Ryman Hospitality Properties, Inc. Reports Second Quarter 2023 Results

Rhea-AI Summary

Ryman Hospitality Properties, Inc. (NYSE: RHP) reported a net income of $70.1 million and a quarterly record consolidated Adjusted EBITDAre of $174.7 million for the second quarter of 2023. The company achieved second quarter record revenue of $417.7 million in its hospitality segment and set record quarterly revenue, operating income, and Adjusted EBITDAre in its Entertainment segment. The acquisition of JW Marriott San Antonio Hill Country Resort & Spa on June 30, 2023, added a premier, group-oriented resort to Ryman's portfolio, attesting to its growth-oriented business strategy. Patrick Moore was appointed Chief Executive Officer of OEG, responsible for overseeing OEG's growth plan, day-to-day operations, and business development activities.

Positive

• The company reported a net income of $70.1 million and a quarterly record consolidated Adjusted EBITDAre of $174.7 million for the second quarter of 2023.
• The hospitality segment achieved second quarter record revenue of $417.7 million and set record ADR, resulting in a quarterly record operating income and the second-best Adjusted EBITDAre performance of any quarter in the segment's history.
• Opry Entertainment Group (OEG) set record quarterly revenue, operating income and Adjusted EBITDAre as it continues to experience strong demand.
• The acquisition of JW Marriott San Antonio Hill Country Resort & Spa on June 30, 2023, added a premier, group-oriented resort to Ryman's portfolio, attesting to its growth-oriented business strategy.
• Patrick Moore was appointed Chief Executive Officer of OEG, responsible for overseeing OEG's growth plan, day-to-day operations, and business development activities.

Negative

• None.

NASHVILLE, Tenn., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three months ended June 30, 2023.

Second Quarter 2023 Highlights and Recent Developments:

• The Company generated consolidated net income of $70.1 million and a quarterly record consolidated Adjusted EBITDAre of $174.7 million.
• Hospitality segment achieved second quarter record revenue of $417.7 million, driven by second quarter record average daily rate (ADR), resulting in a quarterly record operating income and the second-best Adjusted EBITDAre performance of any quarter in the segment’s history.
• During the quarter, the Company booked over 650,000 gross advanced group room nights for all future years, at a record ADR of $265, an increase of 8.9% over Q2 2022 ADR for future bookings.
• Opry Entertainment Group (OEG), our Entertainment segment, set record quarterly revenue, operating income and Adjusted EBITDAre as OEG continues to experience strong demand.
• Completed the acquisition of JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”) on June 30, 2023, adding a premier, group-oriented resort to Ryman’s hospitality portfolio, attesting to Ryman’s growth-oriented business strategy.
• Patrick Moore was appointed Chief Executive Officer of OEG, responsible for overseeing OEG’s growth plan, day-to-day operations, and business development activities.
• The Company is revising its consolidated Full Year 2023 outlook to include the acquisition of JW Marriott Hill Country.
  

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are pleased with our financial results this quarter. Continued strong group demand produced record second-quarter revenue and ADR performance for our Gaylord Hotels portfolio. The demand for our live entertainment assets continued to grow as well, as our Entertainment segment delivered record quarterly revenue, operating income and Adjusted EBITDAre. We were especially pleased to see the continued momentum in our business given the industry-wide softening in domestic leisure travel.

In addition to these record results, we added to our healthy forward book of business as lead volumes, bookings and rate continued to grow. Given the strength we see in the group segment in the years ahead, we were pleased to announce our acquisition of the JW Marriott Hill Country. This beautiful resort complements our existing portfolio and provides an additional destination for our group and leisure customers. We are already hard at work exploring organic growth opportunities and synergies within our portfolio to better serve both group and leisure customers in the years ahead.”

Second Quarter 2023 Results (as compared to Second Quarter 2022):

($ in thousands, except per share amounts)	Three Months Ended									Six Months Ended
	June 30,									June 30,
		2023			2022		% ∆				2023			2022		% ∆
Total Revenue	$504,843			$470,204			7.4%			$996,562			$769,339			29.5%
Operating income	$122,240			$105,968			15.4%			$227,890			$113,842			100.2%
Operating income margin		24.2%			22.5%		1.7pt				22.9%			14.8%		8.1pt
Net income	$70,143			$50,924			37.7%			$131,137			$26,127			401.9%
Net income margin		13.9%			10.8%		3.1pt				13.2%			3.4%		9.8pt
Net income available to common stockholders	$66,543			$50,284			32.3%			$127,863			$25,663			398.2%
Net income available to common stockholders margin		13.2%			10.7%		2.5pt				12.8%			3.3%		9.5pt
Net income available to common stockholders per diluted share	$1.15			$0.91			26.4%			$2.17			$0.46			371.7%
Adjusted EBITDAre	$174,702			$167,625			4.2%			$332,377			$236,619			40.5%
Adjusted EBITDAre margin		34.6%			35.6%		-1.0pt				33.4%			30.8%		2.6pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$165,883			$166,494			-0.4%			$319,262			$235,488			35.6%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin		32.9%			35.4%		-2.5pt				32.0%			30.6%		1.4pt
Funds From Operations (FFO) available to common stockholders and unit holders	$113,639			$107,119			6.1%			$222,165			$138,341			60.6%
FFO available to common stockholders and unit holders per diluted share/unit	$1.92			$1.91			0.5%			$3.72			$2.48			50.0%
Adjusted FFO available to common stockholders and unit holders	$122,392			$114,875			6.5%			$235,985			$149,689			57.7%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit	$2.06			$2.05			0.5%			$3.95			$2.69			46.8%

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, 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,
	2023		2022		% ∆			2023		2022		% ∆
Hospitality Revenue	$417,685		$401,802		4.0%			$842,124		$662,913		27.0%
Hospitality operating income	$107,733		$100,573		7.1%			$213,803		$116,241		83.9%
Hospitality operating income margin	25.8%		25.0%		0.8pt			25.4%		17.5%		7.9pt
Hospitality Adjusted EBITDAre	$152,667		$154,983		-1.5%			$303,902		$225,315		34.9%
Hospitality Adjusted EBITDAre margin	36.6%		38.6%		-2.0pt			36.1%		34.0%		2.1pt
Hospitality Performance Metrics
Occupancy	72.7%		72.7%		0.0pt			72.5%		60.1%		12.4pt
Average Daily Rate (ADR)	$244.77		$234.50		4.4%			$241.38		$232.41		3.9%
RevPAR	$177.83		$170.46		4.3%			$174.97		$139.61		25.3%
Total RevPAR	$440.12		$424.07		3.8%			$446.49		$351.76		26.9%
Gross Definite Rooms Nights Booked	651,507		601,180		8.4%			1,000,155		1,023,225		-2.3%
Net Definite Rooms Nights Booked	450,269		413,042		9.0%			700,587		578,710		21.1%
Group Attrition (as % of contracted block)	16.3%		18.2%		-1.9pt			15.9%		23.9%		-8.0pt
Cancellation Room Nights ITYFTY (1)	21,748		11,647		86.7%			53,968		182,066		-70.4%
(1) "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 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/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for each of the hotel properties.

Second Quarter 2023 Hospitality Segment Highlights

• Achieved second quarter record revenue of $417.7 million, driven by second quarter record ADR of almost $245, an increase of 4.4% from Q2 2022.
• Actualized room nights in the second quarter were strong, as 528,000 group room nights traveled, a 3.6% increase over Q2 2022.
• Q2 2023 Hotel occupancy was 72.7%, flat to the prior year quarter.
• As expected, Adjusted EBITDAre and Adjusted EBITDAre margin were impacted by the continued return to normalized attrition and cancellation fees and management fees.
• Attrition and cancellation fee collections declined to $10.3 million, as compared to the $15.4 million collected in Q2 2022, and incentive management fees earned by Marriott increased to $7.0 million in the quarter, up from $3.0 million in Q2 2022.
• Room night production remained strong as ADR for new definite future bookings was an all-time record.
  
  

Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended							Six Months Ended
	June 30,							June 30,
	2023		2022		% ∆			2023		2022		% ∆
Revenue	$110,475		$105,497		4.7%			$222,281		$179,016		24.2%
Operating income	$32,011		$31,871		0.4%			$63,706		$47,426		34.3%
Operating income margin	29.0%		30.2%		-1.2pt			28.7%		26.5%		2.2pt
Adjusted EBITDAre	$40,511		$40,416		0.2%			$80,748		$64,547		25.1%
Adjusted EBITDAre margin	36.7%		38.3%		-1.6pt			36.3%		36.1%		0.2pt
Occupancy	71.2%		75.1%		-3.9pt			71.9%		62.0%		9.9pt
Average daily rate (ADR)	$252.01		$233.68		7.8%			$246.07		$236.06		4.2%
RevPAR	$179.38		$175.51		2.2%			$176.90		$146.41		20.8%
Total RevPAR	$420.36		$401.42		4.7%			$425.23		$342.46		24.2%

Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended							Six Months Ended
	June 30,							June 30,
	2023		2022		% ∆			2023		2022		% ∆
Revenue	$73,829		$68,289		8.1%			$158,375		$128,137		23.6%
Operating income	$18,322		$18,218		0.6%			$45,956		$34,076		34.9%
Operating income margin	24.8%		26.7%		-1.9pt			29.0%		26.6%		2.4pt
Adjusted EBITDAre	$24,895		$24,851		0.2%			$59,170		$47,327		25.0%
Adjusted EBITDAre margin	33.7%		36.4%		-2.7pt			37.4%		36.9%		0.5pt
Occupancy	75.8%		74.6%		1.2pt			77.6%		65.1%		12.5pt
Average daily rate (ADR)	$243.55		$231.53		5.2%			$250.74		$241.99		3.6%
RevPAR	$184.58		$172.78		6.8%			$194.62		$157.65		23.5%
Total RevPAR	$472.24		$436.80		8.1%			$509.31		$412.07		23.6%

Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended							Six Months Ended
	June 30,							June 30,
	2023		2022		% ∆			2023		2022		% ∆
Revenue	$81,479		$77,665		4.9%			$167,877		$134,301		25.0%
Operating income	$26,105		$25,734		1.4%			$54,193		$38,650		40.2%
Operating income margin	32.0%		33.1%		-1.1pt			32.3%		28.8%		3.5pt
Adjusted EBITDAre	$31,823		$31,476		1.1%			$65,677		$51,090		28.6%
Adjusted EBITDAre margin	39.1%		40.5%		-1.4pt			39.1%		38.0%		1.1pt
Occupancy	75.1%		74.3%		0.8pt			76.1%		66.1%		10.0pt
Average daily rate (ADR)	$234.86		$231.22		1.6%			$232.83		$226.94		2.6%
RevPAR	$176.49		$171.74		2.8%			$177.19		$150.02		18.1%
Total RevPAR	$493.59		$470.48		4.9%			$511.30		$409.04		25.0%

Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended							Six Months Ended
	June 30,							June 30,
	2023		2022		% ∆			2023		2022		% ∆
Revenue	$77,014		$72,223		6.6%			$149,786		$104,810		42.9%
Operating income	$14,926		$12,824		16.4%			$22,981		$1,549		1383.6%
Operating income margin	19.4%		17.8%		1.6pt			15.3%		1.5%		13.8pt
Adjusted EBITDAre	$24,453		$23,023		6.2%			$42,073		$21,227		98.2%
Adjusted EBITDAre margin	31.8%		31.9%		-0.1pt			28.1%		20.3%		7.8pt
Occupancy	67.8%		64.2%		3.6pt			67.6%		49.9%		17.7pt
Average daily rate (ADR)	$251.80		$251.45		0.1%			$245.80		$240.22		2.3%
RevPAR	$170.65		$161.40		5.7%			$166.06		$119.80		38.6%
Total RevPAR	$424.00		$397.62		6.6%			$414.60		$290.11		42.9%

Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023		2022		% ∆		2023		2022		% ∆
Revenue	$67,127		$70,755		-5.1%		$131,174		$105,542		24.3%
Operating income (loss)	$14,691		$10,215		43.8%		$25,559		($6,569)		489.1%
Operating income (loss) margin	21.9%		14.4%		7.5pt		19.5%		-6.2%		25.7pt
Adjusted EBITDAre	$28,815		$32,865		-12.3%		$53,728		$38,729		38.7%
Adjusted EBITDAre margin	42.9%		46.4%		-3.5pt		41.0%		36.7%		4.3pt
Occupancy	77.8%		76.6%		1.2pt		73.9%		58.0%		15.9pt
Average daily rate (ADR)	$247.92		$235.69		5.2%		$240.94		$228.22		5.6%
RevPAR	$192.84		$180.45		6.9%		$177.98		$132.29		34.5%
Total RevPAR	$491.45		$518.01		-5.1%		$482.82		$388.48		24.3%

