Vail Resorts Reports Fiscal 2013 Fourth Quarter and Full Year Results and Provides 2014 Outlook
Highlights
- Resort Reported EBITDA increased 17.3% to
$240.9 million for fiscal 2013, compared to the prior fiscal year. This includes incremental EBITDA of$5.5 million from the acquisitions ofKirkwood and the Urban ski areas, and$7.6 million of EBITDA losses related to the Canyons transaction, including transaction and transition costs on the acquisitions and Canyons transaction (the Canyons transaction, together with the acquisitions, referred to collectively as the "Acquisitions"). Excluding the Acquisitions, Resort Reported EBITDA increased 18.4% to$242.9 million . - Net income attributable to
Vail Resorts, Inc. increased 129.4% to$37.7 million for fiscal 2013, compared to the prior fiscal year. - Excluding the Acquisitions:
Total Mountain net revenue increased 9.3% for fiscal 2013 compared to the prior fiscal year.- Mountain Reported EBITDA increased 16.5% for fiscal 2013 compared to the prior fiscal year.
- During fiscal 2013, we closed on ten
Ritz-Carlton Residence units, twelveOne Ski Hill Place units and a land sale inBreckenridge . Net Real Estate Cash Flow for fiscal 2013 was$27.5 million . - Sales of season passes through
September 22, 2013 for the upcoming 2013/2014 ski season were up approximately 19% in units and approximately 23% in sales dollars versus the comparable period in the prior year. Based on historical patterns, approximately 55% to 60% of our total sales are made by this date.
Commenting on the Company's fiscal 2013 results,
Katz added, "
Regarding Lodging, Katz said, "Our Lodging segment benefited from improved summer visitation and increased winter demand during peak holiday periods at our resorts. Total Lodging net revenue (excluding payroll cost reimbursements) for fiscal 2013 increased
Turning to our real estate business, Katz commented, "We are very pleased with the increased level of sales activity at both of our development projects. For fiscal 2013, we closed on twelve
Katz continued, "Our balance sheet continues to be very strong. We ended the quarter with
Operating Results
A complete Management's Discussion and Analysis of Financial Condition and Results of Operations can be found in the Company's Annual Report on Form 10-K for the fiscal year ended
Mountain Segment
- Total Skier Visits for fiscal 2013 increased to 7.0 million, from 6.1 million in fiscal 2012, a 13.6% increase.
- Lift revenue excluding the Acquisitions and excluding season pass holders, increased
$26.4 million in fiscal 2013, or 12.8%, compared to the prior fiscal year. - Effective Ticket Price ("ETP") excluding season pass holders, and excluding the Acquisitions, increased
$4.94 in fiscal 2013, or 6.7% over the prior fiscal year. - Mountain Reported EBITDA for fiscal 2013 increased
$29.8 million , or 15.0% to$228.7 million compared to the prior fiscal year. Excluding the Acquisitions, Mountain Reported EBITDA for fiscal 2013 increased$32.7 million or 16.5% over the prior fiscal year. - Mountain Reported EBITDA includes
$9.0 million and$7.6 million of stock-based compensation expense for fiscal 2013 and fiscal 2012, respectively.
Lodging Segment
- Lodging segment net revenue was
$211.0 million for fiscal 2013 compared to$210.6 million for the prior fiscal year, a 0.2% increase. Excluding payroll cost reimbursements related to managed hotel properties, total Lodging revenues increased 6.5% over the prior fiscal year. - For fiscal 2013, ADR increased 1.7% and RevPAR increased 6.4% at the Company's owned hotels and managed condominiums, excluding Canyons, compared to the prior fiscal year.
- Lodging Reported EBITDA increased 91.4% to
$12.2 million for fiscal 2013 compared to the prior fiscal year. Excluding Canyons contribution, Lodging Reported EBITDA was$11.4 million for fiscal 2013. - Lodging Reported EBITDA includes
$1.9 million and$1.7 million of stock-based compensation expense for fiscal 2013 and fiscal 2012, respectively.
