ALL-REMOTE COMPANY/WILMINGTON, Del.--(BUSINESS WIRE)--Dec 9, 2024-- Phreesia, Inc. (NYSE: PHR) (“Phreesia” or the "Company") announced financial results today for the fiscal third quarter ended October 31, 2024. "We are excited about the future here at Phreesia,” said CEO and Co-Founder Chaim Indig. “Our network continues to grow, adoption of our current offerings is increasing, and we are beginning to see the promise of new solutions we are investing in.” Please visit the Phreesia investor relations website at ir.phreesia.com to view the Company's Q3 Fiscal Year 2025 Stakeholder Letter. Fiscal Third Quarter Ended October 31, 2024 Highlights Fiscal Year 2025 Outlook We are narrowing our revenue outlook for fiscal 2025 to a range of $418 million to $420 million from a previous range of $416 million to $426 million, implying year-over-year growth of 17% to 18%. We are updating our Adjusted EBITDA outlook for fiscal 2025 to a range of $34 million to $36 million from a previous range of $26 million to $31 million. Our outlook reflects our strong performance in the fiscal third quarter and our continued focus on margin improvement. We are maintaining our expectation for AHSCs to reach approximately 4,200 for fiscal 2025, compared to 3,601 in fiscal 2024. We are maintaining our expectation for Total revenue per AHSC to increase in fiscal 2025 compared to the $98,944 we achieved in fiscal 2024. Fiscal Year 2026 Outlook We are introducing our revenue outlook for fiscal 2026. We expect revenue to be in the range of $472 million to $482 million. The revenue range provided for fiscal 2026 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2026. We are introducing our Adjusted EBITDA outlook for fiscal 2026. We expect Adjusted EBITDA to be in the range of $78 million to $88 million. The Adjusted EBITDA range provided for fiscal 2026 assumes continued improvement in operating leverage across the Company through focusing on efficiency. We expect AHSCs to reach approximately 4,500 in fiscal 2026. Additionally, we expect Total revenue per AHSC in fiscal 2026 to increase from fiscal 2025. We believe our $81.7 million in cash and cash equivalents as of October 31, 2024, along with cash generated in our normal operations, gives us sufficient flexibility to reach our fiscal 2025 and fiscal 2026 outlook. Additionally, our available borrowing capacity under our credit facility with Capital One provides us with an additional source of capital to pursue future growth opportunities not incorporated into our fiscal 2025 and fiscal 2026 outlook. As of October 31, 2024 we have no borrowings outstanding under our credit facility. Non-GAAP Financial Measures We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of GAAP to non-GAAP financial measures and an explanation of these measures, please see “Non-GAAP financial measures” below. Available Information We intend to use our Company website (including our Investor Relations website) as well as our Facebook, X, LinkedIn and Instagram accounts as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Forward Looking Statements This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, operating leverage, margins, Adjusted EBITDA, cash flows and profitability 3; our ability to finance our plans to achieve our fiscal 2025 and fiscal 2026 outlook with our current cash balance and cash generated in the normal course of business; and our outlook for fiscal 2025 and fiscal 2026, including our expectations regarding revenue, Adjusted EBITDA, AHSCs and Total revenue per AHSC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to comply with the covenants in our credit agreement with Capital One; changes in market conditions and receptivity to our products and services; our ability to develop and release new products and services and successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; the impact of cyberattacks, security incidents or breaches impacting our business; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry and addressable market; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions and partnerships; and difficulties in integrating our acquisitions and investments; and other general, market, political, economic and business conditions (including from the results of the 2024 U.S. presidential and congressional elections and the warfare and/or political and economic instability in Ukraine, the Middle East or elsewhere). The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those listed or described in our filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 that will be filed with the SEC following this press release. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. This press release includes certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, with the exception of our Adjusted EBITDA outlook for the reasons described above. Conference Call Information We will hold a conference call on Monday December 9, 2024 at 5:00 p.m. Eastern Time to review our fiscal 2025 third quarter financial results. To participate in our live conference call and webcast, please dial (800) 715-9871 (or (646) 307-1963 for international participants) using conference code number 7404611 or visit the “Events & Presentations” section of our Investor Relations website at ir.phreesia.com . A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days. About Phreesia Phreesia is a trusted leader in patient activation, giving providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled approximately 150 million patient visits in 2023—more than 1 in 10 visits across the U.S.—scale that we believe allows us to make meaningful impact. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives efficiency and improves healthcare outcomes. Phreesia, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) October 31, 2024 January 31, 2024 (Unaudited) Assets Current: Cash and cash equivalents $ 81,740 $ 87,520 Settlement assets 25,046 28,072 Accounts receivable, net of allowance for doubtful accounts of $1,468 and $1,392 as of October 31, 2024 and January 31, 2024, respectively 71,408 64,863 Deferred contract acquisition costs 362 768 Prepaid expenses and other current assets 11,017 14,461 Total current assets 189,573 195,684 Property and equipment, net of accumulated depreciation and amortization of $87,861 and $76,859 as of October 31, 2024 and January 31, 2024, respectively 25,973 16,902 Capitalized internal-use software, net of accumulated amortization of $53,210 and $45,769 as of October 31, 2024 and January 31, 2024, respectively 51,322 46,139 Operating lease right-of-use assets 1,656 266 Deferred contract acquisition costs 450 986 Intangible assets, net of accumulated amortization of $7,536 and $4,925 as of October 31, 2024 and January 31, 2024, respectively 29,014 31,625 Goodwill 75,845 75,845 Other assets 1,870 2,879 Total Assets $ 375,703 $ 370,326 Liabilities and Stockholders’ Equity Current: Settlement obligations $ 25,046 $ 28,072 Current portion of finance lease liabilities and other debt 8,866 6,056 Current portion of operating lease liabilities 1,021 393 Accounts payable 15,870 8,480 Accrued expenses 29,080 37,130 Deferred revenue 22,188 24,113 Other current liabilities 7,130 5,875 Total current liabilities 109,201 110,119 Long-term finance lease liabilities and other debt 10,292 5,400 Operating lease liabilities, non-current 840 134 Long-term deferred revenue 199 97 Long-term deferred tax liabilities 446 270 Other long-term liabilities 133 2,857 Total Liabilities 121,111 118,877 Commitments and contingencies Stockholders’ Equity: Preferred stock, undesignated, $0.01 par value - 20,000,000 shares authorized as of both October 31, 2024 and January 31, 2024; no shares issued or outstanding as of both October 31, 2024 and January 31, 2024 — — Common stock, $0.01 par value - 500,000,000 shares authorized as of both October 31, 2024 and January 31, 2024; 59,439,197 and 57,709,762 shares issued as of October 31, 2024 and January 31, 2024, respectively 594 577 Additional paid-in capital 1,094,629 1,039,361 Accumulated deficit (795,106 ) (742,969 ) Accumulated other comprehensive loss (5 ) — Treasury stock, at cost, 1,355,169 shares as of both October 31, 2024 and January 31, 2024 (45,520 ) (45,520 ) Total Stockholders’ Equity 254,592 251,449 Total Liabilities and Stockholders’ Equity $ 375,703 $ 370,326 Phreesia, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Revenue: Subscription and related services $ 49,363 $ 42,595 $ 144,717 $ 119,783 Payment processing fees 24,704 23,218 77,064 71,102 Network solutions 32,733 25,806 88,351 70,409 Total revenues 106,800 91,619 310,132 261,294 Expenses: Cost of revenue (excluding depreciation and amortization) 17,854 15,529 49,720 44,885 Payment processing expense 16,683 15,410 51,648 47,352 Sales and marketing 30,071 36,478 92,266 111,135 Research and development 29,315 28,544 87,738 82,484 General and administrative 19,633 20,240 58,182 61,105 Depreciation 3,566 4,483 11,011 13,231 Amortization 3,521 2,980 10,052 8,003 Total expenses 120,643 123,664 360,617 368,195 Operating loss (13,843 ) (32,045 ) (50,485 ) (106,901 ) Other expense, net (144 ) (47 ) (261 ) (39 ) Interest income, net 26 523 311 2,027 Total other (expense) income, net (118 ) 476 50 1,988 Loss before provision for income taxes (13,961 ) (31,569 ) (50,435 ) (104,913 ) Provision for income taxes (442 ) (372 ) (1,702 ) (1,326 ) Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.25 ) $ (0.58 ) $ (0.91 ) $ (1.96 ) Weighted-average common shares outstanding, basic