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VAIL RESORTS Vail Resorts Reports Fiscal 2022 First Quarter and Season Pass Results December 9 , 2021 BROOMFIELD , Colo . , Dec. 9 , 2021 / PRNewswire / -- Vail Resorts , Inc. ( NYSE : MTN ) today reported results for the first quarter of fiscal 2022 ended October 31 , 2021 , provided season pass sales results and certain early ski season indicators , reaffirmed its guidance for Resort Reported EBITDA for fiscal 2022 , provided additional detail on its CY22 capital plan and declared a dividend payable in January 2022 . Highlights • Net loss attributable to Vail Resorts , Inc. was $ 139.3 million for the first quarter of fiscal 2022 compared to a net loss attributable to Vail Resorts , Inc. of $ 153.8 million in the same period in the prior year . Both periods continued to be negatively impacted by COVID - 19 and related limitations and restrictions . • Resort Reported EBITDA loss was $ 108.4 million for the first quarter of fiscal 2022 , compared to a Resort Reported EBITDA loss of $ 94.8 million for the first quarter of fiscal 2021. Both periods continued to be negatively impacted by COVID - 19 and related limitations and restrictions . Additionally , the prior year period included the recognition of $ 15.4 million of lift revenue associated with the expiration of the credit offers that were made to 2019/2020 pass product holders in connection with COVID - 19 related closures . • Pass product sales through December 5 , 2021 for the upcoming 2021/2022 North American ski season increased approximately 47 % in units and approximately 21 % in sales dollars as compared to the period in the prior year through December 6 , 2020 , without deducting for the value of any redeemed credits provided to certain North American pass product holders in the prior period . Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $ 0.78 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales . • The Company continues to maintain significant liquidity with $ 1.5 billion of cash on hand as of October 31 , 2021 and $ 636.2 million of availability under our U.S. and Whistler Blackcomb revolving credit facilities . The Company declared a cash dividend of $ 0.88 per share payable in January 2022 and exited the temporary waiver period under the Vail Holdings , Inc. revolving credit facility ( the " VHI Credit Agreement " ) effective October 31 , 2021 . • The Company reaffirmed its guidance for fiscal year 2022 of $ 785 million to $ 835 million of Resort Reported EBITDA , including an estimated $ 2 million of acquisition related expenses specific to Seven Springs . • On December 8 , 2021 , the Company announced that it had entered into an agreement to acquire Seven Springs Mountain Resort , Hidden Valley Ski Resort and Laurel Mountain ski area . The Company expects the acquisition to close this winter . Commenting on the Company's fiscal 2022 first quarter results , Kirsten Lynch , Chief Executive Officer , said , " Our first fiscal quarter historically operates at a loss , given that our North American mountain resorts are generally not open for ski season operations during the period . The quarter's results are primarily driven by winter operating results from our Australian resorts and our North American resorts ' summer activities , dining , retail / rental and lodging operations , and administrative expenses . We are pleased with our results for the quarter , which exceeded our expectations . Performance at our Australian resorts during the first quarter was negatively impacted by COVID - 19 - related limitations and restrictions including stay - at - home orders and periodic resort closures throughout the quarter . We were able to reopen our Australian resorts for the last few weeks of the ski season , resulting in favorability relative to our expectations . Our Tahoe resorts were negatively impacted by the Caldor fire , which resulted in the early closure of our summer operations in the region . Aside from these unique challenges , we continued to see strong demand throughout the quarter , which we believe highlights our guests ' continued desire for outdoor experiences . Commenting on the Company's liquidity , Lynch stated , " We remain focused on our disciplined approach to capital allocation . Our liquidity position remains strong , and we are confident in the free cash flow generation and stability of our business model . Our total cash and revolver availability as of October 31 , 2021 was approximately $ 2.1 billion , with $ 1.5 billion of cash on hand , $ 417 million of revolver availability under the VHI Credit Agreement , and $ 220 million of revolver availability under the Whistler Blackcomb Credit Agreement . As of October 31 , 2021 , our Net Debt was 2.6 times trailing twelve months Total Reported EBITDA , and we exited the temporary waiver period under the VHI Credit Agreement effective October 31 , 2021. I am also pleased to announce that our Board of Directors has declared a cash dividend on Vail Resorts ' common stock . The dividend will be $ 0.88 per share of common stock and will be payable on January 11 , 2022 to shareholders of record on December 28 , 2021. " Moving on to season pass results , Lynch said , " Pass product sales for the North American ski season increased approximately 47 % in units and approximately 21 % in sales dollars through December 5 , 2021 as compared to the period in the prior year through December 6 , 2020 , without deducting for the value of any redeemed credits provided to certain North American pass holders in the prior period . Pass product sales through December 5 , 2021 for the 2021/2022 North American ski season increased approximately 76 % in units and approximately 45 % in sales dollars as compared to sales for the 2019/2020 North American ski season through December 8 , 2019 , with pass product sales adjusted to include Peak Resorts pass sales in both periods . Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $ 0.78 between the Canadian dollar and U.S. dollar in all periods for Whistler Blackcomb pass sales . " We are very pleased with the results of our season pass sales , which continue to demonstrate the strength of our data analytics capabilities and the compelling value proposition of our pass products , driven in part by the 20 % reduction in pass prices for the 2021/2022 season . We expect that the total number of guests on all advance commitment products this year will exceed 2.1 million including all pass products for our North American and Australian resorts , an increase of approximately 0.7 million from last year and an increase of approximately 0.9 million from two years ago . " For the full pass sales season , we saw strong unit growth from renewing pass holders and significantly stronger unit growth from new pass holders , which include guests in our database who previously purchased lift tickets or passes but did not buy a pass in the previous season as well as guests