2024 saw politics, culture, and the overlap between them grow ever stranger, and that’s reflected in our picks for the year’s top video essays. Videos about artificial intelligence, abuses of authority, mass hysteria, weird corporate trends (and weirder corporate collapses) fill out these ranks. Lest that make this year’s list sound like too much of a downer, know that most of these works are also supremely fun. It has now been six years since I first did a piece like this for Polygon . In that time, I’ve seen a lot of novice video makers become pros, the pros refine their craft to increasingly fascinating ends, and more and more promising new talent arise. I think this ranking reflects all those strands. On making this list: With this style of video continuing to grow in popularity, one way I’ve made keeping up with things manageable for the purposes of articles like this is abiding by stricter, more traditional parameters for what “counts” as a video essay. If there’s a notable video from 2024 that’s not present here, it may be because, as great as it was, it strayed too far from that definition. Additionally, each year, I’m conscious of trying to keep things fresh by not including too many essays from creators honored in earlier iterations. This time around, I decided to take it a step further by imposing a firm prohibition against including work by anyone who’s already appeared in these annual roundups more than once. Apologies, then, to consistently great essayists like Yhara Zayd and Jacob Geller . Finally, I will admit that I cheated last year by using double features and honorable mentions to include 15 videos in the “top 10”; I was more disciplined this time around. As always, these videos are presented in order of publishing date. ‘third places, stanley cup mania, and the epidemic of loneliness’ by Mina Le Mina Le has become one of my go-to resources for keeping up with and comprehending the vast ecosystem of online commerce, influencers, style, fads, and how these elements all feed into and off one another. The title of this video seemingly name-checks three distinct things. Le argues persuasively that viral shopping crazes like the one around Stanley bottles early this year are partly a way for people to feel a sense of belonging in an increasingly atomized and alienated society — even if they can only realize this feeling through consumption. ‘The Rhythms of Rage: from Solitude to Solidarity’ by Barbara Zecchi The shortest video on this year’s list is also its most formally inventive. Zecchi has constructed a collage of scenes from film and television that capture moments of female rage. But rather than a supercut, the shots are presented through a continually expanding (spiraling outward, in fact, which feels appropriate, given the subject matter) grid pattern. The essay ultimately transitions from these shots of isolated figures to ones of masses of women working together, illustrating the progression from individual grievance to collective action. ‘The Future Is Going To Be Weird AF (The Ultimate AI CoreCore Experience) - Part Two’ by Silvia Dal Dosso This is a sequel to an experiment Dal Dosso released last year. For the uninitiated, “corecore” is a nebulous emergent genre of social media videos that can perhaps most succinctly be summed up as assemblages of melancholy vibes — ambient music, dark footage, countless shots of Ryan Gosling in Blade Runner 2049 , etc. Dal Dosso strives for an especially pure corecore (corecore... core?) experience by juxtaposing unreal-seeming moments from the news and socials with actually unreal AI-generated images. It’s both a tribute to and a parody of the work of Adam Curtis, replete with an AI Curtis narrating. It’s one of the few genuinely artistic uses of the technology I’ve seen. ‘REFORM!’ by Secret Base Secret Base launched a Patreon this year with the most welcome news possible: the resurrection of Jon Bois’ long-dormant, deeply beloved series Pretty Good . (Catch up with this episode about Lawnchair Larry , this one about an epic bodybuilder forum argument , and this one about 24 .) Appropriately for an election year, Bois created a holistic three-part look at the brief life and embarrassing times of the Reform Party. In the backbiting and wheeling/dealing between the likes of Ross Perot, Jesse Ventura, and Pat Buchanan, the essay draws out the broader challenges of trying to disrupt the entrenched political system of the United States. Power by Yance Ford, et al . For a change of pace, here’s a film that appeared in festivals and theaters before becoming available via Netflix this year. Director Yance Ford is best known for his highly personal 2017 debut Strong Island , for which he became the first openly trans man to be nominated for an Oscar. He’s come back to feature filmmaking with this critical look at the evolution of policing as an institution in the United States. Wielding archival materials to devastating comparisons between past and present, Ford tracks an unmistakable surge of authoritarianism in America. ‘The History of Tetris World Records’ by Summoning Salt Tetris is one of the greatest works of art (video game or otherwise) made in the past 50 years because of how its initial simplicity opens up to infinite possible variations. A similarly expansive competitive community has built up around the game. It’s Tetris ; how much could there possibly be to getting good at it? There’s no better YouTuber to answer this question than Summoning Salt, the Ken Burns of speedrunning. This video gets you fully invested in these escalating struggles of one-upmanship, making people looking at screens and their investment in falling blocks and numbers going up extraordinarily compelling. The result is that one of the most exciting things I’ve seen in any film this year is a simple left-to-right tracking shot of a chart. ‘The Spectacular Failure of the Star Wars Hotel’ by Jenny Nicholson Jenny Nicholson’s work might seem more vloggy than essayistic, but that’s only if you aren’t paying attention. There are plenty of YouTubers who do nothing but talk to a camera at length, but people aren’t watching the entirety of this four-hour video just to get the nitty-gritty on Disney World’s short-lived, now-shuttered immersive Star Wars-themed hotel. Nicholson has an uncanny gift for making highly structured arguments and narratives feel informal and off the cuff. She has also probably forgotten more about theme park history, design, and logistics than most of us ever learn. This is one of the most impactful YouTube videos released this year, garnering news attention and reviving widespread discussion about Disney’s questionable business practices. ‘Sticky’ by Maria Hofmann Each year, the streaming service Mubi and the Filmadrid film festival collaborate to release a series of video essays. By far the standout in 2024 was Maria Hofmann’s “desktop horror documentary,” which uncannily replicates the way that simply existing online in the modern day can expose you to a constant stream of awful imagery. Different desktop windows — one for email, one for research, one displaying sobering news on the Mediterranean migrant crisis — shuffle about the screen, illustrating how much of modern life is compartmentalizing atrocity to the point where it becomes routine. In 2024, this feels especially apt. ‘The Narcissist Scare’ by Sarah Z Life in 2024 also means that seemingly every other week, you learn about an alleged disturbing trend or stack of how-to tips that turns out to have originated from a lot of gullible and/or grifty people playing a game of telephone over social media. It is disquieting to see, in a supposedly technologically enlightened age, how much sites like Instagram and TikTok facilitate and perpetuate almost primal superstitious thought. Sarah Z (like Nicholson, a strong practitioner of direct YouTube address) traces the junk science and fraudulent dime-store psychology seen in the myriad videos about the dangers of “narcissists” and traces them back not just to our petty need to find excuses to demonize others, but also to a literal belief in demons and spiritual warfare. Modernity is very odd, and I am frequently tired. ‘Hag Horror: Why Are We So Afraid of Old Women?’ by Broey Deschanel The Substance was one of the big lower-budget success stories and a notable engine of controversy in film this year, the latter due both to its grossness and to its ideas about womanhood, fame, and body image. Maia Wyman puts the movie in the historical context of body horror and “hagsploitation,” and how the duel between Demi Moore’s and Margaret Qualley’s characters acts out the broader cultural terror of aging and decay. Best of the Year Culture Entertainment Polygon Lists Polygon Picks Special Issues What to WatchA 25-year-old Lincoln man was sentenced to 20 to 32 years in prison Thursday for robbing a convenience store with a gun concealed in a Hostess pastry box. Izaiah Bartu pleaded no contest to robbery and attempted possession of a firearm by a prohibited person for the incident early Feb. 27. Lincoln police said that just before 12:10 a.m. they were called to the Kwik Shop near 27th and W streets about a man who had come into the store with a Hostess box over his right hand, walked up to the counter and told the clerk to open the register, tapping on the box as if there was a gun inside. Izaiah Bartu Bartu took off with $132, according to court records. Police found Bartu nearby with a gun in his backpack, with a distinctive bandana, like the one in the store security video, and 4.1 grams of methamphetamine in his sock. People are also reading... He was on probation in Seward County at the time on a drug case that arose while he was on parole for an assault charge. At Bartu's sentencing Thursday, Lancaster County District Judge Kevin McManaman said: "Safety of the community is really important in a case like this, I believe. This is really a very dangerous set of circumstances that occurred." PHOTOS: The top images of 2024 Elise Mertens, of Belgium, serves against Naomi Osaka, of Japan, at the BNP Paribas Open tennis tournament, on March 11, 2024, in Indian Wells, Calif. (AP Photo/Mark J. Terrill) Fans interfere with a foul ball caught by Los Angeles Dodgers right fielder Mookie Betts during the first inning in Game 4 of the baseball World Series against the New York Yankees, on Oct. 29, 2024, in New York. (AP Photo/Ashley Landis) An adult periodical cicada sheds its nymphal skin on May 11, 2024, in Cincinnati. There are two large compound eyes, which are used to visually perceive the world around them, and three small, jewel-like, simple eyes called ocelli at center. (AP Photo/Carolyn Kaster) Republican presidential candidate former President Donald Trump is surrounded by U.S. Secret Service agents after an assassination attempt at a campaign rally in Butler, Pa., July 13, 2024. (AP Photo/Evan Vucci) Cairo Consort prepares for a race in the paddock at Churchill Downs in Louisville, Ky., before the 150th running of the Kentucky Derby horse race on May 4, 2024. (AP Photo/Brynn Anderson) Republican presidential nominee former President Donald Trump prepares to walk on stage for a campaign rally at Macomb Community College in Warren, Mich., on Nov. 1, 2024. (AP Photo/Julia Demaree Nikhinson) Pope Francis gestures during an annual gathering of pro-family organizations at the Auditorium della Conciliazione, in Rome, on May 10, 2024. (AP Photo/Alessandra Tarantino) Models wait backstage for a show to start during China Fashion Week in Beijing on March 28, 2024. (AP Photo/Ng Han Guan) Emerald miner Janeth Paez stands inside the tunnel of an informal mine near the town of Coscuez, Colombia, on Feb. 28, 2024. (AP Photo/Fernando Vergara) Assistants react as members of "Castellers de Vilafranca" try to form a "Castell" or human tower, during the 29th Human Tower Competition in Tarragona, Spain, on Oct. 6, 2024. (AP Photo/Emilio Morenatti) Republican presidential candidate former President Donald Trump attends the 2024 Republican National Convention at the Fiserv Forum in Milwaukee, on July 18, 2024. (AP Photo/Carolyn Kaster) With tears streaming down her face, a supporter of Democratic presidential nominee Vice President Kamala Harris applauds as Harris delivers a concession speech on Nov. 6, 2024, after losing the 2024 presidential election, on the campus of Howard University in Washington. (AP Photo/Jacquelyn Martin) Passengers in the back of a taxi film themselves as they leave the Eiffel Tower, decorated with the Olympic rings ahead of the 2024 Summer Olympics, in Paris, on July 17, 2024. (AP Photo/David Goldman) Paralympic athlete Santos Araujo, of Brazil, celebrates after winning the men's 200 m Freestyle - S2 final, during the 2024 Paralympics in Paris, France, on Sept. 2, 2024. (AP Photo/Emilio Morenatti) Supporters of Republican presidential candidate former President Donald Trump hold signs as Democratic presidential nominee Vice President Kamala Harris passes by on her bus en route to a campaign stop at the Primanti Bros. restaurant in Pittsburgh, on Aug. 18, 2024. (AP Photo/Julia Demaree Nikhinson) Emergency personnel carry a 4-year-old girl who was rescued from her collapsed house after heavy rains in Petropolis, Rio de Janeiro state, Brazil, on March 23, 2024. (AP Photo/Bruna Prado) The faithful carry an 18th century wooden statue of Christ before the start of a procession the in Procida Island, Italy, on March 29, 2024. (AP Photo/Alessandra Tarantino) A worker inspects the permanent foundations being constructed on the coral reef for a judging tower to be used during the Olympic Games surf competition in Teahupo'o, Tahiti, French Polynesia, on Jan. 12, 2024. (AP Photo/Daniel Cole) Female Israeli soldiers pose for a photo in southern Israel, on the border of the Gaza Strip, on Feb. 19, 2024. (AP Photo/Tsafrir Abayov) Kansas City Chiefs tight end Travis Kelce kisses Taylor Swift after the NFL Super Bowl 58 football game against the San Francisco 49ers on Feb. 11, 2024, in Las Vegas. The Chiefs won 25-22. (AP Photo/John Locher) An American flag is mounted on a fence at a farm on U.S. Highway 20 during a blizzard near Galva, Iowa, on Jan. 13, 2024. (AP Photo/Carolyn Kaster) Democratic presidential nominee Vice President Kamala Harris looks at a monitor backstage just before taking the stage for her final campaign rally on Nov. 4, 2024, the day before Election Day, in Philadelphia. (AP Photo/Jacquelyn Martin) A race fan holds a drink as he walks on the grounds of Churchill Downs in Louisville, Ky., before the 150th running of the Kentucky Oaks horse race on May 3, 2024. (AP Photo/Charlie Riedel) Natasha Ducre surveys the kitchen of her devastated home, which lost most of its roof during the passage of Hurricane Milton, in Palmetto, Fla., on Oct. 10, 2024. (AP Photo/Rebecca Blackwell) People gather at the Republique plaza in Paris after the second round of the legislative election, on July 7, 2024. (AP Photo/Louise Delmotte) Students beat a policeman with sticks during a protest over a controversial quota system for government job applicants in Dhaka, Bangladesh, on July 18, 2024. (AP Photo/Anik Rahman) Revelers lie in a pool of squashed tomatoes during the annual "Tomatina" tomato fight fiesta, in the village of Bunol near Valencia, Spain, on Aug. 28, 2024. (AP Photo/Alberto Saiz) In this photo taken with a long exposure, Israeli shelling hits an area in southern Lebanon, as seen from northern Israel, on Sept. 30, 2024. (AP Photo/Leo Correa) Orthodox nuns wait to take part in a procession marking 250 years since the remains of Saint Dimitrie Bassarabov, patron saint of the Romanian capital, were brought to Romania, in Bucharest, on July 12, 2024. (AP Photo/Vadim Ghirda) Members of the Al-Rabaya family break their fast during the Muslim holy month of Ramadan outside their home, which was destroyed by an Israeli airstrike, in Rafah, Gaza Strip, on March 18, 2024. (AP Photo/Fatima Shbair) A horse looks out the window from its stable ahead of the 156th running of the Belmont Stakes horse race at Saratoga Race Course, in Saratoga Springs, N.Y., on June 6, 2024. (AP Photo/Julia Demaree Nikhinson) A cat searches for food in a house burnt by rockets fired by Hezbollah in the town of Kiryat Shmona, northern Israel, near the border with Lebanon, on Feb. 29, 2024. (AP Photo/Ariel Schalit) A man transports an electronic voting machine on a pony as election officials walk to a polling booth in a remote mountain area on the eve of the first round of voting in the six-week long national election at Dessa village in Doda district, Jammu and Kashmir, India, April 18, 2024. (AP Photo/Channi Anand) Debris is visible through the window of a damaged home following severe storms in Lakeview, Ohio, on March 15, 2024. (AP Photo/Joshua A. Bickel) Friends and family fuss over a quinceañera in preparation for her photo session at Colon square in the Zona Colonial neighborhood of Santo Domingo, Dominican Republic, on May 15, 2024. (AP Photo/Matias Delacroix) Jewish ultra-Orthodox men dressed in costumes celebrate the Jewish festival of Purim in Bnei Brak, Israel, on March 24, 2024. The holiday commemorates the Jews' salvation from genocide in ancient Persia, as recounted in the Book of Esther. (AP Photo/Oded Balilty) Druze clergymen attend the funeral of some of the 12 children and teens killed in a rocket strike by the Lebanese militant group Hezbollah at a soccer field at the village of Majdal Shams, in the Israeli-annexed Golan Heights, on July 28, 2024. (AP Photo/Leo Correa) People take cover next to a public bomb shelter as a siren sounds a warning of incoming rockets