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Oct 31, 2021
Vail Resorts Q1 2022 Earnings Report
Reported a net loss, driven by COVID-19 impacts and related restrictions, though performance exceeded expectations due to strong demand.
Key Takeaways
Vail Resorts reported a net loss attributable to Vail Resorts, Inc. of $139.3 million for the first quarter of fiscal 2022, an improvement compared to the prior year's $153.8 million loss. Resort Reported EBITDA loss was $108.4 million, compared to a loss of $94.8 million in the prior year. Pass product sales increased significantly, and the company reaffirmed its fiscal year 2022 Resort Reported EBITDA guidance of $785 million to $835 million.
Net loss attributable to Vail Resorts, Inc. was $139.3 million, improved from $153.8 million in the prior year.
Resort Reported EBITDA loss was $108.4 million, compared to a loss of $94.8 million in the prior year.
Pass product sales through December 5, 2021, increased approximately 47% in units and 21% in sales dollars compared to the prior year.
The Company reaffirmed its fiscal year 2022 Resort Reported EBITDA guidance of $785 million to $835 million.
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Revenue by Segment
Real Estate Revenue
CapyFin.com Forward Guidance
The Company reaffirmed its Resort Reported EBITDA guidance for fiscal 2022 of $785 million to $835 million.
Positive Outlook
- Strong pass sales heading into the season.
- Favorable first quarter results.
- Strong demand seen across leisure travel.
- Strong demand in U.S. booking trends.
- Growth in pass sales expected to be partially offset by reduced lift ticket sales as guests convert to pass products.
Challenges Ahead
- Challenging early season conditions resulting in delayed openings and limited terrain.
- These conditions are anticipated to negatively impact results leading up to the holidays.
- Continued uncertainty regarding the ultimate impact of COVID-19 on business results.
- Potential impact from changing COVID-19 guidance and regulations.
- Potential changes in travel and consumer behavior resulting from COVID-19.