Vail Resorts Reports Fiscal 2014 Fourth Quarter and Full Year Results and Provides Fiscal 2015 Outlook
Highlights
- Resort Reported EBITDA increased 11.6% to
$268.8 million for fiscal 2014 compared to the prior fiscal year. This includes$9.8 million of expenses related to the Canyons integration andPark City Mountain Resort litigation. - Net income attributable to
Vail Resorts, Inc. was$28.5 million for fiscal 2014. - Sales of season passes through
September 21, 2014 for the upcoming 2014/2015 ski season were up approximately 14% in units and approximately 18% 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. - The Company issued its fiscal 2015 guidance range, including the addition of
Park City Mountain Resort . Resort Reported EBITDA is expected to be between$340 million and$360 million , which includes approximately$5 million of litigation, transaction and integration expense related toPark City Mountain Resort and Canyons.
Commenting on the Company's fiscal 2014 results,
Katz added, "
"Additionally, our Lodging business showed strong growth with net revenue increasing 14.8% compared to the prior fiscal year, and an increase in EBITDA of 37.5% primarily driven by increases in both the Average Daily Rate (ADR) and occupancy, leading to a 12.7% increase in Revenue per
Turning to our real estate business, Katz commented, "We are pleased with our Net Real Estate Cash Flow of
Katz continued, "Our balance sheet continues to be very strong. We ended the fiscal year with
Commenting on the Company's recent acquisition of
We anticipate that
Operating Results
A complete "Management's Discussion and Analysis of Financial Condition and Results of Operations" section can be found in the Company's Form 10-K for the fiscal year ended
Mountain Segment
- Total skier visits for fiscal 2014 increased to 7.7 million, from 7.0 million in fiscal 2013, a 10.2% increase.
- Season pass revenue increased
$29.6 million , or 20.1%, compared to the prior fiscal year. - Effective Ticket Price ("ETP"), excluding season pass holders, increased
$3.72 , or 4.9%, compared to the prior fiscal year. - Mountain Reported EBITDA for fiscal 2014 increased
$23.4 million , or 10.2%, to$252.1 million , compared to the prior fiscal year. - Mountain Reported EBITDA includes
$10.3 million and$9.0 million of stock-based compensation expense for fiscal 2014 and fiscal 2013, respectively.
Lodging Segment
- Lodging segment net revenue was
$242.3 million for fiscal 2014 compared to$211.0 million for the prior fiscal year, a 14.8% increase. Excluding the operations of Canyons and payroll cost reimbursements related to managed hotel properties, total Lodging revenues increased 7.8% over the prior fiscal year. - For fiscal 2014, ADR increased 2.6% and RevPAR increased 12.7% at the Company's owned hotels and managed condominiums, excluding Canyons, compared to the prior fiscal year.
- Lodging Reported EBITDA increased 37.5% to
$16.7 million for fiscal 2014 compared to the prior fiscal year. - Lodging Reported EBITDA includes
$2.2 million and$1.9 million of stock-based compensation expense for fiscal 2014 and fiscal 2013, respectively.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue was
$1,205.9 million for fiscal 2014, an increase of 11.8%, compared to the prior fiscal year. - Resort Reported EBITDA increased 11.6% to
$268.8 million for fiscal 2014, compared to the prior fiscal year.
Real Estate Segment
- Real Estate segment net revenue increased
$6.5 million , or 15.3%, compared to the prior fiscal year, to$48.8 million in fiscal 2014. - Net Real Estate Cash Flow (a non-GAAP measure defined as Real Estate Reported EBITDA, plus non-cash real estate cost of sales, non-cash stock-based compensation expense, and change in real estate deposits and recovery of previously incurred project costs less investment in real estate) was
$32.3 million for fiscal 2014. - Real Estate Reported EBITDA was negative
$7.0 million for fiscal 2014, compared to negative$9.1 million for the prior fiscal year. Real Estate Reported EBITDA includes$1.7 million and$1.4 million of stock-based compensation expense for fiscal 2014 and fiscal 2013, respectively.
