Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real
estate investment trust (“REIT”) specializing in group-oriented,
destination hotel assets in urban and resort markets, today
reported financial results for the three months ended June 30,
2023.
Second Quarter 2023 Highlights and
Recent Developments:
- The Company generated consolidated
net income of $70.1 million and a quarterly record consolidated
Adjusted EBITDAre of $174.7 million.
- Hospitality segment achieved second
quarter record revenue of $417.7 million, driven by second quarter
record average daily rate (ADR), resulting in a quarterly record
operating income and the second-best Adjusted EBITDAre performance
of any quarter in the segment’s history.
- During the quarter, the Company
booked over 650,000 gross advanced group room nights for all future
years, at a record ADR of $265, an increase of 8.9% over Q2 2022
ADR for future bookings.
- Opry Entertainment Group (OEG), our
Entertainment segment, set record quarterly revenue, operating
income and Adjusted EBITDAre as OEG continues to experience strong
demand.
- Completed the acquisition of JW
Marriott San Antonio Hill Country Resort & Spa (“JW Marriott
Hill Country”) on June 30, 2023, adding a premier, group-oriented
resort to Ryman’s hospitality portfolio, attesting to Ryman’s
growth-oriented business strategy.
- Patrick Moore was appointed Chief
Executive Officer of OEG, responsible for overseeing OEG’s growth
plan, day-to-day operations, and business development
activities.
- The Company is revising its
consolidated Full Year 2023 outlook to include the acquisition of
JW Marriott Hill Country.
Mark Fioravanti, President and Chief Executive
Officer of Ryman Hospitality Properties, said, “We are pleased with
our financial results this quarter. Continued strong group demand
produced record second-quarter revenue and ADR performance for our
Gaylord Hotels portfolio. The demand for our live entertainment
assets continued to grow as well, as our Entertainment segment
delivered record quarterly revenue, operating income and Adjusted
EBITDAre. We were especially pleased to see the continued momentum
in our business given the industry-wide softening in domestic
leisure travel.
In addition to these record results, we added to
our healthy forward book of business as lead volumes, bookings and
rate continued to grow. Given the strength we see in the group
segment in the years ahead, we were pleased to announce our
acquisition of the JW Marriott Hill Country. This beautiful resort
complements our existing portfolio and provides an additional
destination for our group and leisure customers. We are already
hard at work exploring organic growth opportunities and synergies
within our portfolio to better serve both group and leisure
customers in the years ahead.”
Second Quarter 2023 Results (as compared
to Second Quarter 2022):
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($ in
thousands, except per share amounts) |
Three Months
Ended |
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Six Months
Ended |
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June 30, |
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June 30, |
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|
2023 |
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2022 |
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% ∆ |
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2023 |
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2022 |
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% ∆ |
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Total Revenue |
$504,843 |
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$470,204 |
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7.4% |
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|
$996,562 |
|
$769,339 |
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29.5% |
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Operating
income |
$122,240 |
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$105,968 |
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15.4% |
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$227,890 |
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$113,842 |
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100.2% |
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Operating
income margin |
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24.2% |
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22.5% |
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1.7pt |
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22.9% |
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14.8% |
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8.1pt |
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Net
income |
$70,143 |
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$50,924 |
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37.7% |
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$131,137 |
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$26,127 |
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401.9% |
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Net income
margin |
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13.9% |
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10.8% |
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3.1pt |
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13.2% |
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3.4% |
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9.8pt |
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Net income
available to common stockholders |
$66,543 |
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$50,284 |
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32.3% |
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$127,863 |
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$25,663 |
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398.2% |
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Net income
available to common stockholders margin |
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13.2% |
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10.7% |
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2.5pt |
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12.8% |
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3.3% |
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9.5pt |
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Net income
available to common stockholders per diluted share |
$1.15 |
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$0.91 |
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26.4% |
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$2.17 |
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$0.46 |
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371.7% |
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Adjusted
EBITDAre |
$174,702 |
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$167,625 |
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4.2% |
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$332,377 |
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$236,619 |
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40.5% |
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Adjusted
EBITDAre margin |
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34.6% |
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35.6% |
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-1.0pt |
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33.4% |
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30.8% |
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2.6pt |
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Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture |
$165,883 |
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$166,494 |
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-0.4% |
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$319,262 |
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$235,488 |
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35.6% |
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Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin |
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32.9% |
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35.4% |
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-2.5pt |
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32.0% |
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30.6% |
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1.4pt |
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Funds From
Operations (FFO) available to common stockholders and unit
holders |
$113,639 |
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$107,119 |
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6.1% |
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$222,165 |
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$138,341 |
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60.6% |
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FFO
available to common stockholders and unit holders per diluted
share/unit |
$1.92 |
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$1.91 |
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0.5% |
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$3.72 |
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$2.48 |
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50.0% |
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Adjusted FFO
available to common stockholders and unit holders |
$122,392 |
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$114,875 |
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6.5% |
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$235,985 |
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$149,689 |
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57.7% |
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Adjusted FFO
available to common stockholders and unit holders per diluted
share/unit |
$2.06 |
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$2.05 |
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0.5% |
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$3.95 |
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$2.69 |
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46.8% |
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Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture, Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin, FFO available to common shareholders and unit
holders, and Adjusted FFO available to common shareholders and unit
holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation
of the non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture Margin Definition” “FFO,
Adjusted FFO, and Adjusted FFO available to common shareholders and
unit holders Definition” and “Supplemental Financial Results”
below.
Hospitality Segment
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months
Ended |
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Six Months
Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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% ∆ |
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2023 |
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2022 |
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% ∆ |
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Hospitality
Revenue |
$417,685 |
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$401,802 |
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4.0% |
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$842,124 |
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$662,913 |
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27.0% |
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Hospitality
operating income |
$107,733 |
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$100,573 |
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7.1% |
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$213,803 |
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$116,241 |
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83.9% |
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Hospitality
operating income margin |
25.8% |
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25.0% |
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0.8pt |
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25.4% |
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17.5% |
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7.9pt |
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Hospitality
Adjusted EBITDAre |
$152,667 |
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$154,983 |
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-1.5% |
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$303,902 |
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$225,315 |
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34.9% |
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Hospitality
Adjusted EBITDAre margin |
36.6% |
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38.6% |
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-2.0pt |
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36.1% |
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34.0% |
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2.1pt |
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Hospitality Performance Metrics |
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Occupancy |
72.7% |
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72.7% |
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0.0pt |
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72.5% |
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60.1% |
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12.4pt |
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Average Daily Rate (ADR) |
$244.77 |
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$234.50 |
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4.4% |
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$241.38 |
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$232.41 |
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3.9% |
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RevPAR |
$177.83 |
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$170.46 |
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4.3% |
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$174.97 |
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$139.61 |
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25.3% |
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Total RevPAR |
$440.12 |
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$424.07 |
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3.8% |
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$446.49 |
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$351.76 |
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26.9% |
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Gross Definite Rooms Nights Booked |
651,507 |
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601,180 |
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8.4% |
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1,000,155 |
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1,023,225 |
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-2.3% |
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Net Definite Rooms Nights Booked |
450,269 |
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413,042 |
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9.0% |
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700,587 |
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578,710 |
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21.1% |
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Group Attrition (as % of contracted block) |
16.3% |
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18.2% |
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-1.9pt |
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15.9% |
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23.9% |
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-8.0pt |
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Cancellation Room Nights ITYFTY (1) |
21,748 |
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11,647 |
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86.7% |
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53,968 |
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182,066 |
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-70.4% |
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(1) "ITYFTY" represents In The Year For The Year. |
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Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and
Occupancy” below. Property-level results and operating metrics for
second quarter 2023 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.
Second Quarter 2023 Hospitality Segment
Highlights
- Achieved second quarter record
revenue of $417.7 million, driven by second quarter record ADR of
almost $245, an increase of 4.4% from Q2 2022.
- Actualized room nights in the
second quarter were strong, as 528,000 group room nights traveled,
a 3.6% increase over Q2 2022.
- Q2 2023 Hotel occupancy was 72.7%,
flat to the prior year quarter.
- As expected, Adjusted EBITDAre and
Adjusted EBITDAre margin were impacted by the continued return to
normalized attrition and cancellation fees and management
fees.
- Attrition and cancellation fee
collections declined to $10.3 million, as compared to the $15.4
million collected in Q2 2022, and incentive management fees earned
by Marriott increased to $7.0 million in the quarter, up from $3.0
million in Q2 2022.
- Room night production remained
strong as ADR for new definite future bookings was an all-time
record.
