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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 22, 2024
RYMAN HOSPITALITY PROPERTIES, INC.
(Exact name of registrant as specified
in its charter)
Delaware |
|
1-13079 |
|
73-0664379 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
|
One
Gaylord Drive
Nashville, Tennessee |
37214 |
|
|
(Address of principal executive offices) |
(Zip Code) |
|
Registrant’s telephone number,
including area code: (615) 316-6000
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
|
Securities registered pursuant to Section 12(b) of the Act: |
Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange on
Which Registered |
Common
Stock, par value $.01 |
|
RHP |
|
New York Stock Exchange |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act. ¨
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On February 22, 2024, Ryman Hospitality Properties, Inc.
(the “Company”) issued a press release announcing its financial results for the quarter and the year ended December 31,
2023 and reiterating guidance for certain financial measures for 2024. A copy of the press release is furnished herewith as Exhibit 99.1
and incorporated herein by reference. The Company will hold a conference call to discuss its financial results for the quarter and the
year ended December 31, 2023 at noon Eastern Time on Friday, February 23, 2024.
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
104 | Cover Page Interactive Data File (embedded within the Inline
XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
RYMAN HOSPITALITY
PROPERTIES, INC. |
|
|
|
Date: February 23, 2024 |
By: |
/s/ Scott J. Lynn |
|
|
Name: |
Scott J. Lynn |
|
|
Title: |
Executive Vice President,
General Counsel and
Secretary |
Exhibit 99.1
Ryman Hospitality
Properties, Inc. Reports Fourth Quarter and Full Year 2023 Results
NASHVILLE, Tenn. (February 22,
2024) – Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing
in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three months 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 | % | |
| -0.8 | pt | |
| 21.0 | % | |
| 18.1 | % | |
| 2.9 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
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 | % | |
| 16.0 | pt | |
| 15.8 | % | |
| 7.5 | % | |
| 8.3 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
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 | % | |
| 12.3 | pt | |
| 14.4 | % | |
| 7.1 | % | |
| 7.3 | pt |
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 | % | |
| 0.0 | pt | |
| 32.0 | % | |
| 30.8 | % | |
| 1.2 | pt |
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 | % | |
| 0.0 | pt | |
| 30.6 | % | |
| 29.9 | % | |
| 0.7 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
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 | % | |
| -0.6 | pt | |
| 23.0 | % | |
| 20.2 | % | |
| 2.8 | pt |
Hospitality Adjusted EBITDAre | |
$ | 166,714 | | |
$ | 150,720 | | |
| 10.6 | % | |
$ | 623,160 | | |
$ | 512,745 | | |
| 21.5 | % |
Hospitality Adjusted EBITDAre margin | |
| 30.6 | % | |
| 31.1 | % | |
| -0.5 | pt | |
| 34.0 | % | |
| 33.3 | % | |
| 0.7 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
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 | % | |
| 0.2 | pt | |
| 23.4 | % | |
| 20.2 | % | |
| 3.2 | pt |
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 | % | |
| 0.0 | pt | |
| 34.2 | % | |
| 33.3 | % | |
