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 three months and year ended
December 31, 2021.
Fourth Quarter 2021 Highlights and Recent
Developments:
- Q4 2021 Net Loss available to common shareholders of $(6.0)
million improved sequentially by 30.0% from Q3 2021.
- Q4 2021 consolidated Adjusted EBITDAre of $85.6 million driven
by strong leisure occupancy and ADR.
- Despite larger than expected group cancellations driven by
Delta and Omicron variants, occupancy for the Hospitality segment
was 53.0% in Q4 2021, with nearly 236,000 group room nights
traveling during the quarter representing 46.4% of total
occupancy.
- The Company collected $20.5 million in cancellation and
attrition fees in Q4 2021 bringing full year collections to $48.5
million.
- Strong ADR performance across our five Gaylord Hotels, with ADR
reaching almost $247 per night in Q4 2021, an increase of 17.7%
compared to the Q4 2020 and 19.6% compared to Q4 2019.
- Gross Advanced Group Room Bookings in full year 2021 of 2.5
million room nights for all future years, represents a 10.8%
increase over 2020 and a decrease of 8.7% compared to 2019.
- Early in Q4 2021, the Company announced a proposed transaction
to acquire Block 21, a mixed-use entertainment complex in Austin
Texas with an expected closing to be by the end of the Q1
2022.
- Today the Company expanded its Board of Directors to 10 members
and appointed Michael Roth and Mark Fioravanti to the Board.
Colin Reed, Chairman and Chief Executive Officer of Ryman
Hospitality Properties, said, “We believe that our fourth quarter
and full year performance has demonstrated once again that we have
built a powerful and nimble business positioned to thrive in the
face of uncertainty. While the Delta and Omicron variants created
headwinds, we are pleased to note improvement in group travel as
compared to 2020 and encouraging trends for future periods as
national health conditions improve. Leisure demand was a bright
spot throughout the year for our hospitality and entertainment
businesses and contributed to full year results that exceeded our
internal expectations. The significant capital investments we have
made across our hotel portfolio over the last several years in
upscale amenities and unique leisure offerings, such as our
world-class SoundWaves resort amenity, have created additional
growth opportunities and further differentiate our product versus
the competition allowing us to sustain continued rate growth by
delivering added value to our customers. Despite experiencing
occupancy levels well below 2019 levels for the same period, our
hotel operators delivered impressive Adjusted EBITDAre performance,
thanks in part to the flexibility of our unique model.”
Fourth Quarter and Full Year 2021
Results (as compared to Fourth Quarter and Full Year
2020):
Consolidated Results |
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($ in
thousands, except per share amounts) |
Three Months
Ended |
|
Twelve
Months Ended |
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|
December 31, |
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
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% ∆ |
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|
2021 |
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|
2020 |
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% ∆ |
|
Total
Revenue |
$377,431 |
|
|
$126,515 |
|
|
198.3% |
|
|
|
$939,373 |
|
|
$524,475 |
|
|
79.1% |
|
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|
Operating
income (loss)(1) |
$26,134 |
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|
($64,680 |
) |
|
140.4% |
|
|
|
($58,675 |
) |
|
($303,831 |
) |
|
80.7% |
|
|
Operating
income (loss) margin |
|
6.9% |
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|
-51.1% |
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|
58.0pt |
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-6.2% |
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-57.9% |
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|
51.7pt |
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Net loss
available to common shareholders (1) (2) (3) |
($5,980 |
) |
|
($79,724 |
) |
|
92.5% |
|
|
|
($176,966 |
) |
|
($417,391 |
) |
|
57.6% |
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|
Net loss
available to common shareholders margin |
|
-1.6% |
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|
-63.0% |
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|
61.4pt |
|
|
|
-18.8% |
|
|
|
-79.6% |
|
|
60.8pt |
|
Net loss
available to common shareholders per diluted share |
($0.11 |
) |
|
($1.45 |
) |
|
92.4% |
|
|
|
($3.21 |
) |
|
($7.59 |
) |
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57.7% |
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Adjusted
EBITDAre |
$85,641 |
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($6,633 |
) |
|
1391.1% |
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|
$177,339 |
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|
($40,279 |
) |
|
540.3% |
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|
Adjusted
EBITDAre margin |
|
22.7% |
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|
-5.2% |
|
|
27.9pt |
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|
18.9% |
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|
|
-7.7% |
|
|
26.6pt |
|
Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture |
$85,641 |
|
|
($5,534 |
) |
|
1647.5% |
|
|
|
$178,356 |
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|
($44,268 |
) |
|
502.9% |
|
|
Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin |
|
22.7% |
|
|
|
-4.4% |
|
|
27.1pt |
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|
|
19.0% |
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|
|
-8.4% |
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|
27.4pt |
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Funds From
Operations (FFO) available to common shareholders and unit holders
(1) (2) (3) |
$50,238 |
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|
($34,421 |
) |
|
246.0% |
|
|
|
$30,915 |
|
|
($236,577 |
) |
|
113.1% |
|
|
FFO
available to common shareholders and unit holders per diluted
share/unit |
$0.91 |
|
|
($0.62 |
) |
|
246.8% |
|
|
|
$0.56 |
|
|
($4.29 |
) |
|
113.1% |
|
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Adjusted FFO
available to common shareholders and unit holders |
$52,069 |
|
|
($31,042 |
) |
|
267.7% |
|
|
|
$52,030 |
|
|
($149,598 |
) |
|
134.8% |
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|
Adjusted FFO
available to common shareholders and unit holders per diluted
share/unit |
$0.94 |
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|
($0.56 |
) |
|
267.9% |
|
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|
$0.94 |
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|
($2.71 |
) |
|
134.7% |
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(1) For the twelve
months ended December 31, 2020, includes approximately $32.8
million for credit losses on held-to-maturity securities. |
(2) For the twelve
months ended December 31, 2020, includes $26.7 million in expense
for income tax valuation allowances. |
(3) For the twelve
months ended December 31, 2020, includes $15.0 million of expense
related to the forfeiture of the earnest money deposit associated
with the previously terminated potential acquisition of Block
21. |
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Note: For the Company’s definitions of Adjusted EBITDAre,
Adjusted EBITDAre margin, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture, Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin, FFO available to common shareholders and unit
holders, and Adjusted FFO available to common shareholders and unit
holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation
of the non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture Margin Definition” “FFO,
Adjusted FFO, and Adjusted FFO available to common shareholders and
unit holders Definition” and “Supplemental Financial Results”
below.
