• Ryman Hospitality Properties, Inc. Reports Third Quarter 2022 Results

    来源: Nasdaq GlobeNewswire / 31 10月 2022 16:15:01   America/New_York

    NASHVILLE, Tenn., Oct. 31, 2022 (GLOBE NEWSWIRE) --  Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging and hospitality real estate investment trust (“REIT”) that specializes in upscale convention center resorts and leading entertainment experiences, today reported financial results for the third quarter ended September 30, 2022.

    Third Quarter 2022 Highlights and Recent Developments:

    • The Company generated net income available to common shareholders of $45.2 million or $0.79 per diluted share, achieving two consecutive post-pandemic quarters of profitability.
    • Despite 5.6 fewer points of occupancy compared to Q3 2019, the Company’s Hospitality segment achieved revenue of $390.6 million, a record for any third quarter, driven by continued strength in leisure room rate and outside the room spending by groups.
    • The Hospitality segment reported a third quarter record in operating income of $88.9 million, operating income margin of 22.8%, Hospitality Adjusted EBITDAre of $136.7 million, and Hospitality Adjusted EBITDAre margin of 35.0%.
    • Strength in leisure demand supported an all-time record leisure average daily rate (ADR) of $288, an increase of 14.6% compared to Q3 2021 and 42.0% compared to Q3 2019.
    • During the quarter, the Company booked over 614,000 gross advanced group room nights for all future years, at an ADR of $252, an increase of 16.8% over Q3 2021 ADR for future bookings and 24.9% above Q3 2019 ADR for future bookings.
    • Subsequent to quarter end, the Company announced Chairman and CEO Colin Reed will transition to Executive Chairman, and the Board has appointed Mark Fioravanti to President and CEO, effective January 1, 2023.
    • The Company reinstated a quarterly cash dividend of $0.10 per common share paid on October 17, 2022.
    • Based on strength of Q3 2022 financial results and confidence in the remainder of 2022, the Company increases its consolidated Full Year 2022 outlook.

    Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our hotel business again set multiple records in the third quarter, eclipsing marks set in the second quarter of this year. These results demonstrate not only the broad strength of our business, but also the value of the strategic investments we made over the past several years, including those we made during the pandemic. The rebound of group travel, alongside continued healthy leisure demand, validates our business model, and has allowed us to achieve strong ADR for the year through the third quarter, mitigating increasing costs in the current inflationary environment. We are equally pleased with spending outside of the room, as our food and beverage business delivered favorable results across all our Gaylord Hotel properties. We are excited with the quality of our forward book of group business and expect this momentum to continue through the fourth quarter.”

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

     

    Consolidated Results           
    ($ in thousands, except per share amounts)Three Months Ended Nine Months Ended
     September 30, September 30,
     2022 2021 % ∆ 2022 2021 % ∆
    Total Revenue$467,755 $306,906 52.4% $1,237,094 $561,942 120.1%
                
    Operating income (loss)$97,005 $25,695 277.5% $210,847 ($84,809) 348.6%
    Operating income (loss) margin20.7% 8.4% 12.3pt 17.0% -15.1% 32.1pt
                
    Net income (loss) available to common shareholders$45,241 ($8,546) 629.4% $70,904 ($170,986) 141.5%
    Net income (loss) available to common shareholders margin9.7% -2.8% 12.5pt 5.7% -30.4% 36.1pt
    Net income (loss) available to common shareholders per diluted share$0.79 ($0.16) 593.8% $1.28 ($3.11) 141.2%
                
    Adjusted EBITDAre$151,125 $85,992 75.7% $387,744 $91,698 322.8%
    Adjusted EBITDAre margin32.3% 28.0% 4.3pt 31.3% 16.3% 15.0pt
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$144,780 $85,992 68.4% $380,268 $92,715 310.1%
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin31.0% 28.0% 3.0pt 30.7% 16.5% 14.2pt
                
    Funds From Operations (FFO) available to common shareholders and unit holders$91,951 $47,467 93.7% $230,292 ($19,323) 1291.8%
    FFO available to common shareholders and unit holders per diluted share/unit$1.57 $0.86 82.6% $4.13 ($0.35) 1280.0%
                
    Adjusted FFO available to common shareholders and unit holders$100,773 $52,113 93.4% $250,462 ($39) 642310.3%
    Adjusted FFO available to common shareholders and unit holders per diluted share/unit$1.72 $0.94 83.0% $4.49 $0.00 100.0%

     

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


    Hospitality Segment

     

                
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)           
                
     Three Months Ended Nine Months Ended
     September 30, September 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Hospitality Revenue (1)$390,602 $257,853 51.5% $1,053,515 $463,343 127.4%
                
    Hospitality operating income (loss) (1)$88,901 $24,600 261.4% $205,142 ($66,260) 409.6%
    Hospitality operating income (loss) margin (1)22.8% 9.5% 13.3pt 19.5% -14.3% 33.8pt
    Hospitality Adjusted EBITDAre (1)$136,710 $79,226 72.6% $362,025 $93,305 288.0%
    Hospitality Adjusted EBITDAre margin (1)35.0% 30.7% 4.3pt 34.4% 20.1% 14.3pt
                