Total Performance
- Total net revenue was
$1,254.6 million for fiscal 2014 compared to$1,120.8 million in the prior fiscal year, an 11.9% increase. - Net income attributable to
Vail Resorts, Inc. was$28.5 million , or$0.77 per diluted share, for fiscal 2014, compared to net income attributable toVail Resorts, Inc. of$37.7 million , or$1.03 per diluted share, in the prior fiscal year. Net income was impacted by a loss on extinguishment of debt of$10.8 million for the early redemption of$175 million of our 6.50% Notes.
Season Pass Sales and Other Indicators
Commenting on season pass sales, Katz said, "We are incredibly pleased with our season pass sales to date. Through
Guidance
Commenting on guidance for fiscal 2015, Katz said, "We estimate Resort Reported EBITDA for fiscal 2015 will be between
The following table reflects the forecasted guidance range for the Company's fiscal year ending
Fiscal 2015 Guidance | |||||||||
(In thousands) | |||||||||
For the Year Ending | |||||||||
| |||||||||
Low End Range |
High End | ||||||||
Mountain Reported EBITDA (1) |
$ |
324,000 |
$ |
338,000 | |||||
Lodging Reported EBITDA (2) |
13,000 |
25,000 | |||||||
Resort Reported EBITDA (3) |
340,000 |
360,000 | |||||||
Real Estate Reported EBITDAÂ (4) |
(13,000) |
(6,000) | |||||||
Total Reported EBITDA |
327,000 |
354,000 | |||||||
Depreciation and amortization |
(147,000) |
(140,000) | |||||||
Change in fair value of contingent consideration (5) |
— |
— | |||||||
Loss on disposal of fixed assets, net |
(2,000) |
(800) | |||||||
Investment income, net |
200 |
500 | |||||||
Interest expense |
(57,000) |
(54,000) | |||||||
Loss on extinguishment of debt |
— |
— | |||||||
Income before provision for income taxes |
121,200 |
159,700 | |||||||
Provision for income taxes |
(45,800) |
(59,400) | |||||||
Net income |
75,400 |
100,300 | |||||||
Net loss attributable to noncontrolling interests |
100 |
200 | |||||||
Net income attributable to |
$ |
75,500 |
$ |
100,500 |
(1) Mountain Reported EBITDA includes approximately
(2) Lodging Reported EBITDA includes approximately
(3) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high end of the expected ranges provided for the Lodging and Mountain segments, while possible, do not sum to the low or high end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges.
(4) Real Estate Reported EBITDA includes approximately
(5) Our guidance excludes any change in the fair value of contingent consideration which is based upon, among other things, financial projections including long-term growth rates for
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. 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 effects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; 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; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and lodging businesses; high fixed cost structure of our business; our ability to successfully initiate, complete and sell our real estate development projects and achieve the anticipated financial benefits from such projects; our ability to fund resort capital expenditures; our reliance on government permits or approvals for our use of Federal land or to make operational and capital improvements; risks related to federal, state and local government laws, rules and regulations; risks related to our reliance on information technology; our failure to maintain the integrity of our customer or employee data; adverse consequences of current or future legal claims; a deterioration in the quality or reputation of our brands,
