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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 March 31, 2022

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 April 29, 2022

Common Stock, par value $.01

55,145,860 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended March 31, 2022

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) – March 31, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - For the Three Months Ended March 31, 2022 and 2021

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Three Months Ended March 31, 2022 and 2021

5

Condensed Consolidated Statements of Equity (Deficit) and Noncontrolling Interest (Unaudited) - For the Three Months Ended March 31, 2022 and 2021

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

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

20

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

43

Item 4. Controls and Procedures.

43

Part II - Other Information

44

Item 1. Legal Proceedings.

44

Item 1A. Risk Factors.

44

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

44

Item 3. Defaults Upon Senior Securities.

44

Item 4. Mine Safety Disclosures.

45

Item 5. Other Information.

45

Item 6. Exhibits.

45

SIGNATURES

47

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)

    

March 31, 

    

December 31, 

2022

2021

ASSETS:

 

  

 

  

Property and equipment, net

$

2,994,541

$

3,031,844

Cash and cash equivalents - unrestricted

 

128,436

 

140,688

Cash and cash equivalents - restricted

 

16,473

 

22,312

Notes receivable, net

 

67,493

 

71,228

Trade receivables, net

 

83,234

 

74,745

Prepaid expenses and other assets

 

132,879

 

112,904

Intangible assets, net

116,772

126,804

Total assets

$

3,539,828

$

3,580,525

LIABILITIES AND EQUITY (DEFICIT):

 

  

 

  

Debt and finance lease obligations

$

2,937,660

$

2,936,819

Accounts payable and accrued liabilities

 

287,286

 

304,719

Dividends payable

 

110

 

386

Deferred management rights proceeds

 

169,834

 

170,614

Operating lease liabilities

 

114,981

 

113,770

Deferred income tax liabilities, net

4,256

4,671

Other liabilities

 

62,880

 

71,939

Total liabilities

3,577,007

3,602,918

Commitments and contingencies

 

 

Equity (deficit):

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

 

 

Common stock, $.01 par value, 400,000 shares authorized, 55,146 and 55,072 shares issued and outstanding, respectively

 

551

 

551

Additional paid-in capital

 

1,112,892

 

1,112,867

Treasury stock of 648 and 648 shares, at cost

 

(18,467)

 

(18,467)

Distributions in excess of retained earnings

 

(1,112,726)

 

(1,088,105)

Accumulated other comprehensive loss

 

(19,094)

 

(29,080)

Total stockholders' equity (deficit)

 

(36,844)

 

(22,234)

Noncontrolling interest in Operating Partnership

(335)

(159)

Total equity (deficit)

(37,179)

(22,393)

Total liabilities and equity (deficit)

$

3,539,828

$

3,580,525

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

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except per share data)

Three Months Ended

March 31, 

    

2022

    

2021

    

Revenues:

 

  

 

  

 

Rooms

$

101,593

$

28,228

Food and beverage

 

112,116

 

18,175

Other hotel revenue

 

47,402

 

23,399

Entertainment

 

38,024

 

14,373

Total revenues

 

299,135

 

84,175

Operating expenses:

 

  

 

  

Rooms

 

30,136

 

9,477

Food and beverage

 

71,329

 

19,329

Other hotel expenses

 

86,643

 

54,557

Management fees, net

 

5,064

 

753

Total hotel operating expenses

 

193,172

 

84,116

Entertainment

 

31,731

 

18,691

Corporate

 

9,557

 

7,528

Preopening costs

 

304

 

399

(Gain) loss on sale of assets

469

(317)

Depreciation and amortization

56,028

53,315

Total operating expenses

 

291,261

 

163,732

Operating income (loss)

 

7,874

 

(79,557)

Interest expense

 

(31,937)

 

(30,796)

Interest income

 

1,381

 

1,370

Loss on extinguishment of debt

(2,949)

Loss from unconsolidated joint ventures

 

(2,627)

 

(1,609)

Other gains and (losses), net

 

447

 

374

Loss before income taxes

 

(24,862)

 

(113,167)

Benefit (provision) for income taxes

 

65

 

(3,954)

Net loss

(24,797)

(117,121)

Net loss attributable to noncontrolling interest in consolidated joint venture

11,793

Net loss attributable to noncontrolling interest in Operating Partnership

176

807

Net loss available to common stockholders

$

(24,621)

