Vail Resorts Reports Fiscal 2024 Fourth Quarter and Full Year Results and Provides Fiscal 2025 Outlook
Vail Resorts (NYSE: MTN) reported fiscal 2024 results and provided a 2025 outlook. Key highlights include:
- Net income of $230.4 million for fiscal 2024, down from $268.1 million in 2023
- Resort Reported EBITDA of $825.1 million for fiscal 2024
- Pass product sales for 2024/2025 season decreased 3% in units but increased 3% in sales dollars
- Announced $100 million resource efficiency plan to achieve annualized savings by fiscal 2026
- Fiscal 2025 outlook: Net income of $224-300 million, Resort Reported EBITDA of $838-894 million
- Declared quarterly dividend of $2.22 per share
- Repurchased 0.7 million shares in fiscal 2024 for $150 million
Results were impacted by a 9.5% decline in skier visitation due to unfavorable weather and industry normalization. The company expects growth in fiscal 2025 from pricing, ancillary spending, and efficiency initiatives.
Vail Resorts (NYSE: MTN) ha riportato i risultati fiscali per il 2024 e fornito una previsione per il 2025. I punti salienti includono:
- Utile netto di 230,4 milioni di dollari per l'anno fiscale 2024, in calo rispetto ai 268,1 milioni di dollari del 2023
- EBITDA riportato dai resort di 825,1 milioni di dollari per l'anno fiscale 2024
- Le vendite di pass per la stagione 2024/2025 sono diminuite del 3% in unità ma aumentate del 3% in valore delle vendite
- Annunciato un piano di efficienza delle risorse da 100 milioni di dollari per raggiungere risparmi annualizzati entro l'anno fiscale 2026
- Previsioni per l'anno fiscale 2025: utile netto tra 224 e 300 milioni di dollari, EBITDA riportato dai resort tra 838 e 894 milioni di dollari
- Dichiarato un dividendo trimestrale di 2,22 dollari per azione
- Riacquisto di 0,7 milioni di azioni nell'anno fiscale 2024 per un totale di 150 milioni di dollari
I risultati sono stati influenzati da un calo del 9,5% nelle visite degli sciatori a causa di condizioni meteorologiche sfavorevoli e di una normalizzazione del settore. L'azienda prevede una crescita nell'anno fiscale 2025 grazie all'aumento dei prezzi, della spesa accessoria e delle iniziative di efficienza.
Vail Resorts (NYSE: MTN) reportó los resultados fiscales de 2024 y proporcionó una perspectiva para 2025. Los aspectos más destacados incluyen:
- Ingreso neto de 230.4 millones de dólares para el año fiscal 2024, en comparación con 268.1 millones de dólares en 2023
- EBITDA reportado de los resorts de 825.1 millones de dólares para el año fiscal 2024
- Las ventas de productos de pase para la temporada 2024/2025 disminuyeron un 3% en unidades, pero aumentaron un 3% en dólares de ventas
- Anuncio de un plan de eficiencia de recursos de 100 millones de dólares para lograr ahorros anuales para el año fiscal 2026
- Perspectiva para el año fiscal 2025: ingreso neto de 224 a 300 millones de dólares, EBITDA reportado de los resorts entre 838 y 894 millones de dólares
- Declarado un dividendo trimestral de 2.22 dólares por acción
- Recompra de 0.7 millones de acciones en el año fiscal 2024 por 150 millones de dólares
Los resultados fueron impactados por una disminución del 9.5% en las visitas de esquiadores debido a condiciones climáticas desfavorables y una normalización de la industria. La empresa espera crecimiento en el año fiscal 2025 gracias a precios, gastos auxiliares e iniciativas de eficiencia.
Vail Resorts (NYSE: MTN)는 2024 회계연도 결과를 보고하고 2025년도 전망을 제시했습니다. 주요 하이라이트는 다음과 같습니다:
- 2024 회계연도 순이익 2억 3천만 달러로, 2023년의 2억 6천8백만 달러에서 감소
- 2024 회계연도 리조트 보고 EBITDA 8억 2천5백만 달러
- 2024/2025 시즌 패스 제품 판매는 단위 기준으로 3% 감소했지만 판매액은 3% 증가
- 2026 회계연도까지 연간 절약을 달성하기 위한 1억 달러의 자원 효율성 계획 발표
- 2025 회계연도 전망: 순이익 2억 2천4백만 달러에서 3억 달러, 리조트 보고 EBITDA 8억 3천8백만에서 8억 9천4백만 달러
- 주당 배당금 2.22달러 선언
- 2024 회계연도에 150 백만 달러에 70만 주 매입
결과는 악재 날씨와 산업 정상화로 인한 스키어 방문객 수의 9.5% 감소로 영향을 받았습니다. 회사는 가격 인상, 부가 지출 및 효율성 이니셔티브를 통해 2025 회계연도에 성장을 기대하고 있습니다.
