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10-Q


☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


October 31, 2023


☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





001-09614





Vail Resorts, Inc.





Delaware51-0291762(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. EmployerIdentification No.)390 Interlocken CrescentBroomfield,Colorado80021(Address of Principal Executive Offices)(Zip Code)


(303)404-1800(Registrant’s telephone number, including area code)





Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $0.01 par valueMTNNew York Stock Exchange





Yes


Yes








Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐


☐


☐


37,966,630







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PART IFINANCIAL INFORMATIONPageItem 1.Financial Statements (unaudited).Consolidated Condensed Balance Sheets as of October 31, 2023, July 31, 2023 and October 31, 20222Consolidated Condensed Statements of Operations for the ThreeMonths EndedOctober 31, 2023 and 20223Consolidated Condensed Statements of Comprehensive Loss for the Three Months Ended October 31, 2023 and 20224Consolidated Condensed Statements of Stockholders’ Equity for the ThreeMonthsEndedOctober 31,2023 and 20225Consolidated Condensed Statements of Cash Flows for theThreeMonths EndedOctober 31, 2023 and 20226Notes to Consolidated Condensed Financial Statements7Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations19Item 3.Quantitative and Qualitative Disclosures About Market Risk31Item 4.Controls and Procedures32PART IIOTHER INFORMATIONItem 1.Legal Proceedings33Item 1A.Risk Factors33Item 2.Unregistered Sales of Equity Securities and Use of Proceeds33Item 3.Defaults Upon Senior Securities33Item 4.Mine Safety Disclosures33Item 5.Other Information33Item 6.Exhibits34










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October 31, 2023July 31, 2023October 31, 2022AssetsCurrent assets:Cash and cash equivalents$728,859$562,975$1,180,942Restricted cash11,53210,11820,121Trade receivables, net105,546381,067118,491Inventories, net157,707132,548139,926Other current assets130,861121,403162,187Total current assets1,134,5051,208,1111,621,667Property, plant and equipment, net (Note 7)2,344,6012,371,5572,313,061Real estate held for sale or investment86,46590,20795,608Goodwill, net (Note 7)1,668,0281,720,3441,688,731Intangible assets, net300,457309,345307,410Operating right-of-use assets187,128192,289192,230Other assets38,83255,90162,159Total assets$5,760,016$5,947,754$6,280,866Liabilities and Stockholders’ EquityCurrent liabilities:Accounts payable and accrued liabilities (Note 7)$1,276,525$978,021$1,190,522Income taxes payable16,66383,51484,372Long-term debt due within one year (Note 5)69,65969,16067,811Total current liabilities1,362,8471,130,6951,342,705Long-term debt, net (Note 5)2,732,0372,750,6752,769,698Operating lease liabilities165,462168,326176,585Other long-term liabilities285,454286,261234,301Deferred income taxes, net286,036276,137205,859Total liabilities4,831,8364,612,0944,729,148Commitments and contingencies (Note 9)Stockholders’ equity:Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding———Common stock, $0.01 par value, 100,000 shares authorized, 46,851, 46,798 and 46,789 shares issued, respectively469468468Additional paid-in capital1,126,0331,124,4331,106,813Accumulated other comprehensive loss(78,376)(10,358)(68,908)Retained earnings619,727873,710705,923Treasury stock, at cost, 8,885, 8,648 and 6,466 shares, respectively (Note 11)(1,034,822)(984,306)(479,417)Total Vail Resorts, Inc. stockholders’ equity633,0311,003,9471,264,879Noncontrolling interests295,149331,713286,839Total stockholders’ equity928,1801,335,6601,551,718Total liabilities and stockholders’ equity$5,760,016$5,947,754$6,280,866










