NASHVILLE, Tenn., Nov. 06, 2023 (GLOBE NEWSWIRE)
-- 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 September 30,
2023.
Third Quarter 2023 Highlights and Recent
Developments:
- The Company generated record
third quarter consolidated revenue of $528.5 million, solid
consolidated net income of $40.8 million and record third quarter
consolidated Adjusted EBITDAre of $170.9 million.
- Same-store Hospitality segment
achieved record third quarter revenue of $396.2 million, driven by
record third quarter ADR.1
- During the quarter, the Company
booked over 695,000 gross advanced group room nights for the
same-store Hospitality portfolio for all future years, at a record
ADR of $268, an increase of 6.3% over the ADR achieved in Q3 2022
for all future year bookings.
- Opry Entertainment Group (OEG),
our Entertainment segment, delivered another strong quarter,
setting third quarter records for revenue, operating income, and
Adjusted EBITDAre, led by the strength of our Nashville
assets.
- The Company is updating its
full year 2023 guidance to reflect strong year-to-date financial
results and sustained confidence in the remainder of
2023.
________________
1 Same-store Hospitality segment excludes JW Marriott
San Antonio Hill Country Resort & Spa (“JW Marriott Hill
Country”), which was acquired June 30, 2023.
Mark Fioravanti, President and Chief Executive
Officer of Ryman Hospitality Properties, said, “We are pleased to
deliver another strong quarter marked by numerous quarterly and
all-time records. Our financial performance is a testament to the
underlying strength of our businesses and the successful execution
of our growth strategy. In our Hospitality segment, we continued to
add meaningfully to our healthy forward book of business, as we had
one of our strongest quarters ever in terms of rooms revenue
production and ADR growth for all future periods. Additionally,
this quarter marked the first quarter of our ownership of the JW
Marriott Hill Country in San Antonio, Texas. We are pleased with
its performance this quarter and remain excited about the growth
opportunities for this asset. The demand for our Entertainment
business remains strong, as this segment delivered record third
quarter revenue, operating income and Adjusted EBITDAre.
We are updating our full year 2023 guidance as a result of our
strong third quarter financial performance.”
Third Quarter 2023 Results (as compared
to Third Quarter 2022):
($ in
thousands, except per share amounts) |
Three Months
Ended |
|
|
Nine Months
Ended |
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
Total Revenue |
$ |
528,511 |
|
|
$ |
467,755 |
|
|
13.0% |
|
|
|
$ |
1,525,073 |
|
|
$ |
1,237,094 |
|
|
23.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
$ |
101,923 |
|
|
$ |
97,005 |
|
|
5.1% |
|
|
|
$ |
329,813 |
|
|
$ |
210,847 |
|
|
56.4% |
|
Operating
income margin |
|
19.3% |
|
|
|
20.7% |
|
|
-1.4pt |
|
|
|
|
21.6% |
|
|
|
17.0% |
|
|
4.6pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(1) |
$ |
40,785 |
|
|
$ |
47,451 |
|
|
-14.0% |
|
|
|
$ |
171,922 |
|
|
$ |
73,578 |
|
|
133.7% |
|
Net income
margin (1) |
|
7.7% |
|
|
|
10.1% |
|
|
-2.4pt |
|
|
|
|
11.3% |
|
|
|
5.9% |
|
|
5.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
available to common stockholders (1) |
$ |
41,227 |
|
|
$ |
45,241 |
|
|
-8.9% |
|
|
|
$ |
169,090 |
|
|
$ |
70,904 |
|
|
138.5% |
|
Net income
available to common stockholders margin (1) |
|
7.8% |
|
|
|
9.7% |
|
|
-1.9pt |
|
|
|
|
11.1% |
|
|
|
5.7% |
|
|
5.4pt |
|
Net income
available to common stockholders per diluted share
(1) |
$ |
0.64 |
|
|
$ |
0.79 |
|
|
-19.0% |
|
|
|
$ |
2.78 |
|
|
$ |
1.28 |
|
|
117.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDAre |
$ |
170,874 |
|
|
$ |
151,125 |
|
|
13.1% |
|
|
|
$ |
503,251 |
|
|
$ |
387,744 |
|
|
29.8% |
|
Adjusted
EBITDAre margin |
|
32.3% |
|
|
|
32.3% |
|
|
0.0pt |
|
|
|
|
33.0% |
|
|
|
31.3% |
|
|
1.7pt |
|
Adjusted
EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$ |
163,188 |
|
|
$ |
144,780 |
|
|
12.7% |
|
|
|
$ |
482,450 |
|
|
$ |
380,268 |
|
|
26.9% |
|
Adjusted
EBITDAre, excluding noncontrolling interest in
consolidated joint venture margin |
|
30.9% |
|
|
|
31.0% |
|
|
-0.1pt |
|
|
|
|
31.6% |
|
|
|
30.7% |
|
|
0.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From
Operations (FFO) available to common stockholders and unit
holders |
$ |
97,931 |
|
|
$ |
91,951 |
|
|
6.5% |
|
|
|
$ |
320,096 |
|
|
$ |
230,292 |
|
|
39.0% |
|
FFO
available to common stockholders and unit holders per diluted
share/unit |
$ |
1.52 |
|
|
$ |
1.57 |
|
|
-3.2% |
|
|
|
$ |
5.21 |
|
|
$ |
4.13 |
|
|
26.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
available to common stockholders and unit holders |
$ |
111,279 |
|
|
$ |
100,773 |
|
|
10.4% |
|
|
|
$ |
347,264 |
|
|
$ |
250,462 |
|
|
38.6% |
|
Adjusted FFO
available to common stockholders and unit holders per diluted
share/unit |
$ |
1.73 |
|
|
$ |
1.72 |
|
|
0.6% |
|
|
|
$ |
5.65 |
|
|
$ |
4.49 |
|
|
25.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) In September 2023,
we determined to pivot from television network ownership in favor
of a distribution approach. Therefore, we and our joint venture
partner agreed to wind down the Circle joint venture, with
operations expected to cease December 31, 2023. As a result,
we incurred a loss related to Circle of approximately $10.6 million
in the three and nine months ended September 30, 2023. |
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted
EBITDAre, excluding noncontrolling interest in
consolidated joint venture, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture margin, FFO
available to common shareholders and unit holders, and Adjusted FFO
available to common shareholders and unit holders, as well as a
reconciliation of the non-GAAP financial measure Adjusted
EBITDAre to Net Income and a reconciliation of the
non-GAAP financial measure Adjusted FFO available to common
shareholders and unit holders to Net Income, see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre
and Adjusted EBITDAre, Excluding Noncontrolling Interest
in Consolidated Joint Venture Definition,” “Adjusted
EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO,
and Adjusted FFO available to common shareholders and unit holders
Definition” and “Supplemental Financial Results” below.
Hospitality Segment
($ in thousands,
except ADR, RevPAR, and Total RevPAR)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Revenue |
$ |
446,198 |
|
|
$ |
390,602 |
|
|
14.2% |
|
|
|
$ |
1,288,322 |
|
|
$ |
1,053,515 |
|
|
22.3% |
|
Same-Store
Hospitality Revenue (1) |
$ |
396,172 |
|
|
$ |
390,602 |
|
|
1.4% |
|
|
|
$ |
1,237,575 |
|
|
$ |
1,053,515 |
|
|
17.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
operating income |
$ |
91,723 |
|
|
$ |
88,901 |
|
|
3.2% |
|
|
|
$ |
305,526 |
|
|
$ |
205,142 |
|
|
48.9% |
|
Hospitality
operating income margin |
|
20.6% |
|
|
|
22.8% |
|
|
-2.2pt |
|
|
|
|
23.7% |
|
|
|
19.5% |
|
|
4.2pt |
|
Hospitality
Adjusted EBITDAre |
$ |
152,544 |
|
|
$ |
136,710 |
|
|
11.6% |
|
|
|
$ |
456,446 |
|
|
$ |
362,025 |
|
|
26.1% |
|
Hospitality
Adjusted EBITDAre margin |
|
34.2% |
|
|
|
35.0% |
|
|
-0.8pt |
|
|
|
|
35.4% |
|
|
|
34.4% |
|
|
1.0pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store
Hospitality operating income (1) |
$ |
83,847 |
|
|
$ |
88,901 |
|
|
-5.7 |
% |
|
|
$ |
297,422 |
|
|
$ |
205,142 |
|
|
45.0% |
|
Same-Store
Hospitality operating income margin (1) |
|
21.2% |
|
|
|
22.8% |
|
|
-1.6pt |
|
|
|
|
24.0% |
|
|
|
19.5% |
|
|
4.5pt |
|
Same-Store
Hospitality Adjusted EBITDAre (1) |
$ |
135,167 |
|
|
$ |
136,710 |
|
|
-1.1 |
% |
|
|
$ |
438,841 |
|
|
$ |
362,025 |
|
|
21.2% |
|
Same-Store
Hospitality Adjusted EBITDAre margin (1) |
|
34.1% |
|
|
|
35.0% |
|
|
-0.9pt |
|
|
|
|
35.5% |
|
|
|
34.4% |
|
|
1.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality
Performance Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.8% |
|
|
|
71.5% |
|
|
0.3pt |
|
|
|
|
72.3% |
|
|
|
63.9% |
|
|
8.4pt |
|
Average Daily Rate (ADR) |
$ |
239.00 |
|
|
$ |
226.20 |
|
|
5.7% |
|
|
|
$ |
240.53 |
|
|
$ |
230.07 |
|
|
4.5% |
|
RevPAR |
$ |
171.71 |
|
|
$ |
161.75 |
|
|
6.2% |
|
|
|
$ |
173.80 |
|
|
$ |
147.07 |
|
|
18.2% |
|
Total RevPAR |
$ |
424.91 |
|
|
$ |
407.77 |
|
|
4.2% |
|
|
|
$ |
439.00 |
|
|
$ |
370.63 |
|
|
18.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store
Hospitality Performance Metrics (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.8% |
|
|
|
71.5% |
|
|
0.3pt |
|
|
|
|
72.3% |
|
|
|
63.9% |
|
|
8.4pt |
|
Average Daily Rate (ADR) |
$ |
230.50 |
|
|
$ |
226.20 |
|
|
1.9% |
|
|
|
$ |
237.74 |
|
|
$ |
230.07 |
|
|
3.3% |
|
RevPAR |
$ |
165.58 |
|
|
$ |
161.75 |
|
|
2.4% |
|
|
|
$ |
171.80 |
|
|
$ |
147.07 |
|
|
16.8% |
|
Total RevPAR |
$ |
413.58 |
|
|
$ |
407.77 |
|
|
1.4% |
|
|
|
$ |
435.39 |
|
|
$ |
370.63 |
|
|
17.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
|
695,423 |
|
|
|
614,346 |
|
|
13.2% |
|
|
|
|
1,695,578 |
|
|
|
1,637,571 |
|
|
3.5% |
|
Net Definite Rooms Nights Booked |
|
546,724 |
|
|
|
416,128 |
|
|
31.4% |
|
|
|
|
1,247,311 |
|
|
|
994,838 |
|
|
25.4% |
|
Group Attrition (as % of contracted block) |
|
14.7% |
|
|
|
19.2% |
|
|
-4.5pt |
|
|
|
|
15.5% |
|
|
|
22.2% |
|
|
-6.7pt |
|
Cancellations ITYFTY (2) |
|
11,219 |
|
|
|
21,063 |
|
|
-46.7 |
% |
|
|
|
65,187 |
|
|
|
203,129 |
|
|
-67.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store
Hospitality segment excludes JW Marriott Hill Country, which was
acquired June 30,
2023. |
(2) "ITYFTY"
represents In The Year For The
Year. |
Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and
Occupancy” below. Property-level results and operating metrics for
third quarter 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, and property-level Adjusted EBITDAre to
property-level Operating Income for each of the hotel
properties.
