Ryman Hospitality Properties, Inc. Reports Second Quarter 2020 Results
Second Quarter 2020 Highlights:
- Second quarter 2020 gross advanced room night bookings of approximately 733,000 room nights for all future years
- Year to date rebooked room nights through
June 30, 2020 of approximately 552,600 room nights or approximately 40% of total room nights canceled related to COVID-19 - Successfully reopened 4 of 5
Gaylord Hotels inJune 2020 ; Gaylord National remains closed - Successfully reopened all 4 Ole Red venues in June including the brand’s newest location in
Orlando, Florida Ryman Auditorium and GrandOle Opry House opened for daytime tours and retail sales. The venues remain closed for concerts and events
"Our unique hotel assets are serving us well through this unprecedented period, allowing us to take advantage of the large footprint and diverse amenities that each of our locations possess. In the near-term, we are focused on regional transient demand as customers seek 'stay-cation' opportunities to balance their desire to venture beyond their homes against the continued short-term need to restrict travel in this environment. Our pool offerings and other amenities, including the open and expansive spaces we provide, offer an important resource to families and others looking to travel safely and comfortably.
"Not surprisingly, group cancellations continue as social distancing and travel restrictions weigh on this sector, but re-bookings are gaining momentum. We have also kept expenses to a minimum and in so doing have improved our cash burn rate, benefiting our liquidity. In fact, our actual cash burn rate in the quarter was over 20% lower than our initial estimate in May and 10% lower than the estimate we provided to you in June.
"As in previous periods of great uncertainty, including
Second Quarter 2020 Results (As Compared to Second Quarter 2019):
Consolidated Results
($ in thousands, except per share amounts) | Three Months Ended | Six Months Ended | |||||||||||||||||||||
2020 | 2019 | % ∆ | 2020 | 2019 | % ∆ | ||||||||||||||||||
Total Revenue | -96.4 | % | -57.9 | % | |||||||||||||||||||
Operating Income/(Loss) (1) | ( |
) | -265.0 | % | ( |
) | -197.6 | % | |||||||||||||||
Net Income/(Loss) available to common shareholders (1) (2) (3) | ( |
) | -451.3 | % | ( |
) | -379.2 | % | |||||||||||||||
Net Income/(Loss) available to common shareholders per diluted share | ( |
) | -432.6 | % | ( |
) | -363.2 | % | |||||||||||||||
Adjusted EBITDAre | ( |
) | -145.1 | % | -99.4 | % | |||||||||||||||||
Adjusted EBITDAre, excluding noncontrolling interest | ( |
) | -146.5 | % | ( |
) | -101.6 | % | |||||||||||||||
Funds From Operations (FFO) available to common shareholders (1) (2) (3) | ( |
) | -236.0 | % | ( |
) | -177.4 | % | |||||||||||||||
FFO available to common shareholders per diluted share | ( |
) | -228.0 | % | ( |
) | -172.8 | % | |||||||||||||||
Adjusted FFO available to common shareholders | ( |
) | -187.0 | % | ( |
) | -132.0 | % | |||||||||||||||
Adjusted FFO available to common shareholders per diluted share | ( |
) | -182.1 | % | ( |
) | -130.2 | % | |||||||||||||||
(1) For the three months ended |
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(2) For the six months ended |
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(3) For the three and six months ended |
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO available to common shareholders, and Adjusted FFO available to common shareholders, 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 shareholders to Net Income/(Loss), see “Non-GAAP Financial Measures,” “Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted FFO available to common shareholders Definition” and “Supplemental Financial Results” below.
Hospitality Segment
($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
2020 | 2019 | % ∆ | 2020 | 2019 | % ∆ | ||||||||||||||||||
Hospitality Revenue (1) | -97.1 | % | -57.4 | % | |||||||||||||||||||
Hospitality Operating Income/(Loss) (1) (2) (3) | ( |
-250.7 | % | ( |
-172.2 | % | |||||||||||||||||
Hospitality Adjusted EBITDAre (1) (3) | ( |
-135.8 | % | -88.5 | % | ||||||||||||||||||
Hospitality Performance Metrics (1) (4) | |||||||||||||||||||||||
Occupancy | 1.7% | 78.0% | -76.3pt | 29.4% | 75.2% | -45.8pt | |||||||||||||||||
Average Daily Rate (ADR) | -9.9 | % | 0.1 | % | |||||||||||||||||||
RevPAR | -98.1 | % | -60.9 | % | |||||||||||||||||||
Total RevPAR | -97.1 | % | -57.6 | % | |||||||||||||||||||
Gross Definite Rooms Nights Booked | 733,209 | 653,522 | 12.2 | % | 1,021,980 | 1,049,489 | -2.6 | % | |||||||||||||||
Net Definite Rooms Nights Booked | (206,518) | 487,224 | -142.4 | % | (622,272) | 760,677 | -181.8 | % | |||||||||||||||
Group Attrition (as % of contracted block) | 93.9% | 13.6% | 80.3pt | 17.7% | 13.5% | 4.2pt | |||||||||||||||||
Cancellations ITYFTY (5) | 659,117 | 9,616 | 6,754.4 | % | 1,218,565 | 34,555 | 3,426.5 | % | |||||||||||||||
(1) Includes approximately 4,600 room nights out of service during the second quarter 2019 and approximately 20,250 for the six months ended |
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(2) For the three months ended |
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(3) Includes approximately |
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(4) Calculation of all hospitality performance metrics includes closed hotel room nights available | |||||||||||||||||||||||
(5) "ITYFTY" represents In The Year For The Year. |
Note: For the Company’s definitions of
Gaylord Opryland
($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
2020 | 2019 | % ∆ | 2020 | 2019 | % ∆ | ||||||||||||||||||||
Revenue | -98.7% | -58.8% | |||||||||||||||||||||||
Operating Income/(Loss) | ( |
-173.9% | ( |
-117.0% | |||||||||||||||||||||
Adjusted EBITDAre | ( |
-135.7% | -89.5% | ||||||||||||||||||||||
Occupancy (1) | 0.9% | 81.3% | -80.4pt | 30.6% | 77.7% | -47.1pt | |||||||||||||||||||
Average daily rate (ADR) (1) | -13.2% | -0.5% | |||||||||||||||||||||||
RevPAR (1) | -99.0% | -60.8% | |||||||||||||||||||||||
Total RevPAR (1) | -98.7% | -59.0% | |||||||||||||||||||||||
(1) Calculation of all hospitality performance metrics includes closed hotel room nights available. | |||||||||||||||||||||||||
Gaylord Opryland Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):
- The hotel reopened on
June 25 th and during the six-day period the hotel was open, occupancy measured 13.6% with ADR of$179.73 and RevPAR of$24.37 . - The property sold approximately 5,000 tickets to SoundWaves during the six-day period it was open.
($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
2020 | 2019 | % ∆ | 2020 | 2019 | % ∆ | ||||||||||||||||
Revenue | -98.3% | -56.9% | |||||||||||||||||||
Operating Income/(Loss) | ( |
-264.7% | ( |
-125.9% | |||||||||||||||||
Adjusted EBITDAre | ( |
-158.7% | -89.2% | ||||||||||||||||||
Occupancy (1) | 0.8% | 76.9% | -76.1pt | 31.7% | 79.8% | -48.1pt | |||||||||||||||
Average daily rate (ADR) (1) | -34.3% | 4.8% | |||||||||||||||||||
RevPAR (1) | -99.3% | -58.4% | |||||||||||||||||||
Total RevPAR (1) | -98.3% | -57.2% | |||||||||||||||||||
(1) Calculation of all hospitality performance metrics includes closed hotel room nights available. |
Gaylord Palms Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):
- The hotel reopened on
June 25 th and during the six-day period the hotel was open, occupancy measured 11.8% with ADR of$169.83 and RevPAR of$20.07 .
Gaylord Texan
($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
2020 | 2019 | % ∆ | 2020 | 2019 | % ∆ | ||||||||||||||
Revenue | -92.1% | -56.5% | |||||||||||||||||
Operating Income/(Loss) | ( |
-162.7% | -96.9% | ||||||||||||||||
Adjusted EBITDAre | ( |
-121.9% | -74.3% | ||||||||||||||||
Occupancy (1) | 5.0% | 77.4% | -72.4pt | 30.6% | 77.6% | -47.0pt | |||||||||||||
Average daily rate (ADR) (1) | -2.1% | 4.8% | |||||||||||||||||
RevPAR (1) | -93.7% | -58.6% | |||||||||||||||||
Total RevPAR (1) | -92.1% | -56.8% | |||||||||||||||||
(1) Calculation of all hospitality performance metrics includes closed hotel room nights available. |
Gaylord Texan Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):
- The hotel reopened on
June 8 th and during the twenty-three-day period the hotel was open, occupancy measured 19.6% with ADR of$191.23 and RevPAR of$37.52 .
Gaylord National
($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
2020 | 2019 | % ∆ | 2020 | 2019 | % ∆ | ||||||||||||||
Revenue | -99.3% | -65.3% | |||||||||||||||||
Operating Income/(Loss) | ( |
-335.1% | ( |
-327.6% | |||||||||||||||
Adjusted EBITDAre | ( |
-146.2% | ( |
-125.9% | |||||||||||||||
Occupancy (1) | 0.0% | 81.4% | -81.4pt | 26.0% | 76.7% | -50.7pt | |||||||||||||
Average daily rate (ADR) (1) | -100.0% | -6.4% | |||||||||||||||||
RevPAR (1) | -100.0% | -68.3% | |||||||||||||||||
Total RevPAR (1) | -99.3% | -65.5% | |||||||||||||||||
(1) Calculation of all hospitality performance metrics includes closed hotel room nights available. |
Gaylord National Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):
- The hotel was closed for the entirety of the second quarter of 2020 and remains closed. Costs were driven primarily by maintaining minimum staffing levels and wages for furloughed employees.
Gaylord Rockies
($ in thousands, except ADR, RevPAR, and Total RevPAR) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
2020 | 2019 | % ∆ | 2020 | 2019 | % ∆ | ||||||||||||||
Revenue | -96.7% | -44.0% | |||||||||||||||||
Operating Income/(Loss) (1) | ( |
-2409.6% | ( |
( |
-297.7% | ||||||||||||||
Adjusted EBITDAre (1) | ( |
-123.7% | -59.9% | ||||||||||||||||
Occupancy (2) | 0.8% | 68.4% | -67.6pt | 29.1% | 62.0% | -32.9pt | |||||||||||||
Average daily rate (ADR) (2) | 93.5% | 2.7% | |||||||||||||||||
RevPAR (2) | -97.6% | -51.8% | |||||||||||||||||
Total RevPAR (2) | -96.7% | -44.3% | |||||||||||||||||
(1) Operating loss and Adjusted EBITDAre for Gaylord Rockies exclude asset management fees paid to the Company of |
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three months ended |
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(2) Calculation of all hospitality performance metrics includes closed hotel room nights available. |
Gaylord Rockies Highlights for Second Quarter 2020 (As Compared to Second Quarter 2019):
- The hotel reopened on
June 25 th and during the six-day period the hotel was open, occupancy measured 12.5% with ADR of$162.97 and RevPAR of$20.43 .
