NASHVILLE, Tenn., Feb. 22, 2024 (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 and year ended
December 31, 2023.
Fourth Quarter 2023 Highlights and
Recent Developments:
- The Company generated net
income of $169.9 million and net income available to common
stockholders of $142.1 million or $2.37 per diluted
share.
- Reported all-time quarterly
record consolidated revenue of $633.1 million, led by quarterly
records in both our same-store Hospitality segment (Hospitality
segment excluding JW Marriott San Antonio Hill Country Resort &
Spa (“JW Marriott Hill Country”)) and Entertainment
segment.
- Same-store Hospitality segment
achieved all-time quarterly record operating income of $110.7
million and Adjusted EBITDAre of $156.4 million.
- Entertainment segment achieved
operating income of $20.6 million and Adjusted EBITDAre of $30.3
million.
- During the fourth quarter, the
Company booked over 1.2 million same-store Gross Definite Room
Nights for all future years, at a record average daily rate (ADR)
of over $275, an increase of 8.5% over Q4 2022 ADR for future
bookings.
- The Company declared a cash
dividend of $1.10 per share for the first quarter of
2024.
Full Year 2023 Highlights:
- Reported consolidated revenue
of $2.2 billion, an annual record for the Company.
- The Company reported a full
year record in operating income of $453.7 million and reported full
year record operating income margin of 21.0% for 2023.
- The Company reported record net
income of $341.8 million and record Adjusted EBITDAre of $690.7
million.
- Same-store Gross Definite Room
Nights Booked in full year 2023 of nearly 2.9 million room nights
for all future years, represents a 9.6% increase over
2022.
- The Company declared total 2023
dividends of $3.85 per share; intends to pay aggregate minimum
dividends for 2024 of $4.40 per share, subject to the Board’s
future determinations.
Mark Fioravanti, President and Chief Executive
Officer of Ryman Hospitality Properties, said, “We finished 2023 on
a strong note, with numerous records achieved in the fourth quarter
and for the full year across our Hospitality and Entertainment
businesses. Lead volumes, bookings, and ADR all reached new highs,
building on the strong group momentum we have created across our
Hospitality business. Our operating results and forward group
booking pace support the continued capital investments we are
making across our portfolio.”
Fourth Quarter 2023 Results (as compared
to Fourth Quarter 2022):
($ in thousands, except per share amounts) |
Three Months Ended |
|
|
Twelve Months Ended |
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
Total Revenue |
$ |
633,063 |
|
|
$ |
568,875 |
|
|
11.3% |
|
|
$ |
2,158,136 |
|
|
$ |
1,805,969 |
|
|
19.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
123,871 |
|
|
$ |
116,303 |
|
|
6.5% |
|
|
$ |
453,684 |
|
|
$ |
327,150 |
|
|
38.7% |
Operating income margin |
|
19.6% |
|
|
|
20.4% |
|
|
-0.8pt |
|
|
|
21.0% |
|
|
|
18.1% |
|
|
2.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (1) (2) |
$ |
169,878 |
|
|
$ |
61,370 |
|
|
176.8% |
|
|
$ |
341,800 |
|
|
$ |
134,948 |
|
|
153.3% |
Net income margin (1) (2) |
|
26.8% |
|
|
|
10.8% |
|
|
16.0pt |
|
|
|
15.8% |
|
|
|
7.5% |
|
|
8.3pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders (1) (2) |
$ |
142,127 |
|
|
$ |
58,089 |
|
|
144.7% |
|
|
$ |
311,217 |
|
|
$ |
128,993 |
|
|
141.3% |
Net income available to common stockholders margin (1)
(2) |
|
22.5% |
|
|
|
10.2% |
|
|
12.3pt |
|
|
|
14.4% |
|
|
|
7.1% |
|
|
7.3pt |
Net income available to common stockholders per diluted share
(1) (2) (3) |
$ |
2.37 |
|
|
$ |
1.03 |
|
|
130.1% |
|
|
$ |
5.36 |
|
|
$ |
2.33 |
|
|
130.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAre |
$ |
187,494 |
|
|
$ |
168,110 |
|
|
11.5% |
|
|
$ |
690,745 |
|
|
$ |
555,854 |
|
|
24.3% |
Adjusted EBITDAre margin |
|
29.6% |
|
|
|
29.6% |
|
|
0.0pt |
|
|
|
32.0% |
|
|
|
30.8% |
|
|
1.2pt |
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture |
$ |
178,411 |
|
|
$ |
160,277 |
|
|
11.3% |
|
|
$ |
660,861 |
|
|
$ |
540,545 |
|
|
22.3% |
Adjusted EBITDAre, excluding noncontrolling interest in
consolidated joint venture margin |
|
28.2% |
|
|
|
28.2% |
|
|
0.0pt |
|
|
|
30.6% |
|
|
|
29.9% |
|
|
0.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations (FFO) available to common stockholders and
unit holders (2) |
$ |
197,293 |
|
|
$ |
104,864 |
|
|
88.1% |
|
|
$ |
517,389 |
|
|
$ |
335,156 |
|
|
54.4% |
FFO available to common stockholders and unit holders per diluted
share/unit (2) (3) |
$ |
3.26 |
|
|
$ |
1.80 |
|
|
81.1% |
|
|
$ |
8.85 |
|
|
$ |
6.01 |
|
|
47.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO available to common stockholders and unit holders |
$ |
125,869 |
|
|
$ |
113,039 |
|
|
11.4% |
|
|
$ |
473,133 |
|
|
$ |
363,501 |
|
|
30.2% |
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (3) |
$ |
2.08 |
|
|
$ |
1.94 |
|
|
7.2% |
|
|
$ |
8.09 |
|
|
$ |
6.52 |
|
|
24.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 ceasing December 31, 2023. As a
result, we incurred a loss related to Circle of approximately $10.5
million in the twelve months ended December 31, 2023. |
(2) The Company recorded a $112.5 million deferred tax benefit in
the fourth quarter of 2023 for the release of income tax valuation
allowance. |
(3) Diluted weighted average common shares for the three months
ended December 31, 2022 includes 3.9 million in equivalent shares
related to the currently unexercisable investor put rights
associated with the noncontrolling interest in the Company's OEG
business, which may be settled in cash or shares at the Company's
option. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted
EBITDAre, excluding noncontrolling interest in
consolidated joint venture, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture margin, FFO
available to common stockholders and unit holders, and Adjusted FFO
available to common stockholders and unit holders, as well as a
reconciliation of the non-GAAP financial measure Adjusted
EBITDAre to Net Income and a reconciliation of the
non-GAAP financial measure Adjusted FFO available to common
stockholders and unit holders to Net Income, see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre
and Adjusted EBITDAre, Excluding Noncontrolling Interest
in Consolidated Joint Venture Definition,” “Adjusted
EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO,
and Adjusted FFO available to common stockholders and unit holders
Definition” and “Supplemental Financial Results” below.
Hospitality Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Revenue |
$545,156 |
|
|
$484,459 |
|
|
12.5% |
|
|
$1,833,478 |
|
|
$1,537,974 |
|
|
19.2% |
Same-Store Hospitality Revenue (1) |
$503,090 |
|
|
$484,459 |
|
|
3.8% |
|
|
$1,740,665 |
|
|
$1,537,974 |
|
|
13.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality operating income |
$115,738 |
|
|
$105,782 |
|
|
9.4% |
|
|
$421,264 |
|
|
$310,924 |
|
|
35.5% |
Hospitality operating income margin |
|
21.2% |
|
|
|
21.8% |
|
|
-0.6pt |
|
|
|
23.0% |
|
|
|
20.2% |
|
|
2.8pt |
Hospitality Adjusted EBITDAre |
$166,714 |
|
|
$150,720 |
|
|
10.6% |
|
|
$623,160 |
|
|
$512,745 |
|
|
21.5% |
Hospitality Adjusted EBITDAre margin |
|
30.6% |
|
|
|
31.1% |
|
|
-0.5pt |
|
|
|
34.0% |
|
|
|
33.3% |
|
|
0.7pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality operating income (1) |
$110,659 |
|
|
$105,782 |
|
|
4.6% |
|
|
$408,081 |
|
|
$310,924 |
|
|
31.2% |
Same-Store Hospitality operating income margin (1) |
|
22.0% |
|
|
|
21.8% |
|
|
0.2pt |
|
|
|
23.4% |
|
|
|
20.2% |
|
|
3.2pt |
Same-Store Hospitality Adjusted EBITDAre
(1) |
$156,418 |
|
|
$150,720 |
|
|
3.8% |
|
|
$595,259 |
|
|
$512,745 |
|
|
16.1% |
Same-Store Hospitality Adjusted EBITDAre margin
(1) |
|
31.1% |
|
|
|
31.1% |
|
|
0.0pt |
|
|
|
34.2% |
|
|
|
33.3% |
|
|
0.9pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Performance Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
69.8% |
|
|
|
72.8% |
|
|
-3.0pt |
|
|
|
71.6% |
|
|
|
66.2% |
|
|
5.4pt |
Average Daily Rate (ADR) |
$260.81 |
|
|
$254.57 |
|
|
2.5% |
|
|
$245.74 |
|
|
$236.86 |
|
|
3.7% |
RevPAR |
$181.97 |
|
|
$185.31 |
|
|
-1.8% |
|
|
$175.96 |
|
|
$156.71 |
|
|
12.3% |
Total RevPAR |
$519.15 |
|
|
$505.75 |
|
|
2.6% |
|
|
$460.12 |
|
|
$404.69 |
|
|
13.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality Performance Metrics (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
70.9% |
|
|
|
72.8% |
|
|
-1.9pt |
|
|
|
71.9% |
|
|
|
66.2% |
|
|
5.7pt |
Average Daily Rate (ADR) |
$259.67 |
|
|
$254.57 |
|
|
2.0% |
|
|
$243.19 |
|
|
$236.86 |
|
|
2.7% |
RevPAR |
$184.17 |
|
|
$185.31 |
|
|
-0.6% |
|
|
$174.92 |
|
|
$156.71 |
|
|
11.6% |
Total RevPAR |
$525.20 |
|
|
$505.75 |
|
|
3.8% |
|
|
$458.02 |
|
|
$404.69 |
|
|
13.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
|
1,235,718 |
|
|
|
1,037,603 |
|
|
19.1% |
|
|
|
2,931,296 |
|
|
|
2,675,174 |
|
|
9.6% |
Net Definite Rooms Nights Booked |
|
1,055,406 |
|
|
|
810,760 |
|
|
30.2% |
|
|
|
2,302,717 |
|
|
|
1,805,598 |
|
|
27.5% |
Group Attrition (as % of contracted block) |
|
14.0% |
|
|
|
15.5% |
|
|
-1.5pt |
|
|
|
15.2% |
|
|
|
20.6% |
|
|
-5.4pt |
Cancellations ITYFTY (2) |
|
3,249 |
|
|
|
2,533 |
|
|
28.3% |
|
|
|
68,436 |
|
|
|
205,662 |
|
|
-66.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
fourth 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.
