Vail Resorts Inc (MTN) 2025 Q1 法說會逐字稿

Please stand by. We're about to begin. 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)

請稍候。我們要開始了。女士們、先生們，午安。歡迎參加韋爾度假村 2025 財年第一季財報電話會議。今天的會議正在錄製中。（操作員說明）

I'll now turn the call over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. Ms. Lynch, please go ahead.

現在我將把電話轉給韋爾度假村執行長克斯汀林奇 (Kirsten Lynch)。林奇女士，請繼續。

Thank you. Good afternoon, everyone. Welcome to our fiscal 2025 first-quarter earnings conference call. Joining me on the call this afternoon is Angela Korch, our Chief Financial Officer.

謝謝。大家下午好。歡迎參加我們的 2025 財年第一季財報電話會議。今天下午與我一起參加電話會議的是我們的財務長 Angela Korch。

Before we begin, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties as described in our SEC filings and actual future results may vary materially. Forward-looking statements in our press release issued this afternoon along with our remarks on this call are made as of today, December 9, 2024, and we undertake no duty to update them as actual events unfold.

在我們開始之前，請允許我提醒您，本次電話會議期間提供的一些資訊可能包括基於某些假設的前瞻性陳述，並受到我們SEC 文件中所述的許多風險和不確定性的影響，未來的實際結果可能會存在重大差異。我們今天下午發布的新聞稿以及我們對本次電話會議的評論中的前瞻性陳述均截至今天（2024 年 12 月 9 日），我們不承擔隨著實際事件的發展而更新這些陳述的責任。

Today's remarks also include certain non-GAAP financial measures. Reconciliations of these measures are provided in the tables included with our press release, which along with our quarterly report on Form 10-Q were filed this afternoon with the SEC and are also available on the Investor Relations section of our website at www.vailresorts.com.

今天的言論還包括某些非公認會計準則財務指標。我們的新聞稿中包含的表格中提供了這些措施的調節表，該新聞稿與我們今天下午向SEC 提交的10-Q 表格季度報告一起，也可在我們網站www.vailresorts 的投資者關係部分查閱。

With that said, let's turn to our fiscal 2025 first-quarter results. Resort reported EBITDA was consistent with the prior year driven by growth in our North American summer business from increased activity spending and lodging results. This growth was offset by a decline in resort reported EBITDA of $9 million compared to the prior year from our Australian resorts due to record low snowfall and lower demand, cost inflation, the inclusion of Crans-Montana, and approximately $2.7 million of one-time costs related to the two-year resource efficiency transformation plan, and $0.9 million of acquisition and integration-related expenses.

話雖如此，讓我們來看看 2025 財年第一季的業績。度假村報告稱，由於活動支出和住宿業績增加，北美夏季業務成長，因此 EBITDA 與上年持平。這一增長被我們澳大利亞度假村報告的 EBITDA 下降 900 萬美元所抵消，原因是創紀錄的低降雪量和需求下降、成本上漲、克萊恩·蒙塔納納入其中以及約 270 萬美元的一次性費用與兩年資源效率轉型計畫相關的成本，以及90 萬美元的收購和整合相關費用。

Moving on to our resource efficiency transformation plan, regarding the company's two-year resource transformation plan, which was announced last quarter, Vail Resorts continues to make progress against the plan. The two-year resource efficiency transformation plan is designed to improve organizational effectiveness and scale for operating leverage as the company grows globally.

繼續我們的資源效率轉型計劃，關於上季度宣布的公司兩年資源轉型計劃，韋爾度假村繼續按照該計劃取得進展。這項為期兩年的資源效率轉型計畫旨在隨著公司的全球發展，提高組織效率和營運槓桿規模。

Through scaled operations, global shared services, and expanded workforce management, the company expects $100 million in annualized cost efficiencies by the end of its 2026 fiscal year. We will provide updates as significant milestones are achieved.

透過規模化營運、全球共享服務和擴大勞動力管理，該公司預計到 2026 財年末，年成本效率將達到 1 億美元。當實現重要里程碑時，我們將提供最新資訊。

Turning now to our 2024-2025 North American season pass sales and early season indicators. Our season pass sales highlight the compelling value proposition of our pass products and our commitment to continually investing in the guest experience at our resorts.

現在轉向我們的 2024-2025 年北美季票銷售和早期季票指標。我們的季票銷售凸顯了我們的季票產品引人注目的價值主張以及我們對不斷投資於度假村賓客體驗的承諾。

Over the last four years, pass product sales for the 2024-2025 North American ski season have grown 59% in units and 47% in sales dollars. For the upcoming 2024-2025 North American ski season, pass product sales through December 3, 2024, decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023.

過去四年，2024-2025 年北美滑雪季的通行證產品銷售（單位數）成長了 59%，銷售額成長了 47%。對於即將到來的2024-2025 年北美滑雪季，截至2024 年12 月3 日的通行證產品銷售額與去年截至2023 年12 月4 日的期間相比，數量減少了約2%，銷售額增加了約4%。

This year's results benefited from an 8% price increase partially offset by unit growth among lower price Epic Day Pass products. Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying an exchange rate of [$0.71] between the Canadian dollar and the US dollar in both periods for Whistler Blackcomb pass sales.

今年的業績得益於 8% 的價格上漲，部分被價格較低的 Epic Day Pass 產品的單位成長所抵消。透過在惠斯勒黑梳山通票銷售的兩個時期內應用加幣和美元之間的[0.71美元]匯率，對通票產品銷售進行了調整，以消除外幣匯率變化的影響。

For the period between September 21, 2024, and December 3, 2024, pass product sales trends improved relative to the pass product sales through September 20, 2024, with unit growth of approximately 1% and sales dollar growth of approximately 7% as compared to the period in the prior year from September 23, 2023, through December 4, 2023, due to the expected renewal strength, which we believe reflects delayed decision making. Our North American pass sales highlight strong loyalty with growth among renewing passholders across all geographies.

2024年9月21日至2024年12月3日期間，通行證產品銷售趨勢相對於截至2024年9月20日的通行證產品銷售有所改善，與2024年9月20日相比，單位數量增長約1%，銷售額增長約7%由於預期的更新強度，我們認為這反映了決策的延遲，上一年期間從 2023 年 9 月 23 日到 2023 年 12 月 4 日。我們的北美通行證銷售突顯了所有地區續訂通行證持有者的強烈忠誠度和成長。

For the full selling season, the company acquired a substantial number of new passholders. However, the absolute number of new guests was smaller compared to the prior year driven by the overall unit -- driving the overall unit decline for the full season.

在整個銷售季節，該公司獲得了大量新通行證持有者。然而，與前一年相比，新客人的絕對數量在整體單位的推動下有所減少，從而導致整個季節的整體單位下降。

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

新的通行證持有者來自已流失的客人、去年持有纜車票的客人以及我們資料庫中的新客人。該公司透過先前購買過通票或纜車票但在上一季沒有購買通票或纜車票的流失客人實現了成長。與前一年相比，新通行證持有者數量下降的原因是上一季購買纜車票的客人減少，以及對我們的數據庫完全陌生的客人，我們認為這是受到上一季充滿挑戰的天氣和行業正常化的影響。

Epic Day Pass products achieved unit growth driven by the strength in renewing passholders. We expect to have approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season in non-refundable advanced commitment products this year, which are expected to generate over $975 million of revenue and account for approximately 75% of all skier visit excluding complimentary visits.

Epic Day Pass 產品在續訂通行證的實力的推動下實現了單位成長。我們預計今年將有大約 230 萬名客人在季節到來之前預訂我們的 42 個北美、澳大利亞和歐洲度假村的不可退款高級承諾產品，預計將產生超過 9.75 億美元的收入，佔約 75%佔所有滑雪者訪問量的百分比（不包括免費訪問）。

Now turning to our early season indicators. Heading into the 2024-2025 ski season, we are encouraged by our strong base of committed guests providing meaningful stability for our company. Additionally, early season conditions have allowed us to open some resorts earlier than anticipated including Whistler Blackcomb, Heavenly, North Star, Kirkwood, and Stevens Pass. Early season conditions have also enabled our Rockies resorts to open with significantly improved terrain relative to the prior year, including the opening of the legendary Back Bowls at Vail Mountain opening the earliest since 2018.

現在轉向我們的季初指標。進入 2024-2025 滑雪季，我們對我們忠誠的客人基礎的強大感到鼓舞，他們為我們公司提供了有意義的穩定性。此外，早季條件使我們能夠比預期提前開放一些度假村，包括惠斯勒黑梳山、天堂度假村、北極星度假村、柯克伍德度假村和史蒂文斯帕斯度假村。早季條件也使我們的落基山脈度假村能夠在地形較前一年顯著改善的情況下開業，包括自 2018 年以來最早在韋爾山開業的傳奇 Back Bowls。

Our resorts in the east are experiencing typical seasonal variability for this point in the year with all resorts planned to open ahead of the holidays. We are continuing to hire for the winter season and are on track with our staffing plans and have achieved a strong return rate of our front-line employees from the prior season. Lodging bookings at our US resorts for the upcoming season are consistent with last year. At Whistler Blackcomb lodging bookings for the full season are lagging prior-year levels, which may reflect delayed decision making following challenging conditions in the prior year.

我們東部的度假村在一年中的這個時候正在經歷典型的季節性變化，所有度假村都計劃在假期前開放。我們將繼續進行冬季招聘，並按照我們的人員配置計劃進行，並且與上一季相比，第一線員工的回歸率很高。我們美國度假村下一季的住宿預訂量與去年持平。在惠斯勒黑梳山，整個季節的住宿預訂量落後於去年的水平，這可能反映出在去年充滿挑戰的情況下做出的決策延遲。

Now I would like to turn the call over to Angela to further discuss our financial results and fiscal 2025 outlook.

