Peak Resorts (SKIS) 10-Q 13 Sep 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2019	Sep. 09, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Peak Resorts Inc
Entity Central Index Key	0001517401
Current Fiscal Year End Date	--04-30
Entity Small Business	true
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,227,562

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Current assets:
Cash and cash equivalents	$ 14,451	$ 30,194
Restricted cash	4,173	5,240
Income tax receivable	6,454
Accounts receivable	2,729	9,514
Inventory	2,478	2,544
Prepaid expenses and other current assets	11,632	14,984
Total current assets	41,917	62,476
Property and equipment, net	286,262	287,121
Land held for development	38,664	38,657
Goodwill	18,173	18,173
Intangible assets, net	3,032	3,106
Other assets	1,113	1,115
Total assets	389,161	410,648
Current liabilities:
Revolving lines of credit	12,415	12,415
Current maturities of long-term debt	1,214	1,513
Accounts payable and accrued expenses	16,971	14,207
Accrued salaries, wages and related taxes and benefits	2,506	6,281
Unearned revenue	22,519	22,153
Current portion of deferred gain on sale/leaseback	333	333
Total current liabilities	55,958	56,902
Long-term debt, including related party debt of $50,049 and $50,058, less current maturities, respectively	216,221	215,869
Deferred gain on sale/leaseback	2,097	2,180
Deferred income taxes	18,384	18,384
Other liabilities	651	770
Total liabilities	293,311	294,105
Series A preferred stock, $0.01 par value per share, $1,000 liquidation preference per share, 40,000 shares authorized, issued and outstanding	34,718	34,318
Commitments and contingencies
Stockholders' Equity
Common stock, $0.01 par value per share, 40,000,000 shares authorized, 15,227,562 and 15,165,832 shares issued and outstanding, respectively	152	152
Additional paid-in capital	96,952	96,557
Accumulated deficit	(35,972)	(14,484)
Total stockholders' equity	61,132	82,225
Total liabilities and stockholders' equity	$ 389,161	$ 410,648

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Statement of Financial Position [Abstract]
Long-term debt, related party	$ 50,049	$ 50,058
Temporary Equity, Par or Stated Value Per Share	$ 0.01	$ 0.01
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	40,000	40,000
Temporary Equity, Shares Issued	40,000	40,000
Temporary Equity, Shares Outstanding	40,000	40,000
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares, issued	15,227,562	15,165,832
Common stock, shares, outstanding	15,227,562	15,165,832

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Revenues
Net revenue	$ 9,662	$ 7,007
Operating expenses:
Resort operating costs	19,870	14,271
Depreciation and amortization	6,493	3,298
General and administrative	3,636	1,256
Land and building rent	342	336
Real estate and other taxes	895	687
Restructuring and impairment charges		177
Income from operations	(21,574)	(13,018)
Other (expense) income:
Interest, net of amounts capitalized of $0 and $173 in 2019 and 2018, respectively	(4,632)	(3,479)
Gain on sale/leaseback	83	83
Other income	60	32
Nonoperating (expense) income, total	(4,489)	(3,364)
Income (loss) before income taxes	(26,063)	(16,382)
Income tax expense (benefit)	(6,454)	(4,587)
Net income (loss)	(19,609)	(11,795)
Less declaration and accretion of Series A preferred stock dividends	(800)	(400)
Net income (loss) attributable to common shareholders	$ (20,409)	$ (12,195)
Basic and diluted earnings loss per share	$ (1.33)	$ (0.87)
Cash dividends declared per common share	0.07	0.07
Cash dividends declared per preferred share	$ 20	$ 20

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Statement of Financial Position [Abstract]
Interest Costs Capitalized Adjustment	$ 0	$ 173

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid in Capital [Member]	Retained Earnings (Deficit) [Member]	Total
Beginning balance at Apr. 30, 2018	$ 140	$ 86,631	$ (16,951)	$ 69,820
Beginning balance, shares at Apr. 30, 2018	13,982,400
Net income (loss)			(11,795)	(11,795)
Dividends declared			(979)	(979)
Dividend declared - preferred			(400)	(400)
Dividends paid as restricted stock units		10	(10)
Stock based compensation		46		46
Ending balance at Jul. 31, 2018	$ 140	86,687	(30,135)	56,692
Ending balance, shares at Jul. 31, 2018	13,982,400
Beginning balance at Apr. 30, 2019	$ 152	96,557	(14,484)	$ 82,225
Beginning balance, shares at Apr. 30, 2019	15,165,832			15,165,832
Net income (loss)			(19,609)	$ (19,609)
Dividends declared - common stock			(1,066)	(1,066)
Dividend declared - preferred			(800)	(800)
Dividends paid as restricted stock units		13	(13)
Shares issued upon vesting of restricted stock units, Shares	61,730
Stock based compensation		382		382
Ending balance at Jul. 31, 2019	$ 152	$ 96,952	$ (35,972)	$ 61,132
Ending balance, shares at Jul. 31, 2019	15,227,562			15,227,562

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Jul. 31, 2019USD ($)
Statement of Stockholders' Equity [Abstract]
Preferred Stock, Accretion of Redemption Discount	$ 400

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Cash flows from operating activities:
Net income	$ (19,609)	$ (11,795)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property and equipment and intangibles	6,493	3,298
Amortization of deferred financing costs	350	271
Stock based compensation	382	56
Amortization of original issue premium	(8)
Amortization of other liabilities	(9)	(9)
Gain on sale/leaseback	(83)	(83)
Changes in operating assets and liabilities:
Income tax receivable	(6,454)	(4,587)
Accounts receivable	6,785	5,688
Inventory	66	(126)
Prepaid expenses and other current liabilities	3,352	2,697
Other assets	2	(716)
Accounts payable and accrued expenses	2,143	(1,700)
Accrued salaries, wages and related taxes and benefits	(3,775)	114
Unearned revenue	366	672
Net cash provided by (used in) operating activities	(9,999)	(6,220)
Cash flows from investing activities:
Additions to property and equipment	(5,053)	(8,177)
Additions to land held for development	(7)	(6)
Net cash used in investing activities	(5,060)	(8,183)
Cash flows from financing activities:
Payments on long-term debt and capital lease obligations	(289)	(533)
Distributions to stockholders	(1,462)	(1,379)
Net cash provided by (used in) financing activities	(1,751)	(1,912)
Net (decrease) increase in cash, cash equivalents and restricted cash	(16,810)	(16,315)
Cash, cash equivalents, and restricted cash, beginning of period	35,434	36,429
Cash, cash equivalents, and restricted cash, end of period	18,624	20,114
Supplemental cash flow information:
Cash paid interest, including amounts prepaid of $8,229, $8,905 and $0, respectively	934	48
Supplemental disclosure of noncash investing and financing activities:
Assets under construction included in accounts payable	1,418	353
Accretive dividends - Series A preferred stock	400
Accrued dividends, common and preferred	$ 1,466	$ 1,379

