Vail Resorts (MTN) 9 Dec 242025 Q1 Earnings call transcript

Good afternoon, ladies and gentlemen. Welcome to the Vail Resorts Fiscal First Quarter 2025 Earnings Conference Call. Today's conference is being recorded. [Operator Instructions] I will now turn the call over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. Ms. ahead. go please Lynch,

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

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

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

plan snowfall provided record this release costs afternoon, Investor today, and the Crans-Montana of transformation Forward-looking to with acquisition our afternoon lower our report our and let's to and our in compared to statements EBITDA onetime year, X-year consistent million resorts unfold. at cost our North of million quarterly with offset was release low with $X.X included issued integration-related also reported of www.vailresorts.com. With which, in by also certain reported are results. update fiscal expenses. the of on of the million on that decline Today's quarter related resort prior spending Relations remarks our resource from the and as EBITDA are Form we American to $X from and inflation, include with call, available events are the results. prior non-GAAP first growth in December business XX-Q, and increased along inclusion this This filed growth press Resort driven approximately summer as on year demand, with activity was lodging tables XXXX duty and $X.X on press the due to by the a our XXXX, efficiency of Australian section actual financial them these were remarks of this undertake website measures. made turn no along measures X, our said, Reconciliations SEC

transformation plan. efficiency resource our to on Moving

Regarding as million quarter, plan. plan, company to company which was and improve plan transformation cost global last against the expanded annualized fiscal the X-year effectiveness company's operations, The scaled efficiency to announced continues the transformation efficiencies Resorts organizational progress and designed $XXX scale Vail XXXX the resource expects workforce of by X-year for grows resource make globally. the in management, shared year. its operating leverage Through services is end

We updates will significant milestones are as provide achieved.

to now indicators. North American pass early Turning season XXXX-XXXX sales our and season

highlight pass experience sales the pass season guest our of continually and commitment at Our our proposition products resorts. to the value our investing in compelling

pass season years, XXXX-XXXX product dollars. XX% for sales American units X last XX% North the ski sales in the Over and have in grown

period XXXX-XXXX the season, units the periods benefited the from are exchange growth in by offset Canadian an partially applying foreign product to American Blackcomb an X, in between dollar of sales rate rates lower-priced pass and sales of XXXX, sales unit dollars, for exchange prior in XXXX. approximately impact by in price the year's year Day changes through in Pass dollar to as X% For the product adjusted eliminate products. Pass Whistler sales. currency pass ski December X, compared decreased increased upcoming X% increase X% December approximately This through North results $X.XX and U.S. Epic both the among

pass For growth with XXXX, year due the approximately X% trends period X, decision-making. product sales and approximately growth period expected through delayed September believe reflects strength, XXXX, the X% to XXXX, dollar relative December in sales unit XX, the renewal from to of which compared through pass XXXX improved the September product as XX, prior we between XXXX, X, of September December XX, and sales the to

pass renewing holders pass among American across growth all with geographies. sales highlight North Our strong loyalty,

a substantial selling full the the holders. acquired company of pass For season, number new

new was season. of the number the absolute overall the for compared However, full year, smaller to unit the prior decline driving guests

prior challenging holders pass pass to we prior completely unit pass and growth, database, in Day lift our or fewer database. ticket driven guests and industry impacted but Pass did believe a year the who past guests or in buy new products from weather the lift in our ticket pass was driven The previous to a compared come company not by who are holders. purchased was new guests normalization. Epic last guests, year renewing lapsed which lift to lift season, decline guests from by a the new the purchased tickets in who season. guests lapsed pass ticket holders season's by previously strength achieved New and from The achieved growth

all guests to over We which complementary skier resorts committed nonrefundable and million account XX% and XX generate have European expect commitment in of approximately for million revenue visits. Australian American, products excluding the $XXX North in season year, our are to approximately visits advance X.X advanced of expected of this to

for early ski season into our season, the to guests, stability of turning we strong XXXX-XXXX company. providing indicators. our by our encouraged meaningful are Now committed Heading base

open bowls season relative the Additionally, the prior Whistler Mountain significantly earliest of opening year, also Northstar, Blackcomb, our improved than conditions open and Heavenly, season at including allowed to with to conditions including opening back Kirkwood have legendary enabled us Stevens since Vail XXXX. Pass. have the anticipated, early earlier terrain some resorts the Rockies Early resorts to

holidays. experiencing the open East all to Our resorts in in typical year the variability resorts the point of this planned seasonal with ahead for are

are frontline season. We following season winter strong of lagging are bookings and plans bookings prior season lodging prior reflect are last the the consistent levels, Lodging U.S. upcoming staffing continuing delayed with our achieved Whistler track rate the for Blackcomb, year. prior a season at full year. the for are have may from for our challenging with the our to on employees At hire return in resorts which conditions and year decision-making

