Vail Resorts Reports Fiscal 2012 Fourth Quarter and Full Year Results and Provides 2013 Outlook
Highlights
- Resort Reported EBITDA (which includes the Company's Mountain and Lodging segments) was
$205.3 million for Fiscal 2012 reflecting a decline of 7.5%, or$16.7 million , compared with the same period in the prior year. When adjusting for acquisition and litigation settlement related items in both current and prior year, Fiscal 2012 Resort Reported EBITDA declined 3.8% from Fiscal 2011. - Net income attributable to
Vail Resorts, Inc. of$16.5 million in Fiscal 2012 declined from$34.5 million in Fiscal 2011. - Sales of season passes through
September 23, 2012 for the upcoming 2012/2013 ski season were up approximately 17% in units and approximately 21% in sales dollars versus the comparable period in the prior year, adjusted as ifKirkwood were owned in both periods. Based on historical patterns, approximately 60% of our total sales are made by this date. - During the 2012 fiscal year, we closed on thirteen
Ritz-Carlton Residence units and sevenOne Ski Hill Place units, with Real Estate net revenue of$47.2 million in Fiscal 2012.
Commenting on the Company's Fiscal 2012 results,
Katz added, "In the Mountain Segment, net revenues actually increased 1.9% for Fiscal 2012 despite total skier visits declining 12.1% compared to Fiscal 2011. Several key factors contributed to our Mountain Segment results: the strength of season pass sales, which were up
Regarding Lodging, Katz said, "Our Lodging business was also impacted by the decline in skier visitation during the season, but mitigated that impact through increased average daily rate ("ADR") and a higher mix of luxury room nights as well as strong summer operations, particularly at our
Katz added, "Resort Reported EBITDA declined 3.8% from Fiscal 2011 when adjusting for one time items (including the timing of the Northstar,
Turning to Real Estate, Katz said, "Sales of units at The
Katz added, "Our balance sheet remains in a very strong position. In Fiscal 2012, we generated
Katz concluded, "I am pleased to announce that our Board of Directors has declared a quarterly cash dividend on
Operating Results
A complete Management's Discussion and Analysis of Financial Condition and Results of Operations can be found in the Company's Annual Report on Form 10-K for the fiscal year ended
Mountain Segment
- Total Skier Visits for Fiscal 2012 were 6.1 million, versus 7.0 million in Fiscal 2011, a 12.1% decrease.
- Mountain segment net revenue was
$766.6 million for Fiscal 2012 compared to$752.2 million in the same period in the prior year, a 1.9% increase. - Mountain Reported EBITDA was
$198.9 million for Fiscal 2012 compared to$213.2 million in the same period in the prior year, a 6.7% decrease. Excluding$3.1 million ofNorthstar Fiscal 2012 first quarter EBITDA losses and transition costs net of the prior year transaction costs, and$2.6 million ofKirkwood and Skiinfo acquisition timing and acquisition related costs, Mountain Reported EBITDA would reflect a 4.1% decrease from Fiscal 2011. - Mountain Reported EBITDA includes
$7.6 million and$7.1 million of stock-based compensation expense for Fiscal 2012 and 2011, respectively.
Despite the unprecedented adverse weather conditions, Fiscal 2012 Mountain revenue was stable due to increased season pass sales, higher pricing and increased average guest spend. Total Effective Ticket Price ("ETP") (calculated by dividing lift ticket revenue by total skier visits) for Fiscal 2012 increased 13.8% to
Lodging Segment
- Lodging segment net revenue was
$210.6 million for Fiscal 2012 compared to$214.7 million for the prior fiscal year, a 1.9% decrease. Excluding payroll cost reimbursement related to managed hotel properties, Total Lodging revenues increased 1.1%. - For Fiscal 2012, ADR increased 6.1% and revenue per available room ("RevPAR") decreased 3.7% at the Company's owned hotels and managed condominiums compared to the same period in the prior year.
- Lodging Reported EBITDA was
$6.4 million for Fiscal 2012 compared to$8.8 million for the same period in the prior year, a decrease of 27.4%. Lodging Reported EBITDA for the first fiscal quarter of 2011 included a$2.9 million benefit from a legal settlement. Excluding the settlement, Lodging Reported EBITDA increased 9.0% in Fiscal 2012. - Lodging Reported EBITDA includes
$1.7 million of stock-based compensation expense for Fiscal 2012 compared to$2.1 million in Fiscal 2011.
