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 fourth quarter and full year ended December 31, 2013.
Colin V. Reed, chairman, chief executive officer and president of Ryman
Hospitality Properties, stated,
“Although 2013 was certainly a year in which we navigated our fair share
of transitional challenges, we are generally pleased with how our
business performed in the fourth quarter and our position entering 2014.
While the fourth quarter came in below our expectations due to a few
unanticipated events, we are encouraged by group dynamics that evolved
throughout the quarter. Our bookings performance during the fourth
quarter was certainly a highlight, as we booked over 772,000 gross room
nights, a more than 20 percent increase year-over-year and the highest
booking quarter since 2010. On a net room night basis, we booked over
637,000 room nights, a year-over-year increase of 37 percent. Our group
room night bookings entering 2014 were 4.7 percent higher than they were
entering 2013. In addition, our group mix for these bookings is more
favorable with a 10 percent increase in corporate group room nights,
which bodes well for outside-the room spending. These bookings results
reflect the work we have done to improve the sales process with
Marriott, and we are confident that we will continue to see these
enhancements drive results in 2014.”
“Additional positive highlights during the fourth quarter include a
significant decrease in in-the-year, for-the-year cancellations and
attrition rates across our hotels. We saw in-the-year, for-the-year
cancellations decline nearly 70 percent in the fourth quarter compared
to the same period last year, and attrition rates came in at 10.7
percent for the fourth quarter 2013 compared to 12.2 percent for third
quarter 2013 and 12.5 percent in fourth quarter 2012. While impacted by
severe winter weather in December and accelerated rooms renovation at
the Gaylord Texan, our transient segment continued to show growth with a
13.5 percent increase in room nights in the fourth quarter over the
prior year quarter, while full year 2013 transient room nights increased
20.7 percent compared to full year 2012. In terms of our bottom line, we
remain focused on continuing to work with Marriott to improve margin
performance and realize cost synergies, and we expect to see continued
improvement in the coming quarters. In aggregate, all of these factors
contribute to our view that our business is well positioned for 2014 and
beyond.”
Fourth Quarter and Full Year 2013 Results (as compared to Fourth
Quarter and Full Year 2012)
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Gross advanced group bookings in the fourth quarter 2013 for all
future periods increased 20.5 percent to approximately 772,000 room
nights; net advanced group bookings in the fourth quarter 2013 for all
future periods increased 37.4 percent to approximately 637,000 room
nights. Gross advanced group bookings for the full year 2013 for all
future periods increased 11.3 percent to approximately 2.2 million
room nights; net advanced group bookings for the full year 2013 for
all future periods increased 7.7 percent to approximately 1.6 million
room nights.
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As of December 31, 2013, group occupancy on the books for 2014 was
48.2 occupancy points, which is 2.2 occupancy points higher than as of
the same time last year for 2013.
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Transient room nights in the fourth quarter increased 13.5 percent to
approximately 190,000 room nights while transient Average Daily Rate,
or ADR, increased 1.7 percent. Transient room nights for full year
2013 increased 20.7 percent to approximately 576,000 room nights while
transient ADR increased 2.3 percent.
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Cancellations in-the-year, for-the-year in the fourth quarter 2013
decreased 69.8 percent to approximately 5,300 group rooms compared to
approximately 17,400 group rooms in the fourth quarter 2012.
Cancellations in-the-year, for-the-year for full year 2013 increased
5.4 percent to approximately 67,000 group rooms compared to
approximately 63,000 group rooms for full year 2012.
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Attrition for groups that traveled in the fourth quarter of 2013 was
10.7 percent of contracted room block compared to 12.5 percent in the
same period in 2012, and attrition and cancellation fees collected
during the fourth quarter of 2013 were $3.4 million compared to $1.9
million in the same period in 2012. Attrition for groups that traveled
during full year 2013 was 11.1 percent of contracted room block
compared to 8.3 percent for full year 2012, and attrition and
cancellation fees collected during full year 2013 were $8.5 million
compared to $6.4 million for full year 2012.
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Total Revenue in the fourth quarter 2013 was flat at $266.1 million
compared to Total Revenue in the fourth quarter 2012 of $266.3
million. Total Revenue for full year 2013 decreased 3.2 percent to
$954.6 million compared to Total Revenue for full year 2012 of $986.6
million, or a decrease of 2.5 percent compared to Total Retail
Adjusted Revenue for full year 2012.
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Hospitality Revenue Per Available Room, or RevPAR, for the fourth
quarter 2013 was flat at $123.39. Hospitality RevPAR for full year
2013 decreased 2.0 percent to $120.89.
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Hospitality Total RevPAR in the fourth quarter 2013 decreased 0.9
percent to $331.26 compared to Hospitality Total RevPAR in the fourth
quarter 2012. Hospitality Total RevPAR for full year 2013 decreased
3.8 percent to $297.22 compared to unadjusted Hospitality Total RevPAR
for full year 2012, or a decrease of 3.0 percent compared to
Hospitality Retail Adjusted Total RevPAR for full year 2012.
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Hospitality Revenue for the fourth quarter 2013 decreased 0.9 percent
to $246.8 million compared to Hospitality Revenue in the fourth
quarter 2012. Hospitality Revenue for full year 2013 decreased 4.1
percent to $878.5 million compared to unadjusted Hospitality Revenue
for full year 2012, or a decrease of 3.3 percent compared to
Hospitality Retail Adjusted Revenue for full year 2012.
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Net income in the fourth quarter 2013 was $30.2 million compared to a
net loss of $15.0 million in fourth quarter 2012. Net income for the
fourth quarter 2013 includes $0.8 million of REIT conversion costs;
whereas net income for the fourth quarter 2012 includes $44.2 million
of REIT conversion costs. In addition, net income for the fourth
quarter of 2012 included a $20.0 million one-time gain on the sale of
the Gaylord Hotels brand rights to Marriott. Net income for full year
2013 was $118.4 million compared to a net loss of $26.6 million for
full year 2012. Net income for the full year 2013 reflects a decrease
in total operating expenses of $113.0 million compared to full year
2012, due primarily to a $79.8 million decrease in REIT conversion
costs. Net income for the full year 2013 also includes a tax benefit
of $92.7 million, consisting primarily of a non-cash benefit of $64.8
million resulting from the reversal of certain net deferred tax
liabilities in connection with the REIT conversion.
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Adjusted EBITDA on a consolidated basis for fourth quarter 2013
increased 10.6% to $69.5 million compared to $62.8 million for fourth
quarter 2012. Adjusted EBITDA on a consolidated basis for full year
2013 decreased 3.7 percent to $248.3 million compared to $257.9
million for full year 2012.
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Hospitality Adjusted EBITDA for fourth quarter 2013 increased 1.3
percent to $67.5 million compared to $66.6 million for fourth quarter
2012. Hospitality Adjusted EBITDA for full year 2013 decreased 12.4
percent to $245.0 million compared to $279.8 million for full year
2012.
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Adjusted Funds from Operations, or Adjusted FFO, for fourth quarter
2013 was $59.0 million compared to $8.3 million in fourth quarter
2012. Adjusted FFO excluding REIT conversion costs was $58.1 million
compared to $28.4 million in fourth quarter 2012. Full year 2013
Adjusted FFO was $174.8 million compared to $86.6 million for full
year 2012. Adjusted FFO excluding REIT conversion costs for full year
2013 was $190.2 million compared to $129.8 million for full year 2012.
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During the fourth quarter 2013, a few meaningful events occurred that
impacted Adjusted EBITDA on a consolidated basis, Hospitality Adjusted
EBITDA, and Adjusted FFO.
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Offsetting favorable overall hotel performance in October and
November, transient business in December for three of our hotels
(Gaylord Texan, Gaylord Opryland, and Gaylord National) was
negatively impacted by winter weather conditions. As a whole, the
winter storm had an approximately $2.9 million unfavorable impact
to Hospitality Adjusted EBITDA and Adjusted FFO, with Gaylord
Texan contributing approximately $2.2 million of this impact.
