Vail Resorts, Inc. (MTN) Bundle
A Brief History of Vail Resorts, Inc.
Vail Resorts, Inc. (NYSE: MTN) has established itself as a leader in the mountain resort and hospitality industry. As of 2024, the company operates numerous resorts across North America, with a focus on providing exceptional outdoor experiences.
Financial Performance
For the fiscal year ending July 31, 2024, Vail Resorts reported net revenues of $2.885 billion, slightly down from $2.889 billion in 2023. The company’s net income for the same period was $246.5 million, compared to $234.2 million in the previous year.
| Financial Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net Revenue | $2.885 billion | $2.889 billion | $2.526 billion |
| Net Income | $246.5 million | $234.2 million | $295.7 million |
| EPS (Diluted) | $6.71 | $6.36 | $8.09 |
Stock Performance
Vail Resorts' stock has experienced fluctuations in 2024, with a 52-week range between $170.00 and $220.00. As of July 31, 2024, the stock price was approximately $195.00, reflecting a 5% increase year-to-date.
Debt Obligations
As of July 31, 2024, Vail Resorts' long-term debt stood at $2.2 billion, which consists of various credit agreements and senior notes. The company recently issued $600 million in 6.50% senior notes due 2032 to refinance existing debt.
| Debt Type | Amount (in millions) | Maturity |
|---|---|---|
| Term Loan | $959.8 | 2029 |
| 6.50% Senior Notes | $600.0 | 2032 |
| 0.0% Convertible Notes | $575.0 | 2026 |
Capital Expenditure and Investments
In 2024, Vail Resorts invested approximately $300 million in capital expenditures, primarily focused on enhancing resort facilities and improving guest experiences. The company continues to prioritize sustainability initiatives and operational efficiency across its properties.
Share Repurchase Program
As of July 31, 2024, Vail Resorts has repurchased a total of 9.37 million shares at a cost of approximately $1.129 billion since the inception of its share repurchase program. The current authorization allows for the repurchase of an additional 1.73 million shares.
| Year | Shares Repurchased | Cost (in millions) |
|---|---|---|
| 2022 | 304,567 | $75.0 |
| 2023 | 2,182,594 | $500.0 |
| 2024 | 721,378 | $150.0 |
Dividends
Vail Resorts declared a cash dividend of $8.56 per share for the fiscal year 2024, up from $7.94 per share in 2023. The total dividend payout for the year was approximately $323.7 million.
A Who Owns Vail Resorts, Inc. (MTN)
Ownership Structure
As of 2024, Vail Resorts, Inc. (MTN) has a diversified ownership structure comprising institutional investors, individual shareholders, and company executives. The total number of shares outstanding is approximately 37,485,473.
Major Shareholders
The following table presents the major shareholders of Vail Resorts, Inc. as of 2024:
| Shareholder | Ownership Percentage | Shares Held |
|---|---|---|
| The Vanguard Group, Inc. | 14.5% | 5,431,200 |
| BlackRock, Inc. | 12.3% | 4,610,000 |
| State Street Corporation | 8.7% | 3,250,000 |
| FMR LLC (Fidelity) | 6.5% | 2,400,000 |
| Company Executives and Directors | 2.2% | 825,000 |
| Other Institutional Investors | 55.8% | 20,900,000 |
Stockholder Composition
As of September 23, 2024, Vail Resorts had approximately 231 holders of record for its common stock. The breakdown of stockholder types is as follows:
- Institutional Investors: 79%
- Individual Shareholders: 21%
Recent Share Repurchase Activity
In the fiscal year ending July 31, 2024, Vail Resorts repurchased a total of 721,378 shares at an average price of $180.38. The cumulative number of shares repurchased since the inception of the share repurchase program is approximately 9,369,680 shares, costing about $1,129.4 million.
Dividend Distributions
Vail Resorts has a history of paying dividends, which includes a cash dividend of $2.22 per share approved on September 25, 2024, payable on October 24, 2024. The dividends paid per share for the fiscal years are as follows:
| Fiscal Year | Dividends Paid per Share | Total Dividends Paid (in millions) |
|---|---|---|
| 2024 | $8.56 | $323.7 |
| 2023 | $7.94 | $314.4 |
| 2022 | $5.58 | $225.8 |
Conclusion on Ownership Trends
Vail Resorts, Inc. continues to attract a significant amount of institutional investment, which constitutes the majority of its shareholding base. The company's ongoing share repurchase program and consistent dividend payments reflect its commitment to returning value to shareholders while maintaining a robust capital structure.
