Ryman Hospitality Properties, Inc. Reports Second Quarter 2022 Results

Rhea-AI Summary

Ryman Hospitality Properties (RHP) reported a strong Q2 2022, achieving net income of $50.3 million ($0.91/share) and a record Adjusted EBITDAre of $167.6 million, a 495.4% increase year-over-year. Revenue surged 175.2% to $470.2 million. The Hospitality segment posted operating income of $100.6 million with a 25% margin, driven by high occupancy at 72.7%. Future group bookings reached record ADR of $243, indicating robust demand. The company also raised its full-year guidance, reflecting confident market positioning despite ongoing challenges in group travel and advertising.

Positive

• Net income increased to $50.3 million ($0.91/share), returning to profitability.
• Record Adjusted EBITDAre of $167.6 million, a 495.4% increase year-over-year.
• Revenue climbed 175.2% to $470.2 million, indicating strong demand recovery.
• Hospitality operating income of $100.6 million with a 25% margin.
• Occupancy rate improved to 72.7%, up from 32.9% in Q2 2021.
• All-time record ADR for future bookings at $243, up nearly 14% year-over-year.

Negative

• Occupancy remains approximately 5 points below pre-COVID levels.
• Ongoing challenges in group travel and a softening advertising market.

NASHVILLE, Tenn., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging and hospitality real estate investment trust (“REIT”) that specializes in upscale convention center resorts and leading entertainment experiences, today reported financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights and Recent Developments:

• The Company generated Net Income available to common shareholders of $50.3 million or $0.91 per share, representing a return to profitability for the first time since the beginning of the COVID-19 pandemic.
• The Hospitality segment reported operating income and operating income margin of $100.6 million and 25.0% for the quarter, respectively, and delivered a quarterly record in Adjusted EBITDAre and Adjusted EBITDAre margin of $155.0 million and 38.6%, respectively, compared to $133.2 million and 37.3% for Q2 2019, respectively, despite 5.3 lower points of occupancy compared to Q2 2019.
• Driven by an all-time record transient rate of $283, Hospitality ADR exceeded $234 per night in Q2 2022, an increase of 16.0% compared to Q2 2021 and 16.3% increase compared to Q2 2019.
• Booked 601,000 gross advanced group room nights for all future years as of June 30, 2022, at an all-time record ADR of $243, an increase of nearly 14% over Q2 2021 ADR for future bookings and over 15% above Q2 2019 ADR levels for future bookings.
• Successfully collected $15.4 million in attrition and cancellation fees in the quarter, totaling $35.0 million year to date.
• Closed strategic investment in the Company’s Opry Entertainment Group (OEG) by Atairos and NBCUniversal on June 16, 2022, initially valuing the OEG business at $1.415 billion, inclusive of Block 21, which we acquired on May 31, 2022.
• Company provides an outlook for Q3 2022 and increases its Full Year 2022 outlook.
  

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our hotel business set multiple all-time records this quarter as the strategic actions we took in the early days of the pandemic and the capital investments we have made in our assets over the last five years continue to show meaningful results. Remarkably, we achieved these record results with recovering Hospitality occupancy levels that are approximately 5 points below our pre-COVID levels. We are particularly pleased with the improvement we have seen in group travel and are encouraged by the pace of hotel bookings production and lead volumes. These results, along with continued healthy leisure demand and the strong desire of groups to return to their pre-COVID meeting cadence, are indicators that our hotel business is in prime position for a strong back half of the year and additional upside in the years ahead.
The second quarter was also an active one for our Entertainment segment. We successfully closed two major transactions, the Block 21 acquisition and our new joint venture with Atairos and NBCUniversal, that will provide additional value creation opportunities and further position OEG for long-term, sustainable growth.”

Second Quarter 2022 Results (as compared to Second Quarter 2021):

Consolidated Results
($ in thousands, except per share amounts)	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022		2021		% ∆		2022		2021		% ∆
Total Revenue	$470,204		$170,861		175.2%		$769,339		$255,036		201.7%
Operating income (loss)	$105,968		($30,947)		442.4%		$113,842		($110,504)		203.0%
Operating income (loss) margin	22.5%		-18.1%		40.6pt		14.8%		-43.3%		58.1pt
Net income (loss) available to common shareholders	$50,284		($57,919)		186.8%		$25,663		($162,440)		115.8%
Net income (loss) available to common shareholders margin	10.7%		-33.9%		44.6pt		3.3%		-63.7%		67.0pt
Net income (loss) available to common shareholders per diluted share	$0.91		($1.05)		186.7%		$0.46		($2.95)		115.6%
Adjusted EBITDAre	$167,625		$28,155		495.4%		$236,619		$5,706		4,046.8%
Adjusted EBITDAre margin	35.6%		16.5%		19.1pt		30.8%		2.2%		28.6pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$166,494		$28,428		485.7%		$235,488		$6,723		3,402.7%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin	35.4%		16.6%		18.8pt		30.6%		2.6%		28.0pt
Funds From Operations (FFO) available to common shareholders and unit holders	$107,119		($6,825)		1,669.5%		$138,341		($66,790)		307.1%
FFO available to common shareholders and unit holders per diluted share/unit	$1.91		($0.12)		1,691.7%		$2.48		($1.20)		306.7%
Adjusted FFO available to common shareholders and unit holders	$114,875		($1,647)		7,074.8%		$149,689		($52,152)		387.0%
Adjusted FFO available to common shareholders and unit holders per diluted share/unit	$2.05		($0.03)		6,933.3%		$2.69		($0.94)		386.2%

Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common shareholders and unit holders, and Adjusted FFO available to common shareholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders and unit holders to Net Income/(Loss), see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022		2021		% ∆		2022		2021		% ∆
Hospitality Revenue (1)	$401,802		$135,688		196.1%		$662,913		$205,490		222.6%
Hospitality operating income (loss) (1)	$100,573		($27,317)		468.2%		$116,241		($90,860)		227.9%
Hospitality operating income/(loss) margin (1)	25.0%		-20.1%		45.1pt		17.5%		-44.2%		61.7pt
Hospitality Adjusted EBITDAre (1)	$154,983		$25,968		496.8%		$225,315		$14,079		1,500.4%
Hospitality Adjusted EBITDAre margin (1)	38.6%		19.1%		19.5pt		34.0%		6.9%		27.1pt
Hospitality Performance Metrics (1) (2)
Occupancy	72.7%		32.9%		39.8pt		60.1%		24.7%		35.4pt
Average Daily Rate (ADR)	$234.50		$202.12		16.0%		$232.41		$197.97		17.4%
RevPAR	$170.46		$66.51		156.3%		$139.61		$48.98		185.0%
Total RevPAR	$424.07		$145.63		191.2%		$351.76		$111.58		215.3%
Gross Definite Rooms Nights Booked	601,180		659,469		-8.8%		1,023,225		1,100,639		-7.0%
Net Definite Rooms Nights Booked	413,042		371,540		11.2%		578,710		337,831		71.3%
Group Attrition (as % of contracted block)	18.2%		19.8%		-1.6pt		23.9%		25.2%		-1.3pt
Cancellations ITYFTY (3)	11,647		137,360		-91.5%		182,066		416,984		-56.3%
(1) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.
(2) Calculation of hospitality performance metrics includes closed hotel room nights available; includes the addition of 302 additional guest rooms due to Gaylord Palms expansion beginning June 1, 2021. ADR is for occupied rooms.
(3) "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 second quarter 2022 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/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for each of the hotel properties in the Hospitality segment.

Hospitality Segment Highlights

• Hotels achieved 72.7% occupancy in Q2 2022, compared to 47.3% in Q1 2022 and 32.9% in Q2 2021, as the segment continued to sequentially improve as our recovery continues.
• April 2022 set a record for the highest monthly operating income and Adjusted EBITDAre for the Hospitality segment at $36.4 million and $54.3 million, respectively, and the second highest Adjusted EBITDAre margin month on record.
• Gaylord National delivered Adjusted EBITDAre margin excluding bond interest for the quarter comparable to Q2 2019, despite occupancy of 64.2%, which was 17.2 points lower than Q2 2019, demonstrating that the investments made in F&B reconcepting are yielding results.
• Gaylord Rockies reported its strongest quarter since its initial opening, with occupancy in the month of June setting an all-time monthly record for any hotel in Company history at 92.4%, while achieving an operating income margin in the month of 21.5% and an Adjusted EBITDAre margin in the month of 49.0%.
• Gaylord Opryland delivered operating income of $31.9 million and Adjusted EBITDAre of $40.4 million for the quarter, up 2.4% and 1.6% from Q2 2019, respectively, despite 6.2 lower points of occupancy compared to Q2 2019.
• Gaylord Texan delivered a second quarter record for both operating income of $25.7 million and Adjusted EBITDAre of $31.5 million, and Gaylord Palms delivered an all-time record quarter for both operating income of $18.2 million and Adjusted EBITDAre of $24.9 million, with both hotels benefitting from continued group and transient demand as well as successful recent expansions.

Gaylord Opryland

($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022		2021		% ∆		2022		2021		% ∆
Revenue	$105,497		$45,002		134.4%		$179,016		$66,761		168.1%
Operating income (loss)	$31,871		$3,201		895.7%		$47,426		($8,549)		654.8%
Operating income (loss) margin	30.2%		7.1%		23.1pt		26.5%		-12.8%		39.3pt
Adjusted EBITDAre	$40,416		$11,755		243.8%		$64,547		$8,273		680.2%
Adjusted EBITDAre margin	38.3%		26.1%		12.2pt		36.1%		12.4%		23.7pt
Occupancy	75.1%		40.2%		34.9pt		62.0%		29.3%		32.7pt
Average daily rate (ADR)	$233.68		$216.09		8.1%		$236.06		$214.22		10.2%
RevPAR	$175.51		$86.88		102.0%		$146.41		$62.76		133.3%
Total RevPAR	$401.42		$171.23		134.4%		$342.46		$127.71		168.2%

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022		2021		% ∆		2022		2021		% ∆
Revenue	$68,289		$32,702		108.8%		$128,137		$47,819		168.0%
Operating income (loss)	$18,218		$2,380		665.5%		$34,076		($3,637)		1,036.9%
Operating income (loss) margin	26.7%		7.3%		19.4pt		26.6%		-7.6%		34.2pt
Adjusted EBITDAre	$24,851		$9,001		176.1%		$47,327		$8,608		449.8%
Adjusted EBITDAre margin	36.4%		27.5%		8.9pt		36.9%		18.0%		18.9pt
Occupancy (1)	74.6%		52.2%		22.4pt		65.1%		38.9%		26.2pt
Average daily rate (ADR)	$231.53		$199.63		16.0%		$241.99		$197.28		22.7%
RevPAR (1)	$172.78		$104.17		65.9%		$157.65		$76.82		105.2%
Total RevPAR (1)	$436.80		$232.64		87.8%		$412.07		$178.42		131.0%
(1) Calculation of hospitality performance metrics includes 302 expansion rooms beginning June 1, 2021.

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022		2021		% ∆		2022		2021		% ∆
Revenue	$77,665		$34,069		128.0%		$134,301		$52,427		156.2%
Operating income (loss)	$25,734		$3,278		685.1%		$38,650		($1,503)		2,671.5%
Operating income (loss) margin	33.1%		9.6%		23.5pt		28.8%		-2.9%		31.7pt
Adjusted EBITDAre	$31,476		$9,472		232.3%		$51,090		$10,920		367.9%
Adjusted EBITDAre margin	40.5%		27.8%		12.7pt		38.0%		20.8%		17.2pt
Occupancy	74.3%		43.7%		30.6pt		66.1%		33.2%		32.9pt
Average daily rate (ADR)	$231.22		$203.43		13.7%		$226.94		$198.82		14.1%
RevPAR	$171.74		$88.88		93.2%		$150.02		$66.06		127.1%
Total RevPAR	$470.48		$206.39		128.0%		$409.04		$159.68		156.2%

