BROOMFIELD, Colo., Sept. 26, 2019 /CNW/ -- Vail Resorts, Inc.
(NYSE: MTN) today reported results for the fourth quarter and
fiscal year ended July 31, 2019 and
provided its outlook for the fiscal year ending July 31, 2020.
Highlights
- Net income attributable to Vail Resorts, Inc. was $301.2 million for fiscal 2019, a decrease of
20.7% compared to fiscal 2018, which was positively impacted by
U.S. tax reform.
- Resort Reported EBITDA was $706.7
million for fiscal 2019, an increase of 14.6% compared to
fiscal 2018. Fiscal 2019 Resort Reported EBITDA includes the
operations of Triple Peaks, Stevens
Pass, Falls Creek and
Hotham (the "Acquired Resorts") from each respective acquisition
date, $16.4 million of acquisition
and integration related expenses, and approximately $8 million of unfavorable foreign exchange as a
result of the U.S. Dollar strengthening relative to the prior year.
We estimate that Fiscal 2019 results benefited by approximately
$4 million in Resort Reported EBITDA
from not owning Triple Peaks and Stevens
Pass during a portion of the months of August and September,
a period that these resorts operate at a loss. In the prior year,
Resort Reported EBITDA was $616.6
million, which included $10.2
million of acquisition and integration related
expenses.
- Season pass sales through September 22,
2019 for the upcoming 2019/2020 North American ski season
increased approximately 14% in units and 15% in sales dollars as
compared to the period in the prior year through September 23, 2018, including Military Pass sales
in both periods. Pass sales exclude Peak Resorts pass sales in both
periods and are adjusted to eliminate the impact of foreign
currency by applying an exchange rate of $0.75 between the Canadian dollar and U.S. dollar
in both periods for Whistler Blackcomb pass sales.
- The Company issued its fiscal 2020 guidance range and expects
Resort Reported EBITDA to be between $778
million and $818 million. The
guidance includes an estimated contribution of $53 million for Peak Resorts operations,
including an estimated $6 million
benefit as a result of avoiding offseason losses from the period of
August 1, 2019 through the closing of
the transaction on September 24,
2019. The Company expects to incur approximately
$20 million of acquisition and
integration related expenses in fiscal 2020.
- Unless otherwise noted, the commentary on results for the year
ended July 31, 2019 includes the
results of acquisitions completed during the fiscal year
prospectively from each respective acquisition date, including
Falls Creek and Hotham (acquired
April 2019), Triple Peaks (acquired
September 2018) and Stevens Pass (acquired August 2018).
Commenting on the Company's fiscal 2019 results, Rob Katz, Chief Executive Officer, said, "We are
pleased with our overall results for the year, with strong growth
in visitation and spending compared to the prior year, including a
strong finish to the season with good conditions across our U.S.
resorts throughout the year. After the challenging early season
period for destination visitation, our results for the remainder of
the year were largely in line with our original expectations. Our
results throughout fiscal 2019 highlight the growth and stability
resulting from our season pass, the benefit of our geographic
diversification, the investments we make in our resorts and the
success of our sophisticated, data-driven marketing efforts.
"Our Colorado, Utah and Tahoe
resorts experienced strong local and destination visitation,
supported by favorable conditions across the western U.S. The
Company experienced relative weakness in international visitation
throughout the year compared to the prior year, particularly at
Whistler Blackcomb. In Australia,
fiscal 2019 results were strong, supported by the addition of
Falls Creek and Hotham and
continued pass sales momentum.
"With a strong base of high-end consumers, we are continuing to
leverage our growing network of resorts and sophisticated marketing
strategies to drive guest spending across our Mountain segment. For
fiscal 2019, total Mountain net revenue increased 13.5% to
approximately $2.0 billion and total
skier visits increased 21.5% primarily as a result of the addition
of the Acquired Resorts and the favorable conditions across our
U.S. resorts. Total effective ticket price ("ETP") decreased 3.4%
compared to the prior year, primarily due to higher skier
visitation by season pass holders, lower ETP from the Acquired
Resorts and the new Military Epic Pass, partially offset by price
increases in both our lift ticket and season pass products.
Excluding season pass holders, ETP increased 4.9% compared to the
prior year. The growth in visitation and spending compared to the
prior year, along with the addition of the Acquired Resorts, drove
a 17.4% increase in lift revenue, a 13.2% increase in ski school
revenue, a 12.7% increase in dining revenue and an 8.0% increase in
retail/rental revenue compared to the prior year."
Regarding the Company's Lodging segment, Katz said, "Fiscal 2019
Lodging results were positive with revenue (excluding payroll cost
reimbursements) increasing 10.9% compared to the prior year,
primarily due to the incremental operations of Triple Peaks. The
average daily rate ("ADR") decreased slightly compared to the prior
year primarily as a result of the inclusion of the Triple Peaks
resorts, as well as incremental managed Tahoe lodging properties
that we did not manage in the prior year, all of which generate a
lower ADR as compared to our broader Lodging segment."
Katz continued, "Our balance sheet remains strong and the
business continues to generate robust cash flow. We ended the
fiscal year with $108.9 million of
cash on hand and our Net Debt was 2.1 times fiscal 2019 Total
Reported EBITDA. On September 23,
2019, the Company entered into the Second Amendment to the
Eighth Amended and Restated Credit Agreement. The amended agreement
provides for a term loan facility in an aggregate principal amount
of $1.25 billion, increased from the
previous term loan facility of $914.4
million as of July 31, 2019.
