Ministers warned of cuts as ‘every pound’ of spending to face reviewArgentine Senator Edgardo Kueider was detained in Paraguay in the early hours of Wednesday with US$200,000 of undeclared cash while attempting to cross the International Friendship Bridge into Brazil. His detention has caused political uproar and sparked questions about his continuity in the House. The senator for Entre Ríos was stopped for a routine check on the triple border between Argentina, Paraguay, and Brazil. Oscar Orué, head of Paraguay’s National Directorate of Tax Revenues, said Kueider was unable to explain or provide evidence for why he had over US$200,00 and AR$600,000 (US$576 at the official dollar exchange rate) on hand. The sum is well over the limit for undeclared cash. “He did not cooperate during the process, in the sense that he wouldn’t say what it was for, why he was bringing it, for what purpose. That will be determined in our internal inquiry,” Orué said in an interview with Radio 780 AM . He also explained that Kueider had not been taken to jail but was awaiting a summons at his hotel in the Paraguayan border city of Ciudad del Este. Kueider was elected to the Senate in 2019 as a Peronist representative but has consistently voted with the ruling party La Libertad Avanza. He was one of two Peronist senators to vote in favor of President Javier Milei’s flagship Ley Bases law, earning condemnation from within the party. “This is how votes are obtained for laws that harm the great majorities and the interests of the nation, or the absences that prevent the repeal of the Decrees of Necessity and Urgency that condemn millions of Argentines to poverty or allow the Minister of Economy to put the country back into debt,” wrote former president and vice president Cristina Fernández de Kirchner in a post on X titled “Democracy at a price.” She currently leads the Partido Justicialista , Peronism’s largest party. https://x.com/CFKArgentina/status/1864349132347068651 According to C5N , the national anti-laundering office PROCELAC has filed a case against Kueider in Argentina to investigate where the money came from and potentially prosecute him for smuggling or money laundering.
Stock market today: Nvidia drags Wall Street from its records as oil and gold riseLAHAINA, Hawaii -- Tyrese Hunter scored 17 of his 26 points after halftime to lead Memphis to a 99-97 overtime win against two-time defending national champion and second-ranked UConn on Monday in the first round of the Maui Invitational. Hunter shot 7 of 10 from 3-point range for the Tigers (5-0), who were 12 of 22 from beyond at the arc as a team. PJ Haggerty had 22 points and five assists, Colby Rogers had 19 points and Dain Dainja scored 14. Tarris Reed Jr . had 22 points and 11 rebounds off the bench for the Huskies (4-1). Alex Karaban had 19 points and six assists, and Jaylin Stewart scored 16. Memphis led by as many as 13 with about four minutes left in regulation, but UConn chipped away and eventually tied it on Solo Ball 's 3-pointer with 1.2 seconds remaining. Editor's Picks Top 5 unchanged in men's poll; Vols climb to 7 4h AP men's poll Week 3 reaction: What you need to know about each Top 25 team 2h ESPN staff Takeaways Memphis: The Tigers ranked second nationally in field goal percentage going into the game and shot it at a 54.7% clip. UConn: The Huskies saw their string of 17 consecutive wins dating back to February come to an end. Key moment: The teams were tied at 92 with less than a minute remaining in overtime when UConn coach Dan Hurley was assessed a technical foul for his displeasure with an over-the-back call against Liam McNeeley . PJ Carter hit four straight free throws -- two for the tech and the other pair for the personal foul -- to give Memphis a 96-92 lead with 40.3 seconds to play. Key stat: UConn had three players foul out. Memphis attempted 40 free throws and made 29 of them. Up next: Memphis will play the winner of Colorado - Michigan State on Tuesday in the second round of the invitational. UConn will play the loser of that game in the consolation bracket.
