Vail Resorts Reports Fiscal 2012 Second Quarter Results, Announces Calendar 2012 Capital Plan and Increases Quarterly Dividend 25%
Highlights
- Mountain net revenue declined by 0.7% for the second quarter of fiscal 2012 compared with the same period in the prior year with a 14.6% decline in skier visits almost entirely offset by a 13.5% increase in season pass revenue, a 9.1% increase in Effective Ticket Price ("ETP") excluding season pass holders and higher ancillary revenue per skier visit. Mountain Reported EBITDA and Resort Reported EBITDA (which includes the Company's Mountain and Lodging segments) declined by 5.2% and 4.9%, respectively, for the second quarter, compared with the same period in the prior year.
- Net income attributable to
Vail Resorts, Inc. of$46.4 million for the second quarter decreased by$8.2 million , or 15.0%, from the second quarter of fiscal 2011. - During the quarter we closed on one
Ritz-Carlton Residence and fourOne Ski Hill Place units; post quarter-end we closed on two additional Ritz-Carlton units, realizing net cash proceeds of$23.8 million from real estate sales since the beginning of fiscal 2012 throughMarch 5, 2012 . - The Company's Board of Directors authorized a 25% increase in the quarterly cash dividend to
$0.1875 per share from$0.15 per share beginning with the dividend payable onApril 10, 2012 . - Announced the calendar year 2012 capital plan of
$75-$85 million which includes a new, state-of-the-art gondola at the base ofVail Mountain and continued investments in guest facing technology. - Revising Resort Reported EBITDA guidance to a range of
$205-$215 million , or down 4% to up 1% compared with Resort Reported EBITDA in fiscal 2011, as adjusted for acquisition related seasonal losses and transaction/transition costs as well as a prior year litigation gain.
Commenting on the Company's fiscal 2012 second quarter results,
Katz added, "While the early season was difficult, beginning in mid-January the conditions in
For the quarter, our Mountain net revenue declined 0.7% to
Regarding Lodging, Katz said, "Lodging results fared better in the second quarter despite the impacts of the unusually low snowfall, both relative to the prior year and to our Mountain segment results, reflecting an improved mix of luxury room nights and the benefits of the higher consumer spending coupled with tight variable expense controls over a lower occupancy base. Revenue at our owned hotels and managed condominiums decreased 1.4% compared with the prior year, with revenue per available room ("RevPAR") up 0.8% on a 13.8% increase in Average Daily Rate ("ADR"). Lodging Reported EBITDA increased
Regarding Real Estate, Katz said, "We are pleased with the rate of new sales at both the
"Our balance sheet remains in a very strong position," Katz added. "We generated
Katz commented, "I am also very pleased to announce that the Board of Directors has approved a 25% increase in the quarterly cash dividend on
Katz added, "Today we also announced our calendar year 2012 capital plan at a range of
Mountain Segment
- Mountain segment net revenue was
$315.9 million for the three months endedJanuary 31, 2012 compared to$318.3 million for the same period in the prior year, a 0.7% decrease. - Mountain Reported EBITDA was
$120.6 million for the three months endedJanuary 31, 2012 compared to$127.2 million for the same period in the prior year, a 5.2% decline.
Mountain Reported EBITDA includes
Lift revenue decreased
Ski school revenue for the three months ended
Dining revenue decreased
Retail/rental revenue decreased
Other revenue mainly consists of private club revenue (which includes both club dues and amortization of initiation fees), 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 January 31, 2012, other revenue increased
Operating expense increased
Additionally impacting operating expense was a decline in labor and labor-related benefits of
Mountain equity investment income, net primarily includes our share of income from the operations of a real estate brokerage joint venture.
Lodging Segment
- Lodging segment net revenue before payroll reimbursement costs was
$42.8 million for the three months endedJanuary 31, 2012 compared to$44.7 million for the same period in the prior year, a 4.3% decrease. - For the three months ended
January 31, 2012 , ADR increased 13.8% and RevPAR increased 0.8% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. - Lodging Reported EBITDA was
$1.2 million for the three months endedJanuary 31, 2012 compared to$0.9 million for the same period in the prior year, a 37.7% increase.
