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JHVEPhoto/iStock Editorial via Getty Images Investment Thesis IMAX Corporation ( NYSE: IMAX ) is well-known for its technology in offering superior premium cinematic experiences. Its proprietary brand has a stranglehold on the oversight of quality control over the entire filmmaking process, while alternative Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.El presidente electo de Estados Unidos, Donald Trump, sube al escenario para pronunciar un discurso en los FOX Nation Patriot Awards, el 5 de diciembre de 2024, en Greenvale, Nueva York. (AP Foto/Heather Khalifa) FILE – Robert F. Kennedy, Jr., speaks before Republican presidential nominee former President Donald Trump at a campaign event, Sept. 27, 2024 in Walker, Mich. (AP Photo/Carlos Osorio) FILE – Former Florida Attorney General Pam Bondi, speaks before Republican presidential nominee former President Donald Trump at a campaign rally at First Horizon Coliseum, Nov. 2, 2024, in Greensboro, NC. (AP Photo/Alex Brandon, File) FILE – Mehmet Oz visits the AW Driving School & License Testing Center in Allentown, Pa., Sept. 23, 2022. (AP Photo/Matt Rourke, File) FILE – Former Rep. Doug Collins speaks before Republican presidential nominee former President Donald Trump at a campaign event at the Cobb Energy Performing Arts Centre, Oct. 15, 2024, in Atlanta. (AP Photo/John Bazemore, File) El presidente electo de Estados Unidos, Donald Trump, sube al escenario para pronunciar un discurso en los FOX Nation Patriot Awards, el 5 de diciembre de 2024, en Greenvale, Nueva York. (AP Foto/Heather Khalifa) By CHRISTINE FERNANDO CHICAGO (AP) — As Donald Trump’s Cabinet begins to take shape, those on both sides of the abortion debate are watching closely for clues about how his picks might affect reproductive rights policy in the president-elect’s second term . Trump’s cabinet picks offer a preview of how his administration could handle abortion after he repeatedly flip-flopped on the issue on the campaign trail. He attempted to distance himself from anti-abortion allies by deferring to states on abortion policy, even while boasting about nominating three Supreme Court justices who helped strike down the constitutional protections for abortion that had stood for half a century. In an NBC News interview that aired Sunday, Trump said he doesn’t plan to restrict medication abortion but also seemed to leave the door open, saying “things change.” “Things do change, but I don’t think it’s going to change at all,” he said. The early lineup of his new administration , including nominations to lead health agencies, the Justice Department and event the Department of Veterans Affairs, has garnered mixed — but generally positive — reactions from anti-abortion groups. Abortion law experts said Trump’s decision to include fewer candidates with deep ties to the anti-abortion movement could indicate that abortion will not be a priority for Trump’s administration. “It almost seems to suggest that President Trump might be focusing his administration in other directions,” said Greer Donley, an associate law professor at the University of Pittsburgh School of Law. Karen Stone, vice president of public policy at Planned Parenthood Action Fund , said while many of the nominees have “extensive records against reproductive health care,” some do not. She cautioned against making assumptions based on Trump’s initial cabinet selections. Still, many abortion rights groups are wary, in part because many of the nominees hold strong anti-abortion views even if they do not have direct ties to anti-abortion activists. They’re concerned that an administration filled with top-level officials who are personally opposed to abortion could take steps to restrict access to the procedure and funding. After Trump’s ambiguity about abortion during his campaign, “there’s still a lot we don’t know about what policy is going to look like,” said Mary Ruth Ziegler, a law professor at the University of California, Davis School of Law. That approach may be revealed as the staffs within key departments are announced. Trump announced he would nominate anti-vaccine activist Robert F. Kennedy Jr. to lead the Health and Human Services Department, which anti-abortion forces have long targeted as central to curtailing abortion rights nationwide. Yet Kennedy shifted on the issue during his own presidential campaign. In campaign videos, Kennedy said he supports abortion access until viability , which doctors say is sometime after 21 weeks, although there is no defined timeframe. But he also said “every abortion is a tragedy” and argued for a national ban after 15 weeks of pregnancy, a stance he quickly walked back. The head of Health and Human Services oversees Title X funding for a host of family planning services and has sweeping authority over agencies that directly affect abortion access, including the Food and Drug Administration and Centers for Medicare and Medicaid Services. The role is especially vital amid legal battles over a federal law known as EMTALA, which President Joe Biden’s administration has argued requires emergency abortion access nationwide, and FDA approval of the abortion pill mifepristone. Mini Timmaraju, president of the national abortion rights organization Reproductive Freedom for All, called Kennedy an “unfit, unqualified extremist who cannot be trusted to protect the health, safety and reproductive freedom of American families.” His potential nomination also has caused waves in the anti-abortion movement. Former Vice President Mike Pence , a staunch abortion opponent, urged the Senate to reject