and diluted 57,891,591 55,251,074 57,358,637 54,139,555 (1) Our potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Phreesia, Inc. Consolidated Statements of Comprehensive Loss (Unaudited) (in thousands) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Other comprehensive loss, net of tax: Change in foreign currency translation adjustments, net of tax (3 ) — (5 ) — Other comprehensive loss, net of tax (3 ) — (5 ) — Comprehensive loss $ (14,406 ) $ (31,941 ) $ (52,142 ) $ (106,239 ) Phreesia, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Operating activities: Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 7,087 7,463 21,063 21,234 Stock-based compensation expense 16,525 17,963 49,813 53,749 Amortization of deferred financing costs and debt discount 62 84 174 253 Cost of Phreesia hardware purchased by customers 571 582 1,248 1,232 Deferred contract acquisition costs amortization 1,322 235 1,706 855 Non-cash operating lease expense 207 142 568 484 Deferred taxes 57 39 176 181 Changes in operating assets and liabilities: Accounts receivable (10,141 ) (991 ) (6,558 ) (3,361 ) Prepaid expenses and other assets 1,005 (1,530 ) 4,286 (761 ) Deferred contract acquisition costs (552 ) — (765 ) — Accounts payable 6,948 1,189 5,198 (1,226 ) Accrued expenses and other liabilities (3,655 ) 469 (6,202 ) 6,530 Lease liabilities (202 ) (232 ) (622 ) (884 ) Deferred revenue 954 218 (1,823 ) (1,347 ) Net cash provided by (used in) operating activities 5,785 (6,310 ) 16,125 (29,300 ) Investing activities: Acquisitions, net of cash acquired — (10,406 ) — (14,279 ) Capitalized internal-use software (3,566 ) (4,069 ) (11,112 ) (13,889 ) Purchases of property and equipment (616 ) (1,242 ) (5,919 ) (3,344 ) Net cash used in investing activities (4,182 ) (15,717 ) (17,031 ) (31,512 ) Financing activities: Proceeds from issuance of common stock upon exercise of stock options 17 250 583 925 Treasury stock to satisfy tax withholdings on stock compensation awards — (1,451 ) — (12,176 ) Proceeds from employee stock purchase plan 840 919 2,443 2,782 Finance lease payments (1,895 ) (1,729 ) (5,170 ) (5,156 ) Constructive financing — — — 1,688 Principal payments on financing agreements (304 ) (273 ) (888 ) (318 ) Debt issuance costs and loan facility fee payments — — (152 ) (250 ) Financing payments of acquisition-related liabilities (309 ) — (1,673 ) — Net cash used in financing activities (1,651 ) (2,284 ) (4,857 ) (12,505 ) Effect of exchange rate changes on cash and cash equivalents (10 ) — (17 ) — Net decrease in cash and cash equivalents (58 ) (24,311 ) (5,780 ) (73,317 ) Cash and cash equivalents – beginning of period 81,798 127,677 87,520 176,683 Cash and cash equivalents – end of period $ 81,740 $ 103,366 $ 81,740 $ 103,366 Supplemental information of non-cash investing and financing information: Right of use assets acquired in exchange for operating lease liabilities $ — $ 346 $ 1,958 $ 346 Property and equipment acquisitions through finance leases $ 6,847 $ 371 $ 13,709 $ 7,438 Purchase of property and equipment and capitalized software included in current liabilities $ 3,508 $ 2,911 $ 3,508 $ 2,911 Capitalized stock-based compensation $ 343 $ 309 $ 1,006 $ 1,023 Issuance of stock to settle liabilities for stock-based compensation $ 2,853 $ 3,420 $ 10,679 $ 10,641 Issuance of stock as consideration in business combinations $ — $ 30,645 $ — $ 35,321 Deferred consideration liabilities payable in business combinations $ — $ 10,294 $ — $ 10,294 Capitalized software acquired through vendor financing $ — $ — $ — $ 2,047 Cash paid for: Interest $ 595 $ 295 $ 1,459 $ 649 Income taxes $ 549 $ — $ 2,559 $ 48 Non-GAAP Financial Measures This press release and statements made during the above-referenced webcast may include certain non-GAAP financial measures as defined by SEC rules. Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income or loss or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity. We define Adjusted EBITDA as net income or loss before interest income, net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense and other expense, net. We have provided below a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this press release and our Quarterly Report on Form 10-Q to be filed after this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows: Because of these and other limitations, you should consider Adjusted EBITDA along with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and our GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods indicated: Phreesia, Inc. Adjusted EBITDA ( Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Interest income, net (26 ) (523 ) (311 ) (2,027 ) Provision for income taxes 442 372 1,702 1,326 Depreciation and amortization 7,087 7,463 21,063 