Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging
and hospitality real estate investment trust (“REIT”) that
specializes in upscale convention center resorts and leading
entertainment experiences, today reported financial results for the
three months ended March 31, 2023.
First Quarter 2023 Highlights and Recent
Developments:
- The Company generated net income
available to common stockholders of $61.3 million or $1.02 per
diluted share, marking four consecutive quarters of
profitability.
- The Hospitality segment achieved
record first quarter revenue of $424.4 million, driven by strength
in room rates and outside the room spend, with particular strength
in catering revenue.
- The Hospitality segment achieved a
record first quarter average daily rate (ADR) of $238, an increase
of 3.8% from Q1 2022 and an increase of 18.3% from Q1 2019.
- During the quarter, the Company
booked over 348,000 gross advanced group room nights for all future
years, at an ADR of $251, an increase of 9.1% over Q1 2022 ADR for
future bookings and 22.9% above Q1 2019 ADR for future
bookings.
- Opry Entertainment Group (OEG)
achieved record first quarter revenue, operating income, and
Adjusted EBITDAre, led by a strong slate of live events, attendance
across our portfolio, and the contribution of Block 21.
- The Company declared a cash
dividend of $1.00 per share for the second quarter of 2023,
increased from $0.75 per share for the first quarter of 2023.
- The Company increases its
consolidated Full Year 2023 outlook to reflect strong Q1 2023
financial results and sustained confidence in the remainder of
2023.
Mark Fioravanti, President and Chief Executive
Officer of Ryman Hospitality Properties, said, “Both sides of our
business are off to a great start in 2023. We set multiple records
in our Hospitality and Entertainment segments as the trends we saw
during the last three quarters of 2022 continued in this first
quarter. Our core group customers continued to travel at more
typical pre-pandemic levels and our resorts remained popular
leisure destinations, which contributed to strong rate growth and
robust outside the room spending across our portfolio. In addition
to this strong performance, we added to our healthy forward book of
business in the first quarter, which sets us up well for the
future. The demand for our live entertainment businesses in the
first quarter exceeded our internal expectations and led to OEG’s
record first quarter revenue, operating income and Adjusted
EBITDAre. Combined with our strong Hospitality results, this
healthy Entertainment performance has given us confidence to raise
our full year 2023 guidance.”
First Quarter 2023 Results (as compared
to First Quarter 2022):
($ in
thousands, except per share amounts) |
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
Total
Revenue |
$491,719 |
|
$299,135 |
|
64.4% |
|
|
|
|
|
|
|
|
Operating
income |
$105,650 |
|
$7,874 |
|
1241.8% |
|
Operating
income margin |
21.5% |
|
2.6% |
|
18.9pt |
|
|
|
|
|
|
|
|
Net income
(loss) |
$60,994 |
|
($24,797) |
|
346.0% |
|
Net income
(loss) margin |
12.4% |
|
-8.3% |
|
20.7pt |
|
|
|
|
|
|
|
|
Net income
(loss) available to common stockholders |
$61,320 |
|
($24,621) |
|
349.1% |
|
Net income
(loss) available to common stockholders margin |
12.5% |
|
-8.2% |
|
20.7pt |
|
Net income
(loss) available to common stockholders per diluted share |
$1.02 |
|
($0.45) |
|
326.7% |
|
|
|
|
|
|
|
|
Adjusted
EBITDAre |
$157,675 |
|
$68,994 |
|
128.5% |
|
Adjusted
EBITDAre margin |
32.1% |
|
23.1% |
|
9.0pt |
|
Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture |
$153,379 |
|
$68,994 |
|
122.3% |
|
Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin |
31.2% |
|
23.1% |
|
8.1pt |
|
|
|
|
|
|
|
|
Funds From
Operations (FFO) available to common stockholders and unit
holders |
$108,526 |
|
$31,222 |
|
247.6% |
|
FFO
available to common stockholders and unit holders per diluted
share/unit |
$1.80 |
|
$0.56 |
|
221.4% |
|
|
|
|
|
|
|
|
Adjusted FFO
available to common stockholders and unit holders |
$113,593 |
|
$34,814 |
|
226.3% |
|
Adjusted FFO
available to common stockholders and unit holders per diluted
share/unit |
$1.89 |
|
$0.63 |
|
200.0% |
|
|
|
|
|
|
|
|
Note: For the Company’s definitions of Adjusted
EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding
noncontrolling interest in consolidated joint venture, Adjusted
EBITDAre, excluding noncontrolling interest in consolidated joint
venture margin, FFO available to common stockholders and unit
holders, and Adjusted FFO available to common stockholders and unit
holders, as well as a reconciliation of the non-GAAP financial
measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation
of the non-GAAP financial measure Adjusted FFO available to common
stockholders and unit holders to Net Income/(Loss), see “Non-GAAP
Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Definition,” “Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture Margin Definition” “FFO,
Adjusted FFO, and Adjusted FFO available to common stockholders and
unit holders Definition” and “Supplemental Financial Results”
below.
Hospitality Segment
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Hospitality
Revenue |
$424,439 |
|
$261,111 |
|
62.6% |
|
|
|
|
|
|
|
|
Hospitality
operating income |
$106,070 |
|
$15,668 |
|
577.0% |
|
Hospitality
operating income margin |
25.0% |
|
6.0% |
|
19.0pt |
|
Hospitality
Adjusted EBITDAre |
$151,235 |
|
$70,332 |
|
115.0% |
|
Hospitality
Adjusted EBITDAre margin |
35.6% |
|
26.9% |
|
8.7pt |
|
|
|
|
|
|
|
|
Hospitality
Performance Metrics |
|
|
|
|
|
|
Occupancy |
72.3% |
|
47.3% |
|
25.0pt |
|
Average Daily Rate (ADR) |
$237.95 |
|
$229.17 |
|
3.8% |
|
RevPAR |
$172.08 |
|
$108.41 |
|
58.7% |
|
Total RevPAR |
$452.94 |
|
$278.64 |
|
62.6% |
|
|
|
|
|
|
|
|
Gross Definite Rooms Nights Booked |
348,648 |
|
422,045 |
|
-17.4% |
|
Net Definite Rooms Nights Booked |
250,318 |
|
165,668 |
|
51.1% |
|
Group Attrition (as % of contracted block) |
15.5% |
|
32.1% |
|
-16.6pt |
|
Cancellations ITYFTY (1) |
32,220 |
|
170,419 |
|
-81.1% |
|
|
|
|
|
|
|
|
(1) “ITYFTY”
represents In The Year For The Year. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: For the Company’s definitions of Revenue
Per Available Room (RevPAR) and Total Revenue Per Available Room
(Total RevPAR), see “Calculation of RevPAR, Total RevPAR, and
Occupancy” below. Property-level results and operating metrics for
first quarter 2023 are presented in greater detail below and under
“Supplemental Financial Results—Hospitality Segment Adjusted
EBITDAre Reconciliations and Operating Metrics,” which includes a
reconciliation of the non-GAAP financial measures Hospitality
Adjusted EBITDAre to Hospitality Operating Income, and
property-level Adjusted EBITDAre to property-level Operating Income
for each of the hotel properties.
Hospitality Segment Highlights
- Record first quarter revenue,
operating income and Adjusted EBITDAre of $424.4 million, $106.1
million, and $151.2 million, respectively, were driven by strength
in travel demand and exceptional results in food and beverage
revenue.
- Hotel occupancy was 72.3% in Q1
2023, compared to 47.3% in Q1 2022 and 72.3% in Q1 2019.
- March 2023 set a record for highest
monthly operating income and Adjusted EBITDAre for the Hospitality
segment at $51.6 million and $66.6 million, respectively,
surpassing December 2022.
- The Company recorded $9.7 million
in cancellation and attrition fees in Q1 2023, as collections
continue to decline.
- Room night production remained
strong as new definite ADR for future bookings was a first quarter
record.
Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$111,806 |
|
$73,519 |
|
52.1% |
|
Operating
income |
$31,695 |
|
$15,555 |
|
103.8% |
|
Operating
income margin |
28.3% |
|
21.2% |
|
7.1pt |
|
Adjusted
EBITDAre |
$40,237 |
|
$24,131 |
|
66.7% |
|
Adjusted
EBITDAre margin |
36.0% |
|
32.8% |
|
3.2pt |
|
|
|
|
|
|
|
|
Occupancy |
72.6% |
|
48.8% |
|
23.8pt |
|
Average daily rate (ADR) |
$240.19 |
|
$239.77 |
|
0.2% |
|
RevPAR |
$174.40 |
|
$116.98 |
|
49.1% |
|
Total RevPAR |
$430.16 |
|
$282.85 |
|
52.1% |
|
|
|
|
|
|
|
|
Gaylord Palms
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$84,546 |
|
$59,848 |
|
41.3% |
|
Operating
income |
$27,634 |
|
$15,858 |
|
74.3% |
|
Operating
income margin |
32.7% |
|
26.5% |
|
6.2pt |
|
Adjusted
EBITDAre |
$34,275 |
|
$22,476 |
|
52.5% |
|
Adjusted
EBITDAre margin |
40.5% |
|
37.6% |
|
2.9pt |
|
|
|
|
|
|
|
|
Occupancy |
79.5% |
|
55.6% |
|
23.9pt |
|
Average daily rate (ADR) |
$257.66 |
|
$256.19 |
|
0.6% |
|
RevPAR |
$204.78 |
|
$142.36 |
|
43.8% |
|
Total RevPAR |
$546.80 |
|
$387.07 |
|
41.3% |
|
|
|
|
|
|
|
|
Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$86,398 |
|
$56,636 |
|
52.5% |
|
Operating
income |
$28,088 |
|
$12,916 |
|
117.5% |
|
Operating
income margin |
32.5% |
|
22.8% |
|
9.7pt |
|
Adjusted
EBITDAre |
$33,854 |
|
$19,614 |
|
72.6% |
|
Adjusted
EBITDAre margin |
39.2% |
|
34.6% |
|
4.6pt |
|
|
|
|
|
|
|
|
Occupancy |
77.1% |
|
57.8% |
|
19.3pt |
|
Average daily rate (ADR) |
$230.83 |
|
$221.38 |
|
4.3% |
|
RevPAR |
$177.90 |
|
$128.06 |
|
38.9% |
|
Total RevPAR |
$529.21 |
|
$346.91 |
|
52.5% |
|
|
|
|
|
|
|
|
Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$72,772 |
|
$32,587 |
|
123.3% |
|
Operating
income (loss) |
$8,055 |
|
-$11,275 |
|
171.4% |
|
Operating
income (loss) margin |
11.1% |
|
-34.6% |
|
45.7pt |
|
Adjusted
EBITDAre |
$17,620 |
|
-$1,796 |
|
1081.1% |
|
Adjusted
EBITDAre margin |
24.2% |
|
-5.5% |
|
29.7pt |
|
|
|
|
|
|
|
|
Occupancy |
67.3% |
|
35.4% |
|
31.9pt |
|
Average daily rate (ADR) |
$239.70 |
|
$219.63 |
|
9.1% |
|
RevPAR |
$161.43 |
|
$77.73 |
|
107.7% |
|
Total RevPAR |
$405.10 |
|
$181.40 |
|
123.3% |
|
|
|
|
|
|
|
|
Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total RevPAR) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$64,047 |
|
$34,787 |
|
84.1% |
|
Operating
income (loss) |
$10,868 |
|
-$16,784 |
|
164.8% |
|
Operating
income (loss) margin |
17.0% |
|
-48.2% |
|
65.2pt |
|
Adjusted
EBITDAre |
$24,913 |
|
$5,864 |
|
324.8% |
|
Adjusted
EBITDAre margin |
38.9% |
|
16.9% |
|
22.0pt |
|
|
|
|
|
|
|
|
Occupancy |
69.9% |
|
39.2% |
|
30.7pt |
|
Average daily rate (ADR) |
$233.09 |
|
$213.46 |
|
9.2% |
|
RevPAR |
$162.97 |
|
$83.61 |
|
94.9% |
|
Total RevPAR |
$474.10 |
|
$257.51 |
|
84.1% |
|
|
|
|
|
|
|
|
Entertainment Segment
For the three months ended March 31, 2023, and
2022, the Company reported the following:
($ in
thousands) |
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Revenue |
$67,280 |
|
$38,024 |
|
76.9% |
|
Operating
income |
$10,391 |
|
$2,437 |
|
326.4% |
|
Operating
income margin |
15.4% |
|
6.4% |
|
9.0pt |
|
Adjusted
EBITDAre |
$14,346 |
|
$4,810 |
|
198.3% |
|
Adjusted
EBITDAre margin |
21.3% |
|
12.6% |
|
8.7pt |
|
|
|
|
|
|
|
|
Fioravanti continued, “Our core Nashville
entertainment assets continue to see demand above pre-pandemic
levels, which contributed to record first quarter revenue,
operating income and Adjusted EBITDAre for the segment. We remain
bullish on Nashville’s long-term prospects as a major international
tourism destination and are excited to continue our investment in
the downtown entertainment district by teaming up with global
country music superstar and Opry member Luke Combs to rebrand and
expand our Wildhorse Saloon venue into a multi-experiential
destination. We look forward to sharing additional project details
in the months ahead.”
Corporate and Other Segment
For the three months ended March 31, 2023, and
2022, the Company reported the following:
($ in
thousands) |
Three Months
Ended |
|
|
March 31, |
|
|
2023 |
|
2022 |
|
% ∆ |
|
|
|
|
|
|
|
|
Operating
loss |
($10,811) |
|
($10,231) |
|
-5.7% |
|
Adjusted
EBITDAre |
($7,906) |
|
($6,148) |
|
-28.6% |
|
|
|
|
|
|
|
|
The increase in Corporate and Other Segment
Operating loss and decrease in Adjusted EBITDAre for the 2023
period resulted from an increase in administrative and employment
costs associated with the hiring of additional employees and
increased wages to support the Company’s growth.
2023 Guidance
The Company is updating its 2023 business
performance outlook based on current information as of May 3, 2023.
The Company does not expect to update the guidance provided below
before next quarter’s earnings release. However, the Company may
update its full business outlook or any portion thereof at any time
for any reason.
($ in
millions, except per share figures) |
New Guidance |
|
New FY |
|
Prior Guidance |
|
Prior FY |
|
Change |
|
Full Year 2023 |
|
2023 Guidance |
|
Full Year 2023 |
|
2023 Guidance |
|
|
|
Low |
|
High |
|
Midpoint |
|
Low |
|
High |
|
Midpoint |
|
Midpoint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Hospitality RevPAR growth |
11.0% |
|
13.5% |
|
12.3% |
|
9.0% |
|
12.0% |
|
10.5% |
|
1.8% |
Consolidated
Hospitality Total RevPAR growth |
8.5% |
|
10.5% |
|
9.5% |
|
6.5% |
|
9.5% |
|
8.0% |
|
1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$391.5 |
|
$411.5 |
|
$401.5 |
|
$371.5 |
|
$391.5 |
|
$381.5 |
|
$20.0 |
Entertainment |
76.0 |
|
80.5 |
|
78.3 |
|
69.0 |
|
73.5 |
|
71.3 |
|
7.0 |
Corporate
and Other |
(44.0) |
|
(43.0) |
|
(43.5) |
|
(44.0) |
|
(43.0) |
|
(43.5) |
|
- |
Consolidated Operating Income |
423.5 |
|
449.0 |
|
436.3 |
|
396.5 |
|
422.0 |
|
409.3 |
|
27.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDAre |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality |
$570.0 |
|
$600.0 |
|
$585.0 |
|
$550.0 |
|
$580.0 |
|
$565.0 |
|
$20.0 |
Entertainment |
94.0 |
|
104.0 |
|
99.0 |
|
87.0 |
|
97.0 |
|
92.0 |
|
7.0 |
Corporate
and Other |
(32.0) |
|
(29.0) |
|
(30.5) |
|
(32.0) |
|
(29.0) |
|
(30.5) |
|
- |
Consolidated Adjusted EBITDAre |
632.0 |
|
675.0 |
|
653.5 |
|
605.0 |
|
648.0 |
|
626.5 |
|
27.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$223.5 |
|
$243.5 |
|
$233.5 |
|
$199.8 |
|
$216.0 |
|
$207.9 |
|
$25.6 |
Net Income
available to common shareholders |
$222.5 |
|
$232.5 |
|
$227.5 |
|
$200.0 |
|
$212.5 |
|
$206.3 |
|
$21.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from
Operations (FFO) available to common shareholders |
$403.8 |
|
$426.0 |
|
$414.9 |
|
$381.3 |
|
$406.0 |
|
$393.6 |
|
$21.3 |
Adjusted FFO
available to common shareholders |
$425.0 |
|
$454.0 |
|
$439.5 |
|
$392.5 |
|
$424.0 |
|
$408.3 |
|
$31.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
available to common shareholders per diluted share |
$3.71 |
|
$3.88 |
|
$3.79 |
|
$3.35 |
|
$3.56 |
|
$3.45 |
|
$0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Diluted Shares Outstanding |
60.0 |
|
60.0 |
|
60.0 |
|
59.7 |
|
59.7 |
|
59.7 |
|
0.3 |
Note: For reconciliations of Consolidated
Adjusted EBITDAre guidance to Net Income, segment-level Adjusted
EBITDAre to segment-level Operating Income, FFO available to common
shareholders and Adjusted FFO available to common shareholders
guidance to Net Income available to common shareholders, see
“Reconciliation of Forward-Looking Statements” below.
