Vail Resorts Reports Fiscal 2011 Second Quarter Results
Highlights
- Net income attributable to
Vail Resorts, Inc. of$54.6 million for the second quarter increased by$13.9 million , or 34.1%, from the second quarter of the prior fiscal year. - Mountain Reported EBITDA and Resort Reported EBITDA (which includes the Company's Mountain and Lodging segments) improved by 18.7% and 18.5%, respectively, for the second quarter of fiscal 2011 compared with the same period in the prior year reflecting solid growth across our resorts as well as the addition of
Northstar -at-Tahoe, acquiredOctober 2010 , to the current year quarter. - Season-to-date skier
metrics through
March 6, 2011 across our six mountain resorts remain favorable, with increases in ancillary spending outpacing the growth in visitation. - We closed on six Ritz-Carlton residences and one
One Ski Hill Place unit in the quarter; our real estate operations have generated net cash proceeds of$151.1 million since the beginning of fiscal 2011 and throughMarch 6, 2011 . - Net cash provided by operating activities for the Company totaled
$243.7 million in the first half of fiscal 2011 and the Company's Net Debt leverage ratio equaled 1.9 times trailing twelve months Total Reported EBITDA. - Calendar 2011 capital plan to include significant investment across the
Company's resorts, including a new on-mountain fine dining restaurant at Vail, a new high speed quad Rose Bowl chairlift at
Beaver Creek , a second generation release of EpicMix, new family programming at Keystone, multiple renovations at our Lodging properties and several new retail stores. Â Significant capital plan forNorthstar -at-Tahoe that will include a new high speed lift serving expanded terrain and additional ski runs, a new 500 seat on mountain dining venue and enhancements to the base village that include an exciting new tenant mix.
Commenting on the acquisition of
Regarding Lodging, Katz said, "Increased visitation at our mountains also benefited our Lodging results as both group and transient room nights increased in the quarter, including a rebound at Keystone. Â Revenue at our owned hotels and managed condominiums increased 18.3% compared with the prior year, with revenue per available room ("RevPAR") up 14.7% on a 6.3 point increase in occupancy. Â Lodging segment Reported EBITDA was relatively flat as we did not get our typical flow-through in the quarter due, in part, to the timing of bonus accruals and the reinstatement, starting in the second half of last year, of certain benefits and merit increases. Â We would anticipate a stronger flow-through for our Lodging business in the second half of this fiscal year."
Turning to our real estate business, Katz commented, "Real Estate net revenue was significantly higher in the second quarter of fiscal 2011 primarily due to closings at the
Katz added, "Our balance sheet remains in a very strong position. We generated
Mountain Segment
- Mountain segment net revenue was
$318.3 million for the three months endedJanuary 31, 2011 compared to$261.0 million in the same period in the prior year, a 22.0% increase. Â Net revenue excluding the acquisition ofNorthstar -at-Tahoe increased 10.4%. - Mountain Reported EBITDA was
$127.2 million for the three months endedJanuary 31, 2011 compared to$107.2 million in the same period in the prior year, an 18.7% improvement. Â
Total Mountain Reported EBITDA includes
Ski school revenue increased
Retail/rental revenue increased
Other revenue mainly consists of private club revenue (which includes both club dues and amortization of initiation fees), summer visitation and other mountain activities revenue, marketing and internet advertising revenue, commercial leasing revenue, employee housing revenue, municipal services revenue and other recreation activity revenue. For the three months ended
Operating expense increased
Lodging Segment
- Lodging segment net revenue was
$44.7 million for the three months endedJanuary 31, 2011 compared to$38.7 million for the same period in the prior year, a 15.6% increase. Â - For the three months ended
January 31, 2011 , average daily rate ("ADR") decreased 1.1% and RevPAR increased 14.7% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. - Lodging Reported EBITDA was
$0.9 million for both the three months endedJanuary 31, 2011 and 2010.