The incremental term loan proceeds were used to fund the Peak
Resorts acquisition and to prepay certain portions of the debt
assumed in connection with the acquisition. I am also very pleased
to announce that our Board of Directors has declared a quarterly
cash dividend on Vail Resorts' common stock. The quarterly dividend
will be $1.76 per share of common
stock and will be payable on October 25,
2019 to shareholders of record on October 8, 2019."
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,
2019, 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,
2019 to the fiscal year ended July
31, 2018, unless otherwise noted. The following are segment
highlights:
Mountain Segment
- Total lift revenue increased $152.9
million, or 17.4%, to $1,033.2
million primarily due to strong North American pass sales
growth for the 2018/2019 North American ski season, increased
non-pass skier visitation at our western U.S. resorts and
incremental revenue from the Acquired Resorts.
- Ski school revenue increased $25.2
million, or 13.2%, and dining revenue increased $20.4 million, or 12.7%, primarily as a result of
incremental revenue from the Acquired Resorts, and increased
revenue at our other U.S. resorts as a result of higher skier
visitation.
- Retail/rental revenue increased $23.8
million, or 8.0%, primarily due to higher sales volumes at
stores proximate to our western U.S. resorts and other stores in
Colorado, as well as incremental
revenue from the Acquired Resorts.
- Operating expense increased $146.7
million, or 13.0%, primarily due to incremental operating
expenses from the Acquired Resorts, including acquisition, stamp
duty and integration related expenses.
- Mountain Reported EBITDA increased $87.0
million, or 14.7%, primarily as a result of strong North
American pass sales growth for the 2018/2019 North American ski
season, strong growth in visitation and spending at our western
U.S. resorts and the incremental operations of the Acquired
Resorts. Mountain Reported EBITDA includes $16.5 million of stock-based compensation expense
and $16.4 million of acquisition and
integration related expenses (including stamp duty) for fiscal
2019, compared to $15.7 million and
$10.2 million for fiscal 2018,
respectively.
Lodging Segment
- Lodging segment net revenue (excluding payroll cost
reimbursements) increased $29.5
million, or 10.9%, primarily due to incremental revenue from
the Triple Peaks resorts, incremental managed Tahoe lodging
properties that we did not manage in the prior year and an increase
in revenue at our lodging properties in Park City.
- ADR decreased 0.1% at the Company's owned hotels and managed
condominiums compared to the prior year, primarily as a result of
the inclusion of Triple Peaks resorts as well as incremental
managed Tahoe lodging properties that we did not manage in the
prior year, all of which generate a lower ADR as compared to our
broader Lodging segment.
- Lodging Reported EBITDA increased $3.1
million, or 12.4%, which includes $3.2 million of stock-based compensation expense
in each of fiscal 2019 and fiscal 2018.
- During fiscal 2019, the Company sold the Village at
Breckenridge Hotel for proceeds of $6.2
million, which resulted in a gain of $0.6 million, and did not impact Lodging Reported
EBITDA.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue increased $263.3
million, or 13.1%, to $2,270.9
million primarily due to increased visitation and spending
at our U.S. resorts, strong North American pass sales growth for
the 2018/2019 North American ski season and incremental revenue
from the Acquired Resorts. Fiscal 2019 revenue included
approximately $19 million of
unfavorability from currency translation, which the Company
calculated on a constant currency basis by applying current period
foreign exchange rates to the prior period results.
- Resort Reported EBITDA was $706.7
million for fiscal 2019, an increase of $90.1 million, or 14.6%, compared to fiscal 2018.
Fiscal 2019 includes acquisition and integration related expenses
(including stamp duty) of $16.4
million and approximately $8
million of unfavorability from currency translation, which
the Company calculated on a constant currency basis by applying
current period foreign exchange rates to the prior period
results.
Real Estate
- The Company closed on two land sales during fiscal 2019 with
third party developers at Keystone
(One River Run site) and Breckenridge (East Peak 8 site) for proceeds
of approximately $16.0 million
(received during the fiscal year), including $4.8 million associated with the sale of density
for the Breckenridge
property.
- Net Real Estate Cash Flow for fiscal 2019 was $12.6 million, an increase of $12.5 million compared to fiscal 2018, primarily
due to the cash flows generated from the sales transactions
discussed above.
Total Performance
- Total net revenue increased $260.0
million, or 12.9%, to $2,271.6
million.
- Net income attributable to Vail Resorts, Inc. was $301.2 million, or $7.32 per diluted share, for fiscal 2019 compared
to net income attributable to Vail Resorts, Inc. of $379.9 million, or $9.13 per diluted share, in fiscal 2018. Net
income attributable to Vail Resorts, Inc. for fiscal 2019 and 2018
included tax benefits of approximately $12.9
million and $71.1 million,
respectively, related to employee exercises of equity awards
(primarily related to the CEO's exercise of SARs). Additionally,
included in net income attributable to Vail Resorts, Inc. for
fiscal 2018 was a one-time, net tax benefit related to U.S. tax
reform legislation of $61.0 million,
which was recognized as a discrete item and recorded within
(provision) benefit from income taxes during fiscal 2018.
Additionally, fiscal 2019 net income attributable to Vail Resorts,
Inc. included the after-tax effect of acquisition and integration
related expenses of approximately $12.1
million and approximately $4
million of unfavorability from currency translation, which
the Company calculated by applying current period foreign exchange
rates to the prior period results.
