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, 2014.
Colin Reed, chairman, chief executive officer and president of Ryman
Hospitality Properties said, “We are very pleased with this record first
quarter from both a revenue and Adjusted EBITDA perspective. While our
operating metrics were sound across the board, there were three factors
in particular that contributed to this strong performance, as compared
to the prior year quarter. They included a favorable mix shift toward
more premium corporate room nights, which positively impacted
outside-the-room spending and led to Total RevPar growth of 10.8
percent, a 5.3 percent increase in transient ADR, and continued margin
improvement from property-level cost management initiatives. All three
factors contributed to a high-level of flow through of incremental
revenues, and these improvements exhibited the operational leverage our
hotels are capable of achieving. We are also pleased that
in-the-year-for-the-year cancellations declined more than 75 percent
compared to the first quarter of 2013, which continued a positive trend
we saw in the fourth quarter of 2013.”
“Although first quarter 2014 sales production was below first quarter
sales production of last year, it was within our expectations and in
line with historical first quarter averages. The record level of sales
production in the first quarter 2013 coupled with the tremendous sales
production we had in the fourth quarter of 2013 present tough
comparisons. As we look forward to the second quarter 2014, we are
encouraged by the current lead volume and expect to see sales production
growth over last year second quarter.”
First Quarter 2014 Results (as compared to First Quarter 2013)
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Total Revenue in first quarter 2014 increased 11.0 percent to $246.5
million compared to $222.1 million in first quarter 2013.
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Hospitality Revenue for first quarter 2014 increased 10.8 percent to
$232.2 million compared to $209.6 million in first quarter 2013.
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Net income in first quarter 2014 was $20.7 million compared to $53.8
million in first quarter 2013. First quarter 2013 net income included
a $66.3 million benefit for income taxes primarily related to the REIT
conversion, offset by $15.0 million of costs related to the REIT
conversion.
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Adjusted EBITDA on a consolidated basis for first quarter 2014
increased 31.3 percent to $66.5 million compared to $50.6 million for
first quarter 2013.
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Hospitality Adjusted EBITDA for first quarter 2014 increased 28.0
percent to $69.9 million compared to $54.7 million for first quarter
2013.
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Adjusted Funds from Operations, or Adjusted FFO, for first quarter
2014 increased 28.8 percent to $44.9 million compared to $34.9 million
in first quarter 2013, which excluded $11.3 million in first quarter
2013 tax-effected REIT conversion costs.
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Hospitality Revenue Per Available Room, or RevPAR, for first quarter
2014 increased 6.5 percent to $124.97 compared to $117.33 in first
quarter 2013.
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Hospitality Total RevPAR in first quarter 2014 increased 10.8 percent
to $318.60 compared to $287.56 in first quarter 2013.
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Transient room nights in first quarter 2014 increased 0.3 percent to
approximately 99,000 room nights, while transient Average Daily Rate,
or ADR, increased 5.3 percent over first quarter 2013 despite having
10,600 room nights out of service due to the ongoing Gaylord Texan
rooms renovation.
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Cancellations in-the-year, for-the-year in first quarter 2014
decreased 75.5 percent to approximately 7,400 group rooms compared to
approximately 30,100 group rooms in first quarter 2013.
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Attrition for groups that traveled in first quarter 2014 was 10.2
percent of contracted room block compared to 8.3 percent in the same
period in 2013, and attrition and cancellation fees collected during
first quarter 2014 were $2.3 million compared to $1.8 million in the
same period in 2013.
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Gross advanced group bookings in first quarter 2014 for all future
periods decreased 36.6 percent to approximately 373,000 room nights;
net advanced group bookings in first quarter 2014 for all future
periods decreased 45.0 percent to approximately 250,000 room nights.
For the Company’s 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”, and
“Supplemental Financial Results” below.
Hospitality
Property-level results and operating metrics for first quarter 2014 and
2013 are presented in greater detail below and under “Supplemental
Financial Results.”
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Gaylord Opryland RevPAR increased 4.9 percent to $116.17 compared to
first quarter 2013. Total RevPAR increased 5.7 percent to $279.55 as
compared to Total RevPAR in first quarter 2013. A higher quality
corporate and association mix and an increase in transient room nights
led to a 7.8 percent increase in ADR and higher outside-the-room
spending, particularly in banquets and catering. Transient room nights
increased 22.8 percent compared to first quarter 2013 and transient
ADR increased 1.3 percent. Total revenue for the property increased
5.7 percent to $72.5 million, and Adjusted EBITDA improved 10.1
percent to $23.4 million in first quarter 2014 compared to the prior
year quarter. Revenue growth coupled with improved cost management –
particularly in food and beverage and overhead expense – contributed
to a 1.3 percentage point improvement in Adjusted EBITDA margin to
32.2 percent in first quarter 2014 compared to 30.9 percent in first
quarter 2013.
