PART I FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited).) This section presents Vail Resorts' unaudited Consolidated Condensed Financial Statements for the three months ended October 31, 2021 [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Total assets reached **$6.29 billion**, driven by a significant increase in cash to **$1.47 billion**, while total liabilities rose to **$4.62 billion** Consolidated Condensed Balance Sheet Highlights (in thousands) | Account | Oct 31, 2021 | July 31, 2021 | Oct 31, 2020 | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $1,468,380 | $1,243,962 | $462,212 | | Total current assets | $1,777,854 | $1,745,586 | $841,615 | | Total assets | $6,290,551 | $6,251,056 | $5,390,524 | | **Liabilities & Equity** | | | | | Total current liabilities | $1,267,824 | $978,401 | $950,230 | | Long-term debt, net | $2,704,583 | $2,736,175 | $2,387,861 | | Total liabilities | $4,624,091 | $4,421,988 | $4,014,797 | | Total stockholders' equity | $1,666,460 | $1,829,068 | $1,375,727 | [Consolidated Condensed Statements of Operations](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) Net loss attributable to Vail Resorts improved to **$(139.3) million**, with total net revenue increasing **33.2%** to **$175.6 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Oct 31, 2021 | Three Months Ended Oct 31, 2020 | | :--- | :--- | :--- | | Total net revenue | $175,576 | $131,786 | | Loss from operations | $(165,673) | $(163,961) | | Net loss | $(142,521) | $(157,021) | | Net loss attributable to Vail Resorts, Inc. | $(139,332) | $(153,766) | | Diluted net loss per share | $(3.44) | $(3.82) | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Operating cash flow significantly increased to **$349.0 million**, primarily due to higher deferred revenue from pass sales Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Oct 31, 2021 | Three Months Ended Oct 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $349,021 | $111,993 | | Net cash used in investing activities | $(39,857) | $(29,274) | | Net cash used in financing activities | $(84,734) | $(12,684) | | Net increase in cash | $224,288 | $70,289 | [Notes to Consolidated Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) Detailed notes cover accounting policies, segment information, long-term debt, and the acquisition of three Pennsylvania ski resorts - The company operates in three business segments: Mountain, Lodging, and Real Estate. The Mountain segment includes 37 destination mountain resorts and regional ski areas[23](index=23&type=chunk) - Total long-term debt, net of current maturities, was **$2.70 billion** as of October 31, 2021, up from **$2.39 billion** as of October 31, 2020[41](index=41&type=chunk) - On December 8, 2021, the company entered into an agreement to acquire Seven Springs Mountain Resort, Hidden Valley Ski Resort, and Laurel Mountain ski area in Pennsylvania for approximately **$125.0 million** in cash[68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 FY2022 financial results, highlighting seasonal losses, segment performance, and strong liquidity - Pass product sales for the 2021/2022 North American ski season increased approximately **47% in units** and **21% in sales dollars** through December 5, 2021, compared to the prior year[80](index=80&type=chunk) - As of October 31, 2021, the company had **$1.5 billion of cash and cash equivalents** and **$416.6 million available** under the Vail Holdings Credit Agreement revolver[80](index=80&type=chunk) - The company exited the Financial Covenants Temporary Waiver Period under its credit agreement effective October 31, 2021, and is now required to comply with standard financial maintenance covenants[81](index=81&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Resort Reported EBITDA loss widened to **$(108.4) million**, impacted by Australian closures and prior year pass credit recognition Reported EBITDA by Segment (in thousands) | Segment | Three Months Ended Oct 31, 2021 | Three Months Ended Oct 31, 2020 | | :--- | :--- | :--- | | Mountain Reported EBITDA | $(110,964) | $(85,160) | | Lodging Reported EBITDA | $2,551 | $(9,620) | | Resort Reported EBITDA | $(108,413) | $(94,780) | | Real Estate Reported EBITDA | $(1,124) | $(1,196) | - Mountain Reported EBITDA decreased by **$25.8 million**, primarily due to the prior year's recognition of **$15.4 million** in revenue from expired pass credits and decreased results from Australian ski areas due to COVID-19 closures[88](index=88&type=chunk) - Lodging Reported EBITDA increased by **$12.2 million**, driven by fewer COVID-19 capacity-related restrictions and limitations on North American summer operations compared to the prior year[96](index=96&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity strengthened with **$1.47 billion** in cash and a surge in operating cash flow, supporting significant future capital expenditures Cash Flow Summary (in thousands) | Metric | Three Months Ended Oct 31, 2021 | Three Months Ended Oct 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $349,021 | $111,993 | | Net cash used in investing activities | $(39,857) | $(29,274) | | Net cash used in financing activities | $(84,734) | $(12,684) | - The increase in operating cash flow was primarily due to a rise in pass product sales and associated collections, which were impacted by delays and credits in the prior year due to COVID-19[111](index=111&type=chunk) - The capital plan for calendar year 2022 is expected to be approximately **$315 million to $325 million**, which is about **$150 million** above the typical annual plan[119](index=119&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on variable-rate debt and foreign currency exchange rate risk from international operations - As of October 31, 2021, the company had approximately **$0.8 billion of variable-rate debt**. A **100-basis point** change in borrowing rates would change annual interest payments by approximately **$8.0 million**[133](index=133&type=chunk) - The company is exposed to foreign currency translation risk from its operations in Canada and Australia. For the three months ended October 31, 2021, foreign currency translation adjustments resulted in a gain of **$15.1 million**[134](index=134&type=chunk)[136](index=136&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of the end of the quarter, the company's disclosure controls and procedures were effective in providing reasonable assurance that required information is recorded, processed, and reported in a timely manner[138](index=138&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[140](index=140&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits but does not anticipate a material adverse impact on its financial position - The company is a party to various lawsuits from the ordinary course of business but does not expect them to have a material adverse impact on its financial condition or results of operations[142](index=142&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported in the company's latest Form 10-K - No material changes to the risk factors disclosed in the company's most recent Form 10-K were reported[143](index=143&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details outstanding Exchangeco Shares from the Whistler Blackcomb acquisition, exchangeable for common stock - As of October 31, 2021, **33,697 Exchangeco Shares**, issued during the Whistler Blackcomb acquisition, remained outstanding and exchangeable into Vail Resorts common stock[144](index=144&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) Exhibits include management incentive plans, employment agreements, and required CEO/CFO certifications - Exhibits filed include the Vail Resorts, Inc. Management Incentive Plan, an executive employment agreement, and CEO/CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906[151](index=151&type=chunk)

