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,
2021.
Second Quarter 2021 Highlights and Recent
Developments:
- Net Loss in second quarter improved sequentially to $(63.0)
million from $(117.1) million on 103.0% revenue growth
- Consolidated Adjusted EBITDAre for the second quarter was
approximately $28.2 million, primarily driven by improvement in
group performance during June
- Since the outset of the pandemic and through the end of second
quarter 2021, rebooked approximately 1.9 million room nights, or
66% of total room nights cancelled as a result of COVID-19
- Serviced approximately 114,000 group room nights in the second
quarter and approximately 141,000 have been realized year to
date
- Average monthly cash burn for the second quarter of 2021 was
approximately $1 million1; currently expect third quarter cash flow
to continue the positive momentum seen in June
- With the July 1 reopening of Gaylord National, all hotels and
entertainment venues are now open and operating at full
capacities
Colin Reed, Chairman and Chief Executive Officer of Ryman
Hospitality Properties, said, “I am encouraged by the trends we saw
across our businesses in the second quarter, and I am particularly
pleased with the positive inflection in cash flow we witnessed
during the month of June. Our businesses were improving steadily
through April and May, but the final month of the second quarter
accelerated and we were able to generate over $28 million in
Adjusted EBITDAre on a consolidated basis, representing a
welcome change from the last few quarters. The momentum continues
to build and is not limited to leisure customers, as evidenced by
the over 114,000 group room nights serviced in the second quarter.
It appears that this key customer segment is beginning to return,
and while we will continue to monitor the progression of the delta
variant and COVID-19 cases across the country, our current business
on the books for the second half of 2021 gives us confidence in the
remainder of the year.
Our entertainment businesses, dedicated to the growing
popularity of the country music genre, are also experiencing
positive momentum with many of our venues on pace to meet or exceed
2019 in terms of the number of scheduled performances during the
second half of 2021. Our Ole Red venues are also seeing strong
demand, and Nashville, home to the Ryman Auditorium and Grand Ole
Opry House, lifted all of its capacity restrictions in mid-May. We
are excited to see all of our customers again as they return to
in-person dining and live entertainment.”
_______________1 We define monthly cash burn/cash flow as
Adjusted EBITDAre less cash interest expense and debt service. For
second quarter 2021, consolidated Adjusted EBITDAre was $28.2
million, cash interest expense was $29.3 million, and debt service
was $1.3 million. For a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss), see “Supplemental
Financial Results” below.
Second Quarter 2021 Results (As Compared
to Second Quarter 2020):
($ in
thousands, except per share amounts) |
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
Total Revenue |
$ |
170,861 |
|
|
$ |
14,681 |
|
|
1063.8% |
|
$ |
255,036 |
|
|
$ |
327,711 |
|
|
-22.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss (1) |
$ |
(30,947 |
) |
|
$ |
(140,735 |
) |
|
78.0% |
|
$ |
(110,504 |
) |
|
$ |
(135,985 |
) |
|
18.7% |
Operating Loss margin |
|
-18.1 |
% |
|
|
-958.6 |
% |
|
940.5pt |
|
|
-43.3 |
% |
|
|
-41.5 |
% |
|
-1.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) available to common
shareholders (1) (2) (3) |
$ |
(57,919 |
) |
|
$ |
(173,492 |
) |
|
66.6% |
|
$ |
(162,440 |
) |
|
$ |
(220,008 |
) |
|
26.2% |
Net (Loss) available to common
shareholders margin |
|
-33.9 |
% |
|
|
-1181.7 |
% |
|
1,147.8pt |
|
|
-63.7 |
% |
|
|
-67.1 |
% |
|
3.4pt |
Net (Loss) available to common
shareholders per diluted share |
$ |
(1.05 |
) |
|
$ |
(3.16 |
) |
|
66.8% |
|
$ |
(2.95 |
) |
|
$ |
(4.00 |
) |
|
26.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
$ |
28,155 |
|
|
$ |
(65,241 |
) |
|
143.2% |
|
$ |
5,706 |
|
|
$ |
1,634 |
|
|
249.2% |
Adjusted EBITDAre margin |
|
16.5 |
% |
|
|
-444.4 |
% |
|
460.9pt |
|
|
2.2 |
% |
|
|
0.5 |
% |
|
1.7pt |
Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture |
$ |
28,428 |
|
|
$ |
(63,113 |
) |
|
145.0% |
|
$ |
6,723 |
|
|
$ |
(3,944 |
) |
|
270.5% |
Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture margin |
|
16.6 |
% |
|
|
-429.9 |
% |
|
446.5pt |
|
|
2.6 |
% |
|
|
-1.2 |
% |
|
3.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations (FFO)
available to common shareholders and unit holders (1) (2) (3) |
$ |
(6,825 |
) |
|
$ |
(128,093 |
) |
|
94.7% |
|
$ |
(66,790 |
) |
|
$ |
(129,853 |
) |
|
48.6% |
FFO available to common
shareholders and unit holders per diluted share/unit |
$ |
(0.12 |
) |
|
$ |
(2.33 |
) |
|
94.8% |
|
$ |
(1.20 |
) |
|
$ |
(2.36 |
) |
|
49.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to
common shareholders and unit holders |
$ |
(1,647 |
) |
|
$ |
(90,702 |
) |
|
98.2% |
|
$ |
(52,152 |
) |
|
$ |
(58,272 |
) |
|
10.5% |
Adjusted FFO available to
common shareholders and unit holders per diluted share/unit |
$ |
(0.03 |
) |
|
$ |
(1.65 |
) |
|
98.2% |
|
$ |
(0.94 |
) |
|
$ |
(1.06 |
) |
|
11.3% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the
three and six months ended June 30, 2020, includes approximately
$19.1 million and $25.0 million, respectively, in 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 $15.0 million of
expense related to the termination of the potential Block 21
acquisition. |
|
|
|
|
|
|
|
|
|
Note: For the Company’s definitions of Adjusted EBITDAre,
Adjusted EBITDAre margin, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture, Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin, FFO available to common shareholders and unit
holders, and Adjusted FFO available to common shareholders and unit
holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation
of the non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Ventures Definition,” “Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture Margin Definition” “FFO,
Adjusted FFO, and Adjusted FFO available to common shareholders and
unit holders Definition” and “Supplemental Financial Results”
below.
