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
three months and year ended December 31, 2022.
Fourth Quarter 2022 Highlights and
Recent Developments:
- The Company generated net income of
$61.4 million and net income available to common shareholders of
$58.1 million or $1.03 per diluted share, which represents an
increase of 28.4% compared to net income available to common
shareholders for Q3 2022, achieving three consecutive quarters of
profitability.
- Despite 3.0 fewer points of
occupancy compared to Q4 2019, the Company’s Hospitality segment
achieved revenue of $484.5 million, a record for any quarter,
driven by continued strength in leisure room rate, which was aided
by the return of holiday ICE! programming.
- The Hospitality segment reported a
record for any fourth quarter in operating income of $105.8 million
and Adjusted EBITDAre of $150.7 million.
- Achieved an all-time record in
total RevPAR of almost $506, an increase of 49.9% compared to Q4
2021.
- During the fourth quarter, the
Company booked over 1 million Gross Definite Room Nights for all
future years, at an ADR of nearly $254, an increase of 11.0% over
Q4 2021 ADR for future bookings.
- The Company declared its first
quarter 2023 dividend of $0.75 per share; intends to pay aggregate
minimum dividends for 2023 of $3.00 per share subject to the
Board’s future determinations.
Full Year 2022 Highlights:
- Reported consolidated revenue of
$1.8 billion, an all-time record for the Company.
- The Company reported a full year
record in operating income of $327.2 million and reported operating
income margin of 18.1% in 2022.
- Net income available to common
shareholders was $129.0 million in 2022, as compared to a net loss
available to common shareholders of $177.0 million in 2021.
- The Company reported healthy net
income of $134.9 million in 2022, and a record Adjusted EBITDAre of
$555.9 million.
- Gross Definite Room Nights Booked
in full year 2022 of nearly 2.7 million room nights for all future
years, represents a 6.8% increase over 2021.
Colin Reed, Executive Chairman of Ryman
Hospitality Properties, said, “In the early days of the pandemic we
signaled that we would act as we have in the past when faced with
unexpected challenges – by investing in our people and our
business. Since the beginning of 2020, we have strategically
invested over half a billion dollars to expand the Gaylord Palms,
renovate the rooms and upgrade the food & beverage outlets at
the Gaylord National, fully acquire Gaylord Rockies, broaden our
reach on the entertainment side of our business and upgrade the
guest experience across our portfolio. The strength of our fourth
quarter and full year 2022 results supports our investment thesis
and underscores the power of these unique assets to attract and
retain loyal customers.”
Mark Fioravanti, President and Chief Executive
Officer of the Company, added, “Our strong full year results were
achieved despite the omicron variant’s impact on our financial
results in the first quarter of 2022. The robust return of our core
convention customers and the continued strength in our leisure
business during the remaining three quarters drove healthy net
income and generated record revenue, operating income and Adjusted
EBITDAre for the year. Our Gaylord Hotels delivered a tremendous
holiday season, aided by the return of ICE! programming for the
first time since 2019. We continue to believe that our hotels offer
a one-of-a-kind holiday experience through our exclusive
programming and amenities, setting us apart from our competition
and ensuring a more memorable and enjoyable stay for our leisure
guests, which contributed to all-time total revenue, operating
income, and Adjusted EBITDAre records in the fourth quarter for the
brand.”
Fourth Quarter and Full Year 2022
Results (as compared to Fourth Quarter and Full Year
2021):
($ in thousands, except per
share amounts) |
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
Total Revenue |
$568,875 |
|
$377,431 |
|
50.7% |
|
$1,805,969 |
|
$939,373 |
|
92.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$116,303 |
|
$26,134 |
|
345.0% |
|
$327,150 |
|
($58,675) |
|
657.6% |
Operating income (loss)
margin |
20.4% |
|
6.9% |
|
13.5pt |
|
18.1% |
|
-6.2% |
|
24.3pt |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$61,370 |
|
($6,024) |
|
1118.8% |
|
$134,948 |
|
($194,801) |
|
169.3% |
Net income (loss) margin |
10.8% |
|
-1.6% |
|
12.4pt |
|
7.5% |
|
-20.7% |
|
28.2pt |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to
common shareholders |
$58,089 |
|
($5,980) |
|
1071.4% |
|
$128,993 |
|
($176,966) |
|
172.9% |
Net income (loss) available to
common shareholders margin |
10.2% |
|
-1.6% |
|
11.8pt |
|
7.1% |
|
-18.8% |
|
25.9pt |
Net income (loss) available to
common shareholders per diluted share |
$1.03 |
|
($0.11) |
|
1036.4% |
|
$2.33 |
|
($3.21) |
|
172.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
$168,110 |
|
$85,641 |
|
96.3% |
|
$555,854 |
|
$177,339 |
|
213.4% |
Adjusted EBITDAre
margin |
29.6% |
|
22.7% |
|
6.9pt |
|
30.8% |
|
18.9% |
|
11.9pt |
Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture |
$160,277 |
|
$85,641 |
|
87.1% |
|
$540,545 |
|
$178,356 |
|
203.1% |
Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture
margin |
28.2% |
|
22.7% |
|
5.5pt |
|
29.9% |
|
19.0% |
|
10.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations (FFO)
available to common shareholders and unit holders |
$104,864 |
|
$50,238 |
|
108.7% |
|
$335,156 |
|
$30,915 |
|
984.1% |
FFO available to common
shareholders and unit holders per diluted share/unit |
$1.80 |
|
$0.91 |
|
97.8% |
|
$6.01 |
|
$0.56 |
|
973.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to
common shareholders and unit holders |
$113,039 |
|
$52,069 |
|
117.1% |
|
$363,501 |
|
$52,030 |
|
598.6% |
Adjusted FFO available to
common shareholders and unit holders per diluted share/unit |
$1.94 |
|
$0.94 |
|
106.4% |
|
$6.52 |
|
$0.94 |
|
593.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture, Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin, FFO available to common shareholders and unit
holders, and Adjusted FFO available to common shareholders and unit
holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation
of the non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture Margin Definition” “FFO,
Adjusted FFO, and Adjusted FFO available to common shareholders and
unit holders Definition” and “Supplemental Financial Results”
below.
Hospitality Segment
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Revenue (1) |
$484,459 |
|
$323,240 |
|
49.9% |
|
$1,537,974 |
|
$786,583 |
|
95.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality operating income
(loss) (1) |
$105,782 |
|
$27,833 |
|
280.1% |
|
$310,924 |
|
($38,427) |
|
909.1% |
Hospitality operating income
(loss) margin (1) |
21.8% |
|
8.6% |
|
13.2pt |
|
20.2% |
|
-4.9% |
|
25.1pt |
Hospitality Adjusted EBITDAre
(1) |
$150,720 |
|
$82,343 |
|
83.0% |
|
$512,745 |
|
$175,648 |
|
191.9% |
Hospitality Adjusted EBITDAre
margin (1) |
31.1% |
|
25.5% |
|
5.6pt |
|
33.3% |
|
22.3% |
|
11.0pt |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance
Metrics (1) (2) |
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
72.8% |
|
53.0% |
|
19.8pt |
|
66.2% |
|
39.5% |
|
26.7pt |
Average Daily Rate (ADR) |
$254.57 |
|
$246.96 |
|
3.1% |
|
$236.86 |
|
$221.33 |
|
7.0% |
RevPAR |
$185.31 |
|
$131.00 |
|
41.5% |
|
$156.71 |
|
$87.53 |
|
79.0% |
Total RevPAR |
$505.75 |
|
$337.44 |
|
49.9% |
|
$404.69 |
|
$209.34 |
|
93.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
1,037,603 |
|
993,543 |
|
4.4% |
|
2,675,174 |
|
2,504,975 |
|
6.8% |
Net Definite Rooms Nights Booked |
810,760 |
|
728,720 |
|
11.3% |
|
1,805,598 |
|
1,201,268 |
|
50.3% |
Group Attrition (as % of contracted block) |
15.5% |
|
23.2% |
|
-7.7pt |
|
20.6% |
|
26.9% |
|
-6.3pt |
Cancellations ITYFTY (3) |
2,533 |
|
28,071 |
|
-91.0% |
|
205,662 |
|
571,663 |
|
-64.0% |
|
|
|
|
|
|
|
|
|
|
|
|
(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
fourth quarter 2022 are presented in greater detail below and under
“Supplemental Financial Results—Hospitality Segment Adjusted
EBITDAre Reconciliations and Operating Metrics,” which includes a
reconciliation of the non-GAAP financial measures Hospitality
Adjusted EBITDAre to Hospitality Operating Income/(Loss), and
property-level Adjusted EBITDAre to property-level Operating
Income/(Loss) for each of the hotel properties.
