[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) This section provides an overview of Vail Resorts' fiscal 2024 financial performance, season pass sales, strategic initiatives, and shareholder returns [Fiscal 2024 Full-Year Results](index=1&type=section&id=Fiscal%202024%20Full-Year%20Results) Vail Resorts experienced a decline in fiscal 2024 net income and Resort Reported EBITDA, primarily due to unfavorable weather and acquisition-related impacts Fiscal 2024 Full-Year Financial Performance | Financial Metric | Fiscal 2024 (USD) | Fiscal 2023 (USD) | Change | | :--- | :--- | :--- | :--- | | Net Income Attributable to Vail Resorts | $230.4 million | $268.1 million | -14.1% | | Resort Reported EBITDA | $825.1 million | $834.8 million | -1.2% | - The Crans-Montana acquisition had a negative impact of **$11.1 million** on fiscal 2024 Resort Reported EBITDA, which included **$7.9 million** in acquisition/integration expenses and a **$3.2 million** operating loss[3](index=3&type=chunk) - Overall performance was affected by a **9.5%** decline in skier visitation due to unfavorable conditions in North America and Australia, as well as industry normalization post-COVID[6](index=6&type=chunk) [Season Pass Sales Update](index=1&type=section&id=Season%20Pass%20Sales%20Update) Season pass sales for the 2024/2025 season show a decline in units but an increase in sales dollars, driven by price adjustments Season Pass Sales Performance (as of Sep 20, 2024) | Metric | Change vs. Prior Year | | :--- | :--- | | Pass Product Units Sold | ~ -3% | | Pass Product Sales Dollars | ~ +3% | - The decline in total units was driven by fewer new pass holders, which the company attributes to lower lift ticket visitation in the prior season (due to weather) reducing the pool of potential converts[14](index=14&type=chunk) [Resource Efficiency Transformation Plan](index=1&type=section&id=Resource%20Efficiency%20Transformation%20Plan) Vail Resorts initiated a two-year transformation plan to enhance efficiency, targeting significant annualized savings by fiscal 2026 - The plan focuses on three pillars: scaled operations, a global shared services model, and expanded workforce management[16](index=16&type=chunk) - Expected annualized savings are projected to be **$100 million** by the end of fiscal 2026[4](index=4&type=chunk)[16](index=16&type=chunk) - In fiscal 2025, the company anticipates realizing approximately **$27 million** in savings, offset by **$15 million** in one-time implementation costs[4](index=4&type=chunk)[16](index=16&type=chunk) [Shareholder Returns](index=2&type=section&id=Shareholder%20Returns) Vail Resorts continues its commitment to shareholder returns through quarterly dividends and significant share repurchases in fiscal 2024 - A quarterly cash dividend of **$2.22** per share will be paid on October 24, 2024[6](index=6&type=chunk)[20](index=20&type=chunk) - In fiscal 2024, the company repurchased **0.7 million** shares for **$150 million**, representing **1.9%** of shares outstanding at the beginning of the year[6](index=6&type=chunk)[20](index=20&type=chunk) - The Board of Directors increased the share repurchase authorization by **1.1 million** shares, bringing the total authorization to approximately **1.7 million** shares[6](index=6&type=chunk)[20](index=20&type=chunk) [Fiscal 2024 Operating Performance](index=3&type=section&id=Fiscal%202024%20Operating%20Performance) This section details the fiscal 2024 operating results across Vail Resorts' Mountain, Lodging, and combined Resort segments [Overall Performance](index=4&type=section&id=Overall%20Performance) Fiscal 2024 saw nearly flat total net revenue, but net income and diluted EPS declined due to increased taxes, interest, and