NASHVILLE, Tenn., Nov. 05, 2019 (GLOBE NEWSWIRE)
-- 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, 2019.
Third Quarter 2019 Results (As Compared to Third Quarter
2018):
- Same-Store RevPAR Increased
7.9% and Same-Store Total RevPAR Increased 5.6%
- Consolidated Net Income
Available to Common Shareholders Decreased 1.1% to $22.3 Million
Due Primarily to Costs Associated with Recent Refinancing
- Consolidated Adjusted EBITDAre
Increased 40.6% to $119.1 Million
- Funds From Operations Available
to Common Shareholders Increased 26.4% to $67.7 Million; Adjusted
Funds From Operations Available to Common Shareholders Increased
22.9% to $78.0 Million
- Same-Store Gross Room Night
Bookings of approximately 582,000 Room Nights for All Future Years,
up 26.7%
- Increases Full Year Guidance
for Same-Store RevPAR, Same-Store Total RevPAR, and Consolidated
Adjusted EBITDAre; Adjusts 2019 Net Income
Guidance
Colin Reed, Chairman and Chief Executive Officer
of Ryman Hospitality Properties, said, “We had high expectations
for our results going into the quarter, and our businesses
delivered against those expectations with strong topline growth
compared to the third quarter of last year.
Bookings activity in our Hospitality segment
during the third quarter of 2019 was strong with same-store gross
advanced bookings of almost 582,000 room nights, which contributed
to the highest ever forward book of business as of the end of a
third quarter. While our margins were strong at our four core
hotels, they were impacted by higher labor costs in some of our
markets, a mix shift in food and beverage spending, and a large,
one-time credit with a purchasing vendor that occurred in the third
quarter of 2018 that impacted all our properties.
Our Entertainment business turned in another
robust performance with continued strength from our core Nashville
attractions as well as our Ole Red brand, which is steadily gaining
momentum. Construction on our fourth Ole Red location in Orlando,
Florida is pacing slightly ahead of schedule, and we look forward
to sharing more details with you on this location and our continued
expansion plans in the months ahead.
With the strong performance delivered so far in
2019, we are again increasing our guidance for same-store RevPAR,
same-store Total RevPAR and also Adjusted EBITDAre for
both the Hospitality and Entertainment segments. We look forward to
seeing continued positive results from our investments in these
businesses as we complete the fourth quarter of 2019.”
Third Quarter 2019 Results (As Compared
to Third Quarter 2018):
Consolidated
Results
Consolidated Results |
|
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|
|
($ in thousands, except per share amounts) |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
Total Revenue |
$ |
379,787 |
|
|
$ |
292,249 |
|
|
30.0% |
|
|
$ |
1,158,281 |
|
|
$ |
914,553 |
|
|
26.6% |
|
|
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|
Operating Income |
$ |
56,503 |
|
|
$ |
40,100 |
|
|
40.9% |
|
|
$ |
195,783 |
|
|
$ |
162,743 |
|
|
20.3% |
|
Operating Income margin |
|
14.9% |
|
|
|
13.7% |
|
|
1.2pt |
|
|
|
16.9% |
|
|
|
17.8% |
|
|
-0.9pt |
|
|
|
|
|
|
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|
|
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|
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|
|
|
|
|
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|
|
|
|
Net Income available to common shareholders |
$ |
22,349 |
|
|
$ |
22,591 |
|
|
-1.1% |
|
|
$ |
101,140 |
|
|
$ |
105,476 |
|
|
-4.1% |
|
Net Income available to common shareholders margin |
|
5.9% |
|
|
|
7.7% |
|
|
-1.8pt |
|
|
|
8.7% |
|
|
|
11.5% |
|
|
-2.8pt |
|
Net Income available to common shareholders per diluted share |
$ |
0.43 |
|
|
$ |
0.44 |
|
|
-2.3% |
|
|
$ |
1.95 |
|
|
$ |
2.05 |
|
|
-4.9% |
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Adjusted EBITDAre |
$ |
119,071 |
|
|
$ |
84,662 |
|
|
40.6% |
|
|
$ |
378,458 |
|
|
$ |
280,078 |
|
|
35.1% |
|
Adjusted EBITDAre margin |
|
31.4% |
|
|
|
29.0% |
|
|
2.4pt |
|
|
|
32.7% |
|
|
|
30.6% |
|
|
2.1pt |
|
Adjusted EBITDAre, excluding noncontrolling interest |
$ |
108,076 |
|
|
$ |
84,662 |
|
|
27.7% |
|
|
$ |
353,091 |
|
|
$ |
280,078 |
|
|
26.1% |
|
Adjusted EBITDAre, excluding noncontrolling interest
margin |
|
28.5% |
|
|
|
29.0% |
|
|
-0.5pt |
|
|
|
30.5% |
|
|
|
30.6% |
|
|
-0.1pt |
|
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Funds From Operations (FFO) available to common shareholders |
$ |
67,728 |
|
|
$ |
53,603 |
|
|
26.4% |
|
|
$ |
235,605 |
|
|
$ |
195,504 |
|
|
20.5% |
|
FFO available to common shareholders per diluted share |
$ |
1.31 |
|
|
$ |
1.04 |
|
|
26.0% |
|
|
$ |
4.55 |
|
|
$ |
3.80 |
|
|
19.7% |
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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|
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|
Adjusted FFO available to common shareholders |
$ |
77,950 |
|
|
$ |
63,448 |
|
|
22.9% |
|
|
$ |
260,007 |
|
|
$ |
217,096 |
|
|
19.8% |
|
Adjusted FFO available to common shareholders per diluted
share |
$ |
1.50 |
|
|
$ |
1.23 |
|
|
22.0% |
|
|
$ |
5.02 |
|
|
$ |
4.22 |
|
|
19.0% |
|
Note: For the Company’s definitions of Operating
Income margin, Net Income available to common shareholders margin,
Adjusted EBITDAre, Adjusted EBITDAre margin,
Adjusted EBITDAre, excluding noncontrolling interest,
Adjusted EBITDAre, excluding noncontrolling interest
margin, FFO available to common shareholders, and Adjusted FFO
available to common shareholders, as well as a reconciliation of
the non-GAAP financial measure Adjusted EBITDAre to Net
Income and a reconciliation of the non-GAAP financial measure
Adjusted FFO available to common shareholders to Net Income, see
“Calculation of GAAP Margin Figures,” “Non-GAAP Financial
Measures,” “Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest Definition,”
“Adjusted EBITDAre, Excluding Noncontrolling Interest
Margin Definition,” “Adjusted FFO available to common shareholders
Definition” and “Supplemental Financial Results” below.
Hospitality Segment Results |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
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|
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|
Hospitality Revenue |
$ |
328,257 |
|
|
$ |
249,240 |
|
|
31.7% |
|
|
$ |
1,022,896 |
|
|
$ |
806,107 |
|
|
26.9% |
|
Same-Store Hospitality Revenue (1) |
$ |
263,308 |
|
|
$ |
249,240 |
|
|
5.6% |
|
|
$ |
857,268 |
|
|
$ |
806,107 |
|
|
6.3% |
|
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|
Hospitality Operating Income |
$ |
52,110 |
|
|
$ |
43,334 |
|
|
20.3% |
|
|
$ |
190,918 |
|
|
$ |
172,982 |
|
|
10.4% |
|
Hospitality Operating Income margin |
|
15.9% |
|
|
|
17.4% |
|
|
-1.5pt |
|
|
|
18.7% |
|
|
|
21.5% |
|
|
-2.8pt |
|
Hospitality Adjusted EBITDAre |
$ |
109,067 |
|
|
$ |
78,009 |
|
|
39.8% |
|
|
$ |
356,564 |
|
|
$ |
270,945 |
|
|
31.6% |
|
Hospitality Adjusted EBITDAre margin |
|
33.2% |
|
|
|
31.3% |
|
|
1.9pt |
|
|
|
34.9% |
|
|
|
33.6% |
|
|
1.3pt |
|
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|
Same-Store Hospitality Operating Income (1) |
$ |
45,167 |
|
|
$ |
43,334 |
|
|
4.2% |
|
|
$ |
191,521 |
|
|
$ |
172,982 |
|
|
10.7% |
|
Same-Store Hospitality Operating Income margin (1) |
|
17.2% |
|
|
|
17.4% |
|
|
-0.2pt |
|
|
|
22.3% |
|
|
|
21.5% |
|
|
0.8pt |
|
Same-Store Hospitality Adjusted EBITDAre (1) |
$ |
79,630 |
|
|
$ |
78,009 |
|
|
2.1% |
|
|
$ |
289,055 |
|
|
$ |
270,945 |
|
|
6.7% |
|
Same-Store Hospitality Adjusted EBITDAre margin (1) |
|
30.2% |
|
|
|
31.3% |
|
|
-1.1pt |
|
|
|
33.7% |
|
|
|
33.6% |
|
|
0.1pt |
|
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|
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Hospitality Performance Metrics |
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Occupancy |
|
77.1% |
|
|
|
73.2% |
|
|
3.9pt |
|
|
|
75.8% |
|
|
|
75.3% |
|
|
0.5pt |
|
Average Daily Rate (ADR) |
$ |
188.13 |
|
|
$ |
177.97 |
|
|
5.7% |
|
|
$ |
196.81 |
|
|
$ |
191.13 |
|
|
3.0% |
|
RevPAR |
$ |
145.09 |
|
|
$ |
130.27 |
|
|
11.4% |
|
|
$ |
149.23 |
|
|
$ |
143.97 |
|
|
3.7% |
|
Total RevPAR |
$ |
352.92 |
|
|
$ |
314.69 |
|
|
12.1% |
|
|
$ |
370.61 |
|
|
$ |
349.04 |
|
|
6.2% |
|
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Same-Store Hospitality Performance Metrics (1) |
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Occupancy |
|
75.5% |
|
|
|
73.2% |
|
|
2.3pt |
|
|
|
76.8% |
|
|
|
75.3% |
|
|
1.5pt |
|
Average Daily Rate (ADR) |
$ |
186.04 |
|
|
$ |
177.97 |
|
|
4.5% |
|
|
$ |
196.33 |
|
|
$ |
191.13 |
|
|
2.7% |
|
RevPAR |
$ |
140.52 |
|
|
$ |
130.27 |
|
|
7.9% |
|
|
$ |
150.80 |
|
|
$ |
143.97 |
|
|
4.7% |
|
Total RevPAR |
$ |
332.45 |
|
|
$ |
314.69 |
|
|
5.6% |
|
|
$ |
364.75 |
|
|
$ |
349.04 |
|
|
4.5% |
|
|
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|
Gross Definite Rooms Nights Booked (1) |
|
581,992 |
|
|
|
459,430 |
|
|
26.7% |
|
|
|
1,420,010 |
|
|
|
1,575,638 |
|
|
-9.9% |
|
Net Definite Rooms Nights Booked (1) |
|
492,056 |
|
|
|
339,294 |
|
|
45.0% |
|
|
|
1,115,587 |
|
|
|
1,184,587 |
|
|
-5.8% |
|
Group Attrition (as % of contracted block) (1) |
|
14.2% |
|
|
|
12.2% |
|
|
2.0pt |
|
|
|
13.6% |
|
|
|
13.8% |
|
|
-0.2pt |
|
Cancellations ITYFTY (1)(2) |
|
8,672 |
|
|
|
7,282 |
|
|
19.1% |
|
|
|
40,405 |
|
|
|
28,647 |
|
|
41.0% |
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|
(1) Excludes Gaylord Rockies, which opened in December
2018. |
(2) "ITYFTY" represents In The Year For The Year. |
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Note: Hospitality and Same-Store Hospitality results include
approximately 6,000 room nights out of service during third quarter
2019 and approximately 26,250 room nights out of service in
the nine months ended 9/30/2019 related to Gaylord Opryland
renovations project. |
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Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR, Other RevPAR, and Total
RevPAR” below. Property-level results and operating metrics
for third quarter 2019 are presented in greater detail below and
under “Supplemental Financial Results—Hospitality Segment Adjusted
EBITDAre Reconciliations and Operating Metrics,” which
includes a reconciliation of the non-GAAP financial measures
Hospitality Adjusted EBITDAre to Hospitality Operating
Income, and property-level Adjusted EBITDAre to
property-level Operating Income for each of the hotel
properties.
