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 |
Not Applicable |
(Former Name or Former Address, if Changed Since Last Report) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $0.01 par value | MTN | New York Stock Exchange |
Vail Resorts, Inc. | ||
Date: June 6, 2019 | By: | /s/ Michael Z. Barkin |
Michael Z. Barkin | ||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description |
99.1 |
• | Net income attributable to Vail Resorts, Inc. was $292.1 million for the third fiscal quarter of 2019 compared to net income attributable to Vail Resorts, Inc. of $256.3 million in the same period in the prior year. |
• | Resort Reported EBITDA was $480.7 million for the third fiscal quarter of 2019, which includes the operations for acquisitions completed during the fiscal year (Falls Creek, Hotham, Triple Peaks and Stevens Pass) prospectively from each acquisition date, and $4.9 million of acquisition and integration related expenses. In the same period in the prior year, Resort Reported EBITDA was $419.7 million, which included $3.5 million of acquisition and integration related expenses. |
• | The Company updated its fiscal 2019 guidance range and is now expecting Resort Reported EBITDA, on a comparable basis with its prior guidance issued on March 8, 2019 which excluded the expected Resort Reported EBITDA contribution from the Falls Creek and Hotham resorts, to be between $700 million and $710 million. For fiscal 2019, Falls Creek and Hotham resorts are expected to contribute $2 million of Resort Reported EBITDA, including a $3 million stamp duty payment and $1 million of integration expenses. Including the impact of Falls Creek and Hotham, the Company expects Resort Reported EBITDA to be between $702 million and $712 million, which includes an estimated $16 million of acquisition, stamp duty and integration related expenses and $4 million of unfavorable foreign exchange as a result of the U.S. Dollar strengthening relative to the time of our initial guidance issued in September 2018. |
• | Season pass sales through May 28, 2019 for the upcoming 2019/2020 North American ski season increased approximately 9% in units and 13% in sales dollars as compared to the period in the prior year through May 29, 2018, excluding sales of all military pass products in both periods. Pass sales include Stevens Pass and Triple Peaks pass sales in both periods and are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.74 between the Canadian dollar and U.S. dollar to the current period and the prior period for Whistler Blackcomb pass sales. |
• | Total lift revenue increased $74.2 million, or 16.4%, to $526.9 million primarily due to strong North American pass sales growth for the 2018/2019 North American ski season, increased non-pass skier visitation at our western U.S. resorts and incremental revenue from Triple Peaks and Stevens Pass. |
• | Ski school revenue increased $9.5 million, or 9.4%, and dining revenue increased $8.3 million, or 11.7%, primarily as a result of incremental revenue from Triple Peaks and Stevens Pass and increased revenue at our western U.S. resorts as a result of higher skier visitation. |
• | Retail/rental revenue increased $9.9 million, or 9.5%, primarily due to higher sales volumes at stores proximate to our western U.S. resorts, as well as incremental revenue from Triple Peaks and Stevens Pass. |