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jul. 31, 2019
Nature of Business
Basis of Presentation	Note 1. Basis of Presentation Unaudited Interim Condensed Consolidated Financial Statements The unaudited interim condensed consolidated financial statements of Peak Resorts, Inc. and its subsidiaries (the “Company”) reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of its financial position, results of operations and cash flows. The results for the three months ended July 31, 2019 are not necessarily indicative of the results expected for a full fiscal year. Due to the seasonality of the ski industry, the Company typically incurs significant operating losses during its first and second fiscal quarters. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10‑K for the fiscal year ended April 30, 2019, filed with the Securities and Exchange Commission. Nature of Business The Company is a leading owner and operator of high-quality, individually branded ski resorts in the U.S. and, as of July 31, 2019, operated 17 ski resorts primarily located in the Northeast, Mid-Atlantic and Midwest United States, 16 of which are owned. The majority of the resorts are located within 100 miles of major metropolitan markets, including New York City, Boston, Philadelphia, Baltimore, Washington D.C., Cleveland, Kansas City and St. Louis, enabling day and overnight drive accessibility. The Company’s resorts are comprised of nearly 2,200 acres of skiable terrain appropriate to a wide range of ages and abilities. The activities, services and amenities available at the Company’s resorts include skiing, snowboarding, terrain parks, tubing, dining, lodging, equipment rentals and sales, ski and snowboard instruction, zip tours, golf, mountain coasters, mountain biking, hiking and other summer activities. The Company operates in a single business segment—ski resort operations. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Peak Resorts, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. On November 21, 2018, the Company completed its acquisition of all of the issued and outstanding shares of common stock of Snow Time, Inc. (“Snow Time”) (see Note 3). These financial statements reflect the activity of Snow Time for the period since its acquisition. Dividends Generally, the declaration and payment of future dividends to holders of the Company’s common stock will be at the sole discretion of the Company’s board of directors, and will depend on many factors, including the Company’s actual results of operations, financial condition, capital requirements, contractual restrictions, restrictions in the Company’s outstanding debt agreements, preference of the Company’s Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”), economic conditions and other factors that could differ materially from the Company’s current expectations. From the date that is nine months following the date of issuance, cumulative dividends accrue on the outstanding shares of Series A Preferred Stock on a daily basis in arrears at the rate of 8% per annum on the liquidation value of $1,000 per share. All accrued and accumulated dividends on the Series A Preferred Stock shall be paid prior and in preference to any dividend or distribution on any junior securities, including the Company’s common stock, provided that the Company may declare or pay any dividend or distribution payable on the common stock in shares of common stock. The Certificate of Designation of the Series A Preferred Stock provides that, until the earlier of (i) such date as no Series A Preferred Stock remains outstanding and (ii) January 1, 2027, the Company is prohibited from paying any dividend on capital stock when there are accrued or unpaid dividends with respect to the Series A Preferred Stock. As discussed in Note 2, “Merger Agreement and Proposed Merger,” on July 20, 2019, the Company, entered into an Agreement and Plan of Merger with Vail Holdings, Inc., a Colorado corporation (“Parent”), VRAD Holdings, Inc., a Missouri corporation and direct, wholly-owned subsidiary of Parent (“Merger Sub”), and, solely for the purposes stated in Section 9.14 of the Merger Agreement (as defined in Note 2), Vail Resorts, Inc., a Delaware corporation (“Vail Resorts”), relating to the proposed acquisition of the Company by Parent. The Company agreed in the Merger Agreement to suspend the payment of any future dividends, other than the quarterly cash dividend declared on July 2, 2019 of  $0.07 per outstanding share of its common stock, which was paid on August 9, 2019 to common shareholders of record as of July 25, 2019, and the Series A Preferred Stock dividend of $400 in the aggregate, which was paid on August 9, 2019 to the holder of the Company’s Series A Preferred Stock. Dividends on the Series A Preferred Stock will continue to accrue. Cash and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the same such amounts shown in the condensed consolidated statements of cash flow: July 31, 2019 2018 Cash and cash equivalents $ 14,451 $ 10,085 Restricted cash 4,173 1,440 Restricted cash, construction — 8,589 Total cash, cash equivalents, and restricted cash, end of period $ 18,624 $ 20,114 Recently Issued Accounting Standards The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, which provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards. As an emerging growth company, the Company may delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016‑02, “Leases (Topic 842),” which requires lessees to recognize most leases on the balance sheet. This ASU requires modified retrospective adoption and will be applicable for the Company as of April 30, 2020, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements, including an evaluation of the effect the standard will have on the Company’s deferred gain on sale/leaseback. While the Company expects the pattern of expense for leases it currently classifies as operating will be similar between the old and new guidance, it expects adoption of the new standard will result in a significant increase in assets and liabilities for right of use assets and lease obligations, respectively, for leases it currently classifies as operating. As of July 31, 2019, future minimum lease payments under operating leases was approximately $14,000. In May 2014, the FASB issued ASU 2014‑09, “Revenue from Contracts with Customers (Topic 606),” which was subsequently modified by other ASUs from 2015 through 2017. This ASU, as amended, provides new guidance for the recognition of revenue and provides for a five-step analysis of transactions to determine when and how revenue is recognized. This ASU establishes a core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU may be adopted using either a full or modified retrospective approach and will be applicable for the Company as of April 30, 2020, with early adoption permitted. The Company expects to adopt this ASU using the modified retrospective approach and does not expect the adoption of this ASU will have a material impact on its consolidated financial statements.

