Core Viewpoint - Vail Resorts, Inc. reported mixed results for the fourth quarter of fiscal 2024, with earnings missing estimates while revenues exceeded expectations, although they declined year-over-year [1][3]. Financial Performance - The company reported a loss of $4.67 per share, wider than the Zacks Consensus Estimate of a loss of $4.28, compared to a loss of $3.35 in the prior-year quarter [3]. - Quarterly net revenues were $265.4 million, surpassing the consensus mark of $262.4 million, but down 1.6% year-over-year [3]. Segment Results - **Mountain Segment**: Generated net revenues of $175.9 million, down 2.8% year-over-year, with dining revenues increasing by 1.6% to $18 million, while retail/rental revenues fell by 7.2% to $24.3 million [5]. - **Lodging Segment**: Total net revenues were $89.4 million, up 0.9% year-over-year, with EBITDA decreasing to $2.8 million from $4.3 million in the prior-year quarter [6]. Operating Results - Consolidated EBITDA loss was $115.9 million, up from $88 million in the year-ago quarter, with total operating expenses reaching $380.9 million compared to $357.8 million previously [8]. Balance Sheet - Cash and cash equivalents totaled $322.8 million as of July 31, 2024, down from $563 million in the prior-year quarter, while net long-term debt decreased slightly to $2.72 billion from $2.75 billion [9]. Fiscal 2024 Highlights - Adjusted earnings per share for fiscal 2024 were $6.07, down from $8.74 in the previous fiscal year, with total net revenues at $2,885.2 million compared to $2,889.4 million in fiscal 2023 [11]. Other Updates - Season-to-date pass product sales dropped approximately 3% in units but increased nearly 3% in sales dollars compared to the prior-year period, attributed to an 8% price increase [12]. - Unit performance remained steady across both destination and local guest segments, with slight growth in Epic Day Pass products supported by strong renewals [13]. Fiscal 2025 Guidance - For fiscal 2025, net income is estimated to be between $224 million and $300 million, with total reported EBITDA expected between $827 million and $889 million [14].

Key Takeaways Vail Resorts announced a "transformation plan" that will include cutting 14% of its corporate workforce. CEO Kirsten Lynch called the changes a "natural progression" as the ski resort operator grows. Vail Resorts also reported a larger loss in the fourth quarter. After struggling this year because of limited snow and a falloff in visitors, ski resort operator Vail Resorts (MTN) announced a "transformation plan" that includes layoffs. Shares slumped as the company also reported a bigger loss fo ...

I covered Vail Resorts, Inc. (NYSE: MTN ) back in March 2024, following a disappointing second quarter and pointed out that the company was facing challenges with weather headwinds and would need to take I'm an insurance Case Manager with a deep interest in investing. My investment philosophy is all about buying high quality stocks and great businesses. My favorite businesses are those led by disciplined capital allocators, earn exceptional returns on capital, and can compound their invested capital over lo ...

Vail Resorts, Inc. (NYSE:MTN) Q4 2024 Earnings Conference Call September 26, 2024 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 Jeffrey Stantial - Stifel Megan Alexander - Morgan Stanley Xian Siew - BNP Paribas Brandt Montour - Barclays Patrick Scholes - Truist David Katz - Jefferies Benjamin Chaiken - Mizuho Operator Good afternoon, everyone. Welcome to t ...

Vail Resorts (MTN) reported $265.39 million in revenue for the quarter ended July 2024, representing a yearover-year decline of 1.6%. EPS of -$4.67 for the same period compares to -$3.35 a year ago. The reported revenue represents a surprise of +1.14% over the Zacks Consensus Estimate of $262.4 million. With the consensus EPS estimate being -$4.28, the EPS surprise was -9.11%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...

Vail Resorts (MTN) came out with a quarterly loss of $4.67 per share versus the Zacks Consensus Estimate of a loss of $4.28. This compares to loss of $3.35 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -9.11%. A quarter ago, it was expected that this ski resort operator would post earnings of $9.94 per share when it actually produced earnings of $9.54, delivering a surprise of -4.02%. Over the last four quarters, the compan ...

