View:
Download DOC
Download PDF
Download XLS
Download XBRL
false 0001040829 0001040829 2024-05-01 2024-05-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

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): May 1, 2024

 

 

 

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: (615) 316-6000

 

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ 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 May 1, 2024, Ryman Hospitality Properties, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2024 and providing updated guidance for certain financial measures for the remainder of 2024. 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 March 31, 2024 at 1:00 p.m. Eastern Time on Thursday, May 2, 2024.

 

ITEM 9.01.FINANCIAL STATEMENTS AND EXHIBITS.

 

(d)Exhibits

 

99.1Press Release of Ryman Hospitality Properties, Inc. dated May 1, 2024.

 

104Cover 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: May 2, 2024 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 First Quarter 2024 Results

 

NASHVILLE, Tenn. (May 1, 2024) – Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three months ended March 31, 2024.

 

First Quarter 2024 Highlights and Recent Developments:

 

·The Company generated first quarter net income of $42.8 million and net income available to common stockholders of $43.1 million or $0.67 per diluted share.
   
·Reported consolidated revenue of $528.3 million, driven by Hospitality revenue of $461.5 million.
   
·Achieved consolidated operating income of $96.4 million and consolidated Adjusted EBITDAre of $161.1 million.
   
·During the first quarter, the Company booked over 287,000 same-store Gross Definite Room Nights for all future years, at a record first quarter average daily rate (ADR) of $265, an increase of 5.6% over Q1 2023 ADR for future bookings.
   
·The Company prepaid its Rockies Term Loan with a portion of the net proceeds of a new issue of senior unsecured notes, and, together with cash on hand, repaid $200 million of its corporate Term Loan B, and, in April 2024, repriced its Term Loan B, reducing the applicable interest rate margin on SOFR loans from 275 bps to 225 bps.
   
·The Company increased its full year consolidated net income and adjusted funds from operations guidance to reflect the impact of refinancing activities and the Company’s strong visibility into forward bookings.

 

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Our first quarter results were solid, even with ongoing renovation disruptions and a challenging comparison to the first quarter of 2023 when we set several first quarter records. Our same-store Hospitality portfolio delivered record first quarter ADR and strong banquet and AV contribution per group room night, which is a positive indicator of group spending and overall segment strength. We were particularly pleased to see these results even with the timing of the Easter holiday, which shifted some group demand from the first quarter of 2024 into the second quarter of 2024. In the second half of the quarter, we did experience some softness in transient demand in several of our markets; however, we remain confident in the long-term growth outlook for the markets in which we operate and our outlook for the remainder of 2024.”

 

 

First Quarter 2024 Results (as compared to First Quarter 2023):

 

Consolidated Results          

 

($ in thousands, except per share amounts)

 

   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Total Revenue  $528,345   $491,719    7.4%
                
Operating income  $96,381   $105,650    -8.8%
Operating income margin   18.2%   21.5%   -3.3pt
                
Net income  $42,761   $60,994    -29.9%
Net income margin   8.1%   12.4%   -4.3pt
                
Net income available to common stockholders  $43,056   $61,320    -29.8%
Net income available to common stockholders margin   8.1%   12.5%   -4.4pt
Net income available to common stockholders per diluted share (1)  $0.67   $1.02    -34.3%
                
Adjusted EBITDAre  $161,065   $157,675    2.1%
Adjusted EBITDAre margin   30.5%   32.1%   -1.6pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture  $156,403   $153,379    2.0%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin   29.6%   31.2%   -1.6pt
                
Funds From Operations (FFO) available to common stockholders and unit holders  $98,473   $108,526    -9.3%
FFO available to common stockholders and unit holders per diluted share/unit (1)  $1.53   $1.80    -15.0%
                
Adjusted FFO available to common stockholders and unit holders  $102,694   $113,593    -9.6%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)  $1.60   $1.89    -15.3%

 

(1) Diluted weighted average common shares for the three months ended March 31, 2024 and 2023 include 3.2 million and 3.9 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

 

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 stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below.

 

2

 

Hospitality Segment

 

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

 

   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Hospitality Revenue  $461,470   $424,439    8.7%
Same-Store Hospitality Revenue (1)  $411,529   $424,439    -3.0%
                
Hospitality operating income  $102,185   $106,070    -3.7%
Hospitality operating income margin   22.1%   25.0%   -2.9pt
Hospitality Adjusted EBITDAre  $154,593   $151,235    2.2%
Hospitality Adjusted EBITDAre margin   33.5%   35.6%   -2.1pt
                
Same-Store Hospitality operating income (1)  $93,051   $106,070    -12.3%
Same-Store Hospitality operating income margin (1)   22.6%   25.0%   -2.4pt
Same-Store Hospitality Adjusted EBITDAre (1)  $138,062   $151,235    -8.7%
Same-Store Hospitality Adjusted EBITDAre margin (1)   33.5%   35.6%   -2.1pt
                
Hospitality Performance Metrics               
Occupancy   66.7%   72.3%   -5.6pt
Average Daily Rate (ADR)  $250.48   $237.95    5.3%
RevPAR  $167.17   $172.08    -2.9%
Total RevPAR  $444.29   $452.94    -1.9%
                
Same-Store Hospitality Performance Metrics (1)               
Occupancy   67.0%   72.3%   -5.3pt
Average Daily Rate (ADR)  $244.85   $237.95    2.9%
RevPAR  $164.16   $172.08    -4.6%
Total RevPAR  $434.33   $452.94    -4.1%
                
Gross Definite Rooms Nights Booked   287,952    348,648    -17.4%
Net Definite Rooms Nights Booked   151,676    250,318    -39.4%
Group Attrition (as % of contracted block)   14.8%   15.5%   -0.7pt
Cancellations ITYFTY (2)   12,190    32,220    -62.2%

 

(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.

