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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 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. 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. Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures Presented below is a reconciliation of net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three months ended October 31, 2024 and 2023. Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA calculated in accordance with GAAP for the twelve months ended October 31, 2024. The following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended October 31, 2024 . The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October 31, 2024 and 2023. The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2025 guidance. SOURCE Vail Resorts, Inc.
Therefore, it is time for the online community to reflect on their actions and consider extending an apology to the Target for the undue stress and negativity they have caused him. By acknowledging their hasty conclusions and choosing to be more thoughtful in their interactions online, netizens can help foster a more compassionate and inclusive digital environment for all.None
Daniel Jones is free to sign with any NFL team after clearing waivers on Monday, which also means the team that signs the former New York Giants quarterback won't be on the hook for the nearly $12 million that was remaining on his contract this year or his $23 million injury guarantee. Jones was released at his request by the Giants on Saturday after the former first-round pick was benched last week. He reportedly wants to join a contender, and there are expected to be multiple teams interested. The two teams reported to have the most initial interest in Jones are also being offered as the most likely to sign him by one sportsbook. The Baltimore Ravens currently have journeyman backup Josh Johnson behind starting quarterback Lamar Jackson. Jones would potentially provide a third option, and one whose mobility could make him an intriguing fit in offensive coordinator Todd Monken's system The Ravens were installed as the 2/1 favorites to land Jones ahead of the Minnesota Vikings (5/2), who have veterans Nick Mullens and Brett Rypien behind starter Sam Darnold. They would likely view Jones as an upgrade. "I really can't get into too much about any short-term or long-term," Vikings coach Kevin O'Connell said Monday when asked about Jones, per ESPN's Adam Schefter. "I can just say that I've been a big fan of Daniel's for a long time and I hope wherever his next step takes him, it's a good opportunity for him." The Las Vegas Raiders (5/1) don't fall into the category of contenders after falling to 2-9 amid a seven-game losing streak. However, they could provide the most immediate opportunity to play with Gardner Minshew suffering a season-ending broken collarbone on Sunday that is expected to end his season. Second-year quarterback Aidan O'Connell is close to returning from a thumb injury, but coach Antonio Pierce acknowledged after Sunday's game that, "We're going to need somebody, right?" If O'Connell isn't ready to face the Kansas City Chiefs on Black Friday, Desmond Ridder is expected to get the start. The Dallas Cowboys (7/1) would fall into a similar category, with Dak Prescott out for the season following hamstring surgery and being replaced by Cooper Rush. Another intriguing possibility lies with Detroit, where the 10-1 Lions' offense is rolling with Jared Goff at the helm. However, should he go down to injury the only other quarterback on the roster is rookie Hendon Hooker. That has contributed to the Lions having 7/1 odds to sign Jones. DANIEL JONES NEXT TEAM ODDS* Baltimore Ravens (2/1) Minnesota Vikings (5/2) Las Vegas Raiders (5/1) Dallas Cowboys (7/1) Detroit Lions (7/1) Miami Dolphins (7/1) San Francisco 49ers (8/1) Carolina Panthers (10/1) Seattle Seahawks (16/1) Indianapolis Colts (20/1) New England Patriots (25/1) New Orleans Saints (25/1) New York Jets (25/1) Tennessee Titans (25/1) Atlanta Falcons (28/1) Arizona Cardinals (33/1) Chicago Bears (33/1) Cleveland Browns (33/1) Denver Broncos (33/1) Jacksonville Jaguars (40/1) Los Angeles Chargers (50/1) Los Angeles Rams (50/1) Pittsburgh Steelers (50/1) Tampa Bay Buccaneers (50/1) Washington Commanders (50/1) Cincinnati Bengals (66/1) Green Bay Packers (66/1) Houston Texans (66/1) Philadelphia Eagles (66/1) Buffalo Bills (75/1) Kansas City Chiefs (75/1) Any CFL Team (80/1) Any XFL Team (80/1) *Odds provided by SportsBetting.ag are for entertainment purposes only. --Field Level Media
One night last month, near the end of the Chicago International Film Festival, a particularly long line of moviegoers snaked down Southport Avenue by the Music Box Theatre. The hot ticket? This fall’s hottest ticket, in fact, all over the international festival circuit? Well, it’s a 215-minute drama about a fictional Hungarian Jewish architect who emigrates to America in 1947 after surviving the Holocaust. The film’s title, “The Brutalist,” references several things, firstly a post-World War II design imperative made of stern concrete, steel, and a collision of poetry and functionality. Director and co-writer Brady Corbet, who wrote “The Brutalist” with his filmmaker wife, Mona Fastvold, explores brutalism in other forms as well, including love, envy, capitalist economics and how the promise of America eludes someone like the visionary architect László Tóth, played by Adrien Brody. Corbet, now 36 and a good bet for Oscar nominations this coming January, says his unfashionable sprawl of a picture, being distributed by A24, is also about the “strange relationship between artist and patron, and art and commerce.” It co-stars Felicity Jones as the visionary