Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real
estate investment trust (“REIT”) specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the second quarter ended June 30,
2020.
Second Quarter 2020 Highlights:
- Second quarter 2020 gross advanced room night bookings of
approximately 733,000 room nights for all future years
- Year to date rebooked room nights through June 30, 2020 of
approximately 552,600 room nights or approximately 40% of total
room nights canceled related to COVID-19
- Successfully reopened 4 of 5 Gaylord Hotels in June 2020;
Gaylord National remains closed
- Successfully reopened all 4 Ole Red venues in June including
the brand’s newest location in Orlando, Florida
- Ryman Auditorium and Grand Ole Opry House opened for daytime
tours and retail sales. The venues remain closed for concerts
and events
Colin Reed, Chairman and Chief Executive Officer of Ryman
Hospitality Properties, said, “After temporarily closing all five
of our Gaylord Hotels in late March, as well as all live
entertainment locations, we successfully reopened most of our
hospitality and entertainment operations during June. Across our
locations, we have implemented enhanced cleaning standards and
social distancing protocols as we move deliberately through each
stage of our reopening process. We are encouraged by early business
levels and the response we have received from guests across our
hospitality and entertainment portfolios.
"Our unique hotel assets are serving us well through this
unprecedented period, allowing us to take advantage of the large
footprint and diverse amenities that each of our locations
possess. In the near-term, we are focused on regional
transient demand as customers seek 'stay-cation' opportunities to
balance their desire to venture beyond their homes against the
continued short-term need to restrict travel in this
environment. Our pool offerings and other amenities,
including the open and expansive spaces we provide, offer an
important resource to families and others looking to travel safely
and comfortably.
"Not surprisingly, group cancellations continue as social
distancing and travel restrictions weigh on this sector, but
re-bookings are gaining momentum. We have also kept expenses to a
minimum and in so doing have improved our cash burn rate,
benefiting our liquidity. In fact, our actual cash burn rate in the
quarter was over 20% lower than our initial estimate in May and 10%
lower than the estimate we provided to you in June.
"As in previous periods of great uncertainty, including
September 11, the Great Financial Crisis, and the Nashville flood
of 2010, our Board of Directors and management team will navigate
this crisis by focusing on our core differentiators, pursuing
opportunities to strengthen our relationship with meeting planners,
and ensuring we have the liquidity and credit facility covenant
amendments required.”
Second Quarter 2020 Results (As Compared
to Second Quarter 2019):
Consolidated Results
($ in thousands, except per share amounts) |
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
Total Revenue |
$14,681 |
|
|
$407,719 |
|
|
-96.4 |
% |
|
|
$327,711 |
|
|
$778,494 |
|
|
-57.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss) (1) |
($140,735 |
) |
|
$85,316 |
|
|
-265.0 |
% |
|
|
($135,985 |
) |
|
$139,280 |
|
|
-197.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) available to
common shareholders (1) (2) (3) |
($173,492 |
) |
|
$49,383 |
|
|
-451.3 |
% |
|
|
($220,008 |
) |
|
$78,791 |
|
|
-379.2 |
% |
|
Net Income/(Loss) available to
common shareholders per diluted share |
($3.16 |
) |
|
$0.95 |
|
|
-432.6 |
% |
|
|
($4.00 |
) |
|
$1.52 |
|
|
-363.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
($65,241 |
) |
|
$144,530 |
|
|
-145.1 |
% |
|
|
$1,634 |
|
|
$259,387 |
|
|
-99.4 |
% |
|
Adjusted EBITDAre, excluding
noncontrolling interest |
($63,113 |
) |
|
$135,756 |
|
|
-146.5 |
% |
|
|
($3,944 |
) |
|
$245,015 |
|
|
-101.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations (FFO)
available to common shareholders (1) (2) (3) |
($128,093 |
) |
|
$94,198 |
|
|
-236.0 |
% |
|
|
($129,853 |
) |
|
$167,877 |
|
|
-177.4 |
% |
|
FFO available to common
shareholders per diluted share |
($2.33 |
) |
|
$1.82 |
|
|
-228.0 |
% |
|
|
($2.36 |
) |
|
$3.24 |
|
|
-172.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to
common shareholders |
($90,702 |
) |
|
$104,300 |
|
|
-187.0 |
% |
|
|
($58,272 |
) |
|
$182,057 |
|
|
-132.0 |
% |
|
Adjusted FFO available to
common shareholders per diluted share |
($1.65 |
) |
|
$2.01 |
|
|
-182.1 |
% |
|
|
($1.06 |
) |
|
$3.51 |
|
|
-130.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three months ended June 30, 2020,
includes $19.1 million for credit losses on held-to-maturity
securities. For the six months ended June 30, 2020, includes $25.0
million for credit losses on held-to-maturity securities. |
|
(2) For the six months ended June 30, 2020,
includes $26.7 million for income tax valuation allowances. |
|
(3) For the three and six months ended June 30,
2020, includes $15.0 million for the termination of the Block 21
acquisition. |
|
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO
available to common shareholders, and Adjusted FFO available to
common shareholders, as well as a reconciliation of the non-GAAP
financial measure Adjusted EBITDAre to Net Income/(Loss) and a
reconciliation of the non-GAAP financial measure Adjusted FFO
available to common shareholders to Net Income/(Loss), see
“Non-GAAP Financial Measures,” “Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted
FFO available to common shareholders Definition” and “Supplemental
Financial Results” below.
Hospitality Segment
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Revenue (1) |
$10,305 |
|
|
$357,129 |
|
|
-97.1 |
% |
|
|
$295,976 |
|
|
$694,639 |
|
|
-57.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Operating Income/(Loss) (1) (2) (3) |
($119,332) |
|
|
$79,179 |
|
|
-250.7 |
% |
|
|
($100,189) |
|
|
$138,808 |
|
|
-172.2 |
% |
|
Hospitality Adjusted EBITDAre (1) (3) |
($47,689) |
|
|
$133,200 |
|
|
-135.8 |
% |
|
|
$28,475 |
|
|
$247,497 |
|
|
-88.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance Metrics (1) (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
1.7% |
|
|
|
78.0% |
|
|
-76.3pt |
|
|
|
29.4% |
|
|
|
75.2% |
|
|
-45.8pt |
|
Average Daily Rate (ADR) |
$181.66 |
|
|
$201.58 |
|
|
-9.9 |
% |
|
|
$201.51 |
|
|
$201.34 |
|
|
0.1 |
% |
|
RevPAR |
$3.05 |
|
|
$157.29 |
|
|
-98.1 |
% |
|
|
$59.20 |
|
|
$151.33 |
|
|
-60.9 |
% |
|
Total RevPAR |
$11.20 |
|
|
$388.18 |
|
|
-97.1 |
% |
|
|
$160.85 |
|
|
$379.60 |
|
|
-57.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
|
733,209 |
|
|
|
653,522 |
|
|
12.2 |
% |
|
|
|
1,021,980 |
|
|
|
1,049,489 |
|
|
-2.6 |
% |
|
Net Definite Rooms Nights Booked |
|
(206,518) |
|
|
|
487,224 |
|
|
-142.4 |
% |
|
|
|
(622,272) |
|
|
|
760,677 |
|
|
-181.8 |
% |
|
Group Attrition (as % of contracted block) |
|
93.9% |
|
|
|
13.6% |
|
|
80.3pt |
|
|
|
17.7% |
|
|
|
13.5% |
|
|
4.2pt |
|
Cancellations ITYFTY (5) |
|
659,117 |
|
|
|
9,616 |
|
|
6,754.4 |
% |
|
|
|
1,218,565 |
|
|
|
34,555 |
|
|
3,426.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes approximately 4,600 room nights
out of service during the second quarter 2019 and approximately
20,250 for the six months ended June 30, 2019 related to the
Gaylord Opryland rooms renovation. |
|
(2) For the three months ended June 30,
2020, includes $19.1 million for credit losses on held-to-maturity
securities. For the six months ended June 30, 2020, includes $25.0
million for credit losses on held-to-maturity securities. |
|
(3) Includes approximately $10.2 million and
$20.5 million in COVID-19 related costs during the three and six
months ended June 30, 2020, respectively. |
|
(4) Calculation of all hospitality performance
metrics includes closed hotel room nights available |
|
(5) "ITYFTY" represents In The Year For The
Year. |
|
Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR and Total RevPAR”
below. Property-level results and operating metrics for
second quarter 2020 are presented in greater detail below and under
“Supplemental Financial Results—Hospitality Segment Adjusted
EBITDAre Reconciliations and Operating Metrics,” which includes a
reconciliation of the non-GAAP financial measures Hospitality
Adjusted EBITDAre to Hospitality Operating Income/(Loss), and
property-level Adjusted EBITDAre to property-level Operating
Income/(Loss) for each of the hotel properties.
Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$1,320 |
|
|
$98,987 |
|
|
-98.7% |
|
|
$77,447 |
|
|
$187,945 |
|
|
-58.8% |
|
Operating
Income/(Loss) |
|
($23,004) |
|
|
$31,112 |
|
|
-173.9% |
|
|
($8,999) |
|
|
$52,858 |
|
|
-117.0% |
|
Adjusted
EBITDAre |
|
($14,204) |
|
|
$39,765 |
|
|
-135.7% |
|
|
$7,316 |
|
|
$70,008 |
|
|
-89.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
|
|
0.9% |
|
|
|
81.3% |
|
|
-80.4pt |
|
|
|
30.6% |
|
|
|
77.7% |
|
|
-47.1pt |
|
Average daily rate (ADR) (1) |
|
$172.28 |
|
|
$198.41 |
|
|
-13.2% |
|
|
$194.22 |
|
|
$195.15 |
|
|
-0.5% |
|
RevPAR (1) |
|
|
$1.55 |
|
|
$161.23 |
|
|
-99.0% |
|
|
$59.51 |
|
|
$151.72 |
|
|
-60.8% |
|
Total RevPAR (1) |
|
$5.02 |
|
|
$376.65 |
|
|
-98.7% |
|
|
$147.34 |
|
|
$359.55 |
|
|
-59.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of all hospitality performance
metrics includes closed hotel room nights available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland Highlights for Second Quarter
2020 (As Compared to Second Quarter
2019):
- The hotel reopened on June 25th and during the six-day period
the hotel was open, occupancy measured 13.6% with ADR of $179.73
and RevPAR of $24.37.
- The property sold approximately 5,000 tickets to SoundWaves
during the six-day period it was open.
Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$814 |
|
|
$47,357 |
|
|
-98.3% |
|
|
$46,189 |
|
|
$107,273 |
|
|
-56.9% |
|
Operating Income/(Loss) |
($13,801) |
|
|
$8,380 |
|
|
-264.7% |
|
|
($6,729) |
|
|
$25,980 |
|
|
-125.9% |
|
Adjusted EBITDAre |
($8,480) |
|
|
$14,440 |
|
|
-158.7% |
|
|
$4,118 |
|
|
$38,059 |
|
|
-89.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
0.8% |
|
|
|
76.9% |
|
|
-76.1pt |
|
|
|
31.7% |
|
|
|
79.8% |
|
|
-48.1pt |
|
Average daily rate (ADR) (1) |
$129.79 |
|
|
$197.56 |
|
|
-34.3% |
|
|
$215.60 |
|
|
$205.72 |
|
|
4.8% |
|
RevPAR (1) |
$1.01 |
|
|
$151.91 |
|
|
-99.3% |
|
|
$68.29 |
|
|
$164.18 |
|
|
-58.4% |
|
Total RevPAR (1) |
$6.31 |
|
|
$367.51 |
|
|
-98.3% |
|
|
$179.23 |
|
|
$418.55 |
|
|
-57.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of all hospitality performance
metrics includes closed hotel room nights available. |
|
|
|
|
|
|
Gaylord Palms Highlights for Second
Quarter 2020 (As Compared to Second Quarter 2019):
- The hotel reopened on June 25th and during the six-day period
the hotel was open, occupancy measured 11.8% with ADR of $169.83
and RevPAR of $20.07.
Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$5,472 |
|
|
$69,326 |
|
|
-92.1% |
|
$61,468 |
|
|
$141,365 |
|
|
-56.5% |
Operating Income/(Loss) |
($12,097) |
|
|
$19,287 |
|
|
-162.7% |
|
$1,282 |
|
|
$41,641 |
|
|
-96.9% |
Adjusted EBITDAre |
($5,703) |
|
|
$26,032 |
|
|
-121.9% |
|
$14,139 |
|
|
$55,030 |
|
|
-74.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
5.0% |
|
|
|
77.4% |
|
|
-72.4pt |
|
|
30.6% |
|
|
|
77.6% |
|
|
-47.0pt |
Average daily rate (ADR) (1) |
$185.45 |
|
|
$189.46 |
|
|
-2.1% |
|
$203.14 |
|
|
$193.84 |
|
|
4.8% |
RevPAR (1) |
$9.20 |
|
|
$146.62 |
|
|
-93.7% |
|
$62.23 |
|
|
$150.48 |
|
|
-58.6% |
Total RevPAR (1) |
$33.15 |
|
|
$419.97 |
|
|
-92.1% |
|
$186.18 |
|
|
$430.55 |
|
|
-56.8% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of all hospitality performance
metrics includes closed hotel room nights available. |
|
|
|
|
|
|
Gaylord Texan Highlights for Second
Quarter 2020 (As Compared to Second Quarter 2019):
- The hotel reopened on June 8th and during the twenty-three-day
period the hotel was open, occupancy measured 19.6% with ADR of
$191.23 and RevPAR of $37.52.
Gaylord National
($ in thousands, except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$529 |
|
|
$78,128 |
|
|
-99.3% |
|
$49,923 |
|
|
$143,758 |
|
|
-65.3% |
Operating Income/(Loss) |
($40,063) |
|
|
$17,044 |
|
|
-335.1% |
|
($52,984) |
|
|
$23,278 |
|
|
-327.6% |
Adjusted EBITDAre |
($12,260) |
|
|
$26,510 |
|
|
-146.2% |
|
($10,947) |
|
|
$42,303 |
|
|
-125.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
0.0% |
|
|
|
81.4% |
|
|
-81.4pt |
|
|
26.0% |
|
|
|
76.7% |
|
|
-50.7pt |
Average daily rate (ADR) (1) |
$0.00 |
|
|
$223.66 |
|
|
-100.0% |
|
$207.14 |
|
|
$221.19 |
|
|
-6.4% |
RevPAR (1) |
$0.00 |
|
|
$181.95 |
|
|
-100.0% |
|
$53.77 |
|
|
$169.61 |
|
|
-68.3% |
Total RevPAR (1) |
$2.91 |
|
|
$430.14 |
|
|
-99.3% |
|
$137.42 |
|
|
$397.92 |
|
|
-65.5% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of all hospitality performance
metrics includes closed hotel room nights available. |
|
|
|
|
|
|
Gaylord National Highlights for Second
Quarter 2020 (As Compared to Second Quarter
2019):
- The hotel was closed for the entirety of the second quarter of
2020 and remains closed. Costs were driven primarily by maintaining
minimum staffing levels and wages for furloughed employees.
Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$1,806 |
|
|
$55,436 |
|
|
-96.7% |
|
$56,404 |
|
|
$100,679 |
|
|
-44.0% |
Operating Income/(Loss)
(1) |
($28,269) |
|
|
$1,224 |
|
|
-2409.6% |
|
($30,008) |
|
|
($7,546) |
|
|
-297.7% |
Adjusted EBITDAre (1) |
($5,597) |
|
|
$23,645 |
|
|
-123.7% |
|
$15,273 |
|
|
$38,072 |
|
|
-59.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (2) |
|
0.8% |
|
|
|
68.4% |
|
|
-67.6pt |
|
|
29.1% |
|
|
|
62.0% |
|
|
-32.9pt |
Average daily rate (ADR) (2) |
$394.44 |
|
|
$203.83 |
|
|
93.5% |
|
$206.04 |
|
|
$200.71 |
|
|
2.7% |
RevPAR (2) |
$3.29 |
|
|
$139.49 |
|
|
-97.6% |
|
$59.96 |
|
|
$124.39 |
|
|
-51.8% |
Total RevPAR (2) |
$13.22 |
|
|
$405.86 |
|
|
-96.7% |
|
$206.47 |
|
|
$370.58 |
|
|
-44.3% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating loss and Adjusted EBITDAre for
Gaylord Rockies exclude asset management fees paid to the Company
of $0.5 million during the |
|
|
|
|
|
|
three months ended June 30, 2019 and $0.6 million
and $1.0 million during the six months ended June 30, 2020 and June
30, 2019, respectively. |
|
|
(2) Calculation of all hospitality performance metrics includes
closed hotel room nights available. |
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies Highlights for Second
Quarter 2020 (As Compared to Second Quarter 2019):
- The hotel reopened on June 25th and during the six-day period
the hotel was open, occupancy measured 12.5% with ADR of $162.97
and RevPAR of $20.43.
Entertainment Segment
For the three and six months ended June 30,
2020, and 2019, the Company reported the following:
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
($ in thousands) |
2020 |
2019 |
% ∆ |
|
2020 |
2019 |
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$4,376 |
|
$50,590 |
-91.4 |
% |
|
$31,735 |
|
$83,855 |
-62.2 |
% |
Operating Income/(Loss)(1) |
($13,124 |
) |
$14,639 |
-189.7 |
% |
|
($18,910 |
) |
$18,375 |
-202.9 |
% |
Adjusted EBITDAre(1) |
($10,342 |
) |
$17,882 |
-157.8 |
% |
|
($13,622 |
) |
$25,765 |
-152.9 |
% |
|
|
|
|
|
|
|
|
(1) Total COVID-19 related costs were
approximately $0.4 million and $4.1 million during the three and
six months ended June 30, 2020, respectively, and consisted
primarily of wages and benefits costs for furloughed
employees. |
Reed continued, “We opened our new Orlando Ole Red location on
June 19th and are pleased with the early performance in light of
the current environment. Our Ole Red locations in Tishomingo,
Gatlinburg, and Nashville reopened in May and June at reduced
capacities following applicable local and state guidelines. We
recently reopened the Grand Ole Opry and Ryman Auditorium for
tours, also per local health guidelines, and we will continue to
monitor developments with these guidelines, taking the next steps
to bring back concerts and other public events as local public
health guidelines and demand permit. During the quarter we also
made the difficult but necessary decision to terminate the planned
acquisition of the Block 21 complex in Austin, Texas.”
Corporate and Other Segment
For the three and six months ended June 30,
2020, and 2019, the Company reported the following:
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
($ in thousands) |
2020 |
2019 |
%
∆ |
|
2020 |
2019 |
%
∆ |
|
|
|
|
|
|
|
|
Operating Loss(1) |
($8,279 |
) |
($8,502 |
) |
2.6 |
% |
|
($16,886 |
) |
($17,903 |
) |
5.7 |
% |
Adjusted EBITDAre(1) |
($7,210 |
) |
($6,552 |
) |
-10.0 |
% |
|
($13,219 |
) |
($13,875 |
) |
4.7 |
% |
|
|
|
|
|
|
|
|
(1) Total COVID-19 related costs were
approximately $0.3 million and $0.5 million during the three and
six months ended June 30, 2020, respectively, and consisted
primarily of wages and benefits costs for furloughed
employees. |
Reed concluded, “As we continue to manage our way through this
difficult period, I want to recognize and celebrate the tremendous
efforts our employees across our operated businesses are making
every day. Our Company, through their continued effort and
dedication, is aggressively responding and quickly adapting to the
unprecedented challenges this pandemic has presented to all of
us. The feedback from our customers, as well as local and
state officials, has positioned our Company as a leader during this
time.
While we all understand that COVID-19 has had a
significant impact on our ability to fully return to business as
usual, we remain confident that we have ample liquidity to weather
an extended period of disruption, and we remain committed to
continuing to control our expenses and adapting to the current
business environment.”
Dividend Update
The Company suspended its regular quarterly dividend payments
for the remainder of 2020. The Board of Directors will consider a
future dividend as permitted by our credit agreement. Any
future dividend is subject to the Board of Director’s
determinations as to the amount and number of distributions and the
timing thereof.
Balance Sheet/Liquidity
UpdateAs of June 30, 2020, the Company had total debt
outstanding of $2,576.3 million, net of unamortized deferred
financing costs, and unrestricted cash of $82.4 million. As of June
30, 2020, $25.0 million of borrowings were drawn under the
revolving credit line of the Company’s credit facility, and the
lending banks had issued $0.9 million in letters of credit, which
left $674.1 million of availability for borrowing under the credit
facility.
As previously disclosed, the Company has taken
steps to both preserve and maximize liquidity in this environment
while also investing for the future. These steps included the
suspension or elimination of $82 million of hotel capital projects
for 2020, in addition to delaying the start of the previously
announced Gaylord Rockies expansion. The expansion at Gaylord Palms
continues as scheduled to service the anticipated future group
customer demand. We expect this expansion to be complete in summer
2021.
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 before 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 leading lodging and hospitality real estate investment trust
that specializes in upscale convention center resorts and country
music entertainment experiences. The Company’s core holdings*
include a network of five of the top 10 largest non-gaming
convention center hotels in the United States based on total indoor
meeting space. These convention center resorts operate under the
Gaylord Hotels brand and are managed by Marriott International. The
Company also owns two adjacent ancillary hotels and a small number
of attractions managed by Marriott International for a combined
total of 10,110 rooms and more than 2.7 million square feet of
total indoor and outdoor meeting space in top convention and
leisure destinations across the country. The Company’s
Entertainment segment includes a growing collection of iconic and
emerging country music brands, including the Grand Ole Opry; Ryman
Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle
media network the Company owns in a joint-venture with Gray
Television. The Company operates its Entertainment segment as part
of a taxable REIT subsidiary. Visit RymanHP.com for more
information. * The Company is the sole owner of Gaylord
Opryland Resort & Convention Center; Gaylord Palms Resort &
Convention Center; Gaylord Texan Resort & Convention Center;
and Gaylord National Resort & Convention Center. It is the
majority owner and managing member of the joint venture that owns
the Gaylord Rockies Resort & Convention Center.
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, our liquidity, 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 the COVID-19
pandemic, including the effects of the COVID-19 pandemic on us and
the hospitality and entertainment industries generally, the effects
of the COVID-19 pandemic on the demand for travel, transient and
group business (including government-imposed restrictions), levels
of consumer confidence in the safety of travel and group gathering
as a result of COVID-19, the duration and severity of the COVID-19
pandemic in the United States and the pace of recovery following
the COVID-19 pandemic, the duration and severity of the COVID-19
pandemic in the markets where our assets are located, governmental
restrictions on our businesses, 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, 2019, and its Quarterly
Reports on Form 10-Q and subsequent filings. The Company does not
undertake any obligation to release publicly any revisions to
forward-looking statements made by it to reflect events or
circumstances occurring after the date hereof or the occurrence of
unanticipated events.