Total Lodging Reported EBITDA includes
Revenue from owned hotel rooms increased
Dining revenue for the three months ended
Operating expense increased
Resort — Combination of Mountain and Lodging Segments
- Resort net revenue was
$363.0 million for the three months endedJanuary 31, 2011 compared to$299.7 million in the same period in the prior year. - Resort Reported EBITDA was
$128.1 million for the three months endedJanuary 31, 2011 compared to$108.1 million in the same period in the prior year, an 18.5% improvement. Â
Real Estate Segment
- Real Estate segment net revenue was
$25.1 million for the three months endedJanuary 31, 2011 compared to$0.9 million in the same period in the prior year. - Real Estate Reported EBITDA was a negative
$0.2 million for the three months endedJanuary 31, 2011 compared to a negative$6.5 million in the same period in the prior year. Â
Real Estate Reported EBITDA includes
Our Real Estate operating revenue is primarily determined by the timing of closings and the mix of real estate sold in any given period. Â Different types of projects have different revenue and expense volumes and margins; therefore, as the real estate inventory mix changes it can greatly impact Real Estate segment net revenue, operating expense and Real Estate Reported EBITDA.
Real Estate segment net revenue for the three months ended
Operating expense for the three months ended
Real Estate segment net revenue for the three months ended
Total Performance
- Total net revenue was
$388.1 million for the three months endedJanuary 31, 2011 compared to$300.5 million in the same period in the prior year, a 29.2% increase. - Net income attributable to
Vail Resorts, Inc. was$54.6 million , or$1.48 per diluted share, for the three months endedJanuary 31, 2011 compared to net income attributable toVail Resorts, Inc. of$40.7 million , or$1.11 per diluted share, in the same period in the prior year. Â
Balance Sheet
As of
Stock Repurchase Program
The Company did not repurchase any shares of common stock during the three months ended
Calendar Year 2011 Resort Capital Expenditure Plan
The Company currently anticipates it will spend approximately
Commenting on the calendar year 2011 resort capital expenditure announcement, Katz said, "Our operating philosophy is to continually reinvest in our resorts to offer the absolute highest quality experience to our guests, supporting our pricing strategy and creating very high guest loyalty. We are currently receiving the highest guest satisfaction scores in the Company's history, representing significant increases over last year's record guest satisfaction performance, and we intend to continue to build upon that success. Â Our capital expenditure plan for calendar year 2011 focuses on high-profile, high-return projects that underscore the commitment we have to our guests." Â Katz continued, "We have elected to take an aggressive approach with our first-time investments at
Season-to-Date Metrics through
The Company is providing an update on the ski season metrics for the comparative periods from the beginning of the ski season through
- Season-to-date total lift ticket revenue at the Company's six mountain resort properties, adjusted as if
Northstar -at-Tahoe (acquired inOctober 2010 ) was owned in both periods and including an allocated portion of season pass revenue for each applicable period, was up approximately 7.5% throughMarch 6, 2011 , compared to the prior year season to date period endedMarch 7, 2010 . - Season-to-date total skier visits for the Company's six mountain resort properties, adjusted as if
