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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-13079

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

    

73-0664379

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

One Gaylord Drive

Nashville, Tennessee 37214

(Address of Principal Executive Offices)

(Zip Code)

(615) 316-6000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Name of Each Exchange on

Title of Each Class

Trading Symbol(s)

Which Registered

Common stock, par

RHP

New York Stock Exchange

value $.01

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  Accelerated filer  Non-accelerated filer  Smaller reporting company  Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding as of October 31, 2019

Common Stock, par value $.01

51,446,724 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended September 30, 2019

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) – September 30, 2019 and December 31, 2018

3

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three Months and Nine Months Ended September 30, 2019 and 2018

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Nine Months Ended September 30, 2019 and 2018

5

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - For the Three Months and Nine Months Ended September 30, 2019 and 2018

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

31

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

57

Item 4. Controls and Procedures.

57

Part II - Other Information

58

Item 1. Legal Proceedings.

58

Item 1A. Risk Factors.

58

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

58

Item 3. Defaults Upon Senior Securities.

58

Item 4. Mine Safety Disclosures.

58

Item 5. Other Information.

58

Item 6. Exhibits.

58

SIGNATURES

60

2

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

    

September 30, 

    

December 31, 

2019

2018

ASSETS:

 

  

 

  

Property and equipment, net of accumulated depreciation (including $987,557 and $1,018,499 from VIEs, respectively)

$

3,131,365

$

3,149,095

Cash and cash equivalents - unrestricted (including $34,170 and $11,648 from VIEs, respectively)

 

101,786

 

103,437

Cash and cash equivalents - restricted (including $8,297 and $5 from VIEs, respectively)

 

57,673

 

45,652

Notes receivable

 

107,544

 

122,209

Trade receivables, less allowance of $867 and $763, respectively (including $23,059 and $2,019 from VIEs, respectively)

 

83,168

 

67,923

Deferred income tax assets, net

 

30,572

 

40,557

Prepaid expenses and other assets (including $26,068 and $20,419 from VIEs, respectively)

 

101,534

 

78,240

Intangible assets (including $212,367 and $241,973 from VIEs, respectively)

217,095

246,770

Total assets

$

3,830,737

$

3,853,883

LIABILITIES AND EQUITY:

 

  

 

  

Debt and finance lease obligations (including $792,204 and $494,578 from VIEs, respectively)

$

2,581,312

$

2,441,895

Accounts payable and accrued liabilities (including $49,777 and $70,215 from VIEs, respectively)

 

258,045

 

274,890

Dividends payable

 

47,303

 

45,019

Deferred management rights proceeds

 

176,105

 

174,026

Operating lease liabilities

 

105,864

 

Other liabilities

 

71,278

 

161,043

Commitments and contingencies

 

 

  

Noncontrolling interest in consolidated joint venture

279,352

287,433

Stockholders' equity:

Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding

 

 

Common stock, $.01 par value, 400,000 shares authorized, 51,446 and 51,336 shares issued and outstanding, respectively

 

514

 

513

Additional paid-in capital

 

900,247

 

900,795

Treasury stock of 612 and 592 shares, at cost

 

(16,763)

 

(15,183)

Accumulated deficit

 

(534,403)

 

(388,524)

Accumulated other comprehensive loss

 

(38,117)

 

(28,024)

Total stockholders' equity

 

311,478

 

469,577

Total liabilities and stockholders' equity

$

3,830,737

$

3,853,883

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

    

Revenues:

 

  

 

  

 

  

 

  

 

Rooms

$

134,950

$

103,181

$

411,866

$

332,490

Food and beverage

 

155,173

 

118,496

 

499,346

 

392,488

Other hotel revenue

 

38,134

 

27,563

 

111,684

 

81,129

Entertainment

 

51,530

 

43,009

 

135,385

 

108,446

Total revenues

 

379,787

 

292,249

 

1,158,281

 

914,553

Operating expenses:

 

  

 

  

 

  

 

  

Rooms

 

37,116

 

29,563

 

108,184

 

88,550

Food and beverage

 

88,584

 

67,305

 

270,623

 

211,677

Other hotel expenses

 

91,608

 

74,350

 

273,074

 

226,965

Management fees, net

 

8,388

 

6,558

 

28,543

 

22,323

Total hotel operating expenses

 

225,696

 

177,776

 

680,424

 

