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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 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 October 29, 2021

Common Stock, par value $.01

55,066,544 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended September 30, 2021

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

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

3

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

4

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

5

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

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

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

23

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

50

Item 4. Controls and Procedures.

50

Part II - Other Information

50

Item 1. Legal Proceedings.

50

Item 1A. Risk Factors.

50

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

51

Item 3. Defaults Upon Senior Securities.

51

Item 4. Mine Safety Disclosures.

51

Item 5. Other Information.

52

Item 6. Exhibits.

52

SIGNATURES

53

2

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

    

September 30, 

    

December 31, 

2021

2020

ASSETS:

 

  

 

  

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

$

3,066,335

$

3,117,247

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

 

53,155

 

56,697

Cash and cash equivalents - restricted

 

25,348

 

23,057

Notes receivable, net

 

69,788

 

71,923

Trade receivables, net

 

73,036

 

20,106

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

 

113,308

 

100,494

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

136,850

166,971

Total assets

$

3,537,820

$

3,556,495

LIABILITIES AND EQUITY:

 

  

 

  

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

$

2,925,968

$

2,658,008

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

 

271,060

 

203,121

Dividends payable

 

323

 

843

Deferred management rights proceeds

 

171,393

 

172,724

Operating lease liabilities

 

110,573

 

107,569

Deferred income tax liabilities, net

6,656

665

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

 

78,939

 

92,779

Total liabilities

3,564,912

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, 55,067 and 54,982 shares issued and outstanding, respectively

 

551

 

550

Additional paid-in capital

 

1,098,669

 

1,192,261

Treasury stock of 648 and 648 shares, at cost

 

(18,467)

 

(18,467)

Distributions in excess of retained earnings

 

(1,083,411)

 

(911,092)

Accumulated other comprehensive loss

 

(36,574)

 

(57,951)

Total stockholders' equity (deficit)

 

(39,232)

 

205,301

Noncontrolling interest in Operating Partnership

12,140

14,516

Total equity (deficit)

(27,092)

219,817

Total liabilities and equity

$

3,537,820

$

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

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

    

Revenues:

 

  

 

  

 

  

 

  

 

Rooms

$

113,192

$

24,487

$

203,391

$

133,417

Food and beverage

 

105,803

 

16,217

 

169,597

 

163,477

Other hotel revenue

 

38,858

 

17,274

 

90,355

 

57,060

Entertainment

 

49,053

 

12,271

 

98,599

 

44,006

Total revenues

 

306,906

 

70,249

 

561,942

 

397,960

Operating expenses:

 

  

 

  

 

  

 

  

Rooms

 

30,802

 

10,280

 

55,318

 

47,060

Food and beverage

 

65,205

 

19,233

 

118,282

 

114,935

Other hotel expenses

 

80,203

 

56,961

 

196,125

 

192,480

Management fees, net

 

4,907

 

516

 

7,809

 

5,445

Total hotel operating expenses

 

181,117

 

86,990

 

377,534

 

359,920

Entertainment

 

33,467

 

17,343

 

77,797

 

60,146

Corporate

 

10,416

 

7,299

 

26,922

 

22,693

Preopening costs

 

118

 

96

 

734

 

1,597

Gain on sale of assets

(317)

(1,261)

Credit loss on held-to-maturity securities

7,811

32,784

Depreciation and amortization

56,093

53,876

164,081

161,232

Total operating expenses

 

281,211

 

173,415

 

646,751

 

637,111

Operating income (loss)

 

25,695

 

(103,166)

 

(84,809)

 

(239,151)

Interest expense

 

(32,413)

 

(28,127)

 

(93,056)

 

(87,527)

Interest income

 

1,433

 

1,540

 

4,254

 

5,765

Loss on extinguishment of debt

(2,949)

Loss from unconsolidated joint ventures

 

(2,312)

 

(1,767)

 

(5,831)

 

(5,482)

Other gains and (losses), net

 

53

 

1,729

 

254

 

(14,831)

Loss before income taxes

 

(7,544)

 

(129,791)