Dividend UpdateOn February 23,
2023, the Company announced that it declared a quarterly cash
dividend of $0.75 per common share, which was paid on April 17,
2023, to stockholders of record as of March 31, 2023.
Today, the Company declared its second quarter
2023 cash dividend of $1.00 per share of common stock,
payable on July 17, 2023, to stockholders of record as
of June 30, 2023. The Company’s dividend policy provides that
we will make minimum dividends of 100% of REIT taxable income
annually. It is the Company’s current plan to distribute aggregate
minimum dividends for 2023 of $3.75 per share in cash.
Future dividends are subject to the Board’s future determinations
as to amount and timing.
Fioravanti concluded, “The strength of our first
quarter performance and our healthy forward book of business
supports the Board’s decision to raise the Company’s dividend again
this quarter to $1.00 per share, which now exceeds the quarterly
dividend rate that the Company had achieved prior to the onset of
the COVID-19 pandemic. We are pleased with the strong recovery we
have experienced on both sides of our business and look forward to
continued growth and value creation for our stakeholders in the
future.”
Balance Sheet/Liquidity
UpdateAs of March 31, 2023, the Company had total debt
outstanding of $2,866.9 million, net of unamortized deferred
financing costs, and unrestricted cash of $318.5 million. As of
March 31, 2023, there were no amounts drawn under the Company’s
revolving credit facility, $7.0 million was drawn under OEG’s
revolving credit facility, and the lending banks had issued $14.6
million in letters of credit under the Company’s credit facility,
which left $743.4 million of aggregate borrowing availability under
the Company’s revolving credit facility and OEG’s revolving credit
facility.
On May 27, 2021, the Company entered into an
at-the-market (ATM) equity distribution agreement that allows the
Company to issue and sell up to 4 million shares of stock through
sales agents. No shares were issued under the ATM agreement during
the three months ended March 31, 2023.
Earnings Call InformationRyman
Hospitality Properties will hold a conference call to discuss this
release tomorrow, May 4, 2023, at 11:00 a.m. ET. Investors can
listen to the conference call over the Internet at www.rymanhp.com.
To listen to the live call, please go to the Investor Relations
section of the website (Investor Relations/Presentations, Earnings
and Webcasts) at least 15 minutes prior to the call to register and
download any necessary audio software. For those who cannot listen
to the live broadcast, a replay will be available shortly after the
call and will be available for at least 30 days.
About Ryman Hospitality Properties,
Inc.Ryman Hospitality Properties, Inc. (NYSE: RHP) is
a leading lodging and hospitality real estate investment trust that
specializes in upscale convention center resorts and leading
entertainment experiences. RHP’s core holdings, Gaylord
Opryland Resort & Convention Center; Gaylord Palms Resort
& Convention Center; Gaylord Texan Resort & Convention
Center; Gaylord National Resort & Convention Center;
and Gaylord Rockies Resort & Convention Center, are five
of the top ten largest non-gaming convention center hotels
in the United States based on total indoor meeting space.
Our Hospitality segment is comprised of these convention center
resorts operating under the Gaylord Hotels brand, along with two
adjacent ancillary hotels, which are managed by Marriott
International and represent a combined total of 10,412 rooms and
more than 2.8 million square feet of total indoor and outdoor
meeting space in top convention and leisure destinations across the
country. RHP also owns a 70% controlling ownership interest in Opry
Entertainment Group (OEG), which is composed of entities owning a
growing collection of iconic and emerging country music brands,
including the Grand Ole Opry, Ryman Auditorium, WSM 650
AM, Ole Red and Circle, a country lifestyle media network
RHP owns in a joint venture with Gray Television, Nashville-area
attractions, and Block 21, a mixed-use entertainment, lodging,
office and retail complex, including the W Austin Hotel and the ACL
Live at Moody Theater, located in downtown Austin, Texas. RHP
operates OEG as its Entertainment segment in a taxable REIT
subsidiary, and its results are consolidated in the Company’s
financial results. Visit RymanHP.com for more
information.
Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
statements as to the Company’s beliefs and expectations of the
outcome of future events that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the fact that they do not
relate strictly to historical or current facts. Examples of these
statements include, but are not limited to, statements regarding
the future performance of the Company’s business, anticipated
business levels and anticipated financial results for the Company
during future periods, the Company’s expected cash dividend, and
other business or operational issues. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from the statements made. These
include the risks and uncertainties associated with the effects of
COVID-19 on us and the hospitality and entertainment industries
generally, the geographic concentration of the Company’s hotel
properties, business levels at the Company’s hotels, the effects of
inflation on the Company’s business and on its customers, including
group business at its hotels, the Company’s ability to remain
qualified as a REIT for federal income tax purposes, the Company’s
ability to execute its strategic goals as a REIT, the Company’s
ability to generate cash flows to support dividends, our Board of
Directors’ ability to modify our dividend policy, including the
frequency and amount of any dividend we may pay, 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 and other risks and uncertainties
described in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, and its Quarterly Reports
on Form 10-Q and subsequent filings. The Company does not undertake
any obligation to release publicly any revisions to forward-looking
statements made by it to reflect events or circumstances occurring
after the date hereof or the occurrence of unanticipated
events.
Additional InformationThis
release should be read in conjunction with the consolidated
financial statements and notes thereto included in our most recent
annual report on Form 10-K. Copies of our reports are available on
our website at no expense at www.rymanhp.com and through the SEC’s
Electronic Data Gathering Analysis and Retrieval System (“EDGAR”)
at www.sec.gov.
Calculation of RevPAR and Total
RevPARWe calculate revenue per available room (“RevPAR”)
for our hotels by dividing room revenue by room nights available to
guests for the period. We calculate total revenue per available
room (“Total RevPAR”) for our hotels by dividing the sum of room
revenue, food & beverage, and other ancillary services revenue
by room nights available to guests for the period. Hospitality
metrics do not include the results of the W Austin, which is
included in the Entertainment segment.
Calculation of GAAP Margin
FiguresWe calculate Net Income (Loss) available to common
stockholders’ margin by dividing GAAP consolidated Net Income
(Loss) available to common stockholders by GAAP consolidated Total
Revenue. We calculate consolidated, segment or property-level
Operating Income Margin by dividing consolidated, segment or
property-level GAAP Operating Income (Loss) by consolidated,
segment or property-level GAAP Revenue.
Non-GAAP Financial MeasuresWe
present the following non-GAAP financial measures we believe are
useful to investors as key measures of our operating
performance:
EBITDAre,
Adjusted EBITDAre and Adjusted
EBITDAre, Excluding
Noncontrolling Interest in Consolidated Joint Venture
DefinitionWe calculate EBITDAre, which is defined by
the National Association of Real Estate Investment Trusts
(“NAREIT”) in its September 2017 white paper as Net Income
(calculated in accordance with GAAP) plus interest expense, income
tax expense, depreciation and amortization, gains or losses on the
disposition of depreciated property (including gains or losses on
change in control), impairment write-downs of depreciated property
and of investments in unconsolidated affiliates caused by a
decrease in the value of depreciated property or the affiliate, and
adjustments to reflect the entity’s share of EBITDAre of
unconsolidated affiliates.
