Vail Resorts Reports Fiscal 2015 Second Quarter Results and Increases Quarterly Dividend 50%
Highlights
- Resort Reported EBITDA increased 32.2% for the second quarter of fiscal 2015 compared to the same period in the prior year.
- Net income attributable to
Vail Resorts, Inc. was$115.8 million for the second fiscal quarter of 2015, representing a 95.3% increase compared to the same period in the prior year. - The Company updated its fiscal 2015 guidance with Resort Reported EBITDA expected to be between
$340 million and$350 million , excluding the$16.4 million non-cash gain related to thePark City litigation settlement, which remains within the Company's initial guidance range. - The Company has repaid all borrowings under the revolver portion of its credit facility used to finance the
$182.5 million acquisition ofPark City Mountain Resort ("Park City ") inSeptember 2014 . - The Company's Board of Directors approved a 50% increase in the quarterly cash dividend to
$0.6225 per share from$0.4150 per share beginning with the dividend payable onApril 15, 2015 to stockholders of record as ofMarch 31, 2015 . - The Company intends to refinance the remaining
$215.0 million of its 6.50% Senior Subordinated Notes due 2019 ("6.50% Notes") and the aggregate$41.2 million of the 6.95% Eagle County Bonds with a$250.0 million term loan under its existing senior credit facility, which we expect will result in approximately$12 million in pre-tax annual interest savings at current rates.
Commenting on the Company's fiscal 2015 second quarter results,
Regarding Lodging, Katz said, "Our lodging results were very strong for the fiscal quarter with both occupancy and rate increases compared to the prior year. Revenue (excluding payroll cost reimbursements) increased 6.3% compared to the prior year and revenue per available room ("RevPAR") increased 15.7% compared to the prior year. Our results were driven by strong demand for our lodging properties with particular strength in our
Katz continued, "Resort Reported EBITDA was
Regarding Real Estate, Katz said, "We continue to see strong momentum in our resort real estate markets with solid demand for our remaining condominium inventory and increasing interest in our development parcels. Net Real Estate Cash Flow for the second quarter of fiscal 2015 was
Commenting on cash flow, Katz said, "Our operating model continues to drive significant and growing cash flow, augmented by real estate sales, favorable tax attributes and disciplined capital spending. Our cash flow this fiscal quarter allowed us to pay down the full
Regarding capital allocation, Katz said, "Further demonstrating our continued commitment to return capital to our stockholders, we are pleased to announce that the Board of Directors has approved an increase to our quarterly dividend by 50% and declared a quarterly cash dividend on
The Company also provided additional details of its 2015 capital plan, including expected spending on summer activities for Epic Discovery. Consistent with prior estimates provided in
The Company is also announcing its plan to spend approximately
We expect the addition of these activities at Vail and
Commenting on this announcement, Katz said "Our 2015 capital plan reflects our goal to target high return investments that support a premium experience for our guests while generating significant cash flow. Our investment in
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 fiscal quarter of 2015 ended
Mountain Segment
- Total lift revenue increased
$43.9 million , or 22.5%, compared to the same period in the prior year, to$239.3 million for the three months endedJanuary 31, 2015 , driven largely by a$25.2 million , or 23.9%, increase in lift revenue excluding season pass revenue, attributable to increased visitation at ourColorado resorts, as well as incremental revenue of$11.8 million from the addition ofPark City . Season pass revenue increased$18.7 million , or 20.9%. - Ski school revenue increased by
$10.4 million , or 22.1%, and dining revenue increased$6.0 million , or 18.5%, for the three months endedJanuary 31, 2015 compared to the same period in the prior year, driven by increases in visitation and yields as well as the addition ofPark City . - Retail/rental revenue increased
$9.3 million , or 10.8%, for the three months endedJanuary 31, 2015 compared to the same period in the prior year, due primarily to increases in retail sales and rental revenue inColorado andUtah and the addition ofPark City . - Operating expense increased
$25.5 million , or 10.5%, for the three months endedJanuary 31, 2015 compared to the three months endedJanuary 31, 2014 , primarily due to incremental expenses of$14.1 million from the addition ofPark City (including current yearPark City integration costs of$0.6 million ). Operating expense in the prior year included$3.0 million of Canyons integration andPark City litigation related expenses. - Mountain Reported EBITDA increased
$46.1 million , or 31.1%, for the fiscal quarter compared to the same period in the prior year. - Mountain Reported EBITDA includes
$3.0 million of stock-based compensation expense for the three months endedJanuary 31, 2015 compared to$2.5 million in the same period in the prior year.
