• Ryman Hospitality Properties, Inc. Reports Second Quarter 2022 Results

    Source: Nasdaq GlobeNewswire / 01 Aug 2022 16:05:02   America/New_York

    NASHVILLE, Tenn., Aug. 01, 2022 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2022.

    Second Quarter 2022 Highlights and Recent Developments:

    • The Company generated Net Income available to common shareholders of $50.3 million or $0.91 per share, representing a return to profitability for the first time since the beginning of the COVID-19 pandemic.
    • The Hospitality segment reported operating income and operating income margin of $100.6 million and 25.0% for the quarter, respectively, and delivered a quarterly record in Adjusted EBITDAre and Adjusted EBITDAre margin of $155.0 million and 38.6%, respectively, compared to $133.2 million and 37.3% for Q2 2019, respectively, despite 5.3 lower points of occupancy compared to Q2 2019.
    • Driven by an all-time record transient rate of $283, Hospitality ADR exceeded $234 per night in Q2 2022, an increase of 16.0% compared to Q2 2021 and 16.3% increase compared to Q2 2019.
    • Booked 601,000 gross advanced group room nights for all future years as of June 30, 2022, at an all-time record ADR of $243, an increase of nearly 14% over Q2 2021 ADR for future bookings and over 15% above Q2 2019 ADR levels for future bookings.
    • Successfully collected $15.4 million in attrition and cancellation fees in the quarter, totaling $35.0 million year to date.
    • Closed strategic investment in the Company’s Opry Entertainment Group (OEG) by Atairos and NBCUniversal on June 16, 2022, initially valuing the OEG business at $1.415 billion, inclusive of Block 21, which we acquired on May 31, 2022.
    • Company provides an outlook for Q3 2022 and increases its Full Year 2022 outlook.

    Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our hotel business set multiple all-time records this quarter as the strategic actions we took in the early days of the pandemic and the capital investments we have made in our assets over the last five years continue to show meaningful results. Remarkably, we achieved these record results with recovering Hospitality occupancy levels that are approximately 5 points below our pre-COVID levels. We are particularly pleased with the improvement we have seen in group travel and are encouraged by the pace of hotel bookings production and lead volumes. These results, along with continued healthy leisure demand and the strong desire of groups to return to their pre-COVID meeting cadence, are indicators that our hotel business is in prime position for a strong back half of the year and additional upside in the years ahead.
    The second quarter was also an active one for our Entertainment segment. We successfully closed two major transactions, the Block 21 acquisition and our new joint venture with Atairos and NBCUniversal, that will provide additional value creation opportunities and further position OEG for long-term, sustainable growth.”

    Second Quarter 2022 Results (as compared to Second Quarter 2021):

    Consolidated Results           
    ($ in thousands, except per share amounts)Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
    Total Revenue$470,204 $170,861 175.2% $769,339 $255,036 201.7%
                
    Operating income (loss)$105,968 ($30,947) 442.4% $113,842 ($110,504) 203.0%
    Operating income (loss) margin22.5% -18.1% 40.6pt 14.8% -43.3% 58.1pt
                
    Net income (loss) available to common shareholders$50,284 ($57,919) 186.8% $25,663 ($162,440) 115.8%
    Net income (loss) available to common shareholders margin10.7% -33.9% 44.6pt 3.3% -63.7% 67.0pt
    Net income (loss) available to common shareholders per diluted share$0.91 ($1.05) 186.7% $0.46 ($2.95) 115.6%
                
    Adjusted EBITDAre$167,625 $28,155 495.4% $236,619 $5,706 4,046.8%
    Adjusted EBITDAre margin35.6% 16.5% 19.1pt 30.8% 2.2% 28.6pt
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$166,494 $28,428 485.7% $235,488 $6,723 3,402.7%
    Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin35.4% 16.6% 18.8pt 30.6% 2.6% 28.0pt
                
    Funds From Operations (FFO) available to common shareholders and unit holders$107,119 ($6,825) 1,669.5% $138,341 ($66,790) 307.1%
    FFO available to common shareholders and unit holders per diluted share/unit$1.91 ($0.12) 1,691.7% $2.48 ($1.20) 306.7%
                
    Adjusted FFO available to common shareholders and unit holders$114,875 ($1,647) 7,074.8% $149,689 ($52,152) 387.0%
    Adjusted FFO available to common shareholders and unit holders per diluted share/unit$2.05 ($0.03) 6,933.3% $2.69 ($0.94) 386.2%
                

    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 shareholders and unit holders, and Adjusted FFO available to common shareholders 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 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” below.

    Hospitality Segment

    ($ in thousands, except ADR, RevPAR, and Total RevPAR)           
                
     Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Hospitality Revenue (1)$401,802 $135,688 196.1% $662,913 $205,490 222.6%
                
    Hospitality operating income (loss) (1)$100,573 ($27,317) 468.2% $116,241 ($90,860) 227.9%
    Hospitality operating income/(loss) margin (1)25.0% -20.1% 45.1pt 17.5% -44.2% 61.7pt
    Hospitality Adjusted EBITDAre (1)$154,983 $25,968 496.8% $225,315 $14,079 1,500.4%
    Hospitality Adjusted EBITDAre margin (1)38.6% 19.1% 19.5pt 34.0% 6.9% 27.1pt
                
    Hospitality Performance Metrics (1) (2)           
    Occupancy72.7% 32.9% 39.8pt 60.1% 24.7% 35.4pt
    Average Daily Rate (ADR)$234.50 $202.12 16.0% $232.41 $197.97 17.4%
    RevPAR$170.46 $66.51 156.3% $139.61 $48.98 185.0%
    Total RevPAR$424.07 $145.63 191.2% $351.76 $111.58 215.3%
                
    Gross Definite Rooms Nights Booked601,180 659,469 -8.8% 1,023,225 1,100,639 -7.0%
    Net Definite Rooms Nights Booked413,042 371,540 11.2% 578,710 337,831 71.3%
    Group Attrition (as % of contracted block)18.2% 19.8% -1.6pt 23.9% 25.2% -1.3pt
    Cancellations ITYFTY (3)11,647 137,360 -91.5% 182,066 416,984 -56.3%
                
    (1) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.           
    (2) Calculation of hospitality performance metrics includes closed hotel room nights available; includes the addition of 302 additional guest rooms due to Gaylord Palms expansion beginning June 1, 2021. ADR is for occupied rooms.
    (3) "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 second quarter 2022 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/(Loss), and property-level Adjusted EBITDAre to property-level Operating Income/(Loss) for each of the hotel properties in the Hospitality segment.

    Hospitality Segment Highlights

    • Hotels achieved 72.7% occupancy in Q2 2022, compared to 47.3% in Q1 2022 and 32.9% in Q2 2021, as the segment continued to sequentially improve as our recovery continues.
    • April 2022 set a record for the highest monthly operating income and Adjusted EBITDAre for the Hospitality segment at $36.4 million and $54.3 million, respectively, and the second highest Adjusted EBITDAre margin month on record.
    • Gaylord National delivered Adjusted EBITDAre margin excluding bond interest for the quarter comparable to Q2 2019, despite occupancy of 64.2%, which was 17.2 points lower than Q2 2019, demonstrating that the investments made in F&B reconcepting are yielding results.
    • Gaylord Rockies reported its strongest quarter since its initial opening, with occupancy in the month of June setting an all-time monthly record for any hotel in Company history at 92.4%, while achieving an operating income margin in the month of 21.5% and an Adjusted EBITDAre margin in the month of 49.0%.
    • Gaylord Opryland delivered operating income of $31.9 million and Adjusted EBITDAre of $40.4 million for the quarter, up 2.4% and 1.6% from Q2 2019, respectively, despite 6.2 lower points of occupancy compared to Q2 2019.
    • Gaylord Texan delivered a second quarter record for both operating income of $25.7 million and Adjusted EBITDAre of $31.5 million, and Gaylord Palms delivered an all-time record quarter for both operating income of $18.2 million and Adjusted EBITDAre of $24.9 million, with both hotels benefitting from continued group and transient demand as well as successful recent expansions.

    Gaylord Opryland

    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                
     Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Revenue$105,497 $45,002 134.4% $179,016 $66,761 168.1%
    Operating income (loss)$31,871 $3,201 895.7% $47,426 ($8,549) 654.8%
    Operating income (loss) margin30.2% 7.1% 23.1pt 26.5% -12.8% 39.3pt
    Adjusted EBITDAre$40,416 $11,755 243.8% $64,547 $8,273 680.2%
    Adjusted EBITDAre margin38.3% 26.1% 12.2pt 36.1% 12.4% 23.7pt
                
    Occupancy75.1% 40.2% 34.9pt 62.0% 29.3% 32.7pt
    Average daily rate (ADR)$233.68 $216.09 8.1% $236.06 $214.22 10.2%
    RevPAR$175.51 $86.88 102.0% $146.41 $62.76 133.3%
    Total RevPAR$401.42 $171.23 134.4% $342.46 $127.71 168.2%

    Gaylord Palms

    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                
     Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Revenue$68,289 $32,702 108.8% $128,137 $47,819 168.0%
    Operating income (loss)$18,218 $2,380 665.5% $34,076 ($3,637) 1,036.9%
    Operating income (loss) margin26.7% 7.3% 19.4pt 26.6% -7.6% 34.2pt
    Adjusted EBITDAre$24,851 $9,001 176.1% $47,327 $8,608 449.8%
    Adjusted EBITDAre margin36.4% 27.5% 8.9pt 36.9% 18.0% 18.9pt
                
    Occupancy (1)74.6% 52.2% 22.4pt 65.1% 38.9% 26.2pt
    Average daily rate (ADR)$231.53 $199.63 16.0% $241.99 $197.28 22.7%
    RevPAR (1)$172.78 $104.17 65.9% $157.65 $76.82 105.2%
    Total RevPAR (1)$436.80 $232.64 87.8% $412.07 $178.42 131.0%
                
    (1) Calculation of hospitality performance metrics includes 302 expansion rooms beginning June 1, 2021.     

    Gaylord Texan

    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                
     Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Revenue$77,665 $34,069 128.0% $134,301 $52,427 156.2%
    Operating income (loss)$25,734 $3,278 685.1% $38,650 ($1,503) 2,671.5%
    Operating income (loss) margin33.1% 9.6% 23.5pt 28.8% -2.9% 31.7pt
    Adjusted EBITDAre$31,476 $9,472 232.3% $51,090 $10,920 367.9%
    Adjusted EBITDAre margin40.5% 27.8% 12.7pt 38.0% 20.8% 17.2pt
                
    Occupancy74.3% 43.7% 30.6pt 66.1% 33.2% 32.9pt
    Average daily rate (ADR)$231.22 $203.43 13.7% $226.94 $198.82 14.1%
    RevPAR$171.74 $88.88 93.2% $150.02 $66.06 127.1%
    Total RevPAR$470.48 $206.39 128.0% $409.04 $159.68 156.2%
                

    Gaylord National

    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                
     Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Revenue$72,223 $2,311 3,025.2% $104,810 $3,568 2,837.5%
    Operating income (loss)$12,824 ($15,051) 185.2% $1,549 ($29,574) 105.2%
    Operating income (loss) margin17.8% -651.3% 669.1pt 1.5% -828.9% 830.4pt
    Adjusted EBITDAre$23,023 ($6,474) 455.6% $21,227 ($12,810) 265.7%
    Adjusted EBITDAre margin31.9% -280.1% 312.0pt 20.3% -359.0% 379.3pt
                
    Occupancy (1) (2)64.2% 0.0% 64.2pt 49.9% 0.0% 49.9pt
    Average daily rate (ADR)$251.45 $0.00 NA $240.22 $0.00 NA
    RevPAR (1) (2)$161.40 $0.00 NA $119.80 $0.00 NA
    Total RevPAR (1) (2)$397.62 $12.72 3,025.9% $290.11 $9.87 2,839.3%
                
    (1) Calculation of hospitality performance metrics includes closed hotel room nights available.      
    (2) Gaylord National closed on March 25, 2020 and remained closed until July 1, 2021.      
           

