Vail Resorts (MTN) 8 Jun 232023 Q3 Earnings call transcript

Good day everyone. Good afternoon and welcome to the Vail Resorts Fiscal 2023 Third Quarter Earnings Call. Today's conference is being recorded. Currently, all callers have been placed in a listen-only mode and following management's prepared remarks, the call will be opened up for your questions. [Operator Instructions]

the Vail to Resorts. turn Executive Lynch, now of Officer will call Kirsten over Chief I

You begin. may

Thank you. Good XXXX third afternoon, everyone. Welcome earnings call. to conference quarter our fiscal

our this Joining the afternoon Chief Financial is me Officer. call Angela on Korch,

future as Before filings to information during may we risks a results statements are number this some assumptions and certain uncertainties forward-looking provided based include of begin, on remind described may and materially. that SEC me that let actual in you our call are vary and subject

Forward-looking our non-GAAP the our and Form actual filed X, XX-Q on as duty also with with in provided these measures. press financial our of are are press statements SEC along no were the afternoon, on release at them Relations certain Reconciliations of June along of the remarks our made are measures report events with our tables included issued unfold. with website XXXX, today, quarterly call undertake update this section www.vailresorts.com. and available Today's Investor we on remarks afternoon in this to this include as also release,

Let's quarter turn third results. our to fiscal XXXX

XXXX, season visitation, to revenue resorts, with by local visitation record in referred from year. expected, XXXX/XXXX Northeast Tahoe guests, strong for March for results our as and net North improved above challenges levels. as Eastern destination driven and April in pleased experienced growth with U.S. and resort year the across and After quarter Midwest, our the driving and strong the and collectively fiscal our American prior weather second resorts, results Mid-Atlantic, and demand quarter are We spending of overall versus prior ski with in the the the in disruptions

than Northeastern Favorable while earlier resorts conditions of Mid-Atlantic terrain. unseasonably and some the U.S., the Utah, at and regions an Midwest closed intended warm across weather originally due lack and enabled in resorts Tahoe, to season extended

strong holiday season ski The that season related during North advance weather-related the disruptions our XXXX/XXXX season from storm the season. the from throughout highlight execution American our challenges commitment included comes from abnormal disruptions our stability season. both Tahoe results the Our operational and through significant the Eastern products significant winter travel weather peak across at resorts, U.S. periods and throughout resorts period, over variability multiple the the peak pass

created company these grew revenue visitation, a strategy, net levels, Resort Tahoe, weather advance and commitment spring good the record and Northeastern at with finish to in the strong stability our events, the Colorado, resorts Reported season from resort Despite supported conditions by Utah, EBITDA our the to U.S. and

by businesses, with the dining, Our prior strong dining, restrictions by of school, when and capacity those constraints in experienced were staffing, COVID-XX. the to and compared case ancillary growth, businesses retail/rental, impacted by period, year including driven associated ski operational

Staffing in significant to levels in strong which our destination improvement mountain at enabled deliver resorts. a guest resorts a guest exceeded our experience, scores, levels pre-COVID-XX resulting satisfaction

to Now, I results over financial turn to XXXX further and outlook. Angela discuss the to would like call fiscal our

Thank you.

diluted attributable third for net compared the results for million Resorts And the and saw income per the the results or share, March to Vail million, in to year. quarter share, As $X.XX per overall $X.XX improved quarter. fiscal $XXX.X or to of in with diluted income of XXXX, $XXX Vail prior Kirsten Net was expected, pleased are attributable we Resorts as mentioned, our we April.

