Ryman Hospitality Properties, Inc. Reports Second Quarter 2024 Results
Ryman Hospitality Properties (NYSE: RHP) reported record second quarter 2024 financial results. Key highlights include:
- Net income of $104.7 million, up 49.3% YoY.
- Record consolidated revenue of $613.3 million, a 21.5% increase YoY.
- Adjusted EBITDAre of $233.2 million, up 33.5% YoY.
The company booked over 781,000 same-store Gross Definite Room Nights at a record ADR of $284, a 7.3% increase from Q2 2023. It refinanced Opry Entertainment Group’s loans, saving on interest expenses. Guidance for 2024 was raised, reflecting tax savings and refinancing benefits, with projected net income between $284.3 million to $287.5 million and Adjusted EBITDAre between $775.5 million to $790.5 million.
Ryman Hospitality Properties (NYSE: RHP) ha riportato risultati finanziari record per il secondo trimestre del 2024. I principali punti salienti includono:
- Utile netto di 104,7 milioni di dollari, in aumento del 49,3% rispetto all'anno precedente.
- Entrate consolidate record di 613,3 milioni di dollari, un aumento del 21,5% rispetto all'anno precedente.
- EBITDAre rettificato di 233,2 milioni di dollari, in aumento del 33,5% rispetto all'anno precedente.
La compagnia ha registrato oltre 781.000 camere definite nello stesso esercizio a un ADR record di 284 dollari, un aumento del 7,3% rispetto al secondo trimestre del 2023. Ha rifinanziato i prestiti del Opry Entertainment Group, risparmiando sulle spese per interessi. La guida per il 2024 è stata aumentata, riflettendo i risparmi fiscali e i benefici del rifinanziamento, con un utile netto previsto tra 284,3 milioni di dollari e 287,5 milioni di dollari e un EBITDAre rettificato tra 775,5 milioni di dollari e 790,5 milioni di dollari.
Ryman Hospitality Properties (NYSE: RHP) reportó resultados financieros récord para el segundo trimestre de 2024. Los aspectos más destacados incluyen:
- Ingreso neto de 104,7 millones de dólares, un aumento del 49,3% interanual.
- Ingresos consolidados récord de 613,3 millones de dólares, un aumento del 21,5% interanual.
- EBITDAre ajustado de 233,2 millones de dólares, un incremento del 33,5% interanual.
La empresa registró más de 781.000 habitaciones definidas en la misma tienda a un ADR récord de 284 dólares, un aumento del 7,3% respecto al segundo trimestre de 2023. Refinanció los préstamos del Opry Entertainment Group, ahorrando en gastos de intereses. La guía para 2024 fue elevada, reflejando ahorros fiscales y beneficios de refinanciamiento, con un ingreso neto proyectado entre 284,3 millones de dólares y 287,5 millones de dólares y un EBITDAre ajustado entre 775,5 millones de dólares y 790,5 millones de dólares.
라이먼 호스피탈리티 프로퍼티즈 (NYSE: RHP)는 2024년 2분기 재무 결과에서 기록적인 실적을 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 순이익 1억 4백 70만 달러로, 전년 대비 49.3% 증가했습니다.
- 기록적인 consolidated revenue 6억 1천 33백만 달러로, 전년 대비 21.5% 증가했습니다.
- 조정된 EBITDAre는 2억 3천 32백만 달러로, 전년 대비 33.5% 증가했습니다.
회사는 2023년 2분기 대비 7.3% 증가한 기록적인 ADR 284달러에서 동일 매출점에서 78만 1천 객실 밤을 기록했습니다. Opry Entertainment Group의 대출을 재융자하며 이자 비용을 절감했습니다. 2024년 가이던스는 세금 절감 및 재융자 혜택을 반영하여 조정되었으며, 예상순이익은 2억 8천 43백만 달러에서 2억 8천 75백만 달러, 조정 EBITDAre는 7억 7천 55백만 달러에서 7억 9천 5백만 달러 사이로 예상됩니다.
Ryman Hospitality Properties (NYSE: RHP) a annoncé des résultats financiers records pour le deuxième trimestre de 2024. Les points clés comprennent :
- Un bénéfice net de 104,7 millions de dollars, en hausse de 49,3 % par rapport à l'année précédente.
- Des revenus consolidés record de 613,3 millions de dollars, en augmentation de 21,5 % par rapport à l'année précédente.
- Un EBITDAre ajusté de 233,2 millions de dollars, en hausse de 33,5 % par rapport à l'année précédente.
L'entreprise a enregistré plus de 781 000 nuits de chambres définies à un ADR record de 284 dollars, soit une augmentation de 7,3 % par rapport au deuxième trimestre 2023. Elle a refinancé les prêts du Opry Entertainment Group, générant des économies sur les charges d'intérêts. Les prévisions pour 2024 ont été rehaussées, reflétant des économies fiscales et des avantages liés au refinancement, avec un bénéfice net projeté entre 284,3 millions de dollars et 287,5 millions de dollars et un EBITDAre ajusté entre 775,5 millions de dollars et 790,5 millions de dollars.
Ryman Hospitality Properties (NYSE: RHP) hat rekordverdächtige Finanzergebnisse für das zweite Quartal 2024 bekannt gegeben. Die wichtigsten Highlights sind:
- Nettoeinkommen von 104,7 Millionen US-Dollar, ein Anstieg von 49,3% im Jahresvergleich.
- Rekordumsatz von 613,3 Millionen US-Dollar, ein Anstieg von 21,5% im Jahresvergleich.
- Bereinigtes EBITDAre von 233,2 Millionen US-Dollar, ein Anstieg von 33,5% im Jahresvergleich.
Das Unternehmen verzeichnete über 781.000 gleiche Hotelzimmernächte zu einem rekordverdächtigen ADR von 284 US-Dollar, ein Anstieg von 7,3% gegenüber dem 2. Quartal 2023. Es hat die Kredite der Opry Entertainment Group refinanziert und dadurch Zinskosten gespart. Die Prognose für 2024 wurde angehoben, was sich in Steuerersparnissen und Refinanzierungsvorteilen widerspiegelt, mit einem projected Nettoeinkommen zwischen 284,3 Millionen US-Dollar und 287,5 Millionen US-Dollar sowie einem bereinigten EBITDAre zwischen 775,5 Millionen US-Dollar und 790,5 Millionen US-Dollar.
- Record Q2 net income of $104.7 million, up 49.3%.
- Record consolidated revenue of $613.3 million, a 21.5% YoY increase.
- Adjusted EBITDAre of $233.2 million, up 33.5% YoY.
- Refinancing of OEG’s term loan B and revolving credit facility, reducing interest expenses.
- Increased full-year 2024 guidance for net income and Adjusted EBITDAre.
- Lowered outlook for same-store Hospitality RevPAR and Total RevPAR due to continued leisure transient softness.
- Gaylord Palms reported a 26.4% decline in operating income and a 20.2% drop in RevPAR.
- Gaylord Texan showed no significant growth in revenue and a slight decrease in operating income margin.
Insights
- Robust group demand, with over 781,000 room nights booked for future periods at a record ADR of
$284 - Record banquet and AV revenue in the Hospitality segment
- Continued ADR growth, with same-store ADR up
3.8% to$254 - Strong performance in the Entertainment segment, which set an all-time quarterly revenue record
- Group demand remains robust, with strong booking trends for future periods. This suggests corporate and association events are continuing to recover post-pandemic.
- ADR growth is outpacing occupancy gains, indicating pricing power remains strong despite some economic uncertainty.
- Banquet and AV revenue hit record levels, pointing to increased spending on ancillary services by group customers.
- The entertainment segment's record revenue highlights the strength of live events and experiences in the current market.
- Management noted "continued leisure transient softness," suggesting some pressure on non-group bookings.
- The company lowered its full-year RevPAR growth guidance, indicating expectations for slower growth in the back half of the year.
- Planned construction and renovations at some properties may create short-term disruptions.
NASHVILLE, Tenn., July 31, 2024 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and six months ended June 30, 2024.
Second Quarter 2024 Highlights and Recent Developments:
- The Company generated record second quarter net income of
$104.7 million and record second quarter net income available to common stockholders of$100.8 million , which were records even without the impact of the Tennessee franchise tax refunds for prior years of approximately$9.1 million .1 - Reported record second quarter consolidated revenue of
$613.3 million , including record second quarter same-store Hospitality revenue of$456.2 million . 2 - Achieved all-time record consolidated operating income of
$168.1 million and all-time record consolidated Adjusted EBITDAre of$233.2 million , which were records even without the impact of the Tennessee franchise tax refunds. - During the second quarter, the Company booked over 781,000 same-store Gross Definite Room Nights for all future years, at a record future estimated average daily rate (ADR) of
$284 , an increase of7.3% over Q2 2023 estimated ADR for future bookings. - The Company refinanced Opry Entertainment Group’s term loan B and revolving credit facility with a new
$300 million term loan B and$80 million revolving credit facility. The refinanced credit facility and term loan B also reduce the applicable interest rate spread on SOFR loans and extend the applicable maturity dates by two years. - The Company is raising its full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and adjusted funds from operations (AFFO), primarily to reflect Tennessee franchise tax savings and estimated cash interest expense savings from the OEG refinancing. The Company is lowering its outlook for same-store Hospitality RevPAR and Total RevPAR growth to account for continued leisure transient softness.