ARway.ai Announces Board Member ChangesStock market today: Nvidia drags Wall Street from its records as oil and gold rise
INDIANAPOLIS — The Indianapolis Metro Police Department welcomed its newest addition Monday, Nov. 25 — Ofc. Grace Luna, a therapy dog. Grace Luna underwent months of extensive training to become the department's official therapy dog for the Victim Assistance Unit, IMPD said. Part of her preparation for the role included socialization and specialized training with Ultimate Canine. “Grace Luna’s presence will be an invaluable asset to our Victim Assistance Unit, offering comfort to those experiencing trauma and stress," Chief of Police Chris Bailey said. "We are grateful to have her as part of our team, and we look forward to seeing the positive impact she will make in our community." Grace Luna is Golden Retriever and just over a year old. She was born on Nov. 23, 2023. "Grace Luna has a special way of connecting with people, and I’ve already seen how much comfort she can bring. I’m excited to see her grow in this role and help those who need her most,” said Beth Johnson, of Ultimate Canine. IMPD said Grace Luna learned more than 20 commands throughout her training. These commands are designed to provide comfort and emotional support to those in need. Lisa Brown, Grace Luna's handler, completed a therapy dog handler training course, so she can work closely with Luna as part of the Victim Assistance Unit. Grace Luna's training was funded by the Central Indiana Police Foundation. Grace Luna is the department's third therapy dog, with the other two being Ofc. Gus and Ofc. Allie. IMPD said those dogs provide psychological and emotional support for officers and staff members.5 top tech gifts for the holidays
Proposed W.R. Grace plastics recycling facility in Columbia prompts months-long fight from community members
Inside the quirky 'Teletubbies house' that's hit the market for £1.2million... can you guess what it used to be? By ED HOLT Updated: 16:53 EST, 25 November 2024 e-mail View comments A quirky 'teletubbies house' is on the market for just over £1million. The grassy-covered three-bed home is not in Teletubbyland but instead can be found in the West Yorkshire village of Burley in Wharfedale close to the picturesque spa town of Ilkley. On the market for £1,250,000, the detached home is the ideal abode for a family looking to move close to nearby Leeds - which is just 20 minutes away by train - while also looking for a house with a bit of character. The distinctive property boasts a stunning open plan interior all situated on the ground floor. This includes a kitchen-diner, a living room, a sitting room and two bathrooms. Its patio doors open out into a stunning, perfectly manicured, garden with the Yorkshire countryside right on your doorstep. But despite its unusual shape the building is not a new build home and is in fact much older than its modern design might suggest. The grassy-covered three-bed home is not in Teletubbyland but instead can be found in the West Yorkshire village of Burley in Wharfedale close to the picturesque spa town of Ilkley On the market for £1,250,000, the detached home is the ideal abode for a family looking to move close to Leeds - which is just 20 minutes away by train - while also looking for a house with a bit of character Its patio doors open out into a stunning, perfectly manicured, garden with the Yorkshire countryside right on your doorstep The house has been converted from what was a former Victorian reservoir which had been left unoccupied for decades. As recently as 2008, the reservoir was nothing more than a grassy-overgrown mount but after it was meticulously restored by the current owners it was transformed into the beautiful property it is today. Read More EXCLUSIVE Three-bed home for sale for £90,000 - but the inside gives 'designer interior' a whole new meaning The listing with estate agents Carter Jonas says: 'The sale of The Old Reservoir offers a unique opportunity to acquire a signature residence rarely available on the open market originally a former reservoir dating back to the early Victorian era. 'Only recently however, the current owners have carried out an extensive programme of sympathetic restoration to an exceptionally high and luxurious standard designed by award winning Faye Robinson Interiors, maintaining the character features of the original structure combined with the requirements of modern day eco-friendly living. 