Vail Resorts Reports Fiscal 2014 Third Quarter Results and Spring Season Pass Sales Results
Highlights
- Resort Reported EBITDA increased 18.9% for the third quarter of fiscal 2014 compared to the same period in the prior year.
- Net income attributable to
Vail Resorts, Inc. was$117.9 million for the third quarter of fiscal 2014, representing a 20.8% increase compared to the same period in the prior year. - Total skier visits for the third quarter of fiscal 2014 increased 11.2% compared to the same period in the prior year, including the addition of
Canyons Resort . - Skier visits at our
Colorado resorts maintained the strong momentum from earlier in the year, growing 5.6% for the third quarter of fiscal 2014 compared to the same period in the period year. TheTahoe resorts experienced a 4.4% decline in skier visitation for the third quarter of fiscal 2014 compared to the same period in the prior year, due to adverse weather conditions. - The Company revised its fiscal 2014 guidance range upward to reflect strong results in
Colorado in the third quarter of fiscal 2014. Resort Reported EBITDA is now expected to be between$267 million and$273 million , which includes approximately$10 million of estimated Canyons integration and litigation expenses. - During the third quarter of fiscal 2014, the Company closed on three units at the
Ritz Carlton Residences , Vail, and closed on five units atOne Ski Hill Place . Net Real Estate Cash Flow for the third quarter was$11.3 million and was$20.9 million year-to-date. Subsequent to quarter end, threeRitz-Carlton Residences , Vail, units and oneOne Ski Hill Place unit have closed. - Spring season pass sales for the 2014/2015 ski season were up approximately 14% in units and approximately 20% in sales dollars through
May 27, 2014 compared with the prior year period endedMay 28, 2013 .
Commenting on the Company's fiscal 2014 third quarter results,
"Our results in
Regarding Lodging, Katz said, "Our lodging business continues to have a great year. Revenue, excluding payroll cost reimbursements, increased 24.6% compared to the prior year and revenue per available room, or RevPAR, increased 14.5% compared to the prior year. These results were driven by strong performance in our core
Katz continued, "Resort Reported EBITDA was
Regarding Real Estate, Katz said, "Net Real Estate Cash Flow for the third quarter of fiscal 2014 was
Katz continued, "Our balance sheet remains 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 Form 10-Q for the third fiscal quarter of 2014 ended
Mountain Segment
- Total lift revenue increased
$36.8 million , or 17.1%, compared to the same period in the prior year, to$251.9 million for the three months endedApril 30, 2014 , driven by an increase in lift revenue excluding season pass revenue of$20.9 million , or 14.5%, as well as a$15.9 million , or 22.3%, increase in season pass revenue. The increase in lift revenue excluding season pass revenue was driven by increases at ourColorado resorts and incremental revenue from Canyons, partially offset by lower lift revenue excluding season pass revenue from ourTahoe resorts driven by a decline in visitation excluding season pass holders inTahoe . - Ski school revenue increased by
$9.0 million , or 16.8%, and dining revenue increased$4.4 million , or 11.7%, for the three months endedApril 30, 2014 compared to the same period in the prior year. - Retail/rental revenue increased
$7.5 million , or 11.2%, for the three months endedApril 30, 2014 compared to the same period in the prior year, due primarily to increases in rental and retail sales in ourColorado andUtah regions and incremental revenue generated by Hoigaard's (our mid-west retailer acquired inApril 2013 ); partially offset by a decrease in on-line sales due to the shutdown of our on-line retail platform as we are transitioning to a different approach to on-line sales and rental revenue declines at stores proximate to ourTahoe resorts as a result of the decline in skier visitation due to the poor conditions in the region. - Operating expense increased
$25.3 million , or 12.2%, for the three months endedApril 30, 2014 compared to the three months endedApril 30, 2013 , primarily due to incremental expenses from Canyons of$13.0 million (including current year integration and PCMR litigation related expense of$2.4 million , net of prior year Canyons transaction related expense of$2.6 million ). - Mountain Reported EBITDA increased
$33.6 million , or 17.3%, for the third quarter of fiscal 2014 compared to the same period in the prior year.