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

everyone. afternoon, good and Kirsten, Thanks,

loss our offset related by business the million summer As to period Kirsten million from North same lower growth and mentioned, our American Crans-Montana, integration-related reported the EBITDA expenses. $X.X million quarter plan quarter and which in included first driven for prior acquisition loss onetime the of attributable of Vail the fiscal was announced integration-related the million results XXXX, for Vail inclusion expenses. Net acquisition million was compared of $XXX.X and expenses, transformation the $XXX.X attributable plan $XXX.X the Resorts EBITDA inflation, net million year. Resort resorts, of this a to of resource to X-year cost to by costs quarter's results million Australian XXXX Resorts integration-related first previously of loss onetime compared and in in the and $X.X first were of of the XXXX, for costs acquisition-related which X-year included $XXX.X $X.X resource fiscal quarter reported transformation a of resort to related loss fiscal to

measured of X.Xx of XX, EBITDA. total liquidity as cash revolver as XXXX, total trailing $XXX its was availability, $XXX on net company's the total XX debt XXXX, hand, billion. the of plus As total XX, of company's combined reported availability revolver months was million October $X and by approximately includes cash million This October

on per the Regarding of quarterly to declared share XXXX. payable shareholders January company dividend record a common X, the to stock of of return of XXXX, December of $X.XX as shareholders, Vail Resorts capital XX, cash

$XX price remaining shares a at share an million X.X company of of approximately approximately company repurchased the the addition, its authorization repurchases. quarter $XXX for total during average for has under million. The XXX,XXX In shares

balance and acquisition disciplined We will opportunities and while to high-return sheet employee shares. and to capital, projects, company shareholders' strategic on strong in shareholders be continue capital of our focused in investments our the value prioritizing The to returning always stewards returning prioritize experience, of shareholders. guest long-term a remains our has our capital capital

company outlook Town September a Court due ruling reported sale for EBITDA to valuation updating for July ending XXXX, $XXX real now Vail October its guidance regarding is resort increase company's XXXX. income attributable the $XX gain million provided our to Vail's difference prior $XXX The Vail the XXXX. incremental million Property million. The up million estate related that guidance Vail unchanged $XXX reported EBITDA. the XX, project, East the a property from affordable condemnation which final resolution as to is is million, that for company's it of on Resorts' to workforce transaction and was turning XXXX range from of year from the guidance District guidance planned prior for be between housing of Resorts, the primary XX, has County and to to real The the of $XXX expects net the been of on Eagle recorded Now

impact on to remainder continues XXXX. current updated in is resort a approximately that to EBITDA. The levels fiscal reported guidance interest of include resort million, the to assumes reported the have $X efficiencies and XXXX between be expense These Crans-Montana. resource cost changes integration-related fiscal no to $XXX interest expected expect of decrease rates expenses million, an at million costs remain which and $XX $XXX and for company expected of in onetime an specific plan of efficiency estimated including estimated for multiyear related $XX to transformation million $X acquisition million and million EBITDA approximately Additionally,

after return As benefit normalization demand. normal conditions normal compared by of more impacting return than from the the weather impact guidance challenging to in XXXX continued operating fiscal assumed a and conditions offset costs to fiscal XXXX to a fiscal includes XXXX, the the industry

the we to first low guidance currency fiscal the the guidance conditions transformation snowfall-related price from rates European fiscal period. After the shortened a decline current for Additionally, of The resort continuation XXXX, these American quarter impacted the prior XX, and environment, reported Crans-Montana and which year the assumes grow XXXX exchange guidance North the increases ancillary considering season our and spending, as XXXX-XXXX economic from reflects in in of Australian weather demand items, of season a full the XXXX. compared issued EBITDA normal original impact resulted the the in of of September record resource addition ski and EBITDA ski foreign negatively the for XXXX Australia reported and season, $X resort million negative in to efficiency expect the also year. plan

the volatility. if dollar the guidance, current and exchange exchange rates have an for the the U.S. of $X.XX guidance between Foreign as and EBITDA. approximately company year, the the were currency dollar of $X yesterday, U.S. reported franc Canadian between remainder at on $X.XX the expects levels dollar, for would dollar recent the $X.XX of December of currency the fiscal experienced XXXX this impact between X, million fiscal rates Australian and dollar, to XXXX, Swiss negative and Relative have resort those to U.S. remain

Kirsten. I'll Now call back over the to turn

Thank investments. guest experience company's growth is committed Resorts significant the Vail through you, strategies enhancing supporting and Angela. to capital the

Keystone million calendar $XX world-class XXXX, will investment before capital Vail $X to in including million Village million of company Canyons at the of Mountain These Park world Games. multiyear investments estate-related year investments $XXX Crans-Montana, City transformation as company athletes embark in Mountain's Winter village City of year at million complete year million approximately a from to village to Olympic estate-related transformational to in base to company investments approvals. planning and European Park the capital, $X Peak welcoming its the as the venue investments remain at million and at the Lionshead capital capital year million fourth luxury City XXXX. calendar West Mountain $XXX XXXX invest Andermatt-Sedrun Park the is the X growth transformational a Mountain. At calendar Mountain, $XXX core and who capital resort the to and area real key approximately and at into River of base will described growth underway Mountain. Including plan million the at areas European Park multiyear a investments X across Projects base For it real to the and support at serves Vail plans for support support Run, In to XXXX fans and City in calendar subject capital experience. $XX on plans resorts, invest projects $XXX visit development XXXX, Breckenridge plans