Gaylord Opryland |
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
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|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
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|
|
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|
Revenue |
|
$ |
90,185 |
|
|
$ |
80,591 |
|
|
11.9% |
|
|
$ |
278,130 |
|
|
$ |
258,251 |
|
|
7.7% |
|
Operating Income |
|
$ |
21,021 |
|
|
$ |
17,826 |
|
|
17.9% |
|
|
$ |
73,879 |
|
|
$ |
66,551 |
|
|
11.0% |
|
Operating Income margin |
|
23.3% |
|
|
|
22.1% |
|
|
1.2pt |
|
|
|
26.6% |
|
|
|
25.8% |
|
|
0.8pt |
|
Adjusted EBITDAre |
|
$ |
29,934 |
|
|
$ |
26,923 |
|
|
11.2% |
|
|
$ |
99,942 |
|
|
$ |
93,273 |
|
|
7.1% |
|
Adjusted EBITDAre margin |
|
33.2% |
|
|
|
33.4% |
|
|
-0.2pt |
|
|
|
35.9% |
|
|
|
36.1% |
|
|
-0.2pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Occupancy |
|
|
77.2% |
|
|
|
72.4% |
|
|
4.8pt |
|
|
|
77.6% |
|
|
|
75.4% |
|
|
2.2pt |
|
Average daily rate (ADR) |
$ |
189.97 |
|
|
$ |
180.77 |
|
|
5.1% |
|
|
$ |
193.41 |
|
|
$ |
188.41 |
|
|
2.7% |
|
RevPAR |
|
$ |
146.66 |
|
|
$ |
130.95 |
|
|
12.0% |
|
|
$ |
150.01 |
|
|
$ |
142.00 |
|
|
5.6% |
|
Total RevPAR |
|
$ |
339.43 |
|
|
$ |
303.32 |
|
|
11.9% |
|
|
$ |
352.77 |
|
|
$ |
327.55 |
|
|
7.7% |
|
Gaylord Opryland Highlights for Third
Quarter 2019 (As Compared to Third Quarter
2018):
- Gaylord Opryland quarterly revenue
increased 11.9% to $90.2 million and was positively impacted by the
first full quarter of operations of the outdoor portion of
SoundWaves, which helped drive a 14.6% increase in transient room
nights in the third quarter of 2019 and contributed to overall
occupancy growth of 480 basis points year-over-year. Total
admissions to this unique water attraction exceeded 93,000 for the
third quarter 2019 as regional awareness and interest in SoundWaves
continues to grow.
- RevPAR and Total RevPAR increased
during the quarter by 12.0% and 11.9%, respectively, driven by new
revenues generated from SoundWaves, as well as higher rates across
all segments, which helped increase ADR by 5.1% in the
quarter. Food and beverage revenue increased by 4.7% in the
quarter; however, a mix shift to association and transient room
nights resulted in higher outlet spending versus banquet catering,
which weakened flow through in the quarter.
- Operating income and Adjusted
EBITDAre increased by 17.9% and 11.2%, respectively, due
to a 6.6% increase in rooms nights sold, contribution from
SoundWaves and higher attrition and cancellation fee
collections. Results were tempered by weaker flow through on
food and beverage, higher labor costs, higher utility and marketing
costs associated with SoundWaves, and a large one-time credit from
a purchasing vendor in the third quarter of 2018.
- Ongoing renovation of the Magnolia
wing resulted in approximately 6,000 room nights out of service
during the third quarter of 2019. The renovation project is
anticipated to be completed by the end of 2019 and is currently on
time and on budget. We anticipate a similar number of room nights
out of service in the fourth quarter of 2019 as the renovation
project is completed.
Gaylord Palms |
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
40,854 |
|
|
$ |
38,901 |
|
|
5.0% |
|
|
$ |
148,127 |
|
|
$ |
147,071 |
|
|
0.7% |
|
Operating Income |
|
$ |
2,538 |
|
|
$ |
2,925 |
|
|
-13.2% |
|
|
$ |
28,518 |
|
|
$ |
29,549 |
|
|
-3.5% |
|
Operating Income margin |
|
6.2% |
|
|
|
7.5% |
|
|
-1.3pt |
|
|
|
19.3% |
|
|
|
20.1% |
|
|
-0.8pt |
|
Adjusted EBITDAre |
|
$ |
8,656 |
|
|
$ |
9,041 |
|
|
-4.3% |
|
|
$ |
46,715 |
|
|
$ |
47,748 |
|
|
-2.2% |
|
Adjusted EBITDAre margin |
|
21.2% |
|
|
|
23.2% |
|
|
-2.0pt |
|
|
|
31.5% |
|
|
|
32.5% |
|
|
-1.0pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
72.7% |
|
|
|
72.8% |
|
|
-0.1pt |
|
|
|
77.4% |
|
|
|
78.6% |
|
|
-1.2pt |
|
Average daily rate (ADR) |
$ |
161.98 |
|
|
$ |
161.31 |
|
|
0.4% |
|
|
$ |
191.88 |
|
|
$ |
187.57 |
|
|
2.3% |
|
RevPAR |
|
$ |
117.71 |
|
|
$ |
117.44 |
|
|
0.2% |
|
|
$ |
148.52 |
|
|
$ |
147.43 |
|
|
0.7% |
|
Total RevPAR |
|
$ |
313.61 |
|
|
$ |
298.62 |
|
|
5.0% |
|
|
$ |
383.19 |
|
|
$ |
380.45 |
|
|
0.7% |
|
Gaylord Palms Highlights for
Third Quarter 2019 (As Compared to Third Quarter
2018):
- Gaylord Palms quarterly revenue
increased 5.0% to $40.9 million, driven by a positive mix shift to
corporate group room nights that lifted outside the room spending
across both outlets and banquet catering. Food and beverage revenue
increased 10.5% during the quarter, rebounding as expected from the
year-over-year decline experienced at the property last quarter.
Corporate group room nights sold increased 88.9% versus the prior
year quarter.
- RevPAR was relatively flat during
the third quarter as the positive year-over-year mix shift in
occupancy was largely offset by year-over-year changes in transient
ADR. Total RevPAR increased by 5.0% as the mix shift in the quarter
benefitted food and beverage spending.
- Operating income and Adjusted
EBITDAre declined 13.2% and 4.3%, respectively, during the
third quarter. Flow through was challenged by higher labor costs,
higher property insurance and property tax expense, and a large
one-time credit from a purchasing vendor in the third quarter of
2018.
- Forward bookings for the Gaylord
Palms expansion continue to progress well and are tracking in-line
with forward booking levels for the Gaylord Texan expansion during
the same time period. The expansion project, which will add 303 new
guest rooms and 90,000 square feet of additional meeting space,
remains on time and on budget as it continues to track toward
completion in the third quarter of 2021.
Gaylord Texan |
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
66,508 |
|
|
$ |
62,826 |
|
|
5.9% |
|
|
$ |
207,873 |
|
|
$ |
179,794 |
|
|
15.6% |
|
Operating Income |
|
$ |
18,160 |
|
|
$ |
17,016 |
|
|
6.7% |
|
|
$ |
59,801 |
|
|
$ |
46,001 |
|
|
30.0% |
|
Operating Income margin |
|
27.3% |
|
|
|
27.1% |
|
|
0.2pt |
|
|
|
28.8% |
|
|
|
25.6% |
|
|
3.2pt |
|
Adjusted EBITDAre |
|
$ |
24,670 |
|
|
$ |
23,597 |
|
|
4.5% |
|
|
$ |
79,700 |
|
|
$ |
65,709 |
|
|
21.3% |
|
Adjusted EBITDAre margin |
|
37.1% |
|
|
|
37.6% |
|
|
-0.5pt |
|
|
|
38.3% |
|
|
|
36.5% |
|
|
1.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
80.6% |
|
|
|
76.2% |
|
|
4.4pt |
|
|
|
78.6% |
|
|
|
75.2% |
|
|
3.4pt |
|
Average daily rate (ADR) |
$ |
189.64 |
|
|
$ |
184.45 |
|
|
2.8% |
|
|
$ |
192.39 |
|
|
$ |
190.99 |
|
|
0.7% |
|
RevPAR |
|
$ |
152.94 |
|
|
$ |
140.59 |
|
|
8.8% |
|
|
$ |
151.31 |
|
|
$ |
143.68 |
|
|
5.3% |
|
Total RevPAR |
|
$ |
398.52 |
|
|
$ |
376.45 |
|
|
5.9% |
|
|
$ |
419.76 |
|
|
$ |
395.63 |
|
|
6.1% |
|
Gaylord Texan Highlights for
Third Quarter 2019 (As Compared to Third Quarter
2018):
- Gaylord Texan quarterly revenue
increased 5.9% to $66.5 million, driven by a 440 basis point
increase in occupancy to 80.6%. The expansion that was completed in
the spring of 2018 helped drive an incremental 7,400 room nights
sold in the quarter compared to the same period last year.
