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UNITED STATES

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

 

Date of Report (Date of earliest event reported): August 2, 2022 (August 1, 2022)

 

 

 

RYMAN HOSPITALITY PROPERTIES, INC.

(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: (615316-6000

 

(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:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

  Securities registered pursuant to Section 12(b) of the Act:

  

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on
Which Registered
Common Stock, par value $.01   RHP   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

 

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.  ¨

 

 

 

 

 

 

ITEM 2.02.RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

On August 1, 2022, Ryman Hospitality Properties, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2022 and providing updated guidance for certain financial measures for the remainder of 2022. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference. The Company will hold a conference call to discuss its financial results for the quarter ended June 30, 2022 at 10:00 a.m. Eastern Time on Tuesday, August 2, 2022.

 

ITEM 9.01.FINANCIAL STATEMENTS AND EXHIBITS.

 

(d)    Exhibits
     
99.1   Press Release of Ryman Hospitality Properties, Inc. dated August 1, 2022.
     
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

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.

 

  RYMAN HOSPITALITY PROPERTIES, INC.
   
Date: August 2, 2022 By: /s/ Scott J. Lynn
    Name: Scott J. Lynn
    Title: Executive Vice President, General Counsel and Secretary

 

 

 

 

Exhibit 99.1

 

 

 

Ryman Hospitality Properties, Inc. Reports Second Quarter 2022 Results

 

NASHVILLE, Tenn. (August 1, 2022) – Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging and hospitality real estate investment trust (“REIT”) that specializes in upscale convention center resorts and leading entertainment experiences, today reported financial results for the second quarter ended June 30, 2022.

 

Second Quarter 2022 Highlights and Recent Developments:

 

·The Company generated Net Income available to common shareholders of $50.3 million or $0.91 per share, representing a return to profitability for the first time since the beginning of the COVID-19 pandemic.

·The Hospitality segment reported operating income and operating income margin of $100.6 million and 25.0% for the quarter, respectively, and delivered a quarterly record in Adjusted EBITDAre and Adjusted EBITDAre margin of $155.0 million and 38.6%, respectively, compared to $133.2 million and 37.3% for Q2 2019, respectively, despite 5.3 lower points of occupancy compared to Q2 2019.

·Driven by an all-time record transient rate of $283, Hospitality ADR exceeded $234 per night in Q2 2022, an increase of 16.0% compared to Q2 2021 and 16.3% increase compared to Q2 2019.

·Booked 601,000 gross advanced group room nights for all future years as of June 30, 2022, at an all-time record ADR of $243, an increase of nearly 14% over Q2 2021 ADR for future bookings and over 15% above Q2 2019 ADR levels for future bookings.

·Successfully collected $15.4 million in attrition and cancellation fees in the quarter, totaling $35.0 million year to date.

·Closed strategic investment in the Company’s Opry Entertainment Group (OEG) by Atairos and NBCUniversal on June 16, 2022, initially valuing the OEG business at $1.415 billion, inclusive of Block 21, which we acquired on May 31, 2022.

·Company provides an outlook for Q3 2022 and increases its Full Year 2022 outlook.

 

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our hotel business set multiple all-time records this quarter as the strategic actions we took in the early days of the pandemic and the capital investments we have made in our assets over the last five years continue to show meaningful results. Remarkably, we achieved these record results with recovering Hospitality occupancy levels that are approximately 5 points below our pre-COVID levels. We are particularly pleased with the improvement we have seen in group travel and are encouraged by the pace of hotel bookings production and lead volumes. These results, along with continued healthy leisure demand and the strong desire of groups to return to their pre-COVID meeting cadence, are indicators that our hotel business is in prime position for a strong back half of the year and additional upside in the years ahead.

 

  

 

 

The second quarter was also an active one for our Entertainment segment. We successfully closed two major transactions, the Block 21 acquisition and our new joint venture with Atairos and NBCUniversal, that will provide additional value creation opportunities and further position OEG for long-term, sustainable growth.”

 

Second Quarter 2022 Results (as compared to Second Quarter 2021):

 

($ in thousands, except per share amounts)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Total Revenue  $470,204   $170,861    175.2%  $769,339   $255,036    201.7%
                               
Operating income (loss)  $105,968   $(30,947)   442.4%  $113,842   $(110,504)   203.0%
Operating income (loss) margin   22.5%   -18.1%   40.6pt   14.8%   -43.3%   58.1pt
                               
Net income (loss) available to common shareholders  $50,284   $(57,919)   186.8%  $25,663   $(162,440)   115.8%
Net income (loss) available to common shareholders margin   10.7%   -33.9%   44.6pt   3.3%   -63.7%   67.0pt
Net income (loss) available to common shareholders per diluted share  $0.91   $(1.05)   186.7%  $0.46   $(2.95)   115.6%
                               
Adjusted EBITDAre  $167,625   $28,155    495.4%  $236,619   $5,706    4,046.8%
Adjusted EBITDAre margin   35.6%   16.5%   19.1pt   30.8%   2.2%   28.6pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture  $166,494   $28,428    485.7%  $235,488   $6,723    3,402.7%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin   35.4%   16.6%   18.8pt   30.6%   2.6%   28.0pt
                               
Funds From Operations (FFO) available to common shareholders and unit holders  $107,119   $(6,825)   1,669.5%  $138,341   $(66,790)   307.1%
FFO available to common shareholders and unit holders per diluted share/unit  $1.91   $(0.12)   1,691.7%  $2.48   $(1.20)   306.7%
                               
Adjusted FFO available to common shareholders and unit holders  $114,875   $(1,647)   7,074.8%  $149,689   $(52,152)   387.0%
Adjusted FFO available to common shareholders and unit holders per diluted share/unit  $2.05   $(0.03)   6,933.3%  $2.69   $(0.94)   386.2%

 

Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common shareholders and unit holders, and Adjusted FFO available to common shareholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders and unit holders to Net Income/(Loss), see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition” and “Supplemental Financial Results” below.