fired from Lebanon, in Safed, northern Israel, on Sept. 29, 2024. (AP Photo/Ariel Schalit) Monuwara Begum and another woman return from a polling station across the Brahmaputra river on the eve of the second phase of India's national election in Sandahkhaiti, a floating island village in the Brahmaputra River in Assam, India, on April 25, 2024. (AP Photo/Anupam Nath) The container ship Dali rests against the wreckage of Baltimore's Francis Scott Key Bridge on the Patapsco River, on March 27, 2024, as seen from Pasadena, Md. (AP Photo/Alex Brandon) A girl waits in the family home of the late Ousmane Sylla, who died by suicide inside one of Italy's migrant detention centers, ahead of his body's arrival in Conakry, Guinea, on April 8, 2024. (AP Photo/Misper Apawu) Members of the Abu Sinjar family mourn their relatives killed in an Israeli bombardment of the Gaza Strip, at their house in Rafah, southern Gaza, on Jan. 5, 2024. (AP Photo/Fatima Shbair) Yulia Navalnaya, center, widow of Alexey Navalny, stands in a queue with other voters at a polling station near the Russian embassy in Berlin on March 17, 2024. (AP Photo/Ebrahim Noroozi) Alicia Keys performs during halftime of the NFL Super Bowl 58 football game between the San Francisco 49ers and the Kansas City Chiefs on Feb. 11, 2024, in Las Vegas. (AP Photo/David J. Phillip) People walk through a part of the Amazon River that shows signs of drought in Santa Sofia, on the outskirts of Leticia, Colombia, on Oct. 20, 2024. (AP Photo/Ivan Valencia) A fisherman casts his fishing line into the Mediterranean Sea from a rocky area along the coastline in Beirut, Lebanon, on July 27, 2024. (AP Photo/Hassan Ammar) People mourn over the flagged-covered coffin of Israeli soldier Sgt. Amitai Alon, killed by a Hezbollah drone attack, during his funeral near Ramot Naftali, Israel, on Oct. 14, 2024. (AP Photo/Leo Correa) Israeli students watch a virtual tour of the concentration and extermination camp Auschwitz-Birkenau at the Testimony House, a Holocaust museum in Nir Galim, Israel, on the eve of Israel's annual Holocaust Remembrance Day, May 5, 2024. (AP Photo/Oded Balilty) A young man watches the ball after diving while playing soccer on a dusty field in Abidjan, Ivory Coast, on Feb. 6, 2024. (AP Photo/Themba Hadebe) A voter fills out a ballot during general elections in Nkandla, Kwazulu Natal, South Africa, on May 29, 2024. (AP Photo/Emilio Morenatti) A resident wades through a flooded street following heavy rains from typhoon Toraji in Ilagan City, Isabela province, northern Philippines, on Nov. 12, 2024. (AP Photo/Noel Celis) Erin Young holds her adopted daughter Gianna Young, as she prays the "Patriotic Rosary" for the consecration of the nation and Donald Trump around a bonfire at their home in Sunbury, Ohio, the night before the U.S. election, Monday, Nov. 4, 2024. The conservative Catholic family lives their anti-abortion beliefs through adoption, foster-parenting and raising their children to believe in the sanctity of life. They're also committed to teaching their children about political candidates they see as aligned with their beliefs. (AP Photo/Carolyn Kaster) In this photo taken with a long exposure, people look at the northern lights, or Aurora Borealis, in the night sky on May 10, 2024, in Estacada, Ore. (AP Photo/Jenny Kane) A girl plays a jump rope game at a school housing residents displaced by gang violence in Port-au-Prince, Haiti, on May 15, 2024. (AP Photo/Ramon Espinosa) People fish next to drainage that flows into the Paraguay River in Asuncion, Paraguay, on Jan. 28, 2024. (AP Photo/Jorge Saenz) A mother coaxes her daughter into trying a spoonful of rice at a school turned into a makeshift shelter for people displaced by gang violence, in Port-au-Prince, Haiti, on May 8, 2024. (AP Photo/Ramon Espinosa) A man sits inside a concrete pipe meant for municipal use after his shelter was swept away by the flooding Bagmati River in Kathmandu, Nepal, on Oct. 1, 2024. (AP Photo/Niranjan Shrestha) A cosplayer dressed as Deadpool attends a Comic-Con convention in Panama City on Sept. 1, 2024. (AP Photo/Matias Delacroix) Athletes compete during the men's 10km marathon swimming competition at the 2024 Summer Olympics in Paris, France, on Aug. 9, 2024. (AP Photo/Vadim Ghirda) Kenya Wildlife Service rangers and capture team pull a sedated black rhino from the water in Nairobi National Park, Kenya, on Jan. 16, 2024, as part of a rhino relocation project to move 21 of the critically endangered beasts hundreds of miles to a new home. (AP Photo/Brian Inganga) A pod of Beluga whales swim through the Churchill River near Churchill, Manitoba, Canada, on Aug. 4, 2024. (AP Photo/Joshua A. Bickel) A person carrying a handgun and a sign depicting Republican presidential candidate former President Donald Trump stands outside the Republican National Convention in Milwaukee on July 18, 2024. (AP Photo/Jae C. Hong) Atmaram, who goes by one name and was found living on the street a day earlier, eats breakfast at Saint Hardyal Educational and Orphans Welfare Society, a home for the aged and unwanted, on April 12, 2024, in New Delhi, India. (AP Photo/David Goldman) People help Liudmila, 85, board a bus after their evacuation from Vovchansk, Ukraine, on May 12, 2024. Her husband was killed in their house during a Russian airstrike on the city. (AP Photo/Evgeniy Maloletka) Prisoners reach out from their cell for bread at lunchtime at the Juan de la Vega prison in Emboscada, Paraguay, on July 12, 2024. (AP Photo/Rodrigo Abd) Members of the water safety team move into the impact zone on a jet ski to rescue a surfer under a rainbow during a training day ahead of the 2024 Summer Olympics surfing competition in Teahupo'o, Tahiti, on July 23, 2024. (AP Photo/Gregory Bull) Children play with the ropes of a ship docked on a beach in Parika, Guyana, on June 9, 2024. (AP Photo/Ramon Espinosa) A supporter of Republican presidential candidate former President Donald Trump waits for the start of his campaign rally in Doral, Fla., on July 9, 2024. (AP Photo/Rebecca Blackwell) Lava flows from a volcanic eruption that started on the Reykjanes Peninsula in Iceland, Nov. 20, 2024. (AP Photo/Marco di Marco) Muslim pilgrims circumambulate the Kaaba, the cubic building at the Grand Mosque, during the annual Hajj pilgrimage in Mecca, Saudi Arabia, on June 11, 2024. (AP Photo/Rafiq Maqbool) Two men in Russian Cossack uniforms pose for a selfie with the Historical Museum in the background after visiting the mausoleum of the Soviet founder Vladimir Lenin, marking the 154th anniversary of his birth, in Moscow's Red Square, on April 22, 2024. (AP Photo/Alexander Zemlianichenko) A fisherman carries his catch of the day to market in Manta, Ecuador, on Sept. 24, 2024. (AP Photo/Dolores Ochoa) Ama Pipe, from Britain, center, receives the baton from teammate Lina Nielsen in a women's 4 X 400 meters relay heat during the World Athletics Indoor Championships at the Emirates Arena in Glasgow, Scotland, on March 3, 2024. (AP Photo/Bernat Armangue) Ultra-Orthodox Jews look at part of an intercepted ballistic missile that fell in the desert near the city of Arad, Israel, on April 28, 2024. (AP Photo/ Ohad Zwigenberg) Margarita Salazar, 82, wipes sweat from her forehead in her home during an extreme heat wave in Veracruz, Mexico, on June 16, 2024. (AP Photo/Felix Marquez) People drive along a road littered with fallen power lines after the passing of Hurricane Rafael in San Antonio de los Banos, Cuba, on Nov. 7, 2024. (AP Photo/Ramon Espinosa) Palestinian activist Khairi Hanoon walks with the Palestinian flag on a damaged road following an Israeli army raid in Tulkarem, West Bank, on Sept. 3, 2024. (AP Photo/Majdi Mohammed) A polar bear and a cub search for scraps in a large pile of bowhead whale bones left from the village's subsistence hunting at the end of an unused airstrip near the village of Kaktovik, Alaska, on Oct. 15, 2024. (AP Photo/Lindsey Wasson) Vero Almarche, right, hugs her neighbor Maria Munoz, who was born in the house where they are photographed and which was destroyed by flooding in Masanasa, Valencia, Spain, on Nov. 6, 2024. (AP Photo/Emilio Morenatti) Wearing a device that measures his energy consumption, Israel Amputee Football Team player Ben Maman, left, fights for the ball with a young soccer player from a local team during a practice session in Ramat Gan, Israel, on April 11, 2024. (AP Photo/Leo Correa) Reach the writer at 402-473-7237 or lpilger@journalstar.com . On Twitter @LJSpilger Sign up for our Crime & Courts newsletter Get the latest in local public safety news with this weekly email. Courts reporter {{description}} Email notifications are only sent once a day, and only if there are new matching items.
MoF, QDB lead Industry 4.0 push with digital transformation initiatives
