Thu, Jun 5, 8:15 PM (18 days ago)
**Vail Resorts, Inc. (MTN) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** Q1 2025 net revenue was $1.3 billion, a 1.4% increase from Q1 2024. - **Profit Margins:** Q1 2025 net income was $392.8 million, a 8.5% increase from Q1 2024. - **Cash Flow:** Q1 2025 operating cash flow was $726.4 million, a 6.4% increase from Q1 2024. - **Earnings Changes:** Q1 2025 EPS was $10.55, a 10.4% increase from Q1 2024. **Segment Performance:** - **Mountain Segment:** Q1 2025 revenue was $1.2 billion, a 1.4% increase. EBITDA was $635.4 million, a 0.5% decrease. - **Lodging Segment:** Q1 2025 revenue was $82.9 million, a 4.8% decrease. EBITDA was $12.3 million, a 22.1% decrease. - **Real Estate Segment:** Q1 2025 revenue was $115,000, a 32% decrease. EBITDA was $6.4 million, a 683.2% increase. **Trends and Uncertainties:** - **Seasonality:** Q1 is typically a low season due to the closure of North American and European ski operations. - **Economic Factors:** Inflation, interest rates, and geopolitical conflicts may impact consumer spending and visitation. - **Weather:** Snowfall timing and amount can significantly affect revenue, particularly for ski-related activities. - **Pass Sales:** Q1 2025 pass product sales for the 2025/2026 season decreased by approximately 1% in units but increased by approximately 2% in sales dollars compared to the prior year. **Future Operations Impact:** - **Capital Expenditures:** Vail Resorts plans to invest approximately $198 million to $203 million in 2025, excluding growth capital investments in Europe and real estate-related projects. - **Debt Management:** As of Q1 2025, Vail Resorts has $2.7 billion in total debt, with $2.2 billion in net debt. The company plans to use cash on hand, borrowings under credit agreements, and future operating cash flows to meet liquidity needs. - **Dividends and Share Repurchases:** Vail Resorts paid $6.66 per share in dividends during Q1 2025 and repurchased 403,883 shares at a total cost of $70.0 million.