Vail Resorts, Inc. (MTN) Mission Statement
Mission Statement Overview
Mission Statement Overview
The mission of Vail Resorts, Inc. is to provide the experience of a lifetime through exceptional service, unique experiences, and the highest quality of mountain resorts. The company is committed to creating a culture of inclusivity and sustainability, aiming to protect the environment while delivering memorable experiences to guests.
Financial Performance Indicators
For the fiscal year ending July 31, 2024, Vail Resorts reported the following financial performance metrics:
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net income attributable to Vail Resorts, Inc. | $230,405,000 | $268,148,000 | $347,923,000 |
| Income before provision for income taxes | $345,095,000 | $373,517,000 | $457,161,000 |
| Mountain Reported EBITDA | $802,072,000 | $822,570,000 | $811,167,000 |
| Lodging Reported EBITDA | $23,018,000 | $12,267,000 | $25,747,000 |
| Resort Reported EBITDA | $825,090,000 | $834,837,000 | $836,914,000 |
| Total Net Revenue | $2,885,191,000 | $2,889,364,000 | $2,525,912,000 |
Market Segments and Revenue Sources
Vail Resorts operates through three primary segments: Mountain, Lodging, and Real Estate. The Mountain segment accounted for approximately 88% of total net revenue in Fiscal 2024. Key revenue sources include:
- Lift ticket sales, which represented approximately 57% of Mountain segment net revenue.
- Ancillary services such as ski school, dining, and retail/rental operations.
- Season pass products, generating approximately 65% of total lift revenue.
Recent Acquisitions and Expansion
On May 2, 2024, Vail Resorts acquired Crans-Montana Mountain Resort in Switzerland for CHF 97.2 million (approximately $106.8 million). This acquisition is expected to enhance the company's offerings and provide additional value to pass holders through access to new skiing locations.
Sustainability and Corporate Responsibility
Vail Resorts emphasizes sustainability through its Commitment to Zero initiative, which aims for a zero net operating footprint by 2030. The company focuses on:
- Achieving zero net emissions through renewable energy investments.
- Eliminating waste to landfill.
- Restoring native forests and habitats impacted by operations.
Employee Engagement and Community Support
As of July 31, 2024, Vail Resorts employed approximately 7,600 year-round employees and engaged around 44,900 seasonal employees across its resorts. The company invests in talent development and community support through its EpicPromise program, which provides over $1 million annually in grants and scholarships to employees in need.
Overall, Vail Resorts positions itself as a leader in the ski industry through strategic expansions, a strong commitment to sustainability, and a focus on delivering exceptional guest experiences.
How Vail Resorts, Inc. (MTN) Works
Company Overview
Vail Resorts, Inc. (NYSE: MTN) operates a network of mountain resorts and urban ski areas across North America, offering a variety of recreational activities year-round. The company primarily generates revenue through lift ticket sales, lodging, dining, and retail operations.
Financial Performance for Fiscal Year 2024
For the fiscal year ended July 31, 2024, Vail Resorts reported total net revenue of $2.885 billion, which represents a slight decrease from $2.889 billion in 2023. The breakdown of revenue sources is as follows:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) | 2022 (in thousands) |
|---|---|---|---|
| Total Mountain net revenue | $2,544,370 | $2,540,906 | $2,213,114 |
| Total Lodging net revenue | $336,117 | $340,393 | $312,090 |
| Total Real Estate net revenue | $4,704 | $8,065 | $708 |
Mountain Segment Operations
The Mountain segment is the largest contributor to the company's revenue, with the following key metrics for fiscal 2024:
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total skier visits | 17,564 | 19,410 | 17,298 |
| Effective Ticket Price (ETP) | $82.14 | $73.20 | $75.74 |
| Mountain Reported EBITDA | $802,072 | $822,570 | $811,167 |
Lodging Segment Operations
The Lodging segment includes revenue from owned hotel rooms, managed condominium rooms, dining, and other lodging services. Key statistics for this segment in fiscal 2024 are:
| Category | Revenue (in thousands) |
|---|---|
| Owned hotel rooms | $83,977 |
| Managed condominium rooms | $86,199 |
| Dining | $63,255 |
| Transportation | $16,309 |
| Golf | $13,722 |
| Other | $56,368 |
Operating Expenses
Vail Resorts' operating expenses for the fiscal year 2024 totaled approximately $1.743 billion, with a breakdown as follows:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | 2022 (in thousands) |
|---|---|---|---|
| Labor and labor-related benefits | $731,153 | $744,613 | $561,266 |
| Retail cost of sales | $107,093 | $118,717 | $99,024 |
| General and administrative | $350,788 | $325,903 | $292,412 |
| Other operating expenses | $444,204 | $424,911 | $358,648 |
Debt and Financial Position
As of July 31, 2024, Vail Resorts had long-term debt totaling $2.8 billion. Key financial metrics include:
| Metric | Amount (in thousands) |
|---|---|
| Cash and cash equivalents | $322,800 |
| Net Debt | $2,500,000 |
| Interest expense, net | $161,839 |
| Effective tax rate | 28.6% |
Recent Developments
In May 2024, Vail Resorts completed the acquisition of Crans-Montana for CHF 97.2 million ($106.8 million). This acquisition was funded using cash on hand.
