Vail Resorts, Inc. (NYSE:MTN) Q4 2024 Earnings Conference Call September 26, 2024 5:00 PM ET
Company Participants
Kirsten Lynch - Chief Executive Officer
Angela Korch - Executive Vice President and Chief Financial Officer
Conference Call Participants
Shaun Kelley - Bank of America
Jeffrey Stantial - Stifel
Megan Alexander - Morgan Stanley
Xian Siew - BNP Paribas
Brandt Montour - Barclays
Patrick Scholes - Truist
David Katz - Jefferies
Benjamin Chaiken - Mizuho
Operator
Good afternoon, everyone. Welcome to the Vail Resorts Fiscal 2024 Year-End Earnings Conference 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]
And I will now turn the call over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. Please go ahead, ma'am.
Kirsten Lynch
Thank you. Good afternoon, everyone. Welcome to our fiscal 2024 year-end 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, September 26, 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 with our press release, which, along with our annual report on Form 10-K 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 2024 full year and fourth quarter results. Our overall results for the year highlight the stability and resilience of our advanced commitment strategy. Skier visitation declined 9.5% compared to the prior across our resorts in North America and Australia driven by unfavorable conditions combined with the impact of broader industry normalization post-COVID following record visitation in North America during the 2022-2023 ski season.
In North America, snowfall across our western resorts was down 28% from the prior year and our eastern US resorts experienced limited natural snow and variable temperatures. The conditions and industry normalization contributed to an 8% decline in skier visitation at our North American resorts for the winter season relative to the prior year period versus the North American industry skier visitation decline of approximately 9%.