Merger Agreement with Vail Hold

Merger Agreement with Vail Holdings, Inc.	3 Months Ended
	Jul. 31, 2019
Merger Agreement with Vail Holdings, Inc.
Merger Agreement with Vail Holdings, Inc.	Note 2. Merger Agreement and Proposed Merger Merger Agreement On July 20, 2019 (the “Signing Date”), the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Parent, Merger Sub, and, solely for the purposes stated in Section 9.14 of the Merger Agreement, Vail Resorts, relating to the proposed acquisition of the Company by Parent. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will be merged with and into the Company (the “Merger”) with the Company continuing as the surviving corporation in the Merger, and, at the effective time of the Merger (the “Effective Time”): (i) each share of common stock of the Company, par value $0.01 per share issued and outstanding immediately prior to the Effective Time, other than Excluded Shares (as defined in the Merger Agreement), will cease to be outstanding and will be converted into the right to receive $11.00 in cash, without interest (the “Common Merger Consideration”); (ii) each share of Series A Preferred Stock, that is outstanding immediately prior to the Effective Time, other than Excluded Shares, will be converted into the right to receive an amount equal to the sum of: (a) $1,748.81; plus (b) the aggregate amount of all accrued and unpaid dividends on the applicable issuance of Series A Preferred Stock as of the Effective Time, in cash without interest. Pursuant to the Merger Agreement, at the Effective Time: (i) each restricted stock unit (“RSU”) that was granted pursuant to the Company’s 2014 Equity Incentive Plan, as amended from time to time (the “Equity Incentive Plan”), that remains outstanding immediately prior to the Effective Time will become fully vested immediately prior to the Effective Time and will be cancelled and extinguished in exchange for the right to receive an amount, in cash, without interest, equal to the (a) Common Merger Consideration, multiplied by (b) number of RSUs held by such holder, less withholdings for any applicable taxes; and (ii) each warrant to purchase shares of common stock that is issued and outstanding immediately prior to the Effective Time (collectively, the “Warrants”), will be cancelled in exchange for the right to receive an amount in cash, without interest, equal to the product of: (a) the aggregate number of shares of common stock in respect of such Warrant; multiplied by (b) the excess of the Common Merger Consideration over the per share exercise price under such Warrant. The board of directors of the Company (i) determined that the terms of the Merger Agreement, the Merger and the other transactions contemplated thereby are fair to, advisable and in the best interests of, the Company and its shareholders; (ii) adopted and approved the Merger Agreement and declared advisable the Merger Agreement and the completion by the Company of the Merger and the other transactions contemplated thereby; (iii) directed that the Merger Agreement be submitted to the shareholders of the Company for adoption; and (iv) resolved to recommend that the Company’s shareholders vote in favor of the adoption of the Merger Agreement and approve the Merger and the other transactions contemplated thereby. The closing of the Merger is subject to, among other conditions, adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated thereby by the affirmative vote of the holders of at least two-thirds of the outstanding shares of common stock and Series A Preferred Stock entitled to vote at a special meeting of shareholders (the “Special Meeting”) as of the August 19, 2019 record date for the Special Meeting, voting together as a single class on an as-converted basis (“Company Shareholder Approval”). On August 20, 2019, the Company filed a definitive proxy statement on Schedule 14A relating to the Merger (the “Proxy Statement”), which the Company intends to hold on September 20, 2019. In addition to the Company Shareholder Approval condition, consummation of the Merger is also subject to various customary conditions, including, but not limited to, the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and that the Company or its subsidiaries shall have, if necessary, obtained any consent, transfer, renewal, issuance or reissuance with respect to the Company’s United States Forest Service (the “USFS”) permits. On August 6, 2019, the Company received a letter from the USFS confirming that renewal, issuance or reissuance of the Company’s USFS permits is not required as a consequence of consummation of the Merger. On August 28, 2019, the applicable waiting period under the HSR Act expired with respect to the proposed acquisition of the Company by Parent. These events satisfied two of the applicable conditions to closing of the acquisition set forth in the Merger Agreement. The Company is subject to customary restrictions on its ability to solicit, initiate, facilitate or encourage Alternative Proposals (as defined in the Merger Agreement) from third parties and to provide non-public information to, and participate in discussions and engage in negotiations with, third parties regarding Alternative Proposals, with customary exceptions regarding the board’s fiduciary duties under applicable law. The board has agreed to recommend that the Company’s shareholders vote to adopt and approve the Merger Agreement, the Merger and the other transactions contemplated thereby, subject to certain customary exceptions regarding the board’s fiduciary duties under applicable law. The Merger Agreement contains certain termination rights, including the right of the Company to terminate the Merger Agreement to accept a Superior Proposal (as defined in the Merger Agreement), and provides that, upon termination of the Merger Agreement by the Company or Parent upon specified conditions, the Company will be required to pay Parent a termination fee of $9,220 (the “Termination Fee”). If the Merger Agreement is terminated by Parent or the Company following the failure to obtain the Company Shareholder Approval at the Special Meeting absent a pending Alternative Proposal, then the Company must reimburse Parent all of its fees and expenses incurred in connection with the Merger Agreement and the transactions contemplated thereby, up to $3,000 in the aggregate. In addition, subject to certain exceptions and limitations set forth in the Merger Agreement, either party may terminate the Merger Agreement if the Merger is not consummated by January 21, 2020 (the “End Date”), subject to the ability of either party to twice extend the End Date for an additional 90 days each time, in certain circumstances. Subject to certain conditions and limitations set forth in the Merger Agreement, upon the termination of the Merger Agreement by the Parent or Company, the Merger Agreement also provides for the payment by the Company to Parent of the Termination Fee if the Company consummates a transaction with respect to an Alternative Proposal within 12 months after such termination, or signs a definitive agreement with respect to such Alternative Proposal within 12 months after such termination and such transaction is subsequently consummated. The Company has made customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants (1) to conduct its business in the ordinary course during the period between the Signing Date and the Effective Time, (2) not to engage in certain types of transactions during this period unless agreed to in writing by Parent, (3) to convene and hold the Special Meeting for the purpose of obtaining the Company Shareholder Approval, (4) subject to certain conditions, not to withhold, withdraw, amend or modify in a manner adverse to Parent or Merger Sub, the recommendation of the board that the Company’s shareholders approve the adoption of the Merger Agreement, and (5) to take any and all action needed to obtain any required antitrust approval for the Merger. The Merger is expected to be completed in fall 2019, however, consummation of the Merger is subject to the satisfaction or (to the extent permitted by applicable law) waiver of the conditions to the completion of the Merger more fully described in the Proxy Statement. The foregoing summary of the Merger Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement, which was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on July 22, 2019. Voting and Support Agreements On the Signing Date, concurrently with the execution of the Merger Agreement, Cap 1 LLC, an affiliate of a member of the board (“Cap 1”), Richard S. Sackler, M.D. (“RS”), the Richard and Beth Sackler Foundation, Inc. (the “Foundation”), David Sackler (“DS”), Timothy D. Boyd, the Company’s Chief Executive Officer, President, Chairman of the Board (“TB”), the Timothy D. Boyd Revocable Trust U/A 8/27/1996, for which Mr. Boyd is the trustee (the “TB Trust”), the Timothy D. Boyd 2011 Family Trust U/A 1/28/2011, for which Melissa K. Boyd, Mr. Boyd’s spouse, is the trustee (the “TB Family Trust”), the Melissa K. Boyd Revocable Trust U/A 8/27/1996, for which Ms. Boyd is the trustee (the “MB Trust”), and Jesse Boyd and Jessica Boyd JTWROS, Mr. Boyd’s son and daughter in law (“JB” and, together with Cap 1, RS, the Foundation, DS, TB, the TB Trust, the TB Family Trust and the MB Trust, the “Supporting Shareholders” and, each, a “Supporting Shareholder”), collectively, the Company’s largest shareholders, entered into Voting and Support Agreements (each, a “Support Agreement” and, collectively, the “Support Agreements”) with Parent. Pursuant to the Support Agreements, each Supporting Shareholder agreed to, prior to the Expiration Date (as defined below) (i) vote (a) all shares of capital stock of the Company owned, beneficially or of record, by such Supporting Shareholder as of the Signing Date, and (b) all additional shares of capital stock of the Company acquired by the Supporting Shareholder, beneficially or of record, including by way of converting any convertible securities, during the period commencing with the execution and delivery of such Support Agreement and expiring on the Expiration Date, among other things, (1) in favor of the adoption of the Merger Agreement and the approval of the other transactions contemplated thereby (collectively, the “Proposed Transaction”), (2) against the approval or adoption of any Alternative Proposal or any other proposal made in opposition to, or in competition with, the Proposed Transaction, and (3) against any Alternative Proposal or any other action that would reasonably be expected to impede, interfere with, delay, postpone, discourage or adversely affect the consummation of the Proposed Transaction, and (ii) not approve any Alternative Transaction (as defined in the Support Agreements) by written consent. Notwithstanding the foregoing, the Supporting Shareholders entered into the Support Agreements solely in their capacities as beneficial or record owners, and nothing therein limits or affects the actions taken by any director or officer of the Company affiliated with the Supporting Shareholder solely in his capacity as a director or officer of the Company in the exercise of his fiduciary duties as a director or officer of the Company. The shares covered by the Support Agreements constitute approximately 45.0% of the issued and outstanding shares of common stock entitled to notice of, and to vote at, the Special Meeting, as of the date of the Merger Agreement assuming the conversion of the Series A Preferred Stock, as of the date of the Merger Agreement. The Support Agreements will terminate upon the earliest of (the “Expiration Date”): (i) such date and time as the Merger Agreement shall have been validly terminated pursuant to the terms of Article VIII thereof; (ii) the Effective Time; (iii) the date of any amendment, modification or supplement to the Merger Agreement that decreases the amount, or changes the form, of Merger Consideration (as defined in the Merger Agreement) payable to such Supporting Shareholder; (iv) the date upon which Parent and the Supporting Shareholder agree to terminate such Support Agreement in writing; and (v) the date upon which the board or any committee thereof makes a Company Adverse Recommendation Change (as defined in the Merger Agreement). The Company, Snow Time Acquisition, Inc., a direct, wholly-owned subsidiary of the Company, and certain of its subsidiaries listed on the signature pages to the Cap 1 Support Agreement as “Subsidiary Guarantors” are also party to the Cap 1 Support Agreement. In addition to the provisions set forth in the other Support Agreements, the Cap 1 Support Agreement provides for, among other things, the consent of Cap 1, in its capacity as lender with respect to certain of the Company’s indebtedness, to the Merger. Transaction Costs During the three months ended July 31, 2019, the Company incurred merger-related costs of $2,308, which are included in general and administrative expenses in the condensed consolidated statements of operations.

