income declined by 31.0 percent to
$4.3 million in the third quarter of 2017 compared to the third
quarter of 2016. Adjusted EBITDA decreased 9.3 percent to $16.5
million in the third quarter of 2017 as compared to the third
quarter of 2016.
Reed continued, “We are pleased with the performance our hotels
delivered this quarter despite the anticipated mix shifts we
experienced, which resulted in softer overall food and beverage
demand and outside-the-room spending. In light of the significant
disruption resulting from Hurricane Irma in the quarter, Gaylord
Palms’ ability to achieve essentially flat occupancy levels is
particularly noteworthy. At Gaylord National, our proximity to the
nearby MGM continues to drive transient-related occupancy volumes.
We believe we will be able to gradually increase ADR and
outside-the-room spending associated with these guests in future
periods as MGM continues to ramp up their operations and expand
their customer base.”
Entertainment Segment
For the three and nine months ended September 30, 2017 and 2016,
the Company reported the following:
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
($ in thousands) |
September 30, |
|
September 30, |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
2017 |
|
|
|
2016 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
35,134 |
|
|
$ |
30,701 |
|
|
14.4 |
% |
|
$ |
92,427 |
|
|
$ |
81,893 |
|
|
12.9 |
% |
Operating Income |
$ |
9,671 |
|
|
$ |
9,964 |
|
|
-2.9 |
% |
|
$ |
24,044 |
|
|
$ |
22,418 |
|
|
7.3 |
% |
Operating Income
Margin |
|
27.5 |
% |
|
|
32.5 |
% |
|
-5.0 |
pt |
|
|
26.0 |
% |
|
|
27.4 |
% |
|
-1.4 |
pt |
Adjusted EBITDA |
$ |
12,768 |
|
|
$ |
11,777 |
|
|
8.4 |
% |
|
$ |
31,530 |
|
|
$ |
27,796 |
|
|
13.4 |
% |
Adjusted EBITDA
Margin |
|
36.3 |
% |
|
|
38.4 |
% |
|
-2.1 |
pt |
|
|
34.1 |
% |
|
|
33.9 |
% |
|
0.2 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reed continued, “Our Entertainment segment had a tremendous
third quarter that delivered solid top and bottom line performance
as we continue to invest significantly in this segment’s future
growth. During the quarter, we successfully opened Ole Red
Tishomingo, and it has exceeded our performance expectations so
far. We are enthusiastic about the continued progress on our growth
projects, with our Opry City Stage joint venture set to open in
Times Square at the end of November and our flagship Ole Red
location in downtown Nashville set to open in the spring of 2018.
We are also pleased to begin work in January on our $12 million
expansion of the retail and parking areas of our Grand Ole Opry
House complex, which we announced in October. These improvements
will enable us to improve our guest experience and further
capitalize on the growing demand for this beloved Nashville
attraction.”
Corporate and Other Segment ResultsFor the
three months and nine months ended September 30, 2017 and 2016, the
Company reported the following:
|
|
|
|
|
|
|
|
Corporate
Segment Results |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
($ in thousands) |
September 30, |
|
September 30, |
|
|
2017 |
|
|
2016 |
|
|
% ∆ |
|
|
2017 |
|
|
2016 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
Operating Loss (1) |
|
($9,740 |
) |
|
($9,115 |
) |
|
-6.9 |
% |
|
|
($25,935 |
) |
|
($24,307 |
) |
|
-6.7 |
% |
Adjusted EBITDA |
|
($6,570 |
) |
|
($5,639 |
) |
|
-16.5 |
% |
|
|
($19,232 |
) |
|
($17,027 |
) |
|
-13.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Corporate operating loss for the three months and nine months ended
September 30, 2017 and 2016 includesa non-cash net settlement
charge of $1.2 million and $1.6 million, respectively, for the
Company’s grandfathered defined benefit pension plan, which was a
result of increased lump sum distributions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment Operating Loss and Adjusted EBITDA
for third quarter 2017, as compared to third quarter 2016, includes
an increase in administrative and employment costs associated with
supporting our growth initiatives within our Hospitality and
Entertainment segments.
Dividend Update The Company paid its third
quarter 2017 cash dividend of $0.80 per share of common stock on
October 13, 2017 to stockholders of record as of September 29,
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 payment occurring in 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 September
30, 2017, the Company had total debt outstanding of $1,566.8
million, net of unamortized deferred financing costs, and
unrestricted cash of $62.7 million. As of September 30, 2017,
$146.5 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 $551.4 million
of availability for borrowing under the credit facility.
Guidance The Company has raised the low end of
its guidance range for 2017 RevPAR, Net Income, Adjusted EBITDA on
a consolidated basis, Funds from Operation (FFO) and Adjusted FFO
(AFFO) to reflect stronger performance expectations for fourth
quarter 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 remains strong, and
we were pleased to build on last year’s record results with another
solid quarter of performance. Group room nights on the books for
2017 are ahead of plan, and we expect to close out the year with
good momentum. To that end, we are expecting fiscal year 2017
RevPAR growth in the range of 2.5% – 3% (increased from our prior
guidance of 1% - 3%). We continue to expect Total RevPAR
growth to be in the range of 1% – 2%.
