Vail Resorts Inc (MTN) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Vail Resort's fiscal second-quarter 2025 earnings conference call. Just a reminder, today's call is being recorded. (Operator Instructions)

大家下午好，歡迎參加韋爾度假村 2025 財年第二季財報電話會議。提醒一下，今天的通話正在錄音。（操作員指示）

With that, I'll turn things over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. Please go ahead, ma'am.

接下來，我將把話題交給 Vail Resorts 執行長 Kirsten Lynch。請繼續，女士。

Thank you. Good afternoon, everyone. Welcome to our fiscal 2025 second-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 財年第二季財報電話會議。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, March 10, 2025, 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，本次電話會議中提供的一些資訊可能包括基於某些假設的前瞻性陳述，並受到許多風險和不確定性的影響，如我們提交給美國證券交易委員會的文件中所述，實際未來結果可能會發生重大差異。我們今天下午發布的新聞稿中的前瞻性陳述以及我們對本次電話會議的評論均截至今天（2025 年 3 月 10 日）做出，我們不承擔隨著實際事件的發展而更新這些陳述的義務。

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.

今天的評論還包括某些非公認會計準則財務指標。這些措施的對帳已在我們的新聞稿中的表格中提供，該新聞稿連同我們今天下午向美國證券交易委員會提交的 10-Q 表季度報告，也可在我們網站 www.vailresorts.com 的投資者關係部分查閱。

Let's turn to our fiscal 2025 second-quarter results. We are pleased with our overall results for the quarter, with 8% growth in resort reported EBITDA compared to the prior year. Our results reflect the stability provided by our Season Pass program, our investments in the guest experience, and the strong execution of our teams across all of our mountain resorts.

讓我們來看看 2025 財年第二季的業績。我們對本季的整體業績感到滿意，度假村報告的 EBITDA 與去年相比成長了 8%。我們的績效反映了季票計畫帶來的穩定性、我們對客人體驗的投資以及我們所有山區度假村團隊的強大執行力。

Second quarter visitation at our North American resorts was slightly above prior-year levels with the benefit of improved conditions, partially offset by the expected continued industry demand normalization and the shift in destination guest visitation for the spring. Destination guest visitation at our Western North American destination mountain resorts was below prior year levels, which we believe was driven by the continued shift in historical visitation patterns across the ski industry to later in the ski season, which increased after challenging early season conditions in the prior year.

由於條件改善，我們北美度假村第二季度的訪問量略高於去年同期水平，但預計行業需求將持續正常化，春季目的地遊客訪問量也將有所轉變，從而部分抵消了這一影響。我們位於北美西部的山區度假村的遊客到訪量低於去年同期水平，我們認為這是由於整個滑雪行業的歷史遊客到訪模式持續向滑雪季節後期轉變所致，在經歷了去年初期的艱難滑雪條件後，遊客到訪量有所增加。

Local guest visitation was in line with expectations as conditions across our North American resorts improved from the prior year and return to more typical conditions. Ancillary spend per destination guest visit was strong across our Ski School and Dining businesses throughout the quarter. While overall revenue in our ancillary businesses was impacted by the lower mix of destination visitation.

由於我們北美度假村的狀況較上年有所改善並恢復到更典型的狀態，當地遊客的造訪量符合預期。整個季度，我們的滑雪學校和餐飲業務的每位目的地遊客的輔助支出都很高。而我們的輔助業務的整體收入則受到目的地訪問量較低的影響。

Moving to our resource efficiency transformation plan, Vail Resorts is on track to achieve its two-year resource efficiency transformation plan, which was announced in our September 2024 earnings. Through scaled operations, global shared services, and expanded workforce management, the company is on track to improve organizational effectiveness and scale for operating leverage as the company grows globally, and deliver the expected cost efficiencies in fiscal year 2025 along with the $100 million in annualized cost efficiencies by the end of its fiscal 2026 fiscal year.

談到我們的資源效率轉型計劃，韋爾度假村預計將實現其兩年期資源效率轉型計劃，該計劃已在 2024 年 9 月的收益中宣布。透過規模化營運、全球共享服務和擴大勞動力管理，公司預計在公司全球發展的同時提高組織效率和經營槓桿規模，並在2025財年實現預期的成本效率，並在2026財年末實現1億美元的年度化成本效率。

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

現在，我想將電話轉給安吉拉，進一步討論我們的財務表現、本季迄今的指標以及 2025 財年的展望。

Thanks, Kirsten, and good afternoon, everyone. As Kirsten mentioned, this quarter's results were driven by the benefit of improved conditions, partially offset by the expected continued industry demand normalization and the shift in destination guest visitation to the spring. Net income attributable to Vail Resorts was $245.5 million or $6.56 per diluted share for the second quarter of fiscal 2025, compared to net income attributable to Vail Resorts of $219.3 million or $5.76 per diluted share in the same period in the prior year. Resort reported EBITDA was $459.7 million for the second fiscal quarter, which did include $2.9 million of one-time costs related to the previously announced two-year resource efficiency transformation plan and $0.1 million of acquisition and integration-related expenses, which compares to resort reported EBITDA of $425 million in the same period in the prior year. which included $2.1 million of acquisition-related expenses.

謝謝，Kirsten，大家下午好。正如 Kirsten 所提到的，本季的業績得益於環境改善帶來的好處，但被預期的持續產業需求正常化和目的地遊客造訪時間轉向春季所部分抵消。2025 財年第二季度，歸屬於 Vail Resorts 的淨收入為 2.455 億美元，即每股攤薄收益 6.56 美元，而去年同期歸屬於 Vail Resorts 的淨收入為 2.193 億美元，即每股攤薄收益 5.76 美元。度假村報告稱，第二財季的 EBITDA 為 4.597 億美元，其中包括與先前宣布的兩年資源效率轉型計畫相關的 290 萬美元一次性成本，以及 10 萬美元的收購和整合相關費用，而去年同期度假村報告的 EBITDA 為 4.25 億美元，其中包括 210 萬美元的收購相關費用。

Turning to our season-to-date metrics. The reported ski season metrics [are] for the period from beginning of the ski season through Sunday, March 2, 2025, and compared to prior-year period through March 3, 2024, and are for the company's North American destination mountain resorts and regional ski areas, excluding the results of Australian and European resorts in both periods. The data mentioned in this release is interim period data and is subject to fiscal quarter-end review and adjustments.

轉向我們本賽季迄今為止的指標。報告的滑雪季指標涵蓋從滑雪季開始到 2025 年 3 月 2 日星期日的期間，並與截至 2024 年 3 月 3 日的去年同期進行比較，涵蓋該公司的北美目的地山區度假村和區域滑雪場，不包括這兩個時期的澳大利亞和歐洲度假村的結果。本新聞稿中提及的數據為中期數據，可能會在財政季度結束時進行審查和調整。

Season-to-date, total skier visits were down 2.5% compared to the fiscal year 2024 season-to-date period. Season-to-date total lift ticket revenue, including an allocated portion of Season Pass revenue for each applicable period was up 4.1% compared to the fiscal year 2024 season-to-date period. For our ancillary business results, season-to-date ski school revenue was up 3%, dining revenue was up 3.1%, and combined retail and rental revenue for North American Resort and ski area locations was down 2.9% compared to the prior-year period.

本季迄今為止，滑雪總人次與 2024 財年同期相比下降了 2.5%。本賽季迄今的總纜車票收入（包括每個適用期間的季票收入分配部分）與 2024 財年迄今的賽季相比增長了 4.1%。就我們的輔助業務業績而言，本季迄今的滑雪學校收入成長了 3%，餐飲收入成長了 3.1%，而北美度假村和滑雪場的綜合零售和租賃收入與去年同期相比下降了 2.9%。

Similar to the drivers in the second quarter, season-to-date results through March 2, 2025, reflect strong local visitation from the improved conditions early season and with destination visitation impacted by the industry demand normalization and an expected shift in destination guest visitation to the spring. Ancillary spend per destination guest visit was strong across the company's ski school and dining businesses with overall performance reflecting the higher mix of local visitation during the period.

與第二季的驅動因素類似，截至 2025 年 3 月 2 日的本季業績反映出，由於季初條件改善，本地遊客數量強勁，而目的地遊客數量受到行業需求正常化和預期目的地遊客訪問量轉向春季的影響。該公司滑雪學校和餐飲業務的每次目的地遊客輔助支出表現強勁，整體業績反映出該期間本地遊客比例較高。

Now turning to our outlook for fiscal 2025. Excluding a $7 million negative impact from the change in foreign currency rates, the company's resort reported EBITDA guidance midpoint for fiscal 2025 is unchanged from the original guidance provided on September 26, 2024. For the remainder of the season, the company is expecting improved performance compared to the season-to-date period, including a continued shift in destination visitation patterns to later in ski season. And this is based on a significant amount of pre-committed guests, our current lodging booking trends and historical guest behavior patterns.

現在來談談我們對 2025 財年的展望。排除外匯匯率變動帶來的 700 萬美元負面影響，該公司度假村報告的 2025 財年 EBITDA 指導中點與 2024 年 9 月 26 日提供的原始指導相同。對於本賽季剩餘時間的表現，該公司預計與本賽季迄今為止的時期相比會有所改善，包括目的地訪問模式將繼續轉向滑雪季節的後期。這是基於大量預先預訂的客人、我們目前的住宿預訂趨勢和歷史客人行為模式。

The company now expects net income attributable to Vail Resorts for fiscal 2025 to be between $257 million and $309 million. The company expects resort reported EBITDA and for the fiscal 2025 period to be between $841 million and $877 million, consistent with the original fiscal 2025 guidance issued on September 26, 2024. The updated guidance includes 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.

該公司目前預計 2025 財年韋爾度假村的淨收入將在 2.57 億美元至 3.09 億美元之間。該公司預計度假村報告的 2025 財年 EBITDA 將在 8.41 億美元至 8.77 億美元之間，與 2024 年 9 月 26 日發布的原始 2025 財年指引一致。更新後的指導包括與多年期資源效率轉型計劃相關的約 1500 萬美元的一次性成本，以及與 Crans-Montana 相關的約 100 萬美元的收購和整合相關費用。

In addition, compared to the original guidance, the updated guidance includes an estimated $7 million impact from foreign exchange rates. At the midpoint, the guidance implies an estimated resort EBITDA margin for fiscal 2025 to be approximately 28.8% or 29.3% before the one-time costs related to the resource efficiency transformation plan.

