Ryman Hospitality Properties (RHP) FY2021 results: revenue $939 million, up 79.1% on the year

Ryman Hospitality Properties, Inc. (RHP) reported revenue of $939 million for fiscal 2021, the year ended 31 December 2021, up 79.1% on the year before. Net income was -$177 million, and diluted earnings per share $-3.21. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$939 million

+79.1% on the year

FY2014FY2021

Operating margin

-6.2%

-57.9% a year earlier

FY2014FY2021

Net income

-$177 million

FY2014FY2021

Diluted EPS

-$3.21

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	939	524	1,605	+79.1%
Cost of revenue	621	473	957	+31.3%
Gross profit	318	51.6	647	+516.7%
Gross margin	33.9%	9.8%	40.3%
Operating income	-58.7	-304	268
Operating margin	-6.2%	-57.9%	16.7%
Interest expense	125	116	132	+8.3%
Pre-tax income	-190	-434	147
Income tax	5.0	27.1	18.5	-81.7%
Effective tax rate	n/a	n/a	12.6%
Net income	-177	-417	146
Net margin	-18.8%	-79.6%	9.1%
Diluted EPS	-$3.21	-$7.59	$2.81

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	111	-162	355
Capital expenditure	77.4	165	153	-53.2%
Free cash flow	33.8	-327	202
Free cash flow margin	3.6%	-62.3%	12.6%
Cash from investing	-290	-173	-163
Cash from financing	262	-6.5	79.7
Depreciation and amortisation	220	215	214	+2.5%
Share-based compensation	12.1	8.7	7.8	+38.6%
Dividends paid	0.5	102	183	-99.5%
Dividend per share	n/a	$0.95	$3.60
Diluted shares, weighted	55m	55m	52m	+0.2%
Shares outstanding at period end	55m	55m	55m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	-22.2	205	645
Non-controlling interest	-0.2	14.5	n/a
Debt	2,966	2,687	2,586	+10.4%
Other liabilities	637	649	857	-2.0%
Total liabilities and equity	3,581	3,556	4,088	+0.7%
Fixed assets	3,032	3,117	3,130	-2.7%
Intangible assets	127	167	207	-24.1%
Cash and equivalents	141	56.7	362	+148.1%
Inventory	8.4	7.2	10.3	+16.9%
Other assets	273	208	378	+30.9%
Total assets	3,581	3,556	4,088	+0.7%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.