INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | 9 Months Ended |
Sep. 30, 2013 |
INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ' |
16. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES: |
The 5% Senior Notes are guaranteed on a senior unsecured basis by the Company, each of the Company’s four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries, each of which guarantees the Operating Partnership’s $1 billion credit facility (such subsidiary guarantors, together with the Company, the “Guarantors”). The subsidiary Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several. Not all of the Company’s subsidiaries have guaranteed the 5% Senior Notes. |
The following condensed consolidating financial information includes certain allocations of revenues and expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand-alone basis. As further described in Note 3, on October 1, 2012, the Company and its subsidiaries completed a restructuring of assets and operations in connection with the Company’s transition to a REIT. For purposes of presenting the condensed consolidating financial information, the results of the subsidiaries that own the hotel properties are reflected in the guarantor results for periods commencing October 1, 2012. The Operating Partnership was formed in 2012 and had no results prior to October 1, 2012. |
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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET |
As of September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Parent | | | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Guarantors |
ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, net of accumulated depreciation | | $ | — | | | $ | — | | | $ | 1,752,207 | | | $ | 332,040 | | | $ | — | | | $ | 2,084,247 | |
Cash and cash equivalents—unrestricted | | | — | | | | 57 | | | | — | | | | 52,033 | | | | — | | | | 52,090 | |
Cash and cash equivalents—restricted | | | — | | | | — | | | | — | | | | 18,557 | | | | — | | | | 18,557 | |
Notes receivable | | | — | | | | — | | | | — | | | | 145,206 | | | | — | | | | 145,206 | |
Trade receivables, less allowance | | | — | | | | — | | | | — | | | | 52,746 | | | | — | | | | 52,746 | |
Deferred financing costs | | | — | | | | 20,527 | | | | — | | | | — | | | | — | | | | 20,527 | |
Prepaid expenses and other assets | | | — | | | | 5,347 | | | | 171,067 | | | | 64,138 | | | | (173,113 | ) | | | 67,439 | |
Intercompany receivables, net | | | 107,027 | | | | — | | | | 696,229 | | | | 96,365 | | | | (899,621 | ) | | | — | |
Investments | | | 2,022,936 | | | | 2,767,163 | | | | 526,644 | | | | 431,239 | | | | (5,747,982 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,129,963 | | | $ | 2,793,094 | | | $ | 3,146,147 | | | $ | 1,192,324 | | | $ | (6,820,716 | ) | | $ | 2,440,812 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY: | | | | | | | | | | | | | | | | | | | | | | | | |
Debt and capital lease obligations | | $ | 290,689 | | | $ | 883,000 | | | $ | — | | | $ | 1,124 | | | $ | — | | | $ | 1,174,813 | |
Accounts payable and accrued liabilities | | | (14 | ) | | | 18,712 | | | | 517 | | | | 310,561 | | | | (173,400 | ) | | | 156,376 | |
Deferred income tax liabilities, net | | | 6,681 | | | | (3 | ) | | | 662 | | | | 23,860 | | | | — | | | | 31,200 | |
Deferred management rights proceeds | | | — | | | | — | | | | — | | | | 184,154 | | | | — | | | | 184,154 | |
Dividends payable | | | 25,652 | | | | — | | | | — | | | | — | | | | — | | | | 25,652 | |
Other liabilities | | | — | | | | — | | | | 73,185 | | | | 53,130 | | | | 287 | | | | 126,602 | |
Intercompany payables, net | | | 725,084 | | | | 174,390 | | | | 147 | | | | — | | | | (899,621 | ) | | | — | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Common stock | | | 505 | | | | 1 | | | | 1 | | | | 2,387 | | | | (2,389 | ) | | | 505 | |
Additional paid-in-capital | | | 1,223,546 | | | | 1,741,704 | | | | 2,803,623 | | | | 1,184,038 | | | | (5,729,365 | ) | | | 1,223,546 | |
Treasury stock | | | (7,533 | ) | | | — | | | | — | | | | — | | | | — | | | | (7,533 | ) |