'The initial external appearance completely belies the simply stunning, light spacious open plan living space all arranged over just one level.' Speaking of the area, the estate agent continued: 'Burley in Wharfedale is a pretty and much sought after village, almost equidistant from Ilkley and Otley both offering a wide variety of facilities.' The distinctive property boasts a stunning open plan interior all situated on the ground floor. This includes a kitchen-diner, a living room, a sitting room and two bathrooms But despite its unusual shape the building is not a new build home and is in fact much older than its modern design might suggest The property has gone viral on social media with many people praising it for its unique style. After sharing the Zoopla listing on Reddit, one user said: 'Fancy living in a Victorian reservoir?.' In repsonse many users praised the buildings unique design and also likened it to the Teletubbies home. Meanwhile another user, named @Professional-Box2853, said: 'I think this was a Grand Designs project.' Leeds Share or comment on this article: Inside the quirky 'Teletubbies house' that's hit the market for £1.2million... can you guess what it used to be? e-mail Add comment More top storiesThe best streaming deals on Prime Video, Disney+ and Peacock this Black Friday
BROOMFIELD, Colo. , Dec. 9, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2025 ended October 31, 2024 , provided season pass sales results for the 2024/2025 season, updated fiscal 2025 net income attributable to Vail Resorts, Inc. guidance and reaffirmed fiscal 2025 Resort Reported EBITDA guidance, announced capital investment plans for calendar year 2025, declared a dividend payable in January 2025 , and announced first quarter share repurchases. Highlights Commenting on the Company's fiscal 2025 first quarter results, Kirsten Lynch , Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season. The quarter's results were driven by winter operations in Australia and summer activities in North America , including sightseeing, dining, retail, lodging, and administrative expenses. "Resort Reported EBITDA was consistent with the prior year, driven by growth in our North American summer business from increased activities spending and lodging results. This growth was offset by a decline in Resort Reported EBITDA of $9 million compared to the prior year from our Australian resorts due to record low snowfall and lower demand, cost inflation, the inclusion of Crans-Montana, and approximately $2.7 million of one-time costs related to the two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses." Regarding the Company's resource efficiency transformation plan, Lynch said, "Vail Resorts continues to make progress on its two-year resource efficiency transformation plan, which was announced in our September 2024 earnings. The two-year Resource Efficiency Transformation Plan is designed to improve organizational effectiveness and scale for operating leverage as the Company grows globally. Through scaled operations, global shared services, and expanded workforce management, the Company expects $100 million in annualized cost efficiencies by the end of its 2026 fiscal year. We will provide updates as significant milestones are achieved." Turning to season pass results, Lynch said, "Our season pass sales highlight the compelling value proposition of our pass products and our commitment to continually investing in the guest experience at our resorts. Over the last four years, pass product sales for the 2024/2025 North American ski season have grown 59% in units and 47% in sales dollars. For the upcoming 2024/2025 North American ski season, pass product sales through December 3, 2024 decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . This year's results benefited from an 8% price increase, partially offset by unit growth among lower priced Epic Day Pass products. Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying an exchange rate of $0.71 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. For the period between September 21, 2024 and December 3, 2024 , pass product sales trends improved relative to pass product sales through September 20, 2024 , with unit growth of approximately 1% and sales dollars growth of approximately 7% as compared to the period in the prior year from September 23, 2023 through December 4, 2023 , due to expected renewal strength, which we believe reflects delayed decision making. "Our North American pass sales highlight strong loyalty with growth among renewing pass holders across all geographies. For the full selling season, the Company acquired a substantial number of new pass holders, however the absolute number of new guests was smaller compared to the prior year, driving the overall unit decline for the full selling season. New pass holders come from lapsed guests, prior year lift ticket guests, and new guests to our database. The Company achieved growth from lapsed guests, who previously purchased a pass or lift ticket but did not buy a pass or lift ticket in the previous season. The decline in new pass holders compared to the prior year was driven by fewer guests who purchased lift tickets in the past season and from guests who are completely new to our database, which we believe was impacted by last season's challenging weather and industry normalization. Epic Day Pass products achieved unit growth driven by the strength in renewing pass holders. We expect to have approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season