Kennedy’s nomination. Marjorie Dannenfelser, president of the national anti-abortion group Susan B. Anthony Pro-Life America, said the group had its own concerns about Kennedy. “There’s no question that we need a pro-life HHS secretary,” she said. Fox News correspondent Marty Makary is Trump’s pick to lead the FDA, which plays a critical role in access to medication abortion and contraception. Abortion rights groups have accused him of sharing misinformation about abortion on air. Russell Vought , a staunch anti-abortion conservative, has been nominated for director of the Office of Management and Budget. Vought was a key architect of Project 2025 , a right-wing blueprint for running the federal government. Among other actions to limit reproductive rights, it calls for eliminating access to medication abortion nationwide, cutting Medicaid funding for abortion and restricting access to contraceptive care, especially long-acting reversible contraceptives such as IUD’s. Despite distancing himself from the conservative manifesto on the campaign trail, Trump is stocking his administration with people who played central roles in developing Project 2025. Trump acknowledged that drafters of the report would be part of his incoming administration during the Sunday interview with NBC News, saying “Many of those things I happen to agree with.” “These cabinet appointments all confirm that Project 2025 was in fact the blueprint all along, and the alarm we saw about it was warranted,” said Amy Williams Navarro, director of government relations for Reproductive Freedom for All. Dr. Mehmet Oz , Trump’s choice to lead the Centers for Medicare and Medicaid Services, is a former television talk show host who has been accused of hawking dubious medical treatments and products. He voiced contradictory abortion views during his failed Senate run in 2022. Oz has described himself as “strongly pro-life, praised the Supreme Court decision overturning Roe v. Wade , claimed “life starts at conception” and referred to abortion as “murder.” But he also has echoed Trump’s states-rights approach, arguing the federal government should not be involved in abortion decisions. “I want women, doctors, local political leaders, letting the democracy that’s always allowed our nation to thrive to put the best ideas forward so states can decide for themselves,” he said during a Senate debate two years ago. An array of reproductive rights groups opposed his Senate run. As CMS administrator, Oz would be in a key position to determine Medicaid coverage for family planning services and investigate potential EMTALA violations. Related Articles National Politics | In promising to shake up Washington, Trump is in a class of his own National Politics | Election Day has long passed. In some states, legislatures are working to undermine the results National Politics | Trump taps his attorney Alina Habba to serve as counselor to the president National Politics | With Trump on the way, advocates look to states to pick up medical debt fight National Politics | Ballot recount confirms Woog’s win in House District 19 As Florida’s attorney general, Pam Bondi defended abortion restrictions, including a 24-hour waiting period. Now she’s Trump’s choice for attorney general . Her nomination is being celebrated by abortion opponents but denounced by abortion rights groups concerned she may revive the Comstock Act , an anti-vice law passed by Congress in 1873 that, among other things, bans mailing of medication or instruments used in abortion. An anti-abortion and anti-vaccine former Florida congressman, David Weldon, has been chosen to lead the Centers for Disease Control and Prevention, which collects and monitors abortion data across the country. Former Republican congressman Doug Collins is Trump’s choice to lead the Department of Veterans Affairs amid a political battle over abortion access and funding for troops and veterans. Collins voted consistently to restrict funding and access to abortion and celebrated the overturning of Roe v. Wade. “This is a team that the pro-life movement can work with,” said Kristin Hawkins, president of the national anti-abortion organization Students for Life.
"As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It's an honor for General Motors and Cadillac to join the world's premier racing series, and we're committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM's engineering expertise and technology leadership at an entirely new level." The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. "We're excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. "Together, we're assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world." Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. "The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team," Michael Andretti posted on social media. "I'm very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!" The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti's dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years, and F1 initially denied the application despite approval from F1 sanctioning body FIA. The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they've already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti's application was the only one of seven applicants to meet all required criteria to expand F1's current grid. "General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. "Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024," F1 said in a statement. "Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. "With Formula 1's continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1."
Casey's: Fiscal Q2 Earnings Snapshot
A role reversal doomed the No. 22 Xavier Musketeers in their only loss of the season, against Michigan at the Fort Myers Tip-Off on Wednesday. Normally a team that avoids committing turnovers and pressures its opponent into making them, Xavier (6-1) will try to recapture its early-season winning form when it hosts South Carolina State on Sunday in Cincinnati. Through their six wins, the Musketeers had just 58 turnovers while forcing 82 by their opponents. But against the Wolverines, they lost the turnover battle 19-10 and the game 78-53. The Musketeers committed 14 turnovers in the first half and fell behind 41-30. Xavier head coach Sean Miller credited his team for typically playing an up-tempo style while avoiding mistakes, while also acknowledging that the turnover bug really bit them against the Wolverines. "We lost to a really good team; no shame in that," Miller said. "We, on top of that, didn't play well." "And that (avoiding turnovers) is something you (usually) do well? That's going to be hard to overcome against a quality team like Michigan." Leading scorer Ryan Conwell (17.6 points per game) gave the Musketeers a boost with 19 points. Zach Freemantle, second on the team at 15.4 ppg, added 14 points and 10 rebounds. Problematically, however, they also contributed to the turnover problem with three apiece. "We didn't play well enough to win the game," Miller said. "The game got out of hand. It's not like our guys quit. Their depth just continued to wear on us." The Musketeers also get 11 points and a team-high 4.4 assists per game from Dayvion McKnight. The guard had just one turnover against Michigan, but he also made just one of his eight shot attempts. Xavier may have an opportunity get right in the turnover area against the Bulldogs (4-4), who are No. 207 in the NCAA in assist-to-turnover ratio at 1.11. South Carolina State is fresh off an 82-53 road loss to Marshall on Wednesday, in a game in which turnovers weren't a huge problem. But assists and made shots were hard to come by for the Bulldogs. Leading scorer Drayton Jones (12.0 ppg) again paced his team in points with 10 vs. Marshall, but the Bulldogs as a team managed just six assists and shot terribly at the 3-point (18.8 percent) and the free-throw (47.1 percent) lines. Jones is also the team's leading rebounder with 5.1 a game, but no Bulldogs player is averaging more than two assists. It's all part of the learning process for coach Erik Martin, whose first team went 5-26 in 2022-23. The Bulldogs improved to 14-18 last season, including 9-5 in the Mid-Eastern Athletic Conference. "The only way you can grow sometimes is by failure or by struggling," Martin said this offseason. "You have to fail in order to learn how to deal with failure and move on and become the person you're supposed to be." --Field Level MediaMinisters warned of cuts as ‘every pound’ of spending to face review
End of an Era
Ancient meets modern as a new subway in Greece showcases archaeological treasures THESSALONIKI, Greece (AP) — Thessaloniki, Greece’s second-largest city, is opening a new subway system, blending ancient archaeological treasures with modern transit technology like driverless trains and platform screen doors. The project, which began in 2003, uncovered over 300,000 artifacts, including a Roman-era thoroughfare and Byzantine relics, many of which are now displayed in its 13 stations. Despite delays caused by preserving these findings, the inaugural line has been completed, with a second line set to open next year. Conor McGregor must pay woman $250K in sexual assault case, civil jury rules LONDON (AP) — A civil jury in Ireland has found that mixed martial arts fighter Conor McGregor sexually assaulted a woman in a hotel penthouse after a night of heavy partying. The Dublin jury awarded the woman more than $250,000 for her lawsuit that claimed McGregor “brutally raped and battered” her on Dec. 9, 2018. The lawsuit says the assault left her heavily bruised and suffering from post-traumatic stress disorder. McGregor testified he never forced her to do anything and that the woman had fabricated her allegations after the two had consensual sex. The jury found for the woman on Friday. At least 15 people are sick in Minnesota from ground beef tied to E. coli recall U.S. health officials say at least 15 people in Minnesota have been sickened by E. coli poisoning tied to a national recall of more than 160,000 pounds of potentially tainted ground beef. Detroit-based Wolverine Packing Co. recalled the meat this week after Minnesota state agriculture officials reported multiple illnesses and found that a sample of the product tested positive for E. coli O157:H7, which can cause life-threatening infections. Symptoms of E. coli poisoning include fever, vomiting, diarrhea and signs of dehydration. Actor Jonathan Majors’ ex-girlfriend drops assault and defamation lawsuit against once-rising star NEW YORK (AP) — Jonathan Majors’ ex-girlfriend has dropped her assault and defamation lawsuit against the once-rising Hollywood star after reaching a settlement. Lawyers for Majors and Grace Jabbari agreed to dismiss the case with prejudice Thursday. Jabbari is a British dancer who had accused Majors of subjecting her to escalating incidents of physical and verbal abuse during their relationship. Representatives for Majors didn’t respond to emails seeking comment Friday. Jabbari’s lawyer said the suit was “favorably settled” and her client is moving on with “her head held high.” Majors was convicted of misdemeanor assault and harassment last December and sentenced to a yearlong counseling program. Hyundai, Kia recall over 208,000 electric vehicles to fix problem that can cause loss of power DETROIT (AP) — Hyundai and Kia are recalling over 208,000 electric vehicles to fix a pesky problem that can cause loss of drive power, increasing the risk of a crash. The recalls cover more than 145,000 Hyundai and Genesis vehicles including the 2022 through 2024 Ioniq 5, the 2023 through 2025 Ioniq 6, GV60 and GV70, and the 2023 and 2024 G80. Also included are nearly 63,000 Kia EV 6 vehicles from 2022 through 2024. The affiliated Korean automakers say in government documents that a transistor in a charging control unit can be damaged and stop charging the 12-volt battery. Dealers will inspect and replace the control unit and a fuse if needed. They also will update software. Christmas TV movies are in their Taylor Swift era, with two Swift-inspired films airing this year Two of the new holiday movies coming to TV this season have a Taylor Swift connection that her fans would have no problem decoding. “Christmas in the Spotlight” debuts Saturday on Lifetime. It stars Jessica Lord as the world’s biggest pop star and Laith Wallschleger, playing a pro football player, who meet and fall in love, not unlike Swift and her boyfriend, Kansas City Chiefs tight end Travis Kelce. On Nov. 30, Hallmark will air “Holiday Touchdown: A Chiefs Love Story.” Instead of a nod to Swift, it’s an ode to family traditions and bonding, like rooting for a sports team. Hallmark’s headquarters is also in Kansas City. Top football recruit Bryce Underwood changes commitment to Michigan instead of LSU, AP source says ANN ARBOR, Mich. (AP) — Top football recruit Bryce Underwood has flipped to Michigan after pledging to play at LSU. That's according to a person familiar with the situation who spoke to The Associated Press on condition of anonymity because they were not authorized to share the recruit’s plans to join the Wolverines. Underwood pinned a post on his Instagram account, showing a post in which On3.com reported that he has committed to Michigan. The 6-foot-3 quarterback played at Belleville High School about 15 miles east of Michigan's campus, and told LSU nearly a year ago he intended to enroll there. Emperor penguin released at sea 20 days after waddling onto Australian beach MELBOURNE, Australia (AP) — The only emperor penguin known to have swum from Antarctica to Australia has been released at sea 20 days after he waddled ashore on a popular tourist beach. The adult male was found on Nov. 1 on sand dunes in temperate southwest Australia about 2,200 miles north of the Antarctic coast. He was released Wednesday from a boat that traveled several hours from Western Australia state's most southerly city of Albany. His caregiver Carol Biddulph wasn't sure at first if the penguin would live. She said a mirror was important to his rehabilitation because they provide a sense of company. Biddulph said: “They’re social birds and he stands next to the mirror most of the time.” Shohei Ohtani wins third MVP award, first in NL. Aaron Judge earns second AL honor in 3 seasons NEW YORK (AP) — Shohei Ohtani won his third Most Valuable Player Award and first in the National League, and Aaron Judge earned his second American League honor on Thursday. Ohtani was a unanimous MVP for the third time, receiving all 30 first-place votes and 420 points in voting by the Baseball Writers’ Association of America. New York Mets shortstop Francisco Lindor was second with 263 points and Arizona second baseman Ketel Marte third with 229. Judge was a unanimous pick for the first time. Kansas City shortstop Bobby Witt Jr. got all 30 second-place votes for 270 points, and Yankees outfielder Juan Soto was third with 21 third-place votes and 229 points. Nick Chubb plows through heavy snow for 2-yard TD, giving Browns 24-19 win over Steelers CLEVELAND (AP) — Nick Chubb ran for a 2-yard touchdown in heavy snow with 57 seconds left, and the Cleveland Browns stunned division rival Pittsburgh 24-19, ending the Steelers’ five-game winning streak. The Browns had blown a 12-point lead in the fourth quarter and were down 19-18 before getting the ball back with 3:22 remaining after Pittsburgh punter Corliss Waitman shanked a 16-yarder. With snow piling up and covering the yard lines on the field, Cleveland’s Jameis Winston completed a third-down pass to Jerry Jeudy to the Pittsburgh 9. Two plays later, Chubb barreled into the end zone. The AFC North-leading Steelers fell to 8-3 while the Browns are 3-8.BROOMFIELD, 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 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 Lodging Segment Resort - Combination of Mountain and Lodging Segments Real Estate Segment Total Performance 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. 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: 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
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