Entertainment Segment
For the three and six months ended
Three Months Ended | Six Months Ended | ||||||||||||||
($ in thousands) | 2020 | 2019 | % ∆ | 2020 |
2019 | % ∆ | |||||||||
Revenue | -91.4 | % | -62.2 | % | |||||||||||
Operating Income/(Loss)(1) | ( |
) | -189.7 | % | ( |
) | -202.9 | % | |||||||
Adjusted EBITDAre(1) | ( |
) | -157.8 | % | ( |
) | -152.9 | % | |||||||
(1) Total COVID-19 related costs were approximately |
Reed continued, “We opened our new
Corporate and Other Segment
For the three and six months ended
Three Months Ended | Six Months Ended | ||||||||||||||||
($ in thousands) | 2020 | 2019 | % ∆ | 2020 | 2019 | % ∆ | |||||||||||
Operating Loss(1) | ( |
) | ( |
) | 2.6 | % | ( |
) | ( |
) | 5.7 | % | |||||
Adjusted EBITDAre(1) | ( |
) | ( |
) | -10.0 | % | ( |
) | ( |
) | 4.7 | % | |||||
(1) Total COVID-19 related costs were approximately |
Reed concluded, “As we continue to manage our way through this difficult period, I want to recognize and celebrate the tremendous efforts our employees across our operated businesses are making every day. Our Company, through their continued effort and dedication, is aggressively responding and quickly adapting to the unprecedented challenges this pandemic has presented to all of us. The feedback from our customers, as well as local and state officials, has positioned our Company as a leader during this time.
While we all understand that COVID-19 has had a significant impact on our ability to fully return to business as usual, we remain confident that we have ample liquidity to weather an extended period of disruption, and we remain committed to continuing to control our expenses and adapting to the current business environment.”
Dividend Update
The Company suspended its regular quarterly dividend payments for the remainder of 2020. The Board of Directors will consider a future dividend as permitted by our credit agreement. Any future dividend is subject to the Board of Director’s determinations as to the amount and number of distributions and the timing thereof.
Balance Sheet/Liquidity Update
As of
As previously disclosed, the Company has taken steps to both preserve and maximize liquidity in this environment while also investing for the future. These steps included the suspension or elimination of
Earnings Call Information
About
* The Company is the sole owner of
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, our liquidity, estimated capital expenditures, new projects or investments, out-of-service rooms, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the COVID-19 pandemic, including the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on the demand for travel, transient and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the duration and severity of the COVID-19 pandemic in
Additional Information
This 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 and subsequent filings. 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. Room nights available to guests include nights the hotels are closed. 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. Rooms out of service for renovation are included in room nights available. For the three and six months ended
Calculation of GAAP Margin Figures
We calculate segment or property-level Operating Income (Loss) Margin by dividing segment or property-level GAAP Operating Income (Loss) by segment or property-level GAAP Revenue, respectively.
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 EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDAre, which is defined by the
Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest 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 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 and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.
Adjusted FFO available to common shareholders Definition
We calculate FFO, which definition is clarified by NAREIT in its
We believe that the presentation of FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) provide useful information to investors regarding the performance of our ongoing operations because they are 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 FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) as measures in determining our results after considering the impact of our capital structure. A reconciliation of Net Income (loss) to FFO available to common shareholders and a reconciliation of Net Income (loss) available to common shareholders to Adjusted FFO available to common shareholders and Adjusted FFO available to common shareholders (excluding maintenance capex) is set forth below under “Supplemental Financial Results.”
We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders and Adjusted FFO available to common shareholders (excluding maintenance capex) 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 EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex), 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 EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) 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 EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, FFO available to common shareholders, Adjusted FFO available to common shareholders, and Adjusted FFO available to common shareholders (excluding maintenance capex) can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (Loss), Net Income (Loss) Margin, Operating Income (Loss), Operating Income (Loss) Margin, or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.
