Vail Resorts Inc 10-Q for FY2024 Q3

Vail Resorts Inc (MTN)

10-Q 2024-06-06 For: 2024-04-30

Added on April 09, 2026

About this 10-Q

Vail Resorts Inc filed this 10-Q on June 6, 2024, covering the quarter ended April 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended April 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.28B; up 3.6% from $1.24B a year earlier
Net income: $362M; up 11.4% from net income of $325.01M a year earlier
Diluted EPS: $9.54; up 16.6% from $8.18 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


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, 2024, July 31, 2023 and April 30, 2023	2
	Consolidated Condensed Statements of Operations for the Three and Nine Months Ended April 30, 2024 and 2023	3
	Consolidated Condensed Statements of Comprehensive Income for the Three and Nine Months Ended April 30, 2024 and 2023	4
	Consolidated Condensed Statements of Stockholders’ Equity for the Three and Nine Months Ended April 30, 2024 and 2023	5
	Consolidated Condensed Statements of Cash Flows for the Nine Months Ended April 30, 2024 and 2023	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	40
Item 4.	Controls and Procedures	40

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults Upon Senior Securities	41
Item 4.	Mine Safety Disclosures	41
Item 5.	Other Information	42
Item 6.	Exhibits	42


	April 30, 2024		July 31, 2023		April 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	705,429	$	562,975	$	896,089
Restricted cash	11,458		10,118		22,544
Trade receivables, net	342,920		381,067		351,597
Inventories, net	107,815		132,548		103,606
Other current assets	63,578		121,403		108,592
Total current assets	1,231,200		1,208,111		1,482,428
Property, plant and equipment, net (Note 7)	2,288,755		2,371,557		2,370,273
Real estate held for sale or investment	86,568		90,207		90,078
Goodwill, net (Note 7)	1,676,610		1,720,344		1,694,033
Intangible assets, net	299,347		309,345		306,519
Operating right-of-use assets	186,924		192,289		199,990
Other assets	39,332		55,901		56,130
Total assets	$	5,808,736	$	5,947,754	$	6,199,451
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities (Note 7)	$	851,503	$	978,021	$	868,369
Income taxes payable	120,706		83,514		49,022
Long-term debt due within one year (Note 5)	68,470		69,160		68,970
Total current liabilities	1,040,679		1,130,695		986,361
Long-term debt, net (Note 5)	2,700,257		2,750,675		2,773,747
Operating lease liabilities	154,880		168,326		174,363
Other long-term liabilities	306,223		286,261		264,243
Deferred income taxes, net	284,665		276,137		401,240
Total liabilities	4,486,704		4,612,094		4,599,954
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, 46,855, 46,798 and 46,797 shares issued, respectively	469		468		468
Additional paid-in capital	1,139,089		1,124,433		1,118,221
Accumulated other comprehensive loss	(64,640)		(10,358)		(42,434)
Retained earnings	1,039,023		873,710		1,080,972
Treasury stock, at cost, 9,231, 8,648 and 8,243 shares, respectively (Note 11)	(1,110,433)		(984,306)		(883,309)
Total Vail Resorts, Inc. stockholders’ equity	1,003,508		1,003,947		1,273,918
Noncontrolling interests	318,524		331,713		325,579
Total stockholders’ equity	1,322,032		1,335,660		1,599,497
Total liabilities and stockholders’ equity	$	5,808,736	$	5,947,754	$	6,199,451


