Osmose Secures FAA Waiver for 'Beyond Visual Line of Sight' Operations, Enhancing Capabilities for Aerial Data Collection for Electrical Utilities
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ATLANTA — Osmose Utilities Services, Inc. ('Osmose'), a leading provider of critical asset resiliency and life extension services for the electric utility industry, announced today it has secured an FAA waiver to perform Uncrewed Aircraft Systems (UAS) operations Beyond Visual Line of Sight (BVLOS). This milestone builds on Osmose's ongoing innovation efforts to deliver market-leading comprehensive utility pole inspection, assessment, and resiliency services for utilities nationwide.
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Traditionally, UAS (drone) operations have been restricted to visual line of sight, limiting their range and operational efficiency. With the BVLOS waiver, Osmose's aerial inspection teams can now remotely cover significantly larger geographic areas without requiring continuous visual tracking of the drone. This advancement unlocks new levels of efficiency, scalability, and responsiveness in the inspection of overhead electric utility infrastructure for critical issues such as structural defects, equipment failures, and extreme weather conditions.
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Osmose deploys UAS equipped with high-resolution optical cameras, infrared sensors, LiDAR, and other advanced technologies to capture precise data on utility assets. The BVLOS capability enables broader data collection per flight, reduces field time, and supports a more proactive, data-driven approach to infrastructure management.
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'Securing this waiver marks a significant advancement for Osmose, allowing us to better serve our utility partners by enhancing the speed, safety, and quality of aerial data collection,' said Mike Adams, CEO of Osmose. 'It's an important advancement that builds on our ongoing commitment to delivering market-leading pole inspection, assessment, and resiliency services.'
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'The BVLOS waiver is a strategic milestone that enables Osmose to deliver a more complete solution to utilities nationwide,' said Neha Jatar, Managing Director at EQT Group. 'It strengthens Osmose's position as the leader in integrated inspection, assessment, and resiliency services, helping customers better manage their critical infrastructure for the future.'
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Unlike many UAS waivers, Osmose's authorization is not geographically constrained and can be applied to Class G airspace across the United States, providing flexible, nationwide aerial service capability.
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This step further supports Osmose's strategy to combine ground inspections, aerial surveys, advanced analytics, and engineering expertise – all designed to extend asset life, improve system reliability, and reduce the total cost of ownership for electric utilities.
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Founded in 1934, Osmose is the market-leading provider of critical resiliency, assessment, mobile contact voltage testing, evaluation, and restoration services for electric transmission, distribution, and telecommunications companies in the United States, Canada, Europe, Australia, and New Zealand. Headquartered in Atlanta, Georgia, the company employs more than 4,000 people. Osmose's field technicians, professional engineers, scientists, and corrosion experts utilize their expertise to identify and solve issues to make utility infrastructure safer, longer lasting, and more resilient while lowering the total cost of ownership. Osmose is a portfolio company of EQT Infrastructure. Learn more at https://www.osmose.com/.