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Gaylord Palms RevPAR increased 7.7 percent to $153.49 compared to
first quarter 2013. Total RevPAR increased 12.7 percent to $413.48
compared to Total RevPAR in first quarter 2013. Occupancy increased
4.0 percentage points to 83.9 percent in first quarter 2014 as a
result of increased corporate and association room nights when
compared to first quarter 2013. In addition, ADR increased 2.6 percent
to $182.86 compared to first quarter 2013. Favorable changes in group
mix contributed to an increase in outside-the-room spending, primarily
in banquets and catering. Transient room nights were flat to the prior
year quarter; however, transient ADR increased 12.4 percent. Adjusted
EBITDA improved 43.3 percent to $18.3 million in first quarter 2014
compared to the prior year quarter. High occupancy combined with
strong cost management led to a 7.5 percentage point improvement in
Adjusted EBITDA margin to 35.0 percent compared to 27.5 percent the
prior year quarter.
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Gaylord Texan RevPAR increased 8.1 percent to $129.09 compared to
first quarter 2013. Total RevPAR increased 14.5 percent to $376.59 as
compared to first quarter 2013. Despite having 10,600 rooms out of
service due to an ongoing renovation project, occupancy increased 2.9
percentage points in first quarter, led primarily by a 33.1 percent
increase in corporate room nights over the prior year quarter. The
room renovation program is expected to be completed by August 2014.
Transient room nights decreased 18.7 percent as compared to the prior
year quarter. Despite the decrease in transient room nights, transient
ADR increased 14.4 percent as compared to the same period last year. A
favorable shift to more premium corporate room nights led to higher
outside-the-room spending – particularly from banquets and buyouts –
which, in turn, contributed to a 25.0 percent improvement in Adjusted
EBITDA to $15.3 million compared to first quarter 2013. The property
improved its Adjusted EBTIDA margin by 2.5 percentage points to 29.9
percent due to the shift toward more premium corporate group business
and effective cost management.
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Gaylord National RevPAR increased 5.9 percent to $122.80 compared to
first quarter 2013. Total RevPAR increased 12.5 percent to $297.59 as
compared to Total RevPAR in first quarter 2013. An 8.3 percentage
point improvement in occupancy over the prior year quarter was the
main factor in the increase in RevPAR for the quarter. This occupancy
improvement was primarily the result of higher group occupancy, which
reduced transient room availability. In addition, a favorable shift
towards premium corporate and association room nights led to an
increase in outside-the-room spending, which positively impacted Total
RevPAR. Adjusted EBITDA improved 55.0 percent to $12.4 million in the
first quarter 2014 compared to the prior-year quarter. The combined
impact of total revenue growth and effective cost management led to a
6.4 percentage point improvement in Adjusted EBITDA margin compared to
first quarter 2013.
Reed continued, “The Adjusted EBITDA margins our hotels produced this
quarter are more in line with our original expectations going into the
conversion from a C Corporation to a REIT. While we believe there is
still room for improvement in these hotels, we are moving in the right
direction and will work alongside Marriott to continue harvesting the
synergies we outlined at the outset of our relationship.”
Opry and Attractions
Revenue for the Opry and Attractions segment rose 13.7 percent to $14.2
million in first quarter 2014 from $12.5 million in the prior-year
quarter. Adjusted EBITDA increased 53.3 percent to $2.1 million in first
quarter 2014, from $1.4 million in the prior-year quarter.
Reed continued, “What is happening in the city of Nashville right now is
quite extraordinary as the broadening appeal of country music continues
to elevate the city as a global tourist destination of choice. This
influx of tourism bodes well for our business and we are poised to reap
the benefits within our Opry and Attractions segment. ”
Corporate
Corporate and Other Adjusted EBITDA totaled a loss of $5.6 million in
first quarter 2014 compared to a loss of $5.4 million in the same
quarter last year.
Dividend Update
The Company paid its first quarter 2014 cash dividend of $0.55 per share
of common stock on April 14, 2014 to stockholders of record on March 28,
2014.
Today, the Company declared its second quarter 2014 cash dividend of
$0.55 per share of common stock payable on July 15, 2014 to stockholders
of record on June 27, 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.
