Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2019

Basis of Presentation

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2019

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,629,425	$	1,501,940	$	—	$	3,131,365
Cash and cash equivalents - unrestricted		31		1,073		11		100,671		—		101,786
Cash and cash equivalents - restricted		—		—		—		57,673		—		57,673
Notes receivable		—		—		—		107,544		—		107,544
Trade receivables, less allowance		—		—		—		83,168		—		83,168
Deferred income tax assets, net		—		—		(408)		30,980		—		30,572
Prepaid expenses and other assets		—		58		6		115,836		(14,366)		101,534
Intangible assets		—		—		—		217,095		—		217,095
Intercompany receivables, net		—		—		2,061,746		—		(2,061,746)		—
Investments		1,045,602		2,949,445		708,820		1,741,511		(6,445,378)		—
Total assets	$	1,045,633	$	2,950,576	$	4,399,600	$	3,956,418	$	(8,521,490)	$	3,830,737
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,788,505	$	—	$	792,807	$	—	$	2,581,312
Accounts payable and accrued liabilities		37		15,540		4,376		246,768		(8,676)		258,045
Dividends payable		47,303		—		—		—		—		47,303
Deferred management rights proceeds		—		—		—		176,105		—		176,105
Operating lease liabilities		—		—		103,574		7,980		(5,690)		105,864
Other liabilities		—		—		—		71,278		—		71,278
Intercompany payables, net		686,815		1,214,674		—		160,257		(2,061,746)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		279,352		—		279,352
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		514		1		1		2,387		(2,389)		514
Additional paid-in-capital		900,247		362,213		2,894,830		2,506,978		(5,764,021)		900,247
Treasury stock		(16,763)		—		—		—		—		(16,763)
Accumulated deficit		(534,403)		(430,357)		1,396,819		(249,377)		(717,085)		(534,403)
Accumulated other comprehensive loss		(38,117)		—		—		(38,117)		38,117		(38,117)
Total stockholders' equity		311,478		(68,143)		4,291,650		2,221,871		(6,445,378)		311,478
Total liabilities and stockholders' equity	$	1,045,633	$	2,950,576	$	4,399,600	$	3,956,418	$	(8,521,490)	$	3,830,737

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 September 30, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	134,950	$	—	$	134,950
Food and beverage		—		—		—		155,173		—		155,173
Other hotel revenue		—		—		81,154		52,546		(95,566)		38,134
Entertainment		—		—		—		52,172		(642)		51,530
Total revenues		—		—		81,154		394,841		(96,208)		379,787
Operating expenses:
Rooms		—		—		—		37,116		—		37,116
Food and beverage		—		—		—		88,584		—		88,584
Other hotel expenses		—		—		12,218		171,479		(92,089)		91,608
Management fees, net		—		—		—		8,388		—		8,388
Total hotel operating expenses		—		—		12,218		305,567		(92,089)		225,696
Entertainment		—		—		—		34,022		—		34,022
Corporate		63		482		(1)		8,860		—		9,404
Preopening costs		—		—		—		164		—		164
Corporate overhead allocation		1,036		—		3,083		—		(4,119)		—
Depreciation and amortization		—		—		16,394		37,604		—		53,998
Total operating expenses		1,099		482		31,694		386,217		(96,208)		323,284
Operating income (loss)		(1,099)		(482)		49,460		8,624		—		56,503
Interest expense		—		(25,093)		—		(10,366)		198		(35,261)
Interest income		—		3		—		3,073		(198)		2,878
Loss on extinguishment of debt		—		(494)		—		—		—		(494)
Loss from joint ventures		—		—		—		(308)		—		(308)
Other gains and (losses), net		—		—		—		1,109		—		1,109
Income (loss) before income taxes		(1,099)		(26,066)		49,460		2,132		—		24,427
Provision for income taxes		—		—		(27)		(3,510)		—		(3,537)
Equity in subsidiaries’ earnings, net		21,989		—		—		—		(21,989)		—
Net income (loss)	$	20,890	$	(26,066)	$	49,433	$	(1,378)	$	(21,989)	$	20,890
Comprehensive income (loss), net of taxes	$	13,297	$	(26,066)	$	49,433	$	(8,971)	$	(14,396)	$	13,297
Net income (loss) available to common shareholders	$	22,349	$	(26,066)	$	49,433	$	(1,378)	$	(21,989)	$	22,349
Comprehensive income (loss), net of taxes, available to common shareholders	$	16,650	$	(26,066)	$	49,433	$	(7,077)	$	(16,290)	$	16,650