現在我想將電話轉給 Angela，進一步討論我們的財務表現和 2025 財年展望。

Thanks, Kirsten, and good afternoon, everyone. As Kirsten mentioned, this quarter's results were driven by growth in our North American summer business, offset by lower results from our Australian resorts, cost inflation, the inclusion of Crans-Montana, the one-time costs related to the two-year resource transformation plan in acquisition and integration-related expenses.

謝謝克爾斯滕，大家下午好。正如克爾斯滕所提到的，本季的業績是由我們北美夏季業務的成長所推動的，但被澳洲度假村業績下降、成本通膨、克萊恩蒙塔納納入、與兩年資源轉型相關的一次性成本所抵銷計劃收購及整合相關費用。

Net loss attributable to Vail Resorts was $172.8 million for the first quarter of fiscal 2025 compared to a net loss attributable to Vail resorts 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 transformation plan and $0.9 million of acquisition related -- in integration-related expenses compared to a resort reported EBITDA loss at $139.8 million for the first quarter of fiscal 2024, which included $1.8 million of acquisition and integration-related expenses.

2025 財年第一季度，韋爾度假村應佔淨虧損為 1.728 億美元，而上年同期韋爾度假村應佔淨虧損為 1.755 億美元。Resort 報告稱，2025 財年第一季EBITDA 損失為1.397 億美元，其中包括與先前宣布的兩年資源轉型計畫相關的270 萬美元一次性成本以及90 萬美元的收購相關費用（與去年同期相比）。

As of October 31, 2024, the company's total liquidity as measured by total cash plus revolver availability was approximately $1 billion. This includes $404 million of cash on hand, $620 million of total combined revolver availability, and as of October 31, 2024, the company's net debt was 2.8 times its trailing 12 months total reported EBITDA.

截至 2024 年 10 月 31 日，該公司的總流動性（以現金總額加上左輪可用資金衡量）約為 10 億美元。其中包括 4.04 億美元的手頭現金、6.2 億美元的左輪手槍可用總量，截至 2024 年 10 月 31 日，該公司的淨債務是過去 12 個月報告的 EBITDA 總額的 2.8 倍。

Regarding the return of capital to shareholders, the company declared a quarterly cash dividend of $2.22 per share of Vail Resorts common stock, payable on January 9, 2025, to shareholders of record as of December 26, 2024. In addition, the company repurchased approximately 115,000 shares during the quarter at an average price of approximately $174 for a total of $20 million. The company has 1.6 million shares remaining under its authorization for share repurchases.

關於向股東返還資本，該公司宣布向截至 2024 年 12 月 26 日登記在冊的股東派發 Vail Resorts 普通股每股 2.22 美元的季度現金股息，該股息將於 2025 年 1 月 9 日支付。此外，該公司在本季以約 174 美元的平均價格回購了約 115,000 股股票，總金額為 2,000 萬美元。該公司尚有 160 萬股股份獲授權回購。

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

我們將繼續嚴格管理股東資本，優先投資於賓客和員工體驗、高回報資本項目、策略收購機會以及向股東返還資本。該公司擁有強大的資產負債表，並始終專注於向股東返還資本，同時始終優先考慮我們股票的長期價值。

Now turning to our outlook for 2025. The company's resort reported EBITDA guidance for the year ending July 31, 2025, is unchanged from the prior guidance provided on September 26, 2024. The company is updating its guidance for net income attributable to Vail Resorts, which it now expects to be between $240 million and $316 million, up from the prior guidance range of $224 million to $300 million.

現在轉向我們對 2025 年的展望。該公司度假村報告的截至2025年7月31日的年度 EBITDA 指引與 2024 年 9 月 26 日提供的先前指引保持不變。該公司正在更新其對韋爾度假村淨利潤的指導，目前預計該淨利潤將在 2.4 億美元至 3.16 億美元之間，高於先前 2.24 億美元至 3 億美元的指導範圍。

The primary difference is due to a $17 million increase from the gain on sale of real property related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the company's East Vail property that was planned for Vail Resorts incremental affordable workforce housing project, a transaction that has been recorded as real estate reported EBITDA.

主要差異是由於與2023 年10 月伊格爾縣地方法院的最終裁決決議相關的不動產銷售收益增加了1,700 萬美元，以及韋爾鎮譴責該公司計劃在東韋爾建造的東韋爾地產的估值韋爾度假村增量經濟適用勞動力住房項目，該交易已記錄為房地產報告的 EBITDA。

Additionally, the guidance is updated to include a decrease in expected interest expense of approximately $2 million, which assumes that interest rates remain at current levels for the remainder of fiscal 2025. These changes have no impact on expected resort reported EBITDA.

此外，該指引還進行了更新，預計利息支出將減少約 200 萬美元，前提是利率在 2025 財年剩餘時間內保持在當前水準。這些變更對度假村報告的預期 EBITDA 沒有影響。

The company continues to expect resort reported EBITDA for fiscal 2025 to be between $838 million and $894 million, including approximately $27 million of cost efficiencies and an estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan, and an estimated $1 million of acquisition and integration-related expenses specific to Crans-Montana.

該公司仍預計2025 財年度假村報告的EBITDA 將在8.38 億美元至8.94 億美元之間，其中包括約2700 萬美元的成本效率以及與多年資源效率轉型計劃相關的估計1500 萬美元的一次性成本，以及估計克萊恩蒙塔納的收購和整合相關費用為 100 萬美元。

As compared to fiscal 2024, the fiscal 2025 guidance includes the assumed benefit from a return-to-normal weather conditions after the challenging conditions in fiscal 2024 more than offset by a return-to-normal operating costs and the impact of continued industry normalization impacting demand. Additionally, the guidance reflects the negative impact from the record low snowfall and related shortened season in Australia in the first fiscal quarter of 2025, which negatively impacted demand and resulted in a $9 million decline of resort reported EBITDA compared to the prior-year period.

與2024 財年相比，2025 財年的指導包括在2024 財年的挑戰性條件之後，恢復正常天氣條件所帶來的收益，該收益被恢復正常的營運成本和持續的行業正常化影響所抵消。此外，該指引也反映了澳洲2025 年第一財季創紀錄的低降雪量和相關季節縮短的負面影響，這對需求產生了負面影響，並導致度假村報告的EBITDA 與上年同期相比減少了900 萬美元。

After considering these items, we expect resort reported EBITDA to grow from price increases in ancillary spending, the resource efficiency transformation plan, and the addition of Crans-Montana for the full year. The guidance also assumes the continuation of the current economic environment, normal weather conditions for the 2024-2025 North American and European ski season and the 2025 Australian ski season, and the foreign currency exchange rates as of our original fiscal 2025 guidance issued September 26, 2024.

考慮到這些項目後，我們預計度假村報告的 EBITDA 將因全年輔助支出價格上漲、資源效率轉型計劃以及克萊恩·蒙塔納的增加而增長。該指南還假設當前的經濟環境、2024-2025 年北美和歐洲滑雪季以及 2025 年澳大利亞滑雪季的正常天氣條件以及截至 9 月 26 日發布的原始 2025 財年指南的外幣匯率持續存在， 2024 年。

Foreign currency exchange rates have experienced recent volatility. Relative to the current guidance, if the currency exchange rates as of yesterday, December 8, 2024, of $0.71 between the Canadian dollar and US dollar, $0.64 between the Australian dollar and US dollar, and $1.14 between the Swiss franc and the US dollar were to remain at those levels, for the remainder of the fiscal year, the company expects this would have an impact on fiscal 2025 guidance of approximately negative $5 million for resort reported EBITDA.

外幣匯率近期經歷了波動。相對於目前指引，如果截至昨天（2024 年12 月8 日）的貨幣匯率為加幣與美元之間的匯率為0.71 美元、澳元與美元之間的匯率為0.64 美元、瑞士法郎與美元之間的匯率為1.14 美元。

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

現在我將把電話轉回克爾斯滕。

Thank you, Angela. Vail Resorts is committed to enhancing the guest experience and supporting the company's growth strategies through significant capital investments. For calendar year 2025, the company plans to invest approximately $198 million to $203 million in core capital before $45 million of gross capital investments at its European resorts including $41 million at Andermatt-Sedrun and $4 million at Crans-Montana, and $6 million of real estate-related capital projects to complete multi-year transformational investments at key base areas at Breckenridge Peak 8 and Keystone River Run, and planning investments to support the development of the West Lionshead area into a fourth base village at Vail Mountain.

謝謝你，安吉拉。韋爾度假村致力於透過大量資本投資來提升賓客體驗並支持公司的成長策略。到2025 年，該公司計劃投資約1.98 億至2.03 億美元的核心資本，然後在其歐洲度假村進行4500 萬美元的總資本投資，包括安德馬特-塞德龍的4100 萬美元和克萊恩·蒙塔納的400 萬美元，以及600 萬美元的實際資本投資。 Mountain 的第四個基地村。

Including European growth capital investments and real estate-related capital, the company plans to invest approximately $249 million to $254 million in calendar year 2025. Projects in the calendar year 2025 capital plan described remain subject to approvals.

包括歐洲成長資本投資和房地產相關資本，該公司計劃在 2025 年投資約 2.49 億至 2.54 億美元。所述 2025 日曆年資本計畫中的項目仍有待批准。

In calendar year 2025, the company will embark on two multi-year transformational investment plans at Park City Mountain and Vail Mountain. At Park City Mountain, the transformation of Park City Mountain Canyons Village is underway to support a world-class luxury base village experience. These investments will support Park City Mountain in welcoming athletes and fans from across the world who visit the resort as it serves as a venue for the 2034 Olympic Winter Games.

2025 年，該公司將在帕克城山和韋爾山啟動兩項多年轉型投資計畫。在帕克城山，帕克城山峽谷村的改造正在進行中，以支持世界一流的豪華基地村體驗。這些投資將支持帕克城山歡迎來自世界各地的運動員和球迷來到度假村，因為該度假村是 2034 年冬季奧運會的舉辦地。

As announced in September, we are replacing the Sunrise lift with a new 10-person gondola in partnership with the Canyons Village Management Association in calendar year 2025, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village. The company also plans to enhance the beginner and children's experience by expanding the existing Red Pine Lodge restaurant to upgrade the dining experience for ski and ride school guests and by improving the teaching terrain surrounding the Red Pine Lodge.

