ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 51-0291762 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
390 Interlocken Crescent Broomfield, Colorado | 80021 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
PART I | FINANCIAL INFORMATION | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | OTHER INFORMATION | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
April 30, 2013 (Unaudited) | July 31, 2012 | April 30, 2012 (Unaudited) | ||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 237,735 | $ | 46,053 | $ | 147,110 | ||||||
Restricted cash | 11,991 | 14,284 | 13,666 | |||||||||
Trade receivables, net | 73,733 | 65,743 | 65,133 | |||||||||
Inventories, net | 61,201 | 65,873 | 56,237 | |||||||||
Other current assets | 50,478 | 40,417 | 55,671 | |||||||||
Total current assets | 435,138 | 232,370 | 337,817 | |||||||||
Property, plant and equipment, net (Note 6) | 1,039,907 | 1,049,207 | 1,056,243 | |||||||||
Real estate held for sale and investment | 201,861 | 237,668 | 248,262 | |||||||||
Goodwill, net | 271,855 | 269,769 | 269,678 | |||||||||
Intangible assets, net | 92,039 | 92,070 | 93,715 | |||||||||
Other assets | 38,869 | 46,530 | 44,024 | |||||||||
Total assets | $ | 2,079,669 | $ | 1,927,614 | $ | 2,049,739 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and accrued liabilities (Note 6) | $ | 246,352 | $ | 227,538 | $ | 224,047 | ||||||
Income taxes payable | 13,173 | 20,721 | 19,005 | |||||||||
Long-term debt due within one year (Note 4) | 518 | 990 | 1,119 | |||||||||
Total current liabilities | 260,043 | 249,249 | 244,171 | |||||||||
Long-term debt (Note 4) | 489,240 | 489,775 | 489,757 | |||||||||
Other long-term liabilities (Note 6) | 226,145 | 232,869 | 233,923 | |||||||||
Deferred income taxes | 201,511 | 139,393 | 185,160 | |||||||||
Commitments and contingencies (Note 9) | ||||||||||||
Stockholders’ equity: | ||||||||||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding | — | — | — | |||||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 40,861,919 (unaudited), 40,531,204 and 40,516,476 (unaudited) shares issued, respectively | 409 | 405 | 405 | |||||||||
Additional paid-in capital | 596,167 | 586,691 | 583,818 | |||||||||
Accumulated other comprehensive (loss) income | (4 | ) | (255 | ) | 61 | |||||||
Retained earnings | 485,368 | 408,662 | 469,148 | |||||||||
Treasury stock, at cost; 4,949,111 (unaudited), 4,949,111 and 4,468,181 (unaudited) shares, respectively (Note 11) | (193,192 | ) | (193,192 | ) | (170,696 | ) | ||||||
Total Vail Resorts, Inc. stockholders’ equity | 888,748 | 802,311 | 882,736 | |||||||||
Noncontrolling interests | 13,982 | 14,017 | 13,992 | |||||||||
Total stockholders’ equity (Note 2) | 902,730 | 816,328 | 896,728 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,079,669 | $ | 1,927,614 | $ | 2,049,739 |
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenue: | ||||||||||||||||
Mountain | $ | 402,017 | $ | 354,586 | $ | 815,670 | $ | 720,194 | ||||||||
Lodging | 53,834 | 53,972 | 152,885 | 155,872 | ||||||||||||
Real estate | 13,840 | 12,587 | 39,937 | 34,784 | ||||||||||||
Total net revenue | 469,691 | 421,145 | 1,008,492 | 910,850 | ||||||||||||
Segment operating expense (exclusive of depreciation and amortization shown separately below): | ||||||||||||||||
Mountain | 207,953 | 184,211 | 536,498 | 478,256 | ||||||||||||
Lodging | 45,446 | 47,103 | 142,055 | 149,497 | ||||||||||||
Real estate | 16,996 | 16,069 | 49,349 | 46,479 | ||||||||||||
Total segment operating expense | 270,395 | 247,383 | 727,902 | 674,232 | ||||||||||||
Other operating expense: | ||||||||||||||||
Depreciation and amortization | (33,730 | ) | (33,266 | ) | (98,827 | ) | (95,245 | ) | ||||||||
Loss on disposal of fixed assets, net | (224 | ) | (90 | ) | (757 | ) | (1,123 | ) | ||||||||
Income from operations | 165,342 | 140,406 | 181,006 | 140,250 | ||||||||||||
Mountain equity investment income, net | 266 | 336 | 799 | 944 | ||||||||||||
Investment income (loss), net | 153 | (18 | ) | 306 | 356 | |||||||||||
Interest expense, net | (8,359 | ) | (8,443 | ) | (25,268 | ) | (25,226 | ) | ||||||||
Income before provision for income taxes | 157,402 | 132,281 | 156,843 | 116,324 | ||||||||||||
Provision for income taxes | (59,814 | ) | (52,753 | ) | (59,329 | ) | (46,108 | ) | ||||||||
Net income | 97,588 | 79,528 | 97,514 | 70,216 | ||||||||||||
Net loss attributable to noncontrolling interests | 52 | 41 | 97 | 34 | ||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 97,640 | $ | 79,569 | $ | 97,611 | $ | 70,250 | ||||||||
Per share amounts (Note 3): | ||||||||||||||||
Basic net income per share attributable to Vail Resorts, Inc. | $ | 2.72 | $ | 2.21 | $ | 2.72 | $ | 1.95 | ||||||||
Diluted net income per share attributable to Vail Resorts, Inc. | $ | 2.66 | $ | 2.17 | $ | 2.66 | $ | 1.92 | ||||||||
Cash dividends declared per share | $ | 0.2075 | $ | 0.1875 | $ | 0.5825 | $ | 0.4875 |
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 97,588 | $ | 79,528 | $ | 97,514 | $ | 70,216 | ||||||||
Foreign currency translation adjustments, net of tax | (202 | ) | 61 | 251 | 61 | |||||||||||
Comprehensive income | 97,386 | 79,589 | 97,765 | 70,277 | ||||||||||||
Comprehensive loss attributable to noncontrolling interests | 52 | 41 | 97 | 34 | ||||||||||||
Comprehensive income attributable to Vail Resorts, Inc. | $ | 97,438 | $ | 79,630 | $ | 97,862 | $ | 70,311 |
Nine Months Ended April 30, | ||||||||
2013 | 2012 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 97,514 | $ | 70,216 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 98,827 | 95,245 | ||||||
Cost of real estate sales | 30,282 | 25,357 | ||||||
Stock-based compensation expense | 9,544 | 9,349 | ||||||
Deferred income taxes, net | 59,329 | 46,108 | ||||||
Other non-cash income, net | (5,697 | ) | (4,548 | ) | ||||
Changes in assets and liabilities: | ||||||||
Restricted cash | 2,292 | (1,109 | ) | |||||
Trade receivables, net | (7,354 | ) | (1,890 | ) | ||||
Inventories, net | 5,944 | (1,494 | ) | |||||
Investments in real estate | (1,662 | ) | (2,005 | ) | ||||
Accounts payable and accrued liabilities | 12,231 | (6,596 | ) | |||||
Other assets and liabilities, net | (9,905 | ) | 5,412 | |||||
Net cash provided by operating activities | 291,345 | 234,045 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (65,461 | ) | (107,999 | ) | ||||
Acquisition of businesses | (19,958 | ) | (23,479 | ) | ||||
Other investing activities, net | 861 | (944 | ) | |||||
Net cash used in investing activities | (84,558 | ) | (132,422 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from borrowings under long-term debt | 96,000 | 56,000 | ||||||
Payments of long-term debt | (96,989 | ) | (57,002 | ) | ||||
Repurchases of common stock | — | (7,869 | ) | |||||
Dividends paid | (20,905 | ) | (17,559 | ) | ||||
Other financing activities, net | 6,778 | 1,778 | ||||||
Net cash used in financing activities | (15,116 | ) | (24,652 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 11 | (4 | ) | |||||
Net increase in cash and cash equivalents | 191,682 | 76,967 | ||||||
Cash and cash equivalents: | ||||||||
Beginning of period | 46,053 | 70,143 | ||||||
End of period | $ | 237,735 | $ | 147,110 |
1. | Organization and Business |
2. | Summary of Significant Accounting Policies |
For the Nine Months Ended April 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Vail Resorts Stockholders’ Equity | Noncontrolling Interests | Total Stockholders' Equity | Vail Resorts Stockholders’ Equity | Noncontrolling Interests | Total Stockholders' Equity | |||||||||||||||||||
Balance, beginning of period | $ | 802,311 | $ | 14,017 | $ | 816,328 | $ | 829,723 | $ | 13,996 | $ | 843,719 | ||||||||||||
Net income (loss) | 97,611 | (97 | ) | 97,514 | 70,250 | (34 | ) | 70,216 | ||||||||||||||||
Stock-based compensation expense | 9,544 | — | 9,544 | 9,349 | — | 9,349 | ||||||||||||||||||
Issuance of shares under share award plans, net of shares withheld for taxes | (3,832 | ) | — | (3,832 | ) | (2,661 | ) | — | (2,661 | ) | ||||||||||||||
Tax benefit from share award plans | 3,768 | — | 3,768 | 1,442 | — | 1,442 | ||||||||||||||||||
Cash dividends paid on common stock | (20,905 | ) | — | (20,905 | ) | (17,559 | ) | — | (17,559 | ) | ||||||||||||||
Repurchases of common stock | — | — | — | (7,869 | ) | — | (7,869 | ) | ||||||||||||||||
Contributions from noncontrolling interests, net | — | 62 | 62 | — | 30 | 30 | ||||||||||||||||||
Foreign currency translation adjustments, net of tax | 251 | — | 251 | 61 | — | 61 | ||||||||||||||||||
Balance, end of period | $ | 888,748 | $ | 13,982 | $ | 902,730 | $ | 882,736 | $ | 13,992 | $ | 896,728 |
April 30, 2013 | ||||||||
Carrying Value | Fair Value | |||||||
6.50% Notes | $ | 390,000 | $ | 420,713 | ||||
Industrial Development Bonds | $ | 41,200 | $ | 48,644 | ||||
Other long-term debt | $ | 5,983 | $ | 6,696 |
3. | Net Income Per Common Share |
Three Months Ended April 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
Net income per share: | ||||||||||||||||
Net income attributable to Vail Resorts | $ | 97,640 | $ | 97,640 | $ | 79,569 | $ | 79,569 | ||||||||
Weighted-average shares outstanding | 35,911 | 35,911 | 36,032 | 36,032 | ||||||||||||
Effect of dilutive securities | — | 863 | — | 672 | ||||||||||||
Total shares | 35,911 | 36,774 | 36,032 | 36,704 | ||||||||||||
Net income per share attributable to Vail Resorts | $ | 2.72 | $ | 2.66 | $ | 2.21 | $ | 2.17 |
Nine Months Ended April 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
Net income per share: | ||||||||||||||||
Net income attributable to Vail Resorts | $ | 97,611 | $ | 97,611 | $ | 70,250 | $ | 70,250 | ||||||||
Weighted-average shares outstanding | 35,835 | 35,835 | 36,034 | 36,034 | ||||||||||||
Effect of dilutive securities | — | 846 | — | 630 | ||||||||||||
Total shares | 35,835 | 36,681 | 36,034 | 36,664 | ||||||||||||
Net income per share attributable to Vail Resorts | $ | 2.72 | $ | 2.66 | $ | 1.95 | $ | 1.92 |
4. | Long-Term Debt |
Maturity (a) | April 30, 2013 | July 31, 2012 | April 30, 2012 | |||||||||||
Credit Facility Revolver | 2016 | $ | — | $ | — | $ | — | |||||||
Industrial Development Bonds | 2020 | 41,200 | 41,200 | 41,200 | ||||||||||
Employee Housing Bonds | 2027-2039 | 52,575 | 52,575 | 52,575 | ||||||||||
6.50% Notes | 2019 | 390,000 | 390,000 | 390,000 | ||||||||||
Other | 2013-2029 | 5,983 | 6,990 | 7,101 | ||||||||||
Total debt | 489,758 | 490,765 | 490,876 | |||||||||||
Less: Current maturities (b) | 518 | 990 | 1,119 | |||||||||||
Long-term debt | $ | 489,240 | $ | 489,775 | $ | 489,757 |
(a) | Maturities are based on the Company’s July 31 fiscal year end. |
(b) | Current maturities represent principal payments due in the next 12 months. |
2013 | $ | 9 | |