 

  2

 

 

Hospitality Segment

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Hospitality Revenue (1)  $401,802   $135,688    196.1%  $662,913   $205,490    222.6%
                               
Hospitality operating income (loss) (1)  $100,573   $(27,317)   468.2%  $116,241   $(90,860)   227.9%
Hospitality operating income/(loss) margin (1)   25.0%   -20.1%   45.1pt   17.5%   -44.2%   61.7pt
Hospitality Adjusted EBITDAre (1)  $154,983   $25,968    496.8%  $225,315   $14,079    1,500.4%
Hospitality Adjusted EBITDAre margin (1)   38.6%   19.1%   19.5pt   34.0%   6.9%   27.1pt
                               
Hospitality Performance Metrics (1) (2)                              
Occupancy   72.7%   32.9%   39.8pt   60.1%   24.7%   35.4pt
Average Daily Rate (ADR)  $234.50   $202.12    16.0%  $232.41   $197.97    17.4%
RevPAR  $170.46   $66.51    156.3%  $139.61   $48.98    185.0%
Total RevPAR  $424.07   $145.63    191.2%  $351.76   $111.58    215.3%
                               
Gross Definite Rooms Nights Booked   601,180    659,469    -8.8%   1,023,225    1,100,639    -7.0%
Net Definite Rooms Nights Booked   413,042    371,540    11.2%   578,710    337,831    71.3%
Group Attrition (as % of contracted block)   18.2%   19.8%   -1.6pt   23.9%   25.2%   -1.3pt
Cancellations ITYFTY (3)   11,647    137,360    -91.5%   182,066    416,984    -56.3%

 

(1)Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.
(2)Calculation of hospitality performance metrics includes closed hotel room nights available; includes the addition of 302 additional guest rooms due to Gaylord Palms expansion beginning June 1, 2021. ADR is for occupied rooms.

(3)"ITYFTY" represents In The Year For The Year.

 

Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for second quarter 2022 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for each of the hotel properties in the Hospitality segment.

 

Hospitality Segment Highlights

 

·Hotels achieved 72.7% occupancy in Q2 2022, compared to 47.3% in Q1 2022 and 32.9% in Q2 2021, as the segment continued to sequentially improve as our recovery continues.

·April 2022 set a record for the highest monthly operating income and Adjusted EBITDAre for the Hospitality segment at $36.4 million and $54.3 million, respectively, and the second highest Adjusted EBITDAre margin month on record.

·Gaylord National delivered Adjusted EBITDAre margin excluding bond interest for the quarter comparable to Q2 2019, despite occupancy of 64.2%, which was 17.2 points lower than Q2 2019, demonstrating that the investments made in F&B reconcepting are yielding results.

·Gaylord Rockies reported its strongest quarter since its initial opening, with occupancy in the month of June setting an all-time monthly record for any hotel in Company history at 92.4%, while achieving an operating income margin in the month of 21.5% and an Adjusted EBITDAre margin in the month of 49.0%.

·Gaylord Opryland delivered operating income of $31.9 million and Adjusted EBITDAre of $40.4 million for the quarter, up 2.4% and 1.6% from Q2 2019, respectively, despite 6.2 lower points of occupancy compared to Q2 2019.

·Gaylord Texan delivered a second quarter record for both operating income of $25.7 million and Adjusted EBITDAre of $31.5 million, and Gaylord Palms delivered an all-time record quarter for both operating income of $18.2 million and Adjusted EBITDAre of $24.9 million, with both hotels benefitting from continued group and transient demand as well as successful recent expansions.

 

  3

 

 

Gaylord Opryland

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Revenue  $105,497   $45,002    134.4%  $179,016   $66,761    168.1%
Operating income (loss)  $31,871   $3,201    895.7%  $47,426   $(8,549)   654.8%
Operating income (loss) margin   30.2%   7.1%   23.1pt   26.5%   -12.8%   39.3pt
Adjusted EBITDAre  $40,416   $11,755    243.8%  $64,547   $8,273    680.2%
Adjusted EBITDAre margin   38.3%   26.1%   12.2pt   36.1%   12.4%   23.7pt
                               
Occupancy   75.1%   40.2%   34.9pt   62.0%   29.3%   32.7pt
Average daily rate (ADR)  $233.68   $216.09    8.1%  $236.06   $214.22    10.2%
RevPAR  $175.51   $86.88    102.0%  $146.41   $62.76    133.3%
Total RevPAR  $401.42   $171.23    134.4%  $342.46   $127.71    168.2%

 

