BROOMFIELD, Colo., March 11,
2024 /PRNewswire/ -- Vail Resorts, Inc.
(NYSE: MTN) today reported results for the second quarter of
fiscal 2024 ended January 31, 2024
and provided the Company's ski season-to-date metrics through
March 3, 2024.
Highlights
- Net income attributable to Vail Resorts, Inc. was $219.3 million for the second fiscal quarter of
2024 compared to net income attributable to Vail Resorts, Inc. of
$208.7 million in the same period in
the prior year.
- Resort Reported EBITDA was $425.0
million for the second quarter of fiscal 2024, which
included $2.1 million of acquisition
related expenses. In the same period in the prior year, Resort
Reported EBITDA was $394.8 million,
which included $0.3 million of
acquisition and integration related expenses.
- Season-to-date total skier visits decreased 9.7% and total lift
revenue increased 2.6% through March 3,
2024 compared to the fiscal year 2023 season-to-date period
through March 5, 2023. Season-to-date
ski school revenue was up 5.5% and dining revenue was down 0.5%
compared to the prior year season-to-date period. Retail/rental
revenue for North American resort and ski area store locations was
down 9.3% compared to the prior year season-to-date period.
- The Company updated its guidance for fiscal year 2024 and is
now expecting net income attributable to Vail Resorts, Inc. to be
between $270 million and $325 million and Resort Reported EBITDA to be
between $849 million and $885 million, which includes an estimated
$4 million of acquisition related
expenses specific to Crans-Montana.
- The Company's Board of Directors approved an 8% increase in the
quarterly cash dividend to $2.22 per
share beginning with the dividend payable on April 11, 2024 to shareholders of record as of
March 28, 2024.
Commenting on the Company's fiscal 2024 second quarter results,
Kirsten Lynch, Chief Executive
Officer, said, "Given the unfavorable conditions across our North
American resorts, we are pleased that our results for the quarter
demonstrate the resiliency of our strategic business model and our
network of resorts and loyal guests. The results for the
second quarter were negatively impacted by challenging conditions
at all of our North American resorts, with approximately 42% lower
snowfall across our western North American resorts through January
compared to the same period in the prior year and limited natural
snow and variable temperatures at our Eastern U.S. resorts
(comprising the Midwest, Mid-Atlantic, and Northeast).
"Despite the impacts of conditions, Resort Reported EBITDA in
the second quarter increased approximately 8% compared to the prior
year, primarily driven by the stability created by our season pass
results. Resort EBITDA Margin also improved 3.3 points in the
second quarter compared to the prior year driven by disciplined
cost management.
"While visitation declined, our ancillary businesses performed
well, in particular our ski and ride school, dining and rental
businesses experienced strong growth in spending per visit compared
to the prior year. We are pleased with the strong execution across
our mountain resorts, as well as the impact of the Company's
investments in our employees, technology, and on-mountain
experience."
Season-to-Date Metrics through March
3, 2024 & Interim Results Commentary
The Company reported certain ski season metrics for the
comparative periods from the beginning of the ski season through
March 3, 2024, and for the prior year
period through March 5, 2023. The
reported ski season metrics are for the Company's North American
destination mountain resorts and regional ski areas, excluding the
results of the Australian ski areas and Andermatt-Sedrun in both
periods. The data mentioned in this release is interim period data
and is subject to fiscal quarter end review and adjustments.
- Season-to-date total skier visits were down 9.7% compared to
the prior year season-to-date period.
- Season-to-date total lift ticket revenue, including an
allocated portion of season pass revenue for each applicable
period, was up 2.6% compared to the prior year season-to-date
period.
- Season-to-date ski school revenue was up 5.5% and dining
revenue was down 0.5% compared to the prior year season-to-date
period. Retail/rental revenue for North American resort and ski
area store locations was down 9.3% compared to the prior year
season-to-date period.
Commenting on the season-to-date metrics, Lynch said, "Across
our North American resorts, unfavorable conditions negatively
impacted season-to-date visitation, which was below both prior year
levels and our expectations based on the number of guests visiting
and their frequency. Following the Martin Luther King Jr. holiday
weekend, challenging conditions persisted until early March at
Whistler Blackcomb and our Tahoe resorts, and while conditions
improved at our Rockies and Eastern resorts, visitation did not
improve as quickly as expected. We expect a portion of the lower
visitation is related to the challenging conditions in the first
half of the season as well as a shift in visitation patterns.
Despite the decline in season-to-date visitation relative to the
prior year period, we are pleased with lift revenue growth driven
by the stability created from the season pass program, the
strength in ancillary spending per skier visit across our ski
school, dining, and rental businesses, and the improving trends as
the season progresses."
Operating Results
A more complete discussion of our operating results can be found
within the Management's Discussion and Analysis of Financial
Condition and Results of Operations section of the Company's Form
10-Q for the second fiscal quarter ended January 31, 2024, which was filed today with the
Securities and Exchange Commission. The following are segment
highlights:
Mountain Segment
- Total lift revenue increased $10.9
million, or 1.8%, compared to the same period in the prior
year, to $603.5 million for the three
months ended January 31, 2024,
primarily due to an increase in North American pass product
revenue, which increased 8.3% due to an increase in pass product
sales for the 2023/2024 North American ski season compared to the
prior year. Pass product revenue, although primarily collected
prior to the ski season, is recognized in the Consolidated
Condensed Statements of Operations throughout the ski season on a
straight-line basis using the skiable days of the season to date
period relative to the total estimated skiable days of the season.
Challenging conditions during the early portion of the 2023/2024
North American ski season resulted in delayed openings for a number
of our resorts and, as a result, we expect to recognize
approximately $14 million of pass
product revenue during the three months ending April 30, 2024 that would have otherwise been
recognized during the three months ended January 31, 2024. Additionally, non-pass product
lift revenue decreased 13.1%, driven by a decrease in skier
visitation across all regions, which was impacted by limited
natural snow and variable temperatures that resulted in delayed
openings and reduced terrain offerings as compared to the prior
year, and particularly impacted our resorts in the Eastern U.S. and
Tahoe, partially offset by an increase in non-pass Effective Ticket
Price ("ETP") of 10.8%.
- Ski school revenue increased $3.2
million, or 2.6%, primarily driven by increased revenue at
our resorts in Colorado and
Park City, which benefited from an
increase in guest spending per visit.