正如9 月宣布的那樣，我們將與峽谷村管理協會合作，於2025 年用新的10 人纜車取代Sunrise 纜車，這將為峽谷村現有和未來的開發項目提供更好的通道並增強賓客體驗。該公司還計劃透過擴建現有的 Red Pine Lodge 餐廳來提升滑雪和騎術學校客人的用餐體驗，並改善 Red Pine Lodge 周圍的教學地形，從而增強初學者和兒童的體驗。

These investments are further supported by the construction of the Canyons Village parking garage, a new covered parking structure with over 1,800 stalls being developed by TCFC, the master developer of Canyons Village, which is expected to break ground in spring 2025. Planning of additional investment at Park City Mountain across the mountain experience is underway and additional projects will be announced in the future.

這些投資得到了 Canyons Village 停車場建設的進一步支持，這是一個由 Canyons Village 的主要開發商 TCFC 開發的新的有頂棚停車結構，擁有 1,800 多個停車位，預計將於 2025 年春季破土動工。帕克城山跨山體驗的額外投資規劃正在進行中，更多項目將在未來宣布。

At Vail Mountain, the company previously announced the development of the West Lionshead area into a fourth base village at Vail Mountain in partnership with the Town of Vail and East West Partners. The new base village will reinforce Vail Mountain's status as a world-class destination and is anticipated to feature access to the resort's 5,317 acres of legendary terrain plus new lodging, restaurants, boutiques, and skier services, as well as community benefits such as workforce housing, public spaces, transit, and parking.

在韋爾山，該公司先前宣布與韋爾鎮和 East West Partners 合作，將 West Lionshead 地區開發為韋爾山的第四個基地村。新的基地村將鞏固韋爾山作為世界級旅遊勝地的地位，預計將提供通往度假村佔地5,317 英畝的傳奇地形的通道，以及新的住宿、餐廳、精品店和滑雪服務，以及勞動力住房等社區福利、公共空間、交通和停車場。

In addition, the company is developing a multi-year plan to invest in base area improvements, lift upgrades, and across the beginner ski and ride school and dining experiences. In calendar year 2025, the company is planning to renovate guest rooms and common spaces at its luxury Vail hotel, the Arrabelle, at Vail Square. Additionally, in calendar year 2025, the company plans to invest in real estate planning to develop the West Lionshead area.

此外，該公司正在製定一項多年計劃，投資於基地區域改善、電梯升級以及初學者滑雪和騎術學校以及餐飲體驗。該公司計劃在 2025 年翻新其位於韋爾廣場的豪華韋爾酒店 Arrabelle 的客房和公共空間。此外，該公司計劃在 2025 年投資房地產規劃以開發 West Lionshead 地區。

In addition to embarking on two multi-year transformational investment plans, the company is planning significant investments across the guest experience in calendar year 2025. At Andermatt-Sedrun, the company plans to replace the four-person, fixed grip Calmut lift and the four-person, fixed grip Cuolm lift with two new six-person, high-speed lifts that will increase capacity and significantly improve the guest experience at the Val Val area.

除了啟動兩項多年轉型投資計畫外，該公司還計劃在 2025 年對賓客體驗進行重大投資。在 Andermatt-Sedrun，該公司計劃用兩台新的六人高速電梯取代四人固定抓地力 Calmut 電梯和四人固定抓地器 Cuolm 電梯，這將增加容量並顯著改善賓客體驗在瓦爾瓦爾地區。

The company also plans to upgrade and expand snowmaking infrastructure at the Gemsstock area on the western side of the resort to enhance the consistency of the guest experience, particularly in the early season and significantly improve energy efficiency. In addition, the company plans to complete the previously announced upgrade of the Sedrun-Milez snowmaking infrastructure and improvements to the Milez and Natschen restaurants. Through calendar year 2025, Vail Resorts will have invested approximately CHF50 million of the total CHF110 million capital that was invested as part of the purchase of the company's majority ownership stake in Andermatt-Sedrun.

該公司還計劃升級和擴大度假村西側 Gemsstock 地區的造雪基礎設施，以增強賓客體驗的一致性，特別是在季初，並顯著提高能源效率。此外，該公司還計劃完成先前宣布的 Sedrun-Milez 造雪基礎設施升級以及 Milez 和 Natschen 餐廳的改進。到 2025 日曆年，韋爾度假村將投資約 5,000 萬瑞士法郎，其中總資本為 1.1 億瑞士法郎，該資本是作為購買該公司在 Andermatt-Sedrun 多數股權的一部分而投資的。

At Perisher in Australia, the company plans to replace the Mount Perisher double and triple chairs with a new six-person, high-speed lift following the capital spending in calendar year 2024 that is continuing into calendar year 2025 to be completed in time for the 2025 winter season in Australia. In addition, the company is continuing to invest in innovative technology to enhance the guest experience. In the coming year, the company will be investing in additional new functionality for the My Epic App, including new tools to better communicate with and personalize the experience for our guests.

在澳洲佩里舍 (Perisher)，該公司計劃在 2024 年資本支出後，用新的六人高速電梯取代 Mount Perisher 的雙人椅和三人椅，該支出將持續到 2025 年，以便及時完成2025 年澳洲冬季。此外，該公司也將持續投資創新技術，以提升賓客體驗。在未來一年，該公司將為 My Epic 應用程式投資更多新功能，包括更好地與客人溝通和為客人提供個人化體驗的新工具。

The company will also be building on the pilot of My Epic Assistant, a new guest service technology within the My Epic App, powered by advanced AI and resort experts at four resorts for the upcoming 2024-2025 ski season. The company is planning to invest in more advanced AI capabilities in calendar year 2025.

該公司還將在My Epic Assistant 試點的基礎上進行開發，這是My Epic 應用程式中的一項新客戶服務技術，由先進的人工智慧和四個度假村的度假村專家為即將到來的2024-2025 年滑雪季節提供支援。該公司計劃在 2025 年投資更先進的人工智慧功能。

To support the dining experience, the company plans to invest in physical improvements to dining outlets at its largest destination resorts to improve throughput. The company is also continuing to invest in waste reduction and emissions reduction projects across its resorts to achieve its goal of zero net operating footprint by 2030.

為了支持用餐體驗，該公司計劃投資對其最大的目的地度假村的餐廳進行實體改造，以提高吞吐量。該公司也持續投資於旗下度假村的廢棄物減少和減排項目，以實現 2030 年淨營運足跡為零的目標。

At Breckenridge, the company is making real estate-related investments to complete the multi-year transformation of the Breckenridge Peak 8 base area, where the company has enhanced the beginner and children's experience and increased uphill capacity with the introduction of a new four-person, high-speed, five-chair new teaching terrain, and a transport carpet from the base, making the beginner experience more accessible.

在布雷肯里奇，該公司正在進行房地產相關投資，以完成布雷肯里奇Peak 8 基地區域的多年改造，該公司透過引入新的四人滑雪場，增強了初學者和兒童的體驗，並增加了上坡能力、高速、五椅新教學地形，以及從底座開始的運輸地毯，讓初學者體驗更容易。

At Keystone, the company is investing in acquisition and build-out costs for skier services that will reside in the newly developed Kindred Resort at Keystone, a family friendly, luxury, ski-in, ski-out lodging residence, and Rock Resorts-branded hotel at the base of the River Run Gondola, including new restaurants, a full service spa, pool, and hot tub facilities, and the new home for the Keystone Ski & Ride School, and a retail and rental shop. The Kindred development follows the transformational lift-served terrain expansion project in Bergman Bowl, increasing lift-served terrain by 555 acres with the addition of a new six-person, high-speed lift, which was completed for the 2023-2024 North American ski season.

在Keystone，該公司正在投資滑雪服務的收購和擴大成本，這些服務將駐留在Keystone 新開發的Kindred Resort 度假村，這是一個適合家庭入住、豪華、滑雪進出的住宿住宅，並以Rock Resorts 為品牌。Kindred 開發案是繼Bergman Bowl 的轉型電梯服務地形擴建計畫之後進行的，該計畫將電梯服務地形擴大了555 英畝，並增加了一個新的六人高速電梯，該計畫是為2023-2024 年北美滑雪比賽而完成的季節。

In addition to the investment plan for calendar year 2025, the company is completing significant investment investments that will enhance the guest experience for the upcoming 2024-2025 North American and European ski season.

除了 2025 年的投資計畫外，該公司還正在完成重大投資，這些投資將增強即將到來的 2024-2025 年北美和歐洲滑雪季的賓客體驗。

As previously announced, the company expects its capital plan for calendar year 2024 to be approximately $189 million to $194 million, excluding $13 million of incremental capital investment in premium fleet and fulfillment infrastructure to support the official launch of My Epic Gear for the 2024-2025 winter season at 12 destination and regional resorts across North America, $7 million of growth capital investments at and Andermatt-Sedrun, $2 million of maintenance, and $2 million of integration investments at Crans-Montana, and $3 million of reimbursable capital. Including these one-time investments, the company's total capital plan for calendar year 2024 is now expected to be approximately $216 million to $221 million.

正如先前宣布的那樣，該公司預計2024 日曆年的資本計劃約為1.89 億至1.94 億美元，不包括用於支持2024-2025 年正式推出My Epic Gear 的高端機隊和履行基礎設施的1300 萬美元增量資本投資北美12 個目的地和地區度假村的冬季旅遊、安德馬特-塞德龍700 萬美元的成長資本投資、200 萬美元的維護費用、克萊恩-蒙塔納200 萬美元的整合投資以及300 萬美元的可償還資本。包括這些一次性投資在內，該公司 2024 日曆年的總資本計畫目前預計約為 2.16 億至 2.21 億美元。

In closing, I would like to thank all of our team members, especially our front-line teams across all of our mountain resorts, for their passion, hard work, and commitment to creating an experience of a lifetime for our guests. The guest experience that our employees create is our mission as a company and is core to our success. We all look forward to welcoming guests to our mountain resorts this winter season.