Third Quarter 2023 Hospitality Segment
Highlights
- Same-store Hospitality
portfolio achieved third quarter record revenue of $396.2 million,
driven by third quarter record ADR of nearly $231, an increase of
1.9% from Q3 2022.
- Same-store Hospitality
portfolio achieved occupancy levels of 71.8%, up 30 basis points
from Q3 2022, supported by over 513,000 group room nights traveled,
a 3.1% increase over group room nights traveled in Q3
2022.
- Same-store RevPAR and Total
RevPAR for the quarter increased by 2.4% and 1.4%, respectively,
compared to Q3 2022.
- Room revenues production for
all future years remained strong, marking an all-time third quarter
record for the same-store portfolio.
- Actualized cancellations in the
year for the year declined from Q3 2022 and continue to normalize
in the post pandemic environment.
- Same-store incentive management
fee expense increased to $7.1 million in the quarter, up from $3.4
million in Q3 2022.
Gaylord Opryland
($ in thousands,
except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
111,939 |
|
|
$ |
106,819 |
|
|
4.8% |
|
|
|
$ |
334,220 |
|
|
$ |
285,835 |
|
|
16.9% |
|
|
Operating
income |
|
$ |
29,549 |
|
|
$ |
29,488 |
|
|
0.2% |
|
|
|
$ |
93,255 |
|
|
$ |
76,914 |
|
|
21.2% |
|
|
Operating income margin |
|
26.4% |
|
|
|
27.6% |
|
|
-1.2pt |
|
|
|
|
27.9% |
|
|
|
26.9% |
|
|
1.0pt |
|
|
Adjusted
EBITDAre |
|
$ |
38,022 |
|
|
$ |
38,149 |
|
|
-0.3% |
|
|
|
$ |
118,770 |
|
|
$ |
102,696 |
|
|
15.7% |
|
|
Adjusted EBITDAre margin |
|
34.0% |
|
|
|
35.7% |
|
|
-1.7pt |
|
|
|
|
35.5% |
|
|
|
35.9% |
|
|
-0.4pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
72.7% |
|
|
|
73.0% |
|
|
-0.3pt |
|
|
|
|
72.2% |
|
|
|
65.7% |
|
|
6.5pt |
|
|
Average daily rate (ADR) |
$ |
242.37 |
|
|
$ |
236.83 |
|
|
2.3% |
|
|
|
$ |
244.82 |
|
|
$ |
236.35 |
|
|
3.6% |
|
|
RevPAR |
|
$ |
176.18 |
|
|
$ |
172.98 |
|
|
1.8% |
|
|
|
$ |
176.66 |
|
|
$ |
155.36 |
|
|
13.7% |
|
|
Total RevPAR |
|
$ |
421.30 |
|
|
$ |
402.04 |
|
|
4.8% |
|
|
|
$ |
423.91 |
|
|
$ |
362.54 |
|
|
16.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms
($ in thousands,
except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
63,885 |
|
|
$ |
60,516 |
|
|
5.6% |
|
|
|
$ |
222,260 |
|
|
$ |
188,653 |
|
|
17.8% |
|
|
Operating
income |
|
$ |
9,249 |
|
|
$ |
9,611 |
|
|
-3.8% |
|
|
|
$ |
55,205 |
|
|
$ |
43,687 |
|
|
26.4% |
|
|
Operating income margin |
|
14.5% |
|
|
|
15.9% |
|
|
-1.4pt |
|
|
|
|
24.8% |
|
|
|
23.2% |
|
|
1.6pt |
|
|
Adjusted
EBITDAre |
|
$ |
15,930 |
|
|
$ |
16,204 |
|
|
-1.7% |
|
|
|
$ |
75,100 |
|
|
$ |
63,531 |
|
|
18.2% |
|
|
Adjusted EBITDAre margin |
|
24.9% |
|
|
|
26.8% |
|
|
-1.9pt |
|
|
|
|
33.8% |
|
|
|
33.7% |
|
|
0.1pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
67.4% |
|
|
|
65.2% |
|
|
2.2pt |
|
|
|
|
74.2% |
|
|
|
65.2% |
|
|
9.0pt |
|
|
Average daily rate (ADR) |
$ |
214.22 |
|
|
$ |
213.17 |
|
|
0.5% |
|
|
|
$ |
239.56 |
|
|
$ |
232.26 |
|
|
3.1% |
|
|
RevPAR |
|
$ |
144.33 |
|
|
$ |
139.08 |
|
|
3.8% |
|
|
|
$ |
177.67 |
|
|
$ |
151.39 |
|
|
17.4% |
|
|
Total RevPAR |
|
$ |
404.19 |
|
|
$ |
382.88 |
|
|
5.6% |
|
|
|
$ |
473.89 |
|
|
$ |
402.23 |
|
|
17.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
73,991 |
|
|
$ |
70,734 |
|
|
4.6% |
|
|
|
$ |
241,868 |
|
|
$ |
205,035 |
|
|
18.0% |
|
Operating
income |
|
$ |
19,555 |
|
|
$ |
18,873 |
|
|
3.6% |
|
|
|
$ |
73,748 |
|
|
$ |
57,523 |
|
|
28.2% |
|
Operating income margin |
|
26.4% |
|
|
|
26.7% |
|
|
-0.3pt |
|
|
|
|
30.5% |
|
|
|
28.1% |
|
|
2.4pt |
|
Adjusted
EBITDAre |
|
$ |
25,225 |
|
|
$ |
24,577 |
|
|
2.6% |
|
|
|
$ |
90,902 |
|
|
$ |
75,667 |
|
|
20.1% |
|
Adjusted EBITDAre margin |
|
34.1% |
|
|
|
34.7% |
|
|
-0.6pt |
|
|
|
|
37.6% |
|
|
|
36.9% |
|
|
0.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
73.0% |
|
|
|
70.6% |
|
|
2.4pt |
|
|
|
|
75.0% |
|
|
|
67.6% |
|
|
7.4pt |
|
Average daily rate (ADR) |
$ |
233.92 |
|
|
$ |
227.40 |
|
|
2.9% |
|
|
|
$ |
233.19 |
|
|
$ |
227.10 |
|
|
2.7% |
|
RevPAR |
|
$ |
170.68 |
|
|
$ |
160.63 |
|
|
6.3% |
|
|
|
$ |
175.00 |
|
|
$ |
153.60 |
|
|
13.9% |
|
Total RevPAR |
|
$ |
443.36 |
|
|
$ |
423.84 |
|
|
4.6% |
|
|
|
$ |
488.40 |
|
|
$ |
414.03 |
|
|
18.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
72,124 |
|
|
$ |
68,925 |
|
|
4.6% |
|
|
|
$ |
221,910 |
|
|
$ |
173,735 |
|
|
27.7% |
|
Operating
income |
|
$ |
9,855 |
|
|
$ |
9,044 |
|
|
9.0% |
|
|
|
$ |
32,836 |
|
|
$ |
10,593 |
|
|
210.0% |
|
Operating income margin |
|
13.7% |
|
|
|
13.1% |
|
|
0.6pt |
|
|
|
|
14.8% |
|
|
|
6.1% |
|
|
8.7pt |
|
Adjusted
EBITDAre |
|
$ |
25,605 |
|
|
$ |
21,550 |
|
|
18.8% |
|
|
|
$ |
67,678 |
|
|
$ |
42,777 |
|
|
58.2% |
|
Adjusted EBITDAre margin |
|
35.5% |
|
|
|
31.3% |
|
|
4.2pt |
|
|
|
|
30.5% |
|
|
|
24.6% |
|
|
5.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
71.5% |
|
|
|
65.4% |
|
|
6.1pt |
|
|
|
|
68.9% |
|
|
|
55.1% |
|
|
13.8pt |
|
Average daily rate (ADR) |
$ |
216.85 |
|
|
$ |
220.25 |
|
|
-1.5 |
% |
|
|
$ |
235.67 |
|
|
$ |
232.23 |
|
|
1.5% |
|
RevPAR |
|
$ |
155.12 |
|
|
$ |
144.11 |
|
|
7.6% |
|
|
|
$ |
162.38 |
|
|
$ |
127.99 |
|
|
26.9% |
|
Total RevPAR |
|
$ |
392.76 |
|
|
$ |
375.35 |
|
|
4.6% |
|
|
|
$ |
407.24 |
|
|
$ |
318.83 |
|
|
27.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies
($ in thousands,
except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
68,203 |
|
|
$ |
77,346 |
|
|
-11.8% |
|
|
|
$ |
199,377 |
|
|
$ |
182,888 |
|
|
9.0% |
|
|
Operating
income |
|
$ |
14,970 |
|
|
$ |
20,967 |
|
|
-28.6% |
|
|
|
$ |
40,529 |
|
|
$ |
14,398 |
|
|
181.5% |
|
|
Operating income margin |
|
21.9% |
|
|
|
27.1% |
|
|
-5.2pt |
|
|
|
|
20.3% |
|
|
|
7.9% |
|
|
12.4pt |
|
|
Adjusted
EBITDAre |
|
$ |
29,171 |
|
|
$ |
34,670 |
|
|
-15.9% |
|
|
|
$ |
82,899 |
|
|
$ |
73,399 |
|
|
12.9% |
|
|
Adjusted EBITDAre margin |
|
42.8% |
|
|
|
44.8% |
|
|
-2.0pt |
|
|
|
|
41.6% |
|
|
|
40.1% |
|
|
1.5pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
79.9% |
|
|
|
86.9% |
|
|
-7.0pt |
|
|
|
|
75.9% |
|
|
|
67.7% |
|
|
8.2pt |
|
|
Average daily rate (ADR) |
$ |
245.52 |
|
|
$ |
237.69 |
|
|
3.3% |
|
|
|
$ |
242.57 |
|
|
$ |
232.32 |
|
|
4.4% |
|
|
RevPAR |
|
$ |
196.19 |
|
|
$ |
206.65 |
|
|
-5.1% |
|
|
|
$ |