Gaylord Palms

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Revenue  $68,289   $32,702    108.8%  $128,137   $47,819    168.0%
Operating income (loss)  $18,218   $2,380    665.5%  $34,076   $(3,637)   1036.9%
Operating income (loss) margin   26.7%   7.3%   19.4pt   26.6%   -7.6%   34.2pt
Adjusted EBITDAre  $24,851   $9,001    176.1%  $47,327   $8,608    449.8%
Adjusted EBITDAre margin   36.4%   27.5%   8.9pt   36.9%   18.0%   18.9pt
                               
Occupancy (1)   74.6%   52.2%   22.4pt   65.1%   38.9%   26.2pt
Average daily rate (ADR)  $231.53   $199.63    16.0%  $241.99   $197.28    22.7%
RevPAR (1)  $172.78   $104.17    65.9%  $157.65   $76.82    105.2%
Total RevPAR (1)  $436.80   $232.64    87.8%  $412.07   $178.42    131.0%

 

(1) Calculation of hospitality performance metrics includes 302 expansion rooms beginning June 1, 2021.

 

  4

 

 

Gaylord Texan

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Revenue  $77,665   $34,069    128.0%  $134,301   $52,427    156.2%
Operating income (loss)  $25,734   $3,278    685.1%  $38,650   $(1,503)   2,671.5%
Operating income (loss) margin   33.1%   9.6%   23.5pt   28.8%   -2.9%   31.7pt
Adjusted EBITDAre  $31,476   $9,472    232.3%  $51,090   $10,920    367.9%
Adjusted EBITDAre margin   40.5%   27.8%   12.7pt   38.0%   20.8%   17.2pt
                               
Occupancy   74.3%   43.7%   30.6pt   66.1%   33.2%   32.9pt
Average daily rate (ADR)  $231.22   $203.43    13.7%  $226.94   $198.82    14.1%
RevPAR  $171.74   $88.88    93.2%  $150.02   $66.06    127.1%
Total RevPAR  $470.48   $206.39    128.0%  $409.04   $159.68    156.2%

 

Gaylord National

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Revenue  $72,223   $2,311    3,025.2%  $104,810   $3,568    2,837.5%
Operating income (loss)  $12,824   $(15,051)   185.2%  $1,549   $(29,574)   105.2%
Operating income (loss) margin   17.8%   -651.3%   669.1pt   1.5%   -828.9%   830.4pt
Adjusted EBITDAre  $23,023   $(6,474)   455.6%  $21,227   $(12,810)   265.7%
Adjusted EBITDAre margin   31.9%   -280.1%   312.0pt   20.3%   -359.0%   379.3pt
                               
Occupancy (1) (2)   64.2%   0.0%   64.2pt   49.9%   0.0%   49.9pt
Average daily rate (ADR)  $251.45   $0.00    NA   $240.22   $0.00    NA 
RevPAR (1) (2)  $161.40   $0.00    NA   $119.80   $0.00    NA 
Total RevPAR (1) (2)  $397.62   $12.72    3,025.9%  $290.11   $9.87    2,839.3%

 

(1) Calculation of hospitality performance metrics includes closed hotel room nights available.

(2) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.

 

  5

 

 

Gaylord Rockies

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Revenue  $70,755   $18,338    285.8%  $105,542   $30,308    248.2%
Operating income (loss)  $10,215   $(20,596)   149.6%  $(6,569)  $(45,295)   85.5%
Operating income (loss) margin   14.4%   -112.3%   126.7pt   -6.2%   -149.4%   143.2pt
Adjusted EBITDAre  $32,865   $2,021    1,526.2%  $38,729   $13    297,815.4%
Adjusted EBITDAre margin   46.4%   11.0%   35.4pt   36.7%   0.0%   36.7pt
                               
Occupancy   76.6%   25.7%   50.9pt   58.0%   21.6%   36.4pt
Average daily rate (ADR)  $235.69   $199.69    18.0%  $228.22   $189.92    20.2%
RevPAR  $180.45   $51.38    251.2%  $132.29   $40.98    222.8%
Total RevPAR  $518.01   $134.25    285.9%  $388.48   $111.55    248.3%

 

Entertainment Segment

 

For the three and six months ended June 30, 2022, and 2021, the Company reported the following:

 

($ in thousands)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Revenue  $68,402   $35,173    94.5%  $106,426   $49,546    114.8%
Operating income (loss)  $18,019   $5,913    204.7%  $20,456   $(2,007)   1,119.2%
Operating income (loss) margin   26.3%   16.8%   9.5pt   19.2%   -4.1%   23.3pt
Adjusted EBITDAre  $22,053   $8,290    166.0%  $26,863   $2,829    849.6%
Adjusted EBITDAre margin   32.2%   23.6%   8.6pt   25.2%   5.7%   19.5pt

 

Reed continued, “While the major news this quarter for our Entertainment segment was the closing of two strategic transactions, demand for live entertainment experiences continues to be healthy and our existing businesses delivered solid results during the second quarter, with segment revenue, operating income and Adjusted EBITDAre exceeding second quarter 2019 results, despite a slower than anticipated post-pandemic recovery of the tour and travel segment in Nashville and a softening advertising market which impacted results in our Circle joint venture.”

