Vail Resorts Reports Fiscal 2025 Second Quarter Results and Provides Updated Fiscal 2025 Guidance
Vail Resorts (NYSE: MTN) reported strong Q2 fiscal 2025 results with net income of $245.5 million, up from $219.3 million year-over-year. Resort Reported EBITDA increased 8% to $459.7 million.
Season-to-date metrics through March 2, 2025 showed mixed results: total skier visits declined 2.5%, while lift ticket revenue increased 4.1%. Ski school and dining revenues grew 3.0% and 3.1% respectively, though retail/rental revenue decreased 2.9%.
The company updated its FY2025 guidance, expecting net income between $257-309 million and Resort Reported EBITDA of $841-877 million. This includes $15 million in one-time costs for resource efficiency transformation and $1 million for Crans-Montana acquisition expenses.
The Board declared a quarterly dividend of $2.22 per share, payable April 10, 2025. The company also repurchased 0.1 million shares at approximately $196 per share for $20 million total.
Vail Resorts (NYSE: MTN) ha riportato risultati solidi per il secondo trimestre dell'anno fiscale 2025, con un reddito netto di $245,5 milioni, in aumento rispetto ai $219,3 milioni dell'anno precedente. L'EBITDA riportato dai resort è aumentato dell'8% a $459,7 milioni.
I dati stagionali fino al 2 marzo 2025 hanno mostrato risultati misti: le visite degli sciatori sono diminuite del 2,5%, mentre i ricavi dai biglietti per gli impianti di risalita sono aumentati del 4,1%. I ricavi della scuola di sci e della ristorazione sono cresciuti rispettivamente del 3,0% e del 3,1%, mentre i ricavi da vendita/noleggio sono diminuiti del 2,9%.
L'azienda ha aggiornato le sue previsioni per l'anno fiscale 2025, prevedendo un reddito netto compreso tra $257 e $309 milioni e un EBITDA riportato dai resort di $841-877 milioni. Questo include $15 milioni in costi una tantum per la trasformazione dell'efficienza delle risorse e $1 milione per le spese di acquisizione di Crans-Montana.
Il Consiglio ha dichiarato un dividendo trimestrale di $2,22 per azione, pagabile il 10 aprile 2025. L'azienda ha anche riacquistato 0,1 milioni di azioni a circa $196 per azione, per un totale di $20 milioni.
Vail Resorts (NYSE: MTN) informó resultados sólidos para el segundo trimestre del año fiscal 2025, con un ingreso neto de $245,5 millones, un aumento respecto a los $219,3 millones del año anterior. El EBITDA reportado por los resorts aumentó un 8% a $459,7 millones.
Las métricas hasta la fecha de la temporada, hasta el 2 de marzo de 2025, mostraron resultados mixtos: las visitas de esquiadores disminuyeron un 2,5%, mientras que los ingresos por boletos de remontes aumentaron un 4,1%. Los ingresos de la escuela de esquí y de la restauración crecieron un 3,0% y un 3,1% respectivamente, aunque los ingresos por venta/alquiler disminuyeron un 2,9%.
La empresa actualizó su guía para el año fiscal 2025, esperando un ingreso neto entre $257 y $309 millones y un EBITDA reportado de los resorts de $841-877 millones. Esto incluye $15 millones en costos únicos para la transformación de eficiencia de recursos y $1 millón en gastos de adquisición de Crans-Montana.
La Junta declaró un dividendo trimestral de $2,22 por acción, pagadero el 10 de abril de 2025. La empresa también recompró 0,1 millones de acciones a aproximadamente $196 por acción, por un total de $20 millones.
베일 리조트 (NYSE: MTN)는 2025 회계연도 2분기 실적을 발표하며 순이익이 2억 4,550만 달러로, 지난해 2억 1,930만 달러에서 증가했다고 보고했습니다. 리조트에서 보고된 EBITDA는 8% 증가하여 4억 5,970만 달러에 달했습니다.
2025년 3월 2일까지의 시즌 데이터는 혼합된 결과를 보여주었습니다: 스키어 방문 수는 2.5% 감소했지만, 리프트 티켓 수익은 4.1% 증가했습니다. 스키 학교와 식사 수익은 각각 3.0%와 3.1% 증가했지만, 소매/렌탈 수익은 2.9% 감소했습니다.
