NASHVILLE, Tenn., Aug. 01, 2022 (GLOBE NEWSWIRE)
-- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading
lodging and hospitality real estate investment trust (“REIT”) that
specializes in upscale convention center resorts and leading
entertainment experiences, today reported financial results for the
second quarter ended June 30, 2022.
Second Quarter 2022 Highlights and Recent
Developments:
- The Company generated Net
Income available to common shareholders of $50.3 million or $0.91
per share, representing a return to profitability for the first
time since the beginning of the COVID-19 pandemic.
- The Hospitality segment
reported operating income and operating income margin of $100.6
million and 25.0% for the quarter, respectively, and delivered a
quarterly record in Adjusted EBITDAre and Adjusted EBITDAre margin
of $155.0 million and 38.6%, respectively, compared to $133.2
million and 37.3% for Q2 2019, respectively, despite 5.3 lower
points of occupancy compared to Q2 2019.
- Driven by an all-time record
transient rate of $283, Hospitality ADR exceeded $234 per night in
Q2 2022, an increase of 16.0% compared to Q2 2021 and 16.3%
increase compared to Q2 2019.
- Booked 601,000 gross advanced
group room nights for all future years as of June 30, 2022, at an
all-time record ADR of $243, an increase of nearly 14% over Q2 2021
ADR for future bookings and over 15% above Q2 2019 ADR levels for
future bookings.
- Successfully collected $15.4
million in attrition and cancellation fees in the quarter, totaling
$35.0 million year to date.
- Closed strategic investment in
the Company’s Opry Entertainment Group (OEG) by Atairos and
NBCUniversal on June 16, 2022, initially valuing the OEG business
at $1.415 billion, inclusive of Block 21, which we acquired on May
31, 2022.
- Company provides an outlook for
Q3 2022 and increases its Full Year 2022 outlook.
Colin Reed, Chairman and Chief Executive Officer
of Ryman Hospitality Properties, said, “Our hotel business set
multiple all-time records this quarter as the strategic actions we
took in the early days of the pandemic and the capital investments
we have made in our assets over the last five years continue to
show meaningful results. Remarkably, we achieved these record
results with recovering Hospitality occupancy levels that are
approximately 5 points below our pre-COVID levels. We are
particularly pleased with the improvement we have seen in group
travel and are encouraged by the pace of hotel bookings production
and lead volumes. These results, along with continued healthy
leisure demand and the strong desire of groups to return to their
pre-COVID meeting cadence, are indicators that our hotel business
is in prime position for a strong back half of the year and
additional upside in the years ahead.
The second quarter was also an active one for our Entertainment
segment. We successfully closed two major transactions, the Block
21 acquisition and our new joint venture with Atairos and
NBCUniversal, that will provide additional value creation
opportunities and further position OEG for long-term, sustainable
growth.”
Second Quarter 2022 Results (as compared
to Second Quarter 2021):
Consolidated Results |
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($ in thousands, except per share amounts) |
Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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% ∆ |
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2022 |
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2021 |
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% ∆ |
Total Revenue |
$470,204 |
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$170,861 |
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175.2% |
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$769,339 |
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$255,036 |
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201.7% |
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Operating income (loss) |
$105,968 |
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($30,947) |
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442.4% |
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$113,842 |
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($110,504) |
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203.0% |
Operating income (loss) margin |
22.5% |
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-18.1% |
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40.6pt |
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14.8% |
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-43.3% |
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58.1pt |
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Net income (loss) available to common shareholders |
$50,284 |
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($57,919) |
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186.8% |
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$25,663 |
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($162,440) |
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115.8% |
Net income (loss) available to common shareholders margin |
10.7% |
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-33.9% |
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44.6pt |
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3.3% |
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-63.7% |
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67.0pt |
Net income (loss) available to common shareholders per diluted
share |
$0.91 |
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($1.05) |
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186.7% |
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$0.46 |
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($2.95) |
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115.6% |
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Adjusted EBITDAre |
$167,625 |
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$28,155 |
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495.4% |
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$236,619 |
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$5,706 |
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4,046.8% |
Adjusted EBITDAre margin |
35.6% |
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16.5% |
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19.1pt |
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30.8% |
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2.2% |
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28.6pt |
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$166,494 |
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$28,428 |
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485.7% |
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$235,488 |
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$6,723 |
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3,402.7% |
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture margin |
35.4% |
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16.6% |
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18.8pt |
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30.6% |
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2.6% |
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28.0pt |
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Funds From Operations (FFO) available to common shareholders and
unit holders |
$107,119 |
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($6,825) |
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1,669.5% |
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$138,341 |
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($66,790) |
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307.1% |
FFO available to common shareholders and unit holders per diluted
share/unit |
$1.91 |
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($0.12) |
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1,691.7% |
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$2.48 |
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($1.20) |
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306.7% |
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Adjusted FFO available to common shareholders and unit holders |
$114,875 |
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($1,647) |
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7,074.8% |
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$149,689 |
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($52,152) |
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387.0% |
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit |
$2.05 |
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($0.03) |
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6,933.3% |
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$2.69 |
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($0.94) |
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386.2% |
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Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted
EBITDAre, excluding noncontrolling interest in
consolidated joint venture, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture margin, FFO
available to common shareholders and unit holders, and Adjusted FFO
available to common shareholders and unit holders, as well as a
reconciliation of the non-GAAP financial measure Adjusted
EBITDAre to Net Income/(Loss) and a reconciliation of the
non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre
and Adjusted EBITDAre, Excluding Noncontrolling Interest
in Consolidated Joint Venture Definition,” “Adjusted
EBITDAre Margin and Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture Margin
Definition” “FFO, Adjusted FFO, and Adjusted FFO available to
common shareholders and unit holders Definition” and “Supplemental
Financial Results” below.
Hospitality Segment
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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% ∆ |
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2022 |
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2021 |
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% ∆ |
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Hospitality Revenue (1) |
$401,802 |
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$135,688 |
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196.1% |
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$662,913 |
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$205,490 |
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222.6% |
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Hospitality operating income (loss) (1) |
$100,573 |
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($27,317) |
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468.2% |
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$116,241 |
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($90,860) |
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227.9% |
Hospitality operating income/(loss) margin (1) |
25.0% |
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-20.1% |
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45.1pt |
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17.5% |
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-44.2% |
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61.7pt |
Hospitality Adjusted EBITDAre (1) |
$154,983 |
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$25,968 |
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496.8% |
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$225,315 |
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$14,079 |
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1,500.4% |
Hospitality Adjusted EBITDAre margin (1) |
38.6% |
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19.1% |
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19.5pt |
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34.0% |
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6.9% |
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27.1pt |
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Hospitality Performance Metrics (1) (2) |
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Occupancy |
72.7% |
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32.9% |
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39.8pt |
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60.1% |
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24.7% |
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35.4pt |
Average Daily Rate (ADR) |
$234.50 |
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$202.12 |
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16.0% |
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$232.41 |
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$197.97 |
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17.4% |
RevPAR |
$170.46 |
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$66.51 |
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156.3% |
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$139.61 |
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$48.98 |
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185.0% |
Total RevPAR |
$424.07 |
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$145.63 |
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191.2% |
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$351.76 |
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$111.58 |
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215.3% |
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Gross Definite Rooms Nights Booked |
601,180 |
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659,469 |
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-8.8% |
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1,023,225 |
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1,100,639 |
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-7.0% |
Net Definite Rooms Nights Booked |
413,042 |
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371,540 |
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11.2% |
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578,710 |
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337,831 |
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71.3% |
Group Attrition (as % of contracted block) |
18.2% |
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19.8% |
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-1.6pt |
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23.9% |
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25.2% |
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-1.3pt |
Cancellations ITYFTY (3) |
11,647 |
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137,360 |
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-91.5% |
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182,066 |
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416,984 |
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-56.3% |
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(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. |
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Note: For the Company’s definitions of Revenue Per Available
Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR),
see “Calculation of RevPAR, Total RevPAR, and Occupancy” below.
Property-level results and operating metrics for second quarter
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 in the
Hospitality segment.
Hospitality Segment
Highlights
- Hotels achieved 72.7% occupancy in
Q2 2022, compared to 47.3% in Q1 2022 and 32.9% in Q2 2021, as the
segment continued to sequentially improve as our recovery
continues.
- April 2022 set a record for the
highest monthly operating income and Adjusted EBITDAre for
the Hospitality segment at $36.4 million and $54.3 million,
respectively, and the second highest Adjusted EBITDAre
margin month on record.
