Vail Resorts, Inc. (NYSE:MTN) Q2 2023 Earnings Conference Call March 9, 2023 5:00 PM ET Company Participants Kirsten Lynch - Chief Executive Officer Angela Korch - Executive Vice President and Chief Financial Officer Conference Call Participants Shaun Kelley - Bank of America Merrill Lynch Benjamin Chaiken - Credit Suisse AG Chris Woronka - Deutsche Bank AG Laurent Vasilescu - BNP Paribas Exane David Katz - Jefferies LLC Brandt Montour - Barclays Bank PLC Patrick Scholes - Truist Securities, Inc. Omer Sande ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201%2E%20Financial%20Statements%20%28unaudited%29%2E) Presents Vail Resorts' unaudited financial statements, covering balance sheets, operations, cash flows, and notes for periods ended January 31, 2023, and 2022 [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Summarizes the company's financial position, detailing assets, liabilities, and equity as of January 31, 2023, and 2022 Consolidated Condensed Balance Sheet Highlights (in thousands) | Balance Sheet Item | Jan 31, 2023 | Jan 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,295,252 | $1,407,019 | | Total current assets | $1,760,131 | $1,767,427 | | Property, plant and equipment, net | $2,421,395 | $2,190,332 | | Goodwill, net | $1,723,019 | $1,764,106 | | **Total assets** | **$6,564,962** | **$6,369,742** | | **Liabilities & Equity** | | | | Total current liabilities | $1,287,936 | $1,155,036 | | Long-term debt, net | $2,789,827 | $2,695,589 | | **Total liabilities** | **$4,787,611** | **$4,576,058** | | **Total stockholders' equity** | **$1,777,351** | **$1,793,684** | [Consolidated Condensed Statements of Operations](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) Details the company's operating results, including revenue, income from operations, net income, and diluted EPS for specified periods Key Operating Results (in thousands, except per share amounts) | Metric | Three Months Ended Jan 31, 2023 | Three Months Ended Jan 31, 2022 | Six Months Ended Jan 31, 2023 | Six Months Ended Jan 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total net revenue | $1,101,718 | $906,535 | $1,381,165 | $1,082,111 | | Income from operations | $328,033 | $325,140 | $164,672 | $159,467 | | Net income attributable to Vail Resorts, Inc. | $208,679 | $223,391 | $71,708 | $84,059 | | Diluted net income per share | $5.16 | $5.47 | $1.77 | $2.06 | [Consolidated Condensed Statements of Cash Flows](index=9&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Presents the company's cash flow activities for the six months ended January 31, 2023 and 2022 Cash Flow Summary for Six Months Ended January 31 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $605,493 | $611,329 | | Net cash used in investing activities | $(206,025) | $(225,532) | | Net cash used in financing activities | $(201,377) | $(220,693) | | Net increase in cash, cash equivalents and restricted cash | $193,248 | $164,088 | [Notes to Consolidated Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) Provides detailed explanations of accounting policies, segment information, debt structure, and recent acquisitions - The company operates **41 destination mountain resorts** and regional ski areas under its Mountain segment, which is its **primary business**[27](index=27&type=chunk) - On August 1, 2022, the company adopted **ASU 2020-06**, reclassifying the equity component of its **0.0% Convertible Notes** to **long-term debt** and **eliminating future non-cash interest expense** related to the debt discount[38](index=38&type=chunk)[39](index=39&type=chunk) - On August 3, 2022, the company acquired a **55% controlling interest** in **Andermatt-Sedrun Sport AG** for a total consideration of **$155.4 million**[59](index=59&type=chunk) - On March 7, 2023, the Board of Directors approved an **increase in the share repurchase program** by an additional **2,500,000 shares**, bringing the total available for repurchase to **3,534,292 shares**[86](index=86&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=25&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting EBITDA growth, liquidity, capital plans, and operational challenges [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Analyzes segment-wise financial performance, detailing changes in Mountain, Lodging, and Real Estate Reported EBITDA Total Reported EBITDA Reconciliation (in thousands) | Metric | Three Months Ended Jan 31, 2023 | Three Months Ended Jan 31, 2022 | | :--- | :--- | :--- | | Net income attributable to Vail