Upgrade to SI Premium - Free Trial

Ryman Hospitality Properties, Inc. Reports First Quarter 2018 Results

May 1, 2018 8:30 AM

NASHVILLE, Tenn., May 01, 2018 (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 first quarter ended March 31, 2018.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “Our businesses delivered a strong start to the year on a consolidated basis compared to first quarter 2017, which was a particularly strong first quarter for us. To that end, we are especially pleased with the RevPAR and Total RevPAR growth we saw in the first quarter of 2018, compared to first quarter 2017. The decrease in net income for the quarter was primarily driven by increases in preopening expenses and interest costs related to the capital investments we have made in our business coupled with higher income taxes resulting from the resetting of internal hotel lease agreements per our 5-year REIT conversion anniversary.

Our first quarter gross group room night bookings, while down slightly compared to first quarter 2017, were above our historical first quarter averages and exceeded our expectations, particularly as our available room night inventory becomes even further constrained due to the tremendous group demand we are seeing for the years ahead. With this demand in mind, our sales teams continue to focus on rate growth as we move to fill key bookings patterns.”

First Quarter 2018 Results (As Compared to First Quarter 2017) Included the Following:

Consolidated Results

Three Months Ended
($ in thousands, except per share amounts)March 31,
2018 2017 % ∆
Total Revenue$288,370 $276,042 4.5%
Operating Income$45,944 $46,975 -2.2%
Operating Income Margin 15.9% 17.0% -1.1pt
Net Income$27,339 $32,620 -16.2%
Net Income Margin 9.5% 11.8% -2.3pt
Net Income per diluted share$0.53 $0.63 -15.9%
Adjusted EBITDA$81,727 $80,561 1.4%
Adjusted EBITDA Margin 28.3% 29.2% -0.9pt
Funds From Operations (FFO)$56,392 $60,275 -6.4%
FFO per diluted share$1.10 $1.17 -6.0%
Adjusted FFO$60,887 $62,753 -3.0%
Adjusted FFO per diluted share$1.18 $1.22 -3.3%

For the Company’s definitions of Revenue Per Available Room (RevPAR), Total Revenue Per Available Room (Total RevPAR), Operating Income Margin, Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, FFO, and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO to Net Income, see “Calculation of RevPAR and Total RevPAR,” “Calculation of GAAP Margin Figures,” “Non-GAAP Financial Measures,” “Adjusted EBITDA Definition,” “Adjusted EBITDA Margin Definition,” “Adjusted FFO Definition” and “Supplemental Financial Results” below.

Operating Results Hospitality Segment

For the three months ended March 31, 2018 and 2017, the Company reported the following:

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Hospitality Segment Results
Three Months Ended
March 31,
2018 2017 % ∆
Hospitality Revenue$265,111 $254,154 4.3%
Hospitality Operating Income$53,499 $51,967 2.9%
Hospitality Operating Income Margin 20.2% 20.4% -0.2pt
Hospitality Adjusted EBITDA$85,095 $81,576 4.3%
Hospitality Adjusted EBITDA Margin 32.1% 32.1% 0.0pt
Hospitality Performance Metrics
Occupancy 73.8% 72.7% 1.1pt
Average Daily Rate (ADR)$195.02 $190.33 2.5%
RevPAR$143.89 $138.28 4.1%
Total RevPAR$354.64 $339.99 4.3%
Gross Definite Rooms Nights Booked 471,736 481,793 -2.1%
Net Definite Rooms Nights Booked 344,640 387,724 -11.1%
Group Attrition (as % of contracted block) 13.4% 11.3% 2.1pt
Cancellations ITYFTY (1) 15,085 20,179 -25.2%
(1) "ITYFTY" represents In The Year For The Year.

