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 third quarter ended September 30, 2022.
Third Quarter 2022 Highlights and Recent
Developments:
- The Company generated net income
available to common shareholders of $45.2 million or $0.79 per
diluted share, achieving two consecutive post-pandemic quarters of
profitability.
- Despite 5.6 fewer points of
occupancy compared to Q3 2019, the Company’s Hospitality segment
achieved revenue of $390.6 million, a record for any third quarter,
driven by continued strength in leisure room rate and outside the
room spending by groups.
- The Hospitality segment reported a
third quarter record in operating income of $88.9 million,
operating income margin of 22.8%, Hospitality Adjusted EBITDAre of
$136.7 million, and Hospitality Adjusted EBITDAre margin of
35.0%.
- Strength in leisure demand
supported an all-time record leisure average daily rate (ADR) of
$288, an increase of 14.6% compared to Q3 2021 and 42.0% compared
to Q3 2019.
- During the quarter, the Company
booked over 614,000 gross advanced group room nights for all future
years, at an ADR of $252, an increase of 16.8% over Q3 2021 ADR for
future bookings and 24.9% above Q3 2019 ADR for future
bookings.
- Subsequent to quarter end, the
Company announced Chairman and CEO Colin Reed will transition to
Executive Chairman, and the Board has appointed Mark Fioravanti to
President and CEO, effective January 1, 2023.
- The Company reinstated a quarterly
cash dividend of $0.10 per common share paid on October 17,
2022.
- Based on strength of Q3 2022
financial results and confidence in the remainder of 2022, the
Company increases its consolidated Full Year 2022 outlook.
Colin Reed, Chairman and Chief Executive Officer
of Ryman Hospitality Properties, said, “Our hotel business again
set multiple records in the third quarter, eclipsing marks set in
the second quarter of this year. These results demonstrate not only
the broad strength of our business, but also the value of the
strategic investments we made over the past several years,
including those we made during the pandemic. The rebound of group
travel, alongside continued healthy leisure demand, validates our
business model, and has allowed us to achieve strong ADR for
the year through the third quarter, mitigating increasing costs in
the current inflationary environment. We are equally pleased with
spending outside of the room, as our food and beverage business
delivered favorable results across all our Gaylord Hotel
properties. We are excited with the quality of our forward book of
group business and expect this momentum to continue through the
fourth quarter.”
Third Quarter 2022 Results (as compared
to Third Quarter 2021):
Consolidated Results |
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($ in thousands, except per share amounts) |
Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 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 |
$467,755 |
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$306,906 |
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52.4% |
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$1,237,094 |
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$561,942 |
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120.1% |
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Operating income (loss) |
$97,005 |
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$25,695 |
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277.5% |
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$210,847 |
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($84,809) |
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348.6% |
Operating income (loss) margin |
20.7% |
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8.4% |
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12.3pt |
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17.0% |
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-15.1% |
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32.1pt |
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Net income (loss) available to common shareholders |
$45,241 |
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($8,546) |
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629.4% |
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$70,904 |
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($170,986) |
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141.5% |
Net income (loss) available to common shareholders margin |
9.7% |
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-2.8% |
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12.5pt |
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5.7% |
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-30.4% |
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36.1pt |
Net income (loss) available to common shareholders per diluted
share |
$0.79 |
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($0.16) |
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593.8% |
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$1.28 |
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($3.11) |
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141.2% |
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Adjusted EBITDAre |
$151,125 |
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$85,992 |
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75.7% |
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$387,744 |
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$91,698 |
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322.8% |
Adjusted EBITDAre margin |
32.3% |
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28.0% |
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4.3pt |
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31.3% |
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16.3% |
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15.0pt |
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$144,780 |
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$85,992 |
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68.4% |
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$380,268 |
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$92,715 |
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310.1% |
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture margin |
31.0% |
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28.0% |
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3.0pt |
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30.7% |
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16.5% |
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14.2pt |
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Funds From Operations (FFO) available to common shareholders and
unit holders |
$91,951 |
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$47,467 |
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93.7% |
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$230,292 |
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($19,323) |
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1291.8% |
FFO available to common shareholders and unit holders per diluted
share/unit |
$1.57 |
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$0.86 |
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82.6% |
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$4.13 |
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($0.35) |
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1280.0% |
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Adjusted FFO available to common shareholders and unit holders |
$100,773 |
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$52,113 |
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93.4% |
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$250,462 |
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($39) |
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642310.3% |
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit |
$1.72 |
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$0.94 |
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83.0% |
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$4.49 |
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$0.00 |
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100.0% |
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture, Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin, FFO available to common shareholders and unit
holders, and Adjusted FFO available to common shareholders and unit
holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation
of the non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Definition,” “Adjusted EBITDAre Margin and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO
available to common shareholders and unit holders Definition” and
“Supplemental Financial Results” below.
Hospitality Segment
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 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) |
$390,602 |
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$257,853 |
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51.5% |
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$1,053,515 |
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$463,343 |
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127.4% |
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Hospitality operating income (loss) (1) |
$88,901 |
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$24,600 |
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261.4% |
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$205,142 |
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($66,260) |
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409.6% |
Hospitality operating income (loss) margin (1) |
22.8% |
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9.5% |
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13.3pt |
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19.5% |
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-14.3% |
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33.8pt |
Hospitality Adjusted EBITDAre (1) |
$136,710 |
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$79,226 |
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72.6% |
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$362,025 |
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$93,305 |
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288.0% |
Hospitality Adjusted EBITDAre margin (1) |
35.0% |
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30.7% |
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4.3pt |
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34.4% |
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20.1% |
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14.3pt |
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Hospitality Performance Metrics (1) (2) |
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Occupancy |
71.5% |
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54.5% |
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17.0pt |
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63.9% |
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34.9% |
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29.0pt |
Average Daily Rate (ADR) |
$226.20 |
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$216.79 |
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4.3% |
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$230.07 |
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$208.02 |
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10.6% |
RevPAR |
$161.75 |
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$118.17 |
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36.9% |
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$147.07 |
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$72.65 |
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102.4% |
Total RevPAR |
$407.77 |
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$269.19 |
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51.5% |
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$370.63 |
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$165.51 |
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123.9% |
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Gross Definite Rooms Nights Booked |
614,346 |
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410,793 |
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49.6% |
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1,637,571 |
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1,511,432 |
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8.3% |
Net Definite Rooms Nights Booked |
416,128 |
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134,717 |
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208.9% |
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994,838 |
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472,548 |
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110.5% |
Group Attrition (as % of contracted block) |
19.2% |
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30.1% |
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-10.9pt |
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22.2% |
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28.7% |
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-6.5pt |
Cancellations ITYFTY (3) |
21,063 |
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126,608 |
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-83.4% |
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203,129 |
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543,592 |
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-62.6% |
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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. |
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
third 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
- Hotel occupancy was 71.5% in Q3
2022, compared to 54.5% in Q3 2021 and 77.1% in Q3 2019, as the
segment reports substantial year-over-year growth in occupancy from
2021.
- All hotels set third quarter
revenue records and four of the five hotels set Adjusted EBITDAre
records, despite overall occupancy being 5.6 points lower than Q3
2019.
