Ryman Hospitality Properties, Inc. (NYSE:RHP) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET

Company Participants

Jennifer Hutcheson - Investor Relations

Colin Reed - Executive Chairman

Mark Fioravanti - President and Chief Executive Officer

Jennifer Hutcheson - Chief Financial Officer

Patrick Chaffin - Chief Operating Officer

Conference Call Participants

Smedes Rose - Citi

Shaun Kelley - Bank of America

Dori Kesten - Wells Fargo

Chris Woronka - Deutsche Bank

Patrick Scholes - Truist Securities

Bill Crow - Raymond James

Operator

Welcome to Ryman Hospitality Properties First Quarter 2023 Earnings Conference Call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; and Mr. Patrick Chaffin, Chief Operating Officer. This call will be available for digital replay. The number is 800-757-4768 with no conference ID required. [Operator Instructions]

It is now my pleasure to turn the floor over to Ms. Jennifer Hutcheson. Ma’am, you may begin.

Jennifer Hutcheson

Good morning. Thank you all for joining us today. This call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the company’s expected financial performance. Any statements we make today that are not statements of historical fact may be deemed to be forward-looking statements. Words such as believes or expects are intended to identify these statements, which may be affected by many factors, including those listed in the company’s SEC filings and in today’s release.

The company’s actual results may differ materially from the results we discuss or project today. We will not update any forward-looking statements, whether as a result of any new information, future events, or any other reason. We will also discuss non-GAAP financial measures today. We reconcile each non-GAAP measure to the most comparable GAAP measure in an exhibit to today’s release.

I’ll now turn over the call over to Colin.

Colin Reed

Thanks Jen and good morning everyone. As you recall, we exited 2022 on a high note, led by a fantastic fourth quarter response to our holiday programming. Well, I’m pleased to report today that in the first quarter of 2023 our momentum continued with our group business off to a tremendous start.

For the quarter, our consolidated hospitality portfolio achieved 72.3% occupancy and first quarter records for group transient and total ADR as well as total revenue and total adjusted EBITDAre. This is quite a feat and something the overall industry cannot yet boast. It’s a testament to our differentiated group focus. The strategies we have employed and the capital we have invested over the last 3 years, whether it was strengthening our customer relationships, rebooking pandemic cancellations, capturing new group and leisure demand with expanded programming and offerings or improving our operating efficiencies and technology, altogether our strategies and investments elevated our value proposition for group and leisure customers. And this is really what you’re witnessing in these results.