Lodging Reported EBITDA includes
Revenue from owned hotel rooms decreased
Dining revenue for the three months ended
Operating expense (excluding reimbursed payroll costs) decreased
Revenue from payroll cost reimbursement and the corresponding reimbursed payroll costs relates to payroll costs at managed hotel properties where we are the employer and all payroll costs are reimbursed by the owners of the properties under contractual arrangements. Since the reimbursements are made based upon the costs incurred with no added margin, the revenue and corresponding expense have no effect on our Lodging Reported EBITDA.
Resort — Combination of Mountain and Lodging Segments
- Resort net revenue was
$364.2 million for the three months endedJanuary 31, 2012 compared to$370.0 million for the same period in the prior year. - Resort Reported EBITDA was
$121.8 million for the three months endedJanuary 31, 2012 compared to$128.1 million for the same period in the prior year, a 4.9% decline.
Real Estate Segment
- Real Estate segment net revenue was
$9.1 million for the three months endedJanuary 31, 2012 compared to$25.1 million for the same period in the prior year. - Real Estate Reported EBITDA was a negative
$3.5 million for the three months endedJanuary 31, 2012 compared to a negative$0.2 million for the same period in the prior year.
Real Estate Reported EBITDA includes
Real Estate segment net revenue for the three months ended
Operating expense for the three months ended
Total Performance
- Total net revenue was
$373.3 million for the three months endedJanuary 31, 2012 compared to$395.1 million in the same period in the prior year, a 5.5% decrease. - Net income attributable to
Vail Resorts, Inc. was$46.4 million , or$1.27 per diluted share, for the three months endedJanuary 31, 2012 compared to net income attributable toVail Resorts, Inc. of$54.6 million , or$1.48 per diluted share, in the same period in the prior year.
Balance Sheet
As of
Stock Repurchase Program
We did not repurchase any shares of common stock during the three months ended
Calendar Year 2012 Resort Capital Expenditure Plan
We currently anticipate we will spend approximately
Commenting on the calendar year 2012 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. Our commitment to improving our resorts and providing guests with new amenities will continue despite any temporary weather challenges."
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 was down approximately 1.5% through
February 26, 2012 , compared to the prior year season to date period endedFebruary 27, 2011 . - Season-to-date total skier visits for the Company's six mountain resort properties were down approximately 12.3% through
February 26, 2012 , compared to the prior year season to date period endedFebruary 27, 2011 . - Season-to-date revenue from ski school is up 0.3%, dining is down 4.7%, and retail/rental is down 1.4% through
February 26, 2012 , compared to the prior year season to date period endedFebruary 27, 2011 . - Revenue per visit from ski school is up 14.4%, dining is up 8.7% and retail/rental is up 6.2%.
Commenting on the ski season-to-date metrics,
Outlook
Commenting on the Company's outlook for the remainder of fiscal 2012, Katz said, "The slow start to the season extended well into January causing a larger-than-anticipated impact on visitation. Although visitation levels have improved overall,
The following table reflects the forecasted guidance range for our fiscal year ending
Fiscal 2012 Guidance | ||||||||
(In thousands) | ||||||||
For the Year Ending | ||||||||
Range | High End Range | |||||||
Mountain Reported EBITDA (1) | $ | 198,000 | $ | 208,000 | ||||
Lodging Reported EBITDA (2) | 4,000 | 10,000 | ||||||
Resort Reported EBITDA (3) | 205,000 | 215,000 | ||||||
Real Estate Reported EBITDA (4) | (21,000) | (13,000) | ||||||
Total Reported EBITDA | 184,000 | 202,000 | ||||||
Depreciation and amortization | (129,000) | (130,500) | ||||||
Loss on disposal of fixed assets, net | (1,275) | (1,300) | ||||||
Investment income | 700 | 700 | ||||||
Interest expense, net | (33,500) | (34,000) | ||||||
Income before provision for income taxes | 20,925 | 36,900 | ||||||
Provision for income taxes | (8,015) | (13,990) | ||||||
Net income | 12,910 | 22,910 | ||||||
Net loss attributable to the noncontrolling interests | 90 | 90 | ||||||
Net income attributable to | $ | 13,000 | $ | 23,000 | ||||
(1) | Mountain Reported EBITDA includes approximately | |
(2) | Lodging Reported EBITDA includes approximately | |
(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. 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. 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 | |
Earnings Conference Call
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About
Forward Looking Statements
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. Such forward-looking statements, including our financial outlook and guidance, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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 initiate, complete, and sell 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 acquisitions and 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. 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. 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 our financial results, which terms are non-GAAP financial measures. We define Reported EBITDA as segment net revenue less segment operating expense plus or minus segment equity investment income or loss. We define Net Debt as long-term debt plus long-term debt due within one year less cash and cash equivalents. See "Reconciliation of Non-GAAP Financial Measures" below for more information. In addition, for the Lodging segment we primarily focus on Lodging net revenue excluding payroll cost reimbursement and Lodging operating expense excluding reimbursed payroll costs (which are not measures of financial performance under GAAP) as the reimbursements are made based upon the costs incurred with no added margin, as such the revenue and corresponding expense have no effect on our Lodging Reported EBITDA which we use to evaluate Lodging segment performance.