- Gaylord National’s record third
quarter revenue and Adjusted EBITDAre performance was aided by our
investments in reconcepting food and beverage outlets, which helped
drive stronger food and beverage margins.
- Gaylord Rockies reported record
operating income of $21.0 million and occupancy of 86.9%, an
all-time quarterly record for any of our properties, which led to
its highest total revenue and Adjusted EBITDAre quarter of $77.3
million and $34.7 million, respectively, since opening in December
2018.
- Room night production remained
strong in the third quarter as new definite ADR for future bookings
made in the quarter was an all-time record and revenue for future
bookings made in the quarter was a third quarter record.
Gaylord Opryland |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 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 |
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$106,819 |
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$75,483 |
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41.5% |
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$285,835 |
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$142,244 |
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100.9% |
Operating income |
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$29,488 |
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$19,514 |
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51.1% |
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$76,914 |
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$10,965 |
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601.5% |
Operating income margin |
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27.6% |
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25.9% |
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1.7pt |
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26.9% |
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7.7% |
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19.2pt |
Adjusted EBITDAre |
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$38,149 |
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$28,021 |
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36.1% |
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$102,696 |
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$36,294 |
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183.0% |
Adjusted EBITDAre margin |
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35.7% |
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37.1% |
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-1.4pt |
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35.9% |
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25.5% |
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10.4pt |
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Occupancy |
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73.0% |
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56.3% |
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16.7pt |
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65.7% |
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38.4% |
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27.3pt |
Average daily rate (ADR) |
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$236.83 |
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$232.49 |
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1.9% |
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$236.35 |
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$223.24 |
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5.9% |
RevPAR |
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$172.98 |
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$130.85 |
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32.2% |
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$155.36 |
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$85.71 |
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81.3% |
Total RevPAR |
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$402.04 |
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$284.10 |
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41.5% |
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$362.54 |
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$180.42 |
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100.9% |
Gaylord Palms |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 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 |
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$60,516 |
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$34,476 |
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75.5% |
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$188,653 |
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$82,295 |
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129.2% |
Operating income (loss) |
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$9,611 |
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($877) |
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1195.9% |
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$43,687 |
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($4,514) |
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1067.8% |
Operating income (loss) margin |
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15.9% |
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-2.5% |
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18.4pt |
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23.2% |
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-5.5% |
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28.7pt |
Adjusted EBITDAre |
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$16,204 |
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$6,192 |
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161.7% |
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$63,531 |
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$14,800 |
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329.3% |
Adjusted EBITDAre margin |
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26.8% |
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18.0% |
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8.8pt |
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33.7% |
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18.0% |
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15.7pt |
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Occupancy (1) |
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65.2% |
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44.7% |
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20.5pt |
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65.2% |
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41.1% |
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24.1pt |
Average daily rate (ADR) |
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$213.17 |
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$201.18 |
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6.0% |
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$232.26 |
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$198.85 |
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16.8% |
RevPAR (1) |
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$139.08 |
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$89.99 |
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54.6% |
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$151.39 |
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$81.71 |
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85.3% |
Total RevPAR (1) |
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$382.88 |
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$218.13 |
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75.5% |
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$402.23 |
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$193.15 |
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108.2% |
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(1) Calculation of hospitality performance metrics includes 302
expansion rooms beginning June 1, 2021. |
Gaylord Texan |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 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 |
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$70,734 |
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$56,041 |
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26.2% |
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$205,035 |
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$108,468 |
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89.0% |
Operating income |
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$18,873 |
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$12,640 |
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49.3% |
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$57,523 |
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$11,137 |
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416.5% |
Operating income margin |
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26.7% |
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22.6% |
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4.1pt |
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28.1% |
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10.3% |
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17.8pt |
Adjusted EBITDAre |
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$24,577 |
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$18,786 |
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30.8% |
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$75,667 |
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$29,706 |
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154.7% |
Adjusted EBITDAre margin |
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34.7% |
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33.5% |
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1.2pt |
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36.9% |
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27.4% |
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9.5pt |
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Occupancy |
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70.6% |
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66.9% |
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3.7pt |
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67.6% |
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44.6% |
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23.0pt |
Average daily rate (ADR) |
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$227.40 |
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$215.42 |
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5.6% |
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$227.10 |
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$207.21 |
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9.6% |
RevPAR |
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$160.63 |
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$144.08 |
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11.5% |
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$153.60 |
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$92.35 |
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66.3% |
Total RevPAR |
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$423.84 |
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$335.80 |
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26.2% |
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$414.03 |
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$219.03 |
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89.0% |
Gaylord National |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 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 |
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$68,925 |
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$36,008 |
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91.4% |
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$173,735 |
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$39,576 |
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339.0% |
Operating income (loss) |
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$9,044 |
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($8,534) |
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206.0% |
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$10,593 |
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($38,108) |
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127.8% |
Operating income (loss) margin |
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13.1% |
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-23.7% |
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36.8pt |
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6.1% |
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-96.3% |
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102.4pt |
Adjusted EBITDAre |
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$21,550 |
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$1,061 |
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1931.1% |
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$42,777 |
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($11,749) |
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464.1% |
Adjusted EBITDAre margin |
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31.3% |
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2.9% |
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28.4pt |
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24.6% |
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-29.7% |
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54.3pt |
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Occupancy (1) (2) |
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65.4% |
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44.1% |
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21.3pt |
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55.1% |
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14.9% |
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40.2pt |
Average daily rate (ADR) |
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$220.25 |
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$209.77 |
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5.0% |
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$232.23 |
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$209.77 |
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10.7% |
RevPAR (1) (2) |
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$144.11 |
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$92.52 |
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55.8% |
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$127.99 |
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$31.18 |
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310.5% |
Total RevPAR (1) (2) |
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$375.35 |
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$196.09 |
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91.4% |
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$318.83 |
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$72.63 |
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339.0% |
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(1) Calculation of hospitality performance metrics includes closed
hotel room nights available. |
(2) Gaylord National closed on March 25, 2020 and remained closed
until July 1, 2021. |
Gaylord Rockies |
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|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$77,346 |
|
$51,209 |
|
51.0% |
|
$182,888 |
|
$81,517 |
|
124.4% |
Operating income (loss) |
|
$20,967 |
|
$1,595 |
|
1214.5% |
|
$14,398 |
|
($43,700) |
|
132.9% |
Operating income (loss) margin |
|
27.1% |
|
3.1% |
|
24.0pt |
|
7.9% |
|
-53.6% |
|
61.5pt |
Adjusted EBITDAre |
|
$34,670 |
|
$24,265 |
|
42.9% |
|
$73,399 |
|
$24,278 |
|
202.3% |
Adjusted EBITDAre margin |
|
44.8% |
|
47.4% |
|
-2.6pt |
|
40.1% |
|
29.8% |
|
10.3pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
86.9% |
|
61.9% |
|
25.0pt |
|
67.7% |
|
35.2% |
|
32.5pt |
Average daily rate (ADR) |
|
$237.69 |
|
$224.67 |
|
5.8% |
|
$232.32 |
|
$210.54 |
|
10.3% |
RevPAR |
|
$206.65 |
|
$139.10 |
|
48.6% |
|
$157.35 |
|
$74.05 |
|
112.5% |
Total RevPAR |
|
$560.11 |
|
$370.84 |
|
51.0% |
|
$446.32 |
|
$198.93 |
|
124.4% |
Entertainment Segment
For the three and nine months ended September
30, 2022, and 2021, the Company reported the following:
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$77,153 |
|
$49,053 |
|
57.3% |
|
$183,579 |
|
$98,599 |
|
86.2% |
Operating income |
$17,756 |
|
$12,078 |
|
47.0% |
|
$38,212 |
|
$10,071 |
|
279.4% |
Operating income margin |
23.0% |
|
24.6% |
|
-1.6pt |
|
20.8% |
|
10.2% |
|
10.6pt |
Adjusted EBITDAre |
$21,174 |
|
$14,079 |
|
50.4% |
|
$48,037 |
|
$16,908 |
|
184.1% |
Adjusted EBITDAre margin |
27.4% |
|
28.7% |
|
-1.3pt |
|
26.2% |
|
17.1% |
|
9.1pt |
Reed continued, “Our Entertainment segment
continues to deliver solid results, as revenue, segment operating
income and Adjusted EBITDAre for the third quarter all
exceeded third quarter 2019, even excluding the assets we acquired
and developed after 2019 (Circle, our new Ole Red assets, and our
recently acquired Block 21 assets). We remain enthusiastic about
the future of this business in combination with the assets of
Block 21 and are actively engaged with our partners at Atairos and
NBCUniversal to propel OEG into its next phase of growth.”
