Vail Resorts Inc 10-Q for FY2022 Q3

Vail Resorts Inc (MTN)

10-Q 2022-06-09 For: 2022-04-30

Added on April 09, 2026

About this 10-Q

Vail Resorts Inc filed this 10-Q on June 9, 2022, covering the quarter ended April 30, 2022 (FY2022 Q3).

Headline figures

Quarter ended April 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.18B; up 32.3% from $889.08M a year earlier
Net income: $372.55M; up 35.7% from net income of $274.63M a year earlier
Diluted EPS: $9.16; up 36.3% from $6.72 a year earlier

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Delaware		51-0291762
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

390 Interlocken Crescent
Broomfield,	Colorado	80021
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	MTN	New York Stock Exchange



PART I	FINANCIAL INFORMATION	Page

Item 1.	Financial Statements (unaudited).
	Consolidated Condensed Balance Sheets as of April 30 , 2022, July 31, 2021 and April 30 , 2021	2
	Consolidated Condensed Statements of Operations for the Three and Nine Months Ended April 30 , 2022 and 2021	3
	Consolidated Condensed Statements of Comprehensive Income for the Three and Nine Months Ended April 30 , 2022 and 2021	4
	Consolidated Condensed Statements of Stockholders’ Equity for the Three and Nine Months Ended April 30 , 2022 and 2021	5
	Consolidated Condensed Statements of Cash Flows for the Nine Months Ended April 30 , 2022 and 2021	7
	Notes to Consolidated Condensed Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	42

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	44


	April 30, 2022		July 31, 2021		April 30, 2021
Assets
Current assets:
Cash and cash equivalents	$	1,401,168	$	1,243,962	$	1,344,702
Restricted cash	20,795		14,612		11,684
Trade receivables, net	267,111		345,408		208,132
Inventories, net	92,608		80,316		73,044
Other current assets	63,719		61,288		47,253
Total current assets	1,845,401		1,745,586		1,684,815
Property, plant and equipment, net (Note 7)	2,143,285		2,067,876		2,116,795
Real estate held for sale or investment	95,519		95,615		96,259
Goodwill, net (Note 7)	1,752,533		1,781,047		1,801,296
Intangible assets, net	315,025		319,110		323,521
Operating right-of-use assets	196,919		204,716		211,497
Other assets	48,612		37,106		42,454
Total assets	$	6,397,294	$	6,251,056	$	6,276,637
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities (Note 7)	$	742,245	$	815,472	$	567,264
Income taxes payable	23,891		48,812		36,344
Long-term debt due within one year (Note 5)	63,736		114,117		113,454
Total current liabilities	829,872		978,401		717,062
Long-term debt, net (Note 5)	2,687,488		2,736,175		2,739,981
Operating lease liabilities	176,970		190,561		196,256
Other long-term liabilities	233,689		264,034		252,451
Deferred income taxes, net	404,095		252,817		344,190
Total liabilities	4,332,114		4,421,988		4,249,940
Commitments 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, 46,715, 46,552 and 46,429 shares issued, respectively	467		466		465
Exchangeable shares, $0.01 par value, 31, 34 and 34 shares issued and outstanding, respectively (Note 4)	—		—		—
Additional paid-in capital	1,178,495		1,196,993		1,220,942
Accumulated other comprehensive income	10,759		27,799		50,643
Retained earnings	1,081,510		773,752		914,563
Treasury stock, at cost, 6,306, 6,161 and 6,161 shares, respectively (Note 11)	(441,914)		(404,411)		(404,411)
Total Vail Resorts, Inc. stockholders’ equity	1,829,317		1,594,599		1,782,202
Noncontrolling interests	235,863		234,469		244,495
Total stockholders’ equity	2,065,180		1,829,068		2,026,697
Total liabilities and stockholders’ equity	$	6,397,294	$	6,251,056	$	6,276,637