| 0.9 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Hospitality Performance Metrics | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 69.8 | % | |
| 72.8 | % | |
| -3.0 | pt | |
| 71.6 | % | |
| 66.2 | % | |
| 5.4 | pt |
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 | % | |
| -1.9 | pt | |
| 71.9 | % | |
| 66.2 | % | |
| 5.7 | pt |
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 | % | |
| -1.5 | pt | |
| 15.2 | % | |
| 20.6 | % | |
| -5.4 | pt |
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 | % | |
| -0.2 | pt | |
| 28.5 | % | |
| 28.0 | % | |
| 0.5 | pt |
Adjusted EBITDAre | |
$ | 50,248 | | |
$ | 50,554 | | |
| -0.6 | % | |
$ | 169,018 | | |
$ | 153,250 | | |
| 10.3 | % |
Adjusted EBITDAre
margin | |
| 35.7 | % | |
| 36.5 | % | |
| -0.8 | pt | |
| 35.6 | % | |
| 36.1 | % | |
| -0.5 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 75.5 | % | |
| 80.7 | % | |
| -5.2 | pt | |
| 73.0 | % | |
| 69.5 | % | |
| 3.5 | pt |
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 | % | |
| -4.1 | pt | |
| 23.1 | % | |
| 23.0 | % | |
| 0.1 | pt |
Adjusted EBITDAre | |
$ | 23,062 | | |
$ | 27,204 | | |
| -15.2 | % | |
$ | 98,162 | | |
$ | 90,735 | | |
| 8.2 | % |
Adjusted EBITDAre
margin | |
| 26.4 | % | |
| 29.9 | % | |
| -3.5 | pt | |
| 31.7 | % | |
| 32.5 | % | |
| -0.8 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 72.3 | % | |
| 77.9 | % | |
| -5.6 | pt | |
| 73.7 | % | |
| 68.4 | % | |
| 5.3 | pt |
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 | % | |
| 2.7 | pt | |
| 31.2 | % | |
| 28.7 | % | |
| 2.5 | pt |
Adjusted EBITDAre | |
$ | 43,748 | | |
$ | 36,287 | | |
| 20.6 | % | |
$ | 134,650 | | |
$ | 111,954 | | |
| 20.3 | % |
Adjusted EBITDAre
margin | |
| 37.5 | % | |
| 35.5 | % | |
| 2.0 | pt | |
| 37.6 | % | |
| 36.4 | % | |
| 1.2 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 74.6 | % | |
| 72.9 | % | |
| 1.7 | pt | |
| 74.9 | % | |
| 69.0 | % | |
| 5.9 | pt |
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 | % | |
| -0.3 | pt | |
| 13.9 | % | |
| 7.8 | % | |
| 6.1 | pt |
Adjusted EBITDAre | |
$ | 19,426 | | |
$ | 18,625 | | |
| 4.3 | % | |
$ | 87,104 | | |
$ | 61,402 | | |
| 41.9 | % |
Adjusted EBITDAre
margin | |
| 22.8 | % | |
| 24.5 | % | |
| -1.7 | pt | |
| 28.4 | % | |
| 24.6 | % | |
| 3.8 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 66.8 | % | |
| 60.5 | % | |
| 6.3 | pt | |
| 68.4 | % | |
| 56.5 | % | |
| 11.9 | pt |
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 | % | |
| 2.5 | pt | |
| 16.8 | % | |
| 6.8 | % | |
| 10.0 | pt |
Adjusted EBITDAre | |
$ | 18,798 | | |
$ | 16,556 | | |
| 13.5 | % | |
$ | 101,697 | | |
$ | 89,955 | | |
| 13.1 | % |
Adjusted EBITDAre
margin | |
| 27.9 | % | |
| 23.5 | % | |
| 4.4 | pt | |
| 38.1 | % | |
| 35.5 | % | |
| 2.6 | pt |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Occupancy | |
| 66.1 | % | |
| 69.9 | % | |
| -3.8 | pt | |
| 73.4 | % | |
| 68.3 | % | |
| 5.1 | pt |
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 | % | |
| -3.0 | pt | |
| 23.4 | % | |
| 22.6 | % | |
| 0.8 | pt |
Adjusted EBITDAre | |
$ | 30,278 | | |
$ | 26,136 | | |
| 15.8 | % | |
$ | 99,658 | | |
$ | 74,173 | | |
| 34.4 | % |
Adjusted EBITDAre
margin | |
| 34.4 | % | |
| 31.0 | % | |
| 3.4 | pt | |
| 30.7 | % | |
| 27.7 | % | |
| 3.0 | pt |
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 | |
| |
2024
Guidance 1 | | |
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 | |
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