Ryman Hospitality Properties, Inc. Reports Third Quarter

NASHVILLE, Tenn., Oct. 31, 2022 (GLOBE NEWSWIRE) —  Ryman Hospitality Properties, Inc. (NYSE: RHP), a number one lodging and hospitality actual property funding belief (“REIT”) that makes a speciality of upscale conference heart resorts and main leisure experiences, at the moment reported monetary outcomes for the third quarter ended September 30, 2022.

Third Quarter 2022 Highlights and Recent Developments:

• The Company generated internet revenue accessible to widespread shareholders of $45.2 million or $0.79 per diluted share, reaching two consecutive post-pandemic quarters of profitability.
• Despite 5.6 fewer factors of occupancy in comparison with Q3 2019, the Company’s Hospitality phase achieved income of $390.6 million, a document for any third quarter, pushed by continued power in leisure room fee and out of doors the room spending by teams.
• The Hospitality phase reported a 3rd quarter document in working revenue of $88.9 million, working revenue margin of twenty-two.8%, Hospitality Adjusted EBITDAre of $136.7 million, and Hospitality Adjusted EBITDAre margin of 35.0%.
• Strength in leisure demand supported an all-time document leisure common each day fee (ADR) of $288, a rise of 14.6% in comparison with Q3 2021 and 42.0% in comparison with Q3 2019.
• During the quarter, the Company booked over 614,000 gross superior group room nights for all future years, at an ADR of $252, a rise of 16.8% over Q3 2021 ADR for future bookings and 24.9% above Q3 2019 ADR for future bookings.
• Subsequent to quarter finish, the Company introduced Chairman and CEO Colin Reed will transition to Executive Chairman, and the Board has appointed Mark Fioravanti to President and CEO, efficient January 1, 2023.
• The Company reinstated a quarterly money dividend of $0.10 per widespread share paid on October 17, 2022.
• Based on power of Q3 2022 monetary outcomes and confidence within the the rest of 2022, the Company will increase its consolidated Full Year 2022 outlook.

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

Third Quarter 2022 Results (as in comparison with Third Quarter 2021):

Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling curiosity in consolidated three way partnership, Adjusted EBITDAre, excluding noncontrolling curiosity in consolidated three way partnership margin, FFO accessible to widespread shareholders and unit holders, and Adjusted FFO accessible to widespread shareholders and unit holders, in addition to a reconciliation of the non-GAAP monetary measure Adjusted EBITDAre to Net Income/(Loss) and a reconciliation of the non-GAAP monetary measure Adjusted FFO accessible to widespread shareholders and unit holders to Net Income/(Loss), see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO available to common shareholders and unit holders Definition” and “Supplemental Financial Results” under.

Hospitality Segment

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” under. Property-level outcomes and working metrics for third quarter 2022 are introduced in better element under and underneath “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which features a reconciliation of the non-GAAP monetary measures Hospitality Adjusted EBITDAre to Hospitality Operating Income/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for every of the lodge properties within the Hospitality phase.

Hospitality Segment Highlights

• Hotel occupancy was 71.5% in Q3 2022, in comparison with 54.5% in Q3 2021 and 77.1% in Q3 2019, because the phase stories substantial year-over-year progress in occupancy from 2021.
• All motels set third quarter income information and 4 of the 5 motels set Adjusted EBITDAre information, regardless of general occupancy being 5.6 factors decrease than Q3 2019.
• Gaylord National’s document third quarter income and Adjusted EBITDAre efficiency was aided by our investments in reconcepting meals and beverage shops, which helped drive stronger meals and beverage margins.
• Gaylord Rockies reported document working revenue of $21.0 million and occupancy of 86.9%, an all-time quarterly document for any of our properties, which led to its highest whole income and Adjusted EBITDAre quarter of $77.3 million and $34.7 million, respectively, since opening in December 2018.
• Room night time manufacturing remained robust within the third quarter as new particular ADR for future bookings made within the quarter was an all-time document and income for future bookings made within the quarter was a 3rd quarter document.

