Vail Resorts (MTN) Earnings Call Presentation

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]