2014 | 509 | ||
2015 | 533 | ||
2016 | 244 | ||
2017 | 257 | ||
Thereafter | 488,206 | ||
Total debt | $ | 489,758 | |
5. | Acquisitions |
6. | Supplementary Balance Sheet Information |
April 30, 2013 | July 31, 2012 | April 30, 2012 | ||||||||||
Land and land improvements | $ | 295,559 | $ | 281,729 | $ | 282,038 | ||||||
Buildings and building improvements | 852,483 | 838,780 | 835,291 | |||||||||
Machinery and equipment | 599,199 | 563,309 | 566,466 | |||||||||
Furniture and fixtures | 254,671 | 243,587 | 240,367 | |||||||||
Software | 91,987 | 81,659 | 80,591 | |||||||||
Vehicles | 48,592 | 44,798 | 44,536 | |||||||||
Construction in progress | 27,273 | 36,979 | 26,341 | |||||||||
Gross property, plant and equipment | 2,169,764 | 2,090,841 | 2,075,630 | |||||||||
Accumulated depreciation | (1,129,857 | ) | (1,041,634 | ) | (1,019,387 | ) | ||||||
Property, plant and equipment, net | $ | 1,039,907 | $ | 1,049,207 | $ | 1,056,243 |
April 30, 2013 | July 31, 2012 | April 30, 2012 | ||||||||||
Trade payables | $ | 59,515 | $ | 56,508 | $ | 55,619 | ||||||
Deferred revenue | 81,092 | 78,793 | 68,182 | |||||||||
Accrued salaries, wages and deferred compensation | 28,563 | 21,242 | 23,534 | |||||||||
Accrued benefits | 24,002 | 20,216 | 26,089 | |||||||||
Deposits | 12,173 | 12,031 | 12,310 | |||||||||
Accrued interest | 13,543 | 8,015 | 13,534 | |||||||||
Other accruals | 27,464 | 30,733 | 24,779 | |||||||||
Total accounts payable and accrued liabilities | $ | 246,352 | $ | 227,538 | $ | 224,047 |
April 30, 2013 | July 31, 2012 | April 30, 2012 | ||||||||||
Private club deferred initiation fee revenue | $ | 133,578 | $ | 135,660 | $ | 136,740 | ||||||
Unfavorable lease obligation, net | 34,055 | 36,058 | 36,726 | |||||||||
Other long-term liabilities | 58,512 | 61,151 | 60,457 | |||||||||
Total other long-term liabilities | $ | 226,145 | $ | 232,869 | $ | 233,923 |
Fair Value Measurement as of April 30, 2013 | |||||||||||||||||
Description | Balance at April 30, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Money Market | $ | 49,025 | $ | 49,025 | $ | — | $ | — | |||||||||
Commercial Paper | $ | 630 | $ | — | $ | 630 | $ | — | |||||||||
Certificates of Deposit | $ | 630 | $ | — | $ | 630 | $ | — | |||||||||
Fair Value Measurement as of July 31, 2012 | |||||||||||||||||
Description | Balance at July 31, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Money Market | $ | 6,581 | $ | 6,581 | $ | — | $ | — | |||||||||
Commercial Paper | $ | 2,441 | $ | — | $ | 2,441 | $ | — | |||||||||
Certificates of Deposit | $ | 1,260 | $ | — | $ | 1,260 | $ | — | |||||||||
Fair Value Measurement as of April 30, 2012 | |||||||||||||||||
Description | Balance at April 30, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Money Market | $ | 1,392 | $ | 1,392 | $ | — | $ | — | |||||||||
Commercial Paper | $ | 6,993 | $ | — | $ | 6,993 | $ | — | |||||||||
Certificates of Deposit | $ | 1,890 | $ | — | $ | 1,890 | $ | — |
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenue: | ||||||||||||||||
Lift tickets | $ | 215,163 | $ | 188,712 | $ | 390,820 | $ | 342,411 | ||||||||
Ski school | 53,531 | 47,040 | 95,254 | 84,292 | ||||||||||||
Dining | 37,876 | 31,388 | 74,075 | 61,757 | ||||||||||||
Retail/rental | 66,329 | 60,144 | 176,802 | 160,958 | ||||||||||||
Other | 29,118 | 27,302 | 78,719 | 70,776 | ||||||||||||
Total Mountain net revenue | 402,017 | 354,586 | 815,670 | 720,194 | ||||||||||||
Lodging | 53,834 | 53,972 | 152,885 | 155,872 | ||||||||||||
Total Resort net revenue | 455,851 | 408,558 | 968,555 | 876,066 | ||||||||||||
Real estate | 13,840 | 12,587 | 39,937 | 34,784 | ||||||||||||
Total net revenue | $ | 469,691 | $ | 421,145 | $ | 1,008,492 | $ | 910,850 | ||||||||
Operating expense: | ||||||||||||||||
Mountain | $ | 207,953 | $ | 184,211 | $ | 536,498 | $ | 478,256 | ||||||||
Lodging | 45,446 | 47,103 | 142,055 | 149,497 | ||||||||||||
Total Resort operating expense | 253,399 | 231,314 | 678,553 | 627,753 | ||||||||||||
Real estate | 16,996 | 16,069 | 49,349 | 46,479 | ||||||||||||
Total segment operating expense | $ | 270,395 | $ | 247,383 | $ | 727,902 | $ | 674,232 | ||||||||
Mountain equity investment income, net | $ | 266 | $ | 336 | $ | 799 | $ | 944 | ||||||||
Reported EBITDA: | ||||||||||||||||
Mountain | $ | 194,330 | $ | 170,711 | $ | 279,971 | $ | 242,882 | ||||||||
Lodging | 8,388 | 6,869 | 10,830 | 6,375 | ||||||||||||
Resort | 202,718 | 177,580 | 290,801 | 249,257 | ||||||||||||
Real estate | (3,156 | ) | (3,482 | ) | (9,412 | ) | (11,695 | ) | ||||||||
Total Reported EBITDA | $ | 199,562 | $ | 174,098 | $ | 281,389 | $ | 237,562 | ||||||||
Real estate held for sale and investment | $ | 201,861 | $ | 248,262 | $ | 201,861 | $ | 248,262 | ||||||||
Reconciliation to net income attributable to Vail Resorts, Inc.: | ||||||||||||||||
Total Reported EBITDA | $ | 199,562 | $ | 174,098 | $ | 281,389 | $ | 237,562 | ||||||||
Depreciation and amortization | (33,730 | ) | (33,266 | ) | (98,827 | ) | (95,245 | ) | ||||||||
Loss on disposal of fixed assets, net | (224 | ) | (90 | ) | (757 | ) | (1,123 | ) | ||||||||
Investment income (loss), net | 153 | (18 | ) | 306 | 356 | |||||||||||
Interest expense, net | (8,359 | ) | (8,443 | ) | (25,268 | ) | (25,226 | ) | ||||||||
Income before provision for income taxes | 157,402 | 132,281 | 156,843 | 116,324 | ||||||||||||
Provision for income taxes | (59,814 | ) | (52,753 | ) | (59,329 | ) | (46,108 | ) | ||||||||
Net income | $ | 97,588 | $ | 79,528 | $ | 97,514 | $ | 70,216 | ||||||||
Net loss attributable to noncontrolling interests | 52 | 41 | 97 | 34 | ||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 97,640 | $ | 79,569 | $ | 97,611 | $ | 70,250 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 230,429 | $ | 7,306 | $ | — | $ | 237,735 | ||||||||||
Restricted cash | — | 10,894 | 1,097 | — | 11,991 | |||||||||||||||
Trade receivables, net | — | 70,424 | 3,309 | — | 73,733 | |||||||||||||||
Inventories, net | — | 61,014 | 187 | — | 61,201 | |||||||||||||||
Other current assets | 28,699 | 20,543 | 1,236 | — | 50,478 | |||||||||||||||
Total current assets | 28,699 | 393,304 | 13,135 | — | 435,138 | |||||||||||||||
Property, plant and equipment, net | — | 993,813 | 46,094 | — | 1,039,907 | |||||||||||||||
Real estate held for sale and investment | — | 201,861 | — | — | 201,861 | |||||||||||||||
Goodwill, net | — | 270,076 | 1,779 | — | 271,855 | |||||||||||||||
Intangible assets, net | — | 72,563 | 19,476 | — | 92,039 | |||||||||||||||
Other assets | 6,319 | 37,661 | 4,348 | (9,459 | ) | 38,869 | ||||||||||||||
Investments in subsidiaries | 1,885,121 | (2,153 | ) | — | (1,882,968 | ) | — | |||||||||||||
Advances | (385,997 | ) | 382,375 | 3,622 | — | — | ||||||||||||||
Total assets | $ | 1,534,142 | $ | 2,349,500 | $ | 88,454 | $ | (1,892,427 | ) | $ | 2,079,669 | |||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 12,856 | $ | 225,420 | $ | 8,076 | $ | — | $ | 246,352 | ||||||||||
Income taxes payable | 13,173 | — | — | — | 13,173 | |||||||||||||||
Long-term debt due within one year | — | 299 | 219 | — | 518 | |||||||||||||||
Total current liabilities | 26,029 | 225,719 | 8,295 | — | 260,043 | |||||||||||||||
Long-term debt | 390,000 | 41,502 | 57,738 | — | 489,240 | |||||||||||||||
Other long-term liabilities | 27,852 | 197,158 | 10,594 | (9,459 | ) | 226,145 | ||||||||||||||
Deferred income taxes | 201,513 | — | (2 | ) | — | 201,511 | ||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 888,748 | 1,885,121 | (2,153 | ) | (1,882,968 | ) | 888,748 | |||||||||||||
Noncontrolling interests | — | — | 13,982 | — | 13,982 | |||||||||||||||
Total stockholders’ equity | 888,748 | 1,885,121 | 11,829 | (1,882,968 | ) | 902,730 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,534,142 | $ | 2,349,500 | $ | 88,454 | $ | (1,892,427 | ) | $ | 2,079,669 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 38,380 | $ | 7,673 | $ | — | $ | 46,053 | ||||||||||
Restricted cash | — | 13,300 | 984 | — | 14,284 | |||||||||||||||
Trade receivables, net | — | 64,185 | 1,558 | — | 65,743 | |||||||||||||||
Inventories, net | — | 65,673 | 200 | — | 65,873 | |||||||||||||||
Other current assets | 24,458 | 15,522 | 437 | — | 40,417 | |||||||||||||||
Total current assets | 24,458 | 197,060 | 10,852 | — | 232,370 | |||||||||||||||
Property, plant and equipment, net | — | 1,000,767 | 48,440 | — | 1,049,207 | |||||||||||||||
Real estate held for sale and investment | — | 237,668 | — | — | 237,668 | |||||||||||||||
Goodwill, net | — | 268,058 | 1,711 | — | 269,769 | |||||||||||||||
Intangible assets, net | — | 72,751 | 19,319 | — | 92,070 | |||||||||||||||
Other assets | 7,113 | 42,939 | 5,937 | (9,459 | ) | 46,530 | ||||||||||||||
Investments in subsidiaries | 1,775,195 | (553 | ) | — | (1,774,642 | ) | — | |||||||||||||
Advances | (421,115 | ) | 418,001 | 3,114 | — | — | ||||||||||||||
Total assets | $ | 1,385,651 | $ | 2,236,691 | $ | 89,373 | $ | (1,784,101 | ) | $ | 1,927,614 | |||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 6,542 | $ | 215,308 | $ | 5,688 | $ | — | $ | 227,538 | ||||||||||
Income taxes payable | 20,721 | — | — | — | 20,721 | |||||||||||||||
Long-term debt due within one year | — | 782 | 208 | — | 990 | |||||||||||||||
Total current liabilities | 27,263 | 216,090 | 5,896 | — | 249,249 | |||||||||||||||
Long-term debt | 390,000 | 41,817 | 57,958 | — | 489,775 | |||||||||||||||
Other long-term liabilities | 28,104 | 203,589 | 10,635 | (9,459 | ) | 232,869 | ||||||||||||||
Deferred income taxes | 137,973 | — | 1,420 | — | 139,393 | |||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 802,311 | 1,775,195 | (553 | ) | (1,774,642 | ) | 802,311 | |||||||||||||
Noncontrolling interests | — | — | 14,017 | — | 14,017 | |||||||||||||||
Total stockholders’ equity | 802,311 | 1,775,195 | 13,464 | (1,774,642 | ) | 816,328 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,385,651 | $ | 2,236,691 | $ | 89,373 | $ | (1,784,101 | ) | $ | 1,927,614 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 138,001 | $ | 9,109 | $ | — | $ | 147,110 | ||||||||||
Restricted cash | — | 12,619 | 1,047 | — | 13,666 | |||||||||||||||
Trade receivables, net | — | 62,390 | 2,743 | — | 65,133 | |||||||||||||||
Inventories, net | — | 56,050 | 187 | — | 56,237 | |||||||||||||||
Other current assets | 32,809 | 20,925 | 1,937 | — | 55,671 | |||||||||||||||
Total current assets | 32,809 | 289,985 | 15,023 | — | 337,817 | |||||||||||||||
Property, plant and equipment, net | — | 1,007,074 | 49,169 | — | 1,056,243 | |||||||||||||||
Real estate held for sale and investment | — | 248,262 | — | — | 248,262 | |||||||||||||||
Goodwill, net | — | 268,057 | 1,621 | — | 269,678 | |||||||||||||||
Intangible assets, net | — | 74,327 | 19,388 | — | 93,715 | |||||||||||||||
