Tech entrepreneur Elon Musk caused uproar after backing Germany's far-right party in a major newspaper ahead of key parliamentary elections in the Western European country, leading to the resignation of the paper's opinion editor in protest. Germany is to vote in an early election on Feb. 23 after Chancellor Olaf Scholz's three-party governing coalition collapsed last month in a dispute over how to revitalize the country's stagnant economy. Musk's guest opinion piece for Welt am Sonntag —a sister publication of POLITICO owned by the Axel Springer Group — published in German over the weekend, was the second time this month he supported the Alternative for Germany, or AfD. "The Alternative for Germany (AfD) is the last spark of hope for this country," Musk wrote in his translated commentary. He went on to say the far-right party "can lead the country into a future where economic prosperity, cultural integrity and technological innovation are not just wishes, but reality." The Tesla Motors CEO also wrote that his investment in Germany gave him the right to comment on the country's condition. The AfD is polling strongly, but its candidate for the top job, Alice Weidel, has no realistic chance of becoming chancellor because other parties refuse to work with the far-right party. The technology billionaire challenged in his opinion piece the party's public image. "The portrayal of the AfD as right-wing extremist is clearly false, considering that Alice Weidel, the party's leader, has a same-sex partner from Sri Lanka! Does that sound like Hitler to you? Please!" Musk's commentary has led to a debate in German media over the boundaries of free speech, with the paper's own opinion editor announcing her resignation, pointedly on Musk's social media platform, X. "I always enjoyed leading the opinion section of WELT and WAMS. Today an article by Elon Musk appeared in Welt am Sonntag. I handed in my resignation yesterday after it went to print," Eva Marie Kogel wrote. A critical article by the future editor-in-chief of the Welt group, Jan Philipp Burgard, accompanied Musk's opinion piece. "Musk's diagnosis is correct, but his therapeutic approach, that only the AfD can save Germany, is fatally wrong," Burgard wrote. Responding to a request for comment from the German Press Agency, dpa, the current editor-in-chief of the Welt group, Ulf Poschardt, and Burgard — who is due to take over on Jan. 1 — said in a joint statement that the discussion over Musk's piece was "very insightful. Democracy and journalism thrive on freedom of expression." "This will continue to determine the compass of the "world" in the future. We will develop "Die Welt" even more decisively as a forum for such debates," they wrote to dpa. Musk waded heavily into the 2024 U.S. presidential election, putting millions into electing President-elect Donald Trump. Trump rewarded him after the election by naming Musk to head the newly-created Department of Government Efficiency, or DOGE, with Vivek Ramaswamy. Musk and Ramaswamy were embroiled over the weekend on X, the social media platform Musk owns, over H-1B visas, which are applied to highly skilled workers. Musk, who came to the U.S. on a H-1B visa, defended the use of the policy amid backlash from Laura Loomer and other Trump supporters who endorse hardline immigration policies. In an interview with the New York Post , Trump said he "always liked the visas," although he tried to change the program during his first time. "I have many H-1B visas on my properties. I've been a believer in H-1B. I have used it many times. It's a great program," Trump told the newspaper.Mr Carter, a former peanut farmer, served one term in the White House between 1977 and 1981, taking over in the wake of the Watergate scandal and the end of the Vietnam War. After his defeat by Ronald Reagan, he spent his post-presidency years as a global humanitarian, winning the Nobel Peace Prize in 2002. His death on Sunday was announced by his family and came more than a year after he decided to enter hospice care. He was the longest-lived US president. His son, Chip Carter, said: “My father was a hero, not only to me but to everyone who believes in peace, human rights and unselfish love. “My brothers, sister and I shared him with the rest of the world through these common beliefs. “The world is our family because of the way he brought people together, and we thank you for honouring his memory by continuing to live these shared beliefs.” Mr Carter is expected to receive a state funeral featuring public observances in Atlanta and Washington DC before being buried in his home town of Plains, Georgia. A moderate democrat born in Plains in October 1924, Mr Carter’s political career took him from the Georgia state senate to the state governorship and finally the White House, where he took office as the 39th president. His presidency saw economic disruption amid volatile oil prices, along with social tensions at home and challenges abroad including the Iranian revolution that sparked a 444-day hostage crisis at the US embassy in Tehran. But he also brokered the Camp David Accords between Egypt and Israel, which led to a peace treaty between the two countries in 1979. After his defeat in the 1980 presidential election, he worked for more than four decades leading the Carter Centre, which he and his late wife Rosalynn co-founded in 1982 to “wage peace, fight disease, and build hope”. Mrs Carter, who died last year aged 96, had played a more active role in her husband’s presidency than previous first ladies, with Mr Carter saying she had been “my equal partner in everything I ever accomplished”. Earlier this year, on his 100th birthday, Mr Carter received a private congratulatory message from the King, expressing admiration for his life of public service.
