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Ryman Hospitality Properties, Inc. Reports Third Quarter 2023 Results

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Ryman Hospitality Properties, Inc. reported strong financial results for Q3 2023 with record consolidated revenue of $528.5 million, net income of $40.8 million, and Adjusted EBITDAre of $170.9 million. The Hospitality segment achieved record revenue of $396.2 million driven by a record average daily rate (ADR). The company also booked over 695,000 gross advanced group room nights for future years at a record ADR of $268. Opry Entertainment Group had a strong quarter with record revenue and operating income. Full-year 2023 guidance is being updated to reflect strong financial results and confidence in the remainder of the year.
Positive
  • Record third quarter consolidated revenue of $528.5 million
  • Record third quarter consolidated net income of $40.8 million
  • Record third quarter consolidated Adjusted EBITDAre of $170.9 million
  • Same-store Hospitality segment achieved record third quarter revenue of $396.2 million
  • Booked over 695,000 gross advanced group room nights for future years
  • Opry Entertainment Group had a strong quarter with record revenue and operating income
  • Updating full year 2023 guidance to reflect strong financial results and confidence
Negative
  • None.

NASHVILLE, Tenn., Nov. 06, 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 September 30, 2023.

Third Quarter 2023 Highlights and Recent Developments:

  • The Company generated record third quarter consolidated revenue of $528.5 million, solid consolidated net income of $40.8 million and record third quarter consolidated Adjusted EBITDAre of $170.9 million.
  • Same-store Hospitality segment achieved record third quarter revenue of $396.2 million, driven by record third quarter ADR.1
  • During the quarter, the Company booked over 695,000 gross advanced group room nights for the same-store Hospitality portfolio for all future years, at a record ADR of $268, an increase of 6.3% over the ADR achieved in Q3 2022 for all future year bookings.
  • Opry Entertainment Group (OEG), our Entertainment segment, delivered another strong quarter, setting third quarter records for revenue, operating income, and Adjusted EBITDAre, led by the strength of our Nashville assets.
  • The Company is updating its full year 2023 guidance to reflect strong year-to-date financial results and sustained confidence in the remainder of 2023.

________________
1 Same-store Hospitality segment excludes JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”), which was acquired June 30, 2023.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are pleased to deliver another strong quarter marked by numerous quarterly and all-time records. Our financial performance is a testament to the underlying strength of our businesses and the successful execution of our growth strategy. In our Hospitality segment, we continued to add meaningfully to our healthy forward book of business, as we had one of our strongest quarters ever in terms of rooms revenue production and ADR growth for all future periods. Additionally, this quarter marked the first quarter of our ownership of the JW Marriott Hill Country in San Antonio, Texas. We are pleased with its performance this quarter and remain excited about the growth opportunities for this asset. The demand for our Entertainment business remains strong, as this segment delivered record third quarter revenue, operating income and Adjusted EBITDAre. We are updating our full year 2023 guidance as a result of our strong third quarter financial performance.”

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

($ in thousands, except per share amounts)Three Months Ended  Nine Months Ended
 September 30,  September 30,
  2023   2022  % ∆   2023   2022  % ∆
Total Revenue$528,511  $467,755  13.0%   $1,525,073  $1,237,094  23.3% 
             
Operating income$101,923  $97,005  5.1%   $329,813  $210,847  56.4% 
Operating income margin 19.3%   20.7%  -1.4pt    21.6%   17.0%  4.6pt 
             
Net income (1)$40,785  $47,451  -14.0%   $171,922  $73,578  133.7% 
Net income margin (1) 7.7%   10.1%  -2.4pt    11.3%   5.9%  5.4pt 
             
Net income available to common stockholders (1)$41,227  $45,241  -8.9%   $169,090  $70,904  138.5% 
Net income available to common stockholders margin (1) 7.8%   9.7%  -1.9pt    11.1%   5.7%  5.4pt 
Net income available to common stockholders per diluted share (1)$0.64  $0.79  -19.0%   $2.78  $1.28  117.2% 
             
Adjusted EBITDAre $170,874  $151,125  13.1%   $503,251  $387,744  29.8% 
Adjusted EBITDAre margin 32.3%   32.3%  0.0pt    33.0%   31.3%  1.7pt 
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$163,188  $144,780  12.7%   $482,450  $380,268  26.9% 
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin 30.9%   31.0%  -0.1pt    31.6%   30.7%  0.9pt 
             
Funds From Operations (FFO) available to common stockholders and unit holders$97,931  $91,951  6.5%   $320,096  $230,292  39.0% 
FFO available to common stockholders and unit holders per diluted share/unit$1.52  $1.57  -3.2%   $5.21  $4.13  26.2% 
             
Adjusted FFO available to common stockholders and unit holders$111,279  $100,773  10.4%   $347,264  $250,462  38.6% 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit$1.73  $1.72  0.6%   $5.65  $4.49  25.8% 
             
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023.

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 and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders 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 shareholders and unit holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment

($ in thousands, except ADR, RevPAR, and Total RevPAR)
             
 Three Months Ended  Nine Months Ended
 September 30,  September 30,
  2023   2022  % ∆   2023   2022  % ∆
             
Hospitality Revenue$446,198  $390,602  14.2%   $1,288,322  $1,053,515  22.3% 
Same-Store Hospitality Revenue (1)$396,172  $390,602  1.4%   $1,237,575  $1,053,515  17.5% 
             
Hospitality operating income$91,723  $88,901  3.2%   $305,526  $205,142  48.9% 
Hospitality operating income margin 20.6%   22.8%  -2.2pt    23.7%   19.5%  4.2pt 
Hospitality Adjusted EBITDAre$152,544  $136,710  11.6%   $456,446  $362,025  26.1% 
Hospitality Adjusted EBITDAre margin 34.2%   35.0%  -0.8pt    35.4%   34.4%  1.0pt 
             
