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, 2020.
Third Quarter
2020
Highlights:
- Third quarter 2020 gross advanced room night bookings of
approximately 669,000 room nights for all future periods, of which
approximately 158,000 or 24% were unrelated to rebooking
efforts
- Year to date through September 30, 2020 rebooked room nights of
approximately 1.01 million room nights, or over 53% of total room
nights canceled as a result of COVID-19
- Overall Entertainment segment and Ole Red venues continue to
see steady improvement while adhering to local health
regulations
- Average monthly cash burn for the third quarter 2020 was
approximately $22.7 million, down approximately $8.9 million from
second quarter 2020 driven by hotel reopenings and continued cost
management
- Continue to have ample liquidity as monthly cash burn continues
to decline; currently have approximately 30 months of liquidity
including Gaylord Palms expansion
- Issued updated Investor Supplement on Ryman Hospitality, which
is available on the Investor Relations section of our website at
www.rymanhp.com
Colin Reed, Chairman and Chief Executive Officer of Ryman
Hospitality Properties, said, “We are pleased with the results we
achieved this quarter, driving sequential improvement from last
quarter in terms of both revenue and monthly cash burn as we
navigate this extraordinary period. Our unique hotel properties
with their large footprints, diverse amenities, and reputation for
best-in-class service continue to generate interest from “drive to”
leisure guests. We have seen success in targeting families who want
the opportunity to travel safely. With 100 million people living
within 300 miles of our four open Gaylord hotel properties, we
believe we are in a strong position to continue capitalizing on the
demand for safe family travel options that are within a short
driving distance from home.
We have also begun to see the return of some smaller groups to
our hotels as corporate customers look to resume in-person
gatherings. Although group cancellations continue, our core brand
differentiators have driven a rebookings rate of over 53
percent.
Our Entertainment segment also delivered an improved performance
and gained momentum throughout the quarter. Importantly, we are
taking advantage of this period to drive broader digitization of
our content and exploring new formats to showcase our growing
catalogue of content.
The continued progress we are making to safely welcome guests on
both sides of our business has contributed to a continued reduction
in our average monthly cash burn during this period, which has
supported our strong liquidity position and enabled us to maintain
our focus on recovery.”
Third Quarter
2020 Results (As Compared
to Third Quarter
2019):
Consolidated
Results
($ in thousands, except per
share amounts) |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
Total Revenue |
$70,249 |
|
|
$379,787 |
|
|
-81.5 |
% |
|
$397,960 |
|
|
$1,158,281 |
|
|
-65.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss)
(1) |
|
($103,166 |
) |
|
$56,503 |
|
|
-282.6 |
% |
|
|
($239,151 |
) |
|
$195,783 |
|
|
-222.2 |
% |
Operating Income/(Loss) margin |
|
-146.9 |
% |
|
|
14.9 |
% |
|
-161.8 |
pt |
|
|
-60.1 |
% |
|
|
16.9 |
% |
|
-77.0 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) available to
common shareholders (1) (2) (3) |
|
($117,659 |
) |
|
$22,349 |
|
|
-626.5 |
% |
|
($337,667 |
) |
|
$101,140 |
|
|
-433.9 |
% |
Net Income/(Loss) available to
common shareholders margin |
|
-167.5 |
% |
|
|
5.9 |
% |
|
-173.4 |
pt |
|
|
-84.8 |
% |
|
|
8.7 |
% |
|
-93.5 |
pt |
Net Income/(Loss) available to
common shareholders per diluted share |
|
($2.14 |
) |
|
$0.43 |
|
|
-597.7 |
% |
|
($6.14 |
) |
|
$1.95 |
|
|
-414.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
($35,280 |
) |
|
$119,071 |
|
|
-129.6 |
% |
|
($33,646 |
) |
|
$378,458 |
|
|
-108.9 |
% |
Adjusted EBITDAre margin |
|
-50.2 |
% |
|
|
31.4 |
% |
|
-81.6 |
pt |
|
|
-8.5 |
% |
|
|
32.7 |
% |
|
-41.2 |
pt |
Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture |
|
($34,790 |
) |
|
$108,076 |
|
|
-132.2 |
% |
|
($38,734 |
) |
|
$353,091 |
|
|
-111.0 |
% |
Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture margin |
|
-49.5 |
% |
|
|
28.5 |
% |
|
-78.0 |
pt |
|
|
-9.7 |
% |
|
|
30.5 |
% |
|
-40.2 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations (FFO)
available to common shareholders and unit holders (1) (2) (3) |
($72,303 |
) |
|
$67,728 |
|
|
-206.8 |
% |
|
($202,156 |
) |
|
$235,605 |
|
|
-185.8 |
% |
FFO available to common
shareholders and unit holders per diluted share |
($1.31 |
) |
|
$1.31 |
|
|
-200.0 |
% |
|
($3.68 |
) |
|
$4.55 |
|
|
-180.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to
common shareholders and unit holders |
($60,284 |
) |
|
$77,950 |
|
|
-177.3 |
% |
|
($118,556 |
) |
|
$260,007 |
|
|
-145.6 |
% |
Adjusted FFO available to
common shareholders and unit holders per diluted share |
($1.09 |
) |
|
$1.50 |
|
|
-172.7 |
% |
|
($2.16 |
) |
|
$5.02 |
|
|
-143.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three
and nine months ended September 30, 2020, includes approximately
$7.8 million and $32.8 million for credit losses on
held-to-maturity securities, respectively. |
(2) For the nine
months ended September 30, 2020, includes $26.7 million for income
tax valuation allowances. |
|
|
(3) For the nine
months ended September 30, 2020, includes $15.0 million for the
termination of the Block 21 acquisition. |
|
|
|
|
|
|
|
|
Note: For the Company’s definitions of Adjusted EBITDAre,
Adjusted EBITDAre, excluding noncontrolling interest, FFO available
to common shareholders and unit holders, and Adjusted FFO available
to common shareholders and unit holders, as well as a
reconciliation of the non-GAAP financial measure Adjusted EBITDAre
to Net Income/(Loss) and a reconciliation of the non-GAAP financial
measure Adjusted FFO available to common shareholders and unit
holders to Net Income/(Loss), see “Non-GAAP Financial Measures,”
“Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling
Interest Definition,” “Adjusted FFO available to common
shareholders and unit holders Definition” and “Supplemental
Financial Results” below.
Hospitality Segment
($ in thousands, except ADR,
RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Revenue (1) |
$57,978 |
|
|
$328,257 |
|
|
-82.3 |
% |
|
$353,954 |
|
|
$1,022,896 |
|
|
-65.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Operating
Income/(Loss) (1) (2) (3) |
|
($86,212 |
) |
|
$52,110 |
|
|
-265.4 |
% |
|
|
($186,401 |
) |
|
$190,918 |
|
|
-197.6 |
% |
Hospitality Adjusted EBITDAre
(1) (3) |
|
($23,565 |
) |
|
$109,067 |
|
|
-121.6 |
% |
|
$4,910 |
|
|
$356,564 |
|
|
-98.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance
Metrics (1) (4) |
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
14.6 |
% |
|
|
77.1 |
% |
|
-62.5 |
pt |
|
|
24.4 |
% |
|
|
75.8 |
% |
|
-51.4 |
pt |
Average Daily Rate (ADR) |
$180.89 |
|
|
$188.13 |
|
|
-3.8 |
% |
|
$197.38 |
|
|
$196.81 |
|
|
0.3 |
% |
RevPAR |
$26.33 |
|
|
$145.09 |
|
|
-81.9 |
% |
|
$48.16 |
|
|
$149.23 |
|
|
-67.7 |
% |
Total RevPAR |
$62.33 |
|
|
$352.92 |
|
|
-82.3 |
% |
|
$127.77 |
|
|
$370.61 |
|
|
-65.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
|
668,803 |
|
|
|
691,250 |
|
|
-3.2 |
% |
|
|
1,690,783 |
|
|
|
1,740,739 |
|
|
-2.9 |
% |
Net Definite Rooms Nights Booked |
|
(70,572 |
) |
|
|
574,403 |
|
|
-112.3 |
% |
|
|
(692,844 |
) |
|
|
1,335,080 |
|
|
-151.9 |
% |
Group Attrition (as % of contracted block) |
|
61.4 |
% |
|
|
15.2 |
% |
|
46.2 |
pt |
|
|
21.4 |
% |
|
|
14.1 |
% |
|
7.3 |
pt |
Cancellations ITYFTY (5) |
|
300,867 |
|
|
|
10,254 |
|
|
2834.1 |
% |
|
|
1,519,432 |
|
|
|
44,809 |
|
|
3290.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
approximately 6,000 room nights out of service during the third
quarter 2019 and approximately 26,250 for the nine months ended
September 30, 2019 related to the Gaylord |
Opryland rooms renovation.