此外，與原始指引相比，更新後的指引還包括外匯匯率造成的約 700 萬美元的影響。從中間值來看，該指引意味著 2025 財年的度假村 EBITDA 利潤率預計約為 28.8% 或 29.3%，不包括與資源效率轉型計畫相關的一次性成本。

The updated guidance also assumes a continuation of the current economic environment, industry normalization to pre-COVID guest behavior, and normal weather conditions for the remainder of the 2024-2025 North American and European ski season and the 2025 Australian ski season. In addition, updated guidance reflects the foreign currency exchange rate volatility as compared to the original assumptions.

更新後的指南還假設當前的經濟環境將持續下去，該行業將恢復到新冠疫情之前的客人行為正常化，並且 2024-2025 年北美和歐洲滑雪季以及 2025 年澳大利亞滑雪季的剩餘時間天氣條件將正常。此外，與原始假設相比，更新後的指南反映了外匯匯率的波動。

The updated guidance assumes a currency rate as of March 7, 2025, including an exchange rate of $0.70 between the Canadian dollar and US dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.63 between the Australian dollar and the US dollar related to the operations of Perisher, Falls Creek and Hotham in Australia, and an exchange rate of $1.13 between the Swiss franc and the US dollar related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland and does not include any potential impacts related to future fluctuations in foreign current exchange rates, which may be impacted by tariffs, trade disputes, or other factors.

更新後的指引假設了截至 2025 年 3 月 7 日的貨幣匯率，包括與加拿大惠斯勒黑梳山運營相關的加元兌美元匯率為 0.70 美元，與澳大利亞佩里舍、福爾斯克里克和霍瑟姆運營相關的澳元兌美元匯率為 0.63 美元，以及與瑞士馬特-塞德龍和安德馬特-塞德龍和安德塔納伯美元，並且不包括與未來外匯現行匯率波動相關的任何潛在影響，這些影響可能受到關稅、貿易爭端或其他因素的影響。

As of January 31, 2025, the company's total liquidity as measured by total cash plus revolver availability and delayed draw term loan availability was approximately $1.7 billion. This includes $488 million of cash on hand, $509 million US revolver availability, and $450 million of US delayed draw term loan availability under the Vail Holdings Credit Agreement, and $204 million of revolver availability under the Whistler Credit Agreement.

截至 2025 年 1 月 31 日，該公司的總流動性（以現金總額加上循環信貸可用額和延期提取定期貸款可用額衡量）約為 17 億美元。其中包括 4.88 億美元的庫存現金、5.09 億美元的美國循環信貸可用額度、根據 Vail Holdings 信貸協議可用的 4.5 億美元美國延期提取定期貸款，以及根據 Whistler 信貸協議可用的 2.04 億美元循環信貸可用額度。

On January 27, 2025, the company completed an amendment of its Vail Holdings Credit Agreement, which increased the US revolver by an incremental $100 million to $600 million and provided an incremental $450 million term loan facility in the form of a delayed draw term loan, which the company can draw upon at any time at its option until January 2026, when any unused amount of the delayed draw term loans will expire.

2025 年 1 月 27 日，該公司完成了對 Vail Holdings 信貸協議的修訂，將美國循環信貸額度增加了 1 億美元，達到 6 億美元，並以延期提取定期貸款的形式提供了 4.5 億美元的增量定期貸款額度，該公司可以在 2026 年 1 月之前隨時選擇使用這筆貸款，屆時將任何未提取貸款，屆時任何未提取貸款，屆時任何未提取貸款的貸款金額。

Additionally, on January 30, 2025, the company repurchased approximately $50 million of its zero percent convertible senior notes for an aggregate cash repurchase amount of approximately $48 million representing a 4% discount to par value. Following the closing of these repurchases, the company has $525 million of zero percent convertible senior notes outstanding, which mature on January 1, 2026.

此外，2025 年 1 月 30 日，該公司回購了約 5,000 萬美元的零利率可轉換優先票據，總現金回購金額約為 4,800 萬美元，較票面價值折讓 4%。完成這些回購後，該公司有 5.25 億美元零利率可轉換優先票據未償還，將於 2026 年 1 月 1 日到期。

Proceeds from any borrowings on the incremental term loan facility and the increase in the revolver credit loan commitment, both of which are currently undrawn are available to be used to refinance the company's zero percent convertible senior notes, or for other general corporate purposes. Until the convertible notes mature or are otherwise refinanced or repurchased, the company will continue to benefit from the zero-interest coupon.

增量定期貸款和增加循環信貸貸款承諾所產生的收益（目前均未提取）可用於為公司的零利率可轉換優先票據進行再融資，或用於其他一般公司用途。在可轉換票據到期或以其他方式再融資或回購之前，該公司將繼續受益於零利率票息。

Overall, the company continues to have a strong balance sheet. As of January 31, 2025, the company's net debt was 2.5 times its trailing 12-months total reported EBITDA. The company declared a quarterly cash dividend on Vail Resorts' common stock of $2.22 per share. The dividend will be payable on April 10, 2025, to shareholders of record as of March 27, 2025.

整體而言，該公司的資產負債表依然強勁。截至 2025 年 1 月 31 日，該公司的淨債務是其過去 12 個月報告的 EBITDA 總額的 2.5 倍。該公司宣布對 Vail Resorts 普通股派發每股 2.22 美元的季度現金股息。股利將於 2025 年 4 月 10 日支付給截至 2025 年 3 月 27 日登記在冊的股東。

In addition, the company repurchased approximately 0.1 million shares during the quarter at an average price of approximately $196 per share for a total of $20 million. The company has 1.5 million shares remaining under its authorization for share repurchases.

此外，該公司在本季回購了約 10 萬股，平均價格約為每股 196 美元，總計 2,000 萬美元。該公司還擁有 150 萬股授權可回購股票。

We will continue to be disciplined stewards of our shareholders' capital and prioritizing investments in our guests and our 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 the long-term value of our shares.

我們將繼續嚴格管理股東資本，優先投資於我們的客人和員工體驗、高回報資本項目、策略性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 I'll turn the call back to Kirsten.

現在我將把電話轉回給 Kirsten。

Thank you, Angela. We are dedicated to delivering an exceptional guest experience, and we'll continue to prioritize reinvesting in the experience at our resorts, including consistently increasing capacity through lift, terrain and food and beverage expansion projects, along with investments in technology to further elevate the guest and employee experience at our resorts. The company expects its capital plan for calendar year 2025 to be approximately $198 million to $203 million in core capital before $45 million of growth 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 the key base area portals of 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。我們致力於提供卓越的賓客體驗，並將繼續優先對度假村的體驗進行再投資，包括透過電梯、地形和食品飲料擴建項目不斷增加容量，以及對技術進行投資，以進一步提升度假村的賓客和員工體驗。該公司預計其 2025 日曆年的資本計劃為核心資本約為 1.98 億美元至 2.03 億美元，然後對其歐洲度假村進行 4500 萬美元的增長資本投資，其中包括對安德馬特-塞德龍的 4100 萬美元和對克萊恩-蒙塔納的 400 萬美元，以及 600 萬美元的房地產 80 萬美元，以新資本和 River Keystone。主要基地區域門戶的多年轉型投資，並規劃投資以支持將西獅頭地區開發成韋爾山的第四個基地村。

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. Key capital investments include the launch of two multi-year transformational investment plans at Park City Mountain and Vail Mountain, significant lift, snowmaking, and restaurant upgrades at Andermatt-Sedrun, a new six-pack lift at Perisher, new functionality for the My Epic App, more advanced AI capabilities for My Epic Assistant, and technology investments across the company's ancillary businesses.

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 日曆年投資約 2.49 億至 2.54 億美元。主要的資本投資包括在帕克城山和韋爾山啟動兩項多年期轉型投資計畫、在安德馬特-塞德龍大幅升級滑雪場的升降機、造雪設施和餐廳、在佩里舍爾新增六人升降機、為 My Epic App 增加新功能、為 My Epic Assistant 增加更先進的人工智慧功能，以及對公司輔助業務進行投資。

Our guests are passionate about the mountains they love and so are we. Our investments in innovation have set the standard for the guest and employee experience across the ski industry. Our business model has made the sport more accessible and created unprecedented stability amid climate change for our shareholders, mountain communities, and the sport more broadly.

我們的客人對他們所愛的山脈充滿熱情，我們也是如此。我們對創新的投資為整個滑雪產業的客人和員工體驗樹立了標準。我們的商業模式使這項運動更容易參與，並在氣候變遷的背景下為我們的股東、山區社區和更廣泛的運動創造了前所未有的穩定性。

Throughout this journey, we have achieved numerous successes as well as learned valuable lessons. Vail Resorts has a proven track record of turning challenges into opportunities for innovation and enhancement. We have listened to our guest feedback and are proud of the progress we have made in the following key areas.

在這過程中，我們取得了無數成功，也學到了寶貴的經驗教訓。韋爾度假村有著將挑戰轉化為創新和進步機會的成功經驗。我們聽取了客人的回饋，並對在以下關鍵領域取得的進展感到自豪。

Reducing friction in the guest experience. Over the last 10 years, we have invested nearly $2 billion in capital improvements, including more than 30 new lifts in the last five years. Our award-winning digital innovations such as Mobile Pass, My Epic Assistant, and My Epic Gear have significantly reduced friction in the guest experience. These investments have contributed to a decrease in lift-line wait times year over year for the last three seasons. This season, lift lines lasting more than 10 minutes have occurred approximately 3% of the time, including during weekends and holidays.

減少客人體驗中的摩擦。在過去的 10 年裡，我們已投資近 20 億美元用於資本改進，其中包括過去五年內安裝的 30 多部新電梯。我們屢獲殊榮的數位創新，例如 Mobile Pass、My Epic Assistant 和 My Epic Gear，大大減少了賓客體驗中的摩擦。這些投資使得過去三個季度纜車等待時間逐年減少。本季度，纜車排隊時間超過 10 分鐘的情況約佔 3%，包括週末和假日。

Also, accessibility. The introduction of products such as Epic Day Pass provide exceptional value to even the occasional skier or snowboarder, keeping the Epic Pass unparalleled in access and unmatched in value. To further illustrate, an adult Epic one-day pass for next season is available for as low as $56, significantly lower than a lift ticket.