회사는 2025 회계연도 가이던스를 업데이트하며 순이익이 2억 5,700만에서 3억 900만 달러 사이일 것으로 예상하고, 리조트에서 보고된 EBITDA는 8억 4,100만에서 8억 7,700만 달러 사이가 될 것으로 보입니다. 여기에는 자원 효율성 전환을 위한 일회성 비용으로 1,500만 달러와 크란스-몽타나 인수 비용으로 100만 달러가 포함됩니다.
이사회는 주당 2.22달러의 분기 배당금을 선언했으며, 2025년 4월 10일 지급될 예정입니다. 회사는 또한 주당 약 196달러에 10만 주를 재구매하여 총 2천만 달러를 사용했습니다.
Vail Resorts (NYSE: MTN) a annoncé de solides résultats pour le deuxième trimestre de l'exercice 2025, avec un revenu net de 245,5 millions de dollars, en hausse par rapport aux 219,3 millions de dollars de l'année précédente. L'EBITDA rapporté des stations a augmenté de 8 % pour atteindre 459,7 millions de dollars.
Les indicateurs saisonniers jusqu'au 2 mars 2025 ont montré des résultats mitigés : le nombre total de visites de skieurs a diminué de 2,5 %, tandis que les revenus des billets de remontées mécaniques ont augmenté de 4,1 %. Les revenus des écoles de ski et de la restauration ont augmenté de 3,0 % et 3,1 % respectivement, tandis que les revenus de la vente/location ont diminué de 2,9 %.
L'entreprise a mis à jour ses prévisions pour l'exercice 2025, s'attendant à un revenu net compris entre 257 et 309 millions de dollars et un EBITDA rapporté des stations de 841 à 877 millions de dollars. Cela inclut 15 millions de dollars en coûts uniques pour la transformation de l'efficacité des ressources et 1 million de dollars pour les frais d'acquisition de Crans-Montana.
Le Conseil a déclaré un dividende trimestriel de 2,22 dollars par action, payable le 10 avril 2025. L'entreprise a également racheté 100 000 actions à environ 196 dollars par action pour un total de 20 millions de dollars.
Vail Resorts (NYSE: MTN) hat starke Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 gemeldet, mit einem Nettogewinn von 245,5 Millionen Dollar, gegenüber 219,3 Millionen Dollar im Vorjahr. Das berichtete EBITDA der Resorts stieg um 8% auf 459,7 Millionen Dollar.
Die saisonalen Kennzahlen bis zum 2. März 2025 zeigten gemischte Ergebnisse: Die Gesamtzahl der Skifahrerbesuche sank um 2,5%, während die Einnahmen aus Liftkarten um 4,1% stiegen. Die Einnahmen aus der Skischule und der Gastronomie wuchsen um 3,0% und 3,1%, während die Einnahmen aus Einzelhandel/Vermietung um 2,9% zurückgingen.
Das Unternehmen hat seine Prognose für das Geschäftsjahr 2025 aktualisiert und erwartet einen Nettogewinn zwischen 257 und 309 Millionen Dollar sowie ein berichtetes EBITDA der Resorts von 841 bis 877 Millionen Dollar. Dies beinhaltet 15 Millionen Dollar an einmaligen Kosten für die Transformation der Ressourceneffizienz und 1 Million Dollar für die Akquisitionskosten von Crans-Montana.
Der Vorstand hat eine vierteljährliche Dividende von 2,22 Dollar pro Aktie erklärt, die am 10. April 2025 zahlbar ist. Das Unternehmen hat auch 100.000 Aktien zu einem Preis von etwa 196 Dollar pro Aktie für insgesamt 20 Millionen Dollar zurückgekauft.