Adjusted EBITDAre is then calculated as
EBITDAre, plus to the extent the following adjustments occurred
during the periods presented:
- preopening costs;
- non-cash lease expense;
- equity-based compensation
expense;
- impairment charges that do not meet
the NAREIT definition above;
- credit losses on held-to-maturity
securities;
- transaction costs of
acquisitions;
- interest income on bonds;
- loss on extinguishment of
debt;
- pension settlement charges;
- pro rata Adjusted
EBITDAre from unconsolidated joint ventures; and
- any other adjustments we have
identified herein.
We then exclude the pro rata share of Adjusted
EBITDAre related to noncontrolling interests in consolidated joint
ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling
Interest in Consolidated Joint Venture.
We use EBITDAre, Adjusted EBITDAre and
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture and segment or property-level EBITDAre
and Adjusted EBITDAre to evaluate our operating performance. We
believe that the presentation of these non-GAAP financial measures
provides useful information to investors regarding our operating
performance and debt leverage metrics, and that the presentation of
these non-GAAP financial measures, when combined with the primary
GAAP presentation of Net Income or Operating Income, as applicable,
is beneficial to an investor’s complete understanding of our
operating performance. We make additional adjustments to
EBITDAre when evaluating our performance because we believe
that presenting Adjusted EBITDAre and Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture
provides useful information to investors regarding our operating
performance and debt leverage metrics.
Adjusted EBITDAre Margin and Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture Margin DefinitionWe calculate consolidated
Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin by dividing consolidated Adjusted
EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint
Venture by GAAP consolidated Total Revenue. We calculate
consolidated, segment or property-level Adjusted EBITDAre Margin by
dividing consolidated, segment-, or property-level Adjusted
EBITDAre by consolidated, segment-, or property-level GAAP Revenue.
We believe Adjusted EBITDAre, Excluding Noncontrolling Interest in
Consolidated Joint Venture Margin is useful to investors in
evaluating our operating performance because this non-GAAP
financial measure helps investors evaluate and compare the results
of our operations from period to period by presenting a ratio
showing the quantitative relationship between Adjusted EBITDAre,
Excluding Noncontrolling Interest in Consolidated Joint Venture and
GAAP consolidated Total Revenue or segment or property-level GAAP
Revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO
available to common stockholders and unit holders
DefinitionWe calculate FFO, which definition is
clarified by NAREIT in its December 2018 white paper as Net
Income (calculated in accordance with GAAP) excluding depreciation
and amortization (excluding amortization of deferred financing
costs and debt discounts), gains and losses from the sale of
certain real estate assets, gains and losses from a change in
control, impairment write-downs of certain real estate assets and
investments in entities when the impairment is directly
attributable to decreases in the value of depreciated real estate
held by the entity, income (loss) from consolidated joint ventures
attributable to noncontrolling interest, and pro rata adjustments
for unconsolidated joint ventures. To calculate Adjusted FFO
available to common stockholders and unit holders, we then exclude,
to the extent the following adjustments occurred during the periods
presented:
- right-of-use asset
amortization;
- impairment charges that do not meet
the NAREIT definition above;
- write-offs of deferred financing
costs;
- amortization of debt discounts or
premiums and amortization of deferred financing costs;
- loss on extinguishment of debt
- non-cash lease expense;
- credit loss on held-to-maturity
securities;
- pension settlement charges;
- additional pro rata adjustments
from unconsolidated joint ventures;
- (gains) losses on other
assets;
- transaction costs on
acquisitions;
- deferred income tax expense
(benefit); and
- any other adjustments we have
identified herein.
To calculate Adjusted FFO available to common
stockholders and unit holders (excluding maintenance capex), we
then exclude FF&E reserve contributions for managed properties
and maintenance capital expenditures for non-managed properties.
FFO available to common stockholders and unit holders, Adjusted FFO
available to common stockholders and unit holders and Adjusted FFO
available to common stockholders and unit holders (excluding
maintenance capex) exclude the ownership portion joint ventures not
controlled or owned by the Company.
We believe that the presentation of these
non-GAAP financial measures provides useful information to
investors regarding the performance of our ongoing operations
because each presents a measure of our operations without regard to
specified non-cash items such as real estate depreciation and
amortization, gain or loss on sale of assets and certain other
items, which we believe are not indicative of the performance of
our underlying hotel properties. We believe that these items are
more representative of our asset base than our ongoing operations.
We also use these non-GAAP financial measures as measures in
determining our results after considering the impact of our capital
structure.
We caution investors that non-GAAP financial
measures we present may not be comparable to similar measures
disclosed by other companies, because not all companies calculate
these non-GAAP measures in the same manner. The non-GAAP financial
measures we present, and any related per share measures, should not
be considered as alternative measures of our Net Income (Loss),
operating performance, cash flow or liquidity. These non-GAAP
financial measures may include funds that may not be available for
our discretionary use due to functional requirements to conserve
funds for capital expenditures and property acquisitions and other
commitments and uncertainties. Although we believe that these
non-GAAP financial measures can enhance an investor’s understanding
of our results of operations, these non-GAAP financial measures,
when viewed individually, are not necessarily better indicators of
any trend as compared to GAAP measures such as Net Income (Loss),
Operating Income (Loss), or cash flow from operations.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Executive Officer |
Shannon Sullivan, Vice President Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Jennifer Hutcheson, Chief Financial Officer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6320 |
(929) 266-6315 |
jhutcheson@rymanhp.com |
robert.winters@alpha-ir.com |
~or~ |
|
Ray Keeler, Vice President Finance and Strategic Planning |
|
Ryman Hospitality Properties, Inc. |
|
(615) 316-6485 |
|
rkeeler@rymanhp.com |
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
Unaudited |
(In thousands,
except per share data) |
|
|
|
|
|
Three Months
Ended |
|
March 31 |
|
|
2023 |
|
|
|
2022 |
|
Revenues
: |
|
|
|
Rooms |
$ |
161,251 |
|
|
$ |
101,593 |
|
Food and beverage |
|
215,804 |
|
|
|
112,116 |
|
Other hotel revenue |
|
47,384 |
|
|
|
47,402 |
|
Entertainment |
|
67,280 |
|
|
|
38,024 |
|
Total revenues |
|
491,719 |
|
|
|
299,135 |
|
|
|
|
|
Operating
expenses: |
|
|
|
Rooms |
|
42,059 |
|
|
|
30,136 |
|
Food and beverage |
|
115,181 |
|
|
|
71,329 |
|
Other hotel expenses |
|
103,059 |
|
|
|
86,643 |
|
Management fees |
|
15,195 |
|
|
|
5,064 |
|
Total hotel operating expenses |
|
275,494 |
|
|
|
193,172 |
|
Entertainment |
|
51,434 |
|
|
|
31,731 |
|
Corporate |
|
10,594 |
|
|
|
9,557 |
|
Preopening costs |
|
190 |
|
|
|
304 |
|
Loss on sale of assets |
|
- |
|
|
|
469 |
|
Depreciation and amortization |
|
48,357 |
|
|
|
56,028 |
|
Total operating expenses |
|
386,069 |
|
|
|
291,261 |
|
|
|
|
|
Operating
income |
|
105,650 |
|
|
|
7,874 |
|
|
|
|
|
Interest
expense, net of amounts capitalized |
|
(42,528 |
) |
|
|
(31,937 |
) |
Interest
income |
|
2,547 |
|
|
|
1,381 |
|
Loss from
consolidated joint ventures |
|
(2,806 |
) |
|
|
(2,627 |
) |
Other gains
and (losses), net |
|
(236 |
) |
|
|
447 |
|
Income
(loss) before income taxes |
|
62,627 |
|
|
|
(24,862 |
) |
|
|
|
|
(Provision)
benefit for income taxes |
|
(1,633 |
) |
|
|
65 |
|
Net income
(loss) |
|
60,994 |
|
|
|
(24,797 |
) |
|
|
|
|
Net loss
attributable to noncontrolling interest in consolidated joint
venture |
|
763 |
|
|
|
- |
|
Net (income) loss attributable to noncontrolling interest in
Operating Partnership |
|
(437 |
) |
|
|
176 |
|
Net income
(loss) available to common stockholders |
$ |
61,320 |
|
|
$ |
(24,621 |
) |
|
|
|
|
Basic income
(loss) per share available to common stockholders |
$ |
1.11 |
|
|
$ |
(0.45 |
) |
Diluted
income (loss) per share available to common stockholders (1) |
$ |
1.02 |
|
|
$ |
(0.45 |
) |
|
|
|
|
Weighted
average common shares for the period: |
|
|
|
Basic |
|
55,182 |
|
|
|
55,086 |
|
Diluted (1) |
|
59,326 |
|
|
|
55,086 |
|
|
|
|
|
(1) Diluted weighted
average common shares for the three months ended March 31, 2023
include 3.9 million equivalent shares related to the currently
unexercisable investor put rights associated with the
noncontrolling interest in the Company’s OEG business, which may be
settled in cash or shares at the Company’s option. |
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
March
31 |
|
Dec.
