Ryman Hospitality Properties, Inc. (NYSE:RHP) Q3 2023 Earnings Conference Call November 7, 2023 10:00 AM ET

Company Participants

Mark Fioravanti - President, CEO & Director

Colin Reed - Executive Chairman

Patrick Moore - CEO, Opry Entertainment Group

Conference Call Participants

Gregory Miller - Truist Securities

Chris Woronka - Deutsche Bank

Jay Kornreich - Wedbush Securities

Dori Kesten - Wells Fargo Securities

Operator

Welcome to Ryman Hospitality Properties Third Quarter 2023 Earnings Conference Call. Hosting the call today from Ryman Hospitality Properties is Mr. Colin Reed, Executive Chairman, Mr. Mark Fioravanti, President and Chief Executive Officer, Mr. Patrick Chaffin, Chief Operating Officer and Mr. Patrick Moore, Chief Executive Officer, Opry Entertainment Group.

This call will be available for digital replay. The number is 800-839-3516. No conference ID is required. At this time, all participants have been placed on listen-only. It is now my pleasure to turn the floor over to Mr. Mark Fioravanti. Sir, you may begin.

Mark Fioravanti

Good morning, and thank you, everyone, for joining us today. Unfortunately, due to a death in the family, our Chief Financial Officer, Jennifer Hutchison, will not be joining us on the call 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 new information, further 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 exhibits to today's release.

I'll now turn the call over to Colin.

Colin Reed

Thank you, Mark, and good morning, everyone. Let me start this morning's discussions about our earnings for the third quarter of 2023, by first reminding you what an incredible third quarter we had last year. Last year's third quarter was the best third quarter performance ever for total revenue, total adjusted EBITDAre, and total adjusted EBITDAre margin. Additionally, in the third quarter of last year, we had a very good group room night production again with record gross bookings in ADR. I pointed out last year how excited we were about the state of our business and how materially ahead we were of 2019 in terms of revenue and profit generation and what this trajectory signaled for the period ahead. So here we are reporting on the third quarter of 2023 and discussing how we see the full year playing out. And yes, yet again, our third quarter delivered some very compelling results.