Convertible Notes Update
As a result of the declaration of the dividend, effective immediately
after the close of business on June 25, 2014, the conversion rate of the
Company’s outstanding 3.75% convertible notes due 2014 will adjust from
a conversion rate of 47.4034 per $1,000 principal amount of notes, which
is equivalent to a conversion price of $21.10, to a conversion rate of
47.9789, which is equivalent to a conversion price of $20.84. Pursuant
to customary anti-dilution adjustments, effective immediately after the
close of business on June 25, 2014, the strike price of our call options
related to the convertible notes will be adjusted to $20.84 per share of
common stock and the exercise price of the common stock warrants we
issued will be adjusted in a similar manner.
On April 24, 2014, the Company announced it had repurchased in private
transactions approximately $56.3 million in aggregate principal amount
of its 3.75% convertible senior notes due 2014, which will be cancelled,
and is processing the settlement of approximately $15.3 million in
aggregate principal amount of the convertible notes that were converted
by holders. After these transactions, approximately $232.2 million in
principal amount of the notes will remain outstanding. The repurchases
were made for aggregate consideration of approximately $120.2 million,
funded by cash on hand and draws under the Company’s revolving credit
facility. In connection with the repurchase of notes, the Company
proportionately adjusted the number of options underlying the bond hedge
transaction related to the convertible notes. In addition, the number of
warrants outstanding will be reduced to approximately 11.8 million. In
consideration for these adjustments, the counterparties to the call
spread transactions paid the Company approximately $9.2 million.
Balance Sheet/Liquidity Update
As of March 31, 2014, the Company had total debt outstanding of $1,154.0
million and unrestricted cash of $55.4 million. As of March 31, 2014,
$506.0 million of borrowings were drawn under the Company’s $1 billion
credit facility, and the lending banks had issued $5.9 million in
letters of credit, which left $488.1 million of availability for
borrowing under the credit facility.
Guidance
The Company is revising its 2014 guidance on a consolidated as well as a
segment basis. The revised guidance reflects higher than anticipated
actual performance for the hospitality segment during the first quarter,
continued improvement in group performance projected throughout the
remainder of the year and steady margin improvement in the hospitality
segment during the course of 2014.
The following business performance outlook is based on current
information as of May 6, 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, “When we provided our initial guidance for 2014, we
believed that our company was set up to have a solid year, particularly
given our group pace entering the year and the continued strength of the
transient segment. In addition, we understood that we had a more
favorable mix of group business with a 10 percent increase in higher
rated corporate group room nights on the books, which is typically a
positive indication for outside-the-room spending. Our performance in
the first quarter of 2014 exceeded our expectations, and as we look over
the rest of the year, we believe we will continue to see steady
performance in our hotel business as a number of the revenue and cost
savings initiatives we described previously continue to ramp up.”
“As such, we are raising guidance for RevPAR growth to 5.0% to 7.0%
versus 2013. In addition, we believe that our group and transient
business will continue to have a positive impact on outside-the-room
spending. Therefore, we are raising Total RevPAR guidance to 6.0% to
8.0% growth over 2013. We are updating full year 2014 Adjusted EBITDA
guidance for our Hospitality segment to $273.0 to $289.0 million. Our
2014 Adjusted EBITDA guidance for Opry and Attractions of $20.0 to $22.0
million and Corporate & Other loss of $23.0 to $21.0 million remain
unchanged. As a result, our revised guidance for 2014 Adjusted EBITDA on
a consolidated basis is $270.0 to $290.0 million.”
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Original Guidance
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Revised Guidance
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Full Year 2014
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Full Year 2014
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in millions, except per share figures
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Low
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High
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Low
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High
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Hospitality RevPAR
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4.0
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%
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6.0
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%
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5.0
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%
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7.0
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%
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Hospitality Total RevPAR
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5.0
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%
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7.0
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%
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6.0
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%
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8.0
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%
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Adjusted EBITDA
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Hospitality 1,2
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$
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265.0
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$
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281.0
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$
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273.0
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$
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289.0
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Opry and Attractions
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20.0
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22.0
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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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(23.0
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)
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(21.0
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)
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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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$
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270.0
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$
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290.0
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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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$
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177.0
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$
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199.0
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Adjusted FFO per Basic 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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$
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3.49
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$
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3.92
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Estimated Basic Shares Outstanding
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50.6
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50.6
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50.8
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50.8
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1.
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Hospitality segment guidance assumes 33,400 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 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 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
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, 2013. 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.
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.
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 and Adjusted FFO, 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.
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.”
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.