- The hotel experienced a mix shift
as association room nights increased by 89.7% year-over-year,
offsetting modest declines in corporate and other group nights sold
in the quarter. RevPAR increased 8.8% in the quarter, driven
primarily by the increase in occupancy coupled with a 2.8% increase
in ADR. Total RevPAR increased 5.9%.
- Operating income and Adjusted
EBITDAre increased by 6.7% and 4.5%, respectively. While
higher room nights sold benefited flow through, the mix of groups
led to lower banquet and catering revenue and higher outlet
spending. Results were also impacted by a decline in attrition and
cancellation fee collections, higher property taxes related to the
expansion, and a large one-time credit from a purchasing vendor in
the third quarter of 2018.
Gaylord National |
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
59,128 |
|
|
$ |
60,303 |
|
|
-1.9% |
|
|
$ |
202,886 |
|
|
$ |
200,746 |
|
|
1.1% |
|
Operating Income |
|
$ |
2,457 |
|
|
$ |
4,343 |
|
|
-43.4% |
|
|
$ |
25,735 |
|
|
$ |
27,189 |
|
|
-5.3% |
|
Operating Income margin |
|
4.2% |
|
|
|
7.2% |
|
|
-3.0pt |
|
|
|
12.7% |
|
|
|
13.5% |
|
|
-0.8pt |
|
Adjusted EBITDAre |
|
$ |
14,697 |
|
|
$ |
16,531 |
|
|
-11.1% |
|
|
$ |
57,000 |
|
|
$ |
58,446 |
|
|
-2.5% |
|
Adjusted EBITDAre margin |
|
24.9% |
|
|
|
27.4% |
|
|
-2.5pt |
|
|
|
28.1% |
|
|
|
29.1% |
|
|
-1.0pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
71.9% |
|
|
|
71.9% |
|
|
0.0pt |
|
|
|
75.1% |
|
|
|
73.7% |
|
|
1.4pt |
|
Average daily rate (ADR) |
$ |
198.96 |
|
|
$ |
185.56 |
|
|
7.2% |
|
|
$ |
214.02 |
|
|
$ |
204.35 |
|
|
4.7% |
|
RevPAR |
|
$ |
143.02 |
|
|
$ |
133.36 |
|
|
7.2% |
|
|
$ |
160.65 |
|
|
$ |
150.66 |
|
|
6.6% |
|
Total RevPAR |
|
$ |
321.99 |
|
|
$ |
328.39 |
|
|
-1.9% |
|
|
$ |
372.33 |
|
|
$ |
368.40 |
|
|
1.1% |
|
Gaylord National Highlights for
Third Quarter 2019 (As Compared to Third Quarter
2018):
- Total revenue for third quarter
2019 decreased 1.9% to $59.1 million, impacted by a 11.0% decrease
in food and beverage revenue during the quarter. Lower banquet
revenue compared to the prior year quarter was primarily driven by
a decline in corporate groups and the increase in other
groups.
- Transient ADR increased 13.8% in
the third quarter compared to the prior year quarter as the
property continued to shift its transient sales strategy towards
higher-rated leisure customers. RevPAR increased by 7.2% in
the quarter, driven by the increase in ADR across all group
segments. Total RevPAR declined by 1.9% in the quarter due to
lower food and beverage spending.
- Operating income and Adjusted
EBITDAre decreased 43.4% and 11.1%, respectively, driven
primarily by the decline in outside the room spending, higher wage
and benefit costs, and a large one-time credit from a purchasing
vendor in the third quarter of 2018.
Gaylord Rockies
(1) |
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
2019 |
|
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
64,949 |
|
|
|
- |
|
|
- |
|
|
$ |
165,628 |
|
|
|
- |
|
|
- |
|
Operating Income/(Loss) (2) |
$ |
6,943 |
|
|
|
- |
|
|
- |
|
|
$ |
(603 |
) |
|
|
- |
|
|
- |
|
Operating Income/(Loss) margin |
|
10.7% |
|
|
|
- |
|
|
- |
|
|
|
-0.4% |
|
|
|
- |
|
|
- |
|
Adjusted EBITDAre (2) |
$ |
29,437 |
|
|
|
- |
|
|
- |
|
|
$ |
67,509 |
|
|
|
- |
|
|
- |
|
Adjusted EBITDAre margin |
|
45.3% |
|
|
|
- |
|
|
- |
|
|
|
40.8% |
|
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
86.3% |
|
|
|
- |
|
|
- |
|
|
|
70.2% |
|
|
|
- |
|
|
- |
|
Average daily rate (ADR) |
$ |
198.58 |
|
|
|
- |
|
|
- |
|
|
$ |
199.83 |
|
|
|
- |
|
|
- |
|
RevPAR |
$ |
171.32 |
|
|
|
- |
|
|
- |
|
|
$ |
140.21 |
|
|
|
- |
|
|
- |
|
Total RevPAR |
$ |
470.33 |
|
|
|
- |
|
|
- |
|
|
$ |
404.19 |
|
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gaylord Rockies opened in December 2018, therefore there are no
comparison figures for the 2019 periods. |
|
|
|
|
(2) Operating income/(loss) and Adjusted EBITDAre for Gaylord
Rockies for the 2019 periods exclude asset management
fees paid to the Company during the the three months and nine
months ended September 30, 2019 of $0.6 million and $1.7 million,
respectively. |
Reed continued, “Gaylord Rockies’ performance
continues to exceed our expectations, delivering the strongest
occupancy performance in the quarter across our family of Gaylord
Hotels properties at 86.3%. This performance is a remarkable
achievement for a hotel in its first year of operation. Gaylord
Rockies benefited from our group focus, which helped drive strong
food and beverage results in the quarter and contributed to
quarter-over-quarter increases of 22.8% and 15.9% in RevPAR and
Total RevPAR, respectively. We are looking forward to the first
ICE! holiday programming at the hotel that will take place during
the fourth quarter and anticipate a strong close to the year for
Gaylord Rockies. The refinancing completed early in the third
quarter of 2019 ensures we have the financing capability to move
forward with a decision on the contemplated 300-room expansion
project, which we expect to make by the end of 2019 or early
2020.”
Entertainment Segment
For the three and nine months ended September
30, 2019 and 2018, the Company reported the following:
Entertainment Segment Results |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
($ in thousands) |
|
2019 |
|
|
2018 |
|
% ∆ |
|
|
|
2019 |
|
|
2018 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
51,530 |
|
$ |
43,009 |
|
19.8% |
|
|
$ |
135,385 |
|
$ |
108,446 |
|
|
24.8% |
|
Operating Income1 |
$ |
14,218 |
|
$ |
4,413 |
|
222.2% |
|
|
$ |
32,593 |
|
$ |
14,333 |
|
|
127.4% |
|
Operating Income margin |
|
27.6% |
|
|
10.3% |
|
17.3pt |
|
|
|
24.1% |
|
|
13.2% |
|
|
10.9pt |
|
Adjusted EBITDAre |
$ |
17,734 |
|
$ |
12,086 |
|
46.7% |
|
|
$ |
43,499 |
|
$ |
27,018 |
|
|
61.0% |
|
Adjusted EBITDAre margin |
|
34.4% |
|
|
28.1% |
|
6.3pt |
|
|
|
32.1% |
|
|
24.9% |
|
|
7.2pt |
|
Reed continued, “Looking back at the quarter in
our Entertainment segment, we would like to remind investors that
we incurred a $4.5 million impairment charge in the third quarter
of 2018 related to our previous investment in Opry City Stage,
which was closed in December 2018. Nevertheless, our enthusiasm for
the long-term growth and expansion of the Entertainment segment as
a whole continues and our businesses made the most of the summer
tourism season. A few weeks ago, we announced that the country
music and lifestyle television network that we’ve created with Gray
Television through a joint venture partnership will be called
Circle. Circle will begin operating 24/7 in early 2020 across TV
stations owned by Gray Television, and we expect to announce more
distribution partners in the coming months. We expect the companion
over-the-top (OTT) channel to be widely available in second quarter
2020. We remain enthusiastic about the opportunity Circle will
create to showcase our unique country music assets to the 110
million country lifestyle consumers in the United States.”
Corporate and Other
Segment
For the three and nine months ended September
30, 2019 and 2018, the Company reported the following:
Corporate and Other Segment
Results |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
($ in thousands) |
|
2019 |
|
|
2018 |
|
% ∆ |
|
|
2019 |
|
|
2018 |
|
% ∆ |
|
|
|
|
|
|
|
|
Operating Loss |
($9,825 |
) |
($7,647 |
) |
-28.5% |
|
|
($27,728 |
) |
($24,572 |
) |
|
-12.8% |
|
Adjusted EBITDAre |
($7,730 |
) |
($5,433 |
) |
-42.3% |
|
|
($21,605 |
) |
($17,885 |
) |
|
-20.8% |
|
Corporate and Other Segment Operating Loss and
Adjusted EBITDAre for the 2019 periods include increases
in administrative and employment costs associated with supporting
the Company’s growth initiatives in its Hospitality and
Entertainment segments.
Dividend Update
The Company
paid its third quarter 2019 cash dividend of $0.90 per share of
common stock on October 15, 2019 to stockholders of record on
September 30, 2019. It is the Company’s current plan to
distribute total 2019 annual dividends of approximately $3.60 per
share in cash in equal quarterly payments with the remaining
payment occurring in January of 2020. Any future dividend is
subject to the Board of Directors’ determinations as to the amount
of quarterly distributions and the timing thereof.
Balance Sheet/Liquidity
Update
As of September 30, 2019, the Company had total debt outstanding of
$2,581.3 million, net of unamortized deferred financing costs, and
unrestricted cash of $101.8 million. Total debt outstanding
includes $791.5 million of Gaylord Rockies joint venture debt, net
of unamortized deferred financing costs. As of September 30, 2019,
$223.0 million of borrowings were drawn under the revolving credit
line of the Company’s credit facility, and the lending banks had
issued approximately $1.0 million in letters of credit, which left
$476.0 million of availability for borrowing under the credit
facility.