depreciation Fiscal 2024 Overall Financial Performance | Metric | Fiscal 2024 (USD) | Fiscal 2023 (USD) | | :--- | :--- | :--- | | Total Net Revenue | $2,885.2 million | $2,889.4 million | | Net Income Attributable to Vail Resorts | $230.4 million | $268.1 million | | Diluted EPS | $6.07 | $6.74 | [Mountain Segment](index=3&type=section&id=Mountain%20Segment) The Mountain segment experienced mixed results with increased lift revenue offset by lower retail/rental revenue and a decline in skier visits, leading to reduced EBITDA Mountain Segment Revenue Performance | Revenue Category | YoY Change | Key Driver(s) | | :--- | :--- | :--- | | Total Lift Revenue | +1.5% | +9.4% in pass revenue | | Ski School Revenue | +6.0% | Increased guest spending per visit | | Dining Revenue | +1.3% | Increased guest spending per visit | | Retail/Rental Revenue | -12.3% | Lower skier visitation and exit of some stores | - Total skier visits for the year decreased by **9.5%** compared to fiscal 2023[38](index=38&type=chunk) - Mountain Reported EBITDA decreased by **2.5%** to **$802.1 million** for fiscal 2024, down from **$822.6 million** in the prior year[9](index=9&type=chunk)[37](index=37&type=chunk) [Lodging Segment](index=4&type=section&id=Lodging%20Segment) Despite a slight revenue decrease, the Lodging segment significantly improved its EBITDA due to effective operating expense reductions Lodging Segment Financial Performance | Metric | Fiscal 2024 (USD) | Fiscal 2023 (USD) | YoY Change | | :--- | :--- | :--- | :--- | | Lodging Net Revenue (excl. reimbursements) | $319.8 million | $323.1 million | -1.0% | | Lodging Reported EBITDA | $23.0 million | $12.3 million | +87.6% | - The decrease in revenue was driven by a reduction in managed condominium room inventory and lower demand, partially offset by increased revenue at Grand Teton Lodge Company[10](index=10&type=chunk) [Resort - Combination of Mountain and Lodging Segments](index=4&type=section&id=Resort%20-%20Combination%20of%20Mountain%20and%20Lodging%20Segments) Combined Resort net revenue remained flat in fiscal 2024, but Resort Reported EBITDA declined due to challenges, especially in the Australian operations Resort Segment Combined Financial Performance | Metric | Fiscal 2024 (USD) | Fiscal 2023 (USD) | YoY Change | | :--- | :--- | :--- | :--- | | Resort Net Revenue | $2,880.5 million | $2,881.3 million | ~0.0% | | Resort Reported EBITDA | $825.1 million | $834.8 million | -1.2% | - Fourth quarter Resort Reported EBITDA declined from the prior year, primarily due to underperformance in the Australian winter business, where skier visitation fell **18%** due to poor snowfall[6](index=6&type=chunk) [Fiscal 2025 Outlook & Guidance](index=2&type=section&id=Fiscal%202025%20Outlook%20%26%20Guidance) This section outlines Vail Resorts' financial projections for fiscal 2025, including key assumptions and anticipated operational factors [FY2025 Financial Guidance](index=2&type=section&id=FY2025%20Financial%20Guidance) Vail Resorts provides fiscal 2025 guidance for net income and Resort Reported EBITDA, incorporating one-time transformation and acquisition costs Fiscal 2025 Financial Guidance | Metric | FY2025 Guidance (Low End, USD) | FY2025 Guidance (High End, USD) | | :--- | :--- | :--- | | Net Income Attributable to Vail Resorts | $224 million | $300 million | | Resort Reported EBITDA | $838 million | $894 million | | Total Reported EBITDA | $827 million | $889 million | - The guidance includes an estimated **$15 million** in one-time costs for the resource efficiency transformation plan and **$1 million** in integration expenses for Crans-Montana[17](index=17&type=chunk) [Key Assumptions & Factors](index=6&type=section&id=Key%20Assumptions%20%26%20Factors) Fiscal 