Vail Resorts (NYSE: MTN) a rapporté les résultats fiscaux pour 2024 et a fourni des prévisions pour 2025. Les points forts incluent :
- Revenus nets de 230,4 millions de dollars pour l'exercice 2024, en baisse par rapport à 268,1 millions de dollars en 2023
- EBITDA déclaré des stations de 825,1 millions de dollars pour l'exercice 2024
- Les ventes de produits de pass pour la saison 2024/2025 ont diminué de 3 % en unités mais ont augmenté de 3 % en chiffre d'affaires
- Annonce d'un plan d'efficacité des ressources de 100 millions de dollars pour réaliser des économies annuelles d'ici l'exercice 2026
- Prévision pour l'exercice 2025 : revenus nets de 224 à 300 millions de dollars, EBITDA déclaré des stations de 838 à 894 millions de dollars
- Dividende trimestriel déclaré de 2,22 dollars par action
- Rachat de 0,7 million d'actions au cours de l'exercice 2024 pour 150 millions de dollars
Les résultats ont été impactés par une baisse de 9,5 % des visites de skieurs en raison de conditions météorologiques défavorables et d'une normalisation de l'industrie. L'entreprise s'attend à une croissance pour l'exercice 2025 grâce aux augmentations de prix, aux dépenses accessoires et aux initiatives d'efficacité.
Vail Resorts (NYSE: MTN) hat die Ergebnisse für das Geschäftsjahr 2024 veröffentlicht und einen Ausblick für 2025 gegeben. Die wichtigsten Punkte sind:
- Nettogewinn von 230,4 Millionen Dollar für das Geschäftsjahr 2024, ein Rückgang gegenüber 268,1 Millionen Dollar im Jahr 2023
- Reportiertes EBITDA der Resorts von 825,1 Millionen Dollar für das Geschäftsjahr 2024
- Verkaufszahlen der Passprodukte für die Saison 2024/2025 sanken um 3% in den Einheiten, stiegen jedoch um 3% in Verkaufsbeträgen
- Ankündigung eines Effizienzplans für Ressourcen in Höhe von 100 Millionen Dollar, um jährliche Einsparungen bis zum Geschäftsjahr 2026 zu erreichen
- Ausblick für das Geschäftsjahr 2025: Nettogewinn zwischen 224 und 300 Millionen Dollar, reportiertes EBITDA der Resorts zwischen 838 und 894 Millionen Dollar
- Erklärung einer vierteljährlichen Dividende von 2,22 Dollar pro Aktie
- Rückkauf von 0,7 Millionen Aktien im Geschäftsjahr 2024 für 150 Millionen Dollar
Die Ergebnisse wurden durch einen Rückgang der Skibezüge um 9,5% aufgrund ungünstiger Wetterbedingungen und einer Normalisierung der Branche beeinträchtigt. Das Unternehmen erwartet für das Geschäftsjahr 2025 ein Wachstum durch Preissteigerungen, zusätzliche Ausgaben und Effizienzinitiativen.
- Pass product sales for 2024/2025 season increased 3% in sales dollars
- Announced $100 million resource efficiency plan to achieve annualized savings by fiscal 2026
- Declared quarterly dividend of $2.22 per share
- Repurchased 0.7 million shares in fiscal 2024 for $150 million
- Expecting growth in fiscal 2025 from pricing, ancillary spending, and efficiency initiatives
- Net income decreased from $268.1 million in 2023 to $230.4 million in 2024
- 9.5% decline in skier visitation due to unfavorable weather and industry normalization
- Pass product sales for 2024/2025 season decreased 3% in units
- Snowfall across western resorts was down 28% from the prior year
- Australian skier visitation declined 18% in Q4 due to challenging conditions
Insights
Vail Resorts' fiscal 2024 results and 2025 outlook present a mixed picture. Despite challenging weather conditions and industry normalization, the company demonstrated resilience:
- Fiscal 2024 net income was
$230.4 million , down from$268.1 million in 2023 - Resort Reported EBITDA was
$825.1 million , slightly below 2023's$834.8 million - Pass product sales for 2024/2025 season decreased
3% in units but increased3% in sales dollars
The
The maintained dividend and share repurchases signal confidence, but investors should monitor weather impacts and the success of the efficiency plan closely.
