$11.7 B

MTN Mkt cap, 16-Aug-2018

$1.8 B

Vail Resorts Revenue Q3, 2018
Vail Resorts Net income (Q3, 2018)489 M
Vail Resorts EBIT (Q3, 2018)521.8 M
Vail Resorts Cash, 30-Apr-2018181.6 M
Vail Resorts EV12.7 B

Vail Resorts Income Statement

Annual

usdFY, 2014FY, 2015FY, 2016

Revenue

135.5 m162.1 m179.9 m

Revenue growth, %

20%11%

EBIT

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

EBIT margin, %

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

Interest expense

64 m51.2 m42.4 m

Income tax expense

15.9 m34.7 m93.2 m

Net Income

28.2 m(70.2 m)(65.3 m)

Quarterly

USDQ1, 2018Q2, 2018Q3, 2018

Revenue

220.9 m955.4 m1.8 b

General and administrative expense

57.9 m128.6 m194.8 m

Operating expense total

57.9 m128.6 m194.8 m

Depreciation and amortization

(48.6 m)(100 m)(154.1 m)

EBIT

(103.7 m)153.8 m521.8 m

EBIT margin, %

(47%)16%29%

Interest expense

15.2 m31.1 m46.8 m

Income tax expense

93.4 m89.8 m17.9 m

Net Income

(31.9 m)216.7 m489 m

Vail Resorts Balance Sheet

Annual

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

Cash

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

Inventories

3.5 b

Current Assets

275 m288.1 m322.9 m

PP&E

1.1 b1.4 b1.4 b

Total Assets

2.2 b2.5 b2.5 b

Accounts Payable

1.6 b397.5 m

Short-term debt

1 m10.2 m13.4 m

Current Liabilities

324.2 m398.6 m506.5 m

Long-term debt

625.6 m806.7 m686.9 m

Total Debt

626.6 m816.8 m700.3 m

Additional Paid-in Capital

612.3 m623.5 m636 m

Retained Earnings

401.5 m440.7 m486.7 m

Total Equity

834.8 m880.6 m888.5 m

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 x

Quarterly

USDQ1, 2018Q2, 2018Q3, 2018

Cash

140.4 m235.5 m181.6 m

Accounts Receivable

84.6 m85.4 m220.2 m

Inventories

108.1 m97.5 m79.4 m

Current Assets

395.7 m481 m519.7 m

PP&E

1.7 b1.7 b1.6 b

Total Assets

4 b4.2 b4.1 b

Accounts Payable

630.5 m588.6 m429.9 m

Short-term debt

38.4 m38.4 m38.4 m

Current Liabilities

709.6 m659.5 m497.8 m

Long-term debt

1.3 b1.2 b1.1 b

Total Debt

1.3 b1.2 b1.1 b

Total Liabilities

2.4 b2.3 b2.1 b

Additional Paid-in Capital

1.2 b1.2 b1.2 b

Retained Earnings

480 m673.1 m869.9 m

Total Equity

1.6 b1.9 b2 b

Financial Leverage

2.5 x2.2 x2 x

Vail Resorts Cash Flow

Annual

usdFY, 2014FY, 2015FY, 2016

Net Income

28.2 m(70.2 m)(65.3 m)

Depreciation and Amortization

140.6 m149.1 m161.5 m

Accounts Receivable

(17 m)(15.4 m)(33 m)

Inventories

(282 m)(186 m)

Cash From Operating Activities

(94.2 m)(8.9 m)32.4 m

Cash From Investing Activities

(117.9 m)(427.1 m)(124 m)

Dividends Paid

(45 m)(75.5 m)(103.8 m)

Cash From Financing Activities

(222.2 m)115.3 m(271.2 m)

Interest Paid

33.2 m

Free Cash Flow

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

Quarterly

USDQ1, 2018Q2, 2018Q3, 2018

Net Income

(31.9 m)216.7 m489 m

Depreciation and Amortization

48.6 m100 m154.1 m

Accounts Receivable

101.6 m103.7 m(33.1 m)

Inventories

(11.5 m)5.6 m

Accounts Payable

(7.5 m)73.1 m(35.5 m)

Cash From Operating Activities

148.8 m420.9 m583.3 m

Cash From Investing Activities

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

Dividends Paid

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

Cash From Financing Activities

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

Free Cash Flow

111.3 m333.5 m477 m

Vail Resorts Ratios

USDY, 2018

EV/EBIT

24.3 x

EV/CFO

21.7 x

EV/FCF

26.6 x

Financial Leverage

2 x
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