VAIL RESORTS INC
For the period ended Jul 31, 2024. Filed Sep 26, 2024.
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FY2024 · Filed Sep 26, 2024
MTN$156.51-2.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended July 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $246,279 | $285,103 | $368,337 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 276,493 | 268,501 | 252,391 |
| Stock-based compensation expense | 26,803 | 25,409 | 24,885 |
| Deferred income taxes, net | 12,095 | 24,065 | (9,390) |
| Loss (gain) on disposal of fixed assets and other, net | 9,633 | 9,070 | (43,992) |
| Change in estimated fair value of contingent consideration | 47,957 | 49,836 | 20,280 |
| Other non-cash (income) expense, net | (7,754) | (4,687) | 3,510 |
| Changes in assets and liabilities, net of effects of acquisitions: | |||
| Trade receivables, net | 12,887 | 4,248 | (39,010) |
| Inventories, net | 13,190 | (23,418) | (28,048) |
| Accounts payable and accrued liabilities | 9,369 | (7,509) | 41,078 |
| Deferred revenue | 2,647 | 60,268 | 48,973 |
| Income taxes payable | (42,794) | (32,270) | 81,307 |
| Other assets and liabilities, net | (20,031) | (19,053) | (9,822) |
| Net cash provided by operating activities | 586,774 | 639,563 | 710,499 |
| Cash flows from investing activities: | |||
| Capital expenditures | (211,197) | (314,912) | (192,817) |
| Acquisition of businesses, net of cash acquired | (94,356) | (38,567) | (116,337) |
| Deposit returned (paid) for acquisition of business | — | 114,506 | (114,414) |
| Investments in short-term deposits | — | (86,756) | — |
| Maturity of short-term deposits | 57,647 | 37,978 | — |
| Cash received from disposal of fixed assets | 337 | 5,674 | 66,264 |
| Other investing activities, net | 6,500 | 8,910 | 9,387 |
| Net cash used in investing activities | (241,069) | (273,167) | (347,917) |
| Cash flows from financing activities: | |||
| Proceeds from borrowings under 6.50% Notes | 600,000 | — | — |
| Repayments of borrowings under Vail Holdings Credit Agreement | (55,859) | (62,500) | (62,500) |
| Repayments of borrowings under 6.25% Notes | (600,000) | — | — |
| Repayments of borrowings under Whistler Credit Agreement | — | (11,389) | (32,633) |
| Repayment of EB-5 Development Notes | — | — | (51,500) |
| Employee taxes paid for share award exercises | (5,625) | (5,486) | (37,300) |
| Repurchases of common stock | (150,000) | (500,000) | (75,006) |
| Dividends paid | (323,684) | (314,350) | (225,786) |
| Other financing activities, net | (39,620) | (21,983) | (8,411) |
| Net cash used in financing activities | (574,788) | (915,708) | (493,136) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6,947) | (3,702) | (1,913) |
| Net decrease in cash, cash equivalents and restricted cash | (236,030) | (553,014) | (132,467) |
| Cash, cash equivalents and restricted cash: | |||
| Beginning of period | $573,093 | $1,126,107 | $1,258,574 |
| End of period | $337,063 | $573,093 | $1,126,107 |
| Cash paid for interest | $146,559 | $140,599 | $114,074 |
| Taxes paid, net | $129,350 | $94,342 | $19,692 |
| Non-cash investing activities: | |||
| Accrued capital expenditures | $24,872 | $23,210 | $30,556 |
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