Vail Resorts Reports Fiscal 2013 Second Quarter Results, Provides Ski Season Metrics and Increases Quarterly Dividend 10%

 Vail Resorts Reports Fiscal 2013 Second Quarter Results, Provides Ski Season
                 Metrics and Increases Quarterly Dividend 10%

PR Newswire

BROOMFIELD, Colo., March 6, 2013

BROOMFIELD, Colo., March 6, 2013 /PRNewswire/ -- Vail Resorts, Inc. (NYSE:
MTN) today reported results for the second quarter of fiscal 2013 ended
January 31, 2013, as well as the Company's ski season-to-date metrics through
March 3, 2013.

Highlights

  oResort Reported EBITDA increased 17.0% for the second quarter of fiscal
    2013 compared to the same period in the prior year.
  oNet Income attributable to Vail Resorts, Inc. was $60.6 million for the
    second quarter of fiscal 2013, representing a 30.5% increase compared to
    the same period in the prior year.
  oExcluding Kirkwood, Skiinfo, Afton Alps and Mt. Brighton (the
    "Acquisitions"), all of which were acquired subsequent to the second
    quarter of fiscal 2012:

       oTotal Mountain net revenue increased 9.5% for the second quarter of
         fiscal 2013 compared to the same period in the prior year.
       oMountain Reported EBITDA increased 13.7% for the second quarter of
         fiscal 2013 compared to the same period in the prior year.
       oTotal skier visitation increased 2.9% for the second quarter of
         fiscal 2013 compared to the same period in the prior year.

  oSeason-to-date skier metrics through March 3, 2013 across our seven
    mountain resorts improved from our metrics release in mid-January with
    increases in year-over-year growth in revenues in each line of business.
  oThe Company's Board of Directors authorized a 10% increase in the
    quarterly cash dividend to $0.2075 per share from $0.1875 per share
    beginning with the dividend payable on April 9, 2013. 
  oDuring the second quarter of fiscal 2013, we closed on four units at the
    Ritz-Carlton Residences, Vail and three One Ski Hill Place units in
    Breckenridge. Net Real Estate Cash Flow for the second quarter was $8.9
    million and was $14.4 million year-to-date. Subsequent to quarter end,
    two additional Ritz-Carlton Residences, Vail and five additional One Ski
    Hill Place units have closed.

Robert Katz, Chief Executive Officer, commented, "We are very pleased with our
performance in the second quarter of fiscal 2013, which was notable for two
distinct dynamics we experienced in the quarter. The first was our results
through the middle of December, which were marked by unusually warm and dry
weather in Colorado that limited the terrain we could open, leading to lower
than expected results for our four Colorado resorts. The second began with
the Christmas and New Year's holidays as weather conditions in Colorado
returned to more normal patterns, leading to strong visitation and significant
consumer spending in our ancillary businesses producing a record holiday
season. Subsequent to the holidays, this momentum continued with solid
results through the end of January. For the quarter, excluding the
Acquisitions, lift revenue excluding season pass revenue was up 11.9% compared
with the same period in the prior year and we saw continued growth in
ancillary revenue, with dining revenue up 11.7%, retail/rental revenue up
10.7%, and ski school revenue up 9.5%. Additionally, excluding the
Acquisitions, Mountain Reported EBITDA increased $16.6 million, or 13.7%
compared to the three months ended January 31, 2012."

Regarding Lodging, Katz said, "Our lodging results benefited from higher
visitation in the peak holiday periods and higher demand for luxury rooms.
Despite the slow start to the season for our Colorado properties, revenue at
our owned hotels and managed condominiums increased 5.5%, contributing to a
43.4% increase in Lodging Reported EBITDA compared with the same period in the
prior year."

Regarding Real Estate, Katz said, "We are continuing to see increasing levels
of buyer interest and are encouraged by the rate of sales we are seeing at
both of our development projects. During the quarter, we closed on four
Ritz-Carlton Residences, Vail and three One Ski Hill Place units. Real Estate
Reported EBITDA improved 26.0% for the second quarter of 2013, and Net Real
Estate Cash Flow for the second quarter was $8.9 million and was $14.4 million
year-to-date. Subsequent to the end of the quarter, we closed on two
additional Ritz-Carlton Residence and five additional One Ski Hill Place
units."