Resorts, Inc. | $208,679 | $223,391 | | **Total Reported EBITDA** | **$396,944** | **$397,461** | | Mountain Reported EBITDA | $398,851 | $388,493 | | Lodging Reported EBITDA | $(4,053) | $9,368 | | Real Estate Reported EBITDA | $2,146 | $(400) | - Pass revenue for Q2 FY2023 increased **16.8% YoY**, partly due to a **$40 million** timing difference from varied resort opening dates compared to the prior year[95](index=95&type=chunk)[105](index=105&type=chunk) - Operations at Eastern U.S. resorts were negatively impacted by **abnormal weather**, while western U.S. resorts were affected by **airline and weather disruptions** in Tahoe during the peak holiday period[100](index=100&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) Details the company's liquidity position, cash and credit availability, capital expenditure plans, and dividend policy - As of January 31, 2023, the company had **$1.3 billion** of cash and cash equivalents[152](index=152&type=chunk) - Total available liquidity under the Vail Holdings and Whistler credit agreements was approximately **$414.6 million** and **$211.7 million**, respectively[153](index=153&type=chunk) - The calendar year 2023 capital expenditure plan is expected to be approximately **$206 million to $211 million**, including maintenance and growth projects[155](index=155&type=chunk) - The Board of Directors approved a cash dividend of **$2.06 per share** on March 7, 2023, an increase from previous payouts[161](index=161&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses the company's exposure to market risks, primarily interest rate fluctuations and foreign currency exchange rate risk - A **100-basis point** change in interest rates would impact annual interest payments by approximately **$7.1 million**[172](index=172&type=chunk) - The company is exposed to **foreign currency risk** from the **Canadian dollar**, **Australian dollar**, and **Swiss franc**, which affects the translation of financial statements[173](index=173&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures are **effective** to provide reasonable assurance that required information is recorded and reported in a timely manner[177](index=177&type=chunk) - **No changes** occurred during the quarter that **materially affected**, or are reasonably likely to materially affect, the company's internal control over financial reporting[179](index=179&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=46&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is involved in various lawsuits not expected to materially impact its financial position, results, or cash flows - The company is a party to various lawsuits arising in the ordinary course of business, which are **not expected to have a material adverse impact**[180](index=180&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A%2E%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K were reported - **No material changes** to risk factors were reported since the last Form 10-K filing[181](index=181&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports no unregistered sales of equity securities or use of proceeds during the period - None[182](index=182&type=chunk) [Item 6. Exhibits](index=47&type=section&id=Item%206%2E%20Exhibits) Lists exhibits filed with the report, including CEO and CFO certifications and XBRL data files - Exhibits filed include **certifications by the CEO and CFO** as required by the **Sarbanes-Oxley Act** and **XBRL data files**[186](index=186&type=chunk)

Vail Resorts, Inc. (NYSE:MTN) Q1 2023 Earnings Conference Call December 9, 2022 8:30 AM ET Company Participants Kirsten Lynch - Chief Executive Officer Michael Barkin - Executive Vice President and Chief Financial Officer Conference Call Participants Shaun Kelley - Bank of America Ben Chaiken - Credit Suisse Chris Woronka - Deutsche Bank Laurent Vasilescu - BNP Paribas Exane Jeff Stantial - Stifel Gregory Miller - Truist Securities David Katz - Jefferies Operator Good morning, and welcome to the Vail Resort ...

Vail Resorts, Inc. (NYSE:MTN) Q4 2022 Earnings Conference Call September 28, 2022 5:00 PM ET Company Participants Kirsten Lynch - CEO Michael Barkin - EVP and CFO Conference Call Participants Shaun Kelley - Bank of America Merrill Lynch Chris Woronka - Deutsche Bank David Katz - Jefferies Omer Sander - JPMorgan Ben Chaiken - Credit Suisse Ryan Sundby - William Blair Patrick Scholes - Truist Securities Jeffrey Stantial - Stifel Brandt Montour - Barclays Operator Good day, and welcome to the Vail Resorts Four ...