21,234 Stock-based compensation expense 16,525 17,963 49,813 53,749 Other expense, net 144 47 261 39 Adjusted EBITDA $ 9,769 $ (6,619 ) $ 20,391 $ (31,918 ) We calculate Free cash flow as Net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. Additionally, Free cash flow is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic investments, partnerships and acquisitions and strengthening our financial position. The following table presents a reconciliation of Free cash flow from Net cash provided by (used in) operating activities, the most directly comparable GAAP financial measure, for each of the periods indicated: Phreesia, Inc. Free cash flow ( Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands, unaudited) 2024 2023 2024 2023 Net cash provided by (used in) operating activities $ 5,785 $ (6,310 ) $ 16,125 $ (29,300 ) Less: Capitalized internal-use software (3,566 ) (4,069 ) (11,112 ) (13,889 ) Purchases of property and equipment (616 ) (1,242 ) (5,919 ) (3,344 ) Free cash flow $ 1,603 $ (11,621 ) $ (906 ) $ (46,533 ) Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 GAAP operating expenses General and administrative $ 19,633 $ 20,240 $ 58,182 $ 61,105 Sales and marketing 30,071 36,478 92,266 111,135 Research and development 29,315 28,544 87,738 82,484 Cost of revenue (excluding depreciation and amortization) 17,854 15,529 49,720 44,885 $ 96,873 $ 100,791 $ 287,906 $ 299,609 Stock compensation included in GAAP operating expenses General and administrative $ 6,049 $ 5,798 $ 18,534 $ 17,423 Sales and marketing 5,431 6,322 16,500 19,850 Research and development 3,793 4,561 11,049 13,002 Cost of revenue (excluding depreciation and amortization) 1,252 1,282 3,730 3,474 $ 16,525 $ 17,963 $ 49,813 $ 53,749 Adjusted operating expenses General and administrative $ 13,584 $ 14,442 $ 39,648 $ 43,682 Sales and marketing 24,640 30,156 75,766 91,285 Research and development 25,522 23,983 76,689 69,482 Cost of revenue (excluding depreciation and amortization) 16,602 14,247 45,990 41,411 $ 80,348 $ 82,828 $ 238,093 $ 245,860 Phreesia, Inc. Key Metrics (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Key Metrics: Average number of healthcare services clients ("AHSCs") 4,237 3,688 4,157 3,481 Healthcare services revenue per AHSC $ 17,481 $ 17,845 $ 53,351 $ 54,836 Total revenue per AHSC $ 25,207 $ 24,842 $ 74,605 $ 75,063 The definitions of our key metrics are presented below. Additional Information (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Patient payment volume (in millions) $ 1,081 $ 965 $ 3,340 $ 2,970 Payment facilitator volume percentage 81 % 82 % 81 % 82 % ______________________________ 1 Adjusted EBITDA is a non-GAAP measure. We define Adjusted EBITDA as net income or loss before interest income, net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense and other expense, net. See “Non-GAAP Financial Measures” for a reconciliation of Adjusted EBITDA to the closest GAAP measure. 2 Free cash flow is a non-GAAP measure. We define Free cash flow as net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. See “Non-GAAP Financial Measures” for a reconciliation of Free cash flow to the closest GAAP measure. 3 We define “profitability,” discussed herein, in terms of Adjusted EBITDA, a non-GAAP financial measure. See ‘Non-GAAP Financial Measures’ for a definition of Adjusted EBITDA and a reconciliation of our Adjusted EBITDA to Net loss, the closest GAAP measure. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209683231/en/ CONTACT: Investor Relations Contact:Balaji Gandhi Phreesia, Inc. investors@phreesia.com (929) 506-4950Media Contact:Nicole Gist Phreesia, Inc. nicole.gist@phreesia.com (407) 760-6274 KEYWORD: DELAWARE UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SCIENCE SOFTWARE PRACTICE MANAGEMENT RESEARCH HEALTH HOSPITALS HEALTH TECHNOLOGY TECHNOLOGY SOURCE: Phreesia, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:05 PM/DISC: 12/09/2024 04:05 PM http://www.businesswire.com/news/home/20241209683231/enBROOMFIELD, 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
NFM Family of Lenders Named a Top Workplace by the Baltimore Sun for 13th Consecutive Year