in non-refundable advance commitment products this year, which are expected to generate over $975 million of revenue and account for approximately 75% of all skier visits (excluding complimentary visits)." Lynch continued, "Heading into the 2024/2025 ski season, we are encouraged by our strong base of committed guests, providing meaningful stability for our Company. Additionally, early season conditions have allowed us to open some resorts earlier than anticipated, including Whistler Blackcomb, Heavenly, Northstar, Kirkwood, and Stevens Pass. Early season conditions have also enabled our Rockies resorts to open with significantly improved terrain relative to the prior year, including the opening of the legendary back bowls at Vail Mountain opening the earliest since 2018. Our resorts in the East are experiencing typical seasonal variability for this point in the year, with all resorts planned to open ahead of the holidays. We are continuing to hire for the winter season, and are on track with our staffing plans and have achieved a strong return rate of our frontline employees from the prior season. Lodging bookings at our U.S. resorts for the upcoming season are consistent with last year. At Whistler Blackcomb, lodging bookings for the full season are lagging prior year levels, which may reflect delayed decision making following challenging conditions in the prior year." Operating Results A more complete discussion of our operating results can be found within the Management's Discussion and Analysis of Financial Condition and Results of Operations section of the Company's Form 10-Q for the first fiscal quarter ended October 31, 2024 , which was filed today with the Securities and Exchange Commission. The following are segment highlights: Mountain Segment Lodging Segment Resort - Combination of Mountain and Lodging Segments Real Estate Segment Total Performance Outlook The Company's Resort Reported EBITDA guidance for the year ending July 31, 2025 is unchanged from the prior guidance provided on September 26, 2024 . The Company is updating its guidance for net income attributable to Vail Resorts, Inc., which it now expects to be between $240 million and $316 million , up from the prior guidance range of $224 million to $300 million . The primary difference is due to a $17 million increase from the gain on sale of real property related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, a transaction that has been recorded as Real Estate Reported EBITDA. Additionally, the guidance is updated to include a decrease in expected interest expense of approximately $2 million which assumes that interest rates remain at current levels for the remainder of fiscal 2025. These changes have no impact on expected Resort Reported EBITDA. The Company continues to expect Resort Reported EBITDA for fiscal 2025 to be between $838 million and $894 million , including approximately $27 million of cost efficiencies and an estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan, and an estimated $1 million of acquisition and integration related expenses specific to Crans-Montana. As compared to fiscal 2024, the fiscal 2025 guidance includes the assumed benefit of a return to normal weather conditions after the challenging conditions in fiscal 2024, more than offset by a return to normal operating costs and the impact of the continued industry normalization, impacting demand. Additionally, the guidance reflects the negative impact from the record low snowfall and related shortened season in Australia in the first quarter of fiscal 2025, which negatively impacted demand and resulted in a $9 million decline of Resort Reported EBITDA compared to the prior year period. After considering these items, we expect Resort Reported EBITDA to grow from price increases and ancillary spending, the resource efficiency transformation plan, and the addition of Crans-Montana for the full year. The guidance also assumes (1) a continuation of the current economic environment, (2) normal weather conditions for the 2024/2025 North American and European ski season and the 2025 Australian ski season, and (3) the foreign currency exchange rates as of our original fiscal 2025 guidance issued September 26, 2024 . Foreign currency exchange rates have experienced recent volatility. Relative to the current guidance, if the currency exchange rates as of yesterday, December 8, 2024 of $0.71 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada , $0.64 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia , and $1.14 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland were to continue for the remainder of the fiscal year, the Company expects this would have an impact on fiscal 2025 guidance of approximately negative $5 million for Resort Reported EBITDA. The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2025 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance. Fiscal 2025 Guidance (In thousands) For the Year Ending July 31, 2025 (6) Low End High End Range Range