Q3 2024 Vail Resorts Inc Earnings Call Transcript
Key Points
- Vail Resorts Inc (MTN) achieved record levels of resort net revenue and resort reported EBITDA in the third quarter.
- The company saw improved results in March and April, particularly in Western North American resorts.
- Strong growth in ancillary spending per skier visit across ski school, dining, and rental businesses.
- The Season Pass program provided stability despite weather-related challenges.
- The company maintains a strong balance sheet with approximately $1.3 billion in total cash and revolver availability.
- Total skier visits declined 7.7% compared to the prior year period.
- Lift ticket visitation did not return to typical historical guest behavior, particularly at Whistler Blackcomb.
- Net income guidance for fiscal 2024 was reduced due to lower-than-expected lift ticket visitation and lowered expectations for Australian resorts.
- The acquisition of Crans-Montana is expected to contribute negative $12 million to resort reported EBITDA for fiscal 2024.
- Pass product sales for the upcoming 2024-2025 North American ski season decreased approximately 5% in units.
Good afternoon, and welcome to the Vail Resorts fiscal third-quarter 2024 earnings call. Today's conference is being recorded, and currently, all callers have been placed in a listen-only mode. (Operator Instructions)
I will now turn the call over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. You may begin.
Thank you. Good afternoon, everyone. Welcome to our fiscal 2024 third-quarter earnings conference call. Joining me on the call this afternoon is Angela Korch, our Chief Financial Officer.
Before we begin, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions, and are subject to a number of risks and uncertainties as described in our SEC filings, and actual future results may vary materially.
Forward-looking statements in our press release issued this afternoon along with our remarks on this call are made as of today, June 6, 2024, and we undertake no duty to update them as
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