Information Concerning Guarantor and Non-Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2020

Information Concerning Guarantor and Non-Guarantor Subsidiaries

Information Concerning Guarantor and Non-Guarantor Subsidiaries

18. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES:

The Company’s $400 million 5% senior notes and $700 million 4.75% senior notes were each issued by the Operating Partnership and RHP Finance Corporation, a Delaware corporation, and are guaranteed on a senior unsecured basis by the Company, each of the Company’s four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries, each of which guarantees the Operating Partnership’s credit facility, as amended (such subsidiary guarantors, together with the Company, the “Guarantors”). The subsidiary Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several. Not all of the Company’s subsidiaries have guaranteed the Company’s $400 million 5% senior notes and $700 million 4.75% senior notes.

The following condensed consolidating financial information includes certain allocations of expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand-alone basis.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2020

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,641,355	$	1,488,622	$	—	$	3,129,977
Cash and cash equivalents - unrestricted		22		583,352		48		78,734		—		662,156
Cash and cash equivalents - restricted		—		—		—		64,501		—		64,501
Notes receivable		—		—		—		99,900		—		99,900
Trade receivables, less allowance		—		—		—		78,952		—		78,952
Prepaid expenses and other assets		—		58		26		126,170		(14,018)		112,236
Intangible assets		—		—		—		197,080		—		197,080
Intercompany receivables, net		—		—		2,142,311		—		(2,142,311)		—
Investments		953,898		2,949,445		708,341		2,040,163		(6,651,847)		—
Total assets	$	953,920	$	3,532,855	$	4,492,081	$	4,174,122	$	(8,808,176)	$	4,344,802
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	2,158,122	$	—	$	793,766	$	—	$	2,951,888
Accounts payable and accrued liabilities		62		27,401		9,247		210,829		(7,226)		240,313
Dividends payable		53,037		—		—		—		—		53,037
Deferred management rights proceeds		—		—		—		174,558		—		174,558
Operating lease liabilities		—		—		105,877		7,840		(6,792)		106,925
Deferred income tax liabilities, net		—		—		413		187		—		600
Other liabilities		—		9,878		—		84,556		—		94,434
Intercompany payables, net		340,800		1,553,804		—		247,707		(2,142,311)		—
Total liabilities		393,899		3,749,205		115,537		1,519,443		(2,156,329)		3,621,755
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		163,026		—		163,026
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		550		1		1		2,387		(2,389)		550
Additional paid-in-capital		1,185,885		266,031		2,894,831		2,843,451		(6,004,313)		1,185,885
Treasury stock		(17,872)		—		—		—		—		(17,872)
Accumulated deficit		(545,104)		(472,504)		1,481,712		(300,625)		(708,583)		(545,104)
Accumulated other comprehensive loss		(63,438)		(9,878)		—		(53,560)		63,438		(63,438)
Total stockholders' equity		560,021		(216,350)		4,376,544		2,491,653		(6,651,847)		560,021
Total liabilities and equity	$	953,920	$	3,532,855	$	4,492,081	$	4,174,122	$	(8,808,176)	$	4,344,802

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

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)		—
Total liabilities		406,255		3,295,183		111,738		1,529,382		(2,120,330)		3,222,228
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 STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	106,128	$	—	$	106,128
Food and beverage		—		—		—		145,750		—		145,750
Other hotel revenue		—		—		64,741		48,634		(79,582)		33,793
Entertainment		—		—		—		27,898		(539)		27,359
Total revenues		—		—		64,741		328,410		(80,121)		313,030
Operating expenses:
Rooms		—		—		—		32,308		—		32,308
Food and beverage		—		—		—		83,811		—		83,811
Other hotel expenses		—		—		12,442		155,067		(77,035)		90,474
Management fees, net		—		—		—		5,492		—		5,492
Total hotel operating expenses		—		—		12,442		276,678		(77,035)		212,085
Entertainment		—		—		—		29,346		—		29,346
Corporate		63		376		1		7,696		—		8,136
Preopening costs		—		—		—		801		—		801
Corporate overhead allocation		979		—		2,107		—		(3,086)		—
Gain on sale of assets		—		—		—		(1,261)		—		(1,261)
Credit loss on held-to-maturity securities		—		—		—		5,828		—		5,828
Depreciation and amortization		—		—		16,316		37,029		—		53,345
Total operating expenses		1,042		376		30,866		356,117		(80,121)		308,280
Operating income (loss)		(1,042)		(376)		33,875		(27,707)		—		4,750
Interest expense		—		(20,401)		—		(9,008)		51		(29,358)
Interest income		—		576		—		1,846		(51)		2,371
Loss from unconsolidated joint ventures		—		—		—		(1,895)		—		(1,895)
Other gains and (losses), net		—		—		—		195		—		195
Income (loss) before income taxes		(1,042)		(20,201)		33,875		(36,569)		—		(23,937)
Provision for income taxes		—		—		—		(26,799)		—		(26,799)
Equity in subsidiaries’ losses, net		(49,694)		—		—		—		49,694		—
Net income (loss)	$	(50,736)	$	(20,201)	$	33,875	$	(63,368)	$	49,694	$	(50,736)
Comprehensive income (loss), net of taxes	$	(88,173)	$	(33,887)	$	33,875	$	(87,119)	$	87,131	$	(88,173)
Net income (loss) available to common shareholders	$	(46,516)	$	(20,201)	$	33,875	$	(63,368)	$	49,694	$	(46,516)
Comprehensive income (loss), net of taxes, available to common shareholders	$	(75,344)	$	(33,887)	$	33,875	$	(74,290)	$	74,302	$	(75,344)

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)	$	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 CASH FLOWS

For the Three Months Ended March 31, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	51,733	$	(15,826)	$	23,063	$	(54,299)	$	—	$	4,671
Purchases of property and equipment		—		—		(23,018)		(20,150)		—		(43,168)
Investment in other joint ventures		—		—		—		(3,090)		—		(3,090)
Other investing activities		—		—		—		1,004		—		1,004
Net cash used in investing activities		—		—		(23,018)		(22,236)		—		(45,254)
Net borrowings under revolving credit facility		—		400,000		—		—		—		400,000
Repayments under term loan B		—		(1,250)		—		—		—		(1,250)
Deferred financing costs paid		—		(106)		—				—		(106)
Payment of dividends		(50,078)		—		—		—		—		(50,078)
Payment of tax withholdings for share-based compensation		(1,631)		—		—		—		—		(1,631)
Other financing activities		(31)		—		—		(60)		—		(91)
Net cash provided by (used in) financing activities		(51,740)		398,644		—		(60)		—		346,844
Net change in cash, cash equivalents, and restricted cash		(7)		382,818		45		(76,595)		—		306,261
Cash, cash equivalents, and restricted cash, beginning of period		29		200,534		3		219,830		—		420,396
Cash, cash equivalents, and restricted cash, end of period	$	22	$	583,352	$	48	$	143,235	$	—	$	726,657

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)
Investment in other joint ventures		—		—		—		(102)		—		(102)
Other investing activities		—		—		—		(127)		—		(127)
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