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 March 31,
2024.
First Quarter 2024 Highlights and Recent
Developments:
- The Company generated first quarter
net income of $42.8 million and net income available to common
stockholders of $43.1 million or $0.67 per diluted share.
- Reported consolidated revenue of
$528.3 million, driven by Hospitality revenue of $461.5
million.
- Achieved consolidated operating
income of $96.4 million and consolidated Adjusted EBITDAre of
$161.1 million.
- During the first quarter, the
Company booked over 287,000 same-store Gross Definite Room Nights
for all future years, at a record first quarter average daily rate
(ADR) of $265, an increase of 5.6% over Q1 2023 ADR for future
bookings.
- The Company prepaid its Rockies
Term Loan with a portion of the net proceeds of a new issue of
senior unsecured notes, and, together with cash on hand, repaid
$200 million of its corporate Term Loan B, and, in April 2024,
repriced its Term Loan B, reducing the applicable interest rate
margin on SOFR loans from 275 bps to 225 bps.
- The Company increased its full year
consolidated net income and adjusted funds from operations guidance
to reflect the impact of refinancing activities and the Company’s
strong visibility into forward bookings.
Mark Fioravanti, President and Chief Executive
Officer of Ryman Hospitality Properties, said, “Our first quarter
results were solid, even with ongoing renovation disruptions and a
challenging comparison to the first quarter of 2023 when we set
several first quarter records. Our same-store Hospitality portfolio
delivered record first quarter ADR and strong banquet and AV
contribution per group room night, which is a positive indicator of
group spending and overall segment strength. We were particularly
pleased to see these results even with the timing of the Easter
holiday, which shifted some group demand from the first quarter of
2024 into the second quarter of 2024. In the second half of the
quarter, we did experience some softness in transient demand in
several of our markets; however, we remain confident in the
long-term growth outlook for the markets in which we operate and
our outlook for the remainder of 2024.”
First Quarter 2024 Results (as compared
to First Quarter 2023):
|
($ in thousands, except per share amounts) |
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
2023 |
|
% ∆ |
|
Total Revenue |
$ |
528,345 |
|
$ |
491,719 |
|
7.4% |
| |
|
|
|
|
|
|
Operating income |
$ |
96,381 |
|
$ |
105,650 |
|
-8.8% |
|
Operating income margin |
18.2% |
|
21.5% |
|
-3.3pt |
|
|
|
|
|
|
|
|
Net income |
$ |
42,761 |
|
$ |
60,994 |
|
-29.9% |
|
Net income margin |
8.1% |
|
12.4% |
|
-4.3pt |
| |
|
|
|
|
|
|
Net income available to common stockholders |
$ |
43,056 |
|
$ |
61,320 |
|
-29.8% |
|
Net income available to common stockholders margin |
8.1% |
|
12.5% |
|
-4.4pt |
|
Net income available to common stockholders per diluted share
(1) |
$ |
0.67 |
|
$ |
1.02 |
|
-34.3% |
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
$ |
161,065 |
|
$ |
157,675 |
|
2.1% |
|
Adjusted EBITDAre margin |
30.5% |
|
32.1% |
|
-1.6pt |
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$ |
156,403 |
|
$ |
153,379 |
|
2.0% |
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture margin |
29.6% |
|
31.2% |
|
-1.6pt |
| |
|
|
|
|
|
|
Funds From Operations (FFO) available to common stockholders and
unit holders |
$ |
98,473 |
|
$ |
108,526 |
|
-9.3% |
|
FFO available to common stockholders and unit holders per diluted
share/unit (1) |
$ |
1.53 |
|
$ |
1.80 |
|
-15.0% |
|
|
|
|
|
|
|
|
Adjusted FFO available to common stockholders and unit holders |
$ |
102,694 |
|
$ |
113,593 |
|
-9.6% |
| Adjusted FFO
available to common stockholders and unit holders per diluted
share/unit (1) |
$ |
1.60 |
|
$ |
1.89 |
|
-15.3% |
| |
|
|
|
|
|
|
(1) Diluted weighted average common shares for the three months
ended March 31, 2024 and 2023 include 3.2 million and 3.9 million,
respectively, 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. |
|
|
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 stockholders and unit
holders, and Adjusted FFO available to common stockholders 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 measures FFO available to common stockholders
and unit holders and Adjusted FFO available to common stockholders
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 stockholders and unit holders
Definition” and “Supplemental Financial Results” below.
Hospitality Segment
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
| |
|
|
|
|
|
| |
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
2023 |
|
% ∆ |
| |
|
|
|
|
|
|
Hospitality Revenue |
$ |
461,470 |
|
$ |
424,439 |
|
8.7% |
|
Same-Store Hospitality Revenue (1) |
$ |
411,529 |
|
$ |
424,439 |
|
-3.0% |
| |
|
|
|
|
|
|
Hospitality operating income |
$ |
102,185 |
|
$ |
106,070 |
|
-3.7% |
|
Hospitality operating income margin |
22.1% |
|
25.0% |
|
-2.9pt |
|
Hospitality Adjusted EBITDAre |
$ |
154,593 |
|
$ |
151,235 |
|
2.2% |
|
Hospitality Adjusted EBITDAre margin |
33.5% |
|
35.6% |
|
-2.1pt |
| |
|
|
|
|
|
|
Same-Store Hospitality operating income (1) |
$ |
93,051 |
|
$ |
106,070 |
|
-12.3% |
|
Same-Store Hospitality operating income margin (1) |
22.6% |
|
25.0% |
|
-2.4pt |
|
Same-Store Hospitality Adjusted EBITDAre (1) |
$ |
138,062 |
|
$ |
151,235 |
|
-8.7% |
|
Same-Store Hospitality Adjusted EBITDAre margin (1) |
33.5% |
|
35.6% |
|
-2.1pt |
| |
|
|
|
|
|
|
Hospitality Performance Metrics |
|
|
|
|
|
|
Occupancy |
66.7% |
|
72.3% |
|
-5.6pt |
|
Average Daily Rate (ADR) |
$ |
250.48 |
|
$ |
237.95 |
|
5.3% |
|
RevPAR |
$ |
167.17 |
|
$ |
172.08 |
|
-2.9% |
|
Total RevPAR |
$ |
444.29 |
|
$ |
452.94 |
|
-1.9% |
|
|
|
|
|
|
|
|
Same-Store Hospitality Performance Metrics (1) |
|
|
|
|
|
|
Occupancy |
67.0% |
|
72.3% |
|
-5.3pt |
|
Average Daily Rate (ADR) |
$ |
244.85 |
|
$ |
237.95 |
|
2.9% |
|
RevPAR |
$ |
164.16 |
|
$ |
172.08 |
|
-4.6% |
|
Total RevPAR |
$ |
434.33 |
|
$ |
452.94 |
|
-4.1% |
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
287,952 |
|
348,648 |
|
-17.4% |
|
Net Definite Rooms Nights Booked |
151,676 |
|
250,318 |
|
-39.4% |
|
Group Attrition (as % of contracted block) |
14.8% |
|
15.5% |
|
-0.7pt |
|
Cancellations ITYFTY (2) |
12,190 |
|
32,220 |
|
-62.2% |
| |
|
|
|
|
|
|
(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
first quarter 2024 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.
Hospitality Segment
Highlights
- Same-store Hospitality portfolio
achieved record first quarter average daily rate (ADR) of $245, an
increase of 2.9% from Q1 2023, demonstrating continued pricing
momentum.
- Same-store Hospitality banquet and
AV revenue had the second-best quarter ever, trailing only Q1
2023.
- JW Marriott Hill Country delivered
strong first quarter performance as we are beginning to see
operational efficiency improvements from our asset management
capabilities.
- Same-store incentive management fee
expense increased to $7.5 million in the quarter, up from $6.7
million in the year-ago quarter.
- On a same-store basis,
cancellations in the year for the year decreased by 62% in Q1 2024
compared to Q1 2023, and attrition and cancellation fee collections
declined to $7.9 million in Q1 2024 from $9.7 million in Q1
2023.
Gaylord Opryland
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
| |
2024 |
|
2023 |
|
% ∆ |
| |
|
|
|
|
|
|
Revenue |
$ |
103,835 |
|
$ |
111,806 |
|
-7.1% |
|
Operating income |
$ |
24,825 |
|
$ |
31,695 |
|
-21.7% |
|
Operating income margin |
23.9% |
|
28.3% |
|
-4.4pt |
|
Adjusted EBITDAre |
$ |
32,947 |
|
$ |
40,237 |
|
-18.1% |
|
Adjusted EBITDAre margin |
31.7% |
|
36.0% |
|
-4.3pt |
| |
|
|
|
|
|
|
Occupancy |
65.1% |
|
72.6% |
|
-7.5pt |
|
Average daily rate (ADR) |
$ |
245.28 |
|
$ |
240.19 |
|
2.1% |
|
RevPAR |
$ |
159.60 |
|
$ |
174.40 |
|
-8.5% |
|
Total RevPAR |
$ |
395.10 |
|
$ |
430.16 |
|
-8.2% |
| |
|
|
|
|
|
Gaylord Palms
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
2023 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$ |
85,463 |
|
$ |
84,546 |
|
1.1% |
|
Operating income |
$ |
25,006 |
|
$ |
27,634 |
|
-9.5% |
|
Operating income margin |
29.3% |
|
32.7% |
|
-3.4pt |
|
Adjusted EBITDAre |
$ |
31,871 |
|
$ |
34,275 |
|
-7.0% |
|
Adjusted EBITDAre margin |
37.3% |
|
40.5% |
|
-3.2pt |
|
|
|
|
|
|
|
|
Occupancy |
74.6% |
|
79.5% |
|
-4.9pt |
|
Average daily rate (ADR) |
$ |
267.99 |
|
$ |
257.66 |
|
4.0% |
|
RevPAR |
$ |
199.89 |
|
$ |
204.78 |
|
-2.4% |
|
Total RevPAR |
$ |
546.66 |
|
$ |
546.80 |
|
-0.0% |
|
|
|
|
|
|
|
Gaylord Texan
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2024 |
|
2023 |
|
% ∆ |
| |
|
|
|
|
|
|
Revenue |
$ |
84,902 |
|
$ |
86,398 |
|
-1.7% |
|
Operating income |
$ |
26,032 |
|
$ |
28,088 |
|
-7.3% |
|
Operating income margin |
30.7% |
|
32.5% |
|
-1.8pt |
|
Adjusted EBITDAre |
$ |
31,923 |
|
$ |
33,854 |
|
-5.7% |
|
Adjusted EBITDAre margin |
37.6% |
|
39.2% |
|
-1.6pt |
| |
|
|
|
|
|
|
Occupancy |
73.2% |
|
77.1% |
|
-3.9pt |
|
Average daily rate (ADR) |
$ |
239.77 |
|
$ |
230.83 |
|
3.9% |
|
RevPAR |
$ |
175.54 |
|
$ |
177.90 |
|
-1.3% |
|
Total RevPAR |
$ |
514.32 |
|
$ |
529.21 |
|
-2.8% |
|
|
|
|
|
|
|
Gaylord National
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
March 31, |
|
|
2024 |
|
2023 |
|
% ∆ |
| |
|
|
|
|
|
|
Revenue |
$ |
68,274 |
|
$ |
72,772 |
|
-6.2% |
|
Operating income |
$ |
5,223 |
|
$ |
8,055 |
|
-35.2% |
|
Operating income margin |
7.7% |
|
11.1% |
|
-3.4pt |
|
Adjusted EBITDAre |
$ |
14,819 |
|
$ |
17,620 |
|
-15.9% |
|
Adjusted EBITDAre margin |
21.7% |
|
24.2% |
|
-2.5pt |
| |
|
|
|
|
|
|
Occupancy |
64.4% |
|
67.3% |
|
-2.9pt |
|
Average daily rate (ADR) |
$ |
236.16 |
|
$ |
239.70 |
|
-1.5% |
|
RevPAR |
$ |
152.18 |
|
$ |
161.43 |
|
-5.7% |
|
Total RevPAR |
$ |
375.88 |
|
$ |
405.10 |
|
-7.2% |
| |
|
|
|
|
|
Gaylord Rockies
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
March 31, |
| |
2024 |
|
2023 |
|
% ∆ |
| |
|
|
|
|
|
|
Revenue |
$ |
63,822 |
|
$ |
64,047 |
|
-0.4% |
|
Operating income |
$ |
11,997 |
|
$ |
10,868 |
|
10.4% |
|
Operating income margin |
18.8% |
|
17.0% |
|
1.8pt |
|
Adjusted EBITDAre |
$ |
25,838 |
|
$ |
24,913 |
|
3.7% |
|
Adjusted EBITDAre margin |
40.5% |
|
38.9% |
|
1.6pt |
| |
|
|
|
|
|
|
Occupancy |
64.5% |
|
69.9% |
|
-5.4pt |
|
Average daily rate (ADR) |
$ |
242.23 |
|
$ |
233.09 |
|
3.9% |
|
RevPAR |
$ |
156.29 |
|
$ |
162.97 |
|
-4.1% |
|
Total RevPAR |
$ |
467.24 |
|
$ |
474.10 |
|
-1.4% |
| |
|
|
|
|
|
JW Marriott Hill
Country(1)
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
| |
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
|
|
|
Revenue |
$ |
49,941 |
|
Operating income |
$ |
9,134 |
|
Operating income margin |
18.3% |
|
Adjusted EBITDAre |
$ |
16,531 |
|
Adjusted EBITDAre margin |
33.1% |
| |
|
|
Occupancy |
63.6% |
|
Average daily rate (ADR) |
$ |
312.19 |
|
RevPAR |
$ |
198.40 |
|
Total RevPAR |
$ |
547.72 |
| |
|
|
(1) JW Marriott Hill Country was acquired by the Company on June
30, 2023, therefore there are no comparison figures. |
| |
|
Entertainment Segment
For the three months ended March 31, 2024, and
2023, the Company reported the following:
|
($ in thousands) |
Three Months Ended |
| |
March 31, |
|
|
2024 |
|
2023 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$ |
66,875 |
|
$ |
67,280 |
|
-0.6% |
|
Operating income |
$ |
6,112 |
|
$ |
10,391 |
|
-41.2% |
|
Operating income margin |
9.1% |
|
15.4% |
|
-6.3pt |
|
Adjusted EBITDAre |
$ |
15,539 |
|
$ |
14,346 |
|
8.3% |
|
Adjusted EBITDAre margin |
23.2% |
|
21.3% |
|
1.9pt |
| |
|
|
|
|
|
Fioravanti continued, “Our Entertainment
business delivered strong performance considering severe winter
weather in Nashville in late January, which impacted demand at our
Nashville assets, as well as ongoing construction disruption
associated with Category 10 and renovation of the W Austin Hotel at
Block 21. Our Ole Red venues performed well, including our newest
venue, Ole Red Las Vegas, which has opened to an encouraging
start.”
Corporate and Other Segment
For the three months ended March 31, 2024, and
2023, the Company reported the following:
|
($ in thousands) |
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
2023 |
|
% ∆ |
|
|
|
|
|
|
|
|
Operating loss |
($11,916) |
|
($10,811) |
|
-10.2% |
|
Adjusted EBITDAre |
($9,067) |
|
($7,906) |
|
-14.7% |
|
|
|
|
|
|
|
2024 Guidance
Fioravanti concluded, “We took advantage of
market conditions to refinance the Gaylord Rockies Term Loan with
senior unsecured notes, and in April 2024, we repriced our
corporate Term Loan B, which has immediate interest savings in
2024. Our refinancing activities, together with our strong forward
bookings position, support our confidence in our outlook and enable
us to raise our guidance for full year net income, funds from
operations and adjusted funds from operations. We remain excited
about the investments we are making across our portfolio, which we
believe will continue to create value for our stockholders in the
years to come.”
The Company is updating its 2024 business
performance outlook based on current information as of May 1, 2024.
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.
Current full year 2024 guidance includes the
following assumptions:
- Disruption from planned capital
investments is estimated to result in a negative impact of
approximately 215 basis points to same-store Hospitality RevPAR
growth and approximately 160 basis points to same-store Hospitality
Total RevPAR growth. In addition, the Company expects disruption to
result in a negative impact of approximately $18 million to $21
million to Consolidated Adjusted EBITDAre, including $10 million to
$11 million to same-store Hospitality Adjusted EBITDAre and $8
million to $10 million to Entertainment Adjusted EBITDAre.