Entertainment Segment

For the three and six months ended June 30, 2023, and 2022, the Company reported the following:

($ in thousands)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023	2022	% ∆		2023	2022	% ∆
Revenue	$87,158	$68,402	27.4%		$154,438	$106,426	45.1%
Operating income	$24,601	$18,019	36.5%		$34,992	$20,456	71.1%
Operating income margin	28.2%	26.3%	1.9pt		22.7%	19.2%	3.5pt
Adjusted EBITDAre	$29,416	$22,053	33.4%		$43,762	$26,863	62.9%
Adjusted EBITDAre margin	33.8%	32.2%	1.6pt		28.3%	25.2%	3.1pt

Fioravanti continued, “Our Entertainment segment continues to produce record financial results, as demand for live entertainment remains above pre-pandemic levels. Our Nashville-based assets again delivered excellent performance with our marquee venues at the Grand Ole Opry and the Ryman Auditorium leading the way. In addition, we were pleased to announce our former Board of Directors member Patrick Moore was appointed as Chief Executive Officer of Opry Entertainment Group. Patrick joins us at an important and exciting time for this segment, and I look forward to working with him as we continue growing this unique business.”

Corporate and Other Segment

For the three and six months ended June 30, 2023, and 2022, the Company reported the following:

($ in thousands)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023	2022	% ∆		2023	2022	% ∆
Operating loss	($10,094)	($12,624)	20.0%		($20,905)	($22,855)	8.5%
Adjusted EBITDAre	($7,381)	($9,411)	21.6%		($15,287)	($15,559)	1.7%

Fioravanti concluded, "This was a busy quarter for the Company from a financing perspective as we completed a number of important financing transactions, including a refinancing of our revolver and Term Loan B, a common stock offering and high yield notes offering used to fund the JW Marriott Hill Country acquisition, and an extension of the Gaylord Rockies Term Loan. These financing transactions position us to continue investing in our portfolio in accordance with our long-term strategy while maintaining ample flexibility to pursue additional opportunities in both our Hospitality and Entertainment businesses.”

2023 Guidance

The Company is updating its 2023 business performance outlook to reflect the acquisition of JW Marriott Hill Country, based on current information as of August 3, 2023. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

($ in millions, except per share figures)	New Guidance								New FY				Prior Guidance								Prior FY				Change
	Full Year 2023(1)								2023 Guidance(1)				Full Year 2023								2023 Guidance
	Low				High				Midpoint				Low				High				Midpoint				Midpoint
Consolidated Hospitality RevPAR growth (same-store)(2)		11.0%				13.5%				12.3%				11.0%				13.5%				12.3%				0.0%
Consolidated Hospitality Total RevPAR growth (same-store)(2)		8.5%				10.5%				9.5%				8.5%				10.5%				9.5%				0.0%
Operating Income
Hospitality	$405.5				$427.5				$	416.5			$	391.5			$	411.5			$	401.5			$	15.0
Entertainment		76.0				80.5				78.3				76.0				80.5				78.3				-
Corporate and Other		(44.0	)			(43.0	)			(43.5	)			(44.0	)			(43.0	)			(43.5	)			-
Consolidated Operating Income		437.5				465.0				451.3				423.5				449.0				436.3				15.0
Adjusted EBITDAre
Hospitality	$597.0				$629.0				$	613.0			$	570.0			$	600.0			$	585.0			$	28.0
Entertainment		94.0				104.0				99.0				94.0				104.0				99.0				-
Corporate and Other		(32.0	)			(29.0	)			(30.5	)			(32.0	)			(29.0	)			(30.5	)			-
Consolidated Adjusted EBITDAre		659.0				704.0				681.5				632.0				675.0				653.5				28.0
Net Income	$223.5				$243.5				$	233.5			$	223.5			$	243.5			$	233.5			$	-
Net Income available to common shareholders	$222.5				$232.5				$	227.5			$	222.5			$	232.5			$	227.5			$	-
Funds from Operations (FFO) available to common shareholders	$415.8				$438.0				$	426.9			$	403.8			$	426.0			$	414.9			$	12.0
Adjusted FFO available to common shareholders	$437.0				$466.0				$	451.5			$	425.0			$	454.0			$	439.5			$	12.0
Net Income available to common shareholders per diluted share	$3.69				$3.82				$	3.76			$	3.71			$	3.88			$	3.79			$	(0.03	)
Estimated Diluted Shares Outstanding (in millions)(3)		62.4				62.4				62.4				60.0				60.0				60.0				2.4
(1) Includes JW Marriott Hill Country, except as otherwise noted
(2) Same-store excludes JW Marriott Hill Country
(3) Reflects additional 4.4 million common shares issued on June 9, 2023

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.

Dividend Update
On July 17, the Company paid the previously announced quarterly cash dividend of $1.00 per common share, which was paid to stockholders of record as of June 30, 2023.

The Company’s dividend policy provides that we will make minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 2023 of $3.75 per share in cash. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update
As of June 30, 2023, the Company had total debt outstanding of $3,380.1 million, net of unamortized deferred financing costs, and unrestricted cash of $508.3 million. As of June 30, 2023, there were no amounts drawn under the Company’s revolving credit facility, $7.0 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 credit facility, which left $743.4 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

Quarter Events

Closed Acquisition of JW Marriott Hill Country Resort & Spa

On June 30, 2023, the Company closed the acquisition of the JW Marriott Hill Country in San Antonio, Texas from affiliates of Blackstone Real Estate Income Trust. Located amid approximately 600 acres in the Texas Hill Country, the JW Marriott Hill Country, which opened in 2010, is a premier group-oriented resort with 1,002 rooms and 268,000 total square feet of indoor and outdoor meeting and event space. The resort’s amenities include the 26,000-square-foot Lantana Spa; eight food and beverage outlets; the 9-acre River Bluff water experience; and TPC San Antonio featuring two 18-hole golf courses, the Greg Norman-designed Oaks Course and the Pete Dye-designed Canyons course. The property resides in an attractive and growing market with no emerging competitive supply, and naturally complements our existing Gaylord Hotels portfolio. We believe the property offers significant opportunities to serve the group and leisure sides of our business.