Canyons TCFC, investments and as existing East Village benefits base Red new village of company upgrade new in partnership boutiques parking. and announced Pine access by with break spring underway Village. The September, at in a and destination, for gondola Park in guests future. At such as and projects as will will improving the XXXX. the X,XXX Sunrise Vail services Canyons the Village, experience expected new The be enhance replacing supported ground with reinforce teaching existing to of the Lodge. restaurants, the across developer mountain the future Management and XXXX, investments the previously by guest Vail community provide West ski school the village the additional are experience plans year Mountain's access with ride with housing, Village feature Lodge experience transit Canyons These a skier is structure Vail in Red and which is into of world-class of over construction as expanding by surrounding we by Association development City the experience and to master Canyons of Planning a children's Town dining for spaces, covered terrain stalls which to the enhanced in in developed calender of announced partnership the company Vail parking lift base the additional the resorts new to Mountain, the lodging, also As and anticipated at further X,XXX public restaurant Parking beginner West a Pine and developments fourth being are Garage, Mountain Partners. plus will acres XX-person is to and the the Mountain legendary improved Lionshead terrain workforce area status well announced within

company in Hotel, the rooms XXXX, at and multiyear addition, and the common ski company Square. upgrades renovate and the across guest is improvements, and planning base Arrabelle lift plan is its area year beginner to to school Vail Vail calendar In luxury the developing ride at invest spaces experiences. In dining a

develop estate company area. Additionally, the invest in the planning to calendar XXXX, in year Lionshead West plans to real

the Cuolm the also X improve plans, and planning new capacity the investments is increase significant energy area company western embarking the particularly the X-person season, multiyear the Andermatt-Sedrun, experience on plans Val the calendar experience guest experience, plans fixed lift transformational Gemsstock fixed company guest to early expand area. to the the and X-person to In enhance in snowmaking side improve across grip XXXX. At at the of lifts consistency significantly upgrade investment the in The of and at high-speed significantly to lift on resort and the Val Calmut infrastructure company addition grip guest replace year that with X efficiency. X-person will the

approximately majority and announced complete previously as upgrade company the In XXXX, the Sedrun-Milez to improvements CHF XX CHF Milez Through the lift, in in triple stake be to Resorts the of capital Australia. invested in Perisher year in that X-person company total replace Mount time calendar of and company's addition, the capital calendar completed for is the Australia, season spending have plans of the the a million the XXX restaurants. the ownership high-speed calendar XXXX with XXXX infrastructure part year of Natschen Vail to invested chairs into the snowmaking year Andermatt-Sedrun. At and purchase will that million continuing plans following Perisher was new to in double XXXX winter

a in the in will innovative technology the technology guest invest on the reduction be of continuing making transport Assistant, invest capabilities transformation multiyear investments to new Bergman investing company experience, company more year, lift-served guests. The tub completed is addition, Ride pool better by in with Epic new experts, of in dining of company and residents area, high-speed experience luxury AI to and the addition XXXX. At spa, X-person coming X-chair, My base will Keystone, rental terrain terrain personalize investing Rock has company and in powered the real for calendar the building the invest new in base terrain carpet My developed for a where enhanced XXXX-XXXX lift, transformational to and The plans tools the and beginner introduction dining improve and Peak guest achieve in its capacity ski Gondola, continuing at high-speed largest Breckenridge the is increased at and at App estate-related project throughput. planning XXXX. To restaurants, the its Run resorts App, of footprint My company to for with the reduction in new a communicate accessible. At to including the new support season. a ski-in, increasing complete year beginner Epic expansion X the to to of the the is new net goal a and shop. The company River physical the within skier the Kindred its season. advanced upcoming a for uphill the The by Keystone teaching the and X to the In additional Ski American lodging reside is advanced improvements new more outlets to including which the costs experience. the to company follows and ski-out across waste Resorts-branded Kindred Epic & the hot the newly In company a Keystone, build-out retail hotel our enhance from experience base, new for facilities North the by the AI pilot acquisition the emissions XXXX-XXXX resorts lift-served Breckenridge, services destination operating and that is company in Resort be X-person service X family-friendly making with will projects resort home invest acres also School and for experience full-service at functionality resorts ski the also Bowl, XXX development was of children's

for North the company European is enhance to for significant season. calendar investments guest and addition will the the ski that XXXX, the XXXX-XXXX experience American planned completing In investments year upcoming

to million across all resorts $XX our growth Gear Andermatt-Sedrun, $X the official experience like capital. their these million at investments creating infrastructure approximately company calendar America, all to frontline as the look Operator, premium regional XXXX-XXXX investments commitment I incremental launch and an $X Including of our onetime of million. In our to welcoming We to for and Crans-Montana maintenance guests. we its core $X of a XXXX of resorts is $XXX and My million of questions. to guest fulfillment across the and Epic for success. million season million at this approximately to members, be that mission $X winter our our a now total lifetime our closing, year excluding to answer work XXXX million, plan questions. to especially company's fleet and expected for North capital is announced, and previously teams your employees to in destination is year winter $XXX support for for mountain capital reimbursable The capital As million of experience calendar thank expects integration be and hard team resorts Angela plan would the $XXX XX our guests investments to at company investments, be of passion, of season. At time, our million create of ready happy I will all are to $XXX of forward this mountain capital

first America. We'll Shaun go Instructions] Bank with [Operator to Kelley of

if of that terms out just curious, of Thanksgiving? kind times. the built of kind the obviously, always of early given and normalization a how through of the so you what destination called your feeling resorts to see for the very some what that put just thus what far it's you front, are like, on far, and behavior a it open? I'm is in seeing you just early, level number into about so off reflect on don't But kind visit season can you patterns season's activity of far? I know are you Maybe sense guest. extremely the Can are start, sounds Kind you're could that guidance we just behavioral weather start good seeing

question, the for Thanks Shaun.