architect’s wife, Erzsébet, trapped in Eastern Europe after the war with their niece for an agonizingly long time. Guy Pearce portrays the imperious Philadelphia blueblood who hires Tóth, a near-invisible figure in his adopted country, to design a monumental public building known as the Institute in rural Pennsylvania. The project becomes an obsession, then a breaking point and then something else. Corbet’s project, which took the better part of a decade to come together after falling apart more than once, felt like that, too. Spanning five decades and filmed in Hungary and Italy, “The Brutalist” looks like a well-spent $50 million project. In actuality, it was made for a mere $10 million, with Corbet and cinematographer Lol Crawley shooting on film, largely in the VistaVision process. The filmmaker said at the Chicago festival screening: “Who woulda thunk that for screening after screening over the last couple of months, people stood in line around the block to get into a three-and-a-half-hour movie about a mid-century designer?” He lives in Brooklyn, New York, with Fastvold and their daughter. Our conversation has been edited for clarity and length. Q: Putting together an independent movie, keeping it on track, getting it made: not easy, as you told the Music Box audience last night. Money is inevitably going to be part of the story of “The Brutalist,” since you had only so much to make a far-flung historical epic. A: Yeah, that’s right. In relation to my earlier features, “The Childhood of a Leader” had a $3 million budget. The budget for “Vox Lux” was right around $10 million, same as “The Brutalist,” although the actual production budget for “Vox Lux” was about $4.5 million. Which is to say: All the money on top of that was going to all the wrong places. For a lot of reasons, when my wife and I finished the screenplay for “The Brutalist,” we ruled out scouting locations in Philadelphia or anywhere in the northeastern United States. We needed to (film) somewhere with a lot less red tape. My wife’s previous film, “The World to Come,” she made in Romania; we shot “Childhood of a Leader” in Hungary. For “The Brutalist” we initially landed on Poland, but this was early on in COVID and Poland shut its borders the week our crew was arriving for pre-production. When we finally got things up and running again with a different iteration of the cast (the original ensemble was to star Joel Edgerton, Marion Cotillard and Mark Rylance), after nine months, the movie fell apart again because Russia’s invasion of Ukraine. We couldn’t get any of the banks to cash-flow the tax credit (for location shooting in Poland). It’s completely stable now, but at that time the banks were nervous about whether the war would be contained to Ukraine or not. And then we finally got it up and running in Budapest, Hungary. Q: That’s a long time. A: Every filmmaker I know suffers from some form of post-traumatic stress (laughs). It sounds funny but it’s true. At every level. On the level of independent cinema, you’re just so damn poor. You’re not making any money, and yet from nose to tail, at minimum, a movie always takes a couple of years. With bigger projects, you might have a little more personal security but a lot less creative security with so many more cooks in the kitchen. Either route you choose, it can be an arduous and painful one. Whether you’re making a movie for a million dollars, or $10 million, or $100 million, it’s still “millions of dollars.” And if you’re concerned about the lives and livelihoods of the people working with you, it’s especially stressful. People are constantly calling you: “Is it happening? Are we starting? Should I take this other job or not?” And you have 250 people who need that answer from you. Every iteration of the project, I always thought we were really about to start in a week, two weeks. It’s just very challenging interpersonally. It’s an imposition for everyone in your life. And then there’s the imposition of screening a movie that’s three-and-a-half-hours long for film festivals, where it’s difficult to find that kind of real estate on the schedule. So essentially, making a movie means constantly apologizing. Q: At what point in your acting career did you take a strong interest in what was going on behind the camera? A: I was making short films when I was 11, 12 years old. The first thing I ever made more properly, I guess, was a short film I made when I was 18, “Protect You + Me,” shot by (cinematographer) Darius Khondji. It was supposed to be part of a triptych of films, and I went to Paris for the two films that followed it. And then all the financing fell through. But that first one screened at the London film festival, and won a prize at Sundance, and I was making music videos and other stuff by then. Q: You’ve written a lot of screenplays with your wife. How many? A: Probably 25. We work a lot for other people, too. I think we’ve done six together for our own projects. Sometimes I’ll start something at night and my wife will finish in the morning. Sometimes we work very closely together, talking and typing together. It’s always different. Right now I’m writing a lot on the road, and my wife is editing her film, which is a musical we wrote, “Ann Lee,” about the founder of the Shakers. I’m working on my next movie now, which spans a lot of time, like “The Brutalist,” with a lot of locations. And I need to make sure we can do it for not a lot of money, because it’s just not possible to have a lot of money and total autonomy. For me making a movie is like cooking. If everyone starts coming in and throwing a dash of this or that in the pot, it won’t work out. A continuity of vision is what I look for when I read a novel. Same with watching a film. A lot of stuff out there today, appropriately referred to as “content,” has more in common with a pair of Nikes than it does with narrative cinema. Q: Yeah, I can’t imagine a lot of Hollywood executives who’d sign off on “The Brutalist.” A: Well, even with our terrific producing team, I mean, everyone was up for a three-hour movie but we were sort of pushing it with three-and-a-half (laughs). I figured, worst-case scenario, it opens on a streamer. Not what I had in mind, but people watch stuff that’s eight, 12 hours long all the time. They get a cold, they watch four seasons of “Succession.” (A24 is releasing the film in theaters, gradually.) It was important for all of us to try to capture an entire century’s worth of thinking about design with “The Brutalist.” For me, making something means expressing a feeling I have about our history. I’ve described my films as poetic films about politics, that go to places politics alone cannot reach. It’s one thing to say something like “history repeats itself.” It’s another thing to make people see that, and feel it. I really want viewers to engage with the past, and the trauma of that history can be uncomfortable, or dusty, or dry. But if you can make it something vital, and tangible, the way great professors can do for their students, that’s my definition of success. “The Brutalist” opens in New York and Los Angeles on Dec. 20. The Chicago release is Jan. 10, 2025. Michael Phillips is a Tribune critic.
Mettler-Toledo International Inc. stock outperforms competitors despite losses on the day
Title: Media: Possible Continued Interest Rate Cuts and Reserve Requirement Ratio Reductions in the First Half of Next Year, Clear Policy Signals
However, the controversy surrounding the TGA Players' Voice finalists serves as a reminder of the ongoing debate within the gaming community about the ethics of microtransactions, loot box mechanics, and the commercialization of gaming. As the industry continues to evolve, it is essential for players, developers, and award shows like TGA to engage in constructive dialogue about the future direction of gaming and how to balance profitability with artistic merit and player satisfaction.
In the wake of Liu Dameili's passing, attention has turned towards her young son, who is now left without a mother to guide and support him through his formative years. The heart-wrenching reality of a child losing a parent at such a young age has struck a chord with many, prompting an outpouring of support and offers of help from the online community.By STEVE LeBLANC, Associated Press BOSTON (AP) — A Massachusetts judge dismissed criminal charges Monday against a backer of Karen Read who admitted placing dozens of yellow rubber ducks and fake $100 bills around town in support of Read. Richard Schiffer Jr. had argued in Stoughton District Court that he had a First Amendment right to support the defense theory that Read — accused of ramming into her boyfriend John O’Keefe with her SUV and leaving the Boston police officer to die in a snowstorm — has been framed in the polarizing murder case. Schiffer’s attorney Timothy Bradl said Monday that the judge made the right call by quickly tossing the felony witness intimidation and criminal harassment charges against Schiffer. The ruling comes as another judge decided Monday to push back Read’s retrial to April after a mistrial was declared in July when jurors couldn’t reach an agreement. Read was facing second-degree murder charges and two other charges. Her attorneys have argued that other law enforcement officers were responsible for O’Keefe’s death. Regarding Schiffer’s charges, Bradl said, “There wasn’t a leg to stand on.” “Hats off to the judge. He didn’t make everyone wait and ruled from the bench. Everything was completely protected by the First Amendment. This was political speech,” Bradl said. The Norfolk District Attorney’s office declined to comment. Schiffer has said he got the ducks idea after thinking about a defense lawyer’s closing argument that Read was framed. Alan Jackson told jurors that “if it walks like a duck and talks like a duck, it’s a duck.” Schiffer’s actions did not rise to the level of witness intimidation and criminal harassment “nor does his speech, or in this case his written word on fake currency and use of rubber toys, which are afforded the protections of the First Amendment,” Judge Brian Walsh wrote. “It is the view of this Court that the defendant’s conduct and speech, though a rather sophomoric expression of his opinion, is nonetheless protected speech,” he wrote. Walsh concluded the two-page ruling with quotes from Indiana poet James Whitcomb Riley, believed to have coined the “walks like a duck” phrase, and Robert McCloskey, author of the children’s book “Make Way For Ducklings.” The defense alleged that O’Keefe was actually killed inside the home of his fellow Boston officer Brian Albert and then dragged outside. They argued that investigators focused on Read because she was a “convenient outsider” who saved them from having to consider law enforcement officers as suspects. Schiffer has been among the dozens of Read supporters who accuse state and local law enforcement of a widespread cover-up. Their demonstrations have led to confrontations, especially in the town of Canton where the murder happened, between those who support Read and others who believe she is guilty. Schiffer, who owns Canton Fence and has said that he knows practically everyone in town through his contracting work, was accused of placing some of the ducks outside a pizza shop run by Brian Albert’s brother, Canton Selectman Chris Albert. Other ducks appeared in O’Keefe’s neighborhood. Boston.com Today Sign up to receive the latest headlines in your inbox each morning. Be civil. Be kind.
5. **Prioritize Mental Health Support**: Companies should provide resources for mental health support, such as counseling services, mental health days, and stress management programs. Creating a culture that values mental well-being can help prevent burnout and promote a healthier workforce.
In space no one can sniff your smells: Odor from Russian spacecraft leaves scientists baffled
Title: Alibaba Data Center Fire: Official Statement Confirms No Casualties, Blaze ExtinguishedDaniel Jones is free to sign with any NFL team after clearing waivers on Monday, which also means the team that signs the former New York Giants quarterback won't be on the hook for the nearly $12 million that was remaining on his contract this year or his $23 million injury guarantee. Jones was released at his request by the Giants on Saturday after the former first-round pick was benched last week. He reportedly wants to join a contender, and there are expected to be multiple teams interested. The two teams reported to have the most initial interest in Jones are also being offered as the most likely to sign him by one sportsbook. The Baltimore Ravens currently have journeyman backup Josh Johnson behind starting quarterback Lamar Jackson. Jones would potentially provide a third option, and one whose mobility could make him an intriguing fit in offensive coordinator Todd Monken's system The Ravens were installed as the 2/1 favorites to land Jones ahead of the Minnesota Vikings (5/2), who have veterans Nick Mullens and Brett Rypien behind starter Sam Darnold. They would likely view Jones as an upgrade. "I really can't get into too much about any short-term or long-term," Vikings coach Kevin O'Connell said Monday when asked about Jones, per ESPN's Adam Schefter. "I can just say that I've been a big fan of Daniel's for a long time and I hope wherever his next step takes him, it's a good opportunity for him." The Las Vegas Raiders (5/1) don't fall into the category of contenders after falling to 2-9 amid a seven-game losing streak. However, they could provide the most immediate opportunity to play with Gardner Minshew suffering a season-ending broken collarbone on Sunday that is expected to end his season. Second-year quarterback Aidan O'Connell is close to returning from a thumb injury, but coach Antonio Pierce acknowledged after Sunday's game that, "We're going to need somebody, right?" If O'Connell isn't ready to face the Kansas City Chiefs on Black Friday, Desmond Ridder is expected to get the start. The Dallas Cowboys (7/1) would fall into a similar category, with Dak Prescott out for the season following hamstring surgery and being replaced by Cooper Rush. Another intriguing possibility lies with Detroit, where the 10-1 Lions' offense is rolling with Jared Goff at the helm. However, should he go down to injury the only other quarterback on the roster is rookie Hendon Hooker. That has contributed to the Lions having 7/1 odds to sign Jones. DANIEL JONES NEXT TEAM ODDS* Baltimore Ravens (2/1) Minnesota Vikings (5/2) Las Vegas Raiders (5/1) Dallas Cowboys (7/1) Detroit Lions (7/1) Miami Dolphins (7/1) San Francisco 49ers (8/1) Carolina Panthers (10/1) Seattle Seahawks (16/1) Indianapolis Colts (20/1) New England Patriots (25/1) New Orleans Saints (25/1) New York Jets (25/1) Tennessee Titans (25/1) Atlanta Falcons (28/1) Arizona Cardinals (33/1) Chicago Bears (33/1) Cleveland Browns (33/1) Denver Broncos (33/1) Jacksonville Jaguars (40/1) Los Angeles Chargers (50/1) Los Angeles Rams (50/1) Pittsburgh Steelers (50/1) Tampa Bay Buccaneers (50/1) Washington Commanders (50/1) Cincinnati Bengals (66/1) Green Bay Packers (66/1) Houston Texans (66/1) Philadelphia Eagles (66/1) Buffalo Bills (75/1) Kansas City Chiefs (75/1) Any CFL Team (80/1) Any XFL Team (80/1) *Odds provided by SportsBetting.ag are for entertainment purposes only. --Field Level Media
Title: Wright: Chelsea's Attack is Too Good, Ramsdale is the Perfect Goalkeeper for ThemLand is life. From the water we drink and food we eat to the air we breathe. The land also supports forests, rangelands, wetlands and other terrestrial habitats supporting millions of species; healthy land is at the heart of it all. And yet, we continue to hurt, damage and ultimately erase its very existence. This is the stark reality of land degradation, a silent crisis threatening the foundation of our planet. Around 40% of land globally is already degraded, impacting 3.2 billion people, according to the United Nations Convention to Combat Desertification (UNCCD). That, however, is just today’s reality. This is a problem engulfing more land every day; in fact, every second the equivalent of four football fields of land becomes degraded. Every year, this amounts to 100 million hectares of land being degraded. In Türkiye, the threat of land degradation and desertification is an urgent and growing crisis, with nearly 60% of the country’s land classified as at-risk, according to the Intergovernmental Panel on Climate Change. This vulnerability is driven by climate change and unsustainable land practices, including deforestation, overgrazing and inefficient irrigation. According to research by Ankara University, the worst-hit regions include Central Anatolia, which has seen significant degradation, and also the Lake Tuz basin, which has experienced severe water depletion and salinity issues due to unsustainable agricultural expansion. In regions already susceptible to drought, these changes are making the soil less fertile and groundwater increasingly scarce, impacting an estimated 5 million people. UNCCD data shows the economic repercussions of this degradation are far-reaching. Türkiye’s agriculture sector is losing about $1 billion annually in productivity as degraded soil yields smaller harvests and more water is required for crop maintenance. As a result, more and more people are migrating from rural to urban areas. Globally, recent human history has taken a drastic toll on land. The simple truth is that the longer we take to act on land degradation, the harder it will be to reverse its devastating impact on our land, water and climate. I don’t say this to sound alarmist. I say it because for far too long it has been an unspoken truth on the international stage, one blighted by inaction. Land is intrinsically linked to our well-being as a planet and people. The UNCCD estimates that 75% of freshwater originates from vegetated land, and vegetation protects 80% of global soil. Losing vegetation leads to the loss of both soil and water resources. Healthy land ecosystems play a vital role in regulating the climate by sequestering carbon and maintaining water cycles. However, when land is degraded, these functions are compromised, leading to increased carbon emissions and exacerbating global warming. A key study by the Intergovernmental Panel on Climate Change found agriculture, forestry and other land-use activities accounted for 23% of total human-caused emissions. The same report highlights the critical nature of land to act as a carbon sink, helping to sequester the equivalent of 29% of total CO2 emissions. In short, degrading land not only increases emissions, it erases an invaluable source for removing them from our atmosphere. As an example, land ecosystems and biodiversity are vulnerable to ongoing climate change, and weather and climate extremes; meanwhile sustainable land management is a proven means to reduce the impact of climate change. Land degradation, drought and desertification have a seismic impact on societies around the world, with the ramifications felt by almost everybody. From depleted agricultural productivity impacting parts of Europe to the extremities of food scarcity and famine, land degradation has left barely a corner of the planet untouched. Land degradation is also the enabler of drought. When the land is degraded, it loses its ability to retain moisture, further limiting crop yields and increasing vulnerability to drought. Analysis by the World Resources Institute estimates a quarter of the world’s population faces extreme water stress every year, regularly using up almost their entire water supply. That figure is set to rise by 1 billion by 2050 if we do not act. Alarmingly, as the impact of drought is felt with increasing regularity and severity around the world, so too are the demands placed on water supplies by growing populations. The same study forecasts global water demand will increase by between 20%-25% by 2050. It is why we must not just prevent further land degradation, but urgently restore it. The issue extends far beyond water and food scarcity. In regions like the Sahel, prolonged droughts and desertification have already led to mass migrations and increased competition for resources, resulting in social and political tensions. Indeed, a UNCCD report on desertification estimates that 40% of intrastate conflicts over 60 years were associated with land and natural resources. The situation may seem dire, but there is hope. The UNCCD COP16 in Riyadh, Saudi Arabia in December presents a unique and timely opportunity to deliver lasting impact, not just for land but also climate and biodiversity. If we are to meet the UNCCD target of restoring 1.5 billion hectares of land by 2030 then we simply can’t afford to wait another two years. Importantly, we understand the issues, and what’s at stake. The fight against land degradation is not just for scientists and policymakers; it's a collective responsibility. That is why for the first time at a UNCCD COP there will be a Green Zone, to enable the public, private sector, NGOs, scientific community, and financial institutions, to find and fund lasting solutions. Ultimately, we are doing this to amplify the voices of the 3.2 billion people impacted by land degradation, drought and desertification around the world. What, then, can we aim to achieve? Securing stronger, tangible and binding commitments