Financial Data and Key Metrics Changes - The company reported a consolidated revenue increase of 11% year over year, with adjusted EBITDAre rising by 15% and AFFO per fully diluted share increasing by 28% [17] - Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 109% year over year [17] - ADR reached a first quarter record of $264, up nearly 6% compared to last year [18] Business Line Data and Key Metrics Changes - The Hospitality segment's revenue and adjusted EBITDAre growth were attributed to strong performance in both group and transient segments, with outside room spending from group customers slightly better than anticipated [19] - The Entertainment segment generated a revenue growth of 34% year over year, with adjusted EBITDAre increasing by 35% [18] Market Data and Key Metrics Changes - Gross group room nights booked for future years increased by 10% year over year, with significant strength in bookings for 2026 and 2027, which were up 1335% and 913% respectively [22][40] - The company noted a decline in consumer confidence but highlighted that the consumer segments served continued to demonstrate strength in the first quarter [19] Company Strategy and Development Direction - The company is focused on long-term value creation while managing short-term dynamics, emphasizing the importance of its diversified customer base to mitigate fluctuations during uncertain times [13][25] - The company is actively managing its capital deployment program and has identified new growth projects, including a ten-year contract to manage the Ascend Amphitheater in Nashville [24] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook due to economic uncertainties, particularly related to government business, but maintained a positive long-term view [10][12] - The company has slightly modified its full-year guidance for hospitality RevPAR and total RevPAR, reflecting expectations of weaker group business volumes compared to previous assumptions [26] Other Important Information - The company ended the first quarter with $414 million in unrestricted cash and a total available liquidity of approximately $1.2 billion [30] - Capital expenditures expectations for 2025 were lowered from $400-$500 million to $350-$450 million based on updated construction timelines [31] Q&A Session Summary Question: How short-term is the hesitancy being seen in bookings? - Management noted that while there is hesitancy, lead volumes improved from a 50% decline in March to only an 8% decline in April, indicating a positive trend [36] Question: What allows the company to maintain EBITDA guidance despite lower RevPAR? - The company implemented profit improvement plans early in the year, which are expected to safeguard margins and bottom line [45] Question: Can you elaborate on the strategy behind the acquisition of Southern Entertainment? - The acquisition is aimed at increasing the opportunity set for live venues and enhancing the overall fan experience across venues [53] Question: What is the government exposure across the portfolio? - The company indicated that government business is not significant and has stress-tested its model to ensure it can weather potential cancellations [94] Question: How does the company plan to handle cancellations and rebooking? - Management plans to be more aggressive in collecting cancellation fees while also working with customers to find mutually beneficial solutions [100]