最後，我要感謝我們所有的團隊成員，特別是我們所有山區度假村的一線團隊，感謝他們的熱情、辛勤工作和致力於為我們的客人創造一生難忘的體驗。我們的員工創造的賓客體驗是我們作為公司的使命，也是我們成功的核心。我們都期待今年冬季歡迎客人來到我們的山區度假勝地。

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

此時，我和安琪拉將很樂意回答您的問題。接線員，我們準備好回答問題了。

Certainly, Ms. Lynch. (Operator Instructions)

當然，林奇女士。（操作員說明）

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good afternoon, everyone. Hi, Kirsten and Angela. Maybe if we could just start -- I'm kind of curious, obviously, the season is off to a very good start on the weather front, it sounds like, and built into the guidance of some behavioral normalization that you've called out a number of times.

嗨，大家下午好。嗨，克爾斯滕和安吉拉。也許我們可以開始——我有點好奇，顯然，這個賽季在天氣方面有一個非常好的開始，聽起來像是，並且融入了你所呼籲的一些行為正常化的指導中多次。

Can you just give us your sense on what you're seeing so far? I know it's extremely early, and early season visit patterns don't always reflect the destination guest, but just what are you seeing so far in terms of behavior for the resorts that are open? How are you feeling about just that activity level thus far given what you can see through Thanksgiving? Thanks.

您能告訴我們您目前所看到的情況嗎？我知道現在還很早，而且早季的訪問模式並不總是反映目的地客人的情況，但到目前為止，您對開放的度假村的行為有何看法？考慮到感恩節期間您所看到的情況，您對迄今為止的活動水平有何感受？謝謝。

Thanks for the question, Shaun. I think a couple of indicators to look at, one is pass sales, obviously. We're very pleased with the outcome of our pass sales and the improvement in the growth rates in the final selling period to get to 2% decline in units and up 4% in sales dollars. So that's over 2.3 million guests that are committed coming to our resort. So that's a strong indicator for us.

謝謝你的提問，肖恩。我認為有幾個指標需要關注，其中一個顯然是透過率銷售。我們對通行證銷售的結果以及最終銷售期成長率的改善感到非常滿意，單位數量下降了 2%，銷售額增加了 4%。因此，有超過 230 萬名客人決心來到我們的度假村。所以這對我們來說是一個強而有力的指標。

The early season conditions are very encouraging and especially being able to open some of our resorts early. The other indicator is lodging that we're looking at, and US lodging in the market data -- in the market for our resorts, we see, are consistent. The lodging booking data is consistent with prior-year levels for the full season -- better than pre-COVID levels. And then Whistler Blackcomb, as I mentioned in the opening remarks, those bookings are lagging prior-year and pre-COVID levels.

早季的情況非常令人鼓舞，尤其是能夠提前開放我們的一些度假村。另一個指標是我們正在關注的住宿，我們發現，美國度假村市場的住宿數據是一致的。整個季節的住宿預訂數據與去年同期水準一致，優於新冠疫情爆發前的水平。然後是惠斯勒黑梳山，正如我在開場白中提到的，這些預訂量落後於去年和新冠疫情之前的水平。

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

我們擁有和經營的住宿，我們有最新的數據，我們看到這項數據略高於去年。隨著季節的臨近，所有這些指標似乎都在改善。但我們確實從整體上考慮了所有這些——強勁的條件，我們的通行證銷售情況，然後是住宿指標。因此，我們目前持有指導意見。

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

極好的。然後，也許就像我的後續行動一樣，自從發布以來，惠斯勒出現在一些對話和問題中。您能談談那裡的整體曝光度嗎？如果這種情況保持在原來的位置，是否足以對指導構成風險，或者當您將所有其他部分放入其中時，尤其是，如果雪況保持在原來的位置，是否有足夠的當地訪問和其他事情可以抵消這一點，這不是我們在賽季的這個時候需要過度擔心的事情嗎？

When I look at the Whistler Blackcomb lodging data, I think what we see is that it continues to be improving. So I think given the strong conditions, I think it's possible what we're seeing in the bookings is some delayed decision-making, which you obviously saw in total for our pass sales is our trends improved as we went through the selling cycle.

當我查看惠斯勒黑梳山的住宿數據時，我認為我們看到的是它正在持續改善。因此，我認為考慮到強勁的條件，我認為我們在預訂中看到的可能是一些延遲的決策，您顯然在我們的通行證銷售中看到，隨著我們經歷銷售週期，我們的趨勢有所改善。

The conditions are off to a really great start. The terrain that we have is off to a great start. Destination guests are very important to that resort and the outcomes associated with that resort. So we'll continue to monitor and do everything we can to encourage visitation to the resort.

條件已經有了一個非常好的開始。我們擁有的地形已經有了一個好的開始。目的地客人對於該度假村以及與該度假村相關的成果非常重要。因此，我們將繼續監控並盡一切努力鼓勵遊客前往度假村。

So nothing to be, I would say, concerned about right in this moment. Just a mix of indicators with coming off of, I think, a really tough year it was for Blackcomb last year. So the fact that there could be some delayed decision-making going on where people want to wait and see how the season starts there, I think, makes sense, and we'll hope to see that play out as the season moves along here.

所以我想說，此時此刻無需擔心。我認為，去年對布萊克科姆來說是非常艱難的一年，這只是一系列指標的組合。因此，我認為，人們想要等待並觀察賽季如何開始的情況下，可能會做出一些延遲的決策，這是有道理的，我們希望隨著賽季的進展，看到這種情況的發生。

Jeff Stantial, Stifel.

傑夫·斯坦蒂爾，斯蒂菲爾。

Hey, great. Good afternoon, Kirsten and Angela. Thanks for taking our questions. Starting off, I was hoping maybe just to expand upon, Kirsten, your answer to Shaun's first question and more specifically, narrow in a little bit on what you're seeing in terms of lodging bookings indicator specifically for the Christmas and the New Year's holiday period.

嘿，太棒了。下午好，克斯汀和安琪拉。感謝您回答我們的問題。首先，克爾斯滕，我希望能擴展一下您對肖恩第一個問題的回答，更具體地說，縮小您在聖誕節和新年假期的住宿預訂指標方面所看到的內容時期。

And as a as a correlator to that, have you see the booking trends or the bookings pace accelerate in those markets that have experienced, we'll say, some favorable early season snowfall? Have you seen the bookings pace accelerate in those markets for that holiday period?

作為一個相關因素，您是否看到那些經歷過（我們會說）有利的早季降雪的市場的預訂趨勢或預訂速度加快了？您是否發現這些市場在假期期間的預訂速度加快了？

Hi, Jeff. Thanks for the question. As we track the market data for our resorts in the US as well as the market data for Whistler and then we look at our owned and operated, we are consistently seeing, as time moves closer here to the season, that there are improvements in the bookings.

嗨，傑夫。謝謝你的提問。當我們追蹤美國度假村的市場數據以及惠斯勒的市場數據，然後查看我們擁有和經營的度假村時，我們一直看到，隨著時間越來越接近季節，我們的度假村有所改善。

In total for the market data for our US resorts, we are seeing above pre-COVID in occupancy or bookings and pretty consistent with prior year. I think we've seen those improvements also happening during the key holiday periods. And then our owned and operated, I would say, because we have more visibility to that data more recent versus the market data that gets published to us, when we look at owned and operated -- and I just want to remind you our owned and operated is a pretty small percentage of the lodging. So it's a directional indicator. It continues to reinforce just what we see, which is those booking patterns seem to be strengthening as we get closer and as people are seeing the snow conditions are strong. So yes, we are definitely seeing it moving in that direction and hope to see that momentum continue.

總的來說，就我們美國度假村的市場數據而言，我們看到入住率或預訂量高於新冠疫情前的水平，並且與去年相當一致。我認為我們在關鍵假期期間也看到了這些改進。然後我們擁有和經營，我想說，因為當我們查看擁有和經營時，我們對最近的數據比發布給我們的市場數據有更多的可見性 - 我只是想提醒您我們擁有和經營經營的住宿只佔很小的比例。所以它是一個方向指標。它繼續強化了我們所看到的情況，即隨著我們越來越接近，並且人們看到雪況很強，預訂模式似乎正在加強。所以，是的，我們肯定會看到它朝著這個方向發展，並希望看到這種勢頭繼續下去。

Okay, great. That's helpful. Thank you for that, Kirsten. And then for my follow-up, turning over to capital allocation, if I bridge down from your net income guidance to what we think you should do in free cash flow this year, by my math, your current dividend policy, assuming unchanged implies about 80% to 90% payout from discretionary free cash flow. Assuming that that is accurate, can you just expand a little bit on your philosophy or your willingness to, to tap into your balance sheet should you see another year of challenging weather conditions and drive the payout level potentially north of 100%?

好的，太好了。這很有幫助。謝謝你，克爾斯滕。然後，對於我的後續行動，轉向資本配置，如果我從您的淨利潤指導到我們認為您今年應該在自由現金流方面做的事情，根據我的數學計算，您當前的股息政策，假設不變意味著大約80% 到 90% 的支出來自可自由支配的自由現金流。假設這是準確的，如果您看到另一年充滿挑戰的天氣條件並推動支付水平可能超過 100%，您是否可以稍微擴展一下您的理念或您的資產負債表意願？

And in a similar vein, how should we think about your dividend growth strategy just in light of the post-COVID normalization trend that you've been talking about that maybe wasn't fully understood or appreciated looking back one or two years ago? And that's all for me. Thanks.

同樣，鑑於您一直在談論的後疫情正常化趨勢，我們應該如何考慮您的股息成長策略，而這一趨勢在一兩年前可能還沒有被完全理解或讚賞？這就是我的全部。謝謝。

Thanks, Jeff. It's Angela. I'll take this one. And yeah, we always look at our dividend and really all of our capital allocation alternatives. We're constantly looking and re-evaluating that.