from countries on land restoration will help mark a turning point in the fight against it. Land Degradation Neutrality targets are already a critical tool in ensuring action, but the reality is more nations must sign up to them with time-bound commitments to make them truly effective on a global scale. Land restoration can, and should, also be prioritized as an urgent funding need within existing multilateral mechanisms, such as those available through development banks. Furthermore, the private sector has a critical role to play. For too long land has been a resource to be used and exploited for profit. We must reverse this equation. Land should be protected not just for our well-being, but because countless businesses, supply chains and economies are built on its health. Restoring land is the most effective means to safeguard long-term business and economic security. Indeed, according to the UNCCD, every dollar invested in restoring degraded lands is estimated to bring between $7-$30 in economic returns. We must see this as an opportunity. Restoring ecosystems and soil biodiversity is among the most effective weapons against weather extremes and climate change. Restoring land will create employment and drive economic growth. In many senses, land restoration pays for itself. We need to stop thinking about the cost and focus on how much more economic productivity, and food and water security could be leveraged globally by increasing investment. Quite simply, not investing in sustainable land management costs trillions of dollars every year. In fact, the UNCCD estimates land degradation puts $44 trillion every year at moderate to high risk, roughly half of global GDP. In short, there is a tangible cost to inaction, a devastating impact on both global environments and economies that only now are we truly starting to comprehend. I hope this is the beginning of the end of land degradation. COP16 in Riyadh can be the opportunity when we finally mobilize as an international community to arrest land degradation and accelerate restoration. It is the moment to turn this silent crisis haunting so many, into a symbol of global action that reverberates around the world for decades to come.
WALTHAM, Mass., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Xilio Therapeutics, Inc. (Nasdaq: XLO), a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology therapies for people living with cancer, today announced that, effective December 1, 2024, the company granted non-qualified stock options to purchase 8,400 shares of its common stock to one new employee under Xilio Therapeutics’ 2022 Inducement Stock Incentive Plan. The stock options have an exercise price of $1.09 per share, which is equal to the closing price of the company’s common stock on November 29, 2024. Each stock option will have a ten-year term and will vest as to 25% of the shares underlying the stock option on the first anniversary following commencement of employment, and the remaining 75% of the shares underlying each stock option will vest in 36 equal monthly installments thereafter, subject to continued service with the company or any of its subsidiaries through each applicable vesting date. The stock options are subject to the terms and conditions of Xilio Therapeutics’ 2022 Inducement Stock Incentive Plan, as well as the terms and conditions of the stock option agreement covering the grant and were made as an inducement material to the individual entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4). About Xilio Therapeutics Xilio Therapeutics is a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology (I-O) therapies with the goal of significantly improving outcomes for people living with cancer without the systemic side effects of current I-O treatments. The company is using its proprietary platform to advance a pipeline of novel, tumor-activated clinical and preclinical I-O molecules that are designed to optimize the therapeutic index by localizing anti-tumor activity within the tumor microenvironment, including tumor-activated cytokines, antibodies, bispecifics and immune cell engagers. Learn more by visiting www.xiliotx.com and follow us on LinkedIn ( Xilio Therapeutics, Inc .). This press release contains hyperlinks to information that is not deemed to be incorporated by reference in this press release. Investor and Media Contact: Scott Young Vice President, Investor Relations and Corporate Communications investors@xiliotx.com
Commanders WR predicted to join Super Bowl contender in 2025 | Sporting NewsMoreover, Macron's personal style and leadership approach have also come under scrutiny, with critics questioning his ability to connect with ordinary French citizens and address their concerns. Macron's image as a youthful, dynamic leader has been tarnished by accusations of elitism and aloofness, further fueling discontent and disillusionment among the public.
UnitedHealth projects 2025 operating cash flow below estimates