Mountain Operations - The Mountain segment operates 42 destination mountain resorts and regional ski areas, with four resorts among the top ten most visited in the U.S. for the 2023/2024 ski season [17]. - The North American Resorts had approximately 15.8 million skier visits during the 2023/2024 ski season, representing about 20.2% of total North American skier visits of approximately 78.4 million [31]. - The company completed a transformational lift-served terrain expansion project at Keystone Resort, increasing lift-served terrain by 555 acres with a new six-person high-speed lift [21]. - The company plans to invest in snowmaking projects at Park City, Hunter Mountain, and Andermatt-Sedrun in 2024 to enhance the early season guest experience [36]. - The acquisition of a controlling interest in Crans-Montana Mountain Resort marks the company's second owned and operated resort in Europe [24]. - The company aims to increase skier pass product penetration through data-driven marketing analytics, enhancing guest commitment prior to the ski season [34]. - The company operates three of the five largest ski areas in Australia, targeting over one million estimated Australian skier visits annually to North America, Europe, and Japan [30]. - The company has invested significantly in snowmaking systems to provide a consistent guest experience, particularly in early season conditions [36]. - The company is replacing existing lifts at Whistler Blackcomb and Hunter Mountain to increase uphill capacity and improve guest access to terrain [37]. - The company’s resorts are strategically positioned near key U.S. population centers, enhancing accessibility and driving skier visits [34]. - The company installed or upgraded several high-speed chairlifts and gondolas across five resorts for the 2023/2024 North American ski season, significantly increasing lift capacity and reducing wait times [38]. Revenue and Financial Performance - The pass products generated approximately 65% of total lift revenue and accounted for about 75% of total visitation (excluding complimentary access) for Fiscal 2024 [43]. - The average daily rate (ADR) for owned hotels was $317.65 with a paid occupancy rate of 50.9% and revenue per available room (RevPAR) of $161.82 for Fiscal 2024 [54]. - The company operates approximately 275 dining venues across its resorts for the 2023/2024 ski season [47]. - The company has approximately 330 retail/rental locations specializing in sporting goods, with a new rental membership program piloted in the 2023/2024 season [48]. Technology and Guest Experience - The company launched the My Epic App for the 2023/2024 ski season, allowing guests to purchase lift tickets online and access real-time information about trails and lift status [40]. - The My Epic Gear membership program was piloted in the 2023/2024 season and will launch at 12 resorts in the 2024/2025 season, providing gear delivery and management through the My Epic App [41]. - The company is committed to ongoing technological innovation to enhance the guest experience, including the launch of the My Epic Assistant for real-time support [41]. - The company has a central reservations system that enhances guest booking experiences across its resorts [57]. Sustainability and Environmental Initiatives - The company aims for a zero net operating footprint by 2030, including zero net emissions and zero waste to landfill [66]. - In Fiscal 2024, the company sponsored the reforestation of 10 acres impacted by wildfire, addressing 100% of the forests permanently impacted by its operations [69]. - The company continues to invest in sustainability initiatives, including renewable energy projects that will provide 100% clean electricity to Park City Mountain [67]. - The company emphasizes compliance with environmental laws and regulations, ensuring no material impact on capital expenditures or earnings [88]. Workforce and Diversity - The company employs approximately 7,600 year-round employees and around 44,900 seasonal employees during operating seasons [71]. - Women represent 54% of corporate senior leaders at the director level and above, and 52% of corporate roles overall [79]. - The company has a strong internal talent development strategy, with an internal fill rate of approximately 80% for senior leadership roles in Fiscal 2024 [74]. - The leadership development programs are designed for high-performing employees, focusing on emotional intelligence and service-based leadership [76]. - The company has developed women in leadership programs and an Employee Inclusion Network to foster an inclusive culture [79]. Community Engagement and Accessibility - In the 2023/2024 North American ski season, youth access programs served over 12,000 youth from 32 mountain communities [80]. - Nearly 3,400 Epic Adaptive passes were sold, providing access to all Vail Resorts owned and operated resorts [81]. - For the 2024/2025 North American ski season, approximately 6,100 frontline team members are expected to receive affordable housing [84]. Real Estate and Development - The Real Estate segment focuses on selling land parcels and planning future development projects, enhancing the guest experience and expanding revenue sources [60]. - GTLC operates under a concession agreement with the NPS, which has been extended to December 31, 2024, with expectations for further extension to December 31, 2025 [117]. - Flagg Ranch Company operates under a concession contract with the NPS, which expires on October 31, 2028, and pays a fee based on a percentage of sales [118]. Financial Risks and Liabilities - As of July 31, 2024, the company has approximately $0.6 billion in net variable rate indebtedness, representing about 22% of total debt, with an average interest rate of approximately 6.9% during Fiscal 2024 [307]. - A 100-basis point change in borrowing rates would result in an annual interest payment change of $6.1 million [307]. - The company is exposed to foreign currency translation risk, particularly with the Canadian dollar, Australian dollar, and Swiss franc, affecting financial results [308]. - Foreign currency translation adjustments resulted in losses of $67,384 thousand in 2024, compared to $25,439 thousand in 2023 and $46,493 thousand in 2022 [309]. - Foreign currency loss on intercompany loans was $4,140 thousand in 2024, up from $2,907 thousand in 2023 and $2,682 thousand in 2022 [309].