2025 guidance relies on assumptions including normal weather, stable economic conditions, and specific foreign exchange rates, factoring in Australian operational impacts - Assumes a return to normal weather conditions for the 2024/2025 Northern Hemisphere and 2025 Australian ski seasons[18](index=18&type=chunk) - A **$10 million** decline in Resort Reported EBITDA from Australian operations is expected in Q1 FY2025 compared to the prior year[17](index=17&type=chunk) - Guidance is predicated on the following exchange rates: USD/CAD at **$0.74**, USD/AUD at **$0.67**, and USD/CHF at **$1.18**[18](index=18&type=chunk) [Capital Allocation & Investments](index=9&type=section&id=Capital%20Allocation%20%26%20Investments) This section reviews Vail Resorts' liquidity position, capital allocation strategy, and planned investments for calendar years 2024 and 2025 [Liquidity and Return of Capital](index=9&type=section&id=Liquidity%20and%20Return%20of%20Capital) Vail Resorts maintains strong liquidity and a balanced net debt position, prioritizing capital returns to shareholders through dividends and repurchases - Total liquidity was **$946 million**, comprising **$323 million** in cash and **$623 million** in revolver availability[20](index=20&type=chunk) - Net Debt to trailing twelve months Total Reported EBITDA ratio was **3.0x**[20](index=20&type=chunk)[43](index=43&type=chunk) - Capital allocation priorities are investments in guest/employee experience, high-return projects, strategic acquisitions, and returning capital to shareholders[21](index=21&type=chunk) [Calendar Year 2024 & 2025 Capital Investments](index=9&type=section&id=Calendar%20Year%202024%20%26%202025%20Capital%20Investments) Vail Resorts outlines significant capital investments for calendar years 2024 and 2025, focusing on lift upgrades, technology, and new guest programs - The total capital plan for calendar year 2024 is estimated at **$216 million** to **$221 million**[28](index=28&type=chunk) - Key 2024 projects include a new six-person lift at Whistler Blackcomb (Jersey Cream) and Hunter Mountain (Broadway), plus snowmaking enhancements[22](index=22&type=chunk)[23](index=23&type=chunk) - The company is launching My Epic Gear for the 2024/2025 season at **12** resorts, supported by a **$13 million** incremental capital investment in 2024[26](index=26&type=chunk)[28](index=28&type=chunk) - Announced calendar year 2025 projects include replacing the Sunrise lift at Park City with a **10-person** gondola and replacing lifts at Perisher in Australia[28](index=28&type=chunk) [Financial Statements & Reconciliations](index=15&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section presents the detailed consolidated financial statements and reconciliations of non-GAAP financial measures for Vail Resorts [Key Financial Tables](index=15&type=section&id=Key%20Financial%20Tables) Detailed financial statements and non-GAAP reconciliations are provided, highlighting fiscal 2024 total net revenue, net income, and diluted EPS Fiscal Year Consolidated Statement of Operations Highlights (in thousands USD) | Line Item | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Total net revenue | $2,885,191 | $2,889,364 | | Income from operations | $491,429 | $505,097 | | Net income attributable to Vail Resorts, Inc. | $230,405 | $268,148 | | Diluted net income per share | $6.07 | $6.74 | Reported EBITDA Reconciliation (in thousands USD) | Segment | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Mountain Reported EBITDA | $802,072 | $822,570 | | Lodging Reported EBITDA | $23,018 | $12,267 | | **Resort Reported EBITDA** | **$825,090** | **$834,837** | | **Total Reported EBITDA** | **$826,565** | **$833,109** |