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The room renovation project at Gaylord Texan was accelerated and
began in December, resulting in approximately one-quarter of the
room inventory being out of service for the month. The negative
impact was approximately $3.7 million in revenue and approximately
$2.0 million in Hospitality Adjusted EBITDA in December. In
addition, the room renovation project included a non-capitalizable
expense of $0.5 million which further impacted Hospitality
Adjusted EBITDA and Adjusted FFO for the quarter.
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As previously noted the sales teams for the hotels produced the
highest group room night production since 2010. As a result, sales
incentive expense incurred in the fourth quarter 2013 exceeded the
company’s original estimates and impacted Hospitality Adjusted
EBITDA and Adjusted FFO by $2.2 million.
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In November, the Company determined that it was not economically
feasible to expand the Gaylord Palms property in the near-term and
subsequently terminated a 2008 tax incentive arrangement with
Osceola County. As a result, Gaylord Palms received a $3.1 million
reimbursement of sales and marketing expenses from Osceola County,
which increased the hotel’s Adjusted EBITDA and Adjusted FFO.
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In December, the Company terminated a cash-based deferred
compensation plan for its board of directors and replaced it with
a new compensation plan based on restricted stock unit awards.
This plan change resulted in a $3.4 million non-cash charge to
equity-based compensation expense, which was offset by a $3.4
million reversal of cash compensation cost and positively impacted
Adjusted EBITDA within the Corporate and Other segment.
For the Company’s definitions of RevPAR, Total RevPAR, Adjusted EBITDA,
Retail Adjusted Revenue, Retail Adjusted Total RevPAR, and Adjusted FFO
as well as a reconciliation of the non-GAAP financial measure Adjusted
EBITDA to Net Income, a reconciliation of the non-GAAP financial measure
Retail Adjusted Revenue to revenue, and a reconciliation of the non-GAAP
financial measure Adjusted FFO to Net Income, see “Retail Adjusted
Revenue”, “Calculation of RevPAR and Total RevPAR”, “Non-GAAP Financial
Measures”, and “Supplemental Financial Results” below.
Hospitality
Property-level results and operating metrics for the fourth quarter of
2013 and 2012 are presented in greater detail below and under
“Supplemental Financial Results.”
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Gaylord Opryland RevPAR increased 3.6 percent to $122.63 compared to
the fourth quarter of 2012. Total RevPAR decreased by 0.3 percent to
$302.19 as compared to Total RevPAR in the fourth quarter of 2012. The
growth in RevPAR was led by a 4.2 percentage point increase in
occupancy, partially offset by a 2.3 percent decrease in ADR due to a
group mix shift from premium corporate groups to lower rated
association and other groups. Transient room nights increased 18.2
percent over fourth quarter 2012, while transient ADR decreased by 2.8
percent. Total revenue for the fourth quarter 2013 was slightly
unfavorable compared to prior year as a result of a decline in ADR and
outside-the-room spending on banquets, offset by the increase in
transient room nights. The property was impacted negatively by severe
winter weather in December, which offset favorable overall hotel
performance in October and November. Through expense management, the
property was able to offset the decline in revenue and slightly
increase Adjusted EBITDA margin for the quarter to 26.0 percent, or an
increase of 0.6 percentage points over the same period last year.
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Gaylord Palms RevPAR increased 7.7 percent to $125.10 compared to the
fourth quarter of 2012. Total RevPAR increased 3.2 percent to $346.75
compared to Total RevPAR in the fourth quarter of 2012. The increase
in RevPAR is primarily related to an increase in room nights for the
corporate and transient segments, partially offset by a decline in
association room nights. Furthermore, transient ADR increased 4.4
percent to $173.25 compared to the fourth quarter of 2012. During the
fourth quarter 2013, the property realized a $3.1 million sales and
marketing expense reimbursement from Osceola County related to the
termination of the tax incentive agreement for the previously planned
expansion of the property. This adjustment impacts the year-over-year
comparisons for Adjusted EBITDA and Adjusted EBITDA margin. Excluding
the impact of the sales and marketing expense reimbursement, Adjusted
EBITDA for the fourth quarter of 2013 increased 20.7 percent compared
to the same period last year and Adjusted EBITDA margin increased 3.5
percentage points compared to the same period last year.
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Gaylord Texan RevPAR decreased 9.0 percent to $125.88 compared to the
fourth quarter of 2012. Total RevPAR decreased 8.7 percent to $399.58
as compared to the fourth quarter of 2012. Transient room nights for
the property decreased 5.5 percent from fourth quarter of 2012, while
transient ADR increased by 2.6 percent. The property was negatively
impacted by a drop in transient room nights for December, driven by
severe winter weather that heavily disrupted demand to the property’s
holiday events. The weather disruption negatively impacted revenue by
approximately $2.4 million and approximately $2.2 million of Adjusted
EBITDA decline. In addition, the property was impacted by the
acceleration of the room renovation program which began in December.
Approximately 448 guest rooms were out of service during most of the
month of December. Overall, approximately 11,400 total room nights
were out of service as a result of the renovation. The negative impact
of this renovation was roughly $3.7 million in revenue and
approximately $2.0 million in Hospitality Adjusted EBITDA in December.
In addition, the room renovation included a non-capitalizable expense
of approximately $0.5 million which further impacted Hospitality
Adjusted EBITDA and Adjusted FFO for the quarter. Adjusted EBITDA
margin declined 2.8 percentage points for the fourth quarter compared
to the same period last year.
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Gaylord National RevPAR decreased 3.8 percent to $128.75 compared to
the fourth quarter of 2012. Total RevPAR increased 2.4 percent to
$345.38 as compared to Total RevPAR in the fourth quarter of 2012.
Transient room nights for the property increased by 13.6 percent.
Transient ADR increased by 14.3 percent over fourth quarter of 2012,
which partially offset a decline in group ADR of 10.5 percent. The
decrease in group ADR was a result of a shift from premium rated
corporate groups to lower rated association groups coupled with
short-term cancellations and higher attrition of premium rated groups.
Adjusted EBITDA margin declined 2.9 percentage points compared to the
same period last year. The property’s Adjusted EBITDA and Adjusted
EBITDA margin for the fourth quarter of 2012 benefited from a one-time
utilities credit of $1.6 million. Excluding this one-time item from
last year’s results would have resulted in a 1.2 percent increase in
Adjusted EBITDA and a 0.3 percentage point decrease in Adjusted EBITDA
margin for the fourth quarter of 2013.
Reed continued, “We saw some encouraging signs at our properties in the
fourth quarter, highlighted by Gaylord Palms which delivered a 7.7
percent increase in RevPAR and a 20.7 percent increase in Adjusted
EBITDA, after excluding the sales and marketing expense reimbursement
from Osceola County. Gaylord Opryland and Gaylord National also each
performed well, despite harsh winter weather in December in Nashville
and what continues to be a challenging environment in Washington D.C.
amidst ongoing government uncertainty. Gaylord Opryland and Gaylord
National also each delivered strong booking performances in the fourth
quarter, allaying concerns over the impact of new supply entering these
two markets.
“Gaylord Texan was an outlier in the fourth quarter, as a severe winter
storm in December had a significant negative impact on the property’s
holiday events and was responsible for an estimated $2.4 million loss of
revenue. The room refurbishment underway at the property was also a
headwind, with over 11,400 room nights out of service in the quarter for
the renovation.”
Opry and Attractions
Revenue for the Opry and Attractions segment rose 11.3 percent to $19.3
million in the fourth quarter of 2013 from $17.3 million in the
prior-year quarter. Adjusted EBITDA declined 2.0 percent to $4.2 million
in the fourth quarter of 2013, from $4.3 million in the prior-year
quarter. Full year 2013 was a banner year for the Opry and Attractions
segment in terms of revenue and profitability aided by the increased
profile of the city of Nashville among various media outlets and the
popularity of the TV show Nashville. Full year 2013 revenues
increased 7.8 percent to $76.1 million while Adjusted EBITDA increased
7.2 percent to $20.1 million over full year 2012.
