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Oct 31, 2024
Vail Resorts Q1 2025 Earnings Report
Reported a net loss for the first quarter of fiscal year 2025 and announced the 2025 capital plan.
Key Takeaways
Vail Resorts reported a net loss attributable to Vail Resorts, Inc. of $172.8 million for the first quarter of fiscal 2025, with Resort Reported EBITDA loss of $139.7 million. Pass product sales through December 3, 2024, decreased approximately 2% in units but increased approximately 4% in sales dollars compared to the prior year. The company reaffirmed its Resort Reported EBITDA guidance of $838 million to $894 million for fiscal 2025 and updated its net income attributable to Vail Resorts, Inc. guidance to $240 million to $316 million.
Net loss attributable to Vail Resorts, Inc. was $172.8 million for the first quarter of fiscal 2025, compared to $175.5 million in the same period in the prior year.
Resort Reported EBITDA loss was $139.7 million for the first quarter of fiscal 2025, consistent with the prior year.
Pass product sales through December 3, 2024, decreased approximately 2% in units and increased approximately 4% in sales dollars compared to the prior year.
The Company expects $240 million to $316 million of net income attributable to Vail Resorts, Inc. and reaffirmed its Resort Reported EBITDA guidance of $838 million to $894 million for fiscal 2025.
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Revenue by Segment
Mountain Revenue
CapyFin.comLodging Revenue
CapyFin.com Forward Guidance
The Company is updating its guidance for net income attributable to Vail Resorts, Inc., which it now expects to be between $240 million and $316 million, up from the prior guidance range of $224 million to $300 million. The Company continues to expect Resort Reported EBITDA for fiscal 2025 to be between $838 million and $894 million.
Positive Outlook
- Expect Resort Reported EBITDA to grow from price increases and ancillary spending.
- Resource efficiency transformation plan is expected to contribute to growth.
- The addition of Crans-Montana for the full year is expected to contribute to growth.
- Guidance includes approximately $27 million of cost efficiencies from resource efficiency transformation plan.
- Guidance includes a decrease in expected interest expense of approximately $2 million which assumes that interest rates remain at current levels for the remainder of fiscal 2025.
Challenges Ahead
- Guidance includes an estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan.
- Guidance includes an estimated $1 million of acquisition and integration related expenses specific to Crans-Montana.
- Guidance includes the assumed benefit of a return to normal weather conditions after the challenging conditions in fiscal 2024, more than offset by a return to normal operating costs and the impact of the continued industry normalization, impacting demand.
- Guidance reflects the negative impact from the record low snowfall and related shortened season in Australia in the first quarter of fiscal 2025, which negatively impacted demand and resulted in a $9 million decline of Resort Reported EBITDA compared to the prior year period.
- Foreign currency exchange rates have experienced recent volatility, which could have a negative impact on fiscal 2025 Resort Reported EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income