Vail Resorts Files 2024 10-K

Ticker: MTN · Form: 10-K · Filed: 2024-09-26T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

Vail Resorts dropped its 2024 10-K. Check financials for FY ending 7/31/24.

AI Summary

Vail Resorts Inc. filed its 2024 10-K report for the fiscal year ending July 31, 2024. The company, headquartered in Broomfield, Colorado, operates in the amusement and recreation services sector. This filing provides a comprehensive overview of the company's financial performance and condition for the fiscal year.

Why It Matters

This filing is crucial for investors and analysts to understand Vail Resorts' financial health, operational performance, and strategic direction over the past fiscal year.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Vail Resorts Inc.?

Vail Resorts Inc. is primarily involved in the Services-Miscellaneous Amusement & Recreation sector, with the SIC code 7990.

When did Vail Resorts Inc. file its 10-K report?

Vail Resorts Inc. filed its 10-K report on September 26, 2024.

What period does this 10-K filing cover?

This 10-K filing covers the fiscal year ending July 31, 2024.

Where is Vail Resorts Inc. headquartered?

Vail Resorts Inc. is headquartered at 390 Interlocken Crescent, Suite 1000, Broomfield, CO 80021.

What is the SEC file number for Vail Resorts Inc.'s 10-K filing?

The SEC file number for Vail Resorts Inc.'s 10-K filing is 001-09614.

Filing Stats: 4,433 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-09-26 16:09:43

Key Financial Figures

Filing Documents

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 37

Cybersecurity

Item 1C. Cybersecurity 37

Properties

Item 2. Properties 39

Legal Proceedings

Item 3. Legal Proceedings 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43

Reserved

Item 6. Reserved 44

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 62

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 63

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 104

Controls and Procedures

Item 9A. Controls and Procedures 104

Other Information

Item 9B. Other Information 105

Disclosure Reporting Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Reporting Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 105

Executive Compensation

Item 11. Executive Compensation 105

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 105

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 106 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 106

Form 10-K Summary

Item 16. Form 10-K Summary 109 1

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Except for any historical information contained herein, the matters discussed or incorporated by reference in this Annual Report on Form 10-K (this "Form 10-K") contain certain forward-looking statements within the meaning of the federal securities laws. These statements relate to analyses and other information, available as of the date hereof which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our contemplated future prospects, developments and business strategies. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will" and similar terms and phrases, including references to assumptions. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that such plans, intentions or expectations will be achieved. Important factors that could cause actual results to differ materially from our forward-looking statements include, but are not limited to: 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 or discretion

BUSINESS

ITEM 1. BUSINESS. General Vail Resorts, Inc., together with its subsidiaries, is referred to throughout this document as "we," "us," "our" or the "Company." Vail Resorts, Inc., a Delaware corporation, was organized as a holding company in 1997 and operates through various subsidiaries. Our operations are grouped into three reportable segments: Mountain, Lodging and Real Estate, which represented approximately 88%, 12% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2024 ("Fiscal 2024"). Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our "Resorts"). Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations. In the Lodging segment, we own and/or manage a collection of luxury hotels and condominiums under our RockResorts brand, other strategic lodging properties and a large number of condominiums located in proximity to our North American mountain resorts, National Park Service ("NPS") concessioner properties including the Grand Teton Lodge Company ("GTLC"), which operates destination resorts in Grand Teton National Park, a Colorado resort ground transportation company and mountain resort golf courses. We refer to "Resort" as the combination of the Mountain and Lodging segments. Our Real Estate segment owns, develops and sells real estate in and around our resort communities. For financial information and other information about the Company's segments and geographic areas, see Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8. "Financial Statements and Supplementary Data." 4 Mountain Segment In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas, including four resorts within the top ten most visited resorts in the United States for the 2023/2024 North American ski season: *

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