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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, 2020

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 value $.01

RHP

New York Stock Exchange

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, 2020

Common Stock, par value $.01

54,981,313 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended September 30, 2020

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) – September 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three Months and Nine Months Ended September 30, 2020 and 2019

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Nine Months Ended September 30, 2020 and 2019

5

Condensed Consolidated Statements of Equity and Noncontrolling Interest (Unaudited) - For the Three Months and Nine Months Ended September 30, 2020 and 2019

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

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

23

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

50

Item 4. Controls and Procedures.

51

Part II - Other Information

51

Item 1. Legal Proceedings.

51

Item 1A. Risk Factors.

52

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

54

Item 3. Defaults Upon Senior Securities.

55

Item 4. Mine Safety Disclosures.

55

Item 5. Other Information.

55

Item 6. Exhibits.

55

SIGNATURES

56

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, 

2020

2019

ASSETS:

 

  

 

  

Property and equipment, net of accumulated depreciation (including $944,731 and $979,012 from VIEs, respectively)

$

3,128,617

$

3,130,252

Cash and cash equivalents - unrestricted (including $17,713 and $33,772 from VIEs, respectively)

 

52,162

 

362,430

Cash and cash equivalents - restricted (including $7,198 and $3,653 from VIEs, respectively)

 

48,771

 

57,966

Notes receivable, net

 

70,381

 

110,135

Trade receivables, net (including $1,524 and $16,523 from VIEs, respectively)

 

13,657

 

70,768

Deferred income tax assets, net

 

 

25,959

Prepaid expenses and other assets (including $24,462 and $27,888 from VIEs, respectively)

 

97,165

 

123,845

Intangible assets (including $172,366 and $202,366 from VIEs, respectively)

176,998

207,113

Total assets

$

3,587,751

$

4,088,468

LIABILITIES AND EQUITY:

 

  

 

  

Debt and finance lease obligations (including $793,876 and $792,696 from VIEs, respectively)

$

2,586,972

$

2,559,968

Accounts payable and accrued liabilities (including $44,797 and $57,590 from VIEs, respectively)

 

214,231

 

264,915

Dividends payable

 

748

 

50,711

Deferred management rights proceeds

 

173,499

 

175,332

Operating lease liabilities

 

107,382

 

106,331

Deferred income tax liabilities, net

649

Other liabilities (including $21,994 and $2,174 from VIEs, respectively)

 

104,034

 

64,971

Total liabilities

3,187,515

3,222,228

Commitments and contingencies

 

 

Noncontrolling interest in consolidated joint venture

113,163

221,511

Equity:

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

 

 

Common stock, $.01 par value, 400,000 shares authorized, 54,981 and 54,897 shares issued and outstanding, respectively

 

550

 

549

Additional paid-in capital

 

1,190,160

 

1,185,168

Treasury stock of 648 and 619 shares, at cost

 

(18,467)

 

(17,315)

Accumulated deficit

 

(831,265)

 

(495,514)

Accumulated other comprehensive loss

 

(69,052)

 

(28,159)

Total stockholders' equity

 

271,926

 

644,729

Noncontrolling interest in Operating Partnership

15,147

Total equity

287,073

644,729

Total liabilities and equity

$

3,587,751

$

4,088,468

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, 

    

2020

    

2019

    

2020

    

2019

    

Revenues:

 

  

 

  

 

  

 

  

 

Rooms

$

24,487

$

134,950

$

133,417

$

411,866

Food and beverage

 

16,217

 

155,173

 

163,477

 

499,346

Other hotel revenue

 

17,274

 

38,134

 

57,060

 

111,684

Entertainment

 

12,271

 

51,530

 

44,006

 

135,385

Total revenues

 

70,249

 

379,787

 

397,960

 

1,158,281

Operating expenses:

 

  

 

  

 

  

 

  

Rooms

 

10,280

 

37,116

 

47,060

 

108,184

Food and beverage

 

19,233

 

88,584

 

114,935

 

270,623

Other hotel expenses

 

56,961

 