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, 2022 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, Inc. (NYSE:MTN) Q3 2022 Earnings Conference Call June 9, 2022 5:00 PM ET Company Participants Kirsten Lynch - CEO Michael Barkin - CFO Conference Call Participants Shaun Kelley - Bank of America Chris Woronka - Deutsche Bank Laurent Vasilescu - BNP Paribas Jeffrey Stantial - Stifel Patrick Scholes - Truist Securities Omer Sander - JPMorgan Farshid Javar - Jefferies Ryan Sundby - William Blair Operator Good day, and welcome to the Vail Resorts Third Quarter Earnings Call. Today's conference is ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited).) The company presents its unaudited condensed financial statements and related notes for the period [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Total Assets (in thousands) | Date | Amount | | :--- | :--- | | April 30, 2022 | $6,397,294 | | July 31, 2021 | $6,251,056 | | April 30, 2021 | $6,276,637 | Total Liabilities (in thousands) | Date | Amount | | :--- | :--- | | April 30, 2022 | $4,332,114 | | July 31, 2021 | $4,421,988 | | April 30, 2021 | $4,249,940 | Total Stockholders' Equity (in thousands) | Date | Amount | | :--- | :--- | | April 30, 2022 | $2,065,180 | | July 31, 2021 | $1,829,068 | | April 30, 2021 | $2,026,697 | [Consolidated Condensed Statements of Operations](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) Total Net Revenue (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $1,176,665 | $889,078 | +32.35% | | Nine Months Ended April 30 | $2,258,776 | $1,705,508 | +32.44% | Net Income Attributable to Vail Resorts, Inc. (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $372,550 | $274,629 | +35.64% | | Nine Months Ended April 30 | $456,609 | $268,661 | +70.03% | Diluted Net Income Per Share | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $9.16 | $6.72 | +36.31% | | Nine Months Ended April 30 | $11.20 | $6.58 | +70.21% | [Consolidated Condensed Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income) Comprehensive Income Attributable to Vail Resorts, Inc. (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $372,891 | $317,046 | +17.62% | | Nine Months Ended April 30 | $439,569 | $376,141 | +16.87% | - Foreign currency translation adjustments resulted in a **loss of $15.2 million** for the three months ended April 30, 2022, compared to a **gain of $54.9 million** in the prior year, and a **loss of $48.9 million** for the nine months ended April 30, 2022, compared to a **gain of $132.2 million** in the prior year[13](index=13&type=chunk) [Consolidated Condensed Statements of Stockholders' Equity](index=7&type=section&id=Consolidated%20Condensed%20Statements%20of%20Stockholders'%20Equity) - Total Vail Resorts, Inc. stockholders' equity **increased from $1,565,542 thousand** as of January 31, 2022, **to $1,829,317 thousand** as of April 30, 2022[16](index=16&type=chunk) - The Company repurchased common stock totaling **$37.5 million** during the three and nine months ended April 30, 2022[16](index=16&type=chunk)[17](index=17&type=chunk) - Cash dividends declared per share were **$1.91** for the three months ended April 30, 2022, and **$3.67** for the nine months ended April 30, 2022, with no dividends paid in the prior year periods[11](index=11&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [Consolidated Condensed Statements of Cash Flows](index=9&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Net Cash Provided by Operating Activities (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Nine Months Ended April 30 | $772,984 | $551,137 | +40.25% | Net Cash Used in Investing Activities (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Nine Months Ended April 30 | $(255,565) | $(75,016) | +240.68% | Net Cash (Used in) Provided by Financing Activities (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Nine Months Ended April 30 | $(352,653) | $474,316 | -174.35% | [Notes to Consolidated Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) [Note 1. Organization and Business](index=10&type=section&id=1.%20Organization%20and%20Business) - The Company operates in three segments: **Mountain** (40 destination mountain resorts and regional ski areas, ancillary services), **Lodging** (luxury hotels, condominiums, NPS concessionaire properties, transportation, golf courses), and **Real Estate** (owns, develops, and sells real estate)[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - The business is seasonal, with peak operating seasons primarily from **mid-November to mid-April** in North America and **June to early October** in Australia[26](index=26&type=chunk) - The Company announced an agreement to acquire a **55% ownership stake** in Andermatt-Sedrun Sport AG for **CHF149 million**, expected to close later in calendar year 2022[27](index=27&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=11&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) - The financial statements are condensed and unaudited, reflecting normal recurring adjustments, and interim results are not indicative of the full fiscal year due to seasonality[28](index=28&type=chunk) - The Company is evaluating ASU 2020-04 (Reference Rate Reform) but does not expect a material effect[31](index=31&type=chunk) - The Company will adopt ASU 2020-06 (Convertible Instruments) on August 1, 2022, using the modified retrospective method, which will reclassify the equity component of 0.0% Convertible Notes to long-term debt and eliminate related interest expense amortization[32](index=32&type=chunk) [Note 3. Revenues](index=12&type=section&id=3.