The Snow Time Acquisition

The Snow Time Acquisition	3 Months Ended
	Jul. 31, 2019
Acquisition [Abstract]
The Snow Time Acquisition	Note 3. The Snow Time Acquisition On November 21, 2018, the Company completed its acquisition of Snow Time in a transaction pursuant to which Snow Time became a wholly owned subsidiary of the Company (the “Snow Time Acquisition”). Purchase Price Allocation During the three months ended July 31, 2019, the Company completed various valuation studies and finalized its estimates of the fair value of the assets acquired and liabilities assumed in the Snow Time Acquisition. The following table summarizes the fair value of the net assets acquired in the Snow Time Acquisition on November 21, 2018. Tangible assets and liabilities: Accounts receivable $ Inventories Property and equipment Land held for development Other current assets Accounts payable and accrued expenses Accrued salaries, wages and related taxes and benefits Unearned revenue Deferred income taxes Other long-term liabilities Intangible assets: Identifiable intangible asset Goodwill Net assets acquired $ Pro Forma Information The following unaudited pro forma information presents the combined results of operations of Peak Resorts, Inc. and Snow Time for the three months ended July 31, 2018, as if the Snow Time Acquisition had been completed on May 1, 2018, with adjustments to give effect to pro forma events that are directly attributable to the Snow Time Acquisition. The unaudited pro forma results do not reflect any operating efficiencies or potential cost savings which may result from the consolidation of the operations of the companies. Accordingly, these unaudited pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the combined company that would have been achieved had the acquisition occurred at the beginning of each period presented, nor are they intended to represent or be indicative of future results of operations. The following table summarizes the unaudited pro forma revenues and earnings of the combined companies for the three months ended July 31, 2018: Net revenue $ 10,735 Net loss $ (16,569) The pro forma net loss was adjusted to give effect to pro forma events which are directly attributable to the Snow Time Acquisition. Adjustments to the pro forma net income for the three months ended July 31, 2018 included: i) the addition of interest and financing cost amortization of $973 and ii) the increase of $1,387 of net expense related to fair value adjustments to acquisition-date net assets acquired.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2019
Income Taxes [Abstract]
Income Taxes	Note 4. Income Taxes The Company’s effective income tax rates were 24.8% and 28.0% for the three months ended July 31, 2019 and 2018, respectively. The effective tax rate for the three months ended July 31, 2019, was based on the expected full-year effective tax rate for the year ending April 30, 2020 and gives effect to the discrete tax effects of non-deductible costs incurred in connection with the Merger Agreement. Income tax receivable of $6,454 as of July 31, 2019, is a result of applying the expected tax rate for the Company’s fiscal year ending April 30, 2020, to its loss before income tax for the three months ended July 31, 2019. Due to the seasonality of the Company’s business, the Company typically incurs significant operating losses during its first and second fiscal quarters. Deferred income tax assets and liabilities are measured at enacted tax rates in the respective jurisdictions where the Company operates. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all deferred tax assets will not be realized. Any necessary valuation allowance based on that assessment would be provided if necessary. Deferred income tax assets include those related to existing net operating loss carryforwards. In connection with the Company’s initial public offering in November 2014, a change of ownership in the Company occurred pursuant to the provisions of the Tax Reform Act of 1986. As a result, the Company’s usage of its net operating loss carryforwards will be limited each year; however, management believes the full benefit of those carryforwards will be realized prior to their respective expiration dates. The Company monitors the activity in its stock and should an ownership change occur under the Tax Reform Act of 1986, management would reassess the ability to realize net operating loss carryovers and provide additional valuation allowances, if necessary. The Company does not have any material uncertain tax positions.

Property and Equipment

Property and Equipment	3 Months Ended
	Jul. 31, 2019
Property and Equipment [Abstract]
Property and Equipment	Note 5. Property and Equipment The composition of property and equipment is as follows: July 31, April 30, 2019 2019 Land and improvements $ 73,544 $ 73,486 Buildings and improvements 144,127 141,439 Equipment, furniture and fixtures 204,775 201,773 Construction in progress 7,836 8,198 430,282 424,896 Less: accumulated depreciation and amortization 144,020 137,775 $ 286,262 $ 287,121

Credit Facilities and Long term

Credit Facilities and Long term Debt	3 Months Ended
	Jul. 31, 2019
Credit Facilities and Long term Debt
Credit Facilities and Long term Debt	Note 6. Credit Facilities and Long‑term Debt The composition of long-term debt is as follows: July 31, April 30, 2019 2019 EPR Secured Notes due 2034 $ 93,162 $ 93,162 EPR Secured Notes due 2036 21,000 21,000 EB-5 Development Notes due 2021 52,000 52,000 Term Loan due 2020, related party debt 50,049 50,058 Wildcat Mountain Note due 2020 2,978 3,030 Capital Leases 1,565 1,746 Other borrowings 459 514 Less: Unamortized debt issuance costs (3,778) (4,128) 217,435 217,382 Less: Current maturities (1,214) (1,513) $ 216,221 $ 215,869 In addition to the credit facilities listed above, the Company maintains a $10,000 working capital line of credit and a $15,000 acquisition line of credit with Royal Banks of Missouri. As of July 31, 2019, nothing was outstanding under the working capital line of credit and $12,415 was outstanding under the acquisition line of credit, and $10,000 and $2,585 was unused and available under the lines of credit, respectively. As of July 31, 2019, the Company was in compliance will all debt covenants under its various credit facility and debt agreements.