Financial Performance - The company reported record consolidated revenue of $587.3 million for Q1 2025, an increase of 11.2% compared to Q1 2024[4] - Consolidated net income for Q1 2025 was $63.0 million, reflecting a 47.4% increase from $42.8 million in Q1 2024[4] - Adjusted EBITDAre for the quarter was $185.5 million, a 15.2% increase compared to $161.1 million in the prior year[4] - Total revenues for Q1 2025 reached $587.3 million, a 11.1% increase from $528.3 million in Q1 2024[51] - Net income available to common stockholders for Q1 2025 was $62.96 million, compared to $43.06 million in Q1 2024, reflecting a 46.0% year-over-year increase[51] - The company reported a basic income per share of $1.05 for Q1 2025, up from $0.72 in Q1 2024, representing a 45.8% increase[51] - The company reported an operating loss of $26,000 for The Inn at Opryland, an improvement from a loss of $359,000 in the same quarter last year[59] Segment Performance - Hospitality segment revenue reached $497.7 million, up 7.9% year-over-year, while the entertainment segment generated $89.6 million[4] - The hospitality segment achieved a RevPAR growth of 10.2% and Total RevPAR growth of 9.1% compared to the prior year[13] - The Entertainment segment saw a significant revenue increase of 33.9%, reaching $89,550,000, up from $66,875,000[18] - Gaylord Rockies reported revenue of $70,948,000 for Q1 2025, an increase of 11.2% from $63,822,000 in Q1 2024[16] - JW Marriott Hill Country achieved revenue of $55,276,000, reflecting a 10.7% growth compared to $49,941,000 in the same quarter last year[17] - Gaylord National reported revenue of $80,829,000 for Q1 2025, up from $68,274,000 in Q1 2024, representing a 18.5% increase[59] Cash Flow and Liquidity - The company reported a 24.8% increase in Funds From Operations (FFO) available to common stockholders and unit holders, totaling $122.9 million[6] - The company maintains a strong liquidity position with $763.0 million available under its revolving credit facilities[28] - As of March 31, 2025, the company had unrestricted cash of $413.9 million and total debt of $3,375.0 million[28] - The company’s cash and cash equivalents decreased to $413.9 million from $477.7 million at the end of 2024, indicating a 13.3% decline[53] Guidance and Outlook - The company is lowering its full-year outlook for Hospitality RevPAR and Total RevPAR growth due to macroeconomic uncertainty affecting group demand[4] - The guidance for Adjusted EBITDAre for the full year 2025 is set between $749,000,000 and $801,000,000, with a midpoint of $775,000,000[64] - The guidance for full year 2025 indicates net income available to common stockholders and unit holders is projected to be between $237,250,000 and $255,000,000, with a midpoint of $246,125,000[66] - The operating income for the hospitality segment is expected to range from $444,000,000 to $468,000,000 for 2025[64] Expenses and Costs - Total hotel operating expenses increased to $326.8 million in Q1 2025 from $309.1 million in Q1 2024, marking a 5.7% rise[51] - The company’s interest expense decreased to $54.3 million in Q1 2025 from $60.4 million in Q1 2024, a reduction of 10.5%[51] - The full-year impact of construction disruption is estimated to reduce RevPAR by 250 to 350 basis points and Total RevPAR by 200 to 300 basis points[21] - Depreciation and amortization expenses are projected to be between $262,625,000 and $280,000,000, with a midpoint of $271,313,000[66] Strategic Investments - Opry Entertainment Group made a strategic investment in Southern Entertainment, a leading independent festival and live event operator[4] - The company continues to focus on strategic goals as a REIT, emphasizing the importance of cash flows to support dividends and operational stability[33]

Core Insights - Ryman Hospitality Properties (RHP) reported a revenue of $587.28 million for the quarter ended March 2025, reflecting an 11.2% increase year-over-year and a surprise of +7.37% over the Zacks Consensus Estimate of $546.99 million [1] - The earnings per share (EPS) for the quarter was $2.08, significantly higher than the $0.67 reported in the same quarter last year, and exceeded the consensus EPS estimate of $1.79 by +16.20% [1] Revenue Breakdown - Entertainment revenue reached $89.55 million, surpassing the average estimate of $68.54 million by two analysts, marking a year-over-year increase of +33.9% [4] - Hospitality revenue was reported at $497.73 million, exceeding the average estimate of $474.44 million based on two analysts, representing a +7.9% change year-over-year [4] Stock Performance - Over the past month, shares of Ryman Hospitality Properties have returned -6.4%, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - Ryman Hospitality Properties reported quarterly funds from operations (FFO) of $2.08 per share, exceeding the Zacks Consensus Estimate of $1.79 per share and up from $1.60 per share a year ago [1] - The quarterly report reflects an FFO surprise of 16.20%, with the company surpassing consensus FFO estimates three times over the last four quarters [2] - The company posted revenues of $587.28 million for the quarter, surpassing the Zacks Consensus Estimate by 7.37% and increasing from $528.35 million year-over-year [3] Market Performance - Ryman Hospitality Properties shares have declined approximately 15.7% since the beginning of the year, compared to a 5.3% decline in the S&P 500 [4] - The current consensus FFO estimate for the upcoming quarter is $2.53 on revenues of $618.07 million, and for the current fiscal year, it is $8.39 on revenues of $2.4 billion [8] Industry Outlook - The REIT and Equity Trust - Other industry, to which Ryman Hospitality Properties belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, indicating potential challenges ahead [9] - The estimate revisions trend for Ryman Hospitality Properties is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [7]

