Vail Resorts, Inc. (NYSE:MTN) Q4 2023 Earnings Call Transcript September 28, 2023 5:00 PM ET
Company Participants
Kirsten Lynch - CEO
Angela Korch - CFO
Conference Call Participants
Shaun Kelley - Bank of America
Laurent Vasilescu - BNP Paribas
Jeff Stantial - Stifel
Patrick Scholes - Truist
Chris Woronka - Deutsche Bank
Brandt Montour - Barclays
Megan Alexander - Morgan Stanley
Operator
Good afternoon, and welcome to the Vail Resorts Fiscal 2023 Fourth Quarter Earnings Call. Today's conference is being recorded. Currently, all callers have been placed in a listen-only mode and following management's prepared remarks, the call will be opened up for your questions. [Operator Instructions] I will now turn the call over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. You may begin.
Kirsten Lynch
Thank you. Good afternoon, everyone. Welcome to our fiscal 2023 year-end earnings conference call. Joining me on the call this afternoon is Angela Korch, our Chief Financial Officer. Before we begin, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties as described in our SEC filings and actual future results may vary materially.
Forward-looking statements in our press release issued this afternoon along with our remarks on this call are made as of today, September 28, 2023, and we undertake no duty to update them as actual events unfold. Today's remarks also include certain non-GAAP financial measures. Reconciliations of these measures are provided in the tables included in our press release, which along with our Annual Report on Form 10-K were filed this afternoon with the SEC and are also available on the Investor Relations section of our website at www.vailresorts.com.
Let's turn to our fiscal 2023 and fourth-quarter results. Given the significant weather-related challenges this past season, we are pleased with our overall results for this year, with strong growth in 2022-2023 North American ski season visitation and spending compared to the prior year, further supported by the stability created by our advanced commitment products. The return to normal staffing levels enabled our mountain resorts to deliver a strong guest experience, resulting in a significant improvement in guest satisfaction scores, which exceeded our pre-COVID levels at our destination mountain resorts.
Visitation growth was achieved through strong growth in pass sales, the addition of Andermatt-Sedrun in Switzerland, the full-year impact of Seven Springs Mountain Resorts, Hidden Valley Resort, and Laurel Mountain Ski Area acquired on December 31, 2021, and record visitation and resort net revenue in March and April.