Hotel News Resource Mobile Edition



« | »

Vail Resorts Reports Fiscal 2017 Second Quarter Results and Increases Quarterly Dividend by 30%

Net income attributable to Vail Resorts, Inc. was $149.2 million for the second fiscal quarter of 2017, an increase of 27.5% compared to net income of $117.0 million for the second fiscal quarter of 2016.

Vail Resorts, Inc. (NYSE:  MTN) today reported results for the second quarter of fiscal 2017 ended January 31, 2017 and provided the Company’s ski season-to-date metrics through March 5, 2017.

Highlights

Commenting on the Company’s fiscal 2017 second quarter results, Rob Katz, Chief Executive Officer said, “We are very pleased with our results for the quarter. We had strong results during the holidays and the month of January despite a slower start to the season at our U.S. resorts resulting from below average early season conditions. Including results from Whistler Blackcomb in the second quarter of fiscal 2017, total lift revenue increased 24.5%, driven by a 15.7% growth in visitation and a 7.7% increase in effective ticket price (“ETP”) in the second quarter compared to the prior year. We continue to see robust destination guest spending trends which, along with the addition of Whistler Blackcomb, drove a 25.9% increase in ski school revenue and a 21.5% increase in food and beverage revenue compared to the prior year.”

“Results from Whistler Blackcomb in the second quarter of fiscal 2017 were stronger than our initial expectations and helped to offset the slower start at our U.S. resorts. The resort has benefited from good conditions throughout the season, a low Canadian dollar versus the U.S. dollar and the outstanding brand and guest experience delivered by the Whistler Blackcomb team. Excluding Whistler Blackcomb operations, total lift revenue increased 7.3% and yields improved in each of our ancillary businesses. Park City continues to deliver the strongest growth among our U.S. resorts with increasing visitation and yields in our second season following the transformational investments to combine Park City and Canyons. Our Colorado resorts delivered results that were in line with their record prior year performance despite the slower start to the season, benefiting from robust guest spending and growth in season pass sales. The Tahoe resorts benefited from significant snow storms that, while creating outstanding conditions for the rest of the season, led to road and resort closures during the month of January, primarily during off-peak periods. While U.S. destination visitation was robust, international visitation to our U.S. resorts was down in the second quarter compared to the prior year impacted by the strong U.S. dollar and a notable decline in Mexican visitation. Whistler Blackcomb continues to see strong international visitation. Our results in the second quarter demonstrate the benefit of our growing geographic diversification and the success of our season pass and destination guest focused marketing strategies.”

Regarding the Company’s Lodging segment, Katz said, “Our lodging results were positive for the second fiscal quarter but were adversely impacted by the same poor early season conditions as our mountain results. Revenue (excluding payroll cost reimbursements) increased 4.0% compared to the prior year primarily driven by the addition of Whistler Blackcomb.”

Katz continued, “Resort Reported EBITDA was $305.2 million for the fiscal quarter, an increase of 26.1% compared to the same period in the prior year. Our Resort EBITDA Margin for the fiscal quarter improved 180 basis points over the prior year as we continue to drive strong flow through from our revenue growth and leverage our scale. Given our performance to date and assuming normal conditions through the remainder of the season, we expect Resort Reported EBITDA for fiscal 2017 to be between $577 million and $597 million.”

Regarding the Company’s Real Estate segment, Katz said, “During the fiscal quarter, we closed on one condominium unit at The Ritz-Carlton Residences, Vail and the last two condominium units remaining at One Ski Hill Place in Breckenridge, which is now completely sold-out. Net Real Estate Cash Flow for the second quarter of fiscal 2017 was $3.9 million. Since January 31, 2017, we have closed on two additional units at Ritz-Carlton Residences, Vail, with only one unit remaining to be sold.”

