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 Insights - Vail Resorts is expanding access to Verbier 4 Vallées in Switzerland for the 2025/26 winter season, allowing all Epic Pass holders to enjoy five days of consecutive access [2][5] - The 2025/26 Epic Pass is currently available at the lowest price of the year, priced at $1,051 for adults and $537 for children, providing unlimited access to 42 owned resorts and partner resorts [6][8] - The company has invested over $2.5 billion in guest experience improvements over the past 15 years, focusing on innovations that enhance the skiing experience [10][12] Expansion of Access - All Epic Pass, Epic Local Pass, Epic Australia Pass, Epic Adaptive Pass, and Epic Australia Adaptive Pass holders will have access to Verbier 4 Vallées, which is Switzerland's largest ski area with 410 kilometers of runs [2][3] - Verbier 4 Vallées includes six unique resorts and offers a variety of experiences beyond skiing, such as culinary offerings and events [3][5] Pricing and Pass Options - The Epic Pass offers unlimited access to major resorts including Vail Mountain, Whistler Blackcomb, and Breckenridge, while the Epic Local Pass provides access to 29 resorts with some restrictions [6][8] - The Epic Day Pass allows customization for skiers and riders, providing significant savings compared to traditional lift ticket prices [7] Guest Experience Innovations - Vail Resorts has introduced several technological innovations such as Mobile Pass, My Epic Assistant, and My Epic Gear to enhance the guest experience [10][12] - The company has focused on reducing lift line wait times, achieving less than 3% occurrence of lift lines lasting more than 10 minutes during peak times [11] Future Developments - Additional investments are planned for the 2025/26 season, including the transformation of Park City Mountain's Canyons Village and the development of new lifts in Switzerland and Australia [12] - Vail Resorts aims to create unique experiences at each mountain resort, including culinary events and music festivals [12][13]