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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Unaudited
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(In thousands, except per share data)
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Three Months Ended
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Mar. 31,
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2014
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2013
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Revenues :
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Rooms
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$
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91,082
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$
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85,509
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Food and beverage
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110,071
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98,188
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Other hotel revenue
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31,050
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25,884
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Opry and Attractions
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14,248
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12,532
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Total revenues
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246,451
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222,113
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Operating expenses:
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Rooms
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28,550
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25,087
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Food and beverage
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63,182
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61,248
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Other hotel expenses
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71,030
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|
|
69,568
|
|
Management fees
|
|
|
|
|
3,911
|
|
|
|
3,469
|
|
Total hotel operating expenses
|
|
|
|
|
166,673
|
|
|
|
159,372
|
|
Opry and Attractions
|
|
|
|
|
12,271
|
|
|
|
11,286
|
|
Corporate
|
|
|
|
|
6,707
|
|
|
|
6,666
|
|
REIT conversion costs
|
|
|
|
|
-
|
|
|
|
14,992
|
|
Casualty loss
|
|
|
|
|
-
|
|
|
|
32
|
|
Depreciation and amortization
|
|
|
|
|
28,003
|
|
|
|
32,009
|
|
Total operating expenses
|
|
|
|
|
213,654
|
|
|
|
224,357
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
|
32,797
|
|
|
|
(2,244
|
)
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized
|
|
|
|
|
(15,670
|
)
|
|
|
(13,323
|
)
|
Interest income
|
|
|
|
|
3,031
|
|
|
|
3,051
|
|
Other gains and (losses), net
|
|
|
|
|
-
|
|
|
|
(6
|
)
|
Income (loss) before income taxes
|
|
|
|
|
20,158
|
|
|
|
(12,522
|
)
|
|
|
|
|
|
|
|
Benefit for income taxes
|
|
|
|
|
484
|
|
|
|
66,292
|
|
Income (loss) from continuing operations
|
|
|
|
|
20,642
|
|
|
|
53,770
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of taxes
|
|
|
|
|
11
|
|
|
|
10
|
|
Net income
|
|
|
|
$
|
20,653
|
|
|
$
|
53,780
|
|
|
|
|
|
|
|
|
Basic net income per share
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
$
|
0.41
|
|
|
$
|
1.03
|
|
Income from discontinued operations, net of taxes
|
|
|
|
|
-
|
|
|
|
-
|
|
Net income
|
|
|
|
$
|
0.41
|
|
|
$
|
1.03
|
|
|
|
|
|
|
|
|
Fully diluted net income per share
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
$
|
0.32
|
|
|
$
|
0.81
|
|
