NYSE$MTN
Vail Resorts Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported a decrease in net income and Resort Reported EBITDA, but experienced growth in ancillary businesses and season-to-date metrics.
Vail Resorts reported a decrease in net income attributable to Vail Resorts, Inc. to $208.7 million for the second fiscal quarter of 2023, compared to $223.4 million in the same period in the prior year. Resort Reported EBITDA was $394.8 million, a slight decrease from $397.9 million in the prior year. However, season-to-date total skier visits and lift revenue increased, with strong growth in ski school, dining, and retail/rental revenue. The company updated its fiscal year 2023 guidance, expecting net income to be between $282 million and $328 million and Resort Reported EBITDA to be between $831 million and $859 million.
- Net income attributable to Vail Resorts, Inc. decreased to $208.7 million compared to $223.4 million in the prior year.
- Resort Reported EBITDA was $394.8 million, slightly down from $397.9 million in the prior year.
- Season-to-date total skier visits increased by 3.6% and total lift revenue increased by 2.5%.
- The company updated its fiscal year 2023 guidance, projecting net income between $282 million and $328 million, and Resort Reported EBITDA between $831 million and $859 million.
Headline financials
Revenue & EPS history
Vail Resorts · Revenue · Quarterly
$1.1B
Revenue by segment
Vail Resorts · $255M total across 3 segments · Q1 2024
- Mountain$172M-14.5%67.6%
- Lodging$78.4M+6.0%30.7%
- Real Estate$4.29M—1.7%
Forward guidance
The company lowered its fiscal 2023 guidance due to weather disruptions at Eastern U.S. and Tahoe resorts, expecting net income between $282 million and $328 million and Resort Reported EBITDA between $831 million and $859 million.
Tailwinds
- Strong demand from destination guests at western North American resorts is expected to continue for the remainder of the season.
- Advance commitment products provide an incredible value to the consumer.
- Advance commitment products provide much greater stability to the Company and our communities.
- Company will roll out new technology and infrastructure upgrades next season.
- On average, our pass prices have increased 8% over the prior season’s launch price and continue to represent strong value to our guests.
Headwinds
- Significant weather disruptions at Eastern U.S. resorts throughout the season-to-date period.
- Continued significant snowstorm disruptions at Tahoe resorts.
- Contribution margin from our 26 Eastern U.S. resorts, excluding an allocated portion of pass product revenue, to underperform initial expectations provided in September 2022 by approximately $43 million.
- Weather disruptions in the East and in Tahoe impacted both operating days and visitation and drove increased operating costs.
- There continues to be uncertainty around the economic outlook and the impact that may have on travel and consumer behavior.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
+0.5%
Avg return
Earnings day
-0.7%
Avg return
5 days after
-2.2%
Avg return
30 days after
54%
37 / 68 earnings
Positive
+13.9%
Q2 2015
Best reaction
-13.7%
Q1 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | -4.4% | -2.7% | — | |
| Q2 2026 | +0.9% | -1.6% | -3.3% | |
| Q1 2026 | +9.2% | +11.7% | -2.7% | |
| Q4 2025 | +0.9% | +6.1% | -1.9% | |
| Q3 2025 | +0.0% | +3.4% | +5.7% | |
| Q2 2025 | +7.7% | +3.9% | -9.0% | |
| Q1 2025 | +2.5% | -0.1% | -5.5% | |
| Q4 2024 | -1.2% | -5.3% | -8.0% | |
| Q3 2024 | -9.8% | -6.0% | -9.6% | |
| Q2 2024 | +1.1% | -2.3% | +3.6% | |
| Q1 2024 | +5.7% | +7.0% | -1.7% | |
| Q4 2023 | -6.0% | -11.9% | -12.5% | |
| Q3 2023 | -6.4% | -2.7% | -4.8% | |
| Q2 2023 | -5.5% | -7.6% | +0.4% | |
| Q1 2023 | +4.7% | +8.1% | +0.6% | |
| Q4 2022 | +4.7% | +4.8% | +6.3% | |
| Q3 2022 | -3.1% | -10.0% | -15.7% | |
| Q2 2022 | +3.2% | +12.7% | +6.7% | |
| Q1 2022 | -1.7% | -5.6% | -10.7% | |
| Q4 2021 | +9.4% | +6.6% | +10.3% | |
| Q3 2021 | -2.1% | -4.0% | -3.6% | |
| Q2 2021 | +3.2% | +1.5% | -0.3% | |
| Q1 2021 | -2.9% | -3.6% | -2.5% | |
| Q4 2020 | -1.5% | -6.4% | +9.4% | |
| Q3 2020 | -2.6% | -6.6% | -9.5% | |
| Q2 2020 | -9.5% | -13.6% | -19.8% | |
| Q1 2020 | +0.1% | +4.3% | +6.8% | |
| Q4 2019 | +0.4% | -3.2% | -0.1% | |
| Q3 2019 | +8.6% | +6.3% | +2.2% | |
| Q2 2019 | +9.0% | +7.8% | +8.4% | |
| Q1 2019 | -13.7% | -17.2% | -19.9% | |
| Q4 2018 | -7.2% | -10.1% | -16.9% | |
| Q3 2018 | +6.2% | +7.9% | +9.5% | |
| Q2 2018 | +4.7% | +2.1% | +3.3% | |
| Q1 2018 | +1.9% | -1.2% | -6.3% | |
| Q4 2017 | +0.0% | -2.8% | -0.3% | |
| Q3 2017 | -6.0% | -4.5% | -5.9% | |
| Q2 2017 | +3.7% | +3.6% | +5.2% | |
| Q1 2017 | +3.2% | +1.7% | +2.2% | |
| Q4 2016 | -2.9% | -2.3% | -2.8% | |
| Q3 2016 | +5.4% | +2.0% | +3.7% | |
| Q2 2016 | -1.4% | — | — | |
| Q1 2016 | +5.1% | — | — | |
| Q4 2015 | -5.7% | — | — | |
| Q3 2015 | -2.9% | — | — | |
| Q2 2015 | +13.9% | — | — | |
| Q1 2015 | -0.9% | — | — | |
| Q4 2014 | -1.4% | — | — | |
| Q3 2014 | +7.1% | — | — | |
| Q2 2014 | -2.7% | — | — | |
| Q1 2014 | -1.9% | — | — | |
| Q4 2013 | +0.6% | — | — | |
| Q3 2013 | +1.5% | — | — | |
| Q2 2013 | +6.9% | — | — | |
| Q1 2013 | -6.1% | — | — | |
| Q4 2012 | +8.5% | — | — | |
| Q3 2012 | +6.8% | — | — | |
| Q2 2012 | +7.7% | — | — | |
| Q1 2012 | +0.7% | — | — | |
| Q4 2010 | -6.3% | — | — | |
| Q4 2011 | -6.3% | — | — | |
| Q4 2009 | -6.3% | — | — | |
| Q3 2011 | +0.1% | — | — | |
| Q3 2010 | +0.1% | — | — | |
| Q2 2011 | -0.5% | — | — | |
| Q2 2010 | -0.5% | — | — | |
| Q1 2011 | +4.4% | — | — | |
| Q1 2010 | +4.4% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro