Vail Resorts(US:MTN)2025-06-05 20:14Revenue 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].