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Net revenue:
Mountain and Lodging services and other	$	1,098,619	$	1,054,134	$	2,186,506	$	2,166,357
Mountain and Lodging retail and dining	184,494		184,142		428,681		445,272
Resort net revenue	1,283,113		1,238,276		2,615,187		2,611,629
Real Estate	169		155		4,618		7,967
Total net revenue	1,283,282		1,238,431		2,619,805		2,619,596
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	471,182		462,613		1,200,928		1,212,115
Mountain and Lodging retail and dining cost of products sold	64,439		63,575		161,023		174,091
General and administrative	94,214		88,860		314,953		304,275
Resort operating expense	629,835		615,048		1,676,904		1,690,481
Real Estate operating expense	1,258		1,679		8,115		9,371
Total segment operating expense	631,093		616,727		1,685,019		1,699,852
Other operating (expense) income:
Depreciation and amortization	(68,486)		(69,097)		(204,613)		(199,700)
Gain on sale of real property	—		88		6,285		845
Change in estimated fair value of contingent consideration (Note 8)	(36,500)		(45,900)		(42,957)		(47,636)
Loss on disposal of fixed assets and other, net	(571)		(6,269)		(3,372)		(8,055)
Income from operations	546,632		500,526		690,129		665,198
Mountain equity investment income, net	1,093		94		1,373		482
Investment income and other, net	5,096		7,740		13,643		17,734
Foreign currency loss on intercompany loans (Note 5)	(2,305)		(1,766)		(4,230)		(5,563)
Interest expense, net	(39,853)		(39,139)		(121,168)		(112,811)
Income before provision for income taxes	510,663		467,455		579,747		565,040
Provision for income taxes	(129,280)		(124,289)		(151,606)		(145,315)
Net income	381,383		343,166		428,141		419,725
Net income attributable to noncontrolling interests	(19,388)		(18,160)		(22,359)		(23,011)
Net income attributable to Vail Resorts, Inc.	$	361,995	$	325,006	$	405,782	$	396,714
Per share amounts (Note 4):
Basic net income per share attributable to Vail Resorts, Inc.	$	9.57	$	8.20	$	10.69	$	9.90
Diluted net income per share attributable to Vail Resorts, Inc.	$	9.54	$	8.18	$	10.66	$	9.87
Cash dividends declared per share	$	2.22	$	2.06	$	6.34	$	5.88


☒			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, 2023	$	468		$	1,112,519	$	(8,565)	$	837,573	$	(479,417)	$	1,462,578	$	314,773	$	1,777,351
Comprehensive income:
Net income	—			—		—		325,006		—		325,006		18,160		343,166
Foreign currency translation adjustments, net of tax	—			—		(31,949)		—		—		(31,949)		(4,684)		(36,633)
Change in estimated fair value of hedging instruments, net of tax	—			—		(1,920)		—		—		(1,920)		—		(1,920)
Total comprehensive income												291,137		13,476		304,613

Stock-based compensation expense	—			5,873		—		—		—		5,873		—		5,873
Issuance of shares under share award plans, net of shares withheld for employee taxes	—			(171)		—		—		—		(171)		—		(171)

Repurchases of common stock (Note 11)	—			—		—		—		(403,892)		(403,892)		—		(403,892)
Dividends (Note 4)	—			—		—		(81,607)		—		(81,607)		—		(81,607)
Distributions to noncontrolling interests, net	—			—		—		—		—		—		(2,670)		(2,670)
Balance, April 30, 2023	$	468		$	1,118,221	$	(42,434)	$	1,080,972	$	(883,309)	$	1,273,918	$	325,579	$	1,599,497

Balance, January 31, 2024	$	469		$	1,133,275	$	(29,838)	$	760,820	$	(1,034,822)	$	829,904	$	320,761	$	1,150,665
Comprehensive income:
Net income	—			—		—		361,995		—		361,995		19,388		381,383
Foreign currency translation adjustments, net of tax	—			—		(32,655)		—		—		(32,655)		(18,079)		(50,734)
Change in estimated fair value of hedging instruments, net of tax	—			—		(2,147)		—		—		(2,147)		—		(2,147)
Total comprehensive income												327,193		1,309		328,502
Stock-based compensation expense	—			6,119		—		—		—		6,119		—		6,119
Issuance of shares under share award plans, net of shares withheld for employee taxes	—			(305)		—		—		—		(305)		—		(305)
Repurchases of common stock (Note 11)	—			—		—		—		(75,611)		(75,611)		—		(75,611)
Dividends (Note 4)	—			—		—		(83,792)		—		(83,792)		—		(83,792)
Distributions to noncontrolling interests, net	—			—		—		—		—		—		(3,546)		(3,546)
Balance, April 30, 2024	$	469		$	1,139,089	$	(64,640)	$	1,039,023	$	(1,110,433)	$	1,003,508	$	318,524	$	1,322,032