- Capital expenditures are estimated
to be $360 million to $440 million.
|
($ in millions, except per share figures) |
New Guidance |
|
New FY |
|
Prior Guidance |
|
Prior FY |
|
Change |
| |
Full Year 2024 (1) |
|
2024 Guidance (1) |
|
Full Year 2024 |
|
2024 Guidance |
|
|
| |
Low |
|
High |
|
Midpoint |
|
Low |
|
High |
|
Midpoint |
|
Midpoint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Hospitality RevPAR growth (same-store) (2) |
|
3.50% |
|
|
|
5.50% |
|
|
|
4.50% |
|
|
|
3.50% |
|
|
|
5.50% |
|
|
|
4.50% |
|
|
|
0.00% |
|
|
Consolidated Hospitality Total RevPAR growth (same-store) (2) |
|
3.25% |
|
|
|
5.25% |
|
|
|
4.25% |
|
|
|
3.25% |
|
|
|
5.25% |
|
|
|
4.25% |
|
|
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality (same-store) (2) |
$ |
434.5 |
|
|
$ |
450.5 |
|
|
$ |
442.5 |
|
|
$ |
434.5 |
|
|
$ |
450.5 |
|
|
$ |
442.5 |
|
|
$ |
- |
|
|
JW Marriott Hill Country |
|
35.0 |
|
|
|
40.0 |
|
|
|
37.5 |
|
|
|
35.0 |
|
|
|
40.0 |
|
|
|
37.5 |
|
|
|
- |
|
|
Entertainment |
|
65.5 |
|
|
|
71.5 |
|
|
|
68.5 |
|
|
|
65.5 |
|
|
|
71.5 |
|
|
|
68.5 |
|
|
|
- |
|
|
Corporate and Other |
|
(44.8 |
) |
|
|
(43.0 |
) |
|
|
(43.9 |
) |
|
|
(44.8 |
) |
|
|
(43.0 |
) |
|
|
(43.9 |
) |
|
|
- |
|
|
Consolidated Operating Income |
|
490.2 |
|
|
|
519.0 |
|
|
|
504.6 |
|
|
|
490.2 |
|
|
|
519.0 |
|
|
|
504.6 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality (same-store) (2) |
$ |
612.5 |
|
|
$ |
635.0 |
|
|
$ |
623.8 |
|
|
$ |
612.5 |
|
|
$ |
635.0 |
|
|
$ |
623.8 |
|
|
$ |
- |
|
|
JW Marriott Hill Country |
|
63.0 |
|
|
|
72.0 |
|
|
|
67.5 |
|
|
|
63.0 |
|
|
|
72.0 |
|
|
|
67.5 |
|
|
|
- |
|
|
Entertainment |
|
100.0 |
|
|
|
110.0 |
|
|
|
105.0 |
|
|
|
100.0 |
|
|
|
110.0 |
|
|
|
105.0 |
|
|
|
- |
|
|
Corporate and Other |
|
(35.0 |
) |
|
|
(32.0 |
) |
|
|
(33.5 |
) |
|
|
(35.0 |
) |
|
|
(32.0 |
) |
|
|
(33.5 |
) |
|
|
- |
|
|
Consolidated Adjusted EBITDAre |
|
740.5 |
|
|
|
785.0 |
|
|
|
762.8 |
|
|
|
740.5 |
|
|
|
785.0 |
|
|
|
762.8 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
259.0 |
|
|
$ |
280.0 |
|
|
$ |
269.5 |
|
|
$ |
253.0 |
|
|
$ |
272.0 |
|
|
$ |
262.5 |
|
|
$ |
7.0 |
|
|
Net Income available to common stockholders |
$ |
249.0 |
|
|
$ |
274.0 |
|
|
$ |
261.5 |
|
|
$ |
243.0 |
|
|
$ |
266.0 |
|
|
$ |
254.5 |
|
|
$ |
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from Operations (FFO) available to common stockholders and
unit holders |
$ |
463.3 |
|
|
$ |
500.5 |
|
|
$ |
481.9 |
|
|
$ |
457.3 |
|
|
$ |
492.5 |
|
|
$ |
474.9 |
|
|
$ |
7.0 |
|
|
Adjusted FFO available to common stockholders and unit holders |
$ |
489.8 |
|
|
$ |
535.5 |
|
|
$ |
512.6 |
|
|
$ |
484.3 |
|
|
$ |
527.0 |
|
|
$ |
505.6 |
|
|
$ |
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per share available to common stockholders |
$ |
4.01 |
|
|
$ |
4.33 |
|
|
$ |
4.17 |
|
|
$ |
3.92 |
|
|
$ |
4.21 |
|
|
$ |
4.06 |
|
|
$ |
0.11 |
|
|
Adjusted FFO available to common stockholders and unit holders per
diluted share |
$ |
7.69 |
|
|
$ |
8.33 |
|
|
$ |
8.01 |
|
|
$ |
7.60 |
|
|
$ |
8.20 |
|
|
$ |
7.90 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated diluted shares outstanding to common stockholders
(3) |
|
64.6 |
|
|
|
64.6 |
|
|
|
64.6 |
|
|
|
64.6 |
|
|
|
64.6 |
|
|
|
64.6 |
|
|
|
- |
|
|
Estimated diluted shares outstanding to common stockholders and
unit holders (3) |
|
65.0 |
|
|
|
65.0 |
|
|
|
65.0 |
|
|
|
65.0 |
|
|
|
65.0 |
|
|
|
65.0 |
|
|
|
- |
|
|
|
(1) |
Includes JW Marriott Hill Country, except as otherwise noted.
Amounts are calculated based on unrounded numbers. |
|
|
(2) |
Same-store excludes JW Marriott Hill Country. |
|
|
(3) |
Includes 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. |
|
|
|
|
|
|
Note: For reconciliations of Consolidated Adjusted EBITDAre
guidance to Net Income, segment-level Adjusted EBITDAre to
segment-level Operating Income, property-level Adjusted EBITDAre
for JW Marriott Hill Country to property-level Operating Income,
and FFO and Adjusted FFO available to common stockholders and
unitholders to Net Income, see “Reconciliation of Forward-Looking
Statements” below. |
|
|
|
Dividend UpdateThe 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 2024
of $4.40 per share in cash. Future dividends are subject
to the Board’s future determinations as to amount and timing.
Balance Sheet/Liquidity
UpdateAs of March 31, 2024, the Company had total debt
outstanding of $3,377.8 million, net of unamortized deferred
financing costs, and unrestricted cash of $465.3 million. As of
March 31, 2024, there were no amounts drawn under the Company’s
revolving credit facility, $22.0 million was drawn under OEG’s
revolving credit facility, and the lending banks had issued $4.3
million in letters of credit under the Company’s revolving credit
facility, which left $738.7 million of aggregate borrowing
availability for borrowing under the Company’s revolving credit
facility and OEG’s revolving credit facility.
Earnings Call InformationRyman
Hospitality Properties will hold a conference call to discuss this
release tomorrow, May 2, 2024, at 1:00 p.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 StatementsThis press release contains
statements as to the Company’s beliefs and expectations of the
outcome of future events that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the fact that they do not
relate strictly to historical or current facts. Examples of these
statements include, but are not limited to, statements regarding
the future performance of the Company’s business, anticipated
business levels and anticipated financial results for the Company
during future periods, the Company’s expected cash dividend, and
other business or operational issues. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from the statements made. These
include the risks and uncertainties associated with 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, and changes in
interest rates. 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,
2023, and subsequent filings. The Company does not undertake any
obligation to release publicly any revisions to forward-looking
statements made by it to reflect events or circumstances occurring
after the date hereof or the occurrence of unanticipated
events.
Additional InformationThis
release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
Annual Report on Form 10-K. Copies of our reports are available on
our website at no expense at www.rymanhp.com and through the SEC’s
Electronic Data Gathering Analysis and Retrieval System (“EDGAR”)
at www.sec.gov.
Calculation of RevPAR and Total
RevPARWe calculate revenue per available room (“RevPAR”)
for our hotels by dividing room revenue by room nights available to
guests for the period. We calculate total revenue per available
room (“Total RevPAR”) for our hotels by dividing the sum of room
revenue, food & beverage, and other ancillary services revenue
by room nights available to guests for the period. Hospitality
metrics do not include the results of the W Austin, which is
included in the Entertainment segment.
Calculation of GAAP Margin
FiguresWe calculate Net Income 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 MeasuresWe
present the following non-GAAP financial measures we believe are
useful to investors as key measures of our operating
performance:
EBITDAre,
Adjusted EBITDAre and Adjusted
EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture
DefinitionWe calculate EBITDAre, which is defined by
the National Association of Real Estate Investment Trusts
(“NAREIT”) in its September 2017 white paper as Net Income
(calculated in accordance with GAAP) plus interest expense, income
tax expense, depreciation and amortization, gains or losses on the
disposition of depreciated property (including gains or losses on
change in control), impairment write-downs of depreciated property
and of investments in unconsolidated affiliates caused by a
decrease in the value of depreciated property of the affiliate, and
adjustments to reflect the entity’s share of EBITDAre of
unconsolidated affiliates.
Adjusted EBITDAre is then calculated as
EBITDAre, plus to the extent the following adjustments occurred
during the periods presented:
- preopening costs;
- non-cash lease expense;
- equity-based compensation
expense;
- impairment charges that do not meet
the NAREIT definition above;
- credit losses on held-to-maturity
securities;
- transaction costs of
acquisitions;
- interest income on bonds;
- loss on extinguishment of
debt;
- pension settlement charges;
- pro rata Adjusted
EBITDAre from unconsolidated joint ventures; and
- any other adjustments we have
identified herein.
We then exclude the pro rata share of Adjusted
EBITDAre related to noncontrolling interests in consolidated joint
ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture.