	Three Months Ended April 30,				Nine Months Ended April 30,
	2022		2021		2022		2021
Net revenue:
Mountain and Lodging services and other	$	1,020,544	$	794,393	$	1,912,704	$	1,495,777
Mountain and Lodging retail and dining	155,992		93,885		345,448		208,362
Resort net revenue	1,176,536		888,278		2,258,152		1,704,139
Real Estate	129		800		624		1,369
Total net revenue	1,176,665		889,078		2,258,776		1,705,508
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	417,422		317,836		965,483		765,944
Mountain and Lodging retail and dining cost of products sold	57,174		35,937		135,118		90,435
General and administrative	91,764		73,294		260,259		210,444
Resort operating expense	566,360		427,067		1,360,860		1,066,823
Real Estate operating expense	1,609		2,023		4,590		5,088
Total segment operating expense	567,969		429,090		1,365,450		1,071,911
Other operating (expense) income:
Depreciation and amortization	(65,655)		(64,071)		(189,214)		(189,362)
Gain on sale of real property	189		189		1,151		189
Change in estimated fair value of contingent consideration (Note 8)	(2,800)		(10,400)		(21,580)		(12,202)
(Loss) gain on disposal of fixed assets and other, net	(51)		1,999		16,163		(762)
Income from operations	540,379		387,705		699,846		431,460
Mountain equity investment income, net	363		1,011		2,695		6,177
Investment income and other, net	224		347		980		857
Foreign currency (loss) gain on intercompany loans (Note 5)	(1,040)		4,157		(3,079)		9,832
Interest expense, net	(35,132)		(39,033)		(112,043)		(112,287)
Income before provision for income taxes	504,794		354,187		588,399		336,039
Provision for income taxes	(118,211)		(76,897)		(110,407)		(66,640)
Net income	386,583		277,290		477,992		269,399
Net income attributable to noncontrolling interests	(14,033)		(2,661)		(21,383)		(738)
Net income attributable to Vail Resorts, Inc.	$	372,550	$	274,629	$	456,609	$	268,661
Per share amounts (Note 4):
Basic net income per share attributable to Vail Resorts, Inc.	$	9.18	$	6.82	$	11.27	$	6.67
Diluted net income per share attributable to Vail Resorts, Inc.	$	9.16	$	6.72	$	11.20	$	6.58
Cash dividends declared per share	$	1.91	$	—	$	3.67	$	—


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


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


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


	Common Stock				Additional Paid in Capital		Accumulated Other Comprehensive Income		Retained Earnings		Treasury Stock		Total Vail Resorts, Inc. Stockholders’ Equity		Noncontrolling Interests		Total Stockholders’ Equity
	Vail Resorts		Exchangeable
Balance, January 31, 2021	$	465	$	—	$	1,216,489	$	8,226	$	639,934	$	(404,411)	$	1,460,703	$	225,743	$	1,686,446
Comprehensive income:
Net income	—		—		—		—		274,629		—		274,629		2,661		277,290
Foreign currency translation adjustments	—		—		—		38,807		—		—		38,807		16,103		54,910
Change in estimated fair value of hedging instruments, net of tax	—		—		—		3,610		—		—		3,610		—		3,610
Total comprehensive income													317,046		18,764		335,810
Stock-based compensation expense	—		—		6,184		—		—		—		6,184		—		6,184
Issuance of shares under share award plans, net of shares withheld for employee taxes	—		—		(1,731)		—		—		—		(1,731)		—		(1,731)


Distributions to noncontrolling interests, net	—		—		—		—		—		—		—		(12)		(12)
Balance, April 30, 2021	$	465	$	—	$	1,220,942	$	50,643	$	914,563	$	(404,411)	$	1,782,202	$	244,495	$	2,026,697

Balance, January 31, 2022	$	467	$	—	$	1,172,595	$	10,418	$	786,473	$	(404,411)	$	1,565,542	$	228,142	$	1,793,684
Comprehensive income:
Net income	—		—		—		—		372,550		—		372,550		14,033		386,583
Foreign currency translation adjustments	—		—		—		(10,423)		—		—		(10,423)		(4,776)		(15,199)
Change in estimated fair value of hedging instruments, net of tax	—		—		—		10,764		—		—		10,764		—		10,764
Total comprehensive income													372,891		9,257		382,148