	Common Stock		Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Vail Resorts, Inc. Stockholders’ Equity		Noncontrolling Interests		Total Stockholders’ Equity
	Vail Resorts
Balance, July 31, 2022	$	467		$	1,184,577	$	10,923	$	895,889	$	(479,417)	$	1,612,439	$	235,045	$	1,847,484
Comprehensive income:
Net income	—			—		—		396,714		—		396,714		23,011		419,725
Foreign currency translation adjustments, net of tax	—			—		(56,657)		—		—		(56,657)		(15,316)		(71,973)
Change in estimated fair value of hedging instruments, net of tax	—			—		3,300		—		—		3,300		—		3,300
Total comprehensive income												343,357		7,695		351,052

Stock-based compensation expense	—			19,062		—		—		—		19,062		—		19,062
Issuance of shares under share award plans, net of shares withheld for employee taxes	1			(5,352)		—		—		—		(5,351)		—		(5,351)
Repurchases of common stock (Note 11)	—			—		—		—		(403,892)		(403,892)		—		(403,892)
Dividends (Note 4)	—			—		—		(235,654)		—		(235,654)		—		(235,654)
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)	—			—		—		—		—		—		91,524		91,524
Distributions to noncontrolling interests, net	—			—		—		—		—		—		(8,685)		(8,685)
Balance, April 30, 2023	$	468		$	1,118,221	$	(42,434)	$	1,080,972	$	(883,309)	$	1,273,918	$	325,579	$	1,599,497

Balance, July 31, 2023	$	468		$	1,124,433	$	(10,358)	$	873,710	$	(984,306)	$	1,003,947	$	331,713	$	1,335,660
Comprehensive income (loss):
Net income	—			—		—		405,782		—		405,782		22,359		428,141
Foreign currency translation adjustments, net of tax	—			—		(46,073)		—		—		(46,073)		(25,873)		(71,946)
Change in estimated fair value of hedging instruments, net of tax	—			—		(8,209)		—		—		(8,209)		—		(8,209)
Total comprehensive income (loss)												351,500		(3,514)		347,986
Stock-based compensation expense	—			20,251		—		—		—		20,251		—		20,251
Issuance of shares under share award plans, net of shares withheld for employee taxes	1			(5,595)		—		—		—		(5,594)		—		(5,594)
Repurchases of common stock (Note 11)	—			—		—		—		(126,127)		(126,127)		—		(126,127)
Dividends (Note 4)	—			—		—		(240,469)		—		(240,469)		—		(240,469)

Distributions to noncontrolling interests, net	—			—		—		—		—		—		(9,675)		(9,675)
Balance, April 30, 2024	$	469		$	1,139,089	$	(64,640)	$	1,039,023	$	(1,110,433)	$	1,003,508	$	318,524	$	1,322,032


	April 30, 2024
	Carrying Value		Estimated Fair Value
6.25% Notes	$	600,000	$	600,678
0.0% Convertible Notes	$	575,000	$	522,600
EPR Secured Notes	$	131,300	$	173,636
NRP Loan	$	35,623	$	29,043


	Maturity	April 30, 2024		July 31, 2023		April 30, 2023
Vail Holdings Credit Agreement term loan (a)	2029	$	968,750	$	1,015,625	$	1,031,250
Vail Holdings Credit Agreement revolver (a)	2029	—		—		—
6.25% Notes (b)	2025	600,000		600,000		600,000
0.0% Convertible Notes (c)	2026	575,000		575,000		575,000
Whistler Credit Agreement revolver (d)	2028	—		—		11,075
EPR Secured Notes (e)	2034-2036	114,162		114,162		114,162
NRP Loan	2036	35,429		40,399		39,437
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	367,704		363,386		361,941
Whistler Blackcomb employee housing leases	2042	28,045		29,491		28,770
Other	2024-2036	30,970		35,011		35,371
Total debt		2,772,635		2,825,649		2,849,581
Less: Unamortized premiums, discounts and debt issuance costs		3,908		5,814		6,864
Less: Current maturities (f)		68,470		69,160		68,970
Long-term debt, net		$	2,700,257	$	2,750,675	$	2,773,747