    Gaylord Rockies

    ($ in thousands, except ADR, RevPAR, and Total RevPAR)        
                
     Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Revenue$70,755 $18,338 285.8% $105,542 $30,308 248.2%
    Operating income (loss)$10,215 ($20,596) 149.6% ($6,569) ($45,295) 85.5%
    Operating income (loss) margin14.4% -112.3% 126.7pt -6.2% -149.4% 143.2pt
    Adjusted EBITDAre$32,865 $2,021 1,526.2% $38,729 $13 297,815.4%
    Adjusted EBITDAre margin46.4% 11.0% 35.4pt 36.7% 0.0% 36.7pt
                
    Occupancy76.6% 25.7% 50.9pt 58.0% 21.6% 36.4pt
    Average daily rate (ADR)$235.69 $199.69 18.0% $228.22 $189.92 20.2%
    RevPAR$180.45 $51.38 251.2% $132.29 $40.98 222.8%
    Total RevPAR$518.01 $134.25 285.9% $388.48 $111.55 248.3%
                

    Entertainment Segment

    For the three and six months ended June 30, 2022, and 2021, the Company reported the following:

    ($ in thousands)Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Revenue$68,402 $35,173 94.5% $106,426 $49,546 114.8%
    Operating income (loss)$18,019 $5,913 204.7% $20,456 ($2,007) 1,119.2%
    Operating income (loss) margin26.3% 16.8% 9.5pt 19.2% -4.1% 23.3pt
    Adjusted EBITDAre$22,053 $8,290 166.0% $26,863 $2,829 849.6%
    Adjusted EBITDAre margin32.2% 23.6% 8.6pt 25.2% 5.7% 19.5pt
                

    Reed continued, “While the major news this quarter for our Entertainment segment was the closing of two strategic transactions, demand for live entertainment experiences continues to be healthy and our existing businesses delivered solid results during the second quarter, with segment revenue, operating income and Adjusted EBITDAre exceeding second quarter 2019 results, despite a slower than anticipated post-pandemic recovery of the tour and travel segment in Nashville and a softening advertising market which impacted results in our Circle joint venture.”

    Corporate and Other Segment

    For the three and six months ended June 30, 2022, and 2021, the Company reported the following: 

    ($ in thousands)Three Months Ended Six Months Ended
     June 30, June 30,
     2022 2021 % ∆ 2022 2021 % ∆
                
    Operating loss($12,624) ($9,543) -32.3% ($22,855) ($17,637) -29.6%
    Adjusted EBITDAre($9,411) ($6,103) -54.2% ($15,559) ($11,202) -38.9%
                

    Corporate and Other Segment Operating Loss and Adjusted EBITDAre for the 2022 periods include increases in administrative and employment costs associated with supporting the Company’s growth as well as increased costs associated with incentive compensation accruals due to the Company’s strong financial performance.

    2022 Guidance

    The Company is providing a business performance outlook for the third quarter 2022 and is raising its guidance for full year 2022 based on current information as of August 1, 2022. 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)Guidance 3Q 2022        
     3Q 2022 Guidance        
     Low  High Midpoint        
                  
    Net Income$38.0  $41.0  $39.5         
                  
    Adjusted EBITDAre             
    Hospitality$125.0  $130.0  $127.5         
    Entertainment 21.0   24.0   22.5         
    Corporate and Other (9.0)  (8.0)  (8.5)        
    Consolidated Adjusted EBITDAre$ 137.0  $ 146.0  $ 141.5         
                  
                  
    ($ in millions)Prior Guidance Prior FY New Guidance New FY Change
     Full Year 2022 Guidance Full Year 2022 Guidance  
     Low  High Midpoint Low  High Midpoint Midpoint
                  
    Net Income$78.0  $93.0  $85.5  $103.0  $110.0  $106.5  $21.0 
                  
    Adjusted EBITDAre             
    Hospitality$443.0  $458.0  $450.5  $475.0  $490.0  $482.5  $32.0 
    Entertainment 80.0   88.0   84.0   72.0   80.0   76.0   (8.0)
    Corporate and Other (29.0)  (26.0)  (27.5)  (33.0)  (32.0)  (32.5)  (5.0)
    Consolidated Adjusted EBITDAre$ 494.0  $ 520.0  $ 507.0  $ 514.0  $ 538.0  $ 526.0  $ 19.0 
                  

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

    Reed concluded, “Our results this quarter are further indication that the investments and actions we have taken alongside Marriott over the last several years have competitively positioned our business to capitalize on the continued recovery of the group segment. We entered 2022 with cautious optimism that we would see sequential month-over-month improvement in our business as the nation continues to navigate COVID-19. Given our performance in the first half and the strength of our forward bookings for the remainder of the year, we are raising full year 2022 guidance to a consolidated Adjusted EBITDAre midpoint of $526 million, a $19 million increase over our previous updated guidance midpoint given in June. We continue to believe in the future of our business and look forward to the long-term trajectory of this Company.”

    Transaction Updates
    On May 31, 2022, the Company closed its previously announced acquisition of Block 21 from Stratus Properties for a stated purchase price of $260 million, as subsequently adjusted to $255 million pursuant to the terms of the purchase agreement, which included the assumption of approximately $136 million of existing mortgage debt.