Lodging Segment
- Lodging segment net revenue (excluding payroll cost reimbursements) for the three months ended
January 31, 2015 increased$3.4 million , or 6.3%, compared to the same period in the prior year. - For the three months ended
January 31, 2015 , average daily rate ("ADR") increased 4.1% and RevPAR increased 15.7% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. - Lodging Reported EBITDA increased
$2.5 million to$5.4 million for the three months endedJanuary 31, 2015 compared to the same period in the prior year. - Lodging Reported EBITDA includes
$0.7 million of stock-based compensation expense for the three months endedJanuary 31, 2015 compared to$0.6 million in the same period in the prior year.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue increased
$74.6 million , or 16.6%, to$522.4 million for the three months endedJanuary 31, 2015 compared to the same period in the prior year. - Resort Reported EBITDA was
$199.7 million for the three months endedJanuary 31, 2015 , an increase of$48.6 million , or 32.2%, compared to the same period in the prior year.
Real Estate Segment
- Real Estate segment net revenue increased
$3.0 million , or 60.8%, to$7.8 million for the three months endedJanuary 31, 2015 compared to the same period in the prior year. - Net Real Estate Cash Flow was
$4.3 million for the three months endedJanuary 31, 2015 , an increase of$2.2 million from the same period in the prior year. - Real Estate Reported EBITDA loss improved by
$1.1 million , to a loss of$2.0 million for the three months endedJanuary 31, 2015 compared to the same period in the prior year. - Real Estate Reported EBITDA includes
$0.3 million and$0.4 million of stock-based compensation expense for the three months endedJanuary 31, 2015 and 2014, respectively.
Total Performance
- Total net revenue increased
$77.5 million , or 17.1%, to$530.2 million for the three months endedJanuary 31, 2015 compared to the same period in the prior year. - During the fiscal quarter the Company completed a comprehensive settlement agreement with the
Internal Revenue Service ("IRS ") regarding court proceedings related to net operating loss ("NOL") carryforwards. The Company recorded an income tax benefit of$23.8 million related to the utilization of the NOLs for the fiscal quarter endedJanuary 31, 2015 . - Net income attributable to
Vail Resorts, Inc. was$115.8 million , or$3.10 per diluted share, for the second quarter of fiscal 2015 compared to net income attributable toVail Resorts, Inc. of$59.3 million , or$1.60 per diluted share, in the second fiscal quarter of the prior year.
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
- Season-to-date total lift revenue at the Company's nine mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up 8.0% compared to the prior year season-to-date period.
- Season-to-date ancillary spending outpaced skier visitation, with ski school revenue up 2.1% and dining revenue up 4.8% at the Company's nine mountain resorts compared to the prior year season-to-date period. Additionally, retail/rental revenue for resort store locations was up 2.9%.
- Season-to-date total skier visits for the Company's nine mountain resorts were down 0.3% compared to the prior year season-to-date period.
