Vail Resorts Reports Fiscal 2013 Second Quarter Results, Provides Ski Season Metrics and Increases Quarterly Dividend 10%
Highlights
- Resort Reported EBITDA increased 17.0% for the second quarter of fiscal 2013 compared to the same period in the prior year.
- Net Income attributable to
Vail Resorts, Inc. was$60.6 million for the second quarter of fiscal 2013, representing a 30.5% increase compared to the same period in the prior year. - Excluding
Kirkwood , Skiinfo,Afton Alps and Mt.Brighton (the "Acquisitions"), all of which were acquired subsequent to the second quarter of fiscal 2012:Total Mountain net revenue increased 9.5% for the second quarter of fiscal 2013 compared to the same period in the prior year.- Mountain Reported EBITDA increased 13.7% for the second quarter of fiscal 2013 compared to the same period in the prior year.
- Total skier visitation increased 2.9% for the second quarter of fiscal 2013 compared to the same period in the prior year.
- Season-to-date skier metrics through
March 3, 2013 across our seven mountain resorts improved from our metrics release in mid-January with increases in year-over-year growth in revenues in each line of business. - The Company's Board of Directors authorized a 10% increase in the quarterly cash dividend to
$0.2075 per share from$0.1875 per share beginning with the dividend payable onApril 9, 2013 . - During the second quarter of fiscal 2013, we closed on four units at the
Ritz-Carlton Residences , Vail and threeOne Ski Hill Place units in Breckenridge. Net Real Estate Cash Flow for the second quarter was$8.9 million and was$14.4 million year-to-date. Subsequent to quarter end, two additionalRitz-Carlton Residences , Vail and five additionalOne Ski Hill Place units have closed.
Regarding Lodging, Katz said, "Our lodging results benefited from higher visitation in the peak holiday periods and higher demand for luxury rooms. Despite the slow start to the season for our
Regarding Real Estate, Katz said, "We are continuing to see increasing levels of buyer interest and are encouraged by the rate of sales we are seeing at both of our development projects. During the quarter, we closed on four
Katz continued, "Our balance sheet remains in a very strong position. We ended the quarter with
The Company also announced its calendar year 2013 capital plan at a range of
Operating Results
A complete Management's Discussion and Analysis of Financial Condition and Results of Operations can be found in the Company's Form 10-Q for the second quarter of 2013 ended
Mountain Segment
- Lift revenue increased
$22.0 million , or 14.3%, to$175.7 million for the three months ended January 31, 2013 compared to the same period in the prior year. - ETP excluding season pass holders, and excluding the Acquisitions, increased
$5.46 , or 7.6% for the quarter compared to the same period in the prior year. - Mountain Reported EBITDA increased
$20.2 million , or 16.8% to$140.8 million for the quarter compared to the same period in the prior year. - Mountain Reported EBITDA includes
$2.2 million and$1.8 million of stock-based compensation expense for the three months endedJanuary 31, 2013 and 2012, respectively.
Strong visitation and increases in guest spending supported revenue growth in all our major lines of businesses. Lift revenue excluding season pass revenue increased
Mountain segment operating expenses increased
Lodging Segment
- Total Lodging net revenue (excluding payroll cost reimbursements) for the three months ended
January 31, 2013 increased$1.2 million , or 2.8%, as compared to the same period in the prior year. - For the three months ended
January 31, 2013 , average daily rate ("ADR") increased 6.4% and revenue per available room ("RevPAR") increased 1.5% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. - Lodging Reported EBITDA increased 43.4% to
$1.7 million for the second quarter of fiscal 2013 compared to the same period in the prior year. - Lodging Reported EBITDA includes
$0.6 million and$0.4 million of stock-based compensation expense for the three months endedJanuary 31, 2013 and 2012, respectively.
The 6.4% increase in ADR from the same period in the prior year helped maintain revenue growth at owned hotels and managed condominiums. Dining revenues in the second quarter of fiscal 2013 were up
Resort — Combination of Mountain and Lodging Segments
- Resort net revenue was
$408.3 million for the second quarter of fiscal 2013 up 12.1% compared to$364.2 million in the second quarter of the prior year. - Resort Reported EBITDA was
$142.6 million for the second quarter of fiscal 2013 up 17.0% compared to$121.8 million in the same period in the prior year.
Real Estate Segment
- Real Estate segment net revenue was
$14.2 million for the second quarter of fiscal 2013 compared to$9.1 million in the same period in the prior year. - 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 a positive
$8.9 million for the second quarter of fiscal 2013. - Real Estate Reported EBITDA was a negative
$2.6 million the second quarter of fiscal 2013 compared to a negative$3.5 million in the same period in the prior year. - Real Estate Reported EBITDA includes
$0.4 million and$0.6 million of stock-based compensation expense for the three months ended January 31, 2013 and 2012, respectively.