Vail Resorts' performance reflects broader industry trends and specific challenges:
- Weather impact: Snowfall down
28% at western resorts, affecting visitation - Industry normalization: Post-COVID adjustment from record 2022/2023 visitation
- Resilient pass strategy:
9.4% increase in pass revenue despite9.5% decline in skier visitation - Ancillary revenue growth: Strong performance in ski school, dining and rental businesses
The
Highlights
- Net income attributable to Vail Resorts, Inc. was
for fiscal 2024 compared to net income attributable to Vail Resorts, Inc. of$230.4 million for fiscal 2023.$268.1 million - Resort Reported EBITDA was
for fiscal 2024, which included an$825.1 million negative impact related to Crans-Montana, including negative$11.1 million from acquisition, closing, and integration expenses and negative$7.9 million from operating results in the fourth quarter. Resort Reported EBITDA was$3.2 million for fiscal 2023.$834.8 million - Pass product sales through September 20, 2024 for the upcoming 2024/2025 North American ski season decreased approximately
3% in units and increased approximately3% in sales dollars as compared to the prior year period through September 22, 2023. These figures are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying currentU.S. dollar exchange rates to both current period and prior period sales for Whistler Blackcomb. - The Company announced a two-year resource efficiency transformation plan including scaled operations, global shared services, and expanded workforce management to create organizational effectiveness and scale for operating leverage as the Company expands and grows globally. The Company expects to achieve
in annualized savings by the end of fiscal 2026 before one-time costs, with approximately$100 million realized in fiscal 2025 before$27 million of one-time costs.$15 million - The Company provided its outlook for fiscal 2025 and expects net income attributable to Vail Resorts, Inc. to be between
and$224 million and Resort Reported EBITDA to be between$300 million and$838 million . This outlook reflects an expected Resort Reported EBITDA decline in$894 million Australia of for the first fiscal quarter of 2025 compared to the prior year, an estimated$10 million impact related to one-time costs in support of the Company's resource efficiency transformation plan, and an estimated$15 million impact related to acquisition and integration related expenses specific to Crans-Montana.$1 million - The Company declared a quarterly cash dividend of
per share of Vail Resorts' common stock that will be paid on October 24, 2024 to shareholders of record as of October 8, 2024. In addition, the Company repurchased approximately 0.1 million shares during the quarter at an average price of approximately$2.22 per share for a total of$180 . For the full fiscal year, the Company repurchased approximately 0.7 million shares, or$25 million 1.9% of shares outstanding as of the beginning of fiscal 2024, at an average price of approximately per share for a total of$208 . The Board of Directors increased the Company's authorization for share repurchases by 1.1 million shares to approximately 1.7 million shares.$150 million
Commenting on the Company's fiscal 2024 results, Kirsten Lynch, Chief Executive Officer, said, "Our overall results for the year highlight the stability and resilience of our advance commitment strategy. Skier visitation declined
Regarding the Company's fiscal 2024 fourth quarter results, Lynch said, "Fourth quarter Resort Reported EBITDA declined from the prior year and expectations, primarily driven by underperformance in our Australian winter business. During the fourth quarter, snowfall at our Australian resorts declined
Operating Results
A more complete discussion of our operating results can be found within the Management's Discussion and Analysis of Financial Condition and Results of Operations section of the Company's Form 10-K for the fiscal year ended July 31, 2024, which was filed today with the Securities and Exchange Commission. The discussion of operating results below compares the results for the fiscal year ended July 31, 2024 to the fiscal year ended July 31, 2023, unless otherwise noted. The following are segment highlights:
Mountain Segment
- Total lift revenue increased
, or$21.9 million 1.5% , to primarily due to an increase in pass revenue of$1,442.8 million 9.4% , which was primarily driven by an increase in pass product sales for the 2023/2024 North American ski season compared to the prior year, partially offset by a decrease in non-pass revenue of10.7% , primarily driven by challenging conditions at our North American resorts for a large portion of the season compared to the prior year, as well as broader industry normalization post-COVID following record visitation inNorth America during the 2022/2023 ski season, and a decrease in non-pass revenue at our Australian resorts as a result of decreased visitation from weather-related challenges that impacted terrain during the 2023 and 2024 Australian ski seasons, compared to record visitation and favorable snow conditions in the 2022 Australian ski season. The decrease in non-pass revenue was partially offset by an increase in non-pass Effective Ticket Price ("ETP") of11.2% . - Ski school revenue increased
, or$17.3 million 6.0% and dining revenue increased , or$2.9 million 1.3% , both primarily as a result of an increase in guest spending per visit at our North American resorts. Retail/rental revenue decreased , or$44.3 million 12.3% , for which retail sales decreased , or$29.2 million 13.8% , and rental sales decreased , or$15.2 million 10.1% . The decrease in both retail and rental revenue was primarily driven by a decrease in skier visitation which impacted sales at our on-mountain retail outlets inNorth America , as well as our exit of certain leased store operations which we operated in the prior year, which resulted in a revenue reduction of approximately .$18.2 million - Operating expense increased
, or$24.4 million 1.4% , which was primarily attributable to an increase in general and administrative expenses, property tax expense, and repairs and maintenance expense, partially offset by reduced labor hours at our North American resorts in the current year as a result of challenging weather conditions that existed for a large portion of the season, which impacted our ability to operate at full capacity, as well as disciplined cost management. - Mountain Reported EBITDA decreased
, or$20.5 million 2.5% , which includes of stock-based compensation for fiscal 2024 compared to$23.2 million in the prior year.$21.2 million
Lodging Segment
- Lodging segment net revenue (excluding payroll cost reimbursements) decreased
, or$3.3 million 1.0% , primarily due to a decrease in revenue from managed condominium rooms as a result of a reduction in our inventory of available managed condominium rooms proximate to our mountain resorts, as well as decreased demand, including the impact of decreased skier visitation driven by challenging weather conditions at our North American resorts for a large portion of the season compared to the prior year. This decrease was partially offset by an increase in revenue from owned hotel rooms, primarily due to an increase in revenue at Grand Teton Lodge Company as a result of improved visitation which was assisted by favorable weather conditions, and which enabled increased room pricing for owned hotel rooms and resulted in higher Average Daily Rate ("ADR"). - Operating expense (excluding reimbursed payroll costs) decreased
, or$14.1 million 4.5% , which was primarily attributable to lower staffing required to support a reduced inventory of managed condominium rooms and a reduction in labor hours as a result of decreased demand. - Lodging Reported EBITDA increased
, or$10.8 million 87.6% , which includes of stock-based compensation expense in fiscal 2024 compared to$3.3 million in the prior year.$4.0 million
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue was
for fiscal 2024, a decrease of$2,880.5 million , compared to resort net revenue of$0.8 million for fiscal 2023.$2,881.3 million - Resort Reported EBITDA was
for fiscal 2024, a decrease of$825.1 million , or$9.7 million 1.2% , compared to fiscal 2023.