Northstar -at-Tahoe was owned in both periods, were up approximately 4.4% throughMarch 6, 2011 , compared to the prior year season to date period endedMarch 7, 2010 . - Season-to-date ancillary spending at the Company's six mountain resort properties, adjusted as if
Northstar -at-Tahoe was owned in both periods, increased significantly, with revenue from ski school up 10.4%, dining up 8.7%, and retail/rental up 10.8% throughMarch 6, 2011 , compared to the prior year season to date period endedMarch 7, 2010 . Â
Commenting on the ski season-to-date metrics,
Outlook
Commenting on the Company's outlook for the remainder of fiscal 2011, Katz said, "While we are experiencing a number of favorable operating trends this year, with the momentum extending into the third quarter, we are maintaining the guidance issued on
The following table reflects the forecasted guidance range for our fiscal year ending
Fiscal 2011 Guidance | ||||||||
(In thousands) | ||||||||
For the Year Ending | ||||||||
July 31, 2011 | ||||||||
Low End Range | High End Range | |||||||
Mountain Reported EBITDA (1) | $ | 203,000 | $ | 213,000 | ||||
Lodging Reported EBITDA (2) | 6,000 | 12,000 | ||||||
Resort Reported EBITDA (3) | 211,000 | 221,000 | ||||||
Real Estate Reported EBITDA Â (4) | (10,000) | -- | ||||||
Total Reported EBITDA | 201,000 | 221,000 | ||||||
Depreciation and amortization | (115,750) | (117,250) | ||||||
Loss on disposal of fixed assets, net | (500) | (1,275) | ||||||
Investment income | 1,200 | 1,200 | ||||||
Interest expense, net | (35,000) | (36,000) | ||||||
Income before provision for income taxes | 50,950 | 67,675 | ||||||
Provision for income taxes | (18,991) | (25,716) | ||||||
Net income | 31,959 | 41,959 | ||||||
Net loss attributable to noncontrolling interests | 41 | 41 | ||||||
Net income attributable to Vail Resorts, Inc. | $ | 32,000 | $ | 42,000 | ||||
(1) Â Mountain Reported EBITDA includes approximately $7 million of stock-based compensation. | |
(2) Lodging Reported EBITDA includes approximately $2 million of stock-based compensation. | |
(3) Resort represents the sum of Mountain and Lodging. The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. Â Readers are cautioned to recognize that the low end of the expected ranges provided for the Lodging and Mountain segments, while possible, do not sum to the low end of the Resort Reported EBITDA range provided because we do not necessarily expect or assume that we will actually hit the low end of both ranges, as the actual Resort Reported EBITDA will depend on the actual mix of the Lodging and Mountain components. Â Similarly, the high end of the ranges for the Lodging and Mountain segments do not sum to the high end of the Resort Reported EBITDA range. | |
(4) Real Estate Reported EBITDA includes approximately $3 million of stock-based compensation. | |
Earnings Conference Call
For further discussion of the contents of this press release, please listen to our live webcast today at
Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Â Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Â Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Â Such risks and uncertainties include but are not limited to prolonged weakness in general economic conditions, including adverse affects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and
