NASHVILLE, Tenn., Nov. 06, 2023 (GLOBE NEWSWIRE) -- 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 September 30, 2023.
Third Quarter 2023 Highlights and Recent Developments:
- The Company generated record third quarter consolidated revenue of $528.5 million, solid consolidated net income of $40.8 million and record third quarter consolidated Adjusted EBITDAre of $170.9 million.
- Same-store Hospitality segment achieved record third quarter revenue of $396.2 million, driven by record third quarter ADR.1
- During the quarter, the Company booked over 695,000 gross advanced group room nights for the same-store Hospitality portfolio for all future years, at a record ADR of $268, an increase of 6.3% over the ADR achieved in Q3 2022 for all future year bookings.
- Opry Entertainment Group (OEG), our Entertainment segment, delivered another strong quarter, setting third quarter records for revenue, operating income, and Adjusted EBITDAre, led by the strength of our Nashville assets.
- The Company is updating its full year 2023 guidance to reflect strong year-to-date financial results and sustained confidence in the remainder of 2023.
________________
1 Same-store Hospitality segment excludes JW Marriott San Antonio Hill Country Resort & Spa ("JW Marriott Hill Country"), which was acquired June 30, 2023.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, "We are pleased to deliver another strong quarter marked by numerous quarterly and all-time records. Our financial performance is a testament to the underlying strength of our businesses and the successful execution of our growth strategy. In our Hospitality segment, we continued to add meaningfully to our healthy forward book of business, as we had one of our strongest quarters ever in terms of rooms revenue production and ADR growth for all future periods. Additionally, this quarter marked the first quarter of our ownership of the JW Marriott Hill Country in San Antonio, Texas. We are pleased with its performance this quarter and remain excited about the growth opportunities for this asset. The demand for our Entertainment business remains strong, as this segment delivered record third quarter revenue, operating income and Adjusted EBITDAre. We are updating our full year 2023 guidance as a result of our strong third quarter financial performance."
Third Quarter 2023 Results (as compared to Third Quarter 2022):
| ($ in thousands, except per share amounts) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | |||||||||||||||||
| Total Revenue | $ | 528,511 | $ | 467,755 | 13.0% | $ | 1,525,073 | $ | 1,237,094 | 23.3% | ||||||||||||
| Operating income | $ | 101,923 | $ | 97,005 | 5.1% | $ | 329,813 | $ | 210,847 | 56.4% | ||||||||||||
| Operating income margin | 19.3% | 20.7% | -1.4pt | 21.6% | 17.0% | 4.6pt | ||||||||||||||||
| Net income (1) | $ | 40,785 | $ | 47,451 | -14.0% | $ | 171,922 | $ | 73,578 | 133.7% | ||||||||||||
| Net income margin (1) | 7.7% | 10.1% | -2.4pt | 11.3% | 5.9% | 5.4pt | ||||||||||||||||
| Net income available to common stockholders (1) | $ | 41,227 | $ | 45,241 | -8.9% | $ | 169,090 | $ | 70,904 | 138.5% | ||||||||||||
| Net income available to common stockholders margin (1) | 7.8% | 9.7% | -1.9pt | 11.1% | 5.7% | 5.4pt | ||||||||||||||||
| Net income available to common stockholders per diluted share (1) | $ | 0.64 | $ | 0.79 | -19.0% | $ | 2.78 | $ | 1.28 | 117.2% | ||||||||||||
| Adjusted EBITDAre | $ | 170,874 | $ | 151,125 | 13.1% | $ | 503,251 | $ | 387,744 | 29.8% | ||||||||||||
| Adjusted EBITDAre margin | 32.3% | 32.3% | 0.0pt | 33.0% | 31.3% | 1.7pt | ||||||||||||||||
| Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture | $ | 163,188 | $ | 144,780 | 12.7% | $ | 482,450 | $ | 380,268 | 26.9% | ||||||||||||
| Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin | 30.9% | 31.0% | -0.1pt | 31.6% | 30.7% | 0.9pt | ||||||||||||||||
| Funds From Operations (FFO) available to common stockholders and unit holders | $ | 97,931 | $ | 91,951 | 6.5% | $ | 320,096 | $ | 230,292 | 39.0% | ||||||||||||
| FFO available to common stockholders and unit holders per diluted share/unit | $ | 1.52 | $ | 1.57 | -3.2% | $ | 5.21 | $ | 4.13 | 26.2% | ||||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 111,279 | $ | 100,773 | 10.4% | $ | 347,264 | $ | 250,462 | 38.6% | ||||||||||||
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $ | 1.73 | $ | 1.72 | 0.6% | $ | 5.65 | $ | 4.49 | 25.8% | ||||||||||||
| (1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023. | ||||||||||||||||||||||
Note: For the Company's definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common shareholders and unit holders, and Adjusted FFO available to common shareholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders and unit holders to Net Income, see "Non-GAAP Financial Measures," "EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition," "Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition" "FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition" and "Supplemental Financial Results" below.
Hospitality Segment
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | |||||||||||||||||
| Hospitality Revenue | $ | 446,198 | $ | 390,602 | 14.2% | $ | 1,288,322 | $ | 1,053,515 | 22.3% | ||||||||||||
| Same-Store Hospitality Revenue (1) | $ | 396,172 | $ | 390,602 | 1.4% | $ | 1,237,575 | $ | 1,053,515 | 17.5% | ||||||||||||
| Hospitality operating income | $ | 91,723 | $ | 88,901 | 3.2% | $ | 305,526 | $ | 205,142 | 48.9% | ||||||||||||
| Hospitality operating income margin | 20.6% | 22.8% | -2.2pt | 23.7% | 19.5% | 4.2pt | ||||||||||||||||
| Hospitality Adjusted EBITDAre | $ | 152,544 | $ | 136,710 | 11.6% | $ | 456,446 | $ | 362,025 | 26.1% | ||||||||||||
| Hospitality Adjusted EBITDAre margin | 34.2% | 35.0% | -0.8pt | 35.4% | 34.4% | 1.0pt | ||||||||||||||||
| Same-Store Hospitality operating income (1) | $ | 83,847 | $ | 88,901 | -5.7 | % | $ | 297,422 | $ | 205,142 | 45.0% | |||||||||||
| Same-Store Hospitality operating income margin (1) | 21.2% | 22.8% | -1.6pt | 24.0% | 19.5% | 4.5pt | ||||||||||||||||
| Same-Store Hospitality Adjusted EBITDAre (1) | $ | 135,167 | $ | 136,710 | -1.1 | % | $ | 438,841 | $ | 362,025 | 21.2% | |||||||||||
| Same-Store Hospitality Adjusted EBITDAre margin (1) | 34.1% | 35.0% | -0.9pt | 35.5% | 34.4% | 1.1pt | ||||||||||||||||
| Hospitality Performance Metrics | ||||||||||||||||||||||
| Occupancy | 71.8% | 71.5% | 0.3pt | 72.3% | 63.9% | 8.4pt | ||||||||||||||||
| Average Daily Rate (ADR) | $ | 239.00 | $ | 226.20 | 5.7% | $ | 240.53 | $ | 230.07 | 4.5% | ||||||||||||
| RevPAR | $ | 171.71 | $ | 161.75 | 6.2% | $ | 173.80 | $ | 147.07 | 18.2% | ||||||||||||
| Total RevPAR | $ | 424.91 | $ | 407.77 | 4.2% | $ | 439.00 | $ | 370.63 | 18.4% | ||||||||||||
| Same-Store Hospitality Performance Metrics (1) | ||||||||||||||||||||||
| Occupancy | 71.8% | 71.5% | 0.3pt | 72.3% | 63.9% | 8.4pt | ||||||||||||||||
| Average Daily Rate (ADR) | $ | 230.50 | $ | 226.20 | 1.9% | $ | 237.74 | $ | 230.07 | 3.3% | ||||||||||||
| RevPAR | $ | 165.58 | $ | 161.75 | 2.4% | $ | 171.80 | $ | 147.07 | 16.8% | ||||||||||||
| Total RevPAR | $ | 413.58 | $ | 407.77 | 1.4% | $ | 435.39 | $ | 370.63 | 17.5% | ||||||||||||
| Gross Definite Rooms Nights Booked | 695,423 | 614,346 | 13.2% | 1,695,578 | 1,637,571 | 3.5% | ||||||||||||||||
| Net Definite Rooms Nights Booked | 546,724 | 416,128 | 31.4% | 1,247,311 | 994,838 | 25.4% | ||||||||||||||||
| Group Attrition (as % of contracted block) | 14.7% | 19.2% | -4.5pt | 15.5% | 22.2% | -6.7pt | ||||||||||||||||
| Cancellations ITYFTY (2) | 11,219 | 21,063 | -46.7 | % | 65,187 | 203,129 | -67.9 | % | ||||||||||||||
| (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 third quarter 2023 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.
