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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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