Revenue from owned hotel rooms and managed condominiums increased by 4.2% and 3.1% respectively in Fiscal 2012, despite a decrease in winter transient guest visitation as well as lower levels of group business at
Resort — Combination of Mountain and Lodging Segments
- Resort net revenue was
$977.2 million for Fiscal 2012 compared to$966.8 million in the prior fiscal year, a 1.1% increase. - Resort Reported EBITDA was
$205.3 million for the Fiscal 2012 compared to$221.9 million in the same period in the prior year. Adjusted for the acquisition and legal settlement items described above, Resort Reported EBITDA decreased 3.8%.
Real Estate Segment
- Real Estate segment net revenue was
$47.2 million for Fiscal 2012 compared to$200.2 million in the prior fiscal year. - Real Estate Reported EBITDA was a negative
$16.0 million for Fiscal 2012 compared to a negative$5.0 million in the prior year. - Real Estate Reported EBITDA includes
$2.6 million of stock-based compensation expense for Fiscal 2012 compared to$3.3 million in Fiscal 2011.
In Fiscal 2012, we closed on thirteen condominium units at The
Total Performance
- Total net revenue was
$1,024.4 million for Fiscal 2012 compared to$1,167.0 million in the prior year, a 12.2% decrease. - Net income attributable to
Vail Resorts, Inc. was$16.5 million , or$0.45 per diluted share, for Fiscal 2012 compared to net income attributable toVail Resorts, Inc. of$34.5 million , or$0.94 per diluted share, in the prior year. In Fiscal 2011, net income attributable toVail Resorts, Inc. included a pretax charge of$7.4 million , or$4.6 million after tax, for extinguishment of debt related to the Company's successful bond refinancing.
Dividends and Share Repurchases
In Fiscal 2012, total dividends paid were
In the fourth quarter of Fiscal 2012, the Company repurchased 480,930 shares at an average price of
Outlook and Fiscal Year 2013 Guidance
Commenting on the Company's season pass sales for the upcoming 2012/2013 ski season, Katz said, "We continue to be extremely pleased with the strength of our season pass sales to date, especially coming off the challenging weather of the past ski season and the record performance we had in season passes last year. Sales of season passes through
Regarding advance Lodging bookings, Katz said, "Although it is still early in the cycle (less than 15% of winter season bookings are historically made by this time), we are pleased that at this point bookings are up in both room nights and revenue over the prior year."
Commenting on Fiscal 2013 guidance, Katz continued, "We would like to announce our guidance for Fiscal 2013. As always, our visibility on the upcoming season at this point in time is limited. Our guidance for Fiscal 2013 anticipates a return to more normal weather conditions and the continuation of a challenging, but stable economic environment. Based on our current estimates, our Fiscal 2013 guidance range anticipates Resort Reported EBITDA of between
The following table reflects the forecasted guidance range for the Company's fiscal year ending
Fiscal 2013 Guidance | |||||||
(In thousands) | |||||||
For the Year Ending | |||||||
| |||||||
Range |
| ||||||
Mountain Reported EBITDA (1) |
$ |
250,000 |
$ |
260,000 |
|||
Lodging Reported EBITDA (2) |
8,000 |
13,000 |
|||||
Resort Reported EBITDA (3) |
260,000 |
270,000 |
|||||
Real Estate Reported EBITDA (4) |
(17,000) |
(9,000) |
|||||
Total Reported EBITDA |
243,000 |
261,000 |
|||||
Depreciation and amortization |
(127,500) |
(129,000) |
|||||
Loss on disposal of fixed assets, net |
(750) |
(1,250) |
|||||
Investment income |
500 |
600 |
|||||
Interest expense, net |
(34,000) |
(34,000) |
|||||