Resort — Combination of Mountain and Lodging Segments
- Resort net revenue was
$1,078.5 million for fiscal 2013, up 10.4% compared to the prior fiscal year. Excluding the Acquisitions, Resort net revenue increased 7.0% to$1,045.5 million in fiscal 2013. - Resort Reported EBITDA increased 17.3% to
$240.9 million for fiscal 2013, compared to the prior fiscal year. Excluding the Acquisitions, Resort Reported EBITDA increased 18.4% to$242.9 million .
Real Estate Segment
- Real Estate segment net revenue was
$42.3 million for fiscal 2013. This compares to Real Estate net revenue of$47.2 million for fiscal 2012. - Net Real Estate Cash Flow (a non-GAAP measure defined as Real Estate Reported EBITDA, plus non-cash real estate cost of sales, plus non-cash stock-based compensation expense, plus change in real estate deposits less investment in real estate) was
$27.5 million for fiscal 2013, up 60.4% from fiscal 2012. - Real Estate Reported EBITDA improved 43.1% to a negative
$9.1 million for fiscal 2013 compared to a negative$16.0 million for the prior year. Real Estate Reported EBITDA includes$1.4 million and$2.6 million of stock-based compensation expense for fiscal 2013 and fiscal 2012, respectively.
Total Performance
- Total net revenue was
$1,120.8 million for fiscal 2013 compared to$1,024.4 million in the prior year, a 9.4% increase. - Net income attributable to
Vail Resorts, Inc. was$37.7 million , or$1.03 per diluted share, for fiscal 2013 compared to net income attributable toVail Resorts, Inc. of$16.5 million , or$0.45 per diluted share, in the prior year.
Dividends and Share Repurchase
In fiscal 2013, total dividends paid were
The Company did not repurchase any shares of common stock in fiscal 2013. Since inception of the stock repurchase program in 2006, the Company has repurchased an aggregate of 4,949,111 shares at a cost of approximately
Commenting on the Company's season pass sales for the upcoming 2013/2014 ski season, Katz said, "We are extremely pleased that our season pass sales for the upcoming 2013/2014 ski season continue to show strong growth and demonstrate the compelling value proposition of our season pass products to our loyal guests. Through
Guidance
Turning to guidance for fiscal 2014, Katz commented, "We are excited about the upcoming ski season and expect to build upon the positive momentum from fiscal 2013 with several new initiatives in fiscal 2014 that we hope will continue to elevate the guest experience and financial results at our resorts. As always, our visibility into the upcoming ski season is limited at this point in time. Our guidance for fiscal 2014 anticipates normal weather conditions and a continuation of the current economic environment. Based on our current estimates, our fiscal 2014 guidance range anticipates Resort Reported EBITDA of between
Regarding advance Lodging bookings, Katz said, "Although it is still early in the cycle (less than 15% of winter season bookings are historically made by this time), we are pleased that at this point bookings are up in both room nights and revenue over the prior year."
In conclusion, Katz said, "fiscal 2014 will be an exciting year for
The following table reflects the forecasted guidance range for the Company's fiscal year ending
Fiscal 2014 Guidance | |||||||
(In thousands) | |||||||
For the Year Ending | |||||||
| |||||||
Range |
| ||||||
Mountain Reported EBITDA (1) |
$ |
263,000 |
$ |
278,000 |
|||
Lodging Reported EBITDA (2) |
14,000 |
20,000 |
|||||
Resort Reported EBITDA (3) |
280,000 |
295,000 |
|||||
Real Estate Reported EBITDA (4) |
(14,000) |
(8,000) |
|||||
Total Reported EBITDA |
266,000 |
287,000 |
|||||
Depreciation and amortization |
(141,000) |
(137,000) |
|||||
Loss on disposal of fixed assets, net |
(1,200) |
(800) |
|||||
Investment income |
200 |
500 |
|||||
Interest expense, net |
(65,500) |
(63,500) |
|||||
Income before provision for income taxes |
58,500 |
86,200 |
|||||
Provision for income taxes |
(21,650) |
(31,450) |
|||||
Net income |
36,850 |
54,750 |
|||||
Net loss attributable to noncontrolling interests |
150 |
250 |
|||||
Net income attributable to |
$ |
37,000 |
$ |
55,000 |
|||
(1) |
Mountain Reported EBITDA includes approximately |
(2) |
Lodging Reported EBITDA includes approximately |
(3) |
Resort Reported EBITDA 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
The Company will conduct a conference call today at
About
Forward-Looking Statements
Statements in this press release, otherthan 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. 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 new 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 future 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 and capital improvements; demand for planned summer activities and our ability to successfully obtain necessary approvals and construct the planned 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 from the lease of
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 whether as a result of new information, future events or otherwise, except as may be required by law.
