BROOMFIELD, Colo., Sept. 24, 2020 /CNW/ -- Vail Resorts, Inc.
(NYSE: MTN) today reported results for the fourth quarter and
fiscal year ended July 31, 2020,
which were negatively impacted by COVID-19 and the resulting
closure of the Company's North American destination mountain
resorts and regional ski areas on March 15,
2020. Fourth quarter results included approximately one
month of operations from our North American summer and Australian
winter seasons, which were also negatively impacted by certain
COVID-19 related limitations, restrictions and closures.
Highlights
- Net income attributable to Vail Resorts, Inc. was $98.8 million for fiscal 2020, a decrease of
67.2% compared to fiscal 2019, primarily as a result of the
negative impacts of COVID-19 as outlined further below.
- Resort Reported EBITDA was $503.3
million for fiscal 2020, compared to Resort Reported EBITDA
of $706.7 million for fiscal 2019,
primarily as a result of the negative impacts of COVID-19 and
partially offset by disciplined cost management.
- Season pass sales through September 18,
2020 for the upcoming 2020/2021 North American ski season
increased approximately 18% in units and decreased approximately 4%
in sales dollars as compared to the period in the prior year
through September 20, 2019, with
sales dollars for this year reduced by the value of the redeemed
credits provided to 2019/2020 North American pass holders. Without
deducting for the value of the redeemed credits, sales dollars
increased approximately 24% compared to the prior year. Pass sales
are adjusted to eliminate the impact of foreign currency by
applying an exchange rate of $0.76
between the Canadian dollar and U.S. dollar in both periods for
Whistler Blackcomb pass sales.
- We continue to maintain significant liquidity with $360 million of cash on hand as of August 31, 2020 and $593
million of availability under our U.S. and Whistler
Blackcomb revolving credit facilities.
Commenting on the Company's fiscal 2020 results, Rob Katz, Chief Executive Officer, said, "Our
results for the full year were negatively impacted by COVID-19 and
the resulting closure of our North American destination mountain
resorts and regional ski areas beginning on March 15, 2020 for the safety of our guests,
employees and resort communities. In addition, Resort Reported
EBITDA for the year was negatively impacted by the deferral of
approximately $118 million of pass
product revenue and related deferred costs to fiscal 2021 as a
result of pass holder credits offered to 2019/2020 North American
pass holders to encourage renewal for the 2020/2021 season.
Following the resort closures and throughout the remainder of the
fiscal year, we implemented a number of actions to enhance our
liquidity and reduce costs, including raising $600 million through the issuance of unsecured
senior notes, suspending our dividend for a cash savings of over
$70 million per quarter, reducing our
capital plan for calendar year 2020 by approximately $80-85 million, and executing significant
reductions in our operating expenses."
Regarding the Company's fiscal 2020 fourth quarter results, Katz
said, "Results for the fourth quarter continued to be negatively
impacted by COVID-19, with the majority of our North American
summer and Australia ski season
operations not opening until late June and early July. In
Australia, we opened Perisher on
June 24, 2020 and Hotham and
Falls Creek on July 6, 2020 and decided to subsequently close
Hotham and Falls Creek on
July 9, 2020 following the issuance
of stay at home orders by the Victorian government on July 8, 2020. At Perisher, our operations were
negatively impacted by poor snowfall resulting in limited terrain
and, as a result, limited guest capacity for a portion of July.
"In North America, our U.S. resort communities experienced
increasing demand from leisure travelers throughout the month of
July, with group demand negatively impacted by COVID-19 related
disruptions. At Whistler Blackcomb, demand in July was below our
expectations due in part to travel restrictions, with the Canadian
border closed to international guests, including guests from the
U.S. We maintained rigorous cost and liquidity controls throughout
the quarter. Resort net revenue for the fourth quarter declined
$167 million compared to the prior
year while Resort Reported EBITDA declined $43 million over the same time period, reflecting
$124 million in net cost reductions
driven by a combination of reduced seasonal labor and expenses as
well as significant overhead cost saving actions."
Regarding the Company's 2020/2021 North American winter season
operating plan, Katz said, "We were pleased with the visitation we
saw this summer at our U.S. resort communities from leisure
travelers. We believe this speaks to the current preference of
travelers for outdoor experiences, locations they are familiar with
and, for many, the option to drive to our resorts. As we approach
the 2020/2021 North American ski season, we are committed to
providing a comprehensive on-mountain experience, following our
historical practice of opening as many lifts and as much terrain as
soon as possible. We will be focused on the guest experience while
also prioritizing the health and safety of our guests, employees
and resort communities. On August 27,
2020, we announced an operating plan that we believe will
enable us to operate safely and consistently across our 34 North
American ski resorts throughout the season, including the
implementation of a reservation system for our guests that gives
preference to our pass holders, limitations on lift ticket sales,
limitations on our dining facilities and other changes to our
operations. We expect these operating plans will help enable a safe
and successful ski season but will also negatively impact our
fiscal 2021 financial results. It is difficult at this time to
fully assess the financial impact we may experience related to our
operational and capacity plans, given continued uncertainty
regarding the ultimate visitation to our resorts and any positive
or negative changes which may be required to our operations based
on new information and potential impacts from COVID-19."