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) This section provides an overview of Vail Resorts' fiscal 2024 financial performance, season pass sales, strategic initiatives, and shareholder returns [Fiscal 2024 Full-Year Results](index=1&type=section&id=Fiscal%202024%20Full-Year%20Results) Vail Resorts experienced a decline in fiscal 2024 net income and Resort Reported EBITDA, primarily due to unfavorable weather and acquisition-related impacts Fiscal 2024 Full-Year Financial Performance | Financial Metric | Fiscal 2024 (USD) | Fiscal 2023 (USD) | Change | | :--- | :--- | :--- | :--- | | Net Income Attributable to Vail Resorts | $230.4 million | $268.1 million | -14.1% | | Resort Reported EBITDA | $825.1 million | $834.8 million | -1.2% | - The Crans-Montana acquisition had a negative impact of **$11.1 million** on fiscal 2024 Resort Reported EBITDA, which included **$7.9 million** in acquisition/integration expenses and a **$3.2 million** operating loss[3](index=3&type=chunk) - Overall performance was affected by a **9.5%** decline in skier visitation due to unfavorable conditions in North America and Australia, as well as industry normalization post-COVID[6](index=6&type=chunk) [Season Pass Sales Update](index=1&type=section&id=Season%20Pass%20Sales%20Update) Season pass sales for the 2024/2025 season show a decline in units but an increase in sales dollars, driven by price adjustments Season Pass Sales Performance (as of Sep 20, 2024) | Metric | Change vs. Prior Year | | :--- | :--- | | Pass Product Units Sold | ~ -3% | | Pass Product Sales Dollars | ~ +3% | - The decline in total units was driven by fewer new pass holders, which the company attributes to lower lift ticket visitation in the prior season (due to weather) reducing the pool of potential converts[14](index=14&type=chunk) [Resource Efficiency Transformation Plan](index=1&type=section&id=Resource%20Efficiency%20Transformation%20Plan) Vail Resorts initiated a two-year transformation plan to enhance efficiency, targeting significant annualized savings by fiscal 2026 - The plan focuses on three pillars: scaled operations, a global shared services model, and expanded workforce management[16](index=16&type=chunk) - Expected annualized savings are projected to be **$100 million** by the end of fiscal 2026[4](index=4&type=chunk)[16](index=16&type=chunk) - In fiscal 2025, the company anticipates realizing approximately **$27 million** in savings, offset by **$15 million** in one-time implementation costs[4](index=4&type=chunk)[16](index=16&type=chunk) [Shareholder Returns](index=2&type=section&id=Shareholder%20Returns) Vail Resorts continues its commitment to shareholder returns through quarterly dividends and significant share repurchases in fiscal 2024 - A quarterly cash dividend of **$2.22** per share will be paid on October 24, 2024[6](index=6&type=chunk)[20](index=20&type=chunk) - In fiscal 2024, the company repurchased **0.7 million** shares for **$150 million**, representing **1.9%** of shares outstanding at the beginning of the year[6](index=6&type=chunk)[20](index=20&type=chunk) - The Board of Directors increased the share repurchase authorization by **1.1 million** shares, bringing the total authorization to approximately **1.7 million** shares[6](index=6&type=chunk)[20](index=20&type=chunk) [Fiscal 2024 Operating Performance](index=3&type=section&id=Fiscal%202024%20Operating%20Performance) This section details the fiscal 2024 operating results across Vail Resorts' Mountain, Lodging, and combined Resort segments [Overall Performance](index=4&type=section&id=Overall%20Performance) Fiscal 2024 saw nearly flat total net revenue, but net income and diluted EPS declined due to increased taxes, interest, and depreciation Fiscal 2024 Overall Financial Performance | Metric | Fiscal 2024 (USD) | Fiscal 2023 (USD) | | :--- | :--- | :--- | | Total Net Revenue | $2,885.2 million | $2,889.4 million | | Net Income Attributable to Vail Resorts | $230.4 million | $268.1 million | | Diluted EPS | $6.07 | $6.74 | [Mountain