including from the risk of accidents at our mountain resorts; our ability to hire and retain a sufficient seasonal workforce; risks related to our workforce, including increased labor costs; loss of key personnel; our ability to successfully integrate acquired businesses or future acquisitions; our ability to realize anticipated financial benefits from Canyons or
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
When reporting financial results, we use the terms Reported EBITDA, Resort EBITDA Margin, Net Debt, Net Real Estate Cash Flow, Lodging net revenue excluding payroll cost reimbursement, and Lodging operating expense excluding reimbursed payroll costs, which are not financial measures under accounting principles generally accepted in
| ||||||||||||||||
Consolidated Condensed Statements of Operations | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
Twelve Months Ended | |||||||||||||||
2014 |
2013 |
2014 |
2013 | |||||||||||||
Net revenue: |
||||||||||||||||
Mountain |
$ |
53,999 |
$ |
51,844 |
$ |
963,573 |
$ |
867,514 | ||||||||
Lodging |
62,593 |
58,089 |
242,287 |
210,974 | ||||||||||||
Real estate |
18,896 |
2,372 |
48,786 |
42,309 | ||||||||||||
Total net revenue |
135,488 |
112,305 |
1,254,646 |
1,120,797 | ||||||||||||
Segment operating expense: |
||||||||||||||||
Mountain |
111,198 |
103,208 |
712,785 |
639,706 | ||||||||||||
Lodging |
62,217 |
56,758 |
225,563 |
198,813 | ||||||||||||
Real estate |
20,144 |
8,741 |
55,826 |
58,090 | ||||||||||||
Total segment operating expense |
193,559 |
168,707 |
994,174 |
896,609 | ||||||||||||
Other operating expense: |
||||||||||||||||
Depreciation and amortization |
(34,653) |
(33,861) |
(140,601) |
(132,688) | ||||||||||||
Change in fair value of contingent consideration |
(1,400) |
— |
(1,400) |
— | ||||||||||||
Loss on disposal of fixed assets, net |
(369) |
(465) |
(1,208) |
(1,222) | ||||||||||||
Gain on sale of real property |
— |
6,675 |
— |
6,675 | ||||||||||||
(Loss) income from operations |
(94,493) |
(84,053) |
117,263 |
96,953 | ||||||||||||
Mountain equity investment (loss) income, net |
(20) |
92 |
1,262 |
891 | ||||||||||||
Investment income, net |
86 |
45 |
375 |
351 | ||||||||||||
Interest expense |
(15,252) |
(13,698) |
(63,997) |
(38,966) | ||||||||||||
Loss on extinguishment of debt |
(10,831) |
— |
(10,831) |
— | ||||||||||||
(Loss) income before provision for income taxes |
(120,510) |
(97,614) |
44,072 |
59,229 | ||||||||||||
Benefit (provision) for income taxes |
45,087 |
37,710 |
(15,866) |
(21,619) | ||||||||||||
Net (loss) income |
$ |
(75,423) |
$ |
(59,904) |
$ |
28,206 |
$ |
37,610 | ||||||||
Net loss attributable to noncontrolling interests |
68 |
36 |
272 |
133 | ||||||||||||
Net (loss) income attributable to |
$ |
(75,355) |
$ |
(59,868) |
$ |
28,478 |
$ |
37,743 | ||||||||
Per share amounts: |
||||||||||||||||
Basic net (loss) income per share attributable to |
$ |
(2.08) |
$ |
(1.67) |
$ |
