Vail Resorts, Inc. MTN Cash Flow

Vail resorts, inc. (MTN)

CashFlow / Quarterly

Jan'20	Oct'19	Jul'19	Apr'19	Jan'19	Oct'18	Jul'18	Apr'18	Jan'18	Oct'17	Jul'17	Apr'17	Jan'17	Oct'16	Jul'16	Apr'16	Jan'16	Oct'15	Jul'15	Apr'15	Jan'15	Oct'14	Jul'14	Apr'14	Jan'14	Oct'13	Jul'13	Apr'13	Jan'13	Oct'12	Jul'12	Apr'12	Jan'12	Oct'11	Jul'11	Apr'11	Jan'11	Oct'10	Jul'10	Apr'10	Jan'10	Oct'09
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
217,018	-109,829	-92,301	308,530	217,990	-110,726	-87,791	272,275	248,673	-31,927	-61,248	196,856	159,728	-63,618	-65,284	157,537	116,871	-59,670	-70,168	133,402	115,700	-64,324	-75,423	117,866	59,200	-73,437	-59,904	97,588	60,529	-60,603	-53,825	79,529	46,421	-55,734	-53,915	76,840	54,557	-43,060	-42,184	76,391	45,079	-43,511
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
63,812	57,845	56,576	55,260	55,238	51,043	50,330	54,104	51,404	48,624	48,921	50,029	49,626	40,581	40,775	41,472	40,541	38,700	37,536	38,242	37,376	35,969	34,653	35,588	36,204	34,156	33,861	33,730	33,418	31,679	32,336	33,265	33,050	28,930	29,012	30,937	30,276	27,732	27,870	27,812	27,772	27,184
Cost of real estate sales
-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,216	1,064	2,504	6,940	9,132	10,438	5,605	7,015	14,765	12,531	3,391	6,713	1,794	10,382	10,659	9,241	9,555	8,972	6,097	10,288	8,274	10,609	15,541	133,843	-	-	-	-
Stock-based compensation expense
5,538	5,251	5,070	4,886	5,147	4,753	4,984	4,644	4,891	4,521	4,727	4,437	4,574	4,577	4,360	4,275	4,300	4,090	4,035	3,492	4,025	4,201	3,685	3,485	3,562	3,492	2,805	2,913	3,159	3,472	2,650	2,529	2,788	4,032	3,155	2,901	3,147	3,290	2,864	2,611	2,904	3,464
Deferred income taxes, net
67,547	-43,979	-103,384	93,524	64,102	-31,823	-82,328	73,286	4,872	-41,600	-115,496	100,635	84,807	-33,509	-124,115	95,804	72,511	-36,574	-101,827	90,474	62,098	-37,777	-54,734	69,680	35,340	-44,067	-67,454	59,814	37,098	-37,583	-36,865	52,752	29,743	-36,387	-21,946	48,045	34,209	-28,114	-42,824	39,238	24,713	-25,554
Change in Fair Value of Contingent Consideration
-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	900	0	0	-4,550	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on litigation settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	16,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Park City litigation settlement payment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-10,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real property
-	-	-	-	-	-	-	-	-	-	300	0	0	6,466	3,485	19	632	1,159	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	6,087
Other non-cash (income) expense, net
180	797	7,390	6,140	-935	1,280	5,694	1,096	2,109	4,885	7,423	-38	1,799	5,879	7,007	694	-360	703	3,921	432	963	1,614	6,147	922	-110	1,611	2,396	1,637	1,348	2,712	1,493	1,673	471	2,404	2,415	2,044	1,409	2,703	1,826	2,698	924	2,085
Changes in assets and liabilities:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	8,252	-3,584	-1,111	112	-184	556	-7,450	-126	275	-415	104	-	-	-	-	-	-	-	-	624	-2,674	2,606	1,177	-564	-2,898	2,988	898	8	-3,706	2,096	2,371
Trade receivables, net
17,404	-184,821	-1,740	182,451	12,454	-157,759	11,165	136,787	-2,049	-101,642	62,666	-94,929	-21,877	90,431	5,018	55,669	34,478	-62,174	7,589	36,503	32,274	-61,016	16,185	23,218	21,422	-43,818	4,361	20,031	22,546	-35,223	687	11,809	20,072	-29,991	11,866	-8,003	20,093	-22,318	17,343	-10,333	12,545	-25,242
Inventories, net
-13,730	27,967	12,444	-19,568	-11,613	26,011	6,572	-17,150	-11,667	23,208	-21,734	15,387	20,751	-22,490	5,700	-10,120	-16,349	21,612	6,684	-10,738	-15,375	20,733	6,757	-12,093	-17,028	21,032	6,049	-9,766	-15,057	18,879	9,359	-7,128	-13,160	21,782	7,634	-9,349	-9,644	14,117	5,626	-8,972	16,526	-13,832
Investments in real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-462	-	-252	-933	-477	-155	-155	-756	-1,094	-729	-12,943	-1,044	-10,204	-20,617	-36,643	-49,306	-59,880
Accounts payable and accrued liabilities
97,378	-26,505	22,283	-96,070	111,682	-14,599	37,398	-108,667	80,691	-7,543	19,651	-86,682	70,837	-25,925	20,666	-116,419	27,973	83,805	4,701	-129,858	48,499	81,156	20,398	-100,398	5,672	95,052	7,543	-75,336	1,940	85,627	4,081	-81,821	-12,228	87,453	40,273	-133,480	19,205	50,779	23,385	-97,170	8,829	52,409
Deferred revenue
-121,766	194,597	38,374	-50,807	-119,666	167,727	30,993	-41,226	-115,512	167,752	33,562	-52,678	-68,797	112,130	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes payable - excess tax benefit from share award exercises
283	2,535	8,042	179	129	4,582	16,604	1,392	1,277	51,804	354	2,228	1,006	6,290	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes payable - other
-8,242	-9,405	61,176	-4,403	-10,579	-7,421	52,553	-1,477	-7,020	-5,603	74,558	-3,197	-25,292	-18,115	81,303	-2,067	-14,221	-2,795	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred real estate deposits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,629	262	11,432	18,816	12,816	-1,104	-278	139
Other assets and liabilities, net
-11,202	12,158	-2,231	-9,050	-7,781	10,319	6,495	-8,294	-9,782	10,332	-4,394	356	5,910	-7,289	783	-10,371	-3,375	6,075	6,661	-573	6,150	9,376	-4,543	-4,871	-5,781	13,329	-5,903	1,236	-4,034	10,411	-6,065	-5,265	-3,928	3,781	-6,536	2,389	4,081	1,877	-3,011	-4,831	-3,518	69
Net cash provided by operating activities
328,350	209,339	-31,365	159,415	329,100	177,081	-32,177	146,915	278,341	155,407	-23,214	164,304	272,866	57,027	-18,450	145,959	234,897	74,571	-90,816	120,291	249,706	24,479	-60,319	131,576	145,328	29,293	-68,922	115,701	141,067	34,577	-48,626	96,656	99,054	38,335	-24,058	47,640	125,532	118,173	-20,761	42,580	59,082	-44,951
Cash flows from investing activities:
Capital expenditures
69,167	52,621	45,139	33,365	65,650	47,881	34,297	18,947	49,918	37,449	32,596	18,400	47,393	46,043	20,930	11,070	52,160	25,077	38,301	11,563	46,264	27,756	10,205	14,329	47,020	46,751	29,485	7,174	22,380	35,907	24,626	14,813	42,183	51,003	22,071	11,682	24,986	36,901	20,156	12,556	15,492	20,753
Acquisition of businesses, net of cash acquired
-26	327,581	0	126,434	-268	292,878	0	0	0	1,356	34,696	0	0	512,348	0	0	20,245	0	124,551	0	0	182,500	-	-	-	-	-	-	-	-	-	-	-	-	1,816	0	0	60,528	-	-	-	-
Cash Received From Sale Of Property
-	-	-	-	-	-	-	-	-	-	-	0	0	7,692	3,664	78	802	2,842	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	8,920
Other investing activities, net
-149	-3,448	-1,759	-11,469	-1,721	-96	-300	-645	-1,290	-5,153	-8,273	-272	-5,733	-538	-922	3,159	-136	-181	1,948	-2,570	-75	-629	521	-771	-49	-100	5,285	-615	9	-255	-1,094	40	768	136	-161	109	330	-74	-270	7,681	17	217
Net cash used in investing activities
-68,992	-376,754	-43,380	-148,330	-63,661	-340,663	-33,997	-18,817	-48,113	-33,652	-66,711	-18,128	-41,660	-550,161	-16,344	-14,151	-71,467	-22,054	-162,259	-8,993	-46,189	-209,627	-10,726	-13,558	-46,971	-46,651	-23,680	-6,559	-42,347	-35,652	-23,532	-38,674	-42,609	-51,139	-23,726	-11,791	-25,316	-97,355	-35,756	-20,237	-15,509	-12,050
Cash flows from financing activities:
Proceeds from borrowings under Vail Holdings Credit Agreement
0	492,625	208,000	0	0	335,625	130,000	0	0	95,000	50,000	0	0	619,375	210,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from borrowings under Vail Holdings Credit Agreement revolver
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30,000	35,000	70,000	185,000	10,000	30,000	213,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from borrowings under Whistler Credit Agreement
0	0	18,851	0	0	7,667	34,593	0	0	11,920	14,688	0	2,229	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from borrowings under Credit Facility Revolver
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	89,000	100,000	-	-	-	-
Repayments of borrowings under Vail Holdings Credit Agreement
180,625	175,000	-	11,875	131,875	80,000	-	39,375	74,375	59,375	-	9,375	144,375	50,000	-	94,500	168,000	57,500	0	10,000	213,000	30,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of borrowings under Whistler Credit Agreement
11,334	7,529	0	33,867	11,193	0	0	62,801	12,059	17,081	0	36,316	17,573	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Employee taxes paid for share award exercises
1,124	8,842	15,086	496	293	11,364	30,387	2,015	2,195	69,480	391	2,909	1,451	11,524	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
70,959	71,091	71,001	70,852	59,167	59,547	59,480	59,455	42,623	42,603	42,200	42,263	32,382	29,390	29,305	29,309	22,567	22,654	22,728	22,637	15,080	15,061	15,023	15,012	7,497	7,489	7,457	7,447	6,729	6,729	6,690	6,758	5,372	5,429	-	-	-	-	-	-	-	-
Proceeds from borrowings under long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	56,505	29,457
Payments of other long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	477	283	253	-	-	-	-	-	-	-	-	-	-	-	-	156	638	109,369	116,698	20,063	58	56,552	29,636
Payments for Repurchase of Common Stock
0	21,400	0	0	35,000	50,000	0	25,800	0	0	-	-	-	-	0	13,787	0	40,000	0	0	0	0	-	-	-	-	-	-	-	-	22,496	0	0	7,869	-	-	-	-	-	-	-	-
Other financing activities, net
-4,234	-10,279	-3,802	-2,544	-3,378	-6,486	-2,123	-2,349	-2,288	-6,989	-1,858	516	-3,055	3,456	1,281	831	1,092	2,576	6,916	448	1,681	2,912	-1,925	111	176	445	805	56	1,018	5,704	366	867	214	697	3,112	320	-2,174	713	177	1,854	1,463	901
Net cash used in financing activities
-268,276	198,440	125,087	-119,634	-240,906	135,895	63,228	-191,795	-133,540	-88,608	10,864	-90,557	-196,607	531,917	33,636	-109,890	-157,600	-47,578	164,001	-22,666	-196,682	170,598	-191,969	-15,878	-7,321	-7,044	-6,674	-7,936	-6,155	-1,025	-28,870	-6,510	-5,541	-12,601	-50,669	35,496	-22,543	-15,985	20,115	-29,204	1,416	722
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-987	939	-465	-2,262	1,754	-4,317	-1,038	-6,305	5,332	-3,803	4,859	-710	-441	71	490	1,279	-68	-792	-681	4	-97	-16	-11	15	15	23	145	-50	29	32	-29	-4	0	0	-	-	-	-	-	-	-	-
Net increase (decrease) in cash, cash equivalents and restricted cash
-9,905	31,964	49,877	-110,811	26,287	-32,004	-3,984	-70,002	102,020	29,344	-74,202	54,909	34,158	38,854	-668	23,197	5,762	4,147	-89,755	88,636	6,738	-14,566	-263,025	102,155	91,051	-24,379	-99,131	101,156	92,594	-2,068	-101,057	51,468	50,904	-25,405	-98,453	71,345	77,673	4,833	-36,402	-6,861	44,989	-56,279
Accrued capital expenditures
-20,056	32,038	4,912	-9,223	-10,320	33,051	7,769	-4,228	-13,217	25,314	5,504	-1,975	-6,444	17,546	10,466	1,376	-20,206	24,631	2,010	241	-6,403	10,419	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures made under long-term financing
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-2,455	9,492	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-