- Gaylord National delivered Adjusted
EBITDAre margin excluding bond interest for the quarter
comparable to Q2 2019, despite occupancy of 64.2%, which was 17.2
points lower than Q2 2019, demonstrating that the investments made
in F&B reconcepting are yielding results.
- Gaylord Rockies reported its
strongest quarter since its initial opening, with occupancy in the
month of June setting an all-time monthly record for any hotel in
Company history at 92.4%, while achieving an operating income
margin in the month of 21.5% and an Adjusted EBITDAre
margin in the month of 49.0%.
- Gaylord Opryland delivered
operating income of $31.9 million and Adjusted EBITDAre of
$40.4 million for the quarter, up 2.4% and 1.6% from Q2 2019,
respectively, despite 6.2 lower points of occupancy compared to Q2
2019.
- Gaylord Texan delivered a second
quarter record for both operating income of $25.7 million and
Adjusted EBITDAre of $31.5 million, and Gaylord Palms
delivered an all-time record quarter for both operating income of
$18.2 million and Adjusted EBITDAre of $24.9 million, with
both hotels benefitting from continued group and transient demand
as well as successful recent expansions.
Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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% ∆ |
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2022 |
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2021 |
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% ∆ |
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Revenue |
$105,497 |
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$45,002 |
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134.4% |
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$179,016 |
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$66,761 |
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168.1% |
Operating income (loss) |
$31,871 |
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$3,201 |
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895.7% |
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$47,426 |
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($8,549) |
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654.8% |
Operating income (loss) margin |
30.2% |
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7.1% |
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23.1pt |
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26.5% |
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-12.8% |
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39.3pt |
Adjusted EBITDAre |
$40,416 |
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$11,755 |
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243.8% |
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$64,547 |
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$8,273 |
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680.2% |
Adjusted EBITDAre margin |
38.3% |
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26.1% |
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12.2pt |
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36.1% |
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12.4% |
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23.7pt |
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Occupancy |
75.1% |
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40.2% |
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34.9pt |
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62.0% |
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29.3% |
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32.7pt |
Average daily rate (ADR) |
$233.68 |
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$216.09 |
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8.1% |
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$236.06 |
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$214.22 |
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10.2% |
RevPAR |
$175.51 |
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$86.88 |
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102.0% |
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$146.41 |
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$62.76 |
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133.3% |
Total RevPAR |
$401.42 |
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$171.23 |
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134.4% |
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$342.46 |
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$127.71 |
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168.2% |
Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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% ∆ |
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2022 |
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2021 |
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% ∆ |
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Revenue |
$68,289 |
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$32,702 |
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108.8% |
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$128,137 |
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$47,819 |
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168.0% |
Operating income (loss) |
$18,218 |
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$2,380 |
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665.5% |
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$34,076 |
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($3,637) |
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1,036.9% |
Operating income (loss) margin |
26.7% |
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7.3% |
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19.4pt |
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26.6% |
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-7.6% |
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34.2pt |
Adjusted EBITDAre |
$24,851 |
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$9,001 |
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176.1% |
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$47,327 |
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$8,608 |
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449.8% |
Adjusted EBITDAre margin |
36.4% |
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27.5% |
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8.9pt |
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36.9% |
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18.0% |
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18.9pt |
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Occupancy (1) |
74.6% |
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52.2% |
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22.4pt |
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65.1% |
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38.9% |
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26.2pt |
Average daily rate (ADR) |
$231.53 |
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$199.63 |
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16.0% |
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$241.99 |
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$197.28 |
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22.7% |
RevPAR (1) |
$172.78 |
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$104.17 |
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65.9% |
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$157.65 |
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$76.82 |
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105.2% |
Total RevPAR (1) |
$436.80 |
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$232.64 |
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87.8% |
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$412.07 |
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$178.42 |
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131.0% |
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(1) Calculation of hospitality performance metrics includes 302
expansion rooms beginning June 1,
2021. |
Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
|
2021 |
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% ∆ |
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2022 |
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2021 |
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% ∆ |
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Revenue |
$77,665 |
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$34,069 |
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128.0% |
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$134,301 |
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$52,427 |
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156.2% |
Operating income (loss) |
$25,734 |
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$3,278 |
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685.1% |
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$38,650 |
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($1,503) |
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2,671.5% |
Operating income (loss) margin |
33.1% |
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9.6% |
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23.5pt |
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28.8% |
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-2.9% |
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31.7pt |
Adjusted EBITDAre |
$31,476 |
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$9,472 |
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232.3% |
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$51,090 |
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$10,920 |
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367.9% |
Adjusted EBITDAre margin |
40.5% |
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27.8% |
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12.7pt |
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38.0% |
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20.8% |
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17.2pt |
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Occupancy |
74.3% |
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43.7% |
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30.6pt |
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66.1% |
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33.2% |
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32.9pt |
Average daily rate (ADR) |
$231.22 |
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$203.43 |
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13.7% |
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$226.94 |
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$198.82 |
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14.1% |
RevPAR |
$171.74 |
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$88.88 |
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93.2% |
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$150.02 |
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$66.06 |
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127.1% |
Total RevPAR |
$470.48 |
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$206.39 |
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128.0% |
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$409.04 |
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$159.68 |
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156.2% |
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Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
|
2021 |
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% ∆ |
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2022 |
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2021 |
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% ∆ |
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Revenue |
$72,223 |
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$2,311 |
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3,025.2% |
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$104,810 |
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$3,568 |
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2,837.5% |
Operating income (loss) |
$12,824 |
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($15,051) |
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185.2% |
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$1,549 |
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($29,574) |
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105.2% |
Operating income (loss) margin |
17.8% |
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-651.3% |
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669.1pt |
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1.5% |
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-828.9% |
|
830.4pt |
Adjusted EBITDAre |
$23,023 |
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($6,474) |
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455.6% |
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$21,227 |
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($12,810) |
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265.7% |
Adjusted EBITDAre margin |
31.9% |
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-280.1% |
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312.0pt |
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20.3% |
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-359.0% |
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379.3pt |
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Occupancy (1) (2) |
64.2% |
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0.0% |
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64.2pt |
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49.9% |
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0.0% |
|
49.9pt |
Average daily rate (ADR) |
$251.45 |
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$0.00 |
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NA |
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$240.22 |
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$0.00 |
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NA |
RevPAR (1) (2) |
$161.40 |
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$0.00 |
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NA |
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$119.80 |
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$0.00 |
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NA |
Total RevPAR (1) (2) |
$397.62 |
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$12.72 |
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3,025.9% |
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$290.11 |
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$9.87 |
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2,839.3% |
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(1) Calculation of hospitality performance metrics includes closed
hotel room nights
available. |
(2) Gaylord National closed on March 25, 2020 and remained closed
until July 1, 2021. |
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|
|
Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$70,755 |
|
$18,338 |
|
285.8% |
|
$105,542 |
|
$30,308 |
|
248.2% |
Operating income (loss) |
$10,215 |
|
($20,596) |
|
149.6% |
|
($6,569) |
|
($45,295) |
|
85.5% |
Operating income (loss) margin |
14.4% |
|
-112.3% |
|
126.7pt |
|
-6.2% |
|
-149.4% |
|
143.2pt |
Adjusted EBITDAre |
$32,865 |
|
$2,021 |
|
1,526.2% |
|
$38,729 |
|
$13 |
|
297,815.4% |
Adjusted EBITDAre margin |
46.4% |
|
11.0% |
|
35.4pt |
|
36.7% |
|
0.0% |
|
36.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
76.6% |
|
25.7% |
|
50.9pt |
|
58.0% |
|
21.6% |
|
36.4pt |
Average daily rate (ADR) |
$235.69 |
|
$199.69 |
|
18.0% |
|
$228.22 |
|
$189.92 |
|
20.2% |
RevPAR |
$180.45 |
|
$51.38 |
|
251.2% |
|
$132.29 |
|
$40.98 |
|
222.8% |
Total RevPAR |
$518.01 |
|
$134.25 |
|
285.9% |
|
$388.48 |
|
$111.55 |
|
248.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment Segment
For the three and six months ended June 30,
2022, and 2021, the Company reported the following:
($ in thousands) |
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$68,402 |
|
$35,173 |
|
94.5% |
|
$106,426 |
|
$49,546 |
|
114.8% |
Operating income (loss) |
$18,019 |
|
$5,913 |
|
204.7% |
|
$20,456 |
|
($2,007) |
|
1,119.2% |
Operating income (loss) margin |
26.3% |
|
16.8% |
|
9.5pt |
|
19.2% |
|
-4.1% |
|
23.3pt |
Adjusted EBITDAre |
$22,053 |
|
$8,290 |
|
166.0% |
|
$26,863 |
|
$2,829 |
|
849.6% |
Adjusted EBITDAre margin |
32.2% |
|
23.6% |
|
8.6pt |
|
25.2% |
|
5.7% |
|
19.5pt |
|
|
|
|
|
|
|
|
|
|
|
|
Reed continued, “While the major news this
quarter for our Entertainment segment was the closing of two
strategic transactions, demand for live entertainment experiences
continues to be healthy and our existing businesses delivered solid
results during the second quarter, with segment revenue, operating
income and Adjusted EBITDAre exceeding second quarter 2019
results, despite a slower than anticipated post-pandemic recovery
of the tour and travel segment in Nashville and a softening
advertising market which impacted results in our Circle joint
venture.”