0.79 |
$ |
1.05 | ||||||||
Diluted net (loss) income per share attributable to |
$ |
(2.08) |
$ |
(1.67) |
$ |
0.77 |
$ |
1.03 | ||||||||
Cash dividends declared per share |
$ |
0.4150 |
$ |
0.2075 |
$ |
1.245 |
$ |
0.79 | ||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
36,192 |
35,931 |
36,127 |
35,859 | ||||||||||||
Diluted |
36,192 |
35,931 |
37,057 |
36,733 | ||||||||||||
Other Data: |
||||||||||||||||
Mountain Reported EBITDA |
$ |
(57,219) |
$ |
(51,272) |
$ |
252,050 |
$ |
228,699 | ||||||||
Lodging Reported EBITDA |
$ |
376 |
$ |
1,331 |
$ |
16,724 |
$ |
12,161 | ||||||||
Resort Reported EBITDA |
$ |
(56,843) |
$ |
(49,941) |
$ |
268,774 |
$ |
240,860 | ||||||||
Real Estate Reported EBITDA |
$ |
(1,248) |
$ |
306 |
$ |
(7,040) |
$ |
(9,106) | ||||||||
Total Reported EBITDA |
$ |
(58,091) |
$ |
(49,635) |
$ |
261,734 |
$ |
231,754 | ||||||||
Mountain stock-based compensation |
$ |
2,635 |
$ |
1,999 |
$ |
10,292 |
$ |
9,007 | ||||||||
Lodging stock-based compensation |
$ |
604 |
$ |
481 |
$ |
2,203 |
$ |
1,917 | ||||||||
Resort stock-based compensation |
$ |
3,239 |
$ |
2,480 |
$ |
12,495 |
$ |
10,924 | ||||||||
Real Estate stock-based compensation |
$ |
446 |
$ |
325 |
$ |
1,729 |
$ |
1,425 | ||||||||
Total stock-based compensation |
$ |
3,685 |
$ |
2,805 |
$ |
14,224 |
$ |
12,349 |
| |||||||||||||||||||
Mountain Segment Operating Results | |||||||||||||||||||
(In thousands, except effective ticket price ("ETP")) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended |
Percentage Increase |
Twelve Months Ended |
Percentage Increase | ||||||||||||||||
2014 |
2013 |
(Decrease) |
2014 |
2013 |
(Decrease) | ||||||||||||||
|
|||||||||||||||||||
Lift |
$ |
— |
$ |
— |
— |
% |
$ |
447,271 |
$ |
390,820 |
14.4 |
% | |||||||
Ski school |
— |
— |
— |
% |
109,442 |
95,254 |
14.9 |
% | |||||||||||
Dining |
7,523 |
7,100 |
6.0 |
% |
89,892 |
81,175 |
10.7 |
% | |||||||||||
Retail/rental |
21,986 |
22,615 |
(2.8) |
% |
210,387 |
199,418 |
5.5 |
% | |||||||||||
Other |
24,490 |
22,129 |
10.7 |
% |
106,581 |
100,847 |
5.7 |
% | |||||||||||
|
$ |
53,999 |
$ |
51,844 |
4.2 |
% |
$ |
963,573 |
$ |
867,514 |
11.1 |
% | |||||||
Mountain operating expense: |
|||||||||||||||||||
Labor and labor-related benefits |
$ |
38,706 |
$ |
37,129 |
4.2 |
% |
$ |
264,849 |
$ |
238,479 |
11.1 |
% | |||||||
Retail cost of sales |
11,820 |
13,270 |
(10.9) |
% |
87,929 |
88,500 |
(0.6) |
% | |||||||||||
Resort related fees |
1,176 |
1,140 |
3.2 |
% |
47,508 |
41,970 |
13.2 |
% | |||||||||||
General and administrative |
28,578 |
26,240 |
8.9 |
% |
136,133 |
119,938 |
13.5 |
% | |||||||||||
Other |
30,918 |
25,429 |
21.6 |
% |
176,366 |
150,819 |
16.9 |
% | |||||||||||
|
$ |
111,198 |
$ |
103,208 |
7.7 |
% |
$ |
712,785 |
$ |
639,706 |
11.4 |
% | |||||||
Mountain equity investment (loss) income, net |
(20) |
92 |
(121.7) |
% |
1,262 |
891 |
41.6 |
% | |||||||||||
Mountain Reported EBITDA |
$ |
(57,219) |
$ |
(51,272) |
(11.6) |
% |
$ |
252,050 |
$ |
228,699 |
10.2 |
% |
| |||||||||||||||||||
Lodging Operating Results | |||||||||||||||||||
(In thousands, except ADR and RevPAR) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended |
Percentage Increase |
Twelve Months Ended |
Percentage Increase | ||||||||||||||||