- Net income increased 12% to $245.5 million in Q2 2025
- Resort Reported EBITDA grew 8% to $459.7 million
- Lift ticket revenue up 4.1% season-to-date
- Strong liquidity position of $1.7 billion
- Non-pass revenue increased 17.5%
- Total skier visits declined 2.5% season-to-date
- Retail/rental revenue decreased 2.9%
- Destination guest visitation below prior year levels
- Lodging segment revenue decreased 4.3%
- Lodging Reported EBITDA declined 56.5%
Insights
Vail Resorts delivered strong financial results for Q2 FY2025, with 8.1% growth in Resort Reported EBITDA to
The top line showed healthy growth with total lift revenue increasing
Despite industry headwinds including visitation normalization and a shift in destination guest behavior toward later-season trips, Vail maintained its Resort Reported EBITDA guidance midpoint for FY2025 (excluding
The company's capital allocation remains shareholder-friendly with a
Highlights
- Net income attributable to Vail Resorts, Inc. was
for the second quarter of fiscal 2025 compared to$245.5 million in the same period in the prior year.$219.3 million - Resort Reported EBITDA was
for the second quarter of fiscal 2025, which included$459.7 million of one-time costs related to the previously announced two-year resource efficiency transformation plan and$2.9 million of acquisition and integration related expenses. In the same period in the prior year, Resort Reported EBITDA was$0.1 million , which included$425.0 million of acquisition related expenses.$2.1 million - The Company updated its guidance for fiscal year 2025 and is now expecting net income attributable to Vail Resorts, Inc. to be between
and$257 million . Excluding a$309 million impact from the change in foreign currency rates, the Company's Resort Reported EBITDA guidance midpoint for the year ending July 31, 2025 is unchanged from the original guidance provided on September 26, 2024. Including the impact of changes in foreign currency rates, Resort Reported EBITDA is now expected to be between$7 million and$841 million . Consistent with prior guidance, this range includes an estimated$877 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's Board of Directors declared a quarterly cash dividend of
per share of Vail Resorts' common stock that will be payable on April 10, 2025 to shareholders of record as of March 27, 2025, and 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$196 .$20 million
Commenting on the Company's fiscal 2025 second quarter results, Kirsten Lynch, Chief Executive Officer, said, "We are pleased with our overall results for the quarter, with
"Ancillary spend per destination guest visit was strong across our ski school and dining businesses throughout the quarter, while overall revenue in our ancillary businesses was impacted by the lower mix of destination visitation. Through the second quarter, guest satisfaction scores across our destination mountain resorts and regional ski areas were strong and grew relative to scores in the prior three years, excluding Park City Mountain, where the guest experience during the thirteen-day patrol union strike was not the experience we wanted to provide."
Regarding the Company's resource efficiency transformation plan, Lynch said, "Vail Resorts is on track to achieve its two-year resource efficiency transformation plan, which was announced in September 2024. Through scaled operations, global shared services, and expanded workforce management, the Company is on track to improve organizational effectiveness and scale for operating leverage as the Company grows globally and deliver the expected cost efficiencies in fiscal year 2025, along with the
Season-to-Date Metrics through March 2, 2025 & Interim Results Commentary
The Company reported certain ski season metrics for the comparative periods from the beginning of the ski season through March 2, 2025, and for the prior year period through March 3, 2024. The reported ski season metrics are for the Company's North American destination mountain resorts and regional ski areas, excluding the results of the Australian and European resorts and ski areas in both periods. The data mentioned in this release is interim period data and is subject to fiscal quarter end review and adjustments.
- Season-to-date total skier visits were down
2.5% compared to the prior year season-to-date period. - Season-to-date total lift ticket revenue, including an allocated portion of season pass revenue for each applicable period, was up
4.1% compared to the prior year season-to-date period. - Season-to-date ski school revenue was up
3.0% and dining revenue was up3.1% compared to the prior year season-to-date period. Retail/rental revenue for North American resort and ski area store locations was down2.9% compared to the prior year season-to-date period.
Commenting on the season-to-date metrics, Lynch said, "Similar to the drivers in the second quarter, season-to-date results through March 2, 2025 reflect strong local visitation from improved early season conditions with destination visitation impacted by industry demand normalization and an expected shift in destination guest visitation to the spring. Ancillary spend per destination guest visit was strong across the Company's ski school and dining businesses, with overall performance reflecting the higher mix of local visitation during the period."
