Vail Resorts Provides Updated Outlook For Nine Month Period Ending April 30, 2021

Vail Resorts, Inc. (NYSE: MTN) has updated its guidance range for the nine month period ending April 30, 2021. The Company now expects net income attributable to Vail Resorts, Inc. to be between $258 million and $280 million and Resort Reported EBITDA to be between $636 million and $650 million.

Commenting on the outlook for the nine months ending April 30, 2021Rob Katz, Chief Executive Officer said, "We are increasing our guidance primarily as a result of stronger than expected performance in March and April. Despite the challenging operating environment as a result of COVID-19 related limitations, our results continued to improve as the season progressed, primarily driven by the performance of our Colorado and Utah resorts where visitation, including lift ticket purchases, exceeded expectations.  Destination visitation at our Colorado and Utah resorts proved more resilient than anticipated while local visitation remained largely in line with expectations. Our ancillary lines of business continued to be negatively impacted by COVID-19 related limitations and restrictions but revenue still outperformed expectations in March and April due to the improved visitation trends in Colorado and Utah. Whistler Blackcomb's performance continued to be negatively impacted due to the Canadian border remaining closed to international guests and was further impacted by the resort closing earlier than expected on March 30, 2021 following a provincial health order issued by the government of British Columbia. We have continued to maintain disciplined cost controls as we near the end of the 2020/2021 North American ski season."

Commenting on early season pass results, Katz said, "We are very pleased with the response to our season pass sales launch. The pace of sales has been strong over the first month of the selling period, and we are seeing great guest enthusiasm for the enhanced value proposition of our products. We will be providing additional detail on our spring pass sales in our third quarter earnings release in June 2021."

The following table reflects the forecasted guidance range for the Company's nine months ending April 30, 2021, for Reported EBITDA (after stock-based compensation expense) and reconciles such Reported EBITDA guidance to net income attributable to Vail Resorts, Inc.


Fiscal 2021 Guidance


(In thousands)


For the Nine Months Ending


April 30, 2021 (6)


Low End


High End





Net income attributable to Vail Resorts, Inc.







Net income (loss) attributable to noncontrolling interests





Net income





Provision for income taxes (1)





Income before provision for income taxes





Depreciation and amortization





Interest expense, net





Other (2)





Total Reported EBITDA







Mountain Reported EBITDA (3)







Lodging Reported EBITDA (4)





Resort Reported EBITDA (5)





Real Estate Reported EBITDA





Total Reported EBITDA







(1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards are in-the-money.

(2) Our guidance includes certain estimated changes in the fair value of the contingent consideration based on the passage of time, updated financial projections and changes in market factors used to derive the estimate. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material.

(3) Mountain Reported EBITDA also includes approximately $15 million of stock-based compensation.

(4) Lodging Reported EBITDA also includes approximately $3 million of stock-based compensation.

(5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges.

(6) Guidance estimates are predicated on an exchange rate of $0.80 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.76 between the Australian Dollar and U.S. Dollar, related to the operations of our Australian ski areas.

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