Closed Upsized Common Stock Offering and Full Exercise of Underwriters’ Over-Allotment Option

On June 9, 2023, the Company closed an upsized underwritten registered public offering of 4,427,500 shares of its common stock, par value $0.01 per share, at a price to the public of $93.25 per share (the “Equity Offering”). The shares sold in the Equity Offering included 577,500 shares sold through the underwriters’ option to purchase additional shares of common stock, which were delivered at the time of the closing of the Equity Offering. The Company received aggregate net proceeds from the sale of the common stock of approximately $395 million, after deducting underwriting discounts and commissions and other expenses of the Equity Offering payable by the Company.

Closed Offering of $400 Million of 7.250% Senior Notes Due 2028

On June 22, 2023, RHP Hotel Properties, LP (the “Operating Partnership”) and RHP Finance Corporation (together with the Operating Partnership, the “Issuers”), completed a private placement (the “Notes Offering”) of $400 million aggregate principal amount of 7.250% senior notes due 2028 (the “Notes”). The Notes are senior unsecured obligations of the Issuers and are guaranteed by the Company and the Company’s and the Operating Partnership’s subsidiaries that guarantee the Operating Partnership’s existing credit facility, the 4.750% senior unsecured notes due 2027 and the 4.50% senior unsecured notes due 2029. The aggregate net proceeds from the Notes Offering were approximately $393 million, after deducting the initial purchasers’ discounts and commissions and other expenses of the Notes Offering payable by the Issuers. Net proceeds of the Equity Offering and the Notes Offering, together with cash on hand, were used to fund the purchase of the JW Marriott Hill Country.

Credit Facility Refinancing

On May 18, 2023, the Company successfully completed a series of refinancing transactions that extends the maturities of the $700 million revolving credit facility and $500 million term loan B and eliminates mortgage collateral requirements in its credit facility. The Company refinanced its existing $700 million revolving credit facility, extending its maturity from 2024 to 2027, with the option to extend the maturity date for a maximum of one additional year. The Company also refinanced its secured $500 million term loan B, which previously had an outstanding balance of $370 million, to a new $500 million term loan B, all of which was drawn at closing. The maturity of the term loan B has been extended from 2024 to 2030.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 4, 2023, at 11:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top ten 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 and Circle, a country lifestyle media network OEG owns in a joint venture with Gray Television, 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 Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, statements regarding the Company’s integration of the JW Marriott Hill Country and the Company’s pursuit of additional value creation opportunities at the JW Marriott Hill Country and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, any effects of COVID-19 on the Company’s and the hospitality and entertainment industries generally, the Company’s integration of the JW Marriott Hill Country, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Hill Country and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Hill Country. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

Calculation of GAAP Margin Figures
We calculate Net Income (Loss) available to common stockholders’ margin by dividing GAAP consolidated Net Income (Loss) 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 (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 in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

• preopening costs;
• non-cash lease expense;
• equity-based compensation expense;
• impairment charges that do not meet the NAREIT definition above;
• credit losses on held-to-maturity securities;
• transaction costs of acquisitions;
• interest income on bonds;
• loss on extinguishment of debt;
• pension settlement charges;
• pro rata Adjusted EBITDAre from unconsolidated joint ventures; and
• any other adjustments we have identified herein.
  

We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of Net Income or Operating Income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

• right-of-use asset amortization;
• impairment charges that do not meet the NAREIT definition above;
• write-offs of deferred financing costs;
• amortization of debt discounts or premiums and amortization of deferred financing costs;
• loss on extinguishment of debt
• non-cash lease expense;
• credit loss on held-to-maturity securities;
• pension settlement charges;
• additional pro rata adjustments from unconsolidated joint ventures;
• (gains) losses on other assets;
• transaction costs on acquisitions;
• deferred income tax expense (benefit); and
• any other adjustments we have identified herein.
  

To calculate Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve contributions for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common stockholders and unit holders, Adjusted FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders (excluding maintenance capex) exclude the ownership portion of joint ventures not controlled or owned by the Company.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income (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 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

 

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,
			2023				2022				2023				2022
Revenues :
	Rooms		168,492				161,506			$	329,743			$	263,099
	Food and beverage		197,908				188,083				413,712				300,199
	Other hotel revenue		51,285				52,213				98,669				99,615
	Entertainment		87,158				68,402				154,438				106,426
	Total revenues		504,843				470,204				996,562				769,339
Operating expenses:
	Rooms		40,272				41,238				82,331				71,374
	Food and beverage		107,026				97,489				222,207				168,818
	Other hotel expenses		104,590				99,284				207,649				185,927
	Management fees		15,418				11,202				30,613				16,266
	Total hotel operating expenses		267,306				249,213				542,800				442,385
	Entertainment		57,088				45,670				108,522				77,401
	Corporate		9,885				12,417				20,479				21,974
	Preopening costs		67				221				257				525
	Loss on sale of assets		-				-				-				469
	Depreciation and amortization		48,257				56,715				96,614				112,743
	Total operating expenses		382,603				364,236				768,672				655,497
Operating income			122,240				105,968				227,890				113,842
Interest expense, net of amounts capitalized			(49,179	)			(33,958	)			(91,707	)			(65,895	)
Interest income			5,318				1,379				7,865				2,760
Loss on extinguishment of debt			(2,252	)			(1,547	)			(2,252	)			(1,547	)
Loss from consolidated joint ventures			(2,153	)			(3,001	)			(4,959	)			(5,628	)
Other gains and (losses), net			(287	)			(283	)			(523	)			164
Income before income taxes			73,687				68,558				136,314				43,696
Provision for income taxes			(3,544	)			(17,634	)			(5,177	)			(17,569	)
Net income			70,143				50,924				131,137				26,127
Net income attributable to noncontrolling interest in consolidated joint venture			(3,134	)			(280	)			(2,371	)			(280	)
Net income attributable to noncontrolling interest in Operating Partnership			(466	)			(360	)			(903	)			(184	)
Net income available to common stockholders		$	66,543			$	50,284			$	127,863			$	25,663
Basic income per share available to common stockholders		$	1.18			$	0.91			$	2.29			$	0.47
Diluted income per share available to common stockholders (1)		$	1.15			$	0.91			$	2.17			$	0.46
Weighted average common shares for the period:
	Basic		56,329				55,150				55,759				55,118
	Diluted (1)		60,489				55,862				59,973				55,321
(1) Diluted weighted average common shares for the three months and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, and the three months ended June 30, 2022 includes 0.5 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)
		Jun. 30,			Dec. 31,
			2023			2022
ASSETS:
	Property and equipment, net of accumulated depreciation	$	3,931,077		$	3,171,708
	Cash and cash equivalents - unrestricted		508,344			334,194
	Cash and cash equivalents - restricted		105,565			110,136
	Notes receivable		65,532			67,628
	Trade receivables, net		105,209			116,836
	Deferred income tax assets, net		-			-
	Prepaid expenses and other assets		146,359			134,170
	Intangible assets		128,569			105,951
	Total assets	$	4,990,655		$	4,040,623
LIABILITIES AND EQUITY:
	Debt and finance lease obligations	$	3,380,063		$	2,862,592
	Accounts payable and accrued liabilities		347,087			385,159
	Dividends payable		60,972			14,121
	Deferred management rights proceeds		165,935			167,495
	Operating lease liabilities		127,687			125,759
	Deferred income tax liabilities, net		16,346			12,915
	Other liabilities		66,200			64,824
	Noncontrolling interest in consolidated joint venture		327,649			311,857
	Total equity		498,716			95,901
	Total liabilities and equity	$	4,990,655		$	4,040,623

