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Vail Resorts (MTN)

Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts' subsidiaries operate 37 world-class destination mountain resorts and regional ski areas, including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher, Falls Creek and Hotham in Australia; Stowe, Mount Snow, Okemo in Vermont; Hunter Mountain in New York; Mount Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts.

Company profile

Ticker
MTN
Exchange
CEO
Robert Katz
Employees
Incorporated
Location
Fiscal year end
Former names
GILLETT HOLDINGS INC
SEC CIK
Subsidiaries
1016563 B.C. Ltd. • 1089881 B.C. Ltd. • 17402 HIDDEN VALLEY, LLC • 2006 CIMARRON, LLC • AFFINITY SNOWSPORTS INC. • ALL MEDIA • ALL MEDIA HOLDINGS, INC. • AQUIA PTY LTD • ARRABELLE AT VAIL SQUARE, LLC • AUSTRALIAN ALPINE ENTERPRISES PTY LTD ...
IRS number
510291762

MTN stock data

Calendar

9 Jun 22
18 Aug 22
31 Jul 23
Quarter (USD) Apr 22 Jan 22 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jul 21 Jul 20 Jul 19 Jul 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.42B 1.42B 1.42B 1.42B 1.42B 1.42B
Cash burn (monthly) 233K (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 850.27K n/a n/a n/a n/a n/a
Cash remaining 1.42B n/a n/a n/a n/a n/a
Runway (months of cash) 6099.2 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 May 22 Ryan Bennett Common Stock Payment of exercise Dispose F No No 254.16 79 20.08K 844
1 May 22 Ryan Bennett Common Stock Option exercise Acquire M No No 0 262 0 923
1 May 22 Ryan Bennett Restricted Share Unit Common Stock Option exercise Dispose M No No 0 262 0 0
1 Feb 22 Nathan Mark Gronberg Common Stock Payment of exercise Dispose F No No 278.37 24 6.68K 165
1 Feb 22 Nathan Mark Gronberg Common Stock Option exercise Acquire M No No 0 68 0 189
1 Feb 22 Nathan Mark Gronberg Restricted Share Unit Common Stock Option exercise Dispose M No No 0 68 0 0
16 Dec 21 Hilary Schneider Common Stock Sell Dispose S No No 318.22 4,000 1.27M 16,694
13 Dec 21 John F Sorte Common Stock Sell Dispose S No No 337.68 503 169.85K 44,080
13 Dec 21 John F Sorte Common Stock Sell Dispose S No No 339.03 1,329 450.57K 44,583
13 Dec 21 Michael Z Barkin Common Stock Sell Dispose S No No 336.09 100 33.61K 18,324
92.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 447 469 -4.7%
Opened positions 52 73 -28.8%
Closed positions 74 82 -9.8%
Increased positions 181 185 -2.2%
Reduced positions 138 137 +0.7%
13F shares Current Prev Q Change
Total value 8.07B 9.79B -17.6%
Total shares 37.09M 37.82M -1.9%
Total puts 167.6K 267.9K -37.4%
Total calls 104K 145.25K -28.4%
Total put/call ratio 1.6 1.8 -12.6%
Largest owners Shares Value Change
Bamco 4.63M $1.01B +0.0%
Vanguard 3.65M $795.11M +1.3%
BLK Blackrock 3.48M $759.65M +1.7%
TROW T. Rowe Price 2.41M $525.62M -15.0%
APG Asset Management 2.09M $436.95M 0.0%
PFG Principal Financial Group Inc - Registered Shares 1.74M $380.04M -2.1%
STT State Street 1.01M $223.13M +0.0%
Capital International Investors 880.82K $192.06M +0.0%
Select Equity 813.15K $177.31M +79.8%
Lazard Asset Management 750.71K $163.69M +15.5%
Largest transactions Shares Bought/sold Change
TROW T. Rowe Price 2.41M -426.72K -15.0%
Select Equity 813.15K +360.77K +79.8%
Millennium Management 532.82K +325.5K +157.0%
Durable Capital Partners 369.68K -268.02K -42.0%
LGEN Legal & General 0 -253.19K EXIT
Putnam Investments 15.46K -223.44K -93.5%
Fred Alger Management 402K -197.39K -32.9%
FMR 266.13K -195.76K -42.4%
MCQEF Macquarie 656.21K +181.2K +38.1%
Renaissance Technologies 137.4K +137.4K NEW

