Vail Resorts Inc 10-Q for FY2026 Q3

Vail Resorts Inc (MTN)

10-Q 2026-06-08 For: 2026-04-30

Added on June 08, 2026

About this 10-Q

Vail Resorts Inc filed this 10-Q on June 8, 2026, covering the quarter ended April 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended April 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.21B; down 7.0% from $1.3B a year earlier
Net income: $314.44M; down 19.3% from net income of $389.74M a year earlier
Diluted EPS: $8.81; down 15.8% from $10.46 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 3 0 , 2026, July 31, 2025 and April 30 , 2025	2
	Consolidated Condensed Statements of Operations for the Three and Nine Months Ended Ap ril 30 , 2026 and 2025	3
	Consolidated Condensed Statements of Comprehensive Income for the Three and Nine Months Ended April 30 , 2026 and 2025	4
	Consolidated Condensed Statements of Stockholders’ Equity for the Three and Nin e Months Ended April 3 0 , 2026 and 2025	5
	Consolidated Condensed Statements of Cash Flows for the Nine Months Ended April 30 , 2026 and 2025	7
	Notes to Consolidated Condensed Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43


	April 30, 2026		July 31, 2025		April 30, 2025
Assets
Current assets:
Cash and cash equivalents	$	371,374	$	440,290	$	467,034
Restricted cash	15,946		16,129		13,778
Accounts receivables, net (Note 6)	356,917		382,370		335,900
Inventories, net	129,069		117,178		114,573
Other current assets	78,916		93,823		68,129
Total current assets	952,222		1,049,790		999,414
Property, plant and equipment, net (Note 6)	2,371,161		2,374,654		2,382,700
Real estate held for sale or investment	76,439		87,853		87,895
Goodwill, net	1,703,085		1,675,215		1,678,918
Intangible assets, net	299,505		298,497		300,034
Operating right-of-use assets	231,501		242,485		249,196
Other assets	52,037		49,391		51,788
Total assets	$	5,685,950	$	5,777,885	$	5,749,945
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities (Note 6)	$	894,951	$	1,056,665	$	940,874
Income taxes payable	76,241		11,452		95,919
Long-term debt due within one year (Note 5)	73,512		599,509		591,474
Total current liabilities	1,044,704		1,667,626		1,628,267
Long-term debt, net (Note 5)	2,949,629		2,594,765		2,118,911
Operating lease liabilities	198,406		215,085		220,302
Other long-term liabilities	312,469		294,464		288,506
Deferred income taxes, net	264,648		252,041		276,232
Total liabilities	4,769,856		5,023,981		4,532,218
Commitments and contingencies (Note 8)
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, 47,016, 46,945 and 46,925 shares issued, respectively	470		469		469
Additional paid-in capital	1,188,112		1,171,536		1,160,833
Accumulated other comprehensive loss	(1,317)		(57,889)		(57,074)
Retained earnings	818,331		718,662		979,232
Treasury stock, at cost, 11,383, 11,060 and 9,774 shares, respectively (Note 10)	(1,453,869)		(1,408,279)		(1,206,293)
Total Vail Resorts, Inc. stockholders’ equity	551,727		424,499		877,167
Noncontrolling interests	364,367		329,405		340,560
Total stockholders’ equity	916,094		753,904		1,217,727
Total liabilities and stockholders’ equity	$	5,685,950	$	5,777,885	$	5,749,945