Hospitality Segment
($ in thousands, except ADR, RevPAR and Total RevPAR) |
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Three Months
Ended |
|
Twelve
Months Ended |
|
December 31, |
|
December 31, |
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|
2021 |
|
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|
2020 |
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% ∆ |
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2021 |
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2020 |
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% ∆ |
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Hospitality
Revenue (1) |
$ |
323,240 |
|
|
$ |
112,091 |
|
|
188.4 |
% |
|
|
$ |
786,583 |
|
|
$ |
466,045 |
|
|
68.8 |
% |
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Hospitality
Operating income (loss) (1) (2) (5) |
$ |
27,833 |
|
|
($ |
50,389 |
) |
|
155.2 |
% |
|
|
($ |
38,427 |
) |
|
($ |
236,790 |
) |
|
83.8 |
% |
Hospitality
Operating income/(loss) margin (1) (2) (5) |
|
8.6 |
% |
|
|
-45.0 |
% |
|
53.6pt |
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|
-4.9 |
% |
|
|
-50.8 |
% |
|
45.9pt |
Hospitality
Adjusted EBITDAre (1) (5) |
$ |
82,343 |
|
|
$ |
1,791 |
|
|
4497.6 |
% |
|
|
$ |
175,648 |
|
|
$ |
6,701 |
|
|
2521.2 |
% |
Hospitality
Adjusted EBITDAre margin (1) (5) |
|
25.5 |
% |
|
|
1.6 |
% |
|
23.9pt |
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|
22.3 |
% |
|
|
1.4 |
% |
|
20.9pt |
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Hospitality
Performance Metrics (1) (3) |
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Occupancy |
|
53.0 |
% |
|
|
19.6 |
% |
|
33.4pt |
|
|
|
39.5 |
% |
|
|
23.2 |
% |
|
16.3pt |
Average Daily Rate (ADR) |
$ |
246.96 |
|
|
$ |
209.81 |
|
|
17.7 |
% |
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|
$ |
221.33 |
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|
$ |
200.02 |
|
|
10.7 |
% |
RevPAR |
$ |
131.00 |
|
|
$ |
41.18 |
|
|
218.1 |
% |
|
|
$ |
87.53 |
|
|
$ |
46.41 |
|
|
88.6 |
% |
Total RevPAR |
$ |
337.44 |
|
|
$ |
120.51 |
|
|
180.0 |
% |
|
|
$ |
209.34 |
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|
$ |
125.95 |
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|
66.2 |
% |
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Gross Definite Rooms Nights Booked |
|
993,543 |
|
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|
569,978 |
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|
74.3 |
% |
|
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|
2,504,975 |
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|
2,260,761 |
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|
10.8 |
% |
Net Definite Rooms Nights Booked |
|
728,720 |
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|
(90,460 |
) |
|
905.6 |
% |
|
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|
1,201,268 |
|
|
|
(783,304 |
) |
|
253.4 |
% |
Group Attrition (as % of contracted block) |
|
23.2 |
% |
|
|
50.7 |
% |
|
-27.5pt |
|
|
|
26.9 |
% |
|
|
40.3 |
% |
|
-13.4pt |
Cancellations ITYFTY (4) |
|
28,071 |
|
|
|
20,934 |
|
|
34.1 |
% |
|
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|
571,663 |
|
|
|
1,540,366 |
|
|
-62.9 |
% |
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(1) Gaylord National
closed on March 25, 2020 and remained closed until July 1,
2021. |
(2) For the twelve
months ended December 31, 2020, includes approximately $32.8
million for credit losses on held-to-maturity securities. |
(3) Calculation of
hospitality performance metrics includes closed hotel room nights
available; includes the addition of 302 additional guest rooms due
to Gaylord Palms expansion beginning June 1, 2021. ADR is for
occupied rooms. |
(4) "ITYFTY"
represents In The Year For The Year. |
(5) For the three and
twelve months ended December 31, 2021, includes approximately $1.9
million and $4.6 million in credits, respectively, which are net of
$0.3 million and $4.1 million of payroll tax credits
afforded under the 2020 Coronavirus Aid, Relief, and Economic
Security Act (the "CARES" Act). For the three and twelve months
ended December 31, 2020, includes approximately $0.4 million in net
credits and $34.5 million in COVID-19 related expenses,
respectively, which are each net of $7.9 million in payroll tax
credits afforded under the CARES act. |
|
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
fourth 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
- Hotel occupancy reached 53.0% in the Q4 2021; an increase of
33.4 percentage points compared to Q4 2020. Of the room nights that
traveled during Q4 2021, 46.4% were groups while the remaining
53.6% were leisure customers.
- Driven by strong transient ADR, Gaylord Hotels came within 1.0%
of its all-time monthly room revenue record in December, despite an
occupancy rate of 60.3% compared to the historic record month
(March 2019) with an occupancy rate of 79.0%.
- Gaylord Texan led the brand in occupancy, generating 62.6%
occupancy in Q4 2021.
- Gaylord Opryland was a close second at 61.4% occupancy for the
quarter and achieved record monthly revenue and Adjusted EBITDAre
for the hotel in December 2021.
- In Q4 2021, Gaylord Hotels set quarterly records for transient
ADR ($277) and transient room nights (272,000).
|
Gaylord Opryland |
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($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
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Three Months
Ended |
|
Twelve
Months Ended |
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|
December 31, |
|
December 31, |
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|
2021 |
|
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|
2020 |
|
|
% ∆ |
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|
2021 |
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|
2020 |
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|
% ∆ |
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Revenue |
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|
$ |
96,323 |
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$ |
38,372 |
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|
151.0 |
% |
|
|
$ |
238,567 |
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|
$ |
133,333 |
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|
78.9 |
% |
|
Operating income (loss) |
$ |
23,764 |
|
|
($ |
3,899 |
) |
|
709.5 |
% |
|
|
$ |
34,729 |
|
|
($ |
28,301 |
) |
|
222.7 |
% |
|
Operating income (loss) margin |
|
24.7 |
% |
|
|
-10.2 |
% |
|
34.9pt |
|
|
|
14.6 |
% |
|
|
-21.2 |
% |
|
35.8pt |
|
Adjusted EBITDAre |
|
$ |
32,237 |
|
|
$ |
4,876 |
|
|
561.1 |
% |
|
|
$ |
68,531 |
|
|
$ |
5,560 |
|
|
1132.6 |
% |
|
Adjusted EBITDAre margin |
|
33.5 |
% |
|
|
12.7 |
% |
|
20.8pt |
|
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|
28.7 |
% |
|
|
4.2 |
% |
|
24.5pt |
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Occupancy (1) |
|
|
61.4 |
% |
|
|
24.9 |
% |
|
36.5pt |
|
|
|
44.2 |
% |
|
|
25.0 |
% |
|
19.2pt |
|
Average daily rate (ADR) |
$ |
254.37 |
|
|
$ |
224.87 |
|
|
13.1 |
% |
|
|
$ |
234.15 |
|
|
$ |
201.82 |
|
|
16.0 |
% |
|
RevPAR (1) |
|
$ |
156.17 |
|
|
$ |
56.02 |
|
|
178.8 |
% |
|
|
$ |
103.47 |
|
|
$ |
50.40 |
|
|
105.3 |
% |
|
Total RevPAR (1) |
|
$ |
362.53 |
|
|
$ |
144.42 |
|
|
151.0 |
% |
|
|
$ |
226.32 |
|
|
$ |
126.14 |
|
|
79.4 |
% |
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(1) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
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|
Gaylord Palms |
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($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
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Three Months
Ended |
|
Twelve
Months Ended |
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|
December 31, |
|
December 31, |
|
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|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