    Hospitality Performance Metrics (1) (2)           
    Occupancy71.5% 54.5% 17.0pt 63.9% 34.9% 29.0pt
    Average Daily Rate (ADR)$226.20 $216.79 4.3% $230.07 $208.02 10.6%
    RevPAR$161.75 $118.17 36.9% $147.07 $72.65 102.4%
    Total RevPAR$407.77 $269.19 51.5% $370.63 $165.51 123.9%
                
    Gross Definite Rooms Nights Booked614,346 410,793 49.6% 1,637,571 1,511,432 8.3%
    Net Definite Rooms Nights Booked416,128 134,717 208.9% 994,838 472,548 110.5%
    Group Attrition (as % of contracted block)19.2% 30.1% -10.9pt 22.2% 28.7% -6.5pt
    Cancellations ITYFTY (3)21,063 126,608 -83.4% 203,129 543,592 -62.6%
                
    (1) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.
    (2) Calculation of hospitality performance metrics includes closed hotel room nights available; includes the addition of 302 additional guest rooms due to Gaylord Palms expansion beginning June 1, 2021. ADR is for occupied rooms.
    (3) "ITYFTY" represents In The Year For The Year.

     

    Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and Occupancy” below. Property-level results and operating metrics for third quarter 2022 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for each of the hotel properties in the Hospitality segment.

    Hospitality Segment Highlights

    • Hotel occupancy was 71.5% in Q3 2022, compared to 54.5% in Q3 2021 and 77.1% in Q3 2019, as the segment reports substantial year-over-year growth in occupancy from 2021.
    • All hotels set third quarter revenue records and four of the five hotels set Adjusted EBITDAre records, despite overall occupancy being 5.6 points lower than Q3 2019.
    • Gaylord National’s record third quarter revenue and Adjusted EBITDAre performance was aided by our investments in reconcepting food and beverage outlets, which helped drive stronger food and beverage margins.
    • Gaylord Rockies reported record operating income of $21.0 million and occupancy of 86.9%, an all-time quarterly record for any of our properties, which led to its highest total revenue and Adjusted EBITDAre quarter of $77.3 million and $34.7 million, respectively, since opening in December 2018.
    • Room night production remained strong in the third quarter as new definite ADR for future bookings made in the quarter was an all-time record and revenue for future bookings made in the quarter was a third quarter record.
    Gaylord Opryland            
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                 
      Three Months Ended Nine Months Ended
      September 30, September 30,
      2022 2021 % ∆ 2022 2021 % ∆
                 
    Revenue $106,819 $75,483 41.5% $285,835 $142,244 100.9%
    Operating income $29,488 $19,514 51.1% $76,914 $10,965 601.5%
    Operating income margin 27.6% 25.9% 1.7pt 26.9% 7.7% 19.2pt
    Adjusted EBITDAre $38,149 $28,021 36.1% $102,696 $36,294 183.0%
    Adjusted EBITDAre margin 35.7% 37.1% -1.4pt 35.9% 25.5% 10.4pt
                 
    Occupancy 73.0% 56.3% 16.7pt 65.7% 38.4% 27.3pt
    Average daily rate (ADR) $236.83 $232.49 1.9% $236.35 $223.24 5.9%
    RevPAR $172.98 $130.85 32.2% $155.36 $85.71 81.3%
    Total RevPAR $402.04 $284.10 41.5% $362.54 $180.42 100.9%

     


    Gaylord Palms            
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                 
      Three Months Ended Nine Months Ended
      September 30, September 30,
      2022 2021 % ∆ 2022 2021 % ∆
                 
    Revenue $60,516 $34,476 75.5% $188,653 $82,295 129.2%
    Operating income (loss) $9,611 ($877) 1195.9% $43,687 ($4,514) 1067.8%
    Operating income (loss) margin 15.9% -2.5% 18.4pt 23.2% -5.5% 28.7pt
    Adjusted EBITDAre $16,204 $6,192 161.7% $63,531 $14,800 329.3%
    Adjusted EBITDAre margin 26.8% 18.0% 8.8pt 33.7% 18.0% 15.7pt
                 
    Occupancy (1) 65.2% 44.7% 20.5pt 65.2% 41.1% 24.1pt
    Average daily rate (ADR) $213.17 $201.18 6.0% $232.26 $198.85 16.8%
    RevPAR (1) $139.08 $89.99 54.6% $151.39 $81.71 85.3%
    Total RevPAR (1) $382.88 $218.13 75.5% $402.23 $193.15 108.2%
                 
    (1) Calculation of hospitality performance metrics includes 302 expansion rooms beginning June 1, 2021.

