BROOMFIELD, Colo., Sept. 28,
2023 /CNW/ -- September 28,
2023 - Vail Resorts, Inc. (NYSE: MTN) today reported
results for the fourth quarter and fiscal year ended July 31, 2023 and reported results of
season-to-date season pass sales. Vail Resorts also provided its
outlook for the fiscal year ending July 31,
2024, provided an update on capital spending plans, declared
a dividend payable in October 2023
and announced share repurchases completed during the fourth
quarter.
Highlights
- Net income attributable to Vail Resorts, Inc. was $268.1 million for fiscal 2023 compared to net
income attributable to Vail Resorts, Inc. of $347.9 million for fiscal 2022. The decrease in
net income attributable to Vail Resorts, Inc. compared to the prior
year is primarily attributable to a large gain on disposal of fixed
assets in fiscal 2022 and an increase in fiscal 2023 expense
associated with a change in the estimated fair value of the
contingent consideration liability related to our Park City resort
lease.
- Resort Reported EBITDA was $834.8
million for fiscal 2023, compared to $836.9 million for fiscal 2022.
- Pass product sales through September 22,
2023 for the upcoming 2023/2024 North American ski season
increased approximately 7% in units and approximately 11% in sales
dollars as compared to the period in the prior year through
September 23, 2022. Pass product
sales are adjusted to eliminate the impact of changes in foreign
currency exchange rates by applying current U.S. dollar exchange
rates to both current period and prior period sales for Whistler
Blackcomb.
- The Company provided its outlook for fiscal 2024 and expects
net income attributable to Vail Resorts, Inc. to be between
$316 million and $394 million and Resort Reported EBITDA to be
between $912 million and $968 million. Fiscal 2024 guidance, among other
assumptions described below, assumes a continuation of the current
economic environment and normal weather conditions for the
2023/2024 North American and European ski season and the 2024
Australian ski season.
- The Company declared a quarterly cash dividend of $2.06 per share of Vail Resorts' common stock
that will be payable on October 26,
2023 to shareholders of record as of October 10, 2023 and repurchased approximately
0.4 million shares during the quarter at an average price of
$247 for a total of $100 million. For the full fiscal year, the
Company repurchased approximately 2.2 million shares, or 5.4% of
shares outstanding, at an average price of approximately
$229 for a total of $500 million.
Commenting on the Company's fiscal 2023 results, Kirsten Lynch, Chief Executive Officer, said,
"Given the significant weather-related challenges this past season,
we are pleased with our overall results for the year, with strong
growth in 2022/2023 North American ski season visitation and
spending compared to the prior year, further supported by the
stability created by our advance commitment products. The return to
normal staffing levels enabled our mountain resorts to deliver a
strong guest experience resulting in a significant improvement in
guest satisfaction scores, which exceeded pre-COVID levels at our
destination mountain resorts.
"Visitation growth was achieved through strong growth in pass
sales, the addition of Andermatt-Sedrun in Switzerland, the full year impact of Seven
Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain
Ski Area (collectively, the "Seven Springs Resorts," acquired
December 31, 2021), and record
visitation and resort net revenue in March and April. Ancillary
businesses, including ski school, dining, and retail/rental,
experienced strong growth compared to the prior period, when those
businesses were impacted by capacity constraints driven by
staffing, and in the case of dining, by operational restrictions
associated with COVID-19. Our dining business rebounded strongly
from the prior year, though underperformed expectations for the
year as guest dining behavior did not fully return to pre-COVID
levels following two years of significant operational restrictions
associated with COVID-19. Our overall results throughout the
2022/2023 North American ski season highlight the stability of the
advance commitment from season pass products in a season with
challenging conditions, including travel disruptions during the
peak holiday period, abnormal weather conditions which
significantly reduced operating days, terrain availability, and
activity offerings across our 26 Midwest, Mid-Atlantic and
Northeast resorts (collectively, "Eastern" U.S. resorts), and
severe weather disruptions at our Tahoe resorts. This past
season, approximately 75% of skier visitation at our North American
resorts, excluding complimentary visits, was from pass product
holders who committed in advance of the season, which compares to
approximately 72% for the 2021/2022 North American ski season."
Regarding the Company's fiscal 2023 fourth quarter results,
Lynch said, "The fourth quarter declined from the prior year,
primarily driven by the Company's fiscal 2023 investments in
employees, as well as a below average snowfall and snowmaking
temperatures that limited terrain availability during the
Australian winter season. North American summer operations also
underperformed expectations driven by a combination of lower demand
for destination mountain travel, which we believe was primarily
driven by a broader shift in summer travel behavior associated with
the wider variety of vacation offerings available following various
travel restrictions in the prior two years, and weather-related
operational disruptions."
Operating Results
A more complete discussion of our operating results can be found
within the Management's Discussion and Analysis of Financial
Condition and Results of Operations section of the Company's Form
10-K for the fiscal year ended July 31,
2023, which was filed today with the Securities and Exchange
Commission. The discussion of operating results below compares the
results for the fiscal year ended July 31,
2023 to the fiscal year ended July
31, 2022, unless otherwise noted. The following are segment
highlights:
Mountain Segment
- Total lift revenue increased $110.7
million, or 8.4%, to $1,420.9
million due to increases in both pass product revenue and
non-pass product revenue. Pass product revenue increased 8.5%
primarily as a result of an increase in pass product sales for the
2022/2023 North American ski season compared to the prior year, as
well as an increase in pass product sales for the 2022 Australian
ski season compared to the prior year. Non-pass revenue increased
8.3% primarily due to an increase in non-pass ETP (excluding
Andermatt-Sedrun) of 7.8%, as well as incremental non-pass revenue
from Andermatt-Sedrun of $13.2
million. Total non-pass ETP, including the impact of
Andermatt-Sedrun, increased 4.3%. The increase in non-pass revenue
also benefited from an increase in visitation at our Australian ski
areas in the first quarter of fiscal 2023, which experienced record
visitation and favorable snow conditions during the 2022 Australian
ski season following periodic COVID-related closures and
restrictions in the prior season.