Katz continued, "Our balance sheet remains in a very strong position. We
ended the quarter with $136.6 million of cash on hand and no borrowings under
the revolver component of our senior credit facility and our Net Debt was 1.7
times trailing twelve months Total Reported EBITDA." Katz added, "I am also
pleased to announce that that the Board of Directors has decided to increase
our quarterly dividend by 10% and declared a quarterly cash dividend on Vail
Resorts' common stock of $0.2075 per share, payable on April 9, 2013 to
stockholders of record on March 25, 2013. The decision to increase our
dividend was due to the results we are seeing this season, the strength of our
business model and balance sheet, and the confidence we have in our future
growth prospects."

The Company also announced its calendar year 2013 capital plan at a range of
$130 million to $140 million, which is discussed in more detail in a
concurrently issued separate press release.

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 second
quarter of 2013 ended January 31, 2013 filed today with the Securities and
Exchange Commission. The following are segment highlights:

Mountain Segment

  oLift revenue increased $22.0 million, or 14.3%, to $175.7 million for the
    three months ended January31, 2013 compared to the same period in the
    prior year.
  oETP excluding season pass holders, and excluding the Acquisitions,
    increased $5.46, or 7.6% for the quarter compared to the same period in
    the prior year.
  oMountain Reported EBITDA increased $20.2 million, or 16.8% to $140.8
    million for the quarter compared to the same period in the prior year.
  oMountain Reported EBITDA includes $2.2 million and $1.8 million of
    stock-based compensation expense for the three months ended January 31,
    2013 and 2012, respectively.

Strong visitation and increases in guest spending supported revenue growth in
all our major lines of businesses. Lift revenue excluding season pass revenue
increased $15.1 million, or 17.9%, in the second quarter of fiscal 2013
compared to the same period in the prior year. The increase in lift revenue
excluding season pass revenue was driven by an increase in visitation
excluding season pass holders of 14.3% and an increase in ETP excluding season
pass holders of $2.23, or 3.1%. Season pass revenue increased $6.9 million,
or 9.9%, for the quarter compared to the same period in the prior year. Ski
school revenue increased $4.5 million, or 12.0%, and dining revenue increased
$5.1 million, or 20.6%, for the quarter compared to the same period in the
prior year. Ski school and dining revenues benefited from a 56.1% increase in
skier visitation at our Tahoe resorts (including Kirkwood, which was acquired
in April 2012), which experienced significantly better snowfall and weather
conditions during the current year fiscal quarter compared to the same period
in the prior year. Excluding the Acquisitions, Lift Revenue excluding season
pass revenue, increased $10.1 million, or 11.9%, ski school revenue increased
$3.5 million, or 9.5%, and dining revenue increased $2.9 million, or 11.7%, in
the quarter compared to the same period in the prior year. Retail/rental
revenues increased by $9.9 million, or 13.4%, due in large part to increases
in rental revenue; strong growth in retail sales generated from O2 Gearshop,
our recently acquired online retailer; and increases at stores at our Tahoe
resorts, which saw significantly better snowfall and weather conditions during
the current year fiscal quarter compared to the same period in the prior year.
Other revenue increased $4.4 million, or 16.5%, for the quarter compared to
the same period in the prior year, primarily due to incremental internet
advertising revenue from Skiinfo (acquired in February 2012) of $1.9 million,
an increase in strategic alliance marketing revenue, increased employee
housing revenue and additional revenue associated with other mountain
recreation activity.

Mountain segment operating expenses increased $25.5 million, or 13.0%, for the
second fiscal quarter of 2013 compared to the same period in the prior year.
Excluding incremental operating expenses from the Acquisitions, segment
operating expenses increased $13.5 million, or 6.9%.

