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Ryman Hospitality Properties, Inc. Reports Second Quarter 2020 Results

Ryman Hospitality Properties, Inc.
·31 mins read

NASHVILLE, Tenn., Aug. 04, 2020 (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 second quarter ended June 30, 2020.

Second Quarter 2020 Highlights:

  • Second quarter 2020 gross advanced room night bookings of approximately 733,000 room nights for all future years

  • Year to date rebooked room nights through June 30, 2020 of approximately 552,600 room nights or approximately 40% of total room nights canceled related to COVID-19

  • Successfully reopened 4 of 5 Gaylord Hotels in June 2020; Gaylord National remains closed

  • Successfully reopened all 4 Ole Red venues in June including the brands newest location in Orlando, Florida

  • Ryman Auditorium and Grand Ole Opry House opened for daytime tours and retail sales.  The venues remain closed for concerts and events  

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, After temporarily closing all five of our Gaylord Hotels in late March, as well as all live entertainment locations, we successfully reopened most of our hospitality and entertainment operations during June. Across our locations, we have implemented enhanced cleaning standards and social distancing protocols as we move deliberately through each stage of our reopening process. We are encouraged by early business levels and the response we have received from guests across our hospitality and entertainment portfolios.

"Our unique hotel assets are serving us well through this unprecedented period, allowing us to take advantage of the large footprint and diverse amenities that each of our locations possess.  In the near-term, we are focused on regional transient demand as customers seek 'stay-cation' opportunities to balance their desire to venture beyond their homes against the continued short-term need to restrict travel in this environment.  Our pool offerings and other amenities, including the open and expansive spaces we provide, offer an important resource to families and others looking to travel safely and comfortably.

"Not surprisingly, group cancellations continue as social distancing and travel restrictions weigh on this sector, but re-bookings are gaining momentum. We have also kept expenses to a minimum and in so doing have improved our cash burn rate, benefiting our liquidity. In fact, our actual cash burn rate in the quarter was over 20% lower than our initial estimate in May and 10% lower than the estimate we provided to you in June.

"As in previous periods of great uncertainty, including September 11, the Great Financial Crisis, and the Nashville flood of 2010, our Board of Directors and management team will navigate this crisis by focusing on our core differentiators, pursuing opportunities to strengthen our relationship with meeting planners, and ensuring we have the liquidity and credit facility covenant amendments required.

Second Quarter 2020 Results (As Compared to Second Quarter 2019):

Consolidated Results

($ in thousands, except per share amounts)

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

2020

 

 

 

2019

 

 

%

 

Total Revenue

$14,681

 

 

$407,719

 

 

-96.4

%

 

 

$327,711

 

 

$778,494

 

 

-57.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income/(Loss) (1)

($140,735

)

 

$85,316

 

 

-265.0

%

 

 

($135,985

)

 

$139,280

 

 

-197.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income/(Loss) available to common shareholders (1) (2) (3)

($173,492

)

 

$49,383

 

 

-451.3

%

 

 

($220,008

)

 

$78,791

 

 

-379.2

%

 

Net Income/(Loss) available to common shareholders per diluted share

($3.16

)

 

$0.95

 

 

-432.6

%

 

 

($4.00

)

 

$1.52

 

 

-363.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA re

($65,241

)

 

$144,530

 

 

-145.1

%

 

 

$1,634

 

 

$259,387

 

 

-99.4

%

 

Adjusted EBITDA re , excluding noncontrolling interest

($63,113

)

 

$135,756

 

 

-146.5

%

 

 

($3,944

)

 

$245,015

 

 

-101.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations (FFO) available to common shareholders (1) (2) (3)

($128,093

)

 

$94,198

 

 

-236.0

%

 

 

($129,853

)

 

$167,877

 

 

-177.4

%

 

FFO available to common shareholders per diluted share

($2.33

)

 

$1.82

 

 

-228.0

%

 

 

($2.36

)

 

$3.24

 

 

-172.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted FFO available to common shareholders

($90,702

)

 

$104,300

 

 

-187.0

%

 

 

($58,272

)

 

$182,057

 

 

-132.0

%

 

Adjusted FFO available to common shareholders per diluted share

($1.65

)

 

$2.01

 

 

-182.1

%

 

 

($1.06

)

 

$3.51

 

 

-130.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) For the three months ended June 30, 2020, includes $19.1 million for credit losses on held-to-maturity securities. For the six months ended June 30, 2020, includes $25.0 million for credit losses on held-to-maturity securities.

 

(2) For the six months ended June 30, 2020, includes $26.7 million for income tax valuation allowances.

 

(3) For the three and six months ended June 30, 2020, includes $15.0 million for the termination of the Block 21 acquisition.

 

Note: For the Companys definitions of Adjusted EBITDA re , Adjusted EBITDA re , excluding noncontrolling interest, FFO available to common shareholders, and Adjusted FFO available to common shareholders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA re to Net Income/(Loss) and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders to Net Income/(Loss), see Non-GAAP Financial Measures, Adjusted EBITDA re and Adjusted EBITDA re , Excluding Noncontrolling Interest Definition, Adjusted FFO available to common shareholders Definition and Supplemental Financial Results below.