We use EBITDAre, Adjusted EBITDAre and
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture and segment or property-level EBITDAre
and Adjusted EBITDAre to evaluate our operating performance. We
believe that the presentation of these non-GAAP financial measures
provides useful information to investors regarding our operating
performance and debt leverage metrics, and that the presentation of
these non-GAAP financial measures, when combined with the primary
GAAP presentation of Net Income or Operating Income, as applicable,
is beneficial to an investor’s complete understanding of our
operating performance. We make additional adjustments to
EBITDAre when evaluating our performance because we believe
that presenting Adjusted EBITDAre and Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture
provides useful information to investors regarding our operating
performance and debt leverage metrics.
Adjusted EBITDAre Margin and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Margin DefinitionWe calculate consolidated
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin by dividing consolidated Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture by GAAP consolidated Total Revenue. We calculate
consolidated, segment or property-level Adjusted EBITDAre Margin by
dividing consolidated, segment-, or property-level Adjusted
EBITDAre by consolidated, segment-, or property-level GAAP Revenue.
We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin is useful to investors in
evaluating our operating performance because this non-GAAP
financial measure helps investors evaluate and compare the results
of our operations from period to period by presenting a ratio
showing the quantitative relationship between Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture and
GAAP consolidated Total Revenue or segment or property-level GAAP
Revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO
available to common stockholders and unit holders
DefinitionWe calculate FFO, which definition is
clarified by NAREIT in its December 2018 white paper as Net
Income (calculated in accordance with GAAP) excluding depreciation
and amortization (excluding amortization of deferred financing
costs and debt discounts), gains and losses from the sale of
certain real estate assets, gains and losses from a change in
control, impairment write-downs of certain real estate assets and
investments in entities when the impairment is directly
attributable to decreases in the value of depreciated real estate
held by the entity, income (loss) from consolidated joint ventures
attributable to noncontrolling interest, and pro rata adjustments
for unconsolidated joint ventures.
To calculate Adjusted FFO available to common
stockholders and unit holders, we then exclude, to the extent the
following adjustments occurred during the periods presented:
- right-of-use asset
amortization;
- impairment charges that do not meet
the NAREIT definition above;
- write-offs of deferred financing
costs;
- amortization of debt discounts or
premiums and amortization of deferred financing costs;
- loss on extinguishment of
debt;
- non-cash lease expense;
- credit loss on held-to-maturity
securities;
- pension settlement charges;
- additional pro rata adjustments
from unconsolidated joint ventures;
- (gains) losses on other
assets;
- transaction costs on
acquisitions;
- deferred income tax expense
(benefit); and
- any other adjustments we have
identified herein.
We present Adjusted FFO available to common
stockholders and unit holders per diluted share as a non-GAAP
measure of our performance in addition to our net income available
to common stockholders per diluted share (calculated in accordance
with GAAP). We calculate Adjusted FFO available to common
stockholders and unit holders per diluted share as our Adjusted FFO
(defined as set forth above) for a given operating period, as
adjusted for the effect of dilutive securities, divided by the
number of diluted shares and units outstanding during such
period.
We are discontinuing the presentation of
Adjusted FFO available to common stockholders and unit holders
(excluding maintenance capex) because our dividend policy no longer
references this measure.
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 |
|
|
Mar. 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenues : |
|
|
|
|
Rooms |
$ |
173,633 |
|
|
$ |
161,251 |
|
|
Food and beverage |
|
235,083 |
|
|
|
215,804 |
|
|
Other hotel revenue |
|
52,754 |
|
|
|
47,384 |
|
|
Entertainment |
|
66,875 |
|
|
|
67,280 |
|
|
Total revenues |
|
528,345 |
|
|
|
491,719 |
|
| |
|
|
|
|
Operating expenses: |
|
|
|
|
Rooms |
|
44,101 |
|
|
|
42,059 |
|
|
Food and beverage |
|
128,179 |
|
|
|
115,181 |
|
|
Other hotel expenses |
|
118,813 |
|
|
|
103,059 |
|
|
Management fees |
|
17,962 |
|
|
|
15,195 |
|
|
Total hotel operating expenses |
|
309,055 |
|
|
|
275,494 |
|
|
Entertainment |
|
52,587 |
|
|
|
51,434 |
|
|
Corporate |
|
11,954 |
|
|
|
10,594 |
|
|
Preopening costs |
|
1,436 |
|
|
|
190 |
|
|
Gain on sale of assets |
|
(270 |
) |
|
|
- |
|
|
Depreciation and amortization |
|
57,202 |
|
|
|
48,357 |
|
|
Total operating expenses |
|
431,964 |
|
|
|
386,069 |
|
| |
|
|
|
|
Operating income |
|
96,381 |
|
|
|
105,650 |
|
| |
|
|
|
|
Interest expense, net of amounts capitalized |
|
(60,443 |
) |
|
|
(42,528 |
) |
|
Interest income |
|
7,522 |
|
|
|
2,547 |
|
|
Loss on extinguishment of debt |
|
(522 |
) |
|
|
- |
|
|
Income (loss) from unconsolidated joint ventures |
|
32 |
|
|
|
(2,806 |
) |
|
Other gains and (losses), net |
|
321 |
|
|
|
(236 |
) |
|
Income before income taxes |
|
43,291 |
|
|
|
62,627 |
|
| |
|
|
|
|
Provision for income taxes |
|
(530 |
) |
|
|
(1,633 |
) |
|
Net income |
|
42,761 |
|
|
|
60,994 |
|
| |
|
|
|
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
579 |
|
|
|
763 |
|
|
Net income attributable to noncontrolling interest in Operating
Partnership |
|
(284 |
) |
|
|
(437 |
) |
|
Net income available to common stockholders |
$ |
43,056 |
|
|
$ |
61,320 |
|
| |
|
|
|
|
Basic income per share available to common stockholders |
$ |
0.72 |
|
|
$ |
1.11 |
|
|
Diluted income per share available to common stockholders (1) |
$ |
0.67 |
|
|
$ |
1.02 |
|
| |
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
Basic |
|
59,739 |
|
|
|
55,182 |
|
|
Diluted (1) |
|
63,404 |
|
|
|
59,326 |
|
|
(1) |
Diluted weighted average common shares for the three months ended
March 31, 2024 and 2023 include 3.2 million and 3.9 million,
respectively, 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) |
|
|
|
|
|
|
|
Mar. 31, |
|
Dec. 31, |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,988,172 |
|
|
$ |
3,955,586 |
|
|
Cash and cash equivalents - unrestricted |
|
465,311 |
|
|
|
591,833 |
|
|
Cash and cash equivalents - restricted |
|
81,571 |
|
|
|
108,608 |
|
|
Notes receivable |
|
60,645 |
|
|
|
61,760 |
|
|
Trade receivables, net |
|
125,613 |
|
|
|
110,029 |
|
|
Deferred income tax assets, net |
|
82,145 |
|
|
|
81,624 |
|
|