Orlando Magic forward Franz Wagner is out indefinitely after suffering a torn right oblique, the team announced Saturday. He is the second star forward the Magic have lost to a torn oblique this season. Paolo Banchero has been out with the same injury since Oct. 30. Wagner, whose injury occurred during Friday's 102-94 loss to the host Philadelphia 76ers, will be reevaluated in four weeks and "his return to play will depend on how he responds to treatment," the team said Saturday. Wagner is averaging a career-high 24.4 points this season, and his scoring average has gone up every season since Orlando picked him eighth overall in the 2021 NBA Draft out of Michigan. After averaging 15.2 as a rookie, he increased it to 18.6 in 2022-23 and then 19.7 last season to help Orlando win 47 games. Wagner goes down in the middle of an especially hot streak during his All-Star worthy season, having scored 30 or more in the past three games. He's also averaging 5.7 assists and 5.6 rebounds, helping Orlando go 16-9 for third place in the East. --Field Level MediaFormer U.S. president Jimmy Carter, once called a ‘pretty good Canadian,’ dies at 100
Poeltl, Olynyk, Mitchell return to Toronto Raptors' lineup versus Mavericks TORONTO — Jakob Poeltl, Kelly Olynyk and Davion Mitchell will all return to the Toronto Raptors lineup tonight against the Dallas Mavericks. Poeltl missed Toronto's 129-92 loss to the visiting Oklahoma City Thunder on Thursday due to illness. John Chidley-Hill, The Canadian Press Dec 7, 2024 3:20 PM Dec 7, 2024 3:35 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message Toronto Raptors' Jakob Poeltl enters the court before NBA basketball action against the Miami Heat in Toronto on Sunday, December 1, 2024. THE CANADIAN PRESS/Chris Young TORONTO — Jakob Poeltl, Kelly Olynyk and Davion Mitchell will all return to the Toronto Raptors lineup tonight against the Dallas Mavericks. Poeltl missed Toronto's 129-92 loss to the visiting Oklahoma City Thunder on Thursday due to illness. Mitchell was listed as questionable with right hip stiffness after that loss, but Raptors head coach Dakro Rajakovic says he's available against Dallas. It will be Olynyk's first time playing in the 2024-25 season after missing the entire pre-season and first 23 games of the campaign with back spasms. Olynyk, who was born in Toronto but grew up in Kamloops, B.C., will add significant depth to the Raptors' rotation. He averaged 12.7 points, 5.6 rebounds, and 4.6 assists in 28 games for Toronto last season after he was traded to the Raptors by the Utah Jazz on Feb. 8. This report by The Canadian Press was first published Dec. 7, 2024. Follow @jchidleyhill.bsky.social on Bluesky John Chidley-Hill, The Canadian Press See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message More National Sports LA Galaxy strike early, hold off New York Red Bulls 2-1 to win their record 6th MLS Cup championship Dec 7, 2024 3:26 PM Groups launch legal challenge against Alberta's new gender-affirming treatment law Dec 7, 2024 3:21 PM Curl-Salemme, Cava lead Minnesota Frost to 5-3 win over Toronto Sceptres in PWHL Dec 7, 2024 3:17 PM Featured Flyer
Qatar tribune Tribune News Network doha Qatar’s Minister of State for Energy Affairs and QatarEnergy President and CEO HE Saad Sherida Al Kaabi spoke about European Union’s Corporate Sustainability Due Diligence Directive (CS3D) during a “Newsmaker Interview” at the Doha Forum 2024. While reiterating Qatar’s commitment to upholding human and labor rights and reducing environmental impacts, Al Kaabi expressed significant concerns about the feasibility and implications of the directive. Addressing an audience of global policymakers and industry leaders, Al Kaabi described the CS3D as impractical, particularly for energy companies like QatarEnergy. “This directive affects any company that deals in Europe and makes more than €450 million generated in or from Europe. So, companies like QatarEnergy, Shell, or ExxonMobil and even car companies like Toyota or GM, will have to say they will abide by the Paris Accords. So, the company will have to commit to Net Zero. For us as QatarEnergy, and with all the expansions we are undertaking, I can assure you we cannot meet Net Zero as a company,” the minister said. Al Kaabi said, “We are also asked to be responsible for tier emissions 1, 2, and 3 and be liable for a penalty of up to 5 percent of our total generated revenue worldwide. This makes absolutely no sense. So, my message to Europe and to the EU Commission is: Are you telling us that you don’t want our LNG into the EU? Because I sure am not going to supply the EU with LNG to support their energy requirements and then be penalized with our total revenue worldwide.” He further highlighted potential repercussions for investment. Sovereign funds like the Qatar Investment Authority (QIA) and other global investors could shift focus away from Europe to avoid the risks and penalties associated with the directive. The minister also emphasised the counterproductive nature of the