Reports Q1 revenue $258.6M, consensus $271.01M. CEO Kirsten Lynch said, “Our Q1 historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season operations during the period…We are pleased with our results for the quarter, which exceeded our expectations due to the timing of expenses, primarily related to season ramp-up activities. As we expected, Resort Reported EBITDA declined compared to the prior year period primarily driven by cost inflation..,We are pleased with the results of our season pass sales…Pass product sales for the North American ski season increased approximately 4% in units and approximately 11% in sales dollars through December 4, 2023 as compared to the period in the prior year through December 5, 2022…We expect to have approximately 2.4 million guests committed to our 41 North American, Australian, and European resorts in advance of the season in non-refundable advance commitment products this year, which are expected to generate over $900M of revenue and over 73% of all skier visits…Heading into the 2023/2024 North American and European ski season, we are pleased with our significant base of committed guests that provide meaningful stability for our company, especially during economic uncertainty…Lodging booking trends for the upcoming season are generally consistent with prior year levels…While our mountain resorts are continuing to hire for the winter season, we are on track with our staffing plans and encouraged by the strong return rate of employees from the prior season.”
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