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|
2021 |
|
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|
2020 |
|
|
% ∆ |
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|
Revenue |
|
|
$ |
56,835 |
|
|
$ |
23,971 |
|
|
137.1 |
% |
|
|
$ |
139,130 |
|
|
$ |
77,819 |
|
|
78.8 |
% |
|
Operating income (loss) |
$ |
8,053 |
|
|
($ |
3,123 |
) |
|
357.9 |
% |
|
|
$ |
3,539 |
|
|
($ |
22,245 |
) |
|
115.9 |
% |
|
Operating income (loss) margin |
|
14.2 |
% |
|
|
-13.0 |
% |
|
27.2pt |
|
|
|
2.5 |
% |
|
|
-28.6 |
% |
|
31.1pt |
|
Adjusted EBITDAre |
|
$ |
14,989 |
|
|
$ |
2,218 |
|
|
575.8 |
% |
|
|
$ |
29,789 |
|
|
($ |
801 |
) |
|
3819.0 |
% |
|
Adjusted EBITDAre margin |
|
26.4 |
% |
|
|
9.3 |
% |
|
17.1pt |
|
|
|
21.4 |
% |
|
|
-1.0 |
% |
|
22.4pt |
|
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|
Occupancy (1) |
|
|
54.0 |
% |
|
|
27.1 |
% |
|
26.9pt |
|
|
|
44.6 |
% |
|
|
26.2 |
% |
|
18.4pt |
|
Average daily rate (ADR) |
$ |
266.16 |
|
|
$ |
216.34 |
|
|
23.0 |
% |
|
|
$ |
220.90 |
|
|
$ |
209.22 |
|
|
5.6 |
% |
|
RevPAR (1) |
|
$ |
143.60 |
|
|
$ |
58.58 |
|
|
145.1 |
% |
|
|
$ |
98.46 |
|
|
$ |
54.91 |
|
|
79.3 |
% |
|
Total RevPAR (1) |
|
$ |
359.57 |
|
|
$ |
184.01 |
|
|
95.4 |
% |
|
|
$ |
238.19 |
|
|
$ |
150.15 |
|
|
58.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
hospitality performance metrics includes closed hotel room nights
available; includes 302 expansion rooms completed during June
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve
Months Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$ |
71,563 |
|
|
$ |
30,117 |
|
|
137.6 |
% |
|
|
$ |
180,031 |
|
|
$ |
111,236 |
|
|
61.8 |
% |
|
Operating income (loss) |
$ |
17,811 |
|
|
($ |
1,122 |
) |
|
1687.4 |
% |
|
|
$ |
28,948 |
|
|
($ |
5,821 |
) |
|
597.3 |
% |
|
Operating income (loss) margin |
|
24.9 |
% |
|
|
-3.7 |
% |
|
28.6pt |
|
|
|
16.1 |
% |
|
|
-5.2 |
% |
|
21.3pt |
|
Adjusted EBITDAre |
|
$ |
23,954 |
|
|
$ |
5,243 |
|
|
356.9 |
% |
|
|
$ |
53,660 |
|
|
$ |
19,728 |
|
|
172.0 |
% |
|
Adjusted EBITDAre margin |
|
33.5 |
% |
|
|
17.4 |
% |
|
16.1pt |
|
|
|
29.8 |
% |
|
|
17.7 |
% |
|
12.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
|
62.6 |
% |
|
|
28.8 |
% |
|
33.8pt |
|
|
|
49.1 |
% |
|
|
29.3 |
% |
|
19.8pt |
|
Average daily rate (ADR) |
$ |
250.13 |
|
|
$ |
219.82 |
|
|
13.8 |
% |
|
|
$ |
221.00 |
|
|
$ |
204.38 |
|
|
8.1 |
% |
|
RevPAR (1) |
|
$ |
156.51 |
|
|
$ |
63.40 |
|
|
146.9 |
% |
|
|
$ |
108.52 |
|
|
$ |
59.97 |
|
|
81.0 |
% |
|
Total RevPAR (1) |
|
$ |
428.81 |
|
|
$ |
180.46 |
|
|
137.6 |
% |
|
|
$ |
271.91 |
|
|
$ |
167.54 |
|
|
62.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve
Months Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (1) |
|
$ |
39,843 |
|
|
$ |
1,970 |
|
|
1922.5 |
% |
|
|
$ |
79,419 |
|
|
$ |
52,026 |
|
|
52.7 |
% |
|
Operating loss |
|
($ |
9,340 |
) |
|
($ |
15,110 |
) |
|
38.2 |
% |
|
|
($ |
47,448 |
) |
|
($ |
94,908 |
) |
|
50.0 |
% |
|
Operating loss margin |
|
|
-23.4 |
% |
|
|
-767.0 |
% |
|
743.6pt |
|
|
|
-59.7 |
% |
|
|
-182.4 |
% |
|
122.7pt |
|
Adjusted EBITDAre |
|
$ |
265 |
|
|
($ |
6,711 |
) |
|
103.9 |
% |
|
|
($ |
11,484 |
) |
|
($ |
25,445 |
) |
|
54.9 |
% |
|
Adjusted EBITDAre margin |
|
0.7 |
% |
|
|
-340.7 |
% |
|
341.4pt |
|
|
|
-14.5 |
% |
|
|
-48.9 |
% |
|
34.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (2) |
|
|
31.6 |
% |
|
|
0.0 |
% |
|
31.6pt |
|
|
|
19.1 |
% |
|
|
12.9 |
% |
|
6.2pt |
|
Average daily rate (ADR) |
$ |
258.49 |
|
|
$ |
0.00 |
|
|
NA |
|
|
$ |
230.12 |
|
|
$ |
207.12 |
|
|
11.1 |
% |
|
RevPAR (2) |
|
$ |
81.76 |
|
|
$ |
0.00 |
|
|
NA |
|
|
$ |
43.93 |
|
|
$ |
26.74 |
|
|
64.3 |
% |
|
Total RevPAR (2) |
|
$ |
216.98 |
|
|
$ |
10.73 |
|
|
1922.2 |
% |
|
|
$ |
109.01 |
|
|
$ |
71.22 |
|
|
53.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Revenue for the
three months ended December 31, 2020 consisted primarily of
attrition and cancellation fees. |
|
|
|
|
|
(2) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve
Months Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
2021 |
|
|
|
2020 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$ |
54,425 |
|
|
$ |
16,380 |
|
|
232.3 |
% |
|
|
$ |
135,942 |
|
|
$ |
84,715 |
|
|
60.5 |
% |
|
Operating loss (1) |
|
($ |
12,334 |
) |
|
($ |
25,615 |
) |
|
51.8 |
% |
|
|
($ |
56,034 |
) |
|
($ |
79,469 |
) |
|
29.5 |
% |
|
Operating loss margin |
|
-22.7 |
% |
|
|
-156.4 |
% |
|
133.7pt |
|
|
|
-41.2 |
% |
|
|
-93.8 |
% |
|
52.6pt |
|
Adjusted EBITDAre (1) |
$ |
10,375 |
|
|
($ |
2,979 |
) |
|
448.3 |
% |
|
|
$ |
34,728 |
|
|
$ |
11,064 |
|
|
213.9 |
% |
|
Adjusted EBITDAre margin |
|
19.1 |
% |
|
|
-18.2 |
% |
|
37.3pt |
|
|
|
25.5 |
% |
|
|
13.1 |
% |
|
12.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (2) |
|
|
54.0 |
% |
|
|
17.1 |
% |
|
36.9pt |
|
|
|
39.9 |
% |
|
|
23.6 |
% |
|
16.3pt |
|
Average daily rate (ADR) |
$ |
224.13 |
|
|
$ |
175.12 |
|
|
28.0 |
% |
|
|
$ |
215.17 |
|
|
$ |
192.89 |
|
|
11.6 |
% |
|
RevPAR (2) |
|
$ |
121.06 |
|
|
$ |
29.95 |
|
|
304.2 |
% |
|
|
$ |
85.90 |
|
|
$ |
45.58 |
|
|
88.5 |
% |
|
Total RevPAR (2) |
|
$ |
394.12 |
|
|
$ |
118.62 |
|
|
232.3 |
% |
|
|
$ |
248.13 |
|
|
$ |
154.21 |
|
|
60.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating loss and
Adjusted EBITDAre for Gaylord Rockies for the twelve months ended
December 31, 2021 exclude forgiven asset management fees
previously owed to RHP of $0.3 million. Operating loss and Adjusted
EBITDAre for Gaylord Rockies for the three months and twelve
months ended December 31, 2020 exclude asset management fees owed
to RHP of $0.2 million and $0.8 million, respectively. |
|
(2) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment Segment
For the three and twelve months ended December
31, 2021, and 2020, the Company reported the following:
|
Entertainment Segment Results |
|
|
|
|
|
|
|
|
|
($ in
thousands) |
Three Months
Ended |
|
Twelve
Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
%
∆ |
|
|
2021 |
|
|
2020 |
|
%
∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
54,191 |
|
$ |
14,424 |
|
275.7 |
% |
|
$ |
152,790 |
|
$ |
58,430 |
|
161.5 |
% |
|
|
Operating
income (loss)(1) |
$ |
10,305 |
|
($ |
7,624 |
) |
235.2 |
% |
|
$ |
20,376 |
|
($ |
35,608 |
) |
157.2 |
% |
|
|
Operating
income (loss) margin |
|
19.0 |
% |
|
-52.9 |
% |
71.9pt |
|
|
13.3 |
% |
|
-60.9 |
% |
74.2pt |
|
|
Adjusted
EBITDAre(1) |
$ |
11,946 |
|
($ |
4,292 |
) |
378.3 |
% |
|
$ |
28,854 |
|
($ |
24,377 |
) |
218.4 |
% |
|
|
Adjusted
EBITDAre margin |
|
22.0 |
% |
|
-29.8 |
% |
51.8pt |
|
|
18.9 |
% |
|
-41.7 |
% |
60.6pt |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
approximately $0.5 million and $6.9 million in COVID-19 related
costs, which are primarily employment costs, in the three months
and twelve months ended December 31, 2020, respectively,
partially offset by $0.5 million and $2.3 million in payroll tax
credits provided by the CARES Act in the three months and
twelve months ended December 31, 2020, respectively. |
|
|
Reed continued, “Demand for our unique live entertainment
offerings was robust throughout 2021, and we were pleased to end
the year ahead of our internal expectations. Despite pandemic
uncertainty, we doubled down on our strategy to communicate and
connect with country lifestyle consumers, both digitally through
our content and physically through unique assets in tourist-driven
markets. Our previously announced Block 21 acquisition is on track
to close by the end of Q1 2022, subject to the timely satisfaction
or waiver of various closing conditions, including the consent of
the loan servicer to the assumption of the existing mortgage loan,
the consent of the hotel operator, an affiliate of Marriott, to the
assumption of the hotel operating agreement by an affiliate of the
Company, the absence of a material adverse effect, and other
customary closing conditions. Our planned Ole Red Las Vegas
expansion remains on pace for an expected late 2023 opening.”