Corporate
Corporate and Other Adjusted EBITDA totaled a loss of $2.3 million in
the fourth quarter of 2013 compared to a loss of $8.2 million in the
same period last year, or a 71.9 percent improvement. For full year
2013, Corporate and Other Adjusted EBITDA totaled a loss of $16.8
million, or an improvement of 58.7 percent over the same period last
year. During the quarter, the cash-based deferred compensation plan for
our board of directors was terminated and replaced with a new
compensation plan based on restricted stock unit awards. The result of
this plan change was a one-time $3.4 million non-cash charge to equity
based compensation, offset by a $3.4 million reversal of cash
compensation cost, which positively impacted Adjusted EBITDA for the
fourth quarter and full year 2013. The improvement in Corporate and
Other Adjusted EBITDA in the fourth quarter and full year 2013 as
compared to the prior year periods is directly related to the transition
of the Company to a REIT and resulting cost savings, which have exceeded
our previously discussed cost synergy estimates.
REIT Conversion Costs
The Company has segregated all conversion costs associated with its
conversion to a REIT and reported these amounts separately as REIT
conversion costs in the accompanying financial information. During the
fourth quarter of 2013, the Company incurred $0.8 million of costs
associated with this conversion compared to $44.2 million in the fourth
quarter of 2012. For full year 2013, the Company incurred $22.2 million
of conversion costs compared to $102.0 million for full year 2012.
Dividend Update
The Company paid its fourth quarter cash dividend of $0.50 per share of
common stock on January 15, 2014 to stockholders of record on December
27, 2013. Including the fourth quarter cash dividend payment, the
Company paid out a total of $2.00 per share of common stock for full
year 2013.
Today, the Company declared its first quarter cash dividend of $0.55 per
share of common stock payable on April 14, 2014 to stockholders of
record on March 28, 2014. It is the Company’s current plan to distribute
total annual dividends of approximately $2.20 per share in cash in equal
quarterly payments in April, July, October, and January, subject to the
board’s future determinations as to the amount of quarterly
distributions and the timing thereof.
As a result of the declaration of the dividend, effective immediately
after the close of business on March 26, 2014, the conversion rate of
the Company’s outstanding 3.75 percent convertible notes due 2014 will
adjust from a conversion rate of 46.7774 per $1,000 principal amount of
notes, which is equivalent to a conversion price of $21.38, to a
conversion rate of 47.4034, which is equivalent to a conversion price
of $21.10. Pursuant to customary anti-dilution adjustments, effective
immediately after the close of business on March 26, 2014, the strike
price of our call options related to the convertible notes will be
adjusted to $21.10 per share of common stock and the exercise price of
the common stock warrants we issued will be adjusted in a similar manner.
Balance Sheet/Liquidity Update
As of December 31, 2013, the Company had total debt outstanding of
$1,154.4 million and unrestricted cash of $61.6 million. At December 31,
2013, $509.5 million of borrowings were drawn under the Company’s $1
billion credit facility, and the lending banks had issued $6.0 million
in letters of credit, which left $484.5 million of availability for
borrowing under the credit facility.
Guidance
The following business performance outlook is based on current
information as of February 28, 2014. 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.
Reed continued, “We believe 2014 will be a solid year for our company
particularly given our group pace entering the year as well as the
continued strength of the transient segment. We entered 2014 with 4.8
percent more group room nights on the books than we had at the same
point last year for 2013. This strong demand growth and favorable supply
dynamics in the markets in which we operate should allow for improved
pricing power and higher average daily rates, which we are reflecting in
anticipated RevPAR growth of 4.0% to 6.0% versus 2013. Coupled with the
strength of our group pace entering the year, we also have a more
favorable mix of group business with a 10 percent increase in higher
rated corporate group room nights, which should positively impact
outside-of-the-room spending. As such, we believe we will generate
between 5.0% and 7.0% growth in Total RevPAR over 2013. We are providing
full year 2014 Adjusted EBITDA guidance for our Hospitality segment of
$265.0 to $281.0 million. This includes the impact of completing the
room renovation at Gaylord Texan, which we believe will result in
approximately 32,276 room nights out of service for 2014. Our 2014
Adjusted EBITDA guidance for Opry and Attractions is $20.0 to $22.0
million and Corporate & Other guidance for Adjusted EBITDA in 2014 is a
loss of $23.0 to $21.0 million. As a result, our guidance for 2014
Adjusted EBITDA on a consolidated basis is expected to be $262.0 to
$282.0 million.
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Guidance
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Full Year 2014
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US$ in millions, except per share figures
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Low
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High
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Hospitality RevPAR
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4.0
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%
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6.0
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%
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Hospitality Total RevPAR
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5.0
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%
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7.0
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%
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Adjusted EBITDA
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Hospitality 1,2
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$
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265.0
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$
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281.0
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Opry and Attractions
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20.0
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22.0
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Corporate and Other
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(23.0
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)
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(21.0
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)
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Total Adjusted EBITDA
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$
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262.0
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$
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282.0
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Adjusted FFO 3
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$
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177.0
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$
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199.0
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Adjusted FFO per Share 3
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$
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3.50
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$
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3.93
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Estimated Basic Shares Outstanding
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50.6
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50.6
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1.
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Hospitality segment guidance assumes 32,276 room nights out of
service in 2014 due to the renovation of rooms at Gaylord Texan. The
out of service rooms do not impact total available room count for
calculating hotel metrics (e.g., RevPAR and Total RevPAR).
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2.
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Estimated interest income of $12.0 million from Gaylord National
bonds reported in hospitality segment guidance in 2014 and
historical results in 2013.
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3.
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Adjusted FFO guidance includes a deduction for maintenance capital
expenditures of $41.0 to $43.0 million.
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For our definitions of RevPAR, Total RevPAR, Adjusted EBITDA, 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”, “Non-GAAP Financial Measures”,
“Supplemental Financial Results” and “Reconciliation of Forward-Looking
Statements” below.
Earnings Call information
Ryman Hospitality Properties will hold a conference call to discuss this
release today 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, download
and install any necessary audio software. For those who cannot listen to
the live broadcast, a replay will be available shortly after the call
and will run 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 7,795 rooms
that are managed by world-class 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 and The Inn at Opryland,
a 303-room overflow hotel adjacent to Gaylord Opryland. The Company also
owns and operates a number of media and entertainment assets, including
the Grand Ole Opry (opry.com), the legendary weekly showcase of country
music’s finest performers for nearly 90 years; the Ryman Auditorium, the
storied former home of the Grand Ole Opry located in downtown Nashville;
and WSM-AM, the Opry’s radio home. For additional information about
Ryman Hospitality Properties, visit www.rymanhp.com.
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 our business, the effect of the Company’s election
of REIT status, anticipated cost synergies and revenue enhancements from
the Marriott relationship, the effect of and degree of success of the
joint action plan to improve the performance of the Hospitality segment,
estimated capital expenditures, 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 effective for the year ending
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
effects of business disruption related to the Marriott management
transition and the REIT conversion, the Company’s ability to realize
cost savings and revenue enhancements from the REIT conversion and the
Marriott transaction and to realize improvements in profitability, 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 agreements. 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
described in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2012 and its Quarterly Reports on Form 10-Q for
the fiscal quarters ended March 31, 2013, June 30, 2013, and September
30, 2013, as well as in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2013, which is being filed today. 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
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.
