Vail Resorts Reports Fiscal 2013 First Quarter Results and Early Season Indicators

   Vail Resorts Reports Fiscal 2013 First Quarter Results and Early Season
                                  Indicators

PR Newswire

BROOMFIELD, Colo., Dec. 4, 2012

BROOMFIELD, Colo., Dec. 4, 2012 /PRNewswire/ --Vail Resorts, Inc. (NYSE:MTN)
today reported results for the first quarter of fiscal 2013 ended October 31,
2012 as well as certain early season indicators.

Highlights

  oResort Reported EBITDA loss, which includes the Company's Mountain and
    Lodging segments, was $54.5 million for the first fiscal quarter of 2013,
    reflecting a decline of 8.6%, or $4.3 million, compared with the same
    period in the prior year. Excluding first quarter net seasonal losses
    related to Kirkwood, Skiinfo and Flagg Ranch, which were acquired after
    the first quarter in the prior year, Resort Reported EBITDA declined 5.1%,
    which was slightly favorable to our expectations.
  oNet Loss Attributable to Vail Resorts, Inc. was $60.6 million for the
    first fiscal quarter of 2013 compared to a net loss of $55.7 million in
    the same period in the prior year, a decline of 8.7%.
  oSales of season passes (including 4-Packs) through December 2, 2012 for
    the upcoming 2012/2013 ski season were up approximately 5% in units and
    approximately 8% in sales dollars compared to the same period in the prior
    year, adjusted as if Kirkwood were owned in both periods.
  oIn the first quarter of fiscal 2013, we closed on four Ritz-Carlton
    Residence units, with Real Estate net revenue of $11.9 million. Net Real
    Estate Cash Flow was $5.5 million for the first fiscal quarter of 2013.

Commenting on the Company's fiscal 2013 first quarter results, Rob Katz, Chief
Executive Officer said, "Our first fiscal quarter is historically a loss
quarter since our mountain resorts are not open for winter ski operations
during the period. The quarter is driven primarily by our late summer
mountain activities, dining, retail and lodging operations, and administrative
expenses for our year-round employees. In the first quarter of fiscal 2013,
we observed improving trends in our summer business in both our Mountain and
Lodging operations from improved summer visitation in our mountain resorts
driving increased summer activities revenue, higher lodging RevPar and
improved dining revenues. Our Lodging business also benefitted from increased
group business at Keystone, as well as the addition of a new national park
property, Flagg Ranch, partially offset by lower results at our Grand Teton
Lodging Company ("GTLC") summer national park business, which was impacted by
the effects of wildfires in the area. For the quarter, our Resort Reported
EBITDA loss, excluding Kirkwood, Skiinfo and Flagg Ranch, declined 5.1%, which
was slightly favorable to our expectations, reflecting the increase in
revenues from our Mountain and Lodging summer operations, which was more than
offset by normal expense increases across our business as well as lower retail
sales compared to the record pre-ski season sales of the prior year."

Turning to Real Estate, Katz said, "In the first quarter of fiscal 2013, we
closed on four condominiums at The Ritz-Carlton Residences, Vail and are
pleased with the continued momentum of sales at this luxury project. Although
Real Estate Reported EBITDA was a negative $3.7 million in this year's first
quarter, given that the vast majority of costs included in cost of sales were
incurred in prior years, Net Real Estate Cash Flow was a positive $5.5 million
in the first quarter of fiscal 2013."

Katz continued "Our balance sheet remains in a very strong position. We ended
the quarter with $44.0 million of cash on hand, and our Net Debt was 2.4 times
trailing twelve months Total Reported EBITDA. We had no borrowings under the
revolver component of our senior credit facility and we have virtually no
principal payments on debt due until 2019."

Katz added "I am pleased to announce that our Board of Directors has declared
a quarterly cash dividend on Vail Resorts' common stock of $0.1875 per share,
payable on December 27, 2012 to shareholders of record on December 19, 2012."

Regarding the upcoming ski season, Katz said, "Our 2012/2013 ski season is
just underway and we are looking forward to a memorable season. This year
marks the 50th anniversary of Vail Mountain and we are looking forward to
events all year long that celebrate this milestone. To commemorate the
occasion, we recently christened our new state of the art, high-speed 10
passenger gondola at Vail, named Gondola One, as a tribute to Vail's original
gondola that was the first gondola in Colorado when it opened in 1962. The
new gondola is the first of its kind in North America and is the fastest
gondola of its type in the world. Additionally, the gondola has cabins that
include heated and cushioned seats and Wi-Fi access for our guests."