Consolidated Condensed Statements of Operations | |||||||
(In thousands, except per share amounts) | |||||||
(Unaudited) | |||||||
Three months ended | |||||||
January 31, | |||||||
2012 | 2011 | ||||||
Net revenue: | |||||||
Mountain | $ | 315,938 | $ | 318,277 | |||
Lodging | 48,306 | 51,676 | |||||
Real estate | 9,088 | 25,147 | |||||
Total net revenue | 373,332 | 395,100 | |||||
Segment operating expense | |||||||
Mountain | 195,489 | 191,224 | |||||
Lodging | 47,093 | 50,795 | |||||
Real estate | 12,563 | 25,344 | |||||
Total segment operating expense | 255,145 | 267,363 | |||||
Other operating expense: | |||||||
Depreciation and amortization | (33,050) | (30,276) | |||||
Loss on disposal of fixed assets, net | (919) | (400) | |||||
Income from operations | 84,218 | 97,061 | |||||
Mountain equity investment income, net | 178 | 138 | |||||
Investment income | 310 | 226 | |||||
Interest expense, net | (8,542) | (8,659) | |||||
Income before provision for income taxes | 76,164 | 88,766 | |||||
Provision for income taxes | (29,743) | (34,209) | |||||
Net income | 46,421 | 54,557 | |||||
Net income attributable to noncontrolling interests | (32) | (6) | |||||
Net income attributable to | $ | 46,389 | $ | 54,551 | |||
Per share amounts: | |||||||
Basic net income per
share attributable to | $ | 1.29 | $ | 1.52 | |||
Diluted net income per share attributable to | $ | 1.27 | $ | 1.48 | |||
Cash dividends declared per share | $ | 0.15 | $ | -- | |||
Weighted average shares outstanding: | |||||||
Basic | 36,005 | 35,991 | |||||
Diluted | 36,651 | 36,798 | |||||
Other Data (unaudited): | |||||||
Mountain Reported EBITDA | $ | 120,627 | $ | 127,191 | |||
Lodging Reported EBITDA | 1,213 | 881 | |||||
Resort Reported EBITDA | 121,840 | 128,072 | |||||
Real Estate Reported EBITDA | (3,475) | (197) | |||||
Total Reported EBITDA | $ | 118,365 | $ | 127,875 | |||
Mountain stock-based compensation | $ | 1,757 | $ | 1,805 | |||
Lodging stock-based compensation | 399 | 525 | |||||
Resort stock-based compensation | 2,156 | 2,330 | |||||
Real Estate stock-based compensation | 632 | 820 | |||||
Total stock-based compensation | $ | 2,788 | $ | 3,150 | |||
Consolidated Condensed Statements of Operations | |||||||
(In thousands, except per share amounts) | |||||||
(Unaudited) | |||||||
Six months ended | |||||||
January 31, | |||||||
2012 | 2011 | ||||||
Net revenue: | |||||||
Mountain | $ | 365,608 | $ | 359,056 | |||
Lodging | 101,900 | 102,793 | |||||
Real estate | 22,197 | 174,408 | |||||
Total net revenue | 489,705 | 636,257 | |||||
Segment operating | |||||||
Mountain | 294,044 | 274,360 | |||||
Lodging | 102,394 | 100,369 | |||||
Real estate | 30,410 | 170,407 | |||||
Total segment operating expense | 426,848 | 545,136 | |||||
Other operating expense: | |||||||
Depreciation and amortization | (61,980) | (58,008) | |||||
Loss on disposal of fixed assets, net | (1,033) | (308) | |||||
(Loss) income from operations | (156) | 32,805 | |||||