Lodging Segment

  oTotal Lodging net revenue (excluding payroll cost reimbursements) for the
    three months ended January 31, 2013 increased $1.2 million, or 2.8%, as
    compared to the same period in the prior year.
  oFor the three months ended January 31, 2013, average daily rate ("ADR")
    increased 6.4% and revenue per available room ("RevPAR") increased 1.5% at
    the Company's owned hotels and managed condominiums compared to the same
    period in the prior year.
  oLodging Reported EBITDA increased 43.4% to $1.7 million for the second
    quarter of fiscal 2013 compared to the same period in the prior year.
  oLodging Reported EBITDA includes $0.6 million and $0.4 million of
    stock-based compensation expense for the three months ended January 31,
    2013 and 2012, respectively.

The 6.4% increase in ADR from the same period in the prior year helped
maintain revenue growth at owned hotels and managed condominiums. Dining
revenues in the second quarter of fiscal 2013 were up $0.4 million, or 7.8%,
over the second fiscal quarter of the prior year, primarily due to an increase
in group business at our Keystone resort. Lodging segment operating expenses
(excluding reimbursed payroll costs) increased $0.7 million, or 1.7%, compared
to the same period in the prior year which increases were partially offset by
lower overhead and labor costs associated with the previously announced
RockResorts reorganization plan.

Resort – Combination of Mountain and Lodging Segments

  oResort net revenue was $408.3 million for the second quarter of fiscal
    2013 up 12.1% compared to $364.2 million in the second quarter of the
    prior year. 
  oResort Reported EBITDA was $142.6 million for the second quarter of fiscal
    2013 up 17.0% compared to $121.8 million in the same period in the prior
    year. 

Real Estate Segment

  oReal Estate segment net revenue was $14.2 million for the second quarter
    of fiscal 2013 compared to $9.1 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 $8.9 million for the second
    quarter of fiscal 2013.
  oReal Estate Reported EBITDA was a negative $2.6 million the second quarter
    of fiscal 2013 compared to a negative $3.5 million in the same period in
    the prior year. 
  oReal Estate Reported EBITDA includes $0.4 million and $0.6 million of
    stock-based compensation expense for the three months ended January31,
    2013 and 2012, respectively.

Real Estate segment net revenue for the second quarter of fiscal 2013 was
driven by the closing of four condominium units at The Ritz-Carlton
Residences, Vail ($8.9 million of revenue with an average selling price per
unit of $2.2 million and a price per square foot of $1,221) and three
condominium units at One Ski Hill Place in Breckenridge ($3.3 million of
revenue with an average selling price per unit of $1.1 million and an average
price per square foot of $964). In addition to revenue generated from real
estate closings, Real Estate segment net revenue also included $0.7 million of
rental revenue from placing unsold units into our rental program. Subsequent
to the end of the quarter, two additional Ritz-Carlton Residences, Vail and
five additional One Ski Hill Place units have closed.

Total Performance

  oTotal net revenue in the second quarter of fiscal 2013 was $422.5 million,
    or a 13.2% increase, when compared to the same quarter in the prior year.
  oNet income attributable to Vail Resorts, Inc. was $60.6 million, or $1.65
    per diluted share, for the second quarter of fiscal 2013 compared to net
    income attributable to Vail Resorts, Inc. of $46.4 million, or $1.27 per
    diluted share, in the second quarter of the prior year.

Share Repurchase
The Company did not repurchase any shares of common stock during the three
months ended January 31, 2013. Since inception of this stock repurchase
program in 2006, the Company has repurchased an aggregate of 4,949,111 shares
at a cost of approximately $193.2 million. As of January 31, 2013, 1,050,889
shares remained available to repurchase under the existing repurchase
authorization. 

Season-to-Date Metrics through March 3, 2013
The Company announced ski season-to-date metrics for the comparative periods
from the beginning of the ski season through Sunday, March 3, 2013, and for
the similar prior year period through Sunday, March 4, 2012, adjusted as if
Kirkwood, which was acquired in April 2012, was owned in both periods. The
reported ski season metrics do not include the results of Afton Alps and Mt.
Brighton in either period. The following data is interim period data and
subject to fiscal quarter end review and adjustments.

