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paper roulette Boeing's decision to lay off nearly a thousand employees in California and Washington State is a stark reminder of the challenges facing the aerospace industry in the wake of the COVID-19 pandemic. As the company continues to navigate the uncertain economic environment, it remains to be seen how Boeing will adapt to the changing market dynamics and position itself for future growth and success.

The European Union's regulatory agency, known for its stringent enforcement of antitrust laws and consumer protection guidelines, is now under pressure to investigate the matter thoroughly and hold the companies involved accountable for their actions. The agency's failure to prevent such a deal from taking place has raised questions about its effectiveness in regulating the rapidly evolving digital advertising industry.ROME — Pope Francis inaugurated his Holy Year at Rome's main prison on Thursday, bringing a message of hope to inmates and involving them in the Catholic Church's once every quarter-century celebration that is expected to bring about 32 million pilgrims to Rome. Francis stood up from his wheelchair, knocked on the door to the chapel at Rebibbia prison and walked across the threshold, reenacting the gesture he performed at the Holy Door of St. Peter's Basilica two nights earlier on Christmas Eve. The opening of the Holy Door at the basilica officially kicked off the Jubilee year, a church tradition dating to 1300 that nowadays occurs every 25 years and involves the faithful coming to Rome on pilgrimages. "The first Holy Door I opened at Christmas in St. Peter's. I wanted the second one to be here, in a prison," Francis told the Rebibbia inmates before he entered. "I wanted each of us here, inside and out, to have the possibility of throwing open the door of our hearts and understanding that hope doesn't disappoint." Francis dedicated the 2025 Jubilee to hope and made clear that prisoners would be an important part of it: The final grand event of the Jubilee is a special Mass for inmates at St. Peter's on Dec. 14, 2025. Francis has long made prison ministry an important part of his priestly vocation and has made several visits to Rebibbia since becoming pope in 2013 while also including prison visits in many of his foreign trips. His message is always one of hope, believing that people who are serving prison sentences need something to look forward to more than most. That is especially true in Italy, where prison overcrowding and inmate suicides are at record highs, according to the Antigone Association, which tracks prison conditions. According to Antigone's 2024 report, 88 prisoners killed themselves in Italian lockups this year — more than any other year — and Italy's inmate population was 132% over the system's capacity. In a statement Thursday, Antigone called on Italian authorities to hear Francis' appeal to give prisoners hope. It called for structural reforms that put into practice the constitutional principles of "a punishment that is dignified, humane and looks to the social reintegration of those who are in prison." In his homily, Francis suggested the prisoners think of hope as an anchor that is fixed on the ground and that they try to hold tight to the rope that is attached to it, even if it sometimes hurts their hands. "Hold onto the rope of hope, hold onto the anchor," Francis said. "Never let it go." Speaking to reporters outside, Francis recalled that whenever he speaks to prisoners, the first thing he always asks himself is "why them and not me." "Because we all can fall, the important thing is to not lose hope, to hold onto that anchor of hope," he said. Back at the Vatican for his noon blessing, Francis called prison "a cathedral of pain and hope" as he repeated his message. He also doubled down on his 2025 wish for peace in the world and for wealthy countries to reduce or eliminate the debt owed by poorer countries. "One of the things that characterizes Jubilees is the remission of debts," Francis said, calling the debts owed by many poor countries simply "unsustainable." Francis' outing to Rebibbia on a frigid morning was his final big event of the week after he celebrated Christmas Eve Mass on Tuesday evening at St. Peter's Basilica and delivered his Christmas Day blessing from the loggia overlooking the square. The 88-year-old pope, who often suffers from respiratory infections in winter, has a few days to rest before gearing up for the New Year's Eve vigil and Mass the following day. With the St. Peter's Holy Door now open to the public, a steady stream of pilgrims was filing into the basilica, a pace that is expected to continue through next year until the door closes on Jan. 6, 2026. Francis' 2025 involves a dizzying calendar of Jubilee events that will sorely test his stamina, with special Jubilee Masses for all the main groups of pilgrims who are being celebrated during the year: Adolescents, migrants, teachers and law enforcement, among others. So far, he has only one foreign trip under study: A May visit to Turkey to commemorate the 1,700th anniversary of the Council of Nicaea, Christianity's first ecumenical council.