________________________
1 In May 2024, Tennessee amended its franchise tax law, making the Company eligible for refunds for the prior tax years of 2020 through 2023. The Company’s aggregate eligible refunds total approximately
2 Same-store Hospitality portfolio excludes JW Marriott Hill Country, which was acquired June 30, 2023.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Our second quarter results continue to demonstrate the strength of both business segments, delivering record second quarter net income, and all-time records for consolidated operating income and consolidated Adjusted EBITDAre despite some expected construction disruption and continued leisure transient softness. Projected rooms revenue from second quarter bookings production for all future years set a second quarter record for the same-store portfolio, which together with all-time record banquet and AV results indicate our core group customer demand remains strong.”
Second Quarter 2024 Results (as compared to second quarter 2023):
| ($ in thousands, except per share amounts) | Three Months Ended | Six Months Ended | |||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Total Revenue | $ | 613,290 | $ | 504,843 | $ | 1,141,635 | $ | 996,562 | |||||||||||
| Operating income | $ | 168,071 | $ | 122,240 | $ | 264,452 | $ | 227,890 | |||||||||||
| Operating income margin | 3.2pt | 0.3pt | |||||||||||||||||
| Net income | $ | 104,740 | $ | 70,143 | $ | 147,501 | $ | 131,137 | |||||||||||
| Net income margin | 3.2pt | -0.3pt | |||||||||||||||||
| Net income available to common stockholders | $ | 100,805 | $ | 66,543 | $ | 143,861 | $ | 127,863 | |||||||||||
| Net income available to common stockholders margin | 3.2pt | -0.2pt | |||||||||||||||||
| Net income available to common stockholders per diluted share (1) | $ | 1.65 | $ | 1.15 | $ | 2.31 | $ | 2.17 | |||||||||||
| Adjusted EBITDAre | $ | 233,195 | $ | 174,702 | $ | 394,260 | $ | 332,377 | |||||||||||
| Adjusted EBITDAre margin | 3.4pt | 1.1pt | |||||||||||||||||
| Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture | $ | 222,473 | $ | 165,883 | $ | 378,876 | $ | 319,262 | |||||||||||
| Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin | 3.4pt | 1.2pt | |||||||||||||||||
| Funds From Operations (FFO) available to common stockholders and unit holders | $ | 157,647 | $ | 113,639 | $ | 256,120 | $ | 222,165 | |||||||||||
| FFO available to common stockholders and unit holders per diluted share/unit (1) | $ | 2.53 | $ | 1.92 | $ | 4.05 | $ | 3.72 | |||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 173,432 | $ | 122,392 | $ | 276,126 | $ | 235,985 | |||||||||||
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) | $ | 2.78 | $ | 2.06 | $ | 4.37 | $ | 3.95 | |||||||||||
(1) Diluted weighted average common shares for the three months ended June 30, 2024 and 2023 include 3.1 million and 3.9 million, respectively, and the six months ended June 30, 2024 and 2023 include 3.3 million and 4.0 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: Consolidated second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition” and “Supplemental Financial Results” below.
Hospitality Segment
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Hospitality Revenue | |||||||||||||||||||
| Same-Store Hospitality Revenue (1) | |||||||||||||||||||
| Hospitality operating income | |||||||||||||||||||
| Hospitality operating income margin | 3.5pt | 0.5pt | |||||||||||||||||
| Hospitality Adjusted EBITDAre | |||||||||||||||||||
| Hospitality Adjusted EBITDAre margin | 2.8pt | 0.5pt | |||||||||||||||||
| Same-Store Hospitality operating income (1) | |||||||||||||||||||
| Same-Store Hospitality operating income margin (1) | 4.1pt | 1.0pt | |||||||||||||||||
| Same-Store Hospitality Adjusted EBITDAre (1) | |||||||||||||||||||
| Same-Store Hospitality Adjusted EBITDAre margin (1) | 3.2pt | 0.7pt | |||||||||||||||||
| Hospitality Performance Metrics | |||||||||||||||||||
| Occupancy | 1.0pt | -2.3pt | |||||||||||||||||
| Average Daily Rate (ADR) | |||||||||||||||||||
| RevPAR | |||||||||||||||||||
| Total RevPAR | |||||||||||||||||||
| Same-Store Hospitality Performance Metrics (1) | |||||||||||||||||||
| Occupancy | 0.5pt | -2.4pt | |||||||||||||||||
| Average Daily Rate (ADR) | |||||||||||||||||||
| RevPAR | |||||||||||||||||||
| Total RevPAR | |||||||||||||||||||
| Gross Definite Rooms Nights Booked | 781,235 | 651,507 | 1,069,187 | 1,000,155 | |||||||||||||||
| Net Definite Rooms Nights Booked | 596,661 | 450,269 | 748,337 | 700,587 | |||||||||||||||
| Group Attrition (as % of contracted block) | -1.1pt | -0.9pt | |||||||||||||||||
| Cancellations ITYFTY (2) | 13,961 | 21,748 | -35.8 | 26,151 | 53,968 | -51.5 | |||||||||||||
(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.
(2) "ITYFTY" represents In The Year For The Year.
Note: Hospitality segment and the Same-Store Hospitality portfolio second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately
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 2024 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.
Hospitality Segment Highlights
- Same-store Hospitality portfolio achieved all-time record operating income of
$136.4 million and record Adjusted EBITDAre of$181.7 million for the quarter, which were records even without the impact of the Tennessee franchise tax refunds. - Banquet and AV revenue set an all-time record for the same-store Hospitality portfolio, reflecting the strength of our core group business.
- The same-store Hospitality portfolio achieved a second quarter record ADR of
$254 , an increase of3.8% from Q2 2023, maintaining our continued rate growth. - On a same-store basis, cancellations in the year for the year decreased by
36% in Q2 2024 compared to Q2 2023, and attrition and cancellation fee collections declined to$9.3 million in Q2 2024 from$10.3 million in Q2 2023. - Successfully completed the first phase of the Gaylord Rockies Grand Lodge repositioning and the development of a new group pavilion.
Gaylord Opryland
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Revenue | |||||||||||||||||||
| Operating income | |||||||||||||||||||
| Operating income margin | 9.9pt | 3.5pt | |||||||||||||||||
| Adjusted EBITDAre | |||||||||||||||||||
| Adjusted EBITDAre margin | 8.4pt | 2.9pt | |||||||||||||||||
| Occupancy | 4.2pt | -1.7pt | |||||||||||||||||
| Average daily rate (ADR) | |||||||||||||||||||
| RevPAR | |||||||||||||||||||
| Total RevPAR | |||||||||||||||||||
Note: Gaylord Opryland second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately
Gaylord Palms
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Revenue | - | - | |||||||||||||||||
| Operating income | - | - | |||||||||||||||||
| Operating income margin | -5.2pt | -4.1pt | |||||||||||||||||
| Adjusted EBITDAre | - | - | |||||||||||||||||
| Adjusted EBITDAre margin | -4.1pt | -3.5pt | |||||||||||||||||
| Occupancy | -13.3pt | -9.1pt | |||||||||||||||||
| Average daily rate (ADR) | - | ||||||||||||||||||
| RevPAR | - | - | |||||||||||||||||
| Total RevPAR | - | - | |||||||||||||||||
Gaylord Texan
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Revenue | |||||||||||||||||||
| Operating income | - | ||||||||||||||||||
| Operating income margin | -0.6pt | -1.3pt | |||||||||||||||||
| Adjusted EBITDAre | - | ||||||||||||||||||
| Adjusted EBITDAre margin | -0.9pt | -1.2pt | |||||||||||||||||
| Occupancy | 3.7pt | -0.1pt | |||||||||||||||||
| Average daily rate (ADR) | |||||||||||||||||||
| RevPAR | |||||||||||||||||||
| Total RevPAR | - | ||||||||||||||||||
Gaylord National
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Revenue | |||||||||||||||||||
| Operating income | |||||||||||||||||||
| Operating income margin | 5.9pt | 2.3pt | |||||||||||||||||
| Adjusted EBITDAre | |||||||||||||||||||
| Adjusted EBITDAre margin | 4.3pt | 1.7pt | |||||||||||||||||
| Occupancy | 3.0pt | 0.0pt | |||||||||||||||||
| Average daily rate (ADR) | |||||||||||||||||||
| RevPAR | |||||||||||||||||||
| Total RevPAR | |||||||||||||||||||
Gaylord Rockies
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Revenue | |||||||||||||||||||
| Operating income | |||||||||||||||||||
| Operating income margin | 6.0pt | 4.3pt | |||||||||||||||||
| Adjusted EBITDAre | |||||||||||||||||||
| Adjusted EBITDAre margin | 3.4pt | 2.7pt | |||||||||||||||||
| Occupancy | 2.6pt | -1.5pt | |||||||||||||||||
| Average daily rate (ADR) | |||||||||||||||||||
| RevPAR | |||||||||||||||||||
| Total RevPAR | |||||||||||||||||||
JW Marriott Hill Country(1)
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||
| Three Months Ended | Six Months Ended | ||||||
| June 30, | June 30, | ||||||
| 2024 | 2024 | ||||||
| Revenue | |||||||
| Operating income | |||||||
| Operating income margin | |||||||
| Adjusted EBITDAre | |||||||
| Adjusted EBITDAre margin | |||||||
| Occupancy | |||||||
| Average daily rate (ADR) | |||||||
| RevPAR | |||||||
| Total RevPAR | |||||||
(1) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures.
