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 ended March 31,
2022.
First Quarter 2022 Highlights and Recent
Developments:
- Impacted by group cancellations early in the quarter due to the
Omicron variant, the Company generated Q1 2022 Net Loss available
to common shareholders of $(24.6) million and consolidated Adjusted
EBITDAre of $69.0 million.
- Driven by strong leisure ADR and occupancy and the rapid
recovery in group travel from the Omicron variant, Hospitality
occupancy reached 63.3% in March, compared to the month of January
when occupancy was 32.8%.
- Business levels rebounded quickly in the quarter, with
Hospitality Operating Income/(Loss) and Hospitality Adjusted
EBITDAre reaching $33.9 million and $52.5 million in March,
respectively, compared to $(17.1) million and $0.9 million in
January, respectively.
- Strong ADR performance across all five Gaylord Hotels, with ADR
reaching over $229 per night in Q1 2022, an increase of 21.0%
compared to Q1 2021 and 14.0% compared to Q1 2019 ADR.
- The Company recorded $19.6 million in cancellation and
attrition fees in Q1 2022.
- Gross Advanced Group Room Bookings in Q1 2022, exceeded Q1 2019
levels, with an increase in ADR of 7.5% on new bookings for all
future years as compared to Q1 2021, and 12.7% above Q1 2019, ADR
levels.
- Subsequent to quarter end, the Company announced a strategic
investment in the Company’s Opry Entertainment Group (OEG) by
Atairos and NBCUniversal, which initially values the OEG business
at $1.415 billion, inclusive of the pending acquisition of Block
21, and is expected to close in Q2 2022.
- Company provides outlook for Q2 2022 consolidated Net Income of
$28.5 to $32.0 million; FY 2022 consolidated Net Income of $60.0 to
$75.0 million; Q2 2022 consolidated Adjusted EBITDAre of $135 to
$145 million and FY 2022 consolidated Adjusted EBITDAre of $476 to
$502 million.
Colin Reed, Chairman and Chief Executive Officer
of Ryman Hospitality Properties, said, “Our businesses delivered
better than expected performance during the first quarter, and we
are starting the second quarter with positive momentum heading into
the rest of the year. The initial headwinds we faced from the
Omicron variant early in the year were overcome by a rapid
month-over-month improvement in group travel, continued strength in
leisure demand, and a Q1 2022 ADR that surpassed our Q1 2019 ADR by
14.0 percent. Notably, we ended the quarter with significant
acceleration across our business, delivering Hospitality Adjusted
EBITDAre for March that exceeded comparable results for the
pre-pandemic period of March 2019. This was achieved despite
overall occupancy rates that were nearly sixteen points lower than
the same period in 2019. The strong end to the quarter and
confidence for the remainder of 2022, barring a new variant or
other exogenous events, is allowing us to provide both Q2 and full
year 2022 outlook for Net Income and consolidated Adjusted
EBITDAre.
In addition to strong financial performance at
the end of the first quarter, we announced in early April a major
step forward in our plans to expand the reach of our entertainment
business, through a strategic partnership with Atairos and
NBCUniversal. We believe this alliance will help accelerate the
growth in this one-of-a-kind business while allowing us to
deleverage and continue to strategically invest in our hospitality
business. We look forward to closing this transaction in Q2 2022
and to what this partnership will bring in the months and years
ahead.”
First Quarter 2022 Results (as compared
to First Quarter 2021):
|
|
|
|
|
Consolidated Results |
|
|
|
|
($ in thousands, except per share amounts) |
Three Months Ended |
|
March 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
Total Revenue |
$299,135 |
|
$84,175 |
|
255.4% |
|
|
|
|
|
|
|
|
Operating income (loss) |
$7,874 |
|
($79,557) |
|
109.9% |
|
Operating income (loss) margin |
2.6% |
|
-94.5% |
|
97.1pt |
|
|
|
|
|
|
|
|
Net loss available to common shareholders |
($24,621) |
|
($104,521) |
|
76.4% |
|
Net loss available to common shareholders margin |
-8.2% |
|
-124.2% |
|
116.0pt |
|
Net loss available to common shareholders per diluted share |
($0.45) |
|
($1.90) |
|
76.3% |
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
$68,994 |
|
($22,449) |
|
407.3% |
|
Adjusted EBITDAre margin |
23.1% |
|
-26.7% |
|
49.8pt |
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$68,994 |
|
($21,705) |
|
417.9% |
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture margin |
23.1% |
|
-25.8% |
|
48.9pt |
|
|
|
|
|
|
|
|
Funds From Operations (FFO) available to common shareholders and
unit holders |
$31,222 |
|
($59,965) |
|
152.1% |
|
FFO available to common shareholders and unit holders per diluted
share/unit |
$0.56 |
|
($1.08) |
|
151.9% |
|
|
|
|
|
|
|
|
Adjusted FFO available to common shareholders and unit holders |
$34,814 |
|
($50,505) |
|
168.9% |
|
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit |
$0.63 |
|
($0.91) |
|
169.2% |
|
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture, Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin, FFO available to common shareholders and unit
holders, and Adjusted FFO available to common shareholders and unit
holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation
of the non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture Margin Definition” “FFO,
Adjusted FFO, and Adjusted FFO available to common shareholders and
unit holders Definition” and “Supplemental Financial Results”
below.
