Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): November 6, 2006
(November 6, 2006)
GAYLORD ENTERTAINMENT COMPANY
(Exact name of registrant as specified in its charter)
| Delaware | 1-13079 | 73-0664379 | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer | ||
| Identification No.) |
| One Gaylord Drive | ||
| Nashville, Tennessee | 37214 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (615) 316-6000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
| Item 2.02. Results of Operations and Financial Condition. | ||||||||
| Item 9.01. Financial Statements and Exhibits. | ||||||||
| SIGNATURES | ||||||||
| EX-99.1 PRESS RELEASE 11/06/06 | ||||||||
Table of Contents
Item 2.02. Results of Operations and Financial Condition.
The
Company issued a press release announcing its financial results for
the quarter ended September 30, 2006. A copy of the press release is furnished herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press
Release dated November 6, 2006. |
|||
2
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GAYLORD ENTERTAINMENT COMPANY |
||||
| Date: November 6, 2006 | By: | /s/ Carter R. Todd | ||
| Name: | Carter R. Todd | |||
| Title: | Senior Vice President, General Counsel and Secretary |
|||
Exhibit 99.1
GAYLORD ENTERTAINMENT CO. REPORTS THIRD QUARTER EARNINGS
Gaylord Hotels Segment Revenue Increases 16.0 Percent
Gaylord National Bookings Surpass 725,000 Room Nights
Gaylord National Bookings Surpass 725,000 Room Nights
NASHVILLE, Tenn. (November 6, 2006) — Gaylord Entertainment Co. (NYSE: GET) today reported its
financial results for the third quarter of 2006.
For the third quarter ended September 30, 2006:
| • | Consolidated revenue increased 11.5 percent to $231.9 million from $208.0 million in the same period last year, led by solid revenue growth in the hospitality segment. | ||
| • | Income from continuing operations was $5.7 million, or $0.14 per share, compared to a loss from continuing operations of $9.5 million, or $0.24 per share, in the prior-year quarter. | ||
| • | Hospitality segment total revenue grew 16.0 percent to $142.3 million, compared to $122.6 million in the prior-year quarter, driven by solid performance from Gaylord Palms and Gaylord Opryland. Gaylord Hotels revenue per available room1 (“RevPAR”) and total revenue per available room2 (“Total RevPAR”) increased 11.4 percent and 14.5 percent, respectively, compared to the third quarter of 2005. | ||
| • | Consolidated adjusted EBITDA3 was $28.8 million compared to $21.2 million in the prior-year quarter. | ||
| • | Consolidated Cash Flow4 (“CCF”) increased 44.4 percent to $38.4 million in the third quarter of 2006 compared to $26.6 million in the same period last year. |
“As expected, our hospitality business had another good quarter,” said Colin V. Reed, chairman and
chief executive officer of Gaylord Entertainment. “The Gaylord Hotels brand continues to attract
the highest quality customers by offering them a unique experience for their group meeting needs.
This fundamental difference drives our strong occupancy rates, robust outside the room spending and
growth in CCF. Our continuously strong performance is testimony to the service we provide to our
customers and the loyalty they provide us in return.”
“We continue to work hard to extend the brand into new and important locations and our development
in Prince George’s County and our plans for Chula Vista remain on track. As our meeting planner
relationships continue to strengthen in both quality and quantity, we intend to continue to explore
new opportunities to satisfy their unique needs in ways that provide attractive returns to our
shareholders.”
2
Segment Operating Results
Hospitality
Key components of the Company’s hospitality segment performance in the third quarter of 2006
include:
| • | Gaylord Hotels’ Total RevPAR increased 14.5 percent to $257.62, compared to $224.95 in the third quarter of 2005. Gaylord Hotels RevPAR increased 11.4 percent to $110.99 compared to $99.59 in the prior-year quarter. Occupancy increased 7.8 percentage points to 77.1 percent. Total RevPAR was favorably impacted by higher spending on banquet revenue. Average Daily Rate (ADR) was $143.88. | ||
| • | CCF increased 39.2 percent to $30.2 million in the third quarter of 2006 compared to $21.7 million in the same period last year. CCF margins for the hospitality segment increased 353 basis points to 21.2 percent from 17.7 percent in the prior-year quarter. | ||
| • | Gaylord Hotels’ same-store net definite bookings for all future years, excluding Gaylord National, decreased 37.5 percent to 220,471 net definite room nights booked in the third quarter of 2006. Gaylord Hotels’ year-to-date same-store net definite bookings for all future years increased 1.8 percent to 826,993 net definite room nights versus 812,518 room nights booked in the first three quarters of 2005. | ||
| • | Gaylord National booked an additional 80,585 net definite room nights in the third quarter of 2006, bringing National’s cumulative net definite room nights to 726,544. | ||
| • | Gaylord Hotels’ rotational bookings continue to be strong at 40.9 percent on a trailing 12 month basis, a 2.2 percent decrease versus the second quarter 2006. |
“Our core hospitality business remains the catalyst of our impressive performance this year,
posting a CCF improvement of 39.2 percent as our properties continue to illustrate their
network-wide strength,” continued Reed. “The Palms had a strong quarter, growing Total RevPAR by
20 percent and proving that our brand offers customers a unique experience and a clear better
option for large conventions in the competitive Orlando market. I am also pleased that our
occupancy levels in our hotels business remained strong at 77 percent, which was led by our largest
property Opryland. Our future bookings for the quarter were as expected and we remain on track to
meet our guidance of 1.4 – 1.5 million same-store room nights booked based on our very strong
bookings pace to date.”
At the property level, Gaylord Opryland achieved revenues of $65.1 million in the third quarter of
2006, a 22.8 percent increase compared to the prior-year quarter. RevPAR increased 13.6 percent to
$114.53 from $100.85 in the third quarter of 2005 and Total RevPAR grew 19.4 percent to $254.40 in
the third quarter of 2006 compared to $213.08 in the prior-year quarter. RevPAR and Total RevPAR
grew primarily on the strength of a 10.2 percentage point occupancy increase which drove outside
the room spend. ADR decreased 0.5 percent to $139.48 compared to the prior year quarter.