• | Operating expense increased $46.4 million, or 12.7%, primarily due to incremental operating expenses from Triple Peaks, Stevens Pass, Falls Creek and Hotham, including acquisition, stamp duty and integration related expenses. |
• | Mountain Reported EBITDA increased $58.8 million, or 14.4%, primarily due to strong North American pass sales growth for the 2018/2019 North American ski season, the incremental operations of Triple Peaks and Stevens Pass, and strong growth in visitation and spending at our western U.S. resorts. Mountain Reported EBITDA includes $4.0 million of stock-based compensation expense for the three months ended April 30, 2019 compared to $3.8 million in the same period in the prior year. |
• | Lodging segment net revenue (excluding payroll cost reimbursements) increased $10.9 million, or 16.8%, primarily due to incremental revenue from the Triple Peaks resorts, incremental managed Tahoe lodging properties that we did not manage in the prior year and an increase in revenue at our lodging properties in Park City. |
• | ADR decreased 3.4% at the Company’s owned hotels and managed condominiums compared to the same period in the prior year, primarily as a result of the inclusion of Triple Peaks resorts as well as incremental managed Tahoe lodging properties that we did not manage in the prior year, all of which generate a lower ADR as compared to our broader Lodging segment. |
• | Lodging Reported EBITDA increased $2.2 million, or 20.5%, which includes $0.8 million of stock-based compensation expense for the both the three months ended April 30, 2019 and 2018. |
• | During the third quarter of fiscal 2019, the Company sold the Village at Breckenridge Hotel for proceeds of $6.2 million, which resulted in a gain of $0.6 million, and did not impact Lodging Reported EBITDA. |
• | Resort net revenue increased $116.4 million, or 13.8%, to $957.7 million primarily due to increased visitation and spending at our U.S. resorts, strong North American pass sales growth for the 2018/2019 North American ski season and incremental revenue from Triple Peaks and Stevens Pass. |
• | Resort Reported EBITDA was $480.7 million for the three months ended April 30, 2019, an increase of $61.0 million, or 14.5%, compared to the same period in the prior year, which includes $4.9 million of acquisition and integration related expenses and approximately $3 million of unfavorability from currency translation primarily related to operations at Whistler Blackcomb, which the Company calculated on a constant currency basis by applying current period foreign exchange rates to the prior period results. |
• | The Company closed on two land sales during the third quarter of fiscal 2019 with third party developers at Keystone (One River Run site) and Breckenridge (East Peak 8 site) for proceeds of approximately $16.0 million (received during the quarter), including $4.8 million associated with the sale of density for the Breckenridge property. The land parcel sales were accounted for as financing arrangements as a result of the Company’s continuing involvement with the underlying assets that were sold, including but not limited to, the obligation to repurchase finished commercial space from the development projects upon completion. As a result, the estimated gain of $3.6 million associated with the East Peak 8 site and the estimated $3.2 million loss associated with the One River Run site will be deferred until the Company no longer maintains continuing involvement. Both transactions will be recorded as long-term financings until the gain or loss is recognized. Additionally, the Company’s future obligation to repurchase finished commercial space in the two completed projects, as well as other related capital spending, will result in total estimated capital expenditures of up to approximately $9.5 million in future fiscal years. |