Income from discontinued operations, net of taxes
|
|
|
|
|
-
|
|
|
|
-
|
|
Net income
|
|
|
|
$
|
0.32
|
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
Weighted average common shares for the
period:
|
|
|
|
|
|
|
Basic
|
|
|
|
|
50,623
|
|
|
|
52,427
|
|
Diluted (1)
|
|
|
|
|
64,073
|
|
|
|
66,720
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 ended March 31, 2014 and 2013, the purchased call options
effectively reduce dilution by approximately 7.2 million and 7.7
million shares of common stock, respectively.
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
Unaudited
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31,
|
|
Dec. 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation
|
|
|
|
$
|
2,057,927
|
|
$
|
2,067,997
|
Cash and cash equivalents - unrestricted
|
|
|
|
|
55,417
|
|
|
61,579
|
Cash and cash equivalents - restricted
|
|
|
|
|
10,660
|
|
|
20,169
|
Notes receivable
|
|
|
|
|
147,928
|
|
|
148,350
|
Trade receivables, net
|
|
|
|
|
67,155
|
|
|
51,782
|
Deferred financing costs
|
|
|
|
|
17,890
|
|
|
19,306
|
Prepaid expenses and other assets
|
|
|
|
|
49,484
|
|
|
55,446
|
Total assets
|
|
|
|
$
|
2,406,461
|
|
$
|
2,424,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
Debt and capital lease obligations
|
|
|
|
$
|
1,154,046
|
|
$
|
1,154,420
|
Accounts payable and accrued liabilities
|
|
|
|
|
147,170
|
|
|
157,339
|
Deferred income taxes
|
|
|
|
|
22,322
|
|
|
23,117
|
Deferred management rights proceeds
|
|
|
|
|
185,615
|
|
|
186,346
|
Dividends payable
|
|
|
|
|
28,412
|
|
|
25,780
|
Other liabilities
|
|
|
|
|
119,755
|
|
|
119,932
|
Stockholders' equity
|
|
|
|
|
749,141
|
|
|
757,695
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
2,406,461
|
|
$
|
2,424,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
|
SUPPLEMENTAL FINANCIAL RESULTS
|
ADJUSTED EBITDA RECONCILIATION
|
Unaudited
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Mar. 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
$
|
|
Margin
|
|
$
|
|
Margin
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
246,451
|
|
|
|
|
$
|
222,113
|
|
|
|
Net income
|
|
|
|
$
|
20,653
|
|
|
|
|
$
|
53,780
|
|
|
|
Income from discontinued operations, net of taxes
|
|
|
|
|
(11
|
)
|
|
|
|
|
(10
|
)
|
|
|
Benefit for income taxes
|
|
|
|
|
(484
|
)
|
|
|
|
|
(66,292
|
)
|
|
|
Other (gains) and losses, net
|
|
|
|
|
-
|
|
|
|
|
|
6
|
|
|
|
Interest expense, net
|
|
|
|
|
12,639
|
|
|
|
|
|
10,272
|
|
|
|
Depreciation & amortization
|
|
|
|
|
28,003
|
|
|
|
|
|
32,009
|
|
|
|
EBITDA
|
|
|
|
|
60,800
|
|
|
24.7
|
%
|
|
|
29,765
|
|
|
13.4
|
%
|
Non-cash lease expense
|
|
|
|
|
1,370
|
|
|
|
|
|
1,399
|
|
|
|
Equity-based compensation
|
|
|
|
|
1,281
|
|
|
|
|
|
1,394
|
|
|
|
Interest income on Gaylord National bonds
|
|
|
|
|
3,031
|
|
|
|
|
|
3,048
|
|
|
|
Other gains and (losses), net
|
|
|
|
|
-
|
|
|
|
|
|
(6
|
)
|
|
|
Loss on disposal of assets
|
|
|
|
|
-
|
|
|
|
|
|
1
|
|
|
|
Casualty loss
|
|
|
|
|
-
|
|
|
|
|
|
32
|
|
|
|
REIT conversion costs
|
|
|
|
|
-
|
|
|
|
|
|
14,992
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
66,482
|
|
|
27.0
|
%
|
|
$
|
50,625
|
|
|
22.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
232,203
|
|
|
|
|
$
|
209,581
|
|
|
|
Operating income
|
|
|
|
|
40,016
|
|
|
|
|
|
17,661
|
|
|
|
Depreciation & amortization
|
|
|
|
|
25,514
|
|
|
|
|
|
26,801
|
|
|
|
Non-cash lease expense
|
|
|
|
|
1,370
|
|
|
|
|
|
1,399
|
|
|
|
Interest income on Gaylord National bonds
|
|
|
|
|
3,031
|
|
|
|
|
|
3,048
|
|
|
|
Other gains and (losses), net
|
|
|
|
|
-
|
|
|
|
|
|
(6
|
)
|
|
|
Loss on disposal of assets
|
|
|
|
|
-
|
|
|
|
|
|
1
|
|
|
|
REIT conversion costs
|
|
|
|
|
-
|
|