Hospitality Segment($ in thousands, except ADR,
RevPAR, and Total RevPAR)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Revenue (1) |
$ |
135,688 |
|
|
$ |
10,305 |
|
|
1216.7% |
|
$ |
205,490 |
|
|
$ |
295,976 |
|
|
-30.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Operating Income/(Loss) (1) (2) (5) |
$ |
(27,317 |
) |
|
$ |
(119,332 |
) |
|
77.1% |
|
$ |
(90,860 |
) |
|
$ |
(100,189 |
) |
|
9.3% |
Hospitality Adjusted EBITDAre (1) (5) |
$ |
25,968 |
|
|
$ |
(47,689 |
) |
|
154.5% |
|
$ |
14,079 |
|
|
$ |
28,475 |
|
|
-50.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance Metrics (1) (3) |
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
32.9 |
% |
|
|
1.7 |
% |
|
31.2pt |
|
|
24.7 |
% |
|
|
29.4 |
% |
|
-4.7pt |
Average Daily Rate (ADR) |
$ |
202.12 |
|
|
$ |
181.66 |
|
|
11.3% |
|
$ |
197.97 |
|
|
$ |
201.51 |
|
|
-1.8% |
RevPAR |
$ |
66.51 |
|
|
$ |
3.05 |
|
|
2080.7% |
|
$ |
48.98 |
|
|
$ |
59.20 |
|
|
-17.3% |
Total RevPAR |
$ |
145.63 |
|
|
$ |
11.20 |
|
|
1200.3% |
|
$ |
111.58 |
|
|
$ |
160.85 |
|
|
-30.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
|
659,469 |
|
|
|
733,209 |
|
|
-10.1 |
|
|
1,100,639 |
|
|
|
1,021,980 |
|
|
7.7% |
Net Definite Rooms Nights Booked |
|
371,540 |
|
|
|
(206,518 |
) |
|
279.9% |
|
|
337,831 |
|
|
|
(622,272 |
) |
|
154.3% |
Group Attrition (as % of contracted block) |
|
19.8 |
% |
|
|
93.9 |
% |
|
74.1pt |
|
|
25.2 |
% |
|
|
38.3 |
% |
|
13.1pt |
Cancellations ITYFTY (4) |
|
137,360 |
|
|
|
659,117 |
|
|
-79.2 |
|
|
416,984 |
|
|
|
1,218,565 |
|
|
-65.8% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gaylord
National closed on March 25, 2020 and remained closed throughout
second quarter 2021. The hotel reopened on July 1, 2021. |
(2) For the
three and six months ended June 30, 2020, includes approximately
$19.1 million and $25.0 million, respectively, in credit losses on
held-to-maturity securities. |
(3) Calculation
of hospitality performance metrics includes closed hotel room
nights available. ADR is for occupied rooms. |
(4) "ITYFTY"
represents In The Year For The Year. |
(5) For the
three and six months ended June 30, 2021, includes approximately
$3.2 million and $3.0 million, respectively, in credits, which each
are net of $3.7 million of payroll tax credits afforded under
the 2020 Coronavirus Aid, Relief, and Economic Security Act
(the "CARES" Act). For the three and six months ended June 30,
2020, includes approximately $10.2 million and $20.5 million,
respectively, in COVID-19 related costs. |
|
|
|
|
|
Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and
Occupancy” below. Property-level results and operating metrics for
second quarter 2021 are presented in greater detail below and under
“Supplemental Financial Results—Hospitality Segment Adjusted
EBITDAre Reconciliations and Operating Metrics,” which includes a
reconciliation of the non-GAAP financial measures Hospitality
Adjusted EBITDAre to Hospitality Operating Income/(Loss), and
property-level Adjusted EBITDAre to property-level Operating
Income/(Loss) for each of the hotel properties.
Hospitality Segment Highlights
- Occupancy at open hotels was 40.9% in the second quarter of
2021, with both Gaylord Palms and Gaylord Texan achieving occupancy
levels over 60% in the month of June
- Gaylord Palms led the brand in occupancy, generating 52.2%
occupancy in the second quarter of 2021, which includes the 302
rooms added during its recently completed expansion
- Trend of organic bookings relative to re-bookings accelerated
throughout the second quarter, reaching 63% of total bookings in
June, up from 52% in April and 54% in May
- Gaylord National reopened on July 1 and the rooms renovation
project was completed on time and on budget
Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total RevPAR)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
45,002 |
|
|
$ |
1,320 |
|
|
3309.2% |
|
$ |
66,761 |
|
|
$ |
77,447 |
|
|
-13.8% |
Operating Income/(Loss) |
$ |
3,201 |
|
|
$ |
(23,004 |
) |
|
113.9% |
|
$ |
(8,549 |
) |
|
$ |
(8,999 |
) |
|
5.0% |
Operating Income/(Loss)
margin |
|
7.1 |
% |
|
|
-1742.7 |
% |
|
1,749.8pt |
|
|
-12.8 |
% |
|
|
-11.6 |
% |
|
-1.2pt |
Adjusted EBITDAre |
$ |
11,755 |
|
|
$ |
(14,204 |
) |
|
182.8% |
|
$ |
8,273 |
|
|
$ |
7,316 |
|
|
13.1% |
Adjusted EBITDAre margin |
|
26.1 |
% |
|
|
-1076.1 |
% |
|
1,102.2pt |
|
|
12.4 |
% |
|
|
9.4 |
% |
|
3.0pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
40.2 |
% |
|
|
0.9 |
% |
|
39.3pt |
|
|
29.3 |
% |
|
|
30.6 |
% |
|
-1.3pt |
Average daily rate (ADR) |
$ |
216.09 |
|
|
$ |
172.28 |
|
|
25.4% |
|
$ |
214.22 |
|
|
$ |
194.22 |
|
|
10.3% |
RevPAR (1) |
$ |
86.88 |
|
|
$ |
1.55 |
|
|
5505.2% |
|
$ |
62.76 |
|
|
$ |
59.51 |
|
|
5.5% |
Total RevPAR (1) |
$ |
171.23 |
|
|
$ |
5.02 |
|
|
3311.0% |
|
$ |
127.71 |
|
|
$ |
147.34 |
|
|
-13.3% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
- In June 2021, Gaylord Opryland reached occupancy levels of
approximately 59% at an ADR that was approximately $20 higher than
June 2019.
Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total RevPAR)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
32,702 |
|
|
$ |
814 |
|
|
3917.4% |
|
$ |
47,819 |
|
|
$ |
46,189 |
|
|
3.5% |
Operating Income/(Loss) |
$ |
2,380 |
|
|
$ |
(13,801 |
) |
|
117.2% |
|
$ |
(3,637 |
) |
|
$ |
(6,729 |
) |
|
46.0% |
Operating Income/(Loss)
margin |
|
7.3 |
% |
|
|
-1695.5 |
% |
|
1,702.8pt |
|
|
-7.6 |
% |
|
|
-14.6 |
% |
|
7.0pt |
Adjusted EBITDAre |
$ |
9,001 |
|
|
$ |
(8,480 |
) |
|
206.1% |
|
$ |
8,608 |
|
|
$ |
4,118 |
|
|
109.0% |
Adjusted EBITDAre margin |
|
27.5 |
% |
|
|
-1041.8 |
% |
|
1,069.3pt |
|
|
18.0 |
% |
|
|
8.9 |
% |
|
9.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
52.2 |
% |
|
|
0.8 |
% |
|
51.4pt |
|
|
38.9 |
% |
|
|
31.7 |
% |
|
7.2pt |
Average daily rate (ADR) |
$ |
199.63 |
|
|
$ |
129.79 |
|
|
53.8% |
|
$ |
197.28 |
|
|
$ |
215.60 |
|
|
-8.5% |
RevPAR (1) |
$ |
104.17 |
|
|
$ |
1.01 |
|
|
10,213.9% |
|
$ |
76.82 |
|
|
$ |
68.29 |
|
|
12.5% |
Total RevPAR (1) |
$ |
232.64 |
|
|
$ |
6.31 |
|
|
3,586.8% |
|
$ |
178.42 |
|
|
$ |
179.23 |
|
|
-0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation
of hospitality performance metrics includes closed hotel room
nights available; includes 302 expansion rooms
completed beginning in April 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
- In June 2021, Gaylord Palms reached
occupancy levels of approximately 67%, and transient ADR was more
than $28 higher than June 2019.
Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
34,069 |
|
|
$ |
5,472 |
|
|
522.6% |
|
$ |
52,427 |
|
|
$ |
61,468 |
|
|
-14.7% |
Operating Income/(Loss) |
$ |
3,278 |
|
|
$ |
(12,097 |
) |
|
127.1% |
|
$ |
(1,503 |
) |
|
$ |
1,282 |
|
|
-217.2% |
Operating Income/(Loss)
margin |
|
9.6 |
% |
|
|
-221.1 |
% |
|
230.7pt |
|
|
-2.9 |
% |
|
|
2.1 |
% |
|
-5.0pt |
Adjusted EBITDAre |
$ |
9,472 |
|
|
$ |
(5,703 |
) |
|
266.1% |
|
$ |
10,920 |
|
|
$ |
14,139 |
|
|
-22.8% |
Adjusted EBITDAre margin |
|
27.8 |
% |
|
|
-104.2 |
% |
|
132.0pt |
|
|
20.8 |
% |
|
|
23.0 |
% |
|
-2.2pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
43.7 |
% |
|
|
5.0 |
% |
|
38.7pt |
|
|
33.2 |
% |
|
|
30.6 |
% |
|
2.6pt |
Average daily rate (ADR) |
$ |
203.43 |
|
|
$ |
185.45 |
|
|
9.7% |
|
$ |
198.82 |
|
|
$ |
203.14 |
|
|
-2.1% |
RevPAR (1) |
$ |
88.88 |
|
|
$ |
9.20 |
|
|
866.1% |
|
$ |
66.06 |
|
|
$ |
62.23 |
|
|
6.2% |
Total RevPAR (1) |
$ |
206.39 |
|
|
$ |
33.15 |
|
|
522.6% |
|
$ |
159.68 |
|
|
$ |
186.18 |
|
|
-14.2% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
- In June 2021, Gaylord Texan reached occupancy levels of
approximately 66% at an ADR of over $209, which was more than $16
higher than June 2019.
Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (1) |
$ |
2,311 |
|
|
$ |
529 |
|
|
336.9% |
|
$ |
3,568 |
|
|
$ |
49,923 |
|
|
-92.9% |
Operating (Loss) |
$ |
(15,051 |
) |
|
$ |
(40,063 |
) |
|
62.4% |
|
$ |
(29,574 |
) |
|
$ |
(52,984 |
) |
|
44.2% |
Operating (Loss) margin |
|
-651.3 |
% |
|
|
-7573.3 |
% |
|
6,922.0pt |
|
|
-828.9 |
% |
|
|
-106.1 |
% |
|
-722.8pt |
Adjusted EBITDAre |
$ |
(6,474 |
) |
|
$ |
(12,260 |
) |
|
47.2% |
|
$ |
(12,810 |
) |
|
$ |
(10,947 |
) |
|
-17.0 |
Adjusted EBITDAre margin |
|
-280.1 |
% |
|
|
-2317.6 |
% |
|
2,037.5pt |
|
|
-359.0 |
% |
|
|
-21.9 |
% |
|
-337.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (2) |
|
0.0 |
% |
|
|
0.0 |
% |
|
0.0pt |
|
|
0.0 |
% |
|
|
26.0 |
% |
|
-26.0pt |
Average daily rate (ADR) |
$ |
0.00 |
|
|
$ |
0.00 |
|
|
NA |
|
$ |
0.00 |
|
|
$ |
207.14 |
|
|
-100.0% |
RevPAR (2) |
$ |
0.00 |
|
|
$ |
0.00 |
|
|
NA |
|
$ |
0.00 |
|
|
$ |
53.77 |
|
|
-100.0% |
Total RevPAR (2) |
$ |
12.72 |
|
|
$ |
2.91 |
|
|
337.1% |
|
$ |
9.87 |
|
|
$ |
137.42 |
|
|
-92.8% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Revenue for
the three and six months ended June 30, 2021 and for the three
months ended June 30, 2020 consisted primarily of attrition
and cancellation fees. |
|
|
(2) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Subsequent to the quarter’s end, Gaylord National opened on
July 1, 2021 and is now fully operational (after being closed since
March 25, 2020).
Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total
RevPAR)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
18,338 |
|
|
$ |
1,806 |
|
|
915.4% |
|
$ |
30,308 |
|
|
$ |
56,404 |
|
|
-46.3% |
Operating (Loss) (1) |
$ |
(20,596 |
) |
|
$ |
(28,269 |
) |
|
27.1% |
|
$ |
(45,295 |
) |
|
$ |
(30,008 |
) |
|
-50.9% |
Operating (Loss) margin |
|
-112.3 |
% |
|
|
-1565.3 |
% |
|
1,453.0pt |
|
|
-149.4 |
% |
|
|
-53.2 |
% |
|
-96.2pt |
Adjusted EBITDAre (1) |
$ |
2,021 |
|
|
$ |
(5,597 |
) |
|
136.1% |
|
$ |
13 |
|
|
$ |
15,273 |
|
|
-99.9% |
Adjusted EBITDAre margin |
|
11.0 |
% |
|
|
-309.9 |
% |
|
320.9pt |
|
|
0.0 |
% |
|
|
27.1 |
% |
|
-27.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (2) |
|
25.7 |
% |
|
|
0.8 |
% |
|
24.9pt |
|
|
21.6 |
% |
|
|
29.1 |
% |
|
-7.5pt |
Average daily rate (ADR) |
$ |
199.69 |
|
|
$ |
394.44 |
|
|
-49.4 |
|
$ |
189.92 |
|
|
$ |
206.04 |
|
|
-7.8% |
RevPAR (2) |
$ |
51.38 |
|
|
$ |
3.29 |
|
|
1461.7% |
|
$ |
40.98 |
|
|
$ |
59.96 |
|
|
-31.7% |
Total RevPAR (2) |
$ |
134.25 |
|
|
$ |
13.22 |
|
|
915.5% |
|
$ |
111.55 |
|
|
$ |
206.47 |
|
|
-46.0% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating
loss and Adjusted EBITDAre for Gaylord Rockies for the three and
six months ended June 30, 2021 exclude forgiven
asset management fees previously owed to RHP of $0.4 million
and $0.3 million, respectively. Operating Loss and Adjusted
EBITDAre for Gaylord Rockies for the three and six months
ended June 30, 2020 exclude asset management fees owed to RHP of
$0.0 and $0.6 million, respectively. |
(2) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
- In June 2021, Gaylord Rockies reached occupancy levels of
approximately 40%, and transient ADR was more than $42 higher than
June 2019.
- During May 2021, the Company acquired the remaining 35% of
Gaylord Rockies along with 130 acres of adjacent land for $210
million.
Entertainment Segment
For the three and six months ended June 30,
2021, and 2020, the Company reported the following:
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
($ in thousands) |
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
35,173 |
|
|
$ |
4,376 |
|
|
703.8% |
|
$ |
49,546 |
|
|
$ |
31,735 |
|
|
56.1% |
Operating Income/(Loss)(1) |
$ |
5,913 |
|
|
$ |
(13,124 |
) |
|
145.1% |
|
$ |
(2,007 |
) |
|
$ |
(18,910 |
) |
|
89.4% |
Operating Income/(Loss) margin |
|
16.8 |
% |
|
|
-299.9 |
% |
|
316.7pt |
|
|
-4.1 |
% |
|
|
-59.6 |
% |
|
55.5pt |
Adjusted EBITDAre(1) |
$ |
8,290 |
|
|
$ |
(10,342 |
) |
|
180.2% |
|
$ |
2,829 |
|
|
$ |
(13,622 |
) |
|
120.8% |
Adjusted EBITDAre margin |
|
23.6 |
% |
|
|
-236.3 |
% |
|
259.9pt |
|
|
5.7 |
% |
|
|
-42.9 |
% |
|
48.6pt |
|
|
|
|
|
|
|
|
(1) Total
COVID-19 related costs were approximately $0.4 million and $4.1
million during the three and six months ended June 30, 2020,
respectively, and consisted primarily of wages and benefits costs
for furloughed employees. |
|
|
|
Reed continued, “The performance of our entertainment business
during this quarter is reflective of the pent-up demand for live
entertainment and in-person gatherings. This momentum has helped
drive the number of shows and events scheduled at the Grand Ole
Opry and the Ryman Auditorium for the second half of 2021 to exceed
the number scheduled during the same period in 2019. During the
month of June, both Ole Red Nashville and Ole Red Gatlinburg
exceeded revenue and Adjusted EBITDA generated during the same time
in 2019, and we are excited to build on this enthusiasm throughout
the rest of 2021 and into 2022.”