Total Performance
- Total net revenue decreased
, or$4.2 million 0.1% , to for fiscal 2024.$2,885.2 million - Net income attributable to Vail Resorts, Inc. was
, or$230.4 million per diluted share, for fiscal 2024 compared to net income attributable to Vail Resorts, Inc. of$6.07 , or$268.1 million per diluted share, in fiscal 2023. The decrease in net income attributable to Vail Resorts, Inc. was primarily due to: (i) an increase in our provision for income taxes, primarily due to an increase in net unfavorable discrete items impacting the tax provision in fiscal 2024 compared to the prior year; (ii) decreased Resort Reported EBITDA; (iii) an increase in interest expense due to an increase in variable interest rates associated with the unhedged portion of our term loan borrowings under our$6.74 U.S. credit agreement during fiscal 2024 compared to the prior year; and (iv) an increase in depreciation and amortization expense, primarily due to capital projects recently completed at our resorts and assets acquired at Crans-Montana.
Season Pass Sales
Pass product sales through September 20, 2024 for the upcoming 2024/2025 North American ski season decreased approximately
Commenting on the Company's season pass sales, Lynch said, "For the period between May 29, 2024 and September 20, 2024, pass product sales trends improved relative to spring pass product sales through May 28, 2024, with unit growth approximately flat and sales dollars growth of approximately
"Season to date through September 20, 2024, the pass business achieved growth among renewing pass holders, demonstrating strong loyalty among our most tenured pass holders (those that have had a pass for three years or more) to the guest experience at our mountain resorts and the compelling value proposition of our pass products. The decline in total units versus last year was driven by a decline in new pass holders. Within new pass holders, we saw growth from guests who previously purchased passes but did not buy a pass in the previous season, offset by a decline of new pass purchases from guests in our database who purchased lift tickets in the past season, as well as a decline from guests who are completely new to our database. The decline in lift ticket visitation in the past season, driven by challenging weather and industry normalization, reduced that audience size of guests to drive conversion into pass holders, and the weather may have delayed the decision-making timing for new guests. Overall, unit performance is consistent across destination and local guest segments, and Epic Day Pass products achieved modest unit growth driven by the strength in renewing pass holders. As we enter the final period for season pass sales, we expect our December 2024 season to date growth rates to be relatively consistent with our September 2024 season to date growth rates."
Resource Efficiency Transformation Plan
Commenting on the Company's multi-year resource efficiency transformation plan, Lynch said, "Over the past decade, Vail Resorts has expanded significantly, growing from 10 to 42 owned and operated mountain resorts, more than doubling our workforce. During that expansion, the Company captured initial acquisition synergies in corporate support functions and technology integration. However, as we have shared publicly over the past two years, the Company has a unique opportunity to further transform resource efficiency given the scale of our 42 owned and operated mountain resorts, a common enterprise-wide technology ecosystem, and robust data and analytics capabilities.
"The Company is implementing a two-year resource efficiency transformation plan to create organizational effectiveness and scale for operating leverage as the Company expands and grows globally. The transformation plan is focused on three pillars: scaled operations, a global shared services model and guest support center, and an expansion of workforce management. We expect that the transformation plan will achieve
"We expect the efficiencies to be partially offset by one-time operating expenses of approximately
Guidance
The Company is providing its initial guidance for the year ending July 31, 2025 and expects net income attributable to Vail Resorts, Inc. to be between
The guidance is based on certain assumptions, including (1) a continuation of the current economic environment, (2) normal weather conditions for the 2024/2025 North American and European ski season and the 2025 Australian ski season, and reflects the challenging conditions in
The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2025 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.