Other assets | 7,368 | 32,124 | 4,532 | — | 44,024 | |||||||||||||||
Investments in subsidiaries | 1,857,590 | 2,147 | — | (1,859,737 | ) | — | ||||||||||||||
Advances | (381,351 | ) | 387,860 | (6,509 | ) | — | — | |||||||||||||
Total assets | $ | 1,516,416 | $ | 2,309,836 | $ | 83,224 | $ | (1,859,737 | ) | $ | 2,049,739 | |||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 12,852 | $ | 205,081 | $ | 6,114 | $ | — | $ | 224,047 | ||||||||||
Income taxes payable | 19,005 | — | — | — | 19,005 | |||||||||||||||
Long-term debt due within one year | — | 911 | 208 | — | 1,119 | |||||||||||||||
Total current liabilities | 31,857 | 205,992 | 6,322 | — | 244,171 | |||||||||||||||
Long-term debt | 390,000 | 41,799 | 57,958 | — | 489,757 | |||||||||||||||
Other long-term liabilities | 28,105 | 204,455 | 1,363 | — | 233,923 | |||||||||||||||
Deferred income taxes | 183,718 | — | 1,442 | — | 185,160 | |||||||||||||||
Total Vail Resorts, Inc. stockholders’ equity (deficit) | 882,736 | 1,857,590 | 2,147 | (1,859,737 | ) | 882,736 | ||||||||||||||
Noncontrolling interests | — | — | 13,992 | — | 13,992 | |||||||||||||||
Total stockholders’ equity | 882,736 | 1,857,590 | 16,139 | (1,859,737 | ) | 896,728 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,516,416 | $ | 2,309,836 | $ | 83,224 | $ | (1,859,737 | ) | $ | 2,049,739 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Total net revenue | $ | — | $ | 467,095 | $ | 6,406 | $ | (3,810 | ) | $ | 469,691 | |||||||||
Total operating expense | 116 | 301,696 | 6,309 | (3,772 | ) | 304,349 | ||||||||||||||
(Loss) income from operations | (116 | ) | 165,399 | 97 | (38 | ) | 165,342 | |||||||||||||
Other expense, net | (6,600 | ) | (1,322 | ) | (322 | ) | 38 | (8,206 | ) | |||||||||||
Equity investment income, net | — | 266 | — | — | 266 | |||||||||||||||
(Loss) income before benefit (provision) from income taxes | (6,716 | ) | 164,343 | (225 | ) | — | 157,402 | |||||||||||||
Benefit (provision) from income taxes | 2,551 | (62,452 | ) | 87 | — | (59,814 | ) | |||||||||||||
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (4,165 | ) | 101,891 | (138 | ) | — | 97,588 | |||||||||||||
Equity in income (loss) of consolidated subsidiaries | 101,805 | (86 | ) | — | (101,719 | ) | — | |||||||||||||
Net income (loss) | 97,640 | 101,805 | (138 | ) | (101,719 | ) | 97,588 | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | 52 | — | 52 | |||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 97,640 | $ | 101,805 | $ | (86 | ) | $ | (101,719 | ) | $ | 97,640 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Total net revenue | $ | — | $ | 417,945 | $ | 6,225 | $ | (3,025 | ) | $ | 421,145 | |||||||||
Total operating expense | 98 | 277,907 | 5,721 | (2,987 | ) | 280,739 | ||||||||||||||
(Loss) income from operations | (98 | ) | 140,038 | 504 | (38 | ) | 140,406 | |||||||||||||
Other expense, net | (6,637 | ) | (1,514 | ) | (348 | ) | 38 | (8,461 | ) | |||||||||||
Equity investment income, net | — | 336 | — | — | 336 | |||||||||||||||
(Loss) income before benefit (provision) from income taxes | (6,735 | ) | 138,860 | 156 | — | 132,281 | ||||||||||||||
Benefit (provision) from income taxes | 2,626 | (55,379 | ) | — | — | (52,753 | ) | |||||||||||||
Net (loss) income before equity in income of consolidated subsidiaries | (4,109 | ) | 83,481 | 156 | — | 79,528 | ||||||||||||||
Equity in income of consolidated subsidiaries | 83,678 | 197 | — | (83,875 | ) | — | ||||||||||||||
Net income | 79,569 | 83,678 | 156 | (83,875 | ) | 79,528 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 41 | — | 41 | |||||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 79,569 | $ | 83,678 | $ | 197 | $ | (83,875 | ) | $ | 79,569 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Total net revenue | $ | — | $ | 1,002,526 | $ | 15,780 | $ | (9,814 | ) | $ | 1,008,492 | |||||||||
Total operating expense | 334 | 819,781 | 17,071 | (9,700 | ) | 827,486 | ||||||||||||||
(Loss) income from operations | (334 | ) | 182,745 | (1,291 | ) | (114 | ) | 181,006 | ||||||||||||
Other expense, net | (19,810 | ) | (4,257 | ) | (1,009 | ) | 114 | (24,962 | ) | |||||||||||
Equity investment income, net | — | 799 | — | — | 799 | |||||||||||||||
(Loss) income before benefit (provision) from income taxes | (20,144 | ) | 179,287 | (2,300 | ) | — | 156,843 | |||||||||||||
Benefit (provision) from income taxes | 7,708 | (67,225 | ) | 188 | — | (59,329 | ) | |||||||||||||
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (12,436 | ) | 112,062 | (2,112 | ) | — | 97,514 | |||||||||||||
Equity in income (loss) of consolidated subsidiaries | 110,047 | (2,015 | ) | — | (108,032 | ) | — | |||||||||||||
Net income (loss) | 97,611 | 110,047 | (2,112 | ) | (108,032 | ) | 97,514 | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | 97 | — | 97 | |||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 97,611 | $ | 110,047 | $ | (2,015 | ) | $ | (108,032 | ) | $ | 97,611 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Total net revenue | $ | — | $ | 907,169 | $ | 12,615 | $ | (8,934 | ) | $ | 910,850 | |||||||||
Total operating expense | 39 | 766,644 | 12,736 | (8,819 | ) | 770,600 | ||||||||||||||
(Loss) income from operations | (39 | ) | 140,525 | (121 | ) | (115 | ) | 140,250 | ||||||||||||
Other expense, net | (19,922 | ) | (4,022 | ) | (1,041 | ) | 115 | (24,870 | ) | |||||||||||
Equity investment income, net | — | 944 | — | — | 944 | |||||||||||||||
(Loss) income before benefit (provision) from income taxes | (19,961 | ) | 137,447 | (1,162 | ) | — | 116,324 | |||||||||||||
Benefit (provision) from income taxes | 8,206 | (54,314 | ) | — | — | (46,108 | ) | |||||||||||||
Net (loss) income before equity in income (loss) of consolidated subsidiaries | (11,755 | ) | 83,133 | (1,162 | ) | — | 70,216 | |||||||||||||
Equity in income (loss) of consolidated subsidiaries | 82,005 | (1,128 | ) | — | (80,877 | ) | — | |||||||||||||
Net income (loss) | 70,250 | 82,005 | (1,162 | ) | (80,877 | ) | 70,216 | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | 34 | — | 34 | |||||||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 70,250 | $ | 82,005 | $ | (1,128 | ) | $ | (80,877 | ) | $ | 70,250 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Net income (loss) | $ | 97,640 | $ | 101,805 | $ | (138 | ) | $ | (101,719 | ) | $ | 97,588 | ||||||||
Foreign currency translation adjustments, net of tax | (202 | ) | (202 | ) | (202 | ) | 404 | (202 | ) | |||||||||||
Comprehensive income (loss) | 97,438 | 101,603 | (340 | ) | (101,315 | ) | 97,386 | |||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 52 | — | 52 | |||||||||||||||
Comprehensive income (loss) attributable to Vail Resorts, Inc. | $ | 97,438 | $ | 101,603 | $ | (288 | ) | $ | (101,315 | ) | $ | 97,438 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Net income | $ | 79,569 | $ | 83,678 | $ | 156 | $ | (83,875 | ) | $ | 79,528 | |||||||||
Foreign currency translation adjustments, net of tax | 61 | 61 | 61 | (122 | ) | 61 | ||||||||||||||
Comprehensive income | 79,630 | 83,739 | 217 | (83,997 | ) | 79,589 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 41 | — | 41 | |||||||||||||||
Comprehensive income attributable to Vail Resorts, Inc. | $ | 79,630 | $ | 83,739 | $ | 258 | $ | (83,997 | ) | $ | 79,630 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Net income (loss) | $ | 97,611 | $ | 110,047 | $ | (2,112 | ) | $ | (108,032 | ) | $ | 97,514 | ||||||||
Foreign currency translation adjustments, net of tax | 251 | 251 | 251 | (502 | ) | 251 | ||||||||||||||
Comprehensive income (loss) | 97,862 | 110,298 | (1,861 | ) | (108,534 | ) | 97,765 | |||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 97 | — | 97 | |||||||||||||||
Comprehensive income (loss) attributable to Vail Resorts, Inc. | $ | 97,862 | $ | 110,298 | $ | (1,764 | ) | $ | (108,534 | ) | $ | 97,862 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||||
Net income (loss) | $ | 70,250 | $ | 82,005 | $ | (1,162 | ) | $ | (80,877 | ) | $ | 70,216 | ||||||||
Foreign currency translation adjustments, net of tax | 61 | 61 | 61 | (122 | ) | 61 | ||||||||||||||
Comprehensive income (loss) | 70,311 | 82,066 | (1,101 | ) | (80,999 | ) | 70,277 | |||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 34 | — | 34 | |||||||||||||||
Comprehensive income (loss) attributable to Vail Resorts, Inc. | $ | 70,311 | $ | 82,066 | $ | (1,067 | ) | $ | (80,999 | ) | $ | 70,311 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Consolidated | |||||||||||||
Net cash provided by operating activities | $ | 46,034 | $ | 244,970 | $ | 341 | $ | 291,345 | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | — | (64,765 | ) | (696 | ) | (65,461 | ) | |||||||||
Acquisition of businesses | — | (19,958 | ) | — | (19,958 | ) | ||||||||||
Other investing activities, net | — | 943 | (82 | ) | 861 | |||||||||||
Net cash used in investing activities | — | (83,780 | ) | (778 | ) | (84,558 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from borrowings under other long-term debt | — | 96,000 | — | 96,000 | ||||||||||||
Payments of other long-term debt | — | (96,781 | ) | (208 | ) | (96,989 | ) | |||||||||
Dividends paid | (20,905 | ) | — | — | (20,905 | ) | ||||||||||
Other financing activities, net | 3,986 | 2,608 | 184 | 6,778 | ||||||||||||
Advances | (29,115 | ) | 29,065 | 50 | — | |||||||||||
Net cash (used in) provided by financing activities | (46,034 | ) | 30,892 | 26 | (15,116 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (33 | ) | 44 | 11 | |||||||||||
Net increase (decrease) in cash and cash equivalents | — | 192,049 | (367 | ) | 191,682 | |||||||||||
Cash and cash equivalents: | ||||||||||||||||
Beginning of period | — | 38,380 | 7,673 | 46,053 | ||||||||||||
End of period | $ | — | $ | 230,429 | $ | 7,306 | $ | 237,735 |
Parent Company | 100% Owned Guarantor Subsidiaries | Other Subsidiaries | Consolidated | |||||||||||||
Net cash provided by operating activities | $ | 38,944 | $ | 193,371 | $ | 1,730 | $ | 234,045 | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | — | (107,779 | ) | (220 | ) | (107,999 | ) | |||||||||
Acquisition of businesses | — | (24,311 | ) | 832 | (23,479 | ) | ||||||||||
Other investing activities, net | — | (944 | ) | — | (944 | ) | ||||||||||
Net cash (used in) provided by investing activities | — | (133,034 | ) | 612 | (132,422 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from borrowings under other long-term debt | — | 56,000 | — | 56,000 | ||||||||||||
Payments of long-term debt | — | (56,805 | ) | (197 | ) | (57,002 | ) | |||||||||
Repurchase of common stock | (7,869 | ) | — | — | (7,869 | ) | ||||||||||
Dividends paid | (17,559 | ) | — | — | (17,559 | ) | ||||||||||
Other financing activities, net | 1,502 | 86 | 190 | 1,778 | ||||||||||||