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022		2021		% ∆		2022		2021		% ∆
Revenue	$72,223		$2,311		3,025.2%		$104,810		$3,568		2,837.5%
Operating income (loss)	$12,824		($15,051)		185.2%		$1,549		($29,574)		105.2%
Operating income (loss) margin	17.8%		-651.3%		669.1pt		1.5%		-828.9%		830.4pt
Adjusted EBITDAre	$23,023		($6,474)		455.6%		$21,227		($12,810)		265.7%
Adjusted EBITDAre margin	31.9%		-280.1%		312.0pt		20.3%		-359.0%		379.3pt
Occupancy (1) (2)	64.2%		0.0%		64.2pt		49.9%		0.0%		49.9pt
Average daily rate (ADR)	$251.45		$0.00		NA		$240.22		$0.00		NA
RevPAR (1) (2)	$161.40		$0.00		NA		$119.80		$0.00		NA
Total RevPAR (1) (2)	$397.62		$12.72		3,025.9%		$290.11		$9.87		2,839.3%
(1) Calculation of hospitality performance metrics includes closed hotel room nights available.
(2) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.

Gaylord Rockies

($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022		2021		% ∆		2022		2021		% ∆
Revenue	$70,755		$18,338		285.8%		$105,542		$30,308		248.2%
Operating income (loss)	$10,215		($20,596)		149.6%		($6,569)		($45,295)		85.5%
Operating income (loss) margin	14.4%		-112.3%		126.7pt		-6.2%		-149.4%		143.2pt
Adjusted EBITDAre	$32,865		$2,021		1,526.2%		$38,729		$13		297,815.4%
Adjusted EBITDAre margin	46.4%		11.0%		35.4pt		36.7%		0.0%		36.7pt
Occupancy	76.6%		25.7%		50.9pt		58.0%		21.6%		36.4pt
Average daily rate (ADR)	$235.69		$199.69		18.0%		$228.22		$189.92		20.2%
RevPAR	$180.45		$51.38		251.2%		$132.29		$40.98		222.8%
Total RevPAR	$518.01		$134.25		285.9%		$388.48		$111.55		248.3%

Entertainment Segment

For the three and six months ended June 30, 2022, and 2021, the Company reported the following:

($ in thousands)	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022		2021		% ∆		2022		2021		% ∆
Revenue	$68,402		$35,173		94.5%		$106,426		$49,546		114.8%
Operating income (loss)	$18,019		$5,913		204.7%		$20,456		($2,007)		1,119.2%
Operating income (loss) margin	26.3%		16.8%		9.5pt		19.2%		-4.1%		23.3pt
Adjusted EBITDAre	$22,053		$8,290		166.0%		$26,863		$2,829		849.6%
Adjusted EBITDAre margin	32.2%		23.6%		8.6pt		25.2%		5.7%		19.5pt

Reed continued, “While the major news this quarter for our Entertainment segment was the closing of two strategic transactions, demand for live entertainment experiences continues to be healthy and our existing businesses delivered solid results during the second quarter, with segment revenue, operating income and Adjusted EBITDAre exceeding second quarter 2019 results, despite a slower than anticipated post-pandemic recovery of the tour and travel segment in Nashville and a softening advertising market which impacted results in our Circle joint venture.”

Corporate and Other Segment

For the three and six months ended June 30, 2022, and 2021, the Company reported the following: 

($ in thousands)	Three Months Ended							Six Months Ended
	June 30,							June 30,
	2022		2021		% ∆			2022		2021		% ∆
Operating loss	($12,624)		($9,543)		-32.3%			($22,855)		($17,637)		-29.6%
Adjusted EBITDAre	($9,411)		($6,103)		-54.2%			($15,559)		($11,202)		-38.9%

Corporate and Other Segment Operating Loss and Adjusted EBITDAre for the 2022 periods include increases in administrative and employment costs associated with supporting the Company’s growth as well as increased costs associated with incentive compensation accruals due to the Company’s strong financial performance.

2022 Guidance

The Company is providing a business performance outlook for the third quarter 2022 and is raising its guidance for full year 2022 based on current information as of August 1, 2022. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

($ in millions)	Guidance								3Q 2022
	3Q 2022								Guidance
	Low				High				Midpoint
Net Income	$	38.0			$	41.0			$	39.5
Adjusted EBITDAre
Hospitality	$	125.0			$	130.0			$	127.5
Entertainment		21.0				24.0				22.5
Corporate and Other		(9.0	)			(8.0	)			(8.5	)
Consolidated Adjusted EBITDAre	$	137.0			$	146.0			$	141.5
($ in millions)	Prior Guidance								Prior FY				New Guidance								New FY				Change
	Full Year 2022								Guidance				Full Year 2022								Guidance
	Low				High				Midpoint				Low				High				Midpoint				Midpoint
Net Income	$	78.0			$	93.0			$	85.5			$	103.0			$	110.0			$	106.5			$	21.0
Adjusted EBITDAre
Hospitality	$	443.0			$	458.0			$	450.5			$	475.0			$	490.0			$	482.5			$	32.0
Entertainment		80.0				88.0				84.0				72.0				80.0				76.0				(8.0	)
Corporate and Other		(29.0	)			(26.0	)			(27.5	)			(33.0	)			(32.0	)			(32.5	)			(5.0	)
Consolidated Adjusted EBITDAre	$	494.0			$	520.0			$	507.0			$	514.0			$	538.0			$	526.0			$	19.0

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income and segment-level Adjusted EBITDAre to segment-level Operating Income, see “Reconciliation of Forward-Looking Statements” below.

Reed concluded, “Our results this quarter are further indication that the investments and actions we have taken alongside Marriott over the last several years have competitively positioned our business to capitalize on the continued recovery of the group segment. We entered 2022 with cautious optimism that we would see sequential month-over-month improvement in our business as the nation continues to navigate COVID-19. Given our performance in the first half and the strength of our forward bookings for the remainder of the year, we are raising full year 2022 guidance to a consolidated Adjusted EBITDAre midpoint of $526 million, a $19 million increase over our previous updated guidance midpoint given in June. We continue to believe in the future of our business and look forward to the long-term trajectory of this Company.”