Statement Concerning Non-GAAP Financial Measures
We use the terms "Reported EBITDA" and "Net Debt" when reporting financial results in accordance with
Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) | ||||||||||||||||
Three Months Ended |
Twelve Months Ended | |||||||||||||||
2013 |
2012 |
2013 |
2012 | |||||||||||||
Net revenue: |
||||||||||||||||
Mountain |
$ |
51,844 |
$ |
46,414 |
$ |
867,514 |
$ |
766,608 |
||||||||
Lodging |
58,089 |
54,751 |
210,974 |
210,623 |
||||||||||||
Real estate |
2,372 |
12,379 |
42,309 |
47,163 |
||||||||||||
Total net revenue |
112,305 |
113,544 |
1,120,797 |
1,024,394 |
||||||||||||
Segment operating expense: |
||||||||||||||||
Mountain |
103,208 |
90,323 |
639,706 |
568,578 |
||||||||||||
Lodging |
56,758 |
54,773 |
198,813 |
204,270 |
||||||||||||
Real estate |
8,741 |
16,691 |
58,090 |
63,170 |
||||||||||||
Total segment operating expense |
168,707 |
161,787 |
896,609 |
836,018 |
||||||||||||
Other operating (expense) income: |
||||||||||||||||
Depreciation and amortization |
(33,861) |
(32,335) |
(132,688) |
(127,581) |
||||||||||||
Gain on sale of real property |
6,675 |
— |
6,675 |
— |
||||||||||||
Loss on disposal of fixed assets, net |
(465) |
(341) |
(1,222) |
(1,464) |
||||||||||||
(Loss) income from operations |
(84,053) |
(80,919) |
96,953 |
59,331 |
||||||||||||
Mountain equity investment income (loss), net |
92 |
(66) |
891 |
878 |
||||||||||||
Investment income, net |
45 |
113 |
351 |
469 |
||||||||||||
Interest expense, net |
(13,698) |
(8,360) |
(38,966) |
(33,586) |
||||||||||||
(Loss) income before benefit (provision) for income taxes |
(97,614) |
(89,232) |
59,229 |
27,092 |
||||||||||||
Benefit (provision) for income taxes |
37,710 |
35,408 |
(21,619) |
(10,701) |
||||||||||||
Net (loss) income |
$ |
(59,904) |
$ |
(53,824) |
$ |
37,610 |
$ |
16,391 |
||||||||
Net loss attributable to noncontrolling interests |
36 |
28 |
133 |
62 |
||||||||||||
Net (loss) income attributable to |
$ |
(59,868) |
$ |
(53,796) |
$ |
37,743 |
$ |
16,453 |
||||||||
Per share amounts: |
||||||||||||||||
Basic net (loss) income per share attributable to |
$ |
(1.67) |
$ |
(1.50) |
$ |
1.05 |
$ |
0.46 |
||||||||
Diluted net (loss) income per share attributable to |
$ |
(1.67) |
$ |
(1.50) |
$ |
1.03 |
$ |
0.45 |
||||||||
Cash dividends declared per share |
$ |
0.2075 |
$ |
0.1875 |
$ |
0.79 |
$ |
0.675 |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
35,931 |
35,915 |
35,859 |
36,004 |
||||||||||||
Diluted |
35,931 |
35,915 |
36,733 |
36,673 |
||||||||||||
Other Data (unaudited): |
||||||||||||||||
Mountain Reported EBITDA |
$ |
(51,272) |
$ |
(43,975) |
$ |
228,699 |
$ |
198,908 |
||||||||
Lodging Reported EBITDA |
$ |
1,331 |
$ |
(22) |
$ |
12,161 |
$ |
6,353 |