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Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Trump's new drone orders aim to counter threats while encouraging flying cars and supersonic flights
WASHINGTON (AP) — President Donald Trump wants to counter the threats drones pose to national security under new rules released Friday, while also aiming to make it easier for Americans to fly faster than the speed of sound and expedite the development of the flying cars of the future. The three executive orders will encourage the Federal Aviation Administration to expedite rules to allow companies to use drones beyond their operators' line of sight, while also imposing restrictions meant to help protect against terrorism, espionage and public safety threats. Drones are already used in a variety of ways, including bolstering search and rescue operations, applying fertilizer, inspecting power lines and railroad bridges, and even delivering packages. But the war in Ukraine has highlighted how drones could be used in a military or terrorist attack — a concern as the World Cup and Olympics approach in the U.S. There also have been espionage cases where drones have been used to surveil sensitive sites. And White House officials said drones are being used to smuggle drugs over the border, and there are concerns about the potential for a disastrous collision between a drone and an airliner around an airport. 'These orders also address the growing threat of criminal, terrorist and foreign misuse of drones in U.S. airspace. We have a responsibility to protect and restore airspace sovereignty,' said Michael Kratsios, assistant to the president and director of the White House office of Science and Technology Policy. Moving to protect the U.S. from the increasing threat of drones With major events like the World Cup scheduled in the U.S. next year, Sebastian Gorka, senior director for counterterrorism on the National Security Council, said it's crucial to protect the airspace above large public events. A federal task force will be created to review drone threats and existing terrorism task forces will look at drones. 'Drones are a disruptive technology. They have an amazing potential for both good and ill,' Gorka said. 'We will increase the enforcement of current laws to deter two types of individuals: evildoers and idiots — the clueless and the careless.' The orders direct the FAA to expedite a new rule restricting drone flights over sensitive sites and work with the Departments of Justice and Homeland Security to better enforce laws on illegal drone use. The FAA has been testing systems to detect and counter drones that the White House would like to expand to deal with threats to public safety and national security. Among the methods being examined: Using radio signals to jam drones or force them to land. Authorities are weighing whether to deploy high-powered microwaves or laser beams to disable the devices. The order will allow state and local authorities to be trained to respond to unauthorized drones and expand the government's ability to counter them. Law enforcement agencies also may receive additional training on how to use drones themselves to ensure safety around major events. Trump aims to clear the way for supersonic flights and flying cars One of Trump's orders directs the FAA to eliminate the old restriction on the speed of flights and replace it with a noise standard. New technology in supersonic aircraft can allow the planes to fly faster than the speed of sound without a disruptive sonic boom being heard on the ground, but decades-old regulations still ban those flights over land. A plane developed by Boom Supersonic became the first independently funded jet to break the sound barrier this year. 'The reality is that Americans should be able to fly from New York to LA in under four hours,' Kratsios said. 'Advances in aerospace engineering, material science and noise reduction now make overland supersonic flight not just possible, but safe, sustainable and commercially viable.' Several companies are developing flying cars for use as taxis and delivering cargo. They are likely still at least a couple years away from being ready, but orders are designed to remove regulatory barriers to their development. 'Flying cars are not just for 'The Jetsons.'' 'They're also for the American people,' Kratsios said. Blake Scholl, founder and CEO of Boom Supersonic, said a renaissance in supersonic passenger travel is made inevitable with the repeal of the ban. 'We're grateful to President Trump for his leadership — this important step allows us to accelerate development of our Overture supersonic airliner,' Scholl said. Concerns grow in the U.S. about Chinese drones The executive orders don't ban Chinese-made drones, including those by DJI that are popular in the U.S., but the Trump administration said it will prioritize American-made drones in federal procurement programs and open up grants to help state and local first responders buy U.S. drones. The White House said it would seek to reduce the U.S. reliance on foreign-made drones and restrict foreign devices in sensitive areas. 'This executive order marks a long-overdue investment in drone deterrence,' said Craig Singleton, a senior China fellow at the Washington-based think tank Foundation for Defense of Democracies. 'Drone warfare isn't a future threat — it's already here.' The administration also is mandating national security reviews of some Chinese drone makers. That 'underscores that drone supply chains … are now national security flashpoints,' Singleton said. The orders also tighten rules on wireless transmission tech, which Singleton said would disrupt the ability by Chinese drones to transmit data back to Beijing. States and the federal government are increasingly wary about Chinese technology, and at least six states have passed laws to restrict government purchases of Chinese drones because of concerns about spying. That's part of a slew of more than 240 anti-China measures state legislatures have considered this year. Congress has also banned federal agencies from acquiring Chinese drones, with some exceptions. But most commercial drones sold in the United States are made in China, and many Americans have come to rely on them. The Chinese models are widely known for their high performance and are generally significantly cheaper than American-made drones. Expanding the range of drones outside users' field of vision The FAA has generally prohibited drones from operating outside operators' line of sight because of safety concerns, but the agency has granted hundreds of waivers to Amazon and some other companies, including utilities and railroads, to use drones farther away. Wednesdays Columnist Jen Zoratti looks at what's next in arts, life and pop culture. Drone manufacturers and users have long wanted rules that spell out the framework for such flights because they see that as a natural next step to unlock the technology's potential. The head of the trade advocacy group Association for Uncrewed Vehicle Systems International, or AUVSI, testified to Congress this week that the FAA missed a deadline for approving such rules last year. On Friday, Michael Robbins, chief executive officer of AUVSI, applauded the Trump administration for advancing policies that he said would ensure U.S. leadership in drone innovation, security, operation and manufacturing. He called it 'a historic day for the drone industry in the United States.' ___ Funk reported from Omaha, Nebraska. Associated Press writer Leah Askarinam contributed from Washington.