謝謝，傑夫。是安琪拉。我要這個。是的，我們總是關注我們的股息以及我們所有的資本配置選擇。我們不斷地尋找並重新評估這一點。

What you saw us do, right, for this quarter is announce our investment in the guest experience and investment in our resorts, which we've consistently done. And for return of capital, we have been prioritizing the dividend and even in a year like last year where we did miss our original guidance, we still were able to cover our dividend payout and pursue all of our capital allocation priorities.

您看到我們在本季度所做的就是宣布我們對賓客體驗和度假村的投資，這是我們一貫所做的。對於資本回報，我們一直優先考慮股息，即使在像去年這樣的一年中，我們確實沒有達到最初的指導，我們仍然能夠支付股息並追求所有資本分配優先事項。

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

所以我們覺得很舒服。我們重申並宣布了我們的股息——保持在同一水平。我們通常會在三月季度查看股息，並且每個季度我們都會繼續重新評估它。

Thank you. Megan Clapp, Morgan Stanley.

謝謝。梅根克拉普，摩根士丹利。

Hey, good afternoon. Thanks so much. Wanted to shift a little bit to pass sales. Obviously, encouraging to see things improve a bit, especially, that positive unit growth here in the most recent period. And you did give a lot of color in the prepared remarks that sales trends improved due to the expected renewal strength. So maybe if you could just give a little bit more around that. Was it that renewals were just a little bit better than you were expecting?

嘿，下午好。非常感謝。想稍微改變一下以傳遞銷售。顯然，看到事情有所改善，特別是最近一段時間的積極單位增長，令人鼓舞。您在準備好的評論中確實給出了很多色彩，即由於預期的更新強度，銷售趨勢有所改善。因此，也許您可以就此提供更多資訊。續訂是否比您預期的要好一點？

And you spoke to some positive cadence, I think, when you were answering a question earlier. So how much do you think was driven by the early openings at some of your resorts? And any commentary around -- just more around the composition of the better-than-expected pass sales in the last period would be great.

我認為，當您早些時候回答問題時，您談到了一些積極的節奏。那麼，您認為您的一些度假村提前開業有多少推動力？任何圍繞上一時期好於預期的通票銷售構成的評論都會很棒。

Thanks, Megan. Sure. I'm happy to give a little more context on pass sales. We're very pleased with the outcome of the results on pass sales. The results that what -- we saw a couple of dynamics. One is very strong loyalty. So our renewing passholders -- we saw growth among our renewing passholders, and that growth was across all of our geographies. We also saw the majority of those renewers actually renewing into the exact same pass as we had expected, which we think is a very positive dynamic as well.

謝謝，梅根。當然。我很高興為大家提供更多有關通行證銷售的背景資訊。我們對通票銷售的結果非常滿意。結果是──我們看到了一些動態。一是忠誠度非常強。因此，我們的續訂通行證持有者——我們看到了續訂通行證持有者的成長，而且這種成長遍及我們所有的地區。我們也看到大多數續訂者實際上續訂了與我們預期完全相同的通行證，我們認為這也是一個非常積極的動態。

On the new side, I talked about this a little bit in the prepared remarks, new passholders -- we acquired a substantial number of new pass holders. They come from three different -- primarily three different sources. And there's different dynamics in each one of those. There's lapsed guests -- so people who have come to our resorts in the past, but not just this -- not this past year. And we saw growth, converting those guests into new passholders for this coming season.

在新方面，我在準備好的演講中談到了這一點，新通行證持有者——我們獲得了大量新通行證持有者。它們來自三個不同的——主要是三個不同的來源。其中每一項都有不同的動力。有流失的客人 - 過去曾來過我們度假村的人，但不只是今年 - 不是去年。我們看到了成長，將這些客人轉變為下一季的新通行證持有者。

Where we saw the decline year over year was on prior-year lift ticket guests, which I have talked about in prior earnings calls, which was really just driven by the size of that audience being smaller after very tough weather season and industry normalization. And then prospect guests, which is basically people who are new to our database, who we've not seen in our database before that the number of those passholders also was down versus prior year.

我們看到同比下降的是上一年的纜車票客人，我在之前的財報電話會議中談到過這一點，這實際上只是由於在非常惡劣的天氣季節和行業正常化之後觀眾規模減少所致。然後是潛在客人，基本上是我們資料庫的新人，我們之前在我們的資料庫中從未見過他們，這些通行證持有者的數量也比去年有所下降。

We did see strong price realization, which I'm really pleased to see. And then this last dynamic that I highlighted is delayed decision-making. I think if you look through the cadence of our selling cycle this year, we definitely saw renewers as well as new guest delaying decision-making later into the selling cycle, which impacted -- and we talked about on some of the prior earnings calls -- did impact cadence of when the results came in and why between September and December, we saw the improvement in the growth rates during that late part in the selling cycle.

我們確實看到了強勁的價格實現，我很高興看到這一點。我強調的最後一個動態是延遲決策。我認為，如果你仔細觀察我們今年銷售週期的節奏，我們肯定會看到續訂者和新客人推遲了銷售週期的決策，這影響了——我們在之前的一些財報電話會議上談到了—— - 確實影響了結果公佈的節奏，以及為什麼在9 月至12 月之間，我們看到銷售週期後期成長率的改善。

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

好的，太好了。謝謝，克爾斯滕。這很有幫助。但正如我的後續行動，您能否談談「我的史詩裝備」的推出以及它的採用情況與您的期望有何關係。我知道這還不是全面推出，但只是想聽聽有關吸收的任何早期評論，以及這如何讓您思考對即將到來的賽季輔助的期望？

Yes. Thanks for the question. We continue to be very excited about My Epic Gear. I would say it's very early. It's not a pass type of business where all of it is committed in advance. So it's very early in the selling cycle. We are launching year one at 12 different resorts with some limitations so that we can make sure we scale the business appropriately.

是的。謝謝你的提問。我們仍然對 My Epic Gear 感到非常興奮。我想說現在還很早。這不是一種通行證類型的業務，所有這些都需要提前承諾。所以現在還處於銷售週期的早期階段。第一年我們將在 12 個不同的度假村推出，但有一些限制，以便我們可以確保適當擴展業務。

So nothing really substantial to report in terms of results, because it's so early in the in the selling cycle for that experience. I think in March, we will have a more robust update to share. We'll have a much better idea of the experience our guests had, the number of members that subscribe to the service. But I think we'll have more details to share with you in March. It's just a little too early right now.

因此，就結果而言，沒有什麼真正值得報告的，因為這種體驗還處於銷售週期的早期階段。我認為在三月份，我們將分享更強大的更新。我們將更了解客人的體驗以及訂閱服務的會員數量。但我認為我們將在三月與您分享更多細節。只是現在有點太早了。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

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

大家好。感謝您回答我的問題。欣賞它。我們可以再次回到指導嗎？如果我們做得有點過分的話，我深感抱歉。但隨著今年開局強勁，或許還有澳洲賽季的一些表現，我們能否簡單介紹一下看跌期權以及您對今年剩餘時間的看法？您是否預計業績是否會正常化——在開局強勁的度假村中？你期待別人進步嗎？當我們解開指南時，有哪些優點和缺點？

Thanks, David. I think a couple of things that -- for us to think about, first is both our Q1 results and our pass sales results were generally in line with our expectations. Number one. Number two, we have strong early season conditions as we talked about in the Rockies, the West. So I think we're in a really good position heading into the season.

謝謝，大衛。我認為有幾件事需要我們考慮，首先是我們第一季的業績和通行證銷售業績總體上符合我們的預期。第一。第二，正如我們在西部落基山脈所談論的那樣，我們在賽季初的情況很強勁。所以我認為我們在進入本賽季時處於非常有利的位置。

And then third is we're looking at lodging bookings and the trend on lodging bookings and where we stand on lodging bookings in our US resort markets as well as Whistler Blackcomb, our largest resort, the lodging bookings there. So at this point, it's pretty early in the season. We're looking at all of those factors. The season's just begun.

第三，我們正在研究住宿預訂和住宿預訂趨勢，以及我們在美國度假村市場以及我們最大的度假村惠斯勒黑梳山的住宿預訂情況。所以現在還處於賽季初期。我們正在考慮所有這些因素。這個季節才剛開始。

And hoping for a strong season but not changing our guidance based on the mix of indicators that we have right at this point. We still have a significant part of our season ahead of us.

並希望有一個強勁的季節，但不會根據我們目前掌握的指標組合改變我們的指導。我們的賽季還有很重要的一段路要走。

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

明白了。由於您一直累積越來越大的通行證持有者基礎以及數據，因此您一直是一家非常強大的數據驅動型公司。隨著資料庫變得越來越大，資料庫中是否有任何有趣的發現或見解顯示出一些變化？也不一定；無論是正面的還是負面的，隨著客戶群變得越來越大、越來越大，都很有趣。

We have over 25 million marketable guests in our database, which is a pretty incredible asset and advantage for our company to have. I think the bigger the database gets, the more we understand the behavior and the dynamics and the experience of our guests, which over time as we have in the past and as we look forward, the goal is to unlock that potential in differential ways to drive growth.

我們的資料庫中有超過 2500 萬適銷對路的客人，這對我們公司來說是一項非常令人難以置信的資產和優勢。我認為資料庫越大，我們就越了解客人的行為、動態和體驗，隨著時間的推移，就像我們過去和未來一樣，我們的目標是以不同的方式釋放這種潛力，推動成長。

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

我們之前討論過的一個真正關鍵的關鍵焦點顯然是輔助性的，對吧？事實上，我們有這麼多忠誠的客人，我們的資料庫中有這麼多客人，我們了解他們的輔助行為，以及我們如何提高忠誠度以及捕獲支出。

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

就對客人及其行為的見解而言，我今天不會在這次電話會議上分享任何專有或重要的內容。但我們必須擁有如此多的數據，這是一個巨大的競爭優勢。您將聽到我們更多地談論我們未來將如何以不同的方式利用這一點。

I appreciate that. Congrats on the quarter.