$

(104,521)

Basic loss per share available to common stockholders

$

(0.45)

$

(1.90)

Diluted loss per share available to common stockholders

$

(0.45)

$

(1.90)

Comprehensive loss, net of taxes

$

(14,811)

$

(111,021)

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

10,711

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

105

763

Comprehensive loss, net of taxes, available to common stockholders

$

(14,706)

$

(99,547)

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

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended

March 31, 

    

2022

    

2021

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net loss

$

(24,797)

$

(117,121)

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

 

Provision (benefit) for deferred income taxes

 

(415)

3,781

Depreciation and amortization

 

56,028

53,315

Amortization of deferred financing costs

 

2,229

2,209

Loss from unconsolidated joint ventures

2,627

1,609

Stock-based compensation expense

 

3,786

2,522

Changes in:

 

Trade receivables

 

(8,488)

1,823

Accounts payable and accrued liabilities

 

(17,330)

(4,785)

Other assets and liabilities

 

(17,814)

13,760

Net cash flows used in operating activities

 

(4,174)

 

(42,887)

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(9,716)

(25,831)

Collection of notes receivable

2,381

Investment in joint ventures

 

(2,045)

(4,572)

Other investing activities, net

 

816

5,462

Net cash flows used in investing activities

 

(8,564)

 

(24,941)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings (repayments) under revolving credit facility

 

(106,000)

Repayments under term loan B

 

(1,250)

(1,250)

Issuance of senior notes

600,000

Redemption of senior notes

(400,000)

Deferred financing costs paid

 

(10,540)

Redemption of noncontrolling interest in Operating Partnership

(2,438)

Payment of dividends

 

(276)

(488)

Payment of tax withholdings for share-based compensation

 

(3,761)

(3,357)

Other financing activities, net

 

(66)

(58)

Net cash flows provided by (used in) financing activities

 

(5,353)

 

75,869

Net change in cash, cash equivalents, and restricted cash

 

(18,091)

 

8,041

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

 

163,000

 

79,754

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

$

144,909

$

87,795

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

Cash and cash equivalents - unrestricted

$

128,436

$

67,138

Cash and cash equivalents - restricted

16,473

 

20,657

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

$

144,909

$

87,795

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

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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 (Deficit)

Partnership

(Deficit)

Joint Venture

BALANCE, December 31, 2021

$

551

$

1,112,867

$

(18,467)

$

(1,088,105)

$

(29,080)

$

(22,234)

$

(159)

$

(22,393)

$

Net loss

 

 

 

 

(24,621)

 

 

(24,621)

 

(176)

 

(24,797)

 

Other comprehensive income, net of income taxes

 

 

 

 

 

9,986

 

9,986

 

 

9,986

 

Restricted stock units and stock options surrendered

 

(3,761)

 

 

 

 

(3,761)

 

 

(3,761)

 

Equity-based compensation expense

 

 

3,786

 

 

 

 

3,786

 

 

3,786

 

BALANCE, March 31, 2022

$

551

$

1,112,892

$

(18,467)

$

(1,112,726)

$

(19,094)

$

(36,844)

$

(335)

$

(37,179)

$

    

    

    

    

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)

 

Equity-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

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

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BASIS OF PRESENTATION:

On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These resorts, which the Company refers to as the Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”), which prior to May 2021 was owned by a joint venture (the “Gaylord Rockies joint venture”) in which the Company owned a 65% interest. The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.

In April 2021, the Company entered into an agreement with RIDA Development Corporation to acquire the remaining 35% ownership interest in the Gaylord Rockies joint venture not previously owned by the Company for $188.0 million and approximately 130 acres of undeveloped, adjacent land for $22.0 million in cash (the “JV Purchase”). The JV Purchase closed in May 2021 and was funded through cash on hand and borrowings under the Company’s $700 million revolving credit facility. As discussed below, the Company consolidated the Gaylord Rockies joint venture both before and after the purchase in the accompanying condensed consolidated financial statements.

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, management concluded that the Company was the primary beneficiary of the Gaylord Rockies joint venture, which was a variable interest entity (“VIE”). As such, the Company consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying condensed consolidated financial statements. The portion of the Gaylord Rockies joint venture that the Company did not previously own was recorded as noncontrolling interest in consolidated joint venture in the accompanying condensed consolidated balance sheet, and any previous adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statements of equity. As the Gaylord Rockies joint venture is now wholly-owned by the Company, it is no longer considered as a VIE.