- Dining revenue decreased $3.8
million, or 4.4%, primarily due to decreased revenue from
on-mountain dining venues at our resorts in the Eastern U.S. and
Tahoe, partially offset by an increase in guest spending per
visit.
- Retail/rental revenue decreased $23.8
million, or 14.9%, for which retail sales decreased
$15.9 million, or 17.2%, and rental
sales decreased $7.9 million, or
11.6%. The decrease in both retail and rental revenue was primarily
driven by a decrease in skier visitation, as well as our exit of
certain leased store operations which we operated in the prior year
and resulted in a reduction in revenue of approximately
$8.4 million.
- Operating expense decreased $35.6
million, or 5.8%, which was primarily attributable to
reduced labor hours at our North American resorts as a result of
challenging early season weather conditions including limited
natural snow and variable temperatures that resulted in delayed
openings and reduced terrain offerings which impacted our ability
to operate at full capacity, as compared to the prior year, as well
as lower variable expenses associated with decreased revenue, and
disciplined cost management.
- Mountain Reported EBITDA increased $21.5
million, or 5.4%, for the second quarter compared to the
same period in the prior year, which includes $6.3 million of stock-based compensation expense
for the three months ended January 31,
2024 compared to $5.7 million
in the same period in the prior year.
Lodging Segment
- Lodging segment net revenue (excluding payroll cost
reimbursements) for the three months ended January 31, 2024 decreased $2.3 million, or 3.0%, driven primarily by a
decrease in revenue from managed condominium rooms of $3.0 million, or 9.7%, as a result of decreased
demand, including the impact of decreased skier visitation driven
by challenging weather conditions, as well as a reduction in our
inventory of available managed condominium rooms proximate to our
mountain resorts.
- Operating expense (excluding reimbursed payroll costs)
decreased $11.0 million, or 13.8%,
which was primarily attributable to: a reduction in labor hours
associated with decreased demand, as well as lower staffing
required to support a reduced inventory of managed condominium
rooms; a decrease in allocated corporate overhead costs; and the
receipt of property tax refunds during the three months ended
January 31, 2024.
- Lodging Reported EBITDA increased $8.8
million, or 216.1%, for the second quarter compared to the
same period in the prior year, which includes $0.9 million of stock-based compensation expense
for the three months ended January 31,
2024 compared to $1.1 million
in the same period in the prior year.
Resort - Combination of Mountain and Lodging Segments
- Resort net revenue decreased $16.2
million, or 1.5%, compared to the same period in the prior
year, to $1,077.8 million for the
three months ended January 31,
2024.
- Resort Reported EBITDA was $425.0
million for the three months ended January 31, 2024, an increase of $30.2 million, or 7.7%, compared to the same
period in the prior year, which includes $2.1 million of acquisition related expenses for
the second quarter of fiscal 2024 compared to $0.3 million of acquisition and integration
related expenses in the second quarter of the prior year.
Total Performance
- Total net revenue decreased $23.8
million, or 2.2%, to $1,078.0
million for the three months ended January 31, 2024 as compared to the same period
in the prior year.
- Net income attributable to Vail Resorts, Inc. was $219.3 million, or $5.76 per diluted share, for the second quarter
of fiscal 2024 compared to the net income attributable to Vail
Resorts, Inc. of $208.7 million, or
$5.16 per diluted share, in the
second quarter of the prior year. Additionally, net income for the
second quarter of fiscal 2024 includes the after-tax effect of
acquisition related expenses of approximately $1.6 million, compared to $0.2 million of acquisition and integration
related expenses in the second quarter of the prior year.
Return of Capital
Commenting on capital allocation, Lynch said, "Our balance sheet
remains strong, including total cash and revolver availability as
of January 31, 2024 of approximately
$1.4 billion, with $812 million of cash on hand, $409 million of revolver availability under the
Vail Holdings Credit Agreement and $221
million of revolver availability under the Whistler Credit
Agreement. As of January 31, 2024,
our Net Debt was 2.4 times trailing twelve months Total Reported
EBITDA. We remain confident in the strong free cash flow generation
and stability of the underlying business model. Given these
dynamics, we are pleased to announce that our Board of Directors
declared a quarterly cash dividend on Vail Resorts' common stock of
$2.22 per share, representing an 8%
increase in our quarterly dividend. The dividend will be payable on
April 11, 2024 to shareholders of
record as of March 28, 2024. We
remain committed to returning capital to shareholders and intend to
maintain an opportunistic approach to share repurchases. We will
continue to be disciplined stewards of our capital and remain
committed to prioritizing investments in our guest and employee
experience, high-return capital projects, strategic acquisition
opportunities, and returning capital to our shareholders through
our quarterly dividend and share repurchase program."
Crans-Montana Acquisition
As previously announced on November 30,
2023, the Company entered into an agreement to acquire a
majority stake in Crans-Montana Mountain Resort ("Crans-Montana")
in Switzerland, the Company's
second ski resort in Europe.
Crans-Montana is an iconic ski
destination in the heart of the Swiss Alps, with a unique heritage,
incredible terrain, passionate team, and a community dedicated to
the success of the region. This acquisition aligns to the Company's
growth strategy of expanding its resort network in Europe, creating even more value for pass
holders and guests around the world. Much like Andermatt-Sedrun,
the Company believes Crans-Montana has a unique opportunity for
future growth. The transaction is expected to close this spring,
subject to certain third-party consents.
Capital Investments
Regarding calendar year 2024 capital expenditures, Lynch said,
"We remain dedicated to delivering an exceptional guest experience
and will continue to prioritize reinvesting in the experience at
our resorts, including consistently increasing capacity through
lift, terrain, and food and beverage expansion projects, along with
investments in technology to further elevate the guest and employee
experience at our resorts. As previously announced, we expect our
capital plan for calendar year 2024 to be approximately
$189 million to $194 million, excluding $13 million of incremental capital investments in
premium fleet and fulfillment infrastructure to support the
official launch of My Epic Gear for the 2024/2025 winter season at
12 destination and regional resorts across North America, $11
million of growth capital investments at Andermatt-Sedrun
and $1 million of reimbursable
capital. Including My Epic Gear premium fleet and fulfillment
infrastructure capital and one-time investments, our total capital
plan for calendar year 2024 is expected to be approximately
$214 million to $219 million. This excludes any capital
expenditures associated with the Crans-Montana acquisition, which
remains subject to closing.
