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Vail Resorts Reports Fiscal 2016 Fourth Quarter and Full Year Results and Provides Fiscal 2017 Outlook

BROOMFIELD, Colo., Sept. 26, 2016 /PRNewswire/ -- Vail Resorts, Inc. (NYSE:  MTN) today reported results for its fourth quarter and fiscal year ended July 31, 2016 and provided its outlook for the fiscal year ending July 31, 2017.

Highlights

Commenting on the Company's fiscal 2016 results, Rob Katz, Chief Executive Officer, said, "We achieved another year of record-breaking results with significant growth across our business. We are very pleased to complete the year with Resort Reported EBITDA of $452.6 million, which included $1.4 million of transaction expenses related to the pending Whistler Blackcomb acquisition. Our results were driven by the strength of our network and excellent results across all of our resort locations. Our season pass program continued to drive both growth and stability with season pass revenue increasing 21.5% compared to the prior year, including a full season of Perisher season pass revenue in fiscal 2016. We experienced another outstanding year in Colorado with visitation and guest spending outperforming last year's results. In Park City, we met our very high expectations following our capital transformation last summer that combined Park City and Canyons into the largest mountain resort in the U.S.  Tahoe results rebounded strongly as favorable weather conditions helped to reactivate visitation in the region. We officially launched Epic Discovery at Vail and Heavenly this summer, driving significant increases in visitation and revenue in the fourth quarter of fiscal 2016 compared to the prior year. Our summer business will continue to grow as we further build out activities at Vail and Heavenly and officially launch Epic Discovery at Breckenridge next summer. Finally, we continue to execute our strategy with a focus on disciplined cost management which played a critical part in achieving Resort EBITDA Margin for the year of 28.7%, a 300 basis point expansion compared to fiscal 2015, excluding the non-cash gain on the Park City litigation settlement in fiscal 2015."

Katz added, "With a strong high-end U.S. consumer, we are continuing to leverage our growing network of resorts and sophisticated marketing strategies to drive higher visitation and yields across our Mountain segment. For fiscal 2016, total Mountain net revenue increased 18.2% to $1.3 billion. Total skier visits, including a full year of Perisher results, increased 18.5%, while total U.S. skier visits increased 13.2%. Total Effective Ticket Price ("ETP") increased 3.5%, driven by season pass and lift ticket price increases across our resorts, partially offset by higher visitation per pass. Our ancillary businesses also experienced growth with ski school, dining and retail/rental revenue, up 13.5%, 19.8% and 10.0%, respectively, compared to the prior year."

Regarding Lodging, Katz said, "Fiscal 2016 was another strong year for our Lodging segment with net revenue increasing 7.9% and Lodging Reported EBITDA increasing 30.0% compared to fiscal 2015, including $3.5 million of Lodging Reported EBITDA associated with the termination of the Company's management agreement with Half Moon Resort in Jamaica. These improvements were primarily driven by a 210 basis point improvement in occupancy and a 3.5% growth in average daily rate ("ADR"), resulting in an 8.8% improvement in revenue per available room ("RevPAR") compared to the prior year. Our Lodging segment benefited from increased visitation at our mountain resorts during the ski season as well as continued growth in summer visitation."

Turning to Real Estate, Katz commented, "We generated $22.0 million of Net Real Estate Cash Flow in fiscal 2016. For the full fiscal year, we closed on five units at Ritz-Carlton Residences, Vail, three Crystal Peak Lodge units in Breckenridge and two One Ski Hill Place units in Breckenridge. During the fourth quarter we closed on two units at Ritz-Carlton Residences, Vail and one unit at Crystal Peak Lodge. Subsequent to the end of fiscal 2016, we closed on the sale of a land parcel at the base of Breckenridge for $9.25 million. As of September 23, 2016, we have four units at Ritz-Carlton Residences, Vail and two units at One Ski Hill Place remaining to be sold and approximately $94.7 million of real estate held for sale and investment associated with land parcels at our resorts."

