Company Quick10K Filing
Ryman Hospitality Properties
Price81.24 EPS5
Shares52 P/E17
MCap4,211 P/FCF18
Net Debt-159 EBIT366
TEV4,051 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-09
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-20 Officers
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-05-22
8-K 2020-05-13
8-K 2020-05-07
8-K 2020-04-23
8-K 2020-03-24
8-K 2020-03-17
8-K 2020-03-08
8-K 2020-02-25
8-K 2019-12-09
8-K 2019-12-09
8-K 2019-11-05
8-K 2019-10-31
8-K 2019-10-08
8-K 2019-09-19
8-K 2019-09-13
8-K 2019-09-12
8-K 2019-08-06
8-K 2019-07-02
8-K 2019-05-09
8-K 2019-05-07
8-K 2019-03-27
8-K 2019-02-26
8-K 2019-02-22
8-K 2018-12-31
8-K 2018-11-06
8-K 2018-09-13
8-K 2018-08-07
8-K 2018-06-26
8-K 2018-05-03
8-K 2018-05-01
8-K 2018-02-23

RHP 10Q Quarterly Report

Part I - Financial Information
Item 1. - Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.2 rhp-20200630xex10d2.htm
EX-31.1 rhp-20200630xex31d1.htm
EX-31.2 rhp-20200630xex31d2.htm
EX-32.1 rhp-20200630xex32d1.htm

Ryman Hospitality Properties Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.93.12.31.60.80.02012201420172020
Assets, Equity
1.00.80.60.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.50.30.20.0-0.1-0.32012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-13079

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

    

73-0664379

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

One Gaylord Drive

Nashville, Tennessee 37214

(Address of Principal Executive Offices)

(Zip Code)

(615) 316-6000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Name of Each Exchange on

Title of Each Class

Trading Symbol(s)

Which Registered

Common stock, par value $.01

RHP

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  Accelerated filer  Non-accelerated filer  Smaller reporting company  Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding as of July 31, 2020

Common Stock, par value $.01

54,978,957 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended June 30, 2020

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) – June 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three Months and Six Months Ended June 30, 2020 and 2019

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Six Months Ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Stockholders’ Equity and Noncontrolling Interest (Unaudited) - For the Three Months and Six Months Ended June 30, 2020 and 2019

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

30

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

56

Item 4. Controls and Procedures.

56

Part II - Other Information

57

Item 1. Legal Proceedings.

57

Item 1A. Risk Factors.

57

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

59

Item 3. Defaults Upon Senior Securities.

59

Item 4. Mine Safety Disclosures.

59

Item 5. Other Information.

59

Item 6. Exhibits.

60

SIGNATURES

61

2

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

    

June 30, 

    

December 31, 

2020

2019

ASSETS:

 

  

 

  

Property and equipment, net of accumulated depreciation (including $956,935 and $979,012 from VIEs, respectively)

$

3,121,446

$

3,130,252

Cash and cash equivalents - unrestricted (including $12,945 and $33,772 from VIEs, respectively)

 

82,376

 

362,430

Cash and cash equivalents - restricted

 

54,923

 

57,966

Notes receivable

 

82,542

 

110,135

Trade receivables, less credit loss reserve of $1,116 and $828, respectively (including $5,077 and $16,523 from VIEs, respectively)

 

18,370

 

70,768

Deferred income tax assets, net

 

 

25,959

Prepaid expenses and other assets (including $30,841 and $27,888 from VIEs, respectively)

 

98,255

 

123,845

Intangible assets (including $182,366 and $202,366 from VIEs, respectively)

187,033

207,113

Total assets

$

3,644,945

$

4,088,468

LIABILITIES AND EQUITY:

 

  

 

  

Debt and finance lease obligations (including $793,332 and $792,696 from VIEs, respectively)

$

2,576,307

$

2,559,968

Accounts payable and accrued liabilities (including $35,356 and $57,590 from VIEs, respectively)

 

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 (including $25,049 and $2,174 from VIEs, respectively)

 

97,686

 

64,971

Total liabilities

3,109,548

3,222,228

Commitments and contingencies

 

 

Noncontrolling interest in consolidated joint venture

141,693

221,511

Stockholders' equity:

Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding

 

 

Common stock, $.01 par value, 400,000 shares authorized, 54,978 and 54,897 shares issued and outstanding, respectively

 

550

 

549

Additional paid-in capital

 

1,188,046

 

1,185,168

Treasury stock of 648 and 619 shares, at cost

 

(18,467)

 

(17,315)

Accumulated deficit

 

(711,798)

 

(495,514)

Accumulated other comprehensive loss

 

(64,627)

 

(28,159)

Total stockholders' equity

 

393,704

 

644,729

Total liabilities and equity

$

3,644,945

$

4,088,468

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except per share data)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

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, net

 

(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

 

(30,042)

 

(33,492)

 

(59,400)

 

(65,579)

Interest income

 

1,854

 

2,970

 

4,225

 