Corporate and Other Segment
For the three and six months ended June 30,
2021, and 2020, the Company reported the following:
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
($ in thousands) |
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss(1) |
$ |
(9,543 |
) |
|
$ |
(8,279 |
) |
|
-15.3% |
|
$ |
(17,637 |
) |
|
$ |
(16,886 |
) |
|
-4.4% |
Adjusted EBITDAre(1) |
$ |
(6,103 |
) |
|
$ |
(7,210 |
) |
|
15.4% |
|
$ |
(11,202 |
) |
|
$ |
(13,219 |
) |
|
15.3% |
|
|
|
|
|
|
|
|
(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, “Roughly a year and a half ago, at the onset of
the pandemic, we took decisive actions to protect our workers, our
communities, and our business. While the COVID-19 pandemic
supersedes past crises in scope and scale, we have not wavered in
our commitment to continue investing in the future of this Company,
and the completion of our Gaylord Palms expansion, the renovation
of Gaylord National, and our acquisition of the remaining 35% of
Gaylord Rockies, put us in an enviable position to take advantage
of a recovering travel industry. Though challenges certainly
remain, I’m proud of this team and I recognize the achievements
we’ve made this past year and the path we have traveled. I want to
again express my tremendous gratitude for and pride in the efforts
our employees continue to make every day across our operating
businesses. More than ever, I am excited today about the long-term
opportunities for our business and I remain confident in our team,
our business model, and the long-term strength of our
Company.”
Dividend UpdateThe Company
suspended its regular quarterly dividend payments following the
payment of the first quarter 2020 dividend payment, which was made
in April 2020. The Board has not reinstituted the
dividend.
Balance Sheet/Liquidity
UpdateAs of June 30, 2021, the Company had total debt
outstanding of $2,970.1 million, net of unamortized deferred
financing costs, and unrestricted cash of $71.6 million. As of June
30, 2021, $225.0 million was drawn under the revolving credit line
of the Company’s credit facility, and the lending banks had issued
$0.3 million in letters of credit, which left $474.7 million of
availability for borrowing under the credit facility.
On May 27, 2021, the Company entered into an
at-the-market (ATM) equity distribution agreement that allows the
Company to issue and sell up to 4 million shares of stock through
sales agents. No shares were issued under the ATM agreement during
the three and six months ended June 30, 2021.
Earnings Call InformationRyman
Hospitality Properties will hold a conference call to discuss this
release today at 10 a.m. ET. Investors can listen to the conference
call over the Internet at www.rymanhp.com. To listen to the live
call, please go to the Investor Relations section of the website
(Investor Relations/Presentations, Earnings and Webcasts) at least
15 minutes prior to the call to register and download any necessary
audio software. For those who cannot listen to the live broadcast,
a replay will be available shortly after the call and will be
available for at least 30 days.
About Ryman Hospitality Properties,
Inc.Ryman Hospitality Properties, Inc. (NYSE: RHP) is a
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, Gaylord
Opryland Resort & Convention Center, Gaylord Palms Resort &
Convention Center, Gaylord Texan Resort & Convention Center,
Gaylord National Resort & Convention Center, and Gaylord
Rockies Resort & Convention Center, are 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 10,412 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.
Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
statements as to the Company’s beliefs and expectations of the
outcome of future events that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the fact that they do not
relate strictly to historical or current facts. Examples of these
statements include, but are not limited to, statements regarding
the future performance of our business, the impact of COVID-19 on
travel, transient and group demand, the effects of COVID-19 on our
results of operations, rebooking efforts, our liquidity, monthly
cash expenses and cash flow, recovery of group business to
pre-pandemic levels, anticipated business levels and anticipated
financial results for the Company during future periods, 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, the suspension of our dividend and our
dividend policy, including the frequency and amount of any dividend
we may pay, 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, 2020 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. 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, Total RevPAR, and
OccupancyWe 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, 2021 and
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,
including Gaylord National, which reopened July 1, 2021, and
reopening under capacity restrictions has resulted in the
significant decrease in performance reflected in these metrics for
the three and six months ended June 30, 2021. Occupancy figures
reflect an additional 302 rooms available at Gaylord Palms
beginning in April 2021.
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:
EBITDAre,
Adjusted EBITDAre and
Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Ventures
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
(calculated in accordance with GAAP) plus interest expense, income
tax expense, depreciation and amortization, gains or losses on the
disposition of depreciated property (including gains or losses on
change in control), impairment write-downs of depreciated property
and of investments in unconsolidated affiliates caused by a
decrease in the value of depreciated property or the affiliate, and
adjustments to reflect the entity’s share of EBITDAre of
unconsolidated affiliates.
Adjusted EBITDAre is then calculated as
EBITDAre, plus to the extent the following adjustments occurred
during the periods presented:
- preopening costs;
- non-cash 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 herein.
We then exclude noncontrolling interests in consolidated joint
ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture.
We use EBITDAre, Adjusted EBITDAre and
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture to evaluate our operating performance.
We believe that the presentation of these non-GAAP metrics provides
useful information to investors regarding our operating performance
and debt leverage metrics, and that the presentation of these
non-GAAP metrics, when combined with the primary GAAP presentation
of net income, is beneficial to an investor’s complete
understanding of our operating performance. We make additional
adjustments to EBITDAre when evaluating our performance
because we believe that presenting Adjusted EBITDAre and
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture provides useful information to investors
regarding our operating performance and debt leverage metrics.
Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture Margin
DefinitionWe calculate consolidated Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture
Margin by dividing consolidated Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture 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 in Consolidated Joint
Venture 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 in
Consolidated Joint Venture and GAAP consolidated Total Revenue or
segment or property-level GAAP Revenue, as applicable.
FFO, Adjusted FFO, and 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;
- amortization of debt discounts or premiums and amortization of
deferred financing costs;
- (gains) losses on extinguishment of debt;
- non-cash lease expense;
- credit loss on held-to-maturity securities;
- 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
- any other adjustments we have identified herein.
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 and 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 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 these
non-GAAP financial measures provide useful information to investors
regarding the performance of our ongoing operations because each
presents 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 these non-GAAP financial measures as measures in
determining our results after considering the impact of our capital
structure.
We caution investors that non-GAAP financial
measures we present may not be comparable to similar measures
disclosed by other companies, because not all companies calculate
these non-GAAP measures in the same manner. The non-GAAP financial
measures we present, and any related per share measures, should not
be considered as alternative measures of our Net Income (Loss),
operating performance, cash flow or liquidity. These non-GAAP
financial measures 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 these
non-GAAP financial measures 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),
Operating Income (Loss), or cash flow from operations.
