Vail Resorts, Inc. (NYSE:MTN) Q4 2022 Earnings Conference Call September 28, 2022 5:00 PM ET
Company Participants
Kirsten Lynch - CEO
Michael Barkin - EVP and CFO
Conference Call Participants
Shaun Kelley - Bank of America Merrill Lynch
Chris Woronka - Deutsche Bank
David Katz - Jefferies
Omer Sander - JPMorgan
Ben Chaiken - Credit Suisse
Ryan Sundby - William Blair
Patrick Scholes - Truist Securities
Jeffrey Stantial - Stifel
Brandt Montour - Barclays
Operator
Good day, and welcome to the Vail Resorts Fourth Quarter Earnings Call. Today's conference is being recorded.
At this time I would like to turn the conference over to Kirsten Lynch, Chief Executive Officer. Please go ahead.
Kirsten Lynch
Thank you. Good afternoon, everyone. Welcome to our fiscal 2022 yearend earnings conference call. Joining me on the call this afternoon 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 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, 2022. And we undertake no duty to update them as actual events unfold.
Today's remarks will 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 annual report on Form 10-K are 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 2022 and fourth quarter results. We are pleased with our overall results for the year, which highlight the stability and strength of our business model. As expected results for the year significantly outperformed results from the prior year, primarily due to the greater impact of COVID-19 and related limitations and restrictions on results in the prior year.
Despite the challenging early season conditions through the holiday period, staffing challenges and impacts related to COVID-19, results exceeded our original expectations for the year, with fiscal 2022 resort reported EBITDA of approximately $837 million. The strong performance was driven by the stability from our advanced commitment pass products with approximately 72% of skier visitation at our North American resorts coming from pass holders who committed in advance of the season, strong destination guests visitation, including demand for lift tickets, and an improved guest experience from January through the remainder of the season, demonstrating strong underlying demand for the experience at our resorts.