Property-level results and operating metrics for first quarter 2018 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA to Hospitality Operating Income, and property-level Adjusted EBITDA to property-level Operating Income for each of the hotel properties. Highlights for first quarter 2018 for the Hospitality segment and at each property include:

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Opryland Three Months Ended
March 31,
2018 2017 % ∆
Revenue $82,745 $74,962 10.4%
Operating Income $19,795 $15,477 27.9%
Operating Income Margin 23.9% 20.6% 3.3pt
Adjusted EBITDA $28,552 $23,739 20.3%
Adjusted EBITDA Margin 34.5% 31.7% 2.8pt
Occupancy 72.3% 68.4% 3.9pt
Average daily rate (ADR)$190.40 $177.30 7.4%
RevPAR $137.57 $121.19 13.5%
Total RevPAR $318.35 $288.40 10.4%

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Palms Three Months Ended
March 31,
2018 2017 % ∆
Revenue $57,896 $54,197 6.8%
Operating Income $16,248 $13,113 23.9%
Operating Income Margin 28.1% 24.2% 3.9pt
Adjusted EBITDA $22,285 $19,188 16.1%
Adjusted EBITDA Margin 38.5% 35.4% 3.1pt
Occupancy 82.3% 79.8% 2.5pt
Average daily rate (ADR)$210.74 $206.97 1.8%
RevPAR $173.44 $165.24 5.0%
Total RevPAR $454.30 $425.27 6.8%

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Texan Three Months Ended
March 31,
2018 2017 % ∆
Revenue $58,357 $56,745 2.8%
Operating Income $14,032 $15,890 -11.7%
Operating Income Margin 24.0% 28.0% -4.0pt
Adjusted EBITDA $20,614 $21,000 -1.8%
Adjusted EBITDA Margin 35.3% 37.0% -1.7pt
Occupancy 76.5% 79.6% -3.1pt
Average daily rate (ADR)$194.92 $188.86 3.2%
RevPAR $149.13 $150.29 -0.8%
Total RevPAR $429.13 $417.28 2.8%

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord National Three Months Ended
March 31,
2018 2017 % ∆
Revenue $60,756 $62,457 -2.7%
Operating Income $3,317 $6,709 -50.6%
Operating Income Margin 5.5% 10.7% -5.2pt
Adjusted EBITDA $12,843 $16,211 -20.8%
Adjusted EBITDA Margin 21.1% 26.0% -4.9pt
Occupancy 70.7% 69.7% 1.0pt
Average daily rate (ADR)$198.24 $205.20 -3.4%
RevPAR $140.24 $142.93 -1.9%
Total RevPAR $338.21 $347.68 -2.7%

Reed continued, “As a portfolio, our hotels experienced a strong first quarter, with Gaylord Opryland and Gaylord Palms delivering especially standout results. Gaylord Texan also delivered solid results despite some one-time costs related to the opening of its rooms and meeting space expansion in May. We believe this additional meeting space and room inventory is arriving at an ideal time to satisfy increasing market demand as well as increasing demand in the group segment overall.

Despite facing some difficult local market dynamics, Gaylord National significantly outperformed its local peer group on a number of important metrics in the first quarter of 2018. We look forward to beginning a rooms renovation project at Gaylord National in the fourth quarter of this year, which we believe will strengthen the hotel’s competitiveness within the market. As a result of the renovation, we anticipate approximately 14,600 room nights will be out of service in the fourth quarter of 2018. We expect that this project will carry through all of 2019.

Our SoundWaves project at Gaylord Opryland remains on target to open in fourth quarter 2018.”

Entertainment Segment

For the three months ended March 31, 2018 and 2017, the Company reported the following:

Entertainment Segment Results
Three Months Ended
($ in thousands)March 31,
2018 2017 % ∆
Revenue$23,259 $21,888 6.3%
Operating Income$1,282 $2,968 -56.8%
Operating Income Margin 5.5% 13.6%-8.1pt
Adjusted EBITDA$3,173 $5,226 -39.3%
Adjusted EBITDA Margin 13.6% 23.9%-10.3pt

The Company’s investment in its Entertainment Segment continued during the first quarter of 2018, which included additional employment costs related to its growth initiatives. First quarter 2018 Adjusted EBITDA was also impacted by a slower than anticipated ramp-up period and higher than anticipated start-up costs related to the recent opening of Opry City Stage in New York City and a shift in the mix of concert events at Ryman Auditorium.