Transaction Updates
On May 31, 2022, the Company closed its previously announced acquisition of Block 21 from Stratus Properties for a stated purchase price of $260 million, as subsequently adjusted to $255 million pursuant to the terms of the purchase agreement, which included the assumption of approximately $136 million of existing mortgage debt.

On June 16, 2022, the Company closed the strategic investment in Opry Entertainment Group (OEG) by Atairos and NBCUniversal, which initially valued the OEG business at $1.415 billion, inclusive of Block 21. Atairos and NBCUniversal acquired a 30% equity interest in OEG for a $296 million investment. OEG also closed a $300 million term loan and a $65 million revolving credit facility which was undrawn at closing.

Balance Sheet/Liquidity Update
As of June 30, 2022, after repayment of the Company’s Term Loan A using proceeds of the new OEG financing, the Company had total debt outstanding of $2,863.0 million, net of unamortized deferred financing costs, and unrestricted cash of $179.2 million. As of June 30, 2022, there were no amounts drawn under the revolving credit lines of the Company’s credit facility or the OEG credit facility, and the lending banks had issued $10.4 million in letters of credit, which left $754.6 million of availability for borrowing under the two credit facilities.

As a reminder, at the end of the first quarter of this year, the Company effectively exited its covenant waiver period under its secured credit facility. Beginning with the second quarter, the Company is required to meet modified covenants related to its funded indebtedness to total asset value ratio, fixed charge coverage ratio, and implied debt service coverage ratio.

Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 2, 2022, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and leading entertainment experiences. RHP’s core holdings, 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, are five of the top ten largest non-gaming convention center hotels in the United States based on total indoor meeting space. Our Hospitality segment is comprised of these convention center resorts operating under the Gaylord Hotels brand, along with two adjacent ancillary hotels, which are managed by Marriott International and represent a combined total of 10,412 rooms and more than 2.8 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 and Circle, a country lifestyle media network RHP owns in a joint venture with Gray Television, Nashville-area attractions managed by Marriott, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at 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. Visit RymanHP.com for more information.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to RHP’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 our business, the impact of COVID-19 on travel, leisure and group demand, the effects of COVID-19 on our results of operations, efforts, our liquidity, recovery of group business to pre-pandemic levels, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expectations for OEG including Block 21 and the Atairos investment, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the COVID-19 pandemic, including the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on the demand for travel, leisure and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the duration and severity of the COVID-19 pandemic in the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic in the markets where our assets are located, governmental restrictions on our businesses, economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business and on its customers, including group business at its hotels, the Company’s ability to remain qualified as a REIT for federal income tax purposes, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, the suspension of our dividend and our dividend policy, including the frequency and amount of any dividend we may pay, the Company’s ability to borrow funds pursuant to its credit agreements, the occurrence of any event, change or other circumstance that could affect the integration of Block 21 or the strategic position of OEG after the Atairos investment. 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, 2021, 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, Total RevPAR, and Occupancy
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. Room nights available to guests include nights the hotels are closed. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Rooms out of service for renovation are included in room nights available. For the three and six months ended June 30, 2022, and 2021, the calculation of RevPAR and Total RevPAR in our tabular presentations has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. The closure of Gaylord National, which reopened July 1, 2021, resulted in significantly lower performance reflected in these metrics for the six months ended June 30, 2021, as compared to the current period. Occupancy figures reflect an additional 302 rooms available at Gaylord Palms beginning in June 2021. 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/(Loss) available to common shareholders margin by dividing GAAP consolidated Net Income available to common shareholders 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/(Loss) 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 or 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;
• any transaction costs of acquisitions;
• interest income on bonds;
• loss on extinguishment of debt;
• pension settlement charges;
• pro rata Adjusted EBITDAre from unconsolidated joint venture; and
• any other adjustments we have identified herein.
  

We then exclude noncontrolling interests in consolidated joint venture to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

For Gaylord National, we exclude interest income on bonds to calculate property-level Adjusted EBITDAre excluding interest income on bonds. 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 metrics provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP metrics, 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 shareholders 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 venture attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint venture.
To calculate Adjusted FFO available to common shareholders 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;
• (gains) losses 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 venture;
• (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 shareholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex) exclude the ownership portion of Gaylord Rockies joint venture not controlled or owned by the Company in prior periods.

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 (Loss), 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	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
Todd Siefert, Senior Vice President Corporate Finance & Treasurer
Ryman Hospitality Properties, Inc.
(615) 316-6344
tsiefert@rymanhp.com

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
		Three Months Ended								Six Months Ended
		Jun. 30								Jun. 30
			2022				2021				2022				2021
Revenues :
	Rooms	$	161,506			$	61,971			$	263,099			$	90,199
	Food and beverage		188,083				45,619				300,199				63,794
	Other hotel revenue		52,213				28,098				99,615				51,497
	Entertainment		68,402				35,173				106,426				49,546
	Total revenues		470,204				170,861				769,339				255,036
Operating expenses:
	Rooms		41,238				15,039				71,374				24,516
	Food and beverage		97,489				33,748				168,818				53,077
	Other hotel expenses		99,284				61,365				185,927				115,922
	Management fees		11,202				2,149				16,266				2,902
	Total hotel operating expenses		249,213				112,301				442,385				196,417
	Entertainment		45,670				25,639				77,401				44,330
	Corporate		12,417				8,978				21,974				16,506
	Preopening costs		221				217				525				616
	(Gain) loss on sale of assets		-				-				469				(317	)
	Depreciation and amortization		56,715				54,673				112,743				107,988
	Total operating expenses		364,236				201,808				655,497				365,540
Operating income (loss)			105,968				(30,947	)			113,842				(110,504	)
Interest expense, net of amounts capitalized			(33,958	)			(29,847	)			(65,895	)			(60,643	)
Interest income			1,379				1,451				2,760				2,821
Loss on extinguishment of debt			(1,547	)			-				(1,547	)			(2,949	)
Loss from consolidated joint ventures			(3,001	)			(1,910	)			(5,628	)			(3,519	)
Other gains and (losses), net			(283	)			(173	)			164				201
Income (loss) before income taxes			68,558				(61,426	)			43,696				(174,593	)
Provision benefit for income taxes			(17,634	)			(1,623	)			(17,569	)			(5,577	)
Net income (loss)			50,924				(63,049	)			26,127				(180,170	)
Net (income) loss attributable to noncontrolling interest in consolidated joint venture			(280	)			4,708				(280	)			16,501
Net (income) loss attributable to noncontrolling interest in Operating Partnership			(360	)			422				(184	)			1,229
Net income (loss) available to common shareholders		$	50,284			$	(57,919	)		$	25,663			$	(162,440	)
Basic income (loss) per share available to common shareholders		$	0.91			$	(1.05	)		$	0.47			$	(2.95	)
Diluted income (loss) per share available to common shareholders		$	0.91			$	(1.05	)		$	0.46			$	(2.95	)
Weighted average common shares for the period:
	Basic		55,150				55,058				55,118				55,026
	Diluted		55,862				55,058				55,321				55,026