||||||||
Resort Reported EBITDA |
$ |
(49,941) |
$ |
(43,997) |
$ |
240,860 |
$ |
205,261 |
||||||||
Real Estate Reported EBITDA |
$ |
306 |
$ |
(4,312) |
$ |
(9,106) |
$ |
(16,007) |
||||||||
Total Reported EBITDA |
$ |
(49,635) |
$ |
(48,309) |
$ |
231,754 |
$ |
189,254 |
||||||||
Mountain stock-based compensation |
$ |
1,999 |
$ |
1,668 |
$ |
9,007 |
$ |
7,614 |
||||||||
Lodging stock-based compensation |
$ |
481 |
$ |
386 |
$ |
1,917 |
$ |
1,744 |
||||||||
Resort stock-based compensation |
$ |
2,480 |
$ |
2,054 |
$ |
10,924 |
$ |
9,358 |
||||||||
Real Estate stock-based compensation |
$ |
325 |
$ |
596 |
$ |
1,425 |
$ |
2,641 |
||||||||
Total stock-based compensation |
$ |
2,805 |
$ |
2,650 |
$ |
12,349 |
$ |
11,999 |
| |||||||||||||||||||
Three Months Ended |
Percentage Increase |
Twelve Months Ended |
Percentage Increase | ||||||||||||||||
2013 |
2012 |
(Decrease) |
2013 |
2012 |
(Decrease) | ||||||||||||||
|
|||||||||||||||||||
Lift |
$ |
— |
$ |
89 |
(100.0) |
% |
$ |
390,820 |
$ |
342,500 |
14.1 |
% | |||||||
Ski school |
— |
1 |
(100.0) |
% |
95,254 |
84,292 |
13.0 |
% | |||||||||||
Dining |
7,100 |
6,619 |
7.3 |
% |
81,175 |
68,376 |
18.7 |
% | |||||||||||
Retail/rental |
22,615 |
20,814 |
8.7 |
% |
199,418 |
181,772 |
9.7 |
% | |||||||||||
Other |
22,129 |
18,891 |
17.1 |
% |
100,847 |
89,668 |
12.5 |
% | |||||||||||
|
$ |
51,844 |
$ |
46,414 |
11.7 |
% |
$ |
867,514 |
$ |
766,608 |
13.2 |
% | |||||||
Mountain operating expense: |
|||||||||||||||||||
Labor and labor-related benefits |
$ |
37,129 |
$ |
30,490 |
21.8 |
% |
$ |
238,479 |
$ |
207,269 |
15.1 |
% | |||||||
Retail cost of sales |
13,270 |
12,069 |
10.0 |
% |
88,500 |
79,657 |
11.1 |
% | |||||||||||
Resort related fees |
1,140 |
909 |
25.4 |
% |
41,970 |
39,557 |
6.1 |
% | |||||||||||
General and administrative |
26,240 |
22,087 |
18.8 |
% |
119,938 |
107,483 |
11.6 |
% | |||||||||||
Other |
25,429 |
24,769 |
2.7 |
% |
150,819 |
134,612 |
12.0 |
% | |||||||||||
|
$ |
103,208 |
$ |
90,324 |
14.3 |
% |
$ |
639,706 |
$ |
568,578 |
12.5 |
% | |||||||
Mountain equity investment income (loss), net |
92 |
(66) |
239.4 |
% |
891 |
878 |
1.5 |
% | |||||||||||
Mountain Reported EBITDA |
$ |
(51,272) |
$ |
(43,976) |
(16.6) |
% |
$ |
228,699 |
$ |
198,908 |
15.0 |
% |
Twelve Months Ended |
Percentage | ||||||||
2013 |
2012 |
Increase | |||||||
Skier Visits |
|||||||||
|
5,047 |
4,853 |
4.0 |
% | |||||
|
1,705 |
1,291 |
32.1 |
% | |||||
|
225 |
— |
nm | ||||||
Total Skier Visits |
6,977 |
6,144 |
13.6 |
% | |||||
Effective Ticket Price |
|
|
0.5 |
% |
Lodging Operating Results (In thousands, except ADR and RevPAR) (Unaudited) | ||||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Twelve Months Ended |
Percentage Increase | |||||||||||||||||||
2013 |