Return of Capital
The Company declared a quarterly cash dividend of $1.76 per share of Vail Resorts common stock that
will be payable on October 25, 2019
to shareholders of record on October
8, 2019. Additionally, a Canadian dollar equivalent
dividend on the exchangeable shares of Whistler Blackcomb Holdings
Inc. will be payable on October 25,
2019 to shareholders of record on October 8, 2019. The exchangeable shares were
issued to certain Canadian persons in connection with our
acquisition of Whistler Blackcomb Holdings Inc.
Peak Resorts Acquisition
On September 24, 2019, the Company
announced the closing of the Peak Resorts acquisition. The
aggregate purchase price for all Peak resorts common stock was
approximately $265 million. The
Company borrowed $335.6 million under
the term loan component of its Eighth Amended and Restated Credit
Agreement to fund the acquisition and prepay certain portions of
debt assumed in the acquisition. The 2019/2020 Epic Pass, Epic
Local Pass and Military Epic Pass now include unlimited and
unrestricted access to the 17 Peak Resorts ski areas, and guests
with an Epic Day Pass can access the new ski areas as a part of the
total number of days purchased.
Season Pass Sales
Commenting on the Company's season pass sales for the upcoming
2019/2020 North American ski season, Katz said, "We are very
pleased with the results for our season pass sales to date. Through
September 22, 2019, North American
ski season pass sales increased approximately 14% in units and 15%
in sales dollars as compared to the period in the prior year
through September 23, 2018, including
Military Pass sales in both periods, excluding pass sales from Peak
Resorts in both periods and adjusted to eliminate the impact of
foreign currency by applying an exchange rate of $0.75 between the Canadian dollar and U.S. dollar
in both periods for Whistler Blackcomb pass sales. Excluding sales
of Military Passes, season pass sales increased approximately 13%
in units and 14% in sales dollars over the comparable prior year
period."
Katz continued, "Our pass sales growth was modestly ahead of our
expectations through this point in the season, with strong results
in our destination markets. In particular, we have seen very strong
growth in our Northeast markets, which are benefiting from the
first full year of pass sales with unlimited access at Stowe, Okemo and Mount Sunapee included on the Epic and Epic
Local pass products, and the improved impact of the expanded guest
data and insight we now have in that region. Our broader
destination markets continue to perform well through our enhanced
ability to reach destination guests with our data-driven marketing.
Our local markets continue to show solid growth, driven by
favorable results among our local guests in the Whistler Blackcomb
region, with particular strength in Seattle from the first full pass sales season
with access to Stevens Pass. We
are also seeing strong results from our Northern California and Utah guests, partially offset by more modest
sales growth in our Colorado local
market. The vast majority of our growth came from our Epic and Epic
Local products, and we are also driving material contributions from
Epic Day Pass and Military Pass products. We anticipate that the
majority of the sales of the new Epic Day Pass products will be
concentrated in the remainder of the selling period. We are very
pleased with the performance of our pass sales effort to date,
especially given the increased size and scale of the program. As we
enter the final period for season pass sales, we expect our
December 2019 non-military season
pass sales growth rate will be modestly lower than the growth rates
reported today, primarily driven by the inclusion of Peak Resorts'
passes in our current and prior year reporting and the impact of
our success in moving purchasers earlier in the selling cycle,
partially offset by the ramp up of Epic Day Pass sales."
Regarding Epic Australia Pass sales, Katz commented, "Our Epic
Australia Pass sales launched on August 15,
2019 for next season and are off to a very strong start with
growth of approximately 23% in sales dollars through September 22, 2019 compared to the prior year
period ended September 23, 2018,
though it is important to note that it remains early in the
Australian sales cycle. We are pleased with our sales results in
Victoria with the addition of
Hotham and Falls Creek, which
together with Perisher, offer a very compelling product for our
Australian guests who can ski locally at our three Australian
resorts in New South Wales and
Victoria, as well as experience
our growing network in North
America and at Rusutsu and Hakuba Valley in Japan. Pass sales will continue through the
Australian off-season leading up to the 2020 season."
Guidance
Commenting on guidance for fiscal 2020, Katz said, "Net income
attributable to Vail Resorts, Inc. is expected to be between
$293 million and $353 million for fiscal 2020. We estimate Resort
Reported EBITDA for fiscal 2020 will be between $778 million and $818
million. Our Resort Reported EBITDA guidance includes an
estimated contribution of $53 million
for Peak Resorts operations, including an estimated $6 million benefit from not incurring offseason
losses from August 1, 2019 through
the closing date of September 24,
2019. The Company expects to incur approximately
$20 million of acquisition and
integration related expenses in fiscal 2020 related to the
acquisitions of Peak Resorts, Falls
Creek and Hotham. We expect Resort EBITDA Margin for fiscal
2020 to be approximately 31.0%, using the midpoint of the guidance
range, which is an estimated 10 basis point decrease compared to
fiscal 2019. We estimate Real Estate Reported EBITDA for fiscal
2020 will be between negative $2
million and positive $4
million.
"All of these estimates are predicated on the assumption of
normal weather conditions throughout the ski season, a continuation
of the current economic environment, 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
$0.68 between the Australian Dollar
and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia. Fiscal 2020 guidance does not
include any payroll tax impacts or income tax benefits related to
the potential exercise of CEO stock appreciation awards."