Katz continued, "Our balance sheet continues to be very strong. We ended the fiscal year with $67.9 million of cash on hand and $75.0 million of borrowings under the revolver portion of our senior credit facility. As of July 31, 2016, we had available borrowing capacity under the revolver component of our credit facility of $252.8 million. Our Net Debt was 1.4 times trailing twelve months Total Reported EBITDA, which includes $323.1 million of long-term capital lease obligations associated with the Canyons transaction. I am also very pleased to announce that our Board of Directors has declared a quarterly cash dividend on Vail Resorts' common stock. The quarterly dividend will be $0.81 per share of common stock and will be payable on October 25, 2016 to shareholders of record on October 7, 2016. Additionally, the Company repurchased 485,866 shares for a total of $53.8 million during fiscal 2016."

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 July 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

Season Pass Sales

Commenting on season pass sales, Katz said, "We are extremely pleased with our season pass sales to date. Through September 18, 2016, U.S. ski season pass sales increased approximately 24% in units and 29% in sales dollars, compared to the prior year period ended September 20, 2015. Our growth continues to be driven by our increasingly sophisticated and targeted marketing efforts to move destination guests into our season pass products, with this segment representing over half of this year's growth. As always, we do expect our season pass growth rates to decline through the end of our selling season, given that some of the increase is driven by our efforts to encourage guests to purchase their passes earlier in the year. Last year at this point in the year, we had sold approximately 60% of our season passes for the upcoming ski season, though we believe that figure may be higher this year, given the aforementioned efforts to move purchases earlier in the selling cycle."

Guidance

Commenting on guidance for fiscal 2017, Katz said, "We estimate Resort Reported EBITDA for fiscal 2017 will be between $480 million and $510 million. We expect Resort EBITDA Margin to be approximately 29.7% in fiscal 2017, using the midpoint of the guidance range. This is an estimated 100 basis point increase over fiscal 2016. We estimate fiscal 2017 Real Estate Reported EBITDA to be between $2 million and $8 million. Net Real Estate Cash Flow is expected to be between $10 million and $20 million. Net income attributable to Vail Resorts, Inc. is expected to be between $165.5 million and $194.5 million in fiscal 2017. All of these estimates are predicated on an exchange rate of $0.77 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia. In addition, all of these estimates exclude any operating results from the pending acquisition of Whistler Blackcomb, including associated transaction-related and integration costs."

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


Low End

Range


High End

Range

Mountain Reported EBITDA (1)

$

452,000




$

478,000



Lodging Reported EBITDA (2)


25,000





35,000



Resort Reported EBITDA (3)


480,000





510,000



Real Estate Reported EBITDA


2,000





8,000



Total Reported EBITDA


482,000





518,000



Depreciation and amortization


(167,000)





(161,000)



Loss on disposal of fixed assets and other, net


(1,700)





(500)



Change in fair value of contingent consideration (4)








Investment income, net


700





1,100



Interest expense


(44,000)





(41,000)



Income before provision for income taxes


270,000





316,600



Provision for income taxes


(104,600)





(122,400)



Net income

$

165,400




$

194,200



Net loss attributable to noncontrolling interests


100





300



Net income attributable to Vail Resorts, Inc.

$

165,500




$

194,500











(1) Mountain Reported EBITDA includes approximately $15 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.

 

Whistler Blackcomb Acquisition Update

As previously announced on August 8, 2016, the Company entered into an agreement to acquire 100% of the stock of Whistler Blackcomb Holdings Inc., which operates North America's largest and most visited mountain resort. We are pleased to report that the Canadian Competition Bureau has issued a no-action letter for the transaction and we continue to expect that the deal will close this fall pending Whistler Blackcomb shareholder and remaining Canadian regulatory approvals. The Company intends to share additional detail on its expectations from the Whistler Blackcomb acquisition during its December earnings conference call.

