Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2019

Basis of Presentation

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2019

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,633,805	$	1,500,401	$	—	$	3,134,206
Cash and cash equivalents - unrestricted		30		2,486		10		101,316		—		103,842
Cash and cash equivalents - restricted		—		—		—		65,252		—		65,252
Notes receivable		—		—		—		113,275		—		113,275
Trade receivables, less allowance		—		—		—		90,532		—		90,532
Deferred income tax assets, net		—		—		(413)		32,785		—		32,372
Prepaid expenses and other assets		—		13,100		7		101,115		(28,912)		85,310
Intangible assets		—		—		—		227,128		—		227,128
Intercompany receivables, net		—		—		2,009,211		—		(2,009,211)		—
Investments		1,080,405		2,950,457		710,065		1,893,053		(6,633,980)		—
Total assets	$	1,080,435	$	2,966,043	$	4,352,685	$	4,124,857	$	(8,672,103)	$	3,851,917
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,952,297	$	—	$	554,664	$	(12,858)	$	2,494,103
Accounts payable and accrued liabilities		25		13,932		7,051		234,341		(10,931)		244,418
Dividends payable		47,207		—		—		—		—		47,207
Deferred management rights proceeds		—		—		—		176,879		—		176,879
Operating lease liabilities		—		—		102,405		7,436		(5,123)		104,718
Other liabilities		—		—		—		61,850		—		61,850
Intercompany payables, net		598,179		995,358		—		415,674		(2,009,211)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		287,718		—		287,718
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		514		1		1		2,387		(2,389)		514
Additional paid-in-capital		901,129		408,746		2,895,842		2,662,431		(5,967,019)		901,129
Treasury stock		(15,687)		—		—		—		—		(15,687)
Accumulated deficit		(420,408)		(404,291)		1,347,386		(247,999)		(695,096)		(420,408)
Accumulated other comprehensive loss		(30,524)		—		—		(30,524)		30,524		(30,524)
Total stockholders' equity		435,024		4,456		4,243,229		2,386,295		(6,633,980)		435,024
Total liabilities and stockholders' equity	$	1,080,435	$	2,966,043	$	4,352,685	$	4,124,857	$	(8,672,103)	$	3,851,917

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 June 30, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	144,704	$	—	$	144,704
Food and beverage		—		—		—		173,030		—		173,030
Other hotel revenue		—		—		81,066		53,619		(95,290)		39,395
Entertainment		—		—		—		51,139		(549)		50,590
Total revenues		—		—		81,066		422,492		(95,839)		407,719
Operating expenses:
Rooms		—		—		—		36,099		—		36,099
Food and beverage		—		—		—		90,680		—		90,680
Other hotel expenses		—		—		12,245		170,159		(91,877)		90,527
Management fees, net		—		—		—		10,399		—		10,399
Total hotel operating expenses		—		—		12,245		307,337		(91,877)		227,705
Entertainment		—		—		—		33,059		—		33,059
Corporate		62		429		2		7,617		—		8,110
Preopening costs		—		—		—		(24)		—		(24)
Corporate overhead allocation		1,014		—		2,948		—		(3,962)		—
Depreciation and amortization		—		—		16,482		37,071		—		53,553
Total operating expenses		1,076		429		31,677		385,060		(95,839)		322,403
Operating income (loss)		(1,076)		(429)		49,389		37,432		—		85,316
Interest expense		—		(24,826)		—		(8,987)		321		(33,492)
Interest income		—		150		—		3,141		(321)		2,970
Loss from joint ventures		—		—		—		(167)		—		(167)
Other gains and (losses), net		—		—		—		(111)		—		(111)
Income (loss) before income taxes		(1,076)		(25,105)		49,389		31,308		—		54,516
Provision for income taxes		—		—		(8)		(8,224)		—		(8,232)
Equity in subsidiaries’ earnings, net		47,360		—		—		—		(47,360)		—
Net income (loss)	$	46,284	$	(25,105)	$	49,381	$	23,084	$	(47,360)	$	46,284
Comprehensive income (loss), net of taxes	$	46,382	$	(25,105)	$	49,381	$	23,182	$	(47,458)	$	46,382
Net income (loss) available to common shareholders	$	49,383	$	(25,105)	$	49,381	$	23,084	$	(47,360)	$	49,383
Comprehensive income (loss), net of taxes, available to common shareholders	$	49,481	$	(25,105)	$	49,381	$	23,182	$	(47,458)	$	49,481