Third Quarter 2023 Hospitality Segment Highlights
- Same-store Hospitality portfolio achieved third quarter record revenue of $396.2 million, driven by third quarter record ADR of nearly $231, an increase of 1.9% from Q3 2022.
- Same-store Hospitality portfolio achieved occupancy levels of 71.8%, up 30 basis points from Q3 2022, supported by over 513,000 group room nights traveled, a 3.1% increase over group room nights traveled in Q3 2022.
- Same-store RevPAR and Total RevPAR for the quarter increased by 2.4% and 1.4%, respectively, compared to Q3 2022.
- Room revenues production for all future years remained strong, marking an all-time third quarter record for the same-store portfolio.
- Actualized cancellations in the year for the year declined from Q3 2022 and continue to normalize in the post pandemic environment.
- Same-store incentive management fee expense increased to $7.1 million in the quarter, up from $3.4 million in Q3 2022.
Gaylord Opryland
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | |||||||||||||||||||
| Revenue | $ | 111,939 | $ | 106,819 | 4.8% | $ | 334,220 | $ | 285,835 | 16.9% | ||||||||||||||
| Operating income | $ | 29,549 | $ | 29,488 | 0.2% | $ | 93,255 | $ | 76,914 | 21.2% | ||||||||||||||
| Operating income margin | 26.4% | 27.6% | -1.2pt | 27.9% | 26.9% | 1.0pt | ||||||||||||||||||
| Adjusted EBITDAre | $ | 38,022 | $ | 38,149 | -0.3% | $ | 118,770 | $ | 102,696 | 15.7% | ||||||||||||||
| Adjusted EBITDAre margin | 34.0% | 35.7% | -1.7pt | 35.5% | 35.9% | -0.4pt | ||||||||||||||||||
| Occupancy | 72.7% | 73.0% | -0.3pt | 72.2% | 65.7% | 6.5pt | ||||||||||||||||||
| Average daily rate (ADR) | $ | 242.37 | $ | 236.83 | 2.3% | $ | 244.82 | $ | 236.35 | 3.6% | ||||||||||||||
| RevPAR | $ | 176.18 | $ | 172.98 | 1.8% | $ | 176.66 | $ | 155.36 | 13.7% | ||||||||||||||
| Total RevPAR | $ | 421.30 | $ | 402.04 | 4.8% | $ | 423.91 | $ | 362.54 | 16.9% | ||||||||||||||
Gaylord Palms
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | |||||||||||||||||||
| Revenue | $ | 63,885 | $ | 60,516 | 5.6% | $ | 222,260 | $ | 188,653 | 17.8% | ||||||||||||||
| Operating income | $ | 9,249 | $ | 9,611 | -3.8% | $ | 55,205 | $ | 43,687 | 26.4% | ||||||||||||||
| Operating income margin | 14.5% | 15.9% | -1.4pt | 24.8% | 23.2% | 1.6pt | ||||||||||||||||||
| Adjusted EBITDAre | $ | 15,930 | $ | 16,204 | -1.7% | $ | 75,100 | $ | 63,531 | 18.2% | ||||||||||||||
| Adjusted EBITDAre margin | 24.9% | 26.8% | -1.9pt | 33.8% | 33.7% | 0.1pt | ||||||||||||||||||
| Occupancy | 67.4% | 65.2% | 2.2pt | 74.2% | 65.2% | 9.0pt | ||||||||||||||||||
| Average daily rate (ADR) | $ | 214.22 | $ | 213.17 | 0.5% | $ | 239.56 | $ | 232.26 | 3.1% | ||||||||||||||
| RevPAR | $ | 144.33 | $ | 139.08 | 3.8% | $ | 177.67 | $ | 151.39 | 17.4% | ||||||||||||||
| Total RevPAR | $ | 404.19 | $ | 382.88 | 5.6% | $ | 473.89 | $ | 402.23 | 17.8% | ||||||||||||||
Gaylord Texan
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | ||||||||||||||||||
| Revenue | $ | 73,991 | $ | 70,734 | 4.6% | $ | 241,868 | $ | 205,035 | 18.0% | |||||||||||||
| Operating income | $ | 19,555 | $ | 18,873 | 3.6% | $ | 73,748 | $ | 57,523 | 28.2% | |||||||||||||
| Operating income margin | 26.4% | 26.7% | -0.3pt | 30.5% | 28.1% | 2.4pt | |||||||||||||||||
| Adjusted EBITDAre | $ | 25,225 | $ | 24,577 | 2.6% | $ | 90,902 | $ | 75,667 | 20.1% | |||||||||||||
| Adjusted EBITDAre margin | 34.1% | 34.7% | -0.6pt | 37.6% | 36.9% | 0.7pt | |||||||||||||||||
| Occupancy | 73.0% | 70.6% | 2.4pt | 75.0% | 67.6% | 7.4pt | |||||||||||||||||
| Average daily rate (ADR) | $ | 233.92 | $ | 227.40 | 2.9% | $ | 233.19 | $ | 227.10 | 2.7% | |||||||||||||
| RevPAR | $ | 170.68 | $ | 160.63 | 6.3% | $ | 175.00 | $ | 153.60 | 13.9% | |||||||||||||
| Total RevPAR | $ | 443.36 | $ | 423.84 | 4.6% | $ | 488.40 | $ | 414.03 | 18.0% | |||||||||||||
Gaylord National
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | ||||||||||||||||||
| Revenue | $ | 72,124 | $ | 68,925 | 4.6% | $ | 221,910 | $ | 173,735 | 27.7% | |||||||||||||
| Operating income | $ | 9,855 | $ | 9,044 | 9.0% | $ | 32,836 | $ | 10,593 | 210.0% | |||||||||||||
| Operating income margin | 13.7% | 13.1% | 0.6pt | 14.8% | 6.1% | 8.7pt | |||||||||||||||||
| Adjusted EBITDAre | $ | 25,605 | $ | 21,550 | 18.8% | $ | 67,678 | $ | 42,777 | 58.2% | |||||||||||||
| Adjusted EBITDAre margin | 35.5% | 31.3% | 4.2pt | 30.5% | 24.6% | 5.9pt | |||||||||||||||||
| Occupancy | 71.5% | 65.4% | 6.1pt | 68.9% | 55.1% | 13.8pt | |||||||||||||||||
| Average daily rate (ADR) | $ | 216.85 | $ | 220.25 | -1.5 | % | $ | 235.67 | $ | 232.23 | 1.5% | ||||||||||||
| RevPAR | $ | 155.12 | $ | 144.11 | 7.6% | $ | 162.38 | $ | 127.99 | 26.9% | |||||||||||||
| Total RevPAR | $ | 392.76 | $ | 375.35 | 4.6% | $ | 407.24 | $ | 318.83 | 27.7% | |||||||||||||
Gaylord Rockies
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | |||||||||||||||||||
| Revenue | $ | 68,203 | $ | 77,346 | -11.8% | $ | 199,377 | $ | 182,888 | 9.0% | ||||||||||||||
| Operating income | $ | 14,970 | $ | 20,967 | -28.6% | $ | 40,529 | $ | 14,398 | 181.5% | ||||||||||||||
| Operating income margin | 21.9% | 27.1% | -5.2pt | 20.3% | 7.9% | 12.4pt | ||||||||||||||||||
| Adjusted EBITDAre | $ | 29,171 | $ | 34,670 | -15.9% | $ | 82,899 | $ | 73,399 | 12.9% | ||||||||||||||
| Adjusted EBITDAre margin | 42.8% | 44.8% | -2.0pt | 41.6% | 40.1% | 1.5pt | ||||||||||||||||||
| Occupancy | 79.9% | 86.9% | -7.0pt | 75.9% | 67.7% | 8.2pt | ||||||||||||||||||
| Average daily rate (ADR) | $ | 245.52 | $ | 237.69 | 3.3% | $ | 242.57 | $ | 232.32 | 4.4% | ||||||||||||||
| RevPAR | $ | 196.19 | $ | 206.65 | -5.1% | $ | 184.12 | $ | 157.35 | 17.0% | ||||||||||||||
| Total RevPAR | $ | 493.90 | $ | 560.11 | -11.8% | $ | 486.56 | $ | 446.32 | 9.0% | ||||||||||||||
JW Marriott Hill Country1
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||
| September 30, | September 30, | |||||||||
| 2023 | 2023 | |||||||||
| Revenue | $ | 50,026 | $ | 50,747 | ||||||
| Operating income | $ | 7,876 | $ | 8,104 | ||||||
| Operating income margin | 15.7% | 16.0% | ||||||||
| Adjusted EBITDAre | $ | 17,377 | $ | 17,605 | ||||||
| Adjusted EBITDAre margin | 34.7% | 34.7% | ||||||||
| Occupancy | 72.0% | 72.0% | ||||||||
| Average daily rate (ADR) | $ | 327.17 | $ | 327.17 | ||||||
| RevPAR | $ | 235.43 | $ | 235.43 | ||||||
| Total RevPAR | $ | 542.67 | $ | 550.50 | ||||||
JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Third quarter 2023 represents the first full period of operations for the hotel under the Company's ownership.