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 (888) 417-8465 (U.S. and Canada) or (719) 457-2607 (international). A replay of the conference call will be available two hours following the conclusion of the conference call through October 10, 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 1900352. 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. The Company's subsidiaries operate nine 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; Perisher in New South Wales, Australia; Afton Alps in Minnesota, Mt. Brighton in Michigan and Wilmot Mountain in Wisconsin. 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 our fiscal 2017 performance, including Resort Reported EBITDA, Resort EBITDA margin, Real Estate Reported EBITDA, Net Real Estate Cash Flow and net income attributable to Vail Resorts, Inc., as well as the expected timing for closure of the Whistler Blackcomb acquisition. 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; whether the Whistler Blackcomb acquisition will be consummated, including the ability and timing to obtain required regulatory approvals and approval by Whistler Blackcomb shareholders, and to satisfy other closing conditions and our ability to obtain the required financing for the cash portion of the consideration for the Whistler Blackcomb transaction; our ability to realize anticipated financial benefits from Park City; risks associated with international operations; fluctuations in foreign currency exchange rates; 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.

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 Measures of Segment Profitability and 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 July 31,


Twelve Months Ended July 31,



2016


2015


2016


2015

Net revenue:









Mountain


97,994



81,061



$

1,304,604



$

1,104,029


Lodging


74,528



69,373



274,554



254,553


Real estate


7,362



11,648



22,128



41,342


Total net revenue


179,884



162,082



1,601,286



1,399,924


Segment operating expense:









Mountain


152,090



131,554



881,472



777,147


Lodging


70,215



66,470



246,385



232,877


Real estate


7,596



12,895



24,639



48,408


Total segment operating expense


229,901



210,919



1,152,496



1,058,432


Other operating (expense) income:









Depreciation and amortization


(40,775)



(37,536)



(161,488)



(149,123)


Gain on sale of real property


3,485





5,295



151


Gain on litigation settlement








16,400


Change in fair value of contingent consideration


(4,200)



(900)



(4,200)



3,650


Loss on disposal of fixed assets and other, net


(2,269)



(1,205)



(5,418)



(2,057)


(Loss) income from operations


(93,776)



(88,478)



282,979



210,513


Mountain equity investment income, net


291



426



1,283



822


Investment income, net


214



91



723



246


Interest expense


(10,461)



(10,131)



(42,366)



(51,241)


Loss on extinguishment of debt




(11,012)





(11,012)


(Loss) income before provision for income taxes


(103,732)



(109,104)



242,619



149,328


Benefit (provision) for income taxes


38,448



38,936



(93,165)



(34,718)


Net (loss) income


$

(65,284)



$

(70,168)



$

149,454



$

114,610


Net loss attributable to noncontrolling interests


11



26



300



144


Net (loss) income attributable to Vail Resorts, Inc.


$

(65,273)



$

(70,142)



$

149,754



$

114,754


Per share amounts:









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


$

(1.80)



$

(1.92)



$

4.13



$

3.16


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


$

(1.80)



$

(1.92)



$

4.01



$

3.07


Cash dividends declared per share


$

0.8100



$

0.6225



$

2.8650



$

2.0750


Weighted average shares outstanding:









Basic


36,170



36,438



36,276



36,342


Diluted


36,170



36,438



37,312



37,406


Other Data:









Mountain Reported EBITDA


$

(53,805)



$

(50,067)



$

424,415



$

344,104


Lodging Reported EBITDA


4,313



2,903



28,169



21,676


Resort Reported EBITDA


(49,492)



(47,164)



452,584



365,780


Real Estate Reported EBITDA


3,251



(1,247)



2,784



(6,915)


Total Reported EBITDA


$

(46,241)



$

(48,411)



$

455,368



$

358,865


Mountain stock-based compensation


$

3,374



$

2,995



$

13,404



$

11,841


Lodging stock-based compensation


794



709



3,094



2,621


Resort stock-based compensation


4,168



3,704



16,498



14,462


Real Estate stock-based compensation


192



331



527



1,291


Total stock-based compensation


$

4,360



$

4,035



$

17,025



$

15,753


 