• | Net Real Estate Cash Flow for the quarter was $15.4 million, an increase of $12.7 million compared to the prior year period, primarily due to the cash flows generated from the sales transactions discussed above. |
• | Total net revenue increased $113.5 million, or 13.4%, to $958.0 million. |
• | Net income attributable to Vail Resorts, Inc. was $292.1 million, or $7.12 per diluted share, for the third quarter of fiscal 2019 compared to net income attributable to Vail Resorts, Inc. of $256.3 million, or $6.17 per diluted share, in the third fiscal quarter of the prior year. Additionally, fiscal 2019 third quarter net income included the after-tax effect of acquisition and integration related expenses of approximately $4.1 million and approximately $1 million of unfavorability from currency translation primarily related to operations at Whistler Blackcomb, which the Company calculated by applying current period foreign exchange rates to the prior period results. |
• | Net income attributable to Vail Resorts, Inc., including the impact of Falls Creek and Hotham, is expected to be between $277 million and $297 million for fiscal 2019. |
• | Resort Reported EBITDA, including the impact of Falls Creek and Hotham, is expected to be between $702 million and $712 million, which includes an estimated $16 million of acquisition, stamp duty and integration related expenses and $4 million of unfavorable foreign exchange as a result of the U.S. Dollar strengthening relative to the time of our initial guidance issued in September 2018. For fiscal 2019, Falls Creek and Hotham resorts are expected to contribute approximately $2 million of Resort Reported EBITDA, including a $3 million stamp duty payment and $1 million of integration expenses. The updated outlook for fiscal year 2019 is predicated on current Canadian and Australian foreign exchange rates of $0.74 and $0.69, respectively, for each currency to the U.S. dollar for the remainder of the fiscal year. |
• | Resort EBITDA Margin is expected to be approximately 31.1% in fiscal 2019 at the midpoint of our guidance range. |
• | Fiscal 2019 Real Estate Reported EBITDA is expected to be between negative $5 million and negative $4 million. |
Fiscal 2019 Guidance | ||||||||
(In thousands) | ||||||||
For the Year Ending | ||||||||
July 31, 2019 (6) | ||||||||
Low End Range | High End Range | |||||||
Mountain Reported EBITDA (1) | $ | 673,000 | $ | 683,000 | ||||
Lodging Reported EBITDA (2) | 28,000 | 30,000 | ||||||
Resort Reported EBITDA (3) | 702,000 | 712,000 | ||||||
Real Estate Reported EBITDA | (5,000 | ) | (4,000 | ) | ||||
Total Reported EBITDA | 697,000 | 708,000 | ||||||
Depreciation and amortization | (219,000 | ) | (215,000 | ) | ||||
Interest expense, net | (80,000 | ) | (77,000 | ) | ||||
Other (4) | (8,800 | ) | (6,300 | ) | ||||
Income before provision for income taxes | 389,200 | 409,700 | ||||||
Provision for income taxes (5) | (88,200 | ) | (92,700 | ) | ||||
Net income | 301,000 | 317,000 | ||||||
