Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and... Read more Proa ...

The reported revenue represents a surprise of -2.09% over the Zacks Consensus Estimate of $1.31 billion. With the consensus EPS estimate being $9.94, the EPS surprise was -4.02%. Here is how Vail Resorts performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Shares of Vail Resorts have returned -1.4% over the past month versus the Zacks S&P 500 composite's +4.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it cou ...

Vail Resorts (MTN) came out with quarterly earnings of $9.54 per share, missing the Zacks Consensus Estimate of $9.94 per share. This compares to earnings of $8.18 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -4.02%. A quarter ago, it was expected that this ski resort operator would post earnings of $6.07 per share when it actually produced earnings of $5.76, delivering a surprise of -5.11%. Over the last four quarters, the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-09614 Vail Resorts, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization ...

[Financial & Operational Highlights](index=1&type=section&id=Highlights) Vail Resorts reported increased Q3 FY2024 net income and EBITDA, but lowered full-year guidance due to weaker lift ticket sales and Australian resort performance, despite early season pass sales showing a slight dollar increase Q3 FY2024 Key Financial Metrics (vs. Q3 FY2023) | Metric | Q3 FY2024 ($) | Q3 FY2023 ($) | Change | | :--- | :--- | :--- | :--- | | Net Income Attributable to Vail Resorts | $362.0 million | $325.0 million | +11.4% | | Resort Reported EBITDA | $654.4 million | $623.3 million | +5.0% | - Early season pass sales for the 2024/2025 North American ski season decreased approximately **5% in units** but increased **1% in sales dollars** compared to the prior year period, benefiting from an **8% price increase**[2](index=2&type=chunk)[18](index=18&type=chunk) - Total skier visits for the 2023/2024 North American and European ski season declined **7.7%** compared to the prior year, primarily driven by a **17% drop** in lift ticket guest visitation due to unfavorable weather conditions[4](index=4&type=chunk) Updated Fiscal 2024 Guidance | Metric | Updated Guidance Range ($) | Prior Comparable Guidance ($) | | :--- | :--- | :--- | | Net Income Attributable to Vail Resorts | $224 million - $256 million | N/A | | Resort Reported EBITDA (including Crans-Montana) | $825 million - $843 million | N/A | | Resort Reported EBITDA (comparable basis) | $833 million - $851 million | Previously higher | [Operating Results](index=3&type=section&id=Operating%20Results) The company's Q3 FY2024 operating results showed growth in total net revenue, driven by the Mountain segment, despite a decline in the Lodging segment due to reduced inventory and lower demand [Mountain Segment](index=3&type=section&id=Mountain%20Segment) The Mountain segment's Q3 revenue grew 4.5%, driven by a 5.0% increase in total lift revenue, primarily from pass products, with strong growth in ski school and dining, offsetting a decline in retail/rental revenue Mountain Segment Revenue Breakdown (Q3 FY2024 vs Q3 FY2023) | Revenue Source | Q3 FY2024 Revenue ($) | YoY Change | Key Driver | | :--- | :--- | :--- | :--- | | Total Lift Revenue | $745.7 million | +5.0% | +13.7% in pass product revenue | | Ski School Revenue | $161.2 million | +11.1% | Increased guest spending per visit | | Dining Revenue | $109.5 million | +7.7% | Increased guest spending per visit | | Retail/Rental Revenue | $123.3 million | -8.7% | Exit of certain leased stores, lower visitation | [Lodging Segment](index=4&type=section&id=Lodging%20Segment) The Lodging segment's net revenue decreased by 6.8% in Q3, primarily due to a 7.9% drop in managed condominium room revenue, resulting from reduced available inventory and decreased demand - Lodging segment net revenue (excluding payroll cost reimbursements) fell by **$6.0 million**, or **6.8%**, year-over-year[12](index=12&type=chunk) - The decline was mainly due to a **$3.0 million (7.9%) reduction** in managed condominium room revenue, attributed to less inventory and decreased demand[12](index=12&type=chunk) [Total Performance](index=4&type=section&id=Total%20Performance) Consolidated total net revenue for Q3 FY2024 increased by 3.6% to $1.28 billion, with net income attributable to Vail Resorts rising to $362.0 million, supported by revenue growth and lower pre-tax expenses Total Company Performance (Q3 FY2024 vs Q3 FY2023) | Metric | Q3 FY2024 ($) | Q3 FY2023 ($) | | :--- | :--- | :--- | | Total Net Revenue | $1,283.3 million | $1,238.4 million | | Resort Reported EBITDA | $654.4 million | $623.3 million | | Net Income Attributable to Vail Resorts | $362.0 million | $325.0 million | | Diluted EPS | $9.54 | $8.18 | [Capital Allocation and Strategic Initiatives](index=5&type=section&id=Capital%20Allocation%20and%20Strategic%20Initiatives) Vail Resorts maintains a strong balance sheet and continues its capital allocation strategy, including shareholder returns, strategic acquisitions like Crans-Montana, and resort investments, with a calendar year 2024 capital plan of approximately $219 million to $224 million [Liquidity, Capital Structure, and Shareholder Returns](index=5&type=section&id=Liquidity%2C%20Capital%20Structure%2C%20and%20Shareholder%20Returns) The company maintained strong liquidity with approximately $1.3 billion in cash and revolver availability, refinanced $600 million in senior notes, repurchased $75 million of stock, and declared a $2.22 per share quarterly dividend - As of April 30, 2024, the company had total cash and revolver availability of approximately **$1.3 billion**, with Net Debt at **2.4 times** trailing twelve months Total Reported EBITDA[14](index=14&type=chunk) - Completed a debt refinancing by issuing **$600 million** of 6.50% Senior Notes due 2032 to redeem 6.25% Senior Notes due 2025, and extended the maturity of its main credit facility to 2029[5](index=5&type=chunk)[14](index=14&type=chunk) Q3 FY2024 Shareholder Returns | Action | Amount ($) | | :--- | :--- | | Share Repurchases | $75.0 million (0.3M