此外，還有可訪問性。Epic Day Pass 等產品的推出甚至為偶爾滑雪或滑雪板的人提供了非凡的價值，使 Epic Pass 具有無與倫比的使用權限和價值。進一步舉例來說，下個季度的成人 Epic 一日通票價格低至 56 美元，遠低於纜車票。

Also, the employee experience. Our front-line team members are key to creating an experience of a lifetime. By investing in their experience, we are investing in the guest experience. Continued investment in wages and benefits have transformed talent into a strategic competitive advantage, leading to the highest return rate of front-line talent in our company's history.

此外，還有員工體驗。我們的第一線團隊成員是創造一生難忘體驗的關鍵。透過投資他們的體驗，我們也在投資客人的體驗。持續的薪資和福利投入，使人才轉化為策略競爭優勢，使公司第一線人才回報率達到歷史最高水準。

And stability. Ensuring the ski industry not only survives but thrives is crucial to our business, guests, employees, and the communities in which we operate. Our continued focus on growing our Season Pass program has created unprecedented stability for our industry, and our recent financial results highlight this stability. Through the second quarter, guest satisfaction scores across our destination mountain resorts and regional ski areas were strong and grew relative to scores in the prior three years, excluding Park City Mountain where the guests experienced during the 13-day petrol union strike was not the experience we wanted to provide.

和穩定性。確保滑雪產業不僅生存而且蓬勃發展對我們的業務、客人、員工以及我們所在的社區至關重要。我們持續致力於發展季票計劃，這為我們的產業創造了前所未有的穩定性，我們最近的財務表現凸顯了這種穩定性。在整個第二季度，我們目的地山區度假村和區域滑雪場的客人滿意度得分都很高，並且與前三年的得分相比有所增長，但帕克城山除外，因為在為期 13 天的汽油工會罷工期間，客人所經歷的並不是我們想要提供的體驗。

Turning to pass sales, the company launched pass sales for the 2025-2026 season with a wide range of advanced commitment products, including the Epic Pass, which offers unlimited unrestricted access to Vail Resorts' 42 owned and operated mountain resorts and access to additional partner resorts across North America, Japan, and Europe; and the Epic Day Pass, which allows skiers and riders to build their own pass and provides up to 65% savings compared to lift ticket prices.

談到通行證銷售，該公司推出了 2025-2026 賽季的通行證銷售，提供多種高級承諾產品，包括 Epic Pass，可無限制地進入 Vail Resorts 擁有和經營的 42 個山地度假村，並可進入北美、日本和歐洲的其他合作度假村；以及 Epic Day Pass，允許滑雪票價和建立自己的費用，與騎手建立自己的費用高達 65% 的票價。

New to 2025-2026 season, access to Verbier 4 Vallées is expanded to more Epic passes with five consecutive days of unrestricted access included on the Epic Pass and Epic Adaptive Pass and five consecutive days access with some restricted dates included on the Epic Local Pass, Epic Australia Pass, and the Epic Australia Adaptive Pass. On average, pass prices have increased 7% over the prior Season Pass launch price and continue to represent tremendous value to our guests, further supported by our compelling network of mountain resorts, our strong guest experience created at each mountain resort and our commitment to continually investing in the guest experience. We appreciate the loyalty of guests visiting all of our mountain resorts this season and for the continued loyalty of our pass holders that have already committed to next season.

2025-2026 年賽季新增了韋爾比耶 4 Vallées 的通行證，擴展至更多 Epic 通行證，Epic Pass 和 Epic Adaptive Pass 包含連續五天無限制通行證，Epic Local Pass、Epic Australia Pass 和 Epic Australia Adaptive Pass 包含連續五天但有限制日期的通行證。平均而言，通票價格比上一季票推出時的價格上漲了 7%，並繼續為我們的客人帶來巨大的價值，這得益於我們引人注目的山地度假村網絡、我們在每個山地度假村創造的強大的客人體驗以及我們持續投資於客人體驗的承諾。我們感謝本季造訪我們所有山區度假村的客人的忠誠，也感謝已經承諾參加下個季節的通行證持有者的持續忠誠。

In closing, I would like to thank all of our employees, especially our front-line employees for their passion, hard work and commitment to creating an experience of a lifetime for our guests. The guest experience that our employees created our mission as a company and lies at the center of our success. We all look forward to welcoming guests to our Mountain Resorts this spring.

最後，我要感謝我們所有的員工，特別是我們的第一線員工，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。我們的員工創造的客戶體驗是我們公司的使命，也是我們成功的核心。我們都期待今年春天歡迎客人來到我們的山區度假村。

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

現在，安吉拉和我很樂意回答您的問題。接線員，我們現在可以回答問題了。

Thank you very much, Ms. Lynch. (Operator Instructions)

非常感謝您，林奇女士。（操作員指示）

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good afternoon. Thanks for taking my questions. Kirsten or Angela, can we just start with kind of the core conditions on the ground? Obviously, if we look at the season-to-date metrics provided, looks like visitation actually slowed a little bit in North America from what was provided the early season update. You've talked a lot about things improving from here or on balance. So could you just walk us through whether it's calendar and timing of spring breaks? We know Easter falls quite late.

嗨，下午好。感謝您回答我的問題。克斯汀或安琪拉，我們可以從當地的核心條件開始嗎？顯然，如果我們查看本季迄今為止提供的指標，看起來北美的遊客數量實際上比本季初期更新的數據略有放緩。您已經談了很多關於從現在開始或整體上改善事情的事情。那麼，您能否向我們介紹春假的行程和時間？我們知道復活節來得比較晚。

What kind of improvement do you need to see? Should we see it more on the visitation side or more on the mix side? Just maybe help level set expectations from here. And maybe a little bit of color about what you saw in February, just to help us kind of get a sense of how much things need to improve to hit the numbers from here. Thanks.

您需要看到什麼樣的改進？我們應該更專注於訪問量還是更專注於混合量？也許只是有助於從這裡設定期望水準。也許可以稍微描述一下您在二月看到的情況，這只是為了幫助我們了解需要改進多少才能達到現在的數字。謝謝。

Thanks, Shaun. Thanks for the questions. First, I'll talk about conditions. Right now, when we look at our resorts, we're looking -- we feel good about the conditions that we have right now.

謝謝，肖恩。感謝您的提問。首先我講一下條件。現在，當我們看著我們的度假村時，我們對目前的條件感到滿意。

I would say we have a mix. We have some resorts that are right at historical, normal snow pack. We have some that are slightly below and some that are slightly above. But I'd say overall, we are in what we would consider the range of historically normal conditions.

我想說我們有一個混合體。我們有一些度假村的積雪量正處於歷史正常水平。有些略低於這個數字，有些略高於這個數字。但我想說，總體而言，我們正處於我們認為的歷史正常狀態範圍內。

Regarding Q2 versus the season-to-date metrics, which included February, so Q2 our visitation at our North American resorts was slightly above prior-year levels. So benefited from the improved conditions, offset a little bit by, as we talked about at the beginning of our fiscal year, the continued industry demand normalization and some shift that we're seeing in guest behavior into the spring vacation timing for destination guests.

關於第二季度與包括二月份在內的本季度迄今為止的指標，因此第二季度我們在北美度假村的訪問量略高於去年同期水平。因此，受益於條件的改善，但正如我們在財政年度開始時所討論的那樣，行業需求持續正常化，以及我們看到的客人行為向目的地客人的春假時間轉變，這在一定程度上抵消了這一影響。

So Q2 visitation was above prior year. When you include February, we did see February visitation contracted versus prior year, which we expected. December and January were easier year-over-year comparisons given the significant conditions impact that we had last year. So February was a little bit more challenging. And of course, we do see that industry demand normalization.

因此第二季的造訪量高於去年同期。如果算上二月份，我們確實看到二月份的遊客數量與去年同期相比有所下降，這也符合我們的預期。考慮到去年受到的重大影響，12 月和 1 月的同比數據更容易比較。因此二月更具挑戰性。當然，我們確實看到產業需求正常化。

When we look forward to spring, there's a couple of things that we're looking at, and that is really tied to -- we think our conditions are in good shape. Our local visitation has been where we expected it to be. It is really that we are looking at the indicators for destination guest visitation.

當我們期待春天到來時，我們會專注於一些事情，這些事情與我們認為我們的條件良好息息相關。我們的本地訪問達到了我們預期的水平。我們確實在關注目的地遊客訪問量的指標。

And there's a couple of different indicators that we're looking at. One, is the significant base of pre-committed guests we have, which are our pass holders. So we can look at our destination pass holders and we can see who has shown up, who has not shown up, who has days remaining on their pass to use, so we factor that into our assumptions for the remainder of the year. We're also looking at lodging-booking trends for the spring time period, not just in our owned and operated, but also just in the market overall where we have our mountain resorts, which factors into the forecast.

我們正在關注幾個不同的指標。一是我們擁有大量預先預訂的客人，他們都是我們的通行證持有者。因此，我們可以查看目的地通行證持有者，看看誰出現了，誰沒有出現，誰的通行證還剩下幾天可以使用，所以我們將這一點納入對今年剩餘時間的假設中。我們也正在關注春季的住宿預訂趨勢，不僅是我們自有和經營的飯店，還有我們擁有山區度假村的整個市場，這些因素都會影響預測。

And then there has been a long-term behavior shift in the ski industry of visits moving more and more into the spring time period, presumably because it's sunny and warmer and bluebird sky is in good conditions. And so we tend to see guests have a strong desire to come during that time period, and that's been going on for over a decade in the ski industry. And so that's factored into the assumptions as well.

滑雪產業長期以來的行為發生了轉變，滑雪遊客越來越多地湧入春季，大概是因為春季陽光明媚、氣候溫暖，藍天白雲的條件也很好。因此，我們經常看到客人有強烈的願望在那個時間段來滑雪，這種情況在滑雪行業已經持續了十多年。所以這也被考慮在假設中了。

Perfect. Thank you. And then maybe just as my follow-up and kind of to zoom out, obviously, in the prepared remarks, a bit more color than we've historically gotten as it relates to just some of the kind of key constituencies and a little bit of your message out there. Kirsten, you talked about guest satisfaction scores a little bit, probably about employee satisfaction where you're at with the front-line team members, lift lines. So as we zoom out, do you think there's room or the need for a little bit of a bigger, let's call it, pivot as it relates to sort of getting your narrative or telling your side of the story out there.