- Ski school revenue increased $63.6
million, or 28.5%, dining revenue increased $60.9 million, or 37.2%, and retail/rental
revenue increased $49.7 million, or
15.9%, each primarily driven by the greater impact of COVID-19 and
related limitations and restrictions in the prior year, including
staffing challenges which limited our ability to operate at full
capacity, as well as increased skier visitation.
- Operating expense increased $314.4
million, or 22.4%, which was primarily attributable to
investments in employee wages and salaries and increased headcount
to support more normalized staffing and operations at our resorts,
as well as increased variable expenses associated with increased
revenue, the impact of inflation and incremental expenses
associated with Andermatt-Sedrun and the Seven Springs
Resorts.
- Mountain Reported EBITDA increased $11.4
million, or 1.4%, which includes $21.2 million of stock-based compensation for
fiscal 2023 compared to $20.9 million
in the prior year.
Lodging Segment
- Lodging segment net revenue (excluding payroll cost
reimbursements) increased $22.8
million, or 7.6%, primarily due to increases in dining and
ancillary revenue as a result of fewer COVID-19 related limitations
and restrictions as compared to the prior year and a return to more
normalized operations, as well as incremental revenue from the
Seven Springs Resorts.
- Operating expense (excluding reimbursed payroll costs)
increased $36.3 million, or 13.2%,
which was primarily attributable to investments in employee wages
and salaries and increased headcount to support more normalized
staffing and operations at our resorts, as well as increased
variable expenses associated with increased revenue, the impact of
inflation and incremental expenses associated with the Seven
Springs Resorts.
- Lodging Reported EBITDA decreased $13.5
million, or 52.4%, which includes $4.0 million of stock-based compensation expense
in fiscal 2023 compared to $3.7
million in the prior year.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue was $2,881.3
million for fiscal 2023, an increase of $356.1 million, or 14.1%, compared to resort net
revenue of $2,525.2 million for
fiscal 2022.
- Resort Reported EBITDA was $834.8
million for fiscal 2023, a decrease of $2.1 million, or 0.2%, compared to fiscal
2022.
Total Performance
- Total net revenue increased $363.5
million, or 14.4%, to $2,889.4
million.
- Net income attributable to Vail Resorts, Inc. was $268.1 million, or $6.74 per diluted share, for fiscal 2023 compared
to net income attributable to Vail Resorts, Inc. of $347.9 million, or $8.55 per diluted share, in fiscal 2022. The
decrease in net income attributable to Vail Resorts, Inc. was
primarily due to a reduction in the gain on disposal of fixed
assets and other, net, for fiscal 2023 compared to fiscal 2022, for
which prior year disposals included (i) $32.2 million gain from the sale of the
DoubleTree at Breckenridge hotel;
(ii) $10.3 million in proceeds from
the NPS related to partial payments for a leasehold surrender
interest at GTLC which was made at the request of the NPS; and
(iii) $7.9 million gain from the sale
of an administrative building in Avon,
CO. The decrease was also attributable to a $29.6 million increase in fiscal 2023 expense
associated with a change in the estimated fair value of the
contingent consideration liability related to our Park City resort
lease.
Return of Capital
Commenting on capital allocation, Lynch said, "Our balance sheet
remains strong, and the business continues to generate robust cash
flow. Our total cash and revolver availability as of July 31, 2023 was approximately $1.2 billion, with $563
million of cash on hand, $421
million of U.S. revolver availability under the Vail
Holdings Credit Agreement and $225
million of revolver availability under the Whistler Credit
Agreement. As of July 31, 2023, our
Net Debt was 2.7 times trailing twelve months Total Reported
EBITDA. The Company declared a quarterly cash dividend of
$2.06 per share of Vail Resorts'
common stock that will be payable on October
26, 2023 to shareholders of record as of October 10, 2023. During the quarter, the Company
repurchased approximately 0.4 million shares of common stock at an
average price of $247 for a total of
approximately $100.0 million.
Including shares repurchased during the fourth quarter, the Company
repurchased a total of approximately 2.2 million shares of common
stock during fiscal year 2023 at an average price of approximately
$229 for a total of $500.0 million. We remain committed to returning
capital to shareholders and intend to maintain an opportunistic
approach to future share repurchases. We will continue to be
disciplined stewards of our capital and remain committed to
prioritizing investments in our guest and employee experience,
high-return capital projects, strategic acquisition opportunities,
and returning capital to our shareholders through our quarterly
dividend and share repurchase program."
Season Pass Sales
Commenting on the Company's season pass sales for the upcoming
2023/2024 North American ski season, Lynch said, "Advance
commitment continues to be the foundation of our strategy, shifting
guests from short term refundable lift ticket purchases to a
nonrefundable commitment before the season starts, in exchange for
greater value. We are pleased with the results of our season pass
sales to date, which demonstrate the compelling value proposition
of our pass products, our network of mountain resorts, and our
commitment to continually investing in and delivering a strong
guest experience. Through September 22,
2023, North American ski season pass sales increased
approximately 7% in units and 11% in sales dollars as compared to
the period in the prior year through September 23, 2022. Pass product sales 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 in both periods for Whistler
Blackcomb pass sales.
"Relative to the 2022/2023 season, the Company achieved strong
loyalty among its pass holders, with particularly strong pass sales
growth from renewing pass holders, while also growing sales among
new pass holders. The Company successfully grew units across
destination, international and local geographies, with the
strongest unit growth in destination markets, including in the
Northeast, and across all major pass product segments, with the
strongest product growth in regional pass products and Epic Day
Pass products as lower frequency guests and local Northeast guests
continue to be attracted by the strong value proposition of these
products. The business also achieved positive growth in the Midwest
and Mid-Atlantic, which after challenging conditions last season,
highlights the stability of our advance commitment program, loyalty
of our guests, and significant opportunity to drive pass
penetration in the East. Pass sales dollars continue to benefit
from the 8% price increase relative to the 2022/23 season,
partially offset by the mix impact from the growth of Epic Day
Pass products. As we enter the final period for season pass sales,
we expect our December 2023 growth
rates may moderate relative to our September
2023 growth rates given the impact of moving purchasers
earlier in the selling cycle."
Lynch continued, "We continue to prioritize advance commitment
as the best way for guests to access our mountain resorts. Similar
to prior seasons, lift ticket sales will be limited during the
2023/2024 season in order to prioritize guests committing in
advance with season passes and to preserve the guest experience at
each resort. We expect these lift ticket limitations will further
support our resorts and communities on peak days, and we do not
anticipate that the limitations will have a significant impact on
our financial results, consistent with prior seasons. As a
reminder, no reservations are required at any of the resorts on the
Epic Pass for pass holders, other than at our partner resort
Telluride."
Capital Investments
Commenting on the Company's investments for the 2023/2024 North
American ski season, Lynch said, "We remain dedicated to delivering
an exceptional guest experience and will continue to prioritize
reinvesting in the experience at our resorts, including
consistently increasing capacity through lift, terrain and food and
beverage expansion projects. As previously announced, the Company
expects to invest approximately $180
million to $185 million in
calendar year 2023, excluding one-time investments related to
integration activities, deferred capital associated with previously
delayed projects, reimbursable investments associated with
insurance recoveries, and growth capital investments at
Andermatt-Sedrun.
"At Keystone, we plan to complete the transformational
lift-served terrain expansion project in Bergman Bowl, increasing
lift-served terrain by 555 acres with the addition of a new
six-person high speed lift. At Breckenridge, we plan to upgrade the Peak 8
base area to enhance the beginner and children's experience and
increase uphill capacity from this popular base area. The
investment plan includes a new four-person high speed 5-Chair to
replace the existing two-person fixed-grip lift as well as
significant improvements, including new teaching terrain and a
transport carpet from the base, to make the beginner experience
more accessible. At Whistler Blackcomb, we plan to replace the
four-person high speed Fitzsimmons lift with a new eight-person
high speed lift. At Stevens Pass, we are planning to replace the
two-person fixed-grip Kehr's Chair lift with a new four-person
lift, which is designed to improve out-of-base capacity and guest
experience. At Attitash, we plan to replace the three-person
fixed-grip Summit Triple lift with a new four-person high speed
lift to increase uphill capacity and reduce guests' time on the
longest lift at the resort. We currently plan to complete these
lift projects in time for the 2023/2024 North American winter
season.
"The Company is planning to pilot My Epic Gear at Vail, Beaver
Creek, Breckenridge, and
Keystone for a limited number of
pass holders during the 2023/2024 North American ski season, which
will introduce a new membership program that provides the best
benefits of gear ownership but with more choice, lower cost, and no
hassle. My Epic Gear provides its members with the ability to
choose the gear they want, for the full season or for the day, from
a selection of the most popular and latest ski and snowboard
models, and have it delivered to them when and where they want it,
guaranteed, with free slopeside pick up and drop off every day. In
addition to offering the best skis and snowboards, My Epic Gear
will also offer name brand, high-quality ski and snowboard boots
with customized insoles and boot fit scanning technology. The
entire My Epic Gear membership, from gear selection to boot fit to
personalized recommendations to delivery, will be at the members'
fingertips through the new My Epic app. My Epic Gear will
officially launch for the 2024/2025 winter season at Vail, Beaver
Creek, Breckenridge,
Keystone, Whistler Blackcomb, Park
City Mountain, Crested Butte,
Heavenly, Northstar, Stowe, Okemo, and Mount Snow, and further
expansions are expected in future years.
"The Company is also planning to introduce new technology for
the 2023/2024 ski season at its U.S. resorts that will allow guests
to store their pass product or lift ticket directly on their phone
and scan at lifts hands-free, eliminating the need for carrying
plastic cards, visiting the ticket window or waiting to receive a
pass or lift ticket in the mail. Once loaded on their phones,
guests can store their phone in their pocket, and get scanned hands
free in the lift line using Bluetooth® Low Energy technology, which
is designed for low energy usage to minimize the impact on a
phone's battery life. In addition to the significant enhancement of
the guest experience, this technology will also ultimately reduce
waste of printing plastic cards for pass products and lift tickets,
and RFID chips, as a part of the Company's Commitment to Zero. For
the first year of launch, to ensure a smooth transition, the
Company will provide plastic cards for passes and lift tickets to
all guests, and in future years plastic cards will be available to
any guests who cannot or do not want to use their phone to store
their pass product or lift ticket. We are also excited to announce
the launch of our new My Epic app, which will include Mobile Pass
and Mobile Lift Tickets, interactive trail maps, real-time and
predictive lift line wait times, personalized stats, My Epic Gear,
and other relevant information to support the guest experience. The
Company is also investing in network-wide scalable technology that
will enhance our analytics, e-commerce and guest engagement tools
to improve our ability to target our guest outreach, personalize
messages and improve conversion."
Including $10 million of deferred
capital associated with previously delayed projects, $4 million of reimbursable investments associated
with insurance recoveries, $1 million
of one-time investments related to integration activities, and
$9 million of growth capital
investments at Andermatt-Sedrun, our total capital plan for
calendar year 2023 is expected to be approximately $204 million to $209
million."
Regarding calendar year 2024 capital expenditures, Lynch said,
"In addition to this year's significant investments across new
lifts, expanded terrain and enhanced guest-facing technology, we
are pleased to announce some select projects for our calendar year
2024 capital plan, with the full capital investment announcement
planned for December 2023. At
Whistler Blackcomb, we plan to replace the four-person high speed
Jersey Cream lift with a new six-person high speed lift. This lift
is expected to provide a meaningful increase to uphill capacity and
better distribute guests at a central part of the resort. At Hunter
Mountain, we plan to replace the four-person fixed-grip Broadway
lift with a new six-person high speed lift and plan to relocate the
existing Broadway lift to replace the two-person fixed-grip E lift,
providing a meaningful increase in uphill capacity and improved
access to terrain that is key to the progressive learning
experience for our guests. At Park City Mountain, we expect to
engage in a planning process to support the replacement of the
Sunrise lift with a new 10-person gondola in partnership with the
Canyons Village Management Association in calendar year 2025, which
will provide improved access and enhanced guest experience for
existing and future developments within Canyons Village. These
projects are subject to approvals."
Guidance
Commenting on guidance, Lynch said, "As we head into fiscal
year 2024, we are encouraged by the strength in advance commitment
product sales and remain committed to delivering a strong guest
experience while maintaining cost discipline. We expect meaningful
growth for fiscal 2024 relative to fiscal 2023 with strong Resort
EBITDA margin. Our guidance for net income attributable to Vail
Resorts, Inc. is estimated to be between $316 million and $394
million for fiscal 2024. We estimate Resort Reported EBITDA
for fiscal 2024 will be between $912
million and $968 million. We
estimate Resort EBITDA Margin for fiscal 2024 to be approximately
31.0% using the midpoint of the guidance range.
"Fiscal 2024 guidance includes an expectation that the first
quarter of fiscal 2024 will generate net loss attributable to Vail
Resorts, Inc. between $191 million
and $168 million and Resort Reported
EBITDA between negative $154 million
and negative $140 million. At the
midpoint of the guidance range, first quarter fiscal 2024 Resort
Reported EBITDA assumes a negative impact of approximately
$46 million compared to the first
quarter of fiscal 2023 excluding exchange rate impacts, primarily
driven by cost inflation, including a $7
million impact of our fiscal 2023 employee investment which
went into effect in October 2022,
lower results from our Australian resorts from the continuation of
the weather related challenges that impacted terrain in the fourth
quarter of fiscal 2023, and lower results from North American
summer operations from the continuation of the lower demand for
destination mountain travel experienced in the prior fiscal
quarter. Relative to fiscal 2023, fiscal 2024 full year guidance
also reflects a negative Resort Reported EBITDA impact of
approximately $3 million as a result
of the Company's fiscal 2023 exit of its retail and rental
locations in Telluride and
Aspen.
"The guidance assumes a continuation of the current economic
environment and normal weather conditions for the 2023/2024 North
American and European ski season and the 2024 Australian ski
season. The guidance assumes an exchange rate of $0.74 between the Canadian Dollar and U.S. Dollar
related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.64 between the Australian Dollar and U.S.
Dollar related to the operations of Perisher, Falls Creek and
Hotham in Australia, and an
exchange rate of $1.10 between the
Swiss Franc and U.S. Dollar related to the operations of
Andermatt-Sedrun in Switzerland.
The current fiscal 2024 exchange rate assumptions result in an
expected $5 million negative impact
relative to fiscal 2023 results and an expected $10 million negative impact relative to our
original fiscal 2023 guidance provided in September 2022."
The following table reflects the forecasted guidance range
for the Company's fiscal 2024 first quarter ending October 31, 2023 and full year ending
July 31, 2024 for Total Reported
EBITDA (after stock-based compensation expense) and reconciles net
(loss) income attributable to Vail Resorts, Inc. guidance to such
Total Reported EBITDA guidance.
|
Fiscal 2024
Guidance
|
|
Fiscal 2024
Guidance
|
|
(In
thousands)
|
|
(In
thousands)
|
|
For the Three Months
Ending
|
|
For the Year
Ending
|
|
October 31, 2023
(6)
|
|
July 31, 2024
(6)
|
|
Low
End
|
|
High
End
|
|
Low
End
|
|
High
End
|
|
Range
|
|
Range
|
|
Range
|
|
Range
|
Net (loss) income
attributable to Vail Resorts, Inc.
|
$
(191,000)
|
|
$
(168,000)
|
|
$
316,000
|
|
$
394,000
|
Net (loss) income
attributable to noncontrolling interests
|
(6,000)
|
|
(10,000)
|
|
26,000
|
|
20,000
|
Net (loss)
income
|
(197,000)
|
|
(178,000)
|
|
342,000
|
|
414,000
|
(Benefit) provision for
income taxes (1)
|
(67,000)
|
|
(60,000)
|
|
115,000
|
|
139,000
|
(Loss) income before
income taxes
|
(264,000)
|
|
(238,000)
|
|
457,000
|
|
553,000
|
Depreciation and
amortization
|
69,000
|
|
67,000
|
|
277,000
|
|
261,000
|
Interest expense,
net
|
42,000
|
|
39,000
|
|
165,000
|
|
157,000
|
Other
(2)
|
3,000
|
|
(2,000)
|
|
11,000
|
|
1,000
|
Total Reported
EBITDA
|
$
(150,000)
|
|
$
(134,000)
|
|
$
910,000
|
|
$
972,000
|
|
|
|
|
|
|
|
|
Mountain Reported
EBITDA (3)
|
$
(152,000)
|
|
$
(138,000)
|
|
$
886,000
|
|
$
940,000
|
Lodging Reported EBITDA
(4)
|
(4,000)
|
|
—
|
|
22,000
|
|
32,000
|
Resort Reported EBITDA
(5)
|
(154,000)
|
|
(140,000)
|
|
912,000
|
|
968,000
|
Real Estate Reported
EBITDA
|
4,000
|
|
6,000
|
|
(2,000)
|
|
4,000
|
Total Reported
EBITDA
|
$
(150,000)
|
|
$
(134,000)
|
|
$
910,000
|
|
$
972,000
|
|
|
|
|
|
|
|
|
(1) The
(benefit) provision for income taxes may be impacted by excess tax
benefits primarily resulting from vesting and exercises of equity
awards. Our estimated (benefit) 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 may be in-the-money depending on
the current value of the stock price.
|
(2) Our
guidance includes certain forward looking 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 forward looking 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. Additionally, our guidance excludes the
impact of any future sales or disposals of land or other assets
which are contingent upon future approvals or other
outcomes.
|
(3) Mountain
Reported EBITDA also includes approximately $6 million and $23
million of stock-based compensation for the three months ending
October 31, 2023 and the year ending July 31, 2024,
respectively.
|
(4) Lodging
Reported EBITDA also includes approximately $1 million and $4
million of stock-based compensation for the three months ending
October 31, 2023 and the year ending July 31, 2024,
respectively.
|
(5) 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.
|
(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; an exchange rate of $0.64 between the
Australian dollar and U.S. dollar, related to the operations of our
Australian ski areas; and an exchange rate of $1.10 between the
Swiss franc and U.S. dollar, related to the operations of
Andermatt-Sedrun in Switzerland.