Moving to the early ski season indicators, Katz said, "All seven of our
mountain resorts are open and ramping up operations for the upcoming holiday
season. Season pass (including 4-Pack) sales are up approximately 5% in units
and 8% in sales dollars through December 2, 2012 compared with the similar
period in the prior year and including Kirkwood in both periods. We are very
pleased with the results of our pass sales effort this year, particularly
given the challenging weather last season and the record performance we had in
passes last year. We had anticipated the year-over-year percentage increase in
season pass sales to come down from our last announcement in September. The
total growth of the program is slightly below our expectations, as we believe
that the amount of sales that we pulled forward to earlier selling periods was
somewhat larger than expected and that weather was still a concern for those
purchasers who delayed their purchasing decisions. Sales in Tahoe and
international markets continued to show the most strength. We expect the
final results of the program will be generally consistent with these
percentage increases as final sales conclude in the coming weeks. As a
reminder, revenue from season pass sales is recognized over the course of the
second and third fiscal quarters. Lodging bookings for the winter season are
slightly down to this time last year, with strength at Keystone, which has
shown strong early bookings driven by our newly introduced "Kids Ski Free"
program as well as strong results at our Doubletree at Breckenridge property
that was branded at the end of calendar 2011. Based on historical averages,
less than 50% of the bookings for the winter season have been made by this
time."

Operating Results

A complete Management's Discussion and Analysis of Financial Condition and
Results of Operations can be found in the Company's Form 10-Q for the first
fiscal quarter of 2013 ended October 31, 2012 filed today with the Securities
and Exchange Commission. The following are segment highlights:

Mountain Segment

  oMountain segment net revenue for the first fiscal quarter 2013 was $51.9
    million versus $49.7 million in the first fiscal quarter of 2012, an
    increase of 4.5%. Excluding Kirkwood and Skiinfo (acquired after the
    first fiscal quarter of 2012), net revenues increased $1.1 million or
    2.3%.
  oFirst quarter Mountain Reported EBITDA declined from a loss of $48.5
    million in fiscal 2012 to a loss of $55.2 million in fiscal 2013. The
    Kirkwood and Skiinfo acquisitions generated $2.3 million in negative
    EBITDA in the current year first fiscal quarter.
  oMountain Reported EBITDA includes $2.7 million of stock-based compensation
    expense for the first quarter of fiscal 2013 compared to $2.6 million in
    the first quarter of fiscal 2012.

Strong summer visitation supported revenue growth in summer activities and
dining operations, including group and wedding business. Dining revenues
increased $0.7 million, or 12.9% in the first quarter of fiscal 2013 compared
to the same period in the prior year, with the addition of Kirkwood
contributing $0.4 million to total dining revenues. Retail/Rental revenues
decreased by 0.9% compared to the same period in the prior year primarily due
to lower sales at pre-ski season sales events compared to the prior year's
record sales from these events. Mountain operating expenses increased $9.0
million, or 9.1%, for the three months ended October 31, 2012 compared to the
three months ended October 31, 2011 primarily driven by $3.4 million in
expenses related to Kirkwood and Skiinfo, $2.7 million in normal wage
adjustments and increased staffing levels to support higher volumes in summer
operations and new retail stores, and $1.1 million in increased general and
administrative expenses that include timing of marketing campaigns and a shift
in allocated corporate expenses from the Real Estate segment to the Mountain
segment, partially offset by lower employee medical costs due to continued
benefits from a new plan design.

Lodging Segment

  oLodging segment net revenue was $52.5 million for the first quarter of
    fiscal 2013 compared to $53.6 million for the first quarter of the prior
    fiscal year, a 2.0% decrease. Excluding payroll cost reimbursement
    related to managed hotel properties, Lodging net revenues increased $3.5
    million or 7.6%.
  oFor the first quarter of fiscal 2013, revenue per available room
    ("RevPAR") increased 7.8%, and average daily rate ("ADR") decreased 2.6%
    at the Company's owned hotels and managed condominiums compared to the
    same period in the prior year.
  oLodging Reported EBITDA was $0.7 million for the first quarter of fiscal
    2013 compared to a loss of $1.7 million for the same period in the prior
    year, an increase of 141.1%. The Flagg Ranch acquisition generated $0.6
    million in EBITDA in the current fiscal year first quarter.
  oLodging Reported EBITDA includes $0.4 million of stock-based compensation
    expense for the first quarter of fiscal 2013 compared to $0.6 million in
    the first quarter of fiscal 2012.