Cision Canada
a day ago
- Cision Canada
Vail Resorts Reports Fiscal 2025 Third Quarter Results, Provides Updated Fiscal 2025 Guidance, and Provides Early Season Pass Sales Results
BROOMFIELD, Colo., June 5, 2025 /CNW/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the third quarter of fiscal 2025 ended April 30, 2025, updated fiscal 2025 guidance, and provided early season pass sales results. Highlights Net income attributable to Vail Resorts, Inc. was $392.8 million for the third quarter of fiscal 2025 compared to $362.0 million in the same period in the prior year. Resort Reported EBITDA was $647.7 million for the third quarter of fiscal 2025, which included $4.2 million of one-time costs related to the previously announced two-year resource efficiency transformation plan and $0.1 million of acquisition and integration related expenses. In the same period in the prior year, Resort Reported EBITDA was $654.4 million, which included $1.3 million of acquisition related expenses. The Company updated its fiscal 2025 guidance and is now expecting net income attributable to Vail Resorts, Inc. to be between $264 million and $298 million and Resort Reported EBITDA to be between $831 million and $851 million, which includes an estimated $15 million of one-time costs in support of the Company's resource efficiency transformation plan, an estimated $9 million in one-time costs related to the Company's previously announced Chief Executive Officer ("CEO") transition, and an estimated $1 million of acquisition and integration related expenses specific to Crans-Montana. In addition, compared to the original fiscal 2025 guidance, the updated guidance includes an estimated $7 million Resort Reported EBITDA impact from declines in foreign exchange rates. Pass product sales through May 27, 2025 for the upcoming 2025/2026 North American ski season decreased approximately 1% in units and increased approximately 2% in sales dollars as compared to the prior year period through May 28, 2024. 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's Board of Directors declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on July 9, 2025 to shareholders of record as of June 24, 2025, and the Company repurchased approximately 0.2 million shares during the quarter at an average price of approximately $161 per share for a total of $30 million. The Board of Directors increased the Company's authorization for share repurchases by 1.5 million shares to approximately 2.8 million shares. Commenting on the Company's fiscal 2025 third quarter results, Rob Katz, Chief Executive Officer, said, "Results in the quarter reflect the stability provided by our season pass program as Resort net revenue, excluding Crans-Montana, remained consistent with prior year even as visitation declined 7%. In March and April, destination visitation among pre-committed passholder guests improved as expected. However, visitation from uncommitted lift ticket guests was below expectations. Ancillary spend per destination guest visit was strong across our ski school and dining businesses throughout the quarter, while overall revenue in our ancillary businesses was impacted by the lower visitation. "Our performance throughout the 2024/2025 North American ski season reflects the strength of our advance commitment strategy, strong destination guest spending, and the impact of our resource efficiency transformation plan. The Company achieved 3% growth in Resort Reported EBITDA year-to-date despite total skier visits declining 3% across our North American destination mountain resorts and regional ski areas from the beginning of the ski season through April 30, 2025. North American visitation reflects the benefit of improved conditions in the second quarter relative to the prior year, offset by the expected decline in visitation from selling fewer pass units this season. For the year-to-date period, Resort net revenue increased 3% driven by a 4% increase in season pass revenue and increased ancillary spend per guest across our ski school and dining businesses. Resort Reported EBITDA year-to-date also reflects strong cost discipline, including savings from the resource efficiency transformation plan. The Company's full year Resort Reported EBITDA growth is partially offset by $15 million of expected increased costs from company-wide performance-based management incentive plan expense that was not earned in the prior year, of which $12 million has been incurred through the fiscal third quarter, and $6 million expected unfavorable EBITDA impact from changes in foreign exchange rates, of which $4 