	Total
2024 (May 2024 through July 2024)	$	16,622
2025 (1)	675,701
2026	643,492
2027	85,476
2028	67,110
Thereafter	1,284,234
Total debt	$	2,772,635


	Acquisition Date Estimated Fair Value
Total cash consideration paid by Vail Resorts, Inc.	$	155,365
Estimated fair value of noncontrolling interests	91,524
Total estimated purchase consideration	$	246,889

Allocation of total estimated purchase consideration:
Current assets	$	119,867
Property, plant and equipment	176,805
Goodwill	3,368
Identifiable intangible assets and other assets	7,476
Assumed long-term debt	(44,130)
Other liabilities	(16,497)
Net assets acquired	$	246,889


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2023	$	1,675,338	$	45,006	$	1,720,344


Effects of changes in foreign currency exchange rates	(43,734)		—		(43,734)
Balance at April 30, 2024	$	1,631,604	$	45,006	$	1,676,610


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Mountain net revenue:
Lift	$	745,677	$	710,052	$	1,394,526	$	1,362,195
Ski School	161,248		145,134		295,055		277,512
Dining	109,471		101,683		209,608		206,953
Retail/Rental	123,262		135,008		292,892		335,284
Other	56,400		52,853		176,413		177,945
Total Mountain net revenue	$	1,196,058	$	1,144,730	$	2,368,494	$	2,359,889
Lodging net revenue:
Owned hotel rooms	$	14,978	$	15,091	$	53,738	$	52,135
Managed condominium rooms	35,390		38,409		75,701		82,604
Dining	14,482		15,422		46,174		45,435
Transportation	7,150		6,924		15,060		14,272
Golf	—		—		6,541		6,072
Other	10,230		12,380		36,700		37,235
	82,230		88,226		233,914		237,753
Payroll cost reimbursements	4,825		5,320		12,779		13,987
Total Lodging net revenue	$	87,055	$	93,546	$	246,693	$	251,740
Total Resort net revenue	$	1,283,113	$	1,238,276	$	2,615,187	$	2,611,629
Total Real Estate net revenue	169		155		4,618		7,967
Total net revenue	$	1,283,282	$	1,238,431	$	2,619,805	$	2,619,596


	April 30, 2024		July 31, 2023		April 30, 2023
Land and land improvements	$	797,472	$	796,730	$	791,854
Buildings and building improvements	1,643,890		1,643,517		1,636,957
Machinery and equipment	1,907,830		1,792,378		1,784,197
Furniture and fixtures	319,342		298,725		334,173
Software	165,189		152,033		153,651
Vehicles	92,282		87,298		87,110
Construction in progress	78,509		134,113		105,729
Gross property, plant and equipment	5,004,514		4,904,794		4,893,671
Accumulated depreciation	(2,715,759)		(2,533,237)		(2,523,398)
Property, plant and equipment, net	$	2,288,755	$	2,371,557	$	2,370,273


	April 30, 2024		July 31, 2023		April 30, 2023
Trade payables	$	103,451	$	148,521	$	114,164
Deferred revenue	448,760		572,602		448,321
Accrued salaries, wages and deferred compensation	52,604		38,908		50,931
Accrued benefits	64,801		60,466		54,631
Deposits	44,973		37,798		40,326
Operating lease liabilities	39,207		36,904		37,046
Other liabilities	97,707		82,822		122,950
Total accounts payable and accrued liabilities	$	851,503	$	978,021	$	868,369


	Estimated Fair Value Measurement as of April 30, 2024
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	114,570	$	114,570	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	136,533	$	—	$	136,533	$	—
Interest Rate Swaps	$	6,268	$	—	$	6,268	$	—
Liabilities:
Contingent Consideration	$	99,200	$	—	$	—	$	99,200

	Estimated Fair Value Measurement as of July 31, 2023
Description	Total		Level 1		Level 2		Level 3
Assets:
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	$	—	$	—	$	73,300

	Estimated Fair Value Measurement as of April 30, 2023
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	519,010	$	519,010	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	107,590	$	—	$	107,590	$	—
Interest Rate Swaps	$	16,707	$	—	$	16,707	$	—
Liabilities:
Contingent Consideration	$	71,100	$	—	$	—	$	71,100


