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BROOMFIELD, Colo. , Dec. 9, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN ) today reported results for the first quarter of fiscal 2025 ended October 31, 2024 , provided season pass sales results for the 2024/2025 season, updated fiscal 2025 net income attributable to Vail Resorts, Inc. guidance and reaffirmed fiscal 2025 Resort Reported EBITDA guidance, announced capital investment plans for calendar year 2025, declared a dividend payable in January 2025 , and announced first quarter share repurchases. Highlights Net loss attributable to Vail Resorts, Inc. was $172.8 million for the first quarter of fiscal 2025 compared to net loss attributable to Vail Resorts, Inc. of $175.5 million in the same period in the prior year. Resort Reported EBITDA loss was $139.7 million for the first quarter of fiscal 2025, which included $2.7 million of one-time costs related to the previously announced two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses, compared to a Resort Reported EBITDA loss of $139.8 million for the first quarter of fiscal 2024, which included $1.8 million of acquisition and integration related expenses. Pass product sales through December 3, 2024 for the upcoming 2024/2025 North American ski season decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying current U.S. dollar exchange rates to both current period and prior period sales for Whistler Blackcomb. The Company has made certain adjustments to its guidance for net income attributable to Vail Resorts, Inc. primarily related to a gain recorded during the first quarter of fiscal 2025, which impacted Real Estate Reported EBITDA. For fiscal 2025, the Company now expects $240 million to $316 million of net income attributable to Vail Resorts, Inc. and reaffirmed its Resort Reported EBITDA guidance of $838 million to $894 million . The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on January 9, 2025 to shareholders of record as of December 26, 2024 and repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . Commenting on the Company's fiscal 2025 first quarter results, Kirsten Lynch , Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season. The quarter's results were driven by winter operations in Australia and summer activities in North America , including sightseeing, dining, retail, lodging, and administrative expenses. "Resort Reported EBITDA was consistent with the prior year, driven by growth in our North American summer business from increased activities spending and lodging results. This growth was offset by a decline in Resort Reported EBITDA of $9 million compared to the prior year from our Australian resorts due to record low snowfall and lower demand, cost inflation, the inclusion of Crans-Montana, and approximately $2.7 million of one-time costs related to the two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses." Regarding the Company's resource efficiency transformation plan, Lynch said, "Vail Resorts continues to make progress on its two-year resource efficiency transformation plan, which was announced in our September 2024 earnings. The two-year Resource Efficiency Transformation Plan is designed to improve organizational effectiveness and scale for operating leverage as the Company grows globally. Through scaled operations, global shared services, and expanded workforce management, the Company expects $100 million in annualized cost efficiencies by the end of its 2026 fiscal year. We will provide updates as significant milestones are achieved." Turning to season pass results, Lynch said, "Our season pass sales highlight the compelling value proposition of our pass products and our commitment to continually investing in the guest experience at our resorts. Over the last four years, pass product sales for the 2024/2025 North American ski season have grown 59% in units and 47% in sales dollars. For the upcoming 2024/2025 North American ski season, pass product sales through December 3, 2024 decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . This year's results benefited from an 8% price increase, partially offset by unit growth among lower priced Epic Day Pass products. Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying an exchange rate of $0.71 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. For the period between September 21, 2024 and December 3, 2024 , pass product sales trends improved relative to pass product sales through September 20, 2024 , with unit growth of approximately 1% and sales dollars growth of approximately 7% as compared to the period in the prior year from September 23, 2023 through December 4, 2023 , due to expected renewal strength, which we believe reflects delayed decision making. "Our North American pass sales highlight strong loyalty with growth among renewing pass holders across all geographies. For the full selling season, the Company acquired a substantial number of new pass holders, however the absolute number of new guests was smaller compared to the prior year, driving the overall unit decline for the full selling season. New pass holders come from lapsed guests, prior year lift ticket guests, and new guests to our database. The Company achieved growth from lapsed guests, who previously purchased a pass or lift ticket but did not buy a pass or lift ticket in the previous season. The decline in new pass holders compared to the prior year was driven by fewer guests who purchased lift tickets in the past season and from guests who are completely new to our database, which we believe was impacted by last season's challenging weather and industry normalization. Epic Day Pass products achieved unit growth driven by the strength in renewing pass holders. We expect to have approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season in non-refundable advance commitment products this year, which are expected to generate over $975 million of revenue and account for approximately 75% of all skier visits (excluding complimentary visits)." Lynch continued, "Heading into the 2024/2025 ski season, we are encouraged by our strong base of committed guests, providing meaningful stability for our Company. Additionally, early