31, |
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Property and equipment, net of accumulated depreciation |
$ |
3,163,900 |
|
$ |
3,171,708 |
|
Cash and cash equivalents - unrestricted |
|
318,512 |
|
|
334,194 |
|
Cash and cash equivalents - restricted |
|
95,113 |
|
|
110,136 |
|
Notes receivable |
|
64,209 |
|
|
67,628 |
|
Trade receivables, net |
|
147,215 |
|
|
116,836 |
|
Prepaid expenses and other assets |
|
141,024 |
|
|
134,170 |
|
Intangible assets |
|
104,706 |
|
|
105,951 |
|
|
Total assets |
$ |
4,034,679 |
|
$ |
4,040,623 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
|
Debt and finance lease obligations |
$ |
2,866,898 |
|
$ |
2,862,592 |
|
Accounts payable and accrued liabilities |
|
332,068 |
|
|
385,159 |
|
Dividends payable |
|
42,189 |
|
|
14,121 |
|
Deferred management rights proceeds |
|
166,715 |
|
|
167,495 |
|
Operating lease liabilities |
|
126,188 |
|
|
125,759 |
|
Deferred income tax liabilities, net |
|
13,682 |
|
|
12,915 |
|
Other liabilities |
|
66,909 |
|
|
64,824 |
|
Noncontrolling interest in consolidated joint venture |
|
319,753 |
|
|
311,857 |
|
Total equity |
|
100,277 |
|
|
95,901 |
|
|
Total
liabilities and equity |
$ |
4,034,679 |
|
$ |
4,040,623 |
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
ADJUSTED
EBITDAre
RECONCILIATION |
Unaudited |
(in thousands) |
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
$ |
Margin |
|
$ |
Margin |
Consolidated |
|
|
|
|
|
Revenue |
$ |
491,719 |
|
|
|
$ |
299,135 |
|
|
Net income (loss) |
$ |
60,994 |
|
12.4 |
% |
|
$ |
(24,797 |
) |
-8.3 |
% |
Interest expense, net |
|
39,981 |
|
|
|
|
30,556 |
|
|
Provision (benefit) for income taxes |
|
1,633 |
|
|
|
|
(65 |
) |
|
Depreciation & amortization |
|
48,357 |
|
|
|
|
56,028 |
|
|
Loss on sale of assets |
|
- |
|
|
|
|
469 |
|
|
Pro rata EBITDAre from unconsolidated joint ventures |
|
9 |
|
|
|
|
22 |
|
|
EBITDAre |
|
150,974 |
|
30.7 |
% |
|
|
62,213 |
|
20.8 |
% |
Preopening costs |
|
190 |
|
|
|
|
304 |
|
|
Non-cash lease expense |
|
1,501 |
|
|
|
|
1,173 |
|
|
Equity-based compensation expense |
|
3,739 |
|
|
|
|
3,786 |
|
|
Interest income on Gaylord National bonds |
|
1,271 |
|
|
|
|
1,340 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
178 |
|
|
Adjusted EBITDAre |
$ |
157,675 |
|
32.1 |
% |
|
$ |
68,994 |
|
23.1 |
% |
Adjusted EBITDAre of noncontrolling interest in consolidated joint
venture |
$ |
(4,296 |
) |
|
|
|
- |
|
|
Adjusted EBITDAre,
excluding noncontrolling interest in consolidated
joint venture |
$ |
153,379 |
|
31.2 |
% |
|
$ |
68,994 |
|
23.1 |
% |
|
|
|
|
|
|
Hospitality
segment |
|
|
|
|
|
Revenue |
$ |
424,439 |
|
|
|
$ |
261,111 |
|
|
Operating income |
$ |
106,070 |
|
25.0 |
% |
|
$ |
15,668 |
|
6.0 |
% |
Depreciation & amortization |
|
42,875 |
|
|
|
|
52,271 |
|
|
Non-cash lease expense |
|
1,019 |
|
|
|
|
1,053 |
|
|
Interest income on Gaylord National bonds |
|
1,271 |
|
|
|
|
1,340 |
|
|
Adjusted EBITDAre |
$ |
151,235 |
|
35.6 |
% |
|
$ |
70,332 |
|
26.9 |
% |
|
|
|
|
|
|
Entertainment segment |
|
|
|
|
|
Revenue |
$ |
67,280 |
|
|
|
$ |
38,024 |
|
|
Operating income |
$ |
10,391 |
|
15.4 |
% |
|
$ |
2,437 |
|
6.4 |
% |
Depreciation & amortization |
|
5,265 |
|
|
|
|
3,552 |
|
|
Preopening costs |
|
190 |
|
|
|
|
304 |
|
|
Non-cash lease expense |
|
482 |
|
|
|
|
120 |
|
|
Equity-based compensation |
|
816 |
|
|
|
|
824 |
|
|
Transaction costs of acquisitions |
|
- |
|
|
|
|
178 |
|
|
Pro rata adjusted EBITDAre from unconsolidated joint ventures |
|
(2,798 |
) |
|
|
|
(2,605 |
) |
|
Adjusted EBITDAre |
$ |
14,346 |
|
21.3 |
% |
|
$ |
4,810 |
|
12.6 |
% |
|
|
|
|
|
|
Corporate
and Other segment |
|
|
|
|
|
Operating loss |
$ |
(10,811 |
) |
|
|
$ |
(10,231 |
) |
|
Depreciation & amortization |
|
217 |
|
|
|
|
205 |
|
|
Other gains and (losses), net |
|
(235 |
) |
|
|
|
916 |
|
|
Equity-based compensation |
|
2,923 |
|
|
|
|
2,962 |
|
|
Adjusted EBITDAre |
$ |
(7,906 |
) |
|
|
$ |
(6,148 |
) |
|
|
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 March 31, |
|
|
2023 |
|
|
|
2022 |
|
Consolidated |
|
|
|
Net income (loss) |
$ |
60,994 |
|
|
$ |
(24,797 |
) |
Noncontrolling interest in consolidated joint venture |
|
763 |
|
|
|
- |
|
Net income (loss) available to common stockholders and unit
holders |
|
61,757 |
|
|
|
(24,797 |
) |
Depreciation & amortization |
|
48,326 |
|
|
|
55,997 |
|
Adjustments for noncontrolling interest |
|
(1,580 |
) |
|
|
- |
|
Pro rata adjustments from joint ventures |
|
23 |
|
|
|
22 |
|
FFO available to common stockholders and unit
holders |
|
108,526 |
|
|
|
31,222 |
|
|
|
|
|
Right-of-use asset amortization |
|
31 |
|
|
|
31 |
|
Non-cash lease expense |
|
1,501 |
|
|
|
1,173 |
|
Loss on other assets |
|
- |
|
|
|
469 |
|
Amortization of deferred financing costs |
|
2,674 |
|
|
|
2,229 |
|
Amortization of debt discounts and premiums |
|
506 |
|
|
|
(73 |
) |
Adjustments for noncontrolling interest |
|
(412 |
) |
|
|
- |
|
Transaction costs of acquisitions |
|
- |
|
|
|
178 |
|
Deferred tax provision (benefit) |
|
767 |
|
|
|
(415 |
) |
Adjusted FFO available to common stockholders and unit
holders |
$ |
113,593 |
|
|
$ |
34,814 |
|
Capital expenditures (1) |
|
(23,888 |
) |
|
|
(12,305 |
) |
Adjusted FFO available to common stockholders and unit
holders (ex. maintenance capex) |
$ |
89,705 |
|
|
$ |
22,509 |
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
$ |
1.11 |
|
|
$ |
(0.45 |
) |
Diluted net income (loss) per share |
$ |
1.02 |
|
|
$ |
(0.45 |
) |
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
1.95 |
|
|
$ |
0.56 |
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
2.04 |
|
|
$ |
0.63 |
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (2) |
$ |
1.80 |
|
|
$ |
0.56 |
