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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.
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Revenue by Segment
Mountain Revenue
CapyFin.comLodging Revenue
CapyFin.com 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
- Includes an estimated $4 million of acquisition and integration related expenses in fiscal year 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income