season conditions have allowed us to open some resorts earlier than anticipated, including Whistler Blackcomb, Heavenly, Northstar, Kirkwood, and Stevens Pass. Early season conditions have also enabled our Rockies resorts to open with significantly improved terrain relative to the prior year, including the opening of the legendary back bowls at Vail Mountain opening the earliest since 2018. Our resorts in the East are experiencing typical seasonal variability for this point in the year, with all resorts planned to open ahead of the holidays. We are continuing to hire for the winter season, and are on track with our staffing plans and have achieved a strong return rate of our frontline employees from the prior season. Lodging bookings at our U.S. resorts for the upcoming season are consistent with last year. At Whistler Blackcomb, lodging bookings for the full season are lagging prior year levels, which may reflect delayed decision making following challenging conditions in the prior year." 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 first fiscal quarter ended October 31, 2024 , which was filed today with the Securities and Exchange Commission. The following are segment highlights: Mountain Segment Mountain segment net revenue increased $0.8 million , or 0.5%, to $173.3 million for the three months ended October 31, 2024 as compared to the same period in the prior year, primarily driven by an increase in summer visitation at our North American resorts as a result of improved weather conditions compared to the prior year, which generated increases in on-mountain summer activities revenue, sightseeing revenue, and dining revenue. These increases were partially offset by a decrease in lift revenue from our Australian resorts as a result of reduced visitation from weather-related challenges that impacted terrain and resulted in early closures in the current year, and a decrease in retail/rental revenue driven by the impact of broader industry-wide customer spending trends which negatively impacted retail demand, particularly at our Colorado city store locations. Mountain Reported EBITDA loss was $144.1 million for the three months ended October 31, 2024 , which represents a decrease of $4.5 million , or 3.3%, as compared to Mountain Reported EBITDA loss for the same period in the prior year, primarily driven by our Australian operations, which experienced weather-related challenges that impacted terrain and resulted in early closures, as well as incremental off-season losses from the addition of Crans-Montana (acquired May 2, 2024 ), partially offset by an increase in summer operations at our North American resorts, which benefited from warm weather conditions late in the season. Mountain segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of $2.0 million for the three months ended October 31, 2024 , as well as acquisition and integration related expenses of $0.9 million and $1.8 million for the three months ended October 31, 2024 and 2023, respectively. Lodging Segment Lodging segment net revenue (excluding payroll cost reimbursements) increased $5.4 million , or 6.9%, to $83.8 million for the three months ended October 31, 2024 as compared to the same period in the prior year, primarily driven by positive weather conditions in the Grand Teton region, which enabled increased room pricing and drove increases in owned hotel rooms revenue. Additionally, dining revenue and golf revenue increased each primarily as a result of increased summer visitation at our North American mountain resort properties. Lodging Reported EBITDA was $4.4 million for the three months ended October 31, 2024 , which represents an increase of $4.6 million , as compared to Lodging Reported EBITDA loss for the same period in the prior year, primarily as a result of favorable weather conditions which drove increased visitation in the Grand Teton region and at our mountain resort properties. Lodging segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of $0.7 million for the three months ended October 31, 2024 . Resort - Combination of Mountain and Lodging Segments Resort net revenue was $260.2 million for the three months ended October 31, 2024 , an increase of $5.9 million as compared to Resort net revenue of $254.3 million for the same period in the prior year. Resort Reported EBITDA loss was $139.7 million for the three months ended October 31, 2024 , compared to Resort Reported EBITDA loss of $139.8 million for the same period in the prior year. Real Estate Segment Real Estate Reported EBITDA was $15.1 million for the three months ended October 31, 2024 , an increase of $9.7 million as compared to Real Estate Reported EBITDA of $5.4 million for the same period in the prior year. During the three months ended October 31, 2024 , the Company recorded a gain on sale of real property for $16.5 million related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, as compared to the same period in the prior year, during which we recorded a gain on sale of real property for $6.3 million related to a land parcel sale in Beaver Creek, Colorado . Total Performance Total net revenue increased $1.7 million , or 0.7%, to $260.3 million for the three months ended October 31, 2024 as compared to the same period in the prior year. Net loss attributable to Vail Resorts, Inc. was $172.8 million , or a loss of $4.61 per diluted share, for the first quarter of fiscal 2025 compared to a net loss attributable to Vail Resorts, Inc. of $175.5 million , or a loss of $4.60 per diluted share, in the prior year. Outlook The Company's Resort Reported EBITDA guidance for the year ending July 31, 2025 is unchanged from the prior guidance provided on September 26, 2024 . The Company is updating its guidance for net income attributable to Vail Resorts, Inc., which it now expects to be between $240 million and $316 million , up from the prior guidance range of $224 million to $300 million . The primary difference is due to a $17 million increase from the gain on sale of real property related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, a transaction that has been recorded as Real Estate Reported EBITDA. Additionally, the guidance is updated to include