Flutter Entertainment PLC .css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link{-webkit-text-decoration:none;text-decoration:none;color:rgba(54,119,168,1);border-bottom:1px solid;border-bottom-color:rgba(54,119,168,1);}.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link svg{fill:rgba(54,119,168,1);}.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link:hover{-webkit-text-decoration:none;text-decoration:none;color:rgba(47,112,157,1);border-bottom:1px solid;border-bottom-color:rgba(47,112,157,1);}.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link:hover.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link:hover svg{fill:rgba(47,112,157,1);} .css-1vykwuz-OverridedLink{display:inline;color:var(--color-interactiveLink010);-webkit-text-decoration:underline;text-decoration:underline;}@media screen and (prefers-reduced-motion: no-preference){.css-1vykwuz-OverridedLink{transition-property:color,fill;transition-duration:200ms,200ms;transition-timing-function:cubic-bezier(0, 0, .5, 1),cubic-bezier(0, 0, .5, 1);}}@media screen and (prefers-reduced-motion: reduce){.css-1vykwuz-OverridedLink{transition-property:color,fill;transition-duration:0ms;transition-timing-function:cubic-bezier(0, 0, .5, 1),cubic-bezier(0, 0, .5, 1);}}.css-1vykwuz-OverridedLink svg{fill:var(--color-interactiveLink010);}.css-1vykwuz-OverridedLink:hover:not(:disabled){color:var(--color-interactiveLink020);-webkit-text-decoration:underline;text-decoration:underline;}.css-1vykwuz-OverridedLink:hover:not(:disabled) svg{fill:var(--color-interactiveLink020);}.css-1vykwuz-OverridedLink:active:not(:disabled){color:var(--color-interactiveLink030);-webkit-text-decoration:underline;text-decoration:underline;}.css-1vykwuz-OverridedLink:active:not(:disabled) svg{fill:var(--color-interactiveLink030);}.css-1vykwuz-OverridedLink:visited:not(:disabled){color:var(--color-interactiveVisited010);-webkit-text-decoration:underline;text-decoration:underline;}.css-1vykwuz-OverridedLink:visited:not(:disabled) svg{fill:var(--color-interactiveVisited010);}.css-1vykwuz-OverridedLink:visited:hover:not(:disabled){color:var(--color-interactiveVisited010);-webkit-text-decoration:underline;text-decoration:underline;}.css-1vykwuz-OverridedLink:visited:hover:not(:disabled) svg{fill:var(--color-interactiveVisited010);}.css-1vykwuz-OverridedLink:focus-visible:not(:disabled){outline-color:var(--outlineColorDefault);outline-style:var(--outlineStyleDefault);outline-width:var(--outlineWidthDefault);outline-offset:var(--outlineOffsetDefault);}@media not all and (min-resolution: 0.001dpcm){@supports (-webkit-appearance: none) and (stroke-color: transparent){.css-1vykwuz-OverridedLink:focus-visible:not(:disabled){outline-style:var(--safariOutlineStyleDefault);}}}.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link{-webkit-text-decoration:none;text-decoration:none;color:rgba(54,119,168,1);border-bottom:1px solid;border-bottom-color:rgba(54,119,168,1);}.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link svg{fill:rgba(54,119,168,1);}.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link:hover{-webkit-text-decoration:none;text-decoration:none;color:rgba(47,112,157,1);border-bottom:1px solid;border-bottom-color:rgba(47,112,157,1);}.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link:hover.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link:hover svg{fill:rgba(47,112,157,1);} FLTR shares advanced 1.08% to £215.80 Friday, on what proved to be an all-around great trading session for the stock market, with the FTSE 100 Index UKX rising 1.38% to 8,262.08.