Prepaid expenses and other assets |
|
163,572 |
|
|
|
154,810 |
|
|
Intangible assets |
|
122,270 |
|
|
|
124,287 |
|
|
Total assets |
$ |
5,089,299 |
|
|
$ |
5,188,537 |
|
| |
|
|
|
| |
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
3,377,814 |
|
|
$ |
3,377,028 |
|
|
Accounts payable and accrued liabilities |
|
394,299 |
|
|
|
464,720 |
|
|
Dividends payable |
|
67,407 |
|
|
|
67,932 |
|
|
Deferred management rights proceeds |
|
165,070 |
|
|
|
165,174 |
|
|
Operating lease liabilities |
|
130,180 |
|
|
|
129,122 |
|
|
Other liabilities |
|
67,257 |
|
|
|
66,658 |
|
|
Noncontrolling interest in consolidated joint venture |
|
353,865 |
|
|
|
345,126 |
|
|
Total equity |
|
533,407 |
|
|
|
572,777 |
|
|
Total liabilities and equity |
$ |
5,089,299 |
|
|
$ |
5,188,537 |
|
| |
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
ADJUSTED EBITDAre RECONCILIATION |
|
Unaudited |
|
(in thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Mar. 31, |
|
|
2024 |
|
2023 |
|
|
$ |
Margin |
|
$ |
Margin |
|
Consolidated |
|
|
|
|
|
|
Revenue |
$ |
528,345 |
|
|
|
$ |
491,719 |
|
|
|
Net income |
$ |
42,761 |
|
8.1 |
% |
|
$ |
60,994 |
|
12.4 |
% |
|
Interest expense, net |
|
52,921 |
|
|
|
|
39,981 |
|
|
|
Provision for income taxes |
|
530 |
|
|
|
|
1,633 |
|
|
|
Depreciation & amortization |
|
57,202 |
|
|
|
|
48,357 |
|
|
|
Gain on sale of assets |
|
(270 |
) |
|
|
|
- |
|
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
2 |
|
|
|
|
9 |
|
|
|
EBITDAre |
|
153,146 |
|
29.0 |
% |
|
|
150,974 |
|
30.7 |
% |
|
Preopening costs |
|
1,436 |
|
|
|
|
190 |
|
|
|
Non-cash lease expense |
|
925 |
|
|
|
|
1,501 |
|
|
|
Equity-based compensation expense |
|
3,862 |
|
|
|
|
3,739 |
|
|
|
Interest income on Gaylord National bonds |
|
1,195 |
|
|
|
|
1,271 |
|
|
|
Loss on extinguishment of debt |
|
522 |
|
|
|
|
- |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(21 |
) |
|
|
|
- |
|
|
|
Adjusted EBITDAre |
$ |
161,065 |
|
30.5 |
% |
|
$ |
157,675 |
|
32.1 |
% |
|
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
$ |
(4,662 |
) |
|
|
$ |
(4,296 |
) |
|
|
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$ |
156,403 |
|
29.6 |
% |
|
$ |
153,379 |
|
31.2 |
% |
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
Revenue |
$ |
461,470 |
|
|
|
$ |
424,439 |
|
|
|
Operating income |
$ |
102,185 |
|
22.1 |
% |
|
$ |
106,070 |
|
25.0 |
% |
|
Depreciation & amortization |
|
50,230 |
|
|
|
|
42,875 |
|
|
|
Non-cash lease expense |
|
983 |
|
|
|
|
1,019 |
|
|
|
Interest income on Gaylord National bonds |
|
1,195 |
|
|
|
|
1,271 |
|
|
|
Adjusted EBITDAre |
$ |
154,593 |
|
33.5 |
% |
|
$ |
151,235 |
|
35.6 |
% |
| |
|
|
|
|
|
|
Same-Store Hospitality segment (1) |
|
|
|
|
|
|
Revenue |
$ |
411,529 |
|
|
|
$ |
424,439 |
|
|
|
Operating income |
$ |
93,051 |
|
22.6 |
% |
|
$ |
106,070 |
|
25.0 |
% |
|
Depreciation & amortization |
|
42,833 |
|
|
|
|
42,875 |
|
|
|
Non-cash lease expense |
|
983 |
|
|
|
|
1,019 |
|
|
|
Interest income on Gaylord National bonds |
|
1,195 |
|
|
|
|
1,271 |
|
|
|
Adjusted EBITDAre |
$ |
138,062 |
|
33.5 |
% |
|
$ |
151,235 |
|
35.6 |
% |
| |
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
Revenue |
$ |
66,875 |
|
|
|
$ |
67,280 |
|
|
|
Operating income |
$ |
6,112 |
|
9.1 |
% |
|
$ |
10,391 |
|
15.4 |
% |
|
Depreciation & amortization |
|
6,740 |
|
|
|
|
5,265 |
|
|
|
Preopening costs |
|
1,436 |
|
|
|
|
190 |
|
|
|
Non-cash lease (revenue) expense |
|
(58 |
) |
|
|
|
482 |
|
|
|
Equity-based compensation |
|
888 |
|
|
|
|
816 |
|
|
|
Other gains and (losses), net |
|
408 |
|
|
|
|
- |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
13 |
|
|
|
|
(2,798 |
) |
|
|
Adjusted EBITDAre |
$ |
15,539 |
|
23.2 |
% |
|
$ |
14,346 |
|
21.3 |
% |
| |
|
|
|
|
|
|
Corporate and Other segment |
|
|
|
|
|
|
Operating loss |
$ |
(11,916 |
) |
|
|
$ |
(10,811 |
) |
|
|
Depreciation & amortization |
|
232 |
|
|
|
|
217 |
|
|
|
Other gains and (losses), net |
|
(87 |
) |
|
|
|
(235 |
) |
|
|
Equity-based compensation |
|
2,974 |
|
|
|
|
2,923 |
|
|
|
Gain on sale of assets |
|
(270 |
) |
|
|
|
- |
|
|
|
Adjusted EBITDAre |
$ |
(9,067 |
) |
|
|
$ |
(7,906 |
) |
|
| |
|
|
|
|
|
|
(1) Same-Store Hospitality segment excludes JW Marriott Hill
Country, which was acquired on 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 Mar. 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Consolidated |
|
|
|
|
Net income |
$ |
42,761 |
|
|
$ |
60,994 |
|
|
Noncontrolling interest in consolidated joint venture |
|
579 |
|
|
|
763 |
|
|
Net income available to common stockholders and unit
holders |
|
43,340 |
|
|
|
61,757 |
|
|
Depreciation & amortization |
|
57,154 |
|
|
|
48,326 |
|
|
Adjustments for noncontrolling interest |
|
(2,021 |
) |
|
|
(1,580 |
) |
|
Pro rata adjustments from joint ventures |
|
- |
|
|
|
23 |
|
|
FFO available to common stockholders and unit
holders |
|
98,473 |
|
|
|
108,526 |
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
48 |
|
|
|
31 |
|
|
Non-cash lease expense |
|
925 |
|
|
|
1,501 |
|
|
Pro rata adjustments from joint ventures |
|
(21 |
) |
|
|
- |
|
|
Gain on other assets |
|
(270 |
) |
|
|
- |
|
|
Amortization of deferred financing costs |
|
2,721 |
|
|
|
2,674 |
|
|
Amortization of debt discounts and premiums |
|
649 |
|
|
|
506 |
|
|
Loss on extinguishment of debt |
|
522 |
|
|
|
- |
|
|
Adjustments for noncontrolling interest |
|
135 |
|
|
|
(412 |
) |
|
Deferred tax provision (benefit) |
|
(488 |
) |
|
|
767 |
|
|
Adjusted FFO available to common stockholders and unit
holders |
$ |
102,694 |
|
|
$ |
113,593 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
0.72 |
|
|
$ |
1.11 |
|
|
Diluted net income per share |
$ |
0.67 |
|
|
$ |
1.02 |
|
| |
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
1.64 |
|
|
$ |
1.95 |
|
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
1.71 |
|
|
$ |
2.04 |
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (1) |
$ |
1.53 |
|
|
$ |
1.80 |
|
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (1) |
$ |
1.60 |
|
|
$ |
1.89 |
|
|
|
|
|
|
|
Weighted average common shares and OP units for the period: |
|
|
|
|
Basic |
|
60,134 |
|
|
|
55,577 |
|
|
Diluted (1) |
|
63,799 |
|
|
|
59,721 |
|
| |
|
|
|
|
(1) Diluted weighted average common shares and OP units for the
three months ended March 31, 2024 and 2023 include 3.2 million and
3.9 million, respectively, 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 Mar. 31, |
|
|
2024 |
|
2023 |
|
|
$ |
Margin |
|
$ |
Margin |
|
Hospitality segment |
|
|
|
|
|
|
Revenue |
$ |
461,470 |
|
|
|
$ |
424,439 |
|
|
|
Operating income |
$ |
102,185 |
|
22.1 |
% |
|
$ |
106,070 |
|
25.0 |
% |
|
Depreciation & amortization |
|
50,230 |
|
|
|
|
42,875 |
|
|
|
Non-cash lease expense |
|
983 |
|
|
|
|
1,019 |
|
|
|
Interest income on Gaylord National bonds |
|
1,195 |
|
|
|
|
1,271 |
|
|
|
Adjusted EBITDAre |
$ |
154,593 |
|
33.5 |
% |
|
$ |
151,235 |
|
35.6 |
% |
| |
|
|
|
|
|
|
Occupancy |
|
66.7% |
|
|
|
|
72.3% |
|
|
|
Average daily rate (ADR) |
$ |
250.48 |
|
|
|
$ |
237.95 |