Private Senior Note Offering
Successfully Completed
On September 19, 2019, the Company completed the private placement
of $500 million aggregate principal amount of 4.75% senior notes
due 2027. Subsequently, on October 8, 2019, the Company closed a
tack-on issuance of an additional $200 million of 4.75% senior
notes due 2027, issued at a premium to the principal amount. The
Company used the proceeds from these offerings to purchase,
pursuant to the Company’s previously announced tender offer, and
redeem its $350 million 5.00% senior unsecured notes due in 2021,
and to repay a portion of the outstanding indebtedness under the
Company’s revolving credit facility. The new issue of 4.75% senior
notes due 2027 increased the weighted average length of the
Company’s debt maturities from 3.6 years to 5.5 years.
Credit Facility Successfully
Refinanced
On October 31, 2019, the Company completed the repricing and
extension of its $700 million revolving credit facility and Term
Loan A facility. In addition, the Company increased its Term
Loan A from $200 million to $300 million, with the proceeds being
used to pay down a portion of the indebtedness outstanding under
its $500 million Term Loan B facility. This financing
activity took advantage of favorable market conditions to extend
the earliest maturity of the Company’s outstanding secured debt by
almost three years, lower its average cost of capital through a
combination of an improved leverage based pricing for the revolver
and Term Loan A coupled with an interest rate swap on Term Loan B
to fix the interest rate on approximately $350 million of the
outstanding indebtedness, and improve the opportunity for long term
liquidity moving forward, which the Company believes will provide
it with flexibility to take advantage of strategic opportunities
that may develop in the future.
Guidance
The Company is updating its outlook for 2019 based on current
information as of November 5, 2019. The Company does not expect to
update the guidance provided below before next quarter’s earnings
release. However, the Company may update its full business outlook
or any portion thereof at any time for any reason.
($ in millions, except per share figures) |
Current Guidance |
|
Prior Guidance |
|
Variance to |
|
Full Year 2019 |
|
Full Year 2019 |
|
Prior Midpoint |
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality RevPAR (1) |
|
3.5% |
|
|
|
4.0% |
|
|
|
3.0% |
|
|
|
4.0% |
|
|
0.3pt |
|
Same-Store Hospitality Total RevPAR (1) |
|
4.0% |
|
|
|
4.5% |
|
|
|
3.5% |
|
|
|
4.5% |
|
|
0.2pt |
|
|
|
|
|
|
|
|
|
|
|
Net Income (2) |
$ |
126.9 |
|
|
$ |
128.6 |
|
|
$ |
130.7 |
|
|
$ |
134.3 |
|
|
$ |
(4.8 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
|
|
|
Same-Store Hospitality (1) |
$ |
396.0 |
|
|
$ |
404.0 |
|
|
$ |
396.0 |
|
|
$ |
404.0 |
|
|
$ |
- |
|
Gaylord Rockies |
|
83.0 |
|
|
|
86.0 |
|
|
|
80.0 |
|
|
|
84.0 |
|
|
|
2.5 |
|
Hospitality (2) |
$ |
479.0 |
|
|
$ |
490.0 |
|
|
$ |
476.0 |
|
|
$ |
488.0 |
|
|
$ |
2.5 |
|
|
|
|
|
|
|
|
|
|
|
Entertainment |
|
54.0 |
|
|
|
56.0 |
|
|
|
52.0 |
|
|
|
56.0 |
|
|
|
1.0 |
|
Corporate and Other |
|
(29.0 |
) |
|
|
(28.0 |
) |
|
|
(29.0 |
) |
|
|
(28.0 |
) |
|
|
- |
|
Consolidated Adjusted EBITDAre (2) |
$ |
504.0 |
|
|
$ |
518.0 |
|
|
$ |
499.0 |
|
|
$ |
516.0 |
|
|
$ |
3.5 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted EBITDAre, excl. noncontrolling
interest |
$ |
472.5 |
|
|
$ |
485.4 |
|
|
$ |
468.7 |
|
|
$ |
484.2 |
|
|
$ |
2.6 |
|
|
|
|
|
|
|
|
|
|
|
Net Income available to common shareholders |
$ |
143.3 |
|
|
$ |
145.0 |
|
|
$ |
140.0 |
|
|
$ |
150.3 |
|
|
$ |
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
Funds from Operations (FFO) available to common shareholders |
$ |
319.4 |
|
|
$ |
325.9 |
|
|
$ |
316.1 |
|
|
$ |
331.2 |
|
|
$ |
(1.0 |
) |
Adjusted FFO available to common shareholders |
$ |
351.1 |
|
|
$ |
360.3 |
|
|
$ |
344.2 |
|
|
$ |
361.3 |
|
|
$ |
2.9 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Income per share available to common shareholders |
$ |
2.75 |
|
|
$ |
2.78 |
|
|
$ |
2.69 |
|
|
$ |
2.89 |
|
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
Estimated Diluted Shares Outstanding |
|
52.1 |
|
|
|
52.1 |
|
|
|
52.1 |
|
|
|
52.1 |
|
|
|
- |
|
- Same-Store Hospitality segment
guidance excludes Gaylord Rockies results and assumes approximately
32,000 room nights out of service in 2019 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).
- Includes fully consolidated results
from Gaylord Rockies. In July 2019, the Company purchased an
additional 0.9% interest in the Gaylord Rockies joint venture; as a
result, the Company currently owns a 62.1% equity interest in, and
is the managing member of, the Gaylord Rockies joint venture.
Note: For reconciliations of Adjusted
EBITDAre and Adjusted EBITDAre, Excluding
Noncontrolling Interest to Net Income and reconciliation of FFO
available to common shareholders, and Adjusted FFO available to
common shareholders guidance to Net Income available to common
shareholders and reconciliations of segment Adjusted
EBITDAre guidance to segment Operating Income, see
“Reconciliations of Forward-Looking Statements,” below.
Reed concluded, “As we head into the final months of 2019, our
business is on track to have another record year. Given the
continued strong performance across our Hospitality and
Entertainment segments and our expectations for the fourth quarter
of this year, we are increasing our full year 2019 guidance for
same-store RevPAR, same-store Total RevPAR and consolidated
Adjusted EBITDAre for the second consecutive quarter. We
are extremely pleased with these results and look forward to
continuing this strong momentum into 2020.” The Company noted that
deferred financing cost write-offs attributable to the recent
successful refinancing transactions caused the decrease in the Net
Income guidance range.
Earnings Call
Information
Ryman Hospitality Properties will hold a
conference call to discuss this release today at 10:00 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 8,114 rooms that are managed by lodging operator
Marriott International, Inc. under the Gaylord Hotels brand. The
Company is a joint venture owner of the 1,501-room Gaylord Rockies
Resort & Convention Center, which is also managed by Marriott
International, Inc. under the Gaylord Hotels brand. Other owned
assets managed by Marriott International, Inc. include Gaylord
Springs Golf Links, the Wildhorse Saloon, the General Jackson
Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent
to Gaylord Opryland and AC Hotel Washington, DC at National Harbor,
a 192-room hotel near Gaylord National. The Company also owns and
operates media and entertainment assets, including the Grand Ole
Opry (opry.com), the legendary weekly showcase of country music’s
finest performers for over 90 years; the Ryman Auditorium, the
storied former home of the Grand Ole Opry located in downtown
Nashville; 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 Statements
This press release contains statements as to the Company’s beliefs
and expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Examples of these statements include, but are not limited
to, statements regarding the future performance of our business,
estimated capital expenditures, new projects or investments,
out-of-service rooms, the expected approach to making dividend
payments, the board’s ability to alter the dividend policy at any
time and other business or operational issues. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. These include the risks and uncertainties
associated with economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
Company’s ability to remain qualified as a REIT for federal income
tax purposes, 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 available to
common shareholders 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, 2018 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
annual report on Form 10-K. Copies of our reports are available on
our website at no expense at www.rymanhp.com and through the SEC’s
Electronic Data Gathering Analysis and Retrieval System (“EDGAR”)
at www.sec.gov.
Calculation of RevPAR, Other RevPAR,
and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels
by dividing room revenue by room nights available to guests for the
period. We calculate other revenue per available room (“Other
RevPAR”) for our hotels by dividing all non-room revenue (food
& beverage and other ancillary services 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. Rooms
out of service for renovation are included in room nights
available. Same-Store Hospitality RevPAR and Same-Store
Hospitality Total RevPAR do not include the Gaylord Rockies.
Calculation of GAAP Margin
Figures
We calculate Net Income available to common shareholders margin by
dividing GAAP consolidated Net Income available to common
shareholders 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.
Same-Store Operating Income Margin does not include the Gaylord
Rockies.
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 EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest
Definition
We calculate EBITDAre, which is defined by the National
Association of Real Estate Investment Trusts (“NAREIT”) in its
September 2017 white paper as net income (calculated in accordance
with GAAP) plus interest expense, income tax expense, depreciation
and amortization, gains or losses on the disposition of depreciated
property (including gains or losses on change in control),
impairment write-downs of depreciated property and of investments
in unconsolidated affiliates caused by a decrease in the value of
depreciated property or the affiliate, and adjustments to reflect
the entity’s share of EBITDAre of unconsolidated
affiliates. Adjusted EBITDAre is then calculated as
EBITDAre, plus to the extent the following adjustments
occurred during the periods presented: preopening costs; non-cash
ground lease expense; equity-based compensation expense; impairment
charges that do not meet the NAREIT definition above; any
transaction costs of completed acquisitions; interest income on
bonds; pension settlement charges; pro rata Adjusted
EBITDAre from unconsolidated joint ventures, write-offs of
deferred financing costs, (gains) losses on extinguishment of debt
and any other adjustments we have identified in this release. We
then exclude noncontrolling interests in joint ventures to
calculate Adjusted EBITDAre, Excluding Noncontrolling
Interest. We make additional adjustments to EBITDAre when
evaluating our performance because we believe that presenting
Adjusted EBITDAre, Adjusted EBITDAre, Excluding
Noncontrolling Interest, and adjustments for certain additional
items provide useful information to investors regarding our
operating performance and debt leverage metrics, and that the
presentation of Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest, when combined
with the primary GAAP presentation of net income, is beneficial to
an investor’s complete understanding of our operating performance.