%20Revenues) - Revenue from pass products is recognized on a straight-line basis throughout the ski season, based on skiable days[34](index=34&type=chunk) Total Mountain Net Revenue (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $1,084,635 | $829,912 | +30.69% | | Nine Months Ended April 30 | $2,028,310 | $1,571,369 | +29.08% | Total Lodging Net Revenue (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $91,901 | $58,366 | +57.48% | | Nine Months Ended April 30 | $229,842 | $132,770 | +73.12% | [Note 4. Net Income per Share](index=14&type=section&id=4.%20Net%20Income%20per%20Share) Basic Net Income Per Share Attributable to Vail Resorts, Inc. | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $9.18 | $6.82 | +34.60% | | Nine Months Ended April 30 | $11.27 | $6.67 | +69.00% | Diluted Net Income Per Share Attributable to Vail Resorts, Inc. | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $9.16 | $6.72 | +36.31% | | Nine Months Ended April 30 | $11.20 | $6.58 | +70.21% | - Cash dividends declared per share were **$1.91** for the three months and **$3.67** for the nine months ended April 30, 2022, with no dividends in the prior year[43](index=43&type=chunk) [Note 5. Long-Term Debt](index=15&type=section&id=5.%20Long-Term%20Debt) Total Debt (in thousands) | Date | Amount | | :--- | :--- | | April 30, 2022 | $2,830,366 | | July 31, 2021 | $2,948,514 | | April 30, 2021 | $2,958,188 | - The Vail Holdings Credit Agreement term loan facility has **$1.1 billion outstanding**, with quarterly principal amortization of approximately **$15.6 million**, maturing in September 2024[45](index=45&type=chunk) - The Company recognized non-cash foreign currency losses of **$1.0 million** and **$3.1 million** for the three and nine months ended April 30, 2022, respectively, on an intercompany loan to Whistler Blackcomb, compared to gains in the prior year[48](index=48&type=chunk) [Note 6. Acquisitions](index=17&type=section&id=6.%20Acquisitions) - On December 31, 2021, the Company acquired Seven Springs Mountain Resort, Hidden Valley Resort, and Laurel Mountain Ski Area for approximately **$116.5 million cash**[49](index=49&type=chunk) - The acquisition included mountain operations, base area skier services, a hotel, and a conference center[49](index=49&type=chunk) - Goodwill of **$4.991 million** was recognized, primarily attributable to expected synergies and the assembled workforce[51](index=51&type=chunk) [Note 7. Supplementary Balance Sheet Information](index=18&type=section&id=7.%20Supplementary%20Balance%20Sheet%20Information) Property, Plant and Equipment, Net (in thousands) | Date | Amount | | :--- | :--- | | April 30, 2022 | $2,143,285 | | July 31, 2021 | $2,067,876 | | April 30, 2021 | $2,116,795 | Total Accounts Payable and Accrued Liabilities (in thousands) | Date | Amount | | :--- | :--- | | April 30, 2022 | $742,245 | | July 31, 2021 | $815,472 | | April 30, 2021 | $567,264 | - Goodwill decreased by **$33.5 million** due to foreign currency exchange rates, from **$1,781,047 thousand** at July 31, 2021, to **$1,752,533 thousand** at April 30, 2022, partially offset by acquisition-related goodwill of **$4.991 million**[54](index=54&type=chunk) [Note 8. Fair Value Measurements](index=19&type=section&id=8.%20Fair%20Value%20Measurements) - Contingent Consideration, classified as a Level 3 liability, **increased from $29.6 million** at July 31, 2021, **to $43.7 million** at April 30, 2022, primarily due to an estimated increase in the Fiscal 2022 payment[59](index=59&type=chunk)[61](index=61&type=chunk) - The estimated fair value of Contingent Consideration is determined using an option pricing valuation model with key unobservable inputs including a discount rate of **11.1%** and volatility of **17.0%**[60](index=60&type=chunk) [Note 9. Commitments and Contingencies](index=21&type=section&id=9.%20Commitments%20and%20Contingencies) - The Company credit-enhances **$6.3 million** of bonds issued by Holland Creek Metropolitan District through a **$6.4 million** letter of credit[62](index=62&type=chunk) - As of April 30, 2022, the Company had **$77.4 million** in letters of credit outstanding and **$13.2 million** in surety bonds[63](index=63&type=chunk) - The Company is self-insured for U.S. health benefit plans and most U.S. workers' compensation claims, with liabilities included in accrued benefits[68](index=68&type=chunk) [Note 10. Segment Information](index=22&type=section&id=10.