Same-Store Hospitality operating income (1)$83,847  $88,901  -5.7%  $297,422  $205,142  45.0% 
Same-Store Hospitality operating income margin (1) 21.2%   22.8%  -1.6pt    24.0%   19.5%  4.5pt 
Same-Store Hospitality Adjusted EBITDAre (1)$135,167  $136,710  -1.1%  $438,841  $362,025  21.2% 
Same-Store Hospitality Adjusted EBITDAre margin (1) 34.1%   35.0%  -0.9pt    35.5%   34.4%  1.1pt 
             
Hospitality Performance Metrics            
Occupancy 71.8%   71.5%  0.3pt    72.3%   63.9%  8.4pt 
Average Daily Rate (ADR)$239.00  $226.20  5.7%   $240.53  $230.07  4.5% 
RevPAR$171.71  $161.75  6.2%   $173.80  $147.07  18.2% 
Total RevPAR$424.91  $407.77  4.2%   $439.00  $370.63  18.4% 
             
Same-Store Hospitality Performance Metrics (1)            
Occupancy 71.8%   71.5%  0.3pt    72.3%   63.9%  8.4pt 
Average Daily Rate (ADR)$230.50  $226.20  1.9%   $237.74  $230.07  3.3% 
RevPAR$165.58  $161.75  2.4%   $171.80  $147.07  16.8% 
Total RevPAR$413.58  $407.77  1.4%   $435.39  $370.63  17.5% 
             
Gross Definite Rooms Nights Booked 695,423   614,346  13.2%    1,695,578   1,637,571  3.5% 
Net Definite Rooms Nights Booked 546,724   416,128  31.4%    1,247,311   994,838  25.4% 
Group Attrition (as % of contracted block) 14.7%   19.2%  -4.5pt    15.5%   22.2%  -6.7pt 
Cancellations ITYFTY (2) 11,219   21,063  -46.7%   65,187   203,129  -67.9%
             
(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.           
(2) "ITYFTY" represents In The Year For The Year.            

Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for third quarter 2023 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Third Quarter 2023 Hospitality Segment Highlights

  • Same-store Hospitality portfolio achieved third quarter record revenue of $396.2 million, driven by third quarter record ADR of nearly $231, an increase of 1.9% from Q3 2022.
  • Same-store Hospitality portfolio achieved occupancy levels of 71.8%, up 30 basis points from Q3 2022, supported by over 513,000 group room nights traveled, a 3.1% increase over group room nights traveled in Q3 2022.
  • Same-store RevPAR and Total RevPAR for the quarter increased by 2.4% and 1.4%, respectively, compared to Q3 2022.
  • Room revenues production for all future years remained strong, marking an all-time third quarter record for the same-store portfolio.
  • Actualized cancellations in the year for the year declined from Q3 2022 and continue to normalize in the post pandemic environment.
  • Same-store incentive management fee expense increased to $7.1 million in the quarter, up from $3.4 million in Q3 2022.

Gaylord Opryland

($ in thousands, except ADR, RevPAR, and Total RevPAR)          
               
  Three Months Ended  Nine Months Ended 
  September 30,  September 30, 
   2023   2022  % ∆   2023   2022  % ∆ 
               
Revenue $111,939  $106,819  4.8%   $334,220  $285,835  16.9%  
Operating income $29,549  $29,488  0.2%   $93,255  $76,914  21.2%  
Operating income margin 26.4%   27.6%  -1.2pt    27.9%   26.9%  1.0pt  
Adjusted EBITDAre $38,022  $38,149  -0.3%   $118,770  $102,696  15.7%  
Adjusted EBITDAre margin 34.0%   35.7%  -1.7pt    35.5%   35.9%  -0.4pt  
                
Occupancy  72.7%   73.0%  -0.3pt    72.2%   65.7%  6.5pt  
Average daily rate (ADR)$242.37  $236.83  2.3%   $244.82  $236.35  3.6%  
RevPAR $176.18  $172.98  1.8%   $176.66  $155.36  13.7%  
Total RevPAR $421.30  $402.04  4.8%   $423.91  $362.54  16.9%  
               

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)          
               
  Three Months Ended  Nine Months Ended 
  September 30,  September 30, 
   2023   2022  % ∆   2023   2022  % ∆ 
               
Revenue $63,885  $60,516  5.6%   $222,260  $188,653  17.8%  
Operating income $9,249  $9,611  -3.8%   $55,205  $43,687  26.4%  
Operating income margin 14.5%   15.9%  -1.4pt    24.8%   23.2%  1.6pt  
Adjusted EBITDAre $15,930  $16,204  -1.7%   $75,100  $63,531  18.2%  
Adjusted EBITDAre margin 24.9%   26.8%  -1.9pt    33.8%   33.7%  0.1pt  
                
Occupancy  67.4%   65.2%  2.2pt    74.2%   65.2%  9.0pt  
Average daily rate (ADR)$214.22  $213.17  0.5%   $239.56  $232.26  3.1%  
RevPAR $144.33  $139.08  3.8%   $177.67  $151.39  17.4%  
Total RevPAR $404.19  $382.88  5.6%   $473.89  $402.23  17.8%  
               

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)         
              
  Three Months Ended Nine Months Ended
  September 30, September 30,
   2023   2022  % ∆   2023   2022  % ∆
              
Revenue $73,991  $70,734  4.6%   $241,868  $205,035  18.0% 
Operating income $19,555  $18,873  3.6%   $73,748  $57,523  28.2% 
Operating income margin 26.4%   26.7%  -0.3pt    30.5%   28.1%  2.4pt 
Adjusted EBITDAre $25,225  $24,577  2.6%   $90,902  $75,667  20.1% 
Adjusted EBITDAre margin 34.1%   34.7%  -0.6pt    37.6%   36.9%  0.7pt 
                