with the quarter in expense million to or at $XX.X the an X.X%, to in same Resort third EBITDA lease. in $XXX.X to associated year. an Resorts, in Reported related net the liability million, decrease compared a primarily to increase compared the period to prior The income our contingent Park XXXX, Vail estimated City fair increase fiscal consideration resort of in change is was year, of value the the attributable attributable prior

revenue offsets dates the approximately opening Resort current resulted result quarter dates – change in $XX in delayed XXXX, resort fiscal ski a product revenue XXXX North timing quarter fiscal fiscal second a of the of as early season. was of operating resort past a in our quarter timing XXXX/XXXX represents the third openings past in for compared decrease impacted openings difference resort product of of to American XXXX. the by of the million prior This of recognition third Reported and EBITDA that year and with

our that Now, XXXX. to for turning million finish be net And fiscal to season $XXX EBITDA XXXX and Reported between in-line attributable XXXX $XXX fiscal we $XXX million, our with and expectations. now and The strong expect for Resort Resorts be to to between million to were results outlook the income Reported Resort EBITDA fiscal $XXX for produced million. Vail

strong business Our flow. robust cash balance to sheet generate remains and the continues

of combined and of million credit cash hand total with across cash Our million April XXXX $XXX revolver was of revolver billion and availability $XXX XX, approximately agreements. our on $X.X as availability

As of X.Xx our was net April debt XX EBITDA. total months XXXX, reported XX, trailing

at of approximately quarter, million The $XXX.XX, X.X% third quarter. the of as representing million a of total price the X.X shares an during outstanding company's the company the average of $XXX for beginning repurchased stock of

repurchases of under long-term on shares. million always while value share focused X.X capital shares our authorization We shareholders, remain returning have remaining and our to the prioritizing approximately for

declared on Additionally, record XX, The of quarterly XX, July June the to XXXX on Resorts' XXXX. dividend share. Vail per common stock of be of as will shareholders cash a payable company dividend $X.XX

continue will and high share returning and acquisition program. repurchase to opportunities, our disciplined our shareholders prioritizing strategic and expanding capital capacity quarterly dividend be to of projects, our capital committed capital experience, guests, through stewards to in return We and our remain employee investments

back over Kirsten to sales. Now, our discuss the turn call pass I'll spring to

Angela. you, Thank

the with the strong We last season sales results over continued are approximately sales sales X% pleased with Pass and units in period XX, XXXX. through the the approximately May achieved unit season results sales the XX% in for through in ski prior growth year May pass to the increased product to XX, as XXXX pass business upcoming American for date compared XXXX/XXXX spring. our and North dollars

eliminate by adjusted of the for of dollar impact $X.XX exchange applying pass to are product Pass the the Whistler between periods Canadian both currency Blackcomb foreign in and an sales. rate dollar U.S. sales

sales the and in the to Northeast, The growth season pass pass value with to Northeast achieved the grew among XXXX/XXXX season, markets, holders. proposition local in of units to and strong strong date successfully all attracted for strongest to product the strongest frequency particularly international, company pass the lower company Relative product unit with products Pass across as growth in continue destination, unit products. local destination geographies, unlimited major and these products pass product the segments, Day regional and guests Epic growth across be renewing guests

benefiting Pass X% partially the price are dollars Epic products. offset Pass mix impact the of the increase to sales XXXX/XXXX growth relative by Day from from season, the

date passes our While pass moderate guests growth the we drive us, strong, growth still spring we the in our expect of pass rate. have efforts season have to the selling to to of ahead results may relative majority to rate been full-year sales more spring, purchase our and given pass

more earnings release. sales information We XXXX results our September will pass about in our provide

advance XXXX the with We June XX% this units in approximately winter from Epic comparable June June from end in and X, advance for to commitment XXXX, the are resorts ongoing are which Australia, provide provide ski Australian X, for American of XXXX/XXXX pleased our XX, through These XXXX. through Australia commitment sales also for up winter the period but passes the season. guests relative performance on Pass, North

and the our priorities. in resorts commitment of guest reinvesting Our to highest our remains one experience

new a As technology new be part for ski business of this, we are launching upcoming North innovative season. XXXX/XXXX pleased the to American and

We Epic choice, the are ownership, season, limited XXXX/XXXX for best of which North of cost, American gear new introduce the program Vail, and hassle. at holders number that Keystone during piloting pass but with more and benefits Creek, gear will no My lower a a provides membership Breckenridge, Beaver ski