Revenue from owned hotel rooms increased $1.7 million, or 13.8%, for the three
months ended October 31, 2012 compared to the three months ended October 31,
2011, primarily driven by $1.0 million in incremental room revenue from Flagg
Ranch (an NPS concessionaire contract was awarded in November 2011) and an
increase in group business primarily at our Keystone resort, partially offset
by a decrease in GTLC transient revenue due to adverse conditions caused by
late summer wild fires. Dining revenues in the first quarter of fiscal 2013
were up $1.1 million, or 11.0% over the first fiscal quarter of the prior
year, also primarily due to the addition of Flagg Ranch and increased group
business at our Keystone resort. Increases in operating expenses were
partially offset by lower overhead and labor costs associated with the
previously announced RockResorts reorganization plan. Excluding reimbursed
payroll costs, operating expenses increased $1.1 million, or 2.2% in the first
quarter of fiscal 2013 compared to the same period in the prior fiscal year.


Resort – Combination of Mountain and Lodging Segments

  oResort net revenue was $104.4 million for the first quarter of fiscal 2013
    compared to $103.3 million in the first quarter of the prior fiscal year,
    a 1.1% increase. Resort Revenue increased 2.7% excluding payroll cost
    reimbursement related to managed hotel properties in both periods, and
    excluding the first quarter of fiscal 2013 revenues related to Kirkwood,
    Skiinfo and Flagg Ranch.
  oResort Reported EBITDA was a loss of $54.5 million for the first quarter
    of fiscal 2013 compared to a loss of $50.2 million in the same period in
    the prior year. Excluding Kirkwood, Skiinfo and Flagg Ranch, Resort
    Reported EBITDA declined 5.1%.

Real Estate Segment

  oReal Estate segment net revenue was $11.9 million for the first quarter of
    fiscal 2013 compared to $13.1 million in the same period in the prior
    year.
  oNet Real Estate Cash Flow (a non-GAAP measure defined as Real Estate
    Reported EBITDA, plus non-cash real estate cost of sales, plus non-cash
    stock-based compensation expense, plus change in real estate deposits less
    investment in real estate) was a positive $5.5 million for the first
    quarter of fiscal 2013.
  oReal Estate Reported EBITDA was a negative $3.7 million the first quarter
    of fiscal 2013 compared to a negative $4.7 million in the same period in
    the prior fiscal year, a 22.2% improvement. 
  oReal Estate Reported EBITDA includes $0.4 million of stock-based
    compensation expense for the first quarter of fiscal 2013 compared to $0.9
    million in the first quarter of fiscal 2012.

In the first quarter of fiscal 2013, we closed on four condominium units at
The Ritz-Carlton Residences, Vail ($11.6 million of revenue with an average
selling price per unit of $2.9 million and an average price per square foot of
$1,165).

Total Performance

  oTotal net revenue in the first quarter of fiscal 2013 was $116.4 million,
    roughly flat compared to the same quarter in the prior year.
  oNet loss attributable to Vail Resorts, Inc. was $60.6 million, or a loss
    of $1.70 per diluted share, for the first quarter of fiscal 2013 compared
    to net loss attributable to Vail Resorts, Inc. of $55.7 million, or a loss
    of $1.54 per diluted share, in the first quarter of the prior year.

Outlook

Commenting on fiscal 2013 guidance, Katz continued, "In September, we issued
guidance of 27-32% growth in Resort Reported EBITDA. Based on some of the
most recent booking trends we are currently seeing, we believe that it will be
more difficult to achieve that guidance than we anticipated in September. We
will know more about the season after the holidays and intend to address our
fiscal 2013 guidance when we release our ski season metrics in mid-January."

Earnings Conference Call

For further discussion of the contents of this press release, please listen to
our live webcast today at 11:00 am ET, available at www.vailresorts.com in the
Investor Relations section.