184.12 |
|
|
$ |
157.35 |
|
|
17.0% |
|
|
Total RevPAR |
|
$ |
493.90 |
|
|
$ |
560.11 |
|
|
-11.8% |
|
|
|
$ |
486.56 |
|
|
$ |
446.32 |
|
|
9.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill
Country1
($ in thousands,
except ADR, RevPAR, and Total
RevPAR) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
50,026 |
|
|
|
|
$ |
50,747 |
|
|
Operating
income |
$ |
7,876 |
|
|
|
|
$ |
8,104 |
|
|
Operating income margin |
|
15.7% |
|
|
|
|
|
16.0% |
|
|
Adjusted
EBITDAre |
$ |
17,377 |
|
|
|
|
$ |
17,605 |
|
|
Adjusted EBITDAre margin |
|
34.7% |
|
|
|
|
|
34.7% |
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.0% |
|
|
|
|
|
72.0% |
|
|
Average daily rate (ADR) |
$ |
327.17 |
|
|
|
|
$ |
327.17 |
|
|
RevPAR |
$ |
235.43 |
|
|
|
|
$ |
235.43 |
|
|
Total RevPAR |
$ |
542.67 |
|
|
|
|
$ |
550.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country was acquired by the
Company on June 30, 2023, therefore there are no comparison
figures. Third quarter 2023 represents the first full period of
operations for the hotel under the Company’s ownership.
Entertainment
Segment
For the three and nine months ended September
30, 2023, and 2022, the Company reported the following:
($ in
thousands) |
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
%
∆ |
|
|
2023 |
|
|
2022 |
|
%
∆ |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
82,313 |
|
$ |
77,153 |
|
6.7% |
|
|
$ |
236,751 |
|
$ |
183,579 |
|
29.0% |
|
|
Operating
income |
$ |
20,523 |
|
$ |
17,756 |
|
15.6% |
|
|
$ |
55,515 |
|
$ |
38,212 |
|
45.3% |
|
|
Operating
income margin |
|
24.9% |
|
|
23.0% |
|
1.9pt |
|
|
|
23.4% |
|
|
20.8% |
|
2.6pt |
|
|
Adjusted
EBITDAre |
$ |
25,618 |
|
$ |
21,174 |
|
21.0% |
|
|
$ |
69,380 |
|
$ |
48,037 |
|
44.4% |
|
|
Adjusted
EBITDAre margin |
|
31.1% |
|
|
27.4% |
|
3.7pt |
|
|
|
29.3% |
|
|
26.2% |
|
3.1pt |
|
|
|
|
|
|
|
|
|
|
|
Fioravanti continued, “Our Entertainment segment
delivered another solid quarter, as we continue to see strong
demand for live entertainment. We are particularly excited for the
next addition to OEG’s Ole Red brand in early 2024 with the opening
of Ole Red Las Vegas. In addition, we recently announced
value-enhancing investments for our Block 21 asset in Austin,
Texas, and to reposition the Wildhorse Saloon in Nashville, which
will create additional growth opportunities going forward.”
Corporate and Other
Segment
For the three and nine months ended September
30, 2023, and 2022, the Company reported the following:
($ in
thousands) |
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
% ∆ |
|
|
2023 |
|
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
Operating
loss |
($10,323) |
|
($9,652) |
|
-7.0% |
|
|
($31,228) |
|
($32,507) |
|
3.9% |
|
|
Adjusted
EBITDAre |
($7,288) |
|
($6,759) |
|
-7.8% |
|
|
($22,575) |
|
($22,318) |
|
-1.2% |
|
|
|
|
Fioravanti concluded, “The continued strength of
our businesses and the robust bookings from our group customers
across all future periods gives us confidence to continue to invest
across our hospitality and entertainment businesses to drive growth
and value creation for our stakeholders.”
2023 Guidance
The Company is updating its 2023 business
performance outlook based on current information as of November 6,
2023. The Company does not expect to update the guidance provided
below before next quarter’s earnings release. However, the Company
may update its full business outlook or any portion thereof at any
time for any reason.
($ 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) |
11.5% |
|
|
13.0% |
|
|
12.3% |
|
|
11.0% |
|
|
13.5% |
|
|
12.3% |
|
|
0.0% |
|
Consolidated Hospitality Total
RevPAR growth (same-store)(2) |
11.5% |
|
|
12.5% |
|
|
12.0% |
|
|
8.5% |
|
|
10.5% |
|
|
9.5% |
|
|
2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$ |
413.0 |
|
|
$ |
427.5 |
|
|
$ |
420.3 |
|
|
$ |
405.5 |
|
|
$ |
427.5 |
|
|
$ |
416.5 |
|
|
$ |
3.8 |
|
Entertainment |
77.5 |
|
|
79.0 |
|
|
78.3 |
|
|
76.0 |
|
|
80.5 |
|
|
78.3 |
|
|
- |
|
Corporate and Other |
(44.0 |
) |
|
(43.5 |
) |
|
(43.8 |
) |
|
(44.0 |
) |
|
(43.0 |
) |
|
(43.5 |
) |
|
(0.3 |
) |
Consolidated Operating Income |
446.5 |
|
|
463.0 |
|
|
454.8 |
|
|
437.5 |
|
|
465.0 |
|
|
451.3 |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$ |
607.0 |
|
|
$ |
629.0 |
|
|
$ |
618.0 |
|
|
$ |
597.0 |
|
|
$ |
629.0 |
|
|
$ |
613.0 |
|
|
$ |
5.0 |
|
Entertainment |
97.0 |
|
|
101.0 |
|
|
99.0 |
|
|
94.0 |
|
|
104.0 |
|
|
99.0 |
|
|
- |
|
Corporate and Other |
(32.0 |
) |
|
(30.0 |
) |
|
(31.0 |
) |
|
(32.0 |
) |
|
(29.0 |
) |
|
(30.5 |
) |
|
(0.5 |
) |
Consolidated Adjusted EBITDAre |
672.0 |
|
|
700.0 |
|
|
686.0 |
|
|
659.0 |
|
|
704.0 |
|
|
681.5 |
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
231.0 |
|
|
$ |
240.3 |
|
|
$ |
235.6 |
|
|
$ |
223.5 |
|
|
$ |
243.5 |
|
|
$ |
233.5 |
|
|
$ |
2.1 |
|
Net Income available to common
shareholders |
$ |
224.8 |
|
|
$ |
236.0 |
|
|
$ |
230.4 |
|
|
$ |
222.5 |
|
|
$ |
232.5 |
|
|
$ |
227.5 |
|
|
$ |
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from Operations (FFO)
available to common shareholders |
$ |
420.5 |
|
|
$ |
440.3 |
|
|
$ |
430.4 |
|
|
$ |
415.8 |
|
|
$ |
438.0 |
|
|
$ |
426.9 |
|
|
$ |
3.5 |
|
Adjusted FFO available to
common shareholders |
$ |
448.5 |
|
|
$ |
474.5 |
|
|
$ |
461.5 |
|
|
$ |
437.0 |
|
|
$ |
466.0 |
|
|
$ |
451.5 |
|
|
$ |
10.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income available to common
shareholders per diluted share |
$ |
3.70 |
|
|
$ |
3.87 |
|
|
$ |
3.79 |
|
|
$ |
3.69 |
|
|
$ |
3.82 |
|
|
$ |
3.76 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Diluted Shares
Outstanding (in millions) |
62.2 |
|
|
62.2 |
|
|
62.2 |
|
|
62.4 |
|
|
62.4 |
|
|
62.4 |
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes JW
Marriott Hill Country, except as otherwise
noted |
|
|
|
|
(2) Same-store
excludes JW Marriott Hill
Country |
|
|
|
|
Note: For reconciliations of Consolidated
Adjusted EBITDAre guidance to Net Income, segment-level
Adjusted EBITDAre to segment-level Operating Income, and
FFO and Adjusted FFO available to common shareholders to Net Income
available to common shareholders per diluted share, see
“Reconciliation of Forward-Looking Statements” below.