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 |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
Rooms |
$ |
61,971 |
|
|
$ |
2,802 |
|
|
$ |
90,199 |
|
|
$ |
108,930 |
|
Food and beverage |
|
45,619 |
|
|
|
1,510 |
|
|
|
63,794 |
|
|
|
147,260 |
|
Other hotel revenue |
|
28,098 |
|
|
|
5,993 |
|
|
|
51,497 |
|
|
|
39,786 |
|
Entertainment |
|
35,173 |
|
|
|
4,376 |
|
|
|
49,546 |
|
|
|
31,735 |
|
Total revenues |
|
170,861 |
|
|
|
14,681 |
|
|
|
255,036 |
|
|
|
327,711 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Rooms |
|
15,039 |
|
|
|
4,472 |
|
|
|
24,516 |
|
|
|
36,780 |
|
Food and beverage |
|
33,748 |
|
|
|
11,891 |
|
|
|
53,077 |
|
|
|
95,702 |
|
Other hotel expenses |
|
61,365 |
|
|
|
45,045 |
|
|
|
115,922 |
|
|
|
135,519 |
|
Management fees |
|
2,149 |
|
|
|
(563 |
) |
|
|
2,902 |
|
|
|
4,929 |
|
Total hotel operating expenses |
|
112,301 |
|
|
|
60,845 |
|
|
|
196,417 |
|
|
|
272,930 |
|
Entertainment |
|
25,639 |
|
|
|
13,457 |
|
|
|
44,330 |
|
|
|
42,803 |
|
Corporate |
|
8,978 |
|
|
|
7,258 |
|
|
|
16,506 |
|
|
|
15,394 |
|
Preopening costs |
|
217 |
|
|
|
700 |
|
|
|
616 |
|
|
|
1,501 |
|
Gain on sale of assets |
|
- |
|
|
|
- |
|
|
|
(317 |
) |
|
|
(1,261 |
) |
Credit loss on held-to-maturity securities |
|
- |
|
|
|
19,145 |
|
|
|
- |
|
|
|
24,973 |
|
Depreciation and amortization |
|
54,673 |
|
|
|
54,011 |
|
|
|
107,988 |
|
|
|
107,356 |
|
Total operating expenses |
|
201,808 |
|
|
|
155,416 |
|
|
|
365,540 |
|
|
|
463,696 |
|
|
|
|
|
|
|
|
|
Operating loss |
|
(30,947 |
) |
|
|
(140,735 |
) |
|
|
(110,504 |
) |
|
|
(135,985 |
) |
|
|
|
|
|
|
|
|
Interest expense, net of
amounts capitalized |
|
(29,847 |
) |
|
|
(30,042 |
) |
|
|
(60,643 |
) |
|
|
(59,400 |
) |
Interest income |
|
1,451 |
|
|
|
1,854 |
|
|
|
2,821 |
|
|
|
4,225 |
|
Loss on extinguishment of
debt |
|
- |
|
|
|
- |
|
|
|
(2,949 |
) |
|
|
- |
|
Loss from consolidated joint
ventures |
|
(1,910 |
) |
|
|
(1,820 |
) |
|
|
(3,519 |
) |
|
|
(3,715 |
) |
Other gains and (losses),
net |
|
(173 |
) |
|
|
(16,755 |
) |
|
|
201 |
|
|
|
(16,560 |
) |
Loss before income taxes |
|
(61,426 |
) |
|
|
(187,498 |
) |
|
|
(174,593 |
) |
|
|
(211,435 |
) |
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
(1,623 |
) |
|
|
(161 |
) |
|
|
(5,577 |
) |
|
|
(26,960 |
) |
Net loss |
|
(63,049 |
) |
|
|
(187,659 |
) |
|
|
(180,170 |
) |
|
|
(238,395 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to
noncontrolling interest in consolidated joint venture |
|
4,708 |
|
|
|
14,167 |
|
|
|
16,501 |
|
|
|
18,387 |
|
Net loss attributable to
noncontrolling interest in Operating Partnership |
|
422 |
|
|
|
- |
|
|
|
1,229 |
|
|
|
- |
|
Net loss available to common
shareholders |
$ |
(57,919 |
) |
|
$ |
(173,492 |
) |
|
$ |
(162,440 |
) |
|
$ |
(220,008 |
) |
|
|
|
|
|
|
|
|
Basic loss per share available
to common shareholders |
$ |
(1.05 |
) |
|
$ |
(3.16 |
) |
|
$ |
(2.95 |
) |
|
$ |
(4.00 |
) |
Diluted loss per share
available to common shareholders |
$ |
(1.05 |
) |
|
$ |
(3.16 |
) |
|
$ |
(2.95 |
) |
|
$ |
(4.00 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares
for the period: |
|
|
|
|
|
|
|
Basic |
|
55,058 |
|
|
|
54,974 |
|
|
|
55,026 |
|
|
|
54,943 |
|
Diluted |
|
55,058 |
|
|
|
54,974 |
|
|
|
55,026 |
|
|
|
54,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
Jun. 30 |
|
Dec. 31, |
|
|
2021 |
|
|
2020 |
|
|
|
|
ASSETS: |
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,104,336 |
|
|
$ |
3,117,247 |
|
Cash and cash equivalents - unrestricted |
|
71,612 |
|
|
|
56,697 |
|
Cash and cash equivalents - restricted |
|
17,013 |
|
|
|
23,057 |
|
Notes receivable |
|
71,972 |
|
|
|
71,923 |
|
Trade receivables, net |
|
36,937 |
|
|
|
20,106 |
|
Prepaid expenses and other assets |
|
103,545 |
|
|
|
100,494 |
|
Intangible assets |
|
146,885 |
|
|
|
166,971 |
|
Total assets |
$ |
3,552,300 |
|
|
$ |
3,556,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
Debt and finance lease obligations |
$ |
2,970,145 |
|
|
$ |
2,658,008 |
|
Accounts payable and accrued liabilities |
|
238,460 |
|
|
|
203,121 |
|
Dividends payable |
|
332 |
|
|
|
843 |
|
Deferred management rights proceeds |
|
172,173 |
|
|
|
172,724 |
|
Operating lease liabilities |
|
108,283 |
|
|
|
107,569 |
|
Deferred income tax liabilities, net |
|
5,838 |
|
|
|
665 |
|
Other liabilities |
|
82,888 |
|
|
|
92,779 |
|
Noncontrolling interest in consolidated joint venture |
|
- |
|
|
|
100,969 |
|
Total equity (deficit) |
|
(25,819 |
) |
|
|
219,817 |
|
Total liabilities and equity |
$ |
3,552,300 |
|
|
$ |
3,556,495 |
|
|
|
|
|
|
|
|
|
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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
170,861 |
|
|
|
$ |
14,681 |
|
|
|
$ |
255,036 |
|
|
|
$ |
327,711 |
|
|
Net loss |
$ |
(63,049 |
) |
-36.9 |
% |
|
$ |
(187,659 |
) |
-1278.2 |
% |
|
$ |
(180,170 |
) |
-70.6 |
% |
|
$ |
(238,395 |
) |
-72.7 |
% |
Interest expense, net |
|
28,396 |
|
|
|
|
28,188 |
|
|
|
|
57,822 |
|
|
|
|
55,175 |
|
|
Provision for income taxes |
|
1,623 |
|
|
|
|
161 |
|
|
|
|
5,577 |
|
|
|
|
26,960 |
|
|
Depreciation & amortization |
|
54,673 |
|
|
|
|
54,011 |
|
|
|
|
107,988 |
|
|
|
|
107,356 |
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
|
6 |
|
|
|
|
(317 |
) |
|
|
|
(1,255 |
) |
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
19 |
|
|
|
|
6 |
|
|
|
|
34 |
|
|
|
|
9 |
|
|
EBITDAre |
|
21,662 |
|
12.7 |
% |
|
|
(105,287 |
) |
-717.2 |
% |
|
|
(9,066 |
) |
-3.6 |
% |
|
|
(50,150 |
) |
-15.3 |