Entertainment Segment
| ($ in thousands) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Revenue | |||||||||||||||||||
| Operating income | - | ||||||||||||||||||
| Operating income margin | -0.8pt | -2.9pt | |||||||||||||||||
| Adjusted EBITDAre | |||||||||||||||||||
| Adjusted EBITDAre margin | 4.1pt | 3.5pt | |||||||||||||||||
Note: Entertainment segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately
Fioravanti continued, “Our Entertainment business delivered solid performance, including an all-time quarterly record for revenue led by the Grand Ole Opry and our Ole Red brand. We are particularly pleased with these results given the planned construction-related disruption at Category 10 and the W Austin Hotel at Block 21. We look forward to their enhanced contribution in 2025.”
Corporate and Other Segment
| ($ in thousands) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | % ∆ | 2024 | 2023 | % ∆ | ||||||||||||||
| Operating loss | ( | ) | ( | ) | ( | ) | ( | ) | - | ||||||||||
| Adjusted EBITDAre | ( | ) | ( | ) | ( | ) | ( | ) | - | ||||||||||
Note: Corporate and Other segment second quarter 2024 results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately
2024 Guidance
Fioravanti concluded, “We are pleased to increase our full year 2024 outlook for consolidated net income, operating income, Adjusted EBITDAre and Adjusted FFO, to reflect the change in Tennessee franchise tax law and estimated cash interest expense savings from the OEG refinancing. Our outlook assumes continued strength in our group business and our anticipated strong operating expense discipline, which we believe will offset the profitability impact of continued leisure transient softness. We remain confident in our group-centric model and the investments we are making across our portfolio to continue to create value for our guests and shareholders.”
The Company is updating its 2024 business performance outlook based on current information as of July 31, 2024. 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 (1) | ||||||||||||||||||||||
| Full Year 2024 (1) | 2024 Guidance (1) | Full Year 2024 (1) | 2024 Guidance (1) | ||||||||||||||||||||||||
| Low | High | Midpoint | Low | High | Midpoint | Midpoint | |||||||||||||||||||||
| Consolidated Hospitality RevPAR growth (same-store) (2) | 1.00 | % | 3.00 | % | 2.00 | % | 3.50 | % | 5.50 | % | 4.50 | % | -2.50 | % | |||||||||||||
| Consolidated Hospitality Total RevPAR growth (same-store) (2) | 2.75 | % | 4.75 | % | 3.75 | % | 3.25 | % | 5.25 | % | 4.25 | % | -0.50 | % | |||||||||||||
| Operating Income | |||||||||||||||||||||||||||
| Hospitality (same-store) (2) | $ | 447.5 | $ | 456.0 | $ | 451.8 | $ | 434.5 | $ | 450.5 | $ | 442.5 | $ | 9.3 | |||||||||||||
| JW Marriott Hill Country | 37.0 | 38.0 | 37.5 | 35.0 | 40.0 | 37.5 | - | ||||||||||||||||||||
| Entertainment | 70.5 | 73.5 | 72.0 | 65.5 | 71.5 | 68.5 | 3.5 | ||||||||||||||||||||
| Corporate and Other | (44.8 | ) | (43.0 | ) | (43.9 | ) | (44.8 | ) | (43.0 | ) | (43.9 | ) | - | ||||||||||||||
| Consolidated Operating Income | 510.2 | 524.5 | 517.4 | 490.2 | 519.0 | 504.6 | 12.8 | ||||||||||||||||||||
| Adjusted EBITDAre | |||||||||||||||||||||||||||
| Hospitality (same-store) (2) | $ | 625.5 | $ | 640.5 | $ | 633.0 | $ | 612.5 | $ | 635.0 | $ | 623.8 | $ | 9.3 | |||||||||||||
| JW Marriott Hill Country | 65.0 | 70.0 | 67.5 | 63.0 | 72.0 | 67.5 | - | ||||||||||||||||||||
| Entertainment | 105.0 | 112.0 | 108.5 | 100.0 | 110.0 | 105.0 | 3.5 | ||||||||||||||||||||
| Corporate and Other | (35.0 | ) | (32.0 | ) | (33.5 | ) | (35.0 | ) | (32.0 | ) | (33.5 | ) | - | ||||||||||||||
| Consolidated Adjusted EBITDAre | 760.5 | 790.5 | 775.5 | 740.5 | 785.0 | 762.8 | 12.8 | ||||||||||||||||||||
| Net Income | $ | 281.0 | $ | 287.5 | $ | 284.3 | $ | 259.0 | $ | 280.0 | $ | 269.5 | $ | 14.8 | |||||||||||||
| Net Income available to common stockholders | $ | 271.0 | $ | 281.5 | $ | 276.3 | $ | 249.0 | $ | 274.0 | $ | 261.5 | $ | 14.8 | |||||||||||||
| Funds from Operations (FFO) available to common stockholders and unit holders | $ | 485.3 | $ | 508.0 | $ | 496.6 | $ | 463.3 | $ | 500.5 | $ | 481.9 | $ | 14.8 | |||||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 511.8 | $ | 543.0 | $ | 527.4 | $ | 489.8 | $ | 535.5 | $ | 512.6 | $ | 14.8 | |||||||||||||
| Diluted income per share available to common stockholders | $ | 4.38 | $ | 4.49 | $ | 4.44 | $ | 4.01 | $ | 4.33 | $ | 4.17 | $ | 0.27 | |||||||||||||
| Adjusted FFO available to common stockholders and unit holders per diluted share | $ | 8.09 | $ | 8.51 | $ | 8.30 | $ | 7.69 | $ | 8.33 | $ | 8.01 | $ | 0.29 | |||||||||||||
| Estimated diluted shares outstanding to common stockholders (3) | 64.1 | 64.1 | 64.1 | 64.6 | 64.6 | 64.6 | (0.5 | ) | |||||||||||||||||||
| Estimated diluted shares outstanding to common stockholders and unit holders (3) | 64.5 | 64.5 | 64.5 | 65.0 | 65.0 | 65.0 | (0.5 | ) | |||||||||||||||||||
| (1) | Includes JW Marriott Hill Country, except as otherwise noted. Amounts are calculated based on unrounded numbers. |
| (2) | Same-store excludes JW Marriott Hill Country. |
| (3) | Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. |
Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, property-level Adjusted EBITDAre for JW Marriott Hill Country to property-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income, see “Reconciliation of Forward-Looking Statements” below.
Capital Expenditures Update
As of June 30, 2024, full year 2024 capital expenditures are estimated to be
Dividend Update
On July 15, 2024, the Company paid the previously declared second quarter 2024 cash dividend of
Balance Sheet/Liquidity Update
As of June 30, 2024, the Company had total debt outstanding of
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 1, 2024, 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/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, and changes in interest rates. 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, 2023, and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.
Calculation of GAAP Margin Figures
We calculate Net Income available to common stockholders margin by dividing GAAP consolidated Net Income available to common stockholders by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income by consolidated, segment or property-level GAAP Revenue.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:
EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:
- preopening costs;
- non-cash lease expense;
- equity-based compensation expense;
- impairment charges that do not meet the NAREIT definition above;
- credit losses on held-to-maturity securities;
- transaction costs of acquisitions;
- interest income on bonds;
- loss on extinguishment of debt;
- pension settlement charges;
- pro rata Adjusted EBITDAre from unconsolidated joint ventures; and
- any other adjustments we have identified herein.
We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests in consolidated joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.
We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of Net Income or Operating Income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture provides useful information to investors regarding our operating performance and debt leverage metrics.
Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:
- right-of-use asset amortization;
- impairment charges that do not meet the NAREIT definition above;
- write-offs of deferred financing costs;
- amortization of debt discounts or premiums and amortization of deferred financing costs;
- loss on extinguishment of debt;
- non-cash lease expense;
- credit loss on held-to-maturity securities;
- pension settlement charges;
- additional pro rata adjustments from unconsolidated joint ventures;
- (gains) losses on other assets;
- transaction costs on acquisitions;
- deferred income tax expense (benefit); and
- any other adjustments we have identified herein.