Same-Store Hospitality Adjusted EBITDAre does not include
the Gaylord Rockies.
Adjusted EBITDAre, Excluding
Noncontrolling Interest Margin Definition
We
calculate consolidated Adjusted EBITDAre, Excluding
Noncontrolling Interest Margin by dividing consolidated Adjusted
EBITDAre, Excluding Noncontrolling Interest by GAAP
consolidated Total Revenue. We calculate consolidated, segment, or
property-level Adjusted EBITDAre Margin by dividing
consolidated segment, or property-level Adjusted EBITDAre
by consolidated, segment, or property-level GAAP Revenue. We
believe Adjusted EBITDAre, Excluding Noncontrolling
Interest 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 EBITDAre, Excluding Noncontrolling
Interest and GAAP consolidated Total Revenue or segment or
property-level GAAP Revenue, as applicable. Same-Store Adjusted
EBITDAre Margin does not include the Gaylord Rockies.
Adjusted FFO available to common
shareholders Definition
We calculate FFO, which definition is clarified by NAREIT
in its December 2018 white paper as net income (calculated in
accordance with GAAP) excluding depreciation and amortization (not
including right-of-use amortization), gains and losses from the
sale of certain real estate assets, gains and losses from a change
in control, impairment write-downs of certain real estate assets
and investments in entities when the impairment is directly
attributable to decreases in the value of depreciated real estate
held by the entity, income (loss) from consolidated joint ventures
attributable to noncontrolling interest, and pro rata adjustments
for unconsolidated joint ventures. The clarifications did not
change our calculation of FFO available to common shareholders and
Adjusted FFO available to common shareholders for any historical
period. To calculate Adjusted FFO available to common
shareholders, we then exclude, to the extent the following
adjustments occurred during the periods presented, right-of-use
asset amortization, impairment charges that do not meet the NAREIT
definition above; 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, transaction costs on completed
acquisitions, deferred income tax expense (benefit), and (gains)
losses on extinguishment of debt. FFO available to common
shareholders and Adjusted FFO available to common shareholders
(presented for 2019) exclude the ownership portion of Gaylord
Rockies joint venture not controlled or owned by the Company.
We believe that the presentation of FFO
available to common shareholders and Adjusted FFO available to
common shareholders provide 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 FFO
available to common shareholders and Adjusted FFO available to
common shareholders as measures in determining our results after
considering the impact of our capital structure. A reconciliation
of Net Income (loss) to FFO available to common shareholders and a
reconciliation of Net Income (loss) available to common
shareholders to Adjusted FFO available to common shareholders are
set forth below under “Supplemental Financial Results.”
We caution investors that amounts presented in accordance with
our definitions of Adjusted EBITDAre, Adjusted
EBITDAre, Excluding Noncontrolling Interest, Adjusted
EBITDAre, Excluding Noncontrolling Interest Margin, and
Adjusted FFO available to common shareholders 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 EBITDAre, Adjusted EBITDAre, Excluding
Noncontrolling Interest, Adjusted EBITDAre, Excluding
Noncontrolling Interest Margin, and Adjusted FFO available to
common shareholders, 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
EBITDAre, Adjusted EBITDAre, Excluding
Noncontrolling Interest, and Adjusted FFO available to common
shareholders 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
EBITDAre, Adjusted EBITDAre, Excluding
Noncontrolling Interest, Adjusted EBITDAre, Excluding
Noncontrolling Interest Margin, and Adjusted FFO available to
common shareholders 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 & Chief Financial Officer |
Shannon Sullivan, Vice President Corporate and Brand
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 |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
Unaudited
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
Sep. 30,
|
|
Nine Months Ended
Sep. 30,
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenues : |
|
|
|
|
|
|
|
|
|
|
|
Rooms |
$ |
134,950 |
|
|
$ |
103,181 |
|
|
$ |
411,866 |
|
|
$ |
332,490 |
|
Other hotel revenue |
38,134 |
|
|
27,563 |
|
|
111,684 |
|
|
81,129 |
|
Entertainment |
51,530 |
|
|
43,009 |
|
|
135,385 |
|
|
108,446 |
|
Total revenues |
379,787 |
|
|
292,249 |
|
|
1,158,281 |
|
|
914,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Rooms |
37,116 |
|
|
29,563 |
|
|
108,184 |
|
|
88,550 |
|
Food and beverage |
88,584 |
|
|
67,305 |
|
|
270,623 |
|
|
211,677 |
|
Other hotel expenses |
91,608 |
|
|
74,350 |
|
|
273,074 |
|
|
226,965 |
|
Management fees |
8,388 |
|
|
6,558 |
|
|
28,543 |
|
|
22,323 |
|
Total hotel operating expenses |
225,696 |
|
|
177,776 |
|
|
680,424 |
|
|
549,515 |
|
Entertainment |
34,022 |
|
|
31,327 |
|
|
92,722 |
|
|
80,947 |
|
Corporate |
9,404 |
|
|
7,212 |
|
|
26,518 |
|
|
23,181 |
|
Preopening costs |
164 |
|
|
300 |
|
|
2,274 |
|
|
3,972 |
|
Impairment and other charges |
- |
|
|
4,540 |
|
|
- |
|
|
4,540 |
|
Depreciation and amortization |
53,998 |
|
|
30,994 |
|
|
160,560 |
|
|
89,655 |
|
Total operating expenses |
323,284 |
|
|
252,149 |
|
|
962,498 |
|
|
751,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
56,503 |
|
|
40,100 |
|
|
195,783 |
|
|
162,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
(35,261 |
) |
|
(19,220 |
) |
|
(100,840 |
) |
|
(55,574 |
) |
Interest income |
2,878 |
|
|
2,678 |
|
|
8,756 |
|
|
8,197 |
|
Loss on extinguishment of debt |
(494 |
) |
|
- |
|
|
(494 |
) |
|
- |
|
Loss from joint ventures |
(308 |
) |
|
(985 |
) |
|
(475 |
) |
|
(2,227 |
) |
Other gains and (losses), net |
1,109 |
|
|
1,881 |
|
|
857 |
|
|
2,085 |
|
Income before income taxes |
24,427 |
|
|
24,454 |
|
|
103,587 |
|
|
115,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
(3,537 |
) |
|
(1,863 |
) |
|
(13,743 |
) |
|
(9,748 |
) |
Net income |
20,890 |
|
|
22,591 |
|
|
89,844 |
|
|
105,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
1,459 |
|
|
- |
|
|
11,296 |
|
|
- |
|
Net income available to common shareholders |
$ |
22,349 |
|
|
$ |
22,591 |
|
|
$ |
101,140 |
|
|
$ |
105,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per share available to common shareholders |
$ |
0.43 |
|
|
$ |
0.44 |
|
|
$ |
1.97 |
|
|
$ |
2.06 |
|
Diluted income per share available to common shareholders |
$ |
0.43 |
|
|
$ |
0.44 |
|
|
$ |
1.95 |
|
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
51,444 |
|
|
51,325 |
|
|
51,411 |
|
|
51,281 |
|
Diluted |
51,832 |
|
|
51,519 |
|
|
51,826 |
|
|
51,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
Sep. 30, |
|
Dec. 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
ASSETS: |
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,131,365 |
|
|
$ |
3,149,095 |
|
Cash and cash equivalents - unrestricted |
|
101,786 |
|
|
|
103,437 |
|
Cash and cash equivalents - restricted |
|
57,673 |
|
|
|
45,652 |
|
Notes receivable |
|
107,544 |
|
|
|
122,209 |
|
Trade receivables, net |
|
83,168 |
|
|
|
67,923 |
|
Deferred income taxes, net |
|
30,572 |
|
|
|
40,557 |
|
Prepaid expenses and other assets |
|
101,534 |
|
|
|
78,240 |
|
Intangible assets |
|
217,095 |
|
|
|
246,770 |
|
Total assets |
$ |
3,830,737 |
|
|
$ |
3,853,883 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
Debt and finance lease obligations |