Our net income guidance range for the full year is $153.5 to
$158.2 million (increased from our prior guidance of $148.5 to
$158.2 million). The low end of our Adjusted EBITDA guidance range
for the Hospitality segment was raised to reflect a range of $340.0
to $344.0 million (increased from our prior guidance of $335.0 to
$344.0 million), which primarily reflects an improvement in overall
margins through profit improvement plans at our hotels.
Our 2017 Adjusted EBITDA guidance for the Entertainment segment
is now $40.0 to $42.0 million (increased from our prior guidance of
$37.0 to $40.0 million) and Corporate & Other guidance is now a
loss of $26.0 to $25.0 million (increased from our prior guidance
of a loss of $24.0 to $23.0 million). As a result of these changes,
our guidance for 2017 Adjusted EBITDA on a consolidated basis is
now $354.0 to $361.0 million (compared to our prior guidance of
$348.0 to $361.0 million).”
|
|
|
|
|
($ in millions, except
per share figures) |
|
Updated Guidance |
|
Variance to Prior Guidance |
|
|
Full Year 2017 |
|
|
|
|
|
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
|
Hospitality RevPAR
(1) |
|
|
2.5 |
% |
|
|
3.0 |
% |
|
1.5pt |
|
|
0.0 |
pt |
Hospitality Total
RevPAR (1) |
|
|
1.0 |
% |
|
|
2.0 |
% |
|
0.0pt |
|
|
0.0 |
pt |
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
153.5 |
|
|
$ |
158.2 |
|
|
$ |
5.00 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Hospitality (1) |
|
$ |
340.0 |
|
|
$ |
344.0 |
|
|
$ |
5.0 |
|
|
$ |
- |
|
Entertainment |
|
|
40.0 |
|
|
|
42.0 |
|
|
|
3.0 |
|
|
|
2.0 |
|
Corporate and
Other |
|
|
(26.0 |
) |
|
|
(25.0 |
) |
|
|
(2.0 |
) |
|
|
(2.0 |
) |
Consolidated Adjusted EBITDA |
|
$ |
354.0 |
|
|
$ |
361.0 |
|
|
$ |
6.0 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Funds from Operations
(FFO) |
|
$ |
265.1 |
|
|
$ |
271.4 |
|
|
$ |
6.0 |
|
|
$ |
- |
|
Adjusted FFO |
|
$ |
279.0 |
|
|
$ |
285.7 |
|
|
$ |
6.0 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Net Income per Diluted
Share |
|
$ |
2.99 |
|
|
$ |
3.08 |
|
|
$ |
0.10 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
FFO per Diluted
Share |
|
$ |
5.17 |
|
|
$ |
5.29 |
|
|
$ |
0.12 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
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 is 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, 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; 650 AM WSM, the Opry’s radio home; and Ole Red, a
country lifestyle and entertainment brand. 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.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Financial Officer |
Shannon Sullivan, Director of Corporate Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Todd Siefert, Vice President Corporate Finance & Treasurer |
Robert Winters or Sam Gibbons |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 or (312) 445-2874 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com; sam.gibbons@alpha-ir.com |
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
Unaudited |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
Sept. 30, |
|
Sept. 30, |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
Revenues : |
|
|
|
|
|
Rooms |
$ |
100,534 |
|
$ |
101,085 |
|
|
$ |
314,577 |
|
$ |
309,385 |
|
Food and
beverage |
|
104,437 |
|
|
113,100 |
|
|
|
359,047 |
|
|
362,550 |
|
Other
hotel revenue |
|
24,619 |
|
|
26,834 |
|
|
|
73,493 |
|
|
75,604 |
|
Entertainment |
|
35,134 |
|
|
30,701 |
|
|
|
92,427 |
|
|
81,893 |
|
Total
revenues |
|
264,724 |
|
|
271,720 |
|
|
|
839,544 |
|
|
829,432 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Rooms |
|
27,575 |
|
|
28,371 |
|
|
|
83,962 |
|
|
82,492 |
|
Food and
beverage |
|
62,649 |
|
|