Concentrations of Credit Risk a

Concentrations of Credit Risk and Fair Value Measurement	3 Months Ended
	Jul. 31, 2019
Financial Instruments and Concentrations of Credit Risk [Abstract]
Concentrations of Credit Risk and Fair Value Measures	Note 7. Concentrations of Credit Risk and Fair Value Measurements Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company’s cash, cash equivalents and restricted cash are on deposit with financial institutions where such balances will, at times, be in excess of federally insured limits. The Company has not experienced any losses associated with such deposits. Fair Value of Measurements The Company measures the fair value of assets and liabilities using a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as quoted prices in active markets; Level 2 - inputs, other than quoted market prices in active markets, which are observable, either directly or indirectly; and Level 3 - valuations derived from valuation techniques in which one or more significant inputs are unobservable. In addition, the Company may use various valuation techniques, including the market approach, using comparable market prices; the income approach, using present value of future income or cash flow; and the cost approach, using the replacement cost of assets. The Company’s financial instruments consist of cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities, long-term debt and preferred stock. For cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate fair market value due to their short-term nature. The estimated fair values of the Company’s debt instruments and preferred stock as of July 31, 2019 and April 30, 2019, is as follows: July 31, 2019 Carrying Fair Value Amount Balance Sheet Classification EPR Secured Notes due 2034 $ 116,717 $ 93,162 Long-term debt, less current maturities EPR Secured Notes due 2036 18,563 21,000 Long-term debt, less current maturities EB-5 Development Notes due 2021 44,956 52,000 Long-term debt, less current maturities Term Loan due 2020, related party debt 50,000 50,049 Long-term debt, less current maturities Wildcat Mountain Note due 2020 2,865 2,978 Long-term debt, including current maturities Capital leases and other borrowings 2,024 2,024 Long-term debt, less current maturities Series A Preferred Stock 69,886 34,718 Series A preferred stock April 30, 2019 Carrying Fair Value Amount Balance Sheet Classification EPR Secured Notes due 2034 $ 101,033 $ 93,162 Long-term debt, less current maturities EPR Secured Notes due 2036 17,451 21,000 Long-term debt, less current maturities EB-5 Development Notes due 2021 43,998 52,000 Long-term debt, less current maturities Term Loan due 2020, related party debt 50,000 50,058 Long-term debt, less current maturities Wildcat Mountain Note due 2020 2,897 3,030 Long-term debt, including current maturities Capital leases and other borrowings 2,260 2,260 Long-term debt, less current maturities Series A Preferred Stock 31,777 34,318 Series A preferred stock The Company estimated the fair value of the EPR Secured Notes, Term Loan due 2020, EB‑5 Development Notes and Wildcat Mountain Note using a discounted cash flow approach and Level 2 inputs, including market borrowing yields for instruments of similar maturities and Level 3 inputs, including the Company’s credit rating. The Company estimated the fair value of the Series A Preferred Stock using Level 2 inputs, including market yields for similar instruments. The Company estimated the fair value of capital leases and other borrowings to approximate their carrying value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2019
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 8. Commitments and Contingencies Loss Contingencies The Company is periodically involved in various claims and legal proceedings, many of which occur in the normal course of business. Management routinely assesses the likelihood of adverse judgments or outcomes, including consideration of its insurance coverage and, in the opinion of the Company’s management, the ultimate liabilities resulting from such claims and proceedings will not have a material adverse effect on its business, financial condition, results of operations or cash flows. Leases The Company leases certain land, land improvements, buildings and equipment under noncancelable operating leases. Certain of the leases contain escalation provisions based generally on changes in the consumer price index with maximum annual percentage increases capped at rates between 1.5% to 4.5%. Additionally, certain leases contain contingent rental provisions which are based on revenue. The Company paid no contingent rentals in the periods presented.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 31, 2019
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 9. Stock-Based Compensation Stock-based compensation expense was recognized in general and administrative expense in the accompanying consolidated condensed statements of operations for the three months ended July 31, 2019 and 2018 in the amounts of $382 and $56, respectively. As of July 31, 2019, unrecognized compensation expense related to grants of RSUs was $1,010 and will be recognized over a weighted average period of approximately 1.8 years. Restricted Stock Units Under the Equity Incentive Plan and applicable award agreements, RSUs give the holder the right to receive (i) the number of shares of common stock underlying the RSUs or (ii) as may be elected by the compensation committee of the board of directors, cash equal to the closing sale price per share of common stock on the trading day immediately prior to the distribution date times the number of shares underlying the RSUs. Outstanding RSUs accrue dividends in the form of additional RSUs based on the market price of the Company’s common stock on the date cash dividends are paid to the Company’s common stockholders. RSUs granted to non-employee members of the board of directors as part of their annual retainers generally vest one year from the date of grant and will be distributed to the holder on a date that is six months after the date the holder ceases to be a member of the Company’s board. On May 8, 2019, the Company granted 140,000 RSUs to certain key employees. One-half of each RSU award will vest on the first anniversary of the grant date, and one-half of the RSU award will vest on the second anniversary of the grant date provided that the holder is employed by the Company at that time. Vested RSUs will be distributed to the holder immediately upon vesting. On June 26, 2019, the Company granted 185,190 RSUs to employee participants in the Company’s Annual Incentive Plan. One-third of each RSU award vested immediately on the grant date, and one-third will vest on each of the first and second anniversaries of the grant date, provided that the holder is employed by the registrant at that time. Vested RSUs will be distributed to the reporting person immediately upon vesting. The following table summarizes RSU activity for the three months ended July 31, 2019: Weighted Average Grant Date Per Share RSUs Fair Value Outstanding, April 30, 2019 192,571 $ 5.04 RSU awards granted 325,190 4.14 Dividends paid in RSUs during period 2,996 5.04 Released during period (61,730) 3.95 Outstanding, July 31, 2019 459,027 $ 4.55 Vested, April 30, 2019 155,317 5.00 Vested during period 64,146 Released during the period (61,730) Vested, July 31, 2019 157,733 $ 5.00 RSUs outstanding as of July 31, 2019 had an aggregate intrinsic value of $4,990; and RSUs released during the three months ended July 31, 2019, had an aggregate intrinsic value of $244.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Jul. 31, 2019
Earnings (Loss) Per Share [Abstract]
Earnings (Loss) Per Share	Note 10. Earnings (Loss) Per Share The computation of basic and diluted loss per share for the three months ended January 31, 2019 and 2018 is as follows: Three Months ended July 31, 2019 2018 Net loss attributable to common shareholders $ (20,409) $ (12,195) Weighted number of shares: Common stock 15,189,987 13,982,400 Outstanding vested Restricted Stock Units 157,496 103,203 15,347,483 14,085,603 Basic and diluted loss per share $ (1.33) $ (0.87) The Company’s outstanding unvested RSUs as of July 31, 2019 and 2018, have been excluded from the calculations of diluted earnings per share for the three-month periods then ended because their impact would be anti-dilutive. In addition, warrants to purchase 7,188,036 shares of common stock and the effect of the Company’s Series A Preferred Stock have been excluded from the calculation of diluted earnings per share for the three months ended July 31, 2019 and 2018, because the impact would be antidilutive.

Subsequent Events

Subsequent Events	3 Months Ended
	Jul. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events Litigation Related to the Merger On August 28, 2019, an alleged shareholder of the Company, Earl M. Wheby Jr., filed a putative class action and derivative complaint in St. Louis County Circuit Court, 21st Judicial Circuit of Missouri, against each of the members of the Company’s board of directors, Vail Resorts, Parent and Merger Sub, purportedly in relation to the Company’s entry into the Merger Agreement. The complaint asserts a claim for breach of fiduciary duty against the defendants. The complaint alleges, among other things, that the directors breached their fiduciary duties in connection with the Merger due to certain deal protection provisions in the Merger Agreement and disseminated a materially misleading proxy statement. The complaint seeks, among other things, an order enjoining the defendants from proceeding with, consummating or closing the proposed Merger; in the event the proposed Merger is consummated, an order rescinding it and setting it aside or awarding rescissory damages; and unspecified attorneys’ and experts’ fees. On August 29, 2019, an alleged shareholder of the Company filed a complaint in the United States District Court for the Eastern District of Missouri, Eastern Division, against the Company and each of the members of the Company’s board of directors, purportedly in relation to the Company’s entry into the Merger Agreement. The complaint asserts claims under Section 14(a) and Section 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and rules promulgated thereunder, based on allegations that the Proxy Statement omitted to disclose certain material facts allegedly necessary to make statements made in the Proxy Statement not misleading and/or misrepresented certain allegedly material information. The complaint seeks, among other things, an order enjoining the defendants from proceeding with, consummating or closing the proposed Merger and any vote on the proposed Merger, unless and until the defendants disclose and disseminate to the Company’s shareholders the allegedly material information identified in the complaint; in the event the proposed Merger is consummated, an order rescinding it and setting it aside or awarding rescissory damages; and unspecified attorneys’ and experts’ fees. On September 6, 2019, an alleged shareholder of the Company, Eammon Carleton, filed a complaint in the United States District Court for the Southern District of New York, against the Company and each of the members of the Company’s board of directors, purportedly in relation to the Company’s entry into the Merger Agreement. The complaint asserts claims under Section 14(a) and Section 20(a) of the Exchange Act and rules promulgated thereunder, based on allegations that the Proxy Statement omitted to disclose certain material facts allegedly necessary to make statements made in the Proxy Statement not misleading and/or misrepresented certain allegedly material information. The complaint seeks, among other things, an order enjoining the defendants from proceeding with, consummating or closing the proposed Merger; in the event the proposed Merger is consummated, an order rescinding it and setting it aside or awarding rescissory damages; an order directing the defendants to disseminate a proxy statement that does not contain purportedly misleading statements or material omissions; and unspecified attorneys’ and experts’ fees. The Company believes that the allegations against it in each of the foregoing lawsuits lack merit, however, there can be no assurance that any of the defendants will prevail in any one or more of the lawsuits. The Company is not able to estimate any possible loss from this litigation at this time. It is possible that additional lawsuits may be filed in connection with the proposed Merger. Merger Developments On August 6, 2019, the Company received a letter from the USFS confirming that renewal, issuance or reissuance of the Company’s USFS permits is not required as a consequence of consummation of the Merger. On August 28, 2019, the applicable waiting period under the HSR Act expired with respect to the proposed acquisition of the Company by Parent. These events satisfied two of the applicable conditions to closing of the acquisition set forth in the Merger Agreement. The closing of the Merger is subject to certain other closing conditions, including adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated thereby by the affirmative vote of the holders of at least two-thirds of the outstanding shares of common stock and Series A Preferred Stock entitled to vote at the Special Meeting of shareholders as of the August 19, 2019 record date for the Special Meeting, voting together as a single class on an as-converted basis. On August 20, 2019, the Company filed a definitive proxy statement on Schedule 14A relating to the Merger, which the Company intends to hold on September 20, 2019.