Real Estate segment net revenue for the second quarter of fiscal 2013 was driven by the closing of four condominium units at The
Total Performance
- Total net revenue in the second quarter of fiscal 2013 was
$422.5 million , or a 13.2% increase, when compared to the same quarter in the prior year. - Net income attributable to
Vail Resorts, Inc. was$60.6 million , or$1.65 per diluted share, for the second quarter of fiscal 2013 compared to net income attributable toVail Resorts, Inc. of$46.4 million , or$1.27 per diluted share, in the second quarter of the prior year.
Share Repurchase
The Company did not repurchase any shares of common stock during the three months ended
Season-to-Date Metrics through
The Company announced ski season-to-date metrics for the comparative periods from the beginning of the ski season through
Highlights
- Season-to-date total lift ticket revenue, including an allocated portion of season pass revenue for each applicable period, was up approximately 10.3% compared to the prior year season-to-date period.
- Season-to-date ancillary spending outpaced our growth in skier visitation, with dining revenue up 12.5%, ski school revenue up 11.8%, and retail/rental revenue up 10.0% compared to the prior year season-to-date period.
- Season-to-date total skier visits were up 3.8% compared to the prior year season-to-date.
Commenting on the ski season-to-date,
Outlook
Commenting on fiscal 2013 guidance, Katz continued, "We are pleased with our year-to-date performance and are reiterating the fiscal year 2013 guidance issued on
The following table reflects the forecasted guidance range for the Company's fiscal year ending
Fiscal 2013 Guidance | |||||||
(In thousands) | |||||||
For the Year Ending | |||||||
| |||||||
Range |
High End | ||||||
Mountain Reported EBITDA (1) |
$ |
234,000 |
$ |
244,000 | |||
Lodging Reported EBITDA (2) |
8,000 |
13,000 | |||||
Resort Reported EBITDA (3) |
244,000 |
254,000 | |||||
Real Estate Reported EBITDA (4) |
(17,000) |
(9,000) | |||||
Total Reported EBITDA |
227,000 |
245,000 | |||||
Depreciation and amortization |
(130,000) |
(131,500) | |||||
Loss on disposal of fixed assets, net |
(500) |
(1,100) | |||||
Investment income |
500 |
600 | |||||
Interest expense, net |
(34,000) |
(34,000) | |||||
Income before provision for income taxes |
63,000 |
79,000 | |||||
Provision for income taxes |
(24,090) |
(30,090) | |||||
Net income |
38,910 |
48,910 | |||||
Net loss attributable to noncontrolling interests |
90 |
90 | |||||
Net income attributable to |
$ |
39,000 |
$ |
49,000 |
(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, 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 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, 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 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 of acquisitions or future acquisitions; 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 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 |
Six Months Ended January 31, | ||||||||||||||||
2013 |
2012 |
2013 |
2012 | ||||||||||||||
Net revenue: |
|||||||||||||||||
Mountain |
$ |
361,741 |
$ |
315,938 |
$ |
413,653 |
$ |
365,608 | |||||||||
Lodging |
46,543 |
48,306 |
99,051 |
101,900 | |||||||||||||
Real estate |
14,167 |
9,088 |
26,097 |
22,197 | |||||||||||||
Total net revenue |
422,451 |
373,332 |
538,801 |
489,705 | |||||||||||||
Segment operating expense: |
|||||||||||||||||
Mountain |