We present Adjusted FFO available to common stockholders and unit holders per diluted share as a non-GAAP measure of our performance in addition to our net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share as our Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Operating Income (Loss), or cash flow from operations.
| Investor Relations Contacts: | Media Contacts: |
| Mark Fioravanti, President and Chief Executive Officer | Shannon Sullivan, Vice President Corporate and Brand Communications |
| Ryman Hospitality Properties, Inc. | Ryman Hospitality Properties, Inc. |
| (615) 316-6588 | (615) 316-6725 |
| mfioravanti@rymanhp.com | ssullivan@rymanhp.com |
| ~or~ | |
| Jennifer Hutcheson, Chief Financial Officer | |
| Ryman Hospitality Properties, Inc. | |
| (615) 316-6320 | |
| jhutcheson@rymanhp.com | |
| ~or~ | |
| Sarah Martin, Vice President Investor Relations | |
| Ryman Hospitality Properties, Inc. | |
| (615) 316-6011 | |
| sarah.martin@rymanhp.com |
| RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Unaudited | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| Jun. 30, | Jun. 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues : | ||||||||||||||||
| Rooms | $ | 199,497 | $ | 168,492 | $ | 373,130 | $ | 329,743 | ||||||||
| Food and beverage | 259,386 | 197,908 | 494,469 | 413,712 | ||||||||||||
| Other hotel revenue | 60,204 | 51,285 | 112,958 | 98,669 | ||||||||||||
| Entertainment | 94,203 | 87,158 | 161,078 | 154,438 | ||||||||||||
| Total revenues | 613,290 | 504,843 | 1,141,635 | 996,562 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Rooms | 45,062 | 40,272 | 89,163 | 82,331 | ||||||||||||
| Food and beverage | 132,369 | 107,026 | 260,548 | 222,207 | ||||||||||||
| Other hotel expenses | 117,769 | 104,590 | 236,582 | 207,649 | ||||||||||||
| Management fees | 21,449 | 15,418 | 39,411 | 30,613 | ||||||||||||
| Total hotel operating expenses | 316,649 | 267,306 | 625,704 | 542,800 | ||||||||||||
| Entertainment | 59,560 | 57,088 | 112,147 | 108,522 | ||||||||||||
| Corporate | 9,402 | 9,885 | 21,356 | 20,479 | ||||||||||||
| Preopening costs | 1,055 | 67 | 2,491 | 257 | ||||||||||||
| Gain on sale of assets | - | - | (270 | ) | - | |||||||||||
| Depreciation and amortization | 58,553 | 48,257 | 115,755 | 96,614 | ||||||||||||
| Total operating expenses | 445,219 | 382,603 | 877,183 | 768,672 | ||||||||||||
| Operating income | 168,071 | 122,240 | 264,452 | 227,890 | ||||||||||||
| Interest expense, net of amounts capitalized | (56,577 | ) | (49,179 | ) | (117,020 | ) | (91,707 | ) | ||||||||
| Interest income | 7,064 | 5,318 | 14,586 | 7,865 | ||||||||||||
| Loss on extinguishment of debt | (1,797 | ) | (2,252 | ) | (2,319 | ) | (2,252 | ) | ||||||||
| Income (loss) from unconsolidated joint ventures | 183 | (2,153 | ) | 215 | (4,959 | ) | ||||||||||
| Other gains and (losses), net | (4 | ) | (287 | ) | 317 | (523 | ) | |||||||||
| Income before income taxes | 116,940 | 73,687 | 160,231 | 136,314 | ||||||||||||
| Provision for income taxes | (12,200 | ) | (3,544 | ) | (12,730 | ) | (5,177 | ) | ||||||||
| Net income | 104,740 | 70,143 | 147,501 | 131,137 | ||||||||||||
| Net income attributable to noncontrolling interest in consolidated joint venture | (3,270 | ) | (3,134 | ) | (2,691 | ) | (2,371 | ) | ||||||||
| Net income attributable to noncontrolling interest in Operating Partnership | (665 | ) | (466 | ) | (949 | ) | (903 | ) | ||||||||
| Net income available to common stockholders | $ | 100,805 | $ | 66,543 | $ | 143,861 | $ | 127,863 | ||||||||
| Basic income per share available to common stockholders | $ | 1.68 | $ | 1.18 | $ | 2.41 | $ | 2.29 | ||||||||
| Diluted income per share available to common stockholders (1) | $ | 1.65 | $ | 1.15 | $ | 2.31 | $ | 2.17 | ||||||||
| Weighted average common shares for the period: | ||||||||||||||||
| Basic | 59,895 | 56,329 | 59,817 | 55,759 | ||||||||||||
| Diluted (1) | 63,223 | 60,489 | 63,446 | 59,973 | ||||||||||||
| (1) | Diluted weighted average common shares for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, 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, | |||||||
| 2024 | 2023 | |||||||
| ASSETS: | ||||||||
| Property and equipment, net of accumulated depreciation | $ | 4,045,466 | $ | 3,955,586 | ||||
| Cash and cash equivalents - unrestricted | 498,371 | 591,833 | ||||||
| Cash and cash equivalents - restricted | 51,908 | 108,608 | ||||||
| Notes receivable | 61,892 | 61,760 | ||||||
| Trade receivables, net | 127,281 | 110,029 | ||||||
| Deferred income tax assets, net | 71,023 | 81,624 | ||||||
| Prepaid expenses and other assets | 163,786 | 154,810 | ||||||
| Intangible assets | 120,231 | 124,287 | ||||||
| Total assets | $ | 5,139,958 | $ | 5,188,537 | ||||
| LIABILITIES AND EQUITY: | ||||||||
| Debt and finance lease obligations | $ | 3,373,383 | $ | 3,377,028 | ||||
| Accounts payable and accrued liabilities | 406,245 | 464,720 | ||||||
| Dividends payable | 67,734 | 67,932 | ||||||
| Deferred management rights proceeds | 165,121 | 165,174 | ||||||
| Operating lease liabilities | 130,411 | 129,122 | ||||||
| Other liabilities | 68,140 | 66,658 | ||||||
| Noncontrolling interest in consolidated joint venture | 362,603 | 345,126 | ||||||
| Total equity | 566,321 | 572,777 | ||||||
| Total liabilities and equity | $ | 5,139,958 | $ | 5,188,537 | ||||
| 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, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| $ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||||||
| Consolidated | ||||||||||||||||||||||||||||
| Revenue | $ | 613,290 | $ | 504,843 | $ | 1,141,635 | $ | 996,562 | ||||||||||||||||||||
| Net income | $ | 104,740 | 17.1 | % | $ | 70,143 | 13.9 | % | $ | 147,501 | 12.9 | % | $ | 131,137 | 13.2 | % | ||||||||||||
| Interest expense, net | 49,513 | 43,861 | 102,434 | 83,842 | ||||||||||||||||||||||||
| Provision for income taxes | 12,200 | 3,544 | 12,730 | 5,177 | ||||||||||||||||||||||||
| Depreciation & amortization | 58,553 | 48,257 | 115,755 | 96,614 | ||||||||||||||||||||||||
| Gain on sale of assets | - | - | (270 | ) | - | |||||||||||||||||||||||
| Pro rata EBITDAre from unconsolidated joint ventures | 2 | 8 | 4 | 17 | ||||||||||||||||||||||||
| EBITDAre | 225,008 | 36.7 | % | 165,813 | 32.8 | % | 378,154 | 33.1 | % | 316,787 | 31.8 | % | ||||||||||||||||
| Preopening costs | 1,055 | 67 | 2,491 | 257 | ||||||||||||||||||||||||
| Non-cash lease expense | 933 | 1,499 | 1,858 | 3,000 | ||||||||||||||||||||||||
| Equity-based compensation expense | 3,383 | 3,801 | 7,245 | 7,540 | ||||||||||||||||||||||||
| Interest income on Gaylord National bonds | 1,195 | 1,270 | 2,390 | 2,541 | ||||||||||||||||||||||||
| Loss on extinguishment of debt | 1,797 | 2,252 | 2,319 | 2,252 | ||||||||||||||||||||||||
| Pro rata adjusted EBITDAre from unconsolidated joint ventures | (176 | ) | - | (197 | ) | - | ||||||||||||||||||||||
| Adjusted EBITDAre | $ | 233,195 | 38.0 | % | $ | 174,702 | 34.6 | % | $ | 394,260 | 34.5 | % | $ | 332,377 | 33.4 | % | ||||||||||||
| Adjusted EBITDAre of noncontrolling interest in consolidated joint venture | $ | (10,722 | ) | $ | (8,819 | ) | $ | (15,384 | ) | $ | (13,115 | ) | ||||||||||||||||
| Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture | $ | 222,473 | 36.3 | % | $ | 165,883 | 32.9 | % | $ | 378,876 | 33.2 | % | $ | 319,262 | 32.0 | % | ||||||||||||
| Hospitality segment | ||||||||||||||||||||||||||||
| Revenue | $ | 519,087 | $ | 417,685 | $ | 980,557 | $ | 842,124 | ||||||||||||||||||||
| Operating income | $ | 151,885 | 29.3 | % | $ | 107,733 | 25.8 | % | $ | 254,070 | 25.9 | % | $ | 213,803 | 25.4 | % | ||||||||||||
| Depreciation & amortization | 50,553 | 42,646 | 100,783 | 85,521 | ||||||||||||||||||||||||