Lodging Segment
- Lodging segment net revenue excluding payroll cost reimbursements increased
$12.5 million , or 24.6%, for the three months endedApril 30, 2014 , as compared to the same period in the prior year. The revenue increase includes$6.7 million from the addition of Canyons. - For the three months ended
April 30, 2014 , average daily rate ("ADR") increased 0.8% and RevPAR increased 14.5% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. - Lodging Reported EBITDA increased 56.3% as compared to the same period in the prior year, to
$13.1 million for the third quarter of fiscal 2014.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue was
$526.9 million for the third quarter of fiscal 2014, up 15.6% from the same period in the prior year. - Resort Reported EBITDA was
$241.1 million for the third quarter of fiscal 2014, up 18.9% from the same period in the prior year.
Real Estate Segment
- Real Estate segment net revenue increased
$2.3 million , or 16.8%, as compared to the same period in the prior year, to$16.2 million for the three months endedApril 30, 2014 . - Net Real Estate Cash Flow was
$11.3 million for the three months endedApril 30, 2014 , up$5.3 million from the same period in the prior year. - Real Estate Reported EBITDA improved by
$0.9 million , or 27.8%, as compared to the same period in the prior year, to a loss of$2.3 million for the three months endedApril 30, 2014 .
Total Performance
- Total net revenue increased
$73.4 million , or 15.6%, as compared to the same period in the prior year, to$543.0 million for the three months endedApril 30, 2014 . - Net income attributable to
Vail Resorts, Inc. was$117.9 million , or$3.18 per diluted share, for the third quarter of fiscal 2014, compared to net income attributable toVail Resorts, Inc. of$97.6 million , or$2.66 per diluted share, in the third fiscal quarter of the prior year.
Commenting on the Company's spring season pass sales for the upcoming 2014/2015 ski season, Katz said, "We are extremely pleased that our spring season pass sales through
Katz continued, "Our effort to drive spring pass sales continues to accelerate the timing of when our guests purchase their passes for skiing and riding. As always, it is important to note that we do not believe that the growth rates from this spring will be maintained through the fall, as our spring growth includes pass holders who purchased last fall. However, we believe the earlier we can move our guest's purchase decision in the year, the more opportunity it provides us for stable and consistent growth. It is also important to remember that nearly all of the 2014 spring pass sales will be recorded as revenue in fiscal 2015, over the course of the 2014/2015 ski season."
Updated Guidance
- We now estimate Resort Reported EBITDA for fiscal 2014 will be
$267 million to$273 million , representing an approximate 11% to 13% increase over fiscal 2013. - Included in our estimates for fiscal 2014 Resort Reported EBITDA is approximately
$10 million of integration and litigation related expenses, including approximately$9 million in fees associated with the PCMR litigation. - We expect Resort EBITDA Margin (defined as Resort Reported EBITDA divided by Resort net revenue) to be approximately 22.4% in fiscal 2014 at the midpoint of the revised guidance range.
- We have narrowed our estimate of fiscal 2014 Real Estate Reported EBITDA to negative
$7 million to negative$9 million . - We have increased our Net Real Estate Cash Flow guidance to
$27 million to$32 million (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 and recovery of previously incurred project costs less investment in real estate). - Net income attributable to
Vail Resorts, Inc. is now expected to be in a range of$26 million to$33.5 million in fiscal 2014 after the loss on extinguishment of debt.
