Ryman Hospitality Properties, Inc. Reports Second Quarter 2016 Results
– Second Quarter Net Income of
– Total Adjusted EBITDA of
– Same-Store RevPAR Increased 5.9 Percent, Same-Store Total RevPAR Increased 6.4 Percent –
– Second Quarter Gross Room Nights Booked for All Future Years Increased 13.5 Percent –
– Updates Full-Year Guidance –
Along with our peers, we did experience some in the year for the year softness during the second quarter of 2016; however, the contractual nature of our business affords us a measure of profitability protection during times of macroeconomic uncertainty that differentiates our model from others in our sector.
On the bookings front, we bested our impressive 2015 second quarter gross definite room night bookings for all future periods by 13.5 percent in the second quarter of 2016, which is indicative of the continued strength we see in our core group business in the years ahead.”
Second Quarter and Year-to-Date 2016 Results (As Compared to Second Quarter and Year-to-Date 2015) Included the Following:
($ in thousands, except RevPAR and Total RevPAR)
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Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | % ∆ | 2016 | 2015 | % ∆ | ||||||||||
Total Revenue | $296,215 | $274,036 | 8.1% | $557,712 | $527,184 | 5.8% | |||||||||
Same-Store Hospitality Revenue (1) | $259,307 | $243,522 | 6.5% | $501,686 | $479,976 | 4.5% | |||||||||
Same-Store RevPAR (1) | $147.32 | $139.07 | 5.9% | $138.42 | $134.54 | 2.9% | |||||||||
Same-Store Total RevPAR (1) | $351.45 | $330.46 | 6.4% | $340.18 | $327.46 | 3.9% | |||||||||
Operating income | $66,945 | $57,015 | 17.4% | $105,739 | $92,905 | 13.8% | |||||||||
Net income (2) | $51,331 | $41,389 | 24.0% | $77,677 | $45,921 | 69.2% | |||||||||
Net income per diluted share (2) | $1.00 | $0.80 | 25.0% | $1.51 | $0.89 | 69.7% | |||||||||
Adjusted EBITDA | $99,058 | $91,751 | 8.0% | $172,474 | $165,577 | 4.2% | |||||||||
Adjusted EBITDA Margin | 33.4% | 33.5% | -0.1pt | 30.9% | 31.4% | -0.5pt | |||||||||
Same-Store Hospitality Adjusted EBITDA (1) | $90,262 | $84,035 | 7.4% | $166,216 | $159,878 | 4.0% | |||||||||
Same-Store Hospitality Adjusted EBITDA Margin (1) | 34.8% | 34.5% | 0.3pt | 33.1% | 33.3% | -0.2pt | |||||||||
Funds From Operations (FFO) | $77,756 | $69,788 | 11.4% | $132,880 | $102,890 | 29.1% | |||||||||
FFO per diluted share | $1.52 | $1.35 | 12.6% | $2.59 | $2.00 | 29.5% | |||||||||
Adjusted FFO (3) | $81,586 | $75,287 | 8.4% | $138,136 | $133,961 | 3.1% | |||||||||
Adjusted FFO per diluted share | $1.59 | $1.46 | 8.9% | $2.69 | $2.60 | 3.5% | |||||||||
(1) |
Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015. |
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(2) |
Net income for the six months ended June 30, 2015 includes a loss of $20.2 million on warrant settlements associated with our previous convertible notes. |
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(3) |
Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release. |
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For the Company’s definitions of RevPAR, Total RevPAR, Adjusted EBITDA and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO to Net Income, see “Calculation of RevPAR and Total RevPAR,” “Non-GAAP Financial Measures,” “Revised Adjusted FFO Definition” and “Supplemental Financial Results” below. Adjusted FFO for 2015 presented herein also reflects the revised Adjusted FFO definition used for 2016.
Operating Results
Hospitality Segment
($ in thousands, except per share amounts, RevPAR and Total RevPAR)
For the three months and six months ended
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | % ∆ | 2016 | 2015 | % ∆ | ||||||||||
Hospitality Results |
|||||||||||||||
Hospitality Revenue | $262,329 | $245,835 | 6.7% | $506,520 | $482,289 | 5.0% | |||||||||
Hospitality Operating Income | $63,018 | $53,827 | 17.1% | $108,477 | $95,406 | 13.7% | |||||||||
Hospitality Adjusted EBITDA | $91,502 | $85,066 | 7.6% | $167,843 | $ 160,910 | 4.3% | |||||||||
Hospitality Adjusted EBITDA Margin | 34.9% | 34.6% | 0.3pt | 33.1% | 33.4% | -0.3pt | |||||||||
Hospitality Performance Metrics | |||||||||||||||
Occupancy | 78.0% | 75.2% | 2.8pt | 74.1% | 73.1% | 1.0pt | |||||||||
Average Daily Rate (ADR) | $188.86 | $184.32 | 2.5% | $186.19 | $183.75 | 1.3% | |||||||||
RevPAR | $147.40 | $138.61 | 6.3% | $137.98 | $134.36 | 2.7% | |||||||||
Total RevPAR | $347.32 | $325.96 | 6.6% | $335.51 | $325.21 | 3.2% | |||||||||
Gross Definite Rooms Nights Booked | 604,093 | 532,270 | 13.5% | 990,659 | 875,535 | 13.1% | |||||||||
Net Definite Rooms Nights Booked | 429,507 | 402,433 | 6.7% | 748,522 | 665,488 | 12.5% | |||||||||
Group Attrition (as % of contracted block) | 12.8% | 13.4% | -0.6pt | 11.9% | 12.4% | -0.5pt | |||||||||
Cancellations ITYFTY (1) | 12,739 | 6,057 | 110.3% | 28,512 | 18,076 | 57.7% | |||||||||
Same-Store Hospitality Results (2) |
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Same-Store Hospitality Revenue | $259,307 | $243,522 | 6.5% | $501,686 | $479,976 | 4.5% | |||||||||
Same-Store Hospitality Operating Income | $62,094 | $53,264 | 16.6% | $107,482 | $95,589 | 12.4% | |||||||||
Same-Store Hospitality Adjusted EBITDA | $90,262 | $84,035 | 7.4% | $166,216 | $ 159,878 | 4.0% | |||||||||
Same-Store Hospitality Adjusted EBITDA Margin | 34.8% | 34.5% | 0.3pt | 33.1% | 33.3% | -0.2pt | |||||||||
Same-Store Hospitality Performance Metrics | |||||||||||||||
Occupancy | 78.0% | 75.6% | 2.4pt | 74.3% | 73.3% | 1.0pt | |||||||||
Average Daily Rate (ADR) | $188.86 | $183.83 | 2.7% | $186.20 | $183.49 | 1.5% | |||||||||
RevPAR | $147.32 | $139.07 | 5.9% | $138.42 | $134.54 | 2.9% | |||||||||
Total RevPAR | $351.45 | $330.46 | 6.4% | $340.18 | $327.46 | 3.9% | |||||||||
(1) |
"ITYFTY" represents In The Year For The Year. |
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(2) |
Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015. |