The Company also owns a number of media and entertainment assets, including the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; and two Nashville-based assets managed by Marriott –the Wildhorse Saloon and the General Jackson Showboat. The Company also owns a 50% interest in a joint venture that creates and distributes a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”), which launched its broadcast network on January 1, 2020. See Note 13, “Commitments and Contingencies,” and Note 17, “Subsequent Events,” to the condensed consolidated financial statements included herein for further disclosure.

The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal,

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recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations.

The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other.

Impact of COVID-19 Pandemic

The novel coronavirus disease (COVID-19) pandemic has been and continues to be a complex and evolving situation, causing unprecedented levels of disruption to the Company’s business. Although the Company’s assets are currently open and operating without capacity restrictions, there remains significant uncertainty surrounding the full extent of the impact of the COVID-19 pandemic on the Company’s future results of operations and financial position.

The majority of the Company’s businesses have been open and operating throughout 2021 and 2022. However, Gaylord National remained closed during the first half of 2021 and reopened July 1, 2021. The Grand Ole Opry and Ryman Auditorium reopened for limited-capacity publicly attended performances in September 2020, and reopened for full-capacity publicly attended performances in May 2021. In addition, subsequent to the December 2020 downtown Nashville bombing, the Wildhorse Saloon reopened in April 2021.

The Company amended its credit facility on April 23, 2020, and again on December 22, 2020, as described in Note 4, “Debt,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The Company continues to pay all required debt service payments on its indebtedness, lease payments, taxes and other payables. Beginning in July 2020, Gaylord Rockies was in a cash sweep position pursuant to and as defined in the Gaylord Rockies $800 million term loan agreement, and such cash amounts are included in cash and cash equivalents – restricted in the accompanying condensed consolidated balance sheets.

At March 31, 2022, the Company had $509.9 million available for borrowing under its revolving credit facility and $128.4 million in unrestricted cash on hand. The Company’s quarterly dividend is currently suspended. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement, and any future dividend is subject to the Company’s board of directors’ determinations as to the amount of distributions and timing thereof.

Block 21 Acquisition

In October 2021, the Company entered into an agreement to purchase Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”), for $260 million, which includes the assumption of approximately $137 million of existing mortgage debt. Block 21 is the home of the Austin City Limits Live at The Moody Theater (“ACL Live”), a 2,750-seat entertainment venue that serves as the filming location for the Austin City Limits television series. The Block 21 complex also includes the 251-room W Austin Hotel, the 3TEN at ACL Live club and approximately 53,000 square feet of other Class A commercial space. The acquisition is expected to close prior to June 1, 2022, subject to customary closing conditions including, but not limited to, consent to the Company’s assumption of the existing mortgage loan by the loan servicer and the consent of the hotel property manager, an affiliate of Marriott, to the Company’s assignment and assumption of the existing hotel management agreement. The Company has the capacity to finance the transaction under its revolving credit facility and may use cash on hand, including from any sales of stock under its ATM program, and will make a determination of funding sources prior to closing. Block 21 assets will be reflected in the Company’s Entertainment segment after the acquisition closes.

Newly Issued Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31,

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2022. During 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of this guidance and may apply other elections as applicable as additional market changes occur.

2. REVENUES:

Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Entertainment segment revenues from licenses of content are recognized at the point in time the content is delivered to the licensee and the licensee can use and benefit from the content. Revenue related to content provided to Circle is eliminated for the portion of Circle that the Company owns. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.

