Revenue Performance - For the year-to-date period, Resort net revenue increased by 3%, driven by a 4% increase in pass revenue and increased ancillary spending per guest across ski school and dining businesses [91]. - Resort Reported EBITDA grew by 3% year-to-date despite a 3% decline in total skier visits across North American Resorts [91]. - Total Mountain net revenue for the three months ended April 30, 2025, was $1,212,549,000, up 1.4% from $1,196,058,000 in 2024 [94]. - Lift revenue increased by $24,600,000, or 3.3%, primarily due to a 5.5% increase in pass revenue for the 2024/2025 North American ski season [96]. - Other revenue increased by $16,000,000, or 9.0%, driven by increased early season skier visitation and demand for ancillary services [107]. Skier Visits and Pass Sales - Total skier visits for the nine months ended April 30, 2025, were 16,912,000, a slight increase of 0.3% compared to 16,865,000 in 2024 [102]. - Pass product sales for the upcoming 2025/2026 North American ski season decreased by approximately 1% in units but increased by approximately 2% in sales dollars compared to the prior year [91]. - Lift ticket sales represented approximately 64% and 62% of Mountain segment net revenue for the three months ended April 30, 2025 and 2024, respectively [80]. Financial Position - As of April 30, 2025, the company had $467.0 million in cash and cash equivalents and $508.4 million available under its credit agreement [91]. - Cash provided by operating activities increased to $726.4 million for the nine months ended April 30, 2025, a rise of 6.7% compared to $681.0 million for the same period in 2024 [137]. - Cash and cash equivalents decreased to $467.0 million as of April 30, 2025, down from $705.4 million as of April 30, 2024, primarily due to the acquisition of Crans-Montana [140]. - Long-term debt, net as of April 30, 2025 was $2.7 billion, with principal payments on the majority not due until fiscal year 2029 and beyond [144]. Expenses and EBITDA - Operating expenses for the three months ended April 30, 2025, increased by $19,200,000, or 3.4%, primarily due to incremental expenses from Crans-Montana [99]. - General and administrative expenses increased by 13.4% for the three months ended April 30, 2025, due to higher corporate overhead costs [100]. - Total Reported EBITDA for the nine months ended April 30, 2025 was $987.5 million, up 4.8% from $942.4 million for the same period in 2024 [134]. - Lodging Reported EBITDA decreased by $3.5 million, or 22.1%, primarily due to a net reduction in available managed condominium rooms and decreased demand from lower skier visitation [113]. Real Estate Performance - The Real Estate segment's revenue can fluctuate significantly based on the timing of closings and the type of real estate sold [90]. - Real Estate net revenue for the three months ended April 30, 2025, decreased by 32.0% to $115,000 compared to $169,000 in the same period of 2024 [124]. - Real Estate Reported EBITDA for the three months ended April 30, 2025, increased to $6.351 million from a loss of $1.089 million in the same period of 2024, driven by a gain on sale of real property [124]. - Total Real Estate net revenue for the nine months ended April 30, 2025, decreased by 92.4% to $349,000 compared to $4.618 million in the same period of 2024 [126]. Shareholder Returns - The company paid cash dividends of $6.66 per share ($248.5 million) during the nine months ended April 30, 2025, compared to $6.34 per share ($240.5 million) in the same period of 2024 [149]. - The share repurchase program authorized the repurchase of up to 11,100,000 shares, with 403,883 shares repurchased at an average cost of $173.32 for a total cost of approximately $70.0 million during the nine months ended April 30, 2025 [150]. - The company has repurchased a total of 9,773,563 shares at a cost of approximately $1,199.4 million since the inception of the stock repurchase program [150]. Tax and Capital Expenditures - The effective tax rate for the three months ended April 30, 2025 was 24.0%, down from 25.3% for the same period in 2024, reflecting a decrease in pretax losses at foreign entities [132][133]. - Capital expenditures for calendar year 2025 are expected to be approximately $249 million to $254 million, including $124 million to $128 million for maintenance capital expenditures [143]. Debt and Interest Rate Sensitivity - As of April 30, 2025, the company had approximately $1.0 billion of variable-rate debt outstanding, representing about 36.1% of total debt, with an average interest rate of approximately 6.2% [159]. - A 100-basis point change in borrowing rates would result in annual interest payments changing by approximately $9.8 million [159]. - The company expects to meet all applicable financial maintenance covenants in effect in its credit agreements through the next twelve months [152].

Exhibit 99.1 "Our performance throughout the 2024/2025 North American ski season reflects the strength of our advance commitment strategy, strong destination guest spending, and the impact of our resource efficiency transformation plan. The Company achieved 3% growth in Resort Reported EBITDA year-to-date despite total skier visits declining 3% across our North American destination mountain resorts and regional ski areas from the beginning of the ski season through April 30, 2025. North American visitation ...