Hospitality Segment
Highlights
- In the fourth quarter,
same-store Hospitality portfolio achieved a record total RevPAR of
$525, a 3.8% increase over Q4 2022, driven by record ADR of nearly
$260, an increase of 2.0% from Q4 2022.
- In the fourth quarter, Gaylord
Opryland set an all-time portfolio total revenue record and Gaylord
Texan set an all-time portfolio total RevPAR record for any
quarter.
- ICE! programming generated
strong results, with over 1.2 million tickets sold.
- Projected room revenues from
bookings production for all future years set a fourth quarter and
full year record for the same-store portfolio.
- On a same-store basis,
cancellations in the year for the year for 2023 decreased by 67%
compared to 2022, and attrition and cancellation fee collections
for 2023 declined to $42.7 million from $57.3 million in
2022.
- Same-store incentive management
fee expense increased to $8.3 million in the quarter and $29.1
million for the year, up from $6.2 million in Q4 2022 and $12.8
million in full year 2022.
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$140,664 |
|
|
$138,353 |
|
|
1.7% |
|
|
$474,884 |
|
|
$424,188 |
|
12.0% |
Operating income |
|
$42,299 |
|
|
$41,981 |
|
|
0.8% |
|
|
$135,554 |
|
|
$118,895 |
|
14.0% |
Operating income margin |
|
30.1% |
|
|
|
30.3% |
|
|
-0.2pt |
|
|
|
28.5% |
|
|
|
28.0% |
|
0.5pt |
Adjusted EBITDAre |
|
$50,248 |
|
|
$50,554 |
|
|
-0.6% |
|
|
$169,018 |
|
|
$153,250 |
|
10.3% |
Adjusted EBITDAre margin |
|
35.7% |
|
|
|
36.5% |
|
|
-0.8pt |
|
|
|
35.6% |
|
|
|
36.1% |
|
-0.5pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
75.5% |
|
|
|
80.7% |
|
|
-5.2pt |
|
|
|
73.0% |
|
|
|
69.5% |
|
3.5pt |
Average daily rate (ADR) |
$268.39 |
|
|
$258.08 |
|
|
4.0% |
|
|
$250.96 |
|
|
$242.71 |
|
3.4% |
RevPAR |
|
|
$202.70 |
|
|
$208.39 |
|
|
-2.7% |
|
|
$183.22 |
|
|
$168.73 |
|
8.6% |
Total RevPAR |
|
$529.42 |
|
|
$520.72 |
|
|
1.7% |
|
|
$450.50 |
|
|
$402.41 |
|
12.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$87,356 |
|
|
$90,925 |
|
|
-3.9% |
|
|
$309,616 |
|
|
$279,578 |
|
10.7% |
Operating income |
|
$16,194 |
|
|
$20,514 |
|
|
-21.1% |
|
|
$71,399 |
|
|
$64,201 |
|
11.2% |
Operating income margin |
|
18.5% |
|
|
|
22.6% |
|
|
-4.1pt |
|
|
|
23.1% |
|
|
|
23.0% |
|
0.1pt |
Adjusted EBITDAre |
|
$23,062 |
|
|
$27,204 |
|
|
-15.2% |
|
|
$98,162 |
|
|
$90,735 |
|
8.2% |
Adjusted EBITDAre margin |
|
26.4% |
|
|
|
29.9% |
|
|
-3.5pt |
|
|
|
31.7% |
|
|
|
32.5% |
|
-0.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
72.3% |
|
|
|
77.9% |
|
|
-5.6pt |
|
|
|
73.7% |
|
|
|
68.4% |
|
5.3pt |
Average daily rate (ADR) |
$261.71 |
|
|
$265.66 |
|
|
-1.5% |
|
|
$245.04 |
|
|
$241.85 |
|
1.3% |
RevPAR |
|
|
$189.19 |
|
|
$206.94 |
|
|
-8.6% |
|
|
$180.58 |
|
|
$165.40 |
|
9.2% |
Total RevPAR |
|
$552.69 |
|
|
$575.27 |
|
|
-3.9% |
|
|
$493.75 |
|
|
$445.85 |
|
10.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended |
|
|
|
December 31,
|
|
|
December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$116,531 |
|
|
$102,283 |
|
|
13.9% |
|
|
$358,399 |
|
|
$307,318 |
|
16.6% |
Operating income |
|
$37,955 |
|
|
$30,631 |
|
|
23.9% |
|
|
$111,703 |
|
|
$88,154 |
|
26.7% |
Operating income margin |
|
32.6% |
|
|
|
29.9% |
|
|
2.7pt |
|
|
|
31.2% |
|
|
|
28.7% |
|
2.5pt |
Adjusted EBITDAre |
|
$43,748 |
|
|
$36,287 |
|
|
20.6% |
|
|
$134,650 |
|
|
$111,954 |
|
20.3% |
Adjusted EBITDAre margin |
|
37.5% |
|
|
|
35.5% |
|
|
2.0pt |
|
|
|
37.6% |
|
|
|
36.4% |
|
1.2pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
74.6% |
|
|
|
72.9% |
|
|
1.7pt |
|
|
|
74.9% |
|
|
|
69.0% |
|
5.9pt |
Average daily rate (ADR) |
$277.12 |
|
|
$270.93 |
|
|
2.3% |
|
|
$244.21 |
|
|
$238.77 |
|
2.3% |
RevPAR |
|
|
$206.82 |
|
|
$197.44 |
|
|
4.8% |
|
|
$183.02 |
|
|
$164.65 |
|
11.2% |
Total RevPAR |
|
$698.26 |
|
|
$612.88 |
|
|
13.9% |
|
|
$541.30 |
|
|
$464.15 |
|
16.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$85,229 |
|
|
$76,114 |
|
|
12.0% |
|
|
$307,139 |
|
$249,849 |
|
22.9% |
Operating income |
|
$9,841 |
|
|
$9,016 |
|
|
9.2% |
|
|
$42,677 |
|
$19,609 |
|
117.6% |
Operating income margin |
|
11.5% |
|
|
|
11.8% |
|
|
-0.3pt |
|
|
|
13.9% |
|
|
7.8% |
|
6.1pt |
Adjusted EBITDAre |
|
$19,426 |
|
|
$18,625 |
|
|
4.3% |
|
|
$87,104 |
|
$61,402 |
|
41.9% |
Adjusted EBITDAre margin |
|
22.8% |
|
|
|
24.5% |
|
|
-1.7pt |
|
|
|
28.4% |
|
|
24.6% |
|
3.8pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
66.8% |
|
|
|
60.5% |
|
|
6.3pt |
|
|
|
68.4% |
|
|
56.5% |
|
11.9pt |
Average daily rate (ADR) |
$254.45 |
|
|
$254.09 |
|
|
0.1% |
|
|
$240.30 |
|
$238.13 |
|
0.9% |
RevPAR |
|
|
$170.01 |
|
|
$153.60 |
|
|
10.7% |
|
|
$164.30 |
|
$134.45 |
|
22.2% |
Total RevPAR |
|
$464.13 |
|
|
$414.49 |
|
|
12.0% |
|
|
$421.58 |
|
$342.94 |
|
22.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended |
|
|
|
December 31,
|
|
|
December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
2023 |
|
|
|
2022 |
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$67,360 |
|
|
$70,438 |
|
|
-4.4% |
|
|
$266,737 |
|
$253,326 |
|
5.3% |
Operating income |
|
$4,325 |
|
|
$2,780 |
|
|
55.6% |
|
|
$44,854 |
|
$17,178 |
|
161.1% |
Operating income margin |
|
6.4% |
|
|
|
3.9% |
|
|
2.5pt |
|
|
|
16.8% |
|
|
6.8% |
|
10.0pt |
Adjusted EBITDAre |
|
$18,798 |
|
|
$16,556 |
|
|
13.5% |
|
|
$101,697 |
|
$89,955 |
|
13.1% |
Adjusted EBITDAre margin |
|
27.9% |
|
|
|
23.5% |
|
|
4.4pt |
|
|
|
38.1% |
|
|
35.5% |
|
2.6pt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
66.1% |
|
|
|
69.9% |
|
|
-3.8pt |
|
|
|
73.4% |
|
|
68.3% |
|
5.1pt |
Average daily rate (ADR) |
$241.79 |
|
|
$239.57 |
|
|
0.9% |
|
|
$242.39 |
|
$234.19 |
|
3.5% |
RevPAR |
|
|
$159.91 |
|
|
$167.35 |
|
|
-4.4% |
|
|
$178.02 |
|
$159.87 |
|
11.4% |
Total RevPAR |
|
$487.79 |
|
|
$510.08 |
|
|
-4.4% |
|
|
$486.87 |
|
$462.39 |
|
5.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill
Country1 |
|
|
|
|
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Period Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2023 |
|
|
|
|
|
|
|
Revenue |
|
|
$42,066 |
|
|
$92,813 |
Operating income |
|
$5,079 |
|
|
$13,183 |
Operating income margin |
12.1% |
|
|
14.2% |
Adjusted EBITDAre |
|
$10,296 |
|
|
$27,901 |
Adjusted EBITDAre margin |
24.5% |
|
|
30.1% |
|
|
|
|
|
|
|
Occupancy |
|
57.8% |
|
|
64.9% |
Average daily rate (ADR) |
$275.32 |
|
|
$304.07 |
RevPAR |
|
|
$159.17 |
|
|
$197.30 |
Total RevPAR |
|
$456.32 |
|
|
$503.41 |
|
|
|
|
|
|
|
(1) JW
Marriott Hill Country was acquired by the Company on June 30, 2023,
therefore there are no comparison figures. Fourth quarter 2023
represents the second full quarter of operations for the hotel
under the Company’s ownership, and the period ended December 31,
2023, represents two full quarters of operations for the hotel
under the Company’s ownership. |
|
Entertainment
Segment
For the three and twelve months ended December
31, 2023, and 2022, the Company reported the following:
|
|
|
|
|
|
|
|
|
($ in thousands) |
Three Months Ended |
|
|
Twelve Months Ended |
|
December 31, |
|
|
December 31, |
|
2023 |
|
2022 |
|
|
% ∆ |
|
|
2023 |
|
2022
|
|
% ∆ |
|
|
|
|
|
|
|
|
|
Revenue |
$87,907 |
|
$84,416 |
|
|
4.1% |
|
|
$324,658 |
|
|
|
$267,995 |
|
21.1% |
Operating income |
$20,561 |
|
$22,286 |
|
|
-7.7% |
|
|
$76,076 |
|
|
$60,498 |
|
25.7% |
Operating income margin |
|
23.4% |
|
|
|
26.4% |
|
|
-3.0pt |
|
|
|
23.4% |
|
|
|
22.6% |
|
0.8pt |
Adjusted EBITDAre |
$30,278 |
|
$26,136 |
|
|
15.8% |
|
|
$99,658 |
|
|
$74,173 |
|
34.4% |
Adjusted EBITDAre margin |
|
34.4% |
|
|
|
31.0% |
|
|
3.4pt |
|
|
|
30.7% |
|
|
|
27.7% |
|
3.0pt |
|
|
|
|
|
|
|
|
|
Fioravanti continued, “Our Entertainment segment
delivered another record performance in 2023. Ole Red Las Vegas
opened its doors in mid-January 2024 to strong demand, and we are
enthusiastic about the potential of this asset in the Las Vegas
market. We were also pleased to unveil, as part of our January 2024
Investor Day, the reimagination of the Wildhorse Saloon as Category
10 in collaboration with country music superstar, Luke Combs. We
have already started construction on this multi-use venue and
anticipate a phased reopening beginning in the third quarter of
2024.”