Accumulated deficit | | | (134,647 | ) | | | (24,710 | ) | | | 268,012 | | | | (552,064 | ) | | | (16,228 | ) | | | (459,637 | ) |
Accumulated other comprehensive loss | | | — | | | | — | | | | — | | | | (14,866 | ) | | | — | | | | (14,866 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 1,081,871 | | | | 1,716,995 | | | | 3,071,636 | | | | 619,495 | | | | (5,747,982 | ) | | | 742,015 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 2,129,963 | | | $ | 2,793,094 | | | $ | 3,146,147 | | | $ | 1,192,324 | | | $ | (6,820,716 | ) | | $ | 2,440,812 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET |
As of December 31, 2012 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Parent | | | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Guarantors |
ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, net of accumulated depreciation | | $ | — | | | $ | — | | | $ | 1,798,827 | | | $ | 350,172 | | | $ | — | | | $ | 2,148,999 | |
Cash and cash equivalents—unrestricted | | | — | | | | — | | | | (595 | ) | | | 97,765 | | | | — | | | | 97,170 | |
Cash and cash equivalents—restricted | | | — | | | | — | | | | — | | | | 6,210 | | | | — | | | | 6,210 | |
Notes receivable | | | — | | | | — | | | | — | | | | 149,400 | | | | — | | | | 149,400 | |
Trade receivables, less allowance | | | — | | | | — | | | | — | | | | 55,343 | | | | — | | | | 55,343 | |
Deferred financing costs | | | — | | | | 11,347 | | | | — | | | | — | | | | — | | | | 11,347 | |
Prepaid expenses and other assets | | | — | | | | — | | | | — | | | | 64,119 | | | | (137 | ) | | | 63,982 | |
Intercompany receivables, net | | | 485,219 | | | | — | | | | — | | | | — | | | | (485,219 | ) | | | — | |
Investments | | | 1,202,809 | | | | 2,771,696 | | | | 1,208,937 | | | | 450,261 | | | | (5,633,703 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,688,028 | | | $ | 2,783,043 | | | $ | 3,007,169 | | | $ | 1,173,270 | | | $ | (6,119,059 | ) | | $ | 2,532,451 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY: | | | | | | | | | | | | | | | | | | | | | | | | |
Debt and capital lease obligations | | $ | 485,219 | | | $ | 545,000 | | | $ | — | | | $ | 1,644 | | | $ | — | | | $ | 1,031,863 | |
Accounts payable and accrued liabilities | | | — | | | | 15,514 | | | | (1,535 | ) | | | 204,904 | | | | (422 | ) | | | 218,461 | |
Deferred income tax liabilities, net | | | (386 | ) | | | (1,448 | ) | | | 99,674 | | | | (8,902 | ) | | | — | | | | 88,938 | |
Deferred management rights proceeds | | | — | | | | — | | | | — | | | | 186,346 | | | | — | | | | 186,346 | |
Other liabilities | | | — | | | | — | | | | 83,477 | | | | 69,483 | | | | 285 | | | | 153,245 | |
Intercompany payables, net | | | — | | | | 485,219 | | | | — | | | | — | | | | (485,219 | ) | | | — | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Common stock | | | 526 | | | | — | | | | — | | | | 2,388 | | | | (2,388 | ) | | | 526 | |
Additional paid-in-capital | | | 1,250,975 | | | | 1,741,704 | | | | 2,803,618 | | | | 1,184,041 | | | | (5,729,363 | ) | | | 1,250,975 | |
Treasury stock | | | (7,234 | ) | | | — | | | | — | | | | — | | | | — | | | | (7,234 | ) |
Accumulated deficit | | | (41,072 | ) | | | (2,946 | ) | | | 21,935 | | | | (442,031 | ) | | | 98,048 | | | | (366,066 | ) |
Accumulated other comprehensive loss | | | — | | | | — | | | | — | | | | (24,603 | ) | | | — | | | | (24,603 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 1,203,195 | | | | 1,738,758 | | | | 2,825,553 | | | | 719,795 | | | | (5,633,703 | ) | | | 853,598 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,688,028 | | | $ | 2,783,043 | | | $ | 3,007,169 | | | $ | 1,173,270 | | | $ | (6,119,059 | ) | | $ | 2,532,451 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
AND COMPREHENSIVE INCOME |
For the Three Months Ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Parent | | | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Guarantors |
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | $ | — | | | $ | — | | | $ | — | | | $ | 83,804 | | | $ | — | | | $ | 83,804 | |