Gaylord National remains closed. |
|
|
|
|
|
|
|
|
|
|
|
(2) For the three
and nine months ended September 30, 2020, includes approximately
$7.8 million and $32.8 million for credit losses on
held-to-maturity securities, respectively. |
(3) Includes
approximately $14.4 million and $34.9 million in COVID-19 related
employment costs during the three and nine months ended September
30, 2020, respectively. |
(4) Calculation
of hospitality performance metrics includes closed hotel room
nights available. Average Daily Rate is for occupied rooms. |
|
|
(5) “ITYFTY” represents In The
Year For The Year. |
|
|
|
|
|
|
|
|
|
|
|
Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below.
Property-level results and operating metrics for third quarter 2020
are presented in greater detail below and under “Supplemental
Financial Results—Hospitality Segment Adjusted EBITDAre
Reconciliations and Operating Metrics,” which includes a
reconciliation of the non-GAAP financial measures Hospitality
Adjusted EBITDAre to Hospitality Operating Income/(Loss), and
property-level Adjusted EBITDAre to property-level Operating
Income/(Loss) for each of the hotel properties.
Gaylord Opryland
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$17,514 |
|
|
$90,185 |
|
|
-80.6 |
% |
|
$94,961 |
|
|
$278,130 |
|
|
-65.9 |
% |
Operating Income/(Loss) |
|
($15,403 |
) |
|
$21,021 |
|
|
-173.3 |
% |
|
|
($24,402 |
) |
|
$73,879 |
|
|
-133.0 |
% |
Operating Income/(Loss) margin |
|
-87.9 |
% |
|
|
23.3 |
% |
|
-111.2 |
pt |
|
|
-25.7 |
% |
|
|
26.6 |
% |
|
-52.3 |
pt |
Adjusted EBITDAre |
|
($6,632 |
) |
|
$29,934 |
|
|
-122.2 |
% |
|
$684 |
|
|
$99,942 |
|
|
-99.3 |
% |
Adjusted EBITDAre margin |
|
-37.9 |
% |
|
|
33.2 |
% |
|
-71.1 |
pt |
|
|
0.7 |
% |
|
|
35.9 |
% |
|
-35.2 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
13.8 |
% |
|
|
77.2 |
% |
|
-63.4 |
pt |
|
|
25.0 |
% |
|
|
77.6 |
% |
|
-52.6 |
pt |
Average daily rate (ADR) |
$193.58 |
|
|
$189.97 |
|
|
1.9 |
% |
|
$194.10 |
|
|
$193.41 |
|
|
0.4 |
% |
RevPAR (1) |
$26.76 |
|
|
$146.66 |
|
|
-81.8 |
% |
|
$48.51 |
|
|
$150.01 |
|
|
-67.7 |
% |
Total RevPAR (1) |
$65.92 |
|
|
$339.43 |
|
|
-80.6 |
% |
|
$120.00 |
|
|
$352.77 |
|
|
-66.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
|
|
|
|
|
Gaylord Opryland Highlights for
Third Quarter
2020 (As Compared
to Third
Quarter
2019):
- Approximately 3,100 or 8% of room
nights sold in the third quarter were derived from group customers
and the property has generated cumulative occupancy from June 25,
2020 reopening through October 31, 2020 of 14.7%.
- Since re-opening through September
30th, the property has sold over 70,000 tickets to SoundWaves.
Gaylord Palms
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$7,659 |
|
|
$40,854 |
|
|
-81.3 |
% |
|
$53,848 |
|
|
$148,127 |
|
|
-63.6 |
% |
Operating Income/(Loss) |
|
($12,393 |
) |
|
$2,538 |
|
|
-588.3 |
% |
|
|
($19,122 |
) |
|
$28,518 |
|
|
-167.1 |
% |
Operating Income/(Loss) margin |
|
-161.8 |
% |
|
|
6.2 |
% |
|
-168.0 |
pt |
|
|
-35.5 |
% |
|
|
19.3 |
% |
|
-54.8 |
pt |
Adjusted EBITDAre |
|
($7,137 |
) |
|
$8,656 |
|
|
-182.5 |
% |
|
|
($3,019 |
) |
|
$46,715 |
|
|
-106.5 |
% |
Adjusted EBITDAre margin |
|
-93.2 |
% |
|
|
21.2 |
% |
|
-114.4 |
pt |
|
|
-5.6 |
% |
|
|
31.5 |
% |
|
-37.1 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
14.7 |
% |
|
|
72.7 |
% |
|
-58.0 |
pt |
|
|
26.0 |
% |
|
|
77.4 |
% |
|
-51.4 |
pt |
Average daily rate (ADR) |
$168.83 |
|
|
$161.98 |
|
|
4.2 |
% |
|
$206.72 |
|
|
$191.88 |
|
|
7.7 |
% |
RevPAR (1) |
$24.76 |
|
|
$117.71 |
|
|
-79.0 |
% |
|
$53.67 |
|
|
$148.52 |
|
|
-63.9 |
% |
Total RevPAR (1) |
$58.79 |
|
|
$313.61 |
|
|
-81.3 |
% |
|
$138.79 |
|
|
$383.19 |
|
|
-63.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
|
|
|
|
|
Gaylord Palms Highlights
for Third
Quarter 2020
(As Compared to Third
Quarter
2019):
- Approximately 4,000 or 21% of room
nights sold in the third quarter were derived from group customers
and the property has generated cumulative occupancy since June 25,
2020 reopening through October 31, 2020 of 15.2%.
- The hotel expansion project is on
time and on budget with approximately $37 million remaining to be
spent and an expected completion date in April 2021.
