Vail Resorts Reports Fiscal 2015 Third Quarter Results and Early Season Pass Sales Results
Highlights
- Resort Reported EBITDA was
$267.3 million for the third quarter of fiscal 2015, an increase of 10.9% compared to the same period in the prior year. - Net income attributable to
Vail Resorts, Inc. was$133.4 million for the third quarter of fiscal 2015, representing a 13.1% increase compared to the same period in the prior year. - Total lift revenue for the third quarter of fiscal 2015 increased 13.2% while total skier visits declined 1.4% compared to the prior year.
- The Company reaffirmed its previous commentary on its guidance range for fiscal 2015, released on
April 24, 2015 , which does not include any impacts from the anticipated closing of thePerisher Ski Resort ("Perisher") acquisition. - Season pass sales for the 2015/2016 ski season were up approximately 12% in units and approximately 20% in sales dollars through
May 26, 2015 compared with the prior year period endedMay 27, 2014 , not including Perisher season pass sales in either period.
Commenting on the Company's fiscal 2015 third quarter results,
Katz continued, "This season highlighted the importance of our season pass program. Through the third quarter of fiscal 2015, our season pass revenue grew 20.9% and represented 40.8% of our total lift revenue, contributing to the stability and overall growth we have experienced. The strong value proposition of our season pass products continues to drive significant growth in the number of destination guests purchasing season passes and maintains the loyalty of our more weather and value sensitive local guests. We also continue to see the benefits of driving pricing on lift tickets and season passes, revenue from our ancillary services and results from the significant investments we have made in our resorts that continue to deliver a world-class, differentiated experience to our guests. These efforts are supported by our increasingly sophisticated marketing and yield management efforts."
Regarding Lodging, Katz said, "Our lodging revenue (excluding payroll cost reimbursements) increased 1.7% compared to the prior year period. Our results reflect strong demand from destination guests at our
Katz continued, "Resort Reported EBITDA was
Regarding Real Estate, Katz said, "
Katz commented, "Despite the challenging conditions we experienced in Tahoe throughout the season and in
Katz continued, "Our balance sheet remains very strong and the business continues to generate robust cash flow. We ended the quarter with
Operating Results
A complete Management's Discussion and Analysis of Financial Condition and Results of Operations can be found in the Company's Form 10-Q for the third fiscal quarter of 2015 ended
Mountain Segment
- Total lift revenue increased
$33.3 million , or 13.2%, compared to the same period in the prior year, to$285.2 million for the three months endedApril 30, 2015 , driven by an$18.3 million , or 21.0%, increase in season pass revenue, as well as a$15.0 million , or 9.1%, increase in lift revenue excluding season pass revenue. - Ski school revenue increased by
$3.7 million , or 5.9%, and dining revenue increased$1.7 million , or 4.0%, for the three months endedApril 30, 2015 compared to the same period in the prior year, driven by increases in yields as well as the addition ofPark City . - Retail/rental revenue decreased
$2.7 million , or 3.7%, for the three months endedApril 30, 2015 compared to the same period in the prior year, due primarily to decreases in retail sales and rental revenue in Tahoe, partially offset by the addition ofPark City . - Operating expense increased
$11.4 million , or 4.9%, for the three months endedApril 30, 2015 compared to the three months endedApril 30, 2014 , due primarily to incremental expenses of$14.0 million from the addition ofPark City . Operating expense in the fiscal quarter included$0.9 million of transaction related costs for Perisher and integration related costs forPark City and the prior year included$2.4 million of Canyons integration andPark City litigation related expenses. - Mountain Reported EBITDA increased
$26.8 million , or 11.8%, for the fiscal quarter compared to the same period in the prior year. - Mountain Reported EBITDA includes
$2.6 million of stock-based compensation expense for the three months endedApril 30, 2015 compared to$2.5 million in the same period in the prior year.