An Official works at a dealing room of Hana Bank in Seoul, Dec. 27. Yonhap The Korean currency dipped further against the U.S. dollar to its lowest level in nearly 16 years Friday amid a deepening political crisis following President Yoon Suk Yeol's martial law declaration and the subsequent impeachment. The Korean won was quoted at 1,467.5 won per dollar, down 2.7 won from the previous session. It was the lowest level since March 13, 2009, when the currency was quoted at 1,483.5 won in the aftermath of the global financial crisis. The won opened at 1,467.5 won per dollar Friday and had fallen markedly to as low as 1,486.7 won during intraday trading. The stock market also tumbled on heavy foreign and institutional selling. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.02 percent to end at 2,404.77. A political crisis has intensified in South Korea as the National Assembly was set to vote on a motion to impeach acting President Han Duck-soo over his refusal to appoint Constitutional Court justices that will adjudicate President Yoon Suk Yeol's impeachment trial. Earlier, parliament voted to impeach Yoon for his shocking, albeit short-lived, imposition of martial law on Dec. 3. This photo shows a currency exchange counter in Seoul, Dec. 24. Yonhap Following the martial law fiasco, the currency has been well above the closely watched level of 1,400 won, and Bank of Korea Gov. Rhee Chang-yong has said the currency is forecast to stay around that level for the time being. "Volatility has grown amid the thin year-end trading. Under such circumstances, authorities' efforts to settle the market would have little market impact," said Kwon Ah-min, an analyst from NH Investment & Securities. The won-dollar exchange rate is forecast to return to normal next month, though there is also a possibility of the won's further weakening to breach the 1,500 won level or lower should political risks prolong, the expert added. The won's weakness also came in line with the continued strengthening of the U.S. dollar, as concerns have deepened over the impact of U.S. President-elect Donald Trump's new tariff policy on South Korean industries and the broader economy. The U.S. Federal Reserve's indication of scaling back the number of rate cuts it anticipated in 2025 to two from the initial four has hammered the won and other Asian currencies. Financial authorities have vowed to inject unlimited liquidity and implement all measures available to settle the market. (Yonhap) To remove this article -
Qatar tribune Agencies OpenAI on Friday outlined plans to revamp its structure, saying it would create a public benefit corporation to make it easier to “raise more capital than we’d imagined,” and remove the restrictions imposed on the startup by its current nonprofit parent. The acknowledgement and detailed rationale behind its high-profile restructuring confirmed a Reuters report in September, which sparked debate among corporate watchdogs and tech moguls including Elon Musk. At issue were the implications such a move might have on whether OpenAI would allocate its assets to the nonprofit arm fairly, and how the company would strike a balance between making a profit and generating social and public good as it develops AI.Under the proposed plan, the ChatGPT maker’s existing for-profit arm would become a Delaware-based PBC - a structure designed to consider the interests of society in addition to shareholder value. OpenAI has been looking to make changes to attract further investment, as the expensive pursuit of artificial general intelligence, or AI that surpasses human intelligence, heats up.Its latest $6.6 billion funding round at a valuation of $157 billion was contingent on whether the ChatGPT-maker could upend its corporate structure and remove a profit cap for investors within two years, Reuters reported in October.The nonprofit, meanwhile, will have a “significant interest” in the PBC in the form of shares as determined by independent financial advisers, OpenAI said in a blog post, adding that it would be one of the “best resourced nonprofits in history.” OpenAI started in 2015 as a research-focused nonprofit but created a for-profit unit four years later to secure funding for the high costs of AI development. Its unusual structure gave control of the for-profit unit to the nonprofit and was in focus last year when Sam Altman was fired as CEO only to return days later after employees rebelled. “We once again need to raise more capital than we’d imagined. Investors want to back us but, at this scale of capital, need conventional equity and less structural bespokeness,” the Microsoft-backed startup said on Friday.“The hundreds of billions of dollars that major companies are now investing into AI development show what it will really take for OpenAI to continue pursuing the mission.” Its plans to create a PBC would align the startup with rivals such as Anthropic and the Musk-owned xAI, which use a similar structure and recently raised billions in funding. Copy 30/12/2024 101929’s “Black Thursday” was a stock market crash that marked the beginning of the great depression. 1987’s “Black Monday” was also a devastating blow to financial markets that decimated $1.71 trillion of wealth in a single day. Despite its similar name, Black Friday is the moniker of a much more benign phenomenon — the biggest and most publicized shopping day of the year. Every year on the Friday after Thanksgiving, millions of turkey-stuffed Americans used to overcome their tryptophan-induced tiredness to brave early-morning shopping center crowds in search of the best deals on the hottest products ahead of the winter holidays. And while this still occurs to some extent today, although much of the fervor has moved online, where cold temperatures, overnight camping, and dangerous retail stampedes can be easily avoided. And since the bulk of Black Friday shopping now occurs “ from the warm glow of shoppers’ smartphone screens ,” it’s become quite a bit easier to measure its volume in recent years. So, just how big of an event is Black Friday (and the subsequent “Cyber Week”)? How much have Black Friday and Cyber Monday sales volume grown over time? And will 2024’s Black Friday be the biggest ever? Here’s what you should know. Related: Black Friday 2024: Should you buy online or in-store? When did the day after Thanksgiving become Black Friday? According to conventional wisdom, the concept of Black Friday, as we know it today, emerged in the 1950s, when police in Philidelphia began to complain of large crowds appearing in the city the day after Thanksgiving to cruise retail shops for deals ahead of the Christmas holiday. That being said, it would be several decades before Black Friday would grow into the marketing tool and cultural phenomenon it is now. According to Nancy Koehn , a historian at Harvard Business School, retailers really began to invest heavily in the concept of Black Friday in the 1970s and 80s by marketing it as a discounted holiday shopping occasion and competing with one another to offer steeper discounts and earlier shopping hours. 💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💰💸 The fervor continued to grow in the 1990s and 2000s, during which time camping out overnight on Thanksgiving to be the first in line for doorbuster electronic deals on Black Friday became common. In the modern day, Black Friday remains well-cemented in the minds of shoppers, especially those on the younger half of the age spectrum. 57% of Gen Z and 57% of Millenials claim to understand Black Friday “very well,” according to a survey published by Statista in November 2024. The event is also familiar to older generations, although to a lesser degree, with 46% of Gen X and 34% of Baby Boomers claiming to be intimately familiar with the holiday shopping phenomenon. Adobe Analytics Black Friday sales volume by year Since 2019, consumers have spent more money online shopping on Black Friday than they did the year before, with one exception — on Black Friday 2022, online shoppers spent about $410 million less than they did in 2021. At the time, the inflation rate had been above 6% for a year, which could help explain the slight decline in Black Friday shopping. Here’s how much consumers spent online on Black Friday each year from 2019 to 2023: Adobe Analytics, CapitalOne 2024 (projected) $10.80 billion 2023 $9.80 billion 2022 $9.12 billion 2021 $9.53 billion 2020 $9.00 billion 2019 $7.40 billion Adobe Analytics Cyber Monday sales volume by year Much like Black Friday, online Cyber Monday revenues have increased every year since 2019 with a single (and relatively small) exception — this time in 2021 instead of 2022. In November of 2021, inflation had only been above the Fed’s 2% target for about 8 months, and Cyber Monday sales only dropped by about $100 