Financial Reporting By Business Segments

3 Months Ended

Mar. 31, 2021

Financial Reporting By Business Segments

Financial Reporting By Business Segments

16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into three principal business segments:

● Hospitality, which includes the Gaylord Hotels properties, the Inn at Opryland and the AC Hotel;

● Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, the Company’s equity investment in Circle, and the Company’s Nashville-based attractions; and

● Corporate and Other, which includes the Company’s corporate expenses.

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended
	March 31,
	2021		2020
Revenues:
Hospitality	$	69,802	$	285,671
Entertainment		14,373		27,359
Corporate and Other		—		—
Total	$	84,175	$	313,030
Depreciation and amortization:
Hospitality	$	49,148	$	49,769
Entertainment		3,601		3,105
Corporate and Other		566		471
Total	$	53,315	$	53,345
Operating income (loss):
Hospitality	$	(63,462)	$	23,817
Entertainment		(7,919)		(5,092)
Corporate and Other		(8,094)		(8,607)
Preopening costs (1)		(399)		(801)
Gain on sale of assets (2)		317		1,261
Credit loss on held-to-maturity securities (3)		—		(5,828)
Total operating income (loss)		(79,557)		4,750
Interest expense		(30,796)		(29,358)
Interest income		1,370		2,371
Loss on extinguishment of debt		(2,949)		—
Loss from unconsolidated joint ventures		(1,609)		(1,895)
Other gains and (losses), net		374		195
Loss before income taxes	$	(113,167)	$	(23,937)

(1) Preopening costs for the three months ended March 31, 2021 relates to the Hospitality segment. Preopening costs for the three months ended March 31, 2020 include $0.1 million and $0.7 million for the Hospitality and Entertainment segments, respectively.

(2) Gain on sale of assets for the three months ended March 31, 2021 and 2020 relates to the Hospitality segment.

(3) Credit loss on held-to-maturity securities for the three months ended March 31, 2020 relates to the Hospitality segment.