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-Q for the second fiscal quarter ended January 31, 2025, which was filed today with the Securities and Exchange Commission. The following are segment highlights:
Mountain Segment
- Total lift revenue increased
, or$41.5 million 6.9% , compared to the same period in the prior year, to for the three months ended January 31, 2025, due to increases in both pass revenue and non-pass revenue. Non-pass revenue increased$644.9 million 17.5% primarily as a result of an increase in visitation at ourEastern U.S. Resorts (comprising the Midwest, Mid-Atlantic, and Northeast), as well as an increase in non-pass Effective Ticket Price ("ETP") (excluding Crans-Montana) of4.4% , and incremental non-pass revenue from Crans-Montana of . Total non-pass ETP, including the impact of Crans-Montana, was flat compared to the same period in the prior year. Additionally, pass product revenue increased$6.6 million 3.2% , which was primarily driven by an increase in pass product sales for the 2024/2025 North American ski season compared to the prior year. Pass product revenue, although primarily collected prior to the ski season, is recognized in the Consolidated Condensed Statements of Operations throughout the ski season on a straight-line basis using the skiable days of the season to date period relative to the total estimated skiable days of the season. - Ski school revenue increased
, or$6.4 million 5.0% , and dining revenue increased , or$8.8 million 10.8% , driven by increased local skier visitation and increased pricing, partially offset by decreased destination skier visitation, as these guests typically utilize more ancillary services. Additionally, dining revenue benefited from incremental revenue from Crans-Montana.$3.3 million - Retail/rental revenue decreased
, or$1.0 million 0.7% , for which retail revenues decreased , or$2.0 million 2.6% , driven by lower sales at our on-mountain retail locations, and the mix of retail merchandise purchased by customers, including decreased sales of higher-margin accessories and apparel goods, partially offset by increased rental revenues of , or$1.0 million 1.6% . - Operating expense increased
, or$27.2 million 4.7% , which was primarily attributable to increased variable expenses associated with increased revenue, and incremental operating expenses from Crans-Montana. - Mountain Reported EBITDA increased
, or$37.3 million 8.9% , for the second quarter compared to the same period in the prior year, which includes of stock-based compensation expense for the three months ended January 31, 2025 compared to$6.6 million in the same period in the prior year. Mountain segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of$6.3 million for the three months ended January 31, 2025, as well as acquisition and integration related expenses of$2.6 million and$0.1 million for the three months ended January 31, 2025 and 2024, respectively.$2.1 million
Lodging Segment
- Lodging segment net revenue (excluding payroll cost reimbursements) decreased
, or$3.1 million 4.3% , to for the three months ended January 31, 2025 as compared to the same period in the prior year, primarily driven by a decrease in destination skier visitation which decreased demand for lodging and other ancillary services proximate to our mountain resorts, as well as a net reduction in our inventory of available managed condominium rooms proximate to our mountain resorts.$70.2 million - Lodging Reported EBITDA decreased
, or$2.7 million 56.5% , for the second quarter compared to the same period in the prior year, which includes of stock-based compensation expense for the both the three months ended January 31, 2025 and 2024. Lodging segment results were impacted by a decrease in property tax refunds received compared to the prior year period, and also include one-time operating expenses attributable to our resource efficiency transformation plan of$0.9 million for the three months ended January 31, 2025.$0.3 million
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue was
for the three months ended January 31, 2025, an increase of$1,137.1 million as compared to Resort net revenue of$59.3 million for the same period in the prior year.$1,077.8 million - Resort Reported EBITDA was
for the three months ended January 31, 2025, an increase of$459.7 million , or$34.6 million 8.1% , compared to the same period in the prior year, which includes one-time operating expenses attributable to our resource efficiency transformation plan of for the three months ended January 31, 2025, as well as$2.9 million of acquisition related expenses for the second quarter of fiscal 2025 compared to$0.1 million of acquisition related expenses for the second quarter of the prior year.$2.1 million
Total Performance
- Total net revenue increased
, or$59.3 million 5.5% , to for the three months ended January 31, 2025 as compared to the same period in the prior year.$1,137.2 million - Net income attributable to Vail Resorts, Inc. was
, or$245.5 million per diluted share, for the second quarter of fiscal 2025 compared to net income attributable to Vail Resorts, Inc. of$6.56 , or$219.3 million per diluted share, in the second quarter of the prior year.$5.76
Outlook
Excluding a
The Company now expects net income attributable to Vail Resorts, Inc. for fiscal 2025 to be between
The updated guidance also assumes (1) a continuation of the current economic environment, (2) industry normalization to pre-COVID guest behavior, and (3) normal weather conditions for the remainder of the 2024/2025 North American and European ski season and the 2025 Australian ski season. In addition, the updated guidance also reflects foreign currency exchange rate volatility as compared to the assumptions included in our original guidance provided on September 26, 2024. The updated guidance assumes foreign currency exchange rates as of March 7, 2025, including an exchange rate of
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. | $ 257,000 | $ 309,000 | |
Net income attributable to noncontrolling interests | 21,000 | 15,000 | |
Net income | 278,000 | 324,000 | |
Provision for income taxes (1) | 96,000 | 112,000 | |
Income before income taxes | 374,000 | 436,000 | |
Depreciation and amortization | 294,000 | 286,000 | |
Interest expense, net | 172,000 | 166,000 | |
Other (2) | 14,000 | 8,000 | |
Total Reported EBITDA | $ 854,000 | $ 896,000 | |
Mountain Reported EBITDA (3) | $ 821,000 | $ 855,000 | |
Lodging Reported EBITDA (4) | 19,000 | 23,000 | |
Resort Reported EBITDA (5) | 841,000 | 877,000 | |
Real Estate Reported EBITDA | 13,000 | 19,000 | |
Total Reported EBITDA | $ 854,000 | $ 896,000 |
(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 |
Capital Structure and Allocation Update
As of January 31, 2025, the Company's total liquidity as measured by total cash plus revolver availability and delayed draw term loan availability was approximately
On January 27, 2025, the Company completed an amendment of its Vail Holdings Credit Agreement which increased the
Regarding the return of capital to shareholders, the Company declared a quarterly cash dividend on Vail Resorts' common stock of
Regarding calendar year 2025 capital expenditures, as previously announced, the Company expects its capital plan for calendar year 2025 to be 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."