Opryland CCF grew 70.9 percent to $15.4 million versus $9.0 million in the third quarter of 2006.
CCF margin increased by 668 basis points to 23.7 percent due to greater operational leverage driven
by higher occupancy levels and fewer rooms having been out of service for the rooms renovation
program. Third quarter 2006 operating statistics reflect 8,941 room nights removed from available
inventory due to the room renovation program versus 16,001 room
3
nights for the same quarter in 2005. The room renovation resumed this year in July and will
continue into the fourth quarter of 2006, with the renovation of an additional 256 rooms, or
approximately 9,400 room nights. As part of the multi-year room renovation program, the Company
expects to take approximately 48,300 room nights out of service at various times in 2007.
Gaylord Palms posted revenues of $37.5 million in the third quarter of 2006, an increase of 20.3
percent compared to $31.2 million in the prior-year quarter. Gaylord Palms generated RevPAR growth
of 16.8 percent from the prior year quarter to $111.86, driven by a 11.6 percentage point increase
in occupancy and a 1.9 percent decrease in ADR. Total RevPAR was $289.77, up 20.3 percent from
$240.85 in the third quarter of 2005 driven primarily by the increase in occupancy and a 24.5
percent increase in Food and Beverage revenue. CCF increased 62.2 percent to $7.4 million compared
to the prior-year quarter of $4.6 million. CCF margin for the hotel was 19.8 percent, up 510 basis
points from the prior-year quarter driven by operational efficiencies due to the increased
occupancy and a greater focus on the group customer.
Gaylord Texan revenues increased 3.1 percent to $37.5 million in the third quarter of 2006 compared
to $36.4 million in the prior-year quarter. RevPAR increased by 4.5 percent to $113.35 in the
third quarter of 2006, due to an ADR increase of 2.4 percent to $154.12 and a 1.4 percentage point
increase in occupancy. Total RevPAR improved 3.1 percent to $269.99 in the third quarter of 2006
from $261.94 in the same period last year. CCF decreased 9.2 percent to $6.8 million from $7.5
million in the third quarter of 2005 due in part to property tax
consulting fees and costs associated with the new Glass Cactus nightclub. The decline in CCF led to a CCF
margin of 18.2 percent, or a 247 basis point decrease compared to the third quarter of 2005.
Development Update
Progress continues on the Gaylord National development in Prince George’s County for the 2,000 room
property set on the banks of the Potomac River. The National booked 80,585 room nights during the
quarter, bringing the total number of advanced bookings for the property to 726,544 room nights.
Negotiations continue with the Unified Port of San Diego and the City of Chula Vista to build a
resort convention hotel on the San Diego Bayfront.
“Our expansion plans remain on target and we are excited to bring our high-value customers to new
markets such as Prince George’s County, Maryland,” said Reed. “Advanced bookings for the Gaylord
National surpassed 725,000 room nights, a validation that our 500-room expansion was the right
decision. The hotel is expected to open in the beginning of the second quarter of 2008, with the
500-room expansion opening in the third quarter of 2008. We are also quite pleased with the
progress on our continued negotiations in Chula Vista, and continue to believe that the opportunity
for a West Coast rotational option will yield significant results for the entire network.”
4
ResortQuest
ResortQuest revenues from continuing operations were $68.1 million, an increase of 4.1 percent
compared to the prior-year quarter. ResortQuest operating income was $8.1 million compared to $4.9
million, an increase of 67.7 percent. ResortQuest RevPAR increased 2.4 percent to $111.07 due to a
3.8 percent increase in ADR. Occupancy declined 0.8 percentage points as a result of continued
weakness in our Northwest Florida markets. ResortQuest CCF was $13.0 million compared to $9.2
million in the third quarter of 2005. In the third quarter of 2006, ResortQuest had 14,925 units
under exclusive management, excluding units reflected in discontinued operations.
ResortQuest revenue, operating income, and CCF were favorably impacted by the net receipt of $4.9
million in connection with the Company’s settlement of its business interruption insurance claim
related to hurricanes Ivan, Dennis, and Charley. This receipt has been included in revenue in the
accompanying condensed consolidated statement of operations for the three months and nine months
ended September 30, 2006.
Also during the third quarter of 2006, as a result of a significant adverse change in the business
climate at one of the markets of ResortQuest, we recorded an impairment charge of $0.8 million
related to goodwill and certain intangible assets of this market.
“ResortQuest performance came in as expected. Our Southeast region was affected by softness in
both the real estate and vacation rental markets as we continue to see some measure of customer
reluctance to travel to Florida and Gulf Coast areas which have been affected by hurricanes in the
past few years.”
Opry and Attractions
Opry and Attractions segment revenues increased 8.8 percent to $21.5 million in the third quarter
of 2006 compared to $19.7 million in the third quarter of 2005. Opry and Attractions reported
operating income of $3.0 million for the period compared to operating income of $1.6 million in the
third quarter of 2005. CCF increased 54.2 percent to $4.6 million in the third quarter of 2006
from $3.0 million in the prior-year quarter.
Corporate and Other
Corporate and Other operating loss totaled $13.6 million in the third quarter of 2006 compared to
an operating loss of $9.0 million in the same period last year. Corporate and Other CCF loss in
the third quarter of 2006 increased 28.3 percent to a loss of $9.4 million compared to a loss of
$7.3 million in the prior-year quarter.
Bass Pro Shops
For the quarter ended September 30, 2006, Gaylord’s equity income from its investment in Bass Pro
Group, LLC was $3.6 million.
Liquidity
As of September 30, 2006, the Company had long-term debt outstanding, including current portion, of
$671.7 million and unrestricted and restricted cash of $53.7 million. $497.4 million
5
of the Company’s $600.0 million credit facility remains undrawn at the end of the third quarter of
2006, which includes $12.6 million in letters of credit.