Financial Data and Key Metrics Changes - For fiscal year 2021, net income attributable to Vail Resorts was $127.9 million, or $3.13 per diluted share, compared to $98.8 million, or $2.42 per diluted share in the prior fiscal year [22] - Resort reported EBITDA was $544.7 million for fiscal year 2021, an increase of $41.3 million compared to fiscal year 2020 [22] - The guidance for net income attributable to Vail Resorts for fiscal 2022 is estimated to be between $278 million and $349 million, with resort reported EBITDA expected to be between $785 million and $835 million [24] Business Line Data and Key Metrics Changes - Total skier visitation at US destinations was down only 6% compared to fiscal 2019, while Whistler Blackcomb saw a 51% decline due to COVID-19 impacts [9][10] - Resort reported EBITDA margin for fiscal 2021 was 28.5%, driven by disciplined cost controls and a higher proportion of lift revenue [11] - Season pass sales increased approximately 42% in units and approximately 17% in sales dollars compared to the prior year [15] Market Data and Key Metrics Changes - In Australia, financial results were negatively impacted by approximately $8 million due to COVID-19 related stay-at-home orders and temporary resort closures [12] - The anticipated reduction in international visitation is expected to generate approximately $27 million lower resort reported EBITDA at Whistler Blackcomb compared to fiscal 2019 [26] Company Strategy and Development Direction - The company is focused on enhancing guest experience while maintaining cost discipline, with a capital investment plan for calendar year 2022 aimed at increasing lift capacity and improving guest experience [32][34] - The strategy includes a significant investment in technology enhancements and a commitment to internal leadership development [40][44] - The company plans to return capital spending to typical long-term levels in calendar year 2023 after the increased spending in 2022 [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust demand from guests and the strength of advanced commitment product sales, despite challenges from COVID-19 [24][30] - The company anticipates a net loss attributable to Vail Resorts in the first quarter of fiscal 2022 due to COVID-19 impacts, particularly in Australia [26][27] - Management highlighted the importance of staffing and wage increases to ensure a quality guest experience amid ongoing hiring challenges [75] Other Important Information - The company declared a cash dividend of $0.88 per share, reflecting confidence in free cash flow generation despite ongoing COVID-19 risks [30] - Total cash and revolver availability as of July 31, 2021, was approximately $1.9 billion, with $1.2 billion in cash on hand [29] Q&A Session Summary Question: Thoughts on pass sales trends and ancillary spending outlook - Management noted strong trends in renewals and new pass holders, indicating positive guest engagement, but acknowledged uncertainties due to pull forward dynamics and COVID-19 impacts [49][50] Question: Insights on lift investments and ROI - Management emphasized the importance of lifts in enhancing guest experience and supporting future growth, despite challenges in tracking specific ROI [55][57] Question: Pricing strategy for future years - Management indicated a history of consistent price increases and viewed the recent price reduction as a strategic reset to drive long-term guest value [61][62] Question: Guidance context and normalization of EBITDA - Management confirmed that the guidance accounts for anticipated challenges, particularly in international visitation and group business, and noted that the baseline would be higher without these impacts [91][92] Question: Impact of COVID protocols on consumer spending - Management expressed confidence that full capacity would be maintained at resorts, mitigating potential impacts on consumer spending from COVID protocols [100][101]

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, 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 ...

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 ...