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WiMi Hologram Cloud Inc. WIMI shares are trading higher on Thursday. The firm has announced the development of a Quantum Technology-Based Random Access Memory Architecture, known as QRAM. QRAM combines quantum logic gates such as the CNOT gate, V gate, and V+ gate to perform logical operations like AND, OR, NOT, and NOR within quantum systems, harnessing quantum properties like superposition and entanglement for enhanced computational efficiency. Unlike traditional RAM, which operates sequentially, QRAM leverages quantum superposition to enable parallel data access, significantly speeding up operations. Also Read: Azerbaijan Airliner Crash Kills 38: Weather, Russia Under Scrutiny Quantum entanglement further improves efficiency by allowing multiple qubits to be correlated without direct communication, resulting in faster data transfer and processing. This design dramatically enhances computational performance, especially for large-scale tasks like molecular simulations and complex optimizations. WiMi's QRAM architecture also integrates a quantum error correction mechanism, which ensures that qubit states remain stable and accurate during data read and write operations. This feature is crucial for maintaining reliability in quantum computing systems, where external disturbances can easily cause errors. The QRAM system is highly compatible with quantum processing units, enabling smooth data transmission between memory and processors, which optimizes overall computational efficiency. With its ability to handle large datasets, QRAM is poised to advance quantum machine learning and quantum encryption applications, providing faster training and secure data transmission. WiMi’s development of QRAM marks a significant step forward in quantum technology, setting the stage for a future where quantum computers play a crucial role in solving complex real-world problems. Price Action: WIMI shares are trading higher by 13.3% to $1.27 at last check Thursday. Also Read: SpaceX's Satellite Expansion Challenged: Ukrainian-Americans Allege Elon Musk's Russian Ties And Environmental Risks In FCC Petition © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.The Las Vegas Strip has a knack for signing big name headliners for residencies that tend to draw sell-out crowds. Many of the top residency performers lately are popular artists who can still sell out stadiums and arenas on national concert tours. 💸 💰 Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰 💸 Sphere Entertainment's ( SPHR ) Sphere Las Vegas opened with giant rock band U2, which has had global stadium and arena sell-out power for over 30 years. Related: Las Vegas Strip casino signs superstar band for popular residency U2's 40-show U2/UV Achtung Baby Live at the Sphere residency debuted in Sept. 29 2023 and ended March 2, 2024 with every show in the 18,600-seat venue sold out. The Sphere continued to book superstar entertainers for residencies, with jam band Phish completing a short engagement consisting of four sold-out shows in April, followed by Grateful Dead spinoff band Dead & Company, which performed 30 sold-out shows at the Las Vegas Sphere from May 16 through Aug. 10, 2024. Legendary rock band The Eagles, which played stadium and arena sellouts throughout their touring career, claimed to have retired from touring on its "Long Goodbye" tour in the Netherlands on June 15, 2024. TheStreet The Eagles opened their sold-out residency at The Sphere on Sept. 20, 2024, and have stretched the residency out to 28 shows without designating a final show in the residency yet. Other huge sold-out residencies that have rolled through The Strip in the past couple of years have included Lady Gaga, Shania Twain, and Adele. Popular superstar R&B group New Edition is still packing fans into theaters on the Las Vegas Strip as it sold out 15 shows on its residency at Wynn Resorts' ( WYNN ) Encore Theater at Wynn Las Vegas, which just closed on Nov. 2. Fans might think New Edition had finally closed their residency at the Encore Theater, but the group signed on for six more shows in February 2025. New Edition added new shows on its residency at the Encore Theater on Feb. 12, 14, 15, 19, 21, and 22, with all shows set for 8 p.m. Stephen J. Cohen/Getty Images The Killers add shows to Las Vegas Strip residency Finally, popular Las Vegas-based rock band The Killers had always wanted to perform a residency at Caesars Entertainment's ( CZR ) Colosseum at Caesars Palace in their hometown and mentioned in fall 2023 that they were ready to sign up for one as soon as there was an opening. Related: Popular singer signs for Christmas residency off Las Vegas Strip The Killers in January 2024 signed up for 10 shows in their first-ever residency on the Strip at the 4,300-seat Colosseum