Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Description of the Business and Summary of Significant Accounting Policies

Summary of Purchase Price Allocation for the Acquired Assets and Liabilities of Block 21

As a result, the Company preliminarily allocated the purchase price, adjusted for working capital adjustments as defined in the purchase agreement, in the Company’s balance sheet at May 31, 2022 as follows (amounts in thousands):

Property and equipment	$	237,159
Cash and cash equivalents - unrestricted		8,493
Cash and cash equivalents - restricted		12,450
Trade receivables		1,405
Prepaid expenses and other assets		1,085
Intangible assets		1,723
Total assets acquired		262,315
Debt (Note 4)		(132,531)
Accounts payable and accrued liabilities		(14,774)
Other liabilities		(75)
Total liabilities assumed		(147,380)
Net assets acquired	$	114,935

Estimated Useful Lives of Property and Equipment

Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives:

Buildings	40 years
Land improvements	20 years
Furniture, fixtures and equipment	5-8 years
Leasehold improvements	The shorter of the lease term or useful life

Cash Paid for Interest

Cash paid for interest, net of amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands):

	2022		2021		2020
Debt interest paid	$	135,467	$	113,669	$	113,743
Capitalized interest		(183)		(2,922)		(3,753)
Cash paid for interest, net of capitalized interest	$	135,284	$	110,747	$	109,990

Summary of Prepaid Expense and Other Assets

Prepaid expenses and other assets at December 31 consist of (amounts in thousands):

	2022		2021
Prepaid expenses	$	19,377	$	24,359
Supplemental deferred compensation plan assets		29,245		31,183
Tax rebate receivables		22,181		21,456
Inventories		12,041		8,369
Right-of-use assets for operating leases		18,910		9,863
Deferred financing costs on revolving credit facilities		5,757		—
Derivative assets		11,350		—
Other		15,309		17,674
Total prepaid expenses and other assets	$	134,170	$	112,904

Summary of Estimated Amounts of Amortization Expense for Next Five Years

The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands):

2023	$	5,018
2024		4,486
2025		4,097
2026		4,039
2027		4,039
	$	21,679

Accounts Payable and Accrued Liabilities of Continuing Operations

Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands):

	2022		2021
Trade accounts payable	$	38,628	$	31,725
Property and other taxes payable		73,461		54,991
Deferred revenues		136,479		116,820
Accrued salaries and benefits		58,219		42,472
Interest payable		23,111		20,313
Other accrued liabilities		55,261		38,398
Total accounts payable and accrued liabilities	$	385,159	$	304,719

Other Liabilities

Other liabilities at December 31 consist of (amounts in thousands):

	2022		2021
Pension and postretirement benefits liability	$	21,148	$	20,061
Deferred compensation liability		29,245		31,183
Derivative liabilities		1,164		9,362
Other		13,267		11,333
Total other liabilities	$	64,824	$	71,939

Revenues Disaggregated by Major Source

The Company’s revenues disaggregated by major source are as follows (in thousands):

	2022		2021		2020
Hotel group rooms	$	364,835	$	131,404	$	88,606
Hotel transient rooms		230,709		197,470		83,112
Hotel food and beverage - banquets		440,364		140,186		116,624
Hotel food and beverage - outlets		226,645		139,303		70,914
Hotel other		275,421		178,220		106,789
Entertainment admissions/ticketing		107,377		62,768		16,564
Entertainment food and beverage		89,931		51,515		21,506
Entertainment produced content		4,984		5,919		4,708
Entertainment retail and other		65,703		32,588		15,652
Total revenues	$	1,805,969	$	939,373	$	524,475

Hospitality Segment Revenues Disaggregated by Location

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):

	2022		2021		2020
Gaylord Opryland	$	424,188	$	238,567	$	133,333
Gaylord Palms		279,578		139,130		77,819
Gaylord Texan		307,318		180,031		111,236
Gaylord National		249,849		79,419		52,026
Gaylord Rockies		253,326		135,942		84,715
AC Hotel		10,419		5,838		3,332
Inn at Opryland		13,296		7,656		3,584
Total Hospitality segment revenues	$	1,537,974	$	786,583	$	466,045

Income Per Share

Net income (loss) per share amounts are calculated as follows for the years ended December 31 (income (loss) and share amounts in thousands):

		2022		2021		2020
Numerator:
Net income (loss) available to common shareholders	$	128,993	$	(176,966)	$	(417,391)
Denominator:
Weighted average shares outstanding - basic		55,140		55,047		54,962
Effect of dilutive stock-based compensation		237		—		—
Weighted average shares outstanding - diluted		55,377		55,047		54,962
Basic income (loss) per share available to common stockholders	$	2.34	$	(3.21)	$	(7.59)
Diluted income (loss) per share available to common stockholders	$	2.33	$	(3.21)	$	(7.59)