	Three Months Ended April 30,			Nine Months Ended April 30,
		2026		2025		2026		2025
Net revenue:
Mountain and Lodging services and other		$	1,043,884	$	1,115,031	$	2,160,491	$	2,259,172
Mountain and Lodging retail and dining		161,209		180,412		399,441		433,537
Resort net revenue		1,205,093		1,295,443		2,559,932		2,692,709
Real Estate		82		115		204		349
Total net revenue		1,205,175		1,295,558		2,560,136		2,693,058
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense		459,875		483,161		1,214,221		1,245,010
Mountain and Lodging retail and dining cost of products sold		56,701		59,206		143,471		156,164
General and administrative		102,559		106,011		334,601		327,408
Resort operating expense		619,135		648,378		1,692,293		1,728,582
Real Estate operating expense		1,475		1,662		4,768		4,911
Total segment operating expense		620,610		650,040		1,697,061		1,733,493
Other operating (expense) income:
Depreciation and amortization		(77,219)		(76,067)		(224,686)		(221,963)
Gain on sale of real property		400		7,898		11,458		24,404
Change in estimated fair value of contingent consideration (Note 7)		(13,500)		(1,900)		(14,439)		(4,079)
(Loss) gain on disposal of fixed assets and other, net		(118)		2,323		(6,053)		1,087
Income from operations		494,128		577,772		629,355		759,014
Mountain equity investment income, net		458		666		389		3,562
Investment income and other, net		2,620		3,154		9,168		8,668
Foreign currency (loss) gain on intercompany loans		(34)		1,702		84		53
Interest expense, net		(51,318)		(41,905)		(152,081)		(127,372)
Income before provision for income taxes		445,854		541,389		486,915		643,925
Provision for income taxes		(105,631)		(130,073)		(117,303)		(157,645)
Net income		340,223		411,316		369,612		486,280
Net income attributable to noncontrolling interests		(25,788)		(21,576)		(31,922)		(25,419)
Net income attributable to Vail Resorts, Inc.		$	314,435	$	389,740	$	337,690	$	460,861
Per share amounts (Note 4):
Basic net income per share attributable to Vail Resorts, Inc.		$	8.82	$	10.47	$	9.44	$	12.33
Diluted net income per share attributable to Vail Resorts, Inc.		$	8.81	$	10.46	$	9.43	$	12.32
Cash dividends declared per share		$	2.22	$	2.22	$	6.66	$	6.66


☒			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 Loss		Retained Earnings		Treasury Stock		Total Vail Resorts, Inc. Stockholders’ Equity		Noncontrolling Interests		Total Stockholders’ Equity
	Vail Resorts
Balance, January 31, 2025	$	469		$	1,153,868	$	(134,699)	$	671,973	$	(1,176,104)	$	515,507	$	285,359	$	800,866
Comprehensive income:
Net income	—			—		—		389,740		—		389,740		21,576		411,316
Foreign currency translation adjustments	—			—		77,625		—		—		77,625		37,098		114,723

Total comprehensive income												467,365		58,674		526,039

Stock-based compensation expense	—			6,967		—		—		—		6,967		—		6,967
Issuance of shares under share award plans, net of shares withheld for employee taxes	—			(2)		—		—		—		(2)		—		(2)

Repurchases of common stock (Note 10)	—			—		—		—		(30,189)		(30,189)		—		(30,189)
Dividends (Note 4)	—			—		—		(82,481)		—		(82,481)		—		(82,481)
Distributions to noncontrolling interests, net	—			—		—		—		—		—		(3,473)		(3,473)
Balance, April 30, 2025	$	469		$	1,160,833	$	(57,074)	$	979,232	$	(1,206,293)	$	877,167	$	340,560	$	1,217,727

Balance, January 31, 2026	$	470		$	1,180,671	$	(8,457)	$	583,001	$	(1,453,869)	$	301,816	$	342,970	$	644,786
Comprehensive income :
Net income	—			—		—		314,435		—		314,435		25,788		340,223
Foreign currency translation adjustments	—			—		7,140		—		—		7,140		(173)		6,967

Total comprehensive income												321,575		25,615		347,190
Stock-based compensation expense	—			7,443		—		—		—		7,443		—		7,443
Issuance of shares under share award plans, net of shares withheld for employee taxes	—			(2)		—		—		—		(2)		—		(2)
Repurchases of common stock (Note 10)	—			—		—		—		—		—		—		—
Dividends (Note 4)	—			—		—		(79,105)		—		(79,105)		—		(79,105)

Distributions to noncontrolling interests, net	—			—		—		—		—		—		(4,218)		(4,218)
Balance, April 30, 2026	$	470		$	1,188,112	$	(1,317)	$	818,331	$	(1,453,869)	$	551,727	$	364,367	$	916,094