Stock-based compensation expense	—		—		6,029		—		—		—		6,029		—		6,029
Issuance of shares under share award plans, net of shares withheld for employee taxes	—		—		(129)		—		—		—		(129)		—		(129)
Repurchase of common stock (Note 11)	—		—		—		—		—		(37,503)		(37,503)		—		(37,503)
Dividends (Note 4)	—		—		—		—		(77,513)		—		(77,513)		—		(77,513)
Distributions to noncontrolling interests, net	—		—		—		—		—		—		—		(1,536)		(1,536)
Balance, April 30, 2022	$	467	$	—	$	1,178,495	$	10,759	$	1,081,510	$	(441,914)	$	1,829,317	$	235,863	$	2,065,180


	Common Stock				Additional Paid in Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Treasury Stock		Total Vail Resorts, Inc. Stockholders’ Equity		Noncontrolling Interests		Total Stockholders’ Equity
	Vail Resorts		Exchangeable
Balance, July 31, 2020	$	464	$	—	$	1,131,624	$	(56,837)	$	645,902	$	(404,411)	$	1,316,742	$	214,925	$	1,531,667
Comprehensive income:
Net income	—		—		—		—		268,661		—		268,661		738		269,399
Foreign currency translation adjustments	—		—		—		97,908		—		—		97,908		34,259		132,167
Change in estimated fair value of hedging instruments, net of tax	—		—		—		9,572		—		—		9,572		—		9,572
Total comprehensive income													376,141		34,997		411,138
Equity component of 0.0% Convertible Notes, net (Note 5)	—		—		80,066		—		—		—		80,066		—		80,066
Stock-based compensation expense	—		—		18,517		—		—		—		18,517		—		18,517
Issuance of shares under share award plans, net of shares withheld for employee taxes	1		—		(9,265)		—		—		—		(9,264)		—		(9,264)


Distributions to noncontrolling interests, net	—		—		—		—		—		—		—		(5,427)		(5,427)
Balance, April 30, 2021	$	465	$	—	$	1,220,942	$	50,643	$	914,563	$	(404,411)	$	1,782,202	$	244,495	$	2,026,697

Balance, July 31, 2021	$	466	$	—	$	1,196,993	$	27,799	$	773,752	$	(404,411)	$	1,594,599	$	234,469	$	1,829,068
Comprehensive income:
Net income	—		—		—		—		456,609		—		456,609		21,383		477,992
Foreign currency translation adjustments	—		—		—		(36,632)		—		—		(36,632)		(12,287)		(48,919)
Change in estimated fair value of hedging instruments, net of tax	—		—		—		19,592		—		—		19,592		—		19,592
Total comprehensive income													439,569		9,096		448,665

Stock-based compensation expense	—		—		18,933		—		—		—		18,933		—		18,933
Issuance of shares under share award plans, net of shares withheld for employee taxes	1		—		(37,431)		—		—		—		(37,430)		—		(37,430)
Repurchase of common stock (Note 11)	—		—		—		—		—		(37,503)		(37,503)		—		(37,503)
Dividends (Note 4)	—		—		—		—		(148,851)		—		(148,851)		—		(148,851)
Distributions to noncontrolling interests, net	—		—		—		—		—		—		—		(7,702)		(7,702)
Balance, April 30, 2022	$	467	$	—	$	1,178,495	$	10,759	$	1,081,510	$	(441,914)	$	1,829,317	$	235,863	$	2,065,180


	April 30, 2022
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	616,212
0.0% Convertible Notes	$	493,038	$	546,969
EPR Secured Notes	$	134,508	$	181,454


	Maturity	April 30, 2022		July 31, 2021		April 30, 2021
Vail Holdings Credit Agreement term loan (a)	2024	$	1,093,750	$	1,140,625	$	1,156,250
Vail Holdings Credit Agreement revolver (a)	2024	—		—		—
6.25% Notes	2025	600,000		600,000		600,000
0.0% Convertible Notes (b)	2026	575,000		575,000		575,000
Whistler Credit Agreement revolver (c)	2026	21,012		44,891		40,681

EPR Secured Notes (d)	2034-2036	114,162		114,162		114,162
EB-5 Development Notes	2021	—		51,500		51,500
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	356,160		351,820		350,373
Other	2022-2034	17,707		17,941		17,647
Total debt		2,830,366		2,948,514		2,958,188
Less: Unamortized premiums, discounts and debt issuance costs		79,142		98,222		104,753
Less: Current maturities (e)		63,736		114,117		113,454
Long-term debt, net		$	2,687,488	$	2,736,175	$	2,739,981


