Vail Resorts, Inc. (NYSE:MTN) Q1 2023 Earnings Conference Call December 9, 2022 8:30 AM ET
Company Participants
Kirsten Lynch - Chief Executive Officer
Michael Barkin - Executive Vice President and Chief Financial Officer
Conference Call Participants
Shaun Kelley - Bank of America
Ben Chaiken - Credit Suisse
Chris Woronka - Deutsche Bank
Laurent Vasilescu - BNP Paribas Exane
Jeff Stantial - Stifel
Gregory Miller - Truist Securities
David Katz - Jefferies
Operator
Good morning, and welcome to the Vail Resorts Fiscal 2023 First Quarter Earnings Conference Call. Currently, all callers have been placed in a listen-only mode and following management's prepared remarks, the call will be open for your questions. [Operator Instructions]
Please be advised, I will now turn the call over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. You may begin.
Kirsten Lynch
Thank you. Good morning, everyone. During our earnings call yesterday, the conference call system vendor for the event experienced a significant technical outage disrupting the call. The vendor was unable to reestablish their systems yesterday evening, therefore, we rescheduled the call for this morning. We apologize for the inconvenience this call caused and thank you for joining us this morning.
Joining me on the call is Michael Barkin, 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 yesterday afternoon, along with our remarks on this call are made as of today, December 9th, 2022, 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, which along with our quarterly report on the Form 10-Q were filed yesterday afternoon with the SEC and are also available on the Investor Relations section of our website at www.vailresorts.com.
With that said, let's turn to our fiscal 2023 first quarter results. We are pleased with our results for the quarter with resort reported EBITDA improving, compared to the prior year period, primarily driven by the strong demand and visitation at Australian resorts. Australian resorts continued to experience record visitation, driven by strong demand, following two years of COVID-19-related disruptions and supported by continued momentum in advanced commitment pass product sales following the addition of Hotham and Falls Creek in April 2019. Our North American summer operations continued to recover following the COVID-19 pandemic.