Gaylord Opryland |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months
Ended |
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Six Months
Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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% ∆ |
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2023 |
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2022 |
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% ∆ |
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Revenue |
$110,475 |
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$105,497 |
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4.7% |
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$222,281 |
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$179,016 |
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24.2% |
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Operating
income |
$32,011 |
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$31,871 |
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0.4% |
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$63,706 |
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$47,426 |
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34.3% |
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Operating
income margin |
29.0% |
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30.2% |
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-1.2pt |
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28.7% |
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26.5% |
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2.2pt |
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Adjusted
EBITDAre |
$40,511 |
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$40,416 |
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0.2% |
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$80,748 |
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$64,547 |
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25.1% |
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Adjusted
EBITDAre margin |
36.7% |
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38.3% |
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-1.6pt |
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36.3% |
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36.1% |
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0.2pt |
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Occupancy |
71.2% |
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75.1% |
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-3.9pt |
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71.9% |
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62.0% |
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9.9pt |
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Average daily rate (ADR) |
$252.01 |
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$233.68 |
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7.8% |
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$246.07 |
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$236.06 |
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4.2% |
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RevPAR |
$179.38 |
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$175.51 |
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2.2% |
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$176.90 |
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$146.41 |
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20.8% |
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Total RevPAR |
$420.36 |
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$401.42 |
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4.7% |
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$425.23 |
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$342.46 |
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24.2% |
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Gaylord Palms |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months
Ended |
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Six Months
Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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% ∆ |
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2023 |
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2022 |
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% ∆ |
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Revenue |
$73,829 |
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$68,289 |
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8.1% |
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$158,375 |
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$128,137 |
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23.6% |
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Operating
income |
$18,322 |
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$18,218 |
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0.6% |
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$45,956 |
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$34,076 |
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34.9% |
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Operating
income margin |
24.8% |
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26.7% |
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-1.9pt |
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29.0% |
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26.6% |
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2.4pt |
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Adjusted
EBITDAre |
$24,895 |
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$24,851 |
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0.2% |
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$59,170 |
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$47,327 |
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25.0% |
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Adjusted
EBITDAre margin |
33.7% |
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36.4% |
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-2.7pt |
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37.4% |
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36.9% |
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0.5pt |
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Occupancy |
75.8% |
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74.6% |
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1.2pt |
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77.6% |
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65.1% |
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12.5pt |
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Average daily rate (ADR) |
$243.55 |
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$231.53 |
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5.2% |
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$250.74 |
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$241.99 |
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3.6% |
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RevPAR |
$184.58 |
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$172.78 |
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6.8% |
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$194.62 |
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$157.65 |
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23.5% |
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Total RevPAR |
$472.24 |
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$436.80 |
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8.1% |
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$509.31 |
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$412.07 |
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23.6% |
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Gaylord Texan |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months
Ended |
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Six Months
Ended |
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June 30, |
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June 30, |
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2023 |
|
2022 |
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% ∆ |
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2023 |
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2022 |
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% ∆ |
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Revenue |
$81,479 |
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$77,665 |
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4.9% |
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$167,877 |
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$134,301 |
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25.0% |
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Operating
income |
$26,105 |
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$25,734 |
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1.4% |
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$54,193 |
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$38,650 |
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40.2% |
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Operating
income margin |
32.0% |
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33.1% |
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-1.1pt |
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32.3% |
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28.8% |
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3.5pt |
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Adjusted
EBITDAre |
$31,823 |
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$31,476 |
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1.1% |
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$65,677 |
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$51,090 |
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28.6% |
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Adjusted
EBITDAre margin |
39.1% |
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40.5% |
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-1.4pt |
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39.1% |
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38.0% |
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1.1pt |
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Occupancy |
75.1% |
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74.3% |
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0.8pt |
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76.1% |
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66.1% |
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10.0pt |
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Average daily rate (ADR) |
$234.86 |
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$231.22 |
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1.6% |
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$232.83 |
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$226.94 |
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2.6% |
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RevPAR |
$176.49 |
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$171.74 |
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2.8% |
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$177.19 |
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$150.02 |
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18.1% |
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Total RevPAR |
$493.59 |
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$470.48 |
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4.9% |
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$511.30 |
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$409.04 |
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25.0% |
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Gaylord National |
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($ in thousands, except ADR, RevPAR, and Total RevPAR) |
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Three Months
Ended |
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Six Months
Ended |
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June 30, |
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June 30, |
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2023 |
|
2022 |
|
% ∆ |
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2023 |
|
2022 |
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% ∆ |
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Revenue |
$77,014 |
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$72,223 |
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6.6% |
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$149,786 |
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$104,810 |
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42.9% |
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Operating
income |
$14,926 |
|
$12,824 |
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16.4% |
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|
$22,981 |
|
$1,549 |
|
1383.6% |
|
Operating
income margin |
19.4% |
|
17.8% |
|
1.6pt |
|
|
15.3% |
|
1.5% |
|
13.8pt |
|
Adjusted
EBITDAre |
$24,453 |
|
$23,023 |
|
6.2% |
|
|
$42,073 |
|
$21,227 |
|
98.2% |
|
Adjusted
EBITDAre margin |
31.8% |
|
31.9% |
|
-0.1pt |
|
|
28.1% |
|
20.3% |
|
7.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
67.8% |
|
64.2% |
|
3.6pt |
|
|
67.6% |
|
49.9% |
|
17.7pt |
|
Average daily rate (ADR) |
$251.80 |
|
$251.45 |
|
0.1% |
|
|
$245.80 |
|
$240.22 |
|
2.3% |
|
RevPAR |
$170.65 |
|
$161.40 |
|
5.7% |
|
|
$166.06 |
|
$119.80 |
|
38.6% |
|
Total RevPAR |
$424.00 |
|
$397.62 |
|
6.6% |
|
|
$414.60 |
|
$290.11 |
|
42.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$67,127 |
|
$70,755 |
|
-5.1% |
|
$131,174 |
|
$105,542 |
|
24.3% |
|
Operating
income (loss) |
$14,691 |
|
$10,215 |
|
43.8% |
|
$25,559 |
|
($6,569) |
|
489.1% |
|
Operating
income (loss) margin |
21.9% |
|
14.4% |
|
7.5pt |
|
19.5% |
|
-6.2% |
|
25.7pt |
|
Adjusted
EBITDAre |
$28,815 |
|
$32,865 |
|
-12.3% |
|
$53,728 |
|
$38,729 |
|
38.7% |
|
Adjusted
EBITDAre margin |
42.9% |
|
46.4% |
|
-3.5pt |
|
41.0% |
|
36.7% |
|
4.3pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
77.8% |
|
76.6% |
|
1.2pt |
|
73.9% |
|
58.0% |
|
15.9pt |
|
Average daily rate (ADR) |
$247.92 |
|
$235.69 |
|
5.2% |
|
$240.94 |
|
$228.22 |
|
5.6% |
|
RevPAR |
$192.84 |
|
$180.45 |
|
6.9% |
|
$177.98 |
|
$132.29 |
|
34.5% |
|
Total RevPAR |
$491.45 |
|
$518.01 |
|
-5.1% |
|
$482.82 |
|
$388.48 |
|
24.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment Segment
For the three and six months ended June 30,
2023, and 2022, the Company reported the following:
|
|
|
|
|
|
($ in
thousands) |
Three Months
Ended |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
2022 |
% ∆ |
|
2023 |
2022 |
% ∆ |
|
|
|
|
|
|
|
|
|
|
Revenue |
$87,158 |
$68,402 |
27.4% |
|
$154,438 |
$106,426 |
45.1% |
|
Operating
income |
$24,601 |
$18,019 |
36.5% |
|
$34,992 |
$20,456 |
71.1% |
|
Operating income margin |
28.2% |
26.3% |
1.9pt |
|
22.7% |
19.2% |
3.5pt |
|
Adjusted
EBITDAre |
$29,416 |
$22,053 |
33.4% |
|
$43,762 |
$26,863 |
62.9% |
|
Adjusted
EBITDAre margin |
33.8% |
32.2% |
1.6pt |
|
28.3% |
25.2% |
3.1pt |
|
|
|
|
|
|
|
|
|
|
Fioravanti continued, “Our Entertainment segment
continues to produce record financial results, as demand for live
entertainment remains above pre-pandemic levels. Our
Nashville-based assets again delivered excellent performance with
our marquee venues at the Grand Ole Opry and the Ryman Auditorium
leading the way. In addition, we were pleased to announce our
former Board of Directors member Patrick Moore was appointed as
Chief Executive Officer of Opry Entertainment Group. Patrick joins
us at an important and exciting time for this segment, and I look
forward to working with him as we continue growing this unique
business.”
Corporate and Other Segment
For the three and six months ended June 30,
2023, and 2022, the Company reported the following:
|
|
|
|
|
($ in
thousands) |
Three Months
Ended |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
2022 |
% ∆ |
|
2023 |
2022 |
% ∆ |
|
|
|
|
|
|
|
|
|
|
Operating
loss |
($10,094) |
($12,624) |
20.0% |
|
($20,905) |
($22,855) |
8.5% |
|
Adjusted
EBITDAre |
($7,381) |
($9,411) |
21.6% |
|
($15,287) |
($15,559) |
1.7% |
|
|
|
|
|
|
|
|
|
|
Fioravanti concluded, "This was a busy quarter
for the Company from a financing perspective as we completed a
number of important financing transactions, including a refinancing
of our revolver and Term Loan B, a common stock offering and high
yield notes offering used to fund the JW Marriott Hill Country
acquisition, and an extension of the Gaylord Rockies Term Loan.