Corporate and Other Segment
For the three and nine months ended September
30, 2022, and 2021, the Company reported the following:
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
($9,652) |
|
($10,983) |
|
12.1% |
|
($32,507) |
|
($28,620) |
|
-13.6% |
Adjusted EBITDAre |
($6,759) |
|
($7,313) |
|
7.6% |
|
($22,318) |
|
($18,515) |
|
-20.5% |
2022 Guidance
The Company is raising its consolidated guidance
for full year 2022 based on current information as of October 31,
2022. The Company does not expect to update the guidance provided
below before next quarter’s earnings release. However, the Company
may update its full business outlook or any portion thereof at any
time for any reason.
($ in millions) |
New Guidance |
|
New FY |
|
Prior Guidance |
|
Prior FY |
|
Change |
|
Full Year 2022 |
|
Guidance |
|
Full Year 2022 |
|
Guidance |
|
|
|
Low |
|
High |
|
Midpoint |
|
Low |
|
High |
|
Midpoint |
|
Midpoint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
115.0 |
|
|
$ |
121.0 |
|
|
$ |
118.0 |
|
|
$ |
103.0 |
|
|
$ |
110.0 |
|
|
$ |
106.5 |
|
|
$ |
11.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$ |
491.0 |
|
|
$ |
500.0 |
|
|
$ |
495.5 |
|
|
$ |
475.0 |
|
|
$ |
490.0 |
|
|
$ |
482.5 |
|
|
$ |
13.0 |
|
Entertainment |
|
72.0 |
|
|
|
76.0 |
|
|
|
74.0 |
|
|
|
72.0 |
|
|
|
80.0 |
|
|
|
76.0 |
|
|
|
(2.0 |
) |
Corporate and Other |
|
(32.0 |
) |
|
|
(30.0 |
) |
|
|
(31.0 |
) |
|
|
(33.0 |
) |
|
|
(32.0 |
) |
|
|
(32.5 |
) |
|
|
1.5 |
|
Consolidated Adjusted EBITDAre |
$ |
531.0 |
|
|
$ |
546.0 |
|
|
$ |
538.5 |
|
|
$ |
514.0 |
|
|
$ |
538.0 |
|
|
$ |
526.0 |
|
|
$ |
12.5 |
|
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, “Despite the current economic
uncertainty, our collection of unique hotel properties and
entertainment venues continues to generate strong interest and
financial results from group and leisure travelers. The visibility
that the contractual nature of our core hospitality business
provides is a differentiating strength that gives us the confidence
and opportunity to continue to invest in new and exciting offerings
for our guests. Given our strong performance in the third quarter,
and our confidence in the remainder of the year, we are again
raising our full year 2022 guidance to a consolidated Adjusted
EBITDAre midpoint of $538.5 million, a $12.5 million increase over
our previously updated guidance midpoint given in August. We
believe that our business is uniquely positioned for success and
look forward to continuing to execute the long-term strategy of our
Company.”
Leadership Transition Update On
October 11, 2022, the Company announced Chairman and Chief
Executive Officer Colin Reed will transition to Executive
Chairman of the Company after more than 21 years as CEO. The
Company’s Board of Directors has appointed President Mark
Fioravanti to succeed Reed as Chief Executive Officer, under
the title of President and Chief Executive Officer,
effective January 1, 2023. Reed’s role as
Executive Chairman will include his responsibilities as Executive
Chairman of the Company’s Board of Directors and as Chairman of
the OEG Board of Directors. Reed will also focus on working
with OEG strategic investor Atairos and with NBCUniversal to unlock
opportunities for value creation; advancing the Company’s ESG and
Diversity, Equity, and Inclusion goals; and community and
government affairs. Reed will continue his role with artist and
shareholder relations alongside Fioravanti.
Dividend UpdateOn September 6,
2022, the Company announced that it declared a quarterly cash
dividend of $0.10 per common share, which was paid
on October 17, 2022, to stockholders of record as
of September 30, 2022. The Board of Directors approved the
reinstatement of this dividend payment, which represents Ryman’s
first quarterly cash dividend since payments were suspended
following the Q1 2020 dividend paid in April 2020. Due to the
opportunities the Company sees to allocate capital across its
portfolio, the Company adopted an interim policy of a minimum
annual dividend amount of 100% of REIT taxable income, replacing
the former dividend policy of the greater of 100% of REIT taxable
income or 50% of AFFO less maintenance capital expenditures. The
Company’s interim dividend policy is subject to the Board of
Directors’ future determinations as to the amount of quarterly
distributions and the timing thereof.
Balance Sheet/Liquidity
UpdateAs of September 30, 2022, the Company had total debt
outstanding of $2,863.1 million, net of unamortized deferred
financing costs, and unrestricted cash of $224.7 million. As of
September 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 revolving credit lines.
Earnings Call InformationRyman
Hospitality Properties will hold a conference call to discuss this
release tomorrow, November 1, 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 StatementsThis 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, expected recovery of travel, leisure and group
demand from periods affected by the COVID-19 pandemic, the expected
effects of COVID-19 on our results of operations, 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 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 pace of
recovery following the COVID-19 pandemic, 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, our Board of Directors’ ability to
modify 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, and 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 InformationThis
release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
annual report on Form 10-K. Copies of our reports are available on
our website at no expense at www.rymanhp.com and through the SEC’s
Electronic Data Gathering Analysis and Retrieval System (“EDGAR”)
at www.sec.gov.