Balance as of July 31, 2023 and 2022, respectively	$	73,300	$	42,400
Payments	(17,057)		(18,936)
Change in estimated fair value	42,957		47,636
Balance as of April 30, 2024 and 2023, respectively	$	99,200	$	71,100


	Three Months Ended April 30,				Percentage Increase (Decrease)
	2024		2023
Mountain net revenue:
Lift	$	745,677	$	710,052	5.0	%
Ski school	161,248		145,134		11.1	%
Dining	109,471		101,683		7.7	%
Retail/rental	123,262		135,008		(8.7)	%
Other	56,400		52,853		6.7	%
Total Mountain net revenue	1,196,058		1,144,730		4.5	%
Mountain operating expense:
Labor and labor-related benefits	246,563		242,275		1.8	%
Retail cost of sales	36,668		36,551		0.3	%
Resort related fees	55,945		53,454		4.7	%
General and administrative	79,969		73,791		8.4	%
Other	139,419		131,827		5.8	%
Total Mountain operating expense	558,564		537,898		3.8	%
Mountain equity investment income, net	1,093		94		1,062.8	%
Mountain Reported EBITDA	$	638,587	$	606,926	5.2	%

Total skier visits	8,943		9,242		(3.2)	%
ETP	$	83.38	$	76.83	8.5	%


	Three Months Ended April 30,						Increase (Decrease)		Nine Months Ended April 30,						Increase (Decrease)
	2024			2023					2024			2023


Change in estimated fair value of contingent consideration	$	(36,500)		$	(45,900)		(20.5)	%	$	(42,957)		$	(47,636)		(9.8)	%

Loss on disposal of fixed assets and other, net	$	(571)		$	(6,269)		(90.9)	%	$	(3,372)		$	(8,055)		(58.1)	%

Interest expense, net	$	(39,853)		$	(39,139)		1.8	%	$	(121,168)		$	(112,811)		7.4	%
Provision for income taxes	$	(129,280)		$	(124,289)		4.0	%	$	(151,606)		$	(145,315)		4.3	%
Effective tax rate	25.3		%	26.6		%	(1.3) pts		26.2		%	25.7		%	0.5 pts


	April 30,
	2024		2023
Long-term debt, net	$	2,700,257	$	2,773,747
Long-term debt due within one year	68,470		68,970
Total debt	2,768,727		2,842,717
Less: cash and cash equivalents	705,429		896,089
Net Debt	$	2,063,298	$	1,946,628


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, 2024 - February 29, 2024	—	$	—	—	1,114,642
March 1, 2024 - March 31, 2024	224,374	$	222.84	224,374	890,268
April 1, 2024 - April 30, 2024	121,358	$	206.00	121,358	768,910
Total	345,732	$	216.93	345,732	768,910


(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 April 30, 2024, 768,910 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.


Exhibit Number			Description

10.1			Ninth Amended and Restated Credit Agreement, dated April 24, 2024 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.

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 6, 2024	By:	/s/ Angela A. Korch
		Angela A. Korch
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

Date: June 6, 2024	By:	/s/ Nathan Gronberg
		Nathan Gronberg
		Vice President, Controller and Chief Accounting Officer
		(Principal Accounting Officer)


SECTION 1 DEFINITIONS AND TERMS.			1
1.1 Definitions.			1
1.2 Number and Gender of Words.			36
1.3 Accounting Principles.			36
1.4 Rounding.			37
1.5 References to Agreements and Laws.			37
1.6 Times of Day.			38
1.7 L/C Amounts.			38
1.8 Whistler Acquisition Subsidiaries and Peak Acquisition Subsidiaries.			38
1.9 Rates; Currency Equivalents.			38
1.10 Interest Rates.			38
SECTION 2 COMMITMENT.			39
2.1 Credit Facility.			39
2.2 Loan Procedure.			39
2.3 L/C Subfacility.			42
2.4 [Reserved].			53
2.5 Increase in Revolver Commitments; Incremental Term Loan Facility.			53
SECTION 3 TERMS OF PAYMENT.			55
3.1 Notes and Payments.			55
3.2 Interest and Principal Payments; Prepayments; Voluntary Commitment Reductions.			56
3.3 Interest Options.			58
3.4 Quotation of Rates.			58
3.5 Default Rate.			58
3.6 Interest Recapture.			58
3.7 Interest Calculations; Retroactive Adjustments of Applicable Margin.			58
3.8 Maximum Rate.			59
3.9 Interest Periods.			59
3.10 Order of Application.			59
3.11 Payments Generally.			60
3.12 Sharing of Payments, Etc.			60
3.13 Booking Loans.			61
3.14 Cash Collateral.			61
3.15 Defaulting Lenders.			62
SECTION 4 TAXES, YIELD PROTECTION, AND ILLEGALITY.			64
4.1 Taxes.			64
4.2 Illegality.			69
4.3 Inability to Determine Rates.			70
4.4 Increased Costs.			72
4.5 Compensation for Losses.			73
4.6 Mitigation Obligations; Replacement of Lenders.			74
4.7 Survival.			74


