EarningsMTN reported -$116m in 4Q adjusted EBITDA, 8% below Consensus, and at the low-end of guidance (poor weather in Australia).
Financial PerformanceGreater than expected G&A costs ($162m vs our estimate of $158m) weighed on performance, while labor expenses came in line with our expectation of $120m.
Market TrendsPass unit sales declining for the first time for '24/'25 season and double-digit % reduction in prior season lift ticket sales which could pressure pass conversion for upcoming ski season, further reinforce our more tempered view on MTN.