These financing transactions position us to continue investing in
our portfolio in accordance with our long-term strategy while
maintaining ample flexibility to pursue additional opportunities in
both our Hospitality and Entertainment businesses.”
2023 Guidance
The Company is updating its 2023 business
performance outlook to reflect the acquisition of JW Marriott Hill
Country, based on current information as of August 3, 2023. The
Company does not expect to update the guidance provided below
before next quarter’s earnings release. However, the Company may
update its full business outlook or any portion thereof at any time
for any reason.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
millions, except per share figures) |
New Guidance |
|
New FY |
|
Prior Guidance |
|
Prior FY |
|
Change |
|
|
Full Year 2023(1) |
|
2023 Guidance(1) |
|
Full Year 2023 |
|
2023 Guidance |
|
|
|
|
Low |
|
High |
|
Midpoint |
|
Low |
|
High |
|
Midpoint |
|
Midpoint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Hospitality RevPAR growth (same-store)(2) |
|
11.0% |
|
|
|
13.5% |
|
|
|
12.3% |
|
|
|
11.0% |
|
|
|
13.5% |
|
|
|
12.3% |
|
|
|
0.0% |
|
|
Consolidated
Hospitality Total RevPAR growth (same-store)(2) |
|
8.5% |
|
|
|
10.5% |
|
|
|
9.5% |
|
|
|
8.5% |
|
|
|
10.5% |
|
|
|
9.5% |
|
|
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$405.5 |
|
|
$427.5 |
|
|
$ |
416.5 |
|
|
$ |
391.5 |
|
|
$ |
411.5 |
|
|
$ |
401.5 |
|
|
$ |
15.0 |
|
|
Entertainment |
|
76.0 |
|
|
|
80.5 |
|
|
|
78.3 |
|
|
|
76.0 |
|
|
|
80.5 |
|
|
|
78.3 |
|
|
|
- |
|
|
Corporate
and Other |
|
(44.0 |
) |
|
|
(43.0 |
) |
|
|
(43.5 |
) |
|
|
(44.0 |
) |
|
|
(43.0 |
) |
|
|
(43.5 |
) |
|
|
- |
|
|
Consolidated Operating Income |
|
437.5 |
|
|
|
465.0 |
|
|
|
451.3 |
|
|
|
423.5 |
|
|
|
449.0 |
|
|
|
436.3 |
|
|
|
15.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDAre |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$597.0 |
|
|
$629.0 |
|
|
$ |
613.0 |
|
|
$ |
570.0 |
|
|
$ |
600.0 |
|
|
$ |
585.0 |
|
|
$ |
28.0 |
|
|
Entertainment |
|
94.0 |
|
|
|
104.0 |
|
|
|
99.0 |
|
|
|
94.0 |
|
|
|
104.0 |
|
|
|
99.0 |
|
|
|
- |
|
|
Corporate
and Other |
|
(32.0 |
) |
|
|
(29.0 |
) |
|
|
(30.5 |
) |
|
|
(32.0 |
) |
|
|
(29.0 |
) |
|
|
(30.5 |
) |
|
|
- |
|
|
Consolidated Adjusted EBITDAre |
|
659.0 |
|
|
|
704.0 |
|
|
|
681.5 |
|
|
|
632.0 |
|
|
|
675.0 |
|
|
|
653.5 |
|
|
|
28.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$223.5 |
|
|
$243.5 |
|
|
$ |
233.5 |
|
|
$ |
223.5 |
|
|
$ |
243.5 |
|
|
$ |
233.5 |
|
|
$ |
- |
|
|
Net Income
available to common shareholders |
$222.5 |
|
|
$232.5 |
|
|
$ |
227.5 |
|
|
$ |
222.5 |
|
|
$ |
232.5 |
|
|
$ |
227.5 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from
Operations (FFO) available to common shareholders |
$415.8 |
|
|
$438.0 |
|
|
$ |
426.9 |
|
|
$ |
403.8 |
|
|
$ |
426.0 |
|
|
$ |
414.9 |
|
|
$ |
12.0 |
|
|
Adjusted FFO
available to common shareholders |
$437.0 |
|
|
$466.0 |
|
|
$ |
451.5 |
|
|
$ |
425.0 |
|
|
$ |
454.0 |
|
|
$ |
439.5 |
|
|
$ |
12.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
available to common shareholders per diluted share |
$3.69 |
|
|
$3.82 |
|
|
$ |
3.76 |
|
|
$ |
3.71 |
|
|
$ |
3.88 |
|
|
$ |
3.79 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Diluted Shares Outstanding (in millions)(3) |
|
62.4 |
|
|
|
62.4 |
|
|
|
62.4 |
|
|
|
60.0 |
|
|
|
60.0 |
|
|
|
60.0 |
|
|
|
2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes JW
Marriott Hill Country, except as otherwise
noted |
|
(2) Same-store
excludes JW Marriott Hill
Country |
|
(3) Reflects
additional 4.4 million common shares issued on June 9,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Dividend UpdateOn July 17, the
Company paid the previously announced quarterly cash dividend of
$1.00 per common share, which was paid to stockholders of record as
of June 30, 2023.
The Company’s 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 $3.75 per share in cash.
Future dividends are subject to the Board’s future determinations
as to amount and timing.
Balance Sheet/Liquidity
UpdateAs of June 30, 2023, the Company had total debt
outstanding of $3,380.1 million, net of unamortized deferred
financing costs, and unrestricted cash of $508.3 million. As of
June 30, 2023, there were no amounts drawn under the Company’s
revolving credit facility, $7.0 million was drawn under OEG’s
revolving credit facility, and the lending banks had issued $14.6
million in letters of credit under the Company’s credit facility,
which left $743.4 million of aggregate borrowing availability under
the Company’s revolving credit facility and OEG’s revolving credit
facility.
Quarter Events
Closed Acquisition of JW Marriott Hill Country
Resort & Spa
On June 30, 2023, the Company closed the
acquisition of the JW Marriott Hill Country in San Antonio, Texas
from affiliates of Blackstone Real Estate Income Trust. Located
amid approximately 600 acres in the Texas Hill Country, the JW
Marriott Hill Country, which opened in 2010, is a premier
group-oriented resort with 1,002 rooms and 268,000 total square
feet of indoor and outdoor meeting and event space. The resort’s
amenities include the 26,000-square-foot Lantana Spa; eight food
and beverage outlets; the 9-acre River Bluff water experience; and
TPC San Antonio featuring two 18-hole golf courses, the Greg
Norman-designed Oaks Course and the Pete Dye-designed Canyons
course. The property resides in an attractive and growing market
with no emerging competitive supply, and naturally complements our
existing Gaylord Hotels portfolio. We believe the property offers
significant opportunities to serve the group and leisure sides of
our business.
Closed Upsized Common Stock Offering and Full
Exercise of Underwriters’ Over-Allotment Option
On June 9, 2023, the Company closed an upsized
underwritten registered public offering of 4,427,500 shares of its
common stock, par value $0.01 per share, at a price to the public
of $93.25 per share (the “Equity Offering”). The shares sold in the
Equity Offering included 577,500 shares sold through the
underwriters’ option to purchase additional shares of common stock,
which were delivered at the time of the closing of the Equity
Offering. The Company received aggregate net proceeds from the sale
of the common stock of approximately $395 million, after deducting
underwriting discounts and commissions and other expenses of the
Equity Offering payable by the Company.
Closed Offering of $400 Million of 7.250% Senior
Notes Due 2028
On June 22, 2023, RHP Hotel Properties, LP (the
“Operating Partnership”) and RHP Finance Corporation (together with
the Operating Partnership, the “Issuers”), completed a private
placement (the “Notes Offering”) of $400 million aggregate
principal amount of 7.250% senior notes due 2028 (the “Notes”). The
Notes are senior unsecured obligations of the Issuers and are
guaranteed by the Company and the Company’s and the Operating
Partnership’s subsidiaries that guarantee the Operating
Partnership’s existing credit facility, the 4.750% senior unsecured
notes due 2027 and the 4.50% senior unsecured notes due 2029. The
aggregate net proceeds from the Notes Offering were approximately
$393 million, after deducting the initial purchasers’ discounts and
commissions and other expenses of the Notes Offering payable by the
Issuers. Net proceeds of the Equity Offering and the Notes
Offering, together with cash on hand, were used to fund the
purchase of the JW Marriott Hill Country.
Credit Facility Refinancing
On May 18, 2023, the Company successfully
completed a series of refinancing transactions that extends the
maturities of the $700 million revolving credit facility and $500
million term loan B and eliminates mortgage collateral requirements
in its credit facility. The Company refinanced its existing $700
million revolving credit facility, extending its maturity from 2024
to 2027, with the option to extend the maturity date for a maximum
of one additional year. The Company also refinanced its secured
$500 million term loan B, which previously had an outstanding
balance of $370 million, to a new $500 million term loan B, all of
which was drawn at closing. The maturity of the term loan B has
been extended from 2024 to 2030.