Investor Relations Contacts: | Media Contacts: |
(615) 316-6588 | (615) 316-6725 |
mfioravanti@rymanhp.com | ssullivan@rymanhp.com |
~or~ | ~or~ |
(615) 316-6344 | (929) 266-6315 |
tsiefert@rymanhp.com | robert.winters@alpha-ir.com |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
Unaudited | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues : | ||||||||||||||||
Rooms | $ | 2,802 | $ | 144,704 | $ | 108,930 | $ | 276,916 | ||||||||
Food and beverage | 1,510 | 173,030 | 147,260 | 344,173 | ||||||||||||
Other hotel revenue | 5,993 | 39,395 | 39,786 | 73,550 | ||||||||||||
Entertainment | 4,376 | 50,590 | 31,735 | 83,855 | ||||||||||||
Total revenues | 14,681 | 407,719 | 327,711 | 778,494 | ||||||||||||
Operating expenses: | ||||||||||||||||
Rooms | 4,472 | 36,099 | 36,780 | 71,068 | ||||||||||||
Food and beverage | 11,891 | 90,680 | 95,702 | 182,039 | ||||||||||||
Other hotel expenses | 45,045 | 90,527 | 135,519 | 181,466 | ||||||||||||
Management fees | (563 | ) | 10,399 | 4,929 | 20,155 | |||||||||||
Total hotel operating expenses | 60,845 | 227,705 | 272,930 | 454,728 | ||||||||||||
Entertainment | 13,457 | 33,059 | 42,803 | 58,700 | ||||||||||||
Corporate | 7,258 | 8,110 | 15,394 | 17,114 | ||||||||||||
Preopening costs | 700 | (24 | ) | 1,501 | 2,110 | |||||||||||
Gain on sale of assets | - | - | (1,261 | ) | - | |||||||||||
Credit loss on held-to-maturity securities | 19,145 | - | 24,973 | - | ||||||||||||
Depreciation and amortization | 54,011 | 53,553 | 107,356 | 106,562 | ||||||||||||
Total operating expenses | 155,416 | 322,403 | 463,696 | 639,214 | ||||||||||||
Operating income (loss) | (140,735 | ) | 85,316 | (135,985 | ) | 139,280 | ||||||||||
Interest expense, net of amounts capitalized | (30,042 | ) | (33,492 | ) | (59,400 | ) | (65,579 | ) | ||||||||
Interest income | 1,854 | 2,970 | 4,225 | 5,878 | ||||||||||||
Loss from joint ventures | (1,820 | ) | (167 | ) | (3,715 | ) | (167 | ) | ||||||||
Other gains and (losses), net | (16,755 | ) | (111 | ) | (16,560 | ) | (252 | ) | ||||||||
Income (loss) before income taxes | (187,498 | ) | 54,516 | (211,435 | ) | 79,160 | ||||||||||
Provision for income taxes | (161 | ) | (8,232 | ) | (26,960 | ) | (10,206 | ) | ||||||||
Net income (loss) | (187,659 | ) | 46,284 | (238,395 | ) | 68,954 | ||||||||||
Net loss attributable to noncontrolling interest in consolidated joint venture | 14,167 | 3,099 | 18,387 | 9,837 | ||||||||||||
Net income (loss) available to common shareholders | $ | (173,492 | ) | $ | 49,383 | $ | (220,008 | ) | $ | 78,791 | ||||||
Basic income (loss) per share available to common shareholders | $ | (3.16 | ) | $ | 0.96 | $ | (4.00 | ) | $ | 1.53 | ||||||
Diluted income (loss) per share available to common shareholders | $ | (3.16 | ) | $ | 0.95 | $ | (4.00 | ) | $ | 1.52 | ||||||
Weighted average common shares for the period: | ||||||||||||||||
Basic | 54,974 | 51,440 | 54,943 | 51,395 | ||||||||||||
Diluted | 54,974 | 51,826 | 54,943 | 51,830 | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
Unaudited | |||||||
(In thousands) | |||||||
2020 | 2019 | ||||||
ASSETS: | |||||||
Property and equipment, net of accumulated depreciation | $ | 3,121,446 | $ | 3,130,252 | |||
Cash and cash equivalents - unrestricted | 82,376 | 362,430 | |||||
Cash and cash equivalents - restricted | 54,923 | 57,966 | |||||
Notes receivable | 82,542 | 110,135 | |||||
Trade receivables, net | 18,370 | 70,768 | |||||
Deferred income tax assets, net | - | 25,959 | |||||
Prepaid expenses and other assets | 98,255 | 123,845 | |||||
Intangible assets | 187,033 | 207,113 | |||||
Total assets | $ | 3,644,945 | $ | 4,088,468 | |||
LIABILITIES AND EQUITY: | |||||||
Debt and finance lease obligations | $ | 2,576,307 | $ | 2,559,968 | |||
Accounts payable and accrued liabilities | 152,651 | 264,915 | |||||
Dividends payable | 772 | 50,711 | |||||
Deferred management rights proceeds | 174,274 | 175,332 | |||||
Operating lease liabilities | 107,175 | 106,331 | |||||