我很欣賞這一點。恭喜本季。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good afternoon. Thanks very much for taking my question. Kirsten, I think it was mentioned in the prepared remarks that the Epic Day Pass units grew. Can you maybe unpack that a bit? How much did it grow? What drove the growth? And then was there any trade-down due to the macroenvironment?

午安.非常感謝您提出我的問題。克斯汀，我想在準備好的發言中提到了史詩日通票數量的增長。你能稍微解開一下嗎？增長了多少？是什麼推動了成長？那麼宏觀環境是否會導致交易下滑？

Thanks, Laurent. Epic Day Pass -- I'll talk about trade-down first. As I shared, within our renewing passholders, we saw the majority of those pass holders renew into the same pass as last year, which is what we expected. We always have trade-up, trade-down, but there was nothing that was unusual or different than what our expectations were, and the net migration between those two was relatively consistent with the last couple of years that we've seen on pass. So nothing unusual there, which I think is actually quite encouraging.

謝謝，洛朗。史詩般的一日通行證－我先談談折價。正如我所分享的，在我們更新的通行證持有者中，我們看到大多數通行證持有者更新了與去年相同的通行證，這正是我們所期望的。我們總是有向上、向下的交易，但沒有什麼不尋常或與我們的預期不同的地方，而且這兩者之間的淨遷移與我們過去幾年所看到的相對一致。所以沒有什麼不尋常的地方，我認為這實際上是相當令人鼓舞的。

Epic Day Pass is like our entry-level opportunity to bring in new passholders. So we see growth there, because we're attracting new guests into that pass. And then what we expect to do over time is encourage those guests to move up either in resort access or the number of days. So I'm always pleased to see that products growing. And what you see in our -- the differential in the units and our unit performance -- and our dollar sales performance reflects that we saw really strong price flow-through this year for the full selling cycle, which I'm also pleased to see.

Epic Day Pass 就像是我們引進新通行證持有者的入門機會。所以我們看到了那裡的增長，因為我們正在吸引新的客人進入該通道。隨著時間的推移，我們期望做的是鼓勵這些客人提高度假村的使用權限或天數。所以我總是很高興看到產品不斷成長。您在我們的單位和單位業績方面的差異以及我們的美元銷售業績反映出我們今年在整個銷售週期中看到了非常強勁的價格流動，我也很高興看到。

Okay. Very helpful. And then on the $100 million transformation plan and the $27 million of it for this year, curious to know two things. Where should we start seeing that through the OpEx lines as you achieve these milestones.

好的。非常有幫助。然後是 1 億美元的轉型計劃以及今年 2700 萬美元的轉型計劃，我很想知道兩件事。當您實現這些里程碑時，我們應該從哪裡開始透過營運支出線來看待這一點。

And in terms of upcoming milestones, any timeframe that we should consider -- I know this year is a smaller number versus next year. But should we assume that that next milestone is after the ski season? Is that a fair assumption into spring next year?

就即將到來的里程碑而言，我們應該考慮的任何時間框架 - 我知道今年的數字比明年要少。但我們是否應該假設下一個里程碑是在滑雪季節之後？這是明年春天的合理假設嗎？

Hi, Laurent. Yes. The transformation plan overall, the total $27 million for this year before the one-time expenses is expected to grow to $67 million for next year. The places that you'll see that show up in the P&L really come through on labor primarily both through the general and administrative expenses and then also at labor that you'll see on the mountain and lodging side.

嗨，洛朗。是的。總體而言，轉型計畫今年的一次性費用總額為 2,700 萬美元，預計明年將增至 6,700 萬美元。您將看到出現在損益表中的地方確實透過勞動力來實現，主要透過一般和行政費用，然後也透過您在山上和住宿方面看到的勞動力。

And in terms of milestones, we'll continue to provide updates as we get through the fiscal year and then into the coming year. We'll continue to keep you updated on the progress.

就里程碑而言，我們將在本財年和來年繼續提供最新資訊。我們將繼續向您通報最新進展。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hi, good afternoon, Kirsten and Angela. So I'm curious. Kirsten, you've mentioned a few times now that you're going to have a number of new skiers in the network this year as you always do. If you look back to prior years, is there any consistency in how they perform on ancillary, whether it's ski school dining or hotel? Is there any discernible patterns? Just trying to figure out if we can expect the same level of incremental contribution from the new passholders you get. Thanks.

嗨，下午好，克爾斯滕和安吉拉。所以我很好奇。克斯汀（Kirsten），您已經多次提到今年您將像往常一樣在網路中加入一些新的滑雪者。如果你回顧前幾年，他們在輔助方面的表現是否一致，無論是滑雪學校餐飲還是飯店？有什麼可辨別的模式嗎？只是想弄清楚我們是否可以期望您獲得的新通行證持有者提供相同程度的增量貢獻。謝謝。

Thanks, Chris. Well, what you saw last year at the end of -- even after a tough season, last season with challenging weather and the normalization, we had really strong spend-per-guest results, which is really encouraging because we're, yeah, attracting the guest that wants to spend and experience those ancillary businesses. As we look at there are some differences between how and when destination guests spend versus local guests spend.

謝謝，克里斯。嗯，你去年年底看到的——即使經歷了一個艱難的季節，上個季節充滿挑戰的天氣和正常化，我們的每位客人支出結果非常強勁，這確實令人鼓舞，因為我們，是的，吸引想要消費和體驗這些附屬業務的客人。如我們所見，目的地客人與本地客人的消費方式和時間之間存在一些差異。

But the real key for us is our capture and our ability to innovate. And what you see us doing with My Epic Gear is really trying to innovate a business that has not innovated in decades, which is how people get their gear. And it's early days for My Epic Gear, because it's year one for us in launching that. But that innovation is really critical.

但對我們來說真正的關鍵是我們的捕捉和創新能力。你看到我們在 My Epic Gear 上所做的事情實際上是在嘗試對幾十年來沒有創新的業務進行創新，這就是人們獲取裝備的方式。對於 My Epic Gear 來說，現在還處於早期階段，因為這是我們推出產品的第一年。但這種創新確實至關重要。

We believe that we can unlock differential growth in ancillary through innovation as well as the investments we're making. So that's what I would hope that you should be able to see.

我們相信，我們可以透過創新以及我們正在進行的投資來實現輔助產業的差異化成長。這就是我希望你能夠看到的。

When we attract new guests into Epic Day Pass, those tend to orient more toward destination guests, not locals. And so, that is a guest that has a strong spend in ancillary historically.

當我們吸引新客人使用 Epic Day Pass 時，他們往往更傾向於目的地客人，而不是當地人。因此，這是歷史上在輔助方面支出強勁的客人。

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

好的。謝謝，克爾斯滕。作為後續行動，如果可以的話，如果天氣好的話，您最終可能會度過一個比預期更好的季節，您對人員配置方面有多大信心 - 您可能有足夠了，而且成本不會大大超出您目前的預期嗎？

I am very confident in our staffing plan right now. We are on track to achieve that staffing plan. And we also have really been successful, Chris, in increasing our return rate among our front-line teams from season to season to season, achieving historic highs and return rate.

我對我們目前的人員配置計畫非常有信心。我們正在努力實現該人員配置計畫。克里斯，我們也確實取得了成功，在逐個賽季地提高一線團隊的回報率方面，實現了歷史最高水平和回報率。

And the reason why that's so important is because they are the ones that deliver the guest experience. And so it makes our execution of the guest experience so much stronger. And it also obviously drives efficiency in training and onboarding, because we have a return -- a high, high percentage of returning staff. So I'm feeling very confident and do not have concerns on the staffing side.

這之所以如此重要，是因為它們是提供賓客體驗的人。因此，這使得我們對客戶體驗的執行力變得更加強大。而且它顯然也提高了培訓和入職的效率，因為我們有回報——很高比例的回歸員工。所以我感到非常有信心，也不擔心人員配置的問題。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, two somewhat high-level questions. I guess, first, the essence of the Epic Pass historically, obviously, is an irrefutable price value. However, with lodging ADRs up 40% to 60% versus '19, in some cases, that changes the calculus for your destination visitor. How much time do you spend Kirsten thinking about the degree to which lodging is or isn't a limiting factor?

嘿，兩個有點高級的問題。我想，首先，從歷史上看，Epic Pass 的本質顯然是無可辯駁的價格價值。然而，與 19 年相比，住宿平均房價上漲了 40% 至 60%，在某些情況下，這會改變您目的地遊客的計算方式。你花了多少時間克爾斯滕思考住宿在多大程度上是或不是一個限制因素？

And then related, is there any part of you that wants more lodging exposure in order to control the entire experience and price value? I guess why or why not? Then I have one follow-up. Thanks.

與此相關的是，您是否想要更多的住宿體驗，以便控制整個體驗和價格價值？我想為什麼或為什麼不呢？然後我有一個後續行動。謝謝。

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

謝謝，本。我們真的很幸運，我們的度假勝地有一些令人難以置信的住宿合作夥伴。因此，雖然我對我們擁有和經營的住宿組合感到自豪，但我們也很高興在住宿中擁有一些知名品牌，將客人帶到我們的度假目的地，並為客人創造真正有吸引力的體驗，讓他們在不同級別的選擇的住宿。

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

因此，與我們其他住宿合作夥伴相比，我對我們擁有的資產組合的現狀感到非常滿意。然後你問題的第一部分，你能再重申嗎，班？

No, I think you captured it all. This works. I guess just moving on to the second one, skiing clearly was one of the leisure sectors that received a benefit from the pandemic for a variety of reasons. As you reflect on the pandemic, in retrospect, do you think this limited your ability for M&A over the last two or three years given what was likely -- what I would suspect was a disconnect in elevated earnings and multiples? And then do you feel any better about it today given what you've described as a COVID normalization? Thanks.