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
			Jun. 30			Dec. 31,
				2022			2021
ASSETS:
	Property and equipment, net of accumulated depreciation		$	3,200,732		$	3,031,844
	Cash and cash equivalents - unrestricted			179,230			140,688
	Cash and cash equivalents - restricted			52,539			22,312
	Notes receivable			68,884			71,228
	Trade receivables, net			125,400			74,745
	Prepaid expenses and other assets			129,466			112,904
	Intangible assets			108,449			126,804
		Total assets	$	3,864,700		$	3,580,525
LIABILITIES AND EQUITY:
	Debt and finance lease obligations		$	2,863,022		$	2,936,819
	Accounts payable and accrued liabilities			343,618			304,719
	Dividends payable			102			386
	Deferred management rights proceeds			169,054			170,614
	Operating lease liabilities			115,010			113,770
	Deferred income tax liabilities, net			4,966			4,671
	Other liabilities			66,461			71,939
	Noncontrolling interest in consolidated joint venture			296,236			-
	Total equity (deficit)			6,231			(22,393	)
		Total liabilities and equity (deficit)	$	3,864,700		$	3,580,525

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)
		Three Months Ended Jun. 30,												Six Months Ended Jun. 30,
			2022						2021						2022						2021
		$			Margin			$			Margin			$			Margin			$			Margin
	Consolidated
	Revenue	$	470,204					$	170,861					$	769,339					$	255,036
	Net income (loss)	$	50,924		10.8	%		$	(63,049	)	-36.9	%		$	26,127		3.4	%		$	(180,170	)	-70.6	%
	Interest expense, net		32,579						28,396						63,135						57,822
	Provision for income taxes		17,634						1,623						17,569						5,577
	Depreciation & amortization		56,715						54,673						112,743						107,988
	(Gain) loss on sale of assets		(142	)					-						327						(317	)
	Pro rata EBITDAre from unconsolidated joint ventures		23						19						45						34
	EBITDAre		157,733		33.5	%			21,662		12.7	%			219,946		28.6	%			(9,066	)	-3.6	%
	Preopening costs		221						217						525						616
	Non-cash lease expense		1,108						1,085						2,281						2,173
	Equity-based compensation expense		3,654						3,146						7,440						5,668
	Pension settlement charge		853						566						853						566
	Interest income on Gaylord National bonds		1,339						1,404						2,679						2,725
	Loss on extinguishment of debt		1,547						-						1,547						2,949
	Transaction costs of acquisitions		1,170						75						1,348						75
	Adjusted EBITDAre	$	167,625		35.6	%		$	28,155		16.5	%		$	236,619		30.8	%		$	5,706		2.2	%
	Adjusted EBITDAre of noncontrolling interest in consolidated joint venture	$	(1,131	)					273					$	(1,131	)					1,017
	Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	166,494		35.4	%		$	28,428		16.6	%		$	235,488		30.6	%		$	6,723		2.6	%
	Hospitality segment
	Revenue	$	401,802					$	135,688					$	662,913					$	205,490
	Operating income (loss)	$	100,573		25.0	%		$	(27,317	)	-20.1	%		$	116,241		17.5	%		$	(90,860	)	-44.2	%
	Depreciation & amortization		52,016						50,487						104,287						99,635
	Gain on sale of assets		-						-						-						(317	)
	Preopening costs		-						217						-						615
	Non-cash lease expense		1,055						1,102						2,108						2,206
	Interest income on Gaylord National bonds		1,339						1,404						2,679						2,725
	Transaction costs of acquisitions		-						75						-						75
	Adjusted EBITDAre	$	154,983		38.6	%		$	25,968		19.1	%		$	225,315		34.0	%		$	14,079		6.9	%
	Entertainment segment
	Revenue	$	68,402					$	35,173					$	106,426					$	49,546
	Operating income (loss)	$	18,019		26.3	%		$	5,913		16.8	%		$	20,456		19.2	%		$	(2,007	)	-4.1	%
	Depreciation & amortization		4,492						3,621						8,044						7,222
	Preopening costs		221						-						525						1
	Non-cash lease (revenue) expense		53						(17	)					173						(33	)
	Equity-based compensation		1,077						664						1,901						1,131
	Transaction costs of acquisitions		1,170						-						1,348						-
	Pro rata adjusted EBITDAre from unconsolidated joint ventures		(2,979	)					(1,891	)					(5,584	)					(3,485	)
	Adjusted EBITDAre	$	22,053		32.2	%		$	8,290		23.6	%		$	26,863		25.2	%		$	2,829		5.7	%
	Corporate and Other segment
	Operating loss	$	(12,624	)				$	(9,543	)				$	(22,855	)				$	(17,637	)
	Depreciation & amortization		207						565						412						1,131
	Other gains and (losses), net		(424	)					(173	)					492						201
	Equity-based compensation		2,577						2,482						5,539						4,537
	Pension settlement charge		853						566						853						566
	Adjusted EBITDAre	$	(9,411	)				$	(6,103	)				$	(15,559	)				$	(11,202	)