SAN FRANCISCO — A former OpenAI researcher known for whistleblowing the blockbuster artificial intelligence company facing a swell of lawsuits over its business model has died, authorities confirmed this week. Suchir Balaji, 26, was found dead inside his Buchanan Street apartment on Nov. 26, San Francisco police and the Office of the Chief Medical Examiner said. Police had been called to the Lower Haight residence at about 1 p.m. that day, after receiving a call asking officers to check on his well-being, a police spokesperson said. The medical examiner’s office has not released his cause of death, but police officials this week said there is “currently, no evidence of foul play.” Information he held was expected to play a key part in lawsuits against the San Francisco-based company. Balaji’s death comes three months after he publicly accused OpenAI of violating U.S. copyright law while developing ChatGPT, a generative artificial intelligence program that has become a moneymaking sensation used by hundreds of millions of people across the world. Its public release in late 2022 spurred a torrent of lawsuits against OpenAI from authors, computer programmers and journalists, who say the company illegally stole their copyrighted material to train its program and elevate its value past $150 billion. The Mercury News and seven sister news outlets are among several newspapers, including the New York Times, to sue OpenAI in the past year. In an interview with the New York Times published Oct. 23, Balaji argued OpenAI was harming businesses and entrepreneurs whose data were used to train ChatGPT. “If you believe what I believe, you have to just leave the company,” he told the outlet, adding that “this is not a sustainable model for the internet ecosystem as a whole.” Balaji grew up in Cupertino before attending UC Berkeley to study computer science. It was then he became a believer in the potential benefits that artificial intelligence could offer society, including its ability to cure diseases and stop aging, the Times reported. “I thought we could invent some kind of scientist that could help solve them,” he told the newspaper. But his outlook began to sour in 2022, two years after joining OpenAI as a researcher. He grew particularly concerned about his assignment of gathering data from the internet for the company’s GPT-4 program, which analyzed text from nearly the entire internet to train its artificial intelligence program, the news outlet reported. The practice, he told the Times, ran afoul of the country’s “fair use” laws governing how people can use previously published work. In late October, he posted an analysis on his personal website arguing that point. No known factors “seem to weigh in favor of ChatGPT being a fair use of its training data,” Balaji wrote. “That being said, none of the arguments here are fundamentally specific to ChatGPT either, and similar arguments could be made for many generative AI products in a wide variety of domains.” Reached by this news agency, Balaji’s mother requested privacy while grieving the death of her son. In a Nov. 18 letter filed in federal court, attorneys for The New York Times named Balaji as someone who had “unique and relevant documents” that would support their case against OpenAI. He was among at least 12 people — many of them past or present OpenAI employees — the newspaper had named in court filings as having material helpful to their case, ahead of depositions. Generative artificial intelligence programs work by analyzing an immense amount of data from the internet and using it to answer prompts submitted by users, or to create text, images or videos. When OpenAI released its ChatGPT program in late 2022, it turbocharged an industry of companies seeking to write essays, make art and create computer code. Many of the most valuable companies in the world now work in the field of artificial intelligence, or manufacture the computer chips needed to run those programs. OpenAI’s own value nearly doubled in the past year. News outlets have argued that OpenAI and Microsoft — which is in business with OpenAI also also has been sued by The Mercury News — have plagiarized and stole its articles, undermining their business models. “Microsoft and OpenAI simply take the work product of reporters, journalists, editorial writers, editors and others who contribute to the work of local newspapers — all without any regard for the efforts, much less the legal rights, of those who create and publish the news on which local communities rely,” the newspapers’ lawsuit said. OpenAI has staunchly refuted those claims, stressing that all of its work remains legal under “fair use” laws. “We see immense potential for AI tools like ChatGPT to deepen publishers’ relationships with readers and enhance the news experience,” the company said when the lawsuit was filed. Jakob Rodgers is a senior breaking news reporter. Call, text or send him an encrypted message via Signal at 510-390-2351, or email him at jrodgers@bayareanewsgroup.com.ATLANTA , Dec. 10, 2024 /PRNewswire/ -- Food Logistics , the only publication exclusively dedicated to covering the movement of product through the global cold food supply chain, and Supply & Demand Chain Executive , the only publication covering the entire global supply chain, named ORTEC as one of the winners of this year's Top Software & Tech