Mountain equity investment income, net | 608 | 918 | |||||
Investment income | 374 | 464 | |||||
Interest expense, net | (16,783) | (16,595) | |||||
(Loss) income before benefit (provision) for income taxes | (15,957) | 17,592 | |||||
Benefit (provision) for income taxes | 6,644 | (6,095) | |||||
Net (loss) income | (9,313) | 11,497 | |||||
Net (income) loss attributable to noncontrolling interests | (7) | 31 | |||||
Net (loss) income attributable to | $ | (9,320) | $ | 11,528 | |||
Per share amounts (Note 3): | |||||||
Basic net (loss)
income per share attributable to | $ | (0.26) | $ | 0.32 | |||
Diluted net (loss) income per share attributable to | $ | (0.26) | $ | 0.31 | |||
Cash dividends declared per share | $ | 0.30 | $ | -- | |||
Weighted average shares outstanding: | |||||||
Basic | 36,036 | 35,964 | |||||
Diluted | 36,036 | 36,637 | |||||
Other Data (unaudited): | |||||||
Mountain Reported EBITDA | $ | 72,172 | $ | 85,614 | |||
Lodging Reported EBITDA | (494) | 2,424 | |||||
Resort Reported EBITDA | 71,678 | 88,038 | |||||
Real Estate Reported EBITDA | (8,213) | 4,001 | |||||
Total Reported EBITDA | $ | 63,465 | $ | 92,039 | |||
Mountain stock-based compensation | $ | 4,317 | $ | 3,756 | |||
Lodging stock-based compensation | 1,001 | 1,082 | |||||
Resort stock-based compensation | 5,318 | 4,838 | |||||
Real Estate stock-based compensation | 1,502 | 1,611 | |||||
Total stock-based compensation | $ | 6,820 | $ | 6,449 | |||
Mountain Segment Operating Results and Skier Visits | |||||||||||||||||
(In thousands, except Effective Ticket Price) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Percentage | Six Months Ended | Percentage | ||||||||||||||
Increase | Increase | ||||||||||||||||
2012 | 2011 | (Decrease) | 2012 | 2011 | (Decrease) | ||||||||||||
Lift tickets | $ | 153,699 | $ | 155,173 | (0.9)% | $ | 153,699 | $ | 155,173 | (0.9)% | |||||||
Ski school | 37,252 | 37,296 | (0.1)% | 37,252 | 37,296 | (0.1)% | |||||||||||
Dining | 24,722 | 26,405 | (6.4)% | 30,369 | 30,512 | (0.5)% | |||||||||||
Retail/rental | 73,850 | 74,320 | (0.6)% | 100,814 | 96,373 | 4.6% | |||||||||||
Other | 26,415 | 25,083 | 5.3% | 43,474 | 39,702 | 9.5% | |||||||||||
$ | 315,938 | $ | 318,277 | (0.7)% | $ | 365,608 | $ | 359,056 | 1.8% | ||||||||
Mountain operating expense: | |||||||||||||||||
Labor and labor-related benefits | $ | 72,108 | $ | 72,438 | (0.5)% | $ | 101,648 | $ | 97,120 | 4.7% | |||||||
Retail cost of sales | 29,427 | 28,983 | 1.5% | 44,957 | 41,641 | 8.0% | |||||||||||
Resort related fees | 16,738 | 16,812 | (0.4)% | 17,820 | 17,636 | 1.0% | |||||||||||
General and administrative | 32,415 | 31,657 | 2.4% | 58,910 | 55,846 | 5.5% | |||||||||||
Other | 44,801 | 41,334 | 8.4% | 70,709 | 62,117 | 13.8% | |||||||||||
$ | 195,489 | $ | 191,224 | 2.2% | $ | 294,044 | $ | 274,360 | 7.2% | ||||||||
Mountain equity investment income, net | 178 | 138 | 29.0% | 608 | 918 | (33.8)% | |||||||||||