rates and One X% pass of selling our pass final in couple very a sales, up pleased improvement decline units think look in indicators in to the X% I period at. the growth dollars. to and obviously. the to We're the with is sales get sales of outcome in

are that coming So million guests committed that's our over to X.X resorts.

especially early. that's being very The are indicator some encouraging, and of strong able for season to open our resorts a us. So early conditions

in is levels pre-COVID indicator year other we the lodging are see the booking Whistler better prior Blackcomb, for levels. U.S. mentioned levels. lodging is And I season, consistent looking full in we're at. with bookings And lagging in lodging The The for market data, data then the that opening our as resorts, and those pre-COVID market are prior the remarks, than consistent. year

slightly the and really owned more we that we're lodging, be looking all Our we on above operated that at season, and then pass recent seem in to to sales indicators improving getting of indicators. data where that, And strong on we're the year. and all landed as of closer those but we have are prior conditions, the totality, seeing lodging

holding as are a this So result, we at guidance time.

pieces in that need guidance? Or enough this where other they my Whistler of put as when just follow-up, come of remain and about visitation Could just those there sort the risk exposure couple point maybe is something that overall the be to not things at a talk all other especially we that's season? is release. you it's are, that conversations a then And worried at, there? if were the questions of in about and to snow overly has the can up to conditions enough Fantastic. you and where since that and in stay to offset the local be If kind

at lodging Blackcomb it continues look is to I we improving. data, Whistler be When I see think the that what

Destination are visitation important that seeing cycle. The in through monitor sales total the the bookings you we went saw is So start. the resort. think our everything The the I I a trends off with that encourage a do to resort, decision-making, resort in to as delayed we'll really and for possible selling pass can think guests to outcomes given associated conditions off very so it's is and we're what great have continue we start. we to some to is strong improved to are which the great that terrain conditions, obviously our

moment, say, of would right be, tough -- a think, of, a off Whistler mix to really year concerned with nothing coming this indicators about last I I Blackcomb at just year. in So

some that on, going as out wait there and season how the to the sense, I be season see here. there, we'll delayed see want play along starts the So and decision-making moves to think, hope fact makes that could where people

go We now to next Jeff at Stifel. Stantial

was expand as a just correlator your Shaun's to what to pace that, seeing indicators first have answer and holiday you terms those seen say, seen sort bit specifically New to period? in we'll in on Year's of for a season I accelerate upon, Have maybe the of some off, period. And that the specifically favorable Kirsten, bookings and bookings bookings question, trends the narrow holiday markets Christmas in more you're in the early or hoping Starting the snowfall? bookings lodging piece for experienced, have those you accelerate markets that little

the for thanks question. Jeff,

moves for data U.S. in as that our at prior the here bookings. In the improvements the the market track we as then are market season, market or above we operated, our with in in consistently are our as Whistler well are time pre-COVID year. we and closer for data bookings, data resorts occupancy As consistent for seeing, pretty and U.S. there total, to owned resorts, the we the for seeing look

the our and we is a owned that and remind percentage owned that data, operated market published of happening the small to the pretty owned look to data key seen And I visibility operated, we during holiday versus have we've at I and more think lodging. just those operated, periods. I you, say, gets would then us. When more recent improvements and want because also our

to as It conditions are is which continues So to seeing it's reinforce, strengthening a as the seem strong. what directional people are snow we we Jeff, get be patterns those bookings indicator. closer and see,

the that are to see direction moving yes, So momentum hope continue. definitely we in seeing it and

Great. year expand allocation. helpful. you in then guidance little current flow should do my over that income that X level we sheet, the And XX% math, unchanged, tap about vein, similar to you is Okay. a in you drive how should weather your growth bridge my or strategy this that, net payout normalization policy, north free assuming dividend wasn't by trend to and see accurate. Can for year, capital your ago? your think back what appreciated, or X dividend all free you've bit implies into XX% cash me. XXX%? And maybe on been that follow-up, of sort down just of in we turning That's your your light And your understood talking cash just should conditions from post-COVID a the another balance payout willingness for that's I of discretionary If fully of that flow, challenging about think to years from or to looking about assuming philosophy potentially

reevaluating It's and able Jeff. done. And Thanks, allocation in which for really we of Angela. and capital priorities. pursue the right, in What our a original and constantly always and the in you been our last our dividend all is right, to investment dividend year consistently like We're guest this us that. at we experience even guidance, capital announce where prioritizing right, look alternatives. dividend, of payout have we we've did all we our resorts, and I'll take our quarter, looking one. miss yes, return our saw And of were investment allocation do, for cover capital, our year still this