 

Corporate and Other Segment

 

For the three and six months ended June 30, 2022, and 2021, the Company reported the following:

 

($ in thousands)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2022   2021   % ∆   2022   2021   % ∆ 
Operating loss  $(12,624)  $(9,543)   -32.3%  $(22,855)  $(17,637)   -29.6%
Adjusted EBITDAre  $(9,411)  $(6,103)   -54.2%  $(15,559)  $(11,202)   -38.9%

 

Corporate and Other Segment Operating Loss and Adjusted EBITDAre for the 2022 periods include increases in administrative and employment costs associated with supporting the Company’s growth as well as increased costs associated with incentive compensation accruals due to the Company’s strong financial performance.

 

  6

 

 

2022 Guidance

 

The Company is providing a business performance outlook for the third quarter 2022 and is raising its guidance for full year 2022 based on current information as of August 1, 2022. The Company does not expect to update the guidance provided below before 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 millions)

 

   Guidance   3Q 2022                                 
   3Q 2022   Guidance                                 
   Low   High   Midpoint                                 
Net Income  $38.0   $41.0   $39.5                                 
                                                
Adjusted EBITDAre                                               
Hospitality  $125.0   $130.0   $127.5                                 
Entertainment   21.0    24.0    22.5                                 
Corporate and Other   (9.0)   (8.0)   (8.5 )                              
Consolidated Adjusted EBITDAre  $137.0   $146.0   $141.5                                 

 

($ in millions)

 

   Prior Guidance   Prior FY   New Guidance   New FY     
   Full Year 2022   Guidance   Full Year 2022   Guidance   Change 
   Low   High   Midpoint   Low   High   Midpoint   Midpoint 
Net Income  $78.0   $93.0   $85.5   $103.0   $110.0   $106.5   $21.0 
                                    
Adjusted EBITDAre                                   
Hospitality  $443.0   $458.0   $450.5   $475.0   $490.0   $482.5   $32.0 
Entertainment   80.0    88.0    84.0    72.0    80.0    76.0    (8.0)
Corporate and Other   (29.0)   (26.0)   (27.5)   (33.0)   (32.0)   (32.5)   (5.0)
Consolidated Adjusted EBITDAre  $494.0   $520.0   $507.0   $514.0   $538.0   $526.0   $19.0 

 

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income and segment-level Adjusted EBITDAre to segment-level Operating Income, see “Reconciliation of Forward-Looking Statements” below.

 

Reed concluded, “Our results this quarter are further indication that the investments and actions we have taken alongside Marriott over the last several years have competitively positioned our business to capitalize on the continued recovery of the group segment. We entered 2022 with cautious optimism that we would see sequential month-over-month improvement in our business as the nation continues to navigate COVID-19. Given our performance in the first half and the strength of our forward bookings for the remainder of the year, we are raising full year 2022 guidance to a consolidated Adjusted EBITDAre midpoint of $526 million, a $19 million increase over our previous updated guidance midpoint given in June. We continue to believe in the future of our business and look forward to the long-term trajectory of this Company.”

 

  7

 

 

Transaction Updates

 

On May 31, 2022, the Company closed its previously announced acquisition of Block 21 from Stratus Properties for a stated purchase price of $260 million, as subsequently adjusted to $255 million pursuant to the terms of the purchase agreement, which included the assumption of approximately $136 million of existing mortgage debt.

 

On June 16, 2022, the Company closed the strategic investment in Opry Entertainment Group (OEG) by Atairos and NBCUniversal, which initially valued the OEG business at $1.415 billion, inclusive of Block 21. Atairos and NBCUniversal acquired a 30% equity interest in OEG for a $296 million investment. OEG also closed a $300 million term loan and a $65 million revolving credit facility which was undrawn at closing.

 

Balance Sheet/Liquidity Update

 

As of June 30, 2022, after repayment of the Company’s Term Loan A using proceeds of the new OEG financing, the Company had total debt outstanding of $2,863.0 million, net of unamortized deferred financing costs, and unrestricted cash of $179.2 million. As of June 30, 2022, there were no amounts drawn under the revolving credit lines of the Company’s credit facility or the OEG credit facility, and the lending banks had issued $10.4 million in letters of credit, which left $754.6 million of availability for borrowing under the two credit facilities.

 

As a reminder, at the end of the first quarter of this year, the Company effectively exited its covenant waiver period under its secured credit facility. Beginning with the second quarter, the Company is required to meet modified covenants related to its funded indebtedness to total asset value ratio, fixed charge coverage ratio, and implied debt service coverage ratio.

 

Earnings Call Information

 

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 2, 2022, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.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 and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

 

About Ryman Hospitality Properties, Inc.

 

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and leading entertainment experiences. RHP’s core holdings, Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, are five of the top ten largest non-gaming convention center hotels in the United States based on total indoor meeting space. Our Hospitality segment is comprised of these convention center resorts operating under the Gaylord Hotels brand, along with two adjacent ancillary hotels, which are managed by Marriott International and represent a combined total of 10,412 rooms and more than 2.8 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red and Circle, a country lifestyle media network RHP owns in a joint venture with Gray Television, Nashville-area attractions managed by Marriott, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment, in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results. Visit RymanHP.com for more information.