Earnings Call Information
Ryman Hospitality Properties will hold a
conference call to discuss this release tomorrow, August 4, 2023,
at 11:00 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 entertainment
experiences. The Company’s holdings include 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, five of the top ten largest non-gaming
convention center hotels in the United States based on total indoor
meeting space. The Company also owns the JW Marriott San Antonio
Hill Country Resort & Spa as well as two ancillary hotels
adjacent to our Gaylord Hotels properties. The Company’s hotel
portfolio is managed by Marriott International and includes a
combined total of 11,414 rooms as well as more than 3 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 OEG 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.
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,
statements regarding the Company’s integration of the JW Marriott
Hill Country and the Company’s pursuit of additional value creation
opportunities at the JW Marriott Hill Country 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 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,
including the effects on costs of labor and supplies and effects on
group customers at the Company’s hotels and customers in OEG’s
businesses, the Company’s ability to remain qualified as a REIT,
the Company’s ability to execute our strategic goals as a REIT, the
Company’s ability to generate cash flows to support dividends,
future board determinations regarding the timing and amount of
dividends and changes to the dividend policy, the Company’s ability
to borrow funds pursuant to its credit agreements and to refinance
indebtedness and/or to successfully amend the agreements governing
its indebtedness in the future, changes in interest rates, any
effects of COVID-19 on the Company’s and the hospitality and
entertainment industries generally, the Company’s integration of
the JW Marriott Hill Country, the Company’s ability to identify and
capitalize on additional value creation opportunities at the JW
Marriott Hill Country and the occurrence of any event, change or
other circumstance that could limit the Company’s ability to
capitalize on any additional value creation opportunities it
identifies at the JW Marriott Hill Country. 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, 2022, 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 and Total
RevPARWe calculate revenue per available room (“RevPAR”)
for our hotels by dividing room revenue by room nights available to
guests for the period. 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. 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
stockholders’ margin by dividing GAAP consolidated Net Income
(Loss) available to common stockholders 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 in 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;
- transaction costs of
acquisitions;
- interest income on bonds;
- loss on extinguishment of
debt;
- pension settlement charges;
- pro rata Adjusted
EBITDAre from unconsolidated joint ventures; and
- any other adjustments we have
identified herein.
We then exclude the pro rata share of Adjusted
EBITDAre related to noncontrolling interests in consolidated joint
ventures 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 financial measures
provides useful information to investors regarding our operating
performance and debt leverage metrics, and that the presentation of
these non-GAAP financial measures, 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 stockholders 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 ventures
attributable to noncontrolling interest, and pro rata adjustments
for unconsolidated joint ventures. To calculate Adjusted FFO
available to common stockholders 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;
- loss 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 ventures;
- (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
stockholders and unit holders (excluding maintenance capex), we
then exclude FF&E reserve contributions for managed properties
and maintenance capital expenditures for non-managed properties.
FFO available to common stockholders and unit holders, Adjusted FFO
available to common stockholders and unit holders and Adjusted FFO
available to common stockholders and unit holders (excluding
maintenance capex) exclude the ownership portion of 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 |
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
Unaudited |
|
(In thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
Jun. 30, |
|
Jun. 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenues : |
|
|
|
|
|
|
|
|
|
Rooms |
|
168,492 |
|
|
|
161,506 |
|
|
$ |
329,743 |
|
|
$ |
263,099 |
|
|
|
Food and
beverage |
|
197,908 |
|
|
|
188,083 |
|
|
|
413,712 |
|
|
|
300,199 |
|
|
|
Other hotel
revenue |
|
51,285 |
|
|
|
52,213 |
|
|
|
98,669 |
|
|
|
99,615 |
|
|
|
Entertainment |
|
87,158 |
|
|
|
68,402 |
|
|
|
154,438 |
|
|
|
106,426 |
|
|
|
Total revenues |
|
504,843 |
|
|
|
470,204 |
|
|
|
996,562 |
|
|
|
769,339 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
40,272 |
|
|
|
41,238 |
|
|
|
82,331 |
|
|
|
71,374 |
|
|
|
Food and
beverage |
|
107,026 |
|
|
|
97,489 |
|
|
|
222,207 |
|
|
|
168,818 |
|
|
|
Other hotel
expenses |
|
104,590 |
|
|
|
99,284 |
|
|
|
207,649 |
|
|
|
185,927 |
|
|
|
Management
fees |
|
15,418 |
|
|
|
11,202 |
|
|
|
30,613 |
|
|
|
16,266 |
|
|
|
Total hotel operating expenses |
|
267,306 |
|
|
|
249,213 |
|
|
|
542,800 |
|
|
|
442,385 |
|
|
|
Entertainment |
|
57,088 |
|
|
|
45,670 |
|
|
|
108,522 |
|
|
|
77,401 |
|
|
|
Corporate |
|
9,885 |
|
|
|
12,417 |
|
|
|
20,479 |
|
|
|
21,974 |
|
|
|
Preopening
costs |
|
67 |
|
|
|
221 |
|
|
|
257 |
|
|
|
525 |
|
|
|
Loss on sale
of assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
469 |
|
|
|
Depreciation
and amortization |
|
48,257 |
|
|
|
56,715 |
|
|
|
96,614 |
|
|
|
112,743 |
|
|
|
Total operating expenses |
|
382,603 |
|
|
|
364,236 |
|
|
|
768,672 |
|
|
|
655,497 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
122,240 |
|
|
|
105,968 |
|
|
|
227,890 |
|
|
|
113,842 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(49,179 |
) |
|
|
(33,958 |
) |
|
|
(91,707 |
) |
|
|
(65,895 |
) |
|
Interest income |
|
5,318 |
|
|
|
1,379 |
|
|
|
7,865 |
|
|
|
2,760 |
|
|
Loss on extinguishment of debt |
|
(2,252 |
) |
|
|
(1,547 |
) |
|
|
(2,252 |
) |
|
|
(1,547 |
) |
|
Loss from consolidated joint ventures |
|
(2,153 |
) |
|
|
(3,001 |
) |
|
|
(4,959 |
) |
|
|
(5,628 |
) |
|
Other gains and (losses), net |
|
(287 |
) |
|
|
(283 |
) |
|
|
(523 |
) |
|
|
164 |
|
|
Income before income taxes |
|
73,687 |
|
|
|
68,558 |
|
|
|
136,314 |
|
|
|
43,696 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(3,544 |
) |
|
|
(17,634 |
) |
|
|
(5,177 |
) |
|
|
(17,569 |
) |
|
Net income |
|
70,143 |
|
|
|
50,924 |
|
|
|
131,137 |
|
|
|
26,127 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest in consolidated
joint venture |
|
(3,134 |
) |
|
|
(280 |
) |
|
|
(2,371 |
) |
|
|
(280 |
) |
|
Net income attributable to noncontrolling interest in Operating
Partnership |
|
(466 |
) |
|
|
(360 |
) |
|
|
(903 |
) |
|
|
(184 |
) |
|
Net income available to common stockholders |
$ |
66,543 |
|
|
$ |
50,284 |
|
|
$ |
127,863 |
|
|
$ |
25,663 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per share available to common stockholders |
$ |
1.18 |
|
|
$ |
0.91 |
|
|
$ |
2.29 |
|
|
$ |
0.47 |
|
|
Diluted income per share available to common stockholders
(1) |
$ |
1.15 |
|
|
$ |
0.91 |
|
|
$ |
2.17 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares for the period: |
|
|
|
|
|
Basic |
|
56,329 |
|
|
|
55,150 |
|
|
|
55,759 |
|
|
|
55,118 |
|
|
|
Diluted
(1) |
|
60,489 |
|
|
|
55,862 |
|
|
|
59,973 |
|
|
|
55,321 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Diluted weighted
average common shares for the three months and six months ended
June 30, 2023 include 3.9 million and 4.0 million, respectively,
and the three months ended June 30, 2022 includes 0.5 million in
equivalent shares related to the currently unexercisable investor
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) |
|
|
|
|
|
|
|
|
|
|
|
Jun.
30, |
|
Dec.