Outlook
- We have updated our estimated range of Resort Reported EBITDA for fiscal 2015 within our original range to
$340 million to$350 million , excluding the$16.4 million non-cash gain related to thePark City litigation settlement, representing an approximate 27% to 30% increase over fiscal 2014. - Our updated guidance range incorporates an approximate
$37 million shortfall in revenue at our Tahoe resorts, relative to our original expectations. - Our estimates for fiscal 2015 Resort Reported EBITDA include approximately
$5 million of integration and litigation expenses related toPark City and Canyons. - We expect Resort EBITDA Margin (defined as Resort Reported EBITDA, excluding the impact of the non-cash gain related to the
Park City litigation settlement, divided by Resort net revenue) to be approximately 25.5% in fiscal 2015, at the midpoint of our updated guidance range. - We expect fiscal 2015 Real Estate Reported EBITDA to be negative
$10 million to negative$6 million . - We are increasing our Net Real Estate Cash Flow guidance to
$20 million to$30 million . - Net income attributable to
Vail Resorts, Inc. is now expected to be in a range of$109 million to$127 million in fiscal 2015, including the$16.4 million non-cash gain ($10.1 million tax-effected) related to thePark City litigation settlement and theIRS settlement on the utilization of NOL carryforwards which results in a$23.8 million income tax benefit.
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 Range | ||||||||
Mountain Reported EBITDA excluding the non-cash gain on the |
$ |
320,000 |
$ |
330,000 |
|||||
Lodging Reported EBITDA (2) |
18,000 |
22,000 |
|||||||
Resort Reported EBITDA excluding the non-cash gain on the |
340,000 |
350,000 |
|||||||
Non-cash gain on the |
16,400 |
16,400 |
|||||||
Resort Reported EBITDA |
356,400 |
366,400 |
|||||||
Real Estate Reported EBITDA (4) |
(10,000) |
(6,000) |
|||||||
Total Reported EBITDA |
346,400 |
360,400 |
|||||||
Depreciation and amortization |
(147,000) |
(140,000) |
|||||||
Loss on disposal of fixed assets and other, net |
(2,000) |
(800) |
|||||||
Change in fair value of contingent consideration |
4,000 |
5,000 |
|||||||
Investment income, net |
200 |
500 |
|||||||
Interest expense |
(53,000) |
(50,000) |
|||||||
Loss on extinguishment of debt |
(11,500) |
(10,500) |
|||||||
Income before provision for income taxes |
137,100 |
164,600 |
|||||||
Provision for income taxes |
(28,200) |
(37,800) |
|||||||
Net income |
108,900 |
126,800 |
|||||||
Net loss attributable to noncontrolling interests |
100 |
200 |
|||||||
Net income attributable to |
$ |
109,000 |
$ |
127,000 |
(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 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 |
Return of Capital to Stockholders
The Company's Board of Directors approved a 50% increase in the quarterly cash dividend to
Planned Bond Redemptions
The Company announced today that it intends to redeem the outstanding
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, Reported EBITDA excluding the non-cash gain on
Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) | ||||||||||||||||
Three Months Ended |
Six Months Ended January | |||||||||||||||
