Company Overview - Ryman Hospitality Properties operates as a REIT, focusing on group-oriented, destination hotel assets with a total of 9,917 rooms across five upscale resorts managed by Marriott under the Gaylord Hotels brand[72]. - Ryman owns a controlling approximate 70% equity interest in the Opry Entertainment Group, which includes various entertainment and media assets[74]. Financial Performance - Total revenues for the three months ended March 31, 2025, increased by 11.2% to $587,280, compared to $528,345 in the same period in 2024[95]. - Operating income improved by 20.5% to $116,121 for the three months ended March 31, 2025, compared to $96,381 in 2024[95]. - Net income increased by 47.4% to $63,014 for the three months ended March 31, 2025, compared to $42,761 in 2024[95]. - Hospitality segment revenues rose by 7.9% to $497,730 for the three months ended March 31, 2025, compared to $461,470 in 2024[103]. - Total revenue for the Hospitality segment increased by 6.1% to $110,178,000 in Q1 2025 compared to $103,835,000 in Q1 2024[110]. - Operating income for Gaylord Opryland rose by 21.2% to $30,098,000 in Q1 2025, up from $24,825,000 in Q1 2024[110]. - Gaylord National's total revenue surged by 18.4% to $80,829,000 in Q1 2025, compared to $68,274,000 in Q1 2024[111]. - The Entertainment segment's revenues increased by 33.9% to $89,550,000 in Q1 2025, up from $66,875,000 in Q1 2024[113]. - Operating income for the Entertainment segment grew by 68.8% to $10,316,000 in Q1 2025, compared to $6,112,000 in Q1 2024[113]. - Net income available to common stockholders per share increased by 49.3% to $1.00 for the three months ended March 31, 2025, compared to $0.67 in 2024[95]. Capital Expenditures and Investments - In 2024, Ryman completed a $98 million multi-year enhancement project at Gaylord Rockies and identified over $1 billion in capital investment opportunities across its hotel portfolio, expected to be completed in phases through 2027[80]. - The company has invested approximately $112.7 million in capital expenditures to enhance its existing properties[82]. - Capital expenditures for Q1 2025 totaled $112.7 million, primarily for renovations and developments at Gaylord Opryland[138]. - The company anticipates capital expenditures between $235 million and $335 million for the remainder of 2025[143]. Debt and Financing - The company has a $700 million revolving credit facility and a senior secured term loan B with an original principal amount of $500 million, reduced to $295 million as of March 28, 2024[149]. - As of March 31, 2025, there were no amounts outstanding under the revolving credit facility, with $700 million available[156]. - The term loan B has a maturity date of May 18, 2030, with $292.1 million in borrowings outstanding as of March 31, 2025[160]. - The company issued $1 billion in aggregate principal amount of 6.50% senior notes due 2032, with net proceeds totaling approximately $983 million[163]. - The company used a portion of the net proceeds from the senior notes to prepay $200 million under the term loan B[163]. - The company must maintain a consolidated net leverage ratio of not greater than 6.50x and a consolidated fixed charge coverage ratio of not less than 1.50x[151]. - The maturity date of the revolving credit facility is May 18, 2027, with options for extensions[154]. - The interest rate on the term loan B was Term SOFR plus 2.00% as of March 31, 2025[160]. - The company has no debt maturities until May 2027, allowing for potential refinancing before maturity[145]. - The Company completed a private placement of $600 million in aggregate principal amount of 4.50% senior notes due 2029, with a maturity date of February 15, 2029, and interest payable semi-annually[170]. - The Company also completed a private placement of $400 million in aggregate principal amount of 7.25% senior notes due 2028, with a maturity date of July 15, 2028, and interest payable semi-annually[172]. - As of March 31, 2025, the outstanding amount under the 2024 OEG Term Loan was $428.5 million, and $12.0 million was outstanding under the OEG Revolver[180]. - Estimated interest obligations through 2029 are projected to be $785 million, with $153.5 million for the remainder of 2025 and $197.7 million in 2026[185]. - At March 31, 2025, 85% of the Company's outstanding debt is fixed-rate debt, which helps mitigate the impact of increased interest rates[188]. - The Company assumed a $136 million Block 21 CMBS Loan, with $128.2 million outstanding as of March 31, 2025, which was defeased in full in April 2025[183]. - The 2024 OEG Credit Agreement includes a senior secured term loan facility of $300 million and a revolving credit facility not exceeding $80 million[178]. Cash Flow and Distributions - Net cash flows provided by operating activities increased significantly to $98.2 million in Q1 2025 from $7.5 million in Q1 2024[136][137]. - Cash distributions paid in Q1 2025 amounted to $70.3 million, similar to $67.1 million in Q1 2024[140][141]. - Unrestricted cash at March 31, 2025, was $413.9 million, with an additional $763.0 million available for borrowing[142]. - FFO available to common stockholders and unit holders increased to $122.902 million in Q1 2025 from $98.473 million in Q1 2024[135]. Operational Metrics - Key performance indicators for the hospitality segment include hotel occupancy, average daily rate (ADR), revenue per available room (RevPAR), and total revenue per available room (Total RevPAR)[89]. - Average Daily Rate (ADR) increased by 5.6% to $264.40 in the three months ended March 31, 2025, compared to $250.48 in 2024[100]. - Occupancy rate improved by 3.0 percentage points to 69.7% for the three months ended March 31, 2025, compared to 66.7% in 2024[103]. - Group room nights on the books for future years at March 31, 2025, are 5.0% higher than the same point in 2024, with estimated ADR also up by 5.6%[102]. Strategic Goals - Ryman's long-term growth strategy includes acquisitions or developments of hotels, particularly in the group meetings sector, with a focus on assets with over 400 hotel rooms in urban and resort markets[79]. - Ryman's strategic goal is to be the nation's premier hospitality REIT for group-oriented meeting hotel assets in urban and resort markets[77]. Accounting and Risk Management - The company prepares its financial statements in accordance with GAAP, applying significant judgment in accounting policies related to asset impairment and credit losses[192]. - No newly identified critical accounting policies were reported in the first three months of 2025, nor were there material changes to existing policies[194]. - There have been no material changes in the company's quantitative and qualitative market risks since December 31, 2024[195].

