Vail Resorts, the owner of the popular Epic Pass, reported to investors during the company’s 2025 first-quarter earnings call Monday that pass product sales decreased slightly.

Vail Resorts said pass product sales through Dec. 3 for the upcoming 2024-25 North American ski season decreased approximately 2% in units sold, but increased approximately 4% in sales dollars, as compared to the period in the prior year through Dec. 4, 2023.

“Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season,” Vail Resorts Chief Executive Officer Kirsten Lynch said. “The quarter’s results were driven by winter operations in Australia and summer activities in North America, including sightseeing, dining, retail, lodging, and administrative expenses.”

Lynch said Vail Resorts expected to have approximately 2.3 million guests committed to the company’s 42 North American, Australian, and European resorts in advance of the season in non-refundable advance commitment products for 2024-25, which was expected to generate over $975 million of revenue and account for approximately 75% of all skier visits (excluding complimentary visits).

“Our North American pass sales highlight strong loyalty with growth among renewing pass holders across all geographies,” Lynch said. “For the full selling season, the company acquired a substantial number of new pass holders, however the absolute number of new guests was smaller compared to the prior year, driving the overall unit decline for the full selling season.”

Other highlights from the earnings call:

• Net loss attributable to Vail Resorts, Inc. was $172.8 million for the first quarter of fiscal 2025 compared to net loss attributable to Vail Resorts, Inc. of $175.5 million in the same period in the prior year.

• Resort Reported EBITDA loss was $139.7 million for the first quarter of fiscal 2025, which included $2.7 million of one-time costs related to the previously announced two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses, compared to a Resort Reported EBITDA loss of $139.8 million for the first quarter of fiscal 2024, which included $1.8 million of acquisition and integration related expenses.

• The company made certain adjustments to its guidance for net income attributable to Vail Resorts, Inc. primarily related to a gain recorded during the first quarter of fiscal 2025, which impacted Real Estate Reported EBITDA. For fiscal 2025, the Company now expects $240 million to $316 million of net income attributable to Vail Resorts, Inc. and reaffirmed its Resort Reported EBITDA guidance of $838 million to $894 million.

• The company declared a quarterly cash dividend of $2.22 per share of Vail Resorts’ common stock that will be payable on Jan. 9, 2025 to shareholders of record as of Dec. 26, 2024 and repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million.

Vail Resorts cut off pre-purchased pass sales on Monday, Dec. 2.

“Heading into the 2024/2025 ski season, we are encouraged by our strong base of committed guests, providing meaningful stability for our company,” Lynch said.