     


     

    Gaylord Texan            
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                 
      Three Months Ended Nine Months Ended
      September 30, September 30,
      2022 2021 % ∆ 2022 2021 % ∆
                 
    Revenue $70,734 $56,041 26.2% $205,035 $108,468 89.0%
    Operating income $18,873 $12,640 49.3% $57,523 $11,137 416.5%
    Operating income margin 26.7% 22.6% 4.1pt 28.1% 10.3% 17.8pt
    Adjusted EBITDAre $24,577 $18,786 30.8% $75,667 $29,706 154.7%
    Adjusted EBITDAre margin 34.7% 33.5% 1.2pt 36.9% 27.4% 9.5pt
                 
    Occupancy 70.6% 66.9% 3.7pt 67.6% 44.6% 23.0pt
    Average daily rate (ADR) $227.40 $215.42 5.6% $227.10 $207.21 9.6%
    RevPAR $160.63 $144.08 11.5% $153.60 $92.35 66.3%
    Total RevPAR $423.84 $335.80 26.2% $414.03 $219.03 89.0%


     

    Gaylord National            
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                 
      Three Months Ended Nine Months Ended
      September 30, September 30,
      2022 2021 % ∆ 2022 2021 % ∆
                 
    Revenue $68,925 $36,008 91.4% $173,735 $39,576 339.0%
    Operating income (loss) $9,044 ($8,534) 206.0% $10,593 ($38,108) 127.8%
    Operating income (loss) margin 13.1% -23.7% 36.8pt 6.1% -96.3% 102.4pt
    Adjusted EBITDAre $21,550 $1,061 1931.1% $42,777 ($11,749) 464.1%
    Adjusted EBITDAre margin 31.3% 2.9% 28.4pt 24.6% -29.7% 54.3pt
                 
    Occupancy (1) (2) 65.4% 44.1% 21.3pt 55.1% 14.9% 40.2pt
    Average daily rate (ADR) $220.25 $209.77 5.0% $232.23 $209.77 10.7%
    RevPAR (1) (2) $144.11 $92.52 55.8% $127.99 $31.18 310.5%
    Total RevPAR (1) (2) $375.35 $196.09 91.4% $318.83 $72.63 339.0%
                 
    (1) Calculation of hospitality performance metrics includes closed hotel room nights available.
    (2) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.




    Gaylord Rockies            
    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                 
      Three Months Ended Nine Months Ended
      September 30, September 30,
      2022 2021 % ∆ 2022 2021 % ∆
                 
    Revenue $77,346 $51,209 51.0% $182,888 $81,517 124.4%
    Operating income (loss) $20,967 $1,595 1214.5% $14,398 ($43,700) 132.9%
    Operating income (loss) margin 27.1% 3.1% 24.0pt 7.9% -53.6% 61.5pt
    Adjusted EBITDAre $34,670 $24,265 42.9% $73,399 $24,278 202.3%
    Adjusted EBITDAre margin 44.8% 47.4% -2.6pt 40.1% 29.8% 10.3pt
                 
    Occupancy 86.9% 61.9% 25.0pt 67.7% 35.2% 32.5pt
    Average daily rate (ADR) $237.69 $224.67 5.8% $232.32 $210.54 10.3%
    RevPAR $206.65 $139.10 48.6% $157.35 $74.05 112.5%
    Total RevPAR $560.11 $370.84 51.0% $446.32 $198.93 124.4%

    Entertainment Segment

    For the three and nine months ended September 30, 2022, and 2021, the Company reported the following:

     

                
    ($ in thousands)Three Months Ended Nine Months Ended
     September 30, September 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Revenue$77,153 $49,053 57.3% $183,579 $98,599 86.2%
    Operating income$17,756 $12,078 47.0% $38,212 $10,071 279.4%
    Operating income margin23.0% 24.6% -1.6pt 20.8% 10.2% 10.6pt
    Adjusted EBITDAre$21,174 $14,079 50.4% $48,037 $16,908 184.1%
    Adjusted EBITDAre margin27.4% 28.7% -1.3pt 26.2% 17.1% 9.1pt

     

    Reed continued, “Our Entertainment segment continues to deliver solid results, as revenue, segment operating income and Adjusted EBITDAre for the third quarter all exceeded third quarter 2019, even excluding the assets we acquired and developed after 2019 (Circle, our new Ole Red assets, and our recently acquired Block 21 assets). We remain enthusiastic about the future of this business in combination with the assets of Block 21 and are actively engaged with our partners at Atairos and NBCUniversal to propel OEG into its next phase of growth.”

    Corporate and Other Segment

    For the three and nine months ended September 30, 2022, and 2021, the Company reported the following: 

     

                
    ($ in thousands)Three Months Ended Nine Months Ended
     September 30, September 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Operating loss($9,652) ($10,983) 12.1% ($32,507) ($28,620) -13.6%
    Adjusted EBITDAre($6,759) ($7,313) 7.6% ($22,318) ($18,515) -20.5%

     

    2022 Guidance

    The Company is raising its consolidated guidance for full year 2022 based on current information as of October 31, 2022. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

     

    ($ in millions)New Guidance New FY Prior Guidance Prior FY Change
     Full Year 2022 Guidance Full Year 2022 Guidance  
     Low  High Midpoint Low  High Midpoint Midpoint
                  
    Net Income$115.0  $121.0  $118.0  $103.0  $110.0  $106.5  $11.5 
                  
    Adjusted EBITDAre             
    Hospitality$491.0  $500.0  $495.5  $475.0  $490.0  $482.5  $13.0 
    Entertainment 72.0   76.0   74.0   72.0   80.0   76.0   (2.0)
    Corporate and Other (32.0)  (30.0)  (31.0)  (33.0)  (32.0)  (32.5)  1.5 
    Consolidated Adjusted EBITDAre$ 531.0  $ 546.0  $ 538.5  $ 514.0  $ 538.0  $ 526.0  $ 12.5 