Entertainment Segment
For the three and nine months ended September 30, 2023, and 2022, the Company reported the following:
| ($ in thousands) | Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | |||||||||||||
| Revenue | $ | 82,313 | $ | 77,153 | 6.7% | $ | 236,751 | $ | 183,579 | 29.0% | ||||||||
| Operating income | $ | 20,523 | $ | 17,756 | 15.6% | $ | 55,515 | $ | 38,212 | 45.3% | ||||||||
| Operating income margin | 24.9% | 23.0% | 1.9pt | 23.4% | 20.8% | 2.6pt | ||||||||||||
| Adjusted EBITDAre | $ | 25,618 | $ | 21,174 | 21.0% | $ | 69,380 | $ | 48,037 | 44.4% | ||||||||
| Adjusted EBITDAre margin | 31.1% | 27.4% | 3.7pt | 29.3% | 26.2% | 3.1pt | ||||||||||||
Fioravanti continued, "Our Entertainment segment delivered another solid quarter, as we continue to see strong demand for live entertainment. We are particularly excited for the next addition to OEG's Ole Red brand in early 2024 with the opening of Ole Red Las Vegas. In addition, we recently announced value-enhancing investments for our Block 21 asset in Austin, Texas, and to reposition the Wildhorse Saloon in Nashville, which will create additional growth opportunities going forward."
Corporate and Other Segment
For the three and nine months ended September 30, 2023, and 2022, the Company reported the following:
| ($ in thousands) | Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| 2023 | 2022 | % ? | 2023 | 2022 | % ? | |||||||||||||
| Operating loss | ($10,323) | ($9,652) | -7.0% | ($31,228) | ($32,507) | 3.9% | ||||||||||||
| Adjusted EBITDAre | ($7,288) | ($6,759) | -7.8% | ($22,575) | ($22,318) | -1.2% | ||||||||||||
Fioravanti concluded, "The continued strength of our businesses and the robust bookings from our group customers across all future periods gives us confidence to continue to invest across our hospitality and entertainment businesses to drive growth and value creation for our stakeholders."
2023 Guidance
The Company is updating its 2023 business performance outlook based on current information as of November 6, 2023. The Company does not expect to update the guidance provided below before next quarter's earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.
| ($ in millions, except per share figures) | New Guidance | New FY | Prior Guidance | Prior FY | Change | ||||||||||||||||||||||
| Full Year 2023(1) | 2023 Guidance(1) | Full Year 2023 | 2023 Guidance | ||||||||||||||||||||||||
| Low | High | Midpoint | Low | High | Midpoint | Midpoint | |||||||||||||||||||||
| Consolidated Hospitality RevPAR growth (same-store)(2) | 11.5% | 13.0% | 12.3% | 11.0% | 13.5% | 12.3% | 0.0% | ||||||||||||||||||||
| Consolidated Hospitality Total RevPAR growth (same-store)(2) | 11.5% | 12.5% | 12.0% | 8.5% | 10.5% | 9.5% | 2.5% | ||||||||||||||||||||
| Operating Income | |||||||||||||||||||||||||||
| Hospitality | $ | 413.0 | $ | 427.5 | $ | 420.3 | $ | 405.5 | $ | 427.5 | $ | 416.5 | $ | 3.8 | |||||||||||||
| Entertainment | 77.5 | 79.0 | 78.3 | 76.0 | 80.5 | 78.3 | - | ||||||||||||||||||||
| Corporate and Other | (44.0 | ) | (43.5 | ) | (43.8 | ) | (44.0 | ) | (43.0 | ) | (43.5 | ) | (0.3 | ) | |||||||||||||
| Consolidated Operating Income | 446.5 | 463.0 | 454.8 | 437.5 | 465.0 | 451.3 | 3.5 | ||||||||||||||||||||
| Adjusted EBITDAre | |||||||||||||||||||||||||||
| Hospitality | $ | 607.0 | $ | 629.0 | $ | 618.0 | $ | 597.0 | $ | 629.0 | $ | 613.0 | $ | 5.0 | |||||||||||||
| Entertainment | 97.0 | 101.0 | 99.0 | 94.0 | 104.0 | 99.0 | - | ||||||||||||||||||||
| Corporate and Other | (32.0 | ) | (30.0 | ) | (31.0 | ) | (32.0 | ) | (29.0 | ) | (30.5 | ) | (0.5 | ) | |||||||||||||
| Consolidated Adjusted EBITDAre | 672.0 | 700.0 | 686.0 | 659.0 | 704.0 | 681.5 | 4.5 | ||||||||||||||||||||
| Net Income | $ | 231.0 | $ | 240.3 | $ | 235.6 | $ | 223.5 | $ | 243.5 | $ | 233.5 | $ | 2.1 | |||||||||||||
| Net Income available to common shareholders | $ | 224.8 | $ | 236.0 | $ | 230.4 | $ | 222.5 | $ | 232.5 | $ | 227.5 | $ | 2.9 | |||||||||||||
| Funds from Operations (FFO) available to common shareholders | $ | 420.5 | $ | 440.3 | $ | 430.4 | $ | 415.8 | $ | 438.0 | $ | 426.9 | $ | 3.5 | |||||||||||||
| Adjusted FFO available to common shareholders | $ | 448.5 | $ | 474.5 | $ | 461.5 | $ | 437.0 | $ | 466.0 | $ | 451.5 | $ | 10.0 | |||||||||||||
| Net Income available to common shareholders per diluted share | $ | 3.70 | $ | 3.87 | $ | 3.79 | $ | 3.69 | $ | 3.82 | $ | 3.76 | $ | 0.03 | |||||||||||||
| Estimated Diluted Shares Outstanding (in millions) | 62.2 | 62.2 | 62.2 | 62.4 | 62.4 | 62.4 | (0.2 | ) | |||||||||||||||||||
| (1) Includes JW Marriott Hill Country, except as otherwise noted | |||||||||||||||||||||||||||
| (2) Same-store excludes JW Marriott Hill Country | |||||||||||||||||||||||||||
Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common shareholders to Net Income available to common shareholders per diluted share, see "Reconciliation of Forward-Looking Statements" below.
Dividend Update
On October 16, 2023, the Company paid the previously announced quarterly cash dividend of $1.00 per common share, which was paid to stockholders of record as of September 29, 2023.
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 2023 of $3.75 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 September 30, 2023, the Company had total debt outstanding of $3,374.8 million, net of unamortized deferred financing costs, and unrestricted cash of $543.1 million. As of September 30, 2023, 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 $14.6 million in letters of credit under the Company's revolving credit facility, which left $750.4 million of aggregate borrowing availability for borrowing under the Company's revolving credit facility and OEG's revolving credit facility.
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, November 7, 2023, 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 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, statements regarding the Company's integration of the JW Marriott Hill Country and the Company's pursuit of additional value creation opportunities at the JW Marriott Hill Country 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, changes in interest rates, any effects of COVID-19 on the Company's and the hospitality and entertainment industries generally, the Company's integration of the JW Marriott Hill Country, the Company's ability to identify and capitalize on additional value creation opportunities at the JW Marriott Hill Country and the occurrence of any event, change or other circumstance that could limit the Company's ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Hill Country. 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, 2022, 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.
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:
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 in 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.
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.
To calculate Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve contributions for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common stockholders and unit holders, Adjusted FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex) exclude the ownership portion of joint ventures not controlled or owned by the Company.