Segment](index=3&type=section&id=Mountain%20Segment) The Mountain segment experienced mixed results with increased lift revenue offset by lower retail/rental revenue and a decline in skier visits, leading to reduced EBITDA Mountain Segment Revenue Performance | Revenue Category | YoY Change | Key Driver(s) | | :--- | :--- | :--- | | Total Lift Revenue | +1.5% | +9.4% in pass revenue | | Ski School Revenue | +6.0% | Increased guest spending per visit | | Dining Revenue | +1.3% | Increased guest spending per visit | | Retail/Rental Revenue | -12.3% | Lower skier visitation and exit of some stores | - Total skier visits for the year decreased by **9.5%** compared to fiscal 2023[38](index=38&type=chunk) - Mountain Reported EBITDA decreased by **2.5%** to **$802.1 million** for fiscal 2024, down from **$822.6 million** in the prior year[9](index=9&type=chunk)[37](index=37&type=chunk) [Lodging Segment](index=4&type=section&id=Lodging%20Segment) Despite a slight revenue decrease, the Lodging segment significantly improved its EBITDA due to effective operating expense reductions Lodging Segment Financial Performance | Metric | Fiscal 2024 (USD) | Fiscal 2023 (USD) | YoY Change | | :--- | :--- | :--- | :--- | | Lodging Net Revenue (excl. reimbursements) | $319.8 million | $323.1 million | -1.0% | | Lodging Reported EBITDA | $23.0 million | $12.3 million | +87.6% | - The decrease in revenue was driven by a reduction in managed condominium room inventory and lower demand, partially offset by increased revenue at Grand Teton Lodge Company[10](index=10&type=chunk) [Resort - Combination of Mountain and Lodging Segments](index=4&type=section&id=Resort%20-%20Combination%20of%20Mountain%20and%20Lodging%20Segments) Combined Resort net revenue remained flat in fiscal 2024, but Resort Reported EBITDA declined due to challenges, especially in the Australian operations Resort Segment Combined Financial Performance | Metric | Fiscal 2024 (USD) | Fiscal 2023 (USD) | YoY Change | | :--- | :--- | :--- | :--- | | Resort Net Revenue | $2,880.5 million | $2,881.3 million | ~0.0% | | Resort Reported EBITDA | $825.1 million | $834.8 million | -1.2% | - Fourth quarter Resort Reported EBITDA declined from the prior year, primarily due to underperformance in the Australian winter business, where skier visitation fell **18%** due to poor snowfall[6](index=6&type=chunk) [Fiscal 2025 Outlook & Guidance](index=2&type=section&id=Fiscal%202025%20Outlook%20%26%20Guidance) This section outlines Vail Resorts' financial projections for fiscal 2025, including key assumptions and anticipated operational factors [FY2025 Financial Guidance](index=2&type=section&id=FY2025%20Financial%20Guidance) Vail Resorts provides fiscal 2025 guidance for net income and Resort Reported EBITDA, incorporating one-time transformation and acquisition costs Fiscal 2025 Financial Guidance | Metric | FY2025 Guidance (Low End, USD) | FY2025 Guidance (High End, USD) | | :--- | :--- | :--- | | Net Income Attributable to Vail Resorts | $224 million | $300 million | | Resort Reported EBITDA | $838 million | $894 million | | Total Reported EBITDA | $827 million | $889 million | - The guidance includes an estimated **$15 million** in one-time costs for the resource efficiency transformation plan and **$1 million** in integration expenses for Crans-Montana[17](index=17&type=chunk) [Key Assumptions & Factors](index=6&type=section&id=Key%20Assumptions%20%26%20Factors) Fiscal 2025 guidance relies on assumptions including normal weather, stable economic conditions, and specific foreign exchange rates, factoring in Australian operational impacts - Assumes a return to normal weather conditions for the 2024/2025 Northern Hemisphere and 2025 Australian ski seasons[18](index=18&type=chunk) - A **$10 million** decline in Resort Reported EBITDA from Australian operations is expected in Q1 FY2025 compared to the prior year[17](index=17&type=chunk) - Guidance is predicated on the following exchange rates: USD/CAD at **$0.74**, USD/AUD at **$0.67**, and USD/CHF at **$1.18**[18](index=18&type=chunk) [Capital Allocation & Investments](index=9&type=section&id=Capital%20Allocation%20%26%20Investments) This section reviews Vail Resorts' liquidity position, capital allocation strategy, and planned investments for calendar years 2024 and 2025 [Liquidity and Return of Capital](index=9&type=section&id=Liquidity%20and%20Return%20of%20Capital) Vail Resorts maintains strong liquidity and a balanced net debt position, prioritizing capital returns to shareholders through dividends and repurchases - Total liquidity was **$946 million**, comprising **$323 million** in cash and **$623 million** in revolver availability[20](index=20&type=chunk) - Net Debt to trailing twelve months Total Reported EBITDA ratio was **3.0x**[20](index=20&type=chunk)[43](index=43&type=chunk) - Capital allocation priorities are investments in guest/employee experience, high-return projects, strategic acquisitions, and returning capital to shareholders[21](index=21&type=chunk) [Calendar Year 2024 & 2025 Capital Investments](index=9&type=section&id=Calendar%20Year%202024%20%26%202025%20Capital%20Investments) Vail Resorts outlines significant capital investments for calendar years 2024 and 2025, focusing on lift upgrades, technology, and new guest programs - The total capital plan for calendar year 2024 is estimated at **$216 million** to **$221 million**[28](index=28&type=chunk) - Key 2024 projects include a new six-person lift at Whistler Blackcomb (Jersey Cream) and Hunter Mountain (Broadway), plus snowmaking enhancements[22](index=22&type=chunk)[23](index=23&type=chunk) - The company is launching My Epic Gear for the 2024/2025 season at **12** resorts, supported by a **$13 million** incremental capital investment in 2024[26](index=26&type=chunk)[28](index=28&type=chunk) - Announced calendar year 2025 projects include replacing the Sunrise lift at Park City with a **10-person** gondola and replacing lifts at Perisher in Australia[28](index=28&type=chunk) [Financial Statements & Reconciliations](index=15&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section presents the detailed consolidated financial statements and reconciliations of non-GAAP financial measures for Vail Resorts [Key Financial Tables](index=15&type=section&id=Key%20Financial%20Tables) Detailed financial statements and non-GAAP reconciliations are provided, highlighting fiscal 2024 total net revenue, net income, and diluted EPS Fiscal Year Consolidated Statement of Operations Highlights (in thousands USD) | Line Item | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Total net revenue | $2,885,191 | $2,889,364 | | Income from operations | $491,429 | $505,097 | | Net income attributable to Vail Resorts, Inc. | $230,405 | $268,148 | | Diluted net income per share | $6.07 | $6.74 | Reported EBITDA Reconciliation (in thousands USD) | Segment | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Mountain Reported EBITDA | $802,072 | $822,570 | | Lodging Reported EBITDA | $23,018 | $12,267 | | **Resort Reported EBITDA** | **$825,090** | **$834,837** | | **Total Reported EBITDA** | **$826,565** | **$833,109** |

BROOMFIELD, Colo., Sept. 26, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the fourth quarter and fiscal year ended July 31, 2024 and reported results of season-to-date pass product sales. Vail Resorts also provided its outlook for the fiscal year ending July 31, 2025, announced a $100 million multi-year resource efficiency transformation plan, declared a dividend payable in October 2024 and announced share repurchases completed during the fourth quarter. Highlights Net inco ...

Vail Resorts, Inc. (MTN) is scheduled to report fourth-quarter fiscal 2024 results on Sept. 26, after the closing bell. In the last quarter, MTN's earnings and net revenues missed the Zacks Consensus Estimate by 4% and 2.1%, respectively. How are MTN's Estimates Placed? The Zacks Consensus Estimate for the fiscal fourth-quarter loss per share has widened in the past seven days to $4.28 from $4.26. The current estimate indicates a 27.8% decline from the reported value in the year-ago quarter. The consensus m ...