Core Insights - Vail Resorts, Inc. reported third quarter fiscal 2025 results, showing resilience in net revenue despite a 7% decline in visitation [1][3] - The company updated its fiscal 2025 guidance, expecting net income between $264 million and $298 million, and Resort Reported EBITDA between $831 million and $851 million [6][11] Financial Performance - Net income attributable to Vail Resorts for the third quarter was $392.8 million, up from $362.0 million in the prior year [6][10] - Resort Reported EBITDA for the third quarter was $647.7 million, a decrease of 1.0% from $654.4 million in the same period last year [6][10] - Total net revenue increased by $12.3 million, or 1.0%, to $1,295.6 million compared to the same period in the prior year [10][11] Season Pass Sales - Season pass sales through May 27, 2025, decreased approximately 1% in units but increased approximately 2% in sales dollars compared to the prior year [23][24] - The decline in units was attributed to new pass holders and lower tenured renewing pass holders, reflecting macro-economic conditions [24][25] - Epic Australia Pass sales increased approximately 20% in units and 8% in sales dollars compared to the prior year [25][26] Operational Highlights - Resort net revenue increased 3% year-to-date, driven by a 4% increase in season pass revenue and strong ancillary spending [4][10] - Ancillary spend per destination guest visit was strong, particularly in ski school and dining, despite lower overall visitation [3][4] - The company achieved 3% growth in Resort Reported EBITDA year-to-date, despite a 3% decline in total skier visits [4][10] Cost Management and Efficiency - The company is on track to achieve $100 million in annualized cost efficiencies by the end of fiscal year 2026, with $35 million expected in fiscal year 2025 [5][6] - One-time costs related to the resource efficiency transformation plan and CEO transition are expected to impact EBITDA by approximately $15 million and $9 million, respectively [11][12] Capital Allocation - The company declared a quarterly cash dividend of $2.22 per share, payable on July 9, 2025, and repurchased approximately 0.2 million shares during the quarter [20][22] - Total liquidity as of April 30, 2025, was approximately $1.6 billion, including $467 million in cash [19][20] Future Outlook - The updated guidance assumes a continuation of the current economic environment and normal weather conditions for the upcoming seasons [12][11] - The company plans to invest approximately $249 million to $254 million in capital expenditures for calendar year 2025, focusing on core capital and growth investments [21][22]

Core Viewpoint - Wall Street analysts anticipate Vail Resorts (MTN) to report quarterly earnings of $10 per share, reflecting a year-over-year increase of 4.8%, with revenues expected to reach $1.3 billion, up 1.5% from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised upward by 0.3% in the last 30 days, indicating a reassessment by analysts [1][2] - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock [2] Revenue Estimates - Analysts project 'Net Revenue- Lodging net revenue' to be $89.11 million, a year-over-year increase of 2.4% [4] - 'Net Revenue- Mountain net revenue' is expected to reach $1.22 billion, indicating a change of 1.8% year over year [4] - The estimate for 'Net Revenue- Resort net revenue' stands at $1.30 billion, reflecting a 1.4% increase from the prior year [4] Specific Revenue Components - 'Net Revenue- Lodging net revenue- Owned hotel rooms' is forecasted at $15.49 million, up 3.4% from the previous year [5] - 'Net Revenue- Mountain net revenue- Other' is estimated to be $58.24 million, a 3.3% increase year over year [5] - 'Net Revenue- Mountain net revenue- Lift' is projected at $758.84 million, reflecting a 1.8% increase [6] - 'Net Revenue- Mountain net revenue- Ski school' is expected to be $163.57 million, indicating a 1.4% increase [6] - 'Net Revenue- Mountain net revenue- Dining' is estimated at $110.73 million, a 1.2% increase from the prior year [7] Visitor and Performance Metrics - 'Mountain - Total skier visits' is expected to be 8.6 thousand, down from 8.94 thousand year over year [7] - 'Lodging - Managed condominium statistics - RevPAR' is projected to reach $214.69, slightly down from $215.53 in the same quarter last year [8] - 'Lodging - Owned hotel statistics - RevPAR' is expected to be $170.86, up from $166.25 in the same quarter last year [8] - 'Mountain - ETP' is projected at $88.50, an increase from $83.38 in the same quarter last year [9] Stock Performance - Vail Resorts shares have returned +14% over the past month, outperforming the Zacks S&P 500 composite's +6.1% change [9][10] - The company holds a Zacks Rank 3 (Hold), indicating expected performance in line with the overall market [10]

Core Viewpoint - The return of former CEO Rob Katz to Vail Resorts has positively impacted the company's stock, which rose nearly 9% in response to the news, contrasting with a decline in the S&P 500 [1][2]. Leadership Transition - Rob Katz has resumed his role as CEO, replacing Kirsten Lynch, who will remain as an advisor during a transitional period [2]. - Katz previously served as CEO for 16 years and was the executive chairperson at the time of his reappointment [4]. Company Performance and Guidance - Vail Resorts updated its fiscal year guidance, now expecting EBITDA to be at the lower end of the previous range of $841 million to $877 million, while the net income forecast remains unchanged at $257 million to $309 million [5]. - The impact of Katz's return on the company's future performance will be assessed in the upcoming quarters [6].

