Nexon to fully acquire stock in Embark StudiosNexon’s Western development strategy will now be “driven” by Embark founder Patrick SöderlundMatthew HandrahanEditor-in-ChiefMonday 5th August 2019Share this article Recommend Tweet ShareCompanies in this articleNexonNexon has further raised its stake in Embark Studios, and it will now have the option to buy all of the remaining stock over the next five years.Nexon’s intention is to purchase the entirety of Embark’s stock, but for now it has raised its stake from 66.1% to 72.8%. It will then have the option to purchase the rest of the shares over a five year period.The Tokyo-based publisher raised its stake in Embark in July this year, having previously owned 33.3% of the company.The acquisition is remarkable for its rapidity. Embark was only unveiled by founder and former EA executive Patrick Söderlund in November 2018.”We are very excited about the value and potential that Nexon’s acquisition of Embark unlocks,” said Owen Mahoney, president and CEO of Nexon, in a statement. “Bringing Embark fully into the Nexon family will tightly integrate Nexon’s expertise in live operations and Embark’s capability of creating hit games that resonate globally to powerfully drive and accelerate delivering players great games designed to liveon for years.”Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games Nexon stated that the full acquisition of Embark is part of the company’s investment in “Western game development.” Indeed, it said that its “Western development strategy” will be led by Embark, under Söderlund, in Stockholm, Sweden.”Embark Studios is at the heart of Nexon’s ambition to create ground-breaking online game experiences that are successful on a global scale, especially outside Nexon’s core Asian markets,” Söderlund said. “It’s a big challenge, and one I’m itching to work on to the very best of my ability,” “At Embark, we’re in the midst of developing new technologies, new developmentmethodologies and a new attitude to game development, that will help influence and reshape Nexon’s game development in the years to come.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesNexon invests $874m in Bandai Namco, Konami, Sega and HasbroMore investments to come as part of $1.5 billion initiative to support “overlooked and undervalued” entertainment firmsBy James Batchelor A month agoFinal Fantasy XI mobile reboot officially cancelledNexon and Square Enix indicated that the title didn’t meet expectations, despite having been in development for five yearsBy Marie Dealessandri A month agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.
New York Police Department(NEW YORK) — The New York Police Department is investigating whether a 16-year-old girl who was reported kidnapped Monday night may have staged the whole ordeal. Karol Sanchez was walking along Eagle Avenue near East 156th Street at around 11:20 p.m. with her mother when two men stepped out of a vehicle, grabbed her and dragged her inside the car, according to the New York City Police Department. But detectives are now investigating whether Sanchez staged the incident, according to police sources. She was interviewed at the 40th Precinct in the South Bronx on Tuesday night. Her mother told police she was considering moving the family to Honduras and detectives are considering whether that played a role in the teen’s decision. The NYPD had previously celebrated her safe return.On Tuesday, she was located after she walked up to her relatives’ apartment building in the Bronx, sources told ABC News. Sanchez has since met with police and is now on her way to the local precinct, the sources said.Grainy surveillance video showed the apparent kidnapping and Sanchez’s mom can be seen in a struggle with one of the men before he pushes her to the ground.She was left at the scene and was not injured, according to police. The car could be seen fleeing eastbound on East 156th Street.Two other men were in the car at the time of the alleged kidnapping, police said. Authorities described the vehicle as a beige-colored four-door sedan.An Amber Alert was issued Tuesday in New York and authorities feared she may be in “imminent danger of serious bodily harm and/or death,” according to the Amber Alert.Copyright © 2019, ABC Audio. All rights reserved.
ABC News(NEW YORK) — On Tuesday, a flash flood emergency in Jackson, Mississippi, brought almost a half a foot of rain to some areas in just a few hours, flooding interstates, streets and neighborhoods and prompting water rescues. This was due to the stalled frontal system that brought all the severe weather to the U.S. this past weekend.On Wednesday, our attention turns to the West, where a new major storm is set to move in and then cross the entire county by the weekend, bringing the threat of heavy snow, ice and flooding. Five states are on alert already ahead of the storm, from Washington to California, for heavy snow and gusty winds.Later Wednesday, the storm will slam the Pacific Northwest and Northern California with heavy snow, rain and wind. By Thursday, the storm will move into most of California from San Francisco early in the day to Los Angeles in the evening.By Friday afternoon and evening, the storm system will redevelop into the Plains and join with tropical moisture from the gulf to produce heavy snow and ice in the Upper Midwest and the Great Lakes, including the Twin Cities and even as far south as Chicago. Major delays are expected.By Saturday, the storm will move into the Northeast with heavy snow and ice from Pennsylvania to Maine and heavy rain from New Jersey to Virginia. At this point, it looks like the major cities along I-95 will see a mix of snow and rain, changing to all rain by the evening. However areas just inland from northern Pennsylvania to Hudson Valley, New York, and into most of New England, should stay as heavy snow with some ice. Significant snow and ice accumulation is possible. Copyright © 2020, ABC Audio. All rights reserved.
Scott Heins/Getty ImagesBY: CHRIS FRANCESCANI AND IVAN PEREIRA, ABC NEWS(NEW YORK) — A federal judge has rejected a proposed $19 million settlement between Harvey Weinstein and 15 accusers, contending the offer didn’t meet the needs of too many alleged victims of the disgraced movie mogul.The settlement, which would end litigation by New York Attorney General Letitia James against Weinstein and his company, would have allowed the accusers to file claims for up to $750,000. However, six of the 15 accusers urged the judge to reject the settlement, contending such payouts would be too small after attorney’s fees.“This is the most one-sided and unfair settlement we have ever seen proposed to a court,” attorney Douglas Wigdor said before the hearing on Tuesday.U.S. District Judge Alvin Hellerstein criticized attorney Elizabeth Fegen, who represents nine clients in the proposed settlement, for placing prospective female plaintiffs who merely met Weinstein as part of their work for his company on equal footing with women who claim they were sexually assaulted or raped.“Your settlement would include an equality that is not suitable,” Hellerstein said during the 20-minute phone hearing.“All of the women [were] in the zone of danger,” as Weinstein “assessed” female employees’ vulnerabilities and looks, Fegan contended.Hellerstein rejected Fegen’s argument, noting the case isn’t a class-action suit.Morgan Rubin, a spokeswoman for James’ office, said in a statement the attorney general is reviewing the decision.“Our office has been fighting tirelessly to provide these brave women with the justice they are owed and will continue to do so,” Rubin said.Weinstein is serving a 23-year sentence following his February conviction for sexually assaulting a former production assistant and raping an aspiring actress. He is appealing the verdict.He still faces rape and sexual assault charges at a court in Los Angeles.Copyright © 2020, ABC Audio. All rights reserved.
