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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 September 30, 2022

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 October 31, 2022

Common Stock, par value $.01

55,163,324 shares

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended September 30, 2022

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) –September 30, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - For the Three Months and Nine Months Ended September 30, 2022 and 2021

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Nine Months Ended September 30, 2022 and 2021

5

Condensed Consolidated Statements of Equity (Deficit) and Noncontrolling Interest (Unaudited) - For the Three Months and Nine Months Ended September 30, 2022 and 2021

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

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

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

49

Item 4. Controls and Procedures.

49

Part II - Other Information

50

Item 1. Legal Proceedings.

50

Item 1A. Risk Factors.

50

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

51

Item 3. Defaults Upon Senior Securities.

51

Item 4. Mine Safety Disclosures.

51

Item 5. Other Information.

51

Item 6. Exhibits.

52

SIGNATURES

53

2

Part I – FINANCIAL INFORMATION

Item 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

    

September 30, 

    

December 31, 

2022

2021

ASSETS:

 

  

 

  

Property and equipment, net

$

3,178,104

$

3,031,844

Cash and cash equivalents - unrestricted

 

224,696

 

140,688

Cash and cash equivalents - restricted

 

96,007

 

22,312

Notes receivable, net

 

66,261

 

71,228

Trade receivables, net

 

131,496

 

74,745

Prepaid expenses and other assets

 

143,517

 

112,904

Intangible assets, net

107,199

126,804

Total assets

$

3,947,280

$

3,580,525

LIABILITIES AND EQUITY (DEFICIT):

 

  

 

  

Debt and finance lease obligations

$

2,863,081

$

2,936,819

Accounts payable and accrued liabilities

 

364,229

 

304,719

Dividends payable

 

5,685

 

386

Deferred management rights proceeds

 

168,274

 

170,614

Operating lease liabilities

 

115,258

 

113,770

Deferred income tax liabilities, net

9,216

4,671

Other liabilities

 

65,802

 

71,939

Total liabilities

3,591,545

3,602,918

Commitments and contingencies

 

 

Noncontrolling interest in consolidated joint venture

303,849

Equity (deficit):

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

 

 

Common stock, $.01 par value, 400,000 shares authorized, 55,163 and 55,072 shares issued and outstanding, respectively

 

552

 

551

Additional paid-in capital

 

1,104,189

 

1,112,867

Treasury stock of 648 and 648 shares, at cost

 

(18,467)

 

(18,467)

Distributions in excess of retained earnings

 

(1,022,770)

 

(1,088,105)

Accumulated other comprehensive loss

 

(11,926)

 

(29,080)

Total stockholders' equity (deficit)

 

51,578

 

(22,234)

Noncontrolling interest in Operating Partnership

308

(159)

Total equity (deficit)

51,886

(22,393)

Total liabilities and equity (deficit)

$

3,947,280

$

3,580,525

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

3

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

    

Revenues:

 

  

 

  

 

  

 

  

 

Rooms

$

154,940

$

113,192

$

418,039

$

203,391

Food and beverage

 

186,188

 

105,803

 

486,387

 

169,597

Other hotel revenue

 

49,474

 

38,858

 

149,089

 

90,355

Entertainment

 

77,153

 

49,053

 

183,579

 

98,599

Total revenues

 

467,755

 

306,906

 

1,237,094

 

561,942

Operating expenses:

 

  

 

  

 

  

 

  

Rooms

 

41,366

 

30,802

 

112,740

 

55,318

Food and beverage

 

103,221

 

65,205

 

272,039

 

118,282

Other hotel expenses

 

103,321

 

80,203

 

289,248

 

196,125

Management fees, net

 

11,276

 

4,907

 

27,542

 

7,809

Total hotel operating expenses

 

259,184

 

181,117

 

701,569

 

377,534

Entertainment

 

54,148

 

33,467

 

131,549

 

77,797

Corporate

 

9,449

 

10,416

 

31,423

 

26,922

Preopening costs

 

 

118

 

525

 

734

(Gain) loss on sale of assets

469

(317)

Depreciation and amortization

47,969

56,093

160,712

164,081

Total operating expenses

 

370,750

 

281,211

 

1,026,247

 

646,751

Operating income (loss)

 

97,005

 

25,695

 

210,847

 

(84,809)

Interest expense

 

(40,092)

 

(32,413)

 

(105,987)

 

(93,056)

Interest income

 

1,378

 

1,433

 

4,138

 

4,254

Loss on extinguishment of debt

(1,547)

(2,949)

Loss from unconsolidated joint ventures

 

(2,720)

 

(2,312)

 

(8,348)

 

(5,831)

Other gains and (losses), net

 

2,058

 

53

 

2,222

 

254

Income (loss) before income taxes

 

57,629

 

(7,544)

 

101,325

 

(182,137)

Provision for income taxes

 

(10,178)

 

(1,063)

 

(27,747)

 

(6,640)

Net income (loss)

47,451

(8,607)

73,578

(188,777)

Net (income) loss attributable to noncontrolling interest in consolidated joint venture

(1,887)

(2,167)

16,501

Net (income) loss attributable to noncontrolling interest in Operating Partnership

(323)

61

(507)

1,290

Net income (loss) available to common stockholders

$

45,241

$

(8,546)

$

70,904

$

(170,986)

Basic income (loss) per share available to common stockholders

$

0.82

$

(0.16)

$

1.29

$

(3.11)

Diluted income (loss) per share available to common stockholders

$

0.79

$

(0.16)

$

1.28

$

(3.11)

Comprehensive income (loss), net of taxes

$

55,917

$

(4,534)

$

90,732

$

(167,400)

Comprehensive (income) loss, net of taxes, attributable to noncontrolling interest in consolidated joint venture

