BROOMFIELD, Colo., Feb. 1, 2024 /PRNewswire/ -- Mental health access and support continues to be a critical issue for mountain communities across North America. Today, the Katz Amsterdam Charitable Trust announced that, Rob Katz, Vail Resorts executive chairperson, and his wife, Elana Amsterdam, New York Times bestselling author and founder of Elana's Pantry, have made significant contributions totaling more than $2.66 million to support mental and behavioral health programs in 12 mountain communities, incl ...

Company is ahead of schedule to meet its emissions goals and on track to reach zero waste to landfill and zero net operating impact to forests and habitat by 2030 BROOMFIELD, Colo., Jan. 23, 2024 /PRNewswire/ -- Today, Vail Resorts, Inc. (NYSE: MTN), announced the release of its 2022/23 Environmental & Social Responsibility Report. In 2017, Vail Resorts announced Commitment to Zero, a bold goal to achieve a zero net operating footprint by 2030, including zero net emissions, zero waste to landfill, and zero ...

Vail Resorts, Inc. (MTN) recently announced its interim period data for its North American destination mountain resorts and regional ski areas through Jan 7, 2024. Following the announcement, the stock increased 3.7% during trading hours on Jan 18.Ski Season MetricsSeason-to-date (through Jan 7, 2024), total skier visits declined 16.2% from the prior-year season-to-date period’s (Jan 8, 2023) levels. Throughout the holiday period, concluding on Jan 7, 2024, the North American resorts experienced below-avera ...

BROOMFIELD, Colo., Jan. 18, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported certain ski season metrics for the comparative periods from the beginning of the ski season through January 7, 2024, and for the prior year period through January 8, 2023. The reported ski season metrics are for the Company's North American destination mountain resorts and regional ski areas, excluding the results of the Australian ski areas and Andermatt-Sedrun in both periods. The data mentioned in this release ...

☐ 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) 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, 2023 (State or Other Jurisdiction of Incorporation or Organizati ...

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, 2023 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 2023 Earnings Conference Call June 8, 2023 5:00 PM ET Company Participants Kirsten Lynch - Chief Executive Officer Angela Korch - Chief Financial Officer Conference Call Participants Shaun Kelley - Bank of America David Katz - Jefferies Ben Chaiken - Credit Suisse Chris Woronka - Deutsche Bank Brandt Montour - Barclays Operator Good day everyone. Good afternoon and welcome to the Vail Resorts Fiscal 2023 Third Quarter Earnings Call. Today's conference is being recorded. Curr ...

PART I [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited).) The unaudited consolidated financial statements present the company's financial position, results of operations, and cash flows for the interim periods [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) The balance sheet as of April 30, 2023, shows a decrease in total assets and stockholders' equity, alongside an increase in total liabilities Consolidated Condensed Balance Sheets (In thousands) | | April 30, 2023 | April 30, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $896,089 | $1,401,168 | | Total current assets | $1,482,428 | $1,845,401 | | Total assets | $6,199,451 | $6,397,294 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $986,361 | $829,872 | | Long-term debt, net | $2,773,747 | $2,687,488 | | Total liabilities | $4,599,954 | $4,332,114 | | Total stockholders' equity | $1,599,497 | $2,065,180 | | Total liabilities and stockholders' equity | $6,199,451 | $6,397,294 | [Consolidated Condensed Statements of Operations](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) The statements of operations for the nine months ended April 30, 2023, show increased total net revenue but a decline in net income and diluted EPS Consolidated Condensed Statements of Operations (In thousands, except per share amounts) | | Nine Months Ended April 30, 2023 | Nine Months Ended April 30, 2022 | | :--- | :--- | :--- | | Total net revenue | $2,619,596 | $2,258,776 | | Income from operations | $665,198 | $699,846 | | Net income attributable to Vail Resorts, Inc. | $396,714 | $456,609 | | Diluted net income per share | $9.87 | $11.20 | | Cash dividends declared per share | $5.88 | $3.67 | [Consolidated Condensed Statements of Cash Flows](index=9&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) The statements of cash flows for the nine months ended April 30, 2023, indicate a decrease in operating cash flow and a significant increase in cash used for financing activities Consolidated Condensed Statements of Cash Flows (In thousands) | | Nine Months Ended April 30, 2023 | Nine Months Ended April 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $726,883 | $772,984 | | Net cash used in investing activities | $(221,260) | $(255,565) | | Net cash used in financing activities | $(703,176) | $(352,653) | | Net (decrease) increase in cash | $(207,474) | $163,389 | [Notes to Consolidated Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) The notes provide detailed information on accounting policies, revenue streams, debt structure, recent acquisitions, and other significant financial events - The company operates in three segments: **Mountain**, **Lodging**, and **Real Estate**, with the Mountain segment being the largest, operating **41** resorts[23](index=23&type=chunk)[24](index=24&type=chunk) - The company adopted **ASU 2020-06** on August 1, 2022, reclassifying the equity component of its **0.0% Convertible Notes** to long-term debt and eliminating future non-cash interest expense[35](index=35&type=chunk)[36](index=36&type=chunk) - On August 3, 2022, the company acquired a **55%** controlling interest in **Andermatt-Sedrun Sport AG** for **$155.4 million**[56](index=56&type=chunk) - The fair value of the contingent consideration liability for the **Park City** lease increased by **$47.6 million** due to an improved long-term EBITDA performance outlook[67](index=67&type=chunk)[69](index=69&type=chunk) - The company repurchased **1,777,730 shares** for approximately **$400.0 million** during the nine months ended April 30, 2023, with the Board increasing the share repurchase authorization by **2.5 million shares**[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results, highlighting record Resort Reported EBITDA, segment performance, liquidity, and capital resources [Recent Trends, Risks and Uncertainties](index=28&type=section&id=Recent%20Trends%2C%20Risks%20and%20Uncertainties) The company identifies economic challenges and highlights strong early pass sales, successful navigation of weather challenges, and the integration of a new acquisition - Pass product sales for the upcoming **2023/2024 North American ski season** increased approximately **6% in units** and **11% in sales dollars** through May 30, 2023[99](index=99&type=chunk) - Despite significant weather challenges, the company achieved **record visitation**, **resort net revenue**, and **Resort Reported EBITDA** for the **2022/2023 North American ski season**[100](index=100&type=chunk) - The company acquired a **55%** controlling interest in **Andermatt-Sedrun** on August 3, 2022, expanding its European presence and Epic Pass offerings[100](index=100&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) The results of operations for the nine months ended April 30, 2023, show increased Resort Reported EBITDA, driven by the Mountain segment, despite a decline in Lodging segment EBITDA Resort and Total Reported EBITDA (In thousands) | | Nine Months Ended April 30, 2023 | Nine Months Ended April 30, 2022 | | :--- | :--- | :--- | | Mountain Reported EBITDA | $913,644 | $873,529 | | Lodging Reported EBITDA | $7,986 | $26,458 | | **Resort Reported EBITDA** | **$921,630** | **$899,987** | | Real Estate Reported EBITDA | $(559) | $(2,815) | | **Total Reported EBITDA** | **$921,071** | **$897,172** | - Mountain segment revenue for the nine months increased **16.3%** to **$2.36 billion**, driven by an **8.9%** increase in lift revenue and strong growth in ancillary services[112](index=112&type=chunk) - Lodging segment EBITDA for the nine months decreased by **$18.5 million (69.8%)**, primarily due to a **20.4%** increase in labor costs and a **21.5%** increase in general and administrative expenses[126](index=126&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk) - The company recorded a non-cash expense of **$47.6 million** for the nine months ended April 30, 2023, related to an increase in the estimated fair value of contingent consideration for the **Park City** resort lease[137](index=137&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity and capital resources as of April 30, 2023, indicate decreased operating cash flow, increased net debt, and significant capital expenditure plans - Net cash used in financing activities increased by **$350.5 million**, driven by a **$362.5 million** increase in share repurchases and an **$86.8 million** increase in dividends paid[147](index=147&type=chunk) - The company anticipates spending approximately **$180 million to $185 million** on resort capital expenditures in calendar year 2023, with a total capital plan of **$206 million to $211 million**[151](index=151&type=chunk) Net Debt (In thousands) | | April 30, 2023 | April 30, 2022 | | :--- | :--- | :--- | | Total debt | $2,842,717 | $2,751,224 | | Less: cash and cash equivalents | $896,089 | $1,401,168 | | **Net Debt** | **$1,946,628** | **$1,350,056** | - On June 7, 2023, the Board of Directors approved a quarterly cash dividend of **$2.06 per share**[157](index=157&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include interest rate fluctuations on its variable-rate debt and foreign currency exchange rate changes from international operations - The company has approximately **$0.7 billion** of variable-rate debt, where a **100-basis point** change in rates would alter annual interest payments by approximately **$6.9 million**[168](index=168&type=chunk) - The company is exposed to foreign currency risk from the **Canadian dollar**, **Australian dollar**, and **Swiss franc**, recognizing a **$72.0 million** loss from translation adjustments and a **$5.6 million** loss on an intercompany loan[169](index=169&type=chunk)[171](index=171&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of April 30, 2023 - The **CEO** and **CFO** concluded that the company's disclosure controls and procedures are effective to provide reasonable assurance of timely information recording, processing, and reporting[173](index=173&type=chunk) - No material changes occurred during the quarter that affected the company's internal control over financial reporting[175](index=175&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits arising from the ordinary course of business, which management believes will not have a material adverse impact on its financial position - The company is a party to various lawsuits but does not expect them to have a material adverse impact on its financial results[176](index=176&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended July 31, 2022 - No material changes to risk factors were reported since the last Form 10-K filing[177](index=177&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) During the third quarter of fiscal 2023, the company repurchased common stock for approximately $400.0 million, and the Board increased the share repurchase authorization Common Stock Repurchases | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Feb 1 - Feb 28, 2023 | — | $— | | Mar 1 - Mar 31, 2023 | 1,317,925 | $221.95 | | Apr 1 - Apr 30, 2023 | 459,805 | $233.76 | | **Total** | **1,777,730** | **$225.01** | - On March 7, 2023, the Board authorized an additional **2.5 million shares** for repurchase, with **1,756,562 shares** remaining available as of April 30, 2023[179](index=179&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including an amended credit agreement and certifications from the CEO and CFO - Filed exhibits include the **Second Amended and Restated Credit Agreement** for **Whistler Mountain Resort** and **CEO** and **CFO** certifications pursuant to **Sarbanes-Oxley Sections 302 and 906**[185](index=185&type=chunk)

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)