o A record of distinguished scholarly achievement and the credentials to be appointed at the tenured professor level in an academic department within Dornsife.o Impactful and collaborative organizational leadership at a scope and scale commensurate to Dornsife.o Classroom engagement revealing the soul of a teacher who enjoys and has thrived among intelligent, vibrant undergraduates.o The opportunity to have demonstrated a clear commitment to diversity and inclusion.o A track record of effective communication at the highest level.For more information about USC Dornsife College, please visit: https://dornsife.usc.edu/USC Dornsife College of Letters, Arts and Sciences is being assisted in this recruitment by the international leadership advisory firm Spencer Stuart. To submit comments, nominations, or applications, please send an email along with a CV and any supporting materials to the confidential address: [email protected] University of Southern CaliforniaDornsife College of Letters, Arts and SciencesDean of Undergraduate EducationThe Dornsife College of Letters, Arts, and Sciences seeks a vigorous, accomplished individual to serve as the College Dean of Undergraduate Education (CDUE). Working in close partnership with the Dean of Dornsife, the faculty, staff and students, the CDUE will offer compelling leadership, promoting the role and value of the liberal arts and sciences at USC’s largest school. As the academic, intellectual, and administrative leader of the undergraduate experience, the CDUE will foster a climate of academic excellence, creativity, and aspiration to ensure that Dornsife builds on its distinctiveness and embraces new opportunities to continue to define the attributes of a great undergraduate liberal arts education.With direct responsibility for a $7.5M budget, the CDUE will oversee more than 400 experienced and dedicated Research, Teaching, Practice, Clinical faculty and 87 staff members and will be responsible for setting priorities and allocating resources to reflect the most critical needs of the undergraduate program.The search committee will be considering candidates with the following experience:
In 2010, the Commission also ran the first large behavioural study to find out how consumers search for information, and choose between retail investment products. The financial environment has evolved so much that consumers are often ill-prepared to make sound decisions about increasingly complex investment products. Via a series of online and face-to-face experiments, we found that people struggle to make good investment choices even in simplified tasks. Only 2% of the subjects made all five investment choices optimally. The study led to clear policy recommendations. It suggested that standardisation and simpler product information is needed. The Commission used the results of the study in the review of the legislation on packaged retail investment products. I can only agree and am convinced that behavioural insights are highly relevant to any policy intervention where the way in which people respond helps to determine its effectiveness. For example, the UK government aims to increase loft insulation to curb carbon dioxide emissions and improve energy efficiency. They discovered that take-up increased threefold when they offered a service (payable) to clear lofts. Such insights are also important where individual behaviour influences the achievement of common objectives, in areas like sustainable development, prevention of child obesity, or energy efficiency. Behavioural insights are currently being used to increase tax compliance, reduce energy consumption or discourage behaviours (such as smoking, binge drinking) that incur significant costs for society. The Commission continues to study and harness this extraordinary science in order to deliver policy options that take account of citizens’ everyday needs, experiences and behaviour. We currently have six studies under way on topics ranging from energy labelling to package travel, from bank-account transparency to car-emissions labelling. The results will help to design policy that delivers maximum benefit for Europeans at minimum cost. By ‘road-testing’ policy interventions, we can avoid time-consuming and sometimes expensive mistakes. Behavioural insights may identify a non-legislative approach as more effective than new regulation or tell us why legislation failed to achieve its desired result. It may reveal unexpected or paradoxical impacts (eg, when financial advisers disclosed the commission they would receive, their clients trusted them less, and rejected advice even when they would have been better off following it). As such, behavioural economics can play an important role in achieving the Commission’s aim of smarter legislation. Paola Testori Coggi Director-general for health and consumersEuropean CommissionBrussels In response to the call from Alberto Alemanno in his article “Nudging Europe” (16-22 May), I am happy to confirm that the European Commission supports the study and application of behavioural insights for policymaking. Indeed, it has been using this approach since 2008. In fact, the European Commission was one of the first public administrations to apply behavioural evidence on default choices, when it limited the use of pre-checked boxes in consumer contracts (October 2008). For instance, once the consumer-rights directive is transposed into national law, 500 million European consumers will be better protected against their default bias. This means that in future when you make a hotel booking online, you should not be offered breakfast or cancellation insurance by default. Your money should stay in your pocket by default, unless you consciously decide otherwise. This represents a significant change of approach and is just one of the ways in which the Commission has been using behavioural insights for better policymaking in recent years. In 2010, the Commission used behavioural insights in the competition case concerning the bundling of Microsoft’s Internet Explorer with the Windows operating system. The result was an unusual but effective remedy that was simple and user-friendly. Users of Windows-based personal computers were given the option to choose an alternative browser, via an on-screen ballot box. One in four users who viewed the ballot box downloaded an alternative browser. A simple device, at minimal programming cost to Microsoft, made the EU market for browsers more competitive and innovative (in Europe, both Chrome and Firefox now have larger market shares than Internet Explorer).
