Financial Reporting By Business Segments

6 Months Ended

Jun. 30, 2023

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, JW Marriott Hill Country (effective June 30, 2023), 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,
	2023		2022		2023		2022
Revenues:
Hospitality	$	417,685	$	401,802	$	842,124	$	662,913
Entertainment		87,158		68,402		154,438		106,426
Corporate and Other		—		—		—		—
Total	$	504,843	$	470,204	$	996,562	$	769,339
Depreciation and amortization:
Hospitality	$	42,646	$	52,016	$	85,521	$	104,287
Entertainment		5,402		4,492		10,667		8,044
Corporate and Other		209		207		426		412
Total	$	48,257	$	56,715	$	96,614	$	112,743
Operating income (loss):
Hospitality	$	107,733	$	100,573	$	213,803	$	116,241
Entertainment		24,668		18,240		35,249		20,981
Corporate and Other		(10,094)		(12,624)		(20,905)		(22,386)
Preopening costs		(67)		(221)		(257)		(525)
Loss on sale of assets		—		—		—		(469)
Total operating income		122,240		105,968		227,890		113,842
Interest expense		(49,179)		(33,958)		(91,707)		(65,895)
Interest income		5,318		1,379		7,865		2,760
Loss on extinguishment of debt		(2,252)		(1,547)		(2,252)		(1,547)
Loss from unconsolidated joint ventures		(2,153)		(3,001)		(4,959)		(5,628)
Other gains and (losses), net		(287)		(283)		(523)		164
Income before income taxes	$	73,687	$	68,558	$	136,314	$	43,696

	June 30,		December 31,
	2023		2022
Total assets:
Hospitality	$	4,021,742	$	3,314,444
Entertainment		529,764		502,913
Corporate and Other		439,149		223,266
Total identifiable assets	$	4,990,655	$	4,040,623