"At Whistler Blackcomb, the Company plans to replace the
four-person high speed Jersey Cream lift with a new six-person high
speed lift. This lift is expected to provide a meaningful increase
to uphill capacity and better distribute guests at a central part
of the resort. At Hunter Mountain, subject to approvals, we plan to
replace the four-person fixed-grip Broadway lift with a new
six-person high speed lift and plan to relocate the existing
Broadway lift to replace the two-person fixed-grip E lift,
providing a meaningful increase in uphill capacity and improved
access to terrain that is key to the progressive learning
experience for our guests. At Park
City, we are in the planning process to support the approved
replacement of the Sunrise lift with a new 10-person gondola in
partnership with the Canyons Village Management Association in
calendar year 2025, which will provide improved access and enhanced
guest experience for existing and future developments within
Canyons Village.
"At Park City and Hunter Mountain beyond the planned lift
investments we plan to enhance snowmaking systems to improve the
experience for key terrain, increase early season terrain
consistency, and improve the efficiency through the installation of
automated and energy-efficient snowguns. We also plan to further
support the Company's Commitment to Zero by investing in waste
reduction projects across our resorts to achieve the goal of zero
waste to landfill by 2030. At Afton Alps, we plan to install a
10-lane tubing experience and renovate the existing Alpine Building
to create a 200 seat restaurant to further enhance the guest
experience. At Seven Springs, we plan to add 390 new parking spaces
to increase capacity and improve the guest experience. At Perisher,
in advance of the 2025 winter season in Australia, we plan to replace the Mt Perisher
Double and Triple Chairs with a new six person high speed lift,
with capital spending commencing in calendar year 2024 and
continuing into calendar year 2025. These projects remain subject
to approvals.
"In addition, we are continuing to invest in innovative
technology to enhance the guest experience. In the coming year, we
are investing in new functionality for the My Epic App, and
expanding Mobile Pass and Mobile Lift Tickets to Whistler
Blackcomb. Across our resorts, we plan to pilot new technologies at
select restaurants to make it both easier and faster for guests to
dine at our resorts. In addition, in order to support the launch of
My Epic Gear, we plan to invest in logistics and technology
infrastructure to help deliver a transformational and elevated gear
access experience for our guests.
"The 2023/2024 My Epic Gear pilot at Vail, Beaver
Creek, Breckenridge, and
Keystone is delivering a strong
guest experience to pilot participants and valuable learnings for
the business launch. My Epic Gear provides its members with
the ability to choose the gear they want, for the full season or
for the day, from a selection of the most popular and latest ski
and snowboard models, and have it delivered to them when and where
they want it, including slopeside pick up and drop off every day.
In addition to offering the latest skis and snowboards, My Epic
Gear will also offer name brand, high-quality ski and snowboard
boots with personalized insoles and boot fit scanning technology.
The entire My Epic Gear membership, from gear selection to boot fit
to personalized recommendations to delivery, will be at the
members' fingertips in the new My Epic app. The Company plans to
launch My Epic Gear for the 2024/2025 winter season at 12
destination and regional resorts across North America, including kids gear, and will
be limiting membership to 60,000 to 80,000 members in the first
year launch as the business scales. To support the initial year of
this new business, in calendar year 2024 the Company plans to
invest $13 million beyond our typical
annual capital plan in incremental premium gear fleet and
fulfillment infrastructure to support the anticipated growth of
this business. We plan to provide additional updates on My Epic
Gear and the on-going capital needs of the business after the year
one launch.
"At Andermatt-Sedrun, we are pleased to announce plans to invest
approximately $11 million in
high-impact growth capital projects as part of a multi-year
strategic growth investment plan to enhance the guest experience on
the mountain, which will be funded by the CHF 110 million capital that was invested as part
of the purchase of our majority stake in Andermatt-Sedrun. As part
of the calendar year 2024 investments, we are planning to upgrade
and replace snowmaking infrastructure at the Sedrun-Milez area on
the eastern side of the resort to enhance the guest experience for
key beginner and intermediate terrain and significantly improve
energy efficiency. In addition, we plan to invest in the
on-mountain dining experience with improvements to the Milez and
Natschen restaurants. These investments are expected to be
completed ahead of the 2024/2025 European ski season and remain
subject to regulatory approvals."
Pass Sales Launch
Commenting on the launch of season pass sales for the 2024/2025
North American ski season, Lynch said, "We are pleased to launch
pass sales for the 2024/2025 season with a wide range of advance
commitment products including our Epic Day Pass, which provides 1
to 7 days of access at our owned and operated resorts, and our
unlimited Epic Pass and regional pass products, which can provide
unlimited access to 41 resorts every day of the season and access
to additional partner resorts, with no reservations required at any
resort except Telluride. Subject to close, Vail Resorts plans to
include access to Crans-Montana Mountain Resort on select Epic Pass
products for the 2024/2025 ski and ride season. Starting in the
2024/2025 North American ski season, when pass holders are skiing
or riding with a guest utilizing Buddy Tickets and Ski with a
Friend Tickets, they can now skip the ticket line and go directly
to the lift. On average, pass prices have increased 8% over the
prior season's launch price and continue to represent tremendous
value to our guests, further supported by our compelling network of
mountain resorts, our strong guest experience created at each
mountain resort, and our commitment to continually invest in the
guest experience. We greatly appreciate the loyalty of our guests
visiting across our entire network of resorts this season, and the
continued loyalty of our pass holders that have already committed
to next season."
Outlook
Commenting on fiscal 2024 guidance, Lynch said, "Due to the
season-to-date underperformance, we are lowering our guidance for
fiscal 2024. For the remainder of the season, we are expecting
improved performance compared to the season-to-date period,
including an expected shift in visitation patterns into March and
April. This is based on our significant base of pre-committed
guests and guest historical behavior patterns, the improvement in
conditions across our western North American and Northeast resorts,
and our lodging booking trends for the Spring Break
period. While we are lowering guidance for the fiscal year, we
know that the financial impact of the weather disruptions was
greatly mitigated by our advance commitment products, which create
stability for our Company, our shareholders, and our communities in
exchange for an incredible value to the guest.