which began Aug. 14 and ended Sept. 1 More Las Vegas : The residency featured the band performing their debut album "Hot Fuss," which includes The Killers' hits "Mr. Brightside" and "Somebody Told Me," from start to finish to celebrate the 20th anniversary of the release of the album. The band also has had great success with their hits "When We Were Young," released in 2006, and "Human," released in 2008. The Killers were so popular at Caesars Palace that they will return for their Live In Las Vegas residency Encore Shows, which will be presented at The Colosseum Jan. 22, 24, and 25, 2025, Live Nation ( LYV ) revealed on Nov. 19. Tickets go on sale to the general public Nov. 22 at 10 a.m. Related: Veteran fund manager sees world of pain coming for stocks

One of the key components of the campaign is to enhance the social status of teachers and increase public respect for the profession. This will be achieved through a series of public awareness campaigns, highlighting the invaluable contributions that teachers make to the education system and society as a whole. By fostering a culture of appreciation and gratitude towards educators, the initiative aims to create a more supportive and nurturing environment for teachers to thrive in.TARGET shoppers have been rushing to their nearest location for discounts as high as 50% off. The sweet deals offered at the retail giant's 1,956 stores nationwide and on its app and website come as part of an annual promotion. According to a Thursday press release , the Target Holiday Clearance Event begins on December 26 this year. It offers consumers discounts on beauty items, clothes, holiday decor, toys, and more. Sales start at 30% off and go over 50% on select merchandise. Rick Gomez, executive vice president and chief commercial officer at Target, emphasized that the Holiday Clearance Event was implemented to make sure the joy of the holidays continued. Read More on Target "What I love about clearance is seeing all of the different reasons people shop at Target as the holiday season winds down," Gomez noted in Thursday's release. "Whether you're celebrating later, using a new gift card, or getting a jump start on next year, we have deep discounts across our entire assortment to make it easy for everyone to find great deals and extend the joy of the holiday season." Target customers will see discounts of 50% or more on holiday family sleepwear, beauty gift sets, and holiday decor. Discounts of 50% or less will be available for select clothing and shoes, jewelry and accessories, toys, and sporting goods . Most read in Money Holiday candy also has prices slashed by 30% or more. Target also noted that "exact products and inventory vary by store and online," so shoppers should double-check the deals. It's likely a lot of shoppers are headed out to Target on December 26, 27, 28, and 29, as the retailer closed down its operations for Christmas Day. There were also limited hours on Christmas Eve, so many Americans may not have had the chance to get essentials or last-minute gifts at Target just yet. RETURN REWARD Target also extended its return window for electronics this holiday season. Shoppers headed to stores post-Christmas to return certain merchandise bought between November 7 and December 24 can do so through January 24. Starting on December 26, Target shoppers can get discounts of over 50% on select merchandise in-store, online, or on the retail giant's mobile application. 50% Off and Above Holiday family sleepwear Beauty gift sets Holiday decor Up to 50% Off Clothing Footwear Jewelry and accessories Toys (games, dolls, plushies) Sporting Goods (includes nikes) 30% and Above Holiday candy Credit: Target Some items like Apple and Beats products still must be returned between December 26 and January 8 for a full refund, however. The full details of Target's return policy are available on its website. MAKE IT STOP Amid the busiest shopping season of the year, some shoppers are also blasting Target for its security measures, claiming they're only resulting in longer wait times . Someone recently claimed their trip took over 50 minutes after waiting to get items locked behind glass cabinets. The locked glass cabinets around some merchandise at Target have been seen for over a year at select locations due to rampant retail theft. Target even had to close down nine stores in 2023 due to theft rates. Locked cabinets are coming under fire from Target customers almost as equally as self-checkout, especially after the retail giant implemented a 10-item limit earlier this spring. Read More on The US Sun As a result, a shopper fumed this month that they waited 22 minutes at the kiosks after "going to 4 stores." Another said they were even "forced" into the self-checkout area but were left "unable" to pay for a crucial reason.