directive, suggesting it could lead to increased costs for companies, which would ultimately be borne by European consumers. “This policy will harm European companies first,” he noted, adding that it could stifle investment and competitiveness in the region. Al Kaabi touched on the enduring partnership between Qatar and the United States, underscoring the resilience of their energy relations regardless of political administrations. “We have multi-decade oil and gas projects that transcend governments,” he said, reaffirming the “win-win relationship” between the two nations. Highlighting the critical role of natural gas in addressing global energy demands, HE Al Kaabi called for a pragmatic approach to energy transition. With a billion people worldwide lacking access to electricity, he stressed the need for reliable energy sources to meet basic needs. “Natural gas is indispensable in the transition to cleaner energy. It addresses intermittency issues with renewable sources like solar and wind and ensures energy security for all,” he stated. Al Kaabi highlighted Qatar’s leadership in fertilizer production, which supports global food security. As the second-largest exporter of fertilizers, Qatar is set to become the largest with production capacity doubling to 12 million tonnes per annum. Copy 08/12/2024 10President Volodymyr Zelensky on Saturday insisted at a meeting with US President-elect Donald Trump that any settlement with Russia after its invasion of Ukraine had to be "just", as fears grow in Kyiv on the position of the incoming administration. President Emmanuel Macron hosted three-way talks with Zelensky and Trump at the Elysee Palace, discussing what the incoming American president had termed a world that was a "little crazy". Hours after their meeting, the outgoing administration of President Joe Biden announced a new $988 million military assistance package for Ukraine. The package features drones, ammunition for precision HIMARS rocket launchers, and equipment and spare parts for artillery systems, tanks and armoured vehicles, the Pentagon said in a statement. Zelensky's meeting with Trump just before the three men headed to Notre Dame for the re-opening ceremony of the great Paris cathedral was his first face-to-face encounter with tycoon-turned-politician since his election victory. The meeting was of huge importance to Zelensky, given fears in Kyiv that Trump, who once boasted he could end Russia's war on Ukraine in 24 hours, may urge Ukraine to make concessions to Moscow. It also offered a unique chance for Macron to gain insights into how a second Trump presidency will look when he takes office in January. The trip to Paris is Trump's first international visit since his November 5 election win. "We all want peace. But it is very important for us... that the peace is just for all of us and that Russia, (Russian President Vladimir) Putin or any other aggressor has no possibility of ever returning," Zelensky said according to the presidential website. "And this is the most important thing -- a just peace and security guarantees, strong security guarantees for Ukraine," he added. Trump has scoffed at the billions of dollars in US military assistance to Ukraine and has spoken of forcing a quick settlement. But Zelensky also thanked Trump for his "unwavering resolve" describing the talks as "good and productive". Trump and Macron embraced and shook hands several times on the steps of the French presidential palace, with Trump given a full guard of honour despite not yet being in office. "It seems like the world is going a little crazy right now and we will be talking about that," Trump told reporters as he prepared to sit down for the talks with Macron. Despite tensions between the two men during his first term, Trump hailed his ties with the centrist French leader, saying: "We had a great relationship as everyone knows. We accomplished a lot." Macron told Trump it was "a great honour for French people to welcome you" for the re-opening ceremony at Notre Dame, which was devastated by a blaze in 2019 during Trump's first term. "You were president at that time and I remember the solidarity and the immediate reaction," Macron added, speaking in English. When he first took office in 2017, Trump's ties with Macron -- then also a fresh face on the world stage -- began warmly despite their obvious political differences. Their long and muscular handshakes -- which saw each man seek to assert his superiority -- became a light-hearted focus of attention before ties cooled, then soured, following disputes about climate change, trade and defence. Trump earlier wrote on his Truth Social platform that the United States should "not get involved" in the situation in Syria, where fast-moving rebel forces say they have begun to encircle the capital Damascus. The Republican's return to power has rung alarms in Paris and many European capitals after his promises on the campaign trail to force an end to fighting in Ukraine and levy tariffs on trading partners. In his own reaction to the