Advances | (15,018 | ) | 15,018 | — | — | |||||||||||
Net cash (used in) provided by financing activities | (38,944 | ) | 14,299 | (7 | ) | (24,652 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4 | ) | (4 | ) | ||||||||||
Net increase in cash and cash equivalents | — | 74,636 | 2,331 | 76,967 | ||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Beginning of period | — | 63,365 | 6,778 | 70,143 | ||||||||||||
End of period | $ | — | $ | 138,001 | $ | 9,109 | $ | 147,110 |
• | The timing and amount of snowfall can have an impact on Mountain and Lodging revenue particularly in regards to skier visits and the duration and frequency of guest visitation. To help partially mitigate the impact to our operating |
• | Real Estate Reported EBITDA is highly dependent on, among other things, the timing of closings on condominium units available for sale, which determines when revenue and associated cost of sales is recognized. Changes to the anticipated timing or mix of closing on one or more real estate projects, or unit closings within a real estate project, could materially impact Real Estate Reported EBITDA for a particular quarter or fiscal year. For the nine months ended April 30, 2013 we have sold 20 units (with an additional one unit closing after April 30, 2013) at The Ritz-Carlton Residences, Vail and One Ski Hill Place in Breckenridge and we currently have 22 units and 30 units, respectively, remaining available for sale. We cannot predict the ultimate number of units that we will sell, the ultimate price we will receive, or when the units will sell, although we currently believe the selling process will take multiple years. Additionally, if a prolonged weakness in the real estate market or general economic conditions were to occur we may have to adjust our selling prices more than currently anticipated in an effort to sell and close on units available for sale. However, our risk associated with adjusting selling prices to levels that may not be acceptable to us is partially mitigated by the fact that we generate cash flow from placing unsold units into our rental program until such time selling prices are at acceptable levels to us. Furthermore, if weakness in the real estate market were to persist for multiple years, thus requiring us to sell remaining units below anticipated pricing levels (including any sales concessions and discounts) for the remaining inventory of units at The Ritz-Carlton Residences, Vail or One Ski Hill Place in Breckenridge, it may result in an impairment charge on one or both projects. |
• | During the nine months ended April 30, 2013, we announced our calendar 2013 capital expenditure plan which is estimated between approximately $130 million and $140 million and includes the largest number of planned improvements in our history; we completed the acquisition of two ski areas, Afton Alps in Minnesota and Mount Brighton in Michigan, for net cash consideration of approximately $20.0 million; and on March 4, 2013, our Board of Directors increased our regular quarterly cash dividend on our common stock approximately 10% to $0.2075 per share (or approximately $29.8 million annually). As of April 30, 2013, we had $237.7 million in cash and cash equivalents, as well as $333.8 million available under the revolver component of our senior credit facility (“Credit Agreement”) (which represents the total commitment of $400.0 million less certain letters of credit outstanding of $66.2 million). Additionally, we believe that the terms of our 6.50% Senior Subordinated Notes due 2019 (“6.50% Notes”) and our Credit Agreement allow for sufficient flexibility in our ability to make future acquisitions, investments, distributions to stockholders and incur additional debt. This, combined with our completed real estate projects where the proceeds from future real estate closings on The Ritz-Carlton Residences, Vail, and One Ski Hill Place in Breckenridge are expected to significantly exceed future carrying costs, and the continued positive cash flow from operating activities (primarily occurring during our fiscal second and third quarters) less capital expenditures has and is anticipated to continue to provide us with significant liquidity which we believe will allow us to consider strategic investments and other forms of providing return to our stockholders including the continued payment of a quarterly cash dividend. We cannot predict that any strategic initiatives undertaken will achieve the anticipated results. |
• | On May 29, 2013, we entered into a lease with Talisker pursuant to which we assumed resort operations of Canyons Resort which includes the ski area and related amenities. In addition to the lease, we entered into ancillary transaction documents setting forth our rights among others, to ongoing litigation between the current operator and Talisker related to the validity of a lease of the Talisker owned land under the ski terrain of Park City Mountain Resort. If the outcome of the litigation is favorable to Talisker, the land under the ski terrain of Park City Mountain Resort will become subject to our lease with Talisker, which we expect would be beneficial to us. If the outcome of the litigation is unfavorable, we will be entitled to receive from Talisker the rent payments that Talisker receives from the current resort operator until such time as the current resort operator's lease has ended and the ski terrain under Park City Mountain Resort is then included in the lease. The lease between us and Talisker for Canyons Resort has an initial term of 50 years with six 50-year renewal options. The lease provides for $25 million in annual fixed payments, which increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum. In addition, the lease includes participating contingent payments to Talisker of 42% of the amount by which EBITDA for the resort operations, as calculated under the lease, exceeds approximately $35 million, with such threshold amount increased by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by |
• | Under GAAP we test goodwill and indefinite-lived intangible assets for impairment annually, as well as on an interim basis to the extent factors or indicators become apparent that could reduce the fair value of our goodwill or indefinite-lived intangible assets below book value and we evaluate long-lived assets for potential impairment whenever events or change in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate the recoverability of our goodwill by estimating the future discounted cash flows of our reporting units and terminal values of the businesses using projected future levels of income as well as business trends, prospects and market and economic conditions. We evaluate the recoverability of indefinite-lived intangible assets using the income approach based upon estimated future revenue streams, and we evaluate long-lived assets based upon estimated undiscounted future cash flows. Our fiscal 2012 annual impairment test did not result in a goodwill or indefinite-lived intangible asset impairment. However, if lower than projected levels of cash flows were to occur due to prolonged abnormal weather conditions or a prolonged weakness in general economic conditions, among other risks, it could cause less than expected growth and/or a reduction in terminal values and cash flows and could result in an impairment charge attributable to certain goodwill, indefinite-lived intangible assets and/or long-lived assets (particularly related to our Lodging operations), negatively impacting our results of operations and stockholders’ equity. |
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Mountain Reported EBITDA | $ | 194,330 | $ | 170,711 | $ | 279,971 | $ | 242,882 | ||||||||
Lodging Reported EBITDA | 8,388 | 6,869 | 10,830 | 6,375 | ||||||||||||
Resort Reported EBITDA | 202,718 | 177,580 | 290,801 | 249,257 | ||||||||||||
Real Estate Reported EBITDA | (3,156 | ) | (3,482 | ) | (9,412 | ) | (11,695 | ) | ||||||||
Income before provision for income taxes | 157,402 | 132,281 | 156,843 | 116,324 | ||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 97,640 | $ | 79,569 | $ | 97,611 | $ | 70,250 |
Three Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2013 | 2012 | ||||||||||
Net Mountain revenue: | |||||||||||
Lift tickets | $ | 215,163 | $ | 188,712 | 14.0 | % | |||||
Ski school | 53,531 | 47,040 | 13.8 | % | |||||||
Dining | 37,876 | 31,388 | 20.7 | % | |||||||
Retail/rental | 66,329 | 60,144 | 10.3 | % | |||||||
Other | 29,118 | 27,302 | 6.7 | % | |||||||
Total Mountain net revenue | $ | 402,017 | $ | 354,586 | 13.4 | % | |||||
Mountain operating expense: | |||||||||||
Labor and labor-related benefits | $ | 83,372 | $ | 73,946 | 12.7 | % | |||||
Retail cost of sales | 23,795 | 22,633 | 5.1 | % | |||||||
Resort related fees | 22,445 | 20,827 | 7.8 | % | |||||||
General and administrative | 31,581 | 27,992 | 12.8 | % | |||||||
Other | 46,760 | 38,813 | 20.5 | % | |||||||
Total Mountain operating expense | $ | 207,953 | $ | 184,211 | 12.9 | % | |||||
Mountain equity investment income, net | 266 | 336 | (20.8 | )% | |||||||
Mountain Reported EBITDA | $ | 194,330 | $ | 170,711 | 13.8 | % | |||||
Total skier visits | 3,756 | 3,244 | 15.8 | % | |||||||
ETP | $ | 57.29 | $ | 58.17 | (1.5 | )% |
Nine Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2013 | 2012 | ||||||||||
Net Mountain revenue: | |||||||||||
Lift tickets | $ | 390,820 | $ | 342,411 | 14.1 | % | |||||
Ski school | 95,254 | 84,292 | 13.0 | % | |||||||
Dining | 74,075 | 61,757 | 19.9 | % | |||||||
Retail/rental | 176,802 | 160,958 | 9.8 | % | |||||||
Other | 78,719 | 70,776 | 11.2 | % | |||||||
Total Mountain net revenue | $ | 815,670 | $ | 720,194 | 13.3 | % | |||||
Mountain operating expense: | |||||||||||
Labor and labor-related benefits | $ | 201,350 | $ | 176,775 | 13.9 | % | |||||
Retail cost of sales | 75,230 | 67,590 | 11.3 | % | |||||||
Resort related fees | 40,830 | 38,648 | 5.6 | % | |||||||
General and administrative | 93,698 | 85,397 | 9.7 | % | |||||||
Other | 125,390 | 109,846 | 14.2 | % | |||||||
Total Mountain operating expense | $ | 536,498 | $ | 478,256 | 12.2 | % | |||||
Mountain equity investment income, net | 799 | 944 | (15.4 | )% | |||||||
Mountain Reported EBITDA | $ | 279,971 | $ | 242,882 | 15.3 | % | |||||
Total skier visits | 6,977 | 6,142 | 13.6 | % | |||||||
ETP | $ | 56.02 | $ | 55.75 | 0.5 | % |
Three Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2013 | 2012 | ||||||||||
Lodging net revenue: | |||||||||||
Owned hotel rooms | $ | 10,966 | $ | 10,169 | 7.8 | % | |||||
Managed condominium rooms | 16,110 | 14,921 | 8.0 | % | |||||||
Dining | 6,044 | 5,704 | 6.0 | % | |||||||
Transportation | 8,756 | 8,097 | 8.1 | % | |||||||
Other | 9,180 | 9,439 | (2.7 | )% | |||||||