Subsequent to the end of first quarter 2018, the Company reached an agreement with its joint venture partner in Opry City Stage to acquire the partner’s 50 percent interest, which, once complete, will give the Company full ownership and greater oversight of operations.

Reed continued, “Growth in our core Entertainment segment continued during the quarter, as evidenced by a 6.3 percent increase in revenue compared to the first quarter of 2017. Profitability was impacted by several factors, primarily attributed to a slower than anticipated launch of our Opry City Stage concept. We believe Opry City Stage remains a compelling long-term strategic investment for the Entertainment segment and that owning all of this venue will allow us to make the necessary investments to improve its brand awareness, programming and street appeal as we continue to ramp-up its operations this year.

In Nashville, our flagship Ole Red location is set to open its doors the first week in May. We look forward to a busy summer season at this property, which we believe will be unlike anything else in downtown Nashville. We are also looking forward to beginning construction on our recently-announced third Ole Red location in the heart of Gatlinburg, Tennessee. We anticipate this $9 million capital investment will open in the spring of 2019. We remain excited for all of the opportunities we have to leverage our unique position in the country music genre to meaningfully grow this segment.”

Corporate and Other Segment Results

For the three months ended March 31, 2018 and 2017, the Company reported the following:

Corporate and Other Segment Results
Three Months Ended
($ in thousands)March 31,
2018 2017 % ∆
Operating Loss($8,837)($7,960)-11.0%
Adjusted EBITDA($6,541)($6,241)-4.8%

Corporate and Other Segment Operating Loss and Adjusted EBITDA for first quarter 2018 includes increases in administrative and employment costs associated with supporting the Company’s growth initiatives in its Hospitality and Entertainment segments.

Dividend Update The Company paid its first quarter 2018 cash dividend of $0.85 per share of common stock on April 16, 2018 to stockholders of record on March 30, 2018. It is the Company’s current plan to distribute total 2018 annual dividends of approximately $3.40 per share in cash in equal quarterly payments with the remaining payments occurring in July and October of 2018 and January of 2019. Any future dividend is subject to the Board of Director’s determinations as to the amount of quarterly distributions and the timing thereof.

Balance Sheet/Liquidity Update As of March 31, 2018, the Company had total debt outstanding of $1,649.3 million, net of unamortized deferred financing costs, and unrestricted cash of $59.0 million. As of March 31, 2018, $227.5 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $1.8 million in letters of credit, which left $470.7 million of availability for borrowing under the credit facility.

Guidance The Company is affirming its 2018 guidance provided on February 23, 2018. The Company believes the guidance range issued previously remains an accurate reflection of anticipated full-year performance. The Company does not expect to update the guidance 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.

Earnings Call Information Ryman Hospitality Properties will hold a conference call to discuss this release today at 10 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & 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 REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of four upscale, meetings-focused resorts totaling 7,811 rooms that are managed by lodging operator Marriott International, Inc. under the Gaylord Hotels brand. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music’s finest performers for over 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; 650 AM WSM, the Opry’s radio home; and Ole Red, a country lifestyle and entertainment brand. The Company also is a joint venture owner in Opry City Stage, the Opry’s first home away from home, in Times Square. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com.

Cautionary Note Regarding Forward-Looking StatementsThis 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 our business, estimated capital expenditures, new projects or investments, out-of-service rooms, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time 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 effect of the Company’s election to be taxed as a REIT for federal income tax purposes commencing with the year ended December 31, 2013, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute its 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, which could be made at any time, the determination of Adjusted FFO and REIT taxable income, and the Company’s ability to borrow funds pursuant to its credit agreement. 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, 2017 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 InformationThis 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 RevPARWe 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.