Financial Data and Key Metrics Changes - For Q2 fiscal 2021, net income attributable to Vail Resorts was $147.8 million, or $3.62 per diluted share, compared to $206.4 million, or $5.04 per diluted share in the prior year [17] - Resort reported EBITDA was $276.1 million, down from $378.3 million in the same period last year, primarily due to COVID-19 impacts [18] - Resort reported EBITDA margin for Q2 was 40.3%, slightly down from 40.9% in the prior year [15] Business Line Data and Key Metrics Changes - Total visitation across North American resorts was down approximately 5% compared to the same period last year, with local visitation up slightly and destination visitation more stable than expected [7][9] - Season pass unit sales grew by 20% for fiscal year 2021, with 71% of visitation coming from season pass-holders compared to 59% in the prior year [12][13] - Ancillary business lines, including ski school and dining, were significantly impacted, with ski school revenues down 43.2% and dining revenue down 56.9% compared to the prior year [24] Market Data and Key Metrics Changes - International visitation decreased significantly due to COVID-19 travel restrictions, with destination guests comprising 53% of U.S. destination mountain resorts skier visits, down from 57% in the prior year [10] - Whistler Blackcomb was disproportionately affected, with destination guests declining to 15% of visits, down from 48% in the prior year [11] Company Strategy and Development Direction - The company plans to maintain a disciplined approach to capital investments, with an increased core capital plan of approximately $115 million to $120 million for 2021 [35] - The focus remains on moving lift ticket purchases into the Pass program and providing value to skiers who purchase in advance [14] - The company is committed to strategic acquisitions and maintaining liquidity, with total cash and revolver availability of approximately $2 billion as of February 28, 2021 [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong cash flow generation and stability of the business model, despite ongoing uncertainty due to COVID-19 [30] - The company expects net income for the 9-month period ending April 30, 2021, to be between $204 million and $247 million, with Resort Reported EBITDA expected between $560 million and $600 million [27] - Management noted that while visitation trends improved, ancillary lines of business continue to be negatively impacted by COVID-19-related capacity constraints [26] Other Important Information - The company raised $575 million of 0% convertible notes in December 2020 to pursue high-impact acquisitions and reinvest in the resort portfolio [30] - A one-time end-of-season bonus totaling approximately $15 million was implemented to thank over 28,000 employees for their dedication during the challenging season [41] Q&A Session All Questions and Answers Question: Can you elaborate on the cost side and any specific reductions? - Management indicated that they prepared for a challenging environment and managed expenses effectively without adding significant costs, which contributed to better-than-expected revenue outcomes [45][46] Question: What insights have you gained about new pass-holders? - Management noted that there are two types of new pass-holders: those previously in the database and truly new customers. The conversion from ticket buyers to pass-holders has been positive, indicating a shift in customer behavior towards season-long engagement [52][56] Question: How do you view pricing in the context of potential pent-up travel demand? - Management emphasized a consistent approach to pricing, focusing on providing value in advanced commitment products rather than driving prices up significantly [61][64] Question: What are the thoughts on the Peak Resorts acquisition? - Management expressed confidence in the contributions from Peak Resorts, noting the opportunity to convert lift ticket buyers into pass-holders and the positive impact on results despite the pandemic [68][69] Question: How do you assess the potential for acquisitions in the current market? - Management remains interested in strategic acquisitions, emphasizing the importance of discipline and the potential for opportunities as the market stabilizes post-pandemic [75][76] Question: How has the pandemic affected labor costs and availability? - Management noted a unique labor environment this year, with challenges in accessing international labor but also an increase in local interest due to closures in other sectors [97][100] Question: How has the early Easter impacted visitation? - Management indicated that an earlier Easter is generally positive for engagement in skiing, although the overall impact remains uncertain due to various factors [102] Question: How has the Epic Mountain Rewards program performed this year? - Management acknowledged engagement with the program but noted that capacity challenges limited its effectiveness in driving business this season [108][110]

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)

Vail Resorts, Inc. (NYSE:MTN) Q1 2021 Earnings Conference Call December 10, 2020 5:00 PM ET Company Participants Rob Katz - Chairman and CEO Michael Barkin - CFO Conference Call Participants Felicia Hendrix - Barclays Shaun Kelley - Bank of America Chris Woronka - Deutsche Bank Patrick Scholes - Truist David Katz - Jefferies Paul Golding - Macquarie Capital Alex Maroccia - Berenberg Ryan Sundby - William Blair Operator Good day and welcome to the Vail Resorts First Quarter 2021 Earnings Call. Today's con ...

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, 2020 ☐ 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 Incorpo ...

Vail Resorts, Inc. (NYSE:MTN) Q4 2020 Earnings Conference Call September 24, 2020 5:00 PM ET Company Participants Rob Katz - Chairman and CEO Michael Barkin - CFO Conference Call Participants Felicia Hendrix - Barclays Shaun Kelley - Bank of America Chris Woronka - Deutsche Bank David Katz - Jefferies Patrick Scholes - Truist Alex Maroccia - Berenberg Paul Golding - Macquarie Ryan Sundby - William Blair Operator Good day and welcome to the Vail Resort Fourth Quarter Fiscal 2020 Earnings Call. Today???s conf ...