About Vail Resorts

Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort
operator in the United States. The Company's subsidiaries operate the mountain
resorts of Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in
Colorado, and Heavenly, Northstar and Kirkwood in the Lake Tahoe area of
California and Nevada, and the Grand Teton Lodge Company in Jackson Hole,
Wyoming. The Company's subsidiary, RockResorts, a luxury resort hotel company,
manages casually elegant properties. Vail Resorts Development Company is the
real estate planning, development and construction subsidiary of Vail Resorts,
Inc. Vail Resorts, Inc. is a publicly held company traded on the New York
Stock Exchange (NYSE: MTN). The Vail Resorts company website is
www.vailresorts.com and consumer website is www.snow.com.

Statements in this press release, other than statements of historical
information, are forward looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Such risks and
uncertainties include but are not limited to prolonged weakness in general
economic conditions, including adverse affects 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, new 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 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 of acquisitions or future acquisitions; and implications
arising from new Financial Accounting Standards Board ("FASB")/governmental
legislation, rulings or interpretations.

All forward-looking statements attributable to us or any persons acting on our
behalf are expressly qualified in their entirety by these cautionary
statements. All guidance and forward-looking statements in this press release
are made as of the date hereof and we do not undertake any obligation to
update any forecast or forward-looking statements, except as may be required
by law. Investors are also directed to other risks discussed in documents
filed by us with the Securities and Exchange Commission.

We use the terms "Reported EBITDA" and "Net Debt" when reporting financial
results in accordance with Securities and Exchange Commission rules regarding
the use of non-GAAP financial measures. We define Reported EBITDA as segment
net revenue less segment operating expense plus or minus segment equity
investment income or loss and for the Real Estate segment plus gain on sale of
real property. We define Net Debt as long-term debt plus long-term debt due
within one year less cash and cash equivalents. In addition, for the Real
Estate segment we define Net Real Estate Cash Flow (which is not a measure of
financial performance under GAAP) as Real Estate Reported EBITDA, plus
non-cash real estate cost of sales, plus non-cash stock-based compensation
expense, plus change in real estate deposits less investment in real estate,
which we use as a cash flow indicator for our Real Estate segment.

Please see "Reconciliation of Non-GAAP Financial Measures" below for more
information. For the Lodging segment we primarily focus on Lodging net
revenue excluding payroll cost reimbursement and Lodging operating expense
excluding reimbursed payroll costs (which are not measures of financial
performance under GAAP) as the reimbursements are made based upon the costs
incurred with no added margin, as such the revenue and corresponding expense
have no effect on our Lodging Reported EBITDA which we use to evaluate Lodging
segment performance.

Vail Resorts, Inc.
Consolidated Condensed Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
                                                      Three Months Ended

                                                      October31,
                                                      2012         2011
Net revenue:
Mountain                                              $ 51,912    $ 49,670
Lodging                                               52,508       53,594
Real estate                                           11,930       13,109
Total net revenue                                     116,350      116,373
Segment operating expense:
Mountain                                              107,548      98,555
Lodging                                               51,806       55,301
Real estate                                           15,614       17,847
Total segment operating expense                       174,968      171,703
Other operating expense:
Depreciation and amortization                         (31,679)     (28,930)
Loss on disposal of fixed assets, net                 (2)          (114)
Loss from operations                                  (90,299)     (84,374)
Mountain equity investment income, net                434          430
Investment income, net                                54           64
Interest expense, net                                 (8,375)      (8,241)
Loss before benefit from income taxes                 (98,186)     (92,121)
Benefit from income taxes                             37,583       36,387
Net loss                                              $ (60,603)   $ (55,734)
Net loss attributable to noncontrolling interests     23           25
Net loss attributable to Vail Resorts, Inc.           $ (60,580)   $ (55,709)
Per share amounts:
Basic net loss per share attributable to Vail         $  (1.70)  $  (1.54)
Resorts, Inc.
Diluted net loss per share attributable to Vail       $  (1.70)  $  (1.54)
Resorts, Inc.
Cash dividends declared per share                     $ 0.1875    $  0.15
Weighted average shares outstanding:
Basic                                                 35,700       36,066
Diluted                                               35,700       36,066
Other Data (unaudited):
Mountain Reported EBITDA                              $ (55,202)   $ (48,455)
Lodging Reported EBITDA                               $   702    $ (1,707)
Resort Reported EBITDA                                $ (54,500)   $ (50,162)
Real Estate Reported EBITDA                           $ (3,684)   $ (4,738)
Total Reported EBITDA                                 $ (58,184)   $ (54,900)
Mountain stock-based compensation                     $  2,720    $  2,560
Lodging stock-based compensation                      $  370     $  602
Resort stock-based compensation                       $  3,090    $ 3,162
Real Estate stock-based compensation                  $  382     $  870
Total stock-based compensation                        $  3,472    $ 4,032

