Financial Reporting By Business Segments

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenues:
Hospitality	$	135,688	$	10,305	$	205,490	$	295,976
Entertainment		35,173		4,376		49,546		31,735
Corporate and Other		—		—		—		—
Total	$	170,861	$	14,681	$	255,036	$	327,711
Depreciation and amortization:
Hospitality	$	50,487	$	49,588	$	99,635	$	99,357
Entertainment		3,621		3,402		7,222		6,507
Corporate and Other		565		1,021		1,131		1,492
Total	$	54,673	$	54,011	$	107,988	$	107,356
Operating income (loss):
Hospitality	$	(27,100)	$	(100,128)	$	(90,562)	$	(76,311)
Entertainment		5,913		(12,483)		(2,006)		(17,575)
Corporate and Other		(9,543)		(8,279)		(17,637)		(16,886)
Preopening costs (1)		(217)		(700)		(616)		(1,501)
Gain on sale of assets (2)		—		—		317		1,261
Credit loss on held-to-maturity securities (3)		—		(19,145)		—		(24,973)
Total operating loss		(30,947)		(140,735)		(110,504)		(135,985)
Interest expense		(29,847)		(30,042)		(60,643)		(59,400)
Interest income		1,451		1,854		2,821		4,225
Loss on extinguishment of debt		—		—		(2,949)		—
Loss from unconsolidated joint ventures		(1,910)		(1,820)		(3,519)		(3,715)
Other gains and (losses), net		(173)		(16,755)		201		(16,560)
Loss before income taxes	$	(61,426)	$	(187,498)	$	(174,593)	$	(211,435)

(1) Preopening costs for the three months and six months ended June 30, 2021 relates to the Hospitality segment. Preopening costs for the three months ended June 30, 2020 include $0.1 million and $0.6 million for the Hospitality and Entertainment segments, respectively. Preopening costs for the six months ended June 30, 2020 include $0.2 million and $1.3 million for the Hospitality and Entertainment segments, respectively.

(2) Gain on sale of assets for the six months ended June 30, 2021 and 2020 relates to the Hospitality segment.

(3) Credit loss on held-to-maturity securities for the three months and six months ended June 30, 2020 relates to the Hospitality segment.