完美的。謝謝。然後，也許就像我的後續行動一樣，顯然，在準備好的發言中，我們會比以往更加詳細地闡述一些內容，因為它只涉及一些關鍵選區和您的一些資訊。克斯汀，您談到了客人滿意度分數，可能還談到了員工滿意度，您與一線團隊成員、電梯線的滿意度。因此，當我們縮小視野時，您是否認為還有空間或需要進行更大一點的，讓我們稱之為樞軸，因為它與某種方式的敘述或講述您的故事有關。

Obviously, there's a lot happening around Park City, but it dates further than that as we think about employees, the mountain towns, and even the consumer, it feels like with where we are at on social media, can you just help us, very big picture, how are you thinking about that? Are there efforts are underway to maybe reengage some of those core constituencies and maybe tell your side of the story a little differently or a little bit better?

顯然，在帕克城周圍發生了很多事情，但當我們考慮員工、山區城鎮，甚至消費者時，它的歷史會更長，感覺就像我們在社交媒體上所處的位置一樣，您能否幫助我們，從宏觀角度來看，您是如何看待這個問題的？是否正在努力重新吸引一些核心選民，並以稍微不同或更好的方式來講述你方的故事？

Thanks, Shaun. Yeah, I absolutely feel that way. Our guests are incredibly passionate about our mountain resorts and the experience that they have there. And we're very fortunate to have a passionate guest base. And we're not always perfect. And so sometimes -- and I think it's key for us to acknowledge when things don't go the way that we had hoped, we make sure that we're taking action to address those things, and there are challenges that we face.

謝謝，肖恩。是的，我確實有這種感覺。我們的客人對我們的山區度假村和在那裡的體驗充滿熱情。我們非常幸運擁有一群熱情的客人。我們並不總是完美的。所以有時——我認為，當事情沒有按照我們所希望的方式發展時，我們必須承認這一點，我們確保採取行動來解決這些問題，並且我們面臨的挑戰。

And I do think that part of the reason to share those remarks is to acknowledge that we're constantly listening and taking action as we should be, but also to make sure that we continue to share the narrative that, yeah, Park City, Mountain and the petroleum union strike, the 13-day strike, was very challenging. It did not -- we did not deliver the guest experience that we wanted to.

我確實認為，分享這些言論的部分原因是為了承認我們一直在傾聽並採取應有的行動，同時也是為了確保我們繼續分享這樣的敘述，是的，帕克城、山地和石油工會罷工，為期 13 天的罷工，非常具有挑戰性。但事實並非如此——我們沒有提供我們想要的賓客體驗。

Absolutely acknowledge that and take action on it, but also acknowledge that that was not indicative of the guest experience at our other resorts during that timeframe and that our employee engagement, our employee execution of the guest experience, and our guest experience scores excluding Park City during that timeframe were very strong, and it is important that we get that message out. So yes, thank you for asking.

我們絕對承認這一點並採取行動，但也要承認這並不代表我們其他度假村在那個時間段內的客人體驗，而且我們的員工敬業度、員工對客人體驗的執行以及除帕克城之外的客人體驗分數在那個時間段內都非常好，我們必須傳達這個信息。是的，謝謝你的詢問。

Jeff Stantial, Stifel.

傑夫·斯坦蒂爾（Jeff Stantial），Stifel。

Hey, good afternoon, Kirsten and Angela. Thanks for taking our questions. Maybe starting out here on some of the more recent demand trends that you've been seeing. We've been hearing that there's some softening in room rates and visitation trends at some of the US resorts that are closer to the Canadian border just as the consumer up there starts to respond to the proposed tariffs and some of the rhetoric coming out of Washington.

嘿，下午好，Kirsten 和 Angela。感謝您回答我們的問題。也許可以從這裡開始介紹您所看到的一些最新需求趨勢。我們聽說，隨著美國消費者開始對擬議的關稅和華盛頓的一些言論做出反應，一些靠近加拿大邊境的美國度假村的房價和遊客數量有所下降。

I'm just curious, is this something that you have seen recently at any of the resorts, I guess, on either side of the border? And then similarly, if you could add some color on just how the broader international guests has behaved this season in light of all the FX, the political and the macro volatility? That would be helpful. Thanks.

我只是好奇，這是你最近在邊境兩邊的任何一個度假村看到過的東西嗎？同樣地，您是否可以針對本季更廣泛的國際嘉賓在外匯、政治和宏觀波動方面的表現進行一些說明？那將會很有幫助。謝謝。

Thanks, Jeff. We have been -- we monitor very closely the visitation trends as well as the lodging and booking trend. I can't say that right now, we've seen a very overt or explicit reaction to the tariffs. We will continue to monitor that very closely.

謝謝，傑夫。我們一直密切關注遊客量趨勢以及住宿和預訂趨勢。我現在還不能這麼說，我們已經看到了對關稅的非常公開或明確的反應。我們將繼續密切關注此事。

I think that the -- our largest international visitation resort is Whistler Blackcomb. And when we look at Whistler Blackcomb, we are seeing it perform similarly to the other resorts in our portfolio, where we have strong local visitation. The destination visitation has not been to where we would want it to be. And of course, because they have such a strong international visitation, there is a bit of longer planning or booking curve associated with that.

我認為—我們最大的國際旅遊勝地是惠斯勒黑梳山。當我們觀察惠斯勒黑梳山時，我們發現它的表現與我們投資組合中的其他度假村相似，那裡的當地遊客數量也很多。此次目的地參觀並未達到我們預期的程度。當然，由於他們的國際遊客數量如此之多，因此規劃或預訂週期會更長一些。

I think in December, we had called out that the bookings were lagging prior-year levels. We have seen the Whistler Blackcomb bookings improve through the season, but they are still lagging our US resort markets potentially, in reaction to the really tough year that they had last year. And we continue to make sure that we're building the awareness of how strong the conditions are there and encourage our international and domestic destination guests to come visit.

我想在 12 月份，我們就曾表示預訂量落後於去年同期水準。我們看到惠斯勒黑梳山的預訂量在整個季度都有所改善，但由於去年經歷了非常艱難的一年，因此可能仍落後於美國度假市場。我們將繼續確保提高人們對那裡惡劣條件的認識，並鼓勵我們的國際和國內目的地遊客前來參觀。

That's great. And you do have some destination visitation coming up next week. So hopefully, that helps.

那太棒了。下週您確實會有一些目的地訪問。希望這能有所幫助。

And then for my follow-up, just turning over to the Epic Pass launch for the upcoming season. It sounds like based on the commentary in the prepared remarks, that base of kind of core destination visitations, it does seem to be back on track this season -- and we'll kind of monitor and see how the remainder of the season plays out, but it does seem to be back on track, back to normalize.

接下來，我將關注即將到來的新一季的 Epic Pass 發布。聽起來，根據準備好的評論，核心目的地訪問的基礎，這個季節似乎確實回到了正軌 - 我們將監控並觀察本賽季剩餘時間的表現，但它似乎確實回到了正軌，恢復了正常。

So my question is, is your expectation that pass sales in units get back to growth this year? Are there other kind of multi-year headwinds or puts and takes that we should be contemplating just as we think about trajectory of pass sales from here? Just any thoughts there would be great.

所以我的問題是，您是否預計今年的票房銷售會恢復成長？當我們思考今後通行證銷售的軌跡時，是否還存在其他類型的多年阻力或利弊需要我們考慮？只要有任何想法就很好。

Thanks, Jeff. Yeah, we continue to believe that pass has plenty of room and opportunity for growth because of the database that we have to talk to guests one-to-one because of the upside potential in the East in destination markets and then eventually long term in Europe as well. I would say that we will probably have a better perspective when we get through this season.

謝謝，傑夫。是的，我們仍然相信通票具有很大的成長空間和機會，因為我們必須透過資料庫與客人進行一對一的交談，因為東方目的地市場具有上升潛力，並且最終在歐洲也具有長期成長潛力。我想說，當我們度過這個賽季時，我們可能會有一個更好的視角。

Right now, yes, we do expect to continue to grow that business. In terms of any multi-year normalization impact right now, we are assuming that we took the normalization impact in this prior sales cycle. And if we see any indications otherwise, we'll make sure that we share that.

現在，是的，我們確實希望繼續發展這項業務。就目前的任何多年正常化影響而言，我們假設我們在先前的銷售週期中已經考慮到了正常化影響。如果我們發現任何相反的跡象，我們一定會分享。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good evening. Thanks so much. I maybe wanted to ask Shaun's first question on visitation just a bit differently. In January, you did say in the release that you expected improved performance compared to the season-to-date period. Obviously, you said February contracted; that was as you expected. But sitting here today, you are still saying you expect improved performance, and you didn't change the guide.

嗨，晚上好。非常感謝。我可能想以稍微不同的方式詢問肖恩關於探視權的第一個問題。今年 1 月，您確實在新聞稿中表示，預計與本賽季迄今為止的時期相比，您的表現會有所改善。顯然，您說二月萎縮了；這是如您所預料的。但是今天坐在這裡，您仍然說您期望性能有所提高，而您並沒有改變指南。

So putting that together, is it fair to assume that you'd still expect visitation to improve from that down 2.5% today to something positive? I'm just thinking relative to the flattish in January? Or has what you're expecting for overall visitation maybe changed a bit and there's something else offsetting, maybe some conservatism that's allowing you to maintain the guide today?

綜合以上這些，您是否可以合理地假設，您仍然預計訪問量將從目前的 2.5% 的下降上升到正值？我只是在考慮相對於一月份的持平情況？或者您對整體訪問量的預期可能發生了一些變化，並且有其他一些抵消因素，也許是一些保守因素允許您今天維持指南？

Thanks, Megan. I'll take that one. So yeah, we did expect -- the comparison in February, we knew, right, that's when conditions in the prior year had improved. So we knew that that would be a tougher comp, if you will, than the Q2 period. So as we talked about kind of that progression, that's what we were seeing into February.