64,790 |
|
|
|
200,091 |
|
|
201,045 |
|
Other
hotel expenses |
|
72,119 |
|
|
73,331 |
|
|
|
219,580 |
|
|
219,510 |
|
Management fees |
|
4,708 |
|
|
4,408 |
|
|
|
16,417 |
|
|
15,246 |
|
Total
hotel operating expenses |
|
167,051 |
|
|
170,900 |
|
|
|
520,050 |
|
|
518,293 |
|
Entertainment |
|
22,621 |
|
|
19,100 |
|
|
|
61,559 |
|
|
54,630 |
|
Corporate |
|
9,220 |
|
|
8,447 |
|
|
|
24,324 |
|
|
22,315 |
|
Preopening costs |
|
877 |
|
|
- |
|
|
|
1,587 |
|
|
- |
|
Depreciation and amortization |
|
28,546 |
|
|
26,706 |
|
|
|
83,862 |
|
|
81,888 |
|
Total
operating expenses |
|
228,315 |
|
|
225,153 |
|
|
|
691,382 |
|
|
677,126 |
|
|
|
|
|
|
|
Operating income |
|
36,409 |
|
|
46,567 |
|
|
|
148,162 |
|
|
152,306 |
|
|
|
|
|
|
|
Interest expense, net
of amounts capitalized |
|
(16,621 |
) |
|
(15,947 |
) |
|
|
(49,640 |
) |
|
(48,002 |
) |
Interest income |
|
2,957 |
|
|
2,965 |
|
|
|
8,874 |
|
|
9,116 |
|
Loss from joint
ventures |
|
(899 |
) |
|
(638 |
) |
|
|
(2,616 |
) |
|
(2,086 |
) |
Other gains and
(losses), net |
|
2,554 |
|
|
2,468 |
|
|
|
1,024 |
|
|
2,288 |
|
Income before income
taxes |
|
24,400 |
|
|
35,415 |
|
|
|
105,804 |
|
|
113,622 |
|
|
|
|
|
|
|
Provision for income
taxes |
|
(530 |
) |
|
(1,822 |
) |
|
|
(2,022 |
) |
|
(2,352 |
) |
Net income |
$ |
23,870 |
|
$ |
33,593 |
|
|
$ |
103,782 |
|
$ |
111,270 |
|
|
|
|
|
|
|
Basic net income per
share |
$ |
0.47 |
|
$ |
0.66 |
|
|
$ |
2.03 |
|
$ |
2.18 |
|
Fully diluted net
income per share |
$ |
0.46 |
|
$ |
0.66 |
|
|
$ |
2.02 |
|
$ |
2.17 |
|
|
|
|
|
|
|
Weighted average common
shares for the period: |
|
|
|
|
|
Basic |
|
51,191 |
|
|
51,004 |
|
|
|
51,131 |
|
|
51,009 |
|
Diluted |
|
51,376 |
|
|
51,270 |
|
|
|
51,331 |
|
|
51,279 |
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
Sept. 30, |
|
Dec. 31, |
|
|
2017 |
|
2016 |
|
|
|
|
|
ASSETS: |
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
2,044,443 |
|
$ |
1,998,012 |
Cash and cash equivalents - unrestricted |
|
62,672 |
|
|
59,128 |
Cash and cash equivalents - restricted |
|
14,703 |
|
|
22,062 |
Notes receivable |
|
150,493 |
|
|
152,882 |
Investment in Gaylord Rockies joint venture |
|
88,378 |
|
|
70,440 |
Trade receivables, net |
|
56,684 |
|
|
47,818 |
Prepaid expenses and other assets |
|
75,129 |
|
|
55,411 |
Total assets |
$ |
2,492,502 |
|
$ |
2,405,753 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
Debt and capital lease obligations |
$ |
1,566,754 |
|
$ |
1,502,554 |
Accounts payable and accrued liabilities |
|
198,290 |
|
|
163,205 |
Dividends payable |
|
41,866 |
|
|
39,404 |
Deferred management rights proceeds |
|
177,815 |
|
|
180,088 |
Deferred income taxes, net |
|
969 |
|
|
1,469 |
Other liabilities |
|
155,412 |
|
|
151,036 |
Stockholders' equity |
|
351,396 |
|
|
367,997 |
Total liabilities and stockholders' equity |
$ |
2,492,502 |
|
$ |
2,405,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
ADJUSTED EBITDA RECONCILIATION |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
264,724 |
|
|
|
$ |
271,720 |
|
|
|
$ |
839,544 |
|
|
|
$ |
829,432 |
|
|
|
Net income |
$ |
23,870 |
|
9.0 |
% |
|
$ |
33,593 |
|
12.4 |
% |
|
$ |
103,782 |
|
12.4 |
% |
|
$ |
111,270 |
|
13.4 |
% |
|
Provision
for income taxes |
|
530 |
|
|
|
|
1,822 |
|
|
|
|
2,022 |
|
|
|
|
2,352 |
|
|
|
Other
(gains) and losses, net |
|
(2,554 |
) |
|
|
|
(2,468 |
) |
|
|
|
(1,024 |
) |
|
|
|
(2,288 |
) |
|
|
Loss from
joint ventures |
|
899 |
|
|
|
|
638 |
|
|
|
|
2,616 |
|
|
|
|
2,086 |
|
|
|
Interest
expense, net |
|
13,664 |
|
|
|
|
12,982 |
|
|
|
|
40,766 |
|
|
|
|
38,886 |
|
|
|
Operating Income |
|
36,409 |
|
13.8 |
% |
|
|
46,567 |
|
17.1 |
% |
|
|
148,162 |
|
17.6 |
% |
|
|
152,306 |
|
18.4 |