My with models, drop and Epic the and selection delivered full want, gear they or every the its for popular ability to the up and the guaranteed, free them slopeside want it provides choose for with when most from and it, off latest members they ski pick day, have of season where a and snowboard day. Gear the to

new skis addition recommendations Epic brand, and offer My snowboard customized snowboards, with The high-quality boots insoles Gear the to app. best gear fingertips entire to My the My Epic name Gear through ski, and be from to membership, to technology. will scanning Epic will personalized also selection and the fit offering at In members' fit boot boot delivery,

their to introduce at Stowe, lifts allow expected directly to its Breckenridge, years. officially will launch that Park in Beaver eliminating scan technology Vail, Heavenly, XXXX/XXXX the store at the Resorts U.S. Gear City ticket visiting on for waiting receive future window, ticket Butte, Crested Snow. Creek, And Keystone, season pass lift Okemo, mail. product Whistler is lift will ski the Epic further for at to The company and planning Mount in winter pass are carrying and season their a or Mountain, My for Blackcomb, Northstar, XXXX/XXXX or ticket expansions new phone guests or plastic need cards, the hands-free, the

and store energy get the phone’s can technology, on the which life. a their Low usage pocket, free Bluetooth designed minimize for in lift their line phones, to using onto low their scanned loaded Once is hands phone guests Energy impact in battery

reduce ultimately of of enhancement company's as the addition plastic part waste pass guest and the of cards experience, In to this a products printing and significant Zero. lift will also to for technology RFID chips, tickets, the commitment

phone and to years all company available will launch, or store For lift will guest the ticket. or ensure of the not smooth be year first pass their their cards to to in tickets product passes a want guests, lift who use do cannot transition, plastic plastic provide cards and for any to to future

to mobile Epic line ticket, of Mobile real-time We information app, announce maps, include the and lift Pass support will predictive new times, the experience. Epic personalized Gear, and My trail are and stats, launch to interactive which wait also My our relevant excited guest other lift

to in our to messages, technology guest outreach, engagement target that will The personalize company e-commerce, our also our is network-wide improve ability scalable analytics, guest conversion. and and enhance investing tools improve

Additionally, projects. completing summer we will and important as previously announced, be capital fall, this strategic

four-person from significant uphill accessible. new plan investment and replace capacity two-person At Breckenridge, Keystone, project speed new increasing complete beginner terrain lift. lift-served Bergman served Bowl, area we fixed-grip and upgrade this lift, as transport more to plan carpet to increase the area. includes a the acres to including make well base lift terrain the At we popular with high the improvements, expansion base transformational Peak The new XXX teaching a high from speed a the six-person children's to base, as X-Chair in enhance experience to and existing plan X addition beginner of terrain experience by the the

At plan new the we Kehr’s Whistler high year Chair with high speed Stevens new with lift fixed-grip we a Pass, improve a experience. Fitzsimmons and capacity two-person the four-person out-of-base four-person in to lift to eight-person At Blackcomb, lift which are replace designed guest lift, is to calendar speed replace XXXX. planning

lift to American Triple lift lift projects speed capacity longest four-person at guest to At the the Summit the Attitash, currently are winter on time for reduce time with fixed-grip we planned in completed a XXXX/XXXX and replace to These the new uphill plan North three-person increase high ride season. be lift resort.

and than parking Heavenly, plans Sunapee, XXX Liberty to company the Additionally, improve to experience. the guest spaces Mount more by expand across Roundtop

and Mountain appreciate pass that Resorts next In of of that our to already continued closing, the loyalty the visited loyalty we of season our have holders network committed season. guests our across this past greatly entire

to North like season experience employees for frontline of to thank coming the guests. a to especially to and an an their would dedication I delivering our European passion tireless our ski American With and lifetime end,

core creating a first Australia. Our guests lifetime in employees experience of to mission Resorts an of employees, our are a experience cannot Mountain a the an of lifetime are our looking to create a experience create three all season lifetime. We at for Resorts our for winter Vail an forward of we and without great