 

  8

 

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release contains statements as to RHP’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, the impact of COVID-19 on travel, leisure and group demand, the effects of COVID-19 on our results of operations, efforts, our liquidity, recovery of group business to pre-pandemic levels, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expectations for OEG including Block 21 and the Atairos investment, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the COVID-19 pandemic, including the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on the demand for travel, leisure and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the duration and severity of the COVID-19 pandemic in the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic in the markets where our assets are located, governmental restrictions on our businesses, economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business and on its customers, including group business at its hotels, the Company’s ability to remain qualified as a REIT for federal income tax purposes, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, the suspension of our dividend and our dividend policy, including the frequency and amount of any dividend we may pay, the Company’s ability to borrow funds pursuant to its credit agreements, the occurrence of any event, change or other circumstance that could affect the integration of Block 21 or the strategic position of OEG after the Atairos investment. 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 U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and its Quarterly Reports on Form 10-Q and subsequent filings. 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.

 

  9

 

 

Additional Information

 

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

 

Calculation of RevPAR, Total RevPAR, and Occupancy

 

We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. Room nights available to guests include nights the hotels are closed. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Rooms out of service for renovation are included in room nights available. For the three and six months ended June 30, 2022, and 2021, the calculation of RevPAR and Total RevPAR in our tabular presentations has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. The closure of Gaylord National, which reopened July 1, 2021, resulted in significantly lower performance reflected in these metrics for the six months ended June 30, 2021, as compared to the current period. Occupancy figures reflect an additional 302 rooms available at Gaylord Palms beginning in June 2021. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

 

Calculation of GAAP Margin Figures

 

We calculate Net Income/(Loss) available to common shareholders margin by dividing GAAP consolidated Net Income available to common shareholders by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income/(Loss) by consolidated, segment or property-level GAAP Revenue.

 

Non-GAAP Financial Measures

 

We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

  

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition

 

We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property or the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

 

  10

 

 

Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

 

·preopening costs;

·non-cash lease expense;

·equity-based compensation expense;

·impairment charges that do not meet the NAREIT definition above;

·credit losses on held-to-maturity securities;

·any transaction costs of acquisitions;

·interest income on bonds;

·loss on extinguishment of debt;

·pension settlement charges;

·pro rata Adjusted EBITDAre from unconsolidated joint venture; and

·any other adjustments we have identified herein.

 

We then exclude noncontrolling interests in consolidated joint venture to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

 

For Gaylord National, we exclude interest income on bonds to calculate property-level Adjusted EBITDAre excluding interest income on bonds. We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP metrics provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP metrics, when combined with the primary GAAP presentation of Net Income or Operating Income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.

 

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition

 

We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

 

  11

 

 

FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition

 

We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint venture attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint venture.

 

To calculate Adjusted FFO available to common shareholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

 

·right-of-use asset amortization;

·impairment charges that do not meet the NAREIT definition above;

·write-offs of deferred financing costs;

·amortization of debt discounts or premiums and amortization of deferred financing costs;

·(gains) losses on extinguishment of debt

·non-cash lease expense;

·credit loss on held-to-maturity securities;

·pension settlement charges;

·additional pro rata adjustments from unconsolidated joint venture;

·(gains) losses on other assets;

·transaction costs on acquisitions;

·deferred income tax expense (benefit); and

·any other adjustments we have identified herein.

 

To calculate Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex) exclude the ownership portion of Gaylord Rockies joint venture not controlled or owned by the Company in prior periods.

 

  12

 

 

 

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

 

We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income (Loss), operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Operating Income (Loss), or cash flow from operations.

 

Investor Relations Contacts: Media Contacts:
Mark Fioravanti, President Shannon Sullivan, Vice President Corporate and Brand Communications
Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc.
(615) 316-6588 (615) 316-6725
mfioravanti@rymanhp.com ssullivan@rymanhp.com
~or~ ~or~
Jennifer Hutcheson, Chief Financial Officer Robert Winters
Ryman Hospitality Properties, Inc. Alpha IR Group
(615) 316-6320 (929) 266-6315
jhutcheson@rymanhp.com robert.winters@alpha-ir.com
Todd Siefert, Senior Vice President Corporate Finance & Treasurer  
Ryman Hospitality Properties, Inc.  
(615) 316-6344  
tsiefert@rymanhp.com  

 

  13

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In thousands, except per share data)

 

   Three Months Ended   Six Months Ended 
   Jun. 30   Jun. 30 
   2022   2021   2022   2021 
Revenues :                
Rooms  $161,506   $61,971   $263,099   $90,199 
Food and beverage   188,083    45,619    300,199    63,794 
Other hotel revenue   52,213    28,098    99,615    51,497 
Entertainment   68,402    35,173    106,426    49,546 
Total revenues   470,204    170,861    769,339    255,036 
                     
Operating expenses:                    
Rooms   41,238    15,039    71,374    24,516 
Food and beverage   97,489    33,748    168,818    53,077 
Other hotel expenses   99,284    61,365    185,927    115,922 
Management fees   11,202    2,149    16,266    2,902 
Total hotel operating expenses   249,213    112,301    442,385    196,417 
Entertainment   45,670    25,639    77,401    44,330 
Corporate   12,417    8,978    21,974    16,506 
Preopening costs   221    217    525    616 
(Gain) loss on sale of assets   -    -    469    (317)
Depreciation and amortization   56,715    54,673    112,743    107,988 
Total operating expenses   364,236    201,808    655,497    365,540 
                     
