Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2018

(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,655,478	$	429,709		$	—		$	2,085,187
Cash and cash equivalents - unrestricted		79			251			35		58,675			—			59,040
Cash and cash equivalents - restricted		—			—			—		26,687			—			26,687
Notes receivable		—			—			—		111,046			—			111,046
Investment in Gaylord Rockies joint venture		—			—			—		88,717			—			88,717
Trade receivables, less allowance		—			—			—		66,253			—			66,253
Deferred income tax assets, net		—			—			106		48,236			—			48,342
Prepaid expenses and other assets		—			—			7,534		74,922			(8,550	)		73,906
Intercompany receivables, net		—			—			1,737,603		—			(1,737,603	)		—
Investments		995,557			2,890,033			650,801		1,384,811			(5,921,202	)		—
Total assets	$	995,636		$	2,890,284		$	4,051,557	$	2,289,056		$	(7,667,355	)	$	2,559,178
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,648,668		$	—	$	634		$	—		$	1,649,302
Accounts payable and accrued liabilities		107			20,799			10,003		149,800			(8,550	)		172,159
Dividends payable		44,878			—			—		—			—			44,878
Deferred management rights proceeds		—			—			—		176,299			—			176,299
Other liabilities		—			—			96,325		60,292			—			156,617
Intercompany payables, net		590,728			885,656			—		261,219			(1,737,603	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		513			1			1		2,387			(2,389	)		513
Additional paid-in-capital		895,157			630,670			2,835,468		2,093,817			(5,559,955	)		895,157
Treasury stock		(13,707	)		—			—		—			—			(13,707	)
Accumulated deficit		(495,426	)		(295,510	)		1,109,760		(428,778	)		(385,472	)		(495,426	)
Accumulated other comprehensive loss		(26,614	)		—			—		(26,614	)		26,614			(26,614	)
Total stockholders’ equity		359,923			335,161			3,945,229		1,640,812			(5,921,202	)		359,923
Total liabilities and stockholders’ equity	$	995,636		$	2,890,284		$	4,051,557	$	2,289,056		$	(7,667,355	)	$	2,559,178

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2017

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,640,274		$	425,383		$	—		$	2,065,657
Cash and cash equivalents - unrestricted		38			759			36			56,724			—			57,557
Cash and cash equivalents - restricted		—			—			—			21,153			—			21,153
Notes receivable		—			—			—			111,423			—			111,423
Investment in Gaylord Rockies joint venture		—			—			—			88,685			—			88,685
Trade receivables, less allowance		—			—			—			57,520			—			57,520
Deferred income tax assets, net		—			—			(301	)		50,418			—			50,117
Prepaid expenses and other assets		—			—			5			72,111			—			72,116
Intercompany receivables, net		—			—			1,717,157			—			(1,717,157	)		—
Investments		1,006,461			2,890,032			651,006			1,364,814			(5,912,313	)		—
Total assets	$	1,006,499		$	2,890,791		$	4,008,177		$	2,248,231		$	(7,629,470	)	$	2,524,228
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,590,753		$	—		$	639		$	—		$	1,591,392
Accounts payable and accrued liabilities		150			11,180			15,795			152,524			—			179,649
Dividends payable		42,129			—			—			—			—			42,129
Deferred management rights proceeds		—			—			—			177,057			—			177,057
Other liabilities		—			—			95,078			60,767			—			155,845
Intercompany payables, net		586,064			895,408			—			235,685			(1,717,157	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—			—
Common stock		512			1			1			2,387			(2,389	)		512
Additional paid-in-capital		896,759			671,875			2,835,468			2,073,818			(5,581,161	)		896,759
Treasury stock		(13,253	)		—			—			—			—			(13,253	)
Accumulated deficit		(479,170	)		(278,426	)		1,061,835			(427,954	)		(355,455	)		(479,170	)
Accumulated other comprehensive loss		(26,692	)		—			—			(26,692	)		26,692			(26,692	)
Total stockholders’ equity		378,156			393,450			3,897,304			1,621,559			(5,912,313	)		378,156
Total liabilities and stockholders’ equity	$	1,006,499		$	2,890,791		$	4,008,177		$	2,248,231		$	(7,629,470	)	$	2,524,228

Condensed Consolidating Statement of Operations and Comprehensive Income

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2018

(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	107,564		$	—		$	107,564
Food and beverage		—			—			—		132,939			—			132,939
Other hotel revenue		—			—			76,243		29,238			(80,873	)		24,608
Entertainment		—			—			—		23,283			(24	)		23,259
Total revenues		—			—			76,243		293,024			(80,897	)		288,370
Operating expenses:
Rooms		—			—			—		28,928			—			28,928
Food and beverage		—			—			—		71,978			—			71,978
Other hotel expenses		—			—			11,827		140,187			(76,132	)		75,882
Management fees, net		—			—			—		7,130			—			7,130
Total hotel operating expenses		—			—			11,827		248,223			(76,132	)		183,918
Entertainment		—			—			—		19,390			(24	)		19,366
Corporate		63			361			—		7,905			—			8,329
Preopening costs		—			—			—		2,147			—			2,147
Corporate overhead allocation		2,615			—			2,126		—			(4,741	)		—
Depreciation and amortization		—			—			14,730		13,936			—			28,666
Total operating expenses		2,678			361			28,683		291,601			(80,897	)		242,426
Operating income (loss)		(2,678	)		(361	)		47,560		1,423			—			45,944
Interest expense		—			(16,723	)		—		(6	)		—			(16,729	)
Interest income		—			—			—		2,753			—			2,753
Loss from joint ventures		—			—			—		(2,588	)		—			(2,588	)
Other gains and (losses), net		—			—			—		168			—			168
Income (loss) before income taxes		(2,678	)		(17,084	)		47,560		1,750			—			29,548
(Provision) benefit for income taxes		—			—			365		(2,574	)		—			(2,209	)
Equity in subsidiaries’ earnings, net		30,017			—			—		—			(30,017	)		—
Net income (loss)	$	27,339		$	(17,084	)	$	47,925	$	(824	)	$	(30,017	)	$	27,339
Comprehensive income (loss)	$	27,417		$	(17,084	)	$	47,925	$	(746	)	$	(30,095	)	$	27,417

