Information Concerning Guarantor and Non-Guarantor Subsidiaries

6 Months Ended

Jun. 30, 2020

Information Concerning Guarantor and Non-Guarantor Subsidiaries

Information Concerning Guarantor and Non-Guarantor Subsidiaries

17. 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 Operating Partnership’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 by the Operating Partnership, 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

June 30, 2020

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,645,507	$	1,475,939	$	—	$	3,121,446
Cash and cash equivalents - unrestricted		22		43,020		49		39,285		—		82,376
Cash and cash equivalents - restricted		—		—		—		54,923		—		54,923
Notes receivable		—		—		—		82,542		—		82,542
Trade receivables, less allowance		—		—		—		18,370		—		18,370
Prepaid expenses and other assets		—		33		43		111,167		(12,988)		98,255
Intangible assets		—		—		—		187,033		—		187,033
Intercompany receivables, net		—		—		2,104,406		—		(2,104,406)		—
Investments		729,619		2,949,447		708,075		2,016,104		(6,403,245)		—
Total assets	$	729,641	$	2,992,500	$	4,458,080	$	3,985,363	$	(8,520,639)	$	3,644,945
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	1,782,388	$	—	$	793,919	$	—	$	2,576,307
Accounts payable and accrued liabilities		25		11,508		18,470		128,309		(5,661)		152,651
Dividends payable		772		—		—		—		—		772
Deferred management rights proceeds		—		—		—		174,274		—		174,274
Operating lease liabilities		—		—		107,012		7,490		(7,327)		107,175
Deferred income tax liabilities, net		—		—		413		270		—		683
Other liabilities		—		10,975		—		86,711		—		97,686
Intercompany payables, net		335,140		1,478,813		—		290,453		(2,104,406)		—
Total liabilities		335,937		3,283,684		125,895		1,481,426		(2,117,394)		3,109,548
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		141,693		—		141,693
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		550		1		1		2,387		(2,389)		550
Additional paid-in-capital		1,188,046		213,467		2,887,074		2,842,599		(5,943,140)		1,188,046
Treasury stock		(18,467)		—		—		—		—		(18,467)
Accumulated deficit		(711,798)		(493,678)		1,445,110		(429,089)		(522,343)		(711,798)
Accumulated other comprehensive loss		(64,627)		(10,974)		—		(53,653)		64,627		(64,627)
Total stockholders' equity		393,704		(291,184)		4,332,185		2,362,244		(6,403,245)		393,704
Total liabilities and equity	$	729,641	$	2,992,500	$	4,458,080	$	3,985,363	$	(8,520,639)	$	3,644,945

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 June 30, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	2,802	$	—	$	2,802
Food and beverage		—		—		—		1,510		—		1,510
Other hotel revenue		—		—		(7,662)		6,409		7,246		5,993
Entertainment		—		—		—		4,392		(16)		4,376
Total revenues		—		—		(7,662)		15,113		7,230		14,681
Operating expenses:
Rooms		—		—		—		4,472		—		4,472
Food and beverage		—		—		—		11,891		—		11,891
Other hotel expenses		—		—		10,383		24,151		10,511		45,045
Management fees, net		—		—		—		(563)		—		(563)
Total hotel operating expenses		—		—		10,383		39,951		10,511		60,845
Entertainment		—		—		—		13,457		—		13,457
Corporate		62		295		—		6,901		—		7,258
Preopening costs		—		—		—		700		—		700
Corporate overhead allocation		1,043		—		2,238		—		(3,281)		—
Credit loss on held-to-maturity securities		—		—		—		19,145		—		19,145
Depreciation and amortization		—		—		16,319		37,692		—		54,011
Total operating expenses		1,105		295		28,940		117,846		7,230		155,416
Operating loss		(1,105)		(295)		(36,602)		(102,733)		—		(140,735)
Interest expense		—		(20,902)		—		(9,235)		95		(30,042)
Interest income		—		23		—		1,926		(95)		1,854
Loss from unconsolidated joint ventures		—		—		—		(1,820)		—		(1,820)
Other gains and (losses), net		—		—		—		(16,755)		—		(16,755)
Loss before income taxes		(1,105)		(21,174)		(36,602)		(128,617)		—		(187,498)
Provision for income taxes		—		—		—		(161)		—		(161)
Equity in subsidiaries’ losses, net		(186,554)		—		—		—		186,554		—
Net income (loss)	$	(187,659)	$	(21,174)	$	(36,602)	$	(128,778)	$	186,554	$	(187,659)
Comprehensive income (loss), net of taxes	$	(188,848)	$	(22,270)	$	(36,602)	$	(128,871)	$	187,743	$	(188,848)
Net income (loss) available to common shareholders	$	(173,492)	$	(21,174)	$	(36,602)	$	(114,611)	$	172,387	$	(173,492)
Comprehensive income (loss), net of taxes, available to common shareholders	$	(174,620)	$	(22,270)	$	(36,602)	$	(114,643)	$	173,515	$	(174,620)

