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Apr 30, 2022
Vail Resorts Q3 2022 Earnings Report
Reported third quarter results and updated fiscal year 2022 outlook.
Key Takeaways
Vail Resorts reported strong third quarter fiscal 2022 results, significantly outperforming the prior year due to the reduced impact of COVID-19 and related restrictions. The company updated its fiscal 2022 guidance, expecting Resort Reported EBITDA to be between $828 million and $842 million.
Net income attributable to Vail Resorts, Inc. was $372.6 million, compared to $274.6 million in the same period in the prior year.
Resort Reported EBITDA was $610.5 million, compared to $462.2 million for the third fiscal quarter of 2021.
The Company updated its fiscal 2022 guidance range and is now expecting Resort Reported EBITDA to be between $828 million and $842 million.
Pass product sales through May 31, 2022 for the upcoming 2022/2023 North American ski season increased approximately 9% in units and approximately 11% in sales dollars as compared to the period in the prior year.
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Revenue by Segment
Real Estate Revenue
CapyFin.com Forward Guidance
The company provided an updated outlook for fiscal year 2022, assuming normal conditions for the remainder of the year.
Positive Outlook
- Net income attributable to Vail Resorts, Inc. is expected to be between $314 million and $348 million for fiscal 2022.
- Resort Reported EBITDA is expected to be between $828 million and $842 million for fiscal 2022.
- Resort EBITDA Margin is expected to be approximately 33.0% in fiscal 2022.
- Guidance assumes normal conditions and operations throughout the Australian ski season and North American summer season.
- Guidance assumes no incremental travel or operating restrictions associated with COVID-19.
Challenges Ahead
- Guidance includes estimated acquisition related expenses specific to the expected acquisition of Andermatt-Sedrun, but does not include any estimate for the closing costs, operating results or integration expense associated with the Andermatt-Sedrun acquisition.
- The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards.
- Guidance excludes any change based upon financial projections including long-term growth rates for Park City.
- Guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans.
- Unfavorable weather conditions or the impact of natural disasters