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MTN NYSE· Vail Resorts Inc
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MTN NYSE· Vail Resorts Inc
Earnings report Q4 2023

MTN Reports Decline in Revenue for Q1 2023

Segments of revenue

  • Mountain net revenue:
    • Lift revenue decreased by 23.8% to $45.4 million compared to the same period last year.
    • Ski school revenue decreased by 19.6% to $7.2 million.
    • Dining revenue decreased by 7.0% to $18.1 million.
    • Retail/rental revenue decreased by 17.0% to $33.5 million.
    • Other revenue decreased by 7.0% to $68.3 million.
    • Total Mountain net revenue declined by 14.5% to $172.5 million.
  • Lodging net revenue increased by 5.6% to $81.8 million.
  • Total Resort net revenue decreased by 8.9% to $254.3 million.
  • Real Estate net revenue was $4.3 million.

Strengths

  • Despite the overall decline in revenue, lodging net revenue showed a positive growth of 5.6%.
  • The management mentioned that the first fiscal quarter usually results in negative Mountain Reported EBITDA due to the seasonal nature of ski operations, which typically start in the second fiscal quarter. This indicates that the decline in revenue is expected and in line with historical trends.

Challenges

  • Mountain net revenue experienced a decline across all categories, with the largest decrease seen in lift revenue (-23.8%).
  • Total Resort net revenue declined by 8.9%, indicating a challenging operating environment for the company.

Noteworthy

  • The company reported a gain of $6.3 million on the sale of real property.
  • Mountain equity investment income increased significantly by 148.3% to $0.9 million.
  • Total skier visits decreased by 33.7% compared to the same period last year.

Summary

MTN reported a decline in revenue for Q1 2023, primarily driven by a decrease in Mountain net revenue, particularly in lift revenue. However, lodging net revenue showed positive growth. The company's performance is in line with historical trends, as the first fiscal quarter typically results in negative Mountain Reported EBITDA. The decline in revenue reflects the seasonal nature of ski operations, which start in the second fiscal quarter. Overall, the company faces challenges in the operating environment, but the positive performance in lodging provides some strength to the financial results.

Source documents

Form 10-Q  filed on Dec 07, 2023
88 pages scanned

Reference data

Company financials Q4 revenue 0
Analyst estimates Q4 EPS missed by 0.00%
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