|
|
|
|
|
|
|
Hospitality Segment |
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
Hospitality Revenue(1) |
$261,111 |
|
$69,802 |
|
274.1% |
|
|
|
|
|
|
|
|
Hospitality Operating income (loss)(1) |
$15,668 |
|
($63,543) |
|
124.7% |
|
Hospitality Operating income/(loss) margin(1) |
6.0% |
|
-91.0% |
|
97.0pt |
|
Hospitality Adjusted EBITDAre(1) |
$70,332 |
|
($11,889) |
|
691.6% |
|
Hospitality Adjusted EBITDAre margin(1) |
26.9% |
|
-17.0% |
|
43.9pt |
|
|
|
|
|
|
|
|
Hospitality Performance Metrics(1)(2) |
|
|
|
|
|
|
Occupancy |
47.3% |
|
16.4% |
|
30.9pt |
|
Average Daily Rate (ADR) |
$229.17 |
|
$189.42 |
|
21.0% |
|
RevPAR |
$108.41 |
|
$31.02 |
|
249.5% |
|
Total RevPAR |
$278.64 |
|
$76.71 |
|
263.2% |
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
422,045 |
|
441,170 |
|
-4.3% |
|
Net Definite Rooms Nights Booked |
165,668 |
|
(33,709) |
|
591.5% |
|
Group Attrition (as % of contracted block) |
32.1% |
|
42.1% |
|
-10.0pt |
|
Cancellations ITYFTY(3) |
170,419 |
|
279,624 |
|
-39.1% |
|
|
|
|
|
|
|
|
(1) Gaylord
National closed on March 25, 2020 and remained closed until July 1,
2021. |
(2) Calculation of
hospitality performance metrics includes closed hotel room nights
available; includes the addition of 302 additional guest rooms due
to Gaylord Palms expansion beginning June 1, 2021. ADR is for
occupied rooms. |
(3) "ITYFTY"
represents In The Year For The Year. |
|
Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and
Occupancy” below. Property-level results and operating metrics for
first quarter 2022 are presented in greater detail below and under
“Supplemental Financial Results—Hospitality Segment Adjusted
EBITDAre Reconciliations and Operating Metrics,” which includes a
reconciliation of the non-GAAP financial measures Hospitality
Adjusted EBITDAre to Hospitality Operating Income/(Loss), and
property-level Adjusted EBITDAre to property-level Operating
Income/(Loss) for each of the hotel properties.
Hospitality Segment Highlights
- Hotel occupancy was 47.3% in Q1 2022, however, occupancy
increased substantially month-by-month, rising from 32.8% in
January to 63.3% in March as the Omicron variant subsided.
- Gaylord Palms delivered the best Operating Income and Adjusted
EBITDAre month on record for the hotel for the month of March, with
occupancy levels near 80%, including the recently completed 302
room expansion.
- Group sales production for the quarter totaled 422,000 gross
room nights, with a 12.7% improvement in ADR for all future years
over Q1 2019 group production.
Gaylord Opryland |
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
Revenue |
|
$73,519 |
|
$21,759 |
|
237.9% |
|
Operating income (loss) |
|
$15,555 |
|
($11,750) |
|
232.4% |
|
Operating income (loss)
margin |
|
21.2% |
|
-54.0% |
|
75.2pt |
|
Adjusted EBITDAre |
|
$24,131 |
|
($3,482) |
|
793.0% |
|
Adjusted EBITDAre margin |
|
32.8% |
|
-16.0% |
|
48.8pt |
|
|
|
|
|
|
|
|
|
Occupancy |
|
48.8% |
|
18.3% |
|
30.5pt |
|
Average daily rate (ADR) |
|
$239.77 |
|
$210.04 |
|
14.2% |
|
RevPAR |
|
$116.98 |
|
$38.37 |
|
204.9% |
|
Total RevPAR |
|
$282.85 |
|
$83.71 |
|
237.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
Revenue |
|
$59,848 |
|
$15,117 |
|
295.9% |
|
Operating income (loss) |
|
$15,858 |
|
($6,017) |
|
363.6% |
|
Operating income (loss)
margin |
|
26.5% |
|
-39.8% |
|
66.3pt |
|
Adjusted EBITDAre |
|
$22,476 |
|
($393) |
|
5,819.1% |
|
Adjusted EBITDAre margin |
|
37.6% |
|
-2.6% |
|
40.2pt |
|
|
|
|
|
|
|
|
|
Occupancy (1) |
|
55.6% |
|
24.3% |
|
31.3pt |
|
Average daily rate (ADR) |
|
$256.19 |
|
$191.71 |
|
33.6% |
|
RevPAR (1) |
|
$142.36 |
|
$46.66 |
|
205.1% |
|
Total RevPAR (1) |
|
$387.07 |
|
$118.62 |
|
226.3% |
|
|
|
|
|
|
|
|
|
(1) Calculation of
hospitality performance metrics includes 302 expansion rooms
beginning June 1, 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
Revenue |
|
$56,636 |
|
$18,358 |
|
208.5% |
|
Operating income (loss) |
|
$12,916 |
|
($4,781) |
|
370.2% |
|
Operating income (loss)
margin |
|
22.8% |
|
-26.0% |
|
48.8pt |
|
Adjusted EBITDAre |
|
$19,614 |
|
$1,448 |
|
1,254.6% |
|
Adjusted EBITDAre margin |
|
34.6% |
|
7.9% |
|
26.7pt |
|
|
|
|
|
|
|
|
|
Occupancy |
|
57.8% |
|
22.6% |
|
35.2pt |
|
Average daily rate (ADR) |
|
$221.38 |
|
$189.83 |
|
16.6% |
|
RevPAR |
|
$128.06 |
|
$42.99 |
|
197.9% |
|
Total RevPAR |
|
$346.91 |
|
$112.45 |
|
208.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National |
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
Revenue (2) |
|
$32,587 |
|
$1,257 |
|
2,492.4% |
|
Operating loss |
|
($11,275) |
|
($14,523) |
|
22.4% |
|
Operating loss margin |
|
-34.6% |
|
-1155.4% |
|
1,120.8pt |
|
Adjusted EBITDAre |
|
($1,796) |
|
($6,336) |
|
71.7% |
|
Adjusted EBITDAre margin |
|
-5.5% |
|
-504.1% |
|
498.6pt |
|
|
|
|
|
|
|
|
|
Occupancy (1) (2) |
|
35.4% |
|
0.0% |
|
35.4pt |
|
Average daily rate (ADR) |
|
$219.63 |
|
$0.00 |
|
NA |
|
RevPAR (1) (2) |
|
$77.73 |
|
$0.00 |
|
NA |
|
Total RevPAR (1) (2) |
|
$181.40 |
|
$7.00 |
|
2,491.4% |
|
|
|
|
|
|
|
|
|
(1) Calculation of
hospitality performance metrics includes closed hotel room nights
available. |
|
|
|
(2) Gaylord
National closed on March 25, 2020 and remained closed until July 1,
2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Rockies |
|
|
|
|
|
|
|
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
Revenue |
|
$34,787 |
|
$11,970 |
|
190.6% |
|
Operating loss |
|
($16,784) |
|
($24,699) |
|
32.0% |
|
Operating loss margin |
|
-48.2% |
|
-206.3% |
|
158.1pt |
|
Adjusted EBITDAre |
|
$5,864 |
|
($2,008) |
|
392.0% |
|
Adjusted EBITDAre margin |
|
16.9% |
|
-16.8% |
|
33.7pt |
|
|
|
|
|
|
|
|
|
Occupancy |
|
39.2% |
|
17.4% |
|
21.8pt |
|
Average daily rate (ADR) |
|
$213.46 |
|
$175.28 |
|
21.8% |
|
RevPAR |
|
$83.61 |
|
$30.46 |
|
174.5% |
|
Total RevPAR |
|
$257.51 |
|
$88.61 |
|
190.6% |
|
|
|
|
|
|
|
|
|
Entertainment Segment
For the three months ended March 31, 2022, and
2021, the Company reported the following:
|
|
|
|
|
($ in thousands) |
Three Months Ended |
|
March 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
Revenue |
$38,024 |
|
$14,373 |
|
164.6% |
|
Operating income (loss) |
$2,437 |
|
($7,920) |
|
130.8% |
|
Operating income (loss) margin |
6.4% |
|
-55.1% |
|
61.5pt |
|
Adjusted EBITDAre |
$4,810 |
|
($5,461) |
|
188.1% |
|
Adjusted EBITDAre margin |
12.6% |
|
-38.0% |
|
50.6pt |
|
|
|
|
|
|
|
|
|
|
|
Reed continued, “Despite some turbulence early in the quarter
related to the Omicron variant, our entertainment business results
exceeded our internal expectations as live entertainment and
leisure travel continues to appeal to consumers across the country.