31, |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation |
$ |
3,931,077 |
|
$ |
3,171,708 |
|
|
|
Cash and
cash equivalents - unrestricted |
|
508,344 |
|
|
334,194 |
|
|
|
Cash and
cash equivalents - restricted |
|
105,565 |
|
|
110,136 |
|
|
|
Notes
receivable |
|
65,532 |
|
|
67,628 |
|
|
|
Trade
receivables, net |
|
105,209 |
|
|
116,836 |
|
|
|
Deferred
income tax assets, net |
|
- |
|
|
- |
|
|
|
Prepaid
expenses and other assets |
|
146,359 |
|
|
134,170 |
|
|
|
Intangible
assets |
|
128,569 |
|
|
105,951 |
|
|
|
Total assets |
$ |
4,990,655 |
|
$ |
4,040,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
Debt and
finance lease obligations |
$ |
3,380,063 |
|
$ |
2,862,592 |
|
|
|
Accounts
payable and accrued liabilities |
|
347,087 |
|
|
385,159 |
|
|
|
Dividends
payable |
|
60,972 |
|
|
14,121 |
|
|
|
Deferred
management rights proceeds |
|
165,935 |
|
|
167,495 |
|
|
|
Operating
lease liabilities |
|
127,687 |
|
|
125,759 |
|
|
|
Deferred
income tax liabilities, net |
|
16,346 |
|
|
12,915 |
|
|
|
Other
liabilities |
|
66,200 |
|
|
64,824 |
|
|
|
Noncontrolling interest in consolidated joint venture |
|
327,649 |
|
|
311,857 |
|
|
|
Total
equity |
|
498,716 |
|
|
95,901 |
|
|
|
Total liabilities and equity |
$ |
4,990,655 |
|
$ |
4,040,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
SUPPLEMENTAL
FINANCIAL RESULTS |
|
ADJUSTED
EBITDAre RECONCILIATION |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Jun. 30, |
|
Six Months
Ended Jun. 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
504,843 |
|
|
|
|
$ |
470,204 |
|
|
|
|
$ |
996,562 |
|
|
|
|
$ |
769,339 |
|
|
|
|
|
Net income |
$ |
70,143 |
|
13.9 |
% |
|
$ |
50,924 |
|
10.8 |
% |
|
$ |
131,137 |
|
13.2 |
% |
|
$ |
26,127 |
|
3.4 |
% |
|
|
Interest expense, net |
|
43,861 |
|
|
|
|
32,579 |
|
|
|
|
83,842 |
|
|
|
|
63,135 |
|
|
|
|
Provision for income taxes |
|
3,544 |
|
|
|
|
17,634 |
|
|
|
|
5,177 |
|
|
|
|
17,569 |
|
|
|
|
Depreciation & amortization |
|
48,257 |
|
|
|
|
56,715 |
|
|
|
|
96,614 |
|
|
|
|
112,743 |
|
|
|
|
(Gain) loss on sale of assets |
|
- |
|
|
|
|
(142 |
) |
|
|
|
- |
|
|
|
|
327 |
|
|
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
8 |
|
|
|
|
23 |
|
|
|
|
17 |
|
|
|
|
45 |
|
|
|
|
EBITDAre |
|
165,813 |
|
32.8 |
% |
|
|
157,733 |
|
33.5 |
% |
|
|
316,787 |
|
31.8 |
% |
|
|
219,946 |
|
28.6 |
% |
|
|
Preopening costs |
|
67 |
|
|
|
|
221 |
|
|
|
|
257 |
|
|
|
|
525 |
|
|
|
|
Non-cash lease expense |
|
1,499 |
|
|
|
|
1,108 |
|
|
|
|
3,000 |
|
|
|
|
2,281 |
|
|
|
|
Equity-based compensation expense |
|
3,801 |
|
|
|
|
3,654 |
|
|
|
|
7,540 |
|
|
|
|
7,440 |
|
|
|
|
Pension settlement charge |
|
- |
|
|
|
|
853 |
|
|
|
|
- |
|
|
|
|
853 |
|
|
|
|
Interest income on Gaylord National bonds |
|
1,270 |
|
|
|
|
1,339 |
|
|
|
|
2,541 |
|
|
|
|
2,679 |
|
|
|
|
Loss on extinguishment of debt |
|
2,252 |
|
|
|
|
1,547 |
|
|
|
|
2,252 |
|
|
|
|
1,547 |
|
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
1,170 |
|
|
|
|
- |
|
|
|
|
1,348 |
|
|
|
|
Adjusted EBITDAre |
$ |
174,702 |
|
34.6 |
% |
|
$ |
167,625 |
|
35.6 |
% |
|
$ |
332,377 |
|
33.4 |
% |
|
$ |
236,619 |
|
30.8 |
% |
|
|
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
$ |
(8,819 |
) |
|
|
|
$ |
(1,131 |
) |
|
|
|
$ |
(13,115 |
) |
|
|
|
$ |
(1,131 |
) |
|
|
|
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$ |
165,883 |
|
32.9 |
% |
|
$ |
166,494 |
|
35.4 |
% |
|
$ |
319,262 |
|
32.0 |
% |
|
$ |
235,488 |
|
30.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
417,685 |
|
|
|
|
$ |
401,802 |
|
|
|
|
$ |
842,124 |
|
|
|
|
$ |
662,913 |
|
|
|
|
|
Operating income |
$ |
107,733 |
|
25.8 |
% |
|
$ |
100,573 |
|
25.0 |
% |
|
$ |
213,803 |
|
25.4 |
% |
|
$ |
116,241 |
|
17.5 |
% |
|
|
Depreciation & amortization |
|
42,646 |
|
|
|
|
52,016 |
|
|
|
|
85,521 |
|
|
|
|
104,287 |
|
|
|
|
Non-cash lease expense |
|
1,018 |
|
|
|
|
1,055 |
|
|
|
|
2,037 |
|
|
|
|
2,108 |
|
|
|
|
Interest income on Gaylord National bonds |
|
1,270 |
|
|
|
|
1,339 |
|
|
|
|
2,541 |
|
|
|
|
2,679 |
|
|
|
|
Adjusted EBITDAre |
$ |
152,667 |
|
36.6 |
% |
|
$ |
154,983 |
|
38.6 |
% |
|
$ |
303,902 |
|
36.1 |
% |
|
$ |
225,315 |
|
34.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
87,158 |
|
|
|
|
$ |
68,402 |
|
|
|
|
$ |
154,438 |
|
|
|
|
$ |
106,426 |
|
|
|
|
|
Operating income |
$ |
24,601 |
|
28.2 |
% |
|
$ |
18,019 |
|
26.3 |
% |
|
$ |
34,992 |
|
22.7 |
% |
|
$ |
20,456 |
|
19.2 |
% |
|
|
Depreciation & amortization |
|
5,402 |
|
|
|
|
4,492 |
|
|
|
|
10,667 |
|
|
|
|
8,044 |
|
|
|
|
Preopening costs |
|
67 |
|
|
|
|
221 |
|
|
|
|
257 |
|
|
|
|
525 |
|
|
|
|
Non-cash lease expense |
|
481 |
|
|
|
|
53 |
|
|
|
|
963 |
|
|
|
|
173 |
|
|
|
|
Equity-based compensation |
|
1,010 |
|
|
|
|
1,077 |
|
|
|
|
1,826 |
|
|
|
|
1,901 |
|
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
1,170 |
|
|
|
|
- |
|
|
|
|
1,348 |
|
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(2,145 |
) |
|
|
|
(2,979 |
) |
|
|
|
(4,943 |
) |
|
|
|
(5,584 |
) |
|
|
|
Adjusted EBITDAre |
$ |
29,416 |
|
33.8 |
% |
|
$ |
22,053 |
|
32.2 |
% |
|
$ |
43,762 |
|
28.3 |
% |
|
$ |
26,863 |
|
25.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment |
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(10,094 |
) |
|
|
|
$ |
(12,624 |
) |
|
|
|
$ |
(20,905 |
) |
|
|
|
$ |
(22,855 |
) |
|
|
|
|
Depreciation & amortization |
|
209 |
|
|
|
|
207 |
|
|
|
|
426 |
|
|
|
|
412 |
|
|
|
|
Other gains and (losses), net |
|
(287 |
) |
|
|
|
(424 |
) |
|
|
|
(522 |
) |
|
|
|
492 |
|
|
|
|
Equity-based compensation |
|
2,791 |
|
|
|
|
2,577 |
|
|
|
|
5,714 |
|
|
|
|
5,539 |
|
|
|
|
Pension settlement charge |
|
- |
|
|
|
|
853 |
|
|
|
|
- |
|
|
|
|
853 |
|
|
|
|
Adjusted EBITDAre |
$ |
(7,381 |
) |
|
|
|
$ |
(9,411 |
) |
|
|
|
$ |
(15,287 |
) |
|
|
|
$ |
(15,559 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
SUPPLEMENTAL
FINANCIAL RESULTS |
|
FUNDS FROM
OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION |
|
Unaudited |
|
(in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Jun. 30, |
|
Six Months
Ended Jun. 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
Net income |
$ |
70,143 |
|
|
$ |
50,924 |
|
|
$ |
131,137 |
|
|
$ |
26,127 |
|
|
|
Noncontrolling interest in consolidated joint venture |
|
(3,134 |
) |
|
|
(280 |
) |
|
|
(2,371 |
) |
|
|
(280 |
) |
|
|
Net income available to common stockholders and unit
holders |
|
67,009 |
|
|
|
50,644 |
|
|
|
128,766 |
|
|
|
25,847 |
|
|
|
Depreciation & amortization |
|
48,227 |
|
