ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 51-0291762 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
390 Interlocken Crescent Broomfield, Colorado | 80021 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
PART I | FINANCIAL INFORMATION | |
Item 1. | Financial Statements (unaudited). | |
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | OTHER INFORMATION | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
April 30, 2016 | July 31, 2015 | April 30, 2015 | ||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 68,565 | $ | 35,459 | $ | 125,214 | ||||||
Restricted cash | 5,934 | 13,012 | 13,139 | |||||||||
Trade receivables, net | 145,483 | 113,990 | 105,617 | |||||||||
Inventories, net | 68,882 | 73,485 | 62,167 | |||||||||
Other current assets | 57,455 | 52,197 | 64,054 | |||||||||
Total current assets | 346,319 | 288,143 | 370,191 | |||||||||
Property, plant and equipment, net (Note 6) | 1,370,374 | 1,386,275 | 1,259,093 | |||||||||
Real estate held for sale and investment | 116,874 | 129,825 | 137,740 | |||||||||
Goodwill, net | 509,083 | 500,433 | 470,286 | |||||||||
Intangible assets, net | 141,222 | 144,149 | 141,127 | |||||||||
Other assets | 37,428 | 40,796 | 41,068 | |||||||||
Total assets | $ | 2,521,300 | $ | 2,489,621 | $ | 2,419,505 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and accrued liabilities (Note 6) | $ | 338,089 | $ | 331,299 | $ | 293,056 | ||||||
Income taxes payable | 20,059 | 57,194 | 36,161 | |||||||||
Long-term debt due within one year (Note 4) | 13,349 | 10,154 | 256,953 | |||||||||
Total current liabilities | 371,497 | 398,647 | 586,170 | |||||||||
Long-term debt (Note 4) | 615,829 | 806,676 | 379,796 | |||||||||
Other long-term liabilities (Note 6) | 249,298 | 255,916 | 235,932 | |||||||||
Deferred income taxes | 305,134 | 147,796 | 240,133 | |||||||||
Total liabilities | 1,541,758 | 1,609,035 | 1,442,031 | |||||||||
Commitments and contingencies (Note 9) | ||||||||||||
Stockholders’ equity: | ||||||||||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding | — | — | — | |||||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 41,595,420, 41,462,941 and 41,309,969 shares issued, respectively | 416 | 415 | 413 | |||||||||
Additional paid-in capital | 632,148 | 623,510 | 623,274 | |||||||||
Accumulated other comprehensive loss | (1,167 | ) | (4,913 | ) | (623 | ) | ||||||
Retained earnings | 581,245 | 440,748 | 533,618 | |||||||||
Treasury stock, at cost, 5,434,977, 4,949,111, and 4,949,111 shares, respectively (Note 11) | (246,979 | ) | (193,192 | ) | (193,192 | ) | ||||||
Total Vail Resorts, Inc. stockholders’ equity | 965,663 | 866,568 | 963,490 | |||||||||
Noncontrolling interests | 13,879 | 14,018 | 13,984 | |||||||||
Total stockholders’ equity | 979,542 | 880,586 | 977,474 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,521,300 | $ | 2,489,621 | $ | 2,419,505 |
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net revenue: | |||||||||||||||
Mountain | $ | 572,805 | $ | 499,551 | $ | 1,206,610 | $ | 1,022,968 | |||||||
Lodging | 72,933 | 67,323 | 200,026 | 185,180 | |||||||||||
Real estate | 1,734 | 12,469 | 14,766 | 29,694 | |||||||||||
Total net revenue | 647,472 | 579,343 | 1,421,402 | 1,237,842 | |||||||||||
Segment operating expense (exclusive of depreciation and amortization shown separately below): | |||||||||||||||
Mountain | 281,968 | 244,675 | 729,382 | 645,593 | |||||||||||
Lodging | 57,422 | 54,726 | 176,170 | 166,407 | |||||||||||
Real estate | 3,085 | 14,028 | 17,043 | 35,513 | |||||||||||
Total segment operating expense | 342,475 | 313,429 | 922,595 | 847,513 | |||||||||||
Other operating (expense) income: | |||||||||||||||
Depreciation and amortization | (41,472 | ) | (38,242 | ) | (120,713 | ) | (111,587 | ) | |||||||
Gain on sale of real property | 19 | 151 | 1,810 | 151 | |||||||||||
Gain on litigation settlement (Note 5) | — | — | — | 16,400 | |||||||||||
Change in fair value of Contingent Consideration (Note 8) | — | — | — | 4,550 | |||||||||||
Loss on disposal of fixed assets and other, net | (164 | ) | (71 | ) | (3,149 | ) | (852 | ) | |||||||
Income from operations | 263,380 | 227,752 | 376,755 | 298,991 | |||||||||||
Mountain equity investment income (loss), net | 211 | (129 | ) | 992 | 396 | ||||||||||
Investment income, net | 150 | 119 | 509 | 155 | |||||||||||
Interest expense | (10,400 | ) | (13,735 | ) | (31,905 | ) | (41,110 | ) | |||||||
Income before provision for income taxes | 253,341 | 214,007 | 346,351 | 258,432 | |||||||||||
Provision for income taxes (Note 12) | (95,804 | ) | (80,605 | ) | (131,613 | ) | (73,654 | ) | |||||||
Net income | 157,537 | 133,402 | 214,738 | 184,778 | |||||||||||
Net loss attributable to noncontrolling interests | 95 | 8 | 289 | 118 | |||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 157,632 | $ | 133,410 | $ | 215,027 | $ | 184,896 | |||||||
Per share amounts (Note 3): | |||||||||||||||
Basic net income per share attributable to Vail Resorts, Inc. | $ | 4.35 | $ | 3.67 | $ | 5.92 | $ | 5.09 | |||||||
Diluted net income per share attributable to Vail Resorts, Inc. | $ | 4.23 | $ | 3.56 | $ | 5.76 | $ | 4.95 | |||||||
Cash dividends declared per share | $ | 0.8100 | $ | 0.6225 | $ | 2.0550 | $ | 1.4525 |
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 157,537 | $ | 133,402 | $ | 214,738 | $ | 184,778 | ||||||||
Foreign currency translation adjustments, net of tax | 6,540 | 23 | 3,746 | (424 | ) | |||||||||||
Comprehensive income | 164,077 | 133,425 | 218,484 | 184,354 | ||||||||||||
Comprehensive loss attributable to noncontrolling interests | 95 | 8 | 289 | 118 | ||||||||||||
Comprehensive income attributable to Vail Resorts, Inc. | $ | 164,172 | $ | 133,433 | $ | 218,773 | $ | 184,472 |
Common Stock | Additional Paid in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Vail Resorts, Inc. Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity | |||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
Balance, July 31, 2014 | 41,152,800 | $ | 412 | $ | 612,322 | $ | 401,500 | $ | (193,192 | ) | $ | (199 | ) | $ | 820,843 | $ | 13,957 | $ | 834,800 | |||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||
Net income (loss) | — | — | — | 184,896 | — | — | 184,896 | (118 | ) | 184,778 | ||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | (424 | ) | (424 | ) | — | (424 | ) | ||||||||||||||
Total comprehensive income (loss) | 184,472 | (118 | ) | 184,354 | ||||||||||||||||||||||
Stock-based compensation expense | — | — | 11,718 | — | — | — | 11,718 | — | 11,718 | |||||||||||||||||
Issuance of shares under share award plans, net of shares withheld for taxes | 157,169 | 1 | (4,630 | ) | — | — | — | (4,629 | ) | — | (4,629 | ) | ||||||||||||||
Tax benefit from share award plans | — | — | 3,864 | — | — | — | 3,864 | — | 3,864 | |||||||||||||||||
Dividends | — | — | — | (52,778 | ) | — | — | (52,778 | ) | — | (52,778 | ) | ||||||||||||||
Contributions from noncontrolling interests, net | — | — | — | — | — | — | — | 145 | 145 | |||||||||||||||||
Balance, April 30, 2015 | 41,309,969 | $ | 413 | $ | 623,274 | $ | 533,618 | $ | (193,192 | ) | $ | (623 | ) | $ | 963,490 | $ | 13,984 | $ | 977,474 | |||||||
Balance, July 31, 2015 | 41,462,941 | $ | 415 | $ | 623,510 | $ | 440,748 | $ | (193,192 | ) | $ | (4,913 | ) | $ | 866,568 | $ | 14,018 | $ | 880,586 | |||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||
Net income (loss) | — | — | — | 215,027 | — | — | 215,027 | (289 | ) | 214,738 | ||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | 3,746 | 3,746 | — | 3,746 | |||||||||||||||||
Total comprehensive income (loss) | 218,773 | (289 | ) | 218,484 | ||||||||||||||||||||||
Stock-based compensation expense | — | — | 12,665 | — | — | — | 12,665 | — | 12,665 | |||||||||||||||||
Issuance of shares under share award plans, net of shares withheld for taxes | 132,479 | 1 | (8,521 | ) | — | — | — | (8,520 | ) | — | (8,520 | ) | ||||||||||||||
Tax benefit from share award plans | — | — | 4,494 | — | — | — | 4,494 | — | 4,494 | |||||||||||||||||
Repurchases of common stock (Note 11) | — | — | — | — | (53,787 | ) | — | (53,787 | ) | — | (53,787 | ) | ||||||||||||||
Dividends | — | — | — | (74,530 | ) | — | — | (74,530 | ) | — | (74,530 | ) | ||||||||||||||
Contributions from noncontrolling interests, net | — | — | — | — | — | — | — | 150 | 150 | |||||||||||||||||
Balance, April 30, 2016 | 41,595,420 | $ | 416 | $ | 632,148 | $ | 581,245 | $ | (246,979 | ) | $ | (1,167 | ) | $ | 965,663 | $ | 13,879 | $ | 979,542 |
Nine Months Ended April 30, | ||||||||
2016 | 2015 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 214,738 | $ | 184,778 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 120,713 | 111,587 | ||||||
Cost of real estate sales | 10,508 | 23,058 | ||||||
Stock-based compensation expense | 12,665 | 11,718 | ||||||
Deferred income taxes, net | 131,741 | 114,795 | ||||||
Change in fair value of Contingent Consideration | — | (4,550 | ) | |||||
Gain on litigation settlement | — | (16,400 | ) | |||||
Park City litigation settlement payment | — | (10,000 | ) | |||||
Other non-cash income, net | (2,847 | ) | (3,009 | ) | ||||
Changes in assets and liabilities: | ||||||||
Restricted cash | 7,078 | 36 | ||||||
Trade receivables, net | (27,973 | ) | (7,761 | ) | ||||
Inventories, net | 4,857 | 5,380 | ||||||
Accounts payable and accrued liabilities | (4,641 | ) | (203 | ) | ||||
Other assets and liabilities, net | (11,412 | ) | (14,953 | ) | ||||
Net cash provided by operating activities | 455,427 | 394,476 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (88,307 | ) | (85,583 | ) | ||||
Acquisition of businesses | (20,245 | ) | (182,500 | ) | ||||
Other investing activities, net | 880 | 3,274 | ||||||
Net cash used in investing activities | (107,672 | ) | (264,809 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from borrowings under Credit Facility Revolver | 135,000 | 253,000 | ||||||
Payments on Credit Facility Revolver | (320,000 | ) | (253,000 | ) | ||||
Payments on Credit Facility Term Loan | (6,250 | ) | — | |||||
Payments of other long-term debt | (261 | ) | (1,013 | ) | ||||
Dividends paid | (74,530 | ) | (52,778 | ) | ||||
Repurchases of common stock | (53,787 | ) | — | |||||
Other financing activities, net | 4,760 | 5,041 | ||||||
Net cash used in financing activities | (315,068 | ) | (48,750 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 419 | (109 | ) | |||||