Our previously announced growth projects remain on pace, and our
Block 21 acquisition is expected to close prior to June 1, 2022. We
are pleased with the recovery we have seen in this business and
look forward to increased leisure demand for the remainder of the
year.”
Corporate and Other Segment
For the three months ended March 31, 2022, and
2021, the Company reported the following:
Corporate and Other Segment Results |
($ in thousands) |
Three Months Ended |
|
31-Mar |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
Operating loss |
($10,231) |
|
($8,094) |
|
-26.4% |
|
Adjusted EBITDAre |
($6,148) |
|
($5,099) |
|
-20.6% |
|
|
|
|
|
|
|
|
The increase in Corporate and Other Segment Operating Loss and
decrease in Adjusted EBITDAre for the 2022 period resulted from an
increase in administrative and employment costs associated with the
hiring of additional employees and increased wages to support the
Company’s continued recovery and future growth.
Reed concluded, “After two years of uncertainty, we are at last
beginning to see familiar patterns emerge on both sides of our
business. We have always taken pride in the unique visibility that
the contractual nature of our core business provides, and we remain
optimistic about our current trajectory and tremendously
enthusiastic about our long-term prospects.”
2022 Guidance
The following business performance outlook for
second quarter 2022 and full year 2022 is based on current
information as of May 2, 2022. The Company does not expect to
update the guidance provided below before next quarter’s earnings
release. However, the Company may update its full business outlook
or any portion thereof at any time for any reason. The guidance
below contemplates the consummation of the planned Block 21
transaction and the Company’s pro-rata share of the Circle JV.
($ in millions) |
Guidance |
|
|
2Q 2022 |
|
2Q 2022 |
|
|
Guidance |
|
Low |
|
High |
|
|
Midpoint |
|
|
|
|
|
|
|
Net Income |
$ |
28.5 |
|
$ |
32.0 |
|
|
$ |
30.3 |
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
Hospitality |
$ |
120.0 |
|
$ |
124.0 |
|
|
$ |
122.0 |
Entertainment |
22.0 |
|
27.0 |
|
|
24.5 |
Corporate and Other |
(7.0) |
|
(6.0) |
|
|
(6.5) |
Consolidated Adjusted EBITDAre |
$ |
135.0 |
|
$ |
145.0 |
|
|
$ |
140.0 |
|
|
|
|
|
|
|
($ in millions) |
Guidance |
|
|
Full Year 2022 |
|
Full Year 2022 |
|
|
Guidance |
|
Low |
|
High |
|
|
Midpoint |
|
|
|
|
|
|
|
Net Income |
$ |
60.0 |
|
$ |
75.0 |
|
|
$ |
67.5 |
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
Hospitality |
$ |
425.0 |
|
$ |
440.0 |
|
|
$ |
432.5 |
Entertainment |
80.0 |
|
88.0 |
|
|
84.0 |
Corporate and Other |
(29.0) |
|
(26.0) |
|
|
(27.5) |
Consolidated Adjusted EBITDAre |
$ |
476.0 |
|
$ |
502.0 |
|
|
$ |
489.0 |
|
|
|
|
|
|
|
Note: For reconciliations of Consolidated
Adjusted EBITDAre guidance to Net Income and segment-level Adjusted
EBITDAre to segment-level Operating Income, see “Reconciliation of
Forward-Looking Statements” below.
Development UpdateOn March 28,
2022, the Company announced that the anticipated closing date for
the previously announced sale of Block 21 by Stratus Properties,
Inc. to the Company was extended, as the parties complete the
process of obtaining the remaining required approvals of the
assumption of the property’s existing mortgage loan by the
purchaser. The acquisition is now expected to close prior
to June 1, 2022, subject to the timely satisfaction or waiver
of various closing conditions, including the final consent of the
loan servicers to the assumption of the existing loan by the
purchaser, the consent of the hotel operator, an affiliate of
Marriott, to the assumption of the hotel operating agreement by the
purchaser, the absence of a material adverse effect, and other
customary closing conditions.
On April 4, 2022, the Company announced that
Atairos, along with Atairos’ long-term strategic partner
NBCUniversal, will acquire a 30% minority ownership stake in RHP’s
Opry Entertainment Group. Atairos’ investment values OEG at $1.415
billion, inclusive of OEG’s previously announced acquisition of
Block 21. Atairos has agreed to make an additional $30 million
investment in OEG, contingent on certain performance targets being
achieved, which would bring OEG’s valuation to $1.515 billion. The
initial $1.415 billion valuation includes a recapitalization of OEG
with a new $300 million Term Loan B, a new revolving credit
facility, and the assumption of a $137 million CMBS facility for
Block 21 upon consummation of that transaction. Atairos’ and
NBCUniversal’s initial 30% equity investment in OEG is
approximately $293 million, of which NBCUniversal will indirectly
invest up to approximately $15 million. The transaction, which is
subject to customary conditions, is expected to close in Q2 2022.