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION
Unaudited
(in thousands, except per share data)
		Three Months Ended Jun. 30,								Six Months Ended Jun. 30,
			2022				2021				2022				2021
	Consolidated
	Net income (loss)	$	50,924			$	(63,049	)		$	26,127			$	(180,170	)
	Noncontrolling interest in consolidated joint venture		(280	)			4,708				(280	)			16,501
	Net income (loss) available to common shareholders and unit holders		50,644				(58,341	)			25,847				(163,669	)
	Depreciation & amortization		56,685				54,636				112,682				107,914
	Adjustments for noncontrolling interest		(233	)			(3,139	)			(233	)			(11,069	)
	Pro rata adjustments from joint ventures		23				19				45				34
	FFO available to common shareholders and unit holders		107,119				(6,825	)			138,341				(66,790	)
	Right-of-use asset amortization		30				37				61				74
	Non-cash lease expense		1,108				1,085				2,281				2,173
	Pension settlement charge		853				566				853				566
	(Gain) loss on other assets		-				-				469				(317	)
	Amortization of deferred financing costs		2,309				2,170				4,538				4,379
	Amortization of debt discounts (premiums)		61				(70	)			(12	)			(140	)
	Loss on extinguishment of debt		1,547				-				1,547				2,949
	Adjustments for noncontrolling interest		(32	)			(77	)			(32	)			(294	)
	Transaction costs of acquisitions		1,170				75				1,348				75
	Deferred tax expense		710				1,392				295				5,173
	Adjusted FFO available to common shareholders and unit holders	$	114,875			$	(1,647	)		$	149,689			$	(52,152	)
	Capital expenditures (1)		(19,930	)			(16,435	)			(32,235	)			(16,587	)
	Adjusted FFO available to common shareholders and unit holders (ex. maintenance capex)	$	94,945			$	(18,082	)		$	117,454			$	(68,739	)
	Basic net income (loss) per share	$	0.91			$	(1.05	)		$	0.47			$	(2.95	)
	Diluted net income (loss) per share	$	0.91			$	(1.05	)		$	0.46			$	(2.95	)
	FFO available to common shareholders and unit holders per basic share/unit	$	1.93			$	(0.12	)		$	2.49			$	(1.20	)
	Adjusted FFO available to common shareholders and unit holders per basic share/unit	$	2.07			$	(0.03	)		$	2.70			$	(0.94	)
	FFO available to common shareholders and unit holders per diluted share/unit	$	1.91			$	(0.12	)		$	2.48			$	(1.20	)
	Adjusted FFO available to common shareholders and unit holders per diluted share/unit	$	2.05			$	(0.03	)		$	2.69			$	(0.94	)
	Weighted average common shares and OP units for the period:
	Basic		55,545				55,458				55,513				55,440
	Diluted		56,256				55,458				55,716				55,440
	(1) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. Note that during 2021, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties were suspended, although we did make voluntary contributions to fund the rooms renovation at Gaylord National.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
		Three Months Ended Jun. 30,												Six Months Ended Jun. 30,
			2022						2021						2022						2021
		$			Margin			$			Margin			$			Margin			$			Margin
	Hospitality segment
	Revenue	$	401,802					$	135,688					$	662,913					$	205,490
	Operating income (loss)	$	100,573		25.0	%		$	(27,317	)	-20.1	%		$	116,241		17.5	%		$	(90,860	)	-44.2	%
	Depreciation & amortization		52,016						50,487						104,287						99,635
	Gain on sale of assets		-						-						-						(317	)
	Preopening costs		-						217						-						615
	Non-cash lease expense		1,055						1,102						2,108						2,206
	Interest income on Gaylord National bonds		1,339						1,404						2,679						2,725
	Transaction costs of acquisitions		-						75						-						75
	Adjusted EBITDAre	$	154,983		38.6	%		$	25,968		19.1	%		$	225,315		34.0	%		$	14,079		6.9	%
	Occupancy		72.7	%					32.9	%					60.1	%					24.7	%
	Average daily rate (ADR)	$	234.50					$	202.12					$	232.41					$	197.97
	RevPAR	$	170.46					$	66.51					$	139.61					$	48.98
	OtherPAR	$	253.61					$	79.12					$	212.15					$	62.60
	Total RevPAR	$	424.07					$	145.63					$	351.76					$	111.58
	Gaylord Opryland
	Revenue	$	105,497					$	45,002					$	179,016					$	66,761
	Operating income (loss)	$	31,871		30.2	%		$	3,201		7.1	%		$	47,426		26.5	%		$	(8,549	)	-12.8	%
	Depreciation & amortization		8,557						8,554						17,146						17,137
	Gain on sale of assets		-						-						-						(317	)
	Non-cash lease (revenue) expense		(12	)					-						(25	)					2
	Adjusted EBITDAre	$	40,416		38.3	%		$	11,755		26.1	%		$	64,547		36.1	%		$	8,273		12.4	%
	Occupancy		75.1	%					40.2	%					62.0	%					29.3	%
	Average daily rate (ADR)	$	233.68					$	216.09					$	236.06					$	214.22
	RevPAR	$	175.51					$	86.88					$	146.41					$	62.76
	OtherPAR	$	225.91					$	84.35					$	196.05					$	64.95
	Total RevPAR	$	401.42					$	171.23					$	342.46					$	127.71
	Gaylord Palms
	Revenue	$	68,289					$	32,702					$	128,137					$	47,819
	Operating income (loss)	$	18,218		26.7	%		$	2,380		7.3	%		$	34,076		26.6	%		$	(3,637	)	-7.6	%
	Depreciation & amortization		5,566						5,302						11,118						9,426
	Preopening costs		-						217						-						615
	Non-cash lease expense		1,067						1,102						2,133						2,204
	Adjusted EBITDAre	$	24,851		36.4	%		$	9,001		27.5	%		$	47,327		36.9	%		$	8,608		18.0	%
	Occupancy		74.6	%					52.2	%					65.1	%					38.9	%
	Average daily rate (ADR)	$	231.53					$	199.63					$	241.99					$	197.28
	RevPAR	$	172.78					$	104.17					$	157.65					$	76.82
	OtherPAR	$	264.02					$	128.47					$	254.42					$	101.60
	Total RevPAR	$	436.80					$	232.64					$	412.07					$	178.42
	Gaylord Texan
	Revenue	$	77,665					$	34,069					$	134,301					$	52,427
	Operating income (loss)	$	25,734		33.1	%		$	3,278		9.6	%		$	38,650		28.8	%		$	(1,503	)	-2.9	%
	Depreciation & amortization		5,742						6,194						12,440						12,423
	Adjusted EBITDAre	$	31,476		40.5	%		$	9,472		27.8	%		$	51,090		38.0	%		$	10,920		20.8	%
	Occupancy		74.3	%					43.7	%					66.1	%					33.2	%
	Average daily rate (ADR)	$	231.22					$	203.43					$	226.94					$	198.82
	RevPAR	$	171.74					$	88.88					$	150.02					$	66.06
	OtherPAR	$	298.74					$	117.51					$	259.02					$	93.62
	Total RevPAR	$	470.48					$	206.39					$	409.04					$	159.68
	Gaylord National
	Revenue	$	72,223					$	2,311					$	104,810					$	3,568
	Operating income (loss)	$	12,824		17.8	%		$	(15,051	)	-651.3	%		$	1,549		1.5	%		$	(29,574	)	-828.9	%
	Depreciation & amortization		8,860						7,173						16,999						14,039
	Interest income on Gaylord National bonds		1,339						1,404						2,679						2,725
	Adjusted EBITDAre	$	23,023		31.9	%		$	(6,474	)	-280.1	%		$	21,227		20.3	%		$	(12,810	)	-359.0	%
	Occupancy		64.2	%					0.0	%					49.9	%					0.0	%
	Average daily rate (ADR)	$	251.45					$	-					$	240.22					$	-
	RevPAR	$	161.40					$	-					$	119.80					$	-
	OtherPAR	$	236.22					$	12.72					$	170.31					$	9.87
	Total RevPAR	$	397.62					$	12.72					$	290.11					$	9.87
	Gaylord Rockies
	Revenue	$	70,755					$	18,338					$	105,542					$	30,308
	Operating income (loss) (1)	$	10,215		14.4	%		$	(20,596	)	-112.3	%		$	(6,569	)	-6.2	%		$	(45,295	)	-149.4	%
	Depreciation & amortization		22,650						22,617						45,298						45,308
	Adjusted EBITDAre (1)	$	32,865		46.4	%		$	2,021		11.0	%		$	38,729		36.7	%		$	13		0.0	%
	Occupancy		76.6	%					25.7	%					58.0	%					21.6	%
	Average daily rate (ADR)	$	235.69					$	199.69					$	228.22					$	189.92
	RevPAR	$	180.45					$	51.38					$	132.29					$	40.98
	OtherPAR	$	337.56					$	82.87					$	256.19					$	70.57
	Total RevPAR	$	518.01					$	134.25					$	388.48					$	111.55
	The AC Hotel at National Harbor
	Revenue	$	3,261					$	1,459					$	4,868					$	2,264
	Operating income (loss)	$	539		16.5	%		$	(376	)	-25.8	%		$	132		2.7	%		$	(1,141	)	-50.4	%
	Depreciation & amortization		328						328						655						657
	Adjusted EBITDAre	$	867		26.6	%		$	(48	)	-3.3	%		$	787		16.2	%		$	(484	)	-21.4	%
	Occupancy		71.2	%					49.7	%					58.8	%					41.5	%
	Average daily rate (ADR)	$	233.52					$	153.50					$	211.27					$	142.54
	RevPAR	$	166.20					$	76.30					$	124.16					$	59.19
	OtherPAR	$	20.39					$	7.19					$	15.90					$	5.94
	Total RevPAR	$	186.59					$	83.49					$	140.06					$	65.13
	The Inn at Opryland (2)
	Revenue	$	4,112					$	1,807					$	6,239					$	2,343
	Operating income (loss)	$	1,172		28.5	%		$	(153	)	-8.5	%		$	977		15.7	%		$	(1,161	)	-49.6	%
	Depreciation & amortization		313						319						631						645
	Transaction costs of acquisitions		-						75						-						75
	Adjusted EBITDAre	$	1,485		36.1	%		$	241		13.3	%		$	1,608		25.8	%		$	(441	)	-18.8	%
	Occupancy		67.0	%					42.2	%					54.9	%					29.1	%
	Average daily rate (ADR)	$	170.57					$	126.51					$	157.68					$	120.45
	RevPAR	$	114.26					$	53.38					$	86.60					$	35.07
	OtherPAR	$	34.94					$	12.23					$	27.19					$	7.69
	Total RevPAR	$	149.20					$	65.61					$	113.79					$	42.76
	(1) Operating loss and Adjusted EBITDAre for Gaylord Rockies for the three months and six months ended June 30, 2021 exclude forgiven asset management fees previously owed to RHP of $0.4 million and $0.3 million, respectively.
	(2) Includes other hospitality revenue and expense

