|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of Each Class
|
Trading Symbol(s)
|
Name of Each Exchange on
Which Registered
|
||
|
|
|
ITEM 2.02 |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
|
Year Ended December 31, 2020
|
||||
(dollars in thousands)
|
||||
Balance Sheet Data:
|
||||
Cash and cash equivalents – unrestricted
|
$
|
56,697
|
||
Cash and cash equivalents – restricted
|
$
|
23,057
|
||
Total Debt
|
$
|
2,658,008
|
Three Months Ended December 31, 2020
|
Year Ended December 31, 2020
|
|||||||||||||||
Income Statement Data:
|
Low
|
High
|
Low
|
High
|
||||||||||||
(dollars in thousands)
|
||||||||||||||||
Revenue
|
$
|
120,000
|
$
|
128,000
|
$
|
518,000
|
$
|
526,000
|
||||||||
Net loss
|
(101,500
|
)
|
(90,000
|
)
|
(473,500
|
)
|
(460,000
|
)
|
||||||||
Adjusted EBITDAre
(1)
|
(12,545
|
)
|
(1,365
|
)
|
(52,760
|
)
|
(34,000
|
)
|
||||||||
Adjusted EBITDAre,
excluding noncontrolling interest in consolidated joint venture (1)
|
(11,545
|
)
|
(165
|
)
|
(57,760
|
)
|
(37,500
|
)
|
(1) |
For our definition of Adjusted EBITDAre and Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, see “Non-GAAP Financial Measures” below. For a reconciliation of the
non-GAAP financial measure Adjusted EBITDAre and Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture to Net Income (loss), see “Non-GAAP Financial Measures—Reconciliation of Preliminary Estimated Unaudited Results” below.
|
Three Months Ended
December 31, 2020
|
Year Ended
December 31, 2020
|
|||||||||||||||
Low
|
High
|
Low
|
High
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Revenue
|
$
|
120,000
|
$
|
128,000
|
$
|
518,000
|
$
|
526,000
|
||||||||
Net income (loss)
|
(101,500
|
)
|
(90,000
|
)
|
(473,500
|
)
|
(460,000
|
)
|
||||||||
Interest Expense, net
|
26,000
|
27,000
|
107,000
|
110,000
|
||||||||||||
Provision for income taxes
|
4,000
|
—
|
31,500
|
26,750
|
||||||||||||
Depreciation & amortization
|
54,000
|
56,000
|
214,500
|
217,000
|
||||||||||||
(Gain) loss on disposal of assets
|
90
|
105
|
(1,500
|
)
|
(900
|
)
|
||||||||||
Pro rata EBITDAre from unconsolidated joint ventures
|
30
|
35
|
40
|
50
|
||||||||||||
EBITDAre
|
(17,380
|
)
|
(6,860
|
)
|
(121,960
|
)
|
(107,100
|
)
|
||||||||
Preopening costs
|
60
|
70
|
1,400
|
1,900
|
||||||||||||
Non-cash lease expense
|
1,000
|
1,200
|
4,000
|
5,000
|
||||||||||||
Equity-based compensation expense
|
2,000
|
2,300
|
8,500
|
9,500
|
||||||||||||
Pension settlement charge
|
375
|
425
|
1,500
|
1,900
|
||||||||||||
Credit loss on held-to-maturity securities
|
—
|
—
|
32,500
|
33,000
|
||||||||||||
Interest income on Gaylord National & Gaylord Rockies bonds
|
1,400
|
1,500
|
5,900
|
6,300
|
||||||||||||
Transaction costs of acquisitions
|
—
|
—
|
15,400
|
15,500
|
||||||||||||
Adjusted EBITDAre
|
(12,545
|
)
|
(1,365
|
)
|
(52,760
|
)
|
(34,000
|
)
|
||||||||
Adjusted EBITDAre of noncontrolling interest in consolidated joint venture
|
1,000
|
1,200
|
(5,000
|
)
|
(3,500
|
)
|
||||||||||
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture
|
(11,545
|
)
|
(165
|
)
|
(57,760
|
)
|
(37,500
|
)
|
ITEM 7.01 |
REGULATION FD DISCLOSURE.
|
ITEM 9.01. |
FINANCIAL STATEMENTS AND EXHIBITS.
|
(d) |
Exhibits
|
99.1 |
Press Release dated February 9, 2021, announcing the launch of an
offering of $400 million aggregate
principal amount of senior unsecured notes due 2029 by certain subsidiaries of Ryman Hospitality Properties, Inc.
|
99.2 |
Press Release dated February 9, 2021, announcing the commencement
of a cash tender offer by certain subsidiaries of Ryman Hospitality Properties, Inc. for any and all of the outstanding 5.00% senior unsecured notes due 2023.
|
RYMAN HOSPITALITY PROPERTIES, INC.
|
||
Date: February 9, 2021
|
By:
|
/s/ Scott J. Lynn
|
Name:
|
Scott J. Lynn
|
|
Title:
|
Executive Vice President, General Counsel and Secretary
|
Investor Relations Contacts:
|
Media Contacts:
|
Mark Fioravanti, President & Chief Financial Officer
|
Shannon Sullivan, Vice President Corporate and Brand Communications
|
Ryman Hospitality Properties, Inc.
|
Ryman Hospitality Properties, Inc.
|
615-316-6588
|
(615) 316-6725
|
mfioravanti@rymanhp.com
|
ssullivan@rymanhp.com
|
~or~
|
~or~
|
Todd Siefert, Senior Vice President of Corporate Finance & Treasurer
|
Robert Winters
|
Ryman Hospitality Properties, Inc.
|
Alpha IR Group
|
615-316-6344
|
(929) 266-6315
|
tsiefert@rymanhp.com
|
robert.winters@alpha-ir.com
|
Title of Security
|
CUSIP Numbers/ISINs
|
Principal
Amount
Outstanding
|
Purchase Price per $1,000
principal amount of 2023 Notes
|
|||
5.00% Senior Notes Due 2023
|
749571 AD7 / US749571AD71
|
$400,000,000
|
$1,005.00
|
Investor Relations Contacts:
|
Media Contacts:
|
Mark Fioravanti, President & Chief Financial Officer
|
Shannon Sullivan, Vice President Corporate and Brand Communications
|
Ryman Hospitality Properties, Inc.
|
Ryman Hospitality Properties, Inc.
|
615-316-6588
|
(615) 316-6725
|
mfioravanti@rymanhp.com
|
ssullivan@rymanhp.com
|
~or~
|
~or~
|
Todd Siefert, Senior Vice President of Corporate Finance & Treasurer
|
Robert Winters
|
Ryman Hospitality Properties, Inc.
|
Alpha IR Group
|
615-316-6344
|
(929) 266-6315
|
tsiefert@rymanhp.com
|
robert.winters@alpha-ir.com
|
Document and Entity Information |
Feb. 09, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 09, 2021 |
Entity Registrant Name | RYMAN HOSPITALITY PROPERTIES, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-13079 |
Entity Tax Identification Number | 73-0664379 |
Entity Address, Address Line One | One Gaylord Drive |
Entity Address, City or Town | Nashville |
Entity Address, State or Province | TN |
Entity Address, Postal Zip Code | 37214 |
City Area Code | 615 |
Local Phone Number | 316-6000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001040829 |
Title of 12(b) Security | Common Stock, par value $.01 |
Trading Symbol | RHP |
Security Exchange Name | NYSE |
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