% |
|
Depreciation & amortization |
|
28,546 |
|
|
|
|
26,706 |
|
|
|
|
83,862 |
|
|
|
|
81,888 |
|
|
|
Preopening costs |
|
877 |
|
|
|
|
- |
|
|
|
|
1,587 |
|
|
|
|
- |
|
|
|
Non-cash
ground lease expense |
|
1,295 |
|
|
|
|
1,310 |
|
|
|
|
3,904 |
|
|
|
|
3,932 |
|
|
|
Equity-based compensation expense |
|
1,741 |
|
|
|
|
1,532 |
|
|
|
|
4,954 |
|
|
|
|
4,594 |
|
|
|
Pension
settlement charge |
|
1,218 |
|
|
|
|
1,567 |
|
|
|
|
1,218 |
|
|
|
|
1,567 |
|
|
|
Interest
income on Gaylord National bonds |
|
2,886 |
|
|
|
|
2,951 |
|
|
|
|
8,748 |
|
|
|
|
9,045 |
|
|
|
Pro rata
adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
3 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
Other
gains and (losses), net |
|
2,554 |
|
|
|
|
2,468 |
|
|
|
|
1,024 |
|
|
|
|
2,288 |
|
|
|
(Gain)
loss on disposal of assets |
|
(19 |
) |
|
|
|
(58 |
) |
|
|
|
1,097 |
|
|
|
|
(100 |
) |
|
|
Adjusted EBITDA |
$ |
75,507 |
|
28.5 |
% |
|
$ |
83,046 |
|
30.6 |
% |
|
$ |
254,556 |
|
30.3 |
% |
|
$ |
255,520 |
|
30.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
229,590 |
|
|
|
$ |
241,019 |
|
|
|
$ |
747,117 |
|
|
|
$ |
747,539 |
|
|
|
Operating income |
$ |
36,478 |
|
15.9 |
% |
|
$ |
45,718 |
|
19.0 |
% |
|
$ |
150,053 |
|
20.1 |
% |
|
$ |
154,195 |
|
20.6 |
% |
|
Depreciation & amortization |
|
26,061 |
|
|
|
|
24,401 |
|
|
|
|
76,786 |
|
|
|
|
75,051 |
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
228 |
|
|
|
|
- |
|
|
|
Non-cash
lease expense |
|
1,280 |
|
|
|
|
1,310 |
|
|
|
|
3,839 |
|
|
|
|
3,932 |
|
|
|
Interest
income on Gaylord National bonds |
|
2,886 |
|
|
|
|
2,951 |
|
|
|
|
8,748 |
|
|
|
|
9,045 |
|
|
|
Other
gains and (losses), net |
|
2,604 |
|
|
|
|
2,528 |
|
|
|
|
2,604 |
|
|
|
|
2,504 |
|
|
|
Loss on
disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
24 |
|
|
|
Adjusted EBITDA |
$ |
69,309 |
|
30.2 |
% |
|
$ |
76,908 |
|
31.9 |
% |
|
$ |
242,258 |
|
32.4 |
% |
|
$ |
244,751 |
|
32.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
35,134 |
|
|
|
$ |
30,701 |
|
|
|
$ |
92,427 |
|
|
|
$ |
81,893 |
|
|
|
Operating income |
$ |
9,671 |
|
27.5 |
% |
|
$ |
9,964 |
|
32.5 |
% |
|
$ |
24,044 |
|
26.0 |
% |
|
$ |
22,418 |
|
27.4 |
% |
|
Depreciation & amortization |
|
1,965 |
|
|
|
|
1,637 |
|
|
|
|
5,465 |
|
|
|
|
4,845 |
|
|
|
Preopening costs |
|
877 |
|
|
|
|
- |
|
|
|
|
1,359 |
|
|
|
|
- |
|
|
|
Non-cash
lease expense |
|
15 |
|
|
|
|
- |
|
|
|
|
65 |
|
|
|
|
- |
|
|
|
Equity-based compensation |
|
240 |
|
|
|
|
173 |
|
|
|
|
597 |
|
|
|
|
533 |
|
|
|
Pro rata
adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
3 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
Other
gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
(431 |
) |
|
|
|
- |
|
|
|
Loss on
disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
431 |
|
|
|
|
- |
|
|
|
Adjusted EBITDA |
$ |
12,768 |
|
36.3 |
% |
|
$ |
11,777 |
|
38.4 |
% |
|
$ |
31,530 |
|
34.1 |
% |
|
$ |
27,796 |
|
33.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(9,740 |
) |
|
|
$ |
(9,115 |
) |
|
|
$ |
(25,935 |
) |
|
|
$ |
(24,307 |
) |
|
|
Depreciation & amortization |
|
520 |
|
|
|
|
668 |
|
|
|
|
1,611 |
|
|
|
|
1,992 |
|
|
|
Equity-based compensation |
|
1,501 |
|
|
|
|
1,359 |
|
|
|
|
4,357 |
|
|
|
|
4,061 |
|
|
|
Pension
settlement charge |
|
1,218 |
|
|
|
|
1,567 |
|
|
|
|
1,218 |
|
|
|
|
1,567 |
|
|
|
Other
gains and (losses), net |
|
(50 |
) |
|
|
|
(60 |
) |
|
|
|
(1,149 |
) |
|
|
|
(216 |
) |
|
|
(Gain)
loss on disposal of assets |
|
(19 |
) |
|
|
|
(58 |
) |
|
|
|
666 |
|
|
|
|
(124 |
) |
|
|
Adjusted EBITDA |
$ |
(6,570 |
) |
|
|
$ |
(5,639 |
) |
|
|
$ |
(19,232 |
) |
|
|
$ |
(17,027 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Sept.