Dividend Update
On October 16, 2023, the Company paid the previously announced
quarterly cash dividend of $1.00 per common share, which was paid
to stockholders of record as of September 29, 2023.
The Company’s dividend policy provides that it
will distribute 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 September 30, 2023, the Company had total debt outstanding of
$3,374.8 million, net of unamortized deferred financing costs, and
unrestricted cash of $543.1 million. As of September 30, 2023,
there were no amounts drawn under the revolving credit lines of the
Company’s credit facility or the OEG credit facility, and the
lending banks had issued $14.6 million in letters of credit under
the Company’s revolving credit facility, which left $750.4 million
of aggregate borrowing availability for borrowing under the
Company’s revolving credit facility and OEG’s revolving credit
facility.
Earnings Call Information
Ryman Hospitality Properties will hold a
conference call to discuss this release tomorrow, November 7, 2023,
at 10:00 a.m. ET. Investors can listen to the conference call over
the Internet at www.rymanhp.com. To listen to the live call, please
go to the Investor Relations section of the website (Investor
Relations/Presentations, Earnings and Webcasts) at least 15 minutes
prior to the call to register and download any necessary audio
software. For those who cannot listen to the live broadcast, a
replay will be available shortly after the call and will be
available for at least 30 days.
About Ryman Hospitality Properties,
Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging
and hospitality real estate investment trust that specializes in
upscale convention center resorts and 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 seven 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,
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 the 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 available to common stockholders’ margin by
dividing GAAP consolidated Net Income 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 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:
- 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 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;
- 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, operating
performance, cash flow or liquidity. These non-GAAP financial
measures may include funds that may not be available for our
discretionary use due to functional requirements to conserve funds
for capital expenditures and property acquisitions and other
commitments and uncertainties. Although we believe that these
non-GAAP financial measures can enhance an investor’s understanding
of our results of operations, these non-GAAP financial measures,
when viewed individually, are not necessarily better indicators of
any trend as compared to GAAP measures such as Net Income (Loss),
Operating Income (Loss), or cash flow from operations.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Executive Officer |
Shannon Sullivan, Vice President Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Jennifer Hutcheson, Chief Financial Officer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6320 |
(929) 266-6315 |
jhutcheson@rymanhp.com |
robert.winters@alpha-ir.com |
~or~ |
|
Sarah Martin, Vice President Investor Relations |
|
Ryman Hospitality Properties, Inc. |
|
(615) 316-6011 |
|
sarah.martin@rymanhp.com |
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
Unaudited |
(In thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
Sep. 30, |
|
Sep. 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues : |
|
|
|
|
|
|
|
|
Rooms |
$ |
180,309 |
|
|
$ |
154,940 |
|
|
$ |
510,052 |
|
|
$ |
418,039 |
|
|
Food and
beverage |
|
202,850 |
|
|
|
186,188 |
|
|
|
616,562 |
|
|
|
486,387 |
|
|
Other hotel
revenue |
|
63,039 |
|
|
|
49,474 |
|
|
|
161,708 |
|
|
|
149,089 |
|
|
Entertainment |
|
82,313 |
|
|
|
77,153 |
|
|
|
236,751 |
|
|
|
183,579 |
|
|
Total revenues |
|
528,511 |
|
|
|
467,755 |
|
|
|
1,525,073 |
|
|
|
1,237,094 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
45,879 |
|
|
|
41,366 |
|
|
|
128,210 |
|
|
|
112,740 |
|
|
Food and
beverage |
|
117,435 |
|
|
|
103,221 |
|
|
|
339,642 |
|
|
|
272,039 |
|
|
Other hotel
expenses |
|
122,748 |
|
|
|
103,321 |
|
|
|
330,397 |
|
|
|
289,248 |
|
|
Management
fees |
|
15,947 |
|
|
|
11,276 |
|
|
|
46,560 |
|
|
|
27,542 |
|
|
Total hotel operating expenses |
|
302,009 |
|
|
|
259,184 |
|
|
|
844,809 |
|
|
|
701,569 |
|
|
Entertainment |
|
56,222 |
|
|
|
54,148 |
|
|
|
164,744 |
|
|
|
131,549 |
|
|
Corporate |
|
10,103 |
|
|
|
9,449 |
|
|
|
30,582 |
|
|
|
31,423 |
|
|
Preopening
costs |
|
168 |
|
|
|
- |
|
|
|
425 |
|
|
|
525 |
|
|
Loss on sale
of assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
469 |
|
|
Depreciation
and amortization |
|
58,086 |
|
|
|
47,969 |
|
|
|
154,700 |
|
|
|
160,712 |
|
|
Total operating expenses |
|
426,588 |
|
|
|
370,750 |
|
|
|
1,195,260 |
|
|
|
1,026,247 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
101,923 |
|
|
|
97,005 |
|
|
|
329,813 |
|
|
|
210,847 |
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(58,521 |
) |
|
|
(40,092 |
) |
|
|
(150,228 |
) |
|
|
(105,987 |
) |
Interest income |
|
6,112 |
|
|
|
1,378 |
|
|
|
13,977 |
|
|
|
4,138 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(2,252 |
) |
|
|
(1,547 |
) |
Loss from unconsolidated joint ventures (1) |
|
(12,566 |
) |
|
|
(2,720 |
) |
|
|
(17,525 |
) |
|
|
(8,348 |
) |
Other gains and (losses), net |
|
5,993 |
|
|
|
2,058 |
|
|
|
5,470 |
|
|
|
2,222 |
|
Income before income taxes |
|
42,941 |
|
|
|
57,629 |
|
|
|
179,255 |
|
|
|
101,325 |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(2,156 |
) |
|
|
(10,178 |
) |
|
|
(7,333 |
) |
|
|
(27,747 |
) |
Net income |
|
40,785 |
|
|
|
47,451 |
|
|
|
171,922 |
|
|
|
73,578 |
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interest in
consolidated joint venture |
|
715 |
|
|
|
(1,887 |
) |
|
|
(1,656 |
) |
|
|
(2,167 |
) |
Net income attributable to noncontrolling interest in Operating
Partnership |
|
(273 |
) |
|
|
(323 |
) |
|
|
(1,176 |
) |
|
|
(507 |
) |
Net income available to common stockholders |
$ |
41,227 |
|
|
$ |
45,241 |
|
|
$ |
169,090 |
|
|
$ |
70,904 |
|
|
|
|
|
|
|
|
|
|
Basic income per share available to common stockholders |
$ |
0.69 |
|
|
$ |
0.82 |
|
|
$ |
2.96 |
|
|
$ |
1.29 |
|
Diluted income per share available to common stockholders (2) |
$ |
0.64 |
|
|
$ |
0.79 |
|
|
$ |
2.78 |
|
|
$ |
1.28 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
|
|
|
|
Basic |
|
59,707 |
|
|
|
55,159 |
|
|
|
57,089 |
|
|
|
55,132 |
|
|
Diluted
(2) |
|
63,620 |
|
|
|
59,315 |
|
|
|
61,391 |
|
|
|
55,329 |
|
|
|
|
|
|
|
|
|
|
(1) In September 2023,
we determined to pivot from television network ownership in favor
of a distribution approach. Therefore, we and our joint venture
partner agreed to wind down the Circle joint venture, with
operations expected to cease December 31, 2023. As a result, we
incurred a loss related to Circle of approximately $10.6
million in the three and nine months ended September 30, 2023. |
(2) Diluted weighted
average common shares for the three months and nine months ended
September 30, 2023 include 3.7 million and 4.1 million,
respectively, and the three months ended September 30, 2022
includes 4.0 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) |
|
|
|
|
|
|
|
|
|
Sep.
30, |
|
Dec.