Net income attributable to Vail Resorts, Inc. $ 240,000 $ 316,000 Net income attributable to noncontrolling interests 23,000 17,000 Net income 263,000 333,000 Provision for income taxes (1) 91,000 115,000 Income before income taxes 354,000 448,000 Depreciation and amortization 295,000 279,000 Interest expense, net 174,000 166,000 Other (2) 21,000 13,000 Total Reported EBITDA $ 844,000 $ 906,000 Mountain Reported EBITDA (3) $ 818,000 $ 872,000 Lodging Reported EBITDA (4) 16,000 26,000 Resort Reported EBITDA (5) 838,000 894,000 Real Estate Reported EBITDA 6,000 12,000 Total Reported EBITDA $ 844,000 $ 906,000 (1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price. (2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes. (3) Mountain Reported EBITDA also includes approximately $25 million of stock-based compensation. (4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation. (5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. (6) Guidance estimates are predicated on an exchange rate of $0.74 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.67 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.18 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland. Liquidity and Return of Capital As of October 31, 2024 , the Company's total liquidity as measured by total cash plus revolver availability was approximately $1,024 million . This includes $404 million of cash on hand, $407 million of U.S. revolver availability under the Vail Holdings Credit Agreement, and $213 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2024 , the Company's Net Debt was 2.8 times its trailing twelve months Total Reported EBITDA. Regarding the return of capital to shareholders, the Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock payable on January 9, 2025 to shareholders of record as of December 26 , 2024. In addition, the Company repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . The Company has 1.6 million shares remaining under its authorization for share repurchases. Commenting on capital allocation, Lynch said, "We will continue to be disciplined stewards of our shareholders' capital, prioritizing investments in our guest and employee experience, high-return capital projects, strategic acquisition opportunities, and returning capital to our shareholders. The Company has a strong balance sheet and remains focused on returning capital to shareholders while always prioritizing the long-term value of our shares." Capital Investments Vail Resorts is committed to enhancing the guest experience and supporting the Company's growth strategies through significant capital investments. For calendar year 2025, the Company plans to invest approximately $198 million to $203 million in core capital, before $45 million of growth capital investments at its European resorts, including $41 million at Andermatt-Sedrun and $4 million at Crans-Montana, and $6 million of real estate related capital projects to complete multi-year transformational investments at the key base area portals of Breckenridge Peak 8 and Keystone River Run, and planning investments to support the development of the West Lionshead area into a fourth base village at Vail Mountain. Including European growth capital investments, and real estate related capital, the Company plans to invest approximately $249 million to $254 million in calendar year 2025. Projects in the calendar year 2025 capital plan described herein remain subject to approvals. In calendar year 2025, the Company will embark on two multi-year transformational investment plans at Park City Mountain and Vail Mountain. In addition to embarking on two multi-year transformational investment plans, the Company is planning significant investments across the guest experience in calendar year 2025, including: In addition to the investments planned for calendar year 2025, the Company is completing significant investments that will enhance the guest experience for the upcoming 2024/2025 North American and European ski season. As previously announced, the Company expects its capital plan for calendar year 2024 to be approximately $189 million to $194 million , excluding $13 million of incremental capital investments in premium fleet and fulfillment infrastructure to support the official launch of My Epic Gear for the 2024/2025 winter season at 12 destination and regional resorts across North America , $7 million of growth capital investments at Andermatt-Sedrun, $2 million of maintenance and $2 million of integration investments at Crans-Montana, and $3 million of reimbursable capital. Including these one-time investments, the Company's total capital plan for calendar year 2024 is now expected to be approximately $216 million to $221 million . Earnings Conference Call The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 579-2543 (U.S. and Canada ) or +1 (785) 424-1789 (international). The conference ID is MTNQ125. A replay of the conference call will be available two hours following the conclusion of the