Ryman Hospitality Properties, Inc. (REIT)

Welcome to the Ryman Hospitality Properties First Quarter 2026 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 Hutchison, Chief Financial Officer, Mr. Patrick Chaffin, Chief Operating Officer, and Patrick Moore, Chief Executive Officer Opry Entertainment Group. This call will be available for digital replay. The number is 800-723-0607 with no conference ID required. At this time, all participants have been placed on listen-only mode. It is now my pleasure to turn the floor over to Ms. Jennifer Hutchison. Ma'am, you may begin.

Good morning. Thank you 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 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 exhibits to today's release. I'll now turn the call over to Colin.

Thanks, Jen. Good morning, everyone, and thank you for joining us today. We delivered a strong start to the year with results that exceeded our expectations, despite the complex geopolitical backdrop. Our first quarter performance reinforces what we've long believed about this company. The quality of our assets, the durability of our business model, and the way we allocate capital delivers superior outcomes for our customers and attractive, sustainable returns for our shareholders. In our same-store hospitality business, we grew revenue and market share and expanded margin on slightly fewer room nights, a clear demonstration of pricing discipline, mixed management towards higher-value customers, and enhanced monetization of on-site demand. Results were particularly strong for the assets that have recently benefited from the capital investments. Gaylord Opryland delivered record first quarter revenue and adjusted EBITDA RE. Gaylord Rockies delivered record first quarter revenue. And Gaylord Palms delivered record revenue and adjusted EBITDA RE of any quarter in its history. The JW Marriott Desert Ridge also delivered strong first quarter results, which given the seasonality of that market is especially meaningful for the full year profitability. Though we've owned this hotel for less than a year, the benefits of our ownership are already evident. A group focus yield strategy resulted in meaningfully higher group volumes, which supported strong outside of the room spending and margin outcomes. Together, this property and the JW Hill Country, which is now undergoing the capital investment that we identified at the acquisition, create a tangible runway for growth over the medium term, and I couldn't be more excited about their role in our future. On the entertainment side, demand for live entertainment remains incredibly healthy. Our old red brand continues to resonate in a meaningful way, particularly in markets like Nashville and Las Vegas, and soon, we believe, Indianapolis. Indianapolis has long been on our radar as a vibrant convention and leisure market with strong economic and demographic drivers and a deep base of country music fans. To that end, we were excited to announce just this week a development partnership with the organization behind the NBA Pacers and the WNBA Fever. This all-red development will contribute to the broader revitalization of the downtown corridor between the convention center and the Pacers Arena. This announcement marks our third development update this year, and our team remains active in evaluating both organic and inorganic growth opportunities toward expanding our platform and enhancing the value proposition for artists and consumers alike. Looking ahead, the future looks very bright for both of our businesses. Over the last two years, we've meaningfully improved the growth profile and pipeline for each while continuing to build customer satisfaction and loyalty through consistent execution and focused capital investment. We remain on track to achieve the 2027 financial targets we set in early 2024, and we look forward to updating you on our continued progress. Now, before I hand over to Mark, let me go off script and say just a couple of things about our team. Our asset management team, led by Patrick Chapman, I believe, is the best in the industry, and our team at OEG, led by Patrick Moore, is firing on all cylinders. Mark, Jen, and Scott and their teams are showing tremendous leadership, and our company couldn't be in better hands. So, Mark, what have you got to tell us?