Ryman Hospitality Properties(RHP) - 2024 Q4 - Annual Results

Financial Performance - The company reported a record consolidated revenue of $647.6 million for Q4 2024, an increase of 2.3% compared to $633.1 million in Q4 2023[6] - Full year 2024 consolidated revenue reached $2.3 billion, representing an 8.4% growth from $2.16 billion in 2023[6] - The company generated net income of $72.3 million in Q4 2024, a decrease of 57.4% from $169.9 million in Q4 2023[6] - Adjusted EBITDAre for Q4 2024 was $188.6 million, a slight increase of 0.6% from $187.5 million in Q4 2023[6] - Net income available to common stockholders for the year ended December 31, 2024, was $271.6 million, a decrease of 12.7% from $311.2 million in 2023[64] - Adjusted EBITDAre for the year ended December 31, 2024, was not explicitly stated but is calculated as net income plus interest, taxes, depreciation, and amortization, providing a clearer view of operational performance[51] - Basic net income per share for the year ended December 31, 2024, was $4.54, down from $5.39 in 2023[64] - Adjusted EBITDAre for the year ended December 31, 2024, was $684,049, up from $623,160 in 2023, representing a growth of 9.8%[72] - Earnings per share for the three months ended December 31, 2024, was $1.15, down from $2.38 in the same period of 2023[76] Revenue Breakdown - Same-store Hospitality revenue for Q4 2024 was $496 million, down 1.4% from $503.1 million in Q4 2023[12] - Gaylord Opryland reported a revenue of $138.7 million for Q4 2024, a decrease of 1.4% compared to Q4 2023, but a full-year revenue increase of 4.4% to $495.6 million[17] - Gaylord Palms experienced an 8.6% decline in Q4 revenue to $79.9 million, with a full-year revenue decrease of 2.3% to $302.4 million[20] - Gaylord Texan's Q4 revenue was $109.3 million, down 6.2% year-over-year, while the full-year revenue decreased by 2.0% to $351.2 million[21] - Gaylord Rockies achieved a revenue increase of 14.1% in Q4 2024 to $76.8 million, with a full-year revenue growth of 8.8% to $290.1 million[24] - The Entertainment segment reported a revenue increase of 11.7% in Q4 2024 to $98.2 million, with a full-year revenue growth of 5.4% to $342.2 million[26] - Hospitality segment revenue for the year ended December 31, 2024, reached $1,997,050,000, up from $1,833,478,000 in 2023, marking an increase of 8.9%[68] - Same-store hospitality segment revenue for the year ended December 31, 2024, was $1,776,526,000, compared to $1,740,665,000 in 2023, indicating a growth of 2.1%[68] Dividends and Shareholder Returns - The company declared a cash dividend of $1.15 per share for Q1 2025, payable on April 15, 2025[5] - Total dividends declared for 2024 were $4.45 per share, a 15.6% increase from 2023, with a minimum dividend target of $4.60 per share for 2025[5] - The Company declared a quarterly cash dividend of $1.15 per common share, payable on April 15, 2025[40] Capital Expenditures and Investments - Capital expenditures for 2024 totaled approximately $408 million, with $301 million allocated to the Hospitality segment and $107 million to the Entertainment and Corporate & Other segments[29] - The Company expects capital expenditures for 2025 to be between $400 million and $500 million, primarily focused on the Hospitality business[29] - The company opened a new Ole Red location in Las Vegas and made a strategic investment in Southern Entertainment, indicating ongoing market expansion efforts[27] Operational Challenges - The company estimates that construction disruptions impacted same-store Hospitality RevPAR growth by approximately 320 basis points in 2024[5] - The estimated impact of construction disruption on the Hospitality business in 2024 was approximately 320 basis points to RevPAR growth and $27 million to operating income and Adjusted EBITDAre[32] - For 2025, the Company estimates the impact of construction disruption to be 250 to 350 basis points to RevPAR and $30 to $35 million to operating income and Adjusted EBITDAre[35] Future Guidance - The guidance for consolidated Hospitality RevPAR growth in 2025 is projected to be between 2.25% and 4.75%, with a midpoint of 3.50%[37] - The company does not expect to update its 2025 guidance before the next quarter's earnings release, but may do so at any time[36] - For the full year 2025, consolidated net income is projected to be between $245,250,000 and $261,000,000, with a midpoint of $253,125,000[79] - Adjusted EBITDAre for the full year 2025 is expected to range from $749,000,000 to $801,000,000, with a midpoint of $775,000,000[79] - Funds From Operations (FFO) available to common stockholders and unit holders is forecasted to be between $487,375,000 and $524,500,000, with a midpoint of $505,938,000 for 2025[81] - Adjusted FFO available to common stockholders and unit holders is anticipated to be between $510,000,000 and $555,000,000, with a midpoint of $532,500,000 for 2025[81] - The diluted income per share available to common stockholders is projected to be between $3.80 and $4.05, with a midpoint of $3.93 for 2025[83] - Adjusted FFO per share is expected to range from $8.24 to $8.86, with a midpoint of $8.55 for 2025[83] Debt and Liquidity - As of December 31, 2024, the Company had unrestricted cash of $477.7 million and total debt outstanding of $3,378.4 million[41] - Total assets increased to $5.22 billion as of December 31, 2024, compared to $5.19 billion in 2023[66] - Debt and finance lease obligations remained stable at approximately $3.38 billion as of December 31, 2024, compared to $3.38 billion in 2023[66] - Cash and cash equivalents decreased to $477.7 million in 2024 from $591.8 million in 2023, indicating a reduction in liquidity[66] - Interest expense for the year ended December 31, 2024, was $225.4 million, compared to $211.4 million in 2023, reflecting increased borrowing costs[64] Operational Metrics - The company operates a portfolio of 11,414 rooms across its hotel properties, which include five of the top seven largest non-gaming convention center hotels in the U.S.[43] - The occupancy rate for Q4 2024 was 66.7%, a decrease from 69.8% in Q4 2023[72] - Total RevPAR for Q4 2024 was $523.24, compared to $519.15 in Q4 2023, showing a marginal increase[72] - The occupancy rate for Gaylord National decreased to 60.4% in Q4 2024 from 66.8% in Q4 2023, while Gaylord Rockies improved to 71.5% from 66.1%[74] - The total revenue per available room (Total RevPAR) for Gaylord Rockies increased to $556.33 in Q4 2024 from $487.79 in Q4 2023[74]