discussions, Macron wrote on social media: "Let us continue our joint efforts for peace and security." European allies have largely enjoyed a close working relationship with Biden on the crisis in the Middle East, but Trump is likely to distance himself and ally the United States even more closely with Israel. In a sign of the importance of Trump's one-day trip to Paris, he was accompanied by his pick for White House chief of staff, Susie Wiles, as well as his Near East and Middle East advisors, Steve Witkoff and Massad Boulos, according to a guest list issued by the Elysee Palace. Tesla tycoon and Trump advisor Elon Musk, who was also on the line during a phone call between the incoming president and Zelensky last month, also flew into the French capital was present at the Notre Dame ceremony. sjw/adp/jj
Former U.S. Rep Matt Gaetz (R-FL) will not return to Congress after withdrawing as President-elect Donald Trump’s attorney general nominee. Gaetz resigned from the 118th Congress but could still technically be sworn into the 119th and return to his seat after winning reelection earlier this month. But on Friday, he told Turning Point USA Founder Charlie Kirk he would not be a member of the next Congress, which takes over in January. “I’m still going to be in the fight, but it’s going to be from a new perch. I do not intend to join the 119th Congress,” Gaetz told Kirk on Real America Voices’s The Charlie Kirk Show. “There are a number of fantastic Floridians who’ve stepped up to run for my seat, people who have inspired with their heroism, with their public service, and I’m actually excited to see Northwest Florida go to new heights and have great representation,” he added. Gaetz emphasized that he would continue to fight for Trump and the MAGA movement. “I’m going to be doing whatever he asks of me, as I always have. But I think that eight years is probably enough time in the United States Congress,” he said. Gaetz and Kirk also discussed the House Ethics Committee report on Gaetz, and the effect that had in the former congressman’s decision to bow out of consideration. Gaetz said that the report’s allegations were from “sources that [Attorney General] Merrick Garland’s DOJ [Department of Justice] had already deemed not credible.” He also said he could have taken on a months-long confirmation fight and answered all questions about the matter, but Trump needs an attorney general who can hit the ground running on day one. “I could have answered all those questions. I could have engaged in a months-long fact battle, but we don’t have months to go through that,” he said. “We got to have an A.G. ready to go, day one, to implement the immigration agenda and work on the other key policy, deregulatory objectives of the president,” he said. Trump has selected former Florida Attorney General Pam Bondi as his pick to lead the Justice Department now that Gaetz has pulled himself as the nominee. Gaetz praised Bondi and predicted she would have a smooth confirmation process. “My good friend Pam Bondi is going to be a phenomenal attorney general for Donald Trump. She has the legal acumen. She hates criminals. She is a bright legal mind and a fellow Floridian,” Gaetz said. “Pam Bondi’s confirmation won’t have some of the sharp edges that mine would have. It won’t take the same long process,” he went on to add. “So A.G. Bondi will be able to start implementing those Trump policies right away, so we’re ready on day one.”Deere & Co. stock underperforms Wednesday when compared to competitorsNotable quotes by Jimmy Carter
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BROOMFIELD, Colo. , Dec. 9, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2025 ended October 31, 2024 , provided season pass sales results for the 2024/2025 season, updated fiscal 2025 net income attributable to Vail Resorts, Inc. guidance and reaffirmed fiscal 2025 Resort Reported EBITDA guidance, announced capital investment plans for calendar year 2025, declared a dividend payable in January 2025 , and announced first quarter share repurchases. Highlights 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
NEW YORK (AP) — A gunman killed UnitedHealthcare’s CEO on Wednesday in a “brazen, targeted attack” outside a Manhattan hotel where the health insurer was holding its investor conference, police said, setting off a massive search for the fleeing assailant hours before the annual Rockefeller Center Christmas tree lighting nearby. Brian Thompson, 50, was shot around 6:45 a.m. as he walked alone to the New York Hilton Midtown from a nearby hotel, police said. The shooter appeared to be “lying in wait for several minutes” before approaching Thompson from behind and opening fire , New York City Police Commissioner Jessica Tisch said. Police had not yet established a motive. “Many people passed the suspect, but he appeared to wait for his intended target,” Tisch said, adding that the shooting "does not appear to be a random act of violence.” Surveillance video reviewed by investigators shows someone emerging from