a decrease in expected interest expense of approximately $2 million which assumes that interest rates remain at current levels for the remainder of fiscal 2025. These changes have no impact on expected Resort Reported EBITDA. The Company continues to expect Resort Reported EBITDA for fiscal 2025 to be between $838 million and $894 million , including approximately $27 million of cost efficiencies and an estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan, and an estimated $1 million of acquisition and integration related expenses specific to Crans-Montana. As compared to fiscal 2024, the fiscal 2025 guidance includes the assumed benefit of a return to normal weather conditions after the challenging conditions in fiscal 2024, more than offset by a return to normal operating costs and the impact of the continued industry normalization, impacting demand. Additionally, the guidance reflects the negative impact from the record low snowfall and related shortened season in Australia in the first quarter of fiscal 2025, which negatively impacted demand and resulted in a $9 million decline of Resort Reported EBITDA compared to the prior year period. After considering these items, we expect Resort Reported EBITDA to grow from price increases and ancillary spending, the resource efficiency transformation plan, and the addition of Crans-Montana for the full year. The guidance also assumes (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 (3) the foreign currency exchange rates as of our original fiscal 2025 guidance issued September 26, 2024 . Foreign currency exchange rates have experienced recent volatility. Relative to the current guidance, if the currency exchange rates as of yesterday, December 8, 2024 of $0.71 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada , $0.64 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia , and $1.14 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland were to continue for the remainder of the fiscal year, the Company expects this would have an impact on fiscal 2025 guidance of approximately negative $5 million for Resort Reported EBITDA. 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. Liquidity and Return of Capital As of October 31, 2024 , the Company's total liquidity as measured by total cash plus revolver availability was approximately $1,024 million . This includes $404 million of cash on hand, $407 million of U.S. revolver availability under the Vail Holdings Credit Agreement, and $213 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2024 , the Company's Net Debt was 2.8 times its trailing twelve months Total Reported EBITDA. Regarding the return of capital to shareholders, the Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock payable on January 9, 2025 to shareholders of record as of December 26 , 2024. In addition, the Company repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . The Company has 1.6 million shares remaining under its authorization for share repurchases. 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 Vail Resorts is committed to enhancing the guest experience and supporting the Company's growth strategies through significant capital investments. For calendar year 2025, the Company plans to invest approximately $198 million to $203 million in core capital, before $45 million of growth capital investments at its European resorts, including $41 million at Andermatt-Sedrun and $4 million at Crans-Montana, and $6 million of real estate related capital projects to complete multi-year transformational investments at the key base area portals of Breckenridge Peak 8 and Keystone River Run, and planning investments to support the development of the West Lionshead area into a fourth base village at Vail Mountain. Including European growth capital investments, and real estate related capital, the Company plans to invest approximately $249 million to $254 million in calendar year 2025. Projects in the calendar year 2025 capital plan described herein remain subject to approvals. In calendar year 2025, the Company will embark on two multi-year transformational investment plans at Park City Mountain and Vail Mountain. Park City Mountain – The transformation of Park City Mountain's Canyons Village is underway to support a world-class luxury base village experience. These investments will support Park City Mountain in welcoming athletes and fans from across the world who visit the resort as it serves as a venue for the 2034 Olympic Winter Games. As announced in September, we are replacing 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. The Company also plans to enhance the beginner and children's experience by expanding the existing Red Pine Lodge restaurant to upgrade the dining experience for ski and ride school guests, and by improving the teaching terrain surrounding the Red Pine Lodge. These investments are further supported by the construction of the Canyons Village Parking Garage, a new covered parking structure with over 1,800 stalls being developed by TCFC, the master developer of the Canyons Village, which is expected to break ground in spring 2025. Planning of additional investments at Park City Mountain across the mountain experience is underway and additional projects will be announced in the future. Vail Mountain – In October 2024 , the Company announced the development of West Lionshead area into a fourth base village at Vail Mountain in partnership with the Town of Vail and East West Partners. The new base village will reinforce Vail Mountain's status as a world-class destination, and is anticipated to feature access to the resort's 5,317 acres of legendary terrain, plus new lodging, restaurants, boutiques, and skier services, as well as community benefits such as workforce housing, public spaces, transit, and parking. In addition, the Company is developing a multi-year plan to invest in base area improvements, lift upgrades, and across the beginner ski and ride school and dining experiences. In calendar year 2025, the Company is planning to renovate guestrooms and common spaces at its luxury Vail hotel, the Arrabelle at Vail Square. Additionally, in calendar year 2025 the Company plans to invest in real estate