(18,000) Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures Vail Resorts, Inc.Consolidated Condensed Statements of Operations – Other Data(In thousands)(Unaudited) For the Year Ending Total skier visits Income before provision for income taxes Other (4) 15.2% $ (22,000) $ $ $ 429 Other Data: Change in estimated fair value of contingent consideration Earnings Conference CallThe Company will conduct a conference call today at 11:30 a.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com(link is external) in the Investor Relations section, or dial (800) 289-0438 (U.S. and Canada) or (323) 794-2423 (international). A replay of the conference call will be available two hours following the conclusion of the conference call through December 21, 2017, at 12:30 p.m. eastern time. To access the replay, dial (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (international), pass code 8686839. The conference call will also be archived at www.vailresorts.com(link is external).About Vail Resorts, Inc. (NYSE: MTN)Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. The Company’s subsidiaries operate eleven world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Stowe in Vermont; Perisher in New South Wales, Australia; Wilmot Mountainin Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com(link is external)and consumer website is www.snow.com(link is external).Forward-Looking StatementsCertain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including our expectations regarding our fiscal 2018 performance, including our expected Resort Reported EBITDA; Resort EBITDA margin; Real Estate Reported EBITDA; Net Real Estate Cash Flow and net income attributable to Vail Resorts, Inc.; our expected calendar year 2018 capital expenditures at certain resorts and the expected incremental Resort Reported EBITDA we anticipate deriving from the Whistler Blackcomb investments; the payment of dividends; and the expected final total season pass holders. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; unfavorable weather conditions or the impact of natural disasters; willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, the cost and availability of travel options and changing consumer preferences; the seasonality of our business combined with adverse events that occur during our peak operating periods; competition in our mountain and lodging businesses; high fixed cost structure of our business; our ability to fund resort capital expenditures; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; risks related to federal, state, local and foreign government laws, rules and regulations; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data; our ability to hire and retain a sufficient seasonal workforce; risks related to our workforce, including increased labor costs; loss of key personnel; adverse consequences of current or future legal claims; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; our ability to successfully integrate acquired businesses or that acquired businesses may fail to perform in accordance with expectations, including Whistler Blackcomb and Stowe or future acquisitions; our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses; risks associated with international operations; fluctuations in foreign currency exchange rates, particularly the Canadian dollar and Australian dollar; changes in accounting estimates and judgments, accounting principles, policies or guidelines or adverse determinations by taxing authorities; a materially adverse change in our financial condition; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2017, which was filed on September 28, 2017.All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.Statement Concerning Non-GAAP Financial MeasuresWhen reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America (“GAAP”). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies.Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company’s performance. The Company believes that Reported EBITDA is an indicative measurement of the Company’s operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company’s ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures. 3,077 73,656 592,675 Change in estimated fair value of contingent consideration 26,000 21.9% 3,542 Depreciation and amortization (199,000) 53.72 (1) Resort represents the sum of Mountain and Lodging $ 76,866 Mountain and Lodging services and other (1.70) $ 522 3,851 2017 4,355 General and administrative $ 5,077 Real Estate Reported EBITDA 286,000 24.7% 140,397 228.10 Resort stock-based compensation ADR 232,333 $ $ 102,697 3,856 3,322 4,521 (3) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. 498 15,337 (6) Guidance estimates are predicated on an exchange rate of $0.79 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.76 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia. 646,000 (1) Mountain Reported EBITDA includes approximately $16 million of stock-based compensation. * Resort represents the sum of Mountain and Lodging (In thousands, except per share amounts) Net income 274,818 (0.71) Depreciation and amortization 2016 196.78 832 27.7% 18,302 (48,255) $ 661,000 Payroll cost reimbursements Managed condominium statistics: Three Months Ended October 31, Mountain and Lodging retail and dining cost of products sold 57,682 636 96 Total net revenue Loss before benefit from income taxes 57,863 (55,137) Mountain and Lodging operating expense (1,055) 33.7% Mountain equity investment income, net (58,437) (54,082) General and administrative Real estate held for sale and investment 50,748 $ Net debt Net income attributable to Vail Resorts, Inc. Real Estate 1,410,153 Provision for income taxes 190.61 8.5% 51.14 $ (2.6)% (48,624) 40,211 Gain on sale of real property 93,404 6,466 (31,927) — (300) (56,836) 567 300,000 110,767 $ Three Months Ended October 31, Mountain equity investment income, net ETP Total debt Presented below is a reconciliation of Reported EBITDA to net loss attributable to Vail Resorts, Inc. for the three months ended October 31, 2017 and 2016. $ 1,262,325 Foreign currency loss on intercompany loans 789 1,581 (In thousands, except Average Daily Rate (“ADR”) and Revenue per Available Room (“RevPAR”)) (15,174) Weighted average shares outstanding: (28,385) RevPAR 106,751 Benefit from income taxes $ (40,581) Vail Resorts, Inc. 2017 1,371,779 $ Other operating (expense) income: 3,077 Net loss attributable to Vail Resorts, Inc. $ The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2018 guidance. 363,400 87.38 2017 $ Owned hotel statistics: Transportation Net income attributable to noncontrolling interests Three Months Ended October 31, Lodging Reported EBITDA (550) (0.71) 178,169 (1.70) (125,331) 8.7% 214.83 (Unaudited) (5,313) $ Basic 8,513 61,163 The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October 31, 2017 and 2016. 