Regarding capital allocation, Katz said, “We remain confident in the strong cash flow generation and stability of our business model, and we are committed to returning capital to our shareholders. We are pleased to announce that the Board of Directors has approved a 30% increase to our quarterly dividend and declared a quarterly cash dividend on Vail Resorts’ common stock of $1.053 per share, payable on April 13, 2017 to stockholders of record on March 29, 2017.” Katz added, “Our balance sheet remains very strong. We ended the fiscal quarter with $140.9 million of cash on hand and our Net Debt, including the capitalized Canyons obligation, was 2.2 times trailing twelve months Total Reported EBITDA, though it is important to note that while this ratio includes our outstanding debt as of January 31, 2017, it only includes Whistler Blackcomb’s EBITDA results from the date of acquisition.”

The Company expects to invest approximately $103 million in its calendar year 2017 capital plan, excluding anticipated investments at Whistler Blackcomb, capital expenditures for U.S. summer related activities and one-time integration capital expenditures at Whistler Blackcomb. The plan includes approximately $65 million of maintenance capital expenditures and a number of high-impact, high ROI discretionary investments. Commenting on the capital plan, Katz said, “At Vail Mountain, we will continue to improve lift capacity at one of the resort’s busiest chairlifts by upgrading the Northwoods high speed four person chair (#11) to a new high speed six person chairlift. At Breckenridge, we will be upgrading the Peak 10 Falcon Chair from a four person high speed chair to a six person high speed chair, allowing more guests to experience some of the best intermediate and advanced terrain on the mountain. At Keystone, we will be investing significant capital to continue to enhance the experience at this outstanding family focused resort. We will be upgrading the four person Montezuma chair to a six person high speed chair to improve circulation on the front side of the mountain, and we will be renovating and expanding Labonte’s restaurant by 150 indoor seats to increase mountain dining capacity at the fourth most visited resort in the U.S. At Beaver Creek, we will be upgrading the fixed grip two person Drink of Water chair (#5) to a four person high speed chair, increasing the capacity for important beginner and intermediate terrain and, upon completion, all primary chairlifts on Beaver Creek will be high speed. Our capital plan also includes the second phase of a two-year process to revamp our primary websites to a single ‘responsive’ desktop/mobile platform which will be integrated with our data-based and personalized marketing technology and the first phase of a three year plan to completely revamp and modernize RPOS, the primary software platform for all of our resort operations.”

The Company also plans to invest approximately $6 million in calendar year 2017 for Epic Discovery summer activities. This capital will be focused on activity construction at Breckenridge in conjunction with the official launch of Epic Discovery at the resort this summer with more modest spending at Vail and Heavenly.

At Whistler Blackcomb, the Company plans to invest approximately C$23 million (US$17 million) in calendar year 2017 for maintenance and discretionary projects. The plan includes key summer investments for the resort with the expansion of the bike park into the Creekside area, the construction of a signature suspension bridge at the top of Whistler Mountain and other summer amenities that support the already robust summer visitation at the resort. These investments are the first capital projects associated with the Renaissance plan following the renewal of the Master Development Agreements. The Company anticipates that additional spending related to the Renaissance plan will commence in calendar year 2018 and additional details will be provided as the timing of the projects is refined.

Additionally, the Company plans to invest approximately $17 million in capital during calendar year 2017 for the Whistler Blackcomb integration. These investments will allow us to fully integrate Whistler Blackcomb’s systems, marketing and operations, including hardware at the resort, to achieve our anticipated synergies and create the streamlined, centralized approach that is consistent across our network for guests and employees.

Stowe Mountain Resort Acquisition

As previously announced on February 21, 2017, the Company entered into an agreement to acquire the mountain operations of Stowe Mountain Resort in Stowe, Vermont from Mt. Mansfield Company, Inc., a wholly owned subsidiary of American International Group, Inc., for a cash purchase price of $50 million, subject to certain adjustments. At closing, the purchase price will be adjusted for certain agreed upon terms, including a reduction (or increase) in the purchase price by the amount that the resort’s EBITDA exceeds capital expenditures for the period from November 1, 2016 through closing of the acquisition. Stowe Mountain Resort is expected to generate incremental annual EBITDA in excess of $5 million in Vail Resorts’ fiscal year ending July 31, 2018. The transaction is subject to Vermont administrative review. The Company expects the acquisition to close in late spring.