Corporate and Other Segment
For the three and six months ended June 30,
2022, and 2021, the Company reported the following:
($ in
thousands) |
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
($12,624) |
|
($9,543) |
|
-32.3% |
|
($22,855) |
|
($17,637) |
|
-29.6% |
Adjusted
EBITDAre |
($9,411) |
|
($6,103) |
|
-54.2% |
|
($15,559) |
|
($11,202) |
|
-38.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other Segment Operating Loss and
Adjusted EBITDAre for the 2022 periods include increases
in administrative and employment costs associated with supporting
the Company’s growth as well as increased costs associated with
incentive compensation accruals due to the Company’s strong
financial performance.
2022 Guidance
The Company is providing a business performance
outlook for the third quarter 2022 and is raising its guidance for
full year 2022 based on current information as of August 1, 2022.
The Company does not expect to update the guidance provided below
before next quarter’s earnings release. However, the Company may
update its full business outlook or any portion thereof at any time
for any reason.
($ in millions) |
Guidance |
|
3Q 2022 |
|
|
|
|
|
|
|
|
|
3Q 2022 |
|
Guidance |
|
|
|
|
|
|
|
|
|
Low |
|
High |
|
Midpoint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
38.0 |
|
|
$ |
41.0 |
|
|
$ |
39.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$ |
125.0 |
|
|
$ |
130.0 |
|
|
$ |
127.5 |
|
|
|
|
|
|
|
|
|
Entertainment |
|
21.0 |
|
|
|
24.0 |
|
|
|
22.5 |
|
|
|
|
|
|
|
|
|
Corporate and Other |
|
(9.0 |
) |
|
|
(8.0 |
) |
|
|
(8.5 |
) |
|
|
|
|
|
|
|
|
Consolidated Adjusted EBITDAre |
$ |
137.0 |
|
|
$ |
146.0 |
|
|
$ |
141.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
Prior Guidance |
|
Prior FY |
|
New Guidance |
|
New FY |
|
Change |
|
Full Year 2022 |
|
Guidance |
|
Full Year 2022 |
|
Guidance |
|
|
|
Low |
|
High |
|
Midpoint |
|
Low |
|
High |
|
Midpoint |
|
Midpoint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
78.0 |
|
|
$ |
93.0 |
|
|
$ |
85.5 |
|
|
$ |
103.0 |
|
|
$ |
110.0 |
|
|
$ |
106.5 |
|
|
$ |
21.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$ |
443.0 |
|
|
$ |
458.0 |
|
|
$ |
450.5 |
|
|
$ |
475.0 |
|
|
$ |
490.0 |
|
|
$ |
482.5 |
|
|
$ |
32.0 |
|
Entertainment |
|
80.0 |
|
|
|
88.0 |
|
|
|
84.0 |
|
|
|
72.0 |
|
|
|
80.0 |
|
|
|
76.0 |
|
|
|
(8.0 |
) |
Corporate and Other |
|
(29.0 |
) |
|
|
(26.0 |
) |
|
|
(27.5 |
) |
|
|
(33.0 |
) |
|
|
(32.0 |
) |
|
|
(32.5 |
) |
|
|
(5.0 |
) |
Consolidated Adjusted EBITDAre |
$ |
494.0 |
|
|
$ |
520.0 |
|
|
$ |
507.0 |
|
|
$ |
514.0 |
|
|
$ |
538.0 |
|
|
$ |
526.0 |
|
|
$ |
19.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Reed concluded, “Our results this quarter are
further indication that the investments and actions we have taken
alongside Marriott over the last several years have competitively
positioned our business to capitalize on the continued recovery of
the group segment. We entered 2022 with cautious optimism that we
would see sequential month-over-month improvement in our business
as the nation continues to navigate COVID-19. Given our performance
in the first half and the strength of our forward bookings for the
remainder of the year, we are raising full year 2022 guidance to a
consolidated Adjusted EBITDAre midpoint of $526 million, a
$19 million increase over our previous updated guidance midpoint
given in June. We continue to believe in the future of our business
and look forward to the long-term trajectory of this Company.”
Transaction Updates
On May 31, 2022, the Company closed its previously announced
acquisition of Block 21 from Stratus Properties for a stated
purchase price of $260 million, as subsequently adjusted to $255
million pursuant to the terms of the purchase agreement, which
included the assumption of approximately $136 million of existing
mortgage debt.
On June 16, 2022, the Company closed the
strategic investment in Opry Entertainment Group (OEG) by Atairos
and NBCUniversal, which initially valued the OEG business at $1.415
billion, inclusive of Block 21. Atairos and NBCUniversal acquired a
30% equity interest in OEG for a $296 million investment. OEG also
closed a $300 million term loan and a $65 million revolving credit
facility which was undrawn at closing.
Balance Sheet/Liquidity
Update
As of June 30, 2022, after repayment of the Company’s Term Loan A
using proceeds of the new OEG financing, the Company had total debt
outstanding of $2,863.0 million, net of unamortized deferred
financing costs, and unrestricted cash of $179.2 million. As of
June 30, 2022, there were no amounts drawn under the revolving
credit lines of the Company’s credit facility or the OEG credit
facility, and the lending banks had issued $10.4 million in letters
of credit, which left $754.6 million of availability for borrowing
under the two credit facilities.
As a reminder, at the end of the first quarter
of this year, the Company effectively exited its covenant waiver
period under its secured credit facility. Beginning with the second
quarter, the Company is 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 Information
Ryman Hospitality Properties will hold a conference call to discuss
this release tomorrow, August 2, 2022, at 10:00 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 leading
entertainment experiences. RHP’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 ten largest non-gaming convention center hotels
in the United States based on total indoor meeting space.
Our Hospitality segment is comprised of these convention center
resorts operating under the Gaylord Hotels brand, along with two
adjacent ancillary hotels, which are managed by Marriott
International and represent 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. RHP also owns a 70% controlling ownership interest in Opry
Entertainment Group (OEG), which is composed of entities owning a
growing collection of iconic and emerging country music brands,
including the Grand Ole Opry, Ryman Auditorium, WSM 650
AM, Ole Red and Circle, a country lifestyle media network
RHP owns in a joint venture with Gray Television, Nashville-area
attractions managed by Marriott, and Block 21, a mixed-use
entertainment, lodging, office and retail complex, including the W
Austin Hotel and the ACL Live at Moody Theater, located in downtown
Austin, Texas. RHP operates OEG as its Entertainment segment, in a
taxable REIT subsidiary, and its results are consolidated in the
Company’s financial results. Visit RymanHP.com for more
information.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements as to RHP’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, 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 Company’s expectations for
OEG including Block 21 and the Atairos investment, 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 agreements, the occurrence of any event, change or other
circumstance that could affect the integration of Block 21 or the
strategic position of OEG after the Atairos investment. 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 Information
This 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 Occupancy
We calculate revenue per available room (“RevPAR”) for our hotels
by dividing room revenue by room nights available to guests for the
period. Room nights available to guests include nights the hotels
are closed. We calculate total revenue per available room (“Total
RevPAR”) for our hotels by dividing the sum of room revenue, food
& beverage, and other ancillary services revenue by room nights
available to guests for the period. Rooms out of service for
renovation are included in room nights available. For the three and
six months ended June 30, 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
six months ended June 30, 2021, as compared to the current period.
Occupancy figures reflect an additional 302 rooms available at
Gaylord Palms beginning in June 2021. Hospitality metrics do not
include the results of the W Austin, which is included in the
Entertainment segment.
Calculation of GAAP Margin
Figures
We 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
Measures
We 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 Definition
We 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.