we'll feel very dividend We in to at So continue comfortable. and we and reaffirmed same though, the it, dividend quarter, March typically reevaluate look quarter. our every the stayed We level. announced at our

to We'll go with Morgan Clapp Megan Stanley. now next

remarks growth in the a improved the shift strength. most you improve prepared that that trends to bit, due things I unit a did little recent sales renewal here bit sales, to positive give see especially color to pass expected encouraging wanted And to obviously, in the period. a lot of

bit that little I bit positive little a a give better were you expecting? you just answering earlier. And when you cadence, you spoke could maybe renewals So were a around it to some just than were more think question that? Was

think of be the period do sales And much composition on the So better-than-expected the at more your pass any of some by in was just you great. the openings around early driven last how would resorts? commentary

on context pass what I'm saw, Sure, Megan. dynamics. that loyalty. little with The of We're outcome couple a the happy sales. Thanks, the strong on very of we sales. pass results pleased very is to a more results One give

holders, saw growth renewing our our pass pass renewing all growth that of So and among holders, we our was geographies. across

pass think the exact which We we is as of expected, also renewers actually into those well. the dynamic saw we had a very majority positive as same renewing

a the little new side, this remarks. prepared the I in On talked about bit

then is industry really that that, prior the prior pass database we've of pass, in those size we to so and number which did which year. sources, of earnings We primarily the but being pass database, They substantial new this ticket this there's come the resorts and different number not from strong talked we on smaller versus decline pass for guests New weather by realization, was holders, pass about calls, who season. lapsed that not of I our prospect dynamics to new this guests, a have guests, holders each which past I'll come those converting holders. year-over-year people see. was highlight our have also pleased the delayed prior dynamic new decision-making. Where really after growth different are in in who X was to just which who those. There's then and our normalization. And audience year very season driven tough basically saw one acquired of guests, year, saw people lift And coming in seen last I'm before, we down holders price into is

between on new think we we cadence our delaying selling of renewers as the I guests which through this during the talked and of selling in part improvement rates saw when decision-making definitely December, the the cycle and of growth saw did about look the and came in earnings September we cycle, impacted, the that why, into year, impact selling results late some later the in prior you well the calls, as cadence cycle. if

upcoming and My season? That's ancillary was your not for my little Gear expectations? commentary it's yet, be follow-up, helpful. as uptake bit your early any to of rollout rollout talk understand think the kind and to full expectations hear how relative can curious a And would that the a just you just of maybe how on you that about makes Epic but uptake in I about

Thanks Yes. the question. for

Gear. be a My to pass all very where in type I business, I We of mean excited it's of would is advance. not early. very it say it's about continue Epic committed

cycle. the selling very early it's So in

are with we at so XX can We that the some appropriately. year make resorts we limitation sure business X scale different launching

So nothing of for experience. in really that cycle in substantial selling early terms to because report it's the results, so

service. I a will better We'll to guests of the of shares. the to think much idea subscribe robust number had, update in experience the a have that members March, more we our have

more think I March. share with to we'll details in you So have

So little now. early right too it's a

Katz We'll go next David with Jefferies. to now

started bit. Can there, just we the the with the others puts the how off Australian start about the maybe the you're apologize are one I rest time? stronger expecting guidance? year? Are go results the takes What minuses beating sort can of walk season we and to to guidance Are the strongly? the double at just kind resorts have and to and expecting of that perhaps normalize and little unpack back this at pluses through some of But as a of we're improve? if thinking more the you year the we you to weather

David. Thanks,

us of I for to things think think couple about. a

results expectations. First we Rockies, -- early and we in season two, our strong Number have in as a West. is results line with our both were generally pass about, the QX one. the We sales conditions, talked our number

we're and the lodging we're lodging lodging the stand resort, well markets think lodging bookings heading bookings So resort the is in U.S. on where really season. looking on as there. and Blackcomb, our our third bookings largest Whistler as bookings good we I into in position a then at And trend

ahead in that The it's early at part our of this at looking So point, still changing has mix of We're the not season. have right the begun. but And factors. us. based those hoping all of of we significant on season season, point. for guidance pretty a strong season our at just a We have this -- indicators

necessarily as shows that just negative, any as of been and positive bigger and you've database is not And bigger, that you've strong bigger, gets or a bigger with accumulated always data-driven always company, customers database anything that, bigger. Understood. interesting base and or base bigger bigger, change? findings there either holders, within some data, insights And pass very interesting of as or gets that a the and

million have. for marketable We to a XX and database, over our pretty asset advantage in guests company is which have incredible our

is and the bigger drive the as I time, potential gets, have in growth. database we the guests think the to the experience and the we in unlock forward, look which, dynamics the our that goal more we as ways to differential behavior understand past and of over the

in guests, ancillary, Our we be that we've drive capture of many many the going how understanding real key their have we loyalty but around which right? is so talked behavior critical we fact guests committed before, obviously, so and also have spend. about our the database, the ancillary focus, The fact to the that

call about we In it or have tremendous proprietary going you that behavior, ways to insights more different today, on talk data. And not is terms have us we'll will advantage of guests about sharing forward. in a how and their significant their that but anything hear leverage this that competitive much

next now at Laurent go BNP Paribas. We'll Vasilescu to

grow? I the to you any that What much mentioned remarks How Can did units Kirsten, Day there they Epic the was was growth? think trade grew. a in Pass environment? due And down bit? drove unpack it that macro prepared the then maybe the