	April 30, 2026
	Carrying Value		Fair Value
6.50% Notes	$	600,000	$	612,894
5.625% Notes	$	500,000	$	499,770
EPR Secured Notes	$	114,162	$	163,674
NRP Loan	$	35,181	$	28,204


	Maturity	April 30, 2026		July 31, 2025		April 30, 2025
Vail Holdings Credit Agreement term loan (a)	2030	$	1,259,063	$	910,547	$	922,852
Vail Holdings Credit Agreement revolver (a)	2030	—		—		—
6.50% Notes	2032	600,000		600,000		600,000
5.625% Notes	2030	500,000		500,000		—
0.0% Convertible Notes (b)	2026	—		525,000		525,000
Whistler Credit Agreement revolver (c)	2030	—		—		—
EPR Secured Notes (d)	2034-2036	114,162		114,162		114,162
NRP Loan	2036	35,181		37,109		36,525
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	379,116		374,864		373,433
Canyons Parking Garage (e)	2063	22,282		—		—
Whistler Blackcomb employee housing leases	2042	27,620		27,416		27,658
Other	2026-2037	32,353		52,332		52,838
Total debt		3,022,352		3,194,005		2,705,043
Less: Unamortized premiums, discounts and debt issuance costs		(789)		(269)		(5,342)
Less: Current maturities (f)		73,512		599,509		591,474
Long-term debt, net		$	2,949,629	$	2,594,765	$	2,118,911


	Total
2026 (May 2026 through July 2026)	$	16,997
2027	82,408
2028	71,787
2029	71,588
2030	1,559,388
Thereafter	1,220,184
Total debt	$	3,022,352


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2025	$	1,630,209	$	45,006	$	1,675,215


Effects of changes in foreign currency exchange rates	27,870		—		27,870
Balance at April 30, 2026	$	1,658,079	$	45,006	$	1,703,085


	Estimated Fair Value Measurement as of April 30, 2026
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	50,000	$	50,000	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	43,742	$	—	$	43,742	$	—

Liabilities:
Contingent Consideration	$	93,000	$	—	$	—	$	93,000

	Estimated Fair Value Measurement as of July 31, 2025
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	80,576	$	80,576	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	65,962	$	—	$	65,962	$	—

Liabilities:
Contingent Consideration	$	93,300	$	—	$	—	$	93,300

	Estimated Fair Value Measurement as of April 30, 2025
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	52,213	$	52,213	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	87,505	$	—	$	87,505	$	—

Liabilities:
Contingent Consideration	$	88,000	$	—	$	—	$	88,000


Balance as of July 31, 2025 and 2024, respectively	$	93,300	$	104,200
Payments	(14,739)		(20,279)
Change in estimated fair value	14,439		4,079
Balance as of April 30, 2026 and 2025, respectively	$	93,000	$	88,000


	Three Months Ended April 30,				Nine Months Ended April 30,
	2026		2025		2026		2025
Mountain net revenue:
Lift	$	729,378	$	770,259	$	1,404,948	$	1,455,600
Ski School	141,758		160,243		270,269		300,091
Dining	99,142		110,972		203,554		222,507
Retail/Rental	104,211		113,678		261,014		278,363
Other	55,289		57,397		187,536		192,378
Total Mountain net revenue	$	1,129,778	$	1,212,549	$	2,327,321	$	2,448,939
Lodging net revenue:
Owned hotel rooms	$	12,861	$	15,104	$	54,049	$	56,618
Managed condominium rooms	28,345		32,634		64,124		71,413
Dining	13,816		14,870		46,577		48,576
Transportation	5,200		6,743		11,413		13,784
Golf	—		—		8,468		8,131
Other	9,981		9,308		34,661		34,109
	70,203		78,659		219,292		232,631
Payroll cost reimbursements	5,112		4,235		13,319		11,139
Total Lodging net revenue	$	75,315	$	82,894	$	232,611	$	243,770
Total Resort net revenue	$	1,205,093	$	1,295,443	$	2,559,932	$	2,692,709
Total Real Estate net revenue	82		115		204		349
Total net revenue	$	1,205,175	$	1,295,558	$	2,560,136	$	2,693,058


