Financial Reporting By Business Segments

6 Months Ended

Jun. 30, 2019

Financial Reporting By Business Segments

Financial Reporting By Business Segments

16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into three principal business segments:

● Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National, the Inn at Opryland, the AC Hotel, and the Company’s investment in the Gaylord Rockies joint venture (which is consolidated below beginning January 1, 2019);

● Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, the Company’s equity investment in New Country Ventures, and the Company’s Nashville-based attractions; and

● Corporate and Other, which includes the Company’s corporate expenses.

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Revenues:
Hospitality	$	357,129	$	291,756	$	694,639	$	556,867
Entertainment		50,590		42,178		83,855		65,437
Corporate and Other		—		—		—		—
Total	$	407,719	$	333,934	$	778,494	$	622,304
Depreciation and amortization:
Hospitality	$	50,331	$	27,233	$	100,464	$	53,433
Entertainment		2,830		2,315		5,309		4,272
Corporate and Other		392		447		789		956
Total	$	53,553	$	29,995	$	106,562	$	58,661
Operating income:
Hospitality	$	79,093	$	76,702	$	139,447	$	131,695
Entertainment		14,701		9,609		19,846		11,545
Corporate and Other		(8,502)		(8,087)		(17,903)		(16,925)
Preopening costs		24		(1,525)		(2,110)		(3,672)
Total operating income		85,316		76,699		139,280		122,643
Interest expense		(33,492)		(19,625)		(65,579)		(36,354)
Interest income		2,970		2,766		5,878		5,519
Income (loss) from joint ventures		(167)		1,346		(167)		(1,242)
Other gains and (losses), net		(111)		36		(252)		204
Income before income taxes	$	54,516	$	61,222	$	79,160	$	90,770