ready for At I will this questions. we your are Operator, to questions. and now happy time, be answer Angela

take of first Shaun America. our you. Instructions] [Operator question Thank Bank Kelley of We'll from

you started wondering has saw update, sort that year encouraging Thanks sit some some you I around afternoon, all? was everyone. if good an my of season, renewal at the of to period And and price we maybe products. where same epic but of behavior of there question. full Obviously, back saw start-off start, we of if of with the last seeing Hi, passes? to was normalize kind the you pass go Are some towards price or full could behavior some the for could, with you taking Kirsten, in that last here commentary we sales. just plenty color

spring Thanks start the of Shaun. pass with about what on I'll up dollars, are couple very products pleased being a selling year. to our question. last that talk I and of yes, you Overall, especially we season frequency XX% sales strong units a for of I as the start mean well. Hi, also are high and the X% particularly to think give pass dynamics encouraging top assume

the dynamics is really of strong I that loyalty. that one see I think encouraging So, is

challenges, We're Our existing very know, in local geographies, you driver growth some and growth the as conditions across the renewals with pass prior Northeast the Midwest, holders where all are Mid-Atlantic, seeing and destination, among and year. is strong geographies, of were international, versus there terrain. also

high frequency products, product major all our as board. unlimited regional and across segments. tier like Pass. high-frequency segment Epic products And products, saw We the includes Local Epic And frequency up year. Epic also Epic It across we that products includes was as versus of our growth strong well see Local. limited prior Epic or as past and Day growth our that slightly

dollars, we pass on price dynamic that. strong realization encouraging sales saw with units of the think really see price last the then XX% is that I very And X%, to effective pleased that is, on

gears much, buybacks in follow-up, we but return typically very amount It's change quarter. ask a large it too great. was then about the my with or obviously And to don't capital

time made of should a wanted that think in to the the of I right about have? now other cash investment versus of balance was there to, right So, but, to your investors time lean that given of how just kind on what think relative Perhaps program? of behaviors lot sheet, know what there? you opportunities some we buyback of ask on all the the the now sort sort size past made the

Shaun. Thanks, Yes.

strategic being We an excess our intention March capital shareholders. projects, in in investing are in very capital and authorization share to returning focused people, on for return repurchase approved board of had capital our to capital our share returning be allocation, to our in did stewards disciplined prioritizing high shareholders. and acquisitions, that aggressive We increase

method leveraging confident encouraged business, few growth attractive of the were debt we of We remaining but this shares returning in capital opportunistically capital shareholders, past continues being intend million pleased had cost opportunity long-term while the raised to extremely stability primary at authorization an really to prioritizing value valuation. capital we and Dividend at have of We're be about shares our are of the shares very have years capitalize those to have and shareholders, the on continue low to the return outlook. to to very in in opportunity our over to to the repurchase by X.X disciplined the repurchase to shares.

Thank you very much.

next our question take Paribas. of We'll from BNP Vasilescu Laurent

pass I'm the earlier. pass fall unit just wondering moderate for you're to that on them But the on growth you well. year think the [Zion] that spring echo start you mentioned Laurent. want and last sale It's consumers, Thanks sales mentioned could [ph] the the though guys. taking versus pushing to to Hey, question. nice I Also as as for purchase dollars.

there? or So, the I has Day of mix anything or last accelerate starting pre-Memorial changed think to, more you guess, anything to kind there versus about see is to are year

we're moderate the to guests a I you necessarily say, the typical commit focused it is growth for that driving our change is in been has focus always it's intention cycle. there would for we're is, sales – that And year-over-year. think ideally, don't our throughout would and possible, have, always to as sales rates I'd I we in say, we given that. get something dynamic as early to know, it on like and cycle

moderate We are on from right sales dynamic. is but may now still it growth expect of full-year, because expecting a strong that where that it

of downturns about in revenues little Thanks. Okay, they’ve things got of about of maybe reminder follow-up, be the like more Think performed it. event ancillary? you maybe you downturn. ancillary previous or durability might And a then things bit us how remind maybe but as a exposed, like can how in the a the a

seen Yes. to our strategy and advance. downturns, of our previous commit resilience because we've get in strong in our visitation our guests In revenue to lift

in some us ancillary in given those seen has impact advance but have spend, a actually historically We of on commitment stability through downturns the lot downturns.