|
|
|
|
5,747
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
69,931
|
|
|
30.1
|
%
|
|
$
|
54,651
|
|
|
26.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Opry and Attractions segment
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
14,248
|
|
|
|
|
$
|
12,532
|
|
|
|
Operating income (loss)
|
|
|
|
|
552
|
|
|
|
|
|
(190
|
)
|
|
|
Depreciation & amortization
|
|
|
|
|
1,425
|
|
|
|
|
|
1,366
|
|
|
|
Equity-based compensation
|
|
|
|
|
131
|
|
|
|
|
|
129
|
|
|
|
REIT conversion costs
|
|
|
|
|
-
|
|
|
|
|
|
70
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
2,108
|
|
|
14.8
|
%
|
|
$
|
1,375
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
|
(7,771
|
)
|
|
|
|
|
(19,715
|
)
|
|
|
Depreciation & amortization
|
|
|
|
|
1,064
|
|
|
|
|
|
3,842
|
|
|
|
Equity-based compensation
|
|
|
|
|
1,150
|
|
|
|
|
|
1,265
|
|
|
|
Casualty loss
|
|
|
|
|
-
|
|
|
|
|
|
32
|
|
|
|
REIT conversion costs
|
|
|
|
|
-
|
|
|
|
|
|
9,175
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
(5,557
|
)
|
|
|
|
$
|
(5,401
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
2014
|
|
2013
|
Consolidated
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
20,653
|
|
|
$
|
53,780
|
|
Depreciation & amortization
|
|
|
|
|
28,003
|
|
|
|
32,009
|
|
Losses on sale of real estate assets
|
|
|
|
|
-
|
|
|
|
1
|
|
FFO
|
|
|
|
|
48,656
|
|
|
|
85,790
|
|
|
|
|
|
|
|
|
Capital expenditures (1)
|
|
|
|
|
(9,789
|
)
|
|
|
(7,747
|
)
|
Non-cash lease expense
|
|
|
|
|
1,370
|
|
|
|
1,399
|
|
Impairment charges
|
|
|
|
|
-
|
|
|
|
132
|
|
Write-off of deferred financing costs
|
|
|
|
|
-
|
|
|
|
544
|
|
Amortization of deferred financing costs
|
|
|
|
|
1,421
|
|
|
|
1,165
|
|
Amortization of debt discounts
|
|
|
|
|
3,273
|
|
|
|
3,593
|
|
Noncash tax benefit resulting from REIT conversion
|
|
|
|
|
-
|
|
|
|
(61,340
|
)
|
Adjusted FFO
|
|
|
|
$
|
44,931
|
|
|
$
|
23,536
|
|
REIT conversion costs (tax effected)
|
|
|
|
|
-
|
|
|
|
11,338
|
|
Adjusted FFO excluding REIT conversion costs
|
|
|
|
$
|
44,931
|
|
|
$
|
34,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per basic share
|
|
|
|
$
|
0.96
|
|
|
$
|
1.64
|
|
Adjusted FFO per basic share
|
|
|
|
$
|
0.89
|
|
|
$
|
0.45
|
|
Adjusted FFO (excl. REIT conversion costs) per basic share
|
|
|
|
$
|
0.89
|
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
FFO per diluted share (2)
|
|
|
|
$
|
0.76
|
|
|
$
|
1.29
|
|
Adjusted FFO per diluted share (2)
|
|
|
|
$
|
0.70
|
|
|
$
|
0.35
|
|
Adjusted FFO (excl. REIT conversion costs) per diluted share (2)
|
|
|
|
$
|
0.70
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
(1)
|
|
Represents FF&E reserve for managed properties and maintenance
capital expenditures for non-managed properties.
|
|
|
|
(2)
|
|
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. For the three months ended
March 31, 2014 and 2013, the purchased call options effectively
reduce dilution by approximately 7.2 million and 7.7 million
shares of common stock, respectively.
|
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
|
SUPPLEMENTAL FINANCIAL RESULTS
|
Unaudited
|
(in thousands, except operating metrics)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Mar. 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
HOSPITALITY OPERATING METRICS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
|
|
70.4
|
%
|
|
|
67.5
|
%
|
Average daily rate (ADR)
|
|
|
|
$
|
177.44
|
|
|
$
|
173.84
|
|
RevPAR
|
|
|
|
$
|
124.97
|
|
|
$
|
117.33
|
|
OtherPAR
|
|
|
|
$
|
193.63
|
|
|
$
|
170.23
|
|
Total RevPAR
|
|
|
|
$
|
318.60
|
|
|
$
|
287.56
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
232,203
|
|
|
$
|
209,581
|
|
Adjusted EBITDA
|
|
|
|
$
|
69,931