Corporate and Other Segment
For the three and twelve months ended December
31, 2021, and 2020, the Company reported the following:
|
Corporate and Other Segment Results |
|
|
|
|
|
|
|
|
|
($ in
thousands) |
Three Months
Ended |
|
Twelve
Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
%
∆ |
|
|
2021 |
|
|
2020 |
|
%
∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss(1) |
($ |
12,004 |
) |
($ |
6,667 |
) |
-80.1 |
% |
|
($ |
40,624 |
) |
($ |
31,433 |
) |
-29.2 |
% |
|
|
Adjusted
EBITDAre(1) |
($ |
8,648 |
) |
($ |
4,132 |
) |
-109.3 |
% |
|
($ |
27,163 |
) |
($ |
22,603 |
) |
-20.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total COVID-19
related costs were approximately $0.6 million during the twelve
months ended December 31, 2020, and consisted primarily of
wages and benefits costs for furloughed employees. |
|
|
|
|
|
|
The increase in Corporate and Other Segment Operating Loss and
decrease in Adjusted EBITDAre for the 2021 periods resulted from an
increase in administrative and employment costs associated with the
hiring of additional employees and increased wages to support the
Company’s growth.
Reed concluded, “As we approach the two-year anniversary of the
near-total shutdown of our businesses due to the COVID-19 pandemic,
I am pleased to see that our team remains focused on the future. We
have continued to invest in our people and portfolio, and we will
emerge a stronger and more resilient company than ever before. I
want to thank our management team, our employees, our artists, and
our partners at Marriott for the tremendous effort in 2021. We
enter 2022 in a position of strength, and this one-of-a-kind
business is well-positioned for the future.
I am excited to welcome Michael Roth back to our Board after a
one-year absence. He is a trusted advisor and brings both
experience and institutional knowledge of our Company at an
important time as we chart the next phase of our growth. I am
equally excited to have Mark Fioravanti join our Board. Mark has
played a central role in creating the strategic direction of this
company for nearly 20 years. Under his prudent financial
leadership, we have created a thriving business with a healthy
balance sheet that has allowed us to invest in our future and
create tremendous shareholder value. Mark has been a key advisor to
me and our Board for many years. I have great confidence that his
direct influence will serve us well as we continue our next phases
of growth in the years ahead.”
Balance Sheet/Liquidity
UpdateAs of December 31, 2021, the Company had total debt
outstanding of $2,936.8 million, net of unamortized deferred
financing costs, and unrestricted cash of $140.7 million. As of
December 31, 2021, $190.0 million was drawn under the revolving
credit line of the Company’s credit facility, and the lending banks
had issued $0.2 million in letters of credit, which left $509.8
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 twelve months ended December 31, 2021.
Earnings Call InformationRyman
Hospitality Properties will hold a conference call to discuss this
release tomorrow, February 25, 2022, at 10 a.m. EST. 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 operated by
the Company, including the Grand Ole Opry; Ryman Auditorium; WSM
650 AM; Ole Red and a 50% interest in Circle, a country lifestyle
media network the Company owns in a joint venture with Gray
Television; as well as other Nashville-area attractions managed by
Marriott. 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, recovery
of group business to pre-pandemic levels, anticipated business
levels and anticipated financial results for the Company during
future periods, the pending acquisition of Block 21, the Company’s
expectations for Block 21 upon the closing of the transaction, 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, the Company’s ability to borrow funds pursuant to its
credit agreement, the occurrence of any event, change or other
circumstance that could delay the closing of the Block 21
acquisition, or result in the termination of the agreement for the
Block 21 acquisition, adverse effects on the Company’s common stock
because of the failure to complete the Block 21 acquisition, and
the Company’s ability to otherwise obtain cash to fund the Block 21
acquisition. 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 twelve months ended December 31, 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 twelve months ended December 31, 2021, and 2020 as
compared to historical periods. Occupancy figures reflect an
additional 302 rooms available at Gaylord Palms beginning in June
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 Venture
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
venture; and
- any other adjustments we have identified herein.
We then exclude noncontrolling interests in consolidated joint
venture 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 and segment or
property-level EBITDAre and Adjusted EBITDAre 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 or operating income, as
applicable, 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 venture
attributable to noncontrolling interest, and pro rata adjustments
for unconsolidated joint venture. 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
venture;
- (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 in prior periods.
We believe that the presentation of these non-GAAP financial
measures provides 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 |
|
Twelve
Months Ended |
|
|
|
Dec. 31 |
|
Dec. 31 |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Revenues : |
|
|
|
|
|
|
|
|
|
Rooms |
$ |
125,483 |
|
|
$ |
38,301 |
|
|
$ |
328,874 |
|
|
$ |
171,718 |
|
|
|
Food and
beverage |
|
109,892 |
|
|
|
24,061 |
|
|
|
279,489 |
|
|
|
187,538 |
|
|
|
Other hotel
revenue |
|
87,865 |
|
|
|
49,729 |
|
|
|
178,220 |
|
|
|
106,789 |
|
|
|
Entertainment |
|
54,191 |
|
|
|
14,424 |
|
|
|
152,790 |
|
|
|
58,430 |
|
|
|
Total revenues |
|
377,431 |
|
|
|
126,515 |
|
|
|
939,373 |
|
|
|
524,475 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Rooms |
|
32,926 |
|
|
|
11,883 |
|
|
|
88,244 |
|
|
|
58,943 |
|
|
|
Food and
beverage |
|
72,573 |
|
|
|
31,206 |
|
|
|
190,855 |
|
|
|
146,141 |
|
|
|
Other hotel
expenses |
|
131,666 |
|
|
|
68,210 |
|
|
|
327,791 |
|
|
|
260,690 |
|
|
|
Management
fees |
|
6,222 |
|
|
|
1,621 |
|
|
|
14,031 |
|
|
|
7,066 |
|
|
|
Total hotel operating expenses |
|
243,387 |
|
|
|
112,920 |
|
|
|
620,921 |
|
|
|
472,840 |
|
|
|
Entertainment |
|
39,956 |
|
|
|
18,155 |
|
|
|
117,753 |
|
|
|
78,301 |
|
|
|
Corporate |
|
11,675 |
|
|
|
6,102 |
|
|
|
38,597 |
|
|
|
28,795 |
|
|
|
Preopening
costs |
|
3 |
|
|
|
68 |
|
|
|
737 |
|
|
|
1,665 |
|
|
|
(Gain) loss
on sale of assets |
|
- |
|
|
|
100 |
|
|
|
(317 |
) |
|
|
(1,161 |
) |
|
|
Credit loss
on held-to-maturity securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32,784 |
|
|
|
Depreciation
and amortization |
|
56,276 |
|
|
|
53,850 |
|
|
|
220,357 |
|
|
|
215,082 |
|
|
|
Total operating expenses |
|
351,297 |
|
|
|
191,195 |
|
|
|
998,048 |
|
|
|
828,306 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
26,134 |
|
|
|
(64,680 |
) |
|
|
(58,675 |
) |
|
|
(303,831 |
) |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(32,291 |
) |
|
|
(28,256 |
) |
|
|
(125,347 |
) |
|
|
(115,783 |
) |
|
Interest income |
|
1,431 |
|
|
|
1,539 |
|
|
|
5,685 |
|
|
|
7,304 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(2,949 |
) |
|
|
- |
|
|
Loss from consolidated joint ventures |
|
(3,132 |
) |
|
|
(969 |
) |
|
|
(8,963 |
) |
|
|
(6,451 |
) |
|
Other gains and (losses), net |
|
151 |
|
|
|
(145 |
) |
|
|
405 |
|
|
|
(14,976 |
) |
|
Loss before income taxes |
|
(7,707 |
) |
|
|
(92,511 |
) |
|
|
(189,844 |
) |
|
|
(433,737 |
) |
|
|
|
|
|
|
|
|
|
|
|
(Provision) benefit for income taxes |
|
1,683 |
|
|
|
(38 |
) |
|
|
(4,957 |
) |
|
|
(27,084 |
) |
|
Net loss |
|
(6,024 |
) |
|
|
(92,549 |
) |
|
|
(194,801 |
) |
|
|
(460,821 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
- |
|
|
|
12,194 |
|
|
|
16,501 |
|
|
|
42,474 |
|
|
Net loss attributable to noncontrolling interest in Operating
Partnership |
|
44 |
|
|
|
631 |
|
|
|
1,334 |
|
|
|
956 |
|
|
Net loss available to common shareholders |
$ |
(5,980 |
) |
|
$ |
(79,724 |
) |
|
$ |
(176,966 |
) |
|
$ |
(417,391 |
) |
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share available to common shareholders |
$ |
(0.11 |
) |
|
$ |
(1.45 |
) |
|
$ |
(3.21 |
) |
|
$ |
(7.59 |
) |
|
Diluted loss per share available to common shareholders |
$ |
(0.11 |
) |
|
$ |
(1.45 |
) |
|
$ |
(3.21 |
) |
|
$ |
(7.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
|
|
|
|
|
Basic |
|
55,068 |
|
|
|
54,981 |
|
|
|
55,047 |
|
|
|
54,962 |
|
|
|
Diluted |
|
55,068 |
|
|
|
54,981 |
|
|
|
55,047 |
|
|
|
54,962 |
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
Unaudited |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec.
