Ryman Hospitality Properties (RHP) Q4 2024 earnings summary

Executive summary

• Q4 and full-year results were slightly below guidance due to weaker-than-expected leisure demand in late December, but bookings production reached record levels, supporting the long-term transformation strategy.

• Achieved record consolidated revenue of $647.6M in Q4 and $2.3B for full year 2024, with net income of $72.3M in Q4 and $280.2M for the year.

• Strategic capital investments in hotel and entertainment assets are driving value creation and positioning for premium group business, with ongoing renovations and expansions at key properties.

• The company remains confident in achieving its 2027 Adjusted EBITDAre target of $900 million–$1 billion, despite macroeconomic headwinds.

• Hospitality and Entertainment segments both set all-time quarterly and annual revenue records.

Financial highlights

• Q4 consolidated revenue increased 2.3% year-over-year to $647.6M; Adjusted EBITDAre up 0.6% to $188.6M; AFFO up 4%.

• Full-year consolidated revenue grew 8.4% to $2.34B, Adjusted EBITDAre grew 9.7% to $757.7M, and AFFO grew 12%.

• Q4 net income was $72.3M, down 57.4% year-over-year; full year net income was $280.2M, up 12.9%.

• Q4 Adjusted FFO per diluted share was $2.15, up 3.4% year-over-year; full year $8.54, up 5.6%.

• Total dividends declared in 2024 were $4.45 per share, up 15.6% from 2023.

Outlook and guidance

• 2025 guidance assumes stable macro trends: RevPAR growth of 2.25%-4.75%, total RevPAR growth of 1.75%-4.25%, and Adjusted EBITDAre of $749M–$801M.

• Entertainment segment Adjusted EBITDAre expected at $110M–$120M; consolidated Adjusted EBITDAre of $749M–$801M; AFFO per diluted share of $8.24–$8.86.

• 2025 net income guidance: $245M–$261M; minimum aggregate dividends expected to be $4.60 per share.

• Construction disruption expected to impact 2025 results similarly to 2024, with $30M–$35M impact to Adjusted EBITDAre and 250–350 bps impact to RevPAR.

• Group bookings on the books for 2025, 2026, and 2027 are up 3%, 11%, and 10% respectively, with ADRs ahead 4%, 6%, and 6.5%.