Balance Sheet & Liquidity
Commenting on the Company's liquidity, Katz stated, "Our total
cash and revolver availability as of August
31, 2020 was approximately $953
million, with $360 million of
cash on hand, $419 million of U.S.
revolver availability under the Vail Holdings Credit Agreement and
$174 million of revolver availability
under the Whistler Credit Agreement. As of July 31, 2020, our Net Debt was 4.1 times
trailing twelve months Total Reported EBITDA.
"As previously disclosed, on May 4,
2020, we completed an offering of $600 million in aggregate principal amount of
6.25% unsecured senior notes due 2025, a portion of which was
utilized to pay down the outstanding balance of our U.S. revolver
under the Vail Holdings Credit Agreement in its entirety.
Additionally, on April 28, 2020, we
entered into an amendment to the Vail Holdings Credit Agreement,
providing, among other terms, that we will be exempt from complying
with the agreement's financial maintenance covenants for each of
the fiscal quarters ending July 31,
2020 through January 31, 2022
unless we make a one-time irrevocable election to terminate such
exemption period prior to such date. We continue to expect to have
sufficient liquidity to fund operations through at least the
2021/2022 ski season, even in the event of extended resort
shutdowns."
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,
2020, 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,
2020 to the fiscal year ended July
31, 2019, unless otherwise noted. The following are segment
highlights:
Mountain Segment
- Total lift revenue decreased $120.1
million, or 11.6%, to $913.1
million primarily due to the deferral of $120.9 million of pass product revenue to fiscal
2021 as a result of credits offered to 2019/2020 North American
pass product holders. We experienced decreased visitation and lift
revenue associated with the closure of our North American
destination mountain resorts and regional ski areas and two of our
three regional ski areas in Australia due to COVID-19, which was offset by
incremental revenue from Peak Resorts, Falls Creek and Hotham for the respective
periods they were not owned in the prior year.
- Ski school revenue decreased $25.9
million, or 12.1%; dining revenue decreased $21.1 million, or 11.6%; and retail/rental
revenue decreased $50.0 million, or
15.6%, all primarily as a result of our resort and retail store
closures due to COVID-19. These decreases were partially offset by
incremental revenue from Peak Resorts, Falls Creek and Hotham for the respective
periods they were not owned in the prior year.
- Mountain Reported EBITDA decreased $178.5 million, or 26.3%, primarily due to
decreased visitation associated with the closure of our destination
mountain resorts and regional ski areas due to COVID-19, as well as
the deferral of $118 million of pass
product revenue and related deferred costs to fiscal 2021 as a
result of credits offered to 2019/2020 North American pass holders.
Mountain Reported EBITDA includes $17.4
million of stock-based compensation expense for fiscal 2020
compared to $16.5 million in the
prior year.
Lodging Segment
- Lodging segment net revenue (excluding payroll cost
reimbursements) decreased $62.5
million, or 20.8%, primarily due to the closure and
operational restrictions and limitations of our North American
lodging properties as a result of COVID-19.
- Lodging Reported EBITDA, which includes $3.4 million and $3.2
million of stock-based compensation expense for fiscal 2020
and fiscal 2019, respectively, decreased $24.8 million, or 88.4%, primarily due to the
closure of our North American lodging properties as a result of
COVID-19.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue decreased $312.0
million, or 13.7%, to $1,958.9
million, primarily due to decreased visitation associated
with the closure of our resorts, retail stores and lodging
properties due to COVID-19, as well as the deferral of $121 million of pass product revenue to fiscal
2021 as a result of credits offered to 2019/2020 North American
pass holders.
- Resort Reported EBITDA was $503.3
million for fiscal 2020, a decrease of $203.3 million, or 28.8%, compared to the prior
year, which includes impacts from the deferral of $118 million of pass product revenue and related
deferred costs to fiscal 2021 as a result of credits offered to
2019/2020 North American pass product holders and $13.6 million of acquisition and integration
related expenses.
Total Performance
- Total net revenue decreased $307.9
million, or 13.6%, to $1,963.7
million.
- Net income attributable to Vail Resorts, Inc. was $98.8 million, or $2.42 per diluted share, for fiscal 2020 compared
to net income attributable to Vail Resorts, Inc. of $301.2 million, or $7.32 per diluted share, in the prior year.
Fiscal 2020 net income included the after-tax effect of asset
impairments related to the Company's Colorado resort ground transportation company
of approximately $21.3 million and
acquisition and integration related expenses of approximately
$10.2 million.
Season Pass Sales
Commenting on the Company's season pass sales for the upcoming
2020/2021 North American ski season, Katz said, "Given the
challenging circumstances surrounding the impacts of COVID-19, we
are very pleased with the results of our season pass sales to date.
Season pass sales through September 18,
2020 for the upcoming 2020/2021 North American ski season
increased approximately 18% in units and decreased approximately 4%
in sales dollars as compared to the period in the prior year
through September 20, 2019, with
sales dollars for this year reduced by the value of the redeemed
credits provided to 2019/2020 North American pass holders. Without
deducting for the value of the redeemed credits, sales dollars
increased approximately 24% compared to the prior year. Through
September 18 we have sold a total of
approximately 850,000 passes for the upcoming North American
season, which compares to approximately 1,140,000 total passes sold
for the North American season last year through December 2, 2019."