51,056 | 48,330 | 5.6 | % | ||||||||
Payroll cost reimbursements | 2,778 | 5,642 | (50.8 | )% | |||||||
Total Lodging net revenue | $ | 53,834 | $ | 53,972 | (0.3 | )% | |||||
Lodging operating expense: | |||||||||||
Labor and labor-related benefits | $ | 21,384 | $ | 21,059 | 1.5 | % | |||||
General and administrative | 7,553 | 7,457 | 1.3 | % | |||||||
Other | 13,731 | 12,945 | 6.1 | % | |||||||
42,668 | 41,461 | 2.9 | % | ||||||||
Reimbursed payroll costs | 2,778 | 5,642 | (50.8 | )% | |||||||
Total Lodging operating expense | $ | 45,446 | $ | 47,103 | (3.5 | )% | |||||
Lodging Reported EBITDA | $ | 8,388 | $ | 6,869 | 22.1 | % | |||||
Owned hotel statistics: | |||||||||||
ADR | $ | 244.97 | $ | 232.10 | 5.5 | % | |||||
RevPar | $ | 157.73 | $ | 140.14 | 12.6 | % | |||||
Managed condominium statistics: | |||||||||||
ADR | $ | 382.80 | $ | 376.71 | 1.6 | % | |||||
RevPar | $ | 145.48 | $ | 136.41 | 6.6 | % | |||||
Owned hotel and managed condominium statistics (combined): | |||||||||||
ADR | $ | 330.70 | $ | 321.48 | 2.9 | % | |||||
RevPar | $ | 148.71 | $ | 137.42 | 8.2 | % |
Nine Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2013 | 2012 | ||||||||||
Lodging net revenue: | |||||||||||
Owned hotel rooms | $ | 33,566 | $ | 30,892 | 8.7 | % | |||||
Managed condominium rooms | 36,529 | 34,061 | 7.2 | % | |||||||
Dining | 22,146 | 20,356 | 8.8 | % | |||||||
Transportation | 17,570 | 16,888 | 4.0 | % | |||||||
Golf | 7,711 | 7,636 | 1.0 | % | |||||||
Other | 26,868 | 27,149 | (1.0 | )% | |||||||
144,390 | 136,982 | 5.4 | % | ||||||||
Payroll cost reimbursements | 8,495 | 18,890 | (55.0 | )% | |||||||
Total Lodging net revenue | $ | 152,885 | $ | 155,872 | (1.9 | )% | |||||
Lodging operating expense: | |||||||||||
Labor and labor-related benefits | $ | 66,306 | $ | 64,467 | 2.9 | % | |||||
General and administrative | 21,814 | 22,615 | (3.5 | )% | |||||||
Other | 45,440 | 43,525 | 4.4 | % | |||||||
133,560 | 130,607 | 2.3 | % | ||||||||
Reimbursed payroll costs | 8,495 | 18,890 | (55.0 | )% | |||||||
Total Lodging operating expense | $ | 142,055 | $ | 149,497 | (5.0 | )% | |||||
Lodging Reported EBITDA | $ | 10,830 | $ | 6,375 | 69.9 | % | |||||
Owned hotel statistics: | |||||||||||
ADR | $ | 212.16 | $ | 211.46 | 0.3 | % | |||||
RevPar | $ | 128.40 | $ | 118.01 | 8.8 | % | |||||
Managed condominium statistics: | |||||||||||
ADR | $ | 358.09 | $ | 346.77 | 3.3 | % | |||||
RevPar | $ | 98.92 | $ | 95.77 | 3.3 | % | |||||
Owned hotel and managed condominium statistics (combined): | |||||||||||
ADR | $ | 287.46 | $ | 282.71 | 1.7 | % | |||||
RevPar | $ | 107.75 | $ | 102.62 | 5.0 | % |
Three Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2013 | 2012 | ||||||||||
Total Real Estate net revenue | $ | 13,840 | $ | 12,587 | 10.0 | % | |||||
Real Estate operating expense: | |||||||||||
Cost of sales (including sales commission) | 11,350 | 10,055 | 12.9 | % | |||||||
Other | 5,646 | 6,014 | (6.1 | )% | |||||||
Total Real Estate operating expense | 16,996 | 16,069 | 5.8 | % | |||||||
Real Estate Reported EBITDA | $ | (3,156 | ) | $ | (3,482 | ) | 9.4 | % |
Nine Months Ended April 30, | Percentage Increase (Decrease) | ||||||||||
2013 | 2012 | ||||||||||
Total Real Estate net revenue | $ | 39,937 | $ | 34,784 | 14.8 | % | |||||
Real Estate operating expense: | |||||||||||
Cost of sales (including sales commission) | 33,585 | 28,417 | 18.2 | % | |||||||
Other | 15,764 | 18,062 | (12.7 | )% | |||||||
Total Real Estate operating expense | 49,349 | 46,479 | 6.2 | % | |||||||
Real Estate Reported EBITDA | $ | (9,412 | ) | $ | (11,695 | ) | 19.5 | % |
Three Months Ended April 30, | Nine Months Ended April 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Mountain Reported EBITDA | $ | 194,330 | $ | 170,711 | $ | 279,971 | $ | 242,882 | ||||||||
Lodging Reported EBITDA | 8,388 | 6,869 | 10,830 | 6,375 | ||||||||||||
Resort Reported EBITDA | 202,718 | 177,580 | 290,801 | 249,257 | ||||||||||||
Real Estate Reported EBITDA | (3,156 | ) | (3,482 | ) | (9,412 | ) | (11,695 | ) | ||||||||
Total Reported EBITDA | 199,562 | 174,098 | 281,389 | 237,562 | ||||||||||||
Depreciation and amortization | (33,730 | ) | (33,266 | ) | (98,827 | ) | (95,245 | ) | ||||||||
Loss on disposal of fixed assets, net | (224 | ) | (90 | ) | (757 | ) | (1,123 | ) | ||||||||
Investment income (loss), net | 153 | (18 | ) | 306 | 356 | |||||||||||
Interest expense, net | (8,359 | ) | (8,443 | ) | (25,268 | ) | (25,226 | ) | ||||||||
Income before provision for income taxes | 157,402 | 132,281 | 156,843 | 116,324 | ||||||||||||
Provision for income taxes | (59,814 | ) | (52,753 | ) | (59,329 | ) | (46,108 | ) | ||||||||
Net income | 97,588 | 79,528 | 97,514 | 70,216 | ||||||||||||
Net loss attributable to noncontrolling interests | 52 | 41 | 97 | 34 | ||||||||||||
Net income attributable to Vail Resorts, Inc. | $ | 97,640 | $ | 79,569 | $ | 97,611 | $ | 70,250 |
April 30, | ||||||||
2013 | 2012 | |||||||
Long-term debt | $ | 489,240 | $ | 489,757 | ||||
Long-term debt due within one year | 518 | 1,119 | ||||||
Total debt | 489,758 | 490,876 | ||||||
Less: cash and cash equivalents | 237,735 | 147,110 | ||||||
Net Debt | $ | 252,023 | $ | 343,766 |
• | prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; |
• | unfavorable weather conditions or natural disasters; |
• | adverse events that occur during our peak operating periods combined with the seasonality of our business; |
• | competition in our mountain and lodging businesses; |
• | our ability to grow our resort and real estate operations; |
• | our ability to successfully initiate, complete and sell our real estate development projects and achieve the anticipated financial benefits from such projects; |
• | further adverse changes in real estate markets; |
• | continued volatility in credit markets; |
• | our ability to obtain financing on terms acceptable to us to finance our future real estate development, capital expenditures and growth strategy; |
• | our reliance on government permits or approvals for our use of Federal land or to make operational and capital improvements; |
• | demand for planned summer activities and our ability to successfully obtain necessary approvals and construct the planned improvements; |
• | adverse consequences of current or future legal claims; |
• | our ability to hire and retain a sufficient seasonal workforce; |
• | willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; |
• | negative publicity which diminishes the value of our brands; |
• | our ability to integrate and successfully realize anticipated benefits from the lease of Canyons Resort operations or future acquisitions; |
• | the outcome of pending litigation regarding the ski terrain of Park City Mountain Resort; |
• | adverse consequences on lease payment obligations for Canyons Resort due to increases in CPI; and |
• | implications arising from new Financial Accounting Standards Board (“FASB”)/governmental legislation, rulings or interpretations. |
Exhibit Number | Description | Sequentially Numbered Page | |
3.1 | Amended and Restated Certificate of Incorporation of Vail Resorts, Inc., dated January 5, 2005 (Incorporated by reference to Exhibit 3.1 on Form 10-Q of Vail Resorts, Inc. for the quarter ended January 31, 2005)(File No. 001-09614). | ||
3.2 | Certificate of Amendment of Amended and Restated Certificate of Incorporation of Vail Resorts, Inc., dated December 7, 2011. (Incorporated by reference to Exhibit 3.1 on Form 8-K of Vail Resorts, Inc. filed on December 8, 2011)(File No. 001-09614). | ||
3.3 | Amended and Restated Bylaws of Vail Resorts, Inc., dated December 7, 2011. (Incorporated by reference to Exhibit 3.2 on Form 8-K of Vail Resorts, Inc. filed on December 8, 2011)(File No. 001-09614). | ||
4.1 | Supplemental Indenture, dated April 26, 2013, by and among Vail Resorts, Inc., as Issuer, the Guarantors named therein, as Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee. | 23 | |
10.1 | Amendment to Executive Employment Agreement, dated April 11, 2013, by and between Vail Resorts, Inc. and Robert A. Katz. | 30 | |
10.2 | Amendment to Executive Employment Agreement, dated April 11, 2013, by and between Vail Holdings, Inc. and Blaise Carrig. | 31 | |
10.3 | Amendment to Executive Employment Agreement, dated April 11, 2013, by and between Vail Holdings, Inc. and John McD. Garnsey. | 32 | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 33 | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 34 | |
32 | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | 35 | |
101 | The following information from the Company's Quarterly Report on Form 10-Q for the three and nine months ended April 30, 2013 formatted in eXtensible Business Reporting Language: (i) Consolidated Condensed Balance Sheets as of April 30, 2013 (unaudited), July 31, 2012, and April 30, 2012 (unaudited); (ii) Unaudited Consolidated Condensed Statements of Operations for the three and nine months ended April 30, 2013 and April 30, 2012; (iii) Unaudited Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended April 30, 2013 and April 30, 2012; (iv) Unaudited Consolidated Condensed Statements of Cash Flows for the nine months ended April 30, 2013 and April 30, 2012; and (v) Notes to the Consolidated Condensed Financial Statements. |
Vail Resorts, Inc. | ||
Date: June 6, 2013 | By: | /s/ Michael Z. Barkin |
Michael Z. Barkin | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer and Duly Authorized Officer) | ||
Date: June 6, 2013 | By: | /s/ Mark L. Schoppet |
Mark L. Schoppet | ||
Senior Vice President, Controller and Chief Accounting Officer | ||
(Principal Accounting Officer) |