31 |
|
Dec.
31, |
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,031,844 |
|
|
$ |
3,117,247 |
|
|
Cash and cash equivalents - unrestricted |
|
140,688 |
|
|
|
56,697 |
|
|
Cash and cash equivalents - restricted |
|
22,312 |
|
|
|
23,057 |
|
|
Notes receivable |
|
71,228 |
|
|
|
71,923 |
|
|
Trade receivables, net |
|
74,745 |
|
|
|
20,106 |
|
|
Prepaid expenses and other assets |
|
112,904 |
|
|
|
100,494 |
|
|
Intangible assets |
|
126,804 |
|
|
|
166,971 |
|
|
|
Total assets |
$ |
3,580,525 |
|
|
$ |
3,556,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
Debt and finance lease obligations |
$ |
2,936,819 |
|
|
$ |
2,658,008 |
|
|
Accounts payable and accrued liabilities |
|
304,719 |
|
|
|
203,121 |
|
|
Dividends payable |
|
386 |
|
|
|
843 |
|
|
Deferred management rights proceeds |
|
170,614 |
|
|
|
172,724 |
|
|
Operating lease liabilities |
|
113,770 |
|
|
|
107,569 |
|
|
Deferred income tax liabilities, net |
|
4,671 |
|
|
|
665 |
|
|
Other liabilities |
|
71,939 |
|
|
|
92,779 |
|
|
Noncontrolling interest in consolidated joint venture |
|
- |
|
|
|
100,969 |
|
|
Total equity (deficit) |
|
(22,393 |
) |
|
|
219,817 |
|
|
|
Total liabilities and equity |
$ |
3,580,525 |
|
|
$ |
3,556,495 |
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
SUPPLEMENTAL
FINANCIAL RESULTS |
|
ADJUSTED
EBITDAre
RECONCILIATION |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Dec. 31, |
|
Twelve
Months Ended Dec. 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
377,431 |
|
|
|
$ |
126,515 |
|
|
|
$ |
939,373 |
|
|
|
$ |
524,475 |
|
|
|
|
Net loss |
$ |
(6,024 |
) |
-1.6 |
% |
|
$ |
(92,549 |
) |
-73.2 |
% |
|
$ |
(194,801 |
) |
-20.7 |
% |
|
$ |
(460,821 |
) |
-87.9 |
% |
|
|
Interest expense, net |
|
30,860 |
|
|
|
|
26,717 |
|
|
|
|
119,662 |
|
|
|
|
108,479 |
|
|
|
|
Provision (benefit) for income taxes |
|
(1,683 |
) |
|
|
|
38 |
|
|
|
|
4,957 |
|
|
|
|
27,084 |
|
|
|
|
Depreciation & amortization |
|
56,276 |
|
|
|
|
53,850 |
|
|
|
|
220,357 |
|
|
|
|
215,082 |
|
|
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
|
101 |
|
|
|
|
(315 |
) |
|
|
|
(1,154 |
) |
|
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
20 |
|
|
|
|
32 |
|
|
|
|
73 |
|
|
|
|
48 |
|
|
|
|
EBITDAre |
|
79,449 |
|
21.0 |
% |
|
|
(11,811 |
) |
-9.3 |
% |
|
|
149,933 |
|
16.0 |
% |
|
|
(111,282 |
) |
-21.2 |
% |
|
|
Preopening costs |
|
3 |
|
|
|
|
68 |
|
|
|
|
737 |
|
|
|
|
1,665 |
|
|
|
|
Non-cash lease expense |
|
1,121 |
|
|
|
|
1,116 |
|
|
|
|
4,375 |
|
|
|
|
4,474 |
|
|
|
|
Equity-based compensation expense |
|
3,160 |
|
|
|
|
2,109 |
|
|
|
|
12,104 |
|
|
|
|
8,732 |
|
|
|
|
Pension settlement charge |
|
370 |
|
|
|
|
397 |
|
|
|
|
1,379 |
|
|
|
|
1,740 |
|
|
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
|
Interest income on Gaylord National bonds |
|
1,388 |
|
|
|
|
1,488 |
|
|
|
|
5,502 |
|
|
|
|
6,171 |
|
|
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
2,949 |
|
|
|
|
- |
|
|
|
|
Transaction costs of acquisitions |
|
150 |
|
|
|
|
- |
|
|
|
|
360 |
|
|
|
|
15,437 |
|
|
|
|
Adjusted EBITDAre |
$ |
85,641 |
|
22.7 |
% |
|
$ |
(6,633 |
) |
-5.2 |
% |
|
$ |
177,339 |
|
18.9 |
% |
|
$ |
(40,279 |
) |
-7.7 |
% |
|
|
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
|
- |
|
|
|
|
1,099 |
|
|
|
|
1,017 |
|
|
|
$ |
(3,989 |
) |
|
|
|
Adjusted EBITDAre,
excluding noncontrolling interest in consolidated
joint venture |
$ |
85,641 |
|
22.7 |
% |
|
$ |
(5,534 |
) |
-4.4 |
% |
|
$ |
178,356 |
|
19.0 |
% |
|
$ |
(44,268 |
) |
-8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
323,240 |
|
|
|
$ |
112,091 |
|
|
|
$ |
786,583 |
|
|
|
$ |
466,045 |
|
|
|
|
Operating income (loss) |
$ |
27,833 |
|
8.6 |
% |
|
$ |
(50,389 |
) |
-45.0 |
% |
|
$ |
(38,427 |
) |
-4.9 |
% |
|
$ |
(236,790 |
) |
-50.8 |
% |
|
|
Depreciation & amortization |
|
52,020 |
|
|
|
|
49,406 |
|
|
|
|
203,675 |
|
|
|
|
198,073 |
|
|
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
|
85 |
|
|
|
|
(317 |
) |
|
|
|
(1,176 |
) |
|
|
|
Preopening costs |
|
- |
|
|
|
|
69 |
|
|
|
|
731 |
|
|
|
|
314 |
|
|
|
|
Non-cash lease expense |
|
1,102 |
|
|
|
|
1,132 |
|
|
|
|
4,409 |
|
|
|
|
4,479 |
|
|
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
|
Interest income on Gaylord National bonds |
|
1,388 |
|
|
|
|
1,488 |
|
|
|
|
5,502 |
|
|
|
|
6,171 |
|
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
2,846 |
|
|
|
|
Adjusted EBITDAre |
$ |
82,343 |
|
25.5 |
% |
|
$ |
1,791 |
|
1.6 |
% |
|
$ |
175,648 |
|
22.3 |
% |
|
$ |
6,701 |
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
54,191 |
|
|
|
$ |
14,424 |
|
|
|
$ |
152,790 |
|
|
|
$ |
58,430 |
|
|
|
|
Operating income (loss) |
$ |
10,305 |
|
19.0 |
% |
|
$ |
(7,624 |
) |
-52.9 |
% |
|
$ |
20,376 |
|
13.3 |
% |
|
$ |
(35,608 |
) |
-60.9 |
% |
|
|
Depreciation & amortization |
|
3,927 |
|
|
|
|
3,879 |
|
|
|
|
14,655 |
|
|
|
|
14,371 |
|
|
|
|
Loss on disposal of assets |
|
- |
|
|
|
|
15 |
|
|
|
|
- |
|
|
|
|
15 |
|
|
|
|
Preopening costs |
|
3 |
|
|
|
|
(1 |
) |
|
|
|
6 |
|
|
|
|
1,351 |
|
|
|
|
Non-cash lease (revenue) expense |
|
19 |
|
|
|
|
(16 |
) |
|
|
|
(34 |
) |
|
|
|
(5 |
) |
|
|
|
Equity-based compensation |