Okay, good very luck. helpful. guys and Thanks

Thank you, Ian.

take We'll from David question Jefferies. our next of Katz

Your line is open.

capital love those, I Hi. repurchase. And the for thought how more wanted dividend on follow I'd Good to obviously, you've but and question everyone. taking dictate little And your philosophy afternoon, about a just between color on my too. balance regarding questions. the the hearty circumstances Thanks between returns. hearty a just

Thanks, David.

mentioned, and we also to dividend be dividend quarter. increased Kirsten our continues As the primary last method

that think we And and shareholders. so, return some kind COVID repurchased to excess to will kind during a this excess of cash capital raised really we be the of we have cash balance had recurring way so that of a did continue I million, lot the XXX we on Yes, quarter sheet.

so, that to aggressive more going back shareholders. to in said were And be we little a returning we

And opportunity attractive it. so, we quarter return took was we the an what to think valuation. Yes, the during

the gear? the the gear the as if toward the drive technology bit new is the to today, people more my in way Day fashioned is with then Okay. less model, old And gear more intended at it's pass you a or opportunity intended new been toward and And or allow. the revenue the discussed profitable to pass is you’ll respect profitability people and discussed Investor that drive around pre-ordering just to follow-up,

are to infrastructure innovation have we because this that unique think of we leveraging. Gear Yes, much your question, a existing already position that, of with we're David. My couple thoughts do Epic so in on I last a Starting very

building who already sort business very scratch not as about off helpful boarding for a XXX rental us, which our business. an spring already Gear rental think retail that business, the it of is of same we because from have So, Services, this infrastructure is delivery distribution over locations, have, can we Valley catapulting or centers,

our then be that gear Gear a to the life and also create approach. strategy very in My it network, and investing of through the intention part stores how attractive do Epic are program, subscription ability retention gear with higher investment within And We rental use us. consistent Gear loyalty overall and use our then the capital makes our of is, operated for and gear My in Epic you to but that resort our owned of also

we So, owners to and convert for guests experience gear possibly to see opportunity the an us to new who to improve already attract rent Vail Resorts. people with

So, of it's all I think things. those

were think beneficial part to also holders, is the resort summarize I a holder reason this operated and overarching someone to pass lifetime and but Resorts network I could is our of it a the value pass if retention within become to our for network. why think potentially would it the want and program, Vail come I be and that owned our and a

Got it. appreciate I it. very Thank much. you

David. you, Thank

Ben take of Credit next question Chaiken our Suisse. We'll from

you this how XXXX, think how's is this Thanks. the Hey, the on winter. I think about of be are and a first side? do is I your then follow-up. demand part, labor? logistics level, it to it a guess a we going? on to what straightforward, into the My then this existing initiative. pretty angle move ability questions first Is we have leverage equipment is trial hoping And pH kind And the Gear to question high but test or as answer side, logistics delivery going winter? Epic more on I There's

sure of have. we I will the meet logistics scale we the trying lot for are We model and to mean, the the and that can guest smooth the Yes. give make that business us the I primarily are that learnings. experience pilot expectations think a so model

member the logistics to that being that are gear of this see a the So, if ensure program. for a they business storage delivery, system that guests the is you actually promising, model smooth is think about value of what a back-end experience so we designing

what we filed have say, the really want I pilot. I'd for sure that make is And to me, primarily that in

they we'll get and we demand would think deliver on. or on from use think feedback really But critical how experience it. I use the they it often the that some guests guest is what how they'll

to think that? And about then existing the kind labor? just leverage just ability you Can of

Yes.