%20Segment%20Information) - The Company revised its segment reporting on August 1, 2021, moving certain dining and golf operations from Lodging to Mountain, with prior periods retrospectively adjusted[71](index=71&type=chunk) - Reported EBITDA is used to evaluate segment performance and allocate resources, defined as segment net revenue less segment operating expenses, plus segment equity investment income or loss (and gain/loss on real property for Real Estate)[72](index=72&type=chunk)[74](index=74&type=chunk) Total Reported EBITDA (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $609,248 | $461,188 | +32.09% | | Nine Months Ended April 30 | $897,172 | $639,963 | +40.19% | [Note 11. Share Repurchase Program](index=24&type=section&id=11.%20Share%20Repurchase%20Program) - The Board of Directors authorized repurchases of up to **7,500,000 Vail Shares** in total[76](index=76&type=chunk) - The Company repurchased **144,875 Vail Shares** for approximately **$37.5 million** during the three and nine months ended April 30, 2022[76](index=76&type=chunk) - As of April 30, 2022, **1,193,984 Vail Shares** remained available for repurchase under the program, which has no expiration date[76](index=76&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, segment performance, and liquidity [Overview](index=25&type=section&id=Overview) [Mountain Segment](index=25&type=section&id=Mountain%20Segment) - Mountain segment revenue is seasonal, with the majority earned in the **second and third fiscal quarters** from North American ski operations[82](index=82&type=chunk) - Lift tickets (including pass products) are the largest source of Mountain segment revenue, representing approximately **62% of net revenue** for the nine months ended April 30, 2022[82](index=82&type=chunk)[85](index=85&type=chunk) - Pass product sales for the 2022/2023 North American ski season **increased approximately 9% in units** and **11% in sales dollars** through May 31, 2022, compared to the prior year[94](index=94&type=chunk) [Lodging Segment](index=26&type=section&id=Lodging%20Segment) - Lodging segment performance is closely aligned with the Mountain segment and experiences similar seasonal trends, particularly with Destination guests[89](index=89&type=chunk) - Revenues from properties proximate to mountain resorts and ground transportation represented approximately **82% of Lodging segment net revenue** (excluding payroll cost reimbursements) for the nine months ended April 30, 2022[89](index=89&type=chunk) - The COVID-19 pandemic has led to reduced occupancy at lodging properties, though results significantly improved compared to the prior year[90](index=90&type=chunk) [Real Estate Segment](index=27&type=section&id=Real%20Estate%20Segment) - The Real Estate segment primarily focuses on selling land parcels to third-party developers and planning future development projects, limiting financial risk[91](index=91&type=chunk) - Revenue and associated expenses in this segment can fluctuate significantly based on the timing and type of real estate transactions[91](index=91&type=chunk) [Recent Trends, Risks and Uncertainties](index=27&type=section&id=Recent%20Trends%2C%20Risks%20and%20Uncertainties) - COVID-19 continues to negatively impact operations due to travel restrictions, vaccination requirements, and other mandates, though conditions have improved relative to the prior year[92](index=92&type=chunk) - The Company acquired Seven Springs Mountain Resort, Hidden Valley Resort, and Laurel Mountain Ski Area for approximately **$116.5 million** on December 31, 2021, expecting a positive contribution to annual results[94](index=94&type=chunk) - The Company plans to invest **CHF 149 million** to acquire a **55% ownership stake** in Andermatt-Sedrun Sport AG, with the transaction expected to close later in calendar year 2022[95](index=95&type=chunk) [Results of Operations](index=29&type=section&id=RESULTS%20OF%20OPERATIONS) [Summary](index=29&type=section&id=Summary) Net Income Attributable to Vail Resorts, Inc. (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $372,550 | $274,629 | +35.64% | | Nine Months Ended April 30 | $456,609 | $268,661 | +70.03% | Resort Reported EBITDA (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $610,539 | $462,222 | +32.09% | | Nine Months Ended April 30 | $899,987 | $643,493 | +39.86% | [Mountain Segment (Detailed Analysis)](index=30&type=section&id=Mountain%20Segment%20(Detailed%20Analysis)) [Three months ended April 30, 2022 compared to 2021](index=30&type=section&id=Three%20months%20ended%20April%2030%2C%202022%20compared%20to%20the%20three%20months%20ended%20April%2030%2C%202021) - Mountain