For Gaylord National, we exclude interest income
on bonds to calculate property-level Adjusted EBITDAre
excluding interest income on bonds. 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 Margin and
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin Definition
We 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
Definition
We 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 |
|
Six Months Ended |
|
|
Jun. 30 |
|
Jun. 30 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues : |
|
|
|
|
|
|
|
|
Rooms |
$ |
161,506 |
|
|
$ |
61,971 |
|
|
$ |
263,099 |
|
|
$ |
90,199 |
|
|
Food and beverage |
|
188,083 |
|
|
|
45,619 |
|
|
|
300,199 |
|
|
|
63,794 |
|
|
Other hotel revenue |
|
52,213 |
|
|
|
28,098 |
|
|
|
99,615 |
|
|
|
51,497 |
|
|
Entertainment |
|
68,402 |
|
|
|
35,173 |
|
|
|
106,426 |
|
|
|
49,546 |
|
|
Total revenues |
|
470,204 |
|
|
|
170,861 |
|
|
|
769,339 |
|
|
|
255,036 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
41,238 |
|
|
|
15,039 |
|
|
|
71,374 |
|
|
|
24,516 |
|
|
Food and beverage |
|
97,489 |
|
|
|
33,748 |
|
|
|
168,818 |
|
|
|
53,077 |
|
|
Other hotel expenses |
|
99,284 |
|
|
|
61,365 |
|
|
|
185,927 |
|
|
|
115,922 |
|
|
Management fees |
|
11,202 |
|
|
|
2,149 |
|
|
|
16,266 |
|
|
|
2,902 |
|
|
Total hotel operating expenses |
|
249,213 |
|
|
|
112,301 |
|
|
|
442,385 |
|
|
|
196,417 |
|
|
Entertainment |
|
45,670 |
|
|
|
25,639 |
|
|
|
77,401 |
|
|
|
44,330 |
|
|
Corporate |
|
12,417 |
|
|
|
8,978 |
|
|
|
21,974 |
|
|
|
16,506 |
|
|
Preopening costs |
|
221 |
|
|
|
217 |
|
|
|
525 |
|
|
|
616 |
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
- |
|
|
|
469 |
|
|
|
(317 |
) |
|
Depreciation and amortization |
|
56,715 |
|
|
|
54,673 |
|
|
|
112,743 |
|
|
|
107,988 |
|
|
Total operating expenses |
|
364,236 |
|
|
|
201,808 |
|
|
|
655,497 |
|
|
|
365,540 |
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
105,968 |
|
|
|
(30,947 |
) |
|
|
113,842 |
|
|
|
(110,504 |
) |
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(33,958 |
) |
|
|
(29,847 |
) |
|
|
(65,895 |
) |
|
|
(60,643 |
) |
Interest income |
|
1,379 |
|
|
|
1,451 |
|
|
|
2,760 |
|
|
|
2,821 |
|
Loss on extinguishment of debt |
|
(1,547 |
) |
|
|
- |
|
|
|
(1,547 |
) |
|
|
(2,949 |
) |
Loss from consolidated joint ventures |
|
(3,001 |
) |
|
|
(1,910 |
) |
|
|
(5,628 |
) |
|
|
(3,519 |
) |
Other gains and (losses), net |
|
(283 |
) |
|
|
(173 |
) |
|
|
164 |
|
|
|
201 |
|
Income (loss) before income taxes |
|
68,558 |
|
|
|
(61,426 |
) |
|
|
43,696 |
|
|
|
(174,593 |
) |
|
|
|
|
|
|
|
|
|
Provision benefit for income taxes |
|
(17,634 |
) |
|
|
(1,623 |
) |
|
|
(17,569 |
) |
|
|
(5,577 |
) |
Net income (loss) |
|
50,924 |
|
|
|
(63,049 |
) |
|
|
26,127 |
|
|
|
(180,170 |
) |
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interest in
consolidated joint venture |
|
(280 |
) |
|
|
4,708 |
|
|
|
(280 |
) |
|
|
16,501 |
|
Net (income) loss attributable to noncontrolling interest in
Operating Partnership |
|
(360 |
) |
|
|
422 |
|
|
|
(184 |
) |
|
|
1,229 |
|
Net income (loss) available to common shareholders |
$ |
50,284 |
|
|
$ |
(57,919 |
) |
|
$ |
25,663 |
|
|
$ |
(162,440 |
) |
|
|
|
|
|
|
|
|
|
Basic income (loss) per share available to common shareholders |
$ |
0.91 |
|
|
$ |
(1.05 |
) |
|
$ |
0.47 |
|
|
$ |
(2.95 |
) |
Diluted income (loss) per share available to common
shareholders |
$ |
0.91 |
|
|
$ |
(1.05 |
) |
|
$ |
0.46 |
|
|
$ |
(2.95 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
|
|
|
|
Basic |
|
55,150 |
|
|
|
55,058 |
|
|
|
55,118 |
|
|
|
55,026 |
|
|
Diluted |
|
55,862 |
|
|
|
55,058 |
|
|
|
55,321 |
|
|
|
55,026 |
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
Jun. 30 |
|
Dec. 31, |
|
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,200,732 |
|
$ |
3,031,844 |
|
|
Cash and cash equivalents - unrestricted |
|
179,230 |
|
|
140,688 |
|
|
Cash and cash equivalents - restricted |
|
52,539 |
|
|
22,312 |
|
|
Notes receivable |
|
68,884 |
|
|
71,228 |
|
|
Trade receivables, net |
|
125,400 |
|
|
74,745 |
|
|
Prepaid expenses and other assets |
|
129,466 |
|
|
112,904 |
|
|
Intangible assets |
|
108,449 |
|
|
126,804 |
|
|
|
Total assets |
$ |
3,864,700 |
|
$ |
3,580,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
2,863,022 |
|
$ |
2,936,819 |
|
|
Accounts payable and accrued liabilities |
|
343,618 |
|
|
304,719 |
|
|
Dividends payable |
|
102 |
|
|
386 |
|
|
Deferred management rights proceeds |
|
169,054 |
|
|
170,614 |
|
|
Operating lease liabilities |
|
115,010 |
|
|
113,770 |
|
|
Deferred income tax liabilities, net |
|
4,966 |
|
|
4,671 |
|
|
Other liabilities |
|
66,461 |
|
|
71,939 |
|
|
Noncontrolling interest in consolidated joint venture |
|
296,236 |
|
|
- |
|
|
Total equity (deficit) |
|
6,231 |
|
|
(22,393 |
) |
|
|
Total liabilities and equity (deficit) |
$ |
3,864,700 |
|
$ |
3,580,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
ADJUSTED EBITDAre
RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Jun. 30, |
|
Six Months Ended Jun. 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
470,204 |
|
|
|
$ |
170,861 |
|
|
|
$ |
769,339 |
|
|
|
$ |
255,036 |
|
|
|
Net income (loss) |
$ |
50,924 |
|
10.8 |
% |
|
$ |
(63,049 |
) |
-36.9 |
% |
|
$ |
26,127 |
|
3.4 |
% |
|
$ |
(180,170 |
) |
-70.6 |
% |
|
Interest expense, net |
|
32,579 |
|
|
|
|
28,396 |
|
|
|
|
63,135 |
|
|
|
|
57,822 |
|
|
|
Provision for income taxes |
|
17,634 |
|
|
|
|
1,623 |
|
|
|
|
17,569 |
|
|
|
|
5,577 |
|
|
|
Depreciation & amortization |
|
56,715 |
|
|
|
|
54,673 |
|
|
|
|
112,743 |
|
|
|
|
107,988 |
|
|
|
(Gain) loss on sale of assets |
|
(142 |
) |
|
|
|
- |
|
|
|
|
327 |
|
|
|
|
(317 |
) |
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
