Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period Ended April 17, 2022
- Season-to-date through
April 17, 2022, total skier visits were up 12.5% 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 19.4% compared to the prior year season-to-date period.
- Season-to-date ski school revenue was up 53.0% and dining revenue was up 73.2% compared to the prior year season-to-date period. Retail/rental revenue for North American resort and ski area store locations was up 39.0% compared to the prior year season-to-date period.
Commenting on the ski season to date,
Regarding the outlook for fiscal 2022, Lynch said, "Based on the strong finish to the season, particularly driven by lift ticket sales in
Commenting on season pass sales, Lynch continued, "Last Thursday was the final day of our April sales deadline and we continue to see guest enthusiasm for the value proposition of our advance commitment products. However, without any comparable April deadline in the spring of 2020 or 2021 due to COVID-19, we will defer any commentary on season pass sales until our third quarter earnings release in
Basis of Presentation
The reported ski season metrics include growth for season pass revenue based on estimated fiscal 2022 North American season pass revenue compared to fiscal 2021 North American season pass revenue. Fiscal 2021 season pass revenue does not include the pass product revenue recognized in the first quarter of fiscal 2021 as a result of unutilized pass holder credits. The metrics include all North American destination mountain resorts and regional ski areas excluding the recently acquired
Certain statements discussed in this press release other than statements of historical information are forward-looking statements within the meaning of the federal securities laws, including the statements regarding expected fiscal 2022 performance (including the assumptions related thereto), our expectations regarding the effects of the COVID-19 pandemic on, among other things, our operations and the travel patterns of our current and potential customers; sales patterns and expectations related to our season pass products; our expectations regarding visitation for the 2021/2022 ski season; and our expectations regarding our ancillary lines of business. 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 ultimate duration of COVID-19 and its short-term and long-term impacts on consumer behaviors, 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; willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases (such as the current outbreak of COVID-19), and the cost and availability of travel options and changing consumer preferences; unfavorable weather conditions or the impact of natural disasters; 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; risks related to cyber-attacks; the seasonality of our business combined with adverse events that occur during our peak operating periods; competition in our mountain and lodging businesses; 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 associated with obtaining governmental or third party approvals; risks related to federal, state, local and foreign government laws, rules 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 and services effectively; risks related to our workforce, including increased labor costs; loss of key personnel and our ability to hire and retain a sufficient seasonal workforce; adverse consequences of current or future legal claims; 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; our ability to successfully integrate acquired businesses, or that acquired businesses may fail to perform in accordance with expectations; our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses; risks associated with international operations; fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars; changes in accounting judgments and estimates, accounting principles, policies or guidelines or adverse determinations by taxing authorities as well as risks associated with uncertainty of the impact of tax reform legislation in
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 and Total Reported EBITDA, which are not financial measures under accounting principles generally accepted in
Resort Reported EBITDA is referenced in this press release as a measure of the Company's performance. The Company believes that Resort 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. See the tables provided in our earnings release dated
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Investor Relations: Bo Heitz, (303) 404-1800, InvestorRelations@vailresorts.com; or Media: Sara Olson, (303) 404-6497, News@vailresorts.com