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Apr 30, 2021
Vail Resorts Q3 2021 Earnings Report
Reported an increase in net income and Resort Reported EBITDA, driven by strong North American pass sales growth and improved non-pass visitation.
Key Takeaways
Vail Resorts reported fiscal 2021 third quarter results, which were negatively impacted by COVID-19 and related limitations and restrictions. Net income attributable to Vail Resorts, Inc. was $274.6 million, an increase of 80.0% compared to the third fiscal quarter of 2020. Resort Reported EBITDA was $462.2 million, compared to $304.4 million for the third fiscal quarter of 2020.
Net income attributable to Vail Resorts, Inc. was $274.6 million for the third fiscal quarter of 2021, an increase of 80.0% compared to the third fiscal quarter of 2020.
Resort Reported EBITDA was $462.2 million for the third fiscal quarter of 2021, compared to a Resort Reported EBITDA of $304.4 million for the third fiscal quarter of 2020.
The Company issued full year guidance for fiscal 2021 and expects Resort Reported EBITDA to be between $530 million and $570 million.
Pass product sales through June 1, 2021 for the upcoming 2021/2022 North American ski season increased approximately 50% in units and 33% in sales dollars compared to sales for the 2019/2020 North American ski season through June 4, 2019.
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Revenue by Segment
Real Estate Revenue
CapyFin.com Forward Guidance
Net income attributable to Vail Resorts, Inc. is expected to be between $93 million and $139 million for fiscal 2021. Resort Reported EBITDA for fiscal 2021 is expected to be between $530 million and $570 million.
Positive Outlook
- All operations are open and aligned with current health and safety protocols and capacity restrictions
- Current demand trends continue
- Experience normal weather conditions throughout the Australian ski season and North American summer season
- There is no impact from potential COVID-19-related shutdowns or lockdowns
- Foreign exchange rates of $0.82 and $0.78, respectively, for each currency to the U.S. dollar for the remainder of the fiscal year.
Challenges Ahead
- Potential COVID-19-related shutdowns or lockdowns
- Impact from potential demand or operational disruptions associated with the current lockdowns in Victoria, Australia
- Excess tax benefits primarily resulting from vesting and exercises of equity awards
- Changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value
- Forward looking change related to foreign currency gains or losses on the intercompany loans