23 |
|
|
|
|
19 |
|
|
|
|
45 |
|
|
|
|
34 |
|
|
|
EBITDAre |
|
157,733 |
|
33.5 |
% |
|
|
21,662 |
|
12.7 |
% |
|
|
219,946 |
|
28.6 |
% |
|
|
(9,066 |
) |
-3.6 |
% |
|
Preopening costs |
|
221 |
|
|
|
|
217 |
|
|
|
|
525 |
|
|
|
|
616 |
|
|
|
Non-cash lease expense |
|
1,108 |
|
|
|
|
1,085 |
|
|
|
|
2,281 |
|
|
|
|
2,173 |
|
|
|
Equity-based compensation expense |
|
3,654 |
|
|
|
|
3,146 |
|
|
|
|
7,440 |
|
|
|
|
5,668 |
|
|
|
Pension settlement charge |
|
853 |
|
|
|
|
566 |
|
|
|
|
853 |
|
|
|
|
566 |
|
|
|
Interest income on Gaylord National bonds |
|
1,339 |
|
|
|
|
1,404 |
|
|
|
|
2,679 |
|
|
|
|
2,725 |
|
|
|
Loss on extinguishment of debt |
|
1,547 |
|
|
|
|
- |
|
|
|
|
1,547 |
|
|
|
|
2,949 |
|
|
|
Transaction costs of acquisitions |
|
1,170 |
|
|
|
|
75 |
|
|
|
|
1,348 |
|
|
|
|
75 |
|
|
|
Adjusted
EBITDAre |
$ |
167,625 |
|
35.6 |
% |
|
$ |
28,155 |
|
16.5 |
% |
|
$ |
236,619 |
|
30.8 |
% |
|
$ |
5,706 |
|
2.2 |
% |
|
Adjusted EBITDAre of noncontrolling interest in
consolidated joint venture |
$ |
(1,131 |
) |
|
|
|
273 |
|
|
|
$ |
(1,131 |
) |
|
|
|
1,017 |
|
|
|
Adjusted
EBITDAre, excluding
noncontrolling interest in consolidated joint
venture |
$ |
166,494 |
|
35.4 |
% |
|
$ |
28,428 |
|
16.6 |
% |
|
$ |
235,488 |
|
30.6 |
% |
|
$ |
6,723 |
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
401,802 |
|
|
|
$ |
135,688 |
|
|
|
$ |
662,913 |
|
|
|
$ |
205,490 |
|
|
|
Operating income
(loss) |
$ |
100,573 |
|
25.0 |
% |
|
$ |
(27,317 |
) |
-20.1 |
% |
|
$ |
116,241 |
|
17.5 |
% |
|
$ |
(90,860 |
) |
-44.2 |
% |
|
Depreciation & amortization |
|
52,016 |
|
|
|
|
50,487 |
|
|
|
|
104,287 |
|
|
|
|
99,635 |
|
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
Preopening costs |
|
- |
|
|
|
|
217 |
|
|
|
|
- |
|
|
|
|
615 |
|
|
|
Non-cash lease expense |
|
1,055 |
|
|
|
|
1,102 |
|
|
|
|
2,108 |
|
|
|
|
2,206 |
|
|
|
Interest income on Gaylord National bonds |
|
1,339 |
|
|
|
|
1,404 |
|
|
|
|
2,679 |
|
|
|
|
2,725 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
Adjusted
EBITDAre |
$ |
154,983 |
|
38.6 |
% |
|
$ |
25,968 |
|
19.1 |
% |
|
$ |
225,315 |
|
34.0 |
% |
|
$ |
14,079 |
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
68,402 |
|
|
|
$ |
35,173 |
|
|
|
$ |
106,426 |
|
|
|
$ |
49,546 |
|
|
|
Operating income (loss) |
$ |
18,019 |
|
26.3 |
% |
|
$ |
5,913 |
|
16.8 |
% |
|
$ |
20,456 |
|
19.2 |
% |
|
$ |
(2,007 |
) |
-4.1 |
% |
|
Depreciation & amortization |
|
4,492 |
|
|
|
|
3,621 |
|
|
|
|
8,044 |
|
|
|
|
7,222 |
|
|
|
Preopening costs |
|
221 |
|
|
|
|
- |
|
|
|
|
525 |
|
|
|
|
1 |
|
|
|
Non-cash lease (revenue) expense |
|
53 |
|
|
|
|
(17 |
) |
|
|
|
173 |
|
|
|
|
(33 |
) |
|
|
Equity-based compensation |
|
1,077 |
|
|
|
|
664 |
|
|
|
|
1,901 |
|
|
|
|
1,131 |
|
|
|
Transaction costs of acquisitions |
|
1,170 |
|
|
|
|
- |
|
|
|
|
1,348 |
|
|
|
|
- |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
|
(2,979 |
) |
|
|
|
(1,891 |
) |
|
|
|
(5,584 |
) |
|
|
|
(3,485 |
) |
|
|
Adjusted EBITDAre |
$ |
22,053 |
|
32.2 |
% |
|
$ |
8,290 |
|
23.6 |
% |
|
$ |
26,863 |
|
25.2 |
% |
|
$ |
2,829 |
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(12,624 |
) |
|
|
$ |
(9,543 |
) |
|
|
$ |
(22,855 |
) |
|
|
$ |
(17,637 |
) |
|
|
Depreciation & amortization |
|
207 |
|
|
|
|
565 |
|
|
|
|
412 |
|
|
|
|
1,131 |
|
|
|
Other gains and (losses), net |
|
(424 |
) |
|
|
|
(173 |
) |
|
|
|
492 |
|
|
|
|
201 |
|
|
|
Equity-based compensation |
|
2,577 |
|
|
|
|
2,482 |
|
|
|
|
5,539 |
|
|
|
|
4,537 |
|
|
|
Pension settlement charge |
|
853 |
|
|
|
|
566 |
|
|
|
|
853 |
|
|
|
|
566 |
|
|
|
Adjusted EBITDAre |
$ |
(9,411 |
) |
|
|
$ |
(6,103 |
) |
|
|
$ |
(15,559 |
) |
|
|
$ |
(11,202 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
RECONCILIATION |
Unaudited |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Jun. 30, |
|
Six Months Ended Jun. 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
50,924 |
|
|
$ |
(63,049 |
) |
|
$ |
26,127 |
|
|
$ |
(180,170 |
) |
|
Noncontrolling interest in consolidated joint venture |
|
(280 |
) |
|
|
4,708 |
|
|
|
(280 |
) |
|
|
16,501 |
|
|
Net income (loss) available to common shareholders and unit
holders |
|
50,644 |
|
|
|
(58,341 |
) |
|
|
25,847 |
|
|
|
(163,669 |
) |
|
Depreciation & amortization |
|
56,685 |
|
|
|
54,636 |
|
|
|
112,682 |
|
|
|
107,914 |
|
|
Adjustments for noncontrolling interest |
|
(233 |
) |
|
|
(3,139 |
) |
|
|
(233 |
) |
|
|
(11,069 |
) |
|
Pro rata adjustments from joint ventures |
|
23 |
|
|
|
19 |
|
|
|
45 |
|
|
|
34 |
|
|
FFO available to common shareholders and unit
holders |
|
107,119 |
|
|
|
(6,825 |
) |
|
|
138,341 |
|
|
|
(66,790 |
) |
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
30 |
|
|
|
37 |
|
|
|
61 |
|
|
|
74 |
|
|
Non-cash lease expense |
|
1,108 |
|
|
|
1,085 |
|
|
|
2,281 |
|
|
|
2,173 |
|
|
Pension settlement charge |
|
853 |
|
|
|
566 |
|
|
|
853 |
|
|
|
566 |
|
|
(Gain) loss on other assets |
|
- |
|
|
|
- |
|
|
|
469 |
|
|
|
(317 |
) |
|
Amortization of deferred financing costs |
|
2,309 |
|
|
|
2,170 |
|
|
|
4,538 |
|
|
|
4,379 |
|
|
Amortization of debt discounts (premiums) |
|
61 |
|
|
|
(70 |
) |
|
|
(12 |
) |
|
|
(140 |
) |
|
Loss on extinguishment of debt |
|
1,547 |
|
|
|
- |
|
|
|
1,547 |
|
|
|
2,949 |
|
|
Adjustments for noncontrolling interest |
|
(32 |
) |
|
|
(77 |
) |
|
|
(32 |
) |
|
|
(294 |
) |
|
Transaction costs of acquisitions |
|
1,170 |
|
|
|
75 |
|
|
|
1,348 |
|
|
|
75 |
|
|
Deferred tax expense |
|
710 |
|
|
|
1,392 |
|
|
|
295 |
|
|
|
5,173 |
|
|
Adjusted FFO available to common shareholders and unit
holders |
$ |
114,875 |
|
|
$ |
(1,647 |
) |
|
$ |
149,689 |
|
|
$ |
(52,152 |
) |
|
Capital expenditures (1) |
|