Gaylord Texan
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$19,651 |
|
|
$66,508 |
|
|
-70.5 |
% |
|
$81,119 |
|
|
$207,873 |
|
|
-61.0 |
% |
Operating Income/(Loss) |
|
($5,981 |
) |
|
$18,160 |
|
|
-132.9 |
% |
|
|
($4,699 |
) |
|
$59,801 |
|
|
-107.9 |
% |
Operating Income/(Loss) margin |
|
-30.4 |
% |
|
|
27.3 |
% |
|
-57.7pt |
pt |
|
|
-5.8 |
% |
|
|
28.8 |
% |
|
-34.6 |
pt |
Adjusted EBITDAre |
$346 |
|
|
$24,670 |
|
|
-98.6 |
% |
|
$14,485 |
|
|
$79,700 |
|
|
-81.8 |
% |
Adjusted EBITDAre margin |
|
1.8 |
% |
|
|
37.1 |
% |
|
-35.3 |
pt |
|
|
17.9 |
% |
|
|
38.3 |
% |
|
-20.4 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
27.3 |
% |
|
|
80.6 |
% |
|
-53.3 |
pt |
|
|
29.5 |
% |
|
|
78.6 |
% |
|
-49.1 |
pt |
Average daily rate (ADR) |
$190.80 |
|
|
$189.64 |
|
|
0.6 |
% |
|
$199.31 |
|
|
$192.39 |
|
|
3.6 |
% |
RevPAR (1) |
$52.09 |
|
|
$152.94 |
|
|
-65.9 |
% |
|
$58.82 |
|
|
$151.31 |
|
|
-61.1 |
% |
Total RevPAR (1) |
$117.75 |
|
|
$398.52 |
|
|
-70.5 |
% |
|
$163.21 |
|
|
$419.76 |
|
|
-61.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
|
|
|
|
|
Gaylord Texan Highlights for
Third Quarter
2020 (As Compared
to Third Quarter
2019):
- Approximately 8,100 or 18% of room
nights sold in the third quarter were derived from group customers
and the property has generated cumulative occupancy from June 8,
2020 reopening through October 31, 2020 of 23.8%
Gaylord National
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$133 |
|
|
$59,128 |
|
|
-99.8 |
% |
|
$50,056 |
|
|
$202,886 |
|
|
-75.3 |
% |
Operating Income/(Loss) |
|
($26,814 |
) |
|
$2,457 |
|
|
-1191.3 |
% |
|
|
($79,798 |
) |
|
$25,735 |
|
|
-410.1 |
% |
Operating Income/(Loss) margin |
|
-20,160.9 |
% |
|
|
4.2 |
% |
|
-20,165.1 |
pt |
|
|
-159.4 |
% |
|
|
12.7 |
% |
|
-172.1 |
pt |
Adjusted EBITDAre |
|
($7,787 |
) |
|
$14,697 |
|
|
-153.0 |
% |
|
|
($18,734 |
) |
|
$57,000 |
|
|
-132.9 |
% |
Adjusted EBITDAre margin |
|
-5854.9 |
% |
|
|
24.9 |
% |
|
-5879.8 |
pt |
|
|
-37.4 |
% |
|
|
28.1 |
% |
|
-65.5 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
0.0 |
% |
|
|
71.9 |
% |
|
-71.9 |
pt |
|
|
17.2 |
% |
|
|
75.1 |
% |
|
-57.9 |
pt |
Average daily rate (ADR) |
$0.00 |
|
|
$198.96 |
|
|
-100.0 |
% |
|
$207.13 |
|
|
$214.02 |
|
|
-3.2 |
% |
RevPAR (1) |
$0.00 |
|
|
$143.02 |
|
|
-100.0 |
% |
|
$35.71 |
|
|
$160.65 |
|
|
-77.8 |
% |
Total RevPAR (1) |
$0.73 |
|
|
$321.99 |
|
|
-99.8 |
% |
|
$91.53 |
|
|
$372.33 |
|
|
-75.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
|
|
|
|
|
Gaylord National Highlights
for Third Quarter
2020 (As Compared
to Third Quarter
2019):
- The hotel was closed for the
entirety of the third quarter of 2020 and remains closed.
- As the hotel is closed, it is
currently undergoing a room renovation program, and we intend to
complete approximately half of the hotel’s 2,000 rooms by early
2021.
Gaylord Rockies
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
2020 |
|
|
|
2019 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$11,931 |
|
|
$64,949 |
|
|
-81.6 |
% |
|
$68,335 |
|
|
$165,628 |
|
|
-58.7 |
% |
Operating Income/(Loss)
(1) |
|
($23,846 |
) |
|
$6,943 |
|
|
-443.5 |
% |
|
|
($53,854 |
) |
|
|
($603 |
) |
|
-8831.0 |
% |
Operating Income/(Loss) margin |
|
-199.9 |
% |
|
|
10.7 |
% |
|
-210.6 |
pt |
|
|
-78.8 |
% |
|
|
-0.4 |
% |
|
-78.4 |
pt |
Adjusted EBITDAre (1) |
|
($1,230 |
) |
|
$29,437 |
|
|
-104.2 |
% |
|
$14,043 |
|
|
$67,509 |
|
|
-79.2 |
% |
Adjusted EBITDAre margin |
|
-10.3 |
% |
|
|
45.3 |
% |
|
-55.6 |
pt |
|
|
20.6 |
% |
|
|
40.8 |
% |
|
-20.2 |
pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (2) |
|
19.3 |
% |
|
|
86.3 |
% |
|
-67.0 |
pt |
|
|
25.8 |
% |
|
|
70.2 |
% |
|
-44.4 |
pt |
Average daily rate (ADR) |
$169.43 |
|
|
$198.58 |
|
|
-14.7 |
% |
|
$196.84 |
|
|
$199.83 |
|
|
-1.5 |
% |
RevPAR (2) |
$32.78 |
|
|
$171.32 |
|
|
-80.9 |
% |
|
$50.83 |
|
|
$140.21 |
|
|
-63.7 |
% |
Total RevPAR (2) |
$86.39 |
|
|
$470.33 |
|
|
-81.6 |
% |
|
$166.15 |
|
|
$404.19 |
|
|
-58.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating
income/(loss) and Adjusted EBITDAre for Gaylord Rockies exclude
asset management fees payable to RHP of $0.1 million and $0.6
million during the three months ended September 30, 2020 and
2019, respectively, and $0.7 million and $1.7 million during the
nine months ended September 30, 2020 and 2019,
respectively. |
(2) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
|
|
|
|
|
Gaylord Rockies
Highlights for
Third Quarter 2020 (As Compared
to Third Quarter
2019):
- Approximately 2,300 or 9% of room
nights sold in the third quarter were derived from group customers
and the property has generated cumulative occupancy since June 25,
2020 reopening through October 31, 2020 of 17.9%
Entertainment
Segment
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
($ in thousands) |
|
2020 |
|
|
2019 |
|
% ∆ |
|
|
2020 |
|
|
2019 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$12,271 |
|
$51,530 |
|
-76.2 |
% |
|
$44,006 |
|
$135,385 |
|
-67.5 |
% |
Operating
Income/(Loss)(1) |
|
($9,074 |
) |
$14,218 |
|
-163.8 |
% |
|
|
($27,984 |
) |
$32,593 |
|
-185.9 |
% |
Operating Income/(Loss) margin |
|
-73.9 |
% |
|
27.6 |
% |
-101.5 |
pt |
|
|
-63.6 |
% |
|
24.1 |
% |
-87.7 |
pt |
Adjusted EBITDAre(1) |
|
($6,463 |
) |
$17,734 |
|
-136.4 |
% |
|
|
($20,085 |
) |
$43,499 |
|
-146.2 |
% |
Adjusted EBITDAre margin |
|
-52.7 |
% |
|
34.4 |
% |
-87.1 |
pt |
|
|
-45.6 |
% |
|
32.1 |
% |
-77.7 |
pt |
|
|
|
|
|
|
|
|
(1) Total COVID-19
related costs were approximately $0.5 million and $4.6 million
during the three and nine months ended |
|
|
|
|
September 30,
2020, respectively, and consisted primarily of wages and benefits
costs for furloughed employees. |
|
|
|
|
|
For the three and nine months ended September
30, 2020, and 2019, the Company reported the following:
Reed continued, “Our Ole Red locations saw steady traffic
improvement throughout the quarter, and we are pleased with their
performance given the local restrictions on capacity and operating
hours. The Grand Ole Opry and Ryman Auditorium have begun welcoming
an increasing number of socially distanced guests for our daytime
tours and retail experiences. We are very pleased to have witnessed
the return of a small live audience at the Ryman at the end of the
third quarter as we closed out the first round of our ‘Live at the
Ryman’ series, which combines a high-quality pay-per-view
experience with a limited in person audience. We are seeing
steadily increasing interest from the music community in using this
model and anticipate additional ‘Live at the Ryman’ dates
throughout the remainder of the year.