SECTION 5 FEES.			74
5.1 Treatment of Fees.			74
5.2 Fee Letter.			74
5.3 L/C Fees.			74
5.4 Revolver Commitment Fee.			75
SECTION 6 GUARANTY AND SECURITY.			76
6.1 Guaranty.			76
6.2 Collateral.			76
6.3 Additional Collateral and Guaranties.			76
6.4 Additional Documents or Information.			76
SECTION 7 CONDITIONS PRECEDENT.			76
7.1 Initial Advance.			76
7.2 Each Loan.			78
SECTION 8 REPRESENTATIONS AND WARRANTIES.			79
8.1 Regulation U.			79
8.2 Corporate Existence, Good Standing, Authority, and Compliance.			79
8.3 Subsidiaries.			79
8.4 Authorization and Contravention.			79
8.5 Binding Effect.			80
8.6 Financial Statements.			80
8.7 Litigation.			80
8.8 Taxes.			80
8.9 Environmental Matters.			81
8.10 Employee Plans.			81
8.11 Properties and Liens.			81
8.12 Government Regulations.			82
8.13 Transactions with Affiliates.			82
8.14 Debt.			82
8.15 Material Agreements.			82
8.16 Labor Matters.			82
8.17 Solvency.			83
8.18 Intellectual Property.			83
8.19 Full Disclosure.			83
8.20 Insurance.			83
8.21 Compliance with Laws.			83
8.22 OFAC.			83
8.23 Anti-Corruption Laws.			83
8.24 Taxpayer Identification Number.			84
8.25 Affected Financial Institution.			84
8.26 Beneficial Ownership.			84
SECTION 9 AFFIRMATIVE COVENANTS.			84
9.1 Items to be Furnished.			84
9.2 Use of Proceeds.			86
9.3 Books and Records.			86
9.4 Inspections.			86


9.5 Taxes.			87
9.6 Payment of Obligations.			87
9.7 Maintenance of Existence, Assets, and Business.			87
9.8 Insurance.			87
9.9 Environmental Laws.			88
9.10 Subsidiaries.			88
9.11 Designation and Re-designation of Subsidiaries.			88
9.12 Keepwell Requirements.			89
9.13 Anti-Corruption Laws; Sanctions.			89
SECTION 10 NEGATIVE COVENANTS.			89
10.1 Taxes.			89
10.2 Payment of Obligations.			90
10.3 Employee Plans.			90
10.4 Debt.			90
10.5 Liens.			90
10.6 Transactions with Affiliates.			90
10.7 Compliance with Laws and Documents.			91
10.8 Loans, Advances and Investments.			91
10.9 Distributions.			93
10.10 Sale of Assets.			95
10.11 Acquisitions, Mergers, and Dissolutions.			95
10.12 Assignment.			97
10.13 Fiscal Year and Accounting Methods.			97
10.14 New Businesses.			97
10.15 Government Regulations.			97
10.16 Burdensome Agreements.			97
10.17 Use of Proceeds.			97
10.18 Subsidiaries.			98
10.19 Sanctions; Anti-Corruption Laws.			98
SECTION 11 FINANCIAL COVENANTS.			98
11.1 Maximum Leverage Ratio.			98
11.2 Interest Coverage Ratio.			98
11.3 Senior Secured Leverage Ratio.			98
SECTION 12 DEFAULT.			98
12.1 Payment of Obligation.			98
12.2 Covenants.			99
12.3 Debtor Relief.			99
12.4 Judgments and Attachments.			99
12.5 Government Action.			99
12.6 Misrepresentation.			99
12.7 Ownership.			99
12.8 Default Under Other Agreements.			99
12.9 Subordinated Debt.			99
12.10 Validity and Enforceability of Loan Papers.			100
12.11 Employee Plans.			100