31, |
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,928,921 |
|
$ |
3,171,708 |
|
Cash and cash equivalents - unrestricted |
|
543,076 |
|
|
334,194 |
|
Cash and cash equivalents - restricted |
|
112,904 |
|
|
110,136 |
|
Notes receivable |
|
60,512 |
|
|
67,628 |
|
Trade receivables, net |
|
118,345 |
|
|
116,836 |
|
Prepaid expenses and other assets |
|
173,642 |
|
|
134,170 |
|
Intangible assets |
|
126,433 |
|
|
105,951 |
|
|
Total assets |
$ |
5,063,833 |
|
$ |
4,040,623 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
3,374,787 |
|
$ |
2,862,592 |
|
Accounts payable and accrued liabilities |
|
438,265 |
|
|
385,159 |
|
Dividends payable |
|
61,381 |
|
|
14,121 |
|
Deferred management rights proceeds |
|
165,632 |
|
|
167,495 |
|
Operating lease liabilities |
|
129,037 |
|
|
125,759 |
|
Deferred income tax liabilities, net |
|
17,810 |
|
|
12,915 |
|
Other liabilities |
|
66,474 |
|
|
64,824 |
|
Noncontrolling interest in consolidated joint venture |
|
336,388 |
|
|
311,857 |
|
Total equity |
|
474,059 |
|
|
95,901 |
|
|
Total
liabilities and equity |
$ |
5,063,833 |
|
$ |
4,040,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
ADJUSTED
EBITDAre RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Sep. 30, |
|
Nine Months
Ended Sep. 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
528,511 |
|
|
|
$ |
467,755 |
|
|
|
$ |
1,525,073 |
|
|
|
$ |
1,237,094 |
|
|
Net income |
$ |
40,785 |
|
7.7 |
% |
|
$ |
47,451 |
|
10.1 |
% |
|
$ |
171,922 |
|
11.3 |
% |
|
$ |
73,578 |
|
5.9 |
% |
Interest expense, net |
|
52,409 |
|
|
|
|
38,714 |
|
|
|
|
136,251 |
|
|
|
|
101,849 |
|
|
Provision for income taxes |
|
2,156 |
|
|
|
|
10,178 |
|
|
|
|
7,333 |
|
|
|
|
27,747 |
|
|
Depreciation & amortization |
|
58,086 |
|
|
|
|
47,969 |
|
|
|
|
154,700 |
|
|
|
|
160,712 |
|
|
Loss on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
327 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
5 |
|
|
|
|
23 |
|
|
|
|
22 |
|
|
|
|
68 |
|
|
EBITDAre |
|
153,441 |
|
29.0 |
% |
|
|
144,335 |
|
30.9 |
% |
|
|
470,228 |
|
30.8 |
% |
|
|
364,281 |
|
29.4 |
% |
Preopening costs |
|
168 |
|
|
|
|
- |
|
|
|
|
425 |
|
|
|
|
525 |
|
|
Non-cash lease expense |
|
1,495 |
|
|
|
|
1,059 |
|
|
|
|
4,495 |
|
|
|
|
3,340 |
|
|
Equity-based compensation expense |
|
3,940 |
|
|
|
|
3,694 |
|
|
|
|
11,480 |
|
|
|
|
11,134 |
|
|
Pension settlement charge |
|
- |
|
|
|
|
723 |
|
|
|
|
- |
|
|
|
|
1,576 |
|
|
Interest income on Gaylord National bonds |
|
1,201 |
|
|
|
|
1,314 |
|
|
|
|
3,742 |
|
|
|
|
3,993 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
2,252 |
|
|
|
|
1,547 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,348 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures
(1) |
|
10,629 |
|
|
|
|
- |
|
|
|
|
10,629 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
170,874 |
|
32.3 |
% |
|
$ |
151,125 |
|
32.3 |
% |
|
$ |
503,251 |
|
33.0 |
% |
|
$ |
387,744 |
|
31.3 |
% |
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
$ |
(7,686 |
) |
|
|
$ |
(6,345 |
) |
|
|
$ |
(20,801 |
) |
|
|
$ |
(7,476 |
) |
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$ |
163,188 |
|
30.9 |
% |
|
$ |
144,780 |
|
31.0 |
% |
|
$ |
482,450 |
|
31.6 |
% |
|
$ |
380,268 |
|
30.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
446,198 |
|
|
|
$ |
390,602 |
|
|
|
$ |
1,288,322 |
|
|
|
$ |
1,053,515 |
|
|
Operating income |
$ |
91,723 |
|
20.6 |
% |
|
$ |
88,901 |
|
22.8 |
% |
|
$ |
305,526 |
|
23.7 |
% |
|
$ |
205,142 |
|
19.5 |
% |
Depreciation & amortization |
|
52,466 |
|
|
|
|
42,517 |
|
|
|
|
137,987 |
|
|
|
|
146,804 |
|
|
Non-cash lease expense |
|
1,020 |
|
|
|
|
1,054 |
|
|
|
|
3,057 |
|
|
|
|
3,162 |
|
|
Interest income on Gaylord National bonds |
|
1,201 |
|
|
|
|
1,314 |
|
|
|
|
3,742 |
|
|
|
|
3,993 |
|
|
Other gains and (losses), net |
|
6,134 |
|
|
|
|
2,924 |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
Adjusted EBITDAre |
$ |
152,544 |
|
34.2 |
% |
|
$ |
136,710 |
|
35.0 |
% |
|
$ |
456,446 |
|
35.4 |
% |
|
$ |
362,025 |
|
34.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store
Hospitality segment (2) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
396,172 |
|
|
|
$ |
390,602 |
|
|
|
$ |
1,237,575 |
|
|
|
$ |
1,053,515 |
|
|
Operating income |
$ |
83,847 |
|
21.2 |
% |
|
$ |
88,901 |
|
22.8 |
% |
|
$ |
297,422 |
|
24.0 |
% |
|
$ |
205,142 |
|
19.5 |
% |
Depreciation & amortization |
|
42,965 |
|
|
|
|
42,517 |
|
|
|
|
128,486 |
|
|
|
|
146,804 |
|
|
Non-cash lease expense |
|
1,020 |
|
|
|
|
1,054 |
|
|
|
|
3,057 |
|
|
|
|
3,162 |
|
|
Interest income on Gaylord National bonds |
|
1,201 |
|
|
|
|
1,314 |
|
|
|
|
3,742 |
|
|
|
|
3,993 |
|
|
Other gains and (losses), net |
|
6,134 |
|
|
|
|
2,924 |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
Adjusted EBITDAre |
$ |
135,167 |
|
34.1 |
% |
|
$ |
136,710 |
|
35.0 |
% |
|
$ |
438,841 |
|
35.5 |
% |
|
$ |
362,025 |
|
34.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
82,313 |
|
|
|
$ |
77,153 |
|
|
|
$ |
236,751 |
|
|
|
$ |
183,579 |
|
|
Operating income |
$ |
20,523 |
|
24.9 |
% |
|
$ |
17,756 |
|
23.0 |
% |
|
$ |
55,515 |
|
23.4 |
% |
|
$ |
38,212 |
|
20.8 |
% |
Depreciation & amortization |
|
5,400 |
|
|
|
|
5,249 |
|
|
|
|
16,067 |
|
|
|
|
13,293 |
|
|
Preopening costs |
|
168 |
|
|
|
|
- |
|
|
|
|
425 |
|
|
|
|
525 |
|
|
Non-cash lease expense |
|
475 |
|
|
|
|
5 |
|
|
|
|
1,438 |
|
|
|
|
178 |
|
|
Equity-based compensation |
|
984 |
|
|
|
|
860 |
|
|
|
|
2,810 |
|
|
|
|
2,761 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,348 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(1,932 |
) |
|
|
|
(2,696 |
) |
|
|
|
(6,875 |
) |
|
|
|
(8,280 |
) |
|
Adjusted EBITDAre |
$ |
25,618 |
|
31.1 |
% |
|
$ |
21,174 |
|
27.4 |
% |
|
$ |
69,380 |
|
29.3 |
% |
|
$ |
48,037 |
|
26.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and Other segment |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(10,323 |
) |
|
|
$ |
(9,652 |
) |
|
|
$ |
(31,228 |
) |
|
|
$ |
(32,507 |
) |
|
Depreciation & amortization |
|
220 |
|
|
|
|
203 |
|
|
|
|
646 |
|
|
|
|
615 |
|
|
Other gains and (losses), net |
|
(141 |
) |
|
|
|
(867 |
) |
|
|
|
(663 |
) |
|
|
|
(375 |
) |
|
Equity-based compensation |
|
2,956 |
|
|
|
|
2,834 |
|
|
|
|
8,670 |
|
|
|
|
8,373 |
|
|
Pension settlement charge |
|
- |
|
|
|
|
723 |
|
|
|
|
- |
|
|
|
|
1,576 |
|
|
Adjusted EBITDAre |
$ |
(7,288 |
) |
|
|
$ |
(6,759 |
) |
|
|
$ |
(22,575 |
) |
|
|
$ |
(22,318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) In September 2023,
we determined to pivot from television network ownership in favor
of a distribution approach. Therefore, we and our joint venture
partner agreed to wind down the Circle joint venture, with
operations expected to cease December 31, 2023. As a
result, we incurred a loss related to Circle of approximately $10.6
million in the three and nine months ended September 30, 2023. |
(2) Same-Store
Hospitality segment excludes JW Marriott Hill Country, which was
acquired June 30,
2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
FUNDS FROM
OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION |
Unaudited |
(in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Sep. 30, |
|
Nine Months
Ended Sep. 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Consolidated |