 

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,
			2023						2022						2023						2022
		$			Margin			$			Margin			$			Margin			$			Margin
	Consolidated
	Revenue	$	504,843					$	470,204					$	996,562					$	769,339
	Net income	$	70,143		13.9	%		$	50,924		10.8	%		$	131,137		13.2	%		$	26,127		3.4	%
	Interest expense, net		43,861						32,579						83,842						63,135
	Provision for income taxes		3,544						17,634						5,177						17,569
	Depreciation & amortization		48,257						56,715						96,614						112,743
	(Gain) loss on sale of assets		-						(142	)					-						327
	Pro rata EBITDAre from unconsolidated joint ventures		8						23						17						45
	EBITDAre		165,813		32.8	%			157,733		33.5	%			316,787		31.8	%			219,946		28.6	%
	Preopening costs		67						221						257						525
	Non-cash lease expense		1,499						1,108						3,000						2,281
	Equity-based compensation expense		3,801						3,654						7,540						7,440
	Pension settlement charge		-						853						-						853
	Interest income on Gaylord National bonds		1,270						1,339						2,541						2,679
	Loss on extinguishment of debt		2,252						1,547						2,252						1,547
	Transaction costs of acquisitions		-						1,170						-						1,348
	Adjusted EBITDAre	$	174,702		34.6	%		$	167,625		35.6	%		$	332,377		33.4	%		$	236,619		30.8	%
	Adjusted EBITDAre of noncontrolling interest in consolidated joint venture	$	(8,819	)				$	(1,131	)				$	(13,115	)				$	(1,131	)
	Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture	$	165,883		32.9	%		$	166,494		35.4	%		$	319,262		32.0	%		$	235,488		30.6	%
	Hospitality segment
	Revenue	$	417,685					$	401,802					$	842,124					$	662,913
	Operating income	$	107,733		25.8	%		$	100,573		25.0	%		$	213,803		25.4	%		$	116,241		17.5	%
	Depreciation & amortization		42,646						52,016						85,521						104,287
	Non-cash lease expense		1,018						1,055						2,037						2,108
	Interest income on Gaylord National bonds		1,270						1,339						2,541						2,679
	Adjusted EBITDAre	$	152,667		36.6	%		$	154,983		38.6	%		$	303,902		36.1	%		$	225,315		34.0	%
	Entertainment segment
	Revenue	$	87,158					$	68,402					$	154,438					$	106,426
	Operating income	$	24,601		28.2	%		$	18,019		26.3	%		$	34,992		22.7	%		$	20,456		19.2	%
	Depreciation & amortization		5,402						4,492						10,667						8,044
	Preopening costs		67						221						257						525
	Non-cash lease expense		481						53						963						173
	Equity-based compensation		1,010						1,077						1,826						1,901
	Transaction costs of acquisitions		-						1,170						-						1,348
	Pro rata adjusted EBITDAre from unconsolidated joint ventures		(2,145	)					(2,979	)					(4,943	)					(5,584	)
	Adjusted EBITDAre	$	29,416		33.8	%		$	22,053		32.2	%		$	43,762		28.3	%		$	26,863		25.2	%
	Corporate and Other segment
	Operating loss	$	(10,094	)				$	(12,624	)				$	(20,905	)				$	(22,855	)
	Depreciation & amortization		209						207						426						412
	Other gains and (losses), net		(287	)					(424	)					(522	)					492
	Equity-based compensation		2,791						2,577						5,714						5,539
	Pension settlement charge		-						853						-						853
	Adjusted EBITDAre	$	(7,381	)				$	(9,411	)				$	(15,287	)				$	(15,559	)

 