Hospitality Segment

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitality Revenue (1)

$10,305

 

 

$357,129

 

 

-97.1

%

 

 

$295,976

 

 

$694,639

 

 

-57.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitality Operating Income/(Loss) (1) (2) (3)

($119,332)

 

 

$79,179

 

 

-250.7

%

 

 

($100,189)

 

 

$138,808

 

 

-172.2

%

 

Hospitality Adjusted EBITDA re (1) (3)

($47,689)

 

 

$133,200

 

 

-135.8

%

 

 

$28,475

 

 

$247,497

 

 

-88.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitality Performance Metrics (1) (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

1.7%

 

 

 

78.0%

 

 

-76.3pt

 

 

 

29.4%

 

 

 

75.2%

 

 

-45.8pt

 

Average Daily Rate (ADR)

$181.66

 

 

$201.58

 

 

-9.9

%

 

 

$201.51

 

 

$201.34

 

 

0.1

%

 

RevPAR

$3.05

 

 

$157.29

 

 

-98.1

%

 

 

$59.20

 

 

$151.33

 

 

-60.9

%

 

Total RevPAR

$11.20

 

 

$388.18

 

 

-97.1

%

 

 

$160.85

 

 

$379.60

 

 

-57.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Definite Rooms Nights Booked

 

733,209

 

 

 

653,522

 

 

12.2

%

 

 

 

1,021,980

 

 

 

1,049,489

 

 

-2.6

%

 

Net Definite Rooms Nights Booked

 

(206,518)

 

 

 

487,224

 

 

-142.4

%

 

 

 

(622,272)

 

 

 

760,677

 

 

-181.8

%

 

Group Attrition (as % of contracted block)

 

93.9%

 

 

 

13.6%

 

 

80.3pt

 

 

 

17.7%

 

 

 

13.5%

 

 

4.2pt

 

Cancellations ITYFTY (5)

 

659,117

 

 

 

9,616

 

 

6,754.4

%

 

 

 

1,218,565

 

 

 

34,555

 

 

3,426.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Includes approximately 4,600 room nights out of service during the second quarter 2019 and approximately 20,250 for the six months ended June 30, 2019 related to the Gaylord Opryland rooms renovation.

 

(2)  For the three months ended June 30, 2020, includes $19.1 million for credit losses on held-to-maturity securities. For the six months ended June 30, 2020, includes $25.0 million for credit losses on held-to-maturity securities.

 

(3)  Includes approximately $10.2 million and $20.5 million in COVID-19 related costs during the three and six months ended June 30, 2020, respectively.

 

(4) Calculation of all hospitality performance metrics includes closed hotel room nights available

 

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

 

Note: For the Companys definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see Calculation of RevPAR and Total RevPAR below.  Property-level results and operating metrics for second quarter 2020 are presented in greater detail below and under Supplemental Financial ResultsHospitality Segment Adjusted EBITDA re Reconciliations and Operating Metrics, which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA re to Hospitality Operating Income/(Loss), and property-level Adjusted EBITDA re to property-level Operating Income/(Loss) for each of the hotel properties.

Gaylord Opryland

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$1,320

 

 

$98,987

 

 

-98.7%

 

 

$77,447

 

 

$187,945

 

 

-58.8%

 

Operating Income/(Loss)

 

($23,004)

 

 

$31,112

 

 

-173.9%

 

 

($8,999)

 

 

$52,858

 

 

-117.0%

 

Adjusted EBITDA re

 

($14,204)

 

 

$39,765

 

 

-135.7%

 

 

$7,316

 

 

$70,008

 

 

-89.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy (1)

 

 

 

0.9%

 

 

 

81.3%

 

 

-80.4pt

 

 

 

30.6%

 

 

 

77.7%

 

 

-47.1pt

 

Average daily rate (ADR) (1)

 

$172.28

 

 

$198.41

 

 

-13.2%

 

 

$194.22

 

 

$195.15

 

 

-0.5%

 

RevPAR (1)

 

 

$1.55

 

 

$161.23

 

 

-99.0%

 

 

$59.51

 

 

$151.72

 

 

-60.8%

 

Total RevPAR (1)

 

$5.02

 

 

$376.65

 

 

-98.7%

 

 

$147.34

 

 

$359.55

 

 

-59.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gaylord Opryland Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):

  • The hotel reopened on June 25 th and during the six-day period the hotel was open, occupancy measured 13.6% with ADR of $179.73 and RevPAR of $24.37.

  • The property sold approximately 5,000 tickets to SoundWaves during the six-day period it was open.

Gaylord Palms

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

2020

 

 

 

2019

 

 

%

 

 

2020

 

 

 

2019

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$814

 

 

$47,357

 

 

-98.3%

 

 

$46,189

 

 

$107,273

 

 

-56.9%

 

Operating Income/(Loss)

($13,801)

 

 

$8,380

 

 

-264.7%

 

 

($6,729)

 

 

$25,980

 

 

-125.9%

 

Adjusted EBITDA re

($8,480)

 

 

$14,440

 

 

-158.7%

 

 

$4,118

 

 

$38,059

 

 

-89.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy (1)

 

0.8%

 

 

 

76.9%

 

 

-76.1pt

 

 

 

31.7%

 

 

 

79.8%

 

 

-48.1pt

 

Average daily rate (ADR) (1)

$129.79

 

 

$197.56

 

 

-34.3%

 

 

$215.60

 

 

$205.72

 

 

4.8%

 

RevPAR (1)

$1.01

 

 

$151.91

 

 

-99.3%

 

 

$68.29

 

 

$164.18

 

 

-58.4%

 

Total RevPAR (1)

$6.31

 

 

$367.51

 

 

-98.3%

 

 

$179.23

 

 

$418.55

 

 

-57.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Gaylord Palms Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):

  • The hotel reopened on June 25 th and during the six-day period the hotel was open, occupancy measured 11.8% with ADR of $169.83 and RevPAR of $20.07.

Gaylord Texan

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

2020

 

 

 

2019

 

 

%

 

 

2020

 

 

 

2019

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$5,472

 

 

$69,326

 

 

-92.1%

 

$61,468

 

 

$141,365

 

 

-56.5%

Operating Income/(Loss)

($12,097)

 

 

$19,287

 

 

-162.7%

 

$1,282

 

 

$41,641

 

 

-96.9%

Adjusted EBITDA re

($5,703)

 

 

$26,032

 

 

-121.9%

 

$14,139

 

 

$55,030

 

 

-74.3%

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy (1)

 

5.0%

 

 

 

77.4%

 

 

-72.4pt

 

 

30.6%

 

 

 

77.6%

 

 

-47.0pt

Average daily rate (ADR) (1)

$185.45

 

 

$189.46

 

 

-2.1%

 

$203.14

 

 

$193.84

 

 

4.8%

RevPAR (1)

$9.20

 

 

$146.62

 

 

-93.7%

 

$62.23

 

 

$150.48

 

 

-58.6%

Total RevPAR (1)

$33.15

 

 

$419.97

 

 

-92.1%

 

$186.18

 

 

$430.55

 

 

-56.8%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Gaylord Texan Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):

  • The hotel reopened on June 8 th and during the twenty-three-day period the hotel was open, occupancy measured 19.6% with ADR of $191.23 and RevPAR of $37.52.