Whistler Blackcomb Master Development Agreements

As previously announced on February 24, 2017, Whistler Blackcomb’s Master Development Agreements with the Province of British Columbia have been renewed for a 60-year term and the associated Master Plans have also been approved by the Province.

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 second fiscal quarter ended January 31, 2017 filed today with the Securities and Exchange Commission. The following are segment highlights:

Mountain Segment

Lodging Segment

Resort – Combination of Mountain and Lodging Segments

Real Estate Segment

Total Performance

Season-to-Date Metrics through March 5, 2017

The Company announced ski season-to-date metrics for the comparative periods from the beginning of the ski season through Sunday, March 5, 2017, and for the prior year period through Sunday, March 6, 2016. The reported ski season metrics are for our North American resorts, adjusted as if Whistler Blackcomb was owned in both periods using comparable exchange rates in each applicable period. The metrics exclude results from Perisher and our urban ski areas in both periods. The following data is interim period data and subject to fiscal quarter end review and adjustments.

Return of Capital

The Company declared a quarterly cash dividend of $1.053 per share of Vail Resorts common stock that will be payable on April 13, 2017 to stockholders of record on March 29, 2017. Additionally, a Canadian dollar equivalent dividend on the exchangeable shares of Whistler Blackcomb Holdings Inc. will be payable on April 13, 2017 to shareholders of record on March 29, 2017. The exchangeable shares were issued to certain Canadian persons in connection with our acquisition of Whistler Blackcomb Holdings Inc.

Outlook

The following table reflects the forecasted guidance range for the Company’s fiscal year ending July 31, 2017, for Reported EBITDA (after stock-based compensation expense) and reconciles such Reported EBITDA guidance to net income attributable to Vail Resorts, Inc. guidance for fiscal 2017.

 

Fiscal 2017 Guidance

(In thousands)

For the Year Ending

July 31, 2017 (5)

Low End 

Range

High End 

Range

Mountain Reported EBITDA (1)

$

547,000

$

565,000

Lodging Reported EBITDA (2)

30,000

32,000

Resort Reported EBITDA (3)

577,000

597,000

Real Estate Reported EBITDA

2,000

6,000

Total Reported EBITDA

579,000

603,000

Depreciation and amortization

(193,000)

(187,000)

Loss on disposal of fixed assets and other, net

(5,000)

(3,000)

Change in fair value of contingent consideration (4)

Investment income and other, net

6,100

6,500

Interest expense and other, net

(51,000)

(47,000)

Income before provision for income taxes

336,100

372,500

Provision for income taxes

(117,100)

(129,500)

Net income

$

219,000

$

243,000

Net income attributable to noncontrolling interests

(23,000)

(21,000)

Net income attributable to Vail Resorts, Inc.

$

196,000

$

222,000

(1) Mountain Reported EBITDA includes approximately $16 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 excludes any change in the fair value of contingent consideration which is based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material.

(5) Guidance estimates are predicated on an exchange rate of $0.75 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.77 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia.

About Vail Resorts, Inc. (NYSE:  MTN)

Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts’ subsidiaries operate ten world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in Australia; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE:  MTN).

Statement Concerning Non-GAAP Financial Measures

When reporting financial results, we use the terms Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America (“GAAP”). Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies.

Reported EBITDA has been presented herein as a measure 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 defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company’s ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures.

 

Vail Resorts, Inc.