|
|
|
|
|
|
|
Net income |
$ |
40,785 |
|
|
$ |
47,451 |
|
|
$ |
171,922 |
|
|
$ |
73,578 |
|
Noncontrolling interest in consolidated joint venture |
|
715 |
|
|
|
(1,887 |
) |
|
|
(1,656 |
) |
|
|
(2,167 |
) |
Net income available to common stockholders and unit
holders |
|
41,500 |
|
|
|
45,564 |
|
|
|
170,266 |
|
|
|
71,411 |
|
Depreciation & amortization |
|
58,028 |
|
|
|
47,938 |
|
|
|
154,581 |
|
|
|
160,620 |
|
Adjustments for noncontrolling interest |
|
(1,620 |
) |
|
|
(1,575 |
) |
|
|
(4,820 |
) |
|
|
(1,808 |
) |
Pro rata adjustments from joint ventures |
|
23 |
|
|
|
24 |
|
|
|
69 |
|
|
|
69 |
|
FFO available to common stockholders and unit
holders |
|
97,931 |
|
|
|
91,951 |
|
|
|
320,096 |
|
|
|
230,292 |
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
58 |
|
|
|
31 |
|
|
|
119 |
|
|
|
92 |
|
Non-cash lease expense |
|
1,495 |
|
|
|
1,059 |
|
|
|
4,495 |
|
|
|
3,340 |
|
Pension settlement charge |
|
- |
|
|
|
723 |
|
|
|
- |
|
|
|
1,576 |
|
Pro rata adjustments from joint ventures (1) |
|
10,629 |
|
|
|
- |
|
|
|
10,629 |
|
|
|
- |
|
Loss on other assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
469 |
|
Amortization of deferred financing costs |
|
2,682 |
|
|
|
2,640 |
|
|
|
7,989 |
|
|
|
7,178 |
|
Amortization of debt discounts and premiums |
|
637 |
|
|
|
501 |
|
|
|
1,688 |
|
|
|
489 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
2,252 |
|
|
|
1,547 |
|
Adjustments for noncontrolling interest |
|
(3,616 |
) |
|
|
(382 |
) |
|
|
(4,898 |
) |
|
|
(414 |
) |
Transaction costs of acquisitions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,348 |
|
Deferred tax provision |
|
1,463 |
|
|
|
4,250 |
|
|
|
4,894 |
|
|
|
4,545 |
|
Adjusted FFO available to common stockholders and unit
holders |
$ |
111,279 |
|
|
$ |
100,773 |
|
|
$ |
347,264 |
|
|
$ |
250,462 |
|
Capital expenditures (2) |
|
(52,867 |
) |
|
|
(22,879 |
) |
|
|
(100,088 |
) |
|
|
(55,114 |
) |
Adjusted FFO available to common stockholders and unit
holders (ex. maintenance capex) |
$ |
58,412 |
|
|
$ |
77,894 |
|
|
$ |
247,176 |
|
|
$ |
195,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
0.69 |
|
|
$ |
0.82 |
|
|
$ |
2.96 |
|
|
$ |
1.29 |
|
Diluted net income per share |
$ |
0.64 |
|
|
$ |
0.79 |
|
|
$ |
2.78 |
|
|
$ |
1.28 |
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
1.63 |
|
|
$ |
1.66 |
|
|
$ |
5.57 |
|
|
$ |
4.15 |
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
1.85 |
|
|
$ |
1.81 |
|
|
$ |
6.04 |
|
|
$ |
4.51 |
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (3) |
$ |
1.52 |
|
|
$ |
1.57 |
|
|
$ |
5.21 |
|
|
$ |
4.13 |
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (3) |
$ |
1.73 |
|
|
$ |
1.72 |
|
|
$ |
5.65 |
|
|
$ |
4.49 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares and OP units for the period: |
|
|
|
|
|
|
|
Basic |
|
60,102 |
|
|
|
55,554 |
|
|
|
57,484 |
|
|
|
55,527 |
|
Diluted (3) |
|
64,015 |
|
|
|
59,710 |
|
|
|
61,787 |
|
|
|
55,724 |
|
|
|
|
|
|
|
|
|
(1) In September 2023, we determined to pivot from television
network ownership in favor of a distribution approach. Therefore,
we and our joint venture partner agreed to wind down the Circle
joint venture, with operations expected to cease December 31,
2023. As a result, we incurred a loss related to Circle of
approximately $10.6 million in the three and nine months ended
September 30, 2023. |
(2) Represents FF&E reserve contribution for managed properties
and maintenance capital expenditures for non-managed
properties. |
(3) Diluted weighted average common shares and OP units for the
three months and nine months ended September 30, 2023 include 3.7
million and 4.1 million, respectively, and the three months ended
September 30, 2022 includes 4.0 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 Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
446,198 |
|
|
|
$ |
390,602 |
|
|
|
$ |
1,288,322 |
|
|
|
$ |
1,053,515 |
|
|
Operating income |
$ |
91,723 |
|
20.6 |
% |
|
$ |
88,901 |
|
22.8 |
% |
|
$ |
305,526 |
|
23.7 |
% |
|
$ |
205,142 |
|
19.5 |
% |
Depreciation & amortization |
|
52,466 |
|
|
|
|
42,517 |
|
|
|
|
137,987 |
|
|
|
|
146,804 |
|
|
Non-cash lease expense |
|
1,020 |
|
|
|
|
1,054 |
|
|
|
|
3,057 |
|
|
|
|
3,162 |
|
|
Interest income on Gaylord National bonds |
|
1,201 |
|
|
|
|
1,314 |
|
|
|
|
3,742 |
|
|
|
|
3,993 |
|
|
Other gains and (losses), net |
|
6,134 |
|
|
|
|
2,924 |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
Adjusted EBITDAre |
$ |
152,544 |
|
34.2 |
% |
|
$ |
136,710 |
|
35.0 |
% |
|
$ |
456,446 |
|
35.4 |
% |
|
$ |
362,025 |
|
34.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.8 |
% |
|
|
|
71.5 |
% |
|
|
|
72.3 |
% |
|
|
|
63.9 |
% |
|
Average daily rate (ADR) |
$ |
239.00 |
|
|
|
$ |
226.20 |
|
|
|
$ |
240.53 |
|
|
|
$ |
230.07 |
|
|
RevPAR |
$ |
171.71 |
|
|
|
$ |
161.75 |
|
|
|
$ |
173.80 |
|
|
|
$ |
147.07 |
|
|
OtherPAR |
$ |
253.20 |
|
|
|
$ |
246.02 |
|
|
|
$ |
265.20 |
|
|
|
$ |
223.56 |
|
|
Total RevPAR |
$ |
424.91 |
|
|
|
$ |
407.77 |
|
|
|
$ |
439.00 |
|
|
|
$ |
370.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment (1) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
396,172 |
|
|
|
$ |
390,602 |
|
|
|
$ |
1,237,575 |
|
|
|
$ |
1,053,515 |
|
|
Operating income |
$ |
83,847 |
|
21.2 |
% |
|
$ |
88,901 |
|
22.8 |
% |
|
$ |
297,422 |
|
24.0 |
% |
|
$ |
205,142 |
|
19.5 |
% |
Depreciation & amortization |
|
42,965 |
|
|
|
|
42,517 |
|
|
|
|
128,486 |
|
|
|
|
146,804 |
|
|
Non-cash lease expense |
|
1,020 |
|
|
|
|
1,054 |
|
|
|
|
3,057 |
|
|
|
|
3,162 |
|
|
Interest income on Gaylord National bonds |
|
1,201 |
|
|
|
|
1,314 |
|
|
|
|
3,742 |
|
|
|
|
3,993 |
|
|
Other gains and (losses), net |
|
6,134 |
|
|
|
|
2,924 |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
Adjusted EBITDAre |
$ |
135,167 |
|
34.1 |
% |
|
$ |
136,710 |
|
35.0 |
% |
|
$ |
438,841 |
|
35.5 |
% |
|
$ |
362,025 |
|
34.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.8 |
% |
|
|
|
71.5 |
% |
|
|
|
72.3 |
% |
|
|
|
63.9 |
% |
|
Average daily rate (ADR) |
$ |
230.50 |
|
|
|
$ |
226.20 |
|
|
|
$ |
237.74 |
|
|
|
$ |
230.07 |
|
|
RevPAR |
$ |
165.58 |
|
|
|
$ |
161.75 |
|
|
|
$ |
171.80 |
|
|
|
$ |
147.07 |
|
|
OtherPAR |
$ |
248.00 |
|
|
|
$ |
246.02 |
|
|
|
$ |
263.59 |
|
|
|
$ |
223.56 |
|
|
Total RevPAR |
$ |
413.58 |
|
|
|
$ |
407.77 |
|
|
|
$ |
435.39 |
|
|
|
$ |
370.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
111,939 |
|
|
|
$ |
106,819 |
|
|
|
$ |
334,220 |
|
|
|
$ |
285,835 |
|
|
Operating income |
$ |
29,549 |
|
26.4 |
% |
|
$ |
29,488 |
|
27.6 |
% |
|
$ |
93,255 |
|
27.9 |
% |
|
$ |
76,914 |
|
26.9 |
% |
Depreciation & amortization |
|
8,484 |
|
|
|
|
8,674 |
|
|
|
|
25,550 |
|
|
|
|
25,820 |
|
|
Non-cash lease revenue |
|
(11 |
) |
|
|
|
(13 |
) |
|
|
|
(35 |
) |
|
|
|
(38 |
) |
|
Adjusted EBITDAre |
$ |
38,022 |
|
34.0 |
% |
|
$ |
38,149 |
|
35.7 |
% |
|
$ |
118,770 |
|
35.5 |
% |
|
$ |
102,696 |
|
35.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.7 |
% |
|
|
|
73.0 |
% |
|
|
|
72.2 |
% |
|
|
|
65.7 |
% |
|
Average daily rate (ADR) |
$ |
242.37 |
|
|
|
$ |
236.83 |
|
|
|
$ |
244.82 |
|
|
|
$ |
236.35 |
|
|
RevPAR |
$ |
176.18 |
|
|
|
$ |
172.98 |
|
|
|
$ |
176.66 |
|
|
|
$ |
155.36 |
|
|
OtherPAR |
$ |
245.12 |
|
|
|
$ |
229.06 |