Income before provision for income taxes |
81,250 |
97,350 |
|||||
Provision for income taxes |
(31,340) |
(37,440) |
|||||
Net income |
49,910 |
59,910 |
|||||
Net loss attributable to the noncontrolling interests |
90 |
90 |
|||||
Net income attributable to |
$ |
50,000 |
$ |
60,000 |
(1) |
Mountain Reported EBITDA includes approximately |
(2) |
Lodging Reported EBITDA includes approximately |
(3) |
Resort Reported EBITDA represents the sum of Mountain and Lodging. The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. Readers are cautioned to recognize that the low end of the expected ranges provided for the Lodging and Mountain segments, while possible, do not sum to the low end of the Resort Reported EBITDA range provided because we do not necessarily expect or assume that we will actually hit the low end of both ranges, as the actual Resort Reported EBITDA will depend on the actual mix of the Lodging and Mountain components. Similarly, the high end of the ranges for the Lodging and Mountain segments do not sum to the high end of the Resort Reported EBITDA range. |
(4) |
Real Estate Reported EBITDA includes approximately |
Earnings Conference Call
For further discussion of the contents of this press release, please listen to our live webcast today at
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. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to prolonged weakness in general economic conditions, including adverse affects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and
lodging businesses; our ability to grow our resort and real estate operations; our ability to successfully initiate, complete, and sell, new real estate development projects and achieve the anticipated financial benefits from such projects; further adverse changes in real estate markets; continued volatility in credit markets; our ability to obtain financing on terms acceptable to us to finance our real estate development, capital expenditures and growth strategy; our reliance on government permits or approvals for our use of Federal land or to make operational and capital improvements; demand for planned summer activities and our ability to successfully obtain necessary approvals and construct the planned improvements; adverse consequences of current or future legal claims; our ability to hire and retain a sufficient seasonal workforce; 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; negative publicity which diminishes the value of our brands; our ability to integrate and successfully realize anticipated benefits of acquisitions or future acquisitions; and implications arising from new
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, except as may be required by law. Investors are also directed to other risks discussed in documents filed by us with the
We use the terms "Reported EBITDA" and "Net Debt" when reporting financial results in accordance with
|
||||||||
Consolidated Statements of Operations |
||||||||
(In thousands, except per share amounts) |
||||||||
(Unaudited) |
||||||||
Twelve Months Ended |
||||||||
July 31, |
||||||||
2012 |
2011 |
|||||||
Net revenue: |
||||||||
Mountain |
$ |
766,608 |
$ |
752,191 |
||||
Lodging |
210,623 |
214,658 |
||||||
Real Estate |
47,163 |
200,197 |
||||||
Total net revenue |
1,024,394 |
1,167,046 |
||||||
Segment operating expense: |
||||||||
Mountain |
568,578 |
540,366 |
||||||
Lodging |
204,270 |
205,903 |
||||||
Real Estate |
63,170 |
205,232 |
||||||
Total segment operating expense |
836,018 |
951,501 |
||||||
Other operating expense: |
||||||||
Depreciation and amortization |
(127,581) |
(117,957) |
||||||
Loss on disposal of fixed assets, net |
(1,464) |
(555) |
||||||
