Vail Resorts (MTN) Q3 2024 earnings summary

Executive summary

• Q3 FY2024 net income was $362 million, up 11.4% year-over-year, with Resort Reported EBITDA at a record $654.4 million, despite a 7.7% decline in skier visits due to weather and industry normalization.

• Resort net revenue for Q3 FY2024 increased 3.6% to $1.28 billion, with strong ancillary spending and cost discipline supporting results.

• Acquisition of Crans-Montana Mountain Resort in Switzerland for CHF 97.2 million ($106.8 million) closed, expanding European presence.

Financial highlights

• Q3 FY2024 net income: $362 million ($9.54 per diluted share), up from $325 million ($8.18 per share) year-over-year.

• Resort Reported EBITDA for Q3 FY2024 was $654.4 million, up 5.0% year-over-year.

• Q3 FY2024 total net revenue: $1.28 billion, up 3.6% year-over-year.

• Q3 included $37 million pre-tax expense for Park City lease contingent consideration, down from $46 million prior year.

• For the nine months ended April 30, 2024, net income attributable to Vail Resorts was $405.8 million.

Outlook and guidance

• FY24 Resort Reported EBITDA expected between $825 million and $843 million, and net income between $224 million and $256 million, including Crans-Montana impact.

• Resort EBITDA margin projected at 28.9% (29.2% excluding Crans-Montana).

• Guidance assumes normal weather and economic conditions for the remainder of the year and Australian/North American summer seasons.

• Pass product sales for 2024/2025 season down 5% in units, up 1% in sales dollars.

• Capital plan for 2024 is $219–224 million, including investments in My Epic Gear and Crans-Montana.