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Three Months Ended October 31,20232022Net revenue:Mountain and Lodging services and other$182,834$210,386Mountain and Lodging retail and dining71,44268,948Resort net revenue254,276279,334Real Estate4,289113Total net revenue258,565279,447Operating expense (exclusive of depreciation and amortization shown separately below):Mountain and Lodging operating expense255,576242,286Mountain and Lodging retail and dining cost of products sold31,29535,085General and administrative108,02598,799Resort operating expense394,896376,170Real Estate operating expense5,1811,382Total segment operating expense400,077377,552Other operating (expense) income:Depreciation and amortization(66,728)(64,614)Gain on sale of real property6,285—Change in estimated fair value of contingent consideration (Note 8)(3,057)(636)Loss on disposal of fixed assets and other, net(2,043)(6)Loss from operations(207,055)(163,361)Mountain equity investment income, net859346Investment income and other, net3,6842,886Foreign currency loss on intercompany loans (Note 5)(4,965)(6,135)Interest expense, net(40,730)(35,302)Loss before benefit from income taxes(248,207)(201,566)Benefit from income taxes65,16058,006Net loss(183,047)(143,560)Net loss attributable to noncontrolling interests7,5356,589Net loss attributable to Vail Resorts, Inc.$(175,512)$(136,971)Per share amounts (Note 4):Basic net loss per share attributable to Vail Resorts, Inc.$(4.60)$(3.40)Diluted net loss per share attributable to Vail Resorts, Inc.$(4.60)$(3.40)Cash dividends declared per share$2.06$1.91










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Three Months Ended October 31,20232022Net loss$(183,047)$(143,560)Foreign currency translation adjustments(92,094)(117,808)Change in estimated fair value of hedging instruments, net of tax(2,470)8,007Comprehensive loss(277,611)(253,361)Comprehensive loss attributable to noncontrolling interests34,08136,559Comprehensive loss attributable to Vail Resorts, Inc.$(243,530)$(216,802)










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Common StockAdditional Paid in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Vail Resorts, Inc. Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ EquityVail ResortsBalance, July 31, 2022$467$1,184,577$10,923$895,889$(479,417)$1,612,439$235,045$1,847,484Comprehensive loss:Net loss———(136,971)—(136,971)(6,589)(143,560)Foreign currency translation adjustments——(87,838)——(87,838)(29,970)(117,808)Change in estimated fair value of hedging instruments, net of tax——8,007——8,007—8,007Total comprehensive loss(216,802)(36,559)(253,361)Stock-based compensation expense—6,345———6,345—6,345Issuance of shares under share award plans, net of shares withheld for employee taxes1(4,043)———(4,042)—(4,042)Dividends (Note 4)———(77,018)—(77,018)—(77,018)Cumulative effect of adoption of ASU 2020-06—(80,066)—24,023—(56,043)—(56,043)Estimated acquisition date fair value of noncontrolling interests (Note 6)——————91,52491,524Distributions to noncontrolling interests, net——————(3,171)(3,171)Balance, October 31, 2022$468$1,106,813$(68,908)$705,923$(479,417)$1,264,879$286,839$1,551,718Balance, July 31, 2023$468$1,124,433$(10,358)$873,710$(984,306)$1,003,947$331,713$1,335,660Comprehensive loss:Net loss———(175,512)—(175,512)(7,535)(183,047)Foreign currency translation adjustments——(65,548)——(65,548)(26,546)(92,094)Change in estimated fair value of hedging instruments, net of tax——(2,470)——(2,470)—(2,470)Total comprehensive loss(243,530)(34,081)(277,611)Stock-based compensation expense—6,796———6,796—6,796Issuance of shares under share award plans, net of shares withheld for employee taxes1(5,196)———(5,195)—(5,195)Repurchases of common stock (Note 11)————(50,516)(50,516)—(50,516)Dividends (Note 4)———(78,471)—(78,471)—(78,471)Distributions to noncontrolling interests, net——————(2,483)(2,483)Balance, October 31, 2023$469$1,126,033$(78,376)$619,727$(1,034,822)$633,031$295,149$928,180