 

(2) "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 first quarter 2024 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, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

 

3

 

Hospitality Segment Highlights

 

·Same-store Hospitality portfolio achieved record first quarter average daily rate (ADR) of $245, an increase of 2.9% from Q1 2023, demonstrating continued pricing momentum.

 

·Same-store Hospitality banquet and AV revenue had the second-best quarter ever, trailing only Q1 2023.

 

·JW Marriott Hill Country delivered strong first quarter performance as we are beginning to see operational efficiency improvements from our asset management capabilities.

 

·Same-store incentive management fee expense increased to $7.5 million in the quarter, up from $6.7 million in the year-ago quarter.

 

·On a same-store basis, cancellations in the year for the year decreased by 62% in Q1 2024 compared to Q1 2023, and attrition and cancellation fee collections declined to $7.9 million in Q1 2024 from $9.7 million in Q1 2023.

 

Gaylord Opryland

 

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

 

   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Revenue  $103,835   $111,806    -7.1%
Operating income  $24,825   $31,695    -21.7%
Operating income margin   23.9%   28.3%   -4.4pt
Adjusted EBITDAre  $32,947   $40,237    -18.1%
Adjusted EBITDAre margin   31.7%   36.0%   -4.3pt
                
Occupancy   65.1%   72.6%   -7.5pt
Average daily rate (ADR)  $245.28   $240.19    2.1%
RevPAR  $159.60   $174.40    -8.5%
Total RevPAR  $395.10   $430.16    -8.2%

 

4

 

Gaylord Palms

 

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

 

   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Revenue  $85,463   $84,546    1.1%
Operating income  $25,006   $27,634    -9.5%
Operating income margin   29.3%   32.7%   -3.4pt
Adjusted EBITDAre  $31,871   $34,275    -7.0%
Adjusted EBITDAre margin   37.3%   40.5%   -3.2pt
                
Occupancy   74.6%   79.5%   -4.9pt
Average daily rate (ADR)  $267.99   $257.66    4.0%
RevPAR  $199.89   $204.78    -2.4%
Total RevPAR  $546.66   $546.80    -0.0%

 

Gaylord Texan

 

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

 

   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Revenue  $84,902   $86,398    -1.7%
Operating income  $26,032   $28,088    -7.3%
Operating income margin   30.7%   32.5%   -1.8pt
Adjusted EBITDAre  $31,923   $33,854    -5.7%
Adjusted EBITDAre margin   37.6%   39.2%   -1.6pt
                
Occupancy   73.2%   77.1%   -3.9pt
Average daily rate (ADR)  $239.77   $230.83    3.9%
RevPAR  $175.54   $177.90    -1.3%
Total RevPAR  $514.32   $529.21    -2.8%

 

5

 

Gaylord National

 

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

 

   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Revenue  $68,274   $72,772    -6.2%
Operating income  $5,223   $8,055    -35.2%
Operating income margin   7.7%   11.1%   -3.4pt
Adjusted EBITDAre  $14,819   $17,620    -15.9%
Adjusted EBITDAre margin   21.7%   24.2%   -2.5pt
                
Occupancy   64.4%   67.3%   -2.9pt
Average daily rate (ADR)  $236.16   $239.70    -1.5%
RevPAR  $152.18   $161.43    -5.7%
Total RevPAR  $375.88   $405.10    -7.2%

 

Gaylord Rockies

 

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

 

   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Revenue  $63,822   $64,047    -0.4%
Operating income  $11,997   $10,868    10.4%
Operating income margin   18.8%   17.0%   1.8pt
Adjusted EBITDAre  $25,838   $24,913    3.7%
Adjusted EBITDAre margin   40.5%   38.9%   1.6pt
                
Occupancy   64.5%   69.9%   -5.4pt
Average daily rate (ADR)  $242.23   $233.09    3.9%
RevPAR  $156.29   $162.97    -4.1%
Total RevPAR  $467.24   $474.10    -1.4%

 

6

 

JW Marriott Hill Country1

 

($ in thousands, except ADR, RevPAR, and Total RevPAR)    
     
   Three Months Ended 
   March 31, 
   2024 
Revenue  $49,941 
Operating income  $9,134 
Operating income margin   18.3%
Adjusted EBITDAre  $16,531 
Adjusted EBITDAre margin   33.1%
      
Occupancy   63.6%
Average daily rate (ADR)  $312.19 
RevPAR  $198.40 
Total RevPAR  $547.72 

 

1 JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.

 

Entertainment Segment

 

For the three months ended March 31, 2024, and 2023, the Company reported the following:

 

($ in thousands)    
     
   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Revenue  $66,875   $67,280    -0.6%
Operating income  $6,112   $10,391    -41.2%
Operating income margin   9.1%   15.4%   -6.3pt
Adjusted EBITDAre  $15,539   $14,346    8.3%
Adjusted EBITDAre margin   23.2%   21.3%   1.9pt

 

Fioravanti continued, “Our Entertainment business delivered strong performance considering severe winter weather in Nashville in late January, which impacted demand at our Nashville assets, as well as ongoing construction disruption associated with Category 10 and renovation of the W Austin Hotel at Block 21. Our Ole Red venues performed well, including our newest venue, Ole Red Las Vegas, which has opened to an encouraging start.”