ALL MEDIA ASSOCIATES, INC. ALL MEDIA HOLDINGS, INC. ARRABELLE AT VAIL SQUARE, LLC BOOTH CREEK SKI HOLDINGS, INC. BEAVER CREEK ASSOCIATES, INC. BEAVER CREEK CONSULTANTS, INC. BEAVER CREEK FOOD SERVICES, INC. BRYCE CANYON LODGE COMPANY BCRP INC. BRECKENRIDGE RESORT PROPERTIES, INC. THE CHALETS AT THE LODGE AT VAIL, LLC COLORADO MOUNTAIN EXPRESS, INC. COLTER BAY CAFÉ COURT, LLC COLTER BAY CONVENIENCE STORE, LLC COLTER BAY CORPORATION COLTER BAY GENERAL STORE, LLC COLTER BAY MARINA, LLC CRYSTAL PEAK LODGE OF BRECKENRIDGE, INC. EPICSKI, INC. FLAGG RANCH COMPANY GILLETT BROADCASTING, INC. GRAND TETON LODGE COMPANY HEAVENLY VALLEY, LIMITED PARTNERSHIP HVLP KIRKWOOD SERVICES, LLC JACKSON HOLE GOLF & TENNIS CLUB SNACK SHACK, LLC JACKSON LAKE LODGE CORPORATION JENNY LAKE LODGE, INC. JENNY LAKE STORE, LLC JACKSON HOLE GOLF AND TENNIS CLUB, INC. JHL&S LLC KEYSTONE CONFERENCE SERVICES, INC. KEYSTONE DEVELOPMENT SALES, INC. KEYSTONE FOOD & BEVERAGE COMPANY KEYSTONE RESORT PROPERTY MANAGEMENT COMPANY LA POSADA BEVERAGE SERVICE, LLC LODGE PROPERTIES INC. LODGE REALTY, INC. LAKE TAHOE LODGING COMPANY MESA VERDE LODGE COMPANY NORTHSTAR GROUP COMMERCIAL PROPERTIES LLC NORTHSTAR GROUP RESTAURANT PROPERTIES, LLC NATIONAL PARK HOSPITALITY COMPANY ONE SKI HILL PLACE, LLC PROPERTY MANAGEMENT ACQUISITION CORP., INC. RCR VAIL, LLC ROCKRESORTS ARRABELLE, LLC ROCKRESORTS CHEECA, LLC | ROCKRESORTS DR, LLC ROCKRESORTS EQUINOX, INC. ROCKRESORTS HOTEL JEROME, LLC ROCKRESORTS INTERNATIONAL MANAGEMENT COMPANY ROCKRESORTS LAPOSADA, LLC ROCKRESORTS, LLC ROCKRESORTS ROSARIO, LLC ROCKRESORTS SKI TIP, LLC ROCKRESORTS TEMPO, LLC ROCKRESORTS WYOMING, LLC ROCKRESORTS INTERNATIONAL, LLC SOHO DEVELOPMENT, LLC SSI VENTURE LLC SSV HOLDINGS, INC. SSV ONLINE HOLDINGS, INC. SSV ONLINE LLC STAMPEDE CANTEEN, LLC TETON HOSPITALITY SERVICES, INC. TRIMONT LAND COMPANY THE VAIL CORPORATION VAIL ASSOCIATES HOLDINGS, LTD. VAIL ASSOCIATES INVESTMENTS, INC. VAIL/ARROWHEAD, INC. VAIL/BEAVER CREEK RESORT PROPERTIES, INC. VAMHC, INC. VAIL ASSOCIATES REAL ESTATE, INC. VA RANCHO MIRAGE I, INC. VA RANCHO MIRAGE II, INC. VA RANCHO MIRAGE RESORT, L.P. VAIL FOOD SERVICES, INC. VAIL HOLDINGS, INC. VAIL HOTEL MANAGEMENT COMPANY, LLC VAIL RESORTS DEVELOPMENT COMPANY VAIL RESORTS LODGING COMPANY VAIL RR, INC. VAIL SUMMIT RESORTS, INC. VAIL TRADEMARKS, INC. THE VILLAGE AT BRECKENRIDGE ACQUISITION CORP., INC. VR ACQUISITION, INC. VR HEAVENLY CONCESSIONS, INC. VR HEAVENLY I, INC. VR HEAVENLY II, INC. VR HOLDINGS, INC. VR US HOLDINGS, INC. ZION LODGE COMPANY |
A. | The Company and Executive entered into that certain Employment Agreement, dated October 15, 2008, which was first amended on September 30, 2011 (the “Agreement”); and |
1. | Section 2(c) is hereby deleted and replaced as follows: |
2. | Except as modified by this Second Amendment, the Agreement shall remain in full force and effect. |
A. | The Company and Executive entered into that certain Employment Agreement, dated October 15, 2008 (the “Agreement”); and |
1. | Section 1(a) is hereby amended to reflect Executive's position of President - Mountain Division. |
3. | Except as modified by this Amendment, the Agreement shall remain in full force and effect. |
A. | The Company and Executive entered into that certain Employment Agreement, dated October 15, 2008 (the “Agreement”); |
1. | Section 1(a) is hereby amended to reflect Executive's position of President - Global Mountain Development. |
3. | Except as modified by this Amendment, the Agreement shall remain in full force and effect. |
1. | I have reviewed this quarterly report on Form 10-Q of Vail Resorts, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: June 6, 2013 | |
/s/ ROBERT A. KATZ | |
Robert A. Katz | |
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Vail Resorts, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: June 6, 2013 | |
/s/ MICHAEL Z. BARKIN | |
Michael Z. Barkin | |
Executive Vice President and Chief Financial Officer |
Date: June 6, 2013 | |
/s/ ROBERT A. KATZ | |
Robert A. Katz | |
Chief Executive Officer |
Date: June 6, 2013 | |
/s/ MICHAEL Z. BARKIN | |
Michael Z. Barkin | |
Executive Vice President and Chief Financial Officer |
Stock Repurchase Plan
|
9 Months Ended |
---|---|
Apr. 30, 2013
|
|
Payments for Repurchase of Equity [Abstract] | |
Stock Repurchase Plan | Stock Repurchase Plan On March 9, 2006, the Company’s Board of Directors approved the repurchase of up to 3,000,000 shares of common stock and on July 16, 2008 approved an increase of the Company’s common stock repurchase authorization by an additional 3,000,000 shares. The Company did not repurchase any shares of common stock during the three and nine months ended April 30, 2013. Since inception of its stock repurchase program through April 30, 2013, the Company has repurchased 4,949,111 shares at a cost of approximately $193.2 million. As of April 30, 2013, 1,050,889 shares remained available to repurchase under the existing repurchase authorization. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under the Company’s employee share award plan. |
Consolidated Condensed Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
0 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Mar. 04, 2013
|
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Net revenue: | |||||
Mountain | $ 402,017 | $ 354,586 | $ 815,670 | $ 720,194 | |
Lodging | 53,834 | 53,972 | 152,885 | 155,872 | |
Real Estate | 13,840 | 12,587 | 39,937 | 34,784 | |
Total net revenue | 469,691 | 421,145 | 1,008,492 | 910,850 | |
Segment operating expense (exclusive of depreciation and amortization shown separately below): | |||||
Mountain | 207,953 | 184,211 | 536,498 | 478,256 | |
Lodging | 45,446 | 47,103 | 142,055 | 149,497 | |
Real Estate | 16,996 | 16,069 | 49,349 | 46,479 | |
Total segment operating expense | 270,395 | 247,383 | 727,902 | 674,232 | |
Other operating expense: | |||||
Depreciation and amortization | (33,730) | (33,266) | (98,827) | (95,245) | |
Loss on disposal of fixed assets, net | (224) | (90) | (757) | (1,123) | |
Income (loss) from operations | 165,342 | 140,406 | 181,006 | 140,250 | |
Mountain equity investment income, net | 266 | 336 | 799 | 944 | |
Investment income, net | 153 | (18) | 306 | 356 | |
Interest expense, net | (8,359) | (8,443) | (25,268) | (25,226) | |
Income (loss) before (provision) benefit from income taxes | 157,402 | 132,281 | 156,843 | 116,324 | |
(Provision) benefit from income taxes | (59,814) | (52,753) | (59,329) | (46,108) | |
Net income (loss) | 97,588 | 79,528 | 97,514 | 70,216 | |
Net loss (income) attributable to noncontrolling interests | 52 | 41 | 97 | 34 | |
Net income (loss) attributable to Vail Resorts, Inc. | $ 97,640 | $ 79,569 | $ 97,611 | $ 70,250 | |
Per share amounts (Note 3): | |||||
Basic net income (loss) per share attributable to Vail Resorts, Inc. | $ 2.72 | $ 2.21 | $ 2.72 | $ 1.95 | |
Diluted net income (loss) per share attributable to Vail Resorts, Inc. | $ 2.66 | $ 2.17 | $ 2.66 | $ 1.92 | |
Cash dividends declared per share | $ 0.2075 | $ 0.2075 | $ 0.1875 | $ 0.5825 | $ 0.4875 |
Long-Term Debt
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Apr. 30, 2013
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt as of April 30, 2013, July 31, 2012 and April 30, 2012 is summarized as follows (in thousands):
Aggregate maturities for debt outstanding as of April 30, 2013 reflected by fiscal year are as follows (in thousands):
The Company incurred gross interest expense of $8.4 million for both the three months ended April 30, 2013 and 2012, respectively, of which $0.5 million was amortization of deferred financing costs. The Company had no capitalized interest during the three months ended April 30, 2013 and 2012. The Company incurred gross interest expense of $25.3 million and $25.4 million for the nine months ended April 30, 2013 and 2012, respectively, of which $1.5 million was amortization of deferred financing costs in both years. The Company had no capitalized interest during the nine months ended April 30, 2013. The Company capitalized $0.1 million of interest during the nine months ended April 30, 2012. |
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Supplementary Balance Sheet Information (Tables)
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition Of Property, Plant And Equipment | The composition of property, plant and equipment follows (in thousands):
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Components Of Accounts Payable And Accrued Liabilities | The composition of accounts payable and accrued liabilities follows (in thousands):
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Components Of Other Long-Term Liabilities | The composition of other long-term liabilities follows (in thousands):
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Guarantor Subsidiaries And Non-Guarantor Subsidiaries
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Guarantor Subsidiaries And Non Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Subsidiaries And Non-Guarantor Subsidiaries | Guarantor Subsidiaries and Non-Guarantor Subsidiaries The Company’s payment obligations under the 6.50% Notes (see Note 4, Long-Term Debt) are fully and unconditionally guaranteed on a joint and several, senior subordinated basis by substantially all of the Company’s consolidated subsidiaries (collectively, and excluding Non-Guarantor Subsidiaries (as defined below), the “Guarantor Subsidiaries”), except for Eagle Park Reservoir Company, Larkspur Restaurant & Bar, LLC, Black Diamond Insurance, Inc., Skiinfo AS and certain other insignificant entities (together, the “Non-Guarantor Subsidiaries”). APII and the Employee Housing Entities are included with the Non-Guarantor Subsidiaries for purposes of the consolidated financial information, but are not considered subsidiaries under the indenture governing the 6.50% Notes. Presented below is the consolidated financial information of the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries. Financial information for the Non-Guarantor Subsidiaries is presented in the column titled “Other Subsidiaries.” Balance sheets are presented as of April 30, 2013, July 31, 2012, and April 30, 2012. Statements of operations and statements of comprehensive income (loss) are presented for the three and nine months ended April 30, 2013 and 2012. Statements of cash flows are presented for the nine months ended April 30, 2013 and 2012. Investments in subsidiaries are accounted for by the Parent Company and Guarantor Subsidiaries using the equity method of accounting. Net income (loss) of Guarantor and Non-Guarantor Subsidiaries is, therefore, reflected in the Parent Company’s and Guarantor Subsidiaries’ investments in and advances to (from) subsidiaries. Net income (loss) of the Guarantor and Non-Guarantor Subsidiaries is reflected in Guarantor Subsidiaries and Parent Company as equity in consolidated subsidiaries. The elimination entries eliminate investments in Other Subsidiaries and intercompany balances and transactions for consolidated reporting purposes. Supplemental Condensed Consolidating Balance Sheet As of April 30, 2013 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Balance Sheet As of July 31, 2012 (in thousands)
Supplemental Condensed Consolidating Balance Sheet As of April 30, 2012 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Operations For the three months ended April 30, 2013 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Operations For the three months ended April 30, 2012 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Operations For the nine months ended April 30, 2013 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Operations For the nine months ended April 30, 2012 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended April 30, 2013 (In thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended April 30, 2012 (In thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended April 30, 2013 (In thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended April 30, 2012 (In thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Cash Flows For the nine months ended April 30, 2013 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Cash Flows For the nine months ended April 30, 2012 (in thousands) (Unaudited)