Consolidated Condensed Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended January 31,

Six Months Ended January 31,

2017

2016

2017

2016

Net revenue:

Mountain

$

654,099

$

532,872

$

764,866

$

633,805

Lodging

65,884

62,807

133,286

127,093

Real estate

5,215

3,684

5,311

13,032

Total net revenue

725,198

599,363

903,463

773,930

Segment operating expense:

Mountain

355,239

296,256

523,492

447,414

Lodging

59,683

57,311

123,763

118,748

Real estate

5,841

4,617

7,326

13,958

Total segment operating expense

420,763

358,184

654,581

580,120

Other operating (expense) income:

Depreciation and amortization

(49,626)

(40,541)

(90,207)

(79,241)

Gain on sale of real property

(1,206)

6,466

1,791

Change in fair value of contingent consideration

(300)

(600)

Loss on disposal of fixed assets and other, net

(2,231)

632

(2,781)

(2,985)

Income from operations

252,278

200,064

161,760

113,375

Mountain equity investment income (loss), net

157

(61)

989

781

Investment income and other, net

1,148

161

5,671

359

Interest expense and other, net

(9,048)

(10,910)

(21,012)

(21,505)

Income before provision for income taxes

244,535

189,254

147,408

93,010

Provision for income taxes

(84,807)

(72,383)

(51,298)

(35,809)

Net income

159,728

116,871

96,110

57,201

Net (income) loss attributable to noncontrolling interests

(10,549)

111

(9,518)

194

Net income attributable to Vail Resorts, Inc.

$

149,179

$

116,982

$

86,592

$

57,395

Per share amounts:

Basic net income per share attributable to Vail Resorts, Inc.

$

3.72

$

3.23

$

2.25

$

1.58

Diluted net income per share attributable to Vail Resorts, Inc.

$

3.63

$

3.14

$

2.19

$

1.54

Cash dividends declared per share

$

0.81

$

0.6225

$

1.62

$

1.245

Weighted average shares outstanding:

Basic

40,050

36,246

38,442

36,359

Diluted

41,107

37,256

39,529

37,358

Other Data:

Mountain Reported EBITDA

$

299,017

$

236,555

$

242,363

$

187,172

Lodging Reported EBITDA

6,201

5,496

9,523

8,345

Resort Reported EBITDA

305,218

242,051

251,886

195,517

Real Estate Reported EBITDA

(626)

(301)

4,451

865

Total Reported EBITDA

$

304,592

$

241,750

$

256,337

$

196,382

Mountain stock-based compensation

$

3,691

$

3,331

$

7,547

$

6,711

Lodging stock-based compensation

817

783

1,606

1,530

Resort stock-based compensation

4,508

4,114

9,153

8,241

Real Estate stock-based compensation

66

186

(2)

149

Total stock-based compensation

$

4,574

$

4,300

$

9,151

$

8,390

 

Vail Resorts, Inc.

Mountain Segment Operating Results

(In thousands, except Effective Ticket Price (“ETP”))

(Unaudited)

Three Months Ended January 31,

Percentage 

Increase

Six Months Ended January 31,

Percentage 

Increase

2017

2016

(Decrease)

2017

2016

(Decrease)

Net Mountain revenue:

Lift

$

358,251

$

287,685

24.5

%

$

379,677

$

307,838

23.3

%

Ski school

78,119

62,040

25.9

%

81,970

65,424

25.3

%

Dining

54,366

44,738

21.5

%

67,734

57,093

18.6

%

Retail/rental

123,233

102,975

19.7

%

159,712

135,364

18.0

%

Other

40,130

35,434

13.3

%

75,773

68,086

11.3

%

Total Mountain net revenue

654,099

532,872

22.7

%

764,866

633,805

20.7

%

Mountain operating expense:

Labor and labor-related benefits

136,531

$

114,794

18.9

%

194,213

166,593

16.6

%

Retail cost of sales

44,984

38,262

17.6

%

63,388

54,741

15.8

%

Resort related fees

34,722

28,452

22.0

%

37,066

30,344

22.2

%

General and administrative

60,470

50,030

20.9

%

102,454

88,629

15.6

%

Other

78,532

64,718

21.3

%

126,371

107,107

18.0

%

Total Mountain operating expense

355,239

296,256

19.9

%

523,492

$

447,414

17.0

%

Mountain equity investment (loss) income, net

157

(61)

357.4

%

989

781

26.6

%

Mountain Reported EBITDA

$

299,017

$

236,555

26.4

%

$

242,363

$

187,172

29.5

%

Total skier visits

5,299

4,581

15.7

%

5,728

5,016

14.2

%

ETP

$

67.61

$

62.80

7.7

%

$

66.28

$

61.37

8.0

%

 

Vail Resorts, Inc.