shares) | | Quarterly Dividend Declared | $2.22 per share | [Crans-Montana Mountain Resort Acquisition](index=5&type=section&id=Crans-Montana%20Mountain%20Resort%20Acquisition) Vail Resorts closed its acquisition of an 84% stake in Crans-Montana Mountain Resort for CHF 97.2 million ($106.8 million), planning CHF 30 million in investments and expecting CHF 5 million in first-year EBITDA contribution - Closed the acquisition of an **84% stake** in Crans-Montana for **CHF 97.2 million ($106.8 million)** on May 2, 2024[15](index=15&type=chunk) - Plans to invest approximately **CHF 30 million** in one-time capital spending over the next five years to elevate the guest experience[16](index=16&type=chunk) - Anticipates the resort will generate approximately **CHF 5 million** of Resort Reported EBITDA in its first full year of operations (fiscal year ending July 31, 2025)[16](index=16&type=chunk) [Capital Investments](index=6&type=section&id=Capital%20Investments) The company's total capital plan for calendar year 2024 is projected at $219 million to $224 million, including base capital and incremental investments in My Epic Gear, Andermatt-Sedrun, and Crans-Montana - Total capital plan for calendar year 2024 is projected to be approximately **$219 million to $224 million**[17](index=17&type=chunk) - The plan includes **$13 million** for My Epic Gear expansion, **$11 million** for growth projects at Andermatt-Sedrun, and **$5 million** for maintenance and integration at Crans-Montana[17](index=17&type=chunk) [Business Outlook](index=6&type=section&id=Business%20Outlook) Vail Resorts provided an updated fiscal 2024 outlook, lowering full-year Resort Reported EBITDA guidance to between $825 million and $843 million, reflecting challenges at Whistler Blackcomb, a softer outlook for Australia, and the financial impact of the Crans-Montana acquisition [Season Pass Sales](index=6&type=section&id=Season%20Pass%20Sales) Spring sales for the 2024/2025 North American ski season saw a 5% decrease in units but a 1% increase in sales dollars due to price hikes, while Epic Australia Pass sales are down approximately 22% in units - North American 2024/2025 season pass sales through May 28, 2024, decreased approximately **5% in units** and increased approximately **1% in sales dollars** year-over-year[18](index=18&type=chunk) - The decline in units was primarily driven by a decrease in new pass holders, as lift ticket visitation (the primary source of new pass holders) was down in the prior season[19](index=19&type=chunk) - Epic Australia Pass sales for the 2024 season are down approximately **22% in units** through May 29, 2024, attributed to poor conditions in the 2023 Australian ski season[20](index=20&type=chunk) [Updated Fiscal 2024 Guidance](index=7&type=section&id=Updated%20Fiscal%202024%20Guidance) The company revised its fiscal 2024 guidance, expecting Resort Reported EBITDA between $825 million and $843 million and net income between $224 million and $256 million, primarily due to lower spring lift ticket sales and a negative contribution from Crans-Montana Fiscal 2024 Full-Year Guidance | Metric | Low End of Range ($) | High End of Range ($) | | :--- | :--- | :--- | | Net Income Attributable to Vail Resorts | $224.0 million | $256.0 million | | Resort Reported EBITDA | $825.0 million | $843.0 million | | Total Reported EBITDA | $825.0 million | $845.0 million | - The guidance reduction is primarily due to lift ticket visitation not returning to historical spring levels at Whistler Blackcomb and lowered expectations for Australian resorts[6](index=6&type=chunk) - The newly acquired Crans-Montana resort is expected to contribute a negative **$12 million** to Resort Reported EBITDA in fiscal 2024, including operating results and acquisition-related expenses[6](index=6&type=chunk)[21](index=21&type=chunk) [Financial Statements & Reconciliations](index=13&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section provides detailed, unaudited financial tables for Q3 and the first nine months of fiscal 2024, including Consolidated Condensed Statements of Operations, segment-level operating results, key balance sheet data, and non-GAAP reconciliations [Consolidated Condensed Statements of Operations](index=13&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) The statement shows total net revenue of $1.28 billion for the three months ended April 30, 2024, up from $1.24 billion in the prior year, with net income attributable to Vail Resorts, Inc. at $362.0 million Q3 FY2024 vs Q3 FY2023 Statement of Operations (in thousands) | Line Item | Three Months Ended April 30, 2024 (in thousands) | Three Months Ended April 30, 2023 (in thousands) | | :--- | :--- | :--- | | Total net revenue | $1,283,282 | $1,238,431 | | Income from operations | $546,632 | $500,526 | | Net income attributable to Vail Resorts, Inc. | $361,995 | $325,006 | | Diluted net income per share | $9.54 | $8.18 | [Segment Operating Results](index=14&type=section&id=Segment%20Operating%20Results) For Q3 FY2024, Mountain Reported EBITDA increased 5.2% to $638.6 million, while Lodging Reported EBITDA decreased 3.7% to $15.8 million, with total skier visits down 3.2% but Effective Ticket Price up 8.5% Q3 FY2024 Segment EBITDA (in thousands) | Segment | Q3 2024 Reported EBITDA (in thousands) | Q3 2023 Reported EBITDA (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Mountain | $638,587 | $606,926 | +5.2% | | Lodging | $15,784 | $16,396 | -3.7% | - Total skier visits for the nine months ended April 30, 2024, decreased by **9.0%** to **16.87 million** from **18.54 million** in the prior year period[37](index=37&type=chunk) [Key Balance Sheet Data](index=17&type=section&id=Key%20Balance%20Sheet%20Data) As of April 30, 2024, Vail Resorts had total debt of $2.77 billion and cash and cash equivalents of $705.4 million, resulting in net debt of $2.06 billion, compared to $1.95 billion in the prior year Balance Sheet Data (as of April 30, in thousands) | Metric | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Total debt | $2,768,727 | $2,842,717 | | Cash and cash equivalents | $705,429 | $896,089 | | Net debt | $2,063,298 | $1,946,628 |