 

7

 

Corporate and Other Segment

 

For the three months ended March 31, 2024, and 2023, the Company reported the following:

 

($ in thousands)    
     
   Three Months Ended 
   March 31, 
   2024   2023   % ∆ 
Operating loss  ($11,916)  ($10,811)   -10.2%
Adjusted EBITDAre  ($9,067)  ($7,906)   -14.7%

 

2024 Guidance

 

Fioravanti concluded, “We took advantage of market conditions to refinance the Gaylord Rockies Term Loan with senior unsecured notes, and in April 2024, we repriced our corporate Term Loan B, which has immediate interest savings in 2024. Our refinancing activities, together with our strong forward bookings position, support our confidence in our outlook and enable us to raise our guidance for full year net income, funds from operations and adjusted funds from operations. We remain excited about the investments we are making across our portfolio, which we believe will continue to create value for our stockholders in the years to come.”

 

The Company is updating its 2024 business performance outlook based on current information as of May 1, 2024. 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.

 

Current full year 2024 guidance includes the following assumptions:

 

·Disruption from planned capital investments is estimated to result in a negative impact of approximately 215 basis points to same-store Hospitality RevPAR growth and approximately 160 basis points to same-store Hospitality Total RevPAR growth. In addition, the Company expects disruption to result in a negative impact of approximately $18 million to $21 million to Consolidated Adjusted EBITDAre, including $10 million to $11 million to same-store Hospitality Adjusted EBITDAre and $8 million to $10 million to Entertainment Adjusted EBITDAre.

 

·Capital expenditures are estimated to be $360 million to $440 million.

 

8

 

($ in millions, except per share figures) 
                     
   New Guidance   New FY   Prior Guidance   Prior FY     
   Full Year 2024 1   2024 Guidance 1   Full Year 2024   2024 Guidance   Change 
   Low   High   Midpoint   Low   High   Midpoint   Midpoint 
Consolidated Hospitality RevPAR growth (same-store) 2   3.50%   5.50%   4.50%   3.50%   5.50%   4.50%   0.00%
Consolidated Hospitality Total RevPAR growth (same-store) 2   3.25%   5.25%   4.25%   3.25%   5.25%   4.25%   0.00%
                                    
Operating Income                                   
Hospitality (same-store) 2  $434.5   $450.5   $442.5   $434.5   $450.5   $442.5   $- 
JW Marriott Hill Country   35.0    40.0    37.5    35.0    40.0    37.5    - 
Entertainment   65.5    71.5    68.5    65.5    71.5    68.5    - 
Corporate and Other   (44.8)   (43.0)   (43.9)   (44.8)   (43.0)   (43.9)   - 
Consolidated Operating Income   490.2    519.0    504.6    490.2    519.0    504.6    - 
                                    
Adjusted EBITDAre                                   
Hospitality (same-store) 2  $612.5   $635.0   $623.8   $612.5   $635.0   $623.8   $- 
JW Marriott Hill Country   63.0    72.0    67.5    63.0    72.0    67.5    - 
Entertainment   100.0    110.0    105.0    100.0    110.0    105.0    - 
Corporate and Other   (35.0)   (32.0)   (33.5)   (35.0)   (32.0)   (33.5)   - 
Consolidated Adjusted EBITDAre   740.5    785.0    762.8    740.5    785.0    762.8    - 
                                    
Net Income  $259.0   $280.0   $269.5   $253.0   $272.0   $262.5   $7.0 
Net Income available to common stockholders  $249.0   $274.0   $261.5   $243.0   $266.0   $254.5   $7.0 
                                    
Funds from Operations (FFO) available to common stockholders and unit holders  $463.3   $500.5   $481.9   $457.3   $492.5   $474.9   $7.0 
Adjusted FFO available to common stockholders and unit holders  $489.8   $535.5   $512.6   $484.3   $527.0   $505.6   $7.0 
                                    
Diluted income per share available to common stockholders  $4.01   $4.33   $4.17   $3.92   $4.21   $4.06   $0.11 
Adjusted FFO available to common stockholders and unit holders per diluted share  $7.69   $8.33   $8.01   $7.60   $8.20   $7.90   $0.11 
                                    
Estimated diluted shares outstanding to common stockholders 3   64.6    64.6    64.6    64.6    64.6    64.6    - 
Estimated diluted shares outstanding to common stockholders and unit holders 3   65.0    65.0    65.0    65.0    65.0    65.0    - 

 

1.Includes JW Marriott Hill Country, except as otherwise noted. Amounts are calculated based on unrounded numbers.
2.Same-store excludes JW Marriott Hill Country.
3.Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

 

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, property-level Adjusted EBITDAre for JW Marriott Hill Country to property-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income, see “Reconciliation of Forward-Looking Statements” below.

 

Dividend Update

 

The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 2024 of $4.40 per share in cash. Future dividends are subject to the Board’s future determinations as to amount and timing.