The following table reflects the forecasted guidance range for
the Company's fiscal year ending July 31,
2020, 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 2020.
|
Fiscal 2020
Guidance
|
|
|
(In
thousands)
|
|
|
For the Year
Ending
|
|
|
July 31, 2020
(6)
|
|
|
Low End
Range
|
|
High End
Range
|
|
Mountain Reported
EBITDA (1)
|
$
|
746,000
|
|
|
$
|
784,000
|
|
|
Lodging Reported
EBITDA (2)
|
30,000
|
|
|
36,000
|
|
|
Resort Reported
EBITDA (3)
|
778,000
|
|
|
818,000
|
|
|
Real Estate Reported
EBITDA
|
(2,000)
|
|
|
4,000
|
|
|
Total Reported
EBITDA
|
776,000
|
|
|
822,000
|
|
|
Depreciation and
amortization
|
(255,000)
|
|
|
(243,000)
|
|
|
Interest expense,
net
|
(104,000)
|
|
|
(96,000)
|
|
|
Other
(4)
|
(10,000)
|
|
|
(5,000)
|
|
|
Income before
provision for income taxes
|
407,000
|
|
|
478,000
|
|
|
Provision for income
taxes (5)
|
(87,000)
|
|
|
(102,000)
|
|
|
Net income
|
320,000
|
|
|
376,000
|
|
|
Net income
attributable to noncontrolling interests
|
(27,000)
|
|
|
(23,000)
|
|
|
Net income
attributable to Vail Resorts, Inc.
|
$
|
293,000
|
|
|
$
|
353,000
|
|
|
|
|
|
|
|
(1) Mountain Reported EBITDA includes
approximately $20 million of acquisition and integration related
expenses specific to the Peak Resorts transaction. Mountain
Reported EBITDA also includes approximately $18 million of
stock-based compensation.
|
(2)
Lodging Reported EBITDA includes approximately $3 million of
stock-based compensation.
|
(3) The Company provides Reported
EBITDA ranges for the Mountain and Lodging segments, as well as for
the two combined. The low and high of the expected ranges provided
for the Mountain and Lodging segments, while possible, do not sum
to the high or low end of the Resort Reported EBITDA range provided
because we do not expect or assume that we will hit the low or high
end of both ranges.
|
(4) Our guidance includes certain
known changes in the fair value of the contingent consideration
based solely on the passage of time and resulting impact on present
value. Guidance excludes any change based upon, among other things,
financial projections including long-term growth rates for Park
City, which such change may be material. Separately, the
intercompany loan associated with the Whistler Blackcomb
transaction requires foreign currency remeasurement to Canadian
dollars, the functional currency of Whistler Blackcomb. Our
guidance excludes any forward looking change related to foreign
currency gains or losses on the intercompany loans, which such
change may be material.
|
(5) The
fiscal 2020 provision for income taxes may be impacted by excess
tax benefits primarily resulting from vesting and exercises of
equity awards. Our fiscal 2020 estimated provision for income
taxes does not include the impact, if any, of unknown future
exercises of employee equity awards, which could have a material
impact given that a significant portion of our awards are
in-the-money.
|
(6) Guidance estimates are predicated
on an exchange rate of $0.75 between the Canadian Dollar and U.S.
Dollar, related to the operations of Whistler Blackcomb in Canada
and an exchange rate of $0.68 between the Australian Dollar and
U.S. Dollar, related to the operations of our Australian
resorts.
|
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
(888) 394-8218 (U.S. and Canada)
or (323) 701-0225 (international). A replay of the conference call
will be available two hours following the conclusion of the
conference call through October 10,
2019, at 8:00 p.m. eastern
time. To access the replay, dial (888) 203-1112 (U.S. and
Canada) or (719) 457-0820
(international), pass code 4292155. The conference call will also
be archived at www.vailresorts.com.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading
global mountain resort operator. Vail Resorts' subsidiaries operate
37 world-class mountain resorts and urban ski areas, including
Vail, Beaver Creek, Breckenridge, Keystone and Crested
Butte 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, Falls Creek and Hotham
in Australia; Stowe, Mount
Snow, Okemo in Vermont;
Hunter Mountain in New York; Mount
Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail,
Jack Frost and Big Boulder in
Pennsylvania; Alpine Valley,
Boston Mills, Brandywine and Mad
River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. 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). The Vail
Resorts company website is www.vailresorts.com and consumer website
is www.snow.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 our expectations regarding our fiscal
2020 performance (and our assumptions related thereto), including
our expected net income, Resort Reported EBITDA, expected
acquisition and integration related expenses, the Resort Reported
EBITDA that Peak Resorts is expected to contribute in fiscal 2020;
Resort EBITDA margin and Real Estate Reported EBITDA; the payment
of dividends; sales patterns and expectations related to our season
pass products; and planned capital projects for the calendar year.
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 prolonged weakness in general economic conditions,
including adverse effects on the overall travel and leisure related
industries; unfavorable weather conditions or the impact of natural
disasters; 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; risks related to cyber-attacks;
willingness of our guests to travel due to terrorism, the
uncertainty of military conflicts or outbreaks of contagious
diseases, and the cost and availability of travel options and
changing consumer preferences; the seasonality of our business
combined with adverse events that occur during our peak operating
periods; competition in our mountain and lodging businesses; 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 associated with obtaining governmental or third party
approvals; risks related to federal, state, local and foreign
government laws, rules 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 and services effectively; risks related to our workforce,
including increased labor costs; loss of key personnel and our
ability to hire and retain a sufficient seasonal workforce; adverse
consequences of current or future legal claims; 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; our ability to successfully integrate acquired
businesses, or that acquired businesses may fail to perform in
accordance with expectations, including Falls Creek, Hotham, Peak Resorts or future
acquisitions; our ability to satisfy the requirements of Section
404 of the Sarbanes-Oxley Act of 2002, with respect to acquired
businesses; risks associated with international operations;
fluctuations in foreign currency exchange rates where the Company
has foreign currency exposure, primarily the Canadian and
Australian dollars; changes in accounting judgments and estimates,
accounting principles, policies or guidelines or adverse
determinations by taxing authorities as well as risks associated
with uncertainty of the impact of tax reform legislation in
the United States; a materially
adverse change in our financial condition; 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, 2019, which was filed on September 26, 2019.
