- Lift ticket revenue increased by 0.7% over the prior year and ancillary revenue from ski school and retail/rental was up 1.1% and 1.3%, respectively, while dining revenue was down 1.1% driving an 11.6% increase in total ancillary revenue per skier visit.
- Total Mountain net revenue increased by 0.9% over the prior year with a 9.8% decline in skier visits more than offset by a 12.8% increase in season pass revenue and a 9.4% increase in Effective Ticket Price (“ETP”) excluding season pass holders.
- Mountain Reported EBITDA increased 0.6% and Resort Reported EBITDA (which includes the Company’s Mountain and Lodging segments) decreased by 0.5% from the prior year.
- Net income attributable to Vail Resorts, Inc. of $79.6 million increased 3.5% from the prior year.
- During the quarter we closed on four Ritz-Carlton Residence units; post quarter-end we closed on two additional Ritz-Carlton Residences and one additional One Ski Hill Place unit, realizing net cash proceeds of $34.6 million from real estate sales since the beginning of fiscal 2012 through June 1, 2012.
- Spring season pass sales for the 2012/2013 ski season were up approximately 17% in units and approximately 22% in sales dollars through May 29, 2012 compared with the prior year period ended May 31, 2011 (adjusted as if Kirkwood were owned in both periods).
- Mountain segment net revenue was $354.6 million for the three months ended April 30, 2012 compared to $351.4 million in the same period in the prior year, a 0.9% increase.
- Mountain Reported EBITDA was $170.7 million for the three months ended April 30, 2012 compared to $169.7 million in the same period in the prior year, a 0.6% improvement.
- Lodging segment net revenue before payroll cost reimbursement was $48.3 million for the three months ended April 30, 2012 compared to $49.8 million for the same period in the prior year, a 3.0% decrease.
- For the three months ended April 30, 2012, ADR increased 8.2% and revenue per available room (“RevPAR”) declined 0.2% at the Company’s owned hotels and managed condominiums compared to the same period in the prior year.
- Lodging Reported EBITDA was $6.9 million for the three months ended April 30, 2012 compared to $8.8 million for the same period in the prior year, a decline of 22.2%.
- Resort net revenue was $408.6 million for the three months ended April 30, 2012 compared to $408.9 million in the same period in the prior year.
- Resort Reported EBITDA was $177.6 million for the three months ended April 30, 2012 compared to $178.5 million in the same period in the prior year, a 0.5% decline.
- Real Estate segment net revenue was $12.6 million for the three months ended April 30, 2012 compared to $13.2 million in the same period in the prior year.
- Real Estate Reported EBITDA was a negative $3.5 million for the three months ended April 30, 2012 compared to a negative $5.1 million in the same period in the prior year.
- Total net revenue was $421.1 million for the three months ended April 30, 2012 compared to $422.1 million in the same period in the prior year, a 0.2% decrease.
- Net income attributable to Vail Resorts, Inc. was $79.6 million, or $2.17 per diluted share, for the three months ended April 30, 2012 compared to net income attributable to Vail Resorts, Inc. of $76.9 million, or $2.08 per diluted share, in the same period in the prior year.
Vail Resorts, Inc.