conference call through December 16, 2024 , at 11:59 p.m. eastern time . To access the replay, dial (800) 753-9146 (U.S. and Canada ) or +1 (402) 220-2705 (international). The conference call will also be archived at www.vailresorts.com . About Vail Resorts, Inc. (NYSE: MTN) Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge , Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America ; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland ; and Perisher, Hotham, and Falls Creek in Australia . We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America . Learn more about our company at www.VailResorts.com , or discover our resorts and pass options at www.EpicPass.com . Forward-Looking Statements Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding fiscal 2025 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; expectations related to our season pass products; our expectations regarding our ancillary lines of business; capital investment projects; our calendar year 2025 capital plan; our expectations regarding our resource efficiency transformation plan; and the payment of dividends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of natural disasters or other unexpected events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe , or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024 , which was filed on September 26, 2024 . All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law. Statement Concerning Non-GAAP Financial Measures When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance. Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures. Vail Resorts, Inc. Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2024 2023 Net revenue: Mountain and Lodging services and other $ 187,050 $ 182,834 Mountain and Lodging retail and dining 73,162 71,442 Resort net revenue 260,212 254,276 Real Estate 63 4,289 Total net revenue 260,275 258,565 Segment operating expense: Mountain and Lodging operating expense 266,264 255,576 Mountain and Lodging retail and dining cost of products sold 28,947 31,295 General and administrative 106,857 108,025 Resort operating expense 402,068 394,896 Real Estate operating expense 1,491 5,181 Total segment operating expense 403,559 400,077 Other operating (expense) income: Depreciation and amortization (71,633) (66,728) Gain on sale of real property 16,506 6,285 Change in estimated fair value of contingent consideration (2,079) (3,057) Loss on disposal of fixed assets and other, net (1,529) (2,043) Loss from operations (202,019) (207,055) Mountain equity investment income, net 2,151
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NEW YORK (AP) — He's making threats, traveling abroad and negotiating with world leaders. Donald Trump has more than a month and a half to go before he's sworn in for a second term. But the Republican president-elect is already moving aggressively not just to fill his Cabinet and outline policy goals, but to achieve those priorities . Trump has threatened to impose a 25% tariff on goods from Canada and Mexico, prompting emergency calls and a visit from Canada's prime minister that resulted in what Trump claimed were commitments from both U.S. allies on new border security measures. The incoming president has warned there will be “ALL HELL TO PAY" if, before his inauguration on Jan. 20, 2025, Hamas does not release the hostages being held in Gaza . He has threatened to block the purchase of U.S. Steel by a Japanese company, warning "Buyer Beware!!!” And this weekend, Trump was returning to the global stage, joining a host of other foreign leaders for the reopening of the Notre Dame Cathedral five years after it was ravaged by a fire. On Saturday, he met with French President Emmanuel Macron — joined at the last minute by Ukrainian President Volodymyr Zelenskyy — and had plans to see Britain's Prince William also in Paris. Absent in Paris: lame duck President Joe Biden, who has largely disappeared from headlines, except when he issued a pardon of his son , Hunter, who was facing sentencing for gun crimes and tax evasion. First lady Jill Biden is attending in his place. “I think you have seen more happen in the last two weeks than you’ve seen in the last four years. And we’re not even there yet,” Trump said in an over-the-top boast at an awards ceremony Thursday night . For all of Trump's bold talk, though, it is unclear how many of his efforts will bear fruit. The pre-inauguration threats and deal-making are highly unusual, like so much of what Trump does, said Julian Zelizer, a political historian at Princeton University. “Transitions are always a little complicated in this way. Even though we talk about one president at a time," he said, “the reality is one president plus. And that plus can act assertively sometimes." Zelizer said that is particularly true of Trump, who was president previously and already has relationships with many foreign leaders such as Macron, who invited both Trump and Biden to Paris this weekend as part of the Notre Dame