Calculation of RevPAR, Total RevPAR, and
OccupancyWe calculate revenue per available room
(“RevPAR”) for our hotels by dividing room revenue by room nights
available to guests for the period. Room nights available to guests
include nights the hotels are closed. We calculate total revenue
per available room (“Total RevPAR”) for our hotels by dividing the
sum of room revenue, food & beverage, and other ancillary
services revenue by room nights available to guests for the period.
Rooms out of service for renovation are included in room nights
available. For the three and nine months ended September 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 for periods of
closure. 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
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 Margin and 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 joint ventures not
controlled or owned by the Company.
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 |
Hillary Prim, Vice President of Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Finn Partners |
(615) 316-6588 |
(615) 610-0293 |
mfioravanti@rymanhp.com |
hillary.prim@finnpartners.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 |
~or~ |
|
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 |
|
Nine Months Ended |
|
|
Sep. 30 |
|
Sep. 30 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues : |
|
|
|
|
|
|
|
|
Rooms |
$ |
154,940 |
|
|
$ |
113,192 |
|
|
$ |
418,039 |
|
|
$ |
203,391 |
|
|
Food and beverage |
|
186,188 |
|
|
|
105,803 |
|
|
|
486,387 |
|
|
|
169,597 |
|
|
Other hotel revenue |
|
49,474 |
|
|
|
38,858 |
|
|
|
149,089 |
|
|
|
90,355 |
|
|
Entertainment |
|
77,153 |
|
|
|
49,053 |
|
|
|
183,579 |
|
|
|
98,599 |
|
|
Total revenues |
|
467,755 |
|
|
|
306,906 |
|
|
|
1,237,094 |
|
|
|
561,942 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
41,366 |
|
|
|
30,802 |
|
|
|
112,740 |
|
|
|
55,318 |
|
|
Food and beverage |
|
103,221 |
|
|
|
65,205 |
|
|
|
272,039 |
|
|
|
118,282 |
|
|
Other hotel expenses |
|
103,321 |
|
|
|
80,203 |
|
|
|
289,248 |
|
|
|
196,125 |
|
|
Management fees |
|
11,276 |
|
|
|
4,907 |
|
|
|
27,542 |
|
|
|
7,809 |
|
|
Total hotel operating expenses |
|
259,184 |
|
|
|
181,117 |
|
|
|
701,569 |
|
|
|
377,534 |
|
|
Entertainment |
|
54,148 |
|
|
|
33,467 |
|
|
|
131,549 |
|
|
|
77,797 |
|
|
Corporate |
|
9,449 |
|
|
|
10,416 |
|
|
|
31,423 |
|
|
|
26,922 |
|
|
Preopening costs |
|
- |
|
|
|
118 |
|
|
|
525 |
|
|
|
734 |
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
- |
|
|
|
469 |
|
|
|
(317 |
) |
|
Depreciation and amortization |
|
47,969 |
|
|
|
56,093 |
|
|
|
160,712 |
|
|
|
164,081 |
|
|
Total operating expenses |
|
370,750 |
|
|
|
281,211 |
|
|
|
1,026,247 |
|
|
|
646,751 |
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
97,005 |
|
|
|
25,695 |
|
|
|
210,847 |
|
|
|
(84,809 |
) |
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(40,092 |
) |
|
|
(32,413 |
) |
|
|
(105,987 |
) |
|
|
(93,056 |
) |
Interest income |
|
1,378 |
|
|
|
1,433 |
|
|
|
4,138 |
|
|
|
4,254 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(1,547 |
) |
|
|
(2,949 |
) |
Loss from consolidated joint ventures |
|
(2,720 |
) |
|
|
(2,312 |
) |
|
|
(8,348 |
) |
|
|
(5,831 |
) |
Other gains and (losses), net |
|
2,058 |
|
|
|
53 |
|
|
|
2,222 |
|
|
|
254 |
|
Income (loss) before income taxes |
|
57,629 |
|
|
|
(7,544 |
) |
|
|
101,325 |
|
|
|
(182,137 |
) |
|
|
|
|
|
|
|
|
|
Provision benefit for income taxes |
|
(10,178 |
) |
|
|
(1,063 |
) |
|
|
(27,747 |
) |
|
|
(6,640 |
) |
Net income (loss) |
|
47,451 |
|
|
|
(8,607 |
) |
|
|
73,578 |
|
|
|
(188,777 |
) |
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interest in
consolidated joint venture |
|
(1,887 |
) |
|
|
- |
|
|
|
(2,167 |
) |
|
|
16,501 |
|
Net (income) loss attributable to noncontrolling interest in
Operating Partnership |
|
(323 |
) |
|
|
61 |
|
|
|
(507 |
) |
|
|
1,290 |
|
Net income (loss) available to common shareholders |
$ |
45,241 |
|
|
$ |
(8,546 |
) |
|
$ |
70,904 |
|
|
$ |
(170,986 |
) |
|
|
|
|
|
|
|
|
|
Basic income (loss) per share available to common shareholders |
$ |
0.82 |
|
|
$ |
(0.16 |
) |
|
$ |
1.29 |
|
|
$ |
(3.11 |
) |
Diluted income (loss) per share available to common
shareholders |
$ |
0.79 |
|
|
$ |
(0.16 |
) |
|
$ |
1.28 |
|
|
$ |
(3.11 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
|
|
|
|
Basic |
|
55,159 |
|
|
|
55,065 |
|
|
|
55,132 |
|
|
|
55,040 |
|
|
Diluted |
|
59,315 |
|
|
|
55,065 |
|
|
|
55,329 |
|
|
|
55,040 |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
Sep. 30 |
|
Dec. 31, |
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,178,104 |
|
$ |
3,031,844 |
|
|
Cash and cash equivalents - unrestricted |
|
224,696 |
|
|
140,688 |
|
|
Cash and cash equivalents - restricted |
|
96,007 |
|
|
22,312 |
|
|
Notes receivable |
|
66,261 |
|
|
71,228 |
|
|
Trade receivables, net |