|
||||||
Consolidated Condensed Statements of Operations
|
||||||
(In thousands, except per share amounts)
|
||||||
(Unaudited)
|
||||||
|
|
|
|
|||
|
|
Three months ended
|
|
|||
|
|
April 30,
|
|
|||
|
|
2012
|
|
|
2011
|
|
Net revenue:
|
|
|
|
|
|
|
Mountain
|
$
|
354,586
|
|
$
|
351,418
|
|
Lodging
|
|
53,972
|
|
|
57,477
|
|
Real estate
|
|
12,587
|
|
|
13,221
|
|
Total net revenue
|
|
421,145
|
|
|
422,116
|
|
Segment operating expense:
|
|
|
|
|
|
|
Mountain
|
|
184,211
|
|
|
182,136
|
|
Lodging
|
|
47,103
|
|
|
48,643
|
|
Real estate
|
|
16,069
|
|
|
18,309
|
|
Total segment operating expense
|
|
247,383
|
|
|
249,088
|
|
Other operating expense:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
(33,266
|
)
|
|
(30,937
|
)
|
Loss on disposal of fixed assets, net
|
|
(90
|
)
|
|
(35
|
)
|
Asset impairment charge
|
|
--
|
|
|
(2,561
|
)
|
Income from operations
|
|
140,406
|
|
|
139,495
|
|
Mountain equity investment income, net
|
|
336
|
|
|
406
|
|
Investment (loss) income
|
|
(18
|
)
|
|
114
|
|
Interest expense, net
|
|
(8,443
|
)
|
|
(8,515
|
)
|
Loss on extinguishment of debt
|
|
--
|
|
|
(6,615
|
)
|
Income before provision for income taxes
|
|
132,281
|
|
|
124,885
|
|
Provision for income taxes
|
|
(52,753
|
)
|
|
(48,045
|
)
|
Net income
|
|
79,528
|
|
|
76,840
|
|
Net loss attributable to noncontrolling interests
|
|
41
|
|
|
27
|
|
Net income attributable to Vail Resorts, Inc.
|
$
|
79,569
|
|
$
|
76,867
|
|
|
|
|
|
|
|
|
Per share amounts:
|
|
|
|
|
|
|
Basic net income per share attributable to Vail Resorts, Inc.
|
$
|
2.21
|
|
$
|
2.13
|
|
Diluted net income per share attributable to Vail Resorts, Inc.
|
$
|
2.17
|
|
$
|
2.08
|
|
Cash dividends declared per share
|
$
|
0.1875
|
|
$
|
--
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
36,032
|
|
|
36,038
|
|
Diluted
|
|
36,704
|
|
|
36,869
|
|
|
|
|
|
|
|
|
Other Data (unaudited):
|
|
|
|
|
|
|
Mountain Reported EBITDA
|
$
|
170,711
|
|
$
|
169,688
|
|
Lodging Reported EBITDA
|
$
|
6,869
|
|
$
|
8,834
|
|
Resort Reported EBITDA
|
$
|
177,580
|
|
$
|
178,522
|
|
Real Estate Reported EBITDA
|
$
|
(3,482
|
)
|
$
|
(5,088
|
)
|
Total Reported EBITDA
|
$
|
174,098
|
|
$
|
173,434
|
|
|
|
|
|
|
|
|
Mountain stock-based compensation
|
$
|
1,629
|
|
$
|
1,643
|
|
Lodging stock-based compensation
|
$
|
358
|
|
$
|
487
|
|
Resort stock-based compensation
|
$
|
1,987
|
|
$
|
2,130
|
|
Real Estate stock-based compensation
|
$
|
542
|
|
$
|
772
|
|
Total stock-based compensation
|
$
|
2,529
|
|
$
|
2,902
|
|
Vail Resorts, Inc.
|
||||||
Consolidated Condensed Statements of Operations
|
||||||
(In thousands, except per share amounts)
|
||||||
(Unaudited)
|
||||||
|
|
|
|
|||
|
|
Nine months ended
|
|
|||
|
|
April 30,
|
|
|||
|
|
2012
|
|
|
2011
|
|
Net revenue:
|
|
|
|
|
|
|
Mountain
|
$
|
720,194
|
|
$
|
710,474
|
|
Lodging
|
|
155,872
|
|
|
160,270
|
|
Real estate
|
|
34,784
|
|
|
187,629
|
|
Total net revenue
|
|
910,850
|
|
|
1,058,373
|
|
Segment operating expense:
|
|
|
|
|
|
|
Mountain
|
|
478,256
|
|
|
456,496
|
|
Lodging
|
|
149,497
|
|
|
149,012
|
|
Real estate
|
|
46,479
|
|
|
188,716
|
|
Total segment operating expense
|
|
674,232
|
|
|
794,224
|
|
Other operating expense:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
(95,245
|
)
|
|
(88,945
|
)
|
Loss on disposal of fixed assets, net
|
|
(1,123
|
)
|
|
(343
|
)
|
Asset impairment charge
|
|
--
|
|
|
(2,561
|
)
|
Income from operations
|
|
140,250
|
|
|
172,300
|
|
Mountain equity investment income, net
|
|
944
|
|
|
1,324
|
|
Investment income
|
|
356
|
|
|
578
|
|
Interest expense, net
|
|
(25,226
|
)
|
|
(25,110
|
)
|
Loss on extinguishment of debt
|
|
--
|
|
|
(6,615
|
)
|
Income before provision for income taxes
|
|
116,324
|
|
|
142,477
|
|
Provision for income taxes
|
|
(46,108
|
)
|
|
(54,140
|
)
|
Net income
|
|
70,216
|
|
|
88,337
|
|
Net loss attributable to noncontrolling interests
|
|
34
|
|
|
58
|
|
Net income attributable to Vail Resorts, Inc.