The Company expects to use the net proceeds of the $293 million
investment and the OEG financing to pay transaction expenses, fully
repay its $300 million Term Loan A and repay substantially all the
borrowings outstanding under its revolving credit facility, thereby
reducing leverage, and creating balance sheet flexibility to allow
the Company to pursue continued reinvestment in its businesses.
Balance Sheet/Liquidity
UpdateAs of March 31, 2022, the Company had total debt
outstanding of $2,937.7 million, net of unamortized deferred
financing costs, and unrestricted cash of $128.4 million. As of
March 31, 2022, $190.0 million was drawn under the revolving credit
line of the Company’s credit facility, and the lending banks had
issued $0.1 million in letters of credit, which left $509.9 million
of availability for borrowing under the credit facility.
At the end of the first quarter, the Company
effectively exited its covenant waiver period under its secured
credit facility. Beginning with the second quarter, the Company now
will once again be required to meet modified covenants related to
its funded indebtedness to total asset value ratio, fixed charge
coverage ratio, and implied debt service coverage ratio.
Earnings Call InformationRyman
Hospitality Properties will hold a conference call to discuss this
release tomorrow, May 3, 2022, at 9:00 a.m. ET. Investors can
listen to the conference call over the Internet at www.rymanhp.com.
To listen to the live call, please go to the Investor Relations
section of the website (Investor Relations/Presentations, Earnings
and Webcasts) at least 15 minutes prior to the call to register and
download any necessary audio software. For those who cannot listen
to the live broadcast, a replay will be available shortly after the
call and will be available for at least 30 days.
About Ryman Hospitality Properties,
Inc.Ryman Hospitality Properties, Inc. (NYSE: RHP) is a
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 2.8 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, leisure 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, the
pending Atairos investment in OEG, the Company’s expectations for
OEG upon the closing of the proposed investment in OEG, 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, leisure 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 effects of inflation on the Company’s business and on
its customers, including group business at its 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 the Atairos
investment in OEG, or result in the termination of the agreement
for the Block 21 acquisition or for the proposed investment in OEG,
adverse effects on the Company’s common stock because of the
failure to complete the Block 21 acquisition or the proposed
investment in OEG, 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, 2021, 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 months ended March 31, 2022, and 2021, 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 Gaylord National, which reopened July 1, 2021, resulted
in significantly lower performance reflected in these metrics for
the three months ended March 31, 2021, as compared to the current
period. Occupancy figures reflect an additional 302 rooms available
at Gaylord Palms beginning in June 2021.
Calculation of GAAP Margin
FiguresWe calculate Net Income/(Loss) 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/(Loss) 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 |
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~ |
Jennifer Hutcheson, Chief Financial Officer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6320 |
(929) 266-6315 |
jhutcheson@rymanhp.com |
robert.winters@alpha-ir.com |
Todd Siefert, Senior Vice President Corporate Finance &
Treasurer |
|
Ryman Hospitality Properties, Inc. |
|
(615) 316-6344 |
|
tsiefert@rymanhp.com |
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
Unaudited |
(In thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Mar. 31 |
|
|
2022 |
|
2021 |
Revenues : |
|
|
|
|
Rooms |
$ |
101,593 |
|
|
$ |
28,228 |
|
|
Food and
beverage |
|
112,116 |
|
|
|
18,175 |
|
|
Other hotel
revenue |
|
47,402 |
|
|
|
23,399 |
|
|
Entertainment |
|
38,024 |
|
|
|
14,373 |
|
|
Total revenues |
|
299,135 |
|
|
|
84,175 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Rooms |
|
30,136 |
|
|
|
9,477 |
|
|
Food and
beverage |
|
71,329 |
|
|
|
19,329 |
|
|
Other hotel
expenses |
|
86,643 |
|
|
|
54,557 |
|
|
Management
fees |
|
5,064 |
|
|
|
753 |
|
|
Total hotel operating expenses |
|
193,172 |
|
|
|
84,116 |
|
|
Entertainment |
|
31,731 |
|
|
|
18,691 |
|
|
Corporate |
|
9,557 |
|
|
|
7,528 |
|
|
Preopening
costs |
|
304 |
|
|
|
399 |
|
|
(Gain) loss
on sale of assets |
|
469 |
|
|
|
(317 |
) |
|
Depreciation
and amortization |
|
56,028 |
|
|
|
53,315 |
|
|
Total operating expenses |
|
291,261 |
|
|
|
163,732 |
|
|
|
|
|
|
Operating income (loss) |
|
7,874 |
|
|
|
(79,557 |
) |
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(31,937 |
) |
|
|
(30,796 |
) |
Interest income |
|
1,381 |
|
|
|
1,370 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
(2,949 |
) |
Loss from consolidated joint ventures |
|
(2,627 |
) |
|
|
(1,609 |
) |
Other gains and (losses), net |
|
447 |
|
|
|
374 |
|
Loss before income taxes |
|
(24,862 |
) |
|
|
(113,167 |
) |
|
|
|
|
|
(Provision) benefit for income taxes |
|
65 |
|
|
|
(3,954 |
) |
Net loss |
|
(24,797 |
) |
|
|
(117,121 |
) |
|
|
|
|
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
- |
|
|
|
11,793 |
|
Net loss attributable to noncontrolling interest in Operating
Partnership |
|
176 |
|
|
|
807 |
|
Net loss available to common shareholders |
$ |
(24,621 |
) |
|
$ |
(104,521 |
) |
|
|
|
|
|
Basic loss per share available to common shareholders |
$ |
(0.45 |
) |
|
$ |
(1.90 |
) |
Diluted loss per share available to common shareholders |
$ |
(0.45 |
) |
|
$ |
(1.90 |
) |
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
Basic |
|
55,086 |
|
|
|
54,995 |
|
|
Diluted |
|
55,086 |
|
|
|
54,995 |
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
Mar.
31 |
|
Dec.