The Company continues to evaluate its financing alternatives for the announced development
projects. Such plans could include incurrence of additional indebtedness, sale of non-core assets,
or a combination thereof.
Outlook
The following outlook is based on current information as of November 6, 2006. The Company does not
expect to update guidance until next quarter’s earnings release. However, the Company may update
its full business outlook or any portion thereof at any time for any reason.
“In summary, our hospitality business remains strong with solid bookings, continued CCF
improvement, high occupancy, and impressive Total RevPAR growth. Our ability to fill openings in
booking patterns during the third quarter, which is typically a low demand period, highlights the
growing accuracy to which we are able to match demand with availability. As we move into the
fourth quarter, we expect continued strong results across our network, which we believe will bring
another strong quarter of advanced bookings.”
“Due to the company’s strong performance during the first three quarters of the year, we are
maintaining our 2006 guidance levels as previously announced.”
Gaylord’s 2006 outlook reflects approximately 18,600 room nights out of service due to the room
renovation at the Gaylord Opryland.
| 2006 | ||||
| CURRENT | ||||
Consolidated Revenue |
$ | 924 – 961 | Million | |
Consolidated Cash Flow |
||||
Gaylord Hotels |
$ | 166 – 171 | Million | |
ResortQuest |
$ | 16 – 21 | Million | |
Opry and Attractions |
$ | 10 – 11 | Million | |
Corporate and Other |
$ | (37 – 35 | Million) | |
Consolidated CCF |
$ | 155 – 168 | Million | |
Gaylord Hotels advance bookings |
1.4 – 1.5 | Million | ||
Gaylord Hotels RevPAR |
8% - 10 | % | ||
Gaylord Hotels Total RevPAR |
8% – 10 | % | ||
Web Cast and Replay
Gaylord Entertainment will hold a conference call to discuss this release today at 10 a.m. ET.
Investors can listen to the conference call over the Internet at www.gaylordentertainment.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,
download, and install any necessary audio software. For those who cannot listen to the live
broadcast, a replay will be made available shortly after the call and will run for at least 30
days.
6
About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in
Nashville, Tenn., owns and operates three industry-leading brands — Gaylord Hotels
(www.gaylordhotels.com), its network of upscale, meetings-focused resorts, ResortQuest
(www.resortquest.com), the nation’s largest vacation rental property management company,
and the Grand Ole Opry (www.opry.com), the weekly showcase of country music’s finest
performers for 80 consecutive years. The Company’s entertainment brands and properties include the
Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Gaylord Springs, Wildhorse
Saloon, and WSM-AM. For more information about the Company, visit
www.gaylordentertainment.com.
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. 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 timing of the opening of new facilities, increased costs associated with
building and developing new hotel facilities, business levels at the Company’s hotels, risks
associated with ResortQuest’s business, the Company’s ability to successfully integrate and achieve
operating efficiencies at ResortQuest, and the ability to obtain financing for new developments.
The Company’s ability to achieve forecasted results for its ResortQuest business depends upon
levels of occupancy at ResortQuest units under management, returning damaged units to service on a
timely basis and the successful roll-out of new ResortQuest technology initiatives. 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 Securities and Exchange Commission and include the risk
factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2005.
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.
| 1 | The Company calculates revenue per available room (“RevPAR”) for its hospitality segment by dividing room sales by room nights available to guests for the period. The Company calculates revenue per available room (“RevPAR”) for its ResortQuest segment by dividing gross lodging revenues by room nights available to guests for the period. The Company’s ResortQuest segment revenue represents a portion of the gross lodging revenues based on the services provided by ResortQuest. ResortQuest segment revenue and operating expenses include certain reimbursed management contract expenses incurred in the period of $12.5 million and $11.4 million for the three months ended September 30, 2006 and 2005, respectively. | |
| 2 | The Company calculates total revenue per available room (“Total RevPAR”) by dividing the sum of room sales, food & beverage, and other ancillary services revenue by room nights available to guests for the period. | |
