•         Spend More Than Half the Year on the Slopes with Epic Pass, which Provides Access to More than 90 Resorts Across the World•         Epic Pass Holders Now Get "Epic Friend Tickets;" Lowest Price of Fall Ends Sept. 1 BROOMFIELD, Colo., Aug. 20, 2025 /PRNewswire/ -- Vail Resorts today announced target winter opening dates for the 2025/26 ski and ride season for resorts located in the North American Rocky Mountains and West, as well as Europe—plus a sneak peek at what's in the mix for guests this seas ...

Financial Performance & Growth - Vail Resorts' Epic Pass revenue is approaching $1 billion, accounting for 64% of total lift revenue[47] - The company anticipates approximately $4781 million in Free Cash Flow for FY25[50] - From FY15 to FY25E, Vail Resorts has demonstrated strong compound annual growth rates (CAGR) with Resort Revenue increasing by 8%, Resort Reported EBITDA by 9%, and Free Cash Flow by 10%[49] Advance Commitment Strategy - Advance commitment strategy has led to 74% of visits being committed in advance, enhancing stability and loyalty[18, 47] - The company's vision is to achieve >75% of lift revenue committed in advance[142] - Epic Pass launched in 2008, achieving steady growth and now almost $1B of lift revenue[77] Resource Efficiency & Capital Allocation - Vail Resorts aims to achieve $100 million in annualized efficiencies through its Resource Efficiency Transformation Plan by FY2027[232, 234] - The company has invested nearly $2 billion in capital over the last 10 years[18, 58] Guest Experience & Ancillary Revenue - Destination guests' Net Promoter Scores (NPS) have increased by 14% from FY23 to FY25[41] - Vail Resorts' Ski & Ride School lesson capture is higher than the industry average[156] - Vail Resorts North American Ski & Ride School Lesson Revenue is $287 million in FY24[147, 152]

Group 1: Kohl's Corporation - Kohl's continues to experience revenue declines in apparel, footwear, and legacy homes despite sales gains from in-store initiatives like Sephora and Home Décor [2] - Structural risks to Kohl's store footprint are significant, with adjusted debt/EBITDAR ending 2023 at 3.6x, above the company's target of ~2.5x, and projected leverage may exceed 4x through 2024–26 [3] - Analyst forecasts fiscal year 2025 EPS at 56 cents and fiscal year 2026 EPS at 53 cents, both above Street estimates, while maintaining an Underweight rating with a price forecast of $8 [4] Group 2: Vail Resorts, Inc. - Vail Resorts may be nearing a turning point in revenue and earnings, aided by the return of former CEO Katz and unique growth drivers [5] - Key advantages include a premium resort portfolio, upfront revenue from the Epic Pass strategy, and a resilient customer base of high-income, frequent skiers [5] - Projected fiscal year 2025 adjusted EBITDA is $866 million and fiscal year 2026 at $908 million, both slightly above Street estimates, with a Neutral rating and price forecast of $167 [6] Group 3: Foot Locker, Inc. - Foot Locker faces challenges from inconsistent same-store sales, increased promotions, and brand allocation changes, particularly with Nike [7] - Dick's Sporting Goods aims to revamp Foot Locker through a $2.4 billion acquisition to create a larger global retail sports platform and enhance omni-channel capabilities [7] - Analyst models fiscal year 2025 EPS for Foot Locker at $1.10, ahead of the Street's $1.00, with a projected rise to $1.65 for fiscal year 2026, maintaining a Neutral rating and price forecast of $24 [8]