Net income attributable to noncontrolling interests | (24,000 | ) | (20,000 | ) | ||||
Net income attributable to Vail Resorts, Inc. | $ | 277,000 | $ | 297,000 | ||||
(1) Mountain Reported EBITDA includes approximately $16 million of acquisition, stamp duty and integration related expenses specific to Triple Peaks, Stevens Pass, Stowe, Falls Creek and Hotham. Mountain Reported EBITDA also includes approximately $17 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 includes certain known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. | ||||||||
(5) The fiscal 2019 provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our fiscal 2019 estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards are in-the-money. | ||||||||
(6) Guidance estimates are predicated on an exchange rate of $0.74 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.69 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia. |
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net revenue: | ||||||||||||||||
Mountain and Lodging services and other | $ | 800,816 | $ | 700,033 | $ | 1,631,957 | $ | 1,437,753 | ||||||||
Mountain and Lodging retail and dining | 156,930 | 141,318 | 395,017 | 358,253 | ||||||||||||
Resort net revenue | 957,746 | 841,351 | 2,026,974 | 1,796,006 | ||||||||||||
Real Estate | 241 | 3,140 | 595 | 3,910 | ||||||||||||
Total net revenue | 957,987 | 844,491 | 2,027,569 | 1,799,916 | ||||||||||||
Segment operating expense: | ||||||||||||||||
Mountain and Lodging operating expense | 349,647 | 301,760 | 894,392 | 780,539 | ||||||||||||
Mountain and Lodging retail and dining cost of products sold | 59,615 | 54,289 | 157,996 | 147,205 | ||||||||||||
General and administrative | 68,213 | 66,181 | 209,954 | 194,780 | ||||||||||||
Resort operating expense | 477,475 | 422,230 | 1,262,342 | 1,122,524 | ||||||||||||
Real Estate operating expense, net | 1,382 | (597 | ) | 4,141 | 2,301 | |||||||||||
Total segment operating expense | 478,857 | 421,633 | 1,266,483 | 1,124,825 | ||||||||||||
Other operating (expense) income: | ||||||||||||||||
Depreciation and amortization | (55,260 | ) | (54,104 | ) | (161,541 | ) | (154,132 | ) | ||||||||
Gain on sale of real property | 268 | — | 268 | 515 | ||||||||||||
Change in estimated fair value of contingent consideration | (1,567 | ) | 2,454 | (3,467 | ) | 2,454 | ||||||||||
Gain (loss) on disposal of fixed assets and other, net | 27 | (3,230 | ) | 505 | (2,125 | ) | ||||||||||
Income from operations | 422,598 | 367,978 | 596,851 | 521,803 | ||||||||||||
Mountain equity investment income, net | 445 | 607 | 1,555 | 1,094 | ||||||||||||
Investment income and other, net | 1,727 | 736 | 2,697 | 1,516 | ||||||||||||
Foreign currency loss on intercompany loans | (3,319 | ) | (9,502 | ) | (5,180 | ) | (6,511 | ) | ||||||||
Interest expense, net | (19,575 | ) | (15,648 | ) | (59,215 | ) | (46,795 | ) | ||||||||
Income before (provision) benefit from income taxes | 401,876 | 344,171 | 536,708 | 471,107 | ||||||||||||
(Provision) benefit from income taxes | (93,346 | ) | (71,896 | ) | (120,914 | ) | 17,914 | |||||||||
Net income | 308,530 | 272,275 | 415,794 | 489,021 | ||||||||||||
Net income attributable to noncontrolling interests | (16,396 | ) | (16,023 | ) | (25,106 | ) | (25,463 | ) | ||||||||
Net income attributable to Vail Resorts, Inc. | $ | 292,134 | $ | 256,252 | $ | 390,688 | $ | 463,558 | ||||||||
Per share amounts: | ||||||||||||||||