| Non-cash lease expense | 982 | 1,018 | 1,965 | 2,037 | ||||||||||||||||||||||||
| Interest income on Gaylord National bonds | 1,195 | 1,270 | 2,390 | 2,541 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 204,615 | 39.4 | % | $ | 152,667 | 36.6 | % | $ | 359,208 | 36.6 | % | $ | 303,902 | 36.1 | % | ||||||||||||
| Same-Store Hospitality segment (1) | ||||||||||||||||||||||||||||
| Revenue | $ | 456,237 | $ | 417,685 | $ | 867,766 | $ | 842,124 | ||||||||||||||||||||
| Operating income | $ | 136,447 | 29.9 | % | $ | 107,733 | 25.8 | % | $ | 229,498 | 26.4 | % | $ | 213,803 | 25.4 | % | ||||||||||||
| Depreciation & amortization | 43,082 | 42,646 | 85,915 | 85,521 | ||||||||||||||||||||||||
| Non-cash lease expense | 982 | 1,018 | 1,965 | 2,037 | ||||||||||||||||||||||||
| Interest income on Gaylord National bonds | 1,195 | 1,270 | 2,390 | 2,541 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 181,706 | 39.8 | % | $ | 152,667 | 36.6 | % | $ | 319,768 | 36.8 | % | $ | 303,902 | 36.1 | % | ||||||||||||
| Entertainment segment | ||||||||||||||||||||||||||||
| Revenue | $ | 94,203 | $ | 87,158 | $ | 161,078 | $ | 154,438 | ||||||||||||||||||||
| Operating income | $ | 25,822 | 27.4 | % | $ | 24,601 | 28.2 | % | $ | 31,934 | 19.8 | % | $ | 34,992 | 22.7 | % | ||||||||||||
| Depreciation & amortization | 7,766 | 5,402 | 14,506 | 10,667 | ||||||||||||||||||||||||
| Preopening costs | 1,055 | 67 | 2,491 | 257 | ||||||||||||||||||||||||
| Non-cash lease (revenue) expense | (49 | ) | 481 | (107 | ) | 963 | ||||||||||||||||||||||
| Equity-based compensation | 1,005 | 1,010 | 1,893 | 1,826 | ||||||||||||||||||||||||
| Other gains and (losses), net | 137 | - | 545 | - | ||||||||||||||||||||||||
| Pro rata adjusted EBITDAre from unconsolidated joint ventures | 8 | (2,145 | ) | 21 | (4,943 | ) | ||||||||||||||||||||||
| Adjusted EBITDAre | $ | 35,744 | 37.9 | % | $ | 29,416 | 33.8 | % | $ | 51,283 | 31.8 | % | $ | 43,762 | 28.3 | % | ||||||||||||
| Corporate and Other segment | ||||||||||||||||||||||||||||
| Operating loss | $ | (9,636 | ) | $ | (10,094 | ) | $ | (21,552 | ) | $ | (20,905 | ) | ||||||||||||||||
| Depreciation & amortization | 234 | 209 | 466 | 426 | ||||||||||||||||||||||||
| Other gains and (losses), net | (140 | ) | (287 | ) | (227 | ) | (522 | ) | ||||||||||||||||||||
| Equity-based compensation | 2,378 | 2,791 | 5,352 | 5,714 | ||||||||||||||||||||||||
| Gain on sale of assets | - | - | (270 | ) | - | |||||||||||||||||||||||
| Adjusted EBITDAre | $ | (7,164 | ) | $ | (7,381 | ) | $ | (16,231 | ) | $ | (15,287 | ) | ||||||||||||||||
| (1) | Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023. | |||||||||||||||||||||||||||
| RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||
| SUPPLEMENTAL FINANCIAL RESULTS | ||||||||||||||||
| FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION | ||||||||||||||||
| Unaudited | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Consolidated | ||||||||||||||||
| Net income | $ | 104,740 | $ | 70,143 | $ | 147,501 | $ | 131,137 | ||||||||
| Noncontrolling interest in consolidated joint venture | (3,270 | ) | (3,134 | ) | (2,691 | ) | (2,371 | ) | ||||||||
| Net income available to common stockholders and unit holders | 101,470 | 67,009 | 144,810 | 128,766 | ||||||||||||
| Depreciation & amortization | 58,506 | 48,227 | 115,660 | 96,553 | ||||||||||||
| Adjustments for noncontrolling interest | (2,331 | ) | (1,620 | ) | (4,352 | ) | (3,200 | ) | ||||||||
| FFO available to common stockholders and unit holders | 157,647 | 113,639 | 256,120 | 222,165 | ||||||||||||
| Right-of-use asset amortization | 47 | 30 | 95 | 61 | ||||||||||||
| Non-cash lease expense | 933 | 1,499 | 1,858 | 3,000 | ||||||||||||
| Pro rata adjustments from joint ventures | (176 | ) | - | (197 | ) | - | ||||||||||
| Gain on other assets | - | - | (270 | ) | - | |||||||||||
| Amortization of deferred financing costs | 2,627 | 2,633 | 5,348 | 5,307 | ||||||||||||
| Amortization of debt discounts and premiums | 658 | 545 | 1,307 | 1,051 | ||||||||||||
| Adjustments for noncontrolling interest | (1,253 | ) | (870 | ) | (1,118 | ) | (1,282 | ) | ||||||||
| Deferred tax provision (benefit) | 11,152 | 2,664 | 10,664 | 3,431 | ||||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 173,432 | $ | 122,392 | $ | 276,126 | $ | 235,985 | ||||||||
| Basic net income per share | $ | 1.68 | $ | 1.18 | $ | 2.41 | $ | 2.29 | ||||||||
| Diluted net income per share | $ | 1.65 | $ | 1.15 | $ | 2.31 | $ | 2.17 | ||||||||
| FFO available to common stockholders and unit holders per basic share/unit | $ | 2.61 | $ | 2.00 | $ | 4.25 | $ | 3.96 | ||||||||
| Adjusted FFO available to common stockholders and unit holders per basic share/unit | $ | 2.88 | $ | 2.16 | $ | 4.59 | $ | 4.20 | ||||||||
| FFO available to common stockholders and unit holders per diluted share/unit (1) | $ | 2.53 | $ | 1.92 | $ | 4.05 | $ | 3.72 | ||||||||
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) | $ | 2.78 | $ | 2.06 | $ | 4.37 | $ | 3.95 | ||||||||
| Weighted average common shares and OP units for the period: | ||||||||||||||||
| Basic | 60,290 | 56,724 | 60,212 | 56,154 | ||||||||||||
| Diluted (1) | 63,618 | 60,884 | 63,841 | 60,368 | ||||||||||||
| (1) | Diluted weighted average common shares and OP units for the three and six months ended June 30, 2024 include 3.1 million and 3.3 million, respectively, and the three and six months ended June 30, 2023 include 3.9 million and 4.0 million, respectively, 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, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| $ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||||||
| Hospitality segment | ||||||||||||||||||||||||||||
| Revenue | $ | 519,087 | $ | 417,685 | $ | 980,557 | $ | 842,124 | ||||||||||||||||||||
| Operating income | $ | 151,885 | 29.3 | % | $ | 107,733 | 25.8 | % | $ | 254,070 | 25.9 | % | $ | 213,803 | 25.4 | % | ||||||||||||
| Depreciation & amortization | 50,553 | 42,646 | 100,783 | 85,521 | ||||||||||||||||||||||||
| Non-cash lease expense | 982 | 1,018 | 1,965 | 2,037 | ||||||||||||||||||||||||
| Interest income on Gaylord National bonds | 1,195 | 1,270 | 2,390 | 2,541 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 204,615 | 39.4 | % | $ | 152,667 | 36.6 | % | $ | 359,208 | 36.6 | % | $ | 303,902 | 36.1 | % | ||||||||||||
| Occupancy | ||||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 260.76 | $ | 244.77 | $ | 255.87 | $ | 241.38 | ||||||||||||||||||||
| RevPAR | $ | 192.12 | $ | 177.83 | $ | 179.64 | $ | 174.97 | ||||||||||||||||||||
| OtherPAR | $ | 307.78 | $ | 262.29 | $ | 292.45 | $ | 271.52 | ||||||||||||||||||||
| Total RevPAR | $ | 499.90 | $ | 440.12 | $ | 472.09 | $ | 446.49 | ||||||||||||||||||||
| Same-Store Hospitality segment (1) | ||||||||||||||||||||||||||||
| Revenue | $ | 456,237 | $ | 417,685 | $ | 867,766 | $ | 842,124 | ||||||||||||||||||||
| Operating income | $ | 136,447 | 29.9 | % | $ | 107,733 | 25.8 | % | $ | 229,498 | 26.4 | % | $ | 213,803 | 25.4 | % | ||||||||||||
| Depreciation & amortization | 43,082 | 42,646 | 85,915 | 85,521 | ||||||||||||||||||||||||
| Non-cash lease expense | 982 | 1,018 | 1,965 | 2,037 | ||||||||||||||||||||||||
| Interest income on Gaylord National bonds | 1,195 | 1,270 | 2,390 | 2,541 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 181,706 | 39.8 | % | $ | 152,667 | 36.6 | % | $ | 319,768 | 36.8 | % | $ | 303,902 | 36.1 | % | ||||||||||||
| Occupancy | ||||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 254.16 | $ | 244.77 | $ | 249.71 | $ | 241.38 | ||||||||||||||||||||
| RevPAR | $ | 185.95 | $ | 177.83 | $ | 175.06 | $ | 174.97 | ||||||||||||||||||||
