Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Vail Resorts' Fiscal 2012 Third Quarter Results Conference Call. During today's presentation, all participants will be in a listen-only mode. Following the presentation, the conference will be opened for your questions. Today's conference is being recorded, June 6, 2012.
I would now like to turn the conference over to our host 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 2012 third quarter 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 segments 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 facts, are forward-looking statements of historical facts, 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 Securities and Exchange Commission, including the Company's Form 10-K for the fiscal year ended July 31, 2011, and Form 10-Q for the third quarter of fiscal 2012 released this morning. 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 move on to our third quarter results. We are very pleased with our third quarter results as they showed our ability to successfully navigate the most challenging winter in history of the United States ski industry.
Overall the U.S. ski industry reported a 16% decline in visitation the worst on record since the 1980-1981 ski season and the first time the industry has reported declines across all geographies.