Calculation of GAAP Margin FiguresWe calculate Net Income Margin by dividing GAAP consolidated Net Income 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 MeasuresWe present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

Adjusted EBITDA DefinitionTo calculate Adjusted EBITDA, we first determine Operating Income, which represents Net Income (loss) determined in accordance with GAAP, plus, to the extent the following adjustments occurred during the periods presented: loss (income) from discontinued operations, net; provision (benefit) for income taxes; other (gains) and losses, net; loss on extinguishment of debt; (income) loss from joint ventures; and interest expense, net. Adjusted EBITDA is then calculated as Operating Income, plus, to the extent the following adjustments occurred during the periods presented: depreciation and amortization; preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges; any closing costs of completed acquisitions; interest income on Gaylord National bonds; other gains and (losses), net; (gains) losses on warrant settlements; pension settlement charges; pro rata Adjusted EBITDA from joint ventures, (gains) losses on the disposal of assets, and any other adjustments we have identified in this release. We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because this measure helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. A reconciliation of Net Income (loss) to Operating Income and Adjusted EBITDA and a reconciliation of segment, and property-level Operating Income to segment, and property-level Adjusted EBITDA are set forth below under “Supplemental Financial Results.”

Adjusted EBITDA Margin DefinitionWe calculate consolidated Adjusted EBITDA Margin by dividing consolidated Adjusted EBITDA by GAAP consolidated Total Revenue. We calculate segment, or property-level Adjusted EBITDA Margin by dividing segment, or property-level Adjusted EBITDA by segment, or property-level GAAP Revenue. We believe Adjusted EBITDA 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 EBITDA and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

Adjusted FFO DefinitionWe calculate Adjusted FFO to mean Net Income (loss) (computed in accordance with GAAP), excluding, to the extent the following adjustments occurred during the periods presented: non-controlling interests, and (gains) and losses from sales of property; depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and certain pro rata adjustments from joint ventures (which equals FFO). We then exclude, to the extent the following adjustments occurred during the periods presented, impairment charges; write-offs of deferred financing costs, non-cash ground lease expense, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges, additional pro rata adjustments from joint ventures, (gains) losses on other assets, and (gains) losses on extinguishment of debt and warrant settlements. Beginning in 2016, we exclude the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides useful information to investors regarding the performance of our ongoing operations because it is 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 Adjusted FFO as one measure in determining our results after taking into account the impact of our capital structure. A reconciliation of Net Income (loss) to Adjusted FFO is set forth below under “Supplemental Financial Results.”

We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO, and any related per share measures, should not be considered as alternative measures of our Net Income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA and Adjusted FFO 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 Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO 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), Net Income Margin, Operating Income (loss), Operating Income Margin, or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.

Investor Relations Contacts:Media Contacts:
Mark Fioravanti, President and Chief Financial OfficerShannon Sullivan, Director Corporate Communications
Ryman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc.
(615) 316-6588(615) 316-6725
[email protected][email protected]
~or~~or~
Todd Siefert, Vice President Corporate Finance & TreasurerRobert Winters or Sam Gibbons
Ryman Hospitality Properties, Inc.Alpha IR Group
(615) 316-6344(929) 266-6315 or (312) 445-2874
[email protected][email protected]; [email protected]

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
Three Months Ended
Mar. 31,
2018 2017
Revenues :
Rooms$107,564 $103,369
Food and beverage 132,939 126,169
Other hotel revenue 24,608 24,616
Entertainment 23,259 21,888
Total revenues 288,370 276,042
Operating expenses:
Rooms 28,928 28,028
Food and beverage 71,978 69,157
Other hotel expenses 75,882 74,238
Management fees 7,130 5,531
Total hotel operating expenses 183,918 176,954
Entertainment 19,366 16,851
Corporate 8,329 7,409
Preopening costs 2,147 216
Depreciation and amortization 28,666 27,637
Total operating expenses 242,426 229,067
Operating income 45,944 46,975
Interest expense, net of amounts capitalized (16,729) (15,864)
Interest income 2,753 2,948
Loss from joint ventures (2,588) (774)
Other gains and (losses), net 168 (72)
Income before income taxes 29,548 33,213
Provision for income taxes (2,209) (593)
Net income$27,339 $32,620
Basic net income per share$0.53 $0.64
Fully diluted net income per share$0.53 $0.63
Weighted average common shares for the period:
Basic 51,214 51,045
Diluted 51,473 51,373