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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net
revenue:
|
|
|
|
|
|
|
|
|
Mountain and Lodging
services and other
|
|
$
|
175,973
|
|
|
$
|
146,557
|
|
|
$
|
1,807,930
|
|
|
$
|
1,584,310
|
|
Mountain and Lodging
retail and dining
|
|
67,916
|
|
|
65,002
|
|
|
462,933
|
|
|
423,255
|
|
Resort net
revenue
|
|
243,889
|
|
|
211,559
|
|
|
2,270,863
|
|
|
2,007,565
|
|
Real
Estate
|
|
117
|
|
|
78
|
|
|
712
|
|
|
3,988
|
|
Total net
revenue
|
|
244,006
|
|
|
211,637
|
|
|
2,271,575
|
|
|
2,011,553
|
|
Segment operating
expense:
|
|
|
|
|
|
|
|
|
Mountain and Lodging
operating expense
|
|
207,278
|
|
|
186,027
|
|
|
1,101,670
|
|
|
966,566
|
|
Mountain and Lodging
retail and dining cost of products sold
|
|
32,048
|
|
|
26,900
|
|
|
190,044
|
|
|
174,105
|
|
General and
administrative
|
|
64,461
|
|
|
57,026
|
|
|
274,415
|
|
|
251,806
|
|
Resort operating
expense
|
|
303,787
|
|
|
269,953
|
|
|
1,566,129
|
|
|
1,392,477
|
|
Real Estate operating
expense, net
|
|
1,468
|
|
|
1,245
|
|
|
5,609
|
|
|
3,546
|
|
Total segment
operating expense
|
|
305,255
|
|
|
271,198
|
|
|
1,571,738
|
|
|
1,396,023
|
|
Other operating
(expense) income:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
(56,576)
|
|
|
(50,330)
|
|
|
(218,117)
|
|
|
(204,462)
|
|
Gain on sale of real
property
|
|
312
|
|
|
—
|
|
|
580
|
|
|
515
|
|
Change in estimated
fair value of contingent consideration
|
|
(1,900)
|
|
|
(600)
|
|
|
(5,367)
|
|
|
1,854
|
|
Loss on disposal of
fixed assets and other, net
|
|
(1,169)
|
|
|
(2,495)
|
|
|
(664)
|
|
|
(4,620)
|
|
(Loss) income from
operations
|
|
(120,582)
|
|
|
(112,986)
|
|
|
476,269
|
|
|
408,817
|
|
Mountain equity
investment income, net
|
|
405
|
|
|
429
|
|
|
1,960
|
|
|
1,523
|
|
Investment income and
other, net
|
|
389
|
|
|
428
|
|
|
3,086
|
|
|
1,944
|
|
Foreign currency gain
(loss) on intercompany loans
|
|
2,326
|
|
|
(2,455)
|
|
|
(2,854)
|
|
|
(8,966)
|
|
Interest expense,
net
|
|
(20,281)
|
|
|
(16,431)
|
|
|
(79,496)
|
|
|
(63,226)
|
|
Income before benefit
(provision) for income taxes
|
|
(137,743)
|
|
|
(131,015)
|
|
|
398,965
|
|
|
340,092
|
|
Benefit (provision)
for income taxes
|
|
45,442
|
|
|
43,224
|
|
|
(75,472)
|
|
|
61,138
|
|
Net (loss)
income
|
|
(92,301)
|
|
|
(87,791)
|
|
|
323,493
|
|
|
401,230
|
|
Net loss (income)
attributable to noncontrolling interests
|
|
2,776
|
|
|
4,131
|
|
|
(22,330)
|
|
|
(21,332)
|
|
Net (loss) income
attributable to Vail Resorts, Inc.
|
|
$
|
(89,525)
|
|
|
$
|
(83,660)
|
|
|
$
|
301,163
|
|
|
$
|
379,898
|
|
Per share
amounts:
|
|
|
|
|
|
|
|
|
Basic net (loss)
income per share attributable to Vail Resorts, Inc.
|
|
$
|
(2.22)
|
|
|
$
|
(2.07)
|
|
|
$
|
7.46
|
|
|
$
|
9.40
|
|
Diluted net (loss)
income per share attributable to Vail Resorts, Inc.
|
|
$
|
(2.22)
|
|
|
$
|
(2.07)
|
|
|
$
|
7.32
|
|
|
$
|
9.13
|
|
Cash dividends
declared per share
|
|
$
|
1.76
|
|
|
$
|
1.47
|
|
|
$
|
6.46
|
|
|
$
|
5.046
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
40,305
|
|
|
40,466
|
|
|
40,349
|
|
|
40,397
|
|
Diluted
|
|
40,305
|
|
|
40,466
|
|
|
41,158
|
|
|
41,618
|
|
Vail Resorts,
Inc.