15,880 2017 (In thousands)(Unaudited) 33,509 36,834 (12,600) 6.1% $ Net loss Real Estate Reported EBITDA Diluted net loss per share attributable to Vail Resorts, Inc. 16.1% 1,338,317 1.053 (7,346) (125,331) 5.7% (In thousands) Resort Reported EBITDA* (15,600) Key Balance Sheet Data $ $ 638,000 567 Lodging Reported EBITDA $ 3,322 Mountain Reported EBITDA (1) $ 38,422 (56,654) 244,755 (6,531) 10,171 Cash dividends declared per share 220,850 (68) Total segment operating expense Managed condominium rooms 143,348 2016 (1) — Lodging Reported EBITDA (2) 207,084 Depreciation and amortization 31.8% (48,624) 3,322 2017 7,938 Mountain Segment Operating Results Net Mountain revenue: $ 1,401,405 Resort Reported EBITDA* $ RevPAR (Unaudited) 7.0% (718) $ 72,089 Dining $ 7.5% 2,473 1,031 (77,400) (Unaudited) (8,000) 412,400 54,510 4,577 $ 5,077 22,941 $ (53,332) 19.4% Labor and labor-related benefits 41,984 (62,587) Mountain operating expense: 3.2% Golf 4,523 68,780 Resort Reported EBITDA (1) 35,643 36.9% 17.5% 6.4% In thousands)(Unaudited)(As of October 31, 2017) (5) As a result of the adoption of revised accounting guidance related to employee stock compensation during the first quarter of 2018, the provision for income taxes may change materially based on our closing stock price at the time stock compensation awards vest or are exercised. Based on our current stock price, a significant portion of our outstanding awards are significantly in-the-money and, to the extent exercised, could reduce our provision for income taxes, which is not reflected in our Fiscal 2018 guidance. Net debt to Total Reported EBITDA Total Mountain operating expense $ 168,253 3,542 $ Mountain stock-based compensation Resort Reported EBITDA (2) Lodging Reported EBITDA includes approximately $3 million of stock-based compensation. Mountain Reported EBITDA (In thousands, except Effective Ticket Price (“ETP”)) 28,940 ADR 23.1% 38,374 $ 0.81 — (94,400) Interest expense, net Mountain Reported EBITDA Net loss Basic loss per share attributable to Vail Resorts, Inc. $ 586,144 49.94 140,397 (11,964) $ $ PercentageIncrease $ 2016 1,300,747 318,000 $ $ Long-term debt, net (16,000) 19,635 Net Real Estate Cash Flow 67,402 (In thousands) $ Three Months Ended October 31, 11,418 93,404 Non-cash Real Estate cost of sales (90,518) 2,081,000 1,300,747 Retail cost of sales 31.1% 8,539 8,426 Less: cash and cash equivalents Total Lodging operating expense 383 676,000 $ (4) Our guidance includes certain known changes in the fair value of contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward-looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Net income attributable to Vail Resorts, Inc. 64,325 32,092 5,077 (55,137) 3,309 Investment income and other, net (550) 152,645 — 4,355 * Resort represents the sum of Mountain and Lodging (1.0)% Other 522 — 3.5% 6.9% 8,764 Net loss attributable to Vail Resorts, Inc. 35,679 Owned hotel rooms 33,509 Other Loss from operations 61,003 5.6% 2016 3,309 116,852 (197,200) 645,000 $ 8,521 — (3.1)% 21,426 4,355 2016 $ 23,794 Interest expense, net (56,654) $ 148,125 276,509 Investment income and other, net $ Foreign currency loss on intercompany loans Diluted 18.9% $ Loss before benefit from income taxes 13.3% 178,265 Labor and labor-related benefits $ (58,437) (15,174) Stowe Mountain Resort,Stowe Mountain Resort photo from June 2017.Vermont Business Magazine Vail Resorts, Inc (NYSE: MTN) today reported results for the first quarter of fiscal 2018 ended October 31, 2017, and provided season pass sales results and certain early ski season indicators. Vail has seen immediate positive impact from its recent acquistions of Stowe Mountain Resort (VBM Feb 2017: Vail buys Stowe Mountain Resort) in Vermont and Canada’s Whistler Blackcomb, the largest ski resort in North America. While early season results have been mixed across the Vail network, Whistler Blackcomb and Stowe have had a strong start to the season with early snow and cold temperatures conducive to snowmaking. Colorado and Utah have been challenged with limited early season terrain.HighlightsNet loss attributable to Vail Resorts, Inc. was $28.4 million for the first fiscal quarter of 2018 compared to a net loss attributable to Vail Resorts, Inc. of $62.6 million in the same period in the prior year. Fiscal 2018 first quarter net loss included a tax benefit of approximately $51.8 million(or $1.29 earnings per diluted share) related to employee exercises of equity awards, primarily attributable to the CEO’s exercise of expiring stock appreciation rights (SARs) during the quarter. This tax benefit is recorded in net income (loss) as a result of the adoption of revised accounting guidance related to employee stock compensation.Resort Reported EBITDA loss was $54.1 million for the first fiscal quarter of 2018, which includes $0.7 million of acquisition and integration related costs and approximately $1.9 million of additional payroll taxes related to the CEO’s exercise of expiring SARs, compared to a Resort Reported EBITDA loss of $53.3 million in the same period in the prior year, which included $2.8 million of acquisition and integration related expenses.Season pass sales through December 3, 2017 for the upcoming 2017/2018 North American ski season increased approximately 14% in units and 20% in sales dollars as compared to the period in the prior year through December 4, 2016, including Whistler Blackcomb and Stowe pass sales in both periods, adjusted to eliminate the impact of foreign currency by applying current period exchange rates to the prior period.The Company reaffirmed its core operating guidance for fiscal year 2018, with certain adjustments related to the CEO’s exercise of expiring SARs and currency fluctuations.The Company announced a transformational capital program at Whistler Blackcomb, with a new state-of-the-art gondola and two new high-speed chairlifts, and major improvements at Park City to the culinary experience and to family and beginner terrain.Commenting on the Company’s fiscal 2018 first quarter results, Rob Katz, Chief Executive Officer, said, “Our first fiscal quarter historically operates at a loss given that our North American mountain resorts are not open for ski operations during the period. The quarter’s results are primarily driven by winter operating results from Perisher and our North American resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses. Perisher performed very well in the first quarter with outstanding conditions in September that led to strong visitation and revenue growth across the business. Whistler Blackcomb’s robust summer business also performed well with strong performance in its world class mountain biking operations, summer activities and sightseeing. Our U.S. summer business was impacted, as expected, by the same operational challenges we noted last