|
$
|
70,250
|
|
$
|
88,395
|
|
|
|
|
|
|
|
|
Per share amounts:
|
|
|
|
|
|
|
Basic net income per share attributable to Vail Resorts, Inc.
|
$
|
1.95
|
|
$
|
2.46
|
|
Diluted net income per share attributable to Vail Resorts, Inc.
|
$
|
1.92
|
|
$
|
2.41
|
|
Cash dividends declared per share
|
$
|
0.4875
|
|
$
|
--
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
36,034
|
|
|
35,988
|
|
Diluted
|
|
36,664
|
|
|
36,718
|
|
|
|
|
|
|
|
|
Other Data (unaudited):
|
|
|
|
|
|
|
Mountain Reported EBITDA
|
$
|
242,882
|
|
$
|
255,302
|
|
Lodging Reported EBITDA
|
$
|
6,375
|
|
$
|
11,258
|
|
Resort Reported EBITDA
|
$
|
249,257
|
|
$
|
266,560
|
|
Real Estate Reported EBITDA
|
$
|
(11,695
|
)
|
$
|
(1,087
|
)
|
Total Reported EBITDA
|
$
|
237,562
|
|
$
|
265,473
|
|
|
|
|
|
|
|
|
Mountain stock-based compensation
|
$
|
5,946
|
|
$
|
5,400
|
|
Lodging stock-based compensation
|
$
|
1,359
|
|
$
|
1,568
|
|
Resort stock-based compensation
|
$
|
7,305
|
|
$
|
6,968
|
|
Real Estate stock-based compensation
|
$
|
2,044
|
|
$
|
2,382
|
|
Total stock-based compensation
|
$
|
9,349
|
|
$
|
9,350
|
|
Vail Resorts, Inc.
|
||||||||||||||||
Mountain Segment Operating Results and Skier Visits
|
||||||||||||||||
(In thousands, except Effective Ticket Price)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
Three Months Ended
|
Percentage
|
Nine Months Ended
|
Percentage
|
||||||||||||
|
April 30,
|
Increase
|
April 30,
|
Increase
|
||||||||||||
|
2012
|
2011
|
(Decrease)
|
2012
|
2011
|
(Decrease)
|
||||||||||
Net Mountain revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lift tickets
|
$
|
188,712
|
|
$
|
187,341
|
|
0.7
|
|
%
|
$
|
342,411
|
$
|
342,514
|
(0.0
|
)
|
%
|
Ski school
|
|
47,040
|
|
|
46,522
|
|
1.1
|
|
%
|
|
84,292
|
|
83,818
|
0.6
|
|
%
|
Dining
|
|
31,388
|
|
|
31,733
|
|
(1.1
|
)
|
%
|
|
61,757
|
|
62,244
|
(0.8
|
)
|
%
|
Retail/rental
|
|
60,144
|
|
|
59,364
|
|
1.3
|
|
%
|
|
160,958
|
|
155,737
|
3.4
|
|
%
|
Other
|
|
27,302
|
|
|
26,458
|
|
3.2
|
|
%
|
|
70,776
|
|
66,161
|
7.0
|
|
%
|
Total Mountain net revenue
|
$
|
354,586
|
|
$
|
351,418
|
|
0.9
|
|
%
|
$
|
720,194
|
$
|
710,474
|
1.4
|
|
%
|
Mountain operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and labor-related benefits
|
$
|
72,583
|
|
$
|
74,332
|
|
(2.4
|
)
|
%
|
$
|
174,231
|
$
|
171,452
|
1.6
|
|
%
|
Retail cost of sales
|
|
22,633
|
|
|
20,001
|
|
13.2
|
|
%
|
|
67,590
|
|
61,641
|
9.7
|
|
%
|
Resort related fees
|
|
20,827
|
|
|
20,802
|
|
0.1
|
|
%
|
|
38,648
|
|
38,439
|
0.5
|
|
%
|
General and administrative
|
|
30,164
|
|
