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Vail Resorts Reports Fiscal 2017 First Quarter Results, Early Ski Season Indicators and Provides Updated Fiscal 2017 Outlook including Whistler Blackcomb

BROOMFIELD, CO, Dec. 9, 2016 /CNW/ - Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2017 ended October 31, 2016, provided certain early ski season indicators and updated its fiscal 2017 guidance including expected results from Whistler Blackcomb Holdings Inc. ("Whistler Blackcomb").

Highlights

Commenting on the Company's fiscal 2017 first quarter results, Rob Katz, Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss given that our North American mountain resorts are not open for ski operations during the period. The quarter's results are primarily driven by our summer activities, dining, retail/rental and lodging operations, administrative expenses and winter operating results from Perisher. We were pleased with our results in the quarter, with strong summer visitation at our U.S. mountain resorts driving increased revenue and profitability with the official launch of Epic Discovery at Vail and Heavenly and continued strong summer results at Breckenridge and Park City. Additionally, we had strong results at Perisher where visitation was steady compared to the prior year and growth was driven by yield improvements across the business. Our lodging results for the first fiscal quarter were very encouraging with the average daily rate increasing 8.9% compared to the prior year. In particular, our properties in Colorado benefited from increased visitation to our resort communities and Grand Teton Lodge Company benefited from increased park visitation. The Whistler Blackcomb transaction closed on October 17, 2016 and resulted in a $5.4 million Resort Reported EBITDA loss for the quarter, including a $2.6 million EBITDA loss from off-season operations and we incurred $2.8 million of transaction and integration related expenses during the quarter."

Regarding Real Estate, Katz said, "As previously noted, we closed on the sale of a land parcel at the base of Peak 8 in Breckenridge for $9.3 million during the first fiscal quarter, which contributed $6.5 million to Real Estate Reported EBITDA. Real Estate Reported EBITDA was $5.1 million for the first fiscal quarter, as compared to $1.2 million in the same period the prior year. For the quarter, Net Real Estate Cash Flow totaled $6.6 million."           

Katz continued, "Our balance sheet at quarter end and after completing the Whistler Blackcomb acquisition remains very strong. We ended the quarter with $106.8 million of cash on hand and $1.3 billion of Net Debt. To fund the cash portion of the acquisition, we expanded our existing term loan facility by $509.4 million to $750.0 million and extended the maturity date of the facility to October 2021. Additionally, we assumed Whistler Blackcomb's existing Canadian Dollar denominated revolver totaling C$300.0 million, of which approximately C$190.5 million (US$142.1 million) was outstanding as of October 31, 2016, and extended the maturity date of the facility to November 2021. Our Net Debt was 2.9 times trailing twelve months Total Reported EBITDA at October 31, 2016, though it is important to note that this ratio only includes Whistler Blackcomb's results for the two week period between closing and quarter end."

Commenting on the Company's upcoming season, Katz said, "We closed on the acquisition of Whistler Blackcomb in October and are thrilled about this transformative addition to Vail Resorts. We are looking forward to the full integration of the resort into our network over the coming year and offering access to Whistler and our other resorts to pass holders for the 2017/18 ski season. In addition, we are excited for our Chicago area skiers to experience the transformed Wilmot Mountain which opens next week with new base area facilities and dramatically improved on mountain infrastructure. Our guests at Vail Mountain will have the opportunity to experience the enhanced lift service in the legendary Back Bowls with the new Sun Up chair and guests at Breckenridge will be able to enjoy our new restaurant at the top of Peak 7, providing additional dining capacity serving the Peak 6 terrain."

Moving on to early ski season indicators, Katz said, "Our sales of season passes continue to deliver outstanding results. As we approach the end of our selling period, season pass sales are up approximately 16% in units and approximately 20% in sales dollars through December 4, 2016 compared to the prior year period ending December 6, 2015 (excluding the Epic Australia Pass and Whistler Blackcomb pass sales in both periods). This year, we have continued to drive significant growth in our destination markets which represent nearly three quarters of our sales increase and now represent approximately 48% of our total pass holders. In Chicago, one of our most important destination markets, we have seen pass sales growth that is well ahead of other U.S. destination markets due to our acquisition of Wilmot Mountain and subsequent transformational investment at the resort. Additionally, we have seen continued growth in Colorado and benefited from a strong rebound in Northern California. We are very pleased with the sales of season pass and frequency card products at Whistler Blackcomb, which are trending well ahead of the prior year. We expect our total season pass holders will exceed 650,000, including Whistler Blackcomb products and the Epic Australia Pass, representing an incredible group of highly loyal and passionate guests."