At the beginning of the fourth quarter, we reached another
milestone when we welcomed a live audience back to the Grand Ole
Opry House to celebrate the Grand Ole Opry’s 95th birthday. Current
health department regulations allow for our Grand Ole Opry and
Ryman venues to host approximately 25 percent of their seated
capacity. We continue to be in close communication with health
officials regarding our effort to increase our capacity as local
health conditions permit. In the meantime, the COVID-19 environment
has created the opportunity for us to expand digital access to our
assets as we communicate with country lifestyle consumers around
the world, which we believe will allow us to capitalize on our
Entertainment business far into the future.”
Corporate and
Other Segment
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
($ in thousands) |
|
2020 |
|
|
2019 |
|
% ∆ |
|
|
2020 |
|
|
2019 |
|
% ∆ |
|
|
|
|
|
|
|
|
Operating Loss(1) |
|
($7,880 |
) |
|
($9,825 |
) |
19.8 |
% |
|
|
($24,766 |
) |
|
($27,728 |
) |
10.7 |
% |
Adjusted EBITDAre(1) |
|
($5,252 |
) |
|
($7,730 |
) |
32.1 |
% |
|
|
($18,471 |
) |
|
($21,605 |
) |
14.5 |
% |
|
|
|
|
|
|
|
|
(1) Total COVID-19
related costs were approximately $0.1 million and $0.6 million
during the three and nine months ended |
|
|
|
|
September 30,
2020, respectively, and consisted primarily of wages and benefits
costs for furloughed employees. |
|
|
|
|
|
For the three and nine months ended September
30, 2020 and 2019, the Company reported the following:
Reed concluded, “As we continue to manage our
way through this pandemic, I again want to recognize and celebrate
the tremendous efforts our employees across our operated businesses
are making every day. Our Company is responding aggressively and
adapting quickly to the unprecedented challenges this virus has
presented to all of us. The ongoing feedback from our customers, as
well as local and state officials, and the expanded partnerships we
have developed with health departments and hospital systems in the
markets in which we operate have positioned our Company as a leader
during this period.
Balance Sheet/Liquidity
UpdateAs of September 30, 2020, the Company had total debt
outstanding of $2,587.0 million, net of unamortized deferred
financing costs, and unrestricted cash of $52.2 million. As of
September 30, 2020, $35.0 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 $664.1 million of availability for borrowing under the credit
facility.
The Company continues to take 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 first quarter 2021.
Average monthly cash burn for the third quarter 2020 was
approximately $22.7 million, down approximately $8.9 million from
the second quarter of 2020 driven by hotel reopenings and continued
cost management. The Company anticipates fourth quarter 2020
monthly cash burn will be within a range of $22 to $24 million,
providing approximately 30 months of liquidity inclusive of the
Gaylord Palms expansion.
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 unit holders 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 nine months ended
September 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. The closure of our Gaylord Hotel
properties has resulted in the significant decrease in performance
reflected in these metrics for the three and nine months ended
September 30, 2020, as compared to the prior-year periods.
Calculation of GAAP Margin
FiguresWe 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.
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; loss on extinguishment of debt; 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. The 2020
presentation has been used for the 2019 periods.
Adjusted
EBITDAre,
Excluding
Noncontrolling
Interest Margin
DefinitionWe 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 and unit holders
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 and unit holders, 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 and unit
holders (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
and unit holders, Adjusted FFO available to common shareholders and
unit holders, and Adjusted FFO available to common shareholders and
unit holders (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 and
unit holders 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. The 2020 presentation has been used for the 2019
periods. Beginning in the third quarter of 2020, we refer to
unitholders in these measures, reflecting outstanding OP units
issued to noncontrolling interests for the first time during third
quarter 2020.
We believe that the presentation of FFO
available to common shareholders and unit holders, Adjusted FFO
available to common shareholders and unit holders, and Adjusted FFO
available to common shareholders and unit holders (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 and unit holders,
Adjusted FFO available to common shareholders and unit holders, and
Adjusted FFO available to common shareholders and unit holders
(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 unit holders and a reconciliation of Net Income
(loss) to Adjusted FFO available to common shareholders and unit
holders and Adjusted FFO available to common shareholders and unit
holders (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 and unit holders, Adjusted FFO available to common
shareholders and unit holders and Adjusted FFO available to common
shareholders and unit holders (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 and unit holders, Adjusted FFO available to common
shareholders and unit holders, and Adjusted FFO available to common
shareholders and unit holders (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 and unit holders, Adjusted FFO available to
common shareholders and unit holders, and Adjusted FFO available to