Entertainment Segment

For the three and 9 months ended September 30, 2022, and 2021, the Company reported the next:

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

Corporate and Other Segment

For the three and 9 months ended September 30, 2022, and 2021, the Company reported the next: 

2022 Guidance

The Company is elevating its consolidated steering for full yr 2022 primarily based on present info as of October 31, 2022. The Company doesn’t count on to replace the steering offered under earlier than subsequent quarter’s earnings launch. However, the Company might replace its full business outlook or any portion thereof at any time for any motive.

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

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

Leadership Transition Update
On October 11, 2022, the Company introduced Chairman and Chief Executive Officer Colin Reed will transition to Executive Chairman of the Company after greater than 21 years as CEO. The Company’s Board of Directors has appointed President Mark Fioravanti to succeed Reed as Chief Executive Officer, underneath the title of President and Chief Executive Officer, efficient January 1, 2023.   Reed’s function as Executive Chairman will embody his duties as Executive Chairman of the Company’s Board of Directors and as Chairman of the OEG Board of Directors. Reed will even give attention to working with OEG strategic investor Atairos and with NBCUniversal to unlock alternatives for worth creation; advancing the Company’s ESG and Diversity, Equity, and Inclusion targets; and neighborhood and authorities affairs. Reed will proceed his function with artist and shareholder relations alongside Fioravanti.

Dividend Update
On September 6, 2022, the Company introduced that it declared a quarterly money dividend of $0.10 per widespread share, which was paid on October 17, 2022, to stockholders of document as of September 30, 2022. The Board of Directors authorised the reinstatement of this dividend fee, which represents Ryman’s first quarterly money dividend since funds have been suspended following the Q1 2020 dividend paid in April 2020. Due to the alternatives the Company sees to allocate capital throughout its portfolio, the Company adopted an interim coverage of a minimal annual dividend quantity of 100% of REIT taxable revenue, changing the previous dividend coverage of the better of 100% of REIT taxable revenue or 50% of AFFO much less upkeep capital expenditures. The Company’s interim dividend coverage is topic to the Board of Directors’ future determinations as to the quantity of quarterly distributions and the timing thereof.

Balance Sheet/Liquidity Update
As of September 30, 2022, the Company had whole debt excellent of $2,863.1 million, internet of unamortized deferred financing prices, and unrestricted money of $224.7 million. As of September 30, 2022, there have been no quantities drawn underneath the revolving credit score strains of the Company’s credit score facility or the OEG credit score facility, and the lending banks had issued $10.4 million in letters of credit score, which left $754.6 million of availability for borrowing underneath the 2 revolving credit score strains.

Earnings Call Information
Ryman Hospitality Properties will maintain a convention name to debate this launch tomorrow, November 1, 2022, at 10:00 a.m. ET. Investors can take heed to the convention name over the Internet at www.rymanhp.com. To take heed to the dwell name, please go to the Investor Relations part of the web site (Investor Relations/Presentations, Earnings and Webcasts) no less than quarter-hour previous to the decision to register and obtain any crucial audio software program. For those that can not take heed to the dwell broadcast, a replay will likely be accessible shortly after the decision and will likely be accessible for no less than 30 days.

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a number one lodging and hospitality actual property funding belief that makes a speciality of upscale conference heart resorts and main leisure 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 5 of the highest ten largest non-gaming conference heart motels in the United States primarily based on whole indoor assembly area. Our Hospitality phase is comprised of those conference heart resorts working underneath the Gaylord Hotels model, together with two adjoining ancillary motels, that are managed by Marriott International and symbolize a mixed whole of 10,412 rooms and greater than 2.8 million sq. ft of whole indoor and outside assembly area in high conference and leisure locations throughout the nation. RHP additionally owns a 70% controlling possession curiosity in Opry Entertainment Group (OEG), which consists of entities proudly owning a rising assortment of iconic and rising nation music manufacturers, together with the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red and Circle, a rustic life-style media community RHP owns in a three way partnership with Gray Television, Nashville-area points of interest managed by Marriott, and Block 21, a mixed-use leisure, lodging, workplace and retail advanced, together with the W Austin Hotel and the ACL Live at Moody Theater, positioned in downtown Austin, Texas. RHP operates OEG as its Entertainment phase, in a taxable REIT subsidiary, and its outcomes are consolidated within the Company’s monetary outcomes. Visit RymanHP.com for extra info.

