Vail Resorts(MTN) - 2024 Q4 - Annual Results

Financial Performance - Net income attributable to Vail Resorts, Inc. was $230.4 million for fiscal 2024, compared to $268.1 million in fiscal 2023[3] - Resort Reported EBITDA was $825.1 million for fiscal 2024, including an $11.1 million negative impact from Crans-Montana[3] - Fiscal 2025 outlook projects net income between $224 million and $300 million, and Resort Reported EBITDA between $838 million and $894 million[5] - The company's forecasted Total Reported EBITDA for fiscal year ending July 31, 2025 ranges from $827 million to $889 million[19] - Net income attributable to Vail Resorts, Inc. is projected to be between $224 million and $300 million for fiscal year 2025[19] - Net revenue for Mountain and Lodging services and other decreased to $201.7 million in July 2024 from $205.8 million in July 2023, while annual revenue increased to $2.39 billion from $2.37 billion[36] - Resort net revenue for July 2024 was $265.3 million, down from $269.7 million in July 2023, with annual revenue remaining stable at $2.88 billion[36] - Total net revenue for July 2024 was $265.4 million, a slight decrease from $269.8 million in July 2023, with annual revenue at $2.89 billion[36] - Mountain Reported EBITDA for July 2024 was a loss of $117.3 million, compared to a loss of $91.1 million in July 2023, while annual EBITDA was $802.1 million, down from $822.6 million[37] - Total Reported EBITDA for July 2024 was a loss of $115.9 million, compared to a loss of $88.0 million in July 2023, with annual EBITDA at $826.6 million, down from $833.1 million[37] - Net loss attributable to Vail Resorts, Inc. for July 2024 was $175.4 million, compared to $128.6 million in July 2023, with annual net income at $230.4 million, down from $268.1 million[36] - Basic net loss per share for July 2024 was $4.67, compared to $3.35 in July 2023, with annual basic net income per share at $6.08, down from $6.76[36] - Mountain segment net revenue decreased by 2.8% to $175.9 million for the three months ended July 2024, compared to $181.0 million in the same period last year[38] - Total skier visits declined by 19.4% to 699,000 for the three months ended July 2024, compared to 867,000 in the same period last year[38] - Lodging segment net revenue increased slightly by 0.9% to $89.4 million for the three months ended July 2024, compared to $88.7 million in the same period last year[39] - Mountain Reported EBITDA decreased by 28.8% to a loss of $117.3 million for the three months ended July 2024, compared to a loss of $91.1 million in the same period last year[38] - Lodging Reported EBITDA decreased by 35.4% to $2.8 million for the three months ended July 2024, compared to $4.3 million in the same period last year[39] - Net loss attributable to Vail Resorts, Inc. for the three months ended July 31, 2024, was $175.4 million, compared to $128.6 million in the same period in 2023[42] - Total Reported EBITDA for the twelve months ended July 31, 2024, was $826.6 million, slightly down from $833.1 million in 2023[42] - Mountain Reported EBITDA for the twelve months ended July 31, 2024, was $802.1 million, compared to $822.6 million in 2023[42] - Lodging Reported EBITDA for the twelve months ended July 31, 2024, increased to $23.0 million from $12.3 million in 2023[42] - Real Estate Reported EBITDA for the twelve months ended July 31, 2024, was $1.5 million, compared to a loss of $1.7 million in 2023[44] - Resort net revenue guidance for fiscal 2025 is projected at $3.03 billion, with an EBITDA margin of 28.6%[45] - Resort Reported EBITDA for the twelve months ended July 31, 2024, was $825.1 million, with a margin of 28.6%[45] Capital Investments and Projects - The company plans to invest $189 million to $194 million in capital projects for the 2024/2025 North American ski season, excluding additional investments in My Epic Gear and other initiatives[21] - My Epic Gear will launch for the 2024/2025 winter season with a membership limit of 60,000 to 80,000 members and requires an additional $13 million investment in premium gear fleet and fulfillment infrastructure[26] - The company plans to invest $8 million in growth capital projects at Andermatt-Sedrun in 2024, focusing on snowmaking infrastructure and on-mountain dining improvements[27] - Total capital plan for calendar year 2024 is expected to be between $216 million and $221 million, including investments in My Epic Gear, Andermatt-Sedrun, and Crans-Montana[28] - The company plans to replace lifts at Whistler Blackcomb, Hunter Mountain, and Perisher, with capital spending for Perisher's lift replacement continuing into 2025[22][23][28] Operational Efficiency and Cost Savings - The company expects to achieve $100 million in annualized savings by the end of fiscal 2026 through its resource efficiency transformation plan[4] - The resource efficiency transformation plan is expected to realize $27 million in savings in fiscal 2025 and $67 million in fiscal 2026[16] Shareholder Returns and Liquidity - The company repurchased 0.7 million shares in fiscal 2024, representing 1.9% of shares outstanding at the beginning of the fiscal year[6] - The company's total liquidity as of July 31, 2024 is approximately $946 million, including $323 million in cash and $623 million in revolver availability[20] - The company declared a quarterly cash dividend of $2.22 per share and repurchased 0.7 million shares at an average price of $208 for a total of $150 million in fiscal 2024[20] - Cash dividends declared per share increased to $2.22 in July 2024 from $2.06 in July 2023, with annual dividends at $8.56, up from $7.94[36] Revenue and Expenses - Pass product sales for the 2024/2025 North American ski season decreased 3% in units but increased 3% in sales dollars compared to the prior year[3] - Total lift revenue increased 1.5% to $1,442.8 million, driven by a 9.4% increase in pass revenue[7] - Ski school revenue increased 6.0% to $17.3 million, while dining revenue increased 1.3% to $2.9 million[8] - Mountain and Lodging operating expenses increased to $257.4 million in July 2024 from $242.2 million in July 2023, with annual expenses at $1.46 billion, up from $1.45 billion[36] - Total stock-based compensation for July 2024 was $6.6 million, slightly up from $6.3 million in July 2023, with annual compensation at $26.8 million, up from $25.4 million[37] Debt and Equity - Total debt decreased to $2.78 billion as of July 31, 2024, compared to $2.82 billion as of July 31, 2023[41] - Net debt increased to $2.46 billion as of July 31, 2024, compared to $2.26 billion as of July 31, 2023[41] - Total Vail Resorts, Inc. stockholders' equity decreased to $723.5 million as of July 31, 2024, compared to $1.00 billion as of July 31, 2023[41] - Net debt as of July 31, 2024, was $2.46 billion, with a Net Debt to Total Reported EBITDA ratio of 3.0x[43] Technology and Guest Experience - The company is investing in new technology, including the My Epic App, Mobile Pass, Mobile Lift Tickets, and My Epic Assistant, to enhance the guest experience[24] Lodging and Real Estate - Owned hotel ADR increased by 2.6% to $317.21 for the three months ended July 2024, compared to $309.23 in the same period last year[40] - Managed condominium RevPAR decreased by 18.6% to $46.30 for the three months ended July 2024, compared to $56.89 in the same period last year[40] Weather Impact - The company expects a $10 million decline in Resort Reported EBITDA in Australia for the first quarter of fiscal 2025 due to record low snowfall[17]