$ |
2,581,312 |
|
|
$ |
2,441,895 |
|
Accounts payable and accrued liabilities |
|
258,045 |
|
|
|
274,890 |
|
Dividends payable |
|
47,303 |
|
|
|
45,019 |
|
Deferred management rights proceeds |
|
176,105 |
|
|
|
174,026 |
|
Operating lease liabilities |
|
105,864 |
|
|
|
- |
|
Other liabilities |
|
71,278 |
|
|
|
161,043 |
|
Noncontrolling interest in consolidated joint venture |
|
279,352 |
|
|
|
287,433 |
|
Stockholders' equity |
|
311,478 |
|
|
|
469,577 |
|
Total liabilities and stockholders' equity |
$ |
3,830,737 |
|
|
$ |
3,853,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre
RECONCILIATION Unaudited
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
379,787 |
|
|
|
$ |
292,249 |
|
|
|
$ |
1,158,281 |
|
|
|
$ |
914,553 |
|
|
Net income |
$ |
20,890 |
|
5.5% |
|
$ |
22,591 |
|
7.7% |
|
$ |
89,844 |
|
7.8% |
|
$ |
105,476 |
|
11.5% |
Interest expense, net |
32,383 |
|
|
|
16,542 |
|
|
|
92,084 |
|
|
|
47,377 |
|
|
Provision for income taxes |
3,537 |
|
|
|
1,863 |
|
|
|
13,743 |
|
|
|
9,748 |
|
|
Depreciation & amortization |
53,998 |
|
|
|
30,994 |
|
|
|
160,560 |
|
|
|
89,655 |
|
|
(Gain) loss on disposal of assets |
- |
|
|
|
(33 |
) |
|
|
5 |
|
|
|
116 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
(6 |
) |
|
|
(5 |
) |
|
|
(8 |
) |
|
|
305 |
|
|
EBITDAre |
110,802 |
|
29.2% |
|
71,952 |
|
24.6% |
|
356,228 |
|
30.8% |
|
252,677 |
|
27.6% |
Preopening costs |
164 |
|
|
|
300 |
|
|
|
2,274 |
|
|
|
3,972 |
|
|
Non-cash ground lease expense |
1,249 |
|
|
|
1,379 |
|
|
|
3,721 |
|
|
|
3,913 |
|
|
Equity-based compensation expense |
1,901 |
|
|
|
1,895 |
|
|
|
5,862 |
|
|
|
5,824 |
|
|
Pension settlement charge |
1,577 |
|
|
|
1,004 |
|
|
|
1,577 |
|
|
|
1,004 |
|
|
Impairment charges |
- |
|
|
|
4,540 |
|
|
|
- |
|
|
|
4,540 |
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
2,515 |
|
|
|
2,615 |
|
|
|
7,764 |
|
|
|
7,928 |
|
|
Loss on extinguishment of debt |
494 |
|
|
|
- |
|
|
|
494 |
|
|
|
- |
|
|
Transaction costs on completed acquisitions |
55 |
|
|
|
- |
|
|
|
55 |
|
|
|
- |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
314 |
|
|
|
977 |
|
|
|
483 |
|
|
|
220 |
|
|
Adjusted EBITDAre |
$ |
119,071 |
|
31.4% |
|
$ |
84,662 |
|
29.0% |
|
$ |
378,458 |
|
32.7% |
|
$ |
280,078 |
|
30.6% |
Adjusted EBITDAre of noncontrolling interest |
(10,995 |
) |
|
|
- |
|
|
|
(25,367 |
) |
|
|
- |
|
|
Adjusted
EBITDAre, excluding
noncontrolling interest |
$ |
108,076 |
|
28.5% |
|
$ |
84,662 |
|
29.0% |
|
$ |
353,091 |
|
30.5% |
|
$ |
280,078 |
|
30.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
328,257 |
|
|
|
$ |
249,240 |
|
|
|
$ |
1,022,896 |
|
|
|
$ |
806,107 |
|
|
Operating income |
$ |
52,110 |
|
15.9% |
|
$ |
43,334 |
|
17.4% |
|
$ |
190,918 |
|
18.7% |
|
$ |
172,982 |
|
21.5% |
Depreciation & amortization |
50,445 |
|
|
|
27,946 |
|
|
|
150,909 |
|
|
|
81,379 |
|
|
Preopening costs |
6 |
|
|
|
184 |
|
|
|
645 |
|
|
|
2,231 |
|
|
Non-cash lease expense |
1,168 |
|
|
|
1,248 |
|
|
|
3,505 |
|
|
|
3,743 |
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
2,515 |
|
|
|
2,615 |
|
|
|
7,764 |
|
|
|
7,928 |
|
|
Transaction costs on completed acquisitions |
55 |
|
|
|
- |
|
|
|
55 |
|
|
|
- |
|
|
Other gains and (losses), net |
2,768 |
|
|
|
2,682 |
|
|
|
2,768 |
|
|
|
2,682 |
|
|
Adjusted EBITDAre |
$ |
109,067 |
|
33.2% |
|
$ |
78,009 |
|
31.3% |
|
$ |
356,564 |
|
34.9% |
|
$ |
270,945 |
|
33.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
263,308 |
|
|
|
$ |
249,240 |
|
|
|
$ |
857,268 |
|
|
|
$ |
806,107 |
|
|
Operating income |
$ |
45,167 |
|
17.2% |
|
$ |
43,334 |
|
17.4% |
|
$ |
191,521 |
|
22.3% |
|
$ |
172,982 |
|
21.5% |
Depreciation & amortization |
27,957 |
|
|
|
27,946 |
|
|
|
83,495 |
|
|
|
81,379 |
|
|
Preopening costs |
- |
|
|
|
184 |
|
|
|
55 |
|
|
|
2,231 |
|
|
Non-cash lease expense |
1,168 |
|
|
|
1,248 |
|
|
|
3,505 |
|
|
|
3,743 |
|
|
Interest income on Gaylord National bonds |
2,515 |
|
|
|
2,615 |
|
|
|
7,656 |
|
|
|
7,928 |
|
|
Transaction costs on completed acquisitions |
55 |
|
|
|
- |
|
|
|
55 |
|
|
|
- |
|
|
Other gains and (losses), net |
2,768 |
|
|
|
2,682 |
|
|
|
2,768 |
|
|
|
2,682 |
|
|
Adjusted EBITDAre |
$ |
79,630 |
|
30.2% |
|
$ |
78,009 |
|
31.3% |
|
$ |
289,055 |
|
33.7% |
|
$ |
270,945 |
|
33.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
51,530 |
|
|
|
$ |
43,009 |
|
|
|
$ |
135,385 |
|
|
|
$ |
108,446 |
|
|
Operating income |
$ |
14,218 |
|
27.6% |
|
$ |
4,413 |
|
10.3% |
|
$ |
32,593 |
|
24.1% |
|
$ |
14,333 |
|
13.2% |
Depreciation & amortization |
3,132 |
|
|
|
2,613 |
|
|
|
8,441 |
|
|
|
6,885 |
|
|
Preopening costs |
158 |
|
|
|
116 |
|
|
|
1,629 |
|
|
|
1,741 |
|
|
Non-cash lease expense |
81 |
|
|
|
131 |
|
|
|
216 |
|
|
|
170 |
|
|
Equity-based compensation |
145 |
|
|
|
286 |
|
|
|
620 |
|
|
|
1,051 |
|
|
Impairment charges |
- |
|
|
|
4,540 |
|
|
|
- |
|
|
|
4,540 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
- |
|
|
|
(13 |
) |
|
|
- |
|
|
|
(1,702 |
) |
|
Adjusted EBITDAre |
$ |
17,734 |
|
34.4% |
|
$ |
12,086 |
|
28.1% |
|
$ |
43,499 |
|
32.1% |
|
$ |
27,018 |
|
24.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(9,825 |
) |
|
|
$ |
(7,647 |
) |
|
|
$ |
(27,728 |
) |
|
|
$ |
(24,572 |
) |
|
Depreciation & amortization |
421 |
|
|
|
435 |
|
|
|
1,210 |
|
|
|
1,391 |
|
|
Loss on disposal of assets |
(2,153 |
) |
|
|
(834 |
) |
|
|
(2,400 |
) |
|
|
(481 |
) |
|
Equity-based compensation |
1,756 |
|
|
|
1,609 |
|
|
|
5,242 |
|
|
|
4,773 |
|
|
Pension settlement charge |
1,577 |
|
|
|
1,004 |
|
|
|
1,577 |
|
|
|
1,004 |
|
|
Loss on extinguishment of debt |
494 |
|
|
|
- |
|
|
|
494 |
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
(7,730 |
) |
|
|
$ |
(5,433 |
) |
|
|
$ |
(21,605 |
) |
|
|
$ |
(17,885 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store Hospitality segment excludes Gaylord Rockies, which
opened in December 2018. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
20,890 |
|
|
$ |
22,591 |
|
|
$ |
89,844 |
|
|
$ |
105,476 |
|
Noncontrolling interest |
1,459 |
|
|
- |
|
|
11,296 |
|
|
- |
|
Net income available to common shareholders |
22,349 |
|
|
22,591 |
|
|
101,140 |
|
|
105,476 |
|
Depreciation & amortization |
53,955 |
|
|
30,994 |
|
|
160,440 |
|
|
89,655 |
|
Adjustments for noncontrolling interest |
(8,576 |
) |
|
- |
|
|
(25,975 |
) |
|
- |
|
Pro rata adjustments from joint ventures |
- |
|
|
18 |
|
|
- |
|
|
373 |
|
FFO available to common shareholders |
67,728 |
|
|
53,603 |
|
|
235,605 |
|
|
195,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
43 |
|
|
- |
|
|
120 |
|
|
- |
|
Non-cash lease expense |
1,249 |
|
|
1,379 |
|
|
3,721 |
|
|
3,913 |
|
Pension settlement charge |
1,577 |
|
|
1,004 |
|
|
1,577 |
|
|
1,004 |
|
Impairment charges |
- |
|
|
4,540 |
|
|
- |
|
|
4,540 |
|
Pro rata adjustments from joint ventures |
- |
|
|
- |
|
|
- |
|
|
(2,729 |
) |
Loss on other assets |
- |
|
|
- |
|
|
- |
|
|
80 |
|
Write-off of deferred financing costs |
2,833 |
|
|
- |
|
|
2,833 |
|
|
1,956 |
|
Amortization of deferred financing costs |
1,939 |
|
|
1,396 |
|
|
5,805 |
|
|
4,237 |
|
Loss on extinguishment of debt |
494 |
|
|
- |
|
|
494 |
|
|
- |
|
Adjustments for noncontrolling interest |
(646 |
) |
|
- |
|
|
(1,068 |
) |
|
- |
|
Transaction costs on completed acquisitions |
55 |
|
|
- |
|
|
55 |
|
|
- |
|
Deferred tax expense |
2,678 |
|
|
1,526 |
|
|
10,865 |
|
|
8,591 |
|
Adjusted FFO available to common shareholders |
$ |
77,950 |
|
|
$ |
63,448 |
|
|
$ |
260,007 |
|
|
$ |
217,096 |
|
Capital expenditures (1) |
(18,452 |
) |
|
(14,882 |
) |
|
(52,451 |
) |
|
(46,020 |
) |
Adjusted FFO available to common shareholders (ex.