    On June 16, 2022, the Company closed the strategic investment in Opry Entertainment Group (OEG) by Atairos and NBCUniversal, which initially valued the OEG business at $1.415 billion, inclusive of Block 21. Atairos and NBCUniversal acquired a 30% equity interest in OEG for a $296 million investment. OEG also closed a $300 million term loan and a $65 million revolving credit facility which was undrawn at closing.

    Balance Sheet/Liquidity Update
    As of June 30, 2022, after repayment of the Company’s Term Loan A using proceeds of the new OEG financing, the Company had total debt outstanding of $2,863.0 million, net of unamortized deferred financing costs, and unrestricted cash of $179.2 million. As of June 30, 2022, there were no amounts drawn under the revolving credit lines of the Company’s credit facility or the OEG credit facility, and the lending banks had issued $10.4 million in letters of credit, which left $754.6 million of availability for borrowing under the two credit facilities.

    As a reminder, at the end of the first quarter of this year, the Company effectively exited its covenant waiver period under its secured credit facility. Beginning with the second quarter, the Company is required to meet modified covenants related to its funded indebtedness to total asset value ratio, fixed charge coverage ratio, and implied debt service coverage ratio.

    Earnings Call Information
    Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 2, 2022, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register 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 managed by Marriott, 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 Statements
    This press release contains statements as to RHP’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, the impact of COVID-19 on travel, leisure and group demand, the effects of COVID-19 on our results of operations, efforts, our liquidity, recovery of group business to pre-pandemic levels, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expectations for OEG including Block 21 and the Atairos investment, 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, leisure 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 the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic in the markets where our assets are located, governmental restrictions on our businesses, economic conditions affecting the hospitality business 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, the suspension of our dividend and our dividend policy, including the frequency and amount of any dividend we may pay, the Company’s ability to borrow funds pursuant to its credit agreements, the occurrence of any event, change or other circumstance that could affect the integration of Block 21 or the strategic position of OEG after the Atairos investment. 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, 2021, 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 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. 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, Total RevPAR, and Occupancy
    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 June 30, 2022, and 2021, the calculation of RevPAR and Total RevPAR in our tabular presentations has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. The closure of Gaylord National, which reopened July 1, 2021, resulted in significantly lower performance reflected in these metrics for the six months ended June 30, 2021, as compared to the current period. Occupancy figures reflect an additional 302 rooms available at Gaylord Palms beginning in June 2021. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

    Calculation of GAAP Margin Figures
    We calculate Net Income/(Loss) available to common shareholders margin by dividing GAAP consolidated Net Income available to common shareholders 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 Measures
    We 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 Definition
    We 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;
    • any transaction costs of acquisitions;
    • interest income on bonds;
    • loss on extinguishment of debt;
    • pension settlement charges;
    • pro rata Adjusted EBITDAre from unconsolidated joint venture; and
    • any other adjustments we have identified herein.

    We then exclude noncontrolling interests in consolidated joint venture to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture.

    For Gaylord National, we exclude interest income on bonds to calculate property-level Adjusted EBITDAre excluding interest income on bonds. 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 metrics provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP metrics, 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 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, 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 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 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 venture attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint venture.
    To calculate Adjusted FFO available to common shareholders 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;
    • (gains) losses 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 venture;
    • (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 shareholders and unit holders (excluding maintenance capex), we then exclude FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders and Adjusted FFO available to common shareholders and unit holders (excluding maintenance capex) exclude the ownership portion of Gaylord Rockies joint venture not controlled or owned by the Company in prior periods.

    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, PresidentShannon Sullivan, Vice President Corporate and Brand Communications
    Ryman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc.
    (615) 316-6588(615) 316-6725
    mfioravanti@rymanhp.comssullivan@rymanhp.com
    ~or~~or~
    Jennifer Hutcheson, Chief Financial OfficerRobert Winters
    Ryman Hospitality Properties, Inc.Alpha IR Group
    (615) 316-6320(929) 266-6315
    jhutcheson@rymanhp.comrobert.winters@alpha-ir.com
    Todd Siefert, Senior Vice President Corporate Finance & Treasurer 
    Ryman Hospitality Properties, Inc. 
    (615) 316-6344 
    tsiefert@rymanhp.com 



             
    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
             
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    Unaudited
    (In thousands, except per share data)
             
             
             
      Three Months Ended Six Months Ended
      Jun. 30 Jun. 30
       2022   2021   2022   2021 
    Revenues :       
     Rooms$161,506  $61,971  $263,099  $90,199 
     Food and beverage 188,083   45,619   300,199   63,794 
     Other hotel revenue 52,213   28,098   99,615   51,497 
     Entertainment 68,402   35,173   106,426   49,546 
     Total revenues 470,204   170,861   769,339   255,036 
             
    Operating expenses:       
     Rooms 41,238   15,039   71,374   24,516 
     Food and beverage 97,489   33,748   168,818   53,077 
     Other hotel expenses 99,284   61,365   185,927   115,922 
     Management fees 11,202   2,149   16,266   2,902 
     Total hotel operating expenses 249,213   112,301   442,385   196,417 
     Entertainment 45,670   25,639   77,401   44,330 
     Corporate 12,417   8,978   21,974   16,506 
     Preopening costs 221   217   525   616 
     (Gain) loss on sale of assets -   -   469   (317)
     Depreciation and amortization 56,715   54,673   112,743   107,988 
     Total operating expenses 364,236   201,808   655,497   365,540 
             
    Operating income (loss) 105,968   (30,947)  113,842   (110,504)
             