"We now expect net income attributable to Vail Resorts, Inc. for
fiscal 2024 to be between $270
million and $325 million, and
Resort Reported EBITDA for fiscal 2024 to be between $849 million and $885
million. We estimate Resort EBITDA Margin for fiscal 2024 to
be approximately 29.6%, using the midpoint of the guidance range.
Our guidance includes an estimated $4
million of acquisition related expenses specific to
Crans-Montana, but does not include any estimate for the closing
costs, operating results or integration expense associated with the
Crans-Montana acquisition, which is expected to close this spring.
The updated outlook for fiscal 2024 assumes a continuation of the
current economic environment and normal weather conditions for the
remainder of the 2023/2024 North American and European ski season
and for the 2024 Australian ski season. The guidance assumes an
exchange rate of $0.74 between the
Canadian dollar and U.S. dollar related to the operations of
Whistler Blackcomb in Canada, an
exchange rate of $0.65 between the
Australian dollar and U.S. dollar related to the operations of
Perisher, Falls Creek and Hotham in Australia, and an exchange rate of
$1.13 between the Swiss Franc and
U.S. dollar related to the operations of Andermatt-Sedrun in
Switzerland."
The following table reflects the forecasted guidance range for
the Company's fiscal year ending July 31,
2024, for Total Reported EBITDA (after stock-based
compensation expense) and reconciles net income attributable to
Vail Resorts, Inc. guidance to such Total Reported EBITDA
guidance.
|
Fiscal 2024
Guidance
|
|
(In
thousands)
|
|
For the Year
Ending
|
|
July 31, 2024
(6)
|
|
Low
End
|
|
High
End
|
|
Range
|
|
Range
|
Net income attributable
to Vail Resorts, Inc.
|
$
270,000
|
|
$
325,000
|
Net income attributable
to noncontrolling interests
|
26,000
|
|
18,000
|
Net income
|
296,000
|
|
343,000
|
Provision for income
taxes (1)
|
105,000
|
|
122,000
|
Income before income
taxes
|
401,000
|
|
465,000
|
Depreciation and
amortization
|
274,000
|
|
266,000
|
Interest expense,
net
|
164,000
|
|
158,000
|
Other
(2)
|
8,000
|
|
—
|
Total Reported
EBITDA
|
$
847,000
|
|
$
889,000
|
|
|
|
|
Mountain Reported
EBITDA (3)
|
$
830,000
|
|
$
864,000
|
Lodging Reported EBITDA
(4)
|
18,000
|
|
22,000
|
Resort Reported EBITDA
(5)
|
849,000
|
|
885,000
|
Real Estate Reported
EBITDA
|
(2,000)
|
|
4,000
|
Total Reported
EBITDA
|
$
847,000
|
|
$
889,000
|
|
|
|
|
(1)
The provision for income taxes may be
impacted by excess tax benefits primarily resulting from vesting
and exercises of equity awards. Our estimated provision for income
taxes does not include the impact, if any, of unknown future
exercises of employee equity awards, which could have a material
impact given that a significant portion of our awards may be
in-the-money depending on the current value of the stock
price.
|
(2)
Our guidance includes certain forward
looking known changes in the fair value of the contingent
consideration based solely on the passage of time and resulting
impact on present value. Guidance excludes any forward looking
change based upon, among other things, financial projections
including long-term growth rates for Park City, which such change
may be material. Separately, the intercompany loan associated with
the Whistler Blackcomb transaction requires foreign currency
remeasurement to Canadian dollars, the functional currency of
Whistler Blackcomb. Our guidance excludes any forward looking
change related to foreign currency gains or losses on the
intercompany loans, which such change may be material.
Additionally, our guidance excludes the impact of any future sales
or disposals of land or other assets, which are contingent upon
future approvals or other outcomes.
|
(3)
Mountain Reported EBITDA also includes
approximately $23 million of stock-based compensation.
|
(4)
Lodging Reported EBITDA also includes
approximately $4 million of stock-based compensation.
|
(5)
The Company provides Reported EBITDA
ranges for the Mountain and Lodging segments, as well as for the
two combined. The low and high of the expected ranges provided for
the Mountain and Lodging segments, while possible, do not sum to
the high or low end of the Resort Reported EBITDA range provided
because we do not expect or assume that we will hit the low or high
end of both ranges.
|
(6)
Guidance estimates are predicated on an
exchange rate of $0.74 between the Canadian dollar and U.S. dollar,
related to the operations of Whistler Blackcomb in Canada; an
exchange rate of $0.65 between the Australian dollar and U.S.
dollar, related to the operations of our Australian ski areas; and
an exchange rate of $1.13 between the Swiss franc and U.S. dollar,
related to the operations of Andermatt-Sedrun in
Switzerland.
|
Earnings Conference Call
The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial
results. The call will be webcast and can be accessed at
www.vailresorts.com in the Investor Relations section, or dial
(800) 267-6316 (U.S. and Canada)
or +1 (203) 518-9783 (international). The conference ID is MTNQ224.
A replay of the conference call will be available two hours
following the conclusion of the conference call through
March 18, 2024, at 8:00 p.m. eastern time. To access the replay,
dial (877) 829-9029 (U.S. and Canada) or +1 (402) 220-1607 (international).
The conference call will also be archived at
www.vailresorts.com.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and
close-to-home ski resorts in the world including Vail Mountain,
Breckenridge, Park City Mountain,
Whistler Blackcomb, Stowe, and 32 additional resorts across
North America; Andermatt-Sedrun in
Switzerland; and Perisher, Hotham,
and Falls Creek in Australia. We
are passionate about providing an Experience of a Lifetime to our
team members and guests, and our EpicPromise is to reach a zero net
operating footprint by 2030, support our employees and communities,
and broaden engagement in our sport. Our company owns and/or
manages a collection of elegant hotels under the RockResorts brand,
a portfolio of vacation rentals, condominiums and branded hotels
located in close proximity to our mountain destinations, as well as
the Grand Teton Lodge Company in Jackson
Hole, Wyo. Vail Resorts Retail operates more than 250 retail
and rental locations across North
America. Learn more about our company at
www.VailResorts.com, or discover our resorts and pass options at
www.EpicPass.com.