549,515

Entertainment

 

34,022

 

31,327

 

92,722

 

80,947

Corporate

 

9,404

 

7,212

 

26,518

 

23,181

Preopening costs

 

164

 

300

 

2,274

 

3,972

Depreciation and amortization

53,998

30,994

160,560

89,655

Impairment charges

 

 

4,540

 

 

4,540

Total operating expenses

 

323,284

 

252,149

 

962,498

 

751,810

Operating income

 

56,503

 

40,100

 

195,783

 

162,743

Interest expense

 

(35,261)

 

(19,220)

 

(100,840)

 

(55,574)

Interest income

 

2,878

 

2,678

 

8,756

 

8,197

Loss on extinguishment of debt

(494)

(494)

Loss from joint ventures

 

(308)

 

(985)

 

(475)

 

(2,227)

Other gains and (losses), net

 

1,109

 

1,881

 

857

 

2,085

Income before income taxes

 

24,427

 

24,454

 

103,587

 

115,224

Provision for income taxes

 

(3,537)

 

(1,863)

 

(13,743)

 

(9,748)

Net income

20,890

22,591

89,844

105,476

Net loss attributable to noncontrolling interest in consolidated joint venture

1,459

11,296

Net income available to common stockholders

$

22,349

$

22,591

$

101,140

$

105,476

Basic income per share available to common stockholders

$

0.43

$

0.44

$

1.97

$

2.06

Diluted income per share available to common stockholders

$

0.43

$

0.44

$

1.95

$

2.05

Dividends declared per common share

$

0.90

$

0.85

$

2.70

$

2.55

Comprehensive income, net of taxes

$

13,297

$

26,030

$

82,458

$

109,077

Comprehensive loss, net of taxes, attributable to noncontrolling interest

3,353

13,190

Comprehensive income, net of taxes, available to common stockholders

$

16,650

$

26,030

$

95,648

$

109,077

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Months Ended

September 30, 

    

2019

    

2018

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net income

$

89,844

$

105,476

Amounts to reconcile net income to net cash flows provided by operating activities:

 

 

  

Provision for deferred income taxes

 

10,865

 

8,591

Depreciation and amortization

 

160,560

 

89,655

Amortization of deferred financing costs

 

5,805

 

4,237

Impairment charges

 

 

4,540

Write-off of deferred financing costs

 

2,833

 

1,956

Loss from joint ventures

475

2,227

Stock-based compensation expense

 

5,862

 

5,824

Changes in:

 

 

  

Trade receivables

 

(15,244)

 

(22,975)

Accounts payable and accrued liabilities

 

(19,905)

 

34,679

Other assets and liabilities

 

(9,954)

 

(8,934)

Net cash flows provided by operating activities

 

231,141

 

225,276

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(109,603)

 

(132,804)

Collection of notes receivable

13,211

2,560

Purchase of additional interest in Gaylord Rockies joint venture, net of cash acquired

(5,481)

Investment in other joint ventures

 

(2,241)

 

(2,199)

Purchase of remaining interest in Opry City Stage, net of cash acquired

 

(3,948)

Other investing activities

 

236

 

(6,151)

Net cash flows used in investing activities

 

(103,878)

 

(142,542)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings (repayments) under revolving credit facility

 

(302,000)

 

99,000

Repayments under term loan B

 

(3,750)

 

(2,500)

Issuance of senior notes

500,000

Redemption of senior notes

(350,000)

Borrowing under Gaylord Rockies term loan

800,000

Repayment of Gaylord Rockies construction and mezzanine loans

(496,612)

Deferred financing costs paid

 

(17,587)

 

(642)

Payment of dividends

 

(137,037)

 

(128,769)

Distribution from consolidated joint venture to noncontrolling interest partners

(105,793)

Payment of tax withholdings for share-based compensation

 

(3,965)

 

(4,121)

Other financing activities

 

(149)

 

(15)

Net cash flows used in financing activities

 

(116,893)

 

(37,047)

Net change in cash, cash equivalents, and restricted cash

 

10,370

 

45,687

Cash, cash equivalents, and restricted cash, beginning of period

 

149,089

 

78,710

Cash, cash equivalents, and restricted cash, end of period

$

159,459

$

124,397

Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:

Cash and cash equivalents - unrestricted

$

101,786

$

86,025

Cash and cash equivalents - restricted

57,673

 