Food and beverage | | | — | | | | — | | | | — | | | | 88,193 | | | | — | | | | 88,193 | |
Other hotel revenue | | | — | | | | — | | | | 64,147 | | | | 28,723 | | | | (65,563 | ) | | | 27,307 | |
Opry and Attractions | | | — | | | | — | | | | — | | | | 21,892 | | | | — | | | | 21,892 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues | | | — | | | | — | | | | 64,147 | | | | 222,612 | | | | (65,563 | ) | | | 221,196 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | | — | | | | — | | | | — | | | | 26,369 | | | | — | | | | 26,369 | |
Food and beverage | | | — | | | | — | | | | — | | | | 55,920 | | | | — | | | | 55,920 | |
Other hotel expenses | | | — | | | | — | | | | 10,891 | | | | 117,488 | | | | (62,661 | ) | | | 65,718 | |
Management fees | | | — | | | | — | | | | — | | | | 3,253 | | | | — | | | | 3,253 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | — | | | | — | | | | 10,891 | | | | 203,030 | | | | (62,661 | ) | | | 151,260 | |
Opry and Attractions | | | — | | | | — | | | | — | | | | 15,411 | | | | — | | | | 15,411 | |
Corporate | | | — | | | | 201 | | | | — | | | | 5,498 | | | | — | | | | 5,699 | |
Corporate overhead allocation | | | (12 | ) | | | — | | | | 2,914 | | | | — | | | | (2,902 | ) | | | — | |
REIT conversion costs | | | — | | | | — | | | | — | | | | 971 | | | | — | | | | 971 | |
Casualty loss | | | — | | | | — | | | | — | | | | 26 | | | | — | | | | 26 | |
Impairment and other charges (non-REIT conversion costs) | | | — | | | | — | | | | — | | | | 110 | | | | — | | | | 110 | |
Depreciation and amortization | | | — | | | | — | | | | 14,936 | | | | 12,980 | | | | — | | | | 27,916 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | (12 | ) | | | 201 | | | | 28,741 | | | | 238,026 | | | | (65,563 | ) | | | 201,393 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 12 | | | | (201 | ) | | | 35,406 | | | | (15,414 | ) | | | — | | | | 19,803 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net of amounts capitalized | | | (6,402 | ) | | | (8,774 | ) | | | — | | | | (11 | ) | | | — | | | | (15,187 | ) |
Interest income | | | — | | | | — | | | | — | | | | 3,020 | | | | — | | | | 3,020 | |
Income from unconsolidated companies | | | — | | | | — | | | | — | | | | 10 | | | | — | | | | 10 | |
Loss on extinguishment of debt | | | (4,181 | ) | | | — | | | | — | | | | — | | | | — | | | | (4,181 | ) |
Other gains and (losses), net | | | — | | | | — | | | | — | | | | 2,318 | | | | — | | | | 2,318 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and discontinued operations | | | (10,571 | ) | | | (8,975 | ) | | | 35,406 | | | | (10,077 | ) | | | — | | | | 5,783 | |
(Provision) benefit for income taxes | | | 2,732 | | | | 4,720 | | | | (8,821 | ) | | | 13,819 | | | | — | | | | 12,450 | |
Equity in subsidiaries’ earnings, net | | | 25,870 | | | | — | | | | — | | | | — | | | | (25,870 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | | 18,031 | | | | (4,255 | ) | | | 26,585 | | | | 3,742 | | | | (25,870 | ) | | | 18,233 | |
Loss from discontinued operations, net of taxes | | | — | | | | — | | | | — | | | | (202 | ) | | | — | | | | (202 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 18,031 | | | $ | (4,255 | ) | | $ | 26,585 | | | $ | 3,540 | | | $ | (25,870 | ) | | $ | 18,031 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 18,196 | | | $ | (4,255 | ) | | $ | 26,585 | | | $ | 3,705 | | | $ | (26,035 | ) | | $ | 18,196 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
AND COMPREHENSIVE INCOME |
For the Three Months Ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Parent | | | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Guarantors |
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | $ | — | | | $ | — | | | $ | — | | | $ | 86,173 | | | $ | — | | | $ | 86,173 | |
Food and beverage | | | — | | | | — | | | | — | | | | 89,865 | | | | — | | | | 89,865 | |
Other hotel revenue | | | (6,328 | ) | | | — | | | | — | | | | 31,961 | | | | 6,270 | | | | 31,903 | |