220,997 |
195,489 |
328,545 |
294,044 | |||||||||||||
Lodging |
44,803 |
47,093 |
96,609 |
102,394 | |||||||||||||
Real estate |
16,739 |
12,563 |
32,353 |
30,410 | |||||||||||||
Total segment operating expense |
282,539 |
255,145 |
457,507 |
426,848 | |||||||||||||
Other operating expense: |
|||||||||||||||||
Depreciation and amortization |
(33,418) |
(33,050) |
(65,097) |
(61,980) | |||||||||||||
Loss on disposal of fixed assets, net |
(531) |
(919) |
(533) |
(1,033) | |||||||||||||
Income (loss) from operations |
105,963 |
84,218 |
15,664 |
(156) | |||||||||||||
Mountain equity investment income, net |
99 |
178 |
533 |
608 | |||||||||||||
Investment income, net |
99 |
310 |
153 |
374 | |||||||||||||
Interest expense, net |
(8,534) |
(8,542) |
(16,909) |
(16,783) | |||||||||||||
Income (loss) before (provision) benefit from income taxes |
97,627 |
76,164 |
(559) |
(15,957) | |||||||||||||
(Provision) benefit from income taxes |
(37,098) |
(29,743) |
485 |
6,644 | |||||||||||||
Net income (loss) |
$ |
60,529 |
$ |
46,421 |
$ |
(74) |
$ |
(9,313) | |||||||||
Net loss (income) attributable to noncontrolling interests |
22 |
(32) |
45 |
(7) | |||||||||||||
Net income (loss) attributable to |
$ |
60,551 |
$ |
46,389 |
$ |
(29) |
$ |
(9,320) | |||||||||
Per share amounts: |
|||||||||||||||||
Basic net income (loss) per share attributable to |
$ |
1.69 |
$ |
1.29 |
$ |
— |
$ |
(0.26) | |||||||||
Diluted net income (loss) per share attributable to |
$ |
1.65 |
$ |
1.27 |
$ |
— |
$ |
(0.26) | |||||||||
Cash dividends declared per share |
$ |
0.1875 |
$ |
0.15 |
$ |
0.3750 |
$ |
0.30 | |||||||||
Weighted average shares outstanding: |
|||||||||||||||||
Basic |
35,895 |
36,005 |
35,798 |
36,036 | |||||||||||||
Diluted |
36,663 |
36,651 |
35,798 |
36,036 | |||||||||||||
Other Data (unaudited): |
|||||||||||||||||
Mountain Reported EBITDA |
$ |
140,843 |
$ |
120,627 |
$ |
85,641 |
$ |
72,172 | |||||||||
Lodging Reported EBITDA |
$ |
1,740 |
$ |
1,213 |
$ |
2,442 |
$ |
(494) | |||||||||
Resort Reported EBITDA |
$ |
142,583 |
$ |
121,840 |
$ |
88,083 |
$ |
71,678 | |||||||||
Real Estate Reported EBITDA |
$ |
(2,572) |
$ |
(3,475) |
$ |
(6,256) |
$ |
(8,213) | |||||||||
Total Reported EBITDA |
$ |
140,011 |
$ |
118,365 |
$ |
81,827 |
$ |
63,465 | |||||||||
Mountain stock-based compensation |
$ |
2,215 |
$ |
1,757 |
$ |
4,935 |
$ |
4,317 | |||||||||
Lodging stock-based compensation |
$ |
572 |
$ |
399 |
$ |
942 |
$ |
1,001 | |||||||||
Resort stock-based compensation |
$ |
2,787 |
$ |
2,156 |
$ |
5,877 |
$ |
5,318 | |||||||||
Real Estate stock-based compensation |
$ |
372 |
$ |
632 |
$ |
754 |
$ |
1,502 | |||||||||
Total stock-based compensation |
$ |
3,159 |
$ |
2,788 |
$ |
6,631 |
$ |
6,820 |
| ||||||||||||||||||||||
Mountain Segment Operating Results | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Six Months Ended |
Percentage Increase | |||||||||||||||||||
2013 |
2012 |
(Decrease) |
2013 |
2012 |
(Decrease) | |||||||||||||||||
|
||||||||||||||||||||||
Lift tickets |
$ |
175,658 |
$ |
153,699 |
14.3 |
% |
$ |
175,658 |
$ |
153,699 |
14.3 |
% | ||||||||||
Ski school |
41,723 |
37,252 |
12.0 |
% |
41,723 |
37,252 |
12.0 |
% | ||||||||||||||
Dining |
29,826 |
24,722 |
20.6 |
% |
36,199 |
30,369 |
19.2 |
% | ||||||||||||||
Retail/rental |
83,748 |
73,850 |
13.4 |
% |
110,473 |
100,814 |
9.6 |
% | ||||||||||||||
Other |
30,786 |
26,415 |
16.5 |
% |
49,600 |
43,474 |
14.1 |
% | ||||||||||||||
|
$ |