Hospitality Segment
Highlights
- Hotel occupancy reached 72.8% in Q4
2022, compared to 53.0% in Q4 2021 and 75.8% in Q4 2019 as
occupancy nears pre-pandemic levels.
- Four Gaylord Hotels generated
strong operating income and set fourth quarter revenue and Adjusted
EBITDAre records, which was aided by leisure travel and the
strength of our ICE! programming, which had a record attendance of
over 1 million ticketed customers.
- Strength in leisure demand
supported an all-time record leisure ADR of $317 in Q4 2022,
helping strong total ADR performance across our hotels of almost
$255 in Q4 2022, an increase of 3.1% compared to Q4 2021 and 23.3%
compared to Q4 2019.
- Gaylord Opryland led the portfolio
in occupancy with 80.7% occupancy for the quarter, on notable
leisure transient demand over the holidays.
- Gaylord Palms and Gaylord Rockies
reported occupancy for the quarter of 77.9% and 69.9%,
respectively, both above Q4 2019 levels.
- Despite occupancy of 60.5%, Gaylord
National delivered operating income margin of 11.8%, with Adjusted
EBITDAre margin in line with Q4 2019, as the reconcepting of food
and beverage continues to drive operating efficiencies.
Gaylord Opryland
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$138,353 |
|
$96,323 |
|
43.6% |
|
$424,188 |
|
$238,567 |
|
77.8% |
Operating income |
$41,981 |
|
$23,764 |
|
76.7% |
|
$118,895 |
|
$34,729 |
|
242.4% |
Operating income margin |
30.3% |
|
24.7% |
|
5.6pt |
|
28.0% |
|
14.6% |
|
13.4pt |
Adjusted EBITDAre |
$50,554 |
|
$32,237 |
|
56.8% |
|
$153,250 |
|
$68,531 |
|
123.6% |
Adjusted EBITDAre
margin |
36.5% |
|
33.5% |
|
3.0pt |
|
36.1% |
|
28.7% |
|
7.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
80.7% |
|
61.4% |
|
19.3pt |
|
69.5% |
|
44.2% |
|
25.3pt |
Average daily rate (ADR) |
$258.08 |
|
$254.37 |
|
1.5% |
|
$242.71 |
|
$234.15 |
|
3.7% |
RevPAR |
$208.39 |
|
$156.17 |
|
33.4% |
|
$168.73 |
|
$103.47 |
|
63.1% |
Total RevPAR |
$520.72 |
|
$362.53 |
|
43.6% |
|
$402.41 |
|
$226.32 |
|
77.8% |
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$90,925 |
|
$56,835 |
|
60.0% |
|
$279,578 |
|
$139,130 |
|
100.9% |
Operating income |
$20,514 |
|
$8,053 |
|
154.7% |
|
$64,201 |
|
$3,539 |
|
1714.1% |
Operating income margin |
22.6% |
|
14.2% |
|
8.4pt |
|
23.0% |
|
2.5% |
|
20.5pt |
Adjusted EBITDAre |
$27,204 |
|
$14,989 |
|
81.5% |
|
$90,735 |
|
$29,789 |
|
204.6% |
Adjusted EBITDAre margin |
29.9% |
|
26.4% |
|
3.5pt |
|
32.5% |
|
21.4% |
|
11.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) |
77.9% |
|
54.0% |
|
23.9pt |
|
68.4% |
|
44.6% |
|
23.8pt |
Average daily rate (ADR) |
$265.66 |
|
$266.16 |
|
-0.2% |
|
$241.85 |
|
$220.90 |
|
9.5% |
RevPAR (1) |
$206.94 |
|
$143.60 |
|
44.1% |
|
$165.40 |
|
$98.46 |
|
68.0% |
Total RevPAR (1) |
$575.27 |
|
$359.57 |
|
60.0% |
|
$445.85 |
|
$238.19 |
|
87.2% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation
of hospitality performance metrics includes 302 expansion rooms
beginning June 1, 2021. |
|
Gaylord Texan
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$102,283 |
|
$71,563 |
|
42.9% |
|
$307,318 |
|
$180,031 |
|
70.7% |
Operating income |
$30,631 |
|
$17,811 |
|
72.0% |
|
$88,154 |
|
$28,948 |
|
204.5% |
Operating income margin |
29.9% |
|
24.9% |
|
5.0pt |
|
28.7% |
|
16.1% |
|
12.6pt |
Adjusted EBITDAre |
$36,287 |
|
$23,954 |
|
51.5% |
|
$111,954 |
|
$53,660 |
|
108.6% |
Adjusted EBITDAre
margin |
35.5% |
|
33.5% |
|
2.0pt |
|
36.4% |
|
29.8% |
|
6.6pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
72.9% |
|
62.6% |
|
10.3pt |
|
69.0% |
|
49.1% |
|
19.9pt |
Average daily rate (ADR) |
$270.93 |
|
$250.13 |
|
8.3% |
|
$238.77 |
|
$221.00 |
|
8.0% |
RevPAR |
$197.44 |
|
$156.51 |
|
26.2% |
|
$164.65 |
|
$108.52 |
|
51.7% |
Total RevPAR |
$612.88 |
|
$428.81 |
|
42.9% |
|
$464.15 |
|
$271.91 |
|
70.7% |
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$76,114 |
|
$39,843 |
|
91.0% |
|
$249,849 |
|
$79,419 |
|
214.6% |
Operating income (loss) |
$9,016 |
|
($9,340) |
|
196.5% |
|
$19,609 |
|
($47,448) |
|
141.3% |
Operating income (loss)
margin |
11.8% |
|
-23.4% |
|
35.2pt |
|
7.8% |
|
-59.7% |
|
67.5pt |
Adjusted EBITDAre |
$18,625 |
|
$265 |
|
6928.3% |
|
$61,402 |
|
($11,484) |
|
634.7% |
Adjusted EBITDAre margin |
24.5% |
|
0.7% |
|
23.8pt |
|
24.6% |
|
-14.5% |
|
39.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (1) (2) |
60.5% |
|
31.6% |
|
28.9pt |
|
56.5% |
|
19.1% |
|
37.4pt |
Average daily rate (ADR) |
$254.09 |
|
$258.49 |
|
-1.7% |
|
$238.13 |
|
$230.12 |
|
3.5% |
RevPAR (1) (2) |
$153.60 |
|
$81.76 |
|
87.9% |
|
$134.45 |
|
$43.93 |
|
206.1% |
Total RevPAR (1) (2) |
$414.49 |
|
$216.98 |
|
91.0% |
|
$342.94 |
|
$109.01 |
|
214.6% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation
of hospitality performance metrics includes closed hotel room
nights available. |
(2) Gaylord
National closed on March 25, 2020 and remained closed until July 1,
2021. |
|
Gaylord Rockies
($ in thousands,
except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$70,438 |
|
$54,425 |
|
29.4% |
|
$253,326 |
|
$135,942 |
|
86.3% |
Operating income (loss) |
$2,780 |
|
($12,334) |
|
122.5% |
|
$17,178 |
|
($56,034) |
|
130.7% |
Operating income (loss)
margin |
3.9% |
|
-22.7% |
|
26.6pt |
|
6.8% |
|
-41.2% |
|
48.0pt |
Adjusted EBITDAre |
$16,556 |
|
$10,375 |
|
59.6% |
|
$89,955 |
|
$34,728 |
|
159.0% |
Adjusted EBITDAre
margin |
23.5% |
|
19.1% |
|
4.4pt |
|
35.5% |
|
25.5% |
|
10.0pt |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
69.9% |
|
54.0% |
|
15.9pt |
|
68.3% |
|
39.9% |
|
28.4pt |
Average daily rate (ADR) |
$239.57 |
|
$224.13 |
|
6.9% |
|
$234.19 |
|
$215.17 |
|
8.8% |
RevPAR |
$167.35 |
|
$121.06 |
|
38.2% |
|
$159.87 |
|
$85.90 |
|
86.1% |
Total RevPAR |
$510.08 |
|
$394.12 |
|
29.4% |
|
$462.39 |
|
$248.13 |
|
86.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment Segment
For the three and twelve months ended December