| 3 | Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, as well as certain unusual items) is used herein because we believe it allows for a more complete analysis of operating performance by presenting an analysis of operations separate from the earnings impact of capital transactions and without certain items that do not impact our ongoing operations such as the effect of the changes in fair value of the Viacom and CBS stock we own and changes in the fair value of the derivative associated with our secured forward exchange contract and gains on the sale of assets. In accordance with generally accepted accounting principles, the changes in fair value of the Viacom and CBS stock and derivatives are not included in determining our operating income (loss). The information presented should not be considered as an alternative to any measure of performance as promulgated under accounting principles generally accepted in the United States (such as operating income, net income, or cash from operations), nor should it be considered as an indicator of overall financial performance. Adjusted EBITDA does not fully consider the impact of investing or financing transactions, as it specifically excludes depreciation and interest charges, which should also be considered in the overall evaluation of our results of operations. Our method of calculating adjusted EBITDA may be different from the method used by other companies and therefore comparability may be limited. A |
7
| reconciliation of adjusted EBITDA to net income is presented in the Supplemental Financial Results contained in this press release. | ||
| 4 | As discussed in footnote 3 above, Adjusted EBITDA is used herein as essentially operating income plus depreciation and amortization. Consolidated Cash Flow (which is used in this release as that term is defined in the Indentures governing the Company’s 8% and 6.75% senior notes) also excludes the impact of pre-opening costs, impairment charges, the non-cash portion of the naming rights and Florida ground lease expense, non-recurring ResortQuest integration charges which when added to other expenses related to the merger do not exceed $10 million, stock option expense, the non-cash gains and losses on the disposal of certain fixed assets, and adds (subtracts) other gains (losses), including the $5.4 million gain on the collection of a note receivable held by ResortQuest and dividends received from our investments in unconsolidated companies. The Consolidated Cash Flow measure is one of the principal tools used by management in evaluating the operating performance of the Company’s business and represents the method by which the Indentures calculate whether or not the Company can incur additional indebtedness (for instance in order to incur certain additional indebtedness, Consolidated Cash Flow for the most recent four fiscal quarters as a ratio to debt service must be at least 2 to 1). The calculation of these amounts as well as a reconciliation of those amounts to net income or segment operating income is included as part of the Supplemental Financial Results contained in this press release. |
Investor
Relations Contacts:
|
Media Contacts: | |
David Kloeppel, CFO
|
Elliot Sloane | |
Gaylord Entertainment
|
Sloane & Company | |
(615) 316-6101
|
(212) 446-1860 | |
dkloeppel@gaylordentertainment.com
|
esloane@sloanepr.com | |
~or~
|
~or~ | |
Key
Foster, VP Treasury, Strategic Planning &
|
Josh Hochberg | |
Investor Relations
|
Sloane & Company | |
Gaylord Entertainment
|
(212) 446-1892 | |
(615) 316-6132
|
jhochberg@sloanepr.com | |
kfoster@gaylordentertainment.com |
||
~or~ |
||
Rob Tanner, Director |
||
Investor Relations |
||
Gaylord Entertainment |
||
(615) 316-6572 |
||
rtanner@gaylordentertainment.com |
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
Unaudited
(In thousands, except per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| Sep. 30 | Sep. 30 | |||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||
Revenues (a)(b) |
$ | 231,907 | $ | 207,951 | $ | 708,634 | $ | 645,893 | ||||||||
Operating expenses: |
||||||||||||||||
Operating costs (b) |
152,573 | 141,993 | 456,002 | 420,854 | ||||||||||||
Selling, general and administrative (c) |
47,251 | 43,536 | 141,535 | 134,517 | ||||||||||||
Impairment charge |
832 | — | 832 | — | ||||||||||||
Preopening costs |
2,432 | 1,213 | 4,997 | 3,329 | ||||||||||||
Depreciation and amortization |
21,686 | 20,899 | 64,287 | 62,023 | ||||||||||||
Operating income |
7,133 | 310 | 40,981 | 25,170 | ||||||||||||
Interest expense, net of amounts capitalized |
(17,761 | ) | (18,474 | ) | (53,613 | ) | (54,449 | ) | ||||||||
Interest income |
853 | 662 | 2,295 | 1,820 | ||||||||||||
Unrealized gain (loss) on Viacom stock |
13,453 | 10,828 | 820 | (37,070 | ) | |||||||||||
Unrealized (loss) gain on derivatives |
(5,601 | ) | (10,753 | ) | 13,730 | 29,233 | ||||||||||
Income from unconsolidated companies |
2,571 | 2,098 | 8,374 | 1,980 | ||||||||||||
Other gains and (losses), net (d) |
1,972 | 1,102 | 8,698 | 6,022 | ||||||||||||