Occupancy  73.0%   70.6%  2.4pt    75.0%   67.6%  7.4pt 
Average daily rate (ADR)$233.92  $227.40  2.9%   $233.19  $227.10  2.7% 
RevPAR $170.68  $160.63  6.3%   $175.00  $153.60  13.9% 
Total RevPAR $443.36  $423.84  4.6%   $488.40  $414.03  18.0% 
                        

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)         
              
  Three Months Ended  Nine Months Ended
  September 30,  September 30,
   2023   2022  % ∆   2023   2022  % ∆
              
Revenue $72,124  $68,925  4.6%   $221,910  $173,735  27.7% 
Operating income $9,855  $9,044  9.0%   $32,836  $10,593  210.0% 
Operating income margin 13.7%   13.1%  0.6pt    14.8%   6.1%  8.7pt 
Adjusted EBITDAre $25,605  $21,550  18.8%   $67,678  $42,777  58.2% 
Adjusted EBITDAre margin 35.5%   31.3%  4.2pt    30.5%   24.6%  5.9pt 
                
Occupancy  71.5%   65.4%  6.1pt    68.9%   55.1%  13.8pt 
Average daily rate (ADR)$216.85  $220.25  -1.5%  $235.67  $232.23  1.5% 
RevPAR $155.12  $144.11  7.6%   $162.38  $127.99  26.9% 
Total RevPAR $392.76  $375.35  4.6%   $407.24  $318.83  27.7% 
              

Gaylord Rockies

($ in thousands, except ADR, RevPAR, and Total RevPAR)          
               
  Three Months Ended Nine Months Ended 
  September 30, September 30, 
   2023   2022  % ∆   2023   2022  % ∆ 
               
Revenue $68,203  $77,346  -11.8%   $199,377  $182,888  9.0%  
Operating income $14,970  $20,967  -28.6%   $40,529  $14,398  181.5%  
Operating income margin 21.9%   27.1%  -5.2pt    20.3%   7.9%  12.4pt  
Adjusted EBITDAre $29,171  $34,670  -15.9%   $82,899  $73,399  12.9%  
Adjusted EBITDAre margin 42.8%   44.8%  -2.0pt    41.6%   40.1%  1.5pt  
                 
Occupancy  79.9%   86.9%  -7.0pt    75.9%   67.7%  8.2pt  
Average daily rate (ADR)$245.52  $237.69  3.3%   $242.57  $232.32  4.4%  
RevPAR $196.19  $206.65  -5.1%   $184.12  $157.35  17.0%  
Total RevPAR $493.90  $560.11  -11.8%   $486.56  $446.32  9.0%  
               

JW Marriott Hill Country1

($ in thousands, except ADR, RevPAR, and Total RevPAR)         
       
 Three Months Ended  Nine Months Ended
 September 30,  September 30,
  2023     2023  
       
Revenue$50,026    $50,747  
Operating income$7,876    $8,104  
Operating income margin 15.7%     16.0%  
Adjusted EBITDAre$17,377    $17,605  
Adjusted EBITDAre margin 34.7%     34.7%  
       
Occupancy 72.0%     72.0%  
Average daily rate (ADR)$327.17    $327.17  
RevPAR$235.43    $235.43  
Total RevPAR$542.67    $550.50  
       
       

JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Third quarter 2023 represents the first full period of operations for the hotel under the Company’s ownership.


Entertainment Segment

For the three and nine months ended September 30, 2023, and 2022, the Company reported the following:

($ in thousands)Three Months Ended Nine Months Ended 
 September 30, September 30, 
  2023  2022 % ∆  2023  2022 % ∆ 
         
Revenue$82,313 $77,153 6.7%  $236,751 $183,579 29.0%  
Operating income$20,523 $17,756 15.6%  $55,515 $38,212 45.3%  
Operating income margin 24.9%  23.0% 1.9pt   23.4%  20.8% 2.6pt  
Adjusted EBITDAre$25,618 $21,174 21.0%  $69,380 $48,037 44.4%  
Adjusted EBITDAre margin 31.1%  27.4% 3.7pt   29.3%  26.2% 3.1pt  
         

Fioravanti continued, “Our Entertainment segment delivered another solid quarter, as we continue to see strong demand for live entertainment. We are particularly excited for the next addition to OEG’s Ole Red brand in early 2024 with the opening of Ole Red Las Vegas. In addition, we recently announced value-enhancing investments for our Block 21 asset in Austin, Texas, and to reposition the Wildhorse Saloon in Nashville, which will create additional growth opportunities going forward.”


Corporate and Other Segment

For the three and nine months ended September 30, 2023, and 2022, the Company reported the following:

($ in thousands)Three Months Ended Nine Months Ended 
 September 30, September 30, 
  2023  2022 % ∆  2023  2022 % ∆ 
         
Operating loss($10,323) ($9,652) -7.0%  ($31,228) ($32,507) 3.9%  
Adjusted EBITDAre($7,288) ($6,759) -7.8%  ($22,575) ($22,318) -1.2%  
  

Fioravanti concluded, “The continued strength of our businesses and the robust bookings from our group customers across all future periods gives us confidence to continue to invest across our hospitality and entertainment businesses to drive growth and value creation for our stakeholders.”