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Property-level results and operating metrics for second quarter 2016 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA to Hospitality Operating Income, Same-Store Hospitality Adjusted EBITDA to Same-Store Hospitality Operating Income, and property-level Adjusted EBITDA to property-level Operating Income for each of the hotel properties. Highlights for second quarter 2016 for the Hospitality segment and at each property include:
-
Hospitality Segment (Same-Store): Total revenue increased 6.5
percent to
$259.3 million in second quarter 2016 compared to second quarter 2015. RevPAR increased 5.9 percent, driven by an increase in occupancy of 2.4 percentage points and a 2.7 percent increase in ADR. Operating income increased 16.6 percent to$62.1 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 7.4 percent, as compared to second quarter 2015, to$90.3 million . Adjusted EBITDA margin was up slightly compared to second quarter 2015. Adjusted EBITDA for second quarter 2016 includes the accrual of approximately$0.7 million in additional incentive management fees payable to our operator based on full-year 2016 performance expectations. -
Gaylord Opryland: Total revenue for second quarter 2016
increased 1.5 percent to
$79.6 million compared to second quarter 2015, driven by strong ADR growth and solid food and beverage performance despite a decrease in occupancy of 2.3 percentage points compared to second quarter 2015. There were 8,630 room nights out of service during the second quarter of 2016 due to a planned rooms renovation. Operating income decreased 3.6 percent to$21.4 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA decreased 3.3 percent, as compared to second quarter 2015, to$28.7 million , and Adjusted EBITDA margin decreased by 180 basis points due to lower attrition and cancellation fees collected, non-capitalized costs associated with a planned rooms renovation, an increase in group commissions paid and an increase in costs associated with the accrual of incentive management fees. -
Gaylord Palms : Total revenue for second quarter 2016 increased 11.6 percent to$45.7 million compared to second quarter 2015 due to a 6.5 percentage point increase in occupancy coupled with an increase in food and beverage revenue. Strong banquet revenue and new and refurbished dining outlets that opened in the second quarter of 2016 were the main drivers for the year-over-year food and beverage increase. Operating income increased 56.5 percent to$8.1 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 27.0 percent to$14.1 million compared to second quarter 2015, and Adjusted EBITDA margin increased by 370 basis points. -
Gaylord Texan: Total revenue for second quarter 2016 increased
12.8 percent to
$56.4 million , due to a 6.1 percentage point increase in occupancy as well as a 5.9 percent increase in ADR compared to second quarter 2015. Operating income increased 29.4 percent to$15.6 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 20.6 percent to$20.6 million compared to second quarter 2015, driven by the growth in rooms revenue coupled with an increase in food and beverage revenue related to strong group performance and summer holiday programming. Adjusted EBITDA margin increased by 240 basis points compared to second quarter 2015. -
Gaylord National: Total revenue for second quarter 2016
increased 4.3 percent to
$73.6 million , driven by a 2.8 percentage point increase in occupancy and an increase in food and beverage revenue compared to second quarter 2015. Operating income increased 23.0 percent to$16.0 million in second quarter 2016 compared to second quarter 2015. Adjusted EBITDA increased 2.0 percent to$25.4 million , as compared to second quarter 2015. Adjusted EBITDA margin decreased by 80 basis points due to a decrease in bond interest income as a result of a note receivable discount amortization, higher sales and marketing expenses and an increase in group commissions paid during the second quarter of 2016 as compared to second quarter 2015.
Reed continued, “We are pleased with the top- and bottom-line growth our hotels produced on association and transient-driven occupancy increases this quarter as compared to the second quarter of 2015. We are especially pleased with these results given that we had the equivalent of approximately 1.2 points of occupancy out of service in the second quarter due to the rooms renovation program at Gaylord Opryland.
We saw strong group performance at Gaylord Texan, which led the brand in
occupancy this quarter. This strong group performance was augmented by
high-rated leisure business due in part to the debut of the resort’s
Entertainment Segment
For the three months and six months ended
Three Months Ended | Six Months Ended | |||||||||||||
($ in thousands) | June 30, | June 30, | ||||||||||||
2016 |
2015 |
% ∆ |
2016 |
2015 |
% ∆ |
|||||||||
Revenue | $33,886 | $28,201 | 20.2% | $51,192 | $44,895 | 14.0% | ||||||||
Operating Income | $11,491 | $10,158 | 13.1% | $12,454 | $12,278 | 1.4% | ||||||||
Adjusted EBITDA | $13,247 | $11,674 | 13.5% | $16,019 | $15,417 | 3.9% | ||||||||
Adjusted EBITDA Margin | 39.1% | 41.4% | -2.3pt | 31.3% | 34.3% | -3.0pt | ||||||||
Reed continued, “Our Entertainment segment produced strong, double-digit year-over-year increases in both revenue and Adjusted EBITDA in the second quarter compared to the prior-year quarter, which further demonstrates the increased demand for our one-of-a-kind assets. Our previously-announced Wildhorse Saloon renovation was completed in May, and early feedback from our group customers and leisure guests has been positive.
We continued to make investments in people and resources during the second quarter to help us pursue growth opportunities for this segment, which is reflected in our Adjusted EBITDA margin. In addition to these investments, we recruited a chief operating officer during the quarter, who officially joined the Company in July to oversee our flagship Entertainment assets as we pursue our strategic growth initiatives.”