Pass Sales Launch
The Company launched pass sales for the 2025/2026 season with a wide range of advance commitment products, including the Epic Pass, which offers unlimited, unrestricted access to Vail Resorts' 42 owned and operated mountain resorts and access to additional partner resorts across
Commenting on the launch of season pass sales for the 2025/2026 North American ski season, Lynch said, "We are always working to enhance the mountain experience of our pass holders, from growing access to world-class resorts, to investments such as lift upgrades and industry-leading innovations such as Mobile Pass, My Epic Assistant and My Epic Gear. On average, pass prices have increased
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) 245-3047 (
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 and calendar year 2025 performance and the assumptions related thereto, including, but not limited to, 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 calendar year 2025 capital plan; expectations and anticipated benefits of our capital structure; and our expectations regarding our resource efficiency transformation plan. 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 January 31, | Six Months Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net revenue: | |||||||
Mountain and Lodging services and other | $ 957,091 | $ 905,053 | $ 1,144,141 | $ 1,087,887 | |||
Mountain and Lodging retail and dining | 179,963 | 172,745 | 253,125 | 244,187 | |||
Resort net revenue | 1,137,054 | 1,077,798 | 1,397,266 | 1,332,074 | |||
Real Estate | 171 | 160 | 234 | 4,449 | |||
Total net revenue | 1,137,225 | 1,077,958 | 1,397,500 | 1,336,523 | |||
Segment operating expense: | |||||||
Mountain and Lodging operating expense | 495,585 | 474,170 | 761,849 | 729,746 | |||
Mountain and Lodging retail and dining cost of products sold | 68,011 | 65,289 | 96,958 | 96,584 | |||
General and administrative | 114,540 | 112,714 | 221,397 | 220,739 | |||
Resort operating expense | 678,136 | 652,173 | 1,080,204 | 1,047,069 | |||
Real Estate operating expense | 1,758 | 1,676 | 3,249 | 6,857 | |||
Total segment operating expense | 679,894 | 653,849 | 1,083,453 | 1,053,926 | |||
Other operating (expense) income: | |||||||
Depreciation and amortization | (73,107) | (69,399) | (144,740) | (136,127) | |||
Gain on sale of real property | — | — | 16,506 | 6,285 | |||
Change in estimated fair value of contingent consideration | (100) | (3,400) | (2,179) | (6,457) | |||
Gain (loss) on disposal of fixed assets and other, net | 293 | (758) | (1,236) | (2,801) | |||
Income from operations | 384,417 | 350,552 | 182,398 | 143,497 | |||
Mountain equity investment income (loss), net | 745 | (579) | 2,896 | 280 | |||
Investment income and other, net | 3,021 | 4,863 | 5,514 | 8,547 | |||
Foreign currency (loss) gain on intercompany loans | (1,385) | 3,040 | (1,649) | (1,925) | |||
Interest expense, net | (42,368) | (40,585) | (84,522) | (81,315) | |||
Income before provision for income taxes | 344,430 | 317,291 | 104,637 | 69,084 | |||
Provision for income taxes | (86,331) | (87,486) | (28,082) | (22,326) | |||