award, which spotlights new-to-market software and technology solutions designed to provide automation, efficiency and visibility to the supply chain space. This is the second time ORTEC has received this recognition. "Automation, sustainability, smart technology, supply chain optimization and risk management were the major themes of this year's new software and technology solutions. These new products and enhancements are upping the ante in modernizing how product moves through the chain, and I appreciate everything this year's winners do to ensure the safety, security and sustainability of our supply chains," says Marina Mayer , Editor-in-Chief of Food Logistics and Supply & Demand Chain Executive . Go to https://foodl.me/kmr2r068 to view the full list of winners. "It is a tremendous honor to be recognized by Food Logistics once again for our commitment to delivering world-class technology solutions," says Mat Witte, CEO of ORTEC Americas. "At ORTEC, we continuously strive to innovate and enhance our products to meet the evolving needs of our customers in foodservice, beverage, and grocery distribution. This recognition reinforces our dedication to providing advanced optimization solutions that drive efficiency and success." About Food Logistics and Supply & Demand Chain Executive Food Logistics reaches more than 26,000 supply chain executives in the global food and beverage industries, including executives in the food sector (growers, producers, manufacturers, wholesalers and grocers) and the logistics section (transportation, warehousing, distribution, software and technology) who share a mutual interest in the operations and business aspects of the global cold food supply chain. Go to www.FoodLogistics.com and www.SDCExec. About IRONMARKETS IRONMARKETS , formerly known as AC Business Media , is a leading business-to-business media and buyer engagement platform with a portfolio of renowned brands in heavy construction, asphalt, concrete, paving, rental, sustainability, landscape, manufacturing, logistics, and supply chain markets. Learn more at https://www.iron.markets . About ORTEC ORTEC is a leading provider of advanced analytics and optimization solutions, dedicated to helping organizations to optimize their resources, reduce costs, and drive sustainable growth. By integrating advanced analytics into their operations, ORTEC empowers organizations to make informed decisions that lead to transformative outcomes and a competitive edge in the market. Discover more about ORTEC's optimized solutions for Foodservice and Beverage Distribution Industries. ORTEC US COMPANY CONTACT Lisa Beck Director ORTEC Americas +1.443.980.7840 [email protected] SOURCE ORTECHere’s what to know about the new funding deal that countries agreed to at UN climate talks
KANSAS CITY, Mo. — A Missouri Republican lawmaker wants every public and charter school classroom in the state to display the Ten Commandments, sparking concern from at least one Kansas City area school district. A bill filed this month by Rep. Hardy Billington, a Poplar Bluff Republican, would require public school districts and charter schools to display copies of the Ten Commandments, a set of ethical directions from the Old Testament, in every building and classroom. The legislation is part of a broader push to inject religious teachings into schools and comes as a growing number of Republicans nationally have openly embraced arguments that American politics and culture are rooted in the Christian faith. Billington’s bill also follows similar legislation in other GOP-led states, such as Louisiana , which recently passed a law to require the Ten Commandments in schools. A federal judge last month blocked the Louisiana law on constitutional grounds. “The Ten Commandments is basically throughout our country, right?” said Billington, who serves as majority whip in the House. “I think that would be a good thing for kids to see, not that they got to promote it, or do anything about it, but it’s good to be there, right? To, you know, walk by and see it in the hallway.” “If we all obeyed the Ten Commandments, wouldn’t our country be a lot better off? Be a lot safer, wouldn’t it?” he added. Billington’s legislation would allow, but not require, school boards to pay for displays of the Ten Commandments. It would also allow the districts to accept donated copies. School boards and charter school governing boards would have the power to determine “the nature of the display.” However, Billington’s legislation would set some requirements. Each classroom display would have to be a poster or framed document at least 11 inches by 14 inches large. The text of the Ten Commandments would also have to be the central focus of the display and printed in a “large, easily