Vail Resorts, Inc.
Mountain Segment Operating Results
(In thousands)
(Unaudited)
                                        Three Months Ended      Percentage

                                        October31,             Increase
                                        2012        2011        (Decrease)
Net Mountain revenue:
Lift tickets                            $  —      $  —       —
Ski school                              —           —           —
Dining                                  6,373       5,647       12.9%
Retail/rental                           26,725      26,964      (0.9)%
Other                                   18,814      17,059      10.3%
Total Mountain net revenue              $ 51,912   $ 49,670   4.5%
Mountain operating expense:
Labor and labor-related benefits        $ 34,294   $ 30,093   14.0%
Retail cost of sales                    16,191      15,530      4.3%
General and administrative              27,304      25,706      6.2%
Other                                   29,759      27,226      9.3%
Total Mountain operating expense        $ 107,548   $ 98,555   9.1%
Mountain equity investment income, net  434         430         0.9%
Mountain Reported EBITDA                $ (55,202)  $ (48,455)  (13.9)%

Vail Resorts, Inc.
Lodging Operating Results
(In thousands, except ADR and RevPAR)
(Unaudited)
                                              Three Months Ended    Percentage

                                              October31,           Increase
                                              2012       2011       (Decrease)
Lodging net revenue:
Owned hotel rooms                             $ 13,694   $ 12,032   13.8%
Managed condominium rooms                     5,814      5,546      4.8%
Dining                                        10,610     9,557      11.0%
Transportation                                1,691      1,702      (0.6)%
Golf                                          7,536      7,445      1.2%
Other                                         9,983      9,577      4.2%
                                              49,328     45,859     7.6%
Payroll cost reimbursement                    3,180      7,735      (58.9)%
Total Lodging net revenue                     $ 52,508   $ 53,594   (2.0)%
Lodging operating expense:
Labor and labor-related benefits              $ 23,450   $ 22,569   3.9%
 General and administrative           7,024      7,528      (6.7)%
 Other                                18,152     17,469     3.9%
                                              48,626     47,566     2.2%
Reimbursed payroll costs                      3,180      7,735      (58.9)%
Total Lodging operating expense               $ 51,806   $ 55,301   (6.3)%
Lodging Reported EBITDA                       $  702    $ (1,707)  141.1%
Owned hotel statistics:
ADR                                           $ 180.70  $ 188.98  (4.4)%
RevPar                                        $ 113.32  $ 102.50  10.6%
Managed condominium statistics:
ADR                                           $ 194.26  $ 191.48  1.5%
RevPar                                        $  30.75  $  29.11  5.6%
Owned hotel and managed condominium
statistics (combined):
ADR                                           $ 184.89  $ 189.79  (2.6)%
RevPar                                        $  60.54  $  56.15  7.8%

Key Balance Sheet Data
(In thousands)
(Unaudited)
                                               As of October31,
                                               2012       2011
Real estate held for sale and investment       $ 227,662  $ 263,130
Total Vail Resorts, Inc. stockholders' equity  $ 738,371  $ 763,430
Long-term debt                                 $ 489,525  $ 490,377
Long-term debt due within one year             848        1,063
Total debt                                     490,373    491,440
Less: cash and cash equivalents                43,985     44,738
Net debt                                       $ 446,388  $ 446,702

Reconciliation of Non-GAAP Financial Measures

Resort, Mountain and Lodging, and Real Estate Reported EBITDA have been
presented herein as measures of the Company's financial operating performance.
Reported EBITDA and Net Debt are not measures of financial performance or
liquidity under accounting principles generally accepted in the United States
of America ("GAAP"), and they might not be comparable to similarly titled
measures of other companies. Reported EBITDA and Net Debt should not be
considered in isolation or as an alternative to, or substitute for, measures
of financial performance or liquidity prepared in accordance with GAAP
including net income (loss), net change in cash and cash equivalents or other
financial statement data. The Company believes that Reported EBITDA is an
indicative measurement of the Company's operating performance, and is similar
to performance metrics generally used by investors to evaluate companies in
the resort and lodging industries. The Company primarily uses Reported EBITDA
based targets in evaluating performance. The Company believes that Net Debt is
an important measurement as it is an indicator of the Company's ability to
obtain additional capital resources for its future cash needs. In addition,
the Company also uses the term Net Real Estate Cash Flow, which is not a
measure of financial performance or liquidity under GAAP, as the Company
believes it is important as a cash flow indicator for our Real Estate segment.

Presented below is a reconciliation of Total Reported EBITDA to net loss
attributable to Vail Resorts, Inc. calculated in accordance with GAAP for the
three months ended October31, 2012 and 2011.

                                                   (In thousands)

                                                   (Unaudited)

                                                   Three Months Ended

                                                   October31,
                                                   2012        2011
Mountain Reported EBITDA                           $ (55,202)  $ (48,455)
Lodging Reported EBITDA                            702         (1,707)
Resort Reported EBITDA*                            (54,500)    (50,162)
Real Estate Reported EBITDA                        (3,684)     (4,738)
Total Reported EBITDA                              (58,184)    (54,900)
Depreciation and amortization                      (31,679)    (28,930)
Loss on disposal of fixed assets, net              (2)         (114)
Investment income, net                             54          64
Interest expense, net                              (8,375)     (8,241)
Loss before benefit from income taxes              (98,186)    (92,121)
Benefit from income taxes                          37,583      36,387
Net loss                                           (60,603)    (55,734)
Net loss attributable to noncontrolling interests  23          25
Net loss attributable to Vail Resorts, Inc.        $ (60,580)  $ (55,709)

* Resort represents the sum of Mountain and Lodging

Presented below is a reconciliation of Total Reported EBITDA to net income
attributable to Vail Resorts, Inc. calculated in accordance with GAAP for the
twelve months ended October31, 2012.

                                                  (Inthousands)

                                                  (Unaudited)

                                                  Twelve MonthsEnded

                                                  October 31, 2012
Mountain Reported EBITDA                          $ 192,161
Lodging Reported EBITDA                           8,762
Resort Reported EBITDA*                           200,923
Real Estate Reported EBITDA                       (14,953)
Total Reported EBITDA                             185,970
Depreciation and amortization                     (130,330)
Loss on disposal of fixed assets, net             (1,352)
Investment income, net                            459
Interest expense, net                             (33,720)
Income before provision for income taxes          21,027
Provision for income taxes                        (9,505)
Net income                                        $ 11,522
Net loss attributable to noncontrolling interests 60
Net income attributable to Vail Resorts, Inc.     $ 11,582

* Resort represents the sum of Mountain and Lodging

The following table reconciles Net Debt to long-term debt and the calculation
of Net Debt to Total Reported EBITDA for the twelve months ended October31,
2012.

                                    (Inthousands)

                                    (Unaudited)

                                    AsofOctober31, 2012
Long-term debt                      $ 489,525
Long-term debt due within one year  848
Total debt                          490,373
Less: cash and cash equivalents     43,985
Net debt                            $ 446,388
Net debt to Total Reported EBITDA   2.4

The following table reconciles Real Estate Reported EBITDA to Net Real Estate
Cash Flow for the three months ended October31, 2012.

                                                            (Inthousands)

                                                            (Unaudited)

                                                            Three MonthsEnded

                                                            October 31, 2012
Real Estate Reported EBITDA                                 $ (3,684)
Non-cash Real Estate cost of sales                          9,241
Non-cash Real Estate stock-based compensation               382
Change in Real Estate deposits less investments in Real     (477)
Estate
Net Real Estate Cash Flow                                   $ 5,462



SOURCE Vail Resorts, Inc.

Website: http://www.snow.com
Contact: Investor Relations, Michael Chao, +1-303-404-1820,
mchao@vailresorts.com, Media, Kelly Ladyga, +1-303-404-1862,
kladyga@vailresorts.com
 
Press spacebar to pause and continue. Press esc to stop.