Additional InformationThis
release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
annual report on Form 10-K and subsequent filings. 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. Room nights available to guests include
nights the hotels are closed. 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. For the three and six months ended June 30, 2020, the
calculation of RevPAR and Total RevPAR in our tabular presentations
has not been changed as a result of the COVID-19 pandemic and the
resulting hotel closures and is consistent with prior periods. For
the second quarter 2020, we also disclosed RevPAR only for the
period the hotels were open. The closure of our Gaylord Hotel
properties has resulted in the significant decrease in performance
reflected in these metrics for the three and six months ended June
30, 2020, as compared to the prior-year periods.
Calculation of GAAP Margin
FiguresWe calculate segment or property-level Operating
Income (Loss) Margin by dividing segment or property-level GAAP
Operating Income (Loss) by segment or property-level GAAP Revenue,
respectively.
Non-GAAP Financial MeasuresWe
present the following non-GAAP financial measures we believe are
useful to investors as key measures of our operating
performance:
Adjusted EBITDAre and Adjusted EBITDAre,
Excluding Noncontrolling Interest DefinitionWe calculate
EBITDAre, which is defined by the National Association of Real
Estate Investment Trusts (“NAREIT”) in its September 2017 white
paper as net income (loss) (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 investments in
unconsolidated affiliates caused by a decrease in the value of the
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 lease expense; equity-based
compensation expense; impairment charges that do not meet the
NAREIT definition above; credit losses on held-to-maturity
securities; any transaction costs of acquisitions; interest income
on bonds; pension settlement charges; pro rata Adjusted EBITDAre
from unconsolidated joint ventures, and any other adjustments we
have identified in this release. We then exclude noncontrolling
interests in consolidated 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 (loss), is beneficial to an investor’s
complete understanding of our operating performance. Beginning in
the first quarter 2020 with the Company’s adoption of ASU 2016-13,
“Financial Instruments – Credit Losses – Measurement of Credit
Losses on Financial Instruments,” our definition of Adjusted
EBITDAre includes an adjustment for credit loss on held-to-maturity
securities; such charges in previous quarters were included in
impairment charges that do not meet the NAREIT definition.
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.
Adjusted FFO available to common
shareholders DefinitionWe 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 (excluding amortization of deferred financing
costs and debt discounts), 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. 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 lease expense, credit loss on held-to-maturity
securities, amortization of debt discounts or premiums and
amortization of deferred financing costs, pension settlement
charges, additional pro rata adjustments from unconsolidated joint
ventures, (gains) losses on other assets, transaction costs on
acquisitions, deferred income tax expense (benefit), and (gains)
losses on extinguishment of debt. To calculate Adjusted FFO
available to common shareholders (excluding maintenance capex), we
then exclude FF&E reserve for managed properties and
maintenance capital expenditures for non-managed properties. FFO
available to common shareholders, Adjusted FFO available to common
shareholders, and Adjusted FFO available to common shareholders
(excluding maintenance capex) exclude the ownership portion of
Gaylord Rockies joint venture not controlled or owned by the
Company. Beginning in the first quarter 2020 with the Company’s
adoption of ASU 2016-13, “Financial Instruments – Credit Losses –
Measurement of Credit Losses on Financial Instruments,” our
definition of Adjusted FFO available to common shareholders
includes an adjustment for credit loss on held-to-maturity
securities; such charges in previous quarters were included in
impairment charges that do not meet the NAREIT definition.
We believe that the presentation of FFO
available to common shareholders, Adjusted FFO available to common
shareholders, and Adjusted FFO available to common shareholders
(excluding maintenance capex) provide useful information to
investors regarding the performance of our ongoing operations
because they are 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, Adjusted FFO
available to common shareholders, and Adjusted FFO available to
common shareholders (excluding maintenance capex) 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 and Adjusted FFO available to common
shareholders (excluding maintenance capex) is 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, FFO available to common
shareholders, Adjusted FFO available to common shareholders and
Adjusted FFO available to common shareholders (excluding
maintenance capex) 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, FFO available
to common shareholders, Adjusted FFO available to common
shareholders, and Adjusted FFO available to common shareholders
(excluding maintenance capex), 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, FFO
available to common shareholders, Adjusted FFO available to common
shareholders, and Adjusted FFO available to common shareholders
(excluding maintenance capex) 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, FFO available to common
shareholders, Adjusted FFO available to common shareholders, and
Adjusted FFO available to common shareholders (excluding
maintenance capex) 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 (Loss) Margin, Operating Income (Loss), Operating Income
(Loss) 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, Senior 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 |
|
Six Months
Ended |
|
|
Jun. 30 |
|
Jun. 30 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Revenues : |
|
|
|
|
|
|
|
|
Rooms |
$ |
2,802 |
|
|
$ |
144,704 |
|
|
$ |
108,930 |
|
|
$ |
276,916 |
|
|
Food and
beverage |
|
1,510 |
|
|
|
173,030 |
|
|
|
147,260 |
|
|
|
344,173 |
|
|
Other hotel
revenue |
|
5,993 |
|
|
|
39,395 |
|
|
|
39,786 |
|
|
|
73,550 |
|
|
Entertainment |
|
4,376 |
|
|
|
50,590 |
|
|
|
31,735 |
|
|
|
83,855 |
|
|
Total revenues |
|
14,681 |
|
|
|
407,719 |
|
|
|
327,711 |
|
|
|
778,494 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
4,472 |
|
|
|
36,099 |
|
|
|
36,780 |
|
|
|
71,068 |
|
|
Food and
beverage |
|
11,891 |
|
|
|
90,680 |
|
|
|
95,702 |
|
|
|
182,039 |
|
|
Other hotel
expenses |
|
45,045 |
|
|
|
90,527 |
|
|
|
135,519 |
|
|
|
181,466 |
|
|
Management
fees |
|
(563 |
) |
|
|
10,399 |
|
|
|
4,929 |
|
|
|
20,155 |
|
|
Total hotel operating expenses |
|
60,845 |
|
|
|
227,705 |
|
|
|
272,930 |
|
|
|
454,728 |
|
|
Entertainment |
|
13,457 |
|
|
|
33,059 |
|
|
|
42,803 |
|
|
|
58,700 |
|
|
Corporate |
|
7,258 |
|
|
|
8,110 |
|
|
|
15,394 |
|
|
|
17,114 |
|
|
Preopening
costs |
|
700 |
|
|
|
(24 |
) |
|
|
1,501 |
|
|
|
2,110 |
|
|
Gain on sale
of assets |
|
- |
|
|
|
- |
|
|
|
(1,261 |
) |
|
|
- |
|
|
Credit loss
on held-to-maturity securities |
|
19,145 |
|
|
|
- |
|
|
|
24,973 |
|
|
|
- |
|
|
Depreciation
and amortization |
|
54,011 |
|
|
|
53,553 |
|
|
|
107,356 |
|
|
|
106,562 |
|
|
Total operating expenses |
|
155,416 |
|
|
|
322,403 |
|
|
|
463,696 |
|
|
|
639,214 |
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
(140,735 |
) |
|
|
85,316 |
|
|
|
(135,985 |
) |
|
|
139,280 |
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(30,042 |
) |
|
|
(33,492 |
) |
|
|
(59,400 |
) |
|
|
(65,579 |
) |
Interest income |
|
1,854 |
|
|
|
2,970 |
|
|
|
4,225 |
|
|
|
5,878 |
|
Loss from joint ventures |
|
(1,820 |
) |
|
|
(167 |
) |
|
|
(3,715 |
) |
|
|
(167 |
) |
Other gains and (losses), net |
|
(16,755 |
) |
|
|
(111 |
) |
|
|
(16,560 |
) |
|
|
(252 |
) |
Income (loss) before income taxes |
|
(187,498 |
) |
|
|
54,516 |
|
|
|
(211,435 |
) |
|
|
79,160 |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(161 |
) |
|
|
(8,232 |
) |
|
|
(26,960 |
) |
|
|
(10,206 |
) |
Net income (loss) |
|
(187,659 |
) |
|
|
46,284 |
|
|
|
(238,395 |
) |
|
|
68,954 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
14,167 |
|
|
|
3,099 |
|
|
|
18,387 |
|
|
|
9,837 |
|
Net income (loss) available to common shareholders |
$ |
(173,492 |
) |
|
$ |
49,383 |
|
|
$ |
(220,008 |
) |
|
$ |
78,791 |
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share available to common shareholders |
$ |
(3.16 |
) |
|
$ |
0.96 |
|
|
$ |
(4.00 |
) |
|
$ |
1.53 |
|
Diluted income (loss) per share available to common
shareholders |
$ |
(3.16 |
) |
|
$ |
0.95 |
|
|
$ |
(4.00 |
) |
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
|
|
|
|
Basic |
|
54,974 |
|
|
|
51,440 |
|
|
|
54,943 |
|
|
|
51,395 |
|
|
Diluted |
|
54,974 |
|
|
|
51,826 |
|
|
|
54,943 |
|
|
|
51,830 |
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
Jun.
