Workflow
Vail Resorts(MTN) - 2024 Q4 - Annual Results
MTNVail Resorts(MTN)2024-09-26 20:07

Financial Performance - Net income attributable to Vail Resorts, Inc. was 230.4millionforfiscal2024,comparedto230.4 million for fiscal 2024, compared to 268.1 million in fiscal 2023[3] - Resort Reported EBITDA was 825.1millionforfiscal2024,includingan825.1 million for fiscal 2024, including an 11.1 million negative impact from Crans-Montana[3] - Fiscal 2025 outlook projects net income between 224millionand224 million and 300 million, and Resort Reported EBITDA between 838millionand838 million and 894 million[5] - The company's forecasted Total Reported EBITDA for fiscal year ending July 31, 2025 ranges from 827millionto827 million to 889 million[19] - Net income attributable to Vail Resorts, Inc. is projected to be between 224millionand224 million and 300 million for fiscal year 2025[19] - Net revenue for Mountain and Lodging services and other decreased to 201.7millioninJuly2024from201.7 million in July 2024 from 205.8 million in July 2023, while annual revenue increased to 2.39billionfrom2.39 billion from 2.37 billion[36] - Resort net revenue for July 2024 was 265.3million,downfrom265.3 million, down from 269.7 million in July 2023, with annual revenue remaining stable at 2.88billion[36]−TotalnetrevenueforJuly2024was2.88 billion[36] - Total net revenue for July 2024 was 265.4 million, a slight decrease from 269.8millioninJuly2023,withannualrevenueat269.8 million in July 2023, with annual revenue at 2.89 billion[36] - Mountain Reported EBITDA for July 2024 was a loss of 117.3million,comparedtoalossof117.3 million, compared to a loss of 91.1 million in July 2023, while annual EBITDA was 802.1million,downfrom802.1 million, down from 822.6 million[37] - Total Reported EBITDA for July 2024 was a loss of 115.9million,comparedtoalossof115.9 million, compared to a loss of 88.0 million in July 2023, with annual EBITDA at 826.6million,downfrom826.6 million, down from 833.1 million[37] - Net loss attributable to Vail Resorts, Inc. for July 2024 was 175.4million,comparedto175.4 million, compared to 128.6 million in July 2023, with annual net income at 230.4million,downfrom230.4 million, down from 268.1 million[36] - Basic net loss per share for July 2024 was 4.67,comparedto4.67, compared to 3.35 in July 2023, with annual basic net income per share at 6.08,downfrom6.08, down from 6.76[36] - Mountain segment net revenue decreased by 2.8% to 175.9millionforthethreemonthsendedJuly2024,comparedto175.9 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 89.4millionforthethreemonthsendedJuly2024,comparedto89.4 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 117.3millionforthethreemonthsendedJuly2024,comparedtoalossof117.3 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 2.8millionforthethreemonthsendedJuly2024,comparedto2.8 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 175.4million,comparedto175.4 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 826.6million,slightlydownfrom826.6 million, slightly down from 833.1 million in 2023[42] - Mountain Reported EBITDA for the twelve months ended July 31, 2024, was 802.1million,comparedto802.1 million, compared to 822.6 million in 2023[42] - Lodging Reported EBITDA for the twelve months ended July 31, 2024, increased to 23.0millionfrom23.0 million from 12.3 million in 2023[42] - Real Estate Reported EBITDA for the twelve months ended July 31, 2024, was 1.5million,comparedtoalossof1.5 million, compared to a loss of 1.7 million in 2023[44] - Resort net revenue guidance for fiscal 2025 is projected at 3.03billion,withanEBITDAmarginof28.63.03 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 189millionto189 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 13millioninvestmentinpremiumgearfleetandfulfillmentinfrastructure[26]−Thecompanyplanstoinvest13 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 216millionand216 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 100millioninannualizedsavingsbytheendoffiscal2026throughitsresourceefficiencytransformationplan[4]−Theresourceefficiencytransformationplanisexpectedtorealize100 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 67millioninfiscal2026[16]ShareholderReturnsandLiquidity−Thecompanyrepurchased0.7millionsharesinfiscal2024,representing1.967 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 323millionincashand323 million in cash and 623 million in revolver availability[20] - The company declared a quarterly cash dividend of 2.22pershareandrepurchased0.7millionsharesatanaveragepriceof2.22 per share and repurchased 0.7 million shares at an average price of 208 for a total of 150millioninfiscal2024[20]−Cashdividendsdeclaredpershareincreasedto150 million in fiscal 2024[20] - Cash dividends declared per share increased to 2.22 in July 2024 from 2.06inJuly2023,withannualdividendsat2.06 in July 2023, with annual dividends at 8.56, up from 7.94[36]RevenueandExpenses−Passproductsalesforthe2024/2025NorthAmericanskiseasondecreased37.94[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 17.3million,whilediningrevenueincreased1.317.3 million, while dining revenue increased 1.3% to 2.9 million[8] - Mountain and Lodging operating expenses increased to 257.4millioninJuly2024from257.4 million in July 2024 from 242.2 million in July 2023, with annual expenses at 1.46billion,upfrom1.46 billion, up from 1.45 billion[36] - Total stock-based compensation for July 2024 was 6.6million,slightlyupfrom6.6 million, slightly up from 6.3 million in July 2023, with annual compensation at 26.8million,upfrom26.8 million, up from 25.4 million[37] Debt and Equity - Total debt decreased to 2.78billionasofJuly31,2024,comparedto2.78 billion as of July 31, 2024, compared to 2.82 billion as of July 31, 2023[41] - Net debt increased to 2.46billionasofJuly31,2024,comparedto2.46 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 723.5millionasofJuly31,2024,comparedto723.5 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 2.46billion,withaNetDebttoTotalReportedEBITDAratioof3.0x[43]TechnologyandGuestExperience−Thecompanyisinvestinginnewtechnology,includingtheMyEpicApp,MobilePass,MobileLiftTickets,andMyEpicAssistant,toenhancetheguestexperience[24]LodgingandRealEstate−OwnedhotelADRincreasedby2.62.46 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 309.23inthesameperiodlastyear[40]−ManagedcondominiumRevPARdecreasedby18.6309.23 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 56.89inthesameperiodlastyear[40]WeatherImpact−Thecompanyexpectsa56.89 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]