| OtherPAR | $ | 295.72 | $ | 262.29 | $ | 282.94 | $ | 271.52 | ||||||||||||||||||||
| Total RevPAR | $ | 481.67 | $ | 440.12 | $ | 458.00 | $ | 446.49 | ||||||||||||||||||||
| Gaylord Opryland | ||||||||||||||||||||||||||||
| Revenue | $ | 130,352 | $ | 110,475 | $ | 234,187 | $ | 222,281 | ||||||||||||||||||||
| Operating income | $ | 50,642 | 38.9 | % | $ | 32,011 | 29.0 | % | $ | 75,467 | 32.2 | % | $ | 63,706 | 28.7 | % | ||||||||||||
| Depreciation & amortization | 8,199 | 8,512 | 16,332 | 17,066 | ||||||||||||||||||||||||
| Non-cash lease revenue | (11 | ) | (12 | ) | (22 | ) | (24 | ) | ||||||||||||||||||||
| Adjusted EBITDAre | $ | 58,830 | 45.1 | % | $ | 40,511 | 36.7 | % | $ | 91,777 | 39.2 | % | $ | 80,748 | 36.3 | % | ||||||||||||
| Occupancy | ||||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 260.98 | $ | 252.01 | $ | 253.71 | $ | 246.07 | ||||||||||||||||||||
| RevPAR | $ | 196.85 | $ | 179.38 | $ | 178.23 | $ | 176.90 | ||||||||||||||||||||
| OtherPAR | $ | 299.15 | $ | 240.98 | $ | 267.32 | $ | 248.33 | ||||||||||||||||||||
| Total RevPAR | $ | 496.00 | $ | 420.36 | $ | 445.55 | $ | 425.23 | ||||||||||||||||||||
| Gaylord Palms | ||||||||||||||||||||||||||||
| Revenue | $ | 68,799 | $ | 73,829 | $ | 154,262 | $ | 158,375 | ||||||||||||||||||||
| Operating income | $ | 13,479 | 19.6 | % | $ | 18,322 | 24.8 | % | $ | 38,485 | 24.9 | % | $ | 45,956 | 29.0 | % | ||||||||||||
| Depreciation & amortization | 5,889 | 5,543 | 11,760 | 11,153 | ||||||||||||||||||||||||
| Non-cash lease expense | 993 | 1,030 | 1,987 | 2,061 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 20,361 | 29.6 | % | $ | 24,895 | 33.7 | % | $ | 52,232 | 33.9 | % | $ | 59,170 | 37.4 | % | ||||||||||||
| Occupancy | $ | 0.69 | $ | 0.78 | ||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 235.54 | $ | 243.55 | $ | 253.19 | $ | 250.74 | ||||||||||||||||||||
| RevPAR | $ | 147.22 | $ | 184.58 | $ | 173.55 | $ | 194.62 | ||||||||||||||||||||
| OtherPAR | $ | 292.85 | $ | 287.66 | $ | 319.81 | $ | 314.69 | ||||||||||||||||||||
| Total RevPAR | $ | 440.07 | $ | 472.24 | $ | 493 | $ | 509 | ||||||||||||||||||||
| Gaylord Texan | ||||||||||||||||||||||||||||
| Revenue | $ | 83,897 | $ | 81,479 | $ | 168,799 | $ | 167,877 | ||||||||||||||||||||
| Operating income | $ | 26,314 | 31.4 | % | $ | 26,105 | 32.0 | % | $ | 52,346 | 31.0 | % | $ | 54,193 | 32.3 | % | ||||||||||||
| Depreciation & amortization | 5,744 | 5,718 | 11,635 | 11,484 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 32,058 | 38.2 | % | $ | 31,823 | 39.1 | % | $ | 63,981 | 37.9 | % | $ | 65,677 | 39.1 | % | ||||||||||||
| Occupancy | ||||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 252.61 | $ | 234.86 | $ | 246.43 | $ | 232.83 | ||||||||||||||||||||
| RevPAR | $ | 199.18 | $ | 176.49 | $ | 187.36 | $ | 177.19 | ||||||||||||||||||||
| OtherPAR | $ | 309.06 | $ | 317.10 | $ | 323.92 | $ | 334.11 | ||||||||||||||||||||
| Total RevPAR | $ | 508.24 | $ | 493.59 | $ | 511.28 | $ | 511.30 | ||||||||||||||||||||
| (1) | Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023. | |||||||||||||||||||||||||||
| 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, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| $ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||||||
| Gaylord National | ||||||||||||||||||||||||||||
| Revenue | $ | 88,369 | $ | 77,014 | $ | 156,643 | $ | 149,786 | ||||||||||||||||||||
| Operating income | $ | 22,321 | 25.3 | % | $ | 14,926 | 19.4 | % | $ | 27,544 | 17.6 | % | $ | 22,981 | 15.3 | % | ||||||||||||
| Depreciation & amortization | 8,405 | 8,257 | 16,806 | 16,551 | ||||||||||||||||||||||||
| Interest income on Gaylord National bonds | 1,195 | 1,270 | 2,390 | 2,541 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 31,921 | 36.1 | % | $ | 24,453 | 31.8 | % | $ | 46,740 | 29.8 | % | $ | 42,073 | 28.1 | % | ||||||||||||
| Occupancy | ||||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 263.88 | $ | 251.80 | $ | 250.67 | $ | 245.80 | ||||||||||||||||||||
| RevPAR | $ | 186.90 | $ | 170.65 | $ | 169.54 | $ | 166.06 | ||||||||||||||||||||
| OtherPAR | $ | 299.62 | $ | 253.35 | $ | 261.66 | $ | 248.54 | ||||||||||||||||||||
| Total RevPAR | $ | 486.52 | $ | 424.00 | $ | 431.20 | $ | 414.60 | ||||||||||||||||||||
| Gaylord Rockies | ||||||||||||||||||||||||||||
| Revenue | $ | 76,836 | $ | 67,127 | $ | 140,658 | $ | 131,174 | ||||||||||||||||||||
| Operating income | $ | 21,436 | 27.9 | % | $ | 14,691 | 21.9 | % | $ | 33,433 | 23.8 | % | $ | 25,559 | 19.5 | % | ||||||||||||
| Depreciation & amortization | 14,138 | 14,124 | 27,979 | 28,169 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 35,574 | 46.3 | % | $ | 28,815 | 42.9 | % | $ | 61,412 | 43.7 | % | $ | 53,728 | 41.0 | % | ||||||||||||
| Occupancy | ||||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 255.44 | $ | 247.92 | $ | 249.55 | $ | 240.94 | ||||||||||||||||||||
| RevPAR | $ | 205.25 | $ | 192.84 | $ | 180.77 | $ | 177.98 | ||||||||||||||||||||
| OtherPAR | $ | 357.28 | $ | 298.61 | $ | 334.12 | $ | 304.84 | ||||||||||||||||||||
| Total RevPAR | $ | 562.53 | $ | 491.45 | $ | 514.89 | $ | 482.82 | ||||||||||||||||||||
| JW Marriott Hill Country (2) | ||||||||||||||||||||||||||||
| Revenue | $ | 62,850 | $ | - | $ | 112,791 | $ | - | ||||||||||||||||||||
| Operating income | $ | 15,438 | 24.6 | % | $ | - | $ | 24,572 | 21.8 | % | $ | - | ||||||||||||||||
| Depreciation & amortization | 7,471 | - | 14,868 | - | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 22,909 | 36.5 | % | $ | - | $ | 39,440 | 35.0 | % | $ | - | ||||||||||||||||
| Occupancy | n/a | n/a | ||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 324.18 | n/a | $ | 318.83 | n/a | ||||||||||||||||||||||
| RevPAR | $ | 256.23 | n/a | $ | 227.31 | n/a | ||||||||||||||||||||||
| OtherPAR | $ | 433.05 | n/a | $ | 391.19 | n/a | ||||||||||||||||||||||
| Total RevPAR | $ | 689.28 | n/a | $ | 618.50 | n/a | ||||||||||||||||||||||
| The AC Hotel at National Harbor | ||||||||||||||||||||||||||||
| Revenue | $ | 4,107 | $ | 3,401 | $ | 6,929 | $ | 5,612 | ||||||||||||||||||||
| Operating income (loss) | $ | 1,404 | 34.2 | % | $ | 923 | 27.1 | % | $ | 1,731 | 25.0 | % | $ | 745 | 13.3 | % | ||||||||||||
| Depreciation & amortization | 218 | 171 | 468 | 452 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 1,622 | 39.5 | % | $ | 1,094 | 32.2 | % | $ | 2,199 | 31.7 | % | $ | 1,197 | 21.3 | % | ||||||||||||
| Occupancy | ||||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 299.54 | $ | 277.86 | $ | 276.78 | $ | 250.79 | ||||||||||||||||||||
| RevPAR | $ | 200.39 | $ | 177.77 | $ | 171.32 | $ | 148.32 | ||||||||||||||||||||
| OtherPAR | $ | 34.67 | $ | 16.91 | $ | 26.97 | $ | 13.17 | ||||||||||||||||||||
| Total RevPAR | $ | 235.06 | $ | 194.68 | $ | 198.29 | $ | 161.49 | ||||||||||||||||||||
| The Inn at Opryland (3) | ||||||||||||||||||||||||||||
| Revenue | $ | 3,877 | $ | 4,360 | $ | 6,288 | $ | 7,019 | ||||||||||||||||||||
| Operating loss | $ | 851 | 21.9 | % | $ | 755 | 17.3 | % | $ | 492 | 7.8 | % | $ | 663 | 9.4 | % | ||||||||||||
| Depreciation & amortization | 489 | 321 | 935 | 646 | ||||||||||||||||||||||||
| Adjusted EBITDAre | $ | 1,340 | 34.6 | % | $ | 1,076 | 24.7 | % | $ | 1,427 | 22.7 | % | $ | 1,309 | 18.6 | % | ||||||||||||
| Occupancy | ||||||||||||||||||||||||||||
| Average daily rate (ADR) | $ | 179.80 | $ | 159.71 | $ | 172.78 | $ | 150.36 | ||||||||||||||||||||
| RevPAR | $ | 110.78 | $ | 105.84 | $ | 89.65 | $ | 92.43 | ||||||||||||||||||||
| OtherPAR | $ | 31.35 | $ | 26.08 | $ | 24.99 | $ | 22.39 | ||||||||||||||||||||
| Total RevPAR | $ | 142.13 | $ | 131.92 | $ | 114.64 | $ | 114.82 | ||||||||||||||||||||
| (1) | Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired on June 30, 2023. | |||||||||||||||||||||||||||