Highlights

  oSeason-to-date total lift ticket revenue, including an allocated portion
    of season pass revenue for each applicable period, was up approximately
    10.3% compared to the prior year season-to-date period.
  oSeason-to-date ancillary spending outpaced our growth in skier visitation,
    with dining revenue up 12.5%, ski school revenue up 11.8%, and
    retail/rental revenue up 10.0% compared to the prior year season-to-date
    period.
  oSeason-to-date total skier visits were up 3.8% compared to the prior year
    season-to-date.

Commenting on the ski season-to-date, Rob Katz, said, "The growth in
season-to-date visitation and ancillary revenue reflects the continued strong
performance of our business despite managing through a challenging start to
the season. We are seeing continued success from our efforts as the trends in
visitation, lift ticket revenue and guest spending have all accelerated since
we last reported metrics in mid-January. This season further underscores the
strength of our business model, which is to continually reinvest in our
world-class resorts and provide exceptional guest service and a comprehensive
vacation experience, driving continued guest loyalty, including through our
industry-leading season pass programs." 

Outlook
Commenting on fiscal 2013 guidance, Katz continued, "We are pleased with our
year-to-date performance and are reiterating the fiscal year 2013 guidance
issued on January 15, 2013."

The following table reflects the forecasted guidance range for the Company's
fiscal year ending July 31, 2013, for Reported EBITDA (after stock-based
compensation expense) and reconciles such Reported EBITDA guidance to net
income attributable to Vail Resorts, Inc. guidance for fiscal 2013.



                                                  Fiscal 2013 Guidance
                                                  (In thousands)
                                                  For the Year Ending
                                                  July 31, 2013
                                                  Low End        High End
                                                                 Range
                                                  Range
Mountain Reported EBITDA ^(1)                     $ 234,000    $ 244,000
Lodging Reported EBITDA ^(2)                        8,000        13,000
Resort Reported EBITDA ^(3)                         244,000      254,000
Real Estate Reported EBITDA ^(4)                   (17,000)     (9,000)
Total Reported EBITDA                               227,000      245,000
Depreciation and amortization                       (130,000)    (131,500)
Loss on disposal of fixed assets, net               (500)        (1,100)
Investment income                                   500          600
Interest expense, net                               (34,000)     (34,000)
Income before provision for income taxes            63,000       79,000
Provision for income taxes                          (24,090)     (30,090)
Net income                                          38,910       48,910
Net loss attributable to noncontrolling interests   90           90
Net income attributable to Vail Resorts, Inc.     $ 39,000     $ 49,000



(1) Mountain Reported EBITDA includes approximately $9 million of stock-based
    compensation.
(2) Lodging Reported EBITDA includes approximately $2 million of stock-based
    compensation.
    Resort Reported EBITDA represents the sum of Mountain and Lodging. The
    Company provides Reported EBITDA ranges for the Mountain and Lodging
    segments, as well as for the two combined. Readers are cautioned to
    recognize that the low end of the expected ranges provided for the Lodging
    and Mountain segments, while possible, do not sum to the low end of the
(3) Resort Reported EBITDA range provided because we do not necessarily expect
    or assume that we will actually hit the low end of both ranges, as the
    actual Resort Reported EBITDA will depend on the actual mix of the Lodging
    and Mountain components. Similarly, the high end of the ranges for the
    Lodging and Mountain segments do not sum to the high end of the Resort
    Reported EBITDA range.
(4) Real Estate Reported EBITDA includes approximately $2 million of
    stock-based compensation.



Earnings Conference Call
The Company will conduct a conference call today at 4:30 p.m. Eastern Time to
discuss the financial results. The call will be webcast and can be accessed
at www.vailresorts.com in the Investor Relations section, or dial (877)
941-8609 (U.S. and Canada) or (480) 629-9692 (international). A replay of the
conference call will be available two hours following the conclusion of the
call through March 20, 2013. To access the replay, dial (800) 406-7325 (U.S.
and Canada) or (303) 590-3030 (international), pass code 4602101. The
conference call will also be archived at www.vailresorts.com.

About Vail Resorts, Inc. (NYSE: MTN)
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 in Colorado;
Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and
Nevada; Afton Alps in Minnesota and Mt. Brighton in Michigan; 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 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.

Forward-Looking Statements
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; implications
arising from new Financial Accounting Standards Board ("FASB")/governmental
legislation, rulings or interpretations; and other risks detailed in the
Company's filings with the Securities and Exchange Commission, including the
"Risk factors" section of the Company's Annual Report on Form 10-K for the
fiscal year ended July 31, 2012.

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 whether as a result of new
information, future events or otherwise, except as may be required by law.

Statement Concerning Non-GAAP Financial Measures
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. 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. Please
see "Reconciliation of Non-GAAP Financial Measures" below for more
information.



                               Vail Resorts, Inc.
                               Consolidated Condensed Statements of Operations
                               (In thousands, except per share amounts)
                               (Unaudited)
                                 Three Months Ended      Six Months Ended
                                 January31,
                                                         January31,
                                 2013         2012       2013       2012
Net revenue:
Mountain                         $  361,741   $ 315,938  $ 413,653  $ 365,608
Lodging                          46,543       48,306     99,051     101,900
Real estate                      14,167       9,088      26,097     22,197
Total net revenue                422,451      373,332    538,801    489,705
Segment operating expense:
Mountain                         220,997      195,489    328,545    294,044
Lodging                          44,803       47,093     96,609     102,394
Real estate                      16,739       12,563     32,353     30,410
Total segment operating          282,539      255,145    457,507    426,848
expense
Other operating expense:
Depreciation and amortization    (33,418)     (33,050)   (65,097)   (61,980)
Loss on disposal of fixed        (531)        (919)      (533)      (1,033)
assets, net
Income (loss) from operations    105,963      84,218     15,664     (156)
Mountain equity investment       99           178        533        608
income, net
Investment income, net           99           310        153        374
Interest expense, net            (8,534)      (8,542)    (16,909)   (16,783)
Income (loss) before
(provision) benefit from         97,627       76,164     (559)      (15,957)
income taxes
(Provision) benefit from         (37,098)     (29,743)   485        6,644
income taxes
Net income (loss)                $  60,529    $ 46,421   $ (74)     $ (9,313)
Net loss (income) attributable   22           (32)       45         (7)
to noncontrolling interests
Net income (loss) attributable   $  60,551    $ 46,389   $ (29)     $ (9,320)
to Vail Resorts, Inc.
Per share amounts:
Basic net income (loss) per
share attributable to Vail       $  1.69      $ 1.29     $ —        $ (0.26)
Resorts, Inc.
Diluted net income (loss) per
share attributable to Vail       $  1.65      $ 1.27     $ —        $ (0.26)
Resorts, Inc.
Cash dividends declared per      $  0.1875    $ 0.15     $ 0.3750   $ 0.30
share
Weighted average shares
outstanding:
Basic                            35,895       36,005     35,798     36,036
Diluted                          36,663       36,651     35,798     36,036
Other Data (unaudited):
Mountain Reported EBITDA         $  140,843   $ 120,627  $ 85,641   $ 72,172
Lodging Reported EBITDA          $  1,740     $ 1,213    $ 2,442    $ (494)
Resort Reported EBITDA           $  142,583   $ 121,840  $ 88,083   $ 71,678
Real Estate Reported EBITDA      $  (2,572)   $ (3,475)  $ (6,256)  $ (8,213)
Total Reported EBITDA            $  140,011   $ 118,365  $ 81,827   $ 63,465
Mountain stock-based             $  2,215     $ 1,757    $ 4,935    $ 4,317
compensation
Lodging stock-based              $  572       $ 399      $ 942      $ 1,001
compensation
Resort stock-based               $  2,787     $ 2,156    $ 5,877    $ 5,318
compensation
Real Estate stock-based          $  372       $ 632      $ 754      $ 1,502
compensation
Total stock-based compensation   $  3,159     $ 2,788    $ 6,631    $ 6,820



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

                January 31,           Increase    January 31,           Increase
                2013       2012       (Decrease)  2013       2012       (Decrease)
Net Mountain
revenue:
Lift tickets    $ 175,658  $ 153,699  14.3     %  $ 175,658  $ 153,699  14.3     %
Ski school      41,723     37,252     12.0     %  41,723     37,252     12.0     %
Dining          29,826     24,722     20.6     %  36,199     30,369     19.2     %
Retail/rental   83,748     73,850     13.4     %  110,473    100,814    9.6      %
Other           30,786     26,415     16.5     %  49,600     43,474     14.1     %
Total Mountain  $ 361,741  $ 315,938  14.5     %  $ 413,653  $ 365,608  13.1     %
net revenue
Mountain
operating
expense:
Labor and
labor-related   $ 83,684   $ 72,730   15.1     %  $ 117,978  $ 102,821  14.7     %
benefits
Retail cost of  35,244     29,427     19.8     %  51,435     44,954     14.4     %
sales
Resort related  17,396     16,742     3.9      %  18,385     17,826     3.1      %
fees
General and     34,813     31,699     9.8      %  62,117     57,406     8.2      %
administrative
Other           49,860     44,891     11.1     %  78,630     71,037     10.7     %
Total Mountain
operating       $ 220,997  $ 195,489  13.0     %  $ 328,545  $ 294,044  11.7     %
expense
Mountain
equity          99         178        (44.4)%     533        608        (12.3)%
investment
income, net
Mountain
Reported        $ 140,843  $ 120,627  16.8     %  $ 85,641   $ 72,172   18.7     %
EBITDA



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

                January 31,         Increase    January 31,          Increase
                2013      2012      (Decrease)  2013      2012       (Decrease)
Lodging net
revenue:
Owned hotel     $ 8,906   $ 8,691   2.5      %  $ 22,600  $ 20,723   9.1      %
rooms
Managed
condominium     14,605    13,594    7.4      %  20,419    19,140     6.7      %
rooms
Dining          5,492     5,094     7.8      %  16,102    14,651     9.9      %
Transportation  7,123     7,089     0.5      %  8,814     8,791      0.3      %
Golf            —         —         —           7,647     7,573      1.0      %
Other           7,880     8,324     (5.3)%      17,752    17,773     (0.1)%
                44,006    42,792    2.8      %  93,334    88,651     5.3      %
Payroll cost    2,537     5,514     (54.0)%     5,717     13,249     (56.8)%
reimbursements
Total Lodging   $ 46,543  $ 48,306  (3.6)%      $ 99,051  $ 101,900  (2.8)%
net revenue
Lodging
operating
expense:
Labor and
labor-related   $ 21,472  $ 20,839  3.0      %  $ 44,922  $ 43,408   3.5      %
benefits
General and     7,236     7,630     (5.2)%      14,261    15,158     (5.9)%
administrative
Other           13,558    13,110    3.4      %  31,709    30,579     3.7      %
                42,266    41,579    1.7      %  90,892    89,145     2.0      %
Reimbursed      2,537     5,514     (54.0)%     5,717     13,249     (56.8)%
payroll costs
Total Lodging
operating       $ 44,803  $ 47,093  (4.9)%      $ 96,609  $ 102,394  (5.6)%
expense
Lodging
Reported        $ 1,740   $ 1,213   43.4     %  $ 2,442   $ (494)    594.3    %
EBITDA
Owned hotel
statistics:
ADR             $ 232.85  $ 223.98  4.0      %  $ 198.83  $ 202.64   (1.9)%
RevPar          $ 124.06  $ 120.49  3.0      %  $ 117.46  $ 109.56   7.2      %
Managed
condominium
statistics:
ADR             $ 416.08  $ 387.57  7.4      %  $ 338.20  $ 323.70   4.5      %
RevPar          $ 122.84  $ 121.65  1.0      %  $ 76.58   $ 75.57    1.3      %
Owned hotel
and managed
condominium
statistics
(combined):
ADR             $ 344.26  $ 323.41  6.4      %  $ 262.07  $ 259.87   0.8      %
RevPar          $ 123.16  $ 121.33  1.5      %  $ 89.49   $ 86.62    3.3      %



Key Balance Sheet Data
(In thousands)
(Unaudited)
                                               As of January31,
                                               2013       2012
Real estate held for sale and investment       $ 216,815  $ 257,169
Total Vail Resorts, Inc. stockholders' equity  796,014    807,261
Long-term debt                                 489,497    490,302
Long-term debt due within one year             806        1,058
Total debt                                     490,303    491,360
Less: cash and cash equivalents                136,579    95,642
Net debt                                       $ 353,724  $ 395,718



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 income
(loss) attributable to Vail Resorts, Inc. calculated in accordance with GAAP
for the three and six months ended January31, 2013 and 2012.



                                     (In thousands)        (In thousands)

                                     (Unaudited)           (Unaudited)

                                     Three Months Ended    Six Months Ended

                                     January31,           January31,
                                     2013       2012       2013      2012
Mountain Reported EBITDA             $ 140,843  $ 120,627  $ 85,641  $ 72,172
Lodging Reported EBITDA              1,740      1,213      2,442     (494)
Resort Reported EBITDA*              142,583    121,840    88,083    71,678
Real Estate Reported EBITDA          (2,572)    (3,475)    (6,256)   (8,213)
Total Reported EBITDA                140,011    118,365    81,827    63,465
Depreciation and amortization        (33,418)   (33,050)   (65,097)  (61,980)
Loss on disposal of fixed assets,    (531)      (919)      (533)     (1,033)
net
Investment income, net               99         310        153       374
Interest expense, net                (8,534)    (8,542)    (16,909)  (16,783)
Income (loss) before (provision)     97,627     76,164     (559)     (15,957)
benefit from income taxes
(Provision) benefit from income      (37,098)   (29,743)   485       6,644
taxes
Net income (loss)                    60,529     46,421     (74)      (9,313)
Net loss (income) attributable to    22         (32)       45        (7)
noncontrolling interests
Net income (loss) attributable to    $ 60,551   $ 46,389   $ (29)    $ (9,320)
Vail Resorts, Inc.



* 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 January31, 2013.



                                                  (Inthousands)

                                                  (Unaudited)

                                                  Twelve MonthsEnded

                                                  January 31, 2013
Mountain Reported EBITDA                          $    212,377
Lodging Reported EBITDA                           9,289
Resort Reported EBITDA*                           221,666
Real Estate Reported EBITDA                       (14,050)
Total Reported EBITDA                             207,616
Depreciation and amortization                     (130,698)
Loss on disposal of fixed assets, net             (964)
Investment income, net                            248
Interest expense, net                             (33,712)
Income before provision for income taxes          42,490
Provision for income taxes                        (16,860)
Net income                                        $    25,630
Net loss attributable to noncontrolling interests 114
Net income attributable to Vail Resorts, Inc.     $    25,744



* 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 January31,
2013.



                                    (Inthousands)

                                    (Unaudited)

                                    AsofJanuary 31, 2013
Long-term debt                      $     489,497
Long-term debt due within one year  806
Total debt                          490,303
Less: cash and cash equivalents     136,579
Net debt                            $     353,724
Net debt to Total Reported EBITDA   1.7



The following table reconciles Real Estate Reported EBITDA to Net Real Estate
Cash Flow for the three and six months ended January31, 2013.



                                         (Inthousands)      (Inthousands)

                                         (Unaudited)         (Unaudited)

                                         Three MonthsEnded  Six MonthsEnded

                                         January 31, 2013   January 31, 2013
Real Estate Reported EBITDA              $    (2,572)        $    (6,256)
Non-cash Real Estate cost of sales       10,659              19,900
Non-cash Real Estate stock-based         372                 754
compensation
Change in Real Estate deposits less      451                 (26)
investments in Real Estate
Net Real Estate Cash Flow                $    8,910          $    14,372



SOURCE Vail Resorts, Inc.

Website: http://www.snow.com
Contact: Investor Relations: Michael Chao, +1-303-404-1820,
mchao@vailresorts.com, OR Media; Kelly Ladyga, +1-303-404-1862,
kladyga@vailresorts.com
 
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