readable font.” The displays would be required to include the full text of the Ten Commandments, which begins with the phrase “I AM the LORD thy God” followed by the commandments. The displays would include phrases such as: “Thou shalt have no other gods before me,” “Remember the Sabbath day, to keep it holy,” “Thou shalt not kill,” and “Thou shalt not covet thy neighbor’s house, thou shalt not covet thy neighbor’s wife.” Kelly Wachel, a spokesperson for the Park Hill School District in Kansas City, said the legislation raised a number of questions, including whether the bill supports the ability for school boards to make decisions about what’s best for students of all backgrounds, religions and beliefs. “How does this legislation impact the enshrined rights in our U.S. and state constitution around keeping church and state separate?” Wachel said in an email. In addition to those concerns, Wachel said her district wants lawmakers to focus on crafting legislation that addresses several issues that currently affect schools such as: increased funding, access to resources and opportunities for students, money to support safety measures to protect students and staff, and teacher development. Billington filed the legislation ahead of the upcoming legislative session, which begins next month. While it’s still unclear how much attention the bill will receive throughout the year — particularly among members of Republican leadership — at least two Republican lawmakers expressed general support. “I would be supportive of that legislation,” said Rep. Brian Seitz, a Branson Republican. “We have not discussed it as a caucus yet, but I know that other states recently have decided to do that.” Seitz added that he felt the bill was “wholly appropriate. There’s nothing offensive in the Ten Commandments.” But Billington’s legislation would also certainly face legal challenges if lawmakers pass it this upcoming session, just as the law in Louisiana has. Tom Bastian, a spokesperson for the ACLU of Missouri, ripped the legislation as unconstitutional in a statement. He pointed to a 1980 U.S. Supreme Court ruling that found a similar Kentucky law violated the Establishment Clause of the First Amendment. “Public schools are meant to provide students with equal access to education, free from discrimination based on religion, race, and ethnicity, or the official endorsement of any religion,” Bastian said. “The use of political power to force students to adopt the preferred religious beliefs of a state representative is the proselytization of our children and a violation of the First Amendment’s Establishment Clause.” Billington, however, appeared to signal that he felt his bill would hold up in court. He pointed to the makeup of the U.S. Supreme Court, which has grown more conservative in recent years. “Everybody disagrees with some point, but I think it’s something the Supreme Court would agree with now,” he said. “We got a very — a lot more conservative Supreme Court than we’ve had in the past.” ©2024 The Kansas City Star. Visit kansascity.com . Distributed by Tribune Content Agency, LLC.NEW YORK , Dec. 10, 2024 /PRNewswire/ -- Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Light & Wonder, Inc. (NASDAQ: LNW) resulting from allegations that Light & Wonder may have issued materially misleading business information to the investing public. So What: If you purchased Light & Wonder securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=29678 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. What is this about: On September 24, 2024 , the Las Vegas Review-Journal published an article entitled "Slot manufacturer scores major win against Las Vegas -based rival." The article stated that "Aristocrat Technologies Inc.'s request for a preliminary injunction in its trade-secret and copyright infringement lawsuit against Light & Wonder" had been granted, and that the "order prohibits [Light & Wonder] from the 'continued or planned sale, leasing, or other commercialization of Dragon Train,' which Aristocrat claims uses intellectual property developed for its Dragon Link and Lightning Link games." On this news, Light & Wonder's common stock fell 19.49% on September 24, 2024 . Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm , on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/ . Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@rosenlegal.com www.rosenlegal.com View original content to download multimedia: https://www.prnewswire.com/news-releases/rosen-law-firm-encourages-light--wonder-inc-investors-to-inquire-about-securities-class-action-investigation--lnw-302327948.html SOURCE THE ROSEN LAW FIRM, P. A. Stay Informed: Subscribe to Our Newsletter Today
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