Corporate and Other
Segment
For the three and twelve months ended December
31, 2023, and 2022, the Company reported the following:
|
|
|
|
|
|
|
|
($ in
thousands) |
Three Months
Ended |
|
Twelve
Months Ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
% ∆ |
|
|
2023 |
|
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Operating loss |
($12,428) |
|
($11,765) |
|
-5.6% |
|
($43,656) |
|
($44,272) |
|
1.4% |
Adjusted
EBITDAre |
($9,498) |
|
($8,746) |
|
-8.6% |
|
($32,073) |
|
($31,064) |
|
-3.2% |
|
|
|
|
|
|
|
|
Fioravanti concluded, “We enter 2024 with
considerable momentum and strength across both our Hospitality and
Entertainment segments. As we recently outlined at our January 2024
Investor Day, over the past 20 years our management team has built
valuable long-standing relationships with our group customers and
an industry-leading portfolio of hotels and iconic entertainment
brands. The value proposition we have created, and continue to
enhance, garners strong demand and pricing power, as evidenced in
our forward book of group hotel business. Furthermore, we believe
the high-return investments we are pursuing across our Hospitality
and Entertainment assets will create value for our stakeholders in
the years to come.”
2024 Guidance
The Company is reiterating its 2024 business
performance outlook based on current information as of February 22,
2024. The Company does not expect to update the guidance provided
before next quarter’s earnings release. However, the Company may
update its full business outlook or any portion thereof at any time
for any reason.
Current full year 2024 guidance is inclusive of
the following assumptions:
- Disruption from planned capital
investments is estimated to result in a negative impact of
approximately 215 basis points to same-store Hospitality RevPAR
growth and approximately 160 basis points to same-store Hospitality
Total RevPAR growth. In addition, the Company expects disruption to
result in a negative impact of approximately $18 million to $21
million to Consolidated Adjusted EBITDAre, including $10
million to $11 million to same-store Hospitality Adjusted
EBITDAre and $8 million to $10 million to Entertainment
Adjusted EBITDAre.
- Capital expenditures are estimated
to be $360 million to $440 million.
($ in millions, except per share figures) |
Full Year |
|
Full Year |
|
2024 Guidance 1 |
|
2024 Guidance 1 |
|
Low |
|
High |
|
Midpoint |
|
|
|
|
|
|
Consolidated Hospitality RevPAR growth (same-store)
2 |
3.50% |
|
5.50% |
|
4.50% |
Consolidated Hospitality Total RevPAR growth (same-store)
2 |
3.25% |
|
5.25% |
|
4.25% |
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
Hospitality (same-store) 2 |
$ |
434.5 |
|
|
$ |
450.5 |
|
|
$ |
442.5 |
|
JW Marriott Hill Country |
|
35.0 |
|
|
|
40.0 |
|
|
|
37.5 |
|
Entertainment |
|
65.5 |
|
|
|
71.5 |
|
|
|
68.5 |
|
Corporate and Other |
|
(44.8 |
) |
|
|
(43.0 |
) |
|
|
(43.9 |
) |
Consolidated Operating Income |
|
490.2 |
|
|
|
519.0 |
|
|
|
504.6 |
|
|
|
|
|
|
|
Adjusted EBITDAre |
|
|
|
|
|
Hospitality (same-store) 2 |
$ |
612.5 |
|
|
$ |
635.0 |
|
|
$ |
623.8 |
|
JW Marriott Hill Country |
|
63.0 |
|
|
|
72.0 |
|
|
|
67.5 |
|
Entertainment |
|
100.0 |
|
|
|
110.0 |
|
|
|
105.0 |
|
Corporate and Other |
|
(35.0 |
) |
|
|
(32.0 |
) |
|
|
(33.5 |
) |
Consolidated Adjusted EBITDAre |
|
740.5 |
|
|
|
785.0 |
|
|
|
762.8 |
|
|
|
|
|
|
|
Net Income |
$ |
253.0 |
|
|
$ |
272.0 |
|
|
$ |
262.5 |
|
Net Income available to common stockholders |
$ |
243.0 |
|
|
$ |
266.0 |
|
|
$ |
254.5 |
|
|
|
|
|
|
|
Funds from Operations (FFO) available to common stockholders and
unit holders |
$ |
457.3 |
|
|
$ |
492.5 |
|
|
$ |
474.9 |
|
Adjusted FFO available to common stockholders and unit holders |
$ |
484.3 |
|
|
$ |
527.0 |
|
|
$ |
505.6 |
|
|
|
|
|
|
|
Diluted income per share available to common stockholders |
$ |
3.92 |
|
|
$ |
4.21 |
|
|
$ |
4.06 |
|
Adjusted FFO available to common stockholders and unit holders per
diluted share |
$ |
7.60 |
|
|
$ |
8.20 |
|
|
$ |
7.90 |
|
|
|
|
|
|
|
Estimated diluted shares outstanding to common stockholders
3 |
|
64.6 |
|
|
|
64.6 |
|
|
|
64.6 |
|
Estimated diluted shares outstanding to common stockholders and
unit holders 3 |
|
65.0 |
|
|
|
65.0 |
|
|
|
65.0 |
|
|
|
|
|
|
|
(1) Includes
JW Marriott Hill Country, except as otherwise noted. Amounts are
calculated based on unrounded numbers.
(2) Same-store excludes JW Marriott Hill Country.
(3) Includes shares related to the currently unexercisable investor
put rights associated with the noncontrolling interest in the
Company’s OEG business, which may be settled in cash or shares at
the Company’s option. |
Note: For reconciliations of Consolidated
Adjusted EBITDAre guidance to Net Income, segment-level
Adjusted EBITDAre to segment-level Operating Income,
property-level Adjusted EBITDAre for JW Marriott Hill
Country to property-level Operating Income, and FFO and Adjusted
FFO available to common stockholders and unitholders to Net Income
, see “Reconciliation of Forward-Looking Statements” below.
Dividend Update
On January 16, 2024, the Company paid the previously announced
quarterly cash dividend of $1.10 per common share, which was paid
to stockholders of record as of December 29, 2023.
Today, the Company declared its first quarter
2024 cash dividend of $1.10 per share of common stock, payable on
April 15, 2024, to stockholders of record as of March 29, 2024. The
Company’s dividend policy provides that it will distribute minimum
dividends of 100% of REIT taxable income annually. It is the
Company’s current plan to distribute aggregate minimum dividends
for 2024 of $4.40 per share in cash. Future dividends are
subject to the Board’s future determinations as to amount and
timing.
Balance Sheet/Liquidity
Update
As of December 31, 2023, the Company had total debt outstanding of
$3,377.0 million, net of unamortized deferred financing costs, and
unrestricted cash of $591.8 million. As of December 31, 2023, there
were no amounts drawn under the Company’s revolving credit
facility, $5.0 million was drawn under OEG’s revolving credit
facility, and the lending banks had issued $14.6 million in letters
of credit under the Company’s revolving credit facility, which left
$745.4 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, February 23,
2024, at 12:00 p.m. ET. Investors can listen to the conference call
over the Internet at www.rymanhp.com. To listen to the live call,
please go to the Investor Relations section of the website
(Investor Relations/Presentations, Earnings and Webcasts) at least
15 minutes prior to the call to register and download any necessary
audio software. For those who cannot listen to the live broadcast,
a replay will be available shortly after the call and will be
available for at least 30 days.
About Ryman Hospitality Properties,
Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging
and hospitality real estate investment trust that specializes in
upscale convention center resorts and entertainment experiences.
The Company’s holdings include Gaylord Opryland Resort &
Convention Center; Gaylord Palms Resort & Convention Center;
Gaylord Texan Resort & Convention Center; Gaylord National
Resort & Convention Center; and Gaylord Rockies Resort &
Convention Center, five of the top seven largest non-gaming
convention center hotels in the United States based on total indoor
meeting space. The Company also owns the JW Marriott San Antonio
Hill Country Resort & Spa as well as two ancillary hotels
adjacent to our Gaylord Hotels properties. The Company’s hotel
portfolio is managed by Marriott International and includes a
combined total of 11,414 rooms as well as more than 3 million
square feet of total indoor and outdoor meeting space in top
convention and leisure destinations across the country. RHP also
owns a 70% controlling ownership interest in Opry Entertainment
Group (OEG), which is composed of entities owning a growing
collection of iconic and emerging country music brands, including
the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red,
Nashville-area attractions, and Block 21, a mixed-use
entertainment, lodging, office and retail complex, including the W
Austin Hotel and the ACL Live at the Moody Theater, located in
downtown Austin, Texas. RHP operates OEG as its Entertainment
segment in a taxable REIT subsidiary, and its results are
consolidated in the Company’s financial results.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements as to the Company’s beliefs
and expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Examples of these statements include, but are not limited
to, statements regarding the future performance of the Company’s
business, anticipated business levels and anticipated financial
results for the Company during future periods, the Company’s
expected cash dividend, and other business or operational issues.