361,741 |
$ |
315,938 |
14.5 |
% |
$ |
413,653 |
$ |
365,608 |
13.1 |
% | ||||||||||
Mountain operating expense: |
||||||||||||||||||||||
Labor and labor-related benefits |
$ |
83,684 |
$ |
72,730 |
15.1 |
% |
$ |
117,978 |
$ |
102,821 |
14.7 |
% | ||||||||||
Retail cost of sales |
35,244 |
29,427 |
19.8 |
% |
51,435 |
44,954 |
14.4 |
% | ||||||||||||||
Resort related fees |
17,396 |
16,742 |
3.9 |
% |
18,385 |
17,826 |
3.1 |
% | ||||||||||||||
General and administrative |
34,813 |
31,699 |
9.8 |
% |
62,117 |
57,406 |
8.2 |
% | ||||||||||||||
Other |
49,860 |
44,891 |
11.1 |
% |
78,630 |
71,037 |
10.7 |
% | ||||||||||||||
|
$ |
220,997 |
$ |
195,489 |
13.0 |
% |
$ |
328,545 |
$ |
294,044 |
11.7 |
% | ||||||||||
Mountain equity investment income, net |
99 |
178 |
(44.4)% |
533 |
608 |
(12.3)% |
||||||||||||||||
Mountain Reported EBITDA |
$ |
140,843 |
$ |
120,627 |
16.8 |
% |
$ |
85,641 |
$ |
72,172 |
18.7 |
% |
| ||||||||||||||||||||||
Lodging Operating Results | ||||||||||||||||||||||
(In thousands, except ADR and RevPAR) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Six Months Ended |
Percentage Increase | |||||||||||||||||||
2013 |
2012 |
(Decrease) |
2013 |
2012 |
(Decrease) | |||||||||||||||||
Lodging net revenue: |
||||||||||||||||||||||
Owned hotel rooms |
$ |
8,906 |
$ |
8,691 |
2.5 |
% |
$ |
22,600 |
$ |
20,723 |
9.1 |
% | ||||||||||
Managed condominium rooms |
14,605 |
13,594 |
7.4 |
% |
20,419 |
19,140 |
6.7 |
% | ||||||||||||||
Dining |
5,492 |
5,094 |
7.8 |
% |
16,102 |
14,651 |
9.9 |
% | ||||||||||||||
Transportation |
7,123 |
7,089 |
0.5 |
% |
8,814 |
8,791 |
0.3 |
% | ||||||||||||||
Golf |
— |
— |
— |
7,647 |
7,573 |
1.0 |
% | |||||||||||||||
Other |
7,880 |
8,324 |
(5.3)% |
17,752 |
17,773 |
(0.1)% |
||||||||||||||||
44,006 |
42,792 |
2.8 |
% |
93,334 |
88,651 |
5.3 |
% | |||||||||||||||
Payroll cost reimbursements |
2,537 |
5,514 |
(54.0)% |
5,717 |
13,249 |
(56.8)% |
||||||||||||||||
Total Lodging net revenue |
$ |
46,543 |
$ |
48,306 |
(3.6)% |
$ |
99,051 |
$ |
101,900 |
(2.8)% |
||||||||||||
Lodging operating expense: |
||||||||||||||||||||||
Labor and labor-related benefits |
$ |
21,472 |
$ |
20,839 |
3.0 |
% |
$ |
44,922 |
$ |
43,408 |
3.5 |
% | ||||||||||
General and administrative |
7,236 |
7,630 |
(5.2)% |
14,261 |
15,158 |
(5.9)% |
||||||||||||||||
Other |
13,558 |
13,110 |
3.4 |
% |
31,709 |
30,579 |
3.7 |
% | ||||||||||||||
42,266 |
41,579 |
1.7 |
% |
90,892 |
89,145 |
2.0 |
% | |||||||||||||||
Reimbursed payroll costs |
2,537 |
5,514 |
(54.0)% |
5,717 |
13,249 |
(56.8)% |
||||||||||||||||
Total Lodging operating expense |
$ |
44,803 |
$ |
47,093 |
(4.9)% |
$ |
96,609 |
$ |
102,394 |
(5.6)% |
||||||||||||
Lodging Reported EBITDA |
$ |
1,740 |
$ |
1,213 |
43.4 |
% |
$ |
2,442 |
$ |
(494) |
594.3 |
% | ||||||||||
Owned hotel statistics: |
||||||||||||||||||||||
ADR |
$ |
232.85 |
$ |
223.98 |
4.0 |
% |
$ |
198.83 |
$ |
202.64 |
(1.9)% |
|||||||||||
RevPar |
$ |
124.06 |
$ |
120.49 |
3.0 |
% |
$ |
117.46 |
$ |
109.56 |
7.2 |
% | ||||||||||
Managed condominium statistics: |
||||||||||||||||||||||
ADR |
$ |
416.08 |
$ |
387.57 |
7.4 |
% |
$ |
338.20 |
$ |
323.70 |
4.5 |
% | ||||||||||
RevPar |
$ |
122.84 |
$ |
121.65 |
1.0 |
% |
$ |
76.58 |
$ |
75.57 |
1.3 |
% | ||||||||||
Owned hotel and managed condominium statistics (combined): |
||||||||||||||||||||||
ADR |
$ |
344.26 |
$ |
323.41 |
6.4 |
% |
$ |
262.07 |
$ |
259.87 |
0.8 |
% | ||||||||||
RevPar |
$ |