謝謝，梅根。我要那個。是的，我們確實預料到了——與二月相比，我們知道，對，那時去年的情況已經有所改善。因此，我們知道，這將是一場比第二季度更艱難的競爭。因此，當我們談論這種進展時，這就是我們在二月所看到的。

The improvement that we're expecting for the rest of the season is really an improved trend from the trend currently in season. So that's down 2.5%. We are not expecting to turn positive for the full year, though. And so we're just saying that this shift in destination, right, behavior that's coming later, will improve it from what we've seen currently through the season-to-date period.

我們預計本賽季剩餘時間的表現會有所改善，這實際上是比本賽季當前趨勢更好的趨勢。所以下降了2.5%。不過，我們並不期望全年業績會轉為正值。因此，我們只是說，目的地的這種轉變，對，稍後出現的行為，將比我們目前在整個賽季迄今為止所看到的情況有所改善。

And Megan, just to build on that, the reason why we're not expecting it turn positive again is the underlying core assumption of a normalization of guest participation, guest frequency relative to pre-COVID. So I just wanted to make sure I reiterated that.

梅根，在此基礎上，我們之所以不期望它再次轉為正值，是因為我們的核心假設是，相對於疫情之前，客人參與度和客人頻率將正常化。所以我只是想確保我重申了這一點。

Yeah. That's perfect. Thank you so much. And then maybe a follow-up on pass sales to understanding you'll have a bit more -- and you just launched them, and you'll have more perspective later in the season. But I guess if we just take a step back, you have had Epic Pass. You have a lot of data; you've been selling passes for maybe 15 years at this point, maybe a lot longer than that.

是的。那很完美。太感謝了。然後也許會跟進通行證銷售情況，以了解您是否會獲得更多 - 而且您剛剛推出它們，並且您將在本賽季後期擁有更多的視角。但我想如果我們退一步來看，你已經擁有了 Epic Pass。你擁有大量數據；到目前為止，你可能已經銷售通行證 15 年了，甚至可能更長。

And as you think about just some of the recent dynamics, I would just be curious to get your perspective as to how they may impact pass sales, given what you've seen historically. And the things I'm referring to are, there clearly does seem to be some heightened concern around the consumer. I think Delta said tonight, they're seeing softer demand.

當您考慮最近的一些動態時，我很好奇地想了解一下，根據您以往的經驗，這些動態可能會如何影響通行證銷售。我指的是，消費者顯然確實表現出了某種程度的擔憂。我認為達美航空今晚表示，他們看到需求疲軟。

And you acknowledged the Park City strike, which had some impact on the guest experience. And then the offsetting is maybe -- conditions have been relatively strong, so there could be some pent-up demand.

您承認帕克城罷工對客人體驗產生了一定影響。然後抵消可能是－條件相對強勁，因此可能會有一些被壓抑的需求。

So as you look back historically kind of thinking about all those puts and takes, I'd just be curious whether you have a view on how some of those dynamics might play into pass sales as we enter the selling season in the next couple of months.

因此，當您回顧歷史並思考所有這些得失時，我只是好奇您是否認為，當我們在接下來的幾個月進入銷售季節時，這些動態可能會如何影響通行證銷售。

Yeah. I'll speak about the Park City piece first since you brought that up. I mean, we -- part of the reason why we immediately took action to provide those guests with a credit is to try to address that while the resort was open, and we did not shut down the resort when patrol went on strike, we did not deliver the full experience that we've expected to have given the snow pack and conditions that existed at Park City Mountain.

是的。既然你提到了這一點，我首先要談談帕克城的事。我的意思是，我們——我們立即採取行動為這些客人提供積分的原因之一是試圖解決這一問題：雖然度假村開放，而且巡邏人員罷工時我們也沒有關閉度假村，但考慮到帕克城山的積雪和當時的天氣條件，我們並沒有提供預期的完整體驗。

And so, our hope is that we are showing the commitment to those pass holders that we heard them that was not a good experience, and they have credit they can apply towards a pass next year, and that we can earn back their loyalty. I think it's really critical that we earn back their loyalty and that we acknowledge that it was not the experience that our team or any of us would have wanted to provide.

因此，我們希望向那些通行證持有者表明我們的承諾，我們聽說他們的體驗並不好，他們可以申請積分以換取明年的通行證，我們能夠重新贏得他們的忠誠。我認為重新贏得他們的忠誠度至關重要，我們承認這不是我們團隊或我們任何人想要提供的體驗。

In terms of consumer demand or softness going on in the macroeconomic environment, I think hard to forecast exactly what that impact will be at this point. When we look at, certainly, the conditions and if we end the season with the visitation and the utilization of the past that we expect to end with, I would certainly feel optimistic that on a full-year basis that we will be set up to have a strong selling season going into pass sales for next winter.

就消費者需求或宏觀經濟環境的疲軟而言，我認為目前很難準確預測其影響。當然，當我們考慮到目前的條件，並考慮到如果這個季節結束時遊客數量和過去的利用率與我們預期的一樣，我肯定會感到樂觀，全年來看，我們將為明年冬季通票銷售迎來強勁的銷售季節。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hearing no response, we'll now move onto Laurent Vasilescu, BNP Paribas.

由於沒有回應，我們現在將話題轉向法國巴黎銀行的 Laurent Vasilescu。

Good afternoon. Thank you very much for taking my question. Kristen, I think it was mentioned in the prepared remarks that non-pass revenues increased about 18%, primarily driven by the East Coast visitations. I'm curious to know what really drove that growth if you can unpack that a little bit, and if you saw -- on the flip side, if you saw any impact from a negative perspective on the brutally cold weather that we faced over the last several months in the East Coast.

午安.非常感謝您回答我的問題。克里斯汀，我認為準備好的發言中提到，非通行證收入增加了約 18%，這主要得益於東海岸的訪問。我很好奇，如果您能稍微解釋一下，真正推動這種增長的因素是什麼，以及您是否看到——另一方面，您是否從負面角度看到了過去幾個月我們在東海岸面臨的嚴寒天氣的任何影響。

Hi, Laurent. This is Angela. I'll take that one. We did see improved conditions have a really good response at our Eastern US resorts. So we had an increase there of non-pass lift revenue was up -- we were up 17.5%, primarily from East US resorts and, of course, the pricing that we take across the portfolio. And so we did see them respond to conditions.

你好，洛朗。這是安琪拉。我要那個。我們確實看到，條件的改善在美國東部度假村得到了良好的迴響。因此，我們的非通票纜車收入增加 - 成長了 17.5%，主要來自美國東部度假村，當然還有我們在整個投資組合中收取的定價。因此我們確實看到它們對條件做出反應。

And yeah, those conditions have some severe events that come and go, and that does happen throughout the season. But that always just usually affects the timing of when those visits happen. And overall, I would say we're set up with a much more typical conditions framework across our Eastern resorts.

是的，這些條件確實會導致一些嚴重的事件發生，而且這些事件在整個賽季都會發生。但這通常只會影響訪問的時間。總的來說，我想說我們在東部度假村建立了更典型的條件框架。

I think just to build on that, David, I think that certainly having that visitation in the East at those resorts sets us up in a good spot as we head into next year, and we think about the addressable market for pass holders as well.

大衛，我認為在此基礎上，我認為在東部地區吸引遊客到訪這些度假村無疑會為我們明年的旅遊做好準備，我們也在考慮通行證持有者的潛在市場。

Okay. Helpful. And then I saw that rental revenues were down about 1%. The dining was up 11%, school was up 5%. Can you maybe unpack that a little bit like what's happening there? And how should we think about those three line items going forward?

好的。很有幫助。然後我發現租金收入下降了約 1%。餐飲費用上漲了 11%，學校費用上漲了 5%。您能否稍微解釋一下那裡發生的事情？那我們該如何看待這三項未來的發展呢？

Yeah. When we look at our ancillary businesses, our destination guest spending on ancillary has been strong. The overall flow-through is impacted by the mix that we've been talking about where we've had a higher mix of local visits versus destination visits and that impacts it.

是的。當我們審視我們的輔助業務時，我們發現目的地遊客在輔助業務上的支出一直很高。整體流量受到我們一直在談論的組合的影響，其中本地訪問與目的地訪問的組合更高，這對其有影響。

Rental and retail is performing a little bit differently than some of our ancillary businesses, as you probably noticed. That is impacted by the guest mix toward locals as those guests are much more likely to own their gear but also while our capture among locals has been strong, local guest from a product mix perspective are purchasing different rental packages and products that we would see if the destination mix was higher.

您可能已經注意到，租賃和零售的表現與我們的一些輔助業務略有不同。這受到當地客人結構的影響，因為這些客人更有可能擁有自己的裝備，而且雖然我們在當地客人中的吸引力很大，但從產品組合的角度來看，當地客人正在購買不同的租賃套餐和產品，如果目的地組合更高，我們會看到這種情況。

And then it's such a competitive business. Versus our ski school and our restaurants on the mountain, the rental retail business is incredibly competitive. So there's certainly some competitive and pricing dynamics that impact that business as well. That makes it look different than some of the other ancillary.

這是一個競爭非常激烈的行業。與我們的滑雪學校和山上的餐廳相比，租賃零售業務的競爭非常激烈。因此，肯定存在一些競爭和定價動態也會對該業務產生影響。這使得它看起來與其他一些輔助設備不同。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯（Patrick Scholes），Truist Securities。

Thank you. Good afternoon, everyone. Can I just get an update on your current level of commitment to continuing to pay the dividend? Thank you.

謝謝。大家下午好。我能否了解一下您目前繼續支付股利的承諾程度？謝謝。

Hi, Patrick. Yes, we do -- you've seen us typically reevaluate our dividend level, and we reaffirmed our dividend level for the quarter, which I think demonstrates our commitment to maintaining that current level. Really, when we look at it, right, we step back, and that's always been our primary method, but we're always considering what are those alternative uses that we could apply for our capital and that includes looking at the value of our shares.

你好，派崔克。是的，我們確實如此——您已經看到我們通常會重新評估我們的股息水平，並且我們重申了本季度的股息水平，我認為這表明了我們致力於維持當前水平的承諾。真的，當我們審視它時，我們會退一步，這一直是我們的主要方法，但我們總是在考慮我們可以將我們的資本用於哪些其他用途，其中包括查看我們股票的價值。

And so we do reevaluate it every quarter, but we remain committed to the current level. We feel very confident in the level of free cash flow generation of the business. And so I think the dividend shows that commitment and that stability.