These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the statements made. These include the risks and uncertainties
associated with economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
effects of inflation on the Company’s business, including the
effects on costs of labor and supplies and effects on group
customers at the Company’s hotels and customers in OEG’s
businesses, the Company’s ability to remain qualified as a REIT,
the Company’s ability to execute our strategic goals as a REIT, the
Company’s ability to generate cash flows to support dividends,
future board determinations regarding the timing and amount of
dividends and changes to the dividend policy, the Company’s ability
to borrow funds pursuant to its credit agreements and to refinance
indebtedness and/or to successfully amend the agreements governing
its indebtedness in the future, changes in interest rates, 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 or other
assets 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 or other assets. 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 of the affiliate, and adjustments
to reflect the entity’s share of EBITDAre of
unconsolidated affiliates.
Adjusted EBITDAre is then calculated as
EBITDAre, plus to the extent the following adjustments
occurred during the periods presented:
- preopening costs;
- non-cash lease expense;
- equity-based compensation
expense;
- impairment charges that do not meet
the NAREIT definition above;
- credit losses on held-to-maturity
securities;
- transaction costs of
acquisitions;
- interest income on bonds;
- loss on extinguishment of
debt;
- pension settlement charges;
- pro rata Adjusted
EBITDAre from unconsolidated joint ventures; and
- any other adjustments we have
identified herein.
We then exclude the pro rata share of Adjusted
EBITDAre related to noncontrolling interests in
consolidated joint ventures to calculate Adjusted
EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture.
We use EBITDAre, Adjusted
EBITDAre and Adjusted EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture and segment
or property-level EBITDAre and Adjusted EBITDAre
to evaluate our operating performance. We believe that the
presentation of these non-GAAP financial measures provides useful
information to investors regarding our operating performance and
debt leverage metrics, and that the presentation of these non-GAAP
financial measures, when combined with the primary GAAP
presentation of Net Income or Operating Income, as applicable, is
beneficial to an investor’s complete understanding of our operating
performance. We make additional adjustments to
EBITDAre when evaluating our performance because we
believe that presenting Adjusted EBITDAre and
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture provides useful information to investors
regarding our operating performance and debt leverage metrics.
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 present Adjusted FFO available to common
stockholders and unit holders per diluted share as a non-GAAP
measure of our performance in addition to our net income available
to common stockholders per diluted share (calculated in accordance
with GAAP). We calculate Adjusted FFO available to common
stockholders and unit holders per diluted share as our Adjusted FFO
(defined as set forth above) for a given operating period, as
adjusted for the effect of dilutive securities, divided by the
number of diluted shares and units outstanding during such
period.
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 |
|
Twelve Months Ended |
|
|
Dec. 31, |
|
Dec. 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues : |
|
|
|
|
|
|
|
|
Rooms |
$ |
191,086 |
|
|
$ |
177,505 |
|
|
$ |
701,138 |
|
|
$ |
595,544 |
|
|
Food and beverage |
|
215,234 |
|
|
|
180,622 |
|
|
|
831,796 |
|
|
|
667,009 |
|
|
Other hotel revenue |
|
138,836 |
|
|
|
126,332 |
|
|
|
300,544 |
|
|
|
275,421 |
|
|
Entertainment |
|
87,907 |
|
|
|
84,416 |
|
|
|
324,658 |
|
|
|
267,995 |
|
|
Total revenues |
|
633,063 |
|
|
|
568,875 |
|
|
|
2,158,136 |
|
|
|
1,805,969 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
45,539 |
|
|
|
43,077 |
|
|
|
173,749 |
|
|
|
155,817 |
|
|
Food and beverage |
|
126,321 |
|
|
|
109,103 |
|
|
|
465,963 |
|
|
|
381,142 |
|
|
Other hotel expenses |
|
188,931 |
|
|
|
168,043 |
|
|
|
519,328 |
|
|
|
457,291 |
|
|
Management fees |
|
19,865 |
|
|
|
15,883 |
|
|
|
66,425 |
|
|
|
43,425 |
|
|
Total hotel operating expenses |
|
380,656 |
|
|
|
336,106 |
|
|
|
1,225,465 |
|
|
|
1,037,675 |
|
|
Entertainment |
|
58,919 |
|
|
|
56,996 |
|
|
|
223,663 |
|
|
|
188,545 |
|
|
Corporate |
|
12,207 |
|
|
|
11,559 |
|
|
|
42,789 |
|
|
|
42,982 |
|
|
Preopening costs |
|
883 |
|
|
|
7 |
|
|
|
1,308 |
|
|
|
532 |
|
|
Loss on sale of assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
469 |
|
|
Depreciation and amortization |
|
56,527 |
|
|
|
47,904 |
|
|
|
211,227 |
|
|
|
208,616 |
|
|
Total operating expenses |
|
509,192 |
|
|
|
452,572 |
|
|
|
1,704,452 |
|
|
|
1,478,819 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
123,871 |
|
|
|
116,303 |
|
|
|
453,684 |
|
|
|
327,150 |
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(61,142 |
) |
|
|
(42,419 |
) |
|
|
(211,370 |
) |
|
|
(148,406 |
) |
Interest income |
|
7,446 |
|
|
|
1,612 |
|
|
|
21,423 |
|
|
|
5,750 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(2,252 |
) |
|
|
(1,547 |
) |
Income (loss) from unconsolidated joint ventures
(1) |
|
217 |
|
|
|
(2,619 |
) |
|
|
(17,308 |
) |
|
|
(10,967 |
) |
Other gains and (losses), net |
|
(1,549 |
) |
|
|
(479 |
) |
|
|
3,921 |
|
|
|
1,743 |
|
Income before income taxes |
|
68,843 |
|
|
|
72,398 |
|
|
|
248,098 |
|
|
|
173,723 |
|
|
|
|
|
|
|
|
|
|
(Provision) benefit for income taxes |
|
101,035 |
|
|
|
(11,028 |
) |
|
|
93,702 |
|
|
|
(38,775 |
) |
Net income |
|
169,878 |
|
|
|
61,370 |
|
|
|
341,800 |
|
|
|
134,948 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest in consolidated
joint venture |
|
(26,809 |
) |
|
|
(2,865 |
) |
|
|
(28,465 |
) |
|
|
(5,032 |
) |
Net income attributable to noncontrolling interest in Operating
Partnership |
|
(942 |
) |
|
|
(416 |
) |
|
|
(2,118 |
) |
|
|
(923 |
) |
Net income available to common stockholders |
$ |
142,127 |
|
|
$ |
58,089 |
|
|
$ |
311,217 |
|
|
$ |
128,993 |
|
|
|
|
|
|
|
|
|
|
Basic income per share available to common stockholders |
$ |
2.38 |
|
|
$ |
1.05 |
|
|
$ |
5.39 |
|
|
$ |
2.34 |
|
Diluted income per share available to common stockholders
(2) |
$ |
2.37 |
|
|
$ |
1.03 |
|
|
$ |
5.36 |
|
|
$ |
2.33 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares for the period: |
|
|
|
|
|
|
|
|
Basic |
|
59,710 |
|
|
|
55,165 |
|
|
|
57,750 |
|
|
|
55,140 |
|
|
Diluted (2) |
|
60,058 |
|
|
|
59,368 |
|
|
|
58,061 |
|
|
|
55,377 |
|
|
|
|
|
|
|
|
|
|
(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 ceasing December 31, 2023. As
a result, we incurred a loss related to Circle of
approximately $10.5 million in the twelve months ended
December 31, 2023. |
(2) Diluted weighted average common shares for the three months
ended December 31, 2022 includes 3.9 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) |
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
Dec. 31, |
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,955,586 |
|
|
$ |
3,171,708 |
|
|
Cash and cash equivalents - unrestricted |
|
591,833 |
|
|
|
334,194 |
|
|
Cash and cash equivalents - restricted |
|
108,608 |
|
|
|
110,136 |
|
|
Notes receivable |
|
61,760 |
|
|
|
67,628 |
|
|
Trade receivables, net |
|
110,029 |
|
|
|
116,836 |
|
|