planning to develop the West Lionshead area. In addition to embarking on two multi-year transformational investment plans, the Company is planning significant investments across the guest experience in calendar year 2025, including: Andermatt-Sedrun – The Company plans to replace the four-person fixed grip Calmut lift and the four-person fixed grip Cuolm lift with two new six-person high speed lifts that will increase capacity and significantly improve the guest experience at the Val Val area. The Company also plans to upgrade and expand snowmaking infrastructure at the Gemsstock area on the western side of the resort to enhance the consistency of the guest experience, particularly in the early season, and significantly improve energy efficiency. In addition, the Company plans to complete the previously announced upgrade of the Sedrun-Milez snowmaking infrastructure and improvements to the Milez and Natschen restaurants. Through calendar year 2025, Vail Resorts will have invested approximately CHF 50 million of a total CHF 110 million capital that was invested as part of the purchase of the Company's majority ownership stake in Andermatt-Sedrun. Perisher – At Perisher in Australia , the Company plans to replace the Mt Perisher Double and Triple Chairs with a new six-person high speed lift, following the capital spending in calendar year 2024 that is continuing into calendar year 2025 to be completed in time for the 2025 winter season in Australia . Technology – The Company will be investing in additional new functionality for the My Epic App, including new tools to better communicate with and personalize the experience for our guests. Building on the pilot of My Epic Assistant, a new guest service technology within the My Epic App powered by advanced AI and resort experts, at four resorts for the upcoming 2024/2025 ski season, the Company is planning to invest in more advanced AI capabilities in calendar year 2025. Dining – The Company plans to invest in physical improvements to dining outlets at its largest destination resorts to improve throughput. Commitment to Zero – The Company plans to continue investing in waste reduction and emissions reduction projects across its resorts to achieve its goal of zero net operating footprint by 2030. Breckenridge – The Company is making real estate related investments to complete the multi-year transformation of the Breckenridge Peak 8 base area, where the Company has enhanced the beginner and children's experience and increased uphill capacity with the introduction of a new four-person high speed 5-Chair, new teaching terrain, and a transport carpet from the base, making the beginner experience more accessible. Keystone – The Company is investing in acquisition and build out costs for skier services that will reside in the newly developed Kindred Resort at Keystone, a family-friendly luxury ski-in, ski-out lodging residence and Rock Resorts-branded hotel at the base of the River Run Gondola, including new restaurants, a full-service spa, pool and hot tub facilities, and the new home for the Keystone Ski & Ride School, and a retail and rental shop. The Kindred development follows the transformational lift-served terrain expansion project in Bergman Bowl, increasing lift-served terrain by 555 acres with the addition of a new six-person high speed lift, which was completed for the 2023/2024 North American ski season. In addition to the investments planned for calendar year 2025, the Company is completing significant investments that will enhance the guest experience for the upcoming 2024/2025 North American and European ski season. As previously announced, the Company expects its capital plan for calendar year 2024 to be approximately $189 million to $194 million , excluding $13 million of incremental capital investments in premium fleet and fulfillment infrastructure to support the official launch of My Epic Gear for the 2024/2025 winter season at 12 destination and regional resorts across North America , $7 million of growth capital investments at Andermatt-Sedrun, $2 million of maintenance and $2 million of integration investments at Crans-Montana, and $3 million of reimbursable capital. Including these one-time investments, the Company's total capital plan for calendar year 2024 is now expected to be approximately $216 million to $221 million . 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 (U.S. and Canada ) or +1 (785) 424-1789 (international). The conference ID is MTNQ125. A replay of the conference call will be available two hours following the conclusion of the conference call through December 16, 2024 , at 11:59 p.m. eastern time . To access the replay, dial (800) 753-9146 (U.S. and Canada ) or +1 (402) 220-2705 (international). The conference call will also be archived at www.vailresorts.com . 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, Breckenridge , Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America ; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland ; and Perisher, Hotham, and Falls Creek in Australia . We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America . Learn more about our company at www.VailResorts.com , or discover our resorts and pass options at www.EpicPass.com . 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 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; 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 Europe , or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024 , which was filed on September 26, 2024 . 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 the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance. 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. Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures Presented below is a reconciliation of net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three months ended October 31, 2024 and 2023. 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 October 31, 2024. 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 October 31, 2024 . The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October 31, 2024 and 2023. The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2025 guidance. SOURCE Vail Resorts, Inc.