Gaylord National

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

2020

 

 

 

2019

 

 

%

 

 

2020

 

 

 

2019

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$529

 

 

$78,128

 

 

-99.3%

 

$49,923

 

 

$143,758

 

 

-65.3%

Operating Income/(Loss)

($40,063)

 

 

$17,044

 

 

-335.1%

 

($52,984)

 

 

$23,278

 

 

-327.6%

Adjusted EBITDA re

($12,260)

 

 

$26,510

 

 

-146.2%

 

($10,947)

 

 

$42,303

 

 

-125.9%

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy (1)

 

0.0%

 

 

 

81.4%

 

 

-81.4pt

 

 

26.0%

 

 

 

76.7%

 

 

-50.7pt

Average daily rate (ADR) (1)

$0.00

 

 

$223.66

 

 

-100.0%

 

$207.14

 

 

$221.19

 

 

-6.4%

RevPAR (1)

$0.00

 

 

$181.95

 

 

-100.0%

 

$53.77

 

 

$169.61

 

 

-68.3%

Total RevPAR (1)

$2.91

 

 

$430.14

 

 

-99.3%

 

$137.42

 

 

$397.92

 

 

-65.5%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Gaylord National Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):

  • The hotel was closed for the entirety of the second quarter of 2020 and remains closed. Costs were driven primarily by maintaining minimum staffing levels and wages for furloughed employees.

Gaylord Rockies

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

2020

 

 

 

2019

 

 

%

 

 

2020

 

 

 

2019

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$1,806

 

 

$55,436

 

 

-96.7%

 

$56,404

 

 

$100,679

 

 

-44.0%

Operating Income/(Loss) (1)

($28,269)

 

 

$1,224

 

 

-2409.6%

 

($30,008)

 

 

($7,546)

 

 

-297.7%

Adjusted EBITDA re (1)

($5,597)

 

 

$23,645

 

 

-123.7%

 

$15,273

 

 

$38,072

 

 

-59.9%

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy (2)

 

0.8%

 

 

 

68.4%

 

 

-67.6pt

 

 

29.1%

 

 

 

62.0%

 

 

-32.9pt

Average daily rate (ADR) (2)

$394.44

 

 

$203.83

 

 

93.5%

 

$206.04

 

 

$200.71

 

 

2.7%

RevPAR (2)

$3.29

 

 

$139.49

 

 

-97.6%

 

$59.96

 

 

$124.39

 

 

-51.8%

Total RevPAR (2)

$13.22

 

 

$405.86

 

 

-96.7%

 

$206.47

 

 

$370.58

 

 

-44.3%

 

 

 

 

 

 

 

 

 

 

 

 

(1) Operating loss and Adjusted EBITDA re for Gaylord Rockies exclude asset management fees paid to the Company of $0.5 million during the

 

 

 

 

 

 

three months ended June 30, 2019 and $0.6 million and $1.0 million during the six months ended June 30, 2020 and June 30, 2019, respectively.

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Gaylord Rockies Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):

  • The hotel reopened on June 25 th and during the six-day period the hotel was open, occupancy measured 12.5% with ADR of $162.97 and RevPAR of $20.43.

Entertainment Segment

For the three and six months ended June 30, 2020, and 2019, the Company reported the following:

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

($ in thousands)

2020

2019

%

 

2020

2019

%

 

 

 

 

 

 

 

 

Revenue

$4,376

 

$50,590

-91.4

%

 

$31,735

 

$83,855

-62.2

%

Operating Income/(Loss) (1)

($13,124

)

$14,639

-189.7

%

 

($18,910

)

$18,375

-202.9

%

Adjusted EBITDA re (1)

($10,342

)

$17,882

-157.8

%

 

($13,622

)

$25,765

-152.9

%

 

 

 

 

 

 

 

 

(1) Total COVID-19 related costs were approximately $0.4 million and $4.1 million during the three and six months ended June 30, 2020, respectively, and consisted primarily of wages and benefits costs for furloughed employees.

Reed continued, We opened our new Orlando Ole Red location on June 19 th and are pleased with the early performance in light of the current environment.  Our Ole Red locations in Tishomingo, Gatlinburg, and Nashville reopened in May and June at reduced capacities following applicable local and state guidelines. We recently reopened the Grand Ole Opry and Ryman Auditorium for tours, also per local health guidelines, and we will continue to monitor developments with these guidelines, taking the next steps to bring back concerts and other public events as local public health guidelines and demand permit. During the quarter we also made the difficult but necessary decision to terminate the planned acquisition of the Block 21 complex in Austin, Texas.

Corporate and Other Segment

For the three and six months ended June 30, 2020, and 2019, the Company reported the following:

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

($ in thousands)

2020

2019

%

 

2020

2019

%

 

 

 

 

 

 

 

 

Operating Loss (1)

($8,279

)

($8,502

)

2.6

%

 

($16,886

)

($17,903

)

5.7

%

Adjusted EBITDA re (1)

($7,210

)

($6,552

)

-10.0

%

 

($13,219

)

($13,875

)

4.7

%

 

 

 

 

 

 

 

 

(1) Total COVID-19 related costs were approximately $0.3 million and $0.5 million during the three and six months ended June 30, 2020, respectively, and consisted primarily of wages and benefits costs for furloughed employees.

Reed concluded, As we continue to manage our way through this difficult period, I want to recognize and celebrate the tremendous efforts our employees across our operated businesses are making every day.  Our Company, through their continued effort and dedication, is aggressively responding and quickly adapting to the unprecedented challenges this pandemic has presented to all of us.  The feedback from our customers, as well as local and state officials, has positioned our Company as a leader during this time.   

While we all understand that COVID-19 has had a significant impact on our ability to fully return to business as usual, we remain confident that we have ample liquidity to weather an extended period of disruption, and we remain committed to continuing to control our expenses and adapting to the current business environment.

Dividend Update

The Company suspended its regular quarterly dividend payments for the remainder of 2020. The Board of Directors will consider a future dividend as permitted by our credit agreement. Any future dividend is subject to the Board of Directors determinations as to the amount and number of distributions and the timing thereof.

Balance Sheet/Liquidity Update
As of June 30, 2020, the Company had total debt outstanding of $2,576.3 million, net of unamortized deferred financing costs, and unrestricted cash of $82.4 million. As of June 30, 2020, $25.0 million of borrowings were drawn under the revolving credit line of the Companys credit facility, and the lending banks had issued $0.9 million in letters of credit, which left $674.1 million of availability for borrowing under the credit facility.

As previously disclosed, the Company has taken steps to both preserve and maximize liquidity in this environment while also investing for the future. These steps included the suspension or elimination of $82 million of hotel capital projects for 2020, in addition to delaying the start of the previously announced Gaylord Rockies expansion. The expansion at Gaylord Palms continues as scheduled to service the anticipated future group customer demand. We expect this expansion to be complete in summer 2021.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release today at 10 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 before 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 country music entertainment experiences. The Companys core holdings* include a network of five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,110 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Companys Entertainment segment includes a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture with Gray Television. The Company operates its Entertainment segment as part of a taxable REIT subsidiary. Visit RymanHP.com for more information. 
* The Company is the sole owner of Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; and Gaylord National Resort & Convention Center. It is the majority owner and managing member of the joint venture that owns the Gaylord Rockies Resort & Convention Center.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Companys beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, our liquidity, estimated capital expenditures, new projects or investments, out-of-service rooms, the expected approach to making dividend payments, the boards ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the COVID-19 pandemic, including the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on the demand for travel, transient and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the duration and severity of the COVID-19 pandemic in the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic in the markets where our assets are located, governmental restrictions on our businesses, economic conditions affecting the hospitality business generally, the geographic concentration of the Companys hotel properties, business levels at the Companys hotels, the Companys ability to remain qualified as a REIT for federal income tax purposes, the Companys ability to execute its strategic goals as a REIT, the Companys ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted FFO available to common shareholders and REIT taxable income, and the Companys ability to borrow funds pursuant to its credit agreement. 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 Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2019, 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 and subsequent filings. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SECs 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. Room nights available to guests include nights the hotels are closed. We calculate total revenue per available room (Total RevPAR) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Rooms out of service for renovation are included in room nights available. For the three and six months ended June 30, 2020, the calculation of RevPAR and Total RevPAR in our tabular presentations has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. For the second quarter 2020, we also disclosed RevPAR only for the period the hotels were open. The closure of our Gaylord Hotel properties has resulted in the significant decrease in performance reflected in these metrics for the three and six months ended June 30, 2020, as compared to the prior-year periods.

Calculation of GAAP Margin Figures
We calculate segment or property-level Operating Income (Loss) Margin by dividing segment or property-level GAAP Operating Income (Loss) by segment or property-level GAAP Revenue, respectively.

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:

Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDA re, which is defined by the National Association of Real Estate Investment Trusts (NAREIT) in its September 2017 white paper as net income (loss) (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 investments in unconsolidated affiliates caused by a decrease in the value of the depreciated property or the affiliate, and adjustments to reflect the entitys share of EBITDA re of unconsolidated affiliates. Adjusted EBITDA re is then calculated as EBITDA re, plus to the extent the following adjustments occurred during the periods presented: preopening costs; non-cash lease expense; equity-based compensation expense; impairment charges that do not meet the NAREIT definition above; credit losses on held-to-maturity securities; any transaction costs of acquisitions; interest income on bonds; pension settlement charges; pro rata Adjusted EBITDA re from unconsolidated joint ventures, and any other adjustments we have identified in this release. We then exclude noncontrolling interests in consolidated joint ventures to calculate Adjusted EBITDA re , Excluding Noncontrolling Interest. We make additional adjustments to EBITDA re when evaluating our performance because we believe that presenting Adjusted EBITDA re , Adjusted EBITDA re , Excluding Noncontrolling Interest, and adjustments for certain additional items provide useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of Adjusted EBITDA re and Adjusted EBITDA re , Excluding Noncontrolling Interest, when combined with the primary GAAP presentation of net income (loss), is beneficial to an investors complete understanding of our operating performance. Beginning in the first quarter 2020 with the Companys adoption of ASU 2016-13, Financial Instruments Credit Losses Measurement of Credit Losses on Financial Instruments, our definition of Adjusted EBITDA re includes an adjustment for credit loss on held-to-maturity securities; such charges in previous quarters were included in impairment charges that do not meet the NAREIT definition.

Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition

We calculate consolidated Adjusted EBITDA re , Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDA re , Excluding Noncontrolling Interest by GAAP consolidated Total Revenue. We calculate consolidated, segment, or property-level Adjusted EBITDA re Margin by dividing consolidated-, segment-, or property-level Adjusted EBITDA re by consolidated, segment, or property-level GAAP Revenue.  We believe Adjusted EBITDA re , Excluding Noncontrolling Interest 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 EBITDA re , Excluding Noncontrolling Interest and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

Adjusted FFO available to common shareholders 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 shareholders, 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, non-cash lease expense, credit loss on held-to-maturity securities, amortization of debt discounts or premiums and amortization of deferred financing costs, 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 (gains) losses on extinguishment of debt. To calculate Adjusted FFO available to common shareholders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) exclude the ownership portion of Gaylord Rockies joint venture not controlled or owned by the Company. Beginning in the first quarter 2020 with the Companys adoption of ASU 2016-13, Financial Instruments Credit Losses Measurement of Credit Losses on Financial Instruments, our definition of Adjusted FFO available to common shareholders includes an adjustment for credit loss on held-to-maturity securities; such charges in previous quarters were included in impairment charges that do not meet the NAREIT definition.