Corporate and Other Segment
For the three months and six months ended
|
||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
($ in thousands) | June 30, | June 30, | ||||||||||||
2016 |
2015 |
% ∆ |
2016 |
2015 |
% ∆ |
|||||||||
Operating Loss | ($7,564) | ($6,970) | -8.5% | ($15,192) | ($14,779) | -2.8% | ||||||||
Adjusted EBITDA | ($5,691) | ($4,989) | -14.1% | ($11,388) | ($10,750) | -5.9% | ||||||||
Dividend Update
The Company paid its second quarter 2016 cash dividend of $0.75 per
share of common stock on
Balance Sheet/Liquidity Update
As of
Guidance
The Company is updating its 2016 guidance provided on
Reed continued, “We remain bullish on the long-term strength of our
business and our group-centric model; however, recent short-term
economic uncertainty has tempered our in the year for the year revenue
expectations for our Hospitality segment. In addition, we experienced a
meaningful in the year for the year group cancellation in the second
quarter that has affected our RevPAR growth expectations for the
remainder of the year. We have since received
$ in millions, except per share figures |
Updated Guidance |
Variance to Prior |
|||||||||
Full Year 2016 |
Guidance |
||||||||||
Low | High | Low | High | ||||||||
Hospitality RevPAR (1) | 3.0% | 4.0% | -0.5% | -2.0% | |||||||
Hospitality Total RevPAR (1) | 3.0% | 4.0% | -0.5% | -2.0% | |||||||
Hospitality Adjusted EBITDA Margin Change | + 50 bps | + 110 bps | + 20 bps | + 60 bps | |||||||
Adjusted EBITDA |
|||||||||||
Hospitality (2) | $ 328.0 | $ 338.0 | $ - | $ - | |||||||
AC Hotel | 3.0 | 4.0 | - | - | |||||||
Entertainment (Opry and Attractions) | 31.0 | 35.0 | - | - | |||||||
Corporate and Other | (23.0) | (21.0) | - | - | |||||||
Consolidated Adjusted EBITDA | $ 339.0 | $ 356.0 | $ - | $ - | |||||||
Funds from Operations (FFO) | $ 247.8 | $ 268.8 | $ - | $ - | |||||||
Adjusted FFO (3) | $ 268.6 | $ 289.0 | $ - | $ - | |||||||
FFO per Diluted Share | $ 4.85 | $ 5.26 | $ 0.02 | $ 0.02 | |||||||
Adjusted FFO per Diluted Share | $ 5.26 | $ 5.66 | $ 0.02 | $ 0.03 | |||||||
Estimated Diluted Shares Outstanding | 51.1 | 51.1 | (0.2) | (0.2) | |||||||
(1) | Hospitality segment guidance for RevPAR and Total RevPAR does not include the AC Hotel. | ||
(2) | Hospitality segment guidance assumes approximately 35,800 room nights out of service in 2016 due to the renovation of rooms at Gaylord Opryland. The out of service rooms do not impact total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR). | ||
(3) | See “Revised Adjusted FFO Definition” below for a description of how we calculate AFFO and certain changes to this calculation beginning in 2016 (which changes are reflected in the guidance range above). | ||
Earnings Call Information
About
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and
expectations of the outcome of future events that are forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. You can identify these statements by the fact that they do not
relate strictly to historical or current facts. Examples of these
statements include, but are not limited to, statements regarding the
future performance of our business, estimated capital expenditures,
out-of-service rooms, plans to engage in common stock repurchase
transactions and the timing and form of such transactions, the expected
approach to making dividend payments, the board’s ability to alter the
dividend policy at any time 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 effect of the Company’s election to be taxed as a
REIT for federal income tax purposes commencing with the year ended
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage and other ancillary services revenue by room nights available to guests for the period.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:
To calculate Adjusted EBITDA, we determine EBITDA, which represents net
income (loss) determined in accordance with GAAP, plus loss (income)
from discontinued operations, net; provision (benefit) for income taxes;
other (gains) and losses, net; loss on extinguishment of debt; (income)
loss from joint ventures; interest expense; and depreciation and
amortization, less interest income. Adjusted EBITDA is calculated as
EBITDA plus preopening costs; non-cash ground lease expense;
equity-based compensation expense; impairment charges; any closing costs
of completed acquisitions; interest income on Gaylord National bonds;
other gains and (losses); (gains) and losses on warrant settlements;
pension settlement charges; pro rata Adjusted EBITDA from joint
ventures, and any other adjustments we have identified in this release.
We believe Adjusted EBITDA is useful to investors in evaluating our
operating performance because this measure helps investors evaluate and
compare the results of our operations from period to period by removing
the impact of our capital structure (primarily interest expense) and our
asset base (primarily depreciation and amortization) from our operating
results. A reconciliation of net income (loss) to EBITDA and Adjusted
EBITDA and a reconciliation of segment and property-level operating
income to segment and property-level Adjusted EBITDA are set forth below
under “Supplemental Financial Results.” Hospitality Adjusted
EBITDA—Same-Store excludes the
Revised Adjusted FFO Definition
We calculate Adjusted FFO to mean net income (loss) (computed in accordance with GAAP), excluding non-controlling interests, and gains and losses from sales of property; plus depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and pro rata adjustments from joint ventures (which equals FFO). We then exclude impairment losses; we also exclude written-off deferred financing costs, non-cash ground lease expense, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges and (gains) losses on extinguishment of debt and warrant settlements. Beginning in 2016, we exclude the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides useful information to investors regarding our operating performance because it is 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 Adjusted FFO as one measure in determining our results after taking into account the impact of our capital structure. A reconciliation of net income (loss) to Adjusted FFO is set forth below under “Supplemental Financial Results.”