Income (loss) before (benefit) provision for income taxes |
2,620 | (14,227 | ) | 21,285 | (27,294 | ) | ||||||||||
(Benefit) provision for income taxes |
(3,127 | ) | (4,753 | ) | 9,937 | (8,740 | ) | |||||||||
Income (loss) from continuing operations |
5,747 | (9,474 | ) | 11,348 | (18,554 | ) | ||||||||||
Income (loss) from discontinued operations, net of taxes |
564 | (2,143 | ) | 2,961 | (2,331 | ) | ||||||||||
Net income (loss) |
$ | 6,311 | $ | (11,617 | ) | $ | 14,309 | $ | (20,885 | ) | ||||||
Basic net income (loss) per share: |
||||||||||||||||
Income (loss) from continuing operations |
$ | 0.14 | $ | (0.24 | ) | $ | 0.28 | $ | (0.46 | ) | ||||||
Income (loss) from discontinued operations, net of taxes |
$ | 0.02 | $ | (0.05 | ) | $ | 0.07 | $ | (0.06 | ) | ||||||
Net income (loss) |
$ | 0.16 | $ | (0.29 | ) | $ | 0.35 | $ | (0.52 | ) | ||||||
Fully diluted net income (loss) per share: |
||||||||||||||||
Income (loss) from continuing operations |
$ | 0.14 | $ | (0.24 | ) | $ | 0.27 | $ | (0.46 | ) | ||||||
Income (loss) from discontinued operations, net of taxes |
$ | 0.01 | $ | (0.05 | ) | $ | 0.07 | $ | (0.06 | ) | ||||||
Net income (loss) |
$ | 0.15 | $ | (0.29 | ) | $ | 0.34 | $ | (0.52 | ) | ||||||
Weighted average common shares for the period: |
||||||||||||||||
Basic |
40,655 | 40,234 | 40,521 | 40,126 | ||||||||||||
Fully-diluted |
41,636 | 40,234 | 41,563 | 40,126 | ||||||||||||
| (a) | Includes a net recovery of $4,922 received in connection with the Company’s settlement of its business interruption insurance claim related to hurricanes Ivan, Dennis, and Charley for the three and nine months ended September 30, 2006. | |
| (b) | Includes certain ResortQuest reimbursed management contract expenses incurred in the period of $12,475 and $11,398 for the three months ended September 30, 2006 and 2005, respectively, and $33,422 and $31,614 for the nine months ended September 30, 2006 and 2005, respectively. | |
| (c) | Includes non-cash lease expense of $1,627 and $1,638 for the three months ended September 30, 2006 and 2005, respectively, and $4,917 and $4,914 for the nine months ended September 30, 2006 and 2005, respectively, related to the effect of recognizing the Gaylord Palms ground lease expense and other property lease expense on a straight-line basis. | |
| (d) | Includes a non-recurring $5.4 million gain related to the collection of a note receivable, held by ResortQuest, previously considered to be uncollectible for the nine months ended September 30, 2006. |
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
Unaudited
(In thousands)
| Sep. 30 | Dec. 31, | |||||||
| 2006 | 2005 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents — unrestricted |
$ | 40,919 | $ | 58,719 | ||||
Cash and cash equivalents — restricted |
12,819 | 19,688 | ||||||
Short-term investments |
357,396 | — | ||||||
Trade receivables, net |
51,261 | 37,154 | ||||||
Estimated fair value of derivative assets |
236,749 | — | ||||||
Deferred financing costs |
17,238 | 26,865 | ||||||
Deferred income taxes |
— | 8,861 | ||||||
Other current assets |
34,692 | 29,276 | ||||||
Current assets of discontinued operations |
9 | 7,726 | ||||||
Total current assets |
751,083 | 188,289 | ||||||
Property and equipment, net of accumulated depreciation |
1,550,606 | 1,404,211 | ||||||
Intangible assets, net of accumulated amortization |
24,048 | 27,768 | ||||||
Goodwill |
173,323 | 177,556 | ||||||
Indefinite lived intangible assets |
40,315 | 40,315 | ||||||
Investments |
82,710 | 429,295 | ||||||
Estimated fair value of derivative assets |
— | 220,430 | ||||||
Long-term deferred financing costs |
16,359 | 29,144 | ||||||
Other long-term assets |
20,361 | 14,135 | ||||||
Long-term assets of discontinued operations |
— | 1,447 | ||||||
Total assets |
$ | 2,658,805 | $ | 2,532,590 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current liabilities: |
||||||||
Current portion of long-term debt and capital lease obligations |
$ | 2,247 | $ | 1,825 | ||||
Secured forward exchange contract |
613,054 | — | ||||||
Accounts payable and accrued liabilities |
220,779 | 186,540 | ||||||
Deferred income taxes |
85,086 | — | ||||||
Current liabilities of discontinued operations |
584 | 7,802 | ||||||
Total current liabilities |
921,750 | 196,167 | ||||||
Secured forward exchange contract |
— | 613,054 | ||||||
Long-term debt and capital lease obligations, net of current portion |
669,423 | 598,475 | ||||||
Deferred income taxes |
89,678 | 177,652 | ||||||
Estimated fair value of derivative liabilities |
2,443 | 1,994 | ||||||
Other long-term liabilities |
91,399 | 96,488 | ||||||
Long-term liabilities and minority interest of discontinued operations |
279 | 193 | ||||||
Stockholders’ equity |
883,833 | 848,567 | ||||||
Total liabilities and stockholders’ equity |
$ | 2,658,805 | $ | 2,532,590 | ||||
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
(“Adjusted EBITDA”) and Consolidated Cash Flow (“CCF”) reconciliation:
