FINANCIAL REPORTING BY BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2024

FINANCIAL REPORTING BY BUSINESS SEGMENTS

Financial Reporting by Business Segments

15. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

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

● Hospitality, which includes the Gaylord Hotels properties, JW Marriott Hill Country (effective June 30, 2023), 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, Category 10 and Block 21; 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,
	2024		2023		2024		2023
Revenues:
Hospitality	$	467,043	$	446,198	$	1,447,600	$	1,288,322
Entertainment		82,915		82,313		243,993		236,751
Corporate and Other		—		—		—		—
Total	$	549,958	$	528,511	$	1,691,593	$	1,525,073
Depreciation and amortization:
Hospitality	$	51,488	$	52,466	$	152,271	$	137,987
Entertainment		7,336		5,400		21,842		16,067
Corporate and Other		227		220		693		646
Total	$	59,051	$	58,086	$	174,806	$	154,700
Operating income (loss):
Hospitality	$	102,781	$	91,723	$	356,851	$	305,526
Entertainment		13,920		20,691		48,345		55,940
Corporate and Other		(9,951)		(10,323)		(31,773)		(31,228)
Preopening costs		(870)		(168)		(3,361)		(425)
Gain on sale of assets		—		—		270		—
Total operating income		105,880		101,923		370,332		329,813
Interest expense		(54,546)		(58,521)		(171,566)		(150,228)
Interest income		7,219		6,112		21,805		13,977
Loss on extinguishment of debt		—		—		(2,319)		(2,252)
Income (loss) from unconsolidated joint ventures		9		(12,566)		224		(17,525)
Other gains and (losses), net		2,758		5,993		3,075		5,470
Income before income taxes	$	61,320	$	42,941	$	221,551	$	179,255

	September 30,		December 31,
	2024		2023
Total assets:
Hospitality	$	3,976,383	$	4,039,804
Entertainment		652,788		610,663
Corporate and Other		575,323		538,070
Total assets	$	5,204,494	$	5,188,537