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,
			2023				2022				2023				2022
	Consolidated
	Net income	$	70,143			$	50,924			$	131,137			$	26,127
	Noncontrolling interest in consolidated joint venture		(3,134	)			(280	)			(2,371	)			(280	)
	Net income available to common stockholders and unit holders		67,009				50,644				128,766				25,847
	Depreciation & amortization		48,227				56,685				96,553				112,682
	Adjustments for noncontrolling interest		(1,620	)			(233	)			(3,200	)			(233	)
	Pro rata adjustments from joint ventures		23				23				46				45
	FFO available to common stockholders and unit holders		113,639				107,119				222,165				138,341
	Right-of-use asset amortization		30				30				61				61
	Non-cash lease expense		1,499				1,108				3,000				2,281
	Pension settlement charge		-				853				-				853
	Loss on other assets		-				-				-				469
	Amortization of deferred financing costs		2,633				2,309				5,307				4,538
	Amortization of debt discounts and premiums		545				61				1,051				(12	)
	Loss on extinguishment of debt		2,252				1,547				2,252				1,547
	Adjustments for noncontrolling interest		(870	)			(32	)			(1,282	)			(32	)
	Transaction costs of acquisitions		-				1,170				-				1,348
	Deferred tax provision		2,664				710				3,431				295
	Adjusted FFO available to common stockholders and unit holders	$	122,392			$	114,875			$	235,985			$	149,689
	Capital expenditures (1)		(23,333	)			(19,930	)			(47,221	)			(32,235	)
	Adjusted FFO available to common stockholders and unit holders (ex. maintenance capex)	$	99,059			$	94,945			$	188,764			$	117,454
	Basic net income per share	$	1.18			$	0.91			$	2.29			$	0.47
	Diluted net income per share	$	1.15			$	0.91			$	2.17			$	0.46
	FFO available to common stockholders and unit holders per basic share/unit	$	2.00			$	1.93			$	3.96			$	2.49
	Adjusted FFO available to common stockholders and unit holders per basic share/unit	$	2.16			$	2.07			$	4.20			$	2.70
	FFO available to common stockholders and unit holders per diluted share/unit (2)	$	1.92			$	1.91			$	3.72			$	2.48
	Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)	$	2.06			$	2.05			$	3.95			$	2.69
	Weighted average common shares and OP units for the period:
	Basic		56,724				55,545				56,154				55,513
	Diluted (2)		60,884				56,256				60,368				55,716
	(1) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties.
	(2) Diluted weighted average common shares and OP units for the three months and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, and the three months ended June 30, 2022 includes0.5 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 Jun. 30,												Six Months Ended Jun. 30,
			2023						2022						2023						2022
		$			Margin			$			Margin			$			Margin			$			Margin
	Hospitality segment
	Revenue	$	417,685					$	401,802					$	842,124					$	662,913
	Operating income	$	107,733		25.8	%		$	100,573		25.0	%		$	213,803		25.4	%		$	116,241		17.5	%
	Depreciation & amortization		42,646						52,016						85,521						104,287
	Non-cash lease expense		1,018						1,055						2,037						2,108
	Interest income on Gaylord National bonds		1,270						1,339						2,541						2,679
	Adjusted EBITDAre	$	152,667		36.6	%		$	154,983		38.6	%		$	303,902		36.1	%		$	225,315		34.0	%
	Occupancy		72.7	%					72.7	%					72.5	%					60.1	%
	Average daily rate (ADR)	$	244.77					$	234.50					$	241.38					$	232.41
	RevPAR	$	177.83					$	170.46					$	174.97					$	139.61
	OtherPAR	$	262.29					$	253.61					$	271.52					$	212.15
	Total RevPAR	$	440.12					$	424.07					$	446.49					$	351.76
	Gaylord Opryland
	Revenue	$	110,475					$	105,497					$	222,281					$	179,016
	Operating income	$	32,011		29.0	%		$	31,871		30.2	%		$	63,706		28.7	%		$	47,426		26.5	%
	Depreciation & amortization		8,512						8,557						17,066						17,146
	Non-cash lease revenue		(12	)					(12	)					(24	)					(25	)
	Adjusted EBITDAre	$	40,511		36.7	%		$	40,416		38.3	%		$	80,748		36.3	%		$	64,547		36.1	%
	Occupancy		71.2	%					75.1	%					71.9	%					62.0	%
	Average daily rate (ADR)	$	252.01					$	233.68					$	246.07					$	236.06
	RevPAR	$	179.38					$	175.51					$	176.90					$	146.41
	OtherPAR	$	240.98					$	225.91					$	248.33					$	196.05
	Total RevPAR	$	420.36					$	401.42					$	425.23					$	342.46
	Gaylord Palms
	Revenue	$	73,829					$	68,289					$	158,375					$	128,137
	Operating income	$	18,322		24.8	%		$	18,218		26.7	%		$	45,956		29.0	%		$	34,076		26.6	%
	Depreciation & amortization		5,543						5,566						11,153						11,118
	Non-cash lease expense		1,030						1,067						2,061						2,133
	Adjusted EBITDAre	$	24,895		33.7	%		$	24,851		36.4	%		$	59,170		37.4	%		$	47,327		36.9	%
	Occupancy		75.8	%					74.6	%					77.6	%					65.1	%
	Average daily rate (ADR)	$	243.55					$	231.53					$	250.74					$	241.99
	RevPAR	$	184.58					$	172.78					$	194.62					$	157.65
	OtherPAR	$	287.66					$	264.02					$	314.69					$	254.42
	Total RevPAR	$	472.24					$	436.80					$	509.31					$	412.07
	Gaylord Texan
	Revenue	$	81,479					$	77,665					$	167,877					$	134,301
	Operating income	$	26,105		32.0	%		$	25,734		33.1	%		$	54,193		32.3	%		$	38,650		28.8	%
	Depreciation & amortization		5,718						5,742						11,484						12,440
	Adjusted EBITDAre	$	31,823		39.1	%		$	31,476		40.5	%		$	65,677		39.1	%		$	51,090		38.0	%
	Occupancy		75.1	%					74.3	%					76.1	%					66.1	%
	Average daily rate (ADR)	$	234.86					$	231.22					$	232.83					$	226.94
	RevPAR	$	176.49					$	171.74					$	177.19					$	150.02
	OtherPAR	$	317.10					$	298.74					$	334.11					$	259.02
	Total RevPAR	$	493.59					$	470.48					$	511.30					$	409.04

 