|
|
|
$
|
54,651
|
|
Adjusted EBITDA Margin
|
|
|
|
|
30.1
|
%
|
|
|
26.1
|
%
|
|
|
|
|
|
|
|
Gaylord Opryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
|
|
68.5
|
%
|
|
|
70.4
|
%
|
Average daily rate (ADR)
|
|
|
|
$
|
169.57
|
|
|
$
|
157.33
|
|
RevPAR
|
|
|
|
$
|
116.17
|
|
|
$
|
110.76
|
|
OtherPAR
|
|
|
|
$
|
163.38
|
|
|
$
|
153.62
|
|
Total RevPAR
|
|
|
|
$
|
279.55
|
|
|
$
|
264.38
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
72,510
|
|
|
$
|
68,608
|
|
Adjusted EBITDA
|
|
|
|
$
|
23,384
|
|
|
$
|
21,233
|
|
Adjusted EBITDA Margin
|
|
|
|
|
32.2
|
%
|
|
|
30.9
|
%
|
|
|
|
|
|
|
|
Gaylord Palms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
|
|
83.9
|
%
|
|
|
79.9
|
%
|
Average daily rate (ADR)
|
|
|
|
$
|
182.86
|
|
|
$
|
178.29
|
|
RevPAR
|
|
|
|
$
|
153.49
|
|
|
$
|
142.47
|
|
OtherPAR
|
|
|
|
$
|
259.99
|
|
|
$
|
224.54
|
|
Total RevPAR
|
|
|
|
$
|
413.48
|
|
|
$
|
367.01
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
52,322
|
|
|
$
|
46,442
|
|
Adjusted EBITDA
|
|
|
|
$
|
18,320
|
|
|
$
|
12,786
|
|
Adjusted EBITDA Margin
|
|
|
|
|
35.0
|
%
|
|
|
27.5
|
%
|
|
|
|
|
|
|
|
Gaylord Texan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
|
|
71.1
|
%
|
|
|
68.2
|
%
|
Average daily rate (ADR)
|
|
|
|
$
|
181.52
|
|
|
$
|
175.13
|
|
RevPAR
|
|
|
|
$
|
129.09
|
|
|
$
|
119.46
|
|
OtherPAR
|
|
|
|
$
|
247.50
|
|
|
$
|
209.32
|
|
Total RevPAR
|
|
|
|
$
|
376.59
|
|
|
$
|
328.78
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
51,212
|
|
|
$
|
44,681
|
|
Adjusted EBITDA
|
|
|
|
$
|
15,299
|
|
|
$
|
12,243
|
|
Adjusted EBITDA Margin
|
|
|
|
|
29.9
|
%
|
|
|
27.4
|
%
|
|
|
|
|
|
|
|
Gaylord National
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
|
|
63.9
|
%
|
|
|
55.6
|
%
|
Average daily rate (ADR)
|
|
|
|
$
|
192.14
|
|
|
$
|
208.33
|
|
RevPAR
|
|
|
|
$
|
122.80
|
|
|
$
|
115.91
|
|
OtherPAR
|
|
|
|
$
|
174.79
|
|
|
$
|
148.72
|
|
Total RevPAR
|
|
|
|
$
|
297.59
|
|
|
$
|
264.63
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
53,459
|
|
|
$
|
47,536
|
|
Adjusted EBITDA
|
|
|
|
$
|
12,391
|
|
|
$
|
7,992
|
|
Adjusted EBITDA Margin
|
|
|
|
|
23.2
|
%
|
|
|
16.8
|
%
|
|
|
|
|
|
|
|
The Inn at Opryland (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
|
|
65.6
|
%
|
|
|
56.6
|
%
|
Average daily rate (ADR)
|
|
|
|
$
|
106.98
|
|
|
$
|
109.09
|
|
RevPAR
|
|
|
|
$
|
70.17
|
|
|
$
|
61.74
|
|
OtherPAR
|
|
|
|
$
|
28.78
|
|
|
$
|
23.13
|
|
Total RevPAR
|
|
|
|
$
|
98.95
|
|
|
$
|
84.87
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
2,700
|
|
|
$
|
2,314
|
|
Adjusted EBITDA
|
|
|
|
$
|
537
|
|
|
$
|
397
|
|
Adjusted EBITDA Margin
|
|
|
|
|
19.9
|
%
|
|
|
17.2
|
%
|
|
|
|
|
|
|
|
(1)
|
|
Includes other hospitality revenue and expense.
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. and Subsidiaries
|
Reconciliation of Forward-Looking Statements
|
Unaudited
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("Adjusted EBITDA")
|
and Adjusted Funds From Operations ("AFFO") reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORIGINAL GUIDANCE RANGE
|
|
|
|
NEW GUIDANCE RANGE
|
|
|
|
|
FOR FULL YEAR 2014
|
|
|
|
FOR FULL YEAR 2014
|
|
|
|
|
Low
|
|
High
|
|
|
|
Low
|
|
High
|
Ryman Hospitality Properties, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
$
|
83,000
|
|
|
$
|
103,000
|
|
|
|
|
$
|
83,000
|
|
|
$
|
103,000
|
|
Provision (benefit) for income taxes
|
|
|
|
|
(12,000
|
)
|
|
|
(12,000
|
)
|
|
|
|
|
(4,000
|
)
|
|
|
(4,000
|
)
|
Other (gains) and losses, net
|
|
|
|
|
(2,400
|
)
|
|
|
(2,400
|
)
|
|
|
|
|
(2,400
|
)
|
|
|
(2,400
|
)
|
Interest expense
|
|
|
|
|
64,000
|
|
|
|
64,000
|
|
|
|
|
|
64,000
|
|
|
|
64,000
|
|
Interest income
|
|
|
|
|
