Vail Resorts Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Vail Resorts Inc. filed its Q2 FY2024 10-Q report on March 11, 2024.</b>

AI Summary

VAIL RESORTS INC (MTN) filed a Quarterly Report (10-Q) with the SEC on March 11, 2024. Vail Resorts Inc. filed its quarterly report (10-Q) for the period ending January 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on July 31st. The filing was submitted on March 11, 2024. Vail Resorts Inc. is classified under SIC code 7990 (Services-Miscellaneous Amusement & Recreation).

Why It Matters

For investors and stakeholders tracking VAIL RESORTS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Vail Resorts Inc. during the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current financial health, operational efficiency, and future outlook in the competitive ski resort industry.

Risk Assessment

Risk Level: medium — VAIL RESORTS INC shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report. While it contains important financial data, it does not typically signal immediate, drastic changes in the company's risk profile without specific adverse disclosures within the report itself.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to identify any significant trends or changes in revenue, expenses, and debt levels that could impact future performance.

Key Numbers

• 2024-01-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-03-11 — Filing Date (FILED AS OF DATE)
• 2024 Q2 — Fiscal Quarter (Indicates the reporting quarter)
• 0731 — Fiscal Year End (Indicates the company's fiscal year end)

Key Players & Entities

• VAIL RESORTS INC (company) — FILER
• MTN (company) — Ticker Symbol
• 2024-01-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-11 (date) — FILED AS OF DATE
• 7990 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• 390 INTERLOCKEN CRESCENT (other) — BUSINESS ADDRESS STREET 1
• BROOMFIELD (other) — BUSINESS ADDRESS CITY
• CO (other) — BUSINESS ADDRESS STATE

FAQ

Industry Context

Vail Resorts operates in the amusement and recreation services industry, specifically focusing on mountain resorts. This sector is highly seasonal and dependent on weather conditions.

Regulatory Implications

The filing is a standard 10-Q, which is a mandatory quarterly report for publicly traded companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and expense breakdown for the quarter to understand profitability drivers.
2. Examine any disclosures regarding debt, cash flow, and liquidity to assess financial stability.
3. Review management's discussion and analysis for insights into operational performance and future outlook.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-11: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending January 31, 2024, following previous filings such as the 10-K for the fiscal year ended July 31, 2023.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value MTN New York Stock Exchange

Filing Documents

• mtn-20240131.htm (10-Q) — 1486KB
• exhibit3112024-q2.htm (EX-31.1) — 11KB
• exhibit3122024-q2.htm (EX-31.2) — 12KB
• exhibit322024-q2.htm (EX-32) — 7KB
• mtn-20240131_g1.jpg (GRAPHIC) — 82KB
• mtn-20240131_g2.jpg (GRAPHIC) — 412KB
• 0000812011-24-000019.txt (&nbsp;) — 8288KB
• mtn-20240131.xsd (EX-101.SCH) — 40KB
• mtn-20240131_cal.xml (EX-101.CAL) — 73KB
• mtn-20240131_def.xml (EX-101.DEF) — 281KB
• mtn-20240131_lab.xml (EX-101.LAB) — 459KB
• mtn-20240131_pre.xml (EX-101.PRE) — 379KB
• mtn-20240131_htm.xml (XML) — 1085KB

FINANCIAL INFORMATION Page

PART I FINANCIAL INFORMATION Page

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited). Consolidated Condensed Balance Sheets as of January 31, 2024, July 31, 2023 and January 31, 2023 2 Consolidated Condensed Statements of Operations for the Three and Six Months Ended January 31, 2024 and 2023 3 Consolidated Condensed Statements of Comprehensive Income for the Three and Six Months Ended January 31, 2024 and 2023 4 Consolidated Condensed Statements of Stockholders' Equity for the Three and Six Months Ended January 31, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows for the Six Months Ended January 31, 2024 and 2023 7 Notes to Consolidated Condensed Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40 1 Vail Resorts, Inc. Consolidated Condensed Balance Sheets (In thousands, except per share amounts) (Unaudited) January 31, 2024 July 31, 2023 January 31, 2023 Assets Current assets: Cash and cash equivalents $ 812,163 $ 562,975 $ 1,295,252 Restricted cash 13,329 10,118 24,103 Trade receivables, net 138,269 381,067 160,393 Inventories, net 134,839 132,548 122,088 Other current assets 80,204 121,403 158,295 Total current assets 1,178,804 1,208,111 1,760,131 Property, plant and equipment, net (Note 7) 2,349,424 2,371,557 2,421,395 Real estate held for sale or investment 86,737 90,207 90,354 Goodwill, net (Note 7) 1,699,909 1,720,344 1,723,019 Intangible assets, net 304,115 309,345 310,666 Operating right-of-use assets 189,838 192,289 200,667 Other assets 38,837 55,901 58,730 Total assets $ 5,847,664 $ 5,947,754 $ 6,564,962 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities (Note 7) $ 1,141,624 $ 978,021 $ 1,144,795 Income taxes payable 18,015 83,514 73,559 Long-term debt due within one year (Note 5) 69,135 69,160 69,582 Total current liabilities 1,228,774 1,130,695 1,287,936 Long-term debt, net (Note 5) 2,721,598 2,750,675 2,789,827 Operating lease liabilities 168,716 168,326 184,298 Other long-term liabilities 291,330 286,261 237,478 Deferred income taxes, net 286,581 276,137 288,072 Total liabilities 4,696,999 4,612,094 4,787,611 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock, $ 0.01 par value, 25,000 shares authorized, no shares issued and outstanding — — — Common stock, $ 0.01 par value, 100,000 shares authorized, 46,852 , 46,798 and 46,795 shares issued, respectively 469 468 468 Additional paid-in capital 1,133,275 1,124,433 1,112,519 Accumulated other comprehensive loss ( 29,838 ) ( 10,358 ) ( 8,565 ) Retained earnings 760,820 873,710 837,573 Treasury stock, at cost, 8,885 , 8,648 and 6,466 shares, respectively (No