Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2019

Description of the Business and Summary of Significant Accounting Policies

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2019

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,632,744	$	1,497,508	$	—	$	3,130,252
Cash and cash equivalents - unrestricted		29		200,534		3		161,864		—		362,430
Cash and cash equivalents - restricted		—		—		—		57,966		—		57,966
Notes receivable		—		—		—		110,135		—		110,135
Trade receivables, less allowance		—		—		—		70,768		—		70,768
Deferred income tax assets, net		—		—		(413)		26,372		—		25,959
Prepaid expenses and other assets		—		12,390		3		118,301		(6,849)		123,845
Intangible assets		—		—		—		207,113		—		207,113
Intercompany receivables, net		—		—		2,113,481		—		(2,113,481)		—
Investments		1,050,955		2,949,445		708,588		2,077,984		(6,786,972)		—
Total assets	$	1,050,984	$	3,162,369	$	4,454,406	$	4,328,011	$	(8,907,302)	$	4,088,468
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	1,766,675	$	—	$	793,293	$	—	$	2,559,968
Accounts payable and accrued liabilities		50		13,738		6,996		244,734		(603)		264,915
Dividends payable		50,711		—		—		—		—		50,711
Deferred management rights proceeds		—		—		—		175,332		—		175,332
Operating lease liabilities		—		—		104,742		7,835		(6,246)		106,331
Other liabilities		—		—		—		64,971		—		64,971
Intercompany payables, net		355,494		1,514,770		—		243,217		(2,113,481)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		221,511		—		221,511
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		549		1		1		2,387		(2,389)		549
Additional paid-in-capital		1,185,168		315,680		2,894,830		2,843,450		(6,053,960)		1,185,168
Treasury stock		(17,315)		—		—		—		—		(17,315)
Accumulated deficit		(495,514)		(452,303)		1,447,837		(236,752)		(758,782)		(495,514)
Accumulated other comprehensive loss		(28,159)		3,808		—		(31,967)		28,159		(28,159)
Total stockholders' equity		644,729		(132,814)		4,342,668		2,577,118		(6,786,972)		644,729
Total liabilities and equity	$	1,050,984	$	3,162,369	$	4,454,406	$	4,328,011	$	(8,907,302)	$	4,088,468

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
As of 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 EQUITY:
Debt and finance 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 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 Year Ended December 31, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	557,562	$	—	$	557,562
Food and beverage		—		—		—		660,770		—		660,770
Other hotel revenue		—		—		323,769		260,052		(380,707)		203,114
Entertainment		—		—		—		186,223		(3,103)		183,120
Total revenues		—		—		323,769		1,664,607		(383,810)		1,604,566
Operating expenses:
Rooms		—		—		—		144,834		—		144,834
Food and beverage		—		—		—		362,850		—		362,850
Other hotel expenses		—		—		47,426		730,722		(368,265)		409,883
Management fees, net		—		—		—		39,608		—		39,608
Total hotel operating expenses		—		—		47,426		1,278,014		(368,265)		957,175
Entertainment		—		—		—		126,545		64		126,609
Corporate		251		1,736		2		34,293		—		36,282
Preopening costs		—		—		—		3,122		—		3,122
Corporate overhead allocation		3,659		—		11,950		—		(15,609)		—
Depreciation and amortization		—		—		65,445		148,402		—		213,847
Total operating expenses		3,910		1,736		124,823		1,590,376		(383,810)		1,337,035
Operating income (loss)		(3,910)		(1,736)		198,946		74,231		—		267,531
Interest expense		—		(95,501)		—		(36,824)		705		(131,620)
Interest income		—		332		—		12,142		(705)		11,769
Loss on extinguishment of debt		—		(494)		—		—		—		(494)
Loss from unconsolidated joint ventures		—		—		—		(1,110)		—		(1,110)
Other gains and (losses), net		—		—		—		693		—		693
Income (loss) before income taxes		(3,910)		(97,399)		198,946		49,132		—		146,769
Provision for income taxes		—		—		(103)		(18,372)		—		(18,475)
Equity in subsidiaries’ earnings, net		132,204		—		—		—		(132,204)		—
Net income (loss)	$	128,294	$	(97,399)	$	198,843	$	30,760	$	(132,204)	$	128,294
Comprehensive income (loss), net of taxes	$	130,866	$	(93,591)	$	198,843	$	29,524	$	(134,776)	$	130,866
Net income (loss) available to common shareholders	$	145,794	$	(97,399)	$	198,843	$	30,760	$	(132,204)	$	145,794
Comprehensive income (loss), net of taxes, available to common shareholders	$	149,194	$	(93,591)	$	198,843	$	30,352	$	(135,604)	$	149,194