 

Balance Sheet/Liquidity Update

 

As of March 31, 2024, the Company had total debt outstanding of $3,377.8 million, net of unamortized deferred financing costs, and unrestricted cash of $465.3 million. As of March 31, 2024, there were no amounts drawn under the Company’s revolving credit facility, $22.0 million was drawn under OEG’s revolving credit facility, and the lending banks had issued $4.3 million in letters of credit under the Company’s revolving credit facility, which left $738.7 million of aggregate borrowing availability for borrowing under the Company’s revolving credit facility and OEG’s revolving credit facility.

 

9

 

Earnings Call Information

 

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, May 2, 2024, at 1:00 p.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 entertainment experiences. The Company’s holdings include 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, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 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, Nashville-area attractions, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the 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.

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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 the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, 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 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, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, and changes in interest rates. 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, 2023, 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.

 

10

 

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 and Total RevPAR

 

We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. 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. 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 available to common stockholders margin by dividing GAAP consolidated Net Income available to common stockholders 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 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:

 

11

 

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 of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

 

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;

 

·transaction costs of acquisitions;

 

·interest income on bonds;

 

·loss on extinguishment of debt;

 

·pension settlement charges;

 

·pro rata Adjusted EBITDAre from unconsolidated joint ventures; and

 

·any other adjustments we have identified herein.

 

We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

 

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 financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, 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.

 

12

 

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.

 

FFO, Adjusted FFO, and Adjusted FFO available to common stockholders 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 ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint ventures.

 

To calculate Adjusted FFO available to common stockholders 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;

 

·loss 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 ventures;

 

·(gains) losses on other assets;

 

·transaction costs on acquisitions;

 

·deferred income tax expense (benefit); and

 

·any other adjustments we have identified herein.

 

We present Adjusted FFO available to common stockholders and unit holders per diluted share as a non-GAAP measure of our performance in addition to our net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share as our Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.

 

13

 

We are discontinuing the presentation of Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex) because our dividend policy no longer references this measure.

 

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, 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 and Chief Executive Officer 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
~or~  
Sarah Martin, Vice President Investor Relations  
Ryman Hospitality Properties, Inc.  
(615) 316-6011  
sarah.martin@rymanhp.com  

 

14

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In thousands, except per share data)

 

   Three Months Ended 
   Mar. 31, 
   2024   2023 
Revenues :          
Rooms  $173,633   $161,251 
Food and beverage   235,083    215,804 
Other hotel revenue   52,754    47,384 
Entertainment   66,875    67,280 
Total revenues   528,345    491,719 
           
Operating expenses:          
Rooms   44,101    42,059 
Food and beverage   128,179    115,181 
Other hotel expenses   118,813    103,059 
Management fees   17,962    15,195 
Total hotel operating expenses   309,055    275,494 
Entertainment   52,587    51,434 
Corporate   11,954    10,594 
Preopening costs   1,436    190 
Gain on sale of assets   (270)   - 
Depreciation and amortization   57,202    48,357 
Total operating expenses   431,964    386,069 
           
Operating income   96,381    105,650 
           
Interest expense, net of amounts capitalized   (60,443)   (42,528)
Interest income   7,522    2,547 
Loss on extinguishment of debt   (522)   - 
Income (loss) from unconsolidated joint ventures   32    (2,806)
Other gains and (losses), net   321    (236)
Income before income taxes   43,291    62,627 
           
Provision for income taxes   (530)   (1,633)
Net income   42,761    60,994 
           
Net loss attributable to noncontrolling interest in consolidated joint venture   579    763 
Net income attributable to noncontrolling interest in Operating Partnership   (284)   (437)
Net income available to common stockholders  $43,056   $61,320 
           
Basic income per share available to common stockholders  $0.72   $1.11 
Diluted income per share available to common stockholders (1)  $0.67   $1.02 
           
Weighted average common shares for the period:          
Basic   59,739    55,182 
Diluted (1)   63,404    59,326 

 

(1)Diluted weighted average common shares for the three months ended March 31, 2024 and 2023 include 3.2 million and 3.9 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

 

15

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)

 

   Mar. 31,   Dec. 31, 
   2024   2023 
ASSETS:          
 Property and equipment, net of accumulated depreciation  $3,988,172   $3,955,586 
 Cash and cash equivalents - unrestricted   465,311    591,833 
 Cash and cash equivalents - restricted   81,571    108,608 
 Notes receivable   60,645    61,760 
 Trade receivables, net   125,613    110,029 
 Deferred income tax assets, net   82,145    81,624 
 Prepaid expenses and other assets   163,572    154,810 
 Intangible assets   122,270    124,287 
 Total assets  $5,089,299   $5,188,537 
           
LIABILITIES AND EQUITY:          
 Debt and finance lease obligations  $3,377,814   $3,377,028 
 Accounts payable and accrued liabilities   394,299    464,720 
 Dividends payable   67,407    67,932 
 Deferred management rights proceeds   165,070    165,174 
 Operating lease liabilities   130,180    129,122 
 Other liabilities   67,257    66,658 
 Noncontrolling interest in consolidated joint venture   353,865    345,126 
 Total equity   533,407    572,777 
 Total liabilities and equity  $5,089,299   $5,188,537 

 

16

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

ADJUSTED EBITDAre RECONCILIATION

Unaudited

(in thousands)

                