Net increase in cash and cash equivalents | 33,106 | 80,808 | ||||||
Cash and cash equivalents: | ||||||||
Beginning of period | 35,459 | 44,406 | ||||||
End of period | $ | 68,565 | $ | 125,214 | ||||
Non-cash investing and financing activities: | ||||||||
Accrued capital expenditures | $ | 5,801 | $ | 4,257 | ||||
Capital expenditures under long-term financing | $ | — | $ | 7,037 |
1. | Organization and Business |
2. | Summary of Significant Accounting Policies |
3. | Net Income Per Common Share |
Three Months Ended April 30, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
Net income per share: | ||||||||||||||||
Net income attributable to Vail Resorts | $ | 157,632 | $ | 157,632 | $ | 133,410 | $ | 133,410 | ||||||||
Weighted-average shares outstanding | 36,217 | 36,217 | 36,354 | 36,354 | ||||||||||||
Effect of dilutive securities | — | 1,051 | — | 1,099 | ||||||||||||
Total shares | 36,217 | 37,268 | 36,354 | 37,453 | ||||||||||||
Net income per share attributable to Vail Resorts | $ | 4.35 | $ | 4.23 | $ | 3.67 | $ | 3.56 |
Nine Months Ended April 30, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
Net income per share: | ||||||||||||||||
Net income attributable to Vail Resorts | $ | 215,027 | $ | 215,027 | $ | 184,896 | $ | 184,896 | ||||||||
Weighted-average shares outstanding | 36,312 | 36,312 | 36,310 | 36,310 | ||||||||||||
Effect of dilutive securities | — | 1,016 | — | 1,052 | ||||||||||||
Total shares | 36,312 | 37,328 | 36,310 | 37,362 | ||||||||||||
Net income per share attributable to Vail Resorts | $ | 5.92 | $ | 5.76 | $ | 5.09 | $ | 4.95 |
4. | Long-Term Debt |
Maturity (a) | April 30, 2016 | July 31, 2015 | April 30, 2015 | |||||||||||
Credit Facility Revolver | 2020 | $ | — | $ | 185,000 | $ | — | |||||||
Credit Facility Term Loan | 2020 | 243,750 | 250,000 | — | ||||||||||
Industrial Development Bonds | 2020 | — | — | 41,200 | ||||||||||
Employee Housing Bonds | 2027-2039 | 52,575 | 52,575 | 52,575 | ||||||||||
6.50% Notes | 2019 | — | — | 215,000 | ||||||||||
Canyons obligation | 2063 | 321,688 | 317,455 | 316,056 | ||||||||||
Other | 2016-2029 | 11,165 | 11,800 | 11,918 | ||||||||||
Total debt | 629,178 | 816,830 | 636,749 | |||||||||||
Less: Current maturities (b) | 13,349 | 10,154 | 256,953 | |||||||||||
Long-term debt | $ | 615,829 | $ | 806,676 | $ | 379,796 |
(a) | Maturities are based on the Company’s July 31 fiscal year end. |
(b) | Current maturities represent principal payments due in the next 12 months. |
Total | |||
2016 | $ | 3,269 | |
2017 | 13,354 | ||
2018 | 13,397 | ||
2019 | 13,455 | ||
2020 | 204,141 | ||
Thereafter | 381,562 | ||
Total debt | $ | 629,178 |
5. | Acquisitions |
Estimates of Fair Value at Effective Date of Transaction | |||
Accounts receivable | $ | 1,494 | |
Inventory | 4,859 | ||
Property, plant and equipment | 126,287 | ||
Intangible assets | 5,458 | ||
Other assets | 525 | ||
Goodwill | 31,657 | ||
Total identifiable assets acquired | $ | 170,280 | |
Accounts payable and accrued liabilities | $ | 11,394 | |
Deferred revenue | 15,906 | ||
Deferred income tax liability, net | 18,429 | ||
Total liabilities assumed | $ | 45,729 | |
Total purchase price, net of cash acquired | $ | 124,551 |
Acquisition Date Fair Value | |||
Accounts receivable | $ | 930 | |
Other assets | 3,075 | ||
Property, plant and equipment | 76,605 | ||
Deferred income tax assets, net | 7,428 | ||
Real estate held for sale and investment | 7,000 | ||
Intangible assets | 27,650 | ||
Goodwill | 92,516 | ||
Total identifiable assets acquired | $ | 215,204 | |
Accounts payable and accrued liabilities | $ | 1,935 | |
Deferred revenue | 4,319 | ||
Total liabilities assumed | $ | 6,254 | |
Total purchase price | $ | 208,950 |
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||
2015 | 2015 | ||||||
Pro forma net revenue | $ | 579,672 | $ | 1,282,926 | |||
Pro forma net income attributable to Vail Resorts, Inc. | $ | 129,187 | $ | 186,810 | |||
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ | 3.55 | $ | 5.14 | |||
Pro forma diluted net income per share attributable to Vail Resorts, Inc. | $ | 3.45 | $ | 5.00 |
6. | Supplementary Balance Sheet Information |
April 30, 2016 | July 31, 2015 | April 30, 2015 | ||||||||||
Land and land improvements | $ | 439,815 | $ | 431,854 | $ | 413,775 | ||||||
Buildings and building improvements | 1,028,408 | 1,006,821 | 957,594 | |||||||||
Machinery and equipment | 878,730 | 815,946 | 777,011 | |||||||||
Furniture and fixtures | 305,159 | 286,863 | 284,403 | |||||||||
Software | 112,551 | 106,433 | 105,482 | |||||||||
Vehicles | 62,166 | 61,036 | 59,708 | |||||||||
Construction in progress | 28,019 | 53,158 | 20,245 | |||||||||
Gross property, plant and equipment | 2,854,848 | 2,762,111 | 2,618,218 | |||||||||
Accumulated depreciation | (1,484,474 | ) | (1,375,836 | ) | (1,359,125 | ) | ||||||
Property, plant and equipment, net | $ | 1,370,374 | $ | 1,386,275 | $ | 1,259,093 |
April 30, 2016 | July 31, 2015 | April 30, 2015 | ||||||||||
Trade payables | $ | 47,144 | $ | 62,099 | $ | 52,371 | ||||||
Deferred revenue | 164,927 | 145,949 | 115,300 | |||||||||
Accrued salaries, wages and deferred compensation | 34,403 | 33,461 | 38,594 | |||||||||
Accrued benefits | 29,625 | 24,436 | 26,459 | |||||||||
Deposits | 21,641 | 19,336 | 18,199 | |||||||||
Other accruals | 40,349 | 46,018 | 42,133 | |||||||||
Total accounts payable and accrued liabilities | $ | 338,089 | $ | 331,299 | $ | 293,056 |
April 30, 2016 | July 31, 2015 | April 30, 2015 | ||||||||||
Private club deferred initiation fee revenue | $ | 123,341 | $ | 126,104 | $ | 128,295 | ||||||
Unfavorable lease obligation, net | 28,005 | 29,997 | 29,325 | |||||||||
Other long-term liabilities | 97,952 | 99,815 | 78,312 | |||||||||
Total other long-term liabilities | $ | 249,298 | $ | 255,916 | $ | 235,932 |
Fair Value Measurement as of April 30, 2016 | |||||||||||||||||
Description | Balance at April 30, 2016 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Commercial Paper | $ | 2,401 | $ | — | $ | 2,401 | $ | — | |||||||||
Certificates of Deposit | $ | 2,402 | $ | — | $ | 2,402 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent Consideration | $ | 6,900 | $ | — | $ | — | $ | 6,900 | |||||||||
Fair Value Measurement as of July 31, 2015 | |||||||||||||||||
Description | Balance at July 31, 2015 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Money Market | $ | 7,577 | $ | 7,577 | $ | — | $ | — | |||||||||
Commercial Paper | $ | 2,401 | $ | — | $ | 2,401 | $ | — | |||||||||
Certificates of Deposit | $ | 2,651 | $ | — | $ | 2,651 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent Consideration | $ | 6,900 | $ | — | $ | — | $ | 6,900 | |||||||||
Fair Value Measurement as of April 30, 2015 | |||||||||||||||||
Description | Balance at April 30, 2015 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Money Market | $ | 7,578 | $ | 7,578 | $ | — | $ | — | |||||||||
Commercial Paper | $ | 2,401 | $ | — | $ | 2,401 | $ | — | |||||||||
Certificates of Deposit | $ | 2,651 | $ | — | $ | 2,651 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent Consideration | $ | 6,000 | $ | — | $ | — | $ | 6,000 |
Balance as of July 31, 2015 and 2014, respectively | $ | 6,900 | $ | 10,500 | ||
Change in fair value | — | (4,500 | ) | |||
Balance as of April 30, 2016 and 2015, respectively | $ | 6,900 | $ | 6,000 |
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net revenue: | |||||||||||||||
Lift | $ | 334,789 | $ | 285,249 | $ | 642,627 | $ | 524,537 | |||||||
Ski school | 74,279 | 66,216 | 139,703 | 123,511 | |||||||||||
Dining | 51,000 | 44,003 | 108,093 | 90,661 | |||||||||||
Retail/rental | 79,384 | 71,078 | 214,748 | 195,563 | |||||||||||
Other | 33,353 | 33,005 | 101,439 | 88,696 | |||||||||||
Total Mountain net revenue | 572,805 | 499,551 | 1,206,610 | 1,022,968 | |||||||||||
Lodging | 72,933 | 67,323 | 200,026 | 185,180 | |||||||||||
Total Resort net revenue | 645,738 | 566,874 | 1,406,636 | 1,208,148 | |||||||||||
Real estate | 1,734 | 12,469 | 14,766 | 29,694 | |||||||||||
Total net revenue | $ | 647,472 | $ | 579,343 | $ | 1,421,402 | $ | 1,237,842 | |||||||
Operating expense: | |||||||||||||||
Mountain | $ | 281,968 | $ | 244,675 | $ | 729,382 | $ | 645,593 | |||||||
Lodging | 57,422 | 54,726 | 176,170 | 166,407 | |||||||||||
Total Resort operating expense | 339,390 | 299,401 | 905,552 | 812,000 | |||||||||||
Real estate | 3,085 | 14,028 | 17,043 | 35,513 | |||||||||||
Total segment operating expense | $ | 342,475 | $ | 313,429 | $ | 922,595 | $ | 847,513 | |||||||
Gain on litigation settlement | $ | — | $ | — | $ | — | $ | 16,400 | |||||||
Gain on sale of real property | 19 | 151 | 1,810 | 151 | |||||||||||
Mountain equity investment income (loss), net | 211 | (129 | ) | 992 | 396 | ||||||||||
Reported EBITDA: | |||||||||||||||
Mountain | $ | 291,048 | $ | 254,747 | $ | 478,220 | $ | 394,171 | |||||||
Lodging | 15,511 | 12,597 | 23,856 | 18,773 | |||||||||||
Resort | 306,559 | 267,344 | 502,076 | 412,944 | |||||||||||
Real estate | (1,332 | ) | (1,408 | ) | (467 | ) | (5,668 | ) | |||||||
Total Reported EBITDA | $ | 305,227 | $ | 265,936 | $ | 501,609 | $ | 407,276 | |||||||
Real estate held for sale and investment | $ | 116,874 | $ | 137,740 | $ | 116,874 | $ | 137,740 | |||||||
Reconciliation to net income attributable to Vail Resorts, Inc.: | |||||||||||||||
Total Reported EBITDA | $ | 305,227 | $ | 265,936 | $ | 501,609 | $ | 407,276 | |||||||
Depreciation and amortization | (41,472 | ) | (38,242 | ) | (120,713 | ) | (111,587 | ) | |||||||
Change in fair value of Contingent Consideration | — | — | — | 4,550 | |||||||||||
Loss on disposal of fixed assets and other, net | (164 | ) | (71 | ) | (3,149 | ) | (852 | ) | |||||||
Investment income, net | 150 | 119 | 509 | 155 | |||||||||||
Interest expense | (10,400 | ) | (13,735 | ) | (31,905 | ) | (41,110 | ) | |||||||
Income before provision for income taxes | 253,341 | 214,007 | 346,351 | 258,432 | |||||||||||
Provision for income taxes | (95,804 | ) | (80,605 | ) | (131,613 | ) | (73,654 | ) | |||||||
Net income | $ | 157,537 | $ | 133,402 | $ | 214,738 | $ | 184,778 | |||||||
Net loss attributable to noncontrolling interests | 95 | 8 | 289 | 118 | |||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 157,632 | $ | 133,410 | $ | 215,027 | $ | 184,896 |