不，我想你已經捕捉到了這一切。這有效。我想繼續討論第二個問題，由於多種原因，滑雪顯然是從這場流行病中受益的休閒產業之一。當您回顧這場流行病時，您認為這是否限制了您在過去兩三年內進行併購的能力，因為我懷疑可能會出現收益與市盈率成長之間的脫節？那麼考慮到您所描述的新冠疫情正常化，您今天感覺好一點了嗎？謝謝。

So many of the assets in this industry are -- they don't trade very frequently. They're very unique and special. There's really not new supply that comes on, which is a really great benefit that we have in this industry. We have been successful during this post-pandemic period in advancing our strategy to grow in a huge market in Europe by acquiring a stake in the Andermatt-Sedrun as well as acquiring Crans-Montana. So I'm really pleased with the progress that we've made there.

這個行業的許多資產的交易並不頻繁。它們非常獨特和特別。確實沒有新的供應出現，這對我們這個行業來說是一個非常大的優勢。在疫情後時期，我們透過收購 Andermatt-Sedrun 的股份以及收購 Crans-Montana，成功推動了在歐洲龐大市場中發展的策略。因此，我對我們在這方面取得的進展感到非常滿意。

Hard to say if things are going to change or there is going to be more families or owners of assets that want to make transition. So it is a more challenging acquisition market to forecast in the ski industry. But we've been very transparent that we're focused on three things. One is we are still focused on North America that we do believe there are some very specific areas in our portfolio that would be accretive that we would like to acquire.

很難說事情是否會發生變化，或者是否會有更多的家庭或資產所有者想要轉型。因此，預測滑雪產業的收購市場更具挑戰性。但我們一直非常透明，我們專注於三件事。一是我們仍然專注於北美，我們確實相信我們的投資組合中有一些非常具體的領域，我們希望收購這些領域。

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

其次，歐洲幅員遼闊。市場規模、運動參與度都比北美大得多。我們相信我們的商業模式——這是一項長期策略，但我們的商業模式具有一些真正的優勢，隨著時間的推移，這些優勢可以取得成功。我們相信亞洲也是一個巨大的機會。我確實認為我們已經取得了良好的進展，但無法真正預測在這個正常化階段是否會解鎖更多。謝謝，本。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Hey. This is John on for Matt. Just going back to the start of the ski season, when you look at November and kind of early December trends, how is visitation versus ancillary spend and then multi-year -- how are you thinking about this normalization headwind on the participation rate relative to new pass growth?

嘿。這是約翰替馬特。回到滑雪季節的開始，當你觀察 11 月和 12 月初的趨勢時，訪問量與輔助支出以及多年的情況如何——你如何看待參與率相對於參與率的正常化逆風新通行證增長？

Yeah. The normalization we talked about -- John, thanks for the question. The normalization we talked about last year that we saw that there was a really some variability and some surges in demand post-pandemic that we saw starting to normalize last year. The whole industry in North America was down over 9% in skier visits. Our visits in North America were down about 8%.

是的。我們談到的正常化——約翰，謝謝你的提問。我們去年談到的正常化，我們看到大流行後需求確實存在一些變化和一些激增，我們看到去年開始正常化。北美整個產業的滑雪人次下降了 9% 以上。我們在北美的訪問量下降了約 8%。

What we're seeing is -- coming into that season where the normalization occurred, pass sales were up. What we're seeing is the lag effect of that normalization the pass sales results that we have coming into this season, which is only down 2% on units. So that's kind of the impact that we're seeing from normalization.

我們看到的是──進入正常化的那個賽季，通行證銷售量上升了。我們看到的是本季通行證銷售結果正常化的滯後效應，單位數量僅下降了 2%。這就是我們從正常化中看到的影響。

Arpine Kocharyan, UBS.

阿爾平‧科恰良 (Arpine Kocharyan)，瑞銀集團。

All right. Thank you so much for taking my question and good evening. Your pass penetration is already at that 75% of visitation. And I think you've previously talked about how you plan to take that higher to perhaps higher than 65% of revenue mix. Could you perhaps talk a little bit about the puts and takes of that in terms of in the year for the year impact? Because pass pricing is, of course, about 35%, 37% lower than lift. And historically, strong lift price increases have obviously helped you close that GAAP nicely and in terms of impact on overall P&L.

好的。非常感謝您提出我的問題，晚上好。您的通行證滲透率已達到訪問量的 75%。我想您之前已經討論過您計劃如何將這一比例提高到可能高於收入組合的 65%。您能否談談今年的影響？因為通行證的定價當然比電梯低約35%、37%。從歷史上看，強勁的價格上漲顯然幫助您很好地實現了 GAAP 以及對整體損益的影響。

I guess I'm indirectly asking about sort of whether there's more room to push lift pricing higher here from whatever trends you have in front of you, from whatever early read you might have into lift pricing. Thank you, and I have a quick follow-up.

我想我是在間接詢問是否有更大的空間來推高電梯定價，無論您面前的趨勢如何，無論您對電梯定價的早期了解如何。謝謝，我很快就會跟進。

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

好的。如果我正確地解釋了你的問題，那麼我們仍然看到一些成長的領域，我們仍然非常關注你剛才闡述的願景，即我們試圖實現的目標是我們的提升百分比提前承諾的收入。我們認為有幾個領域仍然存在機會。

Obviously, we still have lift ticket guests that our goal is to convert them into a pass. We also see in underpenetrated markets and destination markets that there's -- still we are not maxed out or at a maturity level of where we can be with pass for the number of skiers in those markets and the opportunity to convert those.

顯然，我們仍然有持有纜車票的客人，我們的目標是將他們轉換為通票。我們也看到，在滲透率較低的市場和目的地市場中，我們仍然沒有達到極限，也沒有達到我們可以達到的成熟水平，這些市場的滑雪者數量以及轉化這些市場的機會。

And then there's the database, which we have over -- we have over 2.3 million passholders, but we have over 25 million marketable guests in our database. And so the key for us is how do we connect with them in a relevant way and bring them in to our network of resorts. So those are all opportunities for growth.

然後是我們擁有的資料庫——我們有超過 230 萬通行證持有者，但我們的資料庫中有超過 2500 萬適銷對路的客人。因此，對我們來說，關鍵是如何以相關的方式與他們建立聯繫，並將他們帶入我們的度假村網絡。所以這些都是成長的機會。

When I think about lift tickets versus pass, we are not focused on lift ticket pricing being lower to drive volume, right? That is a short-term and refundable decision. So we do price our lift tickets to reflect the experience we're delivering but also to encourage people to make a commitment in advance and that there's a value to the exchange that people are making to buy a pass, which is we're asking you to make a non-refundable commitment to us enough for the whole season in our network of resorts and in exchange, we're giving you that incredible value.

當我考慮纜車票與通票時，我們並不關注降低纜車票價格以增加銷量，對嗎？這是一個短期且可退款的決定。因此，我們確實對纜車票進行定價，以反映我們提供的體驗，同時也鼓勵人們提前做出承諾，並且人們購買通票的交換是有價值的，這就是我們要求您的為了在我們的度假村網絡中向我們做出足夠整個季節的不可退款的承諾，作為交換，我們為您提供令人難以置信的價值。

Every year, we look at the price elasticity data and the behavioral data that we have to decide what are the resort lift ticket prices going to be and what are the pass prices going to be. Right now, where we landed coming into this season with our pass results and where we are on lift ticket pricing, I'm very pleased with the balance that we have between those two.

每年，我們都會查看價格彈性數據和行為數據，以決定度假村纜車票價和通票價格。現在，我們進入本賽季的通行證結果以及我們的纜車票定價，我對這兩者之間的平衡感到非常滿意。

And I think one last thing I'll just mention to remind people, because people often think about lift ticket prices and they think about Vail Mountain is we have a really large portfolio of 42 owned and operated resorts that cover a very wide spectrum of different types of skiers and different price points as well. But we look at it constantly and adjust when we see data or behavior that we think we need to make adjustments to our approach.

我想我要提的最後一件事是為了提醒人們，因為人們經常考慮纜車票價，他們想到韋爾山，我們擁有一個由42 個擁有和經營的度假村組成的龐大投資組合，涵蓋了非常廣泛的不同領域滑雪者的類型和不同的價格點也是如此。但是，當我們看到我們認為需要調整我們的方法的數據或行為時，我們會不斷地觀察並進行調整。

Thank you very much. And then one quick one. I know you haven't given guidance on this outside of CapEx, but whatever you could share directionally would be helpful. I was wondering if you could detail what kind of OpEx you are including in your guidance for 2025 for My Epic Gear? Anything directionally would be helpful.

非常感謝。然後快一點。我知道您沒有在資本支出之外就此提供指導，但您可以定向分享的任何內容都會有所幫助。我想知道您是否可以詳細說明您在 2025 年 My Epic Gear 的指導中包含了哪些類型的營運支出？任何有方向性的事情都會有幫助。

Hi, Arpine. We do not disclose what we're including in there for OpEx related to this. As we talked about, it is early. This is our first year of rollout. We have a lot of the infrastructure already in place. So if you think about what we're doing to drive this incremental business, you can think about that in terms of the capital that we announced. But then on the operating expenses, there'll be some incremental variable costs that will come with delivering that experience, but we haven't provided specific guidance.

嗨，阿爾派恩。我們不會透露與此相關的營運支出的內容。正如我們所說，現在還早。這是我們推出的第一年。我們已經擁有很多基礎設施。因此，如果您考慮我們正在採取哪些措施來推動這項增量業務，您可以從我們宣布的資本角度來考慮。但在營運費用方面，提供這種體驗會帶來一些增量變動成本，但我們尚未提供具體指引。

Got it. Thank you very much.