Deferred income tax liabilities, net | 683 | - | |||||
Other liabilities | 97,686 | 64,971 | |||||
Noncontrolling interest in consolidated joint venture | 141,693 | 221,511 | |||||
Stockholders' equity | 393,704 | 644,729 | |||||
Total liabilities and equity | $ | 3,644,945 | $ | 4,088,468 | |||
SUPPLEMENTAL FINANCIAL RESULTS | ||||||||||||||||||||||||
ADJUSTED EBITDAre RECONCILIATION | ||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
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2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Revenue | $ | 14,681 | $ | 407,719 | $ | 327,711 | $ | 778,494 | ||||||||||||||||
Net income (loss) | $ | (187,659 | ) | -1,278.2 | % | $ | 46,284 | 11.4 | % | $ | (238,395 | ) | -72.7 | % | $ | 68,954 | 8.9 | % | ||||||
Interest expense, net | 28,188 | 30,522 | 55,175 | 59,701 | ||||||||||||||||||||
Provision for income taxes | 161 | 8,232 | 26,960 | 10,206 | ||||||||||||||||||||
Depreciation & amortization | 54,011 | 53,553 | 107,356 | 106,562 | ||||||||||||||||||||
(Gain) loss on disposal of assets | 6 | 5 | (1,255 | ) | 5 | |||||||||||||||||||
Pro rata EBITDAre from unconsolidated joint ventures | 6 | (2 | ) | 9 | (2 | ) | ||||||||||||||||||
EBITDAre | (105,287 | ) | -717.2 | % | 138,594 | 34.0 | % | (50,150 | ) | -15.3 | % | 245,426 | 31.5 | % | ||||||||||
Preopening costs | 700 | (24 | ) | 1,501 | 2,110 | |||||||||||||||||||
Non-cash lease expense | 1,141 | 1,249 | 2,258 | 2,472 | ||||||||||||||||||||
Equity-based compensation expense | 2,189 | 1,935 | 4,419 | 3,961 | ||||||||||||||||||||
Credit loss on held-to-maturity securities | 19,145 | - | 24,973 | - | ||||||||||||||||||||
Interest income on Gaylord National & Gaylord Rockies bonds | 1,733 | 2,607 | 3,198 | 5,249 | ||||||||||||||||||||
Transaction costs of acquisitions | 15,138 | - | 15,435 | - | ||||||||||||||||||||
Pro rata adjusted EBITDAre from unconsolidated joint ventures | - | 169 | - | 169 | ||||||||||||||||||||
Adjusted EBITDAre | $ | (65,241 | ) | -444.4 | % | $ | 144,530 | 35.4 | % | $ | 1,634 | 0.5 | % | $ | 259,387 | 33.3 | % | |||||||
Adjusted EBITDAre of noncontrolling interest | 2,128 | $ | (8,774 | ) | (5,578 | ) | $ | (14,372 | ) | |||||||||||||||
Adjusted EBITDAre, excluding noncontrolling interest | $ | (63,113 | ) | -429.9 | % | $ | 135,756 | 33.3 | % | $ | (3,944 | ) | -1.2 | % | $ | 245,015 | 31.5 | % | ||||||
Hospitality segment | ||||||||||||||||||||||||
Revenue | $ | 10,305 | $ | 357,129 | $ | 295,976 | $ | 694,639 | ||||||||||||||||
Operating income (loss) | $ | (119,332 | ) | -1,158.0 | % | $ | 79,179 | 22.2 | % | $ | (100,189 | ) | -33.9 | % | $ | 138,808 | 20.0 | % | ||||||
Depreciation & amortization | 49,588 | 50,331 | 99,357 | 100,464 | ||||||||||||||||||||
Gain on disposal of assets | - | - | (1,261 | ) | - | |||||||||||||||||||
Preopening costs | 59 | (86 | ) | 166 | 639 | |||||||||||||||||||
Non-cash lease expense | 1,118 | 1,169 | 2,231 | 2,337 | ||||||||||||||||||||
Credit loss on held-to-maturity securities | 19,145 | - | 24,973 | - | ||||||||||||||||||||
Interest income on Gaylord National & Gaylord Rockies bonds | 1,733 | 2,607 | 3,198 | 5,249 | ||||||||||||||||||||
Adjusted EBITDAre | $ | (47,689 | ) | -462.8 | % | $ | 133,200 | 37.3 | % | $ | 28,475 | 9.6 | % | $ | 247,497 | 35.6 | % | |||||||
Entertainment segment | ||||||||||||||||||||||||
Revenue | $ | 4,376 | $ | 50,590 | $ | 31,735 | $ | 83,855 | ||||||||||||||||
Operating income (loss) | $ | (13,124 | ) | -299.9 | % | $ | 14,639 | 28.9 | % | $ | (18,910 | ) | -59.6 | % | $ | 18,375 | 21.9 | % | ||||||
Depreciation & amortization | 3,402 | 2,830 | 6,507 | 5,309 | ||||||||||||||||||||
Preopening costs | 641 | 62 | 1,335 | 1,471 | ||||||||||||||||||||
Non-cash lease expense | 23 | 80 | 27 | 135 | ||||||||||||||||||||
Equity-based compensation | 392 | 271 | 690 | 475 | ||||||||||||||||||||
Transaction costs of acquisitions | 138 | - | 435 | - | ||||||||||||||||||||
Pro rata adjusted EBITDAre from unconsolidated joint ventures | (1,814 | ) | - | (3,706 | ) | - | ||||||||||||||||||