Lodging Segment
- Lodging revenue (excluding payroll cost reimbursements) for the three months ended
April 30, 2015 increased$1.1 million , or 1.7%, compared to the same period in the prior year. - For the three months ended
April 30, 2015 , average daily rate ("ADR") increased 10.0% and revenue per available room ("RevPAR") increased 9.8% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. - Lodging Reported EBITDA decreased
$0.5 million to$12.6 million for the three months endedApril 30, 2015 compared to the same period in the prior year. - Lodging Reported EBITDA includes
$0.6 million of stock-based compensation expense for both the three months endedApril 30, 2015 and 2014.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue increased
$40.0 million , or 7.6%, to$566.9 million for the three months endedApril 30, 2015 compared to the same period in the prior year. - Resort Reported EBITDA was
$267.3 million for the three months endedApril 30, 2015 , an increase of$26.3 million , or 10.9%, compared to the same period in the prior year.
Real Estate Segment
- Real Estate segment net revenue decreased
$3.7 million , or 22.9%, to$12.5 million for the three months endedApril 30, 2015 compared to the same period in the prior year. - Net Real Estate Cash Flow was
$12.7 million for the three months endedApril 30, 2015 , an increase of$1.4 million from the same period in the prior year. - Real Estate Reported EBITDA loss improved by
$0.9 million , to a loss of$1.4 million for the three months endedApril 30, 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 endedApril 30, 2015 and 2014, respectively.
Total Performance
- Total net revenue increased
$36.3 million , or 6.7%, to$579.3 million for the three months endedApril 30, 2015 compared to the same period in the prior year. - Net income attributable to
Vail Resorts, Inc. was$133.4 million , or$3.56 per diluted share, for the third quarter of fiscal 2015 compared to net income attributable toVail Resorts, Inc. of$117.9 million , or$3.18 per diluted share, in the third fiscal quarter of the prior year.
Perisher Acquisition Update
The Company anticipates closing on its acquisition of Perisher,
Season Pass Sales
Commenting on the Company's season pass sales for the upcoming 2015/2016 ski season, excluding sales of season passes for Perisher, Katz said, "We are thrilled with the results for our season pass sales to date. Pass sales through
Katz continued, "Our early season pass results demonstrate the success of our efforts to accelerate the timing of when our guests purchase their season passes. As always, it is important to note that we do not believe that the growth rates from our early sales will be maintained through the remainder of the selling season, as our early growth includes pass holders who purchased last fall. However, we believe the earlier we can move our guest's purchase decision in the year, the more opportunity it provides us for more stable and consistent growth. Season passes sold for the 2015/2016 ski season through
Regarding Perisher Freedom Pass sales, Katz commented, "Perisher's traditional
Epic Discovery Update
The Company received all necessary approvals to commence construction of Epic Discovery activities at Heavenly during the summer of 2015. With the addition of these projects, the calendar year 2015 Epic Discovery capital plan is expected to total
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
This news release includes the estimated incremental Resort Reported EBITDA impact from Perisher. With respect to the Company's non-GAAP projections for Perisher, the Company is not able to provide a reconciliation of the non-GAAP financial measures to GAAP because it does not provide specific guidance for the various non-recurring and recurring reconciling items. Certain items that impact these measures have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted, and as a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort.