31, 2022, and 2021, the Company reported the following:
($ in thousands) |
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
Revenue |
$84,416 |
|
$54,191 |
|
55.8% |
|
$267,995 |
|
$152,790 |
|
75.4% |
Operating income |
$22,286 |
|
$10,305 |
|
116.3% |
|
$60,498 |
|
$20,376 |
|
196.9% |
Operating income margin |
26.4% |
|
19.0% |
|
7.4pt |
|
22.6% |
|
13.3% |
|
9.3pt |
Adjusted EBITDAre |
$26,136 |
|
$11,946 |
|
118.8% |
|
$74,173 |
|
$28,854 |
|
157.1% |
Adjusted EBITDAre margin |
31.0% |
|
22.0% |
|
9.0pt |
|
27.7% |
|
18.9% |
|
8.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
Fioravanti continued, “Our Entertainment segment
continued to deliver strong results in 2022, including
record-setting full year revenue, operating income and Adjusted
EBITDAre. We remain excited about the integration of Block 21 into
our entertainment portfolio, which we look to position as a
destination for music lovers across the globe as part of Austin’s
rich music environment. We have also broken ground on our latest
Ole Red location in the heart of the Las Vegas Strip, which will be
the largest Ole Red asset to date. We look forward to collaborating
with our partners, Atairos and NBCUniversal, on the next phase of
growth for our portfolio of unique entertainment assets.”
Corporate and Other Segment
For the three and twelve months ended December
31, 2022, and 2021, the Company reported the following:
($ in thousands) |
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
% ∆ |
|
2022 |
|
2021 |
|
% ∆ |
|
|
|
|
|
|
|
|
Operating loss |
($11,765) |
|
($12,004) |
|
2.0% |
|
($44,272) |
|
($40,624) |
|
-9.0% |
Adjusted EBITDAre |
($8,746) |
|
($8,648) |
|
-1.1% |
|
($31,064) |
|
($27,163) |
|
-14.4% |
|
|
|
|
|
|
|
|
|
|
|
|
The primary factor in the increase in operating
loss and decrease in Adjusted EBITDAre for the Corporate and Other
segment for the full year as compared to the prior year was an
increase in 2022 in administrative and employment costs associated
with the hiring of additional employees and increased wages to
support the Company’s growth.
Fioravanti concluded, “We entered 2023 in great
shape despite continued macroeconomic uncertainty. We remain
excited about the strength of our businesses and our unique
portfolio of assets and believe we are well positioned to advance
the strategic priorities we have set for the Hospitality and
Entertainment segments. I am honored to be named as CEO of this
truly one-of-a-kind business, and I look forward to working with
Colin in his role as Executive Chairman, our capable and seasoned
management team, and our dedicated employees to deliver value to
our stakeholders.”
2023 GuidanceThe following
business performance outlook for 2023 is based on current
information as of February 23, 2023. The Company does not
expect to update the guidance provided below before next quarter’s
earnings release. However, the Company may update its full business
outlook or any portion thereof at any time for any reason.
($ in millions, except per
share figures) |
Current Guidance |
|
Full Year |
|
Full Year 2023 |
|
2023 Guidance |
|
Low |
|
High |
|
Midpoint |
|
|
|
|
|
|
Consolidated Hospitality RevPAR growth |
|
9.0 |
% |
|
|
12.0 |
% |
|
|
10.5 |
% |
Consolidated Hospitality Total
RevPAR growth |
|
6.5 |
% |
|
|
9.5 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
Net Income |
$ |
199.8 |
|
|
$ |
216.0 |
|
|
$ |
207.9 |
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
Hospitality |
$ |
371.5 |
|
|
$ |
391.5 |
|
|
$ |
381.5 |
|
Entertainment |
|
69.0 |
|
|
|
73.5 |
|
|
|
71.3 |
|
Corporate and Other |
|
(44.0 |
) |
|
|
(43.0 |
) |
|
|
(43.5 |
) |
Consolidated Operating
Income |
|
396.5 |
|
|
|
422.0 |
|
|
|
409.3 |
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
Hospitality |
$ |
550.0 |
|
|
$ |
580.0 |
|
|
$ |
565.0 |
|
Entertainment |
|
87.0 |
|
|
|
97.0 |
|
|
|
92.0 |
|
Corporate and Other |
|
(32.0 |
) |
|
|
(29.0 |
) |
|
|
(30.5 |
) |
Consolidated Adjusted
EBITDAre |
|
605.0 |
|
|
|
648.0 |
|
|
|
626.5 |
|
|
|
|
|
|
|
Net Income available to common
shareholders |
$ |
200.0 |
|
|
$ |
212.5 |
|
|
$ |
206.3 |
|
|
|
|
|
|
|
Funds from Operations (FFO)
available to common shareholders |
$ |
381.3 |
|
|
$ |
406.0 |
|
|
$ |
393.6 |
|
Adjusted FFO available to
common shareholders |
$ |
392.5 |
|
|
$ |
424.0 |
|
|
$ |
408.3 |
|
|
|
|
|
|
|
Net Income available to common
shareholders per diluted share |
$ |
3.35 |
|
|
$ |
3.56 |
|
|
$ |
3.45 |
|
|
|
|
|
|
|
Estimated Diluted Shares
Outstanding |
|
59.7 |
|
|
|
59.7 |
|
|
|
59.7 |
|
Note: For reconciliations of Consolidated
Adjusted EBITDAre guidance to Net Income and reconciliation of FFO
available to common shareholders, and Adjusted FFO available to
common shareholders guidance to Net Income available to common
shareholders and reconciliations of segment Adjusted EBITDAre
guidance to segment Operating Income, see “Reconciliations of
Forward-Looking Statements,” below.
Dividend UpdateOn December 9,
2022, the Company announced that it declared a quarterly cash
dividend of $0.25 per common share, which was paid on January 17,
2023, to stockholders of record as of December 30, 2022. Including
the fourth quarter cash dividend payment, the Company paid a total
of $0.35 per share of dividends to its common
shareholders for the full year 2022.
Today, the Company declared its first quarter
2023 cash dividend of $0.75 per share of common stock,
payable on April 17, 2023, to stockholders of record
on March 31, 2023. The Company’s interim dividend policy
provides that we will make minimum dividends of 100% of REIT
taxable income annually. It is the Company’s current plan to
distribute aggregate minimum dividends for 2023 of $3.00 per share
in cash, with quarterly dividends anticipated to be paid in April,
July, and October of 2023 and in January of 2024. Future dividends
are subject to the Board’s future determinations as to amount and
timing.