Financial Data and Key Metrics Changes - The company's resort net revenue, excluding Cremontana, remained consistent with the prior year despite a 7% decline in visitation [17] - Resort reported EBITDA year to date achieved a 3% growth, driven by a 4% increase in season pass revenue and increased ancillary spend per guest [19] - The updated fiscal guidance for net income attributable to Vail Resorts is projected to be between $264 million and $298 million, with resort reported EBITDA expected to be between $831 million and $851 million [22] Business Line Data and Key Metrics Changes - Ancillary spend per destination guest visit was strong across ski school and dining businesses, although overall revenue in ancillary business was impacted by lower visitation [18] - The company achieved record frontline return rates and strong employee engagement scores across mountain resorts during the winter season [20] Market Data and Key Metrics Changes - North American visitation reflects improved conditions in the second quarter relative to the prior year, offset by a decline in visitation from selling fewer pass units this season [19] - Pass product sales through May 27, 2025, decreased approximately 1% in units but increased approximately 2% in sales dollars compared to the prior year [28] Company Strategy and Development Direction - The company aims to enhance guest and employee experience while driving financial success, focusing on guest engagement and loyalty as top priorities [14][16] - The resource efficiency transformation plan is expected to deliver approximately $100 million in annualized cost efficiencies by the end of fiscal year 2026 [21] - The company remains committed to balancing share repurchases and dividends while prioritizing investments that enhance guest and employee experience [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of macroeconomic volatility on guest behavior and ticket sales, emphasizing the importance of advanced commitment strategies [28][60] - The company is optimistic about maintaining trends in season pass sales, assuming a relatively stable macroeconomic environment [101] Other Important Information - The company declared a quarterly cash dividend of $2.22 per share, payable on July 9, 2025 [24] - The company repurchased approximately 200,000 shares at an average price of approximately $161 per share, totaling $30 million [25] Q&A Session Summary Question: What are the key levers for improving customer experience and revenue growth? - Management highlighted the need to build on existing investments in guest experience and innovate marketing efforts to connect with guests more effectively [35][37] Question: How does the company view the pricing strategy for lift ticket sales? - Management stated that while weather volatility is a factor, the focus remains on advanced commitment products and exploring pricing and product strategy adjustments [39][41] Question: What is the company's approach to labor and seasonal hiring? - Management emphasized the importance of employee experience and the need to support unionized employees while maintaining high retention rates [56][58] Question: How does the company plan to address the decline in lift ticket sales? - Management acknowledged the need for new approaches to drive lift ticket sales, particularly during off-peak periods, while maintaining the value of season passes [47][48] Question: What is the company's strategy regarding European partnerships and acquisitions? - Management expressed a preference for owning and operating resorts but remains open to partnerships that enhance the guest experience [72][74] Question: How does the company plan to innovate in ancillary revenue streams? - Management confirmed that enhancing offerings like Epic Gear and ski school remains a priority, alongside improved marketing strategies [108][110]

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 Viewpoint - Vail Resorts has appointed Rob Katz as the new CEO, succeeding Kirsten Lynch, and reaffirmed its 2025 guidance, indicating a potential turning point for revenue and earnings as the company nears the end of industry normalization challenges [1][2]. Group 1: Leadership Changes - Rob Katz, who previously served as CEO from 2006 to 2021, has returned to lead Vail Resorts, which may signal a strategic shift towards growth and operational efficiency [1][2]. - The appointment of Katz is seen as a response to the urgency for renewed revenue momentum, as evidenced by a 10% increase in stock price following the announcement [4]. Group 2: Financial Outlook - Analysts believe that Vail Resorts is positioned to experience an inflection point in both revenue and earnings, with expectations of double-digit EBITDA growth driven by Katz's leadership [3]. - The company aims to recapture approximately 250 basis points of EBITDA margin compared to FY19 through improved operating leverage [3]. Group 3: Market Reaction - Following the announcement, Vail Resorts' shares rose by 12%, reaching $169.66, reflecting positive market sentiment regarding the leadership change [5]. - JP Morgan upgraded the stock from Underweight to Neutral with a price forecast of $167, while BofA Securities raised its price forecast from $160 to $175, maintaining a Neutral rating [7].