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Three Months Ended October 31,20232022Cash flows from operating activities:Net loss$(183,047)$(143,560)Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation and amortization66,72864,614Stock-based compensation expense6,7966,345Benefit from income taxes(65,160)(58,006)Other non-cash expense, net8,2178,615Changes in assets and liabilities:Trade receivables, net272,313264,285Inventories, net(26,789)(31,924)Accounts payable and accrued liabilities(773)2,508Deferred revenue308,950279,221Income taxes payable(17,052)(20,460)Other assets and liabilities, net(41,684)(38,647)Net cash provided by operating activities328,499332,991Cash flows from investing activities:Capital expenditures(53,379)(124,099)Return of deposit for acquisition of business—114,506Acquisition of business, net of cash acquired—(38,567)Investments in short-term deposits—(86,756)Maturity of short-term deposits52,437—Other investing activities, net6,507385Net cash provided by (used in) investing activities5,565(134,531)Cash flows from financing activities:Repayments of borrowings under Vail Holdings Credit Agreement(15,625)(15,625)Employee taxes paid for share award exercises(5,195)(4,043)Dividends paid(78,471)(77,018)Repurchases of common stock(50,000)—Other financing activities, net(4,317)(7,942)Net cash used in financing activities(153,608)(104,628)Effect of exchange rate changes on cash, cash equivalents and restricted cash(13,158)(18,876)Net increase in cash, cash equivalents and restricted cash167,29874,956Cash, cash equivalents and restricted cash:Beginning of period573,0931,126,107End of period$740,391$1,201,063Non-cash investing activities:Accrued capital expenditures$38,275$21,069










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Organization and Business



































The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature, and typically experience their peak operating seasons primarily from mid-December through mid-April in North America and Europe. The peak operating season at the Company’s Australian resorts, NPS concessioner properties and golf courses generally occurs from June to early October.










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Summary of Significant Accounting Policies





Consolidated Condensed Financial Statements — In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2023 was derived from audited financial statements.








October 31, 2023Carrying ValueEstimated Fair Value6.25% Notes$600,000$596,0220.0% Convertible Notes$575,000$501,883EPR Secured Notes$132,102$158,129NRP Loan$34,489$28,359













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Three Months Ended October 31,20232022Mountain net revenue:Lift$45,390$59,540Ski School7,1788,927Dining18,07719,442Retail/Rental33,47440,344Other68,33673,464Total Mountain net revenue$172,455$201,717Lodging net revenue:Owned hotel rooms$25,177$23,565Managed condominium rooms12,00312,859Dining18,08316,829Golf6,3765,890Other16,72314,79778,36273,940Payroll cost reimbursements3,4593,677Total Lodging net revenue$81,821$77,617Total Resort net revenue$254,276$279,334Total Real Estate net revenue4,289113Total net revenue$258,565$279,447








872.4 572.6 56.5 107.9 109.7 115.6 15








21.8 5.1 19.7







Net Loss per Share











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0.01








Three Months Ended October 31,20232022BasicDilutedBasicDilutedNet loss per share:Net loss attributable to Vail Resorts$(175,512)$(175,512)$(136,971)$(136,971)Weighted-average Vail Shares outstanding38,11738,11740,29640,296Weighted-average Exchangeco Shares outstanding——22Total Weighted-average shares outstanding38,11738,11740,29840,298Effect of dilutive securities————Total shares38,11738,11740,29840,298Net loss per share attributable to Vail Resorts$(4.60)$(4.60)$(3.40)$(3.40)





0.3 0.2





575.0








2.06 1.91 78.5 77.0 December 6, 2023 2.06 January 9, 2024 December 26, 2023










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Long-Term Debt





MaturityOctober 31, 2023July 31, 2023October 31, 2022Vail Holdings Credit Agreement term loan(a)2026$1,000,000$1,015,625$1,062,500Vail Holdings Credit Agreement revolver(a)2026———6.25% Notes2025600,000600,000600,0000.0% Convertible Notes(b)2026575,000575,000575,000Whistler Credit Agreement revolver(c)2028——11,011EPR Secured Notes(d)2034-2036114,162114,162114,162NRP Loan203637,26940,39936,430Employee housing bonds2027-203952,57552,57552,575Canyons obligation2063364,825363,386359,052Whistler Blackcomb employee housing leases204227,98429,491—Other2023-203633,97135,01136,587Total debt2,805,7862,825,6492,847,317Less: Unamortized premiums, discounts and debt issuance costs(b)4,0905,8149,808Less: Current maturities(e)69,65969,16067,811Long-term debt, net$2,732,037$2,750,675$2,769,698





500.0 1.0 15.6 1.60 6.92 0.30 400.0 1.38





575.0 381.27





300.0 0.39








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4.6 11.72


23.3 11.41


14.3 11.41


51.1 12.32


21.0 9.03

















Total2024 (November 2023 through July 2024)$51,4212025675,7552026643,5432027851,15120284,655Thereafter579,261Total debt$2,805,786





40.7 35.3 1.6





In connection with the acquisition of Whistler Blackcomb, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb, which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $5.0 million and $6.1 million, respectively, of non-cash foreign currency losses on the intercompany loan to Whistler Blackcomb for the three months ended October 31, 2023 and 2022 on the Company’s Consolidated Condensed Statements of Operations.