* Mexico president plans letter to Trump, will seek a call * Bank of Canada sees clear impact on both economies * Tariff threat knocks Mexico peso, Canadian dollar, but stocks hold up Nov 26 - Officials from Mexico, Canada and China warned U.S. President-elect Donald Trump's threat of imposing hefty tariffs on goods from the three largest U.S. trading partners would harm the economies of all involved and would risk aggravating inflation and damaging job markets. In their initial round of responses to Trump's surprise announcement on Monday for a 25% tariff on imports from Canada and Mexico and an additional 10% levy on Chinese goods until they clamped down on illicit drugs and migrants crossing the border, leaders and other top officials urged dialogue and cooperation. "To one tariff will come another and so on, until we put our common businesses at risk," Mexican President Claudia Sheinbaum said during a regular press conference. Sheinbaum said she planned to send a letter to Trump and would seek a call with him to discuss the issue. A Bank of Canada official, meanwhile, said it was clear that any move by Trump to deliver on the threat would reverberate on both sides of the U.S. northern border. "What happens in the U.S. has a big impact on us, and something like this would clearly have an impact on both economies," Deputy Governor Rhys Mendes said during an audience question and answer session in Charlottetown, Prince Edward Island. Earlier, a spokesperson for China's embassy in Washington said: "No one will win a trade war or a tariff war." As of September, U.S. Commerce Department data showed the three countries had shipped more than $1 trillion of goods to the United States in the first nine months of the year, with Mexico ranking first, followed by China and then Canada. FOCUS ON FENTANYL Trump, who takes office on Jan. 20, had pledged throughout his campaign to levy tariffs of varying degrees on U.S. trading partners, part of his promise to "put America first." Imposing import duties was a major policy plank during his first four-year term and, like now, he has also threatened them for non-economic reasons. In 2019, he threatened 5% tariffs on Mexico to achieve its cooperation in tightening border controls. In the current case, the flow into the U.S. of illicit drugs, particularly fentanyl, was added to his mix of grievances with the three countries. The number of U.S. deaths from fentanyl overdoses actually declined in 2023, according to the Centers for Disease Control and Prevention, although nearly 75,000 people still succumbed to the powerful opioid. Regarding China specifically, Trump in a posting on his social media site said: "Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America." It was not entirely clear what this would mean for China as he has previously pledged to end China's most-favored-nation trading status and slap tariffs on Chinese imports in excess of 60% - much higher than those imposed during his first term. Trump's threatened new tariffs would appear to violate the terms of the U.S.-Mexico-Canada Agreement on trade. The deal, which Trump signed into law, took effect in 2020 and continued the largely duty-free trade between the three countries, although the deal sunsets in 2026. Warren Maruyama, former general counsel for the U.S. Trade Representative under President George H.W. Bush, said Trump's threat could be acted on with relative ease by making a national emergency declaration, which would unlock the International Emergency Economic Powers Act. "If precedent is any indication, it's a serious uphill fight," to challenge actions taken under that umbrella. Trump's broadside late on Monday sent the Mexican and Canadian currencies tumbling, although U.S. stock markets largely took the development in stride, with many investors seeing it as the opening bid to a nomination than as a certainty. Shares of some companies seen particularly vulnerable, such as automakers Ford and General Motors, fell sharply. "Given the post makes an explicit reference to the flow of people and drugs across the southern and northern borders, it suggests this specific tariff threat is more of a negotiating tool than a revenue raiser," said Thomas Ryan, North America Economist at Capital Economics. "It leaves the door open to Canada and Mexico coming up with a credible plan over the next two months to try and avoid those tariffs." This article was generated from an automated news agency feed without modifications to text.
Rep. Nancy Mace, R-S.C., responds to criticism over her transgender bathroom ban resolution on 'Fox & Friends Weekend.' The first openly transgender politician elected to the U.S. House , Democratic Rep.-elect Sarah McBride, claimed Sunday that the GOP’s focus on transgender issues is an "attempt to distract" voters. "I think we are all united that attempts to attack a vulnerable community are not only mean spirited, but really an attempt to misdirect. Because every single time we hear the incoming administration or Republicans in Congress talk about any vulnerable group in this country, we have to be clear that it is an attempt to distract," McBride, who was elected to represent Delaware earlier this month, said Sunday morning on CBS’ "Face the Nation." "It is an attempt to distract from what they are actually doing. Every single time, every single time we hear them say the word ‘trans,’ look what they're doing with their right hand. Look at what they're doing to pick the pocket of American workers, to fleece seniors by privatizing Social Security and Medicare. Look what they're doing, undermining workers," McBride added. President-elect Trump, conservative voters and members of Congress have all raised concerns regarding transgender issues, including stretching back years, most notably in the context of barring biological men from competing in women’s and girls' sports, as well as banning men from women’s bathrooms and locker rooms. SPEAKER JOHNSON ANNOUNCES NEW CAPITOL BATHROOM POLICY IN RESPONSE TO CONTROVERSY OVER TRANS HOUSE MEMBER Rep.