Vail Resorts (MTN) Posts Q1 Loss of $1.77/Share

Fiscal 2015 Guidance

(In thousands)

For the Year Ending

July 31, 2015

Low End

Range

Mountain Reported EBITDA (1)(6)

$

324,000

$

338,000

Lodging Reported EBITDA (2)

13,000

25,000

Resort Reported EBITDA (3)(6)

340,000

360,000

Real Estate Reported EBITDA (4)

(13,000)

(6,000)

Total Reported EBITDA

327,000

354,000

Depreciation and amortization

(147,000)

(140,000)

Change in fair value of contingent consideration (5)

—

—

Loss on disposal of fixed assets, net

(2,000)

(800)

Investment income, net

200

500

Interest expense

(57,000)

(54,000)

Loss on extinguishment of debt

—

—

Income before provision for income taxes

121,200

159,700

Provision for income taxes

(45,800)

(59,400)

Net income (6)

75,400

100,300

Net loss attributable to noncontrolling interests

100

200

Net income attributable to Vail Resorts, Inc. (6)

$

75,500

$

100,500