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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 June 30, 2021

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 July 31, 2021

Common Stock, par value $.01

55,065,442 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended June 30, 2021

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) – June 30, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - For the Three Months and Six Months Ended June 30, 2021 and 2020

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Six Months Ended June 30, 2021 and 2020

5

Condensed Consolidated Statements of Equity (Deficit) and Noncontrolling Interest (Unaudited) - For the Three Months and Six Months Ended June 30, 2021 and 2020

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

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

21

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

48

Item 4. Controls and Procedures.

48

Part II - Other Information

48

Item 1. Legal Proceedings.

48

Item 1A. Risk Factors.

48

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

49

Item 3. Defaults Upon Senior Securities.

49

Item 4. Mine Safety Disclosures.

49

Item 5. Other Information.

49

Item 6. Exhibits.

50

SIGNATURES

51

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)

    

June 30, 

    

December 31, 

2021

2020

ASSETS:

 

  

 

  

Property and equipment, net (including $0 and $932,473 from VIEs, respectively)

$

3,104,336

$

3,117,247

Cash and cash equivalents - unrestricted (including $0 and $14,441 from VIEs, respectively)

 

71,612

 

56,697

Cash and cash equivalents - restricted

 

17,013

 

23,057

Notes receivable, net

 

71,972

 

71,923

Trade receivables, net

 

36,937

 

20,106

Prepaid expenses and other assets (including $0 and $32,966 from VIEs, respectively)

 

103,545

 

100,494

Intangible assets, net (including $0 and $162,366 from VIEs, respectively)

146,885

166,971

Total assets

$

3,552,300

$

3,556,495

LIABILITIES AND EQUITY:

 

  

 

  

Debt and finance lease obligations (including $0 and $794,416 from VIEs, respectively)

$

2,970,145

$

2,658,008

Accounts payable and accrued liabilities (including $0 and $59,573 from VIEs, respectively)

 

238,460

 

203,121

Dividends payable

 

332

 

843

Deferred management rights proceeds

 

172,173

 

172,724

Operating lease liabilities

 

108,283

 

107,569

Deferred income tax liabilities, net

5,838

665

Other liabilities (including $0 and $18,978 from VIEs, respectively)

 

82,888

 

92,779

Total liabilities

3,578,119

3,235,709

Commitments and contingencies

 

 

Noncontrolling interest in consolidated joint venture

100,969

Equity:

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

 

 

Common stock, $.01 par value, 400,000 shares authorized, 55,065 and 54,982 shares issued and outstanding, respectively

 

551

 

550

Additional paid-in capital

 

1,095,415

 

1,192,261

Treasury stock of 648 and 648 shares, at cost

 

(18,467)

 

(18,467)

Distributions in excess of retained earnings

 

(1,074,872)

 

(911,092)

Accumulated other comprehensive loss

 

(40,647)

 

(57,951)

Total stockholders' equity (deficit)

 

(38,020)

 

205,301

Noncontrolling interest in Operating Partnership

12,201

14,516

Total equity (deficit)

(25,819)

219,817

Total liabilities and equity

$

3,552,300

$

3,556,495

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 LOSS

(Unaudited)

(In thousands, except per share data)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2021

    

2020

    

2021

    

2020

    

Revenues:

 

  

 

  

 

  

 

  

 

Rooms

$

61,971

$

2,802

$

90,199

$

108,930

Food and beverage

 

45,619

 

1,510

 

63,794

 

147,260

Other hotel revenue

 

28,098

 

5,993

 

51,497

 

39,786

Entertainment

 

35,173

 

4,376

 

49,546

 

31,735

Total revenues

 

170,861

 

14,681

 

255,036

 

327,711

Operating expenses:

 

  

 

  

 

  

 

  

Rooms

 

15,039

 

4,472

 

24,516

 

36,780

Food and beverage

 

33,748

 

11,891

 

53,077

 

95,702

Other hotel expenses

 

61,365

 

45,045

 

115,922

 

135,519

Management fees, net

 

2,149

 

(563)

 

2,902

 

4,929

Total hotel operating expenses

 

112,301

 

60,845

 

196,417

 

272,930

Entertainment

 

25,639

 

13,457

 

44,330

 

42,803

Corporate

 

8,978

 

7,258

 

16,506

 

15,394

Preopening costs

 

217

 

700

 

616

 

1,501

Gain on sale of assets

(317)

(1,261)

Credit loss on held-to-maturity securities

19,145

24,973

Depreciation and amortization

54,673

54,011

107,988

107,356

Total operating expenses

 

201,808

 

155,416

 

365,540

 

463,696

Operating loss

 

(30,947)

 

(140,735)

 

(110,504)

 

(135,985)

Interest expense

 

(29,847)

 

(30,042)

 

(60,643)

 

(59,400)

Interest income

 

1,451

 

1,854

 

2,821

 

4,225

Loss on extinguishment of debt

(2,949)

Loss from unconsolidated joint ventures

 

(1,910)

 

(1,820)

 

(3,519)

 

(3,715)

Other gains and (losses), net

 

(173)

 

(16,755)

 

201

 

(16,560)

Loss before income taxes

 

(61,426)

 

(187,498)

 

(174,593)

 

(211,435)

Provision for income taxes

 

(1,623)