lodging businesses; our ability to grow our resort and real estate operations; our ability to successfully complete real estate development projects and achieve the anticipated financial benefits from such projects; further adverse changes in real estate markets; continued volatility in credit markets; our ability to obtain financing on terms acceptable to us to finance our real estate development, capital expenditures and growth strategy; our reliance on government permits or approvals for our use of Federal land or to make operational improvements; adverse consequences of current or future legal claims; our ability to hire and retain a sufficient seasonal workforce; willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; negative publicity which diminishes the value
of our brands; our ability to integrate and successfully realize anticipated benefits of future acquisitions; and implications arising from new
All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Â All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements, except as may be required by law. Â Investors are also directed to other risks discussed in documents filed by us with the
We use the terms "Reported EBITDA" and "Net Debt" when reporting financial results in accordance with
Vail Resorts, Inc. | ||||||||||
Consolidated Condensed Statements of Operations | ||||||||||
(In thousands, except per share amounts) | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended | ||||||||||
January 31, | ||||||||||
2011 | 2010 | |||||||||
Net revenue: | ||||||||||
Mountain | $ | 318,277 | $ | 260,978 | ||||||
Lodging | 44,720 | 38,676 | ||||||||
Real estate | 25,147 | 870 | ||||||||
Total net revenue | 388,144 | 300,524 | ||||||||
Segment operating expense: | ||||||||||
Mountain | 191,224 | 154,018 | ||||||||
Lodging | 43,839 | 37,788 | ||||||||
Real estate | 25,344 | 7,417 | ||||||||
Total segment operating expense | 260,407 | 199,223 | ||||||||
Other operating (expense) income: | ||||||||||
Depreciation and amortization | (30,276) | (27,772) | ||||||||
(Loss) gain on disposal of fixed assets, net | (400) | 12 | ||||||||
Income from operations | 97,061 | 73,541 | ||||||||
Mountain equity investment income, net | 138 | 207 | ||||||||
Investment income | 226 | 192 | ||||||||
Interest expense, net | (8,659) | (4,148) | ||||||||
Income before provision for income taxes | 88,766 | 69,792 | ||||||||
Provision for income taxes | (34,209) | (24,713) | ||||||||
Net income | 54,557 | 45,079 | ||||||||
Net income attributable to noncontrolling interests | (6) | (4,389) | ||||||||
Net income attributable to Vail Resorts, Inc. | $ | 54,551 | $ | 40,690 | ||||||
Per share amounts: | ||||||||||
Basic net income per share attributable to Vail Resorts, Inc. | $ | 1.52 | $ | 1.12 | ||||||
Diluted net income per share attributable to Vail Resorts, Inc. | $ | 1.48 | $ | 1.11 | ||||||
Weighted average shares outstanding: | ||||||||||
Basic | 35,991 | 36,245 | ||||||||
Diluted | 36,798 | 36,754 | ||||||||
Other Data (unaudited): | ||||||||||
Mountain Reported EBITDA | $ | 127,191 | $ | 107,167 | ||||||
Lodging Reported EBITDA | $ | 881 | $ | 888 | ||||||
Resort Reported EBITDA | $ | 128,072 | $ | 108,055 | ||||||
Real Estate Reported EBITDA | $ | (197) | $ | (6,547) | ||||||
Total Reported EBITDA | $ | 127,875 | $ | 101,508 | ||||||
Mountain stock-based compensation | $ | 1,805 | $ | 1,277 | ||||||
Lodging stock-based compensation | $ | 525 | $ | 496 | ||||||
Resort stock-based compensation | $ | 2,330 | $ | 1,773 | ||||||
Real Estate stock-based compensation | $ | 820 | $ | 1,131 | ||||||
Total stock-based compensation | $ | 3,150 | $ | 2,904 | ||||||
| ||||||||||
Vail Resorts, Inc. | ||||||||||