91,608

 

192,480

 

273,074

Management fees, net

 

516

 

8,388

 

5,445

 

28,543

Total hotel operating expenses

 

86,990

 

225,696

 

359,920

 

680,424

Entertainment

 

17,343

 

34,022

 

60,146

 

92,722

Corporate

 

7,299

 

9,404

 

22,693

 

26,518

Preopening costs

 

96

 

164

 

1,597

 

2,274

Gain on sale of assets

(1,261)

Credit loss on held-to-maturity securities

7,811

32,784

Depreciation and amortization

53,876

53,998

161,232

160,560

Total operating expenses

 

173,415

 

323,284

 

637,111

 

962,498

Operating income (loss)

 

(103,166)

 

56,503

 

(239,151)

 

195,783

Interest expense

 

(28,127)

 

(35,261)

 

(87,527)

 

(100,840)

Interest income

 

1,540

 

2,878

 

5,765

 

8,756

Loss on extinguishment of debt

(494)

(494)

Loss from unconsolidated joint ventures

 

(1,767)

 

(308)

 

(5,482)

 

(475)

Other gains and (losses), net

 

1,729

 

1,109

 

(14,831)

 

857

Income (loss) before income taxes

 

(129,791)

 

24,427

 

(341,226)

 

103,587

Provision for income taxes

 

(86)

 

(3,537)

 

(27,046)

 

(13,743)

Net income (loss)

(129,877)

20,890

(368,272)

89,844

Net loss attributable to noncontrolling interest in consolidated joint venture

11,893

1,459

30,280

11,296

Net loss attributable to noncontrolling interest in Operating Partnership

325

325

Net income (loss) available to common stockholders

$

(117,659)

$

22,349

$

(337,667)

$

101,140

Basic income (loss) per share available to common stockholders

$

(2.14)

$

0.43

$

(6.14)

$

1.97

Diluted income (loss) per share available to common stockholders

$

(2.14)

$

0.43

$

(6.14)

$

1.95

Comprehensive income (loss), net of taxes

$

(134,302)

$

13,297

$

(411,323)

$

82,458

Comprehensive loss, net of taxes, attributable to noncontrolling interest

10,793

3,353

37,850

13,190

Comprehensive income (loss), net of taxes, available to common stockholders

$

(123,509)

$

16,650

$

(373,473)

$

95,648

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, 

    

2020

    

2019

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net income (loss)

$

(368,272)

$

89,844

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

 

Provision for deferred income taxes

 

26,607

10,865

Depreciation and amortization

 

161,232

160,560

Amortization of deferred financing costs

 

5,889

5,805

Credit loss on held-to-maturity securities

32,784

Forfeiture of Block21 earnest deposit

15,000

Write-off of deferred financing costs

 

246

2,833

Loss from unconsolidated joint ventures

5,482

475

Stock-based compensation expense

 

6,623

5,862

Changes in:

 

Trade receivables

 

56,950

(15,244)

Accounts payable and accrued liabilities

 

(57,024)

(19,905)

Other assets and liabilities

 

2,152

(9,954)

Net cash flows provided by (used in) operating activities

 

(112,331)

 

231,141

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(124,581)

(109,603)

Collection of notes receivable

2,985

13,211

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

(5,481)

Investment in other joint ventures

 

(8,761)

(2,241)

Other investing activities, net

 

(1,304)

236

Net cash flows used in investing activities

 

(131,661)

 

(103,878)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings (repayments) under revolving credit facility

 

35,000

(302,000)

Repayments under term loan B

 

(3,750)

(3,750)

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

 

(1,528)

(17,587)

Payment of dividends

 

(102,325)

(137,037)

Distributions from consolidated joint venture to noncontrolling interest partners

(992)

(105,793)

Payment of tax withholdings for share-based compensation

 

(1,688)

(3,965)

Other financing activities, net

 

(188)

(149)

Net cash flows used in financing activities

 

(75,471)

 

(116,893)

Net change in cash, cash equivalents, and restricted cash

 

(319,463)