We believe that the presentation of FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) provide useful information to investors regarding the performance of our ongoing operations because they are 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 FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) as measures in determining our results after considering the impact of our capital structure. A reconciliation of Net Income (loss) to FFO available to common shareholders and a reconciliation of Net Income (loss) available to common shareholders to Adjusted FFO available to common shareholders and Adjusted FFO available to common shareholders (excluding maintenance capex) is set forth below under Supplemental Financial Results.  

We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA re , Adjusted EBITDA re , Excluding Noncontrolling Interest, Adjusted EBITDA re , Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders and Adjusted FFO available to common shareholders (excluding maintenance capex) may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA re , Adjusted EBITDA re , Excluding Noncontrolling Interest, Adjusted EBITDA re , Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex), and any related per share measures, should not be considered as alternative measures of our Net Income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA re , Adjusted EBITDA re , Excluding Noncontrolling Interest, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) 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 Adjusted EBITDA re , Adjusted EBITDA re , Excluding Noncontrolling Interest, Adjusted EBITDA re , Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) can enhance an investors 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), Net Income (Loss) Margin, Operating Income (Loss), Operating Income (Loss) Margin, or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.  

Investor Relations Contacts:

Media Contacts:

Mark Fioravanti, President & Chief Financial 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~

Todd Siefert, Senior Vice President Corporate Finance & Treasurer

Robert Winters

Ryman Hospitality Properties, Inc.

Alpha IR Group

(615) 316-6344

(929) 266-6315

tsiefert@rymanhp.com

robert.winters@alpha-ir.com


 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

 

 

 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

Jun. 30

 

Jun. 30

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Revenues :

 

 

 

 

 

 

 

 

Rooms

$

2,802

 

 

$

144,704

 

 

$

108,930

 

 

$

276,916

 

 

Food and beverage

 

1,510

 

 

 

173,030

 

 

 

147,260

 

 

 

344,173

 

 

Other hotel revenue

 

5,993

 

 

 

39,395

 

 

 

39,786

 

 

 

73,550

 

 

Entertainment

 

4,376

 

 

 

50,590

 

 

 

31,735

 

 

 

83,855

 

 

Total revenues

 

14,681

 

 

 

407,719

 

 

 

327,711

 

 

 

778,494

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Rooms

 

4,472

 

 

 

36,099

 

 

 

36,780

 

 

 

71,068

 

 

Food and beverage

 

11,891

 

 

 

90,680

 

 

 

95,702

 

 

 

182,039

 

 

Other hotel expenses

 

45,045

 

 

 

90,527

 

 

 

135,519

 

 

 

181,466

 

 

Management fees

 

(563

)

 

 

10,399

 

 

 

4,929

 

 

 

20,155

 

 

Total hotel operating expenses

 

60,845

 

 

 

227,705

 

 

 

272,930

 

 

 

454,728

 

 

Entertainment

 

13,457

 

 

 

33,059

 

 

 

42,803

 

 

 

58,700

 

 

Corporate

 

7,258

 

 

 

8,110

 

 

 

15,394

 

 

 

17,114

 

 

Preopening costs

 

700

 

 

 

(24

)

 

 

1,501

 

 

 

2,110

 

 

Gain on sale of assets

 

-

 

 

 

-

 

 

 

(1,261

)

 

 

-

 

 

Credit loss on held-to-maturity securities

 

19,145

 

 

 

-

 

 

 

24,973

 

 

 

-

 

 

Depreciation and amortization

 

54,011

 

 

 

53,553

 

 

 

107,356

 

 

 

106,562

 

 

Total operating expenses

 

155,416

 

 

 

322,403

 

 

 

463,696

 

 

 

639,214

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(140,735

)

 

 

85,316

 

 

 

(135,985

)

 

 

139,280

 

 

 

 

 

 

 

 

 

 

Interest expense, net of amounts capitalized

 

(30,042

)

 

 

(33,492

)

 

 

(59,400

)

 

 

(65,579

)

Interest income

 

1,854

 

 

 

2,970

 

 

 

4,225

 

 

 

5,878

 

Loss from joint ventures

 

(1,820

)

 

 

(167

)

 

 

(3,715

)

 

 

(167

)

Other gains and (losses), net

 

(16,755

)

 

 

(111

)

 

 

(16,560

)

 

 

(252

)

Income (loss) before income taxes

 

(187,498

)

 

 

54,516

 

 

 

(211,435

)

 

 

79,160

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

(161

)

 

 

(8,232

)

 

 

(26,960

)

 

 

(10,206

)

Net income (loss)

 

(187,659

)

 

 

46,284

 

 

 

(238,395

)

 

 

68,954

 

 

 

 

 

 

 

 

 

 

Net loss attributable to noncontrolling interest in consolidated joint venture

 

14,167

 

 

 

3,099

 

 

 

18,387

 

 

 

9,837

 

Net income (loss) available to common shareholders

$

(173,492

)

 

$

49,383

 

 

$

(220,008

)

 

$

78,791

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share available to common shareholders

$

(3.16

)

 

$

0.96

 

 

$

(4.00

)

 

$

1.53

 

Diluted income (loss) per share available to common shareholders

$

(3.16

)

 

$

0.95

 

 

$

(4.00

)

 

$

1.52

 

 

 

 

 

 

 

 

 