| Three Months Ended Sep. 30, | Nine Months Ended Sep. 30, | |||||||||||||||||||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||
| $ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||||||||||
Consolidated |
||||||||||||||||||||||||||||||||
Revenue (1) |
$ | 231,907 | 100.0 | % | $ | 207,951 | 100.0 | % | $ | 708,634 | 100.0 | % | $ | 645,893 | 100.0 | % | ||||||||||||||||
Net income (loss) |
$ | 6,311 | 2.7 | % | $ | (11,617 | ) | -5.6 | % | $ | 14,309 | 2.0 | % | $ | (20,885 | ) | -3.2 | % | ||||||||||||||
Loss (income) from discontinued operations, net of taxes |
(564 | ) | -0.2 | % | 2,143 | 1.0 | % | (2,961 | ) | -0.4 | % | 2,331 | 0.4 | % | ||||||||||||||||||
(Benefit) provision for income taxes |
(3,127 | ) | -1.3 | % | (4,753 | ) | -2.3 | % | 9,937 | 1.4 | % | (8,740 | ) | -1.4 | % | |||||||||||||||||
Other (gains) and losses, net |
(1,972 | ) | -0.9 | % | (1,102 | ) | -0.5 | % | (8,698 | ) | -1.2 | % | (6,022 | ) | -0.9 | % | ||||||||||||||||
(Income) loss from unconsolidated companies |
(2,571 | ) | -1.1 | % | (2,098 | ) | -1.0 | % | (8,374 | ) | -1.2 | % | (1,980 | ) | -0.3 | % | ||||||||||||||||
Unrealized (gain) loss on derivatives |
5,601 | 2.4 | % | 10,753 | 5.2 | % | (13,730 | ) | -1.9 | % | (29,233 | ) | -4.5 | % | ||||||||||||||||||
Unrealized loss (gain) on Viacom stock |
(13,453 | ) | -5.8 | % | (10,828 | ) | -5.2 | % | (820 | ) | -0.1 | % | 37,070 | 5.7 | % | |||||||||||||||||
Interest expense, net |
16,908 | 7.3 | % | 17,812 | 8.6 | % | 51,318 | 7.2 | % | 52,629 | 8.1 | % | ||||||||||||||||||||
Operating income |
7,133 | 3.1 | % | 310 | 0.1 | % | 40,981 | 5.8 | % | 25,170 | 3.9 | % | ||||||||||||||||||||
Depreciation & amortization |
21,686 | 9.4 | % | 20,899 | 10.0 | % | 64,287 | 9.1 | % | 62,023 | 9.6 | % | ||||||||||||||||||||
Adjusted EBITDA |
28,819 | 12.4 | % | 21,209 | 10.2 | % | 105,268 | 14.9 | % | 87,193 | 13.5 | % | ||||||||||||||||||||
Pre-opening costs |
2,432 | 1.0 | % | 1,213 | 0.6 | % | 4,997 | 0.7 | % | 3,329 | 0.5 | % | ||||||||||||||||||||
Impairment charge |
832 | 0.4 | % | — | 0.0 | % | 832 | 0.1 | % | — | 0.0 | % | ||||||||||||||||||||
Other non-cash expenses |
1,627 | 0.7 | % | 1,638 | 0.8 | % | 4,917 | 0.7 | % | 4,978 | 0.8 | % | ||||||||||||||||||||
Non-recurring ResortQuest integration charges (2) |
— | 0.0 | % | 348 | 0.2 | % | — | 0.0 | % | 1,816 | 0.3 | % | ||||||||||||||||||||
Stock Option expense |
1,463 | 0.6 | % | — | 0.0 | % | 4,723 | 0.7 | % | — | 0.0 | % | ||||||||||||||||||||
Other gains and (losses), net (3) |
1,972 | 0.9 | % | 1,102 | 0.5 | % | 8,698 | 1.2 | % | 6,022 | 0.9 | % | ||||||||||||||||||||
Losses and (gains) on sales of assets |
— | 0.0 | % | 641 | 0.3 | % | 558 | 0.1 | % | (3,187 | ) | -0.5 | % | |||||||||||||||||||
Dividends received |
1,244 | 0.5 | % | 427 | 0.2 | % | 3,155 | 0.4 | % | 427 | 0.1 | % | ||||||||||||||||||||
CCF |
$ | 38,389 | 16.6 | % | $ | 26,578 | 12.8 | % | $ | 133,148 | 18.8 | % | $ | 100,578 | 15.6 | % | ||||||||||||||||
Hospitality segment |
||||||||||||||||||||||||||||||||
Revenue |
$ | 142,250 | 100.0 | % | $ | 122,623 | 100.0 | % | $ | 464,903 | 100.0 | % | $ | 412,802 | 100.0 | % | ||||||||||||||||
Operating income |
9,663 | 6.8 | % | 2,910 | 2.4 | % | 67,721 | 14.6 | % | 46,731 | 11.3 | % | ||||||||||||||||||||
Depreciation & amortization |
16,115 | 11.3 | % | 15,861 | 12.9 | % | 48,281 | 10.4 | % | 47,040 | 11.4 | % | ||||||||||||||||||||
Pre-opening costs |
2,432 | 1.7 | % | 1,213 | 1.0 | % | 4,997 | 1.1 | % | 3,329 | 0.8 | % | ||||||||||||||||||||
Other non-cash expenses |
1,578 | 1.1 | % | 1,638 | 1.3 | % | 4,728 | 1.0 | % | 4,914 | 1.2 | % | ||||||||||||||||||||
Stock Option expense |
431 | 0.3 | % | — | 0.0 | % | 813 | 0.2 | % | — | 0.0 | % | ||||||||||||||||||||
Other gains and (losses), net |
(38 | ) | 0.0 | % | (139 | ) | -0.1 | % | (124 | ) | 0.0 | % | (475 | ) | -0.1 | % | ||||||||||||||||
Losses on sales of assets |
— | 0.0 | % | 202 | 0.2 | % | 89 | 0.0 | % | 202 | 0.0 | % | ||||||||||||||||||||
CCF |
$ | 30,181 | 21.2 | % | $ | 21,685 | 17.7 | % | $ | 126,505 | 27.2 | % | $ | 101,741 | 24.6 | % | ||||||||||||||||
ResortQuest segment |
||||||||||||||||||||||||||||||||
Revenue (1) |
$ | 68,149 | 100.0 | % | $ | 65,464 | 100.0 | % | $ | 185,482 | 100.0 | % | $ | 181,407 | 100.0 | % | ||||||||||||||||
Operating income |
8,132 | 11.9 | % | 4,850 | 7.4 | % | 8,648 | 4.7 | % | 5,803 | 3.2 | % | ||||||||||||||||||||
Depreciation & amortization |
2,894 | 4.2 | % | 2,677 | 4.1 | % | 8,379 | 4.5 | % | 8,009 | 4.4 | % | ||||||||||||||||||||
Impairment charge |
832 | 1.2 | % | — | 0.0 | % | 832 | 0.4 | % | — | 0.0 | % | ||||||||||||||||||||
Non-recurring ResortQuest integration charges (2) |
— | 0.0 | % | 348 | 0.5 | % | — | 0.0 | % | 1,816 | 1.0 | % | ||||||||||||||||||||
Other non-cash expenses |
49 | 0.1 | % | — | 0.0 | % | 189 | 0.1 | % | — | 0.0 | % | ||||||||||||||||||||
Stock Option expense |
258 | 0.4 | % | — | 0.0 | % | 855 | 0.5 | % | — | 0.0 | % | ||||||||||||||||||||