Core Viewpoint - Vail Resorts Inc's shares have increased by 14.7% to $173.80 following the appointment of Rob Katz as CEO, replacing Kirsten Lynch, which has led to positive analyst reactions [1]. Group 1: Stock Performance - The stock is currently trading at its highest levels since January, although it remains down 7.2% year-to-date [2]. - Vail Resorts shares have surpassed several daily moving averages and are now above the $170 support level for 2024 [2]. - The options market has seen a significant increase in activity, with Vail Resorts stock experiencing 5.4 times the average options volume [2]. Group 2: Analyst Ratings - J.P. Morgan upgraded Vail Resorts to "neutral" from "underweight," while BofA Global Research raised its price target to $175 from $160 [1]. - The majority of analysts remain bearish on Vail Resorts, with eight out of 14 brokerages maintaining a "hold" rating and one a "sell" [3].

Leadership Transition - Rob Katz has been appointed as the CEO of Vail Resorts, succeeding Kirsten Lynch, who has stepped down from the role [1][2] - Katz has a strong track record with over 30 years at Vail Resorts, including 16 years as CEO, and is expected to drive innovation and consistent performance [2][5] - Kirsten Lynch will remain in an advisory role during the transition period and has been recognized for her contributions over her 14-year career with the company [2][3] Fiscal 2025 Outlook - The company reaffirms its fiscal 2025 guidance, expecting Resort Reported EBITDA to be in the lower half of the previously issued guidance range, excluding one-time costs related to the CEO transition [3][4] - Early season pass sales results are consistent with trends provided in the April metrics release, indicating stable demand [4] Company Overview - Vail Resorts operates a network of premier ski resorts, including Vail Mountain, Breckenridge, and Whistler Blackcomb, among others, and is committed to sustainability with a goal of achieving a zero net operating footprint by 2030 [7] - The company also manages a collection of hotels and retail locations across North America, enhancing its service offerings to guests [7]

Core Insights - Vail Resorts has announced the addition of Sölden, Austria, to the 2025/26 Epic Pass lineup, enhancing the skiing experience with its premium offerings and reliable snow conditions [1][5] - The Epic Pass provides access to 34 resorts across ten ski areas in Europe and 37 iconic North American mountain resorts, allowing flexibility for skiers and riders [6] Group 1: Sölden's Features and Offerings - Sölden is recognized for its high-altitude skiing, featuring two glaciers and advanced snowmaking technology, ensuring a world-class skiing experience from autumn through spring [1][2] - Unique attractions at Sölden include the 007 ELEMENTS James Bond experience, the ice Q gourmet restaurant, and the BIG3 Rally across the three highest peaks [2][3] - The resort hosts significant events such as the FIS Alpine Ski World Cup Opening and the Electric Mountain Festival, enhancing its appeal as a premier alpine destination [3] Group 2: Epic Pass Details - The Epic Pass is priced at $1,051 for adults and $537 for children, offering five days of access to Sölden, with promotional offers available until May 26 [4][8] - The pass allows skiers to purchase now and decide later on their skiing destinations, providing a flexible option for winter sports enthusiasts [6] - Recent additions to the Epic Pass lineup include other Austrian ski areas, further expanding the network of resorts available to pass holders [5]

Core Insights - Vail Resorts has announced the inclusion of Silvretta Montafon in the 2025/26 Epic Pass lineup, enhancing skiing options in Austria [1][4] - The Epic Pass provides access to a total of 33 resorts across nine ski areas in Europe, along with 37 resorts in North America [4] Company Overview - Vail Resorts operates a network of premier ski resorts, including Vail Mountain, Breckenridge, and Whistler Blackcomb, and is committed to achieving a zero net operating footprint by 2030 [5] - The company offers various pass options, including the Epic Pass priced at $1,051 for adults and $537 for children, available at the lowest price until May 26 [3][6] Industry Developments - The addition of Silvretta Montafon follows the recent inclusion of other Austrian ski areas such as Saalbach and Zell am See-Kaprun, expanding the Epic Pass offerings [4] - Silvretta Montafon features over 85 miles of slopes and will host the FIS Freestyle World Championship in 2027, highlighting its appeal to both skiers and snowboarders [2][3]