2014 |
2013 |
(Decrease) |
2014 |
2013 |
(Decrease) | ||||||||||||||
Lodging net revenue: |
|||||||||||||||||||
Owned hotel rooms |
$ |
16,256 |
$ |
14,883 |
9.2 |
% |
$ |
53,199 |
$ |
48,449 |
9.8 |
% | |||||||
Managed condominium rooms |
8,740 |
7,957 |
9.8 |
% |
55,214 |
44,486 |
24.1 |
% | |||||||||||
Dining |
13,007 |
11,663 |
11.5 |
% |
44,023 |
33,809 |
30.2 |
% | |||||||||||
Transportation |
2,517 |
2,032 |
23.9 |
% |
22,006 |
19,602 |
12.3 |
% | |||||||||||
Golf |
7,768 |
7,526 |
3.2 |
% |
15,410 |
15,237 |
1.1 |
% | |||||||||||
Other |
11,979 |
11,694 |
2.4 |
% |
42,204 |
38,562 |
9.4 |
% | |||||||||||
60,267 |
55,755 |
8.1 |
% |
232,056 |
200,145 |
15.9 |
% | ||||||||||||
Payroll cost reimbursements |
2,326 |
2,334 |
(0.3) |
% |
10,231 |
10,829 |
(5.5) |
% | |||||||||||
Total Lodging net revenue |
$ |
62,593 |
$ |
58,089 |
7.8 |
% |
$ |
242,287 |
$ |
210,974 |
14.8 |
% | |||||||
Lodging operating expense: |
|||||||||||||||||||
Labor and labor-related benefits |
$ |
28,447 |
$ |
26,431 |
7.6 |
% |
$ |
105,288 |
$ |
92,737 |
13.5 |
% | |||||||
General and administrative |
7,209 |
6,630 |
8.7 |
% |
32,109 |
28,446 |
12.9 |
% | |||||||||||
Other |
24,235 |
21,363 |
13.4 |
% |
77,935 |
66,801 |
16.7 |
% | |||||||||||
59,891 |
54,424 |
10.0 |
% |
215,332 |
187,984 |
14.5 |
% | ||||||||||||
Reimbursed payroll costs |
2,326 |
2,334 |
(0.3) |
% |
10,231 |
10,829 |
(5.5) |
% | |||||||||||
Total Lodging operating expense |
$ |
62,217 |
$ |
56,758 |
9.6 |
% |
$ |
225,563 |
$ |
198,813 |
13.5 |
% | |||||||
Lodging Reported EBITDA |
$ |
376 |
$ |
1,331 |
(71.8) |
% |
$ |
16,724 |
$ |
12,161 |
37.5 |
% | |||||||
Owned hotel statistics: |
|||||||||||||||||||
ADR |
$ |
195.47 |
$ |
185.41 |
5.4 |
% |
$ |
211.18 |
$ |
203.61 |
3.7 |
% | |||||||
RevPar |
$ |
120.47 |
$ |
110.94 |
8.6 |
% |
$ |
134.60 |
$ |
122.77 |
9.6 |
% | |||||||
Managed condominium statistics: |
|||||||||||||||||||
ADR |
$ |
216.29 |
$ |
215.13 |
0.5 |
% |
$ |
339.29 |
$ |
333.98 |
1.6 |
% | |||||||
RevPar |
$ |
44.65 |
$ |
36.61 |
22.0 |
% |
$ |
95.30 |
$ |
83.48 |
14.2 |
% | |||||||
Owned hotel and managed condominium statistics (combined): |
|||||||||||||||||||
ADR |
$ |
202.51 |
$ |
194.78 |
4.0 |
% |
$ |
271.23 |
$ |
264.36 |
2.6 |
% | |||||||
RevPar |
$ |
74.66 |
$ |
64.99 |
14.9 |
% |
$ |
108.39 |
$ |
96.14 |
12.7 |
% |
Key Balance Sheet Data | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
As of | |||||||
2014 |
2013 | ||||||
Real estate held for sale and investment |
$ |
157,858 |
$ |
195,230 | |||
Total |
820,843 |
823,868 | |||||
Long-term debt |
625,600 |
795,928 | |||||
Long-term debt due within one year |
1,022 |
994 | |||||
Total debt |
626,622 |
796,922 | |||||
Less: cash and cash equivalents |
44,406 |
138,604 | |||||
Net debt |
$ |
582,216 |
$ |
658,318 |
Reconciliation of Non-GAAP Financial Measures
Reported EBITDA, Resort EBITDA Margin, Net Debt, and Net Real Estate Cash Flow are not measures of financial performance under GAAP, and they might not be comparable to similarly titled measures of other companies. Reported EBITDA, Resort EBITDA Margin, Net Debt, and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP including net income, net change in cash and cash equivalents or other financial statement data.