因此，我們每季都會重新評估，但我們仍致力於保持當前水準。我們對業務的自由現金流產生水準非常有信心。因此我認為股息體現了這種承諾和穩定性。

Okay. Thank you. And secondly, you talked about improving guest satisfaction score. One area that you called out was improvement in lift lines. Where do you -- what areas do you think need work? Let's leave Park City aside, and I did see Keystone labor was -- reached the contract, so that looks good. But what are some of your, should we say, pain points that you would like to work on or you are working on and would like to see improved, especially on customer satisfaction? Thank you.

好的。謝謝。其次，您談到了提高客人滿意度分數。您提到的一個領域是電梯線路的改進。您認為哪些方面需要改進？我們先把帕克城放在一邊，我確實看到 Keystone 勞工已經達成了合同，所以看起來不錯。但是，我們應該說，您想要解決的痛點是什麼，或者您正在努力解決哪些痛點，並且希望看到改進，特別是在客戶滿意度方面？謝謝。

Yeah, absolutely. Thanks for the question, Patrick. And Patrick mentioned this, but I'll just reiterate, while the Park City Mountain Patrol Union strike was very challenging, we did ultimately reach an agreement. And at the same time, shortly thereafter, we did reach an agreement with our Keystone Patrol Union as well as our Crested Butte Lift Maintenance Union, and those reached contract agreements that we're quite pleased with as well.

是的，絕對是如此。謝謝你的提問，派崔克。派崔克提到了這一點，但我只想重申一下，雖然帕克城山地巡邏聯盟的罷工非常具有挑戰性，但我們最終還是達成了協議。同時，不久之後，我們確實與 Keystone 巡邏聯盟以及 Crested Butte 升降機維護聯盟達成了協議，並且他們達成了合約協議，我們也對此非常滿意。

In terms of the guest experience, the waiting in line is always a source of frustration for guests. They want to get on the mountain, and they want to enjoy themselves. Whether on vacation or they are locals, either way, standing in line as a source of frustration. And so what you see us doing is making investments that really try to address that.

就客人體驗而言，排隊等候總是讓客人感到沮喪。他們想要登上山頂，他們想要享受其中的樂趣。無論是度假者還是當地人，無論哪種情況，排隊都是一件令人沮喪的事情。所以你看到我們所做的就是進行投資，並真正努力解決這個問題。

If you go all the way back to giving full transparency that will lift line wait times across our mountains, even predicted lift line wait times, that is really designed to help people navigate that investments we've made in lift. But even things like Mobile Pass, having your lift ticket or your pass on your phone means you don't have to stand in that ticket window line. My Epic Gear is another good example that standing in line to rent gear can be incredibly frustrating and not a great experience. And so really being able to manage your gear at your fingertips on an app from start to finish -- what gear do you want? Where do you want it? When do you want it? If you want to swap out gear, putting all of that at your fingertips.

如果您回過頭來提供完全透明的信息，那麼將會了解我們山區纜車線路的等待時間，甚至預測纜車線路的等待時間，這實際上是為了幫助人們了解我們在纜車方面所做的投資。但是，即使有了移動通行證這樣的服務，只要在手機上登記您的纜車票或通行證，您就不必站在售票窗口排隊了。My Epic Gear 是另一個很好的例子，表明排隊租用裝備可能會令人非常沮喪，而且體驗並不好。因此，您真的能夠透過應用程式從頭到尾輕鬆管理您的裝備——您想要什麼裝備？你想把它放在哪裡？什麼時候想要？如果您想更換裝備，所有這些都觸手可及。

And a lot of what you see us doing is looking for ways to improve the guest experience and take the friction out of that experience and make it so that our guests can get on the mountain as fast as they possibly can without having to stand in multiple lines, whether it's the ticket line or the lift line or standing in line for gear.

您所看到的我們所做的許多工作都是尋找方法來改善客人的體驗，消除體驗中的摩擦，使我們的客人能夠盡快上山，而不必排多條隊，無論是售票隊、纜車隊還是排隊購買裝備。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey. Good afternoon, Kirsten and Angela. I wanted to ask about long-term structural margins. I know you're guiding resort to just under 29% this year. I know it was in terms of 30s prior to COVID. What has to happen to get back there? Is it a cost issue? I know you talked a lot about the efficiency plan, so maybe that's most of the answer. But is there anything on pricing or ancillary or just the way you're running business on the mountain that needs to happen to get there? Thanks.

嘿。下午好，Kirsten 和 Angela。我想問一下長期結構性利潤率。我知道您今年的指導比例將略低於 29%。我知道在 COVID 爆發之前這個數字是 30 秒。要怎樣才能回到那裡？是成本問題嗎？我知道您談了很多有關效率計劃的事情，所以也許這就是大部分答案。但是，在定價或輔助方面，或者只是在山上經營業務的方式方面，是否需要採取一些措施才能實現這一目標？謝謝。

Thanks, Chris, for the question. Yeah, we are -- this year, we're guiding to 29.3% margin when you take out the one-time costs from the resource transformation. When you actually look at that relative to pre-COVID, it is really in line with where we were in '19 when you adjust for the acquisitions that have changed the portfolio mix over that time.

謝謝克里斯提出的問題。是的，今年，如果扣除資源轉型產生的一次性成本，我們的利潤率將達到 29.3%。當你實際將其與新冠疫情之前進行比較時，你會發現，當你調整了 2019 年期間改變投資組合組合的收購後，它實際上與我們 2019 年的情況一致。

But we do think from this point forward, there's an ability to increase margins, both from the normal operating leverage from the fact that we do take pricing typically above inflation, and we have strong flow-through of our ancillary business to the bottom line. Those things will help on their own.

但我們確實認為，從現在開始，我們有能力提高利潤率，這既來自於正常的經營槓桿，也來自於我們通常將定價定在通膨率以上的事實，而且我們的輔助業務對利潤的強勁流入。這些事情本身就會有幫助。

Added to that is the resource transformation plan that we expect to be at that $100 million level. And when you step back to think about that's -- that is a significant change in kind of our cost structure to help us scale globally that we'll be at that run rate by the end of this next fiscal year. And so both of those are what we see as margin drivers moving forward.

除此之外，我們預期資源轉型計畫的規模也將達到 1 億美元。如果你回過頭來思考一下，你會發現——這是我們成本結構的重大變化，有助於我們實現全球擴張，到下一個財年末，我們將達到這一運行率。因此，我們認為這兩者都是未來利潤成長的驅動因素。

Okay. Very helpful. Thanks, Angela. As a follow-up, I did a lot of questions about the season -- the new pass launch for next year. I know 7% kind of was surprising. My question is pretty simple. Is that based on just some kind of algo? Can we read back into your internal expectations for cost increases? Or is that more of a -- just trying to get a sense for what the -- if you're willing to share any color on kind of the formula behind that, would be great. Thank you.

好的。非常有幫助。謝謝，安吉拉。作為後續行動，我問了很多有關本賽季的問題——明年的新通行證發布。我知道 7% 有點令人驚訝。我的問題很簡單。這僅僅是基於某種演算法嗎？我們能否回顧一下您對成本增加的內部預期？或者這更像是——只是想了解一下——如果您願意分享一下這背後的公式，那就太好了。謝謝。

Thanks, Chris. Yes, we took price increases pretty consistently across the board 7% on pass going into next season. And we look at a lot of different things, but what you see us doing pretty consistently over many, many years is looking at what is inflation and pricing above inflation because of the experience we deliver and because of the investments that we make.

謝謝，克里斯。是的，進入下個賽季，我們的票價全面上漲了 7%。我們關注很多不同的事情，但你會看到，我們多年來一直非常持續地關注通貨膨脹率，並根據我們提供的經驗和所做的投資，將價格定在通貨膨脹率之上。

We also obviously look at our renewal rates by guest type, guest segment, tenure of pass holder. And we have a pretty extensive price elasticity data on the pass business that we can look at that helps us make decisions.

我們顯然也會根據客人類型、客人細分、通行證持有者的任期來查看我們的續約率。我們擁有關於通行證業務的相當廣泛的價格彈性數據，我們可以查看這些數據來幫助我們做出決策。

So when you look at the 7%, it's really a combination of all those different factors. But I think ultimately, at a high level, pretty consistent with how you've seen us price over the long term, which is several points above inflation -- and looking at inflation, goods inflation and also services inflation.

因此，當您查看 7% 時，它實際上是所有這些不同因素的組合。但我認為，最終，從高水準來看，這與你長期看到的價格走勢相當一致，高出通貨膨脹率幾個點——看看通貨膨脹、商品通貨膨脹和服務通貨膨脹。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Just wanted to touch back on Park City Canyons. Obviously, guests who were impacted by the strike received a discount on future passes. Understanding it's early, is there any color regarding retention statistics or success of this program? And then on a gross basis, is there any way to quantify the impact of this year's EBITDA? I know the cost will be allocated to FY24-FY25? Thanks.

只是想回顧一下帕克城峽谷。顯然，受到罷工影響的客人在未來的通行證上會享受折扣。了解到現在還為時過早，關於該計劃的保留統計數據或成功情況有什麼消息嗎？那麼從整體來看，有沒有辦法量化今年 EBITDA 的影響？我知道這些費用將分配到 FY24-FY25 嗎？謝謝。

Thanks, Ben. I think it's a little bit early to be able to quantify the impact, although we have our own estimates of what we expect the impact would be. And just to provide clarity for everyone, we provided credit up to 50% to apply towards the purchase -- and this is for Epic Pass, Epic Day Pass lift tickets to apply toward a pass for next year with a minimum credit for pass holders that's 25% of the total purchase price of their 2024-2025 pass.

謝謝，本。我認為現在量化影響還為時過早，儘管我們對預期的影響有自己的估計。為了讓每個人都清楚了解，我們提供了高達 50% 的信用額度可用於購買 - 這是 Epic Pass、Epic Day Pass 纜車票，可用於購買明年的通行證，通行證持有者的最低信用額度為 2024-2025 年通行證總購買價格的 25%。

So we have our own internal estimates, and we have qualitative feedback from e-mails that we've gotten from guests in reaction, both positive. And of course, there are some guests where they were hoping for more expecting more, and then there's guests that this exceeded their expectations. So there's a mix. I think we'll know more as we go into the pass selling cycle what to expect or what we're seeing in terms of the retention of those pass holders.