Asset impairment charge |
-- |
(2,561) |
||||||
Income from operations |
59,331 |
94,472 |
||||||
Mountain equity investment income, net |
878 |
1,342 |
||||||
Investment income, net |
469 |
719 |
||||||
Interest expense, net |
(33,586) |
(33,641) |
||||||
Loss on extinguishment of debt |
-- |
(7,372) |
||||||
Income before provision for income taxes |
27,092 |
55,520 |
||||||
Provision for income taxes |
(10,701) |
(21,098) |
||||||
Net income |
$ |
16,391 |
$ |
34,422 |
||||
Net loss attributable to noncontrolling interests |
62 |
67 |
||||||
Net income attributable to |
$ |
16,453 |
$ |
34,489 |
||||
Per share amounts: |
||||||||
Basic net income per share attributable to |
$ |
0.46 |
$ |
0.96 |
||||
Diluted net income per share attributable to |
$ |
0.45 |
$ |
0.94 |
||||
Cash dividends declared per share |
$ |
0.675 |
$ |
0.15 |
||||
Weighted Average shares outstanding: |
||||||||
Basic |
36,004 |
36,009 |
||||||
Diluted |
36,673 |
36,754 |
||||||
Other Data (unaudited): |
||||||||
Mountain Reported EBITDA |
$ |
198,908 |
$ |
213,167 |
||||
Lodging Reported EBITDA |
6,353 |
8,755 |
||||||
Resort Reported EBITDA |
205,261 |
221,922 |
||||||
Real Estate Reported EBITDA |
(16,007) |
(5,035) |
||||||
Total Reported EBITDA |
$ |
189,254 |
$ |
216,887 |
||||
Mountain stock-based compensation |
$ |
7,614 |
$ |
|
||||
Lodging stock-based compensation |
1,744 |
2,088 |
||||||
Resort stock-based compensation |
9,358 |
9,228 |
||||||
Real Estate stock-based compensation |
2,641 |
3,265 |
||||||
Total stock-based compensation |
$ |
11,999 |
$ |
12,493 |
||||
| ||||||
Consolidated Statements of Operations | ||||||
(In thousands, except per share amounts) | ||||||
(Unaudited) | ||||||
Three Months Ended | ||||||
July 31, | ||||||
2012 |
2011 | |||||
Net revenue: |
||||||
Mountain |
$ |
46,414 |
$ |
41,717 |
||
Lodging |
54,751 |
54,388 |
||||
Real Estate |
12,379 |
12,568 |
||||
Total net revenue |
113,544 |
108,673 |
||||
Segment operating expense: |
||||||
Mountain |
90,323 |
83,870 |
||||
Lodging |
54,773 |
56,891 |
||||
Real Estate |
16,691 |
16,516 |
||||
Total segment operating expense |
161,787 |
157,277 |
||||
Other operating expense: |
||||||
Depreciation and amortization |
(32,335) |
(29,012) |
||||
Loss on disposal of fixed assets, net |
(341) |
(212) |
||||
Loss from operations |
(80,919) |
(77,828) |
||||
Mountain equity investment (loss) income, net |
(66) |
18 |
||||
Investment income, net |
113 |
141 |
||||
Interest expense, net |
(8,360) |
(8,531) |
||||
Loss on extinguishment of debt |
-- |
(757) |
||||
Loss before benefit for income taxes |
(89,232) |
(86,957) |
||||
Benefit for income taxes |
35,408 |
33,042 |
||||
Net loss |
$ |
(53,824) |
$ |
(53,915) |
||
Net loss attributable to noncontrolling interests |
28 |
9 |
||||
Net loss attributable to |
$ |
(53,796) |
$ |
(53,906) |
||
Per share amounts: |
||||||
Basic net income per share attributable to |
$ |
(1.50) |
$ |
(1.49) |
||
Diluted net income per share attributable to |
$ |
(1.50) |
$ |
(1.49) |
||
Cash dividends declared per share |
$ |
0.1875 |
$ |
0.15 |
||
Weighted Average shares outstanding: |
||||||
Basic |
35,915 |
36,069 |
||||
Diluted |
35,915 |
36,069 |
||||
Other Data (unaudited): |
||||||
Mountain Reported EBITDA |
$ |
(43,975) |
$ |
(42,135) |
||
Lodging Reported EBITDA |
(22) |
(2,503) |
||||
Resort Reported EBITDA |
(43,997) |
(44,638) |
||||
Real Estate Reported EBITDA |
(4,312) |
(3,948) |
||||
Total Reported EBITDA |
$ |
(48,309) |
$ |
(48,586) |
||
Mountain stock-based compensation |
$ |
1,668 |
$ |
1,740 |
||
Lodging stock-based compensation |
386 |
532 |
||||
Resort stock-based compensation |
2,054 |
2,272 |
||||
Real Estate stock-based compensation |