We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA and Adjusted FFO may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA and Adjusted FFO, and any related per share measures, should not be considered as alternative measures of our net income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA and Adjusted FFO 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 Adjusted EBITDA and Adjusted FFO 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) or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
Unaudited | ||||||||||||||
(In thousands, except per share data) | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
Jun. 30, | Jun. 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Revenues : | ||||||||||||||
Rooms | $ | 111,331 | $ | 104,540 | $ | 208,300 | $ | 199,261 | ||||||
Food and beverage | 127,217 | 119,042 | 249,450 | 237,373 | ||||||||||
Other hotel revenue | 23,781 | 22,253 | 48,770 | 45,655 | ||||||||||
Entertainment | 33,886 | 28,201 | 51,192 | 44,895 | ||||||||||
Total revenues | 296,215 | 274,036 | 557,712 | 527,184 | ||||||||||
Operating expenses: | ||||||||||||||
Rooms | 28,140 | 26,802 | 54,121 | 52,869 | ||||||||||
Food and beverage | 67,998 | 64,789 | 136,255 | 129,864 | ||||||||||
Other hotel expenses | 73,491 | 70,109 | 146,179 | 140,405 | ||||||||||
Management fees | 5,501 | 3,791 | 10,838 | 7,303 | ||||||||||
Total hotel operating expenses |
175,130 | 165,491 | 347,393 | 330,441 | ||||||||||
Entertainment | 20,834 | 16,659 | 35,530 | 29,821 | ||||||||||
Corporate | 6,897 | 6,273 | 13,868 | 13,367 | ||||||||||
Preopening costs | - | 199 | - | 791 | ||||||||||
Impairment and other charges | - | - | - | 2,890 | ||||||||||
Depreciation and amortization | 26,409 | 28,399 | 55,182 | 56,969 | ||||||||||
Total operating expenses | 229,270 | 217,021 | 451,973 | 434,279 | ||||||||||
Operating income | 66,945 | 57,015 | 105,739 | 92,905 | ||||||||||
Interest expense, net of amounts capitalized | (16,016) | (17,814) | (32,055) | (31,627) | ||||||||||
Interest income | 3,008 | 3,393 | 6,151 | 6,401 | ||||||||||
Loss from joint ventures | (1,058) | - | (1,448) | - | ||||||||||
Other gains and (losses), net | (133) | (339) | (180) | (20,571) | ||||||||||
Income before income taxes | 52,746 | 42,255 | 78,207 | 47,108 | ||||||||||
Provision for income taxes | (1,415) | (866) | (530) | (1,187) | ||||||||||
Net income | $ | 51,331 | $ | 41,389 | $ | 77,677 | $ | 45,921 | ||||||
Basic net income per share | $ | 1.01 | $ | 0.81 | $ | 1.52 | $ | 0.90 | ||||||
Fully diluted net income per share | $ | 1.00 | $ | 0.80 | $ | 1.51 | $ | 0.89 | ||||||
Weighted average common shares for the period: |
||||||||||||||
Basic | 50,977 | 51,269 | 51,011 | 51,196 | ||||||||||
Diluted | 51,221 | 51,601 | 51,296 | 51,562 | ||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
Unaudited | ||||||||
(In thousands) | ||||||||
Jun. 30, | Dec. 31, | |||||||
2016 | 2015 | |||||||
ASSETS: | ||||||||
Property and equipment, net of accumulated depreciation | $ | 1,984,035 | $ | 1,982,816 | ||||
Cash and cash equivalents - unrestricted | 50,732 | 56,291 | ||||||
Cash and cash equivalents - restricted | 29,966 | 22,355 | ||||||
Notes receivable | 155,357 | 152,560 | ||||||
Trade receivables, net | 52,568 | 55,033 | ||||||
Prepaid expenses and other assets | 83,230 | 62,379 | ||||||
Total assets | $ | 2,355,888 | $ | 2,331,434 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||
Debt and capital lease obligations | $ | 1,493,632 | $ | 1,431,710 | ||||
Accounts payable and accrued liabilities | 136,683 | 153,383 | ||||||
Dividends payable | 38,949 | 36,868 | ||||||
Deferred management rights proceeds | 181,603 | 183,119 | ||||||
Deferred income taxes, net | 520 | 1,163 | ||||||
Other liabilities | 147,536 | 145,629 | ||||||
Stockholders' equity | 356,965 | 379,562 | ||||||
Total liabilities and stockholders' equity | $ | 2,355,888 | $ | 2,331,434 | ||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
SUPPLEMENTAL FINANCIAL RESULTS | ||||||||||||||||||||||
ADJUSTED EBITDA RECONCILIATION | ||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||
Consolidated |
||||||||||||||||||||||
Revenue | $ | 296,215 | $ | 274,036 | $ | 557,712 | $ | 527,184 | ||||||||||||||
Net income | $ | 51,331 | $ | 41,389 | $ | 77,677 | $ | 45,921 | ||||||||||||||
Provision for income taxes | 1,415 | 866 | 530 | 1,187 | ||||||||||||||||||
Other (gains) and losses, net | 133 | 339 | 180 | 20,571 | ||||||||||||||||||
Loss from joint ventures | 1,058 | - | 1,448 | - | ||||||||||||||||||
Interest expense, net | 13,008 | 14,421 | 25,904 | 25,226 | ||||||||||||||||||
