Vail Resorts Reports Fiscal 2015 Fourth Quarter and Full Year Results and Provides Fiscal 2016 Outlook
Highlights
- Fiscal 2015 Resort Reported EBITDA, excluding the non-cash gain on the
Park City litigation settlement, was$349.4 million . This includes incremental EBITDA of$7.4 million from Perisher and$5.5 million of litigation, transaction and integration related expenses associated with thePark City acquisition. - Net income attributable to
Vail Resorts, Inc. was$114.8 million for fiscal 2015. - Sales of season passes through
September 20, 2015 for the upcoming 2015/2016 ski season (excluding Perisher pass sales) increased approximately 16% in units and 22% in sales dollars versus the comparable period in the prior year. - The Company issued its fiscal 2016 guidance range, including a full year of Perisher results, with Resort Reported EBITDA expected to be between
$405 million and$430 million .
Commenting on the Company's fiscal 2015 results,
Commenting on the Company's recent acquisitions, Katz said, "We are excited to head into fiscal 2016 with an even stronger network of world-class resorts and very attractive growth opportunities. In
Katz added, "For fiscal 2015 total Mountain net revenue increased 14.6% to
Regarding Lodging, Katz said, "Fiscal 2015 was very strong for our Lodging business with net revenue growing 5.1% and Lodging Reported EBITDA increasing 29.6% compared to fiscal 2014. These improvements were primarily driven by a 250 basis point improvement in occupancy and a 5.3% growth in average daily rate ("ADR"), resulting in a 12.0% improvement in revenue per available room ("RevPAR") compared to the prior year. The
Turning to the real estate business, Katz commented, "We continue to see positive momentum and strong demand in the resort real estate markets where we operate. We generated
Katz continued, "Our balance sheet continues to be very strong. We ended the fiscal year 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-K for the fiscal year ended
Mountain Segment
- Total skier visits for fiscal 2015, excluding Perisher, increased to 8.2 million, a 6.5% increase compared to the prior fiscal year.
- Season pass revenue, excluding Perisher, increased
$37.1 million , or 20.9%, compared to the prior fiscal year. - ETP, excluding season pass holders and Perisher, increased
$7.04 , or 8.8%, compared to the prior fiscal year. - Mountain Reported EBITDA for fiscal 2015, excluding the non-cash gain on the
Park City litigation settlement and Perisher EBITDA, increased$68.2 million , or 27.1%, to$320.3 million , compared to the prior fiscal year. - Mountain Reported EBITDA includes
$11.8 million and$10.3 million of stock-based compensation expense for fiscal 2015 and fiscal 2014, respectively.
Lodging Segment
- Lodging net revenue (excluding payroll cost reimbursements) was
$244.2 million for fiscal 2015 compared to$232.1 million for the prior fiscal year, a 5.3% increase. - ADR increased 5.3% and RevPAR increased 12.0% in fiscal 2015 at the Company's owned hotels and managed condominiums, compared to the prior fiscal year.
- Lodging Reported EBITDA increased 29.6% to
$21.7 million for fiscal 2015 compared to the prior fiscal year. - Lodging Reported EBITDA includes
$2.6 million and$2.2 million of stock-based compensation expense for fiscal 2015 and fiscal 2014, respectively.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue was
$1,358.6 million for fiscal 2015, an increase of 12.7%, compared to the prior fiscal year. - Resort Reported EBITDA increased 36.1% to
$365.8 million for fiscal 2015 (including the non-cash gain on thePark City litigation settlement and Perisher EBITDA), compared to the prior fiscal year.
Real Estate Segment
- Real Estate segment net revenue was
$41.3 million , a decrease of$7.4 million compared to the prior fiscal year. - Net Real Estate Cash Flow was
$28.9 million for fiscal 2015. - Real Estate Reported EBITDA was negative
$6.9 million for fiscal 2015, compared to negative$7.0 million for the prior fiscal year. - Real Estate Reported EBITDA includes
$1.3 million and$1.7 million of stock-based compensation expense for fiscal 2015 and fiscal 2014, respectively.