Net income | 258,099 | 229,805 | 76,555 | 46,758 | |||
Net income attributable to noncontrolling interests | (12,551) | (10,506) | (3,843) | (2,971) | |||
Net income attributable to Vail Resorts, Inc. | $ 245,548 | $ 219,299 | $ 72,712 | $ 43,787 | |||
Per share amounts: | |||||||
Basic net income per share attributable to Vail Resorts, Inc. | $ 6.57 | $ 5.78 | $ 1.94 | $ 1.15 | |||
Diluted net income per share attributable to Vail Resorts, Inc. | $ 6.56 | $ 5.76 | $ 1.94 | $ 1.15 | |||
Cash dividends declared per share | $ 2.22 | $ 2.06 | $ 4.44 | $ 4.12 | |||
Weighted average shares outstanding: | |||||||
Basic | 37,382 | 37,967 | 37,428 | 38,042 | |||
Diluted | 37,425 | 38,046 | 37,480 | 38,133 |
Vail Resorts, Inc. Consolidated Condensed Statements of Operations - Other Data (In thousands) (Unaudited) | |||||||
Three Months Ended January 31, | Six Months Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Other Data: | |||||||
Mountain Reported EBITDA | $ 457,616 | $ 420,340 | $ 313,554 | $ 280,815 | |||
Lodging Reported EBITDA | 2,047 | 4,706 | 6,404 | 4,470 | |||
Resort Reported EBITDA | 459,663 | 425,046 | 319,958 | 285,285 | |||
Real Estate Reported EBITDA | (1,587) | (1,516) | 13,491 | 3,877 | |||
Total Reported EBITDA | $ 458,076 | $ 423,530 | $ 333,449 | $ 289,162 | |||
Mountain stock-based compensation | $ 6,555 | $ 6,346 | $ 12,366 | $ 12,194 | |||
Lodging stock-based compensation | 901 | 932 | 1,720 | 1,828 | |||
Resort stock-based compensation | 7,456 | 7,278 | 14,086 | 14,022 | |||
Real Estate stock-based compensation | 70 | 58 | 131 | 110 | |||
Total stock-based compensation | $ 7,526 | $ 7,336 | $ 14,217 | $ 14,132 |
Vail Resorts, Inc. Mountain Segment Operating Results (In thousands, except ETP) (Unaudited) | |||||||||||
Three Months Ended January 31, | Percentage Increase | Six Months Ended January 31, | Percentage Increase | ||||||||
2025 | 2024 | (Decrease) | 2025 | 2024 | (Decrease) | ||||||
Net Mountain revenue: | |||||||||||
Lift | $ 644,918 | $ 603,459 | 6.9 % | $ 685,341 | $ 648,849 | 5.6 % | |||||
Ski school | 133,009 | 126,629 | 5.0 % | 139,848 | 133,807 | 4.5 % | |||||
Dining | 90,907 | 82,060 | 10.8 % | 111,535 | 100,137 | 11.4 % | |||||
Retail/rental | 135,159 | 136,156 | (0.7) % | 164,685 | 169,630 | (2.9) % | |||||
Other | 59,101 | 51,677 | 14.4 % | 134,981 | 120,013 | 12.5 % | |||||
Total Mountain net revenue | 1,063,094 | 999,981 | 6.3 % | 1,236,390 | 1,172,436 | 5.5 % | |||||
Mountain operating expense: | |||||||||||
Labor and labor-related benefits | 264,490 | 252,641 | 4.7 % | 383,020 | 364,690 | 5.0 % | |||||
Retail cost of sales | 40,473 | 41,177 | (1.7) % | 55,504 | 58,998 | (5.9) % | |||||
Resort related fees | 47,794 | 44,568 | 7.2 % | 51,603 | 48,263 | 6.9 % | |||||
General and administrative | 98,342 | 96,353 | 2.1 % | 190,910 | 189,521 | 0.7 % | |||||
Other | 155,124 | 144,323 | 7.5 % | 244,695 | 230,429 | 6.2 % | |||||
Total Mountain operating expense | 606,223 | 579,062 | 4.7 % | 925,732 | 891,901 | 3.8 % | |||||
Mountain equity investment income (loss), net | 745 | (579) | 228.7 % | 2,896 | 280 | 934.3 % | |||||