2015 |
2014 |
2015 |
2014 | |||||||||||||
Net revenue: |
||||||||||||||||
Mountain |
$ |
463,031 |
$ |
391,656 |
$ |
523,417 |
$ |
448,987 |
||||||||
Lodging |
59,364 |
56,187 |
117,857 |
113,401 |
||||||||||||
Real estate |
7,842 |
4,877 |
17,225 |
13,723 |
||||||||||||
Total net revenue |
530,237 |
452,720 |
658,499 |
576,111 |
||||||||||||
Segment operating expense: |
||||||||||||||||
Mountain |
268,966 |
243,512 |
400,918 |
368,286 |
||||||||||||
Lodging |
53,927 |
53,259 |
111,681 |
110,164 |
||||||||||||
Real estate |
9,871 |
8,006 |
21,485 |
17,237 |
||||||||||||
Total segment operating expense |
332,764 |
304,777 |
534,084 |
495,687 |
||||||||||||
Other operating (expense) income: |
||||||||||||||||
Depreciation and amortization |
(37,376) |
(36,204) |
(73,345) |
(70,360) |
||||||||||||
Gain on litigation settlement |
— |
— |
16,400 |
— |
||||||||||||
Change in fair value of contingent consideration |
— |
— |
4,550 |
— |
||||||||||||
Loss on disposal of fixed assets and other, net |
(26) |
(1,044) |
(781) |
(1,473) |
||||||||||||
Income from operations |
160,071 |
110,695 |
71,239 |
8,591 |
||||||||||||
Mountain equity investment income, net |
200 |
14 |
525 |
617 |
||||||||||||
Investment income, net |
62 |
70 |
36 |
165 |
||||||||||||
Interest expense |
(13,807) |
(16,239) |
(27,375) |
(32,337) |
||||||||||||
Income (loss) before (provision) benefit for income taxes |
146,526 |
94,540 |
44,425 |
(22,964) |
||||||||||||
(Provision) benefit from income taxes |
(30,826) |
(35,340) |
6,951 |
8,727 |
||||||||||||
Net income (loss) |
$ |
115,700 |
$ |
59,200 |
$ |
51,376 |
$ |
(14,237) |
||||||||
Net loss attributable to noncontrolling interests |
62 |
63 |
110 |
124 |
||||||||||||
Net income (loss) attributable to |
$ |
115,762 |
$ |
59,263 |
$ |
51,486 |
$ |
(14,113) |
||||||||
Per share amounts: |
||||||||||||||||
Basic net income (loss) per share attributable to |
$ |
3.19 |
$ |
1.64 |
$ |
1.42 |
$ |
(0.39) |
||||||||
Diluted net income (loss) per share attributable to |
$ |
3.10 |
$ |
1.60 |
$ |
1.38 |
$ |
(0.39) |
||||||||
Cash dividends declared per share |
$ |
0.4150 |
$ |
0.2075 |
$ |
0.8300 |
$ |
0.4150 |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
36,329 |
36,130 |
36,289 |
36,078 |
||||||||||||
Diluted |
37,367 |
37,120 |
37,313 |
36,078 |
||||||||||||
Other Data: |
||||||||||||||||
Mountain Reported EBITDA |
$ |
194,265 |
$ |
148,158 |
$ |
139,424 |
$ |
81,318 |
||||||||
Lodging Reported EBITDA |
$ |
5,437 |
$ |
2,928 |
$ |
6,176 |
$ |
3,237 |
||||||||
Resort Reported EBITDA |
$ |
199,702 |
$ |
151,086 |
$ |
145,600 |
$ |
84,555 |
||||||||
Real Estate Reported EBITDA |
$ |
(2,029) |
$ |
(3,129) |
$ |
(4,260) |
$ |
(3,514) |
||||||||
Total Reported EBITDA |
$ |
197,673 |
$ |
147,957 |
$ |
141,340 |
$ |
81,041 |
||||||||
Mountain stock-based compensation |
$ |
2,997 |
$ |
2,535 |
$ |
6,240 |
$ |
5,182 |
||||||||
Lodging stock-based compensation |
$ |
701 |
$ |
593 |
$ |
1,303 |
$ |
1,012 |
||||||||
Resort stock-based compensation |
$ |
3,698 |
$ |
3,128 |
$ |
7,543 |
$ |
6,194 |
||||||||
Real Estate stock-based compensation |
$ |
327 |
$ |
434 |
$ |
683 |
$ |
860 |
||||||||
Total stock-based compensation |