behind a parked car, pointing a gun at Thompson’s back, then firing multiple times from several feet away. The gunman continues firing, interrupted by a brief gun jam, as Thompson stumbles forward and falls to the sidewalk. He then walks past Thompson and out of the frame. “From watching the video, it does seem that he’s proficient in the use of firearms as he was able to clear the malfunctions pretty quickly,” NYPD Chief of Detectives Joseph Kenny said. Thompson was shot at least once in the back and once in the calf, Tisch said. The shooter, who wore a jacket, face mask and large backpack, fled through Midtown on foot before pedaling an electric bike into Central Park a few blocks away, police said. The assailant remained at large Wednesday afternoon, sparking a search that included police drones, helicopters and dogs. “Brian was a highly respected colleague and friend to all who worked with him,” the insurer’s Minnetonka, Minnesota-based parent company, UnitedHealth Group Inc., said in a statement. "We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time.” Police issued a poster showing a surveillance image of the man pointing what appeared to be a gun and another image that appeared to show the same person on a bicycle. Minutes before the shooting, he stopped at a nearby Starbucks, according to additional surveillance photos released by police on Wednesday afternoon. They offered a reward of up to $10,000 for information leading to an arrest and conviction. Thompson’s wife, Paulette Thompson, told NBC News that he told her “there were some people that had been threatening him.” She didn’t have details but suggested the threats may have involved issues with insurance coverage. Eric Werner, the police chief in the Minneapolis suburb where Thompson lived, said his department had not received any reports of threats against the executive. The killing shook a part of New York City that's normally quiet at that hour, happening about four blocks from where tens of thousands of people were set to gather for Wednesday night’s tree lighting. Police promised extra security for the event. The hotel is also a short walk from other tourist sites, including the Museum of Modern Art and Radio City Music Hall, and is often dense with office workers and visitors on weekday mornings. Many security cameras are nearby. “We’re encouraging New Yorkers to go about their daily lives and their daily business but to be alert,” NYPD Chief of Department Jeffrey Maddrey said. Investigators recovered several 9 mm shell casings from outside the hotel and a cellphone from the alleyway through which the shooter fled. They were also searching Thompson's hotel room, interviewing his UnitedHealthcare colleagues and reviewing his social media, Kenny said. Police initially said the bicycle the shooter used to ride into Central Park came from the city’s bike-share program, CitiBike. But a spokesperson for Lyft, which operates the program, said they were informed by department officials Wednesday afternoon that the bike was not from the CitiBike fleet. Health care giant UnitedHealth Group was holding its annual meeting with investors to update Wall Street on the company's direction and expectations for the coming year. The company ended the conference early in the wake of Thompson's death. “I’m afraid that we — some of you may know we’re dealing with a very serious medical situation with one of our team members,” a company official told attendees, according to a transcript. “And as a result, I’m afraid we’re going to have to bring to a close the event today. ... I’m sure you’ll understand.” Thompson, a father of two sons, had been with the company since 2004 and served as CEO for more than three years. UnitedHealthcare is the largest provider of Medicare Advantage plans in the U.S. and manages health insurance coverage for employers and state-and federally funded Medicaid programs. Minnesota Gov. Tim Walz posted on the social platform X that the state is “sending our prayers to Brian’s family and the UnitedHealthcare team.” “This is horrifying news and a terrible loss for the business and health care community in Minnesota,” the Democrat wrote. Associated Press writers Tom Murphy in Indianapolis, Steve Karnowski in St. Paul, Minnesota, and Anthony Izaguirre in Albany, New York, contributed to this story.OTTAWA — The Canadian Union of Postal Workers says it's sent another round of counter-proposals to the federal mediator appointed to help it reach a deal with Canada Post as a countrywide strike nears the three-week mark. The union says it's ready to get back to federal mediation, which was put on pause last week as the two sides appeared too far apart to reach an agreement. As the strike by more than 55,000 workers drags on, the business community has been ramping up pressure on the federal government to intervene. The federal government has so far resisted calls to step in, even though it intervened in other labour disputes earlier this year. Canada Post said it presented a new framework for reaching agreements over the weekend to the union, which said it needs to see key issues like wages and the expansion of postal services addressed before it can make a deal. One of the key issues in bargaining has been the push to expand Canada Post delivery to the weekend, as the two sides disagree over how best to make it happen. This report by The Canadian Press was first published Dec. 4, 2024. The Canadian Press