-elect Sarah McBride attends an orientation for new members at the U.S. Capitol on Nov. 21, 2024. (Kevin Dietsch/Getty Images) On Capitol Hill, South Carolina Republican Rep. Nancy Mace introduced a resolution last week that moves to prohibit members, officers and employees of the House from using "single-sex facilities other than those corresponding to their biological sex." Mace, a rape survivor, also introduced another bill that would "ban biological men from using women’s private, protected facilities – such as bathrooms and locker rooms – on all federal property" across the nation. NANCY MACE FIRES BACK AT AOC, CRITICS OF TRANS BATHROOM BAN: 'HEIGHT OF HYPOCRISY' Democrats, including McBride, slammed Mace as a "far-right" extremist for the legislation. "This is a blatant attempt from far right-wing extremists to distract from the fact that they have no real solutions to what Americans are facing. We should be focused on bringing down the cost of housing, health care, and child care, not manufacturing culture wars," McBride posted to X. Rep. Nancy Mace grilled civil rights activist leader and former NYC mayoral candidate Maya Wiley at a Thursday hearing. (GOP Oversight YouTube channel) House Speaker Mike Johnson, R-La., said later in the week that single-sex facilities on Capitol Hill, including bathrooms, will be used by individuals with the corresponding biological sex. NANCY MACE’S EFFORT TO BAN TRANSGENDER DELAWARE DEMOCRAT FROM CAPITOL WOMEN'S RESTROOMS GAINS SUPPORT "All single-sex facilities in the Capitol and House Office Buildings – such as restrooms, changing rooms, and locker rooms – are reserved for individuals of that biological sex," Johnson said in a statement obtained by Fox News Digital. "It is important to note that each Member office has its own private restroom, and unisex restrooms are available throughout the Capitol." MRC Free Speech America feels Speaker Mike Johnson should "direct relevant committees and committee chairmen to investigate Google for abridging people’s constitutional rights." (AP/J. Scott Applewhite) "Women deserve women’s only spaces," he added. "Like all policies, it is enforceable," Johnson later told reporters. "But we have single-sex facilities for a reason, and women deserve women's only spaces. And we're not anti anyone. We're pro-women, and I think it's an important policy for us to continue. It's always been the, I guess , an unwritten policy , but now it's in writing." MACE FACES BACKLASH OVER EFFORT TO BAN NEW TRANSGENDER MEMBER OF CONGRESS FROM WOMEN'S BATHROOMS McBride continued during her Sunday interview that the GOP’s focus on trans issues distracts Congress from policy issues such as lowering the cost of living. Rep.-elect Sarah McBride joins other congressional freshmen of the 119th Congress for a group photograph on the steps of the U.S. Capitol on Nov. 15, 2024. (Andrew Harnik/Getty Images) "Here's also what we have to be clear about, because I think the last week has been a prime example of this. Every bit of time and energy that is used to divert the attention of the federal government to go after trans people is time and energy that is not focused on addressing the cost of living for our constituents. And we have to be clear that there is a real cost for the American worker every time they focus on this," McBride said. Mace joined "Fox & Friends Weekend" on Sunday, where she pushed back on Democrats criticizing her for introducing the legislation, notably New York Democratic Rep. Alexandria Ocasio-Cortez. CLICK HERE TO GET THE FOX NEWS APP "It's sad and surprising that in 2024 I have to go on TV and on social media to explain to the radical left that men shouldn't be allowed in women's restrooms, that women shouldn't be forced to undress in front of men." Fox News Digital's Elizabeth Elkind and Charles Creitz contributed to this report.
Sonnet BioTherapeutics Announces $3.9 Million Registered Direct Offering and Concurrent Private Placement Priced At-The-Market Under Nasdaq RulesCHARLESTON, S.C. (AP) — Kobe Sanders scored 27 points, including five of six from the free throw line in the closing minutes, and Nevada pulled away late to beat Oklahoma State 90-78 for a fifth-place finish at the Charleston Classic on Sunday. Nevada's lone loss in its first six games came in the tournament's opening round when the Wolf Pack fell to Vanderbilt 73-71. The Cowboys never led in the contest and Nevada grabbed the lead for good on Justin McBride's tip-in with under 13 minutes left to take a 14-12 lead. Tre Coleman hit two free throws and Chuck Bailey II hit a late jumper to put Nevada up 40-33 at intermission. Abou Ousmane's tip-in at the 5:21 mark got the Cowboys within five, 75-70 but Brandon Love answered with a three-point play seconds later and the Wolf Pack pulled away. Tyler Rolison's 3 with 1:38 left pushed the lead to 84-73. Sanders hit 7 of 10 shots from the field, including 3 of 5 from distance, and was 10 of 13 from the line with three assists and a steal to lead Nevada. Nick Davidson had 23 points on 9 of 16 shooting and Love was a perfect 5-for-5 from the floor and contributed 11 points. The Wolf Pack shot 33 of 56 from the field (58.9%), including 7 of 18 from beyond the arc. Marchelus Avery and Arturo Dean both came off the Oklahoma State bench to score 15 and 13 points, respectively. Robert Jennings II and Ousmane each scored 11 points. Both teams completed the November portion of their schedule. Nevada plays host to Washington State on Dec. 2. Oklahoma State plays at Tulsa on Dec. 4. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college basketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketball
UnitedHealthcare CEO kept a low public profile. Then he was shot to death in New YorkIt was 1942, and the Quit India movement just kicked off. A young K G Subramanyan was sent to Madras Presidency College to study economics, and he was doing well. But Subramanyan was no ordinary student. Coming from a politically charged Mahe in Kerala, where he picked up Marxian and later Gandhian ideals as a teen, nationalism ran in his veins. He organised a picketing at the Madras state secretariat and was sent to jail for six months. IPL 2025 mega auction IPL Auction 2025: Who got whom IPL 2025 Auction: Updated Full Team Squads As was the practice then, he was also debarred from studying in all govt institutions. But the jail stint changed something else in the idealistic youngster; he noticed that not all of his political peers were committed to the cause like him and realised politics was not his cup of tea. His paintings, which he was doing on the side, caught the attention of big names in art such as K C S Panicker, who invited him to study art instead of economics. He didn't join an art college in Madras; his elder brother wrote to Nandalal Bose, Principal of Kala Bhavan, Santiniketan in West Bengal, and got him a spot there, a move that changed the course of his life. "He moved from the political orbit of Gandhi to the cultural one of Tagore ," says Raman Siva Kumar, his student, associate, and colleague. "It inspired him to respond to the social and political environment through his art, unlike many of his contemporaries for whom art was still about Indian mythological figures." When Subramanyan finished his studies, India became independent, and the artist had to rethink his subjects, style, and mediums. Over his 70-year career—one of the longest for an artist—his work evolved from watercolours and pen on paper to terracotta, children's books, and reverse glass paintings. Post-independence, Subramanyan helped set up a project for vocational training for refugees of Partition. "In 1951, he joined MSU Baroda as a teacher. The profession changed his attitude towards art. Its analytical aspects became as important as expression." Sculptor Ratnabali Kant recalls in her biography of late husband Awani Kant, Subramanyan's student, how the artist advised him to carry a camera, sketchbook, and pencil for a week and start painting only once he found a subject that attracted him, for only then would he "start producing endlessly with pleasure." In a video interview with Priyamvada Kant, the couple's daughter, Subramanyan says, "Teaching and producing one's own works offer two kinds of happiness. A persistent teacher will only restrict a student's development. A teacher in fine arts has little to do for the development of the student except clear the air for them and not ‘consciously' teach. I just pretend to teach." Subramanyan belonged to the generation of progressive artists such as M F Hussain, who used modern cubist vocabulary, but his approach was more cautious, says Siva Kumar. While at the Slade School of Art in London (1956), he studied medieval art, which few other Indian modernists did. "By the late 1950s, he left Baroda to focus on craft, working as deputy director of design for the handloom board. Returning in 1961, he painted still life works with sand and pebbles." Subramanyan's aim was to create an artistic language of his own, not just a style, says Siva Kumar. In 1963, for Tagore's birth centenary, the Union govt commissioned a mural for the Tagore theatre in Lucknow. Inspired by the playwright's ‘King of the Dark Chamber', Subramanyan used 13,000 terracotta tiles, where individual units held no meaning but formed a narrative when grouped. "From a distance, you see abstract shapes, but once you get closer, you see the details," says Siva Kumar. In the 1960s, Subramanyan experimented with sand casting and textile murals, but works from this period, including those sold at the 1965 New York Trade Fair, remain undocumented, says Siva Kumar. The 1960s also saw him working on children's books, which were surprisingly monochromatic, and toys. He also tried glass painting in 2005. All through, his works continued to make political statements, reflected in the children's fables as well. "One story describes how the people made by God looked alike until God gave them a wardrobe and they started dressing differently. The clothes stick to their bodies, and they start fighting." He wanted his art practice to be outside the gallery space, says Abeer Gupta, curator of Arthsila in New Delhi. "He would give away his work to people as gifts for weddings or birthdays." Today, his work is priced at `5 lakh and more. Email your feedback with name and address to southpole.toi@timesofindia.comIf the run-up to Christmas has you frantically rushing around to complete your to-do list, don't worry – you're not alone. On the plus side, your technology can help ease the panic. Our tech experts have rounded up several tools to keep you organised. Visit the app store for digital to-do lists that you can share to lighten the load, set reminders that will take account of traffic conditions so you leave in perfect time, and use the Which? App to create a shortlist of gift ideas. Below, we run through several ways tech can make the festive season more manageable and help you get ahead of the game. 25% off Which? Tech Support 1-2-1 tech support at your fingertips. Join today for only £36.75 and let our friendly experts help you get the most from your tech. Offer ends 8 Jan 2025 Find out more 1. Set reminders activated by time or place You might appreciate an alert that reminds you to buy specific goodies when you arrive at the supermarket, for example, or an alert to send out your Christmas cards ahead of time. To try custom reminders for yourself, follow these steps: On an iPhone The pre-installed Reminders app can give you a nudge. Open the app and tap New Reminder . Type your note, then select Details to choose a date, time, or location, which includes pairing or unpairing Bluetooth in your car, or arriving or leaving an address. The pre-installed app can give you a nudge. Open the app and tap . Type your note, then select to choose a date, time, or location, which includes pairing or unpairing Bluetooth in your car, or arriving or leaving an address. On an Apple Watch You can use the voice assistant to set alerts. Say, 'Remind me to post my letter at 8am,' for example. When triggered, your phone will display a notification — as though you have reached through time to tap yourself on the shoulder. You can use the voice assistant to set alerts. Say, 'Remind me to post my letter at 8am,' for example. When triggered, your phone will display a notification... Which? Team
