Vail Resorts (MTN) Q1 FY2024 earnings: revenue $259 million, down 7.5% on the year

Vail Resorts Inc. (MTN) reported revenue of $259 million for Q1 FY2024, the quarter ended 31 October 2023, down 7.5% on the same quarter a year earlier. Net income was -$176 million, and diluted earnings per share $-4.60. The figures are the company's own, from the 10-Q it filed with the SEC on 7 December 2023.

Revenue$259 milliondown 7.5%

Net income-$176 million

Diluted EPS$-4.60

QuarterQ1 FY2024ended 31 October 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Revenue	259	n/a	n/a	n/a
Operating income	-207	n/a	n/a	n/a
Operating margin	-80.1%	n/a	n/a
Interest expense	40.7	n/a	n/a	n/a
Pre-tax income	-248	n/a	n/a	n/a
Income tax	-65.2	n/a	n/a	n/a
Net income	-176	n/a	n/a	n/a
Net margin	-67.9%	n/a	n/a
Diluted EPS	-$4.60	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	328	n/a	n/a	n/a
Capital expenditure	53.4	n/a	n/a	n/a
Free cash flow	275	n/a	n/a	n/a
Free cash flow margin	106.4%	n/a	n/a
Cash from investing	5.6	n/a	n/a	n/a
Cash from financing	-154	n/a	n/a	n/a
Depreciation and amortisation	66.7	n/a	n/a	n/a
Share-based compensation	6.8	n/a	n/a	n/a
Buybacks	50.0	n/a	n/a	n/a
Dividends paid	78.5	n/a	n/a	n/a
Dividend per share	$2.06	n/a	n/a	n/a
Diluted shares, weighted	38m	n/a	n/a	n/a
Shares outstanding at period end	38m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Shareholders' equity	633	n/a	n/a	n/a
Non-controlling interest	295	n/a	n/a	n/a
Deposits	33.7	n/a	n/a	n/a
Debt	2,806	n/a	n/a	n/a
Operating lease liabilities	165	n/a	n/a	n/a
Other liabilities	1,827	n/a	n/a	n/a
Total liabilities and equity	5,760	n/a	n/a	n/a
Fixed assets	2,345	n/a	n/a	n/a
Goodwill	1,668	n/a	n/a	n/a
Intangible assets	300	n/a	n/a	n/a
Cash and equivalents	729	n/a	n/a	n/a
Receivables	106	n/a	n/a	n/a
Inventory	158	n/a	n/a	n/a
Other assets	455	n/a	n/a	n/a
Total assets	5,760	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 * †	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	259	1,078	1,283	265	260	1,137	1,296	271	271	1,084	1,205	278
Operating income	-207	351	547	-199	-202	383	578	-199	-210	345	494	-209
Operating margin	-80%	33%	43%	-75%	-78%	34%	45%	-73%	-77%	32%	41%	-75%
Interest expense	40.7	40.6	39.9	40.7	42.8	42.7	41.9	44.3	51.3	49.5	51.3	53.5
Pre-tax income	-248	317	511	-235	-240	343	541	-242	-257	298	446	-260
Tax rate	n/a	28%	25%	n/a	n/a	25%	24%	n/a	n/a	24%	24%	n/a
Net income	-176	219	362	-175	-173	244	390	-181	-187	210	314	-190
Net margin	-68%	20%	28%	-66%	-67%	21%	30%	-67%	-69%	19%	26%	-68%
Diluted EPS	-$4.60	$5.76	$9.54	-$4.67	-$4.61	$6.56	$10.54	-$5.08	-$5.20	$5.87	$8.81	-$5.34
Operating cash flow	328	243	110	-94.2	282	326	118	-172	316	260	6.8	-103
Capital expenditure	53.4	76.9	24.8	56.1	71.0	75.0	33.2	55.9	71.7	74.9	35.1	50.0
Free cash flow	275	166	85.0	-150	211	251	84.5	-228	244	185	-28.2	-153
Buybacks	50.0	0.0	75.0	25.0	20.0	20.0	30.0	200	0.0	45.0	0.0	0.0
Dividends paid	78.5	78.2	83.8	83.2	83.1	82.8	82.5	79.7	79.8	79.1	79.1	79.1
Shares outstanding	38m	38m	38m	37m	37m	37m	37m	36m	36m	36m	36m	36m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 October 2023, filed 7 December 2023, accession 0000812011-23-000062: the filing on EDGAR. All of Vail Resorts Inc.'s filings: EDGAR company page.

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