|
|
|
RevPAR |
$ |
167.17 |
|
|
|
$ |
172.08 |
|
|
|
OtherPAR |
$ |
277.12 |
|
|
|
$ |
280.86 |
|
|
|
Total RevPAR |
$ |
444.29 |
|
|
|
$ |
452.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment (1) |
|
|
|
|
|
|
Revenue |
$ |
411,529 |
|
|
|
$ |
424,439 |
|
|
|
Operating income |
$ |
93,051 |
|
22.6 |
% |
|
$ |
106,070 |
|
25.0 |
% |
|
Depreciation & amortization |
|
42,833 |
|
|
|
|
42,875 |
|
|
|
Non-cash lease expense |
|
983 |
|
|
|
|
1,019 |
|
|
|
Interest income on Gaylord National bonds |
|
1,195 |
|
|
|
|
1,271 |
|
|
|
Adjusted EBITDAre |
$ |
138,062 |
|
33.5 |
% |
|
$ |
151,235 |
|
35.6 |
% |
| |
|
|
|
|
|
|
Occupancy |
|
67.0% |
|
|
|
|
72.3% |
|
|
|
Average daily rate (ADR) |
$ |
244.85 |
|
|
|
$ |
237.95 |
|
|
|
RevPAR |
$ |
164.16 |
|
|
|
$ |
172.08 |
|
|
|
OtherPAR |
$ |
270.17 |
|
|
|
$ |
280.86 |
|
|
|
Total RevPAR |
$ |
434.33 |
|
|
|
$ |
452.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
Revenue |
$ |
103,835 |
|
|
|
$ |
111,806 |
|
|
|
Operating income |
$ |
24,825 |
|
23.9 |
% |
|
$ |
31,695 |
|
28.3 |
% |
|
Depreciation & amortization |
|
8,133 |
|
|
|
|
8,554 |
|
|
|
Non-cash lease revenue |
|
(11 |
) |
|
|
|
(12 |
) |
|
|
Adjusted EBITDAre |
$ |
32,947 |
|
31.7 |
% |
|
$ |
40,237 |
|
36.0 |
% |
| |
|
|
|
|
|
|
Occupancy |
|
65.1% |
|
|
|
|
72.6% |
|
|
|
Average daily rate (ADR) |
$ |
245.28 |
|
|
|
$ |
240.19 |
|
|
|
RevPAR |
$ |
159.60 |
|
|
|
$ |
174.40 |
|
|
|
OtherPAR |
$ |
235.50 |
|
|
|
$ |
255.76 |
|
|
|
Total RevPAR |
$ |
395.10 |
|
|
|
$ |
430.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
Revenue |
$ |
85,463 |
|
|
|
$ |
84,546 |
|
|
|
Operating income |
$ |
25,006 |
|
29.3 |
% |
|
$ |
27,634 |
|
32.7 |
% |
|
Depreciation & amortization |
|
5,871 |
|
|
|
|
5,610 |
|
|
|
Non-cash lease expense |
|
994 |
|
|
|
|
1,031 |
|
|
|
Adjusted EBITDAre |
$ |
31,871 |
|
37.3 |
% |
|
$ |
34,275 |
|
40.5 |
% |
| |
|
|
|
|
|
|
Occupancy |
|
74.6% |
|
|
|
|
79.5% |
|
|
|
Average daily rate (ADR) |
$ |
267.99 |
|
|
|
$ |
257.66 |
|
|
|
RevPAR |
$ |
199.89 |
|
|
|
$ |
204.78 |
|
|
|
OtherPAR |
$ |
346.77 |
|
|
|
$ |
342.02 |
|
|
|
Total RevPAR |
$ |
546.66 |
|
|
|
$ |
546.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
Revenue |
$ |
84,902 |
|
|
|
$ |
86,398 |
|
|
|
Operating income |
$ |
26,032 |
|
30.7 |
% |
|
$ |
28,088 |
|
32.5 |
% |
|
Depreciation & amortization |
|
5,891 |
|
|
|
|
5,766 |
|
|
|
Adjusted EBITDAre |
$ |
31,923 |
|
37.6 |
% |
|
$ |
33,854 |
|
39.2 |
% |
| |
|
|
|
|
|
|
Occupancy |
|
73.2% |
|
|
|
|
77.1% |
|
|
|
Average daily rate (ADR) |
$ |
239.77 |
|
|
|
$ |
230.83 |
|
|
|
RevPAR |
$ |
175.54 |
|
|
|
$ |
177.90 |
|
|
|
OtherPAR |
$ |
338.78 |
|
|
|
$ |
351.31 |
|
|
|
Total RevPAR |
$ |
514.32 |
|
|
|
$ |
529.21 |
|
|
| |
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL RESULTS |
|
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND
OPERATING METRICS |
|
Unaudited |
|
(in thousands) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
Three Months Ended Mar. 31, |
| |
2024 |
|
2023 |
| |
$ |
Margin |
|
$ |
Margin |
|
Gaylord National |
|
|
|
|
|
|
Revenue |
$ |
68,274 |
|
|
|
$ |
72,772 |
|
|
|
Operating income |
$ |
5,223 |
|
7.7 |
% |
|
$ |
8,055 |
|
11.1 |
% |
|
Depreciation & amortization |
|
8,401 |
|
|
|
|
8,294 |
|
|
|
Interest income on Gaylord National bonds |
|
1,195 |
|
|
|
|
1,271 |
|
|
|
Adjusted EBITDAre |
$ |
14,819 |
|
21.7 |
% |
|
$ |
17,620 |
|
24.2 |
% |
| |
|
|
|
|
|
|
Occupancy |
|
64.4% |
|
|
|
|
67.3% |
|
|
|
Average daily rate (ADR) |
$ |
236.16 |
|
|
|
$ |
239.70 |
|
|
|
RevPAR |
$ |
152.18 |
|
|
|
$ |
161.43 |
|
|
|
OtherPAR |
$ |
223.70 |
|
|
|
$ |
243.67 |
|
|
|
Total RevPAR |
$ |
375.88 |
|
|
|
$ |
405.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
Revenue |
$ |
63,822 |
|
|
|
$ |
64,047 |
|
|
|
Operating income |
$ |
11,997 |
|
18.8 |
% |
|
$ |
10,868 |
|
17.0 |
% |
|
Depreciation & amortization |
|
13,841 |
|
|
|
|
14,045 |
|
|
|
Adjusted EBITDAre |
$ |
25,838 |
|
40.5 |
% |
|
$ |
24,913 |
|
38.9 |
% |
| |
|
|
|
|
|
|
Occupancy |
|
64.5% |
|
|
|
|
69.9% |
|
|
|
Average daily rate (ADR) |
$ |
242.23 |
|
|
|
$ |
233.09 |
|
|
|
RevPAR |
$ |
156.29 |
|
|
|
$ |
162.97 |
|
|
|
OtherPAR |
$ |
310.95 |
|
|
|
$ |
311.13 |
|
|
|
Total RevPAR |
$ |
467.24 |
|
|
|
$ |
474.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country (2) |
|
|
|
|
|
|
Revenue |
$ |
49,941 |
|
|
|
$ |
- |
|
|
|
Operating income |
$ |
9,134 |
|
18.3 |
% |
|
$ |
- |
|
|
|
Depreciation & amortization |
|
7,397 |
|
|
|
|
- |
|
|
|
Adjusted EBITDAre |
$ |
16,531 |
|
33.1 |
% |
|
$ |
- |
|
|
| |
|
|
|
|
|
|
Occupancy |
|
63.6% |
|
|
|
n/a |
|
|
Average daily rate (ADR) |
$ |
312.19 |
|
|
|
n/a |
|
|
RevPAR |
$ |
198.40 |
|
|
|
n/a |
|
|
OtherPAR |
$ |
349.32 |
|
|
|
n/a |
|
|
Total RevPAR |
$ |
547.72 |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at National Harbor |
|
|
|
|
|
|
Revenue |
$ |
2,822 |
|
|
|
$ |
2,211 |
|
|
|
Operating income (loss) |
$ |
327 |
|
11.6 |
% |
|
$ |
(178 |
) |
-8.1 |
% |
|
Depreciation & amortization |
|
250 |
|
|
|
|
281 |
|
|
|
Adjusted EBITDAre |
$ |
577 |
|
20.4 |
% |
|
$ |
103 |
|
4.7 |
% |
| |
|
|
|
|
|
|
Occupancy |
|
56.9% |
|
|
|
|
54.3% |
|
|
|
Average daily rate (ADR) |
$ |
250.02 |
|
|
|
$ |
218.52 |
|
|
|
RevPAR |
$ |
142.24 |
|
|
|
$ |
118.55 |
|
|
|
OtherPAR |
$ |
19.28 |
|
|
|
$ |
9.37 |
|
|
|
Total RevPAR |
$ |
161.52 |
|
|
|
$ |
127.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
The Inn at Opryland (3) |
|
|
|
|
|
|
Revenue |
$ |
2,411 |
|
|
|
$ |
2,659 |
|
|
|
Operating loss |
$ |
(359 |
) |
-14.9 |
% |
|
$ |
(92 |
) |
-3.5 |
% |
|
Depreciation & amortization |
|
446 |
|
|
|
|
325 |
|
|
|
Adjusted EBITDAre |
$ |
87 |
|
3.6 |
% |
|
$ |
233 |
|
8.8 |
% |
|
|
|
|
|
|
|
|
Occupancy |
|
42.3% |
|
|
|
|
56.6% |
|
|
|
Average daily rate (ADR) |
$ |
162.66 |
|
|
|
$ |
139.30 |
|
|
|
RevPAR |
$ |
68.75 |
|
|
|
$ |
78.87 |
|
|
|
OtherPAR |
$ |
18.70 |
|
|
|
$ |
18.65 |
|
|
|
Total RevPAR |
$ |
87.45 |
|
|
|
$ |
97.52 |
|
|
|
|
|
|
|
|
|
|
(1) Same-Store Hospitality segment excludes JW Marriott Hill
Country, which was acquired on June 30, 2023. |
|
|
(2) JW Marriott Hill Country was acquired by the Company on June
30, 2023, therefore there are no comparison figures. |
|
(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 |
|
|
Mar. 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
Earnings per share: |
|
|
|
| |
|
|
|
|
Numerator: |
|
|
|
|
Net income available to common stockholders |
$ |
43,056 |
|
|
$ |
61,320 |
|
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
(579 |
) |
|
|
(763 |
) |
|
Net income available to common stockholders - if-converted
method |
$ |
42,477 |
|
|
$ |
60,557 |
|
| |
|
|
|
|
Denominator: |
|
|
|
|
Weighted average shares outstanding - basic |
|
59,739 |
|
|
|
55,182 |
|
|
Effect of dilutive stock-based compensation |
|
430 |
|
|
|
281 |
|
|
Effect of dilutive put rights (1) |
|
3,235 |
|
|
|
3,863 |
|
|
Weighted average shares outstanding - diluted |
|
63,404 |
|
|
|
59,326 |
|
| |
|
|
|
|
Basic income per share available to common stockholders |