 

10,370

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

 

420,396

 

149,089

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

$

100,933

$

159,459

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

Cash and cash equivalents - unrestricted

$

52,162

$

101,786

Cash and cash equivalents - restricted

48,771

 

57,673

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

$

100,933

$

159,459

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 EQUITY AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Accumulated

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Deficit

Loss

Equity

Partnership

Equity

Joint Venture

BALANCE, December 31, 2019

$

549

$

1,185,168

$

(17,315)

$

(495,514)

$

(28,159)

$

644,729

$

$

644,729

$

221,511

Net loss

 

 

 

 

(46,516)

 

 

(46,516)

 

 

(46,516)

 

(4,220)

Adjustment of noncontrolling interest to redemption value

54,265

54,265

54,265

(54,265)

Transition adjustment related to adoption of ASU 2016-13

(5,343)

2,158

(3,185)

(3,185)

Other comprehensive loss, net of income taxes

 

 

 

 

 

(37,437)

 

(37,437)

 

 

(37,437)

 

Payment of dividends ($0.95 per share)

 

 

147

(557)

(51,996)

 

 

(52,406)

 

 

(52,406)

 

Restricted stock units and stock options surrendered

 

1

(1,660)

 

 

 

 

(1,659)

 

 

(1,659)

 

Stock-based compensation expense

 

 

2,230

 

 

 

 

2,230

 

 

2,230

 

BALANCE, March 31, 2020

$

550

$

1,185,885

$

(17,872)

$

(545,104)

$

(63,438)

$

560,021

$

$

560,021

$

163,026

Net loss

 

 

 

 

(173,492)

 

 

(173,492)

 

 

(173,492)

 

(14,167)

Adjustment of noncontrolling interest to redemption value

6,174

6,174

6,174

(6,174)

Other comprehensive loss, net of income taxes

 

 

 

 

 

(1,189)

 

(1,189)

 

 

(1,189)

 

Payment of dividends

 

 

(595)

624

 

 

29

 

 

29

 

Distribution from consolidated joint venture to noncontrolling interest partners

(992)

Restricted stock units and stock options surrendered

 

(29)

 

 

 

 

(29)

 

 

(29)

 

Stock-based compensation expense

 

 

2,190

 

 

 

 

2,190

 

 

2,190

 

BALANCE, June 30, 2020

$

550

$

1,188,046

$

(18,467)

$

(711,798)

$

(64,627)

$

393,704

$

$

393,704

$

141,693

Net loss

 

 

 

 

(117,659)

 

 

(117,659)

 

(325)

 

(117,984)

 

(11,893)

Adjustment of noncontrolling interest to redemption value

(333)

(333)

(333)

333

Issuance of partnership units in Operating Partnership

15,472

15,472

Other comprehensive loss, net of income taxes

 

 

 

 

 

(4,425)

(4,425)

 

(4,425)

 

Payment of dividends

 

 

(13)

25

 

 

12

 

 

12

 

Redemption of noncontrolling interests

(1,500)

(1,500)

(1,500)

(16,970)

Restricted stock units and stock options surrendered

 

(76)

 

 

 

 

(76)

 

 

(76)

 

Stock-based compensation expense

 

 

2,203

 

 

 

 

2,203

 

 

2,203

 

BALANCE, September 30, 2020

$

550

$

1,190,160

$

(18,467)

$

(831,265)

$

(69,052)

$

271,926

$

15,147

$

287,073

$

113,163

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 EQUITY AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Accumulated

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Deficit

Loss

Equity

Partnership

Equity

Joint Venture

BALANCE, December 31, 2018

$

513

$

900,795

$

(15,183)

$

(388,524)

$

(28,024)

$

469,577

$

$

469,577

$

287,433

Net income

 

 

 

 

29,408

 

 

29,408

 

 

29,408

 

(6,738)

Adjustment of noncontrolling interest to redemption value

(10,420)

(10,420)

(10,420)

10,420

Transition adjustment related to adoption of ASU 2018-02

2,707

(2,707)