Ryman Hospitality Properties (RHP) Q1 2025 earnings summary

Executive summary

• Achieved record first-quarter consolidated revenue of $587.3M, net income of $63.0M, and Adjusted EBITDAre of $185.5M, driven by strong performance in both Hospitality and Entertainment segments.

• Hospitality segment saw strong group and transient demand, with occupancy up 3.0 points, ADR up 5.6%, and RevPAR up 10.2% year-over-year.

• Entertainment segment revenue grew 33.9%, with operating income up 68.8%, benefiting from new venues, higher attendance, and recent investments.

• Booked over 363,000 gross definite room nights for future years at a record ADR of ~$284; bookings for all future years up over 10% year-over-year.

• Proactive margin management, cost controls, and a diversified customer base provided downside protection amid macroeconomic and policy uncertainty impacting near-term group bookings.

Financial highlights

• Total revenue increased 11.2% year-over-year to $587.3M; operating income rose 20.5% to $116.1M; net income grew 47.4% to $63.0M.

• Adjusted EBITDAre rose 15.2% to $185.5M; Adjusted FFO per diluted share/unit increased 27.6% to $2.08.

• ADR reached a first-quarter record of $264.40, up 5.6% year-over-year; RevPAR at $184.21.

• Banquet and AV revenue up nearly 7%, with catering contribution per group room night increasing.

• Unrestricted cash at $413.9M; total available liquidity of approximately $1.2B, with $763M available under credit facilities.

Outlook and guidance

• Affirmed full-year 2025 outlook for consolidated net income ($245.3M–$261.0M), Adjusted EBITDAre ($749M–$801M), and Adjusted FFO per diluted share/unit ($8.24–$8.86).

• Lowered full-year Hospitality RevPAR growth guidance to 1.25%–3.75% and Total RevPAR growth to 0.75%–3.25% due to macro uncertainty.

• Capital expenditures for 2025 expected at $350M–$450M, with $113M spent in Q1.

• No debt maturities until May 2027; management expects to refinance debt prior to maturity.

• Dividend policy targets 100% distribution of REIT taxable income, subject to board approval.