 

Weighted average common shares for the period:

 

 

 

 

 

 

 

 

Basic

 

54,974

 

 

 

51,440

 

 

 

54,943

 

 

 

51,395

 

 

Diluted

 

54,974

 

 

 

51,826

 

 

 

54,943

 

 

 

51,830

 

 

 

 

 

 

 

 

 

 


 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)

 

 

 

 

 

 

 

 

 

Jun. 30

 

Dec. 31,

 

 

 

2020

 

2019

 

 

 

 

 

 

ASSETS:

 

 

 

 

Property and equipment, net of accumulated depreciation

$

3,121,446

 

$

3,130,252

 

Cash and cash equivalents - unrestricted

 

82,376

 

 

362,430

 

Cash and cash equivalents - restricted

 

54,923

 

 

57,966

 

Notes receivable

 

82,542

 

 

110,135

 

Trade receivables, net

 

18,370

 

 

70,768

 

Deferred income tax assets, net

 

-

 

 

25,959

 

Prepaid expenses and other assets

 

98,255

 

 

123,845

 

Intangible assets

 

187,033

 

 

207,113

 

 

Total assets

$

3,644,945

 

$

4,088,468

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY:

 

 

 

 

Debt and finance lease obligations

$

2,576,307

 

$

2,559,968

 

Accounts payable and accrued liabilities

 

152,651

 

 

264,915

 

Dividends payable

 

772

 

 

50,711

 

Deferred management rights proceeds

 

174,274

 

 

175,332

 

Operating lease liabilities

 

107,175

 

 

106,331

 

Deferred income tax liabilities, net

 

683

 

 

-

 

Other liabilities

 

97,686

 

 

64,971

 

Noncontrolling interest in consolidated joint venture

 

141,693

 

 

221,511

 

Stockholders' equity

 

393,704

 

 

644,729

 

 

Total liabilities and equity

$

3,644,945

 

$

4,088,468

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

 

SUPPLEMENTAL FINANCIAL RESULTS

 

ADJUSTED EBITDA re RECONCILIATION

 

Unaudited

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended Jun. 30,

 

Six Months Ended Jun. 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

$

Margin

 

$

Margin

 

$

Margin

 

$

Margin

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

14,681

 

 

 

$

407,719

 

 

 

$

327,711

 

 

 

$

778,494

 

 

 

Net income (loss)

$

(187,659

)

-1,278.2

%

 

$

46,284

 

11.4

%

 

$

(238,395

)

-72.7

%

 

$

68,954

 

8.9

%

 

Interest expense, net

 

28,188

 

 

 

 

30,522

 

 

 

 

55,175

 

 

 

 

59,701

 

 

 

Provision for income taxes

 

161

 

 

 

 

8,232

 

 

 

 

26,960

 

 

 

 

10,206

 

 

 

Depreciation & amortization

 

54,011

 

 

 

 

53,553

 

 

 

 

107,356

 

 

 

 

106,562

 

 

 

(Gain) loss on disposal of assets

 

6

 

 

 

 

5

 

 

 

 

(1,255

)

 

 

 

5

 

 

 

Pro rata EBITDA re from unconsolidated joint ventures

 

6

 

 

 

 

(2

)

 

 

 

9

 

 

 

 

(2

)

 

 

EBITDA re

 

(105,287

)

-717.2

%

 

 

138,594

 

34.0

%

 

 

(50,150

)

-15.3

%

 

 

245,426

 

31.5

%

 

Preopening costs

 

700

 

 

 

 

(24

)

 

 

 

1,501

 

 

 

 

2,110

 

 

 

Non-cash lease expense

 

1,141

 

 

 

 

1,249

 

 

 

 

2,258

 

 

 

 

2,472

 

 

 

Equity-based compensation expense

 

2,189

 

 

 

 

1,935

 

 

 

 

4,419

 

 

 

 

3,961

 

 

 

Credit loss on held-to-maturity securities

 

19,145

 

 

 

 

-

 

 

 

 

24,973

 

 

 

 

-

 

 

 

Interest income on Gaylord National & Gaylord Rockies bonds

 

1,733

 

 

 

 

2,607

 

 

 

 

3,198

 

 

 

 

5,249

 

 

 

Transaction costs of acquisitions

 

15,138

 

 

 

 

-

 

 

 

 

15,435

 

 

 

 

-

 

 

 

Pro rata adjusted EBITDA re from unconsolidated joint ventures

 

- 169 - 169 Adjusted EBITDAre$(65,241)-444.4% $144,530 35.4% $1,634 0.5% $259,387 33.3% Adjusted EBITDAre of noncontrolling interest 2,128 $(8,774) (5,578) $(14,372) Adjusted EBITDAre, excluding noncontrolling interest$(63,113)-429.9% $135,756 33.3% $(3,944)-1.2% $245,015 31.5% Hospitality segment Revenue$10,305 $357,129 $295,976 $694,639 Operating income (loss)$(119,332)-1,158.0% $79,179 22.2% $(100,189)-33.9% $138,808 20.0% Depreciation & amortization 49,588 50,331 99,357 100,464 Gain on disposal of assets - - (1,261) - Preopening costs 59 (86) 166 639 Non-cash lease expense 1,118 1,169 2,231 2,337 Credit loss on held-to-maturity securities 19,145 - 24,973 - Interest income on Gaylord National & Gaylord Rockies bonds 1,733 2,607 3,198 5,249 Adjusted EBITDAre$(47,689)-462.8% $133,200 37.3% $28,475 9.6% $247,497 35.6% Entertainment segment Revenue$4,376 $50,590 $31,735 $83,855 Operating income (loss)$(13,124)-299.9% $14,639 28.9% $(18,910)-59.6% $18,375 21.9% Depreciation & amortization 3,402 2,830 6,507 5,309 Preopening costs 641 62 1,335 1,471 Non-cash lease expense 23 80 27 135 Equity-based compensation 392 271 690 475 Transaction costs of acquisitions 138 - 435 - Pro rata adjusted EBITDAre from unconsolidated joint ventures (1,814) - (3,706) - Adjusted EBITDAre$(10,342)-236.3% $17,882 35.3% $(13,622)-42.9% $25,765 30.7% Corporate and Other segment Operating loss$(8,279) $(8,502) $(16,886) $(17,903) Depreciation & amortization 1,021 392 1,492 789 Other gains and (losses), net (1,749) (106) (1,554) (247) Equity-based compensation 1,797 1,664 3,729 3,486 Adjusted EBITDAre$(7,210) $(6,552) $(13,219) $(13,875)


