Delaware
|
001-09614
|
51-0291762
|
||
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
||
390
Interlocken Crescent
Broomfield,
Colorado
|
80021
|
|||
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|||
Registrant's
telephone number, including area code:
|
(303)
404-1800
|
(Former
Name or Former Address, if Changed Since Last Report)
|
Vail
Resorts, Inc.
|
||
Date:
March 10, 2010
|
By:
|
/s/ Jeffrey W. Jones |
Jeffrey
W. Jones
|
||
Senior
Executive Vice President and
Chief
Financial Officer
|
Exhibit No.
|
Description
|
99.1
|
Press
Release, dated March 10, 2010, announcing fiscal 2010 second quarter
results.
|
·
|
Mountain
Reported EBITDA and Resort Reported EBITDA (which includes the Company’s
Mountain and Lodging segments) for the second quarter improved from the
same period in the prior year by 3.6% and 2.0%,
respectively.
|
·
|
Total
revenue, Real Estate Reported EBITDA and net income attributable to Vail
Resorts, Inc. significantly declined for the second quarter compared to
the same period in the prior year due to the timing of real estate project
closings.
|
·
|
Net
Debt leverage ratio of 2.6 times trailing twelve months Total Reported
EBITDA and no revolver borrowings under the Company’s $400 million senior
credit facility as of January 31,
2010.
|
·
|
Mountain
segment net revenue was $261.0 million for the three months ended January
31, 2010 compared to $258.5 million in the same period in the prior year,
a 1.0% increase.
|
·
|
Mountain
Reported EBITDA was $107.2 million for the three months ended January 31,
2010 compared to $103.5 million in the same period in the prior year, a
3.6% improvement.
|
·
|
Lodging
segment net revenue was $38.7 million for the three months ended January
31, 2010 compared to $41.2 million for the same period in the prior year,
a 6.0% decrease.
|
·
|
For
the three months ended January 31, 2010, average daily rate (“ADR”)
decreased 2.1% and revenue per available room (“RevPAR”) decreased 11.1%
at the Company’s owned hotels and managed condominiums compared to the
same period in the prior year.
|
·
|
Lodging
Reported EBITDA was $0.9 million for the three months ended January 31,
2010 compared to $2.5 million in the same period in the prior year, with
the decrease due almost entirely to declines at Keystone Lodging
properties as well as an increase in general and administrative expense
primarily due to higher employee medical
costs.
|
·
|
Resort
net revenue was $299.7 million for the three months ended January 31, 2010
compared to $299.6 million in the same period in the prior
year.
|
·
|
Resort
Reported EBITDA was $108.1 million for the three months ended January 31,
2010 compared to $105.9 million in the same period in the prior year, a
2.0% improvement.
|
·
|
Real
Estate segment net revenue was $0.9 million for the three months ended
January 31, 2010 compared to $89.2 million in the same period in the prior
year.
|
·
|
Real
Estate Reported EBITDA was a negative $6.5 million for the three months
ended January 31, 2010 compared to a positive $29.6 million in the same
period in the prior year.
|
·
|
Total
net revenue was $300.5 million for the three months ended January 31, 2010
compared to $388.8 million in the same period in the prior year, a 22.7%
decline, driven primarily by the timing of real estate
closings.
|
·
|
Net
income attributable to Vail Resorts, Inc. was $40.7 million, or $1.11 per
diluted share, for the three months ended January 31, 2010 compared to net
income attributable to Vail Resorts, Inc. of $60.5 million, or $1.65 per
diluted share, in the same period in the prior
year.
|
·
|
Season
to date total skier visits for the Company’s five mountain resorts were up
0.4% for the season to date period through March 7, 2010 compared to the
prior year season to date period ending March 8,
2009.
|
·
|
Season
to date total lift ticket revenue through March 7, 2010, including an
allocated portion of season pass revenue for each applicable period, was
up 1.6% compared to the prior year season to date period ending March 8,
2009.
|
·
|
Season
to date ski school and retail/rental revenues through March 7, 2010 were
up 3.8% and 5.5%, respectively, compared to the prior year season to date
period ending March 8, 2009.
|
Vail
Resorts, Inc.