|
|
56,685 |
|
|
|
96,553 |
|
|
|
112,682 |
|
|
|
Adjustments for noncontrolling interest |
|
(1,620 |
) |
|
|
(233 |
) |
|
|
(3,200 |
) |
|
|
(233 |
) |
|
|
Pro rata adjustments from joint ventures |
|
23 |
|
|
|
23 |
|
|
|
46 |
|
|
|
45 |
|
|
|
FFO available to common stockholders and unit
holders |
|
113,639 |
|
|
|
107,119 |
|
|
|
222,165 |
|
|
|
138,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
30 |
|
|
|
30 |
|
|
|
61 |
|
|
|
61 |
|
|
|
Non-cash lease expense |
|
1,499 |
|
|
|
1,108 |
|
|
|
3,000 |
|
|
|
2,281 |
|
|
|
Pension settlement charge |
|
- |
|
|
|
853 |
|
|
|
- |
|
|
|
853 |
|
|
|
Loss on other assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
469 |
|
|
|
Amortization of deferred financing costs |
|
2,633 |
|
|
|
2,309 |
|
|
|
5,307 |
|
|
|
4,538 |
|
|
|
Amortization of debt discounts and premiums |
|
545 |
|
|
|
61 |
|
|
|
1,051 |
|
|
|
(12 |
) |
|
|
Loss on extinguishment of debt |
|
2,252 |
|
|
|
1,547 |
|
|
|
2,252 |
|
|
|
1,547 |
|
|
|
Adjustments for noncontrolling interest |
|
(870 |
) |
|
|
(32 |
) |
|
|
(1,282 |
) |
|
|
(32 |
) |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
1,170 |
|
|
|
- |
|
|
|
1,348 |
|
|
|
Deferred tax provision |
|
2,664 |
|
|
|
710 |
|
|
|
3,431 |
|
|
|
295 |
|
|
|
Adjusted FFO available to common stockholders and unit
holders |
$ |
122,392 |
|
|
$ |
114,875 |
|
|
$ |
235,985 |
|
|
$ |
149,689 |
|
|
|
Capital expenditures (1) |
|
(23,333 |
) |
|
|
(19,930 |
) |
|
|
(47,221 |
) |
|
|
(32,235 |
) |
|
|
Adjusted FFO available to common stockholders and unit
holders (ex. maintenance capex) |
$ |
99,059 |
|
|
$ |
94,945 |
|
|
$ |
188,764 |
|
|
$ |
117,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
1.18 |
|
|
$ |
0.91 |
|
|
$ |
2.29 |
|
|
$ |
0.47 |
|
|
|
Diluted net income per share |
$ |
1.15 |
|
|
$ |
0.91 |
|
|
$ |
2.17 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
2.00 |
|
|
$ |
1.93 |
|
|
$ |
3.96 |
|
|
$ |
2.49 |
|
|
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
2.16 |
|
|
$ |
2.07 |
|
|
$ |
4.20 |
|
|
$ |
2.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (2) |
$ |
1.92 |
|
|
$ |
1.91 |
|
|
$ |
3.72 |
|
|
$ |
2.48 |
|
|
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (2) |
$ |
2.06 |
|
|
$ |
2.05 |
|
|
$ |
3.95 |
|
|
$ |
2.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares and OP units for the period: |
|
|
Basic |
|
56,724 |
|
|
|
55,545 |
|
|
|
56,154 |
|
|
|
55,513 |
|
|
|
Diluted (2) |
|
60,884 |
|
|
|
56,256 |
|
|
|
60,368 |
|
|
|
55,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents FF&E reserve contribution for managed properties
and maintenance capital expenditures for non-managed
properties. |
|
(2) Diluted weighted average common shares and OP units for the
three months and six months ended June 30, 2023 include 3.9 million
and 4.0 million, respectively, and the three months ended June 30,
2022 includes0.5 million in equivalent shares related to the
currently unexercisable investor 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 Jun. 30, |
|
Six Months Ended Jun. 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
417,685 |
|
|
|
|
$ |
401,802 |
|
|
|
|
$ |
842,124 |
|
|
|
|
$ |
662,913 |
|
|
|
|
|
Operating income |
$ |
107,733 |
|
25.8 |
% |
|
$ |
100,573 |
|
25.0 |
% |
|
$ |
213,803 |
|
25.4 |
% |
|
$ |
116,241 |
|
17.5 |
% |
|
|
Depreciation & amortization |
|
42,646 |
|
|
|
|
52,016 |
|
|
|
|
85,521 |
|
|
|
|
104,287 |
|
|
|
|
Non-cash lease expense |
|
1,018 |
|
|
|
|
1,055 |
|
|
|
|
2,037 |
|
|
|
|
2,108 |
|
|
|
|
Interest income on Gaylord National bonds |
|
1,270 |
|
|
|
|
1,339 |
|
|
|
|
2,541 |
|
|
|
|
2,679 |
|
|
|
|
Adjusted EBITDAre |
$ |
152,667 |
|
36.6 |
% |
|
$ |
154,983 |
|
38.6 |
% |
|
$ |
303,902 |
|
36.1 |
% |
|
$ |
225,315 |
|
34.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.7 |
% |
|
|
|
72.7 |
% |
|
|
|
72.5 |
% |
|
|
|
60.1 |
% |
|
|
|
Average daily rate (ADR) |
$ |
244.77 |
|
|
|
|
$ |
234.50 |
|
|
|
|
$ |
241.38 |
|
|
|
|
$ |
232.41 |
|
|
|
|
|
RevPAR |
$ |
177.83 |
|
|
|
|
$ |
170.46 |
|
|
|
|
$ |
174.97 |
|
|
|
|
$ |
139.61 |
|
|
|
|
|
OtherPAR |
$ |
262.29 |
|
|
|
|
$ |
253.61 |
|
|
|
|
$ |
271.52 |
|
|
|
|
$ |
212.15 |
|
|
|
|
|
Total RevPAR |
$ |
440.12 |
|
|
|
|
$ |
424.07 |
|
|
|
|
$ |
446.49 |
|
|
|
|
$ |
351.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
110,475 |
|
|
|
|
$ |
105,497 |
|
|
|
|
$ |
222,281 |
|
|
|
|
$ |
179,016 |
|
|
|
|
|
Operating income |
$ |
32,011 |
|
29.0 |
% |
|
$ |
31,871 |
|
30.2 |
% |
|
$ |
63,706 |
|
28.7 |
% |
|
$ |
47,426 |
|
26.5 |
% |
|
|
Depreciation & amortization |
|
8,512 |
|
|
|
|
8,557 |
|
|
|
|
17,066 |
|
|
|
|
17,146 |
|
|
|
|
Non-cash lease revenue |
|
(12 |
) |
|
|
|
(12 |
) |
|
|
|
(24 |
) |
|
|
|
(25 |
) |
|
|
|
Adjusted EBITDAre |
$ |
40,511 |
|
36.7 |
% |
|
$ |
40,416 |
|
38.3 |
% |
|
$ |
80,748 |
|
36.3 |
% |
|
$ |
64,547 |
|
36.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.2 |
% |
|
|
|
75.1 |
% |
|
|
|
71.9 |
% |
|
|
|
62.0 |
% |
|
|
|
Average daily rate (ADR) |
$ |
252.01 |
|
|
|
|
$ |
233.68 |
|
|
|
|
$ |
246.07 |
|
|
|
|
$ |
236.06 |
|
|
|
|
|
RevPAR |
$ |
179.38 |
|
|
|
|
$ |
175.51 |
|
|
|
|
$ |
176.90 |
|
|
|
|
$ |
146.41 |
|
|
|
|
|
OtherPAR |
$ |
240.98 |
|
|
|
|
$ |
225.91 |
|
|
|
|
$ |
248.33 |
|
|
|
|
$ |
196.05 |
|
|
|
|
|
Total RevPAR |
$ |
420.36 |
|
|
|
|
$ |
401.42 |
|
|
|
|
$ |
425.23 |
|
|
|
|
$ |
342.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
73,829 |
|
|
|
|
$ |
68,289 |
|
|
|
|
$ |
158,375 |
|
|
|
|
$ |
128,137 |
|
|
|
|
|
Operating income |
$ |
18,322 |
|
24.8 |
% |
|
$ |
18,218 |
|
26.7 |
% |
|
$ |
45,956 |
|
29.0 |
% |
|
$ |
34,076 |
|
26.6 |
% |
|
|
Depreciation & amortization |
|
5,543 |
|
|
|
|
5,566 |
|
|
|
|
11,153 |
|
|
|
|
11,118 |
|
|
|
|
Non-cash lease expense |
|
1,030 |
|
|
|
|
1,067 |
|
|
|
|
2,061 |
|
|
|
|
2,133 |
|
|
|
|
Adjusted EBITDAre |
$ |
24,895 |
|
33.7 |
% |
|
$ |
24,851 |
|
36.4 |
% |
|
$ |
59,170 |
|
37.4 |
% |
|
$ |
47,327 |
|
36.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.8 |
% |
|
|
|
74.6 |
% |
|
|
|
77.6 |
% |
|
|
|
65.1 |
% |
|
|
|
Average daily rate (ADR) |
$ |
243.55 |
|
|
|
|
$ |
231.53 |
|
|
|
|
$ |
250.74 |
|
|
|
|
$ |
241.99 |
|
|
|
|
|
RevPAR |
$ |
184.58 |
|
|
|
|
$ |
172.78 |
|
|
|
|
$ |
194.62 |
|
|
|
|
$ |
157.65 |
|
|
|
|
|
OtherPAR |
$ |
287.66 |
|
|
|
|
$ |
264.02 |
|
|
|
|
$ |
314.69 |
|
|
|
|
$ |
254.42 |
|
|
|
|
|
Total RevPAR |
$ |
472.24 |
|
|
|
|
$ |
436.80 |
|
|
|
|
$ |
509.31 |
|
|
|
|
$ |
412.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