Lodging Operating Results

(In thousands, except Average Daily Rate (“ADR”) and Revenue per Available Room (“RevPAR”))

(Unaudited)

Three Months Ended January 31,

Percentage

Increase

Six Months Ended January 31,

Percentage

Increase

2017

2016

(Decrease)

2017

2016

(Decrease)

Lodging net revenue:

Owned hotel rooms

$

12,002

$

12,045

(0.4)

%

$

30,065

$

29,351

2.4

%

Managed condominium rooms

22,989

21,063

9.1

%

31,510

29,310

7.5

%

Dining

8,723

8,841

(1.3)

%

24,060

23,882

0.7

%

Transportation

8,344

8,293

0.6

%

10,817

10,613

1.9

%

Golf

nm

8,729

8,502

2.7

%

Other

9,976

9,425

5.8

%

21,178

19,595

8.1

%

62,034

59,667

4.0

%

126,359

121,253

4.2

%

Payroll cost reimbursements

3,850

3,140

22.6

%

6,927

5,840

18.6

%

Total Lodging net revenue

65,884

62,807

4.9

%

133,286

127,093

4.9

%

Lodging operating expense:

Labor and labor-related benefits

27,434

27,026

1.5

%

57,311

55,721

2.9

%

General and administrative

10,748

9,410

14.2

%

19,512

17,379

12.3

%

Other

17,651

17,735

(0.5)

%

40,013

39,808

0.5

%

55,833

54,171

3.1

%

116,836

112,908

3.5

%

Reimbursed payroll costs

3,850

3,140

22.6

%

6,927

5,840

18.6

%

Total Lodging operating expense

59,683

57,311

4.1

%

123,763

118,748

4.2

%

Lodging Reported EBITDA

$

6,201

$

5,496

12.8

%

$

9,523

$

8,345

14.1

%

Owned hotel statistics:

ADR

$

289.03

$

255.44

13.1

%

$

240.20

$

219.94

9.2

%

RevPAR

$

181.82

$

161.66

12.5

%

$

157.56

$

143.94

9.5

%

Managed condominium statistics:

ADR

$

442.05

$

403.76

9.5

%

$

350.56

$

316.44

10.8

%

RevPAR

$

167.14

$

159.75

4.6

%

$

109.92

$

101.59

8.2

%

Owned hotel and managed condominium statistics (combined):

ADR

$

395.58

$

353.96

11.8

%

$

301.52

$

272.20

10.8

%

RevPAR

$

170.19

$

160.21

6.2

%

$

123.10

$

114.02

8.0

%

 

Key Balance Sheet Data

(In thousands)

(Unaudited)

As of January 31,

2017

2016

Real estate held for sale and investment

$

112,633

$

117,999

Total Vail Resorts, Inc. stockholders’ equity

1,477,903

840,607

Long-term debt

1,216,721

680,002

Long-term debt due within one year

38,379

13,340

Total debt

1,255,100

693,342

Less: cash and cash equivalents

140,909

45,368

Net debt

$

1,114,191

$

647,974

Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures

Presented below is a reconciliation of Reported EBITDA to net income attributable to Vail Resorts, Inc. for the three and six months ended January 31, 2017 and 2016.