Retail Adjusted Revenue
Under Marriott International, Inc.’s management of Gaylord Opryland,
Gaylord Texan, and Gaylord National, the retail operations of such
hotels were outsourced to a third party retailer beginning in the fourth
quarter of 2012. The properties now receive rental lease payments rather
than full retail revenue and associated expense. The net impact of this
change lowered overall retail revenue for each affected property. For
full year 2012 the change resulted in revenue decreases of approximately
$7.9 million (Gaylord Opryland–$4.6 million, Gaylord Texan–$1.9 million,
and Gaylord National–$1.4 million). The change impacted consolidated
revenue, Hospitality segment revenue, property revenue, and Total RevPAR
as explained below. To enable period-over-period comparison, we have
included adjusted full year 2012 revenue and Total RevPAR figures to
reflect the elimination of retail revenues in the Q1-Q3 2012 periods
from operations that have been outsourced commencing in the fourth
quarter of 2012. No adjustments were made to the Gaylord Palms’ results
due to the fact that during all periods presented, retail operations
were outsourced at that property. No adjustments were made for the
fourth quarter because the outsourcing of retail began in the fourth
quarter of 2012. A reconciliation of actual revenue to Retail Adjusted
Revenue for the full year 2012 is set forth below under “Supplemental
Financial Results.”
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. We calculate retail adjusted total revenue per available room
(“Retail Adjusted Total RevPAR”) for our hotels for 2012 by dividing the
sum of room revenue, food and beverage, and other ancillary services
revenue minus the retail adjustment for the period by room nights
available to guests for the period.
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:
Adjusted EBITDA, Adjusted FFO and Retail Adjusted Revenue, as described
above.
To calculate Adjusted EBITDA, we determine EBITDA, which represents net
income (loss) determined in accordance with GAAP, plus loss (income)
from discontinued operations, net; provision (benefit) for income taxes;
other (gains) and losses, net; loss on extinguishment of debt; (income)
loss from unconsolidated entities; interest expense; and depreciation
and amortization, less interest income. Adjusted EBITDA is calculated as
EBITDA plus 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); REIT conversion costs 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 EBITDA and Adjusted EBITDA and a
reconciliation of segment operating income to segment Adjusted EBITDA
are set forth below under “Supplemental Financial Results.” Our method
of calculating Adjusted EBITDA as used herein differs from the method we
used to calculate Adjusted EBITDA as presented in press releases
covering periods prior to 2013. The $4.9 million loss on the call spread
settlement recorded in 2013 related to our convertible notes repurchase
does not result in a charge to net income. Therefore, Adjusted EBITDA
for 2013 does not reflect the impact of the loss.
We calculate Adjusted FFO to mean net income (loss) (computed in
accordance with GAAP), excluding non-controlling interests, and gains
and losses from sales of property; plus depreciation and amortization
(excluding amortization of deferred financing costs and debt discounts)
and impairment losses; we also exclude written-off deferred financing
costs, non-cash ground lease expense, amortization of debt discounts and
amortization of deferred financing costs; and gain (loss) on
extinguishment of debt, and subtract certain capital expenditures (the
required FF&E reserves for our managed properties plus maintenance
capital expenditures for our non-managed properties). We also exclude
the effect of the non-cash income tax benefit relating to the REIT
conversion. We have presented Adjusted FFO both excluding and including
REIT conversion costs. We believe that the presentation of Adjusted FFO
provides useful information to investors regarding our operating
performance 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.” The $4.9 million loss on the call spread settlement recorded
in 2013 related to our convertible notes repurchase does not result in a
charge to net income. Therefore, Adjusted FFO for 2013 does not reflect
the impact of the loss.
We caution investors that amounts presented in accordance with our
definitions of Adjusted EBITDA 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
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 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) or cash flow from operations. In addition, you
should be aware that adverse economic and market and other conditions
may harm our cash flow.
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
Unaudited
|
(In thousands, except per share data)
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
Dec. 31,
|
|
Dec. 31,
|
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
Revenues :
|
|
|
|
|
|
|
Rooms
|
|
$
|
91,927
|
$
|
91,922
|
|
$
|
357,313
|
$
|
365,611
|
Food and beverage
|
|
|
96,650
|
|
102,087
|
|
|
382,340
|
|
401,252
|
Other hotel revenue
|
|
|
58,216
|
|
54,996
|
|
|
138,856
|
|
149,178
|
Opry and Attractions
|
|
|
19,277
|
|
17,316
|
|
|
76,053
|
|
70,553
|
Total revenues
|
|
|
266,070
|
|
266,321
|
|
|
954,562
|
|
986,594
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
Rooms
|
|
|
28,829
|
|
24,202
|
|
|
106,849
|
|
96,900
|
Food and beverage
|
|
|
59,579
|
|
63,690
|
|
|
237,153
|
|
242,739
|
Other hotel expenses
|
|
|
91,283
|
|
94,738
|
|
|
295,152
|
|
314,643
|
Management fees
|
|
|
4,206
|
|
4,207
|
|
|
14,652
|
|
4,207
|
Total hotel operating expenses
|
|
|
183,897
|
|
186,837
|
|
|
653,806
|
|
658,489
|
Opry and Attractions
|
|
|
15,202
|
|
13,082
|
|
|
56,528
|
|
52,130
|
Corporate
|
|
|
7,291
|
|
9,393
|
|
|
26,292
|
|
46,876
|
REIT conversion costs
|
|
|
807
|
|
44,165
|
|
|
22,190
|
|
101,964
|
Casualty loss
|
|
|
(21)
|
|
139
|
|
|
54
|
|
858
|
Preopening costs
|
|
|
-
|
|
-
|
|
|
-
|
|
340
|
Impairment and other charges (non-REIT conversion costs)
|
|
|
1,619
|
|
-
|
|
|
2,976
|
|
-
|
Depreciation and amortization
|
|
|
27,549
|
|
37,302
|
|
|
116,528
|
|
130,691
|
Total operating expenses
|
|
|
236,344
|
|
290,918
|
|
|
878,374
|
|
991,348
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
29,726
|
|
(24,597)
|
|
|
76,188
|
|
(4,754)
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized
|
|
|
(14,982)
|
|
(14,633)
|
|
|
(60,916)
|
|
(58,582)
|
Interest income
|
|
|
3,144
|
|
3,051
|
|
|
12,267
|
|
12,307
|
Income from unconsolidated companies
|
|
|
-
|
|
-
|
|
|
10
|
|
109
|
Loss on extinguishment of debt
|
|
|
-
|
|
-
|
|
|
(4,181)
|
|
-
|
Other gains and (losses), net
|
|
|
82
|
|
20,000
|
|
|
2,447
|
|
22,251
|
Income (loss) before income taxes
|
|
|
17,970
|
|
(16,179)
|
|
|
25,815
|
|
(28,669)
|
|
|
|
|
|
|
|
Benefit for income taxes
|
|
|
12,136
|
|
1,236
|
|
|
92,662
|
|
2,034
|
Income (loss) from continuing operations
|
|
|
30,106
|
|
(14,943)
|
|
|
118,477
|
|
(26,635)
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of taxes
|
|
|
56
|
|
(9)
|
|
|
(125)
|
|
(9)
|
Net income (loss)
|
|
|
30,162
|
|
(14,952)
|
|
|
118,352
|
|
(26,644)
|
|
|
|
|
|
|
|
Loss on call spread modification related to convertible notes
|
|
|
-
|
|
-
|
|
|
(4,869)
|
|
-
|
Net income (loss) available to common shareholders
|
|
$
|
30,162
|
$
|
(14,952)
|
|
$
|
113,483
|
$
|
(26,644)
|
|
|
|
|
|
|
|
Basic net income (loss) per share available
to common shareholders:
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.60
|
$
|
(0.32)
|
|
$
|
2.22
|
$
|
(0.56)
|
Income from discontinued operations, net of taxes
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Net income (loss)
|
|
$
|
0.60
|
$
|
(0.32)
|
|
$
|
2.22
|
$
|
(0.56)
|
|
|
|
|
|
|
|
Fully diluted net income (loss) per share
available to common shareholders:
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.48
|
$
|
(0.32)
|
|
$
|
1.81
|
$
|
(0.56)
|
Income from discontinued operations, net of taxes
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Net income (loss)
|
|
$
|
0.48
|
$
|
(0.32)
|
|
$
|
1.81
|
$
|
(0.56)
|
|
|
|
|
|
|
|
Weighted average common shares for the
period:
|
|
|
|
|
|
|
Basic
|
|
|
50,527
|
|
46,201
|
|
|
51,174
|
|
47,602
|
Diluted (1)
|
|
|
62,458
|
|
46,201
|
|
|
62,810
|
|
47,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents GAAP calculation of diluted shares and does not
consider anti-dilutive effect of the Company's purchased call
options associated with its convertible notes. For the three
months and twelve months ended December 31, 2013, the purchased
call options effectively reduce dilution by approximately 6.4
million and 6.3 million shares of common stock, respectively.