(19,930 |
) |
|
|
(16,435 |
) |
|
|
(32,235 |
) |
|
|
(16,587 |
) |
|
Adjusted FFO available to common shareholders and unit
holders (ex. maintenance capex) |
$ |
94,945 |
|
|
$ |
(18,082 |
) |
|
$ |
117,454 |
|
|
$ |
(68,739 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
$ |
0.91 |
|
|
$ |
(1.05 |
) |
|
$ |
0.47 |
|
|
$ |
(2.95 |
) |
|
Diluted net income (loss) per share |
$ |
0.91 |
|
|
$ |
(1.05 |
) |
|
$ |
0.46 |
|
|
$ |
(2.95 |
) |
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per basic
share/unit |
$ |
1.93 |
|
|
$ |
(0.12 |
) |
|
$ |
2.49 |
|
|
$ |
(1.20 |
) |
|
Adjusted FFO available to common shareholders and unit holders per
basic share/unit |
$ |
2.07 |
|
|
$ |
(0.03 |
) |
|
$ |
2.70 |
|
|
$ |
(0.94 |
) |
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per diluted
share/unit |
$ |
1.91 |
|
|
$ |
(0.12 |
) |
|
$ |
2.48 |
|
|
$ |
(1.20 |
) |
|
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit |
$ |
2.05 |
|
|
$ |
(0.03 |
) |
|
$ |
2.69 |
|
|
$ |
(0.94 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares and OP units for the
period: |
|
|
|
|
|
|
|
|
Basic |
|
55,545 |
|
|
|
55,458 |
|
|
|
55,513 |
|
|
|
55,440 |
|
|
Diluted |
|
56,256 |
|
|
|
55,458 |
|
|
|
55,716 |
|
|
|
55,440 |
|
|
|
|
|
|
|
|
|
|
|
(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, although we did make voluntary contributions to fund the
rooms renovation at Gaylord National. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
HOSPITALITY SEGMENT ADJUSTED
EBITDAre RECONCILIATIONS
AND OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Jun. 30, |
|
Six Months Ended Jun. 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
401,802 |
|
|
|
$ |
135,688 |
|
|
|
$ |
662,913 |
|
|
|
$ |
205,490 |
|
|
|
Operating income (loss) |
$ |
100,573 |
|
25.0 |
% |
|
$ |
(27,317 |
) |
-20.1 |
% |
|
$ |
116,241 |
|
17.5 |
% |
|
$ |
(90,860 |
) |
-44.2 |
% |
|
Depreciation & amortization |
|
52,016 |
|
|
|
|
50,487 |
|
|
|
|
104,287 |
|
|
|
|
99,635 |
|
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
Preopening costs |
|
- |
|
|
|
|
217 |
|
|
|
|
- |
|
|
|
|
615 |
|
|
|
Non-cash lease expense |
|
1,055 |
|
|
|
|
1,102 |
|
|
|
|
2,108 |
|
|
|
|
2,206 |
|
|
|
Interest income on Gaylord National bonds |
|
1,339 |
|
|
|
|
1,404 |
|
|
|
|
2,679 |
|
|
|
|
2,725 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
Adjusted EBITDAre |
$ |
154,983 |
|
38.6 |
% |
|
$ |
25,968 |
|
19.1 |
% |
|
$ |
225,315 |
|
34.0 |
% |
|
$ |
14,079 |
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.7 |
% |
|
|
|
32.9 |
% |
|
|
|
60.1 |
% |
|
|
|
24.7 |
% |
|
|
Average daily rate (ADR) |
$ |
234.50 |
|
|
|
$ |
202.12 |
|
|
|
$ |
232.41 |
|
|
|
$ |
197.97 |
|
|
|
RevPAR |
$ |
170.46 |
|
|
|
$ |
66.51 |
|
|
|
$ |
139.61 |
|
|
|
$ |
48.98 |
|
|
|
OtherPAR |
$ |
253.61 |
|
|
|
$ |
79.12 |
|
|
|
$ |
212.15 |
|
|
|
$ |
62.60 |
|
|
|
Total RevPAR |
$ |
424.07 |
|
|
|
$ |
145.63 |
|
|
|
$ |
351.76 |
|
|
|
$ |
111.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
105,497 |
|
|
|
$ |
45,002 |
|
|
|
$ |
179,016 |
|
|
|
$ |
66,761 |
|
|
|
Operating income (loss) |
$ |
31,871 |
|
30.2 |
% |
|
$ |
3,201 |
|
7.1 |
% |
|
$ |
47,426 |
|
26.5 |
% |
|
$ |
(8,549 |
) |
-12.8 |
% |
|
Depreciation & amortization |
|
8,557 |
|
|
|
|
8,554 |
|
|
|
|
17,146 |
|
|
|
|
17,137 |
|
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
|
Non-cash lease (revenue) expense |
|
(12 |
) |
|
|
|
- |
|
|
|
|
(25 |
) |
|
|
|
2 |
|
|
|
Adjusted EBITDAre |
$ |
40,416 |
|
38.3 |
% |
|
$ |
11,755 |
|
26.1 |
% |
|
$ |
64,547 |
|
36.1 |
% |
|
$ |
8,273 |
|
12.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.1 |
% |
|
|
|
40.2 |
% |
|
|
|
62.0 |
% |
|
|
|
29.3 |
% |
|
|
Average daily rate (ADR) |
$ |
233.68 |
|
|
|
$ |
216.09 |
|
|
|
$ |
236.06 |
|
|
|
$ |
214.22 |
|
|
|
RevPAR |
$ |
175.51 |
|
|
|
$ |
86.88 |
|
|
|
$ |
146.41 |
|
|
|
$ |
62.76 |
|
|
|
OtherPAR |
$ |
225.91 |
|
|
|
$ |
84.35 |
|
|
|
$ |
196.05 |
|
|
|
$ |
64.95 |
|
|
|
Total RevPAR |
$ |
401.42 |
|
|
|
$ |
171.23 |
|
|
|
$ |
342.46 |
|
|
|
$ |
127.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
68,289 |
|
|
|
$ |
32,702 |
|
|
|
$ |
128,137 |
|
|
|
$ |
47,819 |
|
|
|
Operating income (loss) |
$ |
18,218 |
|
26.7 |
% |
|
$ |
2,380 |
|
7.3 |
% |
|
$ |
34,076 |
|
26.6 |
% |
|
$ |
(3,637 |
) |
-7.6 |
% |
|
Depreciation & amortization |
|
5,566 |
|
|
|
|
5,302 |
|
|
|
|
11,118 |
|
|
|
|
9,426 |
|
|
|
Preopening costs |
|
- |
|
|
|
|
217 |
|
|
|
|
- |
|
|
|
|
615 |
|
|
|
Non-cash lease expense |
|
1,067 |
|
|
|
|
1,102 |
|
|
|
|
2,133 |
|
|
|
|
2,204 |
|
|
|
Adjusted EBITDAre |
$ |
24,851 |
|
36.4 |
% |
|
$ |
9,001 |
|
27.5 |
% |
|
$ |
47,327 |
|
36.9 |
% |
|
$ |
8,608 |
|
18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
74.6 |
% |
|
|
|
52.2 |
% |
|
|
|
65.1 |
% |
|
|
|
38.9 |
% |
|
|
Average daily rate (ADR) |
$ |
231.53 |
|
|
|
$ |
199.63 |
|
|
|
$ |
241.99 |
|
|
|
$ |
197.28 |
|
|
|
RevPAR |
$ |
172.78 |
|
|
|
$ |
104.17 |
|
|
|
$ |
157.65 |
|
|
|
$ |
76.82 |
|
|
|
OtherPAR |
$ |
264.02 |
|
|
|
$ |
128.47 |
|
|
|
$ |
254.42 |
|
|
|
$ |
101.60 |
|
|
|
Total RevPAR |
$ |
436.80 |
|
|
|
$ |
232.64 |
|
|
|
$ |
412.07 |
|
|
|
$ |
178.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
77,665 |
|
|
|
$ |
34,069 |
|
|
|
$ |
134,301 |
|
|
|
$ |
52,427 |
|
|
|
Operating income (loss) |
$ |
25,734 |
|
33.1 |
% |
|
$ |
3,278 |
|
9.6 |
% |
|
$ |
38,650 |
|
28.8 |
% |
|
$ |
(1,503 |
) |
-2.9 |
% |
|
Depreciation & amortization |
|
5,742 |
|
|
|
|
6,194 |
|
|
|
|
12,440 |
|
|
|
|
12,423 |
|
|
|
Adjusted EBITDAre |
$ |
31,476 |
|
40.5 |
% |
|
$ |
9,472 |
|
27.8 |
% |
|
$ |
51,090 |
|
38.0 |
% |
|
$ |
10,920 |
|
20.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
74.3 |
% |