30, |
|
Nine Months Ended Sept.
30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Consolidated |
|
|
|
|
|
|
|
Net income |
$ |
23,870 |
|
|
$ |
33,593 |
|
|
$ |
103,782 |
|
|
$ |
111,270 |
|
Depreciation & amortization |
|
28,546 |
|
|
|
26,706 |
|
|
|
83,862 |
|
|
|
81,888 |
|
Pro rata
adjustments from joint ventures |
|
17 |
|
|
|
16 |
|
|
|
53 |
|
|
|
37 |
|
FFO |
|
52,433 |
|
|
|
60,315 |
|
|
|
187,697 |
|
|
|
193,195 |
|
|
|
|
|
|
|
|
|
Non-cash
lease expense |
|
1,295 |
|
|
|
1,310 |
|
|
|
3,904 |
|
|
|
3,932 |
|
Pension
settlement charge |
|
1,218 |
|
|
|
1,567 |
|
|
|
1,218 |
|
|
|
1,567 |
|
Pro rata
adjustments from joint ventures |
|
67 |
|
|
|
381 |
|
|
|
243 |
|
|
|
1,192 |
|
(Gain)
loss on other assets |
|
(19 |
) |
|
|
(49 |
) |
|
|
1,097 |
|
|
|
(59 |
) |
Write-off
of deferred financing costs |
|
- |
|
|
|
- |
|
|
|
925 |
|
|
|
- |
|
Amortization of deferred financing costs |
|
1,391 |
|
|
|
1,216 |
|
|
|
3,958 |
|
|
|
3,648 |
|
Deferred
tax (benefit) expense |
|
(371 |
) |
|
|
878 |
|
|
|
(500 |
) |
|
|
279 |
|
Adjusted FFO |
$ |
56,014 |
|
|
$ |
65,618 |
|
|
$ |
198,542 |
|
|
$ |
203,754 |
|
Capital
expenditures (1) |
|
(13,560 |
) |
|
|
(12,318 |
) |
|
|
(42,055 |
) |
|
|
(41,809 |
) |
Adjusted FFO less maintenance capital
expenditures |
$ |
42,454 |
|
|
$ |
53,300 |
|
|
$ |
156,487 |
|
|
$ |
161,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share |
$ |
0.47 |
|
|
$ |
0.66 |
|
|
$ |
2.03 |
|
|
$ |
2.18 |
|
Fully
diluted net income per share |
$ |
0.46 |
|
|
$ |
0.66 |
|
|
$ |
2.02 |
|
|
$ |
2.17 |
|
|
|
|
|
|
|
|
|
FFO per
basic share |
$ |
1.02 |
|
|
$ |
1.18 |
|
|
$ |
3.67 |
|
|
$ |
3.79 |
|
Adjusted
FFO per basic share |
$ |
1.09 |
|
|
$ |
1.29 |
|
|
$ |
3.88 |
|
|
$ |
3.99 |
|
|
|
|
|
|
|
|
|
FFO per
diluted share |
$ |
1.02 |
|
|
$ |
1.18 |
|
|
$ |
3.66 |
|
|
$ |
3.77 |
|
Adjusted
FFO per diluted share |
$ |
1.09 |
|
|
$ |
1.28 |
|
|
$ |
3.87 |
|
|
$ |
3.97 |
|
|
|
|
|
|
|
|
|
(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 Sept. 30, |
|
Nine Months Ended Sept. 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
229,590 |
|
|
|
$ |
241,019 |
|
|
|
$ |
747,117 |
|
|
|
$ |
747,539 |
|
|
Operating Income |
$ |
36,478 |
|
15.9 |
% |
|
$ |
45,718 |
|
19.0 |
% |
|
$ |
150,053 |
|
20.1 |
% |
|
$ |
154,195 |
|
20.6 |
% |
Depreciation & amortization |
|
26,061 |
|
|
|
|
24,401 |
|
|
|
|
76,786 |
|
|
|
|
75,051 |
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
228 |
|
|
|
|
- |
|
|
Non-cash
lease expense |
|
1,280 |
|
|
|
|
1,310 |
|
|
|
|
3,839 |
|
|
|
|
3,932 |
|
|
Interest
income on Gaylord National bonds |
|
2,886 |
|
|
|
|
2,951 |
|
|
|
|
8,748 |
|
|
|
|
9,045 |
|
|
Other
gains and (losses), net |
|
2,604 |
|
|
|
|
2,528 |
|
|
|
|
2,604 |
|
|
|
|
2,504 |
|
|
Loss on
disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
24 |
|
|
Adjusted EBITDA |
$ |
69,309 |
|
30.2 |
% |
|
$ |
76,908 |