Adjusted EBITDAre | $ | (10,342 | ) | -236.3 | % | $ | 17,882 | 35.3 | % | $ | (13,622 | ) | -42.9 | % | $ | 25,765 | 30.7 | % | ||||||
Corporate and Other segment | ||||||||||||||||||||||||
Operating loss | $ | (8,279 | ) | $ | (8,502 | ) | $ | (16,886 | ) | $ | (17,903 | ) | ||||||||||||
Depreciation & amortization | 1,021 | 392 | 1,492 | 789 | ||||||||||||||||||||
Other gains and (losses), net | (1,749 | ) | (106 | ) | (1,554 | ) | (247 | ) | ||||||||||||||||
Equity-based compensation | 1,797 | 1,664 | 3,729 | 3,486 | ||||||||||||||||||||
Adjusted EBITDAre | $ | (7,210 | ) | $ | (6,552 | ) | $ | (13,219 | ) | $ | (13,875 | ) | ||||||||||||
SUPPLEMENTAL FINANCIAL RESULTS | |||||||||||||||
FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION | |||||||||||||||
Unaudited | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Consolidated | |||||||||||||||
Net income (loss) | $ | (187,659 | ) | $ | 46,284 | $ | (238,395 | ) | $ | 68,954 | |||||
Noncontrolling interest | 14,167 | 3,099 | 18,387 | 9,837 | |||||||||||
Net income (loss) available to common shareholders | (173,492 | ) | 49,383 | (220,008 | ) | 78,791 | |||||||||
Depreciation & amortization | 53,974 | 53,517 | 107,282 | 106,485 | |||||||||||
Adjustments for noncontrolling interest | (8,581 | ) | (8,702 | ) | (17,138 | ) | (17,399 | ) | |||||||
Pro rata adjustments from joint ventures | 6 | - | 11 | - | |||||||||||
FFO available to common shareholders | (128,093 | ) | 94,198 | (129,853 | ) | 167,877 | |||||||||
Right-of-use asset amortization | 37 | 36 | 74 | 77 | |||||||||||
Non-cash lease expense | 1,141 | 1,249 | 2,258 | 2,472 | |||||||||||
Credit loss on held-to-maturity securities | 19,145 | - | 24,973 | - | |||||||||||
Gain on other assets | - | - | (1,261 | ) | - | ||||||||||
Write-off of deferred financing costs | 235 | - | 235 | - | |||||||||||
Amortization of deferred financing costs | 1,957 | 1,939 | 3,851 | 3,866 | |||||||||||
Amortization of debt premiums | (67 | ) | - | (134 | ) | - | |||||||||
Adjustments for noncontrolling interest | (277 | ) | (209 | ) | (491 | ) | (422 | ) | |||||||
Transaction costs of acquisitions | 15,138 | - | 15,435 | - | |||||||||||
Deferred tax expense | 82 | 7,087 | 26,641 | 8,187 | |||||||||||
Adjusted FFO available to common shareholders | $ | (90,702 | ) | $ | 104,300 | $ | (58,272 | ) | $ | 182,057 | |||||
Capital expenditures (1) | (1,778 | ) | (18,670 | ) | (15,497 | ) | (33,999 | ) | |||||||
Adjusted FFO available to common shareholders (ex. maintenance capex) | $ | (92,480 | ) | $ | 85,630 | $ | (73,769 | ) | $ | 148,058 | |||||
Basic net income (loss) per share | $ | (3.16 | ) | $ | 0.96 | $ | (4.00 | ) | $ | 1.53 | |||||
Diluted net income (loss) per share | $ | (3.16 | ) | $ | 0.95 | $ | (4.00 | ) | $ | 1.52 | |||||
FFO available to common shareholders per basic share | $ | (2.33 | ) | $ | 1.83 | $ | (2.36 | ) | $ | 3.27 | |||||
Adjusted FFO available to common shareholders per basic share | $ | (1.65 | ) | $ | 2.03 | $ | (1.06 | ) | $ | 3.54 | |||||
FFO available to common shareholders per diluted share | $ | (2.33 | ) | $ | 1.82 | $ | (2.36 | ) | $ | 3.24 | |||||
Adjusted FFO available to common shareholders per diluted share | $ | (1.65 | ) | $ | 2.01 | $ | (1.06 | ) | $ | 3.51 | |||||
(1) Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. Note that beginning in March 2020, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties have been temporarily suspended. | |||||||||||||||
SUPPLEMENTAL FINANCIAL RESULTS | |||||||||||||||||||||||
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | ||||||||||||||||
Hospitality segment | |||||||||||||||||||||||
Revenue | $ | 10,305 | $ | 357,129 | $ | 295,976 | $ | 694,639 | |||||||||||||||
Operating income (loss) | $ | (119,332 | ) | -1,158.0 | % | $ | 79,179 | 22.2 | % | $ | (100,189 | ) | -33.9 | % | $ | 138,808 | 20.0 | % | |||||
Depreciation & amortization | 49,588 | 50,331 | 99,357 | 100,464 | |||||||||||||||||||