|
131,496 |
|
|
74,745 |
|
|
Prepaid expenses and other assets |
|
143,517 |
|
|
112,904 |
|
|
Intangible assets |
|
107,199 |
|
|
126,804 |
|
|
|
Total assets |
$ |
3,947,280 |
|
$ |
3,580,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
2,863,081 |
|
$ |
2,936,819 |
|
|
Accounts payable and accrued liabilities |
|
364,229 |
|
|
304,719 |
|
|
Dividends payable |
|
5,685 |
|
|
386 |
|
|
Deferred management rights proceeds |
|
168,274 |
|
|
170,614 |
|
|
Operating lease liabilities |
|
115,258 |
|
|
113,770 |
|
|
Deferred income tax liabilities, net |
|
9,216 |
|
|
4,671 |
|
|
Other liabilities |
|
65,802 |
|
|
71,939 |
|
|
Noncontrolling interest in consolidated joint venture |
|
303,849 |
|
|
- |
|
|
Total equity (deficit) |
|
51,886 |
|
|
(22,393 |
) |
|
|
Total liabilities and equity (deficit) |
$ |
3,947,280 |
|
$ |
3,580,525 |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
ADJUSTED EBITDAre RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
467,755 |
|
|
|
$ |
306,906 |
|
|
|
$ |
1,237,094 |
|
|
|
$ |
561,942 |
|
|
Net income (loss) |
$ |
47,451 |
|
10.1 |
% |
|
$ |
(8,607 |
) |
-2.8 |
% |
|
$ |
73,578 |
|
5.9 |
% |
|
$ |
(188,777 |
) |
-33.6 |
% |
Interest expense, net |
|
38,714 |
|
|
|
|
30,980 |
|
|
|
|
101,849 |
|
|
|
|
88,802 |
|
|
Provision for income taxes |
|
10,178 |
|
|
|
|
1,063 |
|
|
|
|
27,747 |
|
|
|
|
6,640 |
|
|
Depreciation & amortization |
|
47,969 |
|
|
|
|
56,093 |
|
|
|
|
160,712 |
|
|
|
|
164,081 |
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
|
2 |
|
|
|
|
327 |
|
|
|
|
(315 |
) |
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
23 |
|
|
|
|
19 |
|
|
|
|
68 |
|
|
|
|
53 |
|
|
EBITDAre |
|
144,335 |
|
30.9 |
% |
|
|
79,550 |
|
25.9 |
% |
|
|
364,281 |
|
29.4 |
% |
|
|
70,484 |
|
12.5 |
% |
Preopening costs |
|
- |
|
|
|
|
118 |
|
|
|
|
525 |
|
|
|
|
734 |
|
|
Non-cash lease expense |
|
1,059 |
|
|
|
|
1,081 |
|
|
|
|
3,340 |
|
|
|
|
3,254 |
|
|
Equity-based compensation expense |
|
3,694 |
|
|
|
|
3,276 |
|
|
|
|
11,134 |
|
|
|
|
8,944 |
|
|
Pension settlement charge |
|
723 |
|
|
|
|
443 |
|
|
|
|
1,576 |
|
|
|
|
1,009 |
|
|
Interest income on Gaylord National bonds |
|
1,314 |
|
|
|
|
1,389 |
|
|
|
|
3,993 |
|
|
|
|
4,114 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
1,547 |
|
|
|
|
2,949 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
135 |
|
|
|
|
1,348 |
|
|
|
|
210 |
|
|
Adjusted EBITDAre |
$ |
151,125 |
|
32.3 |
% |
|
$ |
85,992 |
|
28.0 |
% |
|
$ |
387,744 |
|
31.3 |
% |
|
$ |
91,698 |
|
16.3 |
% |
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
$ |
(6,345 |
) |
|
|
|
- |
|
|
|
$ |
(7,476 |
) |
|
|
|
1,017 |
|
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$ |
144,780 |
|
31.0 |
% |
|
$ |
85,992 |
|
28.0 |
% |
|
$ |
380,268 |
|
30.7 |
% |
|
$ |
92,715 |
|
16.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
390,602 |
|
|
|
$ |
257,853 |
|
|
|
$ |
1,053,515 |
|
|
|
$ |
463,343 |
|
|
Operating income (loss) |
$ |
88,901 |
|
22.8 |
% |
|
$ |
24,600 |
|
9.5 |
% |
|
$ |
205,142 |
|
19.5 |
% |
|
$ |
(66,260 |
) |
-14.3 |
% |
Depreciation & amortization |
|
42,517 |
|
|
|
|
52,020 |
|
|
|
|
146,804 |
|
|
|
|
151,655 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
Preopening costs |
|
- |
|
|
|
|
116 |
|
|
|
|
- |
|
|
|
|
731 |
|
|
Non-cash lease expense |
|
1,054 |
|
|
|
|
1,101 |
|
|
|
|
3,162 |
|
|
|
|
3,307 |
|
|
Interest income on Gaylord National bonds |
|
1,314 |
|
|
|
|
1,389 |
|
|
|
|
3,993 |
|
|
|
|
4,114 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
Other gains and (losses), net |
|
2,924 |
|
|
|
|
- |
|
|
|
|
2,924 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
136,710 |
|
35.0 |
% |
|
$ |
79,226 |
|
30.7 |
% |
|
$ |
362,025 |
|
34.4 |
% |
|
$ |
93,305 |
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
77,153 |
|
|
|
$ |
49,053 |
|
|
|
$ |
183,579 |
|
|
|
$ |
98,599 |
|
|
Operating income |
$ |
17,756 |
|
23.0 |
% |
|
$ |
12,078 |
|
24.6 |
% |
|
$ |
38,212 |
|
20.8 |
% |
|
$ |
10,071 |
|
10.2 |
% |
Depreciation & amortization |
|
5,249 |
|
|
|
|
3,506 |
|
|
|
|
13,293 |
|
|
|
|
10,728 |
|
|
Preopening costs |
|
- |
|
|
|
|
2 |
|
|
|
|
525 |
|
|
|
|
3 |
|
|
Non-cash lease (revenue) expense |
|
5 |
|
|
|
|
(20 |
) |
|
|
|
178 |
|
|
|
|
(53 |
) |
|
Equity-based compensation |
|
860 |
|
|
|
|
671 |
|
|
|
|
2,761 |
|
|
|
|
1,802 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
135 |
|
|
|
|
1,348 |
|
|
|
|
135 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(2,696 |
) |
|
|
|
(2,293 |
) |
|
|
|
(8,280 |
) |
|
|
|
(5,778 |
) |
|
Adjusted EBITDAre |
$ |
21,174 |
|
27.4 |
% |
|
$ |
14,079 |
|
28.7 |
% |
|
$ |
48,037 |
|
26.2 |
% |
|
$ |
16,908 |
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(9,652 |
) |
|
|
$ |
(10,983 |
) |
|
|
$ |
(32,507 |
) |
|
|
$ |
(28,620 |
) |
|
Depreciation & amortization |
|
203 |
|
|
|
|
567 |
|
|
|
|
615 |
|
|
|
|
1,698 |