Mountain Reported EBITDA | $ 457,616 | $ 420,340 | 8.9 % | $ 313,554 | $ 280,815 | 11.7 % | |||||
Total skier visits | 7,755 | 7,264 | 6.8 % | 8,303 | 7,922 | 4.8 % | |||||
ETP | $ 83.16 | $ 83.08 | 0.1 % | $ 82.54 | $ 81.90 | 0.8 % |
Vail Resorts, Inc. Lodging Operating Results (In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR")) (Unaudited) | |||||||||||
Three Months Ended January 31, | Percentage Increase | Six Months Ended January 31, | Percentage Increase | ||||||||
2025 | 2024 | (Decrease) | 2025 | 2024 | (Decrease) | ||||||
Lodging net revenue: | |||||||||||
Owned hotel rooms | $ 13,439 | $ 13,583 | (1.1) % | $ 41,514 | $ 38,760 | 7.1 % | |||||
Managed condominium rooms | 27,074 | 28,308 | (4.4) % | 38,779 | 40,311 | (3.8) % | |||||
Dining | 13,754 | 13,609 | 1.1 % | 33,706 | 31,692 | 6.4 % | |||||
Transportation | 5,507 | 6,405 | (14.0) % | 7,041 | 7,910 | (11.0) % | |||||
Golf | — | — | nm | 7,801 | 6,471 | 20.6 % | |||||
Other | 10,415 | 11,417 | (8.8) % | 25,131 | 26,540 | (5.3) % | |||||
70,189 | 73,322 | (4.3) % | 153,972 | 151,684 | 1.5 % | ||||||
Payroll cost reimbursements | 3,771 | 4,495 | (16.1) % | 6,904 | 7,954 | (13.2) % | |||||
Total Lodging net revenue | 73,960 | 77,817 | (5.0) % | 160,876 | 159,638 | 0.8 % | |||||
Lodging operating expense: | |||||||||||
Labor and labor-related benefits | 32,469 | 33,151 | (2.1) % | 69,696 | 70,626 | (1.3) % | |||||
General and administrative | 16,198 | 16,361 | (1.0) % | 30,487 | 31,218 | (2.3) % | |||||
Other | 19,475 | 19,104 | 1.9 % | 47,385 | 45,370 | 4.4 % | |||||
68,142 | 68,616 | (0.7) % | 147,568 | 147,214 | 0.2 % | ||||||
Reimbursed payroll costs | 3,771 | 4,495 | (16.1) % | 6,904 | 7,954 | (13.2) % | |||||
Total Lodging operating expense | 71,913 | 73,111 | (1.6) % | 154,472 | 155,168 | (0.4) % | |||||
Lodging Reported EBITDA | $ 2,047 | $ 4,706 | (56.5) % | $ 6,404 | $ 4,470 | 43.3 % | |||||
Owned hotel statistics: | |||||||||||
ADR | $ 311.52 | $ 317.51 | (1.9) % | $ 314.44 | $ 308.89 | 1.8 % | |||||
RevPAR | $ 140.06 | $ 140.65 | (0.4) % | $ 163.44 | $ 151.64 | 7.8 % | |||||
Managed condominium statistics: | |||||||||||
ADR | $ 504.70 | $ 522.29 | (3.4) % | $ 390.48 | $ 403.05 | (3.1) % | |||||
RevPAR | $ 159.72 | $ 164.43 | (2.9) % | $ 106.47 | $ 106.98 | (0.5) % | |||||
Owned hotel and managed condominium statistics (combined): | |||||||||||
ADR | $ 447.54 | $ 463.26 | (3.4) % | $ 358.90 | $ 365.67 | (1.9) % | |||||
RevPAR | $ 155.23 | $ 159.13 | (2.5) % | $ 121.94 | $ 118.73 | 2.7 % |
Key Balance Sheet Data (In thousands) (Unaudited) | |||
As of January 31, | |||
2025 | 2024 | ||
Total Vail Resorts, Inc. stockholders' equity | $ 530,703 | $ 829,904 | |
Long-term debt, net | $ 2,117,986 | $ 2,721,598 | |
Long-term debt due within one year | 584,245 | 69,135 | |
Total debt | 2,702,231 | 2,790,733 | |
Less: cash and cash equivalents | 488,211 | 812,163 | |
Net debt | $ 2,214,020 | $ 1,978,570 |
Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures
Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three and six months ended January 31, 2025 and 2024.