Forward-Looking Statements
Certain statements discussed in this press release and on the
conference call, other than statements of historical information,
are forward-looking statements within the meaning of the federal
securities laws, including the statements regarding fiscal 2024
performance (including the assumptions related thereto), including
our expected Resort Reported EBITDA and expected net income; our
expectations regarding our liquidity; our expectations regarding
the Crans-Montana acquisition; our expectations related to our
season pass sales and products; our expectations regarding our My
Epic App and My Epic Gear program; our expectations related to
customer demand and lift ticket sales for the remainder of the
2023/2024 North American ski season; our expectations for the
2024/2025 ski season and 2025 winter season; our expectations
regarding our ancillary lines of business; the payment of
dividends; our calendar year 2024 capital plans and expectations
related thereto, including expected capital investments. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. All
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected. Such risks and uncertainties include, but are
not limited to, the economy generally and our business and results
of operations, including the ultimate amount of refunds that we
would be required to refund to our pass product holders for
qualifying circumstances under our Epic Coverage program; prolonged
weakness in general economic conditions, including adverse effects
on the overall travel and leisure related industries; risks
associated with the effects of high or prolonged inflation, rising
interest rates and financial institution disruptions; unfavorable
weather conditions or the impact of natural disasters or other
unexpected events; the willingness of our guests to travel due to
terrorism, the uncertainty of military conflicts or public health
emergencies, and the cost and availability of travel options and
changing consumer preferences, discretionary spending habits, or
willingness to travel; risks related to interruptions or
disruptions of our information technology systems, data security,
or cyberattacks; risks related to our reliance on information
technology, including our failure to maintain the integrity of our
customer or employee data and our ability to adapt to technological
developments or industry trends; our ability to acquire, develop
and implement relevant technology offerings for customers and
partners, including effectively implementing our My Epic
application; the seasonality of our business combined with adverse
events that may occur during our peak operating periods;
competition in our mountain and lodging businesses or with other
recreational and leisure activities; risks related to the high
fixed cost structure of our business; our ability to fund resort
capital expenditures; risks related to a disruption in our water
supply that would impact our snowmaking capabilities and
operations; our reliance on government permits or approvals for our
use of public land or to make operational and capital improvements;
risks related to federal, state, local and foreign government laws,
rules, and regulations, including environmental and health and
safety laws and regulations; risks related to changes in security
and privacy laws and regulations which could increase our operating
costs and adversely affect our ability to market our products,
properties, and services effectively; potential failure to adapt to
technological developments or industry trends regarding information
technology; risks related to our workforce, including increased
labor costs, loss of key personnel, and our ability to maintain
adequate staffing, including hiring and retaining a sufficient
seasonal workforce; a deterioration in the quality or reputation of
our brands, including our ability to protect our intellectual
property and the risk of accidents at our mountain resorts; risks
related to scrutiny and changing expectations regarding our
environmental, social and governance practices and reporting; our
ability to successfully integrate acquired businesses, or that
acquired businesses may fail to perform in accordance with
expectations, such as, the Seven Springs Resorts, including their
integration into our internal controls and infrastructure; our
ability to successfully navigate new markets, including
Europe; risks associated with
international operations; fluctuations in foreign currency exchange
rates where the Company has foreign currency exposure, primarily
the Canadian and Australian dollars and the Swiss franc, as
compared to the U.S. dollar; changes in tax laws, regulations or
interpretations, or adverse determinations by taxing authorities;
risks related to our indebtedness and our ability to satisfy our
debt service requirements under our outstanding debt, including our
unsecured senior notes, which could reduce our ability to use our
cash flow to fund our operations, capital expenditures, future
business opportunities, and other purposes; a materially adverse
change in our financial condition; adverse consequences of current
or future legal claims; changes in accounting judgments and
estimates, accounting principles, policies, or guidelines; and
other risks detailed in the Company's filings with the Securities
and Exchange Commission, including the "Risk Factors" section of
the Company's Annual Report on Form 10-K for the fiscal year ended
July 31, 2023, which was filed on
September 28, 2023.
All forward-looking statements attributable to us or any persons
acting on our behalf are expressly qualified in their entirety by
these cautionary statements. All guidance and forward-looking
statements in this press release are made as of the date hereof and
we do not undertake any obligation to update any forecast or
forward-looking statements whether as a result of new information,
future events or otherwise, except as may be required by law.
Statement Concerning Non-GAAP Financial Measures
When reporting financial results, we use the terms Resort
Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net
Debt and Net Real Estate Cash Flow, which are not financial
measures under accounting principles generally accepted in
the United States of America
("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort
EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be
considered in isolation or as an alternative to, or substitute for,
measures of financial performance or liquidity prepared in
accordance with GAAP. In addition, we report segment Reported
EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of
segment profit or loss required to be disclosed in accordance with
GAAP. These measures may not be comparable to similarly-titled
measures of other companies. Additionally, with respect to
discussion of impacts from currency, the Company calculates the
impact by applying current period foreign exchange rates to the
prior period results, as the Company believes that comparing
financial information using comparable foreign exchange rates is a
more objective and useful measure of changes in operating
performance.
Reported EBITDA (and its counterpart for each of our segments)
has been presented herein as a measure of the Company's
performance. The Company believes that Reported EBITDA is an
indicative measurement of the Company's operating performance, and
is similar to performance metrics generally used by investors to
evaluate other companies in the resort and lodging industries. The
Company defines Resort EBITDA Margin as Resort Reported EBITDA
divided by Resort net revenue. The Company believes Resort EBITDA
Margin is an important measurement of operating performance. The
Company believes that Net Debt is an important measurement of
liquidity as it is an indicator of the Company's ability to obtain
additional capital resources for its future cash needs.
Additionally, the Company believes Net Real Estate Cash Flow is
important as a cash flow indicator for its Real Estate segment. See
the tables provided in this release for reconciliations of our
measures of segment profitability and non-GAAP financial measures
to the most directly comparable GAAP financial measures.
Vail Resorts,
Inc.
