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Vail Resorts(MTN) - 2022 Q2 - Earnings Call Transcript
2022-03-15 00:25
Vail Resorts, Inc. (NYSE:MTN) Q2 2022 Results Conference Call March 14, 2022 5:00 PM ET Company Participants Kirsten Lynch - CEO Michael Barkin - CFO Conference Call Participants Shaun Kelley - Bank of America Ben Chaiken - Credit Suisse Jeff Stantial - Stifel Laurent Vasilescu - Paribas Exane Chris Woronka - Deutsche Bank Patrick Scholes - Truist Securities David Katz - Jefferies Ryan Sundby - William Blair Operator Good day, and welcome to the Vail Resorts Second Quarter Earnings Conference Call. Today's ...
Vail Resorts(MTN) - 2022 Q2 - Quarterly Report
2022-03-13 16:00
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 January 31, 2022 ☐ 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 Organizati ...
Vail Resorts(MTN) - 2022 Q1 - Earnings Call Transcript
2021-12-10 03:26
Vail Resorts, Inc. (NYSE:MTN) Q1 2022 Earnings Conference Call December 9, 2021 5:00 PM ET Company Participants Kirsten Lynch - CEO Michael Barkin - CFO Conference Call Participants Shaun Kelley - Bank of America Benjamin Chaiken - Credit Suisse Chris Woronka - Deutsche Bank Patrick Scholes - Truist Securities David Katz - Jefferies Jeffrey Stantial - Stifel Ryan Sundby - William Blair Operator Please stand by. Good day and welcome to the Vail Resorts First Quarter 2022 Earnings Call. Today's conference is ...
Vail Resorts(MTN) - 2022 Q1 - Quarterly Report
2021-12-08 16:00
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 October 31, 2021 ☐ 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 Organizati ...
Vail Resorts(MTN) - 2021 Q4 - Earnings Call Transcript
2021-09-24 01:53
Vail Resorts, Inc. (NYSE:MTN) Q4 2021 Earnings Conference Call September 23, 2021 5:00 PM ET Company Participants Rob Katz - CEO Michael Barkin - CFO Kirsten Lynch - Chief Marketing Officer Conference Call Participants Shaun Kelley - Bank of America Ben Chaiken - Credit Suisse Laurent Vasilescu - Exane BNP Paribas Chris Woronka - Deutsche Bank Patrick Scholes - Truist Securities David Katz - Jefferies Jeff Stantial - Stifel Brandt Montour - JPMorgan Paul Golding - Macquarie Capital Ryan Sundby - William Bla ...
Vail Resorts(MTN) - 2021 Q4 - Annual Report
2021-09-22 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2021 or ☐ 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) Delaware 51-0291762 (State or other jurisdiction of incorporation o ...
Vail Resorts(MTN) - 2021 Q3 - Earnings Call Transcript
2021-06-08 13:54
Vail Resorts, Inc. (NYSE:MTN) Q3 2021 Earnings Conference Call June 7, 2021 5:00 PM ET Company Participants Rob Katz - CEO Michael Barkin - CFO Conference Call Participants Shaun Kelley - Bank of America Ben Chaiken - Credit Suisse Jeff Stantial - Stifel Brandt Montour - JPMorgan Chris Woronka - Deutsche Bank Patrick Scholes - Truist Securities David Katz - Jefferies Laurent Vasilescu - Exane BNP Paribas Paul Golding - Macquarie Capital Ryan Sundby - William Blair Alex Maroccia - Berenberg Operator Good day ...
Vail Resorts(MTN) - 2021 Q3 - Quarterly Report
2021-06-06 16:00
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, 2021 ☐ 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 ...