|
26,972
|
|
11.8
|
|
%
|
|
89,074
|
|
82,818
|
7.6
|
|
%
|
Other
|
|
38,004
|
|
|
40,029
|
|
(5.1
|
)
|
%
|
|
108,713
|
|
102,146
|
6.4
|
|
%
|
Total Mountain operating expense
|
$
|
184,211
|
|
$
|
182,136
|
|
1.1
|
|
%
|
$
|
478,256
|
$
|
456,496
|
4.8
|
|
%
|
Mountain equity investment income, net
|
|
336
|
|
|
406
|
|
(17.2
|
)
|
%
|
|
944
|
|
1,324
|
(28.7
|
)
|
%
|
Mountain Reported EBITDA
|
$
|
170,711
|
|
$
|
169,688
|
|
0.6
|
|
%
|
$
|
242,882
|
$
|
255,302
|
(4.9
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado skier visits
|
|
2,505
|
|
|
2,752
|
|
(9.0
|
)
|
%
|
|
4,853
|
|
5,329
|
(8.9
|
)
|
%
|
Tahoe skier visits
|
|
739
|
|
|
844
|
|
(12.4
|
)
|
%
|
|
1,289
|
|
1,662
|
(22.4
|
)
|
%
|
Total skier visits
|
|
3,244
|
|
|
3,596
|
|
(9.8
|
)
|
%
|
|
6,142
|
|
6,991
|
(12.1
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ETP
|
$
|
58.17
|
|
$
|
52.10
|
|
11.7
|
|
%
|
$
|
55.75
|
$
|
48.99
|
13.8
|
|
%
|
Vail Resorts, Inc.
|
|||||||||||||||||
Lodging Segment Operating Results
|
|||||||||||||||||
(In thousands, except ADR and RevPAR)
|
|||||||||||||||||
(Unaudited)
|
|||||||||||||||||
|
|
Percentage
Increase
(Decrease)
|
|
Percentage
Increase
(Decrease)
|
|||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
April 30,
|
April 30,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Lodging net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel rooms
|
$
|
10,169
|
|
$
|
10,291
|
(1.2
|
)
|
%
|
$
|
30,892
|
|
$
|
31,232
|
(1.1
|
)
|
%
|
|
Managed condominium rooms
|
|
14,921
|
|
|
14,773
|
1.0
|
|
%
|
|
34,061
|
|
|
32,950
|
3.4
|
|
%
|
|
Dining
|
|
5,704
|
|
|
5,636
|
1.2
|
|
%
|
|
20,356
|
|
|
21,152
|
(3.8
|
)
|
%
|
|
Transportation
|
|
8,097
|
|
|
8,687
|
(6.8
|
)
|
%
|
|
16,888
|
|
|
18,011
|
(6.2
|
)
|
%
|
|
Golf
|
|
--
|
|
|
--
|
--
|
|
|
|
7,636
|
|
|
7,168
|
6.5
|
|
%
|
|
Other
|
|
9,439
|
|
|
10,448
|
(9.7
|
)
|
%
|
|
27,149
|
|
|
28,420
|
(4.5
|
)
|
%
|
|
|
|
48,330
|
|
|
49,835
|
(3.0
|
)
|
%
|
|
136,982
|
|
|
138,933
|
(1.4
|
)
|
%
|
|
Payroll cost reimbursement
|
|
5,642
|
|
|
7,642
|
(26.2
|
)
|
%
|
|
18,890
|
|
|
21,337
|
(11.5
|
)
|
%
|
|
Total Lodging net revenue
|
$
|
53,972
|
|
$
|
57,477
|
(6.1
|
)
|
%
|
$
|
155,872
|
|
$
|
160,270
|
(2.7
|
)
|
%
|
|
Lodging operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and labor-related benefits
|
$
|
21,059
|
|
$
|
20,473
|
2.9
|
|
%
|
$
|
64,467
|
|
$
|
64,084
|
0.6
|
|
%
|
|
General and administrative
|
|
7,457
|
|
|
7,376
|
1.1
|
|
%
|
|
22,615
|
|
|
22,606
|
0.0
|
|
%
|
|
Other
|
|
12,945
|
|
|
13,152
|
(1.6
|
)
|
%
|
|