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












Three Months Ended July 31,


Percentage

Increase


Twelve Months Ended July 31,


Percentage
Increase



2016


2015


(Decrease)


2016


2015


(Decrease)

Net Mountain revenue:













Lift


$

15,420



$

11,921



29.4%


$

658,047



$

536,458



22.7%

Ski school


3,546



2,695



31.6%


143,249



126,206



13.5%

Dining


12,915



10,349



24.8%


121,008



101,010



19.8%

Retail/rental


26,386



23,590



11.9%


241,134



219,153



10.0%

Other


39,727



32,506



22.2%


141,166



121,202



16.5%

Total Mountain net revenue


$

97,994



$

81,061



20.9%


$

1,304,604



$

1,104,029



18.2%

Mountain operating expense:













Labor and labor-related benefits


$

54,898



$

46,181



18.9%


$

338,250



$

291,582



16.0%

Retail cost of sales


13,082



11,961



9.4%


93,946



87,817



7.0%

Resort related fees


2,417



1,911



26.5%


68,890



59,685



15.4%

General and administrative


36,578



31,159



17.4%


167,480



143,772



16.5%

Other


45,115



40,342



11.8%


212,906



194,291



9.6%

Total Mountain operating expense


$

152,090



$

131,554



15.6%


$

881,472



$

777,147



13.4%

Gain on litigation settlement






—%




16,400



(100.0)%

Mountain equity investment income, net


291



426



(31.7)%


1,283



822



56.1%

Mountain Reported EBITDA


$

(53,805)



$

(50,067)



(7.5)%


$

424,415



$

344,104



23.3%














Total skier visits


327



277



18.1%


10,032



8,466



18.5%

ETP


$

47.16



$

43.04



9.6%


$

65.59



$

63.37



3.5%

 

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












Three Months Ended July 31,


Percentage

Increase


Twelve Months Ended July 31,


Percentage
Increase



2016


2015


(Decrease)


2016


2015


(Decrease)

Lodging net revenue:













Owned hotel rooms


$

20,356



$

18,568



9.6%


$

63,520



$

57,916



9.7%

Managed condominium rooms


9,514



9,273



2.6%


61,934



58,936



5.1%

Dining


15,176



14,671



3.4%


49,225



46,209



6.5%

Transportation


2,765



2,575



7.4%


22,205



23,079



(3.8)%

Golf


8,797



8,535



3.1%


17,519



16,340



7.2%

Other


14,824



12,949



14.5%


47,833



41,760



14.5%



71,432



66,571



7.3%


262,236



244,240



7.4%

Payroll cost reimbursements


3,096



2,802



10.5%


12,318



10,313



19.4%

Total Lodging net revenue


$

74,528



$

69,373



7.4%


$

274,554



$

254,553



7.9%

Lodging operating expense:













Labor and labor-related benefits


$

31,875



$

30,385



4.9%


$

114,404



$

110,168



3.8%

General and administrative


8,315



7,379



12.7%


35,351



32,481



8.8%

Other


26,929



25,904



4.0%


84,312



79,915



5.5%



67,119



63,668



5.4%


234,067



222,564



5.2%

Reimbursed payroll costs


3,096



2,802



10.5%


12,318



10,313



19.4%

Total Lodging operating expense


$

70,215



$

66,470



5.6%


$

246,385



$

232,877



5.8%

Lodging Reported EBITDA


$

4,313



$

2,903



48.6%


$

28,169



$

21,676



30.0%














Owned hotel statistics:













ADR


$

216.28



$

201.08



7.6%


$

227.27



$

216.76



4.8%

RevPAR


$

146.83



$

133.77



9.8%


$

153.13



$

140.28



9.2%

Managed condominium statistics:













ADR


$

204.46



$

188.28



8.6%


$

325.38



$

316.32



2.9%

RevPAR


$

52.18



$

48.94



6.6%


$

109.68



$

101.19



8.4%

Owned hotel and managed condominium statistics (combined):













ADR


$

211.45



$

195.69



8.1%


$

280.38



$

270.84



3.5%

RevPAR


$

85.51



$

78.57



8.8%


$

122.61



$

112.67



8.8%

 

Key Balance Sheet Data
(In thousands)
(Unaudited)






As of July 31,



2016


2015

Real estate held for sale and investment


$

111,088



$

129,825


Total Vail Resorts, Inc. stockholders' equity


874,540



866,568


Long-term debt


686,909



804,347


Long-term debt due within one year


13,354



10,154


Total debt


700,263



814,501


Less: cash and cash equivalents


67,897



35,459


Net debt


$

632,366



$

779,042


 

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

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




(In thousands)
(Unaudited)


(In thousands)
(Unaudited)



Three Months Ended July 31,


Twelve Months Ended July 31,



2016


2015


2016


2015

Mountain Reported EBITDA


$

(53,805)



$

(50,067)



$

424,415



$

344,104


Lodging Reported EBITDA


4,313



2,903



28,169



21,676


Resort Reported EBITDA*


(49,492)



(47,164)



452,584



365,780


Real Estate Reported EBITDA


3,251



(1,247)



2,784



(6,915)


Total Reported EBITDA


(46,241)



(48,411)



455,368



358,865


Depreciation and amortization


(40,775)



(37,536)



(161,488)



(149,123)


Loss on disposal of fixed assets and other, net


(2,269)



(1,205)



(5,418)



(2,057)


Change in fair value of contingent consideration


(4,200)



(900)



(4,200)



3,650


Investment income, net


214



91



723



246


Interest expense


(10,461)



(10,131)



(42,366)



(51,241)


Loss on extinguishment of debt




(11,012)





(11,012)


(Loss) income before provision for income taxes


(103,732)



(109,104)



242,619



149,328


Benefit (provision) for income taxes


38,448



38,936



(93,165)



(34,718)


Net (loss) income


$

(65,284)



$

(70,168)



$

149,454



$

114,610


Net loss attributable to noncontrolling interests


11



26



300



144


Net (loss) income attributable to Vail Resorts, Inc.


$

(65,273)



$

(70,142)



$

149,754



$

114,754











* 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 July 31, 2016.



(In thousands)

(Unaudited)

As of July 31, 2016

Long-term debt


$

686,909



Long-term debt due within one year


13,354



Total debt


700,263



Less: cash and cash equivalents


67,897



Net debt


$

632,366



Net debt to Total Trailing 12 Month Reported EBITDA


1.4


x

 

The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and twelve months ended July 31, 2016 and 2015.



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


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



2016


2015


2016


2015

Real Estate Reported EBITDA


$

3,251



$

(1,247)



$

2,784



$

(6,915)


Non-cash real estate cost of sales


5,216



9,132



15,724



32,190


Non-cash real estate stock-based compensation


193



331



527



1,291


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


628



(1,291)



2,991



2,348


Net Real Estate Cash Flow


$

9,288



$

6,925



$

22,026



$

28,914


 

The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2017 guidance and fiscal 2016.




(In thousands)
(Unaudited)
Fiscal 2017
Guidance (2)


(In thousands)
(Unaudited)
Fiscal Year Ended
July 31, 2016

Resort net revenue (1)


$    1,663,900


$    1,579,158

Resort Reported EBITDA (1)


$       495,000


$       452,584

Resort EBITDA margin


29.7%


28.7%






(1) Resort represents the sum of Mountain and Lodging

(2) Represents the mid-point range of Guidance

 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vail-resorts-reports-fiscal-2016-fourth-quarter-and-full-year-results-and-provides-fiscal-2017-outlook-300333765.html

SOURCE Vail Resorts, Inc.

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