|
Earnings Conference Call
The Company will conduct a conference call today at
5:00 p.m. eastern time to discuss the financial results. The
call will be webcast and can be accessed at www.vailresorts.com in
the Investor Relations section, or dial (800) 445-7795 (U.S. and
Canada) or +1 (785) 424-1699
(international). The conference ID is MTNQ423. A replay of the
conference call will be available two hours following the
conclusion of the conference call through October 6, 2023, at 8:00
p.m. eastern time. To access the replay, dial (800) 839-2393
(U.S. and Canada) or +1 (402)
220-7206 (international). The conference call will also be archived
at www.vailresorts.com.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and
close-to-home ski resorts in the world including Vail Mountain,
Breckenridge, Park City Mountain,
Whistler Blackcomb, Stowe, and 32 additional resorts across
North America; Andermatt-Sedrun in
Switzerland; and Perisher, Hotham,
and Falls Creek in Australia. We
are passionate about providing an Experience of a Lifetime to our
team members and guests, and our EpicPromise is to reach a zero net
operating footprint by 2030, support our employees and communities,
and broaden engagement in our sport. Our company owns and/or
manages a collection of elegant hotels under the RockResorts brand,
a portfolio of vacation rentals, condominiums and branded hotels
located in close proximity to our mountain destinations, as well as
the Grand Teton Lodge Company in Jackson
Hole, Wyo. Vail Resorts Retail operates more than 250 retail
and rental locations across North
America. Learn more about our company at
www.VailResorts.com, or discover our resorts and pass options at
www.EpicPass.com.
Forward-Looking Statements
Certain statements discussed in this press release and on the
conference call, other than statements of historical information,
are forward-looking statements within the meaning of the federal
securities laws, including the statements regarding fiscal 2024
performance (including the assumptions related thereto), including
our expected net income and Resort Reported EBITDA; our
expectations regarding our liquidity; expectations related to our
season pass products; our expectations regarding our ancillary
lines of business; and the payment of dividends. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. All
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected. Such risks and uncertainties include but are
not limited to the economy generally, and our business and results
of operations, including the ultimate amount of refunds that we
would be required to refund to our pass product holders for
qualifying circumstances under our Epic Coverage program; prolonged
weakness in general economic conditions, including adverse effects
on the overall travel and leisure related industries; risks
associated with the effects of high or prolonged inflation, rising
interest rates and financial institution disruptions; unfavorable
weather conditions or the impact of natural disasters or other
unexpected events; the willingness or ability of our guests to
travel due to terrorism, the uncertainty of military conflicts or
outbreaks of contagious diseases (such as the COVID-19 pandemic),
and the cost and availability of travel options and changing
consumer preferences, discretionary spending habits or willingness
to travel; risks related to travel and airline disruptions, and
other adverse impacts on the ability of our guests to travel;
public health emergencies, such as the COVID-19 pandemic, and the
corresponding impact on the travel and leisure industry generally,
and our financial condition and operations; risks related to
interruptions or disruptions of our information technology systems,
data security or cyberattacks; risks related to our reliance on
information technology, including our failure to maintain the
integrity of our customer or employee data and our ability to adapt
to technological developments or industry trends; our ability to
acquire, develop and implement relevant technology offerings for
customers and partners, including effectively implementing our My
Epic application; the seasonality of our business combined with
adverse events that may occur during our peak operating periods;
competition in our mountain and lodging businesses or with other
recreational and leisure activities; risks related to the high
fixed cost structure of our business; our ability to fund resort
capital expenditures; risks related to a disruption in our water
supply that would impact our snowmaking capabilities and
operations; our reliance on government permits or approvals for our
use of public land or to make operational and capital improvements;
risks related to federal, state, local and foreign government laws,
rules and regulations, including environmental and health and
safety laws and regulations; risks related to changes in security
and privacy laws and regulations which could increase our operating
costs and adversely affect our ability to market our products,
properties and services effectively; potential failure to adapt to
technological developments or industry trends regarding information
technology; risks related to our workforce, including increased
labor costs, loss of key personnel and our ability to maintain
adequate staffing, including hiring and retaining a sufficient
seasonal workforce; a deterioration in the quality or reputation of
our brands, including our ability to protect our intellectual
property and the risk of accidents at our mountain resorts; risks
related to scrutiny and changing expectations regarding our
environmental, social and governance practices and reporting; our
ability to successfully integrate acquired businesses, including
their integration into our internal controls and infrastructure;
our ability to successfully navigate new markets, including
Europe; or that acquired
businesses may fail to perform in accordance with expectations;
risks associated with international operations; fluctuations in
foreign currency exchange rates where the Company has foreign
currency exposure, primarily the Canadian and Australian dollars
and the Swiss franc, as compared to the U.S. dollar; changes in tax
laws, regulations or interpretations, or adverse determinations by
taxing authorities; risks related to our indebtedness and our
ability to satisfy our debt service requirements under our
outstanding debt including our unsecured senior notes, which could
reduce our ability to use our cash flow to fund our operations,
capital expenditures, future business opportunities and other
purposes; a materially adverse change in our financial condition;
adverse consequences of current or future litigation and legal
claims; changes in accounting judgments and estimates, accounting
principles, policies or guidelines; and other risks detailed in the
Company's filings with the Securities and Exchange Commission,
including the "Risk Factors" section of the Company's Annual Report
on Form 10-K for the fiscal year ended July
31, 2023, which was filed on September 28, 2023.
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 whether as a result of new information,
future events or otherwise, except as may be required by law.
Statement Concerning Non-GAAP Financial Measures
When reporting financial results, we use the terms Resort
Reported EBITDA, Total 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"). Resort Reported EBITDA, Total 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. In addition, we report segment Reported
EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of
segment profit or loss required to be disclosed in accordance with
GAAP. Accordingly, these measures may not be comparable to
similarly-titled measures of other companies. Additionally, with
respect to discussion of impacts from currency, the Company
calculates the impact by applying current period foreign exchange
rates to the prior period results, as the Company believes that
comparing financial information using comparable foreign exchange
rates is a more objective and useful measure of changes in
operating performance.