Cautionary Note Regarding Forward-Looking Statements
This press launch comprises statements as to RHP’s beliefs and expectations of the result of future occasions which might be forward-looking statements as outlined within the Private Securities Litigation Reform Act of 1995. You can determine these statements by the truth that they don’t relate strictly to historic or present details. Examples of those statements embody, however will not be restricted to, statements concerning the long run efficiency of our business, anticipated restoration of journey, leisure and group demand from intervals affected by the COVID-19 pandemic, the anticipated results of COVID-19 on our outcomes of operations, our liquidity, restoration of group business to pre-pandemic ranges, anticipated business ranges and anticipated monetary outcomes for the Company throughout future intervals, the Company’s expectations for OEG together with Block 21 and the Atairos funding, and different business or operational points. These forward-looking statements are topic to dangers and uncertainties that might trigger precise outcomes to vary materially from the statements made. These embody the dangers and uncertainties related to the consequences of the COVID-19 pandemic on us and the hospitality and leisure industries typically, the consequences of the COVID-19 pandemic on the demand for journey, leisure and group business (together with government-imposed restrictions), ranges of client confidence within the security of journey and group gathering because of COVID-19, the tempo of restoration following the COVID-19 pandemic, financial situations affecting the hospitality business typically, the geographic focus of the Company’s lodge properties, business ranges on the Company’s motels, the consequences of inflation on the Company’s business and on its clients, together with group business at its motels, the Company’s skill to stay certified as a REIT for federal revenue tax functions, the Company’s skill to execute its strategic targets as a REIT, the Company’s skill to generate money flows to assist dividends, our Board of Directors’ skill to change our dividend coverage, together with the frequency and quantity of any dividend we might pay, the Company’s skill to borrow funds pursuant to its credit score agreements, and the incidence of any occasion, change or different circumstance that might have an effect on the mixing of Block 21 or the strategic place of OEG after the Atairos funding. Other elements that might trigger working and monetary outcomes to vary are described within the filings made infrequently by the Company with the U.S. Securities and Exchange Commission (SEC) and embody the chance elements and different dangers and uncertainties described within the Company’s Annual Report on Form 10-Ok for the fiscal yr ended December 31, 2021, and its Quarterly Reports on Form 10-Q and subsequent filings. The Company doesn’t undertake any obligation to launch publicly any revisions to forward-looking statements made by it to replicate occasions or circumstances occurring after the date hereof or the incidence of unanticipated occasions.

Additional Information
This launch needs to be learn at the side of the consolidated monetary statements and notes thereto included in our most up-to-date annual report on Form 10-Ok. Copies of our stories can be found on our web site at no expense at www.rymanhp.com and thru the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Calculation of RevPAR, Total RevPAR, and Occupancy
We calculate income per accessible room (“RevPAR”) for our motels by dividing room income by room nights accessible to friends for the interval. Room nights accessible to friends embody nights the motels are closed. We calculate whole income per accessible room (“Total RevPAR”) for our motels by dividing the sum of room income, meals & beverage, and different ancillary companies income by room nights accessible to friends for the interval. Rooms out of service for renovation are included in room nights accessible. For the three and 9 months ended September 30, 2022, and 2021, the calculation of RevPAR and Total RevPAR in our tabular displays has not been modified because of the COVID-19 pandemic and the ensuing lodge closures and is in step with prior intervals. The closure of Gaylord National, which reopened July 1, 2021, resulted in considerably decrease efficiency for intervals of closure. Occupancy figures replicate a further 302 rooms accessible at Gaylord Palms starting in June 2021. Hospitality metrics don’t embody the outcomes of the W Austin, which is included within the Entertainment phase.