Balance Sheet/Liquidity
UpdateAs of December 31, 2022, the Company had total debt
outstanding of $2,862.6 million, net of unamortized deferred
financing costs, and unrestricted cash of $334.2 million. As of
December 31, 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 facilities.
On May 27, 2021, the Company entered into an
at-the-market (ATM) equity distribution agreement that allows the
Company to issue and sell up to 4 million shares of stock through
sales agents. No shares were issued under the ATM agreement during
the three and twelve months ended December 31, 2022.
Earnings Call InformationRyman
Hospitality Properties will hold a conference call to discuss this
release tomorrow, February 24, 2023, at 10 a.m. EST. Investors can
listen to the conference call over the Internet at www.rymanhp.com.
To listen to the live call, please go to the Investor Relations
section of the website (Investor Relations Home/Events 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, 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 the Company’s beliefs and expectations of the
outcome of future events that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the fact that they do not
relate strictly to historical or current facts. Examples of these
statements include, but are not limited to, statements regarding
the future performance of the Company’s business, anticipated
business levels and anticipated financial results for the Company
during future periods, the Company’s expected cash dividend, 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
COVID-19 on us and the hospitality and entertainment industries
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, and the Company’s
ability to borrow funds pursuant to its credit agreements. 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 twelve months ended December 31, 2022,
and 2021, the calculation of RevPAR and Total RevPAR in our tabular
presentations has not been changed as a result of the COVID-19
pandemic and the resulting hotel closures and is consistent with
prior periods. The closure of Gaylord National, which reopened July
1, 2021, resulted in significantly lower performance 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 and Chief Executive Officer |
Shannon Sullivan, Vice President Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
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 |
|
Twelve Months Ended |
|
|
Dec. 31 |
|
Dec. 31 |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenues: |
|
|
|
|
|
|
|
|
Rooms |
|
$ |
177,505 |
|
|
$ |
125,483 |
|
|
$ |
595,544 |
|
|
$ |
328,874 |
|
Food and beverage |
|
|
180,622 |
|
|
|
109,892 |
|
|
|
667,009 |
|
|
|
279,489 |
|
Other hotel revenue |
|
|
126,332 |
|
|
|
87,865 |
|
|
|
275,421 |
|
|
|
178,220 |
|
Entertainment |
|
|
84,416 |
|
|
|
54,191 |
|
|
|
267,995 |
|
|
|
152,790 |
|
Total revenues |
|
|
568,875 |
|
|
|
377,431 |
|
|
|
1,805,969 |
|
|
|
939,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms |
|
|
43,077 |
|
|
|
32,926 |
|
|
|
155,817 |
|
|
|
88,244 |
|
Food and beverage |
|
|
109,103 |
|
|
|
72,573 |
|
|
|
381,142 |
|
|
|
190,855 |
|
Other hotel expenses |
|
|
168,043 |
|
|
|
131,666 |
|
|
|
457,291 |
|
|
|
327,791 |
|
Management fees |
|
|
15,883 |
|
|
|
6,222 |
|
|
|
43,425 |
|
|
|
14,031 |
|
Total hotel operating expenses |
|
|
336,106 |
|
|
|
243,387 |
|
|
|
1,037,675 |
|
|
|
620,921 |
|
Entertainment |
|
|
56,996 |
|
|
|
39,956 |
|
|
|
188,545 |
|
|
|
117,753 |
|
Corporate |
|
|
11,559 |
|
|
|
11,675 |
|
|
|
42,982 |
|
|
|
38,597 |
|
Preopening costs |
|
|
7 |
|
|
|
3 |
|
|
|
532 |
|
|
|
737 |
|
(Gain) loss on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
469 |
|
|
|
(317 |
) |
Depreciation and amortization |
|
|
47,904 |
|
|
|
56,276 |
|
|
|
208,616 |
|
|
|
220,357 |
|
Total operating expenses |
|
|
452,572 |
|
|
|
351,297 |
|
|
|
1,478,819 |
|
|
|
998,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
116,303 |
|
|
|
26,134 |
|
|
|
327,150 |
|
|
|
(58,675 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of
amounts capitalized |
|
|
(42,419 |
) |
|
|
(32,291 |
) |
|
|
(148,406 |
) |
|
|
(125,347 |
) |
Interest income |
|
|
1,612 |
|
|
|
1,431 |
|
|
|
5,750 |
|
|
|
5,685 |
|
Loss on extinguishment of
debt |
|
|
— |
|
|
|
— |
|
|
|
(1,547 |
) |
|
|
(2,949 |
) |
Loss from consolidated joint
ventures |
|
|
(2,619 |
) |
|
|
(3,132 |
) |
|
|
(10,967 |
) |
|
|
(8,963 |
) |
Other gains and (losses),
net |
|
|
(479 |
) |
|
|
151 |
|
|
|
1,743 |
|
|
|
405 |
|
Income (loss) before income
taxes |
|
|
72,398 |
|
|
|
(7,707 |
) |
|
|
173,723 |
|
|
|
(189,844 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Provision) benefit for income
taxes |
|
|
(11,028 |
) |
|
|
1,683 |
|
|
|
(38,775 |
) |
|
|
(4,957 |
) |
Net income (loss) |
|
|
61,370 |
|
|
|
(6,024 |
) |
|
|
134,948 |
|
|
|
(194,801 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable
to noncontrolling interest in consolidated joint venture |
|
|
(2,865 |
) |
|
|
— |
|
|
|
(5,032 |
) |
|
|
16,501 |
|
Net (income) loss attributable
to noncontrolling interest in Operating Partnership |
|
|
(416 |
) |
|
|
44 |
|
|
|
(923 |
) |
|
|
1,334 |
|
Net income (loss) available to
common shareholders |
|
$ |
58,089 |
|
|
$ |
(5,980 |
) |
|
$ |
128,993 |
|
|
$ |
(176,966 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share
available to common shareholders |
|
$ |
1.05 |
|
|
$ |
(0.11 |
) |
|
$ |
2.34 |
|
|
$ |
(3.21 |
) |
Diluted income (loss) per
share available to common shareholders(1) |
|
$ |
1.03 |
|
|
$ |
(0.11 |
) |
|
$ |
2.33 |
|
|
$ |
(3.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
55,165 |
|
|
|
55,068 |
|
|
|
55,140 |
|
|
|
55,047 |
|
Diluted(1) |
|
|
59,368 |
|
|
|
55,068 |
|
|
|
55,377 |
|
|
|
55,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Diluted
weighted average common shares for the three months ended December
31, 2022 include 3.9 million equivalent shares related to the
currently unexercisable put rights associated with the