     

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

    Reed concluded, “Despite the current economic uncertainty, our collection of unique hotel properties and entertainment venues continues to generate strong interest and financial results from group and leisure travelers. The visibility that the contractual nature of our core hospitality business provides is a differentiating strength that gives us the confidence and opportunity to continue to invest in new and exciting offerings for our guests. Given our strong performance in the third quarter, and our confidence in the remainder of the year, we are again raising our full year 2022 guidance to a consolidated Adjusted EBITDAre midpoint of $538.5 million, a $12.5 million increase over our previously updated guidance midpoint given in August. We believe that our business is uniquely positioned for success and look forward to continuing to execute the long-term strategy of our Company.”

    Leadership Transition Update
    On October 11, 2022, the Company announced Chairman and Chief Executive Officer Colin Reed will transition to Executive Chairman of the Company after more than 21 years as CEO. The Company’s Board of Directors has appointed President Mark Fioravanti to succeed Reed as Chief Executive Officer, under the title of President and Chief Executive Officer, effective January 1, 2023.   Reed’s role as Executive Chairman will include his responsibilities as Executive Chairman of the Company’s Board of Directors and as Chairman of the OEG Board of Directors. Reed will also focus on working with OEG strategic investor Atairos and with NBCUniversal to unlock opportunities for value creation; advancing the Company’s ESG and Diversity, Equity, and Inclusion goals; and community and government affairs. Reed will continue his role with artist and shareholder relations alongside Fioravanti.

    Dividend Update
    On September 6, 2022, the Company announced that it declared a quarterly cash dividend of $0.10 per common share, which was paid on October 17, 2022, to stockholders of record as of September 30, 2022. The Board of Directors approved the reinstatement of this dividend payment, which represents Ryman’s first quarterly cash dividend since payments were suspended following the Q1 2020 dividend paid in April 2020. Due to the opportunities the Company sees to allocate capital across its portfolio, the Company adopted an interim policy of a minimum annual dividend amount of 100% of REIT taxable income, replacing the former dividend policy of the greater of 100% of REIT taxable income or 50% of AFFO less maintenance capital expenditures. The Company’s interim dividend policy is subject to the Board of Directors’ future determinations as to the amount of quarterly distributions and the timing thereof.

    Balance Sheet/Liquidity Update
    As of September 30, 2022, the Company had total debt outstanding of $2,863.1 million, net of unamortized deferred financing costs, and unrestricted cash of $224.7 million. As of September 30, 2022, there were no amounts drawn under the revolving credit lines of the Company’s credit facility or the OEG credit facility, and the lending banks had issued $10.4 million in letters of credit, which left $754.6 million of availability for borrowing under the two revolving credit lines.

    Earnings Call Information
    Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, November 1, 2022, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

    About Ryman Hospitality Properties, Inc.
    Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and leading entertainment experiences. RHP’s core holdings, Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, are five of the top ten largest non-gaming convention center hotels in the United States based on total indoor meeting space. Our Hospitality segment is comprised of these convention center resorts operating under the Gaylord Hotels brand, along with two adjacent ancillary hotels, which are managed by Marriott International and represent a combined total of 10,412 rooms and more than 2.8 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red and Circle, a country lifestyle media network RHP owns in a joint venture with Gray Television, Nashville-area attractions managed by Marriott, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment, in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results. Visit RymanHP.com for more information.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains statements as to RHP’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, expected recovery of travel, leisure and group demand from periods affected by the COVID-19 pandemic, the expected effects of COVID-19 on our results of operations, our liquidity, recovery of group business to pre-pandemic levels, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expectations for OEG including Block 21 and the Atairos investment, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on the demand for travel, leisure and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the pace of recovery following the COVID-19 pandemic, economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation on the Company’s business and on its customers, including group business at its hotels, the Company’s ability to remain qualified as a REIT for federal income tax purposes, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, our Board of Directors’ ability to modify our dividend policy, including the frequency and amount of any dividend we may pay, the Company’s ability to borrow funds pursuant to its credit agreements, and the occurrence of any event, change or other circumstance that could affect the integration of Block 21 or the strategic position of OEG after the Atairos investment. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

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

    Calculation of RevPAR, Total RevPAR, and Occupancy
    We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. Room nights available to guests include nights the hotels are closed. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Rooms out of service for renovation are included in room nights available. For the three and nine months ended September 30, 2022, and 2021, the calculation of RevPAR and Total RevPAR in our tabular presentations has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. The closure of Gaylord National, which reopened July 1, 2021, resulted in significantly lower performance for periods of closure. Occupancy figures reflect an additional 302 rooms available at Gaylord Palms beginning in June 2021. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

    Calculation of GAAP Margin Figures
    We calculate Net Income/(Loss) available to common shareholders margin by dividing GAAP consolidated Net Income available to common shareholders by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income/(Loss) by consolidated, segment or property-level GAAP Revenue.