| (2) | JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. | |||||||||||||||||||||||||||
| (3) | Includes other hospitality revenue and expense. | |||||||||||||||||||||||||||
| RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||
| SUPPLEMENTAL FINANCIAL RESULTS | ||||||||||||
| EARNINGS PER SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE CALCULATIONS | ||||||||||||
| Unaudited | ||||||||||||
| (In thousands, except per share data) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| Jun. 30, | Jun. 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Earnings per share: | ||||||||||||
| Numerator: | ||||||||||||
| Net income available to common stockholders | $ | 100,805 | $ | 66,543 | $ | 143,861 | $ | 127,863 | ||||
| Net loss attributable to noncontrolling interest in consolidated joint venture | 3,270 | 3,134 | 2,691 | 2,371 | ||||||||
| Net income available to common stockholders - if-converted method | $ | 104,075 | $ | 69,677 | $ | 146,552 | $ | 130,234 | ||||
| Denominator: | ||||||||||||
| Weighted average shares outstanding - basic | 59,895 | 56,329 | 59,817 | 55,759 | ||||||||
| Effect of dilutive stock-based compensation | 206 | 232 | 314 | 256 | ||||||||
| Effect of dilutive put rights (1) | 3,122 | 3,928 | 3,315 | 3,958 | ||||||||
| Weighted average shares outstanding - diluted | 63,223 | 60,489 | 63,446 | 59,973 | ||||||||
| Basic income per share available to common stockholders | $ | 1.68 | $ | 1.18 | $ | 2.41 | $ | 2.29 | ||||
| Diluted income per share available to common stockholders | $ | 1.65 | $ | 1.15 | $ | 2.31 | $ | 2.17 | ||||
| FFO and Adjusted FFO per share: | ||||||||||||
| Numerator - FFO: | ||||||||||||
| FFO available to common stockholders and unit holders | $ | 157,647 | $ | 113,639 | $ | 256,120 | $ | 222,165 | ||||
| Net loss attributable to noncontrolling interest in consolidated joint venture | 3,270 | 3,134 | 2,691 | 2,371 | ||||||||
| FFO available to common stockholders and unit holders- if-converted method | $ | 160,917 | $ | 116,773 | $ | 258,811 | $ | 224,536 | ||||
| Numerator - Adjusted FFO: | ||||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 173,432 | $ | 122,392 | $ | 276,126 | $ | 235,985 | ||||
| Net loss attributable to noncontrolling interest in consolidated joint venture | 3,270 | 3,134 | 2,691 | 2,371 | ||||||||
| Adjusted FFO available to common stockholders and unit holders - if-converted method | $ | 176,702 | $ | 125,526 | $ | 278,817 | $ | 238,356 | ||||
| Denominator: | ||||||||||||
| Weighted average shares and OP units outstanding - basic | 60,290 | 56,724 | 60,212 | 56,154 | ||||||||
| Effect of dilutive stock-based compensation | 206 | 232 | 314 | 256 | ||||||||
| Effect of dilutive put rights (1) | 3,122 | 3,928 | 3,315 | 3,958 | ||||||||
| Weighted average shares and OP units outstanding - diluted | 63,618 | 60,884 | 63,841 | 60,368 | ||||||||
| FFO available to common stockholders and unit holders per basic share/unit | $ | 2.61 | $ | 2.00 | $ | 4.25 | $ | 3.96 | ||||
| Adjusted FFO available to common stockholders and unit holders per basic share/unit | $ | 2.88 | $ | 2.16 | $ | 4.59 | $ | 4.20 | ||||
| FFO available to common stockholders and unit holders per diluted share/unit (1) | $ | 2.53 | $ | 1.92 | $ | 4.05 | $ | 3.72 | ||||
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) | $ | 2.78 | $ | 2.06 | $ | 4.37 | $ | 3.95 | ||||
| (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 | ||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||
| Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") | ||||||||||||||
| Funds From Operations ("FFO") and Adjusted FFO Reconciliation | ||||||||||||||
| New Guidance Range | ||||||||||||||
| For Full Year 2024 | ||||||||||||||
| Low | High | Midpoint | ||||||||||||
| Ryman Hospitality Properties, Inc. | ||||||||||||||
| Net Income | $ | 281,000 | $ | 287,500 | $ | 284,250 | ||||||||
| Provision for income taxes | 15,250 | 17,000 | 16,125 | |||||||||||
| Interest Expense, net | 214,775 | 221,275 | 218,025 | |||||||||||
| Depreciation and amortization | 224,250 | 234,500 | 229,375 | |||||||||||
| (Gain) / Loss on disposal of fixed assets | (275 | ) | (275 | ) | (275 | ) | ||||||||
| EBITDAre | $ | 735,000 | $ | 760,000 | $ | 747,500 | ||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | |||||||||||
| Preopening expense | 3,000 | 3,500 | 3,250 | |||||||||||
| Equity-based compensation | 12,500 | 13,500 | 13,000 | |||||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | |||||||||||
| Interest income on Gaylord National bonds | 4,500 | 5,500 | 5,000 | |||||||||||
| Other gains and (losses), net | 500 | 1,750 | 1,125 | |||||||||||
| Adjusted EBITDAre | $ | 760,500 | $ | 790,500 | $ | 775,500 | ||||||||
| Hospitality Segment | ||||||||||||||
| Operating Income | $ | 484,500 | $ | 494,000 | $ | 489,250 | ||||||||
| Depreciation and amortization | 195,000 | 202,500 | 198,750 | |||||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | |||||||||||
| Interest income on Gaylord National Bonds | 4,500 | 5,500 | 5,000 | |||||||||||
| Other gains and (losses), net | 3,000 | 4,000 | 3,500 | |||||||||||
| Loss (gain) on extinguishment of debt | - | - | - | |||||||||||
| Adjusted EBITDAre | $ | 690,500 | $ | 710,500 | $ | 700,500 | ||||||||
| Hospitality Segment (same-store) | ||||||||||||||
| Operating Income | $ | 447,500 | $ | 456,000 | $ | 451,750 | ||||||||
| Depreciation and amortization | 167,000 | 170,500 | 168,750 | |||||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | |||||||||||
| Interest income on Gaylord National Bonds | 4,500 | 5,500 | 5,000 | |||||||||||
| Other gains and (losses), net | 3,000 | 4,000 | 3,500 | |||||||||||
| Loss (gain) on extinguishment of debt | - | - | - | |||||||||||
| Adjusted EBITDAre | $ | 625,500 | $ | 640,500 | $ | 633,000 | ||||||||
| JW Marriott Hill Country | ||||||||||||||
| Operating Income | $ | 37,000 | $ | 38,000 | $ | 37,500 | ||||||||
| Depreciation and amortization | 28,000 | 32,000 | 30,000 | |||||||||||
| Adjusted EBITDAre | $ | 65,000 | $ | 70,000 | $ | 67,500 | ||||||||
| Ryman Hospitality Properties, Inc. and Subsidiaries | ||||||||||||||
| Reconciliation of Forward-Looking Statements | ||||||||||||||
| Unaudited | ||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||
| Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") | ||||||||||||||
| Funds From Operations ("FFO") and Adjusted FFO Reconciliation | ||||||||||||||
| New Guidance Range | ||||||||||||||
| For Full Year 2024 | ||||||||||||||
| Low | High | Midpoint | ||||||||||||
| Entertainment Segment | ||||||||||||||
| Operating Income | $ | 70,500 | $ | 73,500 | $ | 72,000 | ||||||||
| Depreciation and amortization | 27,500 | 30,000 | 28,750 | |||||||||||
| Preopening expense | 3,000 | 3,500 | 3,250 | |||||||||||
| Equity-based compensation | 3,500 | 4,000 | 3,750 | |||||||||||
| Pro rata adjusted EBITDAre from unconsolidated joint ventures | 500 | 1,000 | 750 | |||||||||||
| Adjusted EBITDAre | $ | 105,000 | $ | 112,000 | $ | 108,500 | ||||||||
| Corporate and Other Segment | ||||||||||||||
| Operating Loss | $ | (44,750 | ) | $ | (43,000 | ) | $ | (43,875 | ) | |||||
| Depreciation and amortization | 1,750 | 2,000 | 1,875 | |||||||||||
| Equity-based compensation | 9,000 | 9,500 | 9,250 | |||||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | |||||||||||
| Other gains and (losses), net | (2,500 | ) | (2,250 | ) | (2,375 | ) | ||||||||
| Adjusted EBITDAre | $ | (35,000 | ) | $ | (32,000 | ) | $ | (33,500 | ) | |||||
| Ryman Hospitality Properties, Inc. | ||||||||||||||
| Net Income | $ | 281,000 | $ | 287,500 | $ | 284,250 | ||||||||
| Noncontrolling interest in consolidated joint venture | (10,000 | ) | (6,000 | ) | (8,000 | ) | ||||||||