maintenance capex) |
$ |
59,498 |
|
|
$ |
48,566 |
|
|
$ |
207,556 |
|
|
$ |
171,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
0.43 |
|
|
$ |
0.44 |
|
|
$ |
1.97 |
|
|
$ |
2.06 |
|
Fully diluted net income per share |
$ |
0.43 |
|
|
$ |
0.44 |
|
|
$ |
1.95 |
|
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per basic share |
$ |
1.32 |
|
|
$ |
1.04 |
|
|
$ |
4.58 |
|
|
$ |
3.81 |
|
Adjusted FFO available to common shareholders per basic share |
$ |
1.52 |
|
|
$ |
1.24 |
|
|
$ |
5.06 |
|
|
$ |
4.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per diluted share |
$ |
1.31 |
|
|
$ |
1.04 |
|
|
$ |
4.55 |
|
|
$ |
3.80 |
|
Adjusted FFO available to common shareholders per diluted
share |
$ |
1.50 |
|
|
$ |
1.23 |
|
|
$ |
5.02 |
|
|
$ |
4.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
EBITDAre RECONCILIATIONS
AND OPERATING METRICS Unaudited
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep. 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
|
$ |
|
Margin |
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
328,257 |
|
|
|
$ |
249,240 |
|
|
|
$ |
1,022,896 |
|
|
|
$ |
806,107 |
|
|
Operating Income |
$ |
52,110 |
|
15.9% |
|
$ |
43,334 |
|
17.4% |
|
$ |
190,918 |
|
18.7% |
|
$ |
172,982 |
|
21.5% |
Depreciation & amortization |
50,445 |
|
|
|
27,946 |
|
|
|
150,909 |
|
|
|
81,379 |
|
|
Preopening costs |
6 |
|
|
|
184 |
|
|
|
645 |
|
|
|
2,231 |
|
|
Non-cash lease expense |
1,168 |
|
|
|
1,248 |
|
|
|
3,505 |
|
|
|
3,743 |
|
|
Interest income on Gaylord National and Gaylord Rockies bonds |
2,515 |
|
|
|
2,615 |
|
|
|
7,764 |
|
|
|
7,928 |
|
|
Transaction costs on completed acquisitions |
55 |
|
|
|
- |
|
|
|
55 |
|
|
|
- |
|
|
Other gains and (losses), net |
2,768 |
|
|
|
2,682 |
|
|
|
2,768 |
|
|
|
2,682 |
|
|
Adjusted EBITDAre |
$ |
109,067 |
|
33.2% |
|
$ |
78,009 |
|
31.3% |
|
$ |
356,564 |
|
34.9% |
|
$ |
270,945 |
|
33.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
77.1% |
|
|
|
73.2% |
|
|
|
75.8% |
|
|
|
75.3% |
|
|
Average daily rate (ADR) |
$ |
188.13 |
|
|
|
$ |
177.97 |
|
|
|
$ |
196.81 |
|
|
|
$ |
191.13 |
|
|
RevPAR |
$ |
145.09 |
|
|
|
$ |
130.27 |
|
|
|
$ |
149.23 |
|
|
|
$ |
143.97 |
|
|
OtherPAR |
$ |
207.83 |
|
|
|
$ |
184.42 |
|
|
|
$ |
221.38 |
|
|
|
$ |
205.07 |
|
|
Total RevPAR |
$ |
352.92 |
|
|
|
$ |
314.69 |
|
|
|
$ |
370.61 |
|
|
|
$ |
349.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
263,308 |
|
|
|
$ |
249,240 |
|
|
|
$ |
857,268 |
|
|
|
$ |
806,107 |
|
|
Operating Income |
$ |
45,167 |
|
17.2% |
|
$ |
43,334 |
|
17.4% |
|
$ |
191,521 |
|
22.3% |
|
$ |
172,982 |
|
21.5% |
Depreciation & amortization |
27,957 |
|
|
|
27,946 |
|
|
|
83,495 |
|
|
|
81,379 |
|
|
Preopening costs |
- |
|
|
|
184 |
|
|
|
55 |
|
|
|
2,231 |
|
|
Non-cash lease expense |
1,168 |
|
|
|
1,248 |
|
|
|
3,505 |
|
|
|
3,743 |
|
|
Interest income on Gaylord National bonds |
2,515 |
|
|
|
2,615 |
|
|
|
7,656 |
|
|
|
7,928 |
|
|
Transaction costs on completed acquisitions |
55 |
|
|
|
- |
|
|
|
55 |
|
|
|
- |
|
|
Other gains and (losses), net |
2,768 |
|
|
|
2,682 |
|
|
|
2,768 |
|
|
|
2,682 |
|
|
Adjusted EBITDAre |
$ |
79,630 |
|
30.2% |
|
$ |
78,009 |
|
31.3% |
|
$ |
289,055 |
|
33.7% |
|
$ |
270,945 |
|
33.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
75.5% |
|
|
|
73.2% |
|
|
|
76.8% |
|
|
|
75.3% |
|
|
Average daily rate (ADR) |
$ |
186.04 |
|
|
|
$ |
177.97 |
|
|
|
$ |
196.33 |
|
|
|
$ |
191.13 |
|
|
RevPAR |
$ |
140.52 |
|
|
|
$ |
130.27 |
|
|
|
$ |
150.80 |
|
|
|
$ |
143.97 |
|
|
OtherPAR |
$ |
191.93 |
|
|
|
$ |
184.42 |
|
|
|
$ |
213.95 |
|
|
|
$ |
205.07 |
|
|
Total RevPAR |
$ |
332.45 |
|
|
|
$ |
314.69 |
|
|
|
$ |
364.75 |
|
|
|
$ |
349.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
90,185 |
|
|
|
$ |
80,591 |
|
|
|
$ |
278,130 |
|
|
|
$ |
258,251 |
|
|
Operating Income |
$ |
21,021 |
|
23.3% |
|
$ |
17,826 |
|
22.1% |
|
$ |
73,879 |
|
26.6% |
|
$ |
66,551 |
|
25.8% |
Depreciation & amortization |
8,913 |
|
|
|
8,913 |
|
|
|
26,008 |
|
|
|
26,450 |
|
|
Preopening costs |
- |
|
|
|
184 |
|
|
|
55 |
|
|
|
272 |
|
|
Adjusted EBITDAre |
$ |
29,934 |
|
33.2% |
|
$ |
26,923 |
|
33.4% |
|
$ |
99,942 |
|
35.9% |
|
$ |
93,273 |
|
36.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
77.2% |
|
|
|
72.4% |
|
|
|
77.6% |
|
|
|
75.4% |
|
|
Average daily rate (ADR) |
$ |
189.97 |
|
|
|
$ |
180.77 |
|
|
|
$ |
193.41 |
|
|
|
$ |
188.41 |
|
|
RevPAR |
$ |
146.66 |
|
|
|
$ |
130.95 |
|
|
|
$ |
150.01 |
|
|
|
$ |
142.00 |
|
|
OtherPAR |
$ |
192.77 |
|
|
|
$ |
172.37 |
|
|
|
$ |
202.76 |
|
|
|
$ |
185.55 |
|
|
Total RevPAR |
$ |
339.43 |
|
|
|
$ |
303.32 |
|
|
|
$ |
352.77 |
|
|
|
$ |
327.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
40,854 |
|
|
|
$ |
38,901 |
|
|
|
$ |
148,127 |
|
|
|
$ |
147,071 |
|
|
Operating Income |
$ |
2,538 |
|
6.2% |
|
$ |
2,925 |
|
7.5% |
|
$ |
28,518 |
|
19.3% |
|
$ |
29,549 |
|
20.1% |
Depreciation & amortization |
4,950 |
|
|
|
4,868 |
|
|
|
14,692 |
|
|
|
14,456 |
|
|
Non-cash lease expense |
1,168 |
|
|
|
1,248 |
|
|
|
3,505 |
|
|
|
3,743 |
|
|
Adjusted EBITDAre |
$ |
8,656 |
|
21.2% |
|
$ |
9,041 |
|
23.2% |
|
$ |
46,715 |
|
31.5% |
|
$ |
47,748 |
|
32.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
72.7% |
|
|
|
72.8% |
|
|
|
77.4% |
|
|
|
78.6% |
|
|
Average daily rate (ADR) |
$ |
161.98 |
|
|
|
$ |
161.31 |
|
|
|
$ |
191.88 |
|
|
|
$ |
187.57 |
|
|
RevPAR |
$ |
117.71 |
|
|
|
$ |
117.44 |
|
|
|
$ |
148.52 |
|
|
|
$ |
147.43 |
|
|
OtherPAR |
$ |
195.90 |
|
|
|
$ |
181.18 |
|
|
|
$ |
234.67 |
|
|
|
$ |
233.02 |
|
|
Total RevPAR |
$ |
313.61 |
|
|
|
$ |
298.62 |
|
|
|
$ |
383.19 |
|
|
|
$ |
380.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
66,508 |
|
|
|
$ |
62,826 |
|
|
|
$ |
207,873 |
|
|
|
$ |
179,794 |
|
|
Operating Income |
$ |
18,160 |
|
27.3% |
|
$ |
17,016 |
|
27.1% |
|
$ |
59,801 |
|
28.8% |
|
$ |
46,001 |
|
25.6% |
Depreciation & amortization |
6,510 |
|
|
|
6,581 |
|
|
|
19,899 |
|
|
|
17,749 |
|
|
Preopening costs |
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,959 |
|
|
Adjusted EBITDAre |
$ |
24,670 |
|
37.1% |
|
$ |
23,597 |
|
37.6% |
|
$ |
79,700 |
|
38.3% |
|
$ |
65,709 |
|
36.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
80.6% |
|
|
|
76.2% |
|
|
|
78.6% |
|
|
|
75.2% |
|
|
Average daily rate (ADR) |
$ |
189.64 |
|
|
|
$ |
184.45 |
|
|
|
$ |
192.39 |
|
|
|
$ |
190.99 |
|
|
RevPAR |
$ |
152.94 |
|
|
|
$ |
140.59 |
|
|
|
$ |
151.31 |
|
|
|
$ |
143.68 |
|
|
OtherPAR |
$ |
245.58 |
|
|
|
$ |
235.86 |
|
|
|
$ |
268.45 |
|
|
|
$ |
251.95 |
|
|
Total RevPAR |
$ |
398.52 |
|
|
|
$ |
376.45 |
|
|
|
$ |
419.76 |
|
|
|
$ |
395.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
59,128 |
|
|
|
$ |
60,303 |
|
|
|
$ |
202,886 |
|
|
|
$ |
200,746 |
|
|
Operating Income |
$ |
2,457 |
|
4.2% |
|
$ |
4,343 |
|
7.2% |
|
$ |
25,735 |
|
12.7% |
|
$ |
27,189 |
|
13.5% |
Depreciation & amortization |
6,957 |
|
|
|
6,891 |
|
|
|
20,841 |
|
|
|
20,647 |
|
|
Interest income on Gaylord National bonds |
2,515 |
|
|
|
2,615 |
|
|
|
7,656 |
|
|
|
7,928 |
|
|
Other gains and (losses), net |
2,768 |
|
|
|
2,682 |
|
|
|
2,768 |
|
|
|
2,682 |
|
|
Adjusted EBITDAre |
$ |
14,697 |
|
24.9% |
|
$ |
16,531 |
|
27.4% |
|
$ |
57,000 |
|
28.1% |
|
$ |
58,446 |
|
29.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
71.9% |
|
|
|
71.9% |
|
|
|
75.1% |
|
|
|
73.7% |
|
|
Average daily rate (ADR) |
