Q4 2024 Vail Resorts Inc Earnings Call Transcript
Key Points
- Despite a 9.5% decline in skier visitation, Vail Resorts Inc (MTN) maintained consistent resort reported EBITDA, excluding the impact of the Crans-Montana acquisition.
- Strong growth in ancillary spending per visit across ski school, dining, and rental businesses supported overall performance.
- The company achieved 15% revenue growth in its North American summer mountain business compared to the prior year.
- Vail Resorts Inc (MTN) is implementing a two-year resource efficiency transformation plan expected to achieve $100 million in annualized cost efficiencies by the end of fiscal 2026.
- The company declared a quarterly cash dividend of $2.22 per share and repurchased approximately $150 million worth of shares in fiscal 2024.
- Skier visitation declined by 9.5% compared to the prior year, driven by unfavorable weather conditions and industry normalization post-COVID.
- Fourth quarter resort reported EBITDA declined due to underperformance in the Australian winter business, with snowfall down 28% from the prior year.
- Net income attributable to Vail Resorts Inc (MTN) decreased to $230.4 million from $268.1 million in the previous fiscal year, primarily due to increased income taxes, interest expenses, and depreciation.
- Pass product sales for the upcoming 2024-2025 North American ski season decreased approximately 3% in units.
- The company expects a $10 million decline in resort reported EBITDA for the first quarter of fiscal 2025 due to record low snowfall and a shortened season in Australia.
Please stand by, we're about to begin. Good afternoon, everyone. Welcome to the Vail Resorts fiscal 2024 year-end earnings conference call. Today's conference is being recorded. (Operator Instructions) And I will now turn the call over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. Please go ahead ma'am.
Thank you. Good afternoon, everyone. Welcome to our fiscal 2024 year-end 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 SCC filings and actual future results may vary materially.
Forward looking statements and our press release issued this afternoon along with our remarks on this call are made as of today, September 26, 2024 and we undertake no duty to update them as actual events
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