2023 Guidance

The Company is updating its 2023 business performance outlook based on current information as of November 6, 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)11.5%  13.0%  12.3%  11.0%  13.5%  12.3%  0.0% 
Consolidated Hospitality Total RevPAR growth (same-store)(2)11.5%  12.5%  12.0%  8.5%  10.5%  9.5%  2.5% 
                     
Operating Income                    
Hospitality$   413.0  $   427.5  $                    420.3  $   405.5  $   427.5  $                    416.5  $         3.8 
Entertainment 77.5  79.0  78.3  76.0  80.5  78.3  - 
Corporate and Other(44.0) (43.5) (43.8) (44.0) (43.0) (43.5) (0.3)
Consolidated Operating Income     446.5       463.0                       454.8       437.5       465.0                       451.3              3.5 
                     
Adjusted EBITDAre                    
Hospitality$   607.0  $   629.0  $                    618.0  $   597.0  $   629.0  $                    613.0  $         5.0 
Entertainment 97.0  101.0  99.0  94.0  104.0  99.0  - 
Corporate and Other(32.0) (30.0) (31.0) (32.0) (29.0) (30.5) (0.5)
Consolidated Adjusted EBITDAre     672.0       700.0                       686.0       659.0       704.0                       681.5              4.5 
                     
Net Income$   231.0  $   240.3  $                    235.6  $   223.5  $   243.5  $                    233.5  $         2.1 
Net Income available to common shareholders$   224.8  $   236.0  $                    230.4  $   222.5  $   232.5  $                    227.5  $         2.9 
                     
Funds from Operations (FFO) available to common shareholders$   420.5  $   440.3  $                    430.4  $   415.8  $   438.0  $                    426.9  $         3.5 
Adjusted FFO available to common shareholders$   448.5  $   474.5  $                    461.5  $   437.0  $   466.0  $                    451.5  $       10.0 
                     
Net Income available to common shareholders per diluted share$     3.70  $     3.87  $                      3.79  $     3.69  $     3.82  $                      3.76  $       0.03 
                     
Estimated Diluted Shares Outstanding (in millions)62.2  62.2  62.2  62.4  62.4  62.4  (0.2)
                     
(1) Includes JW Marriott Hill Country, except as otherwise noted                    
(2) Same-store excludes JW Marriott Hill Country                    

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common shareholders to Net Income available to common shareholders per diluted share, see “Reconciliation of Forward-Looking Statements” below.

Dividend Update
On October 16, 2023, the Company paid the previously announced quarterly cash dividend of $1.00 per common share, which was paid to stockholders of record as of September 29, 2023.

The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. It is the Company’s current plan to distribute aggregate minimum dividends for 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 September 30, 2023, the Company had total debt outstanding of $3,374.8 million, net of unamortized deferred financing costs, and unrestricted cash of $543.1 million. As of September 30, 2023, there were no amounts drawn under the revolving credit lines of the Company’s credit facility or the OEG credit facility, and the lending banks had issued $14.6 million in letters of credit under the Company’s revolving credit facility, which left $750.4 million of aggregate borrowing availability for borrowing under the Company’s revolving credit facility and OEG’s revolving credit facility.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, November 7, 2023, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Nashville-area attractions, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, 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 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 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, 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 OfficerShannon Sullivan, Vice President Corporate and Brand Communications
Ryman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc.
(615) 316-6588(615) 316-6725
mfioravanti@rymanhp.comssullivan@rymanhp.com
~or~~or~
Jennifer Hutcheson, Chief Financial OfficerRobert Winters
Ryman Hospitality Properties, Inc.Alpha IR Group
(615) 316-6320(929) 266-6315
jhutcheson@rymanhp.comrobert.winters@alpha-ir.com
~or~ 
Sarah Martin, Vice President Investor Relations 
Ryman Hospitality Properties, Inc. 
(615) 316-6011 
sarah.martin@rymanhp.com 

 


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
         
  Three Months Ended Nine Months Ended
  Sep. 30, Sep. 30,
   2023   2022   2023   2022 
Revenues :       
 Rooms$180,309  $154,940  $510,052  $418,039 
 Food and beverage 202,850   186,188   616,562   486,387 
 Other hotel revenue 63,039   49,474   161,708   149,089 
 Entertainment 82,313   77,153   236,751   183,579 
     Total revenues 528,511   467,755   1,525,073   1,237,094 
         
Operating expenses:       
 Rooms 45,879   41,366   128,210   112,740 
 Food and beverage 117,435   103,221   339,642   272,039 
 Other hotel expenses 122,748   103,321   330,397   289,248 
 Management fees 15,947   11,276   46,560   27,542 
     Total hotel operating expenses 302,009   259,184   844,809   701,569 
 Entertainment 56,222   54,148   164,744   131,549 
 Corporate 10,103   9,449   30,582   31,423 
 Preopening costs 168   -   425   525 
 Loss on sale of assets -   -   -   469 
 Depreciation and amortization 58,086   47,969   154,700   160,712 
     Total operating expenses 426,588   370,750   1,195,260   1,026,247 
         
Operating income 101,923   97,005   329,813   210,847 
         
Interest expense, net of amounts capitalized (58,521)  (40,092)  (150,228)  (105,987)
Interest income 6,112   1,378   13,977   4,138 
Loss on extinguishment of debt -   -   (2,252)  (1,547)
Loss from unconsolidated joint ventures (1) (12,566)  (2,720)  (17,525)  (8,348)
Other gains and (losses), net 5,993   2,058   5,470   2,222 
Income before income taxes 42,941   57,629   179,255   101,325 
         
Provision for income taxes (2,156)  (10,178)  (7,333)  (27,747)
Net income 40,785   47,451   171,922   73,578 
         
Net (income) loss attributable to noncontrolling interest in consolidated joint venture  715   (1,887)  (1,656)  (2,167)
Net income attributable to noncontrolling interest in Operating Partnership (273)  (323)  (1,176)  (507)
Net income available to common stockholders$41,227  $45,241  $169,090  $70,904 
         
Basic income per share available to common stockholders$0.69  $0.82  $2.96  $1.29 
Diluted income per share available to common stockholders (2)$0.64  $0.79  $2.78  $1.28 
         
Weighted average common shares for the period:       
 Basic 59,707   55,159   57,089   55,132 
 Diluted (2) 63,620   59,315   61,391   55,329 
         
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023.
(2) Diluted weighted average common shares for the three months and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, and the three months ended September 30, 2022 includes 4.0 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)
      
   Sep. 30, Dec. 31,
   2023 2022
      
ASSETS:   
 Property and equipment, net of accumulated depreciation$3,928,921 $3,171,708
 Cash and cash equivalents - unrestricted 543,076  334,194
 Cash and cash equivalents - restricted 112,904  110,136
 Notes receivable 60,512  67,628
 Trade receivables, net 118,345  116,836
 Prepaid expenses and other assets 173,642  134,170
 Intangible assets 126,433  105,951
  Total assets$5,063,833 $4,040,623
      