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
Unaudited
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
|
|
Dec. 31,
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
Property and equipment, net of accumulated depreciation
|
$
|
2,067,997
|
|
$
|
2,148,999
|
Cash and cash equivalents - unrestricted
|
|
61,579
|
|
|
97,170
|
Cash and cash equivalents - restricted
|
|
20,169
|
|
|
6,210
|
Notes receivable
|
|
148,350
|
|
|
149,400
|
Trade receivables, net
|
|
51,782
|
|
|
55,343
|
Deferred financing costs
|
|
19,306
|
|
|
11,347
|
Prepaid expenses and other assets
|
|
55,446
|
|
|
63,982
|
Total assets
|
$
|
2,424,629
|
|
$
|
2,532,451
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
Debt and capital lease obligations
|
$
|
1,154,420
|
|
$
|
1,031,863
|
Accounts payable and accrued liabilities
|
|
157,339
|
|
|
215,538
|
Deferred income taxes
|
|
23,117
|
|
|
88,938
|
Deferred management rights proceeds
|
|
186,346
|
|
|
189,269
|
Dividends payable
|
|
25,780
|
|
|
-
|
Other liabilities
|
|
119,932
|
|
|
153,245
|
Stockholders' equity
|
|
757,695
|
|
|
853,598
|
Total liabilities and stockholders' equity
|
$
|
2,424,629
|
|
$
|
2,532,451
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
|
SUPPLEMENTAL FINANCIAL RESULTS
|
ADJUSTED EBITDA RECONCILIATION
|
Unaudited
|
(in thousands)
|
|
|
|
|
|
Three Months Ended Dec. 31,
|
|
Twelve Months Ended Dec. 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
|
2012
|
|
|
|
|
$
|
|
|
Margin
|
|
|
$
|
|
|
Margin
|
|
|
$
|
|
|
Margin
|
|
|
$
|
|
|
Margin
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
266,070
|
|
|
|
|
$
|
266,321
|
|
|
|
|
$
|
954,562
|
|
|
|
|
$
|
986,594
|
|
|
|
Net income (loss)
|
|
|
$
|
30,162
|
|
|
|
|
$
|
(14,952)
|
|
|
|
|
$
|
118,352
|
|
|
|
|
$
|
(26,644)
|
|
|
|
(Income) loss from discontinued operations, net of taxes
|
|
|
|
(56)
|
|
|
|
|
|
9
|
|
|
|
|
|
125
|
|
|
|
|
|
9
|
|
|
|
Benefit for income taxes
|
|
|
|
(12,136)
|
|
|
|
|
|
(1,236)
|
|
|
|
|
|
(92,662)
|
|
|
|
|
|
(2,034)
|
|
|
|
Other (gains) and losses, net
|
|
|
|
(82)
|
|
|
|
|
|
(20,000)
|
|
|
|
|
|
(2,447)
|
|
|
|
|
|
(22,251)
|
|
|
|
Net loss on the extinguishment of debt
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
4,181
|
|
|
|
|
|
-
|
|
|
|
Income from unconsolidated companies
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(10)
|
|
|
|
|
|
(109)
|
|
|
|
Interest expense, net
|
|
|
|
11,838
|
|
|
|
|
|
11,582
|
|
|
|
|
|
48,649
|
|
|
|
|
|
46,275
|
|
|
|
Depreciation & amortization
|
|
|
|
27,549
|
|
|
|
|
|
37,302
|
|
|
|
|
|
116,528
|
|
|
|
|
|
130,691
|
|
|
|
EBITDA
|
|
|
|
57,275
|
|
|
21.5%
|
|
|
12,705
|
|
|
4.8%
|
|
|
192,716
|
|
|
20.2%
|
|
|
125,937
|
|
|
12.8%
|
Preopening costs
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
340
|
|
|
|
Non-cash lease expense
|
|
|
|
1,399
|
|
|
|
|
|
1,427
|
|
|
|
|
|
5,595
|
|
|
|
|
|
5,706
|
|
|
|
Equity-based compensation
|
|
|
|
5,157
|
|
|
|
|
|
1,317
|
|
|
|
|
|
10,095
|
|
|
|
|
|
8,559
|
|
|
|
Impairment charges (non-REIT conversion costs)
|
|
|
|
1,619
|
|
|
|
|
|
-
|
|
|
|
|
|
2,976
|
|
|
|
|
|
-
|
|
|
|
Interest income on Gaylord National bonds
|
|
|
|
3,144
|
|
|
|
|
|
3,049
|
|
|
|
|
|
12,263
|
|
|
|
|
|
12,295
|
|
|
|
Other gains and (losses), net
|
|
|
|
82
|
|
|
|
|
|
20,000
|
|
|
|
|
|
2,447
|
|
|
|
|
|
22,251
|
|
|
|
Gain on disposal of assets
|
|
|
|
-
|
|
|
|
|
|
(20,000)
|
|
|
|
|
|
(52)
|
|
|
|
|
|
(20,000)
|
|
|
|
Casualty loss
|
|
|
|
(21)
|
|
|
|
|
|
139
|
|
|
|
|
|
54
|
|
|
|
|
|
858
|
|
|
|
REIT conversion costs
|
|
|
|
807
|
|
|
|
|
|
44,165
|
|
|
|
|
|
22,190
|
|
|
|
|
|
101,964
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
69,462
|
|
|
26.1%
|
|
$
|
62,802
|
|
|
23.6%
|
|
$
|
248,284
|
|
|
26.0%
|
|
$
|
257,910
|
|
|
26.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
246,793
|
|
|
|
|
$
|
249,005
|
|
|
|
|
$
|
878,509
|
|
|
|
|
$
|
916,041
|
|
|
|
Operating income
|
|
|
|
36,024
|
|
|
|
|
|
24,760
|
|
|
|
|
|
111,133
|
|
|
|
|
|
128,650
|
|
|
|
Depreciation & amortization
|
|
|
|
25,219
|
|
|
|
|
|
26,366
|
|
|
|
|
|
103,147
|
|
|
|
|
|
107,343
|
|
|
|
Preopening costs
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
340
|
|
|
|
Non-cash lease expense
|
|
|
|
1,399
|
|
|
|
|
|
1,427
|
|
|
|
|
|
5,595
|
|
|
|
|
|
5,706
|
|
|
|
Equity-based compensation
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
1,979
|
|
|
|
Impairment charges (non-REIT conversion costs)
|
|
|
|
1,469
|
|
|
|
|
|
-
|
|
|
|
|
|
2,826
|
|
|
|
|
|
-
|
|
|
|
Interest income on Gaylord National bonds
|
|
|
|
3,144
|
|
|
|
|
|
3,049
|
|
|
|
|
|
12,263
|
|
|
|
|
|
12,295
|
|
|
|
Other gains and (losses), net
|
|
|
|
82
|
|
|
|
|
|
-
|
|
|
|
|
|
2,447
|
|
|
|
|
|
2,251
|
|
|
|