|
|
|
43.7 |
% |
|
|
|
66.1 |
% |
|
|
|
33.2 |
% |
|
|
Average daily rate (ADR) |
$ |
231.22 |
|
|
|
$ |
203.43 |
|
|
|
$ |
226.94 |
|
|
|
$ |
198.82 |
|
|
|
RevPAR |
$ |
171.74 |
|
|
|
$ |
88.88 |
|
|
|
$ |
150.02 |
|
|
|
$ |
66.06 |
|
|
|
OtherPAR |
$ |
298.74 |
|
|
|
$ |
117.51 |
|
|
|
$ |
259.02 |
|
|
|
$ |
93.62 |
|
|
|
Total RevPAR |
$ |
470.48 |
|
|
|
$ |
206.39 |
|
|
|
$ |
409.04 |
|
|
|
$ |
159.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
72,223 |
|
|
|
$ |
2,311 |
|
|
|
$ |
104,810 |
|
|
|
$ |
3,568 |
|
|
|
Operating income (loss) |
$ |
12,824 |
|
17.8 |
% |
|
$ |
(15,051 |
) |
-651.3 |
% |
|
$ |
1,549 |
|
1.5 |
% |
|
$ |
(29,574 |
) |
-828.9 |
% |
|
Depreciation & amortization |
|
8,860 |
|
|
|
|
7,173 |
|
|
|
|
16,999 |
|
|
|
|
14,039 |
|
|
|
Interest income on Gaylord National bonds |
|
1,339 |
|
|
|
|
1,404 |
|
|
|
|
2,679 |
|
|
|
|
2,725 |
|
|
|
Adjusted EBITDAre |
$ |
23,023 |
|
31.9 |
% |
|
$ |
(6,474 |
) |
-280.1 |
% |
|
$ |
21,227 |
|
20.3 |
% |
|
$ |
(12,810 |
) |
-359.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
64.2 |
% |
|
|
|
0.0 |
% |
|
|
|
49.9 |
% |
|
|
|
0.0 |
% |
|
|
Average daily rate (ADR) |
$ |
251.45 |
|
|
|
$ |
- |
|
|
|
$ |
240.22 |
|
|
|
$ |
- |
|
|
|
RevPAR |
$ |
161.40 |
|
|
|
$ |
- |
|
|
|
$ |
119.80 |
|
|
|
$ |
- |
|
|
|
OtherPAR |
$ |
236.22 |
|
|
|
$ |
12.72 |
|
|
|
$ |
170.31 |
|
|
|
$ |
9.87 |
|
|
|
Total RevPAR |
$ |
397.62 |
|
|
|
$ |
12.72 |
|
|
|
$ |
290.11 |
|
|
|
$ |
9.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
70,755 |
|
|
|
$ |
18,338 |
|
|
|
$ |
105,542 |
|
|
|
$ |
30,308 |
|
|
|
Operating income (loss)
(1) |
$ |
10,215 |
|
14.4 |
% |
|
$ |
(20,596 |
) |
-112.3 |
% |
|
$ |
(6,569 |
) |
-6.2 |
% |
|
$ |
(45,295 |
) |
-149.4 |
% |
|
Depreciation & amortization |
|
22,650 |
|
|
|
|
22,617 |
|
|
|
|
45,298 |
|
|
|
|
45,308 |
|
|
|
Adjusted EBITDAre
(1) |
$ |
32,865 |
|
46.4 |
% |
|
$ |
2,021 |
|
11.0 |
% |
|
$ |
38,729 |
|
36.7 |
% |
|
$ |
13 |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
76.6 |
% |
|
|
|
25.7 |
% |
|
|
|
58.0 |
% |
|
|
|
21.6 |
% |
|
|
Average daily rate (ADR) |
$ |
235.69 |
|
|
|
$ |
199.69 |
|
|
|
$ |
228.22 |
|
|
|
$ |
189.92 |
|
|
|
RevPAR |
$ |
180.45 |
|
|
|
$ |
51.38 |
|
|
|
$ |
132.29 |
|
|
|
$ |
40.98 |
|
|
|
OtherPAR |
$ |
337.56 |
|
|
|
$ |
82.87 |
|
|
|
$ |
256.19 |
|
|
|
$ |
70.57 |
|
|
|
Total RevPAR |
$ |
518.01 |
|
|
|
$ |
134.25 |
|
|
|
$ |
388.48 |
|
|
|
$ |
111.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at National Harbor |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,261 |
|
|
|
$ |
1,459 |
|
|
|
$ |
4,868 |
|
|
|
$ |
2,264 |
|
|
|
Operating income (loss) |
$ |
539 |
|
16.5 |
% |
|
$ |
(376 |
) |
-25.8 |
% |
|
$ |
132 |
|
2.7 |
% |
|
$ |
(1,141 |
) |
-50.4 |
% |
|
Depreciation & amortization |
|
328 |
|
|
|
|
328 |
|
|
|
|
655 |
|
|
|
|
657 |
|
|
|
Adjusted EBITDAre |
$ |
867 |
|
26.6 |
% |
|
$ |
(48 |
) |
-3.3 |
% |
|
$ |
787 |
|
16.2 |
% |
|
$ |
(484 |
) |
-21.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.2 |
% |
|
|
|
49.7 |
% |
|
|
|
58.8 |
% |
|
|
|
41.5 |
% |
|
|
Average daily rate (ADR) |
$ |
233.52 |
|
|
|
$ |
153.50 |
|
|
|
$ |
211.27 |
|
|
|
$ |
142.54 |
|
|
|
RevPAR |
$ |
166.20 |
|
|
|
$ |
76.30 |
|
|
|
$ |
124.16 |
|
|
|
$ |
59.19 |
|
|
|
OtherPAR |
$ |
20.39 |
|
|
|
$ |
7.19 |
|
|
|
$ |
15.90 |
|
|
|
$ |
5.94 |
|
|
|
Total RevPAR |
$ |
186.59 |
|
|
|
$ |
83.49 |
|
|
|
$ |
140.06 |
|
|
|
$ |
65.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,112 |
|
|
|
$ |
1,807 |
|
|
|
$ |
6,239 |
|
|
|
$ |
2,343 |
|
|
|
Operating income (loss) |
$ |
1,172 |
|
28.5 |
% |
|
$ |
(153 |
) |
-8.5 |
% |
|
$ |
977 |
|
15.7 |
% |
|
$ |
(1,161 |
) |
-49.6 |
% |
|
Depreciation & amortization |
|
313 |
|
|
|
|
319 |
|
|
|
|
631 |
|
|
|
|
645 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
75 |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
Adjusted EBITDAre |
$ |
1,485 |
|
36.1 |
% |
|
$ |
241 |
|
13.3 |
% |
|
$ |
1,608 |
|
25.8 |
% |
|
$ |
(441 |
) |
-18.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
67.0 |
% |
|
|
|
42.2 |
% |
|
|
|
54.9 |
% |
|
|
|
29.1 |
% |
|
|
Average daily rate (ADR) |
$ |
170.57 |
|
|
|
$ |
126.51 |
|
|
|
$ |
157.68 |
|
|
|
$ |
120.45 |
|
|
|
RevPAR |
$ |
114.26 |
|
|
|
$ |
53.38 |
|
|
|
$ |
86.60 |
|
|
|
$ |
35.07 |
|
|
|
OtherPAR |
$ |
34.94 |
|
|
|
$ |
12.23 |
|
|
|
$ |
27.19 |
|
|
|
$ |
7.69 |
|
|
|
Total RevPAR |
$ |
149.20 |
|
|
|
$ |
65.61 |
|
|
|
$ |
113.79 |
|
|
|
$ |
42.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating loss and Adjusted EBITDAre for Gaylord
Rockies for the three months and six months ended June 30, 2021
exclude forgiven asset management fees previously owed to RHP of
$0.4 million and $0.3 million, respectively. |
|
(2) Includes other hospitality revenue and
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Segment |
Adjusted EBITDAre reconciliation |
Unaudited |
(in thousands) |
|
|
Apr-22 |
Hospitality Segment |
|
|
Revenue |
$ |
131,921 |
|
|
Operating Income/(Loss) |
$ |
36,364 |
|
|
Total Depreciation and Amortization |
$ |
17,128 |
|
|
Non-cash lease expense |
$ |
351 |
|
|
Interest income on bonds |
$ |
447 |
|
|
Adjusted EBITDAre |
$ |
54,289 |
|
|
Adjusted EBITDAre margin |
|
41.2 |
% |
|
|
|
Gaylord Rockies |
Adjusted EBITDAre reconciliation |
Unaudited |
(in thousands) |
|
|
|
|
|
Jun-22 |
Gaylord Rockies |
|
|
Revenue |
$ |
27,472 |
|
|
Operating Income/(Loss) |
$ |
5,899 |
|
|
Total Depreciation and Amortization |
$ |
7,554 |
|
|
Adjusted EBITDAre |
$ |
13,453 |
|
|
Adjusted EBITDAre margin |
|
49.0 |
% |
|
|
|
Gaylord National |
Adjusted EBITDAre reconciliation |
Unaudited |
(in thousands) |
|
|
2Q 2022 |
Gaylord National |
|
|
Revenue |
$ |
72,223 |