43,525
|
|
|
40,985
|
6.2
|
|
%
|
|
|
|
41,461
|
|
|
41,001
|
1.1
|
|
%
|
|
130,607
|
|
|
127,675
|
2.3
|
|
%
|
|
Reimbursed payroll costs
|
|
5,642
|
|
|
7,642
|
(26.2
|
)
|
%
|
|
18,890
|
|
|
21,337
|
(11.5
|
)
|
%
|
|
Total Lodging operating expense
|
$
|
47,103
|
|
$
|
48,643
|
(3.2
|
)
|
%
|
$
|
149,497
|
|
$
|
149,012
|
0.3
|
|
%
|
|
Lodging Reported EBITDA
|
$
|
6,869
|
|
$
|
8,834
|
(22.2
|
)
|
%
|
$
|
6,375
|
|
$
|
11,258
|
(43.4
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
$
|
232.10
|
|
$
|
217.67
|
6.6
|
|
%
|
$
|
211.46
|
|
$
|
198.79
|
6.4
|
|
%
|
|
RevPAR
|
$
|
140.14
|
|
$
|
142.15
|
(1.4
|
)
|
%
|
$
|
118.01
|
|
$
|
122.13
|
(3.4
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed condominium statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
$
|
376.71
|
|
$
|
347.02
|
8.6
|
|
%
|
$
|
346.77
|
|
$
|
313.27
|
10.7
|
|
%
|
|
RevPAR
|
$
|
136.41
|
|
$
|
136.03
|
0.3
|
|
%
|
$
|
95.77
|
|
$
|
101.20
|
(5.4
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel and managed condominium statistics (combined):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
$
|
321.48
|
|
$
|
297.19
|
8.2
|
|
%
|
$
|
282.71
|
|
$
|
259.29
|
9.0
|
|
%
|
|
RevPAR
|
$
|
137.42
|
|
$
|
137.71
|
(0.2
|
)
|
%
|
$
|
102.62
|
|
$
|
107.88
|
(4.9
|
)
|
%
|
Key Balance Sheet Data
|
||||||
(In thousands)
|
||||||
(Unaudited)
|
||||||
|
|
|
||||
|
|
As of April 30,
|
||||
|
|
2012
|
|
2011
|
||
Real estate held for sale and investment
|
|
$
|
248,262
|
|
$
|
282,162
|
Total Vail Resorts, Inc. stockholders' equity
|
|
$
|
882,736
|
|
$
|
885,909
|
|
|
|
|
|
|
|
Long-term debt
|
|
$
|
489,757
|
|
$
|
490,479
|
Long-term debt due within one year
|
|
|
1,119
|
|
|
45,357
|
Total debt
|
|
|
490,876
|
|
|
535,836
|
Less: cash and cash equivalents
|
|
|
147,110
|
|
|
168,596
|
Net Debt
|
|
$
|
343,766
|
|
$
|
367,240
|
|
(In thousands)
|
|||||||||||
|
(Unaudited)
|
|||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
|
April 30,
|
April 30,
|
||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||
Mountain Reported EBITDA
|
$
|
170,711
|
|
$
|
169,688
|
|
$
|
242,882
|
|
$
|
255,302
|
|
Lodging Reported EBITDA
|
|
6,869
|
|
|
8,834
|
|
|
6,375
|
|
|
11,258
|
|
Resort Reported EBITDA*
|
|
177,580
|
|
|
178,522
|
|
|
249,257
|
|
|
266,560
|
|
Real Estate Reported EBITDA
|
|
(3,482)
|
|
|
(5,088
|
)
|
|
(11,695)
|
|
|
(1,087
|
)
|
Total Reported EBITDA
|
$
|
174,098
|
|
$
|
173,434
|
|
$
|
237,562
|
|
$
|
265,473
|
|
Depreciation and amortization
|
|
(33,266)
|
|
|
(30,937
|
)
|
|
(95,245)
|
|
|
(88,945
|
)
|