% |
Preopening costs |
|
217 |
|
|
|
|
700 |
|
|
|
|
616 |
|
|
|
|
1,501 |
|
|
Non-cash lease expense |
|
1,085 |
|
|
|
|
1,141 |
|
|
|
|
2,173 |
|
|
|
|
2,258 |
|
|
Equity-based compensation expense |
|
3,146 |
|
|
|
|
2,189 |
|
|
|
|
5,668 |
|
|
|
|
4,419 |
|
|
Pension settlement charge |
|
566 |
|
|
|
|
- |
|
|
|
|
566 |
|
|
|
|
- |
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
19,145 |
|
|
|
|
- |
|
|
|
|
24,973 |
|
|
Interest income on Gaylord National bonds |
|
1,404 |
|
|
|
|
1,733 |
|
|
|
|
2,725 |
|
|
|
|
3,198 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
2,949 |
|
|
|
|
- |
|
|
Transaction costs of acquisitions |
|
75 |
|
|
|
|
15,138 |
|
|
|
|
75 |
|
|
|
|
15,435 |
|
|
Adjusted EBITDAre |
$ |
28,155 |
|
16.5 |
% |
|
$ |
(65,241 |
) |
-444.4 |
% |
|
$ |
5,706 |
|
2.2 |
% |
|
$ |
1,634 |
|
0.5 |
% |
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
|
273 |
|
|
|
|
2,128 |
|
|
|
|
1,017 |
|
|
|
$ |
(5,578 |
) |
|
Adjusted EBITDAre,
excluding noncontrolling interest in consolidated
joint venture |
$ |
28,428 |
|
16.6 |
% |
|
$ |
(63,113 |
) |
-429.9 |
% |
|
$ |
6,723 |
|
2.6 |
% |
|
$ |
(3,944 |
) |
-1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
135,688 |
|
|
|
$ |
10,305 |
|
|
|
$ |
205,490 |
|
|
|
$ |
295,976 |
|
|
Operating loss |
$ |
(27,317 |
) |
-20.1 |
% |
|
$ |
(119,332 |
) |
-1158.0 |
% |
|
$ |
(90,860 |
) |
-44.2 |
% |
|
$ |
(100,189 |
) |
-33.9 |
% |
Depreciation & amortization |
|
50,487 |
|
|
|
|
49,588 |
|
|
|
|
99,635 |
|
|
|
|
99,357 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
|
(1,261 |
) |
|
Preopening costs |
|
217 |
|
|
|
|
59 |
|
|
|
|
615 |
|
|
|
|
166 |
|
|
Non-cash lease expense |
|
1,102 |
|
|
|
|
1,118 |
|
|
|
|
2,206 |
|
|
|
|
2,231 |
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
19,145 |
|
|
|
|
- |
|
|
|
|
24,973 |
|
|
Interest income on Gaylord National bonds |
|
1,404 |
|
|
|
|
1,733 |
|
|
|
|
2,725 |
|
|
|
|
3,198 |
|
|
Transaction costs of acquisitions |
|
75 |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
25,968 |
|
19.1 |
% |
|
$ |
(47,689 |
) |
-462.8 |
% |
|
$ |
14,079 |
|
6.9 |
% |
|
$ |
28,475 |
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
35,173 |
|
|
|
$ |
4,376 |
|
|
|
$ |
49,546 |
|
|
|
$ |
31,735 |
|
|
Operating income (loss) |
$ |
5,913 |
|
16.8 |
% |
|
$ |
(13,124 |
) |
-299.9 |
% |
|
$ |
(2,007 |
) |
-4.1 |
% |
|
$ |
(18,910 |
) |
-59.6 |
% |
Depreciation & amortization |
|
3,621 |
|
|
|
|
3,402 |
|
|
|
|
7,222 |
|
|
|
|
6,507 |
|
|
Preopening costs |
|
- |
|
|
|
|
641 |
|
|
|
|
1 |
|
|
|
|
1,335 |
|
|
Non-cash lease (revenue) expense |
|
(17 |
) |
|
|
|
23 |
|
|
|
|
(33 |
) |
|
|
|
27 |
|
|
Equity-based compensation |
|
664 |
|
|
|
|
392 |
|
|
|
|
1,131 |
|
|
|
|
690 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
138 |
|
|
|
|
- |
|
|
|
|
435 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(1,891 |
) |
|
|
|
(1,814 |
) |
|
|
|
(3,485 |
) |
|
|
|
(3,706 |
) |
|
Adjusted EBITDAre |
$ |
8,290 |
|
23.6 |
% |
|
$ |
(10,342 |
) |
-236.3 |
% |
|
$ |
2,829 |
|
5.7 |
% |
|
$ |
(13,622 |
) |
-42.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(9,543 |
) |
|
|
$ |
(8,279 |
) |
|
|
$ |
(17,637 |
) |
|
|
$ |
(16,886 |
) |
|
Depreciation & amortization |
|
565 |
|
|
|
|
1,021 |
|
|
|
|
1,131 |
|
|
|
|
1,492 |
|
|
Other gains and (losses), net |
|
(173 |
) |
|
|
|
(1,749 |
) |
|
|
|
201 |
|
|
|
|
(1,554 |
) |
|
Equity-based compensation |
|
2,482 |
|
|
|
|
1,797 |
|
|
|
|
4,537 |
|
|
|
|
3,729 |
|
|
Pension settlement charge |
|
566 |
|
|
|
|
- |
|
|
|
|
566 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
(6,103 |
) |
|
|
$ |
(7,210 |
) |
|
|
$ |
(11,202 |
) |
|
|
$ |
(13,219 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Consolidated |
|
|
|
|
|
|
|
Net loss |
$ |
(63,049 |
) |
|
$ |
(187,659 |
) |
|
$ |
(180,170 |
) |
|
$ |
(238,395 |
) |
Noncontrolling interest in consolidated joint venture |
|
4,708 |
|
|
|
14,167 |
|
|
|
16,501 |
|
|
|
18,387 |
|
Net loss available to common shareholders and unit
holders |
|
(58,341 |
) |
|
|
(173,492 |
) |
|
|
(163,669 |
) |
|
|
(220,008 |
) |
Depreciation & amortization |
|
54,636 |
|
|
|
53,974 |
|
|
|
107,914 |
|
|
|
107,282 |
|
Adjustments for noncontrolling interest |
|
(3,139 |
) |
|
|
(8,581 |
) |
|
|
(11,069 |
) |
|
|
(17,138 |
) |
Pro rata adjustments from joint ventures |
|
19 |
|
|
|
6 |
|
|
|
34 |
|
|
|
11 |
|
FFO available to common shareholders and unit
holders |
|
(6,825 |
) |
|
|
(128,093 |
) |
|
|
(66,790 |
) |
|
|
(129,853 |
) |
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
37 |
|
|
|
37 |
|
|
|
74 |
|
|
|
74 |
|
Non-cash lease expense |
|
1,085 |
|
|
|
1,141 |
|
|
|
2,173 |
|
|
|
2,258 |
|
Pension settlement charge |
|
566 |
|
|
|
- |
|
|
|
566 |
|
|
|
- |
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
19,145 |
|
|
|
- |
|
|
|
24,973 |
|
Gain on other assets |
|
- |
|
|
|
- |
|
|
|
(317 |
) |
|
|
(1,261 |
) |
Write-off of deferred financing costs |
|
- |
|
|
|
235 |
|
|
|
- |
|
|
|
235 |
|
Amortization of deferred financing costs |
|
2,170 |
|
|
|
1,957 |
|
|
|
4,379 |
|
|
|
3,851 |
|
Amortization of debt premiums |
|
(70 |
) |
|
|
(67 |
) |
|
|
(140 |
) |
|
|
(134 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
2,949 |
|
|
|
- |
|
Adjustments for noncontrolling interest |
|
(77 |
) |
|
|
(277 |
) |
|
|
(294 |
) |
|
|
(491 |
) |
Transaction costs of acquisitions |
|
75 |
|
|
|
15,138 |
|
|
|
75 |
|
|
|
15,435 |
|
Deferred tax expense |
|
1,392 |
|
|
|
82 |
|
|
|
5,173 |
|
|
|