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
	Jul. 31, 2019
Basis of Presentation [Abstract]
Nature of Business	Nature of Business The Company is a leading owner and operator of high-quality, individually branded ski resorts in the U.S. and, as of July 31, 2019, operated 17 ski resorts primarily located in the Northeast, Mid-Atlantic and Midwest United States, 16 of which are owned. The majority of the resorts are located within 100 miles of major metropolitan markets, including New York City, Boston, Philadelphia, Baltimore, Washington D.C., Cleveland, Kansas City and St. Louis, enabling day and overnight drive accessibility. The Company’s resorts are comprised of nearly 2,200 acres of skiable terrain appropriate to a wide range of ages and abilities. The activities, services and amenities available at the Company’s resorts include skiing, snowboarding, terrain parks, tubing, dining, lodging, equipment rentals and sales, ski and snowboard instruction, zip tours, golf, mountain coasters, mountain biking, hiking and other summer activities. The Company operates in a single business segment—ski resort operations.
Principles of consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Peak Resorts, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. On November 21, 2018, the Company completed its acquisition of all of the issued and outstanding shares of common stock of Snow Time, Inc. (“Snow Time”) (see Note 3). These financial statements reflect the activity of Snow Time for the period since its acquisition.
Dividends	Dividends Generally, the declaration and payment of future dividends to holders of the Company’s common stock will be at the sole discretion of the Company’s board of directors, and will depend on many factors, including the Company’s actual results of operations, financial condition, capital requirements, contractual restrictions, restrictions in the Company’s outstanding debt agreements, preference of the Company’s Series A Cumulative Convertible Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”), economic conditions and other factors that could differ materially from the Company’s current expectations. From the date that is nine months following the date of issuance, cumulative dividends accrue on the outstanding shares of Series A Preferred Stock on a daily basis in arrears at the rate of 8% per annum on the liquidation value of $1,000 per share. All accrued and accumulated dividends on the Series A Preferred Stock shall be paid prior and in preference to any dividend or distribution on any junior securities, including the Company’s common stock, provided that the Company may declare or pay any dividend or distribution payable on the common stock in shares of common stock. The Certificate of Designation of the Series A Preferred Stock provides that, until the earlier of (i) such date as no Series A Preferred Stock remains outstanding and (ii) January 1, 2027, the Company is prohibited from paying any dividend on capital stock when there are accrued or unpaid dividends with respect to the Series A Preferred Stock. As discussed in Note 2, “Merger Agreement and Proposed Merger,” on July 20, 2019, the Company, entered into an Agreement and Plan of Merger with Vail Holdings, Inc., a Colorado corporation (“Parent”), VRAD Holdings, Inc., a Missouri corporation and direct, wholly-owned subsidiary of Parent (“Merger Sub”), and, solely for the purposes stated in Section 9.14 of the Merger Agreement (as defined in Note 2), Vail Resorts, Inc., a Delaware corporation (“Vail Resorts”), relating to the proposed acquisition of the Company by Parent. The Company agreed in the Merger Agreement to suspend the payment of any future dividends, other than the quarterly cash dividend declared on July 2, 2019 of  $0.07 per outstanding share of its common stock, which was paid on August 9, 2019 to common shareholders of record as of July 25, 2019, and the Series A Preferred Stock dividend of $400 in the aggregate, which was paid on August 9, 2019 to the holder of the Company’s Series A Preferred Stock. Dividends on the Series A Preferred Stock will continue to accrue.
Cash and Restricted Cash	Cash and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the same such amounts shown in the condensed consolidated statements of cash flow: July 31, 2019 2018 Cash and cash equivalents $ 14,451 $ 10,085 Restricted cash 4,173 1,440 Restricted cash, construction — 8,589 Total cash, cash equivalents, and restricted cash, end of period $ 18,624 $ 20,114
Recently Issued Accounting Standards	Recently Issued Accounting Standards The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, which provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards. As an emerging growth company, the Company may delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016‑02, “Leases (Topic 842),” which requires lessees to recognize most leases on the balance sheet. This ASU requires modified retrospective adoption and will be applicable for the Company as of April 30, 2020, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements, including an evaluation of the effect the standard will have on the Company’s deferred gain on sale/leaseback. While the Company expects the pattern of expense for leases it currently classifies as operating will be similar between the old and new guidance, it expects adoption of the new standard will result in a significant increase in assets and liabilities for right of use assets and lease obligations, respectively, for leases it currently classifies as operating. As of July 31, 2019, future minimum lease payments under operating leases was approximately $14,000. In May 2014, the FASB issued ASU 2014‑09, “Revenue from Contracts with Customers (Topic 606),” which was subsequently modified by other ASUs from 2015 through 2017. This ASU, as amended, provides new guidance for the recognition of revenue and provides for a five-step analysis of transactions to determine when and how revenue is recognized. This ASU establishes a core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU may be adopted using either a full or modified retrospective approach and will be applicable for the Company as of April 30, 2020, with early adoption permitted. The Company expects to adopt this ASU using the modified retrospective approach and does not expect the adoption of this ASU will have a material impact on its consolidated financial statements.
Concentrations of credit risk	Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company’s cash, cash equivalents and restricted cash are on deposit with financial institutions where such balances will, at times, be in excess of federally insured limits. The Company has not experienced any losses associated with such deposits.
Fair Value of Measurements	Fair Value of Measurements The Company measures the fair value of assets and liabilities using a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as quoted prices in active markets; Level 2 - inputs, other than quoted market prices in active markets, which are observable, either directly or indirectly; and Level 3 - valuations derived from valuation techniques in which one or more significant inputs are unobservable. In addition, the Company may use various valuation techniques, including the market approach, using comparable market prices; the income approach, using present value of future income or cash flow; and the cost approach, using the replacement cost of assets.
Loss Contingencies	Loss Contingencies The Company is periodically involved in various claims and legal proceedings, many of which occur in the normal course of business. Management routinely assesses the likelihood of adverse judgments or outcomes, including consideration of its insurance coverage and, in the opinion of the Company’s management, the ultimate liabilities resulting from such claims and proceedings will not have a material adverse effect on its business, financial condition, results of operations or cash flows.
Leases	Leases The Company leases certain land, land improvements, buildings and equipment under noncancelable operating leases. Certain of the leases contain escalation provisions based generally on changes in the consumer price index with maximum annual percentage increases capped at rates between 1.5% to 4.5%. Additionally, certain leases contain contingent rental provisions which are based on revenue. The Company paid no contingent rentals in the periods presented