Opry and Attractions | | | 7 | | | | — | | | | — | | | | 20,181 | | | | — | | | | 20,188 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues | | | (6,321 | ) | | | — | | | | — | | | | 228,180 | | | | 6,270 | | | | 228,129 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | | — | | | | — | | | | — | | | | 24,933 | | | | — | | | | 24,933 | |
Food and beverage | | | — | | | | — | | | | — | | | | 56,791 | | | | — | | | | 56,791 | |
Other hotel expenses | | | — | | | | — | | | | — | | | | 72,233 | | | | (58 | ) | | | 72,175 | |
Management fees | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | — | | | | — | | | | — | | | | 153,957 | | | | (58 | ) | | | 153,899 | |
Opry and Attractions | | | — | | | | — | | | | — | | | | 14,216 | | | | — | | | | 14,216 | |
Corporate | | | 5,406 | | | | — | | | | — | | | | 5,811 | | | | — | | | | 11,217 | |
Corporate overhead allocation | | | — | | | | — | | | | — | | | | (6,328 | ) | | | 6,328 | | | | — | |
REIT conversion costs | | | 22,046 | | | | — | | | | — | | | | 29,325 | | | | — | | | | 51,371 | |
Casualty loss | | | 45 | | | | — | | | | — | | | | 128 | | | | — | | | | 173 | |
Preopening costs | | | — | | | | — | | | | — | | | | 1 | | | | — | | | | 1 | |
Depreciation and amortization | | | 851 | | | | — | | | | — | | | | 29,850 | | | | — | | | | 30,701 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 28,348 | | | | — | | | | — | | | | 226,960 | | | | 6,270 | | | | 261,578 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (34,669 | ) | | | — | | | | — | | | | 1,220 | | | | — | | | | (33,449 | ) |
Interest expense, net of amounts capitalized | | | (15,299 | ) | | | — | | | | — | | | | (29,965 | ) | | | 30,128 | | | | (15,136 | ) |
Interest income | | | 24,952 | | | | — | | | | — | | | | 8,257 | | | | (30,128 | ) | | | 3,081 | |
Income from unconsolidated companies | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Other gains and (losses), net | | | — | | | | — | | | | — | | | | 2,251 | | | | — | | | | 2,251 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Loss before income taxes and discontinued operations | | | (25,016 | ) | | | — | | | | — | | | | (18,237 | ) | | | — | | | | (43,253 | ) |
Benefit for income taxes | | | 8,276 | | | | — | | | | — | | | | 8,305 | | | | — | | | | 16,581 | |
Equity in subsidiaries’ losses, net | | | (9,934 | ) | | | — | | | | — | | | | — | | | | 9,934 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Loss from continuing operations | | | (26,674 | ) | | | — | | | | — | | | | (9,932 | ) | | | 9,934 | | | | (26,672 | ) |
Loss from discontinued operations, net of taxes | | | — | | | | — | | | | — | | | | (2 | ) | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | $ | (26,674 | ) | | $ | — | | | $ | — | | | $ | (9,934 | ) | | $ | 9,934 | | | $ | (26,674 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive loss | | $ | (26,674 | ) | | $ | — | | | $ | — | | | $ | (9,934 | ) | | $ | 9,934 | | | $ | (26,674 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
AND COMPREHENSIVE INCOME |
For the Nine Months Ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Parent | | | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Guarantors |
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | $ | — | | | $ | — | | | $ | — | | | $ | 265,386 | | | $ | — | | | $ | 265,386 | |
Food and beverage | | | — | | | | — | | | | — | | | | 285,690 | | | | — | | | | 285,690 | |
Other hotel revenue | | | — | | | | — | | | | 200,662 | | | | 91,040 | | | | (211,062 | ) | | | 80,640 | |
Opry and Attractions | | | — | | | | — | | | | — | | | | 56,776 | | | | — | | | | 56,776 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues | | | — | | | | — | | | | 200,662 | | | | 698,892 | | | | (211,062 | ) | | | 688,492 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | | — | | | | — | | | | — | | | | 78,020 | | | | — | | | | 78,020 | |
Food and beverage | | | — | | | | — | | | | — | | | | 177,574 | | | | — | | | | 177,574 | |
Other hotel expenses | | | — | | | | — | | | | 33,391 | | | | 370,913 | | | | (200,435 | ) | | | 203,869 | |