Katz continued, "Lodging bookings for the rest of the season are trending slightly ahead of last year at our U.S. resorts. Based on historical averages, less than 50% of the bookings for the winter season have been made by this time. While November was a fairly warm month for our U.S. resorts, colder temperatures and snowfall returned during Thanksgiving and all of our destination resorts are now offering a terrific early season experience. At Whistler Blackcomb, lodging bookings are trending well ahead of last year, with the resort benefiting from strong momentum from last season, outstanding early season conditions and an attractive Canadian dollar exchange rate relative to the U.S. Dollar."

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 first fiscal quarter ended October 31, 2016 filed today with the Securities and Exchange Commission. The following are segment highlights:

Mountain Segment

Lodging Segment

Resort - Combination of Mountain and Lodging Segments

Real Estate Segment

Total Performance

Return of Capital

The Company declared a quarterly cash dividend of $0.81 per share of Vail Resorts common stock that will be payable on January 12, 2017 to shareholders of record on December 28, 2016. Additionally, a Canadian dollar equivalent dividend on the exchangeable shares of Whistler Blackcomb Holdings Inc. will be payable on January 12, 2017 to shareholders of record on December 28, 2016. The exchangeable shares were issued to certain Canadian persons in connection with our acquisition of Whistler Blackcomb Holdings Inc.

Outlook

Commenting on guidance for fiscal 2017, Katz said, "While November results at our U.S. resorts were below expectations, they represent a relatively small portion of our revenue for the ski season and based on improved conditions during December we are reiterating our guidance for fiscal 2017, excluding the results and impact of Whistler Blackcomb. Including the results and impact of Whistler Blackcomb, we now estimate Resort Reported EBITDA for fiscal 2017 will be between $567 million and $597 million. Our updated estimate for fiscal 2017 Resort Reported EBITDA incorporates $87 million of estimated incremental Resort Reported EBITDA from the impact of the Whistler Blackcomb transaction. This assumes full year Whistler Blackcomb Resort EBITDA of $91 million (C$121 million), with $95 million (C$126 million) estimated from October 17, 2016 (the date of closing of the transaction) through the remainder of fiscal 2017. This also assumes $8 million of estimated transaction and integration related costs in fiscal 2017. The expectations for Whistler Blackcomb's full year operating results are in line with the resort's performance in fiscal 2016. We now expect Resort EBITDA Margin to be approximately 30.5% in fiscal 2017, using the midpoint of the guidance range. All of these estimates are predicated on an exchange rate of $0.75 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.77 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia. These estimates are also predicated on normal conditions at our resorts and a continuation of the current economic environment.

Regarding calendar year 2017 capital expenditures, Katz said, "We remain committed to reinvesting in our resorts, creating an experience of a lifetime for our guests and generating strong returns for our shareholders. While we will announce our complete capital plan for calendar year 2017 in March 2017, we are pleased to announce several signature projects that we intend to construct in 2017 for the 2017/2018 ski season. At Vail Mountain, we will continue to improve lift capacity at one of the resort's busiest chairlifts by upgrading the Northwoods high speed four person chair (#11) with a new high speed six person chairlift. At Breckenridge, we will be upgrading the Peak 10 Falcon Chair from a four person high speed chair to a six person high speed chair, allowing more guests to experience some of the best intermediate and advanced terrain on the mountain. At Keystone, we will be investing significant capital to continue to enhance the experience at this outstanding family focused resort. We will be upgrading the four person Montezuma chair to a six person high speed chair to improve circulation on the front side of the mountain, and we will be renovating and expanding Labonte's restaurant by 150 indoor seats to increase mountain dining capacity at the fourth most visited resort in the U.S. All of these projects are subject to regulatory approval.