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
Mar. 31, Dec. 31,
2018 2017
ASSETS:
Property and equipment, net of accumulated depreciation$2,085,187 $2,065,657
Cash and cash equivalents - unrestricted 59,040 57,557
Cash and cash equivalents - restricted 26,687 21,153
Notes receivable 111,046 111,423
Investment in Gaylord Rockies joint venture 88,717 88,685
Trade receivables, net 66,253 57,520
Deferred income taxes, net 48,342 50,117
Prepaid expenses and other assets 73,906 72,116
Total assets$2,559,178 $2,524,228
LIABILITIES AND STOCKHOLDERS' EQUITY:
Debt and capital lease obligations$1,649,302 $1,591,392
Accounts payable and accrued liabilities 172,159 179,649
Dividends payable 44,878 42,129
Deferred management rights proceeds 176,299 177,057
Other liabilities 156,617 155,845
Stockholders' equity 359,923 378,156
Total liabilities and stockholders' equity$2,559,178 $2,524,228

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDA RECONCILIATION
Unaudited
(in thousands)
Three Months Ended Mar. 31,
2018 2017
$Margin $Margin
Consolidated
Revenue$288,370 $276,042
Net income$27,339 9.5% $32,620 11.8%
Provision for income taxes 2,209 593
Other (gains) and losses, net (168) 72
Loss from joint ventures 2,588 774
Interest expense, net 13,976 12,916
Operating Income 45,944 15.9% 46,975 17.0%
Depreciation & amortization 28,666 27,637
Preopening costs 2,147 216
Non-cash ground lease expense 1,244 1,305
Equity-based compensation expense 1,923 1,569
Interest income on Gaylord National bonds 2,654 2,931
Pro rata adjusted EBITDA from joint ventures (1,019) -
Other gains and (losses), net 168 (72)
Adjusted EBITDA$81,727 28.3% $80,561 29.2%
Hospitality segment
Revenue$265,111 $254,154
Operating income$53,499 20.2% $51,967 20.4%
Depreciation & amortization 26,200 25,178
Preopening costs 1,494 55
Non-cash lease expense 1,248 1,280
Interest income on Gaylord National bonds 2,654 2,931
Other gains and (losses), net - 165
Adjusted EBITDA$85,095 32.1% $81,576 32.1%
Entertainment segment
Revenue$23,259 $21,888
Operating income$1,282 5.5% $2,968 13.6%
Depreciation & amortization 1,957 1,908
Preopening costs 653 161
Non-cash lease expense (4) 25
Equity-based compensation 304 137
Pro rata adjusted EBITDA from joint ventures (1,019) -
Other gains and (losses), net - 27
Adjusted EBITDA$3,173 13.6% $5,226 23.9%
Corporate and Other segment
Operating loss$(8,837) $(7,960)
Depreciation & amortization 509 551
Equity-based compensation 1,619 1,432
Other gains and (losses), net 168 (264)
Adjusted EBITDA$(6,541) $(6,241)