Gain on disposal of assets
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(52)
|
|
|
|
|
|
-
|
|
|
|
REIT conversion costs
|
|
|
|
184
|
|
|
|
|
|
11,043
|
|
|
|
|
|
7,597
|
|
|
|
|
|
21,220
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
67,521
|
|
|
27.4%
|
|
$
|
66,645
|
|
|
26.8%
|
|
$
|
244,956
|
|
|
27.9%
|
|
$
|
279,784
|
|
|
30.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opry and Attractions segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
19,277
|
|
|
|
|
$
|
17,316
|
|
|
|
|
$
|
76,053
|
|
|
|
|
$
|
70,553
|
|
|
|
Operating income
|
|
|
|
2,542
|
|
|
|
|
|
2,724
|
|
|
|
|
|
13,877
|
|
|
|
|
|
12,650
|
|
|
|
Depreciation & amortization
|
|
|
|
1,366
|
|
|
|
|
|
1,293
|
|
|
|
|
|
5,368
|
|
|
|
|
|
5,119
|
|
|
|
Equity-based compensation
|
|
|
|
163
|
|
|
|
|
|
90
|
|
|
|
|
|
575
|
|
|
|
|
|
321
|
|
|
|
Impairment charges (non-REIT conversion costs)
|
|
|
|
150
|
|
|
|
|
|
-
|
|
|
|
|
|
150
|
|
|
|
|
|
-
|
|
|
|
Casualty loss
|
|
|
|
(95)
|
|
|
|
|
|
32
|
|
|
|
|
|
(95)
|
|
|
|
|
|
430
|
|
|
|
REIT conversion costs
|
|
|
|
112
|
|
|
|
|
|
186
|
|
|
|
|
|
225
|
|
|
|
|
|
225
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
4,238
|
|
|
22.0%
|
|
$
|
4,325
|
|
|
25.0%
|
|
$
|
20,100
|
|
|
26.4%
|
|
$
|
18,745
|
|
|
26.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(8,840)
|
|
|
|
|
|
(52,081)
|
|
|
|
|
|
(48,822)
|
|
|
|
|
|
(146,054)
|
|
|
|
Depreciation & amortization
|
|
|
|
964
|
|
|
|
|
|
9,643
|
|
|
|
|
|
8,013
|
|
|
|
|
|
18,229
|
|
|
|
Equity-based compensation
|
|
|
|
4,994
|
|
|
|
|
|
1,227
|
|
|
|
|
|
9,520
|
|
|
|
|
|
6,259
|
|
|
|
Other gains and (losses), net
|
|
|
|
-
|
|
|
|
|
|
20,000
|
|
|
|
|
|
-
|
|
|
|
|
|
20,000
|
|
|
|
(Gain) loss on disposal of assets
|
|
|
|
-
|
|
|
|
|
|
(20,000)
|
|
|
|
|
|
-
|
|
|
|
|
|
(20,000)
|
|
|
|
Casualty loss
|
|
|
|
74
|
|
|
|
|
|
107
|
|
|
|
|
|
149
|
|
|
|
|
|
428
|
|
|
|
REIT conversion costs
|
|
|
|
511
|
|
|
|
|
|
32,936
|
|
|
|
|
|
14,368
|
|
|
|
|
|
80,519
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
(2,297)
|
|
|
|
|
$
|
(8,168)
|
|
|
|
|
$
|
(16,772)
|
|
|
|
|
$
|
(40,619)
|
|
|
|
|
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 Dec. 31,
|
|
Twelve Months Ended Dec. 31,
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Consolidated
|
|
|
|
|
|
|
|
|
|
Net income (loss) (1)
|
|
|
$
|
30,162
|
|
$
|
(14,952)
|
|
$
|
118,352
|
|
$
|
(26,644)
|
Depreciation & amortization
|
|
|
|
27,549
|
|
|
37,302
|
|
|
116,528
|
|
|
130,691
|
Gains on sale of real estate assets
|
|
|
|
-
|
|
|
(20,000)
|
|
|
(52)
|
|
|
(20,000)
|
FFO
|
|
|
|
57,711
|
|
|
2,350
|
|
|
234,828
|
|
|
84,047
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (2)
|
|
|
|
(7,755)
|
|
|
(12,369)
|
|
|
(29,801)
|
|
|
(55,183)
|
Non-cash lease expense
|
|
|
|
1,399
|
|
|
1,427
|
|
|
5,595
|
|
|
5,706
|
Impairment charges
|
|
|
|
1,618
|
|
|
12,004
|
|
|
3,527
|
|
|
33,291
|
Loss on extinguishment of debt
|
|
|
|
-
|
|
|
-
|
|
|
4,181
|
|
|
-
|
Write-off of deferred financing costs
|
|
|
|
-
|
|
|
-
|
|
|
1,845
|
|
|
-
|
Amortization of deferred financing costs
|
|
|
|
1,442
|
|
|
1,260
|
|
|
5,525
|
|
|
4,908
|
Amortization of debt discounts
|
|
|
|
3,273
|
|
|
3,593
|
|
|
13,816
|
|
|
13,793
|
Noncash tax benefit resulting from REIT conversion
|
|
|
|
1,290
|
|
|
-
|
|
|
(64,756)
|
|
|
-
|
Adjusted FFO (1)
|
|
|
$
|
58,978
|
|
$
|
8,265
|
|
$
|
174,760
|
|
$
|
86,562
|
REIT conversion costs (tax effected)
|
|
|
|
(914)
|
|
|
20,133
|
|
|
15,414
|
|
|
43,251
|
Adjusted FFO excluding REIT conversion costs (1)
|
|
|
$
|
58,064
|
|
$
|
28,398
|
|
$
|
190,174
|
|
$
|
129,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per basic share
|
|
|
$
|
1.14
|
|
$
|
0.05
|
|
$
|
4.59
|
|
$
|
1.77
|
Adjusted FFO per basic share
|
|
|
$
|
1.17
|
|
$
|
0.18
|
|
$
|
3.42
|
|
$
|
1.82
|
Adjusted FFO (excl. REIT conversion costs) per basic share
|
|
|
$
|
1.15
|
|
$
|
0.61
|
|
$
|
3.72
|
|
$
|
2.73
|
|
|
|
|
|
|
|
|
|
|
|
FFO per diluted share (3)
|
|
|
$
|
0.92
|
|
$
|
0.05
|
|
$
|
3.74
|
|
$
|
1.77
|
Adjusted FFO per diluted share (3)
|
|
|
$
|
0.94
|
|
$
|
0.18
|
|
$
|
2.78
|
|
$
|
1.82
|
Adjusted FFO (excl. REIT conversion costs) per diluted share (3)
|
|
|
$
|
0.93
|
|
$
|
0.61
|
|
$
|
3.03
|
|
$
|
2.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As the impact of the loss on the call spread modification
related to the repurchase of our convertible notes repurchase does
not represent a charge to net income, net income, adjusted FFO and
adjusted FFO excluding REIT conversion costs do not include this
loss.
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents FF&E reserve for managed properties and maintenance
capital expenditures for non-managed properties.