Katz continued, "We remain committed to providing the best value
for all skiers and riders through our Epic Pass and Epic Day Pass
advanced commitment products. As previously disclosed, we offered
our 2019/2020 pass holders credits for the 2020/2021 season ranging
from a minimum of 20% to a maximum of 80% for season pass holders,
with no minimum but up to 80% for multi-day pass products such as
the Epic Day Pass, and deferred approximately $121 million of season pass revenue from fiscal
2020 to fiscal 2021. We believe our results through our September
deadline demonstrate the loyalty of our guest base to the
experience we offer at our resorts despite the travel challenges
presented by COVID-19, the success of the pass holder credits
offered to 2019/2020 to incent renewal, the introduction of Epic
Coverage which provides peace of mind to our guests, the
introduction of Epic Mountain Rewards, the additional time provided
to our guests to make their purchase decision and our operating
plans demonstrating our commitment to the safety of our
guests."
"Most importantly, we saw very strong unit growth in our
Destination markets, with particular strength in our Northeast
markets, benefiting from our continued momentum from those guests
and the first full year of Peak Resorts in our season pass network.
We also saw solid unit growth in our Colorado, Utah, Northern
California and Whistler markets. The primary driver of our
unit growth was from renewing pass holders, and we believe the
deadline for utilizing credits clearly drove an earlier season pass
purchase for many of our renewing guests. However, total units
renewed to date are in excess of the total amount of renewals we
saw last year. We were also pleased with pass sales to new pass
holders which represent a substantial portion of our sales through
the September deadline and, while lower than last year, it is
encouraging to see guests move into the program this year given the
circumstances. Through September 18,
2020, pass holders have used a total of $106 million of the aggregate credits we made
available, in comparison to the deferral of pass revenue from
fiscal 2020 of $121 million.
"As we enter the final period for season pass sales, we expect
unit sales from September 19, 2020
through our December 2020 deadline
will be lower than unit sales in the comparable period last year,
and we expect our total unit sales will finish at or around last
year's sales, setting a very strong foundation of pass holders to
drive revenue in the upcoming season. The decline in growth rate
for the final period of sales is expected to be primarily driven by
the pull forward of renewals to our September 17, 2020 deadline, given the expiration
of the renewal credits and potential declines in new pass holders,
given the continued uncertainty related to COVID-19 and its impact
on the travel market. It is important to remember that we have
expanded Epic Coverage for this year, and we will see an increase
in full or partial refunds based on pass holders who do not get
their preferred Priority Reservations, guests who suffer an injury
or other qualifying personal claim or if we close one or more of
our ski resorts due to events such as COVID-19. Our reported season
pass growth rates do not include pending unprocessed transactions
associated with approximately 71,000 online forms submitted around
the deadline from guests that include transactions that could not
be processed online (such as using a credit to purchase a lower
priced pass from what the guest had in 2019/2020). Additionally, we
received approximately 4,000 online forms requesting refunds of an
earlier purchase of a 2020/2021 pass which have not yet been
processed and are not reflected in our reported pass growth rates.
Collectively, these unprocessed forms could increase the growth
rates we are reporting, as we complete their requested
transactions. Estimates of how these pending transactions will
translate to sales are included in the full year expectations we
have for the pass program mentioned above."
Pass sales results are adjusted to eliminate the impact of
foreign currency by applying an exchange rate of $0.76 between the Canadian dollar and U.S. dollar
in both periods for Whistler Blackcomb pass sales. The season pass
revenue deferral is an estimate and the actual amount of pass
holder redemptions will differ from the amount of pass credit
deferred revenue recognized during fiscal 2021.
Outlook
Commenting on the Company's outlook for the upcoming 2020/2021
North American ski season, Katz said, "Given the uncertainty across
the economy and the challenge COVID-19 has created for travel
demand and specifically our assessment of the ultimate visitation
to our resorts with evolving demand and capacity dynamics, the
Company will not be providing full year guidance for fiscal 2021 at
this time. That said, we are very pleased with the results of our
season pass sales to date and the indication that may provide on
the loyalty and commitment of our guests to our resorts, even in
the current environment. Given the broader dynamics in the travel
industry, we do expect to see material declines in visitation to
our resorts and associated revenue declines in fiscal 2021 relative
to our original visitation expectations for fiscal 2020, primarily
as a result of expected declines in visitation from non-pass, lift
ticket purchases. On a relative basis, we do expect stronger
visitation from local and drive-to guests this season than guests
who traditionally fly to our resorts. We also expect stronger
visitation from repeat guests versus new guests and infrequent
skiers and riders. We expect more significant declines in
international travel which will have a particularly challenging
impact at Whistler Blackcomb, where approximately 50% of visits
typically come from outside of Canada. Given the expected outsized impact to
destination visitation, we expect material declines for our
ancillary lines of business including ski school, food and beverage
and retail / rental that tend to rely more heavily on destination
guests. Food and beverage is also expected to be negatively
impacted by capacity constraints on dining operations.