 

(In thousands)

(Unaudited)

(In thousands)

(Unaudited)

Three Months Ended January 31,

Six Months Ended January 31,

2017

2016

2017

2016

Mountain Reported EBITDA

$

299,017

$

236,555

$

242,363

$

187,172

Lodging Reported EBITDA

6,201

5,496

9,523

8,345

Resort Reported EBITDA*

305,218

242,051

251,886

195,517

Real Estate Reported EBITDA

(626)

(301)

4,451

865

Total Reported EBITDA

304,592

241,750

256,337

196,382

Depreciation and amortization

(49,626)

(40,541)

(90,207)

(79,241)

Loss on disposal of fixed assets and other, net

(2,231)

(1,206)

(2,781)

(2,985)

Change in fair value of contingent consideration

(300)

(600)

Investment income and other, net

1,148

161

5,671

359

Interest expense and other, net

(9,048)

(10,910)

(21,012)

(21,505)

Income before provision for income taxes

244,535

189,254

147,408

93,010

Provision for income taxes

(84,807)

(72,383)

(51,298)

(35,809)

Net income

159,728

116,871

96,110

57,201

Net (income) loss attributable to noncontrolling interests

(10,549)

111

(9,518)

194

Net income attributable to Vail Resorts, Inc.

$

149,179

$

116,982

$

86,592

$

57,395

* Resort represents the sum of Mountain and Lodging

The following table reconciles Resort Net Revenue to Resort EBITDA Margin for the three months ended January 31, 2017 and 2016.

 

(In thousands)

(Unaudited)

Three Months Ended

January 31, 2017

(In thousands)

(Unaudited)

Three Months Ended

January 31, 2016

Resort net revenue*

$

719,983

$

595,679

Resort Reported EBITDA*

$

305,218

$

242,051

Resort EBITDA margin

42.4%

40.6%

* Resort represents the sum of Mountain and Lodging

Presented below is a reconciliation of Total Reported EBITDA to net income attributable to Vail Resorts, Inc. calculated in accordance with GAAP for the twelve months ended January 31, 2017.

 

(In thousands)

(Unaudited)

Twelve Months Ended January 31, 2017

Mountain Reported EBITDA

$

479,606

Lodging Reported EBITDA

29,347

Resort Reported EBITDA*

508,953

Real Estate Reported EBITDA

6,370

Total Reported EBITDA

515,323

Depreciation and amortization

(172,454)

Loss on disposal of fixed assets and other, net

(5,214)

Change in fair value of contingent consideration

(4,800)

Investment income and other, net

6,035

Interest expense and other, net

(41,873)

Income before provision for income taxes

297,017

Provision for income taxes

(108,654)

Net income

188,363

Net income attributable to noncontrolling interests

(9,412)

Net income attributable to Vail Resorts, Inc.

$

178,951

* 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 January 31, 2017.

 

In thousands)

(Unaudited)

(As of January 31, 2017)

Long-term debt

$

1,216,721

Long-term debt due within one year

38,379

Total debt

1,255,100

Less: cash and cash equivalents

140,909

Net debt

$

1,114,191

Net debt to Total Reported EBITDA

2.2

x

The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended January 31, 2017and 2016.

 

(In thousands)

(Unaudited) 

Three Months Ended 

January 31,

(In thousands)

(Unaudited)

Six Months Ended

January 31,

2017

2016

2017

2016

Real Estate Reported EBITDA

$

(626)

$

(301)

$

4,451

$

865

Non-cash Real Estate cost of sales

4,203

2,504

4,203

9,444

Non-cash Real Estate stock-based compensation

65

186

(3)

149

Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate

239

(212)

1,820

1,712

Net Real Estate Cash Flow

$

3,881

$

2,177

$

10,471

$

12,170

The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2017 guidance.

 

(In thousands)

(Unaudited)

Fiscal 2017 Guidance (2)

Resort net revenue (1)

$

1,880,000

Resort Reported EBITDA (1)

$

587,000

Resort EBITDA margin

31.2%

(1) Resort represents the sum of Mountain and Lodging

(2) Represents the mid-point range of Guidance

Posted by on March 10, 2017.

Categories: Financial

« | »




Recent Posts


Pages



Ads by Nevistas