   Three Months Ended Mar. 31, 
   2024   2023 
  $   Margin   $   Margin 
Consolidated                    
Revenue  $528,345        $491,719      
Net income  $42,761    8.1%  $60,994    12.4%
Interest expense, net   52,921         39,981      
Provision for income taxes   530         1,633      
Depreciation & amortization   57,202         48,357      
Gain on sale of assets   (270)        -      
Pro rata EBITDAre from unconsolidated joint ventures   2         9      
EBITDAre   153,146    29.0%   150,974    30.7%
Preopening costs   1,436         190      
Non-cash lease expense   925         1,501      
Equity-based compensation expense   3,862         3,739      
Interest income on Gaylord National bonds   1,195         1,271      
Loss on extinguishment of debt   522         -      
Pro rata adjusted EBITDAre from unconsolidated joint ventures   (21)        -      
Adjusted EBITDAre  $161,065    30.5%  $157,675    32.1%
Adjusted EBITDAre of noncontrolling interest in consolidated joint venture  $(4,662)       $(4,296)     
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture  $156,403    29.6%  $153,379    31.2%
                     
Hospitality segment                    
Revenue  $461,470        $424,439      
Operating income  $102,185    22.1%  $106,070    25.0%
Depreciation & amortization   50,230         42,875      
Non-cash lease expense   983         1,019      
Interest income on Gaylord National bonds   1,195         1,271      
Adjusted EBITDAre  $154,593    33.5%  $151,235    35.6%
                     
Same-Store Hospitality segment (1)                    
Revenue  $411,529        $424,439      
Operating income  $93,051    22.6%  $106,070    25.0%
Depreciation & amortization   42,833         42,875      
Non-cash lease expense   983         1,019      
Interest income on Gaylord National bonds   1,195         1,271      
Adjusted EBITDAre  $138,062    33.5%  $151,235    35.6%
                     
Entertainment segment                    
Revenue  $66,875        $67,280      
Operating income  $6,112    9.1%  $10,391    15.4%
Depreciation & amortization   6,740         5,265      
Preopening costs   1,436         190      
Non-cash lease (revenue) expense   (58)        482      
Equity-based compensation   888         816      
Other gains and (losses), net   408         -      
Pro rata adjusted EBITDAre from unconsolidated joint ventures   13         (2,798)     
Adjusted EBITDAre  $15,539    23.2%  $14,346    21.3%
                     
Corporate and Other segment                    
Operating loss  $(11,916)       $(10,811)     
Depreciation & amortization   232         217      
Other gains and (losses), net   (87)        (235)     
Equity-based compensation   2,974         2,923      
Gain on sale of assets   (270)        -      
Adjusted EBITDAre  $(9,067)       $(7,906)     
                     
(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.     

 

17

 

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 Mar. 31,
   2024   2023 
Consolidated          
Net income  $42,761   $60,994 
Noncontrolling interest in consolidated joint venture   579    763 
Net income available to common stockholders and unit holders   43,340    61,757 
Depreciation & amortization   57,154    48,326 
Adjustments for noncontrolling interest   (2,021)   (1,580)
Pro rata adjustments from joint ventures   -    23 
FFO available to common stockholders and unit holders   98,473    108,526 
           
Right-of-use asset amortization   48    31 
Non-cash lease expense   925    1,501 
Pro rata adjustments from joint ventures   (21)   - 
Gain on other assets   (270)   - 
Amortization of deferred financing costs   2,721    2,674 
Amortization of debt discounts and premiums   649    506 
Loss on extinguishment of debt   522    - 
Adjustments for noncontrolling interest   135    (412)
Deferred tax provision (benefit)   (488)   767 
Adjusted FFO available to common stockholders and unit holders  $102,694   $113,593 
           
Basic net income per share  $0.72   $1.11 
Diluted net income per share  $0.67   $1.02 
           
FFO available to common stockholders and unit holders per basic share/unit  $1.64   $1.95 
Adjusted FFO available to common stockholders and unit holders per basic share/unit  $1.71   $2.04 
           
FFO available to common stockholders and unit holders per diluted share/unit (1)  $1.53   $1.80 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)  $1.60   $1.89 
           
Weighted average common shares and OP units for the period:          
Basic   60,134    55,577 
Diluted (1)   63,799    59,721 

 

(1) Diluted weighted average common shares and OP units for the three months ended March 31, 2024 and 2023 include 3.2 million and 3.9 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.      

 

18

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

        

   Three Months Ended Mar. 31, 
   2024   2023 
   $   Margin   $   Margin 
Hospitality segment                    
Revenue  $461,470        $424,439      
Operating income  $102,185    22.1%  $106,070    25.0%
Depreciation & amortization   50,230         42,875      
Non-cash lease expense   983         1,019      
Interest income on Gaylord National bonds   1,195         1,271      
Adjusted EBITDAre  $154,593    33.5%  $151,235    35.6%
                     
Occupancy   66.7%        72.3%     
Average daily rate (ADR)  $250.48        $237.95      
RevPAR  $167.17        $172.08      
OtherPAR  $277.12        $280.86      
Total RevPAR  $444.29        $452.94      
                     
Same-Store Hospitality segment (1)                    
Revenue  $411,529        $424,439      
Operating income  $93,051    22.6%  $106,070    25.0%
Depreciation & amortization   42,833         42,875      
Non-cash lease expense   983         1,019      
Interest income on Gaylord National bonds   1,195         1,271      
Adjusted EBITDAre  $138,062    33.5%  $151,235    35.6%
                     