30 |
|
Dec.
31, |
|
|
|
2020 |
|
2019 |
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,121,446 |
|
$ |
3,130,252 |
|
Cash and cash equivalents - unrestricted |
|
82,376 |
|
|
362,430 |
|
Cash and cash equivalents - restricted |
|
54,923 |
|
|
57,966 |
|
Notes receivable |
|
82,542 |
|
|
110,135 |
|
Trade receivables, net |
|
18,370 |
|
|
70,768 |
|
Deferred income tax assets, net |
|
- |
|
|
25,959 |
|
Prepaid expenses and other assets |
|
98,255 |
|
|
123,845 |
|
Intangible assets |
|
187,033 |
|
|
207,113 |
|
|
Total assets |
$ |
3,644,945 |
|
$ |
4,088,468 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
2,576,307 |
|
$ |
2,559,968 |
|
Accounts payable and accrued liabilities |
|
152,651 |
|
|
264,915 |
|
Dividends payable |
|
772 |
|
|
50,711 |
|
Deferred management rights proceeds |
|
174,274 |
|
|
175,332 |
|
Operating lease liabilities |
|
107,175 |
|
|
106,331 |
|
Deferred income tax liabilities, net |
|
683 |
|
|
- |
|
Other liabilities |
|
97,686 |
|
|
64,971 |
|
Noncontrolling interest in consolidated joint venture |
|
141,693 |
|
|
221,511 |
|
Stockholders' equity |
|
393,704 |
|
|
644,729 |
|
|
Total
liabilities and equity |
$ |
3,644,945 |
|
$ |
4,088,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
SUPPLEMENTAL
FINANCIAL RESULTS |
|
ADJUSTED
EBITDAre
RECONCILIATION |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Jun. 30, |
|
Six Months
Ended Jun. 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
14,681 |
|
|
|
$ |
407,719 |
|
|
|
$ |
327,711 |
|
|
|
$ |
778,494 |
|
|
|
Net income (loss) |
$ |
(187,659 |
) |
-1,278.2 |
% |
|
$ |
46,284 |
|
11.4 |
% |
|
$ |
(238,395 |
) |
-72.7 |
% |
|
$ |
68,954 |
|
8.9 |
% |
|
Interest expense, net |
|
28,188 |
|
|
|
|
30,522 |
|
|
|
|
55,175 |
|
|
|
|
59,701 |
|
|
|
Provision for income taxes |
|
161 |
|
|
|
|
8,232 |
|
|
|
|
26,960 |
|
|
|
|
10,206 |
|
|
|
Depreciation & amortization |
|
54,011 |
|
|
|
|
53,553 |
|
|
|
|
107,356 |
|
|
|
|
106,562 |
|
|
|
(Gain) loss on disposal of assets |
|
6 |
|
|
|
|
5 |
|
|
|
|
(1,255 |
) |
|
|
|
5 |
|
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
6 |
|
|
|
|
(2 |
) |
|
|
|
9 |
|
|
|
|
(2 |
) |
|
|
EBITDAre |
|
(105,287 |
) |
-717.2 |
% |
|
|
138,594 |
|
34.0 |
% |
|
|
(50,150 |
) |
-15.3 |
% |
|
|
245,426 |
|
31.5 |
% |
|
Preopening costs |
|
700 |
|
|
|
|
(24 |
) |
|
|
|
1,501 |
|
|
|
|
2,110 |
|
|
|
Non-cash lease expense |
|
1,141 |
|
|
|
|
1,249 |
|
|
|
|
2,258 |
|
|
|
|
2,472 |
|
|
|
Equity-based compensation expense |
|
2,189 |
|
|
|
|
1,935 |
|
|
|
|
4,419 |
|
|
|
|
3,961 |
|
|
|
Credit loss on held-to-maturity securities |
|
19,145 |
|
|
|
|
- |
|
|
|
|
24,973 |
|
|
|
|
- |
|
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
|
1,733 |
|
|
|
|
2,607 |
|
|
|
|
3,198 |
|
|
|
|
5,249 |
|
|
|
Transaction costs of acquisitions |
|
15,138 |
|
|
|
|
- |
|
|
|
|
15,435 |
|
|
|
|
- |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
- |
|
|
|
|
169 |
|
|
|
|
- |
|
|
|
|
169 |
|
|
|
Adjusted EBITDAre |
$ |
(65,241 |
) |
-444.4 |
% |
|
$ |
144,530 |
|
35.4 |
% |
|
$ |
1,634 |
|
0.5 |
% |
|
$ |
259,387 |
|
33.3 |
% |
|
Adjusted EBITDAre of noncontrolling interest |
|
2,128 |
|
|
|
$ |
(8,774 |
) |
|
|
|
(5,578 |
) |
|
|
$ |
(14,372 |
) |
|
|
Adjusted EBITDAre,
excluding noncontrolling interest |
$ |
(63,113 |
) |
-429.9 |
% |
|
$ |
135,756 |
|
33.3 |
% |
|
$ |
(3,944 |
) |
-1.2 |
% |
|
$ |
245,015 |
|
31.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
10,305 |
|
|
|
$ |
357,129 |
|
|
|
$ |
295,976 |
|
|
|
$ |
694,639 |
|
|
|
Operating income (loss) |
$ |
(119,332 |
) |
-1,158.0 |
% |
|
$ |
79,179 |
|
22.2 |
% |
|
$ |
(100,189 |
) |
-33.9 |
% |
|
$ |
138,808 |
|
20.0 |
% |
|
Depreciation & amortization |
|
49,588 |
|
|
|
|
50,331 |
|
|
|
|
99,357 |
|
|
|
|
100,464 |
|
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(1,261 |
) |
|
|
|
- |
|
|
|
Preopening costs |
|
59 |
|
|
|
|
(86 |
) |
|
|
|
166 |
|
|
|
|
639 |
|
|
|
Non-cash lease expense |
|
1,118 |
|
|
|
|
1,169 |
|
|
|
|
2,231 |
|
|
|
