Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2019

Basis of Presentation

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2019

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,639,699	$	1,508,050	$	—	$	3,147,749
Cash and cash equivalents - unrestricted		46		2,242		48		92,537		—		94,873
Cash and cash equivalents - restricted		—		—		—		51,943		—		51,943
Notes receivable		—		—		—		121,923		—		121,923
Trade receivables, less allowance		—		—		—		109,973		—		109,973
Deferred income tax assets, net		—		—		(443)		39,906		—		39,463
Prepaid expenses and other assets		—		2,993		—		106,755		(19,678)		90,070
Intangible assets		—		—		—		237,175		—		237,175
Intercompany receivables, net		—		—		1,955,030		—		(1,955,030)		—
Investments		1,079,220		2,950,458		710,297		1,898,757		(6,638,732)		—
Total assets	$	1,079,266	$	2,955,693	$	4,304,631	$	4,167,019	$	(8,613,440)	$	3,893,169
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,958,117	$	—	$	530,038	$	(2,976)	$	2,485,179
Accounts payable and accrued liabilities		62		23,343		9,551		264,501		(12,161)		285,296
Dividends payable		47,010		—		—		—		—		47,010
Deferred management rights proceeds		—		—		—		177,652		—		177,652
Operating lease liabilities		—		—		101,232		7,574		(4,541)		104,265
Other liabilities		—		—		—		62,188		—		62,188
Intercompany payables, net		591,730		898,165		—		465,135		(1,955,030)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		291,115		—		291,115
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		514		1		1		2,387		(2,389)		514
Additional paid-in-capital		899,164		455,253		2,895,842		2,668,134		(6,019,229)		899,164
Treasury stock		(15,687)		—		—		—		—		(15,687)
Accumulated deficit		(412,905)		(379,186)		1,298,005		(271,083)		(647,736)		(412,905)
Accumulated other comprehensive loss		(30,622)		—		—		(30,622)		30,622		(30,622)
Total stockholders' equity		440,464		76,068		4,193,848		2,368,816		(6,638,732)		440,464
Total liabilities and stockholders' equity	$	1,079,266	$	2,955,693	$	4,304,631	$	4,167,019	$	(8,613,440)	$	3,893,169

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2018

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,646,946	$	1,502,149	$	—	$	3,149,095
Cash and cash equivalents - unrestricted		81		657		54		102,645		—		103,437
Cash and cash equivalents - restricted		—		—		—		45,652		—		45,652
Notes receivable		—		—		—		122,209		—		122,209
Trade receivables, less allowance		—		—		—		67,923		—		67,923
Deferred income tax assets, net		—		—		(444)		41,001		—		40,557
Prepaid expenses and other assets		—		34		—		79,460		(1,254)		78,240
Intangible assets		—		—		—		246,770		—		246,770
Intercompany receivables, net		—		—		1,895,086		—		(1,895,086)		—
Investments		1,101,740		2,950,457		710,516		1,898,756		(6,661,469)		—
Total assets	$	1,101,821	$	2,951,148	$	4,252,158	$	4,106,565	$	(8,557,809)	$	3,853,883
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,946,699	$	—	$	495,196	$	—	$	2,441,895
Accounts payable and accrued liabilities		50		13,752		7,253		255,089		(1,254)		274,890
Dividends payable		45,019		—		—		—		—		45,019
Deferred management rights proceeds		—		—		—		174,026		—		174,026
Other liabilities		—		—		100,068		60,975		—		161,043
Intercompany payables, net		587,175		846,478		—		461,433		(1,895,086)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		287,433		—		287,433
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		513		1		1		2,387		(2,389)		513
Additional paid-in-capital		900,795		499,122		2,895,842		2,668,134		(6,063,098)		900,795
Treasury stock		(15,183)		—		—		—		—		(15,183)
Accumulated deficit		(388,524)		(354,904)		1,248,994		(270,084)		(624,006)		(388,524)
Accumulated other comprehensive loss		(28,024)		—		—		(28,024)		28,024		(28,024)
Total stockholders' equity		469,577		144,219		4,144,837		2,372,413		(6,661,469)		469,577
Total liabilities and stockholders' equity	$	1,101,821	$	2,951,148	$	4,252,158	$	4,106,565	$	(8,557,809)	$	3,853,883

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, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	132,212	$	—	$	132,212
Food and beverage		—		—		—		171,143		—		171,143
Other hotel revenue		—		—		80,410		48,424		(94,679)		34,155
Entertainment		—		—		—		33,789		(524)		33,265
Total revenues		—		—		80,410		385,568		(95,203)		370,775
Operating expenses:
Rooms		—		—		—		34,969		—		34,969
Food and beverage		—		—		—		91,359		—		91,359
Other hotel expenses		—		—		12,052		169,982		(91,095)		90,939
Management fees, net		—		—		—		9,756		—		9,756
Total hotel operating expenses		—		—		12,052		306,066		(91,095)		227,023
Entertainment		—		—		—		25,694		(53)		25,641
Corporate		63		451		1		8,489		—		9,004
Preopening costs		—		—		—		2,134		—		2,134
Corporate overhead allocation		997		—		3,058		—		(4,055)		—
Depreciation and amortization		—		—		16,250		36,759		—		53,009
Total operating expenses		1,060		451		31,361		379,142		(95,203)		316,811
Operating income (loss)		(1,060)		(451)		49,049		6,426		—		53,964
Interest expense		—		(23,839)		—		(8,354)		106		(32,087)
Interest income		—		8		—		3,006		(106)		2,908
Other gains and (losses), net		—		—		—		(141)		—		(141)
Income (loss) before income taxes		(1,060)		(24,282)		49,049		937		—		24,644
Provision for income taxes		—		—		(38)		(1,936)		—		(1,974)
Equity in subsidiaries’ earnings, net		23,730		—		—		—		(23,730)		—
Net income (loss)	$	22,670	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	22,670
Comprehensive income (loss), net of taxes	$	22,779	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	22,779
Net income (loss) available to common shareholders	$	29,408	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	29,408
Comprehensive income (loss), net of taxes, available to common shareholders	$	29,517	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	29,517

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		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

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, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	48,198	$	(8,415)	$	7,077	$	7,700	$	—	$	54,560
Purchases of property and equipment		—		—		(7,083)		(41,790)		—		(48,873)
Other investing activities		—		—		—		(229)		—		(229)
Net cash used in investing activities		—		—		(7,083)		(42,019)		—		(49,102)
Net borrowings under revolving credit facility		—		10,000		—		—		—		10,000
Borrowings under Gaylord Rockies construction and mezzanine loans		—		—		—		28,897		—		28,897
Payment of dividends		(44,420)		—		—		—		—		(44,420)
Payment of tax withholdings for share-based compensation		(3,813)		—		—		—		—		(3,813)
Other financing activities		—		—		—		1,605		—		1,605
Net cash provided by (used in) financing activities		(48,233)		10,000		—		30,502		—		(7,731)
Net change in cash, cash equivalents, and restricted cash		(35)		1,585		(6)		(3,817)		—		(2,273)
Cash, cash equivalents, and restricted cash, beginning of period		81		657		54		148,297		—		149,089
Cash, cash equivalents, and restricted cash, end of period	$	46	$	2,242	$	48	$	144,480	$	—	$	146,816

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		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)
Other investing activities		—		—		—		(4,215)		—		(4,215)
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