Day Thanks, Pass Laurent. first. trade Epic down talk -- about I'll

consistent like and holders. was that than migration what saw renew trade think two trade is the pass the our quite which pass of pass, As encouraging. on have into pass what the year, that Pass between the those Day we but I was We seen last there, years nothing unusual those renewing in expectations our or holders were. And of unusual opportunity our relatively different last is nothing within Epic up, expected. with majority we've bring pass which was always we I is net actually shared, to same as couple down, there entry-level holders, new

we in the we're is either encourage what up we pass. And attracting that access guests of then days. or time resort because there into new guests see number So growth expect to to move do those over

our cycle, pleased the year in selling strong sales performance saw -- in growing. which see and and the So product our see. And pleased dollar performance really to units see unit I'm differential that that also what this I'm you we reflects full for price the always is flow-through our to

upcoming in helpful. of as the Very you ski a million that should should milestones, is And Okay. the that is time of plan consider? $XX we through this frame two Where know then that any curious after that into versus on next year, the achieve we year? the that, I Is season? we for these start OpEx it assumption fair know transformation this seeing lines milestone smaller number to $XXX should things. terms spring milestones? And next million but year assume year, a and next

and we'll kind lodging through overall, labor general continue you is year. provide this Laurent, for the million on yes. The that $XX and also of that progress. fiscal total comes transformation P&L show you'll through expenses, updated the and into year. mountain grow the in at next both administrative coming on for expenses get labor, to the side. And the million keep the in onetime you'll milestones, of We'll $XX The to continue through as terms updates really year before we that plan year expected place then then primarily, to and the to see on up see the

at Deutsche now Bank. to next go We'll Woronka Chris

few new always I'm So have do. you've a going as this you skiers curious. to year the now a of you're Kirsten, in times that network number mentioned

school, can level If hotels? back the get. any ancillary, any Is expect is to we incremental Just perform pattern? or holders prior look figure you contribution they out if from on you pass years, of there consistency how there same to whether discernible it's ski new dining in trying the

year really Chris. you What spend ancillary results, after yes, and businesses. the because had we at to -- really guest encouraging season with and the that challenging weather even of season the per saw last a spend Thanks, guest last tough wants attracting we're those experience normalization, which end strong is

we our look spends ability our destination Gear, business My And growth capture unlock launching really we well can we're their that not and a through at My innovate we spend, people which some but differential critical real early as decades, innovation to local how that has doing you are key year versus and Epic differences investments when for innovated the that. But innovate. Gear is guest is in -- it's for Epic And as gear. X in that in us to trying how there As see days between is is making. for with innovation it's what the us get us really guest as ancillary believe

towards you I Day guests should to see. that be locals. hope new what that's destination Pass, So guests, When not attract orient those would we tend into Epic able to more

a so in strong And a that is has guest historically. that ancillary spend

even you, currently? wouldn't costs season, as -- a on cooperates, weather a, I exceed end are expect that that could. an you how dramatically you extent follow-up, if confident the if up Okay. what that having And side have the that the you can and you To staffing better-than-expected the b, may enough;

in confident plan staffing I am very our now. right

that in experience, they -- percentage staff. the guest it obviously ones season because makes achieve to it deliver staffing return on track rate. And also in we historic guest a the a teams season in and the much to so and and frontline onboarding execution have so Chris, rate achieving efficiency that important so to training experience successful, of among we why increasing plan, are our reason highs high returning We our return have drives and been also because that's are the high, from stronger, is really of our season, return

staffing not do feeling very have and concerns I'm confident the on side. So

at go now Ben We'll Mizuho. next to Chaiken

Two essence of guess, the high-level questions. value. price is I Epic irrefutable Pass the an somewhat first, obviously historically

calculus value? why any factor? And have I versus entire that part exposure you related, lodging then Then there limiting a order is which ADRs one follow-up. in guess XX% the 'XX visitor. I experience control lodging about thinking your I wants or not? Kirsten, up XX% why in of to you for and more to price cases, destination how changes spend, much is do guess lodging that the to degree or However, the with isn't some time

Thanks, Ben.

fortunate We in we really our that some incredible lodging destination. are resort have partners

guests of in our have in to our names big for of pleased have so to create and we And -- lodging. owned a resort drive also are appealing guests lodging proud destinations really options different portfolio, I'm those that while operated really and to tiers lodging some experience

Ben? pleased So first your terms in we of our your of what where rest portfolio reiterate question, And part the can that then you are we again, I'm versus very partners. of with own lodging of the

No.

