| Schedule of Revision of Previously Issued Consolidated Condensed Financial Statements |
The revisions include corrections of previously identified errors to the Consolidated Condensed Balance Sheets for operating lease liabilities and right of use assets and adjustments to the income tax payable and income tax receivable for items identified during its reconciliation of completed income tax returns to its income tax provision that impacted jurisdictional netting. The accompanying Consolidated Condensed Statements of Cash Flows have been revised to correct a misclassification between operating and financing activities related to interest on finance lease obligations, and to reflect changes related to the items discussed above. There were no other changes to the Consolidated Condensed Statements of Stockholders’ Equity that have not otherwise been reflected in the Consolidated Condensed Balance Sheets, Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income (Loss) described above. The following tables present the revisions to the Consolidated Condensed Balance Sheet as of April 30, 2025, the Consolidated Condensed Statement of Operations and Consolidated Condensed Statement of Comprehensive Income (Loss) for the three and nine months ended April 30, 2025 and the Consolidated Condensed Statement of Cash Flows for the nine months ended April 30, 2025 (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | April 30, 2025 | | Consolidated Condensed Balance Sheet | As Reported | | Adjustment | | As Revised | | Other current assets | $ | 72,579 | | | $ | (4,450) | | | $ | 68,129 | | | Total current assets | 1,003,864 | | | (4,450) | | | 999,414 | | | Property, plant and equipment, net (Note 6) | 2,391,354 | | | (8,654) | | | 2,382,700 | | | | | | | | | Total assets | 5,763,049 | | | (13,104) | | | 5,749,945 | | | Income taxes payable | 101,379 | | | (5,460) | | | 95,919 | | | Long-term debt due within one year (Note 5) | 590,382 | | | 1,092 | | | 591,474 | | | Total current liabilities | 1,632,635 | | | (4,368) | | | 1,628,267 | | | Long-term debt, net (Note 5) | 2,106,413 | | | 12,498 | | | 2,118,911 | | | | | | | | | Deferred income taxes, net | 279,258 | | | (3,026) | | | 276,232 | | | Total liabilities | 4,527,114 | | | 5,104 | | | 4,532,218 | | | Retained earnings | 997,440 | | | (18,208) | | | 979,232 | | | Total Vail Resorts, Inc. stockholders’ equity | 895,375 | | | (18,208) | | | 877,167 | | | Total stockholders’ equity | 1,235,935 | | | (18,208) | | | 1,217,727 | | | Total liabilities and stockholders’ equity | $ | 5,763,049 | | | $ | (13,104) | | | $ | 5,749,945 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended April 30, 2025 | | Consolidated Condensed Statement of Operations | As Reported | | Adjustment | | As Revised | | Depreciation and amortization | $ | (74,618) | | | $ | (1,449) | | | $ | (76,067) | | | Gain (loss) on disposal of fixed assets and other, net | 4,267 | | | (1,944) | | | 2,323 | | | Income from operations | 581,165 | | | (3,393) | | | 577,772 | | | Interest expense, net | (41,317) | | | (588) | | | (41,905) | | | Income before provision for income taxes | 545,370 | | | (3,981) | | | 541,389 | | | Provision for income taxes | (131,042) | | | 969 | | | (130,073) | | | Net income | 414,328 | | | (3,012) | | | 411,316 | | | Net income attributable to Vail Resorts, Inc. | 392,752 | | | (3,012) | | | 389,740 | | | Basic net income per share attributable to Vail Resorts, Inc. | $ | 10.55 | | | $ | (0.08) | | | $ | 10.47 | | | Diluted net income per share attributable to Vail Resorts, Inc. | $ | 10.54 | | | $ | (0.08) | | | $ | 10.46 | |
| | | | | | | | | | | | | | | | | | | Nine months ended April 30, 2025 | | Consolidated Condensed Statement of Operations | As Reported | | Adjustment | | As Revised | | Depreciation and amortization | $ | (219,358) | | | $ | (2,605) | | | $ | (221,963) | | | Gain (loss) on disposal of fixed assets and other, net | 3,031 | | | (1,944) | | | 1,087 | | | Income from operations | 763,563 | | | (4,549) | | | 759,014 | | | Interest expense, net | (125,839) | | | (1,533) | | | (127,372) | | | Income before provision for income taxes | 650,007 | | | (6,082) | | | 643,925 | | | Provision for income taxes | (159,124) | | | 1,479 | | | (157,645) | | | Net income | 490,883 | | | (4,603) | | | 486,280 | | | Net income attributable to Vail Resorts, Inc. | 465,464 | | | (4,603) | | | 460,861 | | | Basic net income per share attributable to Vail Resorts, Inc. | $ | 12.46 | | | $ | (0.13) | | | $ | 12.33 | | | Diluted net income per share attributable to Vail Resorts, Inc. | $ | 12.44 | | | $ | (0.12) | | | $ | 12.32 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended April 30, 2025 | | Consolidated Condensed Statement of Comprehensive Income | As Reported | | Adjustment | | As Revised | | Net income | $ | 414,328 | | | $ | (3,012) | | | $ | 411,316 | | | Comprehensive income | 529,051 | | | (3,012) | | | 526,039 | | | Comprehensive income attributable to Vail Resorts, Inc. | $ | 470,377 | | | $ | (3,012) | | | $ | 467,365 | |
| | | | | | | | | | | | | | | | | | | Nine months ended April 30, 2025 | | Consolidated Condensed Statement of Comprehensive Income | As Reported | | Adjustment | | As Revised | | Net income | $ | 490,883 | | | $ | (4,603) | | | $ | 486,280 | | | Comprehensive income | 512,033 | | | (4,603) | | | 507,430 | | | Comprehensive income attributable to Vail Resorts, Inc. | $ | 475,678 | | | $ | (4,603) | | | $ | 471,075 | |
| | | | | | | | | | | | | | | | | | | Nine months ended April 30, 2025 | | Consolidated Condensed Statement of Cash Flows | As Reported | | Adjustment | | As Revised | | Net income | $ | 490,883 | | | $ | (4,603) | | | $ | 486,280 | | | Depreciation and amortization | 219,358 | | | 2,605 | | | 221,963 | | | Provision for income tax | 159,124 | | | (1,479) | | | 157,645 | | Other non-cash income, net | (36,923) | | | 1,645 | | | (35,278) | | | | | | | | | Net cash provided by operating activities | 726,430 | | | (1,832) | | | 724,598 | | | Other financing activities, net | (28,218) | | | 1,832 | | | (26,386) | | Net cash used in financing activities | $ | (437,548) | | | $ | 1,832 | | | $ | (435,716) | |
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