Ryman Hospitality Properties Q3 2024 Update

TL;DR

Ryman Hospitality Properties has $5.99B assets vs $5.97B liabilities as of 9/30/24. Debt load is significant.

AI Summary

Ryman Hospitality Properties, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $5.99 billion and total liabilities of $5.97 billion as of September 30, 2024. The filing also references senior notes, including a $600 million note with a 4.5% interest rate and a $700 million note with a 4.75% interest rate.

Why It Matters

This filing provides a snapshot of Ryman Hospitality Properties' financial position, including its significant asset and liability figures, which are crucial for investors to assess the company's financial health and leverage.

Risk Assessment

Risk Level: medium — The company's substantial liabilities, approaching its total assets, indicate a significant level of financial leverage and potential risk.

Key Numbers

• $5.99B — Total Assets (As of September 30, 2024, indicating the company's overall resource base.)
• $5.97B — Total Liabilities (As of September 30, 2024, highlighting the company's financial obligations.)
• 4.5% — Senior Note Interest Rate (For a $600 million senior note, relevant for understanding debt servicing costs.)
• 4.75% — Senior Note Interest Rate (For a $700 million senior note, relevant for understanding debt servicing costs.)

Key Players & Entities

• Ryman Hospitality Properties, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• $5.99 billion (dollar_amount) — Total assets as of September 30, 2024
• $5.97 billion (dollar_amount) — Total liabilities as of September 30, 2024
• $600 million (dollar_amount) — Principal amount of a senior note
• $700 million (dollar_amount) — Principal amount of another senior note

FAQ

Filing Documents

• rhp-20240930x10q.htm (10-Q) — 3758KB
• rhp-20240930xex31d1.htm (EX-31.1) — 15KB
• rhp-20240930xex31d2.htm (EX-31.2) — 15KB
• rhp-20240930xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-014404.txt ( ) — 11339KB
• rhp-20240930.xsd (EX-101.SCH) — 50KB
• rhp-20240930_cal.xml (EX-101.CAL) — 65KB
• rhp-20240930_def.xml (EX-101.DEF) — 309KB
• rhp-20240930_lab.xml (EX-101.LAB) — 447KB
• rhp-20240930_pre.xml (EX-101.PRE) — 405KB
• rhp-20240930x10q_htm.xml (XML) — 2006KB

- Financial Information

Part I - Financial Information 3

Financial Statements

Item 1. Financial Statements. 3 Condensed Consolidated Balance Sheets (Unaudited) – September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity and Noncontrolling Interest (Unaudited) - For the Three and Nine Months Ended September 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 48

Controls and Procedures

Item 4. Controls and Procedures. 48

- Other Information

Part II - Other Information 48

Legal Proceedings

Item 1. Legal Proceedings. 48

Risk Factors

Item 1A. Risk Factors. 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 48

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 48

Other Information

Item 5. Other Information. 48

Exhibits

Item 6. Exhibits. 49

SIGNATURES

SIGNATURES 50 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1. – FINANCIAL STATEMENTS. RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 30, December 31, 2024 2023 ASSETS: Property and equipment, net $ 4,092,234 $ 3,955,586 Cash and cash equivalents - unrestricted 534,931 591,833 Cash and cash equivalents - restricted 36,000 108,608 Notes receivable, net 56,635 61,760 Trade receivables, net 107,302 110,029 Deferred income tax assets, net 70,055 81,624 Prepaid expenses and other assets 189,084 154,810 Intangible assets, net 118,253 124,287 Total assets $ 5,204,494 $ 5,188,537 LIABILITIES AND EQUITY: Debt and finance lease obligations $ 3,373,442 $ 3,377,028 Accounts payable and accrued liabilities 472,722 464,720 Distributions payable 68,005 67,932 Deferred management rights proceeds 164,860 165,174 Operating lease liabilities 130,289 129,122 Other liabilities 67,367 66,658 Total liabilities 4,276,685 4,270,634 Commitments and contingencies Noncontrolling interest in consolidated joint venture 372,274 345,126 Equity: Preferred stock, $ .01 par value, 100,000 shares authorized, no shares issued or outstanding — — Common stock, $ .01 par value, 400,000 shares authorized, 59,901 and 59,712 shares issued and outstanding , respectively 599 597 Additional paid-in capital 1,478,406 1,502,710 Treasury stock of 689 and 668 shares, at cost ( 22,766 ) ( 20,508 ) Distributions in excess of retained earnings ( 888,144 ) ( 894,259 ) Accumulated other comprehensive loss ( 16,219 ) ( 19,387 ) Total stockholders' equity 551,876 569,153 Noncontrolling interest in Operating Partnership 3,659 3,624 Total equity 555,535 572,777 Total liabilities and equity $ 5,204,494 $ 5,188,537 The accompanying notes are an integral part of these condensed consolidated financial stat

View Full Filing

View this 10-Q filing on SEC EDGAR