Consolidated
Condensed Statements of Operations - Other Data
(In
thousands)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
July 31,
|
|
Twelve Months
Ended
July 31,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
Other
Data:
|
|
|
|
|
|
|
|
|
|
Mountain Reported
EBITDA
|
|
$
|
(65,313)
|
|
|
$
|
(64,473)
|
|
|
$
|
678,594
|
|
|
$
|
591,605
|
|
|
Lodging Reported
EBITDA
|
|
5,820
|
|
|
6,508
|
|
|
28,100
|
|
|
25,006
|
|
|
Resort Reported
EBITDA
|
|
(59,493)
|
|
|
(57,965)
|
|
|
706,694
|
|
|
616,611
|
|
|
Real Estate Reported
EBITDA
|
|
(1,039)
|
|
|
(1,167)
|
|
|
(4,317)
|
|
|
957
|
|
|
Total Reported
EBITDA
|
|
$
|
(60,532)
|
|
|
$
|
(59,132)
|
|
|
$
|
702,377
|
|
|
$
|
617,568
|
|
|
Mountain stock-based
compensation
|
|
$
|
4,216
|
|
|
$
|
4,103
|
|
|
$
|
16,474
|
|
|
$
|
15,716
|
|
|
Lodging stock-based
compensation
|
|
806
|
|
|
832
|
|
|
3,219
|
|
|
3,215
|
|
|
Resort stock-based
compensation
|
|
5,022
|
|
|
4,935
|
|
|
19,693
|
|
|
18,931
|
|
|
Real Estate
stock-based compensation
|
|
48
|
|
|
49
|
|
|
163
|
|
|
109
|
|
|
Total stock-based
compensation
|
|
$
|
5,070
|
|
|
$
|
4,984
|
|
|
$
|
19,856
|
|
|
$
|
19,040
|
|
|
Vail Resorts,
Inc.
|
Mountain Segment
Operating Results
|
(In thousands,
except ETP)
|
(Unaudited)
|
|
|
|
Three Months
Ended
July 31,
|
|
Percentage
Increase
|
|
Twelve Months
Ended
July 31,
|
|
Percentage
Increase
|
|
|
2019
|
|
2018
|
|
(Decrease)
|
|
2019
|
|
2018
|
|
(Decrease)
|
Net Mountain
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Lift
|
|
$
|
34,110
|
|
|
$
|
20,190
|
|
|
68.9
|
%
|
|
$
|
1,033,234
|
|
|
$
|
880,293
|
|
|
17.4
|
%
|
Ski school
|
|
7,789
|
|
|
4,143
|
|
|
88.0
|
%
|
|
215,060
|
|
|
189,910
|
|
|
13.2
|
%
|
Dining
|
|
19,208
|
|
|
18,512
|
|
|
3.8
|
%
|
|
181,837
|
|
|
161,402
|
|
|
12.7
|
%
|
Retail/rental
|
|
34,407
|
|
|
31,451
|
|
|
9.4
|
%
|
|
320,267
|
|
|
296,466
|
|
|
8.0
|
%
|
Other
|
|
61,710
|
|
|
57,075
|
|
|
8.1
|
%
|
|
205,803
|
|
|
194,851
|
|
|
5.6
|
%
|
Total Mountain net
revenue
|
|
157,224
|
|
|
131,371
|
|
|
19.7
|
%
|
|
1,956,201
|
|
|
1,722,922
|
|
|
13.5
|
%
|
Mountain operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and
labor-related benefits
|
|
90,599
|
|
|
78,273
|
|
|
15.7
|
%
|
|
507,811
|
|
|
443,891
|
|
|
14.4
|
%
|
Retail cost of
sales
|
|
17,114
|
|
|
12,773
|
|
|
34.0
|
%
|
|
121,442
|
|
|
111,198
|
|
|
9.2
|
%
|
Resort related
fees
|
|
3,321
|
|
|
3,707
|
|
|
(10.4)
|
%
|
|
96,240
|
|
|
87,111
|
|
|
10.5
|
%
|
General and
administrative
|
|
54,207
|
|
|
48,684
|
|
|
11.3
|
%
|
|
233,159
|
|
|
214,090
|
|
|
8.9
|
%
|
Other
|
|
57,701
|
|
|
52,836
|
|
|
9.2
|
%
|
|
320,915
|
|
|
276,550
|
|
|
16.0
|
%
|
Total Mountain
operating expense
|
|
222,942
|
|
|
196,273
|
|
|
13.6
|
%
|
|
1,279,567
|
|
|
1,132,840
|
|
|
13.0
|
%
|
Mountain equity
investment income, net
|
|
405
|
|
|
429
|
|
|
(5.6)
|
%
|
|
1,960
|
|
|
1,523
|
|
|
28.7
|
%
|
Mountain Reported
EBITDA
|
|
$
|
(65,313)
|
|
|
$
|
(64,473)
|
|
|
(1.3)
|
%
|
|
$
|
678,594
|
|
|
$
|
591,605
|
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total skier
visits
|
|
787
|
|
|
431
|
|
|
82.6
|
%
|
|
14,998
|
|
|
12,345
|
|
|
21.5
|
%
|
ETP
|
|
$
|
43.34
|
|
|
$
|
46.84
|
|
|
(7.5)
|
%
|
|
$
|
68.89
|
|
|
$
|
71.31
|
|
|
(3.4)
|
%
|
Vail Resorts,
Inc.