    Non-GAAP Financial Measures
    We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

    EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
    We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property or the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
    Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

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

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

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

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

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

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

    To calculate Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex) exclude the ownership portion joint ventures not controlled or owned by the Company.

    We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

    We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our Net Income (Loss), operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Operating Income (Loss), or cash flow from operations.

    Investor Relations Contacts:Media Contacts:
    Mark Fioravanti, PresidentHillary Prim, Vice President of Corporate and Brand Communications
    Ryman Hospitality Properties, Inc.Finn Partners
    (615) 316-6588(615) 610-0293
    mfioravanti@rymanhp.comhillary.prim@finnpartners.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~ 
    Todd Siefert, Senior Vice President Corporate Finance & Treasurer 
    Ryman Hospitality Properties, Inc. 
    (615) 316-6344 
    tsiefert@rymanhp.com 



    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
             
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    Unaudited
    (In thousands, except per share data)
             
             
             
      Three Months Ended Nine Months Ended
      Sep. 30 Sep. 30
       2022   2021   2022   2021 
    Revenues :       
     Rooms$154,940  $113,192  $418,039  $203,391 
     Food and beverage 186,188   105,803   486,387   169,597 
     Other hotel revenue 49,474   38,858   149,089   90,355 
     Entertainment 77,153   49,053   183,579   98,599 
     Total revenues 467,755   306,906   1,237,094   561,942 
             
    Operating expenses:       
     Rooms 41,366   30,802   112,740   55,318 
     Food and beverage 103,221   65,205   272,039   118,282 
     Other hotel expenses 103,321   80,203   289,248   196,125 
     Management fees 11,276   4,907   27,542   7,809 
     Total hotel operating expenses 259,184   181,117   701,569   377,534 
     Entertainment 54,148   33,467   131,549   77,797 
     Corporate 9,449   10,416   31,423   26,922 
     Preopening costs -   118   525   734 
     (Gain) loss on sale of assets -   -   469   (317)
     Depreciation and amortization 47,969   56,093   160,712   164,081 
     Total operating expenses 370,750   281,211   1,026,247   646,751 
             
    Operating income (loss) 97,005   25,695   210,847   (84,809)
             
    Interest expense, net of amounts capitalized (40,092)  (32,413)  (105,987)  (93,056)
    Interest income 1,378   1,433   4,138   4,254 
    Loss on extinguishment of debt -   -   (1,547)  (2,949)
    Loss from consolidated joint ventures (2,720)  (2,312)  (8,348)  (5,831)
    Other gains and (losses), net 2,058   53   2,222   254 
    Income (loss) before income taxes 57,629   (7,544)  101,325   (182,137)
             
    Provision benefit for income taxes (10,178)  (1,063)  (27,747)  (6,640)
    Net income (loss) 47,451   (8,607)  73,578   (188,777)
             
    Net (income) loss attributable to noncontrolling interest in consolidated joint venture (1,887)  -   (2,167)  16,501 
    Net (income) loss attributable to noncontrolling interest in Operating Partnership (323)  61   (507)  1,290 
    Net income (loss) available to common shareholders$45,241  $(8,546) $70,904  $(170,986)
             
    Basic income (loss) per share available to common shareholders$0.82  $(0.16) $1.29  $(3.11)
    Diluted income (loss) per share available to common shareholders$0.79  $(0.16) $1.28  $(3.11)
             
    Weighted average common shares for the period:       
     Basic 55,159   55,065   55,132   55,040 
     Diluted 59,315   55,065   55,329   55,040 


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
          
    CONDENSED CONSOLIDATED BALANCE SHEETS
    Unaudited
    (In thousands)
          
       Sep. 30 Dec. 31,
       2022 2021
          
    ASSETS:   
     Property and equipment, net of accumulated depreciation$3,178,104 $3,031,844 
     Cash and cash equivalents - unrestricted 224,696  140,688 
     Cash and cash equivalents - restricted 96,007  22,312 
     Notes receivable 66,261  71,228 
     Trade receivables, net 131,496  74,745 
     Prepaid expenses and other assets 143,517  112,904 
     Intangible assets 107,199  126,804 
      Total assets$3,947,280 $3,580,525 
          
          
    LIABILITIES AND EQUITY:   
     Debt and finance lease obligations$2,863,081 $2,936,819 
     Accounts payable and accrued liabilities 364,229  304,719 
     Dividends payable 5,685  386 
     Deferred management rights proceeds 168,274  170,614 
     Operating lease liabilities 115,258  113,770 
     Deferred income tax liabilities, net 9,216  4,671 
     Other liabilities 65,802  71,939 
     Noncontrolling interest in consolidated joint venture 303,849  - 
     Total equity (deficit) 51,886  (22,393)
      Total liabilities and equity (deficit)$3,947,280 $3,580,525 