Operating income (loss)   105,968    (30,947)   113,842    (110,504)
                     
Interest expense, net of amounts capitalized   (33,958)   (29,847)   (65,895)   (60,643)
Interest income   1,379    1,451    2,760    2,821 
Loss on extinguishment of debt   (1,547)   -    (1,547)   (2,949)
Loss from consolidated joint ventures   (3,001)   (1,910)   (5,628)   (3,519)
Other gains and (losses), net   (283)   (173)   164    201 
Income (loss) before income taxes   68,558    (61,426)   43,696    (174,593)
                     
Provision benefit for income taxes   (17,634)   (1,623)   (17,569)   (5,577)
Net income (loss)   50,924    (63,049)   26,127    (180,170)
                     
Net (income) loss attributable to noncontrolling interest in consolidated joint venture   (280)   4,708    (280)   16,501 
Net (income) loss attributable to noncontrolling interest in Operating Partnership   (360)   422    (184)   1,229 
Net income (loss) available to common shareholders  $50,284   $(57,919)  $25,663   $(162,440)
                     
Basic income (loss) per share available to common shareholders  $0.91   $(1.05)  $0.47   $(2.95)
Diluted income (loss) per share available to common shareholders  $0.91   $(1.05)  $0.46   $(2.95)
                     
Weighted average common shares for the period:                    
Basic   55,150    55,058    55,118    55,026 
Diluted   55,862    55,058    55,321    55,026 

 

  14

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)

 

   Jun. 30   Dec. 31, 
   2022   2021 
ASSETS:          
Property and equipment, net of accumulated depreciation  $3,200,732   $3,031,844 
Cash and cash equivalents - unrestricted   179,230    140,688 
Cash and cash equivalents - restricted   52,539    22,312 
Notes receivable   68,884    71,228 
Trade receivables, net   125,400    74,745 
Prepaid expenses and other assets   129,466    112,904 
Intangible assets   108,449    126,804 
Total assets  $3,864,700   $3,580,525 
          
LIABILITIES AND EQUITY:          
Debt and finance lease obligations  $2,863,022   $2,936,819 
Accounts payable and accrued liabilities   343,618    304,719 
Dividends payable   102    386 
Deferred management rights proceeds   169,054    170,614 
Operating lease liabilities   115,010    113,770 
Deferred income tax liabilities, net   4,966    4,671 
Other liabilities   66,461    71,939 
Noncontrolling interest in consolidated joint venture   296,236    - 
Total equity (deficit)   6,231    (22,393)
Total liabilities and equity (deficit)  $3,864,700   $3,580,525 

 

  15

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

ADJUSTED EBITDAre RECONCILIATION

Unaudited

(in thousands)

 

   Three Months Ended Jun. 30,   Six Months Ended Jun. 30, 
   2022   2021   2022   2021 
   $   Margin   $   Margin   $   Margin   $   Margin 
Consolidated                                
Revenue  $470,204        $170,861        $769,339        $255,036      
Net income (loss)  $50,924    10.8%  $(63,049)   -36.9%  $26,127    3.4%  $(180,170)   -70.6%
Interest expense, net   32,579         28,396         63,135         57,822      
Provision for income taxes   17,634         1,623         17,569         5,577      
Depreciation & amortization   56,715         54,673         112,743         107,988      
(Gain) loss on sale of assets   (142)        -         327         (317)     
Pro rata EBITDAre from unconsolidated joint ventures   23         19         45         34      
EBITDAre   157,733    33.5%   21,662    12.7%   219,946    28.6%   (9,066)   -3.6%
Preopening costs   221         217         525         616      
Non-cash lease expense   1,108         1,085         2,281         2,173      
Equity-based compensation expense   3,654         3,146         7,440         5,668      
Pension settlement charge   853         566         853         566      
Interest income on Gaylord National bonds   1,339         1,404         2,679         2,725      
Loss on extinguishment of debt   1,547         -         1,547         2,949      
Transaction costs of acquisitions   1,170         75         1,348         75      
Adjusted EBITDAre  $167,625    35.6%  $28,155    16.5%  $236,619    30.8%  $5,706    2.2%
Adjusted EBITDAre of noncontrolling interest in consolidated joint venture  $(1,131)        273        $(1,131)        1,017      
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture  $166,494    35.4%  $28,428    16.6%  $235,488    30.6%  $6,723    2.6%
                                         
Hospitality segment                                        
Revenue  $401,802        $135,688        $662,913        $205,490      
Operating income (loss)  $100,573    25.0%  $(27,317)   -20.1%  $116,241    17.5%  $(90,860)   -44.2%
Depreciation & amortization   52,016         50,487         104,287         99,635      
Gain on sale of assets   -         -         -         (317)     
Preopening costs   -         217         -         615      
Non-cash lease expense   1,055         1,102         2,108         2,206      
Interest income on Gaylord National bonds   1,339         1,404         2,679         2,725      
Transaction costs of acquisitions   -         75         -         75      
Adjusted EBITDAre  $154,983    38.6%  $25,968    19.1%  $225,315    34.0%  $14,079    6.9%
                                         