|
31.9 |
% |
|
$ |
242,258 |
|
32.4 |
% |
|
$ |
244,751 |
|
32.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.5 |
% |
|
|
|
75.5 |
% |
|
|
|
75.0 |
% |
|
|
|
74.6 |
% |
|
Average
daily rate (ADR) |
$ |
174.20 |
|
|
|
$ |
175.22 |
|
|
|
$ |
185.08 |
|
|
|
$ |
182.46 |
|
|
RevPAR |
$ |
131.56 |
|
|
|
$ |
132.32 |
|
|
|
$ |
138.73 |
|
|
|
$ |
136.08 |
|
|
OtherPAR |
$ |
168.89 |
|
|
|
$ |
183.18 |
|
|
|
$ |
190.75 |
|
|
|
$ |
192.71 |
|
|
Total
RevPAR |
$ |
300.45 |
|
|
|
$ |
315.50 |
|
|
|
$ |
329.48 |
|
|
|
$ |
328.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
76,237 |
|
|
|
$ |
78,840 |
|
|
|
$ |
231,459 |
|
|
|
$ |
234,062 |
|
|
Operating Income |
$ |
17,156 |
|
22.5 |
% |
|
$ |
21,657 |
|
27.5 |
% |
|
$ |
53,574 |
|
23.1 |
% |
|
$ |
59,565 |
|
25.4 |
% |
Depreciation & amortization |
|
8,765 |
|
|
|
|
7,460 |
|
|
|
|
25,235 |
|
|
|
|
22,349 |
|
|
Adjusted EBITDA |
$ |
25,921 |
|
34.0 |
% |
|
$ |
29,117 |
|
36.9 |
% |
|
$ |
78,809 |
|
34.0 |
% |
|
$ |
81,914 |
|
35.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.9 |
% |
|
|
|
75.0 |
% |
|
|
|
72.7 |
% |
|
|
|
74.5 |
% |
|
Average
daily rate (ADR) |
$ |
176.13 |
|
|
|
$ |
172.90 |
|
|
|
$ |
177.82 |
|
|
|
$ |
173.41 |
|
|
RevPAR |
$ |
135.53 |
|
|
|
$ |
129.63 |
|
|
|
$ |
129.32 |
|
|
|
$ |
129.27 |
|
|
OtherPAR |
$ |
151.40 |
|
|
|
$ |
167.35 |
|
|
|
$ |
164.25 |
|
|
|
$ |
167.01 |
|
|
Total
RevPAR |
$ |
286.93 |
|
|
|
$ |
296.98 |
|
|
|
$ |
293.57 |
|
|
|
$ |
296.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
37,238 |
|
|
|
$ |
42,207 |
|
|
|
$ |
139,619 |
|
|
|
$ |
143,649 |
|
|
Operating Income |
$ |
3,108 |
|
8.3 |
% |
|
$ |
4,716 |
|
11.2 |
% |
|
$ |
25,609 |
|
18.3 |
% |
|
$ |
27,657 |
|
19.3 |
% |
Depreciation & amortization |
|
4,753 |
|
|
|
|
4,773 |
|
|
|
|
14,307 |
|
|
|
|
14,243 |
|
|
Non-cash
lease expense |
|
1,280 |
|
|
|
|
1,310 |
|
|
|
|
3,839 |
|
|
|
|
3,932 |
|
|
Adjusted EBITDA |
$ |
9,141 |
|
24.5 |
% |
|
$ |
10,799 |
|
25.6 |
% |
|
$ |
43,755 |
|
31.3 |
% |
|
$ |
45,832 |
|
31.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
73.3 |
% |
|
|
|
73.4 |
% |
|
|
|
77.8 |
% |
|
|
|
77.8 |
% |
|
Average
daily rate (ADR) |
$ |
153.62 |
|
|
|
$ |
151.02 |
|
|
|
$ |
181.32 |
|
|
|
$ |
171.70 |
|
|
RevPAR |
$ |
112.59 |
|
|
|
$ |
110.88 |
|
|
|
$ |
141.05 |
|
|
|
$ |
133.63 |
|
|
OtherPAR |
$ |
173.26 |
|
|
|
$ |
213.11 |
|
|
|
$ |
220.13 |
|
|
|
$ |
237.48 |
|
|
Total
RevPAR |
$ |
285.85 |
|
|
|
$ |
323.99 |
|
|
|
$ |
361.18 |
|
|
|
$ |
371.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
50,166 |
|
|
|
$ |
52,482 |
|
|
|
$ |
159,683 |
|
|
|
$ |
162,503 |
|
|
Operating Income |
$ |
10,401 |
|
20.7 |
% |
|
$ |
11,787 |
|
22.5 |
% |
|
$ |
38,922 |
|
24.4 |
% |
|
$ |
41,743 |
|
25.7 |
% |
Depreciation & amortization |
|
5,175 |
|
|
|
|
5,060 |
|
|
|
|
15,425 |
|
|
|
|
15,090 |
|
|
Adjusted EBITDA |
$ |
15,576 |
|
31.0 |
% |
|
$ |