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

Non-GAAP Financial Measures
We current the next non-GAAP monetary measures we consider are helpful to buyers as key measures of our working efficiency:

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition
We calculate EBITDAre, which is outlined 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 curiosity expense, revenue tax expense, depreciation and amortization, positive aspects or losses on the disposition of depreciated property (together with positive aspects or losses on change in management), impairment write-downs of depreciated property and of investments in unconsolidated associates brought on by a lower within the worth of depreciated property or the affiliate, and changes to replicate the entity’s share of EBITDAre of unconsolidated associates.
Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the next changes occurred throughout the intervals introduced:

• preopening prices;
• non-cash lease expense;
• equity-based compensation expense;
• impairment costs that don’t meet the NAREIT definition above;
• credit score losses on held-to-maturity securities;
• any transaction prices of acquisitions;
• curiosity revenue on bonds;
• loss on extinguishment of debt;
• pension settlement costs;
• professional rata Adjusted EBITDAre from unconsolidated three way partnership; and
• another changes now we have recognized herein.

We then exclude noncontrolling pursuits in consolidated three way partnership 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 phase or property-level EBITDAre and Adjusted EBITDAre to guage our working efficiency. We consider that the presentation of those non-GAAP metrics supplies helpful info to buyers concerning our working efficiency and debt leverage metrics, and that the presentation of those non-GAAP metrics, when mixed with the first GAAP presentation of Net Income or Operating Income, as relevant, is useful to an investor’s full understanding of our working efficiency. We make further changes to EBITDAre when evaluating our efficiency as a result of we consider that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture supplies helpful info to buyers concerning our working efficiency and debt leverage metrics.

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture by GAAP consolidated Total Revenue. We calculate consolidated, phase or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We consider Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin is beneficial to buyers in evaluating our working efficiency as a result of this non-GAAP monetary measure helps buyers consider and examine the outcomes of our operations from interval to interval by presenting a ratio exhibiting the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture and GAAP consolidated Total Revenue or phase or property-level GAAP Revenue, as relevant.

FFO, Adjusted FFO, and Adjusted FFO accessible to widespread shareholders and unit holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing prices and debt reductions), positive aspects and losses from the sale of sure actual property property, positive aspects and losses from a change in management, impairment write-downs of sure actual property property and investments in entities when the impairment is immediately attributable to decreases within the worth of depreciated actual property held by the entity, revenue (loss) from consolidated three way partnership attributable to noncontrolling curiosity, and professional rata changes for unconsolidated three way partnership.
To calculate Adjusted FFO accessible to widespread shareholders and unit holders, we then exclude, to the extent the next changes occurred throughout the intervals introduced:

• right-of-use asset amortization;
• impairment costs that don’t meet the NAREIT definition above;
• write-offs of deferred financing prices;
• amortization of debt reductions or premiums and amortization of deferred financing prices;
• (positive aspects) losses on extinguishment of debt
• non-cash lease expense;
• credit score loss on held-to-maturity securities;
• pension settlement costs;
• further professional rata changes from unconsolidated three way partnership;
• (positive aspects) losses on different property;
• transaction prices on acquisitions;
• deferred revenue tax expense (profit); and
• another changes now we have recognized herein.

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

We consider that the presentation of those non-GAAP monetary measures supplies helpful info to buyers concerning the efficiency of our ongoing operations as a result of every presents a measure of our operations with out regard to specified non-cash gadgets resembling actual property depreciation and amortization, acquire or loss on sale of property and sure different gadgets, which we consider will not be indicative of the efficiency of our underlying lodge properties. We consider that these things are extra consultant of our asset base than our ongoing operations. We additionally use these non-GAAP monetary measures as measures in figuring out our outcomes after contemplating the influence of our capital construction.

We warning buyers that non-GAAP monetary measures we current is probably not similar to comparable measures disclosed by different corporations, as a result of not all corporations calculate these non-GAAP measures in the identical method. The non-GAAP monetary measures we current, and any associated per share measures, shouldn’t be thought-about as different measures of our Net Income (Loss), working efficiency, money movement or liquidity. These non-GAAP monetary measures might embody funds that is probably not accessible for our discretionary use attributable to purposeful necessities to preserve funds for capital expenditures and property acquisitions and different commitments and uncertainties. Although we consider that these non-GAAP monetary measures can improve an investor’s understanding of our outcomes of operations, these non-GAAP monetary measures, when considered individually, will not be essentially higher indicators of any development as in comparison with GAAP measures resembling Net Income (Loss), Operating Income (Loss), or money movement from operations.