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Vail Resorts
🇺🇸 NYSE:MTN
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Jan 31, 2024

Vail Resorts Q2 2024 Earnings Report

Reported an increase in net income and Resort Reported EBITDA despite challenging weather conditions, and updated fiscal 2024 guidance.

Key Takeaways

Vail Resorts reported a net income of $219.3 million for the second fiscal quarter of 2024, compared to $208.7 million in the same period of the prior year. Resort Reported EBITDA increased to $425.0 million, which included $2.1 million of acquisition related expenses. The company updated its fiscal year 2024 guidance, expecting net income to be between $270 million and $325 million, and Resort Reported EBITDA to be between $849 million and $885 million.

Net income attributable to Vail Resorts, Inc. was $219.3 million, up from $208.7 million in the same period last year.

Resort Reported EBITDA increased to $425.0 million, including $2.1 million of acquisition related expenses.

Season-to-date total skier visits decreased 9.7%, while total lift revenue increased 2.6% through March 3, 2024.

The Company increased its quarterly cash dividend by 8% to $2.22 per share.

Total Revenue
$1.08B
Previous year: $1.1B
-2.2%
EPS
$5.76
Previous year: $5.16
+11.6%
Total Skier Visits
7.26M
Previous year: 8.31M
-12.6%
Effective Ticket Price
$83.1
Previous year: $71.3
+16.5%
Cash Dividend Per Share
$2.06
Gross Profit
$467M
Previous year: $513M
-8.8%
Cash and Equivalents
$812M
Previous year: $1.3B
-37.3%
Total Assets
$5.85B
Previous year: $6.56B
-10.9%

Vail Resorts

Vail Resorts

Vail Resorts Revenue by Segment

Forward Guidance

Due to the season-to-date underperformance, the company is lowering its guidance for fiscal 2024. Net income attributable to Vail Resorts, Inc. for fiscal 2024 is expected to be between $270 million and $325 million, and Resort Reported EBITDA for fiscal 2024 is expected to be between $849 million and $885 million.

Positive Outlook

  • Expecting improved performance compared to the season-to-date period.
  • Expected shift in visitation patterns into March and April.
  • Significant base of pre-committed guests and guest historical behavior patterns.
  • Improvement in conditions across western North American and Northeast resorts.
  • Lodging booking trends for the Spring Break period.

Challenges Ahead

  • Season-to-date underperformance.
  • Weather disruptions
  • Lowering guidance for the fiscal year.
  • Includes an estimated $4 million of acquisition related expenses specific to Crans-Montana.
  • Does not include any estimate for the closing costs, operating results or integration expense associated with the Crans-Montana acquisition.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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