因此，我們有自己的內部估計，我們從客人的電子郵件中獲得了定性回饋，這些回饋都是正面的。當然，有些客人希望得到更多，也有些客人覺得這超出了他們的預期。因此存在混合情況。我認為，當我們進入通行證銷售週期時，我們會了解更多預期情況，或了解通行證持有者的保留情況。

In terms of the cost of the guest recovery, we are not disclosing the specifics on the cost of that. But I would say that it is not material, and it is included in our guidance that we've provided.

關於客人恢復的成本，我們不會透露具體成本。但我想說這並不重要，它包含在我們提供的指導中。

Okay. Understood. And then this is the first real season of Epic Gear. Are there any financial or customer usage statistics you can share to judge the success of the new platform? And then is '25-'26 still kind of like a beta year or fully rolled out? And then lastly, is there anything you're changing next year based off of what you experienced this year? Thanks.

好的。明白了。這是 Epic Gear 的第一個真正的季節。您能否分享一些財務或客戶使用統計數據來判斷新平台的成功？那麼 25-26 年是否仍處於測試階段或全面推出？最後，根據今年的經歷，您明年會做出什麼改變嗎？謝謝。

Thanks, Ben. Yeah, happy to talk about My Epic Gear. This was year one of building out this brand new approach to gear where you can get gear at your fingertips in the app. And what we'd say is we're building awareness in trial as you would in any year one of a new business.

謝謝，本。是的，很高興談論我的 Epic Gear。這是我們打造這種全新裝備方式的第一年，您可以透過應用程式輕鬆獲得​​裝備。我們想說的是，我們正在試驗中建立意識，就像在任何一年的新業務一樣。

A couple of learnings. One, the guest experience and the feedback we've gotten about the guest experience has been very strong, and we're quite pleased with that. I'd also say that it has high incrementality. And what I mean by that is among the members of the program, we are seeing very low cannibalization of traditional -- our existing traditional rental guest and high incrementality in terms of bringing in new guests or even gear owners, which we're really pleased to see because that was the business thesis we've had.

一些經驗教訓。首先，客人體驗以及我們收到的有關客人體驗的回饋非常好，我們對此感到非常滿意。我還想說它具有很高的增量性。我的意思是，在該計劃的成員中，我們看到傳統的——我們現有的傳統租賃客人的蠶食率很低，而在吸引新客人甚至設備所有者方面的增量很高，我們很高興看到這一點，因為這是我們一直以來的商業論點。

We did limit the membership this year, because it's year one, and we wanted to make sure we can execute. And we expect to be at about 40,000 to 50,000 members for this first year. In terms of expansions or changes to the program, we're not announcing those quite yet, because we still have a big chunk of the season ahead of us, and we want to get the full learnings before we make any announcement on any changes. But once we have assessed the full season, we will make sure that we share any changes to that program.

我們今年確實限制了會員人數，因為這是第一年，我們希望確保能夠執行。我們預計第一年會員人數將達到 40,000 至 50,000 人左右。至於該計劃的擴展或變更，我們目前還不會宣布，因為我們還有很長的一段賽季要走，我們希望在宣布任何變更之前獲得全面的了解。但一旦我們對整個賽季進行了評估，我們將確保分享該計劃的任何變化。

But we continue to be very excited about it. We continue to believe it's a transformational opportunity and one that we are uniquely positioned to succeed in.

但我們仍然對此感到非常興奮。我們始終相信這是一個轉型機遇，我們擁有獨特的優勢來獲得成功。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hi, everyone. Thanks for taking my questions. I wanted to ask about Europe and sort of how you're progressing there, what kind of traffic you're seeing. What are you, if any, seeing from -- the US obviously becomes somewhat of a trend as a cost matter with people traveling to Europe. Just some insight there would help, please.

大家好。感謝您回答我的問題。我想問一下歐洲的情況以及你們在那裡的進展情況，以及你們看到的交通狀況。您認為從成本角度來看，美國顯然已成為前往歐洲旅遊的人們的趨勢。請提供一些見解，這會有所幫助。

Hi, David, yeah, as you know, we are excited to have the first year of Crans-Montana this year. And so operating the two resorts now in Switzerland, we are starting to get lots of learnings. And we're really taking this first year and a couple of years now in Andermatt as -- we're learning the market, and we're really trying to kind of understand what -- where we can have success across the region.

你好，大衛，是的，如你所知，我們很高興今年是 Crans-Montana 的第一年。因此，現在我們在瑞士經營這兩個度假村，開始獲得許多經驗教訓。我們確實利用在安德馬特的第一年和接下來的幾年時間——我們正在了解市場，我們真的在努力了解什麼——我們可以在哪些方面在整個地區取得成功。

I would say for the travel from the US, that has not been the primary part of this thesis, right? It is a network benefit that we have to give our Epic Pass holders access to Switzerland, which is incredible. But what we're seeing really, right, is the market itself is very much a market that attracts destination visitation within the Alps, within Europe, and from outside of Europe.

我想說，對於從美國出發的旅行來說，這不是這篇論文的主要部分，對嗎？這是我們為 Epic Pass 持有者提供的進入瑞士的網路福利，這真是太棒了。但我們真正看到的是，市場本身就是一個吸引阿爾卑斯山地區、歐洲境內以及歐洲境外遊客的市場。

And so that's really where the growth opportunity that we see long term within that market. And so it's early, I think, for us to be seeing a significant change in behavior from North America to Europe, for instance, or vice versa.

這就是我們在該市場看到的長期成長機會。因此，我認為，我們現在還無法看到從北美到歐洲或反之亦然的行為發生重大變化。

The only build -- I agree with all of that, David, and the only build I would say is there's -- our teams are learning a lot about the market, the guest. The European ski market is huge and really understanding that guest better their expectations, but also even some unique differences in how the mountains are operated.

唯一的建設——我同意所有這些，大衛，我想說的唯一建設就是——我們的團隊正在學習很多關於市場、客人的知識。歐洲滑雪市場規模龐大，而且確實了解客人的期望值，但山區的運作方式也存在一些獨特的差異。

For example, some of the European resorts are very sophisticated in automated snowmaking, automated avalanche control, autonomous lift systems. So there's some really great learnings about how we operate the mountains that we're gaining during this early tenure as well.

例如，一些歐洲度假村在自動造雪、自動雪崩控制和自動升降系統方面非常先進。因此，我們在初期就獲得了一些關於如何運作山區的非常好的經驗。

Right. And if I can just follow that up, Kirsten, you talk about the size of the mountain. Patrons tend to also, I believe, spend less or at least pay less for lift tickets. Can you just shed some light on any sort of pricing acceptance or resistance or kind of what you're seeing specifically around that part of it?

正確的。如果我能夠繼續追問的話，克爾斯滕，您談到了山的大小。我相信，顧客也傾向於減少消費，或至少減少支付纜車票的費用。您能否解釋一下任何形式的定價接受度或阻力，或您在這方面具體看到的情況？

We do see dynamics in Europe, David, where it looks a bit more the way North America used to look before Epic Pass, where lift tickets were less expensive and passes tended to be very expensive. And then as you well know, it took time, but that changed over time where people started to recognize the value of committing in advance and getting a great value associated with that.

大衛，我們確實看到了歐洲的動態，那裡的情況更像 Epic Pass 出現之前的北美，那裡的纜車票比較便宜，而通票往往非常昂貴。然後如你所知，這需要時間，但隨著時間的推移，情況發生了變化，人們開始認識到提前承諾的價值以及隨之而來的巨大價值。

What you see in Europe is season passes tend to be more expensive; lift tickets tend to be less expensive. But we still see an incredibly valuable guest that spends money on food, spends money on gears, spend money on ski school or ski guides, and we continue to be excited about the opportunity to grow. And it is a long-term growth strategy, and we do view that we have to be thoughtful and methodical about how we approach unlocking the potential there.

在歐洲，季票往往比較貴，而纜車票則較便宜。但我們仍然看到非常有價值的客人，他們會花錢購買食物、裝備、滑雪學校或滑雪導遊，我們對成長的機會感到興奮不已。這是一項長期成長策略，我們確實認為，我們必須深思熟慮、有條不紊地考慮如何釋放那裡的潛力。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great, thanks. So Kirsten, could you elaborate on real-time historical demand indicators that you're watching more so to gauge the current health of your core consumer? And then just multi-year, I guess what do you see as a normalized underlying revenue growth rate for the business, maybe after the impact from the destination shifts as well as the impact from normalization?

太好了，謝謝。那麼 Kirsten，您能否詳細說明您正在關注的即時歷史需求指標，以衡量核心消費者的當前健康狀況？然後就多年而言，我想您認為該業務的正常化潛在收入成長率是多少，也許是在目的地轉變的影響以及正常化的影響之後？

Real-time indicators that we look at include our Net Promoter Scores and experience that our teams are delivering at every one of the resorts. We have a very disciplined and rigorous approach, and we hold our mountain operations teams accountable to the guest experience. And so we can see that pretty real time every single day, how that guest experience is coming to life, including overall, but for every aspect of the business.

我們關注的即時指標包括我們的淨推薦值和我們的團隊在每個度假村提供的體驗。我們採取非常自律和嚴謹的方法，並要求我們的山區營運團隊對客人的體驗負責。因此，我們每天都可以即時看到客人體驗的進展情況，包括整體情況以及業務的各個方面。

We also look at our visitation, the dynamics that we expect to see because we have extensive data in -- not just the guests but also the frequency that we expect to see. And we also look at external factors like market lodging and the bookings that we see. And so as I highlighted earlier, I think when Shaun asked when we look at spring and what we expect for spring, we are set up with strong conditions that are what I would call normal.

我們也會關注我們的訪問情況，以及我們期望看到的動態，因為我們擁有大量數據——不僅是客人，還有我們期望看到的頻率。我們也會考慮市場住宿和預訂等外部因素。正如我之前強調的那樣，我認為當肖恩問我們何時看待春天以及我們對春天的期望時，我們已經做好了強有力的準備，我稱之為正常。

We are set up in that our operations teams are delivering an outstanding guest experience that looks very healthy and strong, and the lodging indicators look strong. And we know that our pass holders are -- we know who's shown up and who has not shown up. And so that is factoring into what our expectations are for the remainder of the year.