Management fees | | | — | | | | — | | | | — | | | | 10,446 | | | | — | | | | 10,446 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | — | | | | — | | | | 33,391 | | | | 636,953 | | | | (200,435 | ) | | | 469,909 | |
Opry and Attractions | | | — | | | | — | | | | — | | | | 41,326 | | | | — | | | | 41,326 | |
Corporate | | | — | | | | 867 | | | | 1 | | | | 18,133 | | | | — | | | | 19,001 | |
Corporate overhead allocation | | | 2,108 | | | | — | | | | 8,519 | | | | — | | | | (10,627 | ) | | | — | |
REIT conversion costs | | | — | | | | — | | | | — | | | | 21,383 | | | | — | | | | 21,383 | |
Casualty loss | | | — | | | | — | | | | — | | | | 75 | | | | — | | | | 75 | |
Impairment and other charges (non-REIT conversion costs) | | | — | | | | — | | | | 1,246 | | | | 111 | | | | — | | | | 1,357 | |
Depreciation and amortization | | | — | | | | — | | | | 44,823 | | | | 44,156 | | | | — | | | | 88,979 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 2,108 | | | | 867 | | | | 87,980 | | | | 762,137 | | | | (211,062 | ) | | | 642,030 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (2,108 | ) | | | (867 | ) | | | 112,682 | | | | (63,245 | ) | | | — | | | | 46,462 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net of amounts capitalized | | | (22,308 | ) | | | (23,587 | ) | | | — | | | | (39 | ) | | | — | | | | (45,934 | ) |
Interest income | | | — | | | | — | | | | — | | | | 9,123 | | | | — | | | | 9,123 | |
Income from unconsolidated companies | | | — | | | | — | | | | — | | | | 10 | | | | — | | | | 10 | |
Loss on extinguishment of debt | | | (4,181 | ) | | | — | | | | — | | | | — | | | | — | | | | (4,181 | ) |
Other gains and (losses), net | | | — | | | | — | | | | — | | | | 2,365 | | | | — | | | | 2,365 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and discontinued operations | | | (28,597 | ) | | | (24,454 | ) | | | 112,682 | | | | (51,786 | ) | | | — | | | | 7,845 | |
(Provision) benefit for income taxes | | | 2,508 | | | | 2,689 | | | | 133,396 | | | | (58,067 | ) | | | — | | | | 80,526 | |
Equity in subsidiaries’ earnings, net | | | 114,279 | | | | — | | | | — | | | | — | | | | (114,279 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | | 88,190 | | | | (21,765 | ) | | | 246,078 | | | | (109,853 | ) | | | (114,279 | ) | | | 88,371 | |
Loss from discontinued operations, net of taxes | | | — | | | | — | | | | — | | | | (181 | ) | | | — | | | | (181 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 88,190 | | | $ | (21,765 | ) | | $ | 246,078 | | | $ | (110,034 | ) | | $ | (114,279 | ) | | $ | 88,190 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 97,927 | | | $ | (21,765 | ) | | $ | 246,078 | | | $ | (100,297 | ) | | $ | (124,016 | ) | | $ | 97,927 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
AND COMPREHENSIVE INCOME |
For the Nine Months Ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Parent | | | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Guarantors |
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | $ | — | | | $ | — | | | $ | — | | | $ | 273,689 | | | $ | — | | | $ | 273,689 | |
Food and beverage | | | — | | | | — | | | | — | | | | 299,165 | | | | — | | | | 299,165 | |
Other hotel revenue | | | 5,757 | | | | — | | | | — | | | | 94,343 | | | | (5,918 | ) | | | 94,182 | |
Opry and Attractions | | | 21 | | | | — | | | | — | | | | 53,216 | | | | — | | | | 53,237 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues | | | 5,778 | | | | — | | | | — | | | | 720,413 | | | | (5,918 | ) | | | 720,273 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | | — | | | | — | | | | — | | | | 72,698 | | | | — | | | | 72,698 | |
Food and beverage | | | — | | | | — | | | | — | | | | 179,049 | | | | — | | | | 179,049 | |
Other hotel expenses | | | — | | | | — | | | | — | | | | 220,066 | | | | (161 | ) | | | 219,905 | |
Management fees | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | — | | | | — | | | | — | | | | 471,813 | | | | (161 | ) | | | 471,652 | |
Opry and Attractions | | | — | | | | — | | | | — | | | | 39,048 | | | | — | | | | 39,048 | |
Corporate | | | 16,446 | | | | — | | | | — | | | | 21,037 | | | | — | | | | 37,483 | |