common shareholders and unit holders (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 and unit holders, Adjusted FFO available to common
shareholders and unit holders, and Adjusted FFO available to common
shareholders and unit holders (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 |
|
Nine Months Ended |
|
|
Sep. 30 |
|
Sep. 30 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Revenues : |
|
|
|
|
|
|
|
|
Rooms |
$ |
24,487 |
|
|
$ |
134,950 |
|
|
$ |
133,417 |
|
|
$ |
411,866 |
|
|
Food and beverage |
|
16,217 |
|
|
|
155,173 |
|
|
|
163,477 |
|
|
|
499,346 |
|
|
Other hotel revenue |
|
17,274 |
|
|
|
38,134 |
|
|
|
57,060 |
|
|
|
111,684 |
|
|
Entertainment |
|
12,271 |
|
|
|
51,530 |
|
|
|
44,006 |
|
|
|
135,385 |
|
|
Total revenues |
|
70,249 |
|
|
|
379,787 |
|
|
|
397,960 |
|
|
|
1,158,281 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
10,280 |
|
|
|
37,116 |
|
|
|
47,060 |
|
|
|
108,184 |
|
|
Food and beverage |
|
19,233 |
|
|
|
88,584 |
|
|
|
114,935 |
|
|
|
270,623 |
|
|
Other hotel expenses |
|
56,961 |
|
|
|
91,608 |
|
|
|
192,480 |
|
|
|
273,074 |
|
|
Management fees |
|
516 |
|
|
|
8,388 |
|
|
|
5,445 |
|
|
|
28,543 |
|
|
Total hotel operating expenses |
|
86,990 |
|
|
|
225,696 |
|
|
|
359,920 |
|
|
|
680,424 |
|
|
Entertainment |
|
17,343 |
|
|
|
34,022 |
|
|
|
60,146 |
|
|
|
92,722 |
|
|
Corporate |
|
7,299 |
|
|
|
9,404 |
|
|
|
22,693 |
|
|
|
26,518 |
|
|
Preopening costs |
|
96 |
|
|
|
164 |
|
|
|
1,597 |
|
|
|
2,274 |
|
|
Gain on sale of assets |
|
- |
|
|
|
- |
|
|
|
(1,261 |
) |
|
|
- |
|
|
Credit loss on held-to-maturity securities |
|
7,811 |
|
|
|
- |
|
|
|
32,784 |
|
|
|
- |
|
|
Depreciation and amortization |
|
53,876 |
|
|
|
53,998 |
|
|
|
161,232 |
|
|
|
160,560 |
|
|
Total operating expenses |
|
173,415 |
|
|
|
323,284 |
|
|
|
637,111 |
|
|
|
962,498 |
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
(103,166 |
) |
|
|
56,503 |
|
|
|
(239,151 |
) |
|
|
195,783 |
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized |
|
(28,127 |
) |
|
|
(35,261 |
) |
|
|
(87,527 |
) |
|
|
(100,840 |
) |
Interest
income |
|
1,540 |
|
|
|
2,878 |
|
|
|
5,765 |
|
|
|
8,756 |
|
Loss on
extinguishment of debt |
|
- |
|
|
|
(494 |
) |
|
|
- |
|
|
|
(494 |
) |
Loss from joint
ventures |
|
(1,767 |
) |
|
|
(308 |
) |
|
|
(5,482 |
) |
|
|
(475 |
) |
Other gains and
(losses), net |
|
1,729 |
|
|
|
1,109 |
|
|
|
(14,831 |
) |
|
|
857 |
|
Income (loss)
before income taxes |
|
(129,791 |
) |
|
|
24,427 |
|
|
|
(341,226 |
) |
|
|
103,587 |
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
(86 |
) |
|
|
(3,537 |
) |
|
|
(27,046 |
) |
|
|
(13,743 |
) |
Net income
(loss) |
|
(129,877 |
) |
|
|
20,890 |
|
|
|
(368,272 |
) |
|
|
89,844 |
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to noncontrolling interest in consolidated joint
venture |
|
11,893 |
|
|
|
1,459 |
|
|
|
30,280 |
|
|
|
11,296 |
|
Net loss
attributable to noncontrolling interest in Operating
Partnership |
|
325 |
|
|
|
- |
|
|
|
325 |
|
|
|
- |
|
Net income (loss)
available to common shareholders |
$ |
(117,659 |
) |
|
$ |
22,349 |
|
|
$ |
(337,667 |
) |
|
$ |
101,140 |
|
|
|
|
|
|
|
|
|
|
Basic income
(loss) per share available to common shareholders |
$ |
(2.14 |
) |
|
$ |
0.43 |
|
|
$ |
(6.14 |
) |
|
$ |
1.97 |
|
Diluted income
(loss) per share available to common shareholders |
$ |
(2.14 |
) |
|
$ |
0.43 |
|
|
$ |
(6.14 |
) |
|
$ |
1.95 |
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares for the period: |
|
|
|
|
|
|
|
|
Basic |
|
54,980 |
|
|
|
51,444 |
|
|
|
54,955 |
|
|
|
51,411 |
|
|
Diluted |
|
54,980 |
|
|
|
51,832 |
|
|
|
54,955 |
|
|
|
51,826 |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Sep. 30 |
|
Dec. 31, |
|
|
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
|
Property and
equipment, net of accumulated depreciation |
$ |
3,128,617 |
|
$ |
3,130,252 |
|
Cash and cash
equivalents - unrestricted |
|
52,162 |
|
|
362,430 |
|
Cash and cash
equivalents - restricted |
|
48,771 |
|
|
57,966 |
|
Notes
receivable |
|
70,381 |
|
|
110,135 |
|
Trade receivables,
net |
|
13,657 |
|
|
70,768 |
|
Deferred income
tax assets, net |
|
- |
|
|
25,959 |
|
Prepaid expenses
and other assets |
|
97,165 |
|
|
123,845 |
|
Intangible
assets |
|
176,998 |
|
|
207,113 |
|
|
Total assets |
$ |
3,587,751 |
|
$ |
4,088,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY: |
|
|
|
|
Debt and finance
lease obligations |
$ |
2,586,972 |
|
$ |
2,559,968 |
|
Accounts payable
and accrued liabilities |
|
214,231 |
|
|
264,915 |
|
Dividends
payable |
|
748 |
|
|
50,711 |
|
Deferred
management rights proceeds |
|
173,499 |
|
|
175,332 |
|
Operating lease
liabilities |
|
107,382 |
|
|
106,331 |
|
Deferred income
tax liabilities, net |
|
649 |
|
|
- |
|
Other
liabilities |
|
104,034 |
|
|
64,971 |
|
Noncontrolling
interest in consolidated joint venture |
|
113,163 |
|
|
221,511 |
|
Total equity |
|
287,073 |
|
|
644,729 |
|
|
Total liabilities
and equity |
$ |
3,587,751 |
|
$ |
4,088,468 |
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, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
70,249 |
|
|
|
$ |
379,787 |
|
|
|
$ |
397,960 |
|
|
|
$ |
1,158,281 |
|
|
Net income (loss) |
$ |
(129,877 |
) |
-184.9 |
% |
|
$ |
20,890 |
|
5.5 |
% |
|
$ |
(368,272 |
) |
-92.5 |
% |
|
$ |
89,844 |
|
7.8 |
% |
Interest expense, net |
|
26,587 |
|
|
|
|
32,383 |
|
|
|
|
81,762 |
|
|
|
|
92,084 |
|
|
Provision for income taxes |
|
86 |
|
|
|
|
3,537 |
|
|
|
|
27,046 |
|
|
|
|
13,743 |
|
|
Depreciation & amortization |
|
53,876 |
|
|
|
|
53,998 |
|
|
|
|
161,232 |
|
|
|
|
160,560 |
|
|
(Gain) loss on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(1,255 |
) |
|
|
|
5 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
7 |
|
|
|
|
(6 |
) |
|
|
|
16 |
|
|
|
|
(8 |
) |
|
EBITDAre |
|
(49,321 |
) |
-70.2 |
% |
|
|
110,802 |
|
29.2 |
% |
|
|
(99,471 |
) |
-25.0 |
% |
|
|
356,228 |
|
30.8 |
% |
Preopening costs |
|
96 |
|
|
|
|