38,372

Cash, cash equivalents, and restricted cash, end of period

$

159,459

$

124,397

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)

    

    

    

    

    

Accumulated

    

    

Additional

Other

Total

Common

Paid-in

Treasury

Accumulated

Comprehensive

Stockholders'

Noncontrolling

Stock 

Capital 

Stock

Deficit

Loss

Equity

Interest

BALANCE, December 31, 2018

$

513

$

900,795

$

(15,183)

$

(388,524)

$

(28,024)

$

469,577

$

287,433

Net income

 

 

 

 

29,408

 

 

29,408

 

(6,738)

Adjustment of noncontrolling interest to redemption value

(10,420)

(10,420)

10,420

Transition adjustment related to adoption of ASU 2018-02

2,707

(2,707)

Other comprehensive income, net of income taxes

 

 

 

 

 

109

 

109

 

Payment of dividends

 

 

168

(504)

(46,076)

 

 

(46,412)

 

Restricted stock units and stock options surrendered

 

1

(3,825)

 

 

 

 

(3,824)

 

Stock-based compensation expense

 

 

2,026

 

 

 

 

2,026

 

BALANCE, March 31, 2019

$

514

$

899,164

$

(15,687)

$

(412,905)

$

(30,622)

$

440,464

$

291,115

Net income

 

 

 

 

49,383

 

 

49,383

 

(3,099)

Adjustment of noncontrolling interest to redemption value

(10,293)

(10,293)

10,293

Other comprehensive income, net of income taxes

 

 

 

 

 

98

 

98

 

Payment of dividends

 

 

93

(46,593)

 

 

(46,500)

 

Distribution from consolidated joint venture to noncontrolling interest partners

(10,591)

Restricted stock units and stock options surrendered

 

(63)

 

 

 

 

(63)

 

Stock-based compensation expense

 

 

1,935

 

 

 

 

1,935

 

BALANCE, June 30, 2019

$

514

$

901,129

$

(15,687)

$

(420,408)

$

(30,524)

$

435,024

$

287,718

Net income

 

 

 

 

22,349

 

 

22,349

 

(1,459)

Adjustment of noncontrolling interest to redemption value

(90,877)

(90,877)

90,877

Other comprehensive loss, net of income taxes

 

 

 

 

 

(7,593)

(7,593)

 

Purchase of additional ownership interest in consolidated joint venture

(2,899)

(2,899)

(2,582)

Payment of dividends

 

 

135

(1,076)

(45,467)

 

 

(46,408)

 

Exercise of stock options

71

71

Distribution from consolidated joint venture to noncontrolling interest partners

(95,202)

Restricted stock units and stock options surrendered

 

(90)

 

 

 

 

(90)

 

Stock-based compensation expense

 

 

1,901

 

 

 

 

1,901

 

BALANCE, September 30, 2019

$

514

$

900,247

$

(16,763)

$

(534,403)

$

(38,117)

$

311,478

$

279,352

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)

    

    

    

    

    

Accumulated

    

    

Additional

Other

Total

Common

Paid-in

Treasury

Accumulated

Comprehensive

Stockholders'

Noncontrolling

Stock 

Capital 

Stock

Deficit

Loss

Equity

Interest

BALANCE, December 31, 2017

$

512

$

896,759

$

(13,253)

$

(479,170)

$

(26,692)

$

378,156

$

Net income

 

 

 

 

27,339

 

 

27,339

 

Transition adjustment related to adoption of ASU 2014-09

(134)

(134)

Other comprehensive income, net of income taxes

 

 

 

 

 

78

 

78

 

Payment of dividends

 

 

167

 

(454)

 

(43,461)

 

 

(43,748)

 

Restricted stock units and stock options surrendered

 

1

 

(3,692)

 

 

 

 

(3,691)

 

Stock-based compensation expense

 

 

1,923

 

 

 

 

1,923

 

BALANCE, March 31, 2018

$

513

$

895,157

$

(13,707)

$

(495,426)

$

(26,614)

$

359,923

$

Net income

 

 

 

 

55,546

 

 

55,546

 

Other comprehensive income, net of income taxes

 

 

 

 

 

84

 

84

 

Payment of dividends

 

 

102

 

(488)

 

(43,399)

 

 

(43,785)

 

Restricted stock units and stock options surrendered

 

 

(80)