|
|||||||||
Consolidated
Condensed Statements of Operations
|
|||||||||
(In
thousands, except per share amounts)
|
|||||||||
(Unaudited)
|
|||||||||
Three
Months Ended
|
|||||||||
January
31,
|
|||||||||
2010
|
2009
|
||||||||
Net
revenue:
|
|||||||||
Mountain
|
$
|
260,978
|
$
|
258,489
|
|||||
Lodging
|
38,676
|
41,150
|
|||||||
Real
estate
|
870
|
89,157
|
|||||||
Total
net revenue
|
300,524
|
388,796
|
|||||||
Segment
operating expense:
|
|||||||||
Mountain
|
154,018
|
156,188
|
|||||||
Lodging
|
37,788
|
38,697
|
|||||||
Real
estate
|
7,417
|
59,508
|
|||||||
Total
segment operating expense
|
199,223
|
254,393
|
|||||||
Other
operating (expense) income:
|
|||||||||
Depreciation
and amortization
|
(27,772
|
)
|
(27,438
|
)
|
|||||
Gain
(loss) on disposal of fixed assets, net
|
12
|
(422
|
)
|
||||||
Income
from operations
|
73,541
|
106,543
|
|||||||
Mountain
equity investment income, net
|
207
|
1,161
|
|||||||
Investment
income
|
192
|
336
|
|||||||
Interest
expense, net
|
(4,148
|
)
|
(7,295
|
)
|
|||||
Income
before provision for income taxes
|
69,792
|
100,745
|
|||||||
Provision
for income taxes
|
(24,713
|
)
|
(36,412
|
)
|
|||||
Net
income
|
45,079
|
64,333
|
|||||||
Net
income attributable to noncontrolling interests
|
(4,389
|
)
|
(3,788
|
)
|
|||||
Net
income attributable to Vail Resorts, Inc.
|
$
|
40,690
|
$
|
60,545
|
|||||
Per share
amounts:
|
|||||||||
Basic
net income per share attributable to Vail Resorts, Inc.
|
$
|
1.12
|
$
|
1.66
|
|||||
Diluted
net income per share attributable to Vail Resorts, Inc.
|
$
|
1.11
|
$
|
1.65
|
|||||
Weighted
average shares outstanding:
|
|||||||||
Basic
|
36,245
|
36,570
|
|||||||
Diluted
|
36,754
|
36,663
|
|||||||
Other
Data (unaudited):
|
|||||||||
Mountain
Reported EBITDA
|
$
|
107,167
|
$
|
103,462
|
|||||
Lodging
Reported EBITDA
|
$
|
888
|
$
|
2,453
|
|||||
Resort
Reported EBITDA
|
$
|
108,055
|
$
|
105,915
|
|||||
Real
Estate Reported EBITDA
|
$
|
(6,547
|
)
|
$
|
29,649
|
||||
Total
Reported EBITDA
|
$
|
101,508
|
$
|
135,564
|
Mountain
stock-based compensation
|
$
|
1,277
|
$
|
1,128
|
||
Lodging
stock-based compensation
|
$
|
496
|
$
|
472
|
||
Resort
stock-based compensation
|
$
|
1,773
|
$
|
1,600
|
||
Real
Estate stock-based compensation
|
$
|
1,131
|
$
|
1,074
|
||
Total
stock-based compensation
|
$
|
2,904
|
$
|
2,674
|
Vail
Resorts, Inc.
|
|||||||||
Consolidated
Condensed Statements of Operations
|
|||||||||
(In
thousands, except per share amounts)
|
|||||||||
(Unaudited)
|
|||||||||
Six
Months Ended
|
|||||||||
January
31,
|
|||||||||
2010
|
2009
|
||||||||
Net
revenue:
|
|||||||||
Mountain
|
$
|
300,182
|
$
|
299,267
|
|||||
Lodging
|
80,031
|
86,403
|
|||||||
Real
estate
|
1,075
|
155,907
|
|||||||
Total
net revenue
|
381,288
|
541,577
|
|||||||
Segment
operating expense:
|
|||||||||
Mountain
|
230,486
|
237,411
|
|||||||
Lodging
|
80,411
|
83,595
|
|||||||
Real
estate
|
12,594
|
110,885
|
|||||||
Total
segment operating expense
|
323,491
|
431,891
|
|||||||
Other
operating (expense) income:
|
|||||||||
Depreciation
and amortization
|
(54,956
|
)
|
(52,516
|
)
|
|||||
Gain
on sale of real property
|
6,087
|
--
|
|||||||
Loss
on disposal of fixed assets, net
|
(101
|
)
|
(602
|
)
|
|||||
Income
from operations
|
8,827
|
56,568
|
|||||||
Mountain
equity investment income, net
|
461
|
2,176
|
|||||||
Investment
income
|
422
|
979
|
|||||||
Interest
expense, net
|
(8,983
|
)
|
(15,242
|
)
|
|||||
Income
before benefit (provision) for income taxes
|
727
|
44,481
|
|||||||
Benefit
(provision) for income taxes
|
841
|
(17,003
|
)
|
||||||
Net
income
|
1,568
|
27,478
|
|||||||
Net
income attributable to noncontrolling interests
|
(2,051
|
)
|
(1,437
|
)
|
|||||
Net
(loss) income attributable to Vail Resorts, Inc.