Depreciation & amortization | 26,409 | 28,399 | 55,182 | 56,969 | ||||||||||||||||||
EBITDA | 93,354 | 31.5% | 85,414 | 31.2% | 160,921 | 28.9% | 149,874 | 28.4% | ||||||||||||||
Preopening costs | - | 199 | - | 791 | ||||||||||||||||||
Non-cash lease expense | 1,311 | 1,341 | 2,622 | 2,682 | ||||||||||||||||||
Equity-based compensation | 1,513 | 1,467 | 3,062 | 3,057 | ||||||||||||||||||
Impairment charges | - | - | - | 2,890 | ||||||||||||||||||
Interest income on Gaylord National bonds | 2,992 | 3,381 | 6,094 | 6,380 | ||||||||||||||||||
Pro rata adjusted EBITDA from joint ventures | (3) | - | (3) | - | ||||||||||||||||||
Other gains and (losses), net | (133) | (339) | (180) | (20,571) | ||||||||||||||||||
Loss on warrant settlements | - | 60 | - | 20,246 | ||||||||||||||||||
(Gain) loss on disposal of assets | 24 | 228 | (42) | 228 | ||||||||||||||||||
Adjusted EBITDA | $ | 99,058 | 33.4% | $ | 91,751 | 33.5% | $ | 172,474 | 30.9% | $ | 165,577 | 31.4% | ||||||||||
Hospitality segment |
||||||||||||||||||||||
Revenue | $ | 262,329 | $ | 245,835 | $ | 506,520 | $ | 482,289 | ||||||||||||||
Operating income | $ | 63,018 | $ | 53,827 | $ | 108,477 | $ | 95,406 | ||||||||||||||
Depreciation & amortization | 24,181 | 26,349 | 50,650 | 52,792 | ||||||||||||||||||
Preopening costs | - | 168 | - | 760 | ||||||||||||||||||
Non-cash lease expense | 1,311 | 1,341 | 2,622 | 2,682 | ||||||||||||||||||
Impairment charges | - | - | - | 2,890 | ||||||||||||||||||
Interest income on Gaylord National bonds | 2,992 | 3,381 | 6,094 | 6,380 | ||||||||||||||||||
Other gains and (losses), net | (24) | (222) | (24) | (222) | ||||||||||||||||||
Loss on disposal of assets | 24 | 222 | 24 | 222 | ||||||||||||||||||
Adjusted EBITDA | $ | 91,502 | 34.9% | $ | 85,066 | 34.6% | $ | 167,843 | 33.1% | $ | 160,910 | 33.4% | ||||||||||
Entertainment segment |
||||||||||||||||||||||
Revenue | $ | 33,886 | $ | 28,201 | $ | 51,192 | $ | 44,895 | ||||||||||||||
Operating income | $ | 11,491 | $ | 10,158 | $ | 12,454 | $ | 12,278 | ||||||||||||||
Depreciation & amortization | 1,561 | 1,353 | 3,208 | 2,765 | ||||||||||||||||||
Preopening costs | - | 31 | - | 31 | ||||||||||||||||||
Equity-based compensation | 198 | 132 | 360 | 343 | ||||||||||||||||||
Pro rata adjusted EBITDA from joint ventures | (3) | - | (3) | - | ||||||||||||||||||
Adjusted EBITDA | $ | 13,247 | 39.1% | $ | 11,674 | 41.4% | $ | 16,019 | 31.3% | $ | 15,417 | 34.3% | ||||||||||
Corporate and Other segment |
||||||||||||||||||||||
Operating loss | $ | (7,564) | $ | (6,970) | $ | (15,192) | $ | (14,779) | ||||||||||||||
Depreciation & amortization | 667 | 697 | 1,324 | 1,412 | ||||||||||||||||||
Equity-based compensation | 1,315 | 1,335 | 2,702 | 2,714 | ||||||||||||||||||
Other gains and (losses), net | (109) | (117) | (156) | (20,349) | ||||||||||||||||||
Loss on warrant settlements | - | 60 | - | 20,246 | ||||||||||||||||||
(Gain) loss on disposal of assets | - | 6 | (66) | 6 | ||||||||||||||||||
Adjusted EBITDA | $ | (5,691) | $ | (4,989) | $ | (11,388) | $ | (10,750) | ||||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||
SUPPLEMENTAL FINANCIAL RESULTS | ||||||||||||||
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION | ||||||||||||||
Unaudited | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Consolidated |
||||||||||||||
Net income | $ | 51,331 | $ | 41,389 | $ | 77,677 | $ | 45,921 | ||||||
Depreciation & amortization | 26,409 | 28,399 | 55,182 | 56,969 | ||||||||||
Pro rata adjustments from joint ventures | 16 | - | 21 | - | ||||||||||
FFO | 77,756 | 69,788 | 132,880 | 102,890 | ||||||||||
Non-cash lease expense | 1,311 | 1,341 | 2,622 | 2,682 | ||||||||||
Impairment charges | - | - | - | 2,890 | ||||||||||
Pro rata adjustments from joint ventures | 417 | - | 811 | - | ||||||||||
Loss on warrant settlements | - | 60 | - | 20,246 | ||||||||||
(Gain) loss on other assets | 24 | 228 | (10) | 228 | ||||||||||
Write-off of deferred financing costs | - | 1,926 | - | 1,926 | ||||||||||
Amortization of deferred financing costs | 1,216 | 1,459 | 2,432 | 2,855 | ||||||||||
Deferred tax (benefit) expense | 862 | 485 | (599) | 244 | ||||||||||
Adjusted FFO (1) | $ | 81,586 | $ | 75,287 | $ | 138,136 | $ | 133,961 | ||||||
Capital expenditures (2) | (15,795) | (12,357) | (29,491) | (24,792) | ||||||||||
Adjusted FFO less maintenance capital expenditures | $ | 65,791 | $ | 62,930 | $ | 108,645 | $ | 109,169 | ||||||
FFO per basic share | $ | 1.53 | $ | 1.36 | $ | 2.60 | $ | 2.01 | ||||||
Adjusted FFO per basic share | $ | 1.60 | $ | 1.47 | $ | 2.71 | $ | 2.62 | ||||||
FFO per diluted share | $ | 1.52 | $ | 1.35 | $ | 2.59 | $ | 2.00 | ||||||