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2017

(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	103,369		$	—		$	103,369
Food and beverage		—			—			—		126,169			—			126,169
Other hotel revenue		—			—			79,494		28,433			(83,311	)		24,616
Entertainment		—			—			—		21,912			(24	)		21,888
Total revenues		—			—			79,494		279,883			(83,335	)		276,042
Operating expenses:
Rooms		—			—			—		28,028			—			28,028
Food and beverage		—			—			—		69,157			—			69,157
Other hotel expenses		—			—			11,947		141,676			(79,385	)		74,238
Management fees, net		—			—			—		5,531			—			5,531
Total hotel operating expenses		—			—			11,947		244,392			(79,385	)		176,954
Entertainment		—			—			—		16,875			(24	)		16,851
Corporate		45			406			1		6,957			—			7,409
Preopening		—			—			—		216			—			216
Corporate overhead allocation		2,196			—			1,730		—			(3,926	)		—
Depreciation and amortization		—			—			14,807		12,830			—			27,637
Total operating expenses		2,241			406			28,485		281,270			(83,335	)		229,067
Operating income (loss)		(2,241	)		(406	)		51,009		(1,387	)		—			46,975
Interest expense		—			(15,857	)		—		(7	)		—			(15,864	)
Interest income		—			—			—		2,948			—			2,948
Loss from joint ventures		—			—			—		(774	)		—			(774	)
Other gains and (losses), net		—			—			—		(72	)		—			(72	)
Income (loss) before income taxes		(2,241	)		(16,263	)		51,009		708			—			33,213
(Provision) benefit for income taxes		—			—			18		(611	)		—			(593	)
Equity in subsidiaries’ earnings, net		34,861			—			—		—			(34,861	)		—
Net income (loss)	$	32,620		$	(16,263	)	$	51,027	$	97		$	(34,861	)	$	32,620
Comprehensive income (loss)	$	32,631		$	(16,263	)	$	51,027	$	108		$	(34,872	)	$	32,631

Condensed Consolidating Statement of Cash Flows

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2018

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	41,643		$	(57,008	)	$	29,680		$	29,613		$	—	$	43,928
Purchases of property and equipment		—			—			(29,681	)		(17,907	)		—		(47,588	)
Investment in other joint ventures		—			—			—			(1,560	)		—		(1,560	)
Other investing activities		—			—			—			(2,655	)		—		(2,655	)
Net cash used in investing activities		—			—			(29,681	)		(22,122	)		—		(51,803	)
Net borrowings under revolving credit facility		—			56,500			—			—			—		56,500
Payment of dividends		(41,000	)		—			—			—			—		(41,000	)
Payment of tax withholdings for share-based compensation		(602	)		—			—			—			—		(602	)
Other financing activities		—			—			—			(6	)		—		(6	)
Net cash provided by (used in) financing activities		(41,602	)		56,500			—			(6	)		—		14,892
Net change in cash, cash equivalents, and restricted cash		41			(508	)		(1	)		7,485			—		7,017
Cash, cash equivalents, and restricted cash, beginning of period		38			759			36			77,877			—		78,710
Cash, cash equivalents, and restricted cash, end of period	$	79		$	251		$	35		$	85,362		$	—	$	85,727

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2017

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	42,645		$	(33,496	)	$	14,345		$	14,827		$	—	$	38,321
Purchases of property and equipment		—			—			(13,196	)		(24,514	)		—		(37,710	)
Investment in Gaylord Rockies joint venture		—			—			—			(16,309	)		—		(16,309	)
Investment in other joint ventures		—			—			—			(925	)		—		(925	)
Other investing activities		—			—			—			(1,766	)		—		(1,766	)
Net cash used in investing activities		—			—			(13,196	)		(43,514	)		—		(56,710	)
Net borrowings under revolving credit facility		—			34,000			—			—			—		34,000
Repayments under term loan B		—			(1,000	)		—			—			—		(1,000	)
Payment of dividends		(38,900	)		—			—			—			—		(38,900	)
Payment of tax withholdings for share-based compensation		(3,741	)		—			—			—			—		(3,741	)
Other financing activities		28			—			—			(5	)		—		23
Net cash provided by (used in) financing activities		(42,613	)		33,000			—			(5	)		—		(9,618	)
Net change in cash, cash equivalents and restricted cash		32			(496	)		1,149			(28,692	)		—		(28,007	)
Cash, cash equivalents and restricted cash, beginning of period		28			1,234			23			79,905			—		81,190
Cash, cash equivalents and restricted cash, end of period	$	60		$	738		$	1,172		$	51,213		$	—	$	53,183