Ryman Hospitality Properties(RHP) - 2025 Q1 - Quarterly Results

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]