This incident serves as a reminder of the critical role that data centers play in supporting the digital economy. Companies and organizations rely on cloud services to store and process vast amounts of data, making it essential to have reliable and secure data center facilities. ALIYUN's quick response to the fire incident reflects their commitment to upholding the trust and confidence of their customers.Washington Commanders release 2023 first-round pick Emmanuel Forbes

Manmohan Singh's father may have believed his bookworm son would one day lead India, but the understated technocrat with the trademark blue turban, who died Thursday at the age of 92, never dreamed it would actually happen. Singh was pitchforked into leading the world's largest democracy in 2004 by the shock decision of Congress leader Sonia Gandhi to turn down the role after leading the party to an upset win over the ruling Hindu nationalists. He oversaw an economic boom in Asia's fourth-largest economy in his first term, although slowing growth in later years marred his second stint. Known as "Mr Clean", Singh nonetheless saw his image tarnished during his decade-long tenure when a series of corruption cases became public. As finance minister in the early 1990s, he was hailed at home and abroad for initiating big-bang reforms that opened India's inward-looking economy to the world. Known as a loyalist to the Gandhi political dynasty, Singh studied economics to find a way to eradicate poverty in the vast nation and never held elected office before becoming PM. But he deftly managed the rough and tumble of Indian politics -- even though many said Sonia Gandhi, the Italian-born widow of the assassinated Rajiv Gandhi, was the power behind the throne. Born in 1932 in the mud-house village of Gah in what is now Pakistan, Singh moved to the holy Sikh city of Amritsar as a teenager around the time the subcontinent was split at the end of British rule into mainly Hindu India and Muslim Pakistan. His father was a dry-fruit seller in Amritsar, and he had nine brothers and sisters. He was so determined to get an education he would study at night under streetlights because it was too noisy at home, his brother Surjit Singh told AFP in 2004. "Our father always used to say Manmohan will be the prime minister of India since he stuck out among the 10 children," said Singh. "He always had his nose in a book." Singh won scholarships to attend both Cambridge, where he obtained a first in economics, and Oxford, where he completed his PhD. He worked in a string of senior civil posts, served as a central bank governor and also held various jobs with global agencies such as the United Nations. Singh was tapped in 1991 by then Congress prime minister P.V. Narasimha Rao to reel India back from the worst financial crisis in its modern history -- currency reserves had sunk so low the country was on the brink of defaulting on foreign loans. Singh unleashed sweeping change that broke sharply with India's Soviet-style state-directed economy. In his first term he steered the economy through a period of nine-percent growth, lending the country the international clout it had long sought. He also sealed a landmark nuclear deal with the US that he said would help India meet its growing energy needs. But by 2008 there was growing disquiet among the ruling alliance's left-leaning parties about the pact, while high inflation -- notably food and fuel prices -- hit India's poor hard. Still, voters remained drawn to his calm, pragmatic persona, and in 2009 Congress steered its alliance to a second term. Singh vowed to step up financial reforms to drive economic growth, but he came under increasing fire from critics who said he had done nothing to stop a string of corruption scandals on his watch. Several months before the 2014 elections, Singh said he would retire after the polls, with Sonia Gandhi's son Rahul