81,479 |
|
|
|
|
$ |
77,665 |
|
|
|
|
$ |
167,877 |
|
|
|
|
$ |
134,301 |
|
|
|
|
|
Operating income |
$ |
26,105 |
|
32.0 |
% |
|
$ |
25,734 |
|
33.1 |
% |
|
$ |
54,193 |
|
32.3 |
% |
|
$ |
38,650 |
|
28.8 |
% |
|
|
Depreciation & amortization |
|
5,718 |
|
|
|
|
5,742 |
|
|
|
|
11,484 |
|
|
|
|
12,440 |
|
|
|
|
Adjusted EBITDAre |
$ |
31,823 |
|
39.1 |
% |
|
$ |
31,476 |
|
40.5 |
% |
|
$ |
65,677 |
|
39.1 |
% |
|
$ |
51,090 |
|
38.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.1 |
% |
|
|
|
74.3 |
% |
|
|
|
76.1 |
% |
|
|
|
66.1 |
% |
|
|
|
Average daily rate (ADR) |
$ |
234.86 |
|
|
|
|
$ |
231.22 |
|
|
|
|
$ |
232.83 |
|
|
|
|
$ |
226.94 |
|
|
|
|
|
RevPAR |
$ |
176.49 |
|
|
|
|
$ |
171.74 |
|
|
|
|
$ |
177.19 |
|
|
|
|
$ |
150.02 |
|
|
|
|
|
OtherPAR |
$ |
317.10 |
|
|
|
|
$ |
298.74 |
|
|
|
|
$ |
334.11 |
|
|
|
|
$ |
259.02 |
|
|
|
|
|
Total RevPAR |
$ |
493.59 |
|
|
|
|
$ |
470.48 |
|
|
|
|
$ |
511.30 |
|
|
|
|
$ |
409.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
SUPPLEMENTAL
FINANCIAL RESULTS |
|
HOSPITALITY
SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING
METRICS |
|
Unaudited |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Jun. 30, |
|
Six Months Ended Jun. 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
77,014 |
|
|
|
|
$ |
72,223 |
|
|
|
|
$ |
149,786 |
|
|
|
|
$ |
104,810 |
|
|
|
|
|
Operating income |
$ |
14,926 |
|
19.4 |
% |
|
$ |
12,824 |
|
17.8 |
% |
|
$ |
22,981 |
|
15.3 |
% |
|
$ |
1,549 |
|
1.5 |
% |
|
|
Depreciation & amortization |
|
8,257 |
|
|
|
|
8,860 |
|
|
|
|
16,551 |
|
|
|
|
16,999 |
|
|
|
|
Interest income on Gaylord National bonds |
|
1,270 |
|
|
|
|
1,339 |
|
|
|
|
2,541 |
|
|
|
|
2,679 |
|
|
|
|
Adjusted EBITDAre |
$ |
24,453 |
|
31.8 |
% |
|
$ |
23,023 |
|
31.9 |
% |
|
$ |
42,073 |
|
28.1 |
% |
|
$ |
21,227 |
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
67.8 |
% |
|
|
|
64.2 |
% |
|
|
|
67.6 |
% |
|
|
|
49.9 |
% |
|
|
|
Average daily rate (ADR) |
$ |
251.80 |
|
|
|
|
$ |
251.45 |
|
|
|
|
$ |
245.80 |
|
|
|
|
$ |
240.22 |
|
|
|
|
|
RevPAR |
$ |
170.65 |
|
|
|
|
$ |
161.40 |
|
|
|
|
$ |
166.06 |
|
|
|
|
$ |
119.80 |
|
|
|
|
|
OtherPAR |
$ |
253.35 |
|
|
|
|
$ |
236.22 |
|
|
|
|
$ |
248.54 |
|
|
|
|
$ |
170.31 |
|
|
|
|
|
Total RevPAR |
$ |
424.00 |
|
|
|
|
$ |
397.62 |
|
|
|
|
$ |
414.60 |
|
|
|
|
$ |
290.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
67,127 |
|
|
|
|
$ |
70,755 |
|
|
|
|
$ |
131,174 |
|
|
|
|
$ |
105,542 |
|
|
|
|
|
Operating income (loss) |
$ |
14,691 |
|
21.9 |
% |
|
$ |
10,215 |
|
14.4 |
% |
|
$ |
25,559 |
|
19.5 |
% |
|
$ |
(6,569 |
) |
-6.2 |
% |
|
|
Depreciation & amortization |
|
14,124 |
|
|
|
|
22,650 |
|
|
|
|
28,169 |
|
|
|
|
45,298 |
|
|
|
|
Adjusted EBITDAre |
$ |
28,815 |
|
42.9 |
% |
|
$ |
32,865 |
|
46.4 |
% |
|
$ |
53,728 |
|
41.0 |
% |
|
$ |
38,729 |
|
36.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
77.8 |
% |
|
|
|
76.6 |
% |
|
|
|
73.9 |
% |
|
|
|
58.0 |
% |
|
|
|
Average daily rate (ADR) |
$ |
247.92 |
|
|
|
|
$ |
235.69 |
|
|
|
|
$ |
240.94 |
|
|
|
|
$ |
228.22 |
|
|
|
|
|
RevPAR |
$ |
192.84 |
|
|
|
|
$ |
180.45 |
|
|
|
|
$ |
177.98 |
|
|
|
|
$ |
132.29 |
|
|
|
|
|
OtherPAR |
$ |
298.61 |
|
|
|
|
$ |
337.56 |
|
|
|
|
$ |
304.84 |
|
|
|
|
$ |
256.19 |
|
|
|
|
|
Total RevPAR |
$ |
491.45 |
|
|
|
|
$ |
518.01 |
|
|
|
|
$ |
482.82 |
|
|
|
|
$ |
388.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel
at National Harbor |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,401 |
|
|
|
$ |
3,261 |
|
|
|
$ |
5,612 |
|
|
|
$ |
4,868 |
|
|
|
|
Operating income |
$ |
923 |
|
27.1 |
% |
|
$ |
539 |
|
16.5 |
% |
|
$ |
745 |
|
13.3 |
% |
|
$ |
132 |
|
2.7 |
% |
|
|
Depreciation & amortization |
|
171 |
|
|
|
|
328 |
|
|
|
|
452 |
|
|
|
|
655 |
|
|
|
|
Adjusted EBITDAre |
$ |
1,094 |
|
32.2 |
% |
|
$ |
867 |
|
26.6 |
% |
|
$ |
1,197 |
|
21.3 |
% |
|
$ |
787 |
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
64.0 |
% |
|
|
|
71.2 |
% |
|
|
|
59.1 |
% |
|
|
|
58.8 |
% |
|
|
|
Average daily rate (ADR) |
$ |
277.86 |
|
|
|
|
$ |
233.52 |
|
|
|
|
$ |
250.79 |
|
|
|
|
$ |
211.27 |
|
|
|
|
|
RevPAR |
$ |
177.77 |
|
|
|
|
$ |
166.20 |
|
|
|
|
$ |
148.32 |
|
|
|
|
$ |
124.16 |
|
|
|
|
|
OtherPAR |
$ |
16.91 |
|
|
|
$ |
20.39 |
|
|
|
$ |
13.17 |
|
|
|
$ |
15.90 |
|
|
|
|
Total RevPAR |
$ |
194.68 |
|
|
|
|
$ |
186.59 |
|
|
|
|
$ |
161.49 |
|
|
|
|
$ |
140.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland (1) |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,360 |
|
|
|
$ |
4,112 |
|
|
|
$ |
7,019 |
|
|
|
$ |
6,239 |
|
|
|
|
Operating income |
$ |
755 |
|
17.3 |
% |
|
$ |
1,172 |
|
28.5 |
% |
|
$ |
663 |
|
9.4 |
% |
|
$ |
977 |
|
15.7 |
% |
|
|
Depreciation & amortization |
|
321 |
|
|
|
|
313 |
|
|
|
|
646 |
|
|
|
|
631 |
|
|
|
|
Adjusted EBITDAre |
$ |
1,076 |
|
24.7 |
% |
|
$ |
1,485 |
|
36.1 |
% |
|
$ |
1,309 |
|
18.6 |
% |
|
$ |
1,608 |
|
25.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
66.3 |
% |
|
|
|
67.0 |
% |
|
|
|
61.5 |
% |
|
|
|
54.9 |
% |
|
|
|
Average daily rate (ADR) |
$ |
159.71 |
|
|
|
|
$ |
170.57 |
|
|
|
|
$ |
150.36 |
|
|
|
|
$ |
157.68 |
|
|
|
|
|
RevPAR |
$ |
105.84 |
|
|
|
|
$ |
114.26 |
|
|
|
|
$ |
92.43 |
|
|
|
$ |
86.60 |
|
|
|
|
OtherPAR |
$ |
26.08 |
|
|
|
$ |
34.94 |
|
|
|
$ |
22.39 |
|
|
|
$ |
27.19 |
|
|
|
|
Total RevPAR |
$ |
131.92 |
|
|
|
|
$ |
149.20 |
|
|
|
|
$ |
114.82 |
|
|
|
|
$ |
113.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes other
hospitality revenue and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
EARNINGS PER
SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE
CALCULATIONS |
|
Unaudited |
|
(In thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
Jun. 30, |
|
Jun. 30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
Net income
available to common stockholders |
$ |
66,543 |
|
$ |
50,284 |
|
|
$ |
127,863 |
|
$ |
25,663 |
|
|
Net income
attributable to noncontrolling interest in consolidated joint
venture |
|
3,134 |
|
|
280 |
|
|
2,371 |
|
|
- |
|
|
Net income
available to common stockholders - if-converted method |
$ |
69,677 |
|
$ |
50,564 |
|
|
$ |
130,234 |
|
$ |
25,663 |
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic |
|
56,329 |
|
|
55,150 |
|
|
55,759 |
|
|
55,118 |
|
|
Effect of
dilutive stock-based compensation |
|
232 |
|
|
170 |
|
|
256 |
|
|
203 |
|
|
Effect of
dilutive put rights (1) |
|
3,928 |
|
|
542 |
|
|
3,958 |
|
|
- |
|
|
Weighted
average shares outstanding - diluted |
|
60,489 |
|
|
55,862 |
|
|