"We are focused on disciplined cost management to efficiently
operate the business. As previously mentioned, we plan to operate
all of our North American resorts with a full terrain footprint,
consistent with historical practices and conditions permitting, in
order to ensure a comprehensive guest experience, to maximize our
on-mountain capacity and to invest in the long-term loyalty of our
pass holders and lift ticket guests. However, given our lower
expected visitation and revenue for the upcoming year, we have
continued to actively manage our cost structure, including but not
limited to the implementation of cost reductions totaling over
$70 million on an annualized basis as
compared to our original operating expense expectations for fiscal
2020. We are also actively managing our expenses in the short-term
where it aligns with our business levels and does not materially
impact the guest experience, with savings resulting from these
efforts expected to be realized in the first quarter of fiscal
2021. In addition, there are unique headwinds this year relative to
the midpoint of our original fiscal 2020 Resort Reported EBITDA
guidance range provided on September 26,
2019, including an estimated $13
million impact from additional expenses in fiscal 2021 to
address COVID-related operational changes, an estimated
$6 million of incremental offseason
EBITDA losses from Peak Resorts from August
1, 2020 to September 24, 2020
as a result of the transaction closing on September 24, 2019 and the avoidance of those
losses in the prior year, and an estimated $20 million impact from the inclusion of Epic
Coverage in the price of every pass product based on the estimated
personal injury claims paid, administrative expenses, the
elimination of premiums for that coverage and any associated
renewal credits for claims that will be deferred into the 2021/2022
season. The Company expects to incur approximately $2 million of acquisition and integration related
expenses in fiscal 2021, representing an approximate $12 million reduction in expenses relative to
fiscal 2020.
Even with a more efficient approach to our operations, the
nature of our business and our approach to guest service creates a
high level of fixed costs and any material revenue declines
experienced in Fiscal 2021 will have a large percentage decline in
our Resort Reported EBITDA and will also reduce our Resort Reported
EBITDA margins. As an illustrative example, relative to our
original Resort net revenue guidance provided for fiscal 2020, if
our Resort net revenue declines 30% for fiscal 2021 to
approximately $1.8 billion, we would
expect Resort Reported EBITDA of approximately $400 million. We would expect that an increase or
decrease in revenue, within a reasonable range, from this example
would result in increases or decreases to Resort Reported EBITDA of
approximately 75% of the change in revenue for fiscal 2021. This
example is specific to fiscal 2021 and is intended to provide a
better understanding of the reduced cost structure under our
adjusted operating plan reflecting our expectations for significant
declines in visitation and revenue compared to prior year guidance,
and excludes any material disruptions or closures of our operations
as a result of COVID-19. The above example is illustrative in
nature only and is not intended to be guidance or interpreted as
such. As noted previously, we will not be providing full year
guidance for fiscal 2021 at this time given the significant
uncertainty across the economy and the challenge COVID-19 has
created for travel demand, operational constraints and our ability
to predict visitation to our resorts."
The following table reflects the above illustrative Resort
Reported EBITDA example for the Company's fiscal year ending
July 31, 2021 and reconciles net
income attributable to Vail Resorts, Inc. to such Resort Reported
EBITDA. The reconciliation is provided for illustration only and is
not intended to be considered guidance for fiscal 2021. Actual
results could differ materially from the illustrative example
provided and we undertake no obligation to update the illustrative
example in the future.
|
Fiscal 2021
Illustrative Example
|
|
|
(In
thousands)
|
|
Net income
attributable to Vail Resorts, Inc.
|
$
|
10,000
|
|
|
Net income
attributable to noncontrolling interests
|
10,000
|
|
|
Net income
|
20,000
|
|
|
Benefit from income
taxes (1)
|
(8,000)
|
|
|
Income before benefit
from income taxes
|
12,000
|
|
|
Depreciation and
amortization
|
247,000
|
|
|
Interest expense,
net
|
137,000
|
|
|
Other
|
7,000
|
|
|
Total Reported
EBITDA
|
$
|
403,000
|
|
|
|
|
|
Resort Reported
EBITDA
|
$
|
400,000
|
|
|
Real Estate Reported
EBITDA
|
3,000
|
|
|
Total Reported
EBITDA
|
$
|
403,000
|
|
|
|
|
|
(1) The
estimated income tax benefit is driven by book/tax differences,
which as a result of an estimated near break-
even pre-tax income in this illustrative example, generates an
effective tax rate benefit for the period.
|
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) 367-2403 (U.S. and Canada)
or (334) 777-6978 (international). A replay of the conference call
will be available two hours following the conclusion of the
conference call through October 8,
2020, 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 7032219. 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 destination mountain resorts and regional 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, and 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 future
liquidity; the effects of the COVID-19 pandemic on, among other
things, our operations and the travel patterns of our current and
potential customers; our expectations regarding visitation for the
2020/2021 ski season; our expectations and estimations regarding
cost reductions; and our expectations regarding fiscal 2021
results, including net revenue, Resort Reported EBITDA and Resort
Reported EBITDA margin and acquisition and integration related
expenses. 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 ultimate duration of COVID-19
and its short-term and long-term impacts on consumer behaviors, 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 recently launched Epic Coverage program; prolonged
weakness in general economic conditions, including adverse effects
on the overall travel and leisure related industries; willingness
or ability of our guests to travel due to terrorism, the
uncertainty of military conflicts or outbreaks of contagious
diseases (such as the current outbreak of COVID-19), and the cost
and availability of travel options and changing consumer
preferences; 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;
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; 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; 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,
2020, which was filed on September
24, 2020.