Occupancy   67.0%        72.3%     
Average daily rate (ADR)  $244.85        $237.95      
RevPAR  $164.16        $172.08      
OtherPAR  $270.17        $280.86      
Total RevPAR  $434.33        $452.94      
                     
Gaylord Opryland                    
Revenue  $103,835        $111,806      
Operating income  $24,825    23.9%  $31,695    28.3%
Depreciation & amortization   8,133         8,554      
Non-cash lease revenue   (11)        (12)     
Adjusted EBITDAre  $32,947    31.7%  $40,237    36.0%
                     
Occupancy   65.1%        72.6%     
Average daily rate (ADR)  $245.28        $240.19      
RevPAR  $159.60        $174.40      
OtherPAR  $235.50        $255.76      
Total RevPAR  $395.10        $430.16      
                     
Gaylord Palms                    
Revenue  $85,463        $84,546      
Operating income  $25,006    29.3%  $27,634    32.7%
Depreciation & amortization   5,871         5,610      
Non-cash lease expense   994         1,031      
Adjusted EBITDAre  $31,871    37.3%  $34,275    40.5%
                     
Occupancy   74.6%        79.5%     
Average daily rate (ADR)  $267.99        $257.66      
RevPAR  $199.89        $204.78      
OtherPAR  $346.77        $342.02      
Total RevPAR  $546.66        $546.80      
                     
Gaylord Texan                    
Revenue  $84,902        $86,398      
Operating income  $26,032    30.7%  $28,088    32.5%
Depreciation & amortization   5,891         5,766      
Adjusted EBITDAre  $31,923    37.6%  $33,854    39.2%
                     
Occupancy   73.2%        77.1%     
Average daily rate (ADR)  $239.77        $230.83      
RevPAR  $175.54        $177.90      
OtherPAR  $338.78        $351.31      
Total RevPAR  $514.32        $529.21      
                     
(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.          

 

19

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

          

   Three Months Ended Mar. 31, 
   2024   2023 
   $   Margin   $   Margin 
Gaylord National                    
Revenue  $68,274        $72,772      
Operating income  $5,223    7.7%  $8,055    11.1%
Depreciation & amortization   8,401         8,294      
Interest income on Gaylord National bonds   1,195         1,271      
Adjusted EBITDAre  $14,819    21.7%  $17,620    24.2%
                     
Occupancy   64.4%        67.3%     
Average daily rate (ADR)  $236.16        $239.70      
RevPAR  $152.18        $161.43      
OtherPAR  $223.70        $243.67      
Total RevPAR  $375.88        $405.10      
                     
Gaylord Rockies                    
Revenue  $63,822        $64,047      
Operating income  $11,997    18.8%  $10,868    17.0%
Depreciation & amortization   13,841         14,045      
Adjusted EBITDAre  $25,838    40.5%  $24,913    38.9%
                     
Occupancy   64.5%        69.9%     
Average daily rate (ADR)  $242.23        $233.09      
RevPAR  $156.29        $162.97      
OtherPAR  $310.95        $311.13      
Total RevPAR  $467.24        $474.10      
                     
JW Marriott Hill Country (2)                    
Revenue  $49,941        $-      
Operating income  $9,134    18.3%  $-      
Depreciation & amortization   7,397         -      
Adjusted EBITDAre  $16,531    33.1%  $-      
                     
Occupancy   63.6%         n/a       
Average daily rate (ADR)  $312.19          n/a       
RevPAR  $198.40          n/a       
OtherPAR  $349.32          n/a       
Total RevPAR  $547.72          n/a       
                     
The AC Hotel at National Harbor                    
Revenue  $2,822        $2,211      
Operating income (loss)  $327    11.6%  $(178)   -8.1%
Depreciation & amortization   250         281      
Adjusted EBITDAre  $577    20.4%  $103    4.7%
                     
Occupancy   56.9%        54.3%     
Average daily rate (ADR)  $250.02        $218.52      
RevPAR  $142.24        $118.55      
OtherPAR  $19.28        $9.37      
Total RevPAR  $161.52        $127.92      
                     
The Inn at Opryland (3)                    
Revenue  $2,411        $2,659      
Operating loss  $(359)   -14.9%  $(92)   -3.5%
Depreciation & amortization   446         325      
Adjusted EBITDAre  $87    3.6%  $233    8.8%
                     
Occupancy   42.3%        56.6%     
Average daily rate (ADR)  $162.66        $139.30      
RevPAR  $68.75        $78.87      
OtherPAR  $18.70        $18.65      
Total RevPAR  $87.45        $97.52      

 

(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023.

(2) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.

(3) Includes other hospitality revenue and expense.                                

 

20

 

 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

   SUPPLEMENTAL FINANCIAL RESULTS

 EARNINGS PER SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE CALCULATIONS

 Unaudited

 (In thousands, except per share data)

 

   Three Months Ended 
   Mar. 31, 
   2024   2023 
Earnings per share:        
         
Numerator:          
Net income available to common stockholders  $43,056   $61,320 
Net loss attributable to noncontrolling interest in consolidated joint venture   (579)   (763)
Net income available to common stockholders - if-converted method  $42,477   $60,557 
           
Denominator:          
Weighted average shares outstanding - basic   59,739    55,182 
Effect of dilutive stock-based compensation   430    281 
Effect of dilutive put rights (1)   3,235    3,863 
Weighted average shares outstanding - diluted   63,404    59,326 
           
Basic income per share available to common stockholders  $0.72   $1.11 
Diluted income per share available to common stockholders  $0.67   $1.02 
           
FFO and Adjusted FFO per share:          
           
Numerator - FFO:          
FFO available to common stockholders and unit holders  $98,473   $108,526 
Net loss attributable to noncontrolling interest in consolidated joint venture   (579)   (763)
FFO available to common stockholders and unit holders- if-converted method  $97,894   $107,763 
           
Numerator - Adjusted FFO:          
Adjusted FFO available to common stockholders and unit holders  $102,694   $113,593 
Net loss attributable to noncontrolling interest in consolidated joint venture   (579)   (763)
Adjusted FFO available to common stockholders and unit holders - if-converted method  $102,115   $112,830 
           
Denominator:          
Weighted average shares and OP units outstanding - basic   60,134    55,577 
Effect of dilutive stock-based compensation   430    281 
Effect of dilutive put rights (1)   3,235    3,863 
Weighted average shares and OP units outstanding - diluted   63,799    59,721 
           
FFO available to common stockholders and unit holders per basic share/unit  $1.64   $1.95 
Adjusted FFO available to common stockholders and unit holders per basic share/unit  $1.71   $2.04 
           
FFO available to common stockholders and unit holders per diluted share/unit (1)  $1.53   $1.80 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)  $1.60   $1.89 

 

(1) Represents equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.                

 

21

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(dollars in thousands, except per share data)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")

Funds From Operations ("FFO") and Adjusted FFO Reconciliation

 

   New Guidance Range 
   For Full Year 2024 
   Low   High   Midpoint 
Ryman Hospitality Properties, Inc.               
Net Income  $259,000   $280,000   $269,500 
Provision for income taxes   15,250    17,000    16,125 
Interest Expense, net   216,775    223,275    220,025 
Depreciation and amortization   224,250    234,500    229,375 
(Gain) / Loss on disposal of fixed assets   (275)   (275)   (275)
EBITDAre  $715,000   $754,500   $734,750 
Non-cash lease expense   3,500    4,500    4,000 
Preopening expense   3,000    3,500    3,250 
Equity-based compensation   12,500    13,500    13,000 
Pension settlement charge   1,500    1,750    1,625 
Interest income on Gaylord National bonds   4,500    5,500    5,000 
Other gains and (losses), net   -    1,250    625 
Loss (gain) on extinguishment of debt   500    500    500 
Adjusted EBITDAre  $740,500   $785,000   $762,750 
                
Hospitality Segment               
Operating Income  $469,500   $490,500   $480,000 
Depreciation and amortization   195,000    202,500    198,750 
Non-cash lease expense   3,500    4,500    4,000 
Interest income on Gaylord National Bonds   4,500    5,500    5,000 
Other gains and (losses), net   2,500    3,500    3,000 
Loss (gain) on extinguishment of debt   500    500    500 
Adjusted EBITDAre  $675,500   $707,000   $691,250 
                
Hospitality Segment (same-store)               
Operating Income  $434,500   $450,500   $442,500 
Depreciation and amortization   167,000    170,500    168,750 
Non-cash lease expense   3,500    4,500    4,000 
Interest income on Gaylord National Bonds   4,500    5,500    5,000 
Other gains and (losses), net   2,500    3,500    3,000 
Loss (gain) on extinguishment of debt   500    500    500 
Adjusted EBITDAre  $612,500   $635,000   $623,750 
                
JW Marriott Hill Country               
Operating Income  $35,000   $40,000   $37,500 
Depreciation and amortization   28,000    32,000    30,000 
Adjusted EBITDAre  $63,000   $72,000   $67,500 

 

22

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(dollars in thousands, except per share data)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")

Funds From Operations ("FFO") and Adjusted FFO Reconciliation

 

   New Guidance Range 
   For Full Year 2024 
   Low   High   Midpoint 
Entertainment Segment               
Operating Income  $65,500   $71,500   $68,500 
Depreciation and amortization   27,500    30,000    28,750 
Preopening expense   3,000    3,500    3,250 
Equity-based compensation   3,500    4,000    3,750 
Pro rata adjusted EBITDAre from unconsolidated joint ventures   500    1,000    750 
Adjusted EBITDAre  $100,000   $110,000   $105,000 
                
Corporate and Other Segment               
Operating Loss  $(44,750)  $(43,000)  $(43,875)
Depreciation and amortization   1,750    2,000    1,875 
Equity-based compensation   9,000    9,500    9,250 
Pension settlement charge   1,500    1,750    1,625 
Other gains and (losses), net   (2,500)   (2,250)   (2,375)
Adjusted EBITDAre  $(35,000)  $(32,000)  $(33,500)
                
Ryman Hospitality Properties, Inc.               
Net Income  $259,000   $280,000   $269,500 
Noncontrolling interest in consolidated joint venture   (10,000)   (6,000)   (8,000)
Net Income available to common stockholders and unit holders  $249,000   $274,000   $261,500 
Depreciation and amortization   224,250    234,500    229,375 
Adjustments for noncontrolling interest   (10,000)   (8,000)   (9,000)
FFO available to common stockholders and unit holders  $463,250   $500,500   $481,875 
Right of use amortization   -    500    250 
Non-cash lease expense   3,500    4,500    4,000 
Pension settlement charge   1,500    1,750    1,625 
Other gains and (losses), net   -    1,250    625 
Loss (gain) on extinguishment of debt   500    500    500 
Adjustments for noncontrolling interest   (3,000)   (2,000)   (2,500)
Amortization of deferred financing costs   9,500    11,500    10,500 
Amortization of debt discounts and premiums   2,500    3,500    3,000 
Deferred Taxes   12,000    13,500    12,750 
Adjusted FFO available to common stockholders and unit holders  $489,750   $535,500   $512,625 
                