think already are is, point, we similar we do. Ben infrastructure a I leveraging the to it's answer which something

distribution we We delivery distribution So, [ph]. and have already business. and centers. [gear employees and tuning services] already We already have valley center retail, have rental rental, employees already We have location centers.

you it exist, lot leverage from expectations on envision without think business into it, using the but of about that have enable a getting when now a can we specifics hopefully this we're about So, that you different model. to

the and actual already brick facility, so whether lot So, because a in we're assumed it's or leverage this of this mortar there labor heavily model in is business.

my sense. makes you've talked And then on second areas. That Okay. historically, three question, about side, for the cost

you automation. management, guest highlighted self-service workforce think and I

how a Regarding roll-out? Whistler then to prior I feel incremental years Thanks. Park at initiative similar and City the assets mountains, there the of those couple in performed separately, to those of relative workforce properties or makes this to trying that guest sense? trialing last get experience? you've And I'm believe been Meaning, color and comparable of if where timing is it management, a improvement years? at was any the on how margins EBITDA just broader that noticeable

Blackcomb. of in in piloted noticeable City We Mountain operations Whistler to see a is, their did workforce our areas. years Park couple of also One be We the allocation efficient Yes. labor on business. and management with in for of the managers X based demand improvement at ability a our

differently can on what the that resort in sign across ability which function. function they are, hours actually needs on available managed and based are improvement to now in by our experience for by saw particular terms impact And resort their right we what also understand very resort up of employees' their a is noticeable the

real areas. improvement So, those were some

on for the the management of we this also upcoming with be to labor saw workforce and season positive the expanding ability our positive impacts for us experience. because efficient employee impact that see will You

on So, coming this yes, we expanding that do plan season.

I appreciate it. Thank you.

Ben. Thanks,

of our next Deutsche from Woronka take question Chris Bank. We'll

good give sense afternoon the on in for us little taking questions. now bit North Angela, with Hi, a I books, the of from gains pricing – came I mostly there last volume, like and beverage ski much things school and your you to ancillary? can I versus XXXX/XXXX Kirsten, American thinking compared How the season? about a that. think season food Thanks guess everyone. of I'm like maybe and guess stuff

Yes. I'll a strong on – as high-level I comment high on a on saw mean, we comment On and and and well. ski let retail it growth rental, Angela level, food very beverage. school,

beverage earnings on get back back the to plans we've think call food beverage way it in continue and where where and that expected though business versus we still be prior in very growth get shared to build year was this and was next have all I food and year, pre-COVID. that place we to to even didn't strong very to prior specific

there impacted our put relative to differentially really many ski restrictions associated were F&B in with and school different were and was business. unique so F&B our And that rental/retail had because place we that

some make. ahead, Go that Angela. Angela comments to wants may she have additional

more us to fully last I we big impact really back have so from mean, pre-COVID, on I'll our strong F&B, very key Yes. obviously to had add, continued your the operate that where year-over-year. picture rebound all [ph] staffing improvements, and some allowed we a staffing and And because us mean seen mentioned, to pre-COVID. full The at we volume. to is Kirsten were [since we passing Getting question right? those way to the return] saw one inflation themes. that only the of had price as initiatives, the volumes were thing as a the I versus And year not we back than relative then on strong start

but And mentioned in helpful. a of It's had know in-line? pass despite the Northeast, the Very was from as spring called even advanced you would still sales the mean, of to you that pass I And get guess the do know be season growth I in more strong don't expected given would there's on kind follow-up, you region or from season, than you challenges then into Okay. specific one it you challenges. numbers, I sales? that areas selling say region had you that out. have just, gains that better I think

a concern are And to always a pass we holders when that about on there's geographies some have desire impact in weather where always pass. going their there's extreme hold have our that resorts concern to a It's what and disruptions. is