Gain on disposal of assets | - | - | (1,261 | ) | - | ||||||||||||||||||
Preopening costs | 59 | (86 | ) | 166 | 639 | ||||||||||||||||||
Non-cash lease expense | 1,118 | 1,169 | 2,231 | 2,337 | |||||||||||||||||||
Credit loss on held-to-maturity securities | 19,145 | - | 24,973 | - | |||||||||||||||||||
Interest income on Gaylord National and Gaylord Rockies bonds | 1,733 | 2,607 | 3,198 | 5,249 | |||||||||||||||||||
Adjusted EBITDAre | $ | (47,689 | ) | -462.8 | % | $ | 133,200 | 37.3 | % | $ | 28,475 | 9.6 | % | $ | 247,497 | 35.6 | % | ||||||
Occupancy | 1.7 | % | 78.0 | % | 29.4 | % | 75.2 | % | |||||||||||||||
Average daily rate (ADR) | $ | 181.66 | $ | 201.58 | $ | 201.51 | $ | 201.34 | |||||||||||||||
RevPAR | $ | 3.05 | $ | 157.29 | $ | 59.20 | $ | 151.33 | |||||||||||||||
OtherPAR | $ | 8.15 | $ | 230.89 | $ | 101.65 | $ | 228.27 | |||||||||||||||
Total RevPAR | $ | 11.20 | $ | 388.18 | $ | 160.85 | $ | 379.60 | |||||||||||||||
Gaylord Opryland | |||||||||||||||||||||||
Revenue | $ | 1,320 | $ | 98,987 | $ | 77,447 | $ | 187,945 | |||||||||||||||
Operating income (loss) | $ | (23,004 | ) | -1,742.7 | % | $ | 31,112 | 31.4 | % | $ | (8,999 | ) | -11.6 | % | $ | 52,858 | 28.1 | % | |||||
Depreciation & amortization | 8,818 | 8,653 | 17,616 | 17,095 | |||||||||||||||||||
Gain on disposal of assets | - | - | (1,261 | ) | - | ||||||||||||||||||
Preopening costs | - | - | - | 55 | |||||||||||||||||||
Non-cash lease revenue | (18 | ) | - | (40 | ) | - | |||||||||||||||||
Adjusted EBITDAre | $ | (14,204 | ) | -1,076.1 | % | $ | 39,765 | 40.2 | % | $ | 7,316 | 9.4 | % | $ | 70,008 | 37.2 | % | ||||||
Occupancy | 0.9 | % | 81.3 | % | 30.6 | % | 77.7 | % | |||||||||||||||
Average daily rate (ADR) | $ | 172.28 | $ | 198.41 | $ | 194.22 | $ | 195.15 | |||||||||||||||
RevPAR | $ | 1.55 | $ | 161.23 | $ | 59.51 | $ | 151.72 | |||||||||||||||
OtherPAR | $ | 3.47 | $ | 215.42 | $ | 87.83 | $ | 207.83 | |||||||||||||||
Total RevPAR | $ | 5.02 | $ | 376.65 | $ | 147.34 | $ | 359.55 | |||||||||||||||
Revenue | $ | 814 | $ | 47,357 | $ | 46,189 | $ | 107,273 | |||||||||||||||
Operating income (loss) | $ | (13,801 | ) | -1,695.5 | % | $ | 8,380 | 17.7 | % | $ | (6,729 | ) | -14.6 | % | $ | 25,980 | 24.2 | % | |||||
Depreciation & amortization | 4,126 | 4,891 | 8,410 | 9,742 | |||||||||||||||||||
Preopening costs | 59 | - | 166 | - | |||||||||||||||||||
Non-cash lease expense | 1,136 | 1,169 | 2,271 | 2,337 | |||||||||||||||||||
Adjusted EBITDAre | $ | (8,480 | ) | -1,041.8 | % | $ | 14,440 | 30.5 | % | $ | 4,118 | 8.9 | % | $ | 38,059 | 35.5 | % | ||||||
Occupancy | 0.8 | % | 76.9 | % | 31.7 | % | 79.8 | % | |||||||||||||||
Average daily rate (ADR) | $ | 129.79 | $ | 197.56 | $ | 215.60 | $ | 205.72 | |||||||||||||||
RevPAR | $ | 1.01 | $ | 151.91 | $ | 68.29 | $ | 164.18 | |||||||||||||||
OtherPAR | $ | 5.30 | $ | 215.60 | $ | 110.94 | $ | 254.37 | |||||||||||||||
Total RevPAR | $ | 6.31 | $ | 367.51 | $ | 179.23 | $ | 418.55 | |||||||||||||||
Gaylord Texan | |||||||||||||||||||||||
Revenue | $ | 5,472 | $ | 69,326 | $ | 61,468 | $ | 141,365 | |||||||||||||||
Operating income (loss) | $ | (12,097 | ) | -221.1 | % | $ | 19,287 | 27.8 | % | $ | 1,282 | 2.1 | % | $ | 41,641 | 29.5 | % | ||||||
Depreciation & amortization | 6,394 | 6,745 | 12,857 | 13,389 | |||||||||||||||||||
Adjusted EBITDAre | $ | (5,703 | ) | -104.2 | % | $ | 26,032 | 37.6 | % | $ | 14,139 | 23.0 | % | $ | 55,030 | 38.9 | % | ||||||
Occupancy | 5.0 | % | 77.4 | % | 30.6 | % | 77.6 | % | |||||||||||||||
Average daily rate (ADR) | $ | 185.45 | $ | 189.46 | $ | 203.14 | $ | 193.84 | |||||||||||||||
RevPAR | $ | 9.20 | $ | 146.62 | $ | 62.23 | $ | 150.48 | |||||||||||||||
OtherPAR | $ | 23.95 | $ | 273.35 | $ | 123.95 | $ | 280.07 | |||||||||||||||
Total RevPAR | $ | 33.15 | $ | 419.97 | $ | 186.18 | $ | 430.55 | |||||||||||||||
SUPPLEMENTAL FINANCIAL RESULTS | |||||||||||||||||||||||
HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS | |||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | ||||||||||||||||
Gaylord National | |||||||||||||||||||||||
Revenue | $ | 529 | $ | 78,128 | $ | 49,923 | $ | 143,758 | |||||||||||||||
Operating income (loss) | $ | (40,063 | ) | -7,573.3 | % | $ | 17,044 | 21.8 | % | $ | (52,984 | ) | -106.1 | % | $ | 23,278 | 16.2 | % | |||||
Depreciation & amortization | 6,925 | 6,901 | 13,866 | 13,884 | |||||||||||||||||||
Credit loss on held-to-maturity securities | 19,145 | - | 24,973 | - | |||||||||||||||||||
Interest income on Gaylord National bonds | 1,733 | 2,565 | 3,198 | 5,141 | |||||||||||||||||||
Adjusted EBITDAre | $ | (12,260 | ) | -2,317.6 | % | $ | 26,510 | 33.9 | % | $ | (10,947 | ) | -21.9 | % | $ | 42,303 | 29.4 | % | |||||
Occupancy | 0.0 | % | 81.4 | % | 26.0 | % | 76.7 | % | |||||||||||||||
Average daily rate (ADR) | $ | - | $ | 223.66 | $ | 207.14 | $ | 221.19 | |||||||||||||||
RevPAR | $ | - | $ | 181.95 | $ | 53.77 | $ | 169.61 | |||||||||||||||
OtherPAR | $ | 2.91 | $ | 248.19 | $ | 83.65 | $ | 228.31 | |||||||||||||||
Total RevPAR | $ | 2.91 | $ | 430.14 | $ | 137.42 | $ | 397.92 | |||||||||||||||
Gaylord Rockies | |||||||||||||||||||||||
Revenue | $ | 1,806 | $ | 55,436 | $ | 56,404 | $ | 100,679 | |||||||||||||||
Operating income (loss) (1) | $ | (28,269 | ) | -1,565.3 | % | $ | 1,224 | 2.2 | % | $ | (30,008 | ) | -53.2 | % | $ | (7,546 | ) | -7.5 | % | ||||
Depreciation & amortization | 22,672 | 22,465 | 45,281 | 44,926 | |||||||||||||||||||
Preopening costs | - | (86 | ) | - | 584 | ||||||||||||||||||
Interest income on Gaylord Rockies bonds | - | 42 | - | 108 | |||||||||||||||||||
Adjusted EBITDAre (1) | $ | (5,597 | ) | -309.9 | % | $ | 23,645 | 42.7 | % | $ | 15,273 | 27.1 | % | $ | 38,072 | 37.8 | % | ||||||
Occupancy | 0.8 | % | 68.4 | % | 29.1 | % | 62.0 | % | |||||||||||||||
Average daily rate (ADR) | $ | 394.44 | $ | 203.83 | $ | 206.04 | $ | 200.71 | |||||||||||||||
RevPAR | $ | 3.29 | $ | 139.49 | $ | 59.96 | $ | 124.39 | |||||||||||||||
OtherPAR | $ | 9.93 | $ | 266.37 | $ | 146.51 | $ | 246.19 | |||||||||||||||
Total RevPAR | $ | 13.22 | $ | 405.86 | $ | 206.47 | $ | 370.58 | |||||||||||||||
Revenue | $ | 146 | $ | 3,314 | $ | 1,995 | $ | 5,749 | |||||||||||||||
Operating income (loss) | $ | (978 | ) | -669.9 | % | $ | 846 | 25.5 | % | $ | (1,295 | ) | -64.9 | % | $ | 1,067 | 18.6 | % | |||||
Depreciation & amortization | 329 | 334 | 665 | 669 | |||||||||||||||||||
Adjusted EBITDAre | $ | (649 | ) | -444.5 | % | $ | 1,180 | 35.6 | % | $ | (630 | ) | -31.6 | % | $ | 1,736 | 30.2 | % | |||||
Occupancy | 7.8 | % | 78.9 | % | 25.7 | % | 69.0 | % | |||||||||||||||
Average daily rate (ADR) | $ | 116.11 | $ | 215.83 | $ | 192.63 | $ | 211.92 | |||||||||||||||
RevPAR | $ | 9.04 | $ | 170.23 | $ | 49.52 | $ | 146.23 | |||||||||||||||
OtherPAR | $ | (0.71 | ) | $ | 19.44 | $ | 7.56 | $ | 19.20 | ||||||||||||||
Total RevPAR | $ | 8.33 | $ | 189.67 | $ | 57.08 | $ | 165.43 | |||||||||||||||
Revenue | $ | 218 | $ | 4,581 | $ | 2,550 | $ | 7,870 | |||||||||||||||
Operating income (loss) | $ | (1,120 | ) | -513.8 | % | $ | 1,286 | 28.1 | % | $ | (1,456 | ) | -57.1 | % | $ | 1,530 | 19.4 | % | |||||
Depreciation & amortization | 324 | 342 | 662 | 759 | |||||||||||||||||||
Adjusted EBITDAre | $ | (796 | ) | -365.1 | % | $ | 1,628 | 35.5 | % | $ | (794 | ) | -31.1 | % | $ | 2,289 | 29.1 | % | |||||
Occupancy | 5.0 | % | 81.4 | % | 25.4 | % | 73.3 | % | |||||||||||||||
Average daily rate (ADR) | $ | 97.04 | $ | 154.95 | $ | 133.43 | $ | 148.65 | |||||||||||||||
RevPAR | $ | 4.81 | $ | 126.17 | $ | 33.85 | $ | 108.90 | |||||||||||||||
OtherPAR | $ | 3.12 | $ | 39.98 | $ | 12.41 | $ | 34.58 | |||||||||||||||
Total RevPAR | $ | 7.93 | $ | 166.15 | $ | 46.26 | $ | 143.48 | |||||||||||||||
(1) Operating loss and Adjusted EBITDAre for Gaylord Rockies exclude asset management fees paid to RHP of |
|||||||||||||||||||||||
(2) Includes other hospitality revenue and expense |
Source: Ryman Hospitality Properties, Inc.