Ryman Hospitality Properties, Inc 10-Q for FY2025 Q1

Ryman Hospitality Properties, Inc. (RHP)

10-Q 2025-05-02 For: 2025-03-31

Added on April 07, 2026

About this 10-Q

Ryman Hospitality Properties, Inc filed this 10-Q on May 2, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $587.28M; up 11.2% from $528.35M a year earlier
Net income: $63.01M; up 47.4% from net income of $42.76M a year earlier
Diluted EPS: $1.00; up 49.3% from $0.67 a year earlier

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Delaware		73-0664379
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)


		Name of Each Exchange on
Title of Each Class	Trading Symbol(s)	Which Registered
Common stock, par value $.01	RHP	New York Stock Exchange


Class		Outstanding as of April 30, 2025
Common Stock, par value $.01		60,000,865 shares

		Page

Part I - Financial Information		3

Item 1. Financial Statements.		3

Condensed Consolidated Balance Sheets (Unaudited) – March 31, 2025 and December 31, 2024		3

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three Months Ended March 31, 2025 and 2024		4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Three Months Ended March 31, 2025 and 2024		5

Condensed Consolidated Statements of Equity and Noncontrolling Interest (Unaudited) - For the Three Months Ended March 31, 2025 and 2024		6

Notes to Condensed Consolidated Financial Statements (Unaudited)		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		18

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		44

Item 4. Controls and Procedures.		44

Part II - Other Information		44

Item 1. Legal Proceedings.		44

Item 1A. Risk Factors.		44

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		44

Item 3. Defaults Upon Senior Securities.		44

Item 4. Mine Safety Disclosures.		44

Item 5. Other Information.		45

Item 6. Exhibits.		45

SIGNATURES		46


	March 31,		December 31,
	2025		2024
ASSETS:
Property and equipment, net	$	4,169,575	$	4,124,382
Cash and cash equivalents - unrestricted		413,858		477,694
Cash and cash equivalents - restricted		47,467		98,534
Notes receivable, net		56,767		57,801
Trade receivables, net		133,024		94,184
Deferred income tax assets, net		67,573		70,511
Prepaid expenses and other assets		167,530		178,091
Intangible assets and goodwill, net		183,313		116,376
Total assets	$	5,239,107	$	5,217,573

LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	3,375,026	$	3,378,396
Accounts payable and accrued liabilities		463,245		466,571
Distributions payable		70,974		71,444
Deferred management rights proceeds		164,532		164,658
Operating lease liabilities		134,728		135,117
Other liabilities		68,638		66,805
Total liabilities		4,277,143		4,282,991
Commitments and contingencies
Noncontrolling interest in Opry Entertainment Group		391,616		381,945
Equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding		—		—
Common stock, $.01 par value, 400,000 shares authorized, 60,001 and 59,903 shares issued and outstanding, respectively		600		599
Additional paid-in capital		1,464,394		1,475,211
Treasury stock of 704 and 696 shares, at cost		(24,329)		(23,526)
Distributions in excess of retained earnings		(893,872)		(888,132)
Accumulated other comprehensive loss		(15,260)		(15,172)
Total stockholders' equity		531,533		548,980
Noncontrolling interests		38,815		3,657
Total equity		570,348		552,637
Total liabilities and equity	$	5,239,107	$	5,217,573


	Three Months Ended
	March 31,
	2025		2024
Revenues:
Rooms	$	189,232	$	173,633
Food and beverage		253,263		235,083
Other hotel revenue		55,235		52,754
Entertainment		89,550		66,875
Total revenues		587,280		528,345

Operating expenses:
Rooms		46,289		44,101
Food and beverage		138,139		128,179
Other hotel expenses		123,924		118,813
Management fees, net		18,463		17,962
Total hotel operating expenses		326,815		309,055
Entertainment		69,770		52,587
Corporate		10,770		11,954
Preopening costs		87		1,436
Gain on sale of assets		—		(270)
Depreciation and amortization		63,717		57,202
Total operating expenses		471,159		431,964

Operating income		116,121		96,381
Interest expense		(54,283)		(60,443)
Interest income		5,459		7,522
Loss on extinguishment of debt		—		(522)
Income (loss) from unconsolidated joint ventures		(16)		32
Other gains and (losses), net		(108)		321
Income before income taxes		67,173		43,291
Provision for income taxes		(4,159)		(530)
Net income		63,014		42,761