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	121,745	$	—	$	121,745
Food and beverage		—		—		—		141,053		—		141,053
Other hotel revenue		—		—		76,773		33,376		(81,191)		28,958
Entertainment		—		—		—		42,178		—		42,178
Total revenues		—		—		76,773		338,352		(81,191)		333,934
Operating expenses:
Rooms		—		—		—		30,059		—		30,059
Food and beverage		—		—		—		72,394		—		72,394
Other hotel expenses		—		—		11,050		142,341		(76,658)		76,733
Management fees, net		—		—		—		8,635		—		8,635
Total hotel operating expenses		—		—		11,050		253,429		(76,658)		187,821
Entertainment		—		—		—		30,254		—		30,254
Corporate		62		364		2		7,212		—		7,640
Preopening costs		—		—		—		1,525		—		1,525
Corporate overhead allocation		2,495		—		2,038		—		(4,533)		—
Depreciation and amortization		—		—		15,305		14,690		—		29,995
Total operating expenses		2,557		364		28,395		307,110		(81,191)		257,235
Operating income (loss)		(2,557)		(364)		48,378		31,242		—		76,699
Interest expense		—		(19,618)		—		(7)		—		(19,625)
Interest income		—		—		—		2,766		—		2,766
Income from joint ventures		—		—		—		1,346		—		1,346
Other gains and (losses), net		—		—		—		36		—		36
Income (loss) before income taxes		(2,557)		(19,982)		48,378		35,383		—		61,222
Provision for income taxes		—		—		(449)		(5,227)		—		(5,676)
Equity in subsidiaries’ earnings, net		58,103		—		—		—		(58,103)		—
Net income (loss)	$	55,546	$	(19,982)	$	47,929	$	30,156	$	(58,103)	$	55,546
Comprehensive income (loss)	$	55,630	$	(19,982)	$	47,929	$	30,240	$	(58,187)	$	55,630

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	276,916	$		$	276,916
Food and beverage		—		—		—		344,173				344,173
Other hotel revenue		—		—		161,476		102,043		(189,969)		73,550
Entertainment		—		—		—		84,928		(1,073)		83,855
Total revenues		—		—		161,476		808,060		(191,042)		778,494
Operating expenses:
Rooms		—		—		—		71,068		—		71,068
Food and beverage		—		—		—		182,039		—		182,039
Other hotel expenses		—		—		24,297		340,141		(182,972)		181,466
Management fees, net		—		—		—		20,155		—		20,155
Total hotel operating expenses		—		—		24,297		613,403		(182,972)		454,728
Entertainment		—		—		—		58,753		(53)		58,700
Corporate		125		880		3		16,106				17,114
Preopening costs		—		—		—		2,110		—		2,110
Corporate overhead allocation		2,011		—		6,006		—		(8,017)		—
Depreciation and amortization		—		—		32,732		73,830		—		106,562
Total operating expenses		2,136		880		63,038		764,202		(191,042)		639,214
Operating income (loss)		(2,136)		(880)		98,438		43,858		—		139,280
Interest expense		—		(48,665)		—		(17,341)		427		(65,579)
Interest income		—		158		—		6,147		(427)		5,878
Loss from joint ventures		—		—		—		(167)		—		(167)
Other gains and (losses), net		—		—		—		(252)		—		(252)
Income (loss) before income taxes		(2,136)		(49,387)		98,438		32,245		—		79,160
Provision for income taxes		—		—		(46)		(10,160)		—		(10,206)
Equity in subsidiaries’ earnings, net		71,090		—		—		—		(71,090)		—
Net income (loss)	$	68,954	$	(49,387)	$	98,392	$	22,085	$	(71,090)	$	68,954
Comprehensive income (loss), net of taxes	$	69,161	$	(49,387)	$	98,392	$	22,292	$	(71,297)	$	69,161
Net income (loss) available to common shareholders	$	78,791	$	(49,387)	$	98,392	$	22,085	$	(71,090)	$	78,791
Comprehensive income (loss), net of taxes, available to common shareholders	$	78,998	$	(49,387)	$	98,392	$	22,292	$	(71,297)	$	78,998