$ |
4,025 |
$ |
3,562 |
$ |
8,226 |
$ |
7,054 |
Mountain Segment Operating Results (In thousands, except effective ticket price ("ETP")) (Unaudited) | ||||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Six Months Ended |
Percentage Increase | |||||||||||||||||||
2015 |
2014 |
(Decrease) |
2015 |
2014 |
(Decrease) | |||||||||||||||||
|
||||||||||||||||||||||
Lift |
$ |
239,288 |
$ |
195,357 |
22.5 |
% |
$ |
239,288 |
$ |
195,357 |
22.5 |
% | ||||||||||
Ski school |
57,295 |
46,930 |
22.1 |
% |
57,295 |
46,930 |
22.1 |
% | ||||||||||||||
Dining |
38,619 |
32,602 |
18.5 |
% |
46,658 |
40,066 |
16.5 |
% | ||||||||||||||
Retail/rental |
95,012 |
85,717 |
10.8 |
% |
124,485 |
114,616 |
8.6 |
% | ||||||||||||||
Other |
32,817 |
31,050 |
5.7 |
% |
55,691 |
52,018 |
7.1 |
% | ||||||||||||||
|
$ |
463,031 |
$ |
391,656 |
18.2 |
% |
$ |
523,417 |
$ |
448,987 |
16.6 |
% | ||||||||||
Mountain operating expense: |
||||||||||||||||||||||
Labor and labor-related benefits |
$ |
102,470 |
$ |
93,464 |
9.6 |
% |
$ |
145,475 |
$ |
133,013 |
9.4 |
% | ||||||||||
Retail cost of sales |
35,546 |
33,989 |
4.6 |
% |
52,336 |
50,856 |
2.9 |
% | ||||||||||||||
Resort related fees |
24,866 |
20,236 |
22.9 |
% |
26,150 |
21,347 |
22.5 |
% | ||||||||||||||
General and administrative |
43,550 |
37,291 |
16.8 |
% |
75,566 |
66,803 |
13.1 |
% | ||||||||||||||
Other |
62,534 |
58,532 |
6.8 |
% |
101,391 |
96,267 |
5.3 |
% | ||||||||||||||
|
$ |
268,966 |
$ |
243,512 |
10.5 |
% |
$ |
400,918 |
$ |
368,286 |
8.9 |
% | ||||||||||
Gain on litigation settlement |
— |
— |
— |
% |
16,400 |
— |
nm | |||||||||||||||
Mountain equity investment income, net |
200 |
14 |
1,328.6 |
% |
525 |
617 |
(14.9) |
% | ||||||||||||||
Mountain Reported EBITDA |
$ |
194,265 |
$ |
148,158 |
31.1 |
% |
$ |
139,424 |
$ |
81,318 |
71.5 |
% | ||||||||||
Less: gain on litigation settlement |
— |
— |
— |
% |
(16,400) |
— |
nm | |||||||||||||||
Mountain Reported EBITDA excluding gain on litigation settlement |
$ |
194,265 |
$ |
148,158 |
31.1 |
% |
$ |
123,024 |
$ |
81,318 |
51.3 |
% | ||||||||||
Total skier visits |
4,071 |
3,512 |
15.9 |
% |
4,071 |
3,512 |
15.9 |
% | ||||||||||||||
ETP |
$ |
58.78 |
$ |
55.63 |
5.7 |
% |
$ |
58.78 |
$ |
55.63 |
5.7 |
% |
Lodging Operating Results (In thousands, except ADR and RevPAR) (Unaudited) | ||||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Six Months Ended |
Percentage Increase | |||||||||||||||||||
2015 |
2014 |
(Decrease) |
2015 |
2014 |
(Decrease) | |||||||||||||||||
Lodging net revenue: |
||||||||||||||||||||||
Owned hotel rooms |
$ |
11,333 |
$ |
10,198 |
11.1 |
% |
$ |
26,251 |
$ |
24,311 |
8.0 |
% | ||||||||||
Managed condominium rooms |
19,648 |
18,124 |
8.4 |
% |
27,759 |
25,896 |
7.2 |
% | ||||||||||||||
Dining |
8,222 |
7,902 |
4.0 |
% |
21,760 |
21,248 |
2.4 |
% | ||||||||||||||
Transportation |
8,497 |
7,752 |
9.6 |
% |
10,814 |
9,624 |
12.4 |
% | ||||||||||||||
Golf |
— |
— |
— |
% |
7,644 |
7,597 |
0.6 |
% | ||||||||||||||
Other |
9,059 |
9,421 |
(3.8) |
% |
18,782 |
19,513 |
(3.7) |
% | ||||||||||||||
56,759 |
53,397 |
6.3 |
% |
113,010 |
108,189 |
4.5 |
% | |||||||||||||||
Payroll cost reimbursements |
2,605 |
2,790 |
(6.6) |
