Financial Reporting By Business Segments

9 Months Ended

Sep. 30, 2022

Financial Reporting By Business Segments

Financial Reporting By Business Segments

18. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into three principal business segments:

● Hospitality, which includes the Gaylord Hotels properties, the Inn at Opryland and the AC Hotel;

● Entertainment, which includes the OEG business, specifically the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, the Company’s equity investment in Circle, and the Company’s Nashville-based attractions; and

● Corporate and Other, which includes the Company’s corporate expenses.

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Revenues:
Hospitality	$	390,602	$	257,853	$	1,053,515	$	463,343
Entertainment		77,153		49,053		183,579		98,599
Corporate and Other		—		—		—		—
Total	$	467,755	$	306,906	$	1,237,094	$	561,942
Depreciation and amortization:
Hospitality	$	42,517	$	52,020	$	146,804	$	151,655
Entertainment		5,249		3,506		13,293		10,728
Corporate and Other		203		567		615		1,698
Total	$	47,969	$	56,093	$	160,712	$	164,081
Operating income (loss):
Hospitality	$	88,901	$	24,716	$	205,142	$	(65,846)
Entertainment		17,756		12,080		38,737		10,074
Corporate and Other		(9,652)		(10,983)		(32,038)		(28,620)
Preopening costs		—		(118)		(525)		(734)
Gain (loss) on sale of assets		—		—		(469)		317
Total operating income (loss)		97,005		25,695		210,847		(84,809)
Interest expense		(40,092)		(32,413)		(105,987)		(93,056)
Interest income		1,378		1,433		4,138		4,254
Loss on extinguishment of debt		—		—		(1,547)		(2,949)
Loss from unconsolidated joint ventures		(2,720)		(2,312)		(8,348)		(5,831)
Other gains and (losses), net		2,058		53		2,222		254
Income (loss) before income taxes	$	57,629	$	(7,544)	$	101,325	$	(182,137)

	September 30,		December 31,
	2022		2021
Identifiable assets:
Hospitality	$	3,258,745	$	3,266,679
Entertainment		492,911		214,270
Corporate and Other		195,624		99,576
Total identifiable assets	$	3,947,280	$	3,580,525