million compared to the year before. Here’s how much consumers spent online on Cyber Monday each year from 2019 to 2023: Adobe Analytics, CapitalOne 2024 (projected) $13.20 billion 2023 $12.40 billion 2022 $11.30 billion 2021 $10.70 billion 2020 $10.80 billion 2019 $9.40 billion More consumer finance: Sales projections for Black Friday & Cyber Monday 2024: Will they be the biggest ever? Aside from some inflation and supply chain-related hiccups, Black Friday and Cyber Monday have been growing steadily in popularity, and more and more consumer dollars have been flowing into online retail each year. Over the past decade or so, retailers have been beginning their Black Friday and Cyber Monday promotions earlier and earlier — and extending them longer and longer, muddying the waters of which sales do and don’t count as part of these events. Cyber Monday has become Cyber Week, and Black Friday, according to some, has been expanded to Black November. Adobe Analytics, one of the most-cited holiday shopping statistic authorities, shared a variety of projections regarding sales volume on Black Friday and Cyber Monday proper as well as the holiday shopping season as a whole. Here’s what 2024’s Black Friday sales could look like, according to Adobe : Anna Barclay/Getty Images What is Amazon’s market share of Black Friday sales? Amazon is the undisputed behemoth of online shopping in the U.S., with $574.8 billion in total sales and an e-commerce market share of almost 63% in 2023, according to Statista. The company’s next-largest competitor, Walmart, had about a sixth of Amazon’s online sales volume that year. But what does Amazon’s dominance of the overall online retail market look like on Black Friday — and during the rest of the holiday shopping season? Unfortunately, we don’t have a clear answer to this question, but we do have a series of related statistics that shed some light on how pervasive Amazon is in the holiday shopping arena: The takeaway Love it or lament it, Black Friday (and the rest of the highly commercialized and ever-expanding holiday shopping season) is here to stay, growing year over year, and showing no signs of slowing down. In fact, 2024 is poised to see the highest Black Friday and Cyber Monday sales of all time. Luckily for the crowd-avoidant, the bulk of holiday shopping volume (about 71%, according to Demandsage ) has moved online. And when it comes to online holiday shopping, Amazon is the clear leader among the major e-commerce retailers competing for holiday traffic. Related: The 10 best investing books (according to stock market pros)ATLANTA , Dec. 10, 2024 /PRNewswire/ -- Cousins Properties Incorporated (the "Company") (NYSE: CUZ) today announced that it has commenced an underwritten public offering of 9,500,000 shares of its common stock. The Company intends to use the net proceeds of the offering to fund a portion of the purchase price of an office property in Downtown Austin . If this acquisition is not consummated, the net proceeds will be used for general corporate purposes, including the acquisition and development of office properties, other opportunistic investments and the repayment of debt. J.P. Morgan will serve as the sole book-running manager for the offering. This offering will be made pursuant to a prospectus supplement to the Company's prospectus dated May 8, 2024 , filed as part of the Company's effective shelf registration statement relating to the shares. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares described herein or any other securities, nor shall there be any sale of these shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The offering may be made only by means of a prospectus supplement and the related prospectus. Before you invest, you should read the prospectus supplement, the prospectus and other documents filed with the Securities and Exchange Commission for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov . Alternatively, a copy of the prospectus supplement and the prospectus relating to the shares can be obtained by contacting the underwriter as follows: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com . About Cousins Properties Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. Forward-Looking Statements Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections, including matters related to the commenced public offering and intended use of proceeds. Readers should carefully review the Company's financial statements and notes thereto, as well as the risk factors described in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and in Part II, Item 1A of the Company's Quarterly Reports on Form 10-Q for the quarters ended June 30, 2024 and September 30, 2024 , and other documents the Company files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Contact: Roni Imbeaux Vice President, Finance and Investor Relations Cousins Properties 404-407-1104 rimbeaux@cousins.com View original content: https://www.prnewswire.com/news-releases/cousins-properties-announces-public-offering-of-9-500-000-shares-of-common-stock-302328164.html SOURCE Cousins Properties
Ralph-Beyer puts up 20, Sacred Heart defeats Manhattanville 100-60BROOMFIELD, Colo. , Dec. 9, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2025 ended October 31, 2024 , provided season pass sales results for the 2024/2025 season, updated fiscal 2025 net income attributable to Vail Resorts, Inc. guidance and reaffirmed fiscal 2025 Resort Reported EBITDA guidance, announced capital investment plans for calendar year 2025, declared a dividend payable in January 2025 , and announced first quarter share repurchases. Highlights Net loss attributable to Vail Resorts, Inc. was $172.8 million for the first quarter of fiscal 2025 compared to net loss attributable to Vail Resorts, Inc. of $175.5 million in the same period in the prior year. Resort Reported EBITDA loss was $139.7 million for the first quarter of fiscal 2025, which included $2.7 million of one-time costs related to the previously announced two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses, compared to a Resort Reported EBITDA loss of $139.8 million for the first quarter of fiscal 2024, which included $1.8 million of acquisition and integration related expenses. Pass product sales through December 3, 2024 for the upcoming 2024/2025 North American ski season decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying current U.S. dollar exchange rates to both current period and prior period sales for Whistler Blackcomb. The Company has made certain adjustments to its guidance for net income attributable to Vail Resorts, Inc. primarily related to a gain recorded during the first quarter of fiscal 2025, which impacted Real Estate Reported EBITDA. For fiscal 2025, the Company now expects $240 million to $316 million of net income attributable to Vail Resorts, Inc. and reaffirmed its Resort Reported EBITDA guidance of $838 million to $894 million . The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on January 9, 2025 to shareholders of record as of December 26, 2024 and repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . Commenting on the Company's fiscal 2025 first quarter results, Kirsten Lynch , Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season. The quarter's results were driven by winter operations in Australia and summer activities in North America , including sightseeing, dining, retail, lodging, and administrative expenses. "Resort Reported EBITDA was consistent with the prior year, driven by growth in our North American summer business from increased activities spending and lodging results. This growth was offset by a decline in Resort Reported EBITDA of $9 million compared to the prior year from our Australian resorts due to record low snowfall and lower demand, cost inflation, the inclusion of Crans-Montana, and approximately $2.7 million of one-time costs related to the two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses." Regarding the Company's resource efficiency transformation plan, Lynch said, "Vail Resorts continues to make progress on its two-year resource efficiency transformation plan, which was announced in our September 2024 earnings. The two-year Resource Efficiency Transformation Plan is designed to improve organizational effectiveness and scale for operating leverage as the Company grows globally. Through scaled operations, global shared services, and expanded workforce management, the Company expects $100 million in annualized cost efficiencies by the end of its 2026 fiscal year. We will provide updates as significant milestones are achieved." Turning to season pass results, Lynch said, "Our season pass sales highlight the compelling value proposition of our pass products and our commitment to continually investing in the guest experience at our resorts. Over the last four years, pass product sales for the 2024/2025 North American ski season have grown 59% in units and 47% in sales dollars. For the upcoming 2024/2025 North American ski season, pass product sales through December 3, 2024 decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . This year's results benefited from an 8% price increase, partially offset by unit growth among lower priced Epic Day Pass products. Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying an exchange rate of $0.71 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. For the period between September 21, 2024 and December 3, 2024 , pass product sales trends improved relative to pass product sales through September 20, 2024 , with unit growth of approximately 1% and sales dollars growth of approximately 7% as compared to the period in the prior year from September 23, 2023 through December 4, 2023 , due to expected renewal strength, which we believe reflects delayed decision making. "Our North American pass sales highlight strong loyalty with growth among renewing pass holders across all geographies. For the full selling season, the Company acquired a substantial number of new pass holders, however the absolute number of new guests was smaller compared to the prior year, driving the overall unit decline for the full selling season. New pass holders come from lapsed guests, prior year lift ticket guests, and new guests to our database. The Company achieved growth from lapsed guests, who previously purchased a pass or lift ticket but did not buy a pass or lift ticket in the previous season. The decline in new pass holders compared to the prior year was driven by fewer guests who purchased lift tickets in the past season and from guests who are completely new to our database, which we believe was impacted by last season's challenging weather and industry normalization. Epic Day Pass products achieved unit growth driven by the strength in renewing pass holders. We expect to have approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season in non-refundable advance commitment products this year, which are expected to generate over $975 million of revenue and account for approximately 75% of all skier visits (excluding complimentary visits)." Lynch continued, "Heading into the 2024/2025 ski season, we are encouraged by our strong base of committed guests, providing meaningful stability for our Company. Additionally, early season conditions have allowed us to open some resorts earlier than anticipated, including Whistler Blackcomb, Heavenly, Northstar, Kirkwood, and Stevens Pass. Early season conditions have also enabled our Rockies resorts to open with significantly improved terrain relative to the prior year, including the opening of the legendary back bowls at Vail Mountain opening the earliest since 2018. Our resorts in the East are experiencing typical seasonal variability for this point in the year, with all resorts planned to open ahead of the holidays. We are continuing to hire for the winter season, and are on track with our staffing plans and have achieved a strong return rate of our frontline employees from the prior season. Lodging bookings at our U.S. resorts for the upcoming season are consistent with last year. At Whistler Blackcomb, lodging bookings for the full season are lagging prior year levels, which may reflect delayed decision making following challenging conditions in the prior year." Operating Results A more complete discussion of our operating results can be found within the Management's Discussion and Analysis of Financial Condition and Results of Operations section of the Company's Form 10-Q for the first fiscal quarter ended October 31, 2024 , which was filed today with the Securities and Exchange Commission. The following are segment highlights: Mountain Segment Mountain segment net revenue increased $0.8 million , or 0.5%, to $173.3 million for the three months ended October 31, 2024 as compared to the same period in the prior year, primarily driven by an increase in summer visitation at our North American resorts as a result of improved weather conditions compared to the prior year, which generated increases in on-mountain summer activities revenue, sightseeing revenue, and dining revenue. These increases were partially offset by a decrease in lift revenue from our Australian resorts as a result of reduced visitation from weather-related challenges that impacted terrain and resulted in early closures in the current year, and a decrease in retail/rental revenue driven by the impact of broader industry-wide customer spending trends which negatively impacted retail demand, particularly at our Colorado city store locations. Mountain Reported EBITDA loss was $144.1 million for the three months ended October 31, 2024 , which represents a decrease of $4.5 million , or 3.3%, as compared to Mountain Reported EBITDA loss for the same period in the prior year, primarily driven by our Australian operations, which experienced weather-related challenges that impacted terrain and resulted in early closures, as well as incremental off-season losses from the addition of Crans-Montana (acquired May 2, 2024 ), partially offset by an increase in summer operations at our North American resorts, which benefited from warm weather conditions late in the season. Mountain segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of $2.0 million for the three months ended October 31, 2024 , as well as acquisition and integration related expenses of $0.9 million and $1.8 million for the three months ended October 31, 2024 and 2023, respectively. Lodging Segment Lodging segment net revenue (excluding payroll cost reimbursements) increased $5.4 million , or 6.9%, to $83.8 million for the three months ended October 31, 2024 as compared to the same period in the prior year, primarily driven by positive weather conditions in the Grand Teton region, which enabled increased room pricing and drove increases in owned hotel rooms revenue. Additionally, dining revenue and golf revenue increased each primarily as a result of increased summer visitation at our North American mountain resort properties. Lodging Reported EBITDA was $4.4 million for the three months ended October 31, 2024 , which represents an increase of $4.6 million , as compared to Lodging Reported EBITDA loss for the same period in the prior year, primarily as a result of favorable weather conditions which drove increased visitation in the Grand Teton region and at our mountain resort properties. Lodging segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of $0.7 million for the three months ended October 31, 2024 . Resort - Combination of Mountain and Lodging Segments Resort net revenue was $260.2 million for the three months ended October 31, 2024 , an increase of $5.9 million as compared to Resort net revenue of $254.3 million for the same period in the prior year. Resort Reported EBITDA loss was $139.7 million for the three months ended October 31, 2024 , compared to Resort Reported EBITDA loss of $139.8 million for the same period in the prior year. Real Estate Segment Real Estate Reported EBITDA was $15.1 million for the three months ended October 31, 2024 , an increase of $9.7 million as compared to Real Estate Reported EBITDA of $5.4 million for the same period in the prior year. During the three months ended October 31, 2024 , the Company recorded a gain on sale of real property for $16.5 million related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, as compared to the same period in the prior year, during which we recorded a gain on sale of real property for $6.3 million related to a land parcel sale in Beaver Creek, Colorado . Total Performance Total net revenue increased $1.7 million , or 0.7%, to $260.3 million for the three months ended October 31, 2024 as compared to the same period in the prior year. Net loss attributable to Vail Resorts, Inc. was $172.8 million , or a loss of $4.61 per diluted share, for the first quarter of fiscal 2025 compared to a net loss attributable to Vail Resorts, Inc. of $175.5 million , or a loss of $4.60 per diluted share, in the prior year. Outlook The Company's Resort Reported EBITDA guidance for the year ending July 31, 2025 is unchanged from the prior guidance provided on September 26, 2024 . The Company is updating its guidance for net income attributable to Vail Resorts, Inc., which it now expects to be between $240 million and $316 million , up from the prior guidance range of $224 million to $300 million . The primary difference is due to a $17 million increase from the gain on sale of real property related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, a transaction that has been recorded as Real Estate Reported EBITDA. Additionally, the guidance is updated to include a decrease in