Revenue: $1,283,282,000; YoY +3.62%, QoQ +19.05%; Gross Profit: $677,917,000; YoY -4.59%, QoQ +45.03%; Operating Income: $585,003,000; YoY +16.88%, QoQ +63.95%; Net Income: $361,995,000; YoY +11.38%, QoQ +65.07%; EPS (diluted): $9.54; YoY +16.71%, QoQ +65.57%; EBITDA: $652,189,000; EBITDA Margin: 50.8%; Operating Margin: 45.6%; Net Margin: 28.2%; Gross Margin: 52.8%.
Liquidity and cash flow:
- Net cash provided by operating activities: $109,853,000; free cash flow: $85,033,000; capital expenditures: $(24,820,000); working capital swing: primarily negative due to receivables and other working capital movements; cash at end of period: $716,887,000; cash on hand: $705,000,000; revolver availability: $625,000,000; net cash from/used in financing activities: $(182,258,000).
- Cash flow highlights: Operating cash flow ~ $110 million with a robust EBITDA base supporting capital returns and opportunistic balance-sheet actions.
Balance sheet and leverage:
- Total assets: $5.8087 billion; total liabilities: $4.4867 billion; total stockholders’ equity: $1.0035 billion.
- Total debt: $2.9628 billion; net debt: $2.2459 billion; net debt to EBITDA (TTM) around 2.4x as of 4/30/2024.
- Cash and cash equivalents: $716.9 million; long-term debt: $2.856 billion; net debt leverage remains within management targets given the Crans-Montana acquisition and capital-return plan.
Capital allocation and shareholder return:
- Quarterly dividend: $2.22 per share, payable 7/10/2024; repurchased approximately 0.3 million shares for about $75 million in the quarter; nine months ended 4/30/2024, 0.6 million shares repurchased for about $125 million; approx. 0.8 million shares remaining under authorization.
- Crans-Montana acquisition: completed May 2, 2024 for CHF 97.2 million (~$106.8 million); net of adjustments, project the resort to contribute negative EBITDA of ~$12 million in FY2024 (including closing/integration expenses and Q4 operating losses).
Industry context and comparables:
- Industry backdrop includes a weather-led slowdown in Western North America and soft lift-ticket visitation (Whistler Blackcomb) amid broader normalization post-COVID. Total skier visits for the 2023–2024 North American and European season declined 7.7% YoY; lift-ticket visits declined 17% YoY.
- Peer commentary indicates industry-wide pricing strategies and pass mix dynamics are central to stability, though Vail’s Epic Pass has shown notable unit growth (62% in units and 43% in sales dollars over the past three years), with the company aiming to keep >70% of visits committed in advance.
Source: MTN Q3 FY2024 results and earnings call transcripts.