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,
			2023						2022						2023						2022
		$			Margin			$			Margin			$			Margin			$			Margin
	Gaylord National
	Revenue	$	77,014					$	72,223					$	149,786					$	104,810
	Operating income	$	14,926		19.4	%		$	12,824		17.8	%		$	22,981		15.3	%		$	1,549		1.5	%
	Depreciation & amortization		8,257						8,860						16,551						16,999
	Interest income on Gaylord National bonds		1,270						1,339						2,541						2,679
	Adjusted EBITDAre	$	24,453		31.8	%		$	23,023		31.9	%		$	42,073		28.1	%		$	21,227		20.3	%
	Occupancy		67.8	%					64.2	%					67.6	%					49.9	%
	Average daily rate (ADR)	$	251.80					$	251.45					$	245.80					$	240.22
	RevPAR	$	170.65					$	161.40					$	166.06					$	119.80
	OtherPAR	$	253.35					$	236.22					$	248.54					$	170.31
	Total RevPAR	$	424.00					$	397.62					$	414.60					$	290.11
	Gaylord Rockies
	Revenue	$	67,127					$	70,755					$	131,174					$	105,542
	Operating income (loss)	$	14,691		21.9	%		$	10,215		14.4	%		$	25,559		19.5	%		$	(6,569	)	-6.2	%
	Depreciation & amortization		14,124						22,650						28,169						45,298
	Adjusted EBITDAre	$	28,815		42.9	%		$	32,865		46.4	%		$	53,728		41.0	%		$	38,729		36.7	%
	Occupancy		77.8	%					76.6	%					73.9	%					58.0	%
	Average daily rate (ADR)	$	247.92					$	235.69					$	240.94					$	228.22
	RevPAR	$	192.84					$	180.45					$	177.98					$	132.29
	OtherPAR	$	298.61					$	337.56					$	304.84					$	256.19
	Total RevPAR	$	491.45					$	518.01					$	482.82					$	388.48
	The AC Hotel at National Harbor
	Revenue	$	3,401					$	3,261					$	5,612					$	4,868
	Operating income	$	923		27.1	%		$	539		16.5	%		$	745		13.3	%		$	132		2.7	%
	Depreciation & amortization		171						328						452						655
	Adjusted EBITDAre	$	1,094		32.2	%		$	867		26.6	%		$	1,197		21.3	%		$	787		16.2	%
	Occupancy		64.0	%					71.2	%					59.1	%					58.8	%
	Average daily rate (ADR)	$	277.86					$	233.52					$	250.79					$	211.27
	RevPAR	$	177.77					$	166.20					$	148.32					$	124.16
	OtherPAR	$	16.91					$	20.39					$	13.17					$	15.90
	Total RevPAR	$	194.68					$	186.59					$	161.49					$	140.06
	The Inn at Opryland (1)
	Revenue	$	4,360					$	4,112					$	7,019					$	6,239
	Operating income	$	755		17.3	%		$	1,172		28.5	%		$	663		9.4	%		$	977		15.7	%
	Depreciation & amortization		321						313						646						631
	Adjusted EBITDAre	$	1,076		24.7	%		$	1,485		36.1	%		$	1,309		18.6	%		$	1,608		25.8	%
	Occupancy		66.3	%					67.0	%					61.5	%					54.9	%
	Average daily rate (ADR)	$	159.71					$	170.57					$	150.36					$	157.68
	RevPAR	$	105.84					$	114.26					$	92.43					$	86.60
	OtherPAR	$	26.08					$	34.94					$	22.39					$	27.19
	Total RevPAR	$	131.92					$	149.20					$	114.82					$	113.79
	(1) 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							Six Months Ended
		Jun. 30,							Jun. 30,
			2023			2022				2023			2022
Earnings per share:
Numerator:
	Net income available to common stockholders	$	66,543		$	50,284			$	127,863		$	25,663
	Net income attributable to noncontrolling interest in consolidated joint venture		3,134			280				2,371			-
	Net income available to common stockholders - if-converted method	$	69,677		$	50,564			$	130,234		$	25,663
Denominator:
	Weighted average shares outstanding - basic		56,329			55,150				55,759			55,118
	Effect of dilutive stock-based compensation		232			170				256			203
	Effect of dilutive put rights (1)		3,928			542				3,958			-
	Weighted average shares outstanding - diluted		60,489			55,862				59,973			55,321
Basic income per share available to common stockholders		$	1.18		$	0.91			$	2.29		$	0.47
Diluted income per share available to common stockholders		$	1.15		$	0.91			$	2.17		$	0.46
FFO and Adjusted FFO per share:
Numerator - FFO:
	FFO available to common stockholders and unit holders	$	113,639		$	107,119			$	222,165		$	138,341
	Net income attributable to noncontrolling interest in consolidated joint venture		3,134			280				2,371			-
	FFO available to common stockholders and unit holders - if-converted method	$	116,773		$	107,399			$	224,536		$	138,341
Numerator - Adjusted FFO:
	Adjusted FFO available to common stockholders and unit holders	$	122,392		$	114,875			$	235,985		$	149,689
	Net income attributable to noncontrolling interest in consolidated joint venture		3,134			280				2,371			-
	Adjusted FFO available to common stockholders and unit holders - if-converted method	$	125,526		$	115,155			$	238,356		$	149,689
Denominator:
	Weighted average shares and OP units outstanding - basic		56,724			55,545				56,154			55,513
	Effect of dilutive stock-based compensation		232			170				256			203
	Effect of dilutive put rights (1)		3,928			542				3,958			-
	Weighted average shares outstanding - diluted		60,884			56,257				60,368			55,716
FFO available to common stockholders and unit holders per basic share/unit		$	2.00		$	1.93			$	3.96		$	2.49
Adjusted FFO available to common stockholders and unit holders per basic share/unit		$	2.16		$	2.07			$	4.20		$	2.70
FFO available to common stockholders and unit holders per diluted share/unit (1)		$	1.92		$	1.91			$	3.72		$	2.48
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)		$	2.06		$	2.05			$	3.95		$	2.69
(1) Represents equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
			NEW GUIDANCE RANGE
			FOR FULL YEAR 2023
			Low					High					Midpoint
Ryman Hospitality Properties, Inc.
	Net Income		$	223,500				$	243,500				$	233,500
	Provision for income taxes			9,000					10,000					9,500
	Interest Expense, net			196,500					204,000					200,250
	Depreciation and amortization			201,250					211,500					206,375
	EBITDAre		$	630,250				$	669,000				$	649,625
	Non-cash lease expense			4,500					6,000					5,250
	Preopening expense			2,000					2,750					2,375
	Equity-based compensation			15,000					16,250					15,625
	Pension settlement charge			1,500					2,000					1,750
	Interest income on Bonds			4,500					5,500					5,000
	Other gains and (losses), net			1,250					2,500					1,875
	Adjusted EBITDAre		$	659,000				$	704,000				$	681,500
Hospitality Segment
	Operating Income		$	405,500				$	427,500				$	416,500
	Depreciation and amortization			179,500					187,000					183,250
	Non-cash lease expense			3,500					4,500					4,000
	Interest income on Bonds			4,500					5,500					5,000
	Other gains and (losses), net			4,000					4,500					4,250
	Adjusted EBITDAre		$	597,000				$	629,000				$	613,000
Entertainment Segment
	Operating Income		$	76,000				$	80,500				$	78,250
	Depreciation and amortization			20,000					22,500					21,250
	Non-cash lease expense			1,000					1,500					1,250
	Preopening expense			2,000					2,750					2,375
	Equity-based compensation			3,500					4,250					3,875
	Loss from unconsolidated companies			(8,500	)				(7,500	)				(8,000	)
	Adjusted EBITDAre		$	94,000				$	104,000				$	99,000
Corporate and Other Segment
	Operating Loss		$	(44,000	)			$	(43,000	)			$	(43,500	)
	Depreciation and amortization			1,750					2,000					1,875
	Equity-based compensation			11,500					12,000					11,750
	Pension settlement charge			1,500					2,000					1,750
	Other gains and (losses), net			(2,750	)				(2,000	)				(2,375	)
	Adjusted EBITDAre		$	(32,000	)			$	(29,000	)			$	(30,500	)
Ryman Hospitality Properties, Inc.
	Net Income available to common shareholders			222,500					232,500				$	227,500
	Depreciation and amortization			201,250					211,500					206,375
	Adjustments for noncontrolling interest			(8,000	)				(6,000	)				(7,000	)
	Funds from Operations (FFO) available to common shareholders		$	415,750				$	438,000				$	426,875
	Right of use amortization			-					500					250
	Non-cash lease expense			4,500					6,000					5,250
	Pension settlement charge			1,500					2,000					1,750
	Other gains and (losses), net			1,250					1,500					1,375
	Adjustments for noncontrolling interest			(1,500	)				(1,000	)				(1,250	)
	Amortization of deferred financing costs			10,000					12,000					11,000
	Amortization of debt discounts and premiums			500					1,000					750
	Deferred Taxes			5,000					6,000					5,500
	Adjusted FFO available to common shareholders		$	437,000				$	466,000				$	451,500