quarter, including the Heavenly Coaster closure due to damage from last winter and the delayed launch of Epic Discovery at Breckenridge, all of which were included in our fiscal 2018 guidance assumptions. Our lodging results for the first fiscal quarter were encouraging with revenue per available room (“RevPAR”) increasing 8.5% compared to the same period in the prior year. In particular, our properties in Colorado benefited from increased visitation to our resort communities and Grand Teton Lodge Company benefited from higher ancillary yields and 6% growth in average daily rate (“ADR”).”Regarding Real Estate, Katz said, “Real Estate Reported EBITDA was a loss of $1.1 million for the first fiscal quarter, as compared to a gain of $5.1 million in the same period the prior year, which included $6.5 million of Real Estate Reported EBITDA related to the sale of a land parcel in Breckenridge. We remain in discussions with developers on a number of potential land sales at the base of our resorts.”Katz continued, “Our balance sheet at quarter end remains very strong. We ended the quarter with $140.4 million of cash on hand, $95.0 million of borrowings under the revolver portion of our senior credit facility and total long-term debt, net (including long-term debt due within one year) of $1.3 billion. As of October 31, 2017, we had available borrowing capacity under the revolver component of our senior credit facility of $234.0 million. In addition, we had $127.1 million available under the revolver component of our Whistler Blackcomb credit facility. Our Net Debt was 2.0 times trailing twelve months Total Reported EBITDA, which includes $330.2 million of long-term capital lease obligations associated with the Canyons transaction. I am also very pleased to announce that our Board of Directors has declared a quarterly cash dividend on Vail Resorts’ common stock. The quarterly dividend will be $1.053 per share of common stock and will be payable on January 10, 2018 to shareholders of record on December 27, 2017.”Moving on to early ski season indicators, Katz said, “Sales of our season passes continue to deliver outstanding results. As we approach the end of our selling period, season pass sales for the North American ski season are up approximately 14% in units and approximately 20% in sales dollars through December 3, 2017 compared to the prior year period ended December 4, 2016. Whistler Blackcomb pass sales are adjusted to eliminate the impact of foreign currency by applying the current period exchange rates to the prior period. This year, we have continued to drive significant growth in our destination markets which represent approximately 60% of our increase in pass units. We continue to see strength across all geographies, with particularly strong performance in Northern California, the Pacific Northwest and the Northeast and continued solid growth in Colorado and British Columbia. We also saw strong growth across our international markets, with particular strength in Australia, the United Kingdom, Brazil and Asia. It’s clear that the addition of Whistler Blackcomb and Stowe have further strengthened our network and the appeal of our season pass to destination guests in North America and around the world, while our more sophisticated and more targeted marketing efforts have been critical to driving the success of this program. We expect our total season pass holders this year will exceed 740,000 (including Whistler Blackcomb products and Epic Australia passes), representing an incredible group of highly loyal and passionate guests and the most successful pass program in the worldwide ski industry.”Katz continued, “Overall, lodging bookings for the season ahead are trending slightly ahead of last year at our North American resorts. Based on historical averages, less than 50% of the bookings for the winter season have been made by this time. Our early season results have been mixed across the network. Whistler Blackcomb and Stowe have had a strong start to the season with early snow and cold temperatures conducive to snowmaking. Colorado and Utah have been challenged with limited early season terrain, though all of our U.S. resorts are experiencing colder temperatures that have been more conducive to snowmaking which we expect will allow us to expand our open terrain very soon.”Operating ResultsA more complete discussion of our operating results can be found within the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of the Company’s Form 10-Q for the first fiscal quarter ended October 31, 2017, which was filed today with the Securities and Exchange Commission. The following are segment highlights:Mountain SegmentMountain segment net revenue increased $37.4 million, or 33.7%, to $148.1 million for the three months ended October 31, 2017 as compared to the same period in the prior year, which was primarily attributable to incremental revenue from Whistler Blackcomb and strong growth at Perisher.Mountain Reported EBITDA loss was $58.4 million for the three months ended October 31, 2017, which represents an incremental loss of $1.8 million, or 3.1%, as compared to the Mountain Reported EBITDA loss for same period in prior year.Lodging SegmentLodging segment net revenue (excluding payroll cost reimbursements) increased $4.5 million, or 6.9%, to $68.8 million for the three months ended October 31, 2017 as compared to the same period in the prior year.Lodging Reported EBITDA was $4.4 million for the three months ended October 31, 2017, which represents an increase of $1.0 million, or 31.1%, as compared to the same period in the prior year.Resort – Combination of Mountain and Lodging SegmentsResort net revenue increased $42.0 million, or 23.6%, to $220.2 million for the three months ended October 31, 2017 as compared to the same period in the prior year, which was primarily attributable to incremental revenue from Whistler Blackcomb and strong growth at Perisher.Resort Reported EBITDA loss was $54.1 million for the three months ended October 31, 2017, which includes $0.7 million of acquisition and integration related expenses attributable to the acquisitions of Whistler Blackcomb and Stowe and approximately $1.9 million of payroll taxes related to the CEO’s exercise of expiring SARs. This compares to a Resort Reported EBITDA loss of $53.3 million in the same period in the prior year, which included $2.8 million of acquisition and integration related expenses attributable to the acquisition of Whistler Blackcomb.Total PerformanceTotal net revenue increased $42.6 million, or 23.9%, to $220.9 million for the three months ended October 31, 2017 as compared to the same period in the prior year, which was primarily attributable to incremental revenue from Whistler Blackcomb and strong growth at Perisher.Net loss attributable to Vail Resorts, Inc. was $28.4 million, or