Ryman Hospitality Properties, Inc. (REIT)

Welcome to Ryman Hospitality Properties Second 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 Hutcheson, Chief Financial 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 800-757-4770 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 Hutcheson. 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 discussed 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 it over to Colin.

Thank you, Jen, and good morning everyone. We are pleased to have delivered another standout performance this quarter, but more importantly, we're encouraged by what it says about the strength and resilience of our business model. While the broader economic environment remains dynamic, we continue to see customers prioritize the kind of experience our portfolio is designed to deliver. This quarter reinforced several themes we have discussed consistently over the years. The demand for high-quality group meetings experiences remains healthy. Second, our strategy of attracting higher-value customers across all segments continues to gain traction. And third, the investments we're making across the portfolio are strengthening the competitive position and long-term earnings power of our assets. Importantly, these themes build on one another in ways that strengthen our business over time. Our scale and differentiated offerings allow us to attract premium business and deepen customer relationships, which in turn drives stronger spending trends and greater visibility into future demand. That visibility then helps us allocate capital with confidence. In turn, we continue to reinvest in our assets and businesses in ways that further enhance our competitive advantages and create long-term shareholder value. To take one example, last month we celebrated an important milestone at Daylord Opryland with a topping-off ceremony for the Meeting Space Expansion Project, marking the completion of the expansion's structural framework. When completed, this investment will enhance Opryland's ability to attract more premium groups and further strengthen its already differentiated competitive position. Daylord Opryland is a remarkable asset, and a large part of the resort next year will be 50 years old. But today, it is quite frankly the most successful non-gaming resort in the nation. 25 years ago, when Mark and I turned up at this hotel, it generated about $57 million of EBITDA, with virtually the same room count as it has today. Through periods of financial crisis, floods, COVID and the like, We've built a successful group rotational strategy, enhanced the leisure aspects of this hotel through things like sound waves and holiday program. And this year, we estimate Opryland will cross $200 million of adjusted EBITDA RE. This is quite a transformation and underscores the power of our strategy. The same philosophy guides our approach to our newly acquired JW Marriott hotels. These are exceptional assets in attractive destinations, and we continue to see opportunities to create additional value through thoughtful capital investment, portfolio synergies, and increased customer rotation across the portfolio. While we remain early in that journey, the progress we're seeing continues to reinforce our confidence in this original thesis. And finally, our entertainment business also continues to demonstrate the value of the platform that we have built. The strength of our brands, venues, customer relationships create opportunities to grow across multiple businesses, geographies, and customer touchpoints, reinforcing the strategic value of the platform as a whole. We've built a great business. And I'm very proud of what we've accomplished with our entertainment business and its impact on the city of Nashville. And I feel very, very confident that country music, Nashville visitation, and our great businesses will continue to grow. Last weekend, I traveled over to London to be with Luke Combs when he sold out Wembley Stadium for three consecutive nights, each night attracting 85,000 fans. This is on top of sold-out concerts in Edinburgh and Dublin. This has never been done before and reflects a revolution that is taking place in country music. In time, these new fans will be finding their way to the US and to the city of Nashville, thus growing the underlying value of our business. Now on that front, As we've initially disclosed in June, our board advised by Morgan Stanley continues to evaluate possible new investors or partners in OEG with the goal of providing the business with greater independence while creating value for our shareholders. The ongoing discussions are with select potential investors whom the board believes may meet our criteria for partnership with OEG. The company has not entered into any agreements with respect to a potential investment by a third party in OEG and there can be no assurances that any definitive agreement will ultimately be reached. Our focus remains on pursuing a path we believe will preserve OEG's legacy while positioning the business for continued growth and enabling us to continue as a stakeholder. As we look ahead, we are very excited about the long-term trajectory of both businesses. While we remain mindful of the broader macroeconomic backdrop, the underlying demand we see in our businesses remain healthy. The strategies we've been executing are producing the outcomes we expected, and the investments we've made across the portfolio are enhancing both the quality of our assets and the future growth opportunities. We remain on track to achieve the 27 financial targets we set out in early 24, and we look forward to updating you on our continued progress. With that, I'll turn the call over to Mark to discuss the quarter and the operating trends in greater detail.