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, 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 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,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net
revenue:
|
|
|
|
|
|
|
|
|
Mountain and Lodging
services and other
|
|
$
|
61,784
|
|
|
$
|
175,973
|
|
|
$
|
1,578,463
|
|
|
$
|
1,807,930
|
|
Mountain and Lodging
retail and dining
|
|
15,362
|
|
|
67,916
|
|
|
380,394
|
|
|
462,933
|
|
Resort net
revenue
|
|
77,146
|
|
|
243,889
|
|
|
1,958,857
|
|
|
2,270,863
|
|
Real
Estate
|
|
63
|
|
|
117
|
|
|
4,847
|
|
|
712
|
|
Total net
revenue
|
|
77,209
|
|
|
244,006
|
|
|
1,963,704
|
|
|
2,271,575
|
|
Segment operating
expense:
|
|
|
|
|
|
|
|
|
Mountain and Lodging
operating expense
|
|
117,121
|
|
|
207,278
|
|
|
1,019,437
|
|
|
1,101,670
|
|
Mountain and Lodging
retail and dining cost of products sold
|
|
11,533
|
|
|
32,048
|
|
|
159,066
|
|
|
190,044
|
|
General and
administrative
|
|
51,520
|
|
|
64,461
|
|
|
278,695
|
|
|
274,415
|
|
Resort operating
expense
|
|
180,174
|
|
|
303,787
|
|
|
1,457,198
|
|
|
1,566,129
|
|
Real Estate operating
expense
|
|
1,256
|
|
|
1,468
|
|
|
9,182
|
|
|
5,609
|
|
Total segment
operating expense
|
|
181,430
|
|
|
305,255
|
|
|
1,466,380
|
|
|
1,571,738
|
|
Other operating
(expense) income:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
(63,185)
|
|
|
(56,576)
|
|
|
(249,572)
|
|
|
(218,117)
|
|
Gain on sale of real
property
|
|
—
|
|
|
312
|
|
|
207
|
|
|
580
|
|
Asset
impairments
|
|
—
|
|
|
—
|
|
|
(28,372)
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
|
(2,300)
|
|
|
(1,900)
|
|
|
2,964
|
|
|
(5,367)
|
|
(Loss) gain on
disposal of fixed assets and other, net
|
|
(340)
|
|
|
(1,169)
|
|
|
838
|
|
|
(664)
|
|
(Loss) income from
operations
|
|
(170,046)
|
|
|
(120,582)
|
|
|
223,389
|
|
|
476,269
|
|
Mountain equity
investment income, net
|
|
420
|
|
|
405
|
|
|
1,690
|
|
|
1,960
|
|
Investment income and
other, net
|
|
306
|
|
|
389
|
|
|
1,305
|
|
|
3,086
|
|
Foreign currency gain
(loss) on intercompany loans
|
|
4,961
|
|
|
2,326
|
|
|
(3,230)
|
|
|
(2,854)
|
|
Interest expense,
net
|
|
(33,418)
|
|
|
(20,281)
|
|
|
(106,721)
|
|
|
(79,496)
|
|
(Loss) income before
benefit (provision) for income taxes
|
|
(197,777)
|
|
|
(137,743)
|
|
|
116,433
|
|
|
398,965
|
|
Benefit (provision)
for income taxes
|
|
39,812
|
|
|
45,442
|
|
|
(7,378)
|
|
|
(75,472)
|
|
Net (loss)
income
|
|
(157,965)
|
|
|
(92,301)
|
|
|
109,055
|
|
|
323,493
|
|
Net loss (income)
attributable to noncontrolling interests
|
|
4,357
|
|
|
2,776
|
|
|
(10,222)
|
|
|
(22,330)
|
|
Net (loss) income
attributable to Vail Resorts, Inc.
|
|
$
|
(153,608)
|
|
|
$
|
(89,525)
|
|
|
$
|
98,833
|
|
|
$
|
301,163
|
|
Per share
amounts:
|
|
|
|
|
|
|
|
|
Basic net (loss)
income per share attributable to Vail Resorts, Inc.
|
|
$
|
(3.82)
|
|
|
$
|
(2.22)
|
|
|
$
|
2.45
|
|
|
$
|
7.46
|
|
Diluted net (loss)
income per share attributable to Vail Resorts, Inc.
|
|
$
|
(3.82)
|
|
|
$
|
(2.22)
|
|
|
$
|
2.42
|
|
|
$
|
7.32
|
|
Cash dividends
declared per share
|
|
$
|
—
|
|
|
$
|
1.76
|
|
|
$
|
5.28
|
|
|
$
|
6.46
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
40,198
|
|
|
40,305
|
|
|
40,273
|
|
|
40,349
|
|
Diluted
|
|
40,198
|
|
|
40,305
|
|
|
40,838
|
|
|
41,158
|
|
Vail Resorts,
Inc.