it It's the from sectors second the to one guess received captured -- reasons. clearly the that think I I the you was benefit a for pandemic of variety just leisure all. on one. Skiing of this works. moving

described the on over elevated limited it last was do retrospect, reflect pandemic, today you was this your about And a disconnect you've -- I multiples? better what do likely you ability as the a what in think As years, in M&A would what earnings or given then you given X for and X feel COVID normalization? suspect any

have are don't this great really new in industry very on, very this is in unique They're and supply assets the frequently. which benefit that trade industry. of There's many a comes they So really that not special. -- we

this in strategy in successful to been Europe huge acquiring market Andermatt-Sedrun have post-pandemic stake period grow by in in well as during as Crans-Montana. advancing a a We our acquiring

Hard there. be So to that make want more pleased to are transition. assets if to owners to there's made families I'm we've really going change or that or going with progress the of things say

acquisition be we So specific it three accretive areas market that North industry. But would been very would is believe portfolio very to still our we're to focused things. focused acquire. in challenging we transparent we are more are like ski is the some on a forecast in One America that have that that there do on we

in but participation can is can't be model really going has good that's then strategy, progress opportunity some North America. And is Asia Europe successful and do real if but a unlock we the we've business huge. dramatically big believe more that this I model And there normalization believe over and predict, made well. support, phase, to -- the is market, we bigger or time, long than Second term our of business advantages not. our a size think The it's as

JPMorgan. now We'll Matthew go with next to Boss

Matt. Jon is for on This

going how season. multiyear, of thinking start Just of When visitation to look are relative of kind new then ancillary trends, early the like on about ski how at you is this participation to December the pass you November And and kind headwind rate the normalization spend? back versus growth?

is saw over talked the about we normalization, we're demand What up. America in there into on only X% occurred, thanks North saw surges and X%. What that in season, The year units. really were was last pass that results normalization we in starting down question. for sales is The down coming whole about North have a we some visits normalize that where we is Jon, some X% on were variability which we're that seeing post-pandemic sales lag down normalization coming that of last was into America the the in season pass skier industry seeing to our that the effect year. visits,

that's the that seeing from kind we're So normalization. of impact

next now go to Arpine Kocharyan UBS. We'll at

perhaps higher you, whether price terms I'm helped and XX% of lift more to indirectly pricing about in sort lower from of year room lift, little terms into than close whatever and year pricing a asking takes that in is, of of to that plan how P&L. talked impact? Because you have early talk the in XX% of pass penetration in increases higher Your quick have nicely follow-up. gap pass there's historically, bit here have of you whatever And on at for already from than front think course, lift about obviously a Could impact the you that you might and I higher read have XX% I is puts the previously visitation, of revenue you that about overall of trends lift strong guess you've about mix. to push take I XX%, pricing?

revenue still committed couple for you that think trying in we of still that's achieve correctly, we're a that a If is percentage our what as to there's and very to terms opportunities. Obviously, see that lift I'm focused areas a I are lift ticket convert still And we our advance. couple that goal on that of pass. guest are growth, still of we your of -- vision there's into we areas Okay. have the in them interpreting question articulated just

X.X We of in also pass at over we -- skiers markets, destination there's can to pass markets those our the then the out where be markets over database. those. And million have level in which XX we see, -- we for in and have still marketable we holders, underpenetrated a that there's with over the guests maxed and not or maturity but are opportunity have million convert number we of database,

into so with focused is on them are way So we lift relevant those our about versus and network That for key I a connect opportunities of volume lift growth. When the do ticket refundable and how them us tickets not resorts? short-term to for decision. rate. bring all And is pricing a pass, we drive in lower think are being

we into coming one behavioral you in the be about results lift to prices make because decide and think data think experience are that often the data asking between look resorts, are the in at with and to price we year, ticket we're X. And do also thing where people, mention a just that people very they Vail to delivering a pass I buy lift where those last advance exchange we I'll I'm when we in ticket prices value. Every pass incredible landed balance Mountain about different are is we have Right constantly price lift our the pleased ticket and a to with be? a pricing, and at commitment and remind now, what our you that to have the as and have going think people we this season, we're season we well. the types to value and network elasticity what nonrefundable it people need to is But make when different encourage XX data that going the we to prices resort think operated making cover owned our ticket make very really whole resorts exchange, to we're adjust reflect see skiers of So giving to we that adjustments of behavior look we to we to our spectrum commitment a and pass, the large and of which us but or there's of and points are that lift to portfolio approach. a price that wide for

of And then of haven't you be given outside you on what could this you be My would guidance I know your if you directionally guidance directionally OpEx one. for for one Gear? quick CapEx, I but helpful. helpful. Anything could detail was are in Epic XXXX whatever kind including would wondering share

do Yes, this. there we for disclose including we're OpEx what not in related to

is year about, is talked early. of we This As first it rollout. our

already of lot the have infrastructure place. We a in

will operating the that think the capital on if drive come expenses, specific So incremental what of terms we that we you announced, you haven't with then there some think doing incremental will this we're provided that but to experience, delivering but about business, right, can guidance. about variable be in that costs

really build that in just right business exist is on now. brand-new I'll point the that this the ski model industry to doesn't that reinforce

the deliver substantial to connecting way we in would and awareness and trial different So gear model said, and and have fortunate, conversion is we as quite different like it are a there business heavily that retail the a rental so infrastructure, existing really we're focused obviously, an infrastructure also any associated a with completely there in have and in plan business utilizing Angela be already we're business. But on.