31, |
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
2,994,541 |
|
|
$ |
3,031,844 |
|
|
Cash and cash equivalents - unrestricted |
|
128,436 |
|
|
|
140,688 |
|
|
Cash and cash equivalents - restricted |
|
16,473 |
|
|
|
22,312 |
|
|
Notes receivable |
|
67,493 |
|
|
|
71,228 |
|
|
Trade receivables, net |
|
83,234 |
|
|
|
74,745 |
|
|
Prepaid expenses and other assets |
|
132,879 |
|
|
|
112,904 |
|
|
Intangible assets |
|
116,772 |
|
|
|
126,804 |
|
|
|
Total assets |
$ |
3,539,828 |
|
|
$ |
3,580,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
2,937,660 |
|
|
$ |
2,936,819 |
|
|
Accounts payable and accrued liabilities |
|
287,286 |
|
|
|
304,719 |
|
|
Dividends payable |
|
110 |
|
|
|
386 |
|
|
Deferred management rights proceeds |
|
169,834 |
|
|
|
170,614 |
|
|
Operating lease liabilities |
|
114,981 |
|
|
|
113,770 |
|
|
Deferred income tax liabilities, net |
|
4,256 |
|
|
|
4,671 |
|
|
Other liabilities |
|
62,880 |
|
|
|
71,939 |
|
|
Total equity (deficit) |
|
(37,179 |
) |
|
|
(22,393 |
) |
|
|
Total
liabilities and equity (deficit) |
$ |
3,539,828 |
|
|
$ |
3,580,525 |
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
ADJUSTED
EBITDAre RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Mar. 31, |
|
2022 |
|
2021 |
|
$ |
Margin |
|
$ |
Margin |
Consolidated |
|
|
|
|
|
Revenue |
$ |
299,135 |
|
|
|
$ |
84,175 |
|
|
Net loss |
$ |
(24,797 |
) |
-8.3 |
% |
|
$ |
(117,121 |
) |
-139.1 |
% |
Interest expense, net |
|
30,556 |
|
|
|
|
29,426 |
|
|
Provision (benefit) for income taxes |
|
(65 |
) |
|
|
|
3,954 |
|
|
Depreciation & amortization |
|
56,028 |
|
|
|
|
53,315 |
|
|
(Gain) loss on sale of assets |
|
469 |
|
|
|
|
(317 |
) |
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
22 |
|
|
|
|
15 |
|
|
EBITDAre |
|
62,213 |
|
20.8 |
% |
|
|
(30,728 |
) |
-36.5 |
% |
Preopening costs |
|
304 |
|
|
|
|
399 |
|
|
Non-cash lease expense |
|
1,173 |
|
|
|
|
1,088 |
|
|
Equity-based compensation expense |
|
3,786 |
|
|
|
|
2,522 |
|
|
Interest income on Gaylord National bonds |
|
1,340 |
|
|
|
|
1,321 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
2,949 |
|
|
Transaction costs of acquisitions |
|
178 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
68,994 |
|
23.1 |
% |
|
$ |
(22,449 |
) |
-26.7 |
% |
Adjusted EBITDAre of noncontrolling interest in consolidated
joint venture |
|
- |
|
|
|
|
744 |
|
|
Adjusted EBITDAre,
excluding noncontrolling interest in
consolidated joint venture |
$ |
68,994 |
|
23.1 |
% |
|
$ |
(21,705 |
) |
-25.8 |
% |
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
Revenue |
$ |
261,111 |
|
|
|
$ |
69,802 |
|
|
Operating income (loss) |
$ |
15,668 |
|
6.0 |
% |
|
$ |
(63,543 |
) |
-91.0 |
% |
Depreciation & amortization |
|
52,271 |
|
|
|
|
49,148 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
(317 |
) |
|
Preopening costs |
|
- |
|
|
|
|
398 |
|
|
Non-cash lease expense |
|
1,053 |
|
|
|
|
1,104 |
|
|
Interest income on Gaylord National bonds |
|
1,340 |
|
|
|
|
1,321 |
|
|
Adjusted EBITDAre |
$ |
70,332 |
|
26.9 |
% |
|
$ |
(11,889 |
) |
-17.0 |
% |
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
Revenue |
$ |
38,024 |
|
|
|
$ |
14,373 |
|
|
Operating income (loss) |
$ |
2,437 |
|
6.4 |
% |
|
$ |
(7,920 |
) |
-55.1 |
% |
Depreciation & amortization |
|
3,552 |
|
|
|
|
3,601 |
|
|
Preopening costs |
|
304 |
|
|
|
|
1 |
|
|
Non-cash lease (revenue) expense |
|
120 |
|
|
|
|
(16 |
) |
|
Equity-based compensation |
|
824 |
|
|
|
|
467 |
|
|
Transaction costs of acquisitions |
|
178 |
|
|
|
|
- |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
|
(2,605 |
) |
|
|
|
(1,594 |
) |
|
Adjusted EBITDAre |
$ |
4,810 |
|
12.6 |
% |
|
$ |
(5,461 |
) |
-38.0 |
% |
|
|
|
|
|
|
Corporate
and Other segment |
|
|
|
|
|
Operating loss |
$ |
(10,231 |
) |
|
|
$ |
(8,094 |
) |
|
Depreciation & amortization |
|
205 |
|
|
|
|
566 |
|
|
Other gains and (losses), net |
|
916 |
|
|
|
|
374 |
|
|
Equity-based compensation |
|
2,962 |
|
|
|
|
2,055 |
|
|
Adjusted EBITDAre |
$ |
(6,148 |
) |
|
|
$ |
(5,099 |
) |
|
|
|
|
|
|
|
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 Mar. 31, |
|
2022 |
|
2021 |
Consolidated |
|
|
|
Net loss |
$ |
(24,797 |
) |
|
$ |
(117,121 |
) |
Noncontrolling interest in consolidated joint venture |
|
- |
|
|
|
11,793 |
|
Net loss available to common shareholders and unit
holders |
|
(24,797 |
) |
|
|
(105,328 |
) |
Depreciation & amortization |
|
55,997 |
|
|
|
53,278 |
|
Adjustments for noncontrolling interest |
|
- |
|
|
|
(7,930 |
) |
Pro rata adjustments from joint ventures |
|
22 |
|
|
|
15 |