    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,
      2022   2021   2022   2021 
     $Margin $Margin $Margin $Margin
    Consolidated           
    Revenue$467,755   $306,906   $1,237,094   $561,942  
    Net income (loss)$47,451 10.1% $(8,607)-2.8% $73,578 5.9% $(188,777)-33.6%
    Interest expense, net 38,714    30,980    101,849    88,802  
    Provision for income taxes 10,178    1,063    27,747    6,640  
    Depreciation & amortization 47,969    56,093    160,712    164,081  
    (Gain) loss on sale of assets -    2    327    (315) 
    Pro rata EBITDAre from unconsolidated joint ventures 23    19    68    53  
    EBITDAre 144,335 30.9%  79,550 25.9%  364,281 29.4%  70,484 12.5%
    Preopening costs -    118    525    734  
    Non-cash lease expense 1,059    1,081    3,340    3,254  
    Equity-based compensation expense 3,694    3,276    11,134    8,944  
    Pension settlement charge 723    443    1,576    1,009  
    Interest income on Gaylord National bonds 1,314    1,389    3,993    4,114  
    Loss on extinguishment of debt -    -    1,547    2,949  
    Transaction costs of acquisitions -    135    1,348    210  
    Adjusted EBITDAre$151,125 32.3% $85,992 28.0% $387,744 31.3% $91,698 16.3%
    Adjusted EBITDAre of noncontrolling interest in consolidated joint venture$(6,345)   -   $(7,476)   1,017  
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$144,780 31.0% $85,992 28.0% $380,268 30.7% $92,715 16.5%
                
    Hospitality segment           
    Revenue$390,602   $257,853   $1,053,515   $463,343  
    Operating income (loss)$88,901 22.8% $24,600 9.5% $205,142 19.5% $(66,260)-14.3%
    Depreciation & amortization 42,517    52,020    146,804    151,655  
    Gain on sale of assets -    -    -    (317) 
    Preopening costs -    116    -    731  
    Non-cash lease expense 1,054    1,101    3,162    3,307  
    Interest income on Gaylord National bonds 1,314    1,389    3,993    4,114  
    Transaction costs of acquisitions -    -    -    75  
    Other gains and (losses), net 2,924    -    2,924    -  
    Adjusted EBITDAre$136,710 35.0% $79,226 30.7% $362,025 34.4% $93,305 20.1%
                
    Entertainment segment           
    Revenue$77,153   $49,053   $183,579   $98,599  
    Operating income$17,756 23.0% $12,078 24.6% $38,212 20.8% $10,071 10.2%
    Depreciation & amortization 5,249    3,506    13,293    10,728  
    Preopening costs -    2    525    3  
    Non-cash lease (revenue) expense 5    (20)   178    (53) 
    Equity-based compensation 860    671    2,761    1,802  
    Transaction costs of acquisitions -    135    1,348    135  
    Pro rata adjusted EBITDAre from unconsolidated joint ventures (2,696)   (2,293)   (8,280)   (5,778) 
    Adjusted EBITDAre$21,174 27.4% $14,079 28.7% $48,037 26.2% $16,908 17.1%
                
    Corporate and Other segment           
    Operating loss$(9,652)  $(10,983)  $(32,507)  $(28,620) 
    Depreciation & amortization 203    567    615    1,698  
    Other gains and (losses), net (867)   55    (375)   256  
    Equity-based compensation 2,834    2,605    8,373    7,142  
    Pension settlement charge 723    443    1,576    1,009  
    Adjusted EBITDAre$(6,759)  $(7,313)  $(22,318)  $(18,515) 


    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,
      2022   2021   2022   2021 
    Consolidated       
    Net income (loss)$47,451  $(8,607) $73,578  $(188,777)
    Noncontrolling interest in consolidated joint venture (1,887)  -   (2,167)  16,501 
    Net income (loss) available to common shareholders and unit holders 45,564   (8,607)  71,411   (172,276)
    Depreciation & amortization 47,938   56,055   160,620   163,969 
    Adjustments for noncontrolling interest (1,575)  -   (1,808)  (11,069)
    Pro rata adjustments from joint ventures 24   19   69   53 
    FFO available to common shareholders and unit holders 91,951   47,467   230,292   (19,323)
            
    Right-of-use asset amortization 31   38   92   112 
    Non-cash lease expense 1,059   1,081   3,340   3,254 
    Pension settlement charge 723   443   1,576   1,009 
    (Gain) loss on other assets -   -   469   (317)
    Amortization of deferred financing costs 2,640   2,200   7,178   6,579 
    Amortization of debt discounts and premiums 501   (69)  489   (209)
    Loss on extinguishment of debt -   -   1,547   2,949 
    Adjustments for noncontrolling interest (382)  -   (414)  (294)
    Transaction costs of acquisitions -   135   1,348   210 
    Deferred tax expense 4,250   818   4,545   5,991 
    Adjusted FFO available to common shareholders and unit holders$100,773  $52,113  $250,462  $(39)
    Capital expenditures (1) (22,879)  (14,047)  (55,114)  (30,634)
    Adjusted FFO available to common shareholders and unit holders (ex. maintenance capex)$77,894  $38,066  $195,348  $(30,673)
            
            
    Basic net income (loss) per share$0.82  $(0.16) $1.29  $(3.11)
    Diluted net income (loss) per share$0.79  $(0.16) $1.28  $(3.11)
            
    FFO available to common shareholders and unit holders per basic share/unit$1.66  $0.86  $4.15  $(0.35)
    Adjusted FFO available to common shareholders and unit holders per basic share/unit$1.81  $0.94  $4.51  $(0.00)
            
    FFO available to common shareholders and unit holders per diluted share/unit$1.57  $0.86  $4.13  $(0.35)
    Adjusted FFO available to common shareholders and unit holders per diluted share/unit$1.72  $0.94  $4.49  $(0.00)
            
    Weighted average common shares and OP units for the period:       
    Basic 55,554   55,466   55,527   55,449 
    Diluted 59,710   55,466   55,724   55,449 
            
    (1) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. Note that during 2021, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties were suspended, although we did make voluntary contributions to fund the rooms renovation at Gaylord National.