164 |
|
|
|
|
1,597 |
|
|
|
|
2,274 |
|
|
Non-cash lease expense |
|
1,100 |
|
|
|
|
1,249 |
|
|
|
|
3,358 |
|
|
|
|
3,721 |
|
|
Equity-based compensation expense |
|
2,204 |
|
|
|
|
1,901 |
|
|
|
|
6,623 |
|
|
|
|
5,862 |
|
|
Pension settlement charge |
|
1,343 |
|
|
|
|
1,577 |
|
|
|
|
1,343 |
|
|
|
|
1,577 |
|
|
Credit loss on held-to-maturity securities |
|
7,811 |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
|
- |
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
|
1,485 |
|
|
|
|
2,515 |
|
|
|
|
4,683 |
|
|
|
|
7,764 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
494 |
|
|
|
|
- |
|
|
|
|
494 |
|
|
Transaction costs of acquisitions |
|
2 |
|
|
|
|
55 |
|
|
|
|
15,437 |
|
|
|
|
55 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
- |
|
|
|
|
314 |
|
|
|
|
- |
|
|
|
|
483 |
|
|
Adjusted
EBITDAre |
$ |
(35,280 |
) |
-50.2 |
% |
|
$ |
119,071 |
|
31.4 |
% |
|
$ |
(33,646 |
) |
-8.5 |
% |
|
$ |
378,458 |
|
32.7 |
% |
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
|
490 |
|
|
|
$ |
(10,995 |
) |
|
|
|
(5,088 |
) |
|
|
$ |
(25,367 |
) |
|
Adjusted
EBITDAre, excluding
noncontrolling interest in consolidated joint
venture |
$ |
(34,790 |
) |
-49.5 |
% |
|
$ |
108,076 |
|
28.5 |
% |
|
$ |
(38,734 |
) |
-9.7 |
% |
|
$ |
353,091 |
|
30.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
57,978 |
|
|
|
$ |
328,257 |
|
|
|
$ |
353,954 |
|
|
|
$ |
1,022,896 |
|
|
Operating income (loss) |
$ |
(86,212 |
) |
-148.7 |
% |
|
$ |
52,110 |
|
15.9 |
% |
|
$ |
(186,401 |
) |
-52.7 |
% |
|
$ |
190,918 |
|
18.7 |
% |
Depreciation & amortization |
|
49,310 |
|
|
|
|
50,445 |
|
|
|
|
148,667 |
|
|
|
|
150,909 |
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(1,261 |
) |
|
|
|
- |
|
|
Preopening costs |
|
79 |
|
|
|
|
6 |
|
|
|
|
245 |
|
|
|
|
645 |
|
|
Non-cash lease expense |
|
1,116 |
|
|
|
|
1,168 |
|
|
|
|
3,347 |
|
|
|
|
3,505 |
|
|
Credit loss on held-to-maturity securities |
|
7,811 |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
|
- |
|
|
Interest income on Gaylord National & Gaylord Rockies
bonds |
|
1,485 |
|
|
|
|
2,515 |
|
|
|
|
4,683 |
|
|
|
|
7,764 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
55 |
|
|
|
|
- |
|
|
|
|
55 |
|
|
Other gains and (losses), net |
|
2,846 |
|
|
|
|
2,768 |
|
|
|
|
2,846 |
|
|
|
|
2,768 |
|
|
Adjusted
EBITDAre |
$ |
(23,565 |
) |
-40.6 |
% |
|
$ |
109,067 |
|
33.2 |
% |
|
$ |
4,910 |
|
1.4 |
% |
|
$ |
356,564 |
|
34.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
12,271 |
|
|
|
$ |
51,530 |
|
|
|
$ |
44,006 |
|
|
|
$ |
135,385 |
|
|
Operating income (loss) |
$ |
(9,074 |
) |
-73.9 |
% |
|
$ |
14,218 |
|
27.6 |
% |
|
$ |
(27,984 |
) |
-63.6 |
% |
|
$ |
32,593 |
|
24.1 |
% |
Depreciation & amortization |
|
3,985 |
|
|
|
|
3,132 |
|
|
|
|
10,492 |
|
|
|
|
8,441 |
|
|
Preopening costs |
|
17 |
|
|
|
|
158 |
|
|
|
|
1,352 |
|
|
|
|
1,629 |
|
|
Non-cash lease (revenue) expense |
|
(16 |
) |
|
|
|
81 |
|
|
|
|
11 |
|
|
|
|
216 |
|
|
Equity-based compensation |
|
383 |
|
|
|
|
145 |
|
|
|
|
1,073 |
|
|
|
|
620 |
|
|
Transaction costs of acquisitions |
|
2 |
|
|
|
|
- |
|
|
|
|
437 |
|
|
|
|
- |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(1,760 |
) |
|
|
|
- |
|
|
|
|
(5,466 |
) |
|
|
|
- |
|
|
Adjusted
EBITDAre |
$ |
(6,463 |
) |
-52.7 |
% |
|
$ |
17,734 |
|
34.4 |
% |
|
$ |
(20,085 |
) |
-45.6 |
% |
|
$ |
43,499 |
|
32.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(7,880 |
) |
|
|
$ |
(9,825 |
) |
|
|
$ |
(24,766 |
) |
|
|
$ |
(27,728 |
) |
|
Depreciation & amortization |
|
581 |
|
|
|
|
421 |
|
|
|
|
2,073 |
|
|
|
|
1,210 |
|
|
Other gains and (losses), net |
|
(1,117 |
) |
|
|
|
(2,153 |
) |
|
|
|
(2,671 |
) |
|
|
|
(2,400 |
) |
|
Equity-based compensation |
|
1,821 |
|
|
|
|
1,756 |
|
|
|
|
5,550 |
|
|
|
|
5,242 |
|
|
Pension settlement charge |
|
1,343 |
|
|
|
|
1,577 |
|
|
|
|
1,343 |
|
|
|
|
1,577 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
494 |
|
|
|
|
- |
|
|
|
|
494 |
|
|
Adjusted
EBITDAre |
$ |
(5,252 |
) |
|
|
$ |
(7,730 |
) |
|
|
$ |
(18,471 |
) |
|
|
$ |
(21,605 |
) |
|
|
|
|
|
|
|
|
|
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, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Consolidated |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(129,877 |
) |
|
$ |
20,890 |
|
|
$ |
(368,272 |
) |
|
$ |
89,844 |
|
Noncontrolling interest in consolidated joint venture |
|
11,893 |
|
|
|
1,459 |
|
|
|
30,280 |
|
|
|
11,296 |
|
Net income (loss) available to common shareholders and unit
holders |
|
(117,984 |
) |
|
|
22,349 |
|
|
|
(337,992 |
) |
|
|
101,140 |
|
Depreciation & amortization |
|
53,838 |
|
|
|
53,955 |
|
|
|
161,120 |
|
|
|
160,440 |
|
Adjustments for noncontrolling interest |
|
(8,164 |
) |
|
|
(8,576 |
) |
|
|
(25,302 |
) |
|
|
(25,975 |
) |
Pro rata adjustments from joint ventures |
|
7 |
|
|
|
- |
|
|
|
18 |
|
|
|
- |
|
FFO available to common shareholders and
unit holders |
|
(72,303 |
) |
|
|
67,728 |
|
|
|
(202,156 |
) |
|
|
235,605 |
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
38 |
|
|
|
43 |
|
|
|
112 |
|
|
|
120 |
|
Non-cash lease expense |
|
1,100 |
|
|
|
1,249 |
|
|
|
3,358 |
|
|
|
3,721 |
|
Pension settlement charge |
|
1,343 |
|
|
|
1,577 |
|
|
|
1,343 |
|
|
|
1,577 |
|
Credit loss on held-to-maturity securities |
|
7,811 |
|
|
|
- |
|
|
|
32,784 |
|
|
|
- |
|
Gain on other assets |
|
- |
|
|
|
- |
|
|
|
(1,261 |
) |
|
|
- |
|
Write-off of deferred financing costs |
|
11 |
|
|
|
2,833 |
|
|
|
246 |
|
|
|
2,833 |
|
Amortization of deferred financing costs |
|
2,038 |
|
|
|
1,939 |
|
|
|
5,889 |
|
|
|
5,805 |
|
Amortization of debt premiums |
|
(66 |
) |
|
|
- |
|
|
|
(200 |
) |
|
|
- |
|
Loss on extinguishment of debt |
|
- |
|
|
|
494 |
|
|
|
- |
|
|
|
494 |
|
Adjustments for noncontrolling interest |
|
(224 |
) |
|
|
(646 |
) |
|
|
(715 |
) |
|
|
(1,068 |
) |
Transaction costs of acquisitions |
|
2 |
|
|
|
55 |