26,641 |
|
Adjusted FFO available to common shareholders and unit
holders |
$ |
(1,647 |
) |
|
$ |
(90,702 |
) |
|
$ |
(52,152 |
) |
|
$ |
(58,272 |
) |
Capital expenditures (1) |
|
(16,435 |
) |
|
|
(1,778 |
) |
|
|
(16,587 |
) |
|
|
(15,497 |
) |
Adjusted FFO available to common shareholders and unit
holders (ex. maintenance capex) |
$ |
(18,082 |
) |
|
$ |
(92,480 |
) |
|
$ |
(68,739 |
) |
|
$ |
(73,769 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net loss per share |
$ |
(1.05 |
) |
|
$ |
(3.16 |
) |
|
$ |
(2.95 |
) |
|
$ |
(4.00 |
) |
Diluted net loss per share |
$ |
(1.05 |
) |
|
$ |
(3.16 |
) |
|
$ |
(2.95 |
) |
|
$ |
(4.00 |
) |
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per basic
share/unit |
$ |
(0.12 |
) |
|
$ |
(2.33 |
) |
|
$ |
(1.20 |
) |
|
$ |
(2.36 |
) |
Adjusted FFO available to common shareholders and unit holders per
basic share/unit |
$ |
(0.03 |
) |
|
$ |
(1.65 |
) |
|
$ |
(0.94 |
) |
|
$ |
(1.06 |
) |
|
|
|
|
|
|
|
|
FFO available to common shareholders per diluted share/unit |
$ |
(0.12 |
) |
|
$ |
(2.33 |
) |
|
$ |
(1.20 |
) |
|
$ |
(2.36 |
) |
Adjusted FFO available to common shareholders per diluted
share/unit |
$ |
(0.03 |
) |
|
$ |
(1.65 |
) |
|
$ |
(0.94 |
) |
|
$ |
(1.06 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares
and OP units for the period: |
|
|
|
|
|
|
|
Basic |
|
55,458 |
|
|
|
54,974 |
|
|
|
55,440 |
|
|
|
54,943 |
|
Diluted |
|
55,458 |
|
|
|
54,974 |
|
|
|
55,440 |
|
|
|
54,943 |
|
|
|
|
|
|
|
|
|
(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, although we have made voluntary
contributions to fund the rooms renovation at Gaylord
National. |
|
|
|
|
|
|
|
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, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
135,688 |
|
|
|
$ |
10,305 |
|
|
|
$ |
205,490 |
|
|
|
$ |
295,976 |
|
|
Operating loss |
$ |
(27,317 |
) |
-20.1 |
% |
|
$ |
(119,332 |
) |
-1158.0 |
% |
|
$ |
(90,860 |
) |
-44.2 |
% |
|
$ |
(100,189 |
) |
-33.9 |
% |
Depreciation & amortization |
|
50,487 |
|
|
|
|
49,588 |
|
|
|
|
99,635 |
|
|
|
|
99,357 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
|
(1,261 |
) |
|
Preopening costs |
|
217 |
|
|
|
|
59 |
|
|
|
|
615 |
|
|
|
|
166 |
|
|
Non-cash lease expense |
|
1,102 |
|
|
|
|
1,118 |
|
|
|
|
2,206 |
|
|
|
|
2,231 |
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
19,145 |
|
|
|
|
- |
|
|
|
|
24,973 |
|
|
Interest income on Gaylord National bonds |
|
1,404 |
|
|
|
|
1,733 |
|
|
|
|
2,725 |
|
|
|
|
3,198 |
|
|
Transaction costs of acquisitions |
|
75 |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
25,968 |
|
19.1 |
% |
|
$ |
(47,689 |
) |
-462.8 |
% |
|
$ |
14,079 |
|
6.9 |
% |
|
$ |
28,475 |
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
32.9 |
% |
|
|
|
1.7 |
% |
|
|
|
24.7 |
% |
|
|
|
29.4 |
% |
|
Average daily rate (ADR) |
$ |
202.12 |
|
|
|
$ |
181.66 |
|
|
|
$ |
197.97 |
|
|
|
$ |
201.51 |
|
|
RevPAR |
$ |
66.51 |
|
|
|
$ |
3.05 |
|
|
|
$ |
48.98 |
|
|
|
$ |
59.20 |
|
|
OtherPAR |
$ |
79.12 |
|
|
|
$ |
8.15 |
|
|
|
$ |
62.60 |
|
|
|
$ |
101.65 |
|
|
Total RevPAR |
$ |
145.63 |
|
|
|
$ |
11.20 |
|
|
|
$ |
111.58 |
|
|
|
$ |
160.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
45,002 |
|
|
|
$ |
1,320 |
|
|
|
$ |
66,761 |
|
|
|
$ |
77,447 |
|
|
Operating income (loss) |
$ |
3,201 |
|
7.1 |
% |
|
$ |
(23,004 |
) |
-1742.7 |
% |
|
$ |
(8,549 |
) |
-12.8 |
% |
|
$ |
(8,999 |
) |
-11.6 |
% |
Depreciation & amortization |
|
8,554 |
|
|
|
|
8,818 |
|
|
|
|
17,137 |
|
|
|
|
17,616 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
|
(1,261 |
) |
|
Non-cash lease (revenue) expense |
|
- |
|
|
|
|
(18 |
) |
|
|
|
2 |
|
|
|
|
(40 |
) |
|
Adjusted EBITDAre |
$ |
11,755 |
|
26.1 |
% |
|
$ |
(14,204 |
) |
-1076.1 |
% |
|
$ |
8,273 |
|
12.4 |
% |
|
$ |
7,316 |
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
40.2 |
% |
|
|
|
0.9 |
% |
|
|
|
29.3 |
% |
|
|
|
30.6 |
% |
|
Average daily rate (ADR) |
$ |
216.09 |
|
|
|
$ |
172.28 |
|
|
|
$ |
214.22 |
|
|
|
$ |
194.22 |
|
|
RevPAR |
$ |
86.88 |
|
|
|
$ |
1.55 |
|
|
|
$ |
62.76 |
|
|
|
$ |
59.51 |
|
|
OtherPAR |
$ |
84.35 |
|
|
|
$ |
3.47 |
|
|
|
$ |
64.95 |
|
|
|
$ |
87.83 |
|
|
Total RevPAR |
$ |
171.23 |
|
|
|
$ |
5.02 |
|
|
|
$ |
127.71 |
|
|
|
$ |
147.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
32,702 |
|
|
|
$ |
814 |
|
|
|
$ |
47,819 |
|
|
|
$ |
46,189 |
|
|
Operating income (loss) |
$ |
2,380 |
|
7.3 |
% |
|
$ |
(13,801 |
) |
-1695.5 |
% |
|
$ |
(3,637 |
) |
-7.6 |
% |
|
$ |
(6,729 |
) |
-14.6 |
% |
Depreciation & amortization |
|
5,302 |
|
|
|
|
4,126 |
|
|
|
|
9,426 |
|
|
|
|
8,410 |
|
|
Preopening costs |
|
217 |
|
|
|
|
59 |
|
|
|
|
615 |
|
|
|
|
166 |
|
|
Non-cash lease expense |
|
1,102 |
|
|
|
|
1,136 |
|
|
|
|
2,204 |
|
|
|
|
2,271 |
|
|
Adjusted EBITDAre |
$ |
9,001 |
|
27.5 |
% |
|
$ |
(8,480 |
) |
-1041.8 |
% |
|
$ |
8,608 |
|
18.0 |
% |
|
$ |
4,118 |
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
52.2 |
% |
|
|
|
0.8 |
% |
|
|
|
38.9 |
% |
|
|
|
31.7 |
% |
|
Average daily rate (ADR) |
$ |
199.63 |
|
|
|
$ |
129.79 |
|
|
|
$ |
197.28 |
|
|
|
$ |
215.60 |
|
|
RevPAR |
$ |
104.17 |
|
|
|
$ |
1.01 |
|
|
|
$ |
76.82 |
|
|
|
$ |
68.29 |
|
|
OtherPAR |
$ |
128.47 |
|
|
|
$ |
5.30 |
|
|
|
$ |
101.60 |
|
|
|
$ |
110.94 |
|
|
Total RevPAR |
$ |
232.64 |
|
|
|
$ |
6.31 |
|
|
|
$ |
178.42 |
|
|
|
$ |
179.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
34,069 |
|
|
|
$ |
5,472 |
|
|
|
$ |
52,427 |
|
|
|
$ |
61,468 |
|
|
Operating income (loss) |