The Company’s revenues disaggregated by major source are as follows (in thousands):

Three Months Ended

March 31, 

    

2022

    

2021

Hotel group rooms

$

62,478

$

4,512

Hotel transient rooms

 

39,115

 

23,716

Hotel food and beverage - banquets

 

72,824

 

3,969

Hotel food and beverage - outlets

 

39,292

 

14,206

Hotel other

 

47,402

 

23,399

Entertainment admissions/ticketing

 

15,549

 

3,160

Entertainment food and beverage

 

14,361

 

4,796

Entertainment produced content

1,468

2,126

Entertainment retail and other

 

6,646

 

4,291

Total revenues

$

299,135

$

84,175

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The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):

Three Months Ended

March 31, 

2022

    

2021

Gaylord Opryland

$

73,519

$

21,759

Gaylord Palms

59,848

 

15,117

Gaylord Texan

56,636

 

18,358

Gaylord National

32,587

 

1,257

Gaylord Rockies

34,787

11,970

AC Hotel

1,607

 

805

Inn at Opryland

2,127

 

536

Total Hospitality segment revenues

$

261,111

$

69,802

The majority of the Company’s Entertainment segment revenues are concentrated in Tennessee.

The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms in its Hospitality segment and advanced ticketing in its Entertainment segment. At March 31, 2022 and December 31, 2021, the Company had $145.3 million and $116.8 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2021, approximately $27.2 million was recognized in revenue during the three months ended March 31, 2022.

3. INCOME (LOSS) PER SHARE:

The weighted average number of common shares outstanding is calculated as follows (in thousands):

Three Months Ended

March 31, 

    

2022

    

2021

Weighted average shares outstanding - basic

55,086

54,995

Effect of dilutive stock-based compensation

Weighted average shares outstanding - diluted

 

55,086

 

54,995

For the three months ended March 31, 2022 and 2021, the effect of dilutive stock-based compensation was the equivalent of 0.3 million and 0.2 million shares of common stock outstanding. Because the Company had a loss available to common stockholders in the three months ended March 31, 2022 and 2021, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

The operating partnership units (“OP Units”) held by the noncontrolling interest holders have been excluded from the denominator of the diluted loss per share calculation for the three months ended March 31, 2022 and 2021 as there would be no effect on the calculation of diluted loss per share because the loss attributable to the OP Units held by the noncontrolling interest holders would also be subtracted to derive net loss available to common stockholders.

4. ACCUMULATED OTHER COMPREHENSIVE LOSS:

The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s minimum pension liability discussed in Note 11, “Pension Plans,” interest rate derivatives designated as cash flow hedges related to the Company’s outstanding debt as discussed in Note 7, “Debt,” and amounts related to an other-than-temporary impairment of a held-to-maturity investment that existed prior to 2020 with respect to the notes receivable discussed in Note 6, “Notes Receivable,” to the condensed consolidated financial statements included herein. Changes in

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accumulated other comprehensive loss by component for the three months ended March 31, 2022 and 2021 consisted of the following (in thousands):

Other-Than-

Minimum

Temporary

Pension

Impairment of

Interest Rate

    

Liability

    

Investment

    

Derivatives

    

Total

Balance, December 31, 2021

$

(16,419)

$

(3,298)

$

(9,363)

$

(29,080)

Gains arising during period

6,070

6,070

Amounts reclassified from accumulated other comprehensive loss

(86)

 

53

 

3,949

 

3,916

Net other comprehensive income (loss)

 

(86)

 

53

 

10,019

 

9,986

Balance, March 31, 2022

$

(16,505)

$

(3,245)

$

656

$

(19,094)

Other-Than-

Minimum

Temporary

Pension

Impairment of

Interest Rate

    

Liability

    

Investment

    

Derivatives

    

Total

Balance, December 31, 2020

$

(26,623)

$

(3,509)

$

(27,819)

$

(57,951)

Gains arising during period

1,436

602

2,038

Amounts reclassified from accumulated other comprehensive loss

 

8

 

53

 

4,001

 

4,062

Net other comprehensive income

 

1,444

 

53

 

4,603

 

6,100

Balance, March 31, 2021

$

(25,179)

$

(3,456)

$

(23,216)

$

(51,851)

5. PROPERTY AND EQUIPMENT:

Property and equipment, including right-of-use finance lease assets, at March 31, 2022 and December 31, 2021 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands):

    

2022

    

2021

Land and land improvements

$

377,220

$

378,598

Buildings

 

3,604,950

 

3,601,974

Furniture, fixtures and equipment

 

983,947

 

981,589

Right-of-use finance lease assets

1,613

1,613

Construction-in-progress

 

17,131

 

14,337

 

4,984,861

 

4,978,111

Accumulated depreciation and amortization

 

(1,990,320)

 

(1,946,267)

Property and equipment, net

$

2,994,541

$

3,031,844

6. NOTES RECEIVABLE:

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $67.5 million and $71.2 million at March 31, 2022 and December 31, 2021, respectively, net of credit loss reserve of $38.0 million at each of March 31, 2022 and December 31, 2021. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method.