Vail Resorts(MTN) - 2021 Q2 - Earnings Call Transcript
2021-03-12 05:06
Vail Resorts, Inc. (NYSE:MTN) Q2 2021 Earnings Conference Call March 11, 2021 5:00 PM ET Company Participants Robert Katz - Chairman & Chief Executive Officer Michael Barkin - Chief Financial Officer Conference Call Participants Shaun Kelley - Bank of America Merrill Lynch Brandt Montour - JPMorgan Jeff Stantial - Stifel David Katz - Jefferies Benjamin Chaiken - Cr??dit Suisse Laurent Vasilescu - Exane BNP Paribas Paul Golding - Macquarie Capital Alex Maroccia - Berenberg Ryan Sundby - William Blair Chris W ...
Vail Resorts(MTN) - 2021 Q2 - Quarterly Report
2021-03-10 16:00
PART I FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29.) Presents Vail Resorts, Inc.'s unaudited consolidated financial statements for the quarter ended January 31, 2021, covering balance sheets, operations, cash flows, and notes [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Total assets reached **$6.17 billion** by January 31, 2021, driven by cash, with liabilities at **$4.48 billion** from debt Consolidated Condensed Balance Sheet Highlights (in thousands) | Metric | Jan 31, 2021 | Jan 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,301,003 | $126,793 | | Total current assets | $1,573,451 | $413,802 | | Total assets | $6,165,833 | $5,113,679 | | **Liabilities & Equity** | | | | Total current liabilities | $982,452 | $918,378 | | Long-term debt, net | $2,768,015 | $1,817,058 | | Total liabilities | $4,479,387 | $3,463,481 | | Total stockholders' equity | $1,686,446 | $1,650,198 | [Consolidated Condensed Statements of Operations](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) Total net revenue decreased to **$684.6 million** for the three months ended January 31, 2021, leading to a net income of **$147.8 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Jan 31, 2021 | Three Months Ended Jan 31, 2020 | | :--- | :--- | :--- | | Total net revenue | $684,644 | $924,638 | | Income from operations | $207,716 | $310,733 | | Net income attributable to Vail Resorts, Inc. | $147,798 | $206,370 | | Diluted net income per share | $3.62 | $5.04 | | Cash dividends declared per share | $— | $1.76 | [Consolidated Condensed Statements of Cash Flows](index=9&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$459.1 million**, while financing activities provided **$513.3 million**, significantly increasing cash Cash Flow Summary for Six Months Ended January 31 (in thousands) | Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $459,069 | $537,689 | | Net cash used in investing activities | $(65,730) | $(445,746) | | Net cash provided by (used in) financing activities | $513,287 | $(69,836) | | Net increase in cash | $909,918 | $22,059 | [Notes to Consolidated Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) Detailed notes cover accounting policies, COVID-19 revenue impact, financing activities, and the Peak Resorts acquisition - Due to early resort closures from COVID-19 in the 2019/2020 season, the company offered a credit to pass holders, resulting in the deferral of approximately **$120.9 million** of pass product revenue into fiscal 2021[36](index=36&type=chunk) - In December 2020, the company completed a private placement of **$575.0 million** in **0.0% Convertible Senior Notes** due 2026. The liability component was valued at **$465.3 million** at issuance[54](index=54&type=chunk)[60](index=60&type=chunk) - On December 18, 2020, the company amended its **Vail Holdings Credit Agreement** to obtain a waiver from key financial covenants through **January 31, 2022**, providing financial flexibility during the pandemic[51](index=51&type=chunk) - The company acquired Peak Resorts on September 24, 2019, for a total purchase price of approximately **$334.7 million**, which included the repayment of Peak Resorts' debt[66](index=66&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses COVID-19's adverse impact on Q2 FY2021 results, including reduced visitation, operational limits, and a **24%** drop in Mountain EBITDA [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Operating results were significantly impacted by COVID-19, with Mountain Reported EBITDA decreasing **24.0%** to **$283.6 million** and ancillary revenues sharply declining Mountain Segment Performance - Three Months Ended Jan 31, 2021 vs 2020 | Metric | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Total Mountain net revenue | $641.5M | $845.5M | (24.1)% | | Lift revenue | $430.8M | $484.3M | (11.1)% | | Ski school revenue | $56.4M | $102.7M | (45.1)% | | Dining revenue | $31.8M | $75.7M | (58.0)% | | Mountain Reported EBITDA | $283.6M | $373.0M | (24.0)% | Lodging Segment Performance - Three Months Ended Jan 31, 2021 vs 2020 | Metric | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Total Lodging net revenue | $42.9M | $78.9M | (45.7)% | | Lodging Reported EBITDA | $(7.5)M | $5.3M | (242.2)% | | Combined RevPAR | $88.98 | $144.56 | (38.4)% | - Interest expense increased by **44.8%** for the quarter and **50.0%** for the six months year-over-year, primarily due to borrowings under the new **6.25% Notes** and non-cash interest from the **0.0% Convertible Notes**[146](index=146&type=chunk)[148](index=148&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) Strong liquidity with **$1.3 billion** cash, bolstered by new debt and covenant waivers, with **$135-$140 million** in planned capital expenditures - As of January 31, 2021, the company had **$1.3 billion** of cash and cash equivalents, plus **$418.6 million** available under its Vail Holdings revolver and **C$222.1 million ($173.8 million)** under its Whistler revolver[109](index=109&type=chunk)[159](index=159&type=chunk) - The company secured a 'Financial Covenants Temporary Waiver Period' through **January 31, 2022**, exempting it from leverage and interest coverage ratio tests but limiting dividends and share repurchases to **$38.2 million** per quarter under certain liquidity conditions[163](index=163&type=chunk)[176](index=176&type=chunk) - Planned resort capital expenditures for calendar year 2021 are estimated to be **$115 million** to **$120 million**, with a total capital plan of **$135 million** to **$140 million** including one-time integration and real estate items[161](index=161&type=chunk) - Dividends were suspended in April 2020 and remain so, with payments restricted under the terms of the **Fourth Amendment** to the credit agreement[176](index=176&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks are interest rate fluctuations on variable-rate debt, impacting annual interest by **$8.8 million** per 100-basis point change, and foreign currency exchange rates - The company is exposed to interest rate risk on approximately **$0.9 billion** of variable-rate debt. A **100-basis point** change in borrowing rates would change annual interest payments by approximately **$8.8 million**[187](index=187&type=chunk) - The company has foreign currency exchange risk from translating the results of its Canadian (Whistler Blackcomb) and Australian resorts into U.S. dollars, and from an intercompany loan to its Canadian entity[188](index=188&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures are **effective**, with **no material changes** in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the period[192](index=192&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[194](index=194&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits, but management expects **no material adverse impact** on its financial position, results, or cash flows - The company is a party to various lawsuits arising in the ordinary course of business but does not expect them to have a **material adverse impact** on its financial position[195](index=195&type=chunk) [Item 1A. Risk Factors](index=48&type=page&id=Item%201A.%20Risk%20Factors) The COVID-19 pandemic remains a **significant risk**, with potential for continued negative impacts on financial condition, operations, and pass product refunds - The COVID-19 outbreak has had, and is expected to continue to have, a **significant negative impact** on the company's financial condition and operations due to travel restrictions, economic disruptions, and operational limits[197](index=197&type=chunk)[198](index=198&type=chunk) - Specific risks include the ability to keep resorts open, attract guests amid public health concerns, manage capacity restrictions, and the potential for significant refunds to pass holders under the **Epic Coverage** program if resorts are forced to close[199](index=199&type=chunk)[200](index=200&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section discloses information about **Exchangeco Shares** issued during the 2016 Whistler Blackcomb acquisition, with **34,612** shares unexchanged as of January 31, 2021 - As of January 31, 2021, **34,612 Exchangeco Shares**, issued during the Whistler Blackcomb acquisition, remained outstanding and exchangeable into Vail Resorts common stock[203](index=203&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the **Indenture** for **0.0% Convertible Senior Notes** and the **Fourth Amendment** to the credit agreement - Key exhibits filed include the **Indenture** for the **0.0% Convertible Notes** and the **Fourth Amendment** to the Eighth Amended and Restated Credit Agreement, both dated December 18, 2020[210](index=210&type=chunk)