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 |
| RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Unaudited | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| Sep. 30, | Sep. 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenues : | ||||||||||||||||
| Rooms | $ | 180,309 | $ | 154,940 | $ | 510,052 | $ | 418,039 | ||||||||
| Food and beverage | 202,850 | 186,188 | 616,562 | 486,387 | ||||||||||||
| Other hotel revenue | 63,039 | 49,474 | 161,708 | 149,089 | ||||||||||||
| Entertainment | 82,313 | 77,153 | 236,751 | 183,579 | ||||||||||||
| Total revenues | 528,511 | 467,755 | 1,525,073 | 1,237,094 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Rooms | 45,879 | 41,366 | 128,210 | 112,740 | ||||||||||||
| Food and beverage | 117,435 | 103,221 | 339,642 | 272,039 | ||||||||||||
| Other hotel expenses | 122,748 | 103,321 | 330,397 | 289,248 | ||||||||||||
| Management fees | 15,947 | 11,276 | 46,560 | 27,542 | ||||||||||||
| Total hotel operating expenses | 302,009 | 259,184 | 844,809 | 701,569 | ||||||||||||
| Entertainment | 56,222 | 54,148 | 164,744 | 131,549 | ||||||||||||
| Corporate | 10,103 | 9,449 | 30,582 | 31,423 | ||||||||||||
| Preopening costs | 168 | - | 425 | 525 | ||||||||||||
| Loss on sale of assets | - | - | - | 469 | ||||||||||||
| Depreciation and amortization | 58,086 | 47,969 | 154,700 | 160,712 | ||||||||||||
| Total operating expenses | 426,588 | 370,750 | 1,195,260 | 1,026,247 | ||||||||||||
| Operating income | 101,923 | 97,005 | 329,813 | 210,847 | ||||||||||||
| Interest expense, net of amounts capitalized | (58,521 | ) | (40,092 | ) | (150,228 | ) | (105,987 | ) | ||||||||
| Interest income | 6,112 | 1,378 | 13,977 | 4,138 | ||||||||||||
| Loss on extinguishment of debt | - | - | (2,252 | ) | (1,547 | ) | ||||||||||
| Loss from unconsolidated joint ventures (1) | (12,566 | ) | (2,720 | ) | (17,525 | ) | (8,348 | ) | ||||||||
| Other gains and (losses), net | 5,993 | 2,058 | 5,470 | 2,222 | ||||||||||||
| Income before income taxes | 42,941 | 57,629 | 179,255 | 101,325 | ||||||||||||
| Provision for income taxes | (2,156 | ) | (10,178 | ) | (7,333 | ) | (27,747 | ) | ||||||||
| Net income | 40,785 | 47,451 | 171,922 | 73,578 | ||||||||||||
| Net (income) loss attributable to noncontrolling interest in consolidated joint venture | 715 | (1,887 | ) | (1,656 | ) | (2,167 | ) | |||||||||
| Net income attributable to noncontrolling interest in Operating Partnership | (273 | ) | (323 | ) | (1,176 | ) | (507 | ) | ||||||||
| Net income available to common stockholders | $ | 41,227 | $ | 45,241 | $ | 169,090 | $ | 70,904 | ||||||||
| Basic income per share available to common stockholders | $ | 0.69 | $ | 0.82 | $ | 2.96 | $ | 1.29 | ||||||||
| Diluted income per share available to common stockholders (2) | $ | 0.64 | $ | 0.79 | $ | 2.78 | $ | 1.28 | ||||||||
| Weighted average common shares for the period: | ||||||||||||||||
| Basic | 59,707 | 55,159 | 57,089 | 55,132 | ||||||||||||
| Diluted (2) | 63,620 | 59,315 | 61,391 | 55,329 | ||||||||||||
| (1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023. | ||||||||||||||||
| (2) Diluted weighted average common shares for the three months and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, and the three months ended September 30, 2022 includes 4.0 million 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. | ||||||||||||||||
| RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| Unaudited | |||||||
| (In thousands) | |||||||
| Sep. 30, | Dec. 31, | ||||||
| 2023 | 2022 | ||||||
| ASSETS: | |||||||
| Property and equipment, net of accumulated depreciation | $ | 3,928,921 | $ | 3,171,708 | |||
| Cash and cash equivalents - unrestricted | 543,076 | 334,194 | |||||
| Cash and cash equivalents - restricted | 112,904 | 110,136 | |||||
| Notes receivable | 60,512 | 67,628 | |||||
| Trade receivables, net | 118,345 | 116,836 | |||||
| Prepaid expenses and other assets | 173,642 | 134,170 | |||||
| Intangible assets | 126,433 | 105,951 | |||||
| Total assets | $ | 5,063,833 | $ | 4,040,623 | |||
| LIABILITIES AND EQUITY: | |||||||
| Debt and finance lease obligations | $ | 3,374,787 | $ | 2,862,592 | |||
| Accounts payable and accrued liabilities | 438,265 | 385,159 | |||||
| Dividends payable | 61,381 | 14,121 | |||||
| Deferred management rights proceeds | 165,632 | 167,495 | |||||
| Operating lease liabilities | 129,037 | 125,759 | |||||
| Deferred income tax liabilities, net | 17,810 | 12,915 | |||||
| Other liabilities | 66,474 | 64,824 | |||||
| Noncontrolling interest in consolidated joint venture | 336,388 | 311,857 | |||||
| Total equity | 474,059 | 95,901 | |||||
| Total liabilities and equity | $ | 5,063,833 | $ | 4,040,623 | |||
| RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| SUPPLEMENTAL FINANCIAL RESULTS | |||||||||||||||||||||||
| ADJUSTED EBITDAre RECONCILIATION | |||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Three Months Ended Sep. 30, | Nine Months Ended Sep. 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| $ | Margin | $ | Margin | $ | Margin | $ | Margin | ||||||||||||||||
| Consolidated | |||||||||||||||||||||||
| Revenue | $ | 528,511 | $ | 467,755 | $ | 1,525,073 | $ | 1,237,094 | |||||||||||||||
| Net income | $ | 40,785 | 7.7 | % | $ | 47,451 | 10.1 | % | $ | 171,922 | 11.3 | % | $ | 73,578 | 5.9 | % | |||||||
| Interest expense, net | 52,409 | 38,714 | 136,251 | 101,849 | |||||||||||||||||||
| Provision for income taxes | 2,156 | 10,178 | 7,333 | 27,747 | |||||||||||||||||||
| Depreciation & amortization | 58,086 | 47,969 | 154,700 | 160,712 | |||||||||||||||||||
| Loss on sale of assets | - | - | - | 327 | |||||||||||||||||||
| Pro rata EBITDAre from unconsolidated joint ventures | 5 | 23 | 22 | 68 | |||||||||||||||||||
| EBITDAre | 153,441 | 29.0 | % | 144,335 | 30.9 | % | 470,228 | 30.8 | % | 364,281 | 29.4 | % | |||||||||||
| Preopening costs | 168 | - | 425 | 525 | |||||||||||||||||||
| Non-cash lease expense | 1,495 | 1,059 | 4,495 | 3,340 | |||||||||||||||||||
| Equity-based compensation expense | 3,940 | 3,694 | 11,480 | 11,134 | |||||||||||||||||||
| Pension settlement charge | - | 723 | - | 1,576 | |||||||||||||||||||
| Interest income on Gaylord National bonds | 1,201 | 1,314 | 3,742 | 3,993 | |||||||||||||||||||
| Loss on extinguishment of debt | - | - | 2,252 | 1,547 | |||||||||||||||||||
| Transaction costs of acquisitions | - | - | - | 1,348 | |||||||||||||||||||
| Pro rata adjusted EBITDAre from unconsolidated joint ventures (1) | 10,629 | - | 10,629 | - | |||||||||||||||||||
| Adjusted EBITDAre | $ | 170,874 | 32.3 | % | $ | 151,125 | 32.3 | % | $ | 503,251 | 33.0 | % | $ | 387,744 | 31.3 | % | |||||||
| Adjusted EBITDAre of noncontrolling interest in consolidated joint venture | $ | (7,686 | ) | $ | (6,345 | ) | $ | (20,801 | ) | $ | (7,476 | ) | |||||||||||
| Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture | $ | 163,188 | 30.9 | % | $ | 144,780 | 31.0 | % | $ | 482,450 | 31.6 | % | $ | 380,268 | 30.7 | % | |||||||