Basic net income per share attributable to Vail Resorts, Inc. | $ | 7.26 | $ | 6.34 | $ | 9.68 | $ | 11.48 | ||||||||
Diluted net income per share attributable to Vail Resorts, Inc. | $ | 7.12 | $ | 6.17 | $ | 9.48 | $ | 11.13 | ||||||||
Cash dividends declared per share | $ | 1.76 | $ | 1.47 | $ | 4.70 | $ | 3.576 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 40,255 | 40,438 | 40,364 | 40,374 | ||||||||||||
Diluted | 41,020 | 41,545 | 41,201 | 41,641 |
Vail Resorts, Inc. Consolidated Condensed Statements of Operations - Other Data (In thousands) (Unaudited) | |||||||||||||||||
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Other Data: | |||||||||||||||||
Mountain Reported EBITDA | $ | 468,089 | $ | 409,253 | $ | 743,907 | $ | 656,078 | |||||||||
Lodging Reported EBITDA | 12,627 | 10,475 | 22,280 | 18,498 | |||||||||||||
Resort Reported EBITDA | 480,716 | 419,728 | 766,187 | 674,576 | |||||||||||||
Real Estate Reported EBITDA | (873 | ) | 3,737 | (3,278 | ) | 2,124 | |||||||||||
Total Reported EBITDA | $ | 479,843 | $ | 423,465 | $ | 762,909 | $ | 676,700 | |||||||||
Mountain stock-based compensation | $ | 4,049 | $ | 3,827 | $ | 12,258 | $ | 11,613 | |||||||||
Lodging stock-based compensation | 790 | 773 | 2,413 | 2,383 | |||||||||||||
Resort stock-based compensation | 4,839 | 4,600 | 14,671 | 13,996 | |||||||||||||
Real Estate stock-based compensation | 47 | 44 | 115 | 60 | |||||||||||||
Total stock-based compensation | $ | 4,886 | $ | 4,644 | $ | 14,786 | $ | 14,056 |
Three Months Ended April 30, | Percentage Increase | Nine Months Ended April 30, | Percentage Increase | |||||||||||||||||||
2019 | 2018 | (Decrease) | 2019 | 2018 | (Decrease) | |||||||||||||||||
Net Mountain revenue: | ||||||||||||||||||||||
Lift | $ | 526,881 | $ | 452,723 | 16.4 | % | $ | 999,124 | $ | 860,103 | 16.2 | % | ||||||||||
Ski school | 110,755 | 101,213 | 9.4 | % | 207,271 | 185,767 | 11.6 | % | ||||||||||||||
Dining | 78,928 | 70,678 | 11.7 | % | 162,629 | 142,890 | 13.8 | % | ||||||||||||||
Retail/rental | 114,082 | 104,162 | 9.5 | % | 285,860 | 265,015 | 7.9 | % | ||||||||||||||
Other | 47,252 | 43,748 | 8.0 | % | 144,093 | 137,776 | 4.6 | % | ||||||||||||||
Total Mountain net revenue | 877,898 | 772,524 | 13.6 | % | 1,798,977 | 1,591,551 | 13.0 | % | ||||||||||||||
Mountain operating expense: | ||||||||||||||||||||||
Labor and labor-related benefits | 168,144 | 147,722 | 13.8 | % | 417,212 | 365,618 | 14.1 | % | ||||||||||||||
Retail cost of sales | 38,191 | 34,944 | 9.3 | % | 104,328 | 98,425 | 6.0 | % | ||||||||||||||
Resort related fees | 49,725 | 46,021 | 8.0 | % | 92,919 | 83,404 | 11.4 | % | ||||||||||||||
General and administrative | 58,402 | 56,473 | 3.4 | % | 178,952 | 165,406 | 8.2 | % | ||||||||||||||
Other | 95,792 | 78,718 | 21.7 | % | 263,214 | 223,714 | 17.7 | % | ||||||||||||||
Total Mountain operating expense | 410,254 | 363,878 | 12.7 | % | 1,056,625 | 936,567 | 12.8 | % | ||||||||||||||
Mountain equity investment income, net | 445 | 607 | 26.7 | % | 1,555 | 1,094 | 42.1 | % | ||||||||||||||
Mountain Reported EBITDA | $ | 468,089 | $ | 409,253 | 14.4 | % | $ | 743,907 | $ | 656,078 | 13.4 | % | ||||||||||
Total skier visits | 7,183 | 6,283 | 14.3 | % | 14,211 | 11,914 | 19.3 | % | ||||||||||||||
ETP | $ | 73.35 | $ | 72.06 | 1.8 | % | $ | 70.31 | $ | 72.19 | (2.6 | )% |
Three Months Ended April 30, | Percentage Increase | Nine Months Ended April 30, | Percentage Increase | |||||||||||||||||||