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (2) |
$ |
1.89 |
|
|
$ |
0.63 |
|
|
|
|
|
Weighted
average common shares and OP units for the period: |
|
|
|
Basic |
|
55,577 |
|
|
|
55,481 |
|
Diluted (2) |
|
59,721 |
|
|
|
55,481 |
|
|
|
|
|
(1) Represents FF&E reserve contribution for managed properties
and maintenance capital expenditures for non-managed
properties. |
|
|
(2) Diluted weighted average common shares and OP units for the
three months ended March 31, 2023 include 3.9 million equivalent
shares related to the currently unexercisable |
investor put rights associated with the noncontrolling interest in
the Company’s OEG business, which may be settled in cash or shares
at the Company’s option. |
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
HOSPITALITY
SEGMENT ADJUSTED EBITDAre
RECONCILIATIONS AND OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
$ |
Margin |
|
$ |
Margin |
Hospitality segment |
|
|
|
|
|
Revenue |
$ |
424,439 |
|
|
|
$ |
261,111 |
|
|
Operating income |
$ |
106,070 |
|
25.0 |
% |
|
$ |
15,668 |
|
6.0 |
% |
Depreciation & amortization |
|
42,875 |
|
|
|
|
52,271 |
|
|
Non-cash lease expense |
|
1,019 |
|
|
|
|
1,053 |
|
|
Interest income on Gaylord National bonds |
|
1,271 |
|
|
|
|
1,340 |
|
|
Adjusted EBITDAre |
$ |
151,235 |
|
35.6 |
% |
|
$ |
70,332 |
|
26.9 |
% |
|
|
|
|
|
|
Occupancy |
|
72.3 |
% |
|
|
|
47.3 |
% |
|
Average daily rate (ADR) |
$ |
237.95 |
|
|
|
$ |
229.17 |
|
|
RevPAR |
$ |
172.08 |
|
|
|
$ |
108.41 |
|
|
OtherPAR |
$ |
280.86 |
|
|
|
$ |
170.23 |
|
|
Total RevPAR |
$ |
452.94 |
|
|
|
$ |
278.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland |
|
|
|
|
|
Revenue |
$ |
111,806 |
|
|
|
$ |
73,519 |
|
|
Operating income |
$ |
31,695 |
|
28.3 |
% |
|
$ |
15,555 |
|
21.2 |
% |
Depreciation & amortization |
|
8,554 |
|
|
|
|
8,589 |
|
|
Non-cash lease revenue |
|
(12 |
) |
|
|
|
(13 |
) |
|
Adjusted EBITDAre |
$ |
40,237 |
|
36.0 |
% |
|
$ |
24,131 |
|
32.8 |
% |
|
|
|
|
|
|
Occupancy |
|
72.6 |
% |
|
|
|
48.8 |
% |
|
Average daily rate (ADR) |
$ |
240.19 |
|
|
|
$ |
239.77 |
|
|
RevPAR |
$ |
174.40 |
|
|
|
$ |
116.98 |
|
|
OtherPAR |
$ |
255.76 |
|
|
|
$ |
165.87 |
|
|
Total RevPAR |
$ |
430.16 |
|
|
|
$ |
282.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms |
|
|
|
|
|
Revenue |
$ |
84,546 |
|
|
|
$ |
59,848 |
|
|
Operating income |
$ |
27,634 |
|
32.7 |
% |
|
$ |
15,858 |
|
26.5 |
% |
Depreciation & amortization |
|
5,610 |
|
|
|
|
5,552 |
|
|
Non-cash lease expense |
|
1,031 |
|
|
|
|
1,066 |
|
|
Adjusted EBITDAre |
$ |
34,275 |
|
40.5 |
% |
|
$ |
22,476 |
|
37.6 |
% |
|
|
|
|
|
|
Occupancy |
|
79.5 |
% |
|
|
|
55.6 |
% |
|
Average daily rate (ADR) |
$ |
257.66 |
|
|
|
$ |
256.19 |
|
|
RevPAR |
$ |
204.78 |
|
|
|
$ |
142.36 |
|
|
OtherPAR |
$ |
342.02 |
|
|
|
$ |
244.71 |
|
|
Total RevPAR |
$ |
546.80 |
|
|
|
$ |
387.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan |
|
|
|
|
|
Revenue |
$ |
86,398 |
|
|
|
$ |
56,636 |
|
|
Operating income |
$ |
28,088 |
|
32.5 |
% |
|
$ |
12,916 |
|
22.8 |
% |
Depreciation & amortization |
|
5,766 |
|
|
|
|
6,698 |
|
|
Adjusted EBITDAre |
$ |
33,854 |
|
39.2 |
% |
|
$ |
19,614 |
|
34.6 |
% |
|
|
|
|
|
|
Occupancy |
|
77.1 |
% |
|
|
|
57.8 |
% |
|
Average daily rate (ADR) |
$ |
230.83 |
|
|
|
$ |
221.38 |
|
|
RevPAR |
$ |
177.90 |
|
|
|
$ |
128.06 |
|
|
OtherPAR |
$ |
351.31 |
|
|
|
$ |
218.85 |
|
|
Total RevPAR |
$ |
529.21 |
|
|
|
$ |
346.91 |
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
HOSPITALITY
SEGMENT ADJUSTED EBITDAre
RECONCILIATIONS AND OPERATING METRICS |
Unaudited |
(in thousands) |
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
$ |
Margin |
|
$ |
Margin |
Gaylord National |
|
|
|
|
|
Revenue |
$ |
72,772 |
|
|
|
$ |
32,587 |
|
|
Operating income (loss) |
$ |
8,055 |
|
11.1 |
% |
|
$ |
(11,275 |
) |
-34.6 |
% |
Depreciation & amortization |
|
8,294 |
|
|
|
|
8,139 |
|
|
Interest income on Gaylord National bonds |
|
1,271 |
|
|
|
|
1,340 |
|
|
Adjusted EBITDAre |
$ |
17,620 |
|
24.2 |
% |
|
$ |
(1,796 |
) |
-5.5 |
% |
|
|
|
|
|
|
Occupancy |
|
67.3 |
% |
|
|
|
35.4 |
% |
|
Average daily rate (ADR) |
$ |
239.70 |
|
|
|
$ |
219.63 |
|
|
RevPAR |
$ |
161.43 |
|
|
|
$ |
77.73 |
|
|
OtherPAR |
$ |
243.67 |
|
|
|
$ |
103.67 |
|
|
Total RevPAR |
$ |
405.10 |
|
|
|
$ |
181.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Rockies |
|
|
|
|
|
Revenue |
$ |
64,047 |
|
|
|
$ |
34,787 |
|
|
Operating income (loss) |
$ |
10,868 |
|
17.0 |
% |
|
$ |
(16,784 |
) |
-48.2 |
% |
Depreciation & amortization |
|
14,045 |
|
|
|
|
22,648 |
|
|
Adjusted EBITDAre |
$ |
24,913 |
|
38.9 |
% |
|
$ |
5,864 |
|
16.9 |
% |
|
|
|
|
|
|
Occupancy |
|
69.9 |
% |
|
|
|
39.2 |
% |
|
Average daily rate (ADR) |
$ |
233.09 |
|
|
|
$ |
213.46 |
|
|
RevPAR |
$ |
162.97 |
|
|
|
$ |
83.61 |
|
|
OtherPAR |
$ |
311.13 |
|
|
|
$ |
173.90 |
|
|
Total RevPAR |
$ |
474.10 |
|
|
|
$ |
257.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
AC Hotel at National Harbor |
|
|
|
|
|
Revenue |
$ |
2,211 |
|
|
|
$ |
1,607 |
|
|
Operating loss |
$ |
(178 |
) |
-8.1 |
% |
|
$ |
(407 |
) |
-25.3 |
% |
Depreciation & amortization |
|
281 |
|
|
|
|
327 |
|
|
Adjusted EBITDAre |
$ |
103 |
|
4.7 |
% |
|
$ |
(80 |
) |
-5.0 |
% |
|
|
|
|
|
|
Occupancy |
|
54.3 |
% |
|
|
|
46.2 |
% |
|
Average daily rate (ADR) |
$ |
218.52 |
|
|
|
$ |
176.64 |
|
|
RevPAR |
$ |
118.55 |
|
|
|
$ |
81.65 |
|
|
OtherPAR |
$ |
9.37 |
|
|
|
$ |
11.37 |
|
|
Total RevPAR |
$ |
127.92 |
|
|
|
$ |
93.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Inn at Opryland (1) |
|
|
|
|
|
Revenue |
$ |
2,659 |
|
|
|
$ |
2,127 |
|
|
Operating loss |
$ |
(92 |
) |
-3.5 |
% |
|
$ |
(195 |
) |
-9.2 |
% |
Depreciation & amortization |
|
325 |
|
|
|
|
318 |
|
|
Adjusted EBITDAre |