Hospitality Segment
Adjusted EBITDAre reconciliation
Unaudited
(in thousands)
		Apr-22
Hospitality Segment
	Revenue	$	131,921
	Operating Income/(Loss)	$	36,364
	Total Depreciation and Amortization	$	17,128
	Non-cash lease expense	$	351
	Interest income on bonds	$	447
	Adjusted EBITDAre	$	54,289
	Adjusted EBITDAre margin		41.2	%
Gaylord Rockies
Adjusted EBITDAre reconciliation
Unaudited
(in thousands)
		Jun-22
Gaylord Rockies
	Revenue	$	27,472
	Operating Income/(Loss)	$	5,899
	Total Depreciation and Amortization	$	7,554
	Adjusted EBITDAre	$	13,453
	Adjusted EBITDAre margin		49.0	%
Gaylord National
Adjusted EBITDAre reconciliation
Unaudited
(in thousands)
		2Q 2022
Gaylord National
	Revenue	$	72,223
	Operating Income/(Loss)	$	12,824
	Total Depreciation and Amortization	$	8,860
	Interest income on bonds	$	1,339
	Adjusted EBITDAre	$	23,023
	Interest income on bonds	$	1,339
	Adjusted EBITDAre excluding interest income on bonds	$	21,684
	Adjusted EBITDAre excluding interest income margin		30.0	%
Gaylord National
Adjusted EBITDAre reconciliation
Unaudited
(in thousands)
		2Q 2019
Gaylord National
	Revenue	$	78,128
	Operating Income/(Loss)	$	17,044
	Total Depreciation and Amortization	$	6,901
	Interest income on bonds	$	2,565
	Adjusted EBITDAre	$	26,510
	Interest income on bonds	$	2,565
	Adjusted EBITDAre excluding interest income on bonds	$	23,945
	Adjusted EBITDAre excluding interest income margin		30.6	%