million has been incurred through the fiscal third quarter. Overall, the results demonstrate the strength and resilience of the Company's business model, supported by its expansive resort network and loyal guest base, even as the Company's western North American destination resorts experienced a decline in visitation, with outsized impacts from a decline in lift ticket guests. "Through the 2024/2025 North American ski season, guest satisfaction scores across our destination mountain resorts and regional ski areas were strong and consistent with prior year, excluding Park City Mountain. As a result of the investments we continue to make in our teams, the Company achieved record front line return rates and strong employee engagement scores across our mountain resorts during the winter season." Regarding the Company's resource efficiency transformation plan, Katz said, "Vail Resorts is on track to achieve its two-year resource efficiency transformation plan, which was announced in September 2024. The two-year resource efficiency transformation plan is designed to improve organizational effectiveness and scale for operating leverage as the Company grows. Through the three pillars of 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. The Company now expects to deliver approximately $35 million of efficiencies before one-time operating expenses in fiscal year 2025, which includes $8 million of efficiencies the Company is accelerating into the current fiscal year from its original fiscal year 2026 plan. The Company remains on track to deliver $100 million in annualized cost efficiencies by the end of its fiscal year 2026." 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 third fiscal quarter ended April 30, 2025, which was filed today with the Securities and Exchange Commission. The following are segment highlights: Mountain Segment Total lift revenue increased $24.6 million, or 3.3%, compared to the same period in the prior year, to $770.3 million for the three months ended April 30, 2025, which was primarily due to an increase in pass product revenue of 5.5%, primarily driven by an increase in pass pricing for the 2024/2025 North American ski season. Non-pass product lift revenue was flat compared to the prior year and benefited from incremental non-pass revenue from Crans-Montana of $7.9 million and an increase in non-pass effective ticket price ("ETP") (excluding Crans-Montana) of 6.6%, but was offset by decreased non-pass visitation at our North American resorts. Total non-pass ETP, including the impact of Crans-Montana, increased 1.3% compared to the prior year. Ski school revenue decreased $1.0 million, or 0.6%, driven by decreased skier visitation, partially offset by increased lesson pricing and incremental revenue from Crans-Montana. Dining revenue increased $1.5 million, or 1.4%, driven by incremental revenue from Crans-Montana, partially offset by decreased skier visitation. Retail/rental revenue decreased $9.6 million, or 7.8%, for which retail revenues decreased $6.1 million, or 10.1%, driven by lower sales at our on-mountain retail locations, and rental revenues decreased $3.5 million, or 5.5%, each driven by decreased skier visitation. Operating expense increased $19.2 million, or 3.4%, which was primarily attributable to incremental operating expenses from Crans-Montana and an increase in general and administrative expenses, partially offset by decreased variable expenses associated with decreased revenue upon which those expenses are based. Mountain Reported EBITDA decreased $3.2 million, or 0.5%, for the third quarter compared to the same period in the prior year, which includes $6.1 million of stock-based compensation expense for the three months ended April 30, 2025 compared to $5.4 million in the same period in the prior year. Mountain segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of $3.9 million for the three months ended April 30, 2025, as well as acquisition and integration related expenses of $0.1 million and $1.3 million for the three months ended April 30, 2025 and 2024, respectively. Lodging Segment Lodging segment net revenue (excluding payroll cost reimbursements) decreased $3.6 million, or 4.3%, to $78.7 million for the three months ended April 30, 2025 as compared to the same period in the prior year, primarily due to a decrease in revenue from managed condominium rooms as a result of a net reduction in our inventory of available managed condominium rooms proximate to our mountain resorts, as well as decreased demand, which was impacted by decreased destination skier visitation. Lodging