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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 2023
RYMAN HOSPITALITY PROPERTIES, INC.
(Exact name of registrant as specified
in its charter)
Delaware |
|
1-13079 |
|
73-0664379 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
|
One
Gaylord Drive
Nashville, Tennessee |
37214 |
|
|
(Address of principal executive offices) |
(Zip Code) |
|
Registrant’s telephone number,
including area code: (615) 316-6000
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
|
Securities registered pursuant to Section 12(b) of the Act: |
Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange on
Which Registered |
Common
Stock, par value $.01 |
|
RHP |
|
New York Stock Exchange |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act. ¨
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On August 3, 2023, Ryman Hospitality Properties, Inc.
(the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2023 and
revising guidance for certain financial measures for the remainder of 2023 to include the acquisition of the JW Marriott San Antonio Hill
Country Resort & Spa. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by
reference. The Company will hold a conference call to discuss its financial results for the quarter ended June 30, 2023 at 11:00
a.m. Eastern Time on Friday, August 4, 2023.
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
RYMAN HOSPITALITY PROPERTIES, INC. |
|
|
Date: August 4, 2023 |
By: |
/s/ Scott J. Lynn |
|
Name: |
Scott J. Lynn |
|
Title: |
Executive Vice President, General Counsel and Secretary |
Exhibit 99.1
Ryman Hospitality Properties, Inc. Reports
Second Quarter 2023 Results
NASHVILLE, Tenn. (August 3, 2023) –
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):
($ in thousands, except per share amounts) | |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
% ∆ | | |
2023 | | |
2022 | | |
% ∆ | |
Total Revenue | |
$ | 504,843 | | |
$ | 470,204 | | |
| 7.4 | % | |
$ | 996,562 | | |
$ | 769,339 | | |
| 29.5 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating income | |
$ | 122,240 | | |
$ | 105,968 | | |
| 15.4 | % | |
$ | 227,890 | | |
$ | 113,842 | | |
| 100.2 | % |
Operating income margin | |
| 24.2 | % | |
| 22.5 | % | |
| 1.7 | pt | |
| 22.9 | % | |
| 14.8 | % | |
| 8.1 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 70,143 | | |
$ | 50,924 | | |
| 37.7 | % | |
$ | 131,137 | | |
$ | 26,127 | | |
| 401.9 | % |
Net income margin | |
| 13.9 | % | |
| 10.8 | % | |
| 3.1 | pt | |
| 13.2 | % | |
| 3.4 | % | |
| 9.8 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income available to common stockholders | |
$ | 66,543 | | |
$ | 50,284 | | |
| 32.3 | % | |
$ | 127,863 | | |
$ | 25,663 | | |
| 398.2 | % |
Net income available to common stockholders margin | |
| 13.2 | % | |
| 10.7 | % | |
| 2.5 | pt | |
| 12.8 | % | |
| 3.3 | % | |
| 9.5 | pt |
Net income available to common stockholders per diluted share | |
$ | 1.15 | | |
$ | 0.91 | | |
| 26.4 | % | |
$ | 2.17 | | |
$ | 0.46 | | |
| 371.7 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDAre | |
$ | 174,702 | | |
$ | 167,625 | | |
| 4.2 | % | |
$ | 332,377 | | |
$ | 236,619 | | |
| 40.5 | % |
Adjusted EBITDAre margin | |
| 34.6 | % | |
| 35.6 | % | |
| -1.0 | pt | |
| 33.4 | % | |
| 30.8 | % | |
| 2.6 | pt |
Adjusted EBITDAre, excluding noncontrolling interest
in consolidated joint venture | |
$ | 165,883 | | |
$ | 166,494 | | |
| -0.4 | % | |
$ | 319,262 | | |
$ | 235,488 | | |
| 35.6 | % |
Adjusted EBITDAre, excluding noncontrolling interest
in consolidated joint venture margin | |
| 32.9 | % | |
| 35.4 | % | |
| -2.5 | pt | |
| 32.0 | % | |
| 30.6 | % | |
| 1.4 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Funds From Operations (FFO) available to common stockholders and unit holders | |
$ | 113,639 | | |
$ | 107,119 | | |
| 6.1 | % | |
$ | 222,165 | | |
$ | 138,341 | | |
| 60.6 | % |
FFO available to common stockholders and unit holders per diluted share/unit | |
$ | 1.92 | | |
$ | 1.91 | | |
| 0.5 | % | |
$ | 3.72 | | |
$ | 2.48 | | |
| 50.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted FFO available to common stockholders and unit holders | |
$ | 122,392 | | |
$ | 114,875 | | |
| 6.5 | % | |
$ | 235,985 | | |
$ | 149,689 | | |
| 57.7 | % |
Adjusted FFO available to common stockholders and unit holders per diluted share/unit | |
$ | 2.06 | | |
$ | 2.05 | | |
| 0.5 | % | |
$ | 3.95 | | |
$ | 2.69 | | |
| 46.8 | % |
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture,
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common shareholders
and unit holders, and Adjusted FFO available to common shareholders and unit holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation of the non-GAAP financial measure Adjusted FFO available to
common shareholders and unit holders to Net Income/(Loss), see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted
EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and
Adjusted FFO available to common shareholders and unit holders Definition” and “Supplemental Financial Results” below.