Reported EBITDA (and its counterpart for each of our segments)
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
July
31,
|
|
Twelve Months
Ended
July
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net revenue:
|
|
|
|
|
|
|
|
|
Mountain and Lodging
services and other
|
|
$
205,818
|
|
$
203,843
|
|
$ 2,372,175
|
|
$ 2,116,547
|
Mountain and Lodging
retail and dining
|
|
63,852
|
|
63,209
|
|
509,124
|
|
408,657
|
Resort net
revenue
|
|
269,670
|
|
267,052
|
|
2,881,299
|
|
2,525,204
|
Real Estate
|
|
98
|
|
84
|
|
8,065
|
|
708
|
Total net
revenue
|
|
269,768
|
|
267,136
|
|
2,889,364
|
|
2,525,912
|
Segment operating
expense:
|
|
|
|
|
|
|
|
|
Mountain and Lodging
operating expense
|
|
242,209
|
|
215,480
|
|
1,454,324
|
|
1,180,963
|
Mountain and Lodging
retail and dining cost of products sold
|
|
29,187
|
|
27,296
|
|
203,278
|
|
162,414
|
General and
administrative
|
|
85,190
|
|
87,234
|
|
389,465
|
|
347,493
|
Resort operating
expense
|
|
356,586
|
|
330,010
|
|
2,047,067
|
|
1,690,870
|
Real Estate operating
expense
|
|
1,264
|
|
1,321
|
|
10,635
|
|
5,911
|
Total segment
operating expense
|
|
357,850
|
|
331,331
|
|
2,057,702
|
|
1,696,781
|
Other operating
(expense) income:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
(68,801)
|
|
(63,177)
|
|
(268,501)
|
|
(252,391)
|
(Loss) gain on sale of
real property
|
|
(3)
|
|
125
|
|
842
|
|
1,276
|
Change in fair value
of contingent consideration
|
|
(2,200)
|
|
1,300
|
|
(49,836)
|
|
(20,280)
|
(Loss) gain on
disposal of fixed assets and other, net
|
|
(1,015)
|
|
27,829
|
|
(9,070)
|
|
43,992
|
(Loss) income from
operations
|
|
(160,101)
|
|
(98,118)
|
|
505,097
|
|
601,728
|
Interest expense,
net
|
|
(40,211)
|
|
(36,140)
|
|
(153,022)
|
|
(148,183)
|
Mountain equity
investment income (loss), net
|
|
123
|
|
(115)
|
|
605
|
|
2,580
|
Investment income and
other, net
|
|
6,010
|
|
2,738
|
|
23,744
|
|
3,718
|
Foreign currency gain
(loss) on intercompany loans
|
|
2,656
|
|
397
|
|
(2,907)
|
|
(2,682)
|
(Loss) income before
benefit from (provision for) income taxes
|
|
(191,523)
|
|
(131,238)
|
|
373,517
|
|
457,161
|
Benefit from
(provision for) income taxes
|
|
56,901
|
|
21,583
|
|
(88,414)
|
|
(88,824)
|
Net (loss)
income
|
|
(134,622)
|
|
(109,655)
|
|
285,103
|
|
368,337
|
Net loss (income)
attributable to noncontrolling interests
|
|
6,056
|
|
969
|
|
(16,955)
|
|
(20,414)
|
Net (loss) income
attributable to Vail Resorts, Inc.
|
|
$ (128,566)
|
|
$ (108,686)
|
|
$
268,148
|
|
$
347,923
|
Per share
amounts:
|
|
|
|
|
|
|
|
|
Basic net (loss)
income per share attributable to Vail Resorts, Inc.
|
|
$
(3.35)
|
|
$
(2.70)
|
|
$
6.76
|
|
$
8.60
|
Diluted net (loss)
income per share attributable to Vail Resorts, Inc.
|
|
$
(3.35)
|
|
$
(2.70)
|
|
$
6.74
|
|
$
8.55
|
Cash dividends
declared per share
|
|
$
2.06
|
|
$
1.91
|
|
$
7.94
|
|
$
5.58
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
38,370
|
|
40,305
|
|
39,654
|
|
40,465
|
Diluted
|
|
38,370
|
|
40,305
|
|
39,760
|
|
40,687
|
Vail Resorts,
Inc.
Consolidated
Condensed Statements of Operations - Other Data
(In
thousands)
(Unaudited)
|
|
|
|
Three Months
Ended
July
31,
|
|
Twelve Months
Ended
July
31,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
Other
Data:
|
|
|
|
|
|
|
|
|
|
Mountain Reported
EBITDA
|
|
$
(91,074)
|
|
$
(62,362)
|
|
$
822,570
|
|
$
811,167
|
|
Lodging Reported
EBITDA
|
|
4,281
|
|
(711)
|
|
12,267
|
|
25,747
|
|
Resort Reported
EBITDA
|
|
(86,793)
|
|
(63,073)
|
|
834,837
|
|
836,914
|
|
Real Estate Reported
EBITDA
|
|
(1,169)
|
|
(1,112)
|
|
(1,728)
|
|
(3,927)
|
|
Total Reported
EBITDA
|
|
$
(87,962)
|
|
$
(64,185)
|
|
$
833,109
|
|
$
832,987
|
|
Mountain stock-based
compensation
|
|
$
5,282
|
|
$
5,025
|
|
$
21,242
|
|
$
20,892
|
|
Lodging stock-based
compensation
|
|
1,015
|
|
881
|
|
3,972
|
|
3,737
|
|
Resort stock-based
compensation
|
|
6,297
|
|
5,906
|
|
25,214
|
|
24,629
|
|
Real Estate stock-based
compensation
|
|
50
|
|
46
|
|
195
|
|
256
|
|
Total stock-based
compensation
|
|
$
6,347
|
|
$
5,952
|
|
$
25,409
|
|
$
24,885
|
|
Vail Resorts,
Inc.