Net (income) loss attributable to noncontrolling interest in Opry Entertainment Group		(711)		579
Net (income) loss attributable to other noncontrolling interests		658		(284)
Net income available to common stockholders	$	62,961	$	43,056

Basic income per share available to common stockholders	$	1.05	$	0.72
Diluted income per share available to common stockholders	$	1.00	$	0.67

Comprehensive income, net of taxes	$	62,926	$	44,169
Comprehensive (income) loss, net of taxes, attributable to noncontrolling interest in Opry Entertainment Group		(723)		293
Comprehensive (income) loss, net of taxes, attributable to other noncontrolling interests		659		(293)
Comprehensive income, net of taxes, available to common stockholders	$	62,862	$	44,169


							Distributions		Accumulated
			Additional				in Excess of		Other		Total						Noncontrolling
	Common		Paid-in		Treasury		Retained		Comprehensive		Stockholders'		Noncontrolling		Total		Interest
	Stock		Capital		Stock		Earnings		Loss		Equity		Interests		Equity		in OEG
BALANCE, December 31, 2024	$	599	$	1,475,211	$	(23,526)	$	(888,132)	$	(15,172)	$	548,980	$	3,657	$	552,637	$	381,945
Net income (loss)		—		—		—		62,961		—		62,961		(658)		62,303		711
Other comprehensive loss, net of income taxes		—		—		—		—		(88)		(88)		—		(88)		—
Adjustment of noncontrolling interest to redemption value		—		(8,960)		—		—		—		(8,960)		—		(8,960)		8,960
Purchase of interest in consolidated joint venture		—		—		—		—		—		—		36,270		36,270		—
Dividends and distributions declared ($1.15 per share)		—		169		(803)		(68,701)		—		(69,335)		(454)		(69,789)		—
Restricted stock units and stock options surrendered		1		(5,648)		—		—		—		(5,647)		—		(5,647)		—
Equity-based compensation expense		—		3,622		—		—		—		3,622		—		3,622		—
BALANCE, March 31, 2025	$	600	$	1,464,394	$	(24,329)	$	(893,872)	$	(15,260)	$	531,533	$	38,815	$	570,348	$	391,616


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2024	$	(12,120)	$	(2,667)	$	(385)	$	(15,172)
Losses arising during period		—		—		(8)		(8)
Amounts reclassified from accumulated other comprehensive loss		(176)		53		48		(75)
Income tax expense		(5)		—		—		(5)
Net other comprehensive income (loss)		(181)		53		40		(88)
Balance, March 31, 2025	$	(12,301)	$	(2,614)	$	(345)	$	(15,260)


	Amount of Gain (Loss)					Amount of (Gain) Loss
	Recognized in OCI on					Reclassified from Accumulated
	Derivatives				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	March 31,				Accumulated OCI	March 31,
	2025		2024		into Income (Expense)	2025		2024
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	(8)	$	1,975	Interest expense	$	48	$	547
Total derivatives	$	(8)	$	1,975		$	48	$	547


	Operating		Finance
	Leases		Leases
Year 1	$	11,214	$	105
Year 2		11,073		76
Year 3		10,780		67
Year 4		9,935		45
Year 5		9,628		—
Years thereafter		545,639		—
Total future minimum lease payments		598,269		293
Less amount representing interest		(463,541)		(25)
Total present value of minimum payments	$	134,728	$	268


Weighted-average remaining lease term:
Operating leases	41.3	years
Finance leases	3.3	years
Weighted-average discount rate:
Operating leases	7.0	%
Finance leases	5.4	%


			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2025		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	37,246	$	37,246	$	—	$	—
Total assets measured at fair value	$	37,246	$	37,246	$	—	$	—

Variable to fixed interest rate swaps	$	346	$	—	$	346	$	—
Total liabilities measured at fair value	$	346	$	—	$	346	$	—


	For the Three Months Ended March 31, 2025
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	497,730	$	89,550	$	—	$	587,280
Expenses:
Rooms		46,289						46,289
Food and beverage		138,139						138,139
Other hotel expenses (1)		123,924						123,924
Management fees		18,463						18,463
Employment costs				27,310				27,310
Cost of goods sold				15,535				15,535
Contract services				10,011				10,011
Non-income taxes and insurance				4,852				4,852
Preopening costs				87				87
Other segment expenses (1)				12,062		10,770		22,832
Depreciation and amortization		54,106		9,377		234		63,717
Operating income (loss)	$	116,809	$	10,316	$	(11,004)	$	116,121
Interest expense		(25)		(8,870)		(45,388)		(54,283)
Interest income								5,459
Loss from unconsolidated joint ventures (2)								(16)
Other gains and (losses), net								(108)
Income before income taxes							$	67,173


