Operator: Good morning, ladies and gentlemen, thank you for standing by. Welcome to the Vail Resorts' Fiscal 2012 First Quarter Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. This conference is being recorded today, December 7, 2011.
I would now like to turn the conference over to Rob Katz, Chief Executive Officer of Vail Resorts. Please go ahead.
Robert A. Katz - Chairman and CEO: Thank you. Good morning, ladies and gentlemen. Welcome to the Vail Resorts' fiscal first quarter 2012 earnings conference call and simultaneous webcast, both open to the public and press at large. I'm Rob Katz, Chief Executive Officer of Vail Resorts; joining me on the call this morning is Jeff Jones, our Co-President and Chief Financial Officer.
Before I turn to a discussion of our results, let me remind you that we are using the term reported EBITDA to report earnings for each of our operating segments; namely Mountain, Lodging, and Resort which is the combination of the Mountain and Lodging segment and Real Estate. The Company defines reported EBITDA as segment net revenue, less segment operating expense, plus or minus segment equity investment income or loss.
The Company also uses the term net debt, which is defined as long-term debt plus long-term debt due within one year less cash and cash equivalents. Complete reconciliations of reported EBITDA and other non-GAAP financial measures can be found in this morning's earnings release and on the vailresorts.com website in the Investor Relations section.
I also need to mention that comments made during this conference call, other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor provisions in the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties could cause actual results to differ materially from those contained in the forward-looking statements.
Investors are directed to the risk and uncertainties described in the documents filed by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the fiscal year ended July 31, 2011 and the Company's Form 10-Q filed today.
In addition the Safe Harbor language in today's press release also applies to our comments on this call. All guidance and forward-looking statements made on this call are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements, except as maybe required by law.
So, with that said, let's turn to our fiscal first quarter 2012 results. The first fiscal quarter is a seasonal low period for us and 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 activity, dining, retail and lodging operations and administrative expenses for our year-round employees.
We are pleased with the improved revenue we saw in the quarter in our resort business, which includes both the Mountain and Lodging segments. Mountain net revenue increased 12.8% excluding the operations of Northstar, acquired in late October 2010. The growth was driven by double digit gains in dining, retail and summer activities revenue at our mountain resorts.