|
654 |
|
|
|
|
392 |
|
|
|
|
2,456 |
|
|
|
|
1,465 |
|
|
|
|
Transaction costs of acquisitions (1) |
|
150 |
|
|
|
|
- |
|
|
|
|
285 |
|
|
|
|
437 |
|
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(3,112 |
) |
|
|
|
(937 |
) |
|
|
|
(8,890 |
) |
|
|
|
(6,403 |
) |
|
|
|
Adjusted EBITDAre |
$ |
11,946 |
|
22.0 |
% |
|
$ |
(4,292 |
) |
-29.8 |
% |
|
$ |
28,854 |
|
18.9 |
% |
|
$ |
(24,377 |
) |
-41.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and Other segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(12,004 |
) |
|
|
$ |
(6,667 |
) |
|
|
$ |
(40,624 |
) |
|
|
$ |
(31,433 |
) |
|
|
|
Depreciation & amortization |
|
329 |
|
|
|
|
565 |
|
|
|
|
2,027 |
|
|
|
|
2,638 |
|
|
|
|
Other gains and (losses), net |
|
151 |
|
|
|
|
(144 |
) |
|
|
|
407 |
|
|
|
|
(2,815 |
) |
|
|
|
Equity-based compensation |
|
2,506 |
|
|
|
|
1,717 |
|
|
|
|
9,648 |
|
|
|
|
7,267 |
|
|
|
|
Pension settlement charge |
|
370 |
|
|
|
|
397 |
|
|
|
|
1,379 |
|
|
|
|
1,740 |
|
|
|
|
Adjusted EBITDAre |
$ |
(8,648 |
) |
|
|
$ |
(4,132 |
) |
|
|
$ |
(27,163 |
) |
|
|
$ |
(22,603 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Twelve months
ended December 31, 2020 excludes $15.0 million of forfeited deposit
on terminated Block 21 acquisition recorded in Other Gains
(Losses), Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Dec. 31, |
|
Twelve
Months Ended Dec. 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(6,024 |
) |
|
$ |
(92,549 |
) |
|
$ |
(194,801 |
) |
|
$ |
(460,821 |
) |
|
|
Noncontrolling interest in consolidated joint venture |
|
- |
|
|
|
12,194 |
|
|
|
16,501 |
|
|
|
42,474 |
|
|
|
Net loss available to common shareholders and unit
holders |
|
(6,024 |
) |
|
|
(80,355 |
) |
|
|
(178,300 |
) |
|
|
(418,347 |
) |
|
|
Depreciation & amortization |
|
56,242 |
|
|
|
53,813 |
|
|
|
220,211 |
|
|
|
214,933 |
|
|
|
Adjustments for noncontrolling interest |
|
- |
|
|
|
(7,911 |
) |
|
|
(11,069 |
) |
|
|
(33,213 |
) |
|
|
Pro rata adjustments from joint ventures |
|
20 |
|
|
|
32 |
|
|
|
73 |
|
|
|
50 |
|
|
|
FFO available to common shareholders and unit
holders |
|
50,238 |
|
|
|
(34,421 |
) |
|
|
30,915 |
|
|
|
(236,577 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
34 |
|
|
|
37 |
|
|
|
146 |
|
|
|
149 |
|
|
|
Non-cash lease expense |
|
1,121 |
|
|
|
1,116 |
|
|
|
4,375 |
|
|
|
4,474 |
|
|
|
Pension settlement charge |
|
370 |
|
|
|
397 |
|
|
|
1,379 |
|
|
|
1,740 |
|
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32,784 |
|
|
|
(Gain) loss on other assets |
|
- |
|
|
|
100 |
|
|
|
(317 |
) |
|
|
(1,161 |
) |
|
|
Write-off of deferred financing costs |
|
- |
|
|
|
35 |
|
|
|
- |
|
|
|
281 |
|
|
|
Amortization of deferred financing costs |
|
2,211 |
|
|
|
2,059 |
|
|
|
8,790 |
|
|
|
7,948 |
|
|
|
Amortization of debt premiums |
|
(70 |
) |
|
|
(67 |
) |
|
|
(279 |
) |
|
|
(267 |
) |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
2,949 |
|
|
|
- |
|
|
|
Adjustments for noncontrolling interest |
|
- |
|
|
|
(217 |
) |
|
|
(294 |
) |
|
|
(932 |
) |
|
|
Transaction costs of acquisitions |
|
150 |
|
|
|
- |
|
|
|
360 |
|
|
|
15,437 |
|
|
|
Deferred tax (benefit) expense |
|
(1,985 |
) |
|
|
(81 |
) |
|
|
4,006 |
|
|
|
26,526 |
|
|
|
Adjusted FFO available to common shareholders and unit
holders |
$ |
52,069 |
|
|
$ |
(31,042 |
) |
|
$ |
52,030 |
|
|
$ |
(149,598 |
) |
|
|
Capital expenditures (1) |
|
(7,817 |
) |
|
|
(597 |
) |
|
|
(38,451 |
) |
|
|
(17,341 |
) |
|
|
Adjusted FFO available to common shareholders and unit
holders (ex. maintenance capex) |
$ |
44,252 |
|
|
$ |
(31,639 |
) |
|
$ |
13,579 |
|
|
$ |
(166,939 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net loss per share |
$ |
(0.11 |
) |
|
$ |
(1.45 |
) |
|
$ |
(3.21 |
) |
|
$ |
(7.59 |
) |
|
|
Diluted net loss per share |
$ |
(0.11 |
) |
|
$ |
(1.45 |
) |
|
$ |
(3.21 |
) |
|
$ |
(7.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per basic
share/unit |
$ |
0.91 |
|
|
$ |
(0.62 |
) |
|
$ |
0.56 |
|
|
$ |
(4.29 |
) |
|
|
Adjusted FFO available to common shareholders and unit holders per
basic share/unit |
$ |
0.94 |
|
|
$ |
(0.56 |
) |
|
$ |
0.94 |
|
|
$ |
(2.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per diluted
share/unit |
$ |
0.91 |
|
|
$ |
(0.62 |
) |
|
$ |
0.56 |
|
|
$ |
(4.29 |
) |
|
|
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit |
$ |
0.94 |
|
|
$ |
(0.56 |
) |
|
$ |
0.94 |
|
|
$ |
(2.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares and OP units for the period: |
|
|
|
|
|
|
|
|
|
Basic |
|
55,467 |
|
|
|
55,416 |
|
|
|
55,454 |
|
|
|
55,108 |
|
|
|
Diluted |
|
55,467 |
|
|
|
55,416 |
|
|
|
55,454 |
|
|
|
55,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
FF&E reserve contribution 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 various maintenance capital
expenditures, including 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 Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
323,240 |
|
|
|
$ |
112,091 |
|
|
|
$ |
786,583 |
|
|
|
$ |
466,045 |
|
|
|
|
Operating income (loss) |
$ |
27,833 |
|
8.6 |
% |
|
$ |
(50,389 |
) |
-45.0 |
% |
|
$ |
(38,427 |
) |
-4.9 |
% |
|
$ |
(236,790 |
) |
-50.8 |