Group 1 - Vail Resorts, Inc. (NYSE: MTN) experienced a positive day for shareholders on May 28th, with an increase in share price [1] - The company operates ski resorts, a ski school, and other related assets, indicating a diversified business model within the winter sports industry [1] Group 2 - The article mentions a focus on analyzing cash flows and assessing the value of companies in the oil and gas sector, highlighting a value-oriented investment approach [1] - The investment philosophy referenced is based on Benjamin Graham's principles, emphasizing the search for businesses trading at significant discounts to their intrinsic value [1]

Core Viewpoint - Vail Resorts has appointed Rob Katz as the new CEO, succeeding Kirsten Lynch, and reaffirmed its 2025 guidance, indicating a potential turning point for revenue and earnings as the company nears the end of industry normalization challenges [1][2]. Group 1: Leadership Changes - Rob Katz, who previously served as CEO from 2006 to 2021, has returned to lead Vail Resorts, which may signal a strategic shift towards growth and operational efficiency [1][2]. - The appointment of Katz is seen as a response to the urgency for renewed revenue momentum, as evidenced by a 10% increase in stock price following the announcement [4]. Group 2: Financial Outlook - Analysts believe that Vail Resorts is positioned to experience an inflection point in both revenue and earnings, with expectations of double-digit EBITDA growth driven by Katz's leadership [3]. - The company aims to recapture approximately 250 basis points of EBITDA margin compared to FY19 through improved operating leverage [3]. Group 3: Market Reaction - Following the announcement, Vail Resorts' shares rose by 12%, reaching $169.66, reflecting positive market sentiment regarding the leadership change [5]. - JP Morgan upgraded the stock from Underweight to Neutral with a price forecast of $167, while BofA Securities raised its price forecast from $160 to $175, maintaining a Neutral rating [7].

Core Viewpoint - Vail Resorts Inc's shares have increased by 14.7% to $173.80 following the appointment of Rob Katz as CEO, replacing Kirsten Lynch, which has led to positive analyst reactions [1]. Group 1: Stock Performance - The stock is currently trading at its highest levels since January, although it remains down 7.2% year-to-date [2]. - Vail Resorts shares have surpassed several daily moving averages and are now above the $170 support level for 2024 [2]. - The options market has seen a significant increase in activity, with Vail Resorts stock experiencing 5.4 times the average options volume [2]. Group 2: Analyst Ratings - J.P. Morgan upgraded Vail Resorts to "neutral" from "underweight," while BofA Global Research raised its price target to $175 from $160 [1]. - The majority of analysts remain bearish on Vail Resorts, with eight out of 14 brokerages maintaining a "hold" rating and one a "sell" [3].

Leadership Transition - Rob Katz has been appointed as the CEO of Vail Resorts, succeeding Kirsten Lynch, who has stepped down from the role [1][2] - Katz has a strong track record with over 30 years at Vail Resorts, including 16 years as CEO, and is expected to drive innovation and consistent performance [2][5] - Kirsten Lynch will remain in an advisory role during the transition period and has been recognized for her contributions over her 14-year career with the company [2][3] Fiscal 2025 Outlook - The company reaffirms its fiscal 2025 guidance, expecting Resort Reported EBITDA to be in the lower half of the previously issued guidance range, excluding one-time costs related to the CEO transition [3][4] - Early season pass sales results are consistent with trends provided in the April metrics release, indicating stable demand [4] Company Overview - Vail Resorts operates a network of premier ski resorts, including Vail Mountain, Breckenridge, and Whistler Blackcomb, among others, and is committed to sustainability with a goal of achieving a zero net operating footprint by 2030 [7] - The company also manages a collection of hotels and retail locations across North America, enhancing its service offerings to guests [7]

Core Insights - Vail Resorts has announced the addition of Sölden, Austria, to the 2025/26 Epic Pass lineup, enhancing the skiing experience with its premium offerings and reliable snow conditions [1][5] - The Epic Pass provides access to 34 resorts across ten ski areas in Europe and 37 iconic North American mountain resorts, allowing flexibility for skiers and riders [6] Group 1: Sölden's Features and Offerings - Sölden is recognized for its high-altitude skiing, featuring two glaciers and advanced snowmaking technology, ensuring a world-class skiing experience from autumn through spring [1][2] - Unique attractions at Sölden include the 007 ELEMENTS James Bond experience, the ice Q gourmet restaurant, and the BIG3 Rally across the three highest peaks [2][3] - The resort hosts significant events such as the FIS Alpine Ski World Cup Opening and the Electric Mountain Festival, enhancing its appeal as a premier alpine destination [3] Group 2: Epic Pass Details - The Epic Pass is priced at $1,051 for adults and $537 for children, offering five days of access to Sölden, with promotional offers available until May 26 [4][8] - The pass allows skiers to purchase now and decide later on their skiing destinations, providing a flexible option for winter sports enthusiasts [6] - Recent additions to the Epic Pass lineup include other Austrian ski areas, further expanding the network of resorts available to pass holders [5]