The western third of the college football world, so often excluded from the four-team College Football Playoff, will have three representatives in the inaugural 12-team version after Boise State and Arizona State secured automatic bids Friday night and Saturday morning, respectively. The Broncos (12-1) locked up their spot with a victory over UNLV in the Mountain West championship, and the Sun Devils (11-2) did the same with a dominating performance against Iowa State in the Big 12 championship. The region’s third CFP participant, top-ranked Oregon (12-0), will make the field regardless of the outcome of the Big Ten title showdown with Penn State later today. Across the entirety of the four-team playoff era (2014-23), only three western teams participated: Oregon in 2014 and Washington in 2016 and 2023. Had the four-team event remained in place this season, the Sun Devils would have been on the outside looking in the day they lost for a second time (Oct. 19). Boise State likely would have been excluded as a one-loss team from the Group of Five. “In creating the format for the 12-team event,” former CFP executive director Bill Hancock told the Hotline on Saturday (via text message), “it was important to make sure college football thrived in every part of the country. “It is working!” Exactly where the Broncos and Sun Devils fit within the 12-team bracket, which will be revealed Sunday at 9 a.m. (Pacific) on ESPN, is unclear. Both teams want one of the opening-round byes assigned to the four highest-ranked conference champions. The fifth conference champion isn’t as fortunate and must open the CFP on the road. (The opponent is expected to be the runner up from the Big Ten or SEC, or Notre Dame.) Boise State was No. 10 in the rankings released Tuesday, five spots ahead of ASU. Was the Sun Devils’ blowout victory over No. 16 Iowa State enough to catapult them over the Broncos, who beat No. 20 UNLV by two touchdowns? “In no way should a Group of Five champion be ranked above our champion,” Big 12 commissioner Brett Yormark said earlier this week. Or could both Boise State and Arizona State receive byes — at the expense of the ACC champion? That seems unlikely if eighth-ranked SMU handles its business later today but entirely plausible if No. 17 Clemson topples the Mustangs. Arizona State’s victory brings a degree of clarity to the Pac-12’s bowl selection process, which includes all the legacy schools this season despite the breakup of the conference. With the Ducks and Sun Devils headed to the CFP, all other eligible teams will jump two spots from their natural position: — The Alamo Bowl has the first pick and is expected to select Colorado, which tied for first place in the Big 12 but lost the tiebreaker. The Buffaloes will face either Iowa State or Brigham Young, according to bowl officials. Given the Cyclones’ woeful performance in the title game — and their expected plunge in the rankings — Brigham Young is a safe bet to oppose Colorado. (The teams did not meet during the regular season.) — The Holiday Bowl has the second pick and will invite Washington State, which is protected by the Pac-12’s one-loss-down rule. It prevents bowl officials from bypassing one team for another if there is a two-game (or more) difference in losses. The Cougars are 8-4 and must be selected ahead of the three teams that finished with 6-6 records (USC, Washington and Cal), according to the Pac-12. Washington State’s opponent will be from the ACC. — Next up is the Las Vegas Bowl, which has its choice of the 6-6 teams and is expected to invite the Trojans, who began their season in Sin City with a dramatic victory over LSU. USC’s opponent will come from the SEC, which could mean a showdown against coach Lincoln Riley’s former team, Oklahoma. But we wonder if Mississippi, led by former USC coach Lane Kiffin, is more likely. — The Sun Bowl has the fourth pick and is expected to choose Washington, which has not played in El Paso since 2002. The Huskies will be matched against a team from the ACC. — That leaves the LA Bowl to select Cal, the lone remaining eligible team among the Pac-12 legacy schools. The selection makes sense in that the Bears have a large alumni base in Southern California and did not play a regular season game at USC or UCLA for the first time in eons. Cal would face an opponent from the Mountain West. The bowl pairings will become official Sunday afternoon, following the reveal of the CFP. *** Send suggestions, comments and tips (confidentiality guaranteed) to wilnerhotline@bayareanewsgroup.com or call 408-920-5716 *** Follow me on the social media platform X: @ WilnerHotline