% |
4,847 |
5,212 |
(7.0) |
% | ||||||||||||||
Total Lodging net revenue |
$ |
59,364 |
$ |
56,187 |
5.7 |
% |
$ |
117,857 |
$ |
113,401 |
3.9 |
% | ||||||||||
Lodging operating expense: |
||||||||||||||||||||||
Labor and labor-related benefits |
$ |
25,943 |
$ |
25,312 |
2.5 |
% |
$ |
53,318 |
$ |
51,719 |
3.1 |
% | ||||||||||
General and administrative |
8,849 |
8,601 |
2.9 |
% |
16,366 |
15,619 |
4.8 |
% | ||||||||||||||
Other |
16,530 |
16,556 |
(0.2) |
% |
37,150 |
37,614 |
(1.2) |
% | ||||||||||||||
51,322 |
50,469 |
1.7 |
% |
106,834 |
104,952 |
1.8 |
% | |||||||||||||||
Reimbursed payroll costs |
2,605 |
2,790 |
(6.6) |
% |
4,847 |
5,212 |
(7.0) |
% | ||||||||||||||
Total Lodging operating expense |
$ |
53,927 |
$ |
53,259 |
1.3 |
% |
$ |
111,681 |
$ |
110,164 |
1.4 |
% | ||||||||||
Lodging Reported EBITDA |
$ |
5,437 |
$ |
2,928 |
85.7 |
% |
$ |
6,176 |
$ |
3,237 |
90.8 |
% | ||||||||||
Owned hotel statistics: |
||||||||||||||||||||||
ADR |
$ |
258.25 |
$ |
249.22 |
3.6 |
% |
$ |
217.59 |
$ |
206.76 |
5.2 |
% | ||||||||||
RevPar |
$ |
155.37 |
$ |
142.40 |
9.1 |
% |
$ |
133.98 |
$ |
125.78 |
6.5 |
% | ||||||||||
Managed condominium statistics: |
||||||||||||||||||||||
ADR |
$ |
421.32 |
$ |
403.80 |
4.3 |
% |
$ |
327.15 |
$ |
314.98 |
3.9 |
% | ||||||||||
RevPar |
$ |
149.40 |
$ |
126.85 |
17.8 |
% |
$ |
96.37 |
$ |
82.65 |
16.6 |
% | ||||||||||
Owned hotel and managed condominium statistics (combined): |
||||||||||||||||||||||
ADR |
$ |
364.54 |
$ |
350.03 |
4.1 |
% |
$ |
276.89 |
$ |
264.30 |
4.8 |
% | ||||||||||
RevPar |
$ |
150.83 |
$ |
130.38 |
15.7 |
% |
$ |
107.22 |
$ |
94.53 |
13.4 |
% |
Key Balance Sheet Data (In thousands) (Unaudited) | ||||||||
As of | ||||||||
2015 |
2014 | |||||||
Real estate held for sale and investment |
$ |
151,103 |
$ |
184,101 |
||||
Total |
849,503 |
800,067 |
||||||
Long-term debt |
634,739 |
798,319 |
||||||
Long-term debt due within one year |
1,196 |
965 |
||||||
Total debt |
635,935 |
799,284 |
||||||
Less: cash and cash equivalents |
36,578 |
205,276 |
||||||
Net debt |
$ |
599,357 |
$ |
594,008 |
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 and Resort EBITDA margin excluding the non-cash gain on the
Presented below is a reconciliation of Reported EBITDA to net income (loss) attributable to
(In thousands) (Unaudited) |
(In thousands) (Unaudited) | |||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
2015 |
2014 |
2015 |
2014 | |||||||||||||
Mountain Reported EBITDA excluding gain on litigation settlement |
$ |
194,265 |
$ |
148,158 |
$ |
123,024 |
$ |
81,318 |
||||||||
Lodging Reported EBITDA |
5,437 |
2,928 |
6,176 |
3,237 |
||||||||||||
Resort Reported EBITDA excluding gain on litigation settlement* |
199,702 |
151,086 |
129,200 |
84,555 |
||||||||||||
Gain on litigation settlement |
— |
— |
16,400 |
— |
||||||||||||
Resort Reported EBITDA* |
199,702 |
151,086 |
145,600 |
84,555 |
||||||||||||
Real Estate Reported EBITDA |
(2,029) |
(3,129) |
(4,260) |
(3,514) |
||||||||||||
Total Reported EBITDA |
197,673 |
147,957 |
141,340 |
81,041 |
||||||||||||
Depreciation and amortization |
(37,376) |
(36,204) |
(73,345) |
(70,360) |
||||||||||||
Loss on disposal of fixed assets and other, net |