SECTION 13 RIGHTS AND REMEDIES.			100
13.1 Remedies Upon Default.			100
13.2 Company Waivers.			101
13.3 Performance by Administrative Agent.			101
13.4 Not in Control.			101
13.5 Course of Dealing.			101
13.6 Cumulative Rights.			101
13.7 Enforcement.			102
13.8 Application of Proceeds.			102
13.9 Diminution in Value of Collateral.			102
13.10 Certain Proceedings.			102
SECTION 14 ADMINISTRATIVE AGENT.			102
14.1 Appointment and Authority.			102
14.2 Delegation of Duties.			103
14.3 Rights as a Lender.			103
14.4 Reliance by Administrative Agent.			103
14.5 Exculpatory Provisions.			104
14.6 Resignation or Removal as Administrative Agent.			104
14.7 Non-Reliance on Administrative Agent and Other Lenders.			106
14.8 Administrative Agent May File Proofs of Claim.			106
14.9 Collateral and Guaranty Matters.			106
14.10 Financial Hedges			108
14.11 Bond L/Cs and Bond Documents.			109
14.12 No Other Duties, Etc.			109
14.13 Recovery of Erroneous Payments.			109
SECTION 15 MISCELLANEOUS.			109
15.1 Headings.			109
15.2 Nonbusiness Days; Time.			109
15.3 Notices and Other Communications.			110
15.4 Expenses; Indemnity; Damage Waiver.			111
15.5 Exceptions to Covenants; Conflict with Agreement.			113
15.6 Governing Law.			113
15.7 Severability.			114
15.8 Waiver of Jury Trial.			114
15.9 Amendments, Etc.			115
15.10 Counterparts; Integration; Effectiveness.			116
15.11 Successors and Assigns; Participation.			117
15.12 Payments Set Aside.			120
15.13 Right of Setoff.			121
15.14 Replacement of Lenders.			121
15.15 Confidentiality.			122
15.16 No Advisory or Fiduciary Responsibility			123
15.17 USA PATRIOT Act Notice.			123
15.18 Survival of Representations and Warranties.			123
15.19 Execution of Assignments and Certain Other Documents.			124


15.20 ENTIRE AGREEMENT.			124
15.21 Restatement of Existing Agreement.			124
15.22 Judgment Currency.			125
15.23 ERISA.			125
15.24 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.			126
15.25 Acknowledgement Regarding Any Supported QFCs.			126


	Ratio of Net Funded Debt to Adjusted EBITDA	Applicable Margin for Term Reference Rate Loans and Daily SOFR Rate Loans	Applicable Margin Base Rate Loans
I	Less than 1.50 to 1.00	1.125%	0.125%
II	Greater than or equal to 1.50 to 1.00, but less than 2.00 to 1.00	1.250%	0.250%
III	Greater than or equal to 2.00 to 1.00, but less than 3.00 to 1.00	1.500%	0.500%
IV	Greater than or equal to 3.00 to 1.00, but less than 4.00 to 1.00	2.000%	1.000%
V	Greater than or equal to 4.00 to 1.00	2.500%	1.500%


	Ratio of Net Funded Debt to Adjusted EBITDA	Applicable Percentage
I	Less than 1.50 to 1.00	0.200%
II	Greater than or equal to 1.50 to 1.00, but less than 2.00 to 1.00	0.250%
III	Greater than or equal to 2.00 to 1.00, but less than 3.00 to 1.00	0.300%
IV	Greater than or equal to 3.00 to 1.00, but less than 4.00 to 1.00	0.350%
V	Greater than or equal to 4.00 to 1.00	0.400%


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 6, 2024
			/s/ KIRSTEN A. LYNCH
			Kirsten A. Lynch
			Chief Executive Officer