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 Mar. 31,
2018 2017
Consolidated
Net income$27,339 $32,620
Depreciation & amortization 28,666 27,637
Pro rata adjustments from joint ventures 387 18
FFO 56,392 60,275
Non-cash lease expense 1,244 1,305
Pro rata adjustments from joint ventures 57 97
Amortization of deferred financing costs 1,415 1,263
Deferred tax (benefit) expense 1,779 (187)
Adjusted FFO$60,887 $62,753
Capital expenditures (1) (15,076) (14,912)
Adjusted FFO less maintenance capital expenditures$45,811 $47,841
Basic net income per share$0.53 $0.64
Fully diluted net income per share$0.53 $0.63
FFO per basic share$1.10 $1.18
Adjusted FFO per basic share$1.19 $1.23
FFO per diluted share$1.10 $1.17
Adjusted FFO per diluted share$1.18 $1.22
(1) Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDA RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
Three Months Ended Mar. 31,
2018 2017
$Margin $Margin
Hospitality segment
Revenue$265,111 $254,154
Operating Income$53,499 20.2% $51,967 20.4%
Depreciation & amortization 26,200 25,178
Preopening costs 1,494 55
Non-cash lease expense 1,248 1,280
Interest income on Gaylord National bonds 2,654 2,931
Other gains and (losses), net - 165
Adjusted EBITDA$85,095 32.1% $81,576 32.1%
Occupancy 73.8% 72.7%
Average daily rate (ADR)$195.02 $190.33
RevPAR$143.89 $138.28
OtherPAR$210.75 $201.71
Total RevPAR$354.64 $339.99
Gaylord Opryland
Revenue$82,745 $74,962
Operating Income$19,795 23.9% $15,477 20.6%
Depreciation & amortization 8,678 8,097
Preopening costs 79 -
Other gains and (losses), net - 165
Adjusted EBITDA$28,552 34.5% $23,739 31.7%
Occupancy 72.3% 68.4%
Average daily rate (ADR)$190.40 $177.30
RevPAR$137.57 $121.19
OtherPAR$180.78 $167.21
Total RevPAR$318.35 $288.40
Gaylord Palms
Revenue$57,896 $54,197
Operating Income $16,248 28.1% $13,113 24.2%
Depreciation & amortization 4,789 4,795
Non-cash lease expense 1,248 1,280
Adjusted EBITDA$22,285 38.5% $19,188 35.4%
Occupancy 82.3% 79.8%
Average daily rate (ADR)$210.74 $206.97
RevPAR$173.44 $165.24
OtherPAR$280.86 $260.03
Total RevPAR$454.30 $425.27
Gaylord Texan
Revenue$58,357 $56,745
Operating Income$14,032 24.0% $15,890 28.0%
Depreciation & amortization 5,167 5,110
Preopening costs 1,415 -
Adjusted EBITDA$20,614 35.3% $21,000 37.0%
Occupancy 76.5% 79.6%
Average daily rate (ADR)$194.92 $188.86
RevPAR$149.13 $150.29
OtherPAR$280.00 $266.99
Total RevPAR$429.13 $417.28
Gaylord National
Revenue$60,756 $62,457
Operating Income$3,317 5.5% $6,709 10.7%
Depreciation & amortization 6,872 6,516
Preopening costs - 55
Interest income on Gaylord National bonds 2,654 2,931
Adjusted EBITDA$12,843 21.1% $16,211 26.0%
Occupancy 70.7% 69.7%
Average daily rate (ADR)$198.24 $205.20
RevPAR$140.24 $142.93
OtherPAR$197.97 $204.75
Total RevPAR$338.21 $347.68
The AC Hotel at National Harbor
Revenue$2,371 $2,459
Operating Income$131 5.5% $379 15.4%
Depreciation & amortization 327 325
Adjusted EBITDA$458 19.3% $704 28.6%
Occupancy 60.6% 62.2%
Average daily rate (ADR)$191.04 $200.54
RevPAR$115.76 $124.69
OtherPAR$21.45 $17.59
Total RevPAR$137.21 $142.28
The Inn at Opryland (1)
Revenue$2,986 $3,334
Operating Income (Loss)$(24)-0.8% $399 12.0%
Depreciation & amortization 367 335
Adjusted EBITDA$343 11.5% $734 22.0%
Occupancy 63.3% 71.9%
Average daily rate (ADR)$129.13 $129.78
RevPAR$81.73 $93.28
OtherPAR$27.79 $28.94
Total RevPAR$109.52 $122.22
(1) Includes other hospitality revenue and expense

Primary Logo

Source: Ryman Hospitality Properties, Inc.

Categories

Press Releases

Next Articles