| ||||||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
2015 |
2014 |
2015 |
2014 | |||||||||||||
Net revenue: |
||||||||||||||||
Mountain |
$ |
499,551 |
$ |
460,587 |
$ |
1,022,968 |
$ |
909,574 |
||||||||
Lodging |
67,323 |
66,293 |
185,180 |
179,694 |
||||||||||||
Real estate |
12,469 |
16,167 |
29,694 |
29,890 |
||||||||||||
Total net revenue |
579,343 |
543,047 |
1,237,842 |
1,119,158 |
||||||||||||
Segment operating expense: |
||||||||||||||||
Mountain |
244,675 |
233,301 |
645,593 |
601,587 |
||||||||||||
Lodging |
54,726 |
53,182 |
166,407 |
163,346 |
||||||||||||
Real estate |
14,028 |
18,445 |
35,513 |
35,682 |
||||||||||||
Total segment operating expense |
313,429 |
304,928 |
847,513 |
800,615 |
||||||||||||
Other operating (expense) income: |
||||||||||||||||
Depreciation and amortization |
(38,242) |
(35,588) |
(111,587) |
(105,948) |
||||||||||||
Gain on sale of real property |
151 |
— |
151 |
— |
||||||||||||
Gain on litigation settlement |
— |
— |
16,400 |
— |
||||||||||||
Change in fair value of contingent consideration |
— |
— |
4,550 |
— |
||||||||||||
(Loss) gain on disposal of fixed assets and other, net |
(71) |
634 |
(852) |
(839) |
||||||||||||
Income from operations |
227,752 |
203,165 |
298,991 |
211,756 |
||||||||||||
Mountain equity investment (loss) income, net |
(129) |
665 |
396 |
1,282 |
||||||||||||
Investment income, net |
119 |
124 |
155 |
289 |
||||||||||||
Interest expense |
(13,735) |
(16,408) |
(41,110) |
(48,745) |
||||||||||||
Income before provision for income taxes |
214,007 |
187,546 |
258,432 |
164,582 |
||||||||||||
Provision for income taxes |
(80,605) |
(69,680) |
(73,654) |
(60,953) |
||||||||||||
Net income |
$ |
133,402 |
$ |
117,866 |
$ |
184,778 |
$ |
103,629 |
||||||||
Net loss attributable to noncontrolling interests |
8 |
80 |
118 |
204 |
||||||||||||
Net income attributable to |
$ |
133,410 |
$ |
117,946 |
$ |
184,896 |
$ |
103,833 |
||||||||
Per share amounts: |
||||||||||||||||
Basic net income per share attributable to |
$ |
3.67 |
$ |
3.26 |
$ |
5.09 |
$ |
2.88 |
||||||||
Diluted net income per share attributable to |
$ |
3.56 |
$ |
3.18 |
$ |
4.95 |
$ |
2.80 |
||||||||
Cash dividends declared per share |
$ |
0.6225 |
$ |
0.4150 |
$ |
1.4525 |
$ |
0.8300 |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
36,354 |
36,159 |
36,310 |
36,105 |
||||||||||||
Diluted |
37,453 |
37,054 |
37,362 |
37,025 |
||||||||||||
Other Data: |
||||||||||||||||
Mountain Reported EBITDA |
$ |
254,747 |
$ |
227,951 |
$ |
394,171 |
$ |
309,269 |
||||||||
Lodging Reported EBITDA |
$ |
12,597 |
$ |
13,111 |
$ |
18,773 |
$ |
16,348 |
||||||||
Resort Reported EBITDA |
$ |
267,344 |
$ |
241,062 |
$ |
412,944 |
$ |
325,617 |
||||||||
Real Estate Reported EBITDA |
$ |
(1,408) |
$ |
(2,278) |
$ |
(5,668) |
$ |
(5,792) |
||||||||
Total Reported EBITDA |
$ |
265,936 |
$ |
238,784 |
$ |
407,276 |
$ |
319,825 |
||||||||
Mountain stock-based compensation |
$ |
2,606 |
$ |
2,475 |
$ |
8,846 |
$ |
7,657 |
||||||||
Lodging stock-based compensation |
$ |
609 |
$ |
587 |
$ |
1,912 |
$ |
1,599 |
||||||||
Resort stock-based compensation |
$ |
3,215 |
$ |
3,062 |
$ |
10,758 |
$ |