Other gains and (losses), net (3) |
852 | 1.3 | % | 937 | 1.4 | % | 6,118 | 3.3 | % | 879 | 0.5 | % | ||||||||||||||||||||
Dividends received |
— | 0.0 | % | 427 | 0.7 | % | 243 | 0.1 | % | 427 | 0.2 | % | ||||||||||||||||||||
Losses on sales of assets |
— | 0.0 | % | — | 0.0 | % | 216 | 0.1 | % | — | 0.0 | % | ||||||||||||||||||||
CCF |
$ | 13,017 | 19.1 | % | $ | 9,239 | 14.1 | % | $ | 25,480 | 13.7 | % | $ | 16,934 | 9.3 | % | ||||||||||||||||
Opry and Attractions segment |
||||||||||||||||||||||||||||||||
Revenue |
$ | 21,461 | 100.0 | % | $ | 19,727 | 100.0 | % | $ | 58,045 | 100.0 | % | $ | 51,272 | 100.0 | % | ||||||||||||||||
Operating income |
2,965 | 13.8 | % | 1,577 | 8.0 | % | 3,150 | 5.4 | % | 1,574 | 3.1 | % | ||||||||||||||||||||
Depreciation & amortization |
1,404 | 6.5 | % | 1,375 | 7.0 | % | 4,255 | 7.3 | % | 3,927 | 7.7 | % | ||||||||||||||||||||
Stock Option expense |
174 | 0.8 | % | — | 0.0 | % | 235 | 0.4 | % | — | 0.0 | % | ||||||||||||||||||||
Other gains and (losses), net |
8 | 0.0 | % | — | 0.0 | % | (342 | ) | -0.6 | % | 1,886 | 3.7 | % | |||||||||||||||||||
Losses and (gains) on sales of assets |
— | 0.0 | % | — | 0.0 | % | 253 | 0.4 | % | (2,077 | ) | -4.1 | % | |||||||||||||||||||
CCF |
$ | 4,551 | 21.2 | % | $ | 2,952 | 15.0 | % | $ | 7,551 | 13.0 | % | $ | 5,310 | 10.4 | % | ||||||||||||||||
Corporate and Other segment |
||||||||||||||||||||||||||||||||
Revenue |
$ | 47 | $ | 137 | $ | 204 | $ | 412 | ||||||||||||||||||||||||
Operating loss |
(13,627 | ) | (9,027 | ) | (38,538 | ) | (28,938 | ) | ||||||||||||||||||||||||
Depreciation & amortization |
1,273 | 986 | 3,372 | 3,047 | ||||||||||||||||||||||||||||
Other non-cash expenses |
— | — | — | 64 | ||||||||||||||||||||||||||||
Stock Option expense |
600 | — | 2,820 | — | ||||||||||||||||||||||||||||
Other gains and (losses), net |
1,150 | 304 | 3,046 | 3,732 | ||||||||||||||||||||||||||||
Dividends received |
1,244 | — | 2,912 | — | ||||||||||||||||||||||||||||
Losses and (gains) on sales of assets |
— | 439 | — | (1,312 | ) | |||||||||||||||||||||||||||
CCF |
$ | (9,360 | ) | $ | (7,298 | ) | $ | (26,388 | ) | $ | (23,407 | ) | ||||||||||||||||||||
| (1) | Includes a net recovery of $4,922 received in connection with the Company’s settlement of its business interruption insurance claim related to hurricanes Ivan, Dennis, and Charley for the three and nine months ended September 30, 2006. | |
| (2) | Under the terms of Gaylord’s bond indentures and credit facility, non recurring costs and expenses related to the merger of ResortQuest and Gaylord Entertainment in Nov. 2003 are excluded from the calculation of Consolidated Cash Flow (“CCF”). Non-recurring ResortQuest integration charges include severance payments, rebranding expenses, technology integration charges and other related non-recurring expenses related to the merger, not to exceed a total of $10 million. | |
| (3) | Includes a non-recurring $5.4 million gain related to the collection of a note receivable, held by ResortQuest, previously considered to be uncollectible for the nine months ended September 30, 2006. |
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
| Three Months Ended Sep. 30, | Nine Months Ended Sep. 30, | |||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||
HOSPITALITY OPERATING METRICS: |
||||||||||||||||
Gaylord Hospitality Segment (1) |
||||||||||||||||
Occupancy |
77.1 | % | 69.3 | % | 78.3 | % | 73.7 | % | ||||||||
Average daily rate (ADR) |
$ | 143.88 | $ | 143.69 | $ | 152.76 | $ | 147.65 | ||||||||
RevPAR |
$ | 110.99 | $ | 99.59 | $ | 119.55 | $ | 108.75 | ||||||||
OtherPAR |
$ | 146.63 | $ | 125.36 | $ | 161.34 | $ | 142.76 | ||||||||
Total RevPAR |
$ | 257.62 | $ | 224.95 | $ | 280.89 | $ | 251.51 | ||||||||
Revenue |
$ | 142,250 | $ | 122,623 | $ | 464,903 | $ | 412,802 | ||||||||
CCF |
$ | 30,181 | $ | 21,685 | $ | 126,505 | $ | 101,741 | ||||||||
CCF Margin |
21.2 | % | 17.7 | % | 27.2 | % | 24.6 | % | ||||||||
Gaylord Opryland (1) |
||||||||||||||||
Occupancy |
82.1 | % | 71.9 | % | 79.5 | % | 73.8 | % | ||||||||
Average daily rate (ADR) |
$ | 139.48 | $ | 140.18 | $ | 141.90 | $ | 135.36 | ||||||||
RevPAR |
$ | 114.53 | $ | 100.85 | $ | 112.84 | $ | 99.87 | ||||||||
OtherPAR |
$ | 139.87 | $ | 112.23 | $ | 141.95 | $ | 112.93 | ||||||||
Total RevPAR |
$ | 254.40 | $ | 213.08 | $ | 254.79 | $ | 212.80 | ||||||||
Revenue |
$ | 65,108 | $ | 53,028 | $ | 197,740 | $ | 162,198 | ||||||||
CCF |
$ | 15,440 | $ | 9,035 | $ | 50,854 | $ | 34,761 | ||||||||
CCF Margin |
23.7 | % | 17.0 | % | 25.7 | % | 21.4 | % | ||||||||
Gaylord Palms |
||||||||||||||||
Occupancy |
72.6 | % | 61.0 | % | 80.4 | % | 75.8 | % | ||||||||
Average daily rate (ADR) |
$ | 154.15 | $ | 157.10 | $ | 175.15 | $ | 170.45 | ||||||||
RevPAR |
$ | 111.86 | $ | 95.79 | $ | 140.87 | $ | 129.26 | ||||||||
OtherPAR |
$ | 177.91 | $ | 145.06 | $ | 206.61 | $ | 198.46 | ||||||||
Total RevPAR |
$ | 289.77 | $ | 240.85 | $ | 347.48 | $ | 327.72 | ||||||||