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

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

Unaudited

(in thousands, except per share data)

Three Months Ended Jun. 30,

Six Months Ended Jun. 30,

2020

2019

2020

2019

Consolidated

Net income (loss)

$

(187,659

)

$

46,284

$

(238,395

)

$

68,954

Noncontrolling interest

14,167

3,099

18,387

9,837

Net income (loss) available to common shareholders

(173,492

)

49,383

(220,008

)

78,791

Depreciation & amortization

53,974

53,517

107,282

106,485

Adjustments for noncontrolling interest

(8,581

)

(8,702

)

(17,138

)

(17,399

)

Pro rata adjustments from joint ventures

6

-

11

-

FFO available to common shareholders

(128,093

)

94,198

(129,853

)

167,877

Right-of-use asset amortization

37

36

74

77

Non-cash lease expense

1,141

1,249

2,258

2,472

Credit loss on held-to-maturity securities

19,145

-

24,973

-

Gain on other assets

-

-

(1,261

)

-

Write-off of deferred financing costs

235

-

235

-

Amortization of deferred financing costs

1,957

1,939

3,851

3,866

Amortization of debt premiums

(67

)

-

(134

)

-

Adjustments for noncontrolling interest

(277

)

(209

)

(491

)

(422

)

Transaction costs of acquisitions

15,138

-

15,435

-

Deferred tax expense

82

7,087

26,641

8,187

Adjusted FFO available to common shareholders

$

(90,702

)

$

104,300

$

(58,272

)

$

182,057

Capital expenditures (1)

(1,778

)

(18,670

)

(15,497

)

(33,999

)

Adjusted FFO available to common shareholders (ex. maintenance capex)

$

(92,480

)

$

85,630

$

(73,769

)

$

148,058

Basic net income (loss) per share

$

(3.16

)

$

0.96

$

(4.00

)

$

1.53

Diluted net income (loss) per share

$

(3.16

)

$

0.95

$

(4.00

)

$

1.52

FFO available to common shareholders per basic share

$

(2.33

)

$

1.83

$

(2.36

)

$

3.27

Adjusted FFO available to common shareholders per basic share

$

(1.65

)

$

2.03

$

(1.06

)

$

3.54

FFO available to common shareholders per diluted share

$

(2.33

)

$

1.82

$

(2.36

)

$

3.24

Adjusted FFO available to common shareholders per diluted share

$

(1.65

)

$

2.01

$

(1.06

)

$

3.51

(1) Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. Note that beginning in March 2020, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties have been temporarily suspended.


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

Three Months Ended Jun. 30,

Six Months Ended Jun. 30,

2020

2019

2020

2019

$

Margin

$

Margin

$

Margin

$

Margin

Hospitality segment

Revenue

$

10,305

$

357,129

$

295,976

$

694,639

Operating income (loss)

$

(119,332

)

-1,158.0

%

$

79,179

22.2

%

$

(100,189

)

-33.9

%

$

138,808

20.0

%

Depreciation & amortization

49,588

50,331

99,357

100,464

Gain on disposal of assets

-

-

(1,261

)

-

Preopening costs

59

(86

)

166

639

Non-cash lease expense

1,118

1,169

2,231

2,337

Credit loss on held-to-maturity securities

19,145

-

24,973

-

Interest income on Gaylord National and Gaylord Rockies bonds

1,733

2,607

3,198

5,249

Adjusted EBITDAre

$

(47,689

)

-462.8

%

$

133,200

37.3

%

$

28,475

9.6

%

$

247,497

35.6

%

Occupancy

1.7

%

78.0

%

29.4

%

75.2

%

Average daily rate (ADR)

$

181.66

$

201.58

$

201.51

$

201.34

RevPAR

$

3.05

$

157.29

$

59.20

$

151.33

OtherPAR

$

8.15

$

230.89

$

101.65

$

228.27

Total RevPAR

$

11.20

$

388.18

$

160.85

$

379.60

Gaylord Opryland

Revenue

$

1,320

$

98,987

$

77,447

$

187,945

Operating income (loss)

$

(23,004

)

-1,742.7

%

$

31,112

31.4

%

$

(8,999

)

-11.6

%

$

52,858

28.1

%

Depreciation & amortization

8,818

8,653

17,616

17,095

Gain on disposal of assets

-

-

(1,261

)

-

Preopening costs

-

-

-

55

Non-cash lease revenue

(18

)

-

(40

)

-

Adjusted EBITDAre

$

(14,204

)

-1,076.1

%

$

39,765

40.2

%

$

7,316

9.4

%

$

70,008

37.2

%

Occupancy

0.9

%

81.3

%

30.6

%

77.7

%

Average daily rate (ADR)

$

172.28

$

198.41

$

194.22

$

195.15

RevPAR

$

1.55

$

161.23

$

59.51

$

151.72

OtherPAR

$

3.47

$

215.42

$

87.83

$

207.83

Total RevPAR

$

5.02

$

376.65

$

147.34

$

359.55

Gaylord Palms

Revenue

$

814

$

47,357

$

46,189

$

107,273

Operating income (loss)

$

(13,801

)

-1,695.5

%

$

8,380

17.7

%

$

(6,729

)