	Three Months Ended
	March 31,
Segment	2025		2024
Hospitality	85	%	87	%
Entertainment	15	%	13	%
Corporate and Other	0	%	0	%


	Unaudited
	Three Months Ended March 31,
	2025		%		2024		%
REVENUES:
Rooms	$	189,232	32.2	%	$	173,633	32.9	%
Food and beverage		253,263	43.1	%		235,083	44.5	%
Other hotel revenue		55,235	9.4	%		52,754	10.0	%
Entertainment		89,550	15.2	%		66,875	12.7	%
Total revenues		587,280	100.0	%		528,345	100.0	%
OPERATING EXPENSES:
Rooms		46,289	7.9	%		44,101	8.3	%
Food and beverage		138,139	23.5	%		128,179	24.3	%
Other hotel expenses		123,924	21.1	%		118,813	22.5	%
Hotel management fees, net		18,463	3.1	%		17,962	3.4	%
Entertainment		69,770	11.9	%		52,587	10.0	%
Corporate		10,770	1.8	%		11,954	2.3	%
Preopening costs		87	0.0	%		1,436	0.3	%
Gain on sale of assets		—	—	%		(270)	(0.1)	%
Depreciation and amortization:
Hospitality		54,106	9.2	%		50,230	9.5	%
Entertainment		9,377	1.6	%		6,740	1.3	%
Corporate and Other		234	0.0	%		232	0.0	%
Total depreciation and amortization		63,717	10.8	%		57,202	10.8	%
Total operating expenses		471,159	80.2	%		431,964	81.8	%
OPERATING INCOME (LOSS):
Hospitality		116,809	23.5	%		102,185	22.1	%
Entertainment		10,403	11.6	%		7,548	11.3	%
Corporate and Other		(11,004)	(A)			(12,186)	(A)
Preopening costs		(87)	(0.0)	%		(1,436)	(0.3)	%
Gain on sale of assets		—	—	%		270	0.1	%
Total operating income		116,121	19.8	%		96,381	18.2	%
Interest expense		(54,283)	(A)			(60,443)	(A)
Interest income		5,459	(A)			7,522	(A)
Loss on extinguishment of debt		—	(A)			(522)	(A)
Income (loss) from unconsolidated joint ventures		(16)	(A)			32	(A)
Other gains and (losses), net		(108)	(A)			321	(A)
Provision for income taxes		(4,159)	(A)			(530)	(A)
Net income		63,014	(A)			42,761	(A)
Net (income) loss attributable to noncontrolling interest in Opry Entertainment Group		(711)	(A)			579	(A)
Net (income) loss attributable to other noncontrolling interests		658	(A)			(284)	(A)
Net income available to common stockholders	$	62,961	(A)		$	43,056	(A)


	Three Months Ended
	March 31,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	63,014	$	42,761
Amounts to reconcile net income to net cash flows provided by operating activities:
Provision (benefit) for deferred income taxes		2,933		(488)
Depreciation and amortization		63,717		57,202
Amortization of deferred financing costs		2,707		2,721
(Income) loss from unconsolidated joint ventures		16		(32)
Equity-based compensation expense		3,622		3,862
Changes in:
Trade receivables		(36,536)		(15,584)
Accounts payable and accrued liabilities		(16,381)		(79,054)
Other assets and liabilities		15,127		(3,915)
Net cash flows provided by operating activities		98,219		7,473

Cash Flows from Investing Activities:
Purchases of property and equipment		(112,727)		(79,430)
Other investing activities, net		(18,400)		179
Net cash flows used in investing activities		(131,127)		(79,251)

Cash Flows from Financing Activities:
Repayments under term loan B		(734)		(201,250)
Borrowings under OEG revolving credit facility		5,000		17,000
Repayments under OEG revolving credit facility		(9,000)		—
Repayments under OEG term loan		(750)		(750)
Repayments under Block 21 CMBS loan		(782)		(721)
Repayments under Gaylord Rockies term loan		—		(800,000)
Issuance of senior notes		—		1,000,000
Deferred financing costs paid		—		(16,815)
Payment of distributions		(70,258)		(67,135)
Payment of tax withholdings for share-based compensation		(5,441)		(12,092)
Other financing activities, net		(30)		(18)
Net cash flows used in financing activities		(81,995)		(81,781)