(12,000
|
)
|
|
|
(12,000
|
)
|
|
|
|
|
(12,000
|
)
|
|
|
(12,000
|
)
|
Operating Income
|
|
|
|
|
120,600
|
|
|
|
140,600
|
|
|
|
|
|
128,600
|
|
|
|
148,600
|
|
Depreciation and amortization
|
|
|
|
|
115,500
|
|
|
|
115,500
|
|
|
|
|
|
115,500
|
|
|
|
115,500
|
|
EBITDA
|
|
|
|
|
236,100
|
|
|
|
256,100
|
|
|
|
|
|
244,100
|
|
|
|
264,100
|
|
Non-cash lease expense
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
Equity based compensation
|
|
|
|
|
6,000
|
|
|
|
6,000
|
|
|
|
|
|
6,000
|
|
|
|
6,000
|
|
Other gains and (losses), net
|
|
|
|
|
2,400
|
|
|
|
2,400
|
|
|
|
|
|
2,400
|
|
|
|
2,400
|
|
Interest income
|
|
|
|
|
12,000
|
|
|
|
12,000
|
|
|
|
|
|
12,000
|
|
|
|
12,000
|
|
Adjusted EBITDA
|
|
|
|
$
|
262,000
|
|
|
$
|
282,000
|
|
|
|
|
$
|
270,000
|
|
|
$
|
290,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
$
|
141,100
|
|
|
$
|
157,100
|
|
|
|
|
$
|
149,100
|
|
|
$
|
165,100
|
|
Depreciation and amortization
|
|
|
|
|
104,000
|
|
|
|
104,000
|
|
|
|
|
|
104,000
|
|
|
|
104,000
|
|
EBITDA
|
|
|
|
|
245,100
|
|
|
|
261,100
|
|
|
|
|
|
253,100
|
|
|
|
269,100
|
|
Non-cash lease expense
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
Equity based compensation
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Other gains and (losses), net
|
|
|
|
|
2,400
|
|
|
|
2,400
|
|
|
|
|
|
2,400
|
|
|
|
2,400
|
|
Interest income
|
|
|
|
|
12,000
|
|
|
|
12,000
|
|
|
|
|
|
12,000
|
|
|
|
12,000
|
|
Adjusted EBITDA
|
|
|
|
$
|
265,000
|
|
|
$
|
281,000
|
|
|
|
|
$
|
273,000
|
|
|
$
|
289,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opry and Attractions Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
$
|
14,000
|
|
|
$
|
16,000
|
|
|
|
|
$
|
14,000
|
|
|
$
|
16,000
|
|
Depreciation and amortization
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
EBITDA
|
|
|
|
|
19,500
|
|
|
|
21,500
|
|
|
|
|
|
19,500
|
|
|
|
21,500
|
|
Non-cash lease expense
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Equity based compensation
|
|
|
|
|
500
|
|
|
|
500
|
|
|
|
|
|
500
|
|
|
|
500
|
|
Interest income
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
|
|
$
|
20,000
|
|
|
$
|
22,000
|
|
|
|
|
$
|
20,000
|
|
|
$
|
22,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
$
|
(34,500
|
)
|
|
$
|
(32,500
|
)
|
|
|
|
$
|
(34,500
|
)
|
|
$
|
(32,500
|
)
|
Depreciation and amortization
|
|
|
|
|
6,000
|
|
|
|
6,000
|
|
|
|
|
|
6,000
|
|
|
|
6,000
|
|
EBITDA
|
|
|
|
|
(28,500
|
)
|
|
|
(26,500
|
)
|
|
|
|
|
(28,500
|
)
|
|
|
(26,500
|
)
|
Non-cash lease expense
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Equity based compensation
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
Interest income
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
|
|
$
|
(23,000
|
)
|
|
$
|
(21,000
|
)
|
|
|
|
$
|
(23,000
|
)
|
|
$
|
(21,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryman Hospitality Properties, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
83,000
|
|
|
$
|
103,000
|
|
|
|
|
$
|
83,000
|
|
|
$
|
103,000
|
|
Depreciation & amortization
|
|
|
|
|
115,500
|
|
|
|
115,500
|
|
|
|
|
|
115,500
|
|
|
|
115,500
|
|
Capital expenditures
|
|
|
|
|
(43,000
|
)
|
|
|
(41,000
|
)
|
|
|
|
|
(43,000
|
)
|
|
|
(41,000
|
)
|
Non-cash lease expense
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
|
|
|
|
5,500
|
|
|
|
5,500
|
|
Amortization of debt premiums/disc.
|
|
|
|
|
10,000
|
|
|
|
10,000
|
|
|
|
|
|
10,000
|
|
|
|
10,000
|
|
Amortization of DFC
|
|
|
|
|
6,000
|
|
|
|
6,000
|
|
|
|
|
|
6,000
|
|
|
|
6,000
|
|
Adjusted FFO
|
|
|
|
$
|
177,000
|
|
|
$
|
199,000
|
|
|
|
|
$
|
177,000
|
|
|
$
|
199,000
|
|
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Copyright Business Wire 2014