|
|
|
$ |
247.25 |
|
|
|
$ |
207.18 |
|
|
Total RevPAR |
$ |
421.30 |
|
|
|
$ |
402.04 |
|
|
|
$ |
423.91 |
|
|
|
$ |
362.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
63,885 |
|
|
|
$ |
60,516 |
|
|
|
$ |
222,260 |
|
|
|
$ |
188,653 |
|
|
Operating income |
$ |
9,249 |
|
14.5 |
% |
|
$ |
9,611 |
|
15.9 |
% |
|
$ |
55,205 |
|
24.8 |
% |
|
$ |
43,687 |
|
23.2 |
% |
Depreciation & amortization |
|
5,650 |
|
|
|
|
5,526 |
|
|
|
|
16,803 |
|
|
|
|
16,644 |
|
|
Non-cash lease expense |
|
1,031 |
|
|
|
|
1,067 |
|
|
|
|
3,092 |
|
|
|
|
3,200 |
|
|
Adjusted EBITDAre |
$ |
15,930 |
|
24.9 |
% |
|
$ |
16,204 |
|
26.8 |
% |
|
$ |
75,100 |
|
33.8 |
% |
|
$ |
63,531 |
|
33.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
67.4 |
% |
|
|
|
65.2 |
% |
|
|
|
74.2 |
% |
|
|
|
65.2 |
% |
|
Average daily rate (ADR) |
$ |
214.22 |
|
|
|
$ |
213.17 |
|
|
|
$ |
239.56 |
|
|
|
$ |
232.26 |
|
|
RevPAR |
$ |
144.33 |
|
|
|
$ |
139.08 |
|
|
|
$ |
177.67 |
|
|
|
$ |
151.39 |
|
|
OtherPAR |
$ |
259.86 |
|
|
|
$ |
243.80 |
|
|
|
$ |
296.22 |
|
|
|
$ |
250.84 |
|
|
Total RevPAR |
$ |
404.19 |
|
|
|
$ |
382.88 |
|
|
|
$ |
473.89 |
|
|
|
$ |
402.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
73,991 |
|
|
|
$ |
70,734 |
|
|
|
$ |
241,868 |
|
|
|
$ |
205,035 |
|
|
Operating income |
$ |
19,555 |
|
26.4 |
% |
|
$ |
18,873 |
|
26.7 |
% |
|
$ |
73,748 |
|
30.5 |
% |
|
$ |
57,523 |
|
28.1 |
% |
Depreciation & amortization |
|
5,670 |
|
|
|
|
5,704 |
|
|
|
|
17,154 |
|
|
|
|
18,144 |
|
|
Adjusted EBITDAre |
$ |
25,225 |
|
34.1 |
% |
|
$ |
24,577 |
|
34.7 |
% |
|
$ |
90,902 |
|
37.6 |
% |
|
$ |
75,667 |
|
36.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
73.0 |
% |
|
|
|
70.6 |
% |
|
|
|
75.0 |
% |
|
|
|
67.6 |
% |
|
Average daily rate (ADR) |
$ |
233.92 |
|
|
|
$ |
227.40 |
|
|
|
$ |
233.19 |
|
|
|
$ |
227.10 |
|
|
RevPAR |
$ |
170.68 |
|
|
|
$ |
160.63 |
|
|
|
$ |
175.00 |
|
|
|
$ |
153.60 |
|
|
OtherPAR |
$ |
272.68 |
|
|
|
$ |
263.21 |
|
|
|
$ |
313.40 |
|
|
|
$ |
260.43 |
|
|
Total RevPAR |
$ |
443.36 |
|
|
|
$ |
423.84 |
|
|
|
$ |
488.40 |
|
|
|
$ |
414.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
HOSPITALITY
SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING
METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
Nine Months Ended Sep. 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
72,124 |
|
|
|
$ |
68,925 |
|
|
|
$ |
221,910 |
|
|
|
$ |
173,735 |
|
|
Operating income |
$ |
9,855 |
|
13.7 |
% |
|
$ |
9,044 |
|
13.1 |
% |
|
$ |
32,836 |
|
14.8 |
% |
|
$ |
10,593 |
|
6.1 |
% |
Depreciation & amortization |
|
8,415 |
|
|
|
|
8,268 |
|
|
|
|
24,966 |
|
|
|
|
25,267 |
|
|
Interest income on Gaylord National bonds |
|
1,201 |
|
|
|
|
1,314 |
|
|
|
|
3,742 |
|
|
|
|
3,993 |
|
|
Other gains and (losses), net |
|
6,134 |
|
|
|
|
2,924 |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
Adjusted EBITDAre |
$ |
25,605 |
|
35.5 |
% |
|
$ |
21,550 |
|
31.3 |
% |
|
$ |
67,678 |
|
30.5 |
% |
|
$ |
42,777 |
|
24.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.5 |
% |
|
|
|
65.4 |
% |
|
|
|
68.9 |
% |
|
|
|
55.1 |
% |
|
Average daily rate (ADR) |
$ |
216.85 |
|
|
|
$ |
220.25 |
|
|
|
$ |
235.67 |
|
|
|
$ |
232.23 |
|
|
RevPAR |
$ |
155.12 |
|
|
|
$ |
144.11 |
|
|
|
$ |
162.38 |
|
|
|
$ |
127.99 |
|
|
OtherPAR |
$ |
237.64 |
|
|
|
$ |
231.24 |
|
|
|
$ |
244.86 |
|
|
|
$ |
190.84 |
|
|
Total RevPAR |
$ |
392.76 |
|
|
|
$ |
375.35 |
|
|
|
$ |
407.24 |
|
|
|
$ |
318.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
68,203 |
|
|
|
$ |
77,346 |
|
|
|
$ |
199,377 |
|
|
|
$ |
182,888 |
|
|
Operating income |
$ |
14,970 |
|
21.9 |
% |
|
$ |
20,967 |
|
27.1 |
% |
|
$ |
40,529 |
|
20.3 |
% |
|
$ |
14,398 |
|
7.9 |
% |
Depreciation & amortization |
|
14,201 |
|
|
|
|
13,703 |
|
|
|
|
42,370 |
|
|
|
|
59,001 |
|
|
Adjusted EBITDAre |
$ |
29,171 |
|
42.8 |
% |
|
$ |
34,670 |
|
44.8 |
% |
|
$ |
82,899 |
|
41.6 |
% |
|
$ |
73,399 |
|
40.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
79.9 |
% |
|
|
|
86.9 |
% |
|
|
|
75.9 |
% |
|
|
|
67.7 |
% |
|
Average daily rate (ADR) |
$ |
245.52 |
|
|
|
$ |
237.69 |
|
|
|
$ |
242.57 |
|
|
|
$ |
232.32 |
|
|
RevPAR |
$ |
196.19 |
|
|
|
$ |
206.65 |
|
|
|
$ |
184.12 |
|
|
|
$ |
157.35 |
|
|
OtherPAR |
$ |
297.71 |
|
|
|
$ |
353.46 |
|
|
|
$ |
302.44 |
|
|
|
$ |
288.97 |
|
|
Total RevPAR |
$ |
493.90 |
|
|
|
$ |
560.11 |
|
|
|
$ |
486.56 |
|
|
|
$ |
446.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country (2) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
50,026 |
|
|
|
$ |
- |
|
|
|
$ |
50,747 |
|
|
|
$ |
- |
|
|
Operating income |
$ |
7,876 |
|
15.7 |
% |
|
$ |
- |
|
|
|
$ |
8,104 |
|
16.0 |
% |
|
$ |
- |
|
|
Depreciation & amortization |
|
9,501 |
|
|
|
|
- |
|
|
|
|
9,501 |
|
|
|
|
- |
|
|
Adjusted EBITDAre |
$ |
17,377 |
|
34.7 |
% |
|
$ |
- |
|
|
|
$ |
17,605 |
|
34.7 |
% |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.0 |
% |
|
|
n/a |
|
|
|
72.0 |
% |
|
|
n/a |
|
Average daily rate (ADR) |
$ |
327.17 |
|
|
|
n/a |
|
|
$ |
327.17 |
|
|
|
n/a |
|
RevPAR |
$ |
235.43 |
|
|
|
n/a |
|
|
$ |
235.43 |
|
|
|
n/a |
|
OtherPAR |
$ |
307.24 |
|
|
|
n/a |
|
|
$ |
315.07 |
|
|
|
n/a |
|
Total RevPAR |
$ |
542.67 |
|
|
|
n/a |
|
|
$ |
550.50 |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at National Harbor |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,244 |
|
|
|
$ |
2,932 |
|
|
|
$ |
8,856 |
|
|
|
$ |
7,800 |
|
|
Operating income |
$ |
668 |
|
20.6 |
% |
|
$ |
469 |
|
16.0 |
% |
|
$ |
1,413 |
|
16.0 |
% |
|
$ |
601 |
|
7.7 |
% |
Depreciation & amortization |
|
223 |
|
|
|
|
327 |
|
|
|
|
675 |
|
|
|
|
982 |
|
|
Adjusted EBITDAre |
$ |
891 |
|
27.5 |
% |
|
$ |
796 |
|
27.1 |
% |
|
$ |
2,088 |
|
23.6 |
% |
|
$ |
1,583 |
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
71.0 |
% |
|
|
|
71.7 |
% |
|
|
|
63.1 |
% |
|
|
|
63.1 |
% |
|
Average daily rate (ADR) |
$ |
232.86 |
|
|
|
$ |
206.01 |
|
|
|
$ |
244.00 |
|
|
|
$ |
209.26 |
|
|
RevPAR |
$ |
165.39 |
|
|
|
$ |
147.75 |
|
|
|
$ |
154.08 |
|
|
|
$ |
132.11 |
|
|
OtherPAR |
$ |
18.27 |
|
|
|
$ |
18.25 |
|
|
|
$ |
14.88 |
|
|
|
$ |
16.69 |
|
|
Total RevPAR |
$ |
183.66 |
|
|
|
$ |
166.00 |
|
|
|
$ |
168.96 |
|
|
|
$ |
148.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland (3) |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,786 |
|
|
|
$ |
3,330 |
|
|
|
$ |
9,084 |
|
|
|
$ |
9,569 |
|
|
Operating income |
$ |
1 |
|
0.0 |
% |
|
$ |
449 |
|
13.5 |
% |
|
$ |
436 |
|
4.8 |
% |
|
$ |
1,426 |
|
14.9 |
% |
Depreciation & amortization |
|
322 |
|
|
|
|
315 |
|
|
|
|
968 |
|
|
|
|
946 |
|
|
Adjusted EBITDAre |
$ |
323 |
|
11.6 |
% |
|
$ |
764 |
|
22.9 |
% |
|
$ |
1,404 |
|
15.5 |
% |
|
$ |
2,372 |
|
24.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
44.7 |
% |
|
|
|
61.1 |
% |
|
|
|
55.8 |
% |
|
|
|
57.0 |
% |
|
Average daily rate (ADR) |
$ |
160.49 |
|
|
|
$ |
151.61 |
|
|
|
$ |
153.10 |
|
|
|
$ |
155.49 |
|
|
RevPAR |
$ |
71.71 |
|
|
|
$ |
92.61 |
|
|
|
$ |
85.45 |
|
|
|
$ |
88.63 |
|
|
OtherPAR |
$ |
28.23 |
|
|
|
$ |
26.75 |
|
|
|
$ |
24.35 |
|
|
|
$ |
27.04 |
|
|
Total RevPAR |
$ |
99.94 |
|
|
|
$ |
119.36 |
|
|
|
$ |
109.80 |
|
|
|
$ |
115.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store
Hospitality segment excludes JW Marriott Hill Country, which was
acquired June 30,