Mountain Reported EBITDA | $ | 120,627 | $ | 127,191 | (5.2)% | $ | 72,172 | $ | 85,614 | (15.7)% | |||||||
Total skier visits | 2,900 | 3,395 | (14.6)% | 2,900 | 3,395 | (14.6)% | |||||||||||
ETP | $ | 53.00 | $ | 45.71 | 15.9% | $ | 53.00 | $ | 45.71 | 15.9% | |||||||
Lodging Segment Operating Results | |||||||||||||||||
(In thousands, except ADR and RevPAR) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Percentage | Six Months Ended | Percentage | ||||||||||||||
Increase | Increase | ||||||||||||||||
2012 | 2011 | (Decrease) | 2012 | 2011 | (Decrease) | ||||||||||||
Lodging net revenue: | |||||||||||||||||
Owned hotel rooms | $ | 8,691 | $ | 9,188 | (5.4)% | $ | 20,723 | $ | 20,940 | (1.0)% | |||||||
Managed condominium rooms | 13,594 | 13,421 | 1.3% | 19,140 | 18,177 | 5.3% | |||||||||||
Dining | 5,094 | 5,560 | (8.4)% | 14,651 | 15,516 | (5.6)% | |||||||||||
Transportation | 7,089 | 7,570 | (6.4)% | 8,791 | 9,213 | (4.6)% | |||||||||||
Golf | -- | -- | -- | 7,573 | 7,090 | 6.8% | |||||||||||
Other | 8,324 | 8,981 | (7.3)% | 17,773 | 18,162 | (2.1)% | |||||||||||
42,792 | 44,720 | (4.3)% | 88,651 | 89,098 | (0.5)% | ||||||||||||
Payroll cost reimbursement | 5,514 | 6,956 | (20.7)% | 13,249 | 13,695 | (3.3)% | |||||||||||
Total Lodging net revenue | $ | 48,306 | $ | 51,676 | (6.5)% | $ | 101,900 | $ | 102,793 | (0.9)% | |||||||
Lodging operating expense: | |||||||||||||||||
Labor and labor-related benefits | $ | 20,839 | $ | 21,745 | (4.2)% | $ | 43,408 | $ | 43,611 | (0.5)% | |||||||
General and administrative | 7,630 | 8,158 | (6.5)% | 15,158 | 15,230 | (0.5)% | |||||||||||
Other | 13,110 | 13,936 | (5.9)% | 30,579 | 27,833 | 9.9% | |||||||||||
41,579 | 43,839 | (5.2)% | 89,145 | 86,674 | 2.9% | ||||||||||||
Payroll cost reimbursement | 5,514 | 6,956 | (20.7)% | 13,249 | 13,695 | (3.3)% | |||||||||||
Total Lodging operating expense | $ | 47,093 | $ | 50,795 | (7.3)% | $ | 102,394 | $ | 100,369 | 2.0% | |||||||
Lodging Reported EBITDA | $ | 1,213 | $ | 881 | 37.7% | $ | (494) | $ | 2,424 | (120.4)% | |||||||
Owned hotel statistics: | |||||||||||||||||
ADR | $ | 223.98 | $ | 206.82 | 8.3% | $ | 202.64 | $ | 190.54 | 6.4% | |||||||
RevPAR | $ | 120.49 | $ | 123.91 | (2.8)% | $ | 109.56 | $ | 114.11 | (4.0)% | |||||||
Managed condominium statistics: | |||||||||||||||||
ADR | $ | 387.57 | $ | 332.05 | 16.7% | $ | 323.70 | $ | 287.52 | 12.6% | |||||||
RevPAR | $ | 121.65 | $ | 118.99 | 2.2% | $ | 75.57 | $ | 81.89 | (7.7)% | |||||||
Owned hotel and managed condominium statistics (combined): | |||||||||||||||||
ADR | $ | 323.41 | $ | 284.21 | 13.8% | $ | 259.87 | $ | 236.84 | 9.7% | |||||||
RevPAR | $ | 121.33 | $ | 120.32 | 0.8% | $ | 86.62 | $ | 92.92 | (6.8)% | |||||||
Key Balance Sheet Data | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
As of January 31, | ||||||||
2012 | 2011 | |||||||
Real estate held for sale and investment | $ | 257,169 | $ | 281,699 | ||||
Total | $ | 807,261 | $ | 806,439 | ||||