|
2,337 |
|
|
|
Credit loss on held-to-maturity securities |
|
19,145 |
|
|
|
|
- |
|
|
|
|
24,973 |
|
|
|
|
- |
|
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
|
1,733 |
|
|
|
|
2,607 |
|
|
|
|
3,198 |
|
|
|
|
5,249 |
|
|
|
Adjusted EBITDAre |
$ |
(47,689 |
) |
-462.8 |
% |
|
$ |
133,200 |
|
37.3 |
% |
|
$ |
28,475 |
|
9.6 |
% |
|
$ |
247,497 |
|
35.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,376 |
|
|
|
$ |
50,590 |
|
|
|
$ |
31,735 |
|
|
|
$ |
83,855 |
|
|
|
Operating income (loss) |
$ |
(13,124 |
) |
-299.9 |
% |
|
$ |
14,639 |
|
28.9 |
% |
|
$ |
(18,910 |
) |
-59.6 |
% |
|
$ |
18,375 |
|
21.9 |
% |
|
Depreciation & amortization |
|
3,402 |
|
|
|
|
2,830 |
|
|
|
|
6,507 |
|
|
|
|
5,309 |
|
|
|
Preopening costs |
|
641 |
|
|
|
|
62 |
|
|
|
|
1,335 |
|
|
|
|
1,471 |
|
|
|
Non-cash lease expense |
|
23 |
|
|
|
|
80 |
|
|
|
|
27 |
|
|
|
|
135 |
|
|
|
Equity-based compensation |
|
392 |
|
|
|
|
271 |
|
|
|
|
690 |
|
|
|
|
475 |
|
|
|
Transaction costs of acquisitions |
|
138 |
|
|
|
|
- |
|
|
|
|
435 |
|
|
|
|
- |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(1,814 |
) |
|
|
|
- |
|
|
|
|
(3,706 |
) |
|
|
|
- |
|
|
|
Adjusted EBITDAre |
$ |
(10,342 |
) |
-236.3 |
% |
|
$ |
17,882 |
|
35.3 |
% |
|
$ |
(13,622 |
) |
-42.9 |
% |
|
$ |
25,765 |
|
30.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and Other segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(8,279 |
) |
|
|
$ |
(8,502 |
) |
|
|
$ |
(16,886 |
) |
|
|
$ |
(17,903 |
) |
|
|
Depreciation & amortization |
|
1,021 |
|
|
|
|
392 |
|
|
|
|
1,492 |
|
|
|
|
789 |
|
|
|
Other gains and (losses), net |
|
(1,749 |
) |
|
|
|
(106 |
) |
|
|
|
(1,554 |
) |
|
|
|
(247 |
) |
|
|
Equity-based compensation |
|
1,797 |
|
|
|
|
1,664 |
|
|
|
|
3,729 |
|
|
|
|
3,486 |
|
|
|
Adjusted EBITDAre |
$ |
(7,210 |
) |
|
|
$ |
(6,552 |
) |
|
|
$ |
(13,219 |
) |
|
|
$ |
(13,875 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
FUNDS FROM
OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION |
Unaudited |
(in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Jun. 30, |
|
Six Months
Ended Jun. 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Consolidated |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(187,659 |
) |
|
$ |
46,284 |
|
|
$ |
(238,395 |
) |
|
$ |
68,954 |
|
Noncontrolling interest |
|
14,167 |
|
|
|
3,099 |
|
|
|
18,387 |
|
|
|
9,837 |
|
Net income (loss) available to common
shareholders |
|
(173,492 |
) |
|
|
49,383 |
|
|
|
(220,008 |
) |
|
|
78,791 |
|
Depreciation & amortization |
|
53,974 |
|
|
|
53,517 |
|
|
|
107,282 |
|
|
|
106,485 |
|
Adjustments for noncontrolling interest |
|
(8,581 |
) |
|
|
(8,702 |
) |
|
|
(17,138 |
) |
|
|
(17,399 |
) |
Pro rata adjustments from joint ventures |
|
6 |
|
|
|
- |
|
|
|
11 |
|
|
|
- |
|
FFO available to common shareholders |
|
(128,093 |
) |
|
|
94,198 |
|
|
|
(129,853 |
) |
|
|
167,877 |
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
37 |
|
|
|
36 |
|
|
|
74 |
|
|
|
77 |
|
Non-cash lease expense |
|
1,141 |
|
|
|
1,249 |
|
|
|
2,258 |
|
|
|
2,472 |
|
Credit loss on held-to-maturity securities |
|
19,145 |
|
|
|
- |
|
|
|
24,973 |
|
|
|
- |
|
Gain on other assets |
|
- |
|
|
|
- |
|
|
|
(1,261 |
) |
|
|
- |
|
Write-off of deferred financing costs |
|
235 |
|
|
|
- |
|
|
|
235 |
|
|
|
- |
|
Amortization of deferred financing costs |
|
1,957 |
|
|
|
1,939 |
|
|
|
3,851 |
|
|
|
3,866 |
|
Amortization of debt premiums |
|
(67 |
) |
|
|
- |
|
|
|
(134 |
) |
|
|
- |
|
Adjustments for noncontrolling interest |
|
(277 |
) |
|
|
(209 |
) |
|
|
(491 |
) |
|
|
(422 |
) |
Transaction costs of acquisitions |
|
15,138 |
|
|
|
- |
|
|
|
15,435 |
|
|
|
- |
|
Deferred tax expense |
|
82 |
|
|
|
7,087 |
|
|
|
26,641 |
|
|
|
8,187 |
|
Adjusted FFO available to common shareholders |
$ |
(90,702 |
) |
|
$ |
104,300 |
|
|
$ |
(58,272 |
) |
|
$ |
182,057 |
|
Capital expenditures (1) |
|
(1,778 |
) |
|
|
(18,670 |
) |
|
|
(15,497 |
) |
|
|
(33,999 |
) |
Adjusted FFO available to common shareholders (ex.