2012 |
(Decrease) |
2013 |
2012 |
(Decrease) | |||||||||||||||||
Lodging net revenue: |
||||||||||||||||||||||
Owned hotel rooms |
$ |
14,883 |
$ |
14,239 |
4.5 |
% |
$ |
48,449 |
$ |
45,131 |
7.4 |
% | ||||||||||
Managed condominium rooms |
7,957 |
6,412 |
24.1 |
% |
44,486 |
40,473 |
9.9 |
% | ||||||||||||||
Dining |
11,663 |
9,625 |
21.2 |
% |
33,809 |
29,980 |
12.8 |
% | ||||||||||||||
Transportation |
2,032 |
1,972 |
3.0 |
% |
19,602 |
18,860 |
3.9 |
% | ||||||||||||||
Golf |
7,526 |
7,523 |
— |
% |
15,237 |
15,159 |
0.5 |
% | ||||||||||||||
Other |
11,694 |
11,234 |
4.1 |
% |
38,562 |
38,383 |
0.5 |
% | ||||||||||||||
55,755 |
51,005 |
9.3 |
% |
200,145 |
187,986 |
6.5 |
% | |||||||||||||||
Payroll cost reimbursements |
2,334 |
3,746 |
(37.7) |
% |
10,829 |
22,637 |
(52.2) |
% | ||||||||||||||
Total Lodging net revenue |
$ |
58,089 |
$ |
54,751 |
6.1 |
% |
$ |
210,974 |
$ |
210,623 |
0.2 |
% | ||||||||||
Lodging operating expense: |
||||||||||||||||||||||
Labor and labor-related benefits |
$ |
26,431 |
$ |
24,311 |
8.7 |
% |
$ |
92,737 |
$ |
88,777 |
4.5 |
% | ||||||||||
General and administrative |
6,630 |
6,666 |
(0.5) |
% |
28,446 |
29,280 |
(2.8) |
% | ||||||||||||||
Other |
21,363 |
20,050 |
6.5 |
% |
66,801 |
63,576 |
5.1 |
% | ||||||||||||||
54,424 |
51,027 |
6.7 |
% |
187,984 |
181,633 |
3.5 |
% | |||||||||||||||
Reimbursed payroll costs |
2,334 |
3,746 |
(37.7) |
% |
10,829 |
22,637 |
(52.2) |
% | ||||||||||||||
Total Lodging operating expense |
$ |
56,758 |
$ |
54,773 |
3.6 |
% |
$ |
198,813 |
$ |
204,270 |
(2.7)% |
|||||||||||
Lodging Reported EBITDA |
$ |
1,331 |
$ |
(22) |
6,150.0 |
% |
$ |
12,161 |
$ |
6,353 |
91.4 |
% | ||||||||||
Owned hotel statistics: |
||||||||||||||||||||||
ADR |
$ |
185.41 |
$ |
191.63 |
(3.2) |
% |
$ |
203.61 |
$ |
205.02 |
(0.7) |
% | ||||||||||
RevPar |
$ |
110.94 |
$ |
107.84 |
2.9 |
% |
$ |
122.77 |
$ |
114.73 |
7.0 |
% | ||||||||||
Managed condominium statistics: |
||||||||||||||||||||||
ADR |
$ |
215.13 |
$ |
196.18 |
9.7 |
% |
$ |
333.98 |
$ |
320.30 |
4.3 |
% | ||||||||||
RevPar |
$ |
36.61 |
$ |
31.84 |
15.0 |
% |
$ |
83.48 |
$ |
78.65 |
6.1 |
% | ||||||||||
Owned hotel and managed condominium statistics (combined): |
||||||||||||||||||||||
ADR |
$ |
194.78 |
$ |
193.13 |
0.9 |
% |
$ |
264.36 |
$ |
260.04 |
1.7 |
% | ||||||||||
RevPar |
$ |
64.99 |
$ |
60.04 |
8.2 |
% |
$ |
96.14 |
$ |
90.36 |
6.4 |
% |
Key Balance Sheet Data (In thousands) (Unaudited) | ||||||||
As of | ||||||||
2013 |
2012 | |||||||
Real estate held for sale and investment |
$ |
195,230 |
$ |
237,668 |
||||
Total |
823,868 |
802,311 |
||||||
Long-term debt |
795,928 |
489,775 |
||||||
Long-term debt due within one year |
994 |
990 |
||||||
Total debt |
796,922 |
490,765 |
||||||