16,847 |
|
32.1 |
% |
|
$ |
54,347 |
|
34.0 |
% |
|
$ |
56,833 |
|
35.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.0 |
% |
|
|
|
82.0 |
% |
|
|
|
75.7 |
% |
|
|
|
78.3 |
% |
|
Average
daily rate (ADR) |
$ |
183.90 |
|
|
|
$ |
186.55 |
|
|
|
$ |
187.80 |
|
|
|
$ |
190.09 |
|
|
RevPAR |
$ |
137.96 |
|
|
|
$ |
152.98 |
|
|
|
$ |
142.26 |
|
|
|
$ |
148.84 |
|
|
OtherPAR |
$ |
222.91 |
|
|
|
$ |
224.56 |
|
|
|
$ |
244.85 |
|
|
|
$ |
243.67 |
|
|
Total
RevPAR |
$ |
360.87 |
|
|
|
$ |
377.54 |
|
|
|
$ |
387.11 |
|
|
|
$ |
392.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
58,936 |
|
|
|
$ |
61,000 |
|
|
|
$ |
195,388 |
|
|
|
$ |
188,705 |
|
|
Operating Income |
$ |
4,309 |
|
7.3 |
% |
|
$ |
6,248 |
|
10.2 |
% |
|
$ |
27,170 |
|
13.9 |
% |
|
$ |
21,467 |
|
11.4 |
% |
Depreciation & amortization |
|
6,701 |
|
|
|
|
6,462 |
|
|
|
|
19,830 |
|
|
|
|
21,423 |
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
228 |
|
|
|
|
- |
|
|
Interest
income on Gaylord National bonds |
|
2,886 |
|
|
|
|
2,951 |
|
|
|
|
8,748 |
|
|
|
|
9,045 |
|
|
Other
gains and (losses), net |
|
2,604 |
|
|
|
|
2,528 |
|
|
|
|
2,604 |
|
|
|
|
2,504 |
|
|
Loss on
disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
24 |
|
|
Adjusted EBITDA |
$ |
16,500 |
|
28.0 |
% |
|
$ |
18,189 |
|
29.8 |
% |
|
$ |
58,580 |
|
30.0 |
% |
|
$ |
54,463 |
|
28.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
74.2 |
% |
|
|
|
72.4 |
% |
|
|
|
75.1 |
% |
|
|
|
69.8 |
% |
|
Average
daily rate (ADR) |
$ |
184.89 |
|
|
|
$ |
194.37 |
|
|
|
$ |
201.77 |
|
|
|
$ |
207.48 |
|
|
RevPAR |
$ |
137.13 |
|
|
|
$ |
140.78 |
|
|
|
$ |
151.47 |
|
|
|
$ |
144.91 |
|
|
OtherPAR |
$ |
183.82 |
|
|
|
$ |
191.41 |
|
|
|
$ |
207.10 |
|
|
|
$ |
200.13 |
|
|
Total
RevPAR |
$ |
320.95 |
|
|
|
$ |
332.19 |
|
|
|
$ |
358.57 |
|
|
|
$ |
345.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,928 |
|
|
|
$ |
2,598 |
|
|
|
$ |
9,066 |
|
|
|
$ |
7,432 |
|
|
Operating Income |
$ |
559 |
|
19.1 |
% |
|
$ |
466 |
|
17.9 |
% |
|
$ |
2,316 |
|
25.5 |
% |
|
$ |
1,461 |
|
19.7 |
% |
Depreciation & amortization |
|
322 |
|
|
|
|
316 |
|
|
|
|
969 |
|
|
|
|
948 |
|
|
Adjusted EBITDA |
$ |
881 |
|
30.1 |
% |
|
$ |
782 |
|
30.1 |
% |
|
$ |
3,285 |
|
36.2 |
% |
|
$ |
2,409 |
|
32.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
79.2 |
% |
|
|
|
71.5 |
% |
|
|
|
74.7 |
% |
|
|
|
66.7 |
% |
|
Average
daily rate (ADR) |
$ |
178.48 |
|
|
|
$ |
174.57 |
|
|
|
$ |
201.36 |
|
|
|
$ |
181.62 |
|
|
RevPAR |
$ |
141.30 |
|
|
|
$ |
124.74 |
|
|
|
$ |
150.34 |
|
|
|
$ |
121.18 |
|
|
OtherPAR |
$ |
24.46 |
|
|
|
$ |
22.30 |
|
|
|
$ |
22.63 |
|
|
|
$ |
20.09 |
|
|
Total
RevPAR |
$ |
165.76 |
|
|
|
$ |
147.04 |
|
|
|
$ |
172.97 |
|
|
|
$ |
141.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (1) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,085 |
|
|
|
$ |
3,892 |
|
|
|
$ |
11,902 |
|
|
|
$ |
11,188 |