9,256 |
||||||||
Real Estate stock-based compensation |
$ |
277 |
$ |
423 |
$ |
960 |
$ |
1,283 |
||||||||
Total stock-based compensation |
$ |
3,492 |
$ |
3,485 |
$ |
11,718 |
$ |
10,539 |
| ||||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Nine Months Ended |
Percentage Increase | |||||||||||||||||||
2015 |
2014 |
(Decrease) |
2015 |
2014 |
(Decrease) | |||||||||||||||||
|
||||||||||||||||||||||
Lift |
$ |
285,249 |
$ |
251,914 |
13.2 |
% |
$ |
524,537 |
$ |
447,271 |
17.3 |
% | ||||||||||
Ski school |
66,216 |
62,512 |
5.9 |
% |
123,511 |
109,442 |
12.9 |
% | ||||||||||||||
Dining |
44,003 |
42,303 |
4.0 |
% |
90,661 |
82,369 |
10.1 |
% | ||||||||||||||
Retail/rental |
71,078 |
73,785 |
(3.7) |
% |
195,563 |
188,401 |
3.8 |
% | ||||||||||||||
Other |
33,005 |
30,073 |
9.7 |
% |
88,696 |
82,091 |
8.0 |
% | ||||||||||||||
|
$ |
499,551 |
$ |
460,587 |
8.5 |
% |
$ |
1,022,968 |
$ |
909,574 |
12.5 |
% | ||||||||||
Mountain operating expense: |
||||||||||||||||||||||
Labor and labor-related benefits |
$ |
99,926 |
$ |
93,275 |
7.1 |
% |
$ |
245,401 |
$ |
226,288 |
8.4 |
% | ||||||||||
Retail cost of sales |
23,520 |
25,636 |
(8.3) |
% |
75,856 |
76,490 |
(0.8) |
% | ||||||||||||||
Resort related fees |
31,624 |
26,630 |
18.8 |
% |
57,773 |
47,976 |
20.4 |
% | ||||||||||||||
General and administrative |
37,047 |
33,686 |
10.0 |
% |
112,613 |
100,490 |
12.1 |
% | ||||||||||||||
Other |
52,558 |
54,074 |
(2.8) |
% |
153,950 |
150,343 |
2.4 |
% | ||||||||||||||
|
$ |
244,675 |
$ |
233,301 |
4.9 |
% |
$ |
645,593 |
$ |
601,587 |
7.3 |
% | ||||||||||
Gain on litigation settlement |
— |
— |
— |
% |
16,400 |
— |
nm | |||||||||||||||
Mountain equity investment (loss) income, net |
(129) |
665 |
(119.4) |
% |
396 |
1,282 |
(69.1) |
% | ||||||||||||||
Mountain Reported EBITDA |
$ |
254,747 |
$ |
227,951 |
11.8 |
% |
$ |
394,171 |
$ |
309,269 |
27.5 |
% | ||||||||||
Less: gain on litigation settlement |
— |
— |
— |
% |
(16,400) |
— |
nm | |||||||||||||||
Mountain Reported EBITDA excluding gain on litigation settlement |
$ |
254,747 |
$ |
227,951 |
11.8 |
% |
$ |
377,771 |
$ |
309,269 |
22.1 |
% | ||||||||||
Total skier visits |
4,118 |
4,176 |
(1.4) |
% |
8,189 |
7,688 |
6.5 |
% | ||||||||||||||
ETP |
$ |
69.27 |
$ |
60.32 |
14.8 |
% |
$ |
64.05 |
$ |
58.18 |
10.1 |
% |
| ||||||||||||||||||||||
Three Months Ended |
Percentage Increase |
Nine Months Ended |
Percentage Increase | |||||||||||||||||||
2015 |
2014 |
(Decrease) |
2015 |
2014 |
(Decrease) | |||||||||||||||||
Lodging net revenue: |
||||||||||||||||||||||
Owned hotel rooms |
$ |
13,097 |
$ |
12,632 |
3.7 |
% |
$ |
39,348 |
$ |
36,943 |
6.5 |
% | ||||||||||
Managed condominium rooms |
21,904 |
20,578 |
6.4 |
% |
49,663 |
46,474 |
6.9 |
% | ||||||||||||||
Dining |
9,778 |
9,768 |
0.1 |
% |
31,538 |
31,016 |
1.7 |
% | ||||||||||||||
Transportation |
9,690 |
9,865 |
(1.8) |
% |
20,504 |
19,489 |
5.2 |
% | ||||||||||||||
Golf |
— |
— |
— |
% |
7,805 |
7,642 |
2.1 |
% | ||||||||||||||
Other |
10,190 |
10,757 |
(5.3) |
% |
28,811 |
30,225 |
(4.7) |
% | ||||||||||||||
64,659 |
63,600 |
1.7 |
% |
177,669 |
171,789 |
3.4 |
% | |||||||||||||||
Payroll cost reimbursements |