|
Lodging Operating
Results
|
(In thousands,
except ADR and Revenue per Available Room
("RevPAR"))
|
(Unaudited)
|
|
|
|
Three Months
Ended
July 31,
|
|
Percentage
Increase
|
|
Twelve Months
Ended
July 31,
|
|
Percentage
Increase
|
|
|
2019
|
|
2018
|
|
(Decrease)
|
|
2019
|
|
2018
|
|
(Decrease)
|
Lodging net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel
rooms
|
|
$
|
21,327
|
|
|
$
|
21,746
|
|
|
(1.9)
|
%
|
|
$
|
64,826
|
|
|
$
|
65,252
|
|
|
(0.7)
|
%
|
Managed condominium
rooms
|
|
16,401
|
|
|
12,065
|
|
|
35.9
|
%
|
|
86,236
|
|
|
70,198
|
|
|
22.8
|
%
|
Dining
|
|
16,345
|
|
|
16,145
|
|
|
1.2
|
%
|
|
53,730
|
|
|
48,554
|
|
|
10.7
|
%
|
Transportation
|
|
2,501
|
|
|
2,934
|
|
|
(14.8)
|
%
|
|
21,275
|
|
|
21,111
|
|
|
0.8
|
%
|
Golf
|
|
10,020
|
|
|
9,207
|
|
|
8.8
|
%
|
|
19,648
|
|
|
18,110
|
|
|
8.5
|
%
|
Other
|
|
16,920
|
|
|
14,951
|
|
|
13.2
|
%
|
|
54,617
|
|
|
47,577
|
|
|
14.8
|
%
|
|
|
83,514
|
|
|
77,048
|
|
|
8.4
|
%
|
|
300,332
|
|
|
270,802
|
|
|
10.9
|
%
|
Payroll cost
reimbursements
|
|
3,151
|
|
|
3,140
|
|
|
0.4
|
%
|
|
14,330
|
|
|
13,841
|
|
|
3.5
|
%
|
Total Lodging net
revenue
|
|
86,665
|
|
|
80,188
|
|
|
8.1
|
%
|
|
314,662
|
|
|
284,643
|
|
|
10.5
|
%
|
Lodging operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and
labor-related benefits
|
|
37,920
|
|
|
34,767
|
|
|
9.1
|
%
|
|
135,940
|
|
|
121,733
|
|
|
11.7
|
%
|
General and
administrative
|
|
10,254
|
|
|
8,342
|
|
|
22.9
|
%
|
|
41,256
|
|
|
37,716
|
|
|
9.4
|
%
|
Other
|
|
29,520
|
|
|
27,431
|
|
|
7.6
|
%
|
|
95,036
|
|
|
86,347
|
|
|
10.1
|
%
|
|
|
77,694
|
|
|
70,540
|
|
|
10.1
|
%
|
|
272,232
|
|
|
245,796
|
|
|
10.8
|
%
|
Reimbursed payroll
costs
|
|
3,151
|
|
|
3,140
|
|
|
0.4
|
%
|
|
14,330
|
|
|
13,841
|
|
|
3.5
|
%
|
Total Lodging
operating expense
|
|
80,845
|
|
|
73,680
|
|
|
9.7
|
%
|
|
286,562
|
|
|
259,637
|
|
|
10.4
|
%
|
Lodging Reported
EBITDA
|
|
$
|
5,820
|
|
|
$
|
6,508
|
|
|
(10.6)
|
%
|
|
$
|
28,100
|
|
|
$
|
25,006
|
|
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
253.60
|
|
|
$
|
237.12
|
|
|
7.0
|
%
|
|
$
|
256.50
|
|
|
$
|
250.50
|
|
|
2.4
|
%
|
RevPAR
|
|
$
|
171.24
|
|
|
$
|
168.44
|
|
|
1.7
|
%
|
|
$
|
175.45
|
|
|
$
|
173.34
|
|
|
1.2
|
%
|
Managed condominium
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
210.82
|
|
|
$
|
211.44
|
|
|
(0.3)
|
%
|
|
$
|
324.34
|
|
|
$
|
336.29
|
|
|
(3.6)
|
%
|
RevPAR
|
|
$
|
57.79
|
|
|
$
|
60.67
|
|
|
(4.7)
|
%
|
|
$
|
107.67
|
|
|
$
|
116.26
|
|
|
(7.4)
|
%
|
Owned hotel and
managed condominium statistics (combined):
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
229.68
|
|
|
$
|
225.02
|
|
|
2.1
|
%
|
|
$
|
300.47
|
|
|
$
|
300.90
|
|
|
(0.1)
|
%
|
RevPAR
|
|
$
|
85.29
|
|
|
$
|
94.28
|
|
|
(9.5)
|
%
|
|
$
|
121.81
|
|
|
$
|
131.08
|
|
|
(7.1)
|
%
|
Key Balance Sheet
Data
|
(In
thousands)
|
(Unaudited)
|
|
|
|
As of July
31,
|
|
|
2019
|
|
2018
|
Real estate held for
sale and investment
|
|
$
|
101,021
|
|
|
$
|
99,385
|
|
Total Vail Resorts,
Inc. stockholders' equity
|
|
$
|
1,500,627
|
|
|
$
|
1,589,434
|
|
Long-term debt,
net
|
|
$
|
1,527,744
|
|
|
$
|
1,234,277
|
|
Long-term debt due
within one year
|
|
48,516
|
|
|
38,455
|
|
Total debt
|
|
1,576,260
|
|
|
1,272,732
|
|
Less: cash and cash
equivalents
|
|
108,850
|
|
|
178,145
|
|
Net debt
|
|
$
|
1,467,410
|
|
|
$
|
1,094,587
|
|
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 twelve
months ended July, 2019 and 2018.