The Company has the intent and ability to hold these bonds to maturity. The Company’s quarterly assessment of credit losses considers the estimate of projected tax revenues that will service the bonds over their remaining terms. These tax revenue projections are updated each quarter to reflect updated industry projections as to future anticipated operations of the hotel. As a result of reduced tax revenue projections over the remaining life of the bonds, the Series B bond is fully reserved. The Series A bond is of higher priority than other tranches which fall between the Company’s two issuances.

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During each of the three months ended March 31, 2022 and 2021, the Company recorded interest income of $1.3 million on these bonds. The Company received payments of $5.1 million and $2.8 million during the three months ended March 31, 2022 and 2021, respectively, relating to these bonds. At March 31, 2022 and December 31, 2021, before consideration of the credit loss reserve, the Company had accrued interest receivable related to these bonds of $39.6 million and $41.0 million, respectively.

7. DEBT:

The Company’s debt and finance lease obligations at March 31, 2022 and December 31, 2021 consisted of (in thousands):

March 31, 

December 31, 

    

2022

    

2021

$700M Revolving Credit Facility, interest at LIBOR plus 2.25%, maturing March 31, 2024

$

190,000

$

190,000

$300M Term Loan A, interest at LIBOR plus 2.25%, maturing March 31, 2025

 

300,000

 

300,000

$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024

 

375,000

 

376,250

$600M Senior Notes, interest at 4.50%, maturing February 15, 2029

 

600,000

 

600,000

$700M Senior Notes, interest at 4.75%, maturing October 15, 2027

 

700,000

 

700,000

$800M Gaylord Rockies Term Loan, interest at LIBOR plus 2.50%, maturing July 2, 2023

 

800,000

 

800,000

Finance lease obligations

819

884

Unamortized deferred financing costs

(29,974)

(32,203)

Unamortized premium

1,815

1,888

Total debt

$

2,937,660

$

2,936,819

Amounts due within one year consist of the amortization payments for the $500 million term loan B of 1.0% of the original principal balance, as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

At March 31, 2022, the Temporary Waiver Period (as defined in the Company’s credit facility) expired, and there were no defaults under the covenants related to the Company’s outstanding debt based on the amended terms of the Company’s credit agreement.

As a result of the Company’s February 2021 purchase and redemption of its previous $400 million 5% senior notes due 2023, the Company recognized a loss on extinguishment of debt of $2.9 million in the three months ended March 31, 2021.

Interest Rate Derivatives

The Company has entered into interest rate swaps to manage interest rate risk associated with the Company’s $500 million term loan B and the Gaylord Rockies $800 million term loan. Each swap has been designated as a cash flow hedge whereby the Company receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount. The Company does not use derivatives for trading or speculative purposes and currently does not hold any derivatives that are not designated as hedges.

For derivatives designated as and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense in the same period during which the hedged transaction affects earnings. These amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on the related variable-rate debt. The Company estimates that $0.1 million will be reclassified from accumulated other comprehensive income as a reduction to interest expense in the next twelve months.

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The estimated fair value of the Company’s derivative financial instruments at March 31, 2022 and December 31, 2021 is as follows (in thousands):

Estimated Fair Value

Asset (Liability) Balance

Strike

Notional

March 31, 

December 31, 

Hedged Debt

Type

Rate

Index

Maturity Date

Amount

2022

2021

Term Loan B

Interest Rate Swap

1.2235%

1-month LIBOR

May 11, 2023

$ 87,500

$

655

$

(733)

Term Loan B

Interest Rate Swap

1.2235%

1-month LIBOR

May 11, 2023

$ 87,500

655

(733)

Term Loan B

Interest Rate Swap

1.2235%

1-month LIBOR

May 11, 2023

$ 87,500

652

(733)

Term Loan B

Interest Rate Swap

1.2315%

1-month LIBOR

May 11, 2023

$ 87,500

645

(742)

Gaylord Rockies Term Loan

Interest Rate Swap

1.6500%

1-month LIBOR

August 1, 2022

$ 800,000

(1,951)