2,664 |
2,693 |
(1.1) |
% |
7,511 |
7,905 |
(5.0) |
% | ||||||||||||||
Total Lodging net revenue |
$ |
67,323 |
$ |
66,293 |
1.6 |
% |
$ |
185,180 |
$ |
179,694 |
3.1 |
% | ||||||||||
Lodging operating expense: |
||||||||||||||||||||||
Labor and labor-related benefits |
$ |
26,465 |
$ |
25,075 |
5.5 |
% |
$ |
79,783 |
$ |
76,794 |
3.9 |
% | ||||||||||
General and administrative |
8,736 |
7,932 |
10.1 |
% |
25,102 |
23,551 |
6.6 |
% | ||||||||||||||
Other |
16,861 |
17,482 |
(3.6) |
% |
54,011 |
55,096 |
(2.0) |
% | ||||||||||||||
52,062 |
50,489 |
3.1 |
% |
158,896 |
155,441 |
2.2 |
% | |||||||||||||||
Reimbursed payroll costs |
2,664 |
2,693 |
(1.1) |
% |
7,511 |
7,905 |
(5.0) |
% | ||||||||||||||
Total Lodging operating expense |
$ |
54,726 |
$ |
53,182 |
2.9 |
% |
$ |
166,407 |
$ |
163,346 |
1.9 |
% | ||||||||||
Lodging Reported EBITDA |
$ |
12,597 |
$ |
13,111 |
(3.9) |
% |
$ |
18,773 |
$ |
16,348 |
14.8 |
% | ||||||||||
Owned hotel statistics: |
||||||||||||||||||||||
ADR |
$ |
267.26 |
$ |
243.33 |
9.8 |
% |
$ |
232.30 |
$ |
218.30 |
6.4 |
% | ||||||||||
RevPar |
$ |
187.20 |
$ |
183.02 |
2.3 |
% |
$ |
148.35 |
$ |
141.33 |
5.0 |
% | ||||||||||
Managed condominium statistics: |
||||||||||||||||||||||
ADR |
$ |
407.76 |
$ |
372.69 |
9.4 |
% |
$ |
360.46 |
$ |
339.98 |
6.0 |
% | ||||||||||
RevPar |
$ |
177.06 |
$ |
157.56 |
12.4 |
% |
$ |
122.46 |
$ |
106.75 |
14.7 |
% | ||||||||||
Owned hotel and managed condominium statistics (combined): |
||||||||||||||||||||||
ADR |
$ |
360.54 |
$ |
327.80 |
10.0 |
% |
$ |
307.40 |
$ |
288.66 |
6.5 |
% | ||||||||||
RevPar |
$ |
179.48 |
$ |
163.41 |
9.8 |
% |
$ |
129.53 |
$ |
115.79 |
11.9 |
% |
Key Balance Sheet Data | ||||||||
As of | ||||||||
2015 |
2014 | |||||||
Real estate held for sale and investment |
$ |
137,740 |
$ |
170,818 |
||||
Total |
963,490 |
907,149 |
||||||
Long-term debt |
379,796 |
799,223 |
||||||
Long-term debt due within one year |
256,953 |
879 |
||||||
Total debt |
636,749 |
800,102 |
||||||
Less: cash and cash equivalents |
125,214 |
307,431 |
||||||
Net debt |
$ |
511,535 |
$ |
492,671 |
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 income attributable to
(In thousands) (Unaudited) |
(In thousands) (Unaudited) | |||||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
2015 |
2014 |
2015 |
2014 | |||||||||||||
Mountain Reported EBITDA excluding gain on litigation settlement |
$ |
254,747 |
$ |
227,951 |
$ |
377,771 |
$ |
309,269 |
||||||||
Lodging Reported EBITDA |
12,597 |
13,111 |
18,773 |
16,348 |
||||||||||||
Resort Reported EBITDA excluding gain on litigation settlement* |
267,344 |
241,062 |
396,544 |
325,617 |
||||||||||||
Gain on litigation settlement |
— |
— |
16,400 |
— |
||||||||||||
Resort Reported EBITDA* |
267,344 |
241,062 |
412,944 |
325,617 |
||||||||||||
Real Estate Reported EBITDA |
(1,408) |
(2,278) |
(5,668) |
(5,792) |
||||||||||||
Total Reported EBITDA |
265,936 |
238,784 |
407,276 |
319,825 |
||||||||||||
Depreciation and amortization |
(38,242) |
(35,588) |
(111,587) |
(105,948) |
||||||||||||
(Loss) gain on disposal of fixed assets and other, net |
(71) |
634 |
(852) |
(839) |
||||||||||||
