Financial Reporting By Business Segments

6 Months Ended

Jun. 30, 2022

Financial Reporting By Business Segments

Financial Reporting By Business Segments

18. 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 OEG business, specifically the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, 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,
	2022		2021		2022		2021
Revenues:
Hospitality	$	401,802	$	135,688	$	662,913	$	205,490
Entertainment		68,402		35,173		106,426		49,546
Corporate and Other		—		—		—		—
Total	$	470,204	$	170,861	$	769,339	$	255,036
Depreciation and amortization:
Hospitality	$	52,016	$	50,487	$	104,287	$	99,635
Entertainment		4,492		3,621		8,044		7,222
Corporate and Other		207		565		412		1,131
Total	$	56,715	$	54,673	$	112,743	$	107,988
Operating income (loss):
Hospitality	$	100,573	$	(27,100)	$	116,241	$	(90,562)
Entertainment		18,240		5,913		20,981		(2,006)
Corporate and Other		(12,624)		(9,543)		(22,386)		(17,637)
Preopening costs		(221)		(217)		(525)		(616)
Gain (loss) on sale of assets		—		—		(469)		317
Total operating income (loss)		105,968		(30,947)		113,842		(110,504)
Interest expense		(33,958)		(29,847)		(65,895)		(60,643)
Interest income		1,379		1,451		2,760		2,821
Loss on extinguishment of debt		(1,547)		—		(1,547)		(2,949)
Loss from unconsolidated joint ventures		(3,001)		(1,910)		(5,628)		(3,519)
Other gains and (losses), net		(283)		(173)		164		201
Income (loss) before income taxes	$	68,558	$	(61,426)	$	43,696	$	(174,593)

	June 30,		December 31,
	2022		2021
Identifiable assets:
Hospitality	$	3,218,334	$	3,266,679
Entertainment		480,250		214,270
Corporate and Other		166,116		99,576
Total identifiable assets	$	3,864,700	$	3,580,525