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Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
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Jul. 31, 2012
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Apr. 30, 2012
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Balance Sheet Related Disclosures [Abstract] | |||
Trade payables | $ 59,515 | $ 56,508 | $ 55,619 |
Deferred revenue | 81,092 | 78,793 | 68,182 |
Accrued salaries, wages and deferred compensation | 28,563 | 21,242 | 23,534 |
Accrued benefits | 24,002 | 20,216 | 26,089 |
Deposits | 12,173 | 12,031 | 12,310 |
Accrued interest | 13,543 | 8,015 | 13,534 |
Other accruals | 27,464 | 30,733 | 24,779 |
Total accounts payable and accrued liabilities | $ 246,352 | $ 227,538 | $ 224,047 |
Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Guarantor Subsidiaries And Non Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | Supplemental Condensed Consolidating Balance Sheet As of April 30, 2013 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Balance Sheet As of July 31, 2012 (in thousands)
Supplemental Condensed Consolidating Balance Sheet As of April 30, 2012 (in thousands) (Unaudited)
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Supplemental Condensed Consolidating Statement Of Operations | Supplemental Condensed Consolidating Statement of Operations For the three months ended April 30, 2013 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Operations For the three months ended April 30, 2012 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Operations For the nine months ended April 30, 2013 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Operations For the nine months ended April 30, 2012 (in thousands) (Unaudited)
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SupplementalCondensedStatementofComprehensiveIncome [Text Block] | Statement of Comprehensive Income (Loss) For the three months ended April 30, 2013 (In thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended April 30, 2012 (In thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended April 30, 2013 (In thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended April 30, 2012 (In thousands) (Unaudited)
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Supplemental Condensed Consolidating Statement Of Cash Flows | Supplemental Condensed Consolidating Statement of Cash Flows For the nine months ended April 30, 2013 (in thousands) (Unaudited)
Supplemental Condensed Consolidating Statement of Cash Flows For the nine months ended April 30, 2012 (in thousands) (Unaudited)
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Segment Information (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Financial Information By Reportable Segment | The following table presents financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands):
|
Long-Term Debt (Schedule Of Debt Instruments) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Apr. 30, 2013
|
Jul. 31, 2012
|
Apr. 30, 2012
|
|
Total debt | $ 489,758 | $ 490,765 | $ 490,876 |
Less: Current maturities | 518 | 990 | 1,119 |
Long-term debt | 489,240 | 489,775 | 489,757 |
Fiscal year maturity | 2019 | ||
Stated percentage in the debt instrument | 6.50% | ||
Credit Facility Revolver [Member]
|
|||
Total debt | 0 | 0 | 0 |
Fiscal year maturity | 2016 | ||
Industrial Development Bonds [Member]
|
|||
Total debt | 41,200 | 41,200 | 41,200 |
Long-term debt | 41,200 | ||
Fiscal year maturity | 2020 | ||
Employee Housing Bonds [Member]
|
|||
Total debt | 52,575 | 52,575 | 52,575 |
6.50% Notes [Member]
|
|||
Total debt | 390,000 | 390,000 | 390,000 |
Long-term debt | 390,000 | ||
Fiscal year maturity | 2019 | ||
Stated percentage in the debt instrument | 6.50% | ||
Long term debt interest rate | 6.50% | ||
Other [Member]
|
|||
Total debt | $ 5,983 | $ 6,990 | $ 7,101 |
Maximum [Member] | Employee Housing Bonds [Member]
|
|||
Fiscal year maturity, end | May 01, 2039 | ||
Maximum [Member] | Other [Member]
|
|||
Fiscal year maturity, end | Jul. 31, 2029 | ||
Minimum [Member] | Employee Housing Bonds [Member]
|
|||
Fiscal year maturity, start | Jun. 01, 2027 | ||
Minimum [Member] | Other [Member]
|
|||
Fiscal year maturity, start | Jul. 31, 2013 |
Variable Interest Entities (Details) (USD $)
|
Apr. 30, 2013
entities
|
---|---|
Employee Housing Entities [Member]
|
|
Number of Variable Interest Entities | 4 |
Carrying amount of consolidated VIE assets | $ 30,300,000 |
Carrying amount of consolidated VIE liabilities | 62,900,000 |
Amount outstanding in letters of credit | 53,400,000 |
Avon Partners II LLC [Member]
|
|
Carrying amount of consolidated VIE assets | 4,400,000 |
Carrying amount of consolidated VIE liabilities | $ 0 |
Subsequent Events (Details) (USD $)
In Millions, unless otherwise specified |
0 Months Ended | |
---|---|---|
May 29, 2013
|
May 30, 2013
|
|
Subsequent Event [Line Items] | ||
Effective date of business acquisition | May 29, 2013 | |
Initial Capital Lease Term | 50 years | |
Optional Lease Renewal Term | six 50-year renewal options | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 25 | |
Adjustments to Capital Lease Annual Payments | increase each year by an inflation linked index of CPI less 1%, with a floor of 2% per annum | |
Business Combination, Contingent Consideration Arrangements, Description | 42% of the amount by which EBITDA for the resort operations, as calculated under the Lease, exceeds approximately $35 million, with such threshold amount increased by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the Lease by the Company |
Net Income Per Common Share Net Loss per Common Share (Narrative) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 09, 2013
|
Jun. 24, 2013
|
Mar. 04, 2013
|
Mar. 06, 2012
|
Jun. 08, 2011
|
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2013
|
Apr. 30, 2012
|
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Anti-dilutive securities (in shares) | 0 | 0 | 10,000 | 24,000 | |||||
Estimated annual dividend amount (in dollars per share) | $ 0.83 | $ 0.75 | $ 0.60 | ||||||
Increase to annual cash dividend rate | 10.00% | 25.00% | |||||||
Cash dividends declared per share | $ 0.2075 | $ 0.2075 | $ 0.1875 | $ 0.5825 | $ 0.4875 | ||||
Dividends Payable, Date to be Paid | Jul. 09, 2013 | ||||||||
Payments of Dividends | $ (7,500) | $ (6,800) | $ 20,905 | $ 17,559 | |||||
Dividends Payable, Date of Record | Jun. 24, 2013 |
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2013
|
Apr. 30, 2012
|
Jul. 31, 2012
|
|
Total Mountain net revenue | $ 402,017 | $ 354,586 | $ 815,670 | $ 720,194 | |
Lodging | 53,834 | 53,972 | 152,885 | 155,872 | |
Total Resort net revenue | 455,851 | 408,558 | 968,555 | 876,066 | |
Real Estate | 13,840 | 12,587 | 39,937 | 34,784 | |
Total net revenue | 469,691 | 421,145 | 1,008,492 | 910,850 | |
Mountain | 207,953 | 184,211 | 536,498 | 478,256 | |
Lodging | 45,446 | 47,103 | 142,055 | 149,497 | |
Total Resort operating expense | 253,399 | 231,314 | 678,553 | 627,753 | |
Real estate | 16,996 | 16,069 | 49,349 | 46,479 | |
Total segment operating expense | 270,395 | 247,383 | 727,902 | 674,232 | |
Mountain equity investment income, net | 266 | 336 | 799 | 944 | |
Total Reported EBITDA | 199,562 | 174,098 | 281,389 | 237,562 | |
Real estate held for sale and investment | 201,861 | 248,262 | 201,861 | 248,262 | 237,668 |
Depreciation and amortization | (33,730) | (33,266) | (98,827) | (95,245) | |
Loss on disposal of fixed assets, net | (224) | (90) | (757) | (1,123) | |
Investment income, net | 153 | (18) | 306 | 356 | |
Interest expense, net | (8,359) | (8,443) | (25,268) | (25,226) | |
Income (loss) before (provision) benefit from income taxes | 157,402 | 132,281 | 156,843 | 116,324 | |
(Provision) benefit from income taxes | (59,814) | (52,753) | (59,329) | (46,108) | |
Net income (loss) | 97,588 | 79,528 | 97,514 | 70,216 | |
Net loss (income) attributable to noncontrolling interests | 52 | 41 | 97 | 34 | |
Net income (loss) attributable to Vail Resorts, Inc. | 97,640 | 79,569 | 97,611 | 70,250 | |
Lift Tickets [Member]
|
|||||
Total Mountain net revenue | 215,163 | 188,712 | 390,820 | 342,411 | |
Ski School [Member]
|
|||||
Total Mountain net revenue | 53,531 | 47,040 | 95,254 | 84,292 | |
Dining [Member]
|
|||||
Total Mountain net revenue | 37,876 | 31,388 | 74,075 | 61,757 | |
Retail/Rental [Member]
|
|||||
Total Mountain net revenue | 66,329 | 60,144 | 176,802 | 160,958 | |
Other [Member]
|
|||||
Total Mountain net revenue | 29,118 | 27,302 | 78,719 | 70,776 | |
Resort [Member]
|
|||||
Total Reported EBITDA | 202,718 | 177,580 | 290,801 | 249,257 | |
Mountain [Member]
|
|||||
Total Reported EBITDA | 194,330 | 170,711 | 279,971 | 242,882 | |
Lodging [Member]
|
|||||
Total Reported EBITDA | 8,388 | 6,869 | 10,830 | 6,375 | |
Real Estate [Member]
|
|||||
Total Reported EBITDA | $ (3,156) | $ (3,482) | $ (9,412) | $ (11,695) |
Fair Value Measurements (Tables)
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Cash Equivalents Measured At Fair Value | The table below summarizes the Company’s cash equivalents measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands):
|
Summary of Significant Accounting Policies
