Vail Resorts (MTN) Q2 FY2024 earnings: revenue $1.1 billion, down 2.2% on the year

Vail Resorts Inc. (MTN) reported revenue of $1.1 billion for Q2 FY2024, the quarter ended 31 January 2024, down 2.2% on the same quarter a year earlier. Net income was $219 million, up 5.1% on the year, and diluted earnings per share $5.76. The figures are the company's own, from the 10-Q it filed with the SEC on 11 March 2024.

Revenue$1.1 billiondown 2.2%

Net income$219 millionup 5.1%

Diluted EPS$5.76

QuarterQ2 FY2024ended 31 January 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,078	259	n/a	n/a
Operating income	351	-207	n/a	n/a
Operating margin	32.5%	-80.1%	n/a
Interest expense	40.6	40.7	n/a	n/a
Pre-tax income	317	-248	n/a	n/a
Income tax	87.5	-65.2	n/a	n/a
Effective tax rate	27.6%	n/a	n/a
Net income	219	-176	n/a	n/a
Net margin	20.3%	-67.9%	n/a
Diluted EPS	$5.76	-$4.60	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	243	328	n/a	n/a
Capital expenditure	76.9	53.4	n/a	n/a
Free cash flow	166	275	n/a	n/a
Free cash flow margin	15.4%	106.4%	n/a
Cash from investing	-71.6	5.6	n/a	n/a
Cash from financing	-97.6	-154	n/a	n/a
Depreciation and amortisation	69.4	66.7	n/a	n/a
Share-based compensation	7.3	6.8	n/a	n/a
Buybacks	0.0	50.0	n/a	n/a
Dividends paid	78.2	78.5	n/a	n/a
Dividend per share	$2.06	$2.06	n/a	n/a
Diluted shares, weighted	38m	38m	n/a	n/a
Shares outstanding at period end	38m	38m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	830	633	n/a	n/a
Non-controlling interest	321	295	n/a	n/a
Deposits	66.1	33.7	n/a	n/a
Debt	2,794	2,806	n/a	n/a
Operating lease liabilities	169	165	n/a	n/a
Other liabilities	1,668	1,827	n/a	n/a
Total liabilities and equity	5,848	5,760	n/a	n/a
Fixed assets	2,349	2,345	n/a	n/a
Goodwill	1,700	1,668	n/a	n/a
Intangible assets	304	300	n/a	n/a
Cash and equivalents	812	729	n/a	n/a
Receivables	138	106	n/a	n/a
Inventory	135	158	n/a	n/a
Other assets	409	455	n/a	n/a
Total assets	5,848	5,760	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 January 2024, filed 11 March 2024, accession 0000812011-24-000019: the filing on EDGAR. All of Vail Resorts Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install