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 |
High End Range | ||||
Mountain Reported EBITDA (1) |
$ |
251,000 |
$ |
256,000 | |
Lodging Reported EBITDA (2) |
15,000 |
18,000 | |||
Resort Reported EBITDA (3) |
267,000 |
273,000 | |||
Real Estate Reported EBITDA (4) |
(9,000) |
(7,000) | |||
Total Reported EBITDA |
258,000 |
266,000 | |||
Depreciation and amortization |
(141,000) |
(139,000) | |||
Loss on disposal of fixed assets, net |
(1,000) |
(500) | |||
Investment income, net |
300 |
400 | |||
Interest expense |
(65,000) |
(64,000) | |||
Loss on extinguishment of debt |
(10,800) |
(10,800) | |||
Income before provision for income taxes |
40,500 |
52,100 | |||
Provision for income taxes |
(14,700) |
(19,000) | |||
Net income |
25,800 |
33,100 | |||
Net loss attributable to noncontrolling interests |
200 |
400 | |||
Net income attributable to |
$ |
26,000 |
$ |
33,500 |
(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 |
Partial Bond Redemption
The Company announced today that it has provided a notice to the trustee to redeem
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; 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 capital expenditures, growth strategy and future real estate development; 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 Canyons operations or future acquisitions; the ultimate outcome of litigation regarding the ski terrain 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
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 |
Nine Months Ended | ||||||||||
2014 |
2013 |
2014 |
2013 | ||||||||
Net revenue: |
|||||||||||
Mountain |
$ |
460,587 |
$ |
402,017 |
$ |
909,574 |
$ |
815,670 | |||
Lodging |
66,293 |
53,834 |
179,694 |
152,885 | |||||||
Real estate |
16,167 |
13,840 |
29,890 |
39,937 | |||||||
Total net revenue |
543,047 |
469,691 |
1,119,158 |
1,008,492 | |||||||
Segment operating expense: |
|||||||||||
Mountain |
233,301 |
207,953 |
601,587 |
536,498 | |||||||
Lodging |
53,182 |
45,446 |
163,346 |
142,055 | |||||||
Real estate |
18,445 |
16,996 |
35,682 |
49,349 | |||||||
Total segment operating expense |
304,928 |
270,395 |
800,615 |
727,902 | |||||||
Other operating expense: |
|||||||||||
Depreciation and amortization |
(35,588) |
(33,730) |
(105,948) |
(98,827) | |||||||
Gain (loss) on disposal of fixed assets, net |
634 |
(224) |
(839) |
(757) | |||||||
Income from operations |
203,165 |
165,342 |
211,756 |
181,006 | |||||||
Mountain equity investment income, net |
665 |
266 |
1,282 |
799 | |||||||
Investment income, net |
124 |
153 |
289 |
306 | |||||||
Interest expense |
(16,408) |
(8,359) |
(48,745) |
(25,268) | |||||||
Income before provision for income taxes |
187,546 |
157,402 |
164,582 |
156,843 | |||||||
Provision for income taxes |
(69,680) |
(59,814) |
(60,953) |
(59,329) | |||||||
Net income |
$ |
117,866 |
$ |
97,588 |
$ |
103,629 |
$ |
97,514 | |||
Net loss attributable to noncontrolling interests |
80 |
52 |
204 |
97 | |||||||
Net income attributable to |
$ |
117,946 |
$ |
97,640 |
$ |
103,833 |
$ |