Mountain Segment
Operating Results
(In thousands,
except Effective Ticket Price ("ETP"))
(Unaudited)
|
|
|
|
Three Months
Ended
July
31,
|
|
Percentage
Increase
|
|
Twelve Months
Ended
July
31,
|
|
Percentage
Increase
|
|
|
2023
|
|
2022
|
|
(Decrease)
|
|
2023
|
|
2022
|
|
(Decrease)
|
Net Mountain
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Lift
|
|
$ 58,705
|
|
$ 59,594
|
|
(1.5) %
|
|
$ 1,420,900
|
|
$ 1,310,213
|
|
8.4 %
|
Ski school
|
|
9,763
|
|
9,203
|
|
6.1 %
|
|
287,275
|
|
223,645
|
|
28.5 %
|
Dining
|
|
17,689
|
|
17,310
|
|
2.2 %
|
|
224,642
|
|
163,705
|
|
37.2 %
|
Retail/rental
|
|
26,200
|
|
30,064
|
|
(12.9) %
|
|
361,484
|
|
311,768
|
|
15.9 %
|
Other
|
|
68,660
|
|
68,633
|
|
— %
|
|
246,605
|
|
203,783
|
|
21.0 %
|
Total Mountain net
revenue
|
|
181,017
|
|
184,804
|
|
(2.0) %
|
|
2,540,906
|
|
2,213,114
|
|
14.8 %
|
Mountain operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and
labor-related benefits
|
|
116,756
|
|
92,418
|
|
26.3 %
|
|
744,613
|
|
561,266
|
|
32.7 %
|
Retail cost of
sales
|
|
13,228
|
|
13,173
|
|
0.4 %
|
|
118,717
|
|
99,024
|
|
19.9 %
|
Resort related
fees
|
|
4,162
|
|
3,758
|
|
10.8 %
|
|
104,797
|
|
93,177
|
|
12.5 %
|
General and
administrative
|
|
71,458
|
|
73,150
|
|
(2.3) %
|
|
325,903
|
|
292,412
|
|
11.5 %
|
Other
|
|
66,610
|
|
64,552
|
|
3.2 %
|
|
424,911
|
|
358,648
|
|
18.5 %
|
Total Mountain
operating expense
|
|
272,214
|
|
247,051
|
|
10.2 %
|
|
1,718,941
|
|
1,404,527
|
|
22.4 %
|
Mountain equity
investment income (loss), net
|
|
123
|
|
(115)
|
|
207.0 %
|
|
605
|
|
2,580
|
|
(76.6) %
|
Mountain Reported
EBITDA
|
|
$
(91,074)
|
|
$
(62,362)
|
|
(46.0) %
|
|
$
822,570
|
|
$
811,167
|
|
1.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total skier
visits
|
|
867
|
|
1,019
|
|
(14.9) %
|
|
19,410
|
|
17,298
|
|
12.2 %
|
ETP
|
|
$
67.71
|
|
$
58.48
|
|
15.8 %
|
|
$
73.20
|
|
$
75.74
|
|
(3.4) %
|
Vail Resorts,
Inc.
Lodging Operating
Results
(In thousands,
except Average Daily Rate ("ADR") and Revenue per Available Room
("RevPAR"))
(Unaudited)
|
|
|
|
Three Months
Ended
July
31,
|
|
Percentage
Increase
|
|
Twelve Months
Ended
July
31,
|
|
Percentage
Increase
|
|
|
2023
|
|
2022
|
|
(Decrease)
|
|
2023
|
|
2022
|
|
(Decrease)
|
Lodging net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel
rooms
|
|
$ 27,982
|
|
$ 27,217
|
|
2.8 %
|
|
$ 80,117
|
|
$ 80,579
|
|
(0.6) %
|
Managed condominium
rooms
|
|
14,181
|
|
14,001
|
|
1.3 %
|
|
96,785
|
|
97,704
|
|
(0.9) %
|
Dining
|
|
17,010
|
|
15,273
|
|
11.4 %
|
|
62,445
|
|
48,569
|
|
28.6 %
|
Transportation
|
|
970
|
|
1,600
|
|
(39.4) %
|
|
15,242
|
|
16,021
|
|
(4.9) %
|
Golf
|
|
6,665
|
|
5,837
|
|
14.2 %
|
|
12,737
|
|
10,975
|
|
16.1 %
|
Other
|
|
18,581
|
|
14,859
|
|
25.0 %
|
|
55,816
|
|
46,500
|
|
20.0 %
|
|
|
85,389
|
|
78,787
|
|
8.4 %
|
|
323,142
|
|
300,348
|
|
7.6 %
|
Payroll cost
reimbursements
|
|
3,264
|
|
3,461
|
|
(5.7) %
|
|
17,251
|
|
11,742
|
|
46.9 %
|
Total Lodging net
revenue
|
|
88,653
|
|
82,248
|
|
7.8 %
|
|
340,393
|
|
312,090
|
|
9.1 %
|
Lodging operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and
labor-related benefits
|
|
37,021
|
|
35,959
|
|
3.0 %
|
|
148,915
|
|
128,884
|
|
15.5 %
|
General and
administrative
|
|
13,732
|
|
14,084
|
|
(2.5) %
|
|
63,562
|
|
55,081
|
|
15.4 %
|
Other
|
|
30,355
|
|
29,455
|
|
3.1 %
|
|
98,398
|
|
90,636
|
|
8.6 %
|
|
|
81,108
|
|
79,498
|
|
2.0 %
|
|
310,875
|
|
274,601
|
|
13.2 %
|
Reimbursed payroll
costs
|
|
3,264
|
|
3,461
|
|
(5.7) %
|
|
17,251
|
|
11,742
|
|
46.9 %
|
Total Lodging operating
expense
|
|
84,372
|
|
82,959
|
|
1.7 %
|
|
328,126
|
|
286,343
|
|
14.6 %
|
Lodging Reported
EBITDA
|
|
$
4,281
|
|
$
(711)
|
|
702.1 %
|
|
$ 12,267
|
|
$ 25,747
|
|
(52.4) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$ 309.23
|
|
$ 314.22
|
|
(1.6) %
|
|
$ 312.15
|
|
$ 309.78
|
|
0.8 %
|
RevPAR
|
|
$ 170.21
|
|
$ 177.66
|
|
(4.2) %
|
|
$ 160.75
|
|
$ 170.84
|
|
(5.9) %
|
Managed condominium
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$ 260.38
|
|
$ 266.54
|
|
(2.3) %
|
|
$ 416.77
|
|
$ 410.13
|
|
1.6 %
|
RevPAR
|
|
$
56.89
|
|
$
59.99
|
|
(5.2) %
|
|
$ 124.41
|
|
$ 122.15
|
|
1.9 %
|
Owned hotel and managed
condominium statistics (combined):
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$ 285.41
|
|
$ 289.60
|
|
(1.4) %
|
|
$ 378.62
|
|
$ 373.89
|
|
1.3 %
|
RevPAR
|
|
$
90.24
|
|
$
91.94
|
|
(1.8) %
|
|
$ 133.48
|
|
$ 133.53
|
|
— %
|
Key Balance Sheet
Data
(In
thousands)
(Unaudited)
|
|
|
|
As of July
31,
|
|
|
2023
|
|
2022
|
Total Vail Resorts,
Inc. stockholders' equity
|
|
$
1,003,947
|
|
$
1,612,439
|
Long-term debt,
net
|
|
$
2,750,675
|
|
$
2,670,300
|
Long-term debt due
within one year
|
|
69,160
|
|
63,749
|
Total debt
|
|
2,819,835
|
|
2,734,049
|
Less: cash and cash
equivalents
|
|
562,975
|
|
1,107,427
|
Net debt
|
|
$
2,256,860
|
|
$
1,626,622
|
Reconciliation of Measures of Segment Profitability and
Non-GAAP Financial Measures
Presented below is a reconciliation of net (loss) income
attributable to Vail Resorts, Inc. to Total Reported EBITDA for the
three and twelve months ended July 31, 2023 and 2022.