|
|
(In thousands)
(Unaudited)
|
|
(In thousands)
(Unaudited)
|
|
|
Three Months Ended
July 31,
|
|
Twelve Months
Ended July 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Mountain Reported
EBITDA
|
|
$
|
(65,313)
|
|
|
$
|
(64,473)
|
|
|
$
|
678,594
|
|
|
$
|
591,605
|
|
Lodging Reported
EBITDA
|
|
5,820
|
|
|
6,508
|
|
|
28,100
|
|
|
25,006
|
|
Resort Reported
EBITDA*
|
|
(59,493)
|
|
|
(57,965)
|
|
|
706,694
|
|
|
616,611
|
|
Real Estate Reported
EBITDA
|
|
(1,039)
|
|
|
(1,167)
|
|
|
(4,317)
|
|
|
957
|
|
Total Reported
EBITDA
|
|
(60,532)
|
|
|
(59,132)
|
|
|
702,377
|
|
|
617,568
|
|
Depreciation and
amortization
|
|
(56,576)
|
|
|
(50,330)
|
|
|
(218,117)
|
|
|
(204,462)
|
|
Loss on disposal of
fixed assets and other, net
|
|
(1,169)
|
|
|
(2,495)
|
|
|
(664)
|
|
|
(4,620)
|
|
Change in estimated
fair value of contingent consideration
|
|
(1,900)
|
|
|
(600)
|
|
|
(5,367)
|
|
|
1,854
|
|
Investment income and
other, net
|
|
389
|
|
|
428
|
|
|
3,086
|
|
|
1,944
|
|
Foreign currency gain
(loss) on intercompany loans
|
|
2,326
|
|
|
(2,455)
|
|
|
(2,854)
|
|
|
(8,966)
|
|
Interest expense,
net
|
|
(20,281)
|
|
|
(16,431)
|
|
|
(79,496)
|
|
|
(63,226)
|
|
(Loss) income before
benefit (provision) for income taxes
|
|
(137,743)
|
|
|
(131,015)
|
|
|
398,965
|
|
|
340,092
|
|
Benefit (provision)
from income taxes
|
|
45,442
|
|
|
43,224
|
|
|
(75,472)
|
|
|
61,138
|
|
Net (loss)
income
|
|
(92,301)
|
|
|
(87,791)
|
|
|
323,493
|
|
|
401,230
|
|
Net loss (income)
attributable to noncontrolling interests
|
|
2,776
|
|
|
4,131
|
|
|
(22,330)
|
|
|
(21,332)
|
|
Net (loss) income
attributable to Vail Resorts, Inc.
|
|
$
|
(89,525)
|
|
|
$
|
(83,660)
|
|
|
$
|
301,163
|
|
|
$
|
379,898
|
|
|
|
|
|
|
|
|
|
|
* Resort represents
the sum of Mountain and Lodging
|
The following table reconciles Net Debt to long-term debt, net
and the calculation of Net Debt to Total Reported EBITDA for the
twelve months ended July 31,
2019.
|
In thousands)
(Unaudited)
(As of July 31, 2019)
|
|
Long-term debt,
net
|
$
|
1,527,744
|
|
|
Long-term debt due
within one year
|
48,516
|
|
|
Total debt
|
1,576,260
|
|
|
Less: cash and cash
equivalents
|
108,850
|
|
|
Net debt
|
$
|
1,467,410
|
|
|
Net debt to Total
Reported EBITDA
|
2.1
|
x
|
The following table reconciles Real Estate Reported EBITDA to
Net Real Estate Cash Flow for the three and twelve months ended
July 31, 2019 and 2018.
|
|
(In thousands)
(Unaudited)
Three Months Ended
July 31,
|
|
(In thousands)
(Unaudited)
Twelve
Months Ended
July
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Real Estate Reported
EBITDA
|
|
$
|
(1,039)
|
|
|
$
|
(1,167)
|
|
|
$
|
(4,317)
|
|
|
$
|
957
|
|
Non-cash Real Estate
cost of sales
|
|
—
|
|
|
(49)
|
|
|
—
|
|
|
3,701
|
|
Non-cash Real Estate
stock-based compensation
|
|
48
|
|
|
49
|
|
|
163
|
|
|
109
|
|
One-time charge for
Real Estate contingency
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,300)
|
|
Proceeds received
from sales transactions accounted for as financings
|
|
—
|
|
|
—
|
|
|
11,150
|
|
|
—
|
|
Change in real estate
deposits and recovery of previously incurred project costs/land
basis less investments in real estate
|
|
403
|
|
|
(100)
|
|
|
5,608
|
|
|
(342)
|
|
Net Real Estate Cash
Flow
|
|
$
|
(588)
|
|
|
$
|
(1,267)
|
|
|
$
|
12,604
|
|
|
$
|
125
|
|
The following table reconciles Resort net revenue to Resort
EBITDA Margin for fiscal 2020 guidance and fiscal 2019 results.
|
|
(In thousands)
(Unaudited)
Fiscal 2020
Guidance (2)
|
(In thousands)
(Unaudited)
Fiscal Year Ended
July 31, 2019
|
Resort net revenue
(1)
|
|
$
|
2,578,000
|
|
$
|
2,270,863
|
|
Resort Reported
EBITDA (1)
|
|
$
|
798,000
|
|
$
|
706,694
|
|
Resort EBITDA
margin
|
|
31.0
|
%
|
31.1
|
%
|
|
|
|
|
(1) Resort
represents the sum of Mountain and Lodging
|
|
|
|
(2)
Represents the mid-point range of Guidance
|
|
|
|
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SOURCE Vail Resorts, Inc.