|
FFO available to common shareholders and unit
holders |
|
31,222 |
|
|
|
(59,965 |
) |
|
|
|
|
Right-of-use asset amortization |
|
31 |
|
|
|
37 |
|
Non-cash lease expense |
|
1,173 |
|
|
|
1,088 |
|
(Gain) loss on other assets |
|
469 |
|
|
|
(317 |
) |
Amortization of deferred financing costs |
|
2,229 |
|
|
|
2,209 |
|
Amortization of debt premiums |
|
(73 |
) |
|
|
(70 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
2,949 |
|
Adjustments for noncontrolling interest |
|
- |
|
|
|
(217 |
) |
Transaction costs of acquisitions |
|
178 |
|
|
|
- |
|
Deferred tax (benefit) expense |
|
(415 |
) |
|
|
3,781 |
|
Adjusted FFO available to common shareholders and unit
holders |
$ |
34,814 |
|
|
$ |
(50,505 |
) |
Capital expenditures (1) |
|
(12,305 |
) |
|
|
(152 |
) |
Adjusted FFO available to common shareholders and unit
holders (ex. maintenance capex) |
$ |
22,509 |
|
|
$ |
(50,657 |
) |
|
|
|
|
|
|
|
|
Basic net loss per share |
$ |
(0.45 |
) |
|
$ |
(1.90 |
) |
Diluted net loss per share |
$ |
(0.45 |
) |
|
$ |
(1.90 |
) |
|
|
|
|
FFO available to common shareholders and unit holders per basic
share/unit |
$ |
0.56 |
|
|
$ |
(1.08 |
) |
Adjusted FFO available to common shareholders and unit holders per
basic share/unit |
$ |
0.63 |
|
|
$ |
(0.91 |
) |
|
|
|
|
FFO available to common shareholders and unit holders per diluted
share/unit |
$ |
0.56 |
|
|
$ |
(1.08 |
) |
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit |
$ |
0.63 |
|
|
$ |
(0.91 |
) |
|
|
|
|
Weighted
average common shares and OP units for the period: |
|
|
|
Basic |
|
55,481 |
|
|
|
55,422 |
|
Diluted |
|
55,481 |
|
|
|
55,422 |
|
|
|
|
|
(1) Represents FF&E reserve contribution for managed properties
and maintenance capital expenditures for non-managed properties.
Note that during 2021, as a result of the COVID-19 pandemic,
contributions to the FF&E reserve for managed properties were
suspended. |
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
HOSPITALITY
SEGMENT ADJUSTED
EBITDAre RECONCILIATIONS AND
OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended Mar. 31, |
|
2022 |
|
2021 |
|
$ |
Margin |
|
$ |
Margin |
Hospitality segment |
|
|
|
|
|
Revenue |
$ |
261,111 |
|
|
|
$ |
69,802 |
|
|
Operating income (loss) |
$ |
15,668 |
|
6.0 |
% |
|
$ |
(63,543 |
) |
-91.0 |
% |
Depreciation & amortization |
|
52,271 |
|
|
|
|
49,148 |
|
|
Preopening costs |
|
- |
|
|
|
|
398 |
|
|
Non-cash lease expense |
|
1,053 |
|
|
|
|
1,104 |
|
|
Interest income on Gaylord National bonds |
|
1,340 |
|
|
|
|
1,321 |
|
|
Adjusted EBITDAre |
$ |
70,332 |
|
26.9 |
% |
|
$ |
(11,889 |
) |
-17.0 |
% |
|
|
|
|
|
|
Occupancy |
|
47.3 |
% |
|
|
|
16.4 |
% |
|
Average daily rate (ADR) |
$ |
229.17 |
|
|
|
$ |
189.42 |
|
|
RevPAR |
$ |
108.41 |
|
|
|
$ |
31.02 |
|
|
OtherPAR |
$ |
170.23 |
|
|
|
$ |
45.69 |
|
|
Total RevPAR |
$ |
278.64 |
|
|
|
$ |
76.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
Revenue |
$ |
73,519 |
|
|
|
$ |
21,759 |
|
|
Operating income (loss) |
$ |
15,555 |
|
21.2 |
% |
|
$ |
(11,750 |
) |
-54.0 |
% |
Depreciation & amortization |
|
8,589 |
|
|
|
|
8,583 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
(317 |
) |
|
Non-cash lease (revenue) expense |
|
(13 |
) |
|
|
|
2 |
|
|
Adjusted EBITDAre |
$ |
24,131 |
|
32.8 |
% |
|
$ |
(3,482 |
) |
-16.0 |
% |
|
|
|
|
|
|
Occupancy |
|
48.8 |
% |
|
|
|
18.3 |
% |
|
Average daily rate (ADR) |
$ |
239.77 |
|
|
|
$ |
210.04 |
|
|
RevPAR |
$ |
116.98 |
|
|
|
$ |
38.37 |
|
|
OtherPAR |
$ |
165.87 |
|
|
|
$ |
45.34 |
|
|
Total RevPAR |
$ |
282.85 |
|
|
|
$ |
83.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
Revenue |
$ |
59,848 |
|
|
|
$ |
15,117 |
|
|
Operating income (loss) |
$ |
15,858 |
|
26.5 |
% |
|
$ |
(6,017 |
) |
-39.8 |
% |
Depreciation & amortization |
|
5,552 |
|
|
|
|
4,124 |
|
|
Preopening costs |
|
- |
|
|
|
|
398 |
|
|
Non-cash lease expense |
|
1,066 |
|
|
|
|
1,102 |
|
|
Adjusted EBITDAre |
$ |
22,476 |
|
37.6 |
% |
|
$ |
(393 |
) |
-2.6 |
% |
|
|
|
|
|
|
Occupancy |
|
55.6 |
% |
|
|
|
24.3 |
% |
|
Average daily rate (ADR) |
$ |
256.19 |
|
|
|
$ |
191.71 |
|
|
RevPAR |
$ |
142.36 |
|
|
|
$ |
46.66 |
|
|
OtherPAR |
$ |
244.71 |
|
|
|
$ |
71.96 |
|
|
Total RevPAR |
$ |
387.07 |
|
|
|
$ |
118.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
Revenue |
$ |
56,636 |
|
|
|
$ |
18,358 |
|
|
Operating income (loss) |
$ |
12,916 |
|
22.8 |
% |
|
$ |
(4,781 |
) |
-26.0 |
% |
Depreciation & amortization |
|
6,698 |
|
|
|
|
6,229 |
|
|
Adjusted EBITDAre |
$ |
19,614 |
|
34.6 |
% |
|
$ |
1,448 |
|
7.9 |
% |
|
|
|
|
|
|
Occupancy |
|
57.8 |
% |