|
(In thousands)
(Unaudited)
|
|
(In thousands)
(Unaudited)
|
|
Three Months Ended
July 31,
|
|
Twelve Months Ended
July 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net (loss) income
attributable to Vail Resorts, Inc.
|
$
(128,566)
|
|
$
(108,686)
|
|
$
268,148
|
|
$
347,923
|
Net (loss) income
attributable to noncontrolling interests
|
(6,056)
|
|
(969)
|
|
16,955
|
|
20,414
|
Net (loss)
income
|
(134,622)
|
|
(109,655)
|
|
285,103
|
|
368,337
|
(Benefit from)
provision for income taxes
|
(56,901)
|
|
(21,583)
|
|
88,414
|
|
88,824
|
(Loss) income before
(benefit from) provision for income taxes
|
(191,523)
|
|
(131,238)
|
|
373,517
|
|
457,161
|
Depreciation and
amortization
|
68,801
|
|
63,177
|
|
268,501
|
|
252,391
|
Loss (gain) on disposal
of fixed assets and other, net
|
1,015
|
|
(27,829)
|
|
9,070
|
|
(43,992)
|
Change in fair value of
contingent consideration
|
2,200
|
|
(1,300)
|
|
49,836
|
|
20,280
|
Investment income and
other, net
|
(6,010)
|
|
(2,738)
|
|
(23,744)
|
|
(3,718)
|
Foreign currency (gain)
loss on intercompany loans
|
(2,656)
|
|
(397)
|
|
2,907
|
|
2,682
|
Interest expense,
net
|
40,211
|
|
36,140
|
|
153,022
|
|
148,183
|
Total Reported
EBITDA
|
$
(87,962)
|
|
$
(64,185)
|
|
$
833,109
|
|
$
832,987
|
|
|
|
|
|
|
|
|
Mountain Reported
EBITDA
|
$
(91,074)
|
|
$
(62,362)
|
|
$
822,570
|
|
$
811,167
|
Lodging Reported
EBITDA
|
4,281
|
|
(711)
|
|
12,267
|
|
25,747
|
Resort Reported EBITDA
(1)
|
(86,793)
|
|
(63,073)
|
|
$
834,837
|
|
$
836,914
|
Real Estate Reported
EBITDA
|
(1,169)
|
|
(1,112)
|
|
(1,728)
|
|
(3,927)
|
Total Reported
EBITDA
|
$
(87,962)
|
|
$
(64,185)
|
|
$
833,109
|
|
$
832,987
|
|
|
|
|
|
|
|
|
(1) Resort
represents the sum of Mountain and Lodging
|
The following table reconciles long-term debt, net to Net Debt
and the calculation of Net Debt to Total Reported EBITDA for the
twelve months ended July 31,
2023.
|
(In
thousands)
(Unaudited)
(As of July 31,
2023)
|
Long-term debt,
net
|
$
2,750,675
|
Long-term debt due
within one year
|
69,160
|
Total debt
|
2,819,835
|
Less: cash and cash
equivalents
|
562,975
|
Net debt
|
$
2,256,860
|
Net debt to Total
Reported EBITDA
|
2.7 x
|
The following table reconciles Real Estate Reported EBITDA to
Net Real Estate Cash Flow for the three and twelve months ended
July 31, 2023 and 2022.
|
|
(In thousands)
(Unaudited)
Three
Months Ended
July
31,
|
|
(In thousands)
(Unaudited)
Twelve
Months Ended
July
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Real Estate Reported
EBITDA
|
|
$
(1,169)
|
|
$
(1,112)
|
|
$
(1,728)
|
|
$
(3,927)
|
Non-cash Real Estate
cost of sales
|
|
—
|
|
—
|
|
5,138
|
|
227
|
Non-cash Real Estate
stock-based compensation
|
|
50
|
|
46
|
|
195
|
|
256
|
Proceeds received from
Real Estate sales
|
|
—
|
|
6,125
|
|
—
|
|
8,091
|
Change in real estate
deposits and recovery of previously incurred
project
costs/land basis less investments in real estate
|
|
(31)
|
|
142
|
|
(211)
|
|
(1,132)
|
Net Real Estate Cash
Flow
|
|
$
(1,150)
|
|
$
5,201
|
|
$
3,394
|
|
$
3,515
|
The following table reconciles Resort net revenue to Resort
EBITDA Margin for the year ended July 31, 2023 and fiscal 2024
guidance.
|
(In
thousands)
(Unaudited)
|
(In
thousands)
(Unaudited)
|
|
Twelve Months
Ended
July 31, 2023
|
Fiscal 2024 Guidance
(2)
|
Resort net revenue
(1)
|
$
2,881,299
|
$
3,037,000
|
Resort Reported EBITDA
(1)
|
$
834,837
|
$
940,000
|
Resort EBITDA margin
(1)
|
29.0 %
|
31.0 %
|
|
|
|
(1) Resort
represents the sum of Mountain and Lodging
|
|
(2)
Represents the mid-point of Guidance
|
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SOURCE Vail Resorts, Inc.