Deferred income tax assets, net |
|
81,624 |
|
|
|
- |
|
|
Prepaid expenses and other assets |
|
154,810 |
|
|
|
134,170 |
|
|
Intangible assets |
|
124,287 |
|
|
|
105,951 |
|
|
|
Total assets |
$ |
5,188,537 |
|
|
$ |
4,040,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
3,377,028 |
|
|
$ |
2,862,592 |
|
|
Accounts payable and accrued liabilities |
|
464,719 |
|
|
|
385,159 |
|
|
Dividends payable |
|
67,933 |
|
|
|
14,121 |
|
|
Deferred management rights proceeds |
|
165,174 |
|
|
|
167,495 |
|
|
Operating lease liabilities |
|
129,122 |
|
|
|
125,759 |
|
|
Deferred income tax liabilities, net |
|
- |
|
|
|
12,915 |
|
|
Other liabilities |
|
66,658 |
|
|
|
64,824 |
|
|
Noncontrolling interest in consolidated joint venture |
|
345,126 |
|
|
|
311,857 |
|
|
Total equity |
|
572,777 |
|
|
|
95,901 |
|
|
|
Total liabilities and equity |
$ |
5,188,537 |
|
|
$ |
4,040,623 |
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
ADJUSTED EBITDAre RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
2023 |
|
2022
|
|
2023
|
|
2022
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
633,063 |
|
|
|
$ |
568,875 |
|
|
|
$ |
2,158,136 |
|
|
|
$ |
1,805,969 |
|
|
|
Net income |
$ |
169,878 |
|
26.8% |
|
$ |
61,370 |
|
10.8% |
|
$ |
341,800 |
|
15.8% |
|
$ |
134,948 |
|
7.5% |
|
Interest expense, net |
|
53,696 |
|
|
|
|
40,807 |
|
|
|
|
189,947 |
|
|
|
|
142,656 |
|
|
|
Provision (benefit) for income taxes |
|
(101,035 |
) |
|
|
|
11,028 |
|
|
|
|
(93,702 |
) |
|
|
|
38,775 |
|
|
|
Depreciation & amortization |
|
56,527 |
|
|
|
|
47,904 |
|
|
|
|
211,227 |
|
|
|
|
208,616 |
|
|
|
Loss on sale of assets |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
327 |
|
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
3 |
|
|
|
|
21 |
|
|
|
|
25 |
|
|
|
|
89 |
|
|
|
EBITDAre |
|
179,069 |
|
28.3% |
|
|
161,130 |
|
28.3% |
|
|
649,297 |
|
30.1% |
|
|
525,411 |
|
29.1% |
|
Preopening costs |
|
883 |
|
|
|
|
7 |
|
|
|
|
1,308 |
|
|
|
|
532 |
|
|
|
Non-cash lease expense |
|
1,215 |
|
|
|
|
1,491 |
|
|
|
|
5,710 |
|
|
|
|
4,831 |
|
|
|
Equity-based compensation expense |
|
3,941 |
|
|
|
|
3,851 |
|
|
|
|
15,421 |
|
|
|
|
14,985 |
|
|
|
Pension settlement charge |
|
1,313 |
|
|
|
|
318 |
|
|
|
|
1,313 |
|
|
|
|
1,894 |
|
|
|
Interest income on Gaylord National bonds |
|
1,194 |
|
|
|
|
1,313 |
|
|
|
|
4,936 |
|
|
|
|
5,306 |
|
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
|
- |
|
|
|
|
2,252 |
|
|
|
|
1,547 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,348 |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures (1) |
|
(121 |
) |
|
|
|
- |
|
|
|
|
10,508 |
|
|
|
|
- |
|
|
|
Adjusted EBITDAre |
$ |
187,494 |
|
29.6% |
|
$ |
168,110 |
|
29.6% |
|
$ |
690,745 |
|
32.0% |
|
$ |
555,854 |
|
30.8% |
|
Adjusted EBITDAre of noncontrolling interest in
consolidated joint venture |
$ |
(9,083 |
) |
|
|
$ |
(7,833 |
) |
|
|
$ |
(29,884 |
) |
|
|
$ |
(15,309 |
) |
|
|
Adjusted EBITDAre, excluding noncontrolling
interest in consolidated joint venture |
$ |
178,411 |
|
28.2% |
|
$ |
160,277 |
|
28.2% |
|
$ |
660,861 |
|
30.6% |
|
$ |
540,545 |
|
29.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
545,156 |
|
|
|
$ |
484,459 |
|
|
|
$ |
1,833,478 |
|
|
|
$ |
1,537,974 |
|
|
|
Operating income |
$ |
115,738 |
|
21.2% |
|
$ |
105,782 |
|
21.8% |
|
$ |
421,264 |
|
23.0% |
|
$ |
310,924 |
|
20.2% |
|
Depreciation & amortization |
|
48,762 |
|
|
|
|
42,571 |
|
|
|
|
186,749 |
|
|
|
|
189,375 |
|
|
|
Non-cash lease expense |
|
1,020 |
|
|
|
|
1,054 |
|
|
|
|
4,077 |
|
|
|
|
4,216 |
|
|
|
Interest income on Gaylord National bonds |
|
1,194 |
|
|
|
|
1,313 |
|
|
|
|
4,936 |
|
|
|
|
5,306 |
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
|
Adjusted EBITDAre |
$ |
166,714 |
|
30.6% |
|
$ |
150,720 |
|
31.1% |
|
$ |
623,160 |
|
34.0% |
|
$ |
512,745 |
|
33.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
503,090 |
|
|
|
$ |
484,459 |
|
|
|
$ |
1,740,665 |
|
|
|
$ |
1,537,974 |
|
|
|
Operating income |
$ |
110,659 |
|
22.0% |
|
$ |
105,782 |
|
21.8% |
|
$ |
408,081 |
|
23.4% |
|
$ |
310,924 |
|
20.2% |
|
Depreciation & amortization |
|
43,545 |
|
|
|
|
42,571 |
|
|
|
|
172,031 |
|
|
|
|
189,375 |
|
|
|
Non-cash lease expense |
|
1,020 |
|
|
|
|
1,054 |
|
|
|
|
4,077 |
|
|
|
|
4,216 |
|
|
|
Interest income on Gaylord National bonds |
|
1,194 |
|
|
|
|
1,313 |
|
|
|
|
4,936 |
|
|
|
|
5,306 |
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
|
Adjusted EBITDAre |
$ |
156,418 |
|
31.1% |
|
$ |
150,720 |
|
31.1% |
|
$ |
595,259 |
|
34.2% |
|
$ |
512,745 |
|
33.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
87,907 |
|
|
|
|
84,416 |
|
|
|
$ |
324,658 |
|
|
|
|
267,995 |
|
|
|
Operating income |
$ |
20,561 |
|
23.4% |
|
|
22,286 |
|
26.4% |
|
$ |
76,076 |
|
23.4% |
|
|
60,498 |
|
22.6% |
|
Depreciation & amortization |
|
7,544 |
|
|
|
|
5,127 |
|
|
|
|
23,611 |
|
|
|
|
18,420 |
|
|
|
Preopening costs |
|
883 |
|
|
|
|
7 |
|
|
|
|
1,308 |
|
|
|
|
532 |
|
|
|
Non-cash lease expense |
|
195 |
|
|
|
|
437 |
|
|
|
|
1,633 |
|
|
|
|
615 |
|
|
|
Equity-based compensation |
|
995 |
|
|
|
|
876 |
|
|
|
|
3,805 |
|
|
|
|
3,637 |
|
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,348 |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
|
100 |
|
|
|
|
(2,597 |
) |
|
|
|
(6,775 |
) |
|
|
|
(10,877 |
) |
|
|
Adjusted EBITDAre |
$ |
30,278 |
|
34.4% |
|
$ |
26,136 |
|
31.0% |
|
$ |
99,658 |
|
30.7% |
|
$ |
74,173 |
|
27.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(12,428 |
) |
|
|
$ |
(11,765 |
) |
|
|
$ |
(43,656 |
) |
|
|
$ |
(44,272 |
) |
|
|
Depreciation & amortization |
|
221 |
|
|
|
|
206 |
|
|
|
|
867 |
|
|
|
|
821 |
|
|
|
Other gains and (losses), net |
|
(1,550 |
) |
|
|
|
(480 |
) |
|
|
|
(2,213 |
) |
|
|
|
(855 |
) |
|
|
Equity-based compensation |
|
2,946 |
|
|
|
|
2,975 |
|
|
|
|
11,616 |
|
|
|
|
11,348 |
|
|
|
Pension settlement charge |
|
1,313 |
|
|
|
|
318 |
|
|
|
|
1,313 |
|
|
|
|
1,894 |
|
|
|
Adjusted EBITDAre |
$ |
(9,498 |
) |
|
|
$ |
(8,746 |
) |
|
|
$ |
(32,073 |
) |
|
|
$ |
(31,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 ceasing December 31, 2023. As a
result, we incurred a loss related to Circle of approximately $10.5
million in the twelve months ended December 31, 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 Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Consolidated |
|
|
|
|
|
|
|
|
Net income |
$ |
169,878 |
|
|
$ |
61,370 |
|
|
$ |
341,800 |
|
|
$ |
134,948 |
|
|
Noncontrolling interest in consolidated joint venture |
|
(26,809 |
) |
|
|
(2,865 |
) |
|
|
(28,465 |
) |
|
|
(5,032 |
) |
|
Net income available to common stockholders and unit
holders |
|
143,069 |
|
|
|
58,505 |
|
|
|
313,335 |
|
|
|
129,916 |
|
|
Depreciation & amortization |
|
56,483 |
|
|
|
47,874 |
|
|
|
211,064 |
|
|
|
208,494 |
|
|
Adjustments for noncontrolling interest |
|
(2,263 |
) |
|
|
(1,538 |
) |
|
|
(7,083 |
) |
|
|
(3,346 |
) |
|
Pro rata adjustments from joint ventures |
|
4 |
|
|
|
23 |
|
|
|
73 |
|
|
|
92 |
|
|
FFO available to common stockholders and unit
holders |
|
197,293 |
|
|
|
104,864 |
|
|
|
517,389 |
|
|
|
335,156 |
|
|
|
|
|
|
|
|
|
|
|
Right-of-use asset amortization |
|
44 |
|
|
|
30 |
|
|
|
163 |
|
|
|
122 |
|
|
Non-cash lease expense |
|
1,215 |
|
|
|
1,491 |
|
|
|
5,710 |
|
|
|
4,831 |
|
|
Pension settlement charge |
|
1,313 |
|
|
|
318 |
|
|
|
1,313 |
|
|
|
1,894 |
|
|
Pro rata adjustments from joint ventures (1) |
|
(121 |
) |
|
|
- |
|
|
|
10,508 |
|
|
|
- |
|
|
Loss on other assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
469 |
|
|
Amortization of deferred financing costs |
|
2,674 |
|
|
|
2,651 |