|
$
|
(483
|
)
|
$
|
26,041
|
||||
Per share
amounts:
|
|||||||||
Basic
net (loss) income per share attributable to Vail Resorts,
Inc.
|
$
|
(0.01
|
)
|
$
|
0.71
|
||||
Diluted
net (loss) income per share attributable to Vail Resorts,
Inc.
|
$
|
(0.01
|
)
|
$
|
0.71
|
||||
Weighted
average shares outstanding:
|
|||||||||
Basic
|
36,223
|
36,728
|
|||||||
Diluted
|
36,223
|
36,912
|
|||||||
Other
Data (unaudited):
|
|||||||||
Mountain
Reported EBITDA
|
$
|
70,157
|
$
|
64,032
|
|||||
Lodging
Reported EBITDA
|
$
|
(380
|
)
|
$
|
2,808
|
||||
Resort
Reported EBITDA
|
$
|
69,777
|
$
|
66,840
|
|||||
Real
Estate Reported EBITDA
|
$
|
(5,432
|
)
|
$
|
45,022
|
||||
Total
Reported EBITDA
|
$
|
64,345
|
$
|
111,862
|
Mountain
stock-based compensation
|
$
|
2,850
|
$
|
2,321
|
||
Lodging
stock-based compensation
|
$
|
1,012
|
$
|
901
|
||
Resort
stock-based compensation
|
$
|
3,862
|
$
|
3,222
|
||
Real
Estate stock-based compensation
|
$
|
2,506
|
$
|
2,019
|
||
Total
stock-based compensation
|
$
|
6,368
|
$
|
5,241
|
Vail
Resorts, Inc.
|
||||||||||||||
Mountain
Segment Operating Results and Skier Visits
|
||||||||||||||
(In
thousands, except Effective Ticket Price)
|
||||||||||||||
(Unaudited)
|
||||||||||||||
Three
Months Ended
|
Percentage
|
Six
Months Ended
|
Percentage
|
|||||||||||
January
31,
|
Increase
|
January
31,
|
Increase
|
|||||||||||
2010
|
2009
|
(Decrease)
|
2010
|
2009
|
(Decrease)
|
|||||||||
Net
Mountain revenue:
|
||||||||||||||
Lift
tickets
|
$
|
129,517
|
$
|
127,158
|
1.9
|
%
|
$
|
129,517
|
$
|
127,158
|
1.9
|
%
|
||
Ski
school
|
30,069
|
28,962
|
3.8
|
%
|
30,069
|
28,962
|
3.8
|
%
|
||||||
Dining
|
19,789
|
20,281
|
(2.4
|
)
%
|
23,257
|
24,210
|
(3.9
|
)
%
|
||||||
Retail/rental
|
61,026
|
59,238
|
3.0
|
%
|
82,564
|
81,664
|
1.1
|
%
|
||||||
Other
|
20,577
|
22,850
|
(9.9
|
)
%
|
34,775
|
37,273
|
(6.7
|
)
%
|
||||||
Total
Mountain net revenue
|
$
|
260,978
|
$
|
258,489
|
1.0
|
%
|
$
|
300,182
|
$
|
299,267
|
0.3
|
%
|
||
Mountain
operating expense:
|
||||||||||||||
Labor
and labor-related benefits
|
$
|
57,859
|
$
|
59,849
|
(3.3
|
)
%
|
$
|
81,243
|
$
|
83,865
|
(3.1
|
)
%
|
||
Retail
cost of sales
|
23,731
|
24,662
|
(3.8
|
)
%
|
36,294
|
37,914
|
(4.3
|
)
%
|
||||||
Resort
related fees
|
14,381
|
14,247
|
0.9
|
%
|
15,106
|
14,962
|
1.0
|
%
|
||||||
General
and administrative
|
26,043
|
24,082
|
8.1
|
%
|
46,570
|
47,337
|
(1.6
|
)
%
|
||||||
Other
|
32,004
|
33,348
|
(4.0
|
)
%
|
51,273
|
53,333
|
(3.9
|
)
%
|
||||||
Total
Mountain operating expense
|
$
|
154,018
|
$
|
156,188
|
(1.4
|