celebration. “Right now he’s sort of governing even though he’s not the president yet. He’s having these public meetings with foreign leaders, which aren't simply introductions. He's staking out policy and negotiating things from drug trafficking to tariffs," Zelizer said. Trump already has met with several foreign leaders, in addition to a long list of calls. He hosted Argentinian President Javier Milei in Florida at his Mar-a-Lago club in November. After the tariff threat, Canadian Prime Minister Justin Trudeau made a pilgrimage to Mar-a-Lago for a three-hour dinner meeting. Canadian officials later said the country is ready to make new investments in border security, with plans for more helicopters, drones and law enforcement officers. Last Sunday, Trump dined with Sara Netanyahu, wife of the Israeli prime minister. Incoming Trump aides have also been meeting with their future foreign counterparts. On Wednesday, several members of Trump's team, including incoming national security adviser Mike Waltz, met with Andriy Yermak, a top aide to Zelenskyy, in Washington, as Ukraine tries to win support for its ongoing efforts to defend itself from Russian invasion, according to a person familiar with the meeting. Yermak also met with Trump officials in Florida, he wrote on X . That comes after Trump's incoming Middle East envoy, Steve Witkoff, traveled to Qatar and Israel for high-level talks about a cease-fire and hostage deal in Gaza, according to a U.S familiar with the efforts, meeting with the prime ministers of both countries. There is no prohibition on incoming officials or nominees meeting with foreign officials, and it is common and fine for them to do so — unless those meetings are designed to subvert or otherwise impact current U.S. policy. Trump aides were said to be especially cognizant of potential conflicts given their experience in 2016, when interactions between Trump allies and Russian officials came under scrutiny. That included a phone call in which Trump's incoming national security adviser, Michael Flynn, discussed new sanctions with Russia’s ambassador to the United States, suggesting things would improve after Trump became president. Flynn was later charged with lying to the FBI about the conversation. Trump’s incoming press secretary Karoline Leavitt said that, “All transition officials have followed applicable laws in their interactions with foreign nationals.” She added: “World leaders recognize that President Trump is returning to power and will lead with strength to put the best interests of the United States of America first again. That is why many foreign leaders and officials have reached out to correspond with President Trump and his incoming team.” Such efforts can nonetheless cause complications. If, say, Biden is having productive conversations on a thorny foreign policy issue and Trump weighs in, that could make it harder for Biden “because people are hearing two different voices” that may be in conflict, Zelizer said. Leaders like Russia's Vladimir Putin and Netanyahu may also anticipate a more favorable incoming administration and wait Biden out, hoping for more a better deal. It also remains unclear how extensively the Biden administration has been kept apprised of Trump transition efforts. Although there is no requirement that an incoming administration coordinate calls and meetings with foreign officials with the State Department or National Security Council, that has long been considered standard practice. That is, in part, because transition teams, particularly in their early days and weeks, do not always have the latest information about the state of relations with foreign nations and may not have the resources, including interpretation and logistical ability, to handle such meetings efficiently. Still, the Biden and Trump teams have been talking, particularly on the Middle East, with the incoming and outgoing administrations having agreed to work together on efforts to free hostages who remain in held in Gaza, according to a U.S. official, who, like others, was not authorized to comment publicly about the sensitive talks and spoke on condition of anonymity. That includes conversations between Witkoff and Biden’s foreign policy team as well as Waltz and Biden national security adviser Jake Sullivan. Last month, Biden administration officials said they had kept Trump’s team closely apprised of efforts to broker a ceasefire deal between Israel and Hezbollah on the Israel-Lebanon border. “I just want to be clear to all of our adversaries, they can’t play the incoming Trump administration off of the Biden administration. I’m regularly talking to the Biden people. And so, this is not a moment of opportunity or wedges for them," Waltz said Friday in a Fox Business interview. But when it comes to immigration, Biden administration officials haven’t been entirely in the loop on discussions around how to execute on Trump’s pledge to deport millions of migrants, according to four administration officials