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Acquisitions





55 114.4 110.0 41.3 39.3 155.4 149.3








Acquisition Date Estimated Fair ValueTotal cash consideration paid by Vail Resorts, Inc.$155,365Estimated fair value of noncontrolling interests91,524Total estimated purchase consideration$246,889Allocation of total estimated purchase consideration:Current assets$119,867Property, plant and equipment176,805Goodwill3,368Identifiable intangible assets and other assets7,476Assumed long-term debt(44,130)Other liabilities(16,497)Net assets acquired$246,889













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Supplementary Balance Sheet Information





October 31, 2023July 31, 2023October 31, 2022Land and land improvements$790,550$796,730$780,977Buildings and building improvements1,626,5661,643,5171,574,931Machinery and equipment1,781,9801,792,3781,594,588Furniture and fixtures302,646298,725316,350Software151,809152,033139,522Vehicles86,17387,29882,239Construction in progress185,229134,113221,990Gross property, plant and equipment4,924,9534,904,7944,710,597Accumulated depreciation(2,580,352)(2,533,237)(2,397,536)Property, plant and equipment, net$2,344,601$2,371,557$2,313,061








October 31, 2023July 31, 2023October 31, 2022Trade payables$161,581$148,521$162,366Deferred revenue872,418572,602787,514Accrued salaries, wages and deferred compensation33,73338,90841,239Accrued benefits57,34060,46644,008Deposits42,88037,79835,491Operating lease liabilities38,33236,90435,331Other liabilities70,24182,82284,573Total accounts payable and accrued liabilities$1,276,525$978,021$1,190,522








MountainLodgingGoodwill, netBalance at July 31, 2023$1,675,338$45,006$1,720,344Effects of changes in foreign currency exchange rates(52,316)—(52,316)Balance at October 31, 2023$1,623,022$45,006$1,668,028







Fair Value Measurements





























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Estimated Fair Value Measurement as of October 31, 2023DescriptionTotalLevel 1Level 2Level 3Assets:Money Market$101,903$101,903$—$—Commercial Paper$2,401$—$2,401$—Certificates of Deposit$138,614$—$138,614$—Interest Rate Swaps$13,931$—$13,931$—Liabilities:Contingent Consideration$59,300$—$—$59,300Estimated Fair Value Measurement as of July 31, 2023DescriptionTotalLevel 1Level 2Level 3Assets:Money Market$170,872$170,872$—$—Commercial Paper$2,401$—$2,401$—Certificates of Deposit$144,365$—$144,365$—Interest Rate Swaps$17,229$—$17,229$—Liabilities:Contingent Consideration$73,300$—$—$73,300Estimated Fair Value Measurement as of October 31, 2022DescriptionTotalLevel 1Level 2Level 3Assets:Money Market$509,165$509,165$—$—Commercial Paper$2,401$—$2,401$—Certificates of Deposit$106,790$—$106,790$—Interest Rate Swaps$22,991$—$22,991$—Liabilities:Contingent Consideration$24,100$—$—$24,100














Balance as of July 31, 2023 and 2022, respectively$73,300$42,400Payments(17,057)(18,936)Change in estimated fair value3,057636Balance as of October 31, 2023 and 2022, respectively$59,300$24,100








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The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established upon the Company’s acquisition of the resort, with such threshold amount subsequently increased annually by an inflation linked index and an adjustment equal to 10% of any capital improvements or investments made under the lease by the Company. Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved.


The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. The estimated fair value of Contingent Consideration includes future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed annual growth factor and discounted to present value. Other significant assumptions included a discount rate of 11.1%, and volatility of 17.0%, which together with future period Park City EBITDA, are all unobservable inputs and thus are considered Level 3 inputs. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance of the resort would result in a change in the estimated fair value within the range of approximately $10.1 million to $13.7 million.