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	229,309	$	—	$	229,309
Food and beverage		—		—		—		273,992		—		273,992
Other hotel revenue		—		—		153,016		62,614		(162,064)		53,566
Entertainment		—		—		—		65,461		(24)		65,437
Total revenues		—		—		153,016		631,376		(162,088)		622,304
Operating expenses:
Rooms		—		—		—		58,987		—		58,987
Food and beverage		—		—		—		144,372		—		144,372
Other hotel expenses		—		—		22,877		282,528		(152,790)		152,615
Management fees, net		—		—		—		15,765		—		15,765
Total hotel operating expenses		—		—		22,877		501,652		(152,790)		371,739
Entertainment		—		—		—		49,644		(24)		49,620
Corporate		125		725		2		15,117		—		15,969
Preopening costs		—		—		—		3,672		—		3,672
Corporate overhead allocation		5,110		—		4,164		—		(9,274)		—
Depreciation and amortization		—		—		30,035		28,626		—		58,661
Total operating expenses		5,235		725		57,078		598,711		(162,088)		499,661
Operating income (loss)		(5,235)		(725)		95,938		32,665		—		122,643
Interest expense		—		(36,341)		—		(13)		—		(36,354)
Interest income		—		—		—		5,519		—		5,519
Loss from joint ventures		—		—		—		(1,242)		—		(1,242)
Other gains and (losses), net		—		—		—		204		—		204
Income (loss) before income taxes		(5,235)		(37,066)		95,938		37,133		—		90,770
Provision for income taxes		—		—		(84)		(7,801)		—		(7,885)
Equity in subsidiaries’ earnings, net		88,120		—		—		—		(88,120)		—
Net income (loss)	$	82,885	$	(37,066)	$	95,854	$	29,332	$	(88,120)	$	82,885
Comprehensive income (loss)	$	83,047	$	(37,066)	$	95,854	$	29,494	$	(88,282)	$	83,047

Condensed Consolidating Statement of Cash Flows

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	94,549	$	(921)	$	17,768	$	27,228	$	—	$	138,624
Purchases of property and equipment		—		—		(17,812)		(51,262)		—		(69,074)
Collection of notes receivable		—		—		—		10,446		—		10,446
Other investing activities		—		—		—		(2,282)		—		(2,282)
Net cash used in investing activities		—		—		(17,812)		(43,098)		—		(60,910)
Net borrowings under revolving credit facility		—		4,000		—		—		—		4,000
Repayments under term loan B		—		(1,250)		—		—		—		(1,250)
Borrowings under Gaylord Rockies construction and mezzanine loans		—		—		—		37,653		—		37,653
Deferred financing costs paid		—		—		—		(27)		—		(27)
Payment of dividends		(90,724)		—		—		—		—		(90,724)
Distribution from consolidated joint venture to noncontrolling interest partners		—		—		—		(10,591)		—		(10,591)
Payment of tax withholdings for share-based compensation		(3,876)		—		—		—		—		(3,876)
Other financing activities		—		—		—		7,106		—		7,106
Net cash provided by (used in) financing activities		(94,600)		2,750		—		34,141		—		(57,709)
Net change in cash, cash equivalents, and restricted cash		(51)		1,829		(44)		18,271		—		20,005
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	$	30	$	2,486	$	10	$	166,568	$	—	$	169,094

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	88,925	$	(78,374)	$	39,783	$	81,381	$	—	$	131,715
Purchases of property and equipment		—		—		(39,789)		(55,564)		—		(95,353)
Purchase of remaining interest in Opry City Stage		—		—		—		(3,948)		—		(3,948)
Other investing activities		—		—		—		(6,886)		—		(6,886)
Net cash used in investing activities		—		—		(39,789)		(66,398)		—		(106,187)
Net borrowings under revolving credit facility		—		80,500		—		—		—		80,500
Repayments under term loan B		—		(1,250)		—		—		—		(1,250)
Deferred financing costs paid		—		(637)		—		—		—		(637)
Payment of dividends		(85,110)		—		—		—		—		(85,110)
Payment of tax withholdings for share-based compensation		(3,771)		—		—		—		—		(3,771)
Other financing activities		—		—		—		(10)		—		(10)
Net cash provided by (used in) financing activities		(88,881)		78,613		—		(10)		—		(10,278)
Net change in cash, cash equivalents, and restricted cash		44		239		(6)		14,973		—		15,250
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	$	82	$	998	$	30	$	92,850	$	—	$	93,960