Stowe owner Vail Resorts reports fiscal 2018 Q1 results

first_img(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 compensationlast_img read more

“Our credit union was known for…”

first_imgWhat would happen if your credit union disappeared one day?  Gone.  Just like that.   Why would your members miss you?  What would your state league write about your past accomplishments?  Or, would your departure go undetected?Those are questions occasionally asked at strategic planning sessions to reverse-engineer and design working statements of vision.  The statements of vision help to create strategic objectives that produce abundant reasons for your members to remember your credit union.How do you build the kind of credit union that your members would miss?  How do you create such a distinguishing place in your members’ lives?  You can accomplish this by identifying the important long-term future value of your credit union and its membership.  As a result, you are able to execute persistently on that set of principles.Here are some examples from credit unions that asked and answered these kinds of future-focused questions, and the statements and objectives they reverse-engineered to enhance their strategic plans for their credit unions’ futures.What was your credit union’s largest achievement?  On the whole, we quantified our members’ financial well-being as a result of their membership – we saved them money, helped them earn more money, and made their financial lives easier.  Objective:  Individual financial reviews and proposals through a system of consultative sales, outbound marketing, and mining of transaction data.What did your credit union leave unfinished?  We did not have a system of financial education in place for all generations of our members.  Objective: Provide a comprehensive system of financial education for every major stage of life, emphasizing the role our credit union can take in helping our members lead their financial lives.Who will miss your credit union?  The education community; it was the reason our credit union was started and represents the bulk of our success.  Objective: Deliberately deepen our presence and commitment to the education community, increasing our share of market and wallet.Include this exercise in a working session with your executive team and board of directors.  Imagine a world without your credit union.  From this imagined void, see your purpose and what sets your credit union apart.  As you envision success, back your way in to establishing objectives that make your credit union unique and unforgettable.  What you wanted your credit union to be known for in an imagined world is precisely what you can create in the real one. 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jeff Rendel Jeff Rendel, Certified Speaking Professional, and President of Rising Above Enterprises works with credit unions that want elite results in sales, service, and strategy. Each year, he addresses and facilitates … Web: www.risingaboveenterprises.com Detailslast_img read more