	Total
2022 (May 2022 through July 2022)	$	15,845
2023	69,890
2024	63,801
2025	1,553,883
2026	575,415
Thereafter	551,532
Total debt	$	2,830,366


	Acquisition Date Estimated Fair Value
Current assets	$	2,932
Property, plant and equipment	118,415
Goodwill	4,991
Identifiable intangible assets and other assets	5,335
Liabilities	(15,172)
Net assets acquired	$	116,501


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2021	$	1,738,836	$	42,211	$	1,781,047
Acquisition (including measurement period adjustments)	2,196		2,795		4,991

Effects of changes in foreign currency exchange rates	(33,505)		—		(33,505)
Balance at April 30, 2022	$	1,707,527	$	45,006	$	1,752,533


	Three Months Ended April 30,				Nine Months Ended April 30,
	2022		2021(1)		2022		2021(1)
Mountain net revenue:
Lift	$	714,708	$	577,680	$	1,250,619	$	1,041,546
Ski School	120,897		80,390		214,442		138,824
Dining	79,826		45,981		146,395		81,276
Retail/Rental	126,497		91,286		281,704		203,718
Other	42,707		34,575		135,150		106,005
Total Mountain net revenue	$	1,084,635	$	829,912	$	2,028,310	$	1,571,369
Lodging net revenue:
Owned hotel rooms	$	18,295	$	10,252	$	53,362	$	24,325
Managed condominium rooms	37,494		28,726		83,703		58,391
Dining	14,646		4,162		33,296		7,703
Transportation	6,862		4,663		14,421		7,610
Golf	—		—		5,138		3,733
Other	9,925		8,610		31,641		25,834
	87,222		56,413		221,561		127,596
Payroll cost reimbursements	4,679		1,953		8,281		5,174
Total Lodging net revenue	$	91,901	$	58,366	$	229,842	$	132,770
Total Resort net revenue	$	1,176,536	$	888,278	$	2,258,152	$	1,704,139
Total Real Estate net revenue	129		800		624		1,369
Total net revenue	$	1,176,665	$	889,078	$	2,258,776	$	1,705,508


	April 30, 2022		July 31, 2021		April 30, 2021
Land and land improvements	$	766,415	$	756,517	$	761,367
Buildings and building improvements	1,563,603		1,496,402		1,502,828
Machinery and equipment	1,524,191		1,417,705		1,432,137
Furniture and fixtures	320,695		308,432		330,530
Software	137,589		122,778		122,586
Vehicles	83,148		80,328		82,375
Construction in progress	97,813		67,710		46,703
Gross property, plant and equipment	4,493,454		4,249,872		4,278,526
Accumulated depreciation	(2,350,169)		(2,181,996)		(2,161,731)
Property, plant and equipment, net	$	2,143,285	$	2,067,876	$	2,116,795


	April 30, 2022		July 31, 2021		April 30, 2021
Trade payables	$	104,101	$	98,261	$	64,412
Deferred revenue	326,008		456,457		238,075
Accrued salaries, wages and deferred compensation	69,793		54,286		69,821
Accrued benefits	55,453		47,368		49,958
Deposits	45,820		35,263		35,263
Operating lease liabilities	39,526		34,668		37,687
Other liabilities	101,544		89,169		72,048
Total accounts payable and accrued liabilities	$	742,245	$	815,472	$	567,264


	Estimated Fair Value Measurement as of April 30, 2022
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	504,612	$	504,612	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	9,556	$	—	$	9,556	$	—
Interest Rate Swaps	$	13,216	$	—	$	13,216	$	—
Liabilities:

Contingent Consideration	$	43,700	$	—	$	—	$	43,700

	Estimated Fair Value Measurement as of July 31, 2021
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	253,782	$	253,782	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	259,945	$	—	$	259,945	$	—
Liabilities:
Interest Rate Swaps	$	12,942	$	—	$	12,942	$	—
Contingent Consideration	$	29,600	$	—	$	—	$	29,600