Consolidated
Condensed Statements of Operations - Other Data
(In
thousands)
(Unaudited)
|
|
|
|
Three Months
Ended
July 31,
|
|
Twelve Months
Ended
July 31,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Other
Data:
|
|
|
|
|
|
|
|
|
|
Mountain Reported
EBITDA
|
|
$
|
(94,392)
|
|
|
$
|
(65,313)
|
|
|
$
|
500,080
|
|
|
$
|
678,594
|
|
|
Lodging Reported
EBITDA
|
|
(8,216)
|
|
|
5,820
|
|
|
3,269
|
|
|
28,100
|
|
|
Resort Reported
EBITDA
|
|
(102,608)
|
|
|
(59,493)
|
|
|
503,349
|
|
|
706,694
|
|
|
Real Estate Reported
EBITDA
|
|
(1,193)
|
|
|
(1,039)
|
|
|
(4,128)
|
|
|
(4,317)
|
|
|
Total Reported
EBITDA
|
|
$
|
(103,801)
|
|
|
$
|
(60,532)
|
|
|
$
|
499,221
|
|
|
$
|
702,377
|
|
|
Mountain stock-based
compensation
|
|
$
|
3,992
|
|
|
$
|
4,216
|
|
|
$
|
17,410
|
|
|
$
|
16,474
|
|
|
Lodging stock-based
compensation
|
|
848
|
|
|
806
|
|
|
3,399
|
|
|
3,219
|
|
|
Resort stock-based
compensation
|
|
4,840
|
|
|
5,022
|
|
|
20,809
|
|
|
19,693
|
|
|
Real Estate
stock-based compensation
|
|
54
|
|
|
48
|
|
|
212
|
|
|
163
|
|
|
Total stock-based
compensation
|
|
$
|
4,894
|
|
|
$
|
5,070
|
|
|
$
|
21,021
|
|
|
$
|
19,856
|
|
|
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
|
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
2020
|
|
2019
|
|
(Decrease)
|
Net Mountain
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Lift
|
|
$
|
12,096
|
|
|
$
|
34,110
|
|
|
(64.5)
|
%
|
|
$
|
913,091
|
|
|
$
|
1,033,234
|
|
|
(11.6)
|
%
|
Ski school
|
|
1,291
|
|
|
7,789
|
|
|
(83.4)
|
%
|
|
189,131
|
|
|
215,060
|
|
|
(12.1)
|
%
|
Dining
|
|
1,783
|
|
|
19,208
|
|
|
(90.7)
|
%
|
|
160,763
|
|
|
181,837
|
|
|
(11.6)
|
%
|
Retail/rental
|
|
10,538
|
|
|
34,407
|
|
|
(69.4)
|
%
|
|
270,299
|
|
|
320,267
|
|
|
(15.6)
|
%
|
Other
|
|
23,054
|
|
|
61,710
|
|
|
(62.6)
|
%
|
|
177,159
|
|
|
205,803
|
|
|
(13.9)
|
%
|
Total Mountain net
revenue
|
|
48,762
|
|
|
157,224
|
|
|
(69.0)
|
%
|
|
1,710,443
|
|
|
1,956,201
|
|
|
(12.6)
|
%
|
Mountain operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and
labor-related benefits
|
|
45,827
|
|
|
90,599
|
|
|
(49.4)
|
%
|
|
473,365
|
|
|
507,811
|
|
|
(6.8)
|
%
|
Retail cost of
sales
|
|
7,757
|
|
|
17,114
|
|
|
(54.7)
|
%
|
|
96,497
|
|
|
121,442
|
|
|
(20.5)
|
%
|
Resort related
fees
|
|
869
|
|
|
3,321
|
|
|
(73.8)
|
%
|
|
75,044
|
|
|
96,240
|
|
|
(22.0)
|
%
|
General and
administrative
|
|
44,516
|
|
|
54,207
|
|
|
(17.9)
|
%
|
|
239,412
|
|
|
233,159
|
|
|
2.7
|
%
|
Other
|
|
44,605
|
|
|
57,701
|
|
|
(22.7)
|
%
|
|
327,735
|
|
|
320,915
|
|
|
2.1
|
%
|
Total Mountain
operating expense
|
|
143,574
|
|
|
222,942
|
|
|
(35.6)
|
%
|
|
1,212,053
|
|
|
1,279,567
|
|
|
(5.3)
|
%
|
Mountain equity
investment income, net
|
|
420
|
|
|
405
|
|
|
3.7
|
%
|
|
1,690
|
|
|
1,960
|
|
|
(13.8)
|
%
|
Mountain Reported
EBITDA
|
|
$
|
(94,392)
|
|
|
$
|
(65,313)
|
|
|
(44.5)
|
%
|
|
$
|
500,080
|
|
|
$
|
678,594
|
|
|
(26.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total skier
visits
|
|
150
|
|
|
787
|
|
|
(80.9)
|
%
|
|
13,483
|
|
|
14,998
|
|
|
(10.1)
|
%
|
ETP
|
|
$
|
80.64
|
|
|
$
|
43.34
|
|
|
86.1
|
%
|
|
$
|
67.72
|
|
|
$
|
68.89
|
|
|
(1.7)
|
%
|
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
|
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
2020
|
|
2019
|
|
(Decrease)
|
Lodging net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel
rooms
|
|
$
|
5,669
|
|
|
$
|
21,327
|
|
|
(73.4)
|
%
|
|
$
|
44,992
|
|
|
$
|
64,826
|
|
|
(30.6)
|
%
|
Managed condominium
rooms
|
|
6,496
|
|
|
16,401
|
|
|
(60.4)
|
%
|
|
76,480
|
|
|
86,236
|
|
|
(11.3)
|
%
|
Dining
|
|
899
|
|
|
16,345
|
|
|
(94.5)
|
%
|
|
38,252
|
|
|
53,730
|
|
|
(28.8)
|
%
|
Transportation
|
|
48
|
|
|
2,501
|
|
|
(98.1)
|
%
|
|
15,796
|
|
|
21,275
|
|
|
(25.8)
|
%
|
Golf
|
|
6,806
|
|
|
10,020
|
|
|
(32.1)
|
%
|
|
17,412
|
|
|
19,648
|
|
|
(11.4)
|
%
|
Other
|
|
7,522
|
|
|
16,920
|
|
|
(55.5)
|
%
|
|
44,933
|
|
|
54,617
|
|
|
(17.7)
|
%
|
|
|
27,440
|
|
|
83,514
|
|
|
(67.1)
|
%
|
|
237,865
|
|
|
300,332
|
|
|
(20.8)
|
%
|
Payroll cost
reimbursements
|
|
944
|
|
|
3,151
|
|
|
(70.0)
|
%
|
|
10,549
|
|
|
14,330
|
|
|
(26.4)
|
%
|
Total Lodging net
revenue
|
|
28,384
|
|
|
86,665
|
|
|
(67.2)
|
%
|
|
248,414
|
|
|
314,662
|
|
|
(21.1)
|
%
|
Lodging operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and
labor-related benefits
|
|
16,287
|
|
|
37,920
|
|
|
(57.0)
|
%
|
|
114,279
|
|
|
135,940
|
|
|
(15.9)
|
%
|
General and
administrative
|
|
7,004
|
|
|
10,254
|
|
|
(31.7)
|
%
|
|
39,283
|
|
|
41,256
|
|
|
(4.8)
|
%
|
Other
|
|
12,365
|
|
|
29,520
|
|
|
(58.1)
|
%
|
|
81,034
|
|
|
95,036
|
|
|
(14.7)
|
%
|
|
|
35,656
|
|
|
77,694
|
|
|
(54.1)
|
%
|
|
234,596
|
|
|
272,232
|
|
|
(13.8)
|
%
|
Reimbursed payroll
costs
|
|
944
|
|
|
3,151
|
|
|
(70.0)
|
%
|
|
10,549
|
|
|
14,330
|
|
|
(26.4)
|
%
|
Total Lodging
operating expense
|
|
36,600
|
|
|
80,845
|
|
|
(54.7)
|
%
|
|
245,145
|
|
|
286,562
|
|
|
(14.5)
|
%
|
Lodging Reported
EBITDA
|
|
$
|
(8,216)
|
|
|
$
|
5,820
|
|
|
(241.2)
|
%
|
|
$
|
3,269
|
|
|
$
|
28,100
|
|
|
(88.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
232.81
|
|
|
$
|
253.60
|
|
|
(8.2)
|
%
|
|
$
|
266.43
|
|
|
$
|
256.50
|
|
|
3.9
|
%
|
RevPAR
|
|
$
|
46.48
|
|
|
$
|
171.24
|
|
|
(72.9)
|
%
|
|
$
|
122.34
|
|
|
$
|
175.45
|
|
|
(30.3)
|
%
|
Managed condominium
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
264.64
|
|
|
$
|
210.82
|
|
|
25.5
|
%
|
|
$
|
328.98
|
|
|
$
|
324.34
|
|
|
1.4
|
%
|
RevPAR
|
|
$
|
21.75
|
|
|
$
|
57.79
|
|
|
(62.4)
|
%
|
|
$
|
83.10
|
|
|
$
|
107.67
|
|
|
(22.8)
|
%
|
Owned hotel and
managed condominium statistics (combined):
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
254.55
|
|
|
$
|
229.68
|
|
|
10.8
|
%
|
|
$
|
310.76
|
|
|
$
|
300.47
|
|
|
3.4
|
%
|
RevPAR
|
|
$
|
25.73
|
|
|
$
|
85.29
|
|
|
(69.8)
|
%
|
|
$
|
90.37
|
|
|
$
|
121.81
|
|
|
(25.8)
|
%
|
Key Balance Sheet
Data
|
(In
thousands)
|
(Unaudited)
|
|
|
|
As of July
31,
|
|
|
2020
|
|
2019
|
Real estate held for
sale and investment
|
|
$
|
96,844
|
|
|
$
|
101,021
|
|
Total Vail Resorts,
Inc. stockholders' equity
|
|
$
|
1,316,742
|
|
|
$
|
1,500,627
|
|
Long-term debt,
net
|
|
$
|
2,387,122
|
|
|
$
|
1,527,744
|
|
Long-term debt due
within one year
|
|
63,677
|
|
|
48,516
|
|
Total debt
|
|
2,450,799
|
|
|
1,576,260
|
|
Less: cash and cash
equivalents
|
|
390,980
|
|
|
108,850
|
|
Net debt
|
|
$
|
2,059,819
|
|
|
$
|
1,467,410
|
|
Reconciliation of
Measures of Segment Profitability and Non-GAAP Financial
Measures
|
|
Presented below is a
reconciliation of net income attributable to Vail Resorts, Inc. to
Total Reported EBITDA for the three and twelve months ended July
31, 2020 and 2019.