expected interest expense of approximately $2 million which assumes that interest rates remain at current levels for the remainder of fiscal 2025. These changes have no impact on expected Resort Reported EBITDA. The Company continues to expect Resort Reported EBITDA for fiscal 2025 to be between $838 million and $894 million , including approximately $27 million of cost efficiencies and an estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan, and an estimated $1 million of acquisition and integration related expenses specific to Crans-Montana. As compared to fiscal 2024, the fiscal 2025 guidance includes the assumed benefit of a return to normal weather conditions after the challenging conditions in fiscal 2024, more than offset by a return to normal operating costs and the impact of the continued industry normalization, impacting demand. Additionally, the guidance reflects the negative impact from the record low snowfall and related shortened season in Australia in the first quarter of fiscal 2025, which negatively impacted demand and resulted in a $9 million decline of Resort Reported EBITDA compared to the prior year period. After considering these items, we expect Resort Reported EBITDA to grow from price increases and ancillary spending, the resource efficiency transformation plan, and the addition of Crans-Montana for the full year. The guidance also assumes (1) a continuation of the current economic environment, (2) normal weather conditions for the 2024/2025 North American and European ski season and the 2025 Australian ski season, and (3) the foreign currency exchange rates as of our original fiscal 2025 guidance issued September 26, 2024 . Foreign currency exchange rates have experienced recent volatility. Relative to the current guidance, if the currency exchange rates as of yesterday, December 8, 2024 of $0.71 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada , $0.64 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia , and $1.14 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland were to continue for the remainder of the fiscal year, the Company expects this would have an impact on fiscal 2025 guidance of approximately negative $5 million for Resort Reported EBITDA. The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2025 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance. Fiscal 2025 Guidance (In thousands) For the Year Ending July 31, 2025 (6) Low End High End Range Range Net income attributable to Vail Resorts, Inc. $ 240,000 $ 316,000 Net income attributable to noncontrolling interests 23,000 17,000 Net income 263,000 333,000 Provision for income taxes (1) 91,000 115,000 Income before income taxes 354,000 448,000 Depreciation and amortization 295,000 279,000 Interest expense, net 174,000 166,000 Other (2) 21,000 13,000 Total Reported EBITDA $ 844,000 $ 906,000 Mountain Reported EBITDA (3) $ 818,000 $ 872,000 Lodging Reported EBITDA (4) 16,000 26,000 Resort Reported EBITDA (5) 838,000 894,000 Real Estate Reported EBITDA 6,000 12,000 Total Reported EBITDA $ 844,000 $ 906,000 (1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price. (2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes. (3) Mountain Reported EBITDA also includes approximately $25 million of stock-based compensation. (4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation. (5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. (6) Guidance estimates are predicated on an exchange rate of $0.74 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.67 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.18 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland. Liquidity and Return of Capital As of October 31, 2024 , the Company's total liquidity as measured by total cash plus revolver availability was approximately $1,024 million . This includes $404 million of cash on hand, $407 million of U.S. revolver availability under the Vail Holdings Credit Agreement, and $213 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2024 , the Company's Net Debt was 2.8 times its trailing twelve months Total Reported EBITDA. Regarding the return of capital to shareholders, the Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock payable on January 9, 2025 to shareholders of record as of December 26 , 2024. In addition, the Company repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . The Company has 1.6 million shares remaining under its authorization for share repurchases. Commenting on capital allocation, Lynch said, "We will continue to be disciplined stewards of our shareholders' capital, prioritizing investments in our guest and employee experience, high-return capital projects, strategic acquisition opportunities, and returning capital to our shareholders. The Company has a strong balance sheet and remains focused on returning capital to shareholders while always prioritizing the long-term value of our shares." Capital Investments Vail Resorts is committed to enhancing the guest experience and supporting the Company's growth strategies through significant capital investments. For calendar year 2025, the Company plans to invest approximately $198 million to $203 million in core capital, before $45 million of growth capital investments at its European resorts, including $41 million at Andermatt-Sedrun and $4 million at Crans-Montana, and $6 million of real estate related capital projects to complete multi-year transformational investments at the key base area portals of Breckenridge Peak 8 and Keystone River Run, and planning investments to support the development of the West Lionshead area into a fourth base village at Vail Mountain. Including European growth capital investments, and real estate related capital, the Company plans to invest approximately $249 million to $254 million in calendar year 2025. Projects in the calendar year 2025 capital plan described herein remain subject to approvals. In calendar year 2025, the Company will embark on two multi-year transformational investment plans at Park City Mountain and Vail Mountain. Park City Mountain – The transformation of Park City Mountain's Canyons Village is underway to support a world-class luxury base village experience. These investments will support Park City Mountain in welcoming athletes and fans from across the world who visit the resort as it serves as a venue for the 2034 Olympic Winter Games. As announced in September, we are replacing the Sunrise lift with a new 10-person gondola in partnership with the Canyons Village Management Association in calendar year 2025, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village. The Company also plans to enhance the beginner and children's experience by expanding the existing Red Pine Lodge restaurant to upgrade the dining experience for ski and ride school guests, and by improving the teaching terrain surrounding the Red Pine Lodge. These investments are further supported by the construction of the Canyons Village Parking Garage, a new covered parking structure with over 1,800 stalls being developed by TCFC, the master developer of the Canyons Village, which is expected to break ground in spring 2025. Planning of additional investments at Park City Mountain across the mountain experience is underway and additional projects will be announced in the future. Vail Mountain – In October 2024 , the Company announced the development of West Lionshead area into a fourth base village at Vail Mountain in partnership with the Town of Vail and East West Partners. The new base village will reinforce Vail Mountain's status as a world-class destination, and is anticipated to feature access to the resort's 5,317 acres of legendary terrain, plus new lodging, restaurants, boutiques, and skier services, as well as community benefits such as workforce housing, public spaces, transit, and parking. In addition, the Company is developing a multi-year plan to invest in base area improvements, lift upgrades, and across the beginner ski and ride school and dining experiences. In calendar year 2025, the Company is planning to renovate guestrooms and common spaces at its luxury Vail hotel, the Arrabelle at Vail Square. Additionally, in calendar year 2025 the Company plans to invest in real estate planning to develop the West Lionshead area. In addition to embarking on two multi-year transformational investment plans, the Company is planning significant investments across the guest experience in calendar year 2025, including: Andermatt-Sedrun – The Company plans to replace the four-person fixed grip Calmut lift and the four-person fixed grip Cuolm lift with two new six-person high speed lifts that will increase capacity and significantly improve the guest experience at the Val Val area. The Company also plans to upgrade and expand snowmaking infrastructure at the Gemsstock area on