知道了。非常感謝。

I'll just build on that to reinforce the point that, this is a brand-new business model that doesn't exist really in the ski industry right now. So obviously there is an awareness and a trial and conversion plan associated like there would be with any business. But we're also quite fortunate, as Angela said, that we're already heavily in the gear business in rental and retail and have substantial infrastructure. So really connecting the existing infrastructure we have and utilizing it in a different way to deliver a completely different business model we're focused on.

我將在此基礎上強調這一點，這是一種全新的商業模式，目前滑雪產業中並不存在。顯然，與任何企業一樣，都有相關的意識、試驗和轉換計劃。但正如安吉拉所說，我們也很幸運，我們已經在租賃和零售領域大力投入齒輪業務，並擁有大量基礎設施。因此，真正連接我們現有的基礎設施，並以不同的方式利用它來提供我們所關注的完全不同的業務模式。

Paul Golding, Macquarie Capital.

保羅‧戈爾丁，麥格理資本。

Thanks so much. Just a quick question to start with on Australia. Just wanted to separate the commentary around the performance over this past season. It seemed like there was a comment in the press release about lower demand and just wanted to understand where that's coming from. Is that just comping the normalization as they were a season behind post-COVID, or is that relating to some other structural dynamics there?

非常感謝。先問一個關於澳洲的簡單問題。只是想將有關上賽季表現的評論分開。新聞稿中似乎有一則關於需求下降的評論，只是想了解需求下降的原因。這只是為了彌補疫情後的正常化，還是與其他一些結構性動態有關？

Thanks Paul. This past season, winter season in Australia, we had historic challenging weather conditions and snow conditions. So that really impacted the demand at the Australian ski resorts.

謝謝保羅。上個季節，也就是澳洲的冬季，我們遇到了歷史性的充滿挑戰的天氣條件和雪況。這確實影響了澳洲滑雪勝地的需求。

Got it. So aside from demand and -- I'm sorry -- aside from weather and inflation, nothing specific to that lower demand comment that would be separate or structural to that market?

知道了。因此，除了需求之外——我很抱歉——除了天氣和通貨膨脹之外，沒有什麼具體的需求下降評論與該市場是獨立的或結構性的？

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

不。這就是我們所指的。我們正在談論進入賽季。我們知道通行證明顯受到需求方面的影響，而除此之外的條件對於澳洲的獲勝者來說是一個複雜的因素。

Got it. Thanks, Angela. And then another question around this delayed decision-making due to prior-year weather, just wondering if there are any other levers left to overcome some of this delayed decision-making, aside from the natural escalators that you have in pass price and better weather conditions in the preceding year, obviously, which wouldn't have you in the delayed decision-making situation with some of the resorts.

知道了。謝謝，安吉拉。然後還有一個關於由於前一年的天氣而導致決策延遲的問題，只是想知道除了通過價格和更好的天氣所擁有的自然自動扶梯之外，是否還有其他槓桿可以克服一些延遲的決策顯然，前一年的情況不會讓您在某些度假村中陷入延遲決策的情況。

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

因此，我想知道您是否擁有其他槓桿，您正在考慮是否是捆綁銷售或住宿方面的其他措施，或者以其他方式幫助在銷售季節的早期更清楚地了解季節動態可能會是什麼樣子。謝謝。

Thanks, Paul. Yeah, we are -- ideally, we would love to have all of our passholders committed in the spring. And we've been quite successful over time in moving a behavior that used to occur one or two weeks before someone decided to show up on their ski vacation and moving that earlier and earlier in the selling cycle.

謝謝，保羅。是的，我們 - 理想情況下，我們希望所有的通行證持有者都在春季做出承諾。隨著時間的推移，我們非常成功地改變了過去人們決定去滑雪度假前一兩週發生的行為，並在銷售週期中越來越早地改變了這種行為。

This year, as you noted, we did see some delayed decision-making coming off of a tough season. So as we head into next year's pass sales, we always do a situation assessment on the business, what worked, what didn't work, what are the things that we want to change, and that is a dynamic, Paul, that we always look at, which is, well, what are the different incentives for our guests to commit as early as possible? Does anything need to change?

今年，正如您所指出的，我們確實看到一些由於艱難的季節而導致的決策延遲。因此，當我們進入明年的通行證銷售時，我們總是對業務進行情況評估，什麼有效，什麼無效，我們想要改變什麼，這是一個動態，保羅，我們總是看看，對於我們的客人儘早做出承諾的不同激勵措施是什麼？有什麼需要改變的嗎？

Obviously, those passes for next -- the following season, they're not going on sale yet. So I'm not going to divulge any of the things that we're thinking about. But we do look at it every year and we're constantly striving to pull that decision-making and make it worthwhile for our guests to want to commit to us as early as possible. More to come on that.

顯然，這些下個賽季的通行證還沒有上市。所以我不會透露我們正在考慮的任何事情。但我們每年都會審視這一點，並不斷努力推動這項決策，讓我們的客人儘早向我們做出承諾是值得的。未來還會有更多內容。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Hey, good afternoon, everybody. Thanks for squeezing me in here. So first question is on Whistler. Kirsten, I want to make sure I'm just not reading too deep into your comments about destination guests being important here.

嘿，大家下午好。謝謝你把我擠在這裡。第一個問題是關於惠斯勒的。克爾斯滕，我想確保我沒有對您關於目的地客人在這裡很重要的評論讀得太深。

But I guess the question is, I know Whistler has probably a very large relative mix of international guests and guests traveling from afar. And so is there any sort of dynamic whereby, if you don't -- there's a lag related to those folks having to book farther out, and if you get too far into the season without seeing a recovery in those bookings, then you might not be able to make that up even in a really good weather season, or is that not really the dynamic there?

但我想問題是，我知道惠斯勒可能有相當多的國際客人和遠道而來的客人。那麼是否存在某種動態，如果你不這樣做的話，就會出現與那些必須預訂更遠的地方的人相關的滯後，如果你進入季節太久而沒有看到這些預訂的恢復，那麼你可能會即使在一個非常好的天氣季節也無法彌補這一點，或者這不是那裡真正的動態嗎？

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

我現在還不能說我正在期待這樣的事情。事實上，惠斯勒黑梳山在開闊的地形和雪況方面取得瞭如此好的開局，上個賽季對惠斯勒黑梳山來說是一個艱難的賽季。因此，儘早走出大門，希望我們的國際客人和國內目的地客人能夠在此時考慮和計劃他們的滑雪假期，並對其產生積極的影響。

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

所以在這一點上，我不能這麼說，我預計——我們現在還處於賽季初期，我並沒有預計到我們會這麼早就跨越某個門檻，其中人們很難預訂假期。我在惠斯勒的住宿數據中看到的是每個報告週期的結果——那些住宿預訂似乎正在改善並朝著我們希望的方向發展。所以，是的，只是想對我們在這些早期指標中看到的情況保持透明，我們很幸運，早雪是一個真正的積極因素，希望它能影響人們想要在那裡預訂假期。

Okay, great. That's helpful. And then just following up with a high level-question about the East Coast specifically. Looking back at the last couple of years, obviously really tough weather, but looking through the lens of weather potentially shifting warmer, even permanently warmer, even if it's marginally, I'm curious if in your long-term planning, you've thought about adjusting your operating model at any of those mountains to account for that in order to maximize cash flow as well as the strategic importance of those mountains.

好的，太好了。這很有幫助。然後接著提出一個專門關於東海岸的高級問題。回顧過去幾年，顯然天氣非常惡劣，但從天氣的角度來看，天氣可能會變暖，甚至永久變暖，即使是輕微的，我很好奇，在您的長期計劃中，您是否想過調整您在這些山脈中任何一座的營運模式以考慮到這一點，以最大限度地提高現金流以及這些山脈的戰略重要性。

Yeah, Brandt, we are always looking at our operations and our operating model across all of the resorts and in particular, in the East making sure -- because that geography is relatively new for our company or newer for our company. So our mountaintops teams are constantly learning and looking at what adjustments they need to make, given the variability that occurs in the East.

是的，布蘭特，我們一直在關注我們所有度假村的營運和營運模式，特別是在東部，以確保——因為那個地理位置對我們公司來說相對較新，或者對我們公司來說是較新的。因此，考慮到東部地區發生的變化，我們的山頂團隊不斷學習並研究他們需要做出哪些調整。

And then obviously, we're focused on geographic diversity. We think being in the East is really important, because it has access to some major metropolitan markets, where there's a lot of skiers. And that has a big impact on our pass sales to have that access and that connection in our network. But the geographic diversity of our company to have a strong presence in the Rockies, a strong presence in the West with Whistler Blackcomb in Canada as well as the East to balance out where we have challenges is hopefully the goal even when there's some weather variability.

顯然，我們關注的是地理多樣性。我們認為東部地區非常重要，因為它可以進入一些主要的大都市市場，那裡有許多滑雪者。這對我們的通行證銷售產生了重大影響，以便在我們的網路中獲得這種存取和連接。但我們公司的地理多樣性，在落基山脈擁有強大的影響力，在加拿大西部的惠斯勒黑梳山以及東部擁有強大的影響力，以平衡我們面臨的挑戰，即使存在一些天氣變化，這也是我們的目標。

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

這就是我們今天提問的時間了。林奇女士，請回覆您提出任何結束意見。

Thank you, operator. This concludes our fiscal 2025 first-quarter earnings call. Thanks to everyone who joined us today. Please feel free to contact Angela or me directly should you have any further questions. Thank you for your time this afternoon and goodbye.

謝謝你，接線生。我們的 2025 財年第一季財報電話會議到此結束。感謝今天加入我們的所有人。如果您有任何其他問題，請隨時直接聯繫 Angela 或我。感謝您今天下午的時間，再見。

Thank you, Ms. Lynch. Again, that does conclude today's Vail Resorts fiscal first-quarter 2025 earnings conference call and webcast. You may disconnect your line at this time and have a wonderful day. Goodbye, everyone.

謝謝你，林奇女士。今天韋爾度假村 2025 年第一季財報電話會議和網路廣播到此結束。此時您可以斷開線路並度過美好的一天。再見，大家。