Reported EBITDA decreased $3.5 million, or 22.1%, for the third quarter compared to the same period in the prior year, which includes $0.8 million of stock-based compensation expense for the three months ended April 30, 2025 compared to $0.7 million in the same period in the prior year. Lodging segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of $0.3 million for the three months ended April 30, 2025. Resort - Combination of Mountain and Lodging Segments Resort net revenue was $1,295.4 million for the three months ended April 30, 2025, an increase of $12.3 million as compared to Resort net revenue of $1,283.1 million for the same period in the prior year. Resort Reported EBITDA was $647.7 million for the three months ended April 30, 2025, a decrease of $6.6 million, or 1.0%, compared to the same period in the prior year, which includes one-time operating expenses attributable to our resource efficiency transformation plan of $4.2 million for the three months ended April 30, 2025, as well as $0.1 million of acquisition related expenses for the third quarter of fiscal 2025 compared to $1.3 million of acquisition related expenses for the third quarter of the prior year. Total Performance Total net revenue increased $12.3 million, or 1.0%, to $1,295.6 million for the three months ended April 30, 2025 as compared to the same period in the prior year. Net income attributable to Vail Resorts, Inc. was $392.8 million, or $10.54 per diluted share, for the third quarter of fiscal 2025 compared to net income attributable to Vail Resorts, Inc. of $362.0 million, or $9.54 per diluted share, in the third quarter of the prior year. Outlook As a result of the lower than expected lift ticket visitation during the spring period announced on April 24, 2025, and one-time costs related to the CEO transition announced on May 27, 2025, the Company is updating its guidance for fiscal 2025. The Company now expects net income attributable to Vail Resorts, Inc. to be between $264 million and $298 million, and Resort Reported EBITDA for fiscal 2025 to be between $831 million and $851 million. The guidance reflects the lower than expected lift ticket visitation in the spring period that was partially mitigated by the Company's focus on its resource efficiency transformation plan and strong cost discipline. The updated guidance now includes an estimated $9 million in one-time costs related to the CEO transition, in addition to the estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan, and the estimated $1 million of acquisition and integration related expenses specific to Crans-Montana. Compared to the original fiscal 2025 guidance, the updated guidance includes an estimated $7 million impact from foreign exchange rates. At the midpoint, the guidance implies an estimated Resort EBITDA Margin for fiscal 2025 to be approximately 28.4% or 29.2% before one-time costs from the resource efficiency transformation plan and CEO transition. The updated guidance also assumes (1) a continuation of the current economic environment and (2) normal weather conditions and operations throughout the Australian ski season and North America summer season. In addition, the updated guidance also reflects foreign currency exchange rate volatility as compared to the assumptions included in our original guidance provided on September 26, 2024. The updated guidance assumes foreign currency exchange rates as of June 4, 2025, including an exchange rate of $0.73 between the Canadian dollar and U.S. dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.65 between the Australian dollar and U.S. dollar related to the operations of Perisher, Falls Creek and Hotham in Australia, and an exchange rate of $1.21 between the Swiss franc and U.S. dollar related to the operations of Andermatt-Sedrun and Crans Montana in Switzerland, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors. 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. (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 $29 million of stock-based compensation, which includes a portion of allocated expense associated with the acceleration of unvested equity awards associated with the CEO transition. (4) Lodging Reported EBITDA also includes approximately $5 million of stock-based compensation, which includes a portion of allocated expense associated with the acceleration of unvested equity awards associated with the CEO transition. (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 $0.73 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.65 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.21 