• | The timing and amount of snowfall can have an impact on Mountain and Lodging revenue particularly in regards to skier visits and the duration and frequency of guest visitation. To help mitigate this impact, we sell a variety of season pass products prior to the beginning of the ski season resulting in a more stabilized stream of lift revenue. Additionally, our season pass products provide a compelling value proposition to our guests, which in turn creates a guest commitment predominately prior to the start of the ski season. In March 2016, we began our early season pass sales program for the 2016/2017 ski season. Through May 31, 2016, our early U.S. season pass sales for the upcoming 2016/2017 U.S. ski season have increased approximately 29% in units and increased approximately 34% in sales dollars, compared to the prior year period ended June 2, 2015. However, we cannot predict if this favorable trend will continue through the Fall 2016 U.S. season pass sales campaign or the overall impact that season pass sales will have on lift revenue for the 2016/2017 U.S. ski season. |
• | Although many key economic indicators in the U.S. have held steady through the first third of calendar year 2016, including consumer confidence and the unemployment rate, the growth in the U.S. economy may be challenged by declining or slowing growth in economies outside of the U.S., or other factors, which may include devaluation of currencies against the U.S. dollar and fluctuating commodity prices. Given these economic trends and uncertainties, we cannot predict what the impact will be on overall travel and leisure spending or more specifically, on our guest visitation, guest spending or other related trends for the upcoming 2016/2017 U.S. ski season. |
• | On June 30, 2015, we acquired the entities that operate Perisher Ski Resort (“Perisher”) in New South Wales, Australia for total cash consideration of AU$176.2 million (approximately US$134.8 million), excluding cash acquired and assumed working capital. The cash purchase price was funded through borrowings from the revolving portion of our senior credit facility (“Credit Agreement”). We expect that Perisher will positively contribute to our results of operations with its operating season occurring during our first and fourth fiscal quarters. However, we cannot predict whether we will realize all of the synergies expected from the operations of Perisher and the ultimate impact Perisher will have on our future results of operations. |
• | As of April 30, 2016, we had $68.6 million in cash and cash equivalents, as well as $327.4 million available under the revolver component of our Credit Agreement (which represents the total commitment of $400.0 million less certain letters of credit outstanding of $72.6 million). During the three and nine months ended April 30, 2016 we repurchased 108,036 and 485,866 shares of our common stock, respectively, at a total cost of approximately $13.8 million and $53.8 million, respectively. Additionally, in January 2016 we completed the acquisition of a ski area, Wilmot Mountain in Wisconsin, for cash consideration of approximately $20.2 million. We believe that the terms of our Credit Agreement allow for sufficient flexibility in our ability to make future acquisitions, investments, distributions to stockholders and incur |
• | Real Estate Reported EBITDA is highly dependent on, among other things, the timing of closings on condominium units available for sale, which determines when revenue and associated cost of sales are recognized. Changes to the anticipated timing or mix of closing on one or more real estate projects, or unit closings within a real estate project, could materially impact Real Estate Reported EBITDA for a particular quarter or fiscal year. As of April 30, 2016, we had six units at The Ritz-Carlton Residences, Vail and two units at One Ski Hill Place in Breckenridge available for sale with a remaining book value of approximately $18.5 million for both projects. We cannot predict the ultimate number of units we will sell, the ultimate price we will receive, or when the units will sell, although we currently anticipate the selling process will take less than two years to complete assuming continued stability in resort real estate markets. |
• | In accordance with GAAP, we test goodwill and indefinite-lived intangible assets for impairment annually as well as on an interim basis to the extent factors or indicators become apparent that could reduce the fair value of our reporting units or indefinite-lived intangible assets below book value. We also evaluate long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate the recoverability of our goodwill by estimating the future discounted cash flows of our reporting units and terminal values of the businesses using projected future levels of income, as well as business trends, prospects and market and economic conditions. We evaluate the recoverability of indefinite-lived intangible assets using the income approach based upon estimated future revenue streams, and we evaluate long-lived assets based upon estimated undiscounted future cash flows. Our fiscal 2015 annual impairment test did not result in a goodwill or indefinite-lived intangible asset impairment. However, if lower than projected levels of cash flows were to occur due to prolonged abnormal weather conditions or a prolonged weakness in general economic conditions, among other risks, this could cause less than expected growth and/or a reduction in terminal values and cash flows and could result in an impairment charge attributable to certain goodwill, indefinite-lived intangible assets and/or long-lived assets, negatively affecting our results of operations and stockholders’ equity. |
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Mountain Reported EBITDA | $ | 291,048 | $ | 254,747 | $ | 478,220 | $ | 394,171 | ||||||||
Lodging Reported EBITDA | 15,511 | 12,597 | 23,856 | 18,773 | ||||||||||||
Resort Reported EBITDA | 306,559 | 267,344 | 502,076 | 412,944 | ||||||||||||
Real Estate Reported EBITDA | (1,332 | ) | (1,408 | ) | (467 | ) | (5,668 | ) | ||||||||
Income before provision for income taxes | 253,341 | 214,007 | 346,351 | 258,432 | ||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 157,632 | $ | 133,410 | $ | 215,027 | $ | 184,896 |
Three Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2016 | 2015 | ||||||||||
Net Mountain revenue: | |||||||||||
Lift | $ | 334,789 | $ | 285,249 | 17.4 | % | |||||
Ski school | 74,279 | 66,216 | 12.2 | % | |||||||
Dining | 51,000 | 44,003 | 15.9 | % | |||||||
Retail/rental | 79,384 | 71,078 | 11.7 | % | |||||||
Other | 33,353 | 33,005 | 1.1 | % | |||||||
Total Mountain net revenue | $ | 572,805 | $ | 499,551 | 14.7 | % | |||||
Mountain operating expense: | |||||||||||
Labor and labor-related benefits | $ | 115,932 | $ | 99,926 | 16.0 | % | |||||
Retail cost of sales | 26,123 | 23,520 | 11.1 | % | |||||||
Resort related fees | 36,129 | 31,624 | 14.2 | % | |||||||
General and administrative | 45,753 | 37,047 | 23.5 | % | |||||||
Other | 58,031 | 52,558 | 10.4 | % | |||||||
Total Mountain operating expense | $ | 281,968 | $ | 244,675 | 15.2 | % | |||||
Mountain equity investment income (loss), net | 211 | (129 | ) | 263.6 | % | ||||||
Mountain Reported EBITDA | $ | 291,048 | $ | 254,747 | 14.2 | % | |||||
Total skier visits | 4,689 | 4,118 | 13.9 | % | |||||||
ETP | $ | 71.40 | $ | 69.27 | 3.1 | % |
Nine Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2016 | 2015 | ||||||||||
Net Mountain revenue: | |||||||||||
Lift | $ | 642,627 | $ | 524,537 | 22.5 | % | |||||
Ski school | 139,703 | 123,511 | 13.1 | % | |||||||
Dining | 108,093 | 90,661 | 19.2 | % | |||||||
Retail/rental | 214,748 | 195,563 | 9.8 | % | |||||||
Other | 101,439 | 88,696 | 14.4 | % | |||||||
Total Mountain net revenue | $ | 1,206,610 | $ | 1,022,968 | 18.0 | % | |||||
Mountain operating expense: | |||||||||||
Labor and labor-related benefits | $ | 283,353 | $ | 245,401 | 15.5 | % | |||||
Retail cost of sales | 80,864 | 75,856 | 6.6 | % | |||||||
Resort related fees | 66,473 | 57,773 | 15.1 | % | |||||||
General and administrative | 130,901 | 112,613 | 16.2 | % | |||||||
Other | 167,791 | 153,950 | 9.0 | % | |||||||
Total Mountain operating expense | $ | 729,382 | $ | 645,593 | 13.0 | % | |||||
Gain on litigation settlement | — | 16,400 | (100.0 | )% | |||||||
Mountain equity investment income, net | 992 | 396 | 150.5 | % | |||||||
Mountain Reported EBITDA | $ | 478,220 | $ | 394,171 | 21.3 | % | |||||
Total skier visits | 9,705 | 8,189 | 18.5 | % | |||||||
ETP | $ | 66.22 | $ | 64.05 | 3.4 | % |
Three Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2016 | 2015 | ||||||||||
Lodging net revenue: | |||||||||||
Owned hotel rooms | $ | 13,813 | $ | 13,097 | 5.5 | % | |||||
Managed condominium rooms | 23,110 | 21,904 | 5.5 | % | |||||||
Dining | 10,167 | 9,778 | 4.0 | % | |||||||
Transportation | 8,827 | 9,690 | (8.9 | )% | |||||||
Other | 13,634 | 10,190 | 33.8 | % | |||||||
69,551 | 64,659 | 7.6 | % | ||||||||
Payroll cost reimbursements | 3,382 | 2,664 | 27.0 | % | |||||||
Total Lodging net revenue | $ | 72,933 | $ | 67,323 | 8.3 | % | |||||
Lodging operating expense: | |||||||||||
Labor and labor-related benefits | $ | 26,808 | $ | 26,465 | 1.3 | % | |||||
General and administrative | 9,657 | 8,736 | 10.5 | % | |||||||
Other | 17,575 | 16,861 | 4.2 | % | |||||||
54,040 | 52,062 | 3.8 | % | ||||||||
Reimbursed payroll costs | 3,382 | 2,664 | 27.0 | % | |||||||
Total Lodging operating expense | $ | 57,422 | $ | 54,726 | 4.9 | % | |||||
Lodging Reported EBITDA | $ | 15,511 | $ | 12,597 | 23.1 | % | |||||
Owned hotel statistics: | |||||||||||
ADR | $ | 263.40 | $ | 256.34 | 2.8 | % | |||||
RevPAR | $ | 188.86 | $ | 179.55 | 5.2 | % | |||||
Managed condominium statistics: | |||||||||||
ADR | $ | 407.96 | $ | 395.30 | 3.2 | % | |||||
RevPAR | $ | 185.19 | $ | 171.64 | 7.9 | % | |||||
Owned hotel and managed condominium statistics (combined): | |||||||||||
ADR | $ | 359.55 | $ | 348.59 | 3.1 | % | |||||
RevPAR | $ | 186.10 | $ | 173.53 | 7.2 | % |
Nine Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2016 | 2015 | ||||||||||
Lodging net revenue: | |||||||||||
Owned hotel rooms | $ | 43,164 | $ | 39,348 | 9.7 | % | |||||
Managed condominium rooms | 52,420 | 49,663 | 5.6 | % | |||||||
Dining | 34,049 | 31,538 | 8.0 | % | |||||||
Transportation | 19,440 | 20,504 | (5.2 | )% | |||||||
Golf | 8,722 | 7,805 | 11.7 | % | |||||||
Other | 33,009 | 28,811 | 14.6 | % | |||||||