Consistent with our long-term capital guidance, we expect our calendar year 2017 capital plan will total approximately $103 million, excluding investments in summer activities and Whistler Blackcomb. Including Whistler Blackcomb, we will be increasing our long-term capital guidance by approximately C$25 million (US$19 million), excluding certain non-mountain components of the Renaissance project (such as the Watershed) and any integration capital associated with the transaction. We will be providing further detail on our calendar year 2017 capital plan, including expected summer investments and integration capital associated with Whistler Blackcomb, in March 2017 ."

The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2017, for Reported EBITDA (after stock-based compensation expense) and reconciles such Reported EBITDA guidance to net income attributable to Vail Resorts, Inc. guidance for fiscal 2017.



Fiscal 2017 Guidance


(In thousands)


For the Year Ending


July 31, 2017 (5)


Low End

Range


High End

Range

Mountain Reported EBITDA (1)

$

541,000




$

561,000



Lodging Reported EBITDA (2)


26,000





36,000



Resort Reported EBITDA (3)


567,000





597,000



Real Estate Reported EBITDA


2,000





8,000



Total Reported EBITDA


569,000





605,000



Depreciation and amortization


(193,000)





(187,000)



Loss on disposal of fixed assets and other, net


(2,200)





(1,000)



Change in fair value of contingent consideration (4)








Investment income and other, net


5,000





5,400



Interest expense


(56,000)





(52,000)



Income before provision for income taxes


322,800





370,400



Provision for income taxes


(114,800)





(131,400)



Net income

$

208,000




$

239,000



Net income attributable to noncontrolling interests


(21,000)





(19,000)



Net income attributable to Vail Resorts, Inc.

$

187,000




$

220,000











(1) Mountain Reported EBITDA includes approximately $16 million of stock-based compensation.

(2) Lodging Reported EBITDA includes approximately $3 million of stock-based compensation.

(3) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low 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) 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 Park City, which such change may be material.

(5) Guidance estimates are predicated on an exchange rate of $0.75 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.77 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia.

 

Earnings Conference Call
The Company will conduct a conference call today at 11:30 a.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (877) 795-3649 (U.S. and Canada) or (719) 325-4940 (international). A replay of the conference call will be available two hours following the conclusion of the conference call through December 23, 2016, at 12:30 p.m. eastern time. To access the replay, dial (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (international), pass code 2209767. The conference call will also be archived at www.vailresorts.com.

About Vail Resorts, Inc. (NYSE: MTN)

Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts' subsidiaries operate 10 world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in New South Wales, Australia; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. The Company owns and/or manages a collection of casually elegant hotels under the RockResort brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.

Forward-Looking Statements
Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements, including our expectations regarding total season pass holders and our fiscal 2017 performance, including Resort Reported EBITDA, estimated incremental Resort Reported EBITDA from Whistler Blackcomb, Resort EBITDA margin, Real Estate Reported EBITDA and net income attributable to Vail Resorts, Inc.as well as the calendar year 2017 capital expenditures and plan, including ongoing annual mountain capital for Whistler Blackcomb. These statements are forward-looking statements within the meaning of 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, the cost and availability of travel options and changing consumer preferences; the seasonality of our business combined with adverse events that occur during our peak operating periods; 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 public land or to make operational and capital improvements; risks related to a disruption in our water supply that would impact our snowmaking capabilities; risks related to federal, state, local and foreign government laws, rules and regulations; risks related to our reliance on information technology, including 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 our ability to protect our intellectual property and 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 that acquired businesses may fail to perform in accordance with expectations, including Whistler Blackcomb or future acquisitions; our ability to realize anticipated financial benefits from Park City; our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses; risks associated with international operations; fluctuations in foreign currency exchange rates, particularly the Canadian dollar and Australian dollar; changes in accounting estimates and judgments, accounting principles, policies or guidelines; a materially adverse change in our financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2016, which was filed on September 26, 2016 and the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2016, which was filed today.

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 and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). 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. Accordingly, these measures may not be comparable to similarly-titled measures of other companies.

Reported EBITDA has been presented herein as a measure 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 defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin 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. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures.