Hospitality Segment
($ in thousands, except ADR, RevPAR, and Total RevPAR) | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
% ∆ | | |
2023 | | |
2022 | | |
% ∆ | |
Hospitality Revenue | |
$ | 417,685 | | |
$ | 401,802 | | |
| 4.0 | % | |
$ | 842,124 | | |
$ | 662,913 | | |
| 27.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Hospitality operating income | |
$ | 107,733 | | |
$ | 100,573 | | |
| 7.1 | % | |
$ | 213,803 | | |
$ | 116,241 | | |
| 83.9 | % |
Hospitality operating income margin | |
| 25.8 | % | |
| 25.0 | % | |
| 0.8 | pt | |
| 25.4 | % | |
| 17.5 | % | |
| 7.9 | pt |
Hospitality Adjusted EBITDAre | |
$ | 152,667 | | |
$ | 154,983 | | |
| -1.5 | % | |
$ | 303,902 | | |
$ | 225,315 | | |
| 34.9 | % |
Hospitality Adjusted EBITDAre margin | |
| 36.6 | % | |
| 38.6 | % | |
| -2.0 | pt | |
| 36.1 | % | |
| 34.0 | % | |
| 2.1 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Hospitality Performance Metrics | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 72.7 | % | |
| 72.7 | % | |
| 0.0 | pt | |
| 72.5 | % | |
| 60.1 | % | |
| 12.4 | pt |
Average Daily Rate (ADR) | |
$ | 244.77 | | |
$ | 234.50 | | |
| 4.4 | % | |
$ | 241.38 | | |
$ | 232.41 | | |
| 3.9 | % |
RevPAR | |
$ | 177.83 | | |
$ | 170.46 | | |
| 4.3 | % | |
$ | 174.97 | | |
$ | 139.61 | | |
| 25.3 | % |
Total RevPAR | |
$ | 440.12 | | |
$ | 424.07 | | |
| 3.8 | % | |
$ | 446.49 | | |
$ | 351.76 | | |
| 26.9 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross Definite Rooms Nights Booked | |
| 651,507 | | |
| 601,180 | | |
| 8.4 | % | |
| 1,000,155 | | |
| 1,023,225 | | |
| -2.3 | % |
Net Definite Rooms Nights Booked | |
| 450,269 | | |
| 413,042 | | |
| 9.0 | % | |
| 700,587 | | |
| 578,710 | | |
| 21.1 | % |
Group Attrition (as % of contracted block) | |
| 16.3 | % | |
| 18.2 | % | |
| -1.9 | pt | |
| 15.9 | % | |
| 23.9 | % | |
| -8.0 | pt |
Cancellation Room Nights ITYFTY (1) | |
| 21,748 | | |
| 11,647 | | |
| 86.7 | % | |
| 53,968 | | |
| 182,066 | | |
| -70.4 | % |
(1) "ITYFTY" represents In The Year For The Year.
Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy”
below. Property-level results and operating metrics for 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 | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
% ∆ | | |
2023 | | |
2022 | | |
% ∆ | |
Revenue | |
$ | 110,475 | | |
$ | 105,497 | | |
| 4.7 | % | |
$ | 222,281 | | |
$ | 179,016 | | |
| 24.2 | % |
Operating income | |
$ | 32,011 | | |
$ | 31,871 | | |
| 0.4 | % | |
$ | 63,706 | | |
$ | 47,426 | | |
| 34.3 | % |
Operating income margin | |
| 29.0 | % | |
| 30.2 | % | |
| -1.2 | pt | |
| 28.7 | % | |
| 26.5 | % | |
| 2.2 | pt |
Adjusted EBITDAre | |
$ | 40,511 | | |
$ | 40,416 | | |
| 0.2 | % | |
$ | 80,748 | | |
$ | 64,547 | | |
| 25.1 | % |
Adjusted EBITDAre margin | |
| 36.7 | % | |
| 38.3 | % | |
| -1.6 | pt | |
| 36.3 | % | |
| 36.1 | % | |
| 0.2 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 71.2 | % | |
| 75.1 | % | |
| -3.9 | pt | |
| 71.9 | % | |
| 62.0 | % | |
| 9.9 | pt |
Average daily rate (ADR) | |
$ | 252.01 | | |
$ | 233.68 | | |
| 7.8 | % | |
$ | 246.07 | | |
$ | 236.06 | | |
| 4.2 | % |
RevPAR | |
$ | 179.38 | | |
$ | 175.51 | | |
| 2.2 | % | |
$ | 176.90 | | |
$ | 146.41 | | |
| 20.8 | % |
Total RevPAR | |
$ | 420.36 | | |
$ | 401.42 | | |
| 4.7 | % | |
$ | 425.23 | | |
$ | 342.46 | | |
| 24.2 | % |
Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total RevPAR)
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
% ∆ | | |
2023 | | |
2022 | | |
% ∆ | |
Revenue | |
$ | 73,829 | | |
$ | 68,289 | | |
| 8.1 | % | |
$ | 158,375 | | |
$ | 128,137 | | |
| 23.6 | % |
Operating income | |
$ | 18,322 | | |
$ | 18,218 | | |
| 0.6 | % | |
$ | 45,956 | | |
$ | 34,076 | | |
| 34.9 | % |
Operating income margin | |
| 24.8 | % | |
| 26.7 | % | |
| -1.9 | pt | |
| 29.0 | % | |
| 26.6 | % | |
| 2.4 | pt |
Adjusted EBITDAre | |
$ | 24,895 | | |
$ | 24,851 | | |
| 0.2 | % | |
$ | 59,170 | | |
$ | 47,327 | | |
| 25.0 | % |
Adjusted EBITDAre margin | |
| 33.7 | % | |
| 36.4 | % | |
| -2.7 | pt | |
| 37.4 | % | |
| 36.9 | % | |
| 0.5 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 75.8 | % | |
| 74.6 | % | |
| 1.2 | pt | |
| 77.6 | % | |
| 65.1 | % | |
| 12.5 | pt |
Average daily rate (ADR) | |
$ | 243.55 | | |
$ | 231.53 | | |
| 5.2 | % | |
$ | 250.74 | | |
$ | 241.99 | | |
| 3.6 | % |
RevPAR | |
$ | 184.58 | | |
$ | 172.78 | | |
| 6.8 | % | |
$ | 194.62 | | |
$ | 157.65 | | |
| 23.5 | % |
Total RevPAR | |
$ | 472.24 | | |
$ | 436.80 | | |
| 8.1 | % | |
$ | 509.31 | | |
$ | 412.07 | | |
| 23.6 | % |
Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR)
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
% ∆ | | |
2023 | | |
2022 | | |
% ∆ | |
Revenue | |
$ | 81,479 | | |
$ | 77,665 | | |
| 4.9 | % | |
$ | 167,877 | | |
$ | 134,301 | | |
| 25.0 | % |
Operating income | |
$ | 26,105 | | |
$ | 25,734 | | |
| 1.4 | % | |
$ | 54,193 | | |
$ | 38,650 | | |
| 40.2 | % |
Operating income margin | |
| 32.0 | % | |
| 33.1 | % | |
| -1.1 | pt | |
| 32.3 | % | |
| 28.8 | % | |
| 3.5 | pt |
Adjusted EBITDAre | |
$ | 31,823 | | |
$ | 31,476 | | |
| 1.1 | % | |
$ | 65,677 | | |
$ | 51,090 | | |
| 28.6 | % |
Adjusted EBITDAre margin | |
| 39.1 | % | |
| 40.5 | % | |
| -1.4 | pt | |
| 39.1 | % | |
| 38.0 | % | |
| 1.1 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 75.1 | % | |
| 74.3 | % | |
| 0.8 | pt | |
| 76.1 | % | |
| 66.1 | % | |
| 10.0 | pt |
Average daily rate (ADR) | |
$ | 234.86 | | |
$ | 231.22 | | |
| 1.6 | % | |
$ | 232.83 | | |
$ | 226.94 | | |
| 2.6 | % |
RevPAR | |
$ | 176.49 | | |
$ | 171.74 | | |
| 2.8 | % | |
$ | 177.19 | | |
$ | 150.02 | | |
| 18.1 | % |
Total RevPAR | |
$ | 493.59 | | |
$ | 470.48 | | |
| 4.9 | % | |
$ | 511.30 | | |
$ | 409.04 | | |
| 25.0 | % |
Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR)
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
% ∆ | | |
2023 | | |
2022 | | |
% ∆ | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Revenue | |
$ | 77,014 | | |