5,878

Loss from unconsolidated 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 stockholders

$

(173,492)

$

49,383

$

(220,008)

$

78,791

Basic income (loss) per share available to common stockholders

$

(3.16)

$

0.96

$

(4.00)

$

1.53

Diluted income (loss) per share available to common stockholders

$

(3.16)

$

0.95

$

(4.00)

$

1.52

Comprehensive income (loss), net of taxes

$

(188,848)

$

46,382

$

(277,021)

$

69,161

Comprehensive loss, net of taxes, attributable to noncontrolling interest

14,228

3,099

27,057

9,837

Comprehensive income (loss), net of taxes, available to common stockholders

$

(174,620)

$

49,481

$

(249,964)

$

78,998

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Six Months Ended

June 30, 

    

2020

    

2019

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net income (loss)

$

(238,395)

$

68,954

Amounts to reconcile net income (loss) to net cash flows provided by operating activities:

 

Provision for deferred income taxes

 

26,641

8,187

Depreciation and amortization

 

107,356

106,562

Amortization of deferred financing costs

 

3,851

3,866

Credit loss on held-to-maturity securities

24,973

Forfeiture of Block21 earnest deposit

15,000

Write-off of deferred financing costs

 

235

Loss from unconsolidated joint ventures

3,715

167

Stock-based compensation expense

 

4,419

3,961

Changes in:

 

Trade receivables

 

52,237

(22,609)

Accounts payable and accrued liabilities

 

(109,821)

(32,925)

Other assets and liabilities

 

(1,012)

2,461

Net cash flows provided by (used in) operating activities

 

(110,801)

 

138,624

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(83,139)

(69,074)

Collection of notes receivable

10,446

Investment in other joint ventures

 

(6,728)

(2,164)

Other investing activities, net

 

1,691

(118)

Net cash flows used in investing activities

 

(88,176)

 

(60,910)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings under revolving credit facility

 

25,000

4,000

Repayments under term loan B

 

(2,500)

(1,250)

Borrowing under Gaylord Rockies construction and mezzanine loans

37,653

Deferred financing costs paid

 

(1,510)

(27)

Payment of dividends

 

(102,315)

(90,724)

Distributions from consolidated joint venture to noncontrolling interest partners

(992)

(10,591)

Payment of tax withholdings for share-based compensation

 

(1,660)

(3,876)

Other financing activities, net

 

(143)

7,106

Net cash flows used in financing activities

 

(84,120)

 

(57,709)

Net change in cash, cash equivalents, and restricted cash

 

(283,097)

 

20,005

Cash, cash equivalents, and restricted cash, beginning of period

 

420,396

 

149,089

Cash, cash equivalents, and restricted cash, end of period

$

137,299

$

169,094

Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:

Cash and cash equivalents - unrestricted

$

82,376

$

103,842

Cash and cash equivalents - restricted

54,923

 

65,252

Cash, cash equivalents, and restricted cash, end of period

$

137,299

$

169,094

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

    

Accumulated

    

    

Additional

Other

Total

Common

Paid-in

Treasury

Accumulated

Comprehensive

Stockholders'

Noncontrolling

Stock 

Capital 

Stock

Deficit

Loss

Equity

Interest

BALANCE, December 31, 2019

$

549

$

1,185,168

$

(17,315)

$

(495,514)

$

(28,159)

$

644,729

$

221,511

Net loss

 

 

 

 

(46,516)

 

 

(46,516)

 

(4,220)

Adjustment of noncontrolling interest to redemption value

54,265

54,265

(54,265)

Transition adjustment related to adoption of ASU 2016-13

(5,343)

2,158

(3,185)

Other comprehensive loss, net of income taxes

 

 

 

 

 

(37,437)

 

(37,437)

 

Payment of dividends ($0.95 per share)

 

 

147

(557)

(51,996)

 

 

(52,406)

 

Restricted stock units and stock options surrendered

 

1

(1,660)

 

 

 

 

(1,659)

 

Stock-based compensation expense

 

 

2,230

 

 

 

 

2,230

 

BALANCE, March 31, 2020

$

550

$

1,185,885

$

(17,872)

$

(545,104)

$

(63,438)

$

560,021

$

163,026

Net loss

 

 

 

 

(173,492)

 

 

(173,492)

 

(14,167)

Adjustment of noncontrolling interest to redemption value

6,174

6,174

(6,174)

Other comprehensive loss, net of income taxes

 

 

 

 

 

(1,189)

 

(1,189)

 

Payment of dividends

 

 

(595)

624

 

 

29

 

Distribution from consolidated joint venture to noncontrolling interest partners

(992)

Restricted stock units and stock options surrendered

 

(29)

 

 

 

 

(29)

 

Stock-based compensation expense

 

 

2,190

 

 

 

 

2,190

 

BALANCE, June 30, 2020

$

550

$

1,188,046

$

(18,467)

$

(711,798)

$

(64,627)

$

393,704

$

141,693