    Interest expense, net of amounts capitalized (33,958)  (29,847)  (65,895)  (60,643)
    Interest income 1,379   1,451   2,760   2,821 
    Loss on extinguishment of debt (1,547)  -   (1,547)  (2,949)
    Loss from consolidated joint ventures (3,001)  (1,910)  (5,628)  (3,519)
    Other gains and (losses), net (283)  (173)  164   201 
    Income (loss) before income taxes 68,558   (61,426)  43,696   (174,593)
             
    Provision benefit for income taxes (17,634)  (1,623)  (17,569)  (5,577)
    Net income (loss) 50,924   (63,049)  26,127   (180,170)
             
    Net (income) loss attributable to noncontrolling interest in consolidated joint venture (280)  4,708   (280)  16,501 
    Net (income) loss attributable to noncontrolling interest in Operating Partnership (360)  422   (184)  1,229 
    Net income (loss) available to common shareholders$50,284  $(57,919) $25,663  $(162,440)
             
    Basic income (loss) per share available to common shareholders$0.91  $(1.05) $0.47  $(2.95)
    Diluted income (loss) per share available to common shareholders$0.91  $(1.05) $0.46  $(2.95)
             
    Weighted average common shares for the period:       
     Basic 55,150   55,058   55,118   55,026 
     Diluted 55,862   55,058   55,321   55,026 
             



    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
          
    CONDENSED CONSOLIDATED BALANCE SHEETS
    Unaudited
    (In thousands)
          
       Jun. 30 Dec. 31,
        2022  2021 
          
    ASSETS:   
     Property and equipment, net of accumulated depreciation$3,200,732 $3,031,844 
     Cash and cash equivalents - unrestricted 179,230  140,688 
     Cash and cash equivalents - restricted 52,539  22,312 
     Notes receivable 68,884  71,228 
     Trade receivables, net 125,400  74,745 
     Prepaid expenses and other assets 129,466  112,904 
     Intangible assets 108,449  126,804 
      Total assets$3,864,700 $3,580,525 
          
          
    LIABILITIES AND EQUITY:   
     Debt and finance lease obligations$2,863,022 $2,936,819 
     Accounts payable and accrued liabilities 343,618  304,719 
     Dividends payable 102  386 
     Deferred management rights proceeds 169,054  170,614 
     Operating lease liabilities 115,010  113,770 
     Deferred income tax liabilities, net 4,966  4,671 
     Other liabilities 66,461  71,939 
     Noncontrolling interest in consolidated joint venture 296,236  - 
     Total equity (deficit) 6,231  (22,393)
      Total liabilities and equity (deficit)$3,864,700 $3,580,525 
          



                 
    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    ADJUSTED EBITDAre RECONCILIATION
    Unaudited
    (in thousands)
                 
                 
      Three Months Ended Jun. 30, Six Months Ended Jun. 30,
       2022   2021   2022   2021 
      $Margin $Margin $Margin $Margin
     Consolidated           
     Revenue$470,204   $170,861   $769,339   $255,036  
     Net income (loss)$50,924 10.8% $(63,049)-36.9% $26,127 3.4% $(180,170)-70.6%
     Interest expense, net 32,579    28,396    63,135    57,822  
     Provision for income taxes 17,634    1,623    17,569    5,577  
     Depreciation & amortization 56,715    54,673    112,743    107,988  
     (Gain) loss on sale of assets (142)   -    327    (317) 
     Pro rata EBITDAre from unconsolidated joint ventures 23    19    45    34  
     EBITDAre 157,733 33.5%  21,662 12.7%  219,946 28.6%  (9,066)-3.6%
     Preopening costs 221    217    525    616  
     Non-cash lease expense 1,108    1,085    2,281    2,173  
     Equity-based compensation expense 3,654    3,146    7,440    5,668  
     Pension settlement charge 853    566    853    566  
     Interest income on Gaylord National bonds 1,339    1,404    2,679    2,725  
     Loss on extinguishment of debt 1,547    -    1,547    2,949  
     Transaction costs of acquisitions 1,170    75    1,348    75  
     Adjusted EBITDAre$167,625 35.6% $28,155 16.5% $236,619 30.8% $5,706 2.2%
     Adjusted EBITDAre of noncontrolling interest in consolidated joint venture$(1,131)   273   $(1,131)   1,017  
     Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture$166,494 35.4% $28,428 16.6% $235,488 30.6% $6,723 2.6%
                 
     Hospitality segment           
     Revenue$401,802   $135,688   $662,913   $205,490  
     Operating income (loss)$100,573 25.0% $(27,317)-20.1% $116,241 17.5% $(90,860)-44.2%
     Depreciation & amortization 52,016    50,487    104,287    99,635  
     Gain on sale of assets -    -    -    (317) 
     Preopening costs -    217    -    615  
     Non-cash lease expense 1,055    1,102    2,108    2,206  
     Interest income on Gaylord National bonds 1,339    1,404    2,679    2,725  
     Transaction costs of acquisitions -    75    -    75  
     Adjusted EBITDAre$154,983 38.6% $25,968 19.1% $225,315 34.0% $14,079 6.9%
                 
     Entertainment segment           
     Revenue$68,402   $35,173   $106,426   $49,546  
     Operating income (loss)$18,019 26.3% $5,913 16.8% $20,456 19.2% $(2,007)-4.1%
     Depreciation & amortization 4,492    3,621    8,044    7,222  
     Preopening costs 221    -    525    1  
     Non-cash lease (revenue) expense 53    (17)   173    (33) 
     Equity-based compensation 1,077    664    1,901    1,131  
     Transaction costs of acquisitions 1,170    -    1,348    -  
     Pro rata adjusted EBITDAre from unconsolidated joint ventures (2,979)   (1,891)   (5,584)   (3,485) 
     Adjusted EBITDAre$22,053 32.2% $8,290 23.6% $26,863 25.2% $2,829 5.7%
                 