2023. |
(2) The JW Marriott
Hill Country was acquired by the Company on June 30, 2023,
therefore there are no comparison figures. Third quarter 2023
represents the first full period of operations for the hotel under
the Company’s ownership. |
(3) 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 |
|
Nine Months
Ended |
|
|
Sep. 30, |
|
Sep. 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
Net income
available to common stockholders |
$ |
41,227 |
|
|
$ |
45,241 |
|
$ |
169,090 |
|
$ |
70,904 |
|
Net income
(loss) attributable to noncontrolling interest in consolidated
joint venture |
|
(715 |
) |
|
|
1,887 |
|
|
1,656 |
|
|
- |
|
Net income
available to common stockholders - if-converted method |
$ |
40,512 |
|
|
$ |
47,128 |
|
$ |
170,746 |
|
$ |
70,904 |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic |
|
59,707 |
|
|
|
55,159 |
|
|
57,089 |
|
|
55,132 |
|
Effect of
dilutive stock-based compensation |
|
225 |
|
|
|
178 |
|
|
238 |
|
|
197 |
|
Effect of
dilutive put rights (1) |
|
3,688 |
|
|
|
3,978 |
|
|
4,064 |
|
|
- |
|
Weighted
average shares outstanding - diluted |
|
63,620 |
|
|
|
59,315 |
|
|
61,391 |
|
|
55,329 |
|
|
|
|
|
|
|
|
|
Basic income per share available to common stockholders |
$ |
0.69 |
|
|
$ |
0.82 |
|
$ |
2.96 |
|
$ |
1.29 |
Diluted income per share available to common stockholders |
$ |
0.64 |
|
|
$ |
0.79 |
|
$ |
2.78 |
|
$ |
1.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO and Adjusted FFO per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator - FFO: |
|
|
|
|
|
|
|
|
FFO
available to common stockholders and unit holders |
$ |
97,931 |
|
|
$ |
91,951 |
|
$ |
320,096 |
|
$ |
230,292 |
|
Net income
(loss) attributable to noncontrolling interest in consolidated
joint venture |
|
(715 |
) |
|
|
1,887 |
|
|
1,656 |
|
|
- |
|
FFO
available to common stockholders and unit holders- if-converted
method |
$ |
97,216 |
|
|
$ |
93,838 |
|
$ |
321,752 |
|
$ |
230,292 |
|
|
|
|
|
|
|
|
|
Numerator - Adjusted FFO: |
|
|
|
|
|
|
|
|
Adjusted FFO
available to common stockholders and unit holders |
$ |
111,279 |
|
|
$ |
100,773 |
|
$ |
347,264 |
|
$ |
250,462 |
|
Net income
attributable to noncontrolling interest in consolidated joint
venture |
|
(715 |
) |
|
|
1,887 |
|
|
1,656 |
|
|
- |
|
Adjusted FFO
available to common stockholders and unit holders - if-converted
method |
$ |
110,564 |
|
|
$ |
102,660 |
|
$ |
348,920 |
|
$ |
250,462 |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted
average shares and OP units outstanding - basic |
|
60,102 |
|
|
|
55,554 |
|
|
57,484 |
|
|
55,527 |
|
Effect of
dilutive stock-based compensation |
|
225 |
|
|
|
178 |
|
|
238 |
|
|
197 |
|
Effect of
dilutive put rights (1) |
|
3,688 |
|
|
|
3,978 |
|
|
4,064 |
|
|
- |
|
Weighted
average shares outstanding - diluted |
|
64,015 |
|
|
|
59,710 |
|
|
61,786 |
|
|
55,724 |
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
1.63 |
|
|
$ |
1.66 |
|
$ |
5.57 |
|
$ |
4.15 |
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
1.85 |
|
|
$ |
1.81 |
|
$ |
6.04 |
|
$ |
4.51 |
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (1) |
$ |
1.52 |
|
|
$ |
1.57 |
|
$ |
5.21 |
|
$ |
4.13 |
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (1) |
$ |
1.73 |
|
|
$ |
1.72 |
|
$ |
5.65 |
|
$ |
4.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
$ |
231,000 |
|
|
$ |
240,250 |
|
|
$ |
235,625 |
|
|
Provision
for income taxes |
|
|
9,000 |
|
|
|
10,000 |
|
|
|
9,500 |
|
|
Interest
Expense, net |
|
|
190,000 |
|
|
|
196,000 |
|
|
|
193,000 |
|
|
Depreciation
and amortization |
|
|
203,750 |
|
|
|
210,250 |
|
|
|
207,000 |
|
|
EBITDAre |
|
$ |
633,750 |
|
|
$ |
656,500 |
|
|
$ |
645,125 |
|
|
Non-cash
lease expense |
|
|
4,750 |
|
|
|
6,000 |
|
|
|
5,375 |
|
|
Preopening
expense |
|
|
1,250 |
|
|
|
1,500 |
|
|
|
1,375 |
|
|
Equity-based
compensation |
|
|
15,000 |
|
|
|
15,750 |
|
|
|
15,375 |
|
|
Pension
settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Interest
income on Bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
Other gains
and (losses), net |
|
|
1,250 |
|
- |
|
2,250 |
|
|
|
1,750 |
|
|
Pro rata
EBITDA from unconsolidated joint ventures |
|
|
10,000 |
|
- |
|
10,750 |
|
|
|
10,375 |
|
|
Adjusted EBITDAre |
|
$ |
672,000 |
|
|
$ |
700,000 |
|
|
$ |
686,000 |
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
413,000 |
|
|
$ |
427,500 |
|
|
$ |
420,250 |
|
|
Depreciation
and amortization |
|
|
182,000 |
|
|
|
187,000 |
|
|
|
184,500 |
|
|
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 |
|
$ |
607,000 |
|
|
$ |
629,000 |
|
|
$ |
618,000 |
|
|
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
|
|
Operating Income |
|
$ |
77,500 |
|
|
$ |
79,000 |
|
|
$ |
78,250 |
|
|
Depreciation
and amortization |
|
|
20,000 |
|
|
|
21,000 |
|
|
|
20,500 |
|
|
Non-cash
lease expense |
|
|
1,250 |
|
|
|
1,500 |
|
|
|
1,375 |
|
|
Preopening
expense |
|
|
1,250 |
|
|
|
1,500 |
|
|
|
1,375 |
|
|
Equity-based
compensation |
|
|
3,500 |
|
|
|
4,000 |
|
|
|
3,750 |
|
|
Loss from
unconsolidated companies |
|
|
(6,500 |
) |
|
|
(6,000 |
) |
|
|
(6,250 |
) |
|
Adjusted EBITDAre |
|
$ |
97,000 |
|
|
$ |
101,000 |
|
|
$ |
99,000 |
|
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
Operating Loss |
|
$ |
(44,000 |
) |
|
$ |
(43,500 |
) |
|
$ |
(43,750 |
) |
|
Depreciation
and amortization |
|
|
1,750 |
|
|
|
2,250 |
|
|
|
2,000
|
|
|
Equity-based
compensation |
|
|
11,500 |
|
|
|
11,750 |
|
|
|
11,625 |
|
|
Pension
settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Other gains
and (losses), net |
|
|
(2,750 |
) |
|
|
(2,250 |
) |
|
|
(2,500 |
) |
|
Adjusted EBITDAre |
|
$ |
(32,000 |
) |
|
$ |
(30,000 |
) |
|
$ |
(31,000 |
) |
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
Net
Income available to common shareholders |
|
|
224,750 |
|
|
|
236,000 |
|
|
$ |
230,375 |
|
|
Depreciation
and amortization |
|
|
203,750 |
|
|
|
210,250 |
|
|
|
207,000 |
|
|
Adjustments
for noncontrolling interest |
|
|
(8,000 |
) |
|
|
(6,000 |
) |
|
|
(7,000 |
) |
|
Funds from Operations (FFO) available to common
shareholders |
|
$ |
420,500 |
|
|
$ |
440,250 |
|
|
$ |
430,375 |
|
|
Right of use
amortization |
|
|
- |
|
|
|
500 |
|
|
|
250 |
|
|
Non-cash
lease expense |
|
|
4,750 |
|
|
|
6,000 |
|
|
|
5,375 |
|
|
Pension
settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
Other gains
and (losses), net |
|
|
1,250 |
|
|
|
2,250 |
|
|
|
1,750 |
|
|
Pro rata
adjustments for unconsolidated joint ventures |
|
|
10,000 |
|
|
|
10,750 |
|
|
|
10,375 |
|
|
Adjustments
for noncontrolling interest |
|
|
(6,000 |
) |
|
|
(5,000 |
) |
|
|
(5,500 |
) |
|
Amortization
of deferred financing costs |
|
|
10,000 |
|
|
|
10,500 |
|
|
|
10,250 |
|
|
Amortization
of debt discounts and premiums |
|
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
|
Deferred
Taxes |
|
|
5,000 |
|
|
|
5,500 |
|
|
|
5,250 |
|
|
Adjusted FFO available to common shareholders |
|
$ |
448,500 |
|
|
$ |
474,500 |
|
|
$ |
461,500 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
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 Proper... (NYSE:RHP)
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From May 2024 to Jun 2024
Ryman Hospitality Proper... (NYSE:RHP)
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From Jun 2023 to Jun 2024