190,804 | 177,669 | 7.4 | % | ||||||||
Payroll cost reimbursements | 9,222 | 7,511 | 22.8 | % | |||||||
Total Lodging net revenue | $ | 200,026 | $ | 185,180 | 8.0 | % | |||||
Lodging operating expense: | |||||||||||
Labor and labor-related benefits | $ | 82,529 | $ | 79,783 | 3.4 | % | |||||
General and administrative | 27,036 | 25,102 | 7.7 | % | |||||||
Other | 57,383 | 54,011 | 6.2 | % | |||||||
166,948 | 158,896 | 5.1 | % | ||||||||
Reimbursed payroll costs | 9,222 | 7,511 | 22.8 | % | |||||||
Total Lodging operating expense | $ | 176,170 | $ | 166,407 | 5.9 | % | |||||
Lodging Reported EBITDA | $ | 23,856 | $ | 18,773 | 27.1 | % | |||||
Owned hotel statistics: | |||||||||||
ADR | $ | 232.50 | $ | 224.50 | 3.6 | % | |||||
RevPAR | $ | 156.09 | $ | 143.37 | 8.9 | % | |||||
Managed condominium statistics: | |||||||||||
ADR | $ | 353.54 | $ | 348.68 | 1.4 | % | |||||
RevPAR | $ | 128.79 | $ | 118.45 | 8.7 | % | |||||
Owned hotel and managed condominium statistics (combined): | |||||||||||
ADR | $ | 303.40 | $ | 297.27 | 2.1 | % | |||||
RevPAR | $ | 136.37 | $ | 125.26 | 8.9 | % |
Three Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2016 | 2015 | ||||||||||
Total Real Estate net revenue | $ | 1,734 | $ | 12,469 | (86.1 | )% | |||||
Real Estate operating expense: | |||||||||||
Cost of sales (including sales commission) | 1,161 | 10,924 | (89.4 | )% | |||||||
Other | 1,924 | 3,104 | (38.0 | )% | |||||||
Total Real Estate operating expense | 3,085 | 14,028 | (78.0 | )% | |||||||
Gain on sale of real property | 19 | 151 | (87.4 | )% | |||||||
Real Estate Reported EBITDA | $ | (1,332 | ) | $ | (1,408 | ) | 5.4 | % |
Nine Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2016 | 2015 | ||||||||||
Total Real Estate net revenue | $ | 14,766 | $ | 29,694 | (50.3 | )% | |||||
Real Estate operating expense: | |||||||||||
Cost of sales (including sales commission) | 11,712 | 24,804 | (52.8 | )% | |||||||
Other | 5,331 | 10,709 | (50.2 | )% | |||||||
Total Real Estate operating expense | 17,043 | 35,513 | (52.0 | )% | |||||||
Gain on sale of real property | 1,810 | 151 | 1,098.7 | % | |||||||
Real Estate Reported EBITDA | $ | (467 | ) | $ | (5,668 | ) | 91.8 | % |
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Mountain Reported EBITDA | $ | 291,048 | $ | 254,747 | $ | 478,220 | $ | 394,171 | |||||||
Lodging Reported EBITDA | 15,511 | 12,597 | 23,856 | 18,773 | |||||||||||
Resort Reported EBITDA | 306,559 | 267,344 | 502,076 | 412,944 | |||||||||||
Real Estate Reported EBITDA | (1,332 | ) | (1,408 | ) | (467 | ) | (5,668 | ) | |||||||
Total Reported EBITDA | 305,227 | 265,936 | 501,609 | 407,276 | |||||||||||
Depreciation and amortization | (41,472 | ) | (38,242 | ) | (120,713 | ) | (111,587 | ) | |||||||
Loss on disposal of fixed assets and other, net | (164 | ) | (71 | ) | (3,149 | ) | (852 | ) | |||||||
Change in fair value of Contingent Consideration | — | — | — | 4,550 | |||||||||||
Investment income, net | 150 | 119 | 509 | 155 | |||||||||||
Interest expense | (10,400 | ) | (13,735 | ) | (31,905 | ) | (41,110 | ) | |||||||
Income before provision for income taxes | 253,341 | 214,007 | 346,351 | 258,432 | |||||||||||
Provision for income taxes | (95,804 | ) | (80,605 | ) | (131,613 | ) | (73,654 | ) | |||||||
Net income | 157,537 | 133,402 | 214,738 | 184,778 | |||||||||||
Net loss attributable to noncontrolling interests | 95 | 8 | 289 | 118 | |||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 157,632 | $ | 133,410 | $ | 215,027 | $ | 184,896 |
April 30, | ||||||||
2016 | 2015 | |||||||
Long-term debt | $ | 615,829 | $ | 379,796 | ||||
Long-term debt due within one year | 13,349 | 256,953 | ||||||
Total debt | 629,178 | 636,749 | ||||||
Less: cash and cash equivalents | 68,565 | 125,214 | ||||||
Net Debt | $ | 560,613 | $ | 511,535 |
• | prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; |
• | unfavorable weather conditions or natural disasters; |
• | 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; |
• | adverse events that occur during our peak operating periods combined with the seasonality of our business; |
• | competition in our mountain and lodging businesses; |
• | high fixed cost structure of our business; |
• | our ability to fund resort capital expenditures; |
• | 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; |
• | risks related to our reliance on information technology; |
• | our failure to maintain the integrity of our customer or employee data; |
• | adverse consequences of current or future legal claims; |
• | a deterioration in the quality or reputation of our brands, including from the risk of accidents at our mountain resorts; |
• | our ability to hire and retain a sufficient seasonal workforce; |
• | risks related to our workforce, including increased labor costs; |
• | loss of key personnel; |
• | our ability to successfully integrate acquired businesses or future acquisitions; |
• | our ability to realize anticipated financial benefits from Park City; |
• | fluctuations in foreign currency exchange rates, in particular the Australian dollar; |
• | impairments or write downs of our assets; |
• | changes in accounting estimates and judgments, accounting principles, policies or guidelines; and |
• | a materially adverse change in our financial condition. |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||
February 1, 2016 – February 29, 2016 | — | $ | — | — | 2,173,059 | |||||||
March 1, 2016 – March 31, 2016 | 108,036 | 127.59 | 108,036 | 2,065,023 | ||||||||
April 1, 2016 – April 30, 2016 | — | — | — | 2,065,023 | ||||||||
Total | 108,036 | $ | 127.59 | 108,036 | 2,065,023 |
(1) | The share repurchase program is conducted under authorizations made from time to time by our Board of Directors. The Board of Directors initially authorized the repurchase of up to 3,000,000 shares of common stock (March 9, 2006), and later authorized additional repurchases of up to 3,000,000 additional shares (July 16, 2008) and 1,500,000 shares (December 4, 2015), for a total authorization to repurchase shares of up to 7,500,000 shares. As of April 30, 2016, 2,065,023 shares remained available to repurchase under the existing repurchase authorization. Repurchases under these authorizations may be made from time to time at prevailing prices as permitted by applicable laws, and subject to market conditions and other factors. These authorizations have no expiration date. |
Exhibit Number | Description | Sequentially Numbered Page |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 43 |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 44 |
32 | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | 45 |
101 | The following information from the Company’s Quarterly Report on Form 10-Q for the three and nine months ended April 30, 2016 formatted in eXtensible Business Reporting Language: (i) Unaudited Consolidated Condensed Balance Sheets as of April 30, 2016, July 31, 2015, and April 30, 2015; (ii) Unaudited Consolidated Condensed Statements of Operations for the three and nine months ended April 30, 2016 and 2015; (iii) Unaudited Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended April 30, 2016 and 2015; (iv) Unaudited Consolidated Condensed Statements of Stockholders’ Equity for the nine months ended April 30, 2016 and 2015; (v) Unaudited Consolidated Condensed Statements of Cash Flows for the nine months ended April 30, 2016 and 2015; and (vi) Notes to the Consolidated Condensed Financial Statements. |
Vail Resorts, Inc. | ||
Date: June 9, 2016 | By: | /s/ Michael Z. Barkin |
Michael Z. Barkin | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) | ||
Date: June 9, 2016 | By: | /s/ Ryan H. Siurek |
Ryan H. Siurek | ||
Vice President, Controller and Chief Accounting Officer | ||
(Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Vail Resorts, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: June 9, 2016 | |
/s/ ROBERT A. KATZ | |
Robert A. Katz | |
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Vail Resorts, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: June 9, 2016 | |
/s/ MICHAEL Z. BARKIN | |
Michael Z. Barkin | |
Executive Vice President and Chief Financial Officer |
Date: June 9, 2016 | |
/s/ ROBERT A. KATZ | |
Robert A. Katz | |
Chief Executive Officer |
Date: June 9, 2016 | |
/s/ MICHAEL Z. BARKIN | |
Michael Z. Barkin | |
Executive Vice President and Chief Financial Officer |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Apr. 30, 2016 |
Jun. 06, 2016 |
|
Document And Entity Information [Abstract] | ||
Entity Voluntary Filers | No | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MTN | |
Entity Registrant Name | VAIL RESORTS INC | |
Entity Central Index Key | 0000812011 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 36,163,420 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes |
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares |
Apr. 30, 2016 |
Jul. 31, 2015 |
Apr. 30, 2015 |
---|---|---|---|
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 41,595,420 | 41,462,941 | 41,309,969 |
Treasury stock, shares | 5,434,977 | 4,949,111 | 4,949,111 |
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Apr. 30, 2016 |
Apr. 30, 2015 |
Apr. 30, 2016 |
Apr. 30, 2015 |
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Net income (loss) | $ 157,537 | $ 133,402 | $ 214,738 | $ 184,778 |
Foreign currency translation adjustments | 6,540 | 23 | 3,746 | (424) |
Comprehensive income (loss) | 164,077 | 133,425 | 218,484 | 184,354 |
Comprehensive loss (income) attributable to noncontrolling interests | 95 | 8 | 289 | 118 |
Comprehensive income (loss) attributable to Vail Resorts, Inc. | $ 164,172 | $ 133,433 | $ 218,773 | $ 184,472 |
Organization and Business |
9 Months Ended |