      
LIABILITIES AND EQUITY:   
 Debt and finance lease obligations$3,374,787 $2,862,592
 Accounts payable and accrued liabilities 438,265  385,159
 Dividends payable 61,381  14,121
 Deferred management rights proceeds 165,632  167,495
 Operating lease liabilities 129,037  125,759
 Deferred income tax liabilities, net 17,810  12,915
 Other liabilities 66,474  64,824
 Noncontrolling interest in consolidated joint venture 336,388  311,857
 Total equity 474,059  95,901
  Total liabilities and equity$5,063,833 $4,040,623
      


            
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDAre RECONCILIATION
Unaudited
(in thousands)
            
            
 Three Months Ended Sep. 30, Nine Months Ended Sep. 30,
  2023   2022   2023   2022 
 $Margin $Margin $Margin $Margin
Consolidated           
Revenue$528,511   $467,755   $1,525,073   $1,237,094  
Net income$40,785 7.7% $47,451 10.1% $171,922 11.3% $73,578 5.9%
Interest expense, net 52,409    38,714    136,251    101,849  
Provision for income taxes 2,156    10,178    7,333    27,747  
Depreciation & amortization 58,086    47,969    154,700    160,712  
Loss on sale of assets -    -    -    327  
Pro rata EBITDAre from unconsolidated joint ventures 5    23    22    68  
EBITDAre 153,441 29.0%  144,335 30.9%  470,228 30.8%  364,281 29.4%
Preopening costs 168    -    425    525  
Non-cash lease expense 1,495    1,059    4,495    3,340  
Equity-based compensation expense 3,940    3,694    11,480    11,134  
Pension settlement charge -    723    -    1,576  
Interest income on Gaylord National bonds 1,201    1,314    3,742    3,993  
Loss on extinguishment of debt -    -    2,252    1,547  
Transaction costs of acquisitions -    -    -    1,348  
Pro rata adjusted EBITDAre from unconsolidated joint ventures (1) 10,629    -    10,629    -  
Adjusted EBITDAre$170,874 32.3% $151,125 32.3% $503,251 33.0% $387,744 31.3%
Adjusted EBITDAre of noncontrolling interest in consolidated joint venture$(7,686)  $(6,345)  $(20,801)  $(7,476) 
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$163,188 30.9% $144,780 31.0% $482,450 31.6% $380,268 30.7%
            
Hospitality segment           
Revenue$446,198   $390,602   $1,288,322   $1,053,515  
Operating income$91,723 20.6% $88,901 22.8% $305,526 23.7% $205,142 19.5%
Depreciation & amortization 52,466    42,517    137,987    146,804  
Non-cash lease expense 1,020    1,054    3,057    3,162  
Interest income on Gaylord National bonds 1,201    1,314    3,742    3,993  
Other gains and (losses), net 6,134    2,924    6,134    2,924  
Adjusted EBITDAre$152,544 34.2% $136,710 35.0% $456,446 35.4% $362,025 34.4%
            
Same-Store Hospitality segment (2)           
Revenue$396,172   $390,602   $1,237,575   $1,053,515  
Operating income$83,847 21.2% $88,901 22.8% $297,422 24.0% $205,142 19.5%
Depreciation & amortization 42,965    42,517    128,486    146,804  
Non-cash lease expense 1,020    1,054    3,057    3,162  
Interest income on Gaylord National bonds 1,201    1,314    3,742    3,993  
Other gains and (losses), net 6,134    2,924    6,134    2,924  
Adjusted EBITDAre$135,167 34.1% $136,710 35.0% $438,841 35.5% $362,025 34.4%
            
Entertainment segment           
Revenue$82,313   $77,153   $236,751   $183,579  
Operating income$20,523 24.9% $17,756 23.0% $55,515 23.4% $38,212 20.8%
Depreciation & amortization 5,400    5,249    16,067    13,293  
Preopening costs 168    -    425    525  
Non-cash lease expense 475    5    1,438    178  
Equity-based compensation 984    860    2,810    2,761  
Transaction costs of acquisitions -    -    -    1,348  
Pro rata adjusted EBITDAre from unconsolidated joint ventures (1,932)   (2,696)   (6,875)   (8,280) 
Adjusted EBITDAre$25,618 31.1% $21,174 27.4% $69,380 29.3% $48,037 26.2%
            
Corporate and Other segment           
Operating loss$(10,323)  $(9,652)  $(31,228)  $(32,507) 
Depreciation & amortization 220    203    646    615  
Other gains and (losses), net (141)   (867)   (663)   (375) 
Equity-based compensation 2,956    2,834    8,670    8,373  
Pension settlement charge -    723    -    1,576  
Adjusted EBITDAre$(7,288)  $(6,759)  $(22,575)  $(22,318) 
            
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations expected  to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023.
(2) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.         
            


        
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION
Unaudited
(in thousands, except per share data)
        
        
 Three Months Ended Sep. 30, Nine Months Ended Sep. 30,
  2023   2022   2023   2022 
Consolidated       
Net income$40,785  $47,451  $171,922  $73,578 
Noncontrolling interest in consolidated joint venture 715   (1,887)  (1,656)  (2,167)
Net income available to common stockholders and unit holders 41,500   45,564   170,266   71,411 
Depreciation & amortization 58,028   47,938   154,581   160,620 
Adjustments for noncontrolling interest (1,620)  (1,575)  (4,820)  (1,808)
Pro rata adjustments from joint ventures 23   24   69   69 
FFO available to common stockholders and unit holders 97,931   91,951   320,096   230,292 
        
Right-of-use asset amortization 58   31   119   92 
Non-cash lease expense 1,495   1,059   4,495   3,340 
Pension settlement charge -   723   -   1,576 
Pro rata adjustments from joint ventures (1) 10,629   -   10,629   - 
Loss on other assets -   -   -   469 
Amortization of deferred financing costs 2,682   2,640   7,989   7,178 
Amortization of debt discounts and premiums 637   501   1,688   489 
Loss on extinguishment of debt -   -   2,252   1,547 
Adjustments for noncontrolling interest (3,616)  (382)  (4,898)  (414)
Transaction costs of acquisitions -   -   -   1,348 
Deferred tax provision 1,463   4,250   4,894   4,545 
Adjusted FFO available to common stockholders and unit holders$111,279  $100,773  $347,264  $250,462 
Capital expenditures (2) (52,867)  (22,879)  (100,088)  (55,114)
Adjusted FFO available to common stockholders and unit holders (ex. maintenance capex)$58,412  $77,894  $247,176  $195,348 
        
        
Basic net income per share$0.69  $0.82  $2.96  $1.29 
Diluted net income per share$0.64  $0.79  $2.78  $1.28 
        
FFO available to common stockholders and unit holders per basic share/unit$1.63  $1.66  $5.57  $4.15 
Adjusted FFO available to common stockholders and unit holders per basic share/unit$1.85  $1.81  $6.04  $4.51 
        
FFO available to common stockholders and unit holders per diluted share/unit (3)$1.52  $1.57  $5.21  $4.13 
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3)$1.73  $1.72  $5.65  $4.49 
        
Weighted average common shares and OP units for the period:       
Basic 60,102   55,554   57,484   55,527 
Diluted (3) 64,015   59,710   61,787   55,724 
        
(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations expected to cease December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.6 million in the three and nine months ended September 30, 2023.
(2) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties.      
(3) Diluted weighted average common shares and OP units for the three months and nine months ended September 30, 2023 include 3.7 million and 4.1 million, respectively, and the three months ended September 30, 2022 includes 4.0 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 Sep. 30, Nine Months Ended Sep. 30,
  2023   2022   2023   2022 
 $Margin $Margin $Margin $Margin
Hospitality segment           
Revenue$446,198   $390,602   $1,288,322   $1,053,515  
Operating income$91,723 20.6% $88,901 22.8% $305,526 23.7% $205,142 19.5%
Depreciation & amortization 52,466    42,517    137,987    146,804  
Non-cash lease expense 1,020    1,054    3,057    3,162  
Interest income on Gaylord National bonds 1,201    1,314    3,742    3,993  
Other gains and (losses), net 6,134    2,924    6,134    2,924  
Adjusted EBITDAre$152,544 34.2% $136,710 35.0% $456,446 35.4% $362,025 34.4%
            
Occupancy 71.8%   71.5%   72.3%   63.9% 
Average daily rate (ADR)$239.00   $226.20   $240.53   $230.07  
RevPAR$171.71   $161.75   $173.80   $147.07  
OtherPAR$253.20   $246.02   $265.20   $223.56  
Total RevPAR$424.91   $407.77   $439.00   $370.63  
            
            
            
Same-Store Hospitality segment (1)           
Revenue$396,172   $390,602   $1,237,575   $1,053,515  
Operating income$83,847 21.2% $88,901 22.8% $297,422 24.0% $205,142 19.5%
Depreciation & amortization 42,965    42,517    128,486    146,804  
Non-cash lease expense 1,020    1,054    3,057    3,162  
Interest income on Gaylord National bonds 1,201    1,314    3,742    3,993  
Other gains and (losses), net 6,134    2,924    6,134    2,924  
Adjusted EBITDAre$135,167 34.1% $136,710 35.0% $438,841 35.5% $362,025 34.4%
            
Occupancy 71.8%   71.5%   72.3%   63.9% 
Average daily rate (ADR)$230.50   $226.20   $237.74   $230.07  
RevPAR$165.58   $161.75   $171.80   $147.07  
OtherPAR$248.00   $246.02   $263.59   $223.56  
Total RevPAR$413.58   $407.77   $435.39   $370.63  
            
            
            
Gaylord Opryland           
Revenue$111,939   $106,819   $334,220   $285,835  
Operating income $29,549 26.4% $29,488 27.6% $93,255 27.9% $76,914 26.9%
Depreciation & amortization 8,484    8,674    25,550    25,820  
Non-cash lease revenue (11)   (13)   (35)   (38) 
Adjusted EBITDAre$38,022 34.0% $38,149 35.7% $118,770 35.5% $102,696 35.9%
            
Occupancy 72.7%   73.0%   72.2%   65.7% 
Average daily rate (ADR)$242.37   $236.83   $244.82   $236.35  
RevPAR$176.18   $172.98   $176.66   $155.36  
OtherPAR$245.12   $229.06   $247.25   $207.18  
Total RevPAR$421.30   $402.04   $423.91   $362.54  
            
            
            
Gaylord Palms           
Revenue$63,885   $60,516   $222,260   $188,653  
Operating income$9,249 14.5% $9,611 15.9% $55,205 24.8% $43,687 23.2%
Depreciation & amortization 5,650    5,526    16,803    16,644  
Non-cash lease expense 1,031    1,067    3,092    3,200  
Adjusted EBITDAre$15,930 24.9% $16,204 26.8% $75,100 33.8% $63,531 33.7%
            
Occupancy 67.4%   65.2%   74.2%   65.2% 
Average daily rate (ADR)$214.22   $213.17   $239.56   $232.26  
RevPAR$144.33   $139.08   $177.67   $151.39  
OtherPAR$259.86   $243.80   $296.22   $250.84  
Total RevPAR$404.19   $382.88   $473.89   $402.23  
            
            
            
Gaylord Texan           
Revenue$73,991   $70,734   $241,868   $205,035  
Operating income$19,555 26.4% $18,873 26.7% $73,748 30.5% $57,523 28.1%
Depreciation & amortization 5,670    5,704    17,154    18,144  
Adjusted EBITDAre$25,225 34.1% $24,577 34.7% $90,902 37.6% $75,667 36.9%
            
Occupancy 73.0%   70.6%   75.0%   67.6% 
Average daily rate (ADR)$233.92   $227.40   $233.19   $227.10  
RevPAR$170.68   $160.63   $175.00   $153.60  
OtherPAR$272.68   $263.21   $313.40   $260.43  
Total RevPAR$443.36   $423.84   $488.40   $414.03  
            


            
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
            
    
 Three Months Ended Sep. 30, Nine Months Ended Sep. 30,
  2023   2022   2023   2022 
 $Margin $Margin $Margin $Margin
Gaylord National           
Revenue$72,124   $68,925   $221,910   $173,735  
Operating income$9,855 13.7% $9,044 13.1% $32,836 14.8% $10,593 6.1%
Depreciation & amortization 8,415    8,268    24,966    25,267  
Interest income on Gaylord National bonds 1,201    1,314    3,742    3,993  
Other gains and (losses), net 6,134    2,924    6,134    2,924  
Adjusted EBITDAre$25,605 35.5% $21,550 31.3% $67,678 30.5% $42,777 24.6%
            
Occupancy 71.5%   65.4%   68.9%   55.1% 
Average daily rate (ADR)$216.85   $220.25   $235.67   $232.23  
RevPAR$155.12   $144.11   $162.38   $127.99  
OtherPAR$237.64   $231.24   $244.86   $190.84  
Total RevPAR$392.76   $375.35   $407.24   $318.83  
            
            
            
Gaylord Rockies           
Revenue$68,203   $77,346   $199,377   $182,888  
Operating income$14,970 21.9% $20,967 27.1% $40,529 20.3% $14,398 7.9%
Depreciation & amortization 14,201    13,703    42,370    59,001  
Adjusted EBITDAre$29,171 42.8% $34,670 44.8% $82,899 41.6% $73,399 40.1%
            
Occupancy 79.9%   86.9%   75.9%   67.7% 
Average daily rate (ADR)$245.52   $237.69   $242.57   $232.32  
RevPAR$196.19   $206.65   $184.12   $157.35  
OtherPAR$297.71   $353.46   $302.44   $288.97  
Total RevPAR$493.90   $560.11   $486.56   $446.32  
            
            
            
JW Marriott Hill Country (2)           
Revenue$50,026   $-   $50,747   $-  
Operating income$7,876 15.7% $-   $8,104 16.0% $-  
Depreciation & amortization 9,501    -    9,501    -  
Adjusted EBITDAre$17,377 34.7% $-   $17,605 34.7% $-  
            
Occupancy 72.0%  n/a   72.0%  n/a 
Average daily rate (ADR)$327.17   n/a  $327.17   n/a 
RevPAR$235.43   n/a  $235.43   n/a 
OtherPAR$307.24   n/a  $315.07   n/a 
Total RevPAR$542.67   n/a  $550.50   n/a 
            
            
            
The AC Hotel at National Harbor           
Revenue$3,244   $2,932   $8,856   $7,800  
Operating income$668 20.6% $469 16.0% $1,413 16.0% $601 7.7%
Depreciation & amortization 223    327    675    982  
Adjusted EBITDAre$891 27.5% $796 27.1% $2,088 23.6% $1,583 20.3%
            
Occupancy 71.0%   71.7%   63.1%   63.1% 
Average daily rate (ADR)$232.86   $206.01   $244.00   $209.26  
RevPAR$165.39   $147.75   $154.08   $132.11  
OtherPAR$18.27   $18.25   $14.88   $16.69  
Total RevPAR$183.66   $166.00   $168.96   $148.80  
            
            
            
The Inn at Opryland (3)           
Revenue$2,786   $3,330   $9,084   $9,569  
Operating income$1 0.0% $449 13.5% $436 4.8% $1,426 14.9%
Depreciation & amortization 322    315    968    946  
Adjusted EBITDAre$323 11.6% $764 22.9% $1,404 15.5% $2,372 24.8%
            
Occupancy 44.7%   61.1%   55.8%   57.0% 
Average daily rate (ADR)$160.49   $151.61   $153.10   $155.49  
RevPAR$71.71   $92.61   $85.45   $88.63  
OtherPAR$28.23   $26.75   $24.35   $27.04  
Total RevPAR$99.94   $119.36   $109.80   $115.67  
            
(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.       
(2) The JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Third quarter 2023 represents the first full period of operations for the hotel under the Company’s ownership.
(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 Nine Months Ended
  Sep. 30, Sep. 30,
   2023   2022  2023  2022
Earnings per share:       
         
Numerator:       
 Net income available to common stockholders$41,227  $45,241 $169,090 $70,904
 Net income (loss) attributable to noncontrolling interest in consolidated joint venture (715)  1,887  1,656  -
 Net income available to common stockholders - if-converted method$40,512  $47,128 $170,746 $70,904
         
Denominator:       
 Weighted average shares outstanding - basic 59,707   55,159  57,089  55,132
 Effect of dilutive stock-based compensation 225   178  238  197
 Effect of dilutive put rights (1) 3,688   3,978  4,064  -
 Weighted average shares outstanding - diluted 63,620   59,315  61,391  55,329
         
Basic income per share available to common stockholders$0.69  $0.82 $2.96 $1.29
Diluted income per share available to common stockholders$0.64  $0.79 $2.78 $1.28
         
         
FFO and Adjusted FFO per share:       
         
Numerator - FFO:       
 FFO available to common stockholders and unit holders$97,931  $91,951 $320,096 $230,292
 Net income (loss) attributable to noncontrolling interest in consolidated joint venture (715)  1,887  1,656  -
 FFO available to common stockholders and unit holders- if-converted method$97,216  $93,838 $321,752 $230,292
         
Numerator - Adjusted FFO:       
 Adjusted FFO available to common stockholders and unit holders$111,279  $100,773 $347,264 $250,462
 Net income attributable to noncontrolling interest in consolidated joint venture (715)  1,887  1,656  -
 Adjusted FFO available to common stockholders and unit holders - if-converted method$110,564  $102,660 $348,920 $250,462
         
Denominator:       
 Weighted average shares and OP units outstanding - basic 60,102   55,554  57,484  55,527
 Effect of dilutive stock-based compensation 225   178  238  197
 Effect of dilutive put rights (1) 3,688   3,978  4,064  -
 Weighted average shares outstanding - diluted 64,015   59,710  61,786  55,724
         
FFO available to common stockholders and unit holders per basic share/unit$1.63  $1.66 $5.57 $4.15
Adjusted FFO available to common stockholders and unit holders per basic share/unit$1.85  $1.81 $6.04 $4.51
         
FFO available to common stockholders and unit holders per diluted share/unit (1)$1.52  $1.57 $5.21 $4.13
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $1.73  $1.72 $5.65 $4.49
         
         
(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 $231,000  $240,250  $235,625 
 Provision for income taxes  9,000   10,000   9,500 
 Interest Expense, net  190,000   196,000   193,000 
 Depreciation and amortization  203,750   210,250   207,000 
 EBITDAre $633,750  $656,500  $645,125 
 Non-cash lease expense  4,750   6,000   5,375 
 Preopening expense  1,250   1,500   1,375 
 Equity-based compensation  15,000   15,750   15,375 
 Pension settlement charge  1,500   1,750   1,625 
 Interest income on Bonds  4,500   5,500   5,000 
 Other gains and (losses), net  1,250 - 2,250   1,750 
 Pro rata EBITDA from unconsolidated joint ventures  10,000 - 10,750   10,375 
 Adjusted EBITDAre $672,000  $700,000  $686,000 
        
Hospitality Segment      
 Operating Income $413,000  $427,500  $420,250 
 Depreciation and amortization  182,000   187,000   184,500 
 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 $607,000  $629,000  $618,000 
        
Entertainment Segment      
 Operating Income $77,500  $79,000  $78,250 
 Depreciation and amortization  20,000   21,000   20,500 
 Non-cash lease expense  1,250   1,500   1,375 
 Preopening expense  1,250   1,500   1,375 
 Equity-based compensation  3,500   4,000   3,750 
 Loss from unconsolidated companies  (6,500)  (6,000)  (6,250)
 Adjusted EBITDAre $97,000  $101,000  $99,000 
        
Corporate and Other Segment      
 Operating Loss $(44,000) $(43,500) $(43,750)
 Depreciation and amortization  1,750   2,250   2,000
 
 Equity-based compensation  11,500   11,750   11,625 
 Pension settlement charge  1,500   1,750   1,625 
 Other gains and (losses), net  (2,750)  (2,250)  (2,500)
 Adjusted EBITDAre $(32,000) $(30,000) $(31,000)
        
Ryman Hospitality Properties, Inc.      
 Net Income available to common shareholders  224,750   236,000  $230,375 
 Depreciation and amortization  203,750   210,250   207,000 
 Adjustments for noncontrolling interest  (8,000)  (6,000)  (7,000)
 Funds from Operations (FFO) available to common shareholders $420,500  $440,250  $430,375 
 Right of use amortization  -   500   250 
 Non-cash lease expense  4,750   6,000   5,375 
 Pension settlement charge  1,500   1,750   1,625 
 Other gains and (losses), net  1,250   2,250   1,750 
 Pro rata adjustments for unconsolidated joint ventures  10,000   10,750   10,375 
 Adjustments for noncontrolling interest  (6,000)  (5,000)  (5,500)
 Amortization of deferred financing costs  10,000   10,500   10,250 
 Amortization of debt discounts and premiums  1,500   2,000   1,750 
 Deferred Taxes  5,000   5,500   5,250 
 Adjusted FFO available to common shareholders $448,500  $474,500  $461,500 
        


 
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  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 
        

 


FAQ

What were Ryman Hospitality Properties' Q3 2023 financial results?

Ryman Hospitality Properties reported record third quarter consolidated revenue of $528.5 million, net income of $40.8 million, and Adjusted EBITDAre of $170.9 million.

What contributed to the record revenue in the Hospitality segment?

The Hospitality segment achieved record revenue of $396.2 million driven by a record average daily rate (ADR).

How many gross advanced group room nights did the company book for future years?

The company booked over 695,000 gross advanced group room nights for future years.

What were the highlights of Opry Entertainment Group's performance?

Opry Entertainment Group had a strong quarter with record revenue and operating income.

What is the company updating in its full year 2023 guidance?

The company is updating its full year 2023 guidance to reflect strong financial results and confidence in the remainder of the year.

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Ryman Hospitality Properties, Inc

NYSE:RHP

RHP Rankings

#1100 Ranked by Market Cap
#741 Ranked by Dividends

RHP Latest News

Nov 4, 2024
Ryman Hospitality Properties, Inc. Reports Third Quarter 2024 Results
Sep 9, 2024
Ryman Hospitality Properties, Inc. Provides Investor Presentation Ahead of the Bank of America Securities 2024 Global Real Estate Conference
Sep 5, 2024
Ryman Hospitality Properties, Inc. Announces Third Quarter 2024 Earnings Conference Call – Tuesday, November 5, 2024, 11 a.m. ET
Sep 4, 2024
Ryman Hospitality Properties, Inc. Declares Third Quarter Dividend and Corrects Methodology for Calculating Funds from Operations (“FFO”) per Diluted Share and Adjusted FFO per Diluted Share
Aug 1, 2024
CORRECTION -- Ryman Hospitality Properties, Inc. Reports Second Quarter 2024 Results

RHP Stock Data

6.90B
58.03M
3.13%
96.99%
3.13%
REIT - Hotel & Motel
Real Estate Investment Trusts
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United States of America
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