Consolidated Condensed Statements of Operations | ||||||||||
(In thousands, except per share amounts) | ||||||||||
(Unaudited) | ||||||||||
Six Months Ended | ||||||||||
January 31, | ||||||||||
2011 | 2010 | |||||||||
Net revenue: | ||||||||||
Mountain | $ | 359,056 | $ | 300,182 | ||||||
Lodging | 89,098 | 80,031 | ||||||||
Real estate | 174,408 | 1,075 | ||||||||
Total net revenue | 622,562 | 381,288 | ||||||||
Segment operating expense: | ||||||||||
Mountain | 274,360 | 230,486 | ||||||||
Lodging | 86,674 | 80,411 | ||||||||
Real estate | 170,407 | 12,594 | ||||||||
Total segment operating expense | 531,441 | 323,491 | ||||||||
Other operating (expense) income: | ||||||||||
Depreciation and amortization | (58,008) | (54,956) | ||||||||
Gain on sale of real property | -- | 6,087 | ||||||||
Loss on disposal of fixed assets, net | (308) | (101) | ||||||||
Income from operations | 32,805 | 8,827 | ||||||||
Mountain equity investment income, net | 918 | 461 | ||||||||
Investment income | 464 | 422 | ||||||||
Interest expense, net | (16,595) | (8,983) | ||||||||
Income before (provision) benefit for income taxes | 17,592 | 727 | ||||||||
(Provision) benefit for income taxes | (6,095) | 841 | ||||||||
Net income | 11,497 | 1,568 | ||||||||
Net loss (income) attributable to noncontrolling interests | 31 | (2,051) | ||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 11,528 | $ | (483) | ||||||
Per share amounts: | ||||||||||
Basic net income (loss) per share attributable to Vail Resorts, Inc. Â | $ | 0.32 | $ | (0.01) | ||||||
Diluted net income (loss) per share attributable to Vail Resorts, Inc. Â | $ | 0.31 | $ | (0.01) | ||||||
Weighted average shares outstanding: | ||||||||||
Basic | 35,964 | 36,223 | ||||||||
Diluted | 36,637 | 36,223 | ||||||||
Other Data (unaudited): | ||||||||||
Mountain Reported EBITDA | $ | 85,614 | $ | 70,157 | ||||||
Lodging Reported EBITDA | $ | 2,424 | $ | (380) | ||||||
Resort Reported EBITDA | $ | 88,038 | $ | 69,777 | ||||||
Real Estate Reported EBITDA | $ | 4,001 | $ | (5,432) | ||||||
Total Reported EBITDA | $ | 92,039 | $ | 64,345 | ||||||
Mountain stock-based compensation | $ | 3,756 | $ | 2,850 | ||||||
Lodging stock-based compensation | $ | 1,082 | $ | 1,013 | ||||||
Resort stock-based compensation | $ | 4,838 | $ | 3,863 | ||||||
Real Estate stock-based compensation | $ | 1,611 | $ | 2,505 | ||||||
Total stock-based compensation | $ | 6,449 | $ | 6,368 | ||||||
Vail Resorts, Inc. | |||||||||||||||
Mountain Segment Operating Results and Skier Visits | |||||||||||||||
(In thousands, except Effective Ticket Price) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Percentage | Six Months Ended | Percentage | ||||||||||||
January 31, | Increase | January 31, | Increase | ||||||||||||
2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) | ||||||||||
Net Mountain revenue: | |||||||||||||||
  Lift tickets | $ | 155,173 | $ | 129,517 | 19.8 | % | $ | 155,173 | $ | 129,517 | 19.8 | % | |||
  Ski school | 37,296 | 30,069 | 24.0 | % | 37,296 | 30,069 | 24.0 | % | |||||||
  Dining | 26,405 | 19,789 | 33.4 | % | 30,512 | 23,257 | 31.2 | % | |||||||
  Retail/rental | 74,320 | 61,026 | 21.8 | % | 96,373 | 82,564 | 16.7 | % | |||||||
  Other | 25,083 | 20,577 | 21.9 | % | 39,702 | 34,775 | 14.2 | % | |||||||
Total Mountain net revenue | $ | 318,277 | $ | 260,978 | 22.0 | % | $ | 359,056 | $ | 300,182 | 19.6 | % | |||
Mountain operating expense: | |||||||||||||||
  Labor and labor-related benefits | $ | 72,438 | $ | 57,859 | 25.2 | % | $ | 97,120 | $ | 81,243 | 19.5 | % | |||