2019 | 2018 | (Decrease) | 2019 | 2018 | (Decrease) | |||||||||||||||||
Lodging net revenue: | ||||||||||||||||||||||
Owned hotel rooms | $ | 12,352 | $ | 12,518 | (1.3 | )% | $ | 43,499 | $ | 43,506 | — | % | ||||||||||
Managed condominium rooms | 30,671 | 24,604 | 24.7 | % | 69,835 | 58,133 | 20.1 | % | ||||||||||||||
Dining | 11,067 | 8,660 | 27.8 | % | 37,385 | 32,409 | 15.4 | % | ||||||||||||||
Transportation | 8,578 | 8,164 | 5.1 | % | 18,774 | 18,177 | 3.3 | % | ||||||||||||||
Golf | — | — | — | % | 9,628 | 8,903 | 8.1 | % | ||||||||||||||
Other | 13,278 | 11,074 | 19.9 | % | 37,697 | 32,626 | 15.5 | % | ||||||||||||||
75,946 | 65,020 | 16.8 | % | 216,818 | 193,754 | 11.9 | % | |||||||||||||||
Payroll cost reimbursements | 3,902 | 3,807 | 2.5 | % | 11,179 | 10,701 | 4.5 | % | ||||||||||||||
Total Lodging net revenue | 79,848 | 68,827 | 16.0 | % | 227,997 | 204,455 | 11.5 | % | ||||||||||||||
Lodging operating expense: | ||||||||||||||||||||||
Labor and labor-related benefits | 32,396 | 27,318 | 18.6 | % | 98,020 | 86,966 | 12.7 | % | ||||||||||||||
General and administrative | 9,811 | 9,708 | 1.1 | % | 31,002 | 29,374 | 5.5 | % | ||||||||||||||
Other | 21,112 | 17,519 | 20.5 | % | 65,516 | 58,916 | 11.2 | % | ||||||||||||||
63,319 | 54,545 | 16.1 | % | 194,538 | 175,256 | 11.0 | % | |||||||||||||||
Reimbursed payroll costs | 3,902 | 3,807 | 2.5 | % | 11,179 | 10,701 | 4.5 | % | ||||||||||||||
Total Lodging operating expense | 67,221 | 58,352 | 15.2 | % | 205,717 | 185,957 | 10.6 | % | ||||||||||||||
Lodging Reported EBITDA | $ | 12,627 | $ | 10,475 | 20.5 | % | $ | 22,280 | $ | 18,498 | 20.4 | % | ||||||||||
Owned hotel statistics: | ||||||||||||||||||||||
ADR | $ | 291.68 | $ | 291.94 | (0.1 | )% | $ | 257.83 | $ | 257.27 | 0.2 | % | ||||||||||
RevPAR | $ | 206.41 | $ | 198.97 | 3.7 | % | $ | 177.42 | $ | 175.73 | 1.0 | % | ||||||||||
Managed condominium statistics: | ||||||||||||||||||||||
ADR | $ | 403.04 | $ | 428.57 | (6.0 | )% | $ | 355.74 | $ | 369.54 | (3.7 | )% | ||||||||||
RevPAR | $ | 167.49 | $ | 185.54 | (9.7 | )% | $ | 125.42 | $ | 135.12 | (7.2 | )% | ||||||||||
Owned hotel and managed condominium statistics (combined): | ||||||||||||||||||||||
ADR | $ | 376.83 | $ | 389.90 | (3.4 | )% | $ | 324.21 | $ | 327.86 | (1.1 | )% | ||||||||||
RevPAR | $ | 173.45 | $ | 188.23 | (7.9 | )% | $ | 135.60 | $ | 144.87 | (6.4 | )% |
As of April 30, | ||||||||
2019 | 2018 | |||||||
Real estate held for sale and investment | $ | 101,251 | $ | 99,623 | ||||
Total Vail Resorts, Inc. stockholders’ equity | $ | 1,666,359 | $ | 1,770,673 | ||||
Long-term debt, net | $ | 1,310,870 | $ | 1,078,005 | ||||
Long-term debt due within one year | 48,504 | 38,444 | ||||||
Total debt | 1,359,374 | 1,116,449 | ||||||
Less: cash and cash equivalents | 59,636 | 181,597 | ||||||
Net debt | $ | 1,299,738 | $ | 934,852 |
(In thousands) (Unaudited) | (In thousands) (Unaudited) | |||||||||||||||
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Mountain Reported EBITDA | $ | 468,089 | $ | 409,253 | $ | 743,907 | $ | 656,078 | ||||||||
Lodging Reported EBITDA | 12,627 | 10,475 | 22,280 | 18,498 | ||||||||||||
Resort Reported EBITDA* | 480,716 | 419,728 | 766,187 | 674,576 | ||||||||||||
Real Estate Reported EBITDA | (873 | ) | 3,737 | (3,278 | ) | 2,124 | ||||||||||
Total Reported EBITDA | 479,843 | 423,465 | 762,909 | 676,700 | ||||||||||||
Depreciation and amortization | (55,260 | ) | (54,104 | ) | (161,541 | ) | (154,132 | ) | ||||||||