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2012. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2012 was derived from audited financial statements. Presentation of Comprehensive Income — Effective August 1, 2012, the Company adopted Accounting Standard Update ("ASU") No. 2011-05 -“Comprehensive Income (Topic 220): Presentation of Comprehensive Income” which amends existing guidance by allowing two options for presenting the components of net income and other comprehensive income: (1) in a single continuous financial statement, a statement of comprehensive income or (2) in two separate but consecutive financial statements, an income statement followed by a separate statement of other comprehensive income. The Company also adopted ASU No. 2011-12—“Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU No. 2011-05” which defers until further notice ASU No. 2011-05's requirement that items that are reclassified from other comprehensive income to net income be presented on the face of the financial statements (see below). ASU No. 2011-05 required retrospective application. The adoption of these standards only amended presentation and disclosure requirements concerning comprehensive income; therefore, the adoption of these standards did not affect the Company’s financial position or results of operations. The Company elected to present the total of comprehensive income, the components of net income (i.e. statements of operations), and the components of other comprehensive income for both the three and nine months ended April 30, 2013 and 2012, in two separate but consecutive statements. New Accounting Standards -- In January 2013, the FASB issued ASU No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income", to improve the transparency of reporting these reclassifications. The amendments in this ASU supersede and replace the presentation requirements for reclassifications out of accumulated other comprehensive income in ASU No. 2011-05 (issued in June 2011) and ASU No. 2011-12 (issued in December 2011). This amendment does not change the current requirements for reporting net income or other comprehensive income in financial statements, but the standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies would instead cross reference to the related footnote for additional information. The amendments are effective for fiscal years beginning after December 15, 2012 (the Company's 2014 first fiscal quarter). The Company does not currently have any components of other comprehensive income that require reclassification to net income, as such, the adoption of this standard is not expected to have an impact on the presentation of the Company's financial statements. Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Noncontrolling Interests in Consolidated Financial Statements— Net loss attributable to noncontrolling interests along with net income attributable to the stockholders of the Company are reported separately in the Consolidated Condensed Statement of Operations. Additionally, noncontrolling interests in the consolidated subsidiaries of the Company are reported as a separate component of equity in the Consolidated Condensed Balance Sheet, apart from the Company’s equity. The following table summarizes the changes in total stockholders’ equity (in thousands):
Fair Value Instruments— The recorded amounts for cash and cash equivalents, trade receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Employee Housing Bonds (Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with that debt. The fair value of the 6.50% Senior Subordinated Notes due 2019 (“6.50% Notes”) (Note 4, Long-Term Debt) are based on quoted market prices (a Level 1 input). The fair value of the Company’s Industrial Development Bonds (Note 4, Long-Term Debt) and other long-term debt have been estimated using discounted cash flow analyses based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 3 input). The estimated fair values of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of April 30, 2013 are presented below (in thousands):
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Acquisitions
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9 Months Ended |
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Apr. 30, 2013
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Business Combinations [Abstract] | |
Acquisitions | Acquisitions Skiinfo On February 1, 2012, the Company acquired the capital stock of Skiinfo, AS, a Norwegian company which owns and operates several European websites focused on the ski and snowboarding industry, for total cash consideration of $5.7 million, net of cash assumed. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company completed its purchase price allocation and recorded $2.4 million in property, plant and equipment, $2.7 million in other assets, $1.8 million in goodwill, $0.7 million in indefinite-lived intangible assets, $0.5 million in other intangible assets (with a weighted-average amortization period of 6.7 years), and $2.6 million of assumed liabilities on the date of acquisition. The operating results of Skiinfo are reported within the Mountain segment. Kirkwood Mountain Resort On April 12, 2012, the Company acquired substantially all of the assets of Kirkwood Mountain Resort (“Kirkwood”), a mountain resort located in Lake Tahoe, California, for total cash consideration of approximately $18.2 million, net of cash assumed, subject to certain working capital adjustments as provided for in the purchase agreement. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company completed its purchase price allocation and recorded $16.8 million in property, plant and equipment, $2.5 million in other assets, $0.8 million in indefinite-lived intangible assets, $1.2 million in other intangible assets (with a weighted-average amortization period of 21.5 years), and $3.1 million of assumed liabilities on the date of acquisition. The operating results of Kirkwood are reported within the Mountain segment. Urban Ski Areas In December 2012, the Company acquired all of the assets of two ski areas in the Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan, for total cash consideration of $20.0 million, net of cash assumed. The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company has completed its preliminary purchase price allocation and has recorded $17.8 million in property, plant and equipment, $1.0 million in other assets, $2.0 million in goodwill, $1.0 million in other intangible assets (with a weighted-average amortization period of 10 years), and $1.8 million of assumed liabilities on the date of acquisition. The operating results of Afton Alps and Mount Brighton are reported within the Mountain segment. |
Net Income Per Common Share
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Apr. 30, 2013
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Earnings Per Share Reconciliation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | Net Income Per Common Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended April 30, 2013 and 2012 (in thousands, except per share amounts):
The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 25,000 and 42,000 for the three months ended April 30, 2013 and 2012, respectively. Presented below is basic and diluted EPS for the nine months ended April 30, 2013 and 2012 (in thousands, except per share amounts):
The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 10,000 and 24,000 for the nine months ended April 30, 2013 and 2012, respectively. On June 7, 2011 the Company’s Board of Directors approved the commencement of a regular quarterly cash dividend on the Company's common stock at an annual rate of $0.60 per share, subject to quarterly declaration. On March 5, 2012 the Company’s Board of Directors approved a 25% increase to the annual cash dividend to an annual rate of $0.75 per share, subject to quarterly declaration. On March 4, 2013 the Company’s Board of Directors approved an approximate 10% increase to its annual cash dividend to an annual rate of $0.83 per share, subject to quarterly declaration. During the three and nine months ended April 30, 2013, the Company paid cash dividends of $0.2075 and $0.5825 per share, respectively ($7.5 million and $20.9 million, respectively, in the aggregate). During the three and nine months ended April 30, 2012, the Company paid cash dividends of $0.1875 and $0.4875 per share, respectively ($6.8 million and $17.6 million, respectively, in the aggregate). On June 5, 2013 the Company’s Board of Directors declared a quarterly cash dividend of $0.2075 per share payable on July 9, 2013 to stockholders of record as of June 24, 2013. |
Fair Value Measurements (Details) (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
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Jul. 31, 2012
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Apr. 30, 2012
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Money Market [Member]
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Cash equivalents measured at fair value | $ 49,025 | $ 6,581 | $ 1,392 |
Money Market [Member] | Level 1 [Member]
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Cash equivalents measured at fair value | 49,025 | 6,581 | 1,392 |
Commercial Paper [Member]
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Cash equivalents measured at fair value | 630 | 2,441 | 6,993 |
Commercial Paper [Member] | Level 2 [Member]
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Cash equivalents measured at fair value | 630 | 2,441 | 6,993 |
Certificates of Deposit [Member]
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Cash equivalents measured at fair value | 630 | 1,260 | 1,890 |
Certificates of Deposit [Member] | Level 2 [Member]
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Cash equivalents measured at fair value | $ 630 | $ 1,260 | $ 1,890 |
Summary of Significant Accounting Policies (Narrative) (Details)
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3 Months Ended |
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Apr. 30, 2013
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Debt Instrument, Year of Maturity | 2019 |
Net Loss Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Apr. 30, 2013
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Apr. 30, 2012
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Apr. 30, 2013
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Apr. 30, 2012
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Net income (loss) attributable to Vail Resorts, Inc. | $ 97,640 | $ 79,569 | $ 97,611 | $ 70,250 |
Weighted-average shares outstanding, basic (in shares) | 35,911 | 36,032 | 35,835 | 36,034 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 863 | 672 | 846 | 630 |
Weighted Average Number of Shares Outstanding, Diluted | 36,774 | 36,704 | 36,681 | 36,664 |
Basic net income (loss) per share attributable to Vail Resorts, Inc. | $ 2.72 | $ 2.21 | $ 2.72 | $ 1.95 |
Diluted net income (loss) per share attributable to Vail Resorts, Inc. | $ 2.66 | $ 2.17 | $ 2.66 | $ 1.92 |
Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
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Jul. 31, 2012
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Apr. 30, 2012
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Balance Sheet Related Disclosures [Abstract] | |||
Land and land improvements | $ 295,559 | $ 281,729 | $ 282,038 |
Buildings and building improvements | 852,483 | 838,780 | 835,291 |
Machinery and equipment | 599,199 | 563,309 | 566,466 |
Furniture and fixtures | 254,671 | 243,587 | 240,367 |
Software | 91,987 | 81,659 | 80,591 |
Vehicles | 48,592 | 44,798 | 44,536 |
Construction in progress | 27,273 | 36,979 | 26,341 |
Gross property, plant and equipment | 2,169,764 | 2,090,841 | 2,075,630 |
Accumulated depreciation | (1,129,857) | (1,041,634) | (1,019,387) |
Property, plant and equipment, net | $ 1,039,907 | $ 1,049,207 | $ 1,056,243 |