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME
For the Year Ended December 31, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	454,393	$	(23)	$	454,370
Food and beverage		—		—		—		519,890		(47)		519,843
Other hotel revenue		—		—		305,802		168,071		(320,183)		153,690
Entertainment		—		—		—		147,993		(778)		147,215
Total revenues		—		—		305,802		1,290,347		(321,031)		1,275,118
Operating expenses:
Rooms		—		—		—		118,060		—		118,060
Food and beverage		—		—		—		282,906		—		282,906
Other hotel expenses		—		—		45,576		600,207		(306,254)		339,529
Management fees, net		—		—		—		30,744		—		30,744
Total hotel operating expenses		—		—		45,576		1,031,917		(306,254)		771,239
Entertainment		—		—		—		109,120		129		109,249
Corporate		481		1,542		2		28,909		(101)		30,833
Preopening costs		—		—		—		4,869		—		4,869
Impairment charges		—		—		—		23,783		—		23,783
Corporate overhead allocation		3,400		—		11,405		—		(14,805)		—
Depreciation and amortization		—		—		61,380		59,496		—		120,876
Total operating expenses		3,881		1,542		118,363		1,258,094		(321,031)		1,060,849
Operating income (loss)		(3,881)		(1,542)		187,439		32,253		—		214,269
Interest expense		—		(74,936)		—		(25)		—		(74,961)
Interest income		—		—		—		10,469		—		10,469
Income from unconsolidated joint ventures		—		—		—		125,005		—		125,005
Other gains and (losses), net		—		—		—		1,633		—		1,633
Income (loss) before income taxes		(3,881)		(76,478)		187,439		169,335		—		276,415
Provision for income taxes		—		—		(280)		(11,465)		—		(11,745)
Equity in subsidiaries’ earnings, net		268,551		—		—		—		(268,551)		—
Net income (loss)	$	264,670	$	(76,478)	$	187,159	$	157,870	$	(268,551)	$	264,670
Comprehensive income (loss)	$	263,338	$	(76,478)	$	187,159	$	156,538	$	(267,219)	$	263,338

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME
For the Year Ended December 31, 2017

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	431,768	$	—	$	431,768
Food and beverage		—		—		—		483,945		—		483,945
Other hotel revenue		—		—		316,402		159,162		(331,617)		143,947
Entertainment		—		—		—		125,844		(785)		125,059
Total revenues		—		—		316,402		1,200,719		(332,402)		1,184,719
Operating expenses:
Rooms		—		—		—		112,636		—		112,636
Food and beverage		—		—		—		269,824		—		269,824
Other hotel expenses		—		—		44,386		599,760		(316,863)		327,283
Management fees, net		—		—		—		23,856		—		23,856
Total hotel operating expenses		—		—		44,386		1,006,076		(316,863)		733,599
Entertainment		—		—		—		84,404		109		84,513
Corporate		253		1,596		2		29,536		—		31,387
Preopening costs		—		—		—		1,926		—		1,926
Impairment charges		—		—		—		35,418		—		35,418
Corporate overhead allocation		8,615		—		7,033		—		(15,648)		—
Depreciation and amortization		—		—		59,534		52,425		—		111,959
Total operating expenses		8,868		1,596		110,955		1,209,785		(332,402)		998,802
Operating income (loss)		(8,868)		(1,596)		205,447		(9,066)		—		185,917
Interest expense		—		(66,025)		—		(26)		—		(66,051)
Interest income		—		—		—		11,818		—		11,818
Loss from unconsolidated joint ventures		—		—		—		(4,402)		—		(4,402)
Other gains and (losses), net		—		—		—		(337)		—		(337)
Income (loss) before income taxes		(8,868)		(67,621)		205,447		(2,013)		—		126,945
(Provision) benefit for income taxes		—		—		(37)		49,192		—		49,155
Equity in subsidiaries’ earnings, net		184,968		—		—		—		(184,968)		—
Net income (loss)	$	176,100	$	(67,621)	$	205,410	$	47,179	$	(184,968)	$	176,100
Comprehensive income (loss)	$	171,676	$	(67,621)	$	205,410	$	42,755	$	(180,544)	$	171,676

