1The Company calculates revenue per available room (“RevPAR”) for its hotels by dividing room sales by room nights available to guests for the period.
2The Company calculates total revenue per available room (“Total RevPAR”) for its hotels by dividing the sum of room sales, food & beverage, and other ancillary services revenue by room nights available to guests for the period.
3Consolidated Cash Flow (which is used in this release as that term is defined in the Indentures governing the Company’s 6.75 percent senior notes) is a non-GAAP financial measure which represents operating income, excluding the impact of depreciation, amortization, preopening costs, the non-cash portion of the Florida ground lease expense, stock option expense, the non-cash gains and losses on the disposal of certain fixed assets, and adds (subtracts) other gains (losses). The Consolidated Cash Flow measure is one of the principal tools used by management in evaluating the operating performance of the Company’s business and represents the method by which the Indentures calculate whether or not the Company can incur additional indebtedness (for instance in order to incur certain additional indebtedness, Consolidated Cash Flow for the most recent four fiscal quarters as a ratio to debt service must be at least 2 to 1). The calculation of these amounts as well as a reconciliation of those amounts to net income or segment operating income (loss) is attached as part of this press release. CCF Margin is defined as CCF divided by revenue.
|GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES|
|PRELIMINARY FINANCIAL RESULTS RECONCILIATION|
|(in thousands, except operating metrics)|
|Consolidated Cash Flow ("CCF") reconciliation - preliminary:||Three Months Ended Jun. 30,|
|Net income (loss)||$||8,954||3.5||%||$||8,637||3.6||%|
|(Income) loss from discontinued operations, net of taxes||19||0.0||%||(4||)||0.0||%|
|Provision for income taxes||11,314||4.5||%||4,799||2.0||%|
|Other (gains) and losses, net||-||0.0||%||(141||)||-0.1||%|
|Income from unconsolidated companies||(109||)||0.0||%||(152||)||-0.1||%|
|Interest expense, net||11,430||4.5||%||18,061||7.6||%|
|Depreciation & amortization||30,254||11.9||%||29,271||12.4||%|
|Other non-cash expenses||1,426||0.6||%||1,453||0.6||%|
|Stock option expense||749||0.3||%||798||0.3||%|
|Other gains and (losses), net||-||0.0||%||141||0.1||%|
|(Gain) loss on sales of assets||-||0.0||%||(141||)||-0.1||%|
|Depreciation & amortization||26,346||11.3||%||25,291||11.6||%|
|Other non-cash expenses||1,426||0.6||%||1,453||0.7||%|
|Stock option expense||185||0.1||%||252||0.1||%|
|Other gains and (losses), net||-||0.0||%||138||0.1||%|
|(Gain) loss on sales of assets||-||0.0||%||(138||)||-0.1||%|