at We'll next go Paul Capital. now Macquarie to Golding

start a to Australia. quick Just question on with

the just that's this was the season demand. just that behind Just Seemed dynamics wanted to to over separate understand season. to they that post-COVID? normalization a were wanted around comment I release in the a press other is some about structural relating commentary from. lower where coming Or comping past like the performance there as there? Is

challenging Australia, and winter past season historic conditions This Paul. we weather snow conditions. had in Thanks,

ski Australian at So that resorts. demand really impacted the the

it. Got

that specific aside structural inflation, and be to market? that that separate would weather lower nothing or demand So to comment from

We impacted, passes a No, knew the that's obviously, for We top referring and were were to. in going conditions what talking side, of the the we were compounding into that about on that winter the demand then factor were Australia. on season.

year due Angela. around decision-making And to weather. another prior it, then Got question this delayed

view other the pass in obviously, wondering levers delayed to better decision-making from Just with natural wouldn't have of resorts. weather situation decision-making some price that the any you conditions are the this left preceding there which [ ] some delayed if and of overcome escalators aside have year, the in in

have you selling So that season you're look it's the something on just to dynamics visibility levers earlier what help in whether the or like? otherwise wondering, lodging season give considering, any front to bundling other might or more

are selling our over we successful spring. to occur we've a vacation committed Thanks, Paul. ideally, Yes, that see their tough to pass holders a you weeks all up coming moving we behavior And we before time the in the did would of -- as to earlier season. been love X quite or X decision-making used have that cycle. This and delayed off in in on some show and of moving noted, decided someone earlier ski year,

the that come do at at, sale our for as and to year's things to year, the guests divulge early we pass And always that passes next which commit on to assessment always look do so the thinking our I'm and for to any not poll as we're a what it it worked, we into constantly to anything to to are pull -- guests to on sales, look the is, worthwhile going not decision-making are that. More of we possible? Does they as are Obviously, But as make commit we that every we're striving dynamic yet, different want going the what So change? as a season, situation that incentives following to what on need possible. us early is about. next for things work, that didn't head change? we what want business, those

Barclays. Brandt take Montour from final question we'll And our of today

guests question Kirsten, But traveling the reading and question Whistler. important very just first international sure I being on about your know has here. So is comments is, of make I Whistler afar. deep relative to mix guess large probably not I'm too I guests a destination want guests from into

is having make to a might even to if so out, up good able book any dynamic is of really sort -- Or if too those a there you in there's further related and lag recovery far whereby that those folks And the that you don't bookings, into then really without not in seeing weather not season? to season the dynamic be a you there? get

impact our season it. gates national the really the a and that vacations is the our anticipating their at and fact here, strong early guests is domestic open, Whistler say of The amount start great tough can't it getting and the the positive destination then that like to that with conditions. I'm I about thinking hope so time guests season Last that right Blackcomb, such Blackcomb out has now. was season ski off are on anything planning for that's of at a a snow this Whistler terrain

book so threshold this it What that with we can't that lodging where anticipating in to on there's reporting the right cycle I out data anticipating to. in seems So we're and the moving point, becomes I'm that to their vacations. that the at I those be difficult to seeing early that want improving we're not comes with it direction am going past for it bookings, Whistler some this season say go is would that, each -- lodging now. people early I'm

want influences transparent fortunate to and that snow their to a that, positive we're is about people to and early there. hopefully indicators, are be what those So vacations yes, just seeing we book early wanting real in

East a following specifically. the Okay. just And about helpful. up then Great. with high-level That's Coast, question

the the order last long-term to planning, at about tough as those years, if your to for account even model mountains. those your at as really you've that of strategic even obviously warmer, in maximize of in thought well mountains of looking flow operating back adjusting cash I'm it's of couple any importance if weather. But the marginally, shifting lens weather warmer, permanently Looking through potentially curious

strong in to relatively the with hopefully are the the always East Rockies, goal out teams that of the company they what pass important mountain looking as have access or looking in to to there's is we're a at our diversity variability. our in have Blackcomb to obviously, where East some need access focused at new challenges West our operations sure all to has well -- the is that in a as making our even because adjustments presence operating in but the across where the our constantly big a is we and so in diversity. Yes, make, particular company of for some impact that has it balance we're that We presence major on Brandt, geography and when our our skiers, and given metropolitan model of in geographic occurs sales because that the Canada variability Whistler resorts, East, and in lot the think the weather newer markets company, and have learning being strong East. And there pass our then is really on connection geographic for a network,

we time you comments. today, to the any closing questions for Back all for is Lynch. Ms. have That

This contact who time directly call. your XXXX earnings or joined Thank our us afternoon, free you to further Please first quarter have Angela today. questions. should operator. you, any fiscal feel this you concludes goodbye. Thanks Thank me everyone and for to

Thank does Lynch. that Conference today Fiscal Call First you, Earnings Ms. conclude Again, Webcast. Vail Quarter XXXX Resorts and

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