596 |
883 |
||||
Total stock-based compensation |
$ |
2,650 |
$ |
3,155 |
| ||||||||||||||
Mountain Segment Operating Results and Skier Visits | ||||||||||||||
(In thousands, except Effective Ticket Price) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended |
Percentage |
Twelve Months Ended |
Percentage | |||||||||||
|
Increase |
|
Increase | |||||||||||
2012 |
2011 |
(Decrease) |
2012 |
2011 |
(Decrease) | |||||||||
|
||||||||||||||
Lift tickets |
$ |
89 |
$ |
-- |
nm |
$ |
342,500 |
$ |
342,514 |
0.0 |
% | |||
Ski school |
1 |
-- |
nm |
84,292 |
83,818 |
0.6 |
% | |||||||
Dining |
6,619 |
5,808 |
14.0 |
% |
68,376 |
68,052 |
0.5 |
% | ||||||
Retail/rental |
20,814 |
18,602 |
11.9 |
% |
181,772 |
174,339 |
4.3 |
% | ||||||
Other |
18,891 |
17,307 |
9.2 |
% |
89,668 |
83,468 |
7.4 |
% | ||||||
|
$ |
46,414 |
$ |
41,717 |
11.3 |
% |
$ |
766,608 |
$ |
752,191 |
1.9 |
% | ||
Mountain operating expense: |
||||||||||||||
Labor and labor-related benefits |
$ |
29,277 |
$ |
27,207 |
7.6 |
% |
$ |
203,515 |
$ |
198,659 |
2.4 |
% | ||
Retail cost of sales |
12,069 |
10,320 |
16.9 |
% |
79,657 |
71,961 |
10.7 |
% | ||||||
Resort related fees |
908 |
1,037 |
(12.4) |
% |
39,557 |
39,476 |
0.2 |
% | ||||||
General and administrative |
23,807 |
22,030 |
8.1 |
% |
112,879 |
104,848 |
7.7 |
% | ||||||
Other |
24,262 |
23,276 |
4.2 |
% |
132,970 |
125,422 |
6.0 |
% | ||||||
|
$ |
90,323 |
$ |
83,870 |
7.7 |
% |
$ |
568,578 |
$ |
540,366 |
5.2 |
% | ||
Mountain equity investment (loss) income, net |
(66) |
18 |
(466.7) |
% |
878 |
1,342 |
(34.6) |
% | ||||||
Mountain Reported EBITDA |
$ |
(43,975) |
$ |
(42,135) |
(4.4) |
% |
$ |
198,908 |
$ |
213,167 |
(6.7) |
% |
Twelve Months Ended |
Percentage | |||||
|
Increase | |||||
2012 |
2011 |
(Decrease) | ||||
Skier Visits |
||||||
|
4,853 |
5,329 |
(8.9) |
% | ||
|
1,291 |
1,662 |
(22.3) |
% | ||
Total skier visits |
6,144 |
6,991 |
(12.1) |
% | ||
Effective Ticket Price |
$ |
55.75 |
$ |
48.99 |
13.8 |
% |
| ||||||||||||||
Lodging Operating Results | ||||||||||||||
(In thousands, except ADR and RevPAR) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended |
Percentage |
Twelve Months Ended |
Percentage | |||||||||||
|
Increase |
|
Increase | |||||||||||
2012 |
2011 |
(Decrease) |
2012 |
2011 |
(Decrease) | |||||||||
Lodging net revenue: |
||||||||||||||
Owned hotel rooms |
$ |
14,239 |
$ |
12,095 |
17.7 |
% |
$ |
45,131 |
$ |
43,327 |
4.2 |
% | ||
Managed condominium rooms |
6,412 |
6,289 |
2.0 |
% |
40,473 |
39,239 |
3.1 |
% | ||||||
Dining |
9,625 |
8,733 |
10.2 |
% |
29,980 |
29,885 |
0.3 |
% | ||||||
Transportation |
1,972 |
1,799 |
9.6 |
% |
18,860 |
19,810 |
(4.8) |
% | ||||||
Golf |
7,523 |
7,293 |
3.2 |
% |
15,159 |
14,461 |
4.8 |
% | ||||||
Other |
11,234 |
10,881 |
3.2 |
% |
38,383 |
39,301 |
(2.3) |
% | ||||||
$ |
51,005 |
$ |
47,090 |
8.3 |
% |
$ |
187,986 |
$ |
186,023 |
1.1 |
% | |||
Payroll cost reimbursement |
3,746 |
7,298 |
(48.7) |
% |
22,637 |
28,635 |
(20.9) |
% | ||||||
Total Lodging net revenue |
$ |
54,751 |
$ |
54,388 |
0.7 |
% |
$ |
210,623 |
$ |
214,658 |
(1.9) |
% | ||
Lodging operating expense: |
||||||||||||||
Labor and labor-related benefits |
$ |
24,311 |
$ |
22,500 |
8.0 |
% |
$ |
88,777 |
$ |
86,584 |
2.5 |
% | ||
General and administrative |
6,666 |
8,659 |
(23.0) |
% |
29,280 |
31,265 |
(6.3) |
% | ||||||
Other |
20,050 |
18,434 |
8.8 |
% |
63,576 |
59,419 |
7.0 |
% | ||||||
$ |
51,027 |
$ |
49,593 |
2.9 |
% |
$ |
181,633 |
$ |
177,268 |
2.5 |
% | |||
Reimbursed payroll costs |
3,746 |
7,298 |
(48.7) |
% |
22,637 |
28,635 |
(20.9) |
% | ||||||
Total Lodging operating expense |
$ |
54,773 |
$ |
56,891 |
(3.7) |
% |
$ |
204,270 |
$ |
205,903 |