Adjusted FFO per diluted share | $ | 1.59 | $ | 1.46 | $ | 2.69 | $ | 2.60 | ||||||
(1) | Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release. | ||
(2) | Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. | ||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||
SUPPLEMENTAL FINANCIAL RESULTS | |||||||||||||
Unaudited | |||||||||||||
(in thousands, except operating metrics) | |||||||||||||
Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
HOSPITALITY OPERATING METRICS: | |||||||||||||
Hospitality Segment |
|||||||||||||
Occupancy | 78.0% | 75.2% | 74.1% | 73.1% | |||||||||
Average daily rate (ADR) | $ | 188.86 | $ | 184.32 | $ | 186.19 | $ | 183.75 | |||||
RevPAR | $ | 147.40 | $ | 138.61 | $ | 137.98 | $ | 134.36 | |||||
OtherPAR | $ | 199.92 | $ | 187.35 | $ | 197.53 | $ | 190.85 | |||||
Total RevPAR | $ | 347.32 | $ | 325.96 | $ | 335.51 | $ | 325.21 | |||||
Revenue | $ | 262,329 | $ | 245,835 | $ | 506,520 | $ | 482,289 | |||||
Adjusted EBITDA | $ | 91,502 | $ | 85,066 | $ | 167,843 | $ | 160,910 | |||||
Adjusted EBITDA Margin | 34.9% | 34.6% | 33.1% | 33.4% | |||||||||
Same-Store Hospitality Segment (1) |
|||||||||||||
Occupancy | 78.0% | 75.6% | 74.3% | 73.3% | |||||||||
Average daily rate (ADR) | $ | 188.86 | $ | 183.83 | $ | 186.20 | $ | 183.49 | |||||
RevPAR | $ | 147.32 | $ | 139.07 | $ | 138.42 | $ | 134.54 | |||||
OtherPAR | $ | 204.13 | $ | 191.39 | $ | 201.76 | $ | 192.92 | |||||
Total RevPAR | $ | 351.45 | $ | 330.46 | $ | 340.18 | $ | 327.46 | |||||
Revenue | $ | 259,307 | $ | 243,522 | $ | 501,686 | $ | 479,976 | |||||
Adjusted EBITDA | $ | 90,262 | $ | 84,035 | $ | 166,216 | $ | 159,878 | |||||
Adjusted EBITDA Margin | 34.8% | 34.5% | 33.1% | 33.3% | |||||||||
Gaylord Opryland |
|||||||||||||
Occupancy | 77.2% | 79.5% | 74.3% | 72.3% | |||||||||
Average daily rate (ADR) | $ | 180.88 | $ | 170.83 | $ | 173.67 | $ | 167.59 | |||||
RevPAR | $ | 139.58 | $ | 135.76 | $ | 129.08 | $ | 121.21 | |||||
OtherPAR | $ | 163.87 | $ | 163.11 | $ | 166.85 | $ | 158.54 | |||||
Total RevPAR | $ | 303.45 | $ | 298.87 | $ | 295.93 | $ | 279.75 | |||||
Revenue | $ | 79,582 | $ | 78,382 | $ | 155,222 | $ | 145,929 | |||||
Adjusted EBITDA | $ | 28,707 | $ | 29,702 | $ | 52,797 | $ | 51,468 | |||||
Adjusted EBITDA Margin | 36.1% | 37.9% | 34.0% | 35.3% | |||||||||
Gaylord Palms |
|||||||||||||
Occupancy | 78.3% | 71.8% | 80.1% | 77.3% | |||||||||
Average daily rate (ADR) | $ | 167.77 | $ | 164.72 | $ | 181.31 | $ | 180.63 | |||||
RevPAR | $ | 131.37 | $ | 118.22 | $ | 145.16 | $ | 139.59 | |||||
OtherPAR | $ | 223.15 | $ | 201.73 | $ | 249.86 | $ | 231.02 | |||||
Total RevPAR | $ | 354.52 | $ | 319.95 | $ | 395.02 | $ | 370.61 | |||||
Revenue | $ | 45,683 | $ | 40,936 | $ | 101,442 | $ | 94,316 | |||||
Adjusted EBITDA | $ | 14,135 | $ | 11,131 | $ | 35,033 | $ | 31,206 | |||||
Adjusted EBITDA Margin | 30.9% | 27.2% | 34.5% | 33.1% | |||||||||
Gaylord Texan |
|||||||||||||
Occupancy | 79.8% | 73.7% | 76.4% | 74.9% | |||||||||
Average daily rate (ADR) | $ | 198.00 | $ | 187.03 | $ | 192.02 | $ | 191.53 | |||||
RevPAR | $ | 158.09 | $ | 137.75 | $ | 146.74 | $ | 143.39 | |||||
OtherPAR | $ | 251.72 | $ | 225.51 | $ | 253.33 | $ | 241.50 | |||||
Total RevPAR | $ | 409.81 | $ | 363.26 | $ | 400.07 | $ | 384.89 | |||||
Revenue | $ | 56,350 | $ | 49,950 | $ | 110,021 | $ | 105,265 | |||||
Adjusted EBITDA | $ | 20,633 | $ | 17,105 | $ | 39,986 | $ | 37,985 | |||||
Adjusted EBITDA Margin | 36.6% | 34.2% | 36.3% | 36.1% | |||||||||
Gaylord National |
|||||||||||||
Occupancy | 76.6% | 73.8% | 68.5% | 71.1% | |||||||||
Average daily rate (ADR) | $ | 217.96 | $ | 223.74 | $ | 214.48 | $ | 211.85 | |||||
RevPAR | $ | 167.01 | $ | 165.13 | $ | 147.00 | $ | 150.69 | |||||
OtherPAR | $ | 237.92 | $ | 223.07 | $ | 204.54 | $ | 203.81 | |||||
Total RevPAR | $ | 404.93 | $ | 388.20 | $ | 351.54 | $ | 354.50 | |||||
Revenue | $ | 73,550 | $ | 70,510 | $ | 127,705 | $ | 128,072 | |||||
Adjusted EBITDA | $ | 25,363 | $ | 24,868 | $ | 36,274 | $ | 37,475 | |||||
Adjusted EBITDA Margin | 34.5% | 35.3% | 28.4% | 29.3% | |||||||||
The AC Hotel at National Harbor (2) |
|||||||||||||
Occupancy | 79.8% | 56.2% | 64.3% | 56.2% | |||||||||
Average daily rate (ADR) | $ | 188.82 | $ | 211.94 | $ | 185.57 | $ | 211.94 | |||||
RevPAR | $ | 150.63 | $ | 119.17 | $ | 119.38 | $ | 119.17 | |||||
OtherPAR | $ | 22.39 | $ | 14.67 | $ | 18.98 | $ | 14.67 | |||||
Total RevPAR | $ | 173.02 | $ | 133.84 | $ | 138.36 | $ | 133.84 | |||||
Revenue | $ | 3,022 | $ | 2,313 | $ | 4,834 | $ | 2,313 | |||||
Adjusted EBITDA | $ | 1,240 | $ | 1,031 | $ | 1,627 | $ | 1,032 | |||||