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Jul. 31, 2019
Basis of Presentation [Abstract]
Cash and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the same such amounts shown in the condensed consolidated statements of cash flow: July 31, 2019 2018 Cash and cash equivalents $ 14,451 $ 10,085 Restricted cash 4,173 1,440 Restricted cash, construction — 8,589 Total cash, cash equivalents, and restricted cash, end of period $ 18,624 $ 20,114

The Snow Time Acquisition (Tabl

The Snow Time Acquisition (Tables) - Snow Time Acquisition [Member]	3 Months Ended
	Jul. 31, 2019
Preliminary Allocation of the Purchase Price	During the three months ended July 31, 2019, the Company completed various valuation studies and finalized its estimates of the fair value of the assets acquired and liabilities assumed in the Snow Time Acquisition. The following table summarizes the fair value of the net assets acquired in the Snow Time Acquisition on November 21, 2018. Tangible assets and liabilities: Accounts receivable $ Inventories Property and equipment Land held for development Other current assets Accounts payable and accrued expenses Accrued salaries, wages and related taxes and benefits Unearned revenue Deferred income taxes Other long-term liabilities Intangible assets: Identifiable intangible asset Goodwill Net assets acquired $
Schedule of pro forma revenues and earnings	The following table summarizes the unaudited pro forma revenues and earnings of the combined companies for the three months ended July 31, 2018: Net revenue $ 10,735 Net loss $ (16,569)

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Jul. 31, 2019
Property and Equipment [Abstract]
Schedule of Property and Equipment	The composition of property and equipment is as follows: July 31, April 30, 2019 2019 Land and improvements $ 73,544 $ 73,486 Buildings and improvements 144,127 141,439 Equipment, furniture and fixtures 204,775 201,773 Construction in progress 7,836 8,198 430,282 424,896 Less: accumulated depreciation and amortization 144,020 137,775 $ 286,262 $ 287,121

Credit Facilities and Long te_2

Credit Facilities and Long term Debt (Tables)	3 Months Ended
	Jul. 31, 2019
Credit Facilities and Long term Debt
Schedule of Long-term Debt	The composition of long-term debt is as follows: July 31, April 30, 2019 2019 EPR Secured Notes due 2034 $ 93,162 $ 93,162 EPR Secured Notes due 2036 21,000 21,000 EB-5 Development Notes due 2021 52,000 52,000 Term Loan due 2020, related party debt 50,049 50,058 Wildcat Mountain Note due 2020 2,978 3,030 Capital Leases 1,565 1,746 Other borrowings 459 514 Less: Unamortized debt issuance costs (3,778) (4,128) 217,435 217,382 Less: Current maturities (1,214) (1,513) $ 216,221 $ 215,869

Concentrations of Credit Risk_2

Concentrations of Credit Risk and Fair Value Measurement (Tables)	3 Months Ended
	Jul. 31, 2019
Fair Value Disclosures [Abstract]
Fair value and Carrying amounts	July 31, 2019 Carrying Fair Value Amount Balance Sheet Classification EPR Secured Notes due 2034 $ 116,717 $ 93,162 Long-term debt, less current maturities EPR Secured Notes due 2036 18,563 21,000 Long-term debt, less current maturities EB-5 Development Notes due 2021 44,956 52,000 Long-term debt, less current maturities Term Loan due 2020, related party debt 50,000 50,049 Long-term debt, less current maturities Wildcat Mountain Note due 2020 2,865 2,978 Long-term debt, including current maturities Capital leases and other borrowings 2,024 2,024 Long-term debt, less current maturities Series A Preferred Stock 69,886 34,718 Series A preferred stock April 30, 2019 Carrying Fair Value Amount Balance Sheet Classification EPR Secured Notes due 2034 $ 101,033 $ 93,162 Long-term debt, less current maturities EPR Secured Notes due 2036 17,451 21,000 Long-term debt, less current maturities EB-5 Development Notes due 2021 43,998 52,000 Long-term debt, less current maturities Term Loan due 2020, related party debt 50,000 50,058 Long-term debt, less current maturities Wildcat Mountain Note due 2020 2,897 3,030 Long-term debt, including current maturities Capital leases and other borrowings 2,260 2,260 Long-term debt, less current maturities Series A Preferred Stock 31,777 34,318 Series A preferred stock

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jul. 31, 2019
Stock-Based Compensation [Abstract]
Summary of restricted stock awards activity	The following table summarizes RSU activity for the three months ended July 31, 2019: Weighted Average Grant Date Per Share RSUs Fair Value Outstanding, April 30, 2019 192,571 $ 5.04 RSU awards granted 325,190 4.14 Dividends paid in RSUs during period 2,996 5.04 Released during period (61,730) 3.95 Outstanding, July 31, 2019 459,027 $ 4.55 Vested, April 30, 2019 155,317 5.00 Vested during period 64,146 Released during the period (61,730) Vested, July 31, 2019 157,733 $ 5.00

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Jul. 31, 2019
Earnings (Loss) Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The computation of basic and diluted loss per share for the three months ended January 31, 2019 and 2018 is as follows: Three Months ended July 31, 2019 2018 Net loss attributable to common shareholders $ (20,409) $ (12,195) Weighted number of shares: Common stock 15,189,987 13,982,400 Outstanding vested Restricted Stock Units 157,496 103,203 15,347,483 14,085,603 Basic and diluted loss per share $ (1.33) $ (0.87)

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) $ / shares in Units, $ in Thousands	Jul. 02, 2019$ / shares	Jul. 31, 2019USD ($)a$ / shares	Jul. 31, 2018$ / shares	Apr. 30, 2019$ / shares
Number of ski resorts | a		17
Number of ski resorts owned | a		16
Area of skiable terrain | a		2,200
Temporary Equity, Liquidation Preference Per Share | $ / shares		$ 1,000		$ 1,000
Calculated Amount Of Operating Leases, Future Minimum Payments Due Before Asu2016-02 | $		$ 14,000
Dividends payable, date declared		Jul. 2, 2019
Cash dividends declared per common share | $ / shares	$ 0.07	$ 0.07	$ 0.07
Dividends payable, date to be paid		Aug. 9, 2019
Dividends payable, date of record		Jul. 25, 2019
Preferred Stock Convertible Series A [Member]
Cumulative dividends Rate		8.00%
Temporary Equity, Liquidation Preference Per Share | $ / shares		$ 1,000
Dividends payable | $		$ 400
Dividends payable, date to be paid		Aug. 9, 2019

Basis of Presentation (Cash and

Basis of Presentation (Cash and Restricted Cash) (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019	Jul. 31, 2018	Apr. 30, 2018
Basis of Presentation [Abstract]
Cash and cash equivalents	$ 14,451	$ 30,194	$ 10,085
Restricted cash	4,173		1,440
Restricted cash, construction			8,589
Total cash, cash equivalents, and restricted cash	$ 18,624	$ 35,434	$ 20,114	$ 36,429

Merger Agreement with Vail Ho_2

Merger Agreement with Vail Holdings, Inc. (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 20, 2019	Jul. 31, 2019	Apr. 30, 2019
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Incurred merger-related costs		$ 2,308
Merger Agreement | Vail Holdings Inc
Business Acquisition [Line Items]
Merger agreement termination fee payable	$ 9,220
Period for extension of merger agreement	90 days
Period after termination to pay termination fee with respect to alternative proposal	12 months
Period after termination to sign definitive agreement with respect to alternative proposal	12 months
Percentage of Issued and Outstanding Shares of Common Stock Under Support Agreement	45.00%
Merger Agreement | Vail Holdings Inc | Maximum [Member]
Business Acquisition [Line Items]
Merger agreement reimbursement fees and expenses	$ 3,000
Merger Agreement | Vail Holdings Inc | Series A Preferred Stock
Business Acquisition [Line Items]
Stock converted right to receive in cash consideration (in dollars per share)	$ 1,748.81
Merger Agreement | Vail Holdings Inc | Common Stock
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	0.01
Stock converted right to receive in cash consideration (in dollars per share)	$ 11