123.16 |
$ |
121.33 |
1.5 |
% |
$ |
89.49 |
$ |
86.62 |
3.3 |
% |
Key Balance Sheet Data | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
As of January 31, | ||||||||
2013 |
2012 | |||||||
Real estate held for sale and investment |
$ |
216,815 |
$ |
257,169 | ||||
Total |
796,014 |
807,261 | ||||||
Long-term debt |
489,497 |
490,302 | ||||||
Long-term debt due within one year |
806 |
1,058 | ||||||
Total debt |
490,303 |
491,360 | ||||||
Less: cash and cash equivalents |
136,579 |
95,642 | ||||||
Net debt |
$ |
353,724 |
$ |
395,718 |
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 January 31, |
(In thousands) (Unaudited) Six Months Ended January 31, | |||||||||||||||
2013 |
2012 |
2013 |
2012 | |||||||||||||
Mountain Reported EBITDA |
$ |
140,843 |
$ |
120,627 |
$ |
85,641 |
$ |
72,172 | ||||||||
Lodging Reported EBITDA |
1,740 |
1,213 |
2,442 |
(494) | ||||||||||||
Resort Reported EBITDA* |
142,583 |
121,840 |
88,083 |
71,678 | ||||||||||||
Real Estate Reported EBITDA |
(2,572) |
(3,475) |
(6,256) |
(8,213) | ||||||||||||
Total Reported EBITDA |
140,011 |
118,365 |
81,827 |
63,465 | ||||||||||||
Depreciation and amortization |
(33,418) |
(33,050) |
(65,097) |
(61,980) | ||||||||||||
Loss on disposal of fixed assets, net |
(531) |
(919) |
(533) |
(1,033) | ||||||||||||
Investment income, net |
99 |
310 |
153 |
374 | ||||||||||||
Interest expense, net |
(8,534) |
(8,542) |
(16,909) |
(16,783) | ||||||||||||
Income (loss) before (provision) benefit from income taxes |
97,627 |
76,164 |
(559) |
(15,957) | ||||||||||||
(Provision) benefit from income taxes |
(37,098) |
(29,743) |
485 |
6,644 | ||||||||||||
Net income (loss) |
60,529 |
46,421 |
(74) |
(9,313) | ||||||||||||
Net loss (income) attributable to noncontrolling interests |
22 |
(32) |
45 |
(7) | ||||||||||||
Net income (loss) attributable to |
$ |
60,551 |
$ |
46,389 |
$ |
(29) |
$ |
(9,320) |
* |
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, 2013 | |||
Mountain Reported EBITDA |
$ |
212,377 | |
Lodging Reported EBITDA |
9,289 | ||
Resort Reported EBITDA* |
221,666 | ||
Real Estate Reported EBITDA |
(14,050) | ||
Total Reported EBITDA |
207,616 | ||
Depreciation and amortization |
(130,698) | ||
Loss on disposal of fixed assets, net |
(964) | ||
Investment income, net |
248 | ||
Interest expense, net |
(33,712) | ||
Income before provision for income taxes |
42,490 | ||
Provision for income taxes |
(16,860) | ||
Net income |
$ |
25,630 | |
Net loss attributable to noncontrolling interests |
114 | ||
Net income attributable to |
$ |
25,744 |
* |
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 January 31, 2013.
(In thousands) (Unaudited) As of January 31, 2013 |
||||||
Long-term debt |
$ |
489,497 |
||||
Long-term debt due within one year |
806 |
|||||
Total debt |
490,303 |
|||||
Less: cash and cash equivalents |
136,579 |
|||||
Net debt |
$ |
353,724 |
||||
Net debt to Total Reported EBITDA |
1.7 |
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and six months ended January 31, 2013.
(In thousands) (Unaudited) Three Months Ended January 31, 2013 |
(In thousands) (Unaudited) Six Months Ended January 31, 2013 | |||||||
Real Estate Reported EBITDA |
$ |
(2,572) |
$ |
(6,256) | ||||
|
10,659 |
19,900 | ||||||
|
372 |
754 | ||||||
Change in Real Estate deposits less investments in Real Estate |
451 |
(26) | ||||||
Net Real Estate Cash Flow |
$ |
8,910 |
$ |
14,372 |
SOURCE
News Provided by Acquire Media