During the three months ended October 31, 2023, the Company made a payment to the landlord for Contingent Consideration of approximately $17.1 million and recorded an increase of approximately $3.1 million, primarily related to the estimated Contingent Consideration payment for the fiscal year ending July 31, 2024. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $59.3 million, which is reflected in other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet.







Commitments and Contingencies





84.1 53.4 6.4 24.3 9.5

















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Segment Information




















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Three Months Ended October 31,20232022Net revenue:Mountain$172,455$201,717Lodging81,82177,617Total Resort net revenue254,276279,334Real Estate4,289113Total net revenue$258,565$279,447Segment operating expense:Mountain$312,839$294,196Lodging82,05781,974Total Resort operating expense394,896376,170Real Estate5,1811,382Total segment operating expense$400,077$377,552Gain on sale of real property$6,285$—Mountain equity investment income, net$859$346Reported EBITDA:Mountain$(139,525)$(92,133)Lodging(236)(4,357)Resort(139,761)(96,490)Real Estate5,393(1,269)Total Reported EBITDA$(134,368)$(97,759)Real estate held for sale or investment$86,465$95,608Reconciliation from net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA:Net loss attributable to Vail Resorts, Inc.$(175,512)$(136,971)Net loss attributable to noncontrolling interests(7,535)(6,589)Net loss(183,047)(143,560)Benefit from income taxes(65,160)(58,006)Loss before benefit from income taxes(248,207)(201,566)Depreciation and amortization66,72864,614Change in estimated fair value of contingent consideration3,057636Loss on disposal of fixed assets and other, net2,0436Investment income and other, net(3,684)(2,886)Foreign currency loss on intercompany loans4,9656,135Interest expense, net40,73035,302Total Reported EBITDA$(134,368)$(97,759)










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Share Repurchase Program


3,000,000 2,500,000 10,000,000 237,056 50.0 8,885,358 1,029.5 1,114,642










118.5































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Three Months Ended October 31,20232022Net loss attributable to Vail Resorts, Inc.$(175,512)$(136,971)Loss before benefit from income taxes$(248,207)$(201,566)Mountain Reported EBITDA$(139,525)$(92,133)Lodging Reported EBITDA(236)(4,357)Resort Reported EBITDA$(139,761)$(96,490)Real Estate Reported EBITDA$5,393$(1,269)










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Three Months Ended October 31,PercentageIncrease(Decrease)20232022Mountain net revenue:Lift$45,390$59,540(23.8)%Ski school7,1788,927(19.6)%Dining18,07719,442(7.0)%Retail/rental33,47440,344(17.0)%Other68,33673,464(7.0)%Total Mountain net revenue172,455201,717(14.5)%Mountain operating expense:Labor and labor-related benefits112,049108,0453.7%Retail cost of sales17,82120,741(14.1)%General and administrative93,16883,28911.9%Other89,80182,1219.4%Total Mountain operating expense312,839294,1966.3%Mountain equity investment income, net859346148.3%Mountain Reported EBITDA$(139,525)$(92,133)(51.4)%Total skier visits658993(33.7)%ETP$68.98$59.9615.0%
































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Three Months Ended October 31,PercentageIncrease(Decrease)20232022Lodging net revenue:Owned hotel rooms$25,177$23,5656.8%Managed condominium rooms12,00312,859(6.7)%Dining18,08316,8297.5%Golf6,3765,8908.3%Other16,72314,79713.0%78,36273,9406.0%Payroll cost reimbursements3,4593,677(5.9)%Total Lodging net revenue81,82177,6175.4%Lodging operating expense:Labor and labor-related benefits37,47536,9151.5%General and administrative14,85715,510(4.2)%Other26,26625,8721.5%78,59878,2970.4%Reimbursed payroll costs3,4593,677(5.9)%Total Lodging operating expense82,05781,9740.1%Lodging Reported EBITDA$(236)$(4,357)94.6%Owned hotel statistics:ADR$304.03$277.259.7%RevPAR$158.97$155.032.5%Managed condominium statistics:ADR$233.92$240.08(2.6)%RevPAR$50.78$52.90(4.0)%Owned hotel and managed condominium statistics (combined):ADR$269.31$258.484.2%RevPAR$82.95$81.362.0%
