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	103,181	$	—	$	103,181
Food and beverage		—		—		—		118,496		—		118,496
Other hotel revenue		—		—		76,592		32,691		(81,720)		27,563
Entertainment		—		—		—		43,009		—		43,009
Total revenues		—		—		76,592		297,377		(81,720)		292,249
Operating expenses:
Rooms		—		—		—		29,563		—		29,563
Food and beverage		—		—		—		67,305		—		67,305
Other hotel expenses		—		—		11,510		139,318		(76,478)		74,350
Management fees, net		—		—		—		6,558		—		6,558
Total hotel operating expenses		—		—		11,510		242,744		(76,478)		177,776
Entertainment		—		—		—		31,327		—		31,327
Corporate		63		410		—		6,739		—		7,212
Preopening costs		—		—		—		300		—		300
Corporate overhead allocation		2,873		—		2,369		—		(5,242)		—
Depreciation and amortization		—		—		15,548		15,446		—		30,994
Impairment charges		—		—		—		4,540		—		4,540
Total operating expenses		2,936		410		29,427		301,096		(81,720)		252,149
Operating income (loss)		(2,936)		(410)		47,165		(3,719)		—		40,100
Interest expense		—		(19,214)		—		(6)		—		(19,220)
Interest income		—		—		—		2,678		—		2,678
Loss from joint ventures		—		—		—		(985)		—		(985)
Other gains and (losses), net		—		—		—		1,881		—		1,881
Income (loss) before income taxes		(2,936)		(19,624)		47,165		(151)		—		24,454
Provision for income taxes		—		—		(78)		(1,785)		—		(1,863)
Equity in subsidiaries’ earnings, net		25,527		—		—		—		(25,527)		—
Net income (loss)	$	22,591	$	(19,624)	$	47,087	$	(1,936)	$	(25,527)	$	22,591
Comprehensive income (loss)	$	26,030	$	(19,624)	$	47,087	$	1,503	$	(28,966)	$	26,030

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	411,866	$		$	411,866
Food and beverage		—		—		—		499,346				499,346
Other hotel revenue		—		—		242,630		154,589		(285,535)		111,684
Entertainment		—		—		—		137,100		(1,715)		135,385
Total revenues		—		—		242,630		1,202,901		(287,250)		1,158,281
Operating expenses:
Rooms		—		—		—		108,184		—		108,184
Food and beverage		—		—		—		270,623		—		270,623
Other hotel expenses		—		—		36,515		511,620		(275,061)		273,074
Management fees, net		—		—		—		28,543		—		28,543
Total hotel operating expenses		—		—		36,515		918,970		(275,061)		680,424
Entertainment		—		—		—		92,775		(53)		92,722
Corporate		188		1,362		2		24,966		—		26,518
Preopening costs		—		—		—		2,274		—		2,274
Corporate overhead allocation		3,047		—		9,089		—		(12,136)		—
Depreciation and amortization		—		—		49,126		111,434		—		160,560
Total operating expenses		3,235		1,362		94,732		1,150,419		(287,250)		962,498
Operating income (loss)		(3,235)		(1,362)		147,898		52,482		—		195,783
Interest expense		—		(73,758)		—		(27,707)		625		(100,840)
Interest income		—		161		—		9,220		(625)		8,756
Loss from extinguishment of debt		—		(494)		—		—		—		(494)
Loss from joint ventures		—		—		—		(475)		—		(475)
Other gains and (losses), net		—		—		—		857		—		857
Income (loss) before income taxes		(3,235)		(75,453)		147,898		34,377		—		103,587
Provision for income taxes		—		—		(73)		(13,670)		—		(13,743)
Equity in subsidiaries’ earnings, net		93,079		—		—		—		(93,079)		—
Net income (loss)	$	89,844	$	(75,453)	$	147,825	$	20,707	$	(93,079)	$	89,844
Comprehensive income (loss), net of taxes	$	82,458	$	(75,453)	$	147,825	$	13,321	$	(85,693)	$	82,458
Net income (loss) available to common shareholders	$	101,140	$	(75,453)	$	147,825	$	20,707	$	(93,079)	$	101,140
Comprehensive income (loss), net of taxes, available to common shareholders	$	95,648	$	(75,453)	$	147,825	$	15,215	$	(87,587)	$	95,648

