Vail Resorts, Inc. ( MTN Quick Quote MTN - Free Report) reported fourth-quarter fiscal 2021 results, with the top and the bottom line beating the Zacks Consensus Estimate for the third straight quarter. Moreover, the metrics improved year over year. Rob Katz, chief executive officer, stated, “Results continued to improve as the 2020/2021 North American ski season progressed, primarily as a result of stronger destination visitation at our Colorado and Utah resorts.” In the quarter under review, the company reported a loss of $3.49 per share, narrower than the Zacks Consensus Estimate of a loss of $3.64. In the prior-year quarter, the company had reported a loss of $3.82 per share. Quarterly revenues were $204.2 million, which surpassed the consensus mark of $177 million. Moreover, the top line rose 164.5% on a year-over-year basis. The upside was due to robust performance by the Mountain and Lodging segments. The company stated that robust demand across its North American summer operations during the fourth quarter surpassed the company’s expectation. Segment Results
Vail Resorts reports through two segments — Mountain and Lodging.
The Mountain segment generated revenues of $124.5 million in the quarter under review, up 155.4% year over year. The increase can be attributed to 189.6% rise in lift revenues. Ski school and retail/rental revenue rose 318.5% and 130.4%, respectively. Dining revenues in the quarter surged 469.7%. The segment’s EBITDA amounted to ($103.8) million compared with ($94.4) million reported in the prior-year quarter. Operating expenses in the Mountain segment totaled $228.8 million, up 59.4% year over year. Lodging net revenues in the reported quarter were $79.3 million, up 179.3% year over year primarily due to robust dining revenues. Under the segment, EBITDA increased to $5 million from the prior-year quarter’s figure of ($8.2) million. Operating expenses in the Lodging segment increased 103.1% year over year to $74.3 million. Operating Results
Vail Resorts reported adjusted EBITDA of ($99.9) million in the quarter compared with ($103.8) million reported in the prior-year quarter. Resort operating expenses totaled $303.2 million, up 67.8% year over year.
Cash and cash equivalents as of Jul 31, 2021, totaled $1,244 million, up from $391 million in the year-ago period.
Net long-term debt amounted to $2,736.2 million at the end of the quarter, up from $2,387.1 million at the end of the prior-year quarter. As of Jul 31, 2021, the company had total cash and revolver availability of approximately $1.9 billion. This includes $1.2-billion cash in hand, $418 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $195 million of revolver availability under the Whistler Credit Agreement. Fiscal 2022 Guidance
The company provided outlook for fiscal 2022. In fiscal 2022, the company anticipates net income in the range of $278-$349 million. Resorts reported EBITDA is expected in the range of $785-$835 million. Resorts reported EBITDA margin is anticipated to be nearly 32.1%, using the midpoint of the guidance.
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