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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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