And resorts. closely. you – collectively and pleased, the East I'm watch resorts very that region very And say, so, I down Midwest, would a Mid-Atlantic, our we it if East we there's and we break into what call call the Northeast,

and both. the of that it We of loyalty our And holders destination Mid-Atlantic in even value and will Midwest and had shows the or growth usage that's tough the pass the the they after and very pass, whether encouraging, and being a pass the locally Northeast. the I think the believe that's they taking trip their or even that still value a get of season, out maybe

potential? for there's conference. growth I've do. think has a Absolutely about still at this believe We talked East I us the of lot investor it region, And Do still. I growth that potential

We have operate very own strong in that resorts we region. that and

We guest that guest a that data. and ski snowboard data of lot in from have

to of Epic year. continue and that year, awareness And confidence brand that our we strong penetration do we region, particular been will in this full have incredibly I Pass. that growing have every We have

helpful. Very Okay, thanks.

you, Thank Chris.

of question Brandt our Montour next We'll take from Barclays.

good taking Hey, Thanks my for everybody. questions.

I I words said the that in you just next your into know imagine some mouth, starting hospitality, still labor broader on management putting let's expanding not still is expect side, say, inflation. wages, year. Just that, workforce you wage mentioned that the probably growth looking seeing you you're haven't but program.

segment that is, looking maybe on when you, you it's the think to And sure for may that the experience? season is back or that – last you bit after as in on done which people there customer take what's of within on my could guess think there's about now? on hired need labor question you a so, And rebuild make last I you world a quite sort over offsets little last year that looking back do you many don't season, all have

pass It Thanks, ultimately to the to Brandt. full we makes enabled us that guest staffing normal that our of pleased sales levels of I our very operation our our and which overall, impact and operation say, in a would our I'm resorts. have loyalty terrain, significant satisfaction, ancillary. our impacts to experience guest and lifts, got obviously our

what our terms our need. in always that Mountain they what think operations they plans – year, levels staffing are teams we believe I of next assess

always looking the most are that what need. have staffing staffing and at can managers what And our we allocate about, labor efficient understand we what like just have. and management can labor spoke help tools the I and hours is then We workforce optimal they

in – will the how And be was to the how plans do enable to we say, of to I'd this experience allocate do apply so, absolutely right that, guest be the we're management in thing labor. like believe labor? efficient that always help critical workforce putting And the are positive how the is. the given deciding in It have place And wage tool them the efficient. that will decision-makers Absolutely. that off opportunities XXX% decentralized investment, our the to that business, out we very specific more for resorts

back follow-up And of that. just call. for a toward Thanks the helpful. beginning the Okay. then That's

selling outlook earlier that of guess, moderating pretty the about rest growth the potentially selling think You I pass little you sales I'm throughout for season. year. we started about the should were just fact a bit the this how curious clear crystal

had to bit, I year. last that you but might time you're a weeks open period think, comparing probably And to – I couple mountains little later. of maybe sell so, also extra year of you versus a a this – guess, look earlier And

of And just should should sort you longer-term, about comparison that's of growth strategy. moderation? that think incremental so, we the just maybe level how expect part given But of some

don't the the highly I or way action. a to It that major by I deadlines and is one as think Yes. about calls other. think driver driven really would

in then cycle over early the to is action Day, the deadline holders we had the call Memorial price part the deadline increase. a And so, have around that of about we benefit to the and pass sales

cycle we many, for a this as data early insights our behavior the our on to make selling always use pass ways are our possible. in so, as been to looking decision sales. has approach years and for And to And influence many

view XX% so, dollars, we're that And potential get and approach, I to driver and on decision of is because of the that. that for moderate to think big is number our start would the because of always a X% units on that a on with sale not weeks making earlier. trying strong I

Perfect. Thanks so much everyone.

Thank you.

to question-and-answer This like Lynch remarks. concludes would today's I closing the the of to for now over call Kirsten back portion turn call.

Thank who afternoon. today. to you, our you call. earnings operator. should you Thanks Please everyone joined This have concludes free quarter me XXXX the Angela Thank questions. third Bye-bye. your this to contact call fiscal time further feel or for directly

webcast. and call quarter fiscal Resorts third earnings concludes This XXXX Vail today's

You may wonderful a disconnect and this have line day. your time, at