a loss of $0.71 per diluted share, for the first quarter of fiscal 2018 compared to a net loss attributable to Vail Resorts, Inc. of $62.6 million, or a loss of $1.70 per diluted share, in the first quarter of the prior year. Net loss for the first quarter of fiscal 2018 included a tax benefit of approximately $51.8 million (or $1.29 earnings per diluted share) related to employee exercises of equity awards (primarily related to the CEO’s exercise of expiring SARs) which, beginning August 1, 2017, is recorded in net income (loss) as a result of the adoption of revised accounting guidance related to employee stock compensation.Return of CapitalThe Company declared a quarterly cash dividend of $1.053 per share of Vail Resorts common stock that will be payable on January 10, 2018 to shareholders of record on December 27, 2017. Additionally, a Canadian dollar equivalent dividend on the exchangeable shares of Whistler Blackcomb Holdings Inc. will be payable on January 10, 2018 to shareholders of record on December 27, 2017. The exchangeable shares were issued to certain Canadian persons in connection with our acquisition of Whistler Blackcomb Holdings Inc.Capital ImprovementsCommenting on the Company’s new improvements for the 2017/2018 winter season, Katz said, “We are thrilled to welcome guests to all of our resorts as the 2017/2018 ski season kicks off. Our integration efforts at Whistler Blackcomb are largely complete, and we are excited to now offer an enhanced experience for local, regional and destination guests at North America’s largest resort. This year marks the first time in our history that we had lift upgrades at all four Colorado resorts, with significant increases to capacity. At Vail Mountain, we have improved lift capacity at one of the resort’s busiest chairlifts by upgrading the Northwoods high-speed four-person chair (#11) to a new high-speed six-person chairlift. At Breckenridge, we upgraded the Peak 10 Falcon Chair from a four-person high-speed chair to a six-person high-speed chair, allowing more guests to experience some of the best intermediate and advanced terrain on the mountain. At Keystone, we invested significant capital to enhance the experience at this outstanding family focused resort. We upgraded the four-person Montezuma chair to a six-person high-speed chair to improve circulation on the front side of the mountain, and have renovated and significantly expanded mountain dining capacity at Labonte’s restaurant by adding 150 indoor seats at the fourth most visited resort in the U.S. At Beaver Creek, we upgraded the fixed grip two-person Drink of Water chair (#5) to a four-person high-speed chair, increasing the capacity for important beginner and intermediate terrain. Including these most recent projects we have invested over $115 million in discretionary projects at our Colorado resorts over the past five years, including 12 new or upgraded lifts, the addition or renovation of four food and beverage locations, significant terrain expansions and extensive additional investments including enhanced and efficient snowmaking.”Regarding calendar year 2018 capital expenditures, Katz said, “We remain committed to reinvesting in our resorts, creating an experience of a lifetime for our guests and generating strong returns for our shareholders. While we will announce our complete capital plan for calendar year 2018 in March 2018, we are pleased to announce several signature investments that we intend to construct in 2018 for the 2018/2019 ski season.”Katz continued, “We are very excited to announce a transformational investment at Whistler Blackcomb to further enhance the most visited mountain resort in North America and refocus the spirit of the previously announced Renaissance project back to the guest experience on the mountain. We plan to make a discretionary investment of approximately $42 million (C$53 million) at Whistler Blackcomb, as part of an approximate $52 million (C$66 million) total capital plan at the resort, the largest annual capital investment in the resort’s history. We believe this plan will dramatically improve the on-mountain experience for our guests with enhanced lift capacity, improved circulation and a significantly elevated experience for skiers, riders and sightseeing guests. The centerpiece of this investment will be a new gondola running from the base to the top of Blackcomb Mountain, replacing the Wizard and Solar four person chairs with a single state-of-the-art gondola, providing an experience protected from the elements, an expected 47% increase in uphill capacity and a mid-station to allow guests to access and circulate around Blackcomb Mountain. We also plan to upgrade the four-person Emerald express chairlift to a high speed six-person chairlift, providing increased capacity and reduced lift line wait times for important beginner and intermediate terrain on Whistler Mountain. Finally, we expect to upgrade the three-person fixed grip Catskinner chairlift to a four-person high speed lift with an improved lift alignment to provide increased capacity, better access and improved circulation to critical teaching terrain and terrain parks at the top of Blackcomb Mountain. Together, these investments are expected to result in an approximate 43% increase in lift capacity relative to the existing lifts that will be replaced. We believe these transformational, mountain-focused investments are the most significant improvements we can undertake to support Whistler Blackcomb’s long-term growth and our commitment to pursue the most impactful projects to enhance the guest experience. We expect these discretionary investments will drive additional Resort Reported EBITDA of C$9 million to C$10 million for the 2018/2019 ski season, incremental to the resort’s typical expected organic growth. Following this one-time signature investment, we will continue to include Whistler Blackcomb in our normal annual capital improvement plan. While we remain intrigued by the water park that was previously proposed as part of the Renaissance project, we intend to keep our focus on core mountain improvements and will defer consideration of a water park to our longer-term planning for the resort.”At Park City, we will continue our transformational investments with a focus on enhancing the family, food and service experience for our guests from around the world. In the Canyons area of Park City, we plan to upgrade the fixed grip High Meadow chair to a four person high speed lift, improve grading and expand snowmaking to create a world-class beginner and family learning zone. We also plan to make two significant investments in the dining experience at Park City. We will expand Cloud Dine, a unique modern mountain dining experience overlooking the resort, with 200 additional seats and will be renovating and upgrading the Park