Corporate overhead allocation | | | — | | | | — | | | | — | | | | 5,757 | | | | (5,757 | ) | | | — | |
REIT conversion costs | | | 27,426 | | | | — | | | | — | | | | 30,373 | | | | — | | | | 57,799 | |
Casualty loss | | | 321 | | | | — | | | | — | | | | 398 | | | | — | | | | 719 | |
Preopening costs | | | 22 | | | | — | | | | — | | | | 318 | | | | — | | | | 340 | |
Depreciation and amortization | | | 2,377 | | | | — | | | | — | | | | 91,012 | | | | — | | | | 93,389 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 46,592 | | | | — | | | | — | | | | 659,756 | | | | (5,918 | ) | | | 700,430 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (40,814 | ) | | | — | | | | — | | | | 60,657 | | | | — | | | | 19,843 | |
Interest expense, net of amounts capitalized | | | (44,593 | ) | | | — | | | | — | | | | (89,648 | ) | | | 90,292 | | | | (43,949 | ) |
Interest income | | | 75,413 | | | | — | | | | — | | | | 24,135 | | | | (90,292 | ) | | | 9,256 | |
Income from unconsolidated companies | | | — | | | | — | | | | — | | | | 109 | | | | — | | | | 109 | |
Other gains and (losses), net | | | — | | | | — | | | | — | | | | 2,251 | | | | — | | | | 2,251 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Loss before income taxes and discontinued operations | | | (9,994 | ) | | | — | | | | — | | | | (2,496 | ) | | | — | | | | (12,490 | ) |
Benefit for income taxes | | | 637 | | | | — | | | | — | | | | 161 | | | | — | | | | 798 | |
Equity in subsidiaries’ losses, net | | | (2,335 | ) | | | — | | | | — | | | | — | | | | 2,335 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Loss from continuing operations | | | (11,692 | ) | | | — | | | | — | | | | (2,335 | ) | | | 2,335 | | | | (11,692 | ) |
Income from discontinued operations, net of taxes | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | $ | (11,692 | ) | | $ | — | | | $ | — | | | $ | (2,335 | ) | | $ | 2,335 | | | $ | (11,692 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive loss | | $ | (11,692 | ) | | $ | — | | | $ | — | | | $ | (2,335 | ) | | $ | 2,335 | | | $ | (11,692 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Nine Months Ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Parent | | | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Guarantors |
Net cash provided by (used in) continuing operating activities | | $ | 397,379 | | | $ | (322,427 | ) | | $ | 37 | | | $ | (10,783 | ) | | $ | — | | | $ | 64,206 | |
Net cash provided by discontinued operating activities | | | — | | | | — | | | | — | | | | 94 | | | | — | | | | 94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | | 397,379 | | | | (322,427 | ) | | | 37 | | | | (10,689 | ) | | | — | | | | 64,300 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | — | | | | — | | | | 558 | | | | (24,142 | ) | | | — | | | | (23,584 | ) |
Collection of notes receivable | | | — | | | | — | | | | — | | | | 1,740 | | | | — | | | | 1,740 | |
Increase in restricted cash and cash equivalents | | | — | | | | — | | | | — | | | | (12,347 | ) | | | — | | | | (12,347 | ) |
Other investing activities | | | — | | | | — | | | | — | | | | 227 | | | | — | | | | 227 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities — continuing operations | | | — | | | | — | | | | 558 | | | | (34,522 | ) | | | — | | | | (33,964 | ) |
Net cash used in investing activities — discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | — | | | | — | | | | 558 | | | | (34,522 | ) | | | — | | | | (33,964 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net repayments under credit facility | | | — | | | | (12,000 | ) | | | — | | | | — | | | | — | | | | (12,000 | ) |
Issuance of senior notes | | | — | | | | 350,000 | | | | — | | | | — | | | | — | | | | 350,000 | |
Early redemption of senior notes | | | (152,180 | ) | | | — | | | | — | | | | — | | | | — | | | | (152,180 | ) |
Repurchase and conversion of convertible notes | | | (99,222 | ) | | | — | | | | — | | | | — | | | | | | | | (99,222 | ) |
Deferred financing costs paid | | | — | | | | (15,516 | ) | | | — | | | | — | | | | — | | | | (15,516 | ) |