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Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business Vail Resorts, Inc. (“Vail Resorts” or the “Parent Company”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. In the Mountain segment, the Company operates nine world-class mountain resort properties at Vail, Breckenridge, Keystone and Beaver Creek mountain resorts in Colorado; Park City mountain resort in Utah (“Park City” comprised of the former standalone Park City Mountain Resort acquired in September 2014 and the former Canyons Resort (“Canyons”) in Park City, Utah); Heavenly, Northstar, and Kirkwood mountain resorts in the Lake Tahoe area of California and Nevada; Perisher Ski Resort (“Perisher,” acquired in June 2015) in New South Wales, Australia; and, the ski areas of Wilmot Mountain in Wisconsin (“Wilmot,” acquired in January 2016), Afton Alps in Minnesota and Mount Brighton in Michigan (“Urban” ski areas); as well as ancillary services, primarily including ski school, dining and retail/rental operations, and for Perisher including lodging and transportation operations. The resorts located in the United States (“U.S.”), except for Northstar, Park City and the Urban ski areas, operate primarily on federal land under the terms of Special Use Permits granted by the United States Department of Agriculture Forest Service (the “Forest Service”). The operations of Perisher are conducted pursuant to a long-term lease and license on land owned by the government of New South Wales, Australia. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company’s U.S. mountain resorts, National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in the Grand Teton National Park, Colorado Mountain Express (“CME”), a Colorado resort ground transportation company, and mountain resort golf courses. Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary, conducts the operations of the Company’s Real Estate segment, which owns and develops real estate in and around the Company’s resort communities. The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April in the U.S. The Company’s operating season at Perisher, its NPS concessionaire properties and its golf courses generally occur from June to early October. The Company also has non-majority owned investments in various other entities, some of which are consolidated (see Note 7, Variable Interest Entities). |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2015 was derived from audited financial statements. Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. New Accounting Standards— In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of the new revenue standard by one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019 if it does not early adopt), using one of two retrospective application methods. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures and is determining the appropriate transition method. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in ASC 810, “Consolidation.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017). The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in the new standard is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. In June 2015, the FASB issued ASU No. 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The guidance in ASU No. 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017) and early adoption is permitted for financial statements that have not been previously issued. The standard should be applied on a retrospective basis. The adoption of this new accounting standard will amend presentation and disclosure requirements concerning debt issuance costs; but will not affect the Company’s overall financial position or results of operations and cash flows. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The standard provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for as an acquisition of a software license. If a cloud computing arrangement does not include a software license, it should be accounted for as a service contract. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017) and may be adopted either retrospectively or prospectively. The adoption of this accounting standard is not expected to have a material impact on the Company’s financial position or results of operations and cash flows. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This standard provides guidance on the measurement of inventory that is measured using first-in, first-out or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018) and is required to be adopted prospectively and early adoption is permitted. The adoption of this accounting standard is not expected to have a material impact on the Company’s financial position or results of operations and cash flows. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” The standard requires that adjustments to provisional amounts identified during the measurement period of a business combination be recognized in the reporting period in which those adjustments are determined, including the effect on earnings, if any, calculated as if the accounting had been completed at the acquisition date. The standard eliminates the previous requirement to retrospectively account for such adjustments but requires additional disclosures related to the income statement effects of adjustments to provisional amounts identified during the measurement period. The standard is effective for the annual period beginning after December 15, 2015 and interim periods within those annual periods (the Company’s first quarter of fiscal 2017), with early adoption permitted, and is to be applied prospectively. The Company has adopted this standard and will apply this standard, as applicable, on any future measurement period adjustments. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The standard changes how deferred taxes are classified on an entity’s balance sheets. The standard eliminates the current requirement for entities to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted, and may be applied prospectively or retrospectively. The adoption of this new accounting standard will amend presentation requirements, but will not affect the Company’s overall financial position or results of operations and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance requires entities to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement when the awards vest or are settled. The guidance also requires entities to present excess tax benefits as an operating activity and cash paid to a taxing authority to satisfy statutory withholding as a financing activity on the statement of cash flows. Additionally, the guidance allows entities to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows. |
Net Income Per Common Share |
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Earnings Per Share Reconciliation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | Net Income Per Common Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then participate in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended April 30, 2016 and 2015 (in thousands, except per share amounts):
The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 24,000 and 15,000 for the three months ended April 30, 2016 and 2015, respectively. Presented below is basic and diluted EPS for the nine months ended April 30, 2016 and 2015 (in thousands, except per share amounts):
The number of shares issuable on the exercise of share based awards excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 13,000 and 5,000 for the nine months ended April 30, 2016 and 2015, respectively. During the three and nine months ended April 30, 2016, the Company paid cash dividends of $0.8100 and $2.0550 per share, respectively ($29.3 million and $74.5 million, respectively, in the aggregate). During the three and nine months ended April 30, 2015, the Company paid cash dividends of $0.6225 and $1.4525 per share, respectively ($22.6 million and $52.8 million, respectively, in the aggregate). On June 8, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.8100 per share payable on July 13, 2016 to stockholders of record as of June 28, 2016. |
Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | ong-Term Debt Long-term debt as of April 30, 2016, July 31, 2015 and April 30, 2015 is summarized as follows (in thousands):
Aggregate maturities for debt outstanding as of April 30, 2016 reflected by fiscal year are as follows (in thousands):
The Company incurred gross interest expense of $10.4 million and $13.7 million for the three months ended April 30, 2016 and 2015, respectively, of which $0.2 million and $0.4 million, respectively, were amortization of deferred financing costs. The Company incurred gross interest expense of $31.9 million and $41.1 million for the nine months ended April 30, 2016 and 2015, respectively, of which $0.7 million and $1.1 million, respectively, were amortization of deferred financing costs. The Company had no capitalized interest during the three and nine months ended April 30, 2016 and 2015. |
Acquisitions |
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Acquisitions | Acquisitions Wilmot Mountain On January 19, 2016, the Company, through a wholly-owned subsidiary, acquired all of the assets of Wilmot, a ski area located in Wisconsin near the Illinois state line, for total cash consideration of $20.2 million. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. The Company has completed its preliminary purchase price allocation and has recorded $12.5 million in property, plant and equipment, $0.2 million in other assets, $0.4 million in other intangible assets (with a weighted-average amortization period of 10 years) and $0.3 million of assumed liabilities on the date of acquisition. The excess of the purchase price over the aggregate fair value of assets acquired and liabilities assumed was $7.4 million and was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Wilmot and other factors. The goodwill is expected to be deductible for income tax purposes. The operating results of Wilmot are reported within the Mountain segment. Perisher Ski Resort On June 30, 2015, the Company, through a wholly-owned subsidiary, acquired all of the entities that operate Perisher in New South Wales, Australia for total cash consideration of $124.6 million, net of cash acquired. The Company funded the cash purchase price through borrowings under the revolver portion of its senior credit facility (“Credit Agreement”). Perisher holds a long-term lease and license with the New South Wales Government under the National Parks and Wildlife Act, which expires in 2048 with a 20-year renewal option. The Company acquired the entities that hold the assets and conduct operations, including the long-term lease and license with the New South Wales government for the ski area and related amenities of Perisher, as well as assumed liabilities. The following summarizes the preliminary estimated fair value of the identifiable assets acquired and liabilities assumed at the date the Perisher transaction was effective (in thousands).