noncontrolling interest in the Company's OEG business, which may be
settled in cash or shares at the Company's option. |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
Dec. 31 |
|
Dec. 31, |
|
|
2022 |
|
2021 |
|
|
|
|
|
ASSETS: |
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation |
|
$ |
3,171,708 |
|
|
$ |
3,031,844 |
|
Cash and cash equivalents - unrestricted |
|
|
334,194 |
|
|
|
140,688 |
|
Cash and cash equivalents - restricted |
|
|
110,136 |
|
|
|
22,312 |
|
Notes receivable |
|
|
67,628 |
|
|
|
71,228 |
|
Trade receivables, net |
|
|
116,836 |
|
|
|
74,745 |
|
Prepaid expenses and other assets |
|
|
134,170 |
|
|
|
112,904 |
|
Intangible assets |
|
|
105,951 |
|
|
|
126,804 |
|
Total assets |
|
$ |
4,040,623 |
|
|
$ |
3,580,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
|
Debt and finance lease obligations |
|
$ |
2,862,592 |
|
|
$ |
2,936,819 |
|
Accounts payable and accrued liabilities |
|
|
385,159 |
|
|
|
304,719 |
|
Dividends payable |
|
|
14,121 |
|
|
|
386 |
|
Deferred management rights proceeds |
|
|
167,495 |
|
|
|
170,614 |
|
Operating lease liabilities |
|
|
125,759 |
|
|
|
113,770 |
|
Deferred income tax liabilities, net |
|
|
12,915 |
|
|
|
4,671 |
|
Other liabilities |
|
|
64,824 |
|
|
|
71,939 |
|
Noncontrolling interest in consolidated joint venture |
|
|
311,857 |
|
|
|
— |
|
Total equity (deficit) |
|
|
95,901 |
|
|
|
(22,393 |
) |
Total liabilities and equity (deficit) |
|
$ |
4,040,623 |
|
|
$ |
3,580,525 |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
ADJUSTED EBITDAre RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
568,875 |
|
|
|
$ |
377,431 |
|
|
|
$ |
1,805,969 |
|
|
|
$ |
939,373 |
|
|
Net income (loss) |
$ |
61,370 |
|
10.8 |
% |
|
$ |
(6,024 |
) |
-1.6 |
% |
|
$ |
134,948 |
|
7.5 |
% |
|
$ |
(194,801 |
) |
-20.7 |
% |
Interest expense, net |
|
40,807 |
|
|
|
|
30,860 |
|
|
|
|
142,656 |
|
|
|
|
119,662 |
|
|
Provision (benefit) for income taxes |
|
11,028 |
|
|
|
|
(1,683 |
) |
|
|
|
38,775 |
|
|
|
|
4,957 |
|
|
Depreciation & amortization |
|
47,904 |
|
|
|
|
56,276 |
|
|
|
|
208,616 |
|
|
|
|
220,357 |
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
327 |
|
|
|
|
(315 |
) |
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
21 |
|
|
|
|
20 |
|
|
|
|
89 |
|
|
|
|
73 |
|
|
EBITDAre |
|
161,130 |
|
28.3 |
% |
|
|
79,449 |
|
21.0 |
% |
|
|
525,411 |
|
29.1 |
% |
|
|
149,933 |
|
16.0 |
% |
Preopening costs |
|
7 |
|
|
|
|
3 |
|
|
|
|
532 |
|
|
|
|
737 |
|
|
Non-cash lease expense |
|
1,491 |
|
|
|
|
1,121 |
|
|
|
|
4,831 |
|
|
|
|
4,375 |
|
|
Equity-based compensation expense |
|
3,851 |
|
|
|
|
3,160 |
|
|
|
|
14,985 |
|
|
|
|
12,104 |
|
|
Pension settlement charge |
|
318 |
|
|
|
|
370 |
|
|
|
|
1,894 |
|
|
|
|
1,379 |
|
|
Interest income on Gaylord National bonds |
|
1,313 |
|
|
|
|
1,388 |
|
|
|
|
5,306 |
|
|
|
|
5,502 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
1,547 |
|
|
|
|
2,949 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
150 |
|
|
|
|
1,348 |
|
|
|
|
360 |
|
|
Adjusted EBITDAre |
$ |
168,110 |
|
29.6 |
% |
|
$ |
85,641 |
|
22.7 |
% |
|
$ |
555,854 |
|
30.8 |
% |
|
$ |
177,339 |
|
18.9 |
% |
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
$ |
(7,833 |
) |
|
|
|
- |
|
|
|
$ |
(15,309 |
) |
|
|
|
1,017 |
|
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$ |
160,277 |
|
28.2 |
% |
|
$ |
85,641 |
|
22.7 |
% |
|
$ |
540,545 |
|
29.9 |
% |
|
$ |
178,356 |
|
19.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
484,459 |
|
|
|
$ |
323,240 |
|
|
|
$ |
1,537,974 |
|
|
|
$ |
786,583 |
|
|
Operating income (loss) |
$ |
105,782 |
|
21.8 |
% |
|
$ |
27,833 |
|
8.6 |
% |
|
$ |
310,924 |
|
20.2 |
% |
|
$ |
(38,427 |
) |
-4.9 |
% |
Depreciation & amortization |
|
42,571 |
|
|
|
|
52,020 |
|
|
|
|
189,375 |
|
|
|
|
203,675 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
731 |
|
|
Non-cash lease expense |
|
1,054 |
|
|
|
|
1,102 |
|
|
|
|
4,216 |
|
|
|
|
4,409 |
|
|
Interest income on Gaylord National bonds |
|
1,313 |
|
|
|
|
1,388 |
|
|
|
|
5,306 |
|
|
|
|
5,502 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
2,924 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
150,720 |
|
31.1 |
% |
|
$ |
82,343 |
|
25.5 |
% |
|
$ |
512,745 |
|
33.3 |
% |
|
$ |
175,648 |
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
84,416 |
|
|
|
$ |
54,191 |
|
|
|
$ |
267,995 |
|
|
|
$ |
152,790 |
|
|
Operating income |
$ |
22,286 |
|
26.4 |
% |
|
$ |
10,305 |
|
19.0 |
% |
|
$ |
60,498 |
|
22.6 |
% |
|
$ |
20,376 |
|
13.3 |
% |
Depreciation & amortization |
|
5,127 |
|
|
|
|
3,927 |
|
|
|
|
18,420 |
|
|
|
|
14,655 |
|
|
Preopening costs |
|
7 |
|
|
|
|
3 |
|
|
|
|
532 |
|
|
|
|
6 |
|
|
Non-cash lease (revenue) expense |
|
437 |
|
|
|
|
19 |
|
|
|
|
615 |
|
|
|
|
(34 |
) |
|
Equity-based compensation |
|
876 |
|
|
|
|
654 |
|
|
|
|
3,637 |
|
|
|
|
2,456 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
150 |
|
|
|
|
1,348 |
|
|
|
|
285 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(2,597 |
) |
|
|
|
(3,112 |
) |
|
|
|
(10,877 |
) |
|
|
|
(8,890 |
) |
|
Adjusted EBITDAre |
$ |
26,136 |
|
31.0 |
% |
|
$ |
11,946 |
|
22.0 |
% |
|
$ |
74,173 |
|
27.7 |
% |
|
$ |
28,854 |
|
18.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
segment |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(11,765 |
) |
|
|
$ |
(12,004 |
) |
|
|
$ |
(44,272 |
) |
|
|
$ |
(40,624 |
) |
|
Depreciation & amortization |
|
206 |
|
|
|
|
329 |
|
|
|
|
821 |
|
|
|
|
2,027 |
|
|
Other gains and (losses), net |
|
(480 |
) |
|
|
|
151 |
|
|
|
|
(855 |
) |
|
|
|
407 |
|
|
Equity-based compensation |
|
2,975 |
|
|
|
|
2,506 |
|
|
|
|
11,348 |
|
|
|
|
9,648 |
|
|
Pension settlement charge |
|
318 |
|
|
|
|
370 |
|
|
|
|
1,894 |
|
|
|
|
1,379 |
|
|
Adjusted EBITDAre |
$ |
(8,746 |
) |
|
|
$ |
(8,648 |
) |
|
|
$ |
(31,064 |
) |
|
|
$ |
(27,163 |
) |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
RECONCILIATION |
Unaudited |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec.
31, |
|
Twelve Months Ended Dec.