Change in fair value of contingent consideration |
— |
— |
4,550 |
— |
||||||||||||
Investment income, net |
119 |
124 |
155 |
289 |
||||||||||||
Interest expense |
(13,735) |
(16,408) |
(41,110) |
(48,745) |
||||||||||||
Income before provision for income taxes |
214,007 |
187,546 |
258,432 |
164,582 |
||||||||||||
Provision for income taxes |
(80,605) |
(69,680) |
(73,654) |
(60,953) |
||||||||||||
Net income |
$ |
133,402 |
$ |
117,866 |
$ |
184,778 |
$ |
103,629 |
||||||||
Net loss attributable to noncontrolling interests |
8 |
80 |
118 |
204 |
||||||||||||
Net income attributable to |
$ |
133,410 |
$ |
117,946 |
$ |
184,896 |
$ |
103,833 |
* |
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 Ended | |||
Total Reported EBITDA excluding gain on litigation settlement |
$ |
332,785 | |
Non-cash gain on the |
16,400 | ||
Total Reported EBITDA |
349,185 | ||
Depreciation and amortization |
(146,240) | ||
Loss on disposal of fixed assets and other, net |
(1,221) | ||
Change in fair value of contingent consideration |
3,150 | ||
Investment income, net |
241 | ||
Interest expense |
(56,362) | ||
Loss on extinguishment of debt |
(10,831) | ||
Income before provision for income taxes |
137,922 | ||
Provision for income taxes |
(28,567) | ||
Net income |
$ |
109,355 | |
Net loss attributable to noncontrolling interests |
186 | ||
Net income attributable to |
$ |
109,541 |
* |
Resort represents the sum of Mountain and Lodging |
The following table reconciles Net Debt to long-term debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended
(In thousands) (Unaudited) As of April 30, 2015 |
|||||
Long-term debt |
$ |
379,796 |
|||
Long-term debt due within one year |
256,953 |
||||
Total debt |
636,749 |
||||
Less: cash and cash equivalents |
125,214 |
||||
Net debt |
$ |
511,535 |
|||
Net debt to Total Reported EBITDA |
1.5 |
x | |||
Net debt to Total Reported EBITDA, excluding the non-cash gain on the |
1.5 |
x |
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and nine months ended
(In thousands) (Unaudited) Three Months Ended |
(In thousands) (Unaudited) Nine Months Ended | |||||||||||||||
2015 |
2014 |
2015 |
2014 | |||||||||||||
Real Estate Reported EBITDA |
$ |
(1,408) |
$ |
(2,278) |
$ |
(5,668) |
$ |
(5,792) |
||||||||
|
10,438 |
12,531 |
23,058 |
22,635 |
||||||||||||
|
277 |
423 |
960 |
1,283 |
||||||||||||
Change in Real Estate deposits and recovery of previously incurred project costs less investments in Real Estate |
3,404 |
641 |
3,639 |
2,751 |
||||||||||||
Net Real Estate Cash Flow |
$ |
12,711 |
$ |
11,317 |
$ |
21,989 |
$ |
20,877 |
The following table reconciles Resort Net Revenue to Resort EBITDA Margin for the three months ended
(In thousands) (Unaudited) Three Months Ended |
|||||
2015 |
|||||
Resort net revenue (1) |
$ |
566,874 |
|||
Resort Reported EBITDA (1) |
$ |
267,344 |
|||
Resort EBITDA margin |
47.2 |
% |
|||
(1) Resort represents the sum of Mountain and Lodging |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vail-resorts-reports-fiscal-2015-third-quarter-results-and-early-season-pass-sales-results-300095321.html
SOURCE
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