The estimated fair value of assets acquired and liabilities assumed in the acquisition of Perisher are preliminary and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The Company believes this information provides a reasonable basis for estimating the fair value of assets acquired and liabilities assumed, but the Company is obtaining additional information necessary to finalize those fair value. Therefore, the preliminary measurements of fair value reflected are subject to change. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. The excess of the purchase price over the aggregate fair value of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Perisher and other factors. None of the goodwill is expected to be deductible for income tax purposes under Australian tax law. The intangible assets primarily consist of trademarks and customer lists. The definite-lived intangible assets have a weighted-average amortization period of approximately 4 years. Park City Mountain Resort On September 11, 2014, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company, and Greater Park City Company, Powdr Corp., Greater Properties, Inc., Park Properties, Inc., and Powdr Development Company (collectively, the “Park City Sellers”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) providing for the acquisition of substantially all of the assets related to Park City Mountain Resort in Park City, Utah. The cash purchase price was $182.5 million and was funded through borrowings under the revolver portion of the Credit Agreement. As provided under the Purchase Agreement, the Company acquired the property, assets and operations of Park City Mountain Resort, which includes the ski area and related amenities, from the Park City Sellers and assumed leases of certain realty, acquired certain assets, and assumed certain liabilities of the Park City Sellers relating to Park City Mountain Resort. In addition to the Purchase Agreement, the parties settled the litigation related to the validity of a lease of certain land owned by Talisker Land Holdings, LLC (“Talisker”) under the ski terrain of Park City Mountain Resort (the “Park City Litigation”). In connection with settling the Park City Litigation, the Company recorded a non-cash gain of $16.4 million in the Mountain segment for the nine months ended April 30, 2015. The gain on litigation settlement represented the estimated fair value of the rents (including damages and interest) due the Company from the Park City Sellers for their use of land and improvements from the Canyons transaction date of May 29, 2013 to the Park City Mountain Resort acquisition date. Additionally, the Company assigned a fair value of $10.1 million to the settlement of the Park City Litigation that applied to the period prior to the Canyons transaction. The combined fair value of the Park City Litigation settlement of $26.5 million was determined by applying market capitalization rates to the estimated fair market value of the land and improvements, plus an estimate of statutory damages and interest. The estimated fair value of the Park City Litigation settlement was not received in cash, but was instead reflected as part of the cash price negotiated for the Park City Mountain Resort acquisition. Accordingly, the estimated fair value of the Park City Litigation settlement was included in the total consideration for the acquisition of Park City Mountain Resort. However, the gain on the Park City Litigation settlement was recorded as a separate transaction, as discussed above. Under an agreement entered into in conjunction with the Canyons transaction, the Company made a $10.0 million payment to Talisker in the nine months ended April 30, 2015, resulting from the settlement of the Park City Litigation. The following summarizes the fair value of the identifiable assets acquired and liabilities assumed at the date the Park City transaction was effective (in thousands):
The excess of the purchase price over the aggregate fair value of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Park City Mountain Resort and other factors. The majority of goodwill is expected to be deductible for income tax purposes. The intangible assets primarily consist of trademarks, water rights, and customer lists. The intangible assets have a weighted-average amortization period of approximately 46 years. The operating results of Park City, which are recorded in the Mountain segment, contributed $35.4 million and $63.8 million of net revenue (including an allocation of season pass revenue) for the three and nine months ended April 30, 2015, respectively. The Company recognized $0.8 million of transaction related expenses in Mountain operating expense in the Consolidated Condensed Statements of Operations for the nine months ended April 30, 2015. Certain land and improvements in the Park City Mountain Resort ski area (excluding the base area) were part of the Talisker leased premises to Park City Mountain Resort and were subject to the Park City Litigation as of the Canyons transaction date (May 29, 2013), and as such, were recorded as a deposit (“Park City Deposit”) for the potential future interests in the land and associated improvements at its estimated fair value in conjunction with the Canyons transaction. Upon settlement of the Park City Litigation, the land and improvements associated with the Talisker leased premises became subject to the Canyons lease, and as a result, the Company reclassified the Park City Deposit to the respective assets within property, plant and equipment in the nine months ended April 30, 2015. The inclusion of the land and certain land improvements that was subject to the Park City Litigation and now included in the Canyons lease requires no additional consideration from the Company to Talisker, but the financial contribution from the operations of Park City Mountain Resort will be included as part of the calculation of EBITDA for the resort operations, and as a result, factor into the participating contingent payments (see Note 8, Fair Value Measurements). The majority of the assets acquired under the Park City Mountain Resort acquisition, although not under lease, are subject to the terms and conditions of the Canyons lease. Perisher and Park City Mountain Resort Pro Forma Financial Information The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisitions of Perisher and Park City Mountain Resort were completed on August 1, 2014. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) related-party land leases; and (iv) transaction and business integration related costs. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2014 (in thousands, except per share amounts).
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Supplementary Balance Sheet Information |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Balance Sheet Information | Supplementary Balance Sheet Information The composition of property, plant and equipment follows (in thousands):
The composition of accounts payable and accrued liabilities follows (in thousands):
The composition of other long-term liabilities follows (in thousands):
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Variable Interest Entities |
9 Months Ended |
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Apr. 30, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company is the primary beneficiary of four employee housing entities (collectively, the “Employee Housing Entities”), Breckenridge Terrace, LLC, The Tarnes at BC, LLC, BC Housing, LLC and Tenderfoot Seasonal Housing, LLC, which are VIEs, and the Company has consolidated these VIEs in its Consolidated Condensed Financial Statements. As a group, as of April 30, 2016, the Employee Housing Entities had total assets of $25.7 million (primarily recorded in property, plant and equipment, net) and total liabilities of $64.3 million (primarily recorded in long-term debt as “Employee Housing Bonds”). The Company’s lenders have issued letters of credit totaling $53.4 million under the Company’s Credit Agreement related to Employee Housing Bonds. Payments under the letters of credit would be triggered in the event that one of the entities defaults on required payments. The letters of credit have no default provisions. The Company is the primary beneficiary of Avon Partners II, LLC (“APII”), which is a VIE. APII owns commercial space and the Company leases substantially all of that space. APII had total assets of $4.1 million (primarily recorded in property, plant and equipment, net) and no debt as of April 30, 2016. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Company’s cash equivalents and Contingent Consideration (as defined below) measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands):
The Company’s cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The changes in Contingent Consideration during the nine months ended April 30, 2016 and 2015 were as follows (in thousands):
The lease for Canyons provides for participating contingent payments to Talisker of 42% of the amount by which EBITDA for the resort operations, as calculated under the lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company (the “Contingent Consideration”). The fair value of Contingent Consideration includes the resort operations of Park City Mountain Resort, following completion of the acquisition, in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made by 10% of the purchase price paid by the Company for Park City Mountain Resort along with all future capital expenditures associated with Park City Mountain Resort. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. As of April 30, 2016, key assumptions included a discount rate of 11.5%, volatility of 20.0%, and credit risk of 2.5%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. As Contingent Consideration is classified as a liability, the liability is remeasured to fair value at each reporting date until the contingency is resolved. During the nine months ended April 30, 2016, the Company did not record a change in the estimated fair value of the participating contingent payments. The estimated fair value of the Contingent Consideration is $6.9 million as of April 30, 2016, and this liability is recorded in other long-term liabilities in the Consolidated Condensed Balance Sheets. |
Commitments and Contingencies |
9 Months Ended |
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Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Metropolitan Districts The Company credit-enhances $8.0 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through an $8.1 million letter of credit issued under the Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to the Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds, and the Company has recorded a liability of $1.8 million primarily within “other long-term liabilities” in the accompanying Consolidated Condensed Balance Sheets, as of April 30, 2016, July 31, 2015 and April 30, 2015, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending July 31, 2029. Guarantees/Indemnifications As of April 30, 2016, the Company had various other letters of credit for $64.6 million, consisting primarily of $53.4 million to support the Employee Housing Bonds and $11.2 million for workers’ compensation, general liability construction related deductibles and other activities. The Company also had surety bonds of $9.3 million as of April 30, 2016, primarily to provide collateral for its workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any future amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the fair value of the indemnification or guarantee to be immaterial based upon the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Self Insurance The Company is self-insured for claims under its health benefit plans and for the majority of workers’ compensation claims. Workers compensation claims are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 6, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for loss contingencies for all known matters deemed to be probable losses and estimable. As of April 30, 2016, July 31, 2015 and April 30, 2015, the accrual for the above loss contingencies was not material individually and in the aggregate. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company has three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts and Urban ski areas and related ancillary services. The Lodging segment includes the operations of all of the Company’s owned hotels in the U.S., RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns and develops real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of each other, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately. The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss, plus gain on litigation settlement and for the Real Estate segment, plus gain on sale of real property), which is a non-GAAP financial measure. The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (the Chief Executive Officer) for purposes of evaluating segment performance. Reported EBITDA is not a measure of financial performance under GAAP. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the Consolidated Condensed Financial Statements as indicators of financial performance or liquidity. Because Reported EBITDA is not a measurement determined in accordance with GAAP and thus is susceptible to varying calculations, Reported EBITDA as presented may not be comparable to other similarly titled measures of other companies. The Company utilizes Reported EBITDA in evaluating performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss plus gain on litigation settlement. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain on sale of real property. All segment expenses include an allocation of corporate administrative expenses. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below. The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):
