Vail Resorts Files Q3 2024 10-Q

TL;DR

Vail Resorts dropped its Q3 10-Q. Check financials for the latest ski season performance.

AI Summary

Vail Resorts Inc. filed its 10-Q for the period ending April 30, 2024, reporting on its third fiscal quarter. The filing covers financial performance and operational details for the company, which operates ski resorts and related businesses. Specific financial figures and operational highlights for the quarter are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Vail Resorts, crucial for understanding the company's health and future prospects in the competitive ski resort industry.

Risk Assessment

Risk Level: medium — The company operates in a seasonal and weather-dependent industry, making it susceptible to risks associated with climate change and economic downturns affecting discretionary spending.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-06-06 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-07-31 — Fiscal Year End (Marks the end of Vail Resorts' fiscal year.)

Key Players & Entities

• VAIL RESORTS INC (company) — Filer of the 10-Q report
• 20240430 (date) — End of the reporting period
• 20240606 (date) — Date the filing was made
• 390 INTERLOCKEN CRESCENT (address) — Company's business and mailing address
• BROOMFIELD, CO 80021 (address) — Company's business and mailing city, state, and zip

FAQ

Key Financial Figures

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• $27.8 m — rded amortization of $ 13.9 million and $27.8 million, respectively, for these costs du
• $12.3 million — s. The Company recorded amortization of $12.3 million and $24.6 million, respectively, for th
• $24.6 m — orded amortization of $12.3 million and $24.6 million, respectively, for these costs du

Filing Documents

• mtn-20240430.htm (10-Q) — 1533KB
• exhibit101ninthamendedandr.htm (EX-10.1) — 1389KB
• exhibit3112024-q3.htm (EX-31.1) — 11KB
• exhibit3122024-q3.htm (EX-31.2) — 12KB
• exhibit322024-q3.htm (EX-32) — 7KB
• mtn-20240430_g1.jpg (GRAPHIC) — 82KB
• mtn-20240430_g2.jpg (GRAPHIC) — 434KB
• 0000812011-24-000060.txt ( ) — 10179KB
• mtn-20240430.xsd (EX-101.SCH) — 40KB
• mtn-20240430_cal.xml (EX-101.CAL) — 71KB
• mtn-20240430_def.xml (EX-101.DEF) — 286KB
• mtn-20240430_lab.xml (EX-101.LAB) — 465KB
• mtn-20240430_pre.xml (EX-101.PRE) — 385KB
• mtn-20240430_htm.xml (XML) — 1104KB

FINANCIAL INFORMATION Page

PART I FINANCIAL INFORMATION Page

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited). Consolidated Condensed Balance Sheets as of April 30, 2024, July 31, 2023 and April 30, 2023 2 Consolidated Condensed Statements of Operations for the Three and Nine Months Ended April 30, 2024 and 2023 3 Consolidated Condensed Statements of Comprehensive Income for the Three and Nine Months Ended April 30, 2024 and 2023 4 Consolidated Condensed Statements of Stockholders' Equity for the Three and Nine Months Ended April 30, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows for the Nine Months Ended April 30, 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 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 40

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 42 1 Vail Resorts, Inc. Consolidated Condensed Balance Sheets (In thousands, except per share amounts) (Unaudited) April 30, 2024 July 31, 2023 April 30, 2023 Assets Current assets: Cash and cash equivalents $ 705,429 $ 562,975 $ 896,089 Restricted cash 11,458 10,118 22,544 Trade receivables, net 342,920 381,067 351,597 Inventories, net 107,815 132,548 103,606 Other current assets 63,578 121,403 108,592 Total current assets 1,231,200 1,208,111 1,482,428 Property, plant and equipment, net (Note 7) 2,288,755 2,371,557 2,370,273 Real estate held for sale or investment 86,568 90,207 90,078 Goodwill, net (Note 7) 1,676,610 1,720,344 1,694,033 Intangible assets, net 299,347 309,345 306,519 Operating right-of-use assets 186,924 192,289 199,990 Other assets 39,332 55,901 56,130 Total assets $ 5,808,736 $ 5,947,754 $ 6,199,451 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities (Note 7) $ 851,503 $ 978,021 $ 868,369 Income taxes payable 120,706 83,514 49,022 Long-term debt due within one year (Note 5) 68,470 69,160 68,970 Total current liabilities 1,040,679 1,130,695 986,361 Long-term debt, net (Note 5) 2,700,257 2,750,675 2,773,747 Operating lease liabilities 154,880 168,326 174,363 Other long-term liabilities 306,223 286,261 264,243 Deferred income taxes, net 284,665 276,137 401,240 Total liabilities 4,486,704 4,612,094 4,599,954 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, 46,855 , 46,798 and 46,797 shares issued, respectively 469 468 468 Additional paid-in capital 1,139,089 1,124,433 1,118,221 Accumulated other comprehensive loss ( 64,640 ) ( 10,358 ) ( 42,434 ) Retained earnings 1,039,023 873,710 1,080,972 Treasury stock, at cost, 9,231 , 8,648 and 8,243 shares, respectively (Note 11)