|
|
|
10,663 |
|
|
|
9,829 |
|
|
Amortization of debt discounts and premiums |
|
637 |
|
|
|
500 |
|
|
|
2,325 |
|
|
|
989 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
2,252 |
|
|
|
1,547 |
|
|
Adjustments for noncontrolling interest |
|
23,533 |
|
|
|
(514 |
) |
|
|
18,635 |
|
|
|
(928 |
) |
|
Transaction costs of acquisitions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,348 |
|
|
Deferred tax provision (benefit) |
|
(100,719 |
) |
|
|
3,699 |
|
|
|
(95,825 |
) |
|
|
8,244 |
|
|
Adjusted FFO available to common stockholders and unit
holders |
$ |
125,869 |
|
|
$ |
113,039 |
|
|
$ |
473,133 |
|
|
$ |
363,501 |
|
|
Capital expenditures (2) |
|
(27,923 |
) |
|
|
(27,149 |
) |
|
|
(128,011 |
) |
|
|
(82,263 |
) |
|
Adjusted FFO available to common stockholders and unit
holders (ex. maintenance capex) |
$ |
97,946 |
|
|
$ |
85,890 |
|
|
$ |
345,122 |
|
|
$ |
281,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
2.38 |
|
|
$ |
1.05 |
|
|
$ |
5.39 |
|
|
$ |
2.34 |
|
|
Diluted net income per share |
$ |
2.37 |
|
|
$ |
1.03 |
|
|
$ |
5.36 |
|
|
$ |
2.33 |
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
3.28 |
|
|
$ |
1.89 |
|
|
$ |
8.90 |
|
|
$ |
6.04 |
|
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
2.09 |
|
|
$ |
2.03 |
|
|
$ |
8.14 |
|
|
$ |
6.55 |
|
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (3) |
$ |
3.26 |
|
|
$ |
1.80 |
|
|
$ |
8.85 |
|
|
$ |
6.01 |
|
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (3) |
$ |
2.08 |
|
|
$ |
1.94 |
|
|
$ |
8.09 |
|
|
$ |
6.52 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares and OP units for the
period: |
|
|
|
|
|
|
|
|
Basic |
|
60,105 |
|
|
|
55,560 |
|
|
|
58,145 |
|
|
|
55,535 |
|
|
Diluted (3) |
|
60,453 |
|
|
|
59,763 |
|
|
|
58,456 |
|
|
|
55,772 |
|
|
|
|
|
|
|
|
|
|
|
(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 ceasing December 31, 2023. As a
result, we incurred a loss related to Circle of approximately $10.5
million in the twelve months ended December 31, 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 ended December 31, 2022 includes 3.9 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 Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Hospitality segment |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
545,156 |
|
|
|
$ |
484,459 |
|
|
|
$ |
1,833,478 |
|
|
|
$ |
1,537,974 |
|
|
|
Operating income |
$ |
115,738 |
|
21.2% |
|
$ |
105,782 |
|
21.8% |
|
$ |
421,264 |
|
23.0% |
|
$ |
310,924 |
|
20.2% |
|
Depreciation & amortization |
|
48,762 |
|
|
|
|
42,571 |
|
|
|
|
186,749 |
|
|
|
|
189,375 |
|
|
|
Non-cash lease expense |
|
1,020 |
|
|
|
|
1,054 |
|
|
|
|
4,077 |
|
|
|
|
4,216 |
|
|
|
Interest income on Gaylord National bonds |
|
1,194 |
|
|
|
|
1,313 |
|
|
|
|
4,936 |
|
|
|
|
5,306 |
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
|
Adjusted EBITDAre |
$ |
166,714 |
|
30.6% |
|
$ |
150,720 |
|
31.1% |
|
$ |
623,160 |
|
34.0% |
|
$ |
512,745 |
|
33.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
69.8% |
|
|
|
|
72.8% |
|
|
|
|
71.6% |
|
|
|
|
66.2% |
|
|
|
Average daily rate (ADR) |
$ |
260.81 |
|
|
|
$ |
254.57 |
|
|
|
$ |
245.74 |
|
|
|
$ |
236.86 |
|
|
|
RevPAR |
$ |
181.97 |
|
|
|
$ |
185.31 |
|
|
|
$ |
175.96 |
|
|
|
$ |
156.71 |
|
|
|
OtherPAR |
$ |
337.18 |
|
|
|
$ |
320.44 |
|
|
|
$ |
284.16 |
|
|
|
$ |
247.98 |
|
|
|
Total RevPAR |
$ |
519.15 |
|
|
|
$ |
505.75 |
|
|
|
$ |
460.12 |
|
|
|
$ |
404.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Store Hospitality segment (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
503,090 |
|
|
|
$ |
484,459 |
|
|
|
$ |
1,740,665 |
|
|
|
$ |
1,537,974 |
|
|
|
Operating income |
$ |
110,659 |
|
22.0% |
|
$ |
105,782 |
|
21.8% |
|
$ |
408,081 |
|
23.4% |
|
$ |
310,924 |
|
20.2% |
|
Depreciation & amortization |
|
43,545 |
|
|
|
|
42,571 |
|
|
|
|
172,031 |
|
|
|
|
189,375 |
|
|
|
Non-cash lease expense |
|
1,020 |
|
|
|
|
1,054 |
|
|
|
|
4,077 |
|
|
|
|
4,216 |
|
|
|
Interest income on Gaylord National bonds |
|
1,194 |
|
|
|
|
1,313 |
|
|
|
|
4,936 |
|
|
|
|
5,306 |
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
|
Adjusted EBITDAre |
$ |
156,418 |
|
31.1% |
|
$ |
150,720 |
|
31.1% |
|
$ |
595,259 |
|
34.2% |
|
$ |
512,745 |
|
33.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
70.9% |
|
|
|
|
72.8% |
|
|
|
|
71.9% |
|
|
|
|
66.2% |
|
|
|
Average daily rate (ADR) |
$ |
259.67 |
|
|
|
$ |
254.57 |
|
|
|
$ |
243.19 |
|
|
|
$ |
236.86 |
|
|
|
RevPAR |
$ |
184.17 |
|
|
|
$ |
185.31 |
|
|
|
$ |
174.92 |
|
|
|
$ |
156.71 |
|
|
|
OtherPAR |
$ |
341.03 |
|
|
|
$ |
320.44 |
|
|
|
$ |
283.10 |
|
|
|
$ |
247.98 |
|
|
|
Total RevPAR |
$ |
525.20 |
|
|
|
$ |
505.75 |
|
|
|
$ |
458.02 |
|
|
|
$ |
404.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
140,664 |
|
|
|
$ |
138,353 |
|
|
|
$ |
474,884 |
|
|
|
$ |
424,188 |
|
|
|
Operating income |
$ |
42,299 |
|
30.1% |
|
$ |
41,981 |
|
30.3% |
|
$ |
135,554 |
|
28.5% |
|
$ |
118,895 |
|
28.0% |
|
Depreciation & amortization |
|
7,960 |
|
|
|
|
8,586 |
|
|
|
|
33,510 |
|
|
|
|
34,406 |
|
|
|
Non-cash lease revenue |
|
(11 |
) |
|
|
|
(13 |
) |
|
|
|
(46 |
) |
|
|
|
(51 |
) |
|
|
Adjusted EBITDAre |
$ |
50,248 |
|
35.7% |
|
$ |
50,554 |
|
36.5% |
|
$ |
169,018 |
|
35.6% |
|
$ |
153,250 |
|
36.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
75.5% |
|
|
|
|
80.7% |
|
|
|
|
73.0% |
|
|
|
|
69.5% |
|
|
|
Average daily rate (ADR) |
$ |
268.39 |
|
|
|
$ |
258.08 |
|
|
|
$ |
250.96 |
|
|
|
$ |
242.71 |
|
|
|
RevPAR |
$ |
202.70 |
|
|
|
$ |
208.39 |
|
|
|
$ |
183.22 |
|
|
|
$ |
168.73 |
|
|
|
OtherPAR |
$ |
326.72 |
|
|
|
$ |
312.33 |
|
|
|
$ |
267.28 |
|
|
|
$ |
233.68 |
|
|
|
Total RevPAR |
$ |
529.42 |
|
|
|
$ |
520.72 |
|
|
|
$ |
450.50 |
|
|
|
$ |
402.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
87,356 |
|
|
|
$ |
90,925 |
|
|
|
$ |
309,616 |
|
|
|
$ |
279,578 |
|
|
|
Operating income |
$ |
16,194 |
|
18.5% |
|
$ |
20,514 |
|
22.6% |
|
$ |
71,399 |
|
23.1% |
|
$ |
64,201 |
|
23.0% |
|
Depreciation & amortization |
|
5,837 |
|
|
|
|
5,623 |
|
|
|
|
22,640 |
|
|
|
|
22,267 |
|
|
|
Non-cash lease expense |
|
1,031 |
|
|
|
|
1,067 |
|
|
|
|
4,123 |
|
|
|
|
4,267 |
|
|
|
Adjusted EBITDAre |
$ |
23,062 |
|
26.4% |
|
$ |
27,204 |
|
29.9% |
|
$ |
98,162 |
|
31.7% |
|
$ |
90,735 |
|
32.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
72.3% |
|
|
|
|
77.9% |
|
|
|
|
73.7% |
|
|
|
|
68.4% |
|
|
|
Average daily rate (ADR) |
$ |
261.71 |
|
|
|
$ |
265.66 |
|
|
|
$ |
245.04 |
|
|
|
$ |
241.85 |
|
|
|
RevPAR |
$ |
189.19 |
|
|
|
$ |
206.94 |
|
|
|
$ |
180.58 |
|
|
|
$ |
165.40 |
|
|
|
OtherPAR |
$ |
363.50 |
|
|
|
$ |
368.33 |
|
|
|
$ |
313.17 |
|
|
|
$ |
280.45 |
|
|
|
Total RevPAR |
$ |
552.69 |
|
|
|
$ |
575.27 |
|
|
|
$ |
493.75 |
|
|
|
$ |
445.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
116,531 |
|
|
|
$ |
102,283 |
|
|
|
$ |
358,399 |
|
|
|
$ |
307,318 |
|
|
|
Operating income |
$ |
37,955 |
|
32.6% |
|
$ |
30,631 |
|
29.9% |
|
$ |
111,703 |
|
31.2% |
|
$ |
88,154 |
|
28.7% |
|
Depreciation & amortization |
|
5,793 |
|
|
|
|
5,656 |
|
|
|
|
22,947 |
|
|
|
|
23,800 |
|
|
|
Adjusted EBITDAre |
$ |
43,748 |
|
37.5% |
|
$ |
36,287 |
|
35.5% |
|
$ |
134,650 |
|
37.6% |
|
$ |
111,954 |
|
36.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
74.6% |
|
|
|
|
72.9% |
|
|
|
|
74.9% |
|
|
|
|
69.0% |
|
|
|
Average daily rate (ADR) |
$ |
277.12 |
|
|
|
$ |
270.93 |
|
|
|
$ |
244.21 |
|
|
|
$ |
238.77 |
|
|
|
RevPAR |
$ |
206.82 |
|
|
|
$ |
197.44 |
|
|
|
$ |
183.02 |
|
|
|
$ |
164.65 |
|
|
|
OtherPAR |
$ |
491.44 |
|
|
|
$ |
415.44 |
|
|
|
$ |
358.28 |
|
|
|
$ |
299.50 |
|
|
|
Total RevPAR |
$ |
698.26 |
|
|
|
$ |
