Vail Resorts, Inc. (NYSE:MTN) Q3 2024 Earnings Conference Call June 6, 2024 5:00 PM ET
Company Participants
Kirsten Lynch - CEO
Angela Korch - CFO
Conference Call Participants
Shaun Kelley - Bank of America
Jeff Stantial - Stifel
Ben Chaiken - Mizuho
Laurent Vasilescu - BNP Paribas
Megan Alexander - Morgan Stanley
Patrick Scholes - Truist
David Katz - Jefferies
Chris Woronka - Deutsche Bank
Brandt Montour - Barclays
Operator
Good afternoon and welcome to the Vail Resorts Fiscal Third Quarter 2024 Earnings Call. Today's conference is being recorded. [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 2024 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 6, 2024, 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 -- with our press release, which 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 now to our fiscal 2024 third quarter results. Given the unfavorable conditions across our North American resorts for a large portion of the 2023, 2024 North American ski season, we are pleased to see improved results in March and April, with visitation across our Western North American resorts in particular, benefiting from improved conditions. While pass product visitation returned as expected, as we communicated in April, lift ticket visitation did not return to typical historical guest behavior for the spring, primarily at Whistler Blackcomb, which was down significantly relative to the prior year period.
Despite these challenges, the company grew resort net revenue and resort reported EBITDA to record levels in the third quarter, supported by the stability created from our advanced commitment strategy, operations executional excellence, and continued strong growth in ancillary spending per skier visit across our ski school, dining, and rental businesses at our resorts. Our results through the 2023-2024 North American ski season highlight both the stability provided by our Season Pass program and the investments we have made in our resorts and employees.