)
%
|
$
|
230,486
|
$
|
237,411
|
(2.9
|
)
%
|
||
Mountain
equity investment income, net
|
207
|
1,161
|
(82.2
|
)
%
|
461
|
2,176
|
(78.8
|
)
%
|
||||||
Total
Mountain Reported EBITDA
|
$
|
107,167
|
$
|
103,462
|
3.6
|
%
|
$
|
70,157
|
$
|
64,032
|
9.6
|
%
|
||
Three
Months Ended
|
Percentage
|
Six
Months Ended
|
Percentage
|
|||||||||||
January
31,
|
Increase
|
January
31,
|
Increase
|
|||||||||||
2010
|
2009
|
(Decrease)
|
2010
|
2009
|
(Decrease)
|
|||||||||
Skier
Visits
|
||||||||||||||
Vail
|
684
|
741
|
(7.7
|
)
%
|
684
|
741
|
(7.7
|
)
%
|
||||||
Breckenridge
|
764
|
730
|
4.7
|
%
|
764
|
730
|
4.7
|
%
|
||||||
Keystone
|
513
|
515
|
(0.4
|
)
%
|
513
|
515
|
(0.4
|
)
%
|
||||||
Heavenly
|
404
|
361
|
11.9
|
%
|
404
|
361
|
11.9
|
%
|
||||||
Beaver
Creek
|
417
|
431
|
(3.2
|
)
%
|
417
|
431
|
(3.2
|
)
%
|
||||||
Total
Skier Visits
|
2,782
|
2,778
|
0.1
|
%
|
2,782
|
2,778
|
0.1
|
%
|
||||||
Effective
Ticket Price
|
$
|
46.56
|
$
|
45.77
|
1.7
|
%
|
$
|
46.56
|
$
|
45.77
|
1.7
|
%
|
Vail
Resorts, Inc.
|
|||||||||||||
Lodging
Operating Results
|
|||||||||||||
(In
thousands, except ADR and RevPAR)
|
|||||||||||||
(Unaudited)
|
|||||||||||||
Three
Months Ended
|
Percentage
|
Six
Months Ended
|
Percentage
|
||||||||||
January
31,
|
Increase
|
January
31,
|
Increase
|
||||||||||
2010
|
2009
|
(Decrease)
|
2010
|
2009
|
(Decrease)
|
||||||||
Lodging
net revenue:
|
|||||||||||||
Owned
hotel rooms
|
$
|
8,286
|
$
|
8,774
|
(5.6
|
)
%
|
$
|
19,282
|
$
|
20,974
|
(8.1
|
)
%
|
|
Managed
condominium rooms
|
10,819
|
12,164
|
(11.1
|
)
%
|
15,229
|
17,219
|
(11.6
|
)
%
|
|||||
Dining
|
4,522
|
4,989
|
(9.4
|
)
%
|
13,468
|
15,478
|
(13.0
|
)
%
|
|||||
Transportation
|
7,341
|
7,528
|
(2.5
|
)
%
|
8,974
|
7,528
|
19.2
|
%
|
|||||
Golf
|
--
|
--
|
--
|
6,823
|
8,055
|
(15.3
|
)
%
|
||||||
Other
|
7,708
|
7,695
|
0.2
|
%
|
16,255
|
17,149
|
(5.2
|
)
%
|
|||||
Total
Lodging net revenue
|
$
|
38,676
|
$
|
41,150
|
(6.0
|
)
%
|
$
|
80,031
|
$
|
86,403
|
(7.4
|
)
%
|
|
Lodging
operating expense
|
|||||||||||||
Labor
and labor-related benefits
|
$
|
18,449
|
$
|
20,408
|
(9.6
|
)
%
|
$
|
38,824
|
$
|
41,252
|
(5.9
|
)
%
|
|
General
and administrative
|
7,653
|
6,547
|
16.9
|
%
|
14,631
|
14,028
|
4.3
|
%
|
|||||
Other
|
11,686
|
11,742
|
(0.5
|
)
%
|
26,956
|
28,315
|
(4.8
|
)
%
|
|||||
Total
Lodging operating expense
|
$
|
37,788
|
$
|
38,697
|
(2.3
|
)
%
|
$
|
80,411
|
$
|
83,595
|
(3.8
|
)
%
|
|
Total
Lodging Reported EBITDA
|
$
|
888
|
$
|
2,453
|
(63.8
|
)
%
|
$
|
(380
|
) $
|
2,808
|
(113.5
|
)
%
|
|
Owned
hotel statistics:
|
|||||||||||||
ADR
|
$
|
205.85
|
$
|
206.25
|
(0.2
|
)%
|
$
|
187.90
|
$
|
180.85
|
3.9
|
%
|
|
RevPAR
|
$
|
103.50
|
$
|
117.95
|
(12.3
|
)%
|
$
|
94.98
|
$
|
107.86
|
(11.9
|
)
%
|
|
Managed
condominium statistics:
|
|||||||||||||
ADR
|
$
|
336.13
|
$
|
348.07
|
(3.4
|
)%
|
$
|
286.90
|
$
|
283.41
|
1.2
|
%
|
|
RevPAR
|
$
|
113.13
|
$
|
126.37
|
(10.5
|
)%
|
$
|
69.91
|
$
|
82.10
|
(14.8
|
)
%
|
|
Owned
hotel and managed condominium statistics (combined):
|
|||||||||||||
ADR
|
$
|
280.84
|
$
|
286.93
|
(2.1
|
)%
|
$
|
231.42
|
$
|
226.73
|
2.1
|
%
|
|
RevPAR
|
$
|
109.95
|
$
|
123.64
|
(11.1
|
)%
|
$
|
79.45
|
$
|
91.76
|
(13.4
|
)
%
|
Key
Balance Sheet Data
|
|||||||
(In
thousands)
|
|||||||
(Unaudited)
|
|||||||
As
of January 31,
|
|||||||
2010
|
2009
|
||||||
Real
estate held for sale and investment
|
$
|
414,501
|
$
|
247,329
|
|||
Total
Vail Resorts, Inc. stockholders' equity
|
$
|
770,188
|
$
|
740,497
|
|||
Long-term
debt
|
$
|
489,865
|
$
|
491,777
|
|||
Long-term
debt due within one year
|
1,870
|
304
|
|||||
Total
debt
|
491,735
|
492,081
|
|||||
Less:
cash and cash equivalents
|
58,008
|
139,172
|
|||||
Net
debt
|
$
|
433,727
|
$
|
352,909
|
(In
thousands)
|
||||||||||||||||||
(Unaudited)
|
||||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||||
January
31,
|
January
31,
|
|||||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||||
Mountain
Reported EBITDA
|
$
|
107,167
|
$
|
103,462
|
$
|
70,157
|
$
|
64,032
|
||||||||||
Lodging
Reported EBITDA
|
888
|
2,453
|
(380
|
)
|
2,808
|
|||||||||||||
Resort
Reported EBITDA*
|
108,055
|
105,915
|
69,777
|
66,840
|
||||||||||||||
Real
Estate Reported EBITDA
|
(6,547
|
)
|
29,649
|
(5,432
|
)
|
45,022
|
||||||||||||
Total
Reported EBITDA
|
101,508
|
135,564
|
64,345
|
111,862
|
||||||||||||||
Depreciation
and amortization
|
(27,772
|
)
|
(27,438
|
)
|
(54,956
|
)
|
(52,516
|
)
|
||||||||||
Gain
(loss) on disposal of fixed assets, net
|
12
|
(422
|
)
|
(101
|
)
|
(602
|
)
|
|||||||||||
Investment
income
|
192
|
336
|
422
|
979
|
||||||||||||||
Interest
expense, net
|
(4,148
|
)
|
(7,295
|
)
|
(8,983
|
)
|
(15,242
|
)
|
||||||||||
Income
before provision for income taxes
|
69,792
|
100,745
|
727
|
44,481
|
||||||||||||||
(Provision)
benefit for income taxes
|
(24,713
|
)
|
(36,412
|
)
|
841
|
(17,003
|
)
|
|||||||||||
Net
income
|
45,079
|
64,333
|
1,568
|
27,478
|
||||||||||||||
Net
income attributable to noncontrolling interests
|
(4,389
|
)
|
(3,788
|
)
|
(2,051
|
)
|
(1,437
|
)
|
||||||||||
Net
income (loss) attributable to Vail Resorts, Inc.