| Hospitality segment | |||||||||||||||||||||||
| Revenue | $ | 446,198 | $ | 390,602 | $ | 1,288,322 | $ | 1,053,515 | |||||||||||||||
| Operating income | $ | 91,723 | 20.6 | % | $ | 88,901 | 22.8 | % | $ | 305,526 | 23.7 | % | $ | 205,142 | 19.5 | % | |||||||
| Depreciation & amortization | 52,466 | 42,517 | 137,987 | 146,804 | |||||||||||||||||||
| Non-cash lease expense | 1,020 | 1,054 | 3,057 | 3,162 | |||||||||||||||||||
| Interest income on Gaylord National bonds | 1,201 | 1,314 | 3,742 | 3,993 | |||||||||||||||||||
| Other gains and (losses), net | 6,134 | 2,924 | 6,134 | 2,924 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 152,544 | 34.2 | % | $ | 136,710 | 35.0 | % | $ | 456,446 | 35.4 | % | $ | 362,025 | 34.4 | % | |||||||
| Same-Store Hospitality segment (2) | |||||||||||||||||||||||
| Revenue | $ | 396,172 | $ | 390,602 | $ | 1,237,575 | $ | 1,053,515 | |||||||||||||||
| Operating income | $ | 83,847 | 21.2 | % | $ | 88,901 | 22.8 | % | $ | 297,422 | 24.0 | % | $ | 205,142 | 19.5 | % | |||||||
| Depreciation & amortization | 42,965 | 42,517 | 128,486 | 146,804 | |||||||||||||||||||
| Non-cash lease expense | 1,020 | 1,054 | 3,057 | 3,162 | |||||||||||||||||||
| Interest income on Gaylord National bonds | 1,201 | 1,314 | 3,742 | 3,993 | |||||||||||||||||||
| Other gains and (losses), net | 6,134 | 2,924 | 6,134 | 2,924 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 135,167 | 34.1 | % | $ | 136,710 | 35.0 | % | $ | 438,841 | 35.5 | % | $ | 362,025 | 34.4 | % | |||||||
| Entertainment segment | |||||||||||||||||||||||
| Revenue | $ | 82,313 | $ | 77,153 | $ | 236,751 | $ | 183,579 | |||||||||||||||
| Operating income | $ | 20,523 | 24.9 | % | $ | 17,756 | 23.0 | % | $ | 55,515 | 23.4 | % | $ | 38,212 | 20.8 | % | |||||||
| Depreciation & amortization | 5,400 | 5,249 | 16,067 | 13,293 | |||||||||||||||||||
| Preopening costs | 168 | - | 425 | 525 | |||||||||||||||||||
| Non-cash lease expense | 475 | 5 | 1,438 | 178 | |||||||||||||||||||
| Equity-based compensation | 984 | 860 | 2,810 | 2,761 | |||||||||||||||||||
| Transaction costs of acquisitions | - | - | - | 1,348 | |||||||||||||||||||
| Pro rata adjusted EBITDAre from unconsolidated joint ventures | (1,932 | ) | (2,696 | ) | (6,875 | ) | (8,280 | ) | |||||||||||||||
| Adjusted EBITDAre | $ | 25,618 | 31.1 | % | $ | 21,174 | 27.4 | % | $ | 69,380 | 29.3 | % | $ | 48,037 | 26.2 | % | |||||||
| Corporate and Other segment | |||||||||||||||||||||||
| Operating loss | $ | (10,323 | ) | $ | (9,652 | ) | $ | (31,228 | ) | $ | (32,507 | ) | |||||||||||
| Depreciation & amortization | 220 | 203 | 646 | 615 | |||||||||||||||||||
| Other gains and (losses), net | (141 | ) | (867 | ) | (663 | ) | (375 | ) | |||||||||||||||
| Equity-based compensation | 2,956 | 2,834 | 8,670 | 8,373 | |||||||||||||||||||
| Pension settlement charge | - | 723 | - | 1,576 | |||||||||||||||||||
| Adjusted EBITDAre | $ | (7,288 | ) | $ | (6,759 | ) | $ | (22,575 | ) | $ | (22,318 | ) | |||||||||||
| (1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023. | |||||||||||||||||||||||
| (2) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023. | |||||||||||||||||||||||
| 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 Sep. 30, | Nine Months Ended Sep. 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Consolidated | |||||||||||||||
| Net income | $ | 40,785 | $ | 47,451 | $ | 171,922 | $ | 73,578 | |||||||
| Noncontrolling interest in consolidated joint venture | 715 | (1,887 | ) | (1,656 | ) | (2,167 | ) | ||||||||
| Net income available to common stockholders and unit holders | 41,500 | 45,564 | 170,266 | 71,411 | |||||||||||
| Depreciation & amortization | 58,028 | 47,938 | 154,581 | 160,620 | |||||||||||
| Adjustments for noncontrolling interest | (1,620 | ) | (1,575 | ) | (4,820 | ) | (1,808 | ) | |||||||
| Pro rata adjustments from joint ventures | 23 | 24 | 69 | 69 | |||||||||||
| FFO available to common stockholders and unit holders | 97,931 | 91,951 | 320,096 | 230,292 | |||||||||||
| Right-of-use asset amortization | 58 | 31 | 119 | 92 | |||||||||||
| Non-cash lease expense | 1,495 | 1,059 | 4,495 | 3,340 | |||||||||||
| Pension settlement charge | - | 723 | - | 1,576 | |||||||||||
| Pro rata adjustments from joint ventures (1) | 10,629 | - | 10,629 | - | |||||||||||
| Loss on other assets | - | - | - | 469 | |||||||||||
| Amortization of deferred financing costs | 2,682 | 2,640 | 7,989 | 7,178 | |||||||||||
| Amortization of debt discounts and premiums | 637 | 501 | 1,688 | 489 | |||||||||||
| Loss on extinguishment of debt | - | - | 2,252 | 1,547 | |||||||||||
| Adjustments for noncontrolling interest | (3,616 | ) | (382 | ) | (4,898 | ) | (414 | ) | |||||||
| Transaction costs of acquisitions | - | - | - | 1,348 | |||||||||||
| Deferred tax provision | 1,463 | 4,250 | 4,894 | 4,545 | |||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 111,279 | $ | 100,773 | $ | 347,264 | $ | 250,462 | |||||||
| Capital expenditures (2) | (52,867 | ) | (22,879 | ) | (100,088 | ) | (55,114 | ) | |||||||
| Adjusted FFO available to common stockholders and unit holders (ex. maintenance capex) | $ | 58,412 | $ | 77,894 | $ | 247,176 | $ | 195,348 | |||||||
| Basic net income per share | $ | 0.69 | $ | 0.82 | $ | 2.96 | $ | 1.29 | |||||||
| Diluted net income per share | $ | 0.64 | $ | 0.79 | $ | 2.78 | $ | 1.28 | |||||||
| FFO available to common stockholders and unit holders per basic share/unit | $ | 1.63 | $ | 1.66 | $ | 5.57 | $ | 4.15 | |||||||
| Adjusted FFO available to common stockholders and unit holders per basic share/unit | $ | 1.85 | $ | 1.81 | $ | 6.04 | $ | 4.51 | |||||||
| FFO available to common stockholders and unit holders per diluted share/unit (3) | $ | 1.52 | $ | 1.57 | $ | 5.21 | $ | 4.13 | |||||||
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3) | $ | 1.73 | $ | 1.72 | $ | 5.65 | $ | 4.49 | |||||||
| Weighted average common shares and OP units for the period: | |||||||||||||||
| Basic | 60,102 | 55,554 | 57,484 | 55,527 | |||||||||||
| Diluted (3) | 64,015 | 59,710 | 61,787 | 55,724 | |||||||||||
| (1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023. | |||||||||||||||
| (2) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. | |||||||||||||||
| (3) Diluted weighted average common shares and OP units for the three months and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, and the three months ended September 30, 2022 includes 4.0 million 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. | |||||||||||||||
| RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| SUPPLEMENTAL FINANCIAL RESULTS | |||||||||||||||||||||||
| HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS | |||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Three Months Ended Sep. 30, | Nine Months Ended Sep. 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| $ | Margin | $ | Margin | $ | Margin | $ | Margin | ||||||||||||||||
| Hospitality segment | |||||||||||||||||||||||