|
|
|
15,437 |
|
|
|
55 |
|
Deferred tax (income) expense |
|
(34 |
) |
|
|
2,678 |
|
|
|
26,607 |
|
|
|
10,865 |
|
Adjusted FFO available to
common shareholders and unit holders |
$ |
(60,284 |
) |
|
$ |
77,950 |
|
|
$ |
(118,556 |
) |
|
$ |
260,007 |
|
Capital expenditures (1) |
|
(1,247 |
) |
|
|
(18,452 |
) |
|
|
(16,744 |
) |
|
|
(52,451 |
) |
Adjusted FFO available to
common shareholders and unit holders (ex. maintenance
capex) |
$ |
(61,531 |
) |
|
$ |
59,498 |
|
|
$ |
(135,300 |
) |
|
$ |
207,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
$ |
(2.14 |
) |
|
$ |
0.43 |
|
|
$ |
(6.14 |
) |
|
$ |
1.97 |
|
Diluted net income (loss) per share |
$ |
(2.14 |
) |
|
$ |
0.43 |
|
|
$ |
(6.14 |
) |
|
$ |
1.95 |
|
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per basic
share/unit |
$ |
(1.31 |
) |
|
$ |
1.32 |
|
|
$ |
(3.68 |
) |
|
$ |
4.58 |
|
Adjusted FFO available to common shareholders and unit holders per
basic share/unit |
$ |
(1.09 |
) |
|
$ |
1.52 |
|
|
$ |
(2.16 |
) |
|
$ |
5.06 |
|
|
|
|
|
|
|
|
|
FFO available to common shareholders per diluted share/unit |
$ |
(1.31 |
) |
|
$ |
1.31 |
|
|
$ |
(3.68 |
) |
|
$ |
4.55 |
|
Adjusted FFO available to common shareholders per diluted
share/unit |
$ |
(1.09 |
) |
|
$ |
1.50 |
|
|
$ |
(2.16 |
) |
|
$ |
5.02 |
|
|
|
|
|
|
|
|
|
Weighted average common shares
and OP units for the period: |
|
|
|
|
|
|
|
Basic |
|
55,126 |
|
|
|
51,444 |
|
|
|
55,004 |
|
|
|
51,411 |
|
Diluted |
|
55,126 |
|
|
|
51,832 |
|
|
|
55,004 |
|
|
|
51,826 |
|
|
|
|
|
|
|
|
|
(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 Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
57,978 |
|
|
|
$ |
328,257 |
|
|
|
$ |
353,954 |
|
|
|
$ |
1,022,896 |
|
|
Operating income (loss) |
$ |
(86,212 |
) |
-148.7 |
% |
|
$ |
52,110 |
|
15.9 |
% |
|
$ |
(186,401 |
) |
-52.7 |
% |
|
$ |
190,918 |
|
18.7 |
% |
Depreciation & amortization |
|
49,310 |
|
|
|
|
50,445 |
|
|
|
|
148,667 |
|
|
|
|
150,909 |
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(1,261 |
) |
|
|
|
- |
|
|
Preopening costs |
|
79 |
|
|
|
|
6 |
|
|
|
|
245 |
|
|
|
|
645 |
|
|
Non-cash lease expense |
|
1,116 |
|
|
|
|
1,168 |
|
|
|
|
3,347 |
|
|
|
|
3,505 |
|
|
Credit loss on held-to-maturity securities |
|
7,811 |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
|
- |
|
|
Interest income on Gaylord National and Gaylord Rockies bonds |
|
1,485 |
|
|
|
|
2,515 |
|
|
|
|
4,683 |
|
|
|
|
7,764 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
55 |
|
|
|
|
- |
|
|
|
|
55 |
|
|
Other gains and (losses), net |
|
2,846 |
|
|
|
|
2,768 |
|
|
|
|
2,846 |
|
|
|
|
2,768 |
|
|
Pro rata adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
(23,565 |
) |
-40.6 |
% |
|
$ |
109,067 |
|
33.2 |
% |
|
$ |
4,910 |
|
1.4 |
% |
|
$ |
356,564 |
|
34.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
14.6 |
% |
|
|
|
77.1 |
% |
|
|
|
24.4 |
% |
|
|
|
75.8 |
% |
|
Average daily rate (ADR) |
$ |
180.89 |
|
|
|
$ |
188.13 |
|
|
|
$ |
197.38 |
|
|
|
$ |
196.81 |
|
|
RevPAR |
$ |
26.33 |
|
|
|
$ |
145.09 |
|
|
|
$ |
48.16 |
|
|
|
$ |
149.23 |
|
|
OtherPAR |
$ |
36.00 |
|
|
|
$ |
207.83 |
|
|
|
$ |
79.61 |
|
|
|
$ |
221.38 |
|
|
Total RevPAR |
$ |
62.33 |
|
|
|
$ |
352.92 |
|
|
|
$ |
127.77 |
|
|
|
$ |
370.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
17,514 |
|
|
|
$ |
90,185 |
|
|
|
$ |
94,961 |
|
|
|
$ |
278,130 |
|
|
Operating income (loss) |
$ |
(15,403 |
) |
-87.9 |
% |
|
$ |
21,021 |
|
23.3 |
% |
|
$ |
(24,402 |
) |
-25.7 |
% |
|
$ |
73,879 |
|
26.6 |
% |
Depreciation & amortization |
|
8,790 |
|
|
|
|
8,913 |
|
|
|
|
26,406 |
|
|
|
|
26,008 |
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(1,261 |
) |
|
|
|
- |
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
55 |
|
|
Non-cash lease revenue |
|
(19 |
) |
|
|
|
- |
|
|
|
|
(59 |
) |
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
(6,632 |
) |
-37.9 |
% |
|
$ |
29,934 |
|
33.2 |
% |
|
$ |
684 |
|
0.7 |
% |
|
$ |
99,942 |
|
35.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
13.8 |
% |
|
|
|
77.2 |
% |
|
|
|
25.0 |
% |
|
|
|
77.6 |
% |
|
Average daily rate (ADR) |
$ |
193.58 |
|
|
|
$ |
189.97 |
|
|
|
$ |
194.10 |
|
|
|
$ |
193.41 |
|
|
RevPAR |
$ |
26.76 |
|
|
|
$ |
146.66 |
|
|
|
$ |
48.51 |
|
|
|
$ |
150.01 |
|
|
OtherPAR |
$ |
39.16 |
|
|
|
$ |
192.77 |
|
|
|
$ |
71.49 |
|
|
|
$ |
202.76 |
|
|
Total RevPAR |
$ |
65.92 |
|
|
|
$ |
339.43 |
|
|
|
$ |
120.00 |
|
|
|
$ |
352.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
7,659 |
|
|
|
$ |
40,854 |
|
|
|
$ |
53,848 |
|
|
|
$ |
148,127 |
|
|
Operating income (loss) |
$ |
(12,393 |
) |
-161.8 |
% |
|
$ |
2,538 |
|
6.2 |
% |
|
$ |
(19,122 |
) |
-35.5 |
% |
|
$ |
28,518 |
|
19.3 |
% |
Depreciation & amortization |
|
4,042 |
|
|
|
|
4,950 |
|
|
|
|
12,452 |
|
|
|
|
14,692 |
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
Preopening costs |
|
79 |
|
|
|
|
- |
|
|
|
|
245 |
|
|
|
|
- |
|
|
Non-cash lease expense |
|
1,135 |
|
|
|
|
1,168 |
|
|
|
|
3,406 |
|
|
|
|
3,505 |
|
|
Impairment charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
(7,137 |
) |
-93.2 |
% |
|
$ |
8,656 |
|
21.2 |
% |
|
$ |
(3,019 |
) |
-5.6 |
% |
|
$ |
46,715 |
|
31.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
14.7 |
% |
|
|
|
72.7 |
% |
|
|
|
26.0 |
% |
|
|
|
77.4 |
% |
|
Average daily rate (ADR) |
$ |
168.83 |
|
|
|
$ |
161.98 |
|
|
|
$ |
206.72 |
|
|
|
$ |
191.88 |
|
|
RevPAR |
$ |
24.76 |
|
|
|
$ |
117.71 |
|
|
|
$ |
53.67 |
|
|
|
$ |
148.52 |
|
|
OtherPAR |
$ |
34.03 |
|
|
|
$ |
195.90 |
|
|
|
$ |
85.12 |
|
|
|
$ |
234.67 |
|
|
Total RevPAR |
$ |
58.79 |
|
|
|
$ |
313.61 |
|
|
|
$ |
138.79 |
|
|
|
$ |
383.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
19,651 |
|
|
|
$ |
66,508 |
|
|
|
$ |
81,119 |
|
|
|
$ |
207,873 |
|
|
Operating income (loss) |
$ |
(5,981 |
) |
-30.4 |
% |
|
$ |
18,160 |
|
27.3 |
% |
|
$ |
(4,699 |
) |
-5.8 |
% |
|
$ |
59,801 |
|