97,611 | |||
Per share amounts: |
|||||||||||
Basic net income per share attributable to |
$ |
3.26 |
$ |
2.72 |
$ |
2.88 |
$ |
2.72 | |||
Diluted net income per share attributable to |
$ |
3.18 |
$ |
2.66 |
$ |
2.80 |
$ |
2.66 | |||
Cash dividends declared per share |
$ |
0.4150 |
$ |
0.2075 |
$ |
0.83 |
$ |
0.5825 | |||
Weighted average shares outstanding: |
|||||||||||
Basic |
36,159 |
35,911 |
36,105 |
35,835 | |||||||
Diluted |
37,054 |
36,774 |
37,025 |
36,681 | |||||||
Other Data: |
|||||||||||
Mountain Reported EBITDA |
$ |
227,951 |
$ |
194,330 |
$ |
309,269 |
$ |
279,971 | |||
Lodging Reported EBITDA |
$ |
13,111 |
$ |
8,388 |
$ |
16,348 |
$ |
10,830 | |||
Resort Reported EBITDA |
$ |
241,062 |
$ |
202,718 |
$ |
325,617 |
$ |
290,801 | |||
Real Estate Reported EBITDA |
$ |
(2,278) |
$ |
(3,156) |
$ |
(5,792) |
$ |
(9,412) | |||
Total Reported EBITDA |
$ |
238,784 |
$ |
199,562 |
$ |
319,825 |
$ |
281,389 | |||
Mountain stock-based compensation |
$ |
2,475 |
$ |
2,073 |
$ |
7,657 |
$ |
7,008 | |||
Lodging stock-based compensation |
$ |
587 |
$ |
494 |
$ |
1,599 |
$ |
1,436 | |||
Resort stock-based compensation |
$ |
3,062 |
$ |
2,567 |
$ |
9,256 |
$ |
8,444 | |||
Real Estate stock-based compensation |
$ |
423 |
$ |
346 |
$ |
1,283 |
$ |
1,100 | |||
Total stock-based compensation |
$ |
3,485 |
$ |
2,913 |
$ |
10,539 |
$ |
9,544 |
Mountain Segment Operating Results (In thousands, except effective ticket price ("ETP")) (Unaudited) | ||||||||||||||||
Three Months Ended |
Percentage Increase |
Nine Months Ended |
Percentage Increase | |||||||||||||
2014 |
2013 |
(Decrease) |
2014 |
2013 |
(Decrease) | |||||||||||
|
||||||||||||||||
Lift |
$ |
251,914 |
$ |
215,163 |
17.1% |
$ |
447,271 |
$ |
390,820 |
14.4% | ||||||
Ski school |
62,512 |
53,531 |
16.8% |
109,442 |
95,254 |
14.9% | ||||||||||
Dining |
42,303 |
37,876 |
11.7% |
82,369 |
74,075 |
11.2% | ||||||||||
Retail/rental |
73,785 |
66,329 |
11.2% |
188,401 |
176,802 |
6.6% | ||||||||||
Other |
30,073 |
29,118 |
3.3% |
82,091 |
78,719 |
4.3% | ||||||||||
|
$ |
460,587 |
$ |
402,017 |
14.6% |
$ |
909,574 |
$ |
815,670 |
11.5% | ||||||
Mountain operating expense: |
||||||||||||||||
Labor and labor-related benefits |
$ |
92,342 |
$ |
83,372 |
10.8% |
$ |
226,143 |
$ |
201,350 |
12.3% | ||||||
Retail cost of sales |
25,419 |
23,795 |
6.8% |
76,109 |
75,230 |
1.2% | ||||||||||
Resort related fees |
26,117 |
22,445 |
16.4% |
47,148 |
40,830 |
15.5% | ||||||||||
General and administrative |
36,073 |
31,581 |
14.2% |
105,010 |
93,698 |
12.1% | ||||||||||
Other |
53,350 |
46,760 |
14.1% |
147,177 |
125,390 |
17.4% | ||||||||||
|
$ |
233,301 |
$ |
207,953 |
12.2% |
$ |
601,587 |
$ |
536,498 |
12.1% | ||||||
Mountain equity investment income, net |
665 |
266 |
150.0% |
1,282 |
799 |
60.5% | ||||||||||
Mountain Reported EBITDA |
$ |
227,951 |
$ |
194,330 |
17.3% |
$ |
309,269 |
$ |
279,971 |
10.5% | ||||||
Total skier visits |
4,176 |
3,756 |
11.2% |
7,688 |
6,977 |
10.2% | ||||||||||
ETP |
$ |
60.32 |
$ |
57.29 |
5.3% |
$ |
58.18 |
$ |
56.02 |