Core Insights - Vail Resorts, Inc. reported a net income of $362 million for Q3 fiscal 2024, an increase from $325 million in the same period last year, reflecting strong operational performance despite challenging conditions [2][4] - The company updated its fiscal 2024 guidance, expecting Resort Reported EBITDA to be between $833 million and $851 million, influenced by the acquisition of Crans-Montana Mountain Resort and lower-than-expected lift ticket visitation [2][14] - Season pass sales for the upcoming 2024/2025 ski season decreased approximately 5% in units but increased about 1% in sales dollars compared to the previous year, indicating a shift in consumer behavior post-COVID [2][13] Financial Performance - Resort net revenue increased by $44.8 million, or 3.6%, to $1,283.1 million for the three months ended April 30, 2024, compared to the same period last year [4][11] - Resort Reported EBITDA for the same period was $654.4 million, up 5.0% from $623.3 million in the prior year [2][4] - Total lift revenue rose by $35.6 million, or 5.0%, to $745.7 million, driven by a 13.7% increase in pass product revenue [11][12] Operational Highlights - The company experienced a 7.7% decline in total skier visits compared to the prior year, attributed to unfavorable weather conditions and broader industry normalization post-COVID [2][14] - Ancillary spending per skier visit increased, with ski school revenue up 11.1% and dining revenue up 7.7%, indicating strong performance in non-lift revenue streams [11][12] - The acquisition of Crans-Montana Mountain Resort is expected to contribute negatively to Resort Reported EBITDA for fiscal 2024, with an anticipated impact of negative $12 million [2][14] Capital Management - The company declared a quarterly cash dividend of $2.22 per share, payable on July 10, 2024, and repurchased approximately 0.3 million shares at an average price of $217, totaling about $75 million [2][12] - Vail Resorts completed a $600 million offering of 6.50% Senior Notes due 2032, using the proceeds to redeem existing debt, thereby extending the maturity of its credit facilities [2][12] - The total capital plan for calendar year 2024 is expected to be approximately $219 million to $224 million, including investments in Crans-Montana and the launch of My Epic Gear [6][12]