City Mid-Mountain Lodge to create a signature dining experience that will bring fine-dine quality cuisine to what we expect will be one of the premier fast-casual, on-mountain restaurants in the industry. Each of these projects reinforces our commitment to Park City’s position as the best resort for families and culinary experiences and continues to build on the significant improvements we’ve made at Park City over the last four years, including the Quicksilver Gondola, the new Miner’s Camp restaurant, the expanded and upgraded Red Pine Lodge and the renovated Summit House restaurant.”At Heavenly, we plan to replace the Galaxy two-person chairlift with a three-person chairlift to increase capacity and allow us to re-open 400 acres of high quality intermediate terrain. At Perisher, we plan to upgrade the Leichhardt T-bar to a four-person chairlift and a significant upgrade to snowmaking, enabling better beginner access and a reduction of crowding and wait times, as well as the addition of new terrain. All of our resort projects are subject to regulatory approval.”We also plan to continue to invest in enhanced enterprise wide technology improvements that support our increased scale, improve the guest experience and continue to build our data-based marketing efforts.”We expect our capital plan for calendar 2018 will total approximately $150 million excluding the integration of Stowe and summer investments. With the signature one-time discretionary investment at Whistler Blackcomb of approximately US$42 million, we have reduced our spending elsewhere in the network to accommodate the projects and expect to return to our long-term capital guidance in calendar 2019, which, without any new acquisitions or summer investments, would be approximately $131 million. We will be providing further detail on our calendar year 2018 capital plan, including expected Stowe integration and summer investments, in March 2018.”OutlookCommenting on fiscal 2018 guidance, Katz continued, “Given our first quarter results and the indicators we are seeing for the upcoming season, we remain confident in our outlook for fiscal 2018, which remains predicated on a stable economic environment and normal weather conditions for the key parts of the ski season at our resorts. The ski season has just begun at our North American resorts, with our primary earnings period still in front of us. While we are reiterating our fiscal 2018 core operating performance expectations included in our September earnings release, we are updating our fiscal 2018 guidance to reflect a few non-core adjustments, including: (i) approximately $1.9 million of lower Resort Reported EBITDA in the first fiscal quarter results associated with payroll tax expense related to the CEO’s exercise of expiring SARs; (ii) approximately $40 million of incremental tax benefit recognized during the first fiscal quarter 2018 primarily related to the CEO’s exercise of expiring SARs, (iii) $4.0 million in lower Resort Reported EBITDA and $1.0 million of reduced depreciation and amortization expense to reflect a decline in the Canadian Dollar from $0.81 to $0.79 and a decline in the Australian Dollar from $0.80 to $0.76, assuming that foreign exchange rates remain at current levels for the remainder of fiscal 2018 and (iv) the first fiscal quarter loss of $7.3 million on intercompany notes related to foreign exchange movements. We now expect fiscal 2018 Resort Reported EBITDA to be between $646 million and $676 million and net income attributable to Vail Resorts to be between $264 million and $300 million. Our guidance does not include any benefit to our U.S. taxes from potential legislative changes being discussed to the U.S. tax code.”The following table reflects the forecasted guidance range for the Company’s fiscal year ending July 31, 2018, for Reported EBITDA (after stock-based compensation expense) and reconciles such Reported EBITDA guidance to net income attributable to Vail Resorts, Inc. guidance for fiscal 2018. $ $ Net income attributable to noncontrolling interests (193,000) (32) 47.95 12.0% Owned hotel and managed condominium statistics (combined): Investment income and other, net 320,245 210.49 Real Estate Reported EBITDA (40,581) Benefit from income taxes RevPAR The following table reconciles Net Debt to long-term debt, net and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended October 31, 2017. 45,407 Real Estate Reported EBITDA (31,927) 674,000 Resort net revenue (1) 2.4% 163.23 As of October 31, 383 (In thousands)(Unaudited) Total Reported EBITDA (In thousands)(Unaudited) Three Months Ended October 31, Total Reported EBITDA 564,555 Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate 28,120 (Decrease) Total stock-based compensation Dining 2017 40,211 (In thousands)(Unaudited)Fiscal 2018 Guidance (2) 791 Ski school Mountain Reported EBITDA 25,468 Resort EBITDA margin Less: cash and cash equivalents (2) Represents the mid-point range of Guidance Mountain and Lodging retail and dining 63,483 Lodging stock-based compensation 1,160,350 $ 22,362 Loss on disposal of fixed assets and other, net (Decrease) 24.5% Income before provision for income taxes 181,276 Lodging operating expense: $ $ Real Estate Reported EBITDA 4,438 (56,654) Segment operating expense: 263,409 PercentageIncrease Low EndRange (63,618) (53,332) 114,686 (300) 49,324 (57,298) Net debt Total Reported EBITDA Depreciation and amortization Lodging Reported EBITDA 832 Gain (loss) on disposal of fixed assets, net Lodging Operating Results Total Reported EBITDA 220,214 67,734 4,645 4,553 3,762 (97,127) 2,553 (7,346) ADR Interest expense, net 12,115 Twelve Months Ended October 31, Lodging net revenue: Foreign currency gain on intercompany loans Long-term debt due within one year 1.5% Gain (loss) on disposal of fixed assets, net (2,000) 6.2% Real Estate (68) 7.4% 64,425 1,031 Fiscal 2018 Guidance Lodging Reported EBITDA x 18,063 (62,587) Lift 2017 $ 38,422 Per share amounts: 52.9% $ $ 34,000 Resort operating expense 36,479 (48,255) Long-term debt, net 1,303,402 (58,437) Vail Resorts, Inc. 1,691 18,404 Net revenue: Real Estate stock-based compensation 80.53 Mountain Reported EBITDA Total Lodging net revenue (11,964) $ Change in estimated fair value of contingent consideration $ 617,000 64,080 Resort net revenue 1,485 29,877 Long-term debt due within one year Net loss attributable to noncontrolling interests July 31, 2018 (6) (18,654) Reimbursed payroll costs (97,127) Provision for income taxes (5) (54,082) (1,055) 13,368 Total Vail Resorts, Inc. stockholders’ equity (63,618) 1,262,325 50,183 7.5% $ 6,590 4,523 Total Mountain net revenue (1) The Consolidated Condensed Statement of Operations for the three months ended October 31, 2016 has been revised to separately disclose revenues and costs from retail and dining operations, as well as general