Condensed Consolidating Statement of Cash Flows

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	(95,662)	$	395,877	$	48,232	$	6,239	$	—	$	354,686
Purchases of property and equipment		—		—		(48,283)		(104,258)		—		(152,541)
Collection of notes receivable		—		—		—		13,211		—		13,211
Purchase of additional interest in Gaylord Rockies joint venture		—		—		—		(5,481)		—		(5,481)
Earnest money deposit for potential Block 21 acquisition		—		—		—		(15,000)		—		(15,000)
Investment in other joint ventures		—		—		—		(4,241)		—		(4,241)
Other investing activities		—		—		—		1,015		—		1,015
Net cash used in investing activities		—		—		(48,283)		(114,754)		—		(163,037)
Net repayments under revolving credit facility		—		(525,000)		—		—		—		(525,000)
Borrowings under term loan A		—		100,000		—		—		—		100,000
Repayments under term loan B		—		(105,000)		—		—		—		(105,000)
Issuance of senior notes		—		702,500		—		—		—		702,500
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		—		(18,500)		—		(9,166)		—		(27,666)
Issuance of common stock		282,908		—		—		—		—		282,908
Payment of dividends		(183,346)		—		—		—		—		(183,346)
Distributions from consolidated joint venture to noncontrolling interest partners		—		—		—		(113,894)		—		(113,894)
Payment of tax withholdings for share-based compensation		(3,989)		—		—		—		—		(3,989)
Other financing activities		37		—		—		(280)		—		(243)
Net cash provided by (used in) financing activities		95,610		(196,000)		—		180,048		—		79,658
Net change in cash, cash equivalents, and restricted cash		(52)		199,877		(51)		71,533		—		271,307
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	$	29	$	200,534	$	3	$	219,830	$	—	$	420,396

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	176,611	$	(348,460)	$	74,430	$	419,338	$	—	$	321,919
Purchases of property and equipment		—		—		(74,412)		(113,805)		—		(188,217)
Collection of notes receivable		—		—		—		2,560		—		2,560
Purchase of additional interest in Gaylord Rockies joint venture		—		—		—		(223,564)		—		(223,564)
Purchase of remaining interest in Opry City Stage		—		—		—		(3,963)		—		(3,963)
Investment in other joint ventures		—		—		—		(2,199)		—		(2,199)
Other investing activities		—		—		—		(7,927)		—		(7,927)
Net cash used in investing activities		—		—		(74,412)		(348,898)		—		(423,310)
Net borrowings under revolving credit facility		—		354,000		—		—		—		354,000
Repayments under term loan B		—		(5,000)		—		—		—		(5,000)
Deferred financing costs paid		—		(642)		—		—		—		(642)
Payment of dividends		(172,415)		—		—		—		—		(172,415)
Payment of tax withholdings for share-based compensation		(4,164)		—		—		—		—		(4,164)
Other financing activities		11		—		—		(20)		—		(9)
Net cash provided by (used in) financing activities		(176,568)		348,358		—		(20)		—		171,770
Net change in cash, cash equivalents, and restricted cash		43		(102)		18		70,420		—		70,379
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	$	81	$	657	$	54	$	148,297	$	—	$	149,089

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2017

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantor		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	165,461	$	(83,057)	$	96,529	$	116,897	$	—	$	295,830
Purchases of property and equipment		—		—		(96,516)		(86,049)		—		(182,565)
Collection of notes receivable		—		—		—		2,370		—		2,370
Investment in Gaylord Rockies joint venture		—		—		—		(16,309)		—		(16,309)
Investment in other joint ventures		—		—		—		(9,313)		—		(9,313)
Other investing activities		—		—		—		(9,604)		—		(9,604)
Net cash used in investing activities		—		—		(96,516)		(118,905)		—		(215,421)
Net borrowings under revolving credit facility		—		(211,400)		—		—		—		(211,400)
Borrowings under term loan A		—		200,000		—		—		—		200,000
Borrowings under term loan B		—		500,000		—		—		—		500,000
Repayments under term loan B		—		(393,750)		—		—		—		(393,750)
Deferred financing costs paid		—		(12,268)		—		—		—		(12,268)
Payment of dividends		(161,706)		—		—		—		—		(161,706)
Payment of tax withholdings for share-based compensation		(3,810)		—		—		—		—		(3,810)
Other financing activities, net		65		—		—		(20)		—		45
Net cash provided by (used in) financing activities		(165,451)		82,582		—		(20)		—		(82,889)
Net change in cash and cash equivalents		10		(475)		13		(2,028)		—		(2,480)
Cash and cash equivalents at beginning of period		28		1,234		23		79,905		—		81,190
Cash and cash equivalents at end of period	$	38	$	759	$	36	$	77,877	$	—	$	78,710