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
		GUIDANCE RANGE
		FOR 3Q 2022
		Low				High				Midpoint
Ryman Hospitality Properties, Inc.
	Net Income	$	38,000			$	41,000			$	39,500
	Provision (benefit) for income taxes		9,950				11,200				10,575
	Interest Expense		36,000				38,000				37,000
	Depreciation and amortization		47,500				48,500				48,000
	Pro rata EBITDAre from unconsolidated joint ventures (1)		50				50				50
	EBITDAre	$	131,500			$	138,750			$	135,125
	Non-cash lease expense		1,000				1,500				1,250
	Preopening expense		125				125				125
	Equity-based compensation		3,375				4,125				3,750
	Interest income on Bonds		1,000				1,500				1,250
	Adjusted EBITDAre (1)	$	137,000			$	146,000			$	141,500
Hospitality Segment
	Operating Income	$	83,000			$	85,000			$	84,000
	Depreciation and amortization		40,000				42,000				41,000
	Non-cash lease expense		1,000				1,500				1,250
	Interest income on Bonds		1,000		-		1,500		-		1,250
	Adjusted EBITDAre	$	125,000			$	130,000			$	127,500
Entertainment Segment
	Operating Income	$	17,500			$	18,750			$	18,125
	Depreciation and amortization		5,500				6,000				5,750
	Preopening expense		125				125				125
	Equity-based compensation		875				1,125				1,000
	Pro rata adjusted EBITDAre from unconsolidated JVs (1)		(3,000	)			(2,000	)			(2,500	)
	Adjusted EBITDAre (1)	$	21,000			$	24,000			$	22,500
Corporate and Other Segment
	Operating Income	$	(13,500	)		$	(11,500	)		$	(12,500	)
	Depreciation and amortization		2,000				500				1,250
	Equity-based compensation		2,500				3,000				2,750
	Adjusted EBITDAre	$	(9,000	)		$	(8,000	)		$	(8,500	)
(1) Guidance does not include any impact of the Atairos transaction. Pro rata EBITDAre and Adjusted EBITDAre from unconsolidated joint ventures is from the Circle joint venture.

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
		GUIDANCE RANGE
		FOR FULL YEAR 2022
		Low				High				Midpoint
Ryman Hospitality Properties, Inc.
	Net Income	$	103,000			$	110,000			$	106,500
	Provision (benefit) for income taxes		38,000				43,000				40,500
	Interest Expense		141,400				148,300				144,850
	Depreciation and amortization		204,500				207,500				206,000
	Pro rata EBITDAre from unconsolidated joint ventures (1)		100				200				150
	EBITDAre	$	487,000			$	509,000			$	498,000
	Non-cash lease expense		4,000				5,000				4,500
	Preopening expense		500				500				500
	Equity-based compensation		18,500				21,000				19,750
	Interest income on Bonds		5,000				5,500				5,250
	Other gains and (losses), net		(1,000	)			(3,000	)			(2,000	)
	Adjusted EBITDAre (1)	$	514,000			$	538,000			$	526,000
Hospitality Segment
	Operating Income	$	283,000			$	293,500			$	288,250
	Depreciation and amortization		183,000				186,000				184,500
	Non-cash lease expense		4,000				5,000				4,500
	Interest income on Bonds		5,000				5,500		-		5,250
	Adjusted EBITDAre	$	475,000			$	490,000			$	482,500
Entertainment Segment
	Operating Income	$	60,500			$	63,000			$	61,750
	Depreciation and amortization		18,000				20,500				19,250
	Preopening expense		500				500				500
	Equity-based compensation		5,000				6,000				5,500
	Pro rata adjusted EBITDAre from unconsolidated JVs (1)		(12,000	)			(10,000	)			(11,000	)
	Adjusted EBITDAre (1)	$	72,000			$	80,000			$	76,000
	Operating Income	$	(49,000	)		$	(45,000	)		$	(47,000	)
	Depreciation and amortization		3,500				1,000				2,250
	Equity-based compensation		13,500				15,000				14,250
	Other gains and (losses), net		(1,000	)			(3,000	)			(2,000	)
	Adjusted EBITDAre	$	(33,000	)		$	(32,000	)		$	(32,500	)
(1) Guidance does not include any impact of the Atairos transaction. Pro rata EBITDAre and Adjusted EBITDAre from unconsolidated joint ventures is from the Circle joint venture.

FAQ

What were Ryman Hospitality Properties' Q2 2022 financial results?

RHP reported a net income of $50.3 million and revenue of $470.2 million, a 175.2% increase from Q2 2021.

How did RHP perform compared to pre-COVID levels?

Despite a strong recovery, occupancy in Q2 2022 was still about 5 points lower than pre-COVID levels.

What is RHP's outlook for 2022 following the Q2 results?

RHP raised its full-year guidance based on strong Q2 performance and increased demand.

What is the significance of RHP's record Adjusted EBITDAre?

The record Adjusted EBITDAre of $167.6 million reflects a robust 495.4% growth year-over-year, showcasing improved operational efficiency and revenue recovery.

How did RHP's ADR change in Q2 2022?

RHP's Average Daily Rate (ADR) for hospitality increased by 16.0% to $234.50 compared to Q2 2021.