 

(161)

 

(5,577)

 

(26,960)

Net loss

(63,049)

(187,659)

(180,170)

(238,395)

Net loss attributable to noncontrolling interest in consolidated joint venture

4,708

14,167

16,501

18,387

Net loss attributable to noncontrolling interest in Operating Partnership

422

1,229

Net loss available to common stockholders

$

(57,919)

$

(173,492)

$

(162,440)

$

(220,008)

Basic loss per share available to common stockholders

$

(1.05)

$

(3.16)

$

(2.95)

$

(4.00)

Diluted loss per share available to common stockholders

$

(1.05)

$

(3.16)

$

(2.95)

$

(4.00)

Comprehensive loss, net of taxes

$

(51,845)

$

(188,848)

$

(162,866)

$

(277,021)

Comprehensive loss, net of taxes, attributable to noncontrolling interest in consolidated joint venture

4,708

14,228

15,419

27,057

Comprehensive loss, net of taxes, attributable to noncontrolling interest in Operating Partnership

341

1,104

Comprehensive loss, net of taxes, available to common stockholders

$

(46,796)

$

(174,620)

$

(146,343)

$

(249,964)

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)

Six Months Ended

June 30, 

    

2021

    

2020

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net loss

$

(180,170)

$

(238,395)

Amounts to reconcile net loss to net cash flows used in operating activities:

 

Provision for deferred income taxes

 

5,173

26,641

Depreciation and amortization

 

107,988

107,356

Amortization of deferred financing costs

 

4,379

3,851

Credit loss on held-to-maturity securities

24,973

Forfeiture of Block 21 earnest deposit

15,000

Write-off of deferred financing costs

 

235

Loss from unconsolidated joint ventures

3,519

3,715

Stock-based compensation expense

 

5,668

4,419

Changes in:

 

Trade receivables

 

(16,831)

52,237

Accounts payable and accrued liabilities

 

35,827

(109,821)

Other assets and liabilities

 

6,553

(1,012)

Net cash flows used in operating activities

 

(27,894)

 

(110,801)

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(53,493)

(83,139)

Purchase of land adjacent to Gaylord Rockies

(22,000)

Purchase of additional interest in Gaylord Rockies joint venture

(188,000)

Investment in other joint ventures

 

(4,619)

(6,728)

Other investing activities, net

 

5,462

1,691

Net cash flows used in investing activities

 

(262,650)

 

(88,176)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings under revolving credit facility

 

119,000

25,000

Repayments under term loan B

 

(2,500)

(2,500)

Issuance of senior notes

600,000

Redemption of senior notes

(400,000)

Deferred financing costs paid

 

(10,628)

(1,510)

Redemption of noncontrolling interest in Operating Partnership

(2,438)

Payment of dividends

 

(499)

(102,315)

Distributions from consolidated joint venture to noncontrolling interest partners

(992)

Payment of tax withholdings for share-based compensation

 

(3,407)

(1,660)

Other financing activities, net

 

(113)

(143)

Net cash flows provided by (used in) financing activities

 

299,415

 

(84,120)

Net change in cash, cash equivalents, and restricted cash

 

8,871

 

(283,097)

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

 

79,754

 

420,396

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

$

88,625

$

137,299

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

Cash and cash equivalents - unrestricted

$

71,612

$

82,376

Cash and cash equivalents - restricted

17,013

 

54,923

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

$

88,625

$

137,299

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 (DEFICIT)
AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity

Partnership

Equity

Joint Venture

BALANCE, December 31, 2020

$

550

$

1,192,261

$

(18,467)

$

(911,092)

$

(57,951)

$

205,301

$

14,516

$

219,817

$

100,969

Net loss

 

 

 

 

(104,521)

 

 

(104,521)

 

(807)

 

(105,328)

 

(11,793)

Other comprehensive income, net of income taxes

 

 

 

 

 

6,100

 

6,100

 

 

6,100

 

Redemption of noncontrolling interest in Operating Partnership

(1,352)

(1,352)

(1,086)

(2,438)

Contribution to consolidated joint venture

4,425

Restricted stock units and stock options surrendered

 

(3,357)

 

 

12

 

 

(3,345)

 

 

(3,345)

 

Stock-based compensation expense

 

 

2,522

 

 

 

 

2,522

 

 

2,522

 

BALANCE, March 31, 2021

$

550

$

1,191,426

$

(18,467)

$

(1,016,953)

$

(51,851)

$

104,705

$

12,623

$

117,328

$

93,601

Net loss

 

 

 

 

(57,919)

 

 

(57,919)

 

(422)

 

(58,341)

 

(4,708)

Other comprehensive income, net of income taxes

 

 

 

 

 

11,204

 

11,204

 

 

11,204

 

Purchase of remaining interest in consolidated joint venture

(99,107)

(99,107)

(99,107)

(88,893)

Restricted stock units and stock options surrendered

 

1

(50)

 

 

 

 

(49)

 

 

(49)

 

Stock-based compensation expense

 

 

3,146

 

 

 

 

3,146

 

 

3,146

 

BALANCE, June 30, 2021

$

551

$

1,095,415

$

(18,467)

$

(1,074,872)

$

(40,647)

$

(38,020)

$

12,201

$

(25,819)

$

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Earnings

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