Reported EBITDA and Net Real Estate Cash Flow have been presented herein as measures of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company primarily uses Reported EBITDA based targets in evaluating performance. For Resort, the Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue, which is not a measure of financial performance under GAAP, as the Company believes it is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment.
Presented below is a reconciliation of Total Reported EBITDA to net (loss) income attributable to
(In thousands)
(Unaudited) |
(In thousands)
(Unaudited) | |||||||||||||
Three Months Ended |
Twelve Months Ended | |||||||||||||
2014 |
2013 |
2014 |
2013 | |||||||||||
Mountain Reported EBITDA |
$ |
(57,219) |
$ |
(51,272) |
$ |
252,050 |
$ |
228,699 | ||||||
Lodging Reported EBITDA |
376 |
1,331 |
16,724 |
12,161 | ||||||||||
Resort Reported EBITDA* |
(56,843) |
(49,941) |
268,774 |
240,860 | ||||||||||
Real Estate Reported EBITDA |
(1,248) |
306 |
(7,040) |
(9,106) | ||||||||||
Total Reported EBITDA |
(58,091) |
(49,635) |
261,734 |
231,754 | ||||||||||
Depreciation and amortization |
(34,653) |
(33,861) |
(140,601) |
(132,688) | ||||||||||
Change in fair value of contingent consideration |
(1,400) |
— |
(1,400) |
— | ||||||||||
Loss on disposal of fixed assets, net |
(369) |
(465) |
(1,208) |
(1,222) | ||||||||||
Investment income, net |
86 |
45 |
375 |
351 | ||||||||||
Interest expense, net |
(15,252) |
(13,698) |
(63,997) |
(38,966) | ||||||||||
Loss on extinguishment of debt |
(10,831) |
— |
(10,831) |
— | ||||||||||
(Loss) income before provision for income taxes |
(120,510) |
(97,614) |
44,072 |
59,229 | ||||||||||
Benefit (provision) for income taxes |
45,087 |
37,710 |
(15,866) |
(21,619) | ||||||||||
Net (loss) income |
$ |
(75,423) |
$ |
(59,904) |
$ |
28,206 |
$ |
37,610 | ||||||
Net loss attributable to noncontrolling interests |
68 |
36 |
272 |
133 | ||||||||||
Net (loss) income attributable to |
$ |
(75,355) |
$ |
(59,868) |
$ |
28,478 |
$ |
37,743 |
* |
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, 2014 | ||
Long-term debt |
$ |
625,600 |
Long-term debt due within one year |
1,022 | |
Total debt |
626,622 | |
Less: cash and cash equivalents |
44,406 | |
Net debt |
$ |
582,216 |
Net debt to Total Reported EBITDA |
2.2x |
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 |
$ |
(1,248) |
$ |
(7,040) | |||
|
14,766 |
37,400 | |||||
|
446 |
1,729 | |||||
Change in Real Estate deposits and recovery of previously incurred project costs less investments in Real Estate |
(2,564) |
187 | |||||
Net Real Estate Cash Flow |
$ |
11,400 |
$ |
32,276 |
The following table reconciles Resort Net Revenue to Resort EBITDA Margin for fiscal 2015 guidance.
(In thousands) (Unaudited) Twelve Months Ended |
(In thousands) (Unaudited) Fiscal 2015 Guidance** | ||||||
Resort net revenue* |
$ |
1,205,860 |
$ |
1,381,000 |
|||
Resort EBITDA* |
268,774 |
350,000 |
|||||
Resort EBITDA margin* |
22.3 |
% |
25.3 |
% | |||
* Resort represents the sum of Mountain and Lodging |
|||||||
**Represents the mid-point range of Guidance |
SOURCE
News Provided by Acquire Media