Loss on disposal of fixed assets, net
|
|
(90)
|
|
|
(35
|
)
|
|
(1,123)
|
|
|
(343
|
)
|
Asset impairment charge
|
|
--
|
|
|
(2,561
|
)
|
|
--
|
|
|
(2,561
|
)
|
Investment (loss) income
|
|
(18)
|
|
|
114
|
|
|
356
|
|
|
578
|
|
Interest expense, net
|
|
(8,443)
|
|
|
(8,515
|
)
|
|
(25,226)
|
|
|
(25,110
|
)
|
Loss on extinguishment of debt
|
|
--
|
|
|
(6,615
|
)
|
|
--
|
|
|
(6,615
|
)
|
Income before provision for income taxes
|
|
132,281
|
|
|
124,885
|
|
|
116,324
|
|
|
142,477
|
|
Provision for income taxes
|
|
(52,753)
|
|
|
(48,045
|
)
|
|
(46,108)
|
|
|
(54,140
|
)
|
Net income
|
$
|
79,528
|
|
$
|
76,840
|
|
$
|
70,216
|
|
$
|
88,337
|
|
Net loss attributable to noncontrolling interests
|
|
41
|
|
|
27
|
|
|
34
|
|
|
58
|
|
Net income attributable to Vail Resorts, Inc.
|
$
|
79,569
|
|
$
|
76,867
|
|
$
|
70,250
|
|
$
|
88,395
|
|
* Resort represents the sum of Mountain and Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
||
|
(Unaudited)
|
||
|
Twelve Months Ended
|
||
|
April 30, 2012
|
||
Mountain Reported EBITDA
|
$
|
200,747
|
|
Lodging Reported EBITDA
|
|
3,872
|
|
Resort Reported EBITDA*
|
|
204,619
|
|
Real Estate Reported EBITDA
|
|
(15,643
|
)
|
Total Reported EBITDA
|
|
188,976
|
|
Depreciation and amortization
|
|
(124,257
|
)
|
Loss on disposal of fixed assets, net
|
|
(1,335
|
)
|
Investment income
|
|
497
|
|
Interest expense, net
|
|
(33,757
|
)
|
Loss on extinguishment of debt
|
|
(757
|
)
|
Income before provision for income taxes
|
|
29,367
|
|
Provision for income taxes
|
|
(13,066
|
)
|
Net income
|
$
|
16,301
|
|
Net loss attributable to noncontrolling interests
|
|
43
|
|
Net income attributable to Vail Resorts, Inc.
|
$
|
16,344
|
|
* Resort represents the sum of Mountain and Lodging
|
|
|
|
|
(In thousands)
|
||
|
|
|
|
(Unaudited)
|
||
|
|
|
|
As of April 30, 2012
|
||
Long-term debt
|
$
|
489,757
|
|
|||
Long-term debt due within one year
|
|
1,119
|
|
|||
Total debt
|
|
490,876
|
|
|||
Less: cash and cash equivalents
|
|
147,110
|
|
|||
|
Net Debt
|
$
|
343,766
|
|
||
|
|
|
|
|||
|
Net Debt to Total Reported EBITDA
|
|
1.8
|
x
|
About Vail Resorts
Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resort properties of Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, and the Heavenly Ski Resort and Northstar California in the Lake Tahoe area of California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company's subsidiary, RockResorts, a luxury resort property and hotel company, manages casually elegant properties. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.