Adjusted EBITDA Margin | 41.0% | 44.6% | 33.7% | 44.6% | |||||||||
The Inn at Opryland (3) |
|||||||||||||
Occupancy | 84.5% | 79.4% | 75.6% | 71.2% | |||||||||
Average daily rate (ADR) | $ | 132.64 | $ | 128.65 | $ | 129.27 | $ | 122.73 | |||||
RevPAR | $ | 112.14 | $ | 102.13 | $ | 97.67 | $ | 87.34 | |||||
OtherPAR | $ | 38.06 | $ | 33.69 | $ | 34.64 | $ | 29.24 | |||||
Total RevPAR | $ | 150.20 | $ | 135.82 | $ | 132.31 | $ | 116.58 | |||||
Revenue | $ | 4,142 | $ | 3,744 | $ | 7,296 | $ | 6,394 | |||||
Adjusted EBITDA | $ | 1,424 | $ | 1,229 | $ | 2,126 | $ | 1,744 | |||||
Adjusted EBITDA Margin | 34.4% | 32.8% | 29.1% | 27.3% | |||||||||
(1) |
Same-store excludes the AC Hotel at National Harbor. |
||
(2) |
The AC Hotel at National Harbor opened in April 2015. |
||
(3) |
Includes other hospitality revenue and expense. |
||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
SUPPLEMENTAL FINANCIAL RESULTS | ||||||||||||||||||||||
HOSPITALITY SEGMENT ADJUSTED EBITDA RECONCILIATIONS | ||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||
Hospitality segment |
||||||||||||||||||||||
Revenue | $ | 262,329 | $ | 245,835 | $ | 506,520 | $ | 482,289 | ||||||||||||||
Operating income | $ | 63,018 | $ | 53,827 | $ | 108,477 | $ | 95,406 | ||||||||||||||
Depreciation & amortization | 24,181 | 26,349 | 50,650 | 52,792 | ||||||||||||||||||
Preopening costs | - | 168 | - | 760 | ||||||||||||||||||
Non-cash lease expense | 1,311 | 1,341 | 2,622 | 2,682 | ||||||||||||||||||
Impairment charges | - | - | - | 2,890 | ||||||||||||||||||
Interest income on Gaylord National bonds | 2,992 | 3,381 | 6,094 | 6,380 | ||||||||||||||||||
Other gains and (losses), net | (24) | (222) | (24) | (222) | ||||||||||||||||||
Loss on disposal of assets | 24 | 222 | 24 | 222 | ||||||||||||||||||
Adjusted EBITDA | $ | 91,502 | 34.9% | $ | 85,066 | 34.6% | $ | 167,843 | 33.1% | $ | 160,910 | 33.4% | ||||||||||
Same-Store Hospitality segment (1) |
||||||||||||||||||||||
Revenue | $ | 259,307 | $ | 243,522 | $ | 501,686 | $ | 479,976 | ||||||||||||||
Operating income | $ | 62,094 | $ | 53,264 | $ | 107,482 | $ | 95,589 | ||||||||||||||
Depreciation & amortization | 23,865 | 26,049 | 50,018 | 52,337 | ||||||||||||||||||
Non-cash lease expense | 1,311 | 1,341 | 2,622 | 2,682 | ||||||||||||||||||
Impairment charges | - | - | - | 2,890 | ||||||||||||||||||
Interest income on Gaylord National bonds | 2,992 | 3,381 | 6,094 | 6,380 | ||||||||||||||||||
Other gains and (losses), net | (24) | (222) | (24) | (222) | ||||||||||||||||||
Loss on disposal of assets | 24 | 222 | 24 | 222 | ||||||||||||||||||
Adjusted EBITDA | $ | 90,262 | 34.8% | $ | 84,035 | 34.5% | $ | 166,216 | 33.1% | $ | 159,878 | 33.3% | ||||||||||
Gaylord Opryland |
||||||||||||||||||||||
Revenue | $ | 79,582 | $ | 78,382 | $ | 155,222 | $ | 145,929 | ||||||||||||||
Operating income | $ | 21,359 | $ | 22,152 | $ | 37,908 | $ | 35,500 | ||||||||||||||
Depreciation & amortization | 7,348 | 7,550 | 14,889 | 15,278 | ||||||||||||||||||
Impairment charges | - | - | - | 690 | ||||||||||||||||||
Adjusted EBITDA | $ | 28,707 | 36.1% | $ | 29,702 | 37.9% | $ | 52,797 | 34.0% | $ | 51,468 | 35.3% | ||||||||||
Gaylord Palms |
||||||||||||||||||||||
Revenue | $ | 45,683 | $ | 40,936 | $ | 101,442 | $ | 94,316 | ||||||||||||||
Operating income | $ | 8,062 | $ | 5,150 | $ | 22,941 | $ | 18,369 | ||||||||||||||
Depreciation & amortization | 4,762 | 4,640 | 9,470 | 9,358 | ||||||||||||||||||
Non-cash lease expense | 1,311 | 1,341 | 2,622 | 2,682 | ||||||||||||||||||
Impairment charges | - | - | - | 797 | ||||||||||||||||||
Adjusted EBITDA | $ | 14,135 | 30.9% | $ | 11,131 | 27.2% | $ | 35,033 | 34.5% | $ | 31,206 | 33.1% | ||||||||||
Gaylord Texan |
||||||||||||||||||||||
Revenue | $ | 56,350 | $ | 49,950 | $ | 110,021 | $ | 105,265 | ||||||||||||||
Operating income | $ | 15,607 | $ | 12,063 | $ | 29,956 | $ | 27,117 | ||||||||||||||
Depreciation & amortization | 5,026 | 5,042 | 10,030 | 10,083 | ||||||||||||||||||
Impairment charges | - | - | - | 785 | ||||||||||||||||||
Other gains and (losses), net | - | (222) | - | (222) | ||||||||||||||||||
Loss on disposal of assets | - | 222 | - | 222 | ||||||||||||||||||
Adjusted EBITDA | $ | 20,633 | 36.6% | $ | 17,105 | 34.2% | $ | 39,986 | 36.3% | $ | 37,985 | 36.1% | ||||||||||
Gaylord National |
||||||||||||||||||||||
Revenue | $ | 73,550 | $ | 70,510 | $ | 127,705 | $ | 128,072 | ||||||||||||||
Operating income | $ | 15,976 | $ | 12,993 | $ | 15,219 | $ | 13,513 | ||||||||||||||
Depreciation & amortization | 6,395 | 8,494 | 14,961 | 16,964 | ||||||||||||||||||