Long-term debt | $ | 490,302 | $ | 495,049 | ||||
Long-term debt due within one year | 1,058 | 2,708 | ||||||
Total debt | 491,360 | 497,757 | ||||||
Less: cash and cash equivalents | 95,642 | 97,251 | ||||||
Net debt | $ | 395,718 | $ | 400,506 | ||||
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. 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, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
Mountain Reported EBITDA | $ | 120,627 | $ | 127,191 | $ | 72,172 | $ | 85,614 | ||||||||||
Lodging Reported EBITDA | 1,213 | 881 | (494) | 2,424 | ||||||||||||||
Resort Reported EBITDA* | 121,840 | 128,072 | 71,678 | 88,038 | ||||||||||||||
Real Estate Reported EBITDA | (3,475) | (197) | (8,213) | 4,001 | ||||||||||||||
Total Reported EBITDA | 118,365 | 127,875 | 63,465 | 92,039 | ||||||||||||||
Depreciation and amortization | (33,050) | (30,276) | (61,980) | (58,008) | ||||||||||||||
Loss on disposal of fixed assets, net | (919) | (400) | (1,033) | (308) | ||||||||||||||
Investment income | 310 | 226 | 374 | 464 | ||||||||||||||
Interest expense, net | (8,542) | (8,659) | (16,783) | (16,595) | ||||||||||||||
Income (loss) before (provision) benefit for income taxes | 76,164 | 88,766 | (15,957) | 17,592 | ||||||||||||||
(Provision) benefit for income taxes | (29,743) | (34,209) | 6,644 | (6,095) | ||||||||||||||
Net income (loss) | 46,421 | 54,557 | (9,313) | 11,497 | ||||||||||||||
Net (income) loss attributable to noncontrolling interests | (32) | (6) | (7) | 31 | ||||||||||||||
Net income (loss) attributable to | $ | 46,389 | $ | 54,551 | $ | (9,320) | $ | 11,528 | ||||||||||
* 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, | |||||||
2012 | |||||||
Mountain Reported EBITDA | $ | 199,725 | |||||
Lodging Reported EBITDA | 5,837 | ||||||
Resort Reported EBITDA* | 205,562 | ||||||
Real Estate Reported EBITDA | (17,249) | ||||||
Total Reported EBITDA | 188,313 | ||||||
Depreciation and amortization | (121,929) | ||||||
Loss on disposal of fixed assets, net | (1,280) | ||||||
Asset impairment charge | (2,561) | ||||||
Investment income | 629 | ||||||
Interest expense, net | (33,829) | ||||||
Loss on extinguishment of debt | (7,372) | ||||||
Income before provision for income taxes | 21,971 | ||||||
Provision for income taxes | (8,359) | ||||||
Net income | $ | 13,612 | |||||
Net loss attributable to noncontrolling interests | 29 | ||||||
Net income attributable to | $ | 13,641 | |||||
* Resort represents the sum of Mountain and Lodging | |||||||
The following table reconciles Net Debt to long-term debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended
(In thousands) | |||||||
(Unaudited) | |||||||
As of | |||||||
Long-term debt | $ | 490,302 | |||||
Long-term debt due within one year | 1,058 | ||||||
Total debt | 491,360 | ||||||
Less: cash and cash equivalents | 95,642 | ||||||
Net debt | $ | 395,718 | |||||
Net debt to Total Reported EBITDA | 2.1 | x | |||||
SOURCE
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