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Three Months Ended October 31,PercentageIncrease(Decrease)20232022Total Real Estate net revenue$4,289$1133,695.6%Real Estate operating expense:Cost of sales3,607—nmOther1,5741,38213.9%Total Real Estate operating expense5,1811,382274.9%Gain on sale of real property6,285—nmReal Estate Reported EBITDA$5,393$(1,269)525.0%

























Three Months Ended October 31,Increase(Decrease)20232022Interest expense, net$(40,730)$(35,302)15.4%Benefit from income taxes$65,160$58,00612.3%Effective tax rate26.3%28.8%(2.5) pts




























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Three Months Ended October 31,20232022Net loss attributable to Vail Resorts, Inc.$(175,512)$(136,971)Net loss attributable to noncontrolling interests(7,535)(6,589)Net loss(183,047)(143,560)Benefit from income taxes(65,160)(58,006)Loss before benefit from income taxes(248,207)(201,566)Depreciation and amortization66,72864,614Loss on disposal of fixed assets and other, net2,0436Change in fair value of contingent consideration3,057636Investment income and other, net(3,684)(2,886)Foreign currency loss on intercompany loans4,9656,135Interest expense, net40,73035,302Total Reported EBITDA$(134,368)$(97,759)Mountain Reported EBITDA$(139,525)$(92,133)Lodging Reported EBITDA(236)(4,357)Resort Reported EBITDA(139,761)(96,490)Real Estate Reported EBITDA5,393(1,269)Total Reported EBITDA$(134,368)$(97,759)





October 31,20232022Long-term debt, net$2,732,037$2,769,698Long-term debt due within one year69,65967,811Total debt2,801,6962,837,509Less: cash and cash equivalents728,8591,180,942Net Debt$2,072,837$1,656,567
















Three Months Ended October 31,20232022Net cash provided by operating activities$328,499$332,991Net cash provided by (used in) investing activities$5,565$(134,531)Net cash used in financing activities$(153,608)$(104,628)














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Three Months Ended October 31,20232022Foreign currency translation adjustments$(92,094)$(117,808)Foreign currency loss on intercompany loans$(4,965)$(6,135)












































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PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)August 1, 2023 - August 31, 2023—$——1,351,698September 1, 2023 - September 30, 2023—$——1,351,698October 1, 2023 - October 31, 2023237,056$210.92237,0561,114,642Total237,056$210.92237,0561,114,642


(1)The share repurchase program is conducted under authorizations made from time to time by our Board of Directors. The Board of Directors initially authorized the repurchase of up to 3,000,000 Vail Shares (March 9, 2006), and later authorized additional repurchases of up to 3,000,000 Vail Shares (July 16, 2008), 1,500,000 Vail Shares (December 4, 2015) and 2,500,000 Vail Shares (March 7, 2023), for a total authorization to repurchase up to 10,000,000 Vail Shares. As of October 31, 2023, 1,114,642 Vail Shares remained available to repurchase under the existing repurchase authorization. Repurchases under these authorizations may be made from time to time at prevailing prices as permitted by applicable laws, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and subject to market conditions and other factors. These authorizations have no expiration date.














































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ExhibitNumberDescription10.1Form of Separation Agreement and General Release by and between Ryan Bennett and Vail Resorts, Inc. dated October 12, 2023.10.2*Vail Resorts, Inc. Management Incentive Plan (amended September 13, 2023).31.1Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.101.INSXBRL Instance Document - the instance document does not appear in the interactive data file as its XBRL tags are embedded within the inline XBRL document.101.SCHXBRL Schema Document.101.CALXBRL Calculation Linkbase Document.101.DEFXBRL Definition Linkbase Document.101.LABXBRL Label Linkbase Document.101.PREXBRL Taxonomy Extension Presentation Linkbase Document.104The cover page from this Quarterly Report on Form 10-Q, formatted in inline XBRL.










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Vail Resorts, Inc.Date: December 7, 2023By:/s/ Angela A. KorchAngela A. KorchExecutive Vice President and Chief Financial Officer(Principal Financial Officer)Date: December 7, 2023By:/s/ Nathan GronbergNathan GronbergVice President, Controller and Chief Accounting Officer(Principal Accounting Officer)