Fiscal 2025 Guidance | |||
(In thousands) | |||
For the Year Ending | |||
July 31, 2025 (6) | |||
Low End | High End | ||
Range | Range | ||
Net income attributable to Vail Resorts, Inc. | $ 224,000 | $ 300,000 | |
Net income attributable to noncontrolling interests | 23,000 | 17,000 | |
Net income | 247,000 | 317,000 | |
Provision for income taxes (1) | 86,000 | 110,000 | |
Income before income taxes | 333,000 | 427,000 | |
Depreciation and amortization | 295,000 | 279,000 | |
Interest expense, net | 176,000 | 168,000 | |
Other (2) | 23,000 | 15,000 | |
Total Reported EBITDA | $ 827,000 | $ 889,000 | |
Mountain Reported EBITDA (3) | $ 818,000 | $ 872,000 | |
Lodging Reported EBITDA (4) | 16,000 | 26,000 | |
Resort Reported EBITDA (5) | 838,000 | 894,000 | |
Real Estate Reported EBITDA | (11,000) | (5,000) | |
Total Reported EBITDA | $ 827,000 | $ 889,000 | |
(1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price. | |||
(2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes. | |||
(3) Mountain Reported EBITDA also includes approximately | |||
(4) Lodging Reported EBITDA also includes approximately | |||
(5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. | |||
(6) Guidance estimates are predicated on an exchange rate of
|
Liquidity and Return of Capital
As of July 31, 2024, the Company's total liquidity as measured by total cash plus revolver availability was approximately
Commenting on capital allocation, Lynch said, "We will continue to be disciplined stewards of our shareholders' capital, prioritizing investments in our guest and employee experience, high-return capital projects, strategic acquisition opportunities, and returning capital to our shareholders. The Company has a strong balance sheet and remains focused on returning capital to shareholders while always prioritizing the long-term value of our shares."
Capital Investments
Commenting on the Company's investments for the 2024/2025 North American ski season, Lynch said, "We remain dedicated to delivering an exceptional guest experience and will continue to prioritize reinvesting in the experience at our resorts, including consistently increasing capacity through lift, terrain and food and beverage expansion projects. As previously announced, we expect our capital plan for calendar year 2024 to be approximately
"At Whistler Blackcomb, the Company plans to replace the four-person high speed Jersey Cream lift with a new six-person high speed lift. This lift is expected to provide a meaningful increase to uphill capacity and better distribute guests at a central part of the resort. At Hunter Mountain, we plan to replace the four-person fixed-grip Broadway lift with a new six-person high speed lift and plan to relocate the existing Broadway lift to replace the two-person fixed-grip E lift, providing a meaningful increase in uphill capacity and improved access to terrain that is key to the progressive learning experience for our guests. At Park City, we are in the planning process to support the approved replacement of the Sunrise lift with a new 10-person gondola in partnership with the Canyons Village Management Association in calendar year 2025, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village.
"At Park City and Hunter Mountain, beyond the planned lift investments, we plan to enhance snowmaking systems to improve the experience for key terrain, increase early season terrain consistency, and improve the efficiency through the installation of automated and energy-efficient snowguns. We also plan to further support the Company's Commitment to Zero by investing in waste reduction projects across our resorts to achieve the goal of zero waste to landfill by 2030. At Afton Alps, we plan to install a 10-lane tubing experience and renovate the existing Alpine Building to create a 200-seat restaurant to further enhance the guest experience. At Seven Springs, we plan to add 390 new parking spaces to increase capacity and improve the guest experience. At Perisher, in advance of the 2025 winter season in
"In addition, we are continuing to invest in innovative technology to enhance the guest experience. In the coming year, we are investing in new functionality for the My Epic App, and expanding Mobile Pass and Mobile Lift Tickets to Whistler Blackcomb. At Vail Mountain,
"The 2023/2024 My Epic Gear pilot at Vail,
The Company is launching My Epic Gear for the 2024/2025 winter season at 12 destination and regional resorts across
"At Andermatt-Sedrun, we previously announced plans to invest approximately
"Including
Regarding calendar year 2025 expenditures, Lynch said, "In addition to this year's significant investments, we are pleased to highlight some select projects from our calendar year 2025 capital plan, with the full capital investment announcement planned for December 2024, including a core capital plan consistent with the Company's long-term capital guidance. At Park City, we are replacing the Sunrise lift with a new 10-person gondola in partnership with the Canyons Village Management Association, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village. At Perisher, in advance of the 2025 winter season in
Earnings Conference Call
The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 579-2543 (
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain,
Forward-Looking Statements
Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding fiscal 2025 performance (including the assumptions related thereto), including our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; expectations related to our season pass products; our expectations regarding our ancillary lines of business; capital investment projects; our expectations regarding our resource efficiency transformation plan; and the payment of dividends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of natural disasters or other unexpected events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including
All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.
Statement Concerning Non-GAAP Financial Measures
When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in
Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures.
