Vail Resorts, Inc. (NYSE:MTN) Q3 2023 Earnings Conference Call June 8, 2023 5:00 PM ET

Company Participants

Kirsten Lynch - Chief Executive Officer

Angela Korch - Chief Financial Officer

Conference Call Participants

Shaun Kelley - Bank of America

David Katz - Jefferies

Ben Chaiken - Credit Suisse

Chris Woronka - Deutsche Bank

Brandt Montour - Barclays

Operator

Good day everyone. Good afternoon and welcome to the Vail Resorts Fiscal 2023 Third 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 third quarter 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, June 8, 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 with our press release, along with our quarterly report on Form 10-Q 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 third quarter results. We are pleased with our overall results for the quarter and for the 2023/2024 North American ski season with strong growth in visitation and spending versus the prior year. After the challenges experienced in the second quarter of fiscal 2023, driven by weather disruptions in Tahoe and across our Midwest, Mid-Atlantic, and Northeast resorts, collectively referred to as our Eastern U.S. resorts, the results in March and April improved as expected, with strong demand from local and destination guests, driving visitation, and resort net revenue above prior year record levels.

Favorable conditions enabled an extended season at resorts across Utah, Tahoe, and the Northeastern U.S., while some resorts in the Midwest and Mid-Atlantic regions closed earlier than originally intended due to unseasonably warm weather and lack of terrain.