In its upcoming report, Vail Resorts (MTN) is predicted by Wall Street analysts to post quarterly earnings of $9.99 per share, reflecting an increase of 22.1% compared to the same period last year. Revenues are forecasted to be $1.31 billion, representing a year-over-year increase of 5.9%. Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timefram ...

MONTRÉAL, May 16, 2024 /PRNewswire/ - Bell Canada (Bell) today announced the filing of a prospectus supplement to a short form base shelf prospectus dated May 9, 2024 with the various securities regulatory authorities in all provinces of Canada to renew Bell's MTN program. The MTN program will enable Bell to offer MTN Debentures from time to time until June 9, 2026. The MTN Debentures will be fully and unconditionally guaranteed by BCE Inc. (TSX, NYSE: BCE). Consistent with past practice, the MTN program wa ...

BROOMFIELD, Colo., May 15, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) announced today it will release the Company's financial results for its fiscal third quarter 2024 ended April 30, 2024 after market close on Thursday, June 6, 2024. The Company will host a conference call at 5:00 p.m. eastern time that same day during which Company executives will review the financial results. Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Bre ...

Last chance to get the lowest price on your 2024/25 Epic Pass at $982, including $49 down payment option Unlock access to exclusive summer discounts and benefits at world-class resorts like Vail Mountain, Whistler Blackcomb and Park City Mountain BROOMFIELD, Colo., May 6, 2024 /PRNewswire/ -- Skiers and riders will want to be sure to lock in their 2024/25 Epic Pass at the lowest price before Memorial Day on May 27. Currently priced at $982, Epic Pass continues to offer the best deal in skiing and riding. U ...