 

(182,137)

 

(341,226)

Provision for income taxes

 

(1,063)

 

(86)

 

(6,640)

 

(27,046)

Net loss

(8,607)

(129,877)

(188,777)

(368,272)

Net loss attributable to noncontrolling interest in consolidated joint venture

11,893

16,501

30,280

Net loss attributable to noncontrolling interest in Operating Partnership

61

325

1,290

325

Net loss available to common stockholders

$

(8,546)

$

(117,659)

$

(170,986)

$

(337,667)

Basic loss per share available to common stockholders

$

(0.16)

$

(2.14)

$

(3.11)

$

(6.14)

Diluted loss per share available to common stockholders

$

(0.16)

$

(2.14)

$

(3.11)

$

(6.14)

Comprehensive loss, net of taxes

$

(4,534)

$

(134,302)

$

(167,400)

$

(411,323)

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

10,793

15,419

37,850

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

32

1,136

Comprehensive loss, net of taxes, available to common stockholders

$

(4,502)

$

(123,509)

$

(150,845)

$

(373,473)

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

4

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Months Ended

September 30, 

    

2021

    

2020

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net loss

$

(188,777)

$

(368,272)

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

 

Provision for deferred income taxes

 

5,991

26,607

Depreciation and amortization

 

164,081

161,232

Amortization of deferred financing costs

 

6,579

5,889

Credit loss on held-to-maturity securities

32,784

Forfeiture of Block 21 earnest deposit

15,000

Write-off of deferred financing costs

 

246

Loss from unconsolidated joint ventures

5,831

5,482

Stock-based compensation expense

 

8,944

6,623

Changes in:

 

Trade receivables

 

(52,930)

56,950

Accounts payable and accrued liabilities

 

73,370

(57,024)

Other assets and liabilities

 

(419)

2,152

Net cash flows provided by (used in) operating activities

 

22,670

 

(112,331)

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(66,162)

(124,581)

Purchase of land adjacent to Gaylord Rockies

(22,000)

Collection of notes receivable

844

2,985

Purchase of additional interest in Gaylord Rockies joint venture

(188,000)

Investment in other joint ventures

 

(7,168)

(8,761)

Other investing activities, net

 

5,482

(1,304)

Net cash flows used in investing activities

 

(277,004)

 

(131,661)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings under revolving credit facility

 

74,000

35,000

Repayments under term loan B

 

(3,750)

(3,750)

Issuance of senior notes

600,000

Redemption of senior notes

(400,000)

Deferred financing costs paid

 

(10,628)

(1,528)

Redemption of noncontrolling interest in Operating Partnership

(2,438)

Payment of dividends

 

(502)

(102,325)

Distributions from consolidated joint venture to noncontrolling interest partners

(992)

Payment of tax withholdings for share-based compensation

 

(3,428)

(1,688)

Other financing activities, net

 

(171)

(188)

Net cash flows provided by (used in) financing activities

 

253,083

 

(75,471)

Net change in cash, cash equivalents, and restricted cash

 

(1,251)

 

(319,463)

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

 

79,754

 

420,396

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

$

78,503

$

100,933

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

Cash and cash equivalents - unrestricted

$

53,155

$

52,162

Cash and cash equivalents - restricted

25,348

 

48,771

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

$

78,503

$

100,933

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

Total

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Equity

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity

Partnership

(Deficit)

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)

$

Net loss

 

 

 

 

(8,546)

 

 

(8,546)

 

(61)

 

(8,607)

 

Other comprehensive income, net of income taxes

 

 

 

 

 

4,073

4,073

 

4,073

 

Restricted stock units and stock options surrendered

 

(22)

 

 

7

 

 

(15)

 

 

(15)

 

Stock-based compensation expense

 

 

3,276

 

 

 

 

3,276

 

 

3,276

 

BALANCE, September 30, 2021

$

551

$

1,098,669

$

(18,467)

$

(1,083,411)

$

(36,574)

$

(39,232)

$

12,140

$

(27,092)

$

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

6

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (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, 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