(0.8) |
% | ||
Lodging Reported EBITDA |
$ |
(22) |
$ |
(2,503) |
99.1 |
% |
$ |
6,353 |
$ |
8,755 |
(27.4) |
% | ||
Owned hotel statistics: |
||||||||||||||
ADR |
$ |
191.63 |
$ |
187.89 |
2.0 |
% |
$ |
205.02 |
$ |
195.69 |
4.8 |
% | ||
RevPAR |
$ |
107.84 |
$ |
96.86 |
11.3 |
% |
$ |
114.73 |
$ |
114.03 |
0.6 |
% | ||
Managed condominium statistics: |
||||||||||||||
ADR |
$ |
196.18 |
$ |
209.54 |
(6.4) |
% |
$ |
320.30 |
$ |
296.74 |
7.9 |
% | ||
RevPAR |
$ |
31.84 |
$ |
34.99 |
(9.0) |
% |
$ |
78.65 |
$ |
83.54 |
(5.9) |
% | ||
Owned hotel and managed condominium statistics (combined): |
||||||||||||||
ADR |
$ |
193.13 |
$ |
195.31 |
(1.1) |
% |
$ |
260.04 |
$ |
245.03 |
6.1 |
% | ||
RevPAR |
$ |
60.04 |
$ |
58.69 |
2.3 |
% |
$ |
90.36 |
$ |
93.79 |
(3.7) |
% |
Key Balance Sheet Data | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
As of July 31, | ||||||
2012 |
2011 | |||||
Real estate held for sale and investment |
$ |
237,668 |
$ |
273,663 | ||
Total |
$ |
802,311 |
$ |
829,723 | ||
Long-term debt |
$ |
489,775 |
$ |
490,698 | ||
Long-term debt due within one year |
990 |
1,045 | ||||
Total debt |
490,765 |
491,743 | ||||
Less: cash and cash equivalents |
46,053 |
70,143 | ||||
Net debt |
$ |
444,712 |
$ |
421,600 |
Reconciliation of Non-GAAP Financial Measures
Resort, Mountain and Lodging, and Real Estate Reported EBITDA have been presented herein as measures of the Company's financial operating performance. Reported EBITDA and Net Debt are not measures of financial performance or liquidity under accounting principles generally accepted in
Presented below is a reconciliation of Total Reported EBITDA to net income attributable to
(In thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Twelve Months Ended | ||||||||||||||
July 31, |
July 31, | ||||||||||||||
2012 |
2011 |
2012 |
2011 | ||||||||||||
Mountain Reported EBITDA |
$ |
(43,975) |
$ |
(42,135) |
$ |
198,908 |
$ |
213,167 |
|||||||
Lodging Reported EBITDA |
(22) |
(2,503) |
6,353 |
8,755 |
|||||||||||
Resort Reported EBITDA* |
(43,997) |
(44,638) |
205,261 |
221,922 |
|||||||||||
Real Estate Reported EBITDA |
(4,312) |
(3,948) |
(16,007) |
(5,035) |
|||||||||||
Total Reported EBITDA |
(48,309) |
(48,586) |
189,254 |
216,887 |
|||||||||||
Depreciation and amortization |
(32,335) |
(29,012) |
(127,581) |
(117,957) |
|||||||||||
Loss on disposal of fixed assets, net |
(341) |
(212) |
(1,464) |
(555) |
|||||||||||
Asset impairment charge |
-- |
-- |
-- |
(2,561) |
|||||||||||
Investment income, net |
113 |
141 |
469 |
719 |
|||||||||||
Interest expense, net |
(8,360) |
(8,531) |
(33,586) |
(33,641) |
|||||||||||
Loss on extinguishment of debt |
-- |
(757) |
-- |
(7,372) |
|||||||||||
(Loss) income before benefit (provision) for income taxes |
(89,232) |
(86,957) |
27,092 |
55,520 |
|||||||||||
Benefit (provision) for income taxes |
35,408 |
33,042 |
(10,701) |
(21,098) |
|||||||||||
Net (loss) income |
(53,824) |
(53,915) |
16,391 |
34,422 |
|||||||||||
Net loss attributable to noncontrolling interests |
28 |
9 |
62 |
67 |
|||||||||||
Net (loss) income attributable to |
$ |
(53,796) |
$ |
(53,906) |
$ |
16,453 |
$ |
34,489 |
|||||||
* Resort represents the sum of Mountain and Lodging |
Presented below is a reconciliation of Net Debt to Long-term Debt and the calculation of Net Debt to Total Reported EBITDA as of and for the twelve months ended
(In thousands) | |||
(Unaudited) | |||
As of | |||
Long-term debt |
$ |
489,775 |
|
Long-term debt due within one year |
990 |
||
Total debt |
490,765 |
||
Less: cash and cash equivalents |
46,053 |
||
Net Debt |
$ |
444,712 |
|
Net Debt to Total Reported EBITDA |
2.3 |
x |
SOURCE
News Provided by Acquire Media