31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
61,370 |
|
|
$ |
(6,024 |
) |
|
$ |
134,948 |
|
|
$ |
(194,801 |
) |
Noncontrolling interest in consolidated joint venture |
|
|
(2,865 |
) |
|
|
— |
|
|
|
(5,032 |
) |
|
|
16,501 |
|
Net income (loss) available to common shareholders and unit
holders |
|
|
58,505 |
|
|
|
(6,024 |
) |
|
|
129,916 |
|
|
|
(178,300 |
) |
Depreciation & amortization |
|
|
47,874 |
|
|
|
56,242 |
|
|
|
208,494 |
|
|
|
220,211 |
|
Adjustments for noncontrolling interest |
|
|
(1,538 |
) |
|
|
— |
|
|
|
(3,346 |
) |
|
|
(11,069 |
) |
Pro rata adjustments from joint ventures |
|
|
23 |
|
|
|
20 |
|
|
|
92 |
|
|
|
73 |
|
FFO available to common shareholders and unit
holders |
|
|
104,864 |
|
|
|
50,238 |
|
|
|
335,156 |
|
|
|
30,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
|
30 |
|
|
|
34 |
|
|
|
122 |
|
|
|
146 |
|
Non-cash lease expense |
|
|
1,491 |
|
|
|
1,121 |
|
|
|
4,831 |
|
|
|
4,375 |
|
Pension settlement charge |
|
|
318 |
|
|
|
370 |
|
|
|
1,894 |
|
|
|
1,379 |
|
(Gain) loss on other assets |
|
|
— |
|
|
|
— |
|
|
|
469 |
|
|
|
(317 |
) |
Amortization of deferred financing costs |
|
|
2,651 |
|
|
|
2,211 |
|
|
|
9,829 |
|
|
|
8,790 |
|
Amortization of debt discounts and premiums |
|
|
500 |
|
|
|
(70 |
) |
|
|
989 |
|
|
|
(279 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
1,547 |
|
|
|
2,949 |
|
Adjustments for noncontrolling interest |
|
|
(514 |
) |
|
|
— |
|
|
|
(928 |
) |
|
|
(294 |
) |
Transaction costs of acquisitions |
|
|
— |
|
|
|
150 |
|
|
|
1,348 |
|
|
|
360 |
|
Deferred tax expense (benefit) |
|
|
3,699 |
|
|
|
(1,985 |
) |
|
|
8,244 |
|
|
|
4,006 |
|
Adjusted FFO available to common shareholders and unit
holders |
|
$ |
113,039 |
|
|
$ |
52,069 |
|
|
$ |
363,501 |
|
|
$ |
52,030 |
|
Capital expenditures (1) |
|
|
(27,149 |
) |
|
|
(7,817 |
) |
|
|
(82,263 |
) |
|
|
(38,451 |
) |
Adjusted FFO available to common shareholders and unit
holders (ex. maintenance capex) |
|
$ |
85,890 |
|
|
$ |
44,252 |
|
|
$ |
281,238 |
|
|
$ |
13,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
|
$ |
1.05 |
|
|
$ |
(0.11 |
) |
|
$ |
2.34 |
|
|
$ |
(3.21 |
) |
Diluted net income (loss) per share |
|
$ |
1.03 |
|
|
$ |
(0.11 |
) |
|
$ |
2.33 |
|
|
$ |
(3.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per basic
share/unit |
|
$ |
1.89 |
|
|
$ |
0.91 |
|
|
$ |
6.04 |
|
|
$ |
0.56 |
|
Adjusted FFO available to common shareholders and unit holders per
basic share/unit |
|
$ |
2.03 |
|
|
$ |
0.94 |
|
|
$ |
6.55 |
|
|
$ |
0.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common shareholders and unit holders per diluted
share/unit (2) |
|
$ |
1.80 |
|
|
$ |
0.91 |
|
|
$ |
6.01 |
|
|
$ |
0.56 |
|
Adjusted FFO available to common shareholders and unit holders per
diluted share/unit (2) |
|
$ |
1.94 |
|
|
$ |
0.94 |
|
|
$ |
6.52 |
|
|
$ |
0.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
and OP units for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
55,560 |
|
|
|
55,467 |
|
|
|
55,535 |
|
|
|
55,454 |
|
Diluted (2) |
|
|
59,763 |
|
|
|
55,467 |
|
|
|
55,772 |
|
|
|
55,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(2) Diluted
weighted average common shares and OP units for the three months
ended December 31, 2022 include 3.9 million equivalent shares
related to the currently unexercisable put rights associated with
the noncontrolling interest in the Company's OEG business, which
may be settled in cash or shares at the Company's option. |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND
OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
Three Months Ended Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality
segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
484,459 |
|
|
|
$ |
323,240 |
|
|
|
$ |
1,537,974 |
|
|
|
$ |
786,583 |
|
|
Operating income (loss) |
$ |
105,782 |
|
21.8 |
% |
|
$ |
27,833 |
|
8.6 |
% |
|
$ |
310,924 |
|
20.2 |
% |
|
$ |
(38,427 |
) |
-4.9 |
% |
Depreciation & amortization |
|
42,571 |
|
|
|
|
52,020 |
|
|
|
|
189,375 |
|
|
|
|
203,675 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
731 |
|
|
Non-cash lease expense |
|
1,054 |
|
|
|
|
1,102 |
|
|
|
|
4,216 |
|
|
|
|
4,409 |
|
|
Interest income on Gaylord National bonds |
|
1,313 |
|
|
|
|
1,388 |
|
|
|
|
5,306 |
|
|
|
|
5,502 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
2,924 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
150,720 |
|
31.1 |
% |
|
$ |
82,343 |
|
25.5 |
% |
|
$ |
512,745 |
|
33.3 |
% |
|
$ |
175,648 |
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.8 |
% |
|
|
|
53.0 |
% |
|
|
|
66.2 |
% |
|
|
|
39.5 |
% |
|
Average daily rate (ADR) |
$ |
254.57 |
|
|
|
$ |
246.96 |
|
|
|
$ |
236.86 |
|
|
|
$ |
221.33 |
|
|
RevPAR |
$ |
185.31 |
|
|
|
$ |
131.00 |
|
|
|
$ |
156.71 |
|
|
|
$ |
87.53 |
|
|
OtherPAR |
$ |
320.44 |
|
|
|
$ |
206.44 |
|
|
|
$ |
247.98 |
|
|
|
$ |
121.81 |
|
|
Total RevPAR |
$ |
505.75 |
|
|
|
$ |
337.44 |
|
|
|
$ |
404.69 |
|
|
|
$ |
209.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
138,353 |
|
|
|
$ |
96,323 |
|
|
|
$ |
424,188 |
|
|
|
$ |
238,567 |
|
|
Operating income |
$ |
41,981 |
|
30.3 |
% |
|
$ |
23,764 |
|
24.7 |
% |
|
$ |
118,895 |
|
28.0 |
% |
|
$ |
34,729 |
|
14.6 |
% |
Depreciation & amortization |
|
8,586 |
|
|
|
|
8,473 |
|
|
|
|
34,406 |
|
|
|
|
34,117 |
|
|
Gain on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(317 |
) |
|
Non-cash lease (revenue) expense |
|
(13 |
) |
|
|
|
- |
|
|
|
|
(51 |
) |
|
|
|
2 |
|
|
Adjusted EBITDAre |
$ |
50,554 |
|
36.5 |
% |
|
$ |
32,237 |
|
33.5 |
% |
|
$ |
153,250 |
|
