$10 B

MTN Mkt cap, 15-Oct-2018

$2 B

Vail Resorts Revenue FY, 2018
Vail Resorts Net income (FY, 2018)401.2 M
Vail Resorts EBIT (FY, 2018)408.8 M
Vail Resorts Cash, 31-Jul-2018178.1 M
Vail Resorts EV11.1 B

Vail Resorts Income Statement

Annual

usdFY, 2014FY, 2015FY, 2016FY, 2018

Revenue

135.5m162.1m179.9m2.0b

Revenue growth, %

20%11%

General and administrative expense

251.8m

Operating expense total

251.8m

Depreciation and amortization

(204.5m)

EBIT

(94.5m)(88.5m)(93.8m)408.8m

EBIT margin, %

(70%)(55%)(52%)20%

Interest expense

64.0m51.2m42.4m63.2m

Income tax expense

15.9m34.7m93.2m61.1m

Net Income

28.2m(70.2m)(65.3m)401.2m

Quarterly

USDQ1, 2018Q2, 2018Q3, 2018

Revenue

220.9m955.4m1.8b

General and administrative expense

57.9m128.6m194.8m

Operating expense total

57.9m128.6m194.8m

Depreciation and amortization

(48.6m)(100.0m)(154.1m)

EBIT

(103.7m)153.8m521.8m

EBIT margin, %

(47%)16%29%

Interest expense

15.2m31.1m46.8m

Income tax expense

93.4m89.8m17.9m

Net Income

(31.9m)216.7m489.0m

Vail Resorts Balance Sheet

Annual

usdY, 2010Y, 2011Y, 2012Y, 2013FY, 2014FY, 2015FY, 2016FY, 2018

Cash

14.7m70.1m46.1m138.6m44.4m35.5m67.9m178.1m

Inventories

3.5b

Current Assets

275.0m288.1m322.9m538.7m

PP&E

1.1b1.4b1.4b1.6b

Total Assets

2.2b2.5b2.5b4.1b

Accounts Payable

1.6b397.5m504.5m

Short-term debt

1.0m10.2m13.4m38.5m

Current Liabilities

324.2m398.6m506.5m593.6m

Long-term debt

625.6m806.7m686.9m1.2b

Total Debt

626.6m816.8m700.3m1.3b

Total Liabilities

2.3b

Additional Paid-in Capital

612.3m623.5m636.0m1.1b

Retained Earnings

401.5m440.7m486.7m726.7m

Total Equity

834.8m880.6m888.5m1.8b

Debt to Equity Ratio

0.8 x0.9 x0.8 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x

Financial Leverage

2.6 x2.8 x2.8 x2.2 x

Quarterly

USDQ1, 2018Q2, 2018Q3, 2018

Cash

140.4m235.5m181.6m

Accounts Receivable

84.6m85.4m220.2m

Inventories

108.1m97.5m79.4m

Current Assets

395.7m481.0m519.7m

PP&E

1.7b1.7b1.6b

Total Assets

4.0b4.2b4.1b

Accounts Payable

630.5m588.6m429.9m

Short-term debt

38.4m38.4m38.4m

Current Liabilities

709.6m659.5m497.8m

Long-term debt

1.3b1.2b1.1b

Total Debt

1.3b1.2b1.1b

Total Liabilities

2.4b2.3b2.1b

Additional Paid-in Capital

1.2b1.2b1.2b

Retained Earnings

480.0m673.1m869.9m

Total Equity

1.6b1.9b2.0b

Financial Leverage

2.5 x2.2 x2 x

Vail Resorts Cash Flow

Annual

usdFY, 2014FY, 2015FY, 2016FY, 2018

Net Income

28.2m(70.2m)(65.3m)401.2m

Depreciation and Amortization

140.6m149.1m161.5m204.5m

Accounts Receivable

(17.0m)(15.3m)(33.0m)(44.3m)

Inventories

(282.0m)(186.0m)(963.0k)

Accounts Payable

1.9m

Cash From Operating Activities

(94.2m)(8.9m)32.4m551.6m

Cash From Investing Activities

(117.9m)(427.1m)(124.0m)(134.6m)

Dividends Paid

(45.0m)(75.5m)(103.8m)(204.2m)

Cash From Financing Activities

(222.2m)115.3m(271.2m)(350.7m)

Interest Paid

33.2m53.8m

Free Cash Flow

(212.5m)(132.8m)(76.8m)411.0m

Quarterly

USDQ1, 2018Q2, 2018Q3, 2018

Net Income

(31.9m)216.7m489.0m

Depreciation and Amortization

48.6m100.0m154.1m

Accounts Receivable

101.6m103.7m(33.1m)

Inventories

(11.5m)5.6m

Accounts Payable

(7.5m)73.1m(35.5m)

Cash From Operating Activities

148.8m420.9m583.3m

Cash From Investing Activities

(33.7m)(81.8m)(100.6m)

Dividends Paid

(42.6m)(85.2m)(144.7m)

Cash From Financing Activities

(88.6m)(222.1m)(413.9m)

Free Cash Flow

111.3m333.5m477.0m

Vail Resorts Ratios

USDY, 2018

EV/EBIT

27.1 x

EV/CFO

20.1 x

EV/FCF

27 x

Revenue/Employee

340.9k

Financial Leverage

2.2 x
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