and administrative costs. Retail and dining revenues were previously included within Mountain and Lodging revenues, and the related costs were previously included in Mountain and Lodging operating costs. Management considers the change in presentation of our Consolidated Condensed Statement of Operations to be immaterial. There is no change to previously reported total net revenue, operating expense, income (loss) from operations, net income (loss) attributable to Vail Resorts, Inc., per share amounts or segment results. Other $ 1,974 2.0 (28,385) Resort Reported EBITDA (3) 207.34 $ 2016 1,160,350 Retail/rental (103,716) 233,818 (60,000) 264,000 479 Net loss attributable to noncontrolling interests $ (32) Interest expense, net 36,834 (110) High EndRange Total debt Consolidated Condensed Statements of Operations 144.12 $ $ (1,055) Net income Vail Resorts, Inc. SOURCE BROOMFIELD, Colo., Dec. 7, 2017 /PRNewswire/ — Vail Resorts, Inc.www.snow.com(link is external). General and administrative Presented below is a reconciliation of Total Reported EBITDA to net income attributable to Vail Resorts, Inc. calculated in accordance with GAAP for the twelve months ended October 31, 2017. (56,000) Other (3.1)% (Unaudited) (37.3)% $ Non-cash Real Estate stock-based compensation
Vermont Business Magazine Governor Phil Scott today signed an executive order creating a Community Violence Prevention Task Force. The executive order, he said in a statement, is one part of the governor’s broader efforts to ensure Vermont continues to be one of the safest states in the country.“I’m hopeful every Vermonter will join in the responsible discussion we must have about ways to reduce violence in our society and keep kids safe in our schools,” Scott said. “Our goal must be to find real solutions and take steps that will make a difference.”“While gun safety and school security can be part of the conversation, we must also focus on the root causes of violence,” Governor Scott said.The Taskforce in the Governor’s Executive Order will be comprised of fourteen members from inside and outside of state government to be appointed within the month. State government officials will include Commissioner of Public Safety, the Secretary of the Agency of Health and Human Services, the Commissioner of the Department of Mental Health, the Agency of Education School Security Liaison Officer and the Secretary of the Agency of Digital Services or designees. The other members of the taskforce may include mental health care professionals, teachers, students, school officials, sportsmen and/or licensed gun dealers, veterans, security consultants, health care providers and others.The Governor’s Executive Order asks the Task Force to:Assess high-quality primary research, including evidence-based Vermont data to the extent it is available regarding the underlying causes of violent behavior in communities. At the request of the House of Representatives by way of Resolution, this review will also consider the connection between excessive video game playing and the propensity to engage in gun violence;Identify best practices for schools and communities to prevent violent behavior including, but not limited to, identifying warning signs and how to report them, recommending ways to improve prevention and reporting of bullying and harassment and closing the operational gaps among the Department of Children and Families, the Department of Mental Health, the Agency of Education, law enforcement and our schools;Identify opportunities to strengthen existing support systems to ensure every school and community has a local rapid reaction/early intervention team involving educators, mental health/social service professionals and law enforcement when concerning behavioral issues are identified;Review opportunities for expanding school safety prevention and preparedness capacity in the Agency of Education and the Department of Public Safety and supporting the work of the Vermont School Safety Center;Evaluate the adequacy of protections for individuals (students and adults) reporting threats, including consideration of shield laws;Explore the feasibility of stronger open source intelligence gathering by the Vermont Intelligence Center and the cybersecurity center with Norwich University once established; andReview existing State health, mental health, education and criminal laws, regulations, policies, and programs and propose appropriate legislative changes, including changes to eliminate redundancy and break down barriers faced by communities and schools in coordinating action with State government.Preliminary findings and recommendations will be submitted to the Governor no later than December 1, 2018.If you’re interested in serving on the Governor’s Task Force, please send an email to [email protected](link sends e-mail).To view the full text of the Governor’s Executive Order, click here.(link is external)Source: Governor 4.19.2018
Vermont Business Magazine 107.1 Frank FM’s TJ Michaels and Auctioneer Extraordinaire Jamie Polli will headline Central Vermont Home Health & Hospice’s 19th Annual Seasons of Life Fashion Show, Live Auction, and Dinner, Friday, October 26 at the Capitol Plaza Hotel & Conference Center in Montpelier.107.1 Frank FM’s TJ Michaels“TJ is a recognizable voice that many central Vermonters know and love,” says Kim Farnum, Manager of Community Relations & Development for CVHHH. “We are excited to welcome TJ, with his distinct voice and contagious smile, to Seasons of Life and to the CVHHH family.” Michaels knows, first hand, the benefits of the type of care that CVHHH provides. “Hospice made an impact on my family by making my grandmother’s remaining time comfortable and as meaningful as possible. I am honored to support Seasons of Life as this year’s emcee,” he said.Jamie Polli, auctioneer and founder of GameShowsVT.com, will offer amazing packages including a beachfront getaway in Placencia, Belize, a spa package for two at Topnotch Resort in Stowe, and a shopping spree to some of the boutiques participating in the show. Attendees can get a start on their holiday shopping at the India Hicks trunk show, with beautiful accessories and jewelry showcased by former CVHHH Board Member Karen Keene, an India Hicks rep. There will also be a Wine Pull featuring a selection of fine wines like the Bollinger Brut Cuvee, perfect for toasting the holidays.“I’d like to personally thank our top sponsors for supporting this event,” says Farnum. “They include Event Sponsor New England Excess Exchange; Venue Sponsor Capitol Plaza Hotel & Conference Center; and Spotlight Sponsors Carmen Beck, in Honor of Paul Beck, Cody Chevrolet-Cadillac, and John Gardner of Gardner Insurance Services.”Seasons of Life is CVHHH’s largest annual fundraiser and event. For more information, visit www.cvhhh.org/SOL2018(link is external).