Kylian Mbappe “can do better” manager Carlo Ancelotti insisted after the Real Madrid forward missed another penalty during his side’s loss to Athletic Club . Mbappe, 25, had a 69th-minute penalty saved by Julen Agirrezabala as Madrid went on to lose 2-1 at San Mames Stadium and lose ground in the La Liga title race. Advertisement It is the second consecutive spot kick that Mbappe has missed after being denied by Caoimhin Kelleher during Madrid’s 2-0 defeat to Liverpool in the Champions League last week. Ancelotti said on Mbappe: “I haven’t spoken to him (Mbappe). We missed the penalty, but I don’t have to evaluate a player’s game by the penalty, sometimes they score and sometimes they don’t. He’s sad but we have to keep going. “He’s much more than at his 1%. He’s not at his best but we have to give him time. He has scored ten goals. He can do better, of course, and he is working on it.” Mbappe, who is yet to hit his best form at his new club after making the move from Paris Saint-Germain this summer, took to social media to comment on his miss from the spot. “Bad result,” he said. “A big mistake in a match where every detail counts. I take full responsibility for it. A difficult moment but it’s the best time to change this situation and show who l am.” Mbappe has scored 10 goals in 20 appearances but has often been deployed as a central striker, having previously excelled from the left in France. Jude Bellingham , who scored a penalty for Madrid during their 2-0 victory over Getafe on Sunday, stepped aside to allow Mbappe to take the spot kick on Wednesday evening. When asked about hit penalty takers, Ancelotti said: “When Vinicius (Junior) is there. He had usually taken them and he had all taken them well. There are three, Mbappé, Bellingham, and Vinicius.” “They both (Bellingham and Mbappé) spoke, today he took the responsibility to take it and it didn’t go well. This can happen.” The defeat is Real’s fifth of the season in all competitions and it leaves them in second place, four points behind league leaders Barcelona and a point above Atletico Madrid. Real Madrid are next in action against Girona on Saturday GO DEEPER Kylian Mbappe and France - what's happened? (Jose Breton/Pics Action/NurPhoto via Getty Images)Oil-Dri Announces Record Results for the First Quarter of Fiscal Year 2025
Sake is perhaps more Japanese than the world-famous sushi. It's brewed in centuries-old mountaintop warehouses, savored in the country’s pub-like izakayas, poured during weddings and served slightly chilled for special toasts. The smooth rice wine that plays a crucial role in Japan's culinary traditions was enshrined on Wednesday by UNESCO on its list of the “intangible cultural heritage of humanity." At a meeting in Luque, Paraguay, members of UNESCO’s committee for safeguarding humanity's cultural heritage voted to recognize 45 cultural practices and products around the world, including Brazilian white cheese, Caribbean cassava bread and Palestinian olive oil soap. Unlike UNESCO’s World Heritage List, which includes sites considered important to humanity like the Pyramids of Giza in Egypt, the Intangible Cultural Heritage designation names products and practices of different cultures that are deserving of recognition. A Japanese delegation welcomed the announcement in Luque. “Sake is considered a divine gift and is essential for social and cultural events in Japan,” Kano Takehiro, the Japanese ambassador to UNESCO, told The Associated Press. The basic ingredients of sake are few: rice, water, yeast and koji, a rice mold, which breaks down the starches into fermentable sugars like malting does in beer production. The whole two-monthlong process of steaming, stirring, fermenting and pressing can be grueling. The rice — which wields tremendous marketing power as part of Japan's broader cultural identity — is key to the alcoholic brew. For a product to be categorized Japanese sake, the rice must be Japanese. The UNESCO recognition, the delegation said, captured more than the craft knowledge of making high-quality sake. It also honored a tradition dating back some 1,000 years — sake makes a cameo in Japan’s famous 11th century novel, “The Tale of Genji,” as the drink of choice in the refined Heian court. Now, officials hope to restore sake's image as Japan's premier alcoholic drink even as the younger drinkers in the country switch to imported wine or domestic beer and whiskey. “It means a lot to Japan and to the Japanese,” Takehiro said of the UNESCO designation. "This will help to renew interest in traditional sake elaboration.” Also, Japanese breweries have expressed hope that the listing could give a little lift to the country's export economy as the popularity of sake booms around the world and in the United States amid heightened interest in Japanese cuisine. Sake exports, mostly to the U.S. and China, now rake in over US$265 million a year, according to the Japan Sake and Shochu Makers Association, a trade group. Japan's delegation appeared ready to celebrate on Wednesday — in classic Japanese style. After the announcement, Takehiro raised a cypress box full of sake to toast the alcoholic brew and cultural rite.South Carolina, the No. 1 team in the country, suffered a stunning upset loss on Sunday. Javascript is required for you to be able to read premium content. Thanks for the feedback.
COP29 clinches $300 billion climate finance dealLPGA, USGA to require players to be assigned female at birth or transition before puberty
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