|
|
Operating Income |
$ |
945 |
|
23.1 |
% |
|
$ |
844 |
|
21.7 |
% |
|
$ |
2,462 |
|
20.7 |
% |
|
$ |
2,302 |
|
20.6 |
% |
Depreciation & amortization |
|
345 |
|
|
|
|
330 |
|
|
|
|
1,020 |
|
|
|
|
998 |
|
|
Adjusted EBITDA |
$ |
1,290 |
|
31.6 |
% |
|
$ |
1,174 |
|
30.2 |
% |
|
$ |
3,482 |
|
29.3 |
% |
|
$ |
3,300 |
|
29.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
81.5 |
% |
|
|
|
81.0 |
% |
|
|
|
78.5 |
% |
|
|
|
77.4 |
% |
|
Average
daily rate (ADR) |
$ |
132.16 |
|
|
|
$ |
128.65 |
|
|
|
$ |
138.60 |
|
|
|
$ |
129.05 |
|
|
RevPAR |
$ |
107.70 |
|
|
|
$ |
104.26 |
|
|
|
$ |
108.74 |
|
|
|
$ |
99.88 |
|
|
OtherPAR |
$ |
38.84 |
|
|
|
$ |
35.37 |
|
|
|
$ |
35.12 |
|
|
|
$ |
34.89 |
|
|
Total
RevPAR |
$ |
146.54 |
|
|
|
$ |
139.63 |
|
|
|
$ |
143.86 |
|
|
|
$ |
134.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
$ |
153,500 |
|
|
$ |
158,200 |
|
|
Provision (benefit) for
income taxes |
|
|
2,500 |
|
|
|
3,000 |
|
|
Interest expense |
|
|
70,500 |
|
|
|
69,000 |
|
|
Interest income on
Gaylord National Bonds |
|
|
(11,000 |
) |
|
|
(11,000 |
) |
|
Operating
Income |
|
|
215,500 |
|
|
|
219,200 |
|
|
Depreciation and
amortization |
|
|
111,500 |
|
|
|
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 |
|
|
11,000 |
|
|
|
11,000 |
|
|
Adjusted
EBITDA |
|
$ |
354,000 |
|
|
$ |
361,000 |
|
Hospitality Segment |
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
220,000 |
|
|
$ |
223,000 |
|
|
Depreciation and
amortization |
|
|
102,000 |
|
|
|
102,000 |
|
|
Non-cash lease
expense |
|
|
5,000 |
|
|
|
5,000 |
|
|
Other gains and
(losses), net |
|
|
2,000 |
|
|
|
3,000 |
|
|
Interest income on
Gaylord National Bonds |
|
|
11,000 |
|
|
|
11,000 |
|
|
Adjusted
EBITDA |
|
$ |
340,000 |
|
|
$ |
344,000 |
|
Entertainment Segment |
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
31,500 |
|
|
$ |
32,200 |
|
|
Depreciation and
amortization |
|
|
7,000 |
|
|
|
8,000 |
|
|
Preopening expense |
|
|
700 |
|
|
|
900 |
|
|
Equity based
compensation |
|
|
800 |
|
|
|
900 |
|
|
Adjusted
EBITDA |
|
$ |
40,000 |
|
|
$ |
42,000 |
|
Corporate and Other Segment |
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
$ |
(36,000 |
) |
|
$ |
(36,000 |
) |
|
Depreciation and
amortization |
|
|
2,500 |
|
|
|
3,000 |
|
|
Equity based
compensation |
|
|
5,500 |
|
|
|
6,000 |
|
|
Pension settlement
charge, Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
Adjusted
EBITDA |
|
$ |
(26,000 |
) |
|
$ |
(25,000 |
) |
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
153,500 |
|
|
$ |
158,200 |
|
|
Pro Rata FFO
from Joint Ventures |
|
|
100 |
|
|
|
150 |
|
|
Depreciation &
amortization |
|
|
111,500 |
|
|
|
113,000 |
|
|
Funds from
Operations (FFO) |
|
|
265,100 |
|
|
|
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 |
|
$ |
279,000 |
|
|
$ |
285,700 |
|
|
|
|
|
|
|
|
|
|
|
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