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Oct 31, 2022
Vail Resorts Q1 2023 Earnings Report
Reported a net loss and reaffirmed its fiscal year 2023 guidance.
Key Takeaways
Vail Resorts reported a net loss attributable to Vail Resorts, Inc. of $137.0 million for the first quarter of fiscal 2023, compared to a net loss of $139.3 million in the same period in the prior year. Resort Reported EBITDA loss was $96.5 million, compared to a loss of $108.4 million in the first quarter of fiscal 2022. The company reaffirmed its fiscal year 2023 net income guidance of $321 million to $396 million and Resort Reported EBITDA guidance of $893 million to $947 million.
Net loss attributable to Vail Resorts, Inc. was $137.0 million for the first quarter of fiscal 2023 compared to a net loss attributable to Vail Resorts, Inc. of $139.3 million in the same period in the prior year.
Resort Reported EBITDA loss was $96.5 million for the first quarter of fiscal 2023, compared to a Resort Reported EBITDA loss of $108.4 million for the first quarter of fiscal 2022.
Pass product sales through December 5, 2022 for the upcoming 2022/2023 North American ski season increased approximately 6% in units and approximately 6% in sales dollars as compared to the period in the prior year through December 6, 2021.
The Company reaffirmed its guidance for fiscal year 2023 of $321 million to $396 million of net income attributable to Vail Resorts, Inc. and $893 million to $947 million of Resort Reported EBITDA.
Revenue by Segment
Forward Guidance
The Company reaffirmed its fiscal 2023 net income attributable to Vail Resorts, Inc. guidance of $321 million to $396 million and Resort Reported EBITDA guidance of $893 million to $947 million.
Positive Outlook
- Strength of pass sales
- Strong early season conditions at mountain resorts in the Rockies and West
- Staffing levels on track to deliver an outstanding guest experience
- Lodging booking trends consistent with pre-COVID-19 levels
- Lodging bookings indicate visitation patterns may shift from December to January-April
Challenges Ahead
- Uncertainty around the economic outlook
- Potential impact on travel and consumer behavior
- Foreign currency exchange rate volatility
- Potential negative impact of approximately $6 million for Resort Reported EBITDA if currency exchange rates remain at December 7, 2022 levels
Revenue & Expenses
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Avg. Return Before/After Earnings
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