     Corporate and Other segment           
     Operating loss$(12,624)  $(9,543)  $(22,855)  $(17,637) 
     Depreciation & amortization 207    565    412    1,131  
     Other gains and (losses), net (424)   (173)   492    201  
     Equity-based compensation 2,577    2,482    5,539    4,537  
     Pension settlement charge 853    566    853    566  
     Adjusted EBITDAre$(9,411)  $(6,103)  $(15,559)  $(11,202) 
                 



             
    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 Jun. 30, Six Months Ended Jun. 30,
       2022   2021   2022   2021 
     Consolidated       
     Net income (loss)$50,924  $(63,049) $26,127  $(180,170)
     Noncontrolling interest in consolidated joint venture (280)  4,708   (280)  16,501 
     Net income (loss) available to common shareholders and unit holders 50,644   (58,341)  25,847   (163,669)
     Depreciation & amortization 56,685   54,636   112,682   107,914 
     Adjustments for noncontrolling interest (233)  (3,139)  (233)  (11,069)
     Pro rata adjustments from joint ventures 23   19   45   34 
     FFO available to common shareholders and unit holders 107,119   (6,825)  138,341   (66,790)
             
     Right-of-use asset amortization 30   37   61   74 
     Non-cash lease expense 1,108   1,085   2,281   2,173 
     Pension settlement charge 853   566   853   566 
     (Gain) loss on other assets -   -   469   (317)
     Amortization of deferred financing costs 2,309   2,170   4,538   4,379 
     Amortization of debt discounts (premiums) 61   (70)  (12)  (140)
     Loss on extinguishment of debt 1,547   -   1,547   2,949 
     Adjustments for noncontrolling interest (32)  (77)  (32)  (294)
     Transaction costs of acquisitions 1,170   75   1,348   75 
     Deferred tax expense 710   1,392   295   5,173 
     Adjusted FFO available to common shareholders and unit holders$114,875  $(1,647) $149,689  $(52,152)
     Capital expenditures (1) (19,930)  (16,435)  (32,235)  (16,587)
     Adjusted FFO available to common shareholders and unit holders (ex. maintenance capex)$94,945  $(18,082) $117,454  $(68,739)
             
             
     Basic net income (loss) per share$0.91  $(1.05) $0.47  $(2.95)
     Diluted net income (loss) per share$0.91  $(1.05) $0.46  $(2.95)
             
     FFO available to common shareholders and unit holders per basic share/unit$1.93  $(0.12) $2.49  $(1.20)
     Adjusted FFO available to common shareholders and unit holders per basic share/unit$2.07  $(0.03) $2.70  $(0.94)
             
     FFO available to common shareholders and unit holders per diluted share/unit$1.91  $(0.12) $2.48  $(1.20)
     Adjusted FFO available to common shareholders and unit holders per diluted share/unit$2.05  $(0.03) $2.69  $(0.94)
             
     Weighted average common shares and OP units for the period:       
     Basic 55,545   55,458   55,513   55,440 
     Diluted 56,256   55,458   55,716   55,440 
             
     (1) Represents FF&E reserve contribution for managed properties and maintenance capital expenditures for non-managed properties. Note that during 2021, as a result of the COVID-19 pandemic, contributions to the FF&E reserve for managed properties were suspended, although we did make voluntary contributions to fund the rooms renovation at Gaylord National.
             



                 
    RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
    SUPPLEMENTAL FINANCIAL RESULTS
    HOSPITALITY SEGMENT ADJUSTED EBITDAre RECONCILIATIONS AND OPERATING METRICS
    Unaudited
    (in thousands)
                 
         
      Three Months Ended Jun. 30, Six Months Ended Jun. 30,
       2022   2021   2022   2021 
      $Margin $Margin $Margin $Margin
     Hospitality segment           
     Revenue$401,802   $135,688   $662,913   $205,490  
     Operating income (loss)$100,573 25.0% $(27,317)-20.1% $116,241 17.5% $(90,860)-44.2%
     Depreciation & amortization 52,016    50,487    104,287    99,635  
     Gain on sale of assets -    -    -    (317) 
     Preopening costs -    217    -    615  
     Non-cash lease expense 1,055    1,102    2,108    2,206  
     Interest income on Gaylord National bonds 1,339    1,404    2,679    2,725  
     Transaction costs of acquisitions -    75    -    75  
     Adjusted EBITDAre$154,983 38.6% $25,968 19.1% $225,315 34.0% $14,079 6.9%
                 
     Occupancy 72.7%   32.9%   60.1%   24.7% 
     Average daily rate (ADR)$234.50   $202.12   $232.41   $197.97  
     RevPAR$170.46   $66.51   $139.61   $48.98  
     OtherPAR$253.61   $79.12   $212.15   $62.60  
     Total RevPAR$424.07   $145.63   $351.76   $111.58  
                 
                 
                 
     Gaylord Opryland           
     Revenue$105,497   $45,002   $179,016   $66,761  
     Operating income (loss)$31,871 30.2% $3,201 7.1% $47,426 26.5% $(8,549)-12.8%
     Depreciation & amortization 8,557    8,554    17,146    17,137  
     Gain on sale of assets -    -    -    (317) 
     Non-cash lease (revenue) expense (12)   -    (25)   2  
     Adjusted EBITDAre$40,416 38.3% $11,755 26.1% $64,547 36.1% $8,273 12.4%
                 
     Occupancy 75.1%   40.2%   62.0%   29.3% 
     Average daily rate (ADR)$233.68   $216.09   $236.06   $214.22  
     RevPAR$175.51   $86.88   $146.41   $62.76  
     OtherPAR$225.91   $84.35   $196.05   $64.95  
     Total RevPAR$401.42   $171.23   $342.46   $127.71  
                 
                 
                 