|
|
|
22.6 |
% |
|
Average daily rate (ADR) |
$ |
221.38 |
|
|
|
$ |
189.83 |
|
|
RevPAR |
$ |
128.06 |
|
|
|
$ |
42.99 |
|
|
OtherPAR |
$ |
218.85 |
|
|
|
$ |
69.46 |
|
|
Total RevPAR |
$ |
346.91 |
|
|
|
$ |
112.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National |
|
|
|
|
|
Revenue |
$ |
32,587 |
|
|
|
$ |
1,257 |
|
|
Operating loss |
$ |
(11,275 |
) |
-34.6 |
% |
|
$ |
(14,523 |
) |
-1155.4 |
% |
Depreciation & amortization |
|
8,139 |
|
|
|
|
6,866 |
|
|
Interest income on Gaylord National bonds |
|
1,340 |
|
|
|
|
1,321 |
|
|
Adjusted EBITDAre |
$ |
(1,796 |
) |
-5.5 |
% |
|
$ |
(6,336 |
) |
-504.1 |
% |
|
|
|
|
|
|
Occupancy |
|
35.4 |
% |
|
|
|
0.0 |
% |
|
Average daily rate (ADR) |
$ |
219.63 |
|
|
|
$ |
- |
|
|
RevPAR |
$ |
77.73 |
|
|
|
$ |
- |
|
|
OtherPAR |
$ |
103.67 |
|
|
|
$ |
7.00 |
|
|
Total RevPAR |
$ |
181.40 |
|
|
|
$ |
7.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
Revenue |
$ |
34,787 |
|
|
|
$ |
11,970 |
|
|
Operating loss(1) |
$ |
(16,784 |
) |
-48.2 |
% |
|
$ |
(24,699 |
) |
-206.3 |
% |
Depreciation & amortization |
|
22,648 |
|
|
|
|
22,691 |
|
|
Adjusted
EBITDAre(1) |
$ |
5,864 |
|
16.9 |
% |
|
$ |
(2,008 |
) |
-16.8 |
% |
|
|
|
|
|
|
Occupancy |
|
39.2 |
% |
|
|
|
17.4 |
% |
|
Average daily rate (ADR) |
$ |
213.46 |
|
|
|
$ |
175.28 |
|
|
RevPAR |
$ |
83.61 |
|
|
|
$ |
30.46 |
|
|
OtherPAR |
$ |
173.90 |
|
|
|
$ |
58.15 |
|
|
Total RevPAR |
$ |
257.51 |
|
|
|
$ |
88.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
AC Hotel at National Harbor |
|
|
|
|
|
Revenue |
$ |
1,607 |
|
|
|
$ |
805 |
|
|
Operating loss |
$ |
(407 |
) |
-25.3 |
% |
|
$ |
(765 |
) |
-95.0 |
% |
Depreciation & amortization |
|
327 |
|
|
|
|
329 |
|
|
Adjusted EBITDAre |
$ |
(80 |
) |
-5.0 |
% |
|
$ |
(436 |
) |
-54.2 |
% |
|
|
|
|
|
|
Occupancy |
|
46.2 |
% |
|
|
|
33.3 |
% |
|
Average daily rate (ADR) |
$ |
176.64 |
|
|
|
$ |
125.99 |
|
|
RevPAR |
$ |
81.65 |
|
|
|
$ |
41.89 |
|
|
OtherPAR |
$ |
11.37 |
|
|
|
$ |
4.68 |
|
|
Total RevPAR |
$ |
93.02 |
|
|
|
$ |
46.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Inn at Opryland(2) |
|
|
|
|
|
Revenue |
$ |
2,127 |
|
|
|
$ |
536 |
|
|
Operating loss |
$ |
(195 |
) |
-9.2 |
% |
|
$ |
(1,008 |
) |
-188.1 |
% |
Depreciation & amortization |
|
318 |
|
|
|
|
326 |
|
|
Adjusted EBITDAre |
$ |
123 |
|
5.8 |
% |
|
$ |
(682 |
) |
-127.2 |
% |
|
|
|
|
|
|
Occupancy |
|
42.7 |
% |
|
|
|
15.9 |
% |
|
Average daily rate (ADR) |
$ |
137.24 |
|
|
|
$ |
104.19 |
|
|
RevPAR |
$ |
58.63 |
|
|
|
$ |
16.55 |
|
|
OtherPAR |
$ |
19.36 |
|
|
|
$ |
3.09 |
|
|
Total RevPAR |
$ |
77.99 |
|
|
|
$ |
19.64 |
|
|
|
|
|
|
|
|
(1) Operating loss and
Adjusted EBITDAre for Gaylord Rockies exclude asset management
fees paid to RHP of $0.1 million for the three months ended
March 31, 2021. |
(2) Includes other
hospitality revenue and expense |
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
Adjusted EBITDAre reconciliation |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
January |
|
March |
|
|
|
|
2022 |
|
|
|
2022 |
Hospitality segment |
|
|
|
|
|
Operating Income/(Loss) |
|
$ |
(17,079 |
) |
|
$ |
33,913 |
|
Total Depreciation and Amortization |
|
$ |
17,229 |
|
|
$ |
17,798 |
|
Non-cash lease expense |
|
$ |
351 |
|
|
$ |
351 |
|
Interest income on bonds |
|
$ |
447 |
|
|
$ |
447 |
|
Adjusted EBITDAre |
|
$ |
948 |
|
|
$ |
52,509 |
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
Reconciliation of Forward-Looking Statements |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("Adjusted EBITDAre") |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE RANGE |
|
|
|
FOR 2Q 2022 |
|
|
|
Low |
|
High |
|
Midpoint |
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
Net Income |
|
$ |
28,500 |
|
|
$ |
32,000 |
|
|
$ |
30,250 |
|
|
Provision (benefit) for income taxes |
|
|
16,200 |
|
|
|
17,700 |
|
|
|
16,950 |
|
|
Interest Expense |
|
|
30,000 |
|
|
|
31,000 |
|
|
|
30,500 |
|
|
Depreciation and amortization |
|
|
55,000 |
|
|
|
57,000 |
|
|
|
56,000 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures (1) |
|
|
50 |
|
|
|
50 |
|
|
|
50 |
|
|
EBITDAre |
|
$ |
129,750 |
|
|
$ |
137,750 |
|
|
$ |
133,750 |
|
|
Non-cash lease expense |
|
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
|
Preopening expense |
|
|
125 |
|
|
|
125 |
|
|
|
125 |
|
|
Equity-based compensation |
|
|
2,625 |
|
|
|
3,625 |
|
|
|
3,125 |
|
|
Interest income on Bonds |
|
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
|
Other gains and (losses), net |
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Adjusted EBITDAre (1) |
|
$ |