BROOMFIELD, Colo., Sept. 26, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the fourth quarter and fiscal year ended July 31, 2024 and reported results of season-to-date pass product sales. Vail Resorts also provided its outlook for the fiscal year ending July 31, 2025, announced a $100 million multi-year resource efficiency transformation plan, declared a dividend payable in October 2024 and announced share repurchases completed during the fourth quarter. Highlights Net inco ...

Vail Resorts, Inc. (MTN) is scheduled to report fourth-quarter fiscal 2024 results on Sept. 26, after the closing bell. In the last quarter, MTN's earnings and net revenues missed the Zacks Consensus Estimate by 4% and 2.1%, respectively. How are MTN's Estimates Placed? The Zacks Consensus Estimate for the fiscal fourth-quarter loss per share has widened in the past seven days to $4.28 from $4.26. The current estimate indicates a 27.8% decline from the reported value in the year-ago quarter. The consensus m ...

Wall Street analysts expect Vail Resorts (MTN) to post quarterly loss of $4.28 per share in its upcoming report, which indicates a year-over-year decline of 27.8%. Revenues are expected to be $264 million, down 2.1% from the year-ago quarter. The consensus EPS estimate for the quarter has undergone a downward revision of 1.8% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe. Ahead of a ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Vail Resorts (MTN) reports results for the quarter ended July 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on September 26. O ...

gladassfanny/E+ via Getty Images Investment Overview Ski resort operator Vail Resorts (NYSE:MTN) made headlines this year after hitting a multi-year low. Underwhelming quarterly performances of late were to blame, driven by unfavorable skiing conditions across North America and Australia. It's now trading at levels last seen during the pandemic while boasting an enticing dividend yield, well above its historical averages. Also, based on multiple scenarios, its fair value computation points to a sizeable mar ...

BROOMFIELD, Colo., Sept. 5, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) announced today it will release the Company's financial results for its fiscal year ended July 31, 2024 after market close on Thursday, September 26, 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. The call will be broadcast over the Internet at www.VailResorts.com. To listen to the call, go to the website and select the Inve ...

Vail has struggled to grow recently, but the Epic Pass could unlock a bright future. Vail Resorts (MTN -0.11%) has struggled to grow as the cost of going to the mountains has gotten higher and the weather has left fewer skiing days. The company has answered by expanding the value of the Epic Pass, as Travis Hoium highlights in this video. *Stock prices used were end-of-day prices of Aug. 26, 2024. The video was published on Aug. 26, 2024. ...

Skiers and riders also invited to leave their gear at home this season and try My Epic Gear membership: Premium gear available slopeside √ BROOMFIELD, Colo., Aug. 14, 2024 /PRNewswire/ -- The best time to plan for winter is now, and your checklist to prepare for the ski and ride season is here. Skiers and riders who start planning now will lock in the best deals and experiences when visiting iconic mountain resorts like Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb and more. Here is Va ...

Core Viewpoint - Vail Resorts is currently facing cyclical challenges, resulting in a 50% decline in stock price since 2021, but its strong market position and attractive dividend yield of 4.7% may present a compelling investment opportunity [1][12]. Group 1: Company Overview - Vail Resorts is the largest global ski resort operator with 42 locations across North America, Australia, and Europe, and it holds a dominant position in the ski resort industry [2][3]. - The company has not seen the development of new large-scale resorts in the last 40 years, solidifying its claim on the most popular skiing destinations [4]. - Vail's wide moat, characterized by its irreplaceable mountain resorts and significant market presence, has allowed it to deliver total returns nearly double that of the S&P 500 over the past two decades [5]. Group 2: Financial Performance - Despite facing challenges such as reduced snowfall and lower skier visits, Vail Resorts reported growth in EBITDA, earnings per share, and free cash flow by 11%, 17%, and 28% respectively in its third quarter [7]. - The company generates nearly 75% of its visits from a growing subscription model, which has proven resilient during tough operating conditions [8]. - Vail's pass holders ski three times as many days as non-subscribers, providing additional revenue opportunities through ancillary offerings [9]. Group 3: Strategic Initiatives - Vail is expanding its footprint in Europe by acquiring its second European resort, Crans-Montana, for $107 million, indicating a strategic growth initiative in a market with significantly higher ski visits compared to North America [6]. - The company is launching a ski equipment subscription service, My Epic Gear, aimed at reducing costs for skiers while leveraging its extensive supply chain [10]. Group 4: Investment Considerations - Vail's current price-to-sales (P/S) ratio is at its lowest in a decade, and its dividend yield of 4.7% is the highest outside of a brief period in March 2020, suggesting a potential investment opportunity [11][12]. - The company utilizes only 83% of its free cash flow for dividend payments, indicating that the dividend is not at immediate risk of being cut [13]. - Vail's leadership position and wide moat are expected to help it navigate the current down cycle, making it an attractive dividend stock at its current valuation [14].