Entertainment segment                                        
Revenue  $68,402        $35,173        $106,426        $49,546      
Operating income (loss)  $18,019    26.3%  $5,913    16.8%  $20,456    19.2%  $(2,007)   -4.1%
Depreciation & amortization   4,492         3,621         8,044         7,222      
Preopening costs   221         -         525         1      
Non-cash lease (revenue) expense   53         (17)        173         (33)     
Equity-based compensation   1,077         664         1,901         1,131      
Transaction costs of acquisitions   1,170         -         1,348         -      
Pro rata adjusted EBITDAre from unconsolidated joint ventures   (2,979)        (1,891)        (5,584)        (3,485)     
Adjusted EBITDAre  $22,053    32.2%  $8,290    23.6%  $26,863    25.2%  $2,829    5.7%
                                         
Corporate and Other segment                                        
Operating loss  $(12,624)       $(9,543)       $(22,855)       $(17,637)     
Depreciation & amortization   207         565         412         1,131      
Other gains and (losses), net   (424)        (173)        492         201      
Equity-based compensation   2,577         2,482         5,539         4,537      
Pension settlement charge   853         566         853         566      
Adjusted EBITDAre  $(9,411)       $(6,103)       $(15,559)       $(11,202)     

 

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION

Unaudited

(in thousands, except per share data)

 

   Three Months Ended Jun. 30,   Six Months Ended Jun. 30, 
   2022   2021   2022   2021 
Consolidated                    
Net income (loss)  $50,924   $(63,049)  $26,127   $(180,170)
Noncontrolling interest in consolidated joint venture   (280)   4,708    (280)   16,501 
Net income (loss) available to common shareholders and unit holders   50,644    (58,341)   25,847    (163,669)
Depreciation & amortization   56,685    54,636    112,682    107,914 
Adjustments for noncontrolling interest   (233)   (3,139)   (233)   (11,069)
Pro rata adjustments from joint ventures   23    19    45    34 
FFO available to common shareholders and unit holders   107,119    (6,825)   138,341    (66,790)
                     
Right-of-use asset amortization   30    37    61    74 
Non-cash lease expense   1,108    1,085    2,281    2,173 
Pension settlement charge   853    566    853    566 
(Gain) loss on other assets   -    -    469    (317)
Amortization of deferred financing costs   2,309    2,170    4,538    4,379 
Amortization of debt discounts (premiums)   61    (70)   (12)   (140)
Loss on extinguishment of debt   1,547    -    1,547    2,949 
Adjustments for noncontrolling interest   (32)   (77)   (32)   (294)
Transaction costs of acquisitions   1,170    75    1,348    75 
Deferred tax expense   710    1,392    295    5,173 
Adjusted FFO available to common shareholders and unit holders  $114,875   $(1,647)  $149,689   $(52,152)
Capital expenditures (1)   (19,930)   (16,435)   (32,235)   (16,587)
Adjusted FFO available to common shareholders and unit holders (ex. maintenance capex)  $94,945   $(18,082)  $117,454   $(68,739)
                     
                     
Basic net income (loss) per share  $0.91   $(1.05)  $0.47   $(2.95)
Diluted net income (loss) per share  $0.91   $(1.05)  $0.46   $(2.95)
                     
FFO available to common shareholders and unit holders per basic share/unit  $1.93   $(0.12)  $2.49   $(1.20)
Adjusted FFO available to common shareholders and unit holders per basic share/unit  $2.07   $(0.03)  $2.70   $(0.94)
                     
FFO available to common shareholders and unit holders per diluted share/unit  $1.91   $(0.12)  $2.48   $(1.20)
Adjusted FFO available to common shareholders and unit holders per diluted share/unit  $2.05   $(0.03)  $2.69   $(0.94)
                     
Weighted average common shares and OP units for the period:                    
Basic   55,545    55,458    55,513    55,440 
Diluted   56,256    55,458    55,716    55,440 

 

(1) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. Note that during 2021, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties were suspended, although we did make voluntary contributions to fund the rooms renovation at Gaylord National.

 

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

 

   Three Months Ended Jun. 30,   Six Months Ended Jun. 30, 
   2022   2021   2022   2021 
   $   Margin   $   Margin   $   Margin   $   Margin 
Hospitality segment                                        
Revenue  $401,802        $135,688        $662,913        $205,490      
Operating income (loss)  $100,573    25.0%  $(27,317)   -20.1%  $116,241    17.5%  $(90,860)   -44.2%
Depreciation & amortization   52,016         50,487         104,287         99,635      
Gain on sale of assets   -         -         -         (317)     
Preopening costs   -         217         -         615      
Non-cash lease expense   1,055         1,102         2,108         2,206      
Interest income on Gaylord National bonds   1,339         1,404         2,679         2,725      
Transaction costs of acquisitions   -         75         -         75      
Adjusted EBITDAre  $154,983    38.6%  $25,968    19.1%  $225,315    34.0%  $14,079    6.9%
                                         
Occupancy   72.7%        32.9%        60.1%        24.7%     
Average daily rate (ADR)  $234.50        $202.12        $232.41        $197.97      
RevPAR  $170.46        $66.51        $139.61        $48.98      
OtherPAR  $253.61        $79.12        $212.15        $62.60      
Total RevPAR  $424.07        $145.63        $351.76        $111.58      
                                         