NASHVILLE, Tenn., May 01, 2025 (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 three months ended March 31, 2025. First Quarter 2025 Highlights and Recent Developments: The Company reported first quarter records for consolidated revenue of $587.3 million, Hospitality segment revenue of $497.7 million and Entertainme ...

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Overview of Ryman Hospitality - Ryman Hospitality (NYSE:RHP) owns many of the largest non-gaming convention centers in the U.S., focusing on long-term conference bookings rather than transient leisure travel [1][2] - The company also owns 70% of Opry Entertainment Group, which is estimated to represent approximately 15% of RHP's enterprise value [3][4] Business Model and Revenue Characteristics - RHP's convention centers have different operating characteristics compared to traditional hotels, with a focus on conferences that are planned well in advance, leading to greater revenue visibility and higher non-lodging revenue [2][5] - The company plans to separate its entertainment business from its real estate operations, as Opry Entertainment Group does not fit within a REIT structure [5] Market Performance and Valuation - RHP's stock price increased by 11% on April 9, 2025, due to reduced tariffs, but remains down 25% over the past year [7][8] - The company is currently trading at a low FFO multiple of 10.6X trailing FFO and 9.3X forward estimated FFO, indicating it is undervalued compared to its asset value [10][12] Comparison with Industry Peers - The average AFFO multiple for hotel REITs is 7.4X, with RHP trading at a premium relative to this average, suggesting a differentiated business model that may provide resilience against industry challenges [19][22] - RHP's properties are larger and have higher meeting space per room compared to peers, contributing to its superior long-term growth performance [28][23] Advantages of RHP's Booking Process - RHP's average group booking occurs 2.9 years in advance, providing significant cash flow visibility and protection against cancellations through high fees [31][30] - This booking model allows RHP to avoid large cuts from OTAs, enhances future earnings visibility, and provides a cushion during economic downturns [32][33] Financial Resilience - RHP's clean balance sheet, with a debt to EBITDA ratio of 3.9X, has allowed the company to navigate challenging times without significant asset sales or unfavorable debt [33] - The company's differentiated business model has resulted in better long-term AFFO/share growth compared to peers, justifying its current valuation [34]

With an S&P 500 bear market underway, there are plenty of "discounted" stocks to be found. President Donald Trump's tariff strategy could cause inflation to surge, and many experts see the chances of a U.S. recession in 2025 as much higher than they were a few months ago. The general uncertainty of the situation has caused the sharpest market downturn since the 2008 financial crisis.However, there are some excellent businesses that were already trading at attractive valuations before 2025's downturn. Here a ...

Core Viewpoint - Ryman Hospitality Properties, Inc. will release its first quarter 2025 earnings results on May 1, 2025, and will hold a conference call to discuss the results on May 2, 2025 [1]. Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and entertainment experiences [3]. - The company's portfolio includes five of the top seven largest non-gaming convention center hotels in the U.S., with a total of 11,414 rooms and over 3 million square feet of meeting space [3]. - Ryman Hospitality Properties also owns a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands and various entertainment venues [3].

Group 1 - Ryman Hospitality Properties (NYSE: RHP) has achieved a total return of over 15% over the past three years, outperforming its peers despite challenging macroeconomic conditions for REITs [1] - The real estate sector has faced difficulties, yet Ryman Hospitality Properties has managed to deliver impressive results [1] Group 2 - The company is recognized for its contrarian investment approach, targeting undervalued assets while maintaining a long-term perspective [1] - Ryman Hospitality Properties benefits from a strong academic and professional foundation in finance and investment principles [1]