     Gaylord Palms           
     Revenue$68,289   $32,702   $128,137   $47,819  
     Operating income (loss)$18,218 26.7% $2,380 7.3% $34,076 26.6% $(3,637)-7.6%
     Depreciation & amortization 5,566    5,302    11,118    9,426  
     Preopening costs -    217    -    615  
     Non-cash lease expense 1,067    1,102    2,133    2,204  
     Adjusted EBITDAre$24,851 36.4% $9,001 27.5% $47,327 36.9% $8,608 18.0%
                 
     Occupancy 74.6%   52.2%   65.1%   38.9% 
     Average daily rate (ADR)$231.53   $199.63   $241.99   $197.28  
     RevPAR$172.78   $104.17   $157.65   $76.82  
     OtherPAR$264.02   $128.47   $254.42   $101.60  
     Total RevPAR$436.80   $232.64   $412.07   $178.42  
                 
                 
                 
     Gaylord Texan           
     Revenue$77,665   $34,069   $134,301   $52,427  
     Operating income (loss)$25,734 33.1% $3,278 9.6% $38,650 28.8% $(1,503)-2.9%
     Depreciation & amortization 5,742    6,194    12,440    12,423  
     Adjusted EBITDAre$31,476 40.5% $9,472 27.8% $51,090 38.0% $10,920 20.8%
                 
     Occupancy 74.3%   43.7%   66.1%   33.2% 
     Average daily rate (ADR)$231.22   $203.43   $226.94   $198.82  
     RevPAR$171.74   $88.88   $150.02   $66.06  
     OtherPAR$298.74   $117.51   $259.02   $93.62  
     Total RevPAR$470.48   $206.39   $409.04   $159.68  
                 
                 
                 
     Gaylord National           
     Revenue$72,223   $2,311   $104,810   $3,568  
     Operating income (loss)$12,824 17.8% $(15,051)-651.3% $1,549 1.5% $(29,574)-828.9%
     Depreciation & amortization 8,860    7,173    16,999    14,039  
     Interest income on Gaylord National bonds 1,339    1,404    2,679    2,725  
     Adjusted EBITDAre$23,023 31.9% $(6,474)-280.1% $21,227 20.3% $(12,810)-359.0%
                 
     Occupancy 64.2%   0.0%   49.9%   0.0% 
     Average daily rate (ADR)$251.45   $-   $240.22   $-  
     RevPAR$161.40   $-   $119.80   $-  
     OtherPAR$236.22   $12.72   $170.31   $9.87  
     Total RevPAR$397.62   $12.72   $290.11   $9.87  
                 
                 
                 
     Gaylord Rockies           
     Revenue$70,755   $18,338   $105,542   $30,308  
     Operating income (loss) (1)$10,215 14.4% $(20,596)-112.3% $(6,569)-6.2% $(45,295)-149.4%
     Depreciation & amortization 22,650    22,617    45,298    45,308  
     Adjusted EBITDAre (1)$32,865 46.4% $2,021 11.0% $38,729 36.7% $13 0.0%
                 
     Occupancy 76.6%   25.7%   58.0%   21.6% 
     Average daily rate (ADR)$235.69   $199.69   $228.22   $189.92  
     RevPAR$180.45   $51.38   $132.29   $40.98  
     OtherPAR$337.56   $82.87   $256.19   $70.57  
     Total RevPAR$518.01   $134.25   $388.48   $111.55  
                 
                 
                 
     The AC Hotel at National Harbor           
     Revenue$3,261   $1,459   $4,868   $2,264  
     Operating income (loss)$539 16.5% $(376)-25.8% $132 2.7% $(1,141)-50.4%
     Depreciation & amortization 328    328    655    657  
     Adjusted EBITDAre$867 26.6% $(48)-3.3% $787 16.2% $(484)-21.4%
                 
     Occupancy 71.2%   49.7%   58.8%   41.5% 
     Average daily rate (ADR)$233.52   $153.50   $211.27   $142.54  
     RevPAR$166.20   $76.30   $124.16   $59.19  
     OtherPAR$20.39   $7.19   $15.90   $5.94  
     Total RevPAR$186.59   $83.49   $140.06   $65.13  
                 
                 
                 
     The Inn at Opryland (2)           
     Revenue$4,112   $1,807   $6,239   $2,343  
     Operating income (loss)$1,172 28.5% $(153)-8.5% $977 15.7% $(1,161)-49.6%
     Depreciation & amortization 313    319    631    645  
     Transaction costs of acquisitions -    75    -    75  
     Adjusted EBITDAre$1,485 36.1% $241 13.3% $1,608 25.8% $(441)-18.8%
                 
     Occupancy 67.0%   42.2%   54.9%   29.1% 
     Average daily rate (ADR)$170.57   $126.51   $157.68   $120.45  
     RevPAR$114.26   $53.38   $86.60   $35.07  
     OtherPAR$34.94   $12.23   $27.19   $7.69  
     Total RevPAR$149.20   $65.61   $113.79   $42.76  
                 
     (1) Operating loss and Adjusted EBITDAre for Gaylord Rockies for the three months and six months ended June 30, 2021 exclude forgiven asset management fees previously owed to RHP of $0.4 million and $0.3 million, respectively.
     (2) Includes other hospitality revenue and expense           
                 


    Hospitality Segment
    Adjusted EBITDAre reconciliation
    Unaudited
    (in thousands)
      Apr-22
    Hospitality Segment 
     Revenue$ 131,921 
     Operating Income/(Loss)$ 36,364 
     Total Depreciation and Amortization$17,128 
     Non-cash lease expense$351 
     Interest income on bonds$447 
     Adjusted EBITDAre$ 54,289 
     Adjusted EBITDAre margin 41.2%
       
    Gaylord Rockies
    Adjusted EBITDAre reconciliation
    Unaudited
    (in thousands)
       