Gaylord Opryland                                        
Revenue  $105,497        $45,002        $179,016        $66,761      
Operating income (loss)  $31,871    30.2%  $3,201    7.1%  $47,426    26.5%  $(8,549)   -12.8%
Depreciation & amortization   8,557         8,554         17,146         17,137      
Gain on sale of assets   -         -         -         (317)     
Non-cash lease (revenue) expense   (12)        -         (25)        2      
Adjusted EBITDAre  $40,416    38.3%  $11,755    26.1%  $64,547    36.1%  $8,273    12.4%
                                         
Occupancy   75.1%        40.2%        62.0%        29.3%     
Average daily rate (ADR)  $233.68        $216.09        $236.06        $214.22      
RevPAR  $175.51        $86.88        $146.41        $62.76      
OtherPAR  $225.91        $84.35        $196.05        $64.95      
Total RevPAR  $401.42        $171.23        $342.46        $127.71      
                                         
Gaylord Palms                                        
Revenue  $68,289        $32,702        $128,137        $47,819      
Operating income (loss)  $18,218    26.7%  $2,380    7.3%  $34,076    26.6%  $(3,637)   -7.6%
Depreciation & amortization   5,566         5,302         11,118         9,426      
Preopening costs   -         217         -         615      
Non-cash lease expense   1,067         1,102         2,133         2,204      
Adjusted EBITDAre  $24,851    36.4%  $9,001    27.5%  $47,327    36.9%  $8,608    18.0%
                                         
Occupancy   74.6%        52.2%        65.1%        38.9%     
Average daily rate (ADR)  $231.53        $199.63        $241.99        $197.28      
RevPAR  $172.78        $104.17        $157.65        $76.82      
OtherPAR  $264.02        $128.47        $254.42        $101.60      
Total RevPAR  $436.80        $232.64        $412.07        $178.42      
                                         
Gaylord Texan                                        
Revenue  $77,665        $34,069        $134,301        $52,427      
Operating income (loss)  $25,734    33.1%  $3,278    9.6%  $38,650    28.8%  $(1,503)   -2.9%
Depreciation & amortization   5,742         6,194         12,440         12,423      
Adjusted EBITDAre  $31,476    40.5%  $9,472    27.8%  $51,090    38.0%  $10,920    20.8%
                                         
Occupancy   74.3%        43.7%        66.1%        33.2%     
Average daily rate (ADR)  $231.22        $203.43        $226.94        $198.82      
RevPAR  $171.74        $88.88        $150.02        $66.06      
OtherPAR  $298.74        $117.51        $259.02        $93.62      
Total RevPAR  $470.48        $206.39        $409.04        $159.68      

 

  18

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

 

   Three Months Ended Jun. 30,   Six Months Ended Jun. 30, 
   2022   2021   2022   2021 
   $   Margin   $   Margin   $   Margin   $   Margin 
Gaylord National                                        
Revenue  $72,223        $2,311        $104,810        $3,568      
Operating income (loss)  $12,824    17.8%  $(15,051)   -651.3%  $1,549    1.5%  $(29,574)   -828.9%
Depreciation & amortization   8,860         7,173         16,999         14,039      
Interest income on Gaylord National bonds   1,339         1,404         2,679         2,725      
Adjusted EBITDAre  $23,023    31.9%  $(6,474)   -280.1%  $21,227    20.3%  $(12,810)   -359.0%
                                         
Occupancy   64.2%        0.0%        49.9%        0.0%     
Average daily rate (ADR)  $251.45        $-        $240.22        $-      
RevPAR  $161.40        $-        $119.80        $-      
OtherPAR  $236.22        $12.72        $170.31        $9.87      
Total RevPAR  $397.62        $12.72        $290.11        $9.87      
                                         
Gaylord Rockies                                        
Revenue  $70,755        $18,338        $105,542        $30,308      
Operating income (loss) (1)  $10,215    14.4%  $(20,596)   -112.3%  $(6,569)   -6.2%  $(45,295)   -149.4%
Depreciation & amortization   22,650         22,617         45,298         45,308      
Adjusted EBITDAre (1)  $32,865    46.4%  $2,021    11.0%  $38,729    36.7%  $13    0.0%
                                         
Occupancy   76.6%        25.7%        58.0%        21.6%     
Average daily rate (ADR)  $235.69        $199.69        $228.22        $189.92      
RevPAR  $180.45        $51.38        $132.29        $40.98      
OtherPAR  $337.56        $82.87        $256.19        $70.57      
Total RevPAR  $518.01        $134.25        $388.48        $111.55      
                                         
The AC Hotel at National Harbor                                        
Revenue  $3,261        $1,459        $4,868        $2,264      
Operating income (loss)  $539    16.5%  $(376)   -25.8%  $132    2.7%  $(1,141)   -50.4%
Depreciation & amortization   328         328         655         657      
Adjusted EBITDAre  $867    26.6%  $(48)   -3.3%  $787    16.2%  $(484)   -21.4%
                                         
Occupancy   71.2%        49.7%        58.8%        41.5%     
Average daily rate (ADR)  $233.52        $153.50        $211.27        $142.54      
RevPAR  $166.20        $76.30        $124.16        $59.19      
OtherPAR  $20.39