	Estimated Fair Value Measurement as of April 30, 2021
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	253,809	$	253,809	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	259,111	$	—	$	259,111	$	—
Liabilities:
Interest Rate Swaps	$	12,938	$	—	$	12,938	$	—
Contingent Consideration	$	27,400	$	—	$	—	$	27,400


Balance as of July 31, 2021 and 2020, respectively	$	29,600	$	17,800
Payments	(7,480)		(2,602)
Change in estimated fair value	21,580		12,202
Balance as of April 30, 2022 and 2021, respectively	$	43,700	$	27,400


	Three Months Ended April 30,				Percentage Increase (Decrease)
	2022		2021 (1)
Mountain net revenue:
Lift	$	714,708	$	577,680	23.7	%
Ski school	120,897		80,390		50.4	%
Dining	79,826		45,981		73.6	%
Retail/rental	126,497		91,286		38.6	%
Other	42,707		34,575		23.5	%
Total Mountain net revenue	1,084,635		829,912		30.7	%
Mountain operating expense:
Labor and labor-related benefits	209,729		162,141		29.3	%
Retail cost of sales	34,940		25,376		37.7	%
Resort related fees	49,426		38,168		29.5	%
General and administrative	77,000		61,916		24.4	%
Other	117,903		86,424		36.4	%
Total Mountain operating expense	488,998		374,025		30.7	%
Mountain equity investment income, net	363		1,011		(64.1)	%
Mountain Reported EBITDA	$	596,000	$	456,898	30.4	%

Total skier visits	8,702		7,188		21.1	%
ETP	$	82.13	$	80.37	2.2	%


	Three Months Ended April 30,						Increase (Decrease)		Nine Months Ended April 30,						Increase (Decrease)
	2022			2021					2022			2021


Change in estimated fair value of contingent consideration	$	(2,800)		$	(10,400)		(73.1)	%	$	(21,580)		$	(12,202)		76.9	%
Foreign currency (loss) gain on intercompany loans	$	(1,040)		$	4,157		(125.0)	%	$	(3,079)		$	9,832		(131.3)	%
(Loss) gain on disposal of fixed assets and other, net	$	(51)		$	1,999		(102.6)	%	$	16,163		$	(762)		2,221.1	%

Provision for income taxes	$	(118,211)		$	(76,897)		53.7	%	$	(110,407)		$	(66,640)		65.7	%
Effective tax rate	23.4		%	21.7		%	1.7 pts		18.8		%	19.8		%	(1.0) pts


	April 30,
	2022		2021
Long-term debt, net	$	2,687,488	$	2,739,981
Long-term debt due within one year	63,736		113,454
Total debt	2,751,224		2,853,435
Less: cash and cash equivalents	1,401,168		1,344,702
Net Debt	$	1,350,056	$	1,508,733


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total 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)
February 1, 2022 - February 28, 2022	—	$	—	—	1,338,859
March 1, 2022 - March 31, 2022	—	$	—	—	1,338,859
April 1, 2022 - April 30, 2022	144,875	$	258.86	144,875	1,193,984
Total	144,875	$	258.86	144,875	1,193,984


(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) and 1,500,000 Vail Shares (December 4, 2015), for a total authorization to repurchase up to 7,500,000 Vail Shares. As of April 30, 2022, 1,193,984 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, and subject to market conditions and other factors. These authorizations have no expiration date.


Exhibit Number			Description



31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32			Certifications 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.INS			XBRL 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.SCH			XBRL Schema Document.

101.CAL			XBRL Calculation Linkbase Document.

101.DEF			XBRL Definition Linkbase Document.

101.LAB			XBRL Label Linkbase Document.

101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document.

104			The cover page from this Quarterly Report on Form 10-Q, formatted in inline XBRL.


		Vail Resorts, Inc.

Date: June 9, 2022	By:	/s/ Michael Z. Barkin
		Michael Z. Barkin
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

Date: June 9, 2022	By:	/s/ Nathan Gronberg
		Nathan Gronberg
		Vice President, Controller and Chief Accounting Officer
		(Principal Accounting Officer)


1.	I have reviewed this quarterly report on Form 10-Q of Vail Resorts, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: June 9, 2022
			/s/ KIRSTEN A. LYNCH
			Kirsten A. Lynch
			Chief Executive Officer