Girls Basketball Preview

first_imgPierson senior Chastin Giles finished last season averaging 12 points per game on 82 field goals, 21 three-pointers, and 60 free throws. Independent/Gordon M. GrantA feisty pair has returned to Pierson’s basketball court.Senior point guard Chastin Giles and sophomore guard Sofia Mancino bring back all the grit that first-year head coach Woody Kneeland will be looking for after the Whalers graduated 10 seniors from last year’s squad, including his niece, Katie Kneeland, who led the team in points (377).“Chastin is tough as nails, so is Sofia,” Kneeland said. “Sofia is a vocal leader where Chastin leads by her play. Both make their teammates better.”The pair will steer a 10-girl roster, but Kneeland said he looks at it as he’s 10 players deep, knowing the girls who returned and many of the younger ones joining having coached the junior varsity team while being an assistant on varsity under former head coach Kevin Barron the last two seasons. His brother George, Katie’s father, who has worked with the basketball teams at Pierson at different levels over the last 18 years, also returns as an assistant.“There’s a lot of new kids coming up and there’s definitely an inexperienced factor, but they’re all great players,” Kneeland said. “I’ve been putting them through the ringer with the best of the Class A school during the nonleague games (0-3 against Eastport-South Manor, Westhampton Beach, and Sayville). I’m making it tough for them because I want them to learn quickly.”The Whalers JV team, along with the varsity girls, finished their league schedules undefeated last season. From his old team he’ll be looking for Grace Perello, who the coach said has a “scorer’s mentality,” to contribute some of what was lost with the departure of his niece, but said he sees all the girls being big contributors on either side of the court down the line. Heidi Wilson replaces Kneeland as the JV coach.“We’re more balanced than last year,” he said. “Once we get rolling and get some confidence, we’ll be there.”The coach said if any opponent thinks taking Giles (287 points last season) out of the game is an automatic win, he’d ask them to think again.“It’s not going to work,” Kneeland said.He’ll still be looking to her tremendously though.“Chastin is a college-level basketball player,” he said. “She helps the other girls get easier baskets too because she gets them in the right spots.”Senior guard and forward Mahlia Hemby is also returning, along with classmates Kathryn Powell, a center, and Kneeland’s daughter, Halle, a guard, both of whom rejoin the Whalers after not playing last season.“Kathryn is strong on offense and defense. Halle adds to the defensive side,” Kneeland said. “They’re going to play.”There’s been a consistent basketball culture in Pierson as of late, with the teams making the postseason the last six seasons, and Kneeland is hoping this year is no different. The Whalers are looking to defend their Suffolk County title won last year while going 17-3 overall.“They’re a fast, tough bunch. They’re some of the fastest kids I’ve seen,” Kneeland said, laughing. “The athleticism is there. They also play great defense. These girls are going to have a complete game soon and I’m excited about it.”Pierson will play Hampton Bays on the road in the Whalers’ first League VII game of the season on Wednesday, December 11, at 5:45 PM. The team travels to Port Jefferson December 16 for a 4:30 PM matchup.Hurricanes Have Room To GrowAlthough losing just one senior to graduation, Westhampton head coach Katie Peters says the absence of center/forward Lindsay Rongo creates a completely different dynamic within her team.“Lindsay Rongo was big for us,” she said. “She was a strong defensive player, was a leader both on and off the court. She was also good for putting in eight to 12 points when we needed it. She was a spark when we needed it, and would recognize that.”That’s not to say she doesn’t think she has the talent to fill her shoes.Peters thinks returning juniors Molly Skorobohaty and Caroline Henke could do just that.“They play strong defense. They hustle,” the coach said. “And they have experience with valuable game minutes.”Young returners with lots of playing time are Rongo’s younger sister Olivia (132 points last season), a guard, who started multiple games as a freshman, and sophomore guard Molly McCarthy (180 points), who the coach said is more confident this season.She expects big things from both girls, but will be leaning on seniors Belle Smith (453 points last season) and Layla Mendoza (132 points) to lead the way.Smith, an All-American lacrosse standout and All-County volleyball player surpassed 1300 points last season to break the Hurricanes’ scoring record. Smith has a good on-court chemistry with Mendoza, who missed the second half of the 2018-19 season with a torn ACL.“They’re picking up right where they left off,” Peters said. “Layla has a strong interior post game. She’s fast, she’s athletic, she can jump. She and Belle are a dynamic duo. It’s tough to stop both of them.”Junior Amanda White, who played at St. Anthony’s the last two seasons, will be added value at guard, classmate Ella Donneson will aid under the boards, and sophomore Molly Mensch will add points fighting from the post. Donneson and Mensch are both up from the JV team.“There’s a lot of room for us to grow in a lot of ways on both ends of the court,” Peters said. “We’ve talked about getting back to where we were, but understand there’s a lot of games to play. We’re going to take it game by game. We can’t overlook anybody. Each day we’ll try to play our best and be our best and let the chips fall where they will.”Mendoza finished Westhampton’s League VI-opening 50-39 win over Elwood-John Glenn December 6 with 25 points and 10 rebounds, and Smith had 13 points, 10 steals, and six rebounds. The Hurricanes traveled to Bayport-Blue Point December 10, but results were not available by press time.Southampton Also Replacing Key PlayerSouthampton will be without Taylor Pike, the Mariners’ primary ball hander in 2018, who scored 256 points last season.The team fell one win short of making the playoffs, and Pike’s 13.5 points-per-game average was a major contributing factor in that. But there is talent returning to this League VII team, too.Sophomore point guard Madison Taylor is a travel basketball player who finished with 142 points last season; sophomore Gabby Arnold will continue guarding against opponent’s toughest competitors (75 points); and junior guard/forward Cristine Delgado led the team in minutes last season and is a strong defender who stays out of foul trouble (109). Back on the team is Ishanti Gumbs. She played for Riverhead last season and finished the season with 150 points as a junior.Senior Alysha Thomas (68 points), captains this Mariners team with classmate Caraline Oakley (60). Thomas competed on the same Amateur Athletic Union team during the offseason as Gumbs and Taylor.Sophomore Carli Cameron, from the soccer team, is up from JV, and juniors Riley Zorko and Bimela Ramkhelawan are also new additions.The Mariners started the season with a 71-36 win over Smithtown Christian December 6. Delgado had 15 points, five steals, and three assists; Taylor scored 11 points; Oakley had eight points and 15 rebounds; and Thomas added eight points and 12 rebounds.East Hampton Looking To BuildEast Hampton is hoping to improve upon its one-win 2018-19 season, but will have to do so while also bumping up to face new League V opponents.As with other schools, just one player, Connie Chan, graduated from last year’s team.Seniors Emma Silvera (98 points), Alden Powers (14), Tia Weiss (41), Emily Brewer (53), and Kailey Marmeno (31) have returned along with juniors Paige Cardone (74) and Eva Wojtusiak (19). Ashley Peters and Armani Gordon are new seniors joining the varsity squad with freshmen Baye Bogetti, Caroline DiSunno, and Claire McGovern. The Bonackers host their first league opponent, Islip, Thursday, December 12, at 4:30 [email protected] Sharelast_img read more