with knowledge of the transition who spoke on condition of anonymity. That’s not terribly surprising given how differently the teams view migration. Trump’s team, meanwhile, is already claiming credit for everything from gains in the stock and cryptocurrency markets to a decision by Walmart to roll back diversity, equity and inclusion policies Trump opposes. “Promises Kept — And President Trump Hasn’t Even Been Inaugurated Yet,” read one press release that claimed, in part, that both Canada and Mexico have already pledged "immediate action” to help “stem the flow of illegal immigration, human trafficking, and deadly drugs entering the United States." Mexican President Claudia Sheinbaum has stopped short of saying Trump mischaracterized their call in late November. But she said Friday that Trump “has his own way of communicating, like when we had the phone call and he wrote that we were going to close the border. That was never talked about in the phone call.” Earlier this week, Mexico carried out what it claimed was its largest seizure of fentanyl pills ever. Seizures over the summer had been as little as 50 grams per week, and after the Trump call, they seized more than a ton. Security analyst David Saucedo said that "under the pressure by Donald Trump, it appears President Claudia Sheinbaum’s administration is willing to increase the capture of drug traffickers and drug seizures that Washington is demanding.” Biden, too, tried to take credit for the seizure in a statement Friday night. ___ Associated Press writers Matthew Lee, Aamer Madhani, Colleen Long and Ellen Knickmeyer in Washington and Mark Stevenson in Mexico City contributed to this report.Mellott throws 4 TD passes to lead top-seeded Montana State past UT Martin 49-17 in FCS playoffsSeoul stocks dive on South Korea woes as Asian markets struggle
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PNST stock touches 52-week low at $0.56 amid market challengesEagles receivers Smith and Brown complain about vanishing pass offense during winning streakRomania's political landscape is reeling after a little-known, far-right populist secured the first round in the presidential election, going from an obscure candidate to beating the incumbent prime minister. Calin Georgescu, who ran independently, will face off against reformist Elena Lasconi in a Dec. 8. runoff. Georgescu, 62, was ahead after nearly all ballots were counted with around 22.95% of the vote. Lasconi, of the progressive Save Romania Union party, or USR, followed with 19.17%. She beat by a slim margin incumbent Prime Minister Marcel Ciolacu of the Social Democratic Party, or PSD, who stood at 19.15%. George Simion, the leader of the far-right Alliance for the Unity of Romanians took 13.87%. It is the first time in Romania’s 35-year post-communist history for the PSD not to have a candidate in the second round of a presidential race, serving a huge blow to the country’s most powerful party and underscoring voters’ anti-establishment sentiment. Ciolacu's shocking defeat prompted him to submit his resignation as party leader on Monday. After polls closed on Sunday, 9.4 million people — about 52.5% of eligible voters — had cast ballots, according to the Central Election Bureau. Georgescu won 43.3% of the vote in Romania's large diaspora, compared to Lasconi who got 26.8%. Most local surveys predicted he would win less than 10% of the vote. Nicolae Ciuca, a former army general and president of the center-right National Liberal Party, also resigned as party leader on Monday after obtaining just 8.7% of the vote. The president serves a five-year term in the European Union and NATO member country and has significant decision-making powers in areas such as national security, foreign policy and judicial appointments. After casting his ballot on Sunday, Georgescu said in a post on Facebook that he voted “for the unjust, for the humiliated, for those who feel they do not matter and actually matter the most ... the vote is a prayer for the nation.” According to his website, Georgescu holds a doctorate in pedology, a branch of soil science, and held different positions in Romania’s environment ministry in the 1990s. Between 1999 and 2012, he was a representative for Romania on the national committee of the United Nations Environment Program. Despite not having a clear political agenda, his videos on TikTok are popular, amassing 1.7 million likes. But his rising popularity will be tested when he faces Lasconi. Lasconi, a former journalist and the leader of the USR, has been running on an anti-corruption reformist agenda. She told The Associated Press ahead of the vote that she saw corruption as one of Romania's biggest problems and expressed support for increased defense spending and continued aid to Ukraine. If she wins the final vote, she will be the first female president in Romania's history. Romania will also hold parliamentary elections on Dec. 1 that will determine the country’s next government and prime minister.