|
|
Other gains and (losses), net |
|
(867 |
) |
|
|
|
55 |
|
|
|
|
(375 |
) |
|
|
|
256 |
|
|
Equity-based compensation |
|
2,834 |
|
|
|
|
2,605 |
|
|
|
|
8,373 |
|
|
|
|
7,142 |
|
|
Pension settlement charge |
|
723 |
|
|
|
|
443 |
|
|
|
|
1,576 |
|
|
|
|
1,009 |
|
|
Adjusted EBITDAre |
$ |
(6,759 |
) |
|
|
$ |
(7,313 |
) |
|
|
$ |
(22,318 |
) |
|
|
$ |
(18,515 |
) |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
RECONCILIATION |
Unaudited |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Consolidated |
|
|
|
|
|
|
|
Net income (loss) |
$ |
47,451 |
|
|
$ |
(8,607 |
) |
|
$ |
73,578 |
|
|
$ |
(188,777 |
) |
Noncontrolling interest in consolidated joint venture |
|
(1,887 |
) |
|
|
- |
|
|
|
(2,167 |
) |
|
|
16,501 |
|
Net income (loss) available to common shareholders and unit
holders |
|
45,564 |
|
|
|
(8,607 |
) |
|
|
71,411 |
|
|
|
(172,276 |
) |
Depreciation & amortization |
|
47,938 |
|
|
|
56,055 |
|
|
|
160,620 |
|
|
|
163,969 |
|
Adjustments for noncontrolling interest |
|
(1,575 |
) |
|
|
- |
|
|
|
(1,808 |
) |
|
|
(11,069 |
) |
Pro rata adjustments from joint ventures |
|
24 |
|
|
|
19 |
|
|
|
69 |
|
|
|
53 |
|
FFO available to common shareholders and unit
holders |
|
91,951 |
|
|
|
47,467 |
|
|
|
230,292 |
|
|
|
(19,323 |
) |
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
31 |
|
|
|
38 |
|
|
|
92 |
|
|
|
112 |
|
Non-cash lease expense |
|
1,059 |
|
|
|
1,081 |
|
|
|
3,340 |
|
|
|
3,254 |
|
Pension settlement charge |
|
723 |
|
|
|
443 |
|
|
|
1,576 |
|
|
|
1,009 |
|
(Gain) loss on other assets |
|
- |
|
|
|
- |
|
|
|
469 |
|
|
|
(317 |
) |
Amortization of deferred financing costs |
|
2,640 |
|
|
|
2,200 |
|
|
|
7,178 |
|
|
|
6,579 |
|
Amortization of debt discounts and premiums |
|
501 |
|
|
|
(69 |
) |
|
|
489 |
|
|
|
(209 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
1,547 |
|
|
|
2,949 |
|
Adjustments for noncontrolling interest |
|
(382 |
) |
|
|
- |
|
|
|
(414 |
) |
|
|
(294 |
) |
Transaction costs of acquisitions |
|
- |
|
|
|
135 |
|
|
|
1,348 |
|
|
|
210 |
|
Deferred tax expense |
|
4,250 |
|
|
|
818 |
|
|
|
4,545 |
|
|
|
5,991 |
|
Adjusted FFO available to common shareholders and unit
holders |
$ |
100,773 |
|
|
$ |
52,113 |
|
|
$ |
250,462 |
|
|
$ |
(39 |
) |
Capital expenditures (1) |
|
(22,879 |
) |
|
|
(14,047 |
) |
|
|
(55,114 |
) |
|
|
(30,634 |
) |
Adjusted FFO available to common shareholders and unit
holders (ex. maintenance capex) |
$ |
77,894 |
|
|
$ |
38,066 |
|
|
$ |
195,348 |
|
|
$ |
(30,673 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
$ |
0.82 |
|
|
$ |
(0.16 |
) |
|
$ |
1.29 |
|
|
$ |
(3.11 |
) |
Diluted net income (loss) per share |
$ |
0.79 |
|
|
$ |
(0.16 |
) |
|
$ |
1.28 |
|
|
$ |
(3.11 |
) |
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per basic
share/unit |
$ |
1.66 |
|
|
$ |
0.86 |
|
|
$ |
4.15 |
|
|
$ |
(0.35 |
) |
Adjusted FFO available to common shareholders and unit holders per
basic share/unit |
$ |
1.81 |
|
|
$ |
0.94 |
|
|
$ |
4.51 |
|
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per diluted
share/unit |
$ |
1.57 |
|
|
$ |
0.86 |
|
|
$ |
4.13 |
|
|
$ |
(0.35 |
) |
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit |
$ |
1.72 |
|
|
$ |
0.94 |
|
|
$ |
4.49 |
|
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares and OP units for the period: |
|
|
|
|
|
|
|
Basic |
|
55,554 |
|
|
|
55,466 |
|
|
|
55,527 |
|
|
|
55,449 |
|
Diluted |
|
59,710 |
|
|
|
55,466 |
|
|
|
55,724 |
|
|
|
55,449 |
|
|
|
|
|
|
|
|
|
(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 Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
390,602 |
|
|
|
$ |
257,853 |
|
|
|
$ |
1,053,515 |
|
|
|
$ |
463,343 |
|
|
Operating income (loss) |
$ |
88,901 |
|
22.8 |
% |
|
$ |
24,600 |
|
9.5 |
% |
|
$ |
205,142 |
|
19.5 |
% |
|
$ |
(66,260 |
) |
-14.3 |
% |
Depreciation & amortization |
|
42,517 |
|
|
|
|
52,020 |
|
|
|
|
146,804 |
|
|
|
|
151,655 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
Preopening costs |
|
- |
|
|
|
|
116 |
|
|
|
|
- |
|
|
|
|
731 |
|
|
Non-cash lease expense |
|
1,054 |
|
|
|
|
1,101 |
|
|
|
|
3,162 |
|
|
|
|
3,307 |
|
|
Interest income on Gaylord National bonds |
|
1,314 |
|
|
|
|
1,389 |
|
|
|
|
3,993 |
|
|
|
|
4,114 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
Other gains and (losses), net |
|
2,924 |
|
|
|
|
- |
|
|
|
|
2,924 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
136,710 |
|
35.0 |
% |
|
$ |
79,226 |
|
30.7 |
% |
|
$ |
362,025 |
|
34.4 |
% |
|
$ |
93,305 |
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.5 |
% |
|
|
|
54.5 |
% |
|
|
|
63.9 |
% |
|
|
|
34.9 |
% |
|
Average daily rate (ADR) |
$ |
226.20 |
|
|
|
$ |
216.79 |
|
|
|
$ |
230.07 |
|
|
|
$ |
208.02 |
|
|
RevPAR |
$ |
161.75 |
|
|
|
$ |
118.17 |
|
|
|
$ |
147.07 |
|
|
|
$ |
72.65 |
|
|
OtherPAR |
$ |
246.02 |
|
|
|
$ |
151.02 |
|
|
|
$ |
223.56 |
|
|
|
$ |
92.86 |
|
|
Total RevPAR |