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
			PRIOR GUIDANCE RANGE
			FOR FULL YEAR 2023
			Low					High					Midpoint
Ryman Hospitality Properties, Inc.
	Net Income		$	223,500				$	243,500				$	233,500
	Provision for income taxes			9,000					10,000					9,500
	Interest Expense, net			182,500					188,000					185,250
	Depreciation and amortization			189,250					199,500					194,375
	EBITDAre		$	604,250				$	641,000				$	622,625
	Non-cash lease expense			4,500					6,000					5,250
	Preopening expense			2,000					2,750					2,375
	Equity-based compensation			15,000					16,250					15,625
	Pension settlement charge			1,500					2,000					1,750
	Interest income on Bonds			4,500					5,500					5,000
	Other gains and (losses), net			250		-			1,500					875
	Adjusted EBITDAre		$	632,000				$	675,000				$	653,500
Hospitality Segment
	Operating Income		$	391,500				$	411,500				$	401,500
	Depreciation and amortization			167,500					175,000					171,250
	Non-cash lease expense			3,500					4,500					4,000
	Interest income on Bonds			4,500					5,500					5,000
	Other gains and (losses), net			3,000					3,500					3,250
	Adjusted EBITDAre		$	570,000				$	600,000				$	585,000
Entertainment Segment
	Operating Income		$	76,000				$	80,500				$	78,250
	Depreciation and amortization			20,000					22,500					21,250
	Non-cash lease expense			1,000					1,500					1,250
	Preopening expense			2,000					2,750					2,375
	Equity-based compensation			3,500					4,250					3,875
	Loss from unconsolidated companies			(8,500	)				(7,500	)				(8,000	)
	Adjusted EBITDAre		$	94,000				$	104,000				$	99,000
Corporate and Other Segment
	Operating Loss		$	(44,000	)			$	(43,000	)			$	(43,500	)
	Depreciation and amortization			1,750					2,000					1,875
	Equity-based compensation			11,500					12,000					11,750
	Pension settlement charge			1,500					2,000					1,750
	Other gains and (losses), net			(2,750	)				(2,000	)				(2,375	)
	Adjusted EBITDAre		$	(32,000	)			$	(29,000	)			$	(30,500	)
Ryman Hospitality Properties, Inc.
	Net Income available to common shareholders			222,500					232,500				$	227,500
	Depreciation and amortization			189,250					199,500					194,375
	Adjustments for noncontrolling interest			(8,000	)				(6,000	)				(7,000	)
	Funds from Operations (FFO) available to common shareholders		$	403,750				$	426,000				$	414,875
	Right of use amortization			-					500					250
	Non-cash lease expense			4,500					6,000					5,250
	Pension settlement charge			1,500					2,000					1,750
	Other gains and (losses), net			1,250					1,500					1,375
	Adjustments for noncontrolling interest			(1,500	)				(1,000	)				(1,250	)
	Amortization of deferred financing costs			10,000					12,000					11,000
	Amortization of debt discounts and premiums			500					1,000					750
	Deferred Taxes			5,000					6,000					5,500
	Adjusted FFO available to common shareholders		$	425,000				$	454,000				$	439,500

FAQ

What is the net income of Ryman Hospitality Properties, Inc. for the second quarter of 2023?

The net income of Ryman Hospitality Properties, Inc. for the second quarter of 2023 is $70.1 million.

What is the consolidated Adjusted EBITDAre of Ryman Hospitality Properties, Inc. for the second quarter of 2023?

The consolidated Adjusted EBITDAre of Ryman Hospitality Properties, Inc. for the second quarter of 2023 is $174.7 million.

What is the revenue of Ryman Hospitality Properties, Inc.'s hospitality segment for the second quarter of 2023?

The revenue of Ryman Hospitality Properties, Inc.'s hospitality segment for the second quarter of 2023 is $417.7 million.

Who was appointed Chief Executive Officer of OEG in Ryman Hospitality Properties, Inc.?

Patrick Moore was appointed Chief Executive Officer of OEG in Ryman Hospitality Properties, Inc., responsible for overseeing OEG's growth plan, day-to-day operations, and business development activities.

What acquisition did Ryman Hospitality Properties, Inc. complete on June 30, 2023?

Ryman Hospitality Properties, Inc. completed the acquisition of JW Marriott San Antonio Hill Country Resort & Spa on June 30, 2023, adding a premier, group-oriented resort to its portfolio.