3.9% |
Lodging Operating Results (In thousands, except ADR and RevPAR) (Unaudited) | ||||||||||||||||
Three Months Ended |
Percentage Increase |
Nine Months Ended |
Percentage Increase | |||||||||||||
2014 |
2013 |
(Decrease) |
2014 |
2013 |
(Decrease) | |||||||||||
Lodging net revenue: |
||||||||||||||||
Owned hotel rooms |
$ |
12,632 |
$ |
10,966 |
15.2% |
$ |
36,943 |
$ |
33,566 |
10.1% | ||||||
Managed condominium rooms |
20,578 |
16,110 |
27.7% |
46,474 |
36,529 |
27.2% | ||||||||||
Dining |
9,768 |
6,044 |
61.6% |
31,016 |
22,146 |
40.1% | ||||||||||
Transportation |
9,865 |
8,756 |
12.7% |
19,489 |
17,570 |
10.9% | ||||||||||
Golf |
— |
— |
—% |
7,642 |
7,711 |
(0.9)% | ||||||||||
Other |
10,757 |
9,180 |
17.2% |
30,225 |
26,868 |
12.5% | ||||||||||
63,600 |
51,056 |
24.6% |
171,789 |
144,390 |
19.0% | |||||||||||
Payroll cost reimbursements |
2,693 |
2,778 |
(3.1)% |
7,905 |
8,495 |
(6.9)% | ||||||||||
Total Lodging net revenue |
$ |
66,293 |
$ |
53,834 |
23.1% |
$ |
179,694 |
$ |
152,885 |
17.5% | ||||||
Lodging operating expense: |
||||||||||||||||
Labor and labor-related benefits |
$ |
24,918 |
$ |
21,384 |
16.5% |
$ |
76,841 |
$ |
66,306 |
15.9% | ||||||
General and administrative |
8,571 |
7,553 |
13.5% |
24,900 |
21,814 |
14.1% | ||||||||||
Other |
17,000 |
13,731 |
23.8% |
53,700 |
45,440 |
18.2% | ||||||||||
50,489 |
42,668 |
18.3% |
155,441 |
133,560 |
16.4% | |||||||||||
Reimbursed payroll costs |
2,693 |
2,778 |
(3.1)% |
7,905 |
8,495 |
(6.9)% | ||||||||||
Total Lodging operating expense |
$ |
53,182 |
$ |
45,446 |
17.0% |
$ |
163,346 |
$ |
142,055 |
15.0% | ||||||
Lodging Reported EBITDA |
$ |
13,111 |
$ |
8,388 |
56.3% |
$ |
16,348 |
$ |
10,830 |
51.0% | ||||||
Owned hotel statistics: |
||||||||||||||||
ADR |
$ |
243.33 |
$ |
244.97 |
(0.7)% |
$ |
218.30 |
$ |
212.16 |
2.9% | ||||||
RevPar |
$ |
183.02 |
$ |
157.73 |
16.0% |
$ |
141.33 |
$ |
128.40 |
10.1% | ||||||
Managed condominium statistics: |
||||||||||||||||
ADR |
$ |
394.52 |
$ |
382.80 |
3.1% |
$ |
366.41 |
$ |
358.09 |
2.3% | ||||||
RevPar |
$ |
165.49 |
$ |
145.48 |
13.8% |
$ |
111.82 |
$ |
98.92 |
13.0% | ||||||
Owned hotel and managed condominium statistics (combined): |
||||||||||||||||
ADR |
$ |
333.26 |
$ |
330.70 |
0.8% |
$ |
294.17 |
$ |
287.46 |
2.3% | ||||||
RevPar |
$ |
170.32 |
$ |
148.71 |
14.5% |
$ |
120.96 |
$ |
107.75 |
12.3% |
Key Balance Sheet Data (In thousands) (Unaudited) | ||||||
As of | ||||||
2014 |
2013 | |||||
Real estate held for sale and investment |
$ |
170,818 |
$ |
201,861 | ||
Total |
907,149 |
888,748 | ||||
Long-term debt |
799,223 |
489,240 | ||||
Long-term debt due within one year |
879 |
518 | ||||
Total debt |
800,102 |
489,758 | ||||
Less: cash and cash equivalents |
307,431 |
237,735 | ||||
Net debt |
$ |
492,671 |
$ |
252,023 |
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 income attributable to
(In thousands) |
(In thousands) | |||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
2014 |
2013 |
2014 |
2013 | |||||||||
Mountain Reported EBITDA |
$ |
227,951 |