$ | 72,223 | | |
| 6.6 | % | |
$ | 149,786 | | |
$ | 104,810 | | |
| 42.9 | % |
Operating income | |
$ | 14,926 | | |
$ | 12,824 | | |
| 16.4 | % | |
$ | 22,981 | | |
$ | 1,549 | | |
| 1383.6 | % |
Operating income margin | |
| 19.4 | % | |
| 17.8 | % | |
| 1.6 | pt | |
| 15.3 | % | |
| 1.5 | % | |
| 13.8 | pt |
Adjusted EBITDAre | |
$ | 24,453 | | |
$ | 23,023 | | |
| 6.2 | % | |
$ | 42,073 | | |
$ | 21,227 | | |
| 98.2 | % |
Adjusted EBITDAre margin | |
| 31.8 | % | |
| 31.9 | % | |
| -0.1 | pt | |
| 28.1 | % | |
| 20.3 | % | |
| 7.8 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 67.8 | % | |
| 64.2 | % | |
| 3.6 | pt | |
| 67.6 | % | |
| 49.9 | % | |
| 17.7 | pt |
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 | % | |
| 7.5 | pt | |
| 19.5 | % | |
| -6.2 | % | |
| 25.7 | pt |
Adjusted EBITDAre | |
$ | 28,815 | | |
$ | 32,865 | | |
| -12.3 | % | |
$ | 53,728 | | |
$ | 38,729 | | |
| 38.7 | % |
Adjusted EBITDAre margin | |
| 42.9 | % | |
| 46.4 | % | |
| -3.5 | pt | |
| 41.0 | % | |
| 36.7 | % | |
| 4.3 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 77.8 | % | |
| 76.6 | % | |
| 1.2 | pt | |
| 73.9 | % | |
| 58.0 | % | |
| 15.9 | pt |
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 | % | |
| 1.9 | pt | |
| 22.7 | % | |
| 19.2 | % | |
| 3.5 | pt |
Adjusted EBITDAre | |
$ | 29,416 | | |
$ | 22,053 | | |
| 33.4 | % | |
$ | 43,762 | | |
$ | 26,863 | | |
| 62.9 | % |
Adjusted EBITDAre margin | |
| 33.8 | % | |
| 32.2 | % | |
| 1.6 | pt | |
| 28.3 | % | |
| 25.2 | % | |
| 3.1 | pt |
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
Full Year 2023(1) | | |
New
FY
2023 Guidance(1) | | |
Prior Guidance
Full Year 2023 | | |
Prior FY
2023 Guidance | | |
Change | |
| |
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 Update
On 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 Update
As
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 Statements
This 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 Information
This release should be read in conjunction with
the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports
are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval
System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total RevPAR
We 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 Figures
We 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 Measures
We present the following non-GAAP financial measures
we believe are useful to investors as key measures of our operating performance:
EBITDAre,
Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
We calculate
EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017
white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization,
gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of
depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property 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:
| • | 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 Definition
We calculate consolidated Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted
EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level
GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to
investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results
of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP
Revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO available
to common stockholders and unit holders Definition
We calculate FFO, which
definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation
and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real
estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities
when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from
consolidated joint 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 |
| • | 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 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
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 | |
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