Revenue |
$ | 37,483 | $ | 31,155 | $ | 133,376 | $ | 125,790 | ||||||||
CCF |
$ | 7,414 | $ | 4,572 | $ | 40,580 | $ | 36,830 | ||||||||
CCF Margin |
19.8 | % | 14.7 | % | 30.4 | % | 29.3 | % | ||||||||
Gaylord Texan |
||||||||||||||||
Occupancy |
73.5 | % | 72.1 | % | 75.0 | % | 72.4 | % | ||||||||
Average daily rate (ADR) |
$ | 154.12 | $ | 150.58 | $ | 164.31 | $ | 160.02 | ||||||||
RevPAR |
$ | 113.35 | $ | 108.51 | $ | 123.17 | $ | 115.83 | ||||||||
OtherPAR |
$ | 156.64 | $ | 153.43 | $ | 185.44 | $ | 172.31 | ||||||||
Total RevPAR |
$ | 269.99 | $ | 261.94 | $ | 308.61 | $ | 288.14 | ||||||||
Revenue |
$ | 37,532 | $ | 36,413 | $ | 127,301 | $ | 118,860 | ||||||||
CCF |
$ | 6,842 | $ | 7,537 | $ | 33,403 | $ | 28,681 | ||||||||
CCF Margin |
18.2 | % | 20.7 | % | 26.2 | % | 24.1 | % | ||||||||
Nashville Radisson and Other (2) |
||||||||||||||||
Occupancy |
70.7 | % | 70.8 | % | 72.8 | % | 68.6 | % | ||||||||
Average daily rate (ADR) |
$ | 88.80 | $ | 86.89 | $ | 89.87 | $ | 87.41 | ||||||||
RevPAR |
$ | 62.76 | $ | 61.48 | $ | 65.39 | $ | 59.97 | ||||||||
OtherPAR |
$ | 13.52 | $ | 11.24 | $ | 14.22 | $ | 12.01 | ||||||||
Total RevPAR |
$ | 76.28 | $ | 72.72 | $ | 79.61 | $ | 71.98 | ||||||||
Revenue |
$ | 2,127 | $ | 2,027 | $ | 6,486 | $ | 5,954 | ||||||||
CCF |
$ | 485 | $ | 541 | $ | 1,668 | $ | 1,469 | ||||||||
CCF Margin |
22.8 | % | 26.7 | % | 25.7 | % | 24.7 | % | ||||||||
RESORTQUEST OPERATING METRICS: |
||||||||||||||||
ResortQuest Segment (3) |
||||||||||||||||
Occupancy |
57.0 | % | 57.8 | % | 55.0 | % | 56.9 | % | ||||||||
Average
daily rate (ADR) |
$ | 194.70 | $ | 187.63 | $ | 175.23 | $ | 163.78 | ||||||||
RevPAR |
$ | 111.07 | $ | 108.51 | $ | 96.35 | $ | 93.12 | ||||||||
Total Units |
14,925 | 16,900 | 14,925 | 16,900 | ||||||||||||
| (1) | Excludes 8,941 and 16,001 room nights that were taken out of service during the three months ended September 30, 2006 and 2005, respectively, and 9,866 and 23,941 room nights that were taken out of service during the nine months ended September 30, 2006 and 2005, respectively, as a result of the rooms renovation program at Gaylord Opryland. | |
| (2) | Includes other hospitality revenue and expense. | |
| (3) | Excludes units in discontinued markets and units out of service, including units damaged by hurricanes. |
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
RECONCILIATION OF FORWARD-LOOKING STATEMENTS
Unaudited
(in thousands, except operating metrics)
RECONCILIATION OF FORWARD-LOOKING STATEMENTS
Unaudited
(in thousands, except operating metrics)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
(“Adjusted EBITDA”) and Consolidated Cash Flow (“CCF”) reconciliation:
| Guidance Range | ||||||||
| (Full Year 2006) | ||||||||
| Low | High | |||||||
Consolidated |
||||||||
Estimated Operating income (loss) |
$ | 35,300 | $ | 48,300 | ||||
Estimated Depreciation & amortization |
89,200 | 89,200 | ||||||
Estimated Adjusted EBITDA |
$ | 124,500 | $ | 137,500 | ||||
Estimated Pre-opening costs |
5,800 | 5,800 | ||||||
Estimated Non-cash lease expense |
6,700 | 6,700 | ||||||
Estimated Stock Option Expense |
6,100 | 6,100 | ||||||
Estimated Gains and (losses), net |
11,900 | 11,900 | ||||||
Estimated CCF |
$ | 155,000 | $ | 168,000 | ||||
Hospitality segment |
||||||||
Estimated Operating income (loss) |
$ | 86,600 | $ | 91,600 | ||||
Estimated Depreciation & amortization |
66,300 | 66,300 | ||||||
Estimated Adjusted EBITDA |
$ | 152,900 | $ | 157,900 | ||||
Estimated Pre-opening costs |
5,800 | 5,800 | ||||||
Estimated Non-cash lease expense |
6,400 | 6,400 | ||||||
Estimated Stock Option Expense |
900 | 900 | ||||||
Estimated Gains and (losses), net |
— | — | ||||||
Estimated CCF |
$ | 166,000 | $ | 171,000 | ||||
ResortQuest segment |
||||||||
Estimated Operating income (loss) |
$ | (4,400 | ) | $ | 600 | |||
Estimated Depreciation & amortization |
12,500 | 12,500 | ||||||
Estimated Adjusted EBITDA |
$ | 8,100 | $ | 13,100 | ||||
Estimated Non-cash lease expense |
300 | 300 | ||||||
Estimated Stock Option Expense |
1,000 | 1,000 | ||||||
Estimated Gains and (losses), net |
6,600 | 6,600 | ||||||
Estimated CCF |
$ | 16,000 | $ | 21,000 | ||||
Opry and Attractions segment |
||||||||
Estimated Operating income (loss) |
$ | 4,300 | $ | 5,300 | ||||
Estimated Depreciation & amortization |
5,600 | 5,600 | ||||||
Estimated Adjusted EBITDA |
$ | 9,900 | $ | 10,900 | ||||
Estimated Stock Option Expense |
100 | 100 | ||||||
Estimated Gains and (losses), net |
— | — | ||||||
Estimated CCF |
$ | 10,000 | $ | 11,000 | ||||
Corporate and Other segment |
||||||||
Estimated Operating income (loss) |
$ | (51,200 | ) | $ | (49,200 | ) | ||
Estimated Depreciation & amortization |
4,800 | 4,800 | ||||||
Estimated Adjusted EBITDA |
$ | (46,400 | ) | $ | (44,400 | ) | ||
Estimated Stock Option Expense |
4,100 | 4,100 | ||||||
Estimated Gains and (losses), net |
5,300 | 5,300 | ||||||
Estimated CCF |
$ | (37,000 | ) | $ | (35,000 | ) | ||