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	332,490	$	—	$	332,490
Food and beverage		—		—		—		392,488		—		392,488
Other hotel revenue		—		—		229,608		95,305		(243,784)		81,129
Entertainment		—		—		—		108,470		(24)		108,446
Total revenues		—		—		229,608		928,753		(243,808)		914,553
Operating expenses:
Rooms		—		—		—		88,550		—		88,550
Food and beverage		—		—		—		211,677		—		211,677
Other hotel expenses		—		—		34,387		421,846		(229,268)		226,965
Management fees, net		—		—		—		22,323		—		22,323
Total hotel operating expenses		—		—		34,387		744,396		(229,268)		549,515
Entertainment		—		—		—		80,971		(24)		80,947
Corporate		188		1,135		2		21,856		—		23,181
Preopening costs		—		—		—		3,972		—		3,972
Impairment charges		—		—		—		4,540		—		4,540
Corporate overhead allocation		7,983		—		6,533		—		(14,516)		—
Depreciation and amortization		—		—		45,583		44,072		—		89,655
Total operating expenses		8,171		1,135		86,505		899,807		(243,808)		751,810
Operating income (loss)		(8,171)		(1,135)		143,103		28,946		—		162,743
Interest expense		—		(55,555)		—		(19)		—		(55,574)
Interest income		—		—		—		8,197		—		8,197
Loss from joint ventures		—		—		—		(2,227)		—		(2,227)
Other gains and (losses), net		—		—		—		2,085		—		2,085
Income (loss) before income taxes		(8,171)		(56,690)		143,103		36,982		—		115,224
Provision for income taxes		—		—		(162)		(9,586)		—		(9,748)
Equity in subsidiaries’ earnings, net		113,647		—		—		—		(113,647)		—
Net income (loss)	$	105,476	$	(56,690)	$	142,941	$	27,396	$	(113,647)	$	105,476
Comprehensive income (loss)	$	109,077	$	(56,690)	$	142,941	$	30,997	$	(117,248)	$	109,077

Condensed Consolidating Statement of Cash Flows

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	140,881	$	164,587	$	31,533	$	(105,860)	$	—	$	231,141
Purchases of property and equipment		—		—		(31,576)		(78,027)		—		(109,603)
Collection of notes receivable		—		—		—		13,211		—		13,211
Purchase of additional interest in Gaylord Rockies joint venture		—		—		—		(5,481)		—		(5,481)
Investment in other joint ventures		—		—		—		(2,241)		—		(2,241)
Other investing activities		—		—		—		236		—		236
Net cash used in investing activities		—		—		(31,576)		(72,302)		—		(103,878)
Net repayments under revolving credit facility		—		(302,000)		—		—		—		(302,000)
Repayments under term loan B		—		(3,750)		—		—		—		(3,750)
Issuance of senior notes		—		500,000		—		—		—		500,000
Redemption of senior notes		—		(350,000)		—		—		—		(350,000)
Borrowing under Gaylord Rockies term loan		—		—		—		800,000		—		800,000
Repayment of Gaylord Rockies construction and mezzanine loans		—		—		—		(496,612)		—		(496,612)
Deferred financing costs paid		—		(8,421)		—		(9,166)		—		(17,587)
Payment of dividends		(137,037)		—		—		—		—		(137,037)
Distribution from consolidated joint venture to noncontrolling interest partners		—		—		—		(105,793)		—		(105,793)
Payment of tax withholdings for share-based compensation		(3,965)		—		—		—		—		(3,965)
Other financing activities		71		—		—		(220)		—		(149)
Net cash provided by (used in) financing activities		(140,931)		(164,171)		—		188,209		—		(116,893)
Net change in cash, cash equivalents, and restricted cash		(50)		416		(43)		10,047		—		10,370
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	$	31	$	1,073	$	11	$	158,344	$	—	$	159,459

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	132,910	$	(94,109)	$	56,336	$	130,139	$	—	$	225,276
Purchases of property and equipment		—		—		(56,180)		(76,624)		—		(132,804)
Collection of notes receivable		—		—		—		2,560		—		2,560
Purchase of remaining interest in Opry City Stage		—		—		—		(3,948)		—		(3,948)
Investment in other joint ventures		—		—		—		(2,199)		—		(2,199)
Other investing activities		—		—		—		(6,151)		—		(6,151)
Net cash used in investing activities		—		—		(56,180)		(86,362)		—		(142,542)
Net borrowings under revolving credit facility		—		99,000		—		—		—		99,000
Repayments under term loan B		—		(2,500)		—		—		—		(2,500)
Deferred financing costs paid		—		(642)		—		—		—		(642)
Payment of dividends		(128,769)		—		—		—		—		(128,769)
Payment of tax withholdings for share-based compensation		(4,121)		—		—		—		—		(4,121)
Other financing activities		—		—		—		(15)		—		(15)
Net cash provided by (used in) financing activities		(132,890)		95,858		—		(15)		—		(37,047)
Net change in cash, cash equivalents, and restricted cash		20		1,749		156		43,762		—		45,687
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	$	58	$	2,508	$	192	$	121,639	$	—	$	124,397