|
|
|
(In thousands)
(Unaudited)
|
|
(In thousands)
(Unaudited)
|
|
Three Months Ended
July 31,
|
|
Twelve Months
Ended July 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net (loss) income
attributable to Vail Resorts, Inc.
|
$
|
(153,608)
|
|
|
$
|
(89,525)
|
|
|
$
|
98,833
|
|
|
$
|
301,163
|
|
Net (loss) income
attributable to noncontrolling interests
|
(4,357)
|
|
|
(2,776)
|
|
|
10,222
|
|
|
22,330
|
|
Net (loss)
income
|
(157,965)
|
|
|
(92,301)
|
|
|
109,055
|
|
|
323,493
|
|
(Benefit) provision
for income taxes
|
(39,812)
|
|
|
(45,442)
|
|
|
7,378
|
|
|
75,472
|
|
(Loss) income before
(benefit) provision for income taxes
|
(197,777)
|
|
|
(137,743)
|
|
|
116,433
|
|
|
398,965
|
|
Depreciation and
amortization
|
63,185
|
|
|
56,576
|
|
|
249,572
|
|
|
218,117
|
|
Asset
impairments
|
—
|
|
|
—
|
|
|
28,372
|
|
|
—
|
|
Loss (gain) on
disposal of fixed assets and other, net
|
340
|
|
|
1,169
|
|
|
(838)
|
|
|
664
|
|
Change in fair value
of contingent consideration
|
2,300
|
|
|
1,900
|
|
|
(2,964)
|
|
|
5,367
|
|
Investment income and
other, net
|
(306)
|
|
|
(389)
|
|
|
(1,305)
|
|
|
(3,086)
|
|
Foreign currency
(gain) loss on intercompany loans
|
(4,961)
|
|
|
(2,326)
|
|
|
3,230
|
|
|
2,854
|
|
Interest expense,
net
|
33,418
|
|
|
20,281
|
|
|
106,721
|
|
|
79,496
|
|
Total Reported
EBITDA
|
$
|
(103,801)
|
|
|
$
|
(60,532)
|
|
|
$
|
499,221
|
|
|
$
|
702,377
|
|
|
|
|
|
|
|
|
|
Mountain Reported
EBITDA
|
$
|
(94,392)
|
|
|
$
|
(65,313)
|
|
|
$
|
500,080
|
|
|
$
|
678,594
|
|
Lodging Reported
EBITDA
|
(8,216)
|
|
|
5,820
|
|
|
3,269
|
|
|
28,100
|
|
Resort Reported
EBITDA*
|
(102,608)
|
|
|
(59,493)
|
|
|
503,349
|
|
|
706,694
|
|
Real Estate Reported
EBITDA
|
(1,193)
|
|
|
(1,039)
|
|
|
(4,128)
|
|
|
(4,317)
|
|
Total Reported
EBITDA
|
$
|
(103,801)
|
|
|
$
|
(60,532)
|
|
|
$
|
499,221
|
|
|
$
|
702,377
|
|
|
|
|
|
|
|
|
|
* 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, 2020.
|
|
|
In
thousands) (Unaudited) (As
of July 31, 2020)
|
Long-term debt,
net
|
$
|
2,387,122
|
|
Long-term debt due
within one year
|
63,677
|
|
Total debt
|
2,450,799
|
|
Less: cash and cash
equivalents
|
390,980
|
|
Net debt
|
$
|
2,059,819
|
|
Net debt to Total
Reported EBITDA
|
4.1 x
|
|
The following table
reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow
for the three and twelve months ended
July 31, 2020 and 2019.
|
|
|
|
(In thousands) (Unaudited)
Three Months Ended
July 31,
|
|
(In thousands) (Unaudited) Twelve Months Ended July 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Real Estate Reported
EBITDA
|
|
$
|
(1,193)
|
|
|
$
|
(1,039)
|
|
|
$
|
(4,128)
|
|
|
$
|
(4,317)
|
|
Non-cash Real Estate
cost of sales
|
|
—
|
|
|
—
|
|
|
3,684
|
|
|
—
|
|
Non-cash Real Estate
stock-based compensation
|
|
54
|
|
|
48
|
|
|
212
|
|
|
163
|
|
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
|
|
(12)
|
|
|
403
|
|
|
99
|
|
|
5,608
|
|
Net Real Estate Cash
Flow
|
|
$
|
(1,151)
|
|
|
$
|
(588)
|
|
|
$
|
(133)
|
|
|
$
|
12,604
|
|
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SOURCE Vail Resorts, Inc.