$ |
194,330 |
$ |
309,269 |
$ |
279,971 | ||||
Lodging Reported EBITDA |
13,111 |
8,388 |
16,348 |
10,830 | ||||||||
Resort Reported EBITDA* |
241,062 |
202,718 |
325,617 |
290,801 | ||||||||
Real Estate Reported EBITDA |
(2,278) |
(3,156) |
(5,792) |
(9,412) | ||||||||
Total Reported EBITDA |
238,784 |
199,562 |
319,825 |
281,389 | ||||||||
Depreciation and amortization |
(35,588) |
(33,730) |
(105,948) |
(98,827) | ||||||||
Gain (loss) on disposal of fixed assets, net |
634 |
(224) |
(839) |
(757) | ||||||||
Investment income, net |
124 |
153 |
289 |
306 | ||||||||
Interest expense |
(16,408) |
(8,359) |
(48,745) |
(25,268) | ||||||||
Income before provision for income taxes |
187,546 |
157,402 |
164,582 |
156,843 | ||||||||
Provision for income taxes |
(69,680) |
(59,814) |
(60,953) |
(59,329) | ||||||||
Net income |
$ |
117,866 |
$ |
97,588 |
$ |
103,629 |
$ |
97,514 | ||||
Net loss attributable to noncontrolling interests |
80 |
52 |
204 |
97 | ||||||||
Net income attributable to |
$ |
117,946 |
$ |
97,640 |
$ |
103,833 |
$ |
97,611 |
* |
Resort represents the sum of Mountain and Lodging |
Presented below is a reconciliation of Total Reported EBITDA to net income attributable to
(In thousands) | |||
Twelve Months Ended | |||
2014 | |||
Mountain Reported EBITDA |
$ |
257,997 | |
Lodging Reported EBITDA |
17,679 | ||
Resort Reported EBITDA* |
275,676 | ||
Real Estate Reported EBITDA |
(5,486) | ||
Total Reported EBITDA |
270,190 | ||
Depreciation and amortization |
(139,809) | ||
Loss on disposal of fixed assets, net |
(1,304) | ||
Investment income, net |
334 | ||
Interest expense |
(62,443) | ||
Income before provision for income taxes |
66,968 | ||
Provision for income taxes |
(23,243) | ||
Net income |
$ |
43,725 | |
Net loss attributable to noncontrolling interests |
240 | ||
Net income attributable to |
$ |
43,965 |
* |
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 April 30, 2014 |
||||
Long-term debt |
$ |
799,223 |
||
Long-term debt due within one year |
879 |
|||
Total debt |
800,102 |
|||
Less: cash and cash equivalents |
307,431 |
|||
Net debt |
$ |
492,671 |
||
Net debt to Total Reported EBITDA |
1.8 |
x |
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and nine months ended
(In thousands) (Unaudited) Three Months Ended |
(In thousands) (Unaudited) Nine Months Ended | |||||
Real Estate Reported EBITDA |
$ |
(2,278) |
$ |
(5,792) | ||
|
12,531 |
22,635 | ||||
|
423 |
1,283 | ||||
Change in Real Estate deposits and recovery of previously incurred project costs less investments in Real Estate |
641 |
2,751 | ||||
Net Real Estate Cash Flow |
$ |
11,317 |
$ |
20,877 |
The following table reconciles Resort Net Revenue to Resort EBITDA Margin for fiscal 2014 guidance.
(In thousands) (Unaudited) Fiscal 2014 Guidance** | |||
Resort net revenue* |
$ |
1,208,000 | |
Resort EBITDA* |
270,000 | ||
Resort EBITDA margin* |
22.4% | ||
* Resort represents the sum of Mountain and Lodging |
|||
**Represents the mid-point range of Guidance |
SOURCE
News Provided by Acquire Media