Financial report summary

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Competition
Doubletree
Risks
  • Leisure travel is particularly susceptible to various factors outside of our control, including terrorism, the uncertainty of military conflicts, the cost and availability of travel options and changing consumer preferences or willingness to travel.
  • We are subject to the risk of prolonged weakness in general economic conditions including adverse effects on the overall travel and leisure related industries.
  • We are vulnerable to unfavorable weather conditions and the impact of natural disasters.
  • Cyberattacks or other interruptions to or disruption of our information technology systems and services could disrupt our business.
  • Failure to maintain the integrity and security of our internal, employee or guest data could result in damages to our reputation and subject us to costs, fines or lawsuits.
  • Our business is highly seasonal.
  • We face significant competition.
  • The high fixed cost structure of mountain resort operations can result in significantly lower margins if revenues decline.
  • We may not be able to fund resort capital expenditures.
  • A disruption in our water supply would impact our snowmaking capabilities and operations.
  • We rely on various government permits and landlord approvals at our U.S. resorts.
  • We rely on foreign government leases and landlord approvals, and are subject to certain related laws and regulations, at our international resorts.
  • We are subject to extensive environmental and health and safety laws and regulations in the ordinary course of business.
  • Changes in security and privacy laws and regulations could increase our operating costs, increase our exposure to fines and litigation, and adversely affect our ability to market our products, properties and services effectively.
  • We rely on information technology to operate our businesses and maintain our competitiveness, and any failure to adapt to technological developments or industry trends could harm our business or competitive position.
  • We may not be able to hire, train, reward and retain adequate team members and determine and maintain adequate staffing, including our seasonal workforce, which may impact our ability to achieve our operating, growth and financial objectives.
  • We are subject to risks associated with our workforce, including increased labor costs.
  • If we do not retain our key personnel, our business may suffer.
  • Our business depends on the quality and reputation of our brands, and any deterioration in the quality or reputation of these brands, including as a result of misappropriation of our intellectual property or the risk of accidents occurring at our mountain resorts or competing mountain resorts, may reduce visitation and negatively impact our operations.
  • Our acquisitions might not be successful.
  • Our international operations subject us to additional risks.
  • Exchange rate fluctuations could result in significant foreign currency gains and losses and affect our business results.
  • We are subject to tax laws and regulations in multiple jurisdictions, and changes to those laws and regulations or interpretations thereof or adverse determinations by tax authorities may adversely affect us.
  • Our stock price is highly volatile.
  • We cannot provide assurance that we will pay dividends, or if paid, that dividend payments will be consistent with historical levels.
  • Our indebtedness could adversely affect our financial condition and our ability to operate our business, to react to changes in the economy or our industry, to fulfill our obligations under our various notes, to pay our other debts, and could divert our cash flow from operations for debt payments.
  • Restrictions imposed by the terms of our indebtedness may prevent us from capitalizing on business opportunities.
  • We may not continue to repurchase our common stock pursuant to our share repurchase program, and any such repurchases may not enhance long-term stockholder value. Share repurchases could also increase the volatility of the price of our common stock and could diminish our cash reserves.
  • We are subject to litigation in the ordinary course of business.
  • We are subject to complex and evolving accounting regulations and use certain estimates and judgments that may differ significantly from actual results.
  • Anti-takeover provisions affecting us could prevent or delay a change of control that is beneficial to our stockholders.
Management Discussion
  • (1) Segment results for the three and nine months ended April 30, 2021 have been retrospectively adjusted to reflect current period presentation. See Notes to the Consolidated Condensed Financial Statements for additional information.
  • The consolidated condensed results of operations, including any consolidated financial metrics pertaining thereto, include the operations of the Seven Springs Resorts (acquired December 31, 2021) prospectively from the date of acquisition.
  • COVID-19 in general had an adverse impact on our results of operations for both the three and nine months ended April 30, 2022 and 2021, as further described below in our segment results of operations.

Content analysis

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Positive
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Readability
H.S. senior Avg
New words: Andermatt, ASA, CHF, easing, eastern, enhance, February, hourly, incentive, reinvested, Sport, stake, Verbier
Removed: advertising, closed, closure, comparative, earlier, event, guided, internet, introduced, Jackson, Jenny, job, Lake, lost, Perisher, personal, replace