Impairment charges | - | - | - | 618 | ||||||||||||||||||
Interest income on Gaylord National bonds | 2,992 | 3,381 | 6,094 | 6,380 | ||||||||||||||||||
Other gains and (losses), net | (24) | - | (24) | - | ||||||||||||||||||
Loss on disposal of assets | 24 | - | 24 | - | ||||||||||||||||||
Adjusted EBITDA | $ | 25,363 | 34.5% | $ | 24,868 | 35.3% | $ | 36,274 | 28.4% | $ | 37,475 | 29.3% | ||||||||||
The AC Hotel at National Harbor (2) |
||||||||||||||||||||||
Revenue | $ | 3,022 | $ | 2,313 | $ | 4,834 | $ | 2,313 | ||||||||||||||
Operating income (loss) | $ | 924 | $ | 563 | $ | 995 | $ | (183) | ||||||||||||||
Depreciation & amortization | 316 | 300 | 632 | 455 | ||||||||||||||||||
Preopening costs | - | 168 | - | 760 | ||||||||||||||||||
Adjusted EBITDA | $ | 1,240 | 41.0% | $ | 1,031 | 44.6% | $ | 1,627 | 33.7% | $ | 1,032 | 44.6% | ||||||||||
The Inn at Opryland (3) |
||||||||||||||||||||||
Revenue | $ | 4,142 | $ | 3,744 | $ | 7,296 | $ | 6,394 | ||||||||||||||
Operating income | $ | 1,090 | $ | 906 | $ | 1,458 | $ | 1,090 | ||||||||||||||
Depreciation & amortization | 334 | 323 | 668 | 654 | ||||||||||||||||||
Adjusted EBITDA | $ | 1,424 | 34.4% | $ | 1,229 | 32.8% | $ | 2,126 | 29.1% | $ | 1,744 | 27.3% | ||||||||||
(1) |
Same-store excludes the AC Hotel at National Harbor. |
||
(2) |
The AC Hotel at National Harbor opened in April 2015. |
||
(3) |
Includes other hospitality revenue and expense. |
||
Ryman Hospitality Properties, Inc. and Subsidiaries | |||||||
Reconciliation of Forward-Looking Statements | |||||||
Unaudited | |||||||
(in thousands) | |||||||
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | |||||||
and Adjusted Funds From Operations ("AFFO") reconciliation: | |||||||
GUIDANCE RANGE | |||||||
FOR FULL YEAR 2016 | |||||||
Low | High | ||||||
Ryman Hospitality Properties, Inc. |
|||||||
Net Income | $ | 136,200 | $ | 157,200 | |||
Provision (benefit) for income taxes | 10,000 | 8,000 | |||||
Other (gains) and losses, net | - | - | |||||
Interest expense | 68,000 | 66,000 | |||||
Interest income | (11,300) | (11,300) | |||||
Operating Income | 202,900 | 219,900 | |||||
Depreciation and amortization | 111,600 | 111,600 | |||||
EBITDA | 314,500 | 331,500 | |||||
Non-cash lease expense | 5,200 | 5,200 | |||||
Preopening expense | - | - | |||||
Equity based compensation | 6,000 | 6,000 | |||||
Pension settlement charge, Other | 2,000 | 2,000 | |||||
Other gains and (losses), net | - | - | |||||
Interest income | 11,300 | 11,300 | |||||
Adjusted EBITDA | $ | 339,000 | $ | 356,000 | |||
Hospitality Segment 1 |
|||||||
Operating Income | $ | 212,100 | $ | 223,100 | |||
Depreciation and amortization | 102,400 | 102,400 | |||||
EBITDA | 314,500 | 325,500 | |||||
Non-cash lease expense | 5,200 | 5,200 | |||||
Preopening expense | - | - | |||||
Equity based compensation | - | - | |||||
Other gains and (losses), net | - | - | |||||
Interest income | 11,300 | 11,300 | |||||
Adjusted EBITDA | $ | 331,000 | $ | 342,000 | |||
Entertainment Segment |
|||||||
Operating Income | $ | 24,600 | $ | 28,600 | |||
Depreciation and amortization | 5,700 | 5,700 | |||||
EBITDA | 30,300 | 34,300 | |||||
Equity based compensation | 700 | 700 | |||||
Adjusted EBITDA | $ | 31,000 | $ | 35,000 | |||
Corporate and Other Segment |
|||||||
Operating Income | $ | (33,800) | $ | (31,800) | |||
Depreciation and amortization | 3,500 | 3,500 | |||||
EBITDA | (30,300) | (28,300) | |||||
Equity based compensation | 5,300 | 5,300 | |||||
Pension settlement charge, Other | 2,000 | 2,000 | |||||
Other gains and (losses), net | - | - | |||||
Adjusted EBITDA | $ | (23,000) | $ | (21,000) | |||
Ryman Hospitality Properties, Inc. |
|||||||
Net income | $ | 136,200 | $ | 157,200 | |||
Depreciation & amortization | 111,600 | 111,600 | |||||
Funds from Operations (FFO) | 247,800 | 268,800 | |||||
Non-cash lease expense | 5,200 | 5,200 | |||||
Amortization of DFC | 5,400 | 5,200 | |||||
Deferred tax expense | 7,600 | 7,600 | |||||
Pension settlement charge | 2,600 | 2,200 | |||||
Adjusted FFO | $ | 268,600 | $ | 289,000 | |||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160802006007/en/
Source:
Investor Relations:
Ryman Hospitality Properties, Inc.
Mark
Fioravanti, 615-316-6588
President and Chief Financial Officer
mfioravanti@rymanhp.com
or
Todd
Siefert, 615-316-6344
Vice President of Corporate Finance &
Treasurer
tsiefert@rymanhp.com
or
Media:
Ryman
Hospitality Properties, Inc.
Brian Abrahamson, 615-316-6302
Vice
President of Corporate Communications
babrahamson@rymanhp.com
or
Sloane
& Company
Josh Hochberg / Dan Zacchei
212-446-1892 /
212-446-1882
jhochberg@sloanepr.com
/ dzacchei@sloanepr.com