MTN Q3 2024 Earnings

Call Details

• Call Title: Vail Resorts Q3 2024 Earnings Call
• Date: June 6, 2024 at 9:00 PM UTC
• Management Team:
  • Kristen Lynch (Chief Executive Officer)
  • Angela Korch (Chief Financial Officer)

Call Summary

Financial Performance

• Net income attributable to Vail Resorts was $362 million, or $9.54 per diluted share, in the third quarter of fiscal 2024 versus $325 million, or $8.18 per diluted share in the prior year quarter.
• Resort net revenue for the combined second and third quarters increased 1% year-over-year.
• Resort reported EBITDA for the combined second and third quarters increased 6% year-over-year to record levels.
• Total skier visits for the 2023-2024 North American and European ski season declined 7.7% year-over-year.
• Skier visitation from lift ticket guests declined 17% year-over-year.
• Western North American resorts experienced approximately 28% lower snowfall for the full winter season versus the prior year.
• Q3 FY2024 net income includes approximately $37 million of pre-tax expense related to the change in the estimated fair value of the contingent consideration liability for Park City, compared to approximately $46 million in the prior year quarter.
• Ancillary spend per skier visit increased materially across ski school, dining, and rental businesses during the season.

Guidance

• Updated fiscal 2024 resort reported EBITDA guidance is $825 million to $843 million including Crown Montana, and $833 million to $851 million on a comparable basis excluding Crown Montana-specific impacts.
• Including Crown Montana, the company expects net income attributable to Vail Resorts to be $224 million to $256 million for fiscal 2024.
• Resort EBITDA margin is expected to be approximately 28.9% at the midpoint of the guidance range and 29.2% excluding Crown Montana at the midpoint.
• Crown Montana is expected to contribute negative $12 million of resort reported EBITDA in fiscal 2024, which includes negative $9 million of acquisition/closing/integration expenses and negative $3 million of operating results in Q4.
• The reduction versus the March 11, 2024 guidance is primarily due to lift ticket visitation not returning to typical spring behavior and a $9 million lower expectation for Q4 driven primarily by Australia demand.
• The updated outlook assumes continuation of the current economic environment and normal weather and operations for the Australian ski season and North American summer season, and uses FX assumptions of CAD $0.73, AUD $0.66, and CHF $1.10 to USD.