The Snow Time Acquisition (Narr

The Snow Time Acquisition (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Apr. 30, 2019
Business Acquisition [Line Items]
Net revenue	$ 9,662	$ 7,007
Income before income tax	$ (26,063)	(16,382)
Snow Time Acquisition [Member]
Pro Forma Information
Net loss		$ (16,569)
Snow Time Acquisition [Member] | Interest and Finance Cost [Member]
Pro Forma Information
Net loss			$ 973
Snow Time Acquisition [Member] | Fair Value Adjustment to Assets [Member]
Pro Forma Information
Net loss			$ 1,387

The Snow Time Acquisition - Pur

The Snow Time Acquisition - Purchase price allocation (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019	Nov. 21, 2018
Intangible assets:
Goodwill	$ 18,173	$ 18,173
Snow Time Acquisition [Member]
Tangible assets and liabilities:
Accounts receivable			$ 208
Inventories			969
Property and equipment			70,433
Land held for development			1,000
Other current assets			1,103
Accounts payable and accrued expenses			(4,166)
Accrued salaries, wages and related taxes & benefits			(714)
Unearned revenue			(5,499)
Deferred income taxes			(7,707)
Other long-term liabilities			(300)
Intangible assets:
Identifiable intangible asset			2,525
Goodwill			13,791
Total preliminary purchase price allocation			$ 71,643

The Snow Time Acquisition - Pro

The Snow Time Acquisition - Pro Forma Information (Details) - Snow Time Acquisition [Member] $ in Thousands	3 Months Ended
	Jul. 31, 2018USD ($)
Business Acquisition [Line Items]
Net revenue	$ 10,735
Net loss	$ (16,569)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Income Taxes [Abstract]
Effective income tax rate reconciliation, Percent	24.80%	28.00%
Income Taxes Receivable, Current	$ 6,454

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 430,282	$ 424,896
Less: accumulated depreciation and amortization	144,020	137,775
Property and equipment, net	286,262	287,121
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	73,544	73,486
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	144,127	141,439
Equipment, Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	204,775	201,773
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,836	$ 8,198

Credit Facilities and Long te_3

Credit Facilities and Long term Debt (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Apr. 30, 2019
Debt Instrument [Line Items]
Cash paid interest	$ 934	$ 48
Temporary Equity, Liquidation Preference Per Share	$ 1,000		$ 1,000
Preferred Stock Convertible Series A [Member]
Debt Instrument [Line Items]
Cumulative dividends Rate	8.00%
Temporary Equity, Liquidation Preference Per Share	$ 1,000
Working Capital Line Of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 10,000
Line of Credit Facility, Remaining Borrowing Capacity	10,000
Acquisition Line Of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	15,000
Line of Credit Facility, Fair Value of Amount Outstanding	12,415
Line of Credit Facility, Remaining Borrowing Capacity	2,585
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross	50,049		$ 50,058
EPR Secured Notes 2034 [Member] | Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Long-term debt, gross	93,162		93,162
EPR Secured Notes 2036 [Member] | Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Long-term debt, gross	21,000		21,000
Wildcat Mountain Debt [Member] | Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,978		$ 3,030

Credit Facilities and Long te_4

Credit Facilities and Long term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Schedule of Capitalization, Long-term Debt [Line Items]
Capital Leases	$ 1,565	$ 1,746
Less: Unamortized debt issuance costs	(3,778)	(4,128)
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Total	217,435	217,382
Less: Current maturities	(1,214)	(1,513)
Long-term Debt and Capital Lease Obligations	216,221	215,869
Senior Secured Term Loan [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt, gross	50,049	50,058
Other Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt, gross	459	514
EPR Secured Notes 2034 [Member] | Notes Payable, Other Payables [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt, gross	93,162	93,162
EPR Secured Notes 2036 [Member] | Notes Payable, Other Payables [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt, gross	21,000	21,000
EB-5 Development Notes [Member] | Notes Payable, Other Payables [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt, gross	52,000	52,000
Wildcat Mountain Debt [Member] | Notes Payable, Other Payables [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt, gross	$ 2,978	$ 3,030

Concentrations of Credit Risk_3

Concentrations of Credit Risk and Fair Value Measurement (Fair Value Measurements) (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Series A preferred stock	$ 69,886	$ 31,777
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Series A preferred stock	34,718	34,318
EPR Secured Notes 2034 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	116,717	101,033
EPR Secured Notes 2034 [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	93,162	93,162
EPR Secured Notes 2036 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	18,563	17,451
EPR Secured Notes 2036 [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	21,000	21,000
EB-5 Development Notes Due 2021 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	44,956	43,998
EB-5 Development Notes Due 2021 [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	52,000	52,000
Term Loan Due 2020, Related Party Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	50,000	50,000
Term Loan Due 2020, Related Party Debt [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	50,049	50,058
Wildcat Mountain Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	2,865	2,897
Wildcat Mountain Debt [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	2,978	3,030
Capital Leases And Other Borrowings [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	2,024	2,260
Capital Leases And Other Borrowings [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 2,024	$ 2,260

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details)	3 Months Ended
	Jul. 31, 2019
Minimum [Member]
Operating lease interest percentage increase benchmark limit	1.50%
Maximum [Member]
Operating lease interest percentage increase benchmark limit	4.50%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 26, 2019	May 08, 2019	Jul. 31, 2019	Jul. 31, 2018
Stock-based compensation expense			$ 382	$ 56
Restricted Stock Units (RSUs) [Member]
Unrecognized compensation expense related to grants of restricted stock units			$ 1,010
Weighted average period			1 year 9 months 18 days
Units granted during period	185,190	140,000	325,190
Restricted Stock Units (RSUs) [Member] | Incentive Plan [Member]
Restricted stock awards outstanding, aggregate intrinsic value			$ 4,990
Restricted stock awards, aggregate intrinsic value released			$ 244

Stock-Based Compensation (Restr

Stock-Based Compensation (Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	Jun. 26, 2019	May 08, 2019	Jul. 31, 2019
Restricted Stock Award Activity
Nonvested, beginning of period			192,571
Granted	185,190	140,000	325,190
Dividends paid in RSUs			2,996
Released			(61,730)
Nonvested, end of period			459,027
Vested and outstanding, beginning of period			155,317
Vested			64,146
Vested and outstanding, end of period			157,733
Weighted Average Grant Date Per Share Fair Value
Weighted Average Grant Date Per Share Fair Value, Nonvested, Beginning of period			$ 5.04
Weighted Average Grant Date Per Share Fair Value, Granted			4.14
Weighted Average Grant Date Per Share Fair Value, Dividends paid in RSU			5.04
Weighted Average Grant Date Per Share Fair Value, Released			3.95
Weighted Average Grant Date Per Share Fair Value, Nonvested, end of period			4.55
Weighted Average Grant Date Per Share Fair Value, Vested and outstanding, beginning of period			5
Weighted Average Grant Date Per Share Fair Value, Vested and outstanding, end of period			$ 5

Earnings (Loss) Per Share (Sche

Earnings (Loss) Per Share (Schedule of Net Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Net income (loss) attributable to common shareholders	$ (20,409)	$ (12,195)
Weighted average number of shares outstanding: Common stock	15,189,987	13,982,400
Weighted number of shares: Weighted average vested restricted stock units	157,496	103,203
Weighted number of shares: Total	15,347,483	14,085,603
Basic earnings (loss) per common share	$ (1.33)	$ (0.87)
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,188,036