Total Performance
- Total net revenue was
$1,399.9 million for fiscal 2015 compared to$1,254.6 million in the prior fiscal year, an 11.6% increase. - Net income attributable to
Vail Resorts, Inc. was$114.8 million , or$3.07 per diluted share, for fiscal 2015, compared to net income attributable toVail Resorts, Inc. of$28.5 million , or$0.77 per diluted share, in the prior fiscal year.
All references to Perisher results are in U.S. dollars, unless otherwise noted.
Season Pass Sales
Commenting on season pass sales, Katz said, "We are extremely pleased with our season pass sales to date. Through
Guidance
Commenting on guidance for fiscal 2016, Katz said, "We estimate Resort Reported EBITDA for fiscal 2016 will be between
The following table reflects the forecasted guidance range for the Company's fiscal year ending
Fiscal 2016 Guidance |
|||||||||
(In thousands) |
|||||||||
For the Year Ending |
|||||||||
|
|||||||||
Low End Range |
High End Range |
||||||||
Mountain Reported EBITDA (1) |
$ |
382,000 |
$ |
403,000 |
|||||
Lodging Reported EBITDA (2) |
20,000 |
30,000 |
|||||||
Resort Reported EBITDA (3) |
405,000 |
430,000 |
|||||||
Real Estate Reported EBITDA (4) |
(4,000) |
2,000 |
|||||||
Total Reported EBITDA |
401,000 |
432,000 |
|||||||
Depreciation and amortization |
(163,000) |
(157,000) |
|||||||
Loss on disposal of fixed assets, net |
(2,500) |
(500) |
|||||||
Change in fair value of contingent consideration (5) |
— |
— |
|||||||
Investment income, net |
100 |
500 |
|||||||
Interest expense |
(44,000) |
(41,000) |
|||||||
Income before provision for income taxes |
191,600 |
234,000 |
|||||||
Provision for income taxes |
(73,700) |
(90,300) |
|||||||
Net income |
117,900 |
143,700 |
|||||||
Net loss attributable to noncontrolling interests |
100 |
300 |
|||||||
Net income attributable to |
$ |
118,000 |
$ |
144,000 |
(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 Mountain and Lodging 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 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, local and foreign 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
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, Reported EBITDA excluding the non-cash gain on the
Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
2015 |
2014 |
2015 |
2014 |
|||||||||||||
Net revenue: |
||||||||||||||||
Mountain |
$ |
81,061 |
$ |
53,999 |
$ |
1,104,029 |
$ |
963,573 |
||||||||
Lodging |
69,373 |
62,593 |
254,553 |
242,287 |
||||||||||||
Real estate |
11,648 |
18,896 |
41,342 |
48,786 |
||||||||||||
Total net revenue |
162,082 |
135,488 |
1,399,924 |
1,254,646 |
||||||||||||
Segment operating expense: |
||||||||||||||||
Mountain |
131,554 |
111,198 |
777,147 |
712,785 |
||||||||||||
Lodging |
66,470 |
62,217 |
232,877 |
225,563 |
||||||||||||
Real estate |
12,895 |
20,144 |
48,408 |
55,826 |
||||||||||||
Total segment operating expense |
210,919 |
193,559 |
1,058,432 |
994,174 |
||||||||||||