612.88 |
|
|
|
$ |
541.30 |
|
|
|
$ |
464.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND
SUBSIDIARIES |
SUPPLEMENTAL FINANCIAL RESULTS |
HOSPITALITY SEGMENT ADJUSTED EBITDAre
RECONCILIATIONS AND OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31, |
|
Twelve Months Ended Dec. 31, |
|
|
2023 |
|
2022
|
|
2023
|
|
2022 |
|
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
$ |
Margin |
|
Gaylord National |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
85,229 |
|
|
|
$ |
76,114 |
|
|
|
$ |
307,139 |
|
|
|
$ |
249,849 |
|
|
|
Operating income |
$ |
9,841 |
|
11.5% |
|
$ |
9,016 |
|
11.8% |
|
$ |
42,677 |
|
13.9% |
|
$ |
19,609 |
|
7.8% |
|
Depreciation & amortization |
|
8,391 |
|
|
|
|
8,296 |
|
|
|
|
33,357 |
|
|
|
|
33,563 |
|
|
|
Interest income on Gaylord National bonds |
|
1,194 |
|
|
|
|
1,313 |
|
|
|
|
4,936 |
|
|
|
|
5,306 |
|
|
|
Other gains and (losses), net |
|
- |
|
|
|
|
- |
|
|
|
|
6,134 |
|
|
|
|
2,924 |
|
|
|
Adjusted EBITDAre |
$ |
19,426 |
|
22.8% |
|
$ |
18,625 |
|
24.5% |
|
$ |
87,104 |
|
28.4% |
|
$ |
61,402 |
|
24.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
66.8% |
|
|
|
|
60.5% |
|
|
|
|
68.4% |
|
|
|
|
56.5% |
|
|
|
Average daily rate (ADR) |
$ |
254.45 |
|
|
|
$ |
254.09 |
|
|
|
$ |
240.30 |
|
|
|
$ |
238.13 |
|
|
|
RevPAR |
$ |
170.01 |
|
|
|
$ |
153.60 |
|
|
|
$ |
164.30 |
|
|
|
$ |
134.45 |
|
|
|
OtherPAR |
$ |
294.12 |
|
|
|
$ |
260.89 |
|
|
|
$ |
257.28 |
|
|
|
$ |
208.49 |
|
|
|
Total RevPAR |
$ |
464.13 |
|
|
|
$ |
414.49 |
|
|
|
$ |
421.58 |
|
|
|
$ |
342.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
67,360 |
|
|
|
$ |
70,438 |
|
|
|
$ |
266,737 |
|
|
|
$ |
253,326 |
|
|
|
Operating income |
$ |
4,325 |
|
6.4% |
|
$ |
2,780 |
|
3.9% |
|
$ |
44,854 |
|
16.8% |
|
$ |
17,178 |
|
6.8% |
|
Depreciation & amortization |
|
14,473 |
|
|
|
|
13,776 |
|
|
|
|
56,843 |
|
|
|
|
72,777 |
|
|
|
Adjusted EBITDAre |
$ |
18,798 |
|
27.9% |
|
$ |
16,556 |
|
23.5% |
|
$ |
101,697 |
|
38.1% |
|
$ |
89,955 |
|
35.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
66.1% |
|
|
|
|
69.9% |
|
|
|
|
73.4% |
|
|
|
|
68.3% |
|
|
|
Average daily rate (ADR) |
$ |
241.79 |
|
|
|
$ |
239.57 |
|
|
|
$ |
242.39 |
|
|
|
$ |
234.19 |
|
|
|
RevPAR |
$ |
159.91 |
|
|
|
$ |
167.35 |
|
|
|
$ |
178.02 |
|
|
|
$ |
159.87 |
|
|
|
OtherPAR |
$ |
327.88 |
|
|
|
$ |
342.73 |
|
|
|
$ |
308.85 |
|
|
|
$ |
302.52 |
|
|
|
Total RevPAR |
$ |
487.79 |
|
|
|
$ |
510.08 |
|
|
|
$ |
486.87 |
|
|
|
$ |
462.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
42,066 |
|
|
|
$ |
- |
|
|
|
$ |
92,813 |
|
|
|
$ |
- |
|
|
|
Operating income |
$ |
5,079 |
|
12.1% |
|
$ |
- |
|
|
|
$ |
13,183 |
|
14.2% |
|
$ |
- |
|
|
|
Depreciation & amortization |
|
5,217 |
|
|
|
|
- |
|
|
|
|
14,718 |
|
|
|
|
- |
|
|
|
Adjusted EBITDAre |
$ |
10,296 |
|
24.5% |
|
$ |
- |
|
|
|
$ |
27,901 |
|
30.1% |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
57.8% |
|
|
|
n/a |
|
|
|
64.9% |
|
|
|
n/a |
|
|
Average daily rate (ADR) |
$ |
275.32 |
|
|
|
n/a |
|
|
$ |
304.07 |
|
|
|
n/a |
|
|
RevPAR |
$ |
159.17 |
|
|
|
n/a |
|
|
$ |
197.30 |
|
|
|
n/a |
|
|
OtherPAR |
$ |
297.15 |
|
|
|
n/a |
|
|
$ |
306.11 |
|
|
|
n/a |
|
|
Total RevPAR |
$ |
456.32 |
|
|
|
n/a |
|
|
$ |
503.41 |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The AC Hotel at National Harbor |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,141 |
|
|
|
$ |
2,619 |
|
|
|
$ |
11,997 |
|
|
|
$ |
10,419 |
|
|
|
Operating income |
$ |
597 |
|
19.0% |
|
$ |
192 |
|
7.3% |
|
$ |
2,010 |
|
16.8% |
|
$ |
793 |
|
7.6% |
|
Depreciation & amortization |
|
229 |
|
|
|
|
311 |
|
|
|
|
904 |
|
|
|
|
1,293 |
|
|
|
Adjusted EBITDAre |
$ |
826 |
|
26.3% |
|
$ |
503 |
|
19.2% |
|
$ |
2,914 |
|
24.3% |
|
$ |
2,086 |
|
20.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
69.7% |
|
|
|
|
62.3% |
|
|
|
|
64.8% |
|
|
|
|
62.9% |
|
|
|
Average daily rate (ADR) |
$ |
221.92 |
|
|
|
$ |
203.03 |
|
|
|
$ |
238.01 |
|
|
|
$ |
207.70 |
|
|
|
RevPAR |
$ |
154.58 |
|
|
|
$ |
126.55 |
|
|
|
$ |
154.20 |
|
|
|
$ |
130.71 |
|
|
|
OtherPAR |
$ |
23.24 |
|
|
|
$ |
21.73 |
|
|
|
$ |
16.99 |
|
|
|
$ |
17.96 |
|
|
|
Total RevPAR |
$ |
177.82 |
|
|
|
$ |
148.28 |
|
|
|
$ |
171.19 |
|
|
|
$ |
148.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,809 |
|
|
|
$ |
3,727 |
|
|
|
$ |
11,893 |
|
|
|
$ |
13,296 |
|
|
|
Operating income (loss) |
$ |
(552 |
) |
-19.7% |
|
$ |
668 |
|
17.9% |
|
$ |
(116 |
) |
-1.0% |
|
$ |
2,094 |
|
15.7% |
|
Depreciation & amortization |
|
862 |
|
|
|
|
323 |
|
|
|
|
1,830 |
|
|
|
|
1,269 |
|
|
|
Adjusted EBITDAre |
$ |
310 |
|
11.0% |
|
$ |
991 |
|
26.6% |
|
$ |
1,714 |
|
14.4% |
|
$ |
3,363 |
|
25.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
48.6% |
|
|
|
|
70.0% |
|
|
|
|
54.0% |
|
|
|
|
60.3% |
|
|
|
Average daily rate (ADR) |
$ |
155.32 |
|
|
|
$ |
149.94 |
|
|
|
$ |
153.60 |
|
|
|
$ |
153.87 |
|
|
|
RevPAR |
$ |
75.54 |
|
|
|
$ |
104.90 |
|
|
|
$ |
82.95 |
|
|
|
$ |
92.73 |
|
|
|
OtherPAR |
$ |
25.28 |
|
|
|
$ |
28.87 |
|
|
|
$ |
24.59 |
|
|
|
$ |
27.50 |
|
|
|
Total RevPAR |
$ |
100.82 |
|
|
|
$ |
133.77 |
|
|
|
$ |
107.54 |
|
|
|
$ |
120.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store Hospitality segment excludes JW Marriott Hill
Country, which was acquired June 30, 2023. |
|
|
|
|
|
|
|
|
(2) JW Marriott Hill Country was acquired by the Company on June
30, 2023, therefore there are no comparison figures. |
|
|
|
|
|
|
|
(3) Includes other hospitality revenue and expense. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Twelve Months Ended |
|
|
Dec. 31, |
|
Dec. 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
Net income available to common stockholders |
$ |
142,127 |
|
|
$ |
58,089 |
|
|
$ |
311,217 |
|
|
$ |
128,993 |
|
|
Net income attributable to noncontrolling interest in consolidated
joint venture |
|
- |
|
|
|
2,865 |
|
|
|
- |
|
|
|
- |
|
|
Net income available to common stockholders - if-converted
method |
$ |
142,127 |
|
|
$ |
60,954 |
|
|
$ |
311,217 |
|
|
$ |
128,993 |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
59,710 |
|
|
|
55,165 |
|
|
|
57,750 |
|
|
|
55,140 |
|
|
Effect of dilutive stock-based compensation |
|
348 |
|
|
|
256 |
|
|
|
311 |
|
|
|
237 |
|
|
Effect of dilutive put rights (1) |
|
- |
|
|
|
3,947 |
|
|
|
- |
|
|
|
- |
|
|
Weighted average shares outstanding - diluted |
|
60,058 |
|
|
|
59,368 |
|
|
|
58,061 |
|
|
|
55,377 |
|
|
|
|
|
|
|
|
|
|
Basic income per share available to common stockholders |
$ |
2.38 |
|
|
$ |
1.05 |
|
|
$ |
5.39 |
|
|
$ |
2.34 |
|
Diluted income per share available to common stockholders |
$ |
2.37 |
|
|
$ |
1.03 |
|
|
$ |
5.36 |
|
|
$ |
2.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO and Adjusted FFO per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator - FFO: |
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders |
$ |
197,293 |
|
|
$ |
104,864 |
|
|
$ |
517,389 |
|
|
$ |
335,156 |
|
|
Net income attributable to noncontrolling interest in consolidated
joint venture |
|
- |
|
|
|
2,865 |
|
|
|
- |
|
|
|
- |
|
|
FFO available to common stockholders and unit holders- if-converted
method |
$ |
197,293 |
|
|
$ |
107,729 |
|
|
$ |
517,389 |
|
|
$ |
335,156 |
|
|
|
|
|
|
|
|
|
|
Numerator - Adjusted FFO: |
|
|
|
|
|
|
|
|
Adjusted FFO available to common stockholders and unit holders |
$ |
125,869 |
|
|
$ |
113,039 |
|
|
$ |
473,133 |
|
|
$ |
363,501 |
|
|
Net income attributable to noncontrolling interest in consolidated
joint venture |
|
- |
|
|
|
2,865 |
|
|
|
- |
|
|
|
- |
|
|
Adjusted FFO available to common stockholders and unit holders -
if-converted method |
$ |
125,869 |
|
|
$ |