earmarked to take his place if Congress won. But Congress crashed to its worst-ever result at that time as the Hindu-nationalist Bharatiya Janata Party, led by Narendra Modi, won a landslide. More recently, an unflattering book by a former aide titled "The Accidental Prime Minister" portrayed him as timid and controlled by Sonia Gandhi. Singh -- who said historians would be kinder to him than contemporary detractors -- became a vocal critic of Modi's economic policies, and more recently warned about the risks that rising communal tensions posed to India's democracy. pmc-grk/abh/fox/leg/smsPriceSmart Announces Earnings Release and Conference Call Details for the First Quarter of Fiscal 2025

2025 Hyundai Santa Cruz XRT Named Compact Truck of Texas at Texas Auto Writers Association's Truck RodeoNew York: Low-income Americans who voted for Donald Trump say they are counting on him to keep their benefits intact even while his Cabinet picks and Republican lawmakers call on him to reduce federal spending, reported The Washington Post on Thursday. Fifty percent of voters from families with an income of less than 50,000 U.S. dollars a year cast their ballots for Trump, according to Census data, compared with 48 percent for Vice President Kamala Harris. Four years ago, Joe Biden carried those voters by 11 percentage points; Hillary Clinton won them by 12 points in 2016 and Barack Obama by 22 points in 2012. "Americans of all backgrounds elected President Trump because of his plans to lower costs, end the financial drain of illegal immigrants on our healthcare system, and ensure that our country can continue to care for American citizens who rely on Medicaid, Medicare, and Social Security," said Anna Kelly, a spokeswoman for his transition team. "Elon Musk and Vivek Ramaswamy, whom Trump has chosen to lead a new nongovernmental advisory panel, the Department of Government Efficiency, have said they want to trim $2 trillion from the government's annual budget, a cut that some experts say could be accomplished only by slashing entitlement programs," noted the report. Trump's pick for White House budget director was a key architect of Project 2025, a plan drawn up by conservatives to guide his second term that calls for steep cuts to programs such as food stamps. And GOP leaders in Congress and Trump advisers are considering significant changes to Medicaid, food stamps and other federal aid, it added.

Despite the rumors of a potential move to the Turkish Super Lig or interest from Barcelona, Son Heung-min's focus remains on Tottenham Hotspur. The agent's denial of the rumors signifies the ongoing negotiations between Son and the club, highlighting the complexity and sensitivity of transfer negotiations at the highest level of football.BROOMFIELD, Colo. , Dec. 9, 2024 /PRNewswire/ -- Vail Resorts, Inc. 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. 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. $ 240,000 $ 316,000 Net income attributable to noncontrolling interests 23,000 17,000 Net income 263,000 333,000 Provision for income taxes (1) 91,000 115,000 Income before income taxes 354,000 448,000 Depreciation and amortization 295,000 279,000 Interest expense, net 174,000 166,000 Other (2) 21,000 13,000 Total Reported EBITDA $ 844,000 $ 906,000 Mountain Reported EBITDA (3) $ 818,000 $ 872,000 Lodging Reported EBITDA (4) 16,000 26,000 Resort Reported EBITDA (5) 838,000 894,000 Real Estate Reported EBITDA 6,000 12,000 Total Reported EBITDA $ 844,000 $ 906,000 (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 $25 million of stock-based compensation. (4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation. (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 $0.74 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.67 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.18 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland. 