(1,887)

(2,167)

15,419

Comprehensive (income) loss, net of taxes, attributable to noncontrolling interest in Operating Partnership

(383)

32

(629)

1,136

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

$

53,647

$

(4,502)

$

87,936

$

(150,845)

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

4

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Months Ended

September 30, 

    

2022

    

2021

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net income (loss)

$

73,578

$

(188,777)

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

 

Provision for deferred income taxes

 

4,545

5,991

Depreciation and amortization

 

160,712

164,081

Amortization of deferred financing costs

 

7,178

6,579

Loss from unconsolidated joint ventures

8,348

5,831

Stock-based compensation expense

 

11,134

8,944

Changes in:

 

Trade receivables

 

(55,346)

(52,930)

Accounts payable and accrued liabilities

 

44,094

73,370

Other assets and liabilities

 

(8,273)

(419)

Net cash flows provided by operating activities

 

245,970

 

22,670

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(48,219)

(66,162)

Purchase of land adjacent to Gaylord Rockies

(22,000)

Collection of notes receivable

3,718

844

Purchase of Block 21, net of cash acquired

(93,992)

Purchase of additional interest in Gaylord Rockies joint venture

(188,000)

Investment in other joint ventures

 

(10,207)

(7,168)

Other investing activities, net

 

838

5,482

Net cash flows used in investing activities

 

(147,862)

 

(277,004)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings (repayments) under revolving credit facility

 

(190,000)

74,000

Repayments under term loan A

(300,000)

Repayments under term loan B

 

(3,750)

(3,750)

Borrowings under OEG term loan B

288,000

Repayments under Block 21 CMBS loan

(847)

Issuance of senior notes

600,000

Redemption of senior notes

(400,000)

Deferred financing costs paid

 

(15,212)

(10,628)

Redemption of noncontrolling interest in Operating Partnership

(2,438)

Sale of noncontrolling interest in OEG

286,218

Payment of dividends

 

(296)

(502)

Payment of tax withholdings for share-based compensation

 

(4,361)

(3,428)

Other financing activities, net

 

(157)

(171)

Net cash flows provided by financing activities

 

59,595

 

253,083

Net change in cash, cash equivalents, and restricted cash

 

157,703

 

(1,251)

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

 

163,000

 

79,754

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

$

320,703

$

78,503

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

Cash and cash equivalents - unrestricted

$

224,696

$

53,155

Cash and cash equivalents - restricted

96,007

 

25,348

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

$

320,703

$

78,503

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

5

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Total

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Equity

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity (Deficit)

Partnership

(Deficit)

Joint Venture

BALANCE, December 31, 2021

$

551

$

1,112,867

$

(18,467)

$

(1,088,105)

$

(29,080)

$

(22,234)

$

(159)

$

(22,393)

$

Net loss

 

 

 

 

(24,621)

 

 

(24,621)

 

(176)

 

(24,797)

 

Other comprehensive income, net of income taxes

 

 

 

 

 

9,986

 

9,986

 

 

9,986

 

Restricted stock units and stock options surrendered

 

(3,761)

 

 

 

 

(3,761)

 

 

(3,761)

 

Equity-based compensation expense

 

 

3,786

 

 

 

 

3,786

 

 

3,786

 

BALANCE, March 31, 2022

$

551

$

1,112,892

$

(18,467)

$

(1,112,726)

$

(19,094)

$

(36,844)

$

(335)

$

(37,179)

$

Net income

 

 

 

 

50,284

 

 

50,284

 

360

 

50,644

 

280

Other comprehensive loss, net of income taxes

 

 

 

 

 

(1,298)

 

(1,298)

 

 

(1,298)

 

Sale of noncontrolling interest in OEG

(9,467)

(9,467)

(9,467)

295,956

Restricted stock units and stock options surrendered

 

1

(124)

 

 

 

 

(123)

 

 

(123)

 

Equity-based compensation expense

 

 

3,654

 

 

 

 

3,654

 

 

3,654

 

BALANCE, June 30, 2022

$

552

$

1,106,955

$

(18,467)

$

(1,062,442)

$

(20,392)

$

6,206

$

25

$

6,231

$

296,236

Net income

 

 

 

 

45,241

 

 

45,241

 

323

 

45,564

 

1,887

Adjustment of noncontrolling interest to redemption value

(5,726)

(5,726)

(5,726)

5,726

Other comprehensive income, net of income taxes

 

 

 

 

 

8,466

8,466

 

8,466

 

Sale of noncontrolling interest in OEG

(270)

(270)

(270)

Payment of dividends ($0.10 per share)

 

 

13

(5,569)

 

 

(5,556)

 

(40)

 

(5,596)

 

Restricted stock units and stock options surrendered

 

(477)

 

 

 

 

(477)

 

 

(477)

 

Equity-based compensation expense

 

 

3,694

 

 

 

 

3,694

 

 

3,694

 

BALANCE, September 30, 2022

$

552

$

1,104,189

$

(18,467)

$

(1,022,770)

$

(11,926)

$

51,578

$

308

$

51,886

$

303,849

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

6

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Total

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Equity

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity (Deficit)

Partnership

(Deficit)

Joint Venture

BALANCE, December 31, 2020

$

550

$

1,192,261

$

(18,467)

$

(911,092)

$

(57,951)

$

205,301

$

14,516

$

219,817

$

100,969

Net loss

 

 

 

 

(104,521)

 

 

(104,521)

 

(807)

 

(105,328)

 

(11,793)

Other comprehensive income, net of income taxes

 

 

 

 

 

6,100

 

6,100

 

 

6,100

 

Redemption of noncontrolling interest in Operating Partnership

(1,352)

(1,352)

(1,086)

(2,438)

Contribution to consolidated joint venture