115,904 |
|
|
$ |
473,133 |
|
|
$ |
363,501 |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted average shares and OP units outstanding - basic |
|
60,105 |
|
|
|
55,560 |
|
|
|
58,145 |
|
|
|
55,535 |
|
|
Effect of dilutive stock-based compensation |
|
348 |
|
|
|
256 |
|
|
|
311 |
|
|
|
237 |
|
|
Effect of dilutive put rights (1) |
|
- |
|
|
|
3,947 |
|
|
|
- |
|
|
|
- |
|
|
Weighted average shares outstanding - diluted |
|
60,453 |
|
|
|
59,763 |
|
|
|
58,456 |
|
|
|
55,772 |
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
3.28 |
|
|
$ |
1.89 |
|
|
$ |
8.90 |
|
|
$ |
6.04 |
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
2.09 |
|
|
$ |
2.03 |
|
|
$ |
8.14 |
|
|
$ |
6.55 |
|
|
|
|
|
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (1) |
$ |
3.26 |
|
|
$ |
1.80 |
|
|
$ |
8.85 |
|
|
$ |
6.01 |
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (1) |
$ |
2.08 |
|
|
$ |
1.94 |
|
|
$ |
8.09 |
|
|
$ |
6.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. The Put
Rights were anti-dilutive for the three months ended December 31,
2023, twelve months ended December 31, 2023, and twelve months
ended December 31, 2022, so the incremental shares were
excluded from the computation of dilutive earnings per share for
those periods. |
|
|
|
|
|
|
|
|
|
Ryman
Hospitality Properties, Inc. and Subsidiaries |
|
Reconciliation of Forward-Looking Statements |
|
Unaudited |
|
(dollars in
thousands, except per share data) |
|
Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization for
Real Estate ("Adjusted EBITDAre") |
|
Funds From
Operations ("FFO") and Adjusted FFO Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year
2024 |
|
|
|
|
Guidance
Range |
|
|
|
|
Low |
|
High |
|
Midpoint |
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
253,000 |
|
|
$ |
272,000 |
|
|
$ |
262,500 |
|
|
|
Provision
for income taxes |
|
|
15,250 |
|
|
|
17,000 |
|
|
|
16,125 |
|
|
|
Interest
Expense, net |
|
|
222,500 |
|
|
|
231,000 |
|
|
|
226,750 |
|
|
|
Depreciation
and amortization |
|
|
224,250 |
|
|
|
234,500 |
|
|
|
229,375 |
|
|
|
EBITDAre |
|
$ |
715,000 |
|
|
$ |
754,500 |
|
|
$ |
734,750 |
|
|
|
Non-cash
lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Preopening
expense |
|
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
|
Equity-based
compensation |
|
|
12,500 |
|
|
|
13,500 |
|
|
|
13,000 |
|
|
|
Pension
settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Interest
income on Gaylord National bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains
and (losses), net |
|
|
500 |
|
|
|
1,750 |
|
|
|
1,125 |
|
|
|
Adjusted EBITDAre |
|
$ |
740,500 |
|
|
$ |
785,000 |
|
|
$ |
762,750 |
|
|
|
|
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
469,500 |
|
|
$ |
490,500 |
|
|
$ |
480,000 |
|
|
|
Depreciation
and amortization |
|
|
195,000 |
|
|
|
202,500 |
|
|
|
198,750 |
|
|
|
Non-cash
lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Interest
income on Gaylord National Bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains
and (losses), net |
|
|
3,000 |
|
|
|
4,000 |
|
|
|
3,500 |
|
|
|
Adjusted EBITDAre |
|
$ |
675,500 |
|
|
$ |
707,000 |
|
|
$ |
691,250 |
|
|
|
|
|
|
|
|
|
|
|
Hospitality Segment (same-store) |
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
434,500 |
|
|
$ |
450,500 |
|
|
$ |
442,500 |
|
|
|
Depreciation
and amortization |
|
|
167,000 |
|
|
|
170,500 |
|
|
|
168,750 |
|
|
|
Non-cash
lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Interest
income on Gaylord National Bonds |
|
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
|
|
Other gains
and (losses), net |
|
|
3,000 |
|
|
|
4,000 |
|
|
|
3,500 |
|
|
|
Adjusted EBITDAre |
|
$ |
612,500 |
|
|
$ |
635,000 |
|
|
$ |
623,750 |
|
|
|
|
|
|
|
|
|
|
|
JW Marriott Hill Country |
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
35,000 |
|
|
$ |
40,000 |
|
|
$ |
37,500 |
|
|
|
Depreciation
and amortization |
|
|
28,000 |
|
|
|
32,000 |
|
|
|
30,000 |
|
|
|
Adjusted EBITDAre |
|
$ |
63,000 |
|
|
$ |
72,000 |
|
|
$ |
67,500 |
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and
Subsidiaries |
|
Reconciliation of Forward-Looking Statements |
|
Unaudited |
|
(dollars in thousands, except per share data) |
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate ("Adjusted
EBITDAre") |
|
Funds From Operations ("FFO") and Adjusted FFO
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year 2024 |
|
|
|
|
Guidance Range |
|
|
|
|
Low |
|
High |
|
Midpoint |
|
Entertainment Segment |
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
65,500 |
|
|
$ |
71,500 |
|
|
$ |
68,500 |
|
|
|
Depreciation and amortization |
|
|
27,500 |
|
|
|
30,000 |
|
|
|
28,750 |
|
|
|
Preopening expense |
|
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
|
|
Equity-based compensation |
|
|
3,500 |
|
|
|
4,000 |
|
|
|
3,750 |
|
|
|
Pro rata adjusted EBITDAre from unconsolidated joint
ventures |
|
|
500 |
|
|
|
1,000 |
|
|
|
750 |
|
|
|
Adjusted EBITDAre |
|
$ |
100,000 |
|
|
$ |
110,000 |
|
|
$ |
105,000 |
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
|
|
|
Operating Loss |
|
$ |
(44,750 |
) |
|
$ |
(43,000 |
) |
|
$ |
(43,875 |
) |
|
|
Depreciation and amortization |
|
|
1,750 |
|
|
|
2,000 |
|
|
|
1,875 |
|
|
|
Equity-based compensation |
|
|
9,000 |
|
|
|
9,500 |
|
|
|
9,250 |
|
|
|
Pension settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Other gains and (losses), net |
|
|
(2,500 |
) |
|
|
(2,250 |
) |
|
|
(2,375 |
) |
|
|
Adjusted EBITDAre |
|
$ |
(35,000 |
) |
|
$ |
(32,000 |
) |
|
$ |
(33,500 |
) |
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
253,000 |
|
|
$ |
272,000 |
|
|
$ |
262,500 |
|
|
|
Noncontrolling interest in consolidated joint venture |
|
|
(10,000 |
) |
|
|
(6,000 |
) |
|
|
(8,000 |
) |
|
|
Net Income available to common stockholders and unit
holders |
|
$ |
243,000 |
|
|
$ |
266,000 |
|
|
$ |
254,500 |
|
|
|
Depreciation and amortization |
|
|
224,250 |
|
|
|
234,500 |
|
|
|
229,375 |
|
|
|
Adjustments for noncontrolling interest |
|
|
(10,000 |
) |
|
|
(8,000 |
) |
|
|
(9,000 |
) |
|
|
FFO available to common stockholders and unit
holders |
|
$ |
457,250 |
|
|
$ |
492,500 |
|
|
$ |
474,875 |
|
|
|
Right of use amortization |
|
|
- |
|
|
|
500 |
|
|
|
250 |
|
|
|
Non-cash lease expense |
|
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
|
|
Pension settlement charge |
|
|
1,500 |
|
|
|
1,750 |
|
|
|
1,625 |
|
|
|
Other gains and (losses), net |
|
|
500 |
|
|
|
1,750 |
|
|
|
1,125 |
|
|
|
Adjustments for noncontrolling interest |
|
|
(3,000 |
) |
|
|
(2,000 |
) |
|
|
(2,500 |
) |
|
|
Amortization of deferred financing costs |
|
|
10,000 |
|
|
|
11,000 |
|
|
|
10,500 |
|
|
|
Amortization of debt discounts and premiums |
|
|
2,500 |
|
|
|
3,500 |
|
|
|
3,000 |
|
|
|
Deferred Taxes |
|
|
12,000 |
|
|
|
13,500 |
|
|
|
12,750 |
|
|
|
Adjusted FFO available to common stockholders and unit
holders |
|
$ |
484,250 |
|
|
$ |
527,000 |
|
|
$ |
505,625 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per share available to common
stockholders |
|
$ |
3.92 |
|
|
$ |
4.21 |
|
|
$ |
4.06 |
|
|
|
Adjusted FFO available to common stockholders and unit
holders per diluted share |
|
$ |
7.60 |
|
|
$ |
8.20 |
|
|
$ |
7.90 |
|
|
|
|
|
|
|
|
|
|
|
|
Estimated diluted shares outstanding to common stockholders
(in millions) |
|
|
64.6 |
|
|
|
64.6 |
|
|
|
64.6 |
|
|
|
Estimated diluted shares outstanding to common stockholders
and unit holders (in millions) |
|
65.0 |
|
|
|
65.0 |
|
|
|
65.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Apr 2024 to May 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From May 2023 to May 2024