|
|
Operating Income/(Loss) |
$ |
12,824 |
|
|
Total Depreciation and Amortization |
$ |
8,860 |
|
|
Interest income on bonds |
$ |
1,339 |
|
|
Adjusted EBITDAre |
$ |
23,023 |
|
|
Interest income on bonds |
$ |
1,339 |
|
|
Adjusted EBITDAre excluding interest income on
bonds |
$ |
21,684 |
|
|
Adjusted EBITDAre excluding interest income margin |
|
30.0 |
% |
|
|
|
Gaylord National |
Adjusted EBITDAre reconciliation |
Unaudited |
(in thousands) |
|
|
2Q 2019 |
Gaylord National |
|
|
Revenue |
$ |
78,128 |
|
|
Operating Income/(Loss) |
$ |
17,044 |
|
|
Total Depreciation and Amortization |
$ |
6,901 |
|
|
Interest income on bonds |
$ |
2,565 |
|
|
Adjusted EBITDAre |
$ |
26,510 |
|
|
Interest income on bonds |
$ |
2,565 |
|
|
Adjusted EBITDAre excluding interest income on
bonds |
$ |
23,945 |
|
|
Adjusted EBITDAre excluding interest income margin |
|
30.6 |
% |
|
|
|
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 3Q 2022 |
|
|
Low |
|
High |
|
Midpoint |
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
Net Income |
$ |
38,000 |
|
|
$ |
41,000 |
|
|
$ |
39,500 |
|
|
Provision (benefit) for income taxes |
|
9,950 |
|
|
|
11,200 |
|
|
|
10,575 |
|
|
Interest Expense |
|
36,000 |
|
|
|
38,000 |
|
|
|
37,000 |
|
|
Depreciation and amortization |
|
47,500 |
|
|
|
48,500 |
|
|
|
48,000 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures
(1) |
|
50 |
|
|
|
50 |
|
|
|
50 |
|
|
EBITDAre |
$ |
131,500 |
|
|
$ |
138,750 |
|
|
$ |
135,125 |
|
|
Non-cash lease expense |
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
|
Preopening expense |
|
125 |
|
|
|
125 |
|
|
|
125 |
|
|
Equity-based compensation |
|
3,375 |
|
|
|
4,125 |
|
|
|
3,750 |
|
|
Interest income on Bonds |
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
|
Adjusted EBITDAre
(1) |
$ |
137,000 |
|
|
$ |
146,000 |
|
|
$ |
141,500 |
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
Operating Income |
$ |
83,000 |
|
|
$ |
85,000 |
|
|
$ |
84,000 |
|
|
Depreciation and amortization |
|
40,000 |
|
|
|
42,000 |
|
|
|
41,000 |
|
|
Non-cash lease expense |
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
|
Interest income on Bonds |
|
1,000 |
|
- |
|
1,500 |
|
- |
|
1,250 |
|
|
Adjusted EBITDAre |
$ |
125,000 |
|
|
$ |
130,000 |
|
|
$ |
127,500 |
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
Operating Income |
$ |
17,500 |
|
|
$ |
18,750 |
|
|
$ |
18,125 |
|
|
Depreciation and amortization |
|
5,500 |
|
|
|
6,000 |
|
|
|
5,750 |
|
|
Preopening expense |
|
125 |
|
|
|
125 |
|
|
|
125 |
|
|
Equity-based compensation |
|
875 |
|
|
|
1,125 |
|
|
|
1,000 |
|
|
Pro rata adjusted EBITDAre from unconsolidated JVs
(1) |
|
(3,000 |
) |
|
|
(2,000 |
) |
|
|
(2,500 |
) |
|
Adjusted EBITDAre
(1) |
$ |
21,000 |
|
|
$ |
24,000 |
|
|
$ |
22,500 |
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
Operating Income |
$ |
(13,500 |
) |
|
$ |
(11,500 |
) |
|
$ |
(12,500 |
) |
|
Depreciation and amortization |
|
2,000 |
|
|
|
500 |
|
|
|
1,250 |
|
|
Equity-based compensation |
|
2,500 |
|
|
|
3,000 |
|
|
|
2,750 |
|
|
Adjusted EBITDAre |
$ |
(9,000 |
) |
|
$ |
(8,000 |
) |
|
$ |
(8,500 |
) |
|
|
|
|
|
|
|
(1) Guidance does not include any impact of the Atairos
transaction. Pro rata EBITDAre and Adjusted EBITDAre from
unconsolidated joint ventures is from the Circle joint
venture. |
|
|
|
|
|
|
|
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 |
$ |
103,000 |
|
|
$ |
110,000 |
|
|
$ |
106,500 |
|
|
Provision (benefit) for income taxes |
|
38,000 |
|
|
|
43,000 |
|
|
|
40,500 |
|
|
Interest Expense |
|
141,400 |
|
|
|
148,300 |
|
|
|
144,850 |
|
|
Depreciation and amortization |
|
204,500 |
|
|
|
207,500 |
|
|
|
206,000 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures
(1) |
|
100 |
|
|
|
200 |
|
|
|
150 |
|
|
EBITDAre |
$ |
487,000 |
|
|
$ |
509,000 |
|
|
$ |
498,000 |
|
|
Non-cash lease expense |
|
4,000 |
|
|
|
5,000 |
|
|
|
4,500 |
|
|
Preopening expense |
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Equity-based compensation |
|
18,500 |
|
|
|
21,000 |
|
|
|
19,750 |
|
|
Interest income on Bonds |
|
5,000 |
|
|
|
5,500 |
|
|
|
5,250 |
|
|
Other gains and (losses), net |
|
(1,000 |
) |
|
|
(3,000 |
) |
|
|
(2,000 |
) |
|
Adjusted EBITDAre
(1) |
$ |
514,000 |
|
|
$ |
538,000 |
|
|
$ |
526,000 |
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
Operating Income |
$ |
283,000 |
|
|
$ |
293,500 |
|
|
$ |
288,250 |
|
|
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 |
$ |
475,000 |
|
|
$ |
490,000 |
|
|
$ |
482,500 |
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
Operating Income |
$ |
60,500 |
|
|
$ |
63,000 |
|
|
$ |
61,750 |
|
|
Depreciation and amortization |
|
18,000 |
|
|
|
20,500 |
|
|
|
19,250 |
|
|
Preopening expense |
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Equity-based compensation |
|
5,000 |
|
|
|
6,000 |
|
|
|
5,500 |
|
|
Pro rata adjusted EBITDAre from unconsolidated JVs
(1) |
|
(12,000 |
) |
|
|
(10,000 |
) |
|
|
(11,000 |
) |
|
Adjusted EBITDAre
(1) |
$ |
72,000 |
|
|
$ |
80,000 |
|
|
$ |
76,000 |
|
|
|
|
|
|
|
|
|
Operating Income |
$ |
(49,000 |
) |
|
$ |
(45,000 |
) |
|
$ |
(47,000 |
) |
|
Depreciation and amortization |
|
3,500 |
|
|
|
1,000 |
|
|
|
2,250 |
|
|
Equity-based compensation |
|
13,500 |
|
|
|
15,000 |
|
|
|
14,250 |
|
|
Other gains and (losses), net |
|
(1,000 |
) |
|
|
(3,000 |
) |
|
|
(2,000 |
) |
|
Adjusted EBITDAre |
$ |
(33,000 |
) |
|
$ |
(32,000 |
) |
|
$ |
(32,500 |
) |
|
|
|
|
|
|
|
(1) Guidance does not include any impact of the Atairos
transaction. Pro rata EBITDAre and Adjusted EBITDAre from
unconsolidated joint ventures is from the Circle joint
venture. |
|
|
|
|
|
|
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