Vail Resorts Inc. reported retail/rental revenue increased 3.2 percent in the fiscal year ended July 31, or well below the pace of overall Mountain segment revenue growth during the period.
The owner and operator of 11 mountain resorts, reported net revenue at its Mountain segment increased 14.6 percent to $1.1 billion during the period. Vail's Mountain segment reflects sales of lift tickets, ski lessons and restaurants serving its resorts as well as more than 185 rental and retail shops the company operates both on mountain an in metropolitan markets feeding its resorts. The segment excludes revenues from the company's Lodging and Real Estate development operations.
“Our ancillary businesses also saw strong growth with ski school, dining and retail/rental revenue, excluding Perisher, up 12.9 percent, 10.2 percent and 3.2 percent, respectively, compared to the prior year,” Rob Katz, Chief Executive Officer, said. “With a strong U.S. economy and robust high-end consumer demand for ski vacations, we are continuing to leverage our network of vertically integrated resorts and sophisticated marketing to drive guest spending.”
Excluding a month of results from Perisher, an Australian mountain resort acquired June 30, total skier visits increased 6.5 percent to 8.1 million. The growth was driven by the addition of Park City on the eve of the 2014/15 winter season and strong Colorado visitation, particularly at Breckenridge, partially offset by the 16.4 percent decline in Tahoe visits and challenging results at Canyons in the spring.
“We experienced another outstanding year in Colorado with strong growth in effective ticket price (“ETP”) and guest spending in our ancillary businesses,” said Katz. “Our summer business continues to grow as we build out Epic Discovery activities at Vail, Breckenridge and Heavenly and tap into the strong existing summer tourism in those markets.”
Season pass revenue, excluding Perisher, increased $37.1 million, or 20.9 percent, compared to the prior fiscal year.
Effective ticket price, excluding season pass holders and Perisher, increased $7.04, or 8.8 percent, compared to the prior fiscal year.
Mountain Reported EBITDA for fiscal 2015, excluding the non-cash gain on settlement of litigation related to the purchase of Park City and results at Perisher, increased $68.2 million, or 27.1 percent, to $320.3 million, compared to the prior fiscal year.
Mountain Reported EBITDA included $11.8 million and $10.3 million of stock-based compensation expense for fiscal 2015 and fiscal 2014, respectively.
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Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three Months Ended July 31, |
Twelve Months Ended July 31, |
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2015 |
2014 |
2015 |
2014 |
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Net revenue: |
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Mountain |
$ |
81,061 |
$ |
53,999 |
$ |
1,104,029 |
$ |
963,573 |
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Lodging |
69,373 |
62,593 |
254,553 |
242,287 |
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Real estate |
11,648 |
18,896 |
41,342 |
48,786 |
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Total net revenue |
162,082 |
135,488 |
1,399,924 |
1,254,646 |
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Segment operating expense: |
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Mountain |
131,554 |
111,198 |
777,147 |
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