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Ryman Hospitality Properties, Inc. Reports Third Quarter 2020 Results

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NASHVILLE, Tenn., Nov. 03, 2020 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Highlights:

  • Third quarter 2020 gross advanced room night bookings of approximately 669,000 room nights for all future periods, of which approximately 158,000 or 24% were unrelated to rebooking efforts
  • Year to date through September 30, 2020 rebooked room nights of approximately 1.01 million room nights, or over 53% of total room nights canceled as a result of COVID-19
  • Overall Entertainment segment and Ole Red venues continue to see steady improvement while adhering to local health regulations
  • Average monthly cash burn for the third quarter 2020 was approximately $22.7 million, down approximately $8.9 million from second quarter 2020 driven by hotel reopenings and continued cost management
  • Continue to have ample liquidity as monthly cash burn continues to decline; currently have approximately 30 months of liquidity including Gaylord Palms expansion
  • Issued updated Investor Supplement on Ryman Hospitality, which is available on the Investor Relations section of our website at www.rymanhp.com

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “We are pleased with the results we achieved this quarter, driving sequential improvement from last quarter in terms of both revenue and monthly cash burn as we navigate this extraordinary period. Our unique hotel properties with their large footprints, diverse amenities, and reputation for best-in-class service continue to generate interest from “drive to” leisure guests. We have seen success in targeting families who want the opportunity to travel safely. With 100 million people living within 300 miles of our four open Gaylord hotel properties, we believe we are in a strong position to continue capitalizing on the demand for safe family travel options that are within a short driving distance from home.

We have also begun to see the return of some smaller groups to our hotels as corporate customers look to resume in-person gatherings. Although group cancellations continue, our core brand differentiators have driven a rebookings rate of over 53 percent.

Our Entertainment segment also delivered an improved performance and gained momentum throughout the quarter. Importantly, we are taking advantage of this period to drive broader digitization of our content and exploring new formats to showcase our growing catalogue of content.

The continued progress we are making to safely welcome guests on both sides of our business has contributed to a continued reduction in our average monthly cash burn during this period, which has supported our strong liquidity position and enabled us to maintain our focus on recovery.”

Third Quarter 2020 Results (As Compared to Third Quarter 2019):

Consolidated Results

 

($ in thousands, except per share amounts)Three Months Ended Nine Months Ended
 September 30, September 30,
  2020   2019  % ∆  2020   2019  % ∆
Total Revenue$70,249  $379,787  -81.5% $397,960  $1,158,281  -65.6%
            
Operating Income/(Loss) (1) ($103,166) $56,503  -282.6%  ($239,151) $195,783  -222.2%
Operating Income/(Loss) margin -146.9%  14.9% -161.8pt  -60.1%  16.9% -77.0pt
            
Net Income/(Loss) available to common shareholders (1) (2) (3) ($117,659) $22,349  -626.5% ($337,667) $101,140  -433.9%
Net Income/(Loss) available to common shareholders margin -167.5%  5.9% -173.4pt  -84.8%  8.7% -93.5pt
Net Income/(Loss) available to common shareholders per diluted share ($2.14) $0.43  -597.7% ($6.14) $1.95  -414.9%
            
Adjusted EBITDAre ($35,280) $119,071  -129.6% ($33,646) $378,458  -108.9%
Adjusted EBITDAre margin -50.2%  31.4% -81.6pt  -8.5%  32.7% -41.2pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture ($34,790) $108,076  -132.2% ($38,734) $353,091  -111.0%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin -49.5%  28.5% -78.0pt  -9.7%  30.5% -40.2pt
            
Funds From Operations (FFO) available to common shareholders and unit holders (1) (2) (3)($72,303) $67,728  -206.8% ($202,156) $235,605  -185.8%
FFO available to common shareholders and unit holders per diluted share($1.31) $1.31  -200.0% ($3.68) $4.55  -180.9%
            
Adjusted FFO available to common shareholders and unit holders($60,284) $77,950  -177.3% ($118,556) $260,007  -145.6%
Adjusted FFO available to common shareholders and unit holders per diluted share($1.09) $1.50  -172.7% ($2.16) $5.02  -143.0%
            
(1) For the three and nine months ended September 30, 2020, includes approximately $7.8 million and $32.8 million for credit losses on held-to-maturity securities, respectively.
(2) For the nine months ended September 30, 2020, includes $26.7 million for income tax valuation allowances.
  
(3) For the nine months ended September 30, 2020, includes $15.0 million for the termination of the Block 21 acquisition.
        