59,973 |
|
|
55,321 |
|
|
|
|
|
|
|
|
|
|
|
Basic income per share available to common stockholders |
$ |
1.18 |
|
$ |
0.91 |
|
$ |
2.29 |
|
$ |
0.47 |
|
Diluted income per share available to common
stockholders |
$ |
1.15 |
|
$ |
0.91 |
|
$ |
2.17 |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO and Adjusted FFO per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator - FFO: |
|
|
|
|
|
|
|
|
FFO
available to common stockholders and unit holders |
$ |
113,639 |
|
$ |
107,119 |
|
|
$ |
222,165 |
|
$ |
138,341 |
|
|
Net income
attributable to noncontrolling interest in consolidated joint
venture |
|
3,134 |
|
|
280 |
|
|
2,371 |
|
|
- |
|
|
FFO
available to common stockholders and unit holders - if-converted
method |
$ |
116,773 |
|
$ |
107,399 |
|
|
$ |
224,536 |
|
$ |
138,341 |
|
|
|
|
|
|
|
|
|
|
|
Numerator - Adjusted FFO: |
|
|
|
|
|
|
|
Adjusted FFO
available to common stockholders and unit holders |
$ |
122,392 |
|
$ |
114,875 |
|
|
$ |
235,985 |
|
$ |
149,689 |
|
|
Net income
attributable to noncontrolling interest in consolidated joint
venture |
|
3,134 |
|
|
280 |
|
|
2,371 |
|
|
- |
|
|
Adjusted FFO
available to common stockholders and unit holders - if-converted
method |
$ |
125,526 |
|
$ |
115,155 |
|
|
$ |
238,356 |
|
$ |
149,689 |
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Weighted
average shares and OP units outstanding - basic |
|
56,724 |
|
|
55,545 |
|
|
56,154 |
|
|
55,513 |
|
|
Effect of
dilutive stock-based compensation |
|
232 |
|
|
170 |
|
|
256 |
|
|
203 |
|
|
Effect of
dilutive put rights (1) |
|
3,928 |
|
|
542 |
|
|
3,958 |
|
|
- |
|
|
Weighted
average shares outstanding - diluted |
|
60,884 |
|
|
56,257 |
|
|
60,368 |
|
|
55,716 |
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
2.00 |
|
$ |
1.93 |
|
$ |
3.96 |
|
$ |
2.49 |
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
2.16 |
|
$ |
2.07 |
|
$ |
4.20 |
|
$ |
2.70 |
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (1) |
$ |
1.92 |
|
$ |
1.91 |
|
$ |
3.72 |
|
$ |
2.48 |
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (1) |
$ |
2.06 |
|
$ |
2.05 |
|
$ |
3.95 |
|
$ |
2.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
equivalent shares related to the currently unexercisable investor
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 |
Reconciliation of Forward-Looking Statements |
Unaudited |
(in
thousands) |
|
|
|
|
|
|
|
|
Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization for
Real Estate ("Adjusted EBITDAre") |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW GUIDANCE
RANGE |
|
|
|
FOR FULL YEAR 2023 |
|
|
|
Low |
|
High |
|
Midpoint |
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
Net Income |
$ |
223,500 |
|
|
|
$ |
243,500 |
|
|
|
$ |
233,500 |
|
|
Provision
for income taxes |
|
|
9,000 |
|
|
|
10,000 |
|
|
|
9,500 |
|
|
Interest
Expense, net |
|
|
196,500 |
|
|
|
204,000 |
|
|
|
200,250 |
|
|
Depreciation
and amortization |
|
|
201,250 |
|
|
|
211,500 |
|
|
|
206,375 |
|
|
EBITDAre |
$ |
630,250 |
|
|
|
$ |
669,000 |
|
|
|
$ |
649,625 |
|
|
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 |
|
|
Other gains
and (losses), net |
|
|
1,250 |
|
|
|
|
2,500 |
|
|
|
1,875 |
|
|
Adjusted EBITDAre |
|
$ |
659,000 |
|
|
|
$ |
704,000 |
|
|
|
$ |
681,500 |
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
Operating Income |
$ |
405,500 |
|
|
|
$ |
427,500 |
|
|
|
$ |
416,500 |
|
|
Depreciation
and amortization |
|
|
179,500 |
|
|
|
187,000 |
|
|
|
183,250 |
|
|
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 |
|
|
4,000 |
|
|
|
4,500 |
|
|
|
4,250 |
|
|
Adjusted EBITDAre |
|
$ |
597,000 |
|
|
|
$ |
629,000 |
|
|
|
$ |
613,000 |
|
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
Operating Income |
$ |
76,000 |
|
|
$ |
80,500 |
|
|
$ |
78,250 |
|
|
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 |
|
$ |
94,000 |
|
|
$ |
104,000 |
|
|
|
$ |
99,000 |
|
|
|
|
|
|
|
|
|
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 |
|
|
222,500 |
|
|
|
232,500 |
|
|
$ |
227,500 |
|
|
Depreciation
and amortization |
|
|
201,250 |
|
|
|
211,500 |
|
|
|
206,375 |
|
|
Adjustments
for noncontrolling interest |
|
|
(8,000 |
) |
|
|
(6,000 |
) |
|
|
(7,000 |
) |
|
Funds from Operations (FFO) available to common
shareholders |
|
$ |
415,750 |
|
|
|
$ |
438,000 |
|
|
|
$ |
426,875 |
|
|
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 |
|
|
|
6,000 |
|
|
|
5,500 |
|
|
Adjusted FFO available to common shareholders |
|
$ |
437,000 |
|
|
|
$ |
466,000 |
|
|
|
$ |
451,500 |
|
|
|
|
|
|
|
|
|
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") |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIOR
GUIDANCE RANGE |
|
|
|
|
FOR FULL YEAR 2023 |
|
|
|
|
Low |
|
High |
|
Midpoint |
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
Net Income |
$ |
223,500 |
|
|
|
$ |
243,500 |
|
|
|
$ |
233,500 |
|
|
|
Provision
for income taxes |
|
|
9,000 |
|
|
|
10,000 |
|
|
|
9,500 |
|
|
|
Interest
Expense, net |
|
|
182,500 |
|
|
|
188,000 |
|
|
|
185,250 |
|
|
|
Depreciation
and amortization |
|
|
189,250 |
|
|
|
199,500 |
|
|
|
194,375 |
|
|
|
EBITDAre |
$ |
604,250 |
|
|
|
$ |
641,000 |
|
|
|
$ |
622,625 |
|
|
|
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 |
|
|
|
Other gains and (losses), net |
|
|
250 |
|
- |
|
|
1,500 |
|
|
|
875 |
|
|
|
Adjusted EBITDAre |
|
$ |
632,000 |
|
|
|
$ |
675,000 |
|
|
|
$ |
653,500 |
|
|
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
Operating Income |
$ |
391,500 |
|
|
|
$ |
411,500 |
|
|
|
$ |
401,500 |
|
|
|
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 |
|
$ |
570,000 |
|
|
|
$ |
600,000 |
|
|
|
$ |
585,000 |
|
|
|
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
|
Operating Income |
$ |
76,000 |
|
|
$ |
80,500 |
|
|
$ |
78,250 |
|
|
|
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 |
|
$ |
94,000 |
|
|
$ |
104,000 |
|
$ |
99,000 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
222,500 |
|
|
|
232,500 |
|
|
$ |
227,500 |
|
|
|
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 |
|
$ |
403,750 |
|
|
|
$ |
426,000 |
|
|
|
$ |
414,875 |
|
|
|
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 |
|
|
|
6,000 |
|
|
|
5,500 |
|
|
|
Adjusted FFO available to common shareholders |
|
$ |
425,000 |
|
|
|
$ |
454,000 |
|
|
|
$ |
439,500 |
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Proper... (NYSE:RHP)
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From Jun 2024 to Jul 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Jul 2023 to Jul 2024