Vail Resorts, Inc. Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) | ||||||||
Three Months Ended July 31, | Twelve Months Ended July 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net revenue: | ||||||||
Mountain and Lodging services and other | $ 201,721 | $ 205,818 | $ 2,388,227 | $ 2,372,175 | ||||
Mountain and Lodging retail and dining | 63,579 | 63,852 | 492,260 | 509,124 | ||||
Resort net revenue | 265,300 | 269,670 | 2,880,487 | 2,881,299 | ||||
Real Estate | 86 | 98 | 4,704 | 8,065 | ||||
Total net revenue | 265,386 | 269,768 | 2,885,191 | 2,889,364 | ||||
Segment operating expense: | ||||||||
Mountain and Lodging operating expense | 257,441 | 242,209 | 1,458,369 | 1,454,324 | ||||
Mountain and Lodging retail and dining cost of products sold | 27,031 | 29,187 | 188,054 | 203,278 | ||||
General and administrative | 95,074 | 85,190 | 410,027 | 389,465 | ||||
Resort operating expense | 379,546 | 356,586 | 2,056,450 | 2,047,067 | ||||
Real Estate operating expense | 1,399 | 1,264 | 9,514 | 10,635 | ||||
Total segment operating expense | 380,945 | 357,850 | 2,065,964 | 2,057,702 | ||||
Other operating (expense) income: | ||||||||
Depreciation and amortization | (71,880) | (68,801) | (276,493) | (268,501) | ||||
(Loss) gain on sale of real property | — | (3) | 6,285 | 842 | ||||
Change in fair value of contingent consideration | (5,000) | (2,200) | (47,957) | (49,836) | ||||
Loss on disposal of fixed assets and other, net | (6,261) | (1,015) | (9,633) | (9,070) | ||||
(Loss) income from operations | (198,700) | (160,101) | 491,429 | 505,097 | ||||
Interest expense, net | (40,671) | (40,211) | (161,839) | (153,022) | ||||
Mountain equity investment (loss) income, net | (320) | 123 | 1,053 | 605 | ||||
Investment income and other, net | 4,949 | 6,010 | 18,592 | 23,744 | ||||
Foreign currency gain (loss) on intercompany loans | 90 | 2,656 | (4,140) | (2,907) | ||||
(Loss) income before benefit from (provision for) income taxes | (234,652) | (191,523) | 345,095 | 373,517 | ||||
Benefit from (provision for) income taxes | 52,790 | 56,901 | (98,816) | (88,414) | ||||
Net (loss) income | (181,862) | (134,622) | 246,279 | 285,103 | ||||
Net loss (income) attributable to noncontrolling interests | 6,485 | 6,056 | (15,874) | (16,955) | ||||
Net (loss) income attributable to Vail Resorts, Inc. | $ (175,377) | $ (128,566) | $ 230,405 | $ 268,148 | ||||
Per share amounts: | ||||||||
Basic net (loss) income per share attributable to Vail Resorts, Inc. | $ (4.67) | $ (3.35) | $ 6.08 | $ 6.76 | ||||
Diluted net (loss) income per share attributable to Vail Resorts, Inc. | $ (4.67) | $ (3.35) | $ 6.07 | $ 6.74 | ||||
Cash dividends declared per share | $ 2.22 | $ 2.06 | $ 8.56 | $ 7.94 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 37,548 | 38,370 | 37,868 | 39,654 | ||||
Diluted | 37,548 | 38,370 | 37,957 | 39,760 |
Vail Resorts, Inc. Consolidated Condensed Statements of Operations - Other Data (In thousands) (Unaudited) | |||||||||
Three Months Ended July 31, | Twelve Months Ended July 31, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Other Data: | |||||||||
Mountain Reported EBITDA | $ (117,330) | $ (91,074) | $ 802,072 | $ 822,570 | |||||
Lodging Reported EBITDA | 2,764 | 4,281 | 23,018 | 12,267 | |||||
Resort Reported EBITDA | (114,566) | (86,793) | 825,090 | 834,837 | |||||
Real Estate Reported EBITDA | (1,313) | (1,169) | 1,475 | (1,728) | |||||
Total Reported EBITDA | $ (115,879) | $ (87,962) | $ 826,565 | $ 833,109 | |||||
Mountain stock-based compensation | $ 5,685 | $ 5,282 | $ 23,234 | $ 21,242 | |||||
Lodging stock-based compensation | 809 | 1,015 | 3,349 | 3,972 | |||||
Resort stock-based compensation | 6,494 | 6,297 | 26,583 | 25,214 | |||||
Real Estate stock-based compensation | 58 | 50 | 220 | 195 | |||||
Total stock-based compensation | $ 6,552 | $ 6,347 | $ 26,803 | $ 25,409 |
Vail Resorts, Inc. Mountain Segment Operating Results (In thousands, except ETP) (Unaudited) | ||||||||||||
Three Months Ended July 31, | Percentage Increase | Twelve Months Ended July 31, | Percentage Increase | |||||||||
2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | |||||||
Net Mountain revenue: | ||||||||||||
Lift | $ 48,258 | $ 58,705 | (17.8) % | 1.5 % | ||||||||