28.8 |
% |
Depreciation & amortization |
|
6,327 |
|
|
|
|
6,510 |
|
|
|
|
19,184 |
|
|
|
|
19,899 |
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
Impairment charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
346 |
|
1.8 |
% |
|
$ |
24,670 |
|
37.1 |
% |
|
$ |
14,485 |
|
17.9 |
% |
|
$ |
79,700 |
|
38.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
27.3 |
% |
|
|
|
80.6 |
% |
|
|
|
29.5 |
% |
|
|
|
78.6 |
% |
|
Average daily rate (ADR) |
$ |
190.80 |
|
|
|
$ |
189.64 |
|
|
|
$ |
199.31 |
|
|
|
$ |
192.39 |
|
|
RevPAR |
$ |
52.09 |
|
|
|
$ |
152.94 |
|
|
|
$ |
58.82 |
|
|
|
$ |
151.31 |
|
|
OtherPAR |
$ |
65.66 |
|
|
|
$ |
245.58 |
|
|
|
$ |
104.39 |
|
|
|
$ |
268.45 |
|
|
Total RevPAR |
$ |
117.75 |
|
|
|
$ |
398.52 |
|
|
|
$ |
163.21 |
|
|
|
$ |
419.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
133 |
|
|
|
$ |
59,128 |
|
|
|
$ |
50,056 |
|
|
|
$ |
202,886 |
|
|
Operating income (loss) |
$ |
(26,814 |
) |
-20160.9 |
% |
|
$ |
2,457 |
|
4.2 |
% |
|
$ |
(79,798 |
) |
-159.4 |
% |
|
$ |
25,735 |
|
12.7 |
% |
Depreciation & amortization |
|
6,885 |
|
|
|
|
6,957 |
|
|
|
|
20,751 |
|
|
|
|
20,841 |
|
|
Credit loss on held-to-maturity securities |
|
7,811 |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
|
- |
|
|
Interest income on Gaylord National bonds |
|
1,485 |
|
|
|
|
2,515 |
|
|
|
|
4,683 |
|
|
|
|
7,656 |
|
|
Other gains and (losses), net |
|
2,846 |
|
|
|
|
2,768 |
|
|
|
|
2,846 |
|
|
|
|
2,768 |
|
|
Adjusted EBITDAre |
$ |
(7,787 |
) |
-5854.9 |
% |
|
$ |
14,697 |
|
24.9 |
% |
|
$ |
(18,734 |
) |
-37.4 |
% |
|
$ |
57,000 |
|
28.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
0.0 |
% |
|
|
|
71.9 |
% |
|
|
|
17.2 |
% |
|
|
|
75.1 |
% |
|
Average daily rate (ADR) |
$ |
- |
|
|
|
$ |
198.96 |
|
|
|
$ |
207.13 |
|
|
|
$ |
214.02 |
|
|
RevPAR |
$ |
- |
|
|
|
$ |
143.02 |
|
|
|
$ |
35.71 |
|
|
|
$ |
160.65 |
|
|
OtherPAR |
$ |
0.73 |
|
|
|
$ |
178.97 |
|
|
|
$ |
55.82 |
|
|
|
$ |
211.68 |
|
|
Total RevPAR |
$ |
0.73 |
|
|
|
$ |
321.99 |
|
|
|
$ |
91.53 |
|
|
|
$ |
372.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Rockies |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
11,931 |
|
|
|
$ |
64,949 |
|
|
|
$ |
68,335 |
|
|
|
$ |
165,628 |
|
|
Operating income (loss) (1) |
$ |
(23,846 |
) |
-199.9 |
% |
|
$ |
6,943 |
|
10.7 |
% |
|
$ |
(53,854 |
) |
-78.8 |
% |
|
$ |
(603 |
) |
-0.4 |
% |
Depreciation & amortization |
|
22,616 |
|
|
|
|
22,488 |
|
|
|
|
67,897 |
|
|
|
|
67,414 |
|
|
Preopening costs |
|
- |
|
|
|
|
6 |
|
|
|
|
- |
|
|
|
|
590 |
|
|
Interest income on Gaylord Rockies bonds |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
108 |
|
|
Adjusted EBITDAre
(1) |
$ |
(1,230 |
) |
-10.3 |
% |
|
$ |
29,437 |
|
45.3 |
% |
|
$ |
14,043 |
|
20.6 |
% |
|
$ |
67,509 |
|
40.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
19.3 |
% |
|
|
|
86.3 |
% |
|
|
|
25.8 |
% |
|
|
|
70.2 |
% |
|
Average daily rate (ADR) |
$ |
169.43 |
|
|
|
$ |
198.58 |
|
|
|
$ |
196.84 |
|
|
|
$ |
199.83 |
|
|
RevPAR |
$ |
32.78 |
|
|
|
$ |
171.32 |
|
|
|
$ |
50.83 |
|
|
|
$ |
140.21 |
|
|
OtherPAR |
$ |
53.61 |
|
|
|
$ |
299.01 |
|
|
|
$ |
115.32 |
|
|
|
$ |
263.98 |
|
|
Total RevPAR |
$ |
86.39 |
|
|
|
$ |
470.33 |
|
|
|
$ |
166.15 |
|
|
|
$ |
404.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
735 |
|
|
|
$ |
2,882 |
|
|
|
$ |
2,730 |
|
|
|
$ |
8,631 |
|
|
Operating income (loss) |
$ |
(704 |
) |
-95.8 |
% |
|
$ |
264 |
|
9.2 |
% |
|
$ |
(1,999 |
) |
-73.2 |
% |
|
$ |
1,331 |
|
15.4 |
% |
Depreciation & amortization |
|
329 |
|
|
|
|
334 |
|
|
|
|
994 |
|
|
|
|
1,003 |
|
|
Adjusted EBITDAre |
$ |
(375 |
) |
-51.0 |
% |
|
$ |
598 |
|
20.7 |
% |
|
$ |
(1,005 |
) |
-36.8 |
% |
|
$ |
2,334 |
|
27.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
27.0 |
% |
|
|
|
74.5 |
% |
|
|
|
26.2 |
% |
|
|
|
70.8 |
% |
|
Average daily rate (ADR) |
$ |
146.70 |
|
|
|
$ |
192.99 |
|
|
|
$ |
176.69 |
|
|
|
$ |
205.22 |
|
|
RevPAR |
$ |
39.65 |
|
|
|
$ |
143.70 |
|
|
|
$ |
46.21 |
|
|
|
$ |
145.38 |
|
|
OtherPAR |
$ |
1.99 |
|
|
|
$ |
19.47 |
|
|
|
$ |
5.69 |
|
|
|
$ |
19.29 |
|
|
Total RevPAR |
$ |
41.64 |
|
|
|
$ |
163.17 |
|
|
|
$ |
51.90 |
|
|
|
$ |
164.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (2) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
355 |
|
|
|
$ |
3,751 |
|
|
|
$ |
2,905 |
|
|
|
$ |
11,621 |
|
|
Operating income (loss) |
$ |
(1,071 |
) |
-301.7 |
% |
|
$ |
727 |
|
19.4 |
% |
|
$ |
(2,527 |
) |
-87.0 |
% |
|
$ |
2,257 |
|
19.4 |
% |
Depreciation & amortization |
|
321 |
|
|
|
|
293 |
|
|
|
|
983 |
|
|
|
|
1,052 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
55 |
|
|
|
|
- |
|
|
|
|
55 |
|
|
Adjusted EBITDAre |
$ |
(750 |
) |
-211.3 |
% |
|
$ |
1,075 |
|
28.7 |
% |
|
$ |
(1,544 |
) |
-53.1 |
% |
|
$ |
3,364 |
|
28.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
8.9 |
% |
|
|
|
66.9 |
% |
|
|
|
19.9 |
% |
|
|
|
71.1 |
% |
|
Average daily rate (ADR) |
$ |
93.65 |
|
|
|
$ |
142.78 |
|
|
|
$ |
127.42 |
|
|
|
$ |
146.79 |
|
|
RevPAR |
$ |
8.37 |
|
|
|
$ |
95.59 |
|
|
|
$ |
25.30 |
|
|
|
$ |
104.42 |
|
|
OtherPAR |
$ |
4.35 |
|
|
|
$ |
38.95 |
|
|
|
$ |
9.70 |
|
|
|
$ |
36.05 |
|
|
Total RevPAR |
$ |
12.72 |
|
|
|
$ |
134.54 |
|
|
|
$ |
35.00 |
|
|
|
$ |
140.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating
loss and Adjusted EBITDAre for Gaylord Rockies exclude asset
management fees paid to RHP of $0.1 million and $0.6 million during
the three months ended September 30, 2020 and 2019, respectively,
and $0.7 million and $1.7 million during the nine months ended
September 30, 2020 and 2019, respectively. |
(2) Includes other hospitality
revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Proper... (NYSE:RHP)
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From Jun 2024 to Jul 2024
Ryman Hospitality Proper... (NYSE:RHP)
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From Jul 2023 to Jul 2024