maintenance capex) |
$ |
(92,480 |
) |
|
$ |
85,630 |
|
|
$ |
(73,769 |
) |
|
$ |
148,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
$ |
(3.16 |
) |
|
$ |
0.96 |
|
|
$ |
(4.00 |
) |
|
$ |
1.53 |
|
Diluted net income (loss) per share |
$ |
(3.16 |
) |
|
$ |
0.95 |
|
|
$ |
(4.00 |
) |
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per basic share |
$ |
(2.33 |
) |
|
$ |
1.83 |
|
|
$ |
(2.36 |
) |
|
$ |
3.27 |
|
Adjusted FFO available to common shareholders per basic share |
$ |
(1.65 |
) |
|
$ |
2.03 |
|
|
$ |
(1.06 |
) |
|
$ |
3.54 |
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per diluted share |
$ |
(2.33 |
) |
|
$ |
1.82 |
|
|
$ |
(2.36 |
) |
|
$ |
3.24 |
|
Adjusted FFO available to common shareholders per diluted
share |
$ |
(1.65 |
) |
|
$ |
2.01 |
|
|
$ |
(1.06 |
) |
|
$ |
3.51 |
|
|
|
|
|
|
|
|
|
(1) Represents FF&E reserve for managed properties and
maintenance capital expenditures for non-managed properties. Note
that beginning in March 2020, as a result of the COVID-19
pandemic, contributions to the FF&E reserve for managed
properties have been temporarily suspended. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
HOSPITALITY
SEGMENT ADJUSTED EBITDAre
RECONCILIATIONS AND OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Jun. 30, |
|
Six Months Ended Jun. 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
10,305 |
|
|
|
$ |
357,129 |
|
|
|
$ |
295,976 |
|
|
|
$ |
694,639 |
|
|
Operating income (loss) |
$ |
(119,332 |
) |
-1,158.0 |
% |
|
$ |
79,179 |
|
22.2 |
% |
|
$ |
(100,189 |
) |
-33.9 |
% |
|
$ |
138,808 |
|
20.0 |
% |
Depreciation & amortization |
|
49,588 |
|
|
|
|
50,331 |
|
|
|
|
99,357 |
|
|
|
|
100,464 |
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(1,261 |
) |
|
|
|
- |
|
|
Preopening costs |
|
59 |
|
|
|
|
(86 |
) |
|
|
|
166 |
|
|
|
|
639 |
|
|
Non-cash lease expense |
|
1,118 |
|
|
|
|
1,169 |
|
|
|
|
2,231 |
|
|
|
|
2,337 |
|
|
Credit loss on held-to-maturity securities |
|
19,145 |
|
|
|
|
- |
|
|
|
|
24,973 |
|
|
|
|
- |
|
|
Interest income on Gaylord National and Gaylord Rockies bonds |
|
1,733 |
|
|
|
|
2,607 |
|
|
|
|
3,198 |
|
|
|
|
5,249 |
|
|
Adjusted EBITDAre |
$ |
(47,689 |
) |
-462.8 |
% |
|
$ |
133,200 |
|
37.3 |
% |
|
$ |
28,475 |
|
9.6 |
% |
|
$ |
247,497 |
|
35.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
1.7 |
% |
|
|
|
78.0 |
% |
|
|
|
29.4 |
% |
|
|
|
75.2 |
% |
|
Average daily rate (ADR) |
$ |
181.66 |
|
|
|
$ |
201.58 |
|
|
|
$ |
201.51 |
|
|
|
$ |
201.34 |
|
|
RevPAR |
$ |
3.05 |
|
|
|
$ |
157.29 |
|
|
|
$ |
59.20 |
|
|
|
$ |
151.33 |
|
|
OtherPAR |
$ |
8.15 |
|
|
|
$ |
230.89 |
|
|
|
$ |
101.65 |
|
|
|
$ |
228.27 |
|
|
Total RevPAR |
$ |
11.20 |
|
|
|
$ |
388.18 |
|
|
|
$ |
160.85 |
|
|
|
$ |
379.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,320 |
|
|
|
$ |
98,987 |
|
|
|
$ |
77,447 |
|
|
|
$ |
187,945 |
|
|
Operating income (loss) |
$ |
(23,004 |
) |
-1,742.7 |
% |
|
$ |
31,112 |
|
31.4 |
% |
|
$ |
(8,999 |
) |
-11.6 |
% |
|
$ |
52,858 |
|
28.1 |
% |
Depreciation & amortization |
|
8,818 |
|
|
|
|
8,653 |
|
|
|
|
17,616 |
|
|
|
|
17,095 |
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(1,261 |
) |
|
|
|
- |
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
55 |
|
|
Non-cash lease revenue |
|
(18 |
) |
|
|
|
- |
|
|
|
|
(40 |
) |
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
(14,204 |
) |
-1,076.1 |
% |
|
$ |
39,765 |
|
40.2 |
% |
|
$ |
7,316 |
|
9.4 |
% |
|
$ |
70,008 |
|
37.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
0.9 |
% |
|
|
|
81.3 |
% |
|
|
|
30.6 |
% |
|
|
|
77.7 |
% |
|
Average daily rate (ADR) |
$ |
172.28 |
|
|
|
$ |
198.41 |
|
|
|
$ |
194.22 |
|
|
|
$ |
195.15 |
|
|
RevPAR |
$ |
1.55 |
|
|
|
$ |
161.23 |
|
|
|
$ |
59.51 |
|
|
|
$ |
151.72 |
|
|
OtherPAR |
$ |
3.47 |
|
|
|
$ |
215.42 |
|
|
|
$ |
87.83 |
|
|
|
$ |
207.83 |
|
|
Total RevPAR |
$ |
5.02 |
|
|
|
$ |
376.65 |
|
|
|
$ |
147.34 |
|
|
|
$ |
359.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
814 |
|
|
|
$ |
47,357 |
|
|
|
$ |
46,189 |
|
|
|
$ |
107,273 |
|
|
Operating income (loss) |
$ |
(13,801 |
) |
-1,695.5 |
% |
|
$ |
8,380 |
|
17.7 |
% |
|
$ |
(6,729 |
) |
-14.6 |
% |
|
$ |
25,980 |
|
24.2 |
% |
Depreciation & amortization |
|
4,126 |
|
|
|
|
4,891 |
|
|
|
|
8,410 |
|
|
|
|
9,742 |
|
|
Preopening costs |
|
59 |
|
|
|
|
- |
|
|
|
|
166 |
|
|
|
|
- |
|
|
Non-cash lease expense |
|
1,136 |
|
|
|
|
1,169 |
|
|
|
|
2,271 |
|
|
|
|
2,337 |
|
|
Adjusted EBITDAre |
$ |
(8,480 |
) |
-1,041.8 |
% |
|
$ |
14,440 |
|
30.5 |
% |
|
$ |
4,118 |
|
8.9 |
% |
|
$ |
38,059 |
|
35.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
0.8 |
% |
|
|
|
76.9 |
% |
|
|
|
31.7 |
% |
|
|
|
79.8 |
% |
|
Average daily rate (ADR) |
$ |
129.79 |
|
|
|
$ |
197.56 |
|
|
|
$ |
215.60 |
|
|
|
$ |
205.72 |
|
|
RevPAR |
$ |
1.01 |
|
|
|
$ |
151.91 |
|
|
|
$ |
68.29 |
|
|
|
$ |
164.18 |
|
|
OtherPAR |
$ |
5.30 |
|
|
|
$ |
215.60 |
|
|
|
$ |
110.94 |
|
|
|
$ |
254.37 |
|
|
Total RevPAR |
$ |
6.31 |
|
|
|
$ |
367.51 |
|
|
|
$ |
179.23 |
|
|
|
$ |
418.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
5,472 |
|
|
|
$ |
69,326 |
|
|
|
$ |
61,468 |
|
|
|
$ |
141,365 |
|
|
Operating income (loss) |
$ |
(12,097 |
) |
-221.1 |
% |
|
$ |
19,287 |
|
27.8 |
% |
|
$ |
1,282 |
|
2.1 |
% |
|
$ |
41,641 |
|
29.5 |
% |
Depreciation & amortization |
|
6,394 |
|
|
|
|
6,745 |
|
|
|
|
12,857 |
|
|
|
|
13,389 |
|
|