Consolidated
Condensed Statements of Operations
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Six Months Ended
January 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Net revenue:
|
|
|
|
|
|
|
|
Mountain and Lodging
services and other
|
$
905,053
|
|
$
901,837
|
|
$ 1,087,887
|
|
$ 1,112,223
|
Mountain and Lodging
retail and dining
|
172,745
|
|
192,182
|
|
244,187
|
|
261,130
|
Resort net
revenue
|
1,077,798
|
|
1,094,019
|
|
1,332,074
|
|
1,373,353
|
Real Estate
|
160
|
|
7,699
|
|
4,449
|
|
7,812
|
Total net
revenue
|
1,077,958
|
|
1,101,718
|
|
1,336,523
|
|
1,381,165
|
Segment operating
expense:
|
|
|
|
|
|
|
|
Mountain and Lodging
operating expense
|
474,170
|
|
507,216
|
|
729,746
|
|
749,502
|
Mountain and Lodging
retail and dining cost of products sold
|
65,289
|
|
75,431
|
|
96,584
|
|
110,516
|
General and
administrative
|
112,714
|
|
116,616
|
|
220,739
|
|
215,415
|
Resort operating
expense
|
652,173
|
|
699,263
|
|
1,047,069
|
|
1,075,433
|
Real Estate operating
expense
|
1,676
|
|
6,310
|
|
6,857
|
|
7,692
|
Total segment
operating expense
|
653,849
|
|
705,573
|
|
1,053,926
|
|
1,083,125
|
Other operating
(expense) income:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
(69,399)
|
|
(65,989)
|
|
(136,127)
|
|
(130,603)
|
Gain on sale of real
property
|
—
|
|
757
|
|
6,285
|
|
757
|
Change in estimated
fair value of contingent consideration
|
(3,400)
|
|
(1,100)
|
|
(6,457)
|
|
(1,736)
|
Loss on disposal of
fixed assets and other, net
|
(758)
|
|
(1,780)
|
|
(2,801)
|
|
(1,786)
|
Income from
operations
|
350,552
|
|
328,033
|
|
143,497
|
|
164,672
|
Mountain equity
investment (loss) income, net
|
(579)
|
|
42
|
|
280
|
|
388
|
Investment income and
other, net
|
4,863
|
|
7,108
|
|
8,547
|
|
9,994
|
Foreign currency gain
(loss) on intercompany loans
|
3,040
|
|
2,338
|
|
(1,925)
|
|
(3,797)
|
Interest expense,
net
|
(40,585)
|
|
(38,370)
|
|
(81,315)
|
|
(73,672)
|
Income before provision
for income taxes
|
317,291
|
|
299,151
|
|
69,084
|
|
97,585
|
Provision for income
taxes
|
(87,486)
|
|
(79,032)
|
|
(22,326)
|
|
(21,026)
|
Net income
|
229,805
|
|
220,119
|
|
46,758
|
|
76,559
|
Net income
attributable to noncontrolling interests
|
(10,506)
|
|
(11,440)
|
|
(2,971)
|
|
(4,851)
|
Net income attributable
to Vail Resorts, Inc.
|
$
219,299
|
|
$
208,679
|
|
$
43,787
|
|
$
71,708
|
Per share
amounts:
|
|
|
|
|
|
|
|
Basic net income per
share attributable to Vail Resorts, Inc.
|
$
5.78
|
|
$
5.17
|
|
$
1.15
|
|
$
1.78
|
Diluted net income per
share attributable to Vail Resorts, Inc.
|
$
5.76
|
|
$
5.16
|
|
$
1.15
|
|
$
1.77
|
Cash dividends
declared per share
|
$
2.06
|
|
$
1.91
|
|
$
4.12
|
|
$
3.82
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
37,967
|
|
40,327
|
|
38,042
|
|
40,313
|
Diluted
|
38,046
|
|
40,434
|
|
38,133
|
|
40,408
|
Vail Resorts,
Inc.
Consolidated
Condensed Statements of Operations - Other Data
(In
thousands)
(Unaudited)
|
|
Three Months Ended
January 31,
|
|
Six Months Ended
January 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Other
Data:
|
|
|
|
|
|
|
|
Mountain Reported
EBITDA
|
$
420,340
|
|
$
398,851
|
|
$
280,815
|
|
$
306,718
|
Lodging Reported
EBITDA
|
4,706
|
|
(4,053)
|
|
4,470
|
|
(8,410)
|
Resort Reported
EBITDA
|
425,046
|
|
394,798
|
|
285,285
|
|
298,308
|
Real Estate Reported
EBITDA
|
(1,516)
|
|
2,146
|
|
3,877
|
|
877
|
Total Reported
EBITDA
|
$
423,530
|
|
$
396,944
|
|
$
289,162
|
|
$
299,185
|
Mountain stock-based
compensation
|
$
6,346
|
|
$
5,732
|
|
$
12,194
|
|
$
11,079
|
Lodging stock-based
compensation
|
932
|
|
1,060
|
|
1,828
|
|
2,010
|
Resort stock-based
compensation
|
7,278
|
|
6,792
|
|
14,022
|
|
13,089
|
Real Estate stock-based
compensation
|
58
|
|
52
|
|
110
|
|
100
|
Total stock-based
compensation
|
$
7,336
|
|
$
6,844
|
|
$
14,132
|
|
$
13,189
|
Vail Resorts,
Inc.