Other operating (expense) income: |
||||||||||||||||
Depreciation and amortization |
(37,536) |
(34,653) |
(149,123) |
(140,601) |
||||||||||||
Gain on sale of real property |
— |
— |
151 |
— |
||||||||||||
Gain on litigation settlement |
— |
— |
16,400 |
— |
||||||||||||
Loss on disposal of fixed assets and other, net |
(1,205) |
(369) |
(2,057) |
(1,208) |
||||||||||||
Change in fair value of contingent consideration |
(900) |
(1,400) |
3,650 |
(1,400) |
||||||||||||
(Loss) income from operations |
(88,478) |
(94,493) |
210,513 |
117,263 |
||||||||||||
Mountain equity investment income (loss), net |
426 |
(20) |
822 |
1,262 |
||||||||||||
Investment income, net |
91 |
86 |
246 |
375 |
||||||||||||
Interest expense |
(10,131) |
(15,252) |
(51,241) |
(63,997) |
||||||||||||
Loss on extinguishment of debt |
(11,012) |
(10,831) |
(11,012) |
(10,831) |
||||||||||||
(Loss) income before benefit (provision) for income taxes |
(109,104) |
(120,510) |
149,328 |
44,072 |
||||||||||||
Benefit (provision) for income taxes |
38,936 |
45,087 |
(34,718) |
(15,866) |
||||||||||||
Net (loss) income |
$ |
(70,168) |
$ |
(75,423) |
$ |
114,610 |
$ |
28,206 |
||||||||
Net loss attributable to noncontrolling interests |
26 |
68 |
144 |
272 |
||||||||||||
Net (loss) income attributable to |
$ |
(70,142) |
$ |
(75,355) |
$ |
114,754 |
$ |
28,478 |
||||||||
Per share amounts: |
||||||||||||||||
Basic net (loss) income per share attributable to |
$ |
(1.92) |
$ |
(2.08) |
$ |
3.16 |
$ |
0.79 |
||||||||
Diluted net (loss) income per share attributable to |
$ |
(1.92) |
$ |
(2.08) |
$ |
3.07 |
$ |
0.77 |
||||||||
Cash dividends declared per share |
$ |
0.6225 |
$ |
0.4150 |
$ |
2.0750 |
$ |
1.2450 |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
36,438 |
36,192 |
36,342 |
36,127 |
||||||||||||
Diluted |
36,438 |
36,192 |
37,406 |
37,057 |
||||||||||||
Other Data: |
||||||||||||||||
Mountain Reported EBITDA |
$ |
(50,067) |
$ |
(57,219) |
$ |
344,104 |
$ |
252,050 |
||||||||
Lodging Reported EBITDA |
$ |
2,903 |
$ |
376 |
$ |
21,676 |
$ |
16,724 |
||||||||
Resort Reported EBITDA |
$ |
(47,164) |
$ |
(56,843) |
$ |
365,780 |
$ |
268,774 |
||||||||
Real Estate Reported EBITDA |
$ |
(1,247) |
$ |
(1,248) |
$ |
(6,915) |
$ |
(7,040) |
||||||||
Total Reported EBITDA |
$ |
(48,411) |
$ |
(58,091) |
$ |
358,865 |
$ |
261,734 |
||||||||
Mountain stock-based compensation |
$ |
2,995 |
$ |
2,635 |
$ |
11,841 |
$ |
10,292 |
||||||||
Lodging stock-based compensation |
$ |
709 |
$ |
604 |
$ |
2,621 |
$ |
2,203 |
||||||||
Resort stock-based compensation |
$ |
3,704 |
$ |
3,239 |
$ |
14,462 |
$ |
12,495 |
||||||||
Real Estate stock-based compensation |
$ |
331 |
$ |
446 |
$ |
1,291 |
$ |
1,729 |
||||||||
Total stock-based compensation |
$ |
4,035 |
$ |
3,685 |
$ |
15,753 |
$ |
14,224 |
Mountain Segment Operating Results (In thousands, except ETP) (Unaudited) |
|||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Twelve Months Ended |