the western side of the resort to enhance the consistency of the guest experience, particularly in the early season, and significantly improve energy efficiency. In addition, the Company plans to complete the previously announced upgrade of the Sedrun-Milez snowmaking infrastructure and improvements to the Milez and Natschen restaurants. Through calendar year 2025, Vail Resorts will have invested approximately CHF 50 million of a total CHF 110 million capital that was invested as part of the purchase of the Company's majority ownership stake in Andermatt-Sedrun. Perisher – At Perisher in Australia , the Company plans to replace the Mt Perisher Double and Triple Chairs with a new six-person high speed lift, following the capital spending in calendar year 2024 that is continuing into calendar year 2025 to be completed in time for the 2025 winter season in Australia . Technology – The Company will be investing in additional new functionality for the My Epic App, including new tools to better communicate with and personalize the experience for our guests. Building on the pilot of My Epic Assistant, a new guest service technology within the My Epic App powered by advanced AI and resort experts, at four resorts for the upcoming 2024/2025 ski season, the Company is planning to invest in more advanced AI capabilities in calendar year 2025. Dining – The Company plans to invest in physical improvements to dining outlets at its largest destination resorts to improve throughput. Commitment to Zero – The Company plans to continue investing in waste reduction and emissions reduction projects across its resorts to achieve its goal of zero net operating footprint by 2030. Breckenridge – The Company is making real estate related investments to complete the multi-year transformation of the Breckenridge Peak 8 base area, where the Company has enhanced the beginner and children's experience and increased uphill capacity with the introduction of a new four-person high speed 5-Chair, new teaching terrain, and a transport carpet from the base, making the beginner experience more accessible. Keystone – The Company is investing in acquisition and build out costs for skier services that will reside in the newly developed Kindred Resort at Keystone, a family-friendly luxury ski-in, ski-out lodging residence and Rock Resorts-branded hotel at the base of the River Run Gondola, including new restaurants, a full-service spa, pool and hot tub facilities, and the new home for the Keystone Ski & Ride School, and a retail and rental shop. The Kindred development follows the transformational lift-served terrain expansion project in Bergman Bowl, increasing lift-served terrain by 555 acres with the addition of a new six-person high speed lift, which was completed for the 2023/2024 North American ski season. In addition to the investments planned for calendar year 2025, the Company is completing significant investments that will enhance the guest experience for the upcoming 2024/2025 North American and European ski season. As previously announced, the Company expects its capital plan for calendar year 2024 to be approximately $189 million to $194 million , excluding $13 million of incremental capital investments in premium fleet and fulfillment infrastructure to support the official launch of My Epic Gear for the 2024/2025 winter season at 12 destination and regional resorts across North America , $7 million of growth capital investments at Andermatt-Sedrun, $2 million of maintenance and $2 million of integration investments at Crans-Montana, and $3 million of reimbursable capital. Including these one-time investments, the Company's total capital plan for calendar year 2024 is now expected to be approximately $216 million to $221 million . Earnings Conference Call The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 579-2543 (U.S. and Canada ) or +1 (785) 424-1789 (international). The conference ID is MTNQ125. A replay of the conference call will be available two hours following the conclusion of the conference call through December 16, 2024 , at 11:59 p.m. eastern time . To access the replay, dial (800) 753-9146 (U.S. and Canada ) or +1 (402) 220-2705 (international). The conference call will also be archived at www.vailresorts.com . About Vail Resorts, Inc. (NYSE: MTN) Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge , Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America ; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland ; and Perisher, Hotham, and Falls Creek in Australia . We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America . Learn more about our company at www.VailResorts.com , or discover our resorts and pass options at www.EpicPass.com . Forward-Looking Statements Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding fiscal 2025 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; expectations related to our season pass products; our expectations regarding our ancillary lines of business; capital investment projects; our calendar year 2025 capital plan; our expectations regarding our resource efficiency transformation plan; and the payment of dividends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of natural disasters or other unexpected events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe , or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024 , which was filed on September 26, 2024 . All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law. Statement Concerning Non-GAAP Financial Measures When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance. Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures. Vail Resorts, Inc. Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2024 2023 Net revenue: Mountain and Lodging services and other $ 187,050 $ 182,834 Mountain and Lodging retail and dining 73,162 71,442 Resort net revenue 260,212 254,276 Real Estate 63 4,289 Total net revenue 260,275 258,565 Segment operating expense: Mountain and Lodging operating expense 266,264 255,576 Mountain and Lodging retail and dining cost of products sold 28,947 31,295 General and administrative 106,857 108,025 Resort operating expense 402,068 394,896 Real Estate operating expense 1,491 5,181 Total segment operating expense 403,559 400,077 Other operating (expense) income: Depreciation and amortization (71,633) (66,728) Gain on sale of real property 16,506 6,285 Change in estimated fair value of contingent consideration (2,079) (3,057) Loss on disposal of fixed assets and other, net (1,529) (2,043) Loss from operations (202,019) (207,055) Mountain equity investment income, net 2,151
Mr Carter, a former peanut farmer, served one term in the White House between 1977 and 1981, taking over in the wake of the Watergate scandal and the end of the Vietnam War. After his defeat by Ronald Reagan, he spent his post-presidency years as a global humanitarian, winning the Nobel Peace Prize in 2002. His death on Sunday was announced by his family and came more than a year after he decided to enter hospice care. He was the longest-lived US president. His son, Chip Carter, said: “My father was a hero, not only to me but to everyone who believes in peace, human rights and unselfish love. “My brothers, sister and I shared him with the rest of the world through these common beliefs. “The world is our family because of the way he brought people together, and we thank you for honouring his memory by continuing to live these shared beliefs.” Mr Carter is expected to receive a state funeral featuring public observances in Atlanta and Washington DC before being buried in his home town of Plains, Georgia. A moderate democrat born in Plains in October 1924, Mr Carter’s political career took him from the Georgia state senate to the state governorship and finally the White House, where he took office as the 39th president. His presidency saw economic disruption amid volatile oil prices, along with social tensions at home and challenges abroad including the Iranian revolution that sparked a 444-day hostage crisis at the US embassy in Tehran. But he also brokered the Camp David Accords between Egypt and Israel, which led to a peace treaty between the two countries in 1979. After his defeat in the 1980 presidential election, he worked for more than four decades leading the Carter Centre, which he and his late wife Rosalynn co-founded in 1982 to “wage peace, fight disease, and build hope”. Mrs Carter, who died last year aged 96, had played a more active role in her husband’s presidency than previous first ladies, with Mr Carter saying she had been “my equal partner in everything I ever accomplished”. Earlier this year, on his 100th birthday, Mr Carter received a private congratulatory message from the King, expressing admiration for his life of public service.
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