| Revenue | $ | 446,198 | $ | 390,602 | $ | 1,288,322 | $ | 1,053,515 | |||||||||||||||
| Operating income | $ | 91,723 | 20.6 | % | $ | 88,901 | 22.8 | % | $ | 305,526 | 23.7 | % | $ | 205,142 | 19.5 | % | |||||||
| Depreciation & amortization | 52,466 | 42,517 | 137,987 | 146,804 | |||||||||||||||||||
| Non-cash lease expense | 1,020 | 1,054 | 3,057 | 3,162 | |||||||||||||||||||
| Interest income on Gaylord National bonds | 1,201 | 1,314 | 3,742 | 3,993 | |||||||||||||||||||
| Other gains and (losses), net | 6,134 | 2,924 | 6,134 | 2,924 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 152,544 | 34.2 | % | $ | 136,710 | 35.0 | % | $ | 456,446 | 35.4 | % | $ | 362,025 | 34.4 | % | |||||||
| Occupancy | 71.8 | % | 71.5 | % | 72.3 | % | 63.9 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 239.00 | $ | 226.20 | $ | 240.53 | $ | 230.07 | |||||||||||||||
| RevPAR | $ | 171.71 | $ | 161.75 | $ | 173.80 | $ | 147.07 | |||||||||||||||
| OtherPAR | $ | 253.20 | $ | 246.02 | $ | 265.20 | $ | 223.56 | |||||||||||||||
| Total RevPAR | $ | 424.91 | $ | 407.77 | $ | 439.00 | $ | 370.63 | |||||||||||||||
| Same-Store Hospitality segment (1) | |||||||||||||||||||||||
| Revenue | $ | 396,172 | $ | 390,602 | $ | 1,237,575 | $ | 1,053,515 | |||||||||||||||
| Operating income | $ | 83,847 | 21.2 | % | $ | 88,901 | 22.8 | % | $ | 297,422 | 24.0 | % | $ | 205,142 | 19.5 | % | |||||||
| Depreciation & amortization | 42,965 | 42,517 | 128,486 | 146,804 | |||||||||||||||||||
| Non-cash lease expense | 1,020 | 1,054 | 3,057 | 3,162 | |||||||||||||||||||
| Interest income on Gaylord National bonds | 1,201 | 1,314 | 3,742 | 3,993 | |||||||||||||||||||
| Other gains and (losses), net | 6,134 | 2,924 | 6,134 | 2,924 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 135,167 | 34.1 | % | $ | 136,710 | 35.0 | % | $ | 438,841 | 35.5 | % | $ | 362,025 | 34.4 | % | |||||||
| Occupancy | 71.8 | % | 71.5 | % | 72.3 | % | 63.9 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 230.50 | $ | 226.20 | $ | 237.74 | $ | 230.07 | |||||||||||||||
| RevPAR | $ | 165.58 | $ | 161.75 | $ | 171.80 | $ | 147.07 | |||||||||||||||
| OtherPAR | $ | 248.00 | $ | 246.02 | $ | 263.59 | $ | 223.56 | |||||||||||||||
| Total RevPAR | $ | 413.58 | $ | 407.77 | $ | 435.39 | $ | 370.63 | |||||||||||||||
| Gaylord Opryland | |||||||||||||||||||||||
| Revenue | $ | 111,939 | $ | 106,819 | $ | 334,220 | $ | 285,835 | |||||||||||||||
| Operating income | $ | 29,549 | 26.4 | % | $ | 29,488 | 27.6 | % | $ | 93,255 | 27.9 | % | $ | 76,914 | 26.9 | % | |||||||
| Depreciation & amortization | 8,484 | 8,674 | 25,550 | 25,820 | |||||||||||||||||||
| Non-cash lease revenue | (11 | ) | (13 | ) | (35 | ) | (38 | ) | |||||||||||||||
| Adjusted EBITDAre | $ | 38,022 | 34.0 | % | $ | 38,149 | 35.7 | % | $ | 118,770 | 35.5 | % | $ | 102,696 | 35.9 | % | |||||||
| Occupancy | 72.7 | % | 73.0 | % | 72.2 | % | 65.7 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 242.37 | $ | 236.83 | $ | 244.82 | $ | 236.35 | |||||||||||||||
| RevPAR | $ | 176.18 | $ | 172.98 | $ | 176.66 | $ | 155.36 | |||||||||||||||
| OtherPAR | $ | 245.12 | $ | 229.06 | $ | 247.25 | $ | 207.18 | |||||||||||||||
| Total RevPAR | $ | 421.30 | $ | 402.04 | $ | 423.91 | $ | 362.54 | |||||||||||||||
| Gaylord Palms | |||||||||||||||||||||||
| Revenue | $ | 63,885 | $ | 60,516 | $ | 222,260 | $ | 188,653 | |||||||||||||||
| Operating income | $ | 9,249 | 14.5 | % | $ | 9,611 | 15.9 | % | $ | 55,205 | 24.8 | % | $ | 43,687 | 23.2 | % | |||||||
| Depreciation & amortization | 5,650 | 5,526 | 16,803 | 16,644 | |||||||||||||||||||
| Non-cash lease expense | 1,031 | 1,067 | 3,092 | 3,200 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 15,930 | 24.9 | % | $ | 16,204 | 26.8 | % | $ | 75,100 | 33.8 | % | $ | 63,531 | 33.7 | % | |||||||
| Occupancy | 67.4 | % | 65.2 | % | 74.2 | % | 65.2 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 214.22 | $ | 213.17 | $ | 239.56 | $ | 232.26 | |||||||||||||||
| RevPAR | $ | 144.33 | $ | 139.08 | $ | 177.67 | $ | 151.39 | |||||||||||||||
| OtherPAR | $ | 259.86 | $ | 243.80 | $ | 296.22 | $ | 250.84 | |||||||||||||||
| Total RevPAR | $ | 404.19 | $ | 382.88 | $ | 473.89 | $ | 402.23 | |||||||||||||||
| Gaylord Texan | |||||||||||||||||||||||
| Revenue | $ | 73,991 | $ | 70,734 | $ | 241,868 | $ | 205,035 | |||||||||||||||
| Operating income | $ | 19,555 | 26.4 | % | $ | 18,873 | 26.7 | % | $ | 73,748 | 30.5 | % | $ | 57,523 | 28.1 | % | |||||||
| Depreciation & amortization | 5,670 | 5,704 | 17,154 | 18,144 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 25,225 | 34.1 | % | $ | 24,577 | 34.7 | % | $ | 90,902 | 37.6 | % | $ | 75,667 | 36.9 | % | |||||||
| Occupancy | 73.0 | % | 70.6 | % | 75.0 | % | 67.6 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 233.92 | $ | 227.40 | $ | 233.19 | $ | 227.10 | |||||||||||||||
| RevPAR | $ | 170.68 | $ | 160.63 | $ | 175.00 | $ | 153.60 | |||||||||||||||
| OtherPAR | $ | 272.68 | $ | 263.21 | $ | 313.40 | $ | 260.43 | |||||||||||||||
| Total RevPAR | $ | 443.36 | $ | 423.84 | $ | 488.40 | $ | 414.03 | |||||||||||||||
| RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| SUPPLEMENTAL FINANCIAL RESULTS | |||||||||||||||||||||||
| HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS | |||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Three Months Ended Sep. 30, | Nine Months Ended Sep. 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| $ | Margin | $ | Margin | $ | Margin | $ | Margin | ||||||||||||||||
| Gaylord National | |||||||||||||||||||||||
| Revenue | $ | 72,124 | $ | 68,925 | $ | 221,910 | $ | 173,735 | |||||||||||||||
| Operating income | $ | 9,855 | 13.7 | % | $ | 9,044 | 13.1 | % | $ | 32,836 | 14.8 | % | $ | 10,593 | 6.1 | % | |||||||
| Depreciation & amortization | 8,415 | 8,268 | 24,966 | 25,267 | |||||||||||||||||||
| Interest income on Gaylord National bonds | 1,201 | 1,314 | 3,742 | 3,993 | |||||||||||||||||||
| Other gains and (losses), net | 6,134 | 2,924 | 6,134 | 2,924 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 25,605 | 35.5 | % | $ | 21,550 | 31.3 | % | $ | 67,678 | 30.5 | % | $ | 42,777 | 24.6 | % | |||||||
| Occupancy | 71.5 | % | 65.4 | % | 68.9 | % | 55.1 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 216.85 | $ | 220.25 | $ | 235.67 | $ | 232.23 | |||||||||||||||
| RevPAR | $ | 155.12 | $ | 144.11 | $ | 162.38 | $ | 127.99 | |||||||||||||||
| OtherPAR | $ | 237.64 | $ | 231.24 | $ | 244.86 | $ | 190.84 | |||||||||||||||
| Total RevPAR | $ | 392.76 | $ | 375.35 | $ | 407.24 | $ | 318.83 | |||||||||||||||
| Gaylord Rockies | |||||||||||||||||||||||
| Revenue | $ | 68,203 | $ | 77,346 | $ | 199,377 | $ | 182,888 | |||||||||||||||
| Operating income | $ | 14,970 | 21.9 | % | $ | 20,967 | 27.1 | % | $ | 40,529 | 20.3 | % | $ | 14,398 | 7.9 | % | |||||||
| Depreciation & amortization | 14,201 | 13,703 | 42,370 | 59,001 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 29,171 | 42.8 | % | $ | 34,670 | 44.8 | % | $ | 82,899 | 41.6 | % | $ | 73,399 | 40.1 | % | |||||||