Percentage Increase |
||||||||||||||||||
2015 |
2014 |
(Decrease) |
2015 |
2014 |
(Decrease) |
||||||||||||||||
|
|||||||||||||||||||||
Lift |
$ |
11,921 |
$ |
— |
nm |
$ |
536,458 |
$ |
447,271 |
19.9 |
% |
||||||||||
Ski school |
2,695 |
— |
nm |
126,206 |
109,442 |
15.3 |
% |
||||||||||||||
Dining |
10,349 |
7,523 |
37.6 |
% |
101,010 |
89,892 |
12.4 |
% |
|||||||||||||
Retail/rental |
23,590 |
21,986 |
7.3 |
% |
219,153 |
210,387 |
4.2 |
% |
|||||||||||||
Other |
32,506 |
24,490 |
32.7 |
% |
121,202 |
106,581 |
13.7 |
% |
|||||||||||||
|
$ |
81,061 |
$ |
53,999 |
50.1 |
% |
$ |
1,104,029 |
$ |
963,573 |
14.6 |
% |
|||||||||
Mountain operating expense: |
|||||||||||||||||||||
Labor and labor-related benefits |
$ |
46,181 |
$ |
40,127 |
15.1 |
% |
$ |
291,582 |
$ |
266,411 |
9.4 |
% |
|||||||||
Retail cost of sales |
11,961 |
11,803 |
1.3 |
% |
87,817 |
88,291 |
(0.5) |
% |
|||||||||||||
Resort related fees |
1,911 |
1,187 |
61.0 |
% |
59,685 |
49,168 |
21.4 |
% |
|||||||||||||
General and administrative |
31,159 |
25,187 |
23.7 |
% |
143,772 |
125,678 |
14.4 |
% |
|||||||||||||
Other |
40,342 |
32,894 |
22.6 |
% |
194,291 |
183,237 |
6.0 |
% |
|||||||||||||
|
$ |
131,554 |
$ |
111,198 |
18.3 |
% |
$ |
777,147 |
$ |
712,785 |
9.0 |
% |
|||||||||
Gain on litigation settlement |
— |
— |
— |
% |
16,400 |
— |
nm |
||||||||||||||
Mountain equity investment income (loss), net |
426 |
(20) |
2,230.0 |
% |
822 |
1,262 |
(34.9) |
% |
|||||||||||||
Mountain Reported EBITDA |
$ |
(50,067) |
$ |
(57,219) |
12.5 |
% |
$ |
344,104 |
$ |
252,050 |
36.5 |
% |
|||||||||
Total skier visits |
277 |
— |
nm |
8,466 |
7,688 |
10.1 |
% |
||||||||||||||
ETP |
$ |
43.04 |
$ |
— |
nm |
$ |
63.37 |
$ |
58.18 |
8.9 |
% |
Lodging Operating Results (In thousands, except ADR and RevPAR) (Unaudited) |
||||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Twelve Months Ended |
Percentage Increase |
|||||||||||||||||||
2015 |
2014 |
(Decrease) |
2015 |
2014 |
(Decrease) |
|||||||||||||||||
Lodging net revenue: |
||||||||||||||||||||||
Owned hotel rooms |
$ |
18,568 |
$ |
16,256 |
14.2 |
% |
$ |
57,916 |
$ |
53,199 |
8.9 |
% |
||||||||||
Managed condominium rooms |
9,273 |
8,740 |
6.1 |
% |
58,936 |
55,214 |
6.7 |
% |
||||||||||||||
Dining |
14,671 |
13,007 |
12.8 |
% |
46,209 |
44,023 |
5.0 |
% |
||||||||||||||
Transportation |
2,575 |
2,517 |
2.3 |
% |
23,079 |
22,006 |
4.9 |
% |
||||||||||||||
Golf |
8,535 |
7,768 |
9.9 |
% |
16,340 |
15,410 |
6.0 |
% |
||||||||||||||
Other |
12,949 |
11,979 |
8.1 |
% |
41,760 |
42,204 |
(1.1) |
% |
||||||||||||||
66,571 |
60,267 |
10.5 |
% |
244,240 |
232,056 |
5.3 |
% |
|||||||||||||||
Payroll cost reimbursements |
2,802 |
2,326 |
20.5 |
% |
10,313 |
10,231 |
0.8 |
% |
||||||||||||||
Total Lodging net revenue |
$ |
69,373 |
$ |
62,593 |
10.8 |
% |
$ |
254,553 |
$ |
242,287 |
5.1 |
% |
||||||||||
Lodging operating expense: |
||||||||||||||||||||||
Labor and labor-related benefits |
$ |
30,385 |
$ |
28,710 |