Vail Resorts, Inc.
Consolidated Condensed Statements of Operations
(In thousands, except per share amounts)
(Unaudited)







Three Months Ended October 31,




2016


2015


Net revenue:






Mountain


$

110,767



$

100,933



Lodging


67,402



64,286



Real estate


96



9,348



 Total net revenue


178,265



174,567


Segment operating expense:






Mountain


168,253



151,158



Lodging


64,080



61,437



Real estate


1,485



9,341



 Total segment operating expense


233,818



221,936


Other operating (expense) income:






Depreciation and amortization


(40,581)



(38,700)



Gain on sale of real property


6,466



1,159



Change in fair value of contingent consideration


(300)





Loss on disposal of fixed assets and other, net


(550)



(1,779)


Loss from operations


(90,518)



(86,689)



Mountain equity investment income, net


832



842



Investment income and other, net


4,523



198



Interest expense


(11,964)



(10,595)


Loss before benefit from income taxes


(97,127)



(96,244)



Benefit from income taxes


33,509



36,574


Net loss


$

(63,618)



$

(59,670)


Net loss attributable to noncontrolling interests


1,031



83


Net loss attributable to Vail Resorts, Inc.


$

(62,587)



$

(59,587)


Per share amounts:






Basic net loss per share attributable to Vail Resorts, Inc.


$

(1.70)



$

(1.63)



Diluted net loss per share attributable to Vail Resorts, Inc.


$

(1.70)



$

(1.63)



Cash dividends declared per share


$

0.81



$

0.6225


Weighted average shares outstanding:





Basic


36,834



36,471


Diluted


36,834



36,471


Other Data:





Mountain Reported EBITDA


$

(56,654)



$

(49,383)


Lodging Reported EBITDA


3,322



2,849



Resort Reported EBITDA


(53,332)



(46,534)


Real Estate Reported EBITDA


5,077



1,166


Total Reported EBITDA


$

(48,255)



$

(45,368)


Mountain stock-based compensation


$

3,856



$

3,380


Lodging stock-based compensation


789



747



Resort stock-based compensation


4,645



4,127


Real Estate stock-based compensation


(68)



(37)


Total stock-based compensation


$

4,577



$

4,090


 

 

Vail Resorts, Inc.
Mountain Segment Operating Results
(In thousands, except Effective Ticket Price ("ETP"))
(Unaudited)








Three Months Ended October 31,


Percentage

Increase



2016


2015


(Decrease)

Net Mountain revenue:








Lift


$

21,426



$

20,153



6.3

%


Ski school


3,851



3,384



13.8

%


Dining


13,368



12,355



8.2

%


Retail/rental


36,479



32,389



12.6

%


Other


35,643



32,652



9.2

%

Total Mountain net revenue


110,767



100,933



9.7

%

Mountain operating expense:








Labor and labor-related benefits


$

57,682



$

51,799



11.4

%


Retail cost of sales


18,404



16,479



11.7

%


General and administrative


41,984



38,599



8.8

%


Other


50,183



44,281



13.3

%

Total Mountain operating expense


168,253



151,158



11.3

%

Mountain equity investment income, net


832



842



(1.2)

%

Mountain Reported EBITDA


$

(56,654)



$

(49,383)



(14.7)

%








Total skier visits


429



435



(1.4)

%

ETP


$

49.94



$

46.33



7.8

%

 

 

Vail Resorts, Inc.
Lodging Operating Results
(In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR"))
(Unaudited)








Three Months Ended October 31,


Percentage

Increase



2016


2015


(Decrease)

Lodging net revenue:








Owned hotel rooms


$

18,063



$

17,306



4.4

%


Managed condominium rooms


8,521



8,247



3.3

%


Dining


15,337



15,041



2.0

%


Transportation


2,473



2,320



6.6

%


Golf


8,513



8,247



3.2

%


Other


11,418



10,425



9.5

%



64,325



61,586



4.4

%


Payroll cost reimbursements


3,077



2,700



14.0

%

Total Lodging net revenue


67,402



64,286



4.8

%

Lodging operating expense:








Labor and labor-related benefits


29,877



28,695



4.1

%


General and administrative


8,764



7,969



10.0

%


Other


22,362



22,073



1.3

%



61,003



58,737



3.9

%


Reimbursed payroll costs


3,077



2,700



14.0

%

Total Lodging operating expense


64,080



61,437



4.3

%

Lodging Reported EBITDA


$

3,322



$

2,849



16.6

%








Owned hotel statistics:








ADR


$

214.83



$

199.41



7.7

%


RevPAR


$

144.12



$

133.14



8.2

%

Managed condominium statistics:








ADR


$

196.78



$

177.76



10.7

%


RevPAR


$

47.95



$

43.92



9.2

%

Owned hotel and managed condominium statistics (combined):








ADR


$

207.34



$

190.35



8.9

%


RevPAR


$

80.53



$

74.20



8.5

%

 

 

Key Balance Sheet Data|
(In thousands)
(Unaudited)







As of October 31,




2016


2015

Real estate held for sale and investment


$

116,852



$

120,769


Total Vail Resorts, Inc. stockholders' equity


1,338,317



742,684


Long-term debt


1,371,779



814,797


Long-term debt due within one year


38,374



13,319


Total debt


1,410,153



828,116


Less: cash and cash equivalents


106,751



39,606



Net debt


$

1,303,402



$

788,510


 

Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures

Presented below is a reconciliation of Reported EBITDA to net loss attributable to Vail Resorts, Inc. for the three months ended October 31, 2016 and 2015.



(In thousands)
(Unaudited)



Three Months Ended October 31,



2016


2015

Mountain Reported EBITDA


$

(56,654)



$

(49,383)


Lodging Reported EBITDA


3,322



2,849



Resort Reported EBITDA*


(53,332)



(46,534)


Real Estate Reported EBITDA


5,077



1,166



Total Reported EBITDA


(48,255)



(45,368)


Depreciation and amortization


(40,581)



(38,700)


Loss on disposal of fixed assets and other, net


(550)



(1,779)


Change in fair value of contingent consideration


(300)




Investment income and other, net


4,523



198


Interest expense


(11,964)



(10,595)


Loss before benefit from income taxes


(97,127)



(96,244)



Benefit from income taxes


33,509



36,574


Net loss


$

(63,618)



$

(59,670)


Net loss attributable to noncontrolling interests


1,031



83


Net loss attributable to Vail Resorts, Inc.


$

(62,587)



$

(59,587)







* Resort represents the sum of Mountain and Lodging





 

Presented below is a reconciliation of Total Reported EBITDA to net income attributable to Vail Resorts, Inc. calculated in accordance with GAAP for the twelve months ended October 31, 2016.



(In thousands)
(Unaudited)




Twelve Months Ended October 31, 2016


Mountain Reported EBITDA


$

417,144


Lodging Reported EBITDA


28,642



Resort Reported EBITDA*


445,786


Real Estate Reported EBITDA


6,695



Total Reported EBITDA


452,481


Depreciation and amortization


(163,369)


Loss on disposal of fixed assets and other, net


(4,189)


Change in fair value of contingent consideration


(4,500)


Investment income and other, net


5,048


Interest expense


(43,735)


Income before provision for income taxes


241,736



Provision for income taxes


(96,230)


Net income


$

145,506


Net loss attributable to noncontrolling interests


1,248


Net income attributable to Vail Resorts, Inc.


$

146,754





* 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 October 31, 2016.


In thousands)

(Unaudited)

(As of October 31, 2016


Long-term debt

$


1,371,779


Long-term debt due within one year


38,374


Total debt


1,410,153


Less: cash and cash equivalents


106,751


Net debt

$


1,303,402



Net debt to Total Reported EBITDA

2.9

x

 

The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October, 2016 and 2015.



(In thousands)
(Unaudited)
Three Months Ended
October 31,



2016


2015

Real Estate Reported EBITDA


$

5,077



$

1,166


Non-cash real estate cost of sales




6,940


Non-cash real estate stock-based compensation


(68)



(37)


Change in real estate deposits and recovery of
previously incurred project costs/land basis less
investments in real estate


1,581



1,924


Net Real Estate Cash Flow


$

6,590



$

9,993


 

The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2017 guidance.



(In thousands)

(Unaudited)

Fiscal 2017
Guidance (2)

Resort net revenue (1)


$

1,910,000


Resort Reported EBITDA (1)


$

582,000


Resort EBITDA margin


30.5

%




(1) Resort represents the sum of Mountain and Lodging



(2) Represents the mid-point range of Guidance



 

SOURCE Vail Resorts, Inc.

News Provided by Acquire Media

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