Mountain Segment
Operating Results
(In thousands,
except ETP)
(Unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Percentage
Increase
|
|
Six Months Ended
January 31,
|
|
Percentage
Increase
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
Net Mountain
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Lift
|
$
603,459
|
|
$
592,603
|
|
1.8 %
|
|
$
648,849
|
|
$
652,143
|
|
(0.5) %
|
Ski school
|
126,629
|
|
123,451
|
|
2.6 %
|
|
133,807
|
|
132,378
|
|
1.1 %
|
Dining
|
82,060
|
|
85,828
|
|
(4.4) %
|
|
100,137
|
|
105,270
|
|
(4.9) %
|
Retail/rental
|
136,156
|
|
159,932
|
|
(14.9) %
|
|
169,630
|
|
200,276
|
|
(15.3) %
|
Other
|
51,677
|
|
51,628
|
|
0.1 %
|
|
120,013
|
|
125,092
|
|
(4.1) %
|
Total Mountain net
revenue
|
999,981
|
|
1,013,442
|
|
(1.3) %
|
|
1,172,436
|
|
1,215,159
|
|
(3.5) %
|
Mountain operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Labor and
labor-related benefits
|
252,641
|
|
277,537
|
|
(9.0) %
|
|
364,690
|
|
385,582
|
|
(5.4) %
|
Retail cost of
sales
|
41,177
|
|
48,197
|
|
(14.6) %
|
|
58,998
|
|
68,938
|
|
(14.4) %
|
Resort related
fees
|
44,568
|
|
43,550
|
|
2.3 %
|
|
48,263
|
|
47,181
|
|
2.3 %
|
General and
administrative
|
96,353
|
|
97,365
|
|
(1.0) %
|
|
189,521
|
|
180,654
|
|
4.9 %
|
Other
|
144,323
|
|
147,984
|
|
(2.5) %
|
|
230,429
|
|
226,474
|
|
1.7 %
|
Total Mountain
operating expense
|
579,062
|
|
614,633
|
|
(5.8) %
|
|
891,901
|
|
908,829
|
|
(1.9) %
|
Mountain equity
investment (loss) income, net
|
(579)
|
|
42
|
|
(1,478.6) %
|
|
280
|
|
388
|
|
(27.8) %
|
Mountain Reported
EBITDA
|
$
420,340
|
|
$
398,851
|
|
5.4 %
|
|
$
280,815
|
|
$
306,718
|
|
(8.4) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total skier
visits
|
7,264
|
|
8,308
|
|
(12.6) %
|
|
7,922
|
|
9,301
|
|
(14.8) %
|
ETP
|
$
83.08
|
|
$
71.33
|
|
16.5 %
|
|
$
81.90
|
|
$
70.12
|
|
16.8 %
|
Vail Resorts,
Inc.
Lodging Operating
Results
(In thousands,
except Average Daily Rate ("ADR") and Revenue per Available Room
("RevPAR"))
(Unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Percentage
Increase
|
|
Six Months Ended
January 31,
|
|
Percentage
Increase
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
Lodging net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel
rooms
|
$
13,583
|
|
$
13,479
|
|
0.8 %
|
|
$
38,760
|
|
$
37,044
|
|
4.6 %
|
Managed condominium
rooms
|
28,308
|
|
31,336
|
|
(9.7) %
|
|
40,311
|
|
44,195
|
|
(8.8) %
|
Dining
|
13,609
|
|
13,184
|
|
3.2 %
|
|
31,692
|
|
30,013
|
|
5.6 %
|
Transportation
|
6,405
|
|
5,888
|
|
8.8 %
|
|
7,910
|
|
7,348
|
|
7.6 %
|
Golf
|
—
|
|
—
|
|
nm
|
|
6,471
|
|
5,939
|
|
9.0 %
|
Other
|
11,417
|
|
11,700
|
|
(2.4) %
|
|
26,540
|
|
24,988
|
|
6.2 %
|
|
73,322
|
|
75,587
|
|
(3.0) %
|
|
151,684
|
|
149,527
|
|
1.4 %
|
Payroll cost
reimbursements
|
4,495
|
|
4,990
|
|
(9.9) %
|
|
7,954
|
|
8,667
|
|
(8.2) %
|
Total Lodging net
revenue
|
77,817
|
|
80,577
|
|
(3.4) %
|
|
159,638
|
|
158,194
|
|
0.9 %
|
Lodging operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Labor and
labor-related benefits
|
33,151
|
|
39,497
|
|
(16.1) %
|
|
70,626
|
|
76,412
|
|
(7.6) %
|
General and
administrative
|
16,361
|
|
19,251
|
|
(15.0) %
|
|
31,218
|
|
34,761
|
|
(10.2) %
|
Other
|
19,104
|
|
20,892
|
|
(8.6) %
|
|
45,370
|
|
46,764
|
|
(3.0) %
|
|
68,616
|
|
79,640
|
|
(13.8) %
|
|
147,214
|
|
157,937
|
|
(6.8) %
|
Reimbursed payroll
costs
|
4,495
|
|
4,990
|
|
(9.9) %
|
|
7,954
|
|
8,667
|
|
(8.2) %
|
Total Lodging operating
expense
|
73,111
|
|
84,630
|
|
(13.6) %
|
|
155,168
|
|
166,604
|
|
(6.9) %
|
Lodging Reported
EBITDA
|
$
4,706
|
|
$
(4,053)
|
|
216.1 %
|
|
$
4,470
|
|
$
(8,410)
|
|
153.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned hotel
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
$
317.51
|
|
$
337.16
|
|
(5.8) %
|
|
$
308.89
|
|
$
297.69
|
|
3.8 %
|
RevPAR
|
$
140.65
|
|
$
145.48
|
|
(3.3) %
|
|
$
151.64
|
|
$
151.19
|
|
0.3 %
|
Managed condominium
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
$
522.29
|
|
$
514.29
|
|
1.6 %
|
|
$
403.05
|
|
$
405.00
|
|
(0.5) %
|
RevPAR
|
$
164.43
|
|
$
171.81
|
|
(4.3) %
|
|
$
106.98
|
|
$
112.21
|
|
(4.7) %
|
Owned hotel and managed
condominium statistics (combined):
|
|
|
|
|
|
|
|
|
ADR
|
$
463.26
|
|
$
469.72
|
|
(1.4) %
|
|
$
365.67
|
|
$
365.05
|
|
0.2 %
|
RevPAR
|
$
159.13
|
|
$
166.37
|
|
(4.4) %
|
|
$
118.73
|
|
$
121.74
|
|
(2.5) %
|
Key Balance Sheet
Data
(In
thousands)
(Unaudited)
|
|
|
As of January
31,
|
|
2024
|
|
2023
|
Total Vail Resorts,
Inc. stockholders' equity
|
$
829,904
|
|
$ 1,462,578
|
Long-term debt,
net
|
$ 2,721,598
|
|
$ 2,789,827
|
Long-term debt due
within one year
|
69,135
|
|
69,582
|
Total debt
|
2,790,733
|
|
2,859,409
|
Less: cash and cash
equivalents
|
812,163
|
|
1,295,252
|
Net debt
|
$ 1,978,570
|
|
$ 1,564,157
|
Reconciliation of Measures of Segment Profitability and
Non-GAAP Financial Measures
Presented below is a reconciliation of net income attributable
to Vail Resorts, Inc. to Total Reported EBITDA for the three and
six months ended January 31, 2024 and 2023.