|
|
|
|
|
|
|
|
|
|
|
|
(3) The GAAP calculation of diluted shares does not consider the
anti-dilutive effect of the Company's purchased call options
associated with its convertible notes. Forthe three months and
twelve months ended December 31, 2013, the purchased call options
effectively reduce dilution by approximately 6.4 million and 6.3
million shares, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
|
SUPPLEMENTAL FINANCIAL RESULTS
|
Unaudited
|
(in thousands, except operating metrics)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31,
|
|
Twelve Months Ended Dec. 31,
|
|
|
2013
|
|
2012 (1)
|
|
2013
|
|
2012 (1)
|
|
|
|
|
|
|
|
|
|
HOSPITALITY OPERATING METRICS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
70.3%
|
|
|
67.7%
|
|
|
70.7%
|
|
|
70.8%
|
Average daily rate (ADR)
|
|
$
|
175.48
|
|
$
|
182.23
|
|
$
|
170.89
|
|
$
|
174.20
|
RevPAR
|
|
$
|
123.39
|
|
$
|
123.38
|
|
$
|
120.89
|
|
$
|
123.36
|
OtherPAR
|
|
$
|
207.87
|
|
$
|
210.85
|
|
$
|
176.33
|
|
$
|
185.71
|
Total RevPAR
|
|
$
|
331.26
|
|
$
|
334.23
|
|
$
|
297.22
|
|
$
|
309.07
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
246,793
|
|
$
|
249,005
|
|
$
|
878,509
|
|
$
|
916,041
|
Adjusted EBITDA
|
|
$
|
67,521
|
|
$
|
66,645
|
|
$
|
244,956
|
|
$
|
279,784
|
Adjusted EBITDA Margin
|
|
|
27.4%
|
|
|
26.8%
|
|
|
27.9%
|
|
|
30.5%
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
74.5%
|
|
|
70.3%
|
|
|
72.8%
|
|
|
70.5%
|
Average daily rate (ADR)
|
|
$
|
164.63
|
|
$
|
168.53
|
|
$
|
158.24
|
|
$
|
161.37
|
RevPAR
|
|
$
|
122.63
|
|
$
|
118.40
|
|
$
|
115.17
|
|
$
|
113.83
|
OtherPAR
|
|
$
|
179.56
|
|
$
|
184.80
|
|
$
|
152.07
|
|
$
|
159.86
|
Total RevPAR
|
|
$
|
302.19
|
|
$
|
303.20
|
|
$
|
267.24
|
|
$
|
273.69
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
80,125
|
|
$
|
80,393
|
|
$
|
281,118
|
|
$
|
288,693
|
Adjusted EBITDA
|
|
$
|
20,850
|
|
$
|
20,450
|
|
$
|
82,181
|
|
$
|
84,257
|
Adjusted EBITDA Margin
|
|
|
26.0%
|
|
|
25.4%
|
|
|
29.2%
|
|
|
29.2%
|
|
|
|
|
|
|
|
|
|
Gaylord Palms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
74.4%
|
|
|
67.0%
|
|
|
75.3%
|
|
|
74.9%
|
Average daily rate (ADR)
|
|
$
|
168.05
|
|
$
|
173.33
|
|
$
|
164.42
|
|
$
|
168.97
|
RevPAR
|
|
$
|
125.10
|
|
$
|
116.16
|
|
$
|
123.74
|
|
$
|
126.53
|
OtherPAR
|
|
$
|
221.65
|
|
$
|
219.79
|
|
$
|
201.26
|
|
$
|
212.89
|
Total RevPAR
|
|
$
|
346.75
|
|
$
|
335.95
|
|
$
|
325.00
|
|
$
|
339.42
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
44,853
|
|
$
|
43,455
|
|
$
|
166,785
|
|
$
|
174,662
|
Adjusted EBITDA
|
|
$
|
13,888
|
|
$
|
8,938
|
|
$
|
44,572
|
|
$
|
51,250
|
Adjusted EBITDA Margin
|
|
|
31.0%
|
|
|
20.6%
|
|
|
26.7%
|
|
|
29.3%
|
|
|
|
|
|
|
|
|
|
Gaylord Texan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
69.5%
|
|
|
76.0%
|
|
|
71.3%
|
|
|
73.7%
|
Average daily rate (ADR)
|
|
$
|
181.08
|
|
$
|
181.83
|
|
$
|
172.74
|
|
$
|
175.53
|
RevPAR
|
|
$
|
125.88
|
|
$
|
138.26
|
|
$
|
123.18
|
|
$
|
129.38
|
OtherPAR
|
|
$
|
273.70
|
|
$
|
299.33
|
|
$
|
215.43
|
|
$
|
232.69
|
Total RevPAR
|
|
$
|
399.58
|
|
$
|
437.59
|
|
$
|
338.61
|
|
$
|
362.07
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
55,547
|
|
$
|
60,830
|
|
$
|
186,747
|
|
$
|
200,235
|
Adjusted EBITDA
|
|
$
|
15,981
|
|
$
|
19,194
|
|
$
|
51,680
|
|
$
|
62,694
|
Adjusted EBITDA Margin
|
|
|
28.8%
|
|
|
31.6%
|
|
|
27.7%
|
|
|
31.3%
|
|
|
|
|
|
|
|
|
|
Gaylord National
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
62.0%
|
|
|
59.7%
|
|
|
64.5%
|
|
|
67.7%
|
Average daily rate (ADR)
|
|
$
|
207.54
|
|
$
|
224.31
|
|
$
|
205.56
|
|
$
|
205.84
|
RevPAR
|
|
$
|
128.75
|
|
$
|
133.88
|
|
$
|
132.49
|
|
$
|
139.33
|
OtherPAR
|
|
$
|
216.63
|
|
$
|
203.32
|
|
$
|
186.65
|
|
$
|
192.45
|
Total RevPAR
|
|
$
|
345.38
|
|
$
|
337.20
|
|
$
|
319.14
|
|
$
|
331.78
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
63,422
|
|
$
|
61,922
|
|
$
|
232,508
|
|
$
|
242,379
|
Adjusted EBITDA
|
|
$
|
15,492
|
|
$
|
16,911
|
|
$
|
63,044
|
|
$
|
78,484
|
Adjusted EBITDA Margin
|
|
|
24.4%
|
|
|
27.3%
|
|
|
27.1%
|
|
|
32.4%
|
|
|
|
|
|
|
|
|
|
The Inn at Opryland (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
69.9%
|
|
|
58.1%
|
|
|
68.9%
|
|
|
60.7%
|
Average daily rate (ADR)
|
|
$
|
107.06
|
|
$
|
105.06
|
|
$
|
107.57
|
|
$
|
105.43
|
RevPAR
|
|
$
|
74.88
|
|
$
|
60.99
|
|
$
|
74.15
|
|
$
|
63.99
|
OtherPAR
|
|
$
|
30.92
|
|
$
|
28.31
|
|
$
|
29.42
|
|
$
|
28.81
|
Total RevPAR
|
|
$
|
105.80
|
|
$
|
89.30
|
|
$
|
103.57
|
|
$
|
92.80
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
2,846
|
|
$
|
2,405
|
|
$
|
11,351
|
|
$
|
10,072
|
Adjusted EBITDA
|
|
$
|
1,310
|
|
$
|
1,152
|
|
$
|
3,479
|
|
$
|
3,099
|
Adjusted EBITDA Margin
|
|
|
46.0%
|
|
|
47.9%
|
|
|
30.6%
|
|
|
30.8%
|
|
|
|
|
|
|
|
|
|
(1) For purposes of comparability, both 2013 and 2012 occupancy,
RevPAR, OtherPAR and Total RevPAR are calculated using Marriott's
method of calculating available rooms and do not exclude
renovation rooms from the calculation of rooms available, which is
different from how the Company has previously accounted for
renovation rooms prior to the Marriott transition. In addition,
both 2013 and 2012 occupancy and ADR do not include complimentary
room nights in the calculation of occupied rooms, which is
different from how the Company has previously accounted for
complimentary rooms prior to the Marriott transition.
|
|
|
|
|
|
|
|
|
|
(2) Includes other hospitality revenue and expense.
