Vail Resorts Reports Fiscal 2020 Third Quarter Results
Regarding the Company's summer operations, Katz said, "We are planning to be operational for the North American summer and Australian ski season in late June or early July, which could vary by resort, and opening dates for each business are subject to new information and public health guidance with regard to COVID-19."
- Total cash and revolver availability as of May 31, 2020 was approximately $1.1 billion, with $465 million of cash on hand, $419 million of U.S. revolver availability under the Vail Holdings Credit Agreement ("Credit Agreement") and $168 million of revolver availability under the Whistler Credit Agreement.
- Net income attributable to Vail Resorts, Inc. was $152.5 million for the third fiscal quarter of 2020 compared to net income attributable to Vail Resorts, Inc. of $292.1 million in the same period in the prior year
- Total net revenue decreased $263.9 million, or 27.5%, to $694.1 million.
"We continue to be confident in the long-term prospects of our business model that is built on the loyalty of our guests, the strong lineup of season pass products that provide access to our irreplaceable network of world-class resorts and the sophisticated marketing approach we use to communicate with and attract our guests. As we head into this summer and next ski season, we will be providing an exceptional experience for our guests through our passionate employees and the investments we've made in our resorts and technology, supported by our strong capitalization and liquidity that positions us well to pursue our growth goals over time."