      Jun-22
    Gaylord Rockies 
     Revenue$ 27,472 
     Operating Income/(Loss)$ 5,899 
     Total Depreciation and Amortization$7,554 
     Adjusted EBITDAre$ 13,453 
     Adjusted EBITDAre margin 49.0%
       
    Gaylord National
    Adjusted EBITDAre reconciliation
    Unaudited
    (in thousands)
      2Q 2022
    Gaylord National 
     Revenue$ 72,223 
     Operating Income/(Loss)$ 12,824 
     Total Depreciation and Amortization$8,860 
     Interest income on bonds$1,339 
     Adjusted EBITDAre$ 23,023 
     Interest income on bonds$1,339 
     Adjusted EBITDAre excluding interest income on bonds$ 21,684 
     Adjusted EBITDAre excluding interest income margin 30.0%
       
    Gaylord National
    Adjusted EBITDAre reconciliation
    Unaudited
    (in thousands)
      2Q 2019
    Gaylord National 
     Revenue$ 78,128 
     Operating Income/(Loss)$ 17,044 
     Total Depreciation and Amortization$6,901 
     Interest income on bonds$2,565 
     Adjusted EBITDAre$ 26,510 
     Interest income on bonds$2,565 
     Adjusted EBITDAre excluding interest income on bonds$ 23,945 
     Adjusted EBITDAre excluding interest income margin 30.6%
       


    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")
           
           
           
      GUIDANCE RANGE
      FOR 3Q 2022
      Low  High Midpoint
    Ryman Hospitality Properties, Inc.     
     Net Income$ 38,000  $ 41,000  $ 39,500 
     Provision (benefit) for income taxes 9,950   11,200   10,575 
     Interest Expense 36,000   38,000   37,000 
     Depreciation and amortization 47,500   48,500   48,000 
     Pro rata EBITDAre from unconsolidated joint ventures (1) 50   50   50 
     EBITDAre$ 131,500  $ 138,750  $ 135,125 
     Non-cash lease expense 1,000   1,500   1,250 
     Preopening expense 125   125   125 
     Equity-based compensation 3,375   4,125   3,750 
     Interest income on Bonds 1,000   1,500   1,250 
     Adjusted EBITDAre (1)$ 137,000  $ 146,000  $ 141,500 
           
    Hospitality Segment     
     Operating Income$ 83,000  $ 85,000  $ 84,000 
     Depreciation and amortization 40,000   42,000   41,000 
     Non-cash lease expense 1,000   1,500   1,250 
     Interest income on Bonds 1,000 - 1,500 - 1,250 
     Adjusted EBITDAre$ 125,000  $ 130,000  $ 127,500 
           
    Entertainment Segment     
     Operating Income$ 17,500  $ 18,750  $ 18,125 
     Depreciation and amortization 5,500   6,000   5,750 
     Preopening expense 125   125   125 
     Equity-based compensation 875   1,125   1,000 
     Pro rata adjusted EBITDAre from unconsolidated JVs (1) (3,000)  (2,000)  (2,500)
     Adjusted EBITDAre (1)$ 21,000  $ 24,000  $ 22,500 
           
    Corporate and Other Segment     
     Operating Income$ (13,500) $ (11,500) $ (12,500)
     Depreciation and amortization 2,000   500   1,250 
     Equity-based compensation 2,500   3,000   2,750 
     Adjusted EBITDAre$ (9,000) $ (8,000) $ (8,500)
           
    (1) Guidance does not include any impact of the Atairos transaction. Pro rata EBITDAre and Adjusted EBITDAre from unconsolidated joint ventures is from the Circle joint venture.
           



    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")
           
           
      GUIDANCE RANGE
      FOR FULL YEAR 2022
      Low  High Midpoint
    Ryman Hospitality Properties, Inc.     
     Net Income$ 103,000  $ 110,000  $ 106,500 
     Provision (benefit) for income taxes 38,000   43,000   40,500 
     Interest Expense 141,400   148,300   144,850 
     Depreciation and amortization 204,500   207,500   206,000 
     Pro rata EBITDAre from unconsolidated joint ventures (1) 100   200   150 
     EBITDAre$ 487,000  $ 509,000  $ 498,000 
     Non-cash lease expense 4,000   5,000   4,500 
     Preopening expense 500   500   500 
     Equity-based compensation 18,500   21,000   19,750 
     Interest income on Bonds 5,000   5,500   5,250 
     Other gains and (losses), net (1,000)  (3,000)  (2,000)
     Adjusted EBITDAre (1)$ 514,000  $ 538,000  $ 526,000 
           
    Hospitality Segment     
     Operating Income$ 283,000  $ 293,500  $ 288,250 
     Depreciation and amortization 183,000   186,000   184,500 
     Non-cash lease expense 4,000   5,000   4,500 
     Interest income on Bonds 5,000   5,500 - 5,250 
     Adjusted EBITDAre$ 475,000  $ 490,000  $ 482,500 
           
    Entertainment Segment     
     Operating Income$ 60,500  $ 63,000  $ 61,750 
     Depreciation and amortization 18,000   20,500   19,250 
     Preopening expense 500   500   500 
     Equity-based compensation 5,000   6,000   5,500 
     Pro rata adjusted EBITDAre from unconsolidated JVs (1) (12,000)  (10,000)  (11,000)
     Adjusted EBITDAre (1)$ 72,000  $ 80,000  $ 76,000 
           
     Operating Income$ (49,000) $ (45,000) $ (47,000)
     Depreciation and amortization 3,500   1,000   2,250 
     Equity-based compensation 13,500   15,000   14,250 
     Other gains and (losses), net (1,000)  (3,000)  (2,000)
     Adjusted EBITDAre$ (33,000) $ (32,000) $ (32,500)
           
    (1) Guidance does not include any impact of the Atairos transaction. Pro rata EBITDAre and Adjusted EBITDAre from unconsolidated joint ventures is from the Circle joint venture.   
          

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