Less: cash and cash equivalents |
138,604 |
46,053 |
||||||
Net debt |
$ |
658,318 |
$ |
444,712 |
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 (loss) income attributable to
(In thousands) | ||||||||||||||||
Three Months Ended |
Twelve Months Ended | |||||||||||||||
2013 |
2012 |
2013 |
2012 | |||||||||||||
Mountain Reported EBITDA |
$ |
(51,272) |
$ |
(43,975) |
$ |
228,699 |
$ |
198,908 |
||||||||
Lodging Reported EBITDA |
1,331 |
(22) |
12,161 |
6,353 |
||||||||||||
Resort Reported EBITDA* |
(49,941) |
(43,997) |
240,860 |
205,261 |
||||||||||||
Real Estate Reported EBITDA |
306 |
(4,312) |
(9,106) |
(16,007) |
||||||||||||
Total Reported EBITDA |
(49,635) |
(48,309) |
231,754 |
189,254 |
||||||||||||
Depreciation and amortization |
(33,861) |
(32,335) |
(132,688) |
(127,581) |
||||||||||||
Loss on disposal of fixed assets, net |
(465) |
(341) |
(1,222) |
(1,464) |
||||||||||||
Investment income, net |
45 |
113 |
351 |
469 |
||||||||||||
Interest expense, net |
(13,698) |
(8,360) |
(38,966) |
(33,586) |
||||||||||||
(Loss) income before benefit (provision) for income taxes |
(97,614) |
(89,232) |
59,229 |
27,092 |
||||||||||||
Benefit (provision) for income taxes |
37,710 |
35,408 |
(21,619) |
(10,701) |
||||||||||||
Net (loss) income |
$ |
(59,904) |
$ |
(53,824) |
$ |
37,610 |
$ |
16,391 |
||||||||
Net loss attributable to noncontrolling interests |
36 |
28 |
133 |
62 |
||||||||||||
Net (loss) income attributable to |
$ |
(59,868) |
$ |
(53,796) |
$ |
37,743 |
$ |
16,453 |
* |
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 July 31, 2013 |
|||||
Long-term debt |
$ |
795,928 |
|||
Long-term debt due within one year |
994 |
||||
Total debt |
796,922 |
||||
Less: cash and cash equivalents |
138,604 |
||||
Net debt |
$ |
658,318 |
|||
Net debt to Total Reported EBITDA |
2.8x |
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and twelve months ended
(In thousands) (Unaudited) Three Months Ended |
(In thousands) (Unaudited) Twelve Months Ended | |||||||
Real Estate Reported EBITDA |
$ |
306 |
$ |
(9,106) |
||||
|
6,210 |
36,492 |
||||||
|
325 |
1,425 |
||||||
Change in Real Estate deposits less investments in Real Estate |
309 |
(1,331) |
||||||
Net Real Estate Cash Flow |
$ |
7,150 |
$ |
27,480 |
The following table reconciles Resort Net Revenue to Resort EBITDA Margin for the twelve months ended
(In thousands) (Unaudited) Twelve Months Ended |
(In thousands) (Unaudited) Fiscal 2014 Guidance** | |||||||
Resort net revenue* |
$ |
1,078,488 |
$ |
1,250,773 |
||||
Resort EBITDA* |
240,860 |
287,500 |
||||||
Resort EBITDA margin* |
22.3 |
% |
23.0 |
% | ||||
*Resort represents the sum of Mountain and Lodging | ||||||||
**Represents the mid-point range of Guidance |
SOURCE
News Provided by Acquire Media