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. 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. Vail Resorts, Inc. Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2024 2023 Net revenue: Mountain and Lodging services and other $ 187,050 $ 182,834 Mountain and Lodging retail and dining 73,162 71,442 Resort net revenue 260,212 254,276 Real Estate 63 4,289 Total net revenue 260,275 258,565 Segment operating expense: Mountain and Lodging operating expense 266,264 255,576 Mountain and Lodging retail and dining cost of products sold 28,947 31,295 General and administrative 106,857 108,025 Resort operating expense 402,068 394,896 Real Estate operating expense 1,491 5,181 Total segment operating expense 403,559 400,077 Other operating (expense) income: Depreciation and amortization (71,633) (66,728) Gain on sale of real property 16,506 6,285 Change in estimated fair value of contingent consideration (2,079) (3,057) Loss on disposal of fixed assets and other, net (1,529) (2,043) Loss from operations (202,019) (207,055) Mountain equity investment income, net 2,151 859 Investment income and other, net 2,493 3,684 Foreign currency loss on intercompany loans (264) (4,965) Interest expense, net (42,154) (40,730) Loss before benefit from income taxes (239,793) (248,207) Benefit from income taxes 58,249 65,160 Net loss (181,544) (183,047) Net loss attributable to noncontrolling interests 8,708 7,535 Net loss attributable to Vail Resorts, Inc. $ (172,836) $ (175,512) Per share amounts : Basic net loss per share attributable to Vail Resorts, Inc. $ (4.61) $ (4.60) Diluted net loss per share attributable to Vail Resorts, Inc. $ (4.61) $ (4.60) Cash dividends declared per share $ 2.22 $ 2.06 Weighted average shares outstanding: Basic 37,473 38,117 Diluted 37,473 38,117 Vail Resorts, Inc. Consolidated Condensed Statements of Operations - Other Data (In thousands) (Unaudited) Three Months Ended October 31, 2024 2023 Other Data: Mountain Reported EBITDA $ (144,062) $ (139,525) Lodging Reported EBITDA 4,357 (236) Resort Reported EBITDA (139,705) (139,761) Real Estate Reported EBITDA 15,078 5,393 Total Reported EBITDA $ (124,627) $ (134,368) Mountain stock-based compensation $ 5,811 $ 5,848 Lodging stock-based compensation 819 896 Resort stock-based compensation 6,630 6,744 Real Estate stock-based compensation 61 52 Total stock-based compensation $ 6,691 $ 6,796 Vail Resorts, Inc. Mountain Segment Operating Results (In thousands, except ETP) (Unaudited) Three Months Ended October 31, Percentage Increase 2024 2023 (Decrease) Net Mountain revenue: Lift $ 40,423 $ 45,390 (10.9) % Ski school 6,839 7,178 (4.7) % Dining 20,628 18,077 14.1 % Retail/rental 29,526 33,474 (11.8) % Other 75,880 68,336 11.0 % Total Mountain net revenue 173,296 172,455 0.5 % Mountain operating expense: Labor and labor-related benefits 118,530 112,049 5.8 % Retail cost of sales 15,031 17,821 (15.7) % General and administrative 92,568 93,168 (0.6) % Other 93,380 89,801 4.0 % Total Mountain operating expense 319,509 312,839 2.1 % Mountain equity investment income, net 2,151 859 150.4 % Mountain Reported EBITDA $ (144,062) $ (139,525) (3.3) % Total skier visits 548 658 (16.7) % ETP $ 73.76 $ 68.98 6.9 % Vail Resorts, Inc. Lodging Operating Results (In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR")) (Unaudited) Three Months Ended October 31, Percentage Increase 2024 2023 (Decrease) Lodging net revenue: Owned hotel rooms $ 28,075 $ 25,177 11.5 % Managed condominium rooms 11,705 12,003 (2.5) % Dining 19,952 18,083 10.3 % Golf 7,550 6,376 18.4 % Other 16,501 16,723 (1.3) % 83,783 78,362 6.9 % Payroll cost reimbursements 3,133 3,459 (9.4) % Total Lodging net revenue 86,916 81,821 6.2 % Lodging operating expense: Labor and labor-related benefits 37,227 37,475 (0.7) % General and administrative 14,289 14,857 (3.8) % Other 27,910 26,266 6.3 % 79,426 78,598 1.1 % Reimbursed payroll costs 