-14.6

%

$

25,980

24.2

%

Depreciation & amortization

4,126

4,891

8,410

9,742

Preopening costs

59

-

166

-

Non-cash lease expense

1,136

1,169

2,271

2,337

Adjusted EBITDAre

$

(8,480

)

-1,041.8

%

$

14,440

30.5

%

$

4,118

8.9

%

$

38,059

35.5

%

Occupancy

0.8

%

76.9

%

31.7

%

79.8

%

Average daily rate (ADR)

$

129.79

$

197.56

$

215.60

$

205.72

RevPAR

$

1.01

$

151.91

$

68.29

$

164.18

OtherPAR

$

5.30

$

215.60

$

110.94

$

254.37

Total RevPAR

$

6.31

$

367.51

$

179.23

$

418.55

Gaylord Texan

Revenue

$

5,472

$

69,326

$

61,468

$

141,365

Operating income (loss)

$

(12,097

)

-221.1

%

$

19,287

27.8

%

$

1,282

2.1

%

$

41,641

29.5

%

Depreciation & amortization

6,394

6,745

12,857

13,389

Adjusted EBITDAre

$

(5,703

)

-104.2

%

$

26,032

37.6

%

$

14,139

23.0

%

$

55,030

38.9

%

Occupancy

5.0

%

77.4

%

30.6

%

77.6

%

Average daily rate (ADR)

$

185.45

$

189.46

$

203.14

$

193.84

RevPAR

$

9.20

$

146.62

$

62.23

$

150.48

OtherPAR

$

23.95

$

273.35

$

123.95

$

280.07

Total RevPAR

$

33.15

$

419.97

$

186.18

$

430.55


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS

Unaudited

(in thousands)

Three Months Ended Jun. 30,

Six Months Ended Jun. 30,

2020

2019

2020

2019

$

Margin

$

Margin

$

Margin

$

Margin

Gaylord National

Revenue

$

529

$

78,128

$

49,923

$

143,758

Operating income (loss)

$

(40,063

)

-7,573.3

%

$

17,044

21.8

%

$

(52,984

)

-106.1

%

$

23,278

16.2

%

Depreciation & amortization

6,925

6,901

13,866

13,884

Credit loss on held-to-maturity securities

19,145

-

24,973

-

Interest income on Gaylord National bonds

1,733

2,565

3,198

5,141

Adjusted EBITDAre

$

(12,260

)

-2,317.6

%

$

26,510

33.9

%

$

(10,947

)

-21.9

%

$

42,303

29.4

%

Occupancy

0.0

%

81.4

%

26.0

%

76.7

%

Average daily rate (ADR)

$

-

$

223.66

$

207.14

$

221.19

RevPAR

$

-

$

181.95

$

53.77

$

169.61

OtherPAR

$

2.91

$

248.19

$

83.65

$

228.31

Total RevPAR

$

2.91

$

430.14

$

137.42

$

397.92

Gaylord Rockies

Revenue

$

1,806

$

55,436

$

56,404

$

100,679

Operating income (loss) (1)

$

(28,269

)

-1,565.3

%

$

1,224

2.2

%

$

(30,008

)

-53.2

%

$

(7,546

)

-7.5

%

Depreciation & amortization

22,672

22,465

45,281

44,926

Preopening costs

-

(86

)

-

584

Interest income on Gaylord Rockies bonds

-

42

-

108

Adjusted EBITDAre (1)

$

(5,597

)

-309.9

%

$

23,645

42.7

%

$

15,273

27.1

%

$

38,072

37.8

%

Occupancy

0.8

%

68.4

%

29.1

%

62.0

%

Average daily rate (ADR)

$

394.44

$

203.83

$

206.04

$

200.71

RevPAR

$

3.29

$

139.49

$

59.96

$

124.39

OtherPAR

$

9.93

$

266.37

$

146.51

$

246.19

Total RevPAR

$

13.22

$

405.86

$

206.47

$

370.58

The AC Hotel at National Harbor

Revenue

$

146

$

3,314

$

1,995

$

5,749

Operating income (loss)

$

(978

)

-669.9

%

$

846

25.5

%

$

(1,295

)

-64.9

%

$

1,067

18.6

%

Depreciation & amortization

329

334

665

669

Adjusted EBITDAre

$

(649

)

-444.5

%

$

1,180

35.6

%

$

(630

)

-31.6

%

$

1,736

30.2

%

Occupancy

7.8

%

78.9

%

25.7

%

69.0

%

Average daily rate (ADR)

$

116.11

$

215.83

$

192.63

$

211.92

RevPAR

$

9.04

$

170.23

$

49.52

$

146.23

OtherPAR

$

(0.71

)

$

19.44

$

7.56

$

19.20

Total RevPAR

$

8.33

$

189.67

$

57.08

$

165.43

The Inn at Opryland (2)

Revenue

$

218

$

4,581

$

2,550

$

7,870

Operating income (loss)

$

(1,120

)

-513.8

%

$

1,286

28.1

%

$

(1,456

)

-57.1

%

$

1,530

19.4

%

Depreciation & amortization

324

342

662

759

Adjusted EBITDAre

$

(796

)

-365.1

%

$

1,628

35.5

%

$

(794

)

-31.1

%

$

2,289

29.1

%

Occupancy

5.0

%

81.4

%

25.4

%

73.3

%

Average daily rate (ADR)

$

97.04

$

154.95

$

133.43

$

148.65

RevPAR

$

4.81

$

126.17

$

33.85

$

108.90

OtherPAR

$

3.12

$

39.98

$

12.41

$

34.58

Total RevPAR

$

7.93

$

166.15

$

46.26

$

143.48

(1) Operating loss and Adjusted EBITDAre for Gaylord Rockies exclude asset management fees paid to RHP of $0.5 million during the three months ended June 30, 2019 and $0.6 million and $1.0 million during the six months ended June 30, 2020 and 2019, respectively.

(2) Includes other hospitality revenue and expense