Ski school | 9,493 | 9,763 | (2.8) % | 304,548 | 287,275 | 6.0 % | ||||||
Dining | 17,964 | 17,689 | 1.6 % | 227,572 | 224,642 | 1.3 % | ||||||
Retail/rental | 24,304 | 26,200 | (7.2) % | 317,196 | 361,484 | (12.3) % | ||||||
Other | 75,857 | 68,660 | 10.5 % | 252,270 | 246,605 | 2.3 % | ||||||
Total Mountain net revenue | 175,876 | 181,017 | (2.8) % | 2,544,370 | 2,540,906 | 0.1 % | ||||||
Mountain operating expense: | ||||||||||||
Labor and labor-related benefits | 119,900 | 116,756 | 2.7 % | 731,153 | 744,613 | (1.8) % | ||||||
Retail cost of sales | 11,427 | 13,228 | (13.6) % | 107,093 | 118,717 | (9.8) % | ||||||
Resort related fees | 5,905 | 4,162 | 41.9 % | 110,113 | 104,797 | 5.1 % | ||||||
General and administrative | 81,298 | 71,458 | 13.8 % | 350,788 | 325,903 | 7.6 % | ||||||
Other | 74,356 | 66,610 | 11.6 % | 444,204 | 424,911 | 4.5 % | ||||||
Total Mountain operating expense | 292,886 | 272,214 | 7.6 % | 1,743,351 | 1,718,941 | 1.4 % | ||||||
Mountain equity investment (loss) income, net | (320) | 123 | 360.2 % | 1,053 | 605 | 74.0 % | ||||||
Mountain Reported EBITDA | $ (117,330) | $ (91,074) | (28.8) % | $ 802,072 | $ 822,570 | (2.5) % | ||||||
Total skier visits | 699 | 867 | (19.4) % | 17,564 | 19,410 | (9.5) % | ||||||
ETP | $ 69.04 | $ 67.71 | 2.0 % | $ 82.14 | $ 73.20 | 12.2 % |
Vail Resorts, Inc. Lodging Operating Results (In thousands, except ADR and Revenue per Available Room ("RevPAR")) (Unaudited) | ||||||||||||
Three Months Ended July 31, | Percentage Increase | Twelve Months Ended July 31, | Percentage Increase | |||||||||
2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | |||||||
Lodging net revenue: | ||||||||||||
Owned hotel rooms | $ 30,239 | $ 27,982 | 8.1 % | $ 83,977 | $ 80,117 | 4.8 % | ||||||
Managed condominium rooms | 10,498 | 14,181 | (26.0) % | 86,199 | 96,785 | (10.9) % | ||||||
Dining | 17,081 | 17,010 | 0.4 % | 63,255 | 62,445 | 1.3 % | ||||||
Transportation | 1,249 | 970 | 28.8 % | 16,309 | 15,242 | 7.0 % | ||||||
Golf | 7,181 | 6,665 | 7.7 % | 13,722 | 12,737 | 7.7 % | ||||||
Other | 19,668 | 18,581 | 5.9 % | 56,368 | 55,816 | 1.0 % | ||||||
85,916 | 85,389 | 0.6 % | 319,830 | 323,142 | (1.0) % | |||||||
Payroll cost reimbursements | 3,508 | 3,264 | 7.5 % | 16,287 | 17,251 | (5.6) % | ||||||
Total Lodging net revenue | 89,424 | 88,653 | 0.9 % | 336,117 | 340,393 | (1.3) % | ||||||
Lodging operating expense: | ||||||||||||
Labor and labor-related benefits | 37,362 | 37,021 | 0.9 % | 139,840 | 148,915 | (6.1) % | ||||||
General and administrative | 13,776 | 13,732 | 0.3 % | 59,239 | 63,562 | (6.8) % | ||||||
Other | 32,014 | 30,355 | 5.5 % | 97,733 | 98,398 | (0.7) % | ||||||
83,152 | 81,108 | 2.5 % | 296,812 | 310,875 | (4.5) % | |||||||
Reimbursed payroll costs | 3,508 | 3,264 | 7.5 % | 16,287 | 17,251 | (5.6) % | ||||||
Total Lodging operating expense | 86,660 | 84,372 | 2.7 % | 313,099 | 328,126 | (4.6) % | ||||||
Lodging Reported EBITDA | $ 2,764 | $ 4,281 | (35.4) % | $ 23,018 | $ 12,267 | 87.6 % | ||||||
Owned hotel statistics: | ||||||||||||
ADR | $ 317.21 | $ 309.23 | 2.6 % | $ 317.65 | $ 312.15 | 1.8 % | ||||||
RevPAR | $ 175.22 | $ 170.21 | 2.9 % | $ 161.82 | $ 160.75 | 0.7 % | ||||||
Managed condominium statistics: | ||||||||||||
ADR | $ 260.89 | $ 260.38 | 0.2 % | $ 424.13 | $ 416.77 | 1.8 % | ||||||
RevPAR | $ 46.30 | $ 56.89 | (18.6) % | $ 118.91 | $ 124.41 | (4.4) % | ||||||
Owned hotel and managed condominium statistics (combined): | ||||||||||||
ADR | $ 294.21 | $ 285.41 | 3.1 % | $ 381.60 | $ 378.62 | 0.8 % | ||||||
RevPAR | $ 87.25 | $ 90.24 | (3.3) % | $ 130.41 | $ 133.48 | (2.3) % |
Key Balance Sheet Data (In thousands) (Unaudited) | ||||
As of July 31, | ||||
2024 | 2023 | |||
Total Vail Resorts, Inc. stockholders' equity | $ 723,537 | $ 1,003,947 | ||
Long-term debt, net | $ 2,721,597 | $ 2,750,675 | ||
Long-term debt due within one year | 57,153 | 69,160 | ||
Total debt | 2,778,750 | 2,819,835 | ||
Less: cash and cash equivalents | 322,827 | 562,975 | ||
Net debt | $ 2,455,923 | $ 2,256,860 |
Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures
Presented below is a reconciliation of net (loss) income attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three and twelve months ended July 31, 2024 and 2023.