	April 30, 2026		July 31, 2025		April 30, 2025
Trade receivables	$	363,361	$	381,187	$	333,872
Other receivables	3,529		7,690		9,016
Gross accounts receivables	366,890		388,877		342,888
Allowance for doubtful accounts	(9,973)		(6,507)		(6,988)
Accounts receivables, net	$	356,917	$	382,370	$	335,900


	April 30, 2026		July 31, 2025		April 30, 2025
Land and land improvements	$	809,548	$	804,667	$	802,652
Buildings and building improvements	1,776,639		1,712,138		1,709,201
Machinery and equipment	2,262,701		2,117,865		2,108,353
Furniture and fixtures	371,911		349,921		348,399
Software	220,444		189,982		189,120
Vehicles	101,199		96,504		96,580
Construction in progress	61,929		114,357		82,984
Gross property, plant and equipment	5,604,371		5,385,434		5,337,289
Accumulated depreciation	(3,233,210)		(3,010,780)		(2,954,589)
Property, plant and equipment, net	$	2,371,161	$	2,374,654	$	2,382,700


	April 30, 2026		July 31, 2025		April 30, 2025
Trade payables	$	105,165	$	139,976	$	128,613
Deferred revenue	467,041		602,117		468,606
Accrued salaries, wages and deferred compensation	44,650		59,779		67,875
Accrued benefits	72,909		64,869		68,560
Deposits	46,758		42,284		44,069
Operating lease liabilities	35,942		34,883		35,099
Fees and assessments	56,609		40,842		55,972
Other liabilities	65,877		71,915		72,080
Total accounts payable and accrued liabilities	$	894,951	$	1,056,665	$	940,874


	April 30, 2025
Consolidated Condensed Balance Sheet	As Reported		Adjustment		As Revised
Other current assets	$	72,579	$	(4,450)	$	68,129
Total current assets	1,003,864		(4,450)		999,414
Property, plant and equipment, net (Note 6)	2,391,354		(8,654)		2,382,700

Total assets	5,763,049		(13,104)		5,749,945
Income taxes payable	101,379		(5,460)		95,919
Long-term debt due within one year (Note 5)	590,382		1,092		591,474
Total current liabilities	1,632,635		(4,368)		1,628,267
Long-term debt, net (Note 5)	2,106,413		12,498		2,118,911

Deferred income taxes, net	279,258		(3,026)		276,232
Total liabilities	4,527,114		5,104		4,532,218
Retained earnings	997,440		(18,208)		979,232
Total Vail Resorts, Inc. stockholders’ equity	895,375		(18,208)		877,167
Total stockholders’ equity	1,235,935		(18,208)		1,217,727
Total liabilities and stockholders’ equity	$	5,763,049	$	(13,104)	$	5,749,945


	Three Months Ended April 30, 2025
Consolidated Condensed Statement of Operations	As Reported		Adjustment		As Revised
Depreciation and amortization	$	(74,618)	$	(1,449)	$	(76,067)
Gain (loss) on disposal of fixed assets and other, net	4,267		(1,944)		2,323
Income from operations	581,165		(3,393)		577,772
Interest expense, net	(41,317)		(588)		(41,905)
Income before provision for income taxes	545,370		(3,981)		541,389
Provision for income taxes	(131,042)		969		(130,073)
Net income	414,328		(3,012)		411,316
Net income attributable to Vail Resorts, Inc.	392,752		(3,012)		389,740
Basic net income per share attributable to Vail Resorts, Inc.	$	10.55	$	(0.08)	$	10.47
Diluted net income per share attributable to Vail Resorts, Inc.	$	10.54	$	(0.08)	$	10.46


	Nine months ended April 30, 2025
Consolidated Condensed Statement of Operations	As Reported		Adjustment		As Revised
Depreciation and amortization	$	(219,358)	$	(2,605)	$	(221,963)
Gain (loss) on disposal of fixed assets and other, net	3,031		(1,944)		1,087
Income from operations	763,563		(4,549)		759,014
Interest expense, net	(125,839)		(1,533)		(127,372)
Income before provision for income taxes	650,007		(6,082)		643,925
Provision for income taxes	(159,124)		1,479		(157,645)
Net income	490,883		(4,603)		486,280
Net income attributable to Vail Resorts, Inc.	465,464		(4,603)		460,861
Basic net income per share attributable to Vail Resorts, Inc.	$	12.46	$	(0.13)	$	12.33
Diluted net income per share attributable to Vail Resorts, Inc.	$	12.44	$	(0.12)	$	12.32