    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
    Unaudited
    (in thousands)
                
        
     Three Months Ended Sep. 30, Nine Months Ended Sep. 30,
      2022   2021   2022   2021 
     $Margin $Margin $Margin $Margin
    Hospitality segment           
    Revenue$390,602   $257,853   $1,053,515   $463,343  
    Operating income (loss)$88,901 22.8% $24,600 9.5% $205,142 19.5% $(66,260)-14.3%
    Depreciation & amortization 42,517    52,020    146,804    151,655  
    Gain on sale of assets -    -    -    (317) 
    Preopening costs -    116    -    731  
    Non-cash lease expense 1,054    1,101    3,162    3,307  
    Interest income on Gaylord National bonds 1,314    1,389    3,993    4,114  
    Transaction costs of acquisitions -    -    -    75  
    Other gains and (losses), net 2,924    -    2,924    -  
    Adjusted EBITDAre$136,710 35.0% $79,226 30.7% $362,025 34.4% $93,305 20.1%
                
    Occupancy 71.5%   54.5%   63.9%   34.9% 
    Average daily rate (ADR)$226.20   $216.79   $230.07   $208.02  
    RevPAR$161.75   $118.17   $147.07   $72.65  
    OtherPAR$246.02   $151.02   $223.56   $92.86  
    Total RevPAR$407.77   $269.19   $370.63   $165.51  
                
                
                
    Gaylord Opryland           
    Revenue$106,819   $75,483   $285,835   $142,244  
    Operating income $29,488 27.6% $19,514 25.9% $76,914 26.9% $10,965 7.7%
    Depreciation & amortization 8,674    8,507    25,820    25,644  
    Gain on sale of assets -    -    -    (317) 
    Non-cash lease (revenue) expense (13)   -    (38)   2  
    Adjusted EBITDAre$38,149 35.7% $28,021 37.1% $102,696 35.9% $36,294 25.5%
                
    Occupancy 73.0%   56.3%   65.7%   38.4% 
    Average daily rate (ADR)$236.83   $232.49   $236.35   $223.24  
    RevPAR$172.98   $130.85   $155.36   $85.71  
    OtherPAR$229.06   $153.25   $207.18   $94.71  
    Total RevPAR$402.04   $284.10   $362.54   $180.42  
                
                
                
    Gaylord Palms           
    Revenue$60,516   $34,476   $188,653   $82,295  
    Operating income (loss)$9,611 15.9% $(877)-2.5% $43,687 23.2% $(4,514)-5.5%
    Depreciation & amortization 5,526    5,852    16,644    15,278  
    Preopening costs -    116    -    731  
    Non-cash lease expense 1,067    1,101    3,200    3,305  
    Adjusted EBITDAre$16,204 26.8% $6,192 18.0% $63,531 33.7% $14,800 18.0%
                
    Occupancy 65.2%   44.7%   65.2%   41.1% 
    Average daily rate (ADR)$213.17   $201.18   $232.26   $198.85  
    RevPAR$139.08   $89.99   $151.39   $81.71  
    OtherPAR$243.80   $128.14   $250.84   $111.44  
    Total RevPAR$382.88   $218.13   $402.23   $193.15  
                
                
                
    Gaylord Texan           
    Revenue$70,734   $56,041   $205,035   $108,468  
    Operating income$18,873 26.7% $12,640 22.6% $57,523 28.1% $11,137 10.3%
    Depreciation & amortization 5,704    6,146    18,144    18,569  
    Adjusted EBITDAre$24,577 34.7% $18,786 33.5% $75,667 36.9% $29,706 27.4%
                
    Occupancy 70.6%   66.9%   67.6%   44.6% 
    Average daily rate (ADR)$227.40   $215.42   $227.10   $207.21  
    RevPAR$160.63   $144.08   $153.60   $92.35  
    OtherPAR$263.21   $191.72   $260.43   $126.68  
    Total RevPAR$423.84   $335.80   $414.03   $219.03  


    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,
      2022   2021   2022   2021 
     $Margin $Margin $Margin $Margin
    Gaylord National           
    Revenue$68,925   $36,008   $173,735   $39,576  
    Operating income (loss)$9,044 13.1% $(8,534)-23.7% $10,593 6.1% $(38,108)-96.3%
    Depreciation & amortization 8,268    8,206    25,267    22,245  
    Interest income on Gaylord National bonds 1,314    1,389    3,993    4,114  
    Other gains and (losses), net 2,924    -    2,924    -  
    Adjusted EBITDAre$21,550 31.3% $1,061 2.9% $42,777 24.6% $(11,749)-29.7%
                