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% [16][17]. - Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 109% [18]. - ADR reached a first quarter record of $264, up nearly 6% compared to the previous year [18]. Business Line Data and Key Metrics Changes - The Hospitality segment's revenue and adjusted EBITDAre were significantly boosted by a strong performance in both group and transient segments, with outside room spending from group customers slightly exceeding expectations [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, particularly strong for 2026 and 2027, which saw increases of 133% and 135% respectively [22]. - The company noted a decline in consumer confidence but maintained strong performance in the hospitality segment, with leisure transient customers also showing a 3% year-over-year increase in demand and ADR [19][20]. Company Strategy and Development Direction - The company is focusing 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][26]. - 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][25]. 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 remains optimistic about long-term growth [10][12]. - The company has slightly modified its full-year guidance for hospitality RevPAR and total RevPAR, reflecting anticipated weaker group business volumes [27][28]. 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 [31]. - Capital expenditures expectations for 2025 have been lowered to a range of $350 million to $450 million, based on updated construction timelines [34]. Q&A Session Summary Question: How short-term is the hesitancy being seen in bookings? - Management noted that while there is uncertainty, recent lead volumes showed improvement from a 50% decline in March to only 8% in April, indicating a positive trend [36][38]. Question: What are the costs that allow the company to maintain EBITDA guidance despite lower RevPAR? - The company has implemented profit improvement plans amounting to $28 million to $30 million, which have been effective in safeguarding margins [45][46]. Question: Can you elaborate on the strategy behind the acquisition of Southern Entertainment? - The acquisition is aimed at increasing the overall opportunity for live venues and enhancing the company's presence in the country music festival space [51][54]. Question: What is the government exposure across the portfolio? - The company indicated that government business is not significant across the portfolio, and stress testing showed confidence in weathering potential cancellations [95][96]. 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 [103][104].

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% [15][25]. - Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 109% year over year [15][16]. - ADR reached a first quarter record of $264, up nearly 6% compared to the previous year [16]. Business Line Data and Key Metrics Changes - The Hospitality segment's revenue and adjusted EBITDAre were driven by strong growth in both group and transient segments, with outside room spending from group customers slightly better than anticipated [17][19]. - The Entertainment segment generated a revenue growth of 34% year over year, with adjusted EBITDAre increasing by 35% [16]. 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 133% and 135% respectively [21]. - The company noted a decline in consumer confidence but highlighted that the consumer segments served continued to show strength in the first quarter [17]. Company Strategy and Development Direction - The company is focusing on long-term value creation while managing short-term dynamics, with a proactive approach to margin management and operational efficiencies [11][24]. - The acquisition of Southern Entertainment is seen as an opportunity to expand the live entertainment segment and enhance brand synergy across venues [53][56]. 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 and group demand [6][11]. - The company has slightly modified its guidance for hospitality RevPAR and total RevPAR, reflecting expectations of weaker group business volumes compared to previous assumptions [25][27]. 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 have been lowered to a range of $350 million to $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 uncertainty, recent April production numbers showed a marked improvement in lead volumes for in-the-year bookings, indicating a potential recovery [38][39]. Question: What allows the company to maintain EBITDA guidance despite lower RevPAR? - The company has implemented profit improvement plans early in the year, which have helped safeguard margins and maintain guidance [46][48]. 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 brand experience across different events [53][56]. Question: What is the government exposure across the portfolio? - The company indicated that government business is not a significant portion of its overall bookings, and stress testing showed resilience even if all government business were to cancel [92][93]. Question: How does the company plan to handle cancellations and rebooking? - Management plans to be more aggressive in collecting cancellation fees compared to previous crises, while still working with customers to find mutually beneficial solutions [100][101].

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]