Adjusted EBITDAre |
$ |
(5,703 |
) |
-104.2 |
% |
|
$ |
26,032 |
|
37.6 |
% |
|
$ |
14,139 |
|
23.0 |
% |
|
$ |
55,030 |
|
38.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
5.0 |
% |
|
|
|
77.4 |
% |
|
|
|
30.6 |
% |
|
|
|
77.6 |
% |
|
Average daily rate (ADR) |
$ |
185.45 |
|
|
|
$ |
189.46 |
|
|
|
$ |
203.14 |
|
|
|
$ |
193.84 |
|
|
RevPAR |
$ |
9.20 |
|
|
|
$ |
146.62 |
|
|
|
$ |
62.23 |
|
|
|
$ |
150.48 |
|
|
OtherPAR |
$ |
23.95 |
|
|
|
$ |
273.35 |
|
|
|
$ |
123.95 |
|
|
|
$ |
280.07 |
|
|
Total RevPAR |
$ |
33.15 |
|
|
|
$ |
419.97 |
|
|
|
$ |
186.18 |
|
|
|
$ |
430.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND
OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Jun. 30, |
|
Six Months Ended Jun. 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
529 |
|
|
|
$ |
78,128 |
|
|
|
$ |
49,923 |
|
|
|
$ |
143,758 |
|
|
Operating income (loss) |
$ |
(40,063 |
) |
-7,573.3 |
% |
|
$ |
17,044 |
|
21.8 |
% |
|
$ |
(52,984 |
) |
-106.1 |
% |
|
$ |
23,278 |
|
16.2 |
% |
Depreciation & amortization |
|
6,925 |
|
|
|
|
6,901 |
|
|
|
|
13,866 |
|
|
|
|
13,884 |
|
|
Credit loss on held-to-maturity securities |
|
19,145 |
|
|
|
|
- |
|
|
|
|
24,973 |
|
|
|
|
- |
|
|
Interest income on Gaylord National bonds |
|
1,733 |
|
|
|
|
2,565 |
|
|
|
|
3,198 |
|
|
|
|
5,141 |
|
|
Adjusted EBITDAre |
$ |
(12,260 |
) |
-2,317.6 |
% |
|
$ |
26,510 |
|
33.9 |
% |
|
$ |
(10,947 |
) |
-21.9 |
% |
|
$ |
42,303 |
|
29.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
0.0 |
% |
|
|
|
81.4 |
% |
|
|
|
26.0 |
% |
|
|
|
76.7 |
% |
|
Average daily rate (ADR) |
$ |
- |
|
|
|
$ |
223.66 |
|
|
|
$ |
207.14 |
|
|
|
$ |
221.19 |
|
|
RevPAR |
$ |
- |
|
|
|
$ |
181.95 |
|
|
|
$ |
53.77 |
|
|
|
$ |
169.61 |
|
|
OtherPAR |
$ |
2.91 |
|
|
|
$ |
248.19 |
|
|
|
$ |
83.65 |
|
|
|
$ |
228.31 |
|
|
Total RevPAR |
$ |
2.91 |
|
|
|
$ |
430.14 |
|
|
|
$ |
137.42 |
|
|
|
$ |
397.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Rockies |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,806 |
|
|
|
$ |
55,436 |
|
|
|
$ |
56,404 |
|
|
|
$ |
100,679 |
|
|
Operating income (loss) (1) |
$ |
(28,269 |
) |
-1,565.3 |
% |
|
$ |
1,224 |
|
2.2 |
% |
|
$ |
(30,008 |
) |
-53.2 |
% |
|
$ |
(7,546 |
) |
-7.5 |
% |
Depreciation & amortization |
|
22,672 |
|
|
|
|
22,465 |
|
|
|
|
45,281 |
|
|
|
|
44,926 |
|
|
Preopening costs |
|
- |
|
|
|
|
(86 |
) |
|
|
|
- |
|
|
|
|
584 |
|
|
Interest income on Gaylord Rockies bonds |
|
- |
|
|
|
|
42 |
|
|
|
|
- |
|
|
|
|
108 |
|
|
Adjusted EBITDAre (1) |
$ |
(5,597 |
) |
-309.9 |
% |
|
$ |
23,645 |
|
42.7 |
% |
|
$ |
15,273 |
|
27.1 |
% |
|
$ |
38,072 |
|
37.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
0.8 |
% |
|
|
|
68.4 |
% |
|
|
|
29.1 |
% |
|
|
|
62.0 |
% |
|
Average daily rate (ADR) |
$ |
394.44 |
|
|
|
$ |
203.83 |
|
|
|
$ |
206.04 |
|
|
|
$ |
200.71 |
|
|
RevPAR |
$ |
3.29 |
|
|
|
$ |
139.49 |
|
|
|
$ |
59.96 |
|
|
|
$ |
124.39 |
|
|
OtherPAR |
$ |
9.93 |
|
|
|
$ |
266.37 |
|
|
|
$ |
146.51 |
|
|
|
$ |
246.19 |
|
|
Total RevPAR |
$ |
13.22 |
|
|
|
$ |
405.86 |
|
|
|
$ |
206.47 |
|
|
|
$ |
370.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
146 |
|
|
|
$ |
3,314 |
|
|
|
$ |
1,995 |
|
|
|
$ |
5,749 |
|
|
Operating income (loss) |
$ |
(978 |
) |
-669.9 |
% |
|
$ |
846 |
|
25.5 |
% |
|
$ |
(1,295 |
) |
-64.9 |
% |
|
$ |
1,067 |
|
18.6 |
% |
Depreciation & amortization |
|
329 |
|
|
|
|
334 |
|
|
|
|
665 |
|
|
|
|
669 |
|
|
Adjusted EBITDAre |
$ |
(649 |
) |
-444.5 |
% |
|
$ |
1,180 |
|
35.6 |
% |
|
$ |
(630 |
) |
-31.6 |
% |
|
$ |
1,736 |
|
30.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
7.8 |
% |
|
|
|
78.9 |
% |
|
|
|
25.7 |
% |
|
|
|
69.0 |
% |
|
Average daily rate (ADR) |
$ |
116.11 |
|
|
|
$ |
215.83 |
|
|
|
$ |
192.63 |
|
|
|
$ |
211.92 |
|
|
RevPAR |
$ |
9.04 |
|
|
|
$ |
170.23 |
|
|
|
$ |
49.52 |
|
|
|
$ |
146.23 |
|
|
OtherPAR |
$ |
(0.71 |
) |
|
|
$ |
19.44 |
|
|
|
$ |
7.56 |
|
|
|
$ |
19.20 |
|
|
Total RevPAR |
$ |
8.33 |
|
|
|
$ |
189.67 |
|
|
|
$ |
57.08 |
|
|
|
$ |
165.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (2) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
218 |
|
|
|
$ |
4,581 |
|
|
|
$ |
2,550 |
|
|
|
$ |
7,870 |
|
|
Operating income (loss) |
$ |
(1,120 |
) |
-513.8 |
% |
|
$ |
1,286 |
|
28.1 |
% |
|
$ |
(1,456 |
) |
-57.1 |
% |
|
$ |
1,530 |
|
19.4 |
% |
Depreciation & amortization |
|
324 |
|
|
|
|
342 |
|
|
|
|
662 |
|
|
|
|
759 |
|
|
Adjusted EBITDAre |
$ |
(796 |
) |
-365.1 |
% |
|
$ |
1,628 |
|
35.5 |
% |
|
$ |
(794 |
) |
-31.1 |
% |
|
$ |
2,289 |
|
29.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
5.0 |
% |
|
|
|
81.4 |
% |
|
|
|
25.4 |
% |
|
|
|
73.3 |
% |
|
Average daily rate (ADR) |
$ |
97.04 |
|
|
|
$ |
154.95 |
|
|
|
$ |
133.43 |
|
|
|
$ |
148.65 |
|
|
RevPAR |
$ |
4.81 |
|
|
|
$ |
126.17 |
|
|
|
$ |
33.85 |
|
|
|
$ |
108.90 |
|
|
OtherPAR |
$ |
3.12 |
|
|
|
$ |
39.98 |
|
|
|
$ |
12.41 |
|
|
|
$ |
34.58 |
|
|
Total RevPAR |
$ |
7.93 |
|
|
|
$ |
166.15 |
|
|
|
$ |
46.26 |
|
|
|
$ |
143.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating
loss and Adjusted EBITDAre for Gaylord Rockies exclude asset
management fees paid to RHP of $0.5 million during the three
months ended June 30, 2019 and $0.6 million and $1.0 million during
the six months ended June 30, 2020 and 2019, respectively. |
(2) Includes
other hospitality revenue and expense |
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