36.1 |
% |
|
$ |
68,531 |
|
28.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
80.7 |
% |
|
|
|
61.4 |
% |
|
|
|
69.5 |
% |
|
|
|
44.2 |
% |
|
Average daily rate (ADR) |
$ |
258.08 |
|
|
|
$ |
254.37 |
|
|
|
$ |
242.71 |
|
|
|
$ |
234.15 |
|
|
RevPAR |
$ |
208.39 |
|
|
|
$ |
156.17 |
|
|
|
$ |
168.73 |
|
|
|
$ |
103.47 |
|
|
OtherPAR |
$ |
312.33 |
|
|
|
$ |
206.36 |
|
|
|
$ |
233.68 |
|
|
|
$ |
122.85 |
|
|
Total RevPAR |
$ |
520.72 |
|
|
|
$ |
362.53 |
|
|
|
$ |
402.41 |
|
|
|
$ |
226.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
90,925 |
|
|
|
$ |
56,835 |
|
|
|
$ |
279,578 |
|
|
|
$ |
139,130 |
|
|
Operating income |
$ |
20,514 |
|
22.6 |
% |
|
$ |
8,053 |
|
14.2 |
% |
|
$ |
64,201 |
|
23.0 |
% |
|
$ |
3,539 |
|
2.5 |
% |
Depreciation & amortization |
|
5,623 |
|
|
|
|
5,834 |
|
|
|
|
22,267 |
|
|
|
|
21,112 |
|
|
Preopening costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
731 |
|
|
Non-cash lease expense |
|
1,067 |
|
|
|
|
1,102 |
|
|
|
|
4,267 |
|
|
|
|
4,407 |
|
|
Adjusted EBITDAre |
$ |
27,204 |
|
29.9 |
% |
|
$ |
14,989 |
|
26.4 |
% |
|
$ |
90,735 |
|
32.5 |
% |
|
$ |
29,789 |
|
21.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
77.9 |
% |
|
|
|
54.0 |
% |
|
|
|
68.4 |
% |
|
|
|
44.6 |
% |
|
Average daily rate (ADR) |
$ |
265.66 |
|
|
|
$ |
266.16 |
|
|
|
$ |
241.85 |
|
|
|
$ |
220.90 |
|
|
RevPAR |
$ |
206.94 |
|
|
|
$ |
143.60 |
|
|
|
$ |
165.40 |
|
|
|
$ |
98.46 |
|
|
OtherPAR |
$ |
368.33 |
|
|
|
$ |
215.97 |
|
|
|
$ |
280.45 |
|
|
|
$ |
139.73 |
|
|
Total RevPAR |
$ |
575.27 |
|
|
|
$ |
359.57 |
|
|
|
$ |
445.85 |
|
|
|
$ |
238.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
102,283 |
|
|
|
$ |
71,563 |
|
|
|
$ |
307,318 |
|
|
|
$ |
180,031 |
|
|
Operating income |
$ |
30,631 |
|
29.9 |
% |
|
$ |
17,811 |
|
24.9 |
% |
|
$ |
88,154 |
|
28.7 |
% |
|
$ |
28,948 |
|
16.1 |
% |
Depreciation & amortization |
|
5,656 |
|
|
|
|
6,143 |
|
|
|
|
23,800 |
|
|
|
|
24,712 |
|
|
Adjusted EBITDAre |
$ |
36,287 |
|
35.5 |
% |
|
$ |
23,954 |
|
33.5 |
% |
|
$ |
111,954 |
|
36.4 |
% |
|
$ |
53,660 |
|
29.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.9 |
% |
|
|
|
62.6 |
% |
|
|
|
69.0 |
% |
|
|
|
49.1 |
% |
|
Average daily rate (ADR) |
$ |
270.93 |
|
|
|
$ |
250.13 |
|
|
|
$ |
238.77 |
|
|
|
$ |
221.00 |
|
|
RevPAR |
$ |
197.44 |
|
|
|
$ |
156.51 |
|
|
|
$ |
164.65 |
|
|
|
$ |
108.52 |
|
|
OtherPAR |
$ |
415.44 |
|
|
|
$ |
272.30 |
|
|
|
$ |
299.50 |
|
|
|
$ |
163.39 |
|
|
Total RevPAR |
$ |
612.88 |
|
|
|
$ |
428.81 |
|
|
|
$ |
464.15 |
|
|
|
$ |
271.91 |
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND
OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
Three Months Ended Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Gaylord
National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
76,114 |
|
|
|
$ |
39,843 |
|
|
|
$ |
249,849 |
|
|
|
$ |
79,419 |
|
|
Operating income (loss) |
$ |
9,016 |
|
11.8 |
% |
|
$ |
(9,340 |
) |
-23.4 |
% |
|
$ |
19,609 |
|
7.8 |
% |
|
$ |
(47,448 |
) |
-59.7 |
% |
Depreciation & amortization |
|
8,296 |
|
|
|
|
8,217 |
|
|
|
|
33,563 |
|
|
|
|
30,462 |
|
|
Interest income on Gaylord National bonds |
|
1,313 |
|
|
|
|
1,388 |
|
|
|
|
5,306 |
|
|
|
|
5,502 |
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
2,924 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
18,625 |
|
24.5 |
% |
|
$ |
265 |
|
0.7 |
% |
|
$ |
61,402 |
|
24.6 |
% |
|
$ |
(11,484 |
) |
-14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
60.5 |
% |
|
|
|
31.6 |
% |
|
|
|
56.5 |
% |
|
|
|
19.1 |
% |
|
Average daily rate (ADR) |
$ |
254.09 |
|
|
|
$ |
258.49 |
|
|
|
$ |
238.13 |
|
|
|
$ |
230.12 |
|
|
RevPAR |
$ |
153.60 |
|
|
|
$ |
81.76 |
|
|
|
$ |
134.45 |
|
|
|
$ |
43.93 |
|
|
OtherPAR |
$ |
260.89 |
|
|
|
$ |
135.22 |
|
|
|
$ |
208.49 |
|
|
|
$ |
65.08 |
|
|
Total RevPAR |
$ |
414.49 |
|
|
|
$ |
216.98 |
|
|
|
$ |
342.94 |
|
|
|
$ |
109.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Rockies |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
70,438 |
|
|
|
$ |
54,425 |
|
|
|
$ |
253,326 |
|
|
|
$ |
135,942 |
|
|
Operating income (loss) (1) |
$ |
2,780 |
|
3.9 |
% |
|
$ |
(12,334 |
) |
-22.7 |
% |
|
$ |
17,178 |
|
6.8 |
% |
|
$ |
(56,034 |
) |
-41.2 |
% |
Depreciation & amortization |
|
13,776 |
|
|
|
|
22,709 |
|
|
|
|
72,777 |
|
|
|
|
90,687 |
|
|
Transaction costs on acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
75 |
|
|
Adjusted EBITDAre (1) |
$ |
16,556 |
|
23.5 |
% |
|
$ |
10,375 |
|
19.1 |
% |
|
$ |
89,955 |
|
35.5 |
% |
|
$ |
34,728 |
|
25.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
69.9 |
% |
|
|
|
54.0 |
% |
|
|
|
68.3 |
% |
|
|
|
39.9 |
% |
|
Average daily rate (ADR) |
$ |
239.57 |
|
|
|
$ |
224.13 |
|
|
|
$ |
234.19 |
|
|
|
$ |
215.17 |
|
|
RevPAR |
$ |
167.35 |
|
|
|
$ |
121.06 |
|
|
|
$ |
159.87 |
|
|
|
$ |
85.90 |
|
|
OtherPAR |
$ |
342.73 |
|
|
|
$ |
273.06 |
|
|
|
$ |
302.52 |
|
|
|
$ |
162.23 |
|
|
Total RevPAR |
$ |
510.08 |
|
|
|
$ |
394.12 |
|
|
|
$ |
462.39 |
|
|
|
$ |
248.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at
National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,619 |
|
|
|
$ |
1,728 |
|
|
|
$ |
10,419 |
|
|
|
$ |
5,838 |
|
|
Operating income (loss) |
$ |
192 |
|
7.3 |
% |
|
$ |
(349 |
) |
-20.2 |
% |
|
$ |
793 |
|
7.6 |
% |
|
$ |
(1,631 |
) |
-27.9 |
% |
Depreciation & amortization |
|
311 |
|
|
|
|
327 |
|
|
|
|
1,293 |
|
|
|
|
1,313 |
|
|
Adjusted EBITDAre |
$ |
503 |
|
19.2 |
% |
|
$ |
(22 |
) |
-1.3 |
% |
|
$ |
2,086 |
|
20.0 |
% |
|
$ |
(318 |
) |
-5.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
62.3 |