$ |
407.77 |
|
|
|
$ |
269.19 |
|
|
|
$ |
370.63 |
|
|
|
$ |
165.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
106,819 |
|
|
|
$ |
75,483 |
|
|
|
$ |
285,835 |
|
|
|
$ |
142,244 |
|
|
Operating income |
$ |
29,488 |
|
27.6 |
% |
|
$ |
19,514 |
|
25.9 |
% |
|
$ |
76,914 |
|
26.9 |
% |
|
$ |
10,965 |
|
7.7 |
% |
Depreciation & amortization |
|
8,674 |
|
|
|
|
8,507 |
|
|
|
|
25,820 |
|
|
|
|
25,644 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
Non-cash lease (revenue) expense |
|
(13 |
) |
|
|
|
- |
|
|
|
|
(38 |
) |
|
|
|
2 |
|
|
Adjusted EBITDAre |
$ |
38,149 |
|
35.7 |
% |
|
$ |
28,021 |
|
37.1 |
% |
|
$ |
102,696 |
|
35.9 |
% |
|
$ |
36,294 |
|
25.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
73.0 |
% |
|
|
|
56.3 |
% |
|
|
|
65.7 |
% |
|
|
|
38.4 |
% |
|
Average daily rate (ADR) |
$ |
236.83 |
|
|
|
$ |
232.49 |
|
|
|
$ |
236.35 |
|
|
|
$ |
223.24 |
|
|
RevPAR |
$ |
172.98 |
|
|
|
$ |
130.85 |
|
|
|
$ |
155.36 |
|
|
|
$ |
85.71 |
|
|
OtherPAR |
$ |
229.06 |
|
|
|
$ |
153.25 |
|
|
|
$ |
207.18 |
|
|
|
$ |
94.71 |
|
|
Total RevPAR |
$ |
402.04 |
|
|
|
$ |
284.10 |
|
|
|
$ |
362.54 |
|
|
|
$ |
180.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
60,516 |
|
|
|
$ |
34,476 |
|
|
|
$ |
188,653 |
|
|
|
$ |
82,295 |
|
|
Operating income (loss) |
$ |
9,611 |
|
15.9 |
% |
|
$ |
(877 |
) |
-2.5 |
% |
|
$ |
43,687 |
|
23.2 |
% |
|
$ |
(4,514 |
) |
-5.5 |
% |
Depreciation & amortization |
|
5,526 |
|
|
|
|
5,852 |
|
|
|
|
16,644 |
|
|
|
|
15,278 |
|
|
Preopening costs |
|
- |
|
|
|
|
116 |
|
|
|
|
- |
|
|
|
|
731 |
|
|
Non-cash lease expense |
|
1,067 |
|
|
|
|
1,101 |
|
|
|
|
3,200 |
|
|
|
|
3,305 |
|
|
Adjusted EBITDAre |
$ |
16,204 |
|
26.8 |
% |
|
$ |
6,192 |
|
18.0 |
% |
|
$ |
63,531 |
|
33.7 |
% |
|
$ |
14,800 |
|
18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
65.2 |
% |
|
|
|
44.7 |
% |
|
|
|
65.2 |
% |
|
|
|
41.1 |
% |
|
Average daily rate (ADR) |
$ |
213.17 |
|
|
|
$ |
201.18 |
|
|
|
$ |
232.26 |
|
|
|
$ |
198.85 |
|
|
RevPAR |
$ |
139.08 |
|
|
|
$ |
89.99 |
|
|
|
$ |
151.39 |
|
|
|
$ |
81.71 |
|
|
OtherPAR |
$ |
243.80 |
|
|
|
$ |
128.14 |
|
|
|
$ |
250.84 |
|
|
|
$ |
111.44 |
|
|
Total RevPAR |
$ |
382.88 |
|
|
|
$ |
218.13 |
|
|
|
$ |
402.23 |
|
|
|
$ |
193.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
70,734 |
|
|
|
$ |
56,041 |
|
|
|
$ |
205,035 |
|
|
|
$ |
108,468 |
|
|
Operating income |
$ |
18,873 |
|
26.7 |
% |
|
$ |
12,640 |
|
22.6 |
% |
|
$ |
57,523 |
|
28.1 |
% |
|
$ |
11,137 |
|
10.3 |
% |
Depreciation & amortization |
|
5,704 |
|
|
|
|
6,146 |
|
|
|
|
18,144 |
|
|
|
|
18,569 |
|
|
Adjusted EBITDAre |
$ |
24,577 |
|
34.7 |
% |
|
$ |
18,786 |
|
33.5 |
% |
|
$ |
75,667 |
|
36.9 |
% |
|
$ |
29,706 |
|
27.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
70.6 |
% |
|
|
|
66.9 |
% |
|
|
|
67.6 |
% |
|
|
|
44.6 |
% |
|
Average daily rate (ADR) |
$ |
227.40 |
|
|
|
$ |
215.42 |
|
|
|
$ |
227.10 |
|
|
|
$ |
207.21 |
|
|
RevPAR |
$ |
160.63 |
|
|
|
$ |
144.08 |
|
|
|
$ |
153.60 |
|
|
|
$ |
92.35 |
|
|
OtherPAR |
$ |
263.21 |
|
|
|
$ |
191.72 |
|
|
|
$ |
260.43 |
|
|
|
$ |
126.68 |
|
|
Total RevPAR |
$ |
423.84 |
|
|
|
$ |
335.80 |
|
|
|
$ |
414.03 |
|
|
|
$ |
219.03 |
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND
OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
68,925 |
|
|
|
$ |
36,008 |
|
|
|
$ |
173,735 |
|
|
|
$ |
39,576 |
|
|
Operating income (loss) |
$ |
9,044 |
|
13.1 |
% |
|
$ |
(8,534 |
) |
-23.7 |
% |
|
$ |
10,593 |
|
6.1 |
% |
|
$ |
(38,108 |
) |
-96.3 |
% |
Depreciation & amortization |
|
8,268 |
|
|
|
|
8,206 |
|
|
|
|
25,267 |
|
|
|
|
22,245 |
|
|
Interest income on Gaylord National bonds |
|
1,314 |
|
|
|
|
1,389 |
|
|
|
|
3,993 |
|
|
|
|
4,114 |
|
|
Other gains and (losses), net |
|
2,924 |
|
|
|
|
- |
|
|
|
|
2,924 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
21,550 |
|
31.3 |
% |
|
$ |
1,061 |
|
2.9 |
% |
|
$ |
42,777 |
|
24.6 |
% |
|
$ |
(11,749 |
) |
-29.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
65.4 |
% |
|
|
|
44.1 |
% |
|
|
|
55.1 |
% |
|
|
|
14.9 |
% |
|
Average daily rate (ADR) |
$ |
220.25 |
|
|
|
$ |
209.77 |
|
|
|
$ |
232.23 |
|
|
|
$ |
209.77 |
|
|
RevPAR |
$ |
144.11 |
|
|
|
$ |
92.52 |
|
|
|
$ |
127.99 |
|
|
|
$ |
31.18 |
|
|
OtherPAR |
$ |
231.24 |
|
|
|
$ |
103.57 |
|
|
|
$ |
190.84 |
|
|
|
$ |
41.45 |
|
|
Total RevPAR |
$ |
375.35 |
|
|
|
$ |
196.09 |
|
|
|
$ |
318.83 |
|
|
|
$ |
72.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
77,346 |
|
|
|
$ |
51,209 |
|
|
|
$ |
182,888 |
|
|
|
$ |
81,517 |
|
|
Operating income (loss) (1) |
$ |
20,967 |
|
27.1 |
% |
|
$ |
1,595 |
|
3.1 |
% |
|
$ |
14,398 |
|
7.9 |
% |
|
$ |
(43,700 |
) |
-53.6 |
% |
Depreciation & amortization |
|
13,703 |
|
|
|
|
22,670 |
|
|
|
|
59,001 |
|
|
|
|
67,978 |
|
|
Adjusted EBITDAre (1) |
$ |
34,670 |
|
44.8 |
% |
|
$ |
24,265 |
|
47.4 |
% |
|
$ |
73,399 |
|
40.1 |
% |
|
$ |
24,278 |