| Occupancy | 79.9 | % | 86.9 | % | 75.9 | % | 67.7 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 245.52 | $ | 237.69 | $ | 242.57 | $ | 232.32 | |||||||||||||||
| RevPAR | $ | 196.19 | $ | 206.65 | $ | 184.12 | $ | 157.35 | |||||||||||||||
| OtherPAR | $ | 297.71 | $ | 353.46 | $ | 302.44 | $ | 288.97 | |||||||||||||||
| Total RevPAR | $ | 493.90 | $ | 560.11 | $ | 486.56 | $ | 446.32 | |||||||||||||||
| JW Marriott Hill Country (2) | |||||||||||||||||||||||
| Revenue | $ | 50,026 | $ | - | $ | 50,747 | $ | - | |||||||||||||||
| Operating income | $ | 7,876 | 15.7 | % | $ | - | $ | 8,104 | 16.0 | % | $ | - | |||||||||||
| Depreciation & amortization | 9,501 | - | 9,501 | - | |||||||||||||||||||
| Adjusted EBITDAre | $ | 17,377 | 34.7 | % | $ | - | $ | 17,605 | 34.7 | % | $ | - | |||||||||||
| Occupancy | 72.0 | % | n/a | 72.0 | % | n/a | |||||||||||||||||
| Average daily rate (ADR) | $ | 327.17 | n/a | $ | 327.17 | n/a | |||||||||||||||||
| RevPAR | $ | 235.43 | n/a | $ | 235.43 | n/a | |||||||||||||||||
| OtherPAR | $ | 307.24 | n/a | $ | 315.07 | n/a | |||||||||||||||||
| Total RevPAR | $ | 542.67 | n/a | $ | 550.50 | n/a | |||||||||||||||||
| The AC Hotel at National Harbor | |||||||||||||||||||||||
| Revenue | $ | 3,244 | $ | 2,932 | $ | 8,856 | $ | 7,800 | |||||||||||||||
| Operating income | $ | 668 | 20.6 | % | $ | 469 | 16.0 | % | $ | 1,413 | 16.0 | % | $ | 601 | 7.7 | % | |||||||
| Depreciation & amortization | 223 | 327 | 675 | 982 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 891 | 27.5 | % | $ | 796 | 27.1 | % | $ | 2,088 | 23.6 | % | $ | 1,583 | 20.3 | % | |||||||
| Occupancy | 71.0 | % | 71.7 | % | 63.1 | % | 63.1 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 232.86 | $ | 206.01 | $ | 244.00 | $ | 209.26 | |||||||||||||||
| RevPAR | $ | 165.39 | $ | 147.75 | $ | 154.08 | $ | 132.11 | |||||||||||||||
| OtherPAR | $ | 18.27 | $ | 18.25 | $ | 14.88 | $ | 16.69 | |||||||||||||||
| Total RevPAR | $ | 183.66 | $ | 166.00 | $ | 168.96 | $ | 148.80 | |||||||||||||||
| The Inn at Opryland (3) | |||||||||||||||||||||||
| Revenue | $ | 2,786 | $ | 3,330 | $ | 9,084 | $ | 9,569 | |||||||||||||||
| Operating income | $ | 1 | 0.0 | % | $ | 449 | 13.5 | % | $ | 436 | 4.8 | % | $ | 1,426 | 14.9 | % | |||||||
| Depreciation & amortization | 322 | 315 | 968 | 946 | |||||||||||||||||||
| Adjusted EBITDAre | $ | 323 | 11.6 | % | $ | 764 | 22.9 | % | $ | 1,404 | 15.5 | % | $ | 2,372 | 24.8 | % | |||||||
| Occupancy | 44.7 | % | 61.1 | % | 55.8 | % | 57.0 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 160.49 | $ | 151.61 | $ | 153.10 | $ | 155.49 | |||||||||||||||
| RevPAR | $ | 71.71 | $ | 92.61 | $ | 85.45 | $ | 88.63 | |||||||||||||||
| OtherPAR | $ | 28.23 | $ | 26.75 | $ | 24.35 | $ | 27.04 | |||||||||||||||
| Total RevPAR | $ | 99.94 | $ | 119.36 | $ | 109.80 | $ | 115.67 | |||||||||||||||
| (1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023. | |||||||||||||||||||||||
| (2) The JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Third quarter 2023 represents the first full period of operations for the hotel under the Company's ownership. | |||||||||||||||||||||||
| (3) Includes other hospitality revenue and expense. | |||||||||||||||||||||||
| 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 | Nine Months Ended | ||||||||||||
| Sep. 30, | Sep. 30, | ||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||
| Earnings per share: | |||||||||||||
| Numerator: | |||||||||||||
| Net income available to common stockholders | $ | 41,227 | $ | 45,241 | $ | 169,090 | $ | 70,904 | |||||
| Net income (loss) attributable to noncontrolling interest in consolidated joint venture | (715 | ) | 1,887 | 1,656 | - | ||||||||
| Net income available to common stockholders - if-converted method | $ | 40,512 | $ | 47,128 | $ | 170,746 | $ | 70,904 | |||||
| Denominator: | |||||||||||||
| Weighted average shares outstanding - basic | 59,707 | 55,159 | 57,089 | 55,132 | |||||||||
| Effect of dilutive stock-based compensation | 225 | 178 | 238 | 197 | |||||||||
| Effect of dilutive put rights (1) | 3,688 | 3,978 | 4,064 | - | |||||||||
| Weighted average shares outstanding - diluted | 63,620 | 59,315 | 61,391 | 55,329 | |||||||||
| Basic income per share available to common stockholders | $ | 0.69 | $ | 0.82 | $ | 2.96 | $ | 1.29 | |||||
| Diluted income per share available to common stockholders | $ | 0.64 | $ | 0.79 | $ | 2.78 | $ | 1.28 | |||||
| FFO and Adjusted FFO per share: | |||||||||||||
| Numerator - FFO: | |||||||||||||
| FFO available to common stockholders and unit holders | $ | 97,931 | $ | 91,951 | $ | 320,096 | $ | 230,292 | |||||
| Net income (loss) attributable to noncontrolling interest in consolidated joint venture | (715 | ) | 1,887 | 1,656 | - | ||||||||
| FFO available to common stockholders and unit holders- if-converted method | $ | 97,216 | $ | 93,838 | $ | 321,752 | $ | 230,292 | |||||
| Numerator - Adjusted FFO: | |||||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 111,279 | $ | 100,773 | $ | 347,264 | $ | 250,462 | |||||
| Net income attributable to noncontrolling interest in consolidated joint venture | (715 | ) | 1,887 | 1,656 | - | ||||||||
| Adjusted FFO available to common stockholders and unit holders - if-converted method | $ | 110,564 | $ | 102,660 | $ | 348,920 | $ | 250,462 | |||||
| Denominator: | |||||||||||||
| Weighted average shares and OP units outstanding - basic | 60,102 | 55,554 | 57,484 | 55,527 | |||||||||
| Effect of dilutive stock-based compensation | 225 | 178 | 238 | 197 | |||||||||
| Effect of dilutive put rights (1) | 3,688 | 3,978 | 4,064 | - | |||||||||
| Weighted average shares outstanding - diluted | 64,015 | 59,710 | 61,786 | 55,724 | |||||||||
| FFO available to common stockholders and unit holders per basic share/unit | $ | 1.63 | $ | 1.66 | $ | 5.57 | $ | 4.15 | |||||
| Adjusted FFO available to common stockholders and unit holders per basic share/unit | $ | 1.85 | $ | 1.81 | $ | 6.04 | $ | 4.51 | |||||
| FFO available to common stockholders and unit holders per diluted share/unit (1) | $ | 1.52 | $ | 1.57 | $ | 5.21 | $ | 4.13 | |||||
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) | $ | 1.73 | $ | 1.72 | $ | 5.65 | $ | 4.49 | |||||
| (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. | |||||||||||||
| Ryman Hospitality Properties, Inc. and Subsidiaries | |||||||||||||
| Reconciliation of Forward-Looking Statements | |||||||||||||
| Unaudited | |||||||||||||
| (in thousands) | |||||||||||||
| Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") | |||||||||||||
| NEW GUIDANCE RANGE | |||||||||||||
| FOR FULL YEAR 2023 | |||||||||||||
| Low | High | Midpoint | |||||||||||
| Ryman Hospitality Properties, Inc. | |||||||||||||
| Net Income | $ | 231,000 | $ | 240,250 | $ | 235,625 | |||||||
| Provision for income taxes | 9,000 | 10,000 | 9,500 | ||||||||||
| Interest Expense, net | 190,000 | 196,000 | 193,000 | ||||||||||
| Depreciation and amortization | 203,750 | 210,250 | 207,000 | ||||||||||