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Stock Repurchase Plan |
9 Months Ended |
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Apr. 30, 2016 | |
Payments for Repurchase of Equity [Abstract] | |
Stock Repurchase Plan | Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 shares of common stock. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 shares for a total authorization to repurchase shares of up to 7,500,000 shares. During the three months ended April 30, 2016 and 2015, the Company repurchased 108,036 shares (at a total cost of $13.8 million) and zero shares of common stock, respectively. During the nine months ended April 30, 2016 and 2015, the Company repurchased 485,866 shares (at a total cost of $53.8 million) and zero shares of common stock, respectively. Since inception of its share repurchase program through April 30, 2016, the Company has repurchased 5,434,977 shares at a cost of approximately $247.0 million. As of April 30, 2016, 2,065,023 shares remained available to repurchase under the existing share repurchase program which has no expiration date. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under the Company’s employee share award plan. |
Income Taxes (Notes) |
9 Months Ended |
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Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. Income Taxes The Company had Federal net operating loss (“NOL”) carryforwards that expired in the year ended July 31, 2008 and were limited in deductibility each year under Section 382 of the Internal Revenue Code. The Company had only been able to use these NOL carryforwards to the extent of approximately $8.0 million per year through December 31, 2007 (the “Section 382 Amount”). However, during the year ended July 31, 2005, the Company amended previously filed tax returns (for tax years 1997-2002) in an effort to remove the restrictions under Section 382 of the Internal Revenue Code (the “Code”) on approximately $73.8 million of NOL carryforwards to reduce future taxable income. As a result, the Company requested a refund related to the amended returns in the amount of $6.2 million and reduced its Federal tax liability in the amount of $19.6 million in subsequent returns. These NOL carryforwards relate to fresh start accounting from the Company’s reorganization in 1992. During the year ended July 31, 2006, the Internal Revenue Service (“IRS”) completed its examination of the Company’s filing position in these amended returns and disallowed the Company’s request for refund and its position to remove the restrictions under Section 382 of the Code. The Company appealed the examiner’s disallowance of these NOL carryforwards to the Office of Appeals. In December 2008, the Office of Appeals denied the Company’s appeal, as well as a request for mediation. The Company disagreed with the IRS interpretation disallowing the utilization of the NOL’s and in August 2009, the Company filed a complaint in the United States District Court for the District of Colorado against the United States of America seeking a refund of approximately $6.2 million in Federal income taxes paid, plus interest. On July 1, 2011, the District Court granted the Company summary judgment, concluding that the IRS’s decision disallowing the utilization of the NOLs was inappropriate. The computations themselves, however, remained in dispute, and the District Court’s ruling was subject to appeal by the IRS. Subsequently, the District Court proceedings were continued pending settlement discussions between the parties. The Company also filed two related tax proceedings in the United States Tax Court regarding calculation of NOL carryover deductions for tax years 2006, 2007, and 2008. The two proceedings involved substantially the same issues as the litigation in the District Court for tax years 2000 and 2001 in which the Company disagreed with the IRS as to the utilization of NOLs. Like the District Court proceedings, the Tax Court proceedings were continued pending settlement discussions between the parties. On January 29, 2015, the parties completed the execution of a comprehensive settlement agreement resolving all issues and computations in the above mentioned pending proceedings, which allowed the Company to utilize a significant portion of the NOLs. As a result, the Company reversed $27.7 million of other long-term liabilities related to uncertain tax benefits, and recorded income tax benefits of $23.8 million for the utilization of the NOLs, including the reversal of accrued interest and penalties, within its Consolidated Condensed Statements of Operations for the nine months ended April 30, 2015. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Standards— In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of the new revenue standard by one year, and would allow entities the option to early adopt the new revenue standard as of the original effective date. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019 if it does not early adopt), using one of two retrospective application methods. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures and is determining the appropriate transition method. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in ASC 810, “Consolidation.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (iv) provide a scope exception for certain entities. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017). The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in the new standard is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. In June 2015, the FASB issued ASU No. 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The guidance in ASU No. 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017) and early adoption is permitted for financial statements that have not been previously issued. The standard should be applied on a retrospective basis. The adoption of this new accounting standard will amend presentation and disclosure requirements concerning debt issuance costs; but will not affect the Company’s overall financial position or results of operations and cash flows. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The standard provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for as an acquisition of a software license. If a cloud computing arrangement does not include a software license, it should be accounted for as a service contract. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017) and may be adopted either retrospectively or prospectively. The adoption of this accounting standard is not expected to have a material impact on the Company’s financial position or results of operations and cash flows. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This standard provides guidance on the measurement of inventory that is measured using first-in, first-out or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018) and is required to be adopted prospectively and early adoption is permitted. The adoption of this accounting standard is not expected to have a material impact on the Company’s financial position or results of operations and cash flows. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” The standard requires that adjustments to provisional amounts identified during the measurement period of a business combination be recognized in the reporting period in which those adjustments are determined, including the effect on earnings, if any, calculated as if the accounting had been completed at the acquisition date. The standard eliminates the previous requirement to retrospectively account for such adjustments but requires additional disclosures related to the income statement effects of adjustments to provisional amounts identified during the measurement period. The standard is effective for the annual period beginning after December 15, 2015 and interim periods within those annual periods (the Company’s first quarter of fiscal 2017), with early adoption permitted, and is to be applied prospectively. The Company has adopted this standard and will apply this standard, as applicable, on any future measurement period adjustments. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The standard changes how deferred taxes are classified on an entity’s balance sheets. The standard eliminates the current requirement for entities to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted, and may be applied prospectively or retrospectively. The adoption of this new accounting standard will amend presentation requirements, but will not affect the Company’s overall financial position or results of operations and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance requires entities to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement when the awards vest or are settled. The guidance also requires entities to present excess tax benefits as an operating activity and cash paid to a taxing authority to satisfy statutory withholding as a financing activity on the statement of cash flows. Additionally, the guidance allows entities to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows. |
Consolidated Financial Statements Policy [Table Text Block] | Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2015 was derived from audited financial statements. |
Use of Estimates | Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Net Income Per Common Share (Tables) |
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Earnings Per Share Reconciliation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Calculation On Basic And Diluted EPS | Presented below is basic and diluted EPS for the nine months ended April 30, 2016 and 2015 (in thousands, except per share amounts):
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long-Term Debt | Long-term debt as of April 30, 2016, July 31, 2015 and April 30, 2015 is summarized as follows (in thousands):
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Schedule Of Aggregate Maturities For Debt Outstanding | Aggregate maturities for debt outstanding as of April 30, 2016 reflected by fiscal year are as follows (in thousands):
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Acquisitions Acquisitions (Tables) |
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Business Acquisition, Pro Forma Information [Table Text Block] | This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2014 (in thousands, except per share amounts).
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
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Supplementary Balance Sheet Information (Tables) |
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition Of Property, Plant And Equipment | The composition of property, plant and equipment follows (in thousands):
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Components Of Accounts Payable And Accrued Liabilities | The composition of accounts payable and accrued liabilities follows (in thousands):
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Components Of Other Long-Term Liabilities | The composition of other long-term liabilities follows (in thousands):
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Cash Equivalents Measured At Fair Value | The table below summarizes the Company’s cash equivalents and Contingent Consideration (as defined below) measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands):
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Financial Information By Reportable Segment | The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):