  Retail cost of sales | 28,983 | 23,731 | 22.1 | % | 41,641 | 36,294 | 14.7 | % | |||||||
  Resort related fees | 16,812 | 14,381 | 16.9 | % | 17,636 | 15,106 | 16.7 | % | |||||||
  General and administrative | 31,657 | 26,043 | 21.6 | % | 55,846 | 46,570 | 19.9 | % | |||||||
  Other | 41,334 | 32,004 | 29.2 | % | 62,117 | 51,273 | 21.1 | % | |||||||
Total Mountain operating expense | $ | 191,224 | $ | 154,018 | 24.2 | % | $ | 274,360 | $ | 230,486 | 19.0 | % | |||
Mountain equity investment income, net | 138 | 207 | (33.3) | % | 918 | 461 | 99.1 | % | |||||||
Total Mountain Reported EBITDA | $ | 127,191 | $ | 107,167 | 18.7 | % | $ | 85,614 | $ | 70,157 | 22.0 | % | |||
Three Months Ended | Percentage | Six Months Ended | Percentage | ||||||||||||
January 31, | Increase | January 31, | Increase | ||||||||||||
2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) | ||||||||||
Skier Visits | |||||||||||||||
Visits (excluding Northstar-at-Tahoe) | 3,025 | 2,782 | 8.7 | % | 3,025 | 2,782 | 8.7 | % | |||||||
Northstar-at-Tahoe | 370 | -- | -- | 370 | -- | -- | |||||||||
Total Skier Visits | 3,395 | 2,782 | 22.0 | % | 3,395 | 2,782 | 22.0 | % | |||||||
Effective Ticket Price | $ | 45.71 | $ | 46.56 | (1.8) | % | $ | 45.71 | $ | 46.56 | (1.8) | % | |||
Vail Resorts, Inc. | ||||||||||||||
Lodging Operating Results | ||||||||||||||
(In thousands, except ADR and RevPAR) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | Percentage | Six Months Ended | Percentage | |||||||||||
January 31, | Increase | January 31, | Increase | |||||||||||
2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) | |||||||||
Lodging net revenue: | ||||||||||||||
  Owned hotel rooms | $ | 9,188 | $ | 8,286 | 10.9 | % | $ | 20,940 | $ | 19,282 | 8.6 | % | ||
  Managed condominium rooms | 13,421 | 10,819 | 24.1 | % | 18,177 | 15,229 | 19.4 | % | ||||||
  Dining | 5,560 | 4,522 | 23.0 | % | 15,516 | 13,468 | 15.2 | % | ||||||
  Transportation | 7,570 | 7,341 | 3.1 | % | 9,213 | 8,974 | 2.7 | % | ||||||
  Golf | -- | -- | -- | 7,090 | 6,823 | 3.9 | % | |||||||
  Other | 8,981 | 7,708 | 16.5 | % | 18,162 | 16,255 | 11.7 | % | ||||||
Total Lodging net revenue | $ | 44,720 | $ | 38,676 | 15.6 | % | $ | 89,098 | $ | 80,031 | 11.3 | % | ||
Lodging operating expense | ||||||||||||||
  Labor and labor-related benefits | $ | 21,745 | $ | 18,449 | 17.9 | % | $ | 43,611 | $ | 38,824 | 12.3 | % | ||
  General and administrative | 8,158 | 7,653 | 6.6 | % | 15,230 | 14,631 | 4.1 | % | ||||||
  Other | 13,936 | 11,686 | 19.3 | % | 27,833 | 26,956 | 3.2 | % | ||||||
Total Lodging operating expense | $ | 43,839 | $ | 37,788 | 16.0 | % | $ | 86,674 | $ | 80,411 | 7.8 | % | ||
Total Lodging Reported EBITDA | $ | 881 | $ | 888 | (0.8) | % | $ | 2,424 | $ | (380) | 737.9 | % | ||
Owned hotel statistics: | ||||||||||||||
  ADR | $ | 201.96 | $ | 205.85 | (1.9) | % | $ | 188.85 | $ | 187.90 | 0.5 | % | ||
  RevPAR | $ | 119.75 | $ | 103.50 | 15.7 | % | $ | 112.62 | $ | 94.98 | 18.6 | % | ||
Managed condominium statistics: | ||||||||||||||
  ADR | $ | 333.07 | $ | 336.13 | (0.9) | % | $ | 284.49 | $ | 286.90 | (0.8) | % | ||
  RevPAR | $ | 129.22 | $ | 113.13 | 14.2 | % | $ | 83.08 | $ | 69.91 | 18.8 | % | ||
Owned hotel and managed condominium statistics (combined): | ||||||||||||||
  ADR | $ | 277.75 | $ | 280.84 | (1.1) | % | $ | 232.10 | $ | 231.42 | 0.3 | % | ||
  RevPAR | $ | 126.16 | $ | 109.95 | 14.7 | % | $ | 94.08 | $ | 79.45 | 18.4 | % | ||
Key Balance Sheet Data | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