$ |
0.72 |
|
|
$ |
1.11 |
|
|
Diluted income per share available to common stockholders |
$ |
0.67 |
|
|
$ |
1.02 |
|
| |
|
|
|
| |
|
|
|
|
FFO and Adjusted FFO per share: |
|
|
|
| |
|
|
|
|
Numerator - FFO: |
|
|
|
|
FFO available to common stockholders and unit holders |
$ |
98,473 |
|
|
$ |
108,526 |
|
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
(579 |
) |
|
|
(763 |
) |
|
FFO available to common stockholders and unit holders -
if-converted method |
$ |
97,894 |
|
|
$ |
107,763 |
|
| |
|
|
|
|
Numerator - Adjusted FFO: |
|
|
|
|
Adjusted FFO available to common stockholders and unit holders |
$ |
102,694 |
|
|
$ |
113,593 |
|
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
(579 |
) |
|
|
(763 |
) |
|
Adjusted FFO available to common stockholders and unit holders -
if-converted method |
$ |
102,115 |
|
|
$ |
112,830 |
|
| |
|
|
|
|
Denominator: |
|
|
|
|
Weighted average shares and OP units outstanding - basic |
|
60,134 |
|
|
|
55,577 |
|
|
Effect of dilutive stock-based compensation |
|
430 |
|
|
|
281 |
|
|
Effect of dilutive put rights (1) |
|
3,235 |
|
|
|
3,863 |
|
|
Weighted average shares and OP units outstanding - diluted |
|
63,799 |
|
|
|
59,721 |
|
| |
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
1.64 |
|
|
$ |
1.95 |
|
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
1.71 |
|
|
$ |
2.04 |
|
| |
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (1) |
$ |
1.53 |
|
|
$ |
1.80 |
|
| Adjusted FFO available to
common stockholders and unit holders per diluted share/unit
(1) |
$ |
1.60 |
|
|
$ |
1.89 |
|
| |
|
|
|
|
(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 |
|
(dollars in thousands, except per share data) |
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("Adjusted EBITDAre") |
|
Funds From Operations ("FFO") and Adjusted FFO
Reconciliation |
| |
|
|
|
|
|
|
|
|
|
New Guidance Range |
|
|
|
For Full Year 2024 |
|
|
|
Low |
|
High |
|
Midpoint |
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
Net Income |
$ |
259,000 |
|
|
$ |
280,000 |
|
|
$ |
269,500 |
|
|
|
Provision for income taxes |
|
15,250 |
|
|
|
17,000 |
|
|
|
16,125 |
|
|
|
Interest Expense, net |
|
216,775 |
|
|
|
223,275 |
|
|
|
220,025 |
|
|
|
Depreciation and amortization |
|
224,250 |
|
|
|
234,500 |
|
|
|
229,375 |
|
|
|
(Gain) / Loss on disposal of fixed assets |
|
(275 |
) |
|
|
(275 |
) |
|
|
(275 |
) |
|
|
EBITDAre |
$ |
715,000 |
|
|
$ |
754,500 |
|
|
$ |
734,750 |
|
|
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Preopening expense |
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
|
Equity-based compensation |
|
12,500 |
|
|
|
13,500 |
|
|
|
13,000 |
|
|
|
Pension settlement charge |
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Interest income on Gaylord National bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
1,250 |
|
|
|
625 |
|
|
|
Loss (gain) on extinguishment of debt |
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
|
Adjusted EBITDAre |
$ |
740,500 |
|
|
$ |
785,000 |
|
|
$ |
762,750 |
|
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
Operating Income |
$ |
469,500 |
|
|
$ |
490,500 |
|
|
$ |
480,000 |
|
|
|
Depreciation and amortization |
|
195,000 |
|
|
|
202,500 |
|
|
|
198,750 |
|
|
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Interest income on Gaylord National Bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains and (losses), net |
|
2,500 |
|
|
|
3,500 |
|
|
|
3,000 |
|
|
|
Loss (gain) on extinguishment of debt |
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
|
Adjusted EBITDAre |
$ |
675,500 |
|
|
$ |
707,000 |
|
|
$ |
691,250 |
|
|
|
|
|
|
|
|
|
|
Hospitality Segment (same-store) |
|
|
|
|
|
|
|
Operating Income |
$ |
434,500 |
|
|
$ |
450,500 |
|
|
$ |
442,500 |
|
|
|
Depreciation and amortization |
|
167,000 |
|
|
|
170,500 |
|
|
|
168,750 |
|
|
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Interest income on Gaylord National Bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains and (losses), net |
|
2,500 |
|
|
|
3,500 |
|
|
|
3,000 |
|
|
|
Loss (gain) on extinguishment of debt |
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
|
Adjusted EBITDAre |
$ |
612,500 |
|
|
$ |
635,000 |
|
|
$ |
623,750 |
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country |
|
|
|
|
|
|
|
Operating Income |
$ |
35,000 |
|
|
$ |
40,000 |
|
|
$ |
37,500 |
|
|
|
Depreciation and amortization |
|
28,000 |
|
|
|
32,000 |
|
|
|
30,000 |
|
|
|
Adjusted EBITDAre |
$ |
63,000 |
|
|
$ |
72,000 |
|
|
$ |
67,500 |
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
|
Reconciliation of Forward-Looking Statements |
|
Unaudited |
|
(dollars in thousands, except per share data) |
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("Adjusted EBITDAre") |
|
Funds From Operations ("FFO") and Adjusted FFO
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
New Guidance Range |
|
|
|
For Full Year 2024 |
|
|
|
Low |
|
High |
|
Midpoint |
|
Entertainment Segment |
|
|
|
|
|
|
|
Operating Income |
$ |
65,500 |
|
|
$ |
71,500 |
|
|
$ |
68,500 |
|
|
|
Depreciation and amortization |
|
27,500 |
|
|
|
30,000 |
|
|
|
28,750 |
|
|
|
Preopening expense |
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
|
Equity-based compensation |
|
3,500 |
|
|
|
4,000 |
|
|
|
3,750 |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
500 |
|
|
|
1,000 |
|
|
|
750 |
|
|
|
Adjusted EBITDAre |
$ |
100,000 |
|
|
$ |
110,000 |
|
|
$ |
105,000 |
|
|
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
Operating Loss |
$ |
(44,750 |
) |
|
$ |
(43,000 |
) |
|
$ |
(43,875 |
) |
|
|
Depreciation and amortization |
|
1,750 |
|
|
|
2,000 |
|
|
|
1,875 |
|
|
|
Equity-based compensation |
|
9,000 |
|
|
|
9,500 |
|
|
|
9,250 |
|
|
|
Pension settlement charge |
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Other gains and (losses), net |
|
(2,500 |
) |
|
|
(2,250 |
) |
|
|
(2,375 |
) |
|
|
Adjusted EBITDAre |
$ |
(35,000 |
) |
|
$ |
(32,000 |
) |
|
$ |
(33,500 |
) |
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
Net Income |
$ |
259,000 |
|
|
$ |
280,000 |
|
|
$ |
269,500 |
|
|
|
Noncontrolling interest in consolidated joint venture |
|
(10,000 |
) |
|
|
(6,000 |
) |
|
|
(8,000 |
) |
|
|
Net Income available to common stockholders and unit
holders |
$ |
249,000 |
|
|
$ |
274,000 |
|
|
$ |
261,500 |
|
|
|
Depreciation and amortization |
|
224,250 |
|
|
|
234,500 |
|
|
|
229,375 |
|
|
|
Adjustments for noncontrolling interest |
|
(10,000 |
) |
|
|
(8,000 |
) |
|
|
(9,000 |
) |
|
|
FFO available to common stockholders and unit
holders |
$ |
463,250 |
|
|
$ |
500,500 |
|
|
$ |
481,875 |
|
|
|
Right of use amortization |
|
- |
|
|
|
500 |
|
|
|
250 |
|
|
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Pension settlement charge |
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
1,250 |
|
|
|
625 |
|
|
|
Loss (gain) on extinguishment of debt |
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
|
Adjustments for noncontrolling interest |
|
(3,000 |
) |
|
|
(2,000 |
) |
|
|
(2,500 |