(In thousands) (Unaudited) | (In thousands) (Unaudited) | ||||||
Three Months Ended July 31, | Twelve Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net (loss) income attributable to Vail Resorts, Inc. | $ (175,377) | $ (128,566) | $ 230,405 | $ 268,148 | |||
Net (loss) income attributable to noncontrolling interests | (6,485) | (6,056) | 15,874 | 16,955 | |||
Net (loss) income | (181,862) | (134,622) | 246,279 | 285,103 | |||
(Benefit from) provision for income taxes | (52,790) | (56,901) | 98,816 | 88,414 | |||
(Loss) income before (benefit from) provision for income taxes | (234,652) | (191,523) | 345,095 | 373,517 | |||
Depreciation and amortization | 71,880 | 68,801 | 276,493 | 268,501 | |||
Loss on disposal of fixed assets and other, net | 6,261 | 1,015 | 9,633 | 9,070 | |||
Change in fair value of contingent consideration | 5,000 | 2,200 | 47,957 | 49,836 | |||
Investment income and other, net | (4,949) | (6,010) | (18,592) | (23,744) | |||
Foreign currency (gain) loss on intercompany loans | (90) | (2,656) | 4,140 | 2,907 | |||
Interest expense, net | 40,671 | 40,211 | 161,839 | 153,022 | |||
Total Reported EBITDA | $ (115,879) | $ (87,962) | $ 826,565 | $ 833,109 | |||
Mountain Reported EBITDA | $ (117,330) | $ (91,074) | $ 802,072 | $ 822,570 | |||
Lodging Reported EBITDA | 2,764 | 4,281 | 23,018 | 12,267 | |||
Resort Reported EBITDA (1) | (114,566) | (86,793) | $ 825,090 | $ 834,837 | |||
Real Estate Reported EBITDA | (1,313) | (1,169) | 1,475 | (1,728) | |||
Total Reported EBITDA | $ (115,879) | $ (87,962) | $ 826,565 | $ 833,109 | |||
(1) Resort represents the sum of Mountain and Lodging |
The following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended July 31, 2024.
(In thousands) (Unaudited) (As of July 31, 2024) | |
Long-term debt, net | $ 2,721,597 |
Long-term debt due within one year | 57,153 |
Total debt | 2,778,750 |
Less: cash and cash equivalents | 322,827 |
Net debt | $ 2,455,923 |
Net debt to Total Reported EBITDA | 3.0 x |
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and twelve months ended July 31, 2024 and 2023.
(In thousands) (Unaudited) Three Months Ended July 31, | (In thousands) (Unaudited) Twelve Months Ended July 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Real Estate Reported EBITDA | $ (1,313) | $ (1,169) | $ 1,475 | $ (1,728) | ||||
Non-cash Real Estate cost of sales | — | — | 3,607 | 5,138 | ||||
Non-cash Real Estate stock-based compensation | 58 | 50 | 220 | 195 | ||||
Change in real estate deposits and recovery of previously incurred | (2) | (31) | 159 | (211) | ||||
Net Real Estate Cash Flow | $ (1,257) | $ (1,150) | $ 5,461 | $ 3,394 |
The following table reconciles Resort net revenue to Resort EBITDA Margin for the year ended July 31, 2024 and fiscal 2025 guidance.
(In thousands) (Unaudited) | (In thousands) (Unaudited) | |
Twelve Months Ended | Fiscal 2025 Guidance (2) | |
Resort net revenue (1) | $ 2,880,487 | $ 3,031,000 |
Resort Reported EBITDA (1) | $ 825,090 | $ 866,000 |
Resort EBITDA margin (1) | 28.6 % | 28.6 % |
(1) Resort represents the sum of Mountain and Lodging | ||
(2) Represents the mid-point of Guidance |
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SOURCE Vail Resorts, Inc.
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