Ryman Q1 2024 Earnings Report
Key Takeaways
Ryman Hospitality Properties reported solid first-quarter results, driven by record ADR in the same-store Hospitality portfolio and strong banquet and AV contribution per group room night. Despite some softness in transient demand during the second half of the quarter, the company raised its full-year guidance for net income, funds from operations, and adjusted funds from operations.
First quarter results were solid despite renovation disruptions and a challenging comparison to the first quarter of 2023.
Same-store Hospitality portfolio delivered record first quarter ADR and strong banquet and AV contribution per group room night.
Experienced some softness in transient demand in several markets during the second half of the quarter.
Company raised its guidance for full year net income, funds from operations and adjusted funds from operations.
Ryman
Ryman
Ryman Revenue by Segment
Forward Guidance
The Company is updating its 2024 business performance outlook based on current information as of May 1, 2024. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.
Positive Outlook
- Refinanced the Gaylord Rockies Term Loan with senior unsecured notes.
- Repriced corporate Term Loan B in April 2024, leading to immediate interest savings in 2024.
- Strong forward bookings position.
- Raised guidance for full year net income.
- Raised guidance for funds from operations and adjusted funds from operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income