3,133 3,459 (9.4) % Total Lodging operating expense 82,559 82,057 0.6 % Lodging Reported EBITDA $ 4,357 $ (236) 1,946.2 % Owned hotel statistics: ADR $ 315.97 $ 304.03 3.9 % RevPAR $ 178.87 $ 158.97 12.5 % Managed condominium statistics: ADR $ 232.00 $ 233.92 (0.8) % RevPAR $ 53.07 $ 50.78 4.5 % Owned hotel and managed condominium statistics (combined): ADR $ 276.02 $ 269.31 2.5 % RevPAR $ 92.03 $ 82.95 10.9 % Key Balance Sheet Data (In thousands) (Unaudited) As of October 31, 2024 2023 Total Vail Resorts, Inc. stockholders' equity $ 444,099 $ 633,031 Long-term debt, net $ 2,709,955 $ 2,732,037 Long-term debt due within one year 57,045 69,659 Total debt 2,767,000 2,801,696 Less: cash and cash equivalents 403,768 728,859 Net debt $ 2,363,232 $ 2,072,837 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. (In thousands) (Unaudited) Three Months Ended October 31, 2024 2023 Net loss attributable to Vail Resorts, Inc. $ (172,836) $ (175,512) Net loss attributable to noncontrolling interests (8,708) (7,535) Net loss (181,544) (183,047) Benefit from income taxes (58,249) (65,160) Loss before benefit from income taxes (239,793) (248,207) Depreciation and amortization 71,633 66,728 Loss on disposal of fixed assets and other, net 1,529 2,043 Change in fair value of contingent consideration 2,079 3,057 Investment income and other, net (2,493) (3,684) Foreign currency loss on intercompany loans 264 4,965 Interest expense, net 42,154 40,730 Total Reported EBITDA $ (124,627) $ (134,368) Mountain Reported EBITDA $ (144,062) $ (139,525) Lodging Reported EBITDA 4,357 (236) Resort Reported EBITDA* (139,705) (139,761) Real Estate Reported EBITDA 15,078 5,393 Total Reported EBITDA $ (124,627) $ (134,368) * 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 October 31, 2024. (In thousands) (Unaudited) Twelve Months Ended October 31, 2024 Net income attributable to Vail Resorts, Inc. $ 233,081 Net income attributable to noncontrolling interests 14,701 Net income 247,782 Provision for income taxes 105,727 Income before provision for income taxes 353,509 Depreciation and amortization 281,398 Loss on disposal of fixed assets and other, net 9,119 Change in fair value of contingent consideration 46,979 Investment income and other, net (17,401) Foreign currency gain on intercompany loans (561) Interest expense, net 163,263 Total Reported EBITDA $ 836,306 Mountain Reported EBITDA $ 797,535 Lodging Reported EBITDA 27,611 Resort Reported EBITDA* 825,146 Real Estate Reported EBITDA 11,160 Total Reported EBITDA $ 836,306 * 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 October 31, 2024 . (In thousands) (Unaudited) As of October 31, 2024 Long-term debt, net $ 2,709,955 Long-term debt due within one year 57,045 Total debt 2,767,000 Less: cash and cash equivalents 403,768 Net debt $ 2,363,232 Net debt to Total Reported EBITDA 2.8x The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October 31, 2024 and 2023. (In thousands) (Unaudited) Three Months Ended October 31, 2024 2023 Real Estate Reported EBITDA $ 15,078 $ 5,393 Non-cash Real Estate cost of sales — 3,607 Non-cash Real Estate stock-based compensation 61 52 Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate (16,534) 206 Net Real Estate Cash Flow $ (1,395) $ 9,258 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) $ 3,031,000 Resort Reported EBITDA (1) $ 866,000 Resort EBITDA margin (1) 28.6 % (1) Resort represents the sum of Mountain and Lodging (2) Represents the mid-point of Guidance View original content to download multimedia: https://www.prnewswire.com/news-releases/vail-resorts-reports-fiscal-2025-first-quarter-and-season-pass-sales-results-and-announces-2025-capital-plan-302326613.html SOURCE Vail Resorts, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Chinese Manufactured Batteries Pose Cybersecurity Threat to Critical Infrastructure

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