5.8 |
% |
$ |
110,168 |
$ |
105,504 |
4.4 |
% |
||||||||||
General and administrative |
7,379 |
6,471 |
14.0 |
% |
32,481 |
30,022 |
8.2 |
% |
||||||||||||||
Other |
25,904 |
24,710 |
4.8 |
% |
79,915 |
79,806 |
0.1 |
% |
||||||||||||||
63,668 |
59,891 |
6.3 |
% |
222,564 |
215,332 |
3.4 |
% |
|||||||||||||||
Reimbursed payroll costs |
2,802 |
2,326 |
20.5 |
% |
10,313 |
10,231 |
0.8 |
% |
||||||||||||||
Total Lodging operating expense |
$ |
66,470 |
$ |
62,217 |
6.8 |
% |
$ |
232,877 |
$ |
225,563 |
3.2 |
% |
||||||||||
Lodging Reported EBITDA |
$ |
2,903 |
$ |
376 |
672.1 |
% |
$ |
21,676 |
$ |
16,724 |
29.6 |
% |
||||||||||
Owned hotel statistics: |
||||||||||||||||||||||
ADR |
$ |
201.08 |
$ |
192.29 |
4.6 |
% |
$ |
216.76 |
$ |
205.59 |
5.4 |
% |
||||||||||
RevPAR |
$ |
133.77 |
$ |
118.52 |
12.9 |
% |
$ |
140.28 |
$ |
131.04 |
7.1 |
% |
||||||||||
Managed condominium statistics: |
||||||||||||||||||||||
ADR |
$ |
188.28 |
$ |
186.77 |
0.8 |
% |
$ |
316.32 |
$ |
301.03 |
5.1 |
% |
||||||||||
RevPAR |
$ |
48.94 |
$ |
43.76 |
11.8 |
% |
$ |
101.19 |
$ |
88.60 |
14.2 |
% |
||||||||||
Owned hotel and managed condominium statistics (combined): |
||||||||||||||||||||||
ADR |
$ |
195.69 |
$ |
189.94 |
3.0 |
% |
$ |
270.84 |
$ |
257.14 |
5.3 |
% |
||||||||||
RevPAR |
$ |
78.57 |
$ |
69.12 |
13.7 |
% |
$ |
112.67 |
$ |
100.57 |
12.0 |
% |
Key Balance Sheet Data (In thousands) (Unaudited) |
||||||||
As of |
||||||||
2015 |
2014 |
|||||||
Real estate held for sale and investment |
$ |
129,825 |
$ |
157,858 |
||||
Total |
866,568 |
820,843 |
||||||
Long-term debt |
806,676 |
625,600 |
||||||
Long-term debt due within one year |
10,154 |
1,022 |
||||||
Total debt |
816,830 |
626,622 |
||||||
Less: cash and cash equivalents |
35,459 |
44,406 |
||||||
Net debt |
$ |
781,371 |
$ |
582,216 |
Reconciliation of Non-GAAP Financial Measures
Reported EBITDA, Reported EBITDA excluding the non-cash gain on the
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. In this release, the Company also separately presents Reported EBITDA excluding the non-cash gain on the
Presented below is a reconciliation of Reported EBITDA to net (loss) income attributable to
(In thousands) (Unaudited) |
(In thousands) (Unaudited) |
||||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
Mountain Reported EBITDA excluding gain on litigation settlement and Perisher EBITDA |
$ |
(58,535) |
$ |
(57,219) |
$ |
320,278 |
$ |
252,050 |
|||||||
Lodging Reported EBITDA |
2,903 |
376 |
21,676 |
16,724 |
|||||||||||
Resort Reported EBITDA excluding gain on litigation settlement and Perisher EBITDA* |
(55,632) |
(56,843) |
341,954 |
268,774 |
|||||||||||
Gain on litigation settlement |
— |
— |
16,400 |
— |
|||||||||||
Perisher EBITDA |
8,468 |
— |
7,426 |
— |
|||||||||||
Resort Reported EBITDA* |
(47,164) |
(56,843) |
365,780 |
268,774 |
|||||||||||
Real Estate Reported EBITDA |
(1,247) |
(1,248) |
(6,915) |
(7,040) |
|||||||||||
Total Reported EBITDA |