$ |
233 |
|
8.8 |
% |
|
$ |
123 |
|
5.8 |
% |
|
|
|
|
|
|
Occupancy |
|
56.6 |
% |
|
|
|
42.7 |
% |
|
Average daily rate (ADR) |
$ |
139.30 |
|
|
|
$ |
137.24 |
|
|
RevPAR |
$ |
78.87 |
|
|
|
$ |
58.63 |
|
|
OtherPAR |
$ |
18.65 |
|
|
|
$ |
19.36 |
|
|
Total RevPAR |
$ |
97.52 |
|
|
|
$ |
77.99 |
|
|
|
|
|
|
|
|
(1) Includes
other hospitality revenue and expense |
|
|
|
|
|
|
RYMAN
HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
EARNINGS PER
SHARE, FFO PER SHARE AND ADJUSTED FFO PER SHARE
CALCULATIONS |
Unaudited |
(In thousands,
except per share data) |
|
|
|
|
|
Three Months
Ended |
|
March 31 |
|
|
2023 |
|
|
|
2022 |
|
Earnings per share: |
|
|
|
|
|
|
|
Numerator: |
|
|
|
Net income (loss) available to common stockholders |
$ |
61,320 |
|
|
$ |
(24,621 |
) |
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
(763 |
) |
|
|
- |
|
Net income (loss) available to common stockholders - if-converted
method |
$ |
60,557 |
|
|
$ |
(24,621 |
) |
|
|
|
|
Denominator: |
|
|
|
Weighted average shares outstanding - basic |
|
55,182 |
|
|
|
55,086 |
|
Effect of dilutive stock-based compensation |
|
281 |
|
|
|
- |
|
Effect of dilutive put rights (1) |
|
3,863 |
|
|
|
- |
|
Weighted average shares outstanding - diluted |
|
59,326 |
|
|
|
55,086 |
|
|
|
|
|
Basic income (loss) per share available to common stockholders |
$ |
1.11 |
|
|
$ |
(0.45 |
) |
Diluted income (loss) per share available to common
stockholders |
$ |
1.02 |
|
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
FFO and Adjusted FFO per share: |
|
|
|
|
|
|
|
Numerator - FFO: |
|
|
|
FFO available to common stockholders and unit holders |
$ |
108,526 |
|
|
$ |
31,222 |
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
(763 |
) |
|
|
- |
|
FFO available to common stockholders and unit holders- if-converted
method |
$ |
107,763 |
|
|
$ |
31,222 |
|
|
|
|
|
Numerator - Adjusted FFO: |
|
|
|
Adjusted FFO available to common stockholders and unit holders |
$ |
113,593 |
|
|
$ |
34,814 |
|
Net loss attributable to noncontrolling interest in consolidated
joint venture |
|
(763 |
) |
|
|
- |
|
Adjusted FFO available to common stockholders and unit holders -
if-converted method |
$ |
112,830 |
|
|
$ |
34,814 |
|
|
|
|
|
Denominator: |
|
|
|
Weighted average shares and OP units outstanding - basic |
|
55,577 |
|
|
|
55,481 |
|
Effect of dilutive stock-based compensation |
|
281 |
|
|
|
- |
|
Effect of dilutive put rights (1) |
|
3,863 |
|
|
|
- |
|
Weighted average shares outstanding - diluted |
|
59,721 |
|
|
|
55,481 |
|
|
|
|
|
FFO available to common stockholders and unit holders per basic
share/unit |
$ |
1.95 |
|
|
$ |
0.56 |
|
Adjusted FFO available to common stockholders and unit holders per
basic share/unit |
$ |
2.04 |
|
|
$ |
0.63 |
|
|
|
|
|
FFO available to common stockholders and unit holders per diluted
share/unit (1) |
$ |
1.80 |
|
|
$ |
0.56 |
|
Adjusted FFO available to common stockholders and unit holders per
diluted share/unit (1) |
$ |
1.89 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
(1) Represents
equivalent shares related to the currently unexercisable investor
put rights associated with the noncontrolling interest in the
Company’s OEG business, which may be settled in cash or shares at
the Company’s option. |
|
Hospitality
Segment |
Adjusted
EBITDAre reconciliation |
Unaudited |
(in
thousands) |
|
Mar-23 |
|
Dec-22 |
Hospitality Segment |
|
|
|
|
Operating Income |
$ |
51,618 |
|
$ |
42,530 |
Depreciation and Amortization |
$ |
14,259 |
|
$ |
14,252 |
Non-cash lease expense |
$ |
340 |
|
$ |
351 |
Interest income on bonds |
$ |
424 |
|
$ |
438 |
Adjusted EBITDAre |
$ |
66,640 |
|
$ |
57,572 |
|
Ryman
Hospitality Properties, Inc. and Subsidiaries |
Reconciliation of Forward-Looking Statements |
Unaudited |
(in
thousands) |
|
|
|
|
|
|
Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization for
Real Estate (“Adjusted EBITDAre”) |
|
|
|
|
|
|
|
NEW GUIDANCE RANGE |
|
FOR FULL YEAR 2023 |
|
Low |
|
High |
|
Midpoint |
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
Net Income |
$ |
223,500 |
|
|
$ |
243,500 |
|
|
$ |
233,500 |
|
Provision for income taxes |
|
9,000 |
|
|
|
10,000 |
|
|
|
9,500 |
|
Interest Expense, net |
|
182,500 |
|
|
|
188,000 |
|
|
|
185,250 |
|
Depreciation and amortization |
|
189,250 |
|
|
|
199,500 |
|
|
|
194,375 |
|
EBITDAre |
$ |
604,250 |
|
|
$ |
641,000 |
|
|
$ |
622,625 |
|
Non-cash lease expense |
|
4,500 |
|
|
|
6,000 |
|
|
|
5,250 |
|
Preopening expense |
|
2,000 |
|
|
|
2,750 |
|
|
|
2,375 |
|
Equity-based compensation |
|
15,000 |
|
|
|
16,250 |
|
|
|
15,625 |
|
Pension settlement charge |
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Interest income on Bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
Other gains and (losses), net |
|
250 |
|
- |
|
1,500 |
|
|
|
875 |
|
Adjusted EBITDAre |
$ |
632,000 |
|
|
$ |
675,000 |
|
|
$ |
653,500 |
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
Operating Income |
$ |
391,500 |
|
|
$ |
411,500 |
|
|
$ |
401,500 |
|
Depreciation and amortization |
|
167,500 |
|
|
|
175,000 |
|
|
|
171,250 |
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
Interest income on Bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
Other gains and (losses), net |
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
Adjusted EBITDAre |
$ |
570,000 |
|
|
$ |
600,000 |
|
|
$ |
585,000 |
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
Operating Income |
$ |
76,000 |
|
|
$ |
80,500 |
|
|
$ |
78,250 |
|
Depreciation and amortization |
|
20,000 |
|
|
|
22,500 |
|
|
|
21,250 |
|
Non-cash lease expense |
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
Preopening expense |
|
2,000 |
|
|
|
2,750 |
|
|
|
2,375 |
|
Equity-based compensation |