|
$
|
40,690
|
$
|
60,545
|
$
|
(483
|
)
|
$
|
26,041
|
|||||||||
*
Resort represents the sum of Mountain and
Lodging
|
(In
thousands)
|
||||||
(Unaudited)
|
||||||
Twelve
|
||||||
Months
Ended
|
||||||
January
31,
|
||||||
2010
|
||||||
Mountain
Reported EBITDA
|
$
|
170,514
|
||||
Lodging
Reported EBITDA
|
3,571
|
|||||
Resort
Reported EBITDA*
|
174,085
|
|||||
Real
Estate Reported EBITDA
|
(6,374
|
)
|
||||
Total
Reported EBITDA
|
167,711
|
|||||
Depreciation
and amortization
|
(109,653
|
)
|
||||
Loss
on disposal of fixed assets, net
|
(563
|
)
|
||||
Investment
income
|
1,236
|
|||||
Interest
expense, net
|
(21,289
|
)
|
||||
Income
before provision for income taxes
|
37,442
|
|||||
Provision
for income taxes
|
(12,800
|
)
|
||||
Net
income
|
$
|
24,642
|
||||
Net
income attributable to noncontrolling interests
|
(2,216
|
)
|
||||
Net
income attributable to Vail Resorts, Inc
|
$
|
22,426
|
(In
thousands)
|
||||||
(Unaudited)
|
||||||
As
of January 31, 2010
|
||||||
Long-term
debt
|
$
|
489,865
|
||||
Long-term
debt due within one year
|
1,870
|
|||||
Total
debt
|
491,735
|
|||||
Less:
cash and cash equivalents
|
58,008
|
|||||
Net
debt
|
$
|
433,727
|
||||
Net
debt to Total Reported EBITDA
|
2.6
|
x
|
Fiscal
2010 Guidance
|
|||||||
(In
thousands)
|
|||||||
For
the Year Ending
|
|||||||
July
31, 2010
|
|||||||
Low
End
Range
|
High
End Range
|
||||||
Mountain
Reported EBITDA (1)
|
$
|
170,000
|
$
|
180,000
|
|||
Lodging
Reported EBITDA (2)
|
5,000
|
11,000
|
|||||
Resort
Reported EBITDA (3)
|
178,000
|
188,000
|
|||||
Real
Estate Reported EBITDA (4)
|
(8,000
|
)
|
--
|
||||
Total
Reported EBITDA
|
170,000
|
188,000
|
|||||
Depreciation
and amortization
|
(111,000
|
)
|
(111,000
|
)
|
|||
Loss
on disposal of fixed assets, net
|
(1,100
|
)
|
(1,100
|
)
|
|||
Investment
income
|
800
|
850
|
|||||
Interest
expense, net
|
(17,000
|
)
|
(17,000
|
)
|
|||
Income
before provision for income taxes
|
41,700
|
59,750
|
|||||
Provision
for income taxes
|
(16,050
|
)
|
(23,000
|
)
|
|||
Net
income
|
25,650
|
36,750
|
|||||
Net
income attributable to the noncontrolling interests
|
(650
|
)
|
(1,750
|
)
|
|||
Net
income attributable to Vail Resorts, Inc.
|
$
|
25,000
|
$
|
35,000
|
(1)
|
Mountain
Reported EBITDA includes approximately $5 million of stock-based
compensation.
|
(2)
|
Lodging
Reported EBITDA includes approximately $2 million of stock-based
compensation.
|
(3)
|
Resort
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 $4 million of stock-based
compensation.
|