% |
|
|
Depreciation & amortization |
|
52,020 |
|
|
|
|
49,406 |
|
|
|
|
203,675 |
|
|
|
|
198,073 |
|
|
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
|
85 |
|
|
|
|
(317 |
) |
|
|
|
(1,176 |
) |
|
|
|
Preopening costs |
|
- |
|
|
|
|
69 |
|
|
|
|
731 |
|
|
|
|
314 |
|
|
|
|
Non-cash lease expense |
|
1,102 |
|
|
|
|
1,132 |
|
|
|
|
4,409 |
|
|
|
|
4,479 |
|
|
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
|
Interest income on Gaylord National bonds |
|
1,388 |
|
|
|
|
1,488 |
|
|
|
|
5,502 |
|
|
|
|
6,171 |
|
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
2,846 |
|
|
|
|
Pro rata adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Adjusted EBITDAre |
$ |
82,343 |
|
25.5 |
% |
|
$ |
1,791 |
|
1.6 |
% |
|
$ |
175,648 |
|
22.3 |
% |
|
$ |
6,701 |
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
53.0 |
% |
|
|
|
19.6 |
% |
|
|
|
39.5 |
% |
|
|
|
23.2 |
% |
|
|
|
Average daily rate (ADR) |
$ |
246.96 |
|
|
|
$ |
209.81 |
|
|
|
$ |
221.33 |
|
|
|
$ |
200.02 |
|
|
|
|
RevPAR |
$ |
131.00 |
|
|
|
$ |
41.18 |
|
|
|
$ |
87.53 |
|
|
|
$ |
46.41 |
|
|
|
|
OtherPAR |
$ |
206.44 |
|
|
|
$ |
79.33 |
|
|
|
$ |
121.81 |
|
|
|
$ |
79.54 |
|
|
|
|
Total RevPAR |
$ |
337.44 |
|
|
|
$ |
120.51 |
|
|
|
$ |
209.34 |
|
|
|
$ |
125.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
96,323 |
|
|
|
$ |
38,372 |
|
|
|
$ |
238,567 |
|
|
|
$ |
133,333 |
|
|
|
|
Operating income (loss) |
$ |
23,764 |
|
24.7 |
% |
|
$ |
(3,899 |
) |
-10.2 |
% |
|
$ |
34,729 |
|
14.6 |
% |
|
$ |
(28,301 |
) |
-21.2 |
% |
|
|
Depreciation & amortization |
|
8,473 |
|
|
|
|
8,720 |
|
|
|
|
34,117 |
|
|
|
|
35,126 |
|
|
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
|
59 |
|
|
|
|
(317 |
) |
|
|
|
(1,202 |
) |
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Non-cash lease (revenue) expense |
|
- |
|
|
|
|
(4 |
) |
|
|
|
2 |
|
|
|
|
(63 |
) |
|
|
|
Adjusted EBITDAre |
$ |
32,237 |
|
33.5 |
% |
|
$ |
4,876 |
|
12.7 |
% |
|
$ |
68,531 |
|
28.7 |
% |
|
$ |
5,560 |
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
61.4 |
% |
|
|
|
24.9 |
% |
|
|
|
44.2 |
% |
|
|
|
25.0 |
% |
|
|
|
Average daily rate (ADR) |
$ |
254.37 |
|
|
|
$ |
224.87 |
|
|
|
$ |
234.15 |
|
|
|
$ |
201.82 |
|
|
|
|
RevPAR |
$ |
156.17 |
|
|
|
$ |
56.02 |
|
|
|
$ |
103.47 |
|
|
|
$ |
50.40 |
|
|
|
|
OtherPAR |
$ |
206.36 |
|
|
|
$ |
88.40 |
|
|
|
$ |
122.85 |
|
|
|
$ |
75.74 |
|
|
|
|
Total RevPAR |
$ |
362.53 |
|
|
|
$ |
144.42 |
|
|
|
$ |
226.32 |
|
|
|
$ |
126.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
56,835 |
|
|
|
$ |
23,971 |
|
|
|
$ |
139,130 |
|
|
|
$ |
77,819 |
|
|
|
|
Operating income (loss) |
$ |
8,053 |
|
14.2 |
% |
|
$ |
(3,123 |
) |
-13.0 |
% |
|
$ |
3,539 |
|
2.5 |
% |
|
$ |
(22,245 |
) |
-28.6 |
% |
|
|
Depreciation & amortization |
|
5,834 |
|
|
|
|
4,134 |
|
|
|
|
21,112 |
|
|
|
|
16,586 |
|
|
|
|
Loss on disposal of assets |
|
- |
|
|
|
|
2 |
|
|
|
|
- |
|
|
|
|
2 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
69 |
|
|
|
|
731 |
|
|
|
|
314 |
|
|
|
|
Non-cash lease expense |
|
1,102 |
|
|
|
|
1,136 |
|
|
|
|
4,407 |
|
|
|
|
4,542 |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Adjusted EBITDAre |
$ |
14,989 |
|
26.4 |
% |
|
$ |
2,218 |
|
9.3 |
% |
|
$ |
29,789 |
|
21.4 |
% |
|
$ |
(801 |
) |
-1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
54.0 |
% |
|
|
|
27.1 |
% |
|
|
|
44.6 |
% |
|
|
|
26.2 |
% |
|
|
|
Average daily rate (ADR) |
$ |
266.16 |
|
|
|
$ |
216.34 |
|
|
|
$ |
220.90 |
|
|
|
$ |
209.22 |
|
|
|
|
RevPAR |
$ |
143.60 |
|
|
|
$ |
58.58 |
|
|
|
$ |
98.46 |
|
|
|
$ |
54.91 |
|
|
|
|
OtherPAR |
$ |
215.97 |
|
|
|
$ |
125.43 |
|
|
|
$ |
139.73 |
|
|
|
$ |
95.24 |
|
|
|
|
Total RevPAR |
$ |
359.57 |
|
|
|
$ |
184.01 |
|
|
|
$ |
238.19 |
|
|
|
$ |
150.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
71,563 |
|
|
|
$ |
30,117 |
|
|
|
$ |
180,031 |
|
|
|
$ |
111,236 |
|
|
|
|
Operating income (loss) |
$ |
17,811 |
|
24.9 |
% |
|
$ |
(1,122 |
) |
-3.7 |
% |
|
$ |
28,948 |
|
16.1 |
% |
|
$ |
(5,821 |
) |
-5.2 |
% |
|
|
Depreciation & amortization |
|
6,143 |
|
|
|
|
6,362 |
|
|
|
|
24,712 |
|
|
|
|
25,546 |
|
|
|
|
Loss on disposal of assets |
|
- |
|
|
|
|
3 |
|
|
|
|
- |
|
|
|
|
3 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Adjusted EBITDAre |
$ |
23,954 |
|
33.5 |
% |
|
$ |
5,243 |
|
17.4 |
% |
|
$ |
53,660 |
|
29.8 |
% |
|
$ |
19,728 |
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
62.6 |
% |
|
|
|
28.8 |
% |
|
|
|
49.1 |
% |
|
|
|
29.3 |
% |
|
|
|
Average daily rate (ADR) |
$ |
250.13 |
|
|
|
$ |
219.82 |
|
|
|
$ |
221.00 |
|
|
|
$ |
204.38 |
|
|
|
|
RevPAR |
$ |
156.51 |
|
|
|
$ |
63.40 |
|
|
|
$ |
108.52 |
|
|
|
$ |
59.97 |
|
|
|
|
OtherPAR |
$ |
272.30 |
|
|
|
$ |
117.06 |
|
|
|
$ |
163.39 |
|
|
|
$ |
107.57 |
|
|
|
|
Total RevPAR |
$ |
428.81 |
|
|
|
$ |
180.46 |
|
|
|
$ |
271.91 |
|
|
|
$ |
167.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
39,843 |
|
|
|
$ |
1,970 |
|
|
|
$ |
79,419 |
|
|
|
$ |
52,026 |
|
|
|
|
Operating loss |
$ |
(9,340 |
) |
-23.4 |
% |
|
$ |
(15,110 |
) |
-767.0 |
% |
|
$ |
(47,448 |
) |
-59.7 |
% |
|
$ |
(94,908 |
) |
-182.4 |
% |
|
|
Depreciation & amortization |
|