 

 

Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, 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,” “Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “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 Nine Months Ended
 September 30, September 30,
  2020   2019  % ∆  2020   2019  % ∆
            
Hospitality Revenue (1)$57,978  $328,257  -82.3% $353,954  $1,022,896  -65.4%
            
Hospitality Operating Income/(Loss) (1) (2) (3) ($86,212) $52,110  -265.4%  ($186,401) $190,918  -197.6%
Hospitality Adjusted EBITDAre (1) (3) ($23,565) $109,067  -121.6% $4,910  $356,564  -98.6%
            
Hospitality Performance Metrics (1) (4)           
Occupancy 14.6%  77.1% -62.5pt  24.4%  75.8% -51.4pt
Average Daily Rate (ADR)$180.89  $188.13  -3.8% $197.38  $196.81  0.3%
RevPAR$26.33  $145.09  -81.9% $48.16  $149.23  -67.7%
Total RevPAR$62.33  $352.92  -82.3% $127.77  $370.61  -65.5%
            
Gross Definite Rooms Nights Booked 668,803   691,250  -3.2%  1,690,783   1,740,739  -2.9%
Net Definite Rooms Nights Booked (70,572)  574,403  -112.3%  (692,844)  1,335,080  -151.9%
Group Attrition (as % of contracted block) 61.4%  15.2% 46.2pt  21.4%  14.1% 7.3pt
Cancellations ITYFTY (5) 300,867   10,254  2834.1%  1,519,432   44,809  3290.9%
            
(1) Includes approximately 6,000 room nights out of service during the third quarter 2019 and approximately 26,250 for the nine months ended September 30, 2019 related to the Gaylord
Opryland rooms renovation. Gaylord National remains closed.           
(2) For the three and nine months ended September 30, 2020, includes approximately $7.8 million and $32.8 million for credit losses on held-to-maturity securities, respectively.
(3) Includes approximately $14.4 million and $34.9 million in COVID-19 related employment costs during the three and nine months ended September 30, 2020, respectively.
(4) Calculation of hospitality performance metrics includes closed hotel room nights available. Average Daily Rate is for occupied rooms.  
(5) “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 and Total RevPAR” below. Property-level results and operating metrics for third quarter 2020 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.

Gaylord Opryland

($ in thousands, except ADR, RevPAR, and Total RevPAR)          
            
 Three Months Ended Nine Months Ended
 September 30, September 30,
  2020   2019  % ∆  2020   2019  % ∆
            
Revenue$17,514  $90,185  -80.6% $94,961  $278,130  -65.9%
Operating Income/(Loss) ($15,403) $21,021  -173.3%  ($24,402) $73,879  -133.0%
Operating Income/(Loss) margin -87.9%  23.3% -111.2pt  -25.7%  26.6% -52.3pt
Adjusted EBITDAre ($6,632) $29,934  -122.2% $684  $99,942  -99.3%
Adjusted EBITDAre margin -37.9%  33.2% -71.1pt  0.7%  35.9% -35.2pt
            
Occupancy (1) 13.8%  77.2% -63.4pt  25.0%  77.6% -52.6pt
Average daily rate (ADR)$193.58  $189.97  1.9% $194.10  $193.41  0.4%
RevPAR (1)$26.76  $146.66  -81.8% $48.51  $150.01  -67.7%
Total RevPAR (1)$65.92  $339.43  -80.6% $120.00  $352.77  -66.0%
            
(1) Calculation of hospitality performance metrics includes closed hotel room nights available.        

 

 

Gaylord Opryland Highlights for Third Quarter 2020 (As Compared to Third Quarter 2019):

  • Approximately 3,100 or 8% of room nights sold in the third quarter were derived from group customers and the property has generated cumulative occupancy from June 25, 2020 reopening through October 31, 2020 of 14.7%.
  • Since re-opening through September 30th, the property has sold over 70,000 tickets to SoundWaves.