Diluted income per share available to common stockholders  $4.01   $4.33   $4.17 
Adjusted FFO available to common stockholders and unit holders per diluted share  $7.69   $8.33   $8.01 
                
Estimated diluted shares outstanding to common stockholders (in millions)   64.6    64.6    64.6 
Estimated diluted shares outstanding to common stockholders and unit holders (in millions)   65.0    65.0    65.0 

 

23

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(dollars in thousands, except per share data)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")

Funds From Operations ("FFO") and Adjusted FFO Reconciliation

 

   Prior Guidance Range 
   For Full Year 2024 
   Low   High   Midpoint 
Ryman Hospitality Properties, Inc.               
Net Income  $253,000   $272,000   $262,500 
Provision for income taxes   15,250    17,000    16,125 
Interest Expense, net   222,500    231,000    226,750 
Depreciation and amortization   224,250    234,500    229,375 
EBITDAre  $715,000   $754,500   $734,750 
Non-cash lease expense   3,500    4,500    4,000 
Preopening expense   3,000    3,500    3,250 
Equity-based compensation   12,500    13,500    13,000 
Pension settlement charge   1,500    1,750    1,625 
Interest income on Gaylord National bonds   4,500    5,500    5,000 
Other gains and (losses), net   500    1,750    1,125 
Adjusted EBITDAre  $740,500   $785,000   $762,750 
                
Hospitality Segment               
Operating Income  $469,500   $490,500   $480,000 
Depreciation and amortization   195,000    202,500    198,750 
Non-cash lease expense   3,500    4,500    4,000 
Interest income on Gaylord National Bonds   4,500    5,500    5,000 
Other gains and (losses), net   3,000    4,000    3,500 
Adjusted EBITDAre  $675,500   $707,000   $691,250 
                
Hospitality Segment (same-store)               
Operating Income  $434,500   $450,500   $442,500 
Depreciation and amortization   167,000    170,500    168,750 
Non-cash lease expense   3,500    4,500    4,000 
Interest income on Gaylord National Bonds   4,500    5,500    5,000 
Other gains and (losses), net   3,000    4,000    3,500 
Adjusted EBITDAre  $612,500   $635,000   $623,750 
                
JW Marriott Hill Country               
Operating Income  $35,000   $40,000   $37,500 
Depreciation and amortization   28,000    32,000    30,000 
Adjusted EBITDAre  $63,000   $72,000   $67,500 

 

24

 

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Unaudited

(dollars in thousands, except per share data)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")

Funds From Operations ("FFO") and Adjusted FFO Reconciliation

 

   Prior Guidance Range 
   For Full Year 2024 
   Low   High   Midpoint 
Entertainment Segment               
Operating Income  $65,500   $71,500   $68,500 
Depreciation and amortization   27,500    30,000    28,750 
Preopening expense   3,000    3,500    3,250 
Equity-based compensation   3,500    4,000    3,750 
Pro rata adjusted EBITDAre from unconsolidated joint ventures   500    1,000    750 
Adjusted EBITDAre  $100,000   $110,000   $105,000 
                
Corporate and Other Segment               
Operating Loss  $(44,750)  $(43,000)  $(43,875)
Depreciation and amortization   1,750    2,000    1,875 
Equity-based compensation   9,000    9,500    9,250 
Pension settlement charge   1,500    1,750    1,625 
Other gains and (losses), net   (2,500)   (2,250)   (2,375)
Adjusted EBITDAre  $(35,000)  $(32,000)  $(33,500)
                
Ryman Hospitality Properties, Inc.               
Net Income  $253,000   $272,000   $262,500 
Noncontrolling interest in consolidated joint venture   (10,000)   (6,000)   (8,000)
Net Income available to common stockholders and unit holders  $243,000   $266,000   $254,500 
Depreciation and amortization   224,250    234,500    229,375 
Adjustments for noncontrolling interest   (10,000)   (8,000)   (9,000)
FFO available to common stockholders and unit holders  $457,250   $492,500   $474,875 
Right of use amortization   -    500    250 
Non-cash lease expense   3,500    4,500    4,000 
Pension settlement charge   1,500    1,750    1,625 
Other gains and (losses), net   500    1,750    1,125 
Adjustments for noncontrolling interest   (3,000)   (2,000)   (2,500)
Amortization of deferred financing costs   10,000    11,000    10,500 
Amortization of debt discounts and premiums   2,500    3,500    3,000 
Deferred Taxes   12,000    13,500    12,750 
Adjusted FFO available to common stockholders and unit holders  $484,250   $527,000   $505,625 
                
Diluted income per share available to common stockholders  $3.92   $4.21   $4.06 
Adjusted FFO available to common stockholders and unit holders per diluted share  $7.60   $8.20   $7.90 
                
Estimated diluted shares outstanding to common stockholders (in millions)   64.6    64.6    64.6 
Estimated diluted shares outstanding to common stockholders and unit holders (in millions)   65.0    65.0    65.0 

 

25