) |
|
|
Amortization of deferred financing costs |
|
9,500 |
|
|
|
11,500 |
|
|
|
10,500 |
|
|
|
Amortization of debt discounts and premiums |
|
2,500 |
|
|
|
3,500 |
|
|
|
3,000 |
|
|
|
Deferred Taxes |
|
12,000 |
|
|
|
13,500 |
|
|
|
12,750 |
|
|
|
Adjusted FFO available to common stockholders and unit
holders |
$ |
489,750 |
|
|
$ |
535,500 |
|
|
$ |
512,625 |
|
| |
|
|
|
|
|
|
| |
Diluted income per share available to common
stockholders |
$ |
4.01 |
|
|
$ |
4.33 |
|
|
$ |
4.17 |
|
| |
Adjusted FFO available to common stockholders and unit
holders per diluted share |
$ |
7.69 |
|
|
$ |
8.33 |
|
|
$ |
8.01 |
|
| |
|
|
|
|
|
|
| |
Estimated diluted shares outstanding to common stockholders
(in millions) |
|
64.6 |
|
|
|
64.6 |
|
|
|
64.6 |
|
| |
Estimated diluted shares outstanding to common stockholders
and unit holders (in millions) |
|
65.0 |
|
|
|
65.0 |
|
|
|
65.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
|
Reconciliation of Forward-Looking Statements |
|
Unaudited |
|
(dollars in thousands, except per share data) |
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("Adjusted EBITDAre") |
|
Funds From Operations ("FFO") and Adjusted FFO
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Prior Guidance Range |
|
|
|
For Full Year 2024 |
|
|
|
Low |
|
High |
|
Midpoint |
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
Net Income |
$ |
253,000 |
|
|
$ |
272,000 |
|
|
$ |
262,500 |
|
|
|
Provision for income taxes |
|
15,250 |
|
|
|
17,000 |
|
|
|
16,125 |
|
|
|
Interest Expense, net |
|
222,500 |
|
|
|
231,000 |
|
|
|
226,750 |
|
|
|
Depreciation and amortization |
|
224,250 |
|
|
|
234,500 |
|
|
|
229,375 |
|
|
|
EBITDAre |
$ |
715,000 |
|
|
$ |
754,500 |
|
|
$ |
734,750 |
|
|
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Preopening expense |
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
|
Equity-based compensation |
|
12,500 |
|
|
|
13,500 |
|
|
|
13,000 |
|
|
|
Pension settlement charge |
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Interest income on Gaylord National bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains and (losses), net |
|
500 |
|
|
|
1,750 |
|
|
|
1,125 |
|
|
|
Adjusted EBITDAre |
$ |
740,500 |
|
|
$ |
785,000 |
|
|
$ |
762,750 |
|
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
Operating Income |
$ |
469,500 |
|
|
$ |
490,500 |
|
|
$ |
480,000 |
|
|
|
Depreciation and amortization |
|
195,000 |
|
|
|
202,500 |
|
|
|
198,750 |
|
|
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Interest income on Gaylord National Bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains and (losses), net |
|
3,000 |
|
|
|
4,000 |
|
|
|
3,500 |
|
|
|
Adjusted EBITDAre |
$ |
675,500 |
|
|
$ |
707,000 |
|
|
$ |
691,250 |
|
|
|
|
|
|
|
|
|
|
Hospitality Segment (same-store) |
|
|
|
|
|
|
|
Operating Income |
$ |
434,500 |
|
|
$ |
450,500 |
|
|
$ |
442,500 |
|
|
|
Depreciation and amortization |
|
167,000 |
|
|
|
170,500 |
|
|
|
168,750 |
|
|
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Interest income on Gaylord National Bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains and (losses), net |
|
3,000 |
|
|
|
4,000 |
|
|
|
3,500 |
|
|
|
Adjusted EBITDAre |
$ |
612,500 |
|
|
$ |
635,000 |
|
|
$ |
623,750 |
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country |
|
|
|
|
|
|
|
Operating Income |
$ |
35,000 |
|
|
$ |
40,000 |
|
|
$ |
37,500 |
|
|
|
Depreciation and amortization |
|
28,000 |
|
|
|
32,000 |
|
|
|
30,000 |
|
|
|
Adjusted EBITDAre |
$ |
63,000 |
|
|
$ |
72,000 |
|
|
$ |
67,500 |
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
|
Reconciliation of Forward-Looking Statements |
|
Unaudited |
|
(dollars in thousands, except per share data) |
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("Adjusted EBITDAre") |
|
Funds From Operations ("FFO") and Adjusted FFO
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Prior Guidance Range |
|
|
|
For Full Year 2024 |
|
|
|
Low |
|
High |
|
Midpoint |
|
Entertainment Segment |
|
|
|
|
|
|
|
Operating Income |
$ |
65,500 |
|
|
$ |
71,500 |
|
|
$ |
68,500 |
|
|
|
Depreciation and amortization |
|
27,500 |
|
|
|
30,000 |
|
|
|
28,750 |
|
|
|
Preopening expense |
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
|
Equity-based compensation |
|
3,500 |
|
|
|
4,000 |
|
|
|
3,750 |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
500 |
|
|
|
1,000 |
|
|
|
750 |
|
|
|
Adjusted EBITDAre |
$ |
100,000 |
|
|
$ |
110,000 |
|
|
$ |
105,000 |
|
|
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
Operating Loss |
$ |
(44,750 |
) |
|
$ |
(43,000 |
) |
|
$ |
(43,875 |
) |
|
|
Depreciation and amortization |
|
1,750 |
|
|
|
2,000 |
|
|
|
1,875 |
|
|
|
Equity-based compensation |
|
9,000 |
|
|
|
9,500 |
|
|
|
9,250 |
|
|
|
Pension settlement charge |
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Other gains and (losses), net |
|
(2,500 |
) |
|
|
(2,250 |
) |
|
|
(2,375 |
) |
|
|
Adjusted EBITDAre |
$ |
(35,000 |
) |
|
$ |
(32,000 |
) |
|
$ |
(33,500 |
) |
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
Net Income |
$ |
253,000 |
|
|
$ |
272,000 |
|
|
$ |
262,500 |
|
|
|
Noncontrolling interest in consolidated joint venture |
|
(10,000 |
) |
|
|
(6,000 |
) |
|
|
(8,000 |
) |
|
|
Net Income available to common stockholders and unit
holders |
$ |
243,000 |
|
|
$ |
266,000 |
|
|
$ |
254,500 |
|
|
|
Depreciation and amortization |
|
224,250 |
|
|
|
234,500 |
|
|
|
229,375 |
|
|
|
Adjustments for noncontrolling interest |
|
(10,000 |
) |
|
|
(8,000 |
) |
|
|
(9,000 |
) |
|
|
FFO available to common stockholders and unit
holders |
$ |
457,250 |
|
|
$ |
492,500 |
|
|
$ |
474,875 |
|
|
|
Right of use amortization |
|
- |
|
|
|
500 |
|
|
|
250 |
|
|
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Pension settlement charge |
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Other gains and (losses), net |
|
500 |
|
|
|
1,750 |
|
|
|
1,125 |
|
|
|
Adjustments for noncontrolling interest |
|
(3,000 |
) |
|
|
(2,000 |
) |
|
|
(2,500 |
) |
|
|
Amortization of deferred financing costs |
|
10,000 |
|
|
|
11,000 |
|
|
|
10,500 |
|
|
|
Amortization of debt discounts and premiums |
|
2,500 |
|
|
|
3,500 |
|
|
|
3,000 |
|
|
|
Deferred Taxes |
|
12,000 |
|
|
|
13,500 |
|
|
|
12,750 |
|
|
|
Adjusted FFO available to common stockholders and unit
holders |
$ |
484,250 |
|
|
$ |
527,000 |
|
|
$ |
505,625 |
|
| |
|
|
|
|
|
|
| |
Diluted income per share available to common
stockholders |
$ |
3.92 |
|
|
$ |
4.21 |
|
|
$ |
4.06 |
|
| |
Adjusted FFO available to common stockholders and unit
holders per diluted share |
$ |
7.60 |
|
|
$ |
8.20 |
|
|
$ |
7.90 |
|
| |
|
|
|
|
|
|
| |
Estimated diluted shares outstanding to common stockholders
(in millions) |
|
64.6 |
|
|
|
64.6 |
|
|
|
64.6 |
|
| |
Estimated diluted shares outstanding to common stockholders
and unit holders (in millions) |
|
65.0 |
|
|
|
65.0 |
|
|
|
65.0 |
|
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Oct 2024 to Nov 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Nov 2023 to Nov 2024