$ |
198.96 |
|
|
|
$ |
185.56 |
|
|
|
$ |
214.02 |
|
|
|
$ |
204.35 |
|
|
RevPAR |
$ |
143.02 |
|
|
|
$ |
133.36 |
|
|
|
$ |
160.65 |
|
|
|
$ |
150.66 |
|
|
OtherPAR |
$ |
178.97 |
|
|
|
$ |
195.03 |
|
|
|
$ |
211.68 |
|
|
|
$ |
217.74 |
|
|
Total RevPAR |
$ |
321.99 |
|
|
|
$ |
328.39 |
|
|
|
$ |
372.33 |
|
|
|
$ |
368.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
64,949 |
|
|
|
$ - |
|
|
|
$ |
165,628 |
|
|
|
$ - |
|
|
Operating Income (Loss)
(2) |
$ |
6,943 |
|
10.7% |
|
$ - |
|
|
|
$ |
(603 |
) |
-0.4% |
|
$ - |
|
|
Depreciation & amortization |
22,488 |
|
|
|
- |
|
|
|
67,414 |
|
|
|
- |
|
|
Preopening costs |
6 |
|
|
|
- |
|
|
|
590 |
|
|
|
- |
|
|
Interest income on Gaylord Rockies bonds |
- |
|
|
|
- |
|
|
|
108 |
|
|
|
- |
|
|
Adjusted EBITDAre
(2) |
$ |
29,437 |
|
45.3% |
|
$ - 0 |
|
|
|
$ |
67,509 |
|
40.8% |
|
$ - 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
86.3% |
|
|
|
n/a |
|
|
|
70.2% |
|
|
|
n/a |
|
|
Average daily rate (ADR) |
$ |
198.58 |
|
|
|
n/a |
|
|
|
$ |
199.83 |
|
|
|
n/a |
|
|
RevPAR |
$ |
171.32 |
|
|
|
n/a |
|
|
|
$ |
140.21 |
|
|
|
n/a |
|
|
OtherPAR |
$ |
299.01 |
|
|
|
n/a |
|
|
|
$ |
263.98 |
|
|
|
n/a |
|
|
Total RevPAR |
$ |
470.33 |
|
|
|
n/a |
|
|
|
$ |
404.19 |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at National Harbor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,882 |
|
|
|
$ |
2,496 |
|
|
|
$ |
8,631 |
|
|
|
$ |
8,378 |
|
|
Operating Income |
$ |
264 |
|
9.2% |
|
$ |
132 |
|
5.3% |
|
$ |
1,331 |
|
15.4% |
|
$ |
1,341 |
|
16.0% |
Depreciation & amortization |
334 |
|
|
|
328 |
|
|
|
1,003 |
|
|
|
983 |
|
|
Adjusted EBITDAre |
$ |
598 |
|
20.7% |
|
$ |
460 |
|
18.4% |
|
$ |
2,334 |
|
27.0% |
|
$ |
2,324 |
|
27.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
74.5% |
|
|
|
67.6% |
|
|
|
70.8% |
|
|
|
69.0% |
|
|
Average daily rate (ADR) |
$ |
192.99 |
|
|
|
$ |
180.05 |
|
|
|
$ |
205.22 |
|
|
|
$ |
201.37 |
|
|
RevPAR |
$ |
143.70 |
|
|
|
$ |
121.74 |
|
|
|
$ |
145.38 |
|
|
|
$ |
138.86 |
|
|
OtherPAR |
$ |
19.47 |
|
|
|
$ |
19.54 |
|
|
|
$ |
19.29 |
|
|
|
$ |
20.97 |
|
|
Total RevPAR |
$ |
163.17 |
|
|
|
$ |
141.28 |
|
|
|
$ |
164.67 |
|
|
|
$ |
159.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,751 |
|
|
|
$ |
4,123 |
|
|
|
$ |
11,621 |
|
|
|
$ |
11,867 |
|
|
Operating Income |
$ |
727 |
|
19.4% |
|
$ |
1,092 |
|
26.5% |
|
$ |
2,257 |
|
19.4% |
|
$ |
2,351 |
|
19.8% |
Depreciation & amortization |
293 |
|
|
|
365 |
|
|
|
1,052 |
|
|
|
1,094 |
|
|
Transaction costs on completed acquisitions |
55 |
|
|
|
- |
|
|
|
55 |
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
1,075 |
|
28.7% |
|
$ |
1,457 |
|
35.3% |
|
$ |
3,364 |
|
28.9% |
|
$ |
3,445 |
|
29.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
66.9% |
|
|
|
76.6% |
|
|
|
71.1% |
|
|
|
74.6% |
|
|
Average daily rate (ADR) |
$ |
142.78 |
|
|
|
$ |
139.94 |
|
|
|
$ |
146.79 |
|
|
|
$ |
143.71 |
|
|
RevPAR |
$ |
95.59 |
|
|
|
$ |
107.14 |
|
|
|
$ |
104.42 |
|
|
|
$ |
107.26 |
|
|
OtherPAR |
$ |
38.95 |
|
|
|
$ |
40.81 |
|
|
|
$ |
36.05 |
|
|
|
$ |
36.19 |
|
|
Total RevPAR |
$ |
134.54 |
|
|
|
$ |
147.95 |
|
|
|
$ |
140.47 |
|
|
|
$ |
143.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store Hospitality segment excludes Gaylord
Rockies |
(2) Operating income and Adjusted EBITDAre for Gaylord
Rockies for the 2019 periods exclude asset management fees paid to
RHP of $0.6 million and $1.7 million, respectively. |
(3) Includes other hospitality revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
Reconciliation of Forward-Looking Statements |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("Adjusted
EBITDAre") and Adjusted
Funds From Operations ("AFFO") reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE RANGE |
|
|
|
|
FOR FULL YEAR 2019 |
|
|
|
|
Low |
|
High |
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
Net Income |
|
$ |
126,850 |
|
|
$ |
128,550 |
|
|
|
Provision (benefit) for income taxes |
|
|
19,000 |
|
|
|
21,000 |
|
|
|
Interest expense |
|
|
120,000 |
|
|
|
123,000 |
|
|
|
Depreciation and amortization |
|
|
210,800 |
|
|
|
216,400 |
|
|
|
EBITDAre |
|
|
476,650 |
|
|
|
488,950 |
|
|
|
Preopening expense |
|
|
2,350 |
|
|
|
2,550 |
|
|
|
Non-cash lease expense |
|
|
4,800 |
|
|
|
5,000 |
|
|
|
Equity based compensation |
|
|
7,600 |
|
|
|
8,500 |
|
|
|
Pension settlement charge, Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
Interest income on bonds |
|
|
10,200 |
|
|
|
10,500 |
|
|
|
(Gain) / loss on extinguishment of debt |
|
|
400 |
|
|
|
500 |
|
|
|
Consolidated Adjusted
EBITDAre |
|
$ |
504,000 |
|
|
$ |
518,000 |
|
|
|
Adjusted EBITDAre of noncontrolling interest |
|
|
(31,457 |
) |
|
|
(32,594 |
) |
|
|
Consolidated Adjusted
EBITDAre,excluding
noncontrolling interest |
$ |
472,543 |
|
|
$ |
485,406 |
|
|
|
|
|
|
|
|
Same-Store Hospitality Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
270,500 |
|
|
$ |
275,900 |
|
|
|
Depreciation and amortization |
|
|
108,000 |
|
|
|
110,000 |
|
|
|
Non-cash lease expense |
|
|
4,800 |
|
|
|
5,000 |
|
|
|
Preopening expense |
|
|
100 |
|
|
|
100 |
|
|
|
Other gains and (losses), net |
|
|
2,600 |
|
|
|
2,800 |
|
|
|
Interest income on bonds |
|
|
10,000 |
|
|
|
10,200 |
|
|
|
Adjusted EBITDAre |
|
$ |
396,000 |
|
|
$ |
404,000 |
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
$ |
(7,250 |
) |
|
$ |
(6,350 |
) |
|
|
Depreciation and amortization |
|
|
89,500 |
|
|
|
91,500 |
|
|
|
Preopening expense |
|
|
550 |
|
|
|
550 |
|
|
|
Interest income on bonds |
|
|
200 |
|
|
|
300 |
|
|
|
Adjusted EBITDAre |
|
$ |
83,000 |
|
|
$ |
86,000 |
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
40,500 |
|
|
$ |
41,100 |
|
|
|
Depreciation and amortization |
|
|
11,000 |
|
|
|
12,000 |
|
|
|
Preopening expense |
|
|
1,700 |
|
|
|
1,900 |
|
|
|
Equity based compensation |
|
|
800 |
|
|
|
1,000 |
|
|
|
Adjusted EBITDAre |
|
$ |
54,000 |
|
|
$ |
56,000 |
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
$ |
(38,100 |
) |
|
$ |
(37,400 |
) |
|
|
Depreciation and amortization |
|
|
2,300 |
|
|
|
2,900 |
|
|
|
Equity based compensation |
|
|
6,800 |
|
|
|
7,500 |
|
|
|
Pension settlement charge, Other |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
Other gains and (losses), net |
|
|
(2,000 |
) |
|
|
(3,000 |
) |
|
|
Adjusted EBITDAre |
|
$ |
(29,000 |
) |
|
$ |
(28,000 |
) |
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders |
|
$ |
143,290 |
|
|
$ |
144,990 |
|
|
|
Depreciation & amortization |
|
|
210,800 |
|
|
|
216,400 |
|
|
|
Noncontrolling interest FFO adjustments |
|
|
(34,700 |
) |
|
|
(35,500 |
) |
|
|
Funds from Operations (FFO) available to common
shareholders |
|
|
319,390 |
|
|
|
325,890 |
|
|
|
Noncontrolling interest AFFO adjustments |
|
|
(1,500 |
) |
|
|
(1,000 |
) |
|
|
Non-cash lease expense |
|
|
4,800 |
|
|
|
5,000 |
|
|
|
Amortization of DFC |
|
|
7,200 |
|
|
|
8,200 |
|
|
|
Write-Off of Deferred Financing Costs |
|
|
2,800 |
|
|
|
3,200 |
|
|
|
Deferred tax expense (benefit) |
|
|
16,000 |
|
|
|
16,500 |
|
|
|
Pension settlement charge |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
(Gain) / loss on extinguishment of debt |
|
|
400 |
|
|
|
500 |
|
|
|
Adjusted FFO available to common shareholders |
|
$ |
351,090 |
|
|
$ |
360,290 |
|
|
|
|
|
|
|
|
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