(26) |
(1,044) |
(781) |
(1,473) |
||||||||||||
Change in fair value of contingent consideration |
— |
— |
4,550 |
— |
||||||||||||
Investment income, net |
62 |
70 |
36 |
165 |
||||||||||||
Interest expense |
(13,807) |
(16,239) |
(27,375) |
(32,337) |
||||||||||||
Income (loss) before (provision) benefit from income taxes |
146,526 |
94,540 |
44,425 |
(22,964) |
||||||||||||
(Provision) benefit from income taxes |
(30,826) |
(35,340) |
6,951 |
8,727 |
||||||||||||
Net income (loss) |
$ |
115,700 |
$ |
59,200 |
$ |
51,376 |
$ |
(14,237) |
||||||||
Net loss attributable to noncontrolling interests |
62 |
63 |
110 |
124 |
||||||||||||
Net income (loss) attributable to |
$ |
115,762 |
$ |
59,263 |
$ |
51,486 |
$ |
(14,113) |
* |
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 | |||
Total Reported EBITDA excluding gain on litigation settlement |
$ |
305,633 |
|
Non-cash gain on the |
16,400 |
||
Total Reported EBITDA |
322,033 |
||
Depreciation and amortization |
(143,586) |
||
Loss on disposal of fixed assets and other, net |
(516) |
||
Change in fair value of contingent consideration |
3,150 |
||
Investment income, net |
246 |
||
Interest expense |
(59,035) |
||
Loss on extinguishment of debt |
(10,831) |
||
Income before provision for income taxes |
111,461 |
||
Provision for income taxes |
(17,642) |
||
Net income |
$ |
93,819 |
|
Net loss attributable to noncontrolling interests |
258 |
||
Net income attributable to |
$ |
94,077 |
* |
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 January 31, 2015 |
|||||
Long-term debt |
$ |
634,739 |
|||
Long-term debt due within one year |
1,196 |
||||
Total debt |
635,935 |
||||
Less: cash and cash equivalents |
36,578 |
||||
Net debt |
$ |
599,357 |
|||
Net debt to Total Reported EBITDA |
1.9 |
x | |||
Net debt to Total Reported EBITDA, excluding the non-cash gain on the |
2.0 |
x |
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and six months ended
(In thousands) (Unaudited) Three Months Ended |
(In thousands) (Unaudited) Six Months Ended | |||||||||||||||
2015 |
2014 |
2015 |
2014 | |||||||||||||
Real Estate Reported EBITDA |
$ |
(2,029) |
$ |
(3,129) |
$ |
(4,260) |
$ |
(3,514) |
||||||||
|
5,605 |
3,391 |
12,620 |
10,104 |
||||||||||||
|
327 |
434 |
683 |
860 |
||||||||||||
Change in Real Estate deposits and recovery of previously incurred project costs less investments in Real Estate |
384 |
1,409 |
235 |
2,110 |
||||||||||||
Net Real Estate Cash Flow |
$ |
4,287 |
$ |
2,105 |
$ |
9,278 |
$ |
9,560 |
The following table reconciles Resort Net Revenue to Resort EBITDA Margin excluding the non-cash gain related to the
(In thousands) | ||||
Resort net revenue (2) |
$ |
1,355,000 |
||
Resort EBITDA (3) |
$ |
345,000 |
||
Resort EBITDA margin |
25.5 |
% | ||
(1) Resort represents the sum of Mountain and Lodging |
||||
(2) Represents the mid-point range of guidance |
||||
(3) Represents the mid-point range of guidance, exclusive of the non-cash gain on the |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vail-resorts-reports-fiscal-2015-second-quarter-results-and-increases-quarterly-dividend-50-300049510.html
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