	Three Months Ended April 30, 2025
Consolidated Condensed Statement of Comprehensive Income	As Reported		Adjustment		As Revised
Net income	$	414,328	$	(3,012)	$	411,316
Comprehensive income	529,051		(3,012)		526,039
Comprehensive income attributable to Vail Resorts, Inc.	$	470,377	$	(3,012)	$	467,365


	Nine months ended April 30, 2025
Consolidated Condensed Statement of Cash Flows	As Reported		Adjustment		As Revised
Net income	$	490,883	$	(4,603)	$	486,280
Depreciation and amortization	219,358		2,605		221,963
Provision for income tax	159,124		(1,479)		157,645
Other non-cash income, net	(36,923)		1,645		(35,278)

Net cash provided by operating activities	726,430		(1,832)		724,598
Other financing activities, net	(28,218)		1,832		(26,386)
Net cash used in financing activities	$	(437,548)	$	1,832	$	(435,716)


	Three Months Ended April 30,				Percentage Increase (Decrease)
	2026		2025
Mountain net revenue:
Lift	$	729,378	$	770,259	(5.3)	%
Ski school	141,758		160,243		(11.5)	%
Dining	99,142		110,972		(10.7)	%
Retail/rental	104,211		113,678		(8.3)	%
Other	55,289		57,397		(3.7)	%
Total Mountain net revenue	1,129,778		1,212,549		(6.8)	%
Mountain operating expense:
Labor and labor-related benefits	238,346		256,343		(7.0)	%
Retail cost of sales	29,744		30,617		(2.9)	%
Resort related fees	55,604		55,727		(0.2)	%
General and administrative	89,335		90,678		(1.5)	%
Other	137,596		144,413		(4.7)	%
Total Mountain operating expense	550,625		577,778		(4.7)	%
Mountain equity investment income, net	458		666		(31.2)	%
Mountain Reported EBITDA	$	579,611	$	635,437	(8.8)	%

Total skier visits	7,276		8,609		(15.5)	%
ETP	$	100.24	$	89.47	12.0	%


	Three Months Ended April 30,						Increase (Decrease)		Nine Months Ended April 30,						Increase (Decrease)
	2026			2025					2026			2025



Change in estimated fair value of contingent consideration	$	(13,500)		$	(1,900)		610.5	%	$	(14,439)		$	(4,079)		254.0	%

(Loss) gain on disposal of fixed assets and other, net	$	(118)		$	2,323		(105.1)	%	$	(6,053)		$	1,087		(656.9)	%

Interest expense, net	$	(51,318)		$	(41,905)		22.5	%	$	(152,081)		$	(127,372)		19.4	%
Provision for income taxes	$	(105,631)		$	(130,073)		(18.8)	%	$	(117,303)		$	(157,645)		(25.6)	%
Effective tax rate	23.7		%	24.0		%	(0.3) pts		24.1		%	24.5		%	(0.4) pts


	April 30,
	2026		2025
Long-term debt, net	$	2,949,629	$	2,118,911
Long-term debt due within one year	73,512		591,474
Total debt	3,023,141		2,710,385
Less: cash and cash equivalents	371,374		467,034
Net Debt	$	2,651,767	$	2,243,351


Exhibit Number			Description







10.1			Tenth Amended and Restated Credit Agreement, dated February 9, 2026 among Vail Holdings, Inc., as borrower, Bank of America, N.A. as administrative agent, U.S. Bank National Association and Wells Fargo, National Association as co-syndication Agents, and the Lenders party thereto.

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.

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


		Vail Resorts, Inc.

Date: June 8, 2026	By:	/s/ Angela A. Korch
		Angela A. Korch
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

Date: June 8, 2026	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 8, 2026
			/s/ ROBERT A. KATZ
			Robert A. Katz
			Chief Executive Officer