|
3,500 |
|
|
|
4,250 |
|
|
|
3,875 |
|
Loss from unconsolidated companies |
|
(8,500 |
) |
|
|
(7,500 |
) |
|
|
(8,000 |
) |
Adjusted EBITDAre |
$ |
94,000 |
|
|
$ |
104,000 |
|
|
$ |
99,000 |
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
Operating Loss |
$ |
(44,000 |
) |
|
$ |
(43,000 |
) |
|
$ |
(43,500 |
) |
Depreciation and amortization |
|
1,750 |
|
|
|
2,000 |
|
|
|
1,875 |
|
Equity-based compensation |
|
11,500 |
|
|
|
12,000 |
|
|
|
11,750 |
|
Pension settlement charge |
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Other gains and (losses), net |
|
(2,750 |
) |
|
|
(2,000 |
) |
|
|
(2,375 |
) |
Adjusted EBITDAre |
$ |
(32,000 |
) |
|
$ |
(29,000 |
) |
|
$ |
(30,500 |
) |
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
Net Income available to common shareholders |
|
222,500 |
|
|
|
232,500 |
|
|
$ |
227,500 |
|
Depreciation and amortization |
|
189,250 |
|
|
|
199,500 |
|
|
|
194,375 |
|
Adjustments for noncontrolling interest |
|
(8,000 |
) |
|
|
(6,000 |
) |
|
|
(7,000 |
) |
Funds from Operations (FFO) available to common
shareholders |
$ |
403,750 |
|
|
$ |
426,000 |
|
|
$ |
414,875 |
|
Right of use amortization |
|
- |
|
|
|
500 |
|
|
|
250 |
|
Non-cash lease expense |
|
4,500 |
|
|
|
6,000 |
|
|
|
5,250 |
|
Pension settlement charge |
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Other gains and (losses), net |
|
1,250 |
|
|
|
1,500 |
|
|
|
1,375 |
|
Adjustments for noncontrolling interest |
|
(1,500 |
) |
|
|
(1,000 |
) |
|
|
(1,250 |
) |
Amortization of deferred financing costs |
|
10,000 |
|
|
|
12,000 |
|
|
|
11,000 |
|
Amortization of debt discounts and premiums |
|
500 |
|
|
|
1,000 |
|
|
|
750 |
|
Deferred Taxes |
|
5,000 |
|
|
|
6,000 |
|
|
|
5,500 |
|
Adjusted FFO available to common shareholders |
$ |
425,000 |
|
|
$ |
454,000 |
|
|
$ |
439,500 |
|
|
Ryman
Hospitality Properties, Inc. and Subsidiaries |
Reconciliation of Forward-Looking Statements |
Unaudited |
(in
thousands) |
|
|
|
|
|
|
Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization for
Real Estate (“Adjusted EBITDAre”) |
|
|
|
|
|
|
|
PRIOR
GUIDANCE RANGE |
|
FOR FULL YEAR 2023 |
|
Low |
|
High |
|
Midpoint |
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
Net Income |
$ |
199,750 |
|
|
$ |
216,000 |
|
|
$ |
207,875 |
|
Provision for income taxes |
|
6,000 |
|
|
|
7,000 |
|
|
|
6,500 |
|
Interest Expense, net |
|
182,500 |
|
|
|
193,000 |
|
|
|
187,750 |
|
Depreciation and amortization |
|
189,250 |
|
|
|
199,500 |
|
|
|
194,375 |
|
EBITDAre |
$ |
577,500 |
|
|
$ |
615,500 |
|
|
$ |
596,500 |
|
Non-cash lease expense |
|
4,500 |
|
|
|
6,000 |
|
|
|
5,250 |
|
Preopening expense |
|
2,000 |
|
|
|
2,750 |
|
|
|
2,375 |
|
Equity-based compensation |
|
15,000 |
|
|
|
16,250 |
|
|
|
15,625 |
|
Pension settlement charge |
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Interest income on Bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
Adjusted EBITDAre |
$ |
605,000 |
|
|
$ |
648,000 |
|
|
$ |
626,500 |
|
|
|
|
|
|
|
Hospitality Segment |
|
|
|
|
|
Operating Income |
$ |
371,500 |
|
|
$ |
391,500 |
|
|
$ |
381,500 |
|
Depreciation and amortization |
|
167,500 |
|
|
|
175,000 |
|
|
|
171,250 |
|
Non-cash lease expense |
|
3,500 |
|
|
|
4,500 |
|
|
|
4,000 |
|
Interest income on Bonds |
|
4,500 |
|
|
|
5,500 |
|
|
|
5,000 |
|
Other gains and (losses), net |
|
3,000 |
|
|
|
3,500 |
|
|
|
3,250 |
|
Adjusted EBITDAre |
$ |
550,000 |
|
|
$ |
580,000 |
|
|
$ |
565,000 |
|
|
|
|
|
|
|
Entertainment Segment |
|
|
|
|
|
Operating Income |
$ |
69,000 |
|
|
$ |
73,500 |
|
|
$ |
71,250 |
|
Depreciation and amortization |
|
20,000 |
|
|
|
22,500 |
|
|
|
21,250 |
|
Non-cash lease expense |
|
1,000 |
|
|
|
1,500 |
|
|
|
1,250 |
|
Preopening expense |
|
2,000 |
|
|
|
2,750 |
|
|
|
2,375 |
|
Equity-based compensation |
|
3,500 |
|
|
|
4,250 |
|
|
|
3,875 |
|
Loss from unconsolidated companies |
|
(8,500 |
) |
|
|
(7,500 |
) |
|
|
(8,000 |
) |
Adjusted EBITDAre |
$ |
87,000 |
|
|
$ |
97,000 |
|
|
$ |
92,000 |
|
|
|
|
|
|
|
Corporate and Other Segment |
|
|
|
|
|
Operating Loss |
$ |
(44,000 |
) |
|
$ |
(43,000 |
) |
|
$ |
(43,500 |
) |
Depreciation and amortization |
|
1,750 |
|
|
|
2,000 |
|
|
|
1,875 |
|
Equity-based compensation |
|
11,500 |
|
|
|
12,000 |
|
|
|
11,750 |
|
Pension settlement charge |
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Other gains and (losses), net |
|
(2,750 |
) |
|
|
(2,000 |
) |
|
|
(2,375 |
) |
Adjusted EBITDAre |
$ |
(32,000 |
) |
|
$ |
(29,000 |
) |
|
$ |
(30,500 |
) |
|
|
|
|
|
|
Ryman Hospitality Properties, Inc. |
|
|
|
|
|
Net Income available to common shareholders |
|
200,000 |
|
|
|
212,500 |
|
|
$ |
206,250 |
|
Depreciation and amortization |
|
189,250 |
|
|
|
199,500 |
|
|
|
194,375 |
|
Adjustments for noncontrolling interest |
|
(8,000 |
) |
|
|
(6,000 |
) |
|
|
(7,000 |
) |
Funds from Operations (FFO) available to common
shareholders |
$ |
381,250 |
|
|
$ |
406,000 |
|
|
$ |
393,625 |
|
Right of use ammortization |
|
- |
|
|
|
500 |
|
|
|
250 |
|
Non-cash lease expense |
|
4,500 |
|
|
|
6,000 |
|
|
|
5,250 |
|
Pension settlement charge |
|
1,500 |
|
|
|
2,000 |
|
|
|
1,750 |
|
Other gains and (losses), net |
|
1,250 |
|
|
|
1,500 |
|
|
|
1,375 |
|
Adjustments for noncontrolling interest |
|
(1,500 |
) |
|
|
(1,000 |
) |
|
|
(1,250 |
) |
Ammortization of deferred financing costs |
|
10,000 |
|
|
|
12,000 |
|
|
|
11,000 |
|
Ammortization of debt discounts and premiums |
|
500 |
|
|
|
1,000 |
|
|
|
750 |
|
Deferred Taxes |
|
(5,000 |
) |
|
|
(4,000 |
) |
|
|
(4,500 |
) |
Adjusted FFO available to common shareholders |
$ |
392,500 |
|
|
$ |
424,000 |
|
|
$ |
408,250 |
|
Ryman Hospitality Proper... (NYSE:RHP)
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