Reported EBITDA **increased by $139.1 million (30.4%)** to **$596.0 million**, driven by strong North American pass sales and fewer COVID-19 restrictions[100](index=100&type=chunk)[101](index=101&type=chunk) - Lift revenue **increased by $137.0 million (23.7%)**, with pass revenue up **30.2%** and non-pass revenue up **16.1%**[100](index=100&type=chunk)[102](index=102&type=chunk) - Total skier visits **increased by 21.1%** to 8,702 thousand, and Effective Ticket Price (ETP) **increased by 2.2%** to $82.13[100](index=100&type=chunk) [Nine months ended April 30, 2022 compared to 2021](index=32&type=section&id=Nine%20months%20ended%20April%2030%2C%202022%20compared%20to%20the%20nine%20months%20ended%20April%2030%2C%202021) - Mountain Reported EBITDA **increased by $219.3 million (33.5%)** to **$873.5 million**, primarily due to strong North American pass sales growth and fewer COVID-19 limitations[109](index=109&type=chunk)[110](index=110&type=chunk) - Lift revenue **increased by $209.1 million (20.1%)**, with pass revenue up **20.8%** and non-pass revenue up **18.8%**[109](index=109&type=chunk)[111](index=111&type=chunk) - Total skier visits **increased by 14.7%** to 16,279 thousand, and ETP **increased by 4.7%** to $76.82[109](index=109&type=chunk) [Lodging Segment (Detailed Analysis)](index=34&type=section&id=Lodging%20Segment%20(Detailed%20Analysis)) [Three months ended April 30, 2022 compared to 2021](index=34&type=section&id=Three%20months%20ended%20April%2030%2C%202022%20compared%20to%20the%20three%20months%20ended%20April%2030%2C%202021) - Lodging Reported EBITDA **increased by $9.2 million (173.1%)** to **$14.5 million**, driven by fewer COVID-19 restrictions and increased occupancy and ADR[118](index=118&type=chunk) - Owned hotel and managed condominium combined ADR **increased by 26.9%** to $475.21, and RevPAR **increased by 50.6%** to $214.40[118](index=118&type=chunk) - Dining revenue **increased by 251.9%** to $14.6 million, and owned hotel rooms revenue **increased by 78.5%** to $18.3 million[118](index=118&type=chunk) [Nine months ended April 30, 2022 compared to the nine months ended April 30, 2021](index=35&type=section&id=Nine%20months%20ended%20April%2030%2C%202022%20compared%20to%20the%20nine%20months%20ended%20April%2030%2C%202021) - Lodging Reported EBITDA **increased by $37.2 million (345.6%)** to **$26.5 million**, primarily due to fewer COVID-19 restrictions, increased occupancy, and higher ADR[123](index=123&type=chunk)[124](index=124&type=chunk) - Owned hotel and managed condominium combined ADR **increased by 17.0%** to $403.31, and RevPAR **increased by 72.2%** to $149.20[123](index=123&type=chunk) - Owned hotel rooms revenue **increased by 119.4%** to $53.4 million, and dining revenue **increased by 332.2%** to $33.3 million[123](index=123&type=chunk) [Real Estate Segment (Detailed Analysis)](index=37&type=section&id=Real%20Estate%20Segment%20(Detailed%20Analysis)) [Three months ended April 30, 2022 compared to 2021](index=37&type=section&id=Three%20months%20ended%20April%2030%2C%202022%20compared%20to%20the%20three%20months%20ended%20April%2030%2C%202021) - Total Real Estate net revenue **decreased by 83.9%** to $129 thousand, as no significant real estate transactions closed in either period[130](index=130&type=chunk) - Real Estate Reported EBITDA **decreased by 24.9%** to $(1,291) thousand[130](index=130&type=chunk) [Nine months ended April 30, 2022 compared to 2021](index=37&type=section&id=Nine%20months%20ended%20April%2030%2C%202022%20compared%20to%20the%20nine%20months%20ended%20April%2030%2C%202021) - Total Real Estate net revenue **decreased by 54.4%** to $624 thousand, with no significant real estate transactions closed[131](index=131&type=chunk) - Real Estate Reported EBITDA **improved by 20.3%** to $(2,815) thousand, partly due to a significant gain on sale of real property (**$1.151 million in 2022** vs. $189 thousand in 2021)[131](index=131&type=chunk) [Other Items](index=38&type=section&id=Other%20Items) - Losses from the change in estimated fair value of contingent consideration were **$2.8 million** and **$21.6 million** for the three and nine months ended April 30, 2022, respectively, primarily due to an increase in the estimated Fiscal 2022 payment[132](index=132&type=chunk) - Foreign currency losses on intercompany loans were **$1.0 million** and **$3.1 million** for the three and nine months ended April 30, 2022, respectively, due to the Canadian dollar decreasing relative to the U.S. dollar[133](index=133&type=chunk) - Gain on disposal of fixed assets and other, net, for the nine months ended April 30, 2022, included **$7.9 million** from an administrative building sale and proceeds from NPS for leasehold surrender interest[134](index=134&type=chunk) - The effective tax rate for the three