Schwarzer thanks ‘unbelievable’ Mourinho

first_imgMark Schwarzer has thanked Chelsea manager Jose Mourinho for allowing him to leave and says it was the prospect of playing Premier League football again that lured him away from Stamford Bridge.Schwarzer, 42, was third choice goalkeeper behind both Thibaut Courtois and Petr Cech and his chances of appearing for the first team looked slim.But the move to the Foxes on an 18-month deal is likely to see him go straight into the side, replacing Ben Hamer while the number one keeper Kasper Schmeichel is injured.AdChoices广告Schwarzer said: “Chelsea have been excellent and Jose Mourinho has been unbelievable in allowing me to leave.“It was a really amicable split from the club and I have a lot of time for everyone at Chelsea for allowing me to have this next challenge.“It is a new challenge in my career and one I think will be very exciting“It was the draw of being able to be more involved and hopefully being able to play some football in the Premier League. I have come here with the hope of playing football.” Follow West London Sport on TwitterFind us on Facebook See also:Keeper Schwarzer signs new Blues dealLeicester announce signing of Schwarzerlast_img read more

Messi demands more after imperfect Barca blow away United

first_imgBarca were superior to United in all departments for the best part of 80 minutes on Tuesday, a 3-0 win perhaps even flattering for their opponents, who were two down in 20, both goals belonging to Messi.By the time Philippe Coutinho had curved in a third to send Ernesto Valverde’s side into the Champions League semi-finals, United’s stirring opening was long-forgotten, except by Barcelona’s captain.“We put on a spectacle,” said Messi. “But we came out cold and looked nervous in the first five minutes. We cannot come out like that in a Champions League match. Five bad minutes can knock you out.”“We have shown who we are,” Messi added, and in some ways, they were a perfect picture of their season.Thrust into a position of comfort by their mesmeric number 10, Barca put on an exhibition of attacking, possession football, all tricks, flicks and bicycle kicks.But there was also a nervousness at the start, seen briefly against Lyon in the previous round too, that suggests their desperation to win this tournament for the first time since 2015, and win it for Messi, does not weigh lightly.“We had a lot of motivation for this tie, I can’t deny it,” said Valverde. “Especially after not being in the semis for a long time and after last year’s painful defeat. We were extremely focused.”And United’s early threat was genuine. Their knack of breaking through central midfield, with only space and a backpedalling Barca defence ahead of them, exposed a fragility against pace and counter-attack that has never been far away.– Liverpool pose possible threat –Ernesto Valverde is hoping to win his first Champions League title as Barca coach. AFP/LLUIS GENELiverpool carry a 2-0 lead over Porto into their second leg in Portugal on Wednesday and if it is to be them in the semi-finals, Mohamed Salah, Roberto Firmino and Sadio Mane might justifiably feel there is a weakness to exploit.“We have had five difficult minutes because they started strong,” said Valverde. “But then there were another 85 minutes where we were not too bad.”Most deficiencies can be rectified by Messi, whose 109th and 110th goals in the Champions were, mysteriously, his first in a quarter-final since 2013.“It was a streak he was always going to break,” said Sergio Busquets.He also has potentially three extra games now to reduce the gap on Cristiano Ronaldo’s unbeaten 126, after Juventus were knocked out by Ajax.“You can plan as many tactics as you like,” said United’s coach Ole Gunnar Solskjaer. “If you give him time and space, he will score.”When Messi pledged to bring “that beautiful cup back to Camp Nou” at the start of the season, the sense was of reordered priorities, that he and Barcelona would push harder in Europe, even if it came at the expense of their form in La Liga.Real Madrid and Atletico Madrid’s failings have ensured the price has been small, with Valverde able to rest 10 players against Huesca last weekend and still see his team sitting nine points clear. An eighth league title in 11 years will become a double if they beat Valencia in the final of the Copa del Rey, and a treble, if they can see off Liverpool or Porto and then Manchester City, Tottenham or Ajax at Atletico’s Wanda Metropolitano on June 1.If it is to be three consecutive English opponents, Messi might be pleased. He is now the fourth highest scorer against the Premier League’s top-six sides, with 24 goals, despite never having played in the Premier League. “We are not going to ask say sorry for having Messi,” Valverde said. “Although it certainly is lucky for us.”last_img read more