% |
|
|
|
48.3 |
% |
|
|
|
62.9 |
% |
|
|
|
44.5 |
% |
|
Average daily rate (ADR) |
$ |
203.03 |
|
|
|
$ |
177.93 |
|
|
|
$ |
207.70 |
|
|
|
$ |
167.77 |
|
|
RevPAR |
$ |
126.55 |
|
|
|
$ |
85.92 |
|
|
|
$ |
130.71 |
|
|
|
$ |
74.73 |
|
|
OtherPAR |
$ |
21.73 |
|
|
|
$ |
11.90 |
|
|
|
$ |
17.96 |
|
|
|
$ |
8.58 |
|
|
Total RevPAR |
$ |
148.28 |
|
|
|
$ |
97.82 |
|
|
|
$ |
148.67 |
|
|
|
$ |
83.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland
(2) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,727 |
|
|
|
$ |
2,523 |
|
|
|
$ |
13,296 |
|
|
|
$ |
7,656 |
|
|
Operating income (loss) |
$ |
668 |
|
17.9 |
% |
|
$ |
228 |
|
9.0 |
% |
|
$ |
2,094 |
|
15.7 |
% |
|
$ |
(530 |
) |
-6.9 |
% |
Depreciation & amortization |
|
323 |
|
|
|
|
317 |
|
|
|
|
1,269 |
|
|
|
|
1,272 |
|
|
Adjusted EBITDAre |
$ |
991 |
|
26.6 |
% |
|
$ |
545 |
|
21.6 |
% |
|
$ |
3,363 |
|
25.3 |
% |
|
$ |
742 |
|
9.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
70.0 |
% |
|
|
|
50.6 |
% |
|
|
|
60.3 |
% |
|
|
|
41.2 |
% |
|
Average daily rate (ADR) |
$ |
149.94 |
|
|
|
$ |
136.40 |
|
|
|
$ |
153.87 |
|
|
|
$ |
134.70 |
|
|
RevPAR |
$ |
104.90 |
|
|
|
$ |
68.95 |
|
|
|
$ |
92.73 |
|
|
|
$ |
55.53 |
|
|
OtherPAR |
$ |
28.87 |
|
|
|
$ |
21.52 |
|
|
|
$ |
27.50 |
|
|
|
$ |
13.69 |
|
|
Total RevPAR |
$ |
133.77 |
|
|
|
$ |
90.47 |
|
|
|
$ |
120.23 |
|
|
|
$ |
69.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Operating
loss and Adjusted EBITDAre for Gaylord Rockies for the twelve
months ended December 31, 2021 exclude forgiven asset management
fees previously owed to RHP of $0.3 million. |
(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 2023 |
|
|
Low |
|
High |
|
Midpoint |
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
199,750 |
|
|
$ |
216,000 |
|
|
$ |
207,875 |
|
Provision for income taxes |
|
|
6,000 |
|
|
|
7,000 |
|
|
|
6,500 |
|
Interest Expense, net |
|
|
182,500 |
|
|
|
193,000 |
|
|
|
187,750 |
|
Depreciation and amortization |
|
|
189,250 |
|
|
|
199,500 |
|
|
|
194,375 |
|
EBITDAre |
|
$ |
577,500 |
|
|
$ |
615,500 |
|
|
$ |
596,500 |
|
Non-cash lease expense |
|
|
4,500 |
|
|
|
6,000 |
|
|
|
5,250 |
|
Preopening expense |
|
|
2,000 |
|
|
|
2,750 |
|
|
|
2,375 |
|
Equity-based compensation |
|
|
15,000 |
|
|
|
16,250 |
|
|
|
15,625 |
|
Pension settlement charge |
|
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Interest income on Bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
Adjusted EBITDAre |
|
$ |
605,000 |
|
|
$ |
648,000 |
|
|
$ |
626,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
Segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
371,500 |
|
|
$ |
391,500 |
|
|
$ |
381,500 |
|
Depreciation and amortization |
|
|
167,500 |
|
|
|
175,000 |
|
|
|
171,250 |
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
Interest income on Bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
Other gains and (losses), net |
|
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
Adjusted EBITDAre |
|
$ |
550,000 |
|
|
$ |
580,000 |
|
|
$ |
565,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment
Segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
69,000 |
|
|
$ |
73,500 |
|
|
$ |
71,250 |
|
Depreciation and amortization |
|
|
20,000 |
|
|
|
22,500 |
|
|
|
21,250 |
|
Non-cash lease expense |
|
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
Preopening expense |
|
|
2,000 |
|
|
|
2,750 |
|
|
|
2,375 |
|
Equity-based compensation |
|
|
3,500 |
|
|
|
4,250 |
|
|
|
3,875 |
|
Loss from unconsolidated companies |
|
|
(8,500 |
) |
|
|
(7,500 |
) |
|
|
(8,000 |
) |
Adjusted EBITDAre |
|
$ |
87,000 |
|
|
$ |
97,000 |
|
|
$ |
92,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
Segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
$ |
(44,000 |
) |
|
$ |
(43,000 |
) |
|
$ |
(43,500 |
) |
Depreciation and amortization |
|
|
1,750 |
|
|
|
2,000 |
|
|
|
1,875 |
|
Equity-based compensation |
|
|
11,500 |
|
|
|
12,000 |
|
|
|
11,750 |
|
Pension settlement charge |
|
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Other gains and (losses), net |
|
|
(2,750 |
) |
|
|
(2,000 |
) |
|
|
(2,375 |
) |
Adjusted EBITDAre |
|
$ |
(32,000 |
) |
|
$ |
(29,000 |
) |
|
$ |
(30,500 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality
Properties, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income available to common shareholders |
|
|
200,000 |
|
|
|
212,500 |
|
|
$ |
206,250 |
|
Depreciation and amortization |
|
|
189,250 |
|
|
|
199,500 |
|
|
|
194,375 |
|
Adjustments for noncontrolling interest |
|
|
(8,000 |
) |
|
|
(6,000 |
) |
|
|
(7,000 |
) |
Funds from Operations (FFO) available to common
shareholders |
|
$ |
381,250 |
|
|
$ |
406,000 |
|
|
$ |
393,625 |
|
Right of use amortization |
|
|
— |
|
|
|
500 |
|
|
|
250 |
|
Non-cash lease expense |
|
|
4,500 |
|
|
|
6,000 |
|
|
|
5,250 |
|
Pension settlement charge |
|
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Other gains and (losses), net |
|
|
1,250 |
|
|
|
1,500 |
|
|
|
1,375 |
|
Adjustments for noncontrolling interest |
|
|
(1,500 |
) |
|
|
(1,000 |
) |
|
|
(1,250 |
) |
Amortization of deferred financing costs |
|
|
10,000 |
|
|
|
12,000 |
|
|
|
11,000 |
|
Amortization of debt discounts and premiums |
|
|
500 |
|
|
|
1,000 |
|
|
|
750 |
|
Deferred Taxes |
|
|
(5,000 |
) |
|
|
(4,000 |
) |
|
|
(4,500 |
) |
Adjusted FFO available to common shareholders |
|
$ |
392,500 |
|
|
$ |
424,000 |
|
|
$ |
408,250 |
|
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From May 2024 to Jun 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Jun 2023 to Jun 2024