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 unconsolidated 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)	$	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	$	26,183	$	(50,459)	$	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 Six Months Ended June 30, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	108,930	$	—	$	108,930
Food and beverage		—		—		—		147,260		—		147,260
Other hotel revenue		—		—		57,079		55,043		(72,336)		39,786
Entertainment		—		—		—		32,290		(555)		31,735
Total revenues		—		—		57,079		343,523		(72,891)		327,711
Operating expenses:
Rooms		—		—		—		36,780		—		36,780
Food and beverage		—		—		—		95,702		—		95,702
Other hotel expenses		—		—		22,825		179,218		(66,524)		135,519
Management fees, net		—		—		—		4,929		—		4,929
Total hotel operating expenses		—		—		22,825		316,629		(66,524)		272,930
Entertainment		—		—		—		42,803		—		42,803
Corporate		125		671		1		14,597		—		15,394
Preopening costs		—		—		—		1,501		—		1,501
Corporate overhead allocation		2,022		—		4,345		—		(6,367)		—
Gain on sale of assets		—		—		—		(1,261)		—		(1,261)
Credit loss on held-to-maturity securities		—		—		—		24,973		—		24,973
Depreciation and amortization		—		—		32,635		74,721		—		107,356
Total operating expenses		2,147		671		59,806		473,963		(72,891)		463,696
Operating loss		(2,147)		(671)		(2,727)		(130,440)		—		(135,985)
Interest expense		—		(41,303)		—		(18,243)		146		(59,400)
Interest income		—		599		—		3,772		(146)		4,225
Loss from unconsolidated joint ventures		—		—		—		(3,715)		—		(3,715)
Other gains and (losses), net		—		—		—		(16,560)		—		(16,560)
Loss before income taxes		(2,147)		(41,375)		(2,727)		(165,186)		—		(211,435)
Provision for income taxes		—		—		—		(26,960)		—		(26,960)
Equity in subsidiaries’ losses, net		(236,248)		—		—		—		236,248		—
Net income (loss)	$	(238,395)	$	(41,375)	$	(2,727)	$	(192,146)	$	236,248	$	(238,395)
Comprehensive income (loss), net of taxes	$	(277,021)	$	(56,157)	$	(2,727)	$	(215,990)	$	274,874	$	(277,021)
Net income (loss) available to common shareholders	$	(220,008)	$	(41,375)	$	(2,727)	$	(173,759)	$	217,861	$	(220,008)
Comprehensive income (loss), net of taxes, available to common shareholders	$	(249,964)	$	(56,157)	$	(2,727)	$	(188,933)	$	247,817	$	(249,964)

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 unconsolidated 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	$	31,922	$	(80,927)	$	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 CASH FLOWS

For the Six Months Ended June 30, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	103,999	$	(178,996)	$	48,227	$	(84,031)	$	—	$	(110,801)
Purchases of property and equipment		—		—		(48,181)		(34,958)		—		(83,139)
Investment in other joint ventures		—		—		—		(6,728)		—		(6,728)
Other investing activities		—		—		—		1,691		—		1,691
Net cash used in investing activities		—		—		(48,181)		(39,995)		—		(88,176)
Net borrowings under revolving credit facility		—		25,000		—		—		—		25,000
Repayments under term loan B		—		(2,500)		—		—		—		(2,500)
Deferred financing costs paid		—		(1,018)		—		(492)		—		(1,510)
Payment of dividends		(102,315)		—		—		—		—		(102,315)
Distributions from consolidated joint venture to noncontrolling interest partners		—		—		—		(992)		—		(992)
Payment of tax withholdings for share-based compensation		(1,660)		—		—		—		—		(1,660)
Other financing activities		(31)		—		—		(112)		—		(143)
Net cash provided by (used in) financing activities		(104,006)		21,482		—		(1,596)		—		(84,120)
Net change in cash, cash equivalents, and restricted cash		(7)		(157,514)		46		(125,622)		—		(283,097)
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	$	43,020	$	49	$	94,208	$	—	$	137,299

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
Investment in other joint ventures		—		—		—		(2,164)		—		(2,164)
Other investing activities		—		—		—		(118)		—		(118)
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)
Distributions 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