我們的營運團隊正在提供出色的客戶體驗，這種體驗看起來非常健康和強勁，而且住宿指標看起來很強勁。我們知道我們的通行證持有者——我們知道誰出現了，誰沒有出現。這就是我們對今年剩餘時間的預期的一個因素。

Arpine Kocharian, UBS.

瑞銀的 Arpine Kocharian。

Hi. Thanks for taking my question. I wanted to go back to EBITDA guidance for just one second. So you mentioned some relative FX impact on EBITDA, so at midpoint resort EBITDA is unchanged. But I was wondering if you could give a bit more color on puts and takes for the top end of range? It seems like that came down more than the FX impact? And then I have a quick follow-up.

你好。感謝您回答我的問題。我想稍微回顧一下 EBITDA 指導。所以您提到了外匯對 EBITDA 的一些相對影響，因此中間點度假村 EBITDA 保持不變。但我想知道您是否可以對範圍頂端的看跌期權和看漲期權給出更多的說明？看起來這比外匯影響下降得還多？然後我有一個快速的跟進。

Yeah, Arpine. This is Angela. Yeah, we did take the OpEx impact of $7 million negative to the midpoint of the range. But that is really the shift in the -- from the September guidance. That is the only shift that was reflected on the midpoint.

是的，阿爾派恩。這是安琪拉。是的，我們確實將 700 萬美元的營運支出負面影響置於範圍的中間點。但這確實與 9 月的指導方針有所不同。這是唯一反映在中點上的變化。

And typically, as we get into March, we do narrow the range. So you saw the top and the bottom end come up then proportionate to that new midpoint.

通常，進入三月後，我們就會縮小範圍。因此，您會看到頂部和底部上升，然後與新的中點成比例。

And so the puts and takes that can put us like always, at the top end or the bottom end of these ranges, right, are really around those core assumptions that we have for the remainder of the year in terms of this improvement on the destination visitation, this normalization, like where we land for the full year on the contraction of the industry and that behavior that we were expecting. And then conditions can obviously play a factor typically less of a factor you get this far into the season.

因此，像往常一樣，可以讓我們處於這些範圍的頂端或底端的利弊實際上是圍繞著我們對今年剩餘時間的核心假設，即目的地訪問量的改善，這種正常化，就像我們在全年行業萎縮和我們預期的行為方面所處的位置一樣。然後，條件顯然會起到一定的作用，但到了賽季進行到這一步，這種影響就沒那麼大了。

Great. Thank you. That's helpful. And then I was wondering, would it be possible to talk kind of more broadly about labor cost pressures. This is a question that we get often. Is it possible to quantify what you were expecting a quarter ago, and how those puts and takes have changed in light of some of the labor agreements you've made throughout the quarter? Kind of that incremental pressure on EBITDA this year and more importantly, sort of run rating into '26, would you say there is a material impact in your outlook as you look at the cost basis on a run rate basis outside of the $100 million of cost savings?

偉大的。謝謝。這很有幫助。然後我想知道，是否可以更廣泛地談論勞動成本壓力。這是我們經常遇到的問題。是否可以量化您一個季度前的預期，以及根據您在整個季度達成的一些勞動協議，這些投入和產出如何變化？今年 EBITDA 面臨的壓力越來越大，更重要的是，26 年的運行評級也越來越高，您是否認為，除了 1 億美元的成本節省之外，從運行率角度來看成本基礎，這會對您的前景產生重大影響？

Thank you. No, we would not say there is a material impact from the labor contracts that we have negotiated. We also have made (technical difficulty) in terms of how we manage our labor. One thing you've probably heard us talking about as an example is workforce management as a tool that is actually a benefit to how we utilize our labor on the mountain and enables us to have strong efficiencies this year. But also as we look forward with the resource efficiency transformation plan, we believe, has a significant impact on that as well.

謝謝。不，我們不會說我們談判達成的勞動合約會產生重大影響。我們在如何管理勞動力方面也遇到了（技術難題）。您可能聽過我們談論的一個例子是勞動力管理，它實際上有利於我們如何利用山上的勞動力，並使我們能夠在今年實現高效率。但我們也相信，當我們展望資源效率轉型計畫時，它也將對此產生重大影響。

But the labor union contracts -- and just for some context, obviously, those teams and those contracts are very, very important to us. The number of labor unions we have is 5 out of our 37 North American Ski Patrol Teams are unionized and 2 out of our 37 North American Lift Maintenance Teams are unionized. So when we look at the decisions that we're making on those labor contracts, we are looking at it in totality across the entire enterprise and the impact it has.

但是工會合約——僅從某些方面來看，顯然這些團隊和這些合約對我們來說非常非常重要。我們的工會數量為：37 個北美滑雪巡邏隊中有 5 個加入了工會，37 個北美纜車維護隊中有 2 個加入了工會。因此，當我們審視針對這些勞動合約所做的決定時，我們會從整個企業的角度全面審視它及其影響。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Hello, everybody. Thanks for squeezing me in here. I have a question on the pass prices. Kirsten, you were talking about a 7% increase. When I look at the all resorts Day Pass, it looks like it went up well in advance of 7%, right? Something like 25% to 30%.

大家好。謝謝你把我擠到這裡。我對通票價格有疑問。克斯汀，你剛才談到了 7% 的成長。當我查看所有度假村的一日通票時，它似乎已經提前上漲了 7%，對嗎？大約 25% 到 30%。

Can you -- first of all, am I looking at the wrong thing, because that doesn't seem to be consistent with the 7%. But I guess, more importantly, is it a tactical shift with regards to day pass prices?

你能——首先，我是不是看錯了，因為這似乎與 7% 不一致。但我想，更重要的是，這是關於日票價格的策略轉變嗎？

Because I think the follow-on question is -- I would think it's a pretty elastic pass. When you cut prices in '21, you saw incredible increase in units. And so I'm curious if you guys have any concern about elasticity on the downside for demand If you are, in fact, raising the price of the day passes at that sort of rate?

因為我認為後續的問題是──我認為這是一個非常有彈性的通行證。當你在 21 年降價時，你會看到銷量令人難以置信的成長。所以我很好奇，如果你們確實以這樣的速度提高當日通票價格，你們是否擔心需求下行彈性的問題？

Thanks, Brandt. We'll follow up with you offline. I think the comparison point is -- we'll make sure that you have the right comparison point. It is 7% pretty much across the board. I think that the Epic Day Passes maybe got compared to the wrong benchmark from prior years. So we'll make sure that you have that data separately offline to make sure that you're looking at it the same way that we are.

謝謝，布蘭特。我們將線下跟進您。我認為比較點是——我們將確保您有正確的比較點。總體而言，這一比例幾乎是 7%。我認為 Epic Day Passes 可能與前幾年的基準進行了錯誤的比較。因此，我們將確保您離線單獨擁有該數據，以確保您以與我們相同的方式查看它。

But that overall increase is 7%. We are not disproportionately taking price on Epic Day Pass for exactly the reason that you're talking about is we have a very good understanding of the price elasticity, and we really see that pass as being the entry point for a lot of low-frequency skiers that transition from a lift ticket into that pass that we can then over time, retain and trade up in the number of days as well as into other pass products. But no, we did not take price up 25% to 30%. So we'll make sure we follow up with you to clarify that.

但整體增幅為7%。我們不會對 Epic Day Pass 收取過高的價格，原因正是您所說的，我們對價格彈性有著非常深入的了解，我們確實將這張通票視為許多低頻率滑雪者的切入點，他們從纜車票過渡到這張通票，然後我們可以隨著時間的推移，保留並增加天數以及其他通票產品。但我們並沒有將價格上漲 25% 至 30%。因此，我們一定會與您聯繫，以澄清這一點。

I appreciate that. So then maybe I'll just ask the same question in a different way. 7% puts the full Epic Pass at well over $1,000. That's going to be sort of a record, of course, obviously. It was below $1,000 back in '21, but you've come a long way since then. Again, same question because there was a lot of demand elasticity, you cut the price. Are you expecting any sort of elasticity in the other direction?

我很感激。那麼也許我會以不同的方式問同樣的問題。 7% 意味著完整的 Epic Pass 價格遠遠超過 1,000 美元。當然，這顯然會成為一種記錄。21 年時價格還低於 1,000 美元，但自那時起，已經取得了長足的進步。再一次，同樣的問題，因為需求彈性很大，所以你降低了價格。您是否期望在另一個方向上出現某種彈性？

Yeah. Thanks for that follow-up. We factor that into our decision making. And it is -- as you noted, it is always threading a needle in understanding the guest behavior or the price elasticity, but also what we're providing on the pass to access to the resorts and then the investments that we've made.

是的。感謝您的跟進。我們在做決策時會考慮到這一點。正如您所說，我們總是需要了解客人的行為或價格彈性，同時也要了解我們在進入度假村的通行證上提供的服務以及我們所做的投資。

And so we feel good about the 7% and where we're landing on that pass product. And we are constantly trying to make sure that we strike the right balancing act in not tipping too far on price, because we still do believe that there is growth to be had here. Hence, the reset that we took. And so making sure that these price increases we've taken that reset are appropriate for the experience and the investments we've made, but not taking it too far. And we believe the 7% strikes that balance.

因此，我們對 7% 的成績以及透過該產品所取得的成績感到滿意。我們一直在努力確保在價格上保持適當的平衡，不要讓價格波動過大，因為我們仍然相信這裡有成長空間。因此，我們進行了重新設定。因此，我們要確保我們採取的這些價格上漲與我們的體驗和投資相符，但不要漲得太高。我們相信 7% 可以達到這種平衡。

Thank you. And at this time, Ms. Lynch, I'd like to turn things back to you for any closing comments.

謝謝。林奇女士，現在我想請您發表最後的評論。

Thank you, operator. This concludes our fiscal 2025 second-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.

謝謝您，接線生。我們的 2025 財年第二季財報電話會議到此結束。感謝今天加入我們的所有人。如果您還有其他問題，請隨時直接與 Angela 或我聯絡。感謝您今天下午抽出時間。

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

謝謝你，林奇女士。女士們、先生們，今天的 Vail Resorts 2025 財年第二季財報電話會議和網路直播到此結束。您可以隨時斷開線路，祝您有美好的一天。再次感謝大家。