135,000 |
|
|
$ |
145,000 |
|
|
$ |
140,000 |
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
70,000 |
|
|
$ |
72,000 |
|
|
$ |
71,000 |
|
|
Depreciation and amortization |
|
|
48,000 |
|
|
|
49,000 |
|
|
|
48,500 |
|
|
Non-cash lease expense |
|
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
|
Interest income on Bonds |
|
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
|
Adjusted EBITDAre |
|
$ |
120,000 |
|
|
$ |
124,000 |
|
|
$ |
122,000 |
|
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
17,500 |
|
|
$ |
20,000 |
|
|
$ |
18,750 |
|
|
Depreciation and amortization |
|
|
5,000 |
|
|
|
7,000 |
|
|
|
6,000 |
|
|
Preopening expense |
|
|
125 |
|
|
|
125 |
|
|
|
125 |
|
|
Equity-based compensation |
|
|
625 |
|
|
|
1,125 |
|
|
|
875 |
|
|
Pro rata adjusted EBITDAre from unconsolidated JVs (1) |
|
|
(1,250 |
) |
|
|
(1,250 |
) |
|
|
(1,250 |
) |
|
Adjusted EBITDAre (1) |
|
$ |
22,000 |
|
|
$ |
27,000 |
|
|
$ |
24,500 |
|
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
(11,500 |
) |
|
$ |
(10,000 |
) |
|
$ |
(10,750 |
) |
|
Depreciation and amortization |
|
|
2,000 |
|
|
|
1,000 |
|
|
|
1,500 |
|
|
Equity-based compensation |
|
|
2,000 |
|
|
|
2,500 |
|
|
|
2,250 |
|
|
Other gains and (losses), net |
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Adjusted EBITDAre |
|
$ |
(7,000 |
) |
|
$ |
(6,000 |
) |
|
$ |
(6,500 |
) |
|
|
|
|
|
|
|
|
(1) Reconcilation of Forward-Looking Guidance does not include any
impact of the pending Atairos transaction and pro
rata adjusted EBITDAre is only from RHP's JV partnership with
Circle |
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
Reconciliation of Forward-Looking Statements |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("Adjusted EBITDAre") |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE RANGE |
|
|
|
FOR FULL YEAR 2022 |
|
|
|
Low |
|
High |
|
Midpoint |
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
Net Income |
|
$ |
60,000 |
|
|
$ |
75,000 |
|
|
$ |
67,500 |
|
|
Provision (benefit) for income taxes |
|
|
53,400 |
|
|
|
55,300 |
|
|
|
54,350 |
|
|
Interest Expense |
|
|
132,500 |
|
|
|
134,000 |
|
|
|
133,250 |
|
|
Depreciation and amortization |
|
|
207,000 |
|
|
|
210,500 |
|
|
|
208,750 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures (1) |
|
|
100 |
|
|
|
200 |
|
|
|
150 |
|
|
EBITDAre |
|
$ |
453,000 |
|
|
$ |
475,000 |
|
|
$ |
464,000 |
|
|
Non-cash lease expense |
|
|
4,000 |
|
|
|
5,000 |
|
|
|
4,500 |
|
|
Preopening expense |
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Equity-based compensation |
|
|
11,500 |
|
|
|
14,000 |
|
|
|
12,750 |
|
|
Interest income on Bonds |
|
|
5,000 |
|
|
|
5,500 |
|
|
|
5,250 |
|
|
Other gains and (losses), net |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
2,000 |
|
|
Adjusted EBITDAre (1) |
|
$ |
476,000 |
|
|
$ |
502,000 |
|
|
$ |
489,000 |
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
233,000 |
|
|
$ |
243,500 |
|
|
$ |
238,250 |
|
|
Depreciation and amortization |
|
|
183,000 |
|
|
|
186,000 |
|
|
|
184,500 |
|
|
Non-cash lease expense |
|
|
4,000 |
|
|
|
5,000 |
|
|
|
4,500 |
|
|
Interest income on Bonds |
|
|
5,000 |
|
|
|
5,500 |
|
|
|
5,250 |
|
|
Adjusted EBITDAre |
|
$ |
425,000 |
|
|
$ |
440,000 |
|
|
$ |
432,500 |
|
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
66,000 |
|
|
$ |
69,000 |
|
|
$ |
67,500 |
|
|
Depreciation and amortization |
|
|
19,000 |
|
|
|
20,500 |
|
|
|
19,750 |
|
|
Preopening expense |
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Equity-based compensation |
|
|
2,500 |
|
|
|
4,000 |
|
|
|
3,250 |
|
|
Pro rata adjusted EBITDAre from unconsolidated JVs (1) |
|
|
(8,000 |
) |
|
|
(6,000 |
) |
|
|
(7,000 |
) |
|
Adjusted EBITDAre (1) |
|
$ |
80,000 |
|
|
$ |
88,000 |
|
|
$ |
84,000 |
|
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
(45,000 |
) |
|
$ |
(42,000 |
) |
|
$ |
(43,500 |
) |
|
Depreciation and amortization |
|
|
5,000 |
|
|
|
4,000 |
|
|
|
4,500 |
|
|
Equity-based compensation |
|
|
9,000 |
|
|
|
10,000 |
|
|
|
9,500 |
|
|
Other gains and (losses), net |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
2,000 |
|
|
Adjusted EBITDAre |
|
$ |
(29,000 |
) |
|
$ |
(26,000 |
) |
|
$ |
(27,500 |
) |
|
|
|
|
|
|
|
|
(1) Reconcilation of Forward-Looking Guidance does not include any
impact of the pending Atairos transaction and pro
rata adjusted EBITDAre is only from RHP's JV partnership with
Circle |
|
|
|
|
|
|
|
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From May 2024 to Jun 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Jun 2023 to Jun 2024