Vail Resorts Q3 2020 Earnings Report
Key Takeaways
Vail Resorts reported a net income of $152.5 million for the third quarter of fiscal 2020, significantly impacted by COVID-19 and resort closures, with Resort Reported EBITDA at $304.4 million, offset by cost actions.
Closed North American resorts and stores from March 15, 2020, through the season's end due to COVID-19.
Reduced capital plan for calendar year 2020 by $80-$85 million and suspended cash dividend for at least two quarters.
Raised $600 million in unsecured senior notes due May 2025 and obtained financial covenant waivers under the Vail Holdings revolving credit facility through January 2022.
Mountain Reported EBITDA decreased $166.7 million, or 35.6%, primarily due to decreased visitation associated with the closure of our North American destination mountain resorts and regional ski areas due to COVID-19
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Forward Guidance
The Company expects that its results in the fourth quarter of fiscal 2020 will be materially negatively impacted by the travel environment and will see lower visitation to resort properties and will not be issuing guidance for the fourth quarter or fiscal year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income