|
29.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
86.9 |
% |
|
|
|
61.9 |
% |
|
|
|
67.7 |
% |
|
|
|
35.2 |
% |
|
Average daily rate (ADR) |
$ |
237.69 |
|
|
|
$ |
224.67 |
|
|
|
$ |
232.32 |
|
|
|
$ |
210.54 |
|
|
RevPAR |
$ |
206.65 |
|
|
|
$ |
139.10 |
|
|
|
$ |
157.35 |
|
|
|
$ |
74.05 |
|
|
OtherPAR |
$ |
353.46 |
|
|
|
$ |
231.74 |
|
|
|
$ |
288.97 |
|
|
|
$ |
124.88 |
|
|
Total RevPAR |
$ |
560.11 |
|
|
|
$ |
370.84 |
|
|
|
$ |
446.32 |
|
|
|
$ |
198.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,932 |
|
|
|
$ |
1,846 |
|
|
|
$ |
7,800 |
|
|
|
$ |
4,110 |
|
|
Operating income (loss) |
$ |
469 |
|
16.0 |
% |
|
$ |
(141 |
) |
-7.6 |
% |
|
$ |
601 |
|
7.7 |
% |
|
$ |
(1,282 |
) |
-31.2 |
% |
Depreciation & amortization |
|
327 |
|
|
|
|
329 |
|
|
|
|
982 |
|
|
|
|
986 |
|
|
Adjusted EBITDAre |
$ |
796 |
|
27.1 |
% |
|
$ |
188 |
|
10.2 |
% |
|
$ |
1,583 |
|
20.3 |
% |
|
$ |
(296 |
) |
-7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.7 |
% |
|
|
|
46.7 |
% |
|
|
|
63.1 |
% |
|
|
|
43.3 |
% |
|
Average daily rate (ADR) |
$ |
206.01 |
|
|
|
$ |
201.38 |
|
|
|
$ |
209.26 |
|
|
|
$ |
163.95 |
|
|
RevPAR |
$ |
147.75 |
|
|
|
$ |
94.11 |
|
|
|
$ |
132.11 |
|
|
|
$ |
70.96 |
|
|
OtherPAR |
$ |
18.25 |
|
|
|
$ |
10.45 |
|
|
|
$ |
16.69 |
|
|
|
$ |
7.46 |
|
|
Total RevPAR |
$ |
166.00 |
|
|
|
$ |
104.56 |
|
|
|
$ |
148.80 |
|
|
|
$ |
78.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland (2) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,330 |
|
|
|
$ |
2,790 |
|
|
|
$ |
9,569 |
|
|
|
$ |
5,133 |
|
|
Operating income (loss) |
$ |
449 |
|
13.5 |
% |
|
$ |
403 |
|
14.4 |
% |
|
$ |
1,426 |
|
14.9 |
% |
|
$ |
(758 |
) |
-14.8 |
% |
Depreciation & amortization |
|
315 |
|
|
|
|
310 |
|
|
|
|
946 |
|
|
|
|
955 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
Adjusted EBITDAre |
$ |
764 |
|
22.9 |
% |
|
$ |
713 |
|
25.6 |
% |
|
$ |
2,372 |
|
24.8 |
% |
|
$ |
272 |
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
61.1 |
% |
|
|
|
55.7 |
% |
|
|
|
57.0 |
% |
|
|
|
38.1 |
% |
|
Average daily rate (ADR) |
$ |
151.61 |
|
|
|
$ |
147.81 |
|
|
|
$ |
155.49 |
|
|
|
$ |
133.94 |
|
|
RevPAR |
$ |
92.61 |
|
|
|
$ |
82.35 |
|
|
|
$ |
88.63 |
|
|
|
$ |
51.00 |
|
|
OtherPAR |
$ |
26.75 |
|
|
|
$ |
17.67 |
|
|
|
$ |
27.04 |
|
|
|
$ |
11.05 |
|
|
Total RevPAR |
$ |
119.36 |
|
|
|
$ |
100.02 |
|
|
|
$ |
115.67 |
|
|
|
$ |
62.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating loss and Adjusted EBITDAre for Gaylord Rockies for
the nine months ended September 30, 2021 exclude forgiven asset
management fees previously owed to RHP of $0.3 million. |
(2) Includes other hospitality revenue and expense |
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 |
|
$ |
115,000 |
|
|
$ |
121,000 |
|
|
$ |
118,000 |
|
|
Provision (benefit) for income taxes |
|
|
38,400 |
|
|
|
39,800 |
|
|
|
39,100 |
|
|
Interest Expense |
|
|
145,000 |
|
|
|
147,000 |
|
|
|
146,000 |
|
|
Depreciation and amortization |
|
|
204,500 |
|
|
|
206,500 |
|
|
|
205,500 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
|
100 |
|
|
|
200 |
|
|
|
150 |
|
|
EBITDAre |
|
$ |
503,000 |
|
|
$ |
514,500 |
|
|
$ |
508,750 |
|
|
Non-cash lease expense |
|
|
4,000 |
|
|
|
5,000 |
|
|
|
4,500 |
|
|
Preopening expense |
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Equity-based compensation |
|
|
16,500 |
|
|
|
18,000 |
|
|
|
17,250 |
|
|
Interest income on Bonds |
|
|
7,000 |
|
|
|
8,000 |
|
|
|
7,500 |
|
|
Adjusted EBITDAre |
|
$ |
531,000 |
|
|
$ |
546,000 |
|
|
$ |
538,500 |
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
297,000 |
|
|
$ |
301,000 |
|
|
$ |
299,000 |
|
|
Depreciation and amortization |
|
|
183,000 |
|
|
|
186,000 |
|
|
|
184,500 |
|
|
Non-cash lease expense |
|
|
4,000 |
|
|
|
5,000 |
|
|
|
4,500 |
|
|
Interest income on Bonds |
|
|
7,000 |
|
|
|
8,000 |
|
- |
|
7,500 |
|
|
Adjusted EBITDAre |
|
$ |
491,000 |
|
|
$ |
500,000 |
|
|
$ |
495,500 |
|
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
58,500 |
|
|
$ |
60,000 |
|
|
$ |
59,250 |
|
|
Depreciation and amortization |
|
|
18,500 |
|
|
|
19,500 |
|
|
|
19,000 |
|
|
Preopening expense |
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Equity-based compensation |
|
|
5,500 |
|
|
|
6,000 |
|
|
|
5,750 |
|
|
Pro rata adjusted EBITDAre from unconsolidated JVs |
|
|
(11,000 |
) |
|
|
(10,000 |
) |
|
|
(10,500 |
) |
|
Adjusted EBITDAre |
|
$ |
72,000 |
|
|
$ |
76,000 |
|
|
$ |
74,000 |
|
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
(46,000 |
) |
|
$ |
(43,000 |
) |
|
$ |
(44,500 |
) |
|
Depreciation and amortization |
|
|
3,000 |
|
|
|
1,000 |
|
|
|
2,000 |
|
|
Equity-based compensation |
|
|
11,000 |
|
|
|
12,000 |
|
|
|
11,500 |
|
|
Adjusted EBITDAre |
|
$ |
(32,000 |
) |
|
$ |
(30,000 |
) |
|
$ |
(31,000 |
) |
Ryman Hospitality Proper... (NYSE:RHP)
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