Financial Reporting By Business Segments

12 Months Ended

Dec. 31, 2022

Financial Reporting By Business Segments

Financial Reporting By Business Segments

13. Financial Reporting By Business Segments

The Company’s continuing operations are organized into the following 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 investment in Circle, and the Company’s Nashville-based attractions; and

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

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

	2022		2021		2020
Revenues:
Hospitality	$	1,537,974	$	786,583	$	466,045
Entertainment		267,995		152,790		58,430
Corporate and Other		—		—		—
Total	$	1,805,969	$	939,373	$	524,475
Depreciation and amortization:
Hospitality	$	189,375	$	203,675	$	198,073
Entertainment		18,420		14,655		14,371
Corporate and Other		821		2,027		2,638
Total	$	208,616	$	220,357	$	215,082
Operating income (loss):
Hospitality	$	310,924	$	(38,013)	$	(204,868)
Entertainment		61,030		20,382		(34,242)
Corporate and Other		(43,803)		(40,624)		(31,433)
Preopening costs		(532)		(737)		(1,665)
Gain (loss) on sale of assets		(469)		317		1,161
Credit loss on held-to-maturity securities (1)		—		—		(32,784)
Total operating income (loss)		327,150		(58,675)		(303,831)
Interest expense		(148,406)		(125,347)		(115,783)
Interest income		5,750		5,685		7,304
Loss on extinguishment of debt		(1,547)		(2,949)		—
Loss from unconsolidated joint ventures (2)		(10,967)		(8,963)		(6,451)
Other gains and (losses), net		1,743		405		(14,976)
Income (loss) before income taxes	$	173,723	$	(189,844)	$	(433,737)

(1) Credit loss on held-to-maturity securities for 2020 relates to the Hospitality segment.

(2) Loss from unconsolidated joint ventures relates to the Entertainment segment.

	December 31,		December 31,
	2022		2021
Identifiable assets:
Hospitality	$	3,314,444	$	3,266,679
Entertainment		502,913		214,270
Corporate and Other		223,266		99,576
Total identifiable assets	$	4,040,623	$	3,580,525

The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):

	2022		2021		2020
Hospitality	$	70,406	$	73,199	$	146,654
Entertainment		18,767		3,560		13,697
Corporate and other		347		667		5,112
Total capital expenditures	$	89,520	$	77,426	$	165,463