(In thousands) (Unaudited) | (In thousands) (Unaudited) | ||||||
Three Months Ended January 31, | Six Months Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net income attributable to Vail Resorts, Inc. | $ 245,548 | $ 219,299 | $ 72,712 | $ 43,787 | |||
Net income attributable to noncontrolling interests | 12,551 | 10,506 | 3,843 | 2,971 | |||
Net income | 258,099 | 229,805 | 76,555 | 46,758 | |||
Provision for income taxes | 86,331 | 87,486 | 28,082 | 22,326 | |||
Income before provision for income taxes | 344,430 | 317,291 | 104,637 | 69,084 | |||
Depreciation and amortization | 73,107 | 69,399 | 144,740 | 136,127 | |||
(Gain) loss on disposal of fixed assets and other, net | (293) | 758 | 1,236 | 2,801 | |||
Change in fair value of contingent consideration | 100 | 3,400 | 2,179 | 6,457 | |||
Investment income and other, net | (3,021) | (4,863) | (5,514) | (8,547) | |||
Foreign currency loss (gain) on intercompany loans | 1,385 | (3,040) | 1,649 | 1,925 | |||
Interest expense, net | 42,368 | 40,585 | 84,522 | 81,315 | |||
Total Reported EBITDA | $ 458,076 | $ 423,530 | $ 333,449 | $ 289,162 | |||
Mountain Reported EBITDA | $ 457,616 | $ 420,340 | $ 313,554 | $ 280,815 | |||
Lodging Reported EBITDA | 2,047 | 4,706 | 6,404 | 4,470 | |||
Resort Reported EBITDA* | 459,663 | 425,046 | 319,958 | 285,285 | |||
Real Estate Reported EBITDA | (1,587) | (1,516) | 13,491 | 3,877 | |||
Total Reported EBITDA | $ 458,076 | $ 423,530 | $ 333,449 | $ 289,162 | |||
* Resort represents the sum of Mountain and Lodging |
Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA calculated in accordance with GAAP for the twelve months ended January 31, 2025.
(In thousands) (Unaudited) | |
Twelve Months Ended | |
January 31, 2025 | |
Net income attributable to Vail Resorts, Inc. | $ 259,330 |
Net income attributable to noncontrolling interests | 16,746 |
Net income | 276,076 |
Provision for income taxes | 104,572 |
Income before provision for income taxes | 380,648 |
Depreciation and amortization | 285,106 |
Loss on disposal of fixed assets and other, net | 8,068 |
Change in fair value of contingent consideration | 43,679 |
Investment income and other, net | (15,559) |
Foreign currency loss on intercompany loans | 3,864 |
Interest expense, net | 165,046 |
Total Reported EBITDA | $ 870,852 |
Mountain Reported EBITDA | $ 834,811 |
Lodging Reported EBITDA | 24,952 |
Resort Reported EBITDA* | 859,763 |
Real Estate Reported EBITDA | 11,089 |
Total Reported EBITDA | $ 870,852 |
* 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 January 31, 2025.
(In thousands) (Unaudited) | |
As of January 31, 2025 | |
Long-term debt, net | $ 2,117,986 |
Long-term debt due within one year | 584,245 |
Total debt | 2,702,231 |
Less: cash and cash equivalents | 488,211 |
Net debt | $ 2,214,020 |
Net debt to Total Reported EBITDA | 2.5x |
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and six months ended January 31, 2025 and 2024.
(In thousands) (Unaudited) | (In thousands) (Unaudited) | ||||||
Three Months Ended January 31, | Six Months Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Real Estate Reported EBITDA | $ (1,587) | $ (1,516) | $ 13,491 | $ 3,877 | |||
Non-cash Real Estate cost of sales | — | — | — | 3,607 | |||
Non-cash Real Estate stock-based compensation | 70 | 58 | 131 | 110 | |||
Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate | 17,652 | (25) | 1,118 | 181 | |||
Net Real Estate Cash Flow | $ 16,135 | $ (1,483) | $ 14,740 | $ 7,775 |
The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2025 guidance.
(In thousands) (Unaudited) | |
Fiscal 2025 Guidance (2) | |
Resort net revenue (1) | $ 2,979,000 |
Resort Reported EBITDA (1) | $ 859,000 |
Resort EBITDA margin (1) | 28.8 % |
(1) Resort represents the sum of Mountain and Lodging | |
(2) Represents the mid-point of Guidance |
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SOURCE Vail Resorts, Inc.