and nine months ended April 30, 2022, was **23.4%** and **18.8%**, respectively, compared to **21.7%** and **19.8%** in the prior year periods[135](index=135&type=chunk) [Reconciliation of Segment Earnings and Net Debt](index=39&type=section&id=Reconciliation%20of%20Segment%20Earnings%20and%20Net%20Debt) Total Reported EBITDA (in thousands) | Period | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Three Months Ended April 30 | $609,248 | $461,188 | +32.09% | | Nine Months Ended April 30 | $897,172 | $639,963 | +40.19% | Net Debt (in thousands) | Date | Amount | | :--- | :--- | | April 30, 2022 | $1,350,056 | | April 30, 2021 | $1,508,733 | [Liquidity and Capital Resources](index=39&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) [Nine months ended April 30, 2022 compared to 2021](index=40&type=section&id=Nine%20months%20ended%20April%2030%2C%202022%20compared%20to%20the%20nine%20months%20ended%20April%2030%2C%202021) - Net cash provided by operating activities **increased by $221.9 million** to **$773.0 million**, driven by improved Mountain and Lodging segment results and increased pass product sales[140](index=140&type=chunk) - Cash used in investing activities **increased by $180.5 million** to **$255.6 million**, primarily due to the **$116.3 million** acquisition of Seven Springs Resorts and a **$76.2 million** increase in capital expenditures[141](index=141&type=chunk) - Cash used in financing activities **increased by $827.0 million** to **$352.7 million**, mainly due to prior year proceeds from 0.0% Convertible Notes, increased dividends, debt repayment, and share repurchases[142](index=142&type=chunk) [Significant Sources of Cash](index=40&type=section&id=Significant%20Sources%20of%20Cash) - The Company had **$1.4 billion** in cash and cash equivalents as of April 30, 2022[143](index=143&type=chunk) - Available credit included **$417.3 million** under the Vail Holdings Credit Agreement and **C$272.1 million ($211.8 million)** under the Whistler Credit Agreement as of April 30, 2022[144](index=144&type=chunk) [Significant Uses of Cash](index=40&type=section&id=Significant%20Uses%20of%20Cash) [Capital Expenditures](index=40&type=section&id=Capital%20Expenditures) - Anticipated resort capital expenditures for calendar year 2022 are **$315 million to $325 million**, excluding one-time items[146](index=146&type=chunk) - The plan includes approximately **$180 million** for 21 new or replacement lifts and a terrain expansion at Keystone, which is **$150 million** above the typical annual capital plan[146](index=146&type=chunk) [Acquisitions](index=41&type=section&id=Acquisitions) - Acquired Seven Springs Resorts for approximately **$116.5 million** on December 31, 2021, funded with cash on hand[147](index=147&type=chunk) - Entered an agreement to purchase a majority stake in Andermatt-Sedrun Sport AG for **CHF 149 million**, expected to close in calendar year 2022, funded with cash on hand[148](index=148&type=chunk) [Debt](index=41&type=section&id=Debt) - Total long-term debt, net (including current maturities) was **$2.8 billion** as of April 30, 2022[149](index=149&type=chunk) - Net Debt **decreased from $1.5 billion** as of April 30, 2021, **to $1.4 billion** as of April 30, 2022[149](index=149&type=chunk) - Approximately **$0.8 billion** of variable-rate debt was outstanding as of April 30, 2022; a 100-basis point change in borrowing rates would alter annual interest payments by approximately **$7.7 million**[152](index=152&type=chunk) [Dividend Payments](index=42&type=section&id=Dividend%20Payments) - The Board approved a cash dividend of **$1.91 per share** payable on July 12, 2022[153](index=153&type=chunk) - For the nine months ended April 30, 2022, **$3.67 per share ($148.9 million total)** in cash dividends were paid[153](index=153&type=chunk) [Share Repurchase Program](index=42&type=section&id=Share%20Repurchase%20Program) - The Company repurchased **144,875 shares** for approximately **$37.5 million** during the nine months ended April 30, 2022[154](index=154&type=chunk) - As of April 30, 2022, **1,193,984 Vail Shares** remained available for repurchase under the existing authorization[154](index=154&type=chunk) [Covenants and Limitations](index=42&type=section&id=Covenants%20and%20Limitations) - The Company was in compliance with all restrictive financial covenants under its debt instruments as of April 30, 2022[156](index=156&type=chunk) - Covenants include Net Funded Debt to Adjusted EBITDA ratio, Secured Net Funded Debt to Adjusted EBITDA ratio, and Interest Coverage ratio for the Vail Holdings Credit Agreement[155](index=155&type=chunk) [OFF BALANCE SHEET ARRANGEMENTS](index=42&type=section&id=OFF%20BALANCE%20SHEET%20ARRANGEMENTS) - The Company has no off-balance sheet transactions expected to have a material effect on its financial condition or results[157](index=157&type=chunk) [FORWARD-LOOKING