Repurchase of Company stock for retirement | | | (100,028 | ) | | | — | | | | — | | | | — | | | | — | | | | (100,028 | ) |
Payment of dividend | | | (51,162 | ) | | | — | | | | — | | | | — | | | | — | | | | (51,162 | ) |
Proceeds from exercise of stock option and purchase plans | | | 5,206 | | | | — | | | | — | | | | — | | | | — | | | | 5,206 | |
Excess tax benefit from stock-based compensation | | | 7 | | | | — | | | | — | | | | — | | | | — | | | | 7 | |
Other financing activities, net | | | — | | | | — | | | | — | | | | (521 | ) | | | — | | | | (521 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities — continuing operations | | | (397,379 | ) | | | 322,484 | | | | — | | | | (521 | ) | | | — | | | | (75,416 | ) |
Net cash used in financing activities — discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | (397,379 | ) | | | 322,484 | | | | — | | | | (521 | ) | | | — | | | | (75,416 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | — | | | | 57 | | | | 595 | | | | (45,732 | ) | | | — | | | | (45,080 | ) |
Cash and cash equivalents at beginning of period | | | — | | | | — | | | | (595 | ) | | | 97,765 | | | | — | | | | 97,170 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | — | | | $ | 57 | | | $ | — | | | $ | 52,033 | | | $ | — | | | $ | 52,090 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Nine Months Ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Parent | | | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Guarantors |
Net cash provided by continuing operating activities | | $ | 62,976 | | | | | | | | | | | $ | 66,290 | | | $ | — | | | $ | 129,266 | |
Net cash provided by discontinued operating activities | | | — | | | | — | | | | — | | | | 47 | | | | — | | | | 47 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | | 62,976 | | | | — | | | | — | | | | 66,337 | | | | — | | | | 129,313 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | (6,648 | ) | | | — | | | | | | | | (71,541 | ) | | | — | | | | (78,189 | ) |
Collection of notes receivable | | | — | | | | — | | | | — | | | | 4,480 | | | | — | | | | 4,480 | |
Other investing activities | | | — | | | | — | | | | — | | | | 851 | | | | — | | | | 851 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities — continuing operations | | | (6,648 | ) | | | — | | | | — | | | | (66,210 | ) | | | — | | | | (72,858 | ) |
Net cash used in investing activities — discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (6,648 | ) | | | — | | | | — | | | | (66,210 | ) | | | — | | | | (72,858 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net borrowings under credit facility | | | 65,000 | | | | | | | | — | | | | — | | | | — | | | | 65,000 | |
Deferred financing costs paid | | | (376 | ) | | | | | | | — | | | | — | | | | — | | | | (376 | ) |
Proceeds from issuance of common stock | | | 32,722 | | | | — | | | | — | | | | — | | | | — | | | | 32,722 | |
Repurchase of Company stock for retirement | | | (185,400 | ) | | | — | | | | — | | | | — | | | | — | | | | (185,400 | ) |
Proceeds from exercise of stock option and purchase plans | | | 12,005 | | | | — | | | | — | | | | — | | | | — | | | | 12,005 | |
Other financing activities, net | | | — | | | | — | | | | — | | | | (564 | ) | | | — | | | | (564 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in financing activities — continuing operations | | | (76,049 | ) | | | — | | | | — | | | | (564 | ) | | | — | | | | (76,613 | ) |
Net cash used in financing activities — discontinued operations | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in financing activities | | | (76,049 | ) | | | — | | | | — | | | | (564 | ) | | | — | | | | (76,613 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | (19,721 | ) | | | — | | | | — | | | | (437 | ) | | | — | | | | (20,158 | ) |
Cash and cash equivalents at beginning of period | | | 37,562 | | | | — | | | | | | | | 6,826 | | | | — | | | | 44,388 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 17,841 | | | $ | — | | | $ | — | | | $ | 6,389 | | | $ | — | | | $ | 24,230 | |
| | | | | | | | | | | | | | | | | | | | | | | | |