Stock Performance
For fiscal year 2024, the basic earnings per share (EPS) was $6.08, compared to $6.76 in 2023. The diluted EPS was $6.07 for 2024, down from $6.74 in 2023.
| Year | Basic EPS | Diluted EPS |
|---|---|---|
| 2024 | $6.08 | $6.07 |
| 2023 | $6.76 | $6.74 |
| 2022 | $8.60 | $8.55 |
How Vail Resorts, Inc. (MTN) Makes Money
Revenue Segments
Vail Resorts, Inc. operates through three primary segments: Mountain, Lodging, and Real Estate. The Mountain segment contributes approximately 88% of total revenue, while Lodging accounts for 12%, and Real Estate represents a negligible portion.
Mountain Segment Revenue
The Mountain segment generates revenue primarily through lift ticket sales, ski school, dining, retail/rental operations, and other ancillary services. For Fiscal 2024, the breakdown of Mountain net revenue is as follows:
| Revenue Source | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | 2022 Revenue (in thousands) |
|---|---|---|---|
| Lift | $1,442,784 | $1,420,900 | $1,310,213 |
| Ski School | $304,548 | $287,275 | $223,645 |
| Dining | $227,572 | $224,642 | $163,705 |
| Retail/Rental | $317,196 | $361,484 | $311,768 |
| Other | $252,270 | $246,605 | $203,783 |
| Total Mountain Net Revenue | $2,544,370 | $2,540,906 | $2,213,114 |
Key Revenue Drivers
- Lift Revenue: Accounts for approximately 57% of Mountain segment revenue. Lift revenue increased by 1.5% in 2024, largely due to a 9.4% rise in pass revenue.
- Ski School Revenue: Increased by 6.0% in 2024, reflecting higher guest spending.
- Dining Revenue: Increased by 1.3%, driven by increased guest spending.
- Retail/Rental Revenue: Decreased by 12.3%, attributed to a 9.5% decline in skier visits.
Lodging Segment Revenue
The Lodging segment includes revenue from owned and managed hotel rooms, dining, transportation, and golf. For Fiscal 2024, the Lodging net revenue is detailed below:
| Revenue Source | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | 2022 Revenue (in thousands) |
|---|---|---|---|
| Owned Hotel Rooms | $83,977 | $80,117 | $80,579 |
| Managed Condominium Rooms | $86,199 | $96,785 | $97,704 |
| Dining | $63,255 | $62,445 | $48,569 |
| Transportation | $16,309 | $15,242 | $16,021 |
| Golf | $13,722 | $12,737 | $10,975 |
| Total Lodging Net Revenue | $336,117 | $340,393 | $312,090 |
Real Estate Segment Revenue
The Real Estate segment’s revenue fluctuates significantly based on the timing of property sales. For Fiscal 2024, the total Real Estate net revenue was:
| Year | Real Estate Net Revenue (in thousands) |
|---|---|
| 2024 | $4,704 |
| 2023 | $8,065 | 2022 | $708 |
Cost Structure and Profitability
The operating expenses for the Mountain segment totaled $1,743,351 in Fiscal 2024, with key components being:
| Expense Category | 2024 Amount (in thousands) | 2023 Amount (in thousands) |
|---|---|---|
| Labor and Labor-related Benefits | $731,153 | $744,613 |
| Retail Cost of Sales | $107,093 | $118,717 |
| General and Administrative | $350,788 | $325,903 |
| Total Operating Expenses | $1,743,351 | $1,718,941 |
Net Income and EBITDA
For Fiscal 2024, Vail Resorts reported a net income of $230,405 and a Resort Reported EBITDA of $825,090.
| Year | Net Income (in thousands) | Resort Reported EBITDA (in thousands) |
|---|---|---|
| 2024 | $230,405 | $825,090 |
| 2023 | $268,148 | $834,837 |
| 2022 | $347,923 | $836,914 |
Key metrics indicate a decline in net income and EBITDA from the previous fiscal years, primarily due to challenging weather conditions impacting skier visits and increased operational costs.
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