As of January 31, | ||||||||
2011 | 2010 | |||||||
Real estate held for sale and investment | $ | 281,699 | $ | 414,501 | ||||
Total Vail Resorts, Inc. stockholders' equity | $ | 806,439 | $ | 770,188 | ||||
Long-term debt | $ | 495,049 | $ | 489,865 | ||||
Long-term debt due within one year | 2,708 | 1,870 | ||||||
Total debt | 497,757 | 491,735 | ||||||
Less: cash and cash equivalents | 97,251 | 58,008 | ||||||
Net debt | $ | 400,506 | $ | 433,727 | ||||
Reconciliation of Non-GAAP Financial Measures
Resort, Mountain and Lodging, and Real Estate Reported EBITDA have been presented herein as measures of the Company's financial operating performance. Â Reported EBITDA and Net Debt are not measures of financial performance or liquidity under accounting principles generally accepted in
Presented below is a reconciliation of Total Reported EBITDA to net income (loss) attributable to
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
January 31, | January 31, | ||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Mountain Reported EBITDA | $ | 127,191 | $ | 107,167 | $ | 85,614 | $ | 70,157 | |||||||||||
Lodging Reported EBITDA | 881 | 888 | 2,424 | (380) | |||||||||||||||
Resort Reported EBITDA* | 128,072 | 108,055 | 88,038 | 69,777 | |||||||||||||||
Real Estate Reported EBITDA | (197) | (6,547) | 4,001 | (5,432) | |||||||||||||||
Total Reported EBITDA | 127,875 | 101,508 | 92,039 | 64,345 | |||||||||||||||
Depreciation and amortization | (30,276) | (27,772) | (58,008) | (54,956) | |||||||||||||||
(Loss) gain on disposal of fixed assets, net | (400 | 12 | (308) | (101) | |||||||||||||||
Investment income | 226 | 192 | 464 | 422 | |||||||||||||||
Interest expense, net | (8,659) | (4,148) | (16,595) | (8,983) | |||||||||||||||
Income before (provision) benefit for income taxes | 88,766 | 69,792 | 17,592 | 727 | |||||||||||||||
(Provision) benefit for income taxes | (34,209) | (24,713) | (6,095) | 841 | |||||||||||||||
Net income | 54,557 | 45,079 | 11,497 | 1,568 | |||||||||||||||
Net (income) loss attributable to noncontrolling interests | (6) | (4,389) | 31 | (2,051) | |||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 54,551 | $ | 40,690 | $ | 11,528 | $ | (483) | |||||||||||
* Resort represents the sum of Mountain and Lodging | |||||||||||||||||||
Presented below is a reconciliation of Total Reported EBITDA to net income attributable to
(In thousands) | |||||
(Unaudited) | |||||
Twelve | |||||
Months Ended | |||||
January 31, | |||||
2011 | |||||
Mountain Reported EBITDA | $ | 199,493 | |||
Lodging Reported EBITDA | 5,196 | ||||
Resort Reported EBITDA* | 204,689 | ||||
Real Estate Reported EBITDA | 5,125 | ||||
Total Reported EBITDA | 209,814 | ||||
Depreciation and amortization | (113,690) | ||||
Loss on disposal of fixed assets, net | (822) | ||||
Investment income | 487 | ||||
Interest expense, net | (25,127) | ||||
Income before provision for income taxes | 70,662 | ||||
Provision for income taxes | (24,958) | ||||
Net income | $ | 45,704 | |||
Net income attributable to noncontrolling interests | (3,308) | ||||
Net income attributable to Vail Resorts, Inc | $ | 42,396 | |||
* Resort represents the sum of Mountain and Lodging | |||||
(In thousands) | |||||
(Unaudited) | |||||
As of January 31, 2011 | |||||
Long-term debt | $ | 495,049 | |||
Long-term debt due within one year | 2,708 | ||||
Total debt | 497,757 | ||||
Less: cash and cash equivalents | 97,251 | ||||
Net debt | $ | 400,506 | |||
Net debt to Total Reported EBITDA | 1.9 | x | |||
SOURCE
News Provided by Acquire Media