STATEMENTS](index=43&type=section&id=FORWARD-LOOKING%20STATEMENTS) - Forward-looking statements are subject to risks and uncertainties, including the ultimate duration and impact of COVID-19, economic conditions, weather, and operational disruptions[158](index=158&type=chunk)[160](index=160&type=chunk) - The Company does not intend to update these statements, even if new information or future events make them incorrect or misleading[161](index=161&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company discusses its exposure to interest rate and foreign currency exchange rate risks - As of April 30, 2022, approximately **$0.8 billion (27% of total debt)** was variable-rate debt; a 100-basis point change in borrowing rates would alter annual interest payments by approximately **$7.7 million**[162](index=162&type=chunk) - The Company is exposed to foreign currency translation risk, particularly with the Canadian and Australian dollars, and foreign currency transaction exposure from an intercompany loan to Whistler Blackcomb[163](index=163&type=chunk) - Foreign currency translation adjustments resulted in a **loss of $48.9 million** for the nine months ended April 30, 2022, compared to a **gain of $132.2 million** in the prior year[165](index=165&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms the effectiveness of disclosure controls and notes changes in internal controls [Disclosure Controls and Procedures](index=44&type=section&id=Disclosure%20Controls%20and%20Procedures) - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of April 30, 2022, providing reasonable assurance for timely and accurate reporting[167](index=167&type=chunk) [Changes in Internal Controls over Financial Reporting](index=45&type=section&id=Changes%20in%20Internal%20Controls%20over%20Financial%20Reporting) - The assessment of internal control over financial reporting as of April 30, 2022, did not include certain elements of the recently acquired Seven Springs Resorts[169](index=169&type=chunk) - Excluding the Seven Springs Resorts, there were no material changes in internal control over financial reporting during the three and nine months ended April 30, 2022[170](index=170&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material impact is expected from current ordinary course lawsuits - The Company is a party to various lawsuits in the ordinary course of business, but management believes these are not expected to have a material adverse impact on financial position, results of operations, and cash flows[171](index=171&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors are reported for the period - No material changes to the risk factors previously disclosed in the Company's Form 10-K (September 23, 2021) and Form 10-Q (March 14, 2022)[172](index=172&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details exchangeable shares and stock repurchase activities during the fiscal quarter [Exchangeable Shares](index=45&type=section&id=Exchangeable%20Shares) - In connection with the Whistler Blackcomb acquisition in October 2016, **418,095 shares** of the Canadian subsidiary ("Exchangeco Shares") were issued, which are substantially equivalent to Vail Shares and exchangeable[173](index=173&type=chunk) - As of April 30, 2022, **31,294 Exchangeco Shares** had not yet been exchanged into Vail Shares[173](index=173&type=chunk) [Repurchase of Equity Securities](index=46&type=section&id=Repurchase%20of%20Equity%20Securities) - The Company repurchased **144,875 Vail Shares** at an average price of **$258.86 per share** during April 2022[176](index=176&type=chunk) - As of April 30, 2022, **1,193,984 Vail Shares** remained available for repurchase under the existing authorization[176](index=176&type=chunk) [Item 3. Defaults Upon Senior Securities](index=46&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon its senior securities - None[177](index=177&type=chunk) [Item 4. Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is confirmed as not applicable to the company's operations - Not applicable[178](index=178&type=chunk) [Item 5. Other Information](index=46&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this period - None[179](index=179&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report - Exhibits include certifications from the CEO and CFO (31.1, 31.2, 32) and various XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[181](index=181&type=chunk) [SIGNATURES](index=47&type=section&id=SIGNATURES) - The report was signed by Michael Z. Barkin (Executive Vice President and Chief Financial Officer) and Nathan Gronberg (Vice President, Controller and Chief Accounting Officer) on June 9, 2022[185](index=185&type=chunk)

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 ...

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, 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 ...