Net change in cash, cash equivalents, and restricted cash		(114,903)		(153,559)
Cash, cash equivalents, and restricted cash, beginning of period		576,228		700,441
Cash, cash equivalents, and restricted cash, end of period	$	461,325	$	546,882


	Three Months Ended
	March 31,
	2025		2024
Gaylord Opryland	$	110,178	$	103,835
Gaylord Palms		88,393		85,463
Gaylord Texan		86,377		84,902
Gaylord National		80,829		68,274
Gaylord Rockies		70,948		63,822
JW Marriott Hill Country		55,276		49,941
AC Hotel		2,698		2,822
Inn at Opryland and other		3,031		2,411
Total Hospitality segment revenues	$	497,730	$	461,470


	March 31,		December 31,
	2025		2024
Land and land improvements	$	615,151	$	613,870
Buildings		4,623,486		4,593,839
Furniture, fixtures and equipment		1,359,057		1,329,039
Right-of-use finance lease assets		1,252		1,017
Construction-in-progress		151,148		110,897
		6,750,094		6,648,662
Accumulated depreciation and amortization		(2,580,519)		(2,524,280)
Property and equipment, net	$	4,169,575	$	4,124,382


	March 31,		December 31,
	2025		2024
$700M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing May 18, 2027	$	—	$	—
Term Loan B, interest at SOFR plus 2.00%, maturing May 18, 2030		292,057		292,791
Senior Notes, interest at 4.75%, maturing October 15, 2027		700,000		700,000
Senior Notes, interest at 7.25%, maturing July 15, 2028		400,000		400,000
Senior Notes, interest at 4.50%, maturing February 15, 2029		600,000		600,000
Senior Notes, interest at 6.50%, maturing April 1, 2032		1,000,000		1,000,000
$80M OEG Revolver, interest at SOFR plus 3.50%, maturing June 28, 2029		17,000		21,000
OEG Term Loan, interest at SOFR plus 3.50%, maturing June 28, 2031 (see Note 16)		298,500		299,250
Block 21 CMBS Loan, interest at 5.58%, original maturity January 5, 2026 (see Note 16)		128,185		128,967
Finance lease obligations		268		55
Unamortized deferred financing costs		(49,359)		(51,484)
Unamortized discounts and premiums, net		(11,625)		(12,183)
Total debt	$	3,375,026	$	3,378,396


	March 31,
	2025
Other assets	$	3,232,265
Total assets	$	3,232,265

Net payables due to non-guarantor subsidiaries	$	221,262
Other liabilities		3,215,088
Total liabilities	$	3,436,350
Total noncontrolling interest	$	3,618


	Three Months Ended
	March 31, 2025
Revenues from non-guarantor subsidiaries	$	146,335
Operating expenses (excluding expenses to non-guarantor subsidiaries)		42,984
Expenses to non-guarantor subsidiaries		10,516
Operating income		92,835
Interest income from non-guarantor subsidiaries		613
Net income		49,333
Net income available to common stockholders		49,880


Exhibit Number		Description

3.1		Amended and Restated Certificate of Incorporation of Ryman Hospitality Properties, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed October 1, 2012).
3.2		Second Amended and Restated Bylaws of Ryman Hospitality Properties, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K filed February 24, 2023).
22		List of Parent and Subsidiary Guarantors (incorporated by reference to Exhibit 22 to the Company’s Quarterly Report on Form 10-Q filed August 1, 2024).
31.1*		Certification of Mark Fioravanti pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
31.2*		Certification of Jennifer Hutcheson pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1**		Certification of Mark Fioravanti and Jennifer Hutcheson pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
101*		The following materials from Ryman Hospitality Properties, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (unaudited) at March 31, 2025 and December 31, 2024, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) for the three months ended March 31, 2025 and 2024, (iii) Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2025 and 2024, (iv) Condensed Consolidated Statements of Equity and Noncontrolling Interest (unaudited) for the three months ended March 31, 2025 and 2024, and (v) Notes To Condensed Consolidated Financial Statements (unaudited).
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


	RYMAN HOSPITALITY PROPERTIES, INC.

Date: May 2, 2025	By:	/s/ Mark Fioravanti
		Mark Fioravanti
		President and Chief Executive Officer

	By:	/s/ Jennifer Hutcheson
		Jennifer Hutcheson
		Executive Vice President, Chief Financial
		Officer and Chief Accounting Officer


Date:	May 2, 2025

By:	/s/ Mark Fioravanti
Name:	Mark Fioravanti
Title:	President and Chief Executive Officer