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Apr 30, 2024
Vail Resorts Q3 2024 Earnings Report
Reported fiscal year 2024 third quarter results and provided updated fiscal 2024 guidance.
Key Takeaways
Vail Resorts reported a net income of $362.0 million for the third quarter of fiscal 2024, compared to $325.0 million in the same period in the prior year. Resort Reported EBITDA was $654.4 million, including $1.3 million of acquisition related expenses. The company updated its fiscal 2024 guidance, expecting Resort Reported EBITDA to be between $825 million and $843 million, and net income attributable to Vail Resorts, Inc. to be between $224 million and $256 million.
Net income attributable to Vail Resorts, Inc. was $362.0 million for the third fiscal quarter of 2024 compared to net income attributable to Vail Resorts, Inc. of $325.0 million in the same period in the prior year.
Resort Reported EBITDA was $654.4 million for the third quarter of fiscal 2024, which included $1.3 million of acquisition related expenses.
The Company updated its fiscal 2024 guidance range and now expects net income attributable to Vail Resorts, Inc. to be between $224 million and $256 million and Resort Reported EBITDA to be between $825 million and $843 million.
Pass product sales through May 28, 2024 for the upcoming 2024/2025 North American ski season decreased approximately 5% in units and increased approximately 1% in sales dollars as compared to the prior year period through May 30, 2023.
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Revenue by Segment
Mountain Revenue
CapyFin.comLodging Revenue
CapyFin.comReal Estate Revenue
CapyFin.com Forward Guidance
The Company expects Resort Reported EBITDA to be between $825 million and $843 million. The Company expects net income attributable to Vail Resorts, Inc. to be between $224 million and $256 million.
Positive Outlook
- Continuation of the current economic environment
- Normal weather conditions and operations throughout the Australian ski season
- Normal weather conditions and operations throughout the North America summer season
- Exchange rate of $0.73 between the Canadian dollar and U.S. dollar related to the operations of Whistler Blackcomb in Canada
- Exchange rate of $0.66 between the Australian dollar and U.S. dollar related to the operations of Perisher, Falls Creek and Hotham in Australia
Challenges Ahead
- Crans-Montana is now expected to contribute negative $12 million of Resort Reported EBITDA for fiscal 2024
- Negative $3 million from operating results
- Negative $9 million from acquisition, closing, and integration expenses.
- An increase of $37 million in expense associated with a change in the estimated fair value of the contingent consideration liability related to our Park City resort lease.
- Resort EBITDA Margin is expected to be approximately 28.9% in fiscal 2024 at the midpoint of our guidance range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income