8,217 |
|
|
|
|
6,890 |
|
|
|
|
30,462 |
|
|
|
|
27,641 |
|
|
|
|
Loss on disposal of assets |
|
- |
|
|
|
|
21 |
|
|
|
|
- |
|
|
|
|
21 |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Credit loss on held-to-maturity securities |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
32,784 |
|
|
|
|
Interest income on Gaylord National bonds |
|
1,388 |
|
|
|
|
1,488 |
|
|
|
|
5,502 |
|
|
|
|
6,171 |
|
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
2,846 |
|
|
|
|
Adjusted EBITDAre |
$ |
265 |
|
0.7 |
% |
|
$ |
(6,711 |
) |
-340.7 |
% |
|
$ |
(11,484 |
) |
-14.5 |
% |
|
$ |
(25,445 |
) |
-48.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
31.6 |
% |
|
|
|
0.0 |
% |
|
|
|
19.1 |
% |
|
|
|
12.9 |
% |
|
|
|
Average daily rate (ADR) |
$ |
258.49 |
|
|
|
$ |
- |
|
|
|
$ |
230.12 |
|
|
|
$ |
207.12 |
|
|
|
|
RevPAR |
$ |
81.76 |
|
|
|
$ |
- |
|
|
|
$ |
43.93 |
|
|
|
$ |
26.74 |
|
|
|
|
OtherPAR |
$ |
135.22 |
|
|
|
$ |
10.73 |
|
|
|
$ |
65.08 |
|
|
|
$ |
44.48 |
|
|
|
|
Total RevPAR |
$ |
216.98 |
|
|
|
$ |
10.73 |
|
|
|
$ |
109.01 |
|
|
|
$ |
71.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
54,425 |
|
|
|
$ |
16,380 |
|
|
|
$ |
135,942 |
|
|
|
$ |
84,715 |
|
|
|
|
Operating loss (1) |
$ |
(12,334 |
) |
-22.7 |
% |
|
$ |
(25,615 |
) |
-156.4 |
% |
|
$ |
(56,034 |
) |
-41.2 |
% |
|
$ |
(79,469 |
) |
-93.8 |
% |
|
|
Depreciation & amortization |
|
22,709 |
|
|
|
|
22,636 |
|
|
|
|
90,687 |
|
|
|
|
90,533 |
|
|
|
|
Loss on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Impairment charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Transaction costs on acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
|
|
Adjusted EBITDAre
(1) |
$ |
10,375 |
|
19.1 |
% |
|
$ |
(2,979 |
) |
-18.2 |
% |
|
$ |
34,728 |
|
25.5 |
% |
|
$ |
11,064 |
|
13.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
54.0 |
% |
|
|
|
17.1 |
% |
|
|
|
39.9 |
% |
|
|
|
23.6 |
% |
|
|
|
Average daily rate (ADR) |
$ |
224.13 |
|
|
|
$ |
175.12 |
|
|
|
$ |
215.17 |
|
|
|
$ |
192.89 |
|
|
|
|
RevPAR |
$ |
121.06 |
|
|
|
$ |
29.95 |
|
|
|
$ |
85.90 |
|
|
|
$ |
45.58 |
|
|
|
|
OtherPAR |
$ |
273.06 |
|
|
|
$ |
88.67 |
|
|
|
$ |
162.23 |
|
|
|
$ |
108.63 |
|
|
|
|
Total RevPAR |
$ |
394.12 |
|
|
|
$ |
118.62 |
|
|
|
$ |
248.13 |
|
|
|
$ |
154.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
AC Hotel at National Harbor |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
1,728 |
|
|
|
$ |
602 |
|
|
|
$ |
5,838 |
|
|
|
$ |
3,332 |
|
|
|
|
Operating loss |
$ |
(349 |
) |
-20.2 |
% |
|
$ |
(737 |
) |
-122.4 |
% |
|
$ |
(1,631 |
) |
-27.9 |
% |
|
$ |
(2,736 |
) |
-82.1 |
% |
|
|
Depreciation & amortization |
|
327 |
|
|
|
|
329 |
|
|
|
|
1,313 |
|
|
|
|
1,323 |
|
|
|
|
Gain on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
Adjusted EBITDAre |
$ |
(22 |
) |
-1.3 |
% |
|
$ |
(408 |
) |
-67.8 |
% |
|
$ |
(318 |
) |
-5.4 |
% |
|
$ |
(1,413 |
) |
-42.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
48.3 |
% |
|
|
|
22.5 |
% |
|
|
|
44.5 |
% |
|
|
|
25.2 |
% |
|
|
|
Average daily rate (ADR) |
$ |
177.93 |
|
|
|
$ |
132.99 |
|
|
|
$ |
167.77 |
|
|
|
$ |
166.89 |
|
|
|
|
RevPAR |
$ |
85.92 |
|
|
|
$ |
29.97 |
|
|
|
$ |
74.73 |
|
|
|
$ |
42.13 |
|
|
|
|
OtherPAR |
$ |
11.90 |
|
|
|
$ |
4.12 |
|
|
|
$ |
8.58 |
|
|
|
$ |
5.29 |
|
|
|
|
Total RevPAR |
$ |
97.82 |
|
|
|
$ |
34.09 |
|
|
|
$ |
83.31 |
|
|
|
$ |
47.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Inn at Opryland (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,523 |
|
|
|
$ |
679 |
|
|
|
$ |
7,656 |
|
|
|
$ |
3,584 |
|
|
|
|
Operating income (loss) |
$ |
228 |
|
9.0 |
% |
|
$ |
(783 |
) |
-115.3 |
% |
|
$ |
(530 |
) |
-6.9 |
% |
|
$ |
(3,310 |
) |
-92.4 |
% |
|
|
Depreciation & amortization |
|
317 |
|
|
|
|
335 |
|
|
|
|
1,272 |
|
|
|
|
1,318 |
|
|
|
|
Loss on disposal of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Pro rata adjusted EBITDA from joint ventures |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
Adjusted EBITDAre |
$ |
545 |
|
21.6 |
% |
|
$ |
(448 |
) |
-66.0 |
% |
|
$ |
742 |
|
9.7 |
% |
|
$ |
(1,992 |
) |
-55.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
50.6 |
% |
|
|
|
19.2 |
% |
|
|
|
41.2 |
% |
|
|
|
19.7 |
% |
|
|
|
Average daily rate (ADR) |
$ |
136.40 |
|
|
|
$ |
100.96 |
|
|
|
$ |
134.70 |
|
|
|
$ |
120.93 |
|
|
|
|
RevPAR |
$ |
68.95 |
|
|
|
$ |
19.40 |
|
|
|
$ |
55.53 |
|
|
|
$ |
23.81 |
|
|
|
|
OtherPAR |
$ |
21.52 |
|
|
|
$ |
4.89 |
|
|
|
$ |
13.69 |
|
|
|
$ |
8.50 |
|
|
|
|
Total RevPAR |
$ |
90.47 |
|
|
|
$ |
24.29 |
|
|
|
$ |
69.22 |
|
|
|
$ |
32.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating loss and
Adjusted EBITDAre for Gaylord Rockies for the twelve months ended
December 31, 2021 exclude forgiven asset management fees previously
owed to RHP of $0.3 million. |
|
Operating loss and Adjusted EBITDAre for Gaylord Rockies for the
three months and twelve months ended December 31, 2020 exclude
asset management fees owed to RHP of $0.2 million and $0.8
million, respectively. |
|
(2) Includes other
hospitality revenue and
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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