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland. Capital Structure and Allocation Update As of April 30, 2025, the Company's total liquidity as measured by total cash plus revolver availability and delayed draw term loan availability was approximately $1.6 billion. This includes $467 million of cash on hand, $508 million of U.S. revolver availability and $450 million of U.S. delayed draw term loan availability under the Vail Holdings Credit Agreement, and $215 million of revolver availability under the Whistler Credit Agreement. As of April 30, 2025, the Company's Net Debt was 2.6 times its trailing twelve months Total Reported EBITDA. Regarding the return of capital to shareholders, the Company declared a quarterly cash dividend on Vail Resorts' common stock of $2.22 per share. The dividend will be payable on July 9, 2025 to shareholders of record as of June 24, 2025. In addition, the Company repurchased approximately 0.2 million shares during the quarter at an average price of approximately $161 per share for a total of $30 million. This amount brings the Company's total fiscal year-to-date repurchases to $70 million for a total of 0.4 million shares. Additionally, the Board of Directors increased the Company's authorization for share repurchases by 1.5 million shares to approximately 2.8 million shares. Regarding calendar year 2025 capital expenditures, as previously announced, the Company expects its capital plan for calendar year 2025 to be approximately $198 million to $203 million in core capital, before $46 million of growth capital investments at its European resorts, comprised of $42 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. Key capital investments include the multi-year transformational investment plans at Park City Mountain, which includes the new Sunrise gondola out of the Canyons base area, along with beginner terrain improvements and restaurant upgrades, in addition to the investments at Andermatt-Sedrun and a six-pack lift at Perisher, new functionality for the My Epic App, more advanced AI capabilities for My Epic Assistant, and technology investments across the Company's ancillary businesses. Commenting on capital allocation, Katz said, "We remain committed to a disciplined and balanced approach as stewards of our shareholders' capital. We continue to prioritize investments that enhance our guest and employee experience, provide high-return capital projects, and enable strategic acquisition opportunities. After these priorities, we focus on returning excess capital to shareholders. In the current environment, the Company looks to balance its approach between share repurchases and dividends. The current dividend level reflects the strong cash flow generation of the business with any future growth in the dividend dependent on a material increase in future cash flows and the Company also maintains an opportunistic approach to share repurchases based on the value of the shares." Season Pass Sales Commenting on the Company's season pass sales for the upcoming North American ski season, Katz said "Pass product sales through May 27, 2025 for the upcoming North American ski season decreased approximately 1% in units and increased approximately 2% in sales dollars as compared to the period in the prior year through May 28, 2024. Given elevated levels of macro-economic volatility that occurred throughout the spring selling period, it is currently unknown what, if any, impact that had on early pass decision making. Pass sales dollars are benefiting from the 7% price increase relative to the 2024/2025 season, partially offset by the mix impact from the growth of Epic Day Pass products. Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.73 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. Katz continued, "The slight decline in units relative to the prior year season to date period was primarily driven by new pass holders and lower tenured renewing pass holders, which may reflect delayed decision making due to the macro-economic environment. Epic Day Pass products experienced strong unit growth driven by the strength in renewing pass holders. Overall renewing pass holder product net migration was relatively consistent with the prior three years. "The majority of our pass selling season is ahead of us, and we believe the full year pass unit and sales dollar trends will be relatively stable with the spring results. We will provide more information about our pass sales results in our September 2025 earnings release." Regarding Epic Australia Pass sales, Katz commented, "Epic Australia Pass sales through May 28, 2025 increased approximately 20% in units and approximately 8% in sales dollars as compared to the period in the prior year through May 29, 2024. Epic Australia Pass sales are benefitting from the successful introduction of the Epic Australia 4-Day Pass, which is resonating with lower frequency skiers and riders in Australia." 