Vail Resorts, Inc. (NYSE:MTN) Q3 2022 Earnings Conference Call June 9, 2022 5:00 PM ET
Company Participants
Kirsten Lynch - CEO
Michael Barkin - CFO
Conference Call Participants
Shaun Kelley - Bank of America
Chris Woronka - Deutsche Bank
Laurent Vasilescu - BNP Paribas
Jeffrey Stantial - Stifel
Patrick Scholes - Truist Securities
Omer Sander - JPMorgan
Farshid Javar - Jefferies
Ryan Sundby - William Blair
Operator
Good day, and welcome to the Vail Resorts Third Quarter Earnings Call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Ms. Lynch, Chief Officer. Please go ahead.
Kirsten Lynch
Thank you. Good afternoon, everyone. Welcome to our fiscal 2022 Third Quarter 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 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 9, 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, 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 2022 third quarter results. We are pleased with our overall results for the quarter and for the 2021/2022 North American ski season.
As expected, results for the quarter 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 period. This year, challenging early season conditions persisted through the holiday period, but our results were strong from January through the remainder of the season. Our strong season pass sales, heading into the 2021, 2022 season are the foundation of our advanced commitment strategy, creating stability for the company through variable weather and other challenges. We had particularly strong destination visitation this year, which was further supported by lift ticket sales at our Colorado and Utah resorts that exceeded our expectations through the spring. Our recent results at Whistler Blackcomb were also stronger than expected due to the easing of travel restrictions in Canada in late February.