$ |
3,278 |
|
9.6 |
% |
|
$ |
(12,097 |
) |
-221.1 |
% |
|
$ |
(1,503 |
) |
-2.9 |
% |
|
$ |
1,282 |
|
2.1 |
% |
Depreciation & amortization |
|
6,194 |
|
|
|
|
6,394 |
|
|
|
|
12,423 |
|
|
|
|
12,857 |
|
|
Adjusted EBITDAre |
$ |
9,472 |
|
27.8 |
% |
|
$ |
(5,703 |
) |
-104.2 |
% |
|
$ |
10,920 |
|
20.8 |
% |
|
$ |
14,139 |
|
23.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
43.7 |
% |
|
|
|
5.0 |
% |
|
|
|
33.2 |
% |
|
|
|
30.6 |
% |
|
Average daily rate (ADR) |
$ |
203.43 |
|
|
|
$ |
185.45 |
|
|
|
$ |
198.82 |
|
|
|
$ |
203.14 |
|
|
RevPAR |
$ |
88.88 |
|
|
|
$ |
9.20 |
|
|
|
$ |
66.06 |
|
|
|
$ |
62.23 |
|
|
OtherPAR |
$ |
117.51 |
|
|
|
$ |
23.95 |
|
|
|
$ |
93.62 |
|
|
|
$ |
123.95 |
|
|
Total RevPAR |
$ |
206.39 |
|
|
|
$ |
33.15 |
|
|
|
$ |
159.68 |
|
|
|
$ |
186.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,311 |
|
|
|
$ |
529 |
|
|
|
$ |
3,568 |
|
|
|
$ |
49,923 |
|
|
Operating loss |
$ |
(15,051 |
) |
-651.3 |
% |
|
$ |
(40,063 |
) |
-7573.3 |
% |
|
$ |
(29,574 |
) |
-828.9 |
% |
|
$ |
(52,984 |
) |
-106.1 |
% |
Depreciation & amortization |
|
7,173 |
|
|
|
|
6,925 |
|
|
|
|
14,039 |
|
|
|
|
13,866 |
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
19,145 |
|
|
|
|
- |
|
|
|
|
24,973 |
|
|
Interest income on Gaylord National bonds |
|
1,404 |
|
|
|
|
1,733 |
|
|
|
|
2,725 |
|
|
|
|
3,198 |
|
|
Adjusted EBITDAre |
$ |
(6,474 |
) |
-280.1 |
% |
|
$ |
(12,260 |
) |
-2317.6 |
% |
|
$ |
(12,810 |
) |
-359.0 |
% |
|
$ |
(10,947 |
) |
-21.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
0.0 |
% |
|
|
|
0.0 |
% |
|
|
|
0.0 |
% |
|
|
|
26.0 |
% |
|
Average daily rate (ADR) |
$ |
- |
|
|
|
$ |
- |
|
|
|
$ |
- |
|
|
|
$ |
207.14 |
|
|
RevPAR |
$ |
- |
|
|
|
$ |
- |
|
|
|
$ |
- |
|
|
|
$ |
53.77 |
|
|
OtherPAR |
$ |
12.72 |
|
|
|
$ |
2.91 |
|
|
|
$ |
9.87 |
|
|
|
$ |
83.65 |
|
|
Total RevPAR |
$ |
12.72 |
|
|
|
$ |
2.91 |
|
|
|
$ |
9.87 |
|
|
|
$ |
137.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Rockies |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
18,338 |
|
|
|
$ |
1,806 |
|
|
|
$ |
30,308 |
|
|
|
$ |
56,404 |
|
|
Operating loss (1) |
$ |
(20,596 |
) |
-112.3 |
% |
|
$ |
(28,269 |
) |
-1565.3 |
% |
|
$ |
(45,295 |
) |
-149.4 |
% |
|
$ |
(30,008 |
) |
-53.2 |
% |
Depreciation & amortization |
|
22,617 |
|
|
|
|
22,672 |
|
|
|
|
45,308 |
|
|
|
|
45,281 |
|
|
Adjusted EBITDAre
(1) |
$ |
2,021 |
|
11.0 |
% |
|
$ |
(5,597 |
) |
-309.9 |
% |
|
$ |
13 |
|
0.0 |
% |
|
$ |
15,273 |
|
27.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
25.7 |
% |
|
|
|
0.8 |
% |
|
|
|
21.6 |
% |
|
|
|
29.1 |
% |
|
Average daily rate (ADR) |
$ |
199.69 |
|
|
|
$ |
394.44 |
|
|
|
$ |
189.92 |
|
|
|
$ |
206.04 |
|
|
RevPAR |
$ |
51.38 |
|
|
|
$ |
3.29 |
|
|
|
$ |
40.98 |
|
|
|
$ |
59.96 |
|
|
OtherPAR |
$ |
82.87 |
|
|
|
$ |
9.93 |
|
|
|
$ |
70.57 |
|
|
|
$ |
146.51 |
|
|
Total RevPAR |
$ |
134.25 |
|
|
|
$ |
13.22 |
|
|
|
$ |
111.55 |
|
|
|
$ |
206.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,459 |
|
|
|
$ |
146 |
|
|
|
$ |
2,264 |
|
|
|
$ |
1,995 |
|
|
Operating loss |
$ |
(376 |
) |
-25.8 |
% |
|
$ |
(978 |
) |
-669.9 |
% |
|
$ |
(1,141 |
) |
-50.4 |
% |
|
$ |
(1,295 |
) |
-64.9 |
% |
Depreciation & amortization |
|
328 |
|
|
|
|
329 |
|
|
|
|
657 |
|
|
|
|
665 |
|
|
Adjusted EBITDAre |
$ |
(48 |
) |
-3.3 |
% |
|
$ |
(649 |
) |
-444.5 |
% |
|
$ |
(484 |
) |
-21.4 |
% |
|
$ |
(630 |
) |
-31.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
49.7 |
% |
|
|
|
7.8 |
% |
|
|
|
41.5 |
% |
|
|
|
25.7 |
% |
|
Average daily rate (ADR) |
$ |
153.50 |
|
|
|
$ |
116.11 |
|
|
|
$ |
142.54 |
|
|
|
$ |
192.63 |
|
|
RevPAR |
$ |
76.30 |
|
|
|
$ |
9.04 |
|
|
|
$ |
59.19 |
|
|
|
$ |
49.52 |
|
|
OtherPAR |
$ |
7.19 |
|
|
|
$ |
(0.71 |
) |
|
|
$ |
5.94 |
|
|
|
$ |
7.56 |
|
|
Total RevPAR |
$ |
83.49 |
|
|
|
$ |
8.33 |
|
|
|
$ |
65.13 |
|
|
|
$ |
57.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at
Opryland (2) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,807 |
|
|
|
$ |
218 |
|
|
|
$ |
2,343 |
|
|
|
$ |
2,550 |
|
|
Operating loss |
$ |
(153 |
) |
-8.5 |
% |
|
$ |
(1,120 |
) |
-513.8 |
% |
|
$ |
(1,161 |
) |
-49.6 |
% |
|
$ |
(1,456 |
) |
-57.1 |
% |
Depreciation & amortization |
|
319 |
|
|
|
|
324 |
|
|
|
|
645 |
|
|
|
|
662 |
|
|
Transaction costs of acquisitions |
|
75 |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
241 |
|
13.3 |
% |
|
$ |
(796 |
) |
-365.1 |
% |
|
$ |
(441 |
) |
-18.8 |
% |
|
$ |
(794 |
) |
-31.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
42.2 |
% |
|
|
|
5.0 |
% |
|
|
|
29.1 |
% |
|
|
|
25.4 |
% |
|
Average daily rate (ADR) |
$ |
126.51 |
|
|
|
$ |
97.04 |
|
|
|
$ |
120.45 |
|
|
|
$ |
133.43 |
|
|
RevPAR |
$ |
53.38 |
|
|
|
$ |
4.81 |
|
|
|
$ |
35.07 |
|
|
|
$ |
33.85 |
|
|
OtherPAR |
$ |
12.23 |
|
|
|
$ |
3.12 |
|
|
|
$ |
7.69 |
|
|
|
$ |
12.41 |
|
|
Total RevPAR |
$ |
65.61 |
|
|
|
$ |
7.93 |
|
|
|
$ |
42.76 |
|
|
|
$ |
46.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating
loss and Adjusted EBITDAre for Gaylord Rockies for the three months
and six months ended June 30, 2021 exclude forgiven asset
management fees previously owed to RHP of $0.4 million and
$0.3 million, respectively. Operating loss and Adjusted EBITDAre
for Gaylord Rockies for the three months and six months ended June
30, 2020 exclude asset management fees owed to RHP of $0 and
$0.6 million, respectively. |
(2) Includes other hospitality
revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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