|
(In thousands)
(Unaudited)
|
|
(In thousands)
(Unaudited)
|
|
Three Months Ended
January 31,
|
|
Six Months Ended
January 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Net income attributable
to Vail Resorts, Inc.
|
$
219,299
|
|
$
208,679
|
|
$
43,787
|
|
$
71,708
|
Net income attributable
to noncontrolling interests
|
10,506
|
|
11,440
|
|
2,971
|
|
4,851
|
Net income
|
229,805
|
|
220,119
|
|
46,758
|
|
76,559
|
Provision for income
taxes
|
87,486
|
|
79,032
|
|
22,326
|
|
21,026
|
Income before
provision for income taxes
|
317,291
|
|
299,151
|
|
69,084
|
|
97,585
|
Depreciation and
amortization
|
69,399
|
|
65,989
|
|
136,127
|
|
130,603
|
Loss on disposal of
fixed assets and other, net
|
758
|
|
1,780
|
|
2,801
|
|
1,786
|
Change in fair value of
contingent consideration
|
3,400
|
|
1,100
|
|
6,457
|
|
1,736
|
Investment income and
other, net
|
(4,863)
|
|
(7,108)
|
|
(8,547)
|
|
(9,994)
|
Foreign currency (gain)
loss on intercompany loans
|
(3,040)
|
|
(2,338)
|
|
1,925
|
|
3,797
|
Interest expense,
net
|
40,585
|
|
38,370
|
|
81,315
|
|
73,672
|
Total Reported
EBITDA
|
$
423,530
|
|
$
396,944
|
|
$
289,162
|
|
$
299,185
|
|
|
|
|
|
|
|
|
Mountain Reported
EBITDA
|
$
420,340
|
|
$
398,851
|
|
$
280,815
|
|
$
306,718
|
Lodging Reported
EBITDA
|
4,706
|
|
(4,053)
|
|
4,470
|
|
(8,410)
|
Resort Reported
EBITDA*
|
425,046
|
|
394,798
|
|
285,285
|
|
298,308
|
Real Estate Reported
EBITDA
|
(1,516)
|
|
2,146
|
|
3,877
|
|
877
|
Total Reported
EBITDA
|
$
423,530
|
|
$
396,944
|
|
$
289,162
|
|
$
299,185
|
|
|
|
|
|
|
|
|
* Resort represents the
sum of Mountain and Lodging
|
|
|
|
|
Presented below is a reconciliation of net income attributable
to Vail Resorts, Inc. to Total Reported EBITDA calculated in
accordance with GAAP for the twelve months ended January 31,
2024.
|
(In thousands)
(Unaudited)
|
|
Twelve Months
Ended
|
|
January 31,
2024
|
Net income attributable
to Vail Resorts, Inc.
|
$
240,227
|
Net income attributable
to noncontrolling interests
|
15,075
|
Net income
|
255,302
|
Provision for income
taxes
|
89,714
|
Income before
provision for income taxes
|
345,016
|
Depreciation and
amortization
|
274,025
|
Loss on disposal of
fixed assets and other, net
|
10,085
|
Change in fair value of
contingent consideration
|
54,557
|
Investment income and
other, net
|
(22,297)
|
Foreign currency loss
on intercompany loans
|
1,035
|
Interest expense,
net
|
160,665
|
Total Reported
EBITDA
|
$
823,086
|
|
|
Mountain Reported
EBITDA
|
$
796,667
|
Lodging Reported
EBITDA
|
25,147
|
Resort Reported
EBITDA*
|
821,814
|
Real Estate Reported
EBITDA
|
1,272
|
Total Reported
EBITDA
|
$
823,086
|
|
|
* Resort represents the
sum of Mountain and Lodging
|
|
The following table reconciles long-term debt, net to Net Debt
and the calculation of Net Debt to Total Reported EBITDA for the
twelve months ended January 31, 2024.
|
(In
thousands)
(Unaudited)
|
|
As of January 31,
2024
|
Long-term debt,
net
|
$
2,721,598
|
Long-term debt due
within one year
|
69,135
|
Total debt
|
2,790,733
|
Less: cash and cash
equivalents
|
812,163
|
Net debt
|
$
1,978,570
|
Net debt to Total
Reported EBITDA
|
2.4x
|
The following table reconciles Real Estate Reported EBITDA to
Net Real Estate Cash Flow for the three and six months ended
January 31, 2024 and 2023.
|
(In thousands)
(Unaudited)
|
|
(In thousands)
(Unaudited)
|
|
Three Months Ended
January 31,
|
|
Six Months Ended
January 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Real Estate Reported
EBITDA
|
$
(1,516)
|
|
$
2,146
|
|
$
3,877
|
|
$
877
|
Non-cash Real Estate
cost of sales
|
—
|
|
5,138
|
|
3,607
|
|
5,138
|
Non-cash Real Estate
stock-based compensation
|
58
|
|
52
|
|
110
|
|
100
|
Change in real estate
deposits and recovery of previously incurred project costs/land
basis less investments in real estate
|
(25)
|
|
150
|
|
181
|
|
104
|
Net Real Estate Cash
Flow
|
$
(1,483)
|
|
$
7,486
|
|
$
7,775
|
|
$
6,219
|
The following table reconciles Resort net revenue to Resort
EBITDA Margin for the three months ended January 31, 2024 and 2023, and fiscal 2024
guidance.
|
(In
thousands)
(Unaudited)
|
(In
thousands)
(Unaudited)
|
(In
thousands)
(Unaudited)
|
|
Three Months
Ended
January 31,
2024
|
Three Months
Ended
January 31,
2023
|
Fiscal 2024 Guidance
(2)
|
Resort net revenue
(1)
|
$
1,077,798
|
$
1,094,019
|
$
2,931,000
|
Resort Reported EBITDA
(1)
|
$
425,046
|
$
394,798
|
$
867,000
|
Resort EBITDA margin
(1)
|
39.4 %
|
36.1 %
|
29.6 %
|
|
|
|
|
(1)
Resort represents the sum of Mountain and
Lodging
|
|
|
|
(2)
Represents the mid-point of
Guidance
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/vail-resorts-reports-fiscal-2024-second-quarter-results-increases-quarterly-dividend-and-provides-updated-fiscal-2024-guidance-302085702.html
SOURCE Vail Resorts, Inc.