Gaylord Palms

($ in thousands, except ADR, RevPAR, and Total RevPAR)          
            
 Three Months Ended Nine Months Ended
 September 30, September 30,
  2020   2019  % ∆  2020   2019  % ∆
            
Revenue$7,659  $40,854  -81.3% $53,848  $148,127  -63.6%
Operating Income/(Loss) ($12,393) $2,538  -588.3%  ($19,122) $28,518  -167.1%
Operating Income/(Loss) margin -161.8%  6.2% -168.0pt  -35.5%  19.3% -54.8pt
Adjusted EBITDAre ($7,137) $8,656  -182.5%  ($3,019) $46,715  -106.5%
Adjusted EBITDAre margin -93.2%  21.2% -114.4pt  -5.6%  31.5% -37.1pt
            
Occupancy (1) 14.7%  72.7% -58.0pt  26.0%  77.4% -51.4pt
Average daily rate (ADR)$168.83  $161.98  4.2% $206.72  $191.88  7.7%
RevPAR (1)$24.76  $117.71  -79.0% $53.67  $148.52  -63.9%
Total RevPAR (1)$58.79  $313.61  -81.3% $138.79  $383.19  -63.8%
            
(1) Calculation of hospitality performance metrics includes closed hotel room nights available.        

 

Gaylord Palms Highlights for Third Quarter 2020 (As Compared to Third Quarter 2019):

  • Approximately 4,000 or 21% of room nights sold in the third quarter were derived from group customers and the property has generated cumulative occupancy since June 25, 2020 reopening through October 31, 2020 of 15.2%.
  • The hotel expansion project is on time and on budget with approximately $37 million remaining to be spent and an expected completion date in April 2021.

Gaylord Texan

($ in thousands, except ADR, RevPAR, and Total RevPAR)          
            
 Three Months Ended Nine Months Ended
 September 30, September 30,
  2020   2019  % ∆  2020   2019  % ∆
            
Revenue$19,651  $66,508  -70.5% $81,119  $207,873  -61.0%
Operating Income/(Loss) ($5,981) $18,160  -132.9%  ($4,699) $59,801  -107.9%
Operating Income/(Loss) margin -30.4%  27.3% -57.7ptpt  -5.8%  28.8% -34.6pt
Adjusted EBITDAre$346  $24,670  -98.6% $14,485  $79,700  -81.8%
Adjusted EBITDAre margin 1.8%  37.1% -35.3pt  17.9%  38.3% -20.4pt
            
Occupancy (1) 27.3%  80.6% -53.3pt  29.5%  78.6% -49.1pt
Average daily rate (ADR)$190.80  $189.64  0.6% $199.31  $192.39  3.6%
RevPAR (1)$52.09  $152.94  -65.9% $58.82  $151.31  -61.1%
Total RevPAR (1)$117.75  $398.52  -70.5% $163.21  $419.76  -61.1%
            
(1) Calculation of hospitality performance metrics includes closed hotel room nights available.        

 

Gaylord Texan Highlights for Third Quarter 2020 (As Compared to Third Quarter 2019):

  • Approximately 8,100 or 18% of room nights sold in the third quarter were derived from group customers and the property has generated cumulative occupancy from June 8, 2020 reopening through October 31, 2020 of 23.8%

Gaylord National

($ in thousands, except ADR, RevPAR, and Total RevPAR)          
            
 Three Months Ended Nine Months Ended
 September 30, September 30,
  2020   2019  % ∆  2020   2019  % ∆
            
Revenue$133  $59,128  -99.8% $50,056  $202,886  -75.3%
Operating Income/(Loss) ($26,814) $2,457  -1191.3%  ($79,798) $25,735  -410.1%
Operating Income/(Loss) margin -20,160.9%  4.2% -20,165.1pt  -159.4%  12.7% -172.1pt
Adjusted EBITDAre ($7,787) $14,697  -153.0%  ($18,734) $57,000  -132.9%
Adjusted EBITDAre margin -5854.9%  24.9% -5879.8pt  -37.4% 
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Ryman Hospitality Properties, Inc

NYSE:RHP

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6.33B
57.90M
3.03%
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1.63%
Hotels (except Casino Hotels) and Motels
Accommodation and Food Services
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About RHP

in october of 2012, gaylord entertainment company sold the gaylord hotels brand and the rights to manage its four resort and convention center hotels to marriott international. marriott international also manages the inn at opryland, general jackson show boat, gaylord springs golf links and wildhorse saloon. after completing the sale, gaylord entertainment merged with and into its wholly-owned subsidiary, ryman hospitality properties, inc., a real estate investment trust that trades on the nyse under the ticker symbol rhp. ryman hospitality properties continues to own these assets and also owns and operates the grand ole opry, ryman auditorium and wsm-am. visit rymanhp.com/careers for employment opportunities with ryman hp, grand ole opry, wsm and ryman auditorium. for the latest career opportunities at gaylord hotels nationwide, visit the marriott international and gaylord hotels linkedin pages.