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
|
SUPPLEMENTAL FINANCIAL RESULTS
|
RECONCILIATION OF ADJUSTED RESULTS
|
Unaudited
|
(in thousands, except operating metrics)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31,
|
|
Twelve Months Ended Dec. 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Consolidated:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
266,070
|
|
$
|
266,321
|
|
$
|
954,562
|
|
$
|
986,594
|
Less: Retail Inventory Adjustment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,896)
|
Retail Adjusted Revenue
|
|
$
|
266,070
|
|
$
|
266,321
|
|
$
|
954,562
|
|
$
|
978,698
|
|
|
|
|
|
|
|
|
|
Hospitality Segment:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
246,793
|
|
$
|
249,005
|
|
$
|
878,509
|
|
$
|
916,041
|
Less: Retail Inventory Adjustment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,896)
|
Retail Adjusted Revenue
|
|
$
|
246,793
|
|
$
|
249,005
|
|
$
|
878,509
|
|
$
|
908,145
|
|
|
|
|
|
|
|
|
|
Total RevPAR
|
|
$
|
331.26
|
|
$
|
334.23
|
|
$
|
297.22
|
|
$
|
309.07
|
Retail Adjusted Total RevPAR
|
|
$
|
331.26
|
|
$
|
334.23
|
|
$
|
297.22
|
|
$
|
306.41
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
80,125
|
|
$
|
80,393
|
|
$
|
281,118
|
|
$
|
288,693
|
Less: Retail Inventory Adjustment
|
|
|
-
|
|
|
|
|
-
|
|
|
(4,618)
|
Retail Adjusted Revenue
|
|
$
|
80,125
|
|
$
|
80,393
|
|
$
|
281,118
|
|
$
|
284,075
|
|
|
|
|
|
|
|
|
|
Total RevPAR
|
|
$
|
302.19
|
|
$
|
303.20
|
|
$
|
267.24
|
|
$
|
273.69
|
Retail Adjusted Total RevPAR
|
|
$
|
302.19
|
|
$
|
303.20
|
|
$
|
267.24
|
|
$
|
269.31
|
|
|
|
|
|
|
|
|
|
Gaylord Palms:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
44,853
|
|
$
|
43,455
|
|
$
|
166,785
|
|
$
|
174,662
|
Less: Retail Inventory Adjustment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Retail Adjusted Revenue
|
|
$
|
44,853
|
|
$
|
43,455
|
|
$
|
166,785
|
|
$
|
174,662
|
|
|
|
|
|
|
|
|
|
Total RevPAR
|
|
$
|
346.75
|
|
$
|
335.95
|
|
$
|
325.00
|
|
$
|
339.42
|
Retail Adjusted Total RevPAR
|
|
$
|
346.75
|
|
$
|
335.95
|
|
$
|
325.00
|
|
$
|
339.42
|
|
|
|
|
|
|
|
|
|
Gaylord Texan:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
55,547
|
|
$
|
60,830
|
|
$
|
186,747
|
|
$
|
200,235
|
Less: Retail Inventory Adjustment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,887)
|
Retail Adjusted Revenue
|
|
$
|
55,547
|
|
$
|
60,830
|
|
$
|
186,747
|
|
$
|
198,348
|
|
|
|
|
|
|
|
|
|
Total RevPAR
|
|
$
|
399.58
|
|
$
|
437.59
|
|
$
|
338.61
|
|
$
|
362.07
|
Retail Adjusted Total RevPAR
|
|
$
|
399.58
|
|
$
|
437.59
|
|
$
|
338.61
|
|
$
|
358.66
|
|
|
|
|
|
|
|
|
|
Gaylord National:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
63,422
|
|
$
|
61,922
|
|
$
|
232,508
|
|
$
|
242,379
|
Less: Retail Inventory Adjustment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,390)
|
Retail Adjusted Revenue
|
|
$
|
63,422
|
|
$
|
61,922
|
|
$
|
232,508
|
|
$
|
240,989
|
|
|
|
|
|
|
|
|
|
Total RevPAR
|
|
$
|
345.38
|
|
$
|
337.20
|
|
$
|
319.14
|
|
$
|
331.78
|
Retail Adjusted Total RevPAR
|
|
$
|
345.38
|
|
$
|
337.20
|
|
$
|
319.14
|
|
$
|
329.88
|
|
|
|
|
|
|
|
|
|
Inn at Opryland (and Other Hospitality):
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
2,846
|
|
$
|
2,405
|
|
$
|
11,351
|
|
$
|
10,072
|
Less: Retail Inventory Adjustment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Retail Adjusted Revenue
|
|
$
|
2,846
|
|
$
|
2,405
|
|
$
|
11,351
|
|
$
|
10,072
|
|
|
|
|
|
|
|
|
|
Total RevPAR
|
|
$
|
105.80
|
|
$
|
89.30
|
|
$
|
103.57
|
|
$
|
92.80
|
Retail Adjusted Total RevPAR
|
|
$
|
105.80
|
|
$
|
89.30
|
|
$
|
103.57
|
|
$
|
92.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and Subsidiaries
|
Reconciliation of Forward-Looking Statements
|
Unaudited
|
(in thousands)
|
|
|
|
|
|
|
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("Adjusted EBITDA") and
Adjusted Funds From Operations ("AFFO") reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE
|
|
|
|
|
FULL YEAR 2014
|
|
|
|
|
Low
|
|
High
|
|
ADJUSTED EBITDA RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc.
|
|
|
|
|
|
|
Net Income
|
|
$
|
83,000
|
|
$
|
103,000
|
|
|
Provision (benefit) for income taxes
|
|
|
(12,000)
|
|
|
(12,000)
|
|
|
Other (gains) and losses, net
|
|
|
(2,400)
|
|
|
(2,400)
|
|
|
Interest expense
|
|
|
64,000
|
|
|
64,000
|
|
|
Interest income
|
|
|
(12,000)
|
|
|
(12,000)
|
|
|
Operating Income
|
|
|
120,600
|
|
|
140,600
|
|
|
Depreciation and amortization
|
|
|
115,500
|
|
|
115,500
|
|
|
EBITDA
|
|
|
236,100
|
|
|
256,100
|
|
|
Non-cash lease expense
|
|
|
5,500
|
|
|
5,500
|
|
|
Equity based compensation
|
|
|
6,000
|
|
|
6,000
|
|
|
Other gains and (losses), net
|
|
|
2,400
|
|
|
2,400
|
|
|
Interest income
|
|
|
12,000
|
|
|
12,000
|
|
|
Adjusted EBITDA
|
|
$
|
262,000
|
|
$
|
282,000
|
|
|
|
|
|
|
|
|
Hospitality Segment
|
|
|
|
|
|
|
Operating Income
|
|
$
|
141,100
|
|
$
|
157,100
|
|
|
Depreciation and amortization
|
|
|
104,000
|
|
|
104,000
|
|
|
EBITDA
|
|
|
245,100
|
|
|
261,100
|
|
|
Non-cash lease expense
|
|
|
5,500
|
|
|
5,500
|
|
|
Equity based compensation
|
|
|
-
|
|
|
-
|
|
|
Other gains and (losses), net
|
|
|
2,400
|
|
|
2,400
|
|
|
Interest income
|
|
|
12,000
|
|
|
12,000
|
|
|
Adjusted EBITDA
|
|
$
|
265,000
|
|
$
|
281,000
|
|
|
|
|
|
|
|
|
Opry and Attractions Segment
|
|
|
|
|
|
|
Operating Income
|
|
$
|
14,000
|
|
$
|
16,000
|
|
|
Depreciation and amortization
|
|
|
5,500
|
|
|
5,500
|
|
|
EBITDA
|
|
|
19,500
|
|
|
21,500
|
|
|
Non-cash lease expense
|
|
|
-
|
|
|
-
|
|
|
Equity based compensation
|
|
|
500
|
|
|
500
|
|
|
Interest income
|
|
|
-
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
20,000
|
|
$
|
22,000
|
|
|
|
|
|
|
|
|
Corporate and Other Segment
|
|
|
|
|
|
|
Operating Income
|
|
$
|
(34,500)
|
|
$
|
(32,500)
|
|
|
Depreciation and amortization
|
|
|
6,000
|
|
|
6,000
|
|
|
EBITDA
|
|
|
(28,500)
|
|
|
(26,500)
|
|
|
Non-cash lease expense
|
|
|
-
|
|
|
-
|
|
|
Equity based compensation
|
|
|
5,500
|
|
|
5,500
|
|
|
Interest income
|
|
|
-
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
(23,000)
|
|
$
|
(21,000)
|
|
|
|
|
|
|
|
|
ADJUSTED FUNDS FROM OPERATIONS RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc.
|
|
|
|
|
|
|
Net Income
|
|
$
|
83,000
|
|
$
|
103,000
|
|
|
Depreciation & Amortization
|
|
|
115,500
|
|
|
115,500
|
|
|
Capital Expenditures
|
|
|
(43,000)
|
|
|
(41,000)
|
|
|
Non-Cash Lease Expense
|
|
|
5,500
|
|
|
5,500
|
|
|
Amortization of Debt Premiums/Disc.
|
|
|
10,000
|
|
|
10,000
|
|
|
Amortization of DFC
|
|
|
6,000
|
|
|
6,000
|
|
|
Adjusted FFO
|
|
$
|
177,000
|
|
$
|
199,000
|
|
Copyright Business Wire 2014