|
Summary of Significant Accounting Policies (Narrative) (Details) |
9 Months Ended |
---|---|
Apr. 30, 2016 | |
Canyons Obligation [Member] | |
Debt Instrument, Year of Maturity | 2063 |
Summary of Significant Accounting Policies (Summary Of Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands |
Apr. 30, 2016 |
Jul. 31, 2015 |
Apr. 30, 2015 |
---|---|---|---|
Carrying value | $ 615,829 | $ 806,676 | $ 379,796 |
Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jul. 13, 2016 |
Jun. 28, 2016 |
Jun. 08, 2016 |
Apr. 30, 2016 |
Apr. 30, 2015 |
Apr. 30, 2016 |
Apr. 30, 2015 |
|
Anti-dilutive securities (in shares) | 24,000 | 15,000 | 13,000 | 5,000 | |||
Cash dividends declared per share | $ 0.8100 | $ 0.6225 | $ 2.0550 | $ 1.4525 | |||
Payments of Dividends | $ 29,300 | $ 22,600 | $ 74,530 | $ 52,778 | |||
Scenario, Forecast [Member] | |||||||
Cash dividends declared per share | $ 0.8100 | ||||||
Dividends Payable, Date to be Paid | Jul. 13, 2016 | ||||||
Dividends Payable, Date of Record | Jun. 28, 2016 |
Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2016 |
Apr. 30, 2015 |
Apr. 30, 2016 |
Apr. 30, 2015 |
|
Net income (loss) attributable to Vail Resorts, Inc. | $ 157,632 | $ 133,410 | $ 215,027 | $ 184,896 |
Weighted-average shares outstanding, basic (in shares) | 36,217 | 36,354 | 36,312 | 36,310 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,051 | 1,099 | 1,016 | 1,052 |
Weighted Average Number of Shares Outstanding, Diluted | 37,268 | 37,453 | 37,328 | 37,362 |
Basic net income (loss) per share attributable to Vail Resorts, Inc. | $ 4.35 | $ 3.67 | $ 5.92 | $ 5.09 |
Diluted net income (loss) per share attributable to Vail Resorts, Inc. | $ 4.23 | $ 3.56 | $ 5.76 | $ 4.95 |
Long-Term Debt Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 30, 2016 |
Apr. 30, 2015 |
Apr. 30, 2016 |
Apr. 30, 2015 |
Jul. 31, 2015 |
|
Gross interest expense | $ 10,400 | $ 13,700 | $ 31,900 | $ 41,100 | |
Long-term Debt | 629,178 | 636,749 | 629,178 | 636,749 | $ 816,830 |
Amortization of deferred financing costs | 200 | 400 | 700 | 1,100 | |
Interest costs incurred, capitalized | 0 | 0 | 0 | 0 | |
Industrial Development Bonds [Member] | |||||
Long-term Debt | $ 0 | $ 215,000 | $ 0 | $ 215,000 | $ 0 |
Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 30, 2016 |
Apr. 30, 2015 |
Apr. 30, 2016 |
Apr. 30, 2015 |
Jul. 31, 2015 |
|
Debt Instrument [Line Items] | |||||
Interest Expense, Debt | $ 10,400 | $ 13,700 | $ 31,900 | $ 41,100 | |
Amortization of Financing Costs | 200 | 400 | 700 | 1,100 | |
2013 | 3,269 | 3,269 | |||
2014 | 13,354 | 13,354 | |||
2015 | 13,397 | 13,397 | |||
2016 | 13,455 | 13,455 | |||
2017 | 204,141 | 204,141 | |||
Thereafter | 381,562 | 381,562 | |||
Total debt | $ 629,178 | $ 636,749 | $ 629,178 | $ 636,749 | $ 816,830 |
Acquisitions (Summary Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Apr. 30, 2015 |
Apr. 30, 2015 |
|
Pro Forma Financial Information [Line Items] | ||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 3.45 | $ 5.00 |
Pro forma net revenue | $ 579,672 | $ 1,282,926 |
Pro forma basic net income per share attributable to Vail Resorts, Inc. | $ 3.55 | $ 5.14 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 129,187 | $ 186,810 |
Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands |
Apr. 30, 2016 |
Jul. 31, 2015 |
Apr. 30, 2015 |
---|---|---|---|
Property, Plant and Equipment [Line Items] | |||
Land and land improvements | $ 439,815 | $ 431,854 | $ 413,775 |
Buildings and building improvements | 1,028,408 | 1,006,821 | 957,594 |
Machinery and equipment | 878,730 | 815,946 | 777,011 |
Furniture and fixtures | 305,159 | 286,863 | 284,403 |
Software | 112,551 | 106,433 | 105,482 |
Vehicles | 62,166 | 61,036 | 59,708 |
Construction in progress | 28,019 | 53,158 | 20,245 |
Gross property, plant and equipment | 2,854,848 | 2,762,111 | 2,618,218 |
Accumulated depreciation | (1,484,474) | (1,375,836) | (1,359,125) |
Property, plant and equipment, net | $ 1,370,374 | $ 1,386,275 | $ 1,259,093 |
Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands |
Apr. 30, 2016 |
Jul. 31, 2015 |
Apr. 30, 2015 |
---|---|---|---|
Balance Sheet Related Disclosures [Abstract] | |||
Trade payables | $ 47,144 | $ 62,099 | $ 52,371 |
Deferred revenue | 164,927 | 145,949 | 115,300 |
Accrued salaries, wages and deferred compensation | 34,403 | 33,461 | 38,594 |
Accrued benefits | 29,625 | 24,436 | 26,459 |
Deposits | 21,641 | 19,336 | 18,199 |
Other accruals | 40,349 | 46,018 | 42,133 |
Total accounts payable and accrued liabilities | $ 338,089 | $ 331,299 | $ 293,056 |
Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands |
Apr. 30, 2016 |
Jul. 31, 2015 |
Apr. 30, 2015 |
---|---|---|---|
Balance Sheet Related Disclosures [Abstract] | |||
Private club deferred initiation fee revenue | $ 123,341 | $ 126,104 | $ 128,295 |
Unfavorable lease obligation, net | 28,005 | 29,997 | 29,325 |
Other long-term liabilities | 97,952 | 99,815 | 78,312 |
Total other long-term liabilities | $ 249,298 | $ 255,916 | $ 235,932 |
Variable Interest Entities (Details) |
Apr. 30, 2016
USD ($)
entities
|
---|---|
Employee Housing Entities [Member] | |
Number of Variable Interest Entities | entities | 4 |
Carrying amount of consolidated VIE assets | $ 25,700,000 |
Carrying amount of consolidated VIE liabilities | 64,300,000 |
Amount outstanding in letters of credit | 53,400,000 |
Avon Partners II LLC [Member] | |
Carrying amount of consolidated VIE assets | 4,100,000 |
Carrying amount of consolidated VIE liabilities | $ 0 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Apr. 30, 2016 |
Apr. 30, 2015 |
Jul. 31, 2015 |
Jul. 31, 2014 |
|
Business Combination, Contingent Consideration Arrangements, Description | 42% of the amount by which EBITDA for the resort operations, as calculated under the lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company (the “Contingent Consideration”). | |||
Contingent Consideration, Key Assumptions for Valuation | The fair value of Contingent Consideration includes the resort operations of Park City Mountain Resort, following completion of the acquisition, in the calculation of EBITDA on which participating contingent payments are made, and increases the EBITDA threshold before which participating contingent payments are made by 10% of the purchase price paid by the Company for Park City Mountain Resort along with all future capital expenditures associated with Park City Mountain Resort. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. As of April 30, 2016, key assumptions included a discount rate of 11.5%, volatility of 20.0%, and credit risk of 2.5%. The model also incorporates assumptions for EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. | |||
Contingent Consideration, Fair Value Disclosure | $ 6,900 | $ 6,000 | $ 6,900 | $ 10,500 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 4,500 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Contingent Consideration, Fair Value Disclosure | 6,900 | 6,000 | 6,900 | |
Money Market [Member] | ||||
Cash equivalents measured at fair value | 7,578 | 7,577 | ||
Money Market [Member] | Level 1 [Member] | ||||
Cash equivalents measured at fair value | 7,578 | 7,577 | ||
Commercial Paper [Member] | ||||
Cash equivalents measured at fair value | 2,401 | 2,401 | 2,401 | |
Commercial Paper [Member] | Level 2 [Member] | ||||
Cash equivalents measured at fair value | 2,401 | 2,401 | 2,401 | |
Certificates of Deposit [Member] | ||||
Cash equivalents measured at fair value | 2,402 | 2,651 | 2,651 | |
Certificates of Deposit [Member] | Level 2 [Member] | ||||
Cash equivalents measured at fair value | $ 2,402 | $ 2,651 | $ 2,651 |
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Apr. 30, 2016 |
Jul. 31, 2015 |
Apr. 30, 2015 |
|
Surety Bonds Outstanding | $ 9,300 | ||
Holland Creek Metropolitan District [Member] | |||
Credit-enhanced bonds issued amount | 8,000 | ||
Amount outstanding in letters of credit | 8,100 | ||
Red Sky Ranch Metropolitan District [Member] | |||
Other long-term liabilities | $ 1,800 | $ 1,800 | $ 1,800 |
Estimated cessation date of capital improvement fee payment obligation | Jul. 31, 2029 | ||
Various Other [Member] | |||
Amount outstanding in letters of credit | $ 64,600 | ||
Employee Housing Bonds [Member] | |||
Amount outstanding in letters of credit | 53,400 | ||
Workers' Compensation and General Liability Related to Construction and Development Activities [Member] | |||
Amount outstanding in letters of credit | $ 11,200 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 30, 2016 |
Apr. 30, 2015 |
Apr. 30, 2016 |
Apr. 30, 2015 |
Jul. 31, 2015 |
|
Total Mountain net revenue | $ 572,805 | $ 499,551 | $ 1,206,610 | $ 1,022,968 | |
Lodging | 72,933 | 67,323 | 200,026 | 185,180 | |
Total Resort net revenue | 645,738 | 566,874 | 1,406,636 | 1,208,148 | |
Real Estate | 1,734 | 12,469 | 14,766 | 29,694 | |
Total net revenue | 647,472 | 579,343 | 1,421,402 | 1,237,842 | |
Mountain | 281,968 | 244,675 | 729,382 | 645,593 | |
Lodging | 57,422 | 54,726 | 176,170 | 166,407 | |
Total Resort operating expense | 339,390 | 299,401 | 905,552 | 812,000 | |
Real estate | 3,085 | 14,028 | 17,043 | 35,513 | |
Total segment operating expense | 342,475 | 313,429 | 922,595 | 847,513 | |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 0 | 16,400 | |
Gain on sale of real property | 19 | 151 | 1,810 | 151 | |
Mountain equity investment income, net | 211 | (129) | 992 | 396 | |
Total Reported EBITDA | 305,227 | 265,936 | 501,609 | 407,276 | |
Real estate held for sale and investment | 116,874 | 137,740 | 116,874 | 137,740 | $ 129,825 |
Depreciation and amortization | (41,472) | (38,242) | (120,713) | (111,587) | |
Change in Fair Value of Contingent Consideration | 0 | 0 | 0 | 4,550 | |
Loss on disposal of fixed assets, net | (164) | (71) | (3,149) | (852) | |
Investment income, net | 150 | 119 | 509 | 155 | |
Interest expense, net | (10,400) | (13,735) | (31,905) | (41,110) | |
Income (loss) before (provision) benefit from income taxes | 253,341 | 214,007 | 346,351 | 258,432 | |
(Provision) benefit from income taxes | (95,804) | (80,605) | (131,613) | (73,654) | |
Net income (loss) | 157,537 | 133,402 | 214,738 | 184,778 | |
Net loss (income) attributable to noncontrolling interests | 95 | 8 | 289 | 118 | |
Net income (loss) attributable to Vail Resorts, Inc. | 157,632 | 133,410 | 215,027 | 184,896 | |
Lift Tickets [Member] | |||||
Total Mountain net revenue | 334,789 | 285,249 | 642,627 | 524,537 | |
Ski School [Member] | |||||
Total Mountain net revenue | 74,279 | 66,216 | 139,703 | 123,511 | |
Dining [Member] | |||||
Total Mountain net revenue | 51,000 | 44,003 | 108,093 | 90,661 | |
Retail/Rental [Member] | |||||
Total Mountain net revenue | 79,384 | 71,078 | 214,748 | 195,563 | |
Other [Member] | |||||
Total Mountain net revenue | 33,353 | 33,005 | 101,439 | 88,696 | |
Resort [Member] | |||||
Total Reported EBITDA | 306,559 | 267,344 | 502,076 | 412,944 | |
Mountain [Member] | |||||
Total Reported EBITDA | 291,048 | 254,747 | 478,220 | 394,171 | |
Lodging [Member] | |||||
Total Reported EBITDA | 15,511 | 12,597 | 23,856 | 18,773 | |
Real Estate [Member] | |||||
Total Reported EBITDA | $ (1,332) | $ (1,408) | $ (467) | $ (5,668) |
Stock Repurchase Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Apr. 30, 2016 |
Apr. 30, 2015 |
Apr. 30, 2016 |
Apr. 30, 2015 |
Dec. 04, 2015 |
Jul. 31, 2015 |
Jul. 16, 2008 |
Mar. 09, 2006 |
|
Accelerated Share Repurchases [Line Items] | ||||||||
Number of shares authorized to repurchase | 7,500,000 | 7,500,000 | 3,000,000 | |||||
Additional number of shares authorized to repurchase | 1,500,000 | 3,000,000 | ||||||
Treasury Stock, Shares, Acquired | 108,036 | 0 | 485,866 | 0 | ||||
Payments for Repurchase of Common Stock | $ 13,800 | $ 53,787 | $ 0 | |||||
Number of shares repurchased since inception | 5,434,977 | 4,949,111 | 5,434,977 | 4,949,111 | 4,949,111 | |||
Value of stock repurchased since inception | $ (246,979) | $ (193,192) | $ (246,979) | $ (193,192) | $ (193,192) | |||
Remaining shares available for repurchase under existing program | 2,065,023 | 2,065,023 |
Income Taxes (Details) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended |
---|---|---|
Dec. 31, 2007 |
Apr. 30, 2015 |
|
Income Tax Disclosure [Abstract] | ||
Net Operating Loss Carryforwards Recognized | $ 8.0 | |
Operating Loss Carryforwards | $ 73.8 | |
Tax Refund on Amended Returns | 6.2 | |
Reduction in Federal Tax Liability | 19.6 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | 27.7 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 23.8 |
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