Gain (loss) on disposal of fixed assets and other, net | 27 | (3,230 | ) | 505 | (2,125 | ) | ||||||||||
Change in estimated fair value of contingent consideration | (1,567 | ) | 2,454 | (3,467 | ) | 2,454 | ||||||||||
Investment income and other, net | 1,727 | 736 | 2,697 | 1,516 | ||||||||||||
Foreign currency loss on intercompany loans | (3,319 | ) | (9,502 | ) | (5,180 | ) | (6,511 | ) | ||||||||
Interest expense, net | (19,575 | ) | (15,648 | ) | (59,215 | ) | (46,795 | ) | ||||||||
Income before (provision) benefit from income taxes | 401,876 | 344,171 | 536,708 | 471,107 | ||||||||||||
(Provision) benefit from income taxes | (93,346 | ) | (71,896 | ) | (120,914 | ) | 17,914 | |||||||||
Net income | 308,530 | 272,275 | 415,794 | 489,021 | ||||||||||||
Net income attributable to noncontrolling interests | (16,396 | ) | (16,023 | ) | (25,106 | ) | (25,463 | ) | ||||||||
Net income attributable to Vail Resorts, Inc. | $ | 292,134 | $ | 256,252 | $ | 390,688 | $ | 463,558 | ||||||||
* Resort represents the sum of Mountain and Lodging |
(In thousands) (Unaudited) | ||||
Twelve Months Ended | ||||
April 30, 2019 | ||||
Mountain Reported EBITDA | $ | 679,434 | ||
Lodging Reported EBITDA | 28,788 | |||
Resort Reported EBITDA* | 708,222 | |||
Real Estate Reported EBITDA | (4,445 | ) | ||
Total Reported EBITDA | 703,777 | |||
Depreciation and amortization | (211,871 | ) | ||
Loss on disposal of fixed assets and other, net | (1,990 | ) | ||
Change in estimated fair value of contingent consideration | (4,067 | ) | ||
Investment income and other, net | 3,125 | |||
Foreign currency loss on intercompany loans | (7,635 | ) | ||
Interest expense, net | (75,646 | ) | ||
Income before provision for income taxes | 405,693 | |||
Provision for income taxes | (77,690 | ) | ||
Net income | 328,003 | |||
Net income attributable to noncontrolling interests | (20,975 | ) | ||
Net income attributable to Vail Resorts, Inc. | $ | 307,028 | ||
* Resort represents the sum of Mountain and Lodging |
In thousands) (Unaudited) (As of April 30, 2019) | ||||
Long-term debt, net | $ | 1,310,870 | ||
Long-term debt due within one year | 48,504 | |||
Total debt | 1,359,374 | |||
Less: cash and cash equivalents | 59,636 | |||
Net debt | $ | 1,299,738 | ||
Net debt to Total Reported EBITDA | 1.8 | x |
(In thousands) (Unaudited) Three Months Ended April 30, | (In thousands) (Unaudited) Nine Months Ended April 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Real Estate Reported EBITDA | $ | (873 | ) | $ | 3,737 | $ | (3,278 | ) | $ | 2,124 | ||||||
Non-cash Real Estate cost of sales | — | 3,271 | — | 3,750 | ||||||||||||
Non-cash Real Estate stock-based compensation | 47 | 44 | 115 | 60 | ||||||||||||
One-time charge for Real Estate contingency | — | (4,300 | ) | — | (4,300 | ) | ||||||||||
Proceeds received from sales transactions accounted for as financings | 11,150 | — | 11,150 | — | ||||||||||||
Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate | 5,113 | (1 | ) | 5,205 | (242 | ) | ||||||||||
Net Real Estate Cash Flow | $ | 15,437 | $ | 2,751 | $ | 13,192 | $ | 1,392 |
(In thousands) (Unaudited) Fiscal 2019 Guidance (2) | ||||
Resort net revenue (1) | $ | 2,270,000 | ||
Resort Reported EBITDA (1) | $ | 707,000 | ||
Resort EBITDA margin | 31.1 | % | ||
(1) Resort represents the sum of Mountain and Lodging | ||||
(2) Represents the mid-point range of Guidance |