| Net Income available to common stockholders and unit holders | $ | 271,000 | $ | 281,500 | $ | 276,250 | ||||||||
| Depreciation and amortization | 224,250 | 234,500 | 229,375 | |||||||||||
| Adjustments for noncontrolling interest | (10,000 | ) | (8,000 | ) | (9,000 | ) | ||||||||
| FFO available to common stockholders and unit holders | $ | 485,250 | $ | 508,000 | $ | 496,625 | ||||||||
| Right of use amortization | - | 500 | 250 | |||||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | |||||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | |||||||||||
| Other gains and (losses), net | 500 | 1,750 | 1,125 | |||||||||||
| Loss (gain) on extinguishment of debt | - | - | - | |||||||||||
| Adjustments for noncontrolling interest | (3,000 | ) | (2,000 | ) | (2,500 | ) | ||||||||
| Amortization of deferred financing costs | 9,500 | 11,500 | 10,500 | |||||||||||
| Amortization of debt discounts and premiums | 2,500 | 3,500 | 3,000 | |||||||||||
| Deferred Taxes | 12,000 | 13,500 | 12,750 | |||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 511,750 | $ | 543,000 | $ | 527,375 | ||||||||
| Diluted income per share available to common stockholders | $ | 4.38 | $ | 4.49 | $ | 4.44 | ||||||||
| Adjusted FFO available to common stockholders and unit holders per diluted share | $ | 8.09 | $ | 8.51 | $ | 8.30 | ||||||||
| Estimated diluted shares outstanding to common stockholders (in millions) | 64.1 | 64.1 | 64.1 | |||||||||||
| Estimated diluted shares outstanding to common stockholders and unit holders (in millions) | 64.5 | 64.5 | 64.5 | |||||||||||
| Ryman Hospitality Properties, Inc. and Subsidiaries | |||||||||||
| Reconciliation of Forward-Looking Statements | |||||||||||
| Unaudited | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||
| Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") | |||||||||||
| Funds From Operations ("FFO") and Adjusted FFO Reconciliation | |||||||||||
| Prior Guidance Range | |||||||||||
| For Full Year 2024 | |||||||||||
| Low | High | Midpoint | |||||||||
| Ryman Hospitality Properties, Inc. | |||||||||||
| Net Income | $ | 259,000 | $ | 280,000 | $ | 269,500 | |||||
| Provision for income taxes | 15,250 | 17,000 | 16,125 | ||||||||
| Interest Expense, net | 216,775 | 223,275 | 220,025 | ||||||||
| Depreciation and amortization | 224,250 | 234,500 | 229,375 | ||||||||
| (Gain) / Loss on disposal of fixed assets | (275) | (275) | (275) | ||||||||
| EBITDAre | $ | 715,000 | $ | 754,500 | $ | 734,750 | |||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | ||||||||
| Preopening expense | 3,000 | 3,500 | 3,250 | ||||||||
| Equity-based compensation | 12,500 | 13,500 | 13,000 | ||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | ||||||||
| Interest income on Gaylord National bonds | 4,500 | 5,500 | 5,000 | ||||||||
| Other gains and (losses), net | 500 | 1,750 | 1,125 | ||||||||
| Adjusted EBITDAre | $ | 740,500 | $ | 785,000 | $ | 762,750 | |||||
| Hospitality Segment | |||||||||||
| Operating Income | $ | 469,500 | $ | 490,500 | $ | 480,000 | |||||
| Depreciation and amortization | 195,000 | 202,500 | 198,750 | ||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | ||||||||
| Interest income on Gaylord National Bonds | 4,500 | 5,500 | 5,000 | ||||||||
| Other gains and (losses), net | 3,000 | 4,000 | 3,500 | ||||||||
| Adjusted EBITDAre | $ | 675,500 | $ | 707,000 | $ | 691,250 | |||||
| Hospitality Segment (same-store) | |||||||||||
| Operating Income | $ | 434,500 | $ | 450,500 | $ | 442,500 | |||||
| Depreciation and amortization | 167,000 | 170,500 | 168,750 | ||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | ||||||||
| Interest income on Gaylord National Bonds | 4,500 | 5,500 | 5,000 | ||||||||
| Other gains and (losses), net | 3,000 | 4,000 | 3,500 | ||||||||
| Adjusted EBITDAre | $ | 612,500 | $ | 635,000 | $ | 623,750 | |||||
| JW Marriott Hill Country | |||||||||||
| Operating Income | $ | 35,000 | $ | 40,000 | $ | 37,500 | |||||
| Depreciation and amortization | 28,000 | 32,000 | 30,000 | ||||||||
| Adjusted EBITDAre | $ | 63,000 | $ | 72,000 | $ | 67,500 | |||||
| Ryman Hospitality Properties, Inc. and Subsidiaries | ||||||||||||||
| Reconciliation of Forward-Looking Statements | ||||||||||||||
| Unaudited | ||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||
| Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") | ||||||||||||||
| Funds From Operations ("FFO") and Adjusted FFO Reconciliation | ||||||||||||||
| Prior Guidance Range | ||||||||||||||
| For Full Year 2024 | ||||||||||||||
| Low | High | Midpoint | ||||||||||||
| Entertainment Segment | ||||||||||||||
| Operating Income | $ | 65,500 | $ | 71,500 | $ | 68,500 | ||||||||
| Depreciation and amortization | 27,500 | 30,000 | 28,750 | |||||||||||
| Preopening expense | 3,000 | 3,500 | 3,250 | |||||||||||
| Equity-based compensation | 3,500 | 4,000 | 3,750 | |||||||||||
| Pro rata adjusted EBITDAre from unconsolidated joint ventures | 500 | 1,000 | 750 | |||||||||||
| Adjusted EBITDAre | $ | 100,000 | $ | 110,000 | $ | 105,000 | ||||||||
| Corporate and Other Segment | ||||||||||||||
| Operating Loss | $ | (44,750 | ) | $ | (43,000 | ) | $ | (43,875 | ) | |||||
| Depreciation and amortization | 1,750 | 2,000 | 1,875 | |||||||||||
| Equity-based compensation | 9,000 | 9,500 | 9,250 | |||||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | |||||||||||
| Other gains and (losses), net | (2,500 | ) | (2,250 | ) | (2,375 | ) | ||||||||
| Adjusted EBITDAre | $ | (35,000 | ) | $ | (32,000 | ) | $ | (33,500 | ) | |||||
| Ryman Hospitality Properties, Inc. | ||||||||||||||
| Net Income | $ | 259,000 | $ | 280,000 | $ | 269,500 | ||||||||
| Noncontrolling interest in consolidated joint venture | (10,000 | ) | (6,000 | ) | (8,000 | ) | ||||||||
| Net Income available to common stockholders and unit holders | $ | 249,000 | $ | 274,000 | $ | 261,500 | ||||||||
| Depreciation and amortization | 224,250 | 234,500 | 229,375 | |||||||||||
| Adjustments for noncontrolling interest | (10,000 | ) | (8,000 | ) | (9,000 | ) | ||||||||
| FFO available to common stockholders and unit holders | $ | 463,250 | $ | 500,500 | $ | 481,875 | ||||||||
| Right of use amortization | - | 500 | 250 | |||||||||||
| Non-cash lease expense | 3,500 | 4,500 | 4,000 | |||||||||||
| Pension settlement charge | 1,500 | 1,750 | 1,625 | |||||||||||
| Other gains and (losses), net | 500 | 1,750 | 1,125 | |||||||||||
| Adjustments for noncontrolling interest | (3,000 | ) | (2,000 | ) | (2,500 | ) | ||||||||
| Amortization of deferred financing costs | 9,500 | 11,500 | 10,500 | |||||||||||
| Amortization of debt discounts and premiums | 2,500 | 3,500 | 3,000 | |||||||||||
| Deferred Taxes | 12,000 | 13,500 | 12,750 | |||||||||||
| Adjusted FFO available to common stockholders and unit holders | $ | 489,750 | $ | 535,500 | $ | 512,625 | ||||||||
| Diluted income per share available to common stockholders | $ | 4.01 | $ | 4.33 | $ | 4.17 | ||||||||
| Adjusted FFO available to common stockholders and unit holders per diluted share | $ | 7.69 | $ | 8.33 | $ | 8.01 | ||||||||
| Estimated diluted shares outstanding to common stockholders (in millions) | 64.6 | 64.6 | 64.6 | |||||||||||
| Estimated diluted shares outstanding to common stockholders and unit holders (in millions) | 65.0 | 65.0 | 65.0 | |||||||||||
FAQ
What was Ryman Hospitality Properties' net income for Q2 2024?
How much revenue did Ryman Hospitality Properties generate in Q2 2024?
What is the updated 2024 net income guidance for Ryman Hospitality Properties?
What was the reported Adjusted EBITDAre for Ryman Hospitality Properties in Q2 2024?
How has the outlook for same-store Hospitality RevPAR changed?