| EBITDAre | $ | 633,750 | $ | 656,500 | $ | 645,125 | |||||||
| Non-cash lease expense | 4,750 | 6,000 | 5,375 | ||||||||||
| Preopening expense | 1,250 | 1,500 | 1,375 | ||||||||||
| Equity-based compensation | 15,000 | 15,750 | 15,375 | ||||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | ||||||||||
| Interest income on Bonds | 4,500 | 5,500 | 5,000 | ||||||||||
| Other gains and (losses), net | 1,250 | - | 2,250 | 1,750 | |||||||||
| Pro rata EBITDA from unconsolidated joint ventures | 10,000 | - | 10,750 | 10,375 | |||||||||
| Adjusted EBITDAre | $ | 672,000 | $ | 700,000 | $ | 686,000 | |||||||
| Hospitality Segment | |||||||||||||
| Operating Income | $ | 413,000 | $ | 427,500 | $ | 420,250 | |||||||
| Depreciation and amortization | 182,000 | 187,000 | 184,500 | ||||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | ||||||||||
| Interest income on Bonds | 4,500 | 5,500 | 5,000 | ||||||||||
| Other gains and (losses), net | 4,000 | 4,500 | 4,250 | ||||||||||
| Adjusted EBITDAre | $ | 607,000 | $ | 629,000 | $ | 618,000 | |||||||
| Entertainment Segment | |||||||||||||
| Operating Income | $ | 77,500 | $ | 79,000 | $ | 78,250 | |||||||
| Depreciation and amortization | 20,000 | 21,000 | 20,500 | ||||||||||
| Non-cash lease expense | 1,250 | 1,500 | 1,375 | ||||||||||
| Preopening expense | 1,250 | 1,500 | 1,375 | ||||||||||
| Equity-based compensation | 3,500 | 4,000 | 3,750 | ||||||||||
| Loss from unconsolidated companies | (6,500 | ) | (6,000 | ) | (6,250 | ) | |||||||
| Adjusted EBITDAre | $ | 97,000 | $ | 101,000 | $ | 99,000 | |||||||
| Corporate and Other Segment | |||||||||||||
| Operating Loss | $ | (44,000 | ) | $ | (43,500 | ) | $ | (43,750 | ) | ||||
| Depreciation and amortization | 1,750 | 2,250 | 2,000 | ||||||||||
| Equity-based compensation | 11,500 | 11,750 | 11,625 | ||||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | ||||||||||
| Other gains and (losses), net | (2,750 | ) | (2,250 | ) | (2,500 | ) | |||||||
| Adjusted EBITDAre | $ | (32,000 | ) | $ | (30,000 | ) | $ | (31,000 | ) | ||||
| Ryman Hospitality Properties, Inc. | |||||||||||||
| Net Income available to common shareholders | 224,750 | 236,000 | $ | 230,375 | |||||||||
| Depreciation and amortization | 203,750 | 210,250 | 207,000 | ||||||||||
| Adjustments for noncontrolling interest | (8,000 | ) | (6,000 | ) | (7,000 | ) | |||||||
| Funds from Operations (FFO) available to common shareholders | $ | 420,500 | $ | 440,250 | $ | 430,375 | |||||||
| Right of use amortization | - | 500 | 250 | ||||||||||
| Non-cash lease expense | 4,750 | 6,000 | 5,375 | ||||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | ||||||||||
| Other gains and (losses), net | 1,250 | 2,250 | 1,750 | ||||||||||
| Pro rata adjustments for unconsolidated joint ventures | 10,000 | 10,750 | 10,375 | ||||||||||
| Adjustments for noncontrolling interest | (6,000 | ) | (5,000 | ) | (5,500 | ) | |||||||
| Amortization of deferred financing costs | 10,000 | 10,500 | 10,250 | ||||||||||
| Amortization of debt discounts and premiums | 1,500 | 2,000 | 1,750 | ||||||||||
| Deferred Taxes | 5,000 | 5,500 | 5,250 | ||||||||||
| Adjusted FFO available to common shareholders | $ | 448,500 | $ | 474,500 | $ | 461,500 | |||||||
| Ryman Hospitality Properties, Inc. and Subsidiaries | |||||||||||||
| Reconciliation of Forward-Looking Statements | |||||||||||||
| Unaudited | |||||||||||||
| (in thousands) | |||||||||||||
| Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") | |||||||||||||
| PRIOR GUIDANCE RANGE | |||||||||||||
| FOR FULL YEAR 2023 | |||||||||||||
| Low | High | Midpoint | |||||||||||
| Ryman Hospitality Properties, Inc. | |||||||||||||
| Net Income | $ | 223,500 | $ | 243,500 | $ | 233,500 | |||||||
| Provision for income taxes | 9,000 | 10,000 | 9,500 | ||||||||||
| Interest Expense, net | 196,500 | 204,000 | 200,250 | ||||||||||
| Depreciation and amortization | 201,250 | 211,500 | 206,375 | ||||||||||
| EBITDAre | $ | 630,250 | $ | 669,000 | $ | 649,625 | |||||||
| Non-cash lease expense | 4,500 | 6,000 | 5,250 | ||||||||||
| Preopening expense | 2,000 | 2,750 | 2,375 | ||||||||||
| Equity-based compensation | 15,000 | 16,250 | 15,625 | ||||||||||
| Pension settlement charge | 1,500 | 2,000 | 1,750 | ||||||||||
| Interest income on Bonds | 4,500 | 5,500 | 5,000 | ||||||||||
| Other gains and (losses), net | 1,250 | - | 2,500 | 1,875 | |||||||||
| Adjusted EBITDAre | $ | 659,000 | $ | 704,000 | $ | 681,500 | |||||||
| Hospitality Segment | |||||||||||||
| Operating Income | $ | 405,500 | $ | 427,500 | $ | 416,500 | |||||||
| Depreciation and amortization | 179,500 | 187,000 | 183,250 | ||||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | ||||||||||
| Interest income on Bonds | 4,500 | 5,500 | 5,000 | ||||||||||
| Other gains and (losses), net | 4,000 | 4,500 | 4,250 | ||||||||||
| Adjusted EBITDAre | $ | 597,000 | $ | 629,000 | $ | 613,000 | |||||||
| Entertainment Segment | |||||||||||||
| Operating Income | $ | 76,000 | $ | 80,500 | $ | 78,250 | |||||||
| Depreciation and amortization | 20,000 | 22,500 | 21,250 | ||||||||||
| Non-cash lease expense | 1,000 | 1,500 | 1,250 | ||||||||||
| Preopening expense | 2,000 | 2,750 | 2,375 | ||||||||||
| Equity-based compensation | 3,500 | 4,250 | 3,875 | ||||||||||
| Loss from unconsolidated companies | (8,500 | ) | (7,500 | ) | (8,000 | ) | |||||||
| Adjusted EBITDAre | $ | 94,000 | $ | 104,000 | $ | 99,000 | |||||||
| Corporate and Other Segment | |||||||||||||
| Operating Loss | $ | (44,000 | ) | $ | (43,000 | ) | $ | (43,500 | ) | ||||
| Depreciation and amortization | 1,750 | 2,000 | 1,875 | ||||||||||
| Equity-based compensation | 11,500 | 12,000 | 11,750 | ||||||||||
| Pension settlement charge | 1,500 | 2,000 | 1,750 | ||||||||||
| Other gains and (losses), net | (2,750 | ) | (2,000 | ) | (2,375 | ) | |||||||
| Adjusted EBITDAre | $ | (32,000 | ) | $ | (29,000 | ) | $ | (30,500 | ) | ||||
| Ryman Hospitality Properties, Inc. | |||||||||||||
| Net Income available to common shareholders | 222,500 | 232,500 | $ | 227,500 | |||||||||
| Depreciation and amortization | 201,250 | 211,500 | 206,375 | ||||||||||
| Adjustments for noncontrolling interest | (8,000 | ) | (6,000 | ) | (7,000 | ) | |||||||
| Funds from Operations (FFO) available to common shareholders | $ | 415,750 | $ | 438,000 | $ | 426,875 | |||||||
| Right of use amortization | - | 500 | 250 | ||||||||||
| Non-cash lease expense | 4,500 | 6,000 | 5,250 | ||||||||||
| Pension settlement charge | 1,500 | 2,000 | 1,750 | ||||||||||
| Other gains and (losses), net | 1,250 | 1,500 | 1,375 | ||||||||||
| Adjustments for noncontrolling interest | (1,500 | ) | (1,000 | ) | (1,250 | ) | |||||||
| Amortization of deferred financing costs | 10,000 | 12,000 | 11,000 | ||||||||||
| Amortization of debt discounts and premiums | 500 | 1,000 | 750 | ||||||||||
| Deferred Taxes | 5,000 | 6,000 | 5,500 | ||||||||||
| Adjusted FFO available to common shareholders | $ | 437,000 | $ | 466,000 | $ | 451,500 | |||||||
