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Oct 31, 2023
Vail Resorts Q1 2024 Earnings Report
Vail Resorts' Q1 2024 results reflected a net loss, impacted by weather-related challenges and cost inflation, while pass sales showed growth.
Key Takeaways
Vail Resorts reported a net loss attributable to Vail Resorts, Inc. of $175.5 million for the first quarter of fiscal 2024, compared to a net loss of $137.0 million in the same period in the prior year. Resort Reported EBITDA loss was $139.8 million, compared to a loss of $96.5 million in the prior year. Pass product sales increased approximately 4% in units and approximately 11% in sales dollars.
Net loss attributable to Vail Resorts, Inc. was $175.5 million for the first quarter of fiscal 2024, compared to a net loss of $137.0 million in the same period in the prior year.
Resort Reported EBITDA loss was $139.8 million for the first quarter of fiscal 2024, compared to a Resort Reported EBITDA loss of $96.5 million for the first quarter of fiscal 2023.
Pass product sales through December 4, 2023, increased approximately 4% in units and approximately 11% in sales dollars as compared to the period in the prior year through December 5, 2022.
The Company reaffirmed its guidance for fiscal year 2024 of $316 million to $394 million of net income attributable to Vail Resorts, Inc. and $912 million to $968 million of Resort Reported EBITDA.
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Revenue by Segment
Mountain Revenue
CapyFin.comLodging Revenue
CapyFin.comReal Estate Revenue
CapyFin.com Forward Guidance
The Company reaffirmed its fiscal 2024 net income attributable to Vail Resorts, Inc. guidance of $316 million to $394 million and Resort Reported EBITDA guidance of $912 million to $968 million.
Positive Outlook
- Staffing levels are on track to deliver an outstanding guest experience.
- Pass sales are strong.
- Growth in pass sales is expected to be partially offset by reduced lift ticket sales as guests convert from lift tickets to pass products.
- The Company is making significant investments in the guest experience.
- The Company is investing in innovative technology to enhance the guest experience.
Challenges Ahead
- There continues to be uncertainty around the economic outlook.
- The economic outlook may impact travel and consumer behavior.
- Weather conditions could impact the North American and European ski season.
- The Company's Australian ski areas experienced weather-related challenges that impacted terrain.
- North America summer operations experienced lower demand for summer mountain travel and weather-related challenges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income