FINANCIAL REPORTING BY BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2024

FINANCIAL REPORTING BY BUSINESS SEGMENTS

Financial Reporting by Business Segments

15. 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, Category 10 and Block 21; 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,
	2024		2023		2024		2023
Revenues:
Hospitality	$	519,087	$	417,685	$	980,557	$	842,124
Entertainment		94,203		87,158		161,078		154,438
Corporate and Other		—		—		—		—
Total	$	613,290	$	504,843	$	1,141,635	$	996,562
Depreciation and amortization:
Hospitality	$	50,553	$	42,646	$	100,783	$	85,521
Entertainment		7,766		5,402		14,506		10,667
Corporate and Other		234		209		466		426
Total	$	58,553	$	48,257	$	115,755	$	96,614
Operating income (loss):
Hospitality	$	151,885	$	107,733	$	254,070	$	213,803
Entertainment		26,877		24,668		34,425		35,249
Corporate and Other		(9,636)		(10,094)		(21,822)		(20,905)
Preopening costs		(1,055)		(67)		(2,491)		(257)
Gain on sale of assets		—		—		270		—
Total operating income		168,071		122,240		264,452		227,890
Interest expense		(56,577)		(49,179)		(117,020)		(91,707)
Interest income		7,064		5,318		14,586		7,865
Loss on extinguishment of debt		(1,797)		(2,252)		(2,319)		(2,252)
Income (loss) from unconsolidated joint ventures		183		(2,153)		215		(4,959)
Other gains and (losses), net		(4)		(287)		317		(523)
Income before income taxes	$	116,940	$	73,687	$	160,231	$	136,314

	June 30,		December 31,
	2024		2023
Total assets:
Hospitality	$	3,915,838	$	4,039,804
Entertainment		645,385		610,663
Corporate and Other		578,735		538,070
Total assets	$	5,139,958	$	5,188,537