(48,411) |
(58,091) |
358,865 |
261,734 |
|||||||||||
Depreciation and amortization |
(37,536) |
(34,653) |
(149,123) |
(140,601) |
|||||||||||
Loss on disposal of fixed assets and other, net |
(1,205) |
(369) |
(2,057) |
(1,208) |
|||||||||||
Change in fair value of contingent consideration |
(900) |
(1,400) |
3,650 |
(1,400) |
|||||||||||
Investment income, net |
91 |
86 |
246 |
375 |
|||||||||||
Interest expense |
(10,131) |
(15,252) |
(51,241) |
(63,997) |
|||||||||||
Loss on extinguishment of debt |
(11,012) |
(10,831) |
(11,012) |
(10,831) |
|||||||||||
(Loss) income before benefit (provision) for income taxes |
(109,104) |
(120,510) |
149,328 |
44,072 |
|||||||||||
Benefit (provision) for income taxes |
38,936 |
45,087 |
(34,718) |
(15,866) |
|||||||||||
Net (loss) income |
$ |
(70,168) |
$ |
(75,423) |
$ |
114,610 |
$ |
28,206 |
|||||||
Net loss attributable to noncontrolling interests |
26 |
68 |
144 |
272 |
|||||||||||
Net (loss) income attributable to |
$ |
(70,142) |
$ |
(75,355) |
$ |
114,754 |
$ |
28,478 |
* |
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, 2015 |
||||
Long-term debt |
$ |
806,676 |
||
Long-term debt due within one year |
10,154 |
|||
Total debt |
816,830 |
|||
Less: cash and cash equivalents |
35,459 |
|||
Net debt |
$ |
781,371 |
||
Net debt to Total Reported EBITDA |
2.2 |
x |
||
Net debt to Total Reported EBITDA, excluding the non-cash gain on the |
2.3 |
x |
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 |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
Real Estate Reported EBITDA |
$ |
(1,247) |
$ |
(1,248) |
$ |
(6,915) |
$ |
(7,040) |
|||||||
|
9,132 |
14,766 |
32,190 |
37,400 |
|||||||||||
|
331 |
446 |
1,291 |
1,729 |
|||||||||||
Change in Real Estate deposits and recovery of previously incurred project costs less investments in Real Estate |
(1,291) |
(2,564) |
2,348 |
187 |
|||||||||||
Net Real Estate Cash Flow |
$ |
6,925 |
$ |
11,400 |
$ |
28,914 |
$ |
32,276 |
The following table reconciles Resort Net Revenue to Resort EBITDA Margin for fiscal 2015 and fiscal 2016 guidance.
(In thousands) (Unaudited) Twelve Months Ended |
(In thousands) (Unaudited) Fiscal 2016 Guidance (2) |
||||||||
Resort net revenue (1) |
$ |
1,358,582 |
$ |
1,520,000 |
|||||
Resort net revenue excluding Perisher (1) |
$ |
1,337,345 |
n/a |
||||||
Resort Reported EBITDA (1) |
$ |
365,780 |
$ |
417,500 |
|||||
Resort Reported EBITDA (1), excluding the non-cash gain on the |
$ |
341,954 |
n/a |
||||||
Resort EBITDA margin |
26.9 |
% |
27.5 |
% |
|||||
Resort EBITDA margin, excluding the non-cash gain on the |
25.6 |
% |
n/a |
||||||
(1) Resort represents the sum of Mountain and Lodging |
|||||||||
(2) Represents the mid-point range of Guidance |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vail-resorts-reports-fiscal-2015-fourth-quarter-and-full-year-results-and-provides-fiscal-2016-outlook-300149683.html
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