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 in the Investor Relations section, or dial (800) 245-3047 (U.S. and Canada) or +1 (203) 518-9765 (international). The conference ID is MTNQ325. A replay of the conference call will be available two hours following the conclusion of the conference call through June 12, 2025, at 11:59 p.m. eastern time. To access the replay, dial (800) 723-8184 (U.S. and Canada) or +1 (402) 220-2668 (international). The conference call will also be archived at 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 or discover our resorts and pass options at 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 and calendar year 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; expectations and anticipated benefits of our capital structure; and our expectations regarding our resource efficiency transformation plan. 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. Mountain Segment Operating Results (In thousands, except ETP) (Unaudited) Three Months Ended April 30, Percentage Increase Nine Months Ended April 30, Percentage Increase 2025 2024 (Decrease) 2025 2024 (Decrease) Net Mountain revenue: Lift $ 770,259 $ 745,677 3.3 % $ 1,455,600 $ 1,394,526 4.4 % Ski school 160,243 161,248 (0.6) % 300,091 295,055 1.7 % Dining 110,972 109,471 1.4 % 222,507 209,608 6.2 % Retail/rental 113,678 123,262 (7.8) % 278,363 292,892 (5.0) % Other 57,397 56,400 1.8 % 192,378 176,413 9.0 % Total Mountain net revenue 1,212,549 1,196,058 1.4 % 2,448,939 2,368,494 3.4 % Mountain operating expense: Labor and labor-related benefits 256,343 246,563 4.0 % 639,363 611,253 4.6 % Retail cost of sales 30,617 36,668 (16.5) % 86,121 95,666 (10.0) % Resort related fees 55,727 55,945 (0.4) % 107,330 104,208 3.0 % General and administrative 90,678 79,969 13.4 % 281,588 269,490 4.5 % Other 144,413 139,419 3.6 % 389,108 369,848 5.2 % Total Mountain operating expense 577,778 558,564 3.4 % 1,503,510 1,450,465 3.7 % Mountain equity investment income, net 666 1,093 (39.1) % 3,562 1,373 159.4 % Mountain Reported EBITDA $ 635,437 $ 638,587 (0.5) % $ 948,991 $ 919,402 3.2 % Total skier visits 8,609 8,943 (3.7) % 16,912 16,865 0.3 % ETP $ 89.47 $ 83.38 7.3 % $ 86.07 $ 82.69 4.1 % Vail Resorts, Inc. Lodging Operating Results (In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR")) (Unaudited) Three Months Ended April 30, Percentage Increase Nine Months Ended April 30, Percentage Increase 2025 2024 (Decrease) 2025 2024 (Decrease) Lodging net revenue: Owned hotel rooms $ 15,104 $ 14,978 0.8 % $ 56,618 $ 53,738 5.4 % Managed condominium rooms 32,634 35,390 (7.8) % 71,413 75,701 (5.7) % Dining 14,870 14,482 2.7 % 48,576 46,174 5.2 % Transportation 6,743 7,150 (5.7) % 13,784 15,060 (8.5) % Golf — — nm 8,131 6,541 24.3 % Other 9,308 10,230 (9.0) % 34,109 36,700 (7.1) % 78,659 82,230 (4.3) % 232,631 233,914 (0.5) % Payroll cost reimbursements 4,235 4,825 (12.2) % 11,139 12,779 (12.8) % Total Lodging net revenue 82,894 87,055 (4.8) % 243,770 246,693 (1.2) % Lodging operating expense: Labor and labor-related benefits 31,149 31,852 (2.2) % 100,845 102,478 (1.6) % General and administrative 15,333 14,245 7.6 % 45,820 45,463 0.8 % Other 19,883 20,349 (2.3) % 67,268 65,719 2.4 % 66,365 66,446 (0.1) % 213,933 213,660 0.1 % Reimbursed payroll costs 4,235 4,825 (12.2) % 11,139 12,779 (12.8) % Total Lodging operating expense 70,600 71,271 (0.9) % 225,072 226,439 (0.6) % Lodging Reported EBITDA $ 12,294 $ 15,784 (22.1) % $ 18,698 $ 20,254 (7.7) % Owned hotel statistics: ADR $ 347.01 $ 341.00 1.8 % $ 322.94 $ 317.87 1.6 % RevPAR $ 165.54 $ 166.25 (0.4) % $ 164.03 $ 155.75 5.3 % Managed condominium statistics: ADR $ 517.07 $ 521.58 (0.9) % $ 442.94 $ 454.12 (2.5) % RevPAR $ 206.66 $ 215.53 (4.1) % $ 139.09 $ 142.49 (2.4) % Owned hotel and managed condominium statistics (combined): ADR $ 472.36 $ 475.96 (0.8) % $ 399.57 $ 407.48 (1.9) % RevPAR $ 197.16 $ 204.56 (3.6) % $ 145.47 $ 145.82 (0.2) % Key Balance Sheet Data (In thousands) (Unaudited) As of April 30, 2025 2024 Total Vail Resorts, Inc. stockholders' equity $ 895,375 $ 1,003,508 Long-term debt, net $ 2,106,413 $ 2,700,257 Long-term debt due within one year 590,382 68,470 Total debt 2,696,795 2,768,727 Less: cash and cash equivalents 467,034 705,429 Net debt $ 2,229,761 $ 2,063,298 Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three and nine months ended April 30, 2025 and 2024. (In thousands) (Unaudited) (In thousands) (Unaudited) Three Months Ended April 30, Nine Months Ended April 30, 2025 2024 2025 2024 Net income attributable to Vail Resorts, Inc. $ 392,752 $ 361,995 $ 465,464 $ 405,782 Net income attributable to noncontrolling interests 21,576 19,388 25,419 22,359 Net income 414,328 381,383 490,883 428,141 Provision for income taxes 131,042 129,280 159,124 151,606 Income before provision for income taxes 545,370 510,663 650,007 579,747 Depreciation and amortization 74,618 68,486 219,358 204,613 (Gain) loss on disposal of fixed assets and other, net (4,267) 571 (3,031) 3,372 Change in fair value of contingent consideration 1,900 36,500 4,079 42,957 Investment income and other, net (3,154) (5,096) (8,668) (13,643) Foreign currency (gain) loss on intercompany loans (1,702) 2,305 (53) 4,230 Interest expense, net 41,317 39,853 125,839 121,168 Total Reported EBITDA $ 654,082 $ 653,282 $ 987,531 $ 942,444 Mountain Reported EBITDA $ 635,437 $ 638,587 $ 948,991 $ 919,402 Lodging Reported EBITDA 12,294 15,784 18,698 20,254 Resort Reported EBITDA* 647,731 654,371 967,689 939,656 Real Estate Reported EBITDA 6,351 (1,089) 19,842 2,788 Total Reported EBITDA $ 654,082 $ 653,282 $ 987,531 $ 942,444 * Resort represents the sum of Mountain and Lodging 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 April 30, 2025. 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 April 30, 2025. The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and nine months ended April 30, 2025 and 2024. The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2025 guidance. SOURCE Vail Resorts, Inc.
Cision Canada
a day ago
- Cision Canada
TD Asset Management Inc. Announces Notional TD ETF Distributions Français
TORONTO, June 5, 2025 /CNW/ - TD Asset Management Inc. ("TDAM") today announced notional non-cash reinvested distributions (each, a "Notional Distribution") for TD Target 2029 Investment Grade Bond ETF and TD Target 2030 Investment Grade Bond ETF (each a "TD ETF"). A Notional Distribution occurs when a distribution from a TD ETF is made in the form of units, and then immediately consolidated with the units held prior to the distribution, so that the total number of units held after the distribution is identical to the number of units held prior to the distribution. The Notional Distributions have been made to all TD ETF unitholders of record as indicated in the table below: Up until each respective record date above, each TD ETF did not qualify as a mutual fund trust under the Income Tax Act (Canada) (the "Tax Act"). Each TD ETF was considered a unit trust, as defined under the Tax Act. For purposes of the "mark-to-market" rules contained in the Tax Act, because more than 50% of the market value of each TD ETF was held by one or more financial institutions, each TD ETF was considered a financial institution for the purposes of the Tax Act. The Tax Act contains special rules for determining the income of financial institutions, including, but not limited to, the realization of all unrealized gains or losses on mark-to-market property held by the financial institution on income account at the end of any given tax year. In acknowledging this change of status, each TD ETF was required to recognize a deemed year-end for tax purposes and distribute any net income and net realized capital gains earned or realized up until the deemed year end (reflected by the record dates indicated above). In early 2026, the tax characteristics of all distributions for 2025 for TD ETFs will be reported to brokers via the Canadian Depository for Securities (CDS). For more information regarding TD ETFs, visit About TD Asset Management Inc. TD Asset Management (TDAM), a member of TD Bank Group, is a North American investment management firm. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $496 billion in assets. Aggregate statistics are as of March 31, 2025 for TDAM and Epoch Investment Partners, Inc. TDAM operates in Canada and Epoch Investment Partners, Inc. operates in the United States. Both entities are affiliates and are wholly-owned subsidiaries of The Toronto-Dominion Bank. Commissions, management fees and expenses all may be associated with investments in exchange- traded funds (ETFs). Please read the prospectus and ETF Facts before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. TD ETFs are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank. ® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries. SOURCE TD Asset Management Inc.