    Occupancy 65.4%   44.1%   55.1%   14.9% 
    Average daily rate (ADR)$220.25   $209.77   $232.23   $209.77  
    RevPAR$144.11   $92.52   $127.99   $31.18  
    OtherPAR$231.24   $103.57   $190.84   $41.45  
    Total RevPAR$375.35   $196.09   $318.83   $72.63  
                
                
                
    Gaylord Rockies           
    Revenue$77,346   $51,209   $182,888   $81,517  
    Operating income (loss) (1)$20,967 27.1% $1,595 3.1% $14,398 7.9% $(43,700)-53.6%
    Depreciation & amortization 13,703    22,670    59,001    67,978  
    Adjusted EBITDAre (1)$34,670 44.8% $24,265 47.4% $73,399 40.1% $24,278 29.8%
                
    Occupancy 86.9%   61.9%   67.7%   35.2% 
    Average daily rate (ADR)$237.69   $224.67   $232.32   $210.54  
    RevPAR$206.65   $139.10   $157.35   $74.05  
    OtherPAR$353.46   $231.74   $288.97   $124.88  
    Total RevPAR$560.11   $370.84   $446.32   $198.93  
                
                
                
    The AC Hotel at National Harbor           
    Revenue$2,932   $1,846   $7,800   $4,110  
    Operating income (loss)$469 16.0% $(141)-7.6% $601 7.7% $(1,282)-31.2%
    Depreciation & amortization 327    329    982    986  
    Adjusted EBITDAre$796 27.1% $188 10.2% $1,583 20.3% $(296)-7.2%
                
    Occupancy 71.7%   46.7%   63.1%   43.3% 
    Average daily rate (ADR)$206.01   $201.38   $209.26   $163.95  
    RevPAR$147.75   $94.11   $132.11   $70.96  
    OtherPAR$18.25   $10.45   $16.69   $7.46  
    Total RevPAR$166.00   $104.56   $148.80   $78.42  
                
                
                
    The Inn at Opryland (2)           
    Revenue$3,330   $2,790   $9,569   $5,133  
    Operating income (loss)$449 13.5% $403 14.4% $1,426 14.9% $(758)-14.8%
    Depreciation & amortization 315    310    946    955  
    Transaction costs of acquisitions -    -    -    75  
    Adjusted EBITDAre$764 22.9% $713 25.6% $2,372 24.8% $272 5.3%
                
    Occupancy 61.1%   55.7%   57.0%   38.1% 
    Average daily rate (ADR)$151.61   $147.81   $155.49   $133.94  
    RevPAR$92.61   $82.35   $88.63   $51.00  
    OtherPAR$26.75   $17.67   $27.04   $11.05  
    Total RevPAR$119.36   $100.02   $115.67   $62.05  
                
    (1) Operating loss and Adjusted EBITDAre for Gaylord Rockies for the nine months ended September 30, 2021 exclude forgiven asset management fees previously owed to RHP of $0.3 million.
    (2) Includes other hospitality revenue and expense


    Ryman Hospitality Properties, Inc. and Subsidiaries
    Reconciliation of Forward-Looking Statements
    Unaudited
    (in thousands)
            
    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre")
            
            
            
       GUIDANCE RANGE
       FOR FULL YEAR 2022
       Low  High Midpoint
    Ryman Hospitality Properties, Inc.      
     Net Income $ 115,000  $ 121,000  $ 118,000 
     Provision (benefit) for income taxes  38,400   39,800   39,100 
     Interest Expense  145,000   147,000   146,000 
     Depreciation and amortization  204,500   206,500   205,500 
     Pro rata EBITDAre from unconsolidated joint ventures  100   200   150 
     EBITDAre $ 503,000  $ 514,500  $ 508,750 
     Non-cash lease expense  4,000   5,000   4,500 
     Preopening expense  500   500   500 
     Equity-based compensation  16,500   18,000   17,250 
     Interest income on Bonds  7,000   8,000   7,500 
     Adjusted EBITDAre $ 531,000  $ 546,000  $ 538,500 
            
    Hospitality Segment      
     Operating Income $ 297,000  $ 301,000  $ 299,000 
     Depreciation and amortization  183,000   186,000   184,500 
     Non-cash lease expense  4,000   5,000   4,500 
     Interest income on Bonds  7,000   8,000 - 7,500 
     Adjusted EBITDAre $ 491,000  $ 500,000  $ 495,500 
            
    Entertainment Segment      
     Operating Income $ 58,500  $ 60,000  $ 59,250 
     Depreciation and amortization  18,500   19,500   19,000 
     Preopening expense  500   500   500 
     Equity-based compensation  5,500   6,000   5,750 
     Pro rata adjusted EBITDAre from unconsolidated JVs  (11,000)  (10,